1 00:00:03,400 --> 00:00:05,280 Speaker 1: And it's south five oh seven on Wall Street. Weren't 2 00:00:05,280 --> 00:00:07,840 Speaker 1: seventy one degrees in Central Park dealing with an accident 3 00:00:07,960 --> 00:00:10,600 Speaker 1: southbound Major Degan at a hundred seventy nine. We'll get 4 00:00:10,640 --> 00:00:13,680 Speaker 1: to the details in traffic shortly. First Michael Barr with 5 00:00:13,720 --> 00:00:15,520 Speaker 1: what else is going on in New York and around 6 00:00:15,520 --> 00:00:18,240 Speaker 1: the world, including a focus on crime in the city. Michael, 7 00:00:18,400 --> 00:00:21,560 Speaker 1: that is correct, Nathan. New York Mayor Eric Adams says 8 00:00:21,600 --> 00:00:24,720 Speaker 1: the era of catch, release, repeat when it comes to 9 00:00:24,760 --> 00:00:28,440 Speaker 1: criminals has to end. Adams talked about the reason incident 10 00:00:28,480 --> 00:00:31,760 Speaker 1: at a Harlem subway stop. Video shows a team punching 11 00:00:31,800 --> 00:00:36,680 Speaker 1: officers for several minutes at the street station as police 12 00:00:36,680 --> 00:00:40,120 Speaker 1: struggle to arrest him. Adams says the teen was arrested 13 00:00:40,159 --> 00:00:43,600 Speaker 1: a few days ago and was released before the incident. 14 00:00:44,240 --> 00:00:48,239 Speaker 1: Just a total disregard for public safety, not only for 15 00:00:48,400 --> 00:00:52,240 Speaker 1: public safety for that transit officer, but also for a 16 00:00:52,360 --> 00:00:56,600 Speaker 1: person he robbed. This is what we are saying about 17 00:00:56,720 --> 00:01:01,080 Speaker 1: what is happening in our criminal justice system. Earlier this weekend, 18 00:01:01,120 --> 00:01:04,280 Speaker 1: by p D Transit chief Jason Wilcox says that assaults 19 00:01:04,280 --> 00:01:07,720 Speaker 1: on his officers have skyrocketed over a fifty five percent 20 00:01:07,800 --> 00:01:11,679 Speaker 1: increase this year. New Jersey Governor Phil Murphy's administration is 21 00:01:11,720 --> 00:01:15,679 Speaker 1: asking state residents to use less water amid a heat 22 00:01:15,720 --> 00:01:19,680 Speaker 1: spill and scarce statewide rainfall. Some parts of New Jersey 23 00:01:19,760 --> 00:01:22,920 Speaker 1: had five straight days of temperatures one hundred degrees or 24 00:01:23,000 --> 00:01:27,160 Speaker 1: higher through Sunday. Officials stop short of enacting restrictions. The 25 00:01:27,200 --> 00:01:30,280 Speaker 1: families of the nine eleven victims are letting pro golfers 26 00:01:30,280 --> 00:01:33,640 Speaker 1: and former President Trump know they are outraged over the 27 00:01:33,680 --> 00:01:36,759 Speaker 1: live golf invitational the Saladi bac Term, and it will 28 00:01:36,800 --> 00:01:41,800 Speaker 1: be hosted at Trump's Bedminster, New Jersey golf course on Friday. 29 00:01:42,240 --> 00:01:46,400 Speaker 1: Terry Strata is the national chair of Nine Eleven Families United. 30 00:01:46,720 --> 00:01:50,760 Speaker 1: She called the pro golfers who are participating sellouts. And 31 00:01:50,800 --> 00:01:53,440 Speaker 1: they thought that taking a large sum of money from 32 00:01:53,480 --> 00:01:55,880 Speaker 1: the Kingdom, you know, would give them all of this 33 00:01:56,040 --> 00:01:59,880 Speaker 1: financial security. And it might do that, but you're sell 34 00:02:00,120 --> 00:02:02,000 Speaker 1: your soul to the devil when you get in bed 35 00:02:02,040 --> 00:02:05,160 Speaker 1: with the saudiast. The US government says there was Saudi 36 00:02:05,240 --> 00:02:08,359 Speaker 1: involvement in funding the tour network that committed the nine 37 00:02:08,440 --> 00:02:11,280 Speaker 1: eleven attack. It's a permanent place to remember the late 38 00:02:11,360 --> 00:02:14,480 Speaker 1: Jackie Robinson. The Brooklyn dodger who broke the color barrier, 39 00:02:14,560 --> 00:02:17,560 Speaker 1: now has a museum in Soho and his name. Several 40 00:02:17,600 --> 00:02:20,519 Speaker 1: of robinson surviving relatives were in attendance yesterday for the 41 00:02:20,600 --> 00:02:24,200 Speaker 1: ribbon cutting. The museum officially opens to the public September five, 42 00:02:24,720 --> 00:02:27,720 Speaker 1: and a giant Mega Millions lottery jackpot balloon to over 43 00:02:27,840 --> 00:02:30,959 Speaker 1: a billion dollars after no one matched all six numbers 44 00:02:30,960 --> 00:02:33,400 Speaker 1: and won the top prize. The next drawing is Frinday 45 00:02:33,720 --> 00:02:35,920 Speaker 1: Global News twenty four hours a day on air and 46 00:02:36,040 --> 00:02:39,120 Speaker 1: on Bloomberg Quicktake Power by more than twenty seven hundred 47 00:02:39,160 --> 00:02:42,040 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael Barr, 48 00:02:42,120 --> 00:02:45,080 Speaker 1: this is Bloomberg, Nathan, so there's still time. Thank you, Michael. 49 00:02:49,800 --> 00:02:51,519 Speaker 1: Almost five ten on Wall Street. Time now for the 50 00:02:51,520 --> 00:02:54,240 Speaker 1: Bloomberg Sports Unday. Good morning, john stonnshown, Good morning Nathan. 51 00:02:54,320 --> 00:02:57,320 Speaker 1: Sellout crowd City Field. They saw an eventful first inning 52 00:02:57,360 --> 00:02:59,720 Speaker 1: to start the Subway series. Yankees and Mets both homer 53 00:03:00,040 --> 00:03:02,720 Speaker 1: ice Aaron Judge number thirty eight hits of the office 54 00:03:02,760 --> 00:03:05,239 Speaker 1: field the opposite field. On the next pitch, Anthony Rizzo 55 00:03:05,600 --> 00:03:08,280 Speaker 1: his twenty third of the year, also the opposite way. 56 00:03:08,400 --> 00:03:10,440 Speaker 1: Mets then got a first new home run from Sterling. 57 00:03:10,480 --> 00:03:15,320 Speaker 1: Marte scored again, then homeward again. We're gonna drive in 58 00:03:15,400 --> 00:03:17,880 Speaker 1: the air to left well hit Hick Starward back turns. 59 00:03:18,000 --> 00:03:25,239 Speaker 1: Watch us dog harbor by Edwaro Estebar into the city 60 00:03:25,320 --> 00:03:28,160 Speaker 1: seats in front of the Great Wall of question. Beyond 61 00:03:28,200 --> 00:03:31,200 Speaker 1: the three fifty eight part. It's a too rud harbor 62 00:03:31,320 --> 00:03:34,000 Speaker 1: for Esteban. Mets led the whole night from there to 63 00:03:34,040 --> 00:03:37,240 Speaker 1: beat the Yanks six to three. Taiwan Walker beat Jordan Montgomery. 64 00:03:37,240 --> 00:03:39,480 Speaker 1: You labor. He got only seven outs before departing a 65 00:03:39,560 --> 00:03:43,000 Speaker 1: four outside for Edwin Diaz. The twenty second series concludes 66 00:03:43,040 --> 00:03:46,400 Speaker 1: tonight Domingo Herman against the Mets David Peterson. Before the game, 67 00:03:46,440 --> 00:03:48,960 Speaker 1: the Yankees put John Carlos Stanton on the injury list 68 00:03:48,960 --> 00:03:52,680 Speaker 1: Achilles tendonitis. Braves beat the Phillies to stay two games 69 00:03:52,680 --> 00:03:55,800 Speaker 1: behind the Mets. The Astros lost, still two behind the Yankees. 