WEBVTT - Biden-McCarthy to Talk Debt Ceiling; China Bars Micron Chips

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<v Speaker 1>From the Bloomberg Interactor Berger Studios. This is Bloomberg day

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<v Speaker 1>Break for Monday May twenty second. Coming up today, round

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<v Speaker 1>three of debt talks.

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<v Speaker 2>President Biden and Speaker McCarthy meet again, with potential default

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<v Speaker 2>now just ten days away.

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<v Speaker 1>President Biden says relations which China will improve very shortly.

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<v Speaker 2>However, shares of Micron technology slide after China bans its chips.

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<v Speaker 3>I'm Amy Morris. New York City says the migrant wave

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<v Speaker 3>will cost the city billions of dollars, and the man

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<v Speaker 3>charged in the New York City subway chokehold depth says

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<v Speaker 3>it wasn't race related.

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<v Speaker 4>From John Stash, Aaron Swartz, Brooks Koepka won the PGA,

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<v Speaker 4>the Miami Heat won again, the Yankees won, and the

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<v Speaker 4>Mets won twice.

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<v Speaker 5>That's all straight ahead on Bloomberg day Break, The Business

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<v Speaker 5>news you need to starn your day in just one

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<v Speaker 5>fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

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<v Speaker 5>Business app, and everywhere you get your podcasts. Good, good morning.

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<v Speaker 2>I'm Nathan Hager.

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<v Speaker 1>And I'm Karen Moscow. Here are the stories we're following today, Karen.

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<v Speaker 2>The US is now just ten days away from a

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<v Speaker 2>potential debt default, and talks are about to intensify in Washington.

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<v Speaker 2>Negotiators for both sides met last night at House Speaker

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<v Speaker 2>Kevin McCarthy's office. The speaker says he also had a

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<v Speaker 2>productive phone call with President Biden on his way back

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<v Speaker 2>from the G seven summit in Japan.

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<v Speaker 6>I walk through things that I'm looking at, and what

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<v Speaker 6>I'm looking.

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<v Speaker 7>At are where our differences are.

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<v Speaker 4>And how could we solve those And I felt that

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<v Speaker 4>part was a productive But look, there's no agreement.

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<v Speaker 8>We're still a part.

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<v Speaker 2>Speaker McCarthy says they're trying to find common ground on

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<v Speaker 2>a deal that can pass both chambers of Congress. Before

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<v Speaker 2>he left Japan, President Biden said he has proposed spending cuts. Now,

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<v Speaker 2>he says it's up to Republicans to budge on their position.

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<v Speaker 9>We gave a counter proposal to the counter again, and

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<v Speaker 9>I know this sounds ridiculous, but that's what we did,

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<v Speaker 9>and I'm waiting to hear the response to what we

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<v Speaker 9>are offered. We are willing to cut spending as well

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<v Speaker 9>as Ray's revenue so people start paying they're fair shared.

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<v Speaker 2>President Biden made the comments to Bloomberg. San Marie Hordern

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<v Speaker 2>at a news conference following the summit in Hiroshima.

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<v Speaker 1>Well Nathan, Janet Yellen is once again stressing the importance

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<v Speaker 1>of reaching a debt ceiling agreement soon, and the Treasury

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<v Speaker 1>Secretary says time is running out.

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<v Speaker 10>It's hard to be absolutely certain about this, but my

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<v Speaker 10>assessment is that the odds of reaching June fifteenth while

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<v Speaker 10>being able to pay all of our bills is quite low.

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<v Speaker 1>And Janet Yellen made the comments on NBC's Meet the Press,

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<v Speaker 1>Catch the program every Sunday on Bloomberg Radio.

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<v Speaker 2>Well, Karen, The debt ceiling wasn't the only topic President

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<v Speaker 2>Biden discussed at the G seven. Geopolitics are also front

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<v Speaker 2>and center. The President recommitted the Group of Seven nations

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<v Speaker 2>support for Ukraine.

