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Speaker 1: Live from the Bloomberg Interactive Burger Studios is his Bloomberg

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Speaker 1: Daybreak for Tuesday May two. Coming up this hour. Stocks

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Speaker 1: stabilized following the lowest clothes in thirteen months. It's ed

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Speaker 1: warn't of deteriorating liquidity conditions across key financial markets, and

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Speaker 1: as gas prices hit a record, President Biden gets ready

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Speaker 1: to deliver a speech on combatic inflation. Connecticut's governor signs

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Speaker 1: a budget with hundreds of millions and tax cuts, plus

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Speaker 1: demand hunt where murder suspected and Alabama corrections officer is over.

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Speaker 1: I'm Mikey Blarer. More ahead, I'm John Stashed in sports

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Speaker 1: Nightmare night for the Rangers. They lost Game four in

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Speaker 1: Pittsburgh seven to two. The Yankees top Texas one to Nuppie.

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Speaker 1: That's all s trading ahead on Bloomberg Daybreak on Bloomberg.

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Speaker 1: He live in Free on New York Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine

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Speaker 1: sixties and Francisco Sirius x M one nine team and

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Speaker 1: around the world Old on Bloomberg Radio Dot Carmen via

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Speaker 1: The Bloomberg Business. Hey, good morning, I'm Nathan Hager and

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Speaker 1: I'm Karen Moscow. US DOT index futures on the rise

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Speaker 1: this morning. We're coming up to five o one on

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Speaker 1: Wall Street, and we check the markets every fifteen minutes

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Speaker 1: throughout the trading day. On Bloomberg. Right now, SNP futures

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Speaker 1: are up forty two points. Dal future is up three

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Speaker 1: hundred and NASDACK futures up one hundred ninety four or

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Speaker 1: one point six percent. Ten year treasury of three thirty

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Speaker 1: seconds the three point zero two percent, and the yield

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Speaker 1: on the two year two point six zero percent. Nathan Well, Karen.

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Speaker 1: This rise in futures follows the lowest close for US

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Speaker 1: stocks in thirteen months. Hardest hit continues to be the

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Speaker 1: tech heavy NASDAC. That index slid another four point three percent.

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Speaker 1: The NASTAC one hundred has erased three point four trillion

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Speaker 1: dollars since the start of April. Aaron Kennon is CEO

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Speaker 1: at Clear Harbor Asset Management. You know, we're continuing to

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Speaker 1: see a dramatic sort of leakage of liquidity from the

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Speaker 1: capital market system, as the Fed uh titans policy and

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Speaker 1: as the fiscal weavers very much close off, and inflation

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Speaker 1: is a huge concern clear heartbreas said Managements. Aaron Kennon

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Speaker 1: says tomorrow's inflation report, the consumer price index will be

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Speaker 1: important for market sentiment. Well before we get that data, Nathan,

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Speaker 1: we're seeing heart evidence of price pressures at the gas pump.

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Speaker 1: The average retail price of gasoline has hit her record

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Speaker 1: four dollars and thirty seven cents per gallon. President Biden

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Speaker 1: will have more to say about his effort to combat

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Speaker 1: rising prices and his speech today. We get a preview

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Speaker 1: from Amy Morris in our Bloomberry one newsroom in Washington.

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Speaker 1: President Biden is expected to detail the differences between his

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Speaker 1: plan and a GOP proposal by Florida Senator Rick Scott

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Speaker 1: that would raise taxes while allowing Social Security and Medicare

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Speaker 1: to expire. Consumer prices rose in March at the fastest

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Speaker 1: pace since nine one, and of Americans increasingly pessimistic about

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Speaker 1: their finances despite strong job growth. It's the biggest worry

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Speaker 1: for voters ahead of the November midterms. A CNN poll

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Speaker 1: out last week found eight in ten Americans don't believe

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Speaker 1: the government is doing enough to fight inflation. In Washington,

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Speaker 1: I maybe Morris Bloomberg Daybreak, Amy, thank you and President

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Speaker 1: Biden will deliver that speech around eleven thirty am Wall

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Speaker 1: Street Time. Catch it right here on Bloomberg Radio. I

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Speaker 1: meantime caring. The Federal Reserve is warning of deteriorating liquidity

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Speaker 1: conditions across key financial markets. We get the details from

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Speaker 1: Bloomberg's Charlie Hellett. In its semi annual report, the FED

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Speaker 1: sites rising risks from the war in Ukraine, monetary tightening

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Speaker 1: and high inflation. The FED said, according to some measures,

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Speaker 1: market liquidity has declined since late one in the markets

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Speaker 1: for recently issued US cash treasury securities and for equity

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Speaker 1: index futures. FED Governor Lyle Brainerd said the war has

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Speaker 1: sparked large price movements and margin calls in commodities markets,

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Speaker 1: and highlights of potential channel through which large financial institutions

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Speaker 1: could be ex bosed to contagion in New York. Charlie Pellett,

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Speaker 1: bloom Road Daybreak. All right, Charlie, thank you. We'll have

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Speaker 1: more from the FED later this morning when we speak

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Speaker 1: live with Cleveland Fed President Lauretta Mester. That's coming up

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Speaker 1: at eleven am Wall Street Time on Bloomberg Radio and television.

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Speaker 1: We are seeing some stabilization in the Marcus this morning, Nathan,

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Speaker 1: and let's start with a look at Europe, where Bloomberg's

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Speaker 1: You and Pots is standing by Live in London. Good

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Speaker 1: morning you, and good morning Kardon Nathan. You have being

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Speaker 1: stocks back in the green today, the stops under trading

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Speaker 1: up one percentage point. That's as dip buyers emerged from

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Speaker 1: the ruins of Monday's brutal route. Still plenty of concerns

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Speaker 1: about inflation and economic growth, though, but nineteen out of

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Speaker 1: twenty industry groups higher on Europe stocks the hundred today,

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Speaker 1: with banks, carmakers, and chemicals companies near the top of

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Speaker 1: the table. Live in London, I'm you in Pots. Make

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Speaker 1: date right, okay, you and thanks. We did see selling

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Speaker 1: in Asia overnight. Stocks fell there for a seventh straight session,

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Speaker 1: but did pair earlier losses. Let's get the recap from

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Speaker 1: Bloomberg's Juliette Sally in Singapore. Good morning, Juliet, Good morning

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Speaker 1: nath and Karen. The losses on the m c I

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Speaker 1: Asia Pacific Index mirrord the longest losing streaks since March

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Speaker 1: twenty twenty, Stokes remaining at July twenty twenty lows. Hong

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Speaker 1: Kong Tech shares took a dive on growth concerns, and

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Speaker 1: as the city resumed trade after a long weekend. Mainland

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Speaker 1: Chinese has rebounded, but black Rock abandoned its bullish stance

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Speaker 1: on China, now recommending a neutral stance on Chinese stocks

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Speaker 1: and bonds as the country's response to the pandemic takes

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Speaker 1: its home in Singapore. Juliet Sale Bloomberg Daybreak, Juliet thank you.

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Speaker 1: Bitcoin trading higher this morning after briefly falling below the

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Speaker 1: thirty thousand level. The recent plunge has taken a digital

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Speaker 1: token to levels last seen in the middle of last year.

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Speaker 1: Like Nova grass Is, founder and CEO of Galaxy Digital,

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Speaker 1: I still think thirty thousand should hold, right, We'll see

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Speaker 1: if twelve thousand holds of the NASDAC and we bounce

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Speaker 1: in the next few days, then I think you'll see

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Speaker 1: bitcoin thirty thirty thousand hold. If the NASDAC falls and

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Speaker 1: we head towards eleven thousand, you know there's a shot

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Speaker 1: that thirty thousand goes. Digital founder Mike Novgrad says trading

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Speaker 1: will be volatile for at least the next few quarters.

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Speaker 1: In checking bitcoin right now, it's at seven. Turning to

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Speaker 1: the war in Europe now Karen. President Biden plans to

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Speaker 1: meet with Italian Prime Minister Mario Dronki today as aid

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Speaker 1: to Ukraine moves forward on a couple of fronts. Bloomberg's

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Speaker 1: at Baxter has the story. Congressional Democrats have drafted an

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Speaker 1: aid package worth almost forty billion dollars and plan on

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Speaker 1: voting this week without attaching COVID pandemic funding. This tops

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Speaker 1: the president's ask of thirty three billion. Biden meanwhile signed

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Speaker 1: a World War two era provision sending money to Ukraine

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Speaker 1: across to the fight is not cheap, but aggression is

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Speaker 1: even more. This provision was enacted in one to help

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Speaker 1: Europe fight off Hitler. Congress could act as early as today.

