1 00:00:02,960 --> 00:00:05,760 Speaker 1: Live from the Bloomberg and Director Burger Studios. This is 2 00:00:05,760 --> 00:00:10,400 Speaker 1: Bloomberg Daybreak for Monday, March two. Coming up this hour, 3 00:00:10,720 --> 00:00:13,680 Speaker 1: another round of peace talks gets under way between Ukraine 4 00:00:13,720 --> 00:00:16,160 Speaker 1: and Russia. The White House tries to walk back President 5 00:00:16,239 --> 00:00:19,720 Speaker 1: Biden's comments on Vladimir Putin, and in markets, the steepest 6 00:00:19,720 --> 00:00:22,480 Speaker 1: global bond route of the modern era shows no signs 7 00:00:22,480 --> 00:00:26,560 Speaker 1: of slowing. The January sixth Panel files contempt cases against 8 00:00:26,560 --> 00:00:30,160 Speaker 1: two former Trump allies. Plus it made Academy Awards history, 9 00:00:30,200 --> 00:00:32,760 Speaker 1: but not in a good way. I'm Michael bar More 10 00:00:32,840 --> 00:00:36,560 Speaker 1: straight Ahead, I'm John Stashdown Swards Kyrie. Everying first home game, 11 00:00:36,600 --> 00:00:38,760 Speaker 1: the Nets lost wins with the Knicks and Rangers, and 12 00:00:38,840 --> 00:00:40,839 Speaker 1: the n C Double eight tournament is down to the 13 00:00:40,840 --> 00:00:46,640 Speaker 1: final four. That's all straight Ahead on Bloomberg, Gay Break, 14 00:00:46,880 --> 00:00:51,720 Speaker 1: on Bloomberg eleven, Treeo, New York, Bloomberg one, Washington, d C, 15 00:00:52,120 --> 00:00:56,520 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine six, San Francisco, 16 00:00:56,840 --> 00:00:59,960 Speaker 1: Sirius x M one nine Team, and around the world 17 00:01:00,040 --> 00:01:03,880 Speaker 1: on Bloomberg Radio dot Com and via The Bloomberg Business. 18 00:01:07,520 --> 00:01:10,560 Speaker 1: Good Morning, I'm Nathan Hager and I'm Karen Moscow and 19 00:01:10,640 --> 00:01:13,400 Speaker 1: Nasdaq futures are lower to start the week. We are 20 00:01:13,440 --> 00:01:15,160 Speaker 1: coming up to five oh one on Wall Street and 21 00:01:15,280 --> 00:01:17,639 Speaker 1: we check the markets every fifteen minutes throughout the trading 22 00:01:17,720 --> 00:01:21,119 Speaker 1: day on Bloomberg. Right now, NASDACK features are lower, down 23 00:01:21,160 --> 00:01:24,520 Speaker 1: twenty eight points. SNP futures are a little change, and 24 00:01:24,600 --> 00:01:26,920 Speaker 1: DAL futures are up to thirty eight. The decks in 25 00:01:26,959 --> 00:01:29,400 Speaker 1: Germany is at one point six perst cent. The ten 26 00:01:29,480 --> 00:01:32,080 Speaker 1: year treasury down eight thirty seconds yea two point five 27 00:01:32,160 --> 00:01:34,920 Speaker 1: zero percent, and they yield on the two year two 28 00:01:34,959 --> 00:01:38,479 Speaker 1: point three eight percent. NIMEX screwed oil is down three 29 00:01:38,560 --> 00:01:41,080 Speaker 1: point eight per cent on four dollars thirty three cents 30 00:01:41,080 --> 00:01:44,479 Speaker 1: at a hundred nine dollars fifty seven cents a barrel. Nathan, 31 00:01:44,600 --> 00:01:46,319 Speaker 1: all right, Karen, we'll have more on the markets in 32 00:01:46,360 --> 00:01:49,400 Speaker 1: a minute. But first, peace talks between Ukraine and Russia 33 00:01:49,520 --> 00:01:52,560 Speaker 1: resumed this week in Turkey. The meetings come as several 34 00:01:52,640 --> 00:01:55,520 Speaker 1: Ukrainian cities continue to take heavy fire. We get more 35 00:01:55,560 --> 00:01:58,600 Speaker 1: from Bloomberg Managing editor Dan ten Kate. So let's do 36 00:01:58,760 --> 00:02:01,880 Speaker 1: is out again speaking about what Ukraine would be willing 37 00:02:01,920 --> 00:02:05,200 Speaker 1: to discuss in these talks. One you know, ready to 38 00:02:05,240 --> 00:02:09,520 Speaker 1: declare neutrality, abandoned the push to join NATO, vow not 39 00:02:09,600 --> 00:02:12,600 Speaker 1: to develop nuclear weapons. And you know, the key one 40 00:02:12,680 --> 00:02:14,960 Speaker 1: is basically saying that they're willing to talk about that 41 00:02:15,040 --> 00:02:18,960 Speaker 1: Dombus region where Russia really had troops already before the 42 00:02:18,960 --> 00:02:21,760 Speaker 1: war started. And this is sort of an acknowledgement from 43 00:02:21,760 --> 00:02:24,480 Speaker 1: the Ukrainians that, okay, you know, maybe we could move 44 00:02:24,600 --> 00:02:27,800 Speaker 1: the troops back to the positions where they were pre war. 45 00:02:27,960 --> 00:02:32,000 Speaker 1: Bloomberg's Dantancate reports that talks resume while heavy explosions were 46 00:02:32,040 --> 00:02:35,760 Speaker 1: heard in several Ukrainian cities overnight. Local authorities expect civilians 47 00:02:35,800 --> 00:02:39,239 Speaker 1: to keep plaeing the devastated city of Maropol. And those 48 00:02:39,280 --> 00:02:42,880 Speaker 1: peace talks, however, Nathan, are being overshadowed by comments made 49 00:02:42,919 --> 00:02:46,120 Speaker 1: by President Biden. Some off the cover marks about Russian 50 00:02:46,120 --> 00:02:49,519 Speaker 1: President Vladimir Putin are garnering serious attention. And here's what 51 00:02:49,639 --> 00:02:54,080 Speaker 1: the President said Saturday. For God's sake, this man cannot 52 00:02:54,080 --> 00:02:57,880 Speaker 1: remain Almost immediately, the White House trying to walk back 53 00:02:57,880 --> 00:03:00,239 Speaker 1: those words over the weekend, and we get more raba, 54 00:03:00,320 --> 00:03:04,320 Speaker 1: Bloomberg said Baxter. The President says he was not advocating 55 00:03:04,360 --> 00:03:07,640 Speaker 1: regime change in Russia and that he was just answering 56 00:03:07,639 --> 00:03:10,839 Speaker 1: a reporter's question earlier in the day. Secretary of State 57 00:03:10,840 --> 00:03:13,960 Speaker 1: Anthony Blancott also walked back the original statement. We do 58 00:03:14,040 --> 00:03:17,320 Speaker 1: not have a strategy of regime change in Russia or 59 00:03:17,400 --> 00:03:20,280 Speaker 1: anywhere else for that matter. Now, the US Ambassador to NATO, 60 00:03:20,360 --> 00:03:23,840 Speaker 1: Julianne Smith, says the President had spent all day with refugees, 61 00:03:23,960 --> 00:03:28,000 Speaker 1: listening to heartbreaking stories. In the moment, I think that 62 00:03:28,200 --> 00:03:31,480 Speaker 1: was a principled human reaction to the stories that he 63 00:03:31,520 --> 00:03:35,200 Speaker 1: had heard that day. But French President Amanya mccron is 64 00:03:35,240 --> 00:03:39,000 Speaker 1: warning against words or actions that could inflame the region. 65 00:03:39,600 --> 00:03:42,720 Speaker 1: In San Francisco. I'm at Baxter Bloomberg Daybreak. All right, ed, 66 00:03:42,760 --> 00:03:45,600 Speaker 1: thank you. Let's turning to President Biden's agenda back home now. 67 00:03:45,720 --> 00:03:49,200 Speaker 1: The White House releases its budget proposal today. It's expected 68 00:03:49,240 --> 00:03:53,080 Speaker 1: to detail a minimum tax rates for households worth more 69 00:03:53,120 --> 00:03:56,240 Speaker 1: than one million dollars. Amy Morris has the details from 70 00:03:56,240 --> 00:03:59,800 Speaker 1: our Bloomberg mid Washington. The White House calls it the 71 00:04:00,000 --> 00:04:04,000 Speaker 1: Millionaire Minimum Income Tax. It's the most aggressive proposal yet 72 00:04:04,040 --> 00:04:07,720 Speaker 1: by the administration to increase taxation on the wealthiest Americans. 73 00:04:08,080 --> 00:04:10,360 Speaker 1: If enacted, it will hit both the income and the 74 00:04:10,440 --> 00:04:14,160 Speaker 1: unrealized capital gains of hundred million dollar households and generate 75 00:04:14,200 --> 00:04:17,560 Speaker 1: an estimated three hundred sixty billion dollars in new revenue 76 00:04:17,640 --> 00:04:20,000 Speaker 1: over the next decade. That's more than a third of 77 00:04:20,040 --> 00:04:23,160 Speaker 1: the White Houses projected trillion dollar cut to deficit spending 78 00:04:23,400 --> 00:04:27,320 Speaker 1: over that period. In Washington, I maybe Morris Bloomberg daybreak right, Amy, 79 00:04:27,400 --> 00:04:29,920 Speaker 1: thank you. The economy is also in focus this week. 80 00:04:29,960 --> 00:04:32,800 Speaker 1: Friday brings the government's jobs report for March, and we 81 00:04:32,880 --> 00:04:36,440 Speaker 1: get more from Bloomberg's Viney down judas. US unemployment is 82 00:04:36,440 --> 00:04:39,320 Speaker 1: poised to fall, with jobless claims the lowisons in the 83 00:04:39,400 --> 00:04:43,000 Speaker 1: nineteen sixties and job openings at records. The March trade 84 00:04:43,040 --> 00:04:45,120 Speaker 1: could go as low as three point six or three 85 00:04:45,120 --> 00:04:48,720 Speaker 1: point seven percent. According to some forecasters. Unemployments at a 86 00:04:48,800 --> 00:04:52,080 Speaker 1: record high of fourteen point seven percent in April one, 87 00:04:52,120 --> 00:04:55,120 Speaker 1: the pandemic struck the record load two point five percent 88 00:04:55,440 --> 00:04:58,400 Speaker 1: dates back to the nineteen fifties. Also this week, h 89 00:04:58,600 --> 00:05:04,839 Speaker 1: S M factory data consume we're spending consumer confidence break thanks, Vinny. 