Speaker 1: By from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for a Friday, August twelve two. Coming up
Speaker 1: this hour, Nuclear documents were reportedly at the center of
Speaker 1: the FBI search of Donald Trump's Florida home. Now, the
Speaker 1: former president calls for the release of the warrant used
Speaker 1: in a search. Joe Biden is said to be preparing
Speaker 1: to launch a re election there, And we speak to
Speaker 1: San Francisco Fat President married Daily on the Central Banks.
Speaker 1: Next move, calls resumed to get rid of horse drawn
Speaker 1: carriages in New York City. Plus investigators are looking into
Speaker 1: a man who tried to breach in Ohio FBI office.
Speaker 1: I'm Michael Barr. More ahead, I'm John Stas shown sports
Speaker 1: The Giants one, the preseason opener at New England, The Jets,
Speaker 1: Matt and NIKEE. He's all played tonight. That's all trended
Speaker 1: ahead on Bloomberg Daybreak on Bloomberg Elebern Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius XM one nineteen and
Speaker 1: around the world on Bloomberg Radio. Dot Com and via
Speaker 1: the Bloomberg Business app. Good morning, I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow. Futures are higher this morning. We are
Speaker 1: coming up to six o one on Wall Street. I'm
Speaker 1: gonna check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg. Guess and P futures have twenty three points
Speaker 1: down futures have one hundred sixty three and nasday futures
Speaker 1: have eighty one and the ten year treasury up to
Speaker 1: thirty seconds yield two point eight seven percent. They yield
Speaker 1: on the two year three point two zero percent. Nathan
Speaker 1: Karen will have more on markets in a minute, but
Speaker 1: first we're learning more about what the FBI was looking
Speaker 1: for when it executed a search warrant at the Florida
Speaker 1: home of former President Donald Trump. Amy Morris has details
Speaker 1: from our Bloomberg newsroom in Washington. Reportedly, among the items
Speaker 1: classified documents related to nuclear weapons. The Washington Post reports
Speaker 1: it isn't clear if the information involved weapons belonging to
Speaker 1: the United States or some other nation, and we don't
Speaker 1: know yet if those documents were recovered in the search.
Speaker 1: Attorney to Roll Merritt Garland announced the Department of Justice
Speaker 1: has filed a motion to unseal the search warrant and
Speaker 1: that more information is coming. The Department filed the motion
Speaker 1: to make public the warrant and receipt in light of
Speaker 1: the former president's public confirmation of the search, the surrounding circumstances,
Speaker 1: and the substantial public interest in this matter, and the
Speaker 1: judge immediately ordered d o J to consult with Trump's
Speaker 1: legal team and notify the court within twenty four hours
Speaker 1: about whether they would oppose the request laid last night,
Speaker 1: former President Trump said on social media he agreed that
Speaker 1: the search warrant and the list of items taken should
Speaker 1: be made public in Washington. I'm Amy Moore as Bloomberg Daybreak.
Speaker 1: All right, Amy, thank you over getting more reaction to
Speaker 1: Attorney General Garland's request to unseal the warrant, and Cardosos
Speaker 1: School of Law professor Jessica Roth says former President Trump
Speaker 1: could release the documents himself. The former president has confirmed
Speaker 1: publicly that a search was executed on his property, ums,
Speaker 1: essentially eliminating one of the primary reasons why search war
Speaker 1: and remain under skill at destructure, which is to protect
Speaker 1: the privacy of those who were searched Herdoza Law professor
Speaker 1: Jessica Roth is a former federal prosecutor in the Southern
Speaker 1: District of New York. She was a guest on Bloomberg
Speaker 1: Sound on her weekdays at five pm Eastern on Bloomberg Radio. Well,
Speaker 1: another major political story we're watching this morning, Karen. Bloomberg
Speaker 1: News has learned that President Biden is preparing to launch
Speaker 1: his re election campaign in the months after November's midterm elections.
Speaker 1: Those close to the president describe him as upbeat about
Speaker 1: recent legislative, economic, and foreign policy victories. The poles show
Speaker 1: most Democrats would rather have a candidate other than Biden. Well, Nathan,
Speaker 1: We also have new developments this morning on the battle
Speaker 1: against the pandemic. The CDC is loosening guidance for people
Speaker 1: exposed to COVID nineteen now. Bloomberg's Bacheter has the story,
Speaker 1: this is the latest loosening of CDC policies that says
Speaker 1: there is no longer a recommendation to quarantine after exposure
Speaker 1: and says it more closely aligns with what people are
Speaker 1: doing anyway. It says will benefit school classrooms and the
Speaker 1: children themselves. It does say those people should wear masks
Speaker 1: indoors while monitoring for symptoms, and it also says people
Speaker 1: with COVID symptoms should end isolation on the sixth day
Speaker 1: or later. In San Francisco, I'm at Baxter Bloomberg Gay
Speaker 1: break all right, and thank you. Turning back to markets now,
Speaker 1: futures are higher as we close out a trading week
Speaker 1: that's been highlighted by inflation data. Stocks have rallied since
Speaker 1: their mid June low, and the SMP five hundred is
Speaker 1: now trading near a three month high. JP Morgan Chief
Speaker 1: Global strategist David Kelly says stocks could rebound two records
Speaker 1: in the next few years. Look at what the record
Speaker 1: high would be. Look at the percentage game you're talking
Speaker 1: about here. So if you need to go up, if
Speaker 1: it takes you a year to do that, that's a
Speaker 1: great game. If it takes you two years to do
Speaker 1: that with dividends, that's still a great If it takes
Speaker 1: you three years, you're still making good money. So only
Speaker 1: in order to be a bull on stocks, only have
Speaker 1: to believe is that you'll get there within say the
Speaker 1: next three years. JP Morgan's David Kelly says he would
Speaker 1: be fully invested in equities right now. Well, despite the
Speaker 1: cooler inflation ratings we've seen this week, Nathan, a discussion
Speaker 1: continues and how aggressive the FED will be. In San Francisco,
Speaker 1: FED President Mary Daley says she's flexible when it comes
Speaker 1: to future policy. I have a baseline case going into
Speaker 1: September that is fifty basis points. That's where I've been
Speaker 1: since the last meeting. But I have an open mind
Speaker 1: about whether seventy is going to be necessary, and a
Speaker 1: lot of that will depend on the labor market, inflation
Speaker 1: and whether we start to we see those things slow
Speaker 1: enough to say, Wow, we've got the momentum need. San
Speaker 1: Francisco FED President Mary Daily may the comments in an
Speaker 1: interview with Bloomberg's Cantling Heyes, sketch more of that conversation
Speaker 1: coming up shortly on Bloombergy daybreak. Well. In corporate news
Speaker 1: this morning, Karen, we have Apple in focus. We're told
Speaker 1: the company expects to sustain iPhone sales this year even
Speaker 1: as the market slows. More from Bloomberg's Charlie Pellett, Apple
Speaker 1: is asking suppliers to build at least as many of
Speaker 1: its next generation iPhones this year's in one counting on
Speaker 1: an affluent clientele and dwindling competition to whether global electronics downturn.
