1 00:00:00,880 --> 00:00:04,240 Speaker 1: Lie from the Bloomberg Interactive Brooker Studios is Bloomberg day 2 00:00:04,240 --> 00:00:09,440 Speaker 1: Break for Friday, June tentho. Coming up this hour, Insurrection investigation, 3 00:00:09,560 --> 00:00:12,200 Speaker 1: the latest findings made public on the attack on the 4 00:00:12,240 --> 00:00:15,280 Speaker 1: Capitol inflation data markets, brace for the latest reading on 5 00:00:15,360 --> 00:00:18,639 Speaker 1: consumer prices. State Street says no, The bank says it 6 00:00:18,760 --> 00:00:21,200 Speaker 1: is not seeking a deal with Credit Sweets, and another 7 00:00:21,239 --> 00:00:25,440 Speaker 1: big Wall Street name reportedly faces an inquiry into hiring practices. 8 00:00:25,760 --> 00:00:29,120 Speaker 1: New York City says it's making progress and fighting COVID. Plus, 9 00:00:29,120 --> 00:00:32,280 Speaker 1: the Texas police chief, criticized for decisions in the school massacre, 10 00:00:32,560 --> 00:00:35,840 Speaker 1: is defending himself. I'm Michael blarm More Ahead, I'm John 11 00:00:35,840 --> 00:00:38,760 Speaker 1: Stash Sharon Sports Tampa Bay beat the Rangers and leads 12 00:00:38,800 --> 00:00:41,559 Speaker 1: the series three to come back When for the Yankees 13 00:00:41,600 --> 00:00:48,080 Speaker 1: in Minnesota. That's all strainyhead on Bloomberg Daybreak on Bloomberg 14 00:00:48,080 --> 00:00:51,960 Speaker 1: eleven three on New York, Bloomberg one, Washington, d C, 15 00:00:52,440 --> 00:00:56,000 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and 16 00:00:56,120 --> 00:01:00,160 Speaker 1: Francisco Syrius XM one nineteen and around the world Old 17 00:01:00,200 --> 00:01:03,680 Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business app. 18 00:01:07,920 --> 00:01:11,039 Speaker 1: And Good Morning I'm Karen Moscow. I'm Nathan Hagar Bloomberg. 19 00:01:11,120 --> 00:01:13,639 Speaker 1: Daybreak is brought to you by Informatica. In the Cloud, 20 00:01:13,640 --> 00:01:16,480 Speaker 1: your data has the power to do the extraordinary. Managed 21 00:01:16,560 --> 00:01:19,360 Speaker 1: data across any location in the cloud for accurate and 22 00:01:19,440 --> 00:01:24,080 Speaker 1: actionable insights. More at informattica dot com. And futures are 23 00:01:24,160 --> 00:01:27,920 Speaker 1: little change this morning. SMP futures down about two points down, 24 00:01:27,920 --> 00:01:32,160 Speaker 1: futures down forty five and NASDAG futures higher up about sixteen. 25 00:01:32,200 --> 00:01:35,360 Speaker 1: The decks in Germany's down one point six percent. Ten 26 00:01:35,440 --> 00:01:38,080 Speaker 1: year treasury up six thirty seconds. You have three point 27 00:01:38,319 --> 00:01:40,440 Speaker 1: one per cent, and they yield on the two year 28 00:01:40,760 --> 00:01:44,039 Speaker 1: two point eight two percent. Nathan okay, Karen, thank you. 29 00:01:44,080 --> 00:01:45,880 Speaker 1: We'll get back to markets in a minute. When we 30 00:01:46,000 --> 00:01:48,360 Speaker 1: begin this morning in the Nation's capital, where the House 31 00:01:48,360 --> 00:01:51,960 Speaker 1: Committee investigating the insurrection at the US Capital on January 32 00:01:52,000 --> 00:01:56,000 Speaker 1: six of last year held its first primetime hearings last night. 33 00:01:56,280 --> 00:01:58,880 Speaker 1: Will start where the hearing ended with the chilling account 34 00:01:58,960 --> 00:02:01,360 Speaker 1: of a police officer who was injured in the melee. 35 00:02:01,760 --> 00:02:07,160 Speaker 1: It was carnage, it was chaos. US Capitol police officer 36 00:02:07,200 --> 00:02:09,880 Speaker 1: Caroline Edwards recounted how she became one of the first 37 00:02:09,960 --> 00:02:13,840 Speaker 1: victims of the attack. There were officers on the ground, 38 00:02:14,960 --> 00:02:18,960 Speaker 1: they were bleeding, they were growing up, they were you know, 39 00:02:19,000 --> 00:02:22,600 Speaker 1: they had I mean, I saw friends with blood all 40 00:02:22,600 --> 00:02:26,360 Speaker 1: over their faces. I was slipping in people's blood. Capitol 41 00:02:26,360 --> 00:02:29,400 Speaker 1: police officer Caroline Edwards says she suffered a brain injury 42 00:02:29,440 --> 00:02:32,359 Speaker 1: that has prevented her from returning to duty well Nathan. 43 00:02:32,360 --> 00:02:35,799 Speaker 1: The hearing also included videotape testimony of top White House 44 00:02:35,840 --> 00:02:39,600 Speaker 1: officials pushing back at former President Trump's claims of widespread 45 00:02:39,680 --> 00:02:43,560 Speaker 1: voter fraud. Here's former Attorney General William Barr that made 46 00:02:43,560 --> 00:02:46,680 Speaker 1: it clear I did not agree with the idea of 47 00:02:46,680 --> 00:02:49,240 Speaker 1: saying the election was stolen and putting out this stuff, 48 00:02:49,280 --> 00:02:52,040 Speaker 1: which I told the President was bullshit. And the committee 49 00:02:52,040 --> 00:02:55,520 Speaker 1: also played video footage, some described as never before seen 50 00:02:55,760 --> 00:02:58,680 Speaker 1: the mob storming the capital, egged on by the former 51 00:02:58,760 --> 00:03:10,320 Speaker 1: president's tweets and real time. Committee chairman Benny Thompson, Donald Trump, 52 00:03:10,720 --> 00:03:14,440 Speaker 1: the president of the United States, spurred a mob of 53 00:03:14,520 --> 00:03:19,720 Speaker 1: domestic enemies of the constitution, demots down the capital and 54 00:03:19,800 --> 00:03:25,440 Speaker 1: subvert American democracy. Chairman Thompson says American democracy remains in danger. 55 00:03:25,560 --> 00:03:29,359 Speaker 1: House Republican leaders are blasting the committee as partisan, they're 56 00:03:29,400 --> 00:03:32,080 Speaker 1: promising their own report in the events of January six. 57 00:03:32,200 --> 00:03:34,640 Speaker 1: All right, let's turn back to markets now. Karen Stocks 58 00:03:34,680 --> 00:03:37,720 Speaker 1: fell for a second straight day yesterday, mid growth concerns. 59 00:03:37,960 --> 00:03:41,000 Speaker 1: Investors will be closely watching the latest inflation data do 60 00:03:41,080 --> 00:03:43,960 Speaker 1: out later this morning. It's expected to show annual consumer 61 00:03:44,000 --> 00:03:47,560 Speaker 1: price gains of more than eight percent. Charles Schwab, chief 62 00:03:47,600 --> 00:03:50,720 Speaker 1: investment strategist Lizzi And Sanders says that estimate might be 63 00:03:50,760 --> 00:03:53,840 Speaker 1: too low. There's a bit more chatter called it, you know, 64 00:03:54,120 --> 00:03:57,800 Speaker 1: whisper numbers for the cp I being a little north 65 00:03:57,840 --> 00:04:00,920 Speaker 1: of expectations. You add in a more awkers stands by 66 00:04:00,960 --> 00:04:05,840 Speaker 1: the ECB and you have another weeker day. Charles Swab, 67 00:04:05,920 --> 00:04:09,080 Speaker 1: chief investment strategist liz Anne Sanders says recent swings in 68 00:04:09,120 --> 00:04:12,480 Speaker 1: the market indicat a bear rally well after yesterday's sell off. 69 00:04:12,520 --> 00:04:16,360 Speaker 1: On Wall Street, Nathan European stocks are extending losses as morning. 70 00:04:16,400 --> 00:04:19,159 Speaker 1: Asian shares are slumping as well, putting global equities on 71 00:04:19,240 --> 00:04:21,680 Speaker 1: course for their worst weekly performance in a month, and 72 00:04:21,800 --> 00:04:24,680 Speaker 1: oils headed for a seventh weekly game. Karen, as investors 73 00:04:24,720 --> 00:04:27,080 Speaker 1: weigh a tightening global market and the return of China 74 00:04:27,160 --> 00:04:30,600 Speaker 1: as coronavirus lockdowns loosing. This week, Goldman Sachs boosted its 75 00:04:30,600 --> 00:04:34,360 Speaker 1: price forecast into three, while OPEC warned that most members 76 00:04:34,360 --> 00:04:37,760 Speaker 1: are maxed out on crude production. Meanwhile, in corporate news, 77 00:04:37,880 --> 00:04:40,920 Speaker 1: Nathan Boston based State Street is now denying r Apporious 78 00:04:41,000 --> 00:04:43,840 Speaker 1: looking to acquire Credit Swiss Group and Bloomberge. John Tucker 79 00:04:43,960 --> 00:04:46,560 Speaker 1: joins US Live with the latest. Good morning, John, Karen, 80 00:04:46,640 --> 00:04:49,920 Speaker 1: State Street says in an email, now it's not pursuing 81 00:04:49,960 --> 00:04:54,120 Speaker 1: any acquisition or business combination with Credit Suez. There is 82 00:04:54,160 --> 00:04:57,839 Speaker 1: no basis to the continuing market rumors. It reads. A 83 00:04:57,920 --> 00:05:00,640 Speaker 1: Swiss blog reported that Straight Street would make a bier 84 00:05:00,720 --> 00:05:04,400 Speaker 1: for Credit Swiss, setting a single person. Jeffreys Financial Group 85 00:05:04,400 --> 00:05:06,640 Speaker 1: analyst says in a note to clients, for many reasons, 86 00:05:06,680 --> 00:05:10,000 Speaker 1: we see this combination as highly unlikely. The Swiss bank 87 00:05:10,080 --> 00:05:13,080 Speaker 1: has spent much of the past eighteen months struggling to 88 00:05:13,160 --> 00:05:16,440 Speaker 1: merge from twin hits, the collapse of our Keiko's Capital 89 00:05:16,440 --> 00:05:19,760 Speaker 1: Management and Green Seal Capital. Its stock has fallen seventy 90 00:05:19,800 --> 00:05:23,720 Speaker 1: three percent over the past eight years. Live in New 91 00:05:23,800 --> 00:05:26,800 Speaker 1: York on John Tucker, Bloomberg, debreak. Okay, John, thank you 92 00:05:26,839 --> 00:05:30,120 Speaker 1: sticking with Wall Street, Goldman Sachs Chief executive David Solomon 93 00:05:30,160 --> 00:05:32,760 Speaker 1: has spoken exclusively with Bloomberg News about some of the 94 00:05:32,800 --> 00:05:35,479 Speaker 1: big macro trends in business today. He points to a 95 00:05:35,680 --> 00:05:38,200 Speaker 1: I N pharmam as well as biotech. We had a 96 00:05:38,240 --> 00:05:40,720 Speaker 1: pandemic and the government intervened and there was a big 97 00:05:40,720 --> 00:05:44,760 Speaker 1: public private partnership between the government and vaccine manufacturers to 98 00:05:44,800 --> 00:05:48,280 Speaker 1: accelerate the pace of the vaccines. But generally speaking for 99 00:05:48,440 --> 00:05:52,240 Speaker 1: regular technological advancement and innovation, I don't think we need 100 00:05:52,279 --> 00:05:55,760 Speaker 1: that public private partnership in the medcheck of biotech space. 