1 00:00:02,240 --> 00:00:05,600 Speaker 1: My from the Bloomberg Interactive Burger Studios. This is Bloomberg 2 00:00:05,680 --> 00:00:09,240 Speaker 1: day Break for Tuesday, April two. Coming up this hour, 3 00:00:09,480 --> 00:00:13,319 Speaker 1: President Biden says Vladimir Putin could face a war crimes trial. 4 00:00:13,720 --> 00:00:17,479 Speaker 1: Ukrainian President Zelenski addresses the U N Security Council. The 5 00:00:17,560 --> 00:00:20,480 Speaker 1: Treasury makes it harder for Russia to make debt payments, 6 00:00:20,840 --> 00:00:23,079 Speaker 1: and the U S and e U I more sanctions 7 00:00:23,120 --> 00:00:26,440 Speaker 1: on Moscow, New York. Mayor Adams tales Floridians come here 8 00:00:26,480 --> 00:00:29,120 Speaker 1: where you can say games. This is the city's plus. 9 00:00:29,160 --> 00:00:32,200 Speaker 1: The Senate will vote on confirming Supreme Court nominee Jackson. 10 00:00:32,400 --> 00:00:35,600 Speaker 1: I'm Michael Barr. More ahead, I'm John Stashtoward sports, A 11 00:00:35,680 --> 00:00:38,280 Speaker 1: big second have come back for Kansas to beat North 12 00:00:38,280 --> 00:00:45,000 Speaker 1: Carolina at a thrilling national championship game. That's all straight 13 00:00:45,000 --> 00:00:49,240 Speaker 1: Ahead on Bloomberg day Break on Bloomberg Element Trio, New York, 14 00:00:49,360 --> 00:00:54,120 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 15 00:00:54,280 --> 00:00:58,520 Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x M one nine 16 00:00:58,520 --> 00:01:01,560 Speaker 1: Team and around the world Old on Bloomberg Radio dot 17 00:01:01,600 --> 00:01:08,600 Speaker 1: Com and via The Bloomberg Business or Good Morning. I'm 18 00:01:08,680 --> 00:01:11,639 Speaker 1: Nathan Hagar and I'm Karen. Moscow and US DOT Index 19 00:01:11,680 --> 00:01:14,400 Speaker 1: futures are little change this morning. We're coming up to 20 00:01:14,440 --> 00:01:16,000 Speaker 1: five oh one on Wall Street, and we check the 21 00:01:16,000 --> 00:01:19,559 Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg, again, 22 00:01:19,640 --> 00:01:22,560 Speaker 1: futures are little change. The decks in Germany is up 23 00:01:22,560 --> 00:01:25,640 Speaker 1: to tenths of a percent, pen Your treasury down thirteen 24 00:01:25,640 --> 00:01:28,679 Speaker 1: thirty seconds, yield two point four or four percent, and 25 00:01:28,760 --> 00:01:31,959 Speaker 1: the yield on the two year two point four five percent. 26 00:01:32,400 --> 00:01:34,959 Speaker 1: NIMEX screwed oil is up one point six percent, up 27 00:01:34,959 --> 00:01:37,240 Speaker 1: a dollar sixty at a hundred four dollars eighty eight 28 00:01:37,280 --> 00:01:40,360 Speaker 1: cents of barrel. Comex Schoold is little changed at nineteen 29 00:01:40,400 --> 00:01:43,600 Speaker 1: thirty five fifty ounce. The euro is at one point 30 00:01:43,600 --> 00:01:45,960 Speaker 1: oh nine six nine against the dollar, the end at 31 00:01:45,959 --> 00:01:49,440 Speaker 1: one two point eight two, and Bitcoin at forty six thousand, 32 00:01:49,480 --> 00:01:52,760 Speaker 1: six hundred fifty dollars. Nathan, Karen, let's begin with the war. 33 00:01:52,920 --> 00:01:55,520 Speaker 1: Lots of developments to get to this morning. Russia is 34 00:01:55,560 --> 00:01:59,200 Speaker 1: shifting troops and tactics in Ukraine and the move could 35 00:01:59,240 --> 00:02:02,560 Speaker 1: point to a change engine Moscow's end goal, Bloomberg said. 36 00:02:02,560 --> 00:02:06,880 Speaker 1: Baxter has the story National security adviser Jake Sullivan saying, 37 00:02:06,880 --> 00:02:10,640 Speaker 1: I pull away from Kiev. Russia's repositioning its forces to 38 00:02:10,760 --> 00:02:15,720 Speaker 1: concentrate its offensive operations in eastern and parts of southern Ukraine. 39 00:02:16,520 --> 00:02:18,520 Speaker 1: And that's the area around Don Boss on the east, 40 00:02:18,520 --> 00:02:21,239 Speaker 1: which is a scene of brutal fighting by Russian separatists 41 00:02:21,480 --> 00:02:24,519 Speaker 1: and setting up a narrative for Putin to claim victory. 42 00:02:24,639 --> 00:02:27,560 Speaker 1: This with President Joe Biden calling for Vladimir Putin to 43 00:02:27,600 --> 00:02:31,480 Speaker 1: be brought to trial. This guy is brutal and what's 44 00:02:31,520 --> 00:02:35,560 Speaker 1: happening is outrageous. And the Pentagon says it plans on 45 00:02:35,639 --> 00:02:39,600 Speaker 1: sending ten of the latest Switchblade drones in San Francisco. 46 00:02:39,639 --> 00:02:42,360 Speaker 1: I'm at Baxter Bloomberg daybreak. Al Right, thank you all. 47 00:02:42,480 --> 00:02:45,000 Speaker 1: Videos of streets in the town of Buches strewn with 48 00:02:45,080 --> 00:02:49,240 Speaker 1: corpses have sparked global outrage. They've also sparked vehement denials 49 00:02:49,240 --> 00:02:52,359 Speaker 1: from Russia that it was responsible for the deaths. Daniel 50 00:02:52,400 --> 00:02:55,800 Speaker 1: Froude as former Ambassador to Poland and former Assistant Secretary 51 00:02:55,800 --> 00:02:59,480 Speaker 1: of State for Europe. What we know is that the 52 00:03:00,040 --> 00:03:05,840 Speaker 1: parent massacre of civilians at Buca fits the pattern of 53 00:03:05,960 --> 00:03:09,080 Speaker 1: Russia's conduct of this war from the beginning, and former 54 00:03:09,080 --> 00:03:12,240 Speaker 1: Ambassador to Poland Daniel Fried spoke on Bloomberg's sound on 55 00:03:12,360 --> 00:03:15,480 Speaker 1: Catch the program weekdays at five pm Eastern on Bloomberg Radio. 56 00:03:15,760 --> 00:03:19,560 Speaker 1: Ukraine's President Vladimir Zelenski will address the United Nations Security 57 00:03:19,639 --> 00:03:22,359 Speaker 1: Council today, Karen. That speech is scheduled to begin at 58 00:03:22,360 --> 00:03:25,040 Speaker 1: ten am New York time. There is also word that 59 00:03:25,160 --> 00:03:28,600 Speaker 1: EU officials will travel to Ukraine to meet with Zelenski. 60 00:03:28,960 --> 00:03:32,800 Speaker 1: European Commissioned President Ursula vonder Lyne and High Representative Joseph 61 00:03:32,800 --> 00:03:37,280 Speaker 1: Barrell are planning a trip to Kiev later this week. Meantime, Nathan, 62 00:03:37,320 --> 00:03:39,960 Speaker 1: the U S is stepping up actions targeting Moscow. The 63 00:03:40,000 --> 00:03:43,200 Speaker 1: Treasury is now stopping Russia from its paying debt through 64 00:03:43,320 --> 00:03:46,080 Speaker 1: US accounts, and we get the story live with Bloomberg's 65 00:03:46,120 --> 00:03:49,720 Speaker 1: John Tucker John Karen. Dollar debt payments from Russian government 66 00:03:49,760 --> 00:03:53,640 Speaker 1: accounts at US banks are now halted. This forces Russia 67 00:03:53,680 --> 00:03:57,680 Speaker 1: to choose among three pretty unappealing options, training dollar reserves 68 00:03:57,720 --> 00:04:01,000 Speaker 1: held in its own country, spending new revenue, or going 69 00:04:01,040 --> 00:04:04,240 Speaker 1: into default. Blabbry. Putin's government has so far as stayed 70 00:04:04,320 --> 00:04:07,400 Speaker 1: current on its foreign debt obligations. Now the latest US 71 00:04:07,480 --> 00:04:10,160 Speaker 1: move will intensify scrutiny on payments that are due May 72 00:04:10,240 --> 00:04:13,920 Speaker 1: twenty seven for interest ode on sovereign dollar and euronoes. 73 00:04:14,400 --> 00:04:18,000 Speaker 1: Russia's central Bank says its foreign currency and gold reserves 74 00:04:18,200 --> 00:04:21,760 Speaker 1: have plunged to the lowest level since last August Live 75 00:04:21,800 --> 00:04:24,520 Speaker 1: in New York on John Tucker Bloomberg Daybreak. All Right, John, 76 00:04:24,560 --> 00:04:27,320 Speaker 1: thanks in. Europe is also taking action against Russia, with 77 00:04:27,400 --> 00:04:29,800 Speaker 1: new sanctions on the way. And that's according to European 78 00:04:29,839 --> 00:04:34,640 Speaker 1: Commission Vice President Valdis Dombrowski's European Commission is already preparing 79 00:04:34,680 --> 00:04:38,119 Speaker 1: the next sanctions package and hope of the member states 80 00:04:38,120 --> 00:04:43,279 Speaker 1: will be able to uh decide on ambitious next steps 81 00:04:43,279 --> 00:04:46,640 Speaker 1: of regarding the sanctions. So we must step up pressure 82 00:04:46,640 --> 00:04:49,960 Speaker 1: against Russia and we must step up out support for Ukrain. 83 00:04:50,279 --> 00:04:54,360 Speaker 1: European Commission Vice President Valdis Dombrowski says discussions on sanctions 84 00:04:54,360 --> 00:04:57,200 Speaker 1: will also include the energy sector. We'll turn in the 85 00:04:57,240 --> 00:05:00,159 Speaker 1: markets now. Nathan Oil continues to rise on where the 86 00:05:00,240 --> 00:05:03,400 Speaker 1: US and Europe may impose energy sanctions on Russia. This 87 00:05:03,480 --> 00:05:06,880 Speaker 1: follows a four percent gain for crude yesterday. Checking prices 88 00:05:06,920 --> 00:05:09,359 Speaker 1: this morning, nine mix Screwed oil up one point seven 89 00:05:09,400 --> 00:05:12,000 Speaker 1: percent at a hundred five dollars of barrel. Brent is 90 00:05:12,080 --> 00:05:13,840 Speaker 1: up one and a half percent at a hundred and 91 00:05:13,920 --> 00:05:16,960 Speaker 1: nine dollars fifteen cents of barrel, and sticking with commodities, 92 00:05:17,000 --> 00:05:20,320 Speaker 1: Karen JP Morgan Chase is reviewing its business with some 93 00:05:20,400 --> 00:05:23,800 Speaker 1: clients after last month's nickel short squeeze. The bank is 94 00:05:23,800 --> 00:05:26,440 Speaker 1: one of the largest players in global commodity markets and 95 00:05:26,480 --> 00:05:29,599 Speaker 1: the biggest in medals by far. Twitter front and center 96 00:05:29,640 --> 00:05:32,400 Speaker 1: again this morning. Nathan, after taking a stake in the company, 97 00:05:32,400 --> 00:05:34,919 Speaker 1: Elon Musk may be looking for changes at the social 98 00:05:34,960 --> 00:05:38,240 Speaker 1: media company. We get the latest life from Bloomberg's Randita Young. 