90 00:05:04,920 --> 00:05:07,359 Speaker 1: Fixed income is front and center this morning. Is the 91 00:05:07,400 --> 00:05:10,159 Speaker 1: steepest global bond route of the modern era shows no 92 00:05:10,320 --> 00:05:12,640 Speaker 1: sign of slowing. Ten year treasure yelds of climbed past 93 00:05:12,680 --> 00:05:15,280 Speaker 1: two and a half percent, Yields on five year notes 94 00:05:15,400 --> 00:05:18,159 Speaker 1: rose above those on thirty year bonds and inversion for 95 00:05:18,200 --> 00:05:21,039 Speaker 1: those maturities for the first time since two thousand and six. 96 00:05:21,360 --> 00:05:24,599 Speaker 1: It's just concern over an economic downturn and perhaps even 97 00:05:24,600 --> 00:05:27,279 Speaker 1: a recession. Well, Nathan, we're seeing big moves in the 98 00:05:27,360 --> 00:05:30,120 Speaker 1: Japanese yenn this morning. This after the Bank of Japan 99 00:05:30,200 --> 00:05:32,640 Speaker 1: offered to buy an unlimited amount of bonds for three 100 00:05:32,800 --> 00:05:35,240 Speaker 1: straight days. It's the first time the central bank has 101 00:05:35,279 --> 00:05:37,880 Speaker 1: made such a move. And checking the yen, it's trading 102 00:05:37,920 --> 00:05:40,960 Speaker 1: at the weakest level in seven years at a hundred 103 00:05:40,960 --> 00:05:43,599 Speaker 1: twenty four point six two against the dollar. How many 104 00:05:43,640 --> 00:05:47,080 Speaker 1: time Karen Covid is threatening economic activity in China again. 105 00:05:47,279 --> 00:05:50,800 Speaker 1: Shanghai has declared a lockdown to combat a surge in cases. 106 00:05:51,040 --> 00:05:54,119 Speaker 1: We get the tales from Bloomberg's Emma O'Brien looking down 107 00:05:54,160 --> 00:05:57,680 Speaker 1: for four days one part of the city, which does 108 00:05:57,720 --> 00:06:01,040 Speaker 1: include the financial district in Podong, and then the next 109 00:06:01,120 --> 00:06:03,479 Speaker 1: four days after that locking down the other side of 110 00:06:03,520 --> 00:06:06,400 Speaker 1: the city. And during those four day periods they will 111 00:06:06,440 --> 00:06:10,240 Speaker 1: be mass testing the entire population as part of China's 112 00:06:10,279 --> 00:06:14,120 Speaker 1: COVID zero strategy, which they are maintaining to really root 113 00:06:14,200 --> 00:06:17,560 Speaker 1: out and suppress virus cases. And Bloomberg exam O'Brien says 114 00:06:17,560 --> 00:06:20,520 Speaker 1: the lockdowns will extend to the roads. Private cars will 115 00:06:20,560 --> 00:06:23,680 Speaker 1: not be allowed to drive unless necessary, and Nathan that 116 00:06:23,839 --> 00:06:27,560 Speaker 1: lockdown will hit production for Tesla in China. Bloomberg News 117 00:06:27,640 --> 00:06:30,320 Speaker 1: has learned the electric car maker is extending a production 118 00:06:30,400 --> 00:06:33,719 Speaker 1: pause at its Shanghai plant for another four days because 119 00:06:33,720 --> 00:06:37,160 Speaker 1: of the restrictions. The original plan called forces spending production 120 00:06:37,279 --> 00:06:39,560 Speaker 1: just one day. I meantime, in southern China, care and 121 00:06:39,640 --> 00:06:42,560 Speaker 1: investigators have recovered the second black box from last week's 122 00:06:42,560 --> 00:06:45,599 Speaker 1: deadly China Eastern plane crash. All one thirty two people 123 00:06:45,600 --> 00:06:47,760 Speaker 1: on board were killed when the jet nose dived from 124 00:06:47,760 --> 00:06:50,760 Speaker 1: nearly thirty thousand feet. We get the latest from Bloomberg's 125 00:06:50,800 --> 00:06:54,479 Speaker 1: Philip Glaman. Investigators in Woodjow here in southern China have 126 00:06:54,640 --> 00:06:58,000 Speaker 1: a big booster investigations by planning the second black box 127 00:06:58,279 --> 00:07:01,320 Speaker 1: that gives them information on the movement of the plane 128 00:07:01,320 --> 00:07:04,040 Speaker 1: in the performance of the engine. And he goes along 129 00:07:04,040 --> 00:07:07,000 Speaker 1: with the black box that found earlier that records of 130 00:07:07,080 --> 00:07:09,920 Speaker 1: what was said in the cockpit. Bloomberg's Philip glam And 131 00:07:09,960 --> 00:07:12,520 Speaker 1: says the flight data recorder has been sent to Beijing 132 00:07:12,920 --> 00:07:15,880 Speaker 1: for analysis. Straight ahead, your latest local headlines and a 133 00:07:16,000 --> 00:07:23,920 Speaker 1: check of sports. This is Bloomberg. It's sound five oh 134 00:07:23,920 --> 00:07:26,520 Speaker 1: seven on Wall Street. We're twenty four degrees in Central Park. 135 00:07:26,640 --> 00:07:29,480 Speaker 1: Vehicle fire earlier on eastbound cross Bronx Expressway and your 136 00:07:29,480 --> 00:07:31,680 Speaker 1: bronxter Parkway. We'll get the details on that for you 137 00:07:31,680 --> 00:07:34,400 Speaker 1: in traffic. First, Michael bar is here with what else 138 00:07:34,480 --> 00:07:36,280 Speaker 1: is going on in New York and around the world. 139 00:07:36,280 --> 00:07:39,200 Speaker 1: Good morning, Michael, Good morning Nathan. The Cinderella team of 140 00:07:39,240 --> 00:07:42,280 Speaker 1: the n C Double a man's basketball tournament, we'll still 141 00:07:42,320 --> 00:07:46,080 Speaker 1: get a hero's welcome. After being illuminated. St. Peter's University 142 00:07:46,160 --> 00:07:49,720 Speaker 1: lost to North Carolina, the Peacocks made tournament history as 143 00:07:49,760 --> 00:07:53,640 Speaker 1: the first fifteen seed to reach the Elite eight. Fans 144 00:07:53,800 --> 00:07:56,880 Speaker 1: back home in Jersey City launched the game, cheering for 145 00:07:57,040 --> 00:07:59,840 Speaker 1: how far the team advanced. They had a great season. 146 00:08:00,080 --> 00:08:02,920 Speaker 1: He really can't say nothing bad about it. Jersey City 147 00:08:02,960 --> 00:08:07,280 Speaker 1: Mayor Stephen Fullip said on Twitter that after the Peacocks 148 00:08:07,320 --> 00:08:10,520 Speaker 1: had their historic tournament run, the city would still hold 149 00:08:10,520 --> 00:08:13,320 Speaker 1: a parade and the Keys to the City ceremony for 150 00:08:13,400 --> 00:08:17,240 Speaker 1: the team. The January sixth Panel says two ex advisors 151 00:08:17,240 --> 00:08:20,040 Speaker 1: to former President Donald Trump should be held in contempt 152 00:08:20,040 --> 00:08:23,320 Speaker 1: of Congress because they are withholding information at the House. 153 00:08:23,320 --> 00:08:27,280 Speaker 1: Committee considers central to its investigation of events surrounding last 154 00:08:27,360 --> 00:08:30,160 Speaker 1: year's attack on the U. S. Capitol. According to a 155 00:08:30,240 --> 00:08:34,120 Speaker 1: report released by the investigating Committee, former White House Deputy 156 00:08:34,160 --> 00:08:38,079 Speaker 1: Chief of Staff for Communications Dan Scavino may have had 157 00:08:38,160 --> 00:08:41,680 Speaker 1: advance morning about the potential for violence. The panel is 158 00:08:41,720 --> 00:08:44,880 Speaker 1: set to meet tonight to hold on recommending that the 159 00:08:44,920 --> 00:08:49,080 Speaker 1: House of Representatives holds Comino and Trump's trade advisor Peter 160 00:08:49,160 --> 00:08:54,120 Speaker 1: Navarro in contempt. The Academy Emotion, Pictures, Arts and Sciences 161 00:08:54,200 --> 00:08:56,960 Speaker 1: says it does not condone violence in any form. After 162 00:08:57,040 --> 00:09:00,840 Speaker 1: fireworks at Sunday Nights OSCARS, minutes before we're accepting his 163 00:09:01,000 --> 00:09:05,280 Speaker 1: Best Actor award, Will Smith slap presenter Chris Rock on 164 00:09:05,400 --> 00:09:09,440 Speaker 1: stage after taking offense to a joke about his wife Jada, 165 00:09:09,559 --> 00:09:12,080 Speaker 1: I love him, g I Jane two. Can't wait to 166 00:09:12,080 --> 00:09:20,480 Speaker 1: see it all right? And that was that was a 167 00:09:20,600 --> 00:09:29,360 Speaker 1: nice one. Okay? How about here? Oh Richard? Oh Wow. 168 00:09:30,520 --> 00:09:33,720 Speaker 1: Smith later accepted the Best Actor award for King Richard 169 00:09:34,480 --> 00:09:36,720 Speaker 1: l said to me a few minutes ago. He said, actually, 170 00:09:36,800 --> 00:09:40,120 Speaker 1: highest moment, be careful. That's when the devil comes for you. 171 00:09:42,440 --> 00:09:44,920 Speaker 1: It's like a tass. Staine won the Best Actress Award. 172 00:09:44,960 --> 00:09:48,120 Speaker 1: The movie Coda on Apple won for Best Picture. Global 173 00:09:48,160 --> 00:09:50,400 Speaker 1: News twenty four hours a day on air and on 174 00:09:50,440 --> 00:09:54,560 Speaker 1: Bloomberg Quick Take, powered by more than journalists and analysts 175 00:09:54,559 --> 00:09:59,520 Speaker 1: are more than twenty countries. Michael Barrn, this is Bloomberg. Nathan. Okay, Michael, 176 00:09:59,520 --> 00:10:05,920 Speaker 1: thank you. Coming up to five ten on Wall Street 177 00:10:05,920 --> 00:10:08,000 Speaker 1: time for the Bloomberg Sports up taked morning, John Stan, 178 00:10:08,440 --> 00:10:10,880 Speaker 1: Good morning Nathan, and the nets thirty six home game 179 00:10:10,920 --> 00:10:13,600 Speaker 1: of the season, the first for Kyrie Irving. His story 180 00:10:13,679 --> 00:10:16,040 Speaker 1: well known as refusal to get the vaccine, a hot 181 00:10:16,080 --> 00:10:18,440 Speaker 1: topic not only in sports but at city hall. Last 182 00:10:18,440 --> 00:10:21,920 Speaker 1: week the private sector mandate lifted for him, and Kyrie 183 00:10:22,040 --> 00:10:25,360 Speaker 1: took the floor in Brooklyn. My presidents out there, which 184 00:10:25,400 --> 00:10:27,439 Speaker 1: are bigger than the basketball game, you know, which is 185 00:10:27,600 --> 00:10:30,240 Speaker 1: representing a lot of individuals better out there in similar 186 00:10:30,880 --> 00:10:33,600 Speaker 1: situation as me. Um And now that I have the playoff, 187 00:10:33,640 --> 00:10:35,480 Speaker 1: I think you should deal to bit for everybody. I 188 00:10:35,480 --> 00:10:38,160 Speaker 1: don't take it for granted. What happened tonight. It was 189 00:10:38,200 --> 00:10:40,520 Speaker 1: his story. I'm great for that I got a chance 190 00:10:40,559 --> 00:10:42,120 Speaker 1: to be out there with my brothers. The game did 191 00:10:42,120 --> 00:10:44,360 Speaker 1: not go well. Irving shot just six of twenty two. 192 00:10:44,360 --> 00:10:47,080 Speaker 1: The Nets lost to Charlotte one nine, one ten, almost 193 00:10:47,120 --> 00:10:49,240 Speaker 1: certainly too late for the Knicks playoff hosts, but they 194 00:10:49,280 --> 00:10:51,000 Speaker 1: are playing better of late. At three and oh roach trip. 195 00:10:51,040 --> 00:10:53,559 Speaker 1: They held on at Detroit one oh four one oh two. 196 00:10:53,600 --> 00:10:55,679 Speaker 1: Knicks blew at twenty one point leave, but Alec Berk's 197 00:10:55,679 --> 00:10:57,440 Speaker 1: the hero down the stretch of big three point shot 198 00:10:57,440 --> 00:10:59,920 Speaker 1: in at the game saving steel at the Garden. Ranger 199 00:11:00,080 --> 00:11:02,640 Speaker 1: over Buffalo five for the Coandre Miller Gold too mon 200 00:11:02,679 --> 00:11:05,760 Speaker 1: attend to overtime. Recent Ranger pick up Frank Patranto scored 201 00:11:05,800 --> 00:11:09,200 Speaker 1: two goals eighteen seconds apart in the opening period. Islanders 202 00:11:09,240 --> 00:11:11,720 Speaker 1: lost to Tampa Bay the Devil's top Montreal in the shootout. 