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Speaker 1: In San Francisco, I'm at Baxter, Bloomberg daybreak, al right,

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Speaker 1: thank you, S and P. Futures right now up forty

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Speaker 1: two points down, futures up three hundred two nastact futures

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Speaker 1: higher by a hundred ninety two points. The tenure treasury

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Speaker 1: is up four thirty seconds. Yield three point zero one

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Speaker 1: percent on the tenure note. Yield on the two year

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Speaker 1: two point six zero per cent. Straight ahead, your latest

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Speaker 1: local headlines plus a check of sports. This is Bloomberg

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Speaker 1: kicks out five oh seven on Wall Street where at

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Speaker 1: fifty three degrees in Central Park. Already seeing a couple

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Speaker 1: accidents northbound FDR Drive, one at ninety six another and

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Speaker 1: a hundred sixte more coming up in traffic. First Michael

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Speaker 1: Barr with more on what's going on in New York

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Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.

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Speaker 1: Connecticut tax payers will see six hundred million dollars in

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Speaker 1: tax relief following the signing of the fifth school year

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Speaker 1: three budget by Democratic Governor Ned Lamont. The law extends

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Speaker 1: a gas tax holiday and gild tax credit, as well

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Speaker 1: as increasing a property tax credit. Lamont described it as

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Speaker 1: the largest tax cut in state history. Voters in Newark,

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Speaker 1: New Jersey, are choosing a mayor today. Incumbent ros Baraco

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Speaker 1: will face a challenge from Sheila Montage. The Alabama corrections

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Speaker 1: employee who was on the run with an escaped inmate,

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Speaker 1: is now dead. Authorities in Indiana say Vicky White shot

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Speaker 1: herself as U S Marshals closed in. Officers ran the

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Speaker 1: vehicle Vicky White and Casey White Ryan, which then crashed.

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Speaker 1: Alabama Sheriff Rick Singleton says that Casey White is never

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Speaker 1: getting out again. We got a bangers man off the

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Speaker 1: street today. He is never going to see the lot

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Speaker 1: of day again. And uh, you know, that's a good

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Speaker 1: thing for not just our community, but that's a good

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Speaker 1: thing for this country. Sheriff Singleton says this has ended

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Speaker 1: a very stressful week and a half. New York's Attorney

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Speaker 1: general says her state will safeguard the right to abortion

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Speaker 1: if the Supreme Court overturns Roe v. Wade. Latitia James

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Speaker 1: says about thirty thousand women just from Pennsylvania and Ohio

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Speaker 1: alone could come to New York seeking reproductive care, so

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Speaker 1: a fund will be established that James says will help

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Speaker 1: those winn James also cast out on why anti abortion

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Speaker 1: activists support bans on abortion. What they should do is

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Speaker 1: expand the childcare tax credit. What they should do is

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Speaker 1: expand universal school lunch. What they should do is provide

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Speaker 1: more funding for education and childcare and daycare and prenatal care,

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Speaker 1: and the list goes on and on. If you truly

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Speaker 1: care about children, A. G. Latitia James. Andy Warhol's shot

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Speaker 1: Sage Blue Maryland has sold for a hundred million dollars

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Speaker 1: that makes the iconic portrait of actress Marilyn Monroe the

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Speaker 1: most expensive artwork by a U S artist ever sold

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Speaker 1: at auction. Christie's Auction House in New York held the sale.

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Speaker 1: Alex Rotter, as chairman of Christie's twenty and twenty one

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Speaker 1: Century Art Department, century Um Works of Art, American Works

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Speaker 1: of Art. It's the highest price ever paid, close to

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Speaker 1: two hundred million dollars. Uh, let it sink in. It's

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Speaker 1: quite something. Rodder with Christie said. An unknown buyer made

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Speaker 1: the purchase. Global News twenty four hours a day on

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Speaker 1: air and on Bloomberg Quit take Power by more than

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Speaker 1: seven hundred journalists analysts more than twenty countries. Michael Barr,

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Speaker 1: this is Bloomberg, Nathan. Thanks Michael. Almost five ten on

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Speaker 1: Wall Street. Time for the Bloomberg Sports up. Take morning.

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Speaker 1: Johns Sesshire, Good morning, Nathan. The Rangers in Pittsburgh with

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Speaker 1: hopes of winning Game four to tie the series at two. Instead,

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Speaker 1: the Penguins, without five goal onslaught of the second period.

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Speaker 1: They scored goals twenty four seconds apart, and later scored

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Speaker 1: goals thirty five seconds apart. They won seven to two,

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Speaker 1: leave the series three one game fives tomorrow with the

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Speaker 1: Garden Rangers. Coach Gerard Gallant has already said igor sh

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Speaker 1: Turkin will be in the Ranger goal A little surprising

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Speaker 1: considering how poorly Shisterkin played in the two games in

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Speaker 1: Pittsburgh and three periods he gave up ten goals. Alex

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Speaker 1: Gorgy have relieved him in both games and three periods

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Speaker 1: he allowed two goals, But Gallant said last night just

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Speaker 1: Turkin is the best goalie in the NHL. Colorado won

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Speaker 1: in Nashville to complete a series sweep. Florida beat Washington,

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Speaker 1: and overtime Calgary beat Dallas. Those series are tied at

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Speaker 1: to the Islanders. Wired coach Barry Trots NBA playoffs Boston

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Speaker 1: rally to win in Milwaukee, Golden State beat Memphis. Far

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Speaker 1: as crowd at the State and there was a Yankee

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Speaker 1: mattenee makeup of a rain out. Those that were there

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Speaker 1: saw near no hit or Nest Cortez lost it with

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Speaker 1: one out the eighth inning, kind of like fifth going

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Speaker 1: into six. I kept, uh looking at the scoreboard, Uh,

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Speaker 1: I see where my pitchcont was and stuff like that.

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Speaker 1: So and it was in a good spot and and

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Speaker 1: you know noticed that I didn't get up a hit,

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Speaker 1: so uh you know it was. It was special when

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Speaker 1: he scored the game's only run, bottom of the eighth

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Speaker 1: riven in a double by Anthony Rizzo. They top Texas

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Speaker 1: Onondon up, and they've won thirteen to their last fifteen.

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Speaker 1: The Giants tried to trade quarterback James Bradbury. Instead, they

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Speaker 1: released one of their best players. They had to for

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Speaker 1: salary camp reasons. John Dash went ballooon birth sports, Nathan,

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Speaker 1: Thank you, john S andp futures right now at forty

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Speaker 1: five point. Staff futures up three to twenty three. Nastack

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Speaker 1: futures up two hundred four points, bit a relief after

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Speaker 1: the five weeks slide for US stocks. We'll talk about

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Speaker 1: this market next with Daniel Morris of BNP Party by

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Speaker 1: Asset Management. This is Bloomberg Blomber eleven three oh weather, sunny, breezy,

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Speaker 1: upper sixties. Today will be mostly sunny with a high

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Speaker 1: near seventy Tomorrow, sunshine mid seventies by Thursday. Right now

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Speaker 1: fifty three degrees in Central Park. Markets, headlines and breaking

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Speaker 1: news twenty four hours a day at Bloomberg dot Com.

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Speaker 1: The Bloomberg Business attend at Bloomberg Quick tape is a

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Speaker 1: Bloomberg business flash and I'm Karen Moscow and US DOT

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Speaker 1: index futures are rallying this morning along with European shares

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Speaker 1: as DIF buyers emerged following yesterday sell off. Sentiment does

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Speaker 1: remain fragile over concerns about inflation and economic growth, and

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Speaker 1: we checked the markets every fifteen minutes throughout the trading

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Speaker 1: day on Bloomberg. SNP futures up forty six points this morning,

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Speaker 1: Down futures up three twenty four NASDACK futures up to

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Speaker 1: two hundred four or one point seven percent. The decks

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Speaker 1: in Germany's up one point seven percent. Ten. Your treasury

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Speaker 1: up to thirty seconds, he had three point two percent.

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Speaker 1: They yield on a two year two point six zero

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Speaker 1: percent nin Max Screwed oil is down three tents percent

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Speaker 1: or thirty one cents at a hundred two dollars seventy

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Speaker 1: four cents of barrel comex school there is up a

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Speaker 1: quarter percent or four dollars fifty cents at eighteen sixty three.

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Speaker 1: Ten announce the euro one point oh five six nine

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Speaker 1: against the dollar and again one thirty point to four.

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Speaker 1: That's a Bloomberg Business Flash. Now, here's Michael Barr with

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Speaker 1: more on what's going on around the world. Michael, good morning,

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Speaker 1: Good morning, Karen. Ukraining and officials say Russia is pounding

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Speaker 1: away at Ukraine's vital southern part of Odessa. Meanwhile, President

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Speaker 1: Biden says he's worried that a Russian president Putin doesn't

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Speaker 1: have a way out right now of his war in Ukraine.

