WEBVTT - Bloomberg Daybreak: August 10, 2022 - Hour 1 (Radio) 0:00:01.880 --> 0:00:05.280 Markets, headlines and breaking news twenty four hours a day 0:00:05.400 --> 0:00:08.400 at Bloomberg dot Com, the Bloomberg Business Out, and at 0:00:08.400 --> 0:00:17.720 Bloomberg Quick Take. This is a Bloomberg business Flash. I'm 0:00:17.800 --> 0:00:21.079 Nathan Hager, watching futures move higher ahead of July c 0:00:21.360 --> 0:00:25.320 p I and inflation print that will shape investor expectations 0:00:25.360 --> 0:00:28.800 on the direction of Federal Reserve interest rate hikes. We 0:00:28.880 --> 0:00:31.160 checked the markets every fifteen minutes during the trading day. 0:00:31.160 --> 0:00:34.080 On Bloomberg SMP futures are up ten points, STOUT futures 0:00:34.120 --> 0:00:37.160 up fifty nine. NASDAC futures are higher by forty three 0:00:37.159 --> 0:00:40.080 points ten. Your treasuries up two thirty seconds. The yield 0:00:40.080 --> 0:00:42.279 two point seven six percent yield on the two year 0:00:42.600 --> 0:00:45.519 three point two three percent. Nime x Scrooge down eight 0:00:45.520 --> 0:00:48.080 tenths per center seventy three cents eighty nine dollar seventy 0:00:48.080 --> 0:00:50.520 seven cents. A Barrel comic called his down a tenth 0:00:50.520 --> 0:00:52.720 per center to dollars twenty cents. At eighteen ten ten 0:00:52.720 --> 0:00:55.560 announced the euro one point zero two two three against 0:00:55.560 --> 0:00:57.880 the dollar, British pound one point two zero nine zero. 0:00:58.200 --> 0:01:00.440 The n is at one thirty four point nine two. 0:01:00.560 --> 0:01:03.040 That's a Bloomberg Business Flash. Now here's Michael Barr with 0:01:03.120 --> 0:01:05.759 more on what's going on around the world. Michael Nathan, 0:01:05.760 --> 0:01:08.319 thank you very much. Former President Donald Trump will be 0:01:08.440 --> 0:01:11.320 questioned under oath today and the New York Attorney General's 0:01:11.360 --> 0:01:15.520 long running civil investigation into his real estate dealings. Monday, 0:01:15.760 --> 0:01:18.840 FBI agents searched his Florida state as part of an 0:01:18.920 --> 0:01:22.800 unrelated federal probe. The FDA signed off on the Biden 0:01:22.800 --> 0:01:25.880 administration's plan to stretch out the limited supply of monkey 0:01:25.959 --> 0:01:29.319 pox vaccine. The White Owl said it would make the 0:01:29.440 --> 0:01:33.240 currently four hundred forty thousand available doses into more than 0:01:33.319 --> 0:01:37.000 two million smaller doses. In baseball, the Yankees lost to 0:01:37.040 --> 0:01:40.399 the Mariners one zip thirteen innings, The Mets beat the 0:01:40.440 --> 0:01:44.240 Reds six two the Red Sox Giants, and A's lost 0:01:44.520 --> 0:01:48.200 the Nationals and Orioles. One Global news twenty four hours 0:01:48.200 --> 0:01:51.480 a day on air and on Bloomberg Quicktake, powered by 0:01:51.480 --> 0:01:54.040 more than twenty seven hundred journalists analysts more than a 0:01:54.080 --> 0:01:57.279 hundred twenty countries. Michael Barr, this is Bloomberg, John, Michael, 0:01:57.280 --> 0:01:59.880 thank you. It is five forty nine on Wall Street 0:02:00.080 --> 0:02:03.320 and we are live from the Bloomberg Interact. A Broker Studios. 0:02:03.920 --> 0:02:07.760 The US Justice Department preparing to sue Google as soon 0:02:07.840 --> 0:02:11.440 as next month. Let's take a deeper die into this story. 0:02:11.480 --> 0:02:14.840 This morning, were joined live by Alex Webb. The Bloomberg 0:02:14.919 --> 0:02:18.880 Quicktake Tech corresponded, joining us from our London bureau. This 0:02:18.919 --> 0:02:22.720 is an anti trust case and how far back does 0:02:22.720 --> 0:02:25.680 this go? What allegedly did Google do or is doing? 