203 00:11:12,080 --> 00:11:15,160 Speaker 1: The clock did strike midnight for Cinderella. St. Peter has 204 00:11:15,200 --> 00:11:17,800 Speaker 1: lost My twenty to North Carolina. The Peacocks could be 205 00:11:17,880 --> 00:11:21,280 Speaker 1: losing their coach now. Shaheen Holloway, widely expected to leave 206 00:11:21,360 --> 00:11:24,079 Speaker 1: to become the head coach at his alma mater, Seaton Hall. 207 00:11:24,160 --> 00:11:26,319 Speaker 1: Carolina is going to its twenty first final four and 208 00:11:26,360 --> 00:11:29,280 Speaker 1: in New Orleans will play arch rival Duke sixteenth Final 209 00:11:29,360 --> 00:11:32,440 Speaker 1: four for Kansas and crushed Miami will now take on Villanova. 210 00:11:32,760 --> 00:11:35,120 Speaker 1: Mets had their aces on a mound. Jacob DeGrand pitched 211 00:11:35,120 --> 00:11:37,280 Speaker 1: three and as Max Schers are the last six together 212 00:11:37,360 --> 00:11:40,400 Speaker 1: twelve strikeouts in the met win the Yankees one, even 213 00:11:40,440 --> 00:11:42,160 Speaker 1: though they're ace. Garrett Cole give up a couple of 214 00:11:42,240 --> 00:11:45,800 Speaker 1: home runs. John stash Atward Bloomberg Sports Nathan Okay, John 215 00:11:45,880 --> 00:11:49,080 Speaker 1: thanks SMP futures down down five point stout futures up 216 00:11:49,120 --> 00:11:52,360 Speaker 1: to nast at futures are lower by fifty points. The 217 00:11:52,400 --> 00:11:54,559 Speaker 1: ten your treasury is down down six thirty seconds. The 218 00:11:54,640 --> 00:11:57,360 Speaker 1: yield at two point four nine percent. Take a look 219 00:11:57,400 --> 00:12:01,120 Speaker 1: at the markets with a more aggressive Dennis Gartman, former 220 00:12:01,160 --> 00:12:03,760 Speaker 1: publisher of the Gartment Letter, joins us. Next. This is 221 00:12:03,840 --> 00:12:09,640 Speaker 1: Bloomberg Bloomberg eleven three oh weather turning partly sunny, breeze 222 00:12:09,679 --> 00:12:11,400 Speaker 1: and cold. Today. High is only in the mid thirties. 223 00:12:11,400 --> 00:12:13,520 Speaker 1: We'll get up to around forty tomorrow with a breeze, 224 00:12:13,720 --> 00:12:17,120 Speaker 1: increasing clouds Wednesday, with highs in the mid forties. Right 225 00:12:17,160 --> 00:12:23,720 Speaker 1: now twenty four in central Park markets headlines and breaking 226 00:12:23,760 --> 00:12:26,600 Speaker 1: news twenty four hours a day at Bloomberg dot Com 227 00:12:26,760 --> 00:12:30,400 Speaker 1: and Bloomberg Business Outland. At Bloomberg Quick Tape, He's a 228 00:12:30,440 --> 00:12:39,960 Speaker 1: Bloomberg Business Flash and I'm Karen Moscow sovereign bonds are 229 00:12:40,040 --> 00:12:43,600 Speaker 1: tumbling while European stocks are gaining In US Dock Index 230 00:12:43,679 --> 00:12:47,120 Speaker 1: futures are falling once again as economic risks from inflation 231 00:12:47,200 --> 00:12:50,640 Speaker 1: and tightening monetary policy hits sentiment. We checked the markets 232 00:12:50,840 --> 00:12:53,840 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right now, 233 00:12:53,920 --> 00:12:56,120 Speaker 1: U s and P futures are down eight points down, 234 00:12:56,200 --> 00:12:59,920 Speaker 1: futures down fourteen, nasdack futures down sixty one. The DAD 235 00:13:00,080 --> 00:13:03,079 Speaker 1: and Germany's have one point three percent. Ten year treasury 236 00:13:03,200 --> 00:13:05,480 Speaker 1: down six thirties seconds. You have two point four nine 237 00:13:05,559 --> 00:13:07,800 Speaker 1: percent the yield on the two year two point three 238 00:13:07,920 --> 00:13:11,319 Speaker 1: seven percent. Nimex Screwed oil is down three point eight 239 00:13:11,360 --> 00:13:13,679 Speaker 1: percent on four dollars twenty eight cents at a hundred 240 00:13:13,720 --> 00:13:16,599 Speaker 1: nine dollars sixty two cents a barrel. Kovacs gold is 241 00:13:16,640 --> 00:13:19,120 Speaker 1: down one point four percent, or twenty seven dollars ninety 242 00:13:19,200 --> 00:13:22,480 Speaker 1: cents At nineteen thirty one. Ninety announced the euro one 243 00:13:22,520 --> 00:13:25,360 Speaker 1: point o nine seven four against the dollar British found 244 00:13:25,400 --> 00:13:28,080 Speaker 1: one point three one two nine, the yen at one 245 00:13:28,160 --> 00:13:32,000 Speaker 1: twenty four point six six, and bitcoin this morning moving 246 00:13:32,160 --> 00:13:36,000 Speaker 1: higher up about two percent at forty seven thousand, sixteen dollars. 247 00:13:36,320 --> 00:13:39,040 Speaker 1: That's a Bloomberg business flash. Now here's Muchael Barr with 248 00:13:39,160 --> 00:13:41,920 Speaker 1: more on what's going on around the world. Muchael, Good morning, 249 00:13:42,200 --> 00:13:45,400 Speaker 1: Good morning. Karen. Ukrainian and a Russian officials announced that 250 00:13:45,520 --> 00:13:47,600 Speaker 1: they have agreed to a new round of in person 251 00:13:47,679 --> 00:13:50,320 Speaker 1: peace talks to be held in Turkey. It comes as 252 00:13:50,400 --> 00:13:53,200 Speaker 1: the White House walks back comments President Biden made about 253 00:13:53,280 --> 00:13:57,040 Speaker 1: Vladimir Putin, saying this man cannot remain in power. It 254 00:13:57,200 --> 00:13:59,960 Speaker 1: is the water cooler talk today. During last night's account 255 00:14:00,040 --> 00:14:03,440 Speaker 1: Me Awards, Will Smith slapped Chris Rock on stage after 256 00:14:03,520 --> 00:14:07,400 Speaker 1: the comedian made a joke about Smith's wife, Jada Pinkett Smith. 257 00:14:07,760 --> 00:14:11,360 Speaker 1: Smith later won the Best Actor, Oscar Jessica Chastain won 258 00:14:11,480 --> 00:14:14,520 Speaker 1: Best Actress. Coda from the Apple streaming Service won for 259 00:14:14,600 --> 00:14:17,040 Speaker 1: Best Picture. The final four set of the Man's nc 260 00:14:17,120 --> 00:14:20,600 Speaker 1: Double A basketball tournament, North Carolina plays Duke Kansas will 261 00:14:20,680 --> 00:14:24,040 Speaker 1: face Villanova in the NBA. Kyrie Irving played his first 262 00:14:24,080 --> 00:14:26,320 Speaker 1: home game of the season, but the Nets lost. The 263 00:14:26,400 --> 00:14:29,320 Speaker 1: Knicks and Celtics won. The Wizards beat the Warriors, NHL 264 00:14:29,440 --> 00:14:32,040 Speaker 1: Rangers one in ot over the Sabers, the Devil's won 265 00:14:32,080 --> 00:14:35,120 Speaker 1: in a shootout over the Canadiens. The Islanders lost. Global 266 00:14:35,160 --> 00:14:37,080 Speaker 1: News twenty four hours a day on here and on 267 00:14:37,160 --> 00:14:41,080 Speaker 1: Bloomberg Quick Take, powered by more than journalists analysts in 268 00:14:41,160 --> 00:14:43,600 Speaker 1: more than a hundred twenty countries. I'm Michael Barr, and 269 00:14:43,720 --> 00:14:46,760 Speaker 1: this is Bloomberg Nathan. Okay, Michael, thanks for coming up 270 00:14:46,800 --> 00:14:48,960 Speaker 1: to five twenty on Wall Street Line from the Bloomberg 271 00:14:48,960 --> 00:14:52,640 Speaker 1: Interactive Brokers Studios. This is Bloomberg Daybreak as we get 272 00:14:52,680 --> 00:14:55,760 Speaker 1: the trading weeks started. We're joined by Dennis Startman, former 273 00:14:55,800 --> 00:14:58,120 Speaker 1: publisher of the Gartment Letter, now Chairman of the University 274 00:14:58,160 --> 00:15:01,440 Speaker 1: of Akron and Dowmind Investment Committee. Dennis, Good morning. Tension 275 00:15:01,560 --> 00:15:05,080 Speaker 1: isn't only on the Academy Awards stage onder in Hollywood. 276 00:15:05,160 --> 00:15:07,920 Speaker 1: We're also seeing lots of tension playing out in the 277 00:15:08,120 --> 00:15:12,600 Speaker 1: bond market this morning. The global route continues fives and 278 00:15:12,760 --> 00:15:16,960 Speaker 1: thirties inverted. What is the bond market signaling right now? 279 00:15:17,880 --> 00:15:20,560 Speaker 1: The bottom? I'm afraid the bondom market is signal that 280 00:15:20,680 --> 00:15:22,760 Speaker 1: the set is going to be a little tighter than 281 00:15:22,800 --> 00:15:24,960 Speaker 1: people had anticipated, that the economy is going to be 282 00:15:25,000 --> 00:15:28,640 Speaker 1: a little weaker than anticipated, that recession is a possibility. 