1 00:00:04,280 --> 00:00:06,880 Speaker 1: Live from the Bloomberg into Rector Berger Studios. This is 2 00:00:07,040 --> 00:00:11,160 Speaker 1: Bloomberg day Break for Thursday, March two. Coming up this hour. 3 00:00:11,720 --> 00:00:14,440 Speaker 1: Ukraine and Russia hold the highest level talks since the 4 00:00:14,520 --> 00:00:18,040 Speaker 1: start of the war. Global stocks falling after yesterday's rally, 5 00:00:18,440 --> 00:00:22,000 Speaker 1: Wall Street braces for another historic reading on inflation, and 6 00:00:22,120 --> 00:00:25,079 Speaker 1: Amazon shares rally on a twenty for one stuff split. 7 00:00:25,440 --> 00:00:28,320 Speaker 1: The first licenses to sell recreational pot in New York 8 00:00:28,320 --> 00:00:31,600 Speaker 1: would go to people with marijuana related convictions. The South 9 00:00:31,680 --> 00:00:34,680 Speaker 1: Korea has elected a new president. I'm Michael laugh More, 10 00:00:35,520 --> 00:00:37,920 Speaker 1: I'm John stash in Sports, third straight win for the 11 00:00:38,000 --> 00:00:44,320 Speaker 1: nixt st John's advances, and the baseball lockout continues. That's 12 00:00:44,360 --> 00:00:48,680 Speaker 1: all straight ahead on Bloomberg day Break on Bloomberg Elevenoro, 13 00:00:48,800 --> 00:00:53,080 Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one, O 14 00:00:53,240 --> 00:00:57,680 Speaker 1: six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x 15 00:00:57,880 --> 00:01:01,240 Speaker 1: M one nineteen and around the world Old on Bloomberg Radio, 16 00:01:01,360 --> 00:01:07,880 Speaker 1: dot Com and via the Bloomberg Business At Good Morning, 17 00:01:07,880 --> 00:01:11,120 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. And US futures 18 00:01:11,160 --> 00:01:13,479 Speaker 1: are lower this morning. We're coming up to five oh 19 00:01:13,480 --> 00:01:15,320 Speaker 1: one on Wall Street, and we check the markets every 20 00:01:15,319 --> 00:01:19,040 Speaker 1: fifteen minutes throughout the trading day. On bloomberg SMP futures 21 00:01:19,080 --> 00:01:21,399 Speaker 1: down twenty two points and down futures down a hundred 22 00:01:21,400 --> 00:01:24,360 Speaker 1: and nine. NASDAG future is down to ninety eight and 23 00:01:24,440 --> 00:01:26,800 Speaker 1: the ten year treasury of seven thirty seconds. He had 24 00:01:26,800 --> 00:01:29,440 Speaker 1: one point nine two percent yield on the two year 25 00:01:29,520 --> 00:01:32,600 Speaker 1: one point six six percent, nim ex screute oil of 26 00:01:32,760 --> 00:01:35,560 Speaker 1: four percent. Nathan, all right, Karen, we begin this morning 27 00:01:35,560 --> 00:01:37,880 Speaker 1: with the latest on the war in Ukraine. Foreign ministers 28 00:01:37,880 --> 00:01:40,360 Speaker 1: from Russia and Ukraine have met in Turkey today for 29 00:01:40,400 --> 00:01:43,600 Speaker 1: the highest level talks since the war began. Ukraine is 30 00:01:43,680 --> 00:01:46,920 Speaker 1: signaling it's willing to negotiate terms to end the invasion. 31 00:01:47,160 --> 00:01:50,880 Speaker 1: Bloomberg's Ed Baxter has the story. It says neutrality could 32 00:01:50,920 --> 00:01:54,080 Speaker 1: be part of the equation. President Zelenski's deputy chief of 33 00:01:54,120 --> 00:01:58,000 Speaker 1: staff heart Zukova says that ultimately it will be solved 34 00:01:58,000 --> 00:02:01,560 Speaker 1: whether Zelenski putin face to face. So we asked the 35 00:02:01,600 --> 00:02:05,640 Speaker 1: world community to existance in having these direct negotiations, to 36 00:02:05,680 --> 00:02:09,440 Speaker 1: sit down with at the negotiation table. Meanwhile, Pentagon spokesman 37 00:02:09,520 --> 00:02:12,280 Speaker 1: John Kirby says the US doesn't think Poland's idea to 38 00:02:12,320 --> 00:02:15,359 Speaker 1: supply makes the Ukraine will work. At this point, the 39 00:02:15,400 --> 00:02:18,519 Speaker 1: intelligence community has assessed the transfer of mid twenty nine 40 00:02:18,600 --> 00:02:22,040 Speaker 1: to Ukraine may be mistaken as escalatory, and Kirby says 41 00:02:22,120 --> 00:02:25,680 Speaker 1: that would hurt Ukraine even further. In San Francisco, I'm 42 00:02:25,680 --> 00:02:28,320 Speaker 1: at back, Stir Bloomberg, Gay break Andy, thank you Meantime, 43 00:02:28,440 --> 00:02:32,639 Speaker 1: Ukrainian President vladimir's Lensky is accusing Russia of war crimes, 44 00:02:32,720 --> 00:02:35,480 Speaker 1: as after an air strike had a maternity hospital in 45 00:02:35,520 --> 00:02:39,560 Speaker 1: the besieged city of Mariopol. An aerie Obama on an 46 00:02:39,560 --> 00:02:42,880 Speaker 1: maternity hospital is the conclusive evidence that what is happening 47 00:02:43,000 --> 00:02:46,480 Speaker 1: is a genocide of Ukrainians Europeans. You won't be able 48 00:02:46,520 --> 00:02:48,800 Speaker 1: to say that you didn't see what happened to Ukrainians 49 00:02:48,800 --> 00:02:53,000 Speaker 1: and Mary Upaul you saw. You know. Consequently, you must 50 00:02:53,040 --> 00:02:55,720 Speaker 1: strengthen sanctions against Russia so that it never has the 51 00:02:55,800 --> 00:02:59,840 Speaker 1: chance to continue this genocide. President Zelenski says the attack 52 00:03:00,160 --> 00:03:03,040 Speaker 1: three people, including a child, and that's according to Mariopol's 53 00:03:03,080 --> 00:03:06,240 Speaker 1: city council and President Zolensky is still asking NATO to 54 00:03:06,240 --> 00:03:08,600 Speaker 1: set up a no fly zone Karen, but the Pentagon 55 00:03:08,680 --> 00:03:12,880 Speaker 1: warns that could escalate the situation. Illinois Democrat Raja Christiana 56 00:03:12,919 --> 00:03:16,000 Speaker 1: Northey sits on the House Intelligence Committee. We can't let 57 00:03:16,040 --> 00:03:19,120 Speaker 1: Paton decide what we're going to do to help our 58 00:03:19,280 --> 00:03:23,360 Speaker 1: friends defend their freedom. And so when President z Lensky 59 00:03:23,440 --> 00:03:26,200 Speaker 1: asked us in a zoom call about a week ago 60 00:03:26,400 --> 00:03:29,399 Speaker 1: to either and force a no fly zone or give 61 00:03:29,480 --> 00:03:31,880 Speaker 1: him the means to do so, I think we should 62 00:03:31,880 --> 00:03:36,000 Speaker 1: do whatever we can. Congressman Roger Christiana Murphy spoke with 63 00:03:36,040 --> 00:03:39,400 Speaker 1: our Washington correspondent Joe Matthew on Bloomberg Sound On. Catch 64 00:03:39,440 --> 00:03:43,320 Speaker 1: the program weekdays at five pm Eastern on Bloomberg Radio, Well, Nathan. 65 00:03:43,320 --> 00:03:45,600 Speaker 1: The House has passed a more than thirteen billion dollar 66 00:03:45,640 --> 00:03:48,120 Speaker 1: eight package for Ukraine as part of a measure to 67 00:03:48,160 --> 00:03:51,080 Speaker 1: fund the US government for the coming year. Amy Morris 68 00:03:51,120 --> 00:03:54,440 Speaker 1: has the details from our Bloomberg ninety one newsroom in Washington. 69 00:03:54,800 --> 00:03:58,320 Speaker 1: The emergency Ukraine related spending includes six and a half 70 00:03:58,360 --> 00:04:01,600 Speaker 1: billion dollars for the Pentagon. That's three billion to bolster 71 00:04:01,760 --> 00:04:03,800 Speaker 1: U S troops in Europe and three and a half 72 00:04:03,840 --> 00:04:07,800 Speaker 1: billion to replace weapons given to Ukraine. Coronavirus funding was 73 00:04:07,880 --> 00:04:10,960 Speaker 1: taken out of the measure and domestic agencies will get 74 00:04:11,000 --> 00:04:13,880 Speaker 1: their biggest increases in years under the bill. Now, it's 75 00:04:13,960 --> 00:04:16,000 Speaker 1: up to the Senate to sign off on the legislation 76 00:04:16,040 --> 00:04:19,360 Speaker 1: before the current stop gap measure expires Friday night. Just 77 00:04:19,520 --> 00:04:21,720 Speaker 1: in case, the House also sent the Senate a four 78 00:04:21,800 --> 00:04:24,279 Speaker 1: day spending bill just to buy a little extra time 79 00:04:24,560 --> 00:04:28,000 Speaker 1: that one expires. March fifteen in Washington. I'm Amy Morris, 80 00:04:28,040 --> 00:04:31,279 Speaker 1: Bloomberg Daybreak. Thanks Amy. The House has also approved legislation 81 00:04:31,360 --> 00:04:34,280 Speaker 1: barring US imports of Russian oil. Let's get the details 82 00:04:34,320 --> 00:04:36,880 Speaker 1: on that live from Bloomberg. Nitta Young, Good morning, Grinita, 83 00:04:36,920 --> 00:04:40,000 Speaker 1: Good morning, Nathan. The US ban on Russian oil imports 84 00:04:40,160 --> 00:04:43,159 Speaker 1: would go into effect forty five days after it's signed 85 00:04:43,160 --> 00:04:46,599 Speaker 1: into law. The House legislation also takes steps to review 86 00:04:46,680 --> 00:04:50,520 Speaker 1: Russia's access to the World Trade Organization, and it reauthorizes 87 00:04:50,520 --> 00:04:53,880 Speaker 1: and strengthens the Magnitsky Act, which calls for sanctions on 88 00:04:54,000 --> 00:04:57,479 Speaker 1: offenders of human rights. But the legislation does have a 89 00:04:57,560 --> 00:05:01,120 Speaker 1: provision letting the President allows some product jacks or products 90 00:05:01,240 --> 00:05:04,080 Speaker 1: rather to be imported from Russia if they're in the 91 00:05:04,160 --> 00:05:08,400 Speaker 1: national interests, but they'll be subject to review by Congress. 92 00:05:08,839 --> 00:05:11,479 Speaker 1: Live in New York, I'm rned a young Bloomberg Daybreak, 93 00:05:11,560 --> 00:05:13,479 Speaker 1: All right, Rned to thank you. Inflation is also and 94 00:05:13,560 --> 00:05:16,120 Speaker 1: focus this morning, but the relase of February is consumer 95 00:05:16,200 --> 00:05:19,120 Speaker 1: price Indix. We get a preview from Bloomberg's and Michael McKee. 