Speaker 1: Live from the Bloomberg and Director Burger Studios. This is
Speaker 1: Bloomberg Daybreak for Monday, March two. Coming up this hour,
Speaker 1: another round of peace talks gets under way between Ukraine
Speaker 1: and Russia. The White House tries to walk back President
Speaker 1: Biden's comments on Vladimir Putin, and in markets, the steepest
Speaker 1: global bond route of the modern era shows no signs
Speaker 1: of slowing. The January sixth Panel files contempt cases against
Speaker 1: two former Trump allies. Plus it made Academy Awards history,
Speaker 1: but not in a good way. I'm Michael bar More
Speaker 1: straight Ahead, I'm John Stashdown Swards Kyrie. Everying first home game,
Speaker 1: the Nets lost wins with the Knicks and Rangers, and
Speaker 1: the n C Double eight tournament is down to the
Speaker 1: final four. That's all straight Ahead on Bloomberg, Gay Break,
Speaker 1: on Bloomberg eleven, Treeo, New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine six, San Francisco,
Speaker 1: Sirius x M one nine Team, and around the world
Speaker 1: on Bloomberg Radio dot Com and via The Bloomberg Business.
Speaker 1: Good Morning, I'm Nathan Hager and I'm Karen Moscow and
Speaker 1: Nasdaq futures are lower to start the week. We are
Speaker 1: coming up to five oh one on Wall Street and
Speaker 1: we check the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. Right now, NASDACK features are lower, down
Speaker 1: twenty eight points. SNP futures are a little change, and
Speaker 1: DAL futures are up to thirty eight. The decks in
Speaker 1: Germany is at one point six perst cent. The ten
Speaker 1: year treasury down eight thirty seconds yea two point five
Speaker 1: zero percent, and they yield on the two year two
Speaker 1: point three eight percent. NIMEX screwed oil is down three
Speaker 1: point eight per cent on four dollars thirty three cents
Speaker 1: at a hundred nine dollars fifty seven cents a barrel. Nathan,
Speaker 1: all right, Karen, we'll have more on the markets in
Speaker 1: a minute. But first, peace talks between Ukraine and Russia
Speaker 1: resumed this week in Turkey. The meetings come as several
Speaker 1: Ukrainian cities continue to take heavy fire. We get more
Speaker 1: from Bloomberg Managing editor Dan ten Kate. So let's do
Speaker 1: is out again speaking about what Ukraine would be willing
Speaker 1: to discuss in these talks. One you know, ready to
Speaker 1: declare neutrality, abandoned the push to join NATO, vow not
Speaker 1: to develop nuclear weapons. And you know, the key one
Speaker 1: is basically saying that they're willing to talk about that
Speaker 1: Dombus region where Russia really had troops already before the
Speaker 1: war started. And this is sort of an acknowledgement from
Speaker 1: the Ukrainians that, okay, you know, maybe we could move
Speaker 1: the troops back to the positions where they were pre war.
Speaker 1: Bloomberg's Dantancate reports that talks resume while heavy explosions were
Speaker 1: heard in several Ukrainian cities overnight. Local authorities expect civilians
Speaker 1: to keep plaeing the devastated city of Maropol. And those
Speaker 1: peace talks, however, Nathan, are being overshadowed by comments made
Speaker 1: by President Biden. Some off the cover marks about Russian
Speaker 1: President Vladimir Putin are garnering serious attention. And here's what
Speaker 1: the President said Saturday. For God's sake, this man cannot
Speaker 1: remain Almost immediately, the White House trying to walk back
Speaker 1: those words over the weekend, and we get more raba,
Speaker 1: Bloomberg said Baxter. The President says he was not advocating
Speaker 1: regime change in Russia and that he was just answering
Speaker 1: a reporter's question earlier in the day. Secretary of State
Speaker 1: Anthony Blancott also walked back the original statement. We do
Speaker 1: not have a strategy of regime change in Russia or
Speaker 1: anywhere else for that matter. Now, the US Ambassador to NATO,
Speaker 1: Julianne Smith, says the President had spent all day with refugees,
Speaker 1: listening to heartbreaking stories. In the moment, I think that
Speaker 1: was a principled human reaction to the stories that he
Speaker 1: had heard that day. But French President Amanya mccron is
Speaker 1: warning against words or actions that could inflame the region.
Speaker 1: In San Francisco. I'm at Baxter Bloomberg Daybreak. All right, ed,
Speaker 1: thank you. Let's turning to President Biden's agenda back home now.
Speaker 1: The White House releases its budget proposal today. It's expected
Speaker 1: to detail a minimum tax rates for households worth more
Speaker 1: than one million dollars. Amy Morris has the details from
Speaker 1: our Bloomberg mid Washington. The White House calls it the
Speaker 1: Millionaire Minimum Income Tax. It's the most aggressive proposal yet
Speaker 1: by the administration to increase taxation on the wealthiest Americans.
Speaker 1: If enacted, it will hit both the income and the
Speaker 1: unrealized capital gains of hundred million dollar households and generate
Speaker 1: an estimated three hundred sixty billion dollars in new revenue
Speaker 1: over the next decade. That's more than a third of
Speaker 1: the White Houses projected trillion dollar cut to deficit spending
Speaker 1: over that period. In Washington, I maybe Morris Bloomberg daybreak right, Amy,
Speaker 1: thank you. The economy is also in focus this week.
Speaker 1: Friday brings the government's jobs report for March, and we
Speaker 1: get more from Bloomberg's Viney down judas. US unemployment is
Speaker 1: poised to fall, with jobless claims the lowisons in the
Speaker 1: nineteen sixties and job openings at records. The March trade
Speaker 1: could go as low as three point six or three
Speaker 1: point seven percent. According to some forecasters. Unemployments at a
Speaker 1: record high of fourteen point seven percent in April one,
Speaker 1: the pandemic struck the record load two point five percent
Speaker 1: dates back to the nineteen fifties. Also this week, h
Speaker 1: S M factory data consume we're spending consumer confidence break thanks, Vinny.
Speaker 1: Fixed income is front and center this morning. Is the
Speaker 1: steepest global bond route of the modern era shows no
Speaker 1: sign of slowing. Ten year treasure yelds of climbed past
Speaker 1: two and a half percent, Yields on five year notes
Speaker 1: rose above those on thirty year bonds and inversion for
Speaker 1: those maturities for the first time since two thousand and six.
