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Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg

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Speaker 1: day Break for Wednesday, March two. Coming up this hour,

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Speaker 1: President Bidence targets Russia and inflation in his first State

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Speaker 1: of the Union address. This is our moment to read

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Speaker 1: an overcome the challenge of our park, and we will.

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Speaker 1: Russia moves further into Ukraine, claiming capture of a quart city,

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Speaker 1: and the war sends oil surging above one dollars of Harold.

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Speaker 1: New Jersey residents may soon have to pump their own gas. Plus.

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Speaker 1: New York's Republican Party leaders nominated Representative leeze Elder as

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Speaker 1: their candidate for governor. I'm Michael Baum, I'm John Stashdower.

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Speaker 1: In sports, the baseball lockout continues. The first two series

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Speaker 1: of the season were canceled road losses for the Nets

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Speaker 1: Islanders and Devil That's All Straight Ahead on Bloomberg day

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Speaker 1: Break on Bloomberg eleven three on New York, Bloomberg, Washington,

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Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties,

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Speaker 1: San Francisco, Sirius x M one nineteen and around the

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Speaker 1: world gone Bloomberg Radio dot Com and via the Bloomberg Business.

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Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow. US

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Speaker 1: DOT Index futures are higher this morning. We're coming up

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Speaker 1: to five oh one on Moll Street, and we check

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Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg,

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Speaker 1: SNP Future is up thirty point Staff futures up two

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Speaker 1: thirty one, Nasday Future is up eighty eight and the

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Speaker 1: ten year Treasury down four thirty seconds yield one point

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Speaker 1: seven four percent. They yield on the two year one

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Speaker 1: point three eight percent. Nine X screwed oil is up

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Speaker 1: five point four percent. Nathan, all right, Karen, we'll have

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Speaker 1: more on the markets in a minute, but first, the

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Speaker 1: fighting is intensifying in Eastern Europe. According to Interfax, Russia's

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Speaker 1: defense ministry says it has captured the Ukrainian port of

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Speaker 1: Cissan as Moscow Predace is ahead with attacks. The US

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Speaker 1: is taking more action to isolate Russia and prevent cyber attacks.

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Speaker 1: Amy Morris reports from our Bloomberg ninty nine one newsroom

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Speaker 1: in Washington. The U S Government has banned Russian aircraft

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Speaker 1: from American airspace, as the U S in EU look

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Speaker 1: to expand sanctions on Russia. Former US Ambassador to Ukraine

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Speaker 1: William Taylor tells ABC those sanctions should extend to Belarus.

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Speaker 1: They are co conspirators. They are together with this as

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Speaker 1: the Senate fast tract the package of cybersecurity proposals. The

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Speaker 1: House is working on a companion bill. US businesses are

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Speaker 1: on high alert for Russian cyber attacks in Washington. I'm

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Speaker 1: maybe Morris Bloomberg Daybreak, Amy, thank you for coming off

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Speaker 1: President Biden's first State of the Union address last night,

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Speaker 1: and in his speech, the President promised to take on

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Speaker 1: Vladimir Putin and keeps supporting Ukraine. He thought the Western

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Speaker 1: NATO wouldn't respond. He thought I could divide us at home,

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Speaker 1: in this chamber, in this nation. He thought he could

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Speaker 1: divide us in Europe as well. But Putin was wrong

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Speaker 1: and remarks that lesson a little more than an hour.

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Speaker 1: The President also called on Congress to unite on challenges

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Speaker 1: here at home, including higher prices. One way to fight

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Speaker 1: inflation is to drive down wages and make America's poor.

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Speaker 1: I think I have a better idea to fight inflation,

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Speaker 1: lower costs, not your wages. The President touted his bipartisan

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Speaker 1: infrastructure law and called for a new action on domestic

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Speaker 1: manufacturing and supply chains, lowering health and family costs and

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Speaker 1: boosting competition. He also promised to keep fighting COVID even

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Speaker 1: as more Americans returned to work and school. Reaction continues

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Speaker 1: to pour into the State of the Union. Karen Genie

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Speaker 1: Genie she and Zeo is a political science professor and

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Speaker 1: a Bloomberg News contributor. I think he missed an important moment.

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Speaker 1: This is the last big speech Joe Biden will give,

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Speaker 1: the last major audience he has before the mid term election,

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Speaker 1: and I'm not sure he changed on the domestic front

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Speaker 1: any hearts or minds, and I think he could have

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Speaker 1: done a better job saying we need to restore democracy,

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Speaker 1: not just abroad, but at home. Bloomberg contributor Genie she

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Speaker 1: and Zano says the number one issue for voters right

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Speaker 1: now is inflation, and Republicans seized on that topic. After

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Speaker 1: the President wrapped up his speech, Nathan Iowa Governor Kim

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Speaker 1: Reynolds delivered the GOP response to the State of the Union.

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Speaker 1: Where now one year in to his presidency and instead

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Speaker 1: of moving America forward, it feels like President Biden and

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Speaker 1: his party have sent us back in time to the

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Speaker 1: late seventies and early eighties. I am a governor. Kim

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Speaker 1: Reynolds used her fourteen minute address to say the country

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Speaker 1: is on the wrong track. She focused on issues ranging

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Speaker 1: from inflation and crime to taxes and education. All right,

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Speaker 1: let's turn to markets now, Karen. We are seeing major

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Speaker 1: moves this morning in commodities as the war in Ukraine intensifies.

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Speaker 1: Let's get the latest life from Bloomberg's John Tucker, John Nathan.

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Speaker 1: Oil surging this morning, Brent crude above one dollars of barrel.

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Speaker 1: The International Energy Agency warns that global energy security is

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Speaker 1: under threat because of Russia's war on Ukraine. In addition

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Speaker 1: that energy medals and grains prices are higher. Russian commodities

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Speaker 1: not targeted by sanctions, but thanks for pulling. Financing and

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Speaker 1: shippers are reluctant to touch anything from Russia. Live to

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Speaker 1: New York. I'm John Tucker, Bloomberg, debreak, All right, John,

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Speaker 1: thank you all. More of the world's iconic brands are

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Speaker 1: pulling away from Russia. We get more on the growing

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Speaker 1: US Live from Bloomberg's Rainy to Young Good morning, Ray,

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Speaker 1: Good morning here, and Apple and Nike both say They're

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Speaker 1: halting product sales in Russia, cutting off the country from

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Speaker 1: the most valuable tech company and the biggest maker of

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Speaker 1: athletic wear, while Disney and Warner Media are pausing new

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Speaker 1: movie releases in the nation. It's a cultural and commercial

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Speaker 1: split not seen since the Cold War ended in the eighties.

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Speaker 1: U S brands are quickly vanishing from the Russian marketplace

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Speaker 1: in a way that will be hard for consumers to ignore.

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Speaker 1: Live in New York, I'm gonna need a young Bloomberg daybreak,

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Speaker 1: al Nita, thank you. How will the war in Ukraine effect?

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Speaker 1: The Fed will be looking for answers on that, plus

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Speaker 1: the outlook for inflation. When Federal Reserve Chairman j Powell

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Speaker 1: begins two days of testimony to Congress. Bloomberg Economics correspondent

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Speaker 1: Michael McKee reports inflation in February out next week is

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Speaker 1: forecast to be the highest since the start of two

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Speaker 1: So there's pressure on the Fed to do something. But

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Speaker 1: what policy makers don't know is how much higher prices

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Speaker 1: from Russia's war will crimp growth. Those are questions Chairman

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Speaker 1: Paul will face the next two days, and it's not

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Speaker 1: just a growth worry. Powell also has to worry about

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Speaker 1: higher inflation expectations becoming embedded in consumer and business psychology.

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Speaker 1: Michael McKee, Bloomberg Debris. All right, Michael, thank you. The

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Speaker 1: US dollar also in focus today. It's been strengthening since

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Speaker 1: the war in Ukraine began, and the shift could mark

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Speaker 1: a critical inflection point for the green back, as according

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Speaker 1: to Zultan Posar, head of interest rate strategy at Credit Swiss,

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Speaker 1: now that Russia has lost access to currency reserves, he

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Speaker 1: says other countries may start questioning the value of their

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Speaker 1: own reserves and that could ripple across currency markets. The

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Speaker 1: FX reserves are partly used by the central bank to

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Speaker 1: be able to provide dollars to domestic financial system, and

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Speaker 1: if all these balances are frozen, you know, one channel

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Speaker 1: of dollars to help the local banking system drives up.

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Speaker 1: So I think it's quite a complicated situation. Saltan Posar

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Speaker 1: at Credit Suis made the comments on Bloomberg Odd Lots podcast.

