1 00:00:02,520 --> 00:00:05,920 Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg 2 00:00:06,000 --> 00:00:10,039 Speaker 1: day Break for Wednesday, September one. Coming up this hour, 3 00:00:10,320 --> 00:00:13,680 Speaker 1: Wall Street braces for today's FED decision. In j Powell 4 00:00:13,720 --> 00:00:17,400 Speaker 1: news conference, Oil spikes higher after Vladimir Putin steps up 5 00:00:17,400 --> 00:00:20,400 Speaker 1: his war against Ukraine. We're live with the latest, and 6 00:00:20,520 --> 00:00:24,239 Speaker 1: Bank CEO s head the Capitol Hill to testify before Congress. 7 00:00:24,400 --> 00:00:27,720 Speaker 1: President Biden headlines a Democratic fundraiser in New York City 8 00:00:27,960 --> 00:00:32,040 Speaker 1: lost a special Master expresses skepticism about Donald Trump's legal arguments. 9 00:00:32,200 --> 00:00:35,440 Speaker 1: I'm Michael Barr. More ahead, I'm h Stashown Sports, Aaron 10 00:00:35,560 --> 00:00:38,280 Speaker 1: Judge in his sixty home RHMA Yankees. Then one on 11 00:00:38,320 --> 00:00:40,920 Speaker 1: a walk off Grand Slam the met for the dramatic 12 00:00:40,960 --> 00:00:45,280 Speaker 1: comeback victory. That's all straight ahead on Bloomberg day Break 13 00:00:45,520 --> 00:00:50,360 Speaker 1: on Bloomberg eleven, Trio, New York, Bloomberg Washington, d C, 14 00:00:50,760 --> 00:00:55,120 Speaker 1: Bloomberg one O six one, Boston, Bloomberg nine sixties, San Francisco, 15 00:00:55,480 --> 00:00:58,760 Speaker 1: Sirius x M one nineteen and around the world on 16 00:00:58,840 --> 00:01:02,360 Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business Act. 17 00:01:07,240 --> 00:01:10,560 Speaker 1: Good morning, I'm Nathan Hagar, and I'm Karen Moscow when 18 00:01:10,640 --> 00:01:14,440 Speaker 1: US Dock Index futures are rising. This morning, we're coming 19 00:01:14,480 --> 00:01:15,920 Speaker 1: up to six o one on Wall Street, and we 20 00:01:16,040 --> 00:01:18,520 Speaker 1: check the markets every fifteen minutes throughout the trading day. 21 00:01:18,600 --> 00:01:21,600 Speaker 1: On Bloomberg, Guess and P futures now up about twelve 22 00:01:21,600 --> 00:01:25,440 Speaker 1: points now futures of one one and NOUNCEDAY futures up seventeen. 23 00:01:25,880 --> 00:01:28,200 Speaker 1: The decks in Germany is up about a tenth of 24 00:01:28,240 --> 00:01:31,040 Speaker 1: upper cent and at ten your treasury of eight thirty 25 00:01:31,120 --> 00:01:34,200 Speaker 1: seconds yell three point five three percent. They yield on 26 00:01:34,280 --> 00:01:36,760 Speaker 1: the two year is at three point nine four percent, 27 00:01:36,880 --> 00:01:41,279 Speaker 1: and Bitcoin this morning is at nineteen thousand dollars. Nathan Karen, 28 00:01:41,319 --> 00:01:43,760 Speaker 1: we begin with the key meeting Wall Street's been waiting 29 00:01:43,800 --> 00:01:46,560 Speaker 1: for all week. This afternoon we find out just how 30 00:01:46,640 --> 00:01:49,920 Speaker 1: much the Federal Reserve raises interest rates. Let's get a 31 00:01:49,920 --> 00:01:54,480 Speaker 1: preview from Bloomberg Economics correspondent Michael McKee. Federal Reserve officials 32 00:01:54,480 --> 00:01:56,680 Speaker 1: are about to put numbers on the pain they've been 33 00:01:56,680 --> 00:01:59,720 Speaker 1: warning of in recent weeks. The benchmark US interest rate 34 00:01:59,760 --> 00:02:02,440 Speaker 1: will go up likely three quarters of a percentage point. 35 00:02:02,760 --> 00:02:06,280 Speaker 1: But most importantly, they will publish new projections for the economy, 36 00:02:06,400 --> 00:02:09,760 Speaker 1: which are likely to show slower growth and substantial rise 37 00:02:09,800 --> 00:02:13,440 Speaker 1: in unemployment ahead. All that will be reflected in higher 38 00:02:13,480 --> 00:02:16,800 Speaker 1: interest rates, and those interest rates will stay higher for longer, 39 00:02:17,400 --> 00:02:20,000 Speaker 1: all of which makes the dot plot the most important 40 00:02:20,040 --> 00:02:22,560 Speaker 1: news out of the meeting. It's not what the Fed 41 00:02:22,639 --> 00:02:26,760 Speaker 1: does now, but what it signals about what's next. Michael McKee, 42 00:02:26,800 --> 00:02:30,200 Speaker 1: Bloomberg Daybreak, Right, Michael, thank you well ahead of that decision, 43 00:02:30,320 --> 00:02:32,919 Speaker 1: one former FED official is calling for the Central Bank 44 00:02:33,000 --> 00:02:36,520 Speaker 1: to continue aggressive policy. Be caught up with former Atlanta 45 00:02:36,560 --> 00:02:40,680 Speaker 1: Fed president Dennis Lonkheart. I believe they'll do seventy five, 46 00:02:41,040 --> 00:02:44,480 Speaker 1: but I cannot fully rule out a hundred. I can 47 00:02:44,560 --> 00:02:48,040 Speaker 1: rule out fifty. There's no justification for dialing back at 48 00:02:48,040 --> 00:02:51,200 Speaker 1: this point, but I think, I really think the highest 49 00:02:51,200 --> 00:02:55,639 Speaker 1: probability is seventy. Farmer Atlanta Fed President Dennis Lockhart made 50 00:02:55,639 --> 00:02:58,880 Speaker 1: the comments in an interview with Bloomberg's Kathleen Hayes. Well. 51 00:02:58,880 --> 00:03:01,799 Speaker 1: One top economists think the Fed is going too far 52 00:03:01,880 --> 00:03:05,280 Speaker 1: and raising rates, Karen David Rosenberg Rosenberg Research, says the 53 00:03:05,320 --> 00:03:09,720 Speaker 1: negative impact will be felt next year. Everybody applauding Power 54 00:03:09,800 --> 00:03:12,360 Speaker 1: right now for doing what he's doing to cruss Yesterday's story, 55 00:03:12,360 --> 00:03:16,280 Speaker 1: which is called inflation is going to be ruining the day, uh, 56 00:03:16,440 --> 00:03:18,959 Speaker 1: twelve months from now, when the recession is going to 57 00:03:19,040 --> 00:03:22,120 Speaker 1: be deepening and we're not gonna have any idea how 58 00:03:22,120 --> 00:03:24,720 Speaker 1: we're going to get out of it. David Rosenberg Rosenberg 59 00:03:24,800 --> 00:03:27,960 Speaker 1: Research made those comments on Bloomberg Surveillance. Join us for 60 00:03:28,000 --> 00:03:30,760 Speaker 1: a special edition of Bloomberg Surveillance of live coverage of 61 00:03:30,800 --> 00:03:33,480 Speaker 1: the FED decision. It's coming up at one thirty pm 62 00:03:33,480 --> 00:03:37,280 Speaker 1: Wall Street Time on Bloomberg Radio and Television. Hell another 63 00:03:37,280 --> 00:03:40,840 Speaker 1: major story we're following this morning, Nathan focuses on Russia's 64 00:03:40,960 --> 00:03:45,080 Speaker 1: ongoing war in Ukraine. Moscow is preparing to escalate the conflict. 65 00:03:45,320 --> 00:03:48,480 Speaker 1: Vladimir Putin is vowing to use all means necessary in 66 00:03:48,480 --> 00:03:51,800 Speaker 1: the war and announced what he calls a partial mobilization. 67 00:03:52,240 --> 00:03:55,080 Speaker 1: To get more from Bloomberg's Maria today O in Brussels, 68 00:03:55,600 --> 00:03:58,240 Speaker 1: the war is going to continue for longer. If you 69 00:03:58,280 --> 00:04:01,760 Speaker 1: thought there was a diplomatic past solution possible to this 70 00:04:01,880 --> 00:04:03,720 Speaker 1: in the medium term, I mean, I think after this 71 00:04:03,840 --> 00:04:05,840 Speaker 1: you can really kiss it goodbye because it's not going 72 00:04:05,920 --> 00:04:08,200 Speaker 1: to happen. And then the other issue is that it 73 00:04:08,280 --> 00:04:11,680 Speaker 1: does speak to some extent to the urgency of the 74 00:04:11,760 --> 00:04:16,440 Speaker 1: Russian army to provide additional manpower to what is now 75 00:04:16,560 --> 00:04:20,480 Speaker 1: a very messy front line for Russia, especially in the 76 00:04:20,520 --> 00:04:24,479 Speaker 1: week of that counter offensive from the Ukrainian army last week. 77 00:04:24,520 --> 00:04:26,760 Speaker 1: It had been an embarrassment. We had been waiting for 78 00:04:26,839 --> 00:04:30,400 Speaker 1: the response, and now we have it here. Bloomberg's Maria 79 00:04:30,440 --> 00:04:33,080 Speaker 1: today O says oil is spiking on news of Russia's 80 00:04:33,120 --> 00:04:36,880 Speaker 1: mobilization and checking prices right now nine nights screwed oil 81 00:04:37,040 --> 00:04:39,120 Speaker 1: is up two and a half percent, up two dollars 82 00:04:39,120 --> 00:04:41,760 Speaker 1: sixteen cents and eighty six dollars ten cents of barrel. 83 00:04:42,080 --> 00:04:44,160 Speaker 1: Brent is also up two and a half percent and 84 00:04:44,240 --> 00:04:48,080 Speaker 1: ninety two cents Lakaren. Russia's invasion of Ukraine is also 85 00:04:48,160 --> 00:04:50,840 Speaker 1: dominating talks at the United Nations General Assembly in New 86 00:04:50,920 --> 00:04:53,680 Speaker 1: York City. Bloomberg's and Marie Hordern is there and filed 87 00:04:53,680 --> 00:04:57,040 Speaker 1: this report. HUINE will be holding sham votes as soon 88 00:04:57,080 --> 00:05:01,000 Speaker 1: as this weekend to absorb four regions into Russia that 89 00:05:01,040 --> 00:05:03,920 Speaker 1: are part of Ukraine. We spoke to NATO Secretary of 90 00:05:03,920 --> 00:05:06,719 Speaker 1: General Again Sultenberg, who says this does not change the 91 00:05:06,720 --> 00:05:12,040 Speaker 1: facts on the ground. Such some votes referendums do not 92 00:05:12,160 --> 00:05:16,080 Speaker 1: have any legitims and therefore they don't change the nature 93 00:05:16,279 --> 00:05:20,279 Speaker 1: of the conflict. This remains a war aggression by or 94 00:05:20,320 --> 00:05:24,279 Speaker 1: shy against the independent sovereign nation in Europe. Biden will 95 00:05:24,279 --> 00:05:27,280 Speaker 1: be addressing the Assembly on Wednesday, and according to his 96 00:05:27,360 --> 00:05:30,080 Speaker 1: National security advisor Jake Sullivan, where he will want to 97 00:05:30,120 --> 00:05:33,200 Speaker 1: communicate is that he pushes back against aggressors who seek 98 00:05:33,240 --> 00:05:37,240 Speaker 1: to threaten, coerce and intimidate their members, or to violently 99 00:05:37,279 --> 00:05:41,880 Speaker 1: attack them. Henry Hardern Bloomberg News New York and Marie 100 00:05:41,880 --> 00:05:44,640 Speaker 1: thank you back in the nation's capital. The country's biggest 101 00:05:44,640 --> 00:05:47,359 Speaker 1: banks are also in focus today. Top executives had to 102 00:05:47,400 --> 00:05:50,680 Speaker 1: Capital Hill for two days of testimony on the banking industry. 