Speaker 1: It's just concern over an economic downturn and perhaps even
Speaker 1: a recession. Well, Nathan, we're seeing big moves in the
Speaker 1: Japanese yenn this morning. This after the Bank of Japan
Speaker 1: offered to buy an unlimited amount of bonds for three
Speaker 1: straight days. It's the first time the central bank has
Speaker 1: made such a move. And checking the yen, it's trading
Speaker 1: at the weakest level in seven years at a hundred
Speaker 1: twenty four point six two against the dollar. How many
Speaker 1: time Karen Covid is threatening economic activity in China again.
Speaker 1: Shanghai has declared a lockdown to combat a surge in cases.
Speaker 1: We get the tales from Bloomberg's Emma O'Brien looking down
Speaker 1: for four days one part of the city, which does
Speaker 1: include the financial district in Podong, and then the next
Speaker 1: four days after that locking down the other side of
Speaker 1: the city. And during those four day periods they will
Speaker 1: be mass testing the entire population as part of China's
Speaker 1: COVID zero strategy, which they are maintaining to really root
Speaker 1: out and suppress virus cases. And Bloomberg exam O'Brien says
Speaker 1: the lockdowns will extend to the roads. Private cars will
Speaker 1: not be allowed to drive unless necessary, and Nathan that
Speaker 1: lockdown will hit production for Tesla in China. Bloomberg News
Speaker 1: has learned the electric car maker is extending a production
Speaker 1: pause at its Shanghai plant for another four days because
Speaker 1: of the restrictions. The original plan called forces spending production
Speaker 1: just one day. I meantime, in southern China, care and
Speaker 1: investigators have recovered the second black box from last week's
Speaker 1: deadly China Eastern plane crash. All one thirty two people
Speaker 1: on board were killed when the jet nose dived from
Speaker 1: nearly thirty thousand feet. We get the latest from Bloomberg's
Speaker 1: Philip Glaman. Investigators in Woodjow here in southern China have
Speaker 1: a big booster investigations by planning the second black box
Speaker 1: that gives them information on the movement of the plane
Speaker 1: in the performance of the engine. And he goes along
Speaker 1: with the black box that found earlier that records of
Speaker 1: what was said in the cockpit. Bloomberg's Philip glam And
Speaker 1: says the flight data recorder has been sent to Beijing
Speaker 1: for analysis. Straight ahead, your latest local headlines and a
Speaker 1: check of sports. This is Bloomberg. It's sound five oh
Speaker 1: seven on Wall Street. We're twenty four degrees in Central Park.
Speaker 1: Vehicle fire earlier on eastbound cross Bronx Expressway and your
Speaker 1: bronxter Parkway. We'll get the details on that for you
Speaker 1: in traffic. First, Michael bar is here with what else
Speaker 1: is going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. The Cinderella team of
Speaker 1: the n C Double a man's basketball tournament, we'll still
Speaker 1: get a hero's welcome. After being illuminated. St. Peter's University
Speaker 1: lost to North Carolina, the Peacocks made tournament history as
Speaker 1: the first fifteen seed to reach the Elite eight. Fans
Speaker 1: back home in Jersey City launched the game, cheering for
Speaker 1: how far the team advanced. They had a great season.
Speaker 1: He really can't say nothing bad about it. Jersey City
Speaker 1: Mayor Stephen Fullip said on Twitter that after the Peacocks
Speaker 1: had their historic tournament run, the city would still hold
Speaker 1: a parade and the Keys to the City ceremony for
Speaker 1: the team. The January sixth Panel says two ex advisors
Speaker 1: to former President Donald Trump should be held in contempt
Speaker 1: of Congress because they are withholding information at the House.
Speaker 1: Committee considers central to its investigation of events surrounding last
Speaker 1: year's attack on the U. S. Capitol. According to a
Speaker 1: report released by the investigating Committee, former White House Deputy
Speaker 1: Chief of Staff for Communications Dan Scavino may have had
Speaker 1: advance morning about the potential for violence. The panel is
Speaker 1: set to meet tonight to hold on recommending that the
Speaker 1: House of Representatives holds Comino and Trump's trade advisor Peter
Speaker 1: Navarro in contempt. The Academy Emotion, Pictures, Arts and Sciences
Speaker 1: says it does not condone violence in any form. After
Speaker 1: fireworks at Sunday Nights OSCARS, minutes before we're accepting his
Speaker 1: Best Actor award, Will Smith slap presenter Chris Rock on
Speaker 1: stage after taking offense to a joke about his wife Jada,
Speaker 1: I love him, g I Jane two. Can't wait to
Speaker 1: see it all right? And that was that was a
Speaker 1: nice one. Okay? How about here? Oh Richard? Oh Wow.
Speaker 1: Smith later accepted the Best Actor award for King Richard
Speaker 1: l said to me a few minutes ago. He said, actually,
Speaker 1: highest moment, be careful. That's when the devil comes for you.
Speaker 1: It's like a tass. Staine won the Best Actress Award.
Speaker 1: The movie Coda on Apple won for Best Picture. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than journalists and analysts
Speaker 1: are more than twenty countries. Michael Barrn, this is Bloomberg. Nathan. Okay, Michael,
Speaker 1: thank you. Coming up to five ten on Wall Street
Speaker 1: time for the Bloomberg Sports up taked morning, John Stan,
Speaker 1: Good morning Nathan, and the nets thirty six home game
Speaker 1: of the season, the first for Kyrie Irving. His story
Speaker 1: well known as refusal to get the vaccine, a hot
Speaker 1: topic not only in sports but at city hall. Last
Speaker 1: week the private sector mandate lifted for him, and Kyrie
Speaker 1: took the floor in Brooklyn. My presidents out there, which
Speaker 1: are bigger than the basketball game, you know, which is
Speaker 1: representing a lot of individuals better out there in similar
Speaker 1: situation as me. Um And now that I have the playoff,
Speaker 1: I think you should deal to bit for everybody. I
Speaker 1: don't take it for granted. What happened tonight. It was
Speaker 1: his story. I'm great for that I got a chance
Speaker 1: to be out there with my brothers. The game did
Speaker 1: not go well. Irving shot just six of twenty two.
