1 00:00:01,960 --> 00:00:05,440 Speaker 1: From the Bloomberg Interactive Brooker Studios. This is Bloomberg Daybreak 2 00:00:05,480 --> 00:00:09,840 Speaker 1: for Wednesday, August two. Coming up this hour, key primary 3 00:00:09,920 --> 00:00:13,480 Speaker 1: results across the country. Jerry Nadler beats Carolyn Maloney in 4 00:00:13,520 --> 00:00:16,680 Speaker 1: New York and Florida. Charlie christ will challenge incumbent Governor 5 00:00:16,800 --> 00:00:20,040 Speaker 1: Rhonda Santis. A top FED official calls for higher rates 6 00:00:20,040 --> 00:00:22,720 Speaker 1: on the eve of the Jackson Holts imposeum, and millions 7 00:00:22,720 --> 00:00:26,479 Speaker 1: of Americans await President Biden's decision on student loans. It 8 00:00:26,560 --> 00:00:29,800 Speaker 1: has been six months since Russia invaded Ukraine. Plus guilty 9 00:00:29,920 --> 00:00:32,880 Speaker 1: verdicts for two men accused of trying to kidnap Michigan's governor. 10 00:00:33,120 --> 00:00:36,280 Speaker 1: I'm Michael Barr more ahead, I'm John Stas showerd sports 11 00:00:36,280 --> 00:00:38,640 Speaker 1: a second straight Yankee Ford to two win over the 12 00:00:38,680 --> 00:00:41,320 Speaker 1: Mets of the Subway series. Kevin Durant is staying with 13 00:00:41,400 --> 00:00:46,480 Speaker 1: the Brooklyn Net. That's all s traded head on Bloomberg 14 00:00:46,520 --> 00:00:49,320 Speaker 1: day Break on Bloomberg. He live in Free on New York, 15 00:00:49,520 --> 00:00:54,200 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 16 00:00:54,480 --> 00:00:59,200 Speaker 1: Bloomberg nine sixties and Francisco Sirius XM one nineteen and 17 00:00:59,280 --> 00:01:02,080 Speaker 1: around the world Old on Bloomberg Radio dot Com and 18 00:01:02,120 --> 00:01:08,760 Speaker 1: buy the Bloomberg Business app. Good morning, I'm Nathan Hager 19 00:01:09,240 --> 00:01:12,880 Speaker 1: and I'm Karen Moscow. US Nock Index futures are little 20 00:01:12,959 --> 00:01:15,120 Speaker 1: changed to lower this morning. We're coming up to six 21 00:01:15,120 --> 00:01:16,679 Speaker 1: o one on Wall Street, and we check the market 22 00:01:16,680 --> 00:01:20,160 Speaker 1: server fifteen minutes throughout the trading day on Bloomberg SPA. 23 00:01:20,200 --> 00:01:23,200 Speaker 1: NOASDAG futures are little change. Down, futures down three D 24 00:01:23,280 --> 00:01:25,560 Speaker 1: two and the ten year treasury little change. You'll three 25 00:01:25,560 --> 00:01:28,640 Speaker 1: point oh four percent, Nathan. Okay, Karen. We'll have more 26 00:01:28,640 --> 00:01:30,200 Speaker 1: on the markets in just a minute, but we want 27 00:01:30,200 --> 00:01:32,600 Speaker 1: to get you caught first on some key primary results 28 00:01:32,640 --> 00:01:35,640 Speaker 1: across the country. Our team coverage begins in New York 29 00:01:35,680 --> 00:01:38,720 Speaker 1: with Bloomberg's Michael Bark. Good morning, Michael, Good morning Nathan. 30 00:01:38,760 --> 00:01:42,560 Speaker 1: In New York's key Congressional twelve district, Representative Jerry Nadler 31 00:01:42,640 --> 00:01:47,119 Speaker 1: be Democratic Committee Chair Carolyn Maloney five to four percent, 32 00:01:47,480 --> 00:01:50,400 Speaker 1: the two long time allies became opponents this year due 33 00:01:50,480 --> 00:01:54,840 Speaker 1: to redistricting. Maloney spoke during your concession speech, I'm really 34 00:01:54,920 --> 00:01:58,520 Speaker 1: sad that we no longer have a woman representing Manhattan 35 00:01:58,720 --> 00:02:02,680 Speaker 1: in Congress. Last night. Nadler, thank Maloney, and I will 36 00:02:02,720 --> 00:02:05,680 Speaker 1: return to Congress with a mandate to fight for the 37 00:02:06,920 --> 00:02:10,120 Speaker 1: causes so many of us know to be right. Nadler 38 00:02:10,160 --> 00:02:14,960 Speaker 1: would face Republican Mike Zimbluskas In another key congressional race, 39 00:02:15,080 --> 00:02:19,120 Speaker 1: Daniel Goldman one in the tenth district over a fellow Democrat. 40 00:02:19,280 --> 00:02:24,680 Speaker 1: You line knew six to Goldman faces Republican Benny Hampden 41 00:02:24,800 --> 00:02:28,359 Speaker 1: in November. In the seventeenth district, Sean Patrick Maloney, chair 42 00:02:28,400 --> 00:02:31,880 Speaker 1: of the House Democrats campaign ARM one with sixty seven percent. 43 00:02:31,960 --> 00:02:35,720 Speaker 1: He will face Republican Michael Lawler, who got seventy six percent, 44 00:02:36,000 --> 00:02:38,680 Speaker 1: and a special election in the nineteenth district to replace 45 00:02:38,800 --> 00:02:43,680 Speaker 1: Democrat Antonio Delgado, who became New York's Lieutenant governor. Democrat 46 00:02:43,800 --> 00:02:48,080 Speaker 1: Pat Ryan with beat Republican Mark Mulinaro, who got forty 47 00:02:48,120 --> 00:02:50,680 Speaker 1: eight percent. The race was seen as a Lipnus test 48 00:02:50,720 --> 00:02:54,280 Speaker 1: after the Supreme Court overturned abortion rights. More on other 49 00:02:54,320 --> 00:02:56,920 Speaker 1: New York races later. I'm Michael Barr now over to 50 00:02:56,960 --> 00:03:00,600 Speaker 1: Bloomberg's Amy Morris with key results in Florida, Amy, thank you, Michael. 51 00:03:00,720 --> 00:03:04,560 Speaker 1: Representative Charlie Chris has won the Democratic nomination for governor 52 00:03:04,560 --> 00:03:07,840 Speaker 1: of Florida, beating out the state agriculture commissioner and more 53 00:03:07,919 --> 00:03:11,840 Speaker 1: progressive Nikki Freed with nearly sixty of the vote. Chris, 54 00:03:12,000 --> 00:03:16,240 Speaker 1: a former Republican governor himself, will challenge Republican incumbent Ron 55 00:03:16,320 --> 00:03:19,560 Speaker 1: De Santis. If we work together stand up to this bully, 56 00:03:19,639 --> 00:03:25,040 Speaker 1: we will defeat him in November. Meanwhile, val Demings won 57 00:03:25,040 --> 00:03:27,839 Speaker 1: the Democratic primary four Senate with more than eighty four 58 00:03:27,880 --> 00:03:30,760 Speaker 1: percent of the vote, and she will challenge Republican Incoments 59 00:03:30,840 --> 00:03:34,400 Speaker 1: editor Marco Rubio in Florida. In Washington, I'm Mammy Morris 60 00:03:34,440 --> 00:03:37,760 Speaker 1: Bloomberg Daybreak, Amy, thank you. But one other state held 61 00:03:37,800 --> 00:03:41,880 Speaker 1: election yesterday in Oklahoma, trump back Congressman Mark Wayne Mullin 62 00:03:42,000 --> 00:03:45,600 Speaker 1: defeated former Statehouse Speaker T. W. Shannon in a special 63 00:03:45,680 --> 00:03:48,600 Speaker 1: runoff of the Senate seat now held by retiring Republican 64 00:03:48,760 --> 00:03:52,680 Speaker 1: Jim Einhoff. Mullin will face former Democratic Congressman Kendra Horne 65 00:03:52,760 --> 00:03:55,080 Speaker 1: in November. And we'll have much more in the primaries 66 00:03:55,080 --> 00:03:57,760 Speaker 1: throughout the morning. Karen, But another story we're following today, 67 00:03:57,840 --> 00:04:01,240 Speaker 1: President Biden is expected to make his long awaited announcement 68 00:04:01,320 --> 00:04:04,160 Speaker 1: on student debt relief. We get the latest from Bloomberg's 69 00:04:04,240 --> 00:04:06,720 Speaker 1: and Baxter. It has been something the President has been 70 00:04:06,720 --> 00:04:09,200 Speaker 1: planning for quite a while now, and the White House 71 00:04:09,280 --> 00:04:11,480 Speaker 1: is keeping the cars very close to the vest. The 72 00:04:11,560 --> 00:04:14,360 Speaker 1: President has been grappling with targeted relief while at the 73 00:04:14,400 --> 00:04:18,600 Speaker 1: same time counteracting any fallout such as contributing to inflation. 74 00:04:19,040 --> 00:04:23,719 Speaker 1: Now advocates and allies expect expect a pause on loans 75 00:04:23,720 --> 00:04:25,840 Speaker 1: for an additional four months through the end of the year, 76 00:04:26,240 --> 00:04:29,560 Speaker 1: as well as some form of partial forgiveness. We should 77 00:04:29,600 --> 00:04:33,560 Speaker 1: know today in San Francisco. I'm at Baxter Bloomberg Daybreak, right, 78 00:04:33,600 --> 00:04:35,400 Speaker 1: and thank you. Now turn our attention to the Federal 79 00:04:35,400 --> 00:04:38,919 Speaker 1: Reserves Annual Jackson Hole Economics Emposium. It starts tomorrow and 80 00:04:38,920 --> 00:04:42,040 Speaker 1: culminates with a speech from j Powell on Friday. Drew Mattis, 81 00:04:42,080 --> 00:04:45,760 Speaker 1: chief market strategistic MetLife Investment Management, tells us, but he 82 00:04:45,839 --> 00:04:48,520 Speaker 1: expects from the FED chair, It's a simple message. Rates 83 00:04:48,560 --> 00:04:50,800 Speaker 1: are going to continue to move higher because inflation is 84 00:04:50,800 --> 00:04:52,560 Speaker 1: still above where the Fed would like to see it. 85 00:04:52,800 --> 00:04:54,680 Speaker 1: Um you know, in terms of how the market's going 86 00:04:54,720 --> 00:04:56,920 Speaker 1: to take that, you know, I think the market is 87 00:04:56,960 --> 00:05:00,000 Speaker 1: pretty well expecting that. And the real question everyone's asked 88 00:05:00,160 --> 00:05:02,080 Speaker 1: now it's kind of you know, how much negative news 89 00:05:02,160 --> 00:05:03,840 Speaker 1: is the Fed need to see it before it changes 90 00:05:03,839 --> 00:05:07,360 Speaker 1: that tune and MetLife Investment Management Dramatis says there's an 91 00:05:07,360 --> 00:05:10,120 Speaker 1: increasing likelihood of recession, even if it's not showing up 92 00:05:10,160 --> 00:05:13,160 Speaker 1: in the labor market yet. Well. Meanwhile, Karen, Minneapolis Fed 93 00:05:13,200 --> 00:05:15,760 Speaker 1: President Neil cash Cary says, it's very clear the central 94 00:05:15,760 --> 00:05:19,760 Speaker 1: Bank needs to tighten monetary policy with inflation this high. 95 00:05:19,839 --> 00:05:22,240 Speaker 1: I'm for me, I'm in the mode of we need 96 00:05:22,240 --> 00:05:25,800 Speaker 1: to air on making sure we're getting inflation down and 97 00:05:25,920 --> 00:05:31,200 Speaker 1: only relax when we see compelling evidence that inflation is 98 00:05:31,240 --> 00:05:34,040 Speaker 1: well on its way back down to two Minneapolis Fed 99 00:05:34,080 --> 00:05:37,320 Speaker 1: President Neil cash Cary. Please stick with Bloomberg for complete 100 00:05:37,320 --> 00:05:40,400 Speaker 1: live coverage of the Jackson Hoole Symposium. Bloomberg Surveillance will 101 00:05:40,440 --> 00:05:43,320 Speaker 1: be there starting tomorrow with Tom Keene, Lisa A. Brahmowitz, 102 00:05:43,360 --> 00:05:46,200 Speaker 1: and Jonathan Farroll. So we turned to corporate news now, Nathan, 103 00:05:46,279 --> 00:05:49,440 Speaker 1: we're continuing to see major retailers struggle. Shares a north 104 00:05:49,480 --> 00:05:52,920 Speaker 1: Strom down fourteen percent following its latest earnings report, and 105 00:05:53,040 --> 00:05:55,320 Speaker 1: we get more live from Bloomberg's Red Need a Young. 