283 00:15:28,760 --> 00:15:32,440 Speaker 1: The fact I watched the five year ten year spread, 284 00:15:32,520 --> 00:15:34,240 Speaker 1: and the fact that you've got five years now at 285 00:15:34,240 --> 00:15:38,200 Speaker 1: a substantial premium over ten years. The yield curve belly 286 00:15:38,280 --> 00:15:40,200 Speaker 1: of the of the curve has inverted. It did so 287 00:15:40,280 --> 00:15:42,880 Speaker 1: about two weeks ago. It continues to move towards an 288 00:15:42,880 --> 00:15:46,360 Speaker 1: inversion two is or heading quietly higher, likely to go 289 00:15:46,440 --> 00:15:48,880 Speaker 1: to an inversion over ten. So the yield curve itself 290 00:15:49,360 --> 00:15:51,520 Speaker 1: in the major area of the curve, in the middle 291 00:15:51,520 --> 00:15:53,320 Speaker 1: of the curve is going to an inversion. I think 292 00:15:53,360 --> 00:15:56,360 Speaker 1: it's delty the stock market. I think it's deletarious to 293 00:15:56,400 --> 00:15:58,640 Speaker 1: the economy, and I think it tells you that recession 294 00:15:58,720 --> 00:16:02,240 Speaker 1: is a possibility, so be careful out there. How much 295 00:16:02,280 --> 00:16:06,320 Speaker 1: of a possibility do you see a recession? I think 296 00:16:06,360 --> 00:16:10,120 Speaker 1: within the next year there's the sixties sixties. Probability of 297 00:16:10,200 --> 00:16:13,640 Speaker 1: recession coming just depends how inverted the yeld curve gets. 298 00:16:14,240 --> 00:16:16,000 Speaker 1: People want to talk about the fact that the curve 299 00:16:16,040 --> 00:16:20,680 Speaker 1: has in the past not been the greatest anticipator of recessions. Well, 300 00:16:20,720 --> 00:16:22,760 Speaker 1: every recession we've had has been and has seen the 301 00:16:22,920 --> 00:16:25,160 Speaker 1: inn inverted curve. But we've seen in inverted curves and 302 00:16:25,280 --> 00:16:28,280 Speaker 1: not had recessions. However, when you have an inverted curve 303 00:16:28,360 --> 00:16:31,720 Speaker 1: in and a spike in crude oil prices, the odds 304 00:16:31,720 --> 00:16:34,160 Speaker 1: of recession go up rather dramatically. So I think it's 305 00:16:34,160 --> 00:16:38,440 Speaker 1: at least in the course of the next twelve months. 306 00:16:38,440 --> 00:16:41,040 Speaker 1: I think it's very likely possibility. Well, what do you 307 00:16:41,120 --> 00:16:44,480 Speaker 1: think the FED is going to do? Obviously the market 308 00:16:44,560 --> 00:16:48,440 Speaker 1: has priced in now two full percentage point hikes by 309 00:16:48,520 --> 00:16:51,120 Speaker 1: the end of this year. We've heard from analyst at 310 00:16:51,200 --> 00:16:55,040 Speaker 1: City Group calling for fifty basis point increases at the 311 00:16:55,120 --> 00:16:57,040 Speaker 1: next four meetings. Do you think the FED will be 312 00:16:57,120 --> 00:17:00,160 Speaker 1: that aggressive? I doubt the FED will be that so 313 00:17:00,240 --> 00:17:01,960 Speaker 1: I doubt that they'll go fifty in the next two 314 00:17:02,000 --> 00:17:05,240 Speaker 1: I think they'll go fifty, so I shouldn't say certainly, 315 00:17:05,680 --> 00:17:08,560 Speaker 1: but very probably in the May meeting. I doubt that 316 00:17:08,600 --> 00:17:11,480 Speaker 1: they'll go fifty in the next meeting after that. But I, 317 00:17:12,200 --> 00:17:14,119 Speaker 1: having been in the market for forty five years, if 318 00:17:14,119 --> 00:17:15,919 Speaker 1: I've learned anything about the FED, it's that when they 319 00:17:16,000 --> 00:17:18,560 Speaker 1: begin to tighten, or when they begin to ease. They 320 00:17:18,640 --> 00:17:21,720 Speaker 1: moved rates much farther than anybody can possibly anticipate in 321 00:17:21,800 --> 00:17:24,719 Speaker 1: either direction. The fact is that the FED has remained 322 00:17:24,800 --> 00:17:27,560 Speaker 1: far too very for far too long. They will have 323 00:17:27,640 --> 00:17:30,880 Speaker 1: to remain contractionary for far too long and and take 324 00:17:30,960 --> 00:17:33,880 Speaker 1: rates far higher than people anticipate. Where will where will 325 00:17:33,920 --> 00:17:36,080 Speaker 1: the overnight said funds right be a year from now 326 00:17:36,760 --> 00:17:38,600 Speaker 1: demonstrably higher than it is right now? But are we 327 00:17:38,680 --> 00:17:40,840 Speaker 1: going to see fifties and fifties and fifties on the 328 00:17:40,920 --> 00:17:44,200 Speaker 1: next several meetings? I doubt that substantially. I think the 329 00:17:44,280 --> 00:17:48,800 Speaker 1: FED fears uh imposing recession upon the economy, so it'll 330 00:17:48,840 --> 00:17:51,200 Speaker 1: be reticent to move fifty fifty fifty. But will it 331 00:17:51,280 --> 00:17:53,000 Speaker 1: take great higher over the course of next year and 332 00:17:53,040 --> 00:17:55,280 Speaker 1: a half or so, There's not a question about that. 333 00:17:56,040 --> 00:17:58,040 Speaker 1: Do you think the FED can pull off a soft 334 00:17:58,200 --> 00:18:02,040 Speaker 1: landing with the with the path it it's laid out. No, 335 00:18:02,200 --> 00:18:06,119 Speaker 1: the FET has been unable to to create soft landings 336 00:18:06,160 --> 00:18:08,440 Speaker 1: in the past. I think the feds ability to create 337 00:18:08,480 --> 00:18:11,440 Speaker 1: a soft landing in the future is is marginal at best. 338 00:18:11,880 --> 00:18:14,600 Speaker 1: The set has heard badly almost every time it has 339 00:18:14,760 --> 00:18:17,920 Speaker 1: taken an action of major consequence in the in the 340 00:18:18,000 --> 00:18:20,320 Speaker 1: course of history. I don't see that there there any 341 00:18:20,359 --> 00:18:23,480 Speaker 1: smarter now than they were ten years ago, fifteen years ago, 342 00:18:23,600 --> 00:18:26,720 Speaker 1: thirty years ago, fifty years ago. The federal or badly 343 00:18:26,840 --> 00:18:30,800 Speaker 1: in all directions, always has and always will. So where 344 00:18:30,800 --> 00:18:34,359 Speaker 1: do you find hedges in this market? We've heard some 345 00:18:34,560 --> 00:18:38,320 Speaker 1: talk about large cap stocks being the new inflation heads. 346 00:18:38,359 --> 00:18:40,760 Speaker 1: Do you think that's a good idea? The only thing 347 00:18:40,920 --> 00:18:43,800 Speaker 1: I trade for myself and I have some some control 348 00:18:44,040 --> 00:18:48,000 Speaker 1: University of Akrons endowment, and I've reduced my exposure to 349 00:18:48,040 --> 00:18:50,560 Speaker 1: the stock market dramatically. The only areas of the stocks 350 00:18:50,600 --> 00:18:54,480 Speaker 1: that I own are oil companies and a few large 351 00:18:54,600 --> 00:18:58,600 Speaker 1: cap high dividend payers that that whose dividends are covered 352 00:18:58,680 --> 00:19:03,359 Speaker 1: rather dramatically and covered well. So I'm taking an old 353 00:19:03,960 --> 00:19:08,919 Speaker 1: kur mudgeon's rather substantive portfolio blue chips, high dividend payers. 354 00:19:09,280 --> 00:19:12,080 Speaker 1: I'm away from tech. I I don't trust tech even slightly, 355 00:19:12,560 --> 00:19:14,879 Speaker 1: and I don't trust small cap. And one thing that 356 00:19:14,960 --> 00:19:17,000 Speaker 1: I won't have any interest at all, and it's it's 357 00:19:17,040 --> 00:19:19,440 Speaker 1: emerging markets. I'll leave that to other people. As my 358 00:19:19,520 --> 00:19:22,320 Speaker 1: friend Don Cox once said, the definition of an oranging 359 00:19:22,400 --> 00:19:24,399 Speaker 1: market is a market from which you cannot emerge in 360 00:19:24,440 --> 00:19:26,800 Speaker 1: an emergency, and I remained, I think that's one of 361 00:19:26,840 --> 00:19:29,520 Speaker 1: the great lines of all time. Thanks, as always for 362 00:19:29,600 --> 00:19:31,399 Speaker 1: your insights, then it's good to have you on with us. 363 00:19:31,440 --> 00:19:34,240 Speaker 1: Dennis Gartman, former publisher of the Gartment Letter, now Chairman 364 00:19:34,600 --> 00:19:39,280 Speaker 1: of the University of Akron Endowment Investment Committee. Futures slightly 365 00:19:39,320 --> 00:19:42,320 Speaker 1: lower now with SMP futures down seven point, staff futures 366 00:19:42,359 --> 00:19:45,480 Speaker 1: little change, nest ACK futures lower by fifty nine points. 367 00:19:45,520 --> 00:19:48,840 Speaker 1: The tenure treasury is now down seven thirty seconds, the 368 00:19:48,960 --> 00:19:51,560 Speaker 1: yield just shive two and a half percent, yield on 369 00:19:51,600 --> 00:19:55,120 Speaker 1: the two year two point three seven percent, and nim 370 00:19:55,280 --> 00:19:57,800 Speaker 1: X crewed right now down three eight percent, down four 371 00:19:57,840 --> 00:20:00,399 Speaker 1: dollars thirty eight cents at a hundred nine dollars fifty 372 00:20:00,440 --> 00:20:08,040 Speaker 1: two cents a barrel. You're listening to Bloomberg Daybreak Bloomberg 373 00:20:08,040 --> 00:20:10,720 Speaker 1: eleven three oh weather tourney partly sunny, breezy, cold today 374 00:20:10,760 --> 00:20:12,440 Speaker 1: with highs only in the mid thirties, will be near 375 00:20:12,520 --> 00:20:16,399 Speaker 1: forty breezy tomorrow, sunshine Wednesday followed by increasing clouds with 376 00:20:17,560 --> 00:20:25,000 Speaker 1: currently in Central Park. Broadcasting live from the Bloomberg Interacted 377 00:20:25,119 --> 00:20:28,960 Speaker 1: Broker Studio in New York. Bloomberg e Living Freedom to Washington, 378 00:20:29,040 --> 00:20:33,119 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one 379 00:20:33,240 --> 00:20:36,680 Speaker 1: do San Francisco, Bloomberg N sixty to the country, Sirius 380 00:20:36,880 --> 00:20:39,399 Speaker 1: XM to the one nineteen and around the globe the 381 00:20:39,480 --> 00:20:43,359 Speaker 1: Bloomberg Business app in Bloomberg Radio dot Com. This is 382 00:20:43,400 --> 00:20:51,920 Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. 383 00:20:51,960 --> 00:20:54,720 Speaker 1: I'm Nathan Hagar and I'm Karin Moscow, and we're just 384 00:20:54,880 --> 00:20:57,520 Speaker 1: about four hours away from the open of US trading. 