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Speaker 1: NBA Playoffs, the Celtics beat the Bucks to even their

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Speaker 1: series of two games apiece. The Warriors beat the Grizzlies. However,

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Speaker 1: Warriors coach Steve Kerr tested positive for COVID. In the

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Speaker 1: NHL playoffs, the Rangers lost to the Penguins fall behind

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Speaker 1: three games to one. Capitals lost to the Panthers. In

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Speaker 1: baseball the Yankees Orioles Giants. And He's all One Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Bloomberg Quick Take, powered by more than journalists antilists more

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Speaker 1: than a hundred twenty countries. Michael Barn, This is Bloomberg. Na. Okay, Michael,

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Speaker 1: thank you. It's five nineteen on Wall Street Live from

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Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg daybreak and

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Speaker 1: Daniel Morris is with a snout, chief market strategist at

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Speaker 1: BNP Party Bough Asset Management. As we look at green

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Speaker 1: on the screen for a change this morning, Daniel, good morning.

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Speaker 1: Are you buying this dept? Good morning. We haven't changed

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Speaker 1: our allocations recently. Generally, we're still slightly underweight on equities,

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Speaker 1: a little bit cautious. We see too many things that

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Speaker 1: could get worse as opposed to getting better in the

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Speaker 1: air term. Well, let's dive into some of those things.

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Speaker 1: I mean, inflation has got to be front and center.

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Speaker 1: Is that front and center for you? Well, I think

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Speaker 1: what was quite curious about what happened with this last

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Speaker 1: journey season. As you've justus looked at the figures objectively,

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Speaker 1: they were pretty good. Growth was was good, surprises were positive,

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Speaker 1: Guidance was was average. But in this environment that's actually

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Speaker 1: not so bad either. But in contrast what we had

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Speaker 1: in the first quarter when earning this came in market

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Speaker 1: started rebound, we really didn't see that this time. So

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Speaker 1: I think that signals kind of the really fundamental shifting sentiment,

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Speaker 1: which is, as you point out, link to inflation and

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Speaker 1: really primarily linked to what the central banks are going

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Speaker 1: to do what the FET is going to do in

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Speaker 1: response to that inflation. So we're focused on the risk

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Speaker 1: from rates, particularly the risk of growth stocks from rising

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Speaker 1: real yields, and we think that particular phenomenon has not

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Speaker 1: played out yet. Are you seeing signs of peak inflation? Well,

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Speaker 1: it should on a headline basis be peaky now, But

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Speaker 1: that's not particularly comforting because what we're really worried about

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Speaker 1: is certainly but the central banks are worried about, you know,

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Speaker 1: is core inflation. And it's if you look, for example,

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Speaker 1: at core rates in the US versus say the Eurozone. Uh,

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Speaker 1: this is where you see a real distinction in kind

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Speaker 1: of the analine neck on mcdynamics right now. Headline inflation

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Speaker 1: because the bottlenecks because of energy is high pretty much everywhere,

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Speaker 1: but cor inflation is much higher in the US, you know,

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Speaker 1: driven at this point, I would argue, at least partly

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Speaker 1: by the physical stimulus that we had. Of course, there's

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Speaker 1: just fundamentally too much demand right now relative to the

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Speaker 1: productive capacity of the U S economy. That's pressure in

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Speaker 1: wages that's going to worry the central bank, and that's

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Speaker 1: why you're expecting a much higher and more rapid increase

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Speaker 1: in rates in the US than you see in the

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Speaker 1: europhone do you think that the FEDS front loading of

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Speaker 1: rates is going to have an impact on where inflation

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Speaker 1: goes from here? Well, I mean that's remains the key unknown,

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Speaker 1: both for for US as investors and for the FED.

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Speaker 1: Is the central bank? I mean really that the bed

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Speaker 1: in now? Is that the tightening that they have planned,

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Speaker 1: And of course we're still relatively speaking and fairly accommodative

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Speaker 1: monetary policy. We're just trying to get back to neutral

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Speaker 1: for a start. That with the rollover of a lot

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Speaker 1: of these honestly transit or effects be it from energy,

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Speaker 1: being from supply chain bottlenecks, that reduces some of the pressure.

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Speaker 1: And then with the increase in rates, hopefully you start

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Speaker 1: to see the wage gains moderate, because you just can't

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Speaker 1: have five to six per year and your wage grains

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Speaker 1: when you want to have a two percent inflation target.

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Speaker 1: So if between now and say the autumn, you start

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Speaker 1: to see that moderate, then we're going to be okay.

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Speaker 1: But that's going to be watching more than anything else,

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Speaker 1: those wage figures, and if they don't come down enough,

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Speaker 1: then there's going to be the concern the market est

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Speaker 1: price and yet for their hikes beyond what we already

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Speaker 1: have been. As we do see rates begin to go up, Daniel,

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Speaker 1: what is that going to mean for tech stocks? We've

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Speaker 1: seen that sector in particular get hit pretty hard as

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Speaker 1: the market tries to digest what the rate environment is

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Speaker 1: going to mean in the next few months. Yeah, well, easy, come,

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Speaker 1: easy go. If you look back at where pees were

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Speaker 1: prior to the pandemic around you know, two times we

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Speaker 1: peeked at about thirty one times, and you know, anyone

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Speaker 1: at the time, hopefully it wasn't trying to say, oh

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Speaker 1: that's okay, that's rational. It's different this time. So now

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Speaker 1: with the sell off, really just back to where we

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Speaker 1: were pre pandemic, and that made me enough, you know,

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Speaker 1: whether we naturally get peased honestly cheap levels that would

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Speaker 1: certainly be far lower from here. You know, we got

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Speaker 1: to remember, if you're at fair valuations now for tech,

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Speaker 1: which you know is in and of itself a question,

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Speaker 1: but you still should have much stronger earnings growth in

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Speaker 1: growth stocks kind of by definition, and're gonna have in

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Speaker 1: other parts of the market, and that really should, you know,

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Speaker 1: play out enough over time that you you still anticipate

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Speaker 1: a positive return. It's just whether or not you want

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Speaker 1: to be clever. If you will and anticipate for their

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Speaker 1: faults and valuations, you know that is possible. I mean,

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Speaker 1: real yields are now back to about zero percent for

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Speaker 1: ten year, which is a big move. That's what's driven

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Speaker 1: the falling valuations on growth stocks. But you could see

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Speaker 1: another fifty basis point right. So, like I said, this

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Speaker 1: hasn't played itself out completely yet. In our last thirty

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Speaker 1: seconds here, Daniel, what do you make of the surge

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Speaker 1: we're seeing in European stocks this morning? Don't? Doesn't You're

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Speaker 1: still face a lot of headwinds from the war Ukraine

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Speaker 1: and the sensitivity to commodity prices. Absolutely, and you know,

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Speaker 1: we had kind of the bounce back a couple of

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Speaker 1: weeks ago, which we were skeptical about. We'd be skeptical

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Speaker 1: about this one because if we look at the horizon

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Speaker 1: from here, yeah, again we just see further headwinds because

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Speaker 1: because of the conflict. If you look at our ins provisions,

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Speaker 1: they've actually been relatively robust. We don't really believe those

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Speaker 1: numbers and they have the thing to keep in mind,

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Speaker 1: you know, if in your the euro Zone, you get

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Speaker 1: the same type of rage fresh as you're having in

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Speaker 1: the US. You know the phenomenon of expectations for rising

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Speaker 1: policy rates that's going to translate to Europe and we're

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Speaker 1: seeing now in the US with that denst Equities, Thanks Daniel,

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Speaker 1: good having you on with us this morning. Daniel Morris,

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Speaker 1: chief market strategist at BNP Party BA Asset Management. Right now,

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Speaker 1: SMP futures are higher by forty two point, Staff futures

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Speaker 1: up two, Nasdaq futures up one nineties six points. Just ahead,

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Speaker 1: more on this volatile market and President Biden putting a

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Speaker 1: focus on inflation. To stories of the morning just ahead

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Speaker 1: on Bloomberg day Break. Bloomberg day Break brought to you

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Speaker 1: by the New York Community Trust. Your name will live

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Speaker 1: New York Community Trust. To learn more at Philanthropist dot NYC.

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Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.

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Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg to Boston,

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Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg M

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Speaker 1: sixteen to the country, Sirius XM to the one nineteen

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Speaker 1: and around the globe, the Bloomberg Business and Bloomberg Radio

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Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on

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Speaker 1: Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow.

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Speaker 1: We're just about four hours away from the open of

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Speaker 1: US trading. Let's get you up to date on the news.

