WEBVTT - Biden Launches Reelection Bid; Fox-Tucker Carlson Fallout

0:00:02.080 --> 0:00:05.360
<v Speaker 1>From the Bloomberg Interactive Brokers Studios. This is Bloomberg day

0:00:05.400 --> 0:00:07.480
<v Speaker 1>Break for Tuesday, April twenty fifth.

0:00:07.520 --> 0:00:11.400
<v Speaker 2>Coming up today, UBS shares drop following its earnings report.

0:00:11.480 --> 0:00:13.800
<v Speaker 3>We speak with CEO Sergio or Madi.

0:00:13.760 --> 0:00:17.599
<v Speaker 1>First Republic Banks quarterly results, Jar Investors.

0:00:17.000 --> 0:00:19.880
<v Speaker 2>House Speaker Kevin McCarthy moves ahead with his debt ceiling

0:00:20.000 --> 0:00:21.800
<v Speaker 2>plan without changes.

0:00:21.480 --> 0:00:25.160
<v Speaker 1>And Joe Biden's twenty twenty four presidential campaign could launch

0:00:25.200 --> 0:00:26.480
<v Speaker 1>as early as today.

0:00:26.560 --> 0:00:30.200
<v Speaker 4>The US hopes a seventy two hour ceasefire in Sudan holds,

0:00:30.240 --> 0:00:33.040
<v Speaker 4>plus a New York subway fair hike has been postponed

0:00:33.080 --> 0:00:35.880
<v Speaker 4>for now. I'm Michael Barb. We'll explain why. Straight ahead.

0:00:35.880 --> 0:00:38.199
<v Speaker 5>I'm Don stansh Aaron's Fords, the Devil's Bait, the Rangers

0:00:38.240 --> 0:00:40.120
<v Speaker 5>to tie up the series, a loss for the Yankees,

0:00:40.159 --> 0:00:42.440
<v Speaker 5>and the Jets have acquired Aaron Rodgers.

0:00:43.680 --> 0:00:47.120
<v Speaker 6>That's all straight ahead on Bloomberg day Break, the business

0:00:47.159 --> 0:00:49.599
<v Speaker 6>news you need to starn your day in just one

0:00:49.720 --> 0:00:54.200
<v Speaker 6>fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

0:00:54.240 --> 0:00:56.920
<v Speaker 6>Business app, and everywhere you get your podcasts.

0:01:00.000 --> 0:01:01.720
<v Speaker 3>Good morning, I'm Nathan Hager.

0:01:01.600 --> 0:01:04.840
<v Speaker 1>And I'm Karen Moscow. Here are the stories we're following today.

0:01:05.319 --> 0:01:09.320
<v Speaker 2>We begin with breaking news President Biden has officially launched

0:01:09.360 --> 0:01:12.679
<v Speaker 2>his bid for reelection. The eighty year old president just

0:01:12.840 --> 0:01:16.200
<v Speaker 2>released a video message asking voters to let him quote

0:01:16.240 --> 0:01:19.440
<v Speaker 2>finish this job. The president says there's still work to

0:01:19.440 --> 0:01:21.759
<v Speaker 2>do to give Americans a fair shot and to beat

0:01:21.800 --> 0:01:24.680
<v Speaker 2>back what he calls extremists in the Republican Party who

0:01:24.760 --> 0:01:28.040
<v Speaker 2>want to cut government spending and curb abortion rights. President

0:01:28.040 --> 0:01:31.240
<v Speaker 2>Biden's already the oldest person ever elected to the nation's

0:01:31.280 --> 0:01:33.880
<v Speaker 2>highest office. If he were re elected, he'd be eighty

0:01:33.920 --> 0:01:36.360
<v Speaker 2>six at the end of a second term. His kickoff

0:01:36.360 --> 0:01:39.039
<v Speaker 2>message shows the president's betting voters will reward him for

0:01:39.080 --> 0:01:42.160
<v Speaker 2>his decades of experience and look past any concerns about

0:01:42.160 --> 0:01:42.800
<v Speaker 2>his age.

0:01:43.000 --> 0:01:43.160
<v Speaker 7>Well.

0:01:43.240 --> 0:01:45.800
<v Speaker 1>Nathan will have much more on the Biden announcement in

0:01:45.840 --> 0:01:48.560
<v Speaker 1>a few minutes when we speak live with PANGEA policy

0:01:48.600 --> 0:01:51.560
<v Speaker 1>founder Terry Haynes. But now let's turn to the markets,

0:01:51.600 --> 0:01:55.480
<v Speaker 1>and specifically the banking industry. Shares of UBS. They're down

0:01:55.520 --> 0:01:58.040
<v Speaker 1>one and a quarter percent this morning. The bank missing

0:01:58.080 --> 0:02:00.880
<v Speaker 1>profit estimates as it set aside hundred and sixty five

0:02:00.960 --> 0:02:04.120
<v Speaker 1>million dollars for litigation, tied to its role in selling

0:02:04.200 --> 0:02:07.880
<v Speaker 1>mortgage securities before the financial crisis. The bank also said

0:02:07.880 --> 0:02:10.720
<v Speaker 1>it attracted inflows worth twenty eight billion dollars in the

0:02:10.720 --> 0:02:13.320
<v Speaker 1>months running up to its takeover of Credit Suite. We

0:02:13.400 --> 0:02:15.640
<v Speaker 1>spoke with UBS CEO Sergio Ermadi.