0:02:26.560 --> 0:02:32.079 This really focuses on the the control that Google has 0:02:32.200 --> 0:02:35.880 over multiple stages of the I'm really sorry, I have 0:02:35.919 --> 0:02:37.920 some other audio playing in my ear and it's very 0:02:37.960 --> 0:02:40.359 very hard to hear anything. Um, I'm sorry just to 0:02:40.400 --> 0:02:43.240 say that on UM, I say, this really focuses on 0:02:43.280 --> 0:02:46.560 Google control of three points in the advatasing ecosystem. They 0:02:46.560 --> 0:02:49.000 have the demand side platform, the buy side platform, the 0:02:49.000 --> 0:02:51.920 south side platform, should say, and the AD exchange in 0:02:51.960 --> 0:02:56.080 the middle of that. And the AD exchange has the ability, 0:02:56.200 --> 0:02:58.760 given the control all three of those parts of the 0:02:58.840 --> 0:03:04.239 systems to ultimately determined prices in a way that is 0:03:04.240 --> 0:03:06.519 favorable to Google. Now we don't know whether Google does 0:03:06.560 --> 0:03:09.440 this but ultimately, but other regulators have said they don't 0:03:09.440 --> 0:03:11.840 have visibility into where the Google does this. That in 0:03:11.919 --> 0:03:14.320 and of itself is a problem. The lack of visibility. 0:03:14.440 --> 0:03:17.480 So the way I'm picking that and getting to grips 0:03:17.480 --> 0:03:19.680 with the matter, there is the opportunity to hold Google 0:03:19.720 --> 0:03:22.919 more accountable. Okay, the buying and selling of ads online? 0:03:23.200 --> 0:03:26.519 How much? How much is this worth? What kind of 0:03:26.560 --> 0:03:29.239 money we're talking to hear? This business for Google is 0:03:29.240 --> 0:03:32.520 about a twenty two billion dollar business that is clearly 0:03:32.680 --> 0:03:36.000 not the lion's share of its advertising revenue, which predominantly 0:03:36.000 --> 0:03:39.360 comes from search, but it does control a lot of 0:03:39.360 --> 0:03:43.520 the advertising that happens on the web um outside of 0:03:43.520 --> 0:03:47.080 Google's platforms. So if you go to a newspaper, website, 0:03:47.280 --> 0:03:50.600 or another form of media, you will often find that 0:03:50.640 --> 0:03:53.880 the adverts that are served to you are actually served 0:03:53.880 --> 0:03:57.560 to you by Google. Um it means that Google has 0:03:58.160 --> 0:04:01.880 vast control over the advertising ecosystem around the world Wide Web. 0:04:02.360 --> 0:04:06.840 And advertising is what funds vast tracts of the world 0:04:06.840 --> 0:04:09.680 wide Web. So even if it isn't the lion share 0:04:09.720 --> 0:04:13.800 of Google business, it has vast implications for advertising globally. 0:04:13.840 --> 0:04:15.560 And we should say that a twenty two billion dollar 0:04:15.600 --> 0:04:19.680 business is still bigger than the annual revenue of w 0:04:19.760 --> 0:04:22.520 p P, which is the world's biggest advertising agency. It's 0:04:22.560 --> 0:04:25.039 not chump change. UM. When I turned my computer on, 0:04:25.240 --> 0:04:29.159 Google comes up as the default search engine. Is that 0:04:29.400 --> 0:04:32.360 something separate because I know there's legal action with respect 0:04:32.400 --> 0:04:34.440 to that. How does that figure into this of it all? 0:04:34.680 --> 0:04:37.719 So that that is a separate issue. There is also 0:04:38.320 --> 0:04:40.480 in Europe there has been some attention on the bundling 0:04:40.800 --> 0:04:43.760 that has happened and that Google used to say. You know, 0:04:43.839 --> 0:04:46.000 if for example, you were a newspaper website and you 0:04:46.040 --> 0:04:49.120 wanted to have a function which let people search historical stories, 0:04:49.160 --> 0:04:52.240 well Google offered the opportunity to use its search engine 0:04:52.279 --> 0:04:54.560 to search the stories on your website. But what it 0:04:54.760 --> 0:04:56.320 do is it would say, well, if you're going to 0:04:56.400 --> 0:04:58.600 use that, you also have to use our ads system 0:04:58.680 --> 0:05:02.880 that was deemed anti petitive or considered anti competitive by 0:05:03.000 --> 0:05:07.800 authorities here. And so the approach the Google takes to 0:05:08.080 --> 0:05:11.640 bundling these things to not separating in this instance, the 0:05:12.640 --> 0:05:17.280 demand side and the cell side of the advertising um 0:05:17.440 --> 0:05:20.320 ecosystem is where they get in trouble. And you know, 0:05:20.360 --> 0:05:23.719 if you think about financial services, you know by side 0:05:23.720 --> 0:05:26.240 and sell side in a bank have to be have 0:05:26.360 --> 0:05:29.760 to have strict Chinese walls between them and visibility for 0:05:29.920 --> 0:05:32.839 regulators between the two, So there is a comparability there. 