101 00:05:55,960 --> 00:05:58,599 Speaker 1: Goldman Sachs CEO David Solomon. You can hear more of 102 00:05:58,640 --> 00:06:01,680 Speaker 1: that interview across all bloom Bird platforms throughout the day. 103 00:06:01,839 --> 00:06:04,920 Speaker 1: And meanwhile, Nathan and the major bank is being investigated 104 00:06:04,920 --> 00:06:07,880 Speaker 1: over hiring practices, and Bloomberg's or Need a Young has 105 00:06:07,960 --> 00:06:11,440 Speaker 1: the latest or need a Good Morning, Nathan Karen Good morning. 106 00:06:11,720 --> 00:06:17,440 Speaker 1: Federal prosecutors are investigating claims that Wells Fargo violated antidiscrimination 107 00:06:17,560 --> 00:06:21,520 Speaker 1: laws by conducting fake interviews with non white and female 108 00:06:21,600 --> 00:06:24,680 Speaker 1: job applicants. That's according to The New York Times, signing 109 00:06:24,680 --> 00:06:28,599 Speaker 1: anonymous sources. The newly created Civil Rights Unit of the 110 00:06:28,640 --> 00:06:32,599 Speaker 1: Manhattan U S. Attorney's Offices leading the investigation. And this 111 00:06:32,760 --> 00:06:35,040 Speaker 1: all comes after a May night team New York Times 112 00:06:35,080 --> 00:06:39,120 Speaker 1: report claiming the bank was interviewing diverse candidates for jobs 113 00:06:39,320 --> 00:06:42,880 Speaker 1: that were already promised to other applicants. The fake interviews 114 00:06:42,880 --> 00:06:47,640 Speaker 1: were reportedly the result of Wells Fargo's goal to increase diversity. 115 00:06:47,800 --> 00:06:50,440 Speaker 1: We need a young Bloomberg daybreak. Okay, we need to 116 00:06:50,520 --> 00:06:53,480 Speaker 1: thank you ahead of this morning. CPI data futures are 117 00:06:53,960 --> 00:06:56,600 Speaker 1: little change right now. SMP futures are up a point down, 118 00:06:56,640 --> 00:06:59,279 Speaker 1: futures down twenty three. NASTACK futures are hired by thirty 119 00:06:59,279 --> 00:07:02,040 Speaker 1: two points ten. Your treasury is up six thirty seconds. 120 00:07:02,040 --> 00:07:04,279 Speaker 1: The yield close to three point zero two percent yield 121 00:07:04,320 --> 00:07:07,480 Speaker 1: on the two year Right now two three nimex scruds 122 00:07:07,600 --> 00:07:09,360 Speaker 1: up two tenths per cent, or eighteen cents at a 123 00:07:09,680 --> 00:07:13,880 Speaker 1: D one dollars sixty eight cents a barrel. Straight ahead, 124 00:07:14,040 --> 00:07:16,960 Speaker 1: We got your latest local headlines, plus a check of sports. 125 00:07:17,400 --> 00:07:24,400 Speaker 1: This is Bloomberg, and it's now five oh seven on 126 00:07:24,440 --> 00:07:26,920 Speaker 1: Wall Street, where it's sixty four degrees in Central Park. 127 00:07:27,160 --> 00:07:29,240 Speaker 1: If you're coming out of the Lincoln Tunnel. Much up 128 00:07:29,240 --> 00:07:32,200 Speaker 1: for a disabled tractor trailer when you get into New Jersey. 129 00:07:32,360 --> 00:07:34,800 Speaker 1: More coming up in traffic First Michael Barr with what 130 00:07:34,840 --> 00:07:37,200 Speaker 1: else is going on in New York and around the world. 131 00:07:37,240 --> 00:07:40,280 Speaker 1: Happy Friday, Michael, Happy Friday to you, Nathan. New York 132 00:07:40,360 --> 00:07:43,600 Speaker 1: City's Health commissioners says that the city has passed its 133 00:07:43,720 --> 00:07:47,480 Speaker 1: latest COVID Night Team peak, siting a drop in the 134 00:07:47,520 --> 00:07:52,400 Speaker 1: case rate between May and June five. It counters two 135 00:07:52,440 --> 00:07:57,360 Speaker 1: months worth of sustained increase of virus transmission. Health Commissioner 136 00:07:57,360 --> 00:08:01,600 Speaker 1: Ashwyn Vassen says despite the city heading into a safer environment, 137 00:08:02,000 --> 00:08:04,880 Speaker 1: he still encouraged New Yorkers to continue to wear masks 138 00:08:05,000 --> 00:08:09,080 Speaker 1: indoors and tests, and stay home if they feel sick. 139 00:08:09,720 --> 00:08:12,440 Speaker 1: New York City's requirement that two to four year old 140 00:08:12,480 --> 00:08:16,080 Speaker 1: children wearing masks in schools and daycare centers is coming 141 00:08:16,080 --> 00:08:19,520 Speaker 1: to an end. Mayor Eric Adams said starting Monday, masks 142 00:08:19,560 --> 00:08:23,320 Speaker 1: will be optional. Federal government data indicates the rate of 143 00:08:23,400 --> 00:08:27,240 Speaker 1: new COVID infections has slowed in the Northeast, even as 144 00:08:27,320 --> 00:08:30,720 Speaker 1: cases a surge in other parts of the country. Dr 145 00:08:30,800 --> 00:08:34,760 Speaker 1: Elene Marty of Florida International University says two new O 146 00:08:34,880 --> 00:08:39,320 Speaker 1: macron subdarians are driving their numbers up. Seventies six percent 147 00:08:39,480 --> 00:08:43,360 Speaker 1: of the cases in our hospitals right now are people 148 00:08:43,400 --> 00:08:47,160 Speaker 1: who have never been vaccinated. Dr Marty spoke to ABC 149 00:08:47,720 --> 00:08:50,640 Speaker 1: ten people in New York City and likely have monkey poks. 150 00:08:51,080 --> 00:08:53,920 Speaker 1: The city's health department says most of these people have 151 00:08:54,040 --> 00:08:57,880 Speaker 1: had mild cases, have not been hospitalized, and have recovered 152 00:08:57,880 --> 00:09:00,240 Speaker 1: on their own. There are new details of out the 153 00:09:00,240 --> 00:09:04,120 Speaker 1: police response to the elementary school killing spree in Uvality, Texas. 154 00:09:04,600 --> 00:09:07,760 Speaker 1: The Texas school police chief, criticized for his action, says 155 00:09:07,800 --> 00:09:11,240 Speaker 1: in his first extensive published comments that he did not 156 00:09:11,559 --> 00:09:16,680 Speaker 1: consider himself the incident commander. As the massacre unfolded. Vality 157 00:09:16,720 --> 00:09:20,319 Speaker 1: School District Police Chief Pete Rodondo told The Texas Tribune 158 00:09:20,360 --> 00:09:22,920 Speaker 1: that he assumed someone else had taken control of the 159 00:09:22,960 --> 00:09:25,960 Speaker 1: law enforcement response to the shooting at rob Elementary School. 160 00:09:26,280 --> 00:09:28,680 Speaker 1: The Biden administration is expected to lay out a new 161 00:09:28,720 --> 00:09:31,960 Speaker 1: planned day to deal with immigration and migration in the 162 00:09:31,960 --> 00:09:34,480 Speaker 1: Western Hemisphere. It comes on the final day of the 163 00:09:34,520 --> 00:09:37,480 Speaker 1: Summit of the America As in Los Angeles. President Biden 164 00:09:37,520 --> 00:09:40,120 Speaker 1: spoke about it last night. Each one of our countries 165 00:09:40,520 --> 00:09:44,439 Speaker 1: have been infacted by unpresidented migration, and I believe it's 166 00:09:44,440 --> 00:09:48,480 Speaker 1: our shared responsibility to meet this challenge and emphasized shared. 167 00:09:49,440 --> 00:09:52,840 Speaker 1: President Biden also promoted a new health initiative by investing 168 00:09:52,880 --> 00:09:55,800 Speaker 1: in health workers. Global News twenty four hours a day 169 00:09:55,840 --> 00:09:58,679 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 170 00:09:59,640 --> 00:10:04,199 Speaker 1: journalist analysts more than twenty countries. Michael Barr, this is Bloomberg. Nathan, 171 00:10:04,240 --> 00:10:10,920 Speaker 1: all right, Michael, thank you, Coming up to five ten 172 00:10:11,000 --> 00:10:13,280 Speaker 1: on Wall Street time for the Bloomberg Sports Update. Good morning, 173 00:10:13,360 --> 00:10:16,520 Speaker 1: John Staship, Good morning, Nathan. Can the Rangers do it again? 174 00:10:16,760 --> 00:10:19,640 Speaker 1: Five wins in these playoffs when face with elimination came 175 00:10:19,640 --> 00:10:23,000 Speaker 1: from three one down against Pittsburgh, three two down versus Carolina. 176 00:10:23,040 --> 00:10:26,280 Speaker 1: The Rangers now trail Tampa Bay three games to two. 177 00:10:26,360 --> 00:10:28,920 Speaker 1: Much like Game three at Tampa, Game five at the 178 00:10:29,000 --> 00:10:31,839 Speaker 1: Garden was looking like he was headed to overtime, and 179 00:10:31,880 --> 00:10:41,199 Speaker 1: then it wasn't point heap circuchof circuit a job another 180 00:10:41,280 --> 00:10:44,360 Speaker 1: goal for songa Job. It's to one lighting when the 181 00:10:44,480 --> 00:10:47,840 Speaker 1: funk fifty left of the third fl A defenseman Michale 182 00:10:47,880 --> 00:10:50,000 Speaker 1: circuit Chov had not scored a goal in the playoffs. 183 00:10:50,000 --> 00:10:53,199 Speaker 1: He scored Tampa's first goal. That team winner actually went 184 00:10:53,280 --> 00:10:55,959 Speaker 1: in off Andre Pola Tampa at an empty netter and 185 00:10:56,040 --> 00:10:58,959 Speaker 1: won three to one. Rangers have taken a one nothing 186 00:10:59,080 --> 00:11:01,200 Speaker 1: lead on a Ryan bring goals second period. They've only 187 00:11:01,240 --> 00:11:04,320 Speaker 1: scored four goals in the last three games, all losses, 188 00:11:04,480 --> 00:11:06,679 Speaker 1: and this lost their first at home since Game one 189 00:11:06,800 --> 00:11:10,240 Speaker 1: versus the Penguins. Game six tomorrow in Tampa. If the 190 00:11:10,360 --> 00:11:12,719 Speaker 1: Rangers can win, it's back to the Garden for a 191 00:11:12,800 --> 00:11:16,840 Speaker 1: Game seven on Tuesday. NBA Finals Game four tonight in Boston. 