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Speaker 1: Read more about it on Today's Big Take by Bloomberg

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Speaker 1: on the terminal and online at Bloomberg dot Com. Futures

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Speaker 1: this morning are higher. S and P future is up

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Speaker 1: twenty five points down. Futures up one Nasdack futures up

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Speaker 1: seventy seven and the ten Uere Treasury down three thirty seconds.

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Speaker 1: They yield one point seven three percent. Straight ahead your

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Speaker 1: latest local headlines plus the check of sports. And this

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Speaker 1: is Bloomberg. I can't thank you. It's five oh seven

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Speaker 1: on Wall Street, forty two degrees in Central Park in

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Speaker 1: a broken down vehicle. We got that on the outbound

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Speaker 1: George Washington Bridge upper level. Tail's coming up in traffic. First,

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Speaker 1: Michael Barr is here with what else is going on

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Speaker 1: in New York and around the world. Good morning might

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Speaker 1: call Good morning, Nathan. New Jersey drivers could soon be

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Speaker 1: forced to pump their own gas. New Jersey is the

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Speaker 1: only state of the nation where drivers are not allowed

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Speaker 1: to pump their own gas by law, but a bill

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Speaker 1: in the state legislature could allow self service as an

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Speaker 1: option for smaller stations while maintaining full service for stations

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Speaker 1: with four or more pumps. Station owners say changing it

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Speaker 1: would help off at rising gas prices and workers shortages.

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Speaker 1: New York City's pension fund for police officers voted to

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Speaker 1: sell stocks and bonds issued by Russian companies. The fifty

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Speaker 1: three point six billion dollar fund has more than eighty

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Speaker 1: five thousand active members and retirees. Hong Kong is set

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Speaker 1: to report a record of over fifty thousand daily new

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Speaker 1: COVID infections today. The city spiraling outbreak has seen thousands

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Speaker 1: of residents flee, while those remained short store shelves of

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Speaker 1: food and medicine. US Representative Lees Eldon and l I

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Speaker 1: of former President Donald Trump accepted the New York State

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Speaker 1: Republican Party's nomination as their candidate for the two governors race.

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Speaker 1: Betta O'Rourke is projected to be the Democratic winner for

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Speaker 1: the Texas gubinatorial primary. He held a victory rally and

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Speaker 1: fort Worth last night. This group of people and then

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Speaker 1: some are gonna make me the first Democrats to be

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Speaker 1: governor of the state of Texas. Since O'Rourke will go

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Speaker 1: up against incumbent Governor Greg Abbott, who won the GOP primary,

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Speaker 1: Republicans sent a message they want at Keith, Texas the

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Speaker 1: land of opportunity and prosperity, per absolutely everybody. Governor Abbott

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Speaker 1: spoke to his supporters at a Corpus Christie victory rebelling

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Speaker 1: tells Oklahoma is searching for more remains of victims killed

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Speaker 1: in the city's race massacre. University of Florida forensic anthropologist

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Speaker 1: Dr Phoebe Stubblefield says one grave held the remains of

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Speaker 1: a homicide victim had multiple ben shot wounds that contributed

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Speaker 1: to his death. He had a minimum of three gunshot wounds.

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Speaker 1: He was a young man in his twenties. The city

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Speaker 1: says it will not file criminal charges. The Moon is

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Speaker 1: about to get slammed by a big piece of space

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Speaker 1: junk and leave a creator the size of several semi

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Speaker 1: tractor trailers. The leftover rocket was slamming to the far

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Speaker 1: side of the Moon. Friday, Global News twenty four hours

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Speaker 1: a day on air and on Bloomberg Quick Take, powered

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Speaker 1: by more than hundred journalists and don't listen more than

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Speaker 1: twenty countries. Michael bar this is Bloomberg Naked Alright, Michael,

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Speaker 1: thanks almost five ten on Wall Street. Time for the

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Speaker 1: Bloomberg Sports Update. Good morning, John Stann shower right, Good

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Speaker 1: morning Nathan. For the first time since the strike that

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Speaker 1: canceled the World Series and went in the following season,

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Speaker 1: baseball games will be lost to a warp stop is.

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Speaker 1: The lockout continues the first two series of the season, canceled.

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Speaker 1: Two sides had that marathon bargaining session Monday that led

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Speaker 1: to an extent to the deadline and some optimism where

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Speaker 1: things apparently did not go well yesterday. The commissioner is

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Speaker 1: Rob Manfred. We worked hard to avoid an outcome that's

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Speaker 1: bad for our fans, bad for our players, and bad

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Speaker 1: for our clothes. I want to share our fans that

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Speaker 1: our failure to region agreement was not due to a

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Speaker 1: lack of effort by enger Hart. The players came in

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Speaker 1: for nine days, they worked hard, they tried to make

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Speaker 1: a deal, and I appreci Yankees were to start the

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Speaker 1: season with seven road games Texas and Houston. The Mets

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Speaker 1: first two series were at home versus Washington Atlanta. Those

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Speaker 1: games will knock be made up a lot closer for

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Speaker 1: the Nets. Against the Raptors, Toronto won by thirty six

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Speaker 1: in Brooklyn, seam to last night in Toronto, Raptors one

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Speaker 1: one oh nine, one oh A. They had a ten

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Speaker 1: ing run on the fourth quarter. Nets have now lost

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Speaker 1: fifteen of eighteen, just as the Knicks had Knicks playing

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Speaker 1: in Philadelphia tonight. Nets played Miami tomorrow. Kevin Durants expected

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Speaker 1: to play. He's been out since mid January Islanders in Colorado,

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Speaker 1: the Ads with their NHL leading forty where they scored

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Speaker 1: three in the third one five three Devils lost in

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Speaker 1: Columbus four to three. The w n b A has

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Speaker 1: find the New York Liberty half a million dollars. Their

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Speaker 1: crime was flying their players on chartered flights instead of

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Speaker 1: flying commercial, as lead rules dictates, John Stash Howard, Bloomberg's

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Speaker 1: and Q john SMP futures down town are up twenty

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Speaker 1: seven points. Staff futures up two hundred nests. ACT futures

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Speaker 1: highed by eighty six points. The tenure treasury is down

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Speaker 1: You're listening to Bloomberg Taper Bloomberg eleven three oh weather

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Speaker 1: mostly sunny, upper forties today, chance for a shower tonight.

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Speaker 1: forty two in Central Park markets. Headlines and breaking news

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Speaker 1: Bloomberg Business apt and at Bloomberg Quick Tape. She's a

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Speaker 1: Bloomberg Business lash and I'm Karen Moscow. US Dock Index

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Speaker 1: at one fifteen point to four bitcoin this morning higher

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Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more

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Speaker 1: on what's going on around the world. Michael Goodbourne, Good morning, Karen.

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Speaker 1: President Joe Biden gave his first State of the Union

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Speaker 1: address from the capital last ninth. The President opened with

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Speaker 1: a message of global unity against Russian President Vladimir Putin.

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Speaker 1: Putin is now isolated from the world more than he

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Speaker 1: has ever been I was. Republican Governor Kim Reynolds offered

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Speaker 1: you know, you've shown that the soul of America isn't

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Speaker 1: people to think about the last year of democratic policies

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Speaker 1: coming from the White House. The scheduled opening day from

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Speaker 1: Major League Baseball has been canceled. No deal reached between

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Speaker 1: the players and teams yesterday to in the lockout in

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Speaker 1: the NBA, the Nets and Warriors lost, the Celtics and

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Speaker 1: Wizards won. Global News twenty four hours a day on

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Speaker 1: air and on Bloomberg Quickday, powered by more than twenty

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Speaker 1: seven under journalist and animists more than twenty countries. Michael

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Speaker 1: bar this is Bloomberg. Nathan alright, Michael, thanks for coming

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Speaker 1: up to five twenty on Wall Street Line from the

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Speaker 1: Bloomberg Entract to Broker's Studios. This is Bloomberg Daybreak, and

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Speaker 1: fresh from anchoring our State of the Union coverage last

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Speaker 1: night on Bloomberg Radio and Television, Bloomberg Washington correspondent Joe

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Speaker 1: Matthew joins us this morning after, of course, host of

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Speaker 1: Sound on as well on Bloomberg Radio. Joe, it's great

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Speaker 1: to have you with us this morning. After a speech

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Speaker 1: that was dominated by a lot of blue and yellow

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Speaker 1: in the in the Congressional chamber in support of Ukraine,

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Speaker 1: the President getting a chance to show that he wants

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Speaker 1: to unify the world against Russia. Well, that's right, and

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Speaker 1: that was really the opening salvo in this speech. The

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Speaker 1: first third of the speech really is about an hour

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Speaker 1: long in total. Nathan was was directly aimed at Vladimir

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Speaker 1: highly unusual for a president to start a State of

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Speaker 1: the Union address by talking about foreign policy, but this

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Speaker 1: is the world we're in right now. He got both

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Speaker 1: sides of the room on their feet repeatedly in calling

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Speaker 1: Vladimir Putin a dictator and speaking about the effort to

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Speaker 1: start chasing oligarchs. The couple of pretty good lines that

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Speaker 1: we heard from the President last night, that we'd go

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Speaker 1: after their yachts, their luxury apartments, go after their ill

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Speaker 1: gotten games. It really got the room fired up as

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Speaker 1: he spoke about the unity in this effort. And to

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Speaker 1: your point, it was a lot of blue and yellow

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Speaker 1: as you looked around the room with pins and wardrobe.