Speaker 1: The Nets lost to Charlotte one nine, one ten, almost
Speaker 1: certainly too late for the Knicks playoff hosts, but they
Speaker 1: are playing better of late. At three and oh roach trip.
Speaker 1: They held on at Detroit one oh four one oh two.
Speaker 1: Knicks blew at twenty one point leave, but Alec Berk's
Speaker 1: the hero down the stretch of big three point shot
Speaker 1: in at the game saving steel at the Garden. Ranger
Speaker 1: over Buffalo five for the Coandre Miller Gold too mon
Speaker 1: attend to overtime. Recent Ranger pick up Frank Patranto scored
Speaker 1: two goals eighteen seconds apart in the opening period. Islanders
Speaker 1: lost to Tampa Bay the Devil's top Montreal in the shootout.
Speaker 1: The clock did strike midnight for Cinderella. St. Peter has
Speaker 1: lost My twenty to North Carolina. The Peacocks could be
Speaker 1: losing their coach now. Shaheen Holloway, widely expected to leave
Speaker 1: to become the head coach at his alma mater, Seaton Hall.
Speaker 1: Carolina is going to its twenty first final four and
Speaker 1: in New Orleans will play arch rival Duke sixteenth Final
Speaker 1: four for Kansas and crushed Miami will now take on Villanova.
Speaker 1: Mets had their aces on a mound. Jacob DeGrand pitched
Speaker 1: three and as Max Schers are the last six together
Speaker 1: twelve strikeouts in the met win the Yankees one, even
Speaker 1: though they're ace. Garrett Cole give up a couple of
Speaker 1: home runs. John stash Atward Bloomberg Sports Nathan Okay, John
Speaker 1: thanks SMP futures down down five point stout futures up
Speaker 1: to nast at futures are lower by fifty points. The
Speaker 1: ten your treasury is down down six thirty seconds. The
Speaker 1: yield at two point four nine percent. Take a look
Speaker 1: at the markets with a more aggressive Dennis Gartman, former
Speaker 1: publisher of the Gartment Letter, joins us. Next. This is
Speaker 1: Bloomberg Bloomberg eleven three oh weather turning partly sunny, breeze
Speaker 1: and cold. Today. High is only in the mid thirties.
Speaker 1: We'll get up to around forty tomorrow with a breeze,
Speaker 1: increasing clouds Wednesday, with highs in the mid forties. Right
Speaker 1: now twenty four in central Park markets headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com
Speaker 1: and Bloomberg Business Outland. At Bloomberg Quick Tape, He's a
Speaker 1: Bloomberg Business Flash and I'm Karen Moscow sovereign bonds are
Speaker 1: tumbling while European stocks are gaining In US Dock Index
Speaker 1: futures are falling once again as economic risks from inflation
Speaker 1: and tightening monetary policy hits sentiment. We checked the markets
Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right now,
Speaker 1: U s and P futures are down eight points down,
Speaker 1: futures down fourteen, nasdack futures down sixty one. The DAD
Speaker 1: and Germany's have one point three percent. Ten year treasury
Speaker 1: down six thirties seconds. You have two point four nine
Speaker 1: percent the yield on the two year two point three
Speaker 1: seven percent. Nimex Screwed oil is down three point eight
Speaker 1: percent on four dollars twenty eight cents at a hundred
Speaker 1: nine dollars sixty two cents a barrel. Kovacs gold is
Speaker 1: down one point four percent, or twenty seven dollars ninety
Speaker 1: cents At nineteen thirty one. Ninety announced the euro one
Speaker 1: point o nine seven four against the dollar British found
Speaker 1: one point three one two nine, the yen at one
Speaker 1: twenty four point six six, and bitcoin this morning moving
Speaker 1: higher up about two percent at forty seven thousand, sixteen dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Muchael Barr with
Speaker 1: more on what's going on around the world. Muchael, Good morning,
Speaker 1: Good morning. Karen. Ukrainian and a Russian officials announced that
Speaker 1: they have agreed to a new round of in person
Speaker 1: peace talks to be held in Turkey. It comes as
Speaker 1: the White House walks back comments President Biden made about
Speaker 1: Vladimir Putin, saying this man cannot remain in power. It
Speaker 1: is the water cooler talk today. During last night's account
Speaker 1: Me Awards, Will Smith slapped Chris Rock on stage after
Speaker 1: the comedian made a joke about Smith's wife, Jada Pinkett Smith.
Speaker 1: Smith later won the Best Actor, Oscar Jessica Chastain won
Speaker 1: Best Actress. Coda from the Apple streaming Service won for
Speaker 1: Best Picture. The final four set of the Man's nc
Speaker 1: Double A basketball tournament, North Carolina plays Duke Kansas will
Speaker 1: face Villanova in the NBA. Kyrie Irving played his first
Speaker 1: home game of the season, but the Nets lost. The
Speaker 1: Knicks and Celtics won. The Wizards beat the Warriors, NHL
Speaker 1: Rangers one in ot over the Sabers, the Devil's won
Speaker 1: in a shootout over the Canadiens. The Islanders lost. Global
Speaker 1: News twenty four hours a day on here and on
Speaker 1: Bloomberg Quick Take, powered by more than journalists analysts in
Speaker 1: more than a hundred twenty countries. I'm Michael Barr, and
Speaker 1: this is Bloomberg Nathan. Okay, Michael, thanks for coming up
Speaker 1: to five twenty on Wall Street Line from the Bloomberg
Speaker 1: Interactive Brokers Studios. This is Bloomberg Daybreak as we get
Speaker 1: the trading weeks started. We're joined by Dennis Startman, former
Speaker 1: publisher of the Gartment Letter, now Chairman of the University
Speaker 1: of Akron and Dowmind Investment Committee. Dennis, Good morning. Tension
Speaker 1: isn't only on the Academy Awards stage onder in Hollywood.
Speaker 1: We're also seeing lots of tension playing out in the
Speaker 1: bond market this morning. The global route continues fives and
Speaker 1: thirties inverted. What is the bond market signaling right now?
Speaker 1: The bottom? I'm afraid the bondom market is signal that
Speaker 1: the set is going to be a little tighter than
Speaker 1: people had anticipated, that the economy is going to be
Speaker 1: a little weaker than anticipated, that recession is a possibility.