99 00:05:38,279 --> 00:05:41,280 Speaker 1: Good Morning, Rendia, Good morning Karen. Elon Musk is asking 100 00:05:41,440 --> 00:05:44,360 Speaker 1: users in a Twitter poll if they want an edit button. 101 00:05:44,680 --> 00:05:47,479 Speaker 1: There's just under sixteen hours left on the poll, and 102 00:05:47,520 --> 00:05:50,920 Speaker 1: out of two point four million votes, seventy four percent 103 00:05:51,000 --> 00:05:54,200 Speaker 1: appear to support the edit button. Twitter's new CEO is 104 00:05:54,320 --> 00:05:57,359 Speaker 1: urging people to vote carefully, saying the consequences of the 105 00:05:57,400 --> 00:06:00,960 Speaker 1: poll will be important. Twitter's official account posted a message 106 00:06:00,960 --> 00:06:03,719 Speaker 1: on April one saying they're working on an edit button. 107 00:06:04,080 --> 00:06:06,280 Speaker 1: No word on whether it was an April Fool's joke. 108 00:06:06,560 --> 00:06:09,640 Speaker 1: But it collected more than one point three million likes 109 00:06:10,120 --> 00:06:12,560 Speaker 1: live in New York. I'm gonned a young Bloomberg day break. 110 00:06:12,680 --> 00:06:15,040 Speaker 1: All right, we need to thanks Kathy. What is weighing 111 00:06:15,040 --> 00:06:17,840 Speaker 1: in on Elon Musk's new Twitter stake. The Arc Investment 112 00:06:17,920 --> 00:06:20,560 Speaker 1: CEO says Musk's investment may open the door to a 113 00:06:20,640 --> 00:06:23,680 Speaker 1: management shake up at the company. I do think for 114 00:06:23,720 --> 00:06:27,040 Speaker 1: the moment it's passive, but he's certainly making a statement, 115 00:06:27,279 --> 00:06:30,680 Speaker 1: and it's a statement about censorship. He he doesn't agree 116 00:06:30,720 --> 00:06:35,520 Speaker 1: with censorship. Uh for as smooth functioning democracy as he 117 00:06:35,600 --> 00:06:39,080 Speaker 1: has tweeted, I believe uh. And so I think he's 118 00:06:39,080 --> 00:06:43,920 Speaker 1: sending a strong signal to the new ceo our investments. 119 00:06:44,000 --> 00:06:46,599 Speaker 1: Kathy Would made the comments in an interview on Bloomberg 120 00:06:46,600 --> 00:06:49,080 Speaker 1: Business Week. You could catch that program weekdays at two 121 00:06:49,080 --> 00:06:51,520 Speaker 1: pm Eastern on Bloomberg Radio and hear more of that 122 00:06:51,560 --> 00:06:54,360 Speaker 1: interview with Kathy Would coming up later in this program 123 00:06:54,400 --> 00:06:57,520 Speaker 1: and another programming note today, Nathan, please join us this 124 00:06:57,560 --> 00:07:00,599 Speaker 1: morning for an exclusive interview with Esther Joey Orge, the 125 00:07:00,680 --> 00:07:03,760 Speaker 1: Kansas City Fed President, talk central bank policy and interest 126 00:07:03,839 --> 00:07:06,679 Speaker 1: rates at Bloomberg Radio and Television. Coming up at ten am. 127 00:07:06,720 --> 00:07:10,400 Speaker 1: Wall Street time again. Futures this morning are little change 128 00:07:10,400 --> 00:07:13,160 Speaker 1: and the ten year treasuries down twelve thirty seconds two 129 00:07:13,160 --> 00:07:15,760 Speaker 1: point four or four percent. Straight to head your latest 130 00:07:15,800 --> 00:07:18,800 Speaker 1: local headlines plus the check of sports, and this is 131 00:07:18,800 --> 00:07:25,440 Speaker 1: Bloomberg freak. Karen, thank you. It's five oh seven on 132 00:07:25,480 --> 00:07:28,080 Speaker 1: Wall Street where forty five degrees in Central Park and 133 00:07:28,080 --> 00:07:30,520 Speaker 1: dealing with a couple problems on the New Jersey Turnpike 134 00:07:30,640 --> 00:07:33,560 Speaker 1: southbound by exit Tennis where they are Actually we'll get 135 00:07:33,600 --> 00:07:36,400 Speaker 1: the details coming up in traffic. First Michael Barr with 136 00:07:36,440 --> 00:07:38,280 Speaker 1: more on what's going on in New York and around 137 00:07:38,280 --> 00:07:40,600 Speaker 1: the world. Good morning, Michael, Good morning Nathan. New York 138 00:07:40,680 --> 00:07:46,360 Speaker 1: is launching a digital billboard campaign to lure Floridians unhappy 139 00:07:46,440 --> 00:07:49,240 Speaker 1: with their states Don't Say Gay law to the city. 140 00:07:49,560 --> 00:07:54,160 Speaker 1: Mayor Eric Adams announced the billboards supporting LGBTQ visibility will 141 00:07:54,160 --> 00:07:58,040 Speaker 1: be displayed in five major markets in Florida for eight weeks. 142 00:07:58,080 --> 00:08:04,040 Speaker 1: This political a showmanship of attempting to demonize that particular 143 00:08:04,240 --> 00:08:08,280 Speaker 1: group or community is unacceptable, and we are going to 144 00:08:08,480 --> 00:08:11,920 Speaker 1: loudly show our support. Is say to those who are 145 00:08:11,960 --> 00:08:14,000 Speaker 1: living in Florida, list if we want you here in 146 00:08:14,000 --> 00:08:17,120 Speaker 1: New York Mayor Adams went on to say New York 147 00:08:17,240 --> 00:08:20,040 Speaker 1: is the city of Stonewall. The announcement came one week 148 00:08:20,080 --> 00:08:22,760 Speaker 1: after Florida govern Around Descenter signed a build into law 149 00:08:22,880 --> 00:08:27,960 Speaker 1: that forbids instruction on sexual orientation and gender identity in 150 00:08:28,120 --> 00:08:31,160 Speaker 1: kindergarten through third grade. A sixty one year old New 151 00:08:31,240 --> 00:08:33,360 Speaker 1: York City woman was shot and killed by a stray 152 00:08:33,440 --> 00:08:35,760 Speaker 1: bullet in front of a grocery store in the Bronx 153 00:08:35,880 --> 00:08:40,240 Speaker 1: last night. Police say the innocent bystander was walking when 154 00:08:40,280 --> 00:08:42,960 Speaker 1: she was struck in the back by the stray bullet. 155 00:08:43,360 --> 00:08:48,120 Speaker 1: NYPD Commissioner Teaching Seoul another act of senseless violence on 156 00:08:48,160 --> 00:08:53,120 Speaker 1: the streets of this city, Mindless shootings with no thought 157 00:08:53,920 --> 00:08:57,600 Speaker 1: or fear of the consequences. Commissioner Sewell says they will 158 00:08:57,600 --> 00:09:00,319 Speaker 1: spare no resources to bring those responses both of the 159 00:09:00,400 --> 00:09:04,520 Speaker 1: violence to justice. Republican Senators Lisa Murkowski and Mitt Romney 160 00:09:04,520 --> 00:09:07,360 Speaker 1: said they would vote to confirm Judge Katangi Brown Jackson 161 00:09:07,640 --> 00:09:10,280 Speaker 1: to a seat on the U. S. Supreme Court last week. 162 00:09:10,360 --> 00:09:13,640 Speaker 1: Republican Senator Susan Collins of Maine also said she would 163 00:09:13,679 --> 00:09:18,160 Speaker 1: support Jackson. Yesterday, the Senate Judiciary Committee split eleven eleven 164 00:09:18,480 --> 00:09:21,920 Speaker 1: on sending Jackson's nomination to the floor that required a 165 00:09:22,000 --> 00:09:25,000 Speaker 1: separate vote of the full Senate. Senate Majority Leader Chuck 166 00:09:25,040 --> 00:09:31,360 Speaker 1: Schumer on the Judiciary Committee vote, Sadly, despite the judge's qualifications, 167 00:09:31,640 --> 00:09:36,079 Speaker 1: not a single Republican on the committee voted to report 168 00:09:36,120 --> 00:09:39,520 Speaker 1: her out of committee. Senate Minority Leader Mitch McConnell, Judge 169 00:09:39,559 --> 00:09:42,840 Speaker 1: Jackson has gone beyond the judicial role to rewrite immigration 170 00:09:42,920 --> 00:09:46,280 Speaker 1: policy from the bench and make it even more liberal. 171 00:09:46,559 --> 00:09:49,600 Speaker 1: Senator McConnell. Global News twenty four hours a day on 172 00:09:49,679 --> 00:09:52,000 Speaker 1: air and on Bloomberg Quick Tank, powered by more than 173 00:09:52,040 --> 00:09:55,200 Speaker 1: twenty seven hundred journalist, analyist and more than a twenty 174 00:09:55,240 --> 00:09:58,560 Speaker 1: countries on Michael bar this is Bloomberg. Nathan, alright, Michael, 175 00:09:58,559 --> 00:10:05,800 Speaker 1: thanks turn up on Wall Street Times for the Blitzenberg 176 00:10:05,880 --> 00:10:08,480 Speaker 1: Sports up taking morning. John Stashown, Good morning, Nathan. You 177 00:10:08,520 --> 00:10:11,120 Speaker 1: couldn't ask for a better National Championship game with zeros 178 00:10:11,160 --> 00:10:13,200 Speaker 1: on the cloth. The ball was in the air and 179 00:10:13,240 --> 00:10:15,760 Speaker 1: you didn't know whether Kansas did one or North Carolina 180 00:10:15,760 --> 00:10:18,080 Speaker 1: and sent the game to over time. The shot fell 181 00:10:18,120 --> 00:10:20,719 Speaker 1: well short of The Jayhawks won seventy two sixty nine 182 00:10:20,760 --> 00:10:22,520 Speaker 1: in New Orleans to win the fourth n c A 183 00:10:22,520 --> 00:10:24,920 Speaker 1: A title in school history, the second for Bill self, 184 00:10:25,080 --> 00:10:26,800 Speaker 1: who thought he was gonna win two years ago. His 185 00:10:26,880 --> 00:10:29,280 Speaker 1: team was ranked number one when the tournament was canceled 186 00:10:29,520 --> 00:10:32,480 Speaker 1: to the covert. I always thought the team was better, 187 00:10:33,440 --> 00:10:35,400 Speaker 1: uh more equipped to do well in the n c 188 00:10:35,520 --> 00:10:39,040 Speaker 1: Double A tournament. Uh after the ladies kids have played 189 00:10:39,040 --> 00:10:41,840 Speaker 1: the last month. I think this team can play with 190 00:10:41,880 --> 00:10:44,800 Speaker 1: any team. With Kansas served could on the cool Bogy 191 00:10:44,960 --> 00:10:47,000 Speaker 1: was the most outstanding player, but the big shots down 192 00:10:47,040 --> 00:10:49,520 Speaker 1: to stretch, the three corner by Remy Martin at snapped 193 00:10:49,520 --> 00:10:51,640 Speaker 1: the tie, and the two hoops from the lane by 194 00:10:51,640 --> 00:10:55,480 Speaker 1: the center David McCormack, Kansas had trailed by sixteen. By 195 00:10:55,520 --> 00:10:57,599 Speaker 1: fifteen and a half time. It's the biggest comeback in 196 00:10:57,720 --> 00:11:01,000 Speaker 1: championship game history. North Carolina, done in by shooting, only 197 00:11:01,800 --> 00:11:05,760 Speaker 1: made only five of twenty three nat so's used to 198 00:11:05,840 --> 00:11:08,439 Speaker 1: tonight and Nets headed for that play in tournament Kevin 199 00:11:08,520 --> 00:11:11,440 Speaker 1: durand amtst. Their season was derailed by his knee injury, 200 00:11:11,480 --> 00:11:14,199 Speaker 1: during which time they went five and seventeen. Nets made 201 00:11:14,240 --> 00:11:16,720 Speaker 1: the trade of Philadelphia to get Ben Simmons got the 202 00:11:16,760 --> 00:11:18,880 Speaker 1: injured back as still yet to play for them. The 203 00:11:18,960 --> 00:11:21,400 Speaker 1: Nets say Simmons won't be able to go in that 204 00:11:21,600 --> 00:11:24,040 Speaker 1: play in turney. Tiger Woods, on the other hand, played 205 00:11:24,120 --> 00:11:27,040 Speaker 1: nine practice holes at Augusta National, playing with Justin Thomas 206 00:11:27,040 --> 00:11:31,000 Speaker 1: and Fred Couples, who said Tiger's play was phenomenal. Nothing definite. 