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Speaker 1: You need to know what this show. US futures are

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Speaker 1: higher a day after stocks closed at their lowest level

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Speaker 1: in over a year. Then ast XL four point three

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Speaker 1: percent yesterday and has erased over three trillion dollars since

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Speaker 1: the start of April. Dan I've, senior equity analysts at

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Speaker 1: wed Bush Securities, believes the Tech heavy index is adjusting

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Speaker 1: as we move past the pandemic. Long term, it's healthy,

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Speaker 1: it's painful in the near term. You got to separate

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Speaker 1: the work from home commerce profit list tact that's down

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Speaker 1: se versus RAB views more than high quality stalwarts. Where

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Speaker 1: we continue in terms of cloud software cyber security exposed names,

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Speaker 1: Dan I've said. Wedbush Security says there could be more

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Speaker 1: pain ahead for TAC despite a strong long term outlook

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Speaker 1: well overall, Karen, investor sentiment does remain fragile. With inflation

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Speaker 1: running hot. The FED is warning of deteriorating liquidity conditions

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Speaker 1: across several markets. For more on the central bank, stay

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Speaker 1: tuned for an interview with Cleveland FED President Loretta Mester

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Speaker 1: that's coming up live at eleven am Wall Street Time

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Speaker 1: on Bloomberg Radio and television. Well, Nathan, the pain at

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Speaker 1: the pump continues. The average retail price of gasoline hit

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Speaker 1: a record high this morning, four dollars and thirty seven

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Speaker 1: cents a gallon. President Biden will discuss plans to curb

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Speaker 1: rising prices later this morning. Tune into Bloomberg Radio at

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Speaker 1: eleven thirty Wall Street time to hear the president's full speech.

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Speaker 1: Well Overseascaren, European stocks are higher, while the open was

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Speaker 1: sharply lower. For Asia markets, Mainland Chinese shares rebounded, but

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Speaker 1: black Rock and abandoned It's bullish China call amid COVID lockdowns.

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Speaker 1: Shares in Hong Kong, Japan, and South Korea all slumped,

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Speaker 1: and Nathan, as the dollar halts its three day rally

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Speaker 1: this morning, Bitcoin is rebounding after it fell below thirty

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Speaker 1: thousand dollars. Billionaire crypto investor Michael nova Grass remains bullish

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Speaker 1: on the token, but warrants a more volatility while the

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Speaker 1: short term you know outlook is painful and it's and

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Speaker 1: it's gonna be like I said, volia with the rest

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Speaker 1: of assets as the FED adjusts from free money to

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Speaker 1: normalized conditions. I really do still see this as a

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Speaker 1: very exciting asset class. Flexi Digital founder Michael Novergrat says

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Speaker 1: bitcoin could dip further if the NASDAC continues to slide.

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Speaker 1: In Bitcoin currently trading at thirty one four hundred dollars,

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Speaker 1: and turning to the war in Ukraine, Karen Congress has

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Speaker 1: drafted an aid package worth close to forty billion dollars.

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Speaker 1: At the same time, President Biden has signed a measure

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Speaker 1: making it easier for Washington to send weapons and supplies

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Speaker 1: to Ukraine. The war is now in its tenth week.

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Speaker 1: SMP Future is up forty two points. Straight ahead your

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Speaker 1: latest local headlines plus a check of sports. This is

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Speaker 1: s Bloomberg. It's now five thirty three on Wall Street,

428
00:23:40,359 --> 00:23:42,920
Speaker 1: fifty three degrees in Central Park. Still dealing with two

429
00:23:42,960 --> 00:23:45,600
Speaker 1: northbound accidents on the FDR Drive gets in the details

430
00:23:45,680 --> 00:23:48,159
Speaker 1: kind of con traffic. Michael Barr is here first with

431
00:23:48,200 --> 00:23:50,080
Speaker 1: more on what's going on in New York and around

432
00:23:50,080 --> 00:23:52,919
Speaker 1: the world. Michael Nathan, thank you very much. Connecticut Governor

433
00:23:52,960 --> 00:23:55,320
Speaker 1: at the Mont calls it the largest tax cut in

434
00:23:55,400 --> 00:23:58,760
Speaker 1: state history. Connecticut tacks figures will see six hundred million

435
00:23:58,800 --> 00:24:02,760
Speaker 1: dollars in tax relief following Lamont's signing of the law

436
00:24:02,840 --> 00:24:07,080
Speaker 1: on the fiscal year. The law extends a gas tax

437
00:24:07,119 --> 00:24:10,880
Speaker 1: holiday and child tax credit. It also increases a property

438
00:24:10,920 --> 00:24:14,360
Speaker 1: tax credit from two hundred to three hundred dollars. Attorney

439
00:24:14,359 --> 00:24:17,760
Speaker 1: General Letitia James has New York state will safeguard the

440
00:24:17,880 --> 00:24:21,399
Speaker 1: right to abortion if the Supreme Court moves to overturn

441
00:24:21,760 --> 00:24:24,920
Speaker 1: Roe v. Wade. James says that women in state will

442
00:24:24,960 --> 00:24:28,119
Speaker 1: be protected. New York obviously is a compassionate state, a

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00:24:28,160 --> 00:24:30,440
Speaker 1: state that cares about others in a state that recognize

444
00:24:30,920 --> 00:24:34,479
Speaker 1: recognizes that if one individual um is not free, than

445
00:24:34,520 --> 00:24:37,000
Speaker 1: all of us are not free. A g. James also

446
00:24:37,080 --> 00:24:41,960
Speaker 1: says about thirty women just from Pennsylvania and Ohio could

447
00:24:41,960 --> 00:24:44,680
Speaker 1: come to New York seeking reproductive care, so a fund

448
00:24:44,920 --> 00:24:47,800
Speaker 1: will be established that James says will help women from

449
00:24:47,800 --> 00:24:51,280
Speaker 1: out of state authorities say a former Alabama jail official

450
00:24:51,359 --> 00:24:54,280
Speaker 1: has died and the murder suspect she is accused of

451
00:24:54,280 --> 00:24:58,240
Speaker 1: helping to escape has been apprehended. In Evansville, Indiana, the

452
00:24:58,280 --> 00:25:00,520
Speaker 1: two fugitives were on the run for more than a week.

453
00:25:00,640 --> 00:25:03,359
Speaker 1: They were called after US marshals pursued their vehicle and

454
00:25:03,359 --> 00:25:07,000
Speaker 1: then crashed into it. Officials say Casey White surrendered and

455
00:25:07,080 --> 00:25:10,760
Speaker 1: Vicky White shot herself. She died from her injuries. Lauderdale,

456
00:25:10,800 --> 00:25:14,680
Speaker 1: Alabama County Sheriff Rick Singleton on Casey White, he wore

457
00:25:14,680 --> 00:25:18,000
Speaker 1: a fan, hand cuff and cackles while he's in there,

458
00:25:18,000 --> 00:25:20,080
Speaker 1: so he wants to see me for l like you said,

459
00:25:20,119 --> 00:25:23,480
Speaker 1: Well right, so be it. He's not getting out this jail.

460
00:25:23,600 --> 00:25:27,160
Speaker 1: Ye Sheriff Singleton says they got a dangerous man off

461
00:25:27,200 --> 00:25:30,680
Speaker 1: the street. South Korea's new president has used his inauguration

462
00:25:30,760 --> 00:25:33,800
Speaker 1: speech to push for a solution with North Korea. Un

463
00:25:33,880 --> 00:25:37,679
Speaker 1: Sukyo plans to help transform the North's economy if it

464
00:25:37,880 --> 00:25:43,200
Speaker 1: genuinely begins a complete denuclearization. Ferdinand Marcos Junior one a

465
00:25:43,280 --> 00:25:47,040
Speaker 1: landslide victory and the Philippines presidential election. It brings his

466
00:25:47,119 --> 00:25:49,520
Speaker 1: family back to power in Manila, thirty six years after

467
00:25:49,560 --> 00:25:52,920
Speaker 1: his dictator father fled the country. Global news twenty four

468
00:25:52,960 --> 00:25:55,160
Speaker 1: hours a day on air and on Bloomberg Quick Take,

469
00:25:55,200 --> 00:25:58,120
Speaker 1: powered by more than twenty seven hundred journalist and analysts

470
00:25:58,160 --> 00:26:00,439
Speaker 1: more than a hundred twenty countries. I'm like bar, this

471
00:26:00,440 --> 00:26:08,480
Speaker 1: is Bloomberg, Nathan. Thanks Michael on Wall Street. Time for

472
00:26:08,480 --> 00:26:11,320
Speaker 1: the Bloomberg Sports Update. Here's John Stans shown Nathan. What's

473
00:26:11,359 --> 00:26:14,240
Speaker 1: happened to the Rangers after a fifty two win regular season.

474
00:26:14,240 --> 00:26:16,560
Speaker 1: They played the Penguins three times in a two week

475
00:26:16,640 --> 00:26:18,200
Speaker 1: span late in the year, and they won all three.

