Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: Daybreak for Tuesday May two. Coming up this hour. Stocks
Speaker 1: stabilized following the lowest clothes in thirteen months, the FED
Speaker 1: warrant of deteriorating liquidity conditions across key financial markets, and
Speaker 1: as gas prices hit a record, President Biden gets ready
Speaker 1: to deliver a speech on combatic inflation. Connecticut's governors signs
Speaker 1: a budget with hundreds of millions and tax cuts, plus
Speaker 1: the man hunt for a murder suspected and Alabama Corrections
Speaker 1: officer is over. I'm Michael war More ahead, I'm John
Speaker 1: dash Down forwards. Nightmare night for the Rangers. They lost
Speaker 1: Game four in Pittsburgh seven to two. The Yankees top
Speaker 1: Texas one, the nupping that's all's turning ahead on Bloomberg
Speaker 1: Daybreak on Bloomberg Eliving three on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Sirius x M one nineteen and around
Speaker 1: the world. Old on Bloomberg Radio dot Com and by
Speaker 1: other Bloomberg Business and Good Morning. I'm Karen Moscow. I'm
Speaker 1: Nathan Hegar Bloomberg Day Break Gronto You by b and
Speaker 1: Y Melons. Pershing learned why the world's most sophisticated wealth
Speaker 1: management and institutional firms rely on Pershing to help them
Speaker 1: improve profitability, create efficiency, attract talent, and mantage risk at
Speaker 1: Pershing dot Com and US futures are higher this morning.
Speaker 1: It is six o one on Wall Street and we
Speaker 1: check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg S and P futures at thirty two points down,
Speaker 1: futures up two hundred sixteen. NASDACK futures have one hundred
Speaker 1: sixty ten year treasury of eight thirty seconds yield three percent,
Speaker 1: the yield on the two year two point five eight percent,
Speaker 1: and nine nex screwde oil is down one point six
Speaker 1: percent Nathan mccaren. The rise in futures follows the lowest
Speaker 1: close for US stocks in thirteen months. Hardest hit continues
Speaker 1: to be the tech heavy NASDAC. The index slid another
Speaker 1: four point three percent. The Nasdaq one hundred has a
Speaker 1: three point four trillion dollars since the start of April.
Speaker 1: Aaron Kennon is CEO at Clear Harbor Asset Management, you know,
Speaker 1: we're continuing to see a dramatic sort of leakage of
Speaker 1: liquidity from the capital market system, as the Fed uh
Speaker 1: titans policy and as the fiscal weavers very much close
Speaker 1: off and inflation is a huge concern pure Harbor as said.
Speaker 1: Management Saron Kennon says tomorrow's inflation report, the consumer price
Speaker 1: index will be important for market sentiment. Well, Nathan, before
Speaker 1: we get that data, we're seeing hard evidence of price
Speaker 1: pressures at the gas pump. The average retail price at
Speaker 1: gasoline has hit a record four dollars and thirty seven
Speaker 1: cents per gallon. President Biden will have more to say
Speaker 1: about his efforts to combat rising prices in a speech
Speaker 1: today being a preview from Amy Morris in our Bloomberg
Speaker 1: newsroom in Washington. President Biden is expected to detail the
Speaker 1: differences between his plan and a GOP proposal by Florida
Speaker 1: Senator Rick Scott that would raise taxes while allowing Social
Speaker 1: Security and Medicare to expire. Consume reprises rose in March
Speaker 1: at the fastest pace since nine one, and of Americans
Speaker 1: increasingly pessimistic about their finances despite strong job growth. It's
Speaker 1: the biggest worry for voters ahead of the November midterms.
Speaker 1: A CNN poll out last week found eight in ten
Speaker 1: Americans don't believe the government is doing enough to fight inflation.
Speaker 1: In Washington, I maybe Morris Bloomberg Daybreak, Amy, thank you,
Speaker 1: and President Biden will deliver that speech around eleven thirty
Speaker 1: a m. Wall Street Time. Catch it right here on
Speaker 1: Bloomberg Radio. I meantime caring. The Federal Reserve is warning
Speaker 1: a deteriorating liquidity conditions across key financial markets. We get
Speaker 1: the details from Bloomberg's Charlie Pellet. In its semi annual report,
Speaker 1: the FED sites rising risks from the war in Ukraine,
Speaker 1: monetary tightening, and high inflation. The FED said, according to
Speaker 1: some measures, market liquidity has declined since late one in
Speaker 1: the markets for recently issued US cash treasury securities and
Speaker 1: for equity index futures. FED Governor Lyle Brainard said the
Speaker 1: war hast spar large price movements and margin calls in
Speaker 1: commodities markets, and highlights of potential channel through which large
Speaker 1: financial institutions could be exposed to contagion. In New York,
Speaker 1: Charlie Pellett Bloomberg Daybreak, All right, Charlie, thank you, We'll
Speaker 1: have much more from the Fed later this morning. We're
Speaker 1: going to be speaking live with Cleveland Fed President Loretta Master.
Speaker 1: That's coming up at eleven am Wall Street Time on
Speaker 1: Bloomberg Radio and Television. Well, Nathan, we saw selling in
Speaker 1: Asia overnight. Stocks fell for a seventh straight session, but
Speaker 1: did pair earlier losses. We get the recap from Bloomberg's
Speaker 1: Juliette Sally in Singapore. Good morning, Juliette, Good morning, Nathan
Speaker 1: and Karen. The losses on the m c I Asia
Speaker 1: Pacific Index mirrored the longest losing streaks since March twenty twenties,
Speaker 1: stokes remaining at July twenty twenty lows. Hong Kong tech
Speaker 1: shares took a dive on growth concerns and as the
Speaker 1: city resumed trade after a long weekend. Mainland Chinese has rebounded,
Speaker 1: but Black Roake abandoned its bullish stance on China, now
Speaker 1: recommending a neutral stance on Chinese stocks and bonds as
Speaker 1: the country's response to the pandemic takes a home in Singapore.
Speaker 1: Juliet Sally, Bloomberg Daybreak. All right, Juliet, Thanks, Let's head
Speaker 1: over to Europe. Now. We are seeing some stabilization in markets.
Speaker 1: This morning, Bloomberg's Max Ramsey joins us live from London.
Speaker 1: Good morning, Max, morning to you, Nathan and Karen. Yes,
Speaker 1: seeing some gains in Europe. Not catching up with the
Speaker 1: steep losses that we saw yesterday. But right now the
Speaker 1: foot see up six tenths of eight percent, the dacks
Speaker 1: up one point three percent, so really some steady gains.