385 00:20:57,560 --> 00:20:58,920 Speaker 1: Let's catch you have to date in the news. You 386 00:20:59,000 --> 00:21:01,560 Speaker 1: need to know what this show or Peacetos between Ukraine 387 00:21:01,600 --> 00:21:05,080 Speaker 1: and Russia resuming Turkey this week, but that's being overshadowed 388 00:21:05,119 --> 00:21:08,200 Speaker 1: by comments by President Biden over the weekend. He took 389 00:21:08,200 --> 00:21:11,040 Speaker 1: aim at the leadership of Vladimir Putin. We'll have a 390 00:21:11,119 --> 00:21:14,720 Speaker 1: different future, of brighter future, rooted democracy. In principle, open 391 00:21:14,840 --> 00:21:19,760 Speaker 1: right j is the indignitive freedom of possibilities. For God's sake, 392 00:21:20,160 --> 00:21:24,720 Speaker 1: this man couldnot remain and quote, this man cannot remain 393 00:21:24,800 --> 00:21:28,159 Speaker 1: in power. Those words reverberating across Europe this morning. The 394 00:21:28,240 --> 00:21:30,920 Speaker 1: White House trying to clarify the president's re mark, saying 395 00:21:30,960 --> 00:21:34,080 Speaker 1: he was not calling for regime changes in Russia. Well, 396 00:21:34,160 --> 00:21:37,040 Speaker 1: critics say President Biden's comment is a boost for Putin, 397 00:21:37,160 --> 00:21:39,280 Speaker 1: Karen and we get more on that from Bloomberg International 398 00:21:39,320 --> 00:21:41,880 Speaker 1: Affairs reporter Mark Champion. The words of what they are, 399 00:21:42,400 --> 00:21:44,879 Speaker 1: they are a gift to as and Putin, who has 400 00:21:44,920 --> 00:21:47,760 Speaker 1: been arguing that this is not a war against Ukraine. 401 00:21:47,800 --> 00:21:52,240 Speaker 1: It's a award to defend Russia against Western attempts to 402 00:21:52,400 --> 00:21:55,560 Speaker 1: destroy Russia. So, you know, unfortunately it's a gift to 403 00:21:55,680 --> 00:21:58,600 Speaker 1: him in propaganda terms. You know, when you have a 404 00:21:58,720 --> 00:22:03,880 Speaker 1: leader who is now seen as somewhat isolated paranoid in Moscow, 405 00:22:04,560 --> 00:22:07,439 Speaker 1: it really doesn't help to suggest that that's the kind 406 00:22:07,520 --> 00:22:09,920 Speaker 1: of thinking that is going on in Washington, whether or 407 00:22:10,000 --> 00:22:13,080 Speaker 1: not it is the public position. Bloomberg's Mark Champions has 408 00:22:13,160 --> 00:22:15,960 Speaker 1: both France and the UK are distancing themselves from President 409 00:22:16,040 --> 00:22:19,399 Speaker 1: Biden's comments. One White House officials suggests the president's remarks 410 00:22:19,600 --> 00:22:23,240 Speaker 1: were influenced by stories of suffering he heard from Ukrainian refugees. 411 00:22:23,640 --> 00:22:26,320 Speaker 1: Nathan Meantime, back in Washington, the White House releases as 412 00:22:26,320 --> 00:22:29,360 Speaker 1: a budget proposal today is expected to detail a billionaire 413 00:22:29,480 --> 00:22:33,400 Speaker 1: minimum income tax, which would implement a minimum twenty tax 414 00:22:33,520 --> 00:22:36,480 Speaker 1: rate for households worth more than one hundred million dollars. 415 00:22:36,800 --> 00:22:39,760 Speaker 1: The rate would hit both income and unrealized capital gains, 416 00:22:40,040 --> 00:22:42,119 Speaker 1: turning into market's care and it's all about fixed income. 417 00:22:42,240 --> 00:22:44,920 Speaker 1: This morning, the steepest global bond route of the modern 418 00:22:45,000 --> 00:22:47,879 Speaker 1: era shows no signs of slowing. Ten year treasury yields 419 00:22:47,920 --> 00:22:50,240 Speaker 1: of climbed past two and a half percent, Yields on 420 00:22:50,400 --> 00:22:52,919 Speaker 1: five year notes rose above those on thirty year bonds 421 00:22:52,960 --> 00:22:55,600 Speaker 1: and inversion for those maturities for the first time since 422 00:22:55,640 --> 00:22:58,560 Speaker 1: two thousand six. And we're seeing big moves in the 423 00:22:58,640 --> 00:23:01,119 Speaker 1: Japanese end this morning, Nathan. That's after the bank in 424 00:23:01,200 --> 00:23:03,960 Speaker 1: Japan offered to buy an unlimited amount of bonds for 425 00:23:04,119 --> 00:23:06,520 Speaker 1: three straight days. It's the first time the central bank 426 00:23:06,560 --> 00:23:08,880 Speaker 1: has made such a move. And checking the yen, it's 427 00:23:08,920 --> 00:23:11,360 Speaker 1: trading at the weakest level in seven years, at one 428 00:23:11,560 --> 00:23:15,040 Speaker 1: or twenty four point four eight against the dollar, and 429 00:23:15,240 --> 00:23:18,400 Speaker 1: futures this morning. S and P futures are down five 430 00:23:18,480 --> 00:23:22,480 Speaker 1: points down, futures are little changed, and NASDACK futures down 431 00:23:22,560 --> 00:23:26,200 Speaker 1: about fifty five. Tenure treasury down eight thirty seconds. You 432 00:23:26,240 --> 00:23:28,920 Speaker 1: have two point five zero per cent straight to had 433 00:23:28,960 --> 00:23:32,320 Speaker 1: your latest local headlines plus a check of sports. And 434 00:23:32,680 --> 00:23:40,359 Speaker 1: this is Bloomberg three in Wall Street, twenty four degrees 435 00:23:40,480 --> 00:23:43,880 Speaker 1: in Central Park in Eastbround Cross. Bronx Expressway is closed 436 00:23:43,960 --> 00:23:45,800 Speaker 1: now at the Bronx Hire Parkway. Will tell you why 437 00:23:45,840 --> 00:23:48,000 Speaker 1: in traffic in just a minute. First, Michael Bars here 438 00:23:48,040 --> 00:23:49,520 Speaker 1: with more of what's going on in New York and 439 00:23:49,600 --> 00:23:51,800 Speaker 1: around the world. Michael, thank you very much. Nathan. The 440 00:23:51,880 --> 00:23:55,400 Speaker 1: January six panels has two x advisors to former President 441 00:23:55,480 --> 00:23:58,960 Speaker 1: Donald Trump should be held in contempt of Congress because 442 00:23:59,040 --> 00:24:01,640 Speaker 1: they are withholding it from nation that a House committee 443 00:24:01,680 --> 00:24:05,280 Speaker 1: considers central to its investigation of events surrounding the attack 444 00:24:05,400 --> 00:24:09,000 Speaker 1: on the US Capitol. The investigating committee named former White 445 00:24:09,040 --> 00:24:12,920 Speaker 1: House Deputy Chief of Staff for Communications Dan's Cavino and 446 00:24:13,040 --> 00:24:16,000 Speaker 1: former Trade advisor Peter Navarral. The Pennel will meet tonight. 447 00:24:16,440 --> 00:24:18,480 Speaker 1: The Cinderella team of the n C Double A men's 448 00:24:18,520 --> 00:24:22,359 Speaker 1: basketball tournament will still get a parade after being eliminated. St. 449 00:24:22,400 --> 00:24:26,280 Speaker 1: Peter's University lost in North Carolina, the Peacocks made tournament 450 00:24:26,359 --> 00:24:29,760 Speaker 1: history as the first fifteen seat to reach the Elite eight. 451 00:24:30,320 --> 00:24:33,040 Speaker 1: Fans back home in Jersey City watched the game, cheering 452 00:24:33,119 --> 00:24:35,720 Speaker 1: for how far the team advanced. We're gonna come back 453 00:24:35,800 --> 00:24:39,680 Speaker 1: next season. We're gonna win next season, Jersey City Mayor 454 00:24:39,760 --> 00:24:42,640 Speaker 1: Steve Phillips said on Twitter. The city will also hold 455 00:24:42,680 --> 00:24:46,359 Speaker 1: the Keys to the City ceremony for the team. Pushback 456 00:24:46,480 --> 00:24:49,840 Speaker 1: from top Capitol Hill lawmakers following the announcement at the 457 00:24:49,920 --> 00:24:53,440 Speaker 1: Veterans Administration plans to close dozens of v A hospitals 458 00:24:53,480 --> 00:24:57,080 Speaker 1: and clinics across the country to build new facilities. Senate 459 00:24:57,160 --> 00:25:00,040 Speaker 1: Majority Leader Chuck Schumers said he's urging to be you 460 00:25:00,240 --> 00:25:03,360 Speaker 1: to rethink the planned hospital closures. We are gonna fight 461 00:25:03,480 --> 00:25:07,040 Speaker 1: this proposal tooth and nail. We're gonna put a dagger 462 00:25:07,160 --> 00:25:09,760 Speaker 1: through its heart. It is not gonna see the love. 463 00:25:10,880 --> 00:25:13,920 Speaker 1: And we're here doing it now because we're gonna nip 464 00:25:14,080 --> 00:25:18,159 Speaker 1: this in the butt. Senator Schumer spoke alongside military heroes 465 00:25:18,200 --> 00:25:20,480 Speaker 1: in New York. It's a moment that will be talked 466 00:25:20,520 --> 00:25:23,240 Speaker 1: about in the history of the Academy Awards. Actor Will 467 00:25:23,320 --> 00:25:26,960 Speaker 1: Smith slapped comedian Chris Rock on Live TV minutes before 468 00:25:27,040 --> 00:25:30,840 Speaker 1: winning the Best Actor Oscar. Rock had joked that Smith's wife, 469 00:25:31,000 --> 00:25:33,399 Speaker 1: Jada Pinkett Smith, could be in the next g I. 470 00:25:33,520 --> 00:25:36,320 Speaker 1: Jane movie, a reference to her very short hair. She 471 00:25:36,480 --> 00:25:40,320 Speaker 1: has alopecia disease, which causes here lost. Smith addressed the 472 00:25:40,359 --> 00:25:43,560 Speaker 1: incident during his acceptance speech for his role in King Richard, 473 00:25:44,280 --> 00:25:46,520 Speaker 1: Very Like Crazy five and just like they said about 474 00:25:46,640 --> 00:25:52,280 Speaker 1: Richard Williams, um but love will make you do crazy things. 