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<v Speaker 9>The G seven reaffirmed are shared and unwavering. Let me

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<v Speaker 9>say it again, our share and on wavery commitment to

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<v Speaker 9>stand with the brave people of Ukraine as they defend

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<v Speaker 9>themselves against Russia's brutal war of aggression and the war

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<v Speaker 9>crimes being committed.

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<v Speaker 1>The President also addressed relations between the US and China,

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<v Speaker 1>saying he expects them to improve shortly.

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<v Speaker 9>We're not looking to decouple from China. We're looking to

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<v Speaker 9>de risk and diversify our relationship with China. That means

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<v Speaker 9>taking steps to diversify our supply chains, and we're not

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<v Speaker 9>so we're not dependent on any one country for necessary product.

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<v Speaker 11>It is you.

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<v Speaker 1>President Biden says, relations which China deteriorated sharply after the

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<v Speaker 1>spy balloon incident.

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<v Speaker 2>Well, well, the President looks to improve relations with China. Karen.

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<v Speaker 2>That country is banning computer chips from a top US company,

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<v Speaker 2>and we get the details on that story from Bloomberg's

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<v Speaker 2>John Tucker.

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<v Speaker 11>John Nathan, there's no cooling of tensions on this front.

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<v Speaker 11>China is barring semiconductors made by Micron Technology. It's the

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<v Speaker 11>latest defensive in China's hip war with the United States.

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<v Speaker 11>Jing said it found relatively serious cybersecurity risks in Micron

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<v Speaker 11>products sold in the country. Experts say its retaliation for

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<v Speaker 11>US export controls on semiconductors. The tech sector has become

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<v Speaker 11>a key battlefield over national security between the two largest economies,

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<v Speaker 11>Washington having already blacklisted Chinese tech firms, cutting off the

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<v Speaker 11>flow of sophisticated processors, and banning US citizens from providing

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<v Speaker 11>certain help to the Chinese chip industry. The US Commerce

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<v Speaker 11>Department said Beijing's conclusion had no basis. In fact, shares

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<v Speaker 11>of Micron were down close to six percent in the

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<v Speaker 11>pre market in New York Income John Tucker, Bloomberg.

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<v Speaker 1>Daybreak, All right, John, Thanks Well, Another big US tech

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<v Speaker 1>company is also feeling the heat. This morning, Facebook owner

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<v Speaker 1>Meta Platforms has been fined a record one point three

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<v Speaker 1>billion dollars by European Union privacy regulators. Regulators see Meta

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<v Speaker 1>failed to protect personal information from the eyes of americansecurity services.

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<v Speaker 2>Turning to the economy now care and there are more

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<v Speaker 2>signs the Federal Reserve may hold off on raising interest

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<v Speaker 2>rates now Jones is reporting Minneapolis Fed President Neil Kashkari

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<v Speaker 2>could support holding rates at current levels at the next

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<v Speaker 2>meeting in June. Kashkari reportedly says such a decision would

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<v Speaker 2>be made to give Fed officials more time to assess

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<v Speaker 2>the effects of passtrate hikes and the inflation outlook.

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<v Speaker 1>Well. Turning to politics in Europe, now Nathan Greek Prime

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<v Speaker 1>Minister Carriakos Misutakis appears sent for a new term. His

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<v Speaker 1>center right party received the most votes in this weekend's election,

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<v Speaker 1>roughly forty one percent, though that falls short of enough

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<v Speaker 1>to form his own government. Misutakis will likely offer another ballot.

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<v Speaker 1>In a month, Greek stocks served on the news, rising

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<v Speaker 1>more than six percent in Athens.

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<v Speaker 2>Finally, Karen Let's shift gears and talk Space Exploration. SpaceX

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<v Speaker 2>is flying four private astronauts to the International Space Station.

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<v Speaker 2>In Bloomberg's Ed Baxter as the story.