Speaker 1: Energy has been one of the worst performing sectors this morning,
Speaker 1: though still holding steady or just about gaining. And of
Speaker 1: course we have had wrangling over energy to do with
Speaker 1: the U sanctions on Russia, and so that has been
Speaker 1: bouncing up and down, but still managing to eke out
Speaker 1: some gains. Live in London, Max Ramsey, boom Bag daybreak.
Speaker 1: All right, Max, thank you well. Bitcoin trading higher this
Speaker 1: morning after briefly falling below the thirty thousand level. The
Speaker 1: recent plunges taken the digital token to of us last
Speaker 1: seen in the middle of last year. Mcnova Grass is
Speaker 1: founder and CEO of Galaxy Digital. I still think thirty
Speaker 1: thousand should hold, right, We'll see if twelve thousand holds
Speaker 1: the NASDAC and we bounce in the next few days, um,
Speaker 1: then I think you'll see bitcoin thirty thirty thousand. Hold,
Speaker 1: if the NASDAC falls and we head towards eleven thousand,
Speaker 1: you know there's a shot that thirty thousand goes. Galaxy
Speaker 1: Digital founder mcnova Grat says trading will be volatile for
Speaker 1: at least the next few quarters. And turning to the
Speaker 1: war in Europe, now, Karen president invited meets with Italian
Speaker 1: Prime Minister Mario Draggy today as aid to Ukraine moves
Speaker 1: forward on a couple of fronts. Bloomberg's Ed Baxter has
Speaker 1: the story Congressional Democrats have drafted an aid package worth
Speaker 1: almost forty billion dollars and plan on voting this week
Speaker 1: without attaching COVID pandemic funding. This tops the president's ask
Speaker 1: of thirty three billion. Biden meanwhile signed a World War
Speaker 1: two era provision sending money to Ukraine across to the
Speaker 1: fight is not chief but caving aggression. Even this provision
Speaker 1: was enacted in one to help Europe fight off Hitler.
Speaker 1: Congress could act as early as today. In San Francisco,
Speaker 1: I'm at backster Bloomberg Daybreak. Alright, Ed, thank you, straight ahead,
Speaker 1: we'll bring you your latest local headlines plus a check
Speaker 1: of sports. This is Bloomberg. It sounds six oh seven
Speaker 1: on Wall Street where fifty three degrees in Central Park.
Speaker 1: Still dealing with an accident on the northbound FDR Drive
Speaker 1: at ninety six. More coming up in traffic. First Michael
Speaker 1: Barr with what else is going on in New York
Speaker 1: and around the world. Michael, thank you very much. Nathan.
Speaker 1: Connecticut tax payers, we'll see six hundred million dollars in
Speaker 1: tax relief following the signing of the fiscal year twenty
Speaker 1: three budget. Democratic Governor Need Lamont. The law extends a
Speaker 1: gas tax holiday and child tax credit, as well as
Speaker 1: increasing a property tax credit. Lamont described it as the
Speaker 1: largest tax cut in state history. Voters in Newark, New Jersey,
Speaker 1: are choosing a mayor today. Incumbent ros Baraka will face
Speaker 1: a challenge from Sheila Montage. The Alabama corrections employee who
Speaker 1: was on the run with an escaped inmate, is now dead.
Speaker 1: Authorities in Indiana's say Vicky White shot herself as U
Speaker 1: S Marshals closed in. Officers rammed the vehicle Vicky White
Speaker 1: and Casey White were in, which then crashed. Alabama Sheriff
Speaker 1: Rick Singleton says that Casey White is never getting out again.
Speaker 1: We've got a dangerous man off the streak today. Uh
Speaker 1: he is never going to see the lot of day again.
Speaker 1: And uh, you know, that's a good thing for not
Speaker 1: just our community, but that's a good thing for this country.
Speaker 1: Sheriff Singleton says this has ended a very stressful week
Speaker 1: and a half. New York's Attorney General says her state
Speaker 1: will safeguard the right to abortion if the Supreme Court
Speaker 1: overturns Roe v. Wade. Flatisia James says about thirty thousand
Speaker 1: women just from Pennsylvania and Ohio alone could come to
Speaker 1: New York seeking reproductive care. So a fund will be
Speaker 1: established that James says, will help those women. James also
Speaker 1: asked doubt on why anti abortion activists support bans on abortion.
Speaker 1: What they should do is expand the childcare tax credit.
Speaker 1: What they should do is expand universal school lunch. What
Speaker 1: they should do is provide more funding for education and
Speaker 1: childcare and daycare and prenatal care, and the list goes
Speaker 1: on and on. If you truly care about children, A. G.
Speaker 1: Latitia James, Andy Warhol's shot Sage Blue Maryland is sold
Speaker 1: for a million dollars. That makes the iconic portrait of
Speaker 1: actors Marilyn Monroe, the most expensive artwork by a US
Speaker 1: artist ever sold at auction. Christie's Auction House in New
Speaker 1: York held the sale. Alex rotteri's chairman of Christie's Century
Speaker 1: Art Department, century Um Works of Art, American Works of Art.
Speaker 1: It's the highest price ever paid, close to two hundred
Speaker 1: million dollars. Uh, let it sink in. It's quite something,
Speaker 1: Ruder says. The buyer is unknown. Global News twenty four
Speaker 1: hours a day on airand on Bloomberg Quick Take, powered
Speaker 1: by more than journalists. The list more than twenty countries.
Speaker 1: Michael Barr, this is Bloomberg Naked. Thank you, Michael Kind
Speaker 1: up to the six ten on Wall Street. Time for
Speaker 1: the Bloomberg Sports that date with John Share. Thanks dayan.
Speaker 1: The Rangers in Pittsburgh with hopes of winning Game four
Speaker 1: to tie the series of two, instead of the Penguins
Speaker 1: with a five goal on slaught in the second period.
Speaker 1: They scored goals twenty four seconds apart. Later scored goals
Speaker 1: thirty five seconds apart. They won seven to two. They
Speaker 1: leave the series three to one. Game five tomorrow at
Speaker 1: the Garden. Rangers coach Gerard Galanta has already said. Igor
Speaker 1: says Durkin will stay in the Ranger goal A little
Speaker 1: surprise he considering how poorly, says Durkin played in the
Speaker 1: two games in Pittsburgh and three periods he gave up
Speaker 1: ten goals. Alex Gorgi have relieved him in both games
Speaker 1: and three periods he allowed two goals. But Galans last
Speaker 1: night to Surkin is the best goalie in the NHL.