207 00:11:31,080 --> 00:11:33,280 Speaker 1: Tiger has called it a game time decision, But Tweeny, 208 00:11:33,679 --> 00:11:37,439 Speaker 1: the indications are the Tiger fourteen months after that car accident, 209 00:11:37,800 --> 00:11:39,920 Speaker 1: going to t it up of the Masters to Thursday. 210 00:11:40,200 --> 00:11:43,240 Speaker 1: John dash Allard Bloomberg's part, of course, saw the coverage 211 00:11:43,240 --> 00:11:46,079 Speaker 1: of the Masters as always right here on Bloomberg Radio. 212 00:11:46,120 --> 00:11:48,480 Speaker 1: Thank you for that, John. Right now, SMP futures are 213 00:11:48,559 --> 00:11:51,120 Speaker 1: little changed, So are down futures down just three points. 214 00:11:51,160 --> 00:11:54,600 Speaker 1: Nastack features are higher by one point. The action is 215 00:11:54,679 --> 00:11:57,440 Speaker 1: in the bond market, with ten year treasuries down thirteen 216 00:11:57,520 --> 00:11:59,920 Speaker 1: thirty seconds. The yield two point four or four percent. 217 00:12:00,400 --> 00:12:03,199 Speaker 1: That's the yield on the two year as well. You're 218 00:12:03,200 --> 00:12:08,880 Speaker 1: listening to Bloomberg Daybreak Bloomberg eleven three oh weather mostly 219 00:12:08,920 --> 00:12:11,560 Speaker 1: cloudy today, chance for an isolated afternoon shower with highs 220 00:12:11,600 --> 00:12:13,120 Speaker 1: in the mid fifties. Fact we're gonna stay in the 221 00:12:13,160 --> 00:12:17,040 Speaker 1: mid fifties through the next three days. With rain throughout 222 00:12:17,240 --> 00:12:24,920 Speaker 1: right now in Central Park markets. Headlines and breaking news 223 00:12:24,960 --> 00:12:27,559 Speaker 1: twenty four hours a day at Bloomberg dot Com, The 224 00:12:27,600 --> 00:12:31,040 Speaker 1: Bloomberg Business at and at Bloomberg Quick Tape. This is 225 00:12:31,080 --> 00:12:40,400 Speaker 1: a Bloomberg Business lash and I'm camera in Moscow. European 226 00:12:40,520 --> 00:12:44,280 Speaker 1: stocks are rising this morning. US stock index futures are 227 00:12:44,280 --> 00:12:47,640 Speaker 1: a little changed. Oil gaining as investors evaluate the prospect 228 00:12:47,679 --> 00:12:51,080 Speaker 1: of tougher sanctions against Russia. Bonds are retreating and then 229 00:12:51,240 --> 00:12:54,840 Speaker 1: deepening concern about inflation and the policy response. We checked 230 00:12:54,880 --> 00:12:57,200 Speaker 1: the markets every fifteen minutes throughout the trading day on 231 00:12:57,240 --> 00:13:00,400 Speaker 1: Bloomberg Guess and Key futures. Again little change the morning, 232 00:13:00,400 --> 00:13:03,319 Speaker 1: along with dowin Nasdack futures. The decks in Germany is 233 00:13:03,400 --> 00:13:05,959 Speaker 1: up about two tenths of upper sent ten. Your Treasury 234 00:13:06,000 --> 00:13:08,640 Speaker 1: down twelve thirty seconds, yet two point four or four percent. 235 00:13:08,720 --> 00:13:10,719 Speaker 1: The yield on the two year two point four or 236 00:13:10,760 --> 00:13:13,480 Speaker 1: four percent as well. Nine mex scrude oil is up 237 00:13:13,480 --> 00:13:15,559 Speaker 1: one point eight percent of a dollar eighty five and 238 00:13:15,600 --> 00:13:18,600 Speaker 1: a hundred five dollars fourteen cents of barrel. Comic Schools 239 00:13:18,679 --> 00:13:21,559 Speaker 1: isn't ell change at nineteen thirty two eighty announced the 240 00:13:21,640 --> 00:13:24,000 Speaker 1: euro one point o nine eight two against the dollar, 241 00:13:24,160 --> 00:13:26,319 Speaker 1: The British found one point three one three nine, the 242 00:13:26,440 --> 00:13:29,400 Speaker 1: UN at one twenty two point seven two, and Bitcoin 243 00:13:29,520 --> 00:13:32,640 Speaker 1: this morning is higher, up seven tenths percent at forty 244 00:13:32,720 --> 00:13:36,120 Speaker 1: six thous and six thirty dollars. That's a Bloomberg business flash. 245 00:13:36,200 --> 00:13:38,559 Speaker 1: Now here's Michael Barrow with Moura. What's going on around 246 00:13:38,559 --> 00:13:41,760 Speaker 1: the world, muncle, Good morning, Good morning, Karen. Ukrainian President 247 00:13:41,880 --> 00:13:45,840 Speaker 1: voladimir's Lenski will address the United Nations Security Council today. 248 00:13:46,320 --> 00:13:48,959 Speaker 1: The US said it might impose further sanctions this week 249 00:13:49,040 --> 00:13:52,720 Speaker 1: on Moscow as the world's attention focused on Ukraine, saying 250 00:13:52,800 --> 00:13:57,160 Speaker 1: that Russian troops executed civilians in Bucha and other towns. 251 00:13:57,600 --> 00:14:02,240 Speaker 1: Russia denies its forces killed civilians. Three Republican senators joined 252 00:14:02,280 --> 00:14:06,000 Speaker 1: Democrats to force Judge Jackson Supreme Court nomination out of 253 00:14:06,040 --> 00:14:08,880 Speaker 1: the Senate Judiciary Committee after a vote there ended in 254 00:14:08,960 --> 00:14:11,959 Speaker 1: a time. Kansas has won the NZ Double, a men's 255 00:14:12,040 --> 00:14:16,559 Speaker 1: basketball title by engineering the greatest second half comeback in 256 00:14:16,679 --> 00:14:20,680 Speaker 1: finals history. The Jayhawks turned a sixteen points second half 257 00:14:20,760 --> 00:14:24,000 Speaker 1: deficit into a seventy two sixty nine victory over North 258 00:14:24,080 --> 00:14:27,160 Speaker 1: Carolina in the NHL the Bruins one and overtime against 259 00:14:27,160 --> 00:14:30,200 Speaker 1: the Blue Jackets three. To Global News twenty four hours 260 00:14:30,240 --> 00:14:33,280 Speaker 1: a day on air and on Bloomberg Quick Take, powered 261 00:14:33,320 --> 00:14:36,400 Speaker 1: by more than twenty seven under journalist and analysts in 262 00:14:36,480 --> 00:14:39,200 Speaker 1: more than one twenty countries. I'm Michael Barr and this 263 00:14:39,880 --> 00:14:42,040 Speaker 1: is Bloomberg. Nathan. Yeah, turn around like that is why 264 00:14:42,080 --> 00:14:44,680 Speaker 1: they call it March madness. Thank you, Michael. It is 265 00:14:44,720 --> 00:14:47,320 Speaker 1: five nineteen on Wall Street Live from the Bloomberg Interactive 266 00:14:47,320 --> 00:14:49,840 Speaker 1: Broker Studios. This is Bloomberg Day Break. Let's turn down 267 00:14:49,840 --> 00:14:51,680 Speaker 1: to the latest on the war in Ukraine. Were joined 268 00:14:51,720 --> 00:14:55,480 Speaker 1: once again by Bloomberg News Executive editor for International Government, 269 00:14:55,560 --> 00:14:58,800 Speaker 1: Rosalind Mathison. Ros Good morning. We've had some pretty significant 270 00:14:58,840 --> 00:15:01,120 Speaker 1: developments in just the last a few minutes, including this 271 00:15:01,240 --> 00:15:04,200 Speaker 1: word from the European Commission that President Ursula vonder Lyine 272 00:15:04,200 --> 00:15:07,720 Speaker 1: and High Commissioner Joseph Barrell are planning to visit Kiv 273 00:15:07,960 --> 00:15:10,080 Speaker 1: in the next couple of days here and of course 274 00:15:10,120 --> 00:15:14,120 Speaker 1: this comes after the horrific images we've seen of apparent 275 00:15:14,240 --> 00:15:17,280 Speaker 1: mass civilian deaths near Ukraine, in the city of Bucha 276 00:15:17,640 --> 00:15:20,120 Speaker 1: and other places. What kind of signal does this send 277 00:15:20,480 --> 00:15:23,920 Speaker 1: that the European Commission. These high ranking leaders are now 278 00:15:24,120 --> 00:15:28,080 Speaker 1: going into what is essentially a war zone. Well, certainly, 279 00:15:28,120 --> 00:15:30,960 Speaker 1: as you say, it would probably be the highest ranking 280 00:15:31,000 --> 00:15:34,520 Speaker 1: officials to go into Ukraine since the war broke out, 281 00:15:34,680 --> 00:15:37,600 Speaker 1: and certainly to sit down in person with the Ukrainian 282 00:15:37,680 --> 00:15:41,320 Speaker 1: president in the capital. And it comes amid real pressure 283 00:15:41,360 --> 00:15:44,480 Speaker 1: on Europe to do more, um than it's already doing 284 00:15:44,520 --> 00:15:47,720 Speaker 1: to support Ukraine in the face of what appears to 285 00:15:47,840 --> 00:15:51,160 Speaker 1: be on the Ukrainian side, war crimes committed by Russian 286 00:15:51,200 --> 00:15:53,800 Speaker 1: troops in the north, and a lot of pressure on 287 00:15:53,840 --> 00:15:57,720 Speaker 1: Europe to agree to further moves on sanctions, particularly embargoes 288 00:15:57,760 --> 00:16:00,800 Speaker 