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<v Speaker 12>The Axiom funded company crew sitting atop a Falcon nine rocket.

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<v Speaker 3>One it just full power.

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<v Speaker 2>He lift the Falcon nine go Actim.

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<v Speaker 12>And the crew makes history for astronauts, including a man

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<v Speaker 12>and for the first time a woman from Saudi Arabia.

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<v Speaker 6>Earth Orbit at Astra and Godspeed AX two.

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<v Speaker 12>Dock with the iss today as Actum wants to build

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<v Speaker 12>its own. At some point, the Falcon nine rocket came

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<v Speaker 12>back and successfully landed in San Francisco. I'm at Baxter

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<v Speaker 12>Bloomberg Daybreak.

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<v Speaker 2>Local headlines in a check of sports. Next, this is

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<v Speaker 2>Bloomberg time now to take a look at some of

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<v Speaker 2>the other stories making news in New York and around

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<v Speaker 2>the world. For that what you're joined by Bloomberg Zamy Morris,

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<v Speaker 2>Good morning, Amy, Good.

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<v Speaker 3>Morning, Nathan. New York Mayor Eric Adams says the city

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<v Speaker 3>is projected to spend more than four billion dollars on

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<v Speaker 3>asylum seekers. He says more than seventy thousand migrants have

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<v Speaker 3>come to New York City in recent months, and forty

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<v Speaker 3>two thousand are still being cared for by the city.

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<v Speaker 3>Speaking on CBS's Face the Nation, Mayor Adams blamed partisan politics.

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<v Speaker 4>Republicans for far too many years have failed to deal

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<v Speaker 4>with real immigration reform.

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<v Speaker 13>This is a national issue.

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<v Speaker 3>Mayor Adams also criticized the federal government, saying they're only

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<v Speaker 3>providing thirty million dollars for a four billion dollar problem.

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<v Speaker 3>This as more migrants arrived amid a state of emergency

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<v Speaker 3>in Duchess County after about eighty people were busted in

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<v Speaker 3>from New York City yesterday afternoon. They were put up

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<v Speaker 3>at a hotel in Poughkeepsie. New York City is paying

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<v Speaker 3>for those room rentals, along with one meal a day

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<v Speaker 3>for at least four months. The man charged in the

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<v Speaker 3>New York City subway choke hold death of Jordan Neely

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<v Speaker 3>is addressing criticism that it was racially motivated. Daniel Penny

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<v Speaker 3>is charged with manslaughter. The marine veteran told The New

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<v Speaker 3>York Post it had nothing to do with Neely's race.

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<v Speaker 3>Penny also said he believes footage showing what led up

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<v Speaker 3>to the incident will prove that he was in the right.

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<v Speaker 3>Paul Whalen is a former marine who still is imprisoned

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<v Speaker 3>in Russia. He says he is confident that the US

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<v Speaker 3>is working to secure his release. Still, he tells CNN

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<v Speaker 3>that it is depressing to see others who are imprisoned

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<v Speaker 3>traded for their release while he can continues to wait.

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<v Speaker 12>I feel that my.

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<v Speaker 8>Life shouldn't be considered less valuable or important than others

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<v Speaker 8>who have been previously traded. And I think there are

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<v Speaker 8>people in DC that feel the same way, and they're

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<v Speaker 8>moving towards a compromise and resolution to this.

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<v Speaker 3>Whalen was sentenced to a sixteen year term in twenty

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<v Speaker 3>twenty on spying charges that he denies. He's been detained

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<v Speaker 3>since twenty eighteen. Connecticut has changed its highway exit numbers,

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<v Speaker 3>and this was mandated by the Federal Highway Administration with

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<v Speaker 3>the aim of standardizing the exit numbering system across the country.