0:02:15.960 --> 0:02:18.720
<v Speaker 8>We were very pleased with the fact that at times

0:02:18.720 --> 0:02:21.600
<v Speaker 8>of distress in the market generally the first quarter was

0:02:21.720 --> 0:02:25.000
<v Speaker 8>very challenging, we still sew clients looking at UBS as

0:02:25.000 --> 0:02:28.799
<v Speaker 8>a safe haven, and the influence were coming in from

0:02:28.800 --> 0:02:32.120
<v Speaker 8>all regions and from different sources. In that sense, we

0:02:32.160 --> 0:02:35.880
<v Speaker 8>are very pleased that, particularly also after the announcement of

0:02:35.919 --> 0:02:38.640
<v Speaker 8>the transaction of the acquisition of Pretty Swis, we still

0:02:38.680 --> 0:02:41.960
<v Speaker 8>saw influence coming into our bank, so a sign of

0:02:42.000 --> 0:02:43.480
<v Speaker 8>confidence of our clients.

0:02:43.680 --> 0:02:46.760
<v Speaker 1>Sergio Ormadi made the comments to Bloomberg's Menace Krenny.

0:02:46.919 --> 0:02:50.040
<v Speaker 2>Well back here in the US, Karen First Republic shares

0:02:50.120 --> 0:02:54.120
<v Speaker 2>are plunging more than twenty percent following its latest learning support.

0:02:54.320 --> 0:02:57.519
<v Speaker 2>We Get the Latest live with Bloomberg's John Tucker John Nathan.

0:02:57.560 --> 0:03:01.320
<v Speaker 9>First Republic saw deposits collapse apps. At the same time,

0:03:01.360 --> 0:03:05.000
<v Speaker 9>they avoid a disaster by tapping into emergency lifelines. That

0:03:05.080 --> 0:03:07.040
<v Speaker 9>means they didn't have to take a hit selling their

0:03:07.080 --> 0:03:10.800
<v Speaker 9>portfolio of securities, and there was also this from the CEO,

0:03:10.919 --> 0:03:12.640
<v Speaker 9>Mike Roffler on a conference call.

0:03:12.880 --> 0:03:17.040
<v Speaker 10>We are pursuing strategic options to expedite our progress while

0:03:17.080 --> 0:03:19.120
<v Speaker 10>reinforcing our capital position.

0:03:19.280 --> 0:03:21.560
<v Speaker 9>Well, they've considered a sale of the entire bank, but

0:03:21.600 --> 0:03:24.400
<v Speaker 9>there's sizeable losses on paper which would have to be

0:03:24.480 --> 0:03:27.760
<v Speaker 9>crystallized in most deals have caused some buyers to bulk.

0:03:28.240 --> 0:03:30.920
<v Speaker 9>The bank also will cut a quarter of its workforce,

0:03:31.080 --> 0:03:36.040
<v Speaker 9>lower outstanding loan balances, and slash non essential activities lined

0:03:36.080 --> 0:03:38.160
<v Speaker 9>in New yorkom John Tucker, Bloomberg.

0:03:37.760 --> 0:03:40.480
<v Speaker 1>Debreak Right, John, Thanks well. The earnings will continue to

0:03:40.560 --> 0:03:43.200
<v Speaker 1>roll in today with more than forty companies in the

0:03:43.360 --> 0:03:45.520
<v Speaker 1>S and P five hundred reporting, One of the big

0:03:45.520 --> 0:03:48.440
<v Speaker 1>ones comes after the bell We get a Microsoft preview

0:03:48.680 --> 0:03:50.320
<v Speaker 1>from Bloomberg's Jeff Bellinger.

0:03:50.680 --> 0:03:53.600
<v Speaker 10>All further slow down in sales of personal computers could

0:03:53.640 --> 0:03:57.680
<v Speaker 10>be evident in Microsoft's results and Bloomberg Intelligence, as weak

0:03:57.800 --> 0:04:00.960
<v Speaker 10>infrastructure software demand may have had an impact on the

0:04:01.000 --> 0:04:04.560
<v Speaker 10>company's Azure cloud business as well as on premise sales.