106 00:05:55,360 --> 00:05:58,560 Speaker 1: Good Morning, Ready Down, Good morning, Karen, investors initially saw 107 00:05:58,640 --> 00:06:02,599 Speaker 1: Nordstrom as insulted by its affluent customer base, but its 108 00:06:02,600 --> 00:06:06,120 Speaker 1: outlook tells a different story. As the retailer's rack business 109 00:06:06,160 --> 00:06:10,200 Speaker 1: slows on consumer demand and inventory build up, the department 110 00:06:10,240 --> 00:06:13,760 Speaker 1: store operator is lowering its full year forecast just three 111 00:06:13,760 --> 00:06:17,760 Speaker 1: months after raising its outlook earlier. This week, Macy's also 112 00:06:17,800 --> 00:06:21,040 Speaker 1: cut its full year forecast, and now both retailers are 113 00:06:21,080 --> 00:06:24,960 Speaker 1: moving aggressively to clear out inventory. Other high end US 114 00:06:25,000 --> 00:06:28,000 Speaker 1: consumer companies such as Ralph Laurenda and as They Lauder, 115 00:06:28,200 --> 00:06:31,880 Speaker 1: have also trimmed forecasts. Live in New York, I'm remed 116 00:06:31,920 --> 00:06:34,840 Speaker 1: a young Bloomberg Daybreak Reneda thanks on the flip side. 117 00:06:34,839 --> 00:06:37,320 Speaker 1: Shares of bed, Bath and Beyond her up almost fifteen 118 00:06:37,400 --> 00:06:40,000 Speaker 1: percent in early trading. The Wall Street journals reporting the 119 00:06:40,040 --> 00:06:43,240 Speaker 1: home goods retailers selected a lender to provide financing as 120 00:06:43,240 --> 00:06:46,359 Speaker 1: it seeks to boost liquidity and pair down debt. And finally, 121 00:06:46,440 --> 00:06:49,760 Speaker 1: Nathan Tributes are still pouring in this morning for Julian Robertson, 122 00:06:49,839 --> 00:06:52,479 Speaker 1: the billionaire founder of Tiger Management, who has dined at 123 00:06:52,520 --> 00:06:54,680 Speaker 1: the age of nine day, Robertson became one of his 124 00:06:54,760 --> 00:06:58,120 Speaker 1: generation's most successful hench fund managers and a mentor to 125 00:06:58,240 --> 00:07:01,320 Speaker 1: a wave of investors known as Tai Your Cubs. Robertsons 126 00:07:01,360 --> 00:07:04,240 Speaker 1: started Tiger Management in nineteen eighty with just under nine 127 00:07:04,279 --> 00:07:07,680 Speaker 1: million dollars. By the late nineties, his funds had twenty 128 00:07:07,720 --> 00:07:13,200 Speaker 1: two billion dollars in assets and annual returns averaging thirty again. 129 00:07:13,320 --> 00:07:15,840 Speaker 1: Futures this morning are a little change straight. I had 130 00:07:15,880 --> 00:07:18,440 Speaker 1: your latest local headlines plus a check of sports. This 131 00:07:18,560 --> 00:07:24,400 Speaker 1: is Bloomberg. Thank you. Here in the six o seven 132 00:07:24,400 --> 00:07:26,840 Speaker 1: on Wall Street where at seventy one degrees in Central Park. 133 00:07:26,880 --> 00:07:29,360 Speaker 1: We've got a downtree in Yonker's North found Sawmill and 134 00:07:29,440 --> 00:07:32,000 Speaker 1: McClean Avenue. Will tell you more in traffic First, Michael 135 00:07:32,000 --> 00:07:35,800 Speaker 1: Barr's got more primary results. Good morning, Michael, Good morning, Nathan. 136 00:07:35,880 --> 00:07:39,640 Speaker 1: As mentioned, redistricting led to Jerry Nadler beating longtime ally 137 00:07:39,800 --> 00:07:44,840 Speaker 1: Carolyn Maloney in New York's most watch congressional Democratic primary race. 138 00:07:45,160 --> 00:07:49,320 Speaker 1: Bloomberg National political correspondent Gregor recording, there are in every 139 00:07:49,400 --> 00:07:53,600 Speaker 1: after every redistricting cycle, after the maps get redrawn every decade, 140 00:07:53,800 --> 00:07:57,000 Speaker 1: there are a number of these incumbent versus incumbent matchups, 141 00:07:57,000 --> 00:08:00,600 Speaker 1: but I can't remember any ever that had been as 142 00:08:00,680 --> 00:08:04,560 Speaker 1: big as this one In other contests. In a Republican 143 00:08:04,680 --> 00:08:08,680 Speaker 1: race in Western New York to replace GUP Representative Chris Jacobs, 144 00:08:08,800 --> 00:08:12,040 Speaker 1: Nick Langworthy won the primary in New York's re drawn 145 00:08:12,120 --> 00:08:16,240 Speaker 1: twenty third district. Langworthy, new York's Republican Party chair, beat 146 00:08:16,240 --> 00:08:23,080 Speaker 1: Buffalo businessman Carl Palladinot eight percent. Palladino has said controversial comments, 147 00:08:23,080 --> 00:08:25,520 Speaker 1: including that Adolf Hitler was the kind of leader we 148 00:08:25,560 --> 00:08:29,640 Speaker 1: need today because of visibility to rally crowds. Jacobs decided 149 00:08:29,640 --> 00:08:32,360 Speaker 1: not to seek another term after backlash from his own 150 00:08:32,400 --> 00:08:35,680 Speaker 1: party for voicing support for an assault weapons ban following 151 00:08:35,679 --> 00:08:38,480 Speaker 1: a racist mass shooting in his hometown of Buffalo and 152 00:08:38,559 --> 00:08:43,079 Speaker 1: May In Western New York, Republican Joe Simpolinski beat Democrat 153 00:08:43,360 --> 00:08:46,600 Speaker 1: Max Delapia to serve out the rest of the year. 154 00:08:46,720 --> 00:08:50,080 Speaker 1: In New York's twenty three district fifty three to forty 155 00:08:50,200 --> 00:08:54,199 Speaker 1: seven percent is to replace GOP representative Tom Reid, resigned 156 00:08:54,400 --> 00:08:57,400 Speaker 1: after he was accused of sexual misconduct. It has been 157 00:08:57,480 --> 00:09:00,960 Speaker 1: six months since the Russian invasion began in Ukrain. Yesterday, 158 00:09:01,040 --> 00:09:03,960 Speaker 1: Russia called for an emergency meeting of the UN Security Council, 159 00:09:04,280 --> 00:09:08,360 Speaker 1: voicing concerns over the situation at Ukraine's occupied nuclear power plant. 160 00:09:08,640 --> 00:09:11,160 Speaker 1: There are major worries that a nuclear disaster could take 161 00:09:11,160 --> 00:09:14,240 Speaker 1: place due to the fighting you went under Secretary Rosemary 162 00:09:14,280 --> 00:09:18,800 Speaker 1: to Carlo. To paraphrase the Secretary General's blunt warning, any 163 00:09:18,840 --> 00:09:24,800 Speaker 1: potential damage to Zapparsia is suicidal. The uns Rosemary to Carlo. 164 00:09:25,240 --> 00:09:28,000 Speaker 1: A jury returned guilty verdicts for two men accused of 165 00:09:28,000 --> 00:09:30,520 Speaker 1: trying to carry out a kidnapping plot against Michigan Governor 166 00:09:30,559 --> 00:09:33,600 Speaker 1: Gretchen Whitmer. Jury and Grand Rapids handed down the verdicts 167 00:09:33,600 --> 00:09:36,680 Speaker 1: against Adam Fox and Barry Croft Jr. U S Attorney 168 00:09:36,720 --> 00:09:40,160 Speaker 1: Andrew Burch. No public officials should have to contend with 169 00:09:40,160 --> 00:09:44,400 Speaker 1: what Governor Whitmer contended with here all over elected officials, 170 00:09:45,040 --> 00:09:47,680 Speaker 1: every one deserves to be able to live in safety, 171 00:09:47,760 --> 00:09:51,240 Speaker 1: not of fear. US Attorney Andrew Burge. Global News twenty 172 00:09:51,280 --> 00:09:53,880 Speaker 1: four hours a day on here and on Bloomberg Quick Take, 173 00:09:53,880 --> 00:09:56,840 Speaker 1: powered by more than twenty seven hundred journalists and analysts 174 00:09:56,840 --> 00:09:58,839 Speaker 1: in more than a hundred twenty countries. And Michael bar 175 00:09:58,960 --> 00:10:07,160 Speaker 1: and this is Bloomberg. Nathan, appreciate it, Michael, And now 176 00:10:07,200 --> 00:10:09,160 Speaker 1: it's almost six ten on Wall Street Time and checking 177 00:10:09,200 --> 00:10:12,040 Speaker 1: with John stash Are for the Bloomberg Sports Upday. All right, Nathan, 178 00:10:12,080 --> 00:10:15,199 Speaker 1: The Yankees went into Sunday's game just four and fourteen 179 00:10:15,200 --> 00:10:17,199 Speaker 1: in August, no team in baseball had a worst record. 180 00:10:17,240 --> 00:10:20,160 Speaker 1: They have, apparently right in the Ship beat the Blue 181 00:10:20,200 --> 00:10:22,760 Speaker 1: Jay Sunday beat the Mets. Monday, Aaron Judge at the 182 00:10:22,800 --> 00:10:26,880 Speaker 1: home run and last night at the stadium, that is hot. 183 00:10:27,360 --> 00:10:33,280 Speaker 1: Let us far got oh what a judge and flo 184 00:10:34,440 --> 00:10:38,120 Speaker 1: it went over the grab stand and way up in 185 00:10:38,200 --> 00:10:45,280 Speaker 1: the bleachers. All right, there comes the judg forty eight times. 