WEBVTT - Tim Walz Speaks at the DNC; Traders Ready for Powell Speech

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. Good morning, I'm Nathan

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<v Speaker 1>Hager and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today.

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<v Speaker 2>Karen, we begin once again in Chicago after nine three

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<v Speaker 2>of the Democratic National Convention. The evening included speeches from

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<v Speaker 2>rising stars like Transportation Secretary Pete Boodage and Maryland Governor

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<v Speaker 2>Wes Moore, along with party stalwarts like former President Bill Clinton.

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<v Speaker 2>But the main event was Minnesota Governor Tim Waltz. He

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<v Speaker 2>used his acceptance speech as the Democrats vice presidential nominee

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<v Speaker 2>to appeal to swing state voters.

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<v Speaker 3>I represented my neighbors in Congress for twelve years, and.

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<v Speaker 4>I learned an awful lot.

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<v Speaker 2>I learned how to work.

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<v Speaker 3>Across the aisle on issues like growing the rural economies

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<v Speaker 3>and taking care of veterans. And I learned how to

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<v Speaker 3>compromise without compromising my values.

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<v Speaker 2>Wal It's also lobbed attacks at Republican Donald Trump and

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<v Speaker 2>his running mate JD. Vance, linking them to the controversial

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<v Speaker 2>Project twenty twenty five initiative.

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<v Speaker 3>Some folks just don't understand what it takes to be

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<v Speaker 3>a good neighbor. Take Donald Trump and JD. Vance their

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<v Speaker 3>Project twenty twenty five will make things much much harder

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<v Speaker 3>for people who are just trying to live their lives.

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<v Speaker 2>Governor Waltz also praised Vice President Kamala Harris's policy proposals,

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<v Speaker 2>saying they will help the middle class. Republicans have seized

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<v Speaker 2>on the idea that Harris's running mate overstated elements of

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<v Speaker 2>his record while in the National Guard and Nathan.

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<v Speaker 1>Vice President Kamala Harris will close out the convention tonight

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<v Speaker 1>with her acceptance speech as Poles continue to show a

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<v Speaker 1>tight race with Donald Trump. Bloomberg Balance of Power host

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<v Speaker 1>Joe Matthew is in Chicago for the DNC. He has

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<v Speaker 1>more on what to expect from Harris tonight.

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<v Speaker 4>It's going to be an opportunity to stop the clock

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<v Speaker 4>essentially to talk to the delegates in the room and

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<v Speaker 4>people more importantly watching this from their living rooms, to

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<v Speaker 4>get to the matter of trust on issues like the economy,

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<v Speaker 4>like dealing with the border, and some of the other

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<v Speaker 4>issues that have dogged her.

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<v Speaker 1>Bloomberg's Joe Matthews says Kamala Harris will also focus on

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<v Speaker 1>her life story, and you can catch Joe along with

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<v Speaker 1>the Bloomberg's Kaylee lines from the DNC tonight on a

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<v Speaker 1>special edition of Balance of Power starting at eight pm

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<v Speaker 1>Wall Street Time on Bloomberg Radio and Television.

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<v Speaker 3>Well Karen.

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<v Speaker 2>On day three of the DNC, New York City Mayor

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<v Speaker 2>Eric Adams joined Bloomberg for a conversation about the race

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<v Speaker 2>and why he didn't get a chance to speak at

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<v Speaker 2>the convention.

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<v Speaker 5>The goal is not to get Eric Adams on the stage.

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<v Speaker 5>The goal is to get VP Harris and the team elected,

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<v Speaker 5>and they're putting together the right speakers and we're just

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<v Speaker 5>going to find out what is our role and we're

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<v Speaker 5>going to carry the ball based on that.

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<v Speaker 2>New York City Mayor Eric Adams added that public safety

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<v Speaker 2>will be a crucial message for Democrats in the campaign.

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<v Speaker 1>Meanwhile, Nathan, former President Donald Trump was campaigning at North

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<v Speaker 1>Carolina yesterday and he told his supporters it's hard to

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<v Speaker 1>talk policy when the Obamas are at him at the DNC,

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<v Speaker 1>Bloomberg said, Baxter has that story.

