1 00:00:03,840 --> 00:00:07,160 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:07,200 --> 00:00:11,440 Speaker 1: Daybreak for Wednesday, November two. Coming up this hour, Wall 3 00:00:11,480 --> 00:00:15,000 Speaker 1: Street awaits a highly anticipated speech from J. Powell. China 4 00:00:15,040 --> 00:00:18,640 Speaker 1: appears to be taking a softer public stance against COVID restrictions, 5 00:00:18,760 --> 00:00:22,400 Speaker 1: Congress moves to prevent a possible rail strike, and Disney 6 00:00:22,440 --> 00:00:25,440 Speaker 1: says management and strategy changes had come at a cost. 7 00:00:25,840 --> 00:00:28,960 Speaker 1: The suspicious powder was found in the New York Midtown hotel, 8 00:00:29,280 --> 00:00:31,640 Speaker 1: whilst the same sex marriage bill had to the House 9 00:00:31,680 --> 00:00:35,680 Speaker 1: after Senate passage. I'm Michael Barr. More ahead, I'm John 10 00:00:35,720 --> 00:00:38,600 Speaker 1: Stans Went Sports. Easy win for the Knicks. Islanders lost 11 00:00:38,640 --> 00:00:41,720 Speaker 1: St John's one in the US advances at the World Cup. 12 00:00:44,520 --> 00:00:48,080 Speaker 1: That's all s train Ahead on Bloomberg Daybreak on Bloomberg 13 00:00:48,080 --> 00:00:51,960 Speaker 1: Element three on New York, Bloomberg one, Washington, d C, 14 00:00:52,440 --> 00:00:56,000 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and 15 00:00:56,120 --> 00:01:00,000 Speaker 1: Francisco Sirius x M one nineteen and around the world. 16 00:01:00,000 --> 00:01:03,680 Speaker 1: Old on Bloomberg Radio Dot Carmen via the Bloombird Business app. 17 00:01:07,920 --> 00:01:10,680 Speaker 1: Good morning, I'm John Tucker. I'm Nathan Hagar. Futures are 18 00:01:10,680 --> 00:01:12,720 Speaker 1: moving higher this morning, we're coming up to five oh 19 00:01:12,760 --> 00:01:14,880 Speaker 1: one on Wall Street, and we checked the markets every 20 00:01:14,880 --> 00:01:18,440 Speaker 1: fifteen minutes throughout the trading day. On Bloomberg SMP futures 21 00:01:18,440 --> 00:01:21,120 Speaker 1: are up eight points, Staff futures up forty four. Nastack 22 00:01:21,160 --> 00:01:24,240 Speaker 1: futures are higher by thirty six points ten. Your treasury 23 00:01:24,280 --> 00:01:26,560 Speaker 1: is up three thirty seconds the old three point seven 24 00:01:26,600 --> 00:01:29,160 Speaker 1: three percent yield on the two year four point four 25 00:01:29,280 --> 00:01:31,840 Speaker 1: seven percent. NIMEX Screwed is hired by two and a 26 00:01:31,920 --> 00:01:34,319 Speaker 1: quarter percent, or a dollar seventy five at seventy nine 27 00:01:34,360 --> 00:01:37,320 Speaker 1: dollars nine cents in barrel, and comic gold is up 28 00:01:37,319 --> 00:01:41,280 Speaker 1: seven cents percent at seventeen seventounce Jehan and Nathan, we 29 00:01:41,400 --> 00:01:44,959 Speaker 1: begin with a highly anticipated speech by the FED chair J. Powell. 30 00:01:45,360 --> 00:01:48,120 Speaker 1: It takes place right in the middle of today's trading. 31 00:01:48,560 --> 00:01:52,360 Speaker 1: Let's get a preview from Bloomberg Economics correspondent Michael McKee. 32 00:01:52,800 --> 00:01:56,280 Speaker 1: When the FED chairman speaks, he usually moves markets, probably 33 00:01:56,320 --> 00:01:59,080 Speaker 1: not this time, though investors have firmly priced in a 34 00:01:59,080 --> 00:02:01,840 Speaker 1: half percentage point increase in the Fed's target rate, and 35 00:02:01,880 --> 00:02:04,440 Speaker 1: none of the FED speakers in recent weeks has taken 36 00:02:04,440 --> 00:02:07,440 Speaker 1: issue with that. What J Powell may want to do 37 00:02:07,520 --> 00:02:10,120 Speaker 1: is set some guidelines for the new Fed guidance on 38 00:02:10,320 --> 00:02:15,000 Speaker 1: rates coming December fourteen. There's general agreement among policymakers the 39 00:02:15,080 --> 00:02:17,520 Speaker 1: ultimate level of the target rate will be higher than 40 00:02:17,520 --> 00:02:21,440 Speaker 1: their last forecast of four point six percent. Markets now 41 00:02:21,480 --> 00:02:25,240 Speaker 1: see it at five. Paul could offer guidance on whether 42 00:02:25,320 --> 00:02:27,760 Speaker 1: that's about right and about how long it would take 43 00:02:27,840 --> 00:02:31,240 Speaker 1: the Fed to get there. Michael McKee, Bloomberg Daybreak. All right, 44 00:02:31,280 --> 00:02:33,799 Speaker 1: thanks Mike, and Bloomberg Radio and Television will bring you 45 00:02:33,880 --> 00:02:36,400 Speaker 1: live coverage of pale speech this afternoon. You can catch 46 00:02:36,480 --> 00:02:39,040 Speaker 1: that around one thirty pm. Ball Street Time. We'll have 47 00:02:39,160 --> 00:02:41,320 Speaker 1: that speech. John. We continue to hear tough talk on 48 00:02:41,360 --> 00:02:44,079 Speaker 1: interest rates from Fed officials. Let's get the latest live 49 00:02:44,080 --> 00:02:47,160 Speaker 1: with Bloomberg. Steve Rappaport, Good morning, Steve, Good morning, Nathan, 50 00:02:47,200 --> 00:02:50,240 Speaker 1: and John. St. Louis. Fed President Jim Bullard estimates an 51 00:02:50,240 --> 00:02:52,799 Speaker 1: interest rate of at least four point nine percent would 52 00:02:52,840 --> 00:02:55,560 Speaker 1: be needed to bring inflation down next year, but former 53 00:02:55,560 --> 00:02:58,680 Speaker 1: New York Fed president and Bloomberg columnists Bill Dudley predicts 54 00:02:58,720 --> 00:03:00,880 Speaker 1: an even higher rate in the short term. But I 55 00:03:00,880 --> 00:03:02,680 Speaker 1: think once we get you know, five and a quarter, 56 00:03:02,720 --> 00:03:05,320 Speaker 1: five and a half I think felt the relent. They'll 57 00:03:05,320 --> 00:03:08,120 Speaker 1: just stid sit there and wait for that restrictive Madre 58 00:03:08,240 --> 00:03:12,000 Speaker 1: policy to slow the commy down generate more slack in 59 00:03:12,000 --> 00:03:14,760 Speaker 1: the layer market. The FETE is expected to announce another 60 00:03:14,840 --> 00:03:17,720 Speaker 1: rate hike next month. Live in New York. I'm Steve Rappaport, 61 00:03:17,720 --> 00:03:20,000 Speaker 1: Bloomberg day Break. All right, thanks Steven, and let's turn 62 00:03:20,000 --> 00:03:23,040 Speaker 1: to the economic news out of Asia. Now. Data show 63 00:03:23,120 --> 00:03:27,040 Speaker 1: COVID restrictions are continuing to hamper growth for the Chinese economy. 64 00:03:27,440 --> 00:03:31,280 Speaker 1: Bloomberg Daybreak, Asia anchor Brian Curtis is more from Hong Kong. 65 00:03:31,680 --> 00:03:35,680 Speaker 1: Tough COVID restrictions on consumers and businesses. Weight on activity. 66 00:03:35,840 --> 00:03:38,360 Speaker 1: The official p m I felt to forty eight this month. 67 00:03:38,600 --> 00:03:41,160 Speaker 1: That's the lowest reading since April and worst than the 68 00:03:41,280 --> 00:03:44,080 Speaker 1: estimate of forty nine in a Bloomberg survey. The Non 69 00:03:44,080 --> 00:03:47,800 Speaker 1: Manufacturing Index declined to forty six point seven from forty 70 00:03:47,840 --> 00:03:52,000 Speaker 1: eight point seven in October. That was also lower than estimated. 71 00:03:52,280 --> 00:03:55,080 Speaker 1: About a quarter of China's total GDP is said to 72 00:03:55,080 --> 00:04:00,000 Speaker 1: be affected by COVID lockdowns. Brian Curtis, Bloomberg day Break, Brian, thanks, 73 00:04:00,080 --> 00:04:02,680 Speaker 1: and we may see China starting to enact as softer 74 00:04:02,920 --> 00:04:06,960 Speaker 1: stance on COVID restrictions. Stories of people who survived infections 75 00:04:06,960 --> 00:04:09,520 Speaker 1: are popping up in state run media, something that had 76 00:04:09,560 --> 00:04:12,800 Speaker 1: not been published previously. Local governments are now vowing to 77 00:04:12,880 --> 00:04:16,479 Speaker 1: prioritize the public over COVID control. The People's Daily, a 78 00:04:16,480 --> 00:04:19,360 Speaker 1: mouthpiece for the Communist Party, is urging citizens to take 79 00:04:19,400 --> 00:04:22,880 Speaker 1: responsibility for their own health. It's the last training day 80 00:04:22,920 --> 00:04:25,240 Speaker 1: of the month, and November was a good month for 81 00:04:25,400 --> 00:04:29,160 Speaker 1: Chinese stocks listed in the US. There were up If 82 00:04:29,160 --> 00:04:32,280 Speaker 1: that level holds today, it would be the best month ever. 83 00:04:32,680 --> 00:04:35,160 Speaker 1: It's also been a good run for global bonds. They 84 00:04:35,200 --> 00:04:37,839 Speaker 1: added a record two point a trillion dollars in market 85 00:04:37,880 --> 00:04:40,360 Speaker 1: value in November. All right, let's turn to politics now. 86 00:04:40,480 --> 00:04:43,720 Speaker 1: John Congress is moving fast to prevent a possible strike 87 00:04:43,800 --> 00:04:46,760 Speaker 1: by rail workers. We get the details from Amy Morris 88 00:04:46,760 --> 00:04:50,240 Speaker 1: in our Bloomberg newsroom in Washington. There will be two 89 00:04:50,320 --> 00:04:52,400 Speaker 1: votes in the House today. The first vote is on 90 00:04:52,440 --> 00:04:55,560 Speaker 1: a bill to avert the strike by passing the tentative agreement. 