476
00:26:18,280 --> 00:26:20,080
Speaker 1: But they've lost three or four in the playoffs. And

477
00:26:20,119 --> 00:26:22,560
Speaker 1: it was seven to two last night the Penguins with

478
00:26:22,960 --> 00:26:25,639
Speaker 1: seven different goal scores. They scored five times in the

479
00:26:25,680 --> 00:26:28,879
Speaker 1: second period twice, they scored twice in a span of

480
00:26:28,960 --> 00:26:31,400
Speaker 1: less than a minute. Rangers are a young team. Coach

481
00:26:31,480 --> 00:26:33,960
Speaker 1: jar Gerard Gallant was asked if that's the reason for

482
00:26:34,000 --> 00:26:37,000
Speaker 1: the postseason struggled. They wouldn't use the word in experience,

483
00:26:37,080 --> 00:26:39,800
Speaker 1: I've used the word not committed to play in the

484
00:26:39,880 --> 00:26:41,679
Speaker 1: right way, you know, I mean we played the right

485
00:26:41,680 --> 00:26:44,640
Speaker 1: way in uh in New York. There's nobody can want

486
00:26:44,640 --> 00:26:46,920
Speaker 1: to get way play the right way to night. And

487
00:26:46,960 --> 00:26:49,160
Speaker 1: it's not from the inexperienced guy either. I mean, they're

488
00:26:49,520 --> 00:26:51,600
Speaker 1: they're part of our group. But tonight you've seen a

489
00:26:51,640 --> 00:26:54,680
Speaker 1: lot of a lot of stuff fed played by a

490
00:26:54,680 --> 00:26:56,840
Speaker 1: lot of people or Sister In the regular season, a

491
00:26:56,840 --> 00:26:59,080
Speaker 1: looted an average of just over two goals per game.

492
00:26:59,160 --> 00:27:01,880
Speaker 1: He played three areas in Pittsburgh, gave up ten goals,

493
00:27:02,320 --> 00:27:05,040
Speaker 1: and yet Gillan says he's sticking with Sisterkin for Game

494
00:27:05,080 --> 00:27:07,560
Speaker 1: five tomorrow with the Garden. When lou La Morello ran

495
00:27:07,600 --> 00:27:09,800
Speaker 1: the Devil's he had a history of making coaching changes.

496
00:27:09,840 --> 00:27:11,920
Speaker 1: He now runs the Islanders, and he just fired Berry.

497
00:27:12,000 --> 00:27:14,840
Speaker 1: Trots who want to Stanley Cup and Washington had playoffs

498
00:27:14,840 --> 00:27:17,600
Speaker 1: success with the Isles, They missed the playoffs. This past season.

499
00:27:17,720 --> 00:27:20,840
Speaker 1: NBA Golden State played without its coach, Steve Kurt tested positive.

500
00:27:20,880 --> 00:27:23,560
Speaker 1: Mike Brown just named the new coach in Sacramento. He

501
00:27:23,640 --> 00:27:26,800
Speaker 1: coached the Warriors to a win over Memphis. Boston won

502
00:27:26,840 --> 00:27:30,000
Speaker 1: in Milwaukee. Yankee bats for quiet, but Nestor Cortez with

503
00:27:30,200 --> 00:27:33,200
Speaker 1: nasty was five outsome and no hitter. Yanks finally broke

504
00:27:33,240 --> 00:27:35,600
Speaker 1: up a scoreless game eighth inning. They meet Texas one

505
00:27:35,680 --> 00:27:38,800
Speaker 1: to nothing. The Giants, for salary cap reasons, forced to

506
00:27:38,840 --> 00:27:42,399
Speaker 1: release cornerback James Bradberry past two seasons, he was one

507
00:27:42,400 --> 00:27:46,120
Speaker 1: of their best players. John Stashward Bloomberg Sports Nathan. Thanks John.

508
00:27:46,160 --> 00:27:48,880
Speaker 1: It's seven on Wall Street time for the Tri State

509
00:27:48,920 --> 00:27:52,119
Speaker 1: Business Report. Here's Bloomberg's head Corey. New York State is

510
00:27:52,160 --> 00:27:55,639
Speaker 1: having pressure on meat companies, already facing heat in Washington

511
00:27:55,760 --> 00:27:59,440
Speaker 1: for elevated prices. Tyson Food says it received his subpoena

512
00:27:59,520 --> 00:28:02,520
Speaker 1: in April from the New York Attorney General's Bureau of

513
00:28:02,560 --> 00:28:06,720
Speaker 1: Consumer Frauds and Protection. It was seeking information regarding sales

514
00:28:06,720 --> 00:28:10,680
Speaker 1: prices and production costs of beef, pork, and chicken products.

515
00:28:10,720 --> 00:28:14,040
Speaker 1: A seat in a blue Origin New Shepherd space capsule

516
00:28:14,200 --> 00:28:17,080
Speaker 1: was auctioned for eight million dollars last night. The high

517
00:28:17,119 --> 00:28:20,600
Speaker 1: bidder Ken Griffin, founder of hedge fund Citadel. You will

518
00:28:20,640 --> 00:28:23,159
Speaker 1: donate the spot to a New York City school teacher.

519
00:28:23,359 --> 00:28:26,560
Speaker 1: Monday's event at Manhattan's Javits Center raised a total of

520
00:28:26,600 --> 00:28:30,399
Speaker 1: one D twenty six million dollars for the Robin Hood Foundation.

521
00:28:30,680 --> 00:28:33,680
Speaker 1: Well the New Jersey Seafood Festival in bel Mar's coming

522
00:28:33,680 --> 00:28:35,560
Speaker 1: back for the first time in a couple of years

523
00:28:35,840 --> 00:28:40,480
Speaker 1: after a long COVID hiatus. Celebrating its thirty fifth anniversary.

524
00:28:40,560 --> 00:28:44,680
Speaker 1: The festival takes place from Friday May twenty through Sunday

525
00:28:44,760 --> 00:28:48,360
Speaker 1: May twenty second. That your Bloomberg Trying State Business Report.

526
00:28:48,480 --> 00:28:51,800
Speaker 1: I'm Ed Corey. Thanks that it's on Wall Street. Bloomberg

527
00:28:51,880 --> 00:28:54,280
Speaker 1: Radio is on the air from San Francisco to New York,

528
00:28:54,400 --> 00:28:56,960
Speaker 1: London to Hong Kong. Let's check in with our global

529
00:28:56,960 --> 00:28:58,960
Speaker 1: news team for some of the top stories heard on

530
00:28:58,960 --> 00:29:01,840
Speaker 1: our three hundred of Philly at radio stations around the world.

531
00:29:04,720 --> 00:29:08,400
Speaker 1: I'm Corney's Anahoe on Carol Dan Dallas, fuel costs soaring

532
00:29:08,400 --> 00:29:12,000
Speaker 1: into summer looks such as Squeeze consumers him Gina Servetti

533
00:29:12,080 --> 00:29:15,360
Speaker 1: in for w BBM in Chicago. I'm reporting the Kraft

534
00:29:15,400 --> 00:29:18,000
Speaker 1: Hynes is taking steps to make it sketch up models,

535
00:29:18,040 --> 00:29:21,080
Speaker 1: more eco friendly files Matteo and I'm w b Z

536
00:29:21,240 --> 00:29:23,720
Speaker 1: in Boston. I'll be reporting on a big break up

537
00:29:23,800 --> 00:29:26,760
Speaker 1: in the dating app world. I'm Stephen Carol and Bloomberg

538
00:29:26,880 --> 00:29:29,400
Speaker 1: d a B Digital Radio in London. We're reporting on

539
00:29:29,440 --> 00:29:32,000
Speaker 1: Prince Charles standing in for the Queen at the State

540
00:29:32,040 --> 00:29:35,920
Speaker 1: opening of Parliament. Speech laying out the government's legislative agenda

541
00:29:36,120 --> 00:29:39,520
Speaker 1: as Boris Johnson hopes to reboot his premiership. I'm bed

542
00:29:39,640 --> 00:29:42,760
Speaker 1: Corey on w T A M. In Cleveland. I'm reporting

543
00:29:42,760 --> 00:29:45,719
Speaker 1: the Cavaliers finished fifteenth in the ranking of the Consco.

544
00:29:45,840 --> 00:29:49,000
Speaker 1: Taking a family of four to a basketball game. Come on.

545
00:29:49,080 --> 00:29:51,360
Speaker 1: Those are some of the stories our twenty sevendred Bloomberg

546
00:29:51,400 --> 00:29:53,760
Speaker 1: journalists and analysts working on this morning around the world.