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<v Speaker 3>The system is tied to the state Department of Transportation's

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<v Speaker 3>mile marker system, with exit numbers reflecting the mile at

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<v Speaker 3>which an exit is located. DOT spokesman Josh Morgan tells

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<v Speaker 3>the Hartford Current that the switch will cost into the

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<v Speaker 3>tens of millions of dollars. Global News twenty four hours

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<v Speaker 3>a day, powered by more than twenty seven hundred journalists

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<v Speaker 3>and analysts in more than one hundred twenty countries. I'm

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<v Speaker 3>Amy Morris, and this is Bloomberg.

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<v Speaker 2>Nathan, Thank you, Amy. Time now for a Bloomberg Sports update.

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<v Speaker 2>For that, we bring in John stan Shauer.

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<v Speaker 4>All right, Nathan Brooks Kaopka is back. He won four

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<v Speaker 4>majors in a three year period, but hadn't won one

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<v Speaker 4>in four years. At Okill in Rochester, kep could play

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<v Speaker 4>the last three rounds to eleven under par. He won

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<v Speaker 4>the PGA Championship by two over Victor Hovlin and Scotti Scheffley.

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<v Speaker 4>But the story that captured everyone was Michael Block, the

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<v Speaker 4>forty six year old public course pro from California who

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<v Speaker 4>capped an amazing week on his sixty ninth holes. Takes

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<v Speaker 4>off on an incredible line tracking ride out of It's

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<v Speaker 4>the right distance, Holy gow, oh my gosh. It flew

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<v Speaker 4>right into the center of the hole for a hold

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<v Speaker 4>one for Michael Block.

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<v Speaker 6>A dream week for Michael, Block continues, He's.

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<v Speaker 12>Just now finding out.

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<v Speaker 2>He hold it on the fly.

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<v Speaker 4>Joy McElroy had to tell him it went in. It

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<v Speaker 4>was earlier on Bloomberg Radio. Blocks fifteenth place finished the

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<v Speaker 4>best buy a club pro at the PGA in thirty

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<v Speaker 4>seven years. Something happens that's never happened before. The NBA

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<v Speaker 4>Finals will be Miami against Denver. Both have three nothing leads.

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<v Speaker 4>No team has ever blown such a lead. Miami cruised

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<v Speaker 4>to a Game three victory over the Celtics one twenty eight,

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<v Speaker 4>one oh two. Denver and the Lakers have their Game

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<v Speaker 4>four tonight in La on the ice. Another overtime game

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<v Speaker 4>all four on the conference final of going OT that's unprecedented.

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<v Speaker 4>Vegas scored Layton regulation and then again a minute twelve

0:10:24.240 --> 0:10:26.960
<v Speaker 4>into OT beat Dallas and leads the series to nothing.

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<v Speaker 4>The Mets started their co aces and both ends of

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<v Speaker 4>a city field doubleheader, and Max Sherzer and Justin Verlander

0:10:32.160 --> 0:10:35.440
<v Speaker 4>were both dominant. Mets swept Cleveland five to four, then

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<v Speaker 4>two to one. They've won five in a row, all

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<v Speaker 4>five by one run. Yankees finished the sweep with the

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<v Speaker 4>other Ohio team winning four to one at Cincinnati. Luis

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<v Speaker 4>Severino was sharp and his season debut. John Stashedward Bloomberg Sports.

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<v Speaker 13>Live from coast to coast, from New York to San Francisco,

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<v Speaker 13>Boston to Washington, d C. Nationwide on Sirius XAM, The

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<v Speaker 13>Bloomberg Business Happened Bomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 13>Good morning. I'm Nathan Hager.

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<v Speaker 2>We're looking at a market on tenter hooks this morning,

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<v Speaker 2>ahead of round three of debt ceiling talks between President

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<v Speaker 2>Biden and House Speaker Kevin McCarthy. Potential government default, according

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<v Speaker 2>to Treasury Secretary Janet Yellen, is now just ten days away.

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<v Speaker 2>How could this market react as we get closer to that?

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<v Speaker 2>X State. Let's bring in Dennis Gartman for some analysis.