475 00:25:52,800 --> 00:25:55,800 Speaker 1: Jessica Chastain won the Oscar for Best Actress. Apple's Coda 476 00:25:55,800 --> 00:25:58,680 Speaker 1: one Best Picture. Global News twenty four hours a day 477 00:25:58,800 --> 00:26:01,000 Speaker 1: on air and on Bloomberg Quick Take, powered by more 478 00:26:01,000 --> 00:26:03,840 Speaker 1: than seven hundred journalists analysts in more than a hundred 479 00:26:03,880 --> 00:26:06,560 Speaker 1: twenty countries. Michael Barr, this is Bloomberg Nick. Thank you, 480 00:26:06,680 --> 00:26:14,520 Speaker 1: Michael all Street. Time for the Bloomberg Sports Update with 481 00:26:14,600 --> 00:26:17,440 Speaker 1: john stonnshown. Thanks Nathan. The Nets waited about five months 482 00:26:17,480 --> 00:26:19,400 Speaker 1: for Kyrie Irving to be allowed to play a home 483 00:26:19,480 --> 00:26:22,840 Speaker 1: game despite being unvaxed. He finally did last night, and 484 00:26:22,920 --> 00:26:24,840 Speaker 1: they had one of his worst games, shot just six 485 00:26:24,920 --> 00:26:27,080 Speaker 1: of twenty two. I was played by Charlotte's young point 486 00:26:27,119 --> 00:26:29,640 Speaker 1: guard LaMelo Ball has scored thirty three points. The Hornets 487 00:26:29,960 --> 00:26:32,080 Speaker 1: beat the Nets in Brooklyn one nineteen to one ten 488 00:26:32,200 --> 00:26:34,520 Speaker 1: Nicks at one point Lee, but held on at Detroit 489 00:26:34,880 --> 00:26:36,800 Speaker 1: one oh four one oh two Nicks have won six 490 00:26:36,840 --> 00:26:39,880 Speaker 1: of their last eight. Road games are home tonight for Chicago. 491 00:26:40,080 --> 00:26:41,920 Speaker 1: Last night at the Garden, the Rangers, in a back 492 00:26:41,960 --> 00:26:44,640 Speaker 1: and forth game, won five four and overtime over Buffalo 493 00:26:44,720 --> 00:26:47,560 Speaker 1: DeAndre Miller, the game winner two minutes into hot The 494 00:26:47,640 --> 00:26:50,520 Speaker 1: Devil's won in a shootout. The Islanders loss. Yes, the 495 00:26:50,640 --> 00:26:53,760 Speaker 1: Slipper no longer fits, but St. Peter's will be remembered 496 00:26:54,160 --> 00:26:56,480 Speaker 1: for perhaps the greatest Cinderella run an n C Double 497 00:26:56,480 --> 00:26:59,200 Speaker 1: A tournament history. The coach the pet cock in Holloway. 498 00:26:59,359 --> 00:27:02,080 Speaker 1: No one, no one believed it. But the people are 499 00:27:02,080 --> 00:27:04,480 Speaker 1: in a locker room and people you know that that's 500 00:27:04,520 --> 00:27:08,040 Speaker 1: that's a not programmed flow administration know us and and 501 00:27:08,200 --> 00:27:10,920 Speaker 1: and and may history. You know, they shocked the world. 502 00:27:10,960 --> 00:27:13,720 Speaker 1: They you know, you got guys that's going to be 503 00:27:13,800 --> 00:27:17,240 Speaker 1: remembered for things that take it till their kids and grandkids. 504 00:27:17,359 --> 00:27:20,280 Speaker 1: Alloway is widely expected. And now leave St. Peter's who 505 00:27:20,320 --> 00:27:23,000 Speaker 1: become the coach of his alma modern seat All in Philly. St. 506 00:27:23,000 --> 00:27:25,879 Speaker 1: Peter's lost by twenty to North Carolina, who will now 507 00:27:26,000 --> 00:27:28,160 Speaker 1: face Duke at the Final four in New Orleans. It'll 508 00:27:28,160 --> 00:27:30,359 Speaker 1: be the two hundred and fifty eight game between the 509 00:27:30,480 --> 00:27:32,119 Speaker 1: arch Rivals and the first ever in the m C 510 00:27:32,240 --> 00:27:35,520 Speaker 1: double as Kansas will play Villanova, Yankees and Mets both one. 511 00:27:35,560 --> 00:27:38,719 Speaker 1: Aaron Judge Homer twice so that Francisco Lindoor he hit 512 00:27:38,760 --> 00:27:41,119 Speaker 1: home runs on both sides of the play. The hottest golfer, 513 00:27:41,200 --> 00:27:44,679 Speaker 1: Scottie Scheffler won the match play easily. He's won three 514 00:27:44,720 --> 00:27:47,000 Speaker 1: of his last five tournaments. He's now ranked number one 515 00:27:47,040 --> 00:27:50,800 Speaker 1: in the world. John Stature with Bloomberg Sports. All Right, John, Thanks, 516 00:27:50,840 --> 00:27:52,760 Speaker 1: it's five thirty seven on Wall Street. Time for the 517 00:27:52,840 --> 00:27:56,800 Speaker 1: Tri State Business Report. Here's Bloomberg's Cory. New York spanishion 518 00:27:56,880 --> 00:28:00,919 Speaker 1: models and influencers would get greater protection from exploitation by 519 00:28:01,000 --> 00:28:05,159 Speaker 1: management companies and agencies under a proposed state bill that 520 00:28:05,240 --> 00:28:08,200 Speaker 1: aims to shake up the industry. The measure was introduced 521 00:28:08,240 --> 00:28:12,679 Speaker 1: by state Senator Brad Hoyleman Friday. Four South Jersey agencies 522 00:28:12,720 --> 00:28:15,800 Speaker 1: are among two dozens elected for funding to install electric 523 00:28:15,920 --> 00:28:21,359 Speaker 1: vehicle charging stations. Atlantic City's Casino Reinvestment Development Authority, Ocean City, 524 00:28:21,680 --> 00:28:25,760 Speaker 1: the New Jersey Development Environmental Protection and the Parking Authority 525 00:28:25,880 --> 00:28:28,560 Speaker 1: of the City of Camden will get the money. Connecticut 526 00:28:28,600 --> 00:28:32,359 Speaker 1: regulators want to stop a program that incentivizes homeowners and 527 00:28:32,480 --> 00:28:35,480 Speaker 1: businesses to convert to natural gas as soon as the 528 00:28:35,680 --> 00:28:40,440 Speaker 1: end of April. The program began in It's authorized through 529 00:28:40,480 --> 00:28:45,320 Speaker 1: the end of three state public utility regulatory authorities says 530 00:28:45,400 --> 00:28:48,520 Speaker 1: it is no longer in the best interests of ratepayers 531 00:28:48,560 --> 00:28:51,840 Speaker 1: in the state. At your Bloomberg Tries State Business Report, 532 00:28:52,000 --> 00:28:55,800 Speaker 1: I'm Ed Corey on Wall Street. Bloomberg Radio is on 533 00:28:55,880 --> 00:28:58,040 Speaker 1: the air from San Francisco to New York, London to 534 00:28:58,160 --> 00:29:00,480 Speaker 1: Hong Kong. Let's check in with our global news team 535 00:29:00,520 --> 00:29:02,200 Speaker 1: for some of the top stories heard on our three 536 00:29:02,280 --> 00:29:08,640 Speaker 1: hundred affiliate radio stations around the world. I'm Steve podas 537 00:29:08,720 --> 00:29:11,120 Speaker 1: Kan on ten ten Wins in New York. We're talking 538 00:29:11,160 --> 00:29:14,520 Speaker 1: about Wells Fargo offering a new MasterCard that will let 539 00:29:14,600 --> 00:29:18,320 Speaker 1: customers earn points and miles on their rent payments. I'm 540 00:29:18,440 --> 00:29:21,400 Speaker 1: Ginas Servettian for w b B. I'm in Chicago. I'm 541 00:29:21,480 --> 00:29:25,160 Speaker 1: reporting that as US airlines face heated competition for pilots, 542 00:29:25,320 --> 00:29:28,560 Speaker 1: some of them have shifted recruiting efforts to Australia. I'm 543 00:29:28,640 --> 00:29:32,040 Speaker 1: klin He called BlueBag Dab Disovidio in London. With're reporting 544 00:29:32,080 --> 00:29:34,720 Speaker 1: on the government cutting its stake in nat West below 545 00:29:35,600 --> 00:29:38,120 Speaker 1: more than a decade since the bailout of the bank. 546 00:29:38,400 --> 00:29:41,440 Speaker 1: I'm ed Gory im w w J in Detroit. I'm 547 00:29:41,480 --> 00:29:45,160 Speaker 1: reporting the CEO of First Date Bank will retire next month. 548 00:29:45,720 --> 00:29:47,800 Speaker 1: Those are some of the stories our twenty seven hundred 549 00:29:47,800 --> 00:29:50,560 Speaker 1: Bloomberg journalist and analysts are working on this morning around 550 00:29:50,640 --> 00:29:53,960 Speaker 1: the world. It's thirty nine on Wall Street. The following 551 00:29:54,120 --> 00:29:58,320 Speaker 1: is an editorial from Bloomberg Opinion. This editorial was written 552 00:29:58,400 --> 00:30:01,960 Speaker 1: by the Bloomberg Editorial Board earlier this month. In a 553 00:30:02,000 --> 00:30:05,360 Speaker 1: bid to ease pressure on global energy supplies, the US 554 00:30:05,440 --> 00:30:10,000 Speaker 1: open talks with the government of Venezuela's Nicolas Maduro. It 555 00:30:10,240 --> 00:30:14,400 Speaker 1: was a major reversal since accusing Maduro of stealing the 556 00:30:14,520 --> 00:30:19,000 Speaker 1: Venezuelan presidential election in twenty eighteen, The US has recognized 557 00:30:19,040 --> 00:30:22,600 Speaker 1: opposition leader Won Guido as the country's leader. The US 558 00:30:22,640 --> 00:30:27,400 Speaker 1: also imposed sanctions and blocked purchases from Venezuela's state owned 559 00:30:27,440 --> 00:30:31,840 Speaker 1: oil company. Yet there are few signs this maximum pressure 560 00:30:31,920 --> 00:30:35,880 Speaker 1: campaign who's weakened Maduro's grip on power. In the meantime, 561 00:30:35,960 --> 00:30:41,120 Speaker 1: the strategic environment has changed dramatically. Re Engaging with Venezuela 562 00:30:41,320 --> 00:30:44,920 Speaker 1: wouldn't just free upneeded oil supplies, it would also drive 563 00:30:44,960 --> 00:30:49,120 Speaker 1: a wedge between it and its chief patron, Russia. The 564 00:30:49,280 --> 00:30:52,200 Speaker 1: U S should remain clear eyed about the risks, of course, 565 00:30:52,280 --> 00:30:55,880 Speaker 1: but for now it's worth the gamble. This editorial was 566 00:30:55,960 --> 00:30:59,600 Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion, 567 00:30:59,680 --> 00:31:03,240 Speaker 1: please go to Bloomberg dot com, Slash Opinion or ope 568 00:31:03,320 --> 00:31:06,600 Speaker 1: I n go on the Bloomberg Terminal. This has been 569 00:31:06,720 --> 00:31:10,560 Speaker 1: Bloomberg opinion, and you can hear Bloomberg opinion editorials every weekday. 