103 00:05:50,960 --> 00:05:54,839 Speaker 1: To get that story from Bloomberg's Jeff Bellinger. House Committee 104 00:05:54,839 --> 00:05:58,520 Speaker 1: hearing on banking accountability is set for today. A Senate 105 00:05:58,520 --> 00:06:01,599 Speaker 1: panel will hold a hearing on annual oversight of the 106 00:06:01,680 --> 00:06:05,200 Speaker 1: nation's largest banks tomorrow. The CEO of JP Moore can 107 00:06:05,279 --> 00:06:09,440 Speaker 1: Chase plans to tell the lawmakers that increasing capital requirements 108 00:06:09,480 --> 00:06:13,479 Speaker 1: for big banks is bad for America. Jamie Diamonds prepared 109 00:06:13,480 --> 00:06:16,400 Speaker 1: remarks hit on a range of issues, and he says 110 00:06:16,520 --> 00:06:19,680 Speaker 1: his firm plays an important role in the global economy. 111 00:06:20,000 --> 00:06:24,120 Speaker 1: He warns of harm from arbitrary increases in capital requirements. 112 00:06:24,400 --> 00:06:27,679 Speaker 1: The CEOs of Bank of America, Wells Fargo when City 113 00:06:27,720 --> 00:06:32,000 Speaker 1: Group will also be heard from Jeff Bublinger Bloomberg Day Break. 114 00:06:32,120 --> 00:06:34,240 Speaker 1: All right, Jeff, thanks. Another note this morning on Wall 115 00:06:34,279 --> 00:06:36,800 Speaker 1: Street Banks they're likely to lose about six hundred million 116 00:06:36,800 --> 00:06:39,960 Speaker 1: dollars after unloading debt for the biout of Citric Systems. 117 00:06:40,200 --> 00:06:43,440 Speaker 1: Investors required significantly higher yields than banks had promised to 118 00:06:43,480 --> 00:06:46,800 Speaker 1: private equity firms Vista Equity and Elliott Investment Management. That 119 00:06:46,880 --> 00:06:49,680 Speaker 1: forced Goldman, Sachs, Bank of America and others to absorb 120 00:06:49,680 --> 00:06:53,720 Speaker 1: the losses. And another major corporation is making hiring changes. 121 00:06:53,839 --> 00:06:57,280 Speaker 1: Nathan Boeing is cutting accountants and hiring more engineers. The 122 00:06:57,320 --> 00:07:00,880 Speaker 1: airplane maker plans to outsource about a hundred fifty accounting 123 00:07:00,920 --> 00:07:04,440 Speaker 1: and finance jobs as it shrinks its corporate structure. At 124 00:07:04,440 --> 00:07:08,080 Speaker 1: the same time, it'll increase hiring to support engineering, manufacturing, 125 00:07:08,360 --> 00:07:12,080 Speaker 1: and product development. Again, future is moving higher this morning, 126 00:07:12,200 --> 00:07:15,600 Speaker 1: and straight ahead, we have your latest local headlines, plus 127 00:07:15,640 --> 00:07:23,480 Speaker 1: a check of sports. And this is Bloomberg Scaring six 128 00:07:23,520 --> 00:07:26,000 Speaker 1: o seven on Wall Street sixty four degrees in Central Park. 129 00:07:26,120 --> 00:07:28,360 Speaker 1: Still dealing with that accident clean up on the southbound 130 00:07:28,360 --> 00:07:31,400 Speaker 1: Major League in New Yankee Stadium. Michael Barr is here 131 00:07:31,440 --> 00:07:33,200 Speaker 1: with what else is going on in New York and 132 00:07:33,320 --> 00:07:36,320 Speaker 1: around the world. Good morning, Michael, Good morning Nathan. President 133 00:07:36,400 --> 00:07:39,320 Speaker 1: Joe Biden headlined a fundraiser in New York last night. 134 00:07:39,640 --> 00:07:43,600 Speaker 1: It raised about two million dollars for Democratic Party organizations. 135 00:07:43,800 --> 00:07:47,040 Speaker 1: It featured celebrity guests, including actor Robert de Niro and 136 00:07:47,240 --> 00:07:50,640 Speaker 1: Mayor Eric Adams. The event, on the night before Biden's 137 00:07:50,680 --> 00:07:53,920 Speaker 1: addressed to the U n General Assembly, was held at 138 00:07:53,920 --> 00:07:57,200 Speaker 1: the Manhattan home of designer and Democratic activists Henry Munio's 139 00:07:57,680 --> 00:08:02,480 Speaker 1: Venezuela migrants flown to Marthas Vineyard in Massachusetts sued Florida 140 00:08:02,520 --> 00:08:06,640 Speaker 1: Governor Around des Santis and as Transportation Secretary, accusing them 141 00:08:06,680 --> 00:08:11,680 Speaker 1: of a fraudulent and discriminatory scheme to relocate them. Texas 142 00:08:11,680 --> 00:08:14,520 Speaker 1: Sheriff has opened an investigation into the flights as well. 143 00:08:14,920 --> 00:08:17,960 Speaker 1: Massachusetts Governor Charley Baker. I am very glad that the 144 00:08:18,000 --> 00:08:21,080 Speaker 1: sheriff chose to open an investigation. I think that's the 145 00:08:21,160 --> 00:08:24,160 Speaker 1: right thing to do. Meanwhile, Governor de Santis says many 146 00:08:24,240 --> 00:08:27,160 Speaker 1: of the migrants and asylum seekers want to go to Florida, 147 00:08:27,200 --> 00:08:29,720 Speaker 1: and he means to stop them. We have to go 148 00:08:29,760 --> 00:08:31,960 Speaker 1: and figure out, Okay, who are those people likely to 149 00:08:32,000 --> 00:08:34,160 Speaker 1: be and if you can do it at the source 150 00:08:34,200 --> 00:08:37,520 Speaker 1: and divert to sanctuary jurisdictions, the chance to end up 151 00:08:37,520 --> 00:08:41,439 Speaker 1: in Florida's much less. Governor Dessant has hinted of more flights. 152 00:08:41,880 --> 00:08:44,760 Speaker 1: New York Mayor Eric Adams announced another sign of the 153 00:08:44,760 --> 00:08:48,400 Speaker 1: city's gradual return to the pre pandemic norms, who will 154 00:08:48,440 --> 00:08:52,320 Speaker 1: also provide additional flexibility to business by lifting the private 155 00:08:52,440 --> 00:08:56,880 Speaker 1: sector mandate on November first. This put the choice in 156 00:08:56,920 --> 00:09:00,120 Speaker 1: the hands of New York businesses and its imperative. They 157 00:09:00,120 --> 00:09:04,200 Speaker 1: were asking them to continue to encourage their employees to 158 00:09:04,320 --> 00:09:08,040 Speaker 1: get their vaccines and boost shots. Mayor Adams says they 159 00:09:08,040 --> 00:09:11,400 Speaker 1: will continue to require its own workers to be inoculated. 160 00:09:11,600 --> 00:09:14,600 Speaker 1: New York will install surveillance cameras and in subway train 161 00:09:14,679 --> 00:09:18,040 Speaker 1: cars and it push the crackdown on crime underground. Governor 162 00:09:18,120 --> 00:09:20,840 Speaker 1: Hokel says there will be two cameras per train car. 163 00:09:21,320 --> 00:09:24,520 Speaker 1: The Special Master requested by Donald Trump to review thousands 164 00:09:24,520 --> 00:09:27,800 Speaker 1: of documents the FBI ceased from his Mara Longo Home 165 00:09:27,920 --> 00:09:32,079 Speaker 1: express skepticism about some of the former president's arguments. At 166 00:09:32,080 --> 00:09:34,280 Speaker 1: his first hearing in the matter. U S. District Judge 167 00:09:34,320 --> 00:09:38,000 Speaker 1: Raymond Derry pushed back on the Trump lawyer's position that 168 00:09:38,080 --> 00:09:42,680 Speaker 1: they didn't need to detail any alleged declassifications of highly 169 00:09:42,800 --> 00:09:46,319 Speaker 1: sensitive records. Hurricane Fiona is threatening to strengthen into a 170 00:09:46,400 --> 00:09:50,360 Speaker 1: Category four storm as it lashes the Turks and Caicos Islands. 171 00:09:50,600 --> 00:09:53,520 Speaker 1: It was forecast to squeeze pass Permuda later this week. 172 00:09:53,840 --> 00:09:56,440 Speaker 1: Global News twenty four hours a day on air and 173 00:09:56,559 --> 00:10:00,640 Speaker 1: on Bloomberg Quicktech, powered by more than journalis finanalyist more 174 00:10:00,640 --> 00:10:04,520 Speaker 1: than twenty countries. Michael Barr, this is Bloomberg, Nathan. Thanks Michael, 175 00:10:08,760 --> 00:10:10,400 Speaker 1: coming up to six ten on All Street Time for 176 00:10:10,400 --> 00:10:13,080 Speaker 1: the Bloomberg Sports Upday with John SANSJN Yathan. A memorable 177 00:10:13,160 --> 00:10:15,240 Speaker 1: night at Yankee Stadium. Didn't look like it would be 178 00:10:15,280 --> 00:10:16,959 Speaker 1: Yanks came up out of the night. That ain't trailing 179 00:10:17,000 --> 00:10:19,040 Speaker 1: the fire. It's eight to four, errand judge of going 180 00:10:19,120 --> 00:10:20,720 Speaker 1: over for three with a walk when he let off 181 00:10:20,720 --> 00:10:23,520 Speaker 1: the ninth. So one more chance to join a very 182 00:10:23,559 --> 00:10:29,079 Speaker 1: exclusive club. There goes deep that is hot. Cull Us 183 00:10:29,200 --> 00:10:35,839 Speaker 1: funds gone. He's tied up. Baby. It's a judge and 184 00:10:36,080 --> 00:10:41,080 Speaker 1: Glass this sixtieth home run of the year, and the 185 00:10:41,080 --> 00:10:44,839 Speaker 1: Calso Judge matches Babe Ruth from nineteen seven. Next up, 186 00:10:44,840 --> 00:10:48,240 Speaker 1: of course, Roger Maris is sixty one in sixty one. 187 00:10:48,240 --> 00:10:50,440 Speaker 1: The homer made at eight to five. Yankees were hardly 188 00:10:50,480 --> 00:10:53,280 Speaker 1: done against the Pirates will Crow. They loaded the bases, 189 00:10:53,600 --> 00:10:56,400 Speaker 1: will still nobody out John Carlos. Stanton Houston's coming off 190 00:10:56,400 --> 00:10:59,720 Speaker 1: the injured list last month was nine for seventy two 191 00:10:59,760 --> 00:11:03,880 Speaker 1: with thirty strikeouts delivered a walk off grand slam laser 192 00:11:03,880 --> 00:11:05,920 Speaker 1: down the left field line, Yanks one, nine to eight. 