192 00:11:16,920 --> 00:11:19,480 Speaker 1: Celtics need the Warriors two to one. Steph Curry heard 193 00:11:19,600 --> 00:11:21,440 Speaker 1: his foot at the end of Game three, but says 194 00:11:21,520 --> 00:11:24,000 Speaker 1: he will play tonight. Want to win for the Yankees 195 00:11:24,040 --> 00:11:26,880 Speaker 1: and a night where the Twins teed off on Garrett Cole. 196 00:11:26,920 --> 00:11:29,360 Speaker 1: They began the game with three straight home runs, only 197 00:11:29,440 --> 00:11:31,560 Speaker 1: the second time and Major League history a game has 198 00:11:31,559 --> 00:11:34,800 Speaker 1: started like that. Cold gave up five homers, Minnesota led 199 00:11:34,880 --> 00:11:38,240 Speaker 1: seven to three, back came the Yankees to win ten seven, 200 00:11:38,280 --> 00:11:40,319 Speaker 1: and the guys that led the comeback to two, who 201 00:11:40,400 --> 00:11:43,040 Speaker 1: have struggled all season to play. Joey gallow to home 202 00:11:43,160 --> 00:11:45,719 Speaker 1: run three RBIs Aaron Hicks a homer he drove in 203 00:11:45,840 --> 00:11:47,480 Speaker 1: three Yanks of one, eight of nine. They host the 204 00:11:47,520 --> 00:11:51,319 Speaker 1: Cubs tonight. John Stashatward Bloomberg Sports, Nathan, thank you, john 205 00:11:51,480 --> 00:11:54,280 Speaker 1: S and P futures right now up two points, our 206 00:11:54,400 --> 00:11:57,600 Speaker 1: futures down twenty Danstex futures are hired by thirty seven 207 00:11:57,640 --> 00:11:59,960 Speaker 1: points as we wait them. May CPI data do out 208 00:12:00,000 --> 00:12:03,040 Speaker 1: at eight thirty Wall Street time. You're listening to Bloomberg 209 00:12:03,240 --> 00:12:10,079 Speaker 1: taping Bloomberg eleven three oh weather partly mostly sunny on 210 00:12:10,200 --> 00:12:12,760 Speaker 1: this Friday, low eighties for highs. Chance for an afternoon 211 00:12:12,800 --> 00:12:15,120 Speaker 1: shower or two tomorrow with highs near seventy five degrees 212 00:12:15,440 --> 00:12:19,160 Speaker 1: scattered showers Sunday. Right now sixty four degrees in Central 213 00:12:19,200 --> 00:12:25,040 Speaker 1: Park markets. Headlines and breaking news twenty four hours a 214 00:12:25,120 --> 00:12:28,200 Speaker 1: day at Bloomberg dot Com, The Bloomberg Business at Land 215 00:12:28,320 --> 00:12:31,839 Speaker 1: at Bloomberg Quick Tape. This is a Bloomberg Business lash 216 00:12:37,679 --> 00:12:41,120 Speaker 1: and I'm Karen Moscow. European stocks are extending losses as 217 00:12:41,160 --> 00:12:44,120 Speaker 1: investors grace for US inflation data that may help de 218 00:12:44,200 --> 00:12:47,160 Speaker 1: sign the course of the federal reserves tightening path SMP 219 00:12:47,400 --> 00:12:50,520 Speaker 1: futures are little change this morning. DAL futures are as well. 220 00:12:50,960 --> 00:12:54,400 Speaker 1: Nasday futures higher up forty two. The decks in Germany's 221 00:12:54,440 --> 00:12:56,760 Speaker 1: down one point four per cent. The tenure treasury of 222 00:12:56,840 --> 00:12:59,520 Speaker 1: five thirty seconds fell three point out two percent. They 223 00:12:59,559 --> 00:13:01,720 Speaker 1: yield on the two year two point eight three percent. 224 00:13:02,240 --> 00:13:04,319 Speaker 1: Nim X screwed oil is a tenth of upper cent 225 00:13:04,400 --> 00:13:06,680 Speaker 1: or fifteen cents, and a hundred twenty one dollar sixty 226 00:13:06,720 --> 00:13:09,000 Speaker 1: six cents a barrel. Comex schol down a third of 227 00:13:09,240 --> 00:13:11,520 Speaker 1: per cent or six dollars ten cents at eighteen forty 228 00:13:11,600 --> 00:13:14,480 Speaker 1: six eighty announce. The Euro one point oh five nine 229 00:13:14,559 --> 00:13:16,800 Speaker 1: nine against the dollar, British pound one point to four 230 00:13:16,960 --> 00:13:19,960 Speaker 1: seven six, The yunis at one thirty three point nine 231 00:13:20,160 --> 00:13:23,200 Speaker 1: three and looking at bitcoin this morning, it's down six 232 00:13:23,280 --> 00:13:25,679 Speaker 1: tents of upper cent at twenty nine thousand, nine hundred 233 00:13:25,800 --> 00:13:29,200 Speaker 1: seventy dollars, and that's at Bloomberg Business Flash. Now here's 234 00:13:29,200 --> 00:13:32,079 Speaker 1: Michael Barr with more on what's going on around the world. Michael, 235 00:13:32,080 --> 00:13:34,760 Speaker 1: Good morning, Good morning, Karen. The first public hearing by 236 00:13:34,880 --> 00:13:38,679 Speaker 1: the House committee investigating the January sixth riot included testimony 237 00:13:38,960 --> 00:13:42,760 Speaker 1: from Capitol police officer Caroline Edwards. She told lawmakers it 238 00:13:42,880 --> 00:13:46,319 Speaker 1: was carnage and chaos as she fought the mob me 239 00:13:46,440 --> 00:13:49,559 Speaker 1: while Republican Committee coach here Liz Cheney, lay the blame 240 00:13:49,600 --> 00:13:55,040 Speaker 1: for the riot on Donald Trump. You will hear how 241 00:13:55,160 --> 00:13:59,439 Speaker 1: President Trump summoned a violent mob and directed them illegally 242 00:13:59,760 --> 00:14:02,760 Speaker 1: to march on the United States Capitol. Cheney and the 243 00:14:02,760 --> 00:14:06,800 Speaker 1: Committee will hold another hearing next Monday. In the NHL Playoffs, 244 00:14:06,840 --> 00:14:09,160 Speaker 1: the Rangers are on the brink of elimination after losing 245 00:14:09,240 --> 00:14:11,959 Speaker 1: Game five to the Lightning in the East Final three one. 246 00:14:12,480 --> 00:14:15,760 Speaker 1: In baseball, the Yankees one, the Red Sox, Oriels, Nationals 247 00:14:15,840 --> 00:14:19,360 Speaker 1: and Giants. Kay's all lost. Global News twenty four hours 248 00:14:19,440 --> 00:14:22,400 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 249 00:14:22,440 --> 00:14:25,040 Speaker 1: more than the journalists and analysts more than a hundred 250 00:14:25,040 --> 00:14:28,760 Speaker 1: twenty countries. Hi, Michael Barr and this is Bloomberg Nathan. 251 00:14:28,880 --> 00:14:31,080 Speaker 1: Thank you, Michael. It is five nineteen on Wall Street 252 00:14:31,160 --> 00:14:34,600 Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg 253 00:14:34,760 --> 00:14:38,360 Speaker 1: Daybreak and for more on last night's first prime time 254 00:14:38,520 --> 00:14:41,320 Speaker 1: public hearing for the House January six Committee. We are 255 00:14:41,400 --> 00:14:45,000 Speaker 1: joined from our Bloomberg studios in Washington, d C. By 256 00:14:45,040 --> 00:14:48,280 Speaker 1: Bloomberg Washington correspondent Joe Matthew, the host of Sound on 257 00:14:48,760 --> 00:14:51,600 Speaker 1: here on Bloomberg Radio, Joe, Good Morning. The committee is 258 00:14:51,680 --> 00:14:55,040 Speaker 1: starting to lay out the timeline, the case for why 259 00:14:55,280 --> 00:14:59,520 Speaker 1: they say the threat to democracy from January six is 260 00:15:00,000 --> 00:15:02,440 Speaker 1: still with this country. What stood out to you from 261 00:15:02,520 --> 00:15:05,000 Speaker 1: last night, Well, it was just the opening salvo. I'm 262 00:15:05,040 --> 00:15:07,680 Speaker 1: deeply curious to hear and see what we're going to 263 00:15:07,800 --> 00:15:10,280 Speaker 1: learn over the course of what will be about a 264 00:15:10,320 --> 00:15:13,720 Speaker 1: half dozen hearings. The Congresswoman Liz Cheney was was going 265 00:15:13,760 --> 00:15:15,960 Speaker 1: out of her way not only to reveal information last 266 00:15:16,040 --> 00:15:19,160 Speaker 1: night and start that timeline, Nathan, but also to preview 267 00:15:19,280 --> 00:15:21,640 Speaker 1: that there will be much more coming up. The final 268 00:15:21,760 --> 00:15:24,400 Speaker 1: hearing is also at this time scheduled to air in 269 00:15:24,600 --> 00:15:26,680 Speaker 1: prime time. That will be a couple of weeks off. 270 00:15:26,720 --> 00:15:29,400 Speaker 1: And some of what we heard last evening from Cheney 271 00:15:29,440 --> 00:15:31,360 Speaker 1: as well as Benny Thompson, the chair of the committee, 272 00:15:31,400 --> 00:15:34,400 Speaker 1: had already leaked. It was already out there, including reports 273 00:15:34,440 --> 00:15:37,560 Speaker 1: from within the West Wing about the President's tacit approval 274 00:15:37,600 --> 00:15:40,360 Speaker 1: of the attack. Has suggestion that Vice President Mike Pence 275 00:15:40,760 --> 00:15:43,440 Speaker 1: deserved to be targeted by the mob. But we saw 276 00:15:43,520 --> 00:15:46,440 Speaker 1: new footage from the attack courtesy of a documentarian who 277 00:15:46,520 --> 00:15:49,400 Speaker 1: was actually one of the witnesses last evening, and Nathan 278 00:15:49,440 --> 00:15:52,760 Speaker 1: had just brought back visceral memories of January six and 279 00:15:52,840 --> 00:15:55,640 Speaker 1: reminding us how much abuse that law enforcement took that 280 00:15:55,800 --> 00:15:58,160 Speaker 1: day some of the some of the body camp footage, 281 00:15:58,200 --> 00:16:03,160 Speaker 1: the first hand uh personal view from the police was remarkable. 