0:05:33.200 --> 0:05:35.800 I love the factle when under pressure big tech company 0:05:35.839 --> 0:05:38.280 will bring up small business like you know it's morm 0:05:38.320 --> 0:05:41.960 and apple pie. What real quok about thirty seconds? What 0:05:42.120 --> 0:05:45.560 is the Google response to others? They, of course, you know, 0:05:45.640 --> 0:05:48.800 deny that that that there is a case here. Um 0:05:48.880 --> 0:05:52.000 they have offered there have been just has been muted 0:05:52.040 --> 0:05:55.040 that they talk about maybe separating some of these things internally. 0:05:55.320 --> 0:05:57.000 The response to that that others are made is that 0:05:57.120 --> 0:05:59.760 ultimately an internal separation doesn't solve the problem because it's 0:05:59.760 --> 0:06:03.240 still Google. So they'll fight this tooth and now. But 0:06:04.360 --> 0:06:08.320 it's it's setting forward movement that the authorities are cracking 0:06:08.360 --> 0:06:11.520 down on us. Bloomberg quick to corresponded Alex feb Alex 0:06:11.560 --> 0:06:15.320 always a pleasure. Thanks and uh we are up to 0:06:15.440 --> 0:06:18.720 five fifty three on Wall Street, Nathan, that we are. John. 0:06:18.760 --> 0:06:21.120 It's time now for our Bloomberg Law Report. Let's get 0:06:21.160 --> 0:06:24.200 to the legal stories we're watching this morning. Here's Bloomberg's 0:06:24.240 --> 0:06:29.920 Jeff Bellinger, the newest member of the Federal Trade Commission, 0:06:29.960 --> 0:06:32.479 is looking to hire a psychologist for his staff to 0:06:32.520 --> 0:06:35.919 focus on the impact of social media platforms on young people. 0:06:36.000 --> 0:06:38.760 A lawsuit filed in a Montana federal court chargers that 0:06:38.800 --> 0:06:42.279 direct TV failed to pay technicians and installers for time 0:06:42.360 --> 0:06:45.240 spent driving company vehicles from their homes to their first 0:06:45.320 --> 0:06:48.520 job sites and back after work. Conservation groups told a 0:06:48.600 --> 0:06:51.120 federal court that gray wolves are at risk because the 0:06:51.160 --> 0:06:54.200 Fish and Wildlife Service has not yet decided whether the 0:06:54.240 --> 0:06:58.360 wolves warrant further protection under the Endangered Species Act. Bloomberg 0:06:58.480 --> 0:07:02.599 Law everything you need, all on one legal research platform, 0:07:02.760 --> 0:07:07.400 including guidance analysis and Bloomberg market intelligence. Find out more 0:07:07.440 --> 0:07:11.400 at Bloomberg law dot com. Right now to another legal 0:07:11.440 --> 0:07:14.560 story we're watching. The Justice Department is charging for current 0:07:14.600 --> 0:07:17.800 and former Louisville police officers in connection with the fatal 0:07:17.800 --> 0:07:20.720 shooting of Brianna Taylor during the search warrant that was 0:07:20.760 --> 0:07:24.720 being executed in Three of those officers weren't even at 0:07:24.720 --> 0:07:27.120 the scene of the shooting. They're accused of lying in 0:07:27.240 --> 0:07:29.600 order to get the warrants to search Brianna Taylor's home 0:07:29.600 --> 0:07:32.080 and trying to cover their tracks later. For more on 0:07:32.120 --> 0:07:34.720 the case, Bloomberg June Grosso speaks with Amy Dillar, a 0:07:34.760 --> 0:07:37.800 professor at the University of Baltimore Law School. We see 0:07:37.800 --> 0:07:42.000 the Justice Department stepped into the George Floyd killing and 0:07:42.280 --> 0:07:46.000 the Ahmad are Very killing. And here you have another 0:07:46.160 --> 0:07:49.840 high profile case where her name became a rallying cry 0:07:50.160 --> 0:07:54.200 for racial justice and activists were on the phone and 0:07:54.280 --> 0:07:58.360 in the streets calling for arrests. Does that motivate the 0:07:58.440 --> 0:08:01.520 Justice Department as well? What I think we can see 0:08:01.960 --> 0:08:07.840 is a Justice Department that is operating with this approach 0:08:08.120 --> 0:08:13.200 to review cases where state prosecutors have made choices about 0:08:13.320 --> 0:08:17.960 how to pursue criminal charges, and to investigate and determine 0:08:18.080 --> 0:08:22.160 whether federal charges are warranted, and taking those potential cases 0:08:22.200 --> 0:08:25.400 before federal grand jury. So I think that we might 0:08:25.520 --> 0:08:29.800 see that the three are a pattern of the Justice 0:08:29.800 --> 0:08:35.400 Department's approach to investigating these cases where people have been 0:08:35.520 --> 0:08:38.640 killed in two of those cases by police officers, and 0:08:39.080 --> 0:08:43.160 the Justice Department may be either dissatisfied or think that 0:08:43.200 --> 0:08:48.280 there's not been a thorough and complete investigation of those cases. 