96 00:05:19,160 --> 00:05:22,160 Speaker 1: A few weeks ago, many economists were eyeing February as 97 00:05:22,200 --> 00:05:24,960 Speaker 1: the peak in the US consumer inflation. Now it's looking 98 00:05:24,960 --> 00:05:27,880 Speaker 1: more like a fresh baseline. The consumer price index is 99 00:05:27,920 --> 00:05:31,440 Speaker 1: forecast to rise the most since two but economists are 100 00:05:31,440 --> 00:05:33,719 Speaker 1: now saying it could peak somewhere in the eight to 101 00:05:33,880 --> 00:05:36,880 Speaker 1: nine percent range this month or next. The invasion of 102 00:05:37,000 --> 00:05:40,040 Speaker 1: Ukraine and severe restrictions of the Russian economy will likely 103 00:05:40,040 --> 00:05:42,839 Speaker 1: send the prices of staples like oil and food soaring. 104 00:05:43,240 --> 00:05:45,800 Speaker 1: Without knowing how long the war will last, it's hard 105 00:05:45,839 --> 00:05:49,160 Speaker 1: to know how high and for how long. Michael McKee 106 00:05:49,200 --> 00:05:51,800 Speaker 1: Bloomberg Daybreak, All right, Mike. Thanks. There's also a major 107 00:05:51,880 --> 00:05:54,479 Speaker 1: market event overseas. We get a policy decision from the 108 00:05:54,520 --> 00:05:57,760 Speaker 1: European Central Bank this morning. Here with details is Bloomberg's 109 00:05:57,760 --> 00:06:01,400 Speaker 1: Hannah George. Faced with the twins challenges of inflation and 110 00:06:01,480 --> 00:06:05,120 Speaker 1: war on its border, the ECB may postpone. It's timetable 111 00:06:05,200 --> 00:06:08,480 Speaker 1: setting out an end to trillions of euros of asset purchases. 112 00:06:08,800 --> 00:06:12,159 Speaker 1: That would mark another abrupt shift in the central bank stance. 113 00:06:12,560 --> 00:06:16,320 Speaker 1: Just last month, President Christine Lagarde turned more hawkish in 114 00:06:16,360 --> 00:06:19,200 Speaker 1: the face of inflation that's almost three times the two 115 00:06:19,200 --> 00:06:22,600 Speaker 1: percent target. The danger now is that the invasion and 116 00:06:22,720 --> 00:06:26,600 Speaker 1: sanctions against Russia will curb Europe's rebound from the pandemic. 117 00:06:26,920 --> 00:06:30,159 Speaker 1: In London, I'm Hannah, George, but in both daybreak, all right, Hannah, 118 00:06:30,200 --> 00:06:33,440 Speaker 1: thank you, and incorporate news. This morning, shares of Amazon 119 00:06:33,560 --> 00:06:36,200 Speaker 1: are surging. They're up more than six and a half 120 00:06:36,279 --> 00:06:39,080 Speaker 1: percent in early training after announcing plans for a twenty 121 00:06:39,240 --> 00:06:42,320 Speaker 1: one stock split weeken more from Bloomberg Charlie Pellett. It's 122 00:06:42,360 --> 00:06:46,160 Speaker 1: subject to a vote by shareholders, which is scheduled from May. 123 00:06:46,560 --> 00:06:50,440 Speaker 1: The e Commerce Giants Board also approved a ten billion 124 00:06:50,480 --> 00:06:55,160 Speaker 1: dollar share buy bank program. The repurchase authorization replaces a 125 00:06:55,240 --> 00:06:59,800 Speaker 1: current five billion dollar plan approved in six The company 126 00:07:00,000 --> 00:07:04,240 Speaker 1: previously split its stock three times in nine and nine. 127 00:07:05,720 --> 00:07:09,680 Speaker 1: In New York Charlie Bloomberg Daybreak, Okay, Charlie, thanks SMP. 128 00:07:09,800 --> 00:07:12,600 Speaker 1: Futures down twenty four points down. Futures down two hundred 129 00:07:12,640 --> 00:07:16,200 Speaker 1: fifteen nastack futures lower by ninety five. Straight ahead, your 130 00:07:16,280 --> 00:07:19,080 Speaker 1: latest local headlines and a check of sports. This is 131 00:07:19,160 --> 00:07:25,080 Speaker 1: Bloomberg at five oh seven on Wall Street. It's thirty 132 00:07:25,080 --> 00:07:27,160 Speaker 1: four degrees in Central Park. Still dealing with the same 133 00:07:27,200 --> 00:07:29,800 Speaker 1: issues on New Jersey Transit have been with us for 134 00:07:29,920 --> 00:07:32,720 Speaker 1: much of the week. I'll have details and traffic shortly. First, 135 00:07:32,960 --> 00:07:34,840 Speaker 1: Michael Bars here with more on what's going on in 136 00:07:34,840 --> 00:07:36,960 Speaker 1: New York and around the world. Good morning, Michael, Good 137 00:07:37,000 --> 00:07:41,480 Speaker 1: morning Nathan. The first licenses to sell to recreational marijuana 138 00:07:41,680 --> 00:07:45,120 Speaker 1: customers and for distributors in New York will go to 139 00:07:45,160 --> 00:07:48,400 Speaker 1: people who have a record. State officials said that people 140 00:07:48,400 --> 00:07:51,880 Speaker 1: with Merillana marijuana related convictions will get DIBs on the 141 00:07:51,920 --> 00:07:56,240 Speaker 1: first one D two hundred retail cannabis licenses awarded by 142 00:07:56,640 --> 00:08:00,080 Speaker 1: New York State. The state says it's part of a 143 00:08:00,120 --> 00:08:03,560 Speaker 1: broader effort to redress the inequities of a justice system 144 00:08:03,720 --> 00:08:07,120 Speaker 1: that locked up a disproportionate number of people of color 145 00:08:07,240 --> 00:08:10,840 Speaker 1: for drug crimes. Governor Kathy Hokel has said to announce 146 00:08:10,880 --> 00:08:15,880 Speaker 1: the plan regulations for social equity applicants today. Meanwhile, Governor 147 00:08:16,000 --> 00:08:19,520 Speaker 1: HOCl showed her support for those suffering in Ukraine from 148 00:08:19,560 --> 00:08:24,040 Speaker 1: the Russian invasion, and interfaith ceremony in support of Ukraine 149 00:08:24,080 --> 00:08:27,480 Speaker 1: was held at a Ukrainian Orthodox cathedral in New York City. 150 00:08:27,640 --> 00:08:30,600 Speaker 1: Hokel was there and said she was immersing herself in 151 00:08:30,640 --> 00:08:34,120 Speaker 1: the community. When I look out in this room, yes, 152 00:08:34,200 --> 00:08:37,280 Speaker 1: I hear the words of prayer on your lips, and 153 00:08:37,280 --> 00:08:41,880 Speaker 1: those are powerful words, heartfelt words. But I also see 154 00:08:42,040 --> 00:08:46,600 Speaker 1: tremendous pain in your eyes. Governor HOCl praise the defiance 155 00:08:46,640 --> 00:08:50,000 Speaker 1: of the Ukrainian people in the face of Russia's invasion. 156 00:08:50,320 --> 00:08:54,920 Speaker 1: South Korea's conservative president elect, Yun suk yol says he 157 00:08:54,920 --> 00:08:58,320 Speaker 1: would solidify an alliance with the United States, build up 158 00:08:58,320 --> 00:09:03,280 Speaker 1: a powerful military, and sternly cope with North Korean provocations. 159 00:09:03,679 --> 00:09:06,320 Speaker 1: Hours after he won the country's hard fought election to 160 00:09:06,320 --> 00:09:09,360 Speaker 1: become its next leader, n spoke with President Joe Biden 161 00:09:09,400 --> 00:09:11,720 Speaker 1: on the phone. The White House is reacting to a 162 00:09:11,760 --> 00:09:14,680 Speaker 1: bill that would make it illegal in Florida to discuss 163 00:09:14,840 --> 00:09:18,720 Speaker 1: sexual identity and orientation in some classrooms. It heads to 164 00:09:18,760 --> 00:09:21,480 Speaker 1: the governor's mask for signing. The state Senate passed the 165 00:09:21,520 --> 00:09:25,160 Speaker 1: measure despite days of protests and student walkouts. The bill 166 00:09:25,240 --> 00:09:28,600 Speaker 1: supporters say they give parents more of us say in 167 00:09:28,679 --> 00:09:32,720 Speaker 1: their children's education. Why Now's Press Secretary Jen Psaki, I 168 00:09:32,760 --> 00:09:35,439 Speaker 1: think the most important question now is why are Florida 169 00:09:35,559 --> 00:09:39,040 Speaker 1: leaders deciding the need to discriminate against kids who are 170 00:09:39,040 --> 00:09:41,200 Speaker 1: members of the l g B t q I community. 171 00:09:41,200 --> 00:09:44,000 Speaker 1: What prompts them to do that? Is it meanness? Is 172 00:09:44,040 --> 00:09:46,520 Speaker 1: it wanting to make kids have more difficult times in 173 00:09:46,600 --> 00:09:51,000 Speaker 1: school and their communities? Spokesperson Jen Saki. Global News twenty 174 00:09:51,000 --> 00:09:53,719 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 175 00:09:53,800 --> 00:09:56,800 Speaker 1: powered by more than twenty seven hundred journalists and analysts 176 00:09:56,840 --> 00:09:59,000 Speaker 1: in more than a hundred twenty countries. I'm michaela bar 177 00:09:59,120 --> 00:10:06,599 Speaker 1: This is Bloomberg. Alright, Michael, thank you, Coming up to 178 00:10:06,679 --> 00:10:08,720 Speaker 1: five ten on Wall Street time for the Bloomberg Sports 179 00:10:08,800 --> 00:10:11,000 Speaker 1: Updake and what are you? John stash Ower? Your morning, Nathan? 