70 00:03:55,840 --> 00:03:59,080 Speaker 1: The Blue Jays beat the Cardinals. That's Toronto's seventh grade win. 71 00:03:59,200 --> 00:04:02,280 Speaker 1: Baltimore beat Tampa Bay. The Orioles move over five hundred 72 00:04:02,320 --> 00:04:04,680 Speaker 1: and they're now ahead of the Red Sox, who dropped 73 00:04:04,680 --> 00:04:07,360 Speaker 1: to last place. NFL News with the opening of all 74 00:04:07,440 --> 00:04:11,000 Speaker 1: thirty two training camps. Tampa Basline veteran white out Julio Jones, 75 00:04:11,000 --> 00:04:13,360 Speaker 1: so he's back in the NFC South. A seven time 76 00:04:13,440 --> 00:04:15,880 Speaker 1: pro bowler while with Atlanta, spent last season in the 77 00:04:15,880 --> 00:04:18,680 Speaker 1: Tennessee Cincinnati QB Joe Burrow had an appendeck to me 78 00:04:19,000 --> 00:04:21,600 Speaker 1: well missed a couple of weeks. Seattle running back Chris Carson, 79 00:04:21,640 --> 00:04:24,560 Speaker 1: a two time thousand yard Russia, forced to retire at 80 00:04:24,600 --> 00:04:27,880 Speaker 1: age seven due to a neck injury. John Stashward, Bloomberg 81 00:04:27,880 --> 00:04:30,960 Speaker 1: Sports n all right, John, thank you. SFP future is 82 00:04:31,000 --> 00:04:33,320 Speaker 1: now up thirty nine points, staff futures up a hundred 83 00:04:33,360 --> 00:04:36,040 Speaker 1: fifty eight, NASTAC futures on the rice by a hundred 84 00:04:36,160 --> 00:04:41,159 Speaker 1: ninety four points. Positive positivity in the market following big 85 00:04:41,200 --> 00:04:43,679 Speaker 1: tech earnings. You're listening to Bloomberg day Break. Good morning, 86 00:04:47,240 --> 00:04:49,880 Speaker 1: Bloomberg eleven three oh weather. Sunshine up our eighties today, 87 00:04:49,920 --> 00:04:52,400 Speaker 1: Some scattered showers and storms possible tomorrow with the high 88 00:04:52,440 --> 00:04:55,080 Speaker 1: near ninety. We'll keep the storm chance in the forecast 89 00:04:55,120 --> 00:05:02,680 Speaker 1: for Friday. Right now seventy one degrees in Central Park markets. 90 00:05:02,760 --> 00:05:05,840 Speaker 1: Headlines and breaking news twenty four hours a day at 91 00:05:05,839 --> 00:05:09,839 Speaker 1: Bloomberg dot Com. The Bloomberg Business Outland at Bloomberg quicktape. 92 00:05:10,040 --> 00:05:19,600 Speaker 1: This is a Bloomberg business flash and I'm Karen Moscow. 93 00:05:19,760 --> 00:05:22,440 Speaker 1: And stocks in US DOT index futures are rallying as 94 00:05:22,480 --> 00:05:25,240 Speaker 1: a batch of Brazilian company earnings helped alleviate some of 95 00:05:25,240 --> 00:05:27,920 Speaker 1: the wider constition and markets ahead of a pivotal Federal 96 00:05:27,920 --> 00:05:31,400 Speaker 1: Reserve monetary policy meeting, which like the markets every fifteen 97 00:05:31,400 --> 00:05:34,320 Speaker 1: minutes throughout the trading day. On Bloomberg S and P 98 00:05:34,520 --> 00:05:37,000 Speaker 1: future is up about forty points this morning, down futures 99 00:05:37,000 --> 00:05:39,200 Speaker 1: of A hundred sixty three and nasdack futures of one 100 00:05:39,400 --> 00:05:42,400 Speaker 1: d ninety four. The decks in Germany is a little 101 00:05:42,520 --> 00:05:45,200 Speaker 1: changed and your treasury up seven thirty seconds YELD two 102 00:05:45,200 --> 00:05:47,320 Speaker 1: points seven eight percent. They yield on the two year 103 00:05:47,400 --> 00:05:50,480 Speaker 1: three point three percent. NIMEX screwed oil is up eight 104 00:05:50,480 --> 00:05:52,880 Speaker 1: ten percent or seventy six cents at ninety five dollars 105 00:05:52,920 --> 00:05:55,320 Speaker 1: seventy seven cents of barrel called mex School up a 106 00:05:55,400 --> 00:05:58,920 Speaker 1: quarter percent or four dollars fifty cents at seventeen forty twenty. Announced. 107 00:05:59,240 --> 00:06:01,760 Speaker 1: The euro on point one four or five against the dollar. 108 00:06:01,800 --> 00:06:04,200 Speaker 1: British ground one point two zero seven to the yen 109 00:06:04,279 --> 00:06:07,839 Speaker 1: one thirty six point six six and Bitcoin this morning 110 00:06:08,040 --> 00:06:12,000 Speaker 1: is up at one point six percent three hundred twenty dollars. 111 00:06:12,240 --> 00:06:14,520 Speaker 1: We did have some other key earnings after the bell, 112 00:06:14,640 --> 00:06:17,120 Speaker 1: shares of Texas Instruments up more than two percent, the 113 00:06:17,160 --> 00:06:20,200 Speaker 1: chipmaker giving a bullish forecash for the current period, and 114 00:06:20,279 --> 00:06:23,960 Speaker 1: Chipotle reporting second quarter earnings that beat projections. That's a 115 00:06:24,000 --> 00:06:26,720 Speaker 1: Bloomberg business flash. Now here's Michael Barrow with more on 116 00:06:26,839 --> 00:06:29,919 Speaker 1: what's going on around the world. Michael, thank you very much, Karen. 117 00:06:29,960 --> 00:06:32,520 Speaker 1: According to a person familiar with the matter, the Justice 118 00:06:32,560 --> 00:06:36,120 Speaker 1: Department is looking into former President Trump's actions as part 119 00:06:36,160 --> 00:06:40,640 Speaker 1: of its criminal investigation into the January sixth riot. Prosecutors 120 00:06:40,680 --> 00:06:44,400 Speaker 1: have been asking about conversations between Trump and his inner circle. 121 00:06:44,800 --> 00:06:47,960 Speaker 1: President Joe Biden plans to speak to Chinese President shi 122 00:06:48,040 --> 00:06:51,720 Speaker 1: Jing Ping tomorrow is scheduled to take place amid new tensions. 123 00:06:51,800 --> 00:06:56,159 Speaker 1: As how speaker Nancy Pelosi reportedly plans to visit Taiwan. 124 00:06:56,760 --> 00:06:59,599 Speaker 1: In baseball, the Mats beat the Yankees six three, Guardians 125 00:06:59,640 --> 00:07:03,039 Speaker 1: beat the Red Sox eight three, The Orioles beat the 126 00:07:03,080 --> 00:07:05,960 Speaker 1: Raise five three, The Nationals beat the Dodgers eight three. 127 00:07:06,240 --> 00:07:09,920 Speaker 1: The A's down the Astros five three, and the Giants 128 00:07:10,200 --> 00:07:13,760 Speaker 1: lost to the Diamondbacks seven three. Global News twenty four 129 00:07:13,800 --> 00:07:16,840 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 130 00:07:16,840 --> 00:07:20,480 Speaker 1: by more than journalists analysts more than a hundred twenty countries. 131 00:07:20,760 --> 00:07:23,280 Speaker 1: Michael Barr and this is Bloomberg. Nick. All right, Michael, 132 00:07:23,320 --> 00:07:25,480 Speaker 1: thank you. It's five nineteen on Wall Street Live from 133 00:07:25,480 --> 00:07:29,280 Speaker 1: the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. We 134 00:07:29,320 --> 00:07:31,520 Speaker 1: want to get more now on our top story this morning, 135 00:07:31,520 --> 00:07:35,000 Speaker 1: the Justice Department now reported the investigating former President Donald 136 00:07:35,040 --> 00:07:38,960 Speaker 1: Trump and his inner circles efforts to overturn the election. 137 00:07:39,040 --> 00:07:42,920 Speaker 1: We're joined now by Terry Haynes, the founder of Pangea Policy. Terry, 138 00:07:43,080 --> 00:07:45,600 Speaker 1: good morning. The reports are that the Trump team tried 139 00:07:45,640 --> 00:07:49,160 Speaker 1: to push fake electors to pressure then Vice President Pence 140 00:07:49,200 --> 00:07:51,920 Speaker 1: to overturn the results. How much jeopardy do you see 141 00:07:51,960 --> 00:07:55,880 Speaker 1: for the former president? Good morning, Nason. Uh, you know, 142 00:07:56,840 --> 00:07:59,200 Speaker 1: my take on this story really is that I think 143 00:07:59,240 --> 00:08:02,000 Speaker 1: there's not very much new here, and you know, i'd 144 00:08:02,080 --> 00:08:06,200 Speaker 1: caution against overreaction. Uh, you've got a you know, as 145 00:08:06,280 --> 00:08:10,480 Speaker 1: John just said in his new summary, accurately, you've got 146 00:08:10,480 --> 00:08:13,960 Speaker 1: a you've got a single source here, number one, number 147 00:08:13,960 --> 00:08:17,800 Speaker 1: two at route there's questioning by the Justice Department and 148 00:08:18,200 --> 00:08:21,559 Speaker 1: uh in presenting testimony to a grand jury. Well that's fine, 149 00:08:22,040 --> 00:08:24,880 Speaker 1: uh yeah, but it also strikes me as a little 150 00:08:25,080 --> 00:08:27,520 Speaker 1: you know, breaking news from one. I mean this is 151 00:08:28,280 --> 00:08:33,160 Speaker 1: this is based on understandings that uh of what the 152 00:08:33,480 --> 00:08:36,440 Speaker 1: what Trump and his folks have been doing for for 153 00:08:36,559 --> 00:08:40,880 Speaker 1: quite some time. Uh. Justice department involvement in this strikes 154 00:08:40,920 --> 00:08:43,840 Speaker 1: me as both responsible but you know, awfully late in 155 00:08:43,840 --> 00:08:46,160 Speaker 1: that context, since we're about a year and a half 156 00:08:46,160 --> 00:08:48,760 Speaker 1: out from there. Um. And it also strikes me as 157 00:08:48,800 --> 00:08:52,800 Speaker 1: somewhat tactical on the Attorney General's part. You've got a 158 00:08:52,840 --> 00:08:56,839 Speaker 1: situation where the uh uh we're in paneling a grand jury, 159 00:08:56,880 --> 00:09:02,520 Speaker 1: assuming that's true. Um, and you know vice president's uh 160 00:09:02,880 --> 00:09:06,520 Speaker 1: mark short vice presidentially, it's certainly testified before a grand jury, 161 00:09:06,600 --> 00:09:09,040 Speaker 1: said so on television last night. Didn't say anything about 162 00:09:09,120 --> 00:09:12,959 Speaker 1: what he what he said is he shouldn't, but you know, 163 00:09:13,280 --> 00:09:17,880 Speaker 1: affirmed the existence of it. Um. You know, the the 164 00:09:18,600 --> 00:09:20,720 Speaker 1: this is an opportunity for the Justice Department to both 165 00:09:20,720 --> 00:09:25,720 Speaker 1: gather additional facts and frankly, uh deflect from itself. There's 166 00:09:25,720 --> 00:09:31,520 Speaker 1: a lot of pushing to have Attorney General Garland do something. 