0:08:48.679 --> 0:08:52.800 Justice has been investigating the Louisville Police Department and reviewing 0:08:52.880 --> 0:08:57.240 complaints of the regular use of unreasonable force. But the 0:08:57.320 --> 0:09:01.840 indictments here don't charge either of the officers who shot Taylor. 0:09:01.960 --> 0:09:05.240 They fired a total of thirty two rounds, why aren't 0:09:05.280 --> 0:09:09.040 they being charged? So I actually think that these indictment 0:09:09.320 --> 0:09:13.920 are the kind of indictment that get at systemic problems 0:09:14.000 --> 0:09:19.160 in policing. So what's been indicted here are the officers 0:09:19.160 --> 0:09:23.440 who lied in the affidavit that they submitted to the 0:09:23.559 --> 0:09:27.800 judge to obtain the search warrant to go into Brianna 0:09:27.920 --> 0:09:31.800 Taylor's apartment at all. And not only the lying in 0:09:31.840 --> 0:09:36.760 the affidavit, but subsequent to the police killing Brianna Taylor, 0:09:37.040 --> 0:09:41.760 the Justice Department here has alledge that those officers engaged 0:09:41.800 --> 0:09:45.400 in a sustained cover up and in a sustained effort 0:09:45.480 --> 0:09:49.320 to obstruct justice and lied to multiple federal agencies. You know, 0:09:49.640 --> 0:09:54.080 looking at that conduct by police officers might not be 0:09:54.559 --> 0:09:59.240 as satisfying as the criminal law aspects of who should 0:09:59.240 --> 0:10:03.000 be held a auntable for Brianna Taylor's death. But I 0:10:03.000 --> 0:10:05.319 think if we push back a little, we can see 0:10:05.320 --> 0:10:09.680 that all of these people may be responsible in part 0:10:09.800 --> 0:10:13.000 for Brianna Taylor's death, and the officers who lied in 0:10:13.040 --> 0:10:16.840 that f davit set into motion the chain of events 0:10:16.880 --> 0:10:20.720 that resulted in her death. That's Amy Dillard, a professor 0:10:20.760 --> 0:10:23.600 at the University of Baltimore Law School, speaking with Bloomberg's 0:10:23.640 --> 0:10:26.800 June Gronzo. Catch more of that interview, plus analysis of 0:10:26.840 --> 0:10:29.319 the latest legal news by subscribing to the Bloomberg Law 0:10:29.440 --> 0:10:32.880 Podcast or downloading the show at Bloomberg dot com. Slash 0:10:32.920 --> 0:10:36.600 Podcasts and attorneys can find exceptional legal research and business 0:10:36.640 --> 0:10:39.680 development tools at Bloomberg Law dot com and on the 0:10:39.679 --> 0:10:43.760 Bloomberg terminal at b law Go. Looking ahead to July, 0:10:43.880 --> 0:10:46.800 c p I futures are moving higher. We have SMP 0:10:46.920 --> 0:10:50.240 futures right now up nine points, down futures up sixty two. 0:10:50.720 --> 0:10:54.439 Nasdaq futures are higher by forty points. The tenure Treasury 0:10:54.480 --> 0:10:56.560 is up one thirty second, the yield two point seven 0:10:56.600 --> 0:10:59.360 seven percent yield on the two year three point two 0:10:59.440 --> 0:11:02.160 four per cent. Nime X screwed is down eight tenths 0:11:02.160 --> 0:11:04.440 per cent or seventy four cents at eighty nine dollar 0:11:04.520 --> 0:11:06.960 seventy six cents a barrel, and Bitcoin trading right now 0:11:07.000 --> 0:11:12.360 around twenty three thousand dollars. Bloomberg Daybreak continues. This is 0:11:12.440 --> 0:11:20.960 Bloomberg broadcasting live from the Bloomberg Interactive Broker's studio in 0:11:21.000 --> 0:11:24.760 New York. Bloomberg loving Freedland to Washington d C, Bloomberg 0:11:24.840 --> 0:11:28.959 nine to Boston, Bloomberg one oh six one to San Francisco, 0:11:29.000 --> 0:11:32.240 Bloomberg No. Sixteen to the Country, Sirius XM to A 0:11:32.320 --> 0:11:35.480 one nineteen and around the globe, the Bloomberg Business app 0:11:35.600 --> 0:11:45.319 and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's 0:11:45.360 --> 0:11:47.520 five thirty on Wall Street. Good morning. I'm John Tucker. 