Speaker 1: Colorado won at Nashville to complete a sweep Florida be Washington,
Speaker 1: and overtime Calgary be Dallas. Those series are tied at two.
Speaker 1: The Islander is in a surprise fired coach Barry Trot's
Speaker 1: NBA Playoffs Boston rally to win. In Milwaukee, Golden State
Speaker 1: beat Memphis. Far as crowd at the stadium for a
Speaker 1: Yankee Mattenee makeup of a rain ap. Those that were
Speaker 1: there saw near no hit or Esther Cortez lost it
Speaker 1: with one out the eighth inning, kind of like fifth
Speaker 1: going into six. I kept la Gampus scoreboard, Uh, I
Speaker 1: see where my pitchcount was and stuff like that. So
Speaker 1: and he was in a good spot, and and you know,
Speaker 1: noticed that I hadn't get up at his so uh
Speaker 1: you know it was. It was special Equal scored the
Speaker 1: game's only run bottom of the eighth and ain't driven
Speaker 1: in by Anthony Rizzo. They top text has one d
Speaker 1: up and they had not one thirteen their last fifteen.
Speaker 1: The Giants had to release one of their best players,
Speaker 1: cornerback James Bradberry. Had to do it for salary cap reasons.
Speaker 1: Tried to trade him, couldn't find a trade partner. John
Speaker 1: stash Award Bloomberg Sports. Nathan, all right, John, thank you.
Speaker 1: Right now, S and P futures are moving higher, up
Speaker 1: thirty two points, Dow futures up two SIS that features
Speaker 1: up a hundred sixty one points, the tenuere treasury up
Speaker 1: seven thirty seconds, the yield three per cent more on
Speaker 1: this market. Next, we'll be speaking with Patrick Armstrong of
Speaker 1: Plurimi Wealth. You're listening to Bloomberg Day Brin Bloomberg eleven
Speaker 1: three oh weather sunny, breezy, up for sixties today. We'll
Speaker 1: get up to your seventy on a rossly sunny sky
Speaker 1: tomorrow to be mostly sunny. Him in your seventy five
Speaker 1: on Thursday. Our current temperature is fifty three degrees Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business a and at Bloomberg
Speaker 1: Quick Tape This is a Bloomberg Business flash and I'm
Speaker 1: camerin Moscow. US Dock Index futures are rising. They are
Speaker 1: rallying along with European shares as if buyers emerged following
Speaker 1: yesterday's sell off, although sentiment does remain fragile over concerns
Speaker 1: about inflation and economic growth. We check the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg Guess and
Speaker 1: P futures up thirty points now futures up two hundred
Speaker 1: eight and nasday futures have one five. The decks in
Speaker 1: Germany's at one point to percent, the ten year treasury
Speaker 1: of seven thirty seconds yell three percent. They yelled at
Speaker 1: a two year two point five nine percent. Dimex Screwed
Speaker 1: oil is down two per cent or two dollars eight
Speaker 1: cents at a hundred one dollars three cents of barrel
Speaker 1: comics gold is down a tenth of a percent or
Speaker 1: two dollars fifty cents at eighteen fifty six ten announce.
Speaker 1: The euro one point oh five four one against the dollar.
Speaker 1: British found one point to three to three, the unit
Speaker 1: one thirty point oh nine and bitcoin this morning. I've
Speaker 1: wanted a half percent at thirty one thousand, four hundred
Speaker 1: thirty dollars. That's a Bloomberg business flash. Now here's Michael
Speaker 1: Barr with more on what's going on around the world. Michael,
Speaker 1: thank you very much. Karen. Ukrainian officials say Russia is
Speaker 1: founding the way at Ukraine's vital southern port of Odessa. Meanwhile,
Speaker 1: President Biden says he's worried that Russian President Putin does
Speaker 1: not have a way out right now of his war
Speaker 1: in Ukraine. Biden signed a measure making it easier for
Speaker 1: Washington to send weapons to keep. In the NBA playoffs,
Speaker 1: the Celtics beat the Bucks to even their series at
Speaker 1: two games apiece. The war Years beat the Grizzlies. However,
Speaker 1: Warriors coach Steve Kerr tested positive for COVID before tip off.
Speaker 1: In the NHL playoffs, the Rangers lost to the Penguins
Speaker 1: to fall behind three games the one. The Capital's lost
Speaker 1: to the Panthers. In baseball, the Yankees Orioles Giants and
Speaker 1: A's all one. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take Power by more
Speaker 1: than twenty seven hundred journalists analysts more than a hundred
Speaker 1: twenty countries. Michael Barr and this is Bloomberg, Nathan, Thanks Michael.
Speaker 1: At six nineteen on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and we're joined
Speaker 1: now by Patrick Armstrong, chief investment officer at Plurimi Wealth,
Speaker 1: with a relief rally underway on this Tuesday morning, Patrick,
Speaker 1: are you buying this dept um? I'm sticking with what
Speaker 1: I've got, so I'm pretty neutral equities right now. I'm
Speaker 1: comfortable with the ones I've got to. I owned the
Speaker 1: companies that are producing earnings in castle today, where I've
Speaker 1: got my short swilled with those because I'm short the
Speaker 1: kind of companies that don't have earnings jets and have
Speaker 1: business models that I don't think have a path to profitability.
Speaker 1: But it's a day. If you've not been overleveraged, you
Speaker 1: can sit back and enjoy the recovery. But if you've
Speaker 1: been leveraged, it's been a pretty couple of painful days
Speaker 1: for markets. So where do you see markets. Going from here,
Speaker 1: is there further for the stocks to fall? I think
Speaker 1: there's further for stocks to fall because we've still not
Speaker 1: got rid of the speculative excesses at the extreme end
Speaker 1: of things. So the naz back one hunt came into
Speaker 1: the year trading at five point six times price to sales.
Speaker 1: That's fallen all the way down to three point eight
Speaker 1: times priced to sales, which is a big move in
Speaker 1: a multiple. But prior to twenty when multiples really started
Speaker 1: shooting higher, the nasacs never traded at that multiple, so
Speaker 1: we're still in elevated territory. UM. I think there's still
Speaker 1: excesses in some of the the no earnings types of companies.
Speaker 1: But if you're buying companies that are producing cash flow today,
Speaker 1: I do think there's a If you do have dry powder,
Speaker 1: you're in a good position because everything got thorn out yesterday.