Speaker 1: The fact I watched the five year ten year spread,
Speaker 1: and the fact that you've got five years now at
Speaker 1: a substantial premium over ten years. The yield curve belly
Speaker 1: of the of the curve has inverted. It did so
Speaker 1: about two weeks ago. It continues to move towards an
Speaker 1: inversion two is or heading quietly higher, likely to go
Speaker 1: to an inversion over ten. So the yield curve itself
Speaker 1: in the major area of the curve, in the middle
Speaker 1: of the curve is going to an inversion. I think
Speaker 1: it's delty the stock market. I think it's deletarious to
Speaker 1: the economy, and I think it tells you that recession
Speaker 1: is a possibility, so be careful out there. How much
Speaker 1: of a possibility do you see a recession? I think
Speaker 1: within the next year there's the sixties sixties. Probability of
Speaker 1: recession coming just depends how inverted the yeld curve gets.
Speaker 1: People want to talk about the fact that the curve
Speaker 1: has in the past not been the greatest anticipator of recessions. Well,
Speaker 1: every recession we've had has been and has seen the
Speaker 1: inn inverted curve. But we've seen in inverted curves and
Speaker 1: not had recessions. However, when you have an inverted curve
Speaker 1: in and a spike in crude oil prices, the odds
Speaker 1: of recession go up rather dramatically. So I think it's
Speaker 1: at least in the course of the next twelve months.
Speaker 1: I think it's very likely possibility. Well, what do you
Speaker 1: think the FED is going to do? Obviously the market
Speaker 1: has priced in now two full percentage point hikes by
Speaker 1: the end of this year. We've heard from analyst at
Speaker 1: City Group calling for fifty basis point increases at the
Speaker 1: next four meetings. Do you think the FED will be
Speaker 1: that aggressive? I doubt the FED will be that so
Speaker 1: I doubt that they'll go fifty in the next two
Speaker 1: I think they'll go fifty, so I shouldn't say certainly,
Speaker 1: but very probably in the May meeting. I doubt that
Speaker 1: they'll go fifty in the next meeting after that. But I,
Speaker 1: having been in the market for forty five years, if
Speaker 1: I've learned anything about the FED, it's that when they
Speaker 1: begin to tighten, or when they begin to ease. They
Speaker 1: moved rates much farther than anybody can possibly anticipate in
Speaker 1: either direction. The fact is that the FED has remained
Speaker 1: far too very for far too long. They will have
Speaker 1: to remain contractionary for far too long and and take
Speaker 1: rates far higher than people anticipate. Where will where will
Speaker 1: the overnight said funds right be a year from now
Speaker 1: demonstrably higher than it is right now? But are we
Speaker 1: going to see fifties and fifties and fifties on the
Speaker 1: next several meetings? I doubt that substantially. I think the
Speaker 1: FED fears uh imposing recession upon the economy, so it'll
Speaker 1: be reticent to move fifty fifty fifty. But will it
Speaker 1: take great higher over the course of next year and
Speaker 1: a half or so, There's not a question about that.
Speaker 1: Do you think the FED can pull off a soft
Speaker 1: landing with the with the path it it's laid out. No,
Speaker 1: the FET has been unable to to create soft landings
Speaker 1: in the past. I think the feds ability to create
Speaker 1: a soft landing in the future is is marginal at best.
Speaker 1: The set has heard badly almost every time it has
Speaker 1: taken an action of major consequence in the in the
Speaker 1: course of history. I don't see that there there any
Speaker 1: smarter now than they were ten years ago, fifteen years ago,
Speaker 1: thirty years ago, fifty years ago. The federal or badly
Speaker 1: in all directions, always has and always will. So where
Speaker 1: do you find hedges in this market? We've heard some
Speaker 1: talk about large cap stocks being the new inflation heads.
Speaker 1: Do you think that's a good idea? The only thing
Speaker 1: I trade for myself and I have some some control
Speaker 1: University of Akrons endowment, and I've reduced my exposure to
Speaker 1: the stock market dramatically. The only areas of the stocks
Speaker 1: that I own are oil companies and a few large
Speaker 1: cap high dividend payers that that whose dividends are covered
Speaker 1: rather dramatically and covered well. So I'm taking an old
Speaker 1: kur mudgeon's rather substantive portfolio blue chips, high dividend payers.
Speaker 1: I'm away from tech. I I don't trust tech even slightly,
Speaker 1: and I don't trust small cap. And one thing that
Speaker 1: I won't have any interest at all, and it's it's
Speaker 1: emerging markets. I'll leave that to other people. As my
Speaker 1: friend Don Cox once said, the definition of an oranging
Speaker 1: market is a market from which you cannot emerge in
Speaker 1: an emergency, and I remained, I think that's one of
Speaker 1: the great lines of all time. Thanks, as always for
Speaker 1: your insights, then it's good to have you on with us.
Speaker 1: Dennis Gartman, former publisher of the Gartment Letter, now Chairman
Speaker 1: of the University of Akron Endowment Investment Committee. Futures slightly
Speaker 1: lower now with SMP futures down seven point, staff futures
Speaker 1: little change, nest ACK futures lower by fifty nine points.
Speaker 1: The tenure treasury is now down seven thirty seconds, the
Speaker 1: yield just shive two and a half percent, yield on
Speaker 1: the two year two point three seven percent, and nim
Speaker 1: X crewed right now down three eight percent, down four
Speaker 1: dollars thirty eight cents at a hundred nine dollars fifty
Speaker 1: two cents a barrel. You're listening to Bloomberg Daybreak Bloomberg
Speaker 1: eleven three oh weather tourney partly sunny, breezy, cold today
Speaker 1: with highs only in the mid thirties, will be near
Speaker 1: forty breezy tomorrow, sunshine Wednesday followed by increasing clouds with
Speaker 1: currently in Central Park. Broadcasting live from the Bloomberg Interacted
Speaker 1: Broker Studio in New York. Bloomberg e Living Freedom to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one
Speaker 1: do San Francisco, Bloomberg N sixty to the country, Sirius
Speaker 1: XM to the one nineteen and around the globe the
Speaker 1: Bloomberg Business app in Bloomberg Radio dot Com. This is
Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karin Moscow, and we're just
Speaker 1: about four hours away from the open of US trading.