0:04:04.680 --> 0:04:10.120
<v Speaker 10>BI notes the software giant has aggressively marketed artificial intelligence enhancements,

0:04:10.400 --> 0:04:13.400
<v Speaker 10>while new features are not expected to have contributed to

0:04:13.480 --> 0:04:17.159
<v Speaker 10>sizable growth in near term sales. Microsoft is likely to

0:04:17.240 --> 0:04:22.080
<v Speaker 10>indicate increased interest from advertisers in its enhanced search capabilities.

0:04:22.480 --> 0:04:24.880
<v Speaker 10>Jeff Bellinger, Bloomberg day Break.

0:04:24.680 --> 0:04:27.000
<v Speaker 2>Jeff, thanks, We now turn to the decision by Fox

0:04:27.040 --> 0:04:28.880
<v Speaker 2>News to break off ties with one of its most

0:04:28.880 --> 0:04:32.320
<v Speaker 2>popular hosts, Tucker Carlsen. While it remains to be seen

0:04:32.360 --> 0:04:36.719
<v Speaker 2>how that affects viewership, it definitely impacted investors. Fox's stock

0:04:36.880 --> 0:04:39.960
<v Speaker 2>lost more than a half billion dollars in market camp yesterday.

0:04:40.120 --> 0:04:43.320
<v Speaker 2>Keita Ranganathan is a media analyst at Bloomberg Intelligence.

0:04:43.680 --> 0:04:47.520
<v Speaker 7>Fox News is the major is a crown jewelryly of

0:04:47.520 --> 0:04:50.919
<v Speaker 7>the full Fox Empire. It brings in seventy five percent

0:04:51.040 --> 0:04:54.080
<v Speaker 7>of the company to profit. It is the most watched

0:04:54.440 --> 0:04:57.440
<v Speaker 7>cable network in the US, has been now for about

0:04:57.440 --> 0:05:00.360
<v Speaker 7>ten years running. And a huge part of that think

0:05:00.400 --> 0:05:03.560
<v Speaker 7>they owe to their anchors and especially the popularity of

0:05:03.600 --> 0:05:04.280
<v Speaker 7>Tucker Calson.

0:05:04.360 --> 0:05:05.240
<v Speaker 11>So this is this.

0:05:05.240 --> 0:05:07.599
<v Speaker 2>Is huge Bloomberg Ski Toarngga.

0:05:07.640 --> 0:05:08.160
<v Speaker 3>Nathan says.

0:05:08.160 --> 0:05:11.320
<v Speaker 2>Carlson's departure comes just days after Fox agreed to pay

0:05:11.360 --> 0:05:15.560
<v Speaker 2>seven and eighty seven million dollars to settle a defamation lawsuit.

0:05:15.960 --> 0:05:17.640
<v Speaker 1>Well, Nathan, Now let's get to the latest on the

0:05:17.680 --> 0:05:21.240
<v Speaker 1>debt ceiling debate. In Washington, House Speaker Kevin McCarthy is

0:05:21.279 --> 0:05:23.599
<v Speaker 1>moving ahead with his one and a half trillion dollar

0:05:23.680 --> 0:05:27.159
<v Speaker 1>proposal as is, despite demands for changes from some of

0:05:27.160 --> 0:05:29.760
<v Speaker 1>his rank and file. Scott Carr has more from our

0:05:29.760 --> 0:05:32.600
<v Speaker 1>Bloomberg ninety nine to one newsroom in Washington.

0:05:32.320 --> 0:05:34.719
<v Speaker 12>Speaker McCarthy has said he plans to put his debt

0:05:34.720 --> 0:05:36.920
<v Speaker 12>ceiling proposal up for a vote on the House floor

0:05:37.000 --> 0:05:40.400
<v Speaker 12>this week as is, while people familiar toell Bloomberg. It'll

0:05:40.440 --> 0:05:44.360
<v Speaker 12>also be placed under a rule disallowing any amendments. McCarthy's

0:05:44.360 --> 0:05:46.839
<v Speaker 12>proposal would increase the nation's debt ceiling by one and

0:05:46.880 --> 0:05:49.880
<v Speaker 12>a half trillion dollars, holding off a US payment's default

0:05:49.920 --> 0:05:52.520
<v Speaker 12>until March of next year at the latest, and it

0:05:52.560 --> 0:05:54.840
<v Speaker 12>aims to trim four and a half trillion dollars in

0:05:54.920 --> 0:05:59.120
<v Speaker 12>discretionary spending over ten years. McCarthy acknowledges there's still a

0:05:59.200 --> 0:06:02.320
<v Speaker 12>number of republic Can hold outs demanding changes in the bill,

0:06:02.480 --> 0:06:04.400
<v Speaker 12>but he can't afford to lose many as few as

0:06:04.400 --> 0:06:07.440
<v Speaker 12>five Republicans opposing it, Combined with what's expected to be

0:06:07.480 --> 0:06:11.360
<v Speaker 12>a unified democratic opposition would defeat the bill. Scott car

0:06:11.400 --> 0:06:12.479
<v Speaker 12>Bloomberg Daybreak.

