Speaker 1: Live from the Bloomberg Interactive Brooker Studios is Bloomberg day
Speaker 1: Break for Thursday, July fourteen two. Coming up this hour,
Speaker 1: Speculation grows about a one percent rate hike by the Fed.
Speaker 1: This month. Wall Street braces for another record on inflation.
Speaker 1: Bank earnings began with JP Morgan Chase and Morgan Stanley
Speaker 1: recording this morning, and President Biden boost Israel's military as
Speaker 1: his Middle Eastern trip continues. Two more shark attacks took
Speaker 1: place within hours off Long Island. Plus the New York
Speaker 1: City Council demands Mayor Adams restore school budgets. I'm Michael
Speaker 1: barn More Ahead, johns fash Owen Sports, the Yankees care
Speaker 1: for barring to fit the Red the Mets one in Atlanta,
Speaker 1: The Open Championship golf underway in Scotland. That's all s
Speaker 1: Train ahead on Bloomberg day Break on Bloomberg eleven, Free
Speaker 1: on New York, Bloomberg one, Washington, d C, Bloomberg one,
Speaker 1: Those six one, Boston, Bloomberg nine sixties, San Francisco, Syrius
Speaker 1: x M one nineteen and around the world on Bloomberg
Speaker 1: Radio dot Com and via The Bloomberg Business Up. Good morning,
Speaker 1: I'm Nathan Hager and I'm Cameron Moscow. US Dock Index
Speaker 1: futures are following this morning. We're coming up to five
Speaker 1: oh one on Wall Street, and we checked the markets
Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right now,
Speaker 1: SNP futures are down forty six points down, futures down
Speaker 1: three hundred thirty five, and NASDAG futures down one thirty one.
Speaker 1: The decks in Germany's down eight tenths of uppercent ten
Speaker 1: year treasury down nine thirty seconds, YELD two point nine
Speaker 1: six percent, and the yield on the two year at
Speaker 1: three point one and nine percent. Nathan Karen reaction is
Speaker 1: still rolling into yesterday's hot rating. On inflation, the dollar
Speaker 1: is trading at a twenty four year high against the end,
Speaker 1: and speculation is growing that the Fed's next move maybe
Speaker 1: a one percent rate hike rather than a seventy five
Speaker 1: basis point increase. We caught up with Cleveland Fed President
Speaker 1: Lauretta Mester. Certainly, the inflation reports suggests that there's no
Speaker 1: reason to say a smaller rate increase than we did
Speaker 1: last time, right because nothing moved in that direction. Cleveland
Speaker 1: Fed President Loretta Mester made those comments in an interview
Speaker 1: with Bloomberg's Kathleen Hayes. Stay tuned for more of that
Speaker 1: conversation coming up shortly here on Bloomberg Daybreak. Well, Nathan
Speaker 1: Mester is not the only FED official hinting of higher
Speaker 1: rates to come. At Lanta. FED President Raphael Bostick says, quote,
Speaker 1: everything is in play for policy action this month. Begin
Speaker 1: more from Bloomberg Shirley Pillett. His comment came after data
Speaker 1: showed that US inflation accelerated again to a fresh four
Speaker 1: decade high last month. Speaking to reporters in St. Petersburg, Florida,
Speaker 1: Bostick said the top line number is a source of
Speaker 1: concern and everything is in play. The comments add fuel
Speaker 1: to bet so the FED is more likely than not
Speaker 1: to raise interest rates by one hundred basis points when
Speaker 1: it meets later this month in New York. Charlie Pellett
Speaker 1: Bloomberg Daybreak. All right, Charlie, thank you. Coming up today,
Speaker 1: we get another reading on inflation with the release of
Speaker 1: the Produce ser Price Index for June. Here with the
Speaker 1: preview is Bloomberg's Michael McKee. Though it would seem logical
Speaker 1: the producer price index actually doesn't really lead moves in
Speaker 1: the consumer price index, and that may be a good thing.
Speaker 1: Unlike consumer prices, producer prices have been falling a little
Speaker 1: bit after reaching a peak in March. The economist consensus
Speaker 1: forecast is that continued to come down in June. But
Speaker 1: CPI surprised to the upside last month, and there's a
Speaker 1: risk at least headline PPI could do the same. Oil
Speaker 1: and gas a lead prices rose as did other commodities,
Speaker 1: pushing up the cost of goods. The unanswered question is
Speaker 1: how service prices have behaved. Watched the Trade Services index
Speaker 1: in the pp I. It's something of a proxy for margins.
Speaker 1: As earning season gets underway in the US. Michael McKee, Bloomberg,
Speaker 1: Gabriad All right, Mike Banks and speaking of earning, the
Speaker 1: season gets started this morning in earnest when big banks
Speaker 1: are poor? Do we get the details from Bloomberg? A
Speaker 1: global finance correspondention, Alle Boss, JP Morgan and Morgan Stanley
Speaker 1: kickoff earnings for the biggest US banks and recession fears
Speaker 1: are growing across the economy. The question is our provisions
Speaker 1: for loan losses going to build? Especially at JP Morgan,
Speaker 1: where not interest income is also rising due to higher
Speaker 1: interest rates. The question is how much will that offset
Speaker 1: any future pains from any potential recession ahead. I'm Shanelli
Speaker 1: basic Bloomberg Daybreak, All right, sale, thank you. As recession
Speaker 1: fears grow on Wall Street, one top tech executive says
Speaker 1: the industry will be able to weather the storm. Let's
Speaker 1: get that live from Bloomberg's Grnida Young, Good morning, Granita,
Speaker 1: Good morning Nathan. IBM CEO Arvin Krishna says he believes
Speaker 1: business technology spending will remain robust above DDP growth, even
Speaker 1: including Europe. And this is even after others in the
Speaker 1: industry have been pessimistic in the face of a potential
Speaker 1: US recession and resulting slower growth. When you look at
Speaker 1: supply chain inflation, Liabo demographics, interest rates. Technology offers you
Speaker 1: away to scale without necessarily increasing costs that are linear
Speaker 1: or the linear. IBM CEO Arevn Krishna is less optimistic
Speaker 1: about supply chain problems. He says they are a real, fundamential,
Speaker 1: fundamental issue that's going to be on going on for
Speaker 1: a couple more years. Live in New York. I'm rened
Speaker 1: a Young Bloomberg Daybreak, All right. We need to thank
Speaker 1: you about turning to politics now. President Biden most signal
Speaker 1: like continuing US commitment to Israel's defense. As part of
Speaker 1: his trip through the Middle Age, the President signs a
Speaker 1: joint declaration with Israel's new Prime Minister, extending an agreement
Speaker 1: that provides billions of dollars to the country's military. Tomorrow,
Speaker 1: Biden heads to Saudi Arabia. Democratic Congresswoman Abigail Spenberger says
Speaker 1: he'll need to project American values when he meets with
Speaker 1: Crown Prince Mohammed bin Salman. He must raise the issue
Speaker 1: of Jamal Kashoki's murder. He must continue to ensure that
Speaker 1: we have strong expectations of what our Saudi partners are
Speaker 1: or are not bringing to the table, whether they are
Speaker 1: or are not um meeting the expectations that we have
Speaker 1: in terms of the values that they um are by
Speaker 1: Congresswoman Abigail Spenberger of Virginia spoke of their Washington correspondent
Speaker 1: Joe Matthew on Bloomberg Sound On Catch the program weekdays
Speaker 1: at five pm Eastern on Bloomberg Radio. We have new
Speaker 1: developments in the battle against the pandemic. This morning, Karen
Speaker 1: the nation's top doctor says the O macron b A
Speaker 1: five variant is becoming worrisome. Bloomberg said, Baxter has the story.