91 00:04:55,800 --> 00:04:57,800 Speaker 1: The second would be an up or down vote on 92 00:04:57,839 --> 00:05:01,560 Speaker 1: whether to add seven days of paid sickly railroads. Lawmakers 93 00:05:01,640 --> 00:05:04,880 Speaker 1: are reluctantly intervening to avoid what would be a devastating 94 00:05:04,880 --> 00:05:08,440 Speaker 1: blow to the nation's economy if the supply chain of fuel, food, 95 00:05:08,480 --> 00:05:12,039 Speaker 1: and other critical goods were disrupted. Once it passes the House, 96 00:05:12,080 --> 00:05:15,000 Speaker 1: the bill heads to the Senate for consideration. The deadline 97 00:05:15,000 --> 00:05:18,400 Speaker 1: foreign agreement is December nine. In Washington, I'm any Morris, 98 00:05:18,440 --> 00:05:22,480 Speaker 1: Bloomberg Daybreak, Yeah, thanks Samy. Also in Washington today, lawmakers 99 00:05:22,480 --> 00:05:26,480 Speaker 1: are getting a visit from Apple's CEO, Tim Cook. Utility 100 00:05:26,560 --> 00:05:30,080 Speaker 1: plans to meet with top Republican lawmakers, and Bloomberg's Ad 101 00:05:30,080 --> 00:05:33,520 Speaker 1: Baxter has the story. The aim, according to Bloomberg sources, 102 00:05:33,720 --> 00:05:37,080 Speaker 1: is to forge ties with GOP leadership ahead of the 103 00:05:37,080 --> 00:05:39,800 Speaker 1: party's take over the House next year. He has scheduled 104 00:05:39,839 --> 00:05:43,839 Speaker 1: sessions with Republican representatives Jim Jordan, darryl Issa and Kathy 105 00:05:43,880 --> 00:05:47,440 Speaker 1: McMorris Rogers. Jordan and McMorris Rodgers are likely to share 106 00:05:47,520 --> 00:05:50,720 Speaker 1: top committees overseeing the tech industry when the GOP does 107 00:05:50,800 --> 00:05:53,839 Speaker 1: take over. The meetings were likely scheduled before the exchange 108 00:05:53,839 --> 00:05:57,080 Speaker 1: of messages between Cook and Elon Musk a Twitter. Several 109 00:05:57,080 --> 00:06:01,159 Speaker 1: conservative Republicans, including Jordan's, have been very critical of Apple, 110 00:06:01,279 --> 00:06:04,880 Speaker 1: and Jordan has become a Musk supporter in San Francisco. 111 00:06:04,920 --> 00:06:07,480 Speaker 1: I'm at Baxter Bloomberg Daybreak, all right, and thank you. 112 00:06:07,480 --> 00:06:10,520 Speaker 1: And the shake up continues at Disney, with Bob Iger 113 00:06:10,600 --> 00:06:14,039 Speaker 1: reinstated as CEO. The company now says changes to its 114 00:06:14,040 --> 00:06:16,800 Speaker 1: management and strategy could come at a cost. We get 115 00:06:16,839 --> 00:06:20,080 Speaker 1: that story from bloomberg S Doug Prisoner. Returning CEO, Bob 116 00:06:20,120 --> 00:06:23,600 Speaker 1: Iger recently told staff he's considering changes to the company's 117 00:06:23,640 --> 00:06:27,400 Speaker 1: management structure, and a regulatory filing shows plans may include 118 00:06:27,600 --> 00:06:31,680 Speaker 1: modifying the way Disney releases and exhibits movies and TV shows, 119 00:06:31,880 --> 00:06:36,080 Speaker 1: including the platforms for initial distribution. As a result, Disney says, 120 00:06:36,200 --> 00:06:40,320 Speaker 1: once determined that changes could result in impairment charges, changes 121 00:06:40,320 --> 00:06:44,640 Speaker 1: in consumer behavior favor online platforms. However, streaming services are 122 00:06:44,640 --> 00:06:47,680 Speaker 1: struggling to turn a profit. Last year, Disney lost four 123 00:06:47,720 --> 00:06:50,960 Speaker 1: billion dollars on its online TV businesses. In New York, 124 00:06:50,960 --> 00:06:53,919 Speaker 1: I'm do Prisoner Bloomberg Daybreak, a right, thanks and ahead 125 00:06:53,920 --> 00:06:56,360 Speaker 1: of the cashows on the Wall Street futures for now 126 00:06:56,480 --> 00:06:59,279 Speaker 1: they are in the green, but also comes ahead of 127 00:06:59,320 --> 00:07:02,040 Speaker 1: course of a Palace speech at one thirty Wall Street 128 00:07:02,080 --> 00:07:05,840 Speaker 1: time down futures right now thirty two points higher SMP 129 00:07:05,920 --> 00:07:09,120 Speaker 1: EMNI futures they're up about seven points, that's a rise 130 00:07:09,120 --> 00:07:12,000 Speaker 1: of two tents of a percent, and the Nasdaq futures 131 00:07:12,080 --> 00:07:14,680 Speaker 1: right now up thirty five points, that is up three 132 00:07:14,680 --> 00:07:24,080 Speaker 1: tents of a percent. You're listening to Bloomberg Daybreak five 133 00:07:24,280 --> 00:07:26,400 Speaker 1: Steven on Wall Street. Time to bring in Michael barrt 134 00:07:26,440 --> 00:07:28,240 Speaker 1: with what else is going on to New York and 135 00:07:28,880 --> 00:07:31,280 Speaker 1: around the world. John, thank you very much, sirah. New 136 00:07:31,360 --> 00:07:34,560 Speaker 1: York City Mayor Eric Adams is directing police and city 137 00:07:34,600 --> 00:07:38,120 Speaker 1: medics to be more aggressive about getting severely mentally ill 138 00:07:38,240 --> 00:07:42,600 Speaker 1: people off the streets and subways and into treatment. Adams says, 139 00:07:43,000 --> 00:07:47,040 Speaker 1: that's the case, even if it means involuntarily hospitalizing some 140 00:07:47,120 --> 00:07:51,080 Speaker 1: people who refuse care. We can no longer deny the 141 00:07:51,160 --> 00:07:57,160 Speaker 1: reality that untreated psychosis can be a cruel and all 142 00:07:57,360 --> 00:08:04,200 Speaker 1: consuming condition that often eyes involuntary intervention. The mayor's announcement 143 00:08:04,280 --> 00:08:08,240 Speaker 1: was condemned as wrongheaded by some civil rights groups and 144 00:08:08,280 --> 00:08:11,560 Speaker 1: advocates for the homeless. The NYPD is searching for a 145 00:08:11,600 --> 00:08:14,800 Speaker 1: man who snuck into the Park Hyat hotel in Manhattan 146 00:08:15,200 --> 00:08:19,440 Speaker 1: and left behind a suspicious white powdery substance. Police say 147 00:08:19,480 --> 00:08:22,640 Speaker 1: the parting guests dropped a hotel room key on the street, 148 00:08:22,920 --> 00:08:27,200 Speaker 1: and someone snuck into the unoccupied hotel room and spent 149 00:08:27,280 --> 00:08:30,440 Speaker 1: the night. A cleaning worker reported being sickened by what 150 00:08:30,600 --> 00:08:34,000 Speaker 1: was described as a suspicious white substance left behind in 151 00:08:34,040 --> 00:08:38,679 Speaker 1: the room. Assistant Chief James McCarthy of the NYPD Fighter 152 00:08:38,760 --> 00:08:42,479 Speaker 1: Problems swapped various surfaces of the room, which initially indicated 153 00:08:42,720 --> 00:08:45,360 Speaker 1: that it was there was a possible trace of amount 154 00:08:45,360 --> 00:08:50,920 Speaker 1: of explosive substance. Assistant Chief McCarthy says the powder tested negative. 155 00:08:51,520 --> 00:08:55,400 Speaker 1: The Senate has passed landmark bipartisan legislation to protect same 156 00:08:55,440 --> 00:08:58,880 Speaker 1: sex marriages. The Respect for Marriage Act would ensure that 157 00:08:59,080 --> 00:09:03,000 Speaker 1: same sex and interracial marriages are enshrined in federal law. 158 00:09:03,440 --> 00:09:06,800 Speaker 1: Senate majority leader Chuck Schumer, What a great day. What 159 00:09:07,000 --> 00:09:11,160 Speaker 1: a great day. The bill now goes to the House 160 00:09:11,200 --> 00:09:14,400 Speaker 1: where it's expected to pass. A jury is convicted the 161 00:09:14,440 --> 00:09:17,640 Speaker 1: head of a far right group of plotting the January 162 00:09:17,800 --> 00:09:21,080 Speaker 1: sixth attack on the Capitol. Stewart Rhodes, leader of the 163 00:09:21,160 --> 00:09:24,240 Speaker 1: right wing oath Keepers group, and one of the defendants, 164 00:09:24,240 --> 00:09:28,640 Speaker 1: were convicted of seditious conspiracy. History was made in Jersey 165 00:09:28,760 --> 00:09:32,280 Speaker 1: City as the first female deputy chief is now New 166 00:09:32,360 --> 00:09:37,640 Speaker 1: Jersey's highest ranking professional female firefighter. Constance Cepela and three 167 00:09:37,679 --> 00:09:40,600 Speaker 1: other deputy chiefs on the Jersey City Fire Department were 168 00:09:40,600 --> 00:09:45,720 Speaker 1: promoted at a city Hall ceremony yesterday. The Christmas Tree 169 00:09:45,800 --> 00:09:48,520 Speaker 1: lighting is tonight and Rockefeller Center last night, members of 170 00:09:48,520 --> 00:09:51,520 Speaker 1: Congress gathered to light the Capital Christmas Tree. Global names 171 00:09:51,559 --> 00:09:54,439 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 172 00:09:54,720 --> 00:09:57,800 Speaker 1: powered by more than seven hundred journalist and analysts more 173 00:09:57,840 --> 00:10:00,079 Speaker 1: than a hund twenty countries. And Michael barn this is 174 00:10:00,120 --> 00:10:06,559 Speaker 1: Bloomberg jop. Michael, thank you. It's now five ten the 175 00:10:06,880 --> 00:10:09,959 Speaker 1: wolfsbree timed out for the sports reporting broady by your 176 00:10:09,960 --> 00:10:13,960 Speaker 1: Tri State outie Dealers. And here's John. Thanks John rare 177 00:10:14,040 --> 00:10:17,160 Speaker 1: Laugher for the Knicks in Detroit forty point first quarter 178 00:10:17,240 --> 00:10:19,079 Speaker 1: scored at least thirty and the other three they won 179 00:10:19,120 --> 00:10:22,079 Speaker 1: by thirty one forty one ten. Julius Randall led the 180 00:10:22,080 --> 00:10:25,040 Speaker 1: way thirty six points. They only played thirty one minutes 181 00:10:25,080 --> 00:10:28,840 Speaker 1: in Dallas. Luca Donson's forty one point triple double massby 182 00:10:28,920 --> 00:10:31,240 Speaker 1: Golden State depending NBA Champs just to and ten on 183 00:10:31,280 --> 00:10:34,160 Speaker 1: the road. Islanders lost in Philadelphia three to one. St. 184 00:10:34,200 --> 00:10:36,600 Speaker 1: John's easy win over l i U in the Red Storm. 