180 00:10:11,040 --> 00:10:13,840 Speaker 1: What's going on with the Knicks? Into seven game losing straight, 181 00:10:14,000 --> 00:10:17,000 Speaker 1: sixteen losses in the span of nineteen games, the Knicks 182 00:10:17,000 --> 00:10:18,640 Speaker 1: has suddenly won three in a row. They had gone 183 00:10:18,640 --> 00:10:20,600 Speaker 1: all those two months without winning two straight, and over 184 00:10:20,640 --> 00:10:24,480 Speaker 1: their last six quarters, Knicks have outscored the opposition by 185 00:10:24,559 --> 00:10:27,560 Speaker 1: sixty one points. It was easy in Dallas Paul Louse 186 00:10:27,880 --> 00:10:32,439 Speaker 1: trying to get it back dives quarter three. It's good 187 00:10:34,240 --> 00:10:39,640 Speaker 1: Evan four titleson the Knicks fifty five Dallas, twenty seven PM. 188 00:10:39,679 --> 00:10:42,640 Speaker 1: The Call Final one oh seven seventy seven Knicks five 189 00:10:42,720 --> 00:10:45,360 Speaker 1: fifth straight win in Dallas. That Alice native Julius Randall 190 00:10:45,400 --> 00:10:48,160 Speaker 1: scored twenty six match shot only thirty one percent. They 191 00:10:48,200 --> 00:10:51,280 Speaker 1: were six for forty four on three pointers. They missed 192 00:10:51,280 --> 00:10:54,079 Speaker 1: their first nineteen at the Garden St. John's beat to 193 00:10:54,120 --> 00:10:56,600 Speaker 1: Paul ninety two to seventy three to advanced to place 194 00:10:56,679 --> 00:10:58,520 Speaker 1: billing Ova Today. At the Big East Tournaments, Seaton Hall 195 00:10:58,600 --> 00:11:01,640 Speaker 1: got by Georgetown p seven fifty three. The Hoya has 196 00:11:01,640 --> 00:11:04,000 Speaker 1: never won a Big East game all season. Butler upset 197 00:11:04,120 --> 00:11:07,280 Speaker 1: Xavier and overtime. At the ACC Tournament in Brooklyn, Syracuse. 198 00:11:07,679 --> 00:11:10,480 Speaker 1: Blue out Florida State by thirty nine, but top score 199 00:11:10,520 --> 00:11:13,680 Speaker 1: Buddy Bayhon throw a punch and the coach's son suspended 200 00:11:13,960 --> 00:11:17,040 Speaker 1: for today's game. With two heartbreak for Iona at one 201 00:11:17,080 --> 00:11:19,920 Speaker 1: point lost a writer at the mc turney in Atlantic City, 202 00:11:19,960 --> 00:11:22,520 Speaker 1: the Bronx wanted on a shot with seven seconds left 203 00:11:22,520 --> 00:11:26,480 Speaker 1: their fourteen and eighteen. They advanced Iona at twenty five 204 00:11:26,520 --> 00:11:28,960 Speaker 1: and six. Will settle for the n i T and 205 00:11:28,960 --> 00:11:30,880 Speaker 1: the baseball labor dispute is now said to be a 206 00:11:30,920 --> 00:11:34,600 Speaker 1: new conflict whether to institute a draft for international players. 207 00:11:34,600 --> 00:11:37,360 Speaker 1: If it's not one thing, it's another, and still no deal. 208 00:11:37,400 --> 00:11:40,640 Speaker 1: The lockout continues the first four series of the season 209 00:11:40,679 --> 00:11:44,520 Speaker 1: of Malvin Kids. John stash Award Bloomberg Sports. Maybe all right, John, 210 00:11:44,559 --> 00:11:47,200 Speaker 1: thank you. Red headline just crossing the Bloomberg terminal on 211 00:11:47,520 --> 00:11:51,200 Speaker 1: talks between the Russian and Ukrainian foreign ministers to meetro 212 00:11:51,280 --> 00:11:54,320 Speaker 1: Kulava of Ukraine says Russia. Convada will continue its attack 213 00:11:54,840 --> 00:11:58,160 Speaker 1: until its demands are met. You get the very latest 214 00:11:58,240 --> 00:12:00,640 Speaker 1: on the war in Ukraine next with Bloomberg Smart Champions. 215 00:12:00,679 --> 00:12:08,120 Speaker 1: Stay with us. This is Bloomberg. Good morning, Bloomberg, eleven 216 00:12:08,200 --> 00:12:10,520 Speaker 1: three oh Weather. Partly sunny today, up or forties for highs, 217 00:12:10,559 --> 00:12:13,680 Speaker 1: mix of sunning clouds, upper forties tomorrow, rainy, wendy, maybe 218 00:12:13,679 --> 00:12:16,680 Speaker 1: a little bit of wet snow on Saturday. Temperatures falling 219 00:12:16,679 --> 00:12:22,440 Speaker 1: through the afternoon. Right now thirty four in Central Park Markets. 220 00:12:22,559 --> 00:12:25,640 Speaker 1: Headlines and breaking news twenty four hours a day at 221 00:12:25,640 --> 00:12:29,040 Speaker 1: Bloomberg dot Com, The Bloomberg Business at and at Bloomberg 222 00:12:29,120 --> 00:12:38,960 Speaker 1: Quick takes a Bloomberg business lash and I'm Karen Moscow. 223 00:12:39,120 --> 00:12:42,520 Speaker 1: US stock index futures and European shares are falling amid concern. 224 00:12:42,679 --> 00:12:47,239 Speaker 1: US inflation accelerated for a six successive month, while investors 225 00:12:47,280 --> 00:12:50,280 Speaker 1: turned to the European Central Bank degage policymakers response to 226 00:12:50,320 --> 00:12:52,880 Speaker 1: the war in Ukraine. We checked the markets every fifteen 227 00:12:52,880 --> 00:12:55,679 Speaker 1: minutes through While the trading day on Bloomberg SNP future 228 00:12:55,760 --> 00:12:58,560 Speaker 1: is down thirty three points down, futures down two one 229 00:12:58,960 --> 00:13:01,559 Speaker 1: nasdack futures down on one d twenty nine, the decks 230 00:13:01,600 --> 00:13:04,320 Speaker 1: in Germany's down two and a quarter percent. Can your 231 00:13:04,360 --> 00:13:06,719 Speaker 1: treasury up six thirty seconds? He had one point nine 232 00:13:06,760 --> 00:13:08,920 Speaker 1: three percent. They yield on the two year one point 233 00:13:08,920 --> 00:13:12,080 Speaker 1: six six percent. Nim X scrude oil is a four 234 00:13:12,120 --> 00:13:14,319 Speaker 1: point nine percent of five dollars thirty six cents and 235 00:13:14,360 --> 00:13:17,280 Speaker 1: a hundred fourteen dollars of Beryl comex s goold is 236 00:13:17,320 --> 00:13:19,720 Speaker 1: up six tents percent or twelve dollars fifty cents at 237 00:13:19,720 --> 00:13:23,040 Speaker 1: two thousand dollars. Announced. The euro one point one zero 238 00:13:23,160 --> 00:13:25,680 Speaker 1: three three against the dollar. British found one point three 239 00:13:25,720 --> 00:13:28,720 Speaker 1: one five one. The ends in one fifteen point nine 240 00:13:28,800 --> 00:13:32,000 Speaker 1: eight and the and Bitcoin this morning lower down six 241 00:13:32,000 --> 00:13:34,199 Speaker 1: and a half percent at thirty nine thousand, one hundred 242 00:13:34,320 --> 00:13:37,400 Speaker 1: seventy dollars. That's a Bloomberg Business Flash. Now here's Michael 243 00:13:37,400 --> 00:13:39,840 Speaker 1: bar with more on what's going on around the world. Michael, 244 00:13:40,120 --> 00:13:42,760 Speaker 1: thank you very much. Karen. Talks between the feign ministers 245 00:13:42,760 --> 00:13:45,440 Speaker 1: of Russia and Ukraine just wrapped up on the sidelines 246 00:13:45,720 --> 00:13:49,000 Speaker 1: of a diplomatic summit in Turkey. Russia conveyed it will 247 00:13:49,040 --> 00:13:53,319 Speaker 1: continue attacks on Ukraine until demands are met. City Council 248 00:13:53,440 --> 00:13:56,640 Speaker 1: of Maryupole says an air strike on a hospital killed 249 00:13:56,679 --> 00:13:59,880 Speaker 1: three people, including a child. The World Health Are going 250 00:13:59,920 --> 00:14:02,720 Speaker 1: to Zation said it has confirmed eighteen attacks on medical 251 00:14:02,720 --> 00:14:06,480 Speaker 1: facilities since the Russian invasion began two weeks ago. Major 252 00:14:06,559 --> 00:14:09,240 Speaker 1: League Baseball has got another week of the upcoming season 253 00:14:09,320 --> 00:14:13,000 Speaker 1: with the lockout in its day. The decision means the 254 00:14:13,040 --> 00:14:16,360 Speaker 1: season won't begin until April fourteenth, at the earliest. In 255 00:14:16,400 --> 00:14:19,360 Speaker 1: the NBA, the Knicks and Celtics won, the Wizards lost. 256 00:14:19,560 --> 00:14:22,440 Speaker 1: In the NHL, the Capitols lost in overtime to the Oilers. 257 00:14:22,480 --> 00:14:25,560 Speaker 1: For three Global News twenty four hours a day on 258 00:14:25,720 --> 00:14:28,960 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 259 00:14:29,000 --> 00:14:32,040 Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries. Hi, 260 00:14:32,160 --> 00:14:34,720 Speaker 1: Michael Barr, this is Bloomberg Nathan. Thanks Michael. It's five 261 00:14:34,800 --> 00:14:37,960 Speaker 1: nineteen on Wall Street Live from the Bloomberg Intractor Broker's studios. 262 00:14:37,960 --> 00:14:40,160 Speaker 1: This is Bloomberg day Break. Let's get more now on 263 00:14:40,200 --> 00:14:42,360 Speaker 1: the war in Ukraine. And these talks have just wrapped 264 00:14:42,400 --> 00:14:44,960 Speaker 1: up between the foreign ministers of Ukraine and Russia. Mark 265 00:14:45,040 --> 00:14:47,640 Speaker 1: Champion is with us now, Bloomberg New Senior reporter for 266 00:14:47,680 --> 00:14:50,320 Speaker 1: International Affairs. Mark, It's good to have you with us. 267 00:14:50,360 --> 00:14:52,800 Speaker 1: And just judging from the headlines that across the Bloomberg 268 00:14:52,880 --> 00:14:55,720 Speaker 1: terminal coming out of these talks between Demetro Kuleba and 269 00:14:56,080 --> 00:15:00,680 Speaker 1: Sergey lavrav it doesn't sound like much headway was made. No, 270 00:15:01,200 --> 00:15:04,320 Speaker 1: there is a long way to go to cross uh, 271 00:15:04,680 --> 00:15:06,800 Speaker 1: you know, to to get these two sides to meet. 272 00:15:07,280 --> 00:15:09,600 Speaker 1: You know, on the one hand, it's already progressed at 273 00:15:09,640 --> 00:15:13,200 Speaker 1: their meeting and at the diplomatic level is increased from 274 00:15:13,240 --> 00:15:17,360 Speaker 1: sort of technical meetings up to now the foreign ministers. 275 00:15:17,400 --> 00:15:19,600 Speaker 1: But you know, you have to kind of look at 276 00:15:19,640 --> 00:15:22,920 Speaker 1: what each side is demanding. That the the Russians are 277 00:15:22,960 --> 00:15:27,040 Speaker 1: demanding that that there should be recognition of Crimea, which 278 00:15:27,080 --> 00:15:29,720 Speaker 1: was the next in two thousand and fourteen, as Russian territory, 279 00:15:29,840 --> 00:15:34,200 Speaker 1: and their demanding also that the don Ba separatist territories 280 00:15:34,240 --> 00:15:36,920 Speaker 1: where there's been a wars instude thousand and fourteen um 281 00:15:37,160 --> 00:15:41,320 Speaker 1: that those should be recognized by Ukraine as independent states, 282 00:15:41,760 --> 00:15:45,520 Speaker 1: so that you know, a significant chunk of Ukrainian territory 283 00:15:45,560 --> 00:15:50,320 Speaker 1: would be acknowledged as no longer part of Ukraine. That is, 284 00:15:50,920 --> 00:15:55,560 Speaker 1: as President Zelinsky has already said, kind of a non starter. 