Speaker 1: Let's catch you have to date in the news. You
Speaker 1: need to know what this show or Peacetos between Ukraine
Speaker 1: and Russia resuming Turkey this week, but that's being overshadowed
Speaker 1: by comments by President Biden over the weekend. He took
Speaker 1: aim at the leadership of Vladimir Putin. We'll have a
Speaker 1: different future, of brighter future, rooted democracy. In principle, open
Speaker 1: right j is the indignitive freedom of possibilities. For God's sake,
Speaker 1: this man couldnot remain and quote, this man cannot remain
Speaker 1: in power. Those words reverberating across Europe this morning. The
Speaker 1: White House trying to clarify the president's re mark, saying
Speaker 1: he was not calling for regime changes in Russia. Well,
Speaker 1: critics say President Biden's comment is a boost for Putin,
Speaker 1: Karen and we get more on that from Bloomberg International
Speaker 1: Affairs reporter Mark Champion. The words of what they are,
Speaker 1: they are a gift to as and Putin, who has
Speaker 1: been arguing that this is not a war against Ukraine.
Speaker 1: It's a award to defend Russia against Western attempts to
Speaker 1: destroy Russia. So, you know, unfortunately it's a gift to
Speaker 1: him in propaganda terms. You know, when you have a
Speaker 1: leader who is now seen as somewhat isolated paranoid in Moscow,
Speaker 1: it really doesn't help to suggest that that's the kind
Speaker 1: of thinking that is going on in Washington, whether or
Speaker 1: not it is the public position. Bloomberg's Mark Champions has
Speaker 1: both France and the UK are distancing themselves from President
Speaker 1: Biden's comments. One White House officials suggests the president's remarks
Speaker 1: were influenced by stories of suffering he heard from Ukrainian refugees.
Speaker 1: Nathan Meantime, back in Washington, the White House releases as
Speaker 1: a budget proposal today is expected to detail a billionaire
Speaker 1: minimum income tax, which would implement a minimum twenty tax
Speaker 1: rate for households worth more than one hundred million dollars.
Speaker 1: The rate would hit both income and unrealized capital gains,
Speaker 1: turning into market's care and it's all about fixed income.
Speaker 1: This morning, the steepest global bond route of the modern
Speaker 1: era shows no signs of slowing. Ten year treasury yields
Speaker 1: of climbed past two and a half percent, Yields on
Speaker 1: five year notes rose above those on thirty year bonds
Speaker 1: and inversion for those maturities for the first time since
Speaker 1: two thousand six. And we're seeing big moves in the
Speaker 1: Japanese end this morning, Nathan. That's after the bank in
Speaker 1: Japan offered to buy an unlimited amount of bonds for
Speaker 1: three straight days. It's the first time the central bank
Speaker 1: has made such a move. And checking the yen, it's
Speaker 1: trading at the weakest level in seven years, at one
Speaker 1: or twenty four point four eight against the dollar, and
Speaker 1: futures this morning. S and P futures are down five
Speaker 1: points down, futures are little changed, and NASDACK futures down
Speaker 1: about fifty five. Tenure treasury down eight thirty seconds. You
Speaker 1: have two point five zero per cent straight to had
Speaker 1: your latest local headlines plus a check of sports. And
Speaker 1: this is Bloomberg three in Wall Street, twenty four degrees
Speaker 1: in Central Park in Eastbround Cross. Bronx Expressway is closed
Speaker 1: now at the Bronx Hire Parkway. Will tell you why
Speaker 1: in traffic in just a minute. First, Michael Bars here
Speaker 1: with more of what's going on in New York and
Speaker 1: around the world. Michael, thank you very much. Nathan. The
Speaker 1: January six panels has two x advisors to former President
Speaker 1: Donald Trump should be held in contempt of Congress because
Speaker 1: they are withholding it from nation that a House committee
Speaker 1: considers central to its investigation of events surrounding the attack
Speaker 1: on the US Capitol. The investigating committee named former White
Speaker 1: House Deputy Chief of Staff for Communications Dan's Cavino and
Speaker 1: former Trade advisor Peter Navarral. The Pennel will meet tonight.
Speaker 1: The Cinderella team of the n C Double A men's
Speaker 1: basketball tournament will still get a parade after being eliminated. St.
Speaker 1: Peter's University lost in North Carolina, the Peacocks made tournament
Speaker 1: history as the first fifteen seat to reach the Elite eight.
Speaker 1: Fans back home in Jersey City watched the game, cheering
Speaker 1: for how far the team advanced. We're gonna come back
Speaker 1: next season. We're gonna win next season, Jersey City Mayor
Speaker 1: Steve Phillips said on Twitter. The city will also hold
Speaker 1: the Keys to the City ceremony for the team. Pushback
Speaker 1: from top Capitol Hill lawmakers following the announcement at the
Speaker 1: Veterans Administration plans to close dozens of v A hospitals
Speaker 1: and clinics across the country to build new facilities. Senate
Speaker 1: Majority Leader Chuck Schumers said he's urging to be you
Speaker 1: to rethink the planned hospital closures. We are gonna fight
Speaker 1: this proposal tooth and nail. We're gonna put a dagger
Speaker 1: through its heart. It is not gonna see the love.
Speaker 1: And we're here doing it now because we're gonna nip
Speaker 1: this in the butt. Senator Schumer spoke alongside military heroes
Speaker 1: in New York. It's a moment that will be talked
Speaker 1: about in the history of the Academy Awards. Actor Will
Speaker 1: Smith slapped comedian Chris Rock on Live TV minutes before
Speaker 1: winning the Best Actor Oscar. Rock had joked that Smith's wife,
Speaker 1: Jada Pinkett Smith, could be in the next g I.
Speaker 1: Jane movie, a reference to her very short hair. She
Speaker 1: has alopecia disease, which causes here lost. Smith addressed the
Speaker 1: incident during his acceptance speech for his role in King Richard,
Speaker 1: Very Like Crazy five and just like they said about
Speaker 1: Richard Williams, um but love will make you do crazy things.