Speaker 1: UM energy stocks, where the worst performing sector, actually would
Speaker 1: be adding to some oil stocks if I was buying
Speaker 1: equities today. So uh, In terms of what we could
Speaker 1: get from the inflation data coming out tomorrow, obviously inflation
Speaker 1: has been a serious point of worry for investors. Are
Speaker 1: we looking for signs of peak inflation? Do you see
Speaker 1: that in the offing? It makes sense. Yeah, So the
Speaker 1: consensus is expecting about eight point one percent inflation UM,
Speaker 1: and that's down from where it was the previous month
Speaker 1: a d eight and a half percent, So inflation is
Speaker 1: rolling over. And see lower oil prices, lower commodity prices
Speaker 1: in recent days, and the market's gone from a stagflationary
Speaker 1: backdrop to pricing in more risks of recession. So there
Speaker 1: has been demand destruction already on the higher prices UM.
Speaker 1: China's policies are also creating recessionary forces as well. So
Speaker 1: I do think we're at a local peak and inflation
Speaker 1: where we're going to have extended period of many months
Speaker 1: ahead of us with very high inflation, but we may
Speaker 1: have seen the peak in it for this year now.
Speaker 1: So are you thinking that that leaves room for even
Speaker 1: more of a defensive trade. Do you see defensive names
Speaker 1: moving higher in this environment? They could be an attraction
Speaker 1: out of some of the more expensive steglative names. People
Speaker 1: aren't looking for massive returns, they're looking for a relative safety.
Speaker 1: So the consumer staples utilities were strong performers yesterday. The
Speaker 1: valuation still don't excite me there, So the consumer stocks
Speaker 1: are still trading at twenty eight times earnings, which isn't
Speaker 1: cheap by any measure. But as you do get the
Speaker 1: stability of the castles and the earnings there, I can
Speaker 1: see those sectors attracting some capital while markets are sooballs out.
Speaker 1: So where are you looking for opportunity at this point?
Speaker 1: Is there opportunity in stocks? I would be buying semiconductors
Speaker 1: in tech, so they've been hit double digits yesterday. Um.
Speaker 1: Those are companies that are going to have pricing power
Speaker 1: and revenue growth and traded understandable valuations to MEUM, So
Speaker 1: within there, I think that makes sense. Energy stocks were
Speaker 1: down seven to twelve percent yesterday. I think EU does
Speaker 1: get to the point where they're putting restrictions on Russian
Speaker 1: oil and that's going to be a support for all prices.
Speaker 1: So those would the sectors I've been looking at today.
Speaker 1: Are you on the outlook for a recession this year?
Speaker 1: Do you see that happening and is there anything the
Speaker 1: FED can do about it? Um? In Europe, I expect
Speaker 1: a recession. I don't think the US will fall into
Speaker 1: a recession. So the Fed's gonna keep hiking, but I
Speaker 1: don't think they're going to want to provoke the recession.
Speaker 1: And while unemployments so low wage, built is still feast
Speaker 1: strong US consumers of the U S economy, and while
Speaker 1: people have jobs and earnings growth, um, I think that
Speaker 1: will prevent the recession of the United States. All right,
Speaker 1: as always, drink good to get your thoughts. Patrick Armstrong
Speaker 1: is the chief investment officer at Plurimi Wealth. As we
Speaker 1: take a look at a market that is of seeing
Speaker 1: some relief this morning after all the losses over the
Speaker 1: last several weeks. We have a pick up in futures,
Speaker 1: with SMP futures higher by thirty seven points right now,
Speaker 1: DAL futures a two undred fifty five, Nasdaq futures on
Speaker 1: the rise by a hundred seventy five points. The docks
Speaker 1: in Germany is up one point four percent, while the
Speaker 1: CAC in Paris is higher by almost nine tenths of
Speaker 1: one percent. Looking at treasuries, the ten year is higher
Speaker 1: by six thirty seconds now with the yield right at
Speaker 1: three percent. Yield on the two year is two point
Speaker 1: five nine percent. NIMEX Screwed is following by two percent,
Speaker 1: down two dollars nine cents at a hundred one dollars
Speaker 1: even a barrel and comics gold right now down a
Speaker 1: tenth percent, down two dollars forty cents at eighteen fifty
Speaker 1: six twenty for the ounce. Just ahead, we'll have more
Speaker 1: on the recent stock volatility and President Biden's focus on inflation.
Speaker 1: Five things you need to know to start your day
Speaker 1: On Bloomberg Game Bloomberg eleven three oh weather sunny, breezy,
Speaker 1: upper sixties Today, will be mostly sunny with a high
Speaker 1: in year seventy tomorrow and mid seventies. Mostly sunny sky
Speaker 1: by Thursday. Right now fifty three degrees in Central Park.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living Free on to Washington, d C. Bloomberg
Speaker 1: to Boston, Bloomberg one oh six one to San Francisco,
Speaker 1: Bloomberg sixt to the country, Sirius XM chandle one nine
Speaker 1: and around the globe the Bloomberg Business APT and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's six thirty
Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm
Speaker 1: Karen Moscow, and we're just about three hours away from
Speaker 1: the open of US trading time for the five things
Speaker 1: you need to notice start your day. Brought to you
Speaker 1: by Interactive Brokers Global Analysts. It helps you find you
Speaker 1: global investment opportunities to diversify your portfolio and discover undervalued
Speaker 1: companies then they have greater growth potential. Try i v
Speaker 1: k our Global analysts today at ibkr dot com. Slash
Speaker 1: g a first, US futures higher a day after songs
Speaker 1: closed at their lowest level and over a year. Then
Speaker 1: as DAK slumped yesterday and as E raised over three
Speaker 1: trillion dollars since the start of April. Dan I've, senior
Speaker 1: equity analysts at Wedbush Securities, believes the Tech Heavy index
Speaker 1: is adjusting as we move past the pandemic. Long term,
Speaker 1: it's healthy, it's painful in the near term. You guys
Speaker 1: separate the work from home Thomas profit lists tact that's
Speaker 1: down se versus rid view is more the high quality stalwarts.