282 00:16:03,240 --> 00:16:06,360 Speaker 1: Also important to hear from the highest ranking officials in 283 00:16:06,440 --> 00:16:09,440 Speaker 1: the Trump White House. In from their testimony, the committee 284 00:16:09,480 --> 00:16:13,280 Speaker 1: shared clips of former Attorney General Bill Barr describing telling 285 00:16:13,360 --> 00:16:16,720 Speaker 1: Donald Trump that claims of fraud were bs. He used 286 00:16:16,760 --> 00:16:20,400 Speaker 1: the actual word. Trump's daughter Ivanka, saying that she respected 287 00:16:20,440 --> 00:16:23,080 Speaker 1: and believed the a G. We saw Jared Kushner as well, 288 00:16:23,560 --> 00:16:27,120 Speaker 1: referring to the White House Counsel's threats to to resign 289 00:16:27,200 --> 00:16:30,920 Speaker 1: as simply whining. Uh. Now, look, Republicans call this effort 290 00:16:30,960 --> 00:16:34,280 Speaker 1: illegitimate and unconstitutional. They are not buying this. But members 291 00:16:34,320 --> 00:16:37,840 Speaker 1: of the panel, including two Republicans Liz Cheney and Adam Kinzinger, 292 00:16:37,920 --> 00:16:42,040 Speaker 1: say they will prove coordination, if not conspiracy, to overturn 293 00:16:42,120 --> 00:16:44,360 Speaker 1: the election, and they say it all began with a 294 00:16:44,440 --> 00:16:49,280 Speaker 1: White House meeting December eighteenth, Donald Trump, Rudy Giuliani, Sidney Powell, 295 00:16:49,880 --> 00:16:55,120 Speaker 1: and Michael Flynn all in one room before White House 296 00:16:55,160 --> 00:16:57,280 Speaker 1: officials even heard that was going on, they came in 297 00:16:57,360 --> 00:16:59,120 Speaker 1: to try to get things under control. It was about 298 00:16:59,120 --> 00:17:01,600 Speaker 1: an hour after that eating in which they discussed the 299 00:17:01,640 --> 00:17:06,080 Speaker 1: military seizing UH voting boxes and so forth, that the 300 00:17:06,200 --> 00:17:10,080 Speaker 1: President sent the tweet inviting people to Washington January six, 301 00:17:10,160 --> 00:17:12,480 Speaker 1: in which he said it's going to be wild. Yeah. 302 00:17:12,560 --> 00:17:14,560 Speaker 1: And I gotta say one thing that stood out to 303 00:17:14,640 --> 00:17:17,280 Speaker 1: me from last night's video footage that heared from that 304 00:17:17,400 --> 00:17:22,520 Speaker 1: documentary and Joe is Uh, the protester reading out a 305 00:17:22,600 --> 00:17:26,359 Speaker 1: tweet from President Trump against Mike Pence through the bullhorn 306 00:17:26,520 --> 00:17:30,280 Speaker 1: in real time, sort of making the impression that the 307 00:17:30,359 --> 00:17:34,720 Speaker 1: former president's comments in real time, we're egging the mob on. 308 00:17:35,200 --> 00:17:37,560 Speaker 1: That's exactly what they want to present here, and that 309 00:17:37,800 --> 00:17:40,359 Speaker 1: came from a pre produced video. We knew that this 310 00:17:40,480 --> 00:17:43,440 Speaker 1: would be part of the presentation. They actually hired a 311 00:17:43,520 --> 00:17:46,960 Speaker 1: former president from ABC News to help put this together. 312 00:17:47,080 --> 00:17:49,760 Speaker 1: So you're actually seeing the tweet from Donald Trump on 313 00:17:49,840 --> 00:17:53,119 Speaker 1: the screen while hearing, as you're saying, this guy in 314 00:17:53,160 --> 00:17:56,360 Speaker 1: a megaphone reading it out out loud to the mob 315 00:17:56,520 --> 00:17:58,520 Speaker 1: at at the Capitol that day. And of course then 316 00:17:58,560 --> 00:18:02,040 Speaker 1: we saw the images of the aloes that had been erected, Nathan. 317 00:18:02,119 --> 00:18:05,280 Speaker 1: It's it's almost like something from a bad dream or 318 00:18:05,320 --> 00:18:08,840 Speaker 1: only at the very beginning of these hearing series you mentioned, Joe. 319 00:18:08,880 --> 00:18:12,320 Speaker 1: But the question I guess is whether recounting January six 320 00:18:12,800 --> 00:18:15,240 Speaker 1: is going to break through with voters who right now 321 00:18:15,440 --> 00:18:19,360 Speaker 1: are really focused on inflation and the I mean, we're 322 00:18:19,359 --> 00:18:21,240 Speaker 1: gonna get the data again this morning that shows that 323 00:18:21,320 --> 00:18:23,480 Speaker 1: inflation is still with us. Well, that's right, and that's 324 00:18:23,480 --> 00:18:25,760 Speaker 1: exactly what Republicans will tell you say that while this 325 00:18:25,880 --> 00:18:28,440 Speaker 1: panel is is conducting its work that they say is 326 00:18:28,840 --> 00:18:32,760 Speaker 1: in an illegitimate fashion, they're not acknowledging the issues that 327 00:18:32,840 --> 00:18:36,359 Speaker 1: actually impact Americans right now. The White House, of course, 328 00:18:36,560 --> 00:18:39,320 Speaker 1: is acknowledging that, and the President has been speaking to 329 00:18:39,400 --> 00:18:41,439 Speaker 1: the inflation issue on a daily basis. In fact, he's 330 00:18:41,440 --> 00:18:43,120 Speaker 1: going to be at the Port of Los Angeles later 331 00:18:43,200 --> 00:18:46,800 Speaker 1: on today, Nathan, for that very issue, as he's spending 332 00:18:46,840 --> 00:18:49,879 Speaker 1: time in California for the Summit of the Americas. So, uh, 333 00:18:50,240 --> 00:18:53,240 Speaker 1: you're right about that. It's very difficult to tell right now, 334 00:18:53,359 --> 00:18:56,040 Speaker 1: for one hearing how much of an impact this might 335 00:18:56,200 --> 00:18:58,840 Speaker 1: have on people. But it also could act as simply 336 00:18:58,920 --> 00:19:02,320 Speaker 1: galvanized exist thing beliefs that people already have. So in 337 00:19:02,400 --> 00:19:04,680 Speaker 1: our last thirty seconds here, Joe, what are you gonna 338 00:19:04,720 --> 00:19:06,240 Speaker 1: be looking for? What's the one thing you want to 339 00:19:06,440 --> 00:19:09,280 Speaker 1: see from the hearings that are coming up later on? Well, 340 00:19:09,359 --> 00:19:11,040 Speaker 1: I think it's you know, it's one thing to go 341 00:19:11,440 --> 00:19:13,680 Speaker 1: to go through what happened, and the connecting of the 342 00:19:13,760 --> 00:19:15,639 Speaker 1: dots is going to be very important here that they 343 00:19:15,720 --> 00:19:18,879 Speaker 1: say they can prove with information we haven't heard or 344 00:19:19,000 --> 00:19:21,280 Speaker 1: seen yet. But we want to hear more about the 345 00:19:21,440 --> 00:19:25,880 Speaker 1: existing threat to democracy, not just what happened on January six, 346 00:19:26,000 --> 00:19:29,400 Speaker 1: that day, but what could happen in this coming election 347 00:19:29,560 --> 00:19:31,919 Speaker 1: or in twenty four and what did this committee can 348 00:19:31,960 --> 00:19:34,879 Speaker 1: get its hands around that. Thanks as always, Bloomberg's Joe 349 00:19:34,920 --> 00:19:37,280 Speaker 1: Matthew with us from Washington, d C, the host of 350 00:19:37,400 --> 00:19:40,760 Speaker 1: Sound on Imagine. We're gonna have a much more coverage 351 00:19:40,880 --> 00:19:43,760 Speaker 1: of the hearings to come on Bloomberg Sound on week 352 00:19:43,880 --> 00:19:47,320 Speaker 1: days at five pm Wall Street Time, right here on 353 00:19:47,560 --> 00:19:52,959 Speaker 1: Bloomberg Radio. Right now, SNP futures down one point, Dow 354 00:19:53,080 --> 00:19:55,520 Speaker 1: Future is down fifty two, NASTAC Future is still higher 355 00:19:55,960 --> 00:19:58,520 Speaker 1: by twenty six points. In the tenure Treasury yield right 356 00:19:58,560 --> 00:20:01,840 Speaker 1: now three point zero two per cent you're listening to 357 00:20:01,880 --> 00:20:09,800 Speaker 1: Bloomberg Daybreak Bloomberg eleven three oh weather sunshine low eighties. 358 00:20:09,920 --> 00:20:13,040 Speaker 1: To wrap up this week, could see some showers tomorrow 359 00:20:13,160 --> 00:20:15,800 Speaker 1: with high stear seventy five and statterd shower Sunday with 360 00:20:15,880 --> 00:20:26,240 Speaker 1: high steer eighty Right now sixty four degrees. Broadcasting live 361 00:20:26,400 --> 00:20:30,320 Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg 362 00:20:30,359 --> 00:20:34,440 Speaker 1: e living free to Washington, d C, Bloomberg to Boston, 363 00:20:34,560 --> 00:20:37,960 Speaker 1: Bloomberg on A six one, to San Francisco, Bloomberg nine 364 00:20:38,080 --> 00:20:41,280 Speaker 1: six to the country Sirius XM Todo one nineteen and 365 00:20:41,400 --> 00:20:44,720 Speaker 1: around the globe the Bloomberg Business apt in Bloomberg Radio 366 00:20:44,880 --> 00:20:54,159 Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on 367 00:20:54,240 --> 00:20:57,480 Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. 368 00:20:57,680 --> 00:21:00,040 Speaker 1: We are just about four hours away from the in 369 00:21:00,080 --> 00:21:01,760 Speaker 1: a US trading. Let's get you up to date on 370 00:21:01,760 --> 00:21:03,440 Speaker 1: the news you need to know at this hour. We 371 00:21:03,560 --> 00:21:06,879 Speaker 1: begin in the nation's capital, where the House Committee investigating 372 00:21:06,920 --> 00:21:09,639 Speaker 1: the insurrection at the US Capitol on January six of 373 00:21:09,760 --> 00:21:14,000 Speaker 1: last year, held his first primetime hearings last night. Bloomberg said, 374 00:21:14,000 --> 00:21:17,000 Speaker 1: Baxter has the latest on that story. They laid out 375 00:21:17,040 --> 00:21:20,840 Speaker 1: a timeline through video evidence and testimony. Committee chair Bennie 376 00:21:20,880 --> 00:21:25,400 Speaker 1: Thompson Donald Trump was at the center of this continspiracy 377 00:21:26,040 --> 00:21:30,359 Speaker 1: and ultimately Donald Trump, the President of the United States, 378 00:21:31,040 --> 00:21:35,119 Speaker 1: spurred a mob of domestic enemies of the Constitution, and 379 00:21:35,240 --> 00:21:38,399 Speaker 1: co chair List Cheney saying Trump did nothing to stop 380 00:21:38,520 --> 00:21:41,360 Speaker 1: the violence. You will hear that leaders on Capitol Hill 381 00:21:41,560 --> 00:21:46,680 Speaker 1: begged the president for help, including Republican leader McCarthy who 382 00:21:46,800 --> 00:21:49,960 Speaker 1: was quote scared. And they played clip after clip of 383 00:21:50,040 --> 00:21:53,359 Speaker 1: the President's advisors saying that they knew the election was lost, 384 00:21:53,880 --> 00:21:57,800 Speaker 1: but that Trump persisted in demanding action. I'm at Baxter 385 00:21:57,920 --> 00:22:01,040 Speaker 1: Bloomberg daybreak, Okay, and thanks tunning to markets now. Stocks 386 00:22:01,119 --> 00:22:03,600 Speaker 1: fell for a second straight day yesterday. Investors will be 387 00:22:03,640 --> 00:22:06,360 Speaker 1: closely watching the latest inflation data do out this morning. 