185 00:10:36,640 --> 00:10:39,080 Speaker 1: Now eight and oh looks like a long season. At 186 00:10:39,120 --> 00:10:41,400 Speaker 1: Syracuse the Orange of three and four, they lost by 187 00:10:41,400 --> 00:10:44,360 Speaker 1: twenty nine at Illinois. It's last weekend of the college 188 00:10:44,360 --> 00:10:48,880 Speaker 1: football regular season. Georgia, Michigan, TCU, and USC are all 189 00:10:48,880 --> 00:10:51,920 Speaker 1: playing conference championship games and if they win, they'll be 190 00:10:51,960 --> 00:10:54,040 Speaker 1: the four teams in the playoff. Ohio State after the 191 00:10:54,120 --> 00:10:57,560 Speaker 1: loss of Michigan drop from second to fifth. Giants getting 192 00:10:57,559 --> 00:10:59,480 Speaker 1: healthy at the right time big games if they want 193 00:10:59,480 --> 00:11:02,040 Speaker 1: to make the play out. Starting Sunday against Red Hot Wash. 194 00:11:02,120 --> 00:11:04,160 Speaker 1: He did, and the Giants could be getting several starters 195 00:11:04,200 --> 00:11:07,400 Speaker 1: back from injury and including rookie tackle Even Deal and 196 00:11:07,480 --> 00:11:10,720 Speaker 1: rookie tight end Daniel Bellinger. As the US World Cup 197 00:11:10,720 --> 00:11:14,360 Speaker 1: team gets ready for its games Saturday morning against the Netherlands, 198 00:11:14,360 --> 00:11:18,480 Speaker 1: all eyes on Christian Pulistics. Pelvis suffered a contusion and 199 00:11:18,559 --> 00:11:20,840 Speaker 1: a collision with the Iranian goalie as he scored the 200 00:11:20,840 --> 00:11:24,000 Speaker 1: only goal in the win over on polistic post. Don't 201 00:11:24,000 --> 00:11:26,640 Speaker 1: be don't worry, I'll be ready. As US teammate is 202 00:11:26,840 --> 00:11:29,480 Speaker 1: unite must he brings a load to the team great 203 00:11:29,480 --> 00:11:31,880 Speaker 1: guy off the field, very good, nice guy. And then 204 00:11:31,920 --> 00:11:35,280 Speaker 1: on the field everyone everyone sees his brilliance. Um, he's 205 00:11:35,320 --> 00:11:38,480 Speaker 1: the right time, in the right space. So I mean, 206 00:11:39,120 --> 00:11:42,360 Speaker 1: um no, very very happy that he's my teammate. It's 207 00:11:42,400 --> 00:11:44,840 Speaker 1: a young US team. Used to is the youngest. He 208 00:11:44,880 --> 00:11:47,880 Speaker 1: was born in the Bronx. Yesterday was his twentieth birthday. 209 00:11:48,160 --> 00:11:51,160 Speaker 1: John Stashward, Bloomberg Sports, John all right, John, thanks very much. 210 00:11:51,280 --> 00:11:53,679 Speaker 1: Ahead of the camp shows on Wall Street, Dal Futures 211 00:11:53,679 --> 00:11:56,320 Speaker 1: of forty one s and P Futures of eight the 212 00:11:56,400 --> 00:12:02,560 Speaker 1: Nastic Future sporty points higher. You're listening to Bloomberg day Break. 213 00:12:05,960 --> 00:12:08,160 Speaker 1: You have the sports workport brought to buy Audie. Don't 214 00:12:08,240 --> 00:12:10,319 Speaker 1: let someone else drive off of the Audi model you've 215 00:12:10,320 --> 00:12:12,840 Speaker 1: always wanted. Visit your local Tri state Audie dealer to 216 00:12:12,880 --> 00:12:15,400 Speaker 1: get behind the wheel of years today, or visit Audie 217 00:12:15,400 --> 00:12:22,640 Speaker 1: Offers dot com for more information. This is Bloomberg Markets, 218 00:12:22,720 --> 00:12:25,800 Speaker 1: headlines and breaking news twenty four hours a day at 219 00:12:25,800 --> 00:12:29,199 Speaker 1: Bloomberg dot com, The Bloomberg Business at and at Bloomberg 220 00:12:29,280 --> 00:12:38,600 Speaker 1: Quick Take. This is a Bloomberg Business lash. I'm Nathan Hagar. 221 00:12:38,679 --> 00:12:41,280 Speaker 1: Future is redging higher. The dollar is slipping For a second, 222 00:12:41,360 --> 00:12:43,959 Speaker 1: day as investors away to speech by Federal Reserve charman 223 00:12:44,040 --> 00:12:46,200 Speaker 1: Jerome Powell for signals about the path of interest rate 224 00:12:46,240 --> 00:12:50,680 Speaker 1: increases and assess prospects for China's economic reopening. We checked 225 00:12:50,720 --> 00:12:52,880 Speaker 1: the markets for you every fifteen minutes during the trading 226 00:12:52,960 --> 00:12:55,480 Speaker 1: day on Bloomberg. S and P futures right now are 227 00:12:55,559 --> 00:12:58,760 Speaker 1: up seven points. Staff futures up thirty four Nasact futures 228 00:12:58,760 --> 00:13:01,520 Speaker 1: are higher by thirty X points. Send your treasury is 229 00:13:01,559 --> 00:13:03,960 Speaker 1: little change. The yield three point seven four percent yield 230 00:13:03,960 --> 00:13:06,760 Speaker 1: on the two year four point four seven percent. Nim 231 00:13:06,880 --> 00:13:08,680 Speaker 1: X screwed is up two percent or a dollar fifty 232 00:13:08,760 --> 00:13:10,880 Speaker 1: nine at seven to nine dollars seventy nine cents of 233 00:13:10,920 --> 00:13:13,319 Speaker 1: barrel comex gold is up six tenths per cent, or 234 00:13:13,360 --> 00:13:16,920 Speaker 1: eleven dollars fifty cents at seventeen seventy ounced. The Euro 235 00:13:17,040 --> 00:13:19,360 Speaker 1: one point zero three seven two against the dollar British 236 00:13:19,360 --> 00:13:21,760 Speaker 1: pound one point two zero two five. The end is 237 00:13:21,760 --> 00:13:24,440 Speaker 1: at one thirty eight point seven nine. That speech from 238 00:13:24,480 --> 00:13:27,120 Speaker 1: Fed chairman Palace at one thirty Wall Street time. We 239 00:13:27,160 --> 00:13:29,920 Speaker 1: will bring it to you live here on Bloomberg Radio. 240 00:13:29,960 --> 00:13:32,840 Speaker 1: That's Bloomberg Business Flash. And now here's Michael Barner with 241 00:13:32,920 --> 00:13:34,880 Speaker 1: more on what's going on around the world. What are you, Michael, 242 00:13:35,080 --> 00:13:38,240 Speaker 1: Good morning, Nathan. China's ruling Communist party has vowed to 243 00:13:38,440 --> 00:13:43,840 Speaker 1: resolutely crack down on infiltration and sabotage activities by hostile forces. 244 00:13:44,280 --> 00:13:48,000 Speaker 1: The statement follows the largest street demonstrations in decades over 245 00:13:48,080 --> 00:13:51,840 Speaker 1: strict anti virus restrictions. The House will vote next week 246 00:13:51,880 --> 00:13:54,640 Speaker 1: on the same sex marriage bill. The Senate passed it 247 00:13:54,760 --> 00:13:58,360 Speaker 1: yesterday with bipartisan support. In the NBA. The next one, 248 00:13:58,400 --> 00:14:01,400 Speaker 1: the Warriors lost in the nh TELL, the Islanders lost 249 00:14:01,600 --> 00:14:04,400 Speaker 1: the Bruins and Camp doubles one at the World Cup. 250 00:14:04,440 --> 00:14:07,679 Speaker 1: The US now faces the Netherlands Saturday. After beating around 251 00:14:08,040 --> 00:14:10,920 Speaker 1: one nil Global news twenty four hours a day on 252 00:14:11,080 --> 00:14:14,800 Speaker 1: air and on Bloomberg Quickdake, powered by more than seven 253 00:14:14,840 --> 00:14:17,480 Speaker 1: hundred journalist and analysts more than a hundred twenty countries. 254 00:14:17,840 --> 00:14:20,560 Speaker 1: Michael bar this is Bloomberg, John, Michael, thank you. It 255 00:14:20,840 --> 00:14:23,480 Speaker 1: is now five nineteen on Wall Street and we were 256 00:14:23,560 --> 00:14:26,440 Speaker 1: lying for the Bloomberg Interact of Brokers Studios. This is 257 00:14:26,440 --> 00:14:30,600 Speaker 1: Bloomberg Daybreak. But after years of a tough COVID zero policy, 258 00:14:30,880 --> 00:14:34,920 Speaker 1: China seems to be softening its rhetoric. The seeming moderation 259 00:14:35,000 --> 00:14:39,200 Speaker 1: comes after the zero tolerance policy sparked widespread social unrest. 260 00:14:39,600 --> 00:14:42,240 Speaker 1: And for the latest let's hit the Beijing, we're joined 261 00:14:42,240 --> 00:14:46,760 Speaker 1: by Bloomberg China government reporter Lucy lou Lucy, what is 262 00:14:46,840 --> 00:14:53,040 Speaker 1: the official line from Beijing and the government? Hi, John, Yes, 263 00:14:53,160 --> 00:14:57,600 Speaker 1: So we've seen definitely some easing in the rhetoric. They've 264 00:14:57,640 --> 00:15:01,040 Speaker 1: been mentioning the dynamic COVID deero out less, especially during 265 00:15:01,040 --> 00:15:05,080 Speaker 1: press conferences and even on some official readouts, and of 266 00:15:05,120 --> 00:15:09,880 Speaker 1: course we've seen some some official media, state media put 267 00:15:09,920 --> 00:15:12,280 Speaker 1: out these stories on how people have gone COVID and 268 00:15:12,280 --> 00:15:15,600 Speaker 1: then recovered from it. So we're definitely seeing some sort 269 00:15:15,640 --> 00:15:20,240 Speaker 1: of laying the path for a potential walk away from 270 00:15:20,240 --> 00:15:23,840 Speaker 1: from this policy. And what has prompted that? Is it 271 00:15:23,920 --> 00:15:29,680 Speaker 1: the slowdown in the Chinese economy or is it the protests? Yeah, 272 00:15:29,680 --> 00:15:32,920 Speaker 1: that's a good question. It seems certainly to be, you know, 273 00:15:33,000 --> 00:15:35,800 Speaker 1: everything all at once. But certainly we solved these sort 274 00:15:35,800 --> 00:15:40,280 Speaker 1: of unprecedented protests this weekend. We've been out both nights 275 00:15:40,280 --> 00:15:42,840 Speaker 1: on Monday and Tuesday and basically just solved very heavy 276 00:15:42,840 --> 00:15:47,200 Speaker 1: police presents, but no protests. And and so we're waiting 277 00:15:47,200 --> 00:15:49,600 Speaker 1: to see what will happen this weekend. But certainly