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<v Speaker 13>Now.

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<v Speaker 2>Dennis's chairman of the University of Akron and Domin Investment Committee,

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<v Speaker 2>former publisher of the Gartment Letter. Dennis, Good morning, Futures

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<v Speaker 2>trading flat right now? Do you think that stays the

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<v Speaker 2>case though as we get closer to June first?

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<v Speaker 7>I think it stays the case until we get closer

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<v Speaker 7>to June first. I think that Miss Yellen made it

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<v Speaker 7>abundantly clear that June first is really a very serious

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<v Speaker 7>date for her. We'll see if that holds. There's no

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<v Speaker 7>question that they'll reach an agreement. I mean, this is

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<v Speaker 7>not going to go into default. We can't do that.

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<v Speaker 7>It would just be patently absurd. If the United States

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<v Speaker 7>government to default on its stead, it would send it

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<v Speaker 7>would be chaotic, without question, and that really can't happen.

0:12:08.120 --> 0:12:10.800
<v Speaker 7>It really won't happen. They'll at the eleventh hour, fifty

0:12:10.880 --> 0:12:13.920
<v Speaker 7>ninth a minute, tenth, fifty ninth second, they'll reach some

0:12:13.960 --> 0:12:16.480
<v Speaker 7>sort of an agreement. Who knows what sort of what

0:12:16.600 --> 0:12:19.080
<v Speaker 7>sort of agreement they will reach, but they'll reach one.

0:12:19.520 --> 0:12:23.240
<v Speaker 7>But right now, the markets are taking a deep breath and,

0:12:23.280 --> 0:12:25.440
<v Speaker 7>for lack of a better term, sort of relaxing for

0:12:25.480 --> 0:12:27.480
<v Speaker 7>the next several days. We'll just see what happens with

0:12:27.559 --> 0:12:29.920
<v Speaker 7>the talks between the Speaker of the House and the

0:12:29.960 --> 0:12:33.480
<v Speaker 7>President as the week progresses. But right now, everybody, I

0:12:33.600 --> 0:12:36.360
<v Speaker 7>like your term, everybody's on tenter hooks waiting to see

0:12:36.360 --> 0:12:39.120
<v Speaker 7>what happens. Right the only trades I have on I'm

0:12:39.160 --> 0:12:41.200
<v Speaker 7>sure I'm a long with a very little amount of gold,

0:12:42.120 --> 0:12:44.440
<v Speaker 7>and I'm long a lot of two years. The thing

0:12:44.440 --> 0:12:47.920
<v Speaker 7>that I find most interesting is the largest short position

0:12:47.960 --> 0:12:51.600
<v Speaker 7>I've seen in the bond market by the speculators as

0:12:51.640 --> 0:12:54.920
<v Speaker 7>opposed to the largest long position I've seen in since

0:12:55.200 --> 0:12:58.240
<v Speaker 7>twenty eighteen on the part of hedges, and hedgers are

0:12:58.240 --> 0:13:00.840
<v Speaker 7>almost always the winners and instance, so if you had

0:13:00.840 --> 0:13:02.760
<v Speaker 7>to put money on the table, if you had to

0:13:02.760 --> 0:13:05.560
<v Speaker 7>take a bet on the government bond market doing a

0:13:05.559 --> 0:13:07.520
<v Speaker 7>good deal better over the course the next several weeks

0:13:07.600 --> 0:13:10.280
<v Speaker 7>or months. But other than that, I really have very

0:13:10.280 --> 0:13:11.160
<v Speaker 7>little to talk about.

0:13:11.400 --> 0:13:15.160
<v Speaker 2>Are you long gold and two years because of the

0:13:15.240 --> 0:13:20.000
<v Speaker 2>possibility that we do get that agreement at the very

0:13:20.120 --> 0:13:23.079
<v Speaker 2>very last second, or are there other factors at play

0:13:23.480 --> 0:13:27.600
<v Speaker 2>that have you looking at policy sensitive treasuries and inflation hedges.