388 00:22:06,440 --> 00:22:09,200 Speaker 1: It's expected to show annual consumer price gains of more 389 00:22:09,240 --> 00:22:13,560 Speaker 1: than eight percent. Meanwhile, oils hovering around one dollars a 390 00:22:13,640 --> 00:22:17,120 Speaker 1: barrel as investors weigh a tightening global market and loosening 391 00:22:17,200 --> 00:22:20,040 Speaker 1: of COVID and lockdowns in China. In corporate news, Karen 392 00:22:20,080 --> 00:22:22,840 Speaker 1: Boston Bay State Street is denying a report it's looking 393 00:22:22,880 --> 00:22:26,280 Speaker 1: to acquire Credit Swiss. Bloomberg's John Tucker joins US Live 394 00:22:26,320 --> 00:22:29,200 Speaker 1: with the latest on the saga, John Nathan. State Street 395 00:22:29,240 --> 00:22:32,920 Speaker 1: says it's not pursuing any acquisition or business combination with 396 00:22:33,000 --> 00:22:36,119 Speaker 1: Credit Swiss. A Swiss blog reported State Street could make 397 00:22:36,160 --> 00:22:39,440 Speaker 1: a bid for Credit Swiss signing a single person. Jeffrey's 398 00:22:39,480 --> 00:22:42,960 Speaker 1: Financial Group analyst says the combination is highly unlikely. The 399 00:22:43,040 --> 00:22:46,280 Speaker 1: Swiss bank has spent much of the past eighteen months struggling. 400 00:22:46,720 --> 00:22:49,760 Speaker 1: Its stock has fallen seventy over the past eight years. 401 00:22:50,119 --> 00:22:53,280 Speaker 1: Live in New York, I'm John Tucker, Bloomberg Daybreak, Right, John, 402 00:22:53,359 --> 00:22:56,040 Speaker 1: Thank you. Meanwhile, another major bank is being investigated over 403 00:22:56,200 --> 00:22:59,760 Speaker 1: hiring practices, and Bloomberg's Rineda Young has the latest. Federal 404 00:23:00,000 --> 00:23:04,840 Speaker 1: e secutors are investigating claims that Wells Fargo violated antidiscrimination 405 00:23:04,920 --> 00:23:09,160 Speaker 1: laws by conducting fake interviews with diverse job applicants. That's 406 00:23:09,200 --> 00:23:12,520 Speaker 1: according to The New York Times, citing anonymous sources. The 407 00:23:12,600 --> 00:23:16,000 Speaker 1: Manhattan U s Attorney's Office Civil Rights Unit is leading 408 00:23:16,080 --> 00:23:19,000 Speaker 1: the investigation, and this all comes after a May nineteenth 409 00:23:19,080 --> 00:23:22,160 Speaker 1: New York Times report claiming the bank was interviewing non 410 00:23:22,280 --> 00:23:25,840 Speaker 1: white and female candidates for jobs that were already promised 411 00:23:25,920 --> 00:23:29,680 Speaker 1: to other people. Raned a young Bloomberg daybreak Ranita, thank 412 00:23:29,720 --> 00:23:31,720 Speaker 1: you straight to hand your latest local headlines plus a 413 00:23:31,800 --> 00:23:39,240 Speaker 1: check of sports, and this is Bloomberg. Okay, Karen, thank you. 414 00:23:39,400 --> 00:23:41,359 Speaker 1: This five thirty three on Wall Street, war at sixty 415 00:23:41,440 --> 00:23:44,000 Speaker 1: four degrees in Central Park and delays building on the 416 00:23:44,080 --> 00:23:47,400 Speaker 1: Cross Brox Expressway with a crash east founded Webster Avenue. 417 00:23:47,440 --> 00:23:50,000 Speaker 1: More coming up in traffic. Michael bars here first with 418 00:23:50,080 --> 00:23:51,639 Speaker 1: what else is going on in New York and around 419 00:23:51,640 --> 00:23:53,760 Speaker 1: the world. Michael, thank you very much. Nathan. New York 420 00:23:53,800 --> 00:23:57,199 Speaker 1: City Health Commissioner Ashwin Vasan said that the city has 421 00:23:57,240 --> 00:24:01,000 Speaker 1: passed its latest COVID nineteen peak in a tweet mass 422 00:24:01,080 --> 00:24:04,720 Speaker 1: and decided they sent drop in the case rate between 423 00:24:05,359 --> 00:24:09,000 Speaker 1: three and June five, countering the two months worth of 424 00:24:09,119 --> 00:24:13,600 Speaker 1: sustained increase of virus transmission. Despite the city heading into 425 00:24:13,680 --> 00:24:17,520 Speaker 1: a safer environment, Vasson still encourage New Yorkers to continue 426 00:24:17,560 --> 00:24:21,960 Speaker 1: to wear masks in indoor environments, test and stay home 427 00:24:22,040 --> 00:24:25,680 Speaker 1: if they feel sick. Federal government data indicates the rate 428 00:24:25,800 --> 00:24:28,960 Speaker 1: of new COVID infections as slowed in the Northeast, even 429 00:24:29,040 --> 00:24:32,120 Speaker 1: as cases surge in other parts of the country. In Florida, 430 00:24:32,359 --> 00:24:36,359 Speaker 1: Jackson Memorial Chief medical director Dr Hanny Atala says it 431 00:24:36,440 --> 00:24:41,560 Speaker 1: could be worse. We're again seeing an increase um, but 432 00:24:41,760 --> 00:24:45,600 Speaker 1: the severity is not so so bad. Dr Retala tells 433 00:24:45,640 --> 00:24:49,719 Speaker 1: ABC two new O Macron subvariants are driving their numbers up. 434 00:24:50,119 --> 00:24:53,880 Speaker 1: The Texas school police chief, criticized for his actions during 435 00:24:53,920 --> 00:24:57,240 Speaker 1: one of the deadliest classroom shootings in the US, says 436 00:24:57,400 --> 00:25:00,680 Speaker 1: that he didn't consider himself the incident commander as the 437 00:25:00,720 --> 00:25:05,200 Speaker 1: massacre unfolded. Valadi School District Police Chief Pete Rodondo told 438 00:25:05,240 --> 00:25:08,320 Speaker 1: The Texas Tribune that he assumes someone else had taken 439 00:25:08,359 --> 00:25:11,439 Speaker 1: control of the law enforcement response to the shooting at 440 00:25:11,640 --> 00:25:15,720 Speaker 1: rob Elementary School and eighteen year old gunmen killed nineteen 441 00:25:15,840 --> 00:25:20,080 Speaker 1: children and two teachers. President Biden, speaking at the summit 442 00:25:20,160 --> 00:25:24,199 Speaker 1: of the America's and Los Angeles, promoted a new health initiative. 443 00:25:24,520 --> 00:25:29,600 Speaker 1: With our Action Plan on Health and Resilience, We're gonna 444 00:25:29,640 --> 00:25:33,640 Speaker 1: help our region recover from COVID nineteen. All strengthening health 445 00:25:33,680 --> 00:25:36,960 Speaker 1: system is improving our ability to respond to future health 446 00:25:37,000 --> 00:25:41,000 Speaker 1: emergencies by investing in health workers. President Biden is also 447 00:25:41,080 --> 00:25:43,200 Speaker 1: expected to lay out a new plan today to deal 448 00:25:43,280 --> 00:25:47,000 Speaker 1: with immigration and migration in the Western Hemisphere. Global News 449 00:25:47,080 --> 00:25:50,000 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 450 00:25:50,080 --> 00:25:53,399 Speaker 1: powered by more than journalists and analysts and more than 451 00:25:53,440 --> 00:25:57,280 Speaker 1: a hundred twenty countries on Michael barn This is Bloomberg. Nathan, okay, Michael, 452 00:25:57,320 --> 00:26:05,000 Speaker 1: thank you Wall Street. Time for the Bloomberg Sports Update 453 00:26:05,080 --> 00:26:08,119 Speaker 1: with John Sto all right, Nathan, Rangers, Lightning low scoring 454 00:26:08,160 --> 00:26:10,679 Speaker 1: Game five at the Garden, scoreless first periods have they 455 00:26:10,680 --> 00:26:12,680 Speaker 1: only had three shots on goal. Rangers broke through a 456 00:26:12,720 --> 00:26:16,600 Speaker 1: second period goal and unlikely scored. Defenseman Ryan Lingren through 457 00:26:16,640 --> 00:26:18,840 Speaker 1: it to the net, made its way in and unassisted goal. 458 00:26:18,920 --> 00:26:21,480 Speaker 1: But later in the second Tampa defense from mcle's circuit 459 00:26:21,560 --> 00:26:23,879 Speaker 1: Jop did the same thing. He hadn't scored it at all. 460 00:26:23,920 --> 00:26:26,160 Speaker 1: In the playoffs one one under two minutes left circuit 461 00:26:26,280 --> 00:26:28,879 Speaker 1: Jop did the same thing from the point this one 462 00:26:28,960 --> 00:26:31,240 Speaker 1: went in off Andre Polata was for the game winner. 