1: on the energy side. So the visit is really symbolic 289 00:16:01,040 --> 00:16:03,160 Speaker 1: in some ways, is designed just to show you it 290 00:16:03,240 --> 00:16:06,600 Speaker 1: really does stand with Ukraine in this moment. You wouldn't 291 00:16:06,640 --> 00:16:09,280 Speaker 1: imagine that she is in a position to promise him 292 00:16:09,360 --> 00:16:12,440 Speaker 1: particular things on the ground, although we do know that 293 00:16:12,640 --> 00:16:16,160 Speaker 1: NATO nations are considering further weapons packages to go in 294 00:16:16,640 --> 00:16:18,480 Speaker 1: and there's a lot of discussion going on this week 295 00:16:18,680 --> 00:16:22,280 Speaker 1: in Brussels about possible embargoes on energy. Is probably too 296 00:16:22,360 --> 00:16:24,440 Speaker 1: soon for her to be able to promise him anything, 297 00:16:24,520 --> 00:16:27,120 Speaker 1: but at the least a symbolic effort to show that 298 00:16:27,240 --> 00:16:29,800 Speaker 1: Europe is still they're supporting Ukraine in this moment, and 299 00:16:29,960 --> 00:16:33,600 Speaker 1: you have to thank rise that as President Zelinski prepares 300 00:16:33,720 --> 00:16:36,680 Speaker 1: to address the U N Security Council later this morning, 301 00:16:36,760 --> 00:16:39,120 Speaker 1: that there's going to be even more pressure brought to bear, 302 00:16:39,240 --> 00:16:42,160 Speaker 1: not just on the European Union, but on the US 303 00:16:42,280 --> 00:16:44,880 Speaker 1: to do more on the sanctions front and on the 304 00:16:45,160 --> 00:16:48,360 Speaker 1: military aid front as well. Well. That's right because aside 305 00:16:48,440 --> 00:16:51,600 Speaker 1: from action on sanctions, Ukraine is also called for a 306 00:16:51,680 --> 00:16:54,320 Speaker 1: full ban on Russian ship stocking at ports in Europe 307 00:16:54,360 --> 00:16:56,880 Speaker 1: and any goods from Russia being unloaded at all, and 308 00:16:57,000 --> 00:16:59,600 Speaker 1: some in the European Unit calling even for any Russian 309 00:16:59,640 --> 00:17:02,560 Speaker 1: citizen and to not be able to get an EU visa, 310 00:17:02,680 --> 00:17:05,719 Speaker 1: which is unlikely of course to happen. But aside from 311 00:17:05,800 --> 00:17:08,760 Speaker 1: those things, Ukraine is also still pushing for military equipment 312 00:17:08,840 --> 00:17:11,280 Speaker 1: to come in beyond the missiles that have that have 313 00:17:11,359 --> 00:17:14,400 Speaker 1: gone so far, particularly fighter jets UM and that's something 314 00:17:14,480 --> 00:17:17,560 Speaker 1: that NATO including the US has balked out UM sending 315 00:17:17,640 --> 00:17:20,680 Speaker 1: fighter jets in to Ukraine. Are also agreeing, particularly to 316 00:17:20,800 --> 00:17:23,920 Speaker 1: a no fly zone over Ukraine. So you can imagine 317 00:17:23,960 --> 00:17:26,680 Speaker 1: that the President will raise those points again in his 318 00:17:26,920 --> 00:17:31,159 Speaker 1: U N. Security Council addressed today, particularly anchored around the 319 00:17:31,240 --> 00:17:33,879 Speaker 1: events of the past few days in those northern towns 320 00:17:33,920 --> 00:17:36,000 Speaker 1: and calling on Europe in the US and saying you 321 00:17:36,080 --> 00:17:39,240 Speaker 1: cannot just sit there and watch these things unfold in 322 00:17:39,359 --> 00:17:41,720 Speaker 1: these towns, because of course, what happened in one town 323 00:17:42,160 --> 00:17:44,359 Speaker 1: is very likely to have happened in others, So we 324 00:17:44,440 --> 00:17:47,359 Speaker 1: can expect more distressing reports to come out in the 325 00:17:47,440 --> 00:17:50,840 Speaker 1: coming days. So you're probably getting extremely heartfelt appeal by 326 00:17:50,880 --> 00:17:53,879 Speaker 1: the Ukrainian President to the U N. Security Council later today. 327 00:17:54,240 --> 00:17:56,679 Speaker 1: And we heard from President Biden yesterday as well as 328 00:17:56,800 --> 00:18:00,960 Speaker 1: National Security Advisor Jake Sullivan hinting at eva more sanctions 329 00:18:01,080 --> 00:18:05,240 Speaker 1: against Russia, including some targeted at the energy sector, beyond 330 00:18:05,320 --> 00:18:09,600 Speaker 1: a full band on oil and gas purchases from Russia. 331 00:18:09,800 --> 00:18:13,600 Speaker 1: What could energy related sanctions against Russia look like at 332 00:18:13,640 --> 00:18:16,560 Speaker 1: this point, Well, it's really those big three things, which 333 00:18:16,680 --> 00:18:20,240 Speaker 1: is gas, oil, and coal, um and Europe's really on 334 00:18:20,280 --> 00:18:22,680 Speaker 1: the hook for all three of those. The US has 335 00:18:22,800 --> 00:18:25,800 Speaker 1: moved further than Europe so far on the energy front, 336 00:18:25,880 --> 00:18:28,920 Speaker 1: and it's been the big economies of in Europe, particularly Germany, 337 00:18:29,000 --> 00:18:32,080 Speaker 1: which is so reliant on Russian gas, saying, if we 338 00:18:32,200 --> 00:18:33,840 Speaker 1: do this all of a sudden, it's going to be 339 00:18:33,920 --> 00:18:36,359 Speaker 1: too much of a shock for our economy and therefore 340 00:18:36,440 --> 00:18:39,880 Speaker 1: an economic shock for Europe as well. So those three things, 341 00:18:40,000 --> 00:18:42,080 Speaker 1: can we get movement at least on one of them? 342 00:18:42,119 --> 00:18:45,520 Speaker 1: Potentially coal for example, would they be willing to discuss that, 343 00:18:45,880 --> 00:18:48,680 Speaker 1: maybe coal and oil and you leave gas for later, 344 00:18:49,200 --> 00:18:50,920 Speaker 1: but something you would expect that they have to sort 345 00:18:50,920 --> 00:18:53,040 Speaker 1: of signal that they're going to move faster to wean 346 00:18:53,160 --> 00:18:57,240 Speaker 1: themselves off Russian gas than they've said, which is really 347 00:18:57,280 --> 00:19:00,480 Speaker 1: the end of the year. So possibly actually non cole 348 00:19:00,560 --> 00:19:03,520 Speaker 1: in particular, we should look for that, but gas is 349 00:19:03,560 --> 00:19:05,520 Speaker 1: really the big one, and that's the hardest one. Of course, 350 00:19:06,040 --> 00:19:08,359 Speaker 1: very quickly rise only about thirty seconds left here. But 351 00:19:08,440 --> 00:19:11,359 Speaker 1: have we seen any further movement in the latest negotiations 352 00:19:11,440 --> 00:19:15,000 Speaker 1: by video between Russia and Ukraine. Well, we only know 353 00:19:15,200 --> 00:19:18,040 Speaker 1: that Russia says that talks ongoing. There's been no clarity 354 00:19:18,080 --> 00:19:20,879 Speaker 1: about video talks yesterday, if they were even held, and 355 00:19:20,920 --> 00:19:24,440 Speaker 1: if anything was resolved, certainly talks will probably continue towards 356 00:19:24,480 --> 00:19:26,840 Speaker 1: the cease fire. But you imagine what we're seeing in 357 00:19:26,880 --> 00:19:29,280 Speaker 1: the north of Ukraine. Makes it even more complicated to 358 00:19:29,320 --> 00:19:32,160 Speaker 1: get to a broader peace deal because the Ukrainian president 359 00:19:32,240 --> 00:19:33,879 Speaker 1: isn't a position where he cannot be seen to be 360 00:19:34,000 --> 00:19:38,160 Speaker 1: giving any territory away, So complicating that that broader conversation 361 00:19:38,240 --> 00:19:41,440 Speaker 1: put down the track. Yeah, certainly feels that way, as always, Rose, 362 00:19:41,560 --> 00:19:44,040 Speaker 1: Thank you for keeping us up to speed. Rosalind Matheson, 363 00:19:44,080 --> 00:19:48,280 Speaker 1: our executive editor for International Government at Bloomberg News. Right now, 364 00:19:48,480 --> 00:19:52,040 Speaker 1: SMP futures are down two points, Staff futures down sixteen, 365 00:19:52,160 --> 00:19:54,560 Speaker 1: Nasdaq futures down seven, so a little change as far 366 00:19:54,640 --> 00:19:57,760 Speaker 1: as equity futures go. The tenure treasury though, down fourteen 367 00:19:57,880 --> 00:20:00,840 Speaker 1: thirty seconds. The yield two point four four percent. Yield 368 00:20:00,880 --> 00:20:02,679 Speaker 1: on the two you're now just a touch higher than 369 00:20:02,720 --> 00:20:08,200 Speaker 1: the ten year at two point four five Bloomberg eleven 370 00:20:08,240 --> 00:20:10,960 Speaker 1: three oh Weather mostly cloudy today, an isolated afternoon shower 371 00:20:11,040 --> 00:20:13,560 Speaker 1: possible with highstear fifty five degrees. The rain will end 372 00:20:13,600 --> 00:20:17,160 Speaker 1: by tomorrow afternoon with high stear fifty five. Rain returns Thursday. 373 00:20:17,680 --> 00:20:24,320 Speaker 1: Right now forty five in Central Park. Broadcasting live from 374 00:20:24,400 --> 00:20:28,159 Speaker 1: the Bloomberg Interactive Broker Studio in New York. Bloomberg e 375 00:20:28,240 --> 00:20:32,200 Speaker 1: Living Freedom to Washington, d C, Bloomberg one to Boston, 376 00:20:32,320 --> 00:20:35,720 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine 377 00:20:35,800 --> 00:20:38,840 Speaker 1: sixteen to the country Sirius XM total one nine ten 378 00:20:39,000 --> 00:20:42,160 Speaker 1: and around the globe the Bloomberg Business app and Bloomberg 379 00:20:42,240 --> 00:20:51,720 Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty 380 00:20:51,760 --> 00:20:54,280 Speaker 1: on Wall Street. Good morning. I'm Nathan Hager and I'm 381 00:20:54,359 --> 00:20:56,960 Speaker 1: Karin Moscow. We're just about four hours away from the 382 00:20:57,040 --> 00:20:58,919 Speaker 1: open of US trading. Let's get you have to day 383 00:20:58,960 --> 00:21:00,680 Speaker 1: on the news. You need to know went this hour. 384 00:21:00,920 --> 00:21:04,879 Speaker 1: Ukrainian President Vladimir Zlenski will address the UN Security Council 385 00:21:04,960 --> 00:21:07,760 Speaker 1: this morning. As remarks come as the world reacts to 386 00:21:07,880 --> 00:21:10,960 Speaker 1: graphic images of civilian deaths in the city of Bootsha. 