that's 278 00:15:49,600 --> 00:15:52,520 Speaker 1: been a huge catalyst. Um. I think you know, these 279 00:15:52,520 --> 00:15:55,760 Speaker 1: protests have really come out spontaneously, and you know, many 280 00:15:55,800 --> 00:15:59,480 Speaker 1: analysts are saying that they showed kind of a pensive 281 00:15:59,520 --> 00:16:03,280 Speaker 1: anger that the party has potentially underestimated. Yeah, there raises 282 00:16:03,320 --> 00:16:06,280 Speaker 1: another question though, are the protests you say it seems 283 00:16:06,320 --> 00:16:09,200 Speaker 1: to have settled down a bit. Is that a response 284 00:16:09,240 --> 00:16:13,840 Speaker 1: to a softer, potentially softer COVID policy or because of 285 00:16:13,920 --> 00:16:18,480 Speaker 1: the show of forced by the government. Yeah. We also 286 00:16:18,560 --> 00:16:21,000 Speaker 1: wonder if it's just because it's so cold right now. 287 00:16:21,920 --> 00:16:25,880 Speaker 1: That's also a possibility. It's Yeah, it's been mineus eight 288 00:16:25,960 --> 00:16:29,520 Speaker 1: minus tend both nights recently, um, and when we've gone 289 00:16:29,520 --> 00:16:33,120 Speaker 1: out you can barely take your hands kind of out 290 00:16:33,240 --> 00:16:36,320 Speaker 1: out of your pockets and type on the phone. So, 291 00:16:36,880 --> 00:16:40,880 Speaker 1: but certainly the police presidents from what we've been hearing 292 00:16:40,920 --> 00:16:44,160 Speaker 1: from protesters at the top of the list, Um, yesterday 293 00:16:44,200 --> 00:16:47,240 Speaker 1: we saw sort of you know, fifty police cars, fyve 294 00:16:47,320 --> 00:16:51,480 Speaker 1: buses station somewhere close to where people were discussing, and 295 00:16:51,560 --> 00:16:55,520 Speaker 1: then a telegram group without a potential meeting place. So 296 00:16:55,840 --> 00:17:00,600 Speaker 1: it's just been a extremely strong reaction from the governments, 297 00:17:00,680 --> 00:17:05,199 Speaker 1: and uh, you know, protesters are quite quite anxious. Uh 298 00:17:05,680 --> 00:17:08,440 Speaker 1: you know, what will happen if you know it's so 299 00:17:08,600 --> 00:17:11,600 Speaker 1: called into the police station or what what? Yeah, what 300 00:17:11,680 --> 00:17:15,640 Speaker 1: may happen next? Does a potentially softer COVID policy by 301 00:17:15,640 --> 00:17:20,720 Speaker 1: the Chinese government mean a softer stance against protesters in 302 00:17:20,800 --> 00:17:26,399 Speaker 1: the future in STA, Yeah, it definitely the crux of 303 00:17:26,440 --> 00:17:29,080 Speaker 1: a lot of what the protesters are demanding from their 304 00:17:29,160 --> 00:17:33,359 Speaker 1: chance is centered around COVID policies. Um. And so certainly 305 00:17:33,400 --> 00:17:37,000 Speaker 1: seeing this easy and as some investors are saying, seeing 306 00:17:37,040 --> 00:17:40,560 Speaker 1: this almost sort of at least there's an open dialogue, 307 00:17:40,720 --> 00:17:44,760 Speaker 1: although um, you know that may be optimistic, but um, 308 00:17:45,200 --> 00:17:49,119 Speaker 1: you seeing some of this easing is definitely going to soften, um, 309 00:17:49,240 --> 00:17:52,560 Speaker 1: the impetus for the protests. Um. But of course we 310 00:17:52,680 --> 00:17:57,800 Speaker 1: now also have sort of breaking news and with previous 311 00:17:57,840 --> 00:18:02,879 Speaker 1: leader Jnathaning passing away, are wondering if perhaps, uh you know, 312 00:18:02,920 --> 00:18:05,320 Speaker 1: any morning for him could be another reason that people 313 00:18:05,359 --> 00:18:09,199 Speaker 1: may gather and um. So it's yeah, we're really watching 314 00:18:09,240 --> 00:18:11,640 Speaker 1: to see what's going to happen because there's a lot 315 00:18:11,680 --> 00:18:15,000 Speaker 1: of um, there's a lot of uncertainties right now. Yeah, 316 00:18:15,000 --> 00:18:17,879 Speaker 1: as far as the current premier Sujing Ping. Has he 317 00:18:18,080 --> 00:18:21,440 Speaker 1: lost faith or has he been weakened in any way 318 00:18:21,480 --> 00:18:26,199 Speaker 1: by as a result of all this? Yeah, So I 319 00:18:26,240 --> 00:18:29,080 Speaker 1: mean this going into his third term where he really 320 00:18:29,160 --> 00:18:33,240 Speaker 1: just you know, had this incredible show of power and 321 00:18:33,480 --> 00:18:35,879 Speaker 1: all of the people on the you know, the s 322 00:18:36,119 --> 00:18:40,080 Speaker 1: Politar Standing Committee, the most powerful group of people were 323 00:18:40,080 --> 00:18:44,160 Speaker 1: seen as his allies. Um, and then suddenly his signature 324 00:18:44,200 --> 00:18:48,879 Speaker 1: policy really being you know tested in the streets and 325 00:18:49,520 --> 00:18:53,520 Speaker 1: you know, in some very uh in some specific cases, 326 00:18:53,560 --> 00:18:56,800 Speaker 1: people were calling for him to step down. So it's 327 00:18:56,840 --> 00:19:02,640 Speaker 1: certainly a huge challenge for his third term. And um, yeah, 328 00:19:02,680 --> 00:19:06,600 Speaker 1: and where we've already seen some strong reactions and authorities. 329 00:19:06,600 --> 00:19:10,360 Speaker 1: So we'll see if this escalates or if people will 330 00:19:10,400 --> 00:19:13,720 Speaker 1: be satisfied with sort of some easing back on COVID policies. 331 00:19:13,960 --> 00:19:16,960 Speaker 1: And what's the you mentioned the death of man? What 332 00:19:17,119 --> 00:19:19,879 Speaker 1: is his legacy? And I only thought about thirty seconds 333 00:19:19,920 --> 00:19:25,040 Speaker 1: for you. Yes, so he uh, he of course is 334 00:19:25,680 --> 00:19:28,560 Speaker 1: represented this era of a more open China. You know, 335 00:19:28,680 --> 00:19:32,240 Speaker 1: he's this guy who he's danced with, you know, Laura Bush. 336 00:19:32,640 --> 00:19:36,359 Speaker 1: He uh, you know slam the Hawaii and you know, 337 00:19:36,520 --> 00:19:39,840 Speaker 1: played played all sorts of instruments. So, uh, there's a 338 00:19:39,840 --> 00:19:42,159 Speaker 1: lot on social media now sort of just you know, 339 00:19:42,359 --> 00:19:45,880 Speaker 1: remembering this era and comparing that to China today, which 340 00:19:45,920 --> 00:19:49,080 Speaker 1: has gone down quite a different path, and so he 341 00:19:49,200 --> 00:19:51,880 Speaker 1: has seen a lot of people being quite nostalgic. Yeah, 342 00:19:52,160 --> 00:19:57,359 Speaker 1: Bloomberg China Government reporter Lucia Loup reporting from Beijing this morning, 343 00:19:57,480 --> 00:20:06,960 Speaker 1: the latest on China. You're listening to Bloomberg Daybreak and 344 00:20:07,080 --> 00:20:09,320 Speaker 1: ahead of the open on Wall Street this morning. Futures 345 00:20:09,320 --> 00:20:11,680 Speaker 1: for now in the green, the down futures of thirty one, 346 00:20:11,840 --> 00:20:15,560 Speaker 1: SMP futures of seven, and the nastack mmunion futures thirty 347 00:20:15,600 --> 00:20:22,920 Speaker 1: eight points higher. You're listening to Bloomberg day Break, broadcasting 348 00:20:23,000 --> 00:20:26,720 Speaker 1: live from the Bloomberg Interactive Broker Studio in New York, 349 00:20:26,800 --> 00:20:31,480 Speaker 1: Bloomberg in Living Freedom, to Washington, d C, Bloomberg to Boston, 350 00:20:31,600 --> 00:20:35,000 Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg nine 351 00:20:35,080 --> 00:20:38,359 Speaker 1: six to the Country, Sirius XM TOO one nine and 352 00:20:38,400 --> 00:20:42,680 Speaker 1: around the globe, the Bloomberg Business and Bloomberg Radio dot Com. 353 00:20:42,760 --> 00:20:51,760 Speaker 1: This is Bloomberg Daybreak. Yeah, it's fine thirty on Wall Street. 354 00:20:51,760 --> 00:20:54,800 Speaker 1: Good morning. I'm John Tucker, Nathan Hager Bloomberg Daybreak is 355 00:20:54,840 --> 00:20:57,560 Speaker 1: brought to you by SEI Asset managers don't get results 356 00:20:57,560 --> 00:20:59,360 Speaker 1: that are off the charts when their solutions are off 357 00:20:59,359 --> 00:21:02,120 Speaker 1: the shelf. Learn how SEI is operating platform can turn 358 00:21:02,160 --> 00:21:05,840 Speaker 1: infrastructure into a competitive advantage at se i C, dot Com, 359 00:21:06,160 --> 00:21:11,240 Speaker 1: slash Tech. And we're awaiting remarks from fedg here J Pale. 360 00:21:11,359 --> 00:21:13,560 Speaker 1: He speaks right in the middle of the trading day 361 00:21:13,600 --> 00:21:16,680 Speaker 1: with remarks on the U S economy. Bloomberg's Michael McKee 362 00:21:16,680 --> 00:21:20,240 Speaker 1: has more on what to expect which J. Powell. Do 363 00:21:20,400 --> 00:21:22,480 Speaker 1: the markets get, Do they get the one who came 364 00:21:22,520 --> 00:21:24,720 Speaker 1: out on November two at the end of the last 365 00:21:24,720 --> 00:21:27,040 Speaker 1: FED meeting and was hawkish at least that's how his 366 00:21:27,119 --> 00:21:29,800 Speaker 1: remarks were interpreted, Or do we get kind of the 367 00:21:29,800 --> 00:21:32,720 Speaker 1: Fed speak that we got out of the minutes last week. 368 00:21:32,840 --> 00:21:35,080 Speaker 1: Probably he's going to lay the predicate for a fifty 369 00:21:35,119 --> 00:21:38,280 Speaker 1: basis point move. Bloomberg's Michael McKee says Pal will also 370 00:21:38,359 --> 00:21:41,480 Speaker 1: discuss the labor market ahead of Friday's jobs report, and 371 00:21:41,560 --> 00:21:44,399 Speaker 1: Bloomberg Radio and TV will bring you J. Pal's full 372 00:21:44,480 --> 00:21:47,480 Speaker 1: speech live that's around one thirty pm Wall Street time. 373 00:21:47,720 --> 00:21:49,679 Speaker 1: At the same time, John, we continue to hear hawks 374 00:21:49,760 --> 00:21:52,880 Speaker 1: remarks coming out of the Fed. Bloomberg Steve Rappaport joins 375 00:21:52,920 --> 00:21:55,399 Speaker 1: US Live with that good morning, Good morning, Nathan and 376 00:21:55,520 --> 00:21:58,919 Speaker 1: John St. Louis. FED President Jim Bullard says even higher 377 00:21:59,040 --> 00:22:02,320 Speaker 1: rates are to further combat inflation, and he estimates a 378 00:22:02,400 --> 00:22:04,399 Speaker 1: rate of at least four point nine percent in the 379 00:22:04,440 --> 00:22:07,440 Speaker 1: short term. But a former FED colleague thinks that's not enough. 