285 00:15:55,800 --> 00:15:58,760 Speaker 1: They're willing to talk about status, to discuss status, what 286 00:15:58,920 --> 00:16:01,440 Speaker 1: kinds of autonomy, that sort of thing, but they're not 287 00:16:01,480 --> 00:16:06,240 Speaker 1: willing to just recognize um. And in the Ukrainian position 288 00:16:06,320 --> 00:16:08,560 Speaker 1: is that they before they even start talking about those 289 00:16:08,600 --> 00:16:12,240 Speaker 1: kinds of substant things, they want the Russian troops out, 290 00:16:12,280 --> 00:16:15,000 Speaker 1: they want to cease fire, and as Labor said as 291 00:16:15,000 --> 00:16:19,040 Speaker 1: he left, that's not happening. Are we seeing some signs 292 00:16:19,160 --> 00:16:22,640 Speaker 1: of at least a little bit of progress when it 293 00:16:22,680 --> 00:16:26,160 Speaker 1: comes to the idea of neutrality. We talked to the 294 00:16:26,200 --> 00:16:29,880 Speaker 1: deputy chief of staff to President Zelinski yesterday and he 295 00:16:30,040 --> 00:16:32,120 Speaker 1: said that that could be on the table. And we've 296 00:16:32,120 --> 00:16:36,200 Speaker 1: also heard from Russian diplomats saying that they're not looking 297 00:16:36,240 --> 00:16:40,320 Speaker 1: for regime change in Ukraine? Does that show some possibility 298 00:16:40,360 --> 00:16:45,480 Speaker 1: that we could see at least some diplomatic movement. Absolutely, 299 00:16:45,520 --> 00:16:49,320 Speaker 1: and we're we've already moved significantly from where we were 300 00:16:49,440 --> 00:16:53,040 Speaker 1: saying on February, you know, the day after this began. 301 00:16:53,560 --> 00:16:57,520 Speaker 1: I mean, at that time President Putin made very clear 302 00:16:58,080 --> 00:17:01,600 Speaker 1: that he wanted Ukraine first of all, demilitarized. So that 303 00:17:01,640 --> 00:17:05,199 Speaker 1: meant the no armed force for Ukraine at all, it 304 00:17:05,240 --> 00:17:10,160 Speaker 1: would have to lay down its arms and be uh disbanded. Um. 305 00:17:10,200 --> 00:17:14,320 Speaker 1: And secondly it meant that the denotification is what he 306 00:17:14,359 --> 00:17:17,800 Speaker 1: called it, but that was regime change. Um. And they 307 00:17:17,800 --> 00:17:22,919 Speaker 1: are no longer talking talking about denotification, Uh. They the 308 00:17:22,960 --> 00:17:25,959 Speaker 1: demilitarization is still talking about but it seems like that 309 00:17:26,080 --> 00:17:31,119 Speaker 1: might be negotiable into you know, some level of Ukrainian 310 00:17:31,200 --> 00:17:34,400 Speaker 1: armed force. But but for the rest you know, we're 311 00:17:34,400 --> 00:17:38,800 Speaker 1: still very a long way apart. Uh, and some very 312 00:17:38,880 --> 00:17:41,360 Speaker 1: very difficult You think that for eight years they were 313 00:17:41,400 --> 00:17:45,600 Speaker 1: trying to negotiate the terms of a political settlement for 314 00:17:45,640 --> 00:17:48,679 Speaker 1: those separatist territories in the don Bus and they weren't 315 00:17:48,680 --> 00:17:50,960 Speaker 1: able to do it. You know, in a sense we're 316 00:17:51,000 --> 00:17:55,920 Speaker 1: back at that position, but with an arm conflict going on. Yeah, 317 00:17:55,960 --> 00:17:59,080 Speaker 1: and when we see that armed conflict going on, we've 318 00:17:59,119 --> 00:18:02,440 Speaker 1: looked at the reports of Russian forces getting bogged down 319 00:18:02,520 --> 00:18:06,960 Speaker 1: to the north and of course these seemingly indiscriminate attacks 320 00:18:07,080 --> 00:18:10,520 Speaker 1: on civilian sites and places like Mariopol. What does that 321 00:18:10,600 --> 00:18:15,160 Speaker 1: tell us about where this war could be going from here? Mark, Well, 322 00:18:15,200 --> 00:18:17,280 Speaker 1: I think it tells us something about why there has 323 00:18:17,320 --> 00:18:21,680 Speaker 1: been movement, especially on the Russian side. I think each 324 00:18:21,720 --> 00:18:25,760 Speaker 1: side is under enormous pressure. That the Ukrainians simply because 325 00:18:25,760 --> 00:18:28,560 Speaker 1: the people are being killed in numbers and their cities 326 00:18:28,600 --> 00:18:33,119 Speaker 1: and infrastructure are being destroyed. So the Ukrainian side is 327 00:18:33,200 --> 00:18:36,680 Speaker 1: very much under pressure. But so to President Putin, because 328 00:18:36,720 --> 00:18:41,480 Speaker 1: he went in with a plan where whereby Ukraine would 329 00:18:41,520 --> 00:18:45,320 Speaker 1: be taken fairly quickly, within days. His troops would just 330 00:18:45,960 --> 00:18:49,200 Speaker 1: drive almost into the center of the towns and would 331 00:18:49,240 --> 00:18:54,199 Speaker 1: take uh take down the government in Kiapan in other cities, 332 00:18:54,240 --> 00:18:56,719 Speaker 1: and just replace it with something more friendly to Russia. 333 00:18:57,040 --> 00:19:00,600 Speaker 1: And then he could organize the terms on his on 334 00:19:00,640 --> 00:19:04,600 Speaker 1: his his leisure. That simply didn't happen, and so now 335 00:19:04,640 --> 00:19:07,000 Speaker 1: he's had to move to a different military strategy which 336 00:19:07,200 --> 00:19:12,119 Speaker 1: involves basically shelling cities into submission and hoping that eventually 337 00:19:12,800 --> 00:19:16,720 Speaker 1: Zelenski will submit because of the pressure. But that is 338 00:19:16,800 --> 00:19:21,439 Speaker 1: a that is a strategy with no obvious UH time 339 00:19:21,480 --> 00:19:25,240 Speaker 1: frame for the exit, and as we know from conflicts elsewhere, 340 00:19:25,720 --> 00:19:28,760 Speaker 1: it can take a long time. Um, you know, suppress 341 00:19:28,800 --> 00:19:31,760 Speaker 1: suppressing a city. If you think of what happened in Yugoslavia, 342 00:19:31,920 --> 00:19:34,240 Speaker 1: in the eastern city of Kava, there was a famous 343 00:19:34,240 --> 00:19:38,680 Speaker 1: stiege that that that took ninety days. Thanks for this, Mark, 344 00:19:38,720 --> 00:19:40,840 Speaker 1: great to have you with us this morning. Mark Champion, 345 00:19:40,880 --> 00:19:44,760 Speaker 1: Senior reporter for International Affairs for Bloomberg News. As we 346 00:19:44,840 --> 00:19:50,640 Speaker 1: continue monitoring developments following the foreign ministers meeting between Russia 347 00:19:50,800 --> 00:19:55,000 Speaker 1: and Ukraine, Russia's Sergey Lavrov is now speaking. Will continue 348 00:19:55,040 --> 00:19:59,639 Speaker 1: bringing his comments and UH developments to you as the 349 00:19:59,680 --> 00:20:03,200 Speaker 1: morning Progressive. Stay with us. You're listening to Bloomberg Daybreak 350 00:20:07,359 --> 00:20:10,200 Speaker 1: Bloomberg eleven three oh Weather partly sunny, upper forties today, 351 00:20:10,280 --> 00:20:13,760 Speaker 1: mix of sun and clouds. Tomorrow upper forties, rainy for Saturday. 352 00:20:13,760 --> 00:20:16,080 Speaker 1: That rain could mix with some wet snow is Temperatures 353 00:20:16,240 --> 00:20:19,120 Speaker 1: dropped through the day. Right now, thirty four in Central Park, 354 00:20:22,000 --> 00:20:26,560 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York, 355 00:20:26,640 --> 00:20:30,000 Speaker 1: Bloomberg Living Free on to Washington, d C, Bloomberg nine 356 00:20:30,440 --> 00:20:33,960 Speaker 1: one to Boston, Bloomberg one O six one does San Francisco, 357 00:20:34,040 --> 00:20:37,240 Speaker 1: Bloomberg nine sixty to the Country, Sirius XM to A 358 00:20:37,320 --> 00:20:40,639 Speaker 1: one ninet, and around the globe the Bloomberg business in 359 00:20:40,720 --> 00:20:50,760 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five 360 00:20:50,760 --> 00:20:53,199 Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hager and 361 00:20:53,240 --> 00:20:56,200 Speaker 1: I'm Karin Moscow. We're just about four hours away from 362 00:20:56,240 --> 00:20:58,200 Speaker 1: the open of US trading. Let's catch you up to 363 00:20:58,240 --> 00:21:00,000 Speaker 1: date on the news you need to know. The show 364 00:21:00,000 --> 00:21:05,879 Speaker 1: our arraid sirens in Ukraine's capital Kiev this morning. As 365 00:21:05,960 --> 00:21:10,200 Speaker 1: Russia's invasion enters its third week, Ukraine's President Vladimir Zelenski 366 00:21:10,320 --> 00:21:14,160 Speaker 1: says he's willing to consider compromises, but he won't seed territory. 367 00:21:15,440 --> 00:21:18,040 Speaker 1: You must strengthen sanctions against Russia so that it never 368 00:21:18,119 --> 00:21:20,920 Speaker 1: has the chance to continue this genocide. You need a 369 00:21:20,960 --> 00:21:23,760 Speaker 1: pressure Russia so that it sits at the negotiating table 370 00:21:23,840 --> 00:21:27,199 Speaker 1: and ends this barbarous war. Zelenski says he has not 371 00:21:27,280 --> 00:21:31,120 Speaker 1: spoken to Vladimir Putin. Foreign ministers from Russia and Ukraine's 372 00:21:31,119 --> 00:21:34,800 Speaker 1: spoken Turkey today with no breakthrough, Moscow said it well 373 00:21:34,840 --> 00:21:38,040 Speaker 1: continue its attack until demands are met. It's seeking surrender 374 00:21:38,080 --> 00:21:41,240 Speaker 1: from Ukraine. Like in Washington, Karen, Congress is ramping up 375 00:21:41,240 --> 00:21:43,280 Speaker 1: pressure on Moscow. The House has passed to build a 376 00:21:43,280 --> 00:21:46,320 Speaker 1: band oil imports from Russia. Bloomberg's Ranita Young joins US 377 00:21:46,320 --> 00:21:48,879 Speaker 1: Live with the story, Ranita Nathan. The US ban on 378 00:21:49,000 --> 00:21:52,119 Speaker 1: Russian oil imports would go into effect forty five days 379 00:21:52,240 --> 00:21:55,600 Speaker 1: after it's signed into law. The House legislation also takes 380 00:21:56,080 --> 00:21:59,679 Speaker 1: steps to review Russia's access to the World Trade Organization, 381 00:22:00,000 --> 00:22:03,200 Speaker 1: and it reauthorizes in strengthens the Magnitsky Act, which calls 382 00:22:03,240 --> 00:22:06,800 Speaker 1: for sanctions on offenders of human rights. But the legislation 383 00:22:06,880 --> 00:22:10,280 Speaker 1: does have a provision letting the President allows some products 384 00:22:10,320 --> 00:22:13,000 Speaker 1: to be imported from Russia, and that's if they're in 385 00:22:13,040 --> 00:22:17,080 Speaker 1: the national interests, but they'll be subject to review by Congress. 