167 00:09:31,920 --> 00:09:34,080 Speaker 1: Of course, he has to go through a grand jury process, 168 00:09:34,160 --> 00:09:37,280 Speaker 1: and he can't convince a grand jury. Well that's that. 169 00:09:37,880 --> 00:09:44,000 Speaker 1: And the January six the committee itself and the kinds 170 00:09:44,040 --> 00:09:46,840 Speaker 1: of things that it's gathering itself is a bit of 171 00:09:46,840 --> 00:09:49,000 Speaker 1: a moving target. They keep they say they have more, 172 00:09:49,040 --> 00:09:52,120 Speaker 1: and they have more, and they have more. So you know, 173 00:09:52,200 --> 00:09:55,240 Speaker 1: there's a lot of shifting stands here, and uh, we've 174 00:09:55,280 --> 00:09:57,520 Speaker 1: all been through this a lot before with Muller and 175 00:09:57,559 --> 00:10:00,960 Speaker 1: some other things. So uh, I take a us Okay, 176 00:10:01,040 --> 00:10:06,040 Speaker 1: So what you're saying, then, is that perhaps the the 177 00:10:06,080 --> 00:10:08,880 Speaker 1: presentation that we've seen from the House January six Committee 178 00:10:08,880 --> 00:10:12,160 Speaker 1: over the last several months here, uh could be moving 179 00:10:12,480 --> 00:10:15,959 Speaker 1: the Justice Department to at least signal that it's moving 180 00:10:15,960 --> 00:10:18,600 Speaker 1: forward on its own investigation. Is that what I'm getting 181 00:10:18,600 --> 00:10:23,600 Speaker 1: from you? Uh? Many many folks on the January sixth committee, 182 00:10:23,840 --> 00:10:27,200 Speaker 1: UH say that that's what they're trying to do. Uh. 183 00:10:27,360 --> 00:10:31,040 Speaker 1: I think what's probably what's going on is the Justice 184 00:10:31,040 --> 00:10:34,040 Speaker 1: Department is saying and again there's a speculation on my part, 185 00:10:34,080 --> 00:10:37,320 Speaker 1: be real clear, uh is Okay, Well, let's test some 186 00:10:37,400 --> 00:10:40,160 Speaker 1: of that, uh, to to the extent that you've gathered 187 00:10:40,200 --> 00:10:43,600 Speaker 1: information about this, that or the other thing. Uh, then 188 00:10:43,840 --> 00:10:46,360 Speaker 1: you know, let's test that information and see what's really 189 00:10:46,400 --> 00:10:48,719 Speaker 1: there and how much of it's really there and if 190 00:10:48,760 --> 00:10:51,400 Speaker 1: we can at least convince a grand jury that something's there. 191 00:10:51,559 --> 00:10:55,600 Speaker 1: And that's again that's a responsible thing for the Attorney 192 00:10:55,640 --> 00:10:57,679 Speaker 1: General to want to do. But at the same time, 193 00:10:58,360 --> 00:11:01,000 Speaker 1: I wouldn't read too much into it. In a last 194 00:11:01,040 --> 00:11:05,320 Speaker 1: minute here, Terry, how much does this Justice Department called 195 00:11:05,400 --> 00:11:11,920 Speaker 1: the January six committee investigations overall effect the midterm elections? Well, 196 00:11:11,960 --> 00:11:15,280 Speaker 1: you know, I think it, Uh, it backfires that it 197 00:11:15,400 --> 00:11:18,840 Speaker 1: fires and backfires in interesting ways the you know. But 198 00:11:19,120 --> 00:11:22,960 Speaker 1: my concern about January six. Then where we're going here 199 00:11:23,040 --> 00:11:25,640 Speaker 1: is first that it's it's taken so long. I mean, 200 00:11:25,960 --> 00:11:30,359 Speaker 1: the you know, Congress had investigated and finished its investigations 201 00:11:30,360 --> 00:11:33,760 Speaker 1: on Pearl Harbor in less time than this, uh, after 202 00:11:33,920 --> 00:11:37,559 Speaker 1: the Second World War. And secondly, uh, it's taken so long, 203 00:11:37,720 --> 00:11:40,800 Speaker 1: and I think they've forfeited the opportunity to really get 204 00:11:40,840 --> 00:11:44,199 Speaker 1: public consensus around a lot of this. Uh So what 205 00:11:44,240 --> 00:11:47,320 Speaker 1: you may end up doing is having a situation where 206 00:11:48,040 --> 00:11:51,080 Speaker 1: uh it backfires on you when but when what you're 207 00:11:51,120 --> 00:11:53,280 Speaker 1: trying to do is make the case against Trump. Instead, 208 00:11:53,320 --> 00:11:57,560 Speaker 1: what you're doing is uh, potentially heightening political divisions that 209 00:11:58,280 --> 00:12:00,800 Speaker 1: frankly I think you shouldn't seek to heighten. But that's uh, 210 00:12:01,240 --> 00:12:05,319 Speaker 1: that's just me. Terry Haynes, founder of Pangia Policy. Always 211 00:12:05,360 --> 00:12:07,120 Speaker 1: good to get your thoughts, Terry, Thanks for being with 212 00:12:07,200 --> 00:12:10,280 Speaker 1: us this morning, Looking ahead to the market open, looking 213 00:12:10,280 --> 00:12:13,360 Speaker 1: ahead to a FED decision later this afternoon. Futures are 214 00:12:13,440 --> 00:12:18,880 Speaker 1: moving higher after positive results from Microsoft and Alphabet. The 215 00:12:18,920 --> 00:12:22,040 Speaker 1: tech heavy Nasdaq futures are leading the gains this morning. 216 00:12:22,080 --> 00:12:25,079 Speaker 1: We see SMP futures right now up thirty eight points, 217 00:12:25,080 --> 00:12:28,000 Speaker 1: that's again one percent, Dow futures up a hundred fifty 218 00:12:28,040 --> 00:12:31,120 Speaker 1: six points or a half percent, Nasdaq futures up one 219 00:12:31,160 --> 00:12:34,479 Speaker 1: point six percent, a gain of one d ninety two points. 220 00:12:34,520 --> 00:12:38,240 Speaker 1: Just ahead. More on the Fed's decision today and more 221 00:12:38,400 --> 00:12:41,520 Speaker 1: tech earnings to come. Top stories of the morning. Just 222 00:12:41,559 --> 00:12:48,600 Speaker 1: ahead on Bloomberg Day right Bloomberg eleven three oh Weather 223 00:12:48,880 --> 00:12:51,160 Speaker 1: sharing partly Sunday this afternoon with a high your nine 224 00:12:51,320 --> 00:12:53,559 Speaker 1: degrees will have scattered showers and storms Tomorrow with the 225 00:12:53,600 --> 00:12:56,079 Speaker 1: high nine once again, we have the storm chance of 226 00:12:56,120 --> 00:12:58,560 Speaker 1: the forecast Friday as well right now seventy one in 227 00:12:58,600 --> 00:13:08,600 Speaker 1: Central Park, broadcasting live from the Bloomberg Interactive Broker Studio 228 00:13:08,679 --> 00:13:11,880 Speaker 1: in New York. Bloomberg Elving freedon to Washington, d C, 229 00:13:12,040 --> 00:13:15,520 Speaker 1: Bloomberg ninety nine one to Boston, Bloomberg one O six 230 00:13:15,600 --> 00:13:18,800 Speaker 1: one to San Francisco, Bloomberg non sixty to the country, 231 00:13:18,880 --> 00:13:21,839 Speaker 1: Sirius XM Chedle one nine team, and around the globe 232 00:13:22,000 --> 00:13:26,000 Speaker 1: the Bloomberg Business and Bloomberg Radio dot Com. This is 233 00:13:26,000 --> 00:13:34,720 Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. 