0:13:28.679 --> 0:13:30.400
<v Speaker 7>You hit it right on the head. That's exactly the

0:13:30.440 --> 0:13:32.640
<v Speaker 7>reason why I'm doing it that way. I think that

0:13:32.720 --> 0:13:35.679
<v Speaker 7>if an agreement is reached, I'll have to come out

0:13:35.720 --> 0:13:38.320
<v Speaker 7>of some of my bond positions and end up being

0:13:38.320 --> 0:13:40.160
<v Speaker 7>along with the stock market again for the first time

0:13:40.160 --> 0:13:41.719
<v Speaker 7>in a while, which seems to be breaking out to

0:13:41.760 --> 0:13:44.839
<v Speaker 7>the upside. But I'm very leery about following it right now.

0:13:45.280 --> 0:13:46.840
<v Speaker 7>So to me to say this place is to be

0:13:46.920 --> 0:13:48.800
<v Speaker 7>long of the bond market, long of the gold market,

0:13:48.800 --> 0:13:52.840
<v Speaker 7>which seemed to be two positions that are contrary one

0:13:52.880 --> 0:13:55.280
<v Speaker 7>to the other. But I think it's the ultimate hedge position,

0:13:55.320 --> 0:13:57.839
<v Speaker 7>and I'm really comfortable being in there holding that trade

0:13:57.840 --> 0:13:58.400
<v Speaker 7>at this point.

0:13:58.840 --> 0:14:01.760
<v Speaker 2>Interesting that you say that you're thinking about going along

0:14:01.920 --> 0:14:05.040
<v Speaker 2>the stock market again. We've talked for literally more than

0:14:05.080 --> 0:14:08.240
<v Speaker 2>a year now about you feel like this is a

0:14:08.240 --> 0:14:11.360
<v Speaker 2>bear market? Do you think we could be heading into

0:14:11.559 --> 0:14:14.160
<v Speaker 2>a new bowl market off the back of a deal

0:14:14.200 --> 0:14:14.920
<v Speaker 2>in Washington?

0:14:16.120 --> 0:14:19.240
<v Speaker 7>What bothers me? I have been bearished no question about

0:14:19.240 --> 0:14:22.280
<v Speaker 7>that for the past several years, actually, and as the

0:14:22.360 --> 0:14:24.920
<v Speaker 7>chairman of the University of Acron's endowment, I got us

0:14:24.960 --> 0:14:28.160
<v Speaker 7>to move out of our eight percent of our position

0:14:29.080 --> 0:14:33.080
<v Speaker 7>on January fifth of twenty twenty, which was a timely

0:14:33.320 --> 0:14:38.440
<v Speaker 7>exit for an endowment. But right now the market, contrary

0:14:38.480 --> 0:14:40.560
<v Speaker 7>to what I would like to think, the market seems

0:14:40.560 --> 0:14:42.320
<v Speaker 7>to be breaking out to the upside. And I've learned

0:14:42.360 --> 0:14:44.000
<v Speaker 7>over the course of forty five years of being in

0:14:44.040 --> 0:14:46.440
<v Speaker 7>the markets that when the market wants to break out,

0:14:46.920 --> 0:14:49.440
<v Speaker 7>standing in this way is usually an ill advised decision.

0:14:49.480 --> 0:14:52.680
<v Speaker 7>So if I turn bullish, it'll be modestly, so the

0:14:52.680 --> 0:14:56.240
<v Speaker 7>opperative word here being modestly. I won't be aggressive in

0:14:56.800 --> 0:14:58.960
<v Speaker 7>that position. But it does seem like it doesn't want

0:14:59.000 --> 0:15:01.280
<v Speaker 7>to go down, It does wants to go higher. It

0:15:01.320 --> 0:15:03.960
<v Speaker 7>does seem like it's breaking out to the upside. Seems

0:15:04.000 --> 0:15:06.760
<v Speaker 7>to add anesthetical to what's going on in the government,

0:15:06.800 --> 0:15:08.600
<v Speaker 7>what's going on in the economy, what's going on with

0:15:08.720 --> 0:15:11.960
<v Speaker 7>the recession that I think we're already in. But nonetheless,

0:15:11.960 --> 0:15:14.920
<v Speaker 7>the market seems to want to go higher and fading.