186 00:10:45,320 --> 00:10:46,760 Speaker 1: And how we've heard that on w f A and 187 00:10:46,840 --> 00:10:48,960 Speaker 1: Yanks led tune nothing Mets time the game. Yanks went 188 00:10:49,000 --> 00:10:52,160 Speaker 1: back ahead seventh inning. They won four to two Saint scores. Monday, 189 00:10:52,480 --> 00:10:54,640 Speaker 1: thanks held on in the ninth as the Mets had 190 00:10:54,679 --> 00:10:57,360 Speaker 1: the bases loaded. Both teams off tonight thanks to Marrow 191 00:10:57,360 --> 00:10:58,920 Speaker 1: were in the West Coast trip in Oakland. The Mets 192 00:10:58,920 --> 00:11:01,160 Speaker 1: will start a ten game home stand. They'll play Colorado 193 00:11:01,200 --> 00:11:04,080 Speaker 1: the Atlanta Braves one again. Last night they've won thirteen 194 00:11:04,080 --> 00:11:06,840 Speaker 1: and fifteen early two games behind the met But Kevina 195 00:11:06,920 --> 00:11:09,520 Speaker 1: rant saga is over? Or is it? The Nets announced 196 00:11:09,559 --> 00:11:11,679 Speaker 1: KD has let go of his trade demands. So he's 197 00:11:11,720 --> 00:11:13,880 Speaker 1: staying and Brooke then, but how about play out with 198 00:11:14,000 --> 00:11:16,160 Speaker 1: his coach Steve Nash the rant A set. He was 199 00:11:16,200 --> 00:11:18,840 Speaker 1: willing to stay only if the Nets, Spider Nat and 200 00:11:18,960 --> 00:11:21,120 Speaker 1: the John manager Sean Marks, which the Nets that they 201 00:11:21,120 --> 00:11:23,319 Speaker 1: would not do season over for the liberty loss of 202 00:11:23,360 --> 00:11:25,440 Speaker 1: the site of Game three of the w NBA playoffs 203 00:11:25,440 --> 00:11:29,400 Speaker 1: with Chicago, John sta worth Burg sports all right, John, 204 00:11:29,480 --> 00:11:32,600 Speaker 1: thank you. SMP futures down down one point to future 205 00:11:32,679 --> 00:11:36,000 Speaker 1: is down twenty two, nastack futures down four points. A 206 00:11:36,000 --> 00:11:38,480 Speaker 1: little changed across the board. The tenure treasury is up 207 00:11:38,520 --> 00:11:41,520 Speaker 1: to thirty seconds, the yield three point zero three percent 208 00:11:41,880 --> 00:11:45,200 Speaker 1: yield on the two year three to nine Nimex crude 209 00:11:45,600 --> 00:11:48,520 Speaker 1: still higher, up one percent, ninety three cents to ninety 210 00:11:48,559 --> 00:11:51,920 Speaker 1: four dollar sixty nine cents of barrel Comx gold little change, 211 00:11:51,960 --> 00:11:54,800 Speaker 1: down thirty cents to seventeen sixty nine announced. The euro 212 00:11:55,720 --> 00:11:59,240 Speaker 1: just below parody against the dollar four. We'll get more 213 00:11:59,280 --> 00:12:02,400 Speaker 1: on these markets next with liz An Saunders of Charles Schwab. 214 00:12:02,559 --> 00:12:09,160 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather, sunshine and 215 00:12:09,320 --> 00:12:11,880 Speaker 1: highs in the upper eighties today sunny, very warm tomorrow. 216 00:12:11,880 --> 00:12:14,880 Speaker 1: The Higher nine mostly sunny Friday, but could see a 217 00:12:14,960 --> 00:12:17,319 Speaker 1: late day shower a storm with a high near ninety degrees. 218 00:12:17,400 --> 00:12:23,400 Speaker 1: Right now seventy one in Central Park Markets. Headlines and 219 00:12:23,520 --> 00:12:26,800 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 220 00:12:26,920 --> 00:12:30,439 Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Tape. This is 221 00:12:30,480 --> 00:12:39,480 Speaker 1: a Bloomberg business flash and I'm Karen Moscow and US 222 00:12:39,520 --> 00:12:42,400 Speaker 1: stock index futures have been struggling for direction this morning 223 00:12:42,400 --> 00:12:44,920 Speaker 1: as investors I guess the latest hankish noises from the 224 00:12:44,960 --> 00:12:48,200 Speaker 1: Federal Reserve and mounting signs of a global economic slowdown. 225 00:12:48,480 --> 00:12:50,880 Speaker 1: We checked the markets every fifteen minutes throughout the trading 226 00:12:50,960 --> 00:12:54,280 Speaker 1: day on Bloomberg and again futures little change. The decks 227 00:12:54,320 --> 00:12:57,040 Speaker 1: in Germany's down about two chants of upper sent ten. 228 00:12:57,120 --> 00:12:59,679 Speaker 1: Your treasury up to thirty seconds here three point oh 229 00:12:59,720 --> 00:13:01,800 Speaker 1: three set the yield on a two year three point 230 00:13:02,080 --> 00:13:05,320 Speaker 1: nine percent. My nex Scrude oil is up seven tenths 231 00:13:05,360 --> 00:13:08,480 Speaker 1: per center, sixty six cents and ninety cents of barrel 232 00:13:08,760 --> 00:13:11,520 Speaker 1: comics gold is it will change At seventeen sixty one 233 00:13:11,559 --> 00:13:14,760 Speaker 1: fifty announced the euro point nine nine four six against 234 00:13:14,760 --> 00:13:17,120 Speaker 1: the dollar British found one point one seven nine two 235 00:13:17,160 --> 00:13:19,880 Speaker 1: and the end one six point four one. Look at 236 00:13:19,880 --> 00:13:22,280 Speaker 1: a bitcoin, it's down about seven tenths percent at twenty 237 00:13:22,320 --> 00:13:25,400 Speaker 1: one thousand, three hundred dollars as a Bloomberg business flash. 238 00:13:25,400 --> 00:13:27,480 Speaker 1: Now here's Michael Barr with Moore on what's going on 239 00:13:27,600 --> 00:13:30,480 Speaker 1: around the world. Michael, thank you very much. Jaren. US 240 00:13:30,559 --> 00:13:34,040 Speaker 1: Representative Charlie Chris has won the Democratic nomination for governor 241 00:13:34,080 --> 00:13:38,200 Speaker 1: in Florida, putting him in position to challenge Republican incumbent 242 00:13:38,280 --> 00:13:41,880 Speaker 1: governor around Descentis This fall, Chris defeated Nicki three, the 243 00:13:42,000 --> 00:13:47,280 Speaker 1: state agriculture commissioner, to thirty five percent. In New York's 244 00:13:47,320 --> 00:13:52,400 Speaker 1: congressional primaries, redistricting led to Representative Jerry Nadler beating another 245 00:13:52,440 --> 00:13:57,360 Speaker 1: powerful Democratic Committee Chair, Caroline Maloney fifty five to in 246 00:13:57,440 --> 00:13:59,920 Speaker 1: a litmus test of the overturning of Roe V. Wade. 247 00:14:00,040 --> 00:14:03,440 Speaker 1: Mccrat Pat Ryan won a special election in the nineteenth 248 00:14:03,559 --> 00:14:07,320 Speaker 1: district to replace Democrat Antonio Delgado, who became New York's 249 00:14:07,360 --> 00:14:12,000 Speaker 1: Lieutenant Governor. Ryan with fifty beat Republican Mark Molinaro, who 250 00:14:12,000 --> 00:14:15,520 Speaker 1: got eight percent. In baseball, the Yankees beat the Mats 251 00:14:15,559 --> 00:14:18,439 Speaker 1: four two for two games, sweep with Series Red Sox Nationals, 252 00:14:18,440 --> 00:14:22,440 Speaker 1: and he's lost the Orioles and Giants. One Global News 253 00:14:22,440 --> 00:14:25,560 Speaker 1: twenty four hours a day on here and on Bloomberg Quicktake, 254 00:14:25,760 --> 00:14:28,800 Speaker 1: powered by more than journalist and analysts more than a 255 00:14:28,880 --> 00:14:31,680 Speaker 1: hundred twenty countries, by Michael bar This is Bloomberg. Nathan 256 00:14:31,760 --> 00:14:33,840 Speaker 1: all right, Michael, thank you. In his six nineteen on 257 00:14:33,840 --> 00:14:37,400 Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This 258 00:14:37,520 --> 00:14:40,280 Speaker 1: is Bloomberg Daybreak, and we're very pleased to be joined 259 00:14:40,280 --> 00:14:44,360 Speaker 1: now by liz Anne Saunders, chief investment strategist at Charles Schwab, 260 00:14:44,440 --> 00:14:47,280 Speaker 1: on a morning where investors have a lot to mull over. 261 00:14:47,480 --> 00:14:52,200 Speaker 1: Liz Anne, good morning, signs of deterioration in the economy 262 00:14:52,440 --> 00:14:56,200 Speaker 1: and a lot more hawkish talk ahead of Jackson Hall. 263 00:14:56,840 --> 00:15:00,760 Speaker 1: How do you advise your clients through all that? Well, 264 00:15:00,800 --> 00:15:03,960 Speaker 1: the economic data has been for the most part abysmal. 265 00:15:04,400 --> 00:15:07,400 Speaker 1: The regional set surveys yes and peoplocal p M I 266 00:15:07,560 --> 00:15:10,240 Speaker 1: yesterday has probably a lot of people on pins and 267 00:15:10,280 --> 00:15:13,200 Speaker 1: needles regarding the I s M. Your five months in 268 00:15:13,200 --> 00:15:16,120 Speaker 1: a row down in the l E I. I think 269 00:15:16,160 --> 00:15:19,960 Speaker 1: that that does somewhat firmly excuse me a point to recession, 270 00:15:20,680 --> 00:15:24,080 Speaker 1: but at this point I think recession or no recession 271 00:15:24,320 --> 00:15:28,000 Speaker 1: is more of an academic debate. But there's no question 272 00:15:28,040 --> 00:15:30,680 Speaker 1: that the economy has slowed. It's possible it could be 273 00:15:30,840 --> 00:15:35,360 Speaker 1: rolling recessions across different segments of the economy at different times. 274 00:15:35,400 --> 00:15:39,080 Speaker 1: But with the market having UH at least some case 275 00:15:39,120 --> 00:15:42,080 Speaker 1: of the S and P tried to to broach its 276 00:15:42,360 --> 00:15:45,680 Speaker 1: tunter day moving average. That failed, so some technicians saw 277 00:15:45,720 --> 00:15:48,400 Speaker 1: that as a sign some measures a sentiment it gotten 278 00:15:48,400 --> 00:15:51,520 Speaker 1: a little bit fraughty. So we've been saying, is first 279 00:15:51,520 --> 00:15:56,040 Speaker 1: of all, maintain your discipline. We were suggesting definitely fade 280 00:15:56,160 --> 00:15:59,720 Speaker 1: the lower quality areas that had rallied things like the 281 00:16:00,120 --> 00:16:04,720 Speaker 1: stocks down the profitability spectrum into no profitability, but lean 282 00:16:04,840 --> 00:16:09,240 Speaker 1: into the higher quality areas. So that's the approach we've 283 00:16:09,280 --> 00:16:11,320 Speaker 1: been taking, at least for stock pickers, is to be 284 00:16:11,400 --> 00:16:14,720 Speaker 1: very quality oriented. In terms of quality, does that mean 285 00:16:14,800 --> 00:16:17,920 Speaker 1: things like megacap tech. We've seen a lot more of 286 00:16:17,960 --> 00:16:21,400 Speaker 1: a focus there, particularly among hedge funds according to some 287 00:16:21,440 --> 00:16:24,840 Speaker 1: analysts that that they're getting a lot more of a 288 00:16:24,880 --> 00:16:29,560 Speaker 1: second look well megacap tech, that that's a descriptor for 289 00:16:29,640 --> 00:16:35,280 Speaker 1: a group of large cap stocks. It doesn't automatically suggest quality. 