234 00:13:34,720 --> 00:13:37,600 Speaker 1: I'm Nathan Hager and I'm Karen Moscow. We are just 235 00:13:37,640 --> 00:13:40,160 Speaker 1: about four hours away from the open of US trading. 236 00:13:40,240 --> 00:13:41,720 Speaker 1: Let's get you up to date in the news you 237 00:13:41,760 --> 00:13:43,640 Speaker 1: need to know at this hour. We begin with the 238 00:13:43,840 --> 00:13:46,640 Speaker 1: f o MC meeting in Washington, where the Federal Reserve 239 00:13:46,720 --> 00:13:49,520 Speaker 1: is expected to issue a seventy five basis point rate 240 00:13:49,600 --> 00:13:53,319 Speaker 1: hike today. Hevercore I s I Chief Equity Strategistically, and 241 00:13:53,360 --> 00:13:57,000 Speaker 1: Emmanuel says the FED risky anchoring inflation, if it raises 242 00:13:57,080 --> 00:14:00,760 Speaker 1: rates today, then cuts them in the near future. Part 243 00:14:00,760 --> 00:14:03,400 Speaker 1: of the dynamic in markets is that we've all have 244 00:14:03,679 --> 00:14:07,760 Speaker 1: Lovian train to expect stocks to rally. When the FED 245 00:14:07,880 --> 00:14:11,199 Speaker 1: cuts rates to the extent that we take that away, 246 00:14:11,679 --> 00:14:15,680 Speaker 1: you're actually doing a service. Evercorus Julian Emmanuel says the 247 00:14:15,720 --> 00:14:19,120 Speaker 1: FED should tame inflation while keeping the market fundamentally sound. 248 00:14:19,160 --> 00:14:21,560 Speaker 1: For complete coverage of the Fed and j Powell's news 249 00:14:21,560 --> 00:14:24,920 Speaker 1: conference turned into a special edition of Bloomberg Surveillance Today 250 00:14:24,960 --> 00:14:27,760 Speaker 1: starting at one thirty pm Wall Street Time. Well, turning 251 00:14:27,800 --> 00:14:30,080 Speaker 1: to markets care in US, futures are getting a pop 252 00:14:30,160 --> 00:14:33,280 Speaker 1: after earnings from Microsoft and Alphabet. Coming up today, we 253 00:14:33,320 --> 00:14:37,320 Speaker 1: hear from Facebook parent Meta Plus, Instagram, and WhatsApp. Bloomberg's 254 00:14:37,360 --> 00:14:40,720 Speaker 1: Jeff Bellinger has a preview. The bar for meta platforms 255 00:14:40,840 --> 00:14:44,240 Speaker 1: is set low. The social media giant recently slowed the 256 00:14:44,280 --> 00:14:47,280 Speaker 1: pace of hiring, and there are some general concerns about 257 00:14:47,320 --> 00:14:50,280 Speaker 1: the era of social media dominance. Meta is dealing with 258 00:14:50,320 --> 00:14:52,840 Speaker 1: a number of headwinds, not the least of which is 259 00:14:52,880 --> 00:14:56,240 Speaker 1: the privacy change by Apple that complicates ad targeting at 260 00:14:56,240 --> 00:14:58,440 Speaker 1: a time when the risk of recession could weigh on 261 00:14:58,560 --> 00:15:03,000 Speaker 1: e commerce spending. Jeff Budinger, Bloomberg Day Break Right, Jeff, 262 00:15:03,040 --> 00:15:05,760 Speaker 1: thank you. We told you yesterday about an SEC investigation 263 00:15:05,840 --> 00:15:08,120 Speaker 1: centered on coin base. Now we're learning that has a 264 00:15:08,160 --> 00:15:10,720 Speaker 1: big name investor cutting bait on the crypto company, and 265 00:15:10,840 --> 00:15:13,320 Speaker 1: we get the latest line from Bloomberg's Renita Young. Good 266 00:15:13,320 --> 00:15:17,080 Speaker 1: Morning Radio, Good Morning, Karen Cathy Woods Our Investment Management 267 00:15:17,200 --> 00:15:20,080 Speaker 1: dumps coin based shares for the first time this year. 268 00:15:20,560 --> 00:15:23,800 Speaker 1: Arcs Daily trading data compiled by Bloomberg show three of 269 00:15:23,840 --> 00:15:27,080 Speaker 1: the funds sell just over one point four one million shares, 270 00:15:27,440 --> 00:15:31,160 Speaker 1: valued at about seventy five million dollars as of yesterday's close, 271 00:15:31,600 --> 00:15:34,960 Speaker 1: and of that, the firm's flagship ARC Innovation et F 272 00:15:35,000 --> 00:15:38,040 Speaker 1: sells one point one two million shares of coin Base. 273 00:15:38,440 --> 00:15:41,480 Speaker 1: Bloomberg sources say coin bas is facing a US probe 274 00:15:41,520 --> 00:15:45,400 Speaker 1: into whether it's improperly led Americans trade digital assets that 275 00:15:45,440 --> 00:15:49,200 Speaker 1: should have been registered as securities. Coin Base shares lost 276 00:15:49,200 --> 00:15:52,640 Speaker 1: about a fifth of their value yesterday. Live in New York, 277 00:15:52,720 --> 00:15:55,160 Speaker 1: I'm rened a Young Bloomberg Day Break, Okay, rened to 278 00:15:55,200 --> 00:15:57,600 Speaker 1: thank you. A couple important stories in politics this morning, 279 00:15:57,600 --> 00:15:59,960 Speaker 1: a federal grand jury is looking into efforts by former 280 00:16:00,000 --> 00:16:03,960 Speaker 1: President Donald Trump to create false electors to overturn the election. 281 00:16:04,280 --> 00:16:07,000 Speaker 1: And in geo politics, President Biden is set to call 282 00:16:07,160 --> 00:16:10,920 Speaker 1: Chinese President Shi Jin Ping tomorrow. Straight ahead the latest 283 00:16:10,960 --> 00:16:14,640 Speaker 1: local headlines, and a check of sports. This is Bloomberg 284 00:16:18,400 --> 00:16:20,440 Speaker 1: and It's sound. Five thirty three on Wall Street, seventy 285 00:16:20,480 --> 00:16:23,160 Speaker 1: one degrees in Central Park. B que's backed up East 286 00:16:23,160 --> 00:16:26,200 Speaker 1: Founded Roosevelt Avenue for an accident. More coming up in 287 00:16:26,240 --> 00:16:28,720 Speaker 1: Traffic First Michael Barr with more on what else is 288 00:16:28,720 --> 00:16:30,800 Speaker 1: happening in New York and around the world. Michael, thank 289 00:16:30,840 --> 00:16:33,440 Speaker 1: you very much, Nathan. New York Mayor Eric Adams says 290 00:16:33,480 --> 00:16:36,280 Speaker 1: the team shown in the video punching police at a 291 00:16:36,320 --> 00:16:40,240 Speaker 1: Harlem subway stop was arrested for robbery as well, but 292 00:16:40,480 --> 00:16:45,160 Speaker 1: was released just days before. Adams says the era of catch, release, 293 00:16:45,280 --> 00:16:49,280 Speaker 1: repeat for criminals has to stop. Robbery is a violent crime. 294 00:16:50,160 --> 00:16:54,000 Speaker 1: So as soon as we catch them, the system releases 295 00:16:54,080 --> 00:16:59,320 Speaker 1: them and they repeat the action, that is just you know, 296 00:16:59,520 --> 00:17:01,160 Speaker 1: That's when I's say we to laugh the stock of 297 00:17:01,240 --> 00:17:04,679 Speaker 1: the country. This is what I'm talking about. Earlier this weekend, 298 00:17:04,720 --> 00:17:07,840 Speaker 1: my p D transit chief Jason Wilcox says that assaults 299 00:17:07,840 --> 00:17:11,399 Speaker 1: on his officers have skyrocketed over a fifty five percent 300 00:17:11,520 --> 00:17:15,360 Speaker 1: increase this year. In Full Wars, host Alex Jones, who 301 00:17:15,400 --> 00:17:19,240 Speaker 1: claimed that the twelve massacre at Sandy Hook elementary school 302 00:17:19,320 --> 00:17:22,760 Speaker 1: in Newtown, Connecticut was a hoax. Was at a Texas 303 00:17:22,840 --> 00:17:25,480 Speaker 1: courthouse to defend his actions and a one hundred fifty 304 00:17:25,480 --> 00:17:27,840 Speaker 1: million dollar lawsuit by the parents of one of the 305 00:17:27,920 --> 00:17:31,639 Speaker 1: children killed. Jones spoke about the court this year is 306 00:17:31,760 --> 00:17:35,760 Speaker 1: a rich hunt, this year's show trial. This will go 307 00:17:35,800 --> 00:17:39,040 Speaker 1: down in history as the greatest show frills ever happened, 308 00:17:39,040 --> 00:17:41,600 Speaker 1: not just here but even in the places like Nazi chairman. 