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Speaker 1: But you know, interesting, Nathan, it was what people were

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Speaker 1: not wearing that that might have been one of the

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Speaker 1: bigger stories of the night, And that would be a mask.

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Speaker 1: If you look at the images of President Biden walking

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Speaker 1: into that room without a mask. The lawmakers lining the

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Speaker 1: i LS, he made his way to the speaker's rostrum,

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Speaker 1: shaking hands, hugging. It's something we have not seen in

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Speaker 1: a couple of years, and it was a way for

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Speaker 1: the administration to say that we may not have won

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Speaker 1: this battle against COVID, but we have turned a corner. Yeah.

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Speaker 1: And it was interesting as well to see the President

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Speaker 1: when he talked about COVID, almost seeming to line up

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Speaker 1: with a lot of what Republicans have been calling for

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Speaker 1: for the last few months, getting people back to work,

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Speaker 1: getting people in school, and at the same time, you know,

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Speaker 1: ramping up vaccinations and access to COVID treatments, that sort

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Speaker 1: of thing. Is the country moving on from COVID, Well, look,

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Speaker 1: I think a lot of the country has moved on,

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Speaker 1: and that's sort of the situation that the federal government,

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Speaker 1: the administration has found itself in the c d C,

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Speaker 1: as you know, loosened up its mask mandate weeks after

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Speaker 1: a lot of states and in some cases months after

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Speaker 1: a lot of states did this. There is a cry

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Speaker 1: to get people back to work. Obviously, to hear the

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Speaker 1: President kind of get on board with that. Following the

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Speaker 1: adjusted mandates or or adjusted policies, lack of mandate from

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Speaker 1: Rochelle Wilenski at the CDC tells us a lot. And

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Speaker 1: if you remember back, you know, in the middle of

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Speaker 1: the summer here, the president did try this once in

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Speaker 1: declaring victory almost over COVID, he said, we were about

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Speaker 1: to declare our independence. Then of course delta happened. Then,

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Speaker 1: oh Macron, So they have to be careful about this.

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Speaker 1: But the just the visual last night seemed to go

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Speaker 1: further than most of what he said. He issued a

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Speaker 1: four point plan on you know, eventually beating COVID. He said,

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Speaker 1: we don't have to just live with this, but the

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Speaker 1: fact is we are living with it, and watching that

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Speaker 1: room last night was real evidence of that. Of course,

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Speaker 1: we are still dealing with the after effects of the pandemic,

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Speaker 1: not the least of which is rising prices. He says

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Speaker 1: that getting prices under control will be his top priority.

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Speaker 1: At the same time he's running into a very divided country.

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Speaker 1: They're very divided approach to how to do that. Yeah, well,

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Speaker 1: as we walked through the night here walk through the speech, Nathan,

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Speaker 1: You're right, when he got into that point pivot to

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Speaker 1: domestic politics, that's when the room started to look a

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Speaker 1: little more like a traditional state of the Union, Democrats

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Speaker 1: up for some things, Republicans sitting down at the same time.

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Speaker 1: And it was a lot of repackaging. You know, when

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Speaker 1: Build Back Better fell apart his social spending plan at

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Speaker 1: the end of last year, voting rights legislation the beginning

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Speaker 1: of this year, he kind of he dropped the brand

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Speaker 1: build Back Better, never said that name, but talked a

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Speaker 1: lot about the individual components, paid leave, the expanded child

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Speaker 1: tax credit, and so forth that they hope to breathe

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Speaker 1: new life into. But in this midterm election year, with

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Speaker 1: the division in Congress that you just alluded to, it's

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Speaker 1: highly unlikely that any of these could see the light

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Speaker 1: of day. So in our last thirty seconds, Joe, would

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Speaker 1: you see this as a pivot for President Biden or

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Speaker 1: sort of a reframe? Well, maybe reset is a word

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Speaker 1: that we can try that that's what he wanted it

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Speaker 1: to be, a reset after a very difficult first year

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Speaker 1: in office, where he actually had a couple of good

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Speaker 1: things to talk about. The infrastructure, lost six million new jobs,

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Speaker 1: historic unemployment. Uh, you look at economic growth of five

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Speaker 1: point seven percent For a lot of presidents, those would

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Speaker 1: be pretty big hallmarks but there were so many other

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Speaker 1: headwinds from inflation to COVID regulations, just the bitter politics

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Speaker 1: in Washington, that I think, yes, he is hoping as

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Speaker 1: he called out to the room for some unity in

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Speaker 1: this country, particularly now with a war underway in Europe.

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Speaker 1: Joe Matthew are Bloomberg Washington correspondent doing heavy duty this

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Speaker 1: morning after anchoring our State of the Union coverage. Be

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Speaker 1: back later on today with Bloomberg Sound on UH this

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Speaker 1: afternoon at five pm Wall Street Time on Bloomberg Radio.

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Speaker 1: Right now, SMP futures up thirty four points now, futures up,

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Speaker 1: tune at forty two. NASTAC futures up a hundred fourt

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Speaker 1: Brent crude at a hundred ten dollar seventy seven cents

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Speaker 1: of barrel. This is Bloomberg Bloomberg eleven three oh Weather.

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Speaker 1: Sunshine upper forties today, chance for a shower tonight, but

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Speaker 1: we'll be under a mix of sun and clouds tomorrow,

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Speaker 1: breezy with highs in the low forties by then upper

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Speaker 1: thirties for highs on Friday. Right now forty two in

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Speaker 1: Central Park, broadcasting live from the Bloomberg Interacted Broker Studio

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Speaker 1: in New York, Bloomberg E living three on to Washington,

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Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one

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Speaker 1: to San Francisco, Bloomberg sixty to the country Sirius XM

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Speaker 1: ch A one nine and around the globe the Bloomberg

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Speaker 1: Business at and Bloomberg Radio dot Com. This is Bloomberg Daybreak.

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Speaker 1: It's five thirty on Wall Street. Good morning of Nathan

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Speaker 1: Hagar and I'm Karen Moscow and we're just about four

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Speaker 1: hours away from the open of US trading. Let's get

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Speaker 1: you up to date on the news you need to

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Speaker 1: know at this hour. The fighting isn't sensifying in Eastern Europe.

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Speaker 1: According to inter Facts, Russia's defense ministry says it has

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Speaker 1: captured the Ukrainian port of Curson. Moscow is pressing ahead

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Speaker 1: with attacks. Meantime, the United Nations is sounding the alarm

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Speaker 1: and the humanitarian crisis in Ukraine, and Blueberg said Baxter

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Speaker 1: has the latest. The body says almost seven hundred thousand

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Speaker 1: people have already fled Ukraine and say as many as

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Speaker 1: four million may leave. US Secretary of State Anthony Blincoln

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Speaker 1: says Russia should not be on the Humanitarian Council. These

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Speaker 1: are the human rights abuses this Council was created to stop.

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Speaker 1: If we cannot come together now, when will we come together?

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Speaker 1: A u N forecast Russia to step up attacks from

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Speaker 1: targeted to more widespread and more brutal. In San Francisco,

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Speaker 1: I'm at Baxter Bloomberg Daybreak. All right, and thank you.

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Speaker 1: We're coming out President Biden's first State of the Union

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Speaker 1: address last night. The President says Vladimir Putin has no

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Speaker 1: idea what's coming. He used his speech to rally support

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Speaker 1: for Ukraine and to confront the challenges here at home.