290 00:16:35,360 --> 00:16:37,640 Speaker 1: So even if you look at at what I often 291 00:16:37,680 --> 00:16:39,720 Speaker 1: call the Super seven, and I post a chart on 292 00:16:39,760 --> 00:16:42,520 Speaker 1: this couple of times a week on on Twitter, the 293 00:16:42,600 --> 00:16:46,360 Speaker 1: Big seven names wide wide divergence in terms of how 294 00:16:46,360 --> 00:16:48,680 Speaker 1: they've been performing over the past year or so, in 295 00:16:48,720 --> 00:16:51,760 Speaker 1: particular during this latest rally. And if you were to 296 00:16:51,880 --> 00:16:56,040 Speaker 1: screen on a number of different factors around profitability or 297 00:16:56,240 --> 00:17:00,400 Speaker 1: balance sheet or free cash flow, you would see a 298 00:17:00,520 --> 00:17:03,960 Speaker 1: big difference. So that that's the point about being factor based, 299 00:17:03,960 --> 00:17:07,520 Speaker 1: as you're actually looking for certain characteristics as opposed to 300 00:17:08,080 --> 00:17:12,359 Speaker 1: monolithically choosing either at the sector level or even a 301 00:17:12,720 --> 00:17:15,800 Speaker 1: segment within a sector. I think this is the time 302 00:17:15,840 --> 00:17:19,560 Speaker 1: you have to be discerning company by company, not be 303 00:17:20,040 --> 00:17:25,680 Speaker 1: narrative based in terms of investing monolithically. Given the deterioration 304 00:17:25,720 --> 00:17:30,520 Speaker 1: we've seen in the data, does Chairman Powell continue with 305 00:17:30,600 --> 00:17:34,520 Speaker 1: a hawkish tone in Jackson Hole on Friday? Well if 306 00:17:34,880 --> 00:17:37,679 Speaker 1: I don't know, honestly, but that's certainly what everybody's going 307 00:17:37,720 --> 00:17:40,480 Speaker 1: to be watching for it. I'd also be looking to 308 00:17:40,520 --> 00:17:43,480 Speaker 1: see whether he pushes back on the recent loosening of 309 00:17:43,520 --> 00:17:46,520 Speaker 1: financial conditions, and they've started to tighten a little bit 310 00:17:47,440 --> 00:17:50,880 Speaker 1: very recently, but you would seem that loosening in financial conditions. 311 00:17:50,920 --> 00:17:53,840 Speaker 1: I would expect him maybe to at least subtly push 312 00:17:53,920 --> 00:17:56,600 Speaker 1: back on this notion of a of a pivot, that 313 00:17:56,760 --> 00:18:00,399 Speaker 1: that's less in the current narrative right now than it 314 00:18:00,560 --> 00:18:04,520 Speaker 1: was a few weeks ago. But I always found the 315 00:18:04,800 --> 00:18:08,040 Speaker 1: pivot argument to be odd in the sense that a 316 00:18:08,200 --> 00:18:11,720 Speaker 1: pivot to the extent, you know, a FED watcher or 317 00:18:11,760 --> 00:18:15,480 Speaker 1: market participant was viewing pivot as going from rate hikes 318 00:18:15,520 --> 00:18:19,680 Speaker 1: to rate cuts. In my mind, the only condition under 319 00:18:19,680 --> 00:18:22,200 Speaker 1: which the FED would so quickly move to a rate 320 00:18:22,240 --> 00:18:25,200 Speaker 1: cutting mode would not just be a retreat and inflation. 321 00:18:25,560 --> 00:18:27,760 Speaker 1: I think that would damage their credibility. If they went 322 00:18:27,800 --> 00:18:30,840 Speaker 1: to rate cutting simply because inflation has started to come down, 323 00:18:31,440 --> 00:18:35,080 Speaker 1: that would only, I think, be preceded by a much 324 00:18:35,359 --> 00:18:38,240 Speaker 1: more significant worsening in the economy than what we already 325 00:18:38,240 --> 00:18:41,760 Speaker 1: have here, and or a much more significant worsening in 326 00:18:41,800 --> 00:18:45,880 Speaker 1: the labor market. So a pause at some point as possible, 327 00:18:45,880 --> 00:18:48,199 Speaker 1: but a pivot toor rate cuts that's a that's a 328 00:18:48,240 --> 00:18:52,639 Speaker 1: pretty dower economic backdrop in our view. Only about thirty 329 00:18:52,640 --> 00:18:54,479 Speaker 1: seconds left here Louisianne. But what do you think the 330 00:18:54,480 --> 00:18:59,920 Speaker 1: Fed needs to see to move toward that potential pause. Well, 331 00:19:00,080 --> 00:19:03,160 Speaker 1: they have said they want to see a series of 332 00:19:03,240 --> 00:19:06,800 Speaker 1: lower um inflation readings, and we have another CPI between 333 00:19:06,840 --> 00:19:09,200 Speaker 1: now and the f MC meeting. Mester has called it 334 00:19:09,400 --> 00:19:12,639 Speaker 1: several months um. But I also think it would have 335 00:19:12,720 --> 00:19:15,400 Speaker 1: to be some deterioration in the labor market so that 336 00:19:15,600 --> 00:19:18,520 Speaker 1: their dual mandate we're both in the spotlight, not just 337 00:19:18,600 --> 00:19:22,200 Speaker 1: the inflation mandate, which is the current set of circumstances. 338 00:19:22,680 --> 00:19:25,080 Speaker 1: Thanks so much. Listen again, great having on with us 339 00:19:25,119 --> 00:19:29,480 Speaker 1: this morning. Liz Anne Saunders, chief investment strategist at Charles Schwab. 340 00:19:29,880 --> 00:19:32,840 Speaker 1: Stay with Bloomberg Radio. Full coverage of Jackson Hole with 341 00:19:32,840 --> 00:19:35,800 Speaker 1: Bloomberg Surveillance. They're going to be there tomorrow morning when 342 00:19:35,800 --> 00:19:38,560 Speaker 1: the symposium kicks off, and of course Chairman poll speech 343 00:19:38,680 --> 00:19:41,959 Speaker 1: Friday ten am Wall Street Time. Keep it right here 344 00:19:41,960 --> 00:19:44,720 Speaker 1: on Bloomberg Radio. We'll have it covered all for you 345 00:19:44,880 --> 00:19:47,800 Speaker 1: right here. SMP future is now little change, so are 346 00:19:47,840 --> 00:19:51,119 Speaker 1: down futures and naz Dak futures. Ten. Your treasury is 347 00:19:51,200 --> 00:19:53,880 Speaker 1: up one thirty second. The yield three point zero four 348 00:19:53,960 --> 00:19:56,600 Speaker 1: percent yield on the two year three point to nine 349 00:19:57,720 --> 00:20:00,600 Speaker 1: check bitcoin, why not down a half percent? One thousand 350 00:20:00,600 --> 00:20:08,399 Speaker 1: faded sixty dollars. This is Bloomberg. Bloomberg eleven three oh 351 00:20:08,400 --> 00:20:12,159 Speaker 1: weather sunshine oper eighties today, sunny Tomorrow, near ninety mostly 352 00:20:12,240 --> 00:20:14,280 Speaker 1: sunny Friday, but could see a late day shower of 353 00:20:14,320 --> 00:20:18,080 Speaker 1: thunderstorm Friday. Shigh your ninety degrees right now, seventy one 354 00:20:18,119 --> 00:20:25,479 Speaker 1: in Central Park, Broadcasting live from the Bloomberg Interactive Broker 355 00:20:25,600 --> 00:20:29,000 Speaker 1: Studio in New York. Bloomberg e living freedon to Washington, 356 00:20:29,080 --> 00:20:32,600 Speaker 1: d C, Bloomberg nine one to Boston, Bloomberg one oh 357 00:20:32,720 --> 00:20:36,199 Speaker 1: six one to San Francisco, Bloomberg nine sixty to the country, 358 00:20:36,320 --> 00:20:39,520 Speaker 1: Sirius XM Chadle one nine and around the globe the 359 00:20:39,520 --> 00:20:45,600 Speaker 1: Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak, 360 00:20:50,480 --> 00:20:52,840 Speaker 1: six thirty on Wall Street. Good morning, I'm Nathan Hacker 361 00:20:53,080 --> 00:20:55,200 Speaker 1: and I'm Karen Mousk. Yeah, we are just about three 362 00:20:55,200 --> 00:20:57,480 Speaker 1: hours away from the open of US trading. Time for 363 00:20:57,520 --> 00:20:59,640 Speaker 1: the five things that you need to notice start your day. 364 00:20:59,680 --> 00:21:03,600 Speaker 1: Bron to you by Interactive Brokers. Interactive Brokers charges Martin 365 00:21:03,680 --> 00:21:06,000 Speaker 1: loan race from two point three percent to three point 366 00:21:06,160 --> 00:21:09,000 Speaker 1: three percent. Their clients can also earn extra income by 367 00:21:09,040 --> 00:21:11,880 Speaker 1: letting their fully paid shares of stock rate subject to change. 368 00:21:12,000 --> 00:21:15,359 Speaker 1: Learn more at ibk r dot com slash compare. First, 369 00:21:15,359 --> 00:21:17,560 Speaker 1: a couple of key primary results from last night in 370 00:21:17,600 --> 00:21:20,720 Speaker 1: New York. Representative Jerry Nadler one New York's congressional twelth 371 00:21:20,720 --> 00:21:24,520 Speaker 1: and district. Over Ally, Caroline Maloney and Charlie christ will 372 00:21:24,560 --> 00:21:28,400 Speaker 1: face Rhonda Santis in November after securing Florida's Democratic nomination 373 00:21:28,440 --> 00:21:30,679 Speaker 1: for governor. Now, we'll bring you more primary results than 374 00:21:30,720 --> 00:21:32,399 Speaker 1: a couple of minutes, Karen. But let's turn now to 375 00:21:32,440 --> 00:21:36,119 Speaker 1: the Fed's annual Jackson Whole Economic Symposium. It starts tomorrow 376 00:21:36,359 --> 00:21:38,840 Speaker 1: and culminates with the speech from j Powell on Friday. 