193 00:11:05,960 --> 00:11:09,120 Speaker 1: The Yankee debut of Bronxville native Harrison Bader. He drove 194 00:11:09,200 --> 00:11:11,760 Speaker 1: in three runs plenty of drama for the Mets. In Milwaukee, 195 00:11:11,840 --> 00:11:14,080 Speaker 1: they trailed four and up in sixth in Ain't Pete 196 00:11:14,080 --> 00:11:16,280 Speaker 1: Alonzo with his second three and overed as many nights, 197 00:11:16,280 --> 00:11:19,760 Speaker 1: and an inning later Francisco Lindor with a game winning 198 00:11:19,760 --> 00:11:22,000 Speaker 1: grand slam of his own that's won seven five to 199 00:11:22,080 --> 00:11:24,720 Speaker 1: day game ahead of Atlanta. Moriy Wills has died at 200 00:11:24,760 --> 00:11:26,959 Speaker 1: eighty nine, a long time Dodgers short stop. The n 201 00:11:27,080 --> 00:11:28,800 Speaker 1: L m v P in nineteen sixty two when he 202 00:11:28,880 --> 00:11:31,280 Speaker 1: stole a then record one hundred and four basses. A 203 00:11:31,320 --> 00:11:34,440 Speaker 1: couple of Norris Trophy went in defenseman of retired P K. Suban. 204 00:11:34,520 --> 00:11:36,560 Speaker 1: Only thirty three, he played for three teams, including the 205 00:11:36,559 --> 00:11:39,920 Speaker 1: Devils and the Dano Chara, who's forty five one time 206 00:11:39,960 --> 00:11:41,839 Speaker 1: islander has been most of his career in Boston. The 207 00:11:41,920 --> 00:11:45,800 Speaker 1: six ft nine inch Jarra tallest player in NHL history. 208 00:11:46,080 --> 00:11:49,760 Speaker 1: John Stash Award Bloomberg Sports Nathan Thanks john SMP futures 209 00:11:49,840 --> 00:11:52,439 Speaker 1: up eight point, staff futures have seventy eight nastack futures 210 00:11:52,480 --> 00:11:55,120 Speaker 1: up six points. Ten year treasury up six thirty seconds 211 00:11:55,160 --> 00:11:58,719 Speaker 1: yield three point five three percent. Ahead of the FED decision, 212 00:11:59,200 --> 00:12:03,119 Speaker 1: we previewed X Live with Bloomberg's Michael McKee in Washington. 213 00:12:03,360 --> 00:12:08,559 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather mix of 214 00:12:08,600 --> 00:12:11,000 Speaker 1: sun and clouds behind your eighty today and he showers 215 00:12:11,040 --> 00:12:13,640 Speaker 1: will end early tomorrow. Turned partly sunny, little cooler up 216 00:12:13,640 --> 00:12:17,560 Speaker 1: for seventies only, mid sixties, sunny breezy for Friday. Right 217 00:12:17,600 --> 00:12:24,280 Speaker 1: now sixty four in Central Park Markets. Headlines and breaking 218 00:12:24,280 --> 00:12:27,160 Speaker 1: news twenty four hours a day at Bloomberg dot com 219 00:12:27,280 --> 00:12:30,839 Speaker 1: the Bloomberg Business at and at Bloomberg quick Take, He's 220 00:12:30,880 --> 00:12:40,360 Speaker 1: a Bloomberg business flash and I'm Karen Moscow. And the 221 00:12:40,440 --> 00:12:44,199 Speaker 1: stocks are higher along with US stock index futures ahead 222 00:12:44,200 --> 00:12:47,359 Speaker 1: of another expected ray hike from the Federal Reserve, and treasuries, 223 00:12:47,400 --> 00:12:50,320 Speaker 1: Golden the dollar are jumping after Russian President of Vladimir 224 00:12:50,360 --> 00:12:53,280 Speaker 1: pulin And stepped up his roar against Ukraine. We checked 225 00:12:53,320 --> 00:12:55,680 Speaker 1: the markets every fifteen minutes throughout the trading day on 226 00:12:55,720 --> 00:12:58,960 Speaker 1: Bloomberg S and P futures of about eleven points down, 227 00:12:58,960 --> 00:13:01,840 Speaker 1: futures of ninety two and nastatic features up thirteen. The 228 00:13:01,960 --> 00:13:05,040 Speaker 1: decks in Germany is little changed. CAC in Paris up 229 00:13:05,080 --> 00:13:07,120 Speaker 1: a quarter percent, in the foot Sea one hundred up 230 00:13:07,160 --> 00:13:09,760 Speaker 1: three quarters of a percent. Ten year Treasury up seven 231 00:13:09,760 --> 00:13:12,000 Speaker 1: thirty seconds. You have three point five three percent. They 232 00:13:12,040 --> 00:13:14,360 Speaker 1: yield on the two year three point nine five percent. 233 00:13:14,800 --> 00:13:17,199 Speaker 1: NIMEX for oil is up two point four percent of 234 00:13:17,280 --> 00:13:19,679 Speaker 1: two dollars four cents at eighty five dollars ninety eight 235 00:13:19,720 --> 00:13:22,360 Speaker 1: cents of arrol Co makes gold up seven tenths per cent, 236 00:13:22,480 --> 00:13:24,959 Speaker 1: or two dollars ten cents at sixteen eighty three. Ten 237 00:13:24,960 --> 00:13:28,240 Speaker 1: announced the euro point nine one two five against the dollar, 238 00:13:28,320 --> 00:13:30,920 Speaker 1: British pound one point one three four two and again 239 00:13:31,000 --> 00:13:34,600 Speaker 1: one forty three point nine five and bitcoin is up 240 00:13:34,600 --> 00:13:37,880 Speaker 1: about two tents of a percent at nineteen thousand dollars. 241 00:13:38,360 --> 00:13:40,840 Speaker 1: And as a Bloomberg business flash, now here's Michael Barre 242 00:13:40,920 --> 00:13:43,600 Speaker 1: with more on what's going on around the world. Michael Hearin, 243 00:13:43,640 --> 00:13:46,640 Speaker 1: thank you very much. Russian President Vladimir Putin has announced 244 00:13:46,679 --> 00:13:50,160 Speaker 1: a partial mobilization in Russia. The measure appeared to be 245 00:13:50,200 --> 00:13:53,120 Speaker 1: an admission that Moscow's war against Ukraine is not going 246 00:13:53,160 --> 00:13:56,679 Speaker 1: according to plan after nearly seven months of fighting. Amid 247 00:13:56,760 --> 00:14:00,679 Speaker 1: recent battle field losses for the Kremlins forces, Resident Biden 248 00:14:00,720 --> 00:14:03,600 Speaker 1: speaks to the UN General Assembly later this morning, ad 249 00:14:03,640 --> 00:14:06,200 Speaker 1: say the President will accuse Russia, a permanent member of 250 00:14:06,240 --> 00:14:09,400 Speaker 1: the Security Council, of striking at the very heart of 251 00:14:09,440 --> 00:14:12,240 Speaker 1: the u N Charter for innovading Ukraine. Of course, we 252 00:14:12,280 --> 00:14:16,720 Speaker 1: will carry President Biden's address live. In baseball, the Yankees 253 00:14:16,760 --> 00:14:20,120 Speaker 1: beat the Pirates nine eight. Aaron Judge it is sixty 254 00:14:20,160 --> 00:14:23,440 Speaker 1: at home run this season, one away from Roger Mara's 255 00:14:23,640 --> 00:14:26,920 Speaker 1: American League record. The Mets and Red Sox one the 256 00:14:26,960 --> 00:14:30,720 Speaker 1: Orioles Nationals loss A's and Giants were winners. Global News 257 00:14:30,800 --> 00:14:33,360 Speaker 1: sixty one hours a day on air and on Bloomberg 258 00:14:33,440 --> 00:14:36,880 Speaker 1: Quickday Howard by more than sixty one journalists and analysts 259 00:14:36,880 --> 00:14:39,640 Speaker 1: in more than sixty one countries. I'm Michael bar One. 260 00:14:39,880 --> 00:14:43,480 Speaker 1: This is Bloomberg back to what number is? This broadcast 261 00:14:43,520 --> 00:14:45,960 Speaker 1: brought to us by Michael. Thank you. It is a 262 00:14:46,000 --> 00:14:49,520 Speaker 1: six nineteen on Wall Street, Live from the Bloomberg Interactive 263 00:14:49,520 --> 00:14:52,640 Speaker 1: Brokers Studios. This is Bloomberg Day Break. Let's turn from 264 00:14:52,760 --> 00:14:56,240 Speaker 1: the number sixty one to seventy five. That's the number 265 00:14:56,280 --> 00:14:59,360 Speaker 1: a lot of market participants have been bandying about as 266 00:14:59,360 --> 00:15:02,640 Speaker 1: we await a Federal Reserve decision in just a few 267 00:15:02,640 --> 00:15:06,120 Speaker 1: hours time. Lets springing. Bloomberg Economics correspondent Michael McKee joining 268 00:15:06,160 --> 00:15:10,240 Speaker 1: us live from our Bloomberg studios in Washington, d C. 269 00:15:10,560 --> 00:15:15,800 Speaker 1: On this FED decision day. As the war on inflation continues, Mike, 270 00:15:16,360 --> 00:15:19,560 Speaker 1: we'll get to see just what kind of weaponry the 271 00:15:19,600 --> 00:15:23,600 Speaker 1: Fed is going to deploy. Yeah, I'm tempted to keep 272 00:15:23,640 --> 00:15:32,040 Speaker 1: the analogy going with the Michael barre but uh and 273 00:15:32,120 --> 00:15:36,880 Speaker 1: no asterisk for Aaron Judge. Anyway, the Fed's going to 274 00:15:37,000 --> 00:15:40,440 Speaker 1: be raising rates and the consensuses for seventy five bases 275 00:15:40,480 --> 00:15:43,320 Speaker 1: points three quarters of a percentage point. That would take 276 00:15:43,320 --> 00:15:45,240 Speaker 1: the rate to the highest in two thousand and eight. 