Speaker 1: Sources tell Bloomberg but tech Giant is telling its assemblers
Speaker 1: to make ninety million of its newest devices on par
Speaker 1: with last year, despite deteriorating projections for the smartphone market.
Speaker 1: In New York, Charlie Pellett Bloomberg Daybreak, A right, Arnie,
Speaker 1: thank you All shares of Alumina or on the move
Speaker 1: this morning. The DNA sequencing giants stock is plunging down
Speaker 1: fifteen percent in the pre market, as Bloomberg's Doug Kriisner reports,
Speaker 1: the company cut its full year earnings forecast. Illumina blamed
Speaker 1: the reduction on potential penalties in Europe over its acquisition
Speaker 1: of cancer test provider Grail. The last month of two
Speaker 1: companies were warned of hefty fines after EU regulators said
Speaker 1: the merger was implemented before regulators reviewed the deal. Illumina
Speaker 1: now says adjusted earnings will be in the range of
Speaker 1: two dollars seventy five cents to two nineties share. It's
Speaker 1: earlier forecast was between four dollars and four twenty In
Speaker 1: New York, I'm Doug Krisner Bloomberg Daybreak. Okay, Doug, thank you.
Speaker 1: Bloomberg Daybreak is brought to you by b n y
Speaker 1: Melon's Pershing Learned why the world's most sophisticated wealth management
Speaker 1: and institutional firms rely on Pershing to help them improve profitability,
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Speaker 1: future is moving higher and straight ahead. We have your
Speaker 1: latest local headlines, plus a check of sports. This is Bloomberg.
Speaker 1: Sounds like so seven on Wall Street where it's seventy
Speaker 1: two degrees in Central Park. Gotta crash southbound seventeen year
Speaker 1: Williams Street. We'll get to the details in traffic shortly. First,
Speaker 1: Michael Barker's here with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. Authorities are investigating whether in our men who
Speaker 1: try to breach the FBI Cincinnati office had ties to
Speaker 1: far right groups. He fled and was shot died hours
Speaker 1: later in a rural standoff with law enforcement. Ohio State
Speaker 1: Highway Patrol spokesman Lieutenant Nathan Dennis. Throughout the day today,
Speaker 1: UM law enforcement officers accepted to negotiate with the suspect
Speaker 1: State Highway Patrol Lieutenant Nathan Dennis. The FBI is warning
Speaker 1: its agents to take extra precautions amid an increase in
Speaker 1: social media threats following Monday's search at former President Trump's home.
Speaker 1: The suspect is identified as forty two year old Ricky Schiffer.
Speaker 1: Activists rallied at City Hall to demand New York City
Speaker 1: banned the use of horse drawn carriages. After a horse
Speaker 1: collapsed in Hell's Kitchen Wednesday evening, the NYPD used water
Speaker 1: hoses to try to cool down the horse. Demonstrators support
Speaker 1: a bill the New York City Council is currently considering
Speaker 1: to replace the horses with electric carriages. About two hundred
Speaker 1: potential jurors for the trial of a man charged with
Speaker 1: killing eight people on a New York City bike path
Speaker 1: in a terror attack filled out questionnaires. Eventually twelve jurors
Speaker 1: and six alternates will be chosen for the October eleventh
Speaker 1: trial of say full of Sipov and Manhattan's Federal Court.
Speaker 1: Saipov was charged in the seventeen attack after prosecutors say
Speaker 1: he used a truck that hit numerous pedestrians along the
Speaker 1: West Side Highway. UK officials say children under nine years
Speaker 1: of age could be eligible for a booster dose to
Speaker 1: fight polio soon. It comes as officials in Rockland County,
Speaker 1: New York, are investigating the country's first polio case identified
Speaker 1: in decades, leading to some concerns that polio could be
Speaker 1: coming back in the US. Dr Amy Arrington, who specializes
Speaker 1: in global biological preparedness in Texas, says that all the
Speaker 1: best protection against polio remains childhood vaccination. Americans can take
Speaker 1: other precautions to lower their risk as well. The key
Speaker 1: to that is really, you know, good hand hygiene, being alert,
Speaker 1: and surveillance, surveillance like we've done and like they've done
Speaker 1: in New York to catch this case, but primarily keeping
Speaker 1: up with your your polio boosters and your your vaccine
Speaker 1: schedule as a child. Dr Arrington spoke to ABC Global
Speaker 1: News twenty four hours a day on airrand on Bloomberg
Speaker 1: Quick Take powered by more than twenty seven hundred journal
Speaker 1: to analysts more than a hundred twenty countries. Michael bar
Speaker 1: this is Bloomberg Naked. Thanks Michael. Almost six ten on
Speaker 1: Wall Street Time for the Bloomberg Sports Update with John
Speaker 1: Stats show, all right, Nathan putballs back Giants and Patriots
Speaker 1: in New England. The game had six league changes and
Speaker 1: the Giants on a Graham Gino field role of third
Speaker 1: of the night one. Daniel Jones played the first quarter
Speaker 1: six to ten sixty nine yards, then replaced by Tyrod Taylor,
Speaker 1: and one thing is certain, the Giants are much improved
Speaker 1: at backup quarterback. Giants fans, unfortunately remember the team struggles
Speaker 1: after Jones's injury last year. Taylor has started over fifty
Speaker 1: NFL games. He was thirteen and twenty one with the touchdown.