377 00:21:39,040 --> 00:21:41,760 Speaker 1: Cities Mohammed Appabi tells us what he expects from the 378 00:21:41,760 --> 00:21:45,280 Speaker 1: FED chair. I think we're expecting something to bekish. Clearly, 379 00:21:45,680 --> 00:21:48,040 Speaker 1: what the Fed is telling us is very different to 380 00:21:48,040 --> 00:21:50,600 Speaker 1: what market is expecting. And you know, the market is 381 00:21:50,640 --> 00:21:53,199 Speaker 1: saying rate cuts in twenty three and the FED is 382 00:21:53,240 --> 00:21:56,320 Speaker 1: saying not yet. The City's Mohammed Appabie says he's not 383 00:21:56,320 --> 00:21:58,480 Speaker 1: sure if we'll learn anything new from Powell this week, 384 00:21:58,760 --> 00:22:01,840 Speaker 1: well ahead of Jackson Hole Nathan. Minneapolis Fed President Neil 385 00:22:01,880 --> 00:22:05,000 Speaker 1: cash Cary is continuing as hawkish pivots, saying the Central 386 00:22:05,000 --> 00:22:10,359 Speaker 1: Bank should tighten monetary policy. What inflation is or nine. 387 00:22:11,320 --> 00:22:15,560 Speaker 1: We run the risk of un anchoring inflation expectations and 388 00:22:16,240 --> 00:22:18,840 Speaker 1: leading to very bad outcomes that would cause us to 389 00:22:18,920 --> 00:22:21,840 Speaker 1: have to be very aggressive vulcar esque to then re 390 00:22:21,920 --> 00:22:25,600 Speaker 1: anchor them. We definitely want to avoid allowing that situation 391 00:22:25,720 --> 00:22:28,760 Speaker 1: to develop. Minneapolis Fed President Ail cash Cary said the 392 00:22:28,840 --> 00:22:31,960 Speaker 1: Fed must reduced inflation at two percent. Please stick with 393 00:22:32,000 --> 00:22:34,240 Speaker 1: Bloomberg this week for a live coverage of the Jackson 394 00:22:34,280 --> 00:22:37,720 Speaker 1: Hole Symposium. Bloomberg Surveillance will be there beginning on Thursday, 395 00:22:37,840 --> 00:22:40,159 Speaker 1: and the corporate news down Karen Shares of Nordstrom are 396 00:22:40,200 --> 00:22:43,280 Speaker 1: down nearly fourteen percent following its latest earnings report. In 397 00:22:43,280 --> 00:22:47,080 Speaker 1: Bloomberg's Rnita Young has more live Ranita Nathan. Investors initially 398 00:22:47,119 --> 00:22:51,000 Speaker 1: saw Nordstrom mass insulated by its affluent consumer base, but 399 00:22:51,080 --> 00:22:54,120 Speaker 1: its outlook took a different story. As the retailer's rack 400 00:22:54,240 --> 00:22:57,679 Speaker 1: business slows on lower demand and inventory build up. The 401 00:22:57,720 --> 00:23:01,000 Speaker 1: department store operator is lowering its full year forecast just 402 00:23:01,200 --> 00:23:04,920 Speaker 1: three months after raising its outlook. Earlier this week, Macy's 403 00:23:05,000 --> 00:23:08,280 Speaker 1: also cut its full year forecast. Now both retailers are 404 00:23:08,280 --> 00:23:11,880 Speaker 1: moving aggressively to clear out inventory. Live in New York, 405 00:23:11,920 --> 00:23:14,600 Speaker 1: I'm reneed a young Bloomberg day break, I ready to thanks. 406 00:23:14,600 --> 00:23:17,000 Speaker 1: Send one other political note for following this morning is 407 00:23:17,040 --> 00:23:20,200 Speaker 1: President Biden's long awaited announcement on student debt relief, which 408 00:23:20,240 --> 00:23:22,760 Speaker 1: is expected later today. And that's the fine things that 409 00:23:22,800 --> 00:23:24,720 Speaker 1: you need to notice start your day. Brought to you 410 00:23:24,760 --> 00:23:29,040 Speaker 1: by Interactive Brokers. Again, futures this morning are little changed. 411 00:23:29,320 --> 00:23:32,520 Speaker 1: Straight ahead your latest local headlines, plus a check of sports, 412 00:23:32,640 --> 00:23:40,000 Speaker 1: and this is Bloomberg, all right, Karen. Thanks on Wall 413 00:23:40,000 --> 00:23:42,639 Speaker 1: Street seventy two degrees in Central Park on an accident 414 00:23:42,760 --> 00:23:45,720 Speaker 1: southbound western spur of the New Jersey Turnpike, A eggs 415 00:23:45,760 --> 00:23:48,800 Speaker 1: at fifteen W. More coming up in traffic. First, Michael 416 00:23:48,800 --> 00:23:51,960 Speaker 1: Barr with more primary results. Michael, thank you very much. Nathan. 417 00:23:51,960 --> 00:23:55,120 Speaker 1: And as we mentioned, New York SKI Congressional twelfth district 418 00:23:55,119 --> 00:23:59,439 Speaker 1: Representative Jerry Nadler beat another powerful Democratic Committee chair, Carola 419 00:23:59,480 --> 00:24:04,639 Speaker 1: Maloney fifty five percent. Too. Long time allies became opponents 420 00:24:04,680 --> 00:24:08,360 Speaker 1: this year due to redistricting in another key congressional race 421 00:24:08,440 --> 00:24:11,560 Speaker 1: Daniel Goldman and one in the into the tenth district 422 00:24:11,800 --> 00:24:14,480 Speaker 1: over a fellow Democrat, you Line Knew twenty six to 423 00:24:14,560 --> 00:24:18,720 Speaker 1: twenty four percent. Goldman faces Republican Benny Hampden in November. 424 00:24:19,080 --> 00:24:22,040 Speaker 1: In the seventeenth district. Sean Patrick Maloney, chair of the 425 00:24:22,080 --> 00:24:26,000 Speaker 1: House Democrats campaign arm one with sixties seven percent. He 426 00:24:26,040 --> 00:24:30,639 Speaker 1: will face Republican Michael Lawler, who got seventy Pat Ryan, 427 00:24:30,760 --> 00:24:33,919 Speaker 1: a Democratic county executive in New York's Hudson Valley, has 428 00:24:33,960 --> 00:24:36,320 Speaker 1: won a special House election in the contest that was 429 00:24:36,359 --> 00:24:39,639 Speaker 1: seen as a litmus test of the impact that the 430 00:24:39,640 --> 00:24:42,480 Speaker 1: reason Supreme Court decision on abortion might have on the 431 00:24:42,520 --> 00:24:47,080 Speaker 1: midterm elections. In a special election to replace Democrat Antonio Delgado, 432 00:24:47,440 --> 00:24:51,520 Speaker 1: who became New York's Lieutenant governor. Democrat Ryan with fifty 433 00:24:52,240 --> 00:24:56,240 Speaker 1: beat Republican Mark Mulinaro, who got forty eight percent. Bloomberg 434 00:24:56,320 --> 00:24:59,960 Speaker 1: National political correspondent Gregor recording New York is a good 435 00:25:00,119 --> 00:25:03,880 Speaker 1: barometer of the heart of the Democratic Party is where 436 00:25:03,880 --> 00:25:07,440 Speaker 1: we've seen, for example, Alexandria Casio Cortez a few years 437 00:25:07,440 --> 00:25:10,480 Speaker 1: ago take on the number four Democrat in the House 438 00:25:10,560 --> 00:25:14,280 Speaker 1: Representatives and beat him as a progressive and so it 439 00:25:14,560 --> 00:25:17,480 Speaker 1: really is sort of looked at as a bellweather of 440 00:25:18,119 --> 00:25:21,879 Speaker 1: sort of the Democratic Party. Bloomberg's Gregor recording. It has 441 00:25:21,920 --> 00:25:25,560 Speaker 1: been six months since the Russian invasion began in Ukraine. Yesterday, 442 00:25:25,600 --> 00:25:29,280 Speaker 1: an emergency meeting of the U N Security Council voice 443 00:25:29,280 --> 00:25:32,959 Speaker 1: concerns over the situation at Ukraine's occupied nuclear power plant. 444 00:25:33,280 --> 00:25:36,200 Speaker 1: There are major worries that nuclear disaster could take place 445 00:25:36,280 --> 00:25:39,520 Speaker 1: due to the fighting. A jury and Grand Rapids Michigan 446 00:25:39,520 --> 00:25:42,040 Speaker 1: return guilty verdicts for two men who are accused of 447 00:25:42,080 --> 00:25:45,919 Speaker 1: trying to carry out a kidnapping plot against Governor Gretchen Whitmer. 448 00:25:46,280 --> 00:25:49,560 Speaker 1: Defense attorneys for Adam Fox and Barry Croft Jr. Claimed 449 00:25:49,800 --> 00:25:52,760 Speaker 1: that the FBI unfairly targeted their clients and that no 450 00:25:52,880 --> 00:25:56,880 Speaker 1: actual kidnapping would have materialized. However, the U S. Attorney 451 00:25:57,000 --> 00:26:02,440 Speaker 1: Andrew Burge disagrees before it confirms this plot was very serious, 452 00:26:03,080 --> 00:26:06,760 Speaker 1: very dangerous, opposed a threat not only to govern personally 453 00:26:06,800 --> 00:26:09,720 Speaker 1: in her family, but also the innocent bystandards and the 454 00:26:09,800 --> 00:26:13,359 Speaker 1: basic social were U S. Attorney Burge Global News twenty 455 00:26:13,359 --> 00:26:15,560 Speaker 1: four hours a day on air end on Bloomberg quit 456 00:26:15,600 --> 00:26:17,960 Speaker 1: Take powered by more than twenty seven hundred journalists and 457 00:26:17,960 --> 00:26:20,600 Speaker 1: analysts more than a hundred twenty countries. I'm Michael bar 458 00:26:20,720 --> 00:26:27,800 Speaker 1: This is Bloomberg, Nathan. Thank you, Michael. Almost six thirty 459 00:26:27,840 --> 00:26:30,000 Speaker 1: six on Wall Street time for the Bloomberg Sports Update 460 00:26:30,000 --> 00:26:32,200 Speaker 1: with John Stats show. All right, Nathan, the Subway series 461 00:26:32,280 --> 00:26:34,560 Speaker 1: is over. The Mets beat the Yankees twice last month 462 00:26:34,600 --> 00:26:36,840 Speaker 1: and Sendy Field. The Yanks just beat the Mets twice, 463 00:26:36,840 --> 00:26:39,359 Speaker 1: and the Bronx clud Day play again in the World Series, 464 00:26:39,520 --> 00:26:42,080 Speaker 1: second straight for to win for the Yanks and Aaron 465 00:26:42,160 --> 00:26:45,119 Speaker 1: Judge homerd in both. He's hit forty eight. He spaced 466 00:26:45,160 --> 00:26:47,520 Speaker 1: Taiwan Walker eleven times in his career, and he's Homard 467 00:26:47,560 --> 00:26:50,560 Speaker 1: off him four times. Judge later with an RBI single 468 00:26:50,680 --> 00:26:53,280 Speaker 1: that came after one by the suddenly red hot Andrew 469 00:26:53,280 --> 00:26:55,720 Speaker 1: Ben and Tendee that snapped at two two tie. In 470 00:26:55,720 --> 00:26:58,600 Speaker 1: the seventh Andy Frankie Mantas had corn away his best 471 00:26:58,640 --> 00:27:01,000 Speaker 1: start with the Yanks got to win. That came Clark Schmidt, 472 00:27:01,240 --> 00:27:03,560 Speaker 1: just back up from the miners. Actually, Schmidt got to win. 473 00:27:03,600 --> 00:27:06,840 Speaker 1: He had a sixty pitch relief out in Wandee Parulta 474 00:27:06,920 --> 00:27:09,040 Speaker 1: got the last out as the Mets had the bases 475 00:27:09,119 --> 00:27:11,120 Speaker 1: loaded in the night, they stranded ten runners. The Mets 476 00:27:11,119 --> 00:27:13,560 Speaker 1: saw their NL East lead shrinked the two games with 477 00:27:13,640 --> 00:27:16,680 Speaker 1: red hot Atlanta one again. Arnie Moreno about the l 478 00:27:16,720 --> 00:27:19,200 Speaker 1: A Angels in two thousand three, said to be