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<v Speaker 6>Trump and a rally in North Carolina says he'd like

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<v Speaker 6>to focus on policy because his advisors told him it's

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<v Speaker 6>the right thing to do. But he complained to the crowd,

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<v Speaker 6>did you see Barack Obama taking potshots that you're president,

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<v Speaker 6>and so was Michelle. So he asked the attendee, should

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<v Speaker 6>I get personal or should I not get personal? The

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<v Speaker 6>crowd liked him going on attack.

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<v Speaker 2>Now, try and be.

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<v Speaker 5>Nice to people, you know, but it's a little tough

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<v Speaker 5>when they get personal.

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<v Speaker 6>The Obama attacks were aimed at focusing on the way

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<v Speaker 6>Trump attacks his opponents with name calling. Poles have tightened

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<v Speaker 6>in North Carolina at Baxter Bloomberg Radio, all right, ed,

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<v Speaker 6>thank you.

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<v Speaker 2>We have one more note on the twenty twenty four race.

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<v Speaker 2>Reports indicate Independent Robert F. Kennedy Junior is expected to

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<v Speaker 2>end his presidential campaign this week. He plans to give

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<v Speaker 2>a speech about his future tomorrow from Phoenix. It comes

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<v Speaker 2>after Kennedy's running mate suggested that he could potentially endorse

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<v Speaker 2>Donald Trump well Nathan. Turning now to the war in

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<v Speaker 2>the Middle East. After Secretary of State Antony Blanken left

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<v Speaker 2>the region Tuesday without a ceasefire deal, the White House

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<v Speaker 2>said both President Biden and Vice President Harris spoke with

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<v Speaker 2>Israeli Prime Minister Benjamin Netanyahu yesterday. The White House says

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<v Speaker 2>Biden stress the urgency to strike a deal with Commas

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<v Speaker 2>on a ceasefire and hostage release and discussed upcoming talks

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<v Speaker 2>in Cairo to remove any remaining obstacles. Turned out to

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<v Speaker 2>the Economy Karen, a lot of investors focused in on

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<v Speaker 2>Jay Powell's much anticipated speech tomorrow from Jackson Hole, Wyoming.

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<v Speaker 2>The FED chair's comments will come after yesterday's FED minutes

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<v Speaker 2>from the July meeting. Bloomberg's Michael McKee is in Jackson Hole.

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<v Speaker 2>He says the minutes revealed many FED officials saw the

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<v Speaker 2>case for cuts at that July meeting.

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<v Speaker 7>They all decided that maybe because Jay, Paula and the

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<v Speaker 7>majority were saying, don't cut now, we will wait. But

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<v Speaker 7>they do say in the minutes that the latest data

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<v Speaker 7>they had gotten gave them more confidence that they were

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<v Speaker 7>going to be moving down to the two percent level

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<v Speaker 7>and it would be soon appropriate to move rates.

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<v Speaker 2>Bloomberg's Mike mckea. Some FED officials also saw a risk

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<v Speaker 2>of more serious labor market deterioration. Catch a special edition

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<v Speaker 2>of Bloomberg Surveillance Live from Jackson Hole tomorrow starting at

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<v Speaker 2>nine am Eastern on Bloomberg Radio and Television.

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<v Speaker 1>And Nathan Trader's got some insight on radcuts from one

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<v Speaker 1>FED official yesterday. Atlanta FED President Raphael Bostik joined other

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<v Speaker 1>policymakers in signaling caution before proceeding with radcuts. Bostig said

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<v Speaker 1>he's looking for a little more data before supporting a

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<v Speaker 1>reduction in interest rates, adding that he wants to be

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<v Speaker 1>absolutely sure inflation's contained.

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<v Speaker 2>Now to a few company notes, Karen first to the

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<v Speaker 2>latest on the bidding for Paramount Global, sources tell Bloomberg News.