Speaker 1: COVID Response Coordinator, doctor Ashe's Jaw says, it's something to
Speaker 1: very carefully watch. It is certainly the most immunovative. What
Speaker 1: we're seeing as people who are previously infected getting reinfections
Speaker 1: at high rates. People who got vaccinated, let's say last year,
Speaker 1: having a ton of breakthrough infections. So something that we're
Speaker 1: you know, obviously paying very close attention to you. Yeah.
Speaker 1: Dr Josh says mitigation tools like smart use of masks
Speaker 1: and of course vaccinations is important. He says everybody over
Speaker 1: fifty needs a second booster in San Francisco, I'm at
Speaker 1: Baxter Bloomberg daybreak, all right, and thank you. And despite
Speaker 1: COVID concerns and current economic conditions, back to school shoppers
Speaker 1: are expected to spend a record amount this year. According
Speaker 1: to a survey by Deloitte, Sales for the season are
Speaker 1: expected at total thirty four point four billion dollars. It
Speaker 1: breaks down to sixty per student, an increase of eight
Speaker 1: percent from a year earlier. Again, future is moving lower.
Speaker 1: This morning, straight ahead, your latest local headlines, plus the
Speaker 1: check of Sports, and this is Bloomberg. Thanks Karen. It's
Speaker 1: five oh seven on Wall Street. Were at seventy three
Speaker 1: degrees in Central Park. Big problems for rail commuters this morning.
Speaker 1: Michael Barr is here with that and more that's going
Speaker 1: on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. Commuters are saying, oh great, here we go.
Speaker 1: This justin New Jersey Transit has suspended service in and
Speaker 1: out of New York City. Rail service is suspended into
Speaker 1: and out of Penn Station, New York due to amtrack
Speaker 1: overhead wire issues. New Jersey Transit rail tickets and passes
Speaker 1: will be cross honored by New Jersey Transit, bus and
Speaker 1: private carriers. Path is cross honor ring at newer Penn Station,
Speaker 1: Hobo Conterminal and Penn Station, New York. It is the
Speaker 1: third shark attack in ten days on Long Island. A
Speaker 1: forty nine year old man was attacked by a shark
Speaker 1: yesterday evening, less than twelve hours after a paddle boarder
Speaker 1: was attacked at a nearby beach that morning. According to
Speaker 1: the Suffolk County Police, the man was standing waist deep
Speaker 1: in the water at Seaview Beach on Fire Island when
Speaker 1: he was bitten on his wrist around six pm. Also
Speaker 1: his leg. Earlier that morning, at year old man was
Speaker 1: bitten by a shark while paddle boarding at Smith Point Beach.
Speaker 1: Both suffered non life threatening injuries. Suffolk County Executive Steve
Speaker 1: Alone I think it is an indication, however, that what
Speaker 1: we're looking at is uh something of a new normal.
Speaker 1: Suffolk County Executive Steve Bloone says the tigers sharks are
Speaker 1: closer to the shore than they've been In New York City.
Speaker 1: The council members are calling on Mayor Eric Adams and
Speaker 1: the Department of Education not to exercise budget cuts, and
Speaker 1: a joint letter council members saying it will result in
Speaker 1: the city spending less on each child. Last month, the
Speaker 1: city Council signed off on a two fifty million dollar
Speaker 1: budget cut and Adams three city budget. Now, council members
Speaker 1: say the Atoms administration has led them by saying the
Speaker 1: cuts would be fully accounted for by declining enrollment. A
Speaker 1: new mental health clinic and the Bronx just opened its
Speaker 1: diverse Mayor Eric Adams as the short term treatment center
Speaker 1: will provide new Yorkers with mental health and substance of
Speaker 1: use issues, immediate access to services. We unfairly treated the
Speaker 1: New York City Police Department in this city in so
Speaker 1: many ways. We called on them to do everything. We
Speaker 1: called on them when someone had a gun. We called
Speaker 1: on them when someone had a cat up the tree,
Speaker 1: We called on them when someone was going through a
Speaker 1: mental health crisis. We called on them for everything and
Speaker 1: didn't realize that we had other agencies that we should have.
Speaker 1: Cord Ate it with Mayor Adams again. New Jersey Transit
Speaker 1: suspended service in and out of New York City overhead
Speaker 1: wire issues. I'm Michael barn and this is Bloomberg Nathan.
Speaker 1: Thank you, Michael. Five ten on Wall Street time for
Speaker 1: the Bloomberg Sports Update with John Sesshire Banks Nathan. The
Speaker 1: Yankees and Reds at the stadium, the Yanks trying to
Speaker 1: avoid their first four game losing to taking the season.