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Speaker 1: We'll meet the test, protect treatom and liberty, experience fairness

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Speaker 1: and opportunity, and we will save democracy. President Biden said

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Speaker 1: getting prices under control will be his top priority. He

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Speaker 1: touted his bypart as an infrastructure law and called for

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Speaker 1: more action on domestic manufacturing and increasing competition. Speaking of

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Speaker 1: gas prices, Nathan, we're seeing crew to serch again this morning.

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Speaker 1: We get the latest live at the Bloomberg's John Tucker,

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Speaker 1: John Karen Brent Oil's top one hundred dollars of barrel.

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Speaker 1: The International Energy Agency warns the situation is serious. While

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Speaker 1: sanctions haven't targeted russ and crude. Banks won't finance and

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Speaker 1: shippers don't want to touch it. About of russ and

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Speaker 1: crewed trade is currently frozen. Strategic oil reserve release has

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Speaker 1: done little. Detained prices OPEC plus meets today, but it's

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Speaker 1: only expended to increased production by a trickle, Live in

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Speaker 1: New York on John Tucker Bloomberg Daybreak. All right, John, thanks, So,

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Speaker 1: how will the war in Ukraine effect? The Fed will

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Speaker 1: be looking for answers on that, plus the outlook of

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Speaker 1: for inflation when Fed Chair J Powell begins two days

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Speaker 1: of testimony to Congress. Listen for that live on Bloomberg

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Speaker 1: Radio and television beginning at ten am Eastern. And on

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Speaker 1: the corporate front, this morning, Nathan shares of Nordstrom are

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Speaker 1: surge in the department store operator, up more than thirty

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Speaker 1: two percent after earnings and a forecast that topped analysts estimates.

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00:23:10,520 --> 00:23:14,120
Speaker 1: Futures are also higher this morning. SMP futures up thirty

432
00:23:14,160 --> 00:23:17,240
Speaker 1: one points and DOWN future is up two five NASDACK

433
00:23:17,320 --> 00:23:19,840
Speaker 1: futures up one hundred six. The ten year treasury down

434
00:23:19,880 --> 00:23:22,960
Speaker 1: four thirty seconds yield one point seven four percent, and

435
00:23:23,000 --> 00:23:25,040
Speaker 1: they yield on the two year one point three eight

436
00:23:25,119 --> 00:23:28,240
Speaker 1: percent nine x screwed oil? Is that more than five percent?

437
00:23:28,600 --> 00:23:30,960
Speaker 1: Straight to had your latest local headlines plus the check

438
00:23:31,000 --> 00:23:40,520
Speaker 1: of sports, and this is Bloomberg and wall st two degrees.

439
00:23:40,520 --> 00:23:42,840
Speaker 1: We gotta crash in the westbound l I Maurice Avenue.

440
00:23:42,880 --> 00:23:44,639
Speaker 1: Michael Barr has more on what's going on in New

441
00:23:44,720 --> 00:23:47,080
Speaker 1: York and around the world. Michael, thank you very much, Nathan.

442
00:23:47,119 --> 00:23:50,119
Speaker 1: New Jersey drivers may soon have to pump their own gas.

443
00:23:50,280 --> 00:23:53,480
Speaker 1: The New Jersey legislature introduced a measure that would allow

444
00:23:53,640 --> 00:23:56,520
Speaker 1: residents the option to pump their own gas or continue

445
00:23:56,600 --> 00:23:59,560
Speaker 1: with full service from an attendant. New Jersey does not

446
00:23:59,640 --> 00:24:02,520
Speaker 1: allowed drivers to pump their own gas by law. Many

447
00:24:02,640 --> 00:24:06,720
Speaker 1: drivers love the full service law, but station owners say

448
00:24:06,840 --> 00:24:10,880
Speaker 1: changing it would help offset rising gas prices and workers shortages.

449
00:24:11,359 --> 00:24:14,359
Speaker 1: A mask mandate for students and schools ends in New

450
00:24:14,440 --> 00:24:18,480
Speaker 1: York State starting today. Governor Kathy Hoko says that new

451
00:24:18,560 --> 00:24:22,200
Speaker 1: cases have dropped. The mandate is still in place for

452
00:24:22,280 --> 00:24:25,560
Speaker 1: New York City students for now. It's a milestone Hong

453
00:24:25,680 --> 00:24:29,359
Speaker 1: Kong does not want. According to local media, the city

454
00:24:29,400 --> 00:24:33,200
Speaker 1: will report more than fifty confirmed COVID cases today. Hong

455
00:24:33,280 --> 00:24:37,280
Speaker 1: Kong's spiraling outbreak has seen thousands of residents flee or

456
00:24:37,400 --> 00:24:41,919
Speaker 1: those remaining strip shelves of food and medicine. There were

457
00:24:41,960 --> 00:24:45,720
Speaker 1: demonstrations about the controversial bill in Florida. Protests were held

458
00:24:45,720 --> 00:24:48,520
Speaker 1: outside to the Hall of Miami Beach as Florida's so

459
00:24:48,720 --> 00:24:52,560
Speaker 1: called Don't Say Gay Bill advances. The measure aims demands

460
00:24:52,640 --> 00:25:00,320
Speaker 1: speaking about sexual orientation or gender identity in schools, child

461
00:25:00,400 --> 00:25:03,119
Speaker 1: could feel that they are not respective. Supporters of the

462
00:25:03,160 --> 00:25:06,480
Speaker 1: bills say it's not to demonize certain groups, just says

463
00:25:06,520 --> 00:25:08,800
Speaker 1: that we don't talk about these sorts of things till

464
00:25:08,840 --> 00:25:11,639
Speaker 1: the kids are out of third grade. The measure is

465
00:25:11,680 --> 00:25:15,479
Speaker 1: officially known as the Parental Rights and Education Bill. New

466
00:25:15,600 --> 00:25:19,600
Speaker 1: York's Republican Party leaders nominated US Representative Lee Zelden as

467
00:25:19,640 --> 00:25:22,640
Speaker 1: their candidate for governor. Their convention was held on Long

468
00:25:22,720 --> 00:25:27,200
Speaker 1: Island yesterday. Democratic challenger Jessica sis Niros has forced the

469
00:25:27,240 --> 00:25:32,080
Speaker 1: primary runoff in South Texas against Conservative Democratic Representative Henry

470
00:25:32,119 --> 00:25:35,320
Speaker 1: quay Are. Neither candidate last night got more than fifty

471
00:25:35,400 --> 00:25:38,040
Speaker 1: percent of the vote needed to win out right. The

472
00:25:38,160 --> 00:25:40,560
Speaker 1: race was among the most heated in Texas, is first

473
00:25:40,680 --> 00:25:43,720
Speaker 1: in the nation primary. Global News twenty four hours a

474
00:25:43,800 --> 00:25:46,679
Speaker 1: day on air and on Bloomberg Quick Tank, powered by

475
00:25:46,760 --> 00:25:49,280
Speaker 1: more than twenty seven under journalist and analysts more than

476
00:25:49,600 --> 00:25:52,800
Speaker 1: twenty countries. Michael bar this is Bloomberg, Nathan, Thank you, Michael.

477
00:25:57,560 --> 00:25:59,480
Speaker 1: Thirty five on Wall Street, John stash Are is the

478
00:25:59,480 --> 00:26:02,280
Speaker 1: Bloomberg Sports Update. Thanks Baithan Openny Day was to be

479
00:26:02,440 --> 00:26:05,800
Speaker 1: March thirty one, Yankees in Texas Mets at home against Washington.