386 00:22:17,480 --> 00:22:19,720 Speaker 1: Live in New York, I'm gonna need a Young Bloomberg 387 00:22:19,760 --> 00:22:22,440 Speaker 1: Daybreak alright, rened to thank you, turning to All Street today, 388 00:22:22,480 --> 00:22:25,360 Speaker 1: it's all about inflation. The consumer price index is expected 389 00:22:25,400 --> 00:22:27,920 Speaker 1: to increase it at seven point nine percent annual rate. 390 00:22:28,160 --> 00:22:31,560 Speaker 1: Bloomberg's Finny Deal. Judai says, more red hot inflation. It's 391 00:22:31,600 --> 00:22:34,080 Speaker 1: probably going to get worse as the war in Ukraine 392 00:22:34,080 --> 00:22:37,520 Speaker 1: sends global food and energy prices higher. Ukraine is a 393 00:22:37,560 --> 00:22:41,919 Speaker 1: major wheat exporter, Russia oil and gas. For now, economists 394 00:22:41,960 --> 00:22:45,080 Speaker 1: are saying US inflation could peak somewhere around eight percent 395 00:22:45,200 --> 00:22:48,160 Speaker 1: or nine percent, perhaps in a month or two. Final 396 00:22:48,280 --> 00:22:51,960 Speaker 1: Judace Bloomberg daybreak. Al Right, Vinnie, thank you. In overseas markets, 397 00:22:51,960 --> 00:22:54,880 Speaker 1: the focus is on monetary policy. The European Central Bank 398 00:22:54,920 --> 00:22:58,199 Speaker 1: decides on whether to raise interest rates in these asset purchases. 399 00:22:58,240 --> 00:23:01,800 Speaker 1: That strategy could be delayed as it navigates inflation and 400 00:23:01,880 --> 00:23:05,320 Speaker 1: economic shocks from the war. I'm back here in the US, Nathan. 401 00:23:05,359 --> 00:23:07,880 Speaker 1: For the first time in two decades, Amazon is splitting 402 00:23:07,880 --> 00:23:10,800 Speaker 1: at stock. The company plans to boost its outstanding shares 403 00:23:10,880 --> 00:23:14,040 Speaker 1: by a twenty to one ratio. It's also authorizing at 404 00:23:14,080 --> 00:23:17,160 Speaker 1: ten billion dollar buyback, and Amazon shares up about six 405 00:23:17,200 --> 00:23:21,480 Speaker 1: percent in early trading. Futures this morning are lower. SMP 406 00:23:21,640 --> 00:23:24,560 Speaker 1: futures down twenty nine points down, futures down two hundred 407 00:23:24,600 --> 00:23:28,959 Speaker 1: thirty Nasdag Futures down one eighteen and straight ahead your 408 00:23:29,040 --> 00:23:32,439 Speaker 1: latest of local headlines plus the check of sports and 409 00:23:32,720 --> 00:23:40,159 Speaker 1: this is Bloomberg. Thanks Scaring three on Wall Street, foggy 410 00:23:40,240 --> 00:23:42,600 Speaker 1: thirty three degrees in Central Park, we had an overturned 411 00:23:42,600 --> 00:23:46,000 Speaker 1: tractor trailer southbound New Jersey Turnpike. Exsit thirteen Hells coming 412 00:23:46,080 --> 00:23:47,960 Speaker 1: up in traffic. First Michael bar with more on what's 413 00:23:47,960 --> 00:23:49,760 Speaker 1: going on in New York and around the world. Michael, 414 00:23:49,800 --> 00:23:52,960 Speaker 1: thank you very much. Nathan. The first pot sales permits 415 00:23:53,080 --> 00:23:56,080 Speaker 1: in New York State will go to people with convictions. 416 00:23:56,520 --> 00:23:59,320 Speaker 1: The states going to award up to two hundred only 417 00:23:59,400 --> 00:24:02,760 Speaker 1: to people who had been convicted of marijuana related crimes. 418 00:24:03,080 --> 00:24:05,760 Speaker 1: Governor Kathy Oakel says it's an effort to address the 419 00:24:05,760 --> 00:24:08,760 Speaker 1: inequities of a system which has locked up people of 420 00:24:08,800 --> 00:24:13,840 Speaker 1: color for such offenses at disproportionate rates and in her faith. 421 00:24:14,000 --> 00:24:17,280 Speaker 1: Ceremony and Support of Ukraine was held at a Ukrainian 422 00:24:17,440 --> 00:24:20,960 Speaker 1: Orthodox cathedral in New York City. Governor Hokell attended the 423 00:24:21,000 --> 00:24:23,960 Speaker 1: event and praised the defiance of the Ukrainian people in 424 00:24:24,000 --> 00:24:29,480 Speaker 1: the face of Russia's invasion. Ukrainians stand up women grabbing 425 00:24:29,520 --> 00:24:32,800 Speaker 1: weapons and going to the front line, some taking their 426 00:24:32,880 --> 00:24:35,320 Speaker 1: children as safety, but others staying I'll stand with the 427 00:24:35,359 --> 00:24:39,200 Speaker 1: menimal fight back. Governor Hokel said she was immersing herself 428 00:24:39,280 --> 00:24:43,240 Speaker 1: in the Ukrainian community. South Korea has elected a new president. 429 00:24:43,600 --> 00:24:46,840 Speaker 1: Conservative Yun suk Yol, defeated his rival in one of 430 00:24:46,840 --> 00:24:51,119 Speaker 1: the country's most closely fought presidential elections. Un spoke with 431 00:24:51,200 --> 00:24:55,159 Speaker 1: President Joe Biten shortly after his win. Former astronaut Scott 432 00:24:55,240 --> 00:24:58,200 Speaker 1: Kelly is upset with a head of Russia's Space agency 433 00:24:58,440 --> 00:25:01,439 Speaker 1: for threatening on social media to leave one of the 434 00:25:01,480 --> 00:25:05,600 Speaker 1: American astronauts on the International Space Station behind when a 435 00:25:05,680 --> 00:25:09,040 Speaker 1: Russian saw use spacecraft parts the station later this month. 436 00:25:09,400 --> 00:25:12,439 Speaker 1: Kelly says he found the comments outrageous. The people at 437 00:25:12,440 --> 00:25:15,640 Speaker 1: the Russian Space Agency, I've known many of them for 438 00:25:15,840 --> 00:25:19,439 Speaker 1: well over two decades. I trust them. I've literally literally 439 00:25:19,480 --> 00:25:22,439 Speaker 1: trusted them with my life before. Kelly also says the 440 00:25:22,480 --> 00:25:25,520 Speaker 1: events of the past weeks have taught us to prepare 441 00:25:25,600 --> 00:25:28,520 Speaker 1: for the worst and hope for the best. A federal 442 00:25:28,600 --> 00:25:31,800 Speaker 1: lawsuit filed in Colorado claims a group of Donald Trump's 443 00:25:31,760 --> 00:25:36,439 Speaker 1: supporters called the US Election Integrity Plan, has been sending 444 00:25:36,440 --> 00:25:39,480 Speaker 1: its agents to people's homes in an effort to intimidate voters. 445 00:25:39,840 --> 00:25:43,280 Speaker 1: They are said to have sent agents, in some cases armed, 446 00:25:43,480 --> 00:25:47,359 Speaker 1: to voters homes, asking questions and taking pictures. Global News 447 00:25:47,359 --> 00:25:50,440 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 448 00:25:50,680 --> 00:25:53,280 Speaker 1: powered by more than twenty seven under journalist and an 449 00:25:53,240 --> 00:25:56,160 Speaker 1: analyst in more than a hundred twenty countries. Michael Barr, 450 00:25:56,280 --> 00:26:04,680 Speaker 1: This is Bloomberg, Nathan. Thanks Michael. On Wall Street. Time 451 00:26:04,720 --> 00:26:07,560 Speaker 1: for the Bloomberg Sports Update with John stas Shower. Nathan 452 00:26:07,560 --> 00:26:09,760 Speaker 1: the Nixon joined Life on the Road. They had that 453 00:26:09,800 --> 00:26:12,560 Speaker 1: heartbreaking loss in Phoenix. The Sun's banked in at three 454 00:26:12,600 --> 00:26:14,200 Speaker 1: point at the buzzer, but they beat the Clippers in 455 00:26:14,320 --> 00:26:16,919 Speaker 1: l A. They came from twenty down at Sacramento and 456 00:26:16,960 --> 00:26:19,400 Speaker 1: they cruised do an easy win in Dallas one oh 457 00:26:19,480 --> 00:26:22,560 Speaker 1: seven seventies seven. So after going nearly two months without 458 00:26:22,560 --> 00:26:24,399 Speaker 1: two wins in a row, Knicks have won three straight. 459 00:26:24,680 --> 00:26:27,439 Speaker 1: Julius Randall coming off a career high forty six points, 460 00:26:27,440 --> 00:26:29,840 Speaker 1: this time at twenty six at his hometown. R J. 461 00:26:30,000 --> 00:26:33,879 Speaker 1: Barrett at it that all we're doing different, you know, 462 00:26:33,960 --> 00:26:37,280 Speaker 1: because the past couple of games before that, we always 463 00:26:37,400 --> 00:26:39,639 Speaker 1: you know, are winning have it meat and then we 464 00:26:39,680 --> 00:26:42,840 Speaker 1: would lose it, So it really differences now. Just finishing 465 00:26:42,840 --> 00:26:45,359 Speaker 1: the games on Randall called it the Knicks best defensive 466 00:26:45,400 --> 00:26:47,560 Speaker 1: effort of the season. They held the Master thirty one 467 00:26:47,600 --> 00:26:50,400 Speaker 1: percent shooting. Dallas was six of forty four on three 468 00:26:50,440 --> 00:26:54,119 Speaker 1: point and started over nineteen Nixon Memphis Tomorrow Nets and 469 00:26:54,160 --> 00:26:56,880 Speaker 1: Sixers Tonight in Philadelphia is the Nets face James Harden. 