0:11:47.600 --> 0:11:49.800 I'm Nathan Hacker. We're about four hours away from the 0:11:49.840 --> 0:11:51.719 open of US trading. Let's get you up to date 0:11:51.760 --> 0:11:53.640 on the news you need to know. At this our 0:11:53.679 --> 0:11:57.120 all eyes are on this morning's inflation report. Economists predicted 0:11:57.160 --> 0:12:00.679 deceleration in consumer prices for July after a hotter than 0:12:00.720 --> 0:12:04.959 expected June reading. Sylvia Jablonsky is CEO at Defiant CTFs. 0:12:05.280 --> 0:12:08.079 Even if it surprises us to the downside, which will 0:12:08.120 --> 0:12:10.160 be positive for equities, I think we'll get a little 0:12:10.200 --> 0:12:12.600 rally off of something like that. It doesn't really change 0:12:12.679 --> 0:12:14.360 the picture in the short term in terms of what 0:12:14.480 --> 0:12:16.960 the FAT has to do to get to neutral. Sylvia 0:12:17.040 --> 0:12:20.000 Jablonski of Defined ct F says the recent market pullback 0:12:20.160 --> 0:12:23.080 is presenting opportunity for long term investors, and this morning 0:12:23.120 --> 0:12:27.120 we're learning about the impact of President Biden's Inflation Reduction Act. 0:12:27.520 --> 0:12:29.439 It's said to become law in the coming days, and 0:12:29.520 --> 0:12:32.680 one major bank says the bill will hardly impact prices 0:12:32.760 --> 0:12:35.880 at all. Bloomberg's Renata Young joins US Now Live with 0:12:35.960 --> 0:12:38.679 that story. Good morning Rena, Good morning John. The Inflation 0:12:38.800 --> 0:12:42.319 Reduction Act is estimated to reduce the federal budget deficit 0:12:42.440 --> 0:12:45.360 by about three hundred billion dollars over the next decade, 0:12:45.800 --> 0:12:48.480 but JP Morgan Chase economists say the law will have 0:12:48.600 --> 0:12:52.160 almost no effect on the price growth that's currently running 0:12:52.200 --> 0:12:56.079 at the fastest pace in four decades. The nonpartisan Congressional 0:12:56.120 --> 0:12:59.599 Budget Office, the Committee for a Responsible Federal Budget, and 0:12:59.760 --> 0:13:03.400 the in Warden Budget Model all agree that the legislation 0:13:03.520 --> 0:13:07.080 will have a minimal influence on inflation. Live in New York. 0:13:07.120 --> 0:13:09.520 I'm gonna need a young Bloomberg Daybreak. Okay, we need 0:13:09.600 --> 0:13:12.320 to thanks. Let's talk corporate earnings now. Walt Disney has 0:13:12.360 --> 0:13:15.440 set to release its quarterly results after the market's closed today. 0:13:15.480 --> 0:13:19.360 Bloomberg's Jeff Bellinger has a preview. Bloomberg Intelligence says the 0:13:19.559 --> 0:13:23.040 entertainment giant appears to be firing on almost all cylinders. 0:13:23.240 --> 0:13:26.559 Disney Plus is doing well. The consensus is that the 0:13:26.600 --> 0:13:30.679 streaming video service added nine point seven million subscribers during 0:13:30.720 --> 0:13:33.280 the quarter. The loss of the streaming rights to Indian 0:13:33.360 --> 0:13:36.680 Premier League Cricket could force Disney to cut it subscriber 0:13:36.760 --> 0:13:40.360 targets demanded. Theme Parks has been strong that division may 0:13:40.440 --> 0:13:45.560 report an operating profit that exceeds consensus. Jeff Bellinger, Bloomberg Debris. 0:13:45.600 --> 0:13:48.040 All right, thanks Jeff. Earnings in the crypto space also 0:13:48.280 --> 0:13:53.160 disappointing today. Coin Base posted a records a record second 0:13:53.200 --> 0:13:56.600 quarter loss and lower than expected revenue. And we're learning 0:13:56.640 --> 0:13:59.480 this morning, John about another share sale by Elon Muski. 0:13:59.559 --> 0:14:01.920 Has On the had done another nearly seven billion dollars 0:14:01.960 --> 0:14:05.319 in Tesla stock, according to regulatory filings. The sale comes 0:14:05.440 --> 0:14:08.319 as must faces legal challenges in his bid to pull 0:14:08.360 --> 0:14:11.720 out of a deal to buy Twitter. SMP futures ahead 0:14:11.720 --> 0:14:14.520 of the CPI report up ten points, STOW futures up 0:14:14.559 --> 0:14:17.160 sixty two Nastack futures are higher by forty four points. 