Speaker 1: Jessica Chastain won the Oscar for Best Actress. Apple's Coda
Speaker 1: one Best Picture. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than seven hundred journalists analysts in more than a hundred
Speaker 1: twenty countries. Michael Barr, this is Bloomberg Nick. Thank you,
Speaker 1: Michael all Street. Time for the Bloomberg Sports Update with
Speaker 1: john stonnshown. Thanks Nathan. The Nets waited about five months
Speaker 1: for Kyrie Irving to be allowed to play a home
Speaker 1: game despite being unvaxed. He finally did last night, and
Speaker 1: they had one of his worst games, shot just six
Speaker 1: of twenty two. I was played by Charlotte's young point
Speaker 1: guard LaMelo Ball has scored thirty three points. The Hornets
Speaker 1: beat the Nets in Brooklyn one nineteen to one ten
Speaker 1: Nicks at one point Lee, but held on at Detroit
Speaker 1: one oh four one oh two Nicks have won six
Speaker 1: of their last eight. Road games are home tonight for Chicago.
Speaker 1: Last night at the Garden, the Rangers, in a back
Speaker 1: and forth game, won five four and overtime over Buffalo
Speaker 1: DeAndre Miller, the game winner two minutes into hot The
Speaker 1: Devil's won in a shootout. The Islanders loss. Yes, the
Speaker 1: Slipper no longer fits, but St. Peter's will be remembered
Speaker 1: for perhaps the greatest Cinderella run an n C Double
Speaker 1: A tournament history. The coach the pet cock in Holloway.
Speaker 1: No one, no one believed it. But the people are
Speaker 1: in a locker room and people you know that that's
Speaker 1: that's a not programmed flow administration know us and and
Speaker 1: and and may history. You know, they shocked the world.
Speaker 1: They you know, you got guys that's going to be
Speaker 1: remembered for things that take it till their kids and grandkids.
Speaker 1: Alloway is widely expected. And now leave St. Peter's who
Speaker 1: become the coach of his alma modern seat All in Philly. St.
Speaker 1: Peter's lost by twenty to North Carolina, who will now
Speaker 1: face Duke at the Final four in New Orleans. It'll
Speaker 1: be the two hundred and fifty eight game between the
Speaker 1: arch Rivals and the first ever in the m C
Speaker 1: double as Kansas will play Villanova, Yankees and Mets both one.
Speaker 1: Aaron Judge Homer twice so that Francisco Lindoor he hit
Speaker 1: home runs on both sides of the play. The hottest golfer,
Speaker 1: Scottie Scheffler won the match play easily. He's won three
Speaker 1: of his last five tournaments. He's now ranked number one
Speaker 1: in the world. John Stature with Bloomberg Sports. All Right, John, Thanks,
Speaker 1: it's five thirty seven on Wall Street. Time for the
Speaker 1: Tri State Business Report. Here's Bloomberg's Cory. New York spanishion
Speaker 1: models and influencers would get greater protection from exploitation by
Speaker 1: management companies and agencies under a proposed state bill that
Speaker 1: aims to shake up the industry. The measure was introduced
Speaker 1: by state Senator Brad Hoyleman Friday. Four South Jersey agencies
Speaker 1: are among two dozens elected for funding to install electric
Speaker 1: vehicle charging stations. Atlantic City's Casino Reinvestment Development Authority, Ocean City,
Speaker 1: the New Jersey Development Environmental Protection and the Parking Authority
Speaker 1: of the City of Camden will get the money. Connecticut
Speaker 1: regulators want to stop a program that incentivizes homeowners and
Speaker 1: businesses to convert to natural gas as soon as the
Speaker 1: end of April. The program began in It's authorized through
Speaker 1: the end of three state public utility regulatory authorities says
Speaker 1: it is no longer in the best interests of ratepayers
Speaker 1: in the state. At your Bloomberg Tries State Business Report,
Speaker 1: I'm Ed Corey on Wall Street. Bloomberg Radio is on
Speaker 1: the air from San Francisco to New York, London to
Speaker 1: Hong Kong. Let's check in with our global news team
Speaker 1: for some of the top stories heard on our three
Speaker 1: hundred affiliate radio stations around the world. I'm Steve podas
Speaker 1: Kan on ten ten Wins in New York. We're talking
Speaker 1: about Wells Fargo offering a new MasterCard that will let
Speaker 1: customers earn points and miles on their rent payments. I'm
Speaker 1: Ginas Servettian for w b B. I'm in Chicago. I'm
Speaker 1: reporting that as US airlines face heated competition for pilots,
Speaker 1: some of them have shifted recruiting efforts to Australia. I'm
Speaker 1: klin He called BlueBag Dab Disovidio in London. With're reporting
Speaker 1: on the government cutting its stake in nat West below
Speaker 1: more than a decade since the bailout of the bank.
Speaker 1: I'm ed Gory im w w J in Detroit. I'm
Speaker 1: reporting the CEO of First Date Bank will retire next month.
Speaker 1: Those are some of the stories our twenty seven hundred
Speaker 1: Bloomberg journalist and analysts are working on this morning around
Speaker 1: the world. It's thirty nine on Wall Street. The following
Speaker 1: is an editorial from Bloomberg Opinion. This editorial was written
Speaker 1: by the Bloomberg Editorial Board earlier this month. In a
Speaker 1: bid to ease pressure on global energy supplies, the US
Speaker 1: open talks with the government of Venezuela's Nicolas Maduro. It
Speaker 1: was a major reversal since accusing Maduro of stealing the
Speaker 1: Venezuelan presidential election in twenty eighteen, The US has recognized
Speaker 1: opposition leader Won Guido as the country's leader. The US
Speaker 1: also imposed sanctions and blocked purchases from Venezuela's state owned
Speaker 1: oil company. Yet there are few signs this maximum pressure
Speaker 1: campaign who's weakened Maduro's grip on power. In the meantime,
Speaker 1: the strategic environment has changed dramatically. Re Engaging with Venezuela
Speaker 1: wouldn't just free upneeded oil supplies, it would also drive
Speaker 1: a wedge between it and its chief patron, Russia. The
Speaker 1: U S should remain clear eyed about the risks, of course,
Speaker 1: but for now it's worth the gamble. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion,
Speaker 1: please go to Bloomberg dot com, Slash Opinion or ope
Speaker 1: I n go on the Bloomberg Terminal. This has been
Speaker 1: Bloomberg opinion, and you can hear Bloomberg opinion editorials every weekday.