380 00:22:07,680 --> 00:22:10,760 Speaker 1: Former New York Fed president and Bloomberg opinion columnist Bill 381 00:22:10,800 --> 00:22:13,240 Speaker 1: Dudley predicts the Central Bank will pause and assess the 382 00:22:13,280 --> 00:22:16,320 Speaker 1: situation once interest rates reached five and a quarter to 383 00:22:16,400 --> 00:22:18,600 Speaker 1: five and a half percent. Live in New York, I'm 384 00:22:18,640 --> 00:22:21,240 Speaker 1: Steve Rappaport, Bloomberg Day Break, a right Steve, Thanks and 385 00:22:21,280 --> 00:22:24,840 Speaker 1: turning overseas now, we may start to see a softening 386 00:22:24,920 --> 00:22:28,080 Speaker 1: of the COVID stance by the Chinese government. Stories of 387 00:22:28,119 --> 00:22:30,640 Speaker 1: people who survived in factions are popping up in state 388 00:22:30,720 --> 00:22:34,040 Speaker 1: run media, and local governments are vowing to prioritize the 389 00:22:34,119 --> 00:22:36,960 Speaker 1: public over COVID control. Let's been one of the best 390 00:22:36,960 --> 00:22:39,760 Speaker 1: months ever for Chinese stocks listed in the US, but 391 00:22:39,920 --> 00:22:43,240 Speaker 1: virus restrictions continue to hurt the Chinese economy. The latest 392 00:22:43,240 --> 00:22:46,320 Speaker 1: pm I data came in at their lowest reading since April. 393 00:22:46,359 --> 00:22:49,600 Speaker 1: The Non Manufacturing index also dipped. It's believed about a 394 00:22:49,680 --> 00:22:53,080 Speaker 1: quarter of China's total GDP is affected by COVID lockdown. 395 00:22:53,119 --> 00:22:55,560 Speaker 1: Stand back here in the US Congress moving to prevent 396 00:22:55,640 --> 00:22:59,200 Speaker 1: a possible rail workers strike, Let send up Minority whip, 397 00:22:59,280 --> 00:23:02,520 Speaker 1: John Tune of out the coda discussed President Biden urging 398 00:23:02,600 --> 00:23:06,200 Speaker 1: Congress to intervene. It's something that the president needs to own. 399 00:23:06,240 --> 00:23:08,320 Speaker 1: The Presidential Emergency Board, which he created, came up with 400 00:23:08,320 --> 00:23:12,040 Speaker 1: a series of recommendations, and that is what everybody sort 401 00:23:12,040 --> 00:23:14,479 Speaker 1: has agreed upon, with the exception of one union. So 402 00:23:14,560 --> 00:23:16,680 Speaker 1: we would like to see them resolve it without having 403 00:23:16,840 --> 00:23:19,920 Speaker 1: Congress have to act. That sentim Minority with John thud 404 00:23:20,000 --> 00:23:22,639 Speaker 1: He make the comments on Bloomberg Sound Dot, which you 405 00:23:22,640 --> 00:23:25,040 Speaker 1: can get week days at five pm Wall Street Time 406 00:23:25,280 --> 00:23:28,960 Speaker 1: on Bloomberg Radio. Futures moving higher, John SMP futures are 407 00:23:29,040 --> 00:23:31,560 Speaker 1: up nine points, straight ahead, your latest local headlines and 408 00:23:31,640 --> 00:23:39,119 Speaker 1: a check of sports. This is Bloomberg. Thanks Nathan, five 409 00:23:39,200 --> 00:23:41,440 Speaker 1: thirty three on Wall Street and it's time to bring 410 00:23:41,440 --> 00:23:43,720 Speaker 1: in Michael Barr with more on what else is going 411 00:23:43,720 --> 00:23:46,680 Speaker 1: on to New York and around the world. John thank 412 00:23:46,720 --> 00:23:49,680 Speaker 1: you very much, sir. New York City plans to hospitalize 413 00:23:49,720 --> 00:23:55,000 Speaker 1: more mentally old people, even involuntarily. Mayor Eric Adams says 414 00:23:55,040 --> 00:23:57,320 Speaker 1: it is a push to remove them from the streets 415 00:23:57,400 --> 00:24:03,040 Speaker 1: and subways. If their mental illnesses cousin someone to be 416 00:24:03,160 --> 00:24:07,920 Speaker 1: unsheltered and a danger to themselves, we have a moral 417 00:24:08,040 --> 00:24:12,800 Speaker 1: obligation to help them get the treatment and care they need. 418 00:24:13,240 --> 00:24:17,280 Speaker 1: Mayor Adams says they will focus on action, care and prevention. However, 419 00:24:17,560 --> 00:24:21,879 Speaker 1: the mayor's announcement was condemned as wrongheaded by some civil 420 00:24:21,960 --> 00:24:25,160 Speaker 1: rights groups and advocates for the homeless. There was a 421 00:24:25,200 --> 00:24:29,480 Speaker 1: strange hotel bomb scare in New York City yesterday. Police 422 00:24:29,480 --> 00:24:33,240 Speaker 1: say someone snuck into an unoccupied hotel room at the 423 00:24:33,280 --> 00:24:36,879 Speaker 1: Park Hyat and spent the night. Then a cleaning worker 424 00:24:36,960 --> 00:24:40,760 Speaker 1: reported being sickened by what was described as a suspicious 425 00:24:40,880 --> 00:24:44,320 Speaker 1: white substance left behind in the room. In my p 426 00:24:44,400 --> 00:24:47,840 Speaker 1: D Assistant Chief James McCarthy, the family had five keys 427 00:24:48,560 --> 00:24:51,200 Speaker 1: and they believed one of them must have dropped and 428 00:24:51,320 --> 00:24:54,240 Speaker 1: he picked it up them. Assistant Chief McCarthy says there 429 00:24:54,280 --> 00:24:57,719 Speaker 1: was a brief evacuation of a floor of the hotel. However, 430 00:24:57,760 --> 00:25:00,720 Speaker 1: the NYPD says all tests were negative of the powder. 431 00:25:00,960 --> 00:25:04,720 Speaker 1: Police now searching for the hotel intruder. The Senate pass 432 00:25:04,840 --> 00:25:08,440 Speaker 1: legislation to enshrined federal protection for same sex marriages with 433 00:25:08,560 --> 00:25:12,080 Speaker 1: a bipartisan vote. Senate majority leader Chuck Schumer said the 434 00:25:12,119 --> 00:25:15,440 Speaker 1: issue is personal for him, as his daughter and her 435 00:25:15,520 --> 00:25:18,800 Speaker 1: wife are expecting her baby. That child will now grow 436 00:25:18,920 --> 00:25:23,920 Speaker 1: up in a more accepting, inclusive, and loving world, a 437 00:25:24,040 --> 00:25:26,960 Speaker 1: world that will honor their mother's marriage and give it 438 00:25:27,000 --> 00:25:30,040 Speaker 1: the dignity it deserves. The bill heads back to the 439 00:25:30,080 --> 00:25:33,800 Speaker 1: House where it is expected to pass. Both Keepers founder 440 00:25:33,880 --> 00:25:37,639 Speaker 1: Stuart Rhodes has been convicted of seditious conspiracy for a 441 00:25:37,760 --> 00:25:41,440 Speaker 1: violent plot to overturn President Joe Biden's election during the 442 00:25:41,520 --> 00:25:45,119 Speaker 1: January sixth Capital Ryan Global News twenty four hours a 443 00:25:45,200 --> 00:25:48,440 Speaker 1: day on air and on Bloomberg Quick Take, powered by 444 00:25:48,480 --> 00:25:51,040 Speaker 1: more than seven hundred journalist and analysts are more than 445 00:25:51,040 --> 00:25:54,919 Speaker 1: a hundred twenty countries, and Michael Barr and this is Bloomberg. John, Michael, 446 00:25:54,960 --> 00:26:01,960 Speaker 1: thank you. It's now a thirty five of Wall Street 447 00:26:02,440 --> 00:26:05,239 Speaker 1: and time for the Bloomberg Sports Report, being brought you 448 00:26:05,320 --> 00:26:09,320 Speaker 1: by Audi. Here's John. Thanks John, just with a knicks 449 00:26:09,320 --> 00:26:11,000 Speaker 1: needed after a couple of tough losses at home a 450 00:26:11,040 --> 00:26:13,800 Speaker 1: trip to play one of the NBA's worst teams, Pest 451 00:26:13,800 --> 00:26:16,600 Speaker 1: Pistons are five and eighteen. Nicks had an easy time 452 00:26:16,600 --> 00:26:19,800 Speaker 1: in Detroit one forty two one ten. Julius Randall scored 453 00:26:19,880 --> 00:26:22,080 Speaker 1: thirty six. Nicks continue to be better on the road 454 00:26:22,400 --> 00:26:25,000 Speaker 1: than at the guard. Islanders lost in Philadelphia three to 455 00:26:25,080 --> 00:26:27,359 Speaker 1: once St. John's bat l i U by twenty seven. 456 00:26:27,400 --> 00:26:29,240 Speaker 1: The Red Storm off to an eight and oh start. 457 00:26:29,600 --> 00:26:34,399 Speaker 1: The College Football Playoff Committee has its top four as Georgia, Michigan, TCU, 458 00:26:34,520 --> 00:26:38,280 Speaker 1: and USC all four play Conferdence Championship games this weekend. 