309 00:17:42,119 --> 00:17:45,359 Speaker 1: Jones now acknowledges the Sandy Hook massacre that left twenty 310 00:17:45,440 --> 00:17:48,640 Speaker 1: children and six adults dead really happened, but he insists 311 00:17:48,640 --> 00:17:52,480 Speaker 1: he's not responsible for the harassment that Sandy Hook parents 312 00:17:52,560 --> 00:17:55,879 Speaker 1: say they endured by his followers as a result of 313 00:17:55,920 --> 00:17:59,640 Speaker 1: his hoax conspiracy claims that he pushed on his program. 314 00:17:59,760 --> 00:18:03,040 Speaker 1: You Radian troops have struck a strategic bridge essential for 315 00:18:03,240 --> 00:18:07,680 Speaker 1: Moscow to supply its forces occupying the country's south. Officials 316 00:18:07,720 --> 00:18:10,959 Speaker 1: said the bridge remained standing, but its surface was pierced 317 00:18:10,960 --> 00:18:14,560 Speaker 1: with holes, forcing a halt to traffic. Your Dreams are 318 00:18:14,720 --> 00:18:18,600 Speaker 1: Still Alive. Tuesday, July twenty six and Tonight's Mega Millions 319 00:18:18,680 --> 00:18:21,439 Speaker 1: Jackpot has an estimated the newon size eight hundred and 320 00:18:21,520 --> 00:18:25,520 Speaker 1: thirty million dollars any more. A giant Mega millions lottery 321 00:18:25,600 --> 00:18:28,639 Speaker 1: jack pop balloon to over a billion dollars after no 322 00:18:28,720 --> 00:18:32,040 Speaker 1: one matched all six numbers last night and won the 323 00:18:32,080 --> 00:18:34,800 Speaker 1: top prize. The next drawing is Friday might have to 324 00:18:34,800 --> 00:18:37,119 Speaker 1: put a five on Global News twenty four hours a 325 00:18:37,200 --> 00:18:39,920 Speaker 1: day on air and on Bloomberg Quickday, powered by more 326 00:18:40,119 --> 00:18:43,040 Speaker 1: than twenty seven journalist analysts more than a hundred twenty countries. 327 00:18:43,040 --> 00:18:45,200 Speaker 1: On Michael bar this is Bloomberg name guess a billion 328 00:18:45,240 --> 00:18:52,640 Speaker 1: would be enough? Thank you, Michael. On Wall Street. John 329 00:18:52,640 --> 00:18:55,239 Speaker 1: Stashower has a Bloomberg Sports Update. Thanks Nathan, and at 330 00:18:55,400 --> 00:18:57,880 Speaker 1: sixty win of the year, they'd beat the Yankees six 331 00:18:58,000 --> 00:19:00,320 Speaker 1: three to start the Subway series at City Field. Start 332 00:19:00,359 --> 00:19:02,960 Speaker 1: for the Yankees, back to back home runs, first hitting 333 00:19:02,960 --> 00:19:06,800 Speaker 1: Aaron Judge, then Anthony Rizzo, consecutive pitches both hit the 334 00:19:06,800 --> 00:19:09,040 Speaker 1: opposite way thirty eighth of the year for Judge, but 335 00:19:09,080 --> 00:19:11,080 Speaker 1: the Mets with two homers of their own bottom of 336 00:19:11,080 --> 00:19:14,639 Speaker 1: the first Darling Morte and then Eduardo Escobar. Tiawan Walker 337 00:19:14,680 --> 00:19:16,840 Speaker 1: settled down, worked out of a basis load of gym. 338 00:19:16,840 --> 00:19:19,400 Speaker 1: In the fourth inning. Walker got the win, was then 339 00:19:19,400 --> 00:19:23,000 Speaker 1: asked about pitching before a loud sellout Crowns Electric. Um, 340 00:19:23,000 --> 00:19:24,440 Speaker 1: I gave up two home runs and I was like, 341 00:19:24,720 --> 00:19:27,640 Speaker 1: manna um, this is not all took a start here, 342 00:19:28,160 --> 00:19:30,160 Speaker 1: but you know we answered back. Offense was really good. 343 00:19:30,160 --> 00:19:32,439 Speaker 1: The answered back with four runs in the first and Um, 344 00:19:32,480 --> 00:19:34,080 Speaker 1: after that, my job was just good shut down endings 345 00:19:34,080 --> 00:19:35,560 Speaker 1: and I was able to do that. And when Diaz 346 00:19:35,600 --> 00:19:38,280 Speaker 1: a four out, saye this twenty second. Jordan Montgomery took 347 00:19:38,280 --> 00:19:40,240 Speaker 1: the loss. He was not happy when Aaron Boone took 348 00:19:40,280 --> 00:19:42,600 Speaker 1: him out with just one going in the third inning. 349 00:19:42,800 --> 00:19:45,440 Speaker 1: Another sellout round Tonight at the series ends, it's Domingo 350 00:19:45,520 --> 00:19:48,320 Speaker 1: Herman versus David Peterson. The Yanks are gonna be without 351 00:19:48,359 --> 00:19:51,119 Speaker 1: John Carlo Stanton for a couple of weeks. Achilles ten 352 00:19:51,200 --> 00:19:54,400 Speaker 1: to night its Elsewhere Brains beat the Philly so Atlanta 353 00:19:54,440 --> 00:19:56,720 Speaker 1: still two teams behind the Mets. Astros still two back 354 00:19:56,760 --> 00:19:58,520 Speaker 1: of the Yankees for best record in the American Big 355 00:19:58,600 --> 00:20:01,720 Speaker 1: Houston a second loss in the rowan Oakland. Toronto, wanted 356 00:20:01,720 --> 00:20:04,720 Speaker 1: it's seventh in a row, beats St. Louis the Cardinals 357 00:20:04,720 --> 00:20:07,720 Speaker 1: for without their two best hitters, Paul Goldsmith Nolan Erronado 358 00:20:07,920 --> 00:20:12,880 Speaker 1: not allowed into Toronto. Both are unvaccinated. Baltimore beat Tampa Bay. 359 00:20:12,880 --> 00:20:15,159 Speaker 1: The Orioles are now over five and they're ahead of 360 00:20:15,160 --> 00:20:17,800 Speaker 1: the Red Sox, who lost to Cleveland. The Red Sox 361 00:20:17,800 --> 00:20:20,639 Speaker 1: are now in last place. Julio Jones signed with the 362 00:20:20,680 --> 00:20:24,119 Speaker 1: Tampa Bay Bucks, seven time pro bowler while with Atlanta. 363 00:20:24,440 --> 00:20:28,040 Speaker 1: John Stash Allen Bloomberg sports Nathan Thank you, John seven 364 00:20:28,040 --> 00:20:30,359 Speaker 1: on Wall Street Time for the Tri State Business Report 365 00:20:30,400 --> 00:20:34,080 Speaker 1: with Bloomberg's aad Corey. More than sixty businesses ranging from 366 00:20:34,119 --> 00:20:38,119 Speaker 1: JP Morgan Chase, the Silver Cup Studios joining forces with 367 00:20:38,160 --> 00:20:40,560 Speaker 1: New York City to fund an eight million dollar public 368 00:20:40,560 --> 00:20:44,520 Speaker 1: private partnership it seemed to tackling the homelessness crisis. The 369 00:20:44,560 --> 00:20:47,960 Speaker 1: Homeless Assistants Fund will expand on the city's existing efforts. 370 00:20:48,640 --> 00:20:52,280 Speaker 1: Proposed overhaul of New Jersey's home foreclosure process would give 371 00:20:52,320 --> 00:20:56,440 Speaker 1: family members, low income bidders, and community nonprofits a lag 372 00:20:56,600 --> 00:20:59,760 Speaker 1: up and buying foreclosed homes. It could be at risk 373 00:20:59,840 --> 00:21:03,199 Speaker 1: of a conditional veto by Governor Phil Murphy. According to 374 00:21:03,240 --> 00:21:10,280 Speaker 1: Assemblywoman Brittany Timberlake, the bill's sponsor, the classic Bodega breakfast sandwich, bacon, 375 00:21:10,359 --> 00:21:12,919 Speaker 1: egg and cheese isn't as cheap as it used to 376 00:21:12,960 --> 00:21:16,359 Speaker 1: be To keep up with inflation, bodega owners are raising 377 00:21:16,359 --> 00:21:20,199 Speaker 1: the prices of their famously low priced sandwiches. The ape 378 00:21:20,280 --> 00:21:23,000 Speaker 1: says one stores raised the price from two dollars and 379 00:21:23,000 --> 00:21:26,480 Speaker 1: fifty cents to four fifty That your Bloomberg Try State 380 00:21:26,520 --> 00:21:30,680 Speaker 1: Business report. I'd died Corey thanks at eight on Wall Street. 381 00:21:31,040 --> 00:21:35,320 Speaker 1: The following is an editorial from Bloomberg Opinion. This sedatorial 382 00:21:35,560 --> 00:21:39,320 Speaker 1: was written by the Bloomberg Editorial Board. The House of 383 00:21:39,400 --> 00:21:44,280 Speaker 1: Representatives recently passed the Respect for Marriage Act, which declares 384 00:21:44,320 --> 00:21:48,520 Speaker 1: that marriages performed in one state must be recognized in 385 00:21:48,640 --> 00:21:52,960 Speaker 1: all of them, without respect to sex, race, ethnicity, or 386 00:21:53,200 --> 00:21:57,720 Speaker 1: national origin. It also codifies same sex marriages for the 387 00:21:57,760 --> 00:22:02,280 Speaker 1: purpose of benefits under federal law. The legislation still needs 388 00:22:02,320 --> 00:22:04,840 Speaker 1: to get through the Senate, which is unlikely before the 389 00:22:04,880 --> 00:22:09,000 Speaker 1: August recess. Nonetheless, the House is moved to provide federal 390 00:22:09,080 --> 00:22:13,600 Speaker 1: recognition of gay marriages with the support of forty seven Republicans. 