Speaker 1: At this time, terminal customers can read more at O
Speaker 1: P I n go. You're listening to Bloomberg Daybreak Bloomberg
Speaker 1: eleven three oh weather partly sunny, breezy, highs only in
Speaker 1: the mid thirties today. We'll get to around forty tomorrow,
Speaker 1: increasing clouds for Wednesday, with highs in the mid forties
Speaker 1: currently twenty four degrees in Central Park markets. Headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business apt and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business Flash and I'm Cameron Moscow. Sovereign bonds
Speaker 1: are tumbling while European stocks again and US stock index
Speaker 1: futures are little changed as economic risk from inflation and
Speaker 1: tightening monetary policy hits sentiment. We check the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, U s
Speaker 1: and P futures are little change this morning. Down the
Speaker 1: futures are higher up thirty four nasdack features are down
Speaker 1: forty two The decks in Germany's up one point six
Speaker 1: percent ten. Your treasury down nine thirties seconds yield two
Speaker 1: point five zero percent. That yield on the two year
Speaker 1: two point three seven percent. Nine X Screwed oil is
Speaker 1: down three point eight percent, down four dollars twenty seven
Speaker 1: cents at a hundred nine dollars sixty three cents of
Speaker 1: barrel comic skull down one point one in a quarter percent,
Speaker 1: down at twenty four dollars eighty cents at nineteen thirty
Speaker 1: five announce. The Euro is at one point nine eight
Speaker 1: eight against the dollar, British pound one point three one
Speaker 1: four zero, the en at one twenty four point to six,
Speaker 1: and Bitcoin this morning is UH it's moving higher more
Speaker 1: than two point two percent. It's at forty seven thousand,
Speaker 1: one hundred thirty dollars. That's a Bloomberg business flash. Now
Speaker 1: here's Michael bar with more and much going on a
Speaker 1: rabble world. Michael Karen, thank you very much. President Joe
Speaker 1: Biden sought to clarify his call for the removal of
Speaker 1: the Vladimir Putin Blyden says that he was not seeking
Speaker 1: regime change after European allies raised concern and critics said
Speaker 1: that he was further in flaming tension with Russia. At
Speaker 1: the Academy Awards, actor Will Smith slapped comedian Chris Rock
Speaker 1: on live TV minutes before winning the Best Actor Oscar
Speaker 1: Smith took offense after Rock made a joke about Smith's wife,
Speaker 1: Jada Pinkett Smith. Jessica Chastain won for Best Actress. Apple's
Speaker 1: Coda is the first streaming film to win Best Picture.
Speaker 1: The Final four is set in the men's n C
Speaker 1: Double A basketball tournament. North Carolina plays do Kansas will
Speaker 1: face Villanova. In the NBA. Kyrie Irving played his first
Speaker 1: home game of the season, but the Nets lost the
Speaker 1: Knicks and Celtics won. The Wizards beat the Warriors in
Speaker 1: the NHL. The Rangers won in ot over the Sabers.
Speaker 1: The Devil's wanting to shootout over the Canadian end. The
Speaker 1: Islanders lost. Global News twenty four hours a day on
Speaker 1: air and Bloomberg Quickday, powered by more than twenty seven
Speaker 1: hundred journalists and analysts in more than twenty countries. I'm
Speaker 1: Michael Barr, and this is Bloomberg. Nathan. All right, Michael,
Speaker 1: thank you. It's five forty nine on Wall Street Life
Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak.
Speaker 1: And as Michael mentioned, the White House and President Bidener
Speaker 1: in clean up mode after nine words. That came after
Speaker 1: the end of the President's major speech in Warsaw, Poland,
Speaker 1: capping off an ally rallying trip to Europe amid the
Speaker 1: war in Ukraine. Let's get more now from Terry Haynes,
Speaker 1: founder of Pangea Policy, joining us live this morning. Terry,
Speaker 1: good morning. For God's sake, this man must not remain
Speaker 1: in power. It's been two days since the President uttered
Speaker 1: those words. Are still talking about them. How big a
Speaker 1: deal is this? Really? Good morning? Nathan. Uh, you know,
Speaker 1: I'm sorry to say it's a pretty big deal. Uh
Speaker 1: it is. Uh it is not something to be taken back. Uh.
Speaker 1: It is something that uh, you know, loose talk from
Speaker 1: presidents is never a good idea. UM, and this is
Speaker 1: the loosest of talk, and it's on a very uh
Speaker 1: it's on a very consequential matter. Uh, you know, whether
Speaker 1: regime change or not. Uh. It's not something that can
Speaker 1: get wiped away uh easily quickly or anything else. I know.
Speaker 1: On your air in the last hour, you had somebody
Speaker 1: saying quite rightly that uh uh that it was you know,
Speaker 1: something that you know, gave Sucker to U to putin,
Speaker 1: allowed him to use this for propaganda purposes. Uh. It
Speaker 1: makes the Ukraine war harder, too, harder to solve, harder
Speaker 1: to end. Uh. And as the former acting CIA director
Speaker 1: Mike Morrell said on air yesterday, probably helps drive China
Speaker 1: and Russia's direction more as well. So you know, it's
Speaker 1: not just it's not just a gaf Uh. It's policy reversal.
Speaker 1: And it comes on top of at least two other
Speaker 1: wobbles this week. Uh. You know that came out of
Speaker 1: that and from Biden directly, that put US policy in question.
Speaker 1: And so it's a big deal. And first and foremost
Speaker 1: Biden and his team uh have half to tighten up,
Speaker 1: have to be Unified half to tighten up. It's it's
Speaker 1: not it's not a good day for this administration, probably
Speaker 1: the worst. In fact, it's important to distinguish, I think,
Speaker 1: between loose talk and policy reversal. You're saying it's both things,
Speaker 1: at least that's what I heard. But the White House
Speaker 1: is saying that they haven't changed policy. The regime change
Speaker 1: is not the policy of the United States. Can the
Speaker 1: White House do more to clean this up? Well, they're
Speaker 1: gonna have to do an awful lot more. Uh. They're
Speaker 1: gonna have to engage with the Russians publicly and privately
Speaker 1: and uh and frankly, uh, it was already difficult to
Speaker 1: do that. The White House that said that they weren't
Speaker 1: getting calls back at least on the Russian military side. Uh.