Speaker 1: The night did not begin well at last seven No
Speaker 1: injured most of the last three seasons, He's been so
Speaker 1: good this year, but he served up three home runs
Speaker 1: in the second inning while taking his warm up to
Speaker 1: us as in the third, he left the game headed
Speaker 1: for an m R. I on his shoulder. Yanks called
Speaker 1: behind four nothing, came back Isaiah Kiner Falapa pree run
Speaker 1: double and led five to four, trailed six five. John
Speaker 1: Carlos Stanton a game tying home run. Eighth inning. Yanks
Speaker 1: stared in the tent for get another walk off. Wins
Speaker 1: seven to six. Mets used the long ball in Atlanta,
Speaker 1: delivers and Lindoor rips it deep in the air right field.
Speaker 1: Kunia turns around, watches it fly. That was way out
Speaker 1: of here. We three run blast for Francisco Windoor. He
Speaker 1: comes through in the top of the third inning and
Speaker 1: he extends the Mets lead to four nothing. CDs had
Speaker 1: a solo shots from Marc Canada warda Eskibar. Mets be
Speaker 1: the Braves seven three. Chris Bassett got the win. Mets
Speaker 1: take the series, lead Atlanta by two and a half.
Speaker 1: They visit the Cubs tonight. Two American late teams stretched
Speaker 1: their winning streaks to at ten. The Seattle Mariners, who
Speaker 1: have gone longer than any team in all of sports
Speaker 1: without making the postseason, and the Baltimore Orioles, baseball's worst
Speaker 1: team over the last several years. The Mariners now tied
Speaker 1: for the playoffs spot the Orioles only two games behind
Speaker 1: Toronto fired manager Charlie Montoyo. The Rangers have signed free
Speaker 1: agent Vincent tro Check away from Carolina Open Championship. Golf
Speaker 1: hundred and fifty edition underway a historic st Andrew's min
Speaker 1: wou Ye stand eagle on the fourteen poll, got the
Speaker 1: four under He's got a one shot lead. John stash
Speaker 1: Award Bloomberg Sports Naphen John Thanks. SESP futures down forty
Speaker 1: two points, Sound futures down three twenty five Nassect futures
Speaker 1: lower by a hunt thirteen points. You're listening to Bloomberg
Speaker 1: Daybreak Bloomberg eleven three oh weather. Mix of sun and
Speaker 1: clouds and showers and storms developing through the day with
Speaker 1: a high near ninety degrees, sunshine near ninety tomorrow, mix
Speaker 1: of sun and clouds upright ease Saturday, right now seventy
Speaker 1: three in Central Park Markets. Headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business Outland at Bloomberg Quick Jade's a Bloomberg Business Flash
Speaker 1: and I'm Karin moscow Ustack Index futures are falling this morning,
Speaker 1: along with European shares and the dollar resumed its advance
Speaker 1: after high US inflation hardened expectations for more aggressive Federal
Speaker 1: Reserve monetary tightening that could trigger our recession. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg Guess and P futures down four points down, futures
Speaker 1: down three twenty nine and Nastack futures down on the
Speaker 1: decks in Germany's down seven tenths of upper set ten.
Speaker 1: Your treasury down six thirties seconds, held two point nine
Speaker 1: five percent. They yield on the two year three point
Speaker 1: one nine percent. NIMEX scrude oil is down two point
Speaker 1: seven percent, down two dollars sixty cents and ninety three
Speaker 1: dollars seventy two cents a barrel. And comic School there's
Speaker 1: down one point three percent. It's at seventeen thirteen fifty announced.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barrow with
Speaker 1: Moore on what's going on around the world. Michael, thank
Speaker 1: you very much, Cameron. President Joe Biden will seek to
Speaker 1: bolster co operation between the US, Israel, and other countries.
Speaker 1: During his first full day in the Middle East, his
Speaker 1: schedule today involves meetings with Israeli Priminister Here LaPete. The
Speaker 1: FDA authorized the Novovaks COVID nineteen vaccination for emergency use
Speaker 1: and adults in baseball, the Yankees beat the Reds, The
Speaker 1: Mets beat the Braves. The Nationals lost both games of
Speaker 1: a double header to the Mariners. The Orioles beat the Cobs,
Speaker 1: the Giants top the Diamondbacks. The A's lost to the Rangers.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts in more than one twenty countries. Michael
Speaker 1: Barr and this is Bloomberg. Thanks Michael. It's five nineteen
Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers Studios.
Speaker 1: This is Bloomberg Daybreak. The Federal Reserve has its work
Speaker 1: cut out for it when it comes to inflation. That's
Speaker 1: according to Cleveland Fed President Loretta Mester. Her comments follow
Speaker 1: yesterday's hot reading on consumer prices. Mester spoke with Bloomberg's
Speaker 1: Kathleen Hayes late yesterday about the latest CPI report and
Speaker 1: where the Fed goes from here. Let's go to part
Speaker 1: of that interview now about a week at half ago,
Speaker 1: you said that if conditions were pretty much the same
Speaker 1: as they were, then you would be on board. You
Speaker 1: would probably be supporting a seventy five basis point rate high.
Speaker 1: NAT only saw on the inflation report even higher than expected,
Speaker 1: few signs that inflation is easing up. Uh, would you
Speaker 1: be on board potentially with a one hundred basis point
Speaker 1: high July meeting? Well, Kathleen, we don't have to make
Speaker 1: that decision today, and there's more data coming out than
Speaker 1: I'm going to be very attuned to. We have retail
Speaker 1: sales coming out on Friday, and we have a very
Speaker 1: important University of Michigan report, and of course that's important
Speaker 1: because it has the in Placed Expectations Measure UM, a
Speaker 1: consumer measure in there. So you know, we have data
Speaker 1: coming out. What what I take from the report and
Speaker 1: it was uniformly bad. There was no good news in
Speaker 1: that report at all, was that inflation remains at a
Speaker 1: unacceptably high level. We at the Fed have to be
Speaker 1: very deliberate and intentional about continuing on this path of
Speaker 1: raising our interest rate until we get and see convincing
Speaker 1: evidence that inflation is turned the corner is on a
Speaker 1: downward path, and it's sustainably on a downward path, and
Speaker 1: that we just have more work to do. So you know,
Speaker 1: I will make that decision about you know, what the
Speaker 1: right number is in terms of the rate increases. But
Speaker 1: we're gonna have to continue on this path because we
Speaker 1: haven't seen UM monthly numbers coming down. You know, even
Speaker 1: the monthly numbers, UM, they are moving in the wrong directions.