Speaker 1: Giants had four hundred and eighteen yards of offense hundred
Speaker 1: seventy seven on the ground. Their news coach Brian day
Speaker 1: Ball was asked how it went on the sidelines. The
Speaker 1: coaches did a good job in their respected I think
Speaker 1: Wake had his staff really organized. Calf that did a
Speaker 1: really good job. I think he communicated well throughout the game. Again,
Speaker 1: we're not making a ton of adjustments here, and um,
Speaker 1: you know I was. I was pleased with that. Again,
Speaker 1: please of the substitutions. I mean, it's our first step
Speaker 1: and I'm pleased with the way they competed. The Jets
Speaker 1: played tonight in Philadelphia. Jets just out of the veteran
Speaker 1: tackle Dwyane Brown is a five time pro bowler about
Speaker 1: to turn thirty seven. Jets just lost tackle McKay beck
Speaker 1: into a season nd knee and jury. Baseball Dyersville, Iowa.
Speaker 1: Great setting for the fields of dreams game. Cubs beat
Speaker 1: the Red Sported two the Yankees and Red Sox tonight
Speaker 1: in Boston, where the Socks won last night. But they're
Speaker 1: just thirteen and twenty seven in their last forty games,
Speaker 1: and the slumping Yankees are ten and eighteen and their
Speaker 1: last twenty eight. And with Houston's win yesterday, the Yankees
Speaker 1: no longer have the best record in American League. They
Speaker 1: also don't have the best record in New York. That
Speaker 1: belongs to the Red Hot met two Tonight hosts the Phillies.
Speaker 1: Next Jows run them out the NBA and asked the
Speaker 1: entire league will retire the number six one by the
Speaker 1: late Bill Russell. John stash Award Bloomberg's court, Nacol all right, John,
Speaker 1: thanks SMP futures up eighteen points, Stown futures up on
Speaker 1: under twenty seven, and Nezdeck futures are highed by sixty
Speaker 1: two points. The tenure treasury is up three thirty seconds,
Speaker 1: the yield two point eight seven. This is Bloomberg Bloomberg
Speaker 1: eleven three oh weather expecting sunshine low eighties today, sunshine
Speaker 1: low eighties tomorrow, sunshine low eighties Sunday right now seventy
Speaker 1: two and Central Park Markets headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business Out and at Bloomberg Quick Takes a Bloomberg Business
Speaker 1: Flash and I'm Karen Moscow and stalks in US stock
Speaker 1: index futures on the rise this morning. Investors are assessing
Speaker 1: with their signs of cooling inflation will enable to fed
Speaker 1: to pivot a less aggressive interest rate increases. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg Guess and p Future is up seventeen points this morning,
Speaker 1: Down futures up one eleven and NASDAG futures up sixty.
Speaker 1: The decks in Germany a four tenths of a percent
Speaker 1: ten year treasury up four thirty seconds, held two point
Speaker 1: eight seven percent. They yield on the two year three
Speaker 1: point two zero percent. Night Max screwed oil is that
Speaker 1: will change at nine twenty nine cents of barrel comic
Speaker 1: School down three tenths per center, five dollars sixty cents
Speaker 1: at eighteen o one sixty announced, the euro one point
Speaker 1: two nine zero against the dollar British found one point
Speaker 1: one three one and the yen one thirty three point
Speaker 1: six one and bitcoins at nine hundred dollars down one
Speaker 1: point three percent. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. After the FBI conducted
Speaker 1: a search for classified documents and former President Trump's Florida home,
Speaker 1: the Justice Department is now asking a federal court to
Speaker 1: unseal the Mara Logo search warrant and a list of
Speaker 1: what was seized. Late last nine, the former president issued
Speaker 1: a statement of green to the release. Meanwhile, according to
Speaker 1: the Washington Post, Hit said FBI agents were searching for
Speaker 1: classified documents related to nuclear web papens. A spokesperson for
Speaker 1: an Ash says the actor is on life support after
Speaker 1: suffering a brain injury and a fiery crash a week
Speaker 1: ago in Los Angeles and is not expected to survive.
Speaker 1: In baseball, the Red Sox beat the Orioles for three
Speaker 1: Thursday Night preseason football. The Giants beat the Patriots one.
Speaker 1: The Ravens beat the Titans. Global News twenty four hours
Speaker 1: a day on here and on Bloomberg Quick Take, powered
Speaker 1: by more than twenty seven hundred journalists and analysts in
Speaker 1: more than one hundred twenty countries. Michael Barr and this
Speaker 1: is Bloomberg Nincan. Thanks Michael. Six nineteen on Wall Street
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.
Speaker 1: I'm Nathan Hagar. We want to focus on the FED now.
Speaker 1: In a conversation with San Francisco FED president Mary Daily,
Speaker 1: in an interview with Bloomberg's Kathleen Hayes, sherry On and
Speaker 1: Heidi Stroud, Watts, Daily put attention on the real world
Speaker 1: pain being inflicted by inflation, including those getting hurt the
Speaker 1: most by rising prices, and how it could affect businesses
Speaker 1: in the long term. Let's listen to that part of
Speaker 1: the conversation now. In terms of inequality inflation, everyone feels
Speaker 1: the pain, but people with high incomes feel it a
Speaker 1: lot less than people with less money to spend. That's
Speaker 1: just the way it is. They lower income people feel
Speaker 1: it more. Have you yourself in your life, ever experienced this,
Speaker 1: this pain of the inequality of inflation. Well, sure, and
Speaker 1: you know, anyone who grew up in the in the
Speaker 1: United States and the seventies and early eighties, we know
Speaker 1: what high inflation felt like. And you could experience it
Speaker 1: in various ways depending on what your income was. And
Speaker 1: for me, I remember it very um uniquely I think
Speaker 1: in my own upbringing is that that was the time
Speaker 1: when we had to make real trade offs about putting
Speaker 1: things back not getting them. And what I take from
Speaker 1: that is I see it today and that's the part
Speaker 1: that's really painful. Go to the store. You can walk
Speaker 1: out into any store, any part of your community, and
Speaker 1: you can watch people and you'll see them as they
Speaker 1: approached the aisle, putting things back as they approached the
Speaker 1: checkout because they don't want to face the pain and
Speaker 1: embarrassment of having the checker say, you know, that's not enough,
Speaker 1: or having their their time. You know, they put it
Speaker 1: back there. So what that is is it's an indignity.