547
00:29:53,800 --> 00:29:56,880
Speaker 1: It's thirty nine on Wall Street. The following is an

548
00:29:57,000 --> 00:30:00,920
Speaker 1: editorial from Bloomberg Opinion present By wants to make it

549
00:30:00,960 --> 00:30:04,840
Speaker 1: easier for Russian scientists, engineers, and tech workers to move

550
00:30:04,880 --> 00:30:08,240
Speaker 1: to the US by temporarily suspending the need for a

551
00:30:08,280 --> 00:30:11,960
Speaker 1: sponsoring employer. It's a smart and long overdue move. Even

552
00:30:12,040 --> 00:30:15,080
Speaker 1: before the war in Ukraine, Russia was short at least

553
00:30:15,120 --> 00:30:18,640
Speaker 1: five hundred thousand tech workers. The invasion has led to

554
00:30:18,720 --> 00:30:23,240
Speaker 1: further brain drain. By accelerating departures from Russia, Washington would

555
00:30:23,240 --> 00:30:26,840
Speaker 1: a road President Putin's ability to fight abroad and undermine

556
00:30:26,920 --> 00:30:30,840
Speaker 1: his repressive machinery at home. Helping Russians with coveted skills

557
00:30:30,920 --> 00:30:34,440
Speaker 1: to resettle would also benefit the U. S economy, which

558
00:30:34,440 --> 00:30:38,040
Speaker 1: in the past has gained from similar efforts. Professional migration

559
00:30:38,320 --> 00:30:41,080
Speaker 1: is a powerful tool that makes the most of US

560
00:30:41,120 --> 00:30:44,680
Speaker 1: soft power in time. Similar policies are worth considering for

561
00:30:44,800 --> 00:30:49,240
Speaker 1: other troublesome governments left vulnerable from brain drains. Human capital,

562
00:30:49,280 --> 00:30:53,040
Speaker 1: after all, is the hardest to replace. This editorial was

563
00:30:53,080 --> 00:30:56,200
Speaker 1: written by the Bloomberg Opinion Editorial Board. I'm David Shipley.

564
00:30:56,360 --> 00:30:58,960
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,

565
00:30:59,040 --> 00:31:02,480
Speaker 1: slash opinion or opia and go on the Bloomberg terminal.

566
00:31:02,800 --> 00:31:06,760
Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials

567
00:31:06,800 --> 00:31:09,920
Speaker 1: every weekday. At this time, terminal customers can read more

568
00:31:10,480 --> 00:31:14,760
Speaker 1: at op i n Go. Futures moving higher On this

569
00:31:14,840 --> 00:31:23,600
Speaker 1: Tuesday morning, you're listening to Bloomberg Daybreak Bloomberg eleven three

570
00:31:23,600 --> 00:31:26,320
Speaker 1: oh weather sunny, breezy, upper sixties today, will be near

571
00:31:26,360 --> 00:31:30,320
Speaker 1: seventy and mostly sunny tomorrow, mid seventies by Thursday, currently

572
00:31:30,480 --> 00:31:33,400
Speaker 1: fifty three degrees under a clear sky in cent Blopart

573
00:31:37,080 --> 00:31:40,480
Speaker 1: markets headlines and breaking news twenty four hours a day

574
00:31:40,600 --> 00:31:44,160
Speaker 1: at Bloomberg dot Com, the Bloomberg Business atand at Bloomberg

575
00:31:44,240 --> 00:31:53,560
Speaker 1: Quick Tape. This is a Bloomberg business Flash and I'm

576
00:31:53,600 --> 00:31:56,600
Speaker 1: Cameron Moscow. You want to knock. Index futures are rallying

577
00:31:56,640 --> 00:31:59,920
Speaker 1: this morning along with European shares as dip buyers emerge

578
00:32:00,000 --> 00:32:03,120
Speaker 1: following yesterday's sell off. We checked the markets every fifteen

579
00:32:03,120 --> 00:32:05,440
Speaker 1: minutes throughout the trading day. On Bloomberg, U S and

580
00:32:05,480 --> 00:32:08,880
Speaker 1: P futures forty one points down. Futures have two hundred

581
00:32:08,880 --> 00:32:11,680
Speaker 1: seventy nine at ASDAG futures have one hundred ninety nine.

582
00:32:11,920 --> 00:32:14,440
Speaker 1: The decks in Germany's have one point six percent. The

583
00:32:14,480 --> 00:32:17,479
Speaker 1: ten year treasury up five thirty seconds three point oh

584
00:32:17,560 --> 00:32:19,880
Speaker 1: one percent. The yelled on the two year two point

585
00:32:19,920 --> 00:32:23,680
Speaker 1: five nine percent. NIMEX screwed oil is down nine ten percent,

586
00:32:23,760 --> 00:32:26,040
Speaker 1: or ninety four cents at a hundred two dollars fifteen

587
00:32:26,040 --> 00:32:28,280
Speaker 1: cents of barrel comics called up a tenth of a

588
00:32:28,400 --> 00:32:31,200
Speaker 1: percent or two dollars thirty cents at eighteen sixty ninety

589
00:32:31,240 --> 00:32:34,360
Speaker 1: announce the Euro one point oh five five six against

590
00:32:34,360 --> 00:32:36,880
Speaker 1: the dollar, British pound one point two three to six

591
00:32:37,200 --> 00:32:39,920
Speaker 1: the end at one thirty point one seven, and Bitcoin

592
00:32:40,000 --> 00:32:43,080
Speaker 1: this morning is higher at thirty one thousand, five hundred

593
00:32:43,160 --> 00:32:46,080
Speaker 1: twenty five dollars. That's a Bloomberg Business Flash. Now here's

594
00:32:46,120 --> 00:32:48,480
Speaker 1: Michael Barrow with more on what's going on around the world.

595
00:32:48,600 --> 00:32:51,800
Speaker 1: Michael Karen, thank you very much. President Joe Biden signed

596
00:32:51,800 --> 00:32:54,560
Speaker 1: into law measure designed to make it easier for the

597
00:32:54,720 --> 00:32:58,560
Speaker 1: US to send weapons and supplies to Ukraine as the

598
00:32:58,560 --> 00:33:01,120
Speaker 1: country continues to fight all for the Russian invasion that

599
00:33:01,200 --> 00:33:03,840
Speaker 1: began in February. For the first time in more than

600
00:33:03,920 --> 00:33:08,080
Speaker 1: sixty years, Queen Elizabeth will not attend the opening of Parliament.

601
00:33:08,360 --> 00:33:10,680
Speaker 1: In the NBA Playoffs, the Celtics beat the Bucks to

602
00:33:10,720 --> 00:33:13,160
Speaker 1: even their series of two games apiece. The Warriors beat

603
00:33:13,200 --> 00:33:16,760
Speaker 1: the Grizzlies. Warriors coach Steve Hurt tested positive for COVID.

604
00:33:17,200 --> 00:33:20,280
Speaker 1: In the NHL Playoffs, the Rangers lost to the Penguins

605
00:33:20,280 --> 00:33:22,560
Speaker 1: to fall behind three games to one. The Capital's lost

606
00:33:22,560 --> 00:33:25,640
Speaker 1: to the Panthers. Baseball the Yankees Orioles Giants, and as

607
00:33:25,680 --> 00:33:28,600
Speaker 1: all one Global News twenty four hours a day on

608
00:33:28,760 --> 00:33:31,600
Speaker 1: air and on Bloomberg Quick Take, powered by more than

609
00:33:31,720 --> 00:33:34,880
Speaker 1: twenty seven hundred journalist and analysts more than twenty countries.

610
00:33:35,280 --> 00:33:38,680
Speaker 1: Michael Barr, this is Bloomberg. Nathan Okay, Michael, thanks for

611
00:33:38,720 --> 00:33:40,880
Speaker 1: coming up to five forty nine on Wall Street Life

612
00:33:40,920 --> 00:33:44,920
Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak

613
00:33:44,960 --> 00:33:48,720
Speaker 1: with a focus on inflation this morning. That's where President

614
00:33:48,840 --> 00:33:51,480
Speaker 1: Biden's attention will be as he prepares to give a

615
00:33:51,520 --> 00:33:56,880
Speaker 1: speech later today on arguably his most politically difficult issue

616
00:33:57,600 --> 00:34:01,480
Speaker 1: just about six months before the mid terms. Lemberg Washington corresponded,

617
00:34:01,560 --> 00:34:04,120
Speaker 1: Joe Matthew is with us this morning, host of Sound

618
00:34:04,160 --> 00:34:07,520
Speaker 1: on Here on Bloomberg Radio. Joe, good morning. We knew

619
00:34:07,560 --> 00:34:10,360
Speaker 1: that the President was going to be delivering this speech

620
00:34:10,440 --> 00:34:13,920
Speaker 1: later this morning, but it is very tough to overstate

621
00:34:13,960 --> 00:34:16,560
Speaker 1: the difficulties that the president faces when it comes to

622
00:34:17,239 --> 00:34:22,200
Speaker 1: getting voters minds on where he plans to take inflation,

623
00:34:22,239 --> 00:34:24,520
Speaker 1: what he plans to do about it. Well, that's for sure,

624
00:34:24,520 --> 00:34:26,359
Speaker 1: and it's not a new topic, of course for this

625
00:34:26,680 --> 00:34:29,080
Speaker 1: White House. Nathan. It's got to the point where it

626
00:34:29,120 --> 00:34:32,480
Speaker 1: doesn't really matter what topic the President is discussing, from

627
00:34:32,520 --> 00:34:36,000
Speaker 1: the war in Ukraine to any domestic issue, it's typically

628
00:34:36,040 --> 00:34:39,400
Speaker 1: through the guys through the prism of inflation. And we

629
00:34:39,480 --> 00:34:41,640
Speaker 1: got a bit of a preview of this speech last week.