570 00:31:10,640 --> 00:31:13,920 Speaker 1: At this time, terminal customers can read more at O 571 00:31:14,120 --> 00:31:22,880 Speaker 1: P I n go. You're listening to Bloomberg Daybreak Bloomberg 572 00:31:22,920 --> 00:31:25,360 Speaker 1: eleven three oh weather partly sunny, breezy, highs only in 573 00:31:25,400 --> 00:31:28,000 Speaker 1: the mid thirties today. We'll get to around forty tomorrow, 574 00:31:28,320 --> 00:31:31,200 Speaker 1: increasing clouds for Wednesday, with highs in the mid forties 575 00:31:31,280 --> 00:31:38,520 Speaker 1: currently twenty four degrees in Central Park markets. Headlines and 576 00:31:38,720 --> 00:31:41,920 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 577 00:31:42,040 --> 00:31:45,640 Speaker 1: the Bloomberg Business apt and at Bloomberg Quick Tape. He's 578 00:31:45,640 --> 00:31:54,960 Speaker 1: a Bloomberg Business Flash and I'm Cameron Moscow. Sovereign bonds 579 00:31:55,000 --> 00:31:58,520 Speaker 1: are tumbling while European stocks again and US stock index 580 00:31:58,600 --> 00:32:02,680 Speaker 1: futures are little changed as economic risk from inflation and 581 00:32:02,800 --> 00:32:06,080 Speaker 1: tightening monetary policy hits sentiment. We check the markets every 582 00:32:06,120 --> 00:32:08,960 Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, U s 583 00:32:09,040 --> 00:32:11,480 Speaker 1: and P futures are little change this morning. Down the 584 00:32:11,560 --> 00:32:15,840 Speaker 1: futures are higher up thirty four nasdack features are down 585 00:32:16,160 --> 00:32:19,000 Speaker 1: forty two The decks in Germany's up one point six 586 00:32:19,120 --> 00:32:22,200 Speaker 1: percent ten. Your treasury down nine thirties seconds yield two 587 00:32:22,240 --> 00:32:24,520 Speaker 1: point five zero percent. That yield on the two year 588 00:32:24,600 --> 00:32:27,800 Speaker 1: two point three seven percent. Nine X Screwed oil is 589 00:32:27,880 --> 00:32:30,640 Speaker 1: down three point eight percent, down four dollars twenty seven 590 00:32:30,720 --> 00:32:32,760 Speaker 1: cents at a hundred nine dollars sixty three cents of 591 00:32:32,840 --> 00:32:36,760 Speaker 1: barrel comic skull down one point one in a quarter percent, 592 00:32:36,840 --> 00:32:39,880 Speaker 1: down at twenty four dollars eighty cents at nineteen thirty 593 00:32:39,960 --> 00:32:43,000 Speaker 1: five announce. The Euro is at one point nine eight 594 00:32:43,080 --> 00:32:45,320 Speaker 1: eight against the dollar, British pound one point three one 595 00:32:45,440 --> 00:32:48,200 Speaker 1: four zero, the en at one twenty four point to six, 596 00:32:48,600 --> 00:32:52,719 Speaker 1: and Bitcoin this morning is UH it's moving higher more 597 00:32:52,760 --> 00:32:55,479 Speaker 1: than two point two percent. It's at forty seven thousand, 598 00:32:55,600 --> 00:32:58,600 Speaker 1: one hundred thirty dollars. That's a Bloomberg business flash. Now 599 00:32:58,640 --> 00:33:00,720 Speaker 1: here's Michael bar with more and much going on a 600 00:33:00,800 --> 00:33:03,880 Speaker 1: rabble world. Michael Karen, thank you very much. President Joe 601 00:33:03,920 --> 00:33:06,480 Speaker 1: Biden sought to clarify his call for the removal of 602 00:33:06,560 --> 00:33:10,080 Speaker 1: the Vladimir Putin Blyden says that he was not seeking 603 00:33:10,160 --> 00:33:14,600 Speaker 1: regime change after European allies raised concern and critics said 604 00:33:14,960 --> 00:33:18,040 Speaker 1: that he was further in flaming tension with Russia. At 605 00:33:18,080 --> 00:33:21,920 Speaker 1: the Academy Awards, actor Will Smith slapped comedian Chris Rock 606 00:33:22,400 --> 00:33:25,240 Speaker 1: on live TV minutes before winning the Best Actor Oscar 607 00:33:25,640 --> 00:33:28,560 Speaker 1: Smith took offense after Rock made a joke about Smith's wife, 608 00:33:28,680 --> 00:33:33,080 Speaker 1: Jada Pinkett Smith. Jessica Chastain won for Best Actress. Apple's 609 00:33:33,160 --> 00:33:36,120 Speaker 1: Coda is the first streaming film to win Best Picture. 610 00:33:36,440 --> 00:33:38,360 Speaker 1: The Final four is set in the men's n C 611 00:33:38,440 --> 00:33:41,960 Speaker 1: Double A basketball tournament. North Carolina plays do Kansas will 612 00:33:42,000 --> 00:33:45,400 Speaker 1: face Villanova. In the NBA. Kyrie Irving played his first 613 00:33:45,480 --> 00:33:47,960 Speaker 1: home game of the season, but the Nets lost the 614 00:33:48,000 --> 00:33:50,560 Speaker 1: Knicks and Celtics won. The Wizards beat the Warriors in 615 00:33:50,640 --> 00:33:53,080 Speaker 1: the NHL. The Rangers won in ot over the Sabers. 616 00:33:53,160 --> 00:33:55,800 Speaker 1: The Devil's wanting to shootout over the Canadian end. The 617 00:33:55,880 --> 00:33:59,000 Speaker 1: Islanders lost. Global News twenty four hours a day on 618 00:33:59,160 --> 00:34:02,680 Speaker 1: air and Bloomberg Quickday, powered by more than twenty seven 619 00:34:02,720 --> 00:34:06,040 Speaker 1: hundred journalists and analysts in more than twenty countries. I'm 620 00:34:06,040 --> 00:34:09,120 Speaker 1: Michael Barr, and this is Bloomberg. Nathan. All right, Michael, 621 00:34:09,160 --> 00:34:11,080 Speaker 1: thank you. It's five forty nine on Wall Street Life 622 00:34:11,080 --> 00:34:14,760 Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. 623 00:34:14,800 --> 00:34:17,200 Speaker 1: And as Michael mentioned, the White House and President Bidener 624 00:34:17,239 --> 00:34:20,480 Speaker 1: in clean up mode after nine words. That came after 625 00:34:20,600 --> 00:34:24,280 Speaker 1: the end of the President's major speech in Warsaw, Poland, 626 00:34:24,440 --> 00:34:27,440 Speaker 1: capping off an ally rallying trip to Europe amid the 627 00:34:27,480 --> 00:34:30,000 Speaker 1: war in Ukraine. Let's get more now from Terry Haynes, 628 00:34:30,080 --> 00:34:33,000 Speaker 1: founder of Pangea Policy, joining us live this morning. Terry, 629 00:34:33,160 --> 00:34:36,200 Speaker 1: good morning. For God's sake, this man must not remain 630 00:34:36,360 --> 00:34:39,200 Speaker 1: in power. It's been two days since the President uttered 631 00:34:39,239 --> 00:34:41,320 Speaker 1: those words. Are still talking about them. How big a 632 00:34:41,400 --> 00:34:45,400 Speaker 1: deal is this? Really? Good morning? Nathan. Uh, you know, 633 00:34:45,600 --> 00:34:48,239 Speaker 1: I'm sorry to say it's a pretty big deal. Uh 634 00:34:48,600 --> 00:34:51,839 Speaker 1: it is. Uh it is not something to be taken back. Uh. 635 00:34:52,040 --> 00:34:55,839 Speaker 1: It is something that uh, you know, loose talk from 636 00:34:55,880 --> 00:34:59,160 Speaker 1: presidents is never a good idea. UM, and this is 637 00:34:59,200 --> 00:35:02,319 Speaker 1: the loosest of talk, and it's on a very uh 638 00:35:02,840 --> 00:35:06,279 Speaker 1: it's on a very consequential matter. Uh, you know, whether 639 00:35:06,440 --> 00:35:09,560 Speaker 1: regime change or not. Uh. It's not something that can 640 00:35:09,600 --> 00:35:14,360 Speaker 1: get wiped away uh easily quickly or anything else. I know. 641 00:35:14,520 --> 00:35:16,640 Speaker 1: On your air in the last hour, you had somebody 642 00:35:16,719 --> 00:35:21,480 Speaker 1: saying quite rightly that uh uh that it was you know, 643 00:35:21,600 --> 00:35:26,400 Speaker 1: something that you know, gave Sucker to U to putin, 644 00:35:26,480 --> 00:35:30,239 Speaker 1: allowed him to use this for propaganda purposes. Uh. It 645 00:35:30,400 --> 00:35:34,720 Speaker 1: makes the Ukraine war harder, too, harder to solve, harder 646 00:35:34,800 --> 00:35:40,560 Speaker 1: to end. Uh. And as the former acting CIA director 647 00:35:40,640 --> 00:35:45,280 Speaker 1: Mike Morrell said on air yesterday, probably helps drive China 648 00:35:45,360 --> 00:35:49,040 Speaker 1: and Russia's direction more as well. So you know, it's 649 00:35:49,080 --> 00:35:53,280 Speaker 1: not just it's not just a gaf Uh. It's policy reversal. 650 00:35:53,480 --> 00:35:56,080 Speaker 1: And it comes on top of at least two other 651 00:35:57,080 --> 00:35:59,719 Speaker 1: wobbles this week. Uh. You know that came out of 652 00:35:59,760 --> 00:36:03,880 Speaker 1: that and from Biden directly, that put US policy in question. 653 00:36:04,480 --> 00:36:07,960 Speaker 1: And so it's a big deal. And first and foremost 654 00:36:08,360 --> 00:36:11,719 Speaker 1: Biden and his team uh have half to tighten up, 655 00:36:11,800 --> 00:36:15,160 Speaker 1: have to be Unified half to tighten up. It's it's 656 00:36:15,200 --> 00:36:17,880 Speaker 1: not it's not a good day for this administration, probably 657 00:36:17,920 --> 00:36:21,080 Speaker 1: the worst. In fact, it's important to distinguish, I think, 658 00:36:21,120 --> 00:36:25,239 Speaker 1: between loose talk and policy reversal. You're saying it's both things, 659 00:36:25,320 --> 00:36:27,600 Speaker 1: at least that's what I heard. But the White House 660 00:36:27,680 --> 00:36:30,400 Speaker 1: is saying that they haven't changed policy. The regime change 661 00:36:30,800 --> 00:36:34,680 Speaker 1: is not the policy of the United States. Can the 662 00:36:34,800 --> 00:36:37,759 Speaker 1: White House do more to clean this up? Well, they're 663 00:36:37,760 --> 00:36:40,080 Speaker 1: gonna have to do an awful lot more. Uh. They're 664 00:36:40,080 --> 00:36:43,920 Speaker 1: gonna have to engage with the Russians publicly and privately 665 00:36:44,160 --> 00:36:47,680 Speaker 1: and uh and frankly, uh, it was already difficult to 666 00:36:47,760 --> 00:36:50,920 Speaker 1: do that. The White House that said that they weren't 667 00:36:50,920 --> 00:36:54,239 Speaker 1: getting calls back at least on the Russian military side. Uh. 668 00:36:54,480 --> 00:36:56,799 Speaker 1: And in order to in order to end this thing 669 00:36:57,200 --> 00:37:00,120 Speaker 1: communication and this thing being in the Ukraine War as 670 00:37:00,120 --> 00:37:03,560 Speaker 1: well as this particularly difficulty, Um, Uh, they're gonna have 671 00:37:03,680 --> 00:37:06,400 Speaker 1: to engage, you know, very much more. I mean, you know, 672 00:37:06,520 --> 00:37:10,440 Speaker 1: the you know, our own allies are appalled by, uh, 673 00:37:11,480 --> 00:37:13,640 Speaker 1: by the President appearing to kind of go out on 674 00:37:13,760 --> 00:37:17,840 Speaker 1: his own right after a NATO summit. Um, and you 675 00:37:17,920 --> 00:37:21,759 Speaker 1: know it, you know, whether or not it's a policy reversal. Uh, 676 00:37:22,000 --> 00:37:24,640 Speaker 1: you know, and you're quite right. The White House walked 677 00:37:24,680 --> 00:37:27,759 Speaker 1: this back very quickly, as they should. But whether they're 678 00:37:27,760 --> 00:37:30,480 Speaker 1: not this as an outright policy reversal, uh, you know, 679 00:37:30,640 --> 00:37:33,759 Speaker 1: takes a little bit more than just saying you know, um, 680 00:37:33,960 --> 00:37:37,279 Speaker 1: you know, missteps. Sorry. Uh, it's gonna take some demonstration. 