387 00:21:11,480 --> 00:21:15,240 Speaker 1: Russia denies responsibility for the deaths. Meantime, President Biden is 388 00:21:15,280 --> 00:21:18,399 Speaker 1: calling on President Vladimir Putin a war criminal. We have 389 00:21:18,520 --> 00:21:21,720 Speaker 1: to gather of inpromation. We have to continue to provide 390 00:21:21,920 --> 00:21:25,120 Speaker 1: Ukraine with the weapons they need to continue to fight, 391 00:21:25,760 --> 00:21:28,600 Speaker 1: and we have together all the detail so just to 392 00:21:28,720 --> 00:21:32,000 Speaker 1: be a actually have a war crime trial. President Biden 393 00:21:32,119 --> 00:21:35,520 Speaker 1: is also promising more sanctions and National Security Advisor Jake 394 00:21:35,560 --> 00:21:38,560 Speaker 1: Sullivan says they'll be announced this week and will include 395 00:21:38,560 --> 00:21:41,359 Speaker 1: economic pressure on Russia. The U. S. Treasury is also 396 00:21:41,440 --> 00:21:44,280 Speaker 1: ramping up pressure on Moscow. Karen Now, it's stomping Russia 397 00:21:44,359 --> 00:21:46,720 Speaker 1: from paying debt through its US accounts. It's got that 398 00:21:46,800 --> 00:21:49,879 Speaker 1: storyline from Bloomberg's John Tucker, John Nathan. The move will 399 00:21:49,920 --> 00:21:53,320 Speaker 1: force Russia to drain its dollar reserves, spend new revenue, 400 00:21:53,480 --> 00:21:56,560 Speaker 1: or go into default. It further ratchetes up pressure on 401 00:21:56,640 --> 00:22:00,240 Speaker 1: Vladimir Putina and his invasion of Ukraine. The latest oval 402 00:22:00,320 --> 00:22:03,720 Speaker 1: intensify scrutiny on payments that are due May twenty seven 403 00:22:03,840 --> 00:22:07,280 Speaker 1: for interest to olde on sovereign dollar and euronoes. Russia's 404 00:22:07,280 --> 00:22:10,200 Speaker 1: foreign currency and gold reserves have plunged to the lowest 405 00:22:10,280 --> 00:22:13,240 Speaker 1: level since last August, Live in New York. I'm John Tucker, 406 00:22:13,320 --> 00:22:15,680 Speaker 1: Bloomberg Daybreak. All right, John, thank you about turning to 407 00:22:15,720 --> 00:22:18,359 Speaker 1: the markets. Now. Oil continues to rise on word the 408 00:22:18,520 --> 00:22:21,520 Speaker 1: U S and Europe may impose energy sanctions on Russia. 409 00:22:21,680 --> 00:22:24,000 Speaker 1: That follows a four percent game for crewe to yesterday. 410 00:22:24,280 --> 00:22:26,679 Speaker 1: Checking prices right now, nimex screwed oil is up one 411 00:22:26,720 --> 00:22:28,520 Speaker 1: and a half percent of but all our fifty five 412 00:22:28,560 --> 00:22:30,720 Speaker 1: and a hundred four dollars eighty three cents of barrel 413 00:22:31,040 --> 00:22:33,200 Speaker 1: brent is at one point four percent and a hundred 414 00:22:33,280 --> 00:22:36,480 Speaker 1: nine dollars seven cents. And another commodity related news this morning, 415 00:22:36,520 --> 00:22:39,240 Speaker 1: Karen JP Morgan Chase is reviewing its business with some 416 00:22:39,400 --> 00:22:42,200 Speaker 1: clients after last month's Nichols short squeeze. The bank is 417 00:22:42,240 --> 00:22:44,600 Speaker 1: one of the largest players in global commodity markets and 418 00:22:44,640 --> 00:22:47,680 Speaker 1: the biggest in metals by far well. Twitter is front 419 00:22:47,760 --> 00:22:50,680 Speaker 1: and center again this morning. Nathan after taking a stake 420 00:22:50,720 --> 00:22:53,480 Speaker 1: in the company, Elon Musk may be looking for changes 421 00:22:53,560 --> 00:22:56,080 Speaker 1: at the social media company. They get the latest line 422 00:22:56,119 --> 00:22:58,200 Speaker 1: from Bloomberg's right, I need a young good morning, Ready 423 00:22:58,240 --> 00:23:01,080 Speaker 1: to good morning, Karen. Elon Musk is asking users in 424 00:23:01,119 --> 00:23:04,000 Speaker 1: a Twitter poll if they want an edit button now. 425 00:23:04,119 --> 00:23:06,840 Speaker 1: There's about fifteen hours left on the pole and out 426 00:23:06,880 --> 00:23:10,399 Speaker 1: of almost two point five million votes, seventy three percent 427 00:23:10,520 --> 00:23:13,800 Speaker 1: appear to support the edit button. Twitter's new CEO says 428 00:23:13,840 --> 00:23:16,919 Speaker 1: the consequences of the poll will be important and urges 429 00:23:17,000 --> 00:23:20,080 Speaker 1: people to vote carefully. Live in New York. I'm gonna 430 00:23:20,119 --> 00:23:22,600 Speaker 1: need a young Bloomberg daybreak, right, we need to thank you. 431 00:23:22,720 --> 00:23:26,240 Speaker 1: In futures this morning, they're little change to lower the 432 00:23:26,320 --> 00:23:29,080 Speaker 1: ten year treasury down thirteen thirty seconds here two point 433 00:23:29,119 --> 00:23:31,360 Speaker 1: four or four percent. Try to head your latest local 434 00:23:31,400 --> 00:23:39,680 Speaker 1: headlines plus a check of sports. This is Bloomberg. Okay, Karen. Thanks, 435 00:23:39,720 --> 00:23:42,199 Speaker 1: It's five thirty three on Wall Street, forty six degrees 436 00:23:42,320 --> 00:23:44,720 Speaker 1: in Central Park. We've got an accent on the southbound 437 00:23:44,760 --> 00:23:47,320 Speaker 1: FDR drive at a hundred six Details coming up in 438 00:23:47,400 --> 00:23:49,680 Speaker 1: traffic First. Michael Barr with more on what's going on 439 00:23:49,720 --> 00:23:51,680 Speaker 1: in New York and around the world. Michael, thank you 440 00:23:51,800 --> 00:23:54,080 Speaker 1: very much. Nathan. New York City is launching a digital 441 00:23:54,200 --> 00:23:58,040 Speaker 1: billboard campaign to lure people in Florida who are unhappy 442 00:23:58,160 --> 00:24:00,680 Speaker 1: with their states. Don't say gay law to the Big Apple. 443 00:24:01,200 --> 00:24:05,359 Speaker 1: Mayor Eric Adams says the billboards supporting lgbt Q visibility 444 00:24:05,600 --> 00:24:08,280 Speaker 1: will be displayed in five major markets in Florida for 445 00:24:08,560 --> 00:24:11,480 Speaker 1: eight weeks. We are in unitsies with you, and you're 446 00:24:11,600 --> 00:24:19,000 Speaker 1: right to have self identification. You're right to be lived 447 00:24:19,000 --> 00:24:22,480 Speaker 1: the lifestyle and live the lives that you choose to 448 00:24:22,600 --> 00:24:25,760 Speaker 1: live without any form of harassment. Last week, Florida Governor 449 00:24:25,760 --> 00:24:28,440 Speaker 1: Around the Santis signed a bill into law that forbids 450 00:24:28,560 --> 00:24:33,560 Speaker 1: instruction on sexual orientation and gender identity in kindergarten through 451 00:24:33,680 --> 00:24:38,119 Speaker 1: third grade. LGBTQ groups have condemned the legislation, saying it 452 00:24:38,200 --> 00:24:43,240 Speaker 1: will marginalize lgbt Q children and families. As Democrats move 453 00:24:43,320 --> 00:24:46,000 Speaker 1: towards confirming Judge Katangi Brown Jackson to the U. S 454 00:24:46,040 --> 00:24:48,680 Speaker 1: Supreme Court by the end of the week, three Republican 455 00:24:48,760 --> 00:24:52,320 Speaker 1: senators have announced they planned to join Democrats to confirm 456 00:24:52,359 --> 00:24:55,679 Speaker 1: her to the nation's highest court. Susan Collins, Mitt Romney, 457 00:24:55,760 --> 00:24:59,920 Speaker 1: and Lisa Murkowski joined Democrats to force Judge Jackson's nomination 458 00:25:00,040 --> 00:25:03,000 Speaker 1: and out of the Senate Judiciary Committee after a vote 459 00:25:03,000 --> 00:25:06,640 Speaker 1: there yesterday ended in a time The House panel investigating 460 00:25:06,680 --> 00:25:09,159 Speaker 1: the capital attack is backing away from a bid for 461 00:25:09,320 --> 00:25:13,280 Speaker 1: the testimony of the former Vice president. Select Committee chair 462 00:25:13,440 --> 00:25:16,920 Speaker 1: Benny Thompson says the panel will not subpoena Mike Pence 463 00:25:17,000 --> 00:25:21,119 Speaker 1: for his testimony. There's no effort on the part of 464 00:25:21,200 --> 00:25:25,000 Speaker 1: the committee uh to get him to come in. Pence's 465 00:25:25,080 --> 00:25:28,200 Speaker 1: chief of staff, his national security advisor, and his Chief 466 00:25:28,280 --> 00:25:31,439 Speaker 1: council of all sat for lengthy interviews before the panel. 467 00:25:31,800 --> 00:25:34,960 Speaker 1: Senate bargainers have reached an agreement on a slim down 468 00:25:35,119 --> 00:25:39,280 Speaker 1: ten billion dollar package for countering COVID nineteen with treatments, vaccines, 469 00:25:39,320 --> 00:25:42,479 Speaker 1: and other steps, but the compromise ended up dropping all 470 00:25:42,560 --> 00:25:46,600 Speaker 1: funding to help nations abroad combat the pandemic. Global News 471 00:25:46,680 --> 00:25:49,680 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 472 00:25:49,880 --> 00:25:52,720 Speaker 1: powered by more than twenty seven hundred journalists and analyst 473 00:25:53,000 --> 00:25:55,120 Speaker 1: in more than a hundred twenty countries. On Michael Barr 474 00:25:55,200 --> 00:26:02,680 Speaker 1: This is Bloomberg Naked Okay, Michael, Thanks five On Wall 475 00:26:02,680 --> 00:26:05,000 Speaker 1: Street Time for the Bloomberg Sports Update with John stash Our. 476 00:26:05,080 --> 00:26:07,920 Speaker 1: Thanks Nathan. Biggest Championship game come back at n C 477 00:26:08,119 --> 00:26:10,600 Speaker 1: Double a tournament history in New Orleans. Kansas and North 478 00:26:10,640 --> 00:26:13,560 Speaker 1: Carolina were tied at twenty two and then Carolina had 479 00:26:13,560 --> 00:26:16,320 Speaker 1: a sixteen nothing wrong led by fifteen and a half time. 480 00:26:16,680 --> 00:26:19,000 Speaker 1: Midway to the second half, that lead was gone. Jayops 481 00:26:19,000 --> 00:26:20,879 Speaker 1: actually went up by six at one point. Game was 482 00:26:20,960 --> 00:26:24,400 Speaker 1: tied with three minutes left, tiebreaking three pointer by Remy Martin. 