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<v Speaker 2>Edgar Bronfman Junior has raised his offer to take over

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<v Speaker 2>the media company to six billion dollars atop's a four

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<v Speaker 2>point three billion dollar bid he made just three days ago.

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<v Speaker 2>The move could upset Paramount's plan to merge with Skydance Media,

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<v Speaker 2>led by David Ellison. That deal included a forty five

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<v Speaker 2>day period in which Paramount can review other offers. Broadfin

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<v Speaker 2>is a media executive and the heir to this Seagram's

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<v Speaker 2>Spirits fortune. He's reportedly expected to argue that his proposal

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<v Speaker 2>will result in less solution for Paramount's non Redstone shareholders.

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<v Speaker 1>Well Nathan Walt Disney has named former Morgan Stanley CEO

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<v Speaker 1>James Gorman to lead the search for a successor to

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<v Speaker 1>CEO Bob Iger and Bloomberg's Chris Palm Mary says the

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<v Speaker 1>search is on.

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<v Speaker 8>They have said they're looking at internal n external candidates,

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<v Speaker 8>but commncial wisdom is just a handful of senior Disney

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<v Speaker 8>executives who are in the running. Companies widely anticipated to

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<v Speaker 8>name somebody either a president or a COO next year

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<v Speaker 8>who will be the air parent and.

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<v Speaker 1>As Bloomberg's Chris Paul Mary, who says, it'll be a

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<v Speaker 1>tough role to fill since Disney has so many facets

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<v Speaker 1>to his business. Gorman joined Disney's board this year and

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<v Speaker 1>oversaw a succession at Morgan Stanley, where he continues to

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<v Speaker 1>serve as executive chairman.

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<v Speaker 2>Well, Karen, someone new is going to have to fill

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<v Speaker 2>the role leading Apple's app store, sources tell Bloomberg News

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<v Speaker 2>Matt Fisher is leaving the iPhone maker in October. Fisher's

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<v Speaker 2>run the app store since twenty ten. It's been under

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<v Speaker 2>regulatory pressure. Lawmakers say Apple's app store wields too much

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<v Speaker 2>power in the mobile software market.

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<v Speaker 1>And finally, Nathan Shares a Snowflake plunged eighteen percent yesterday

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<v Speaker 1>for their biggest declines as the company went public in

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<v Speaker 1>twenty twenty. The software developer delivered disappointing sales forecast and

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<v Speaker 1>Annow CEO Frank Slutman is stepping down. Bloomberg Intelligence says

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<v Speaker 1>Snowflake's AI plan remains unclear and checking shares this morning,

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<v Speaker 1>they're down eight percent.

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<v Speaker 2>As time.

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<v Speaker 1>Now for a look at some of the other stories

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<v Speaker 1>making news in New York and around the world, and

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<v Speaker 1>for that we're joined by Bloomberg's Michael Barr Michael, Good morning, Good.

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<v Speaker 9>Morning, Karen. Powerful New York Area politicians spoke at day

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<v Speaker 9>three of the Democratic National Convention in Chicago. House Democratic

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<v Speaker 9>Leader Hakim Jeffries called on the crowd to make Kamala

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<v Speaker 9>Harris the forty seventh president of the United States. Jeffries

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<v Speaker 9>also went after Donald Trump. Donald Trump is like an

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<v Speaker 9>old boyfriend who you broke up with, but he just

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<v Speaker 9>won't go away. He has spent the last four years

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<v Speaker 9>spinning the block. Also speaking at the convention, New Jersey

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<v Speaker 9>Senator Corey Booker. Booker is one of many lawmakers who

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<v Speaker 9>are paying tribute to longtime Congressman Bill Pascrell of New Jersey,

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<v Speaker 9>who died yesterday.

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<v Speaker 10>He never forgot where he came from in Patterson, and

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<v Speaker 10>he never stopped fighting. He could push some pacaderms he

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<v Speaker 10>fought for the people.