0:15:14.960 --> 0:15:17.960
<v Speaker 7>It has been an ill advised in a very difficult

0:15:17.960 --> 0:15:19.600
<v Speaker 7>position to have held for a while.

0:15:19.960 --> 0:15:22.720
<v Speaker 2>Do you think that a stock market rally can continue

0:15:22.800 --> 0:15:25.680
<v Speaker 2>if the Fed keeps up with higher for longer interest rates?

0:15:25.680 --> 0:15:28.280
<v Speaker 2>Do you think this market is right to price in

0:15:28.480 --> 0:15:30.720
<v Speaker 2>rate cuts later on? This year, we got about a

0:15:30.720 --> 0:15:31.480
<v Speaker 2>minute left in US.

0:15:31.600 --> 0:15:34.160
<v Speaker 7>I think the market is ill advised to think that

0:15:33.680 --> 0:15:36.520
<v Speaker 7>the Set is going to be cutting interest rates anytime soon.

0:15:36.920 --> 0:15:38.760
<v Speaker 7>I think they made it abundantly clear that the best

0:15:38.840 --> 0:15:41.000
<v Speaker 7>the best you're going to get for the next year

0:15:41.040 --> 0:15:45.280
<v Speaker 7>is the FED funds rate going sideways. Maybe maybe we

0:15:45.320 --> 0:15:47.880
<v Speaker 7>get another twenty five basis point increase at the one

0:15:47.920 --> 0:15:51.200
<v Speaker 7>of the summer meetings, But the Fed Fund of Futures

0:15:51.200 --> 0:15:54.120
<v Speaker 7>has seemed to have priced in a cut in the

0:15:54.160 --> 0:15:56.080
<v Speaker 7>overnight Fed funds rate, and that's simply not going to

0:15:56.080 --> 0:15:59.240
<v Speaker 7>happen until at least in the twenty twenty four, sometime

0:15:59.360 --> 0:16:01.800
<v Speaker 7>quite late in twenty twenty four, as far as I'm concerned.

0:16:01.800 --> 0:16:05.040
<v Speaker 7>So that's that's I've had that opinion for a while.

0:16:05.280 --> 0:16:07.560
<v Speaker 7>Markets can go up, stock markets can go up with

0:16:07.680 --> 0:16:10.440
<v Speaker 7>rising rates, stock markets can go up with falling rates.

0:16:10.480 --> 0:16:13.000
<v Speaker 7>Stock markets can go up on their own accord. And

0:16:13.160 --> 0:16:14.960
<v Speaker 7>right now the market seems to be breaking out to

0:16:15.000 --> 0:16:17.920
<v Speaker 7>the upside. Like I said, I've faded it for a while.

0:16:18.000 --> 0:16:20.200
<v Speaker 7>It seems to have been an ill advised decision, not

0:16:20.280 --> 0:16:23.120
<v Speaker 7>terribly ill advised, but ill advised, and following it on

0:16:23.160 --> 0:16:25.120
<v Speaker 7>the upside, it seems to be the proper course of action.

0:16:25.280 --> 0:16:27.440
<v Speaker 7>So we we shall see if we if we start

0:16:27.480 --> 0:16:29.640
<v Speaker 7>to take the s and p up about forty two

0:16:29.720 --> 0:16:33.040
<v Speaker 7>hundred got to be, it'll be breaking out to the upside.

0:16:34.040 --> 0:16:36.960
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