483 00:26:24,480 --> 00:26:27,840 Speaker 1: Carolina reclaimed the lead. David McCormack had a shot to 484 00:26:27,880 --> 00:26:30,359 Speaker 1: put Kansas back on top, and then he hit another 485 00:26:30,840 --> 00:26:33,040 Speaker 1: to put him ahead by three. Carolina had a chance 486 00:26:33,119 --> 00:26:37,240 Speaker 1: after a Kansas turnover. Caleb Loves Game signed three fell short. 487 00:26:37,560 --> 00:26:40,840 Speaker 1: That Jayhawks one thriller seventy two sixty nine fourth title 488 00:26:40,880 --> 00:26:44,280 Speaker 1: in school history. They also won a nineteen fifty eight 489 00:26:44,520 --> 00:26:46,920 Speaker 1: and two thousands and eight. Bill self coached that team, 490 00:26:47,000 --> 00:26:51,640 Speaker 1: also to a comeback victory. Before the the half was over, 491 00:26:51,720 --> 00:26:53,960 Speaker 1: I said, which would be harder? Being down nine with 492 00:26:54,080 --> 00:26:57,119 Speaker 1: two minutes left or being down fifteen? Works winner? And 493 00:26:57,200 --> 00:26:59,680 Speaker 1: they all sit being down nine with two minutes left, 494 00:26:59,720 --> 00:27:02,760 Speaker 1: I said, Sol, we can do this. And because that's 495 00:27:02,760 --> 00:27:06,480 Speaker 1: the way it was in the way, Carolina denied a 496 00:27:06,680 --> 00:27:09,440 Speaker 1: seventh title, feeling heartbreak much like six years ago, and 497 00:27:09,480 --> 00:27:13,000 Speaker 1: they lost to Villanova. At the Carolina was plus twenty rebounding, 498 00:27:13,119 --> 00:27:16,200 Speaker 1: but love R. J. Davis and Armando Bocock together shot 499 00:27:16,280 --> 00:27:19,720 Speaker 1: thirteen fifty Pool and Samfa Yankees for the Phillies, Aaron 500 00:27:19,800 --> 00:27:21,560 Speaker 1: Judge at a three one homer. He's had four four 501 00:27:21,640 --> 00:27:24,000 Speaker 1: team this spring with four homers. Dom Smith the three 502 00:27:24,040 --> 00:27:25,760 Speaker 1: on shot. The Mets and Astro had finished at a 503 00:27:25,840 --> 00:27:28,800 Speaker 1: tie the grape Fruit Lea against Today. The Mets then 504 00:27:28,840 --> 00:27:31,920 Speaker 1: had to Washington and Yankees head home opening day weather permitting. 505 00:27:32,440 --> 00:27:35,399 Speaker 1: Thursday of English was at the Devil's Tonight, Nets host Houston. 506 00:27:35,480 --> 00:27:39,200 Speaker 1: John Stashoward Bloomberg Sports Anything Okay, John Thanks thirty seven 507 00:27:39,280 --> 00:27:42,080 Speaker 1: on Wall Street time for the Tri State Business Report, Heres, 508 00:27:42,119 --> 00:27:46,240 Speaker 1: Bloomberg said Corey Manhattan apartment sales continued their hot streak 509 00:27:46,280 --> 00:27:49,600 Speaker 1: in the first quarter, with rising demand clashing up against 510 00:27:49,680 --> 00:27:52,879 Speaker 1: an inventory crunch to stoke bidding wars in a growing 511 00:27:52,960 --> 00:27:56,520 Speaker 1: share of deals. Purchases completed above the asking price made 512 00:27:56,600 --> 00:27:59,719 Speaker 1: up nine point three percent of all transactions, the highest 513 00:28:00,000 --> 00:28:03,920 Speaker 1: worship in four years. Residents of high rise luxury apartments 514 00:28:04,080 --> 00:28:06,440 Speaker 1: might have to take out their own trash if the 515 00:28:06,520 --> 00:28:09,080 Speaker 1: dorman and staff for three thousand New York buildings go 516 00:28:09,200 --> 00:28:12,520 Speaker 1: on strike. The union contract for more than thirty thousand 517 00:28:12,560 --> 00:28:16,439 Speaker 1: workers from buildings owned by companies like Mornado Realty Trust 518 00:28:16,520 --> 00:28:21,199 Speaker 1: and related companies runs out April. New Jersey's first company 519 00:28:21,240 --> 00:28:24,920 Speaker 1: to take bets on competitive video games begins full operations 520 00:28:25,040 --> 00:28:28,639 Speaker 1: this week after completing a trial run. London based E 521 00:28:28,760 --> 00:28:32,600 Speaker 1: Sports Entertainment Group was approved for operations after a period 522 00:28:32,680 --> 00:28:37,520 Speaker 1: of soft play while regulators evaluated its product. Begrew Bloomberg 523 00:28:37,600 --> 00:28:41,640 Speaker 1: Try State Business Report. I'm in Corey on Wall Street. 524 00:28:41,680 --> 00:28:44,000 Speaker 1: Bloomberg Radio is on the air from San Francisco to 525 00:28:44,080 --> 00:28:46,720 Speaker 1: New York, London to Hong Kong. Let's check in with 526 00:28:46,760 --> 00:28:48,960 Speaker 1: our global news team for some of the top stories 527 00:28:49,000 --> 00:28:52,320 Speaker 1: heard on our three hundred affiliate radio stations around the world. 528 00:28:55,360 --> 00:28:58,480 Speaker 1: I'm Steve Podask and on ten ten Wins in New York, 529 00:28:58,560 --> 00:29:02,240 Speaker 1: We're talking about Holman An apartment buyers are still dealing 530 00:29:02,360 --> 00:29:05,560 Speaker 1: with bidding wards um Corney's Donahoe on k l D 531 00:29:05,720 --> 00:29:08,840 Speaker 1: in Dallas. Exxon is signaling its highest profits since two 532 00:29:08,880 --> 00:29:12,240 Speaker 1: thousand eight. On upending commodity markets. I made gory on 533 00:29:12,560 --> 00:29:15,280 Speaker 1: w T A M in Cleveland. I'm reporting Kroger plans 534 00:29:15,320 --> 00:29:19,800 Speaker 1: to build a grocery delivery hub in Oakwood. And those 535 00:29:19,880 --> 00:29:23,360 Speaker 1: are some of the stories that are hundred Bloomberg journalists 536 00:29:23,360 --> 00:29:25,720 Speaker 1: and analysts are working on this morning around the world. 537 00:29:25,800 --> 00:29:28,400 Speaker 1: We're coming up to five thirty nine on Wall Street. 538 00:29:28,680 --> 00:29:33,320 Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial 539 00:29:33,640 --> 00:29:37,320 Speaker 1: was written by the Bloomberg Editorial Board. The U. S. 540 00:29:37,440 --> 00:29:41,560 Speaker 1: Government has long offered enticements to get Americans to save 541 00:29:41,720 --> 00:29:45,640 Speaker 1: for retirement. Why, some might ask, should it be involved 542 00:29:45,760 --> 00:29:49,080 Speaker 1: at all? There are two answers. First, people turn out 543 00:29:49,120 --> 00:29:51,680 Speaker 1: to be pretty bad at thinking about the distant future. 544 00:29:52,040 --> 00:29:55,520 Speaker 1: It seems our brains aren't wired for it. Second, of 545 00:29:55,600 --> 00:30:00,280 Speaker 1: the financial choices involved in retirement are uniquely complicate. Aided 546 00:30:00,800 --> 00:30:03,400 Speaker 1: Encouraging people to save more and helping them do it 547 00:30:03,520 --> 00:30:07,320 Speaker 1: wisely would make a lot of Americans better off. But 548 00:30:07,440 --> 00:30:10,480 Speaker 1: in recent decades, the U S system of retirement savings, 549 00:30:10,600 --> 00:30:14,200 Speaker 1: such as it is, has shifted sharply toward an ethos 550 00:30:14,440 --> 00:30:18,920 Speaker 1: of personal responsibility. As a result, nearly half of workers 551 00:30:19,360 --> 00:30:24,280 Speaker 1: nearing retirement age lack retirement savings. The government should be 552 00:30:24,360 --> 00:30:28,480 Speaker 1: doing more to steer Americans toward better choices, both for 553 00:30:28,600 --> 00:30:32,880 Speaker 1: their own financial security and for the public good. The 554 00:30:33,000 --> 00:30:36,719 Speaker 1: sedatorial was written by the Bloomberg Editorial Board. For more 555 00:30:36,760 --> 00:30:40,320 Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash opinion 556 00:30:40,480 --> 00:30:43,840 Speaker 1: or O P I n go on the Bloomberg terminal. 557 00:30:44,440 --> 00:30:47,920 Speaker 1: This has been Bloomberg opinion. You can hear Bloomberg opinion 558 00:30:48,040 --> 00:30:51,560 Speaker 1: editorials every weekday at this time. Terminal customers can read 559 00:30:51,640 --> 00:30:54,960 Speaker 1: more at O P I n go. Looking ahead to 560 00:30:55,080 --> 00:30:58,200 Speaker 1: the market, open futures are moving just a little bit lower, 561 00:30:58,280 --> 00:31:01,200 Speaker 1: with SMP futures down down sick points now futures down 562 00:31:01,280 --> 00:31:04,280 Speaker 1: forty six. Nastack futures down eighteen that's a drop across 563 00:31:04,280 --> 00:31:07,720 Speaker 1: the board of about a ten percent le bond sell 564 00:31:07,760 --> 00:31:11,320 Speaker 1: off continues with the ten year Treasury down fourteen thirty seconds, 565 00:31:11,360 --> 00:31:13,360 Speaker 1: the yield two point four or four percent yield on 566 00:31:13,440 --> 00:31:16,640 Speaker 1: the two year two point four five. You're listening to 567 00:31:16,720 --> 00:31:24,400 Speaker 1: Bloomberg Day Bloomberg eleven three oh Weather mostly cloudy today 568 00:31:24,440 --> 00:31:27,280 Speaker 1: in isolated afternoon shower possible with highs in the mid fifties. 