277 00:15:45,240 --> 00:15:48,400 Speaker 1: Of course, at that time rates were coming down, but 278 00:15:49,360 --> 00:15:54,120 Speaker 1: they were the Fed was looking to UH tighten as 279 00:15:54,200 --> 00:15:59,200 Speaker 1: much as possible UH in the this time, so they're 280 00:15:59,240 --> 00:16:01,840 Speaker 1: going up and the question is going to be not 281 00:16:01,960 --> 00:16:04,480 Speaker 1: so much what they do today, but what they do 282 00:16:04,480 --> 00:16:07,480 Speaker 1: down the road, which takes us to the infamous dot plot, 283 00:16:08,040 --> 00:16:11,840 Speaker 1: and and how high they think the terminal rate is 284 00:16:11,880 --> 00:16:15,760 Speaker 1: going to be now and the term. The commentary we've 285 00:16:15,760 --> 00:16:19,320 Speaker 1: heard from Sherman Poal, particularly at Jackson Hole last month, 286 00:16:19,440 --> 00:16:22,840 Speaker 1: is that rates are gonna stay higher for longer, could 287 00:16:22,880 --> 00:16:27,080 Speaker 1: be elevated for some time here, and market participants are 288 00:16:27,120 --> 00:16:31,080 Speaker 1: looking for that pivot to slower rates. I guess we 289 00:16:31,360 --> 00:16:35,360 Speaker 1: find out perhaps today when that pivot could happen, or 290 00:16:35,360 --> 00:16:37,320 Speaker 1: at least get some signal of what the Fed is 291 00:16:37,360 --> 00:16:40,440 Speaker 1: going to be looking for. I suspect there will be 292 00:16:40,480 --> 00:16:45,080 Speaker 1: no signal on timing for a pivot UH. What gets 293 00:16:45,120 --> 00:16:48,640 Speaker 1: lost in the confusion in the markets is UH a 294 00:16:48,720 --> 00:16:52,480 Speaker 1: pivot to whether it's a pivot to a smaller monthly 295 00:16:52,800 --> 00:16:56,600 Speaker 1: rate increase, UH say fifty basis points or twenty five 296 00:16:56,600 --> 00:16:59,880 Speaker 1: basis points or a hold. You get to a level 297 00:17:00,000 --> 00:17:02,040 Speaker 1: and keep it there. And then the idea that the 298 00:17:02,040 --> 00:17:03,920 Speaker 1: Fed will be cutting rates, And if you look at 299 00:17:03,960 --> 00:17:07,080 Speaker 1: the w I r P function on the Bloomberg, you'll 300 00:17:07,080 --> 00:17:09,640 Speaker 1: see that investors think the Fed is going to start 301 00:17:09,720 --> 00:17:12,680 Speaker 1: cutting rates as soon as May of next year. And 302 00:17:12,800 --> 00:17:17,119 Speaker 1: j P, I'm fairly certain today, will push back strongly 303 00:17:17,160 --> 00:17:20,240 Speaker 1: against that idea. They will probably show us in the 304 00:17:20,359 --> 00:17:23,040 Speaker 1: dot plot that they don't expect any changes until two 305 00:17:23,080 --> 00:17:27,080 Speaker 1: thousand twenty four, and he'll reinforce that message. And what 306 00:17:27,240 --> 00:17:30,320 Speaker 1: kind of reinforcement are we expecting then from the new 307 00:17:30,359 --> 00:17:34,680 Speaker 1: economic projections we're expecting from the Federal Reserve. Well, it's 308 00:17:34,720 --> 00:17:38,520 Speaker 1: really gonna be interesting there is how high they forecast 309 00:17:38,640 --> 00:17:42,399 Speaker 1: unemployment in the next two years. It'll give us some 310 00:17:42,600 --> 00:17:45,920 Speaker 1: idea of what they think is tolerable in terms of 311 00:17:45,960 --> 00:17:48,440 Speaker 1: how high it could go. I don't think there'll be 312 00:17:48,480 --> 00:17:51,160 Speaker 1: anything outrageous, but it will be over four percent. So 313 00:17:51,560 --> 00:17:54,800 Speaker 1: how high do they think they need to take unemployment 314 00:17:54,880 --> 00:17:59,720 Speaker 1: or need Monetary policy is likely to influence unemployment to 315 00:18:00,000 --> 00:18:02,840 Speaker 1: at inflation starting to come down, and I suspect that 316 00:18:02,880 --> 00:18:06,880 Speaker 1: we will see the inflation forecasts trimmed a bit. Uh, 317 00:18:07,000 --> 00:18:10,040 Speaker 1: inflation will come down more slowly than it has been 318 00:18:10,119 --> 00:18:13,920 Speaker 1: forecast in the previous projections. At about a minute left here, 319 00:18:13,960 --> 00:18:16,119 Speaker 1: we know Chairman Powell's listening, so let's give him my 320 00:18:16,160 --> 00:18:18,760 Speaker 1: heads up on the question you're gonna be asking him 321 00:18:19,560 --> 00:18:23,840 Speaker 1: when you participate in the news conference Atwotuh. Well, I 322 00:18:23,880 --> 00:18:28,000 Speaker 1: could ask him if Aaron Judge should have an asterisker Harris, 323 00:18:28,160 --> 00:18:32,360 Speaker 1: but I think I will probably give something about how 324 00:18:32,400 --> 00:18:36,400 Speaker 1: surprised the Fed was by the strength of the economy 325 00:18:36,400 --> 00:18:39,600 Speaker 1: and the strength of inflation, because they've been raising rates 326 00:18:39,920 --> 00:18:43,520 Speaker 1: significantly for about six months now and we're not seeing 327 00:18:43,520 --> 00:18:46,080 Speaker 1: a whole lot of impact other than in housing. Yeah, 328 00:18:46,200 --> 00:18:50,840 Speaker 1: and not seeing it much in the core either. And uh, 329 00:18:52,000 --> 00:18:55,600 Speaker 1: we've seen where rates have gone at this point. Do 330 00:18:55,720 --> 00:18:57,639 Speaker 1: we are are we expecting that we're going to get 331 00:18:57,680 --> 00:19:03,680 Speaker 1: any idea Mike about what the Fed thinks restrictive is. Well, 332 00:19:03,680 --> 00:19:07,040 Speaker 1: that's a good question, because restrictive means different things to 333 00:19:07,200 --> 00:19:10,639 Speaker 1: different people. Long run, they think neutral is two and 334 00:19:10,680 --> 00:19:13,080 Speaker 1: a half percent, But at this point, because inflation is 335 00:19:13,119 --> 00:19:15,560 Speaker 1: so high, they have to go higher. How much higher? 336 00:19:15,920 --> 00:19:19,560 Speaker 1: That's a bit of a disagreement among them, but you know, 337 00:19:19,600 --> 00:19:22,359 Speaker 1: everybody's a hawk at this point, so it's somewhere in 338 00:19:22,400 --> 00:19:24,600 Speaker 1: the fours. That's a question of how close you get 339 00:19:24,640 --> 00:19:27,159 Speaker 1: to five, or if there's anybody who thinks you need 340 00:19:27,240 --> 00:19:29,720 Speaker 1: to go over five. Thanks for this, Mike good having 341 00:19:29,760 --> 00:19:32,560 Speaker 1: on with us this morning. Michael McKee, Bloomberg Economics and 342 00:19:32,600 --> 00:19:36,280 Speaker 1: Policy correspondent ahead of the FED decision two pm, Wall 343 00:19:36,320 --> 00:19:38,960 Speaker 1: Street Time, Michael B there for the news conference with 344 00:19:39,080 --> 00:19:43,080 Speaker 1: Chairman Pallett two thirty. Our coverage begins at one thirty 345 00:19:43,160 --> 00:19:47,359 Speaker 1: pm with a special edition of Bloomberg Surveillance across Bloomberg 346 00:19:47,480 --> 00:19:52,119 Speaker 1: Radio and Bloomberg Television. Right now, SMP futures are up 347 00:19:52,200 --> 00:19:55,399 Speaker 1: seven points down, futures up sixty five nastat futures little 348 00:19:55,480 --> 00:19:57,680 Speaker 1: change to the upside. The ten year treasury is up 349 00:19:57,680 --> 00:20:01,440 Speaker 1: five thirty seconds, yield three point five four per cent. 350 00:20:01,760 --> 00:20:10,360 Speaker 1: This is Bloomberg six Bloomberg eleven three oh weather mix 351 00:20:10,440 --> 00:20:13,560 Speaker 1: of sun and clouds behind your eighty today, upper seventies, Tomorrow, 352 00:20:14,000 --> 00:20:17,400 Speaker 1: mid sixties Friday with sunshine in a breeze. Right now 353 00:20:17,480 --> 00:20:28,080 Speaker 1: sixty four in Central Park, broadcasting live from the Bloomberg 354 00:20:28,119 --> 00:20:31,840 Speaker 1: Interactive Broker studio in New York, Bloomberg E Living Freedom 355 00:20:31,960 --> 00:20:35,120 Speaker 1: to Washington, d C, Bloomberg nine nine one to Boston, 356 00:20:35,240 --> 00:20:38,640 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine 357 00:20:38,720 --> 00:20:41,800 Speaker 1: six to the country, Sirius XM chto one nine team, 358 00:20:41,920 --> 00:20:45,080 Speaker 1: and around the globe the Bloomberg Business app and Bloomberg 359 00:20:45,160 --> 00:20:54,240 Speaker 1: Radio dot com. This is Bloomberg Daybreak six thirty on 360 00:20:54,280 --> 00:20:57,560 Speaker 1: Wall Street. Good morning, I'm Nathan Hagar and I'm Karen Moscow. 361 00:20:57,640 --> 00:20:59,800 Speaker 1: We're just about three hours away from the open of 362 00:20:59,840 --> 00:21:01,800 Speaker 1: you s training. Time to the five things that you 363 00:21:01,880 --> 00:21:03,760 Speaker 1: need to know to start your day. Brought to you 364 00:21:03,800 --> 00:21:08,560 Speaker 1: by Interactive Brokers ibk OUR Investment Advisors, which to interactive 365 00:21:08,560 --> 00:21:12,120 Speaker 1: brokers for lowest cost global trading and turnkey custody solutions, 366 00:21:12,119 --> 00:21:14,960 Speaker 1: no ticket charges and no complex of your interests at 367 00:21:14,960 --> 00:21:18,520 Speaker 1: ib k R dot com slash r i A. First, 368 00:21:18,520 --> 00:21:21,080 Speaker 1: you find out how much the feder reserved race interest race. 369 00:21:21,160 --> 00:21:24,480 Speaker 1: This afternoon. Former Atlanta FED President Dennis Lockhart says he 370 00:21:24,560 --> 00:21:27,359 Speaker 1: expects his seventy five basis point hike, and he thinks 371 00:21:27,440 --> 00:21:31,440 Speaker 1: rates will continue going higher until late next year. It's 372 00:21:31,520 --> 00:21:35,000 Speaker 1: just very unlikely you're going to see a pivot from 373 00:21:35,240 --> 00:21:39,040 Speaker 1: one meeting to the other, going from hawkish to devish overnight. 374 00:21:39,200 --> 00:21:41,520 Speaker 1: So I would expect that once they get to a 375 00:21:41,600 --> 00:21:44,840 Speaker 1: point they feel they need to either pause or stop, 376 00:21:45,119 --> 00:21:49,720 Speaker 1: that rate will be sustained for probably several meetings. Former 377 00:21:49,720 --> 00:21:52,760 Speaker 1: Atlanta FED President Dennis Lockhart tells US there's no case 378 00:21:52,840 --> 00:21:56,200 Speaker 1: for anything less than seventy five basis points today. Stick 379 00:21:56,240 --> 00:21:58,359 Speaker 1: with us for live coverage of the FED decision and 380 00:21:58,400 --> 00:22:01,040 Speaker 1: a special edition of Bloomberg's Your Van Lands beginning at 381 00:22:01,040 --> 00:22:04,840 Speaker 1: one thirty pm Wall Street Time on Bloomberg Radio and television. 