0:06:12.880 --> 0:06:15.240
<v Speaker 1>All right, Scott, thank you for having earnings crossing the

0:06:15.240 --> 0:06:18.920
<v Speaker 1>Bloomberg right now looking at UPS first quarter profit meeting

0:06:18.920 --> 0:06:23.080
<v Speaker 1>analysts estimates, and it looks like revenue just missed, and

0:06:23.200 --> 0:06:26.080
<v Speaker 1>it sees the revenue for the fiscal year coming at

0:06:26.120 --> 0:06:29.240
<v Speaker 1>the low end of ninety seven billion dollars to ninety

0:06:29.279 --> 0:06:32.280
<v Speaker 1>nine point four billion, and that would be right around

0:06:32.320 --> 0:06:34.800
<v Speaker 1>what analysts we're looking for. Also hearing from PEPSI will

0:06:34.800 --> 0:06:37.320
<v Speaker 1>have more on those in just a moment, and this

0:06:37.800 --> 0:06:38.560
<v Speaker 1>is Bloomberg.

0:06:42.920 --> 0:06:43.440
<v Speaker 3>Thanks Karen.

0:06:43.480 --> 0:06:45.400
<v Speaker 2>At six oh seven on Wall Street, it's forty six

0:06:45.480 --> 0:06:47.840
<v Speaker 2>degrees in New York. It'll be probably mostly sunny today

0:06:47.839 --> 0:06:50.359
<v Speaker 2>behind your sixty back down to the upper forties tonight

0:06:50.440 --> 0:06:53.440
<v Speaker 2>under mostly clear sky, and Michael barrs here with more

0:06:53.480 --> 0:06:55.359
<v Speaker 2>on what is going on in New York and around

0:06:55.440 --> 0:06:55.799
<v Speaker 2>the world.

0:06:55.839 --> 0:06:56.880
<v Speaker 3>Michael, thank you very much.

0:06:56.960 --> 0:07:00.279
<v Speaker 4>Nathan. It's official. President. Joe Biden formally announced that he

0:07:00.360 --> 0:07:04.120
<v Speaker 4>would seek reelection in twenty twenty four, and the video

0:07:04.200 --> 0:07:07.000
<v Speaker 4>released a few minutes ago, Biden implored voters to let

0:07:07.120 --> 0:07:10.840
<v Speaker 4>him finish this job he began when he took office

0:07:10.840 --> 0:07:13.880
<v Speaker 4>and put aside any worries about his age. He said

0:07:13.920 --> 0:07:16.400
<v Speaker 4>there is still work to do to give Americans a

0:07:16.400 --> 0:07:19.640
<v Speaker 4>fair shot. Biden would be eighty six at the end

0:07:19.800 --> 0:07:22.920
<v Speaker 4>of a second term if he wins. Jerry's selection is

0:07:22.920 --> 0:07:25.560
<v Speaker 4>scheduled to begin today. In the civil trial stemming from

0:07:25.560 --> 0:07:29.400
<v Speaker 4>a lawsuit filed by writer E Jene Carroll against former

0:07:29.520 --> 0:07:33.040
<v Speaker 4>President Donald Trump, Carrol says Trump raped her in a

0:07:33.080 --> 0:07:35.679
<v Speaker 4>New York City department store in the mid nineteen nineties.

0:07:36.080 --> 0:07:40.320
<v Speaker 4>Business and entertainment attorney Trey Levell says jerors may hear

0:07:40.360 --> 0:07:44.240
<v Speaker 4>that infamous Access Hollywood video of Trump, and says the

0:07:44.280 --> 0:07:47.520
<v Speaker 4>allegations from Carroll are not unlike others he's faced.

0:07:47.840 --> 0:07:50.520
<v Speaker 13>There's a fair amount of evidence out there of Trump

0:07:50.680 --> 0:07:52.760
<v Speaker 13>doing this similar thing to other people. We have these

0:07:52.800 --> 0:07:55.720
<v Speaker 13>other two women who say he basically is almost the

0:07:55.760 --> 0:07:59.240
<v Speaker 13>exact same scenario. He approached him, assaulted them, and they

0:07:59.320 --> 0:08:00.680
<v Speaker 13>may fun of them out afterwards.

0:08:01.080 --> 0:08:05.280
<v Speaker 4>Trump has denied her allegations. The US announced Sudan's two

0:08:05.400 --> 0:08:08.360
<v Speaker 4>warring factions had agreed to a three day cease fire.

0:08:08.760 --> 0:08:11.840
<v Speaker 4>The US is watching over convoys helping to ferry out

0:08:11.880 --> 0:08:15.920
<v Speaker 4>American citizens still there. National Security Advisor Jake Salivan.