463 00:26:31,280 --> 00:26:34,640 Speaker 1: In Game three, Lightning added an empty nedder. Tampa Bay 464 00:26:34,680 --> 00:26:37,080 Speaker 1: won three to one, so after trailing to nothing, they 465 00:26:37,119 --> 00:26:39,080 Speaker 1: now lead the series three too, and if they win 466 00:26:39,119 --> 00:26:41,920 Speaker 1: at home tomorrow they will have one in an eleventh 467 00:26:41,960 --> 00:26:44,280 Speaker 1: playoff series in a row, and they'll take it on 468 00:26:44,359 --> 00:26:46,639 Speaker 1: Colorado for the Stanley Cup. If the Rangers can win, 469 00:26:46,760 --> 00:26:50,560 Speaker 1: and they have fought off elimination five times already, it's 470 00:26:50,600 --> 00:26:52,360 Speaker 1: back to the Garden for a Game seven, which would 471 00:26:52,400 --> 00:26:55,160 Speaker 1: be next Tuesday. This might just be the Yankees year 472 00:26:55,240 --> 00:26:58,160 Speaker 1: when you consider how they won at Minnesota game where 473 00:26:58,200 --> 00:27:00,919 Speaker 1: Garrett Cole gave up five home runs. He served up 474 00:27:01,040 --> 00:27:04,080 Speaker 1: three to the Twins first three vetters of the night, 475 00:27:04,160 --> 00:27:07,000 Speaker 1: and yet the Yanks came from seven three down to 476 00:27:07,200 --> 00:27:09,560 Speaker 1: win tens seven due to the hitting extploits of the 477 00:27:09,560 --> 00:27:12,400 Speaker 1: two guys who pretty much haven't done any hitting all season, 478 00:27:13,000 --> 00:27:15,520 Speaker 1: and yet Joey Gallo and Aaron Hicks combined for three 479 00:27:15,600 --> 00:27:18,840 Speaker 1: home runs six RBIs. Mets were off a visit the 480 00:27:18,960 --> 00:27:21,359 Speaker 1: Angels tonight. The Angels won. Last night, they ended their 481 00:27:21,400 --> 00:27:24,520 Speaker 1: fourteen game losing tree. They began the neddle Lived Tour 482 00:27:24,560 --> 00:27:27,239 Speaker 1: in London. Charles schwartzel shot sixty five as a one 483 00:27:27,280 --> 00:27:29,760 Speaker 1: shot lad. This does The PGA Tour announced that they're 484 00:27:29,840 --> 00:27:34,560 Speaker 1: sevent team members playing this tourney are suspended indefinitely. PGA 485 00:27:34,640 --> 00:27:37,520 Speaker 1: says you have to pick a tour. John stash Etlar 486 00:27:37,560 --> 00:27:41,320 Speaker 1: Bloomberg Sports Think John. It's thirty seven on Walstreet Now 487 00:27:41,400 --> 00:27:44,440 Speaker 1: for the Trice State Business Report. Piers Bloomberg's at Cory. 488 00:27:44,760 --> 00:27:47,600 Speaker 1: New York Governor Kathy Hokel says the state is accepting 489 00:27:47,680 --> 00:27:51,160 Speaker 1: bids from design firms and architects for the multi billion 490 00:27:51,200 --> 00:27:54,800 Speaker 1: dollar renovation of the much belind Penn Station in Manhattan. 491 00:27:55,200 --> 00:27:57,760 Speaker 1: Local calls the latest step of milestone in the plan 492 00:27:57,920 --> 00:28:02,680 Speaker 1: to redevelop the station. Proposals will be due July. Hip 493 00:28:02,760 --> 00:28:06,879 Speaker 1: Hop mogul Jay Z and Block CEO Jack Dorsey are 494 00:28:06,960 --> 00:28:10,000 Speaker 1: teaming up to take bitcoin and financial education to the 495 00:28:10,080 --> 00:28:15,200 Speaker 1: Rappers childhood Home. Dorsey announced the launch of Bitcoin Academy Thursday. 496 00:28:15,760 --> 00:28:18,160 Speaker 1: The education program is going to be free for residents 497 00:28:18,200 --> 00:28:21,640 Speaker 1: living at the Marcy Houses, a public housing complex in Brooklyn. 498 00:28:21,840 --> 00:28:25,000 Speaker 1: With summer in full swing and Pride Month kicking into gear, 499 00:28:25,080 --> 00:28:29,119 Speaker 1: its official staying in Fire Island, Pines is more expensive 500 00:28:29,200 --> 00:28:32,119 Speaker 1: than ever. The Pines is one of seventeen communities on 501 00:28:32,200 --> 00:28:35,040 Speaker 1: a spit that runs along the southern coast of Long Island, 502 00:28:35,359 --> 00:28:38,160 Speaker 1: forming a barrier between the Great South Bay and the Atlantic. 503 00:28:38,440 --> 00:28:41,600 Speaker 1: That your Bloomberg Try State Business Report, I'm ed Corey. 504 00:28:41,840 --> 00:28:44,080 Speaker 1: Thanks that It's five thirty eight on Wall Street. Bloomberg 505 00:28:44,160 --> 00:28:46,400 Speaker 1: Radio is on the air from San Francisco to New York, 506 00:28:46,480 --> 00:28:48,920 Speaker 1: London to Hong Kong. Let's check in with our global 507 00:28:48,960 --> 00:28:50,720 Speaker 1: news team for some of the top stories heard on 508 00:28:50,760 --> 00:28:57,120 Speaker 1: our three hundred affiliate radio stations around the world. I'm 509 00:28:57,160 --> 00:29:00,680 Speaker 1: Steve Polaskt ten Chen Wins in New York. We're talking 510 00:29:00,720 --> 00:29:04,000 Speaker 1: about when it comes to hope buying as mortgage rates rise, 511 00:29:04,280 --> 00:29:07,960 Speaker 1: cash it's okay. I'm Corney Donahoe on ktr H in Houston, 512 00:29:08,160 --> 00:29:10,880 Speaker 1: bought the same. Millennials are far more likely to quit 513 00:29:10,960 --> 00:29:14,000 Speaker 1: their jobs than gen Z and Gina Servetti. And for 514 00:29:14,280 --> 00:29:16,959 Speaker 1: w w BBM in Chicago, I'm reporting that you may 515 00:29:17,000 --> 00:29:21,440 Speaker 1: have noticed a few nutritious menu items have disappeared at McDonald's. 516 00:29:21,720 --> 00:29:24,360 Speaker 1: I'm Stephen Carol and Bloomberg d a B Digital Radio 517 00:29:24,440 --> 00:29:27,360 Speaker 1: in London. We've been speaking to Ukraine's finance ministers. He 518 00:29:27,400 --> 00:29:29,520 Speaker 1: says the country needs more help from the I m 519 00:29:29,640 --> 00:29:32,080 Speaker 1: F as its economy slumps due to the Russian invasion. 520 00:29:32,360 --> 00:29:34,960 Speaker 1: I met Gory on govern at t AM in Cleveland. 521 00:29:35,120 --> 00:29:37,840 Speaker 1: I'm reporting signa jewelers will settle a law as to 522 00:29:38,160 --> 00:29:42,560 Speaker 1: involving claims by about seventy thousand female employees. And those 523 00:29:42,600 --> 00:29:45,920 Speaker 1: are some of the stories our twenty sevend Bloomberg journalists 524 00:29:45,920 --> 00:29:48,120 Speaker 1: and analysts working on this morning around the world. It's 525 00:29:48,200 --> 00:29:50,920 Speaker 1: five thirty nine on Wall Street. The following is an 526 00:29:51,080 --> 00:29:55,440 Speaker 1: editorial from Bloomberg Opinion. NA suffered a rare diplomatic setback 527 00:29:55,520 --> 00:29:58,640 Speaker 1: the other day when ten Pacific Island nations deflected its 528 00:29:58,760 --> 00:30:02,200 Speaker 1: offer of a trade in security deal. However, the rebuff 529 00:30:02,320 --> 00:30:05,840 Speaker 1: won't end China's efforts to exert influence over this strategically 530 00:30:06,000 --> 00:30:09,040 Speaker 1: vital region. To head off further Chinese expansion, the US 531 00:30:09,120 --> 00:30:12,120 Speaker 1: will need to demonstrate that it can meet Pacific Islanders 532 00:30:12,240 --> 00:30:15,080 Speaker 1: needs better than China can. The first step must be 533 00:30:15,280 --> 00:30:18,920 Speaker 1: for the US to swiftly conclude negotiations of assistance to 534 00:30:19,000 --> 00:30:22,800 Speaker 1: the Marshall Islands, Micronesia and Palau. Just as important, the 535 00:30:22,920 --> 00:30:25,440 Speaker 1: U s should work with partners like Australia and Japan 536 00:30:25,920 --> 00:30:29,240 Speaker 1: on a comprehensive strategy for the region. A good plan 537 00:30:29,360 --> 00:30:34,000 Speaker 1: would include infrastructure development, trade incentives, and efforts to address 538 00:30:34,120 --> 00:30:37,440 Speaker 1: issues like illegal fishing that would allow the US to 539 00:30:37,520 --> 00:30:40,280 Speaker 1: promote the welfare of the Pacific Islands while keeping a 540 00:30:40,360 --> 00:30:43,360 Speaker 1: close eye on China. This editorial was written by the 541 00:30:43,360 --> 00:30:47,560 Speaker 1: Bloomberg Opinion Editorial Board. I'm David Shipley. For more Bloomberg opinion, 542 00:30:47,600 --> 00:30:50,800 Speaker 1: please go to Bloomberg dot com Flash Opinion or Opango 543 00:30:51,240 --> 00:30:54,760 Speaker 1: on the Bloomberg Terminal. These has been Bloomberg Opinion, and 544 00:30:54,840 --> 00:30:57,760 Speaker 1: you can hear Bloomberg opinion editorials every weekday. At this time, 545 00:30:57,880 --> 00:31:00,720 Speaker 1: terminal customers can read more at p I n GO 546 00:31:01,520 --> 00:31:04,200 Speaker 1: SP future is little changed at the moment. Down futures 547 00:31:04,200 --> 00:31:06,800 Speaker 1: are down forty points. Dance Deck futures are higher by 548 00:31:07,000 --> 00:31:10,120 Speaker 1: thirty four points ten. Your treasury old three point zero 549 00:31:10,240 --> 00:31:13,840 Speaker 1: to nine percent ahead of May c p I. We'll 550 00:31:13,880 --> 00:31:18,600 Speaker 1: get a preview next with Drew Maddis, Chief Investment Strategistic Meantlife. 551 00:31:18,880 --> 00:31:24,240 Speaker 1: This is Bloomberg Bloomber eleven three oh weather, partly the 552 00:31:24,320 --> 00:31:27,000 Speaker 1: mostly sunny low eighties today, chance for an afternoon shower 553 00:31:27,240 --> 00:31:29,560 Speaker 1: to start the weekend off tomorrow. Sign your seventy five 554 00:31:29,880 --> 00:31:33,200 Speaker 1: scattered showers possible Sunday as well. Currently sixty four degrees 555 00:31:33,280 --> 00:31:40,040 Speaker 1: in Central Park Markets. Headlines and breaking news twenty four 556 00:31:40,080 --> 00:31:43,320 Speaker 1: hours a day at Bloomberg dot Com, Bloomberg Business at 557 00:31:43,440 --> 00:31:47,200 Speaker 1: and at Bloomberg quick tape. He's a Bloomberg business flash 558 00:31:53,000 --> 00:31:56,160 Speaker 1: and I'm Karen. Moscow and European stocks are extending losses 559 00:31:56,240 --> 00:31:58,880 Speaker 1: as investors brace for US inflation data that may help 560 00:31:58,960 --> 00:32:02,000 Speaker 1: to sign the course the federal reserves tightening path. SNP 561 00:32:02,200 --> 00:32:05,160 Speaker 1: futures they're higher after the gauge found two point four 562 00:32:05,240 --> 00:32:07,760 Speaker 1: percent yesterday and we checked the markets every fifteen minutes 563 00:32:07,800 --> 00:32:11,000 Speaker 1: throughout the trading day on Bloomberg. SNP future is now 564 00:32:11,080 --> 00:32:14,360 Speaker 1: at four points now. Futures that will change. NASDAG futures 565 00:32:14,360 --> 00:32:17,760 Speaker 1: have fifty one. The Dacks in Germany is down one 566 00:32:17,880 --> 00:32:20,120 Speaker 1: and a third percent at ten year Treasury up three 567 00:32:20,200 --> 00:32:22,240 Speaker 1: thirty seconds, you know, three point out two percent, and 568 00:32:22,320 --> 00:32:24,600 Speaker 1: they yield on the two year two point eight four percent. 