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<v Speaker 9>Pass Grell had recently been hospitalized for respiratory infection and fever,

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<v Speaker 9>and was again hospitalized earlier this month. In a post

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<v Speaker 9>on x, his office said he is now at peace

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<v Speaker 9>after a lifetime devoted to our great nation of America.

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<v Speaker 9>Bill Pascrell, a senior Democratic member of the powerful House

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<v Speaker 9>Ways and Means Committee, was eighty seven. A state appeals

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<v Speaker 9>court is being asked by New York State's attorney general

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<v Speaker 9>to uphold the lower court decision that former President Trump,

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<v Speaker 9>his adult sons, and company should pay nearly a half

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<v Speaker 9>a billion dollars for a business fraud. The Manhattan judge

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<v Speaker 9>found that the Trumps are liable for inflating the former

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<v Speaker 9>president's net worth by as much as over two billion

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<v Speaker 9>dollars and misrepresented values of assets. Trump lawyers argue that

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<v Speaker 9>prosecutors misapplied the law. Authorities are looking for the woman

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<v Speaker 9>who jumped a fence at a New Jersey zoo and

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<v Speaker 9>stuck her hand into the tiger enclosure. It was all

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<v Speaker 9>caught on video. Zoo keeper Averymneer says one of the

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<v Speaker 9>two Bengal tigers in that cage reacted to the woman

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<v Speaker 9>she taunted the animal.

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<v Speaker 11>I can also see his paw go up and him

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<v Speaker 11>go after her, and he was very agitated that she

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<v Speaker 11>was on the other side of the fence and he

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<v Speaker 11>could not.

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<v Speaker 12>Get to her.

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<v Speaker 9>Police posted the video on social media in hopes of

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<v Speaker 9>finding the woman. Global News twenty four hours a day

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<v Speaker 9>and whenever you want it with Bloomberg News Now Michael Barr,

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<v Speaker 9>and this is Bloomberg Kron.

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<v Speaker 1>All right, Michael Barr, thank you time now for the

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<v Speaker 1>Bloomberg Sports Update with John Stashauer.

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<v Speaker 13>John, good morning, Good morning, Careen. The Yankees offense has

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<v Speaker 13>been so often this year like they're a two man team.

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<v Speaker 13>That's never been more on display than last night at

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<v Speaker 13>the stadium. Juan Soto two run home on the first inning,

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<v Speaker 13>Aaron Judge two run shot of the third, Soto and

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<v Speaker 13>inning later with a check swing opposite field three run double,

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<v Speaker 13>and then in the seventh another Judge home run. Together

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<v Speaker 13>they drove in all eight runs in an eight to

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<v Speaker 13>one rout of Cleveland. Soto now has thirty six homers,

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<v Speaker 13>Judge has forty seven. He's hit six in the last

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<v Speaker 13>nine games, twelve in the last twenty three is on

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<v Speaker 13>pace to hit sixty. Nester Cortes seven scoreless innings. The

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<v Speaker 13>series ends this afternoon in the Bronx. Earlier at Cityfield,

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<v Speaker 13>Mets and Orioles three to three, bottom of the ninth

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<v Speaker 13>with Jesse Winker up as a pinch hitter.

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<v Speaker 12>Swing on a high fly ball well hit left center.

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<v Speaker 12>Moments going back to the track, it's a wall Bit's

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<v Speaker 12>Tom put it the buck. The Bets win it again

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<v Speaker 12>against the Vegas, and only now this Waker, after firing

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<v Speaker 12>down his helmet and benning gloves, step on first base

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<v Speaker 12>and start his triumph intar around the basis.