0:08:16.160 --> 0:08:19.960
<v Speaker 14>For those Americans who are interested in joining a convoy,

0:08:20.360 --> 0:08:23.320
<v Speaker 14>we have been providing information about how they can do that,

0:08:23.480 --> 0:08:26.400
<v Speaker 14>and then, as I mentioned before, we are now providing

0:08:26.880 --> 0:08:29.880
<v Speaker 14>some degree of overwatch to try and ensure that these

0:08:29.880 --> 0:08:31.240
<v Speaker 14>convoys can arrive safely.

0:08:31.400 --> 0:08:36.440
<v Speaker 4>The US already evacuated American embassy diplomats. President Biden and

0:08:36.559 --> 0:08:38.800
<v Speaker 4>Vice President Harris met at the White House with the

0:08:38.800 --> 0:08:42.920
<v Speaker 4>Tennessee State House Democratic lawmakers who faced expulsion votes earlier

0:08:42.920 --> 0:08:46.280
<v Speaker 4>this month organized by the Republican majority. They took over

0:08:46.320 --> 0:08:49.839
<v Speaker 4>the podium on the House floor to chant with protesters

0:08:50.080 --> 0:08:53.880
<v Speaker 4>demanding gun reform. Representative Justin Pearson it is.

0:08:53.840 --> 0:08:56.440
<v Speaker 15>A moral issue. It is about our children. It is

0:08:56.480 --> 0:08:58.760
<v Speaker 15>about our schools and not turning them into war zones.

0:08:58.760 --> 0:09:01.400
<v Speaker 15>But also and it is also about communities that are

0:09:01.400 --> 0:09:04.280
<v Speaker 15>experiencing gun violence every single day, like the communities where

0:09:04.280 --> 0:09:06.240
<v Speaker 15>I am from, and a lot of other communities.

0:09:06.640 --> 0:09:09.480
<v Speaker 4>And anticipated five and a half percent fair hike on

0:09:09.559 --> 0:09:12.520
<v Speaker 4>New York City subways, buses, and commuter rail lines is

0:09:12.559 --> 0:09:16.800
<v Speaker 4>delayed until July or August as the state's overdue budget

0:09:16.920 --> 0:09:20.160
<v Speaker 4>is holding up new changes. Global News twenty four hours

0:09:20.200 --> 0:09:22.680
<v Speaker 4>a day, powered by more than twenty seven hundred journalists

0:09:22.679 --> 0:09:25.920
<v Speaker 4>and analysts in over one hundred and twenty countries. Michae Lamarn,

0:09:26.000 --> 0:09:27.280
<v Speaker 4>this is Bloomberg, Nathan.

0:09:27.360 --> 0:09:33.880
<v Speaker 2>Thanks Michael. Almost six ' ten on Wall Street. Time

0:09:33.880 --> 0:09:36.800
<v Speaker 2>for the Bloomberg Sports Update. Here's John stan Shower, Nathan.

0:09:36.840 --> 0:09:38.760
<v Speaker 5>It was in two thousand and eight that the Green

0:09:38.800 --> 0:09:41.320
<v Speaker 5>Bay Packers made way for a new quarterback. Aaron Rodgers

0:09:41.320 --> 0:09:43.760
<v Speaker 5>took over, so Brett Fare joined the Jets. Now the

0:09:43.800 --> 0:09:46.520
<v Speaker 5>Packers are again turning to a young QB Jordan Love

0:09:46.600 --> 0:09:49.840
<v Speaker 5>and Rogers is a Jet that Trade finally agreed to

0:09:50.000 --> 0:09:52.680
<v Speaker 5>five weeks after Rogers admitted he planned to come to

0:09:52.720 --> 0:09:55.200
<v Speaker 5>New York. He was, of course number twelve in Green Bay.

0:09:55.200 --> 0:09:57.760
<v Speaker 5>That was Joe NAMA's number will remain retired. Rogers as

0:09:57.760 --> 0:10:00.000
<v Speaker 5>a Jet will where number eight that was his number

0:10:00.160 --> 0:10:00.720
<v Speaker 5>in college.

0:10:00.840 --> 0:10:02.320
<v Speaker 10>Devils and Rangers both good.

0:10:02.320 --> 0:10:04.480
<v Speaker 5>Road teams in the regular season, and four games into

0:10:04.520 --> 0:10:06.880
<v Speaker 5>their playoff series, the road teams are four and oh.

0:10:06.920 --> 0:10:09.520
<v Speaker 5>At the Garden, Devils won three to one, the series

0:10:09.559 --> 0:10:11.719
<v Speaker 5>tied to two. Toronto hasn't won a playoff series since

0:10:11.720 --> 0:10:14.840
<v Speaker 5>two thousand and four. Maple Leaves came from three goals

0:10:14.880 --> 0:10:17.080
<v Speaker 5>down in the third period, beat Tampa Bay in overtime,

0:10:17.360 --> 0:10:20.840
<v Speaker 5>leastly the series three to one. Couple of NBA playoff thrillers. First,

0:10:20.960 --> 0:10:24.760
<v Speaker 5>Miami down fourteen in the fourth quarter, rallied to beat Milwaukee.