470 00:26:56,920 --> 00:26:59,440 Speaker 1: Ben Simmons still not playing for his new team. He 471 00:26:59,440 --> 00:27:01,560 Speaker 1: had refused to play for Philly. He will be there 472 00:27:01,600 --> 00:27:04,960 Speaker 1: tonight sitting on the next bench. Figgy's Tournament The Guard St. 473 00:27:05,040 --> 00:27:07,520 Speaker 1: John's beat to Paul ninety two to seventy three. Seaton 474 00:27:07,560 --> 00:27:10,840 Speaker 1: Hall got by Georgetown fifty seven fifty three. Big upset 475 00:27:11,160 --> 00:27:14,160 Speaker 1: at the Matt Turney in Atlantic City. Ryder top Diona 476 00:27:14,280 --> 00:27:16,560 Speaker 1: seventy one. Seventy of the Gales had beating the Bronx 477 00:27:16,600 --> 00:27:19,320 Speaker 1: twice in the regular season once by twenty six, but 478 00:27:19,520 --> 00:27:22,359 Speaker 1: Ryder advances in Iona will settle for the n I T. 479 00:27:22,600 --> 00:27:24,399 Speaker 1: Col Gate going to the n C Double eight to 480 00:27:24,440 --> 00:27:27,360 Speaker 1: the second year in a row. The baseball lockout continues. 481 00:27:27,440 --> 00:27:30,800 Speaker 1: Two more series canceled, wiping out a Mets road trip 482 00:27:30,880 --> 00:27:33,320 Speaker 1: in Philly and Washington, and a Yank Young stand against 483 00:27:33,359 --> 00:27:37,119 Speaker 1: Toronto and Boston. The earliest the season could now begin 484 00:27:37,720 --> 00:27:42,280 Speaker 1: is April fifty down Station with Bloomberg Sports Baseball in Texas. 485 00:27:42,400 --> 00:27:44,760 Speaker 1: All right, John, thank you thirty seven on Wall Street 486 00:27:44,800 --> 00:27:47,600 Speaker 1: time for the Tri State Business Report with Bloomberg's head Cory. 487 00:27:48,040 --> 00:27:50,960 Speaker 1: Manhattan apartment rent store to an all time record high 488 00:27:51,080 --> 00:27:54,280 Speaker 1: last month. Tennant's paid a median of three thousand, six 489 00:27:54,359 --> 00:27:56,479 Speaker 1: hundred thirty dollars, the most for any month and more 490 00:27:56,520 --> 00:27:59,080 Speaker 1: than a decade of data keeping, end up twenty eight 491 00:27:59,080 --> 00:28:02,160 Speaker 1: percent from a year earlier. Leasing costs are now two 492 00:28:02,160 --> 00:28:05,120 Speaker 1: and a half percent higher than the previous record set 493 00:28:05,160 --> 00:28:09,000 Speaker 1: in April two thousand twenty. The Brooklyn Tower is starting 494 00:28:09,040 --> 00:28:12,800 Speaker 1: sales as the luxury market once again booms. After five 495 00:28:12,880 --> 00:28:16,879 Speaker 1: years of construction, the Times Rewards JDS Development Group has 496 00:28:16,920 --> 00:28:20,080 Speaker 1: nearly completed the city's first and only super tall building 497 00:28:20,200 --> 00:28:25,240 Speaker 1: tower outside Manhattan. The Treasury Department says the Supreme Court 498 00:28:25,280 --> 00:28:28,919 Speaker 1: shouldn't take up a case that challenges the constitutionality of 499 00:28:28,920 --> 00:28:31,960 Speaker 1: a camp Congress imposed on federal deductions for state and 500 00:28:32,000 --> 00:28:35,760 Speaker 1: local taxes. New York, New Jersey, Connecticut in Maryland have 501 00:28:35,880 --> 00:28:39,560 Speaker 1: said the camp undermines their sovereign authority over fiscal issues 502 00:28:39,560 --> 00:28:42,880 Speaker 1: and their ability to raise revenue. That yourew Bloomberg Dry 503 00:28:42,880 --> 00:28:47,280 Speaker 1: State Business Report. I'm Ed Corey on Wall Street. Bloomberg 504 00:28:47,360 --> 00:28:49,760 Speaker 1: Radio is on the air from San Francisco to New York, 505 00:28:49,800 --> 00:28:52,240 Speaker 1: London to Hong Kong. Let's check in with our global 506 00:28:52,360 --> 00:28:54,160 Speaker 1: news team for some of the top stories heard on 507 00:28:54,200 --> 00:29:00,320 Speaker 1: our three hundred affiliate radio stations around the world. I'm 508 00:29:00,360 --> 00:29:03,400 Speaker 1: Steve Potaskan on ten ten Wins in New York. We're 509 00:29:03,440 --> 00:29:07,280 Speaker 1: talking about Manhattan apartment reds hitting another all time on. 510 00:29:07,880 --> 00:29:11,760 Speaker 1: I'm Corney Dannaho on Cafabian Omahaw Caterpillar and Deer joined 511 00:29:11,760 --> 00:29:15,360 Speaker 1: firm suspending business in Russia. I'm Gina Servetti and for 512 00:29:15,600 --> 00:29:18,320 Speaker 1: w c c O in Minneapolis. I'm reporting that Sun 513 00:29:18,320 --> 00:29:22,680 Speaker 1: Country Airlines sees demand allowing airlines to pass along higher 514 00:29:22,680 --> 00:29:26,440 Speaker 1: fuel costs. I'm Caroline Headfield. Do they dab dishal radio 515 00:29:26,480 --> 00:29:29,520 Speaker 1: at Landaport? On the government freezing the assets of Chelsea 516 00:29:29,560 --> 00:29:32,560 Speaker 1: Football Club owner Robert of Bramovich and with six other 517 00:29:32,800 --> 00:29:36,720 Speaker 1: Russian oliggs. My head Corey, you w w J in Detroit. 518 00:29:36,840 --> 00:29:40,320 Speaker 1: I'm reporting philantist G. M. Gordon testa all game ground 519 00:29:40,400 --> 00:29:43,360 Speaker 1: on Wednesday. Those are some of the stories are twenty 520 00:29:43,680 --> 00:29:46,360 Speaker 1: hundred Bloomberg journalists and analysts are working on this morning 521 00:29:46,400 --> 00:29:48,920 Speaker 1: around the world. It's five thirty nine on Wall Street. 522 00:29:49,120 --> 00:29:53,400 Speaker 1: The following is an editorial from Bloomberg Opinion. What's happening 523 00:29:53,440 --> 00:29:57,040 Speaker 1: in Ukraine is a special military operation, not a war. 524 00:29:57,360 --> 00:30:01,000 Speaker 1: President Vladimir Putin is a hero standing up to Western powers. 525 00:30:01,520 --> 00:30:04,120 Speaker 1: This is the story that most Russians have been getting 526 00:30:04,200 --> 00:30:08,640 Speaker 1: from state TV channels. For everyone's sake, Russians need better information, 527 00:30:09,000 --> 00:30:12,280 Speaker 1: which is why the international community must support the dwindling 528 00:30:12,360 --> 00:30:15,160 Speaker 1: number of journalists who are trying to provide it, either 529 00:30:15,280 --> 00:30:19,200 Speaker 1: in Russia or reporting on Russia from abroad. Fund Lying 530 00:30:19,280 --> 00:30:22,360 Speaker 1: state aid to Russian media organizations would be a mistake. 531 00:30:22,720 --> 00:30:25,720 Speaker 1: It would undermine the independence local outlets have fought so 532 00:30:25,880 --> 00:30:28,880 Speaker 1: hard to preserve. Far better for governments to look for 533 00:30:28,960 --> 00:30:32,360 Speaker 1: ways to keep communication channels into Russia open and to 534 00:30:32,440 --> 00:30:36,000 Speaker 1: assist Russian journalists by granting them asylum and work documents. 535 00:30:36,400 --> 00:30:39,520 Speaker 1: We must support Russian civil society in what may prove 536 00:30:39,640 --> 00:30:42,719 Speaker 1: to be a long exile, hoping that its proponents can 537 00:30:42,800 --> 00:30:46,160 Speaker 1: do some good from abroad and someday return to a 538 00:30:46,320 --> 00:30:49,200 Speaker 1: very different home. This editorial was written by the Bloomberg 539 00:30:49,240 --> 00:30:52,920 Speaker 1: Opinion Editorial Board. I'm David Shipley. For more Bloomberg opinion, 540 00:30:52,960 --> 00:30:55,960 Speaker 1: please go to Bloomberg dot com, slash opinion, or ope 541 00:30:56,120 --> 00:30:59,560 Speaker 1: and go on the Bloomberg Terminal. This has been Bloomberg 542 00:30:59,640 --> 00:31:02,760 Speaker 1: Opinion in Listen for Bloomberg opinion editorials every weekday. At 543 00:31:02,800 --> 00:31:05,360 Speaker 1: this time, terminal customers can read more at O P 544 00:31:05,560 --> 00:31:08,680 Speaker 1: I n GO. SMP futures down thirty one point, staff 545 00:31:08,680 --> 00:31:11,360 Speaker 1: features down two to fifty seven. Nanstack futures lower by 546 00:31:11,360 --> 00:31:13,440 Speaker 1: a hundred thirty three points. Ahead of the release of 547 00:31:13,520 --> 00:31:17,480 Speaker 1: the February Consumer Price Index, Bloomberg's Michael McKee joins us 548 00:31:17,560 --> 00:31:23,280 Speaker 1: next with a preview. This is Bloomberg Blomberg eleven three 549 00:31:23,280 --> 00:31:26,680 Speaker 1: oh Weather. Partly sunny, upper forties today, partly sunny upper 550 00:31:26,720 --> 00:31:30,200 Speaker 1: forties Tomorrow, rainy, wendy, maybe a little wet snow Saturday, 551 00:31:30,240 --> 00:31:32,600 Speaker 1: with temperatures falling through the afternoon. Right now, it's foggy 552 00:31:32,640 --> 00:31:38,480 Speaker 1: and thirty three degrees in Central Park Markets. Headlines and 553 00:31:38,640 --> 00:31:41,840 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com. 554 00:31:42,000 --> 00:31:45,560 Speaker 1: The Bloomberg Business at and at Bloomberg quicktape. This is 555 00:31:45,600 --> 00:31:54,640 Speaker 1: a Bloomberg business flash and I'm Karen Moscow US dot 556 00:31:54,720 --> 00:31:58,040 Speaker 1: in next futures and European shares falling amid concern US 557 00:31:58,120 --> 00:32:01,680 Speaker 1: inflation accelerated for a six straight month, while investors turned 558 00:32:01,720 --> 00:32:05,120 Speaker 1: to the European Central Bank to gauge policymakers response to 559 00:32:05,200 --> 00:32:07,560 Speaker 1: the war in Ukraine. We checked the markets every fifteen 560 00:32:07,600 --> 00:32:10,280 Speaker 1: minutes throughout the trading day on Bloomberg s and P 561 00:32:10,480 --> 00:32:13,120 Speaker 1: Future is down thirty points down, futures down two hundred 562 00:32:13,160 --> 00:32:16,080 Speaker 1: fifty six and NASDAG futures down one d twenty eight. 