Speaker 1: So we just have to be very intentional here. UM.
Speaker 1: The Beige Book came out today as well, and as
Speaker 1: you saw in that report, UM, and that's a nice
Speaker 1: report because it really shows you across the country, our
Speaker 1: business contacts and consumer contacts. There's concern about UM recessionary
Speaker 1: risk going up, But the same point in that report
Speaker 1: that I took was there's continuing to be price pressures,
Speaker 1: no alleviation there, and that some of the moderation and
Speaker 1: demand is really being driven by the fact that consumers
Speaker 1: have to pull back some of the discretionary spending because
Speaker 1: the prices of food and energy and other essentials are
Speaker 1: so hot. So let me ask you, this is a
Speaker 1: hundred basis points. If if we had asked you about
Speaker 1: a hundred basis points a couple of weeks ago, two
Speaker 1: or three months ago. I don't even think we have
Speaker 1: got to ask you, but is that something though you
Speaker 1: could see being discussed. Would you discuss it? Is it
Speaker 1: something given what we see in inflation now that is
Speaker 1: quote unquote on the table that maybe has to be
Speaker 1: under consideration because the FED has to figure out just
Speaker 1: how aggressive you have to be. Well, we're gonna have
Speaker 1: a meeting and we're gonna talk about what the appropriate
Speaker 1: path of policy is. And again, you know, we don't
Speaker 1: have to make a decision today. We're gonna take them
Speaker 1: to account all the data. But you know, we're having
Speaker 1: this conversation. The markets are having a conversation and putting
Speaker 1: their money where their mouth is in terms of where
Speaker 1: market expectations are. So we're gonna be talking about the
Speaker 1: appropriate path of policy. And I have not seen any
Speaker 1: convincing evidence that inflation is termed the corner, right. We
Speaker 1: haven't seen anything that in that new CPI report that
Speaker 1: suggest inflations turning out. And now we do know that
Speaker 1: energy prices right are have fallen compared to the prior month,
Speaker 1: So you know, there's some expectation that the next report
Speaker 1: on inflation. We might see that part going down, but
Speaker 1: on the other hand, we have shelter prices going out,
Speaker 1: so again, you know, I think it's much more The focus,
Speaker 1: I think is on the fact that we're going to
Speaker 1: have to keep moving into st rates up being very
Speaker 1: deliberate and intentional about it, right, you know, we if
Speaker 1: you know, we're moving towards a two and a half
Speaker 1: percent what with the long run neutral rate is my
Speaker 1: own belief is that we're going to need to go
Speaker 1: beyond that and will beyond that because right inflation and
Speaker 1: inflation expectations are higher than two percent now, So we're
Speaker 1: gonna have to keep moving and the pace of which
Speaker 1: we do that at and you know what any particular
Speaker 1: meaning is really going to be driven by. Are we
Speaker 1: seeing demand get into better balance with constraints supply which
Speaker 1: remains constrained in order to see that inflation it on
Speaker 1: that a sustainable downward. We have not seen that. And
Speaker 1: that was Cleveland FED President Loretta Mester speaking with Bloomberg's
Speaker 1: Kathleen Hayes on the heels of yesterday's hot Inflation reading.
Speaker 1: You can catch the full interview we have it up
Speaker 1: for you on Bloomberg dot com or on the Bloomberg terminal.
Speaker 1: Futures continue to point lower following yesterday's hot cp I
Speaker 1: print and as we look ahead to producer prices later
Speaker 1: this morning. Right now, SMP futures are down forty nine points,
Speaker 1: that's a drop of one point three percent. Down futures
Speaker 1: are lower by three fifty nine points, and NASDAC futures
Speaker 1: lower by one hundred forty three points a ten. Your
Speaker 1: treasury is down seven thirty seconds, the yield two point
Speaker 1: nine six percent, The yield on the two year three
Speaker 1: point one nine niam X screwed is down two point
Speaker 1: six percent, and ninety three dollar seventy five cents a barrel.
Speaker 1: The euro right now one point zero zero two two
Speaker 1: against the dollar. You're listening to Bloomberg Daybreak Bloomberg eleven
Speaker 1: three oh weather showers and storms developing through the day
Speaker 1: as we had near ninety degrees. Will be sunny tomorrow
Speaker 1: with a high near ninety mix of sun and clouds
Speaker 1: to start the weekend. Right now, seventy two in Central Park,
Speaker 1: broadcasting live from the Bloomberg Interactive Broker's studio in New York.
Speaker 1: Bloomberg eloving freon to Washington d C, Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine
Speaker 1: sixty to the country Sirius XM Channel one nine and
Speaker 1: around the Blob, the Bloomberg Business app and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on
Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscower.
Speaker 1: Just about four hours away from the open of US trading.
Speaker 1: The sketch you up to date on the news you
Speaker 1: need to know at this hour, Reactions still rolling into
Speaker 1: yesterday's hot reading on inflation. The dollar is trading at
Speaker 1: a twenty four year high against the end, and speculation
Speaker 1: is growing that the Fed's next move maybe a one
Speaker 1: percent rate hike. Cleveland FED President the Rettamester says there's
Speaker 1: a lot of work left to do to cut inflation.
Speaker 1: Job one for us is to get inflation under control.
Speaker 1: And I say that knowing that the risk of recession
Speaker 1: have on but that's part of what we're trying to do,
Speaker 1: is normalize or or moderate the man because if we
Speaker 1: don't do this, we're gonna have many more problems in
Speaker 1: the economy going forward. Cleveland FED president the Reddemester made
Speaker 1: the comments to Bloomberg's Kathleen Hayes. Catch the full interview
Speaker 1: on Bloomberg dot Com and on the Bloomberg terminal. Wellmester
Speaker 1: isn't the only one hinting at higher rate increases, Karen.