0:10:24.880 --> 0:10:28.200
<v Speaker 5>Jimmy Butler scored fifty six points. That's tied for the

0:10:28.240 --> 0:10:30.559
<v Speaker 5>fourth most NBA playoff history. The Bucks, who had the

0:10:30.640 --> 0:10:33.199
<v Speaker 5>NBA's best record, now need to win three in a

0:10:33.320 --> 0:10:35.960
<v Speaker 5>row to avoid being the fifth to one seed to

0:10:36.000 --> 0:10:38.599
<v Speaker 5>lose to an eighth seed. The Lakers, seeded seventh in

0:10:38.640 --> 0:10:41.679
<v Speaker 5>the West, beat Memphis in overtime. Lebron James twenty two

0:10:41.720 --> 0:10:43.959
<v Speaker 5>points twenty rebounds in The Lakers have a.

0:10:43.920 --> 0:10:45.560
<v Speaker 3>Three to one series lead.

0:10:45.679 --> 0:10:48.520
<v Speaker 5>Yankee bats again quiet on a chilly night in Minnesota.

0:10:48.559 --> 0:10:50.960
<v Speaker 5>They lost six to one. They've scored only six runs

0:10:51.280 --> 0:10:53.679
<v Speaker 5>in their last four games. They've also lost six straight

0:10:53.760 --> 0:10:57.800
<v Speaker 5>series openers. Tampa Bay beat Houston the Razor twenty and three.

0:10:57.840 --> 0:11:01.280
<v Speaker 5>They're fourteen and oh at home. I went Baltimore both ones,

0:11:01.320 --> 0:11:03.600
<v Speaker 5>so the Yankees are in fourth place. The Master back

0:11:03.640 --> 0:11:05.880
<v Speaker 5>home tonight to play Washington Johns Dash Award.

0:11:05.920 --> 0:11:07.600
<v Speaker 3>Bloomberg Sports.

0:11:09.320 --> 0:11:12.720
<v Speaker 16>Live from coast to coast, from New York to San Francisco,

0:11:12.920 --> 0:11:17.760
<v Speaker 16>Boston to Washington, DC, nationwide on Siriusxam of Bloomberg Business

0:11:17.760 --> 0:11:19.440
<v Speaker 16>Appen Bloomberg dot com.

0:11:19.559 --> 0:11:24.360
<v Speaker 2>This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Let's

0:11:24.360 --> 0:11:27.560
<v Speaker 2>get back to the breaking news. Moments ago, President Biden

0:11:27.640 --> 0:11:30.600
<v Speaker 2>did make it official he is running for reelection in

0:11:30.640 --> 0:11:33.520
<v Speaker 2>twenty twenty four. The President made the announcement in this

0:11:33.679 --> 0:11:36.080
<v Speaker 2>video that went online just minutes ago.

0:11:36.520 --> 0:11:37.559
<v Speaker 13>Let's finish this job.

0:11:37.679 --> 0:11:40.559
<v Speaker 6>I know we can't because this is the United States

0:11:40.600 --> 0:11:44.280
<v Speaker 6>are There's nothing, simply nothing we cannot do every day.

0:11:44.160 --> 0:11:48.520
<v Speaker 2>Together, President Biden's video announcement making it official he is

0:11:48.600 --> 0:11:52.240
<v Speaker 2>running in twenty twenty four. Let's bringing Terry Haynes, founder

0:11:52.240 --> 0:11:56.840
<v Speaker 2>of Pangaea Policy, as we parse the message and look

0:11:56.880 --> 0:11:58.120
<v Speaker 2>ahead to this race.

0:11:58.400 --> 0:11:59.360
<v Speaker 3>Terry, good morning.

0:12:00.040 --> 0:12:02.480
<v Speaker 2>What do you make of this sort of soft launch

0:12:02.800 --> 0:12:04.559
<v Speaker 2>for this re election campaign?

0:12:05.600 --> 0:12:08.760
<v Speaker 17>Good morning, Nathan. Pretty soon it'll be like it was

0:12:08.760 --> 0:12:11.120
<v Speaker 17>in the nineteenth century, where you never even have to

0:12:11.200 --> 0:12:13.959
<v Speaker 17>leave your your front porch in order to run for president.

0:12:15.160 --> 0:12:20.920
<v Speaker 17>So here we are again. A couple of points. Firstly,

0:12:21.000 --> 0:12:24.720
<v Speaker 17>kind of on the on the polls and enthusiasm levels,

0:12:24.960 --> 0:12:28.680
<v Speaker 17>there's little to no enthusiasm for Biden within even within

0:12:28.720 --> 0:12:32.000
<v Speaker 17>his own party, there's a very short bench, no real challengers.