391 00:22:13,960 --> 00:22:18,080 Speaker 1: Is a breakthrough worth celebrating. In addition to validating the 392 00:22:18,119 --> 00:22:22,200 Speaker 1: country's progress on gay rights, the vote signals that lawmakers 393 00:22:22,320 --> 00:22:26,359 Speaker 1: may be embracing their responsibility to tackle social issues through 394 00:22:26,400 --> 00:22:31,159 Speaker 1: the legislative process. Given current levels of partisanship in Washington. 395 00:22:31,600 --> 00:22:35,679 Speaker 1: This is a significant achievement. The editorial was written by 396 00:22:35,720 --> 00:22:39,240 Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go 397 00:22:39,280 --> 00:22:42,760 Speaker 1: to Bloomberg dot com, slash opinion or ope I n 398 00:22:42,840 --> 00:22:46,720 Speaker 1: go on the Bloomberg terminal. This has been Bloomberg opinion 399 00:22:46,880 --> 00:22:50,160 Speaker 1: and you can hear Bloomberg opinion editorials every weekday. At 400 00:22:50,200 --> 00:22:53,960 Speaker 1: this time, terminal customers can read more at ope I 401 00:22:54,200 --> 00:22:57,040 Speaker 1: end go. Looking ahead to the market open and a 402 00:22:57,240 --> 00:23:01,080 Speaker 1: FED decision for the month of July, futures are moving higher, 403 00:23:01,400 --> 00:23:05,439 Speaker 1: driven by a positive tech outlook, particularly from Microsoft and 404 00:23:05,560 --> 00:23:08,399 Speaker 1: Alphabet after they're earnings. SMP futures right now are up 405 00:23:08,440 --> 00:23:11,879 Speaker 1: forty points, STOUT futures up a hundred seventy NAZDAC futures 406 00:23:11,920 --> 00:23:15,000 Speaker 1: higher by a hundred ninety two points. The German decks 407 00:23:15,040 --> 00:23:17,000 Speaker 1: up two tenths percent. The CACK in Paris and the 408 00:23:17,040 --> 00:23:19,240 Speaker 1: foot SEE one hundred in London are both higher by 409 00:23:19,359 --> 00:23:22,280 Speaker 1: a half percent. Ten year treasuries up four thirty seconds, 410 00:23:22,600 --> 00:23:24,800 Speaker 1: yield two point seven nine percent, yield on the two 411 00:23:24,880 --> 00:23:28,320 Speaker 1: year three point zero four percent. Nim X screws highed 412 00:23:28,320 --> 00:23:30,720 Speaker 1: by seven tenths per cent or sixty five cents ninety 413 00:23:30,760 --> 00:23:32,960 Speaker 1: five dollar sixty four cents for a barrel of West 414 00:23:32,960 --> 00:23:36,160 Speaker 1: Texas Intermediate Comics gold hired by three tenths percent four 415 00:23:36,200 --> 00:23:39,680 Speaker 1: dollars fifty cents at seventeen forty twenty. Announced the euro 416 00:23:39,760 --> 00:23:42,320 Speaker 1: one point zero one five zero against the dollar the 417 00:23:42,400 --> 00:23:45,159 Speaker 1: end one thirty six point six five Bitcoin trading right 418 00:23:45,200 --> 00:23:48,320 Speaker 1: now at about twenty one thousand, three hundred. We look 419 00:23:48,359 --> 00:23:52,159 Speaker 1: ahead to the FED decision next, Simon French, chief economist 420 00:23:52,240 --> 00:23:56,040 Speaker 1: at PAM Your Gordon joins us. Next, you're listing so 421 00:23:56,119 --> 00:24:04,480 Speaker 1: Bloomberg day Break Bloomberg eleven three O weather, sunshine, highs 422 00:24:04,480 --> 00:24:08,120 Speaker 1: near ninety today, tomorrow and the next day though tomorrow 423 00:24:08,119 --> 00:24:10,880 Speaker 1: on Friday, we can't rule out a risk of afternoon 424 00:24:10,880 --> 00:24:17,520 Speaker 1: showers and storms. Right now seventy one in Central Park markets, 425 00:24:17,640 --> 00:24:20,720 Speaker 1: headlines and breaking news twenty four hours a day at 426 00:24:20,720 --> 00:24:24,119 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 427 00:24:24,200 --> 00:24:33,240 Speaker 1: Quick Take, This is a Bloomberg business lash, and I'm 428 00:24:33,280 --> 00:24:36,320 Speaker 1: Kerin Moscow stocks and US stock index futures are rallying 429 00:24:36,320 --> 00:24:39,119 Speaker 1: as a bunch of Brazilian company earnings help to alleviate 430 00:24:39,200 --> 00:24:41,280 Speaker 1: some of the wider contion and markets ahead of a 431 00:24:41,320 --> 00:24:45,040 Speaker 1: pivotal feder Reserve monetary policy meeting. Check the markets every 432 00:24:45,040 --> 00:24:47,720 Speaker 1: fifteen minutes throughout the trading day on Bloomberg. Right now, 433 00:24:47,880 --> 00:24:49,959 Speaker 1: S and P futures are up thirty nine points down 434 00:24:50,000 --> 00:24:53,080 Speaker 1: futures of A hundred sixty seven and nasday futures have 435 00:24:53,160 --> 00:24:56,159 Speaker 1: one ninety one The decks in Germany is up about 436 00:24:56,160 --> 00:24:58,840 Speaker 1: two tenths of upper set, and your treasury up four 437 00:24:58,840 --> 00:25:01,840 Speaker 1: thirty seconds. You two seven nine percent and yield on 438 00:25:01,880 --> 00:25:04,639 Speaker 1: the two year three point oh four percent. Non mex 439 00:25:04,680 --> 00:25:06,760 Speaker 1: screwed oil is up four tenths per cent or thirty 440 00:25:06,760 --> 00:25:09,800 Speaker 1: eight cents, and ninety thirty six cents of barrel comic 441 00:25:09,840 --> 00:25:12,280 Speaker 1: scold up two tenths per cent or three dollars eighty cents. 442 00:25:12,280 --> 00:25:15,480 Speaker 1: At seventeen thirty nine fifty announced the euro one point 443 00:25:16,280 --> 00:25:18,639 Speaker 1: two against the dollar, British found one point two zero 444 00:25:18,720 --> 00:25:21,280 Speaker 1: eight zero, and he had one thirty six point six 445 00:25:21,400 --> 00:25:24,320 Speaker 1: zero and Bitcoin this morning at one point six percent 446 00:25:24,480 --> 00:25:28,640 Speaker 1: or at one three hundred seventeen dollars. That's a Bloomberg 447 00:25:28,640 --> 00:25:31,080 Speaker 1: business flash. Now here's Michael Barr with more on what's 448 00:25:31,080 --> 00:25:33,960 Speaker 1: going on around the world. Michael thank you very much, Karen. 449 00:25:34,040 --> 00:25:37,720 Speaker 1: The Justice Department is said to be investigating efforts by 450 00:25:37,880 --> 00:25:41,240 Speaker 1: former President Donald Trump and his inner circle to create 451 00:25:41,320 --> 00:25:44,520 Speaker 1: false selectors and press your former vice president Mike Pence 452 00:25:44,640 --> 00:25:48,399 Speaker 1: to overturn the election. According to a person familiar with 453 00:25:48,440 --> 00:25:51,520 Speaker 1: the matter, Pence is former Chief of Staff Mark Short 454 00:25:51,800 --> 00:25:55,560 Speaker 1: and Greg Jacob Pence is then Chief Council. Appeared before 455 00:25:55,640 --> 00:25:58,440 Speaker 1: Grand Jury in recent days. W n B, a star 456 00:25:58,520 --> 00:26:01,840 Speaker 1: Britney grinder, will testify today in her drug trial in Russia. 457 00:26:02,160 --> 00:26:05,520 Speaker 1: She could get ten years in prison if convicted. In baseball, 458 00:26:05,560 --> 00:26:08,200 Speaker 1: the Mets beat the Yankee six three, The Guardians beat 459 00:26:08,200 --> 00:26:11,040 Speaker 1: the Red Sox eight three, The Orioles beat the Raise 460 00:26:11,119 --> 00:26:15,320 Speaker 1: five three, the Nationals beat the Dodgers, VA's down the Astros, 461 00:26:15,680 --> 00:26:19,480 Speaker 1: and the Giants lost to the Diamondbacks seven three. Global 462 00:26:19,520 --> 00:26:22,119 Speaker 1: News twenty four hours a day on air and on 463 00:26:22,240 --> 00:26:26,240 Speaker 1: Bloomberg Quittank, powered by more than hundred journalists and analysts 464 00:26:26,240 --> 00:26:28,760 Speaker 1: more than a hundred twenty countries. Michael Barr and this 465 00:26:28,840 --> 00:26:31,920 Speaker 1: is Bloomberg an alright, Michael, thank you. It is nine 466 00:26:32,040 --> 00:26:35,359 Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers Studios. 