459 00:26:38,359 --> 00:26:41,360 Speaker 1: Encouraging news on the Giants injury front. As many as 460 00:26:41,359 --> 00:26:44,760 Speaker 1: six Giants who've been out could be returning first Sunday's 461 00:26:44,800 --> 00:26:47,440 Speaker 1: home game with Washington. The US advancing at the World 462 00:26:47,520 --> 00:26:50,159 Speaker 1: Cup and three games only allowed one goal that was 463 00:26:50,160 --> 00:26:52,520 Speaker 1: a penalty kig one nil over on on the Christian 464 00:26:52,560 --> 00:26:55,879 Speaker 1: Polistic goal where he got injured in a collision with 465 00:26:55,880 --> 00:26:57,600 Speaker 1: the goal. He didn't play the second half. It's a 466 00:26:57,680 --> 00:27:01,320 Speaker 1: pelvic contusion. Pallistic post said that he'll be ready to 467 00:27:01,359 --> 00:27:04,840 Speaker 1: play Saturday's Round of sixteen game against the Netherlands. US 468 00:27:04,920 --> 00:27:08,199 Speaker 1: has only reached the quarterfinals once since nineteen thirty. As 469 00:27:08,240 --> 00:27:10,920 Speaker 1: Tiger Woods withdrew from this weekend's World Zero Golf in 470 00:27:10,920 --> 00:27:14,160 Speaker 1: the Bahamas with a foot injury, he detailed his plans 471 00:27:14,240 --> 00:27:16,480 Speaker 1: for the rest of his golfing career. Goal is to 472 00:27:16,480 --> 00:27:18,440 Speaker 1: play just to make your championships and maybe one or 473 00:27:18,480 --> 00:27:21,520 Speaker 1: two more. That's it. I mean, that's physically, that's all 474 00:27:21,560 --> 00:27:23,440 Speaker 1: I can do. And I told you that guy's you know, 475 00:27:23,680 --> 00:27:25,560 Speaker 1: the beginning of this year too. I mean that's I 476 00:27:25,560 --> 00:27:29,800 Speaker 1: don't have much left in this leg, so um garrel 477 00:27:29,840 --> 00:27:32,480 Speaker 1: for the biggest ones and hopefully, you know, lightning catches 478 00:27:32,480 --> 00:27:34,960 Speaker 1: on the bottle and I'm up there in contention with 479 00:27:35,080 --> 00:27:37,760 Speaker 1: chance to win, and hopefully I remember how to do that. 480 00:27:37,800 --> 00:27:40,240 Speaker 1: Tiger was able to play in three of the four majors. 481 00:27:40,240 --> 00:27:43,600 Speaker 1: In two John Stashal were Bloomberg Sports John all right, John, 482 00:27:43,600 --> 00:27:45,959 Speaker 1: thanks very much, five thirties seven on Wall Street, and 483 00:27:46,040 --> 00:27:48,520 Speaker 1: that means it's time for the Trying State Business Report. 484 00:27:48,600 --> 00:27:52,119 Speaker 1: Here with that Bloomberg's Jones Dohaker. New York City is 485 00:27:52,160 --> 00:27:54,960 Speaker 1: the US city hosting the most visitors as the world 486 00:27:55,000 --> 00:27:58,920 Speaker 1: recovers from the pandemic. City monitor sites an American Express 487 00:27:58,960 --> 00:28:01,960 Speaker 1: count of tourists last year as seeing New York host 488 00:28:02,119 --> 00:28:06,120 Speaker 1: four point six million international tourists and nearly thirty nine 489 00:28:06,119 --> 00:28:09,719 Speaker 1: and a half million domestic ones. Golden Goose is opening 490 00:28:09,720 --> 00:28:13,680 Speaker 1: an unusual store, and soho It's circular women's where Daily 491 00:28:13,760 --> 00:28:16,560 Speaker 1: says it will be the first Forward store in New York. 492 00:28:16,760 --> 00:28:21,040 Speaker 1: Forward represents the company's long term sustainability plan, and New 493 00:28:21,119 --> 00:28:24,040 Speaker 1: Jersey is getting ready for a major American milestone, the 494 00:28:24,080 --> 00:28:27,480 Speaker 1: two hundred fiftieth anniversary of the signing of the Declaration 495 00:28:27,520 --> 00:28:31,760 Speaker 1: of Independence in the state is planning to restore ten 496 00:28:31,880 --> 00:28:35,919 Speaker 1: revolutionary war sites. The Federal American Rescue Plan is kicking 497 00:28:35,920 --> 00:28:38,800 Speaker 1: in twenty five million dollars for the improvements, and j 498 00:28:38,960 --> 00:28:42,440 Speaker 1: Spotlight says among the ten sites Washington Crossing State Park 499 00:28:42,560 --> 00:28:46,040 Speaker 1: and the Proprietary House in perth Amboy. That's the Bloomberg 500 00:28:46,080 --> 00:28:49,440 Speaker 1: Try State Business Report on Joan Donneger. All right, thanks Joan, 501 00:28:49,560 --> 00:28:52,520 Speaker 1: five thirty eight on Wall Street. Bloomberg Radio is on 502 00:28:52,560 --> 00:28:55,080 Speaker 1: the air from San Francisco to New York, London to 503 00:28:55,280 --> 00:28:57,440 Speaker 1: Hong Kong. Hand let's teck in now with their global 504 00:28:57,440 --> 00:28:59,640 Speaker 1: news team for some of the top stories heard on 505 00:28:59,680 --> 00:29:06,440 Speaker 1: Earth three hundred affiliate radio stations around the world. I'm 506 00:29:06,480 --> 00:29:09,760 Speaker 1: Steve Podas kN K and X in Los Angeles. We're 507 00:29:09,760 --> 00:29:14,480 Speaker 1: talking about the city about to enact retail workers scheduling liards. 508 00:29:14,960 --> 00:29:18,440 Speaker 1: I'm Corny Donahoe on ktr H in Houston. Deep discounts 509 00:29:18,520 --> 00:29:21,800 Speaker 1: drive a record number of holiday weekend shoppers. I'm Gina 510 00:29:21,920 --> 00:29:24,640 Speaker 1: Servettian for w e B b M in Chicago. I'm 511 00:29:24,640 --> 00:29:28,520 Speaker 1: talking about US lawmakers discussing a compromise that would allow 512 00:29:28,600 --> 00:29:31,960 Speaker 1: Boeling to certify its final two seven thirty seven Max 513 00:29:32,040 --> 00:29:36,760 Speaker 1: models without an expensive redesign. I'm Jeff Bullinger and on 514 00:29:37,000 --> 00:29:40,200 Speaker 1: wy O D in Miami. I'm reporting on cruise lines 515 00:29:40,360 --> 00:29:43,760 Speaker 1: rolling out their typical New Year deals a month earlier 516 00:29:43,800 --> 00:29:47,320 Speaker 1: than usual. I'm John Donneker telling w w J listeners 517 00:29:47,320 --> 00:29:50,400 Speaker 1: in Detroit how GM could be test lit to an 518 00:29:50,440 --> 00:29:55,160 Speaker 1: electric vehicle's future. And those are some of the stories 519 00:29:55,160 --> 00:29:58,560 Speaker 1: are twenty seven hundred Bloomberg journalists and analysts are working 520 00:29:58,600 --> 00:30:02,440 Speaker 1: on this morning around the world. It's five thirty nine 521 00:30:02,440 --> 00:30:06,720 Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion. 522 00:30:07,000 --> 00:30:10,560 Speaker 1: This editorial was written by the Bloomberg Editorial Board. This 523 00:30:10,600 --> 00:30:13,680 Speaker 1: past weekend, protesters across China took to the streets to 524 00:30:13,760 --> 00:30:18,440 Speaker 1: demand an end to the government's straconian COVID zero policies. Remarkably, 525 00:30:18,560 --> 00:30:21,600 Speaker 1: some called for President shi jing Ping himself to step down, 526 00:30:22,040 --> 00:30:26,120 Speaker 1: Although heavy policing has discouraged further demonstrations. The fact that 527 00:30:26,200 --> 00:30:30,320 Speaker 1: factory workers, students and urban professionals united around a single 528 00:30:30,360 --> 00:30:34,800 Speaker 1: demand should worry authorities. Chinese leader's top priority right now 529 00:30:34,880 --> 00:30:38,440 Speaker 1: should be reopening safely. That means officials must present a 530 00:30:38,480 --> 00:30:42,200 Speaker 1: more realistic picture of the coronavirus's risks, and she will 531 00:30:42,200 --> 00:30:44,120 Speaker 1: need to set the tone if the shift is to 532 00:30:44,160 --> 00:30:47,800 Speaker 1: be convincing. At last month's Communist Party Congress, she was 533 00:30:47,840 --> 00:30:51,400 Speaker 1: hailed as the country's new helmsman, an honorific previously reserved 534 00:30:51,400 --> 00:30:54,160 Speaker 1: for mouse dung. He should now show that he knows 535 00:30:54,160 --> 00:30:56,920 Speaker 1: how to change course. This editorial was written by the 536 00:30:56,960 --> 00:31:00,160 Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, plea has got 537 00:31:00,200 --> 00:31:02,840 Speaker 1: a Bloomberg dot Com slash opinion or O P I 538 00:31:02,960 --> 00:31:05,920 Speaker 1: N go on the Bloomberg terminal. This has been Bloomberg 539 00:31:05,960 --> 00:31:09,640 Speaker 1: Opinion and Bloomberg Opinion editorials can be heard every weekday 540 00:31:09,640 --> 00:31:12,560 Speaker 1: at this time terminal constomers can read more at O 541 00:31:12,760 --> 00:31:16,800 Speaker 1: p I n GO DAL futures of forty eight points. 542 00:31:16,920 --> 00:31:22,120 Speaker 1: You're listening to Bloomberg Daybreak, the sports report brought to 543 00:31:22,160 --> 00:31:24,200 Speaker 1: buy out of you. Don't let someone else drive off 544 00:31:24,200 --> 00:31:26,680 Speaker 1: of the autie model you've always wanted. Visit your local 545 00:31:26,720 --> 00:31:28,720 Speaker 1: try state autie dealer, or get behind the wheel of 546 00:31:28,760 --> 00:31:37,880 Speaker 1: yours today, or visit autie Offers dot com for more information, markets, 547 00:31:37,960 --> 00:31:41,040 Speaker 1: headlines and breaking news twenty four hours a day at 548 00:31:41,080 --> 00:31:44,959 Speaker 1: Bloomberg dot com, The Bloomberg Business at and at Bloomberg Victake, 549 00:31:45,200 --> 00:31:54,480 Speaker 1: this is a Bloomberg business lash Nathan Hagar. Futures are 550 00:31:54,480 --> 00:31:59,040 Speaker 1: moving higher as investors await remarks this afternoon from Federal 551 00:31:59,080 --> 00:32:01,840 Speaker 1: Reserve Chairman Jerome Powell, just a couple of weeks before 552 00:32:01,960 --> 00:32:04,840 Speaker 1: the Central Bank's latest policy decision. We check the markets 553 00:32:04,880 --> 00:32:07,920 Speaker 1: every fifteen minutes during the trading day on Bloomberg. Right now, 554 00:32:08,000 --> 00:32:10,760 Speaker 1: SMP futures are up seven points, STAFF futures up thirty, 555 00:32:11,000 --> 00:32:13,760 Speaker 1: NASTIC futures are higher by forty two points. Docks in 556 00:32:13,800 --> 00:32:15,760 Speaker 1: Germany is up a half percent, the cat in Paris 557 00:32:15,800 --> 00:32:18,000 Speaker 1: is higher by seven tenths percent, and the footscen in 558 00:32:18,040 --> 00:32:20,720 Speaker 1: London is up six tenths percent ten. Your treasury is 559 00:32:20,760 --> 00:32:24,080 Speaker 1: up for thirty seconds, the yield three point seven two percent, 560 00:32:24,160 --> 00:32:27,000 Speaker 1: yield on the two year four point four seven percent. 