382 00:22:04,920 --> 00:22:07,680 Speaker 1: Well caring another major story where following involves an escalation 383 00:22:07,720 --> 00:22:10,440 Speaker 1: by Russia in the war with Ukraine. Vladimir Putin's value 384 00:22:10,480 --> 00:22:13,919 Speaker 1: to mobilized troops. He is renewing nuclear threats and occupation 385 00:22:13,960 --> 00:22:17,520 Speaker 1: authorities installed by Russia have announced referendum votes aimed at 386 00:22:17,600 --> 00:22:21,439 Speaker 1: annexing Ukrainian territory. Former Defense Secretary Mark Esper says that 387 00:22:21,560 --> 00:22:24,480 Speaker 1: vote should not be recognized. These reasons will vote to 388 00:22:24,600 --> 00:22:27,159 Speaker 1: join Russia, to be an X, and that's predictable, and 389 00:22:27,280 --> 00:22:29,880 Speaker 1: Putin will manipulate in whatever way you can. I don't 390 00:22:29,880 --> 00:22:32,560 Speaker 1: think we should recognize him. I think the sovereign territory. 391 00:22:32,640 --> 00:22:36,240 Speaker 1: The boundaries of Ukraine have been identified clearly and recognized 392 00:22:36,240 --> 00:22:38,640 Speaker 1: by the UN since the breakup of the Soviet Union 393 00:22:38,640 --> 00:22:43,040 Speaker 1: in and we should continue to assist Ukraine in restoring 394 00:22:43,080 --> 00:22:46,400 Speaker 1: their complete sovereignty to include CRIMEA former Defense Secretary Mark 395 00:22:46,520 --> 00:22:49,520 Speaker 1: Esper spoke with our Washington correspondent Joe Matthew on Bloomberg 396 00:22:49,640 --> 00:22:52,200 Speaker 1: Sound on Catch the program weekdays at five pm Eastern 397 00:22:52,200 --> 00:22:55,680 Speaker 1: on Bloomberg Radio. Well Nathan, the country's top bank executives, 398 00:22:55,680 --> 00:22:58,720 Speaker 1: are set to spend two days testifying on Capitol Hill. 399 00:22:58,880 --> 00:23:01,600 Speaker 1: JP Morgan, ce O Jamie Diamond is expected to tell 400 00:23:01,680 --> 00:23:06,000 Speaker 1: lawmakers hire capital requirements are bad for America. Follow the 401 00:23:06,000 --> 00:23:08,480 Speaker 1: hearing Life on Bloomberg Radio and the ten Am Hour 402 00:23:08,720 --> 00:23:10,920 Speaker 1: and a note from Boeing this morning Karen the airplane 403 00:23:10,920 --> 00:23:14,119 Speaker 1: makers cutting accountant jobs and hiring more engineers, bowing plans 404 00:23:14,160 --> 00:23:17,240 Speaker 1: to outsource some finance jobs while increasing hiring for engineering, 405 00:23:17,280 --> 00:23:20,320 Speaker 1: manufacturing and product development. And as the five things you 406 00:23:20,359 --> 00:23:22,400 Speaker 1: need to notice start your day, brought to you by 407 00:23:22,480 --> 00:23:25,479 Speaker 1: Interactive Brokers on a day when SMP futures are up 408 00:23:25,480 --> 00:23:28,320 Speaker 1: about seven points now futures up sixty three and nast 409 00:23:28,359 --> 00:23:32,000 Speaker 1: day futures are little changed. Straight ahead your latest local headlines, 410 00:23:32,040 --> 00:23:38,600 Speaker 1: plus a check of sports. This is Bloomberg. He's scaring 411 00:23:38,640 --> 00:23:41,520 Speaker 1: sixty three on Wall Street, sixty four degrees in Central Park. 412 00:23:41,560 --> 00:23:43,600 Speaker 1: The traffic is who continues to be the accident clean 413 00:23:43,680 --> 00:23:46,760 Speaker 1: up southbound Deagan New Yankee Stadium. Michael Barr is here 414 00:23:46,800 --> 00:23:48,480 Speaker 1: with what else is going on in New York and 415 00:23:48,600 --> 00:23:51,560 Speaker 1: around the world. Good morning, Michael, Good morning Nathan. President 416 00:23:51,600 --> 00:23:54,479 Speaker 1: Biden to look bart in a Democratic fundraiser in New 417 00:23:54,560 --> 00:23:58,200 Speaker 1: York City last night. The event featured Mayor Eric Adams 418 00:23:58,200 --> 00:24:01,000 Speaker 1: an actor Robert de Niro. Every used about two million 419 00:24:01,000 --> 00:24:03,840 Speaker 1: dollars for the party. The event, with about a hundred people, 420 00:24:03,880 --> 00:24:07,000 Speaker 1: was held at the Manhattan home of designer and Democratic 421 00:24:07,040 --> 00:24:11,080 Speaker 1: activists Henry Munio's. New York Mayor Eric Adams said he 422 00:24:11,200 --> 00:24:14,720 Speaker 1: is ending the city's COVID nineteen vaccine requirement for private 423 00:24:14,720 --> 00:24:17,800 Speaker 1: sector workers on November one, one of the last remaining 424 00:24:17,800 --> 00:24:22,160 Speaker 1: restrictions of the pandemic. Adams says, though city government workers 425 00:24:22,320 --> 00:24:26,000 Speaker 1: will still need to be immunized against COVID vaccinatd Brooks 426 00:24:26,119 --> 00:24:29,040 Speaker 1: have carried out their jobs and he stepped up when 427 00:24:29,080 --> 00:24:32,000 Speaker 1: the city needed them. The most and we think it's 428 00:24:32,040 --> 00:24:35,720 Speaker 1: imperative to send the right message and lead by example. 429 00:24:36,240 --> 00:24:39,240 Speaker 1: Mayor Adams also said the city is dropping a requirement 430 00:24:39,320 --> 00:24:42,760 Speaker 1: that students will participate in after school activities be vaccinated. 431 00:24:43,240 --> 00:24:45,800 Speaker 1: New York City used to be known as the city 432 00:24:45,880 --> 00:24:49,760 Speaker 1: that Never sleeps, and then came the pandemic. Now restaurants 433 00:24:49,760 --> 00:24:52,240 Speaker 1: that used to be open seven and no longer open 434 00:24:52,280 --> 00:24:56,720 Speaker 1: around the clock. Catherine Wilde with the Partnership for New York. 435 00:24:56,760 --> 00:25:03,560 Speaker 1: We've seen difficulties in getting employees and customers to come 436 00:25:03,600 --> 00:25:09,080 Speaker 1: to work seven. People are more nervous about security conditions overnight. 437 00:25:09,840 --> 00:25:12,719 Speaker 1: Katherine wild with the Partnership for New York is optimistic 438 00:25:12,760 --> 00:25:15,840 Speaker 1: the city will turn around. Hurricane Fiona is now a 439 00:25:15,880 --> 00:25:20,000 Speaker 1: Category four storm as it approaches Bermuda on Frinday. Philippe 440 00:25:20,000 --> 00:25:24,000 Speaker 1: Pappens with the National Hurricane Center, the system is going 441 00:25:24,040 --> 00:25:26,560 Speaker 1: to be growing in size over the next couple of days, 442 00:25:26,880 --> 00:25:30,359 Speaker 1: and that's going to produce some significant sees across the 443 00:25:30,400 --> 00:25:32,879 Speaker 1: Eastern seaboard, and so there's going to be a significant 444 00:25:32,880 --> 00:25:36,040 Speaker 1: wave and rip current threat for the eastern United States coast. 445 00:25:36,440 --> 00:25:40,040 Speaker 1: The National Hurricane Centers. Philippe Pappen says Fiona blasted the 446 00:25:40,040 --> 00:25:44,320 Speaker 1: Turks and Caicos Islands after devastating Puerto Rico. The special 447 00:25:44,320 --> 00:25:47,320 Speaker 1: Master task with inspecting the document seized and an FBI 448 00:25:47,440 --> 00:25:50,119 Speaker 1: search at Mara Lago met with lawyers from the Trump 449 00:25:50,160 --> 00:25:53,760 Speaker 1: team and Justice Department. Raymond Derry says he intends to 450 00:25:53,800 --> 00:25:58,560 Speaker 1: push briskly through the review process. He appeared skeptical of 451 00:25:58,600 --> 00:26:01,800 Speaker 1: the Trump team's reluctant to say whether it believed the 452 00:26:01,800 --> 00:26:05,399 Speaker 1: records had been declassified. Global News twenty four hours a 453 00:26:05,480 --> 00:26:08,600 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 454 00:26:08,640 --> 00:26:11,040 Speaker 1: than twenty seven hundred journalists and analysts more than a 455 00:26:11,080 --> 00:26:14,359 Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg. Nick, 456 00:26:14,600 --> 00:26:21,680 Speaker 1: Thanks Michael. Almost six thirty six on Wall Street, John 457 00:26:21,720 --> 00:26:24,160 Speaker 1: stash Hour has the Bloomberg Sports update all right, Nathan 458 00:26:24,200 --> 00:26:26,200 Speaker 1: Yankee fans went to the stadium to see some history. 459 00:26:26,240 --> 00:26:28,480 Speaker 1: Four times Aaron Judge had come to the plate. Everyone 460 00:26:28,480 --> 00:26:30,960 Speaker 1: took after cell phones, but Judge was over three with 461 00:26:31,040 --> 00:26:32,920 Speaker 1: a walk and then bottom of the ninth thinning against 462 00:26:32,960 --> 00:26:36,720 Speaker 1: the Pirates. Will Crow, who's a relative of Babe Ruth's 463 00:26:36,720 --> 00:26:40,920 Speaker 1: teammate Red Ruffie in a patented Judge Homer Fott the 464 00:26:40,960 --> 00:26:44,159 Speaker 1: left field number sixty, equaling what the Babe did in 465 00:26:44,240 --> 00:26:47,200 Speaker 1: nineteen twenty seven, joining the sixty home run club and 466 00:26:47,280 --> 00:26:51,320 Speaker 1: includes Barry Bonds, Mark Maguire, Sammy Sosa, and Roger Marris. 467 00:26:51,320 --> 00:26:54,119 Speaker 1: He of course hit sixty one. Marris's two sons were 468 00:26:54,160 --> 00:26:56,280 Speaker 1: at the stadium last night, will be back there tonight. 469 00:26:56,359 --> 00:27:00,359 Speaker 1: Mike Kessler, who's on the CCNY baseball team, caught the 470 00:27:00,359 --> 00:27:02,600 Speaker 1: ball in the bleachers and gave it to judge after 471 00:27:02,640 --> 00:27:05,000 Speaker 1: the game. The judge homer left the Yankees still behind 472 00:27:05,040 --> 00:27:07,480 Speaker 1: eight to five, but they loaded the bases and with 473 00:27:07,560 --> 00:27:10,119 Speaker 1: Crow still on the mound, still nobody out up step 474 00:27:10,200 --> 00:27:16,040 Speaker 1: Giant Carlos Stanton cutball is gonna be God a Grand 475 00:27:16,160 --> 00:27:21,520 Speaker 1: Slam to win the game. No One, how bases loaded 476 00:27:21,680 --> 00:27:25,760 Speaker 1: Grand Slam bottom of the night and the Yankees have 477 00:27:25,880 --> 00:27:29,840 Speaker 1: come back in the ninth inning with five runs to 478 00:27:29,960 --> 00:27:32,560 Speaker 1: win the game nine eights and the carl Stanton had 479 00:27:32,600 --> 00:27:35,160 Speaker 1: been struggling mightily since coming off the injured list last month. 