480
00:26:05,920 --> 00:26:08,879
Speaker 1: Those games and all the first two series canceled. The

481
00:26:08,920 --> 00:26:13,200
Speaker 1: baseball walkout, ninth work stoppage in MLB history, continues and

482
00:26:13,280 --> 00:26:15,280
Speaker 1: you can't help again the feeling it might last a while,

483
00:26:15,359 --> 00:26:18,679
Speaker 1: both sides blaming the other. The commissioner was Bob mannything

484
00:26:18,760 --> 00:26:23,879
Speaker 1: I can say, uh, is that from the perspective of

485
00:26:24,040 --> 00:26:27,840
Speaker 1: the Commissioner's office in the clubs um, we are doing

486
00:26:27,960 --> 00:26:31,960
Speaker 1: our very very best to try to reason agreement. Unfortunately,

487
00:26:32,040 --> 00:26:34,480
Speaker 1: it's not something that's solely within our control. It takes

488
00:26:34,520 --> 00:26:37,399
Speaker 1: two parties to reach an agreement, and we will continue

489
00:26:37,800 --> 00:26:40,639
Speaker 1: to be committed to that process. The Players Association put

490
00:26:40,680 --> 00:26:42,960
Speaker 1: out a statement. They called this the culmination of a

491
00:26:43,080 --> 00:26:46,240
Speaker 1: decade's long attempt to break the union. As Chief Tony

492
00:26:46,280 --> 00:26:48,639
Speaker 1: clarks As the players have never been so united. The

493
00:26:48,680 --> 00:26:52,760
Speaker 1: biggest issue the competitive balanced tax that helps smaller market

494
00:26:52,840 --> 00:26:55,359
Speaker 1: teams and what a team's payroll should be yet to

495
00:26:55,440 --> 00:26:59,560
Speaker 1: start paying each Nets went to Toronto. The unvaccinated Kyrie

496
00:26:59,600 --> 00:27:02,080
Speaker 1: Irving normally plays road games, but he's not allowed to

497
00:27:02,119 --> 00:27:04,840
Speaker 1: cross the border. Raptors one one oh nine, one o

498
00:27:05,000 --> 00:27:07,040
Speaker 1: eight to sleep the home and home. James Johnson led

499
00:27:07,080 --> 00:27:09,040
Speaker 1: Brooklyn with nineteen, but he missed a game bling shot

500
00:27:09,080 --> 00:27:12,280
Speaker 1: at the end. Islanders lost at Colorado five three Devils

501
00:27:12,359 --> 00:27:15,480
Speaker 1: lost in Columbus four three of Angels so St. Louis. Tonight,

502
00:27:15,840 --> 00:27:19,280
Speaker 1: the NFL scouting combine underway in Indianapolis and New Giants

503
00:27:19,359 --> 00:27:22,440
Speaker 1: GM Joe Shane told reporters the Giants are not in

504
00:27:22,520 --> 00:27:25,240
Speaker 1: good salary cap health. Shane needs to shed about forty

505
00:27:25,280 --> 00:27:28,320
Speaker 1: million dollars. He admitted he would listen to trade offers

506
00:27:28,400 --> 00:27:32,080
Speaker 1: for shakemon book. John stash Aller Bloomberg Sports Nathan Thanks,

507
00:27:32,160 --> 00:27:34,159
Speaker 1: John Omans thirty seven on Wall Street time for the

508
00:27:34,240 --> 00:27:37,840
Speaker 1: Tri State Business Report. Here's Bloomberg's d Cory. Manhattan supply

509
00:27:37,960 --> 00:27:40,520
Speaker 1: of office space hit a new record high even as

510
00:27:40,600 --> 00:27:44,080
Speaker 1: workers came back to buildings. The availability rate hit a

511
00:27:44,119 --> 00:27:47,520
Speaker 1: peak of seventeen point four percent in February, with ninety

512
00:27:47,600 --> 00:27:50,439
Speaker 1: four million square feet of offices up for grabs, according

513
00:27:50,520 --> 00:27:54,400
Speaker 1: to data from Colliers going back to two thousand. Largely

514
00:27:54,600 --> 00:27:57,800
Speaker 1: driving the increase was a surge in sub lease space.

515
00:27:58,160 --> 00:28:00,359
Speaker 1: Well fewer new families enrolled their keys. It's to New

516
00:28:00,440 --> 00:28:03,960
Speaker 1: York City public schools during the pandemic, the city struggling

517
00:28:04,000 --> 00:28:07,200
Speaker 1: to retain young, white and affluent students. That's according to

518
00:28:07,280 --> 00:28:10,600
Speaker 1: a report from the New York City Independent Budget Office.

519
00:28:11,119 --> 00:28:14,639
Speaker 1: Amid a renewed push to ban smoking in Atlantic City casinos,

520
00:28:15,000 --> 00:28:17,439
Speaker 1: a new report predicts that doing that could cost up

521
00:28:17,480 --> 00:28:22,120
Speaker 1: to casino jobs and nearly eleven percent of casino revenue

522
00:28:22,160 --> 00:28:26,240
Speaker 1: as they struggled to rebound from the coronavirus pandemic. Independent

523
00:28:26,400 --> 00:28:30,959
Speaker 1: gambling research firm Spectrum Gaming Group issued the report. Andrew

524
00:28:30,960 --> 00:28:35,399
Speaker 1: Bloomberg Try State Business Report. I'm d Corey. Thanks on

525
00:28:35,440 --> 00:28:38,040
Speaker 1: Wall Street Bloomberg Radios on the air from San Francisco

526
00:28:38,120 --> 00:28:40,240
Speaker 1: to New York, London to Hong Kong. Let's check in

527
00:28:40,320 --> 00:28:42,040
Speaker 1: with our global news team for some of the top

528
00:28:42,080 --> 00:28:45,040
Speaker 1: stories heard on our three hundred affiliate radio stations around

529
00:28:45,040 --> 00:28:50,400
Speaker 1: the world. I'm Steve Podascan, on K and X in

530
00:28:50,520 --> 00:28:53,920
Speaker 1: Los Angeles. We're talking about Netflix buying a GameMaker that

531
00:28:54,040 --> 00:28:58,080
Speaker 1: produces a title based on the Stranger Things streaming series.

532
00:28:59,080 --> 00:29:02,080
Speaker 1: US You're Ready and for w c CO in Minneapolis.

533
00:29:02,200 --> 00:29:05,680
Speaker 1: I'm reporting that some US Bank Corps retirees are suing

534
00:29:05,720 --> 00:29:08,560
Speaker 1: the bank, saying it short changes the pensions of workers

535
00:29:08,600 --> 00:29:12,680
Speaker 1: who retire early. Um Corney Danahallan Cafe bian Omaha beef

536
00:29:12,760 --> 00:29:16,320
Speaker 1: prices are satirized further as costs for ranchers store. I'm

537
00:29:16,400 --> 00:29:19,040
Speaker 1: Caroline had comed Blue Big Dab Digital Radio in London.

538
00:29:19,040 --> 00:29:22,440
Speaker 1: Women footing on Bois Johnson updating MP's after his trip

539
00:29:22,520 --> 00:29:26,000
Speaker 1: to Eastern Europe as Russia says its forces have captured

540
00:29:26,280 --> 00:29:29,960
Speaker 1: a key Ukrainian pool. I'm ed Corey on w w

541
00:29:30,240 --> 00:29:34,320
Speaker 1: J in Detroit. I'm reporting Fortist is spending operations in Russia.

542
00:29:35,080 --> 00:29:38,280
Speaker 1: Those are some of the stories our hundred Bloomberg journalist

543
00:29:38,320 --> 00:29:40,600
Speaker 1: and analysts are working on this morning. Around the world.

544
00:29:40,720 --> 00:29:43,560
Speaker 1: It's thirty nine on Wall Street. The following is an

545
00:29:43,720 --> 00:29:47,960
Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the

546
00:29:48,040 --> 00:29:53,880
Speaker 1: Bloomberg Editorial Board. Russia's invasion of Ukraine is already disrupting

547
00:29:53,960 --> 00:29:58,320
Speaker 1: energy markets sending crewde prices above one hundred five dollars

548
00:29:58,400 --> 00:30:01,480
Speaker 1: a barrel. So news the US has agreed to tap

549
00:30:01,600 --> 00:30:06,400
Speaker 1: its strategic petroleum reserve is welcome. Indeed, it is part

550
00:30:06,440 --> 00:30:09,920
Speaker 1: of a larger plan coordinated with the International Energy Agency

551
00:30:10,200 --> 00:30:13,720
Speaker 1: to tap oil stockpiles in countries around the globe, the

552
00:30:13,880 --> 00:30:16,800
Speaker 1: first move of its kind in more than ten years.

553
00:30:17,280 --> 00:30:21,240
Speaker 1: The US will release thirty million barrels of oil, half

554
00:30:21,320 --> 00:30:24,360
Speaker 1: of the total to be released worldwide. This won't just

555
00:30:24,520 --> 00:30:27,480
Speaker 1: provide short term relief at the pump. It could also

556
00:30:27,600 --> 00:30:31,040
Speaker 1: help calm global energy markets if the war in Ukraine

557
00:30:31,080 --> 00:30:35,320
Speaker 1: worsens and counter Rush's ability to wield its energy supplies

558
00:30:35,480 --> 00:30:39,120
Speaker 1: as a weapon. No one knows precisely what energy markets

559
00:30:39,200 --> 00:30:42,560
Speaker 1: may do overcoming months. This all makes it the wiser

560
00:30:42,800 --> 00:30:47,080
Speaker 1: to take precautions now. This editorial was written by the

561
00:30:47,120 --> 00:30:50,640
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to

562
00:30:50,680 --> 00:30:54,400
Speaker 1: Bloomberg dot com, slash opinion or opie I n go

563
00:30:54,800 --> 00:30:58,760
Speaker 1: on the Bloomberg terminal. This has been Bloomberg Opinion. Listen

564
00:30:58,800 --> 00:31:01,560
Speaker 1: for Bloomberg Opinion and it's ariels every weekday. At this time.