569 00:32:25,120 --> 00:32:27,520 Speaker 1: Nimex screwed oils up third p cent or forty five 570 00:32:27,560 --> 00:32:29,640 Speaker 1: cents at a hundred twenty one dollar ninety six cents 571 00:32:29,680 --> 00:32:32,400 Speaker 1: of Barrel Comic School down four tenth percent or seven 572 00:32:32,440 --> 00:32:35,720 Speaker 1: dollars sixty cents at eighteen forty five twenty announced this 573 00:32:35,840 --> 00:32:38,400 Speaker 1: slash brought to you by Informatica and the Cloud. Your 574 00:32:38,480 --> 00:32:41,240 Speaker 1: data has the power to do the extraordinary. Managed data 575 00:32:41,280 --> 00:32:44,600 Speaker 1: across any location in the cloud for accurate and actionable insights. 576 00:32:44,640 --> 00:32:48,200 Speaker 1: More at Informatica dot com. That's a Bloomberg business flash. 577 00:32:48,240 --> 00:32:50,320 Speaker 1: Now here's Michael bar with more on what's going on 578 00:32:50,480 --> 00:32:53,320 Speaker 1: around the world. Michael Karen, thank you very much. As 579 00:32:53,400 --> 00:32:56,920 Speaker 1: part of their ongoing investigation, the January six Committee will 580 00:32:57,040 --> 00:33:00,880 Speaker 1: present more testimony Monday, following or hearing held during prime 581 00:33:01,000 --> 00:33:05,760 Speaker 1: time last night. Committee chairman Bennie Thompson January six was 582 00:33:05,880 --> 00:33:11,280 Speaker 1: the culmination of an attempted coup. A brazen attempt has 583 00:33:11,320 --> 00:33:15,520 Speaker 1: one riot to put it shortly after January six to 584 00:33:15,720 --> 00:33:20,000 Speaker 1: overthrow the government. President Trump and his supporters are calling 585 00:33:20,040 --> 00:33:23,440 Speaker 1: it a witch hunt. In the NHL Playoffs, the Rangers 586 00:33:23,440 --> 00:33:26,000 Speaker 1: are on the brink of elimination after losing Game five 587 00:33:26,120 --> 00:33:29,400 Speaker 1: to the Lightning in the East Final three one. In baseball, 588 00:33:29,480 --> 00:33:32,880 Speaker 1: the Yankees one, the Red Sox, Oriels, Nationals Giant. Today's 589 00:33:32,960 --> 00:33:36,000 Speaker 1: All Lost Global news twenty four hours a day on 590 00:33:36,240 --> 00:33:40,800 Speaker 1: air and on Bloomberg Quittake, powered by more than journalist 591 00:33:40,840 --> 00:33:43,520 Speaker 1: and analysts more than a hundred twenty countries. Michael barn 592 00:33:43,600 --> 00:33:46,320 Speaker 1: this is Bloomberg. Nathan Okay, Michael, thank you. Are just 593 00:33:46,440 --> 00:33:49,920 Speaker 1: about at on Wall Street Life from the Bloomberg Interacted 594 00:33:49,960 --> 00:33:53,840 Speaker 1: Brokers Studios. This is Bloomberg Daybreak, and the market focus 595 00:33:54,000 --> 00:33:57,080 Speaker 1: this morning is on inflation, with the May Consumer Price 596 00:33:57,160 --> 00:33:59,959 Speaker 1: Index due out in just a little more than two 597 00:34:00,080 --> 00:34:02,400 Speaker 1: and a half hour's time. Ahead of that, we're joined 598 00:34:02,480 --> 00:34:05,960 Speaker 1: this morning by Drew Maddis, chief market strategist at MetLife 599 00:34:06,080 --> 00:34:08,759 Speaker 1: Investment Management. Drew, it's always good to speak with you. 600 00:34:08,840 --> 00:34:10,640 Speaker 1: Thanks for being with us. And as I look at 601 00:34:10,680 --> 00:34:14,960 Speaker 1: the Bloomberg terminal, the economists we've surveyed think that your 602 00:34:15,000 --> 00:34:17,239 Speaker 1: over your inflation is going to pretty much hold where 603 00:34:17,280 --> 00:34:20,160 Speaker 1: it was last month at a very elevated eight point 604 00:34:20,280 --> 00:34:23,200 Speaker 1: three percent, and they're calling for a surge in month 605 00:34:23,280 --> 00:34:26,400 Speaker 1: over month inflation. What's your expectation of what we're going 606 00:34:26,440 --> 00:34:30,359 Speaker 1: to see this morning. Well, we're looking more carefully at 607 00:34:30,400 --> 00:34:33,239 Speaker 1: the core because we feel that the Fed is is 608 00:34:33,320 --> 00:34:35,719 Speaker 1: really this is really a case where there's nothing they 609 00:34:35,760 --> 00:34:38,640 Speaker 1: can do about food and energy prices um and all 610 00:34:38,680 --> 00:34:40,279 Speaker 1: the interest rate hikes in the world aren't going to 611 00:34:40,360 --> 00:34:43,280 Speaker 1: solve that. So they're gonna be looking at core inflation, 612 00:34:43,360 --> 00:34:45,560 Speaker 1: which is another way of saying the underlying movement with 613 00:34:45,680 --> 00:34:49,320 Speaker 1: an inflation that could be sustained past any sort of 614 00:34:49,880 --> 00:34:54,800 Speaker 1: near term geopolitical crisis UM and you know, in that case, 615 00:34:55,000 --> 00:34:56,480 Speaker 1: you know, what we want to see is we want 616 00:34:56,520 --> 00:34:58,680 Speaker 1: to see the year over year numbers. They're coming down. 617 00:34:59,480 --> 00:35:03,759 Speaker 1: That is the market consensus, UM. And even within that, 618 00:35:03,920 --> 00:35:06,440 Speaker 1: it's going to be important to see what areas are 619 00:35:06,480 --> 00:35:10,200 Speaker 1: showing strength or rising inflation, and what areas are showing 620 00:35:10,280 --> 00:35:13,040 Speaker 1: some weakness. We'd like to see air fairs begin to 621 00:35:13,080 --> 00:35:16,040 Speaker 1: come down. We'd like to see weakness and apparel begin 622 00:35:16,080 --> 00:35:20,560 Speaker 1: to materialize, um. And we'd like to see, uh, you know, 623 00:35:20,719 --> 00:35:25,640 Speaker 1: signs that consumers are altering their behavior to move around 624 00:35:26,400 --> 00:35:29,480 Speaker 1: higher priced areas. And in some cases they've already done that. 625 00:35:29,560 --> 00:35:32,400 Speaker 1: When you look at, for example, new cars and used cars. 626 00:35:33,320 --> 00:35:36,239 Speaker 1: The reason those sales have been coming down. Uh, some 627 00:35:36,400 --> 00:35:38,440 Speaker 1: of it's an inventory story, but some of it's just 628 00:35:38,560 --> 00:35:41,880 Speaker 1: people looking at the prices and saying, no, are you 629 00:35:42,120 --> 00:35:45,239 Speaker 1: seeing signs at this point that consumers are starting to 630 00:35:45,320 --> 00:35:48,480 Speaker 1: move around? Are you seeing signs that they're starting to 631 00:35:48,640 --> 00:35:51,200 Speaker 1: buckle under the pressure of the prices that we've been 632 00:35:51,239 --> 00:35:54,759 Speaker 1: experiencing through the last few months. There are hints that 633 00:35:54,840 --> 00:35:58,040 Speaker 1: consumers are becoming more stressed um and and one of 634 00:35:58,080 --> 00:36:02,040 Speaker 1: those actually comes out later today, consumer sentiment UH and 635 00:36:02,120 --> 00:36:04,680 Speaker 1: consumer confidence are both not behaving the way that you 636 00:36:04,680 --> 00:36:08,399 Speaker 1: would expect with a three point six percent unemployment rate. UM. 637 00:36:09,640 --> 00:36:11,759 Speaker 1: And I think it's it's one of those things that 638 00:36:11,840 --> 00:36:15,880 Speaker 1: we're watching very carefully because obviously, with the consumer being 639 00:36:16,719 --> 00:36:19,880 Speaker 1: the US economy, UH, if you lose the consumer, uh, 640 00:36:20,000 --> 00:36:22,360 Speaker 1: you know, that's pretty much the ball game. UH. So 641 00:36:23,280 --> 00:36:26,480 Speaker 1: you know, the confidence the consumer has in their ability 642 00:36:26,520 --> 00:36:30,200 Speaker 1: to keep spending money, to maintain their income, uh, to 643 00:36:30,400 --> 00:36:33,839 Speaker 1: see gains in their assets. UH, these are all things 644 00:36:33,920 --> 00:36:36,759 Speaker 1: that play to it to the broader point of you know, 645 00:36:36,920 --> 00:36:40,280 Speaker 1: how sustainable is an economic outlook when you have inflation 646 00:36:40,400 --> 00:36:42,640 Speaker 1: like this uh. And it's one of the reasons why 647 00:36:42,719 --> 00:36:45,399 Speaker 1: the FED has been trying to kind of, um keep 648 00:36:45,440 --> 00:36:47,960 Speaker 1: telling the market that they're going to handle it. Um. 649 00:36:48,200 --> 00:36:50,040 Speaker 1: You know. The risk we run into though, is that 650 00:36:50,440 --> 00:36:52,879 Speaker 1: a lot of what they're looking at is not things 651 00:36:52,920 --> 00:36:56,359 Speaker 1: that they can control. UM. So you know, the FED 652 00:36:56,520 --> 00:36:59,279 Speaker 1: might be left with the choice of we're gonna have 653 00:36:59,400 --> 00:37:02,560 Speaker 1: high inflation and do you want high growth or low growth? Well, 654 00:37:02,640 --> 00:37:05,239 Speaker 1: what's your outlook on whether we are going to see 655 00:37:05,320 --> 00:37:07,520 Speaker 1: a slow down in growth? Are you holding out the 656 00:37:07,560 --> 00:37:10,279 Speaker 1: possibility of recession this year based on what the Fed 657 00:37:10,400 --> 00:37:13,600 Speaker 1: does to be Frank, it's too late this year to 658 00:37:13,640 --> 00:37:16,640 Speaker 1: get a recession. Uh. There's just not enough time uh 659 00:37:17,040 --> 00:37:21,000 Speaker 1: left in the year for it to materialize because of 660 00:37:21,080 --> 00:37:23,920 Speaker 1: the nature of the things that are affecting the economy. Uh. 661 00:37:24,040 --> 00:37:29,160 Speaker 1: They all take time, right Um consumers Consumers maybe react 662 00:37:29,280 --> 00:37:30,920 Speaker 1: a bit more quickly. But if you look at the 663 00:37:30,920 --> 00:37:35,319 Speaker 1: business sector, Um, you know, we've seen some margin compression. Uh. 664 00:37:35,560 --> 00:37:39,000 Speaker 1: And as those margins compress, then you know, CEOs go 665 00:37:39,120 --> 00:37:41,080 