630
00:34:42,080 --> 00:34:45,000
Speaker 1: As you might remember, the President was talking about deficit reduction,

631
00:34:45,120 --> 00:34:49,280
Speaker 1: touting his administration's efforts in that area as a tool

632
00:34:49,440 --> 00:34:52,480
Speaker 1: to lower inflation, and he took time to contrast his

633
00:34:52,560 --> 00:34:55,200
Speaker 1: administration's approach to the economy with what he calls the

634
00:34:55,280 --> 00:34:59,360
Speaker 1: ultra Maga agenda. Interesting to hear him make that pivot

635
00:34:59,440 --> 00:35:02,919
Speaker 1: last week, that that refers to the economic proposals put

636
00:35:02,960 --> 00:35:05,600
Speaker 1: forth by Republican Senator Rick Scott is kind of an

637
00:35:05,600 --> 00:35:08,759
Speaker 1: alternative in this midterm cycle. Here the White House that says,

638
00:35:08,800 --> 00:35:12,200
Speaker 1: the President will call out Republican plans again, and we

639
00:35:12,239 --> 00:35:15,239
Speaker 1: expect a more deliberate cataloging of you know what the

640
00:35:15,280 --> 00:35:18,160
Speaker 1: administration has already done to fight inflation over the past

641
00:35:18,200 --> 00:35:21,480
Speaker 1: nine months or so. Remembering this goes back, uh quite

642
00:35:21,520 --> 00:35:24,200
Speaker 1: some time before the war in Ukraine, releasing oil from

643
00:35:24,200 --> 00:35:27,239
Speaker 1: the strategic reserve, pushing ports on the West coast to

644
00:35:27,280 --> 00:35:30,439
Speaker 1: work seven the president, though, it's also going to call

645
00:35:30,480 --> 00:35:32,520
Speaker 1: on Congress, Nathan, and this is where you're gonna say

646
00:35:32,560 --> 00:35:36,560
Speaker 1: deja vu, to do more with proposals to lower prescription

647
00:35:36,640 --> 00:35:40,480
Speaker 1: drug prices, extend the child tax credit, move to more

648
00:35:40,520 --> 00:35:44,840
Speaker 1: renewable energy sources. These were all components of the Build

649
00:35:44,840 --> 00:35:47,520
Speaker 1: Back Better plan, of course, that never got through Congress.

650
00:35:47,520 --> 00:35:49,680
Speaker 1: It sounds like we're gonna be hearing about them again today.

651
00:35:49,880 --> 00:35:53,479
Speaker 1: And those are components show that Republicans would argue might

652
00:35:53,600 --> 00:35:58,080
Speaker 1: be adding even further fuel to inflation on the fiscal side.

653
00:35:58,239 --> 00:36:01,279
Speaker 1: That's right, and the White House antimately disagrees with that.

654
00:36:01,320 --> 00:36:04,920
Speaker 1: They see this as an effort to lower inflation, whereas

655
00:36:05,040 --> 00:36:08,359
Speaker 1: Republicans say it's the very opposite. And this is why

656
00:36:08,440 --> 00:36:11,399
Speaker 1: things got so bogged down at the end of last year.

657
00:36:11,440 --> 00:36:12,880
Speaker 1: And you know, Nathan, now that we're in the throes

658
00:36:12,960 --> 00:36:16,120
Speaker 1: of of primary season, the job gets a lot more difficult.

659
00:36:16,600 --> 00:36:20,680
Speaker 1: Case in point, the Ukraine funding that the President had requested,

660
00:36:20,760 --> 00:36:24,720
Speaker 1: asking for thirty three billion dollars. Democrats are now basically

661
00:36:24,800 --> 00:36:28,040
Speaker 1: dropping the idea of attaching COVID response funding to that bill,

662
00:36:28,080 --> 00:36:30,440
Speaker 1: and the President had to make that clear. It was

663
00:36:30,480 --> 00:36:33,000
Speaker 1: something he was recommending. But it's gonna bog this down,

664
00:36:33,040 --> 00:36:35,080
Speaker 1: it might keep it from passing, so to make sure

665
00:36:35,080 --> 00:36:36,960
Speaker 1: it gets done, it looks like this will be a

666
00:36:37,040 --> 00:36:40,680
Speaker 1: clean bill. That's how difficult it is to move legislation

667
00:36:41,120 --> 00:36:44,000
Speaker 1: in Congress this season. Do we have a sense, Joe

668
00:36:44,120 --> 00:36:49,080
Speaker 1: about how voters feel about the Republican plan to tackle inflation?

669
00:36:49,120 --> 00:36:52,640
Speaker 1: We know where sentiment lies in terms of how they

670
00:36:52,680 --> 00:36:56,240
Speaker 1: feel about prices right now, but in terms of the plans,

671
00:36:57,080 --> 00:37:01,080
Speaker 1: do we have any idea where voters stand on where

672
00:37:01,120 --> 00:37:03,399
Speaker 1: the Republicans are, where the Democrats are. It's a little

673
00:37:03,400 --> 00:37:05,080
Speaker 1: bit difficult to say on this. I mean, we have

674
00:37:05,200 --> 00:37:08,520
Speaker 1: seen polling, uh that makes it clear that a vast

675
00:37:08,600 --> 00:37:11,319
Speaker 1: majority of Americans actually do not believe the government is

676
00:37:11,320 --> 00:37:14,080
Speaker 1: doing enough to fight inflation. When it comes to to

677
00:37:14,320 --> 00:37:17,560
Speaker 1: Rick Scott's plant specifically difficult to tell. I mean, this

678
00:37:17,640 --> 00:37:19,600
Speaker 1: is a proposal from someone who is not actually a

679
00:37:19,680 --> 00:37:21,600
Speaker 1: leader of the Senate. But it's interesting that it's getting

680
00:37:21,600 --> 00:37:24,200
Speaker 1: the attention of this White House because the White House

681
00:37:24,200 --> 00:37:27,040
Speaker 1: says it will raise taxes on seventy five million Americans

682
00:37:27,440 --> 00:37:31,719
Speaker 1: and will sunset or at least offered a sunset programs

683
00:37:31,760 --> 00:37:34,880
Speaker 1: like Social Security, Medicare, social programs that will need to

684
00:37:34,880 --> 00:37:36,920
Speaker 1: be re upped every five years. This is something that

685
00:37:36,960 --> 00:37:40,360
Speaker 1: the President has spoken passionately about. He even raised his

686
00:37:40,440 --> 00:37:43,080
Speaker 1: voice talking about the outrage here for people who have been,

687
00:37:43,400 --> 00:37:46,279
Speaker 1: you know, contributing to Social Security for the balance of

688
00:37:46,320 --> 00:37:49,319
Speaker 1: their lives. So the White House season opportunity here to

689
00:37:49,400 --> 00:37:52,640
Speaker 1: your point six months ago, to start drawing the distinctions,

690
00:37:52,640 --> 00:37:54,960
Speaker 1: and frankly, Nathan, if you talk to political analysts, that

691
00:37:55,000 --> 00:37:57,000
Speaker 1: may be a bit late for that. And we'll be

692
00:37:57,080 --> 00:37:59,920
Speaker 1: hearing the president's speech live. It's set for around a

693
00:38:00,000 --> 00:38:02,279
Speaker 1: eleven thirty a m. Wall Street Time will have it

694
00:38:02,320 --> 00:38:06,439
Speaker 1: for a here on Bloomberg Radio. Bloomberg Washington correspondent Joe

695
00:38:06,480 --> 00:38:09,120
Speaker 1: Matthew with us ahead of that this morning. Joe, thank you,

696
00:38:09,280 --> 00:38:12,399
Speaker 1: Karen Nathan. It is five three on Wall Street Time

697
00:38:12,440 --> 00:38:14,760
Speaker 1: for the Bloomberg Law Report. Let's get to the legal