considering 479 00:27:19,320 --> 00:27:22,240 Speaker 1: selling them. The Nets say they are moving forward with 480 00:27:22,320 --> 00:27:24,600 Speaker 1: Kevin Durant, who met with the team, came off his 481 00:27:24,680 --> 00:27:27,359 Speaker 1: trade demand the Liberty. We're looking for a w NBA 482 00:27:27,400 --> 00:27:29,679 Speaker 1: playoff upset for Chicago with a late run to win 483 00:27:29,720 --> 00:27:33,240 Speaker 1: the decisive game three. College Football News contract for seventy 484 00:27:33,320 --> 00:27:36,960 Speaker 1: year old Alabama coaching legend Nick Saban eight years, near 485 00:27:37,040 --> 00:27:40,880 Speaker 1: ninety four million dollars. John Statue or Bloomberg Sports, Thank 486 00:27:40,880 --> 00:27:43,200 Speaker 1: you John, at six thirty seven on Wall Street Time 487 00:27:43,200 --> 00:27:44,560 Speaker 1: Now to take a look at stock some of the 488 00:27:44,640 --> 00:27:46,680 Speaker 1: names moving in the pre market. For that, we're drawn 489 00:27:46,680 --> 00:27:51,280 Speaker 1: by Bloomberg Radio and TV markets correspondent Pretty Gupta starting 490 00:27:51,280 --> 00:27:56,320 Speaker 1: off with more evidence of woes in the retail sector. Creaty. Yeah, 491 00:27:56,359 --> 00:27:58,600 Speaker 1: that story continues. It. What's interesting because it comes just 492 00:27:58,800 --> 00:28:02,280 Speaker 1: hours after AC has said that well, actually their higher 493 00:28:02,560 --> 00:28:06,119 Speaker 1: income clients are actually perhaps offsetting some of those inflationary 494 00:28:06,119 --> 00:28:09,359 Speaker 1: pressures they're feeling on. There are other kind of demographics 495 00:28:09,359 --> 00:28:11,399 Speaker 1: that they serve Nords from, which of course we know 496 00:28:11,640 --> 00:28:15,000 Speaker 1: certainly has that same kind of demographic shift to it. 497 00:28:15,000 --> 00:28:17,639 Speaker 1: It caters to wealthier clients relative to say Target or 498 00:28:17,640 --> 00:28:21,400 Speaker 1: Walmart for example. Well, it's saying that investors basically saw 499 00:28:21,480 --> 00:28:24,719 Speaker 1: that it's affluent consumer base. Well, it's actually not helping 500 00:28:24,800 --> 00:28:26,720 Speaker 1: them in the way that perhaps Macy said that it 501 00:28:26,760 --> 00:28:30,199 Speaker 1: would help their respective consumer based nordship shares jw N 502 00:28:30,280 --> 00:28:32,600 Speaker 1: is your taker down about thirteen and a half percent 503 00:28:32,960 --> 00:28:36,119 Speaker 1: in the pre market. It is tumbling after cutting their 504 00:28:36,160 --> 00:28:39,240 Speaker 1: outlook for profit and for sales. Of course, this comes 505 00:28:39,240 --> 00:28:42,520 Speaker 1: down to that key I word, Nathan inflation. At the 506 00:28:42,640 --> 00:28:44,560 Speaker 1: end of the day, they're also trimming their forecast for 507 00:28:44,600 --> 00:28:47,800 Speaker 1: their earnings per share story any on a call with investors, 508 00:28:47,800 --> 00:28:51,040 Speaker 1: they said they observed a clear slowdown at the end 509 00:28:51,080 --> 00:28:54,360 Speaker 1: of June, particularly among their lower income customers. Now, this 510 00:28:54,440 --> 00:28:57,040 Speaker 1: as crucial as we talk about dare I say it 511 00:28:57,320 --> 00:29:00,440 Speaker 1: the holiday season. I know it's only August, but a 512 00:29:00,480 --> 00:29:03,000 Speaker 1: lot of these kind of companies are going to be 513 00:29:03,000 --> 00:29:05,080 Speaker 1: looking kind of to the past or to the last 514 00:29:05,080 --> 00:29:06,920 Speaker 1: couple of courts to say, how much do we need 515 00:29:06,960 --> 00:29:09,640 Speaker 1: to stock up for the holiday? Season. We had Dana 516 00:29:09,640 --> 00:29:12,760 Speaker 1: tells On, for example, over on Bloomer Television yesterday and 517 00:29:12,800 --> 00:29:14,440 Speaker 1: she said, well, this could actually be a concern, and 518 00:29:14,440 --> 00:29:16,440 Speaker 1: you create a little bit of a sticking point when 519 00:29:16,440 --> 00:29:18,920 Speaker 1: it comes to the retail sector ahead of the holiday 520 00:29:18,920 --> 00:29:22,000 Speaker 1: season and break out the pumpkin spice lattes. Keeping it 521 00:29:22,040 --> 00:29:25,120 Speaker 1: on the keeping it on the earnings story. We we 522 00:29:25,240 --> 00:29:27,640 Speaker 1: also got some pretty positive earnings actually from a big 523 00:29:27,720 --> 00:29:30,440 Speaker 1: tech name. We did into It I n T you 524 00:29:30,720 --> 00:29:33,240 Speaker 1: is your Taker And for our international audience, into it 525 00:29:33,320 --> 00:29:35,280 Speaker 1: is a platform that a lot of people use to 526 00:29:35,880 --> 00:29:38,160 Speaker 1: kind of do their taxes. For example, those shares are 527 00:29:38,160 --> 00:29:41,000 Speaker 1: at five point seven percent this morning. I NTU is 528 00:29:41,120 --> 00:29:44,360 Speaker 1: your Taker. This comes at the report fourth quarter results 529 00:29:44,360 --> 00:29:46,280 Speaker 1: animals at the end of the day saying they're actually 530 00:29:46,280 --> 00:29:50,840 Speaker 1: pretty positive on that full year three guidance. Piper Sandler, 531 00:29:50,920 --> 00:29:53,680 Speaker 1: for example, is holding an overweight rating on the stock, 532 00:29:53,720 --> 00:29:57,080 Speaker 1: says it has robust small businesses and self employed segment 533 00:29:57,120 --> 00:30:00,400 Speaker 1: growth and that was their main driver for or fourth 534 00:30:00,480 --> 00:30:04,880 Speaker 1: quarter beat. And finally we've got keep an eye on 535 00:30:04,920 --> 00:30:08,520 Speaker 1: the Meme stock. Some interesting news for one of those absolutely, 536 00:30:08,560 --> 00:30:10,320 Speaker 1: I mean bed, bath and Beyond. And once again, Nathan, 537 00:30:10,320 --> 00:30:11,920 Speaker 1: when I think Bed Bath and Beyond. I think of 538 00:30:11,960 --> 00:30:16,680 Speaker 1: like the perfectly um folded towels of every color, which 539 00:30:16,800 --> 00:30:20,600 Speaker 1: I later learned was a complete fake. You should look 540 00:30:20,640 --> 00:30:22,880 Speaker 1: this up. It's as quite the image. B B B. 541 00:30:23,080 --> 00:30:25,920 Speaker 1: Why is your ticker up about thirteen percent in the 542 00:30:25,960 --> 00:30:29,240 Speaker 1: pre market? Is surging after a Wall Street Journal report 543 00:30:29,360 --> 00:30:31,959 Speaker 1: on a potential financing deal. We know liquidity has been 544 00:30:32,000 --> 00:30:33,840 Speaker 1: a real issue with this company. It's also been a 545 00:30:33,880 --> 00:30:36,880 Speaker 1: company that's been traded heavily among the retail crowd. But 546 00:30:37,040 --> 00:30:39,840 Speaker 1: right now as they seek to boost that liquidity, perhaps 547 00:30:39,880 --> 00:30:42,280 Speaker 1: getting a little bit of financing from this slender, maybe 548 00:30:42,360 --> 00:30:44,280 Speaker 1: they can take down some of their debt issues, and 549 00:30:44,280 --> 00:30:46,880 Speaker 1: that idea is at least serving the shares this morning, 550 00:30:46,920 --> 00:30:49,160 Speaker 1: b b B. Why up about their team percent? Nathan? 551 00:30:49,560 --> 00:30:52,000 Speaker 1: Interesting to think that a big bank could be coming in, 552 00:30:52,040 --> 00:30:55,560 Speaker 1: not just retail investors, to the rescue for Bed Bath 553 00:30:55,600 --> 00:30:57,600 Speaker 1: and Beyond. Thanks for this creating Always good having on 554 00:30:57,720 --> 00:31:01,160 Speaker 1: with us. Bloomberg Radio and TV Markets respondent Creety Goop 555 00:31:01,240 --> 00:31:04,240 Speaker 1: Death looking ahead to the market, open futures, little change 556 00:31:04,280 --> 00:31:07,000 Speaker 1: to the downside, SMP futures down a point down, futures 557 00:31:07,000 --> 00:31:10,800 Speaker 1: down seventeen Nastack futures are lower by nine points ten. 558 00:31:10,880 --> 00:31:14,160 Speaker 1: Your treasury is little change yield three point zero four 559 00:31:14,280 --> 00:31:18,800 Speaker 1: per cent. More primary coverage coming up. This is Bloomberg 560 00:31:22,480 --> 00:31:25,360 Speaker 1: Bloomberg eleven three oh weather. Sunshine today, upper eighties, will 561 00:31:25,400 --> 00:31:28,800 Speaker 1: be sunny near ninety, Tomorrow mostly sunny Friday near ninety, 562 00:31:28,880 --> 00:31:31,600 Speaker 1: but we could see a late day shower thunderstorm. Right 563 00:31:31,640 --> 00:31:38,560 Speaker 1: now seventy two and sunny in Central Park. Markets, headlines 564 00:31:38,600 --> 00:31:41,560 Speaker 1: and breaking news twenty four hours a day at Bloomberg 565 00:31:41,640 --> 00:31:45,760 Speaker 1: dot Com, the Bloomberg Business at and at Bloomberg Quicktap's 566 00:31:45,760 --> 00:31:54,560 Speaker 1: a Bloomberg Business flash and I'm fair in mostcow and 567 00:31:54,680 --> 00:31:57,720 Speaker 1: futures are a little change to lower this morning. Let's 568 00:31:57,720 --> 00:31:59,719 Speaker 1: go to the First Word breaking news desk for today's 569 00:31:59,720 --> 00:32:03,560 Speaker 1: morning call. Here's Bill Maloney. Bill, good morning, Good morning, Karen. 570 00:32:03,600 --> 00:32:05,920 Speaker 1: That's right. US futures are quiet right now at death 571 00:32:05,920 --> 00:32:08,760 Speaker 1: futures down nineteen points, sumees dropped one and as that 572 00:32:08,840 --> 00:32:11,960 Speaker 1: futures are lower by nine The US ten year at 573 00:32:12,000 --> 00:32:14,840 Speaker 1: three point oh four percent, Gold is little changed, Oil 574 00:32:14,920 --> 00:32:18,200 Speaker 1: is trading higher, and bitcoin is down by point six percent. 