Speaker 1: And I think of this as the indignity of inflation.
Speaker 1: It is the place where you're working, you're earning a living,
Speaker 1: you're getting even wage increases and your wage increase, even
Speaker 1: if it feels good, isn't keeping up. So every day
Speaker 1: you're falling behind. You're on this treadmill. And that indignity
Speaker 1: of inflation is what's really cruel about inflation. It hurts
Speaker 1: people who have less, it hurts them more, and it
Speaker 1: has that sense that you're trying as hard as you
Speaker 1: can and you still can't make it. So real basically,
Speaker 1: question equation in terms of the inequality of inflation. Break
Speaker 1: it down a bit for us, Uh, it seems pretty
Speaker 1: obvious that yeah, if you have less money, it's going
Speaker 1: to hurt you more. But in terms of more specifically,
Speaker 1: like what parts of the economy. Who sure? So here's
Speaker 1: an easy way that I like to describe it, and
Speaker 1: it really is true. So think of necessities food, you know,
Speaker 1: gasoline and shelter, so housing, energy, ship, and food. Those
Speaker 1: are the things where prices have been skyrocketing. And if
Speaker 1: you're in the lower part of the income distribution, you
Speaker 1: spend most of your disposable income your paycheck on those
Speaker 1: three items. So your trade offs which are taking place.
Speaker 1: If you're in you know, urban areas and you have
Speaker 1: less low and moderate income communities, you're making tradeoffs that
Speaker 1: are between rent and gas for the car to go
Speaker 1: to work, food and school clothes for your kids when
Speaker 1: they return to school, you know that they are you
Speaker 1: going to get a backpack and lunch box? Are you
Speaker 1: only going to get a backpack? Are you gonna get nothing?
Speaker 1: And those are tradeoffs that you know, really hurt groups.
Speaker 1: And one is remarkable now because you think of the
Speaker 1: average wages growing around you know, five percent, and then
Speaker 1: inflation is growing at eight point by percent. Is we're
Speaker 1: not talking about, you know, just a limited number of
Speaker 1: people in the United States who are having this indignity
Speaker 1: of trade off an inflation. We're talking very far up
Speaker 1: the income distribution. We're talking about Middle America, people who
Speaker 1: are earning a good living, thinking they've made it, and
Speaker 1: they're being chipped away at. So this in dignity spreads
Speaker 1: much wider than I think we really understand, and that's
Speaker 1: the importance of talking about it. That also goes to
Speaker 1: future wealth creation, right, the impossibility of creating wealth and
Speaker 1: an environment. Where As you say these cost related to
Speaker 1: housing all going up, how worried are you about the
Speaker 1: other puzzle piece? Right that if the demand constraint continues
Speaker 1: to play out, companies are going to start laying off.
Speaker 1: We know that it is the lowest skilled, lower paid
Speaker 1: workers that are impacted first. Well, right now, I'm not
Speaker 1: seeing that. Certainly, we do want to focus on how
Speaker 1: this is impacting the labor market, and they spend a
Speaker 1: lot of time looking at that, but I'm not seeing
Speaker 1: that and I'm not hearing that. What I'm hearing is
Speaker 1: that workers have jobs of plentiful right they can go
Speaker 1: out and find jobs, and even when a worker gets
Speaker 1: laid off, they find quickly another job. What they really
Speaker 1: feel is that inflations breaking the back of their well
Speaker 1: being even when they have work. So you know, firms
Speaker 1: want to catch up. They have the dearth of workers.
Speaker 1: They're still trying to fill slots that they've had open
Speaker 1: for months. So I think this rebalancing still leaves the
Speaker 1: economy with jobs. It just brings inflation down and it
Speaker 1: creates a more sustainable economy where people don't have to
Speaker 1: frantically figure out what are they gonna do next month.
Speaker 1: I think just settling the economy down, bringing inflation down,
Speaker 1: restoring some sustainability to growth really helps everyone. And that
Speaker 1: was San Francisco Fed President Mary Daily speaking with Bloomberg's
Speaker 1: Kathleen Hayes, sherry On and Heidi Stroud wats. You can
Speaker 1: catch the full interview on the Bloomberg terminal or at
Speaker 1: Bloomberg dot com. Looking ahead to the market, open futures
Speaker 1: are moving higher on this Friday morning. SMP futures are
Speaker 1: up fifteen points. STAYLE future is a gain of one
Speaker 1: six points, NASAC futures are higher by sixty one points,
Speaker 1: and the tenure treasury is up four thirty seconds. The
Speaker 1: yield two point eight seven per cent. You're listening to
Speaker 1: Bloomberg Daybreak Blover eleven three oh weather. Early clouds give
Speaker 1: way to sunshine today and highs in the low eighties
Speaker 1: will get down to the upper sixties tonight, and the
Speaker 1: weekend calls for sun and low eighties. Right now seventy
Speaker 1: two degrees in Central Park. Broadcasting live from the Bloomberg
Speaker 1: Interactive Broker Studio in New York. Bloomberg E Living freon
Speaker 1: to Washington, d C, Bloomberg on to Boston, Bloomberg one
Speaker 1: O six one to San Francisco, Bloomberg M sixty to
Speaker 1: the country, Sirius XM to the one nine team, and
Speaker 1: around the globe. The Bloomberg Business and Bloomberg Radio dot com.
Speaker 1: This is Bloomberg Daybreak six thirty on Wall Street. Good morning,
Speaker 1: I'm Nathan Hagar and I'm Ferre at Moscow. We are
Speaker 1: just about three hours away from the open of US training.
Speaker 1: It's time for the five things that you need to
Speaker 1: notice your day. Brought to you by Interactive Brokers. Interactive
Speaker 1: Brokers charges Martin loan rates from two point a three
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Speaker 1: ib k R dot com. Slash compare first new details
Speaker 1: about the FBI executing a search warrant at the Florida
Speaker 1: home of former President Trump, according to The Washington Post,
Speaker 1: classifying documents related to nuclear weapons who were among the
Speaker 1: items they were searching for. Attorney General Americ Garland said
Speaker 1: the Department of Justice has filed a motion to unseal
Speaker 1: the search warrant. More information will be made available in
Speaker 1: the appropriate way and that the appropriate time. Attorney General
Speaker 1: Garland is also defending the integrity of his agency, and
Speaker 1: reaction is pouring into the Attorney General's short briefing Karen
Speaker 1: card Does, the School of Law professor Jessica Roth says
Speaker 1: it makes sense to unseal the warrant in this circumstance.