480 00:27:35,200 --> 00:27:37,080 Speaker 1: Matt's had a big Grand Slam of their own Francisco 481 00:27:37,160 --> 00:27:40,080 Speaker 1: Lindors seventh inn giving them a seven five win at Milwaukee. 482 00:27:40,119 --> 00:27:42,760 Speaker 1: Atlanta one again Braids Clinton playoffs spot. They stay a 483 00:27:42,840 --> 00:27:45,000 Speaker 1: game behind the Mets there. Even in the lost column. 484 00:27:45,119 --> 00:27:47,240 Speaker 1: Cleveland took a big step towards winning the Al Central 485 00:27:47,320 --> 00:27:49,280 Speaker 1: five in the eleventh to beat the White Sox and 486 00:27:49,320 --> 00:27:52,200 Speaker 1: go up by five Toronto, moving closer to release a 487 00:27:52,200 --> 00:27:55,880 Speaker 1: wild card playoffs spot in eighteen to eleven win at Philadelphia. 488 00:27:56,080 --> 00:27:59,080 Speaker 1: John Stashwar Bloomberg Sports, Nathan, Okay, John, thank you at 489 00:27:59,119 --> 00:28:01,560 Speaker 1: six thirty seven on Wall Street Time now to take 490 00:28:01,560 --> 00:28:03,280 Speaker 1: a look at stock some of the names moving in 491 00:28:03,320 --> 00:28:07,080 Speaker 1: the pre market with Bloomberg Radio and TV Markets correspondent 492 00:28:07,160 --> 00:28:10,399 Speaker 1: Created Gupta on this FED decision day, it looks like 493 00:28:10,440 --> 00:28:13,199 Speaker 1: the broader markets and kind of wait and see mode creaty, 494 00:28:13,359 --> 00:28:16,080 Speaker 1: But we have seen a big surge in the commodity 495 00:28:16,119 --> 00:28:21,000 Speaker 1: space with this partial mobilization announcement overnight from Vladimir Putin. 496 00:28:21,400 --> 00:28:23,640 Speaker 1: We absolutely have. I mean, there's so much going on today, Nathan. 497 00:28:23,680 --> 00:28:25,760 Speaker 1: I'm gonna start with that FED day that you just mentioned, 498 00:28:26,160 --> 00:28:28,160 Speaker 1: simply that we have this kind of sell the rumor 499 00:28:28,240 --> 00:28:30,040 Speaker 1: by the news dynamic in the market. The last two 500 00:28:30,119 --> 00:28:33,280 Speaker 1: days have been sell offs, pretty normal ahead of FMC decisions. 501 00:28:33,280 --> 00:28:35,360 Speaker 1: If you look at the past FED meetings, This year, 502 00:28:35,600 --> 00:28:37,680 Speaker 1: they've all actually had rallies on the day. The idea 503 00:28:37,720 --> 00:28:40,160 Speaker 1: here simply being that the market is already kind of 504 00:28:40,200 --> 00:28:42,320 Speaker 1: pricing in exactly what the Federal Reserve is going to 505 00:28:42,360 --> 00:28:44,280 Speaker 1: tell us, and and right now they're pricing in seventy 506 00:28:44,360 --> 00:28:47,200 Speaker 1: five basis points on the table for today. Um. The 507 00:28:47,280 --> 00:28:49,000 Speaker 1: question is going to be what they indicate about the 508 00:28:49,040 --> 00:28:51,160 Speaker 1: next meeting is seventy five base points on the table 509 00:28:51,240 --> 00:28:53,880 Speaker 1: for November. Nevertheless, to your point, features are up about 510 00:28:53,920 --> 00:28:56,000 Speaker 1: two tenths of one percent. But you're all right. All 511 00:28:56,040 --> 00:28:58,080 Speaker 1: the action is in the commodity space. Check this out. 512 00:28:58,120 --> 00:29:01,440 Speaker 1: You actually have oil features Brent contracts at ninety two 513 00:29:01,440 --> 00:29:04,640 Speaker 1: handle eighty six. But the read through into the stock 514 00:29:04,680 --> 00:29:07,000 Speaker 1: market is the names like x on Mobile x O 515 00:29:07,200 --> 00:29:09,160 Speaker 1: M is your taker up one point three percent, a 516 00:29:09,240 --> 00:29:12,080 Speaker 1: similar story which Chevron sev X as your taker? There 517 00:29:12,720 --> 00:29:15,440 Speaker 1: those shares up one point three percent. Once again, the 518 00:29:15,480 --> 00:29:17,560 Speaker 1: idea here being that if you start to have this 519 00:29:17,640 --> 00:29:20,840 Speaker 1: kind of amping up of of of forces in the 520 00:29:20,920 --> 00:29:24,240 Speaker 1: Ukrainian Russian War at the moment, then that is going 521 00:29:24,280 --> 00:29:27,040 Speaker 1: to further delay any sort of progress on the natural 522 00:29:27,080 --> 00:29:29,560 Speaker 1: gas front, on the oil front, et cetera. UM, and 523 00:29:29,640 --> 00:29:31,680 Speaker 1: that of course creates a little bit more demand, pushing 524 00:29:31,720 --> 00:29:33,880 Speaker 1: those prices just a little bit higher. What I will say, 525 00:29:33,880 --> 00:29:36,120 Speaker 1: those they've kind of been in that range all week though, 526 00:29:36,160 --> 00:29:39,720 Speaker 1: the eighties, early nineties, UM kind of range. So I 527 00:29:39,720 --> 00:29:41,840 Speaker 1: wouldn't be too worried about it just yet, but you 528 00:29:41,840 --> 00:29:43,680 Speaker 1: can still see that there are some nerves built into 529 00:29:43,720 --> 00:29:45,280 Speaker 1: the market, Nathan. The other place that a lot of 530 00:29:45,320 --> 00:29:47,840 Speaker 1: people don't think to look is defense stocks. So think 531 00:29:47,920 --> 00:29:51,040 Speaker 1: Lockheed Martin for example. LM T is your taker, up 532 00:29:51,120 --> 00:29:55,040 Speaker 1: a whopping two point six percent today. UM. A similar 533 00:29:55,040 --> 00:29:57,560 Speaker 1: story when Extenter will come to Boeing shares b A 534 00:29:58,120 --> 00:30:00,320 Speaker 1: is your ticker bill They're actually down three tense of 535 00:30:00,320 --> 00:30:01,960 Speaker 1: one percent. But keep an eye on that because it 536 00:30:02,000 --> 00:30:04,520 Speaker 1: tends to move in tandem with Lockeed Martin. And when 537 00:30:04,560 --> 00:30:07,360 Speaker 1: we talk about defense, it's not just about things like 538 00:30:07,480 --> 00:30:11,479 Speaker 1: artillery or military equipment. It's also things about cyber security. Remember, 539 00:30:11,560 --> 00:30:15,840 Speaker 1: Russia has a major UM edge in terms of cybersecurity. 540 00:30:15,880 --> 00:30:18,480 Speaker 1: So names like Paulo Alto Networks is going to be 541 00:30:18,760 --> 00:30:20,640 Speaker 1: a name that comes to mind. P A. N W. 542 00:30:20,800 --> 00:30:22,880 Speaker 1: The shares are about one tenth of one percent today, 543 00:30:22,880 --> 00:30:25,400 Speaker 1: A tiny bump there. You're gonna see similar one with 544 00:30:25,560 --> 00:30:28,080 Speaker 1: a company like Data Dog for example. Once again, these 545 00:30:28,080 --> 00:30:30,920 Speaker 1: are all cyber security companies, also up one tenth of 546 00:30:30,960 --> 00:30:32,640 Speaker 1: one percent, so keep an eye on that. We might 547 00:30:32,680 --> 00:30:35,040 Speaker 1: see a little bit of an acceleration as we go 548 00:30:35,440 --> 00:30:38,040 Speaker 1: into the US market open. Yeah, it could be interesting 549 00:30:38,040 --> 00:30:40,240 Speaker 1: to see whether we get any more movement with the 550 00:30:40,560 --> 00:30:42,760 Speaker 1: UN General Assembly underway as well, whether we get the 551 00:30:42,800 --> 00:30:47,080 Speaker 1: reaction to Putin's comments from President Biden when he addresses 552 00:30:47,120 --> 00:30:49,640 Speaker 1: the gathering in New York later this morning. We'll have 553 00:30:49,720 --> 00:30:52,320 Speaker 1: that for you live the President speaking at the UN 554 00:30:52,400 --> 00:30:55,959 Speaker 1: General Assembly just around ten thirty Wall Street time, so 555 00:30:56,240 --> 00:30:58,800 Speaker 1: keep it right here on Bloomberg Radio for that. Bloomberg 556 00:30:58,840 --> 00:31:02,480 Speaker 1: Radio and TV. Market scores spotted Krety Gupta. As always, 557 00:31:02,480 --> 00:31:06,240 Speaker 1: thanks for the pre market update looking at stocks as 558 00:31:06,240 --> 00:31:08,960 Speaker 1: a whole ahead of the open and the Fed decision. 559 00:31:09,600 --> 00:31:12,840 Speaker 1: SMP futures up seven points down, futures up seventy two, 560 00:31:12,960 --> 00:31:17,840 Speaker 1: Nasdaq features up one point. If you're listening to Bloomberg 561 00:31:17,880 --> 00:31:24,280 Speaker 1: day Break, Bloomberg eleven three oh weather mix of sun 562 00:31:24,280 --> 00:31:27,840 Speaker 1: and clouds of a high near eighty today, upper seventies tomorrow, 563 00:31:27,840 --> 00:31:31,640 Speaker 1: with a partly sunny sky, mostly sunny, breezy, cooler Friday 564 00:31:31,720 --> 00:31:34,320 Speaker 1: highs in the mid sixties right now sixty four in 565 00:31:34,400 --> 00:31:40,520 Speaker 1: Central Park markets. Headlines and breaking news twenty four hours 566 00:31:40,520 --> 00:31:43,520 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at 567 00:31:43,600 --> 00:31:47,000 Speaker 1: and at Bloomberg Quick Tape. This is a Bloomberg Business 568 00:31:47,080 --> 00:31:56,280 Speaker 1: lash and I'm Karen Moscow. And futures are higher this morning. 569 00:31:56,320 --> 00:31:58,320 Speaker 1: We had the first word breaking news dance for today's 570 00:31:58,360 --> 00:32:01,320 Speaker 1: morning call. And here's Bill Maloney built Good morning and 571 00:32:01,440 --> 00:32:03,800 Speaker 1: good morning, Karen. That's right. Modest gains in the US 572 00:32:03,840 --> 00:32:05,960 Speaker 1: futures right now at Death futures up eighty six points, 573 00:32:06,080 --> 00:32:09,360 Speaker 1: SIPES game ten will Nezda futures are higher by eight. 574 00:32:09,760 --> 00:32:12,479 Speaker 1: The US ten yel at three point five four percent, 575 00:32:12,520 --> 00:32:15,040 Speaker 1: Gold is up ten. Oil is also trading higher, and 576 00:32:15,160 --> 00:32:18,360 Speaker 1: Bigtoin is little changed. Hong Kong dropped one point eight 577 00:32:18,400 --> 00:32:21,320 Speaker 1: percent overnight, while up markets are also quiet this morning. 