Speaker 1: back to their executives and say, all right, how do 666 00:37:41,160 --> 00:37:44,360 Speaker 1: we how do we maintain our margins? Uh? Usually the 667 00:37:44,400 --> 00:37:46,600 Speaker 1: answer is expenses. So then it's like, okay, well how 668 00:37:46,640 --> 00:37:48,400 Speaker 1: do we manage our expenses? And every one of these 669 00:37:48,400 --> 00:37:50,839 Speaker 1: steps takes a little bit of time. Uh, And there's 670 00:37:50,880 --> 00:37:52,600 Speaker 1: just not enough time in the year for the play 671 00:37:52,640 --> 00:37:55,319 Speaker 1: out in a way that would be material enough uh 672 00:37:55,480 --> 00:37:57,600 Speaker 1: to see I think a recession this year. I think 673 00:37:57,640 --> 00:38:00,720 Speaker 1: a recession this year is highly unlikely. Our session towards 674 00:38:00,760 --> 00:38:03,879 Speaker 1: the end of next year, UM, you know is increasingly likely, 675 00:38:03,960 --> 00:38:06,960 Speaker 1: particularly is to Fed piles on rate hikes to work 676 00:38:07,000 --> 00:38:09,640 Speaker 1: against inflation that they have little hope of controlling. Only 677 00:38:09,680 --> 00:38:11,640 Speaker 1: about thirty seconds left here, Drew. But if we do 678 00:38:11,800 --> 00:38:15,200 Speaker 1: start to see a drop off in core inflation, what 679 00:38:15,360 --> 00:38:18,359 Speaker 1: does that mean for the FEDS rate high path. Well, 680 00:38:18,360 --> 00:38:20,920 Speaker 1: I I think then that that supports the idea that 681 00:38:21,000 --> 00:38:23,600 Speaker 1: the FED could maybe uh pull back later this year 682 00:38:23,680 --> 00:38:26,320 Speaker 1: in terms of the speed of rate hikes. Um, you know, 683 00:38:26,360 --> 00:38:28,480 Speaker 1: we've gone seventy five basis points and there's been a 684 00:38:28,520 --> 00:38:31,360 Speaker 1: pretty good market reaction to that. Think about hitting the 685 00:38:31,440 --> 00:38:33,840 Speaker 1: market consensus for rate hikes and what the market reaction 686 00:38:33,920 --> 00:38:36,200 Speaker 1: might be for that. So I don't think they want 687 00:38:36,200 --> 00:38:39,000 Speaker 1: to go there. I think they're hoping long term inflation 688 00:38:39,040 --> 00:38:42,560 Speaker 1: expectations remain contained. Uh, they can pull back earlier and 689 00:38:42,640 --> 00:38:45,000 Speaker 1: they're out. Thank you, dr thanks for being with us 690 00:38:45,040 --> 00:38:47,880 Speaker 1: this morning. Drew Matics, Chief market strategist met Life Investment 691 00:38:47,920 --> 00:38:52,000 Speaker 1: Management may c P I due out at eight thirty 692 00:38:52,080 --> 00:38:54,880 Speaker 1: Wall Street time. Karen, all right, Nathan, thank you, it 693 00:38:55,040 --> 00:38:57,920 Speaker 1: is on Wall Street. Now it's time for the Bloomberg 694 00:38:58,040 --> 00:39:00,280 Speaker 1: Law Report. It has brought to you by a American 695 00:39:00,400 --> 00:39:04,440 Speaker 1: Arbitration Association. Business disputes are inevitable, resolve faster with the 696 00:39:04,480 --> 00:39:08,680 Speaker 1: American Arbitration Association, the global leader in alternative dispute resolution 697 00:39:08,760 --> 00:39:11,279 Speaker 1: for over ninety years. More at a d R dot org. 698 00:39:11,560 --> 00:39:13,839 Speaker 1: Let's get to the legal stories we are watching this morning. 699 00:39:13,880 --> 00:39:20,400 Speaker 1: From Bloomberg's Jeff Bellinger, the Internal Revenue Service raised the 700 00:39:20,440 --> 00:39:24,399 Speaker 1: mileage deduction for vehicles used for business purposes by four 701 00:39:24,520 --> 00:39:27,160 Speaker 1: cents to sixty two and a half cents per mile. 702 00:39:27,360 --> 00:39:30,440 Speaker 1: The federal judge in Connecticut rejected a suit filed by 703 00:39:30,480 --> 00:39:33,839 Speaker 1: a black employee of the Connecticut Department of Corrections over 704 00:39:33,920 --> 00:39:37,400 Speaker 1: the department's response to a Confederate flag license plate on 705 00:39:37,480 --> 00:39:41,240 Speaker 1: a co worker's personal car. An administrative law judge ruled 706 00:39:41,239 --> 00:39:45,160 Speaker 1: against a DT in a patent infringement suit over Vivid's 707 00:39:45,200 --> 00:39:50,759 Speaker 1: security monitoring and automation control panels. Bloomberg Law everything you need, 708 00:39:51,080 --> 00:39:55,400 Speaker 1: all on one legal research platform, including guidance analysis and 709 00:39:55,520 --> 00:39:59,680 Speaker 1: Bloomberg market Intelligence. Find out more at Bloomberg Law dot com. 710 00:40:00,719 --> 00:40:03,240 Speaker 1: All right, Jeff, thank you. Now another legal story we're watching. 711 00:40:03,280 --> 00:40:06,520 Speaker 1: When the Supreme Court justices rise for their summer recess, 712 00:40:06,640 --> 00:40:09,160 Speaker 1: they will have handed down fifty nine signed decisions and 713 00:40:09,320 --> 00:40:12,040 Speaker 1: argued cases. It's a third year in a row they 714 00:40:12,080 --> 00:40:15,000 Speaker 1: have failed to reach sixty decisions. You have to go 715 00:40:15,120 --> 00:40:17,760 Speaker 1: back to the Civil War to find so few cases 716 00:40:17,840 --> 00:40:21,440 Speaker 1: on the court's docket. In fact, until the court used 717 00:40:21,440 --> 00:40:23,799 Speaker 1: to decide more than a hundred fifty cases a year. 718 00:40:24,040 --> 00:40:27,120 Speaker 1: So what happened to find out? Bloomberg student groundslow speaks 719 00:40:27,160 --> 00:40:30,800 Speaker 1: a constitutional law experts Stephen Vladika, Professor at the University 720 00:40:30,840 --> 00:40:34,439 Speaker 1: of Texas Law School. Many court watchers have pointed out 721 00:40:34,760 --> 00:40:38,759 Speaker 1: the justice is slow pace in coming out with decisions 722 00:40:38,880 --> 00:40:42,160 Speaker 1: this term. But in an opinion piece you point out 723 00:40:42,239 --> 00:40:44,960 Speaker 1: that for the last few years the Court has been 724 00:40:45,040 --> 00:40:48,600 Speaker 1: handing down fewer decisions than ever before. Sort of the 725 00:40:48,719 --> 00:40:52,879 Speaker 1: incredible shrinking docket. Yeah, to me almost has been a story, 726 00:40:52,920 --> 00:40:55,880 Speaker 1: maybe even a bigger story than the court just happens 727 00:40:55,880 --> 00:40:58,400 Speaker 1: to be behind this particular term. I mean, when all 728 00:40:58,400 --> 00:41:00,799 Speaker 1: of a sudden done, when the court has eventually rise 729 00:41:00,840 --> 00:41:03,200 Speaker 1: for summer recess, is going to have handed down probably 730 00:41:03,280 --> 00:41:06,480 Speaker 1: no more than fifty nine signed decisions and argued cases 731 00:41:06,920 --> 00:41:09,520 Speaker 1: last term June, it was fifty six, the term before 732 00:41:09,560 --> 00:41:13,040 Speaker 1: it was fifty three, whereas before three years ago, the 733 00:41:13,160 --> 00:41:16,760 Speaker 1: court hadn't dip below sixty of these signed Merrit's decisions 734 00:41:16,760 --> 00:41:18,560 Speaker 1: since the Civil War. And this is part of a 735 00:41:18,640 --> 00:41:22,040 Speaker 1: broader trend where you know, as recently as the early 736 00:41:22,120 --> 00:41:25,560 Speaker 1: two thousands, the courts here in nine cases a year. 737 00:41:25,840 --> 00:41:28,960 Speaker 1: In the tens, it was still sight cases a year. 738 00:41:29,239 --> 00:41:32,920 Speaker 1: But really, since Justice Kennedy's retirement, the docket has fallen 739 00:41:32,960 --> 00:41:35,360 Speaker 1: into the low sixties now the high fifties. And you know, 740 00:41:35,440 --> 00:41:38,400 Speaker 1: I think there are plenty of folks who would say, great, like, 741 00:41:38,880 --> 00:41:40,840 Speaker 1: if this court has less to do, that's not going 742 00:41:40,880 --> 00:41:42,560 Speaker 1: to bother them. But I actually think that there are 743 00:41:42,680 --> 00:41:46,840 Speaker 1: some longer term problems with the Supreme Court's docket continuing 744 00:41:46,880 --> 00:41:49,600 Speaker 1: to shrink. In disrespect. Yeah, you point out that in 745 00:41:50,840 --> 00:41:52,560 Speaker 1: the Court used to hear more than a hundred and 746 00:41:52,640 --> 00:41:56,480 Speaker 1: fifty cases a year, which seems astonishing right now. So 747 00:41:56,680 --> 00:41:59,839 Speaker 1: what happened? So by the mid eighties, there was still 748 00:42:00,360 --> 00:42:04,040 Speaker 1: a large chunk of the Court's appellate jurisdiction that was mandatory, 749 00:42:04,120 --> 00:42:06,560 Speaker 1: meaning there were cases that the justices had to take up, 750 00:42:06,760 --> 00:42:11,480 Speaker 1: especially appeals from state courts, and largely at the justice's 751 00:42:11,560 --> 00:42:16,320 Speaker 1: own request. Congress A revisited that and gave the Supreme 752 00:42:16,400 --> 00:42:21,239 Speaker 1: Court just about blantary control over its docket. Comin five 753 00:42:21,440 --> 00:42:23,960 Speaker 1: had really expanded the practice of what we call sir 754 00:42:24,040 --> 00:42:27,280 Speaker 1: ferrari of discretionary review. When the Supreme Court was reviewing 755 00:42:27,320 --> 00:42:30,760 Speaker 1: the lower federal courts in comins expanded that to encompass 756 00:42:30,840 --> 00:42:34,719 Speaker 1: most appeals from state courts as well and overnight and 757 00:42:34,800 --> 00:42:37,480 Speaker 1: as Stephen Vlada, a professor at the University of Texas 758 00:42:37,560 --> 00:42:40,480 Speaker 1: Law School, speaking with Bloomberg June Grasso. Catch more of 759 00:42:40,600 --> 00:42:43,960 Speaker 1: that interview plus analysis of the latest legal news by 760 00:42:44,000 --> 00:42:48,520 Speaker 1: subscribing to the Bloomberg Law podcast And This is Bloomberg