Speaker 1: Where we continue in terms of cloud software cyber security
Speaker 1: exposed means, Dan I've said. Wedbush Security says there could
Speaker 1: be more pain ahead for tech despite a strong long
Speaker 1: term outlook. Well meantime, carrying the federal serve as warning
Speaker 1: of deteriorating liquidity conditions across several markets. For more in
Speaker 1: the central banks, stay tuned for an interview with Cleveland
Speaker 1: Fed President Lauretta Mester live at eleven am Wall Street
Speaker 1: Time on Bloomberg Radio and Television. Well, Nathan, turning to
Speaker 1: the pump Now, the average retail price at gasoline hitting
Speaker 1: a record high four dollars and thirty seven cents a gallon.
Speaker 1: President Biden will address a rising prices later this morning.
Speaker 1: Tune into Bloomberg Radio at eleven thirty Wall Street Time
Speaker 1: to hear the president's full speech. Overseas, Karen, European stocks
Speaker 1: are higher, will shares in Hong Kong, Japan, and South
Speaker 1: Korea slumped. Mainland Chinese shares rebounded, but black Rock abandoned
Speaker 1: its bullish China coll a mid COVID lockdowns and as
Speaker 1: a dollar halts three day rally. This morning, Nathan. Bitcoin
Speaker 1: is rebounding after it fell below thirty thousand dollars. Billionaire
Speaker 1: crypto investor Michael nova Grats remains bullish on the token,
Speaker 1: but warn't it more volatility. Well, the short term, you know,
Speaker 1: outlook is painful and it's and it's gonna be, Like
Speaker 1: I said, voluble with the rest of assets as the
Speaker 1: FED adjusts from free money to normalized conditions. I'm really
Speaker 1: do still see this as a very exciting asset class
Speaker 1: and Galaxy Digital founder Michael Novegrad says Bitcoin could dip
Speaker 1: further if an ASDAC continues to slide and bitcoin currently
Speaker 1: trading at one thousand four really. Turning to the war
Speaker 1: in Ukraine, Karen, Congress is drafted an aid package worth
Speaker 1: close to forty billion dollars. At the same time, President
Speaker 1: Biden has signed a measure making it easier for Washington
Speaker 1: to send weapons to Ukraine. And as the five things
Speaker 1: you need to notice start your day, brought to you
Speaker 1: by Interactive Brokers and straight Ahead your latest local headlines
Speaker 1: plus a check of sports, and this is Bloomberg. Thank you, Karen.
Speaker 1: Six thirty three on Wall Street, fifty three degrees in
Speaker 1: Central Park. Still dealing with the accident in northbound FDR
Speaker 1: Drive at ninety details coming up in traffic. First Michael
Speaker 1: Barr with what else is going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: Connecticut Governor Ed Lamont calls at the largest tax cut
Speaker 1: in state history. Connecticut taxpayers will see six hundred million
Speaker 1: dollars in tax relief. Following Governor Lamont signing of the
Speaker 1: fiscal year three budget, Leman says the law increases a
Speaker 1: property tax credit from two hundred to three hundred dollars.
Speaker 1: What we've done in terms of the car tax and
Speaker 1: the property tax, all the middle class taxes, is a
Speaker 1: way to tell the people in Connecticut, we get it.
Speaker 1: It's a tough inflationary environment or doing everything you can
Speaker 1: to make this state more affordable, and um, that's what
Speaker 1: we meant to do today. Lamont says. The law also
Speaker 1: extends a gas tax holiday and child tax credit. Attorney
Speaker 1: General Letitia James says New York State will safeguard the
Speaker 1: right to abortion if the Supreme Court moves forward with
Speaker 1: overturning Roe v. Wade. James says that women in state
Speaker 1: will be protected. New York obviously is a compassionate state,
Speaker 1: a state that cares about others in a state that
Speaker 1: recognize recognizes that if one individual um is not free,
Speaker 1: than all of us are not free. A g. James
Speaker 1: also says some thirty thousand women just from Pennsylvania and
Speaker 1: Ohio could come to New York seeking reproductive care, so
Speaker 1: a fund will be establ Blish that James says will
Speaker 1: help women from out of state. Authorities say. A former
Speaker 1: Alabama jail official has died and the murder suspect she
Speaker 1: is accused of helping to escape has been apprehended. In Evansville, Indiana.
Speaker 1: The two fugitives were on the run for more than
Speaker 1: a week. They were caught after U. S. Marshals pursued
Speaker 1: their vehicle and then crashed into it. Officials say Casey
Speaker 1: White surrendered and Vicky White shot herself. She died from
Speaker 1: her injuries. Lauderdale, Alabama County Sheriff Rick Singleton on Casey White,
Speaker 1: he wore a fan, hand cuff and cackles. He's in there.
Speaker 1: He wills to sue me for dialing. He said, well, right,
Speaker 1: so be it. He's not getting out of this jail again.
Speaker 1: Sheriff Singleton says they got a dangerous man off the street.
Speaker 1: South Korea's new president has used his inauguration speech to
Speaker 1: push for a solution with North Korea. June Skio plans
Speaker 1: to help transform the North's economy if it genuinely begins
Speaker 1: complete de nuclearization. Ferdinand Marcos Jr. Won a landslide victory
Speaker 1: and Philippines presidential election. It brings his family back to
Speaker 1: power in Manila, thirty six years after his dictator father
Speaker 1: fled the country. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven hundred journalists analysts in more than one twenty countries. So,
Speaker 1: Michael mar this is Bloomberg, Nathan, Thank you, Michael, almost
Speaker 1: six thirty six on Wall Street. Here's John stash Areta
Speaker 1: Bloomberg Sports upthing. All right, Nathan, what's happening to the Rangers?
Speaker 1: After a fifty to win regular season? They played the
Speaker 1: Penguins three times in a two week span late in
Speaker 1: the year, and they won all three. But they've lost
Speaker 1: three or four in the playoffs. And it was seven
Speaker 1: to two last night. The Penguins, with seven different goal scorer,
Speaker 1: scored five times in the second period twice they scored
Speaker 1: twice in a span of less than a minute. Rangers
Speaker 1: are a young team. Coach Gerard Glenn asked if that's
Speaker 1: the reason for the postseason scul I wouldn't use the
Speaker 1: word in experience, I'd used the word not committed to
Speaker 1: playing the right way. You know. I mean we played
Speaker 1: the right way in uh in New York. You know
Speaker 1: we can want to get way play the right way tonight.
Speaker 1: And it's not from the nacourage guy either. I mean
Speaker 1: they're they're part of our group. But tonight you've seen
Speaker 1: a lot of a lot of stuth bad played by
Speaker 1: a lot of people. Igorge sisterk in the regular season
Speaker 1: allowed an average of just over two goals per game
Speaker 1: played three periods in Pittsburgh, gave up ten goals, and
Speaker 1: yet Galan says he is sticky wishes Sterkin for Game
Speaker 1: five tomorrow with the Garden and the Range in space elimination.