565
00:31:01,680 --> 00:31:04,400
Speaker 1: Terminal customers can read more at O P I, n GO,

566
00:31:05,000 --> 00:31:07,560
Speaker 1: SMP futures up twenty eight points, stout futures up two

567
00:31:07,760 --> 00:31:10,480
Speaker 1: or twenty five dance at futures hied by ninety six points,

568
00:31:10,520 --> 00:31:14,040
Speaker 1: the tenure Treasury down eight thirty seconds, yield one point

569
00:31:14,120 --> 00:31:22,959
Speaker 1: seven five per cent. You're listening to Bloomberg Daybreak Blomber

570
00:31:23,040 --> 00:31:25,800
Speaker 1: eleven three oh weather sunshine, upper forties today, chance for

571
00:31:25,840 --> 00:31:28,000
Speaker 1: a shower Tonight. We'll have a mix of sun and clouds.

572
00:31:28,040 --> 00:31:31,600
Speaker 1: Tomorrow breezy, low forties for highs upper thirties by Friday.

573
00:31:31,800 --> 00:31:38,600
Speaker 1: Right now forty two in Central Park Markets, headlines and

574
00:31:38,800 --> 00:31:42,000
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,

575
00:31:42,160 --> 00:31:45,200
Speaker 1: the Bloomberg Business Out and at Bloomberg Quick Take This.

576
00:31:45,520 --> 00:31:54,400
Speaker 1: She's a Bloomberg Business Flash and I'm Karen Moscow. You

577
00:31:54,440 --> 00:31:56,800
Speaker 1: want to knock index futures on the rise. This morning,

578
00:31:56,840 --> 00:31:59,960
Speaker 1: European stocks erased their losses after the Kremlin said Russia

579
00:32:00,040 --> 00:32:03,320
Speaker 1: is ready to resume talks with Ukraine. Tonight, Brent topped

580
00:32:03,320 --> 00:32:06,400
Speaker 1: a hundred ten barrels bonds in europholding losses after data

581
00:32:06,400 --> 00:32:10,160
Speaker 1: showed Euro Area consumer prices rose more than forecast in February,

582
00:32:10,200 --> 00:32:12,440
Speaker 1: which like the markets every fifteen minutes throughout the trading

583
00:32:12,520 --> 00:32:15,040
Speaker 1: day on Bloomberg S and P Future is up about

584
00:32:15,080 --> 00:32:18,200
Speaker 1: twenty eight points now, futures up two hundred twelve NASDACK

585
00:32:18,280 --> 00:32:21,440
Speaker 1: futures up ninety one The decks in Germany's up half percent.

586
00:32:21,760 --> 00:32:24,280
Speaker 1: Ten year treasury down five thirty seconds, yield one point

587
00:32:24,320 --> 00:32:26,520
Speaker 1: seven four percent, The yield on the two year one

588
00:32:26,560 --> 00:32:29,840
Speaker 1: point three eight percent. NIMEX screwed oil is at four

589
00:32:29,880 --> 00:32:32,440
Speaker 1: point three percent. It's at a hundred seven dollars eighty

590
00:32:32,480 --> 00:32:35,400
Speaker 1: seven cents of barrel. That's up four dollars forty four cents.

591
00:32:35,640 --> 00:32:38,160
Speaker 1: Brent also higher by more than four percent. It's at

592
00:32:38,160 --> 00:32:41,360
Speaker 1: a hundred nine dollars now sixty two cents. Comics gold

593
00:32:41,400 --> 00:32:43,440
Speaker 1: is down nine ten per cent, or seventeen dollars at

594
00:32:43,480 --> 00:32:46,320
Speaker 1: nineteen twenty six eighty announced the euro one point one

595
00:32:46,400 --> 00:32:49,080
Speaker 1: zero nine three against the dollar, British found one point

596
00:32:49,160 --> 00:32:51,840
Speaker 1: three three one eight the ends at one fifteen point

597
00:32:51,880 --> 00:32:55,840
Speaker 1: to five, and Bitcoin is moving higher at forty four thousand,

598
00:32:55,880 --> 00:32:58,920
Speaker 1: two hundred forty dollars. That's a Bloomberg business flash. Now

599
00:32:58,960 --> 00:33:01,520
Speaker 1: here's Michael Barr with more i'mus going on around the world.

600
00:33:02,360 --> 00:33:04,920
Speaker 1: Karen thank you very much. Day seven of the Russia

601
00:33:05,040 --> 00:33:08,360
Speaker 1: Ukraine conflict dawned with the Russia continuing its attacks on

602
00:33:08,520 --> 00:33:12,200
Speaker 1: crowded Ukrainian cities. Last night, President Joe Biden, in his

603
00:33:12,320 --> 00:33:15,240
Speaker 1: State of the Union speech, gave his support to Ukraine.

604
00:33:15,560 --> 00:33:18,160
Speaker 1: We're giving more than a billion dollars of direct assistant

605
00:33:18,320 --> 00:33:21,320
Speaker 1: Ukraine and will continue to aid Ukrainian people as they

606
00:33:21,440 --> 00:33:25,360
Speaker 1: defend their country and helped ease their suffering. Hi what

607
00:33:25,480 --> 00:33:29,080
Speaker 1: Governor Kim Reynolds gave the GOP response to Biden's address.

608
00:33:29,400 --> 00:33:32,720
Speaker 1: The President tried to paint a different picture tonight, but

609
00:33:32,880 --> 00:33:36,520
Speaker 1: his actions over the last twelve months don't match the rhetoric.

610
00:33:37,160 --> 00:33:40,720
Speaker 1: It's not what he promised when he took office. Reynolds

611
00:33:40,800 --> 00:33:44,280
Speaker 1: did say all Americans must stand united and solidarity with

612
00:33:44,360 --> 00:33:47,160
Speaker 1: the people of Ukraine. The scheduled opening day from Major

613
00:33:47,280 --> 00:33:50,600
Speaker 1: League Baseball has been canceled. No deal was reached between

614
00:33:50,680 --> 00:33:53,400
Speaker 1: the players and owners in the NBA, and the Nets

615
00:33:53,480 --> 00:33:56,719
Speaker 1: and Warriors lost. The Celtics and Wizards won in the NHL.

616
00:33:56,800 --> 00:33:59,640
Speaker 1: The Devil's Islanders and Bruins all lost. Global News twenty

617
00:33:59,680 --> 00:34:02,040
Speaker 1: four Hour as a Day on air and on Bloomberg

618
00:34:02,120 --> 00:34:05,040
Speaker 1: Quick Take powered by more than twenty seven under journalist

619
00:34:05,080 --> 00:34:07,680
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr,

620
00:34:07,760 --> 00:34:10,640
Speaker 1: this is Bloomberg. Nathan alright, Michael. Thanks, It's five forty

621
00:34:10,719 --> 00:34:14,000
Speaker 1: nine on Wall Street Live from the Bloomberg Interactive Brokers Studios.

622
00:34:14,080 --> 00:34:17,040
Speaker 1: This is Bloomberg Daybreak. As we continue to gather reaction

623
00:34:17,120 --> 00:34:19,640
Speaker 1: to President Biden's first State of the Union address, were

624
00:34:19,680 --> 00:34:22,440
Speaker 1: joined live this morning by Wendy Schiller, director of the

625
00:34:22,520 --> 00:34:26,719
Speaker 1: Topman Center for American Politics and Policy at Brown University. Professor,

626
00:34:26,880 --> 00:34:30,400
Speaker 1: Good morning. The President called for unity against Russia and

627
00:34:30,680 --> 00:34:34,480
Speaker 1: around his economic agenda and the fight against inflation. Did

628
00:34:34,560 --> 00:34:37,680
Speaker 1: he step up to the moment for you? Well, Nathan,

629
00:34:37,719 --> 00:34:40,200
Speaker 1: I thought it was a very good speech. H. You know,

630
00:34:40,320 --> 00:34:45,239
Speaker 1: it's all about expectations with President Biden. Sometimes he's really

631
00:34:45,320 --> 00:34:48,280
Speaker 1: on his game looks, you know, really fit and sharp

632
00:34:48,400 --> 00:34:51,800
Speaker 1: and uh and his will toly coherent. Joe Biden's always

633
00:34:51,800 --> 00:34:54,160
Speaker 1: had a kind of career where he's not always the