0:14:17.440 --> 0:14:19.440 The ten your treasury is up three thirty seconds. The 0:14:19.520 --> 0:14:21.560 yield two point seven six percent yield on the two 0:14:21.640 --> 0:14:25.160 year three point to three percent Bitcoin about twenty three 0:14:25.200 --> 0:14:27.840 thousand dollars straight ahead your latest local headlines into check 0:14:27.880 --> 0:14:33.960 of sports. This is Bloomberg and that brings us to 0:14:34.040 --> 0:14:35.920 five thirty three on Wall Street. Time to bring in 0:14:36.000 --> 0:14:38.080 Michael Barr with more on what else is going on 0:14:38.160 --> 0:14:40.880 in New York and around the world. John, thank you 0:14:41.000 --> 0:14:43.760 very much, Sarah. Deadly bus crash on the New Jersey 0:14:43.880 --> 0:14:47.080 turn blank last nine. Authorities say a double decker bus 0:14:47.200 --> 0:14:52.000 transporting passengers from New York to Philadelphia overturned near Woodbridge. 0:14:52.360 --> 0:14:55.760 Sergeant Lawrence Peel of the State Police spoke to reporters. 0:14:56.160 --> 0:14:59.960 We are confirming right now one fatality and five series 0:15:00.160 --> 0:15:03.920 injuries as a result of the collision. The bus also 0:15:04.080 --> 0:15:07.040 hit a pickup truck. Former President Donald Trump will be 0:15:07.160 --> 0:15:09.760 questioned on their oath today and the New York Attorney 0:15:09.800 --> 0:15:13.760 General's long running civil investigation into his dealings as a 0:15:13.840 --> 0:15:16.720 real estate mogul. Trump confirmed in in a post on 0:15:16.840 --> 0:15:20.120 his truth social account. The White House as President Joe 0:15:20.160 --> 0:15:22.520 Biden and aids were not given a heads up or 0:15:22.640 --> 0:15:26.760 briefed on the FBI raid on former President Trump's Mara 0:15:26.880 --> 0:15:30.320 Lago estate and learned about the search from public reports. 0:15:30.640 --> 0:15:34.480 White House Press Secretary Karine Jean Pierre. President Biden has 0:15:34.520 --> 0:15:37.960 been unequivocal since the campaign. He believes in the rule 0:15:38.040 --> 0:15:41.120 of law, in the independence of Justice Department of the 0:15:41.240 --> 0:15:46.400 Justice Department Investigations spokesperson Karine Jean Pierre. Primary elections were 0:15:46.480 --> 0:15:49.240 held in four states. Tim Michaels, who was backed by 0:15:49.400 --> 0:15:53.680 former President Trump, won the Wisconsin GOP gubernatorial nomination with 0:15:53.800 --> 0:15:57.600 forty of the vote over former Lieutenant Governor Rebecca Cleifish, 0:15:57.640 --> 0:16:01.080 who was endorsed by former VP Mike Pence. Michaels thanked 0:16:01.160 --> 0:16:03.600 his supporters late last night. Since I was a young 0:16:03.720 --> 0:16:06.200 boy where I helped farmers bail hay and pick rocks, 0:16:06.520 --> 0:16:08.680 I know how to do a hard day's work, and 0:16:08.760 --> 0:16:11.280 the hard working people in Wisconsin to serve to have 0:16:11.400 --> 0:16:14.440 a leader who understands how hard they're working, and we'll 0:16:14.560 --> 0:16:18.320 lead by example. Tim Michaels will face Democratic Governor Tony 0:16:18.400 --> 0:16:21.720 Evers in the general election. In Connecticut, another Trump and 0:16:21.800 --> 0:16:25.200 Doris candidated one her go OP primary, We Are A 0:16:25.320 --> 0:16:27.920 Levy won the U. S. Senate primary with more than 0:16:28.000 --> 0:16:30.280 fifty percent of the vote in a three way race. 0:16:30.760 --> 0:16:34.520 Levy will face Democratic incumbent Richard Bloomenfell, who ran unopposed 0:16:34.720 --> 0:16:38.320 in District four Republican Jamie Stevenson beat Michael Goldstein with 0:16:38.440 --> 0:16:40.960 more than sixty percent of the vote for a US 0:16:41.040 --> 0:16:44.680 House seat. Stevenson will run against Democratic incumbent Jim Himes. 0:16:45.040 --> 0:16:47.120 Global News twenty four hours a day on air and 0:16:47.280 --> 0:16:50.040 on Bloomberg Quick Take, powered by more than twenty seven 0:16:50.120 --> 0:16:52.480 hundred journalists and analysts more than a hundred twenty countries. 0:16:52.640 --> 0:16:55.000 I'm Michael bar This is Bloomberg, John Michael, thank you 0:17:00.200 --> 0:17:04.680 Wall Street. Time for the Bloombird sports update. And here's John. Thanks. 