569 00:31:27,440 --> 00:31:30,080 Speaker 1: The rain will end by tomorrow afternoon in your fifty 570 00:31:30,160 --> 00:31:33,080 Speaker 1: five once again and mid fifties with brain returning Thursday 571 00:31:33,240 --> 00:31:39,120 Speaker 1: right now forty six in Central Park. Markets, headlines and 572 00:31:39,280 --> 00:31:42,480 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 573 00:31:42,640 --> 00:31:46,200 Speaker 1: The Bloomberg Business at and at Bloomberg Quick Take. He's 574 00:31:46,240 --> 00:31:55,240 Speaker 1: a Bloomberg Business Flash and I'm Cameron. Moscow and European 575 00:31:55,360 --> 00:31:58,960 Speaker 1: stocks are rising this morning. US Dock Index futures half 576 00:31:59,040 --> 00:32:02,080 Speaker 1: turned the lower, while oil is gaining as investors evaluate 577 00:32:02,120 --> 00:32:06,160 Speaker 1: the prospect of comfort sanctions against Russia, bonds retreating amid deefending, 578 00:32:06,200 --> 00:32:09,320 Speaker 1: concern about inflation and the policy response. You checked the 579 00:32:09,360 --> 00:32:12,120 Speaker 1: markets every fifteen minutes throughout the trading day on bloomberg 580 00:32:12,280 --> 00:32:14,600 Speaker 1: S and P futures down eat points down, futures down 581 00:32:14,680 --> 00:32:18,000 Speaker 1: fifty eight, NASDA futures down twenty seven, the tenure treasury 582 00:32:18,080 --> 00:32:20,720 Speaker 1: down thirteen thirty seconds, YEL two point four or four percent, 583 00:32:21,040 --> 00:32:22,520 Speaker 1: and the yield in a two year or two point 584 00:32:22,560 --> 00:32:24,880 Speaker 1: four or five percent. And nim Ex screwed oil is 585 00:32:24,920 --> 00:32:26,640 Speaker 1: a one and a half percent or at dollar fifty 586 00:32:26,680 --> 00:32:28,880 Speaker 1: three at a hundred four dollars eighty cents of barrel. 587 00:32:29,160 --> 00:32:31,600 Speaker 1: That's a Bloomberg busins flom. Now here's Michael Barr with 588 00:32:31,720 --> 00:32:34,520 Speaker 1: more on what's going on around the world. Michael Karen, 589 00:32:34,560 --> 00:32:38,280 Speaker 1: thank you very much. Ukrainian President boldmir Zelinski prepares to 590 00:32:38,360 --> 00:32:41,520 Speaker 1: talk to the UN Security Council today and mid outrage 591 00:32:41,560 --> 00:32:46,240 Speaker 1: overgrowing evidence of Moscow soldiers deliberately killed civilians. Katanji Brown 592 00:32:46,360 --> 00:32:48,520 Speaker 1: Jackson is set to become the first black woman on 593 00:32:48,600 --> 00:32:52,640 Speaker 1: the Supreme Court. The Senate voted fifty seven to discharge 594 00:32:52,720 --> 00:32:56,560 Speaker 1: Jackson's nomination from the Senate Judiciary Committee, a procedural step 595 00:32:56,680 --> 00:33:00,880 Speaker 1: made necessary after the panel deadlocked on its vote. Kansas 596 00:33:01,000 --> 00:33:04,440 Speaker 1: has won the n c Double A men's basketball title 597 00:33:04,720 --> 00:33:07,800 Speaker 1: by engineering the greatest second half comeback in finals history. 598 00:33:08,000 --> 00:33:11,440 Speaker 1: The Jayhawks turned a sixteen points second half deficit in 599 00:33:11,520 --> 00:33:15,200 Speaker 1: to a six nine victory over North Carolina in the NHL, 600 00:33:15,280 --> 00:33:17,800 Speaker 1: the Bruins one in ot against the Blue Jackets three 601 00:33:17,880 --> 00:33:20,680 Speaker 1: to Global News twenty four hours a day on here 602 00:33:20,840 --> 00:33:24,280 Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven 603 00:33:24,360 --> 00:33:27,400 Speaker 1: hundred journalist and analyst in more than a twenty countries. 604 00:33:27,440 --> 00:33:30,760 Speaker 1: I'm Michael Barr, and this is Bloomberg. Nathan. Okay, Michael, 605 00:33:30,800 --> 00:33:32,880 Speaker 1: thank you. We're coming up to five forty nine on 606 00:33:32,960 --> 00:33:35,920 Speaker 1: Wall Street Now live from the Bloomberg Interacted Broker Studios. 607 00:33:36,040 --> 00:33:38,840 Speaker 1: This is Bloomberg Daybreak. And Brian Levitt is with us 608 00:33:38,920 --> 00:33:42,320 Speaker 1: this morning, global market strategist at Investco. As we watched 609 00:33:42,360 --> 00:33:46,440 Speaker 1: this slight turn to the down side in equities this morning, 610 00:33:46,520 --> 00:33:49,640 Speaker 1: particularly in Europe now with both the DACKX and CAC 611 00:33:50,360 --> 00:33:54,080 Speaker 1: turning lower in futures, appointing to losses this morning. Of course, 612 00:33:54,160 --> 00:33:57,080 Speaker 1: the bond sell off continues. Of course, what do you 613 00:33:57,120 --> 00:34:00,240 Speaker 1: think is driving the sentiment? Is it just Ukraine? Is 614 00:34:00,720 --> 00:34:04,360 Speaker 1: it the Fed? What's your view? I think it's all 615 00:34:04,400 --> 00:34:06,440 Speaker 1: of it. I mean, you know, we're we're seeing oil 616 00:34:06,520 --> 00:34:09,920 Speaker 1: prices back up again. We know that inflation continues to 617 00:34:10,040 --> 00:34:12,800 Speaker 1: remain an issue, and we know that there's going to 618 00:34:12,880 --> 00:34:16,640 Speaker 1: be meaningful policy tightening over the next year, so you know, 619 00:34:16,719 --> 00:34:19,760 Speaker 1: the markets are still trying to navigate all this. Ultimately, 620 00:34:19,880 --> 00:34:24,040 Speaker 1: I think it's still is a better backdrop for stocks 621 00:34:24,120 --> 00:34:26,960 Speaker 1: than it is for bonds. Uh, stocks tend to be 622 00:34:27,040 --> 00:34:29,480 Speaker 1: a better inflation hedge. And when you're buying stocks, you're 623 00:34:29,480 --> 00:34:32,960 Speaker 1: buying nominal growth, and so a nominal growth continues to 624 00:34:33,040 --> 00:34:35,320 Speaker 1: be strong in the United States. So I would expect 625 00:34:35,360 --> 00:34:37,400 Speaker 1: equities to continue to move higher. But we're in the 626 00:34:37,480 --> 00:34:39,920 Speaker 1: part of the cycle where it tends to be more 627 00:34:40,080 --> 00:34:42,600 Speaker 1: volatile and returns tend to be more compressed than they 628 00:34:42,640 --> 00:34:46,400 Speaker 1: are during better recovery or expansion parts of the cycle. 629 00:34:47,280 --> 00:34:50,960 Speaker 1: When you say stocks are a better hedge against inflation 630 00:34:51,120 --> 00:34:53,239 Speaker 1: right now, is that does that just point to the 631 00:34:53,440 --> 00:34:57,759 Speaker 1: whole idea of Tina. There is no alternative, Yeah, there's not. 632 00:34:58,160 --> 00:35:00,600 Speaker 1: There's not a lot of alternatives. I mean, the olenges 633 00:35:00,960 --> 00:35:05,840 Speaker 1: with bonds is that you know, inflation erodes any income 634 00:35:05,920 --> 00:35:09,560 Speaker 1: that you can generate, and you know, for investors, they 635 00:35:09,680 --> 00:35:12,040 Speaker 1: need to look to things right now because inflation is 636 00:35:12,080 --> 00:35:13,560 Speaker 1: not going to peak for a bit. So if they 637 00:35:13,600 --> 00:35:15,200 Speaker 1: need to look at things right now that can hedge 638 00:35:15,239 --> 00:35:18,200 Speaker 1: against inflation. I wouldn't say there's not any other alternative, 639 00:35:18,200 --> 00:35:21,400 Speaker 1: and equities do quite well. Real Estate investment trusts are 640 00:35:21,480 --> 00:35:24,120 Speaker 1: good hedge against inflation. Commodities tend to be a very 641 00:35:24,200 --> 00:35:27,239 Speaker 1: good hedge against inflation. So it's not that there aren't 642 00:35:27,239 --> 00:35:31,640 Speaker 1: any alternatives, it's that equities just are managing this better 643 00:35:31,719 --> 00:35:35,080 Speaker 1: than bonds, as you would expect with inflation as elevated 644 00:35:35,120 --> 00:35:38,000 Speaker 1: as it is. How much of an indicator do you 645 00:35:38,160 --> 00:35:40,800 Speaker 1: put in the inverted yield curve when it comes to 646 00:35:40,960 --> 00:35:44,760 Speaker 1: stock performance? I think we ignore it at our own perils. 647 00:35:44,880 --> 00:35:48,759 Speaker 1: So we know that when the twos tends spread inverts, 648 00:35:48,920 --> 00:35:52,080 Speaker 1: it tends to be a harbinger of future economic lows. 649 00:35:52,440 --> 00:35:55,040 Speaker 1: The time period between the inversion of the yield curve 650 00:35:55,120 --> 00:35:58,160 Speaker 1: and a recession tends to be about eighteen months now. 651 00:35:58,239 --> 00:36:01,360 Speaker 1: The challenge that investors are appling with right now is 652 00:36:01,440 --> 00:36:04,520 Speaker 1: that while the twos tens is inverted, the three month 653 00:36:04,640 --> 00:36:08,239 Speaker 1: tenure is actually quite wide. And that's because the Fed 654 00:36:08,520 --> 00:36:10,960 Speaker 1: is behind the curve, and so we've got a lot 655 00:36:11,040 --> 00:36:13,919 Speaker 1: of policy tightening still to go. So I would tend 656 00:36:14,040 --> 00:36:16,680 Speaker 1: to view the twos tens as a harba or a 657 00:36:16,719 --> 00:36:20,239 Speaker 1: future economic woes, but focus more on the Fed and 658 00:36:20,360 --> 00:36:22,400 Speaker 1: where the three month tenure is going to be. The 659 00:36:22,480 --> 00:36:25,920 Speaker 1: reality is, though, if you look at the last eight decades, 660 00:36:25,960 --> 00:36:30,239 Speaker 1: when the twos tens inverts, the median return of the 661 00:36:30,440 --> 00:36:34,360 Speaker 1: SMP five hundred between the day that the twos tends 662 00:36:34,480 --> 00:36:38,960 Speaker 1: inverts until the recession, the median return is So it's 663 00:36:39,040 --> 00:36:42,719 Speaker 1: not a good timing tool for equity investors. But again, 664 00:36:42,760 --> 00:36:44,759 Speaker 1: I know it's the third time I'll say it. It's 665 00:36:44,760 --> 00:36:47,759 Speaker 1: a harbinger, a future economic woes, not a timing tool 666 00:36:47,840 --> 00:36:49,920 Speaker 1: for equity investors. Now, we've heard from a lot of 667 00:36:49,960 --> 00:36:53,839 Speaker 1: analysts and uh folks like you say that the Fed 668 00:36:53,960 --> 00:36:56,279 Speaker 1: he is behind the curve. Do you expect that the 669 00:36:56,400 --> 00:36:59,000 Speaker 1: Central Bank is going to try to get ahead somewhat 670 00:36:59,160 --> 00:37:02,480 Speaker 1: by being more aggressive on rate hikes, doing something like 671 00:37:02,680 --> 00:37:05,319 Speaker 1: a fifty basis point move next month or even more 672 00:37:05,480 --> 00:37:08,719 Speaker 1: like that in subsequent meetings. Yeah, I suspect they will. 673 00:37:08,760 --> 00:37:11,200 Speaker 1: I mean, the reality is that we've seen the two 674 00:37:11,280 --> 00:37:14,160 Speaker 1: year price in a lot of tightening, and the