467 00:26:35,400 --> 00:26:39,200 Speaker 1: This is Bloomberg Daybreak on a Federal Reserve decision day 468 00:26:39,280 --> 00:26:41,439 Speaker 1: for the month of July. We are joined this morning 469 00:26:41,760 --> 00:26:45,320 Speaker 1: by Simon French, chief economist at PAM Your Gordon, Simon, 470 00:26:45,400 --> 00:26:48,280 Speaker 1: Good morning, market sur priced in seventy five basis points 471 00:26:48,280 --> 00:26:50,119 Speaker 1: from the Fed? Where would you put the chance for 472 00:26:50,200 --> 00:26:54,440 Speaker 1: an upside surprise today? Good morning, Nace Noise pleasures to 473 00:26:54,520 --> 00:26:57,359 Speaker 1: join you. I think it's really limited. I think we 474 00:26:57,480 --> 00:27:01,159 Speaker 1: learned from the June FMC meeting, that is the Federal 475 00:27:01,200 --> 00:27:04,359 Speaker 1: Reserve what I unhappy with where market expectations are and 476 00:27:04,840 --> 00:27:07,680 Speaker 1: markets are pretty much bang on seventy five basis points, 477 00:27:07,840 --> 00:27:13,119 Speaker 1: then they would prepare the market with some addition information, 478 00:27:13,240 --> 00:27:17,240 Speaker 1: be it leaked through various media outlets or the other 479 00:27:17,320 --> 00:27:19,800 Speaker 1: channels that they've used. I think they're pretty happy. The 480 00:27:19,880 --> 00:27:22,439 Speaker 1: seventy five basis points key is what they guide to 481 00:27:22,920 --> 00:27:26,240 Speaker 1: coming in the residual three meetings of this year. Indeed, 482 00:27:26,560 --> 00:27:31,560 Speaker 1: but what's your expectation? Well, so, I think what we'll 483 00:27:31,600 --> 00:27:33,720 Speaker 1: see from the statement bear in mind we will get 484 00:27:33,760 --> 00:27:38,359 Speaker 1: no press conference or updated economy projections. I think it 485 00:27:38,520 --> 00:27:42,080 Speaker 1: is very much about the language used around slowing economic 486 00:27:42,200 --> 00:27:46,520 Speaker 1: data in US retail, particularly consumer durable as US consumer 487 00:27:46,560 --> 00:27:50,280 Speaker 1: confidence slowing signs of momentum in the real estate sector, 488 00:27:50,840 --> 00:27:54,600 Speaker 1: the degree to which that makes the case for a 489 00:27:54,680 --> 00:27:57,359 Speaker 1: slowdown back to fifty basis points because the market is 490 00:27:57,400 --> 00:28:00,840 Speaker 1: pricing two more basis points plus a fifty of the 491 00:28:00,840 --> 00:28:04,639 Speaker 1: residual three years. I think the roost today, or if 492 00:28:04,640 --> 00:28:08,240 Speaker 1: you like the potential volatility today, is that those two 493 00:28:08,280 --> 00:28:11,879 Speaker 1: seventy five basis points get downgraded closer to fifty. Is 494 00:28:11,880 --> 00:28:13,560 Speaker 1: that your expectation? And do you think that we are 495 00:28:13,600 --> 00:28:16,560 Speaker 1: going to see a slowdown that we've perhaps seen peak 496 00:28:17,040 --> 00:28:21,399 Speaker 1: fed hiking in this cycle. I doubt will see a 497 00:28:21,440 --> 00:28:23,720 Speaker 1: hundred basis points at any of the meetings. And I 498 00:28:23,720 --> 00:28:25,760 Speaker 1: think if what we're talking about a peak in terms 499 00:28:25,760 --> 00:28:28,040 Speaker 1: of the rate of change, then yes, I think there 500 00:28:28,080 --> 00:28:30,200 Speaker 1: was some speculation, wasn't a couple of weeks ago of 501 00:28:30,320 --> 00:28:32,560 Speaker 1: a hundred basis point move. I think that is now 502 00:28:32,640 --> 00:28:37,080 Speaker 1: unlikely given the breadth of the slowdown in macroeconomic data, 503 00:28:37,200 --> 00:28:40,400 Speaker 1: not just in the US, but but globally um And 504 00:28:40,520 --> 00:28:44,160 Speaker 1: we've also seen signs of gasoline prices, particularly peaking in 505 00:28:44,200 --> 00:28:46,760 Speaker 1: the US and starting to come down. So I think, yes, 506 00:28:47,360 --> 00:28:51,880 Speaker 1: peak rate of increases, but clearly where the terminal rate 507 00:28:52,000 --> 00:28:54,880 Speaker 1: lambs in terms of markets expecting about four percent of 508 00:28:54,960 --> 00:28:57,720 Speaker 1: the FED funds rate. You know, the potential for some 509 00:28:57,920 --> 00:29:00,840 Speaker 1: low balling of that if they overweight. To slowdown in 510 00:29:00,840 --> 00:29:03,320 Speaker 1: the economic momentum, I think is the risk going to 511 00:29:03,400 --> 00:29:05,400 Speaker 1: this meeting, you said a number of times that you 512 00:29:05,440 --> 00:29:08,160 Speaker 1: seeing a slow down in economic momentum and slowdown in 513 00:29:08,240 --> 00:29:11,440 Speaker 1: economic data. Is this a slowdown that's leading the US 514 00:29:11,520 --> 00:29:16,479 Speaker 1: economy into a recession or toward a recession? Well, of 515 00:29:16,480 --> 00:29:19,160 Speaker 1: course it depends. Well your definition in recession is and 516 00:29:20,920 --> 00:29:24,960 Speaker 1: have have have entered into that debate as to whether 517 00:29:25,000 --> 00:29:27,720 Speaker 1: a recession is to successive quarters of negative growth, which 518 00:29:27,760 --> 00:29:29,920 Speaker 1: I think we will see in the United States economy. 519 00:29:30,120 --> 00:29:33,080 Speaker 1: They're leaning back into that by suggesting that a broader 520 00:29:33,080 --> 00:29:36,960 Speaker 1: set of indicators, particularly the labor market, are strong. But 521 00:29:37,040 --> 00:29:39,760 Speaker 1: you know, the labor market is traditionally a lagged indicator, 522 00:29:39,840 --> 00:29:42,160 Speaker 1: and I have to say more timely indicators on the 523 00:29:42,200 --> 00:29:47,320 Speaker 1: consumer confidence side do suggest the economies heading to a recession, 524 00:29:47,400 --> 00:29:50,719 Speaker 1: albeit one that is highly unusual and comes off some 525 00:29:51,000 --> 00:29:56,000 Speaker 1: very very strong reopening momentum after the COVID pandemic. So 526 00:29:56,160 --> 00:29:59,320 Speaker 1: if we are headed into a recession, do you see 527 00:29:59,360 --> 00:30:04,640 Speaker 1: it as a old recession or prolonged recession mild. And 528 00:30:05,000 --> 00:30:08,600 Speaker 1: I say that because very unusually, and this is an 529 00:30:08,600 --> 00:30:12,360 Speaker 1: economic cycle almost without precedent, is that household and corporate 530 00:30:12,360 --> 00:30:15,920 Speaker 1: balance sheets are strong. There was always game to be 531 00:30:16,040 --> 00:30:20,000 Speaker 1: an air pocket and consumable consumer durables demand. I think 532 00:30:20,040 --> 00:30:22,960 Speaker 1: most of us anticipated that because of the over consumption 533 00:30:22,960 --> 00:30:26,320 Speaker 1: of durables during the pandemic um And it is the 534 00:30:26,400 --> 00:30:31,200 Speaker 1: degree to which, as inventories undwined, as consumer durables levels 535 00:30:31,200 --> 00:30:34,360 Speaker 1: come back to their their normal level, whether consumers and 536 00:30:34,360 --> 00:30:37,160 Speaker 1: businesses can retain their confidence through this period. And I 537 00:30:37,160 --> 00:30:41,360 Speaker 1: think the backstop of decent balance sheet strength suggests that 538 00:30:41,440 --> 00:30:43,640 Speaker 1: they can. And that is why I see a shallow 539 00:30:43,640 --> 00:30:46,960 Speaker 1: recession of than the de procession. We are getting that 540 00:30:47,360 --> 00:30:50,480 Speaker 1: decision from the Federal Reserve two pm. Wall Street time, 541 00:30:50,520 --> 00:30:53,920 Speaker 1: and we will have extended coverage here on Bloomberg Radio 542 00:30:54,240 --> 00:30:56,960 Speaker 1: in a special edition of Bloomberg Surveillance coming up at 543 00:30:57,080 --> 00:31:01,280 Speaker 1: one thirty Wall Street time this afternoon. In French, Chief 544 