563 00:32:16,200 --> 00:32:18,600 Speaker 1: The decks in Germany is down two point two percent. 564 00:32:18,960 --> 00:32:21,200 Speaker 1: Ten year treasury up six thirty seconds. He had one 565 00:32:21,200 --> 00:32:23,800 Speaker 1: point nine three percent yield don the two year one 566 00:32:23,840 --> 00:32:27,040 Speaker 1: point six six percent. NIMEX Screwed oil is up four 567 00:32:27,160 --> 00:32:29,480 Speaker 1: point three percent, up four dollars seventy cents at one 568 00:32:29,560 --> 00:32:32,960 Speaker 1: hundred thirteen dollars forty cents of barrel comics gold is 569 00:32:33,000 --> 00:32:35,400 Speaker 1: up seven ten percent or fourty dollars thirty cents at 570 00:32:35,440 --> 00:32:38,400 Speaker 1: two thousand two dollars. Announced. The euro one point one 571 00:32:38,480 --> 00:32:40,760 Speaker 1: zero to eight against the dollar. British pound one point 572 00:32:40,800 --> 00:32:43,600 Speaker 1: three one four nine, the ends at one sixteen point 573 00:32:43,640 --> 00:32:47,200 Speaker 1: oh three, and Bitcoin this morning down more than six 574 00:32:47,280 --> 00:32:49,480 Speaker 1: and a half percent at thirty nine thousand, one hundred 575 00:32:49,520 --> 00:32:52,600 Speaker 1: twenty dollars. That's a Bloomberg business flash. Now here's Michael 576 00:32:52,640 --> 00:32:56,320 Speaker 1: Barr with more on what's going on around the world. Muchael, Karen, 577 00:32:56,360 --> 00:32:59,360 Speaker 1: thank you very much. Ukraine and Russia made little progress 578 00:32:59,440 --> 00:33:01,920 Speaker 1: in the halt the war. At the first high level 579 00:33:02,000 --> 00:33:05,680 Speaker 1: talks between their foreign ministers since the Russian invasion began, 580 00:33:06,200 --> 00:33:09,400 Speaker 1: Russia indicated it will continue its acts until its goals 581 00:33:09,560 --> 00:33:14,160 Speaker 1: are met. Russia and Ukraine's foreign ministers met in Turkey today. Meanwhile, 582 00:33:14,200 --> 00:33:17,959 Speaker 1: the City Council of Marupo says a Russian air strike 583 00:33:18,040 --> 00:33:21,360 Speaker 1: on a hospital killed three people, including a child. Major 584 00:33:21,440 --> 00:33:24,360 Speaker 1: League Baseball has cut another week of the upcoming season 585 00:33:24,520 --> 00:33:27,960 Speaker 1: with the lockout and It's day. The decision means the 586 00:33:28,000 --> 00:33:31,320 Speaker 1: season won't begin until April fourteenth at the earliest. In 587 00:33:31,400 --> 00:33:34,360 Speaker 1: the NBA, the next and Celtics won, the Wizards lost. 588 00:33:34,600 --> 00:33:37,800 Speaker 1: In the NHL, the Capitals lost in overtime to the Oilers. 589 00:33:37,920 --> 00:33:41,120 Speaker 1: For three, Global News twenty four hours a day on 590 00:33:41,280 --> 00:33:44,760 Speaker 1: air and on Bloomberg Quicktach powered by more than twenty 591 00:33:44,880 --> 00:33:47,560 Speaker 1: seven hundred journalists and analysts in more than a hundred 592 00:33:47,600 --> 00:33:51,600 Speaker 1: twenty countries. How Michael bar this is Bloomberg. Nathan okay, Michael, 593 00:33:51,600 --> 00:33:53,560 Speaker 1: thank you. It's five forty nine on Wall Street Life 594 00:33:53,560 --> 00:33:56,760 Speaker 1: from the Bloomberg Intractor Broker Studios. This is Bloomberg Daybreak 595 00:33:56,800 --> 00:33:59,840 Speaker 1: on top of war risk, inflation is top of my 596 00:34:00,000 --> 00:34:02,840 Speaker 1: and for investors this morning. With the consumer Price Index 597 00:34:02,920 --> 00:34:06,240 Speaker 1: for February due out at about eight thirty am Wall 598 00:34:06,280 --> 00:34:09,359 Speaker 1: Street time, we are likely to see another historically high 599 00:34:09,480 --> 00:34:13,200 Speaker 1: reflection of the cost pressures Americans have been feeling for months. Now, 600 00:34:13,440 --> 00:34:17,640 Speaker 1: let's bring in Bloomberg Economics correspondent Michael McKee. Mike, good morning. 601 00:34:17,840 --> 00:34:21,080 Speaker 1: Just checking the eco function on the terminal. Seven point 602 00:34:21,200 --> 00:34:24,920 Speaker 1: nine percent is the economist consensus for a year over 603 00:34:25,000 --> 00:34:28,880 Speaker 1: year inflation is the risk to the upside. There may 604 00:34:28,960 --> 00:34:30,960 Speaker 1: be some risk to the upside, but it doesn't really 605 00:34:31,040 --> 00:34:34,719 Speaker 1: matter in this sense. This is pre war, and we 606 00:34:34,880 --> 00:34:39,239 Speaker 1: know energy prices have skyrocketed since then, also other commodity 607 00:34:39,320 --> 00:34:43,560 Speaker 1: prices that eventually feed into what we pay for goods 608 00:34:43,640 --> 00:34:47,920 Speaker 1: around the country, and so this is probably not as 609 00:34:48,000 --> 00:34:50,120 Speaker 1: bad as it's going to get The Fed had hoped 610 00:34:50,160 --> 00:34:54,360 Speaker 1: that we were getting into a season of UH base effects, 611 00:34:54,480 --> 00:34:58,640 Speaker 1: where because inflation was very high during these months last 612 00:34:58,760 --> 00:35:01,560 Speaker 1: year due to co of it, that it would be 613 00:35:02,239 --> 00:35:04,320 Speaker 1: held down a little bit this year. But it doesn't 614 00:35:04,360 --> 00:35:06,720 Speaker 1: look like that's going to happen. And the bad news 615 00:35:06,840 --> 00:35:09,920 Speaker 1: on top of the bad news is UH economists are 616 00:35:10,000 --> 00:35:14,160 Speaker 1: generally pretty close in estimating what CPI is. Yeah, I 617 00:35:14,239 --> 00:35:16,359 Speaker 1: wanted to ask a little bit more about how much 618 00:35:16,400 --> 00:35:21,080 Speaker 1: harder it's going to be to predict peak inflation given 619 00:35:21,160 --> 00:35:24,040 Speaker 1: that we do have a war on now and that's 620 00:35:24,440 --> 00:35:28,080 Speaker 1: having obvious effects on for the least of which is 621 00:35:28,200 --> 00:35:33,440 Speaker 1: oil prices. Yeah, it's oil prices, and that's the most 622 00:35:33,520 --> 00:35:36,879 Speaker 1: dramatic change on a month to month basis, and it's 623 00:35:36,920 --> 00:35:39,399 Speaker 1: the one that people notice the most because of course 624 00:35:39,680 --> 00:35:42,000 Speaker 1: you can fill up your tank UH and every time 625 00:35:42,040 --> 00:35:45,120 Speaker 1: you do, the prices are higher. But food prices are 626 00:35:45,160 --> 00:35:47,040 Speaker 1: also going to be going up. It's a little bit 627 00:35:47,120 --> 00:35:50,440 Speaker 1: less of an issue. We know soft commodities like wheat 628 00:35:50,480 --> 00:35:54,759 Speaker 1: and corner higher now because of the war, but there 629 00:35:54,840 --> 00:35:58,600 Speaker 1: are middlemen between the farmer and you in the supermarket, 630 00:35:58,719 --> 00:36:01,800 Speaker 1: so some of that get absorbed It's going to be 631 00:36:01,880 --> 00:36:05,000 Speaker 1: a real problem in some countries though, where food is 632 00:36:05,160 --> 00:36:08,640 Speaker 1: a much higher part of a family's monthly budget, and 633 00:36:08,800 --> 00:36:11,960 Speaker 1: so that could be a real issue. On top of 634 00:36:12,040 --> 00:36:15,439 Speaker 1: all that, we're keeping an eye on rents because house 635 00:36:15,520 --> 00:36:18,640 Speaker 1: prices have been still going up. Is that going to 636 00:36:18,680 --> 00:36:21,640 Speaker 1: be affected by the fact that mortgage rates have gone up? 637 00:36:21,719 --> 00:36:23,800 Speaker 1: Are we going to start to see an impact on 638 00:36:23,920 --> 00:36:27,320 Speaker 1: that because mortgage rates have gone up in anticipation of 639 00:36:27,360 --> 00:36:30,160 Speaker 1: the Fed. And of course when we think about food 640 00:36:30,200 --> 00:36:34,840 Speaker 1: and energy prices, of course those are the highly volatile 641 00:36:34,960 --> 00:36:38,319 Speaker 1: aspects of inflation that the FED likes to strip out 642 00:36:38,520 --> 00:36:41,040 Speaker 1: when it comes to its decision making process. I mean, 643 00:36:41,080 --> 00:36:45,560 Speaker 1: how important is this particular CPI going to be for 644 00:36:45,640 --> 00:36:49,360 Speaker 1: the FED when we do have so much likely future 645 00:36:49,440 --> 00:36:52,600 Speaker 1: volatility with the war happening. Yeah, it's one of those 646 00:36:52,680 --> 00:36:55,319 Speaker 1: things where we thought a month ago it was going 647 00:36:55,360 --> 00:36:58,600 Speaker 1: to be extraordinarily important, and now it's taken on much 648 00:36:58,760 --> 00:37:01,560 Speaker 1: less important because the Fed's already told us what it's 649 00:37:01,560 --> 00:37:03,560 Speaker 1: going to do this month. They're going to raise rates 650 00:37:03,640 --> 00:37:06,399 Speaker 1: by a quarter percentage point. I suppose if we got 651 00:37:06,480 --> 00:37:10,960 Speaker 1: a huge upside surprise, the FED could surprise and raised 652 00:37:11,000 --> 00:37:13,200 Speaker 1: by fifty basis points. But right now it looks like 653 00:37:13,280 --> 00:37:15,879 Speaker 1: we're kind of locked in. So the Fed is gonna 654 00:37:15,880 --> 00:37:18,280 Speaker 1: be looking down the road to see what the impacts 655 00:37:18,440 --> 00:37:22,680 Speaker 1: of the Russian war are and what whether those impacts 656 00:37:22,760 --> 00:37:25,080 Speaker 1: are going to be lasting. That's gonna be key. Do 657 00:37:25,239 --> 00:37:26,880 Speaker 1: we think that this war is going to go on 658 00:37:27,000 --> 00:37:29,680 Speaker 1: and oil prices are going to be elevated and keep 659 00:37:29,800 --> 00:37:33,080 Speaker 1: going up for months and months. That's the question out 660 00:37:33,120 --> 00:37:35,279 