578 00:32:21,560 --> 00:32:23,440 Speaker 1: And back in the US on the economic front, at 579 00:32:23,440 --> 00:32:26,200 Speaker 1: ten o'clock existing home sales and at two o'clock that 580 00:32:26,360 --> 00:32:30,040 Speaker 1: eight that f o MC rate decision regarding earnings, look 581 00:32:30,080 --> 00:32:32,240 Speaker 1: for general Millster report in the pre market and in 582 00:32:32,280 --> 00:32:34,880 Speaker 1: other news. Wall Street banks face six hundred million in 583 00:32:35,000 --> 00:32:38,800 Speaker 1: losses on citrics debt wrapping things up. St latter was 584 00:32:38,880 --> 00:32:40,880 Speaker 1: raised to buy over at Goldman Sex. Micron was good 585 00:32:40,920 --> 00:32:44,400 Speaker 1: to neutral over at MIZOOO Live from the first Breaking 586 00:32:44,440 --> 00:32:47,560 Speaker 1: News tescom Bill Maloney, care all right, Bill, thank you 587 00:32:47,600 --> 00:32:50,160 Speaker 1: to hear like breaking news over your Bloomberg type squawk 588 00:32:50,200 --> 00:32:52,960 Speaker 1: on your terminal squ a w u K and that's 589 00:32:52,960 --> 00:32:55,760 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with Moore 590 00:32:55,840 --> 00:32:58,240 Speaker 1: and what's going on around the world. Michael Karen, thank 591 00:32:58,240 --> 00:33:00,600 Speaker 1: you very much. President Biden is in New York City 592 00:33:00,600 --> 00:33:04,160 Speaker 1: today joining fellow world leaders at the United Nations. The 593 00:33:04,160 --> 00:33:06,440 Speaker 1: White House says the President will address a range of 594 00:33:06,480 --> 00:33:09,080 Speaker 1: issues in his speech later this morning, but his main 595 00:33:09,160 --> 00:33:12,880 Speaker 1: focus will be the war in Ukraine. While President Biden 596 00:33:12,960 --> 00:33:16,719 Speaker 1: is expected to deliver a harsh message to President Putin, 597 00:33:17,000 --> 00:33:19,840 Speaker 1: officials say he will not call for Russia's removal from 598 00:33:19,880 --> 00:33:23,000 Speaker 1: the UN Security Council. Of course, will carry President Biden's 599 00:33:23,000 --> 00:33:26,520 Speaker 1: address live. In baseball, the Yankees beat the Pirates nine eight. 600 00:33:26,560 --> 00:33:29,360 Speaker 1: Aaron Judge here his sixty at home run of the season, 601 00:33:29,480 --> 00:33:33,080 Speaker 1: one away from Roger Mara's American League record. The Mets 602 00:33:33,160 --> 00:33:35,920 Speaker 1: and Red Sox won the Orioles and nationals lost, the 603 00:33:35,960 --> 00:33:38,960 Speaker 1: A's and Giants are winners. Global News twenty four hours 604 00:33:38,960 --> 00:33:41,880 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 605 00:33:41,920 --> 00:33:44,640 Speaker 1: more than twenty seven hundred journalist and analysts more than 606 00:33:44,640 --> 00:33:47,880 Speaker 1: a hundred twenty countries. I'm Michael Barn. This is Bloomberg, 607 00:33:47,960 --> 00:33:51,240 Speaker 1: Karen Harry, Michael Barr, Thank you. It is sixty nine 608 00:33:51,360 --> 00:33:53,480 Speaker 1: on Wall Street. We turned to news and science and 609 00:33:53,520 --> 00:33:56,160 Speaker 1: technology now at the Bloomberg and j I T. Stammer 610 00:33:56,160 --> 00:33:59,560 Speaker 1: Report brought to you by New Jersey Institute of Technology, 611 00:33:59,640 --> 00:34:01,880 Speaker 1: and j I T is ranked top ten nationally on 612 00:34:01,920 --> 00:34:05,360 Speaker 1: Money's Best Engineering Colleges list. What will You make It? 613 00:34:05,520 --> 00:34:07,360 Speaker 1: N j I T. Learn more at n j I 614 00:34:07,480 --> 00:34:09,960 Speaker 1: T dot E d U. And Here's what's making news 615 00:34:10,000 --> 00:34:13,920 Speaker 1: and science, technology, engineering and math. The United Nations Secretary 616 00:34:14,000 --> 00:34:17,439 Speaker 1: General says rich energy companies should be forced to fork 617 00:34:17,520 --> 00:34:21,040 Speaker 1: over some windfall profits to aid victims of climate change. 618 00:34:21,320 --> 00:34:23,800 Speaker 1: In his opening remarks at the UN General Assembly in 619 00:34:23,880 --> 00:34:26,920 Speaker 1: New York and Tonio gu Terras urged richer countries to 620 00:34:27,040 --> 00:34:30,800 Speaker 1: tax the profits of energy companies and redirect the funds 621 00:34:30,800 --> 00:34:33,800 Speaker 1: to both countries suffering loss and damage caused by the 622 00:34:33,840 --> 00:34:37,520 Speaker 1: climate crisis and those struggling with the rising cost of living. 623 00:34:38,120 --> 00:34:40,479 Speaker 1: The United Arab Emirates says it will launch its first 624 00:34:40,560 --> 00:34:43,120 Speaker 1: lunar rover in November. The lunar mission is part of 625 00:34:43,120 --> 00:34:45,359 Speaker 1: the U A E. S broader strategy to become a 626 00:34:45,400 --> 00:34:48,640 Speaker 1: major player in the field of space exploration. If the 627 00:34:48,640 --> 00:34:51,560 Speaker 1: Moon mission succeeds, the UA East and Japan would join 628 00:34:51,600 --> 00:34:54,359 Speaker 1: the ranks of only the US, Russia, and China as 629 00:34:54,360 --> 00:34:57,160 Speaker 1: the nations that have put a spacecraft on the lunar surface. 630 00:34:57,719 --> 00:35:00,160 Speaker 1: And Amazon's one point seven billion dollar deal that by 631 00:35:00,280 --> 00:35:03,160 Speaker 1: rumba vacuum maker i Robot, will face an in depth 632 00:35:03,200 --> 00:35:06,279 Speaker 1: review by the Federal Trade Commission. I Robot disclosed and 633 00:35:06,280 --> 00:35:09,360 Speaker 1: a regulatory filing that both companies received a so called 634 00:35:09,360 --> 00:35:13,200 Speaker 1: the second request seeking additional information on the deal. The 635 00:35:13,280 --> 00:35:17,080 Speaker 1: request lengthens a deal's antitrust review by months or years, 636 00:35:17,400 --> 00:35:20,680 Speaker 1: depending on the complexity of the transaction. That's a Bloomberg 637 00:35:20,840 --> 00:35:23,920 Speaker 1: n J I T Stem report. Nathan, Thank you, Karen. 638 00:35:23,960 --> 00:35:26,480 Speaker 1: We are live from the Bloomberg Interactive Brokers studios were 639 00:35:26,480 --> 00:35:28,640 Speaker 1: at a six fifty on Wall Street time now to 640 00:35:28,719 --> 00:35:30,719 Speaker 1: check what's going on in d C. Some of the 641 00:35:30,719 --> 00:35:34,120 Speaker 1: top stories in our nation's capital, include President Biden preparing 642 00:35:34,160 --> 00:35:37,400 Speaker 1: to address the UN General Assembly this morning, President with 643 00:35:37,480 --> 00:35:40,640 Speaker 1: a star studded fundraiser in New York City ahead of 644 00:35:40,680 --> 00:35:44,840 Speaker 1: the speech. Trump lawyer's arguments met with skepticism at the 645 00:35:44,880 --> 00:35:48,399 Speaker 1: first Special Master hearing over documents at marl Lago, and 646 00:35:48,520 --> 00:35:52,040 Speaker 1: Consumer Bank CEO's head to Capitol Hill with a warning 647 00:35:52,080 --> 00:35:55,840 Speaker 1: to lawmakers about inflation. Let's bring in Bloomberg government reporter 648 00:35:56,200 --> 00:35:59,680 Speaker 1: Emily Wilkins for more on all these stories. Emily, I 649 00:35:59,719 --> 00:36:02,680 Speaker 1: want to how much revision President Biden is making to 650 00:36:02,920 --> 00:36:06,240 Speaker 1: his address to the UN General Assembly After Russian President 651 00:36:06,400 --> 00:36:13,120 Speaker 1: Putin's warning about a partial mobilization in Ukraine. We knew 652 00:36:13,160 --> 00:36:15,480 Speaker 1: that Putin I was going to be talking a little 653 00:36:15,520 --> 00:36:18,880 Speaker 1: bit in his speech about trying to annexperious regions of 654 00:36:19,040 --> 00:36:23,680 Speaker 1: Ukrainian territory um that Russia has overtaken. But now he 655 00:36:23,719 --> 00:36:27,440 Speaker 1: has also called up to three thousand reservists. It's a 656 00:36:27,480 --> 00:36:31,799 Speaker 1: major political escalation which he is now really portrayed as 657 00:36:31,800 --> 00:36:35,040 Speaker 1: a fight to the death with the US and its allies. Um. 658 00:36:35,080 --> 00:36:36,560 Speaker 1: And you do have to wonder, you know, how is 659 00:36:36,600 --> 00:36:39,040 Speaker 1: this going to impact Biden's speech that he's planned on 660 00:36:39,080 --> 00:36:42,560 Speaker 1: making later today. He was already going to really call 661 00:36:42,600 --> 00:36:45,719 Speaker 1: out Russia's naked aggression in Ukraine and call it an 662 00:36:45,719 --> 00:36:49,040 Speaker 1: affront to the heart of the United Nations, kind of 663 00:36:49,080 --> 00:36:51,719 Speaker 1: imply that that Russia isn't really doing what it needs 664 00:36:51,760 --> 00:36:53,680 Speaker 1: to do to to to be a member, to be 665 00:36:53,800 --> 00:36:57,080 Speaker 1: in the spirit of the United Nations. It's going was 666 00:36:57,120 --> 00:37:00,000 Speaker 1: already knew it was going to be a firm rebuke UM. 667 00:37:00,040 --> 00:37:03,480 Speaker 1: But this might wind up even amping up the rhetoric 668 00:37:03,600 --> 00:37:06,400 Speaker 1: that Biden is bringing to the United Nations when he 669 00:37:06,400 --> 00:37:08,520 Speaker 1: gives that speech later today. This is of course the 670 00:37:08,760 --> 00:37:11,440 Speaker 1: first time that the UN is having UH in person 671 00:37:11,800 --> 00:37:15,840 Speaker 1: meetings and this in person UH gathering UH since in 672 00:37:15,880 --> 00:37:18,560 Speaker 1: the last two years due to the pandemic. Now we've 673 00:37:18,640 --> 00:37:22,439 Speaker 1: seen and heard a lot of rhetoric against Russia from 674 00:37:22,520 --> 00:37:26,360 Speaker 1: the leaders we've heard from so far at this gathering. 