Speaker 1: There's just an enormous public interest in these events, in
Speaker 1: part because of the former president's statements announcing it, as
Speaker 1: subsequent statements, and by the fact that he's the former
Speaker 1: president of the United States. Cardo's The law professor Jessica
Speaker 1: Roth made the comments on Bloomberg Sound on her weekdays
Speaker 1: five p m. Starn on Bloomberg Radio. Well, another political
Speaker 1: story we're following this morning, Nathan. Bloomberg News has learned
Speaker 1: President bind And is preparing to launch his re election
Speaker 1: campaign after November's mid terms and some new developments in
Speaker 1: the battle against COVID Karen. The CDC no longer recommends
Speaker 1: quarantining after exposure to the virus. It says people with
Speaker 1: symptoms should end isolation on the sixth day or later.
Speaker 1: Well to markets now, Nathan, Futures are higher as we
Speaker 1: close out a trading week highlighted by cooling inflation data.
Speaker 1: Shanna or Zik Sissel, founder of ben Ryan Capital Management,
Speaker 1: says she's still not jumping to invest in riskier assets.
Speaker 1: I'm still not willing to dip into some of those
Speaker 1: areas right now. I want to focus on quality companies
Speaker 1: with good long term tail winds, and those names are
Speaker 1: not necessarily those speculative names. And Shanna or Zeke Sisle
Speaker 1: of ben Ryan Capital Management said she expects that FED
Speaker 1: to be hankish well. San Francisco FED President Mary Daily
Speaker 1: says she's flexible when it comes to raising rates at
Speaker 1: the next step of MC meeting the scale FIFT doesn't
Speaker 1: just depend on a data point, even an important one
Speaker 1: like the cp I. I like to say that we're
Speaker 1: data dependent, not data point dependent. San Francisco FED President
Speaker 1: Mary Daily spoke on Bloomberg TV. Catch the full interview
Speaker 1: on Bloomberg dot com or on the Bloomberg terminal. And
Speaker 1: that's the fine things you need to notice start your day.
Speaker 1: Brought to you by Interactive Brokers and straight Ahead your
Speaker 1: latest local headlines plus a check of sports. This is Bloomberg.
Speaker 1: Thanks Karen sixty three on Wall Street seventy two degrees
Speaker 1: in Central Park out of crash, He's found cross Bronx
Speaker 1: at the Bronchover Parkway. More coming up in traffic first,
Speaker 1: Michael Barr is here with what else is going on
Speaker 1: in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The man who led law enforcement officers
Speaker 1: on a chase after a failed attempt to breach the
Speaker 1: FBI Cincinnati Field Office was shot after an exchange of
Speaker 1: gun wire. Ohio State Highway Patrol spokesman Lieutenant Nathan Dennis.
Speaker 1: The suspect was um deceased. He succumbed to his injuries
Speaker 1: at the scene, and everything remains under investigation at this time.
Speaker 1: The suspect is identified as forty two year old Ricky Schiffer.
Speaker 1: Demonstrators converged on City Hall yesterday to once again call
Speaker 1: for the end of horse drawn carriages in New York.
Speaker 1: It comes after a horse collapsed in Hell's Kitchen on Wednesday.
Speaker 1: The New York City Council is currently considering to replace
Speaker 1: horse drawn carriages with electronic carriages. About two hundred jurors
Speaker 1: for the trial of a man charged with killing eight
Speaker 1: people on a New York City bike path and a
Speaker 1: terror attack filled out questionnaires and they will be weeded out.
Speaker 1: It's a full oat. Scipov, who has pleaded not guilty,
Speaker 1: was charged in the October seventeen attack after prosecutors sent
Speaker 1: that he used a truck that hit numerous pedestrians along
Speaker 1: the West Side Highway in Indiana. Family, friends and lawmakers
Speaker 1: remember Republican Congresswoman Jackie Willorski. At her funeral yesterday, House
Speaker 1: made Orty leader Kevin McCarthy said both Republican and Democratic
Speaker 1: lawmakers held her in high regard. The praise that she
Speaker 1: would have from both sides is tremendous. Today's world, that's
Speaker 1: a little difficult. Larski was killed along with three other
Speaker 1: people in a head on car crash near South Bend.
Speaker 1: Earlier this month, the UN Security Council held an emergency
Speaker 1: meeting to discuss the ongoing crisis to Europe's largest nuclear
Speaker 1: power plant in Ukraine, which was reportedly struck by Russian missiles.
Speaker 1: US Under Secretary of State for Arms Control and International
Speaker 1: Security Ambassador Bonnie Denise Jenkins urged Russia to return and
Speaker 1: control of the plant to Ukraine. We once again call
Speaker 1: on Russia to cease all military operations at or near
Speaker 1: Ukraine's nuclear facilities and insist that Russia immediately returned full
Speaker 1: control of the Zephyretia facility to Ukraine. Ambassador Jenkins says
Speaker 1: Russia alone created the risks. Either a team from New
Speaker 1: York or New Jersey will head to the Little League
Speaker 1: World Series. The twelve year old boys from Massive Equal
Speaker 1: Coast Little League will face the team from Tom's River
Speaker 1: East in today's Metro Region Championship game in Bristol, Connecticut.
Speaker 1: Global News twenty four hours a day on here and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analysts from more than a hundred twenty countries.
Speaker 1: How Michael bar this is Bloomberg, Nathan, everybody gets a
Speaker 1: home team. Thank you, Michael. Just about six thirty six
Speaker 1: on Wall Street and John Stashar has got more in
Speaker 1: the Bloomberg Sports Update. All right, Nathan. Giants took the
Speaker 1: field for the first time in the new coach Brian
Speaker 1: dave All in New England, where dave All was once
Speaker 1: an assistant under Bill Belichick, who was once a Giants
Speaker 1: assistant table of course, replaced Joe Judge and he's now
Speaker 1: back in New England his second skin as a pay
Speaker 1: Striots assistant. Kay that's six league changes the Giants onwenty one.