681 00:37:37,680 --> 00:37:40,120 Speaker 1: But you've got, uh, you know, you have on top 682 00:37:40,200 --> 00:37:44,200 Speaker 1: of that, a couple of other things that that's happened. 683 00:37:44,640 --> 00:37:46,920 Speaker 1: You've got, you know, the situation, whether or not there 684 00:37:47,040 --> 00:37:50,680 Speaker 1: was a a green light into providing planes in Ukraine 685 00:37:50,800 --> 00:37:53,400 Speaker 1: or not. Secretary Lincoln said there was a few days later, 686 00:37:53,480 --> 00:37:56,840 Speaker 1: the President said there wasn't, um, you know, Russian regime 687 00:37:56,960 --> 00:37:59,600 Speaker 1: change or not. Just in the past week, we have 688 00:38:00,080 --> 00:38:03,560 Speaker 1: had whether or not Russian sanctions were intended to deter 689 00:38:04,200 --> 00:38:07,560 Speaker 1: Biden says no, But there's a a litany of administration 690 00:38:08,160 --> 00:38:11,640 Speaker 1: video and quote saying yes repeatedly. Um. And whether or 691 00:38:11,680 --> 00:38:13,920 Speaker 1: not the U. S. Troops would be used in or 692 00:38:14,040 --> 00:38:16,400 Speaker 1: had been used in Ukraine. So none of these are 693 00:38:16,480 --> 00:38:21,960 Speaker 1: small matters. And uh, you know, it raises difficult questions 694 00:38:22,040 --> 00:38:25,760 Speaker 1: for the White House. Uh. And you know, I certainly 695 00:38:25,800 --> 00:38:29,160 Speaker 1: hope they learned their lesson and UH and then tighten 696 00:38:29,280 --> 00:38:33,840 Speaker 1: up here drastically because UH, the wobbles in the United 697 00:38:33,880 --> 00:38:37,640 Speaker 1: States foreign policy only make the goals in Ukraine and 698 00:38:37,719 --> 00:38:40,560 Speaker 1: elsewhere much harder to achieve. And we'll be watching to 699 00:38:40,640 --> 00:38:44,120 Speaker 1: see what, if any fall out there is as negotiations 700 00:38:44,200 --> 00:38:47,200 Speaker 1: continue today between Ukraine and Russian as we continue to 701 00:38:47,280 --> 00:38:53,040 Speaker 1: follow the engagement under way with France as president and 702 00:38:53,120 --> 00:38:55,640 Speaker 1: the Russian president as well. Terry Haynes of Pangea as 703 00:38:55,680 --> 00:38:58,160 Speaker 1: always good to get your insights. Thank you so much, Karen, 704 00:38:58,480 --> 00:39:01,160 Speaker 1: Well Nathan. It is five War on Wall Street time 705 00:39:01,200 --> 00:39:03,160 Speaker 1: for the Bloomberg Law Report, and we get to the 706 00:39:03,239 --> 00:39:06,480 Speaker 1: legal stories we are watching this morning from Bloomberg's Jeff Bellinger. 707 00:39:09,719 --> 00:39:12,520 Speaker 1: The Internal Revenue Service says the last of its remote 708 00:39:12,560 --> 00:39:15,920 Speaker 1: workers will be brought back to offices in phases starting 709 00:39:16,040 --> 00:39:19,839 Speaker 1: late next month. Normal in person operations will begin. June 710 00:39:19,920 --> 00:39:23,360 Speaker 1: twenty five, a federal district court ruled that a challenge 711 00:39:23,440 --> 00:39:27,920 Speaker 1: by two hospitals over how Medicare calculates reimbursements was properly 712 00:39:28,040 --> 00:39:32,600 Speaker 1: dismissed by an administrative appeal board. Mississippi lawmakers agreed on 713 00:39:32,680 --> 00:39:35,719 Speaker 1: the biggest tax cut in that state's history. The state 714 00:39:35,840 --> 00:39:38,880 Speaker 1: is on a path to eventually phase out its personal 715 00:39:38,960 --> 00:39:43,439 Speaker 1: income tax. Bloomberg Law everything you need, all on one 716 00:39:43,560 --> 00:39:48,680 Speaker 1: legal research platform, including guidance analysis and Bloomberg Market Intelligence. 717 00:39:48,920 --> 00:39:52,479 Speaker 1: Find out more at Bloomberg Law dot com. Right, Jeff, 718 00:39:52,520 --> 00:39:54,920 Speaker 1: thank you Now. Another legal story we're watching brings US 719 00:39:54,960 --> 00:39:57,400 Speaker 1: to the war in Ukraine. The State Department is formally 720 00:39:57,480 --> 00:40:00,520 Speaker 1: accused Russian forces of committing war crime times based on 721 00:40:00,560 --> 00:40:04,600 Speaker 1: a review of available evidence from public and intelligence sources. However, 722 00:40:04,719 --> 00:40:08,360 Speaker 1: that accusation applies to Russian forces only, not to President 723 00:40:08,440 --> 00:40:11,239 Speaker 1: Vladimir Putin. For more, in the matter of Bloomberg's during 724 00:40:11,280 --> 00:40:14,560 Speaker 1: Grasso speaks to Kate mackintosh, executive director of the u 725 00:40:14,680 --> 00:40:18,759 Speaker 1: c L, a promise institute for human rights. The US 726 00:40:18,880 --> 00:40:21,640 Speaker 1: is not a member of the i c C. What's 727 00:40:21,719 --> 00:40:25,480 Speaker 1: the significance of the U S is formal accusation that 728 00:40:25,680 --> 00:40:28,960 Speaker 1: Russian forces have committed war crimes in Ukraine. Well, that 729 00:40:29,120 --> 00:40:32,520 Speaker 1: is a political determination, of course, not a legal determination. 730 00:40:32,680 --> 00:40:35,960 Speaker 1: That hasn't been an investigation, nothing has come before a court. 731 00:40:36,280 --> 00:40:38,719 Speaker 1: But declaring that there have been war crimes I think 732 00:40:38,840 --> 00:40:43,480 Speaker 1: signals the US is commitment to trying to prevent antique 733 00:40:43,480 --> 00:40:47,320 Speaker 1: accountability for them. So there is a general obligation on 734 00:40:47,480 --> 00:40:51,360 Speaker 1: all nations to not just respect, but to ensure respect 735 00:40:51,760 --> 00:40:54,360 Speaker 1: for the Geneva Conventions, in other words, to take some 736 00:40:54,520 --> 00:40:57,360 Speaker 1: action to ensure they're upheld. And we might think of 737 00:40:57,440 --> 00:41:00,399 Speaker 1: our an analogy with the Genocide Convention for exam. Sort 738 00:41:00,400 --> 00:41:03,800 Speaker 1: of statement by a political actor a government that genocide 739 00:41:03,920 --> 00:41:06,600 Speaker 1: is happening is not a legal determination, but it tends 740 00:41:06,640 --> 00:41:09,680 Speaker 1: to signal that that body is going to take some 741 00:41:09,800 --> 00:41:12,000 Speaker 1: action or that it considers that something needs to be 742 00:41:12,080 --> 00:41:14,239 Speaker 1: done in this situation. So I would say it is 743 00:41:14,320 --> 00:41:18,200 Speaker 1: a stronger position on the US's commitment to try and 744 00:41:18,280 --> 00:41:21,640 Speaker 1: prevent needs war crimes occurring and also to speak accountability 745 00:41:21,719 --> 00:41:26,000 Speaker 1: for them. This accusation applies to Russian forces, but not 746 00:41:26,160 --> 00:41:30,160 Speaker 1: to Putin himself. If Russia's committing war crimes, and Putin 747 00:41:30,280 --> 00:41:33,439 Speaker 1: is the president directing those crimes, why don't they also 748 00:41:33,560 --> 00:41:36,200 Speaker 1: call him a war criminal. Well, it's maybe a little 749 00:41:36,280 --> 00:41:39,000 Speaker 1: harder to establish based on what's been seen on the ground. 750 00:41:39,320 --> 00:41:41,399 Speaker 1: These are all statements that are being made without any 751 00:41:41,520 --> 00:41:45,200 Speaker 1: proper investigation, but they're being made, I presume in the 752 00:41:45,280 --> 00:41:48,160 Speaker 1: face of overwhelming evidence of war crimes being committed on 753 00:41:48,239 --> 00:41:52,120 Speaker 1: the ground time that back to an individual in Moscow 754 00:41:52,719 --> 00:41:57,520 Speaker 1: like President Putin himself, would require a more involved, tessive 755 00:41:57,560 --> 00:42:00,239 Speaker 1: evidence to really flesh out that chain of co owned 756 00:42:00,400 --> 00:42:02,719 Speaker 1: So I would imagine that they feel it might be 757 00:42:02,760 --> 00:42:05,560 Speaker 1: a little premature to suggest that they have that evidence. 758 00:42:06,600 --> 00:42:09,239 Speaker 1: And as Kate McIntosh, executive director of the u c 759 00:42:09,520 --> 00:42:12,960 Speaker 1: l A Promise Institute for Human Rights, speaking with Bloomberg 760 00:42:13,040 --> 00:42:15,960 Speaker 1: student Grosso, catch more than interview plus analysis of the 761 00:42:16,040 --> 00:42:18,920 Speaker 1: latest legal news by listening to the Bloomberg Law Show 762 00:42:18,960 --> 00:42:21,760 Speaker 1: at ten pm Eastern Time or subscribing to the Bloomberg 763 00:42:21,880 --> 00:42:25,320 Speaker 1: Law Podcast, and attorneys can find exceptional legal research and 764 00:42:25,400 --> 00:42:29,440 Speaker 1: business development tools at Bloomberg Law dot com and S 765 00:42:29,520 --> 00:42:32,320 Speaker 1: and P futures are down about five points this morning. 766 00:42:32,480 --> 00:42:36,319 Speaker 1: DAL futures are little changed and NASDAGG futures are down. 767 00:42:36,480 --> 00:42:39,520 Speaker 1: Fifty ten year treasury down eight thirties seconds. You're two 768 00:42:39,560 --> 00:42:42,560 Speaker 1: point five zero percent and the yield on the two 769 00:42:42,680 --> 00:42:45,560 Speaker 1: year at two point three seven percent, and our top 770 00:42:45,640 --> 00:42:48,160 Speaker 1: stories are straight ahead. This is Bloomberg