Speaker 1: When Lou Lamorello ran the Devils, he had a history
Speaker 1: of making coaching changes, and that runs the Islanders. He
Speaker 1: just fired Barry Trots, who wanted Stanley Cup and Washington
Speaker 1: had playoffs success with the Aisles. They missed the playoffs
Speaker 1: this past season. Lamarello said the team needs a new voice.
Speaker 1: NBA Golden State was without its coach. Steve Kirk tested positive.
Speaker 1: Mike Brown just named the new coach in Sacramento. Coached
Speaker 1: the Warriors, who win over Memphis. Boston wanted Milwaukee Yankee
Speaker 1: bats for quiet for Nestor Cortez was nasty. Five outs
Speaker 1: from a no hitter. Yanks finally broke up a scoreless
Speaker 1: game eighteen naing be Texas one do nothing. Cortez is
Speaker 1: the r as one point four one the Giants for
Speaker 1: salary cap. Reasons for US to release cornerback James Bradberry,
Speaker 1: John Stash, Bloomberg Sports Nathan all Right, John, thank you
Speaker 1: sixty seven on Wall Street. Time to take a look
Speaker 1: at stocks, some of the names moving in the pre
Speaker 1: market on a turnaround Tuesday. Here's Bloomberg Radio on TV
Speaker 1: Markets correspondent Credy Gupta. What's got your eye? Crety? Nathan,
Speaker 1: You couldn't have said it better, I think, and go
Speaker 1: home now because it's really all you need to know.
Speaker 1: It's a complete bounce back from what you saw yesterday.
Speaker 1: No real fundamental drivers here. Just when you sell off
Speaker 1: as much as we did over the past couple of days,
Speaker 1: remember when you have such a major self on Friday,
Speaker 1: chances are you going to have a pretty bad one
Speaker 1: on Monday. And that's exactly what we saw. So it's
Speaker 1: totally normal to see this bounce back, and a lot
Speaker 1: of it is led by big tech right off the
Speaker 1: bat in the pre market. Apple shares, for example, A
Speaker 1: A P L is your ticker up one percent, Microsoft
Speaker 1: as well, M s FT up one and a half percent.
Speaker 1: If you have those two stocks on your side, chances
Speaker 1: are you're going to have a positive day for the
Speaker 1: SMP five hundred. But it's not just the big Tex
Speaker 1: stocks you have to keep an eye on. It really
Speaker 1: trickles down to all tech, including to some of those
Speaker 1: e V makers. Tesla we know, is that major heavyweight
Speaker 1: as well. T s l A up too point seven
Speaker 1: percent this morning, and taking with some of the other
Speaker 1: evening makers as well, RIV and R I v N
Speaker 1: up three percent. Lucid as well, l C i D
Speaker 1: also up about two point seven percent. So very quickly
Speaker 1: you can see that this all yesterday, at least in
Speaker 1: the pre market, is not today's story. Nathan, Yes, so
Speaker 1: some pandemic favorites included in the rally as well. Are
Speaker 1: we seeing it play out in some of the meme names?
Speaker 1: We are, But you know what I have to say,
Speaker 1: I think this one might be a fundamental driver. Um,
Speaker 1: this would stand all the horror I know. A M
Speaker 1: C is the one I've got my eye on, and
Speaker 1: we all know it as you said the meme name,
Speaker 1: but it's actually up four percent on an earnings beat
Speaker 1: thanks to hits like Spider Man No Way Home, Nathan.
Speaker 1: Have you seen Spider Man? I have, of course I haven't.
Speaker 1: It's not but it's a Marvel Cinematic University. I you know,
Speaker 1: I just I can't get over Tobey Maguire not being
Speaker 1: my man, so I'll never go back, sort of sort
Speaker 1: of whatever. Anyways, throwing on some video game stocks, so
Speaker 1: you are seeing some mixed action here. I think this
Speaker 1: is really where you're going to see the divergence. Sony's
Speaker 1: earnings fell short of estimates amidst supply constraints and component
Speaker 1: shortages overnight, so you do see some mixed action in
Speaker 1: those video game stocks act division. For example, A t
Speaker 1: V I is your ticker up one percent, but then
Speaker 1: E A Sports or EA Entertainer E rts I should
Speaker 1: say UH is down one percent. The tickers just E A,
Speaker 1: and then if you look at take T T t
Speaker 1: w O, it's up one point seven percent. So if
Speaker 1: you're not looking for a very clear turnaround Tuesday kind
Speaker 1: of pattern, check out those video game stocks because looks
Speaker 1: like they're going to be due for some volatility in
Speaker 1: the session. I'm gonna wrap it up and they go
Speaker 1: with some down stocks though, because there's a lot of
Speaker 1: carrying on the screen. Novavax n v a X as
Speaker 1: your ticker down. They reported their first profitable quarter but
Speaker 1: missed their expectations. So bittersweet there and a lot of
Speaker 1: that has to come, of course, with a little bit scrutiny.
Speaker 1: Do we need that fourth shot? How does that play
Speaker 1: into the vaccine maker's bottom line? Now? Not everything rallies
Speaker 1: on a turnaround. Tuesday, Bloomberg Radio TV Markets correspondent Crety
Speaker 1: Gupta with us in the pre market and looking at
Speaker 1: stocks as a whole. They are moving or we have
Speaker 1: SMP futures up up one percent, up forty points, DAL
Speaker 1: futures up. Tune to eighty two points. Dance at futures
Speaker 1: leading the way this morning, higher by a hundred seventy
Speaker 1: seven points. That's a gain of one point four percent.
Speaker 1: In the tenure treasury up four thirty seconds now the
Speaker 1: yield three point zero one. You're listening to Bloomberg Daybreak
Speaker 1: Bloomberg eleven three oh weather, sunny, breeze, upper sixties today
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Speaker 1: Flash and good morning. I'm Karen Moscow future is wimming
Speaker 1: higher this morning. A week. Go to the First Word
Speaker 1: Breaking news desk for today's morning call, and here's Bill Maloney. Bill,
Speaker 1: good morning, and good morning Karen. Us features are bouncing
Speaker 1: fter yesterday's sell off without futures of two hundred and
Speaker 1: sixty four points, says if he's gained thirty seven Nasdack
Speaker 1: futures are higher by one sixty nine. The US ten
Speaker 1: year old drops to three point two percent. Gold is
Speaker 1: up for oil is trading lower, but Bitcoin is trading
Speaker 1: higher by one point five percent. Hong Kong dropped one
Speaker 1: percent overnight, while up markets are in the green, led
Speaker 1: by gains in France and Germany. Back in the US.