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<v Speaker 13>On WCBS. The Mets had also won four to three

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<v Speaker 13>Monday night, and that was on a walk off ninth

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<v Speaker 13>inning homer by Francisco Alvarez, also off of Baltimore's Sir

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<v Speaker 13>Anthony Dominguez. The Mets win helps the Yankees. They move

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<v Speaker 13>back ahead of Baltimore. The two teams continue to flip

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<v Speaker 13>flop atop the Al East. Atlanta lost of the Phillies

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<v Speaker 13>three to two, the Mets within a game and a

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<v Speaker 13>half of the Braves. Mets begin a ten game road

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<v Speaker 13>trip tonight in San Diego. Red Sox won four to

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<v Speaker 13>one at Houston. Nationals beat Colorado six to one. The

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<v Speaker 13>Denver Broncos named rookie bo Nicks is their Week one

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<v Speaker 13>starting quarterback. Twelfth pick of the draft, there was only

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<v Speaker 13>the sixth QB taken. He'll become the fourteenth different starting

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<v Speaker 13>QB for the Broncos since Peyton Manning retired. NBA Hall

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<v Speaker 13>of Famer Al Addams has passed away at eighty seven.

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<v Speaker 13>He played for the Warriors. He coached him to an

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<v Speaker 13>NBA championship, then became their general manager. Adams spent sixty

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<v Speaker 13>years with the US organization JOHNS.

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<v Speaker 8>Dashley.

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<v Speaker 2>We're Bloomberg Sports. Can I render Nathan.

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<v Speaker 6>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

0:12:09.559 --> 0:12:12.480
<v Speaker 6>and around the world on Bloomberg dot Com and the

0:12:12.520 --> 0:12:13.760
<v Speaker 6>Bloomberg Business app.

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<v Speaker 2>This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Minnesota

0:12:18.559 --> 0:12:21.720
<v Speaker 2>Governor Tim Waltz made a play for the undecided on

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<v Speaker 2>Night three of the Democratic National Convention.

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<v Speaker 3>We're all here tonight for one beautiful, simple reason.

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<v Speaker 2>We love this country. Tim Waltz leaned into his record

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<v Speaker 2>as a veteran and a former high school football coach

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<v Speaker 2>as he introduced himself to the nation and accepted his

0:12:40.160 --> 0:12:43.080
<v Speaker 2>party's nomination to be vice president. For more. We are

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<v Speaker 2>joined now by Bloomberg News senior writer Stephanie Baker. Stephanie,

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<v Speaker 2>Good morning. A lot of talk about neighborliness, a lot

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<v Speaker 2>to talk about reaching out, quite a different tone from

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<v Speaker 2>I guess what we heard from the Obamas, perhaps the

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<v Speaker 2>night before last, good morning, good morning.

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<v Speaker 12>Yeah.

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<v Speaker 11>I mean Governor Waltz's you know, speech was really strong.

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<v Speaker 11>I think, you know, really it was his opportunity to

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<v Speaker 11>introduce himself to the nation, and he really leaned into

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<v Speaker 11>his coach Walls persona, you know, using that football metaphor

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<v Speaker 11>that I think if anyone else tried to use would

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<v Speaker 11>seem a bit corny, sort of saying, you know, we're

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<v Speaker 11>on the offense and we've got the ball and driving

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<v Speaker 11>down the field, you know. And he really emphasized what

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<v Speaker 11>Harris administration would do for the middle class, cutting taxes,

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<v Speaker 11>trying to make a housing more affordable.

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<v Speaker 9>You know.

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<v Speaker 11>I think it's incredible how he's managed to become such

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<v Speaker 11>an accomplished public speaker reading off a teleprompter when a

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<v Speaker 11>few weeks ago he'd never done any such thing.

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<v Speaker 2>Interesting to hear a lot of that kind of talk

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<v Speaker 2>reaching out more to kind of a rural voter that

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<v Speaker 2>many had even leaned toward Republicans in the past. Could

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<v Speaker 2>it be by design that they're sort of trying to

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<v Speaker 2>take that message of freedom and neighborliness and turn it

0:14:07.720 --> 0:14:09.199
<v Speaker 2>on its head against Republicans.

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<v Speaker 11>Yeah, I mean they're really trying to flip the script,

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<v Speaker 11>you know, saying that that doubling down on this sort

0:14:17.600 --> 0:14:23.640
<v Speaker 11>of idea that that less government is actually a democratic theme.