575 00:32:18,600 --> 00:32:21,640 Speaker 1: Hong Kong fell one percent overnight, while up and markets 576 00:32:21,680 --> 00:32:23,800 Speaker 1: are also in the red this morning and back in 577 00:32:23,840 --> 00:32:27,240 Speaker 1: the US on the Economic Frinday, thirty durable goods orders 578 00:32:27,280 --> 00:32:30,160 Speaker 1: than at ten o'clock pending home sales after the Bellas 579 00:32:30,280 --> 00:32:32,360 Speaker 1: night in north Stroom cut it's full your outlook. Told 580 00:32:32,400 --> 00:32:35,840 Speaker 1: Brothers reported a significant miss in orders, but into it 581 00:32:36,040 --> 00:32:38,600 Speaker 1: beat estimates. In another news, bed Bath and Beyond is 582 00:32:38,680 --> 00:32:40,800 Speaker 1: up thirteen percent pre market on a report they have 583 00:32:40,920 --> 00:32:44,400 Speaker 1: reached a financing deal and wrapping things up. Metronic was 584 00:32:44,480 --> 00:32:48,200 Speaker 1: cut to market perform over Red. Raymond James live from 585 00:32:48,200 --> 00:32:51,080 Speaker 1: the First Breaking News desk on Bill Maloney. Karen, all right, Bill, 586 00:32:51,120 --> 00:32:53,040 Speaker 1: thank you to here live breaking news of your Bloomberg 587 00:32:53,120 --> 00:32:55,800 Speaker 1: tipe squawk on your terminal SCU. You a w K 588 00:32:55,960 --> 00:32:58,480 Speaker 1: and that's a Bloomberg business flash. Now here's Mico Barr 589 00:32:58,560 --> 00:33:01,400 Speaker 1: with more on what's going on around the RAN. Thank 590 00:33:01,440 --> 00:33:04,000 Speaker 1: you very much. US Representative Charlie Christ has won the 591 00:33:04,040 --> 00:33:07,120 Speaker 1: Democratic nomination for governor in Florida, putting him in position 592 00:33:07,480 --> 00:33:10,800 Speaker 1: the challenge Republican incumbent governor round descent as this fall. 593 00:33:11,160 --> 00:33:16,000 Speaker 1: Chris defeated Nicky Freed, the state agriculture commissioner, to thirty 594 00:33:16,080 --> 00:33:20,960 Speaker 1: five in New York's congressional primaries Representative Jerry Nadler, beat 595 00:33:21,000 --> 00:33:25,240 Speaker 1: another powerful Democratic Committee Chair, Carolyn Maloney, fifty five to 596 00:33:25,320 --> 00:33:28,200 Speaker 1: twenty four percent. While the two worked as allies for 597 00:33:28,280 --> 00:33:31,640 Speaker 1: the last thirty years, they became opponents this year due 598 00:33:31,680 --> 00:33:35,440 Speaker 1: to redistricting. In a litmus test of the overturning of R. V. Wade, 599 00:33:35,520 --> 00:33:38,840 Speaker 1: Democrat Pat Ryan won a special election in the nineteenth 600 00:33:38,920 --> 00:33:42,880 Speaker 1: district to replace Democrat Antonio Delgado, who became New York's 601 00:33:42,880 --> 00:33:46,760 Speaker 1: Lieutenant Governor. Bryan with fifty two percent, beat Republican Mark Mulinaro, 602 00:33:47,120 --> 00:33:50,320 Speaker 1: who got forty eight percent. In baseball, the Yankees beat 603 00:33:50,360 --> 00:33:52,160 Speaker 1: the Mats Ford Too for a two game sweep with 604 00:33:52,280 --> 00:33:56,280 Speaker 1: series the Red Sox Nationals, and Aid's lost the Orioles 605 00:33:56,320 --> 00:33:58,960 Speaker 1: and Giants. One Global Needs twenty four hours a day 606 00:33:59,000 --> 00:34:01,000 Speaker 1: on air and on Blue Birke Quick Take, powered by 607 00:34:01,040 --> 00:34:05,160 Speaker 1: more than seven hundred journalists analysts in more than twenty countries. 608 00:34:05,200 --> 00:34:08,000 Speaker 1: I'm Michael barn This is Bloomberg. Navid Okay, Michael, thank you. 609 00:34:08,120 --> 00:34:10,719 Speaker 1: We are live from the Bloomberg Interactive Brokers studios where 610 00:34:10,719 --> 00:34:13,040 Speaker 1: it's sixty nine on Wall Street Time now to check 611 00:34:13,080 --> 00:34:14,600 Speaker 1: what's going on in d C, where some of the 612 00:34:14,640 --> 00:34:17,840 Speaker 1: top stories include those primary results last night in New 613 00:34:17,920 --> 00:34:21,000 Speaker 1: York and Florida, President Biden to unveil a student loan 614 00:34:21,080 --> 00:34:24,000 Speaker 1: plan that allies where he won't be enough, and former 615 00:34:24,040 --> 00:34:26,840 Speaker 1: President Donald Trump ordered to explain his demand for a 616 00:34:26,920 --> 00:34:30,920 Speaker 1: third party document review of records seized from his home 617 00:34:31,040 --> 00:34:33,200 Speaker 1: in wur A Lago, Florida. Let's see more in all 618 00:34:33,239 --> 00:34:35,920 Speaker 1: these stories now. Bloomberg Government reporter Emily Wilkins part of 619 00:34:35,960 --> 00:34:40,400 Speaker 1: our team of Morning after primary election coverage. Emily, good morning. 620 00:34:40,600 --> 00:34:43,160 Speaker 1: You look at some of the coverage from the Morning 621 00:34:43,280 --> 00:34:47,840 Speaker 1: After political newsletters. It sounds like Democrats are feeling pretty 622 00:34:47,920 --> 00:34:51,399 Speaker 1: good after what happened last night in New York. Oh. Yes, 623 00:34:51,520 --> 00:34:54,799 Speaker 1: Democrats are feeling very good. And I'll point I'll tell 624 00:34:54,800 --> 00:34:58,520 Speaker 1: you exactly why. It's because of New York's nineteenth district 625 00:34:58,640 --> 00:35:02,680 Speaker 1: special election. Remember that's the one to replace Antonio Delgado, 626 00:35:02,760 --> 00:35:05,640 Speaker 1: who is now chosen to be the lieutenant governor. The 627 00:35:05,800 --> 00:35:07,920 Speaker 1: race was really seen as a toss up, but it 628 00:35:08,000 --> 00:35:10,400 Speaker 1: was seen as a bell weather as to how Democrats 629 00:35:10,440 --> 00:35:12,320 Speaker 1: are going to be doing this year. In the district 630 00:35:12,400 --> 00:35:15,360 Speaker 1: has voted for Obama and Trump and Biden all in 631 00:35:15,440 --> 00:35:20,040 Speaker 1: different elections, and Democrats one it wasn't crazy close. I mean, 632 00:35:20,120 --> 00:35:22,200 Speaker 1: it wasn't super far apart, but they got a good 633 00:35:22,239 --> 00:35:25,239 Speaker 1: few percentage points. Then that's really given a lot of 634 00:35:25,320 --> 00:35:28,200 Speaker 1: them a boost for the November elections. You have a 635 00:35:28,239 --> 00:35:30,680 Speaker 1: lot of folks who think that now things have been reset, 636 00:35:31,000 --> 00:35:33,719 Speaker 1: that Democrats perhaps don't need to worry quite as much 637 00:35:33,840 --> 00:35:36,319 Speaker 1: about losing the House, or if they do lose the House, 638 00:35:36,400 --> 00:35:38,759 Speaker 1: it'll be by a pretty narrow margin and they'll still 639 00:35:38,800 --> 00:35:42,520 Speaker 1: be able to have some impact in what laws Republicans 640 00:35:42,600 --> 00:35:46,080 Speaker 1: do try and pass. And another key thing about this, Nathan, 641 00:35:46,360 --> 00:35:50,040 Speaker 1: is that the abortion debate really was used um by 642 00:35:50,560 --> 00:35:53,640 Speaker 1: the Democrat up in New York snite teeth Brian. He 643 00:35:53,920 --> 00:35:57,120 Speaker 1: he really focused in on that and used it as 644 00:35:57,160 --> 00:35:59,400 Speaker 1: an issue. And I think now Democrats are going to 645 00:35:59,480 --> 00:36:02,239 Speaker 1: see that it's an issue that has power. It has 646 00:36:02,280 --> 00:36:04,480 Speaker 1: power to turn folks out for them, it has power 647 00:36:04,600 --> 00:36:07,440 Speaker 1: to tip the fields. So yeah, Pat Ryan's defeat of 648 00:36:07,480 --> 00:36:10,960 Speaker 1: Mark mulnaro is a huge thing for Democrats. There's other 649 00:36:11,040 --> 00:36:15,400 Speaker 1: big races. You had Congresswoman Caroline um uh sorry, Congressman 650 00:36:15,480 --> 00:36:18,520 Speaker 1: Jerry Nadler beating Congresswoman Caroline Maloney. Both of them have 651 00:36:18,640 --> 00:36:22,160 Speaker 1: served in Congress for more than thirty years, both powerful chairman. 652 00:36:22,320 --> 00:36:24,840 Speaker 1: It was really a sort of a huge clash between 653 00:36:24,920 --> 00:36:27,600 Speaker 1: the two of them. And you also saw Dan Goldman 654 00:36:27,680 --> 00:36:30,719 Speaker 1: winning in New York's crowded tenth race. He beat out 655 00:36:31,200 --> 00:36:34,400 Speaker 1: current incumbent Manda Jones, who moved down to the district 656 00:36:34,480 --> 00:36:37,640 Speaker 1: because every district team. Uh. And you also saw Congressman 657 00:36:37,640 --> 00:36:40,520 Speaker 1: Sean Patrick Maloney hold on to his seat. He won 658 00:36:40,680 --> 00:36:44,400 Speaker 1: against a a progressive challenger. Are there any themes to 659 00:36:44,480 --> 00:36:47,239 Speaker 1: be gleaned from the results in Florida? You look at 660 00:36:47,560 --> 00:36:49,879 Speaker 1: just the names, it looks like we're going to see 661 00:36:49,960 --> 00:36:53,399 Speaker 1: a couple of big name matchups in the governor's race 662 00:36:53,600 --> 00:36:58,279 Speaker 1: and in Marco Rubio's fight to hold onto his Senate seat. Yeah. Absolutely, 663 00:36:58,360 --> 00:37:01,680 Speaker 1: You've got really two huge race in Florida, Nathan, you 664 00:37:01,800 --> 00:37:04,399 Speaker 1: hit the nail on the head with Charlie Criss going 665 00:37:04,480 --> 00:37:07,919 Speaker 1: up against Rohn de Santis as well as Veil de Means, 666 00:37:08,320 --> 00:37:11,640 Speaker 1: current congressman congresswoman from Florida who is now going to 667 00:37:11,719 --> 00:37:14,759 Speaker 1: be challenging Marco Rubio. And you certainly have a number 668 00:37:14,840 --> 00:37:18,719 Speaker 1: of just interesting house races there as well. Um as 669 00:37:19,000 --> 00:37:21,520 Speaker 1: as far as just various matchups, Florida has been a 670 00:37:21,600 --> 00:37:24,799 Speaker 1: really interesting state to watch politically. I mean, it's gone 671 00:37:24,920 --> 00:37:26,480 Speaker 1: from a bit of a toss up to one that 672 00:37:26,600 --> 00:37:29,640 Speaker 1: certainly leans more red, but it does still have those 673 00:37:29,880 --> 00:37:34,160 Speaker 1: uh patches of really strong Democratic support. Um and so 674 00:37:34,280 --> 00:37:35,759 Speaker 1: I think it's going to be one that you're just 675 00:37:35,800 --> 00:37:37,880 Speaker 1: gonna have to continue to watch from now all the 676 00:37:37,920 --> 00:37:41,600 Speaker 1: way until November. And in terms of the broader theme 677 00:37:41,640 --> 00:37:44,520 Speaker 1: though the abortion issue, is that going to be something 678 00:37:44,640 --> 00:37:48,239 Speaker 1: that supplants the economy because that is seems to be 679 00:37:48,400 --> 00:37:51,760 Speaker 1: what Republicans are really pinning their hopes on the idea 680 00:37:52,000 --> 00:37:56,160 Speaker 1: that they're going to do better about uh stewardship of 681 00:37:56,239 --> 00:37:59,839 Speaker 1: the economy than Democrats have. It's hartally gonna depend about 682 00:38:00,040 --> 00:38:03,560 Speaker 1: where you are and what and who you know, what, 683 00:38:03,719 --> 00:38:05,520 Speaker 1: what sort of folks do you need to win, right? 