Speaker 1: Atlanta FED President Raphael Bostick says, quote everything is in
Speaker 1: play end quote for policy action. He calls yesterday's top
Speaker 1: line CPI number a source of concern. We get another
Speaker 1: reading on inflation in just a few hours with the
Speaker 1: release of the Producer Price Index. Nathan. There's also more
Speaker 1: data to digest this morning. Earning season gets underway as
Speaker 1: big banks open their books for the second quarter. Coming
Speaker 1: up today to get results from JP Morgan and Morgan Stanley,
Speaker 1: and as recessions fears grow on Wall Street. Karen, one
Speaker 1: top tech executive, says his industry will be able to
Speaker 1: weather the storm. Bloomberg. Trinity Young joins US Live with
Speaker 1: more Ranita, Good morning. Nathan, IBM CEO Arvid Krishna says
Speaker 1: he believes business technology spending will remain robust above GDP growth,
Speaker 1: including in Europe, and this is even after others in
Speaker 1: the industry. You have been pessimistic in the face of
Speaker 1: a potential US recession at resulting slower growth. When you
Speaker 1: look at supply chain inflation, liberal demographics, interest rates. Technology
Speaker 1: offers you away to scale without necessarily increasing costs that
Speaker 1: are linear or the linear. IBM CEO Arvin Krishna is
Speaker 1: less optimistic about supply chain problems. He's is they'll go
Speaker 1: on for a couple more years. Live in New York.
Speaker 1: I'm really need a young Bloomberg daybreak. I need to
Speaker 1: thank you. And turning to politics now, President Biden will
Speaker 1: signal like continuing US commitment to Israel's defense today signing
Speaker 1: a joint declaration with Israel's new Prime minister that provides
Speaker 1: billions of dollars to the Israeli military. Up next, the
Speaker 1: President heads to Saudi Arabia for a meeting with Crown
Speaker 1: Prince Mohammed Ben Salmon. It is currently well futures this morning,
Speaker 1: you're moving lower with S and P futures down forty
Speaker 1: five points straight. I hand your latest local headlines plus
Speaker 1: a check of sports, and this is Bloomberg. Thanks Carte
Speaker 1: on Wall Street seventy two degrees in Central Park and
Speaker 1: the big headline locally this morning, Big problems on the rails.
Speaker 1: Michael Barr has that and more on what's going on
Speaker 1: in New York and around the world. Michael, thank you
Speaker 1: very much. Nathan Commuters is saying, here we go. New
Speaker 1: Jersey Transit has suspended service in and out of New
Speaker 1: York City. Apparently they are overhead wire issues, but and
Speaker 1: the path train are cross honoring. Of course, we're following
Speaker 1: this story throughout the morning. Two more shark bites happened
Speaker 1: within hours off Long Island yesterday. Suff A County Executive
Speaker 1: Steve Malone called it the new normal. They've always been here,
Speaker 1: but they're close to the shore now. Beloone says. In
Speaker 1: one attack, a surfer punched the predator, was knocked off
Speaker 1: his sport and then saw this shark coming back around
Speaker 1: towards him. Suffolk County Executive Steve Malone says both men
Speaker 1: suffered non life threatening injuries. It is the third shark
Speaker 1: attack in ten days off Long Island. New York City
Speaker 1: Council members called on Mayor Eric Adams and the Department
Speaker 1: of Education to hold school budget cuts they say will
Speaker 1: result in the city spending less on each child. Last month,
Speaker 1: the city Council signed off on the two fifteen million
Speaker 1: dollar budget cut in passing Adams twenty three city budget. However,
Speaker 1: in a joint letter, council members say they were misled
Speaker 1: when the Adams administration said the cuts would be fully
Speaker 1: accounted for by declining enrollment. High In Park, Illinois, held
Speaker 1: a candle light vigil to honor those killed and injured
Speaker 1: during the July fourth Parade mass shooting. Mayor Nancy Rotoring
Speaker 1: we are all survivors. Each of us will have a
Speaker 1: different experience and a different timeline as we find a
Speaker 1: way to move forward into our new normal. Mayor Nancy
Speaker 1: Rodering says seven people were killed. Again our top story
Speaker 1: in New Jersey Transit has suspended service in and out
Speaker 1: of New York City, apparently overhead wire issues. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: quick Take, powered by more than seven hundred journalists analysts
Speaker 1: in more than a hundred twenty countries. On Michael bar
Speaker 1: This is Bloomberg, Nathan Michael. Thanks on Wall Street time
Speaker 1: for the Bloomberg Sports Update, which on standshop. Thanks Dathan.
Speaker 1: The Yankees had lost three and around blown leads, and
Speaker 1: all three this time they were the ones that came
Speaker 1: from behind down four nothing later six five they beat
Speaker 1: the Reds at the Stadium seven six ten at INDs,
Speaker 1: the winning run square on a wild pitch Isaiah Narco
Speaker 1: left at a three run double Giant Carlos stanton I
Speaker 1: gained tying home run. Now the yankster waite word on
Speaker 1: an m R. I on Luis Savarino's shoulder. He knew
Speaker 1: early on last night something was wrong. On first speech
Speaker 1: something it was like ninety ninety one, you know what
Speaker 1: that'st not mean. But I told I I couldn't get
Speaker 1: a little bit more after that Cyclaney, you know, when
Speaker 1: I was rowing up, it was I wasn't from getting worse.
Speaker 1: So I told him my seven before something even bigger happened.
Speaker 1: I mean, you know, slubber right here. Svorenas made it
Speaker 1: back from multiple injuries over the last few years. That's
Speaker 1: one in Atlanta seven three, they hit three home runs
Speaker 1: and playing a three un shot for Francisco Indoor. They
Speaker 1: win the series and lead the Brays like two and
Speaker 1: a half. In tonight they played the Cubs at Wrigley
Speaker 1: where Baltimore one again. Last night the Orioles and won
Speaker 1: ten in a row. Still in last place with the
Speaker 1: over five hundred, only two games out of the playoff spot.
Speaker 1: NHL free agency, the Rangers signed Vincent Trocheck to a
Speaker 1: seven year dealing with with Carolina. They also added a
Speaker 1: veteran backup goalie Yooslav A lot open if a chip
Speaker 1: golf underway at historic St. Andrews, and right now there's
Speaker 1: a three way to halve the lead at four undertar
Speaker 1: went Bloomberg Sports. John Thanks thirty six on Wall Street
Speaker 1: Time for the Tri State Business Report. Here's Bloomberg's at Cory.