Speaker 1: On the economic front, at eleven thirty Biden, we'll speak
Speaker 1: on inflation after the bells night. Up Start reported is
Speaker 1: down forty eight percent in the pre market and regarding
Speaker 1: earnings this morning, look for pellets Onto report in the
Speaker 1: pre market and on the news. Tesla denied a Rotors
Speaker 1: report that it halted output in Shanghai and wrapping things
Speaker 1: up Upstart was cut to neutral over Red Piper Live
Speaker 1: from the first breaking newsscom by Maloney k all Right, Bill,
Speaker 1: thank you and to hear live breaking news over her
Speaker 1: Bloomberg type squawk on your terminal s q U A
Speaker 1: w K and we are watching this headline and crossed
Speaker 1: the Bloomberg fiser to buy bio Haven Pharmaceuticals in a
Speaker 1: cash and stock deal. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barrow with more on what's going on around
Speaker 1: the world. Michael Darren, thank you very much. President Joe
Speaker 1: Biden signed into the law and as you're designed to
Speaker 1: make it easier for the US to send weapons and
Speaker 1: supplies to Ukraine as the country continues to find off
Speaker 1: the Russian invasion that began in February. For the first
Speaker 1: time in more than sixty years, Queen Elizabeth will not
Speaker 1: attend the opening of Parliament. In the NBA Playoffs, the
Speaker 1: Celtics beat the Bucks to even their series at two.
Speaker 1: Games apiece. The Warriors beat the Grizzlies. Warriors coach Steve
Speaker 1: Kerr tested positive for COVID before tip off. In the
Speaker 1: NHL playoffs, the Rangers lost to the Penguins to fall
Speaker 1: behind three games to one. The Capitol's lost to the Panthers.
Speaker 1: Baseball the Yankees Orioles Giant. Today's all one Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Tank, powered by more than twenty seven hundred journalists
Speaker 1: and analysts in more than a hundred twenty countries. And
Speaker 1: Michael bar this is Bloomberg. Cameron, all right, Michael, thank you,
Speaker 1: says forty nine on Wall Street. We turned to news
Speaker 1: and science and technology now at the Bloomberg and j
Speaker 1: I T STEM Report brought to you by New Jersey
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Speaker 1: T dot E d U and now Here's US making
Speaker 1: News and science, Technology, engineering and math. China's tightening pandemic
Speaker 1: restrictions in Shanghai and expanding a mass testing sweep in Beijing.
Speaker 1: More people are being shipped off to government run isolation
Speaker 1: centers under a new definition of what it means to
Speaker 1: be a close contact. The country just reported the lowest
Speaker 1: daily infections in almost two months. Global banks are now
Speaker 1: pulling away from the gargantuan market they helped create for
Speaker 1: blank check companies. Bloomberg News has learned that Goldman Sachs
Speaker 1: is ending its involvement with most of the special purpose
Speaker 1: acquisition companies it took public. Meanwhile, Bank of America scale
Speaker 1: back work with some specs. And how much would you
Speaker 1: pay for ACE space rod On Jeff Bezos is Blue
Speaker 1: Origin New Shepherd capsule. It went for eight million dollars
Speaker 1: last night in an event in Manhattan's Javits Center. The
Speaker 1: winning bid came from Ken Griffin, a billionaire founder of
Speaker 1: hedge fund Citadel. Griffin will donate the spot to a
Speaker 1: New York City school teacher, whose selection will be organized
Speaker 1: by the Robin Hood Foundation. Another school teacher from the
Speaker 1: city will also be on that flight. And that's a
Speaker 1: Bloomberg n j I t Stem report. Nathan Okay, Karen,
Speaker 1: thank you. We're live from the Bloomberg Interactive Brokers studios
Speaker 1: where it's six fifty on Wall Street. Time Now to
Speaker 1: check what's going on in d C. Some of the
Speaker 1: top stories in our nation's capital include Democrats weighing even
Speaker 1: more aid to Ukraine than President Biden asked for, Mitch
Speaker 1: McConnell vowing Republicans will not scrap the filibuster to pass
Speaker 1: an abortion ban, and Senate Democrats planning a vote today
Speaker 1: to confirm Lisa Cook is the next Fed governor. Also
Speaker 1: making news, President Biden getting ready to highlight his efforts
Speaker 1: against inflation in a speech later this morning. And Bloomberg
Speaker 1: Washington correspondent Joe Matthew is back with us host of
Speaker 1: Sound On here on Bloomberg Radio. Joe, I guess the
Speaker 1: President is going to contrast his plans with Republicans, but
Speaker 1: we're really seeing hard evidence of just what a challenge
Speaker 1: this is going to be for the president. With gas
Speaker 1: prices now at a record high across the country, that's
Speaker 1: an ugly number four thirty seven, although some folks have
Speaker 1: paid a lot more than that, it's pretty incredible to
Speaker 1: see that new highs are still being reached. And the
Speaker 1: President will be speaking today about prices across the board,
Speaker 1: not just energy but food and all of the other
Speaker 1: inflationary impacts that we've been talking about that the administration
Speaker 1: has really struggled with. To your point, though, it's not
Speaker 1: just talking about what's been done, and I'm sure that
Speaker 1: we'll hear a cataloging of efforts that the administration is made.
Speaker 1: He's going to talk about some of the components from
Speaker 1: last year's Build Back Better that never became law that
Speaker 1: he says need to happen, like lowering prescription drug prices,
Speaker 1: extending the child tax credit. But he's gonna spend time
Speaker 1: like he did last week, kind of cracked the door
Speaker 1: on this last week in a speech about deficit reduction.