Speaker 1: On the last second Graham Guno field goal that's had
Speaker 1: four hundred eighteen yards of offense a hundred seventy seven
Speaker 1: on the ground, but it's only in pre season Jets
Speaker 1: in Philadelphia tonight, with the season ending knee injury to
Speaker 1: tackle McKay Beckton, the Jets signed veteran tackle Dwayne Brown,
Speaker 1: five time Pro Bowler while with Seattle and Houston. Tom
Speaker 1: Brady has left the Bucks to attend to a personal
Speaker 1: matter and he won't be practicing with Tampa Bay all
Speaker 1: of the next week. Feel the Dreams game Dyersville, Iowa.
Speaker 1: Yankees and White Sox did it last year. It was
Speaker 1: the Cubs and Reds last night, and Joey Vatto felt
Speaker 1: the a little like Kevin Costner for me watching the movie, Um,
Speaker 1: you know is something my father and I shared, and uh,
Speaker 1: it's something I would give anything for. You know, I
Speaker 1: wish he was here. I wish at the very end
Speaker 1: of tonight's game, Uh, he and I could go on
Speaker 1: the field and do something we did from when I
Speaker 1: was eight nine years old, and um, you know it's
Speaker 1: it's it's really eerie how much the movie Alligance with
Speaker 1: my life experiences won the game four to two, Yankees
Speaker 1: just one in five on this road trip, there now
Speaker 1: in Boston, red hot Mets host the Phillies. They just
Speaker 1: had a seven game wins become But then the Fils
Speaker 1: will face the Mets one two punch Max sersor tonight
Speaker 1: Jacob Graham tomorrow method one six in orld fifteen or
Speaker 1: last seventeen. Much like what Baseball did the Jackie Robbinson's
Speaker 1: number forty two, the entire NBA is returning the number
Speaker 1: six one of the late gild Russell. John Stactually, however,
Speaker 1: Bloomberg Sports, all right, John, thank you. It's six thirty
Speaker 1: seven on Wall Street. Time to take a look at stock,
Speaker 1: some of the names moving in the pre market with
Speaker 1: Bloomberg's Laura right. We're seeing futures move higher this morning, Laura,
Speaker 1: but we've got some companies moving lower on disappointing earnings.
Speaker 1: We do. Good morning, Nathan, so Illumina. This is a
Speaker 1: gene sequencing company. It's cut its annual forecast as the
Speaker 1: company phases possible penalties in Europe over its acquisition of
Speaker 1: a cancer test provided Grail. Now you're being regulators said
Speaker 1: they implemented their merger deal before regulators actually reviewed the transaction.
Speaker 1: So Ilumina have come out with a statement they say
Speaker 1: they are facing challenges in a complex macro environment, and
Speaker 1: there's challenges are more than offsetting the growth that they
Speaker 1: continue to see on sequencing with their platforms, are more
Speaker 1: of a regulatory hurdle. Yeah, and it's not the only
Speaker 1: company that's reporting challenges, not necessarily over regulations. But we've
Speaker 1: also got some disappointing earnings news from the electric truckmaker Ribviian. Yeah,
Speaker 1: so although earnings were strong, as you mentioned, Riviants lowered
Speaker 1: their four year earnings expectations because like so many automakers,
Speaker 1: they are struggling to deal with supply chain snags, high
Speaker 1: cost economic uncertainty. So they are now protecting a full
Speaker 1: year loss of five and a half billion dollars. Now
Speaker 1: interesting that Ribbian they have a contract with Amazon, the
Speaker 1: Amazon being one of the largest investors in the company,
Speaker 1: to produce one hundred thousand electric vehicle delivery vans by
Speaker 1: the end of this decade. We've seen over the course
Speaker 1: of the pandemic how imperative logistics providers have become, So
Speaker 1: I think that's a really interesting business angle for them. Um,
Speaker 1: But they also haven't diminished their four year delivery target.
Speaker 1: They still think they will produce twenty five thousand electric
Speaker 1: vehicles this year. It but the downgrade on forecast. You know,
Speaker 1: right now the stock is up fractionally ahead of the bell,
Speaker 1: but we may see some moves to the downside. Open
Speaker 1: And I see you're keeping your eye on some Chinese
Speaker 1: shares the trade in the US. What's got your eye there? Yeah, so,
Speaker 1: Ali Baba. The US is at a d R down
Speaker 1: three point one percent at present. So Chinese stocks in
Speaker 1: the US listed in the US are slipping because a
Speaker 1: few of five of China's largest state owned companies have
Speaker 1: announced lends to delist from US exchanges. It includes China
Speaker 1: Life Insurance, Petro China, Sino pack And then this really
Speaker 1: comes down to geopolitics that date back to the Trump
Speaker 1: administration with tariffs back and forth, and that has been
Speaker 1: spiraled into looking more closely at how these companies are audited.
Speaker 1: This has led to a bit of market confusion. We
Speaker 1: knew this was coming, but we thought it would take
Speaker 1: place next year. Yeah, it's a tide that's been building.
Speaker 1: Thanks for this, Lord, great having you on with us
Speaker 1: this week. Bloomberg's Law right, keeping an eye on the
Speaker 1: stocks on the move in the pre market. It as
Speaker 1: we look ahead to the open, futures are higher. SMP
Speaker 1: futures up seventeen points right now. That future is upden
Speaker 1: and the NASTAC futures are higher by sixty four points ten.
Speaker 1: Your treasury is up seven thirty seconds for yield of
Speaker 1: two point eight six. You're listening to Bloomberg Day Break.
Speaker 1: Good morning, Bloomberg eleven three oh weather nice low eighties today,
Speaker 1: tomorrow and Sunday. Looking for sunshine and pleasant temperatures all
Speaker 1: weekend long right now seventy two degrees in Central Park markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg
Speaker 1: Quick Tape. S's a Bloomberg Business Flash and I'm Karen
Speaker 1: Moscow and futures are higher this morning. We go to
Speaker 1: the first word breaking news dash for today's morning call.