Speaker 1: Manhattan apartment rents hit a record in June, with even
Speaker 1: more pain to come for prospective tenants as the market
Speaker 1: heads into its most competitive season. New leases were signed
Speaker 1: last month at a meeting in a four thousand and
Speaker 1: fifty dollars, according to appraiser Miller Samuel and brokerage Douglas
Speaker 1: Eleman Real Estate. Tommy Hill Figure, which is owned by
Speaker 1: p v H, says it's returning to New York Fashion
Speaker 1: Week for the first time in three years. The brand
Speaker 1: plans to offer what it calls an experiential runway event
Speaker 1: that will unveil the latest see now by now Fall
Speaker 1: twenty two collection New York reached a half million dollars
Speaker 1: settlement to resolve claims of harassment, discrimination, and wage theft
Speaker 1: at a popular Lower Manhattan bar. It's part of a
Speaker 1: crackdown on worker mistreatment. New York Attorney General Letitia James
Speaker 1: Alimes the bar's owner allowed male managers to engage in
Speaker 1: sexual commentary on female workers. That's your Bloomberg Try State
Speaker 1: Business Report. I'm in Corey, Thanks seven on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's check in with
Speaker 1: our global news team for some of the top stories
Speaker 1: heard on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Steve Podascan on ten ten Wins in New York.
Speaker 1: We're talking about Manhattan rents jumping to get another record.
Speaker 1: Tom corns Anaho on ktr H in Houston. Expensive gasolene
Speaker 1: is keeping more drivers off the road. I'm Gina Servetti
Speaker 1: in for w w BBM in Chicago. I'm reporting that
Speaker 1: a new Fed Bank of Chicago survey shows the US
Speaker 1: economic outlook is worse today than it was at the
Speaker 1: depths of the pandemic. I'm Jeff Bullinger and on w
Speaker 1: I O D in Miami. I'm recording American Airlines will
Speaker 1: resume plates between Miami and five destinations in Cuba this fall.
Speaker 1: I'm killin goll Bloomberg, Davey dishal Medio in London. We've
Speaker 1: been before to your market reaction to the latest political
Speaker 1: tumil in Italy as Mario Jogis government faces a confidence vote.
Speaker 1: ID Gorey on w w J in Detroit. I'm reboarding
Speaker 1: an analysts as second quarter results for most Anto companies
Speaker 1: will probably miss the estimate. And those are some of
Speaker 1: the stories are twenty dred Bloomberg journalists and analysts are
Speaker 1: working on this morning around the world, and speaking of
Speaker 1: second quarter results, we are definitely waiting for those this
Speaker 1: morning from JP Morgan Chase and Morgan Stanley Is Bank
Speaker 1: earnings kickoff this morning. Bloomberg Radio and TV Markets correspondent
Speaker 1: Credi Gupta is with us with more on that. We're
Speaker 1: expecting pretty big moves. I would imagine creedy once those
Speaker 1: numbers hit. We're facing some pretty big moves. Rummer. This
Speaker 1: is not just a stock specific story. This is a
Speaker 1: fundamental story for the entire economy. Now there's a couple
Speaker 1: of different layers. Here's in Nathan, bear with me as
Speaker 1: I as I passed through them, because at the very beginning,
Speaker 1: you do, of course have low lost provisions. How much
Speaker 1: are banks bracing for a recession, sing for some sort
Speaker 1: of losses or things like that. How much faith at
Speaker 1: the end of they do they have in that consumer.
Speaker 1: Remember Jamie Diamond of JP Morgan has been very vocal
Speaker 1: in terms of the strength of the consumer, but did
Speaker 1: ultimately say that, well, a recession isn't off the table,
Speaker 1: So those are gonna be the kind of comments that
Speaker 1: we're gonna hear from him as well. Remember he did
Speaker 1: also this worn last month of an economic quote hurricane
Speaker 1: on the horizon. What that actually entails he was less
Speaker 1: specific about, but hopefully more details from the company itself. Though.
Speaker 1: Remember we're not just watching low lost proposes, Russell watching
Speaker 1: trading revenue, Nathan. The market has tanked year to date,
Speaker 1: so that's gonna be a major one. How do some
Speaker 1: of these trading houses and some of their commodities units
Speaker 1: or their fixed income units actually tread water or perhaps
Speaker 1: make up for some of their other shortfalls? And things
Speaker 1: like investment banking deal volume has been very very low
Speaker 1: for example, So that's gonna be a big question, and
Speaker 1: that's just JP Morgan. Then you got Morgan Stanley, was
Speaker 1: you then have to include their wealth management business and
Speaker 1: of course E trade as well. Yes, certainly will Bloomberg
Speaker 1: Radio TV Markets correspondent Pretty Gupta will be checking way
Speaker 1: back with you next hour on some of the other
Speaker 1: names moving in this pre market. As we watch, futures
Speaker 1: add to yesterday's losses, SMP futures down forty two points down,
Speaker 1: futures down three four, NASTAC futures are lower by one
Speaker 1: hundred sixteen points. This is Bloomberg Bloomberg eleven three oh
Speaker 1: weather mix of sun and clouds today, showers and storms
Speaker 1: developing highs near ninety degrees will be in the UPR
Speaker 1: eight ees tomorrow and the next day, with partly the
Speaker 1: mostly sunny skies right now seventy two in Central Park
Speaker 1: Markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at
Speaker 1: Bloomberg Quick Tape. He's a Bloomberg Business Flash and I'm
Speaker 1: Karer a Moscow. You watch. Stock index futures are falling
Speaker 1: along with stocks in Europe. And the dollar resuming its
Speaker 1: advance after how US and Nation hard and expectations more
Speaker 1: aggressive federal reserve monetary tightening that could trigger our recession.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. SNP futures down forty one points down,
Speaker 1: features down three hundred nine, NASDAG futures down one hundred ten.
Speaker 1: The decks in Germany is down six tenths of uppercent ten.