Federal 675 00:37:14,280 --> 00:37:17,880 Speaker 1: Reserve views the market. While it's been volatile, the broad 676 00:37:17,920 --> 00:37:21,840 Speaker 1: indices have held up quite fine. Um emerging markets have 677 00:37:21,960 --> 00:37:25,200 Speaker 1: held up quite fine. The dollar hasn't strengthened meaningfully. So 678 00:37:25,560 --> 00:37:28,800 Speaker 1: for the Fed, it's a sign that they are able 679 00:37:28,920 --> 00:37:32,640 Speaker 1: that the economy can handle this type of tightening. So 680 00:37:32,719 --> 00:37:35,360 Speaker 1: we expect the Fed to to move towards the neutral 681 00:37:35,480 --> 00:37:38,600 Speaker 1: rate somewhere around two two and a half percent UM. 682 00:37:39,080 --> 00:37:41,239 Speaker 1: You know, how they get there, whether it's twenty five 683 00:37:41,400 --> 00:37:44,600 Speaker 1: or fifty remains to be seen. But the policy tightening 684 00:37:44,719 --> 00:37:47,279 Speaker 1: is happening, and and they will ultimately get there, and 685 00:37:47,480 --> 00:37:49,719 Speaker 1: they'll get there in a reasonably short period of time. 686 00:37:49,880 --> 00:37:52,760 Speaker 1: So the way investors should view that is the risks 687 00:37:52,840 --> 00:37:56,040 Speaker 1: to the cycle are elevated cycles and with inflation and 688 00:37:56,160 --> 00:37:59,279 Speaker 1: policy tightening. But but this economy is still sound. In 689 00:37:59,360 --> 00:38:01,919 Speaker 1: the end to this cycle is not imminent. What we'll 690 00:38:01,960 --> 00:38:06,200 Speaker 1: need to see as inflationary pressures moderate, So the Fed 691 00:38:06,280 --> 00:38:08,839 Speaker 1: could perhaps back off their tightening cycle. But but it's 692 00:38:08,840 --> 00:38:11,839 Speaker 1: going to be a challenge. Just about thirty seconds left here, Brian, 693 00:38:11,920 --> 00:38:15,279 Speaker 1: what's your target for the SMP this year? I think 694 00:38:15,320 --> 00:38:18,719 Speaker 1: the SMP is going to be higher from here um, 695 00:38:19,280 --> 00:38:22,719 Speaker 1: but but not um. You know, it's not going to 696 00:38:22,800 --> 00:38:25,600 Speaker 1: be a robust year clearly. I mean, we still have 697 00:38:25,719 --> 00:38:28,160 Speaker 1: to navigate out of the whole that that we've started 698 00:38:28,200 --> 00:38:30,799 Speaker 1: this year's but I think the SMP five hundred will 699 00:38:30,920 --> 00:38:35,320 Speaker 1: be higher from here um and and and that this 700 00:38:35,640 --> 00:38:40,000 Speaker 1: this as this cycle continues. UM. But but again it's 701 00:38:40,080 --> 00:38:42,560 Speaker 1: it's it's certainly going to be a challenging polical environment. 702 00:38:42,960 --> 00:38:45,279 Speaker 1: As always, Brian, thanks for your insights. Really appreciate it. 703 00:38:45,320 --> 00:38:47,960 Speaker 1: Brian Levitt, Global market strategist at invest Go with us 704 00:38:48,040 --> 00:38:50,799 Speaker 1: this morning, Karen, Well, Nathan. We're coming up to five 705 00:38:50,880 --> 00:38:52,759 Speaker 1: fifty four on Wall Street at this time for the 706 00:38:52,760 --> 00:38:57,000 Speaker 1: Bloomberg Law Report, brought to you by American Arbitration Association. 707 00:38:57,120 --> 00:39:00,280 Speaker 1: Business dis views are Inevitable, Resolve Faster with the American 708 00:39:00,360 --> 00:39:04,200 Speaker 1: Arbitration Association, the global leader and alternative dispute resolution for 709 00:39:04,280 --> 00:39:07,880 Speaker 1: over ninety years. More at a d R dot org. Now, 710 00:39:07,960 --> 00:39:10,360 Speaker 1: a legal story we're watching this morning brings us to 711 00:39:10,440 --> 00:39:13,640 Speaker 1: the Supreme Court Judge Katangie Brown and Jackson is on 712 00:39:13,760 --> 00:39:16,520 Speaker 1: the brink of making history as the first black woman 713 00:39:16,560 --> 00:39:20,040 Speaker 1: to sit on the High Court. Republican Senator's Lisa Murkowski 714 00:39:20,120 --> 00:39:23,560 Speaker 1: and mid Romney joined Republican Senator Susan Collins and saying 715 00:39:23,640 --> 00:39:26,840 Speaker 1: they'll vote for Jackson, but the Senate Judiciary Committee remains 716 00:39:26,880 --> 00:39:30,080 Speaker 1: deadlocked eleven eleven down party lines on whether to send 717 00:39:30,160 --> 00:39:32,880 Speaker 1: Jackson's nomination to the floor. It's the first time the 718 00:39:32,920 --> 00:39:36,160 Speaker 1: committee has deadlocked in his Supreme Court nominee in three decades. 719 00:39:36,480 --> 00:39:38,920 Speaker 1: From More in the matter of Bloomberg's June Grassos speaks 720 00:39:38,960 --> 00:39:42,320 Speaker 1: to Carl Toubias, a professor at the University of Richmond 721 00:39:42,400 --> 00:39:46,080 Speaker 1: Law School. What did you hear from the senators each 722 00:39:46,160 --> 00:39:50,600 Speaker 1: of them? Really, it seemed like we're reviewing what they 723 00:39:50,719 --> 00:39:54,800 Speaker 1: had already talked about and asked her about during the hearing, 724 00:39:55,080 --> 00:39:59,640 Speaker 1: and so there was virtually no new information that was 725 00:39:59,719 --> 00:40:03,080 Speaker 1: trained admitted. I think there was pretty substantial agreement that 726 00:40:03,160 --> 00:40:06,839 Speaker 1: the process is broken, but that wasn't why they were there. 727 00:40:07,120 --> 00:40:12,359 Speaker 1: So the Republicans continued to criticize her the way they 728 00:40:12,440 --> 00:40:17,320 Speaker 1: had before. They all were relatively careful to say that 729 00:40:17,640 --> 00:40:21,000 Speaker 1: she is a very nice person, that they liked her family, 730 00:40:21,160 --> 00:40:24,799 Speaker 1: that she was well qualified, they didn't have questions about 731 00:40:24,800 --> 00:40:31,200 Speaker 1: her qualifications, but that they disagreed with her on certain issues. 732 00:40:32,000 --> 00:40:35,280 Speaker 1: A number of them criticized her as someone who would 733 00:40:35,280 --> 00:40:38,239 Speaker 1: be an activist judge, though there isn't a lot of 734 00:40:38,320 --> 00:40:41,720 Speaker 1: evidence of that. On the Lower courts where she served, 735 00:40:41,920 --> 00:40:45,480 Speaker 1: but also they were concerned that she might be soft 736 00:40:45,600 --> 00:40:49,960 Speaker 1: on crime, though that's hard to discern from her record. 737 00:40:50,040 --> 00:40:54,640 Speaker 1: The Democrats were saying she's extremely well qualified, in reminding 738 00:40:54,719 --> 00:40:59,160 Speaker 1: everyone that this would be an historic appointment, and that 739 00:40:59,280 --> 00:41:02,440 Speaker 1: she clerked at all three levels of the federal judiciary, 740 00:41:02,520 --> 00:41:07,560 Speaker 1: including for Justice Bryor, and that was all ground that 741 00:41:07,640 --> 00:41:10,920 Speaker 1: had already been plowed. For the first time in three decades, 742 00:41:11,040 --> 00:41:15,000 Speaker 1: the committee was deadlocked on a Supreme Court nomination. How 743 00:41:15,120 --> 00:41:18,960 Speaker 1: significant is it that the Senate majority leader had to 744 00:41:19,000 --> 00:41:23,120 Speaker 1: put the measure on the Senate floor, discharging Jackson's nomination 745 00:41:23,200 --> 00:41:26,040 Speaker 1: from the committee. The history is a little checkered because 746 00:41:26,160 --> 00:41:30,640 Speaker 1: if you remember back fairly recently, both Bork and Clarence Thomas. 747 00:41:30,760 --> 00:41:33,759 Speaker 1: Clarence Thomas had a tie vote in Judiciary Committee. Bourke 748 00:41:33,880 --> 00:41:37,760 Speaker 1: was voted down, but at that point the Democrats agreed. 749 00:41:38,280 --> 00:41:40,480 Speaker 1: I think they had the majority to send them to 750 00:41:40,560 --> 00:41:43,600 Speaker 1: the floor anyway and have a vote. And that is 751 00:41:43,640 --> 00:41:48,000 Speaker 1: another sign that this is all changed, because that's the 752 00:41:48,080 --> 00:41:51,480 Speaker 1: relevant precedent, the most recent relevant president, So why not 753 00:41:51,960 --> 00:41:55,000 Speaker 1: then go ahead and have the final vote? But I 754 00:41:55,160 --> 00:41:59,080 Speaker 1: think because there's a tie and that custom has gone 755 00:41:59,120 --> 00:42:03,000 Speaker 1: out the window. Apparently, it means that you must discharge 756 00:42:03,080 --> 00:42:07,440 Speaker 1: the person from committee. It really is just a procedural hurdle, 757 00:42:07,800 --> 00:42:11,239 Speaker 1: easily resolved, but it just takes more time. You have 758 00:42:11,440 --> 00:42:14,160 Speaker 1: to have another vote on the floor to discharge her 759 00:42:14,200 --> 00:42:17,400 Speaker 1: from committee, and you need a majority. And that's University 760 00:42:17,400 --> 00:42:20,200 Speaker 1: of Richmond law professor Carl Tobias speaking with Bloomberg, Shore 761 00:42:20,200 --> 00:42:22,719 Speaker 1: and Grasso. Catch more of that interview, plus analysis of 762 00:42:22,760 --> 00:42:25,080 Speaker 1: the latest legal news by listening to the Bloomberg Law 763 00:42:25,120 --> 00:42:27,760 Speaker 1: Show at en PM Eastern or subscribing to the Bloomberg 764 00:42:27,880 --> 00:42:30,560 Speaker 1: Law Podcast, and attorney's can find exceptional legal research and 765 00:42:30,600 --> 00:42:33,960 Speaker 1: business development tools at Bloomberg Law dot com, and sources 766 00:42:34,000 --> 00:42:36,680 Speaker 1: tell Bloomberg the EU is planning to propose a mandatory 767 00:42:36,760 --> 00:42:39,600 Speaker 1: phase out on coal imports from Russia in a direct 768 00:42:39,680 --> 00:42:42,480 Speaker 1: response to apports at Russian forces committed a parent war 769 00:42:42,600 --> 00:42:46,000 Speaker 1: crimes in Ukraine. Not just crossing the Bloomberg top stories 770 00:42:46,080 --> 00:42:48,040 Speaker 1: straight ahead, this is Bloomberg