0:17:04.880 --> 0:17:07.320 Another one nothing lost, so the Yankees after this past 0:17:07.359 --> 0:17:10.159 Saturday in St. Louis. Last night in Seattle, Mariners won 0:17:10.280 --> 0:17:13.040 one nothing in thirteen in things neither team could score 0:17:13.119 --> 0:17:15.160 despite the rule now or the extra things to begin 0:17:15.240 --> 0:17:17.359 with the runner at second base. In both the tenth 0:17:17.440 --> 0:17:20.040 and eleven the Yanks killed their scoring chance. First Andrew 0:17:20.080 --> 0:17:23.000 ben Intendi got picked off, then Jose Travino got thrown 0:17:23.040 --> 0:17:25.359 out between second and third. Aaron Brune was asked about 0:17:25.480 --> 0:17:32.199 base running blunderstakes. You know, obviously, you know We're runs 0:17:32.600 --> 0:17:35.760 are are really tough to come by. Um, you know 0:17:37.800 --> 0:17:40.280 it's been one of the real strength list team. So 0:17:40.359 --> 0:17:43.360 I don't want to lose our progressiveness. But but obviously 0:17:43.440 --> 0:17:45.240 we've gotta be a little smarter. Aaron, there's one with 0:17:45.280 --> 0:17:47.520 a couple of hits in the thirteenth thought Jonathan Mowiss 0:17:47.560 --> 0:17:49.040 to go. The Mets, with their six two win over 0:17:49.119 --> 0:17:51.760 the Reds at City Field, now have a better record 0:17:51.800 --> 0:17:54.240 than the Yankees. Carlos Carrasco with his thirteen twin of 0:17:54.240 --> 0:17:56.560 the year home runs for Francisco, then Door and Jeff 0:17:56.640 --> 0:17:58.879 McNeil mess had won fourteen to the last sixteen. In 0:17:58.960 --> 0:18:01.399 the last four wins, there's only allowed a total of 0:18:01.520 --> 0:18:04.080 seven runs. They still need the Braves by seven games. 0:18:04.160 --> 0:18:07.160 Rangers announced a new captain, twenty eight year old hard 0:18:07.200 --> 0:18:09.960 hitting defenseman Jacob Truva, getting ready for his fourth season 0:18:10.040 --> 0:18:12.000 with the Blue Stretch. Rangers have been without the captain 0:18:12.280 --> 0:18:14.280 since Ryan mcdonnald left in two pousand and eighteen. And 0:18:14.359 --> 0:18:16.920 golf camp Smith, the Aussie who won the Open Championship 0:18:17.000 --> 0:18:20.200 last month, latest to join the new Live Tour. Serena 0:18:20.200 --> 0:18:22.879 Williams will retire after the upcoming US Open in New York. 0:18:22.960 --> 0:18:25.000 She's one twenty three majors. One side of a rector 0:18:25.080 --> 0:18:28.400 that really needs an asterisk because Margaret Court won many 0:18:28.480 --> 0:18:30.320 of hers at a time when pros didn't even play 0:18:30.359 --> 0:18:33.000 in the major. Serena is the goat of women's tennis, 0:18:33.040 --> 0:18:35.280 and she said she's ready to move on to new things. 0:18:35.720 --> 0:18:38.200 John Stash Howard Bloomberg Sports done all right, John, thanks 0:18:38.200 --> 0:18:40.520 a lot thirty seven on Wall Street, and it's timed 0:18:40.520 --> 0:18:43.439 out for the Tri State Business Report. For that, we're 0:18:43.520 --> 0:18:47.399 joined by Bloomberg, said Cory. Chipotle Mexican grill has agreed 0:18:47.440 --> 0:18:50.639 to pay twenty million dollars to an estimated thirteen thousand 0:18:50.720 --> 0:18:53.840 current and former employees of its restaurants in New York City. 0:18:54.080 --> 0:18:56.520 The money would settle a claim that the chain repeatedly 0:18:56.640 --> 0:19:01.040 violated laws governing sick leave and scheduling. The fast casual 0:19:01.200 --> 0:19:04.440 chain will also pay a million dollar fine. The pandemic 0:19:04.520 --> 0:19:07.760 era freeze on student debt payments has improved credit scores 0:19:07.840 --> 0:19:10.760 for bar wars. That's according to the Federal Reserve Bank 0:19:10.800 --> 0:19:14.200 of New York, about thirty million people saw improvements in 0:19:14.280 --> 0:19:17.239 their risk profile, with the biggest gains going to those 0:19:17.280 --> 0:19:22.080 who were delinquent before the pandemic. Atlantic City casino dealers 0:19:22.119 --> 0:19:27.879 opposed to smoking indoors, rejecting designated outdoors smoking areas employees 0:19:27.960 --> 0:19:31.000 could opt out of staffing. The leader of a group 0:19:31.040 --> 0:19:33.639 of casino workers says the opt out suggestion is not 0:19:33.800 --> 0:19:37.440 the solution to protect workers and customers that your Bloomberg 0:19:37.480 --> 0:19:41.000 tries to day Business report I mid Corey, all right, 0:19:41.000 --> 0:19:44.000 thanks at on Wall Street. Bloomberg Radio is on the 0:19:44.080 --> 0:19:47.640 air from San Francisco to New York, London to Hong Kong, 0:19:47.840 --> 0:19:50.000 and let's check in now where their global news team 0:19:50.440 --> 0:19:52.119 for some of the top stories heard on our three 0:19:52.200 --> 0:19:59.200 hundred affiliate radio stations around the world. I'm Steve Podas 0:19:59.560 --> 0:20:02.600 kN to Los Angeles. We're talking about the Sweet Green 0:20:02.800 --> 0:20:06.680 Salad chain slashing its revenue forecast for the year. On 0:20:06.840 --> 0:20:11.560 Corney tannahoan cafe bian Omaha. Inflation is wreaking havoc on breakfast, 0:20:11.640 --> 0:20:14.960 with egg prices up almost in a year. I'm Jinas 0:20:15.000 --> 0:20:18.119 Servetti in for w BBM in Chicago. It looks like 0:20:18.240 --> 0:20:20.879 Big ten football fans will have a few options for 0:20:21.000 --> 0:20:24.600 watching college sports next year. I Stephen Carol on Bloomberg 0:20:24.680 --> 0:20:27.320 d a B Digital Radio in London. We've been reporting 0:20:27.359 --> 0:20:30.440 on warnings of blackouts this winter in the UK amid 0:20:30.520 --> 0:20:34.000 an energy supply crunch I'm ed Cory on w T 0:20:34.160 --> 0:20:37.760 A M in Cleveland. I'm reporting Acron's Stigna Jewels is 0:20:37.840 --> 0:20:42.520 buying Blue Nile Eddiot's five thirty nine on Wall Street. 0:20:43.240 --> 0:20:47.520 The following is an editorial from Bloomberg Opinion. This editorial 0:20:47.840 --> 0:20:52.440 was written by the Bloomberg Editorial Board. Oh what portents 0:20:52.680 --> 0:20:56.800 are these demands? A character in Shakespeare's Henry the Fourth. 0:20:57.359 --> 0:21:00.520 Former President Donald Trump may well be wonder the same 0:21:01.040 --> 0:21:05.360 after FBI agents searched his home at Mara Lago on Monday. 0:21:05.920 --> 0:21:08.159 The rest of the country could use some answers to 0:21:08.880 --> 0:21:13.800 This is a fateful moment for US democracy. Whatever happens 0:21:13.920 --> 0:21:17.600 next and wherever the investigation leads, there can be no 0:21:18.040 --> 0:21:22.360 unwringing this bell. So it's essential that Americans get a sober, 0:21:22.720 --> 0:21:27.600 transparent explanation for these latest developments. The sheer amount of 0:21:27.760 --> 0:21:32.240 unpunished wrongdoing that occurred under the Trump administration has many 0:21:32.320 --> 0:21:38.119 people cheering this extraordinary intervention, but it is nothing to celebrate. 0:21:38.520 --> 0:21:42.480 Trump himself has tested the American system in ways unseen 0:21:42.960 --> 0:21:47.120 since the nineteenth century. It is critical that the pursuit 0:21:47.200 --> 0:21:52.480 of justice does not merely compound the damage. The sedatorial 0:21:52.680 --> 0:21:56.439 was written by the Bloomberg Editorial Board. For more Bloomberg opinion, 0:21:56.640 --> 0:22:00.159 please go to Bloomberg dot Com, Slash Opinion or p 0:22:00.480 --> 0:22:03.680 I n go on the Bloomberg Terminal. These has been 0:22:03.760 --> 0:22:08.119 Bloomberg Opinion and Bloomberg Opinion editorials can be heard every weekday. 0:22:08.119 --> 0:22:11.080 At this time, terminal customers can read more ad O, 0:22:11.280 --> 0:22:17.879 p I n go and the Bloomberg Weather for it. 0:22:17.960 --> 0:22:20.119 Today clouds giving me a partial sawn, chance of a 0:22:20.359 --> 0:22:23.600 shower or thunderstorm. The height today in the mid eighties, showers, 0:22:23.640 --> 0:22:26.679 maybe a flunderstorm Tonight, lows in the mid seventies. Tomorrow 0:22:26.800 --> 0:22:33.280 chance of morning showers, then partly Sunday. Markets headlines and 0:22:33.440 --> 0:22:36.680 breaking news twenty four hours a day at Bloomberg dot Com, 0:22:36.840 --> 0:22:39.879 the Bloomberg Business at and at Bloomberg Quick Tape. This 0:22:40.320 --> 0:22:49.000 is a Bloomberg Business Lash. Good morning on Nathan Hagar. 0:22:49.080 --> 0:22:51.800 Futures are moving higher this morning ahead of US inflation 0:22:51.920 --> 0:22:55.240 data that will shape investor expectations for further Federal Reserve 0:22:55.320 --> 0:22:57.920 interest rate hikes. We check the markets every fifteen minutes 0:22:57.960 --> 0:22:59.960 during the trading day on Bloomberg s and p few 0:23:00.040 --> 0:23:02.880 Cheries are up twelve points. Dal Future is up seventy five. 0:23:03.000 --> 0:23:06.159 NASTAC futures higher by fifty three points. The acts in 0:23:06.200 --> 0:23:08.080 Germany is up three tenths per cent, The CAT in 0:23:08.119 --> 0:23:10.920 Paris is hired by a tenth percent. The tenure Treasury 0:23:10.960 --> 0:23:13.080