Speaker 1: Your Treasury down seven thirty seconds, yield two point nine
Speaker 1: six percent. They yield on the two year three point
Speaker 1: one nine percent. NIMEX screwed oil is down two point
Speaker 1: four percent on two dollars thirty four cents and ninety
Speaker 1: three dollars ninety six cents of barrel comics gold is
Speaker 1: down one point two percent on twenty one dollars forty cents.
Speaker 1: At seventeen thirteen eighty announced, the euro one point zero
Speaker 1: zero three five against the dollar, British found one point
Speaker 1: one eight six four and the end one thirty eight
Speaker 1: point seven eight and Bitcoin this morning is higher, up
Speaker 1: six tenths per cent in nineteen thousand, seven hundred eighty dollars.
Speaker 1: That's a Bloomberg Business Flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Muchael, Thank
Speaker 1: you very much. Karen high states talks in the Middle
Speaker 1: East during his first full day in Israel. Has then
Speaker 1: Biden and Prime Minister Lapide will hold a full joint
Speaker 1: briefing later today. A national wide curfew was in effect
Speaker 1: in Sri Lanka from last night till this morning after
Speaker 1: protesters surrounded and entered the Prime Minister's office in Colombo. Yesterday,
Speaker 1: the Prime Minister was made acting president after the former
Speaker 1: president stepped down. In baseball, the Yankees beat the Reds.
Speaker 1: The Mets beat the Braves. The Nationals lost both games
Speaker 1: of a double header to the Mariners. The Orioles a
Speaker 1: k a. Super Dudes beat the Cobbs the win their
Speaker 1: tenth straight. The Giants stopped the Diamondbacks. Hey, he's lost
Speaker 1: to the Rangers. Global needs twenty four hours a day
Speaker 1: on here and on Bloomberg quick Say, powered by more
Speaker 1: than journalists and analysts more than a hundred twenty countries.
Speaker 1: And Michael bar this is Bloomberg. Naight, how about them?
Speaker 1: Ohs okay, Michael, thank you. It is nine on Wall
Speaker 1: Street line from the Bloomberg Interactive Brokers Studios. This is
Speaker 1: Bloomberg Daybreak at the start of bank earning season. This morning,
Speaker 1: JP Morgan Chase and Morgan Stanley the first of the
Speaker 1: big Wall Street firms to open their second quarter. Bucks
Speaker 1: and Bloomberg Global Finance correspondent Shanali Bassik is back with
Speaker 1: us this morning for more on what to expect tionally.
Speaker 1: This is a really important one because we've already heard
Speaker 1: from JP Morgan Chase CEO Jamie Diamond. Of course that
Speaker 1: economic hurricane quote we've all been talking about. Now we
Speaker 1: get actual numbers to see whether we're in that storm
Speaker 1: right now. Yeah, certainly, And he does take questions from
Speaker 1: media and analysts, and I'm sure he'll get many on
Speaker 1: what a potential one hundred basis point rate hike could
Speaker 1: mean for JP Morgan because on one hand, it's more
Speaker 1: in an interest income for the bank that is already
Speaker 1: expected to start bringing in billions more. But on the
Speaker 1: other hand, it's happening because people are very worried about
Speaker 1: inflation and people are very worried about the economic future ahead.
Speaker 1: So are we going to start seeing provisions for loan losses,
Speaker 1: higher expectations for charge offs when we look at the
Speaker 1: credit book at JP Morgan and any potential hints of
Speaker 1: deteriorating credit quality, and you gotta fake in terms of
Speaker 1: credit as well, looking at the credit card business, the
Speaker 1: health of the u U S consumer. JP Morgan obviously
Speaker 1: has a really big chase credit card business as well. Yeah,
Speaker 1: and you did see a slow down and lending last
Speaker 1: year when it came to credit cards. There was a
Speaker 1: real hope that that would start to tick up. But
Speaker 1: with the economic picture being where it is, and remember
Speaker 1: we reported JP Morgan is one of the first of
Speaker 1: the large banks to start to let people go in
Speaker 1: a very specific business. When it comes to the mortgage business,
Speaker 1: there is a slowdown. So are we going to see
Speaker 1: more layoffs on Wall Street and Corporate America more largely?
Speaker 1: That will start to tighten the way consumers start to
Speaker 1: think about spending and borrowing. And that kind of goes
Speaker 1: as well to the sort of dichotomy when it comes
Speaker 1: to higher interest rates. Obviously it makes loans a lot
Speaker 1: less attractive for bank customers. But if you're a saver,
Speaker 1: maybe this is a good environment for you. Yeah, that's
Speaker 1: an interesting question. You see, for example, over at Goldman
Speaker 1: sacks at the markets business. Those interest rates are now
Speaker 1: one point two percent. That is on the high or
Speaker 1: end of things that you're seeing here. And there are
Speaker 1: certainly analysts that are thinking, okay, maybe these deposit betas
Speaker 1: and the costs for the banks as they pay out
Speaker 1: higher interest will start to impact the banks too. And
Speaker 1: what are we thinking in terms of performance for the
Speaker 1: trading desk, either for JP Morgan or Morgan Stanley. You
Speaker 1: have to think that they're going to be out performing
Speaker 1: given all the market volatility that we've seen over the
Speaker 1: last several months, especially JP Morgan because a lot of
Speaker 1: that volatility came in the rates, businesses and commodities, and
Speaker 1: JP Morgan is humongous when it comes to those businesses.
Speaker 1: Morgan Stanley is better known for equities. Typically, they are
Speaker 1: getting better it fixed income Traditionally they used to make
Speaker 1: well under two billion. This quarter they're expected to make
Speaker 1: more than that. So the question will come down to
Speaker 1: market share gains for Morgan Stanley and maintaining that very
Speaker 1: competitive spot for JP Morgan. And how about in our
Speaker 1: last minute here Shannelli on the deal making investment banking side.
Speaker 1: It's been tough out there for M and A and
Speaker 1: and that's a big one for both these banks as well, certainly,
Speaker 1: and you do see fees starting to come down drastically,
Speaker 1: especially when it comes to equity issuance, because there's been
Speaker 1: virtually no big I p O s and debt underwriting,
Speaker 1: where JAP and Morgan has traditionally in recent quarters at
Speaker 1: least biden more than a billion dollars. The business was
Speaker 1: so hot they are expected to bring in less than that.