698
00:38:14,840 --> 00:38:22,080
Speaker 1: stories we're watching this morning from Bloomberg. Jeff Billinger hipartisan

699
00:38:22,120 --> 00:38:25,200
Speaker 1: bill passed by the Senate would provide security to family

700
00:38:25,239 --> 00:38:28,880
Speaker 1: members of Supreme Court justices. The measure was passed after

701
00:38:28,920 --> 00:38:32,239
Speaker 1: protests over abortion rights were staged outside the homes of

702
00:38:32,280 --> 00:38:35,960
Speaker 1: some justices. Activision Lizard asked the court in Los Angeles

703
00:38:36,040 --> 00:38:38,000
Speaker 1: to toss out a lawsuit in which the State of

704
00:38:38,040 --> 00:38:42,680
Speaker 1: California accuses the GameMaker of discrimination and sexual harassment against

705
00:38:42,680 --> 00:38:46,720
Speaker 1: female employees. Connecticut taxpayers will get six hundred billion dollars

706
00:38:46,719 --> 00:38:49,879
Speaker 1: in tax relief for the twenty three fiscal year under

707
00:38:49,880 --> 00:38:54,000
Speaker 1: a budget signed by Governor Ned Lamont. Bloomberg Law Everything

708
00:38:54,040 --> 00:38:58,160
Speaker 1: you need, all on one legal research platform, including Guidance

709
00:38:58,200 --> 00:39:01,920
Speaker 1: Analysis and Bloomberg mark at Intelligence. Find out more at

710
00:39:01,920 --> 00:39:05,880
Speaker 1: Bloomberg law dot com. All right, Jeff, thank you. Now,

711
00:39:05,920 --> 00:39:08,719
Speaker 1: another legal story we're watching now that the Supreme Court

712
00:39:08,760 --> 00:39:12,279
Speaker 1: appears to be willing to revisit and likely reverse presidential

713
00:39:12,400 --> 00:39:15,799
Speaker 1: cases like Roe v. Wade, Texas Governor Greg Abbott is

714
00:39:15,800 --> 00:39:20,520
Speaker 1: proposing challenging another precedent. Abbott says Texas will resurrect a

715
00:39:20,560 --> 00:39:23,920
Speaker 1: forty year old Supreme Court case Plyler v. Do that

716
00:39:24,080 --> 00:39:27,080
Speaker 1: established the right of all students to a public education,

717
00:39:27,120 --> 00:39:30,800
Speaker 1: whether they are here legally or not. For more, Bloomberg

718
00:39:30,840 --> 00:39:33,800
Speaker 1: student Grosso speak to Leon Fresco, a partner at Holland

719
00:39:33,800 --> 00:39:38,239
Speaker 1: and Night, tell us about Plyler versus Dough, which has

720
00:39:38,280 --> 00:39:43,600
Speaker 1: been on the books for forty years. Flyler was a

721
00:39:43,880 --> 00:39:47,760
Speaker 1: very close decision. It wasn't a slam dunk by any means.

722
00:39:48,120 --> 00:39:51,719
Speaker 1: And what the court ultimately did and this was sort

723
00:39:51,760 --> 00:39:54,840
Speaker 1: of a very difficult decision in terms of precedents that

724
00:39:54,840 --> 00:39:57,040
Speaker 1: would be re examined, as they said, well, first of all,

725
00:39:57,040 --> 00:39:59,719
Speaker 1: we're not going to declare a fundamental rights to it

726
00:39:59,800 --> 00:40:02,560
Speaker 1: a occasion, because then you sort of engender that they

727
00:40:02,560 --> 00:40:06,040
Speaker 1: are all these losses then about funding and kids in

728
00:40:06,120 --> 00:40:08,920
Speaker 1: certain places not getting as much funding as kids in

729
00:40:08,960 --> 00:40:11,560
Speaker 1: other places. So they didn't want to go down that run,

730
00:40:11,840 --> 00:40:16,600
Speaker 1: and so instead they said, this is an equal protection violation,

731
00:40:16,960 --> 00:40:20,120
Speaker 1: but there's no scrutiny that needs to be given. This

732
00:40:20,160 --> 00:40:22,960
Speaker 1: has to go under the rational basis test because the

733
00:40:23,040 --> 00:40:27,480
Speaker 1: government is allowed to discriminate between people with immigration status

734
00:40:27,480 --> 00:40:31,040
Speaker 1: and people without. But we can see no rational basis

735
00:40:31,239 --> 00:40:37,040
Speaker 1: whatsoever for excluding children who don't have legal status from

736
00:40:37,080 --> 00:40:40,480
Speaker 1: the school. That's too cool. It doesn't solve anything about

737
00:40:40,520 --> 00:40:43,759
Speaker 1: the parents motivations to come here, and so there's no

738
00:40:43,960 --> 00:40:47,319
Speaker 1: tie to it. And so the question is given how

739
00:40:47,360 --> 00:40:50,640
Speaker 1: close the case of decision that was back then, and

740
00:40:50,760 --> 00:40:55,000
Speaker 1: given a at least idea now that's out there that

741
00:40:55,080 --> 00:40:58,239
Speaker 1: the courts may start looking at past president the state

742
00:40:58,280 --> 00:41:00,600
Speaker 1: of Texas is saying, well, why don't we take a

743
00:41:00,800 --> 00:41:04,399
Speaker 1: run at this issue, given that we believe we could

744
00:41:04,400 --> 00:41:07,839
Speaker 1: find at least five, maybe six justices to say that

745
00:41:07,920 --> 00:41:11,840
Speaker 1: there is a rational basis to say that kids without

746
00:41:11,920 --> 00:41:14,640
Speaker 1: status shouldn't be going to public school as opposed to

747
00:41:14,719 --> 00:41:18,520
Speaker 1: kids with status. So I'm wondering how Taxis would go

748
00:41:18,560 --> 00:41:21,960
Speaker 1: about this, because it's not like the Biden administration is

749
00:41:22,000 --> 00:41:24,040
Speaker 1: telling them to do this. So they can't do the

750
00:41:24,040 --> 00:41:27,120
Speaker 1: Biden administration, this is a Supreme Court decision. They can't

751
00:41:27,120 --> 00:41:29,879
Speaker 1: to the Supreme Court. How would they even get this

752
00:41:30,120 --> 00:41:32,680
Speaker 1: before the court? Well, what has to happen is the

753
00:41:32,760 --> 00:41:36,680
Speaker 1: Texas State legislature would actually have to pass the law

754
00:41:36,880 --> 00:41:39,400
Speaker 1: that would again it would be at the beginning and

755
00:41:39,520 --> 00:41:44,520
Speaker 1: unconstitutional laws. But they have to pass on unconstitutional laws

756
00:41:44,560 --> 00:41:49,440
Speaker 1: that band undocumented students from being able to go to school.

757
00:41:49,640 --> 00:41:53,600
Speaker 1: Or maybe they might pass the law that charges undocumented

758
00:41:53,640 --> 00:41:57,280
Speaker 1: students full tuition in order to go to schools. Then

759
00:41:57,480 --> 00:42:01,000
Speaker 1: that would create a situation where if it's challenge, the

760
00:42:01,160 --> 00:42:04,520
Speaker 1: kids go to school. But if it's challenge, then it

761
00:42:04,520 --> 00:42:06,440
Speaker 1: would go all the way to the Supreme Court to

762
00:42:06,560 --> 00:42:09,920
Speaker 1: decide whether that law can prevail or Now and as

763
00:42:10,000 --> 00:42:12,520
Speaker 1: Leon Fresco, our partner at Holland and Nights, speaking with

764
00:42:12,600 --> 00:42:15,719
Speaker 1: Bloomberg's doing grass So catch more of that interview plus

765
00:42:15,760 --> 00:42:18,719
Speaker 1: analysis of the latest legal news by subscribing to the

766
00:42:18,760 --> 00:42:22,279
Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot

767
00:42:22,320 --> 00:42:26,080
Speaker 1: com slash podcast. Attorneys can find exceptional legal research and

768
00:42:26,120 --> 00:42:29,360
Speaker 1: business development tools at Bloomberg law dot com and on

769
00:42:29,400 --> 00:42:33,399
Speaker 1: the Bloomberg terminal at b Law Go and futures this

770
00:42:33,480 --> 00:42:36,200
Speaker 1: morning on the rise. S and P futures have thirty

771
00:42:36,239 --> 00:42:39,840
Speaker 1: points down. Futures have two hundred seven. NAS day futures

772
00:42:39,840 --> 00:42:42,720
Speaker 1: have one hundred sixty and still ahead. On Bloomberg Daybreak

773
00:42:42,719 --> 00:42:44,720
Speaker 1: and check on the business headlines and all the news

774
00:42:44,760 --> 00:42:47,680
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