684 00:38:05,920 --> 00:38:08,319 Speaker 1: I mean in a district that is a little bit 685 00:38:08,400 --> 00:38:11,440 Speaker 1: more of a swing, Democrats are going to have to 686 00:38:11,520 --> 00:38:14,799 Speaker 1: wind up figuring out ways to address the economy, particularly 687 00:38:14,920 --> 00:38:18,200 Speaker 1: Democrats who are running in areas where they're more Republicans 688 00:38:18,239 --> 00:38:21,759 Speaker 1: and Democrats. The thing about abortion as an issue for 689 00:38:21,880 --> 00:38:24,319 Speaker 1: Democrats is that it's something that really helps turn out 690 00:38:24,360 --> 00:38:27,239 Speaker 1: their base. So if you're in an area where you 691 00:38:27,360 --> 00:38:29,719 Speaker 1: really need to say, hey, Democrats, you need to come 692 00:38:29,760 --> 00:38:31,680 Speaker 1: to the polls if you, if enough of you, Calum 693 00:38:31,760 --> 00:38:34,160 Speaker 1: will be able to win. Then yes, that's a good 694 00:38:34,200 --> 00:38:36,320 Speaker 1: place for a candidate to really dig in on the 695 00:38:36,480 --> 00:38:41,000 Speaker 1: issue of Rowe versus Wade. But certainly imply inflation is 696 00:38:41,080 --> 00:38:44,360 Speaker 1: still a problem. Gas prices have come back down, but 697 00:38:44,440 --> 00:38:47,840 Speaker 1: grocery prices are still up there at rend prices, housing prices, 698 00:38:48,200 --> 00:38:50,480 Speaker 1: and Democrats are going to have to address that. I 699 00:38:50,520 --> 00:38:53,239 Speaker 1: think it's going to be down to individual candidates, though, 700 00:38:53,880 --> 00:38:56,320 Speaker 1: to be the ones to try and figure out, Okay, 701 00:38:56,600 --> 00:38:58,400 Speaker 1: how much do I need to talk about the economy, 702 00:38:58,480 --> 00:39:00,160 Speaker 1: how much do I need to talk about abortion? Than 703 00:39:00,440 --> 00:39:03,040 Speaker 1: Certainly both of those will continue to be major issues 704 00:39:03,200 --> 00:39:06,279 Speaker 1: from now until November. And another issue we're expecting to 705 00:39:06,360 --> 00:39:10,040 Speaker 1: come up later today, of course, Emily, is student loans 706 00:39:10,360 --> 00:39:13,799 Speaker 1: and the expected announcement from President Biden on where he's 707 00:39:13,880 --> 00:39:17,320 Speaker 1: coming down on that. Yeah, this is something that a 708 00:39:17,440 --> 00:39:19,960 Speaker 1: lot of Democrats have been urging Biden to do for 709 00:39:20,200 --> 00:39:24,040 Speaker 1: quite some time. It sounds like President Biden is going 710 00:39:24,120 --> 00:39:27,160 Speaker 1: to be announcing for giving up to ten thousand dollars 711 00:39:27,320 --> 00:39:30,320 Speaker 1: per borrower in student debt. Now that will be for 712 00:39:30,400 --> 00:39:33,839 Speaker 1: absolutely everyone. He's going to cap the relief for those 713 00:39:34,200 --> 00:39:38,040 Speaker 1: who make between a hundred thousand, two hundred fifty thousand 714 00:39:38,120 --> 00:39:40,920 Speaker 1: dollars per year. And now a lot of progressives has 715 00:39:41,000 --> 00:39:43,560 Speaker 1: said that this needs there needs to be more forgiveness. 716 00:39:43,640 --> 00:39:45,520 Speaker 1: They point to the fact that a lot of folks 717 00:39:45,600 --> 00:39:50,240 Speaker 1: who carry really high student debtloads are minorities, black students, 718 00:39:50,360 --> 00:39:54,000 Speaker 1: lower income students, and that Biden needs to consider them. 719 00:39:54,320 --> 00:39:57,080 Speaker 1: At the same point, Biden is going to come under 720 00:39:57,600 --> 00:40:00,839 Speaker 1: a lot of grief for for making a decision from 721 00:40:00,880 --> 00:40:04,200 Speaker 1: the right, uh, saying that you know they've already accused 722 00:40:04,360 --> 00:40:07,080 Speaker 1: any sort of student loan forgiveness is giving a bit 723 00:40:07,120 --> 00:40:09,680 Speaker 1: of an unfair a damage to those who go on 724 00:40:09,800 --> 00:40:13,440 Speaker 1: to college um, and to potentially having some impacts on 725 00:40:13,600 --> 00:40:16,760 Speaker 1: the economy. UM. So there's sorts of lots of debate 726 00:40:16,840 --> 00:40:19,760 Speaker 1: around exactly how much should be forgiven, what should be forgiven, 727 00:40:19,840 --> 00:40:22,760 Speaker 1: But one thing is for sure that this definitely would 728 00:40:23,000 --> 00:40:26,439 Speaker 1: certainly help Biden with certain parts of the Democratic base. 729 00:40:26,520 --> 00:40:29,279 Speaker 1: They've been asking for this for a while. UM. And 730 00:40:29,520 --> 00:40:31,279 Speaker 1: even though some of them will say it's not enough, 731 00:40:31,719 --> 00:40:33,279 Speaker 1: it is going to be imported to a lot of 732 00:40:33,320 --> 00:40:35,680 Speaker 1: them out there, and we'll be watching for that announcement 733 00:40:35,800 --> 00:40:39,280 Speaker 1: later today. Thanks for this Bloomberg Government reporter Emily Wilkins, 734 00:40:39,360 --> 00:40:41,080 Speaker 1: and you can read more about all these stories on 735 00:40:41,160 --> 00:40:43,880 Speaker 1: Bloomberg dot com or on the Bloomberg terminal. Listen to 736 00:40:43,920 --> 00:40:48,120 Speaker 1: Bloomberg Radio in Washington Bloomberg and one oh five point 737 00:40:48,200 --> 00:40:51,560 Speaker 1: seven FM h D two Karen, Sorry, Nathan, thank you. 738 00:40:51,640 --> 00:40:53,719 Speaker 1: At at six fifties six on Well Street, we turned 739 00:40:53,760 --> 00:40:56,400 Speaker 1: to news and science and technology now with a Bloomberg 740 00:40:56,520 --> 00:40:58,800 Speaker 1: and j I T Stam report. It is round to 741 00:40:58,840 --> 00:41:01,640 Speaker 1: you buy New Jersey in dude off Technology. N j 742 00:41:01,840 --> 00:41:04,920 Speaker 1: I T makes industry ready engineers in more than twenty fields. 743 00:41:04,960 --> 00:41:07,319 Speaker 1: If it's engineering, it's at n j I T. Learn 744 00:41:07,400 --> 00:41:09,320 Speaker 1: more at n j I T dot E d U. 745 00:41:09,760 --> 00:41:12,560 Speaker 1: And here's just making news and science, technology, engineering and 746 00:41:12,680 --> 00:41:16,440 Speaker 1: math about what in six American homes, twenty million households 747 00:41:16,520 --> 00:41:18,880 Speaker 1: have fallen behind on their utility bills and face the 748 00:41:18,920 --> 00:41:22,040 Speaker 1: possibility of a shut off. According to the National Energy 749 00:41:22,120 --> 00:41:26,359 Speaker 1: Assistance Directors Association, it's the worst crisis the group has 750 00:41:26,480 --> 00:41:29,760 Speaker 1: ever documented. There's been a big surge in electricity prices, 751 00:41:29,840 --> 00:41:33,440 Speaker 1: propelled by the Serrain cost of natural gas. Japan is 752 00:41:33,600 --> 00:41:36,960 Speaker 1: planning a dramatic shift back to nuclear power more than 753 00:41:37,040 --> 00:41:40,759 Speaker 1: a decade after the Fukushima disaster. That includes restarting a 754 00:41:40,960 --> 00:41:44,759 Speaker 1: number of shutdown reactors and developing new plants using next 755 00:41:44,840 --> 00:41:49,040 Speaker 1: generation technologies. Japan is trying to avoid more strains on 756 00:41:49,160 --> 00:41:52,480 Speaker 1: power grids that have buckled under heavy demand this summer, 757 00:41:53,040 --> 00:41:55,880 Speaker 1: and it Shares of Zoom of Video Communications tumbled to 758 00:41:56,000 --> 00:41:58,680 Speaker 1: levels not seen since the beginning of the pandemic. Investor 759 00:41:58,880 --> 00:42:01,759 Speaker 1: Cathy wood a School ooped up shares two of her 760 00:42:01,880 --> 00:42:05,280 Speaker 1: ARC investment management funds spot more than eight hundred thousand 761 00:42:05,360 --> 00:42:09,239 Speaker 1: shares yesterday. Once a key pandemic beneficiary, the firm has 762 00:42:09,239 --> 00:42:12,720 Speaker 1: been struggling as workplaces reopened and said it's losing sales 763 00:42:12,760 --> 00:42:16,359 Speaker 1: from consumers and small business faster than anticipated. And as 764 00:42:16,400 --> 00:42:19,800 Speaker 1: a Bloomberg and j I t STEM report and futures 765 00:42:19,920 --> 00:42:23,160 Speaker 1: this morning, they are extending their losses just a little 766 00:42:23,239 --> 00:42:26,360 Speaker 1: lesson p futures are now down four points down, features 767 00:42:26,400 --> 00:42:29,400 Speaker 1: down forty one and NASDAG futures down about twenty and 768 00:42:29,440 --> 00:42:32,799 Speaker 1: the tenure treasury is little change. The yield three point 769 00:42:32,840 --> 00:42:34,879 Speaker 1: oh four percent and a yield on the two year 770 00:42:35,000 --> 00:42:39,080 Speaker 1: three point three one percent, and Bloomberg surveillance is straight 771 00:42:39,160 --> 00:42:42,400 Speaker 1: ahead with Tom Keene, Jonathan Farrell and Lisa A. Brahmawat's 772 00:42:42,760 --> 00:42:47,080 Speaker 1: for Nathan Hagar on Karen Moscow, And this is Bloomberg