Speaker 1: Bloomberg Global Finance correspondent Snelly basket with us this morning
Speaker 1: ahead of JP Morgan Chase results. Were expecting those around
Speaker 1: seven am Wall Street Time, followed closely by Morgan Stanley
Speaker 1: at seven thirty. Of course, we will have full coverage
Speaker 1: for you throughout the day here on Bloomberg Radio Shinale.
Speaker 1: Thank you, Karen Nathan. It is from fifty two on
Speaker 1: Wall Street Time for the Bloomberg Law Report, brought to
Speaker 1: you by American Arbitration Association. Business disputes are inevitable, resolve
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Speaker 1: alternative dispute resolution for over ninety years. More at a
Speaker 1: dr dot org. Let's get to the legal stories we're
Speaker 1: watching this Morning from Bloomberg's Jeff Bellinger. The Department of
Speaker 1: Health and Human Services has a warning for pharmacists. They
Speaker 1: can be charged with violating federal sex discrimination laws if
Speaker 1: they refuse to fill prescriptions for miscarriage management. The National
Speaker 1: Labor Relations Board agreed to review a decision granting West
Speaker 1: Coast Port truckers the right to form a union. Amazon
Speaker 1: dot Com told Senator Red Markie that its ring unit
Speaker 1: has provided security camera recordings to law enforcement in a
Speaker 1: few emergency situations that did not require a user's permission.
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: at Bloomberg Law dot com. Right, Jeff. Thanks. In another
Speaker 1: legal story, we're watching as the Georgia investigation into potential
Speaker 1: criminal interference in the election heats up, Prosecutors are trying
Speaker 1: to force allies and advisers of former President Donald Trump
Speaker 1: to come to Atlanta to testify before a special grand jury.
Speaker 1: Republican Senator Lindsey Graham has vowed to fight the subpoena
Speaker 1: issued for his testimony, and now Georgia judge has ordered
Speaker 1: him to appear before the grand jury. Next month for
Speaker 1: Laura Bloomberg's June Grosso speaks to former federal prosecutor Jennifer Rogers,
Speaker 1: a lecturer at Columbia Law School. The judge said that
Speaker 1: Graham was a necessary and material witness to the grand
Speaker 1: jury probe. What else can Graham do to get out
Speaker 1: of this, Well, he's going to ultimately have to comply.
Speaker 1: I suspect he can get more time if he wants
Speaker 1: more time. August is pretty close to now, so I'm
Speaker 1: sure if you can work something out with the timing.
Speaker 1: But this is a legitimate subpoena at Georgia. Judge has
Speaker 1: signed off. They have ways of getting cooperation from other states,
Speaker 1: so that in the worst case scenario playing in al
Speaker 1: for Lindsay Graham, if he absolutely refused to comply, he
Speaker 1: could be arrested and brought to Georgia to testify. So
Speaker 1: he certainly doesn't want to trigger that happen name, so
Speaker 1: he is going to have to show up there the
Speaker 1: move to quash the subpoena. But this judge has already
Speaker 1: said that he finds, you know, he's been necessary witnessed,
Speaker 1: so that's out. So he's going to have to comply,
Speaker 1: is it? Just political that he doesn't want to show
Speaker 1: up because you know, we all know about the two
Speaker 1: calls he made to the Georgia Secretary of State Raffensburger.
Speaker 1: Raefinsburger has already testified to the grand jury, and he's
Speaker 1: been told that he's a witness, he's not a subject
Speaker 1: or a target of the investigation. Yeah, I mean, I
Speaker 1: think there's a couple of things going on. One thing
Speaker 1: is in your own self interest. You want to make
Speaker 1: sure that you're not in jeopardy, So being told you're
Speaker 1: not a target is one thing. He might also actually
Speaker 1: be seeking technical immunity. He may want an actual order
Speaker 1: of immunity, so his lawyer would be negotiating that. And
Speaker 1: then the political side, as you mentioned, I mean he's
Speaker 1: been a loyal Trump supporter. He doesn't want to be
Speaker 1: seen as going away from at right, and he still
Speaker 1: wants to be seen as a loyal Trump supporter. So
Speaker 1: I think that those things combined is why he's reluctant.
Speaker 1: But he probably knows he's going to have to do it.
Speaker 1: This is a little bit of show I'm resisting. I'm
Speaker 1: not doing it. They have to come get me and
Speaker 1: then lo and behold in a couple of weeks areas
Speaker 1: in Georgia, Right, what he wants to give this kind
Speaker 1: of impression of still being on team Trump and he
Speaker 1: only has to go down there because he has absolutely
Speaker 1: no choice. Do you think it would look bad for
Speaker 1: a sitting senator to ask for immunity? I think it
Speaker 1: used to be that if you were a senator and
Speaker 1: you ask for immunity from criminal prosecution, everyone would be like,
Speaker 1: that's so outrageous. You know that you think you did
Speaker 1: something that you need immunity for. Nowadays we have people
Speaker 1: asking for pardons. Right. It's kind of in a different world.
Speaker 1: And if there are a lot of criminal defense lawyers who,
Speaker 1: if they were representing Lindsey Graham, would say, thank you
Speaker 1: for your statement that he's not a target, but we
Speaker 1: want immunity. You know, that is what really protects your clients.
Speaker 1: And as for Rogers of Columbia Law School speaking with
Speaker 1: Bloomberg's June Grosso, catch where that interview plus analysis of
Speaker 1: the latest legal news by subscribing to the Bloomberg Law Podcast,
Speaker 1: are downloading the show at Bloomberg dot com slash podcast.
Speaker 1: Attorneys can find exceptional legal research and business development tools
Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal
Speaker 1: at b law Go and again. Futures this morning are
Speaker 1: moving lower. SMP futures down thirty seven points down, futures
Speaker 1: down two hundred eighty three and ASDAG futures down. The
Speaker 1: ten year Treasury down eight thirty seconds, held two point
Speaker 1: nine six per cent and still ahead. On Bloomberg Daybreak,
Speaker 1: we have a check on the business headlines and all
Speaker 1: the news you need to start your day. Am. This
Speaker 1: is Bloomberg