Speaker 1: there that nobody has an answer to right now, and 661 00:37:35,480 --> 00:37:37,400 Speaker 1: certainly the question that we're gonna be looking for a 662 00:37:37,520 --> 00:37:40,480 Speaker 1: lot more clarity on as we do get that. February 663 00:37:40,719 --> 00:37:44,000 Speaker 1: CPI coming out at eight thirty a m. Wall Street Time. 664 00:37:44,040 --> 00:37:47,239 Speaker 1: Bloomberg's Michael McKey are economics correspondent. As always, good to 665 00:37:47,280 --> 00:37:51,880 Speaker 1: get your thoughts ahead of the official read. Karen Nathan, 666 00:37:51,920 --> 00:37:54,480 Speaker 1: thank you. It is on Wall Street time for the 667 00:37:54,480 --> 00:37:57,200 Speaker 1: Bloomberg Law Report. Let's get to the legal stories we're 668 00:37:57,239 --> 00:38:03,960 Speaker 1: watching this morning. From Bloomberg's Jeff Bellinger, the Treasury is 669 00:38:04,080 --> 00:38:06,319 Speaker 1: urging the Supreme Court to leave in place a lower 670 00:38:06,440 --> 00:38:10,360 Speaker 1: court ruling upholding the constitutionality of a cap on deductions 671 00:38:10,440 --> 00:38:14,000 Speaker 1: for state and local taxes. For states are challenging the 672 00:38:14,120 --> 00:38:17,719 Speaker 1: cap California's Supreme Court refused to revive a suit by 673 00:38:17,800 --> 00:38:21,239 Speaker 1: hotels who claimed their COVID related income lasses should be 674 00:38:21,360 --> 00:38:25,640 Speaker 1: covered by their commercial Property insurance. OSA says COVID nineteen 675 00:38:25,760 --> 00:38:30,000 Speaker 1: remains its primary enforcement concern, even though mask mandates are 676 00:38:30,040 --> 00:38:34,359 Speaker 1: being lifted in many places. Bloomberg Law everything you need, 677 00:38:34,719 --> 00:38:39,040 Speaker 1: all on one legal research platform, including guidance analysis and 678 00:38:39,160 --> 00:38:43,319 Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. 679 00:38:45,080 --> 00:38:47,359 Speaker 1: All right, Jeff, thank you now. Another legal story where 680 00:38:47,400 --> 00:38:50,239 Speaker 1: watching brings us to the Supreme Court justices have turned 681 00:38:50,280 --> 00:38:53,680 Speaker 1: away Republican challenges to congressional maps drawn for this year's 682 00:38:53,719 --> 00:38:57,480 Speaker 1: election in Pennsylvania and North Carolina. This could help Democrats 683 00:38:57,520 --> 00:39:00,160 Speaker 1: win a handful of races in November, but the end 684 00:39:00,200 --> 00:39:03,279 Speaker 1: in the case also raises some new concerns for Democrats. 685 00:39:03,680 --> 00:39:07,000 Speaker 1: For conservative justices say they wanted to consider a far 686 00:39:07,120 --> 00:39:10,720 Speaker 1: reaching legal theory that would shift more federal election power 687 00:39:10,840 --> 00:39:15,000 Speaker 1: to the state legislatures, which are now disproportionately controlled by Republicans. 688 00:39:15,280 --> 00:39:17,560 Speaker 1: For more in the case, Bloomberg's Jon Grosso speaks to 689 00:39:17,640 --> 00:39:20,520 Speaker 1: elections law expert Rick Hassan, a professor at U c 690 00:39:20,640 --> 00:39:25,320 Speaker 1: Irvine Law School, So the court left the maps in place. 691 00:39:25,960 --> 00:39:29,719 Speaker 1: Was that an expected decision under current law, So the 692 00:39:30,080 --> 00:39:33,759 Speaker 1: kinds of arguments that were being made against the two 693 00:39:33,960 --> 00:39:38,440 Speaker 1: different states laws were somewhat different. The claim in Pennsylvania 694 00:39:38,920 --> 00:39:42,280 Speaker 1: was essentially punted. It was basically that a federal statute 695 00:39:42,360 --> 00:39:45,000 Speaker 1: required that if the legislature didn't draw lines in a 696 00:39:45,080 --> 00:39:47,600 Speaker 1: certain way, then you'd have to elect all the members 697 00:39:47,640 --> 00:39:50,759 Speaker 1: of Congress from the entire state voting. And so that 698 00:39:50,920 --> 00:39:53,359 Speaker 1: case just got punted and is going to be put 699 00:39:53,440 --> 00:39:55,520 Speaker 1: before a three judge court, and we'll be back before 700 00:39:55,520 --> 00:39:58,520 Speaker 1: the Supreme Court at some point. The more immediate interesting 701 00:39:58,800 --> 00:40:02,359 Speaker 1: case is the North Alina case, because there we've seen 702 00:40:02,400 --> 00:40:06,399 Speaker 1: an argument raised that conservatives have been raising for twenty years, 703 00:40:06,480 --> 00:40:09,120 Speaker 1: more than twenty years since Bush versus Gore, which is 704 00:40:09,200 --> 00:40:15,360 Speaker 1: at state courts applying state constitutions have very limited powers 705 00:40:15,560 --> 00:40:20,080 Speaker 1: to apply those state constitutions against state legislatures in federal elections. 706 00:40:20,160 --> 00:40:21,759 Speaker 1: And that's because of a part of the Constitution that 707 00:40:21,800 --> 00:40:24,360 Speaker 1: says the state legislatures get to set their rules for 708 00:40:24,520 --> 00:40:28,719 Speaker 1: running congressional elections subject to Congress is override. It's very 709 00:40:28,760 --> 00:40:32,279 Speaker 1: complicated called the independent state legislature doctrine, and So far, 710 00:40:32,480 --> 00:40:34,920 Speaker 1: no majority of the Court has accepted it, but there 711 00:40:35,000 --> 00:40:37,640 Speaker 1: are a number of justices who have expressed some interest 712 00:40:37,719 --> 00:40:40,120 Speaker 1: in it. So we're waiting to see what happens ultimately 713 00:40:40,440 --> 00:40:43,680 Speaker 1: with the resolution of this issue. So in the Carolina case, 714 00:40:43,800 --> 00:40:49,160 Speaker 1: the courts three most conservative members, Justices Samuel Alito, Clarence Thomas, 715 00:40:49,400 --> 00:40:51,840 Speaker 1: and Neil gors It, said they would have blocked the 716 00:40:51,960 --> 00:40:54,480 Speaker 1: state court from adopting a new map, and they use 717 00:40:54,600 --> 00:41:00,439 Speaker 1: this independent state legislature doctrine. That's right, And Justice Kavanaugh said, yeah, 718 00:41:00,440 --> 00:41:03,480 Speaker 1: I think we should take this independent state legislature. Doctor seriously, 719 00:41:03,800 --> 00:41:05,719 Speaker 1: I just think we're too close to the election. But 720 00:41:05,840 --> 00:41:07,800 Speaker 1: he suggests that if the case came back for a 721 00:41:07,880 --> 00:41:10,640 Speaker 1: regular hearing, not on an emergency basis, that he'd be 722 00:41:10,719 --> 00:41:13,080 Speaker 1: willing to hear the case. It always takes four of 723 00:41:13,160 --> 00:41:15,400 Speaker 1: the nine justices to a pretty hear a case, so 724 00:41:15,520 --> 00:41:18,279 Speaker 1: it seems pretty likely that this case will ultimately be 725 00:41:18,360 --> 00:41:21,080 Speaker 1: back for the Supreme Court, maybe to be heard next year, 726 00:41:21,239 --> 00:41:23,880 Speaker 1: and with the decision a year from June. So the 727 00:41:24,000 --> 00:41:27,400 Speaker 1: Democrats win here in the short term, but now this 728 00:41:27,600 --> 00:41:30,239 Speaker 1: is something that they should be concerned about in the 729 00:41:30,320 --> 00:41:33,319 Speaker 1: long term. Oh, I think absolutely, yes, This is something 730 00:41:33,440 --> 00:41:37,120 Speaker 1: that really could have impact beyond redistricting as well. It 731 00:41:37,160 --> 00:41:40,960 Speaker 1: could apply anytime the state legislature's rule is challenged as 732 00:41:41,040 --> 00:41:44,080 Speaker 1: violating a state constitutional provision, and it's going to be 733 00:41:44,120 --> 00:41:46,759 Speaker 1: applied in a federal election. And as Rick House and 734 00:41:46,840 --> 00:41:49,359 Speaker 1: a professor at U see Irvine Law School speak about 735 00:41:49,360 --> 00:41:52,239 Speaker 1: the Bloomberg student grosso Care's more of that interview, plus 736 00:41:52,239 --> 00:41:54,759 Speaker 1: analysis of the latest legal news by subscribing to the 737 00:41:54,800 --> 00:41:58,440 Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot 738 00:41:58,520 --> 00:42:02,279 Speaker 1: com slash podcast. Attorneys can find exceptional legal research and 739 00:42:02,320 --> 00:42:05,239 Speaker 1: business development tools at Bloomberg Law dot com and on 740 00:42:05,320 --> 00:42:09,040 Speaker 1: the Bloomberg terminal at b law Go and again, futures 741 00:42:09,080 --> 00:42:11,520 Speaker 1: are lower this morning. S and P Future is down 742 00:42:11,680 --> 00:42:14,520 Speaker 1: thirty four points down, futures down two hundred eighty five, 743 00:42:14,880 --> 00:42:18,360 Speaker 1: nasdack futures down one forty six. The decks in Germany 744 00:42:18,480 --> 00:42:21,400 Speaker 1: is down to and a quarter percent ten. Your Treasury 745 00:42:21,480 --> 00:42:24,080 Speaker 1: up seven thirty seconds, yield one point nine two percent, 746 00:42:24,280 --> 00:42:27,240 Speaker 1: yield on the two year one point six six percent. 747 00:42:27,760 --> 00:42:30,600 Speaker 1: Niam X screwed oil is up three point nine percent 748 00:42:30,719 --> 00:42:33,240 Speaker 1: of four dollars eighteen cents at a hundred twelve dollars 749 00:42:33,600 --> 00:42:36,239 Speaker 1: eighty nine cents of barrel, the euro one point one 750 00:42:36,320 --> 00:42:39,480 Speaker 1: zero three six against the dollar, and still ahead. On 751 00:42:39,640 --> 00:42:42,640 Speaker 1: Bloomberg Daybreak, a check on the business headlines and all 752 00:42:42,680 --> 00:42:45,279 Speaker 1: the news you need to start your day. And this 753 00:42:45,800 --> 00:42:46,480 Speaker 1: is Bloomberg.