634
00:34:54,200 --> 00:34:57,120
Speaker 1: most coherent speaker. H. And I thought he was very,

635
00:34:57,200 --> 00:35:00,560
Speaker 1: very good, very on point. It was a remarkable atmosphere

636
00:35:00,680 --> 00:35:02,000
Speaker 1: for the State of the Union. We haven't seen this

637
00:35:02,080 --> 00:35:04,759
Speaker 1: kind of atmosphere in many years in the State of

638
00:35:04,800 --> 00:35:07,680
Speaker 1: the Union Chamber. Uh. You know, there was one very

639
00:35:07,760 --> 00:35:10,560
Speaker 1: partisan moment when he criticized the Trump tax cuts on

640
00:35:10,600 --> 00:35:13,800
Speaker 1: the GEOP Congress, But other than that, there were a

641
00:35:13,880 --> 00:35:16,200
Speaker 1: lot of standing ovations, a lot of applause. Now keep

642
00:35:16,200 --> 00:35:17,920
Speaker 1: in mind, a lot of the GOP did not go

643
00:35:18,160 --> 00:35:21,200
Speaker 1: to the speech. Uh last night. The COVID restrictions limited

644
00:35:21,200 --> 00:35:23,920
Speaker 1: the number of people in the chamber. But nonetheless it

645
00:35:24,160 --> 00:35:27,040
Speaker 1: was what we call a good show for the United

646
00:35:27,040 --> 00:35:29,120
Speaker 1: States of America, for the rest of the world, which

647
00:35:29,160 --> 00:35:33,640
Speaker 1: was watching the speech because of Ukraine and the Russian invasion. Uh. So,

648
00:35:33,960 --> 00:35:35,600
Speaker 1: you know, I think his staff probably thought he had

649
00:35:35,600 --> 00:35:39,120
Speaker 1: a good night. In the past, we've talked about the president,

650
00:35:39,239 --> 00:35:43,440
Speaker 1: in your view, needing to show signs that he's pivoting

651
00:35:43,560 --> 00:35:47,160
Speaker 1: into some respect given the fact where his poll ratings

652
00:35:47,320 --> 00:35:51,200
Speaker 1: are right now, particularly on the question of his fight

653
00:35:51,239 --> 00:35:55,280
Speaker 1: against inflation. He says cutting prices will be his top priority.

654
00:35:55,719 --> 00:35:57,960
Speaker 1: Is he doing enough through this speech to show that

655
00:35:58,320 --> 00:36:02,799
Speaker 1: he's got that under troll, that he has that in focus. Well,

656
00:36:02,840 --> 00:36:04,360
Speaker 1: and Nat and I thought, actually that was one of

657
00:36:04,440 --> 00:36:07,440
Speaker 1: the weaker points you're trying to make, because I'm just

658
00:36:07,520 --> 00:36:11,520
Speaker 1: not sure how the settle government does that effectively quickly? Right,

659
00:36:11,600 --> 00:36:14,080
Speaker 1: how do you force private businesses to cut their prices?

660
00:36:14,120 --> 00:36:16,480
Speaker 1: And when the supply chains difficult, energy prices are high.

661
00:36:16,840 --> 00:36:19,279
Speaker 1: You know, that's a very tough call. So again, do

662
00:36:19,400 --> 00:36:21,920
Speaker 1: not want to promise things you can't deliver, which is

663
00:36:21,960 --> 00:36:24,960
Speaker 1: sort of what has tagged or or really nagged at

664
00:36:25,280 --> 00:36:28,200
Speaker 1: Biden's presidency in the past year. I think the key

665
00:36:28,280 --> 00:36:29,920
Speaker 1: thing for Biden is that one of the problems of

666
00:36:29,960 --> 00:36:31,680
Speaker 1: the poll ratings is that people feel he can't do

667
00:36:31,800 --> 00:36:34,719
Speaker 1: the job literally, whether he's physically or mentally not fit

668
00:36:34,800 --> 00:36:36,879
Speaker 1: to do the job. I think last night really put

669
00:36:36,920 --> 00:36:39,360
Speaker 1: a lot of that that, you know, those doubts to

670
00:36:39,480 --> 00:36:41,960
Speaker 1: bed in the sense of, you know, is he with it?

671
00:36:42,080 --> 00:36:44,040
Speaker 1: Can he run the country? Um, he's gonna have to

672
00:36:44,080 --> 00:36:45,680
Speaker 1: do a lot more of that. He's gonna have to

673
00:36:45,719 --> 00:36:47,920
Speaker 1: be out and about and have the American people see him,

674
00:36:48,360 --> 00:36:50,800
Speaker 1: particularly out in the country, you know, off the cuff,

675
00:36:51,320 --> 00:36:53,560
Speaker 1: even though he can be a little casual off the cuff,

676
00:36:53,840 --> 00:36:55,600
Speaker 1: just to see that he can run the country. Because

677
00:36:55,640 --> 00:36:58,080
Speaker 1: that's the poll number that I think is most concerning

678
00:36:58,120 --> 00:36:59,880
Speaker 1: to the Democrats. It's the kind of thing you can

679
00:37:00,040 --> 00:37:04,120
Speaker 1: not fix with, you know, policy recommendations. With the speech

680
00:37:04,239 --> 00:37:06,279
Speaker 1: last night, how does it set up the mid term

681
00:37:06,400 --> 00:37:10,200
Speaker 1: fight the fright for control of Congress. The issues he

682
00:37:10,320 --> 00:37:13,920
Speaker 1: put out there, the economic agenda, it seems as though

683
00:37:14,000 --> 00:37:16,960
Speaker 1: he's still arguing for a lot of the same pieces

684
00:37:17,239 --> 00:37:20,040
Speaker 1: of build back better, even though he didn't use the

685
00:37:20,080 --> 00:37:23,680
Speaker 1: words build back better. Well. Part of last night was

686
00:37:23,719 --> 00:37:26,040
Speaker 1: also about democratic unity. Um. You know, they showed a

687
00:37:26,080 --> 00:37:29,320
Speaker 1: lot of Democrats in the in the room, including AOC

688
00:37:29,560 --> 00:37:33,800
Speaker 1: who's very uh vocal and well known member of Progressive Caucus.

689
00:37:33,920 --> 00:37:36,839
Speaker 1: And I think that's one of the things was let's

690
00:37:36,880 --> 00:37:39,920
Speaker 1: show everybody that the Democrats themselves are united and not

691
00:37:40,200 --> 00:37:43,000
Speaker 1: fractious and not divided. And so if they can hold

692
00:37:43,040 --> 00:37:44,799
Speaker 1: that image, I think it helps them a little bit.

693
00:37:45,360 --> 00:37:48,360
Speaker 1: But I thought Kim Reynolds Government Iowa her response and

694
00:37:48,600 --> 00:37:51,200
Speaker 1: not everybody watches the opposite party response, but I do

695
00:37:52,160 --> 00:37:55,200
Speaker 1: was very on point, very sharp, well delivered, and you know,

696
00:37:55,400 --> 00:37:58,479
Speaker 1: reflective by the Republicans. They were on basically installation, gas

697
00:37:58,560 --> 00:38:01,920
Speaker 1: prices and culture wars. Uh and and that's something that

698
00:38:02,160 --> 00:38:05,200
Speaker 1: you know Biden stayed away from completely. We'll see how

699
00:38:05,239 --> 00:38:07,840
Speaker 1: the jupy handles the nomination of the first African American

700
00:38:08,200 --> 00:38:13,360
Speaker 1: um woman to the Supreme Court, Uh, Johnny Brown Jackson.

701
00:38:13,440 --> 00:38:16,160
Speaker 1: And and we'll see whether the GOP wants to get

702
00:38:16,200 --> 00:38:18,680
Speaker 1: into that battle as well. But it seems from Kimeron's

703
00:38:18,680 --> 00:38:21,360
Speaker 1: address that they are willing to take on almost every

704
00:38:21,400 --> 00:38:25,279
Speaker 1: cultural issue. Uh. And that's still something that Biden hasn't

705
00:38:25,280 --> 00:38:27,000
Speaker 1: paid a lot of attention to because you know, he

706
00:38:27,040 --> 00:38:29,080
Speaker 1: doesn't want to get involved in those things. But you know,

707
00:38:29,200 --> 00:38:31,799
Speaker 1: they mattered in Virginia in the election, and it looks

708
00:38:31,800 --> 00:38:33,720
Speaker 1: like they're gonna matter and twank you in the midterms.