Speaker 1: He will call out what he what he likes to
Speaker 1: refer to as the Ultra Maga Agenda, which is a
Speaker 1: series of economic proposals that have been forwarded by Republican
Speaker 1: Senator Rick Scott. The White House says they'll raise taxes
Speaker 1: on seventy five million Americans. It will also sunset programs
Speaker 1: like Social Security. The President speaks very passionately about this,
Speaker 1: and you get a sense right now, Nathan, that they're
Speaker 1: kind of floating a balloon. This This really could be
Speaker 1: a major talking point, Ultra Maga Agenda that will last
Speaker 1: the next six months to the mid terms, they're gonna
Speaker 1: give it a good run today. Yeah, and coming after
Speaker 1: another talking point that we heard just about a month
Speaker 1: ago Putin's price high. It is interesting to sort of
Speaker 1: hear the messaging shifting here a little bit of printing
Speaker 1: those yeah, exactly, and it sort of points to the
Speaker 1: challenge for a president who is facing record uh inflation
Speaker 1: pressures in terms of you know, historically high prices, and
Speaker 1: the challenge only six months out before a mid term show. Well,
Speaker 1: that's true. That's why you know, he will call on
Speaker 1: Congress to pass some of the items that I mentioned,
Speaker 1: more renewable energy sources, incentives to that end, which was
Speaker 1: all part of that massive social spending bill that never
Speaker 1: quite got through Congress last year. The problem is, it
Speaker 1: remains unclear if if these could get past even through
Speaker 1: a reconciliation bill, which would, as you might remember from
Speaker 1: last year's exercise, would only require Democrats. But a lot
Speaker 1: of these items are not terribly popular and and might
Speaker 1: not get the full throat at support they would otherwise.
Speaker 1: Because we're in the middle of this primary season and
Speaker 1: really getting underway, we've got one today. Of course, West
Speaker 1: Virginia and Nebraska. Things get serious next week with Pennsylvania,
Speaker 1: and the job's only going to get more difficult as
Speaker 1: we get closer to November. Here um I will mention
Speaker 1: as well, the Ukraine funding that President Biden requested looks
Speaker 1: like it would not be able to pass with COVID
Speaker 1: funding attached to the bill, which is what Democrats were
Speaker 1: hoping to do. So the President issued a statement late
Speaker 1: yesterday saying that he he understands the reality of the situation.
Speaker 1: It will be a clean bill, even bigger than what
Speaker 1: they thought for Ukraine. The question is will they be
Speaker 1: able to come back and pass COVID funding as a
Speaker 1: standalone bill, and that's not looking great right now. Is
Speaker 1: there a question as to whether even more funding than
Speaker 1: the President asked for would be able to pass the Senate?
Speaker 1: Is this going to move quickly? Likely? Will if it
Speaker 1: stays clean? Right? They were talking about attaching COVID funding,
Speaker 1: then Republicans came back and said, well, we want more
Speaker 1: funding for the border and we want new language for
Speaker 1: Title forty two. Uh So it looks like this will
Speaker 1: be only money for Ukraine. It's not just weapons, it's
Speaker 1: also humanitarian aid. Democrats in uh in the Senate and
Speaker 1: the House have upped the anti here. The President asked
Speaker 1: for thirty or three billion dollars. Who might remember, Nathan,
Speaker 1: this is now a forty billion dollar bill. Uh. They've
Speaker 1: added money for weapons as well as humanitarian aid about
Speaker 1: three and a half billion dollars each, and it has
Speaker 1: wide bipartisan support. Well, what does this mean for the
Speaker 1: covid ai joe because that was something that the President
Speaker 1: had been pushing forth. More are funding for testing, more
Speaker 1: funding for vaccine distribution. Does that fall by the wayside now? Well,
Speaker 1: it's not going to happen as part of this bill,
Speaker 1: and it's really it's unclear what Democrats will have to
Speaker 1: give up to get this, even though you would think
Speaker 1: it was largely bipartisan, remembering the criticism of the administration
Speaker 1: took months ago when Omicron showed up and there weren't
Speaker 1: enough tests to go around, enough enough testing kits. This
Speaker 1: could happen again. It's not just testing its therapeutics. To
Speaker 1: your point, it's vaccines, but it may not see the
Speaker 1: light of day unless they're again it's some Title forty
Speaker 1: two money or something else that Republicans can get for that.
Speaker 1: The President first asked for twenty two billion dollars it
Speaker 1: got whittled down to ten billion dollars. As of today,
Speaker 1: it's zero. Let's turn to the other issue that's been
Speaker 1: bubbling up big time on the last week or so,
Speaker 1: the abortion debate. What's happening with that vote in the
Speaker 1: Senate on a national abortion rights codification. Well, the vote
Speaker 1: is moving forward. We expect it tomorrow. And Senator Chuck
Speaker 1: Schumer has been already clear about this, knowing UH that
Speaker 1: he doesn't have the votes to make this happen. This
Speaker 1: appears to be an exercising getting people on the record,
Speaker 1: getting senators on the record. Uh. It's not likely that
Speaker 1: a Republican is going to vote yes on this bill,
Speaker 1: but we could see you know, we're still waiting to
Speaker 1: hear from Susan Collins maybe Leasa Rakowski to see if
Speaker 1: they come over to the Democrats side on this. But
Speaker 1: it's not likely that this is going to pass. It will, however,
Speaker 1: armed Democrats UH with a lot of fodder for the
Speaker 1: campaign season to say, you know, number one, Uh, Republicans
Speaker 1: voted against this, and if they do pass it, they
Speaker 1: could say we did this all on our own. But
Speaker 1: it is not expected to go that way. In fact,
Speaker 1: they're already talking in the Democratic leadership about the plan
Speaker 1: b the plans see they're saying that they are not
Speaker 1: going to let this drop, essentially keeping it as a
Speaker 1: conversation item, a debate item. As we work our way
Speaker 1: through the mid terms. It's possible we will not see
Speaker 1: legislation on this at all, as if there weren't enough
Speaker 1: conversation items happening in Washing. Bloomberg's Joe Matthew very busy
Speaker 1: man keeping on top of all of it for us
Speaker 1: from the nation's capital, where we will be hearing from
Speaker 1: President Biden and his remarks on inflation, his efforts to
Speaker 1: tamp down forty year price pressures. Will bring you those
Speaker 1: remarks live here on Bloomberg Radio. They're scheduled at around
Speaker 1: eleven thirty Wall Street time, and you can catch more
Speaker 1: of Joe on Bloomberg Sound on every weekday at five
Speaker 1: pm Eastern. Right here on Bloomberg Radio, looking ahead to
Speaker 1: the market open, we have futures higher right now. S
Speaker 1: and P futures are up thirty points down, futures up
Speaker 1: Tunic seventeen, Nasty futures up one fifty points. Bloomberg Surveillance
Speaker 1: is up next for Karen Moscow I'm Nathan Hager, and
Speaker 1: this is Bloomberger.