Speaker 1: Here's police morants PHO least, Good morning, Good morning, Karen.
Speaker 1: Futures are indeed climbing today, with doubt futures up about
Speaker 1: a hundred and s and P five hundred up fifteen.
Speaker 1: On the economic front, University of Michigan sentiment at ten
Speaker 1: am regarding earnings, Ribvian sales beat, but it's grappling with
Speaker 1: production issues, and Alumina is plunging after cutting its forecast.
Speaker 1: In other news, five of China's state owned giants will
Speaker 1: delist from US exchanges. Live from the First Word Breaking
Speaker 1: News Desk. I'm Police Brants, Karen gran Police, thank you
Speaker 1: and do hear like breaking news over your Bloomberg type
Speaker 1: squawk on your terminal asqu you a wuk, that's a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on
Speaker 1: what's going on around the world. Michael, Karen, thank you
Speaker 1: very much. After the FBI conducted a search for classified
Speaker 1: documents and former President Trump's Florida home, the Justice Department
Speaker 1: is now asking a federal court to unseal the marra
Speaker 1: Lago search warrant and a list of what was seized.
Speaker 1: Late last nighter, President issued a statement agreeing to the release. Meanwhile,
Speaker 1: according to The Washington Post, it's said FBI agents were
Speaker 1: searching for classified documents relating to nuclear weapons. In baseball,
Speaker 1: the Red Sox beat the Orioles for three Thursday night
Speaker 1: preseason football, the Giants beat the Patriots one, the Ravens
Speaker 1: beat the Titans. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake powered by more than
Speaker 1: twenty seven under journalist and analysts more than twenty countries.
Speaker 1: Michael bar this is Bloomberg Careing Ferry. Michael, thank you
Speaker 1: at A sixty eight on Wall Street and we turned
Speaker 1: to news and science and technology Now at the Bloomberg
Speaker 1: and j I T STEM Report brought to you Buy
Speaker 1: New Jersey Institute of Technology ranked top fifty national public
Speaker 1: university by US News and World Report and top ten
Speaker 1: in the nation for engineering by money dot Com. Learn
Speaker 1: more at n j I T dot e DU and
Speaker 1: here's just making news in science, Technology, engineering and math Today.
Speaker 1: The Rhine River is likely to shrink to a level
Speaker 1: that could disrupt the transport of fuel throughout Europe. Pfct
Speaker 1: scirt ripple through the continent for months. The water level
Speaker 1: at a key way point west of Frankfurt is set
Speaker 1: to go below about sixteen inches and continue dwindling that
Speaker 1: makes it uneconomical for barges carrying coal and oil to
Speaker 1: transit the river. A new study suggests landfills are releasing
Speaker 1: a significant amount of planet warming methane into the atmosphere
Speaker 1: from the decomposition of waste scientists use satellite data from
Speaker 1: four major cities around the world Delhi and Mumbai in Indiana,
Speaker 1: Hore in Pakistan, and Buenos Aires and Argentina, and found
Speaker 1: that city level emissions in twenty eighteen and ten were
Speaker 1: one point forward to two point six times higher than
Speaker 1: earlier estimates. The study was published in Science Advances, and
Speaker 1: Apple has as suppliers to build at least as many
Speaker 1: of its next generation iPhones this year has in one
Speaker 1: Bloomberg News has learned that Apple wants ninety million of
Speaker 1: the devices, about the same as last year. That's despite project,
Speaker 1: So that's the smartphone market will shrink. Apples counting on
Speaker 1: an affluent client, talent dwindling competition to weather the downturn
Speaker 1: and s to Bloomberg and j I t Stem report
Speaker 1: Nathan Karen, Thank you. We are live from the Bloomberg
Speaker 1: Interactive Brokers studios where it is six fifty on Wall
Speaker 1: Street Time Now to check what's going on in d C,
Speaker 1: where some of the top stories include reports at the
Speaker 1: FBI search former President Donald Trump's home for nuclear documents,
Speaker 1: the former president calling for the release of the search
Speaker 1: warrant after Attorney General Garland said he's made that request
Speaker 1: and President Biden priming his reelection run to stop Trump
Speaker 1: despite doubts within his own party. Let's bring back Bloomberg
Speaker 1: government reporter Emily Wilkins for more on all these stories. Emily,
Speaker 1: what is the latest that we've heard about just what
Speaker 1: the FBI was looking for at marl Lago. So we
Speaker 1: have reports from the Washington Post this morning that the
Speaker 1: FBI was looking for documents related to nuclear weapons. And
Speaker 1: we don't have a ton of details on this yet.
Speaker 1: It's not clear if they were about US nuclear weapons,
Speaker 1: whats that belonged to other countries. It's not even clear
Speaker 1: if the documents that they were looking for were among
Speaker 1: the documents sees. But Nathan, let's be clear, this is
Speaker 1: a huge deal. The New York Times has reported that
Speaker 1: this is a material that's part of a special access program,
Speaker 1: that's a designation even more classified than top secret. It
Speaker 1: is extremely sensitive. It is definitely related to national security
Speaker 1: if it's about nuclear weapons, um, and there is I
Speaker 1: think a big weight and see feeling right now in
Speaker 1: d C. Everyone wants to see what's going to happen
Speaker 1: when this warrant is unsealed. When they unseal a list
Speaker 1: of what was taken from mar Lago in this search? Um,
Speaker 1: And I think that's just the big question. We saw
Speaker 1: former President Trump last night say that he would encourage
Speaker 1: the warrant to be unsealed, just as Merrick Garland, Um,
Speaker 1: the current acting current Attorney General, called for yesterday that
Speaker 1: could come as soon as today. And I think that's
Speaker 1: just it's just a waiting game now. And it's interesting
Speaker 1: to hear the former president saying he does encourage the
Speaker 1: release of the warrant, given that if it does rise
Speaker 1: to this level classified material related to nuclear documents, this
Speaker 1: could put the former president in some serious legal jeopardy. Yeah. Again, Nathan,
Speaker 1: it's it's a huge question that everyone has, you know,
Speaker 1: sort of why why does Trump want to see this released?
Speaker 1: Is he just saying that? I Mean the other kind
Speaker 1: of interesting little wrinkle here is that if Trump wanted
Speaker 1: the warrant out there, he could just put it out there.