Speaker 1: And in order to in order to end this thing
Speaker 1: communication and this thing being in the Ukraine War as
Speaker 1: well as this particularly difficulty, Um, Uh, they're gonna have
Speaker 1: to engage, you know, very much more. I mean, you know,
Speaker 1: the you know, our own allies are appalled by, uh,
Speaker 1: by the President appearing to kind of go out on
Speaker 1: his own right after a NATO summit. Um, and you
Speaker 1: know it, you know, whether or not it's a policy reversal. Uh,
Speaker 1: you know, and you're quite right. The White House walked
Speaker 1: this back very quickly, as they should. But whether they're
Speaker 1: not this as an outright policy reversal, uh, you know,
Speaker 1: takes a little bit more than just saying you know, um,
Speaker 1: you know, missteps. Sorry. Uh, it's gonna take some demonstration.
Speaker 1: But you've got, uh, you know, you have on top
Speaker 1: of that, a couple of other things that that's happened.
Speaker 1: You've got, you know, the situation, whether or not there
Speaker 1: was a a green light into providing planes in Ukraine
Speaker 1: or not. Secretary Lincoln said there was a few days later,
Speaker 1: the President said there wasn't, um, you know, Russian regime
Speaker 1: change or not. Just in the past week, we have
Speaker 1: had whether or not Russian sanctions were intended to deter
Speaker 1: Biden says no, But there's a a litany of administration
Speaker 1: video and quote saying yes repeatedly. Um. And whether or
Speaker 1: not the U. S. Troops would be used in or
Speaker 1: had been used in Ukraine. So none of these are
Speaker 1: small matters. And uh, you know, it raises difficult questions
Speaker 1: for the White House. Uh. And you know, I certainly
Speaker 1: hope they learned their lesson and UH and then tighten
Speaker 1: up here drastically because UH, the wobbles in the United
Speaker 1: States foreign policy only make the goals in Ukraine and
Speaker 1: elsewhere much harder to achieve. And we'll be watching to
Speaker 1: see what, if any fall out there is as negotiations
Speaker 1: continue today between Ukraine and Russian as we continue to
Speaker 1: follow the engagement under way with France as president and
Speaker 1: the Russian president as well. Terry Haynes of Pangea as
Speaker 1: always good to get your insights. Thank you so much, Karen,
Speaker 1: Well Nathan. It is five War on Wall Street time
Speaker 1: for the Bloomberg Law Report, and we get to the
Speaker 1: legal stories we are watching this morning from Bloomberg's Jeff Bellinger.
Speaker 1: The Internal Revenue Service says the last of its remote
Speaker 1: workers will be brought back to offices in phases starting
Speaker 1: late next month. Normal in person operations will begin. June
Speaker 1: twenty five, a federal district court ruled that a challenge
Speaker 1: by two hospitals over how Medicare calculates reimbursements was properly
Speaker 1: dismissed by an administrative appeal board. Mississippi lawmakers agreed on
Speaker 1: the biggest tax cut in that state's history. The state
Speaker 1: is on a path to eventually phase out its personal
Speaker 1: income tax. Bloomberg Law everything you need, all on one
Speaker 1: legal research platform, including guidance analysis and Bloomberg Market Intelligence.
Speaker 1: Find out more at Bloomberg Law dot com. Right, Jeff,
Speaker 1: thank you Now. Another legal story we're watching brings US
Speaker 1: to the war in Ukraine. The State Department is formally
Speaker 1: accused Russian forces of committing war crime times based on
Speaker 1: a review of available evidence from public and intelligence sources. However,
Speaker 1: that accusation applies to Russian forces only, not to President
Speaker 1: Vladimir Putin. For more, in the matter of Bloomberg's during
Speaker 1: Grasso speaks to Kate mackintosh, executive director of the u
Speaker 1: c L, a promise institute for human rights. The US
Speaker 1: is not a member of the i c C. What's
Speaker 1: the significance of the U S is formal accusation that
Speaker 1: Russian forces have committed war crimes in Ukraine. Well, that
Speaker 1: is a political determination, of course, not a legal determination.
Speaker 1: That hasn't been an investigation, nothing has come before a court.
Speaker 1: But declaring that there have been war crimes I think
Speaker 1: signals the US is commitment to trying to prevent antique
Speaker 1: accountability for them. So there is a general obligation on
Speaker 1: all nations to not just respect, but to ensure respect
Speaker 1: for the Geneva Conventions, in other words, to take some
Speaker 1: action to ensure they're upheld. And we might think of
Speaker 1: our an analogy with the Genocide Convention for exam. Sort
Speaker 1: of statement by a political actor a government that genocide
Speaker 1: is happening is not a legal determination, but it tends
Speaker 1: to signal that that body is going to take some
Speaker 1: action or that it considers that something needs to be
Speaker 1: done in this situation. So I would say it is
Speaker 1: a stronger position on the US's commitment to try and
Speaker 1: prevent needs war crimes occurring and also to speak accountability
Speaker 1: for them. This accusation applies to Russian forces, but not
Speaker 1: to Putin himself. If Russia's committing war crimes, and Putin
Speaker 1: is the president directing those crimes, why don't they also
Speaker 1: call him a war criminal. Well, it's maybe a little
Speaker 1: harder to establish based on what's been seen on the ground.
Speaker 1: These are all statements that are being made without any
Speaker 1: proper investigation, but they're being made, I presume in the
Speaker 1: face of overwhelming evidence of war crimes being committed on
Speaker 1: the ground time that back to an individual in Moscow
Speaker 1: like President Putin himself, would require a more involved, tessive
Speaker 1: evidence to really flesh out that chain of co owned
Speaker 1: So I would imagine that they feel it might be
Speaker 1: a little premature to suggest that they have that evidence.
Speaker 1: And as Kate McIntosh, executive director of the u c
Speaker 1: l A Promise Institute for Human Rights, speaking with Bloomberg
Speaker 1: student Grosso, catch more than interview plus analysis of the
Speaker 1: latest legal news by listening to the Bloomberg Law Show
Speaker 1: at ten pm Eastern Time or subscribing to the Bloomberg
Speaker 1: Law Podcast, and attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg Law dot com and S
Speaker 1: and P futures are down about five points this morning.
Speaker 1: DAL futures are little changed and NASDAGG futures are down.
Speaker 1: Fifty ten year treasury down eight thirties seconds. You're two
Speaker 1: point five zero percent and the yield on the two
Speaker 1: year at two point three seven percent, and our top
Speaker 1: stories are straight ahead. This is Bloomberg