675 00:37:26,400 --> 00:37:28,280 Speaker 1: What are you gonna be watching for as the President 676 00:37:28,680 --> 00:37:32,400 Speaker 1: makes those remarks later today and continues to interact with 677 00:37:32,400 --> 00:37:35,120 Speaker 1: global leaders. I mean, I think one of the big 678 00:37:35,200 --> 00:37:39,960 Speaker 1: questions is exactly what Biden pledges as far as US support, 679 00:37:40,080 --> 00:37:43,040 Speaker 1: If there's any more indication about what's coming next. Certainly 680 00:37:43,040 --> 00:37:46,440 Speaker 1: we've seen plenty of headlines about the US UH, it's 681 00:37:46,440 --> 00:37:50,160 Speaker 1: continuing to send aid to Ukraine in terms of financial aid, 682 00:37:50,200 --> 00:37:54,360 Speaker 1: in terms of weapons and missiles and machinery. UM. But 683 00:37:54,440 --> 00:37:57,480 Speaker 1: I think another big thing that Biden has been lauded 684 00:37:57,480 --> 00:38:00,160 Speaker 1: for is really being able to keep everyone to other 685 00:38:00,640 --> 00:38:05,160 Speaker 1: UH to continue to ensure UM that Europe is still 686 00:38:05,239 --> 00:38:08,840 Speaker 1: going to be pushing against Russia, even though obviously that 687 00:38:08,920 --> 00:38:10,640 Speaker 1: the stakes are a little higher for a number of 688 00:38:10,680 --> 00:38:14,880 Speaker 1: European countries. Also, we are coming up on winter. Gas 689 00:38:14,920 --> 00:38:17,920 Speaker 1: is still very high. There's lots of questions about how 690 00:38:17,960 --> 00:38:19,960 Speaker 1: folks are gonna be able to heat their homes, if 691 00:38:19,960 --> 00:38:23,000 Speaker 1: they're able to be if they're going to be able 692 00:38:23,040 --> 00:38:25,719 Speaker 1: to heat their homes um. And I think this is 693 00:38:25,760 --> 00:38:28,440 Speaker 1: going to potentially present a bit of a breaking point 694 00:38:29,120 --> 00:38:31,560 Speaker 1: where European leaders might say, you know, we are now 695 00:38:31,600 --> 00:38:35,000 Speaker 1: in the six seventh eighth month of this war UH, 696 00:38:35,200 --> 00:38:37,000 Speaker 1: we need to make sure that we're looking out for 697 00:38:37,000 --> 00:38:39,600 Speaker 1: our own citizens. I think there's a big question on 698 00:38:39,640 --> 00:38:41,520 Speaker 1: whether Biden is going to be able to keep his 699 00:38:41,560 --> 00:38:45,399 Speaker 1: allies and keep the block pushing against Russia together. Now 700 00:38:45,400 --> 00:38:48,960 Speaker 1: long with the intensifying geopolitics, we're seeing that the president 701 00:38:49,040 --> 00:38:52,440 Speaker 1: also has a mid term domestic politics in mind with 702 00:38:52,480 --> 00:38:55,840 Speaker 1: this Democratic a fundraiser last night that I had some 703 00:38:55,920 --> 00:39:00,360 Speaker 1: big names attached. Yeah, Joe Biden, he is up in 704 00:39:00,400 --> 00:39:03,320 Speaker 1: New York anyway for the Fund for the United Nations, 705 00:39:03,320 --> 00:39:06,280 Speaker 1: figured that he'd do a fundraiser as well. Uh, featured 706 00:39:06,320 --> 00:39:09,279 Speaker 1: celebrity guests, including Robert de Niro as well as New 707 00:39:09,320 --> 00:39:12,640 Speaker 1: York Mayor Eric Adams. Um, you know this is it's 708 00:39:12,680 --> 00:39:15,319 Speaker 1: part of the fund, the president's job to go to 709 00:39:15,400 --> 00:39:19,080 Speaker 1: these fundraisers to raise money for his party. Uh. We're still, 710 00:39:19,160 --> 00:39:22,319 Speaker 1: you know, very much in an era where candidates are 711 00:39:22,360 --> 00:39:25,279 Speaker 1: raising a lot of money. Um, and they need that 712 00:39:25,400 --> 00:39:29,080 Speaker 1: money to remain competitive at this point. But it also 713 00:39:29,160 --> 00:39:33,080 Speaker 1: addressed the group in several remarks. He really emphasized that 714 00:39:33,120 --> 00:39:36,480 Speaker 1: this was this raison is not about it's about two 715 00:39:36,520 --> 00:39:38,840 Speaker 1: It's about the mid terms. It's about control of Congress 716 00:39:38,840 --> 00:39:40,520 Speaker 1: and what Biden is going to be able to do 717 00:39:40,960 --> 00:39:43,560 Speaker 1: in the last two years of his presidency. He also 718 00:39:43,600 --> 00:39:46,279 Speaker 1: tried to clarify those remarks that he made over the 719 00:39:46,280 --> 00:39:48,799 Speaker 1: weekend in that sixteen minutes interview when he said that 720 00:39:48,880 --> 00:39:52,520 Speaker 1: COVID was over. Biden reminded folks there that they needed 721 00:39:52,560 --> 00:39:55,880 Speaker 1: to get their boosters and said that basically the pandemic 722 00:39:56,040 --> 00:39:59,080 Speaker 1: is not now where it was previously. Well, let's get 723 00:39:59,080 --> 00:40:02,600 Speaker 1: an update on the a Special Master situation. There was 724 00:40:02,640 --> 00:40:06,280 Speaker 1: a hearing yesterday, the first one on the Moral Lago documents. 725 00:40:06,280 --> 00:40:09,120 Speaker 1: It sounds like the Special Master has really been poking 726 00:40:09,239 --> 00:40:13,520 Speaker 1: at former President Trump's case. Yeah, even though that Trump 727 00:40:13,600 --> 00:40:16,680 Speaker 1: was the one who put the Special Master's name forward. 728 00:40:16,719 --> 00:40:20,400 Speaker 1: This is former US District Judge Riemon diary. Uh, he 729 00:40:20,480 --> 00:40:23,239 Speaker 1: did you know. He hasn't been lenient on Trump. He's 730 00:40:23,280 --> 00:40:26,480 Speaker 1: pushing back on the fact that some of these records 731 00:40:26,520 --> 00:40:30,520 Speaker 1: aren't highly classified sensitive information. But it seems like the 732 00:40:30,520 --> 00:40:33,160 Speaker 1: Special Master is is a green but with the Justice 733 00:40:33,200 --> 00:40:37,200 Speaker 1: Department that some of these are are absolutely classified. Um 734 00:40:37,360 --> 00:40:40,120 Speaker 1: and that you know, there is reason for the Justice 735 00:40:40,160 --> 00:40:42,440 Speaker 1: Department to be able to have some of these documents. 736 00:40:42,440 --> 00:40:44,840 Speaker 1: Of course, what Trump is trying to make sure is 737 00:40:44,880 --> 00:40:47,919 Speaker 1: that you know, any document that he could possibly get 738 00:40:47,960 --> 00:40:51,760 Speaker 1: back in in in his possession back in maral Lago 739 00:40:52,239 --> 00:40:54,840 Speaker 1: is able to do so. And of course that the 740 00:40:54,920 --> 00:40:58,000 Speaker 1: Justice Department, meanwhile, is worried that the Special Master review 741 00:40:58,239 --> 00:41:00,960 Speaker 1: is going to hold up fair investigation in UM. So, 742 00:41:01,000 --> 00:41:02,759 Speaker 1: I think you know we're we're beginning to see the 743 00:41:02,840 --> 00:41:06,320 Speaker 1: judge do his work on this. I think it's it's 744 00:41:06,400 --> 00:41:09,920 Speaker 1: just another delay point really in sort of the overall 745 00:41:10,040 --> 00:41:13,520 Speaker 1: question of what, if anything, the Justice Department is going 746 00:41:13,560 --> 00:41:16,960 Speaker 1: to wind up charging UH former President Donald Trump with 747 00:41:17,400 --> 00:41:21,640 Speaker 1: UH or revealing about their investigation into him and his 748 00:41:21,760 --> 00:41:27,080 Speaker 1: possession of this these highly sensitive, highly classified documents. Just 749 00:41:27,120 --> 00:41:29,160 Speaker 1: thirty seconds left here, I'm only get a set for 750 00:41:29,160 --> 00:41:31,840 Speaker 1: this hearing later this morning on Capitol Hill with consumer 751 00:41:31,880 --> 00:41:35,520 Speaker 1: bank CEOs. Yes, so we're gonna be seeing a number 752 00:41:35,520 --> 00:41:39,359 Speaker 1: of the CEO City Group JP Morgan. UH, they're gonna 753 00:41:39,360 --> 00:41:42,000 Speaker 1: be warning on economic risks when they head to the 754 00:41:42,040 --> 00:41:46,120 Speaker 1: Hell today to appear in front of panels of lawmakers. UM, 755 00:41:46,160 --> 00:41:48,319 Speaker 1: they're going to say that, yes, even though COVID is 756 00:41:48,320 --> 00:41:50,919 Speaker 1: behind us and the market is getting better, there's still 757 00:41:50,960 --> 00:41:55,239 Speaker 1: a number of really daunting challenges that face everyone. Uh. 758 00:41:55,320 --> 00:41:58,080 Speaker 1: Even though consumer spending is strong, Um, there are also 759 00:41:58,360 --> 00:42:01,399 Speaker 1: Americans are being hurt by high flation. And they're also 760 00:42:01,440 --> 00:42:04,000 Speaker 1: going to highlight how they will be trying to help 761 00:42:04,040 --> 00:42:06,400 Speaker 1: consumers in the next couple of months. And we'll have 762 00:42:06,480 --> 00:42:08,800 Speaker 1: live coverage of that hearing from the House Financial Services 763 00:42:08,800 --> 00:42:12,160 Speaker 1: Committee this morning just after ten am. Wall Street time 764 00:42:12,200 --> 00:42:15,040 Speaker 1: here on Bloomberg Radio, along with the President's addressed to 765 00:42:15,040 --> 00:42:17,880 Speaker 1: the UN General Assembly, and of course, the FED decision 766 00:42:17,920 --> 00:42:21,240 Speaker 1: this afternoon in a special edition of Bloomberg Surveillance, lots 767 00:42:21,239 --> 00:42:24,120 Speaker 1: coming up in the nation's capital today. In our thanks 768 00:42:24,120 --> 00:42:27,800 Speaker 1: to Bloomberg government reporter Emily Wilkins for bringing us the 769 00:42:27,840 --> 00:42:30,480 Speaker 1: update ahead of all that. Right now, SMP futures are 770 00:42:30,520 --> 00:42:34,480 Speaker 1: up ten points, STOW futures up ninety and NASDAC futures 771 00:42:34,600 --> 00:42:39,719 Speaker 1: up ten points. Bloomberg Surveillance the Morning edition comes up 772 00:42:39,760 --> 00:42:42,640 Speaker 1: next with Tom Keene, Jonathan Faroll, and Lisa Brahmowitz for 773 00:42:42,719 --> 00:42:47,080 Speaker 1: Karen Moscow. I'm Nathan Hagar. This is Bloomberg