561 00:32:27,360 --> 00:32:29,600 Speaker 1: Nim X screws moving higher, up two point one percent, 562 00:32:29,680 --> 00:32:31,960 Speaker 1: or a dollar sixty five at seventy nine dollars eighty 563 00:32:32,000 --> 00:32:34,160 Speaker 1: five cents a barrel. Comic gold is up a half 564 00:32:34,160 --> 00:32:36,840 Speaker 1: percent or nine dollar sixty cents at seventeen seventy three 565 00:32:36,920 --> 00:32:39,320 Speaker 1: thirty announced. The euro one point zero three six five 566 00:32:39,360 --> 00:32:41,240 Speaker 1: against the dollar, and the end is at one thirty 567 00:32:41,280 --> 00:32:43,520 Speaker 1: eight point nine eight. That's a Bloomberg business flash. Now 568 00:32:43,560 --> 00:32:45,640 Speaker 1: here's Michael Bark with Laura on what's going on around 569 00:32:45,640 --> 00:32:48,120 Speaker 1: the world. Michael Nathan, thank you very much. The Senate 570 00:32:48,160 --> 00:32:53,320 Speaker 1: passed legislation providing federal protection for same sex marriages. All Democrats, 571 00:32:53,400 --> 00:32:57,120 Speaker 1: President and twelve Republicans supported the measure. Congress is moving 572 00:32:57,160 --> 00:33:00,360 Speaker 1: swiftly to prevent a looming US rail workers strike that 573 00:33:00,400 --> 00:33:03,040 Speaker 1: would be a devastating blow to the nation's economy of 574 00:33:03,160 --> 00:33:07,480 Speaker 1: transportation of food, fuel, and other critical goods are disrupted. 575 00:33:07,880 --> 00:33:10,960 Speaker 1: The House is expected to act first today. In the 576 00:33:11,120 --> 00:33:13,960 Speaker 1: NBA the next one, the Warriors lost in the NHL, 577 00:33:14,120 --> 00:33:17,120 Speaker 1: The Islanders lost the Bruins and Capitol's one at the 578 00:33:17,160 --> 00:33:21,880 Speaker 1: World Cup. The US now faces the Netherlands Saturday, after 579 00:33:21,920 --> 00:33:24,720 Speaker 1: beating around one nil Global News twenty four hours a 580 00:33:24,800 --> 00:33:27,920 Speaker 1: day on air and on Bloomberg Quick Tank, powered by 581 00:33:27,960 --> 00:33:30,800 Speaker 1: more than twenty seven hundred journalist and analysted more than 582 00:33:30,840 --> 00:33:33,800 Speaker 1: a hundred twenty countries. I'm Michael bar This is Bloomberg, 583 00:33:33,880 --> 00:33:36,480 Speaker 1: John Michael, thank you. It is five forty eight on 584 00:33:36,560 --> 00:33:38,560 Speaker 1: Wall Street and we are live for the Bloomberg e 585 00:33:38,600 --> 00:33:42,080 Speaker 1: inter ant to brokers, studios, well investors of course, waiting 586 00:33:42,120 --> 00:33:44,560 Speaker 1: for the speech by the Fenderal Reserve chairs, your own Powell, 587 00:33:44,680 --> 00:33:48,240 Speaker 1: for any signals about the half of interest rate increases. 588 00:33:48,640 --> 00:33:50,560 Speaker 1: Let's get you set up for the trading day head 589 00:33:50,640 --> 00:33:52,680 Speaker 1: right now, and I'm happy to say we're joined by 590 00:33:52,720 --> 00:33:56,400 Speaker 1: Ben Laidler, the global market strategist at Eat tour O. 591 00:33:56,600 --> 00:33:58,840 Speaker 1: Thanks for being here, Ben, Hey, would you be very 592 00:33:58,880 --> 00:34:05,200 Speaker 1: surprised if it's a devilsh speech by Pal today, Yes, 593 00:34:05,200 --> 00:34:08,120 Speaker 1: the world, I'm fully expecting the opposite. I think he's 594 00:34:08,120 --> 00:34:11,080 Speaker 1: going to try and deliver a reality check to markets 595 00:34:11,080 --> 00:34:13,640 Speaker 1: that rate heights are you know, there's still a lot 596 00:34:13,680 --> 00:34:16,919 Speaker 1: more to come and the rates aren't coming down anytime soon, 597 00:34:17,719 --> 00:34:19,960 Speaker 1: but I think markets are expecting that, and it's a 598 00:34:19,960 --> 00:34:22,239 Speaker 1: real question as where the markets are sort of listening right, 599 00:34:22,280 --> 00:34:26,440 Speaker 1: I mean, over the last I guess since October, markets 600 00:34:26,440 --> 00:34:28,359 Speaker 1: have really been fighting the Fed. Here. We've got higher 601 00:34:28,360 --> 00:34:32,200 Speaker 1: stock markets, lower bond yields a week or dollar. The 602 00:34:32,200 --> 00:34:35,640 Speaker 1: FED doesn't like that, but it's a question of what 603 00:34:35,680 --> 00:34:37,360 Speaker 1: they can really do to stop it at this point. 604 00:34:37,800 --> 00:34:40,720 Speaker 1: Why is there such a disconnect between the Fed speak 605 00:34:40,800 --> 00:34:47,120 Speaker 1: that we've heard and what the market is anticipating. I 606 00:34:47,160 --> 00:34:49,719 Speaker 1: think the market is just looking ahead here. We're all 607 00:34:49,800 --> 00:34:53,080 Speaker 1: looking at the same data. The FED clearly won't like 608 00:34:53,520 --> 00:34:57,600 Speaker 1: sort of markets prematurely in their thinking. I'm doing a 609 00:34:57,600 --> 00:35:00,160 Speaker 1: lot of the work they've done by tightening finance, your 610 00:35:00,680 --> 00:35:03,960 Speaker 1: conditions to cool inflation. But remember what all data depending 611 00:35:04,040 --> 00:35:08,400 Speaker 1: at this point investors and the FED and markets have 612 00:35:08,960 --> 00:35:13,000 Speaker 1: Ever since the October inflation numbers sort of started coming down. 613 00:35:13,080 --> 00:35:15,080 Speaker 1: Markets have been looking at this date, and not only 614 00:35:15,080 --> 00:35:17,279 Speaker 1: in the US but globally. I mean, just today we 615 00:35:17,320 --> 00:35:20,280 Speaker 1: had a peak in European inflation. We had downside surprise 616 00:35:20,280 --> 00:35:23,440 Speaker 1: in Australia overnight. This is not just in the US. 617 00:35:23,520 --> 00:35:26,560 Speaker 1: This is very much I think a global narrative that 618 00:35:27,320 --> 00:35:31,160 Speaker 1: inflation has peaked and central banks are beginning to ease 619 00:35:31,200 --> 00:35:34,359 Speaker 1: off on on the right high pickccelerator. Does j Pow 620 00:35:34,600 --> 00:35:38,400 Speaker 1: today have to put the risk assets in his target? 621 00:35:40,040 --> 00:35:41,680 Speaker 1: I think he's certainly going to try, and this is 622 00:35:41,719 --> 00:35:44,080 Speaker 1: his last chance, remember, because the FED goes into a 623 00:35:44,080 --> 00:35:47,360 Speaker 1: blackout period on Saturday right the way through to the 624 00:35:47,480 --> 00:35:51,080 Speaker 1: December fourteen meetings. He's going to try. But remember also 625 00:35:51,120 --> 00:35:53,120 Speaker 1: the caveat here. We have a quite a lot of 626 00:35:53,200 --> 00:35:56,080 Speaker 1: data coming out between now and then which will really 627 00:35:56,080 --> 00:35:59,759 Speaker 1: help decide what happens on December fourteen. We've got the 628 00:35:59,800 --> 00:36:03,360 Speaker 1: JAW number today, We've got non fun payrolls on on Friday, 629 00:36:03,440 --> 00:36:07,480 Speaker 1: and we have funny enough to the inflation number, you know, 630 00:36:07,520 --> 00:36:10,600 Speaker 1: the day before the FED has to announce the next decision. 631 00:36:10,719 --> 00:36:13,319 Speaker 1: So um as to say, we're all data dependent at 632 00:36:13,320 --> 00:36:15,400 Speaker 1: this point, and you know a lot could change to 633 00:36:15,440 --> 00:36:17,680 Speaker 1: me now and then given all that, what do you 634 00:36:17,719 --> 00:36:22,840 Speaker 1: tell clients to do? I think the lower markets is 635 00:36:22,840 --> 00:36:24,960 Speaker 1: in I think this is going to be a gradual, 636 00:36:25,000 --> 00:36:27,880 Speaker 1: sort of U shaped recovery. Um I think you know 637 00:36:27,920 --> 00:36:30,160 Speaker 1: those sort of sticky bits of inflation that the FED 638 00:36:30,239 --> 00:36:32,560 Speaker 1: is most worried about housing on wages are going to 639 00:36:32,600 --> 00:36:34,440 Speaker 1: take some time to sort of ease here. So I 640 00:36:34,440 --> 00:36:36,480 Speaker 1: think there's this sort of two steps forward once they're back. 641 00:36:36,840 --> 00:36:39,400 Speaker 1: But again, I do think we've seen the low we're getting, 642 00:36:39,680 --> 00:36:42,680 Speaker 1: We've seen the higher inflation we're getting, visibility on the 643 00:36:42,680 --> 00:36:44,960 Speaker 1: top of the Fed interest rate cycle. I think these 644 00:36:45,000 --> 00:36:48,399 Speaker 1: are all positives. But again, you know, it's it's it's 645 00:36:48,400 --> 00:36:51,320 Speaker 1: fairly early in the game. Be invested, but be reasonably 646 00:36:51,360 --> 00:36:55,719 Speaker 1: defensive given that in particular sectors, would technology be a 647 00:36:55,719 --> 00:36:58,120 Speaker 1: place to be, given the fact that you think that 648 00:36:58,800 --> 00:37:05,200 Speaker 1: the rate cycle may have turned. So I think some 649 00:37:05,280 --> 00:37:09,240 Speaker 1: of these sort of classic defensive sort of high dividend yields, UM, 650 00:37:09,280 --> 00:37:12,000 Speaker 1: you know, consumer study palls, healthcare are the things that 651 00:37:12,000 --> 00:37:14,000 Speaker 1: have really worked this year. I think those remain pretty 652 00:37:14,000 --> 00:37:16,440 Speaker 1: good places, uh, you know, to be I mean there's 653 00:37:16,440 --> 