0:12:32.000 --> 0:12:34.880
<v Speaker 17>They've made up their minds to to to back him

0:12:34.920 --> 0:12:39.520
<v Speaker 17>for one more time. Even without that, you've got a

0:12:39.559 --> 0:12:43.960
<v Speaker 17>situation where there's not a lot of enthusiasm for Biden nationally.

0:12:44.160 --> 0:12:47.760
<v Speaker 17>You know, I think it's underappreciated that polls or polls,

0:12:47.800 --> 0:12:49.679
<v Speaker 17>and I don't put too much weight on them. But

0:12:50.520 --> 0:12:55.280
<v Speaker 17>in six presidential national polls last Friday, four with Biden

0:12:55.320 --> 0:12:57.880
<v Speaker 17>as the Democrat, too with Harris as the Democrat, only

0:12:57.960 --> 0:13:01.440
<v Speaker 17>one of those did the Democrat wins the Wall Street

0:13:01.480 --> 0:13:04.600
<v Speaker 17>Journal poll. All of them are very tight, but only

0:13:04.720 --> 0:13:10.240
<v Speaker 17>one one. And you're gonna you're going to see a

0:13:10.280 --> 0:13:14.040
<v Speaker 17>situation where, uh, you know, they're betting the farm essentially

0:13:14.080 --> 0:13:15.880
<v Speaker 17>that they're going to run against Trump again and win.

0:13:16.280 --> 0:13:18.840
<v Speaker 17>I'm not at all sure that's true, because you've got

0:13:18.880 --> 0:13:21.600
<v Speaker 17>a situation where six out of ten Republicans don't want Trump.

0:13:21.679 --> 0:13:22.920
<v Speaker 17>So I'll start there.

0:13:23.320 --> 0:13:25.800
<v Speaker 2>Let's go to your first point, Terry, how does the

0:13:25.840 --> 0:13:28.680
<v Speaker 2>president close that enthusiasm gap?

0:13:29.840 --> 0:13:33.000
<v Speaker 17>Well, there's a lot of uh, there's a lot of

0:13:33.080 --> 0:13:36.360
<v Speaker 17>issues in which they're hoping, you know, social and otherwise,

0:13:36.480 --> 0:13:40.320
<v Speaker 17>to to pick away at independence and keep them on side.

0:13:40.840 --> 0:13:45.120
<v Speaker 17>And I'm going to preface by saying quickly that independents

0:13:45.120 --> 0:13:47.480
<v Speaker 17>aren't who you think they are. There's a lot of

0:13:47.480 --> 0:13:49.920
<v Speaker 17>talk that independents are forty percent of the electorate and

0:13:50.000 --> 0:13:52.640
<v Speaker 17>you know they're they're this big blob that we need

0:13:52.679 --> 0:13:56.559
<v Speaker 17>to all, you know, go after somehow, when in reality,

0:13:56.720 --> 0:13:59.840
<v Speaker 17>the vast majority of independence that used to be with

0:13:59.880 --> 0:14:03.600
<v Speaker 17>a party, Democrat or Republicans tend to still lean in

0:14:03.640 --> 0:14:05.880
<v Speaker 17>those directions. So what they're trying to do with social

0:14:05.920 --> 0:14:11.720
<v Speaker 17>issues like abortion, geopolitical issues like China and Ukraine is

0:14:11.760 --> 0:14:14.760
<v Speaker 17>trying to appeal to people that used to be Democrats

0:14:14.840 --> 0:14:18.160
<v Speaker 17>essentially to keep them on side and provide the winning margin.

0:14:18.200 --> 0:14:20.160
<v Speaker 17>And I think that's a lot of what's going on here.

0:14:20.920 --> 0:14:24.480
<v Speaker 2>So your second point about the president potentially betting the

0:14:24.560 --> 0:14:29.120
<v Speaker 2>farm on a Trump Biden rematch, why do you think

0:14:29.160 --> 0:14:32.120
<v Speaker 2>that's not a possibility at this point, given that the

0:14:32.520 --> 0:14:38.640
<v Speaker 2>former president still has so much enthusiasm, especially around his base,

0:14:38.840 --> 0:14:41.760
<v Speaker 2>and at least at this point, it seems as though

0:14:41.960 --> 0:14:46.480
<v Speaker 2>any potential GOP primary challengers are having difficulty breaking past that.

0:14:47.440 --> 0:14:47.640
<v Speaker 6>Well.