00:31:01,280 --> 00:31:04,400 Speaker 1: economist at Pander Gordon, thanks for your insights this morning 545 00:31:04,400 --> 00:31:05,920 Speaker 1: ahead of all that. Thanks for being with us here 546 00:31:05,960 --> 00:31:09,000 Speaker 1: on Bloomberg Daybreak. Karen, all right, Nathan, thank you. It 547 00:31:09,080 --> 00:31:11,520 Speaker 1: is five three on Wall Street. It is time for 548 00:31:11,520 --> 00:31:14,040 Speaker 1: the Bloomberg Law Report. I brought to you by American 549 00:31:14,160 --> 00:31:18,360 Speaker 1: Arbitration Association. Business disputes are inevitable. Resolve fest with the 550 00:31:18,400 --> 00:31:23,000 Speaker 1: American Arbitration Association, the global leader in alternative dispute resolution 551 00:31:23,040 --> 00:31:26,200 Speaker 1: for over ninety years. More at a dr dot org. 552 00:31:26,800 --> 00:31:29,200 Speaker 1: Now to a legal story we're watching this morning. The 553 00:31:29,320 --> 00:31:32,240 Speaker 1: Senate had expectedly launched a new push Wednesday to protect 554 00:31:32,280 --> 00:31:35,800 Speaker 1: same sex marriage and federal law after a surprising number 555 00:31:35,840 --> 00:31:39,480 Speaker 1: of Republicans helped pass landmark legislation in the House last week, 556 00:31:39,800 --> 00:31:43,960 Speaker 1: and some GOP senators are already signaling support. The legislation 557 00:31:44,080 --> 00:31:46,440 Speaker 1: is a reaction to the Supreme Court's decision last month 558 00:31:46,480 --> 00:31:49,920 Speaker 1: striking down abortion rights, and fears the Court might reverse 559 00:31:50,000 --> 00:31:53,600 Speaker 1: other decisions protecting rights like same sex marriage and privacy. 560 00:31:54,000 --> 00:31:57,080 Speaker 1: For more, Bloomberg's jing Grosso speaks to Catherine Frankie, a 561 00:31:57,160 --> 00:31:59,600 Speaker 1: professor at Columbia Law School and the director at the 562 00:31:59,640 --> 00:32:03,280 Speaker 1: Center of More Gender and Sexuality Law. What would the 563 00:32:03,400 --> 00:32:06,840 Speaker 1: Respect From Marriage Act do well. Some of the media 564 00:32:06,960 --> 00:32:10,440 Speaker 1: has covered it as codifying or putting into law the 565 00:32:10,520 --> 00:32:13,360 Speaker 1: old berga felt decision, which it does not do. What 566 00:32:13,480 --> 00:32:17,520 Speaker 1: it does do is repeal the Defensive Marriage Act, which 567 00:32:17,600 --> 00:32:20,760 Speaker 1: was a law that was passed some time ago and 568 00:32:20,840 --> 00:32:24,400 Speaker 1: challenged in the Supreme Court successfully that defined marriage as 569 00:32:24,400 --> 00:32:27,200 Speaker 1: a union between one man and one woman for all 570 00:32:27,280 --> 00:32:30,240 Speaker 1: federal benefits. So the first thing it does is repeal 571 00:32:30,480 --> 00:32:35,959 Speaker 1: the Defensive Marriage Act and thereby removing a discriminatory definition 572 00:32:36,000 --> 00:32:39,840 Speaker 1: of marriage, which would spring back into actions should the 573 00:32:39,880 --> 00:32:43,640 Speaker 1: Supreme Court reverse the olberga Felt decision. The second thing 574 00:32:43,680 --> 00:32:46,720 Speaker 1: it would do is say that every state has to 575 00:32:46,800 --> 00:32:51,400 Speaker 1: respect a legal marriage from any other state. So say 576 00:32:51,440 --> 00:32:55,080 Speaker 1: you live in Texas and your state decides that it 577 00:32:55,120 --> 00:32:59,120 Speaker 1: will no longer recognize same sex marriages, and you travel 578 00:32:59,240 --> 00:33:02,480 Speaker 1: to New York, get married, and then return to Texas. 579 00:33:02,680 --> 00:33:05,760 Speaker 1: Texas has to recognize that marriage, and it says that 580 00:33:05,800 --> 00:33:09,680 Speaker 1: those states also cannot refuse to recognize legal marriages from 581 00:33:09,680 --> 00:33:13,680 Speaker 1: another state if the basis for doing so is discrimination 582 00:33:13,840 --> 00:33:18,480 Speaker 1: based on race, sex, national origin, or ethnicity. So it's 583 00:33:18,520 --> 00:33:22,320 Speaker 1: important to understand that it will not force all states 584 00:33:22,360 --> 00:33:26,200 Speaker 1: to recognize same sex marriages like the Oberga Felt decision does. 585 00:33:26,960 --> 00:33:29,960 Speaker 1: What it will do is force states to recognize marriages 586 00:33:30,040 --> 00:33:33,840 Speaker 1: from other states and to not discriminate against people in 587 00:33:33,920 --> 00:33:38,760 Speaker 1: those marriages. Some Republican senators have indicated that this bill 588 00:33:38,880 --> 00:33:43,720 Speaker 1: isn't necessary. Senator Marco Rubio called it a stupid waste 589 00:33:43,720 --> 00:33:46,720 Speaker 1: of time. Well, it's easy to call something a stupid 590 00:33:46,760 --> 00:33:48,720 Speaker 1: waste of time if your marriage is not on the 591 00:33:48,800 --> 00:33:52,240 Speaker 1: chopping block. And part of why I think that Representative Nadler, 592 00:33:52,280 --> 00:33:55,840 Speaker 1: who moved this in the House moved so quickly was 593 00:33:55,920 --> 00:33:59,320 Speaker 1: that he was getting thousands and thousands of calls from 594 00:33:59,320 --> 00:34:02,280 Speaker 1: constituent and said others across the country, people who were 595 00:34:02,320 --> 00:34:05,680 Speaker 1: in marriages, who were afraid their marriages would be undone 596 00:34:05,800 --> 00:34:08,440 Speaker 1: by this Supreme Court and that they might lose their 597 00:34:08,520 --> 00:34:11,080 Speaker 1: children and their homes. I mean, this is a real 598 00:34:11,640 --> 00:34:14,719 Speaker 1: important issue, not on just the symbolic level, but on 599 00:34:14,840 --> 00:34:18,680 Speaker 1: the everyday kind of legal status of lessening gay people 600 00:34:18,680 --> 00:34:22,319 Speaker 1: in this country. And they're really frightened that what is 601 00:34:22,360 --> 00:34:26,040 Speaker 1: happening around abortion will also start happening in the gay community. 602 00:34:26,360 --> 00:34:28,799 Speaker 1: So for Senator Groobo to say that this is a 603 00:34:28,800 --> 00:34:32,160 Speaker 1: stupid issue merely speaks to his privilege that this issue 604 00:34:32,200 --> 00:34:35,400 Speaker 1: doesn't touch him. His marriage is not on the chopping block, 605 00:34:35,520 --> 00:34:40,200 Speaker 1: but many other people's maybe. And as Katherine Frankie, a 606 00:34:40,280 --> 00:34:42,880 Speaker 1: professor at Columbia Law School speaking at the Bloomberg's here 607 00:34:42,920 --> 00:34:45,840 Speaker 1: in Grasso. Catch more of that interview, plus analysis of 608 00:34:45,880 --> 00:34:48,960 Speaker 1: the latest legal news by subscribing to the Bloomberg Law 609 00:34:49,000 --> 00:34:52,759 Speaker 1: Podcast or downlining the show at Bloomberg dot com slash podcast. 610 00:34:53,040 --> 00:34:56,320 Speaker 1: Attorneys can find exceptional legal research and business development tools 611 00:34:56,320 --> 00:34:59,320 Speaker 1: at Bloomberg Law dot com and on the Bloomberg terminal 612 00:34:59,440 --> 00:35:03,040 Speaker 1: at b law Go. And futures this morning are on 613 00:35:03,120 --> 00:35:06,000 Speaker 1: the rise, with SMP futures up thirty five points down 614 00:35:06,000 --> 00:35:09,080 Speaker 1: futures have onety one and nounsdack futures have a hundred 615 00:35:09,160 --> 00:35:12,239 Speaker 1: eighty two ten year treasury of five thirty seconds yield 616 00:35:12,239 --> 00:35:14,279 Speaker 1: two points seven eight percent, and they yield on the 617 00:35:14,320 --> 00:35:17,200 Speaker 1: two year three point of four percent, and nim ex 618 00:35:17,200 --> 00:35:20,600 Speaker 1: secrude oil up a quarter percent. Still ahead on Bloomberg Daybreak, 619 00:35:21,040 --> 00:35:23,279 Speaker 1: check on the business headlines and all the news you 620 00:35:23,360 --> 00:35:26,640 Speaker 1: need to start your day. And this is Bloomberg