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<v Speaker 11>So you know, this message of get out of our bedrooms,

0:14:28.080 --> 0:14:30.320
<v Speaker 11>you know, don't tell us what to do, you know,

0:14:30.360 --> 0:14:33.640
<v Speaker 11>in our doctor's offices. And I think that that is

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<v Speaker 11>a very effective messaging for the kind of voters that

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<v Speaker 11>Harris needs if she's going to win the presidency, the

0:14:41.920 --> 0:14:46.680
<v Speaker 11>sort of swing voters that had traditionally gone to the

0:14:46.720 --> 0:14:50.280
<v Speaker 11>Republican Party, you know, that voted for Obama in two

0:14:50.320 --> 0:14:53.240
<v Speaker 11>thousand and eight and then voted for Trump in twenty sixteen.

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<v Speaker 11>So I think that's a very calculated bet on their part,

0:14:57.640 --> 0:15:01.800
<v Speaker 11>and that Walls will able to appeal to those white

0:15:02.040 --> 0:15:05.440
<v Speaker 11>male voters that I think Harris is in fact struggling

0:15:05.480 --> 0:15:06.040
<v Speaker 11>to win over.

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<v Speaker 2>You do enough, do you think to rebut the Republican

0:15:09.360 --> 0:15:13.440
<v Speaker 2>attack that we'd heard after he announced as Kamala Harris's

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<v Speaker 2>running mate, that he's Bernie Sanderson, a hunting jacket.

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<v Speaker 11>I think it's going to be really hard for the

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<v Speaker 11>Republicans to paint him as some crazy left winger. He's

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<v Speaker 11>too normal, you know, everything from his background as a

0:15:29.560 --> 0:15:35.120
<v Speaker 11>teacher to a football coach. He's he's your classic kind

0:15:35.120 --> 0:15:38.480
<v Speaker 11>of miss Midwestern dad. I think, you know, the speech

0:15:38.560 --> 0:15:40.760
<v Speaker 11>last night was proof that that is going to be

0:15:40.840 --> 0:15:43.440
<v Speaker 11>a very hard thing for the Republicans to do, to

0:15:44.160 --> 0:15:47.520
<v Speaker 11>paint him as some you know, crazy guy who's out

0:15:47.560 --> 0:15:50.760
<v Speaker 11>to you know, take the country back to you know,

0:15:50.840 --> 0:15:53.080
<v Speaker 11>some other era. So I don't you know, I don't

0:15:53.120 --> 0:15:53.920
<v Speaker 11>think that's going to work.

0:15:54.160 --> 0:15:56.640
<v Speaker 2>So our last thirty second, Stephanie, how does this set

0:15:56.720 --> 0:15:59.000
<v Speaker 2>us up for Kamala Harris's accept in speech tonight.

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<v Speaker 8>It'll be really.

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<v Speaker 11>Interesting to see, you know what, you know what she says.

0:16:04.920 --> 0:16:06.640
<v Speaker 11>I think she's not going to she's not going to

0:16:06.640 --> 0:16:09.080
<v Speaker 11>go into detail on policy, and I think that's been

0:16:09.160 --> 0:16:12.480
<v Speaker 11>some of the criticism that they're at this point. They're

0:16:12.600 --> 0:16:15.320
<v Speaker 11>very light on detail of what they're actually going to do.

0:16:15.400 --> 0:16:19.840
<v Speaker 11>I think she's going to emphasize values. Uh, she's going

0:16:19.880 --> 0:16:24.240
<v Speaker 11>to emphasize the theme of freedom, which has been, you know,

0:16:24.480 --> 0:16:28.560
<v Speaker 11>central to her campaign message and I think has been

0:16:28.680 --> 0:16:29.560
<v Speaker 11>very successful.

0:16:30.320 --> 0:16:31.320
<v Speaker 6>Let's wait and see.

0:16:31.440 --> 0:16:34.360
<v Speaker 2>This is Bloomberg day Break today, your morning brief on

0:16:34.440 --> 0:16:37.960
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<v Speaker 2>Nathan Hager and I'm Karen Moscow.

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