Speaker 1: He's got it. He can just you know, release it when,
Speaker 1: as you know, as he needs. I mean, he was
Speaker 1: the one, after all, Um, even though there were a
Speaker 1: couple of early reports that there might have been a
Speaker 1: search on Marlar mar Lago, Trump was really the one
Speaker 1: who confirmed that kind of coming out with the details
Speaker 1: of of what had happened. UM. I think there's just
Speaker 1: a lot of question marks here, and you're even seeing
Speaker 1: Washington respond to this. Republicans really haven't seen a lot
Speaker 1: of big statements from them since Attorney General America Land's
Speaker 1: announcement yesterday. UM, A sort of about what what they're
Speaker 1: thinking and how they're going to go forward. I think
Speaker 1: they too are waiting to see exactly what is in
Speaker 1: this warrant it doesn't deal with nuclear weapons, and if so,
Speaker 1: what are the contents. But of course there was a
Speaker 1: lot of a pressure, certainly political pressure around the Justice
Speaker 1: Department ahead of this announcement, a lot of threats made
Speaker 1: against the FBI agents. Is that sort of what spurred
Speaker 1: the Attorney General to go up to the podium and
Speaker 1: make this sort of extraordinary announcement about a search warrant?
Speaker 1: Something you don't really see the Justice Department do, Absolutely, Nathan,
Speaker 1: I think that's a really valid question. I actually asked
Speaker 1: the legal expert yesterday on Bloomberg's sound On program, which
Speaker 1: you can listen back to to the podcast of today. UM.
Speaker 1: But what she said was basically that she did not
Speaker 1: think that this was a result of political pressure, that
Speaker 1: this was an actual result of the Justice Department recognizing
Speaker 1: that more transparency was needed for this particular case, that
Speaker 1: one that's of interest to the American people. Merrick Garland
Speaker 1: himself noted that it was Trump who released the news
Speaker 1: that this search had taken place at Mara Lago and
Speaker 1: really brought that into the public eye. Um. But Nathan,
Speaker 1: I mean, at the same point, let's I think it's
Speaker 1: a very valid question. There was a ton of political
Speaker 1: pressure on the Justice Department, and when Marrick Garland spoke yesterday,
Speaker 1: he didn't speak for long, he didn't take any questions,
Speaker 1: but he made sure to really defend the FBI and
Speaker 1: FBI asians as working for the American people, really pushing
Speaker 1: back against a lot of that criticism that's been levied
Speaker 1: and that we've actually seen turned into action with the
Speaker 1: individual um who was caught trying to attack the FBI
Speaker 1: headquarters in Cincinnati the other day. Of course, with all
Speaker 1: the attention around the multiple investigations around a former President Trump,
Speaker 1: it's interesting to get another story on the Bloomberg terminal
Speaker 1: this morning that current President Joe Biden is firming up
Speaker 1: his plans to run for re election. Yeah, we knew
Speaker 1: that Biden was planning on running a game for president.
Speaker 1: We're now have reporting on the terminal that he's planning
Speaker 1: to make that announcement after the November elections. UM. And
Speaker 1: this is coming as Biden sort of in this very
Speaker 1: interesting time right now. Right he's had these low approval ratings.
Speaker 1: We've seen polling from late July from c and showing
Speaker 1: that three fourths of his own party wants to see
Speaker 1: someone else run for president. At the same point, Biden's
Speaker 1: really had this sort of banner a couple of weeks.
Speaker 1: He's gotten a lot of legislation passed, He's been able
Speaker 1: to claim a lot of credit. You saw inflation numbers
Speaker 1: go down UM four July from their high in August.
Speaker 1: So he has a number of recent wins that he
Speaker 1: can work with here. At the same point, there are
Speaker 1: a lot of concerns about Biden's age. I mean, if
Speaker 1: he if he were to run and win in four
Speaker 1: he would be eighty three when he begins his his
Speaker 1: second term. And there's also just a sense that you know,
Speaker 1: for a party that's as h that likes to claim
Speaker 1: diversity as much as the Democratic Party does, to have
Speaker 1: that led by an older white man, it doesn't drive
Speaker 1: with as many with with some of the Democratic voters
Speaker 1: out there who just think that there needs to be
Speaker 1: someone new given all those headwins that we've really seen
Speaker 1: over the last few months. Emily, in our last minute here,
Speaker 1: what's the president doing to sort of rally support around
Speaker 1: him before he makes this expected announcement the next few months.
Speaker 1: So the President is going to be really focused on
Speaker 1: two and making sure that Democrats win the mid terms.
Speaker 1: At this point, it is expected that Republicans will win
Speaker 1: the House come November. They have the historical president, they
Speaker 1: have obviously no inflation. It might have gone down, but
Speaker 1: it's still high. Gas prices They've gone down, but they're
Speaker 1: still high. Um, you know they And it's not like,
Speaker 1: you know, Republicans have to win a ton of seats
Speaker 1: to take the House. They only have to win a
Speaker 1: handful to do so. And so I think a lot
Speaker 1: of what the President's attention is going to be on
Speaker 1: making sure that if that Democrats can win the House,
Speaker 1: and be if they can't win that Republicans only have
Speaker 1: a very very narrow margin to work with. At the
Speaker 1: same point, also making sure he's keeping focused on the Senate,
Speaker 1: that's also a toss up, even though it's you know,
Speaker 1: Democrats have a little bit better chance there of keeping
Speaker 1: the chamber. So I think that's really what we're gonna
Speaker 1: see Biden indeed, to focus on, as well as just
Speaker 1: sort of getting out there the fact that they have
Speaker 1: passed these bills and explaining to them, explained to the
Speaker 1: American people what's in them. So much for a sleepy
Speaker 1: August in Washington, d C. Thanks for this, Bloomberg Government
Speaker 1: reporter Emily Wilkins. Read more Bloomberg dot com or on
Speaker 1: the Bloomberg terminal. Listen to Bloomberg one h five point
Speaker 1: seven FM HD two if you ever than the nation's capital.
Speaker 1: Bloomberg surveillance is up next to a cross Bloomberg radio
Speaker 1: for Karen Moscow. I'm Nathan Hagar. This is Bloomberg.