00:37:18,359 Speaker 1: still a lot of risks out there. Again, we're still 654 00:37:18,440 --> 00:37:22,440 Speaker 1: very early I think in this um move towards you know, 655 00:37:22,480 --> 00:37:24,440 Speaker 1: the peak of the FED cycle and lower inflation. But 656 00:37:24,640 --> 00:37:27,160 Speaker 1: you know, the further this goes on, the more inflation 657 00:37:27,200 --> 00:37:30,000 Speaker 1: comes down and begins to de risk um some of 658 00:37:30,040 --> 00:37:33,000 Speaker 1: these issues. I think the more you look to you know, technology, 659 00:37:33,080 --> 00:37:35,920 Speaker 1: small cap some of these more sort of interest rate 660 00:37:35,960 --> 00:37:40,759 Speaker 1: sensitive and economic sensitive assets being always a pleasure. We 661 00:37:40,800 --> 00:37:44,279 Speaker 1: appreciate it. Ben Leasler, Global market strategist, joining us this 662 00:37:44,320 --> 00:37:48,359 Speaker 1: morning at Each two or A Nathan John, Thank you. 663 00:37:48,400 --> 00:37:50,839 Speaker 1: It's fifty three on Wall Street and now it's time 664 00:37:50,880 --> 00:37:53,040 Speaker 1: for a Bloomberg Law report. Let's get to the legal 665 00:37:53,080 --> 00:37:58,960 Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Balinger, New 666 00:37:59,040 --> 00:38:02,400 Speaker 1: gags from the Hurdle Revenue Service gives the clean energy 667 00:38:02,600 --> 00:38:06,399 Speaker 1: industry more details on how developers and investors can meet 668 00:38:06,440 --> 00:38:08,960 Speaker 1: some of the requirements of the Tax and Climate law. 669 00:38:09,400 --> 00:38:13,640 Speaker 1: Proposed class action accuses Kraft Hims of deceptively labeling its 670 00:38:13,680 --> 00:38:17,160 Speaker 1: Caprice Son juice drinks as all natural when they contain 671 00:38:17,320 --> 00:38:21,719 Speaker 1: undisclosed harmful substances. A Texas company is suing Sam's Club 672 00:38:21,800 --> 00:38:26,440 Speaker 1: for allegedly infringing on patented technology for issuing email receipts 673 00:38:26,480 --> 00:38:31,279 Speaker 1: on retail purchases. Bloomberg Law everything you need, all on 674 00:38:31,280 --> 00:38:36,759 Speaker 1: one legal research platform, including guidance analysis and Bloomberg Market Intelligence. 675 00:38:36,840 --> 00:38:41,680 Speaker 1: Find out more at Bloomberg Law dot com. Now to 676 00:38:41,760 --> 00:38:44,760 Speaker 1: another legal story we're watching at Oral Arguments the Supreme 677 00:38:44,800 --> 00:38:48,240 Speaker 1: Court appeared divided over President Joe Biden's efforts to shift 678 00:38:48,280 --> 00:38:53,040 Speaker 1: the government's deportation priorities to the most dangerous undocumented immigrants, 679 00:38:53,040 --> 00:38:55,640 Speaker 1: in those who had recently crossed the border. Texas and 680 00:38:55,719 --> 00:39:00,239 Speaker 1: Louisiana contend that the Biden administration's approach violates federal immigration law, 681 00:39:00,600 --> 00:39:02,920 Speaker 1: but the Department of Homeland Security says it does not 682 00:39:03,080 --> 00:39:06,360 Speaker 1: have the resources to detain and deport all eleven million 683 00:39:06,440 --> 00:39:09,440 Speaker 1: undocumented people estimated to be in the country. This is 684 00:39:09,480 --> 00:39:13,360 Speaker 1: the twenty nine federal lawsuit brought by Texas to challenge 685 00:39:13,480 --> 00:39:17,759 Speaker 1: Biden administration policies. For more, Bloomberg's June Grosso speaks to 686 00:39:17,920 --> 00:39:21,320 Speaker 1: immigration law expert le On Fresco of Partner at Holland 687 00:39:21,320 --> 00:39:26,319 Speaker 1: and Night. Another issue, perhaps the issue, is that the 688 00:39:26,440 --> 00:39:30,480 Speaker 1: law says that some immigrants quote shall be taken into 689 00:39:30,520 --> 00:39:33,800 Speaker 1: custody or removed. Correct. There's a law called iron a 690 00:39:33,920 --> 00:39:38,239 Speaker 1: fiction to that says that there's a specific type of 691 00:39:38,320 --> 00:39:41,680 Speaker 1: foreign national if you commit certain types of crime, you 692 00:39:41,800 --> 00:39:45,759 Speaker 1: have to be detained mandatorily and removed from the country. 693 00:39:45,880 --> 00:39:49,719 Speaker 1: And Baby Coney Baron and Neil Morrison tours saying to 694 00:39:50,280 --> 00:39:53,200 Speaker 1: the Department of Justice. Well, look, maybe you have this 695 00:39:53,360 --> 00:39:58,800 Speaker 1: broad power for undocumented person that overstayed their visa or 696 00:39:59,000 --> 00:40:02,879 Speaker 1: that crossed the border unlawfully ten years ago, but that's 697 00:40:02,960 --> 00:40:05,920 Speaker 1: different than when you literally know of somebody who's one 698 00:40:05,960 --> 00:40:09,200 Speaker 1: of the foreign nationals who has a criminal conviction. What 699 00:40:09,400 --> 00:40:11,719 Speaker 1: gives you the authority to have a memo that the 700 00:40:11,880 --> 00:40:18,160 Speaker 1: prioritizes within that category when Congress clearly said prioritize people 701 00:40:18,360 --> 00:40:22,080 Speaker 1: in that category. And so there I can see a 702 00:40:22,200 --> 00:40:26,840 Speaker 1: compromise decision, which strikes maybe that's part of the memo, 703 00:40:27,400 --> 00:40:31,080 Speaker 1: but says that the administration has broad dis present with 704 00:40:31,160 --> 00:40:35,279 Speaker 1: regards to people for the border crossers and visa overspace 705 00:40:35,440 --> 00:40:38,200 Speaker 1: to figure out what groups of those people to prioritize. 706 00:40:38,480 --> 00:40:44,160 Speaker 1: Because it seemed that particularly Chief Justice Roberts was saying that, 707 00:40:44,239 --> 00:40:47,239 Speaker 1: you know, we should follow the law. We don't decide 708 00:40:47,440 --> 00:40:50,439 Speaker 1: how the law is going to be implemented, but then 709 00:40:50,760 --> 00:40:54,239 Speaker 1: brought up the fact that Congress has never provided the 710 00:40:54,320 --> 00:40:59,600 Speaker 1: funds to arrest and deport the estimated eleven million undocumented immigrants. 711 00:41:00,040 --> 00:41:03,000 Speaker 1: I think there was a very interesting philosophical debate that 712 00:41:03,160 --> 00:41:05,319 Speaker 1: Justice Roberts was saying, which is, look, at the end 713 00:41:05,320 --> 00:41:09,919 Speaker 1: of the day, there isn't probably funding to enforce any law. 714 00:41:10,360 --> 00:41:13,880 Speaker 1: But the point is that's a different question than whether 715 00:41:14,480 --> 00:41:17,600 Speaker 1: the government can exempt people. So you know, you say 716 00:41:17,600 --> 00:41:22,279 Speaker 1: we're gonna exempt this group of offenders from past prosecution 717 00:41:22,400 --> 00:41:25,960 Speaker 1: or this group of labor law offenders from labor law prosectents. 718 00:41:26,080 --> 00:41:28,040 Speaker 1: Sure you don't have enough on each to prosecute every 719 00:41:28,120 --> 00:41:31,080 Speaker 1: labor law by later, but that's a different thing than 720 00:41:31,080 --> 00:41:34,520 Speaker 1: writing a memo for people. And so what Justice Roberts 721 00:41:34,520 --> 00:41:37,440 Speaker 1: says is, look and we just say there's a world 722 00:41:37,440 --> 00:41:40,520 Speaker 1: where you can't write a memo, but you just do 723 00:41:40,600 --> 00:41:44,160 Speaker 1: your best within the limited constraints that you have. And 724 00:41:44,200 --> 00:41:47,520 Speaker 1: I think that is an important discussion. But then it 725 00:41:47,560 --> 00:41:50,480 Speaker 1: gets balanced with the question of Okay, let's say that's true. 726 00:41:51,120 --> 00:41:53,960 Speaker 1: What now what does the agency do? Now? Do you 727 00:41:54,040 --> 00:41:57,680 Speaker 1: actually let it sort of run as this rudderless agency 728 00:41:57,760 --> 00:42:00,279 Speaker 1: without any priority? And I think that's where the thing 729 00:42:00,400 --> 00:42:04,520 Speaker 1: falls apart. That's Leon Fresco, partner in Holland and Knight, 730 00:42:04,560 --> 00:42:07,640 Speaker 1: speaking with Bloomberg's June Grosso. Catch more of that interview, 731 00:42:07,640 --> 00:42:10,200 Speaker 1: plus analysis of the latest legal news, by subscribing to 732 00:42:10,239 --> 00:42:13,480 Speaker 1: the Bloomberg Law podcast or downloading the show at Bloomberg 733 00:42:13,560 --> 00:42:17,640 Speaker 1: dot com slash podcasts. Attorneys can find exceptional legal research 734 00:42:17,680 --> 00:42:20,480 Speaker 1: and business development tools at Bloomberg Law dot com and 735 00:42:20,560 --> 00:42:24,279 Speaker 1: on the Bloomberg terminal at b law go. Futures are 736 00:42:24,360 --> 00:42:26,279 Speaker 1: moving a little bit higher ahead of the open and 737 00:42:26,360 --> 00:42:29,280 Speaker 1: ahead of a Chairman Powell speech this afternoon. SMP futures 738 00:42:29,280 --> 00:42:32,200 Speaker 1: are up six points down futures up twelve. Danace deck 739 00:42:32,239 --> 00:42:34,880 Speaker 1: futures higher by thirty nine points. The tenure treasuries of 740 00:42:35,000 --> 00:42:37,760 Speaker 1: five thirty seconds, the yield three point seven two percent. 741 00:42:37,800 --> 00:42:40,440 Speaker 1: Yield on the two year four point four six percent. 742 00:42:40,800 --> 00:42:43,640 Speaker 1: Imex screwed up two point three percent at seventy nine 743 00:42:43,719 --> 00:42:48,000 Speaker 1: dollars n cents of barrel. Bloomberg day Break continues. This 744 00:42:48,480 --> 00:42:49,200 Speaker 1: is Bloomberg