0:14:47.680 --> 0:14:51.240
<v Speaker 17>I see, I see the race on the Republican side

0:14:51.240 --> 0:14:53.640
<v Speaker 17>as a little non consensus right now. If you look

0:14:53.640 --> 0:14:57.120
<v Speaker 17>at the polls generally, what you see is whether they

0:14:57.160 --> 0:15:01.000
<v Speaker 17>be national polls or whether they even be polls in

0:15:01.080 --> 0:15:03.760
<v Speaker 17>early primary states, what you see is about four out

0:15:03.800 --> 0:15:06.360
<v Speaker 17>of ten want Trump. What that tells you is about

0:15:06.400 --> 0:15:09.440
<v Speaker 17>six out of ten don't. Unlike twenty sixteen, what you

0:15:09.520 --> 0:15:14.480
<v Speaker 17>have is a situation where there's already coalescing around around

0:15:14.520 --> 0:15:18.360
<v Speaker 17>one alternative DESANDUS. But there's a lot of people in

0:15:18.400 --> 0:15:20.240
<v Speaker 17>the race, so you know, there's a lot of folks

0:15:20.280 --> 0:15:24.200
<v Speaker 17>that the still are in the single digits. That's a

0:15:24.200 --> 0:15:29.320
<v Speaker 17>different scenario to twenty sixteen. And what I'm anticipating is

0:15:29.360 --> 0:15:33.160
<v Speaker 17>that there's still this hard nugget of support for Trump, certainly,

0:15:34.000 --> 0:15:42.040
<v Speaker 17>but that the main challenger probably ends up coalescing others

0:15:42.680 --> 0:15:44.280
<v Speaker 17>coalescing the Trump opposition.

0:15:44.320 --> 0:15:47.160
<v Speaker 2>If you will, only about thirty seconds left here, Terry.

0:15:47.240 --> 0:15:49.760
<v Speaker 2>The age factor is going to be a factor for

0:15:49.800 --> 0:15:52.000
<v Speaker 2>President Biden in this reelection campaign.

0:15:52.280 --> 0:15:55.440
<v Speaker 3>How does he get past that?

0:15:55.440 --> 0:15:57.560
<v Speaker 17>That's a difficult question for them because part of their

0:15:57.560 --> 0:15:59.960
<v Speaker 17>strategy is to ration him out as much as possible.

0:16:00.720 --> 0:16:04.560
<v Speaker 17>They'll show him as energetic and selected public appearances and

0:16:04.600 --> 0:16:07.840
<v Speaker 17>that's about it. But I think his problem goes beyond age.

0:16:08.040 --> 0:16:11.960
<v Speaker 17>There's not a lot of domestic not a lot of

0:16:11.960 --> 0:16:16.600
<v Speaker 17>domestic achievement, and in the international situation is very unsettled,

0:16:17.040 --> 0:16:19.280
<v Speaker 17>and so he doesn't have a lot of domestic or

0:16:19.360 --> 0:16:22.320
<v Speaker 17>international achievement too. Point two.

0:16:23.160 --> 0:16:26.080
<v Speaker 11>This is Bloomberg day Break Today, your morning brief on

0:16:26.120 --> 0:16:29.760
<v Speaker 11>the stories making news from Wall Street to Washington and beyond.

0:16:29.960 --> 0:16:32.720
<v Speaker 1>Look for us on your podcast feed at six am

0:16:32.800 --> 0:16:36.440
<v Speaker 1>Eastern each morning, on Apple, Spotify, and anywhere else you

0:16:36.520 --> 0:16:37.680
<v Speaker 1>get your podcasts.

0:16:37.800 --> 0:16:40.520
<v Speaker 3>You can also listen live each morning starting at five

0:16:40.560 --> 0:16:43.200
<v Speaker 3>am Wall Street time on Bloomberg eleven three to zero

0:16:43.200 --> 0:16:46.000
<v Speaker 3>in New York, Bloomberg ninety nine to one in Washington,

0:16:46.160 --> 0:16:49.360
<v Speaker 3>Bloomberg one six to one in Boston, and Bloomberg ninety

0:16:49.400 --> 0:16:50.800
<v Speaker 3>sixty in San Francisco.

0:16:51.160 --> 0:16:54.320
<v Speaker 1>Our flagship New York station is also available on your

0:16:54.360 --> 0:16:59.440
<v Speaker 1>Amazon Alexa devices. Just say Alexa, play Bloomberg eleven thirty.

0:17:00.080 --> 0:17:02.800
<v Speaker 11>And coast to coast on the Bloomberg Business app, serious

0:17:03.000 --> 0:17:06.920
<v Speaker 11>XM Channel one nineteen, the iHeartRadio app, and on Bloomberg

0:17:07.040 --> 0:17:07.639
<v Speaker 11>dot Com.

0:17:07.640 --> 0:17:09.960
<v Speaker 3>I'm Nathan Hager and I'm Karen Moscow.

0:17:10.080 --> 0:17:12.840
<v Speaker 1>Join us again tomorrow morning for all the news you

0:17:12.960 --> 0:17:16.160
<v Speaker 1>need to start your day right here on Bloomberg Daybreak