709
00:38:34,280 --> 00:38:36,640
Speaker 1: Thanks for this, professor, good having you with us this morning.

710
00:38:36,680 --> 00:38:39,440
Speaker 1: Wendy Schiller is director of the Topman Center for American

711
00:38:39,480 --> 00:38:43,320
Speaker 1: Politics and Policy at Brown University. Karen, all right, Nathan,

712
00:38:43,400 --> 00:38:45,880
Speaker 1: thank you. It is five fifty three on Wall Street.

713
00:38:45,880 --> 00:38:48,799
Speaker 1: It's time for our daily Bloomberg Law Brief, exploring legal

714
00:38:48,880 --> 00:38:52,560
Speaker 1: issues in the news, brought to you by American Arbitration Association.

715
00:38:52,680 --> 00:38:55,720
Speaker 1: Business disputes are inevitable. There's a faster with the American

716
00:38:55,800 --> 00:38:59,520
Speaker 1: Arbitration Association, the global leader and alternative dispute resolution for

717
00:38:59,600 --> 00:39:02,400
Speaker 1: over the years. More at a d R dot org.

718
00:39:02,719 --> 00:39:05,320
Speaker 1: Today we're focused on the Supreme Court. Justice is debated

719
00:39:05,360 --> 00:39:07,279
Speaker 1: putting new limits on the e p a's power to

720
00:39:07,400 --> 00:39:10,520
Speaker 1: tackle greenhouse gas emissions. In a case that threatens to

721
00:39:10,719 --> 00:39:14,759
Speaker 1: undercut President Biden's climate agenda, Republican led states and coal

722
00:39:14,840 --> 00:39:17,120
Speaker 1: companies are seeking to bar the e p A from

723
00:39:17,160 --> 00:39:20,640
Speaker 1: issuing plans to reduce carbon emissions from power plants, while

724
00:39:20,680 --> 00:39:23,600
Speaker 1: the White House is defending the agency's authority. For more

725
00:39:23,640 --> 00:39:26,480
Speaker 1: in the case, Bloomberg student Grassa speaks to Pat Parento,

726
00:39:26,600 --> 00:39:29,640
Speaker 1: a professor of environmental law at the Vermont Law School.

727
00:39:30,160 --> 00:39:33,000
Speaker 1: What's at stake in this case? When you're talking about

728
00:39:33,080 --> 00:39:37,920
Speaker 1: the electricity sector that represents about a third of our

729
00:39:38,040 --> 00:39:43,400
Speaker 1: total greenhouse gas emissions, so it's incredibly important to regulate

730
00:39:43,520 --> 00:39:46,680
Speaker 1: that sector and get those emissions down. And within that sector,

731
00:39:47,000 --> 00:39:50,640
Speaker 1: you know, the single most important category, of course, is

732
00:39:50,680 --> 00:39:54,919
Speaker 1: coal fired power plants. So this case West Virginia versus

733
00:39:55,000 --> 00:39:57,719
Speaker 1: e p A, no surprise, West Virginia being a huge

734
00:39:57,760 --> 00:40:01,040
Speaker 1: coal state bill even though coal is dying there. It's

735
00:40:01,080 --> 00:40:04,600
Speaker 1: all about whether e p A has authority to impose

736
00:40:04,680 --> 00:40:09,000
Speaker 1: the kinds of controls well, a system of controls that

737
00:40:09,120 --> 00:40:14,520
Speaker 1: will significantly bring those plants into compliance with the Clean

738
00:40:14,600 --> 00:40:19,040
Speaker 1: Air Act and with President Biden's avowed pledge to make

739
00:40:19,120 --> 00:40:24,720
Speaker 1: the electricity sector carbon free. So there's a lot writing

740
00:40:24,760 --> 00:40:28,240
Speaker 1: on this and beyond the greenhouse gas and the climate

741
00:40:28,480 --> 00:40:32,359
Speaker 1: change implications of the case. Depending on what the Court does,

742
00:40:32,640 --> 00:40:35,759
Speaker 1: it may sweep even more broadly. It may affect all

743
00:40:35,840 --> 00:40:39,960
Speaker 1: of environmental laws. The arguments were really long. Was there

744
00:40:40,080 --> 00:40:43,920
Speaker 1: one issue that the justices were kicking around most? Yes,

745
00:40:44,080 --> 00:40:46,960
Speaker 1: that's the major question doctrine. You know, the Court has

746
00:40:46,960 --> 00:40:49,320
Speaker 1: already used that twice this year. They struck down a

747
00:40:49,480 --> 00:40:52,960
Speaker 1: rule putting a moratorium on evictions you may recall because

748
00:40:53,000 --> 00:40:56,240
Speaker 1: of the COVID epidemic, and they said that the agency

749
00:40:56,360 --> 00:40:59,160
Speaker 1: didn't have the authority because that was something the agency

750
00:40:59,239 --> 00:41:02,760
Speaker 1: had never done for. And in another case, OSHA also

751
00:41:02,880 --> 00:41:06,160
Speaker 1: imposed a rule and the Court struck that doubt, saying, OSHA,

752
00:41:06,400 --> 00:41:09,000
Speaker 1: you're not the health agency. You can't be writing a

753
00:41:09,160 --> 00:41:12,640
Speaker 1: rule that regulates people's exposure to COVID in the workplace.

754
00:41:12,800 --> 00:41:15,759
Speaker 1: So the Court has already shown that it wants to

755
00:41:15,880 --> 00:41:20,280
Speaker 1: wield this major Question doctrine in a way that strikes

756
00:41:20,400 --> 00:41:23,880
Speaker 1: down agency rules at the court the conservative members of

757
00:41:23,920 --> 00:41:28,360
Speaker 1: the Court believed are going too far, having major impacts

758
00:41:28,400 --> 00:41:30,880
Speaker 1: on the nation's economy and so forth. But it's a

759
00:41:31,000 --> 00:41:33,000
Speaker 1: rule they made up. I mean, it doesn't come from

760
00:41:33,040 --> 00:41:37,239
Speaker 1: the Constitution, and it's fairly recent. It's just within this era.

761
00:41:37,600 --> 00:41:39,920
Speaker 1: Of the people that have joined the courts, they're all

762
00:41:40,120 --> 00:41:44,279
Speaker 1: of the same mind about limiting agency authority, the so

763
00:41:44,440 --> 00:41:47,480
Speaker 1: called administrative state. Is that what this is about. That's

764
00:41:47,520 --> 00:41:49,400
Speaker 1: what this is about. I mean, the Court would never

765
00:41:49,480 --> 00:41:51,600
Speaker 1: use that term, but that's what it's about. It's a

766
00:41:51,719 --> 00:41:56,080
Speaker 1: suspicion that agencies who are quote unelectric bureaucrats, you know,

767
00:41:56,520 --> 00:41:59,600
Speaker 1: taking irrigating a lot of power, and they don't like that.

768
00:42:00,560 --> 00:42:03,480
Speaker 1: And as Vermont law professor Pat Parento speaking at the

769
00:42:03,480 --> 00:42:06,800
Speaker 1: Bloomberg Student Grosso. Catch more of that interview, plus analysis

770
00:42:06,840 --> 00:42:09,440
Speaker 1: of the latest legal news by subscribing to the Bloomberg

771
00:42:09,560 --> 00:42:12,359
Speaker 1: Law Podcast or downloading this show at Bloomberg dot com

772
00:42:12,480 --> 00:42:16,120
Speaker 1: slash podcast. Attorneys can find exceptional legal research and business

773
00:42:16,160 --> 00:42:19,000
Speaker 1: development tools at Bloomberg Law dot com and on the

774
00:42:19,040 --> 00:42:22,920
Speaker 1: Bloomberg terminal at b Law Go and again. Futures are

775
00:42:23,000 --> 00:42:25,359
Speaker 1: higher this morning, with S and P futures up twenty

776
00:42:25,440 --> 00:42:28,719
Speaker 1: three points to down futures up one seventy two. NAS

777
00:42:28,800 --> 00:42:31,399
Speaker 1: day futures up eighty five, the ten year Treasury down

778
00:42:31,440 --> 00:42:34,640
Speaker 1: five thirties seconds, the yield one point seven four percent,

779
00:42:34,760 --> 00:42:36,680
Speaker 1: and they yield them the two year one point three

780
00:42:36,800 --> 00:42:40,920
Speaker 1: nine percent. Still ahead on Bloomberg at daybreak, check on

781
00:42:41,080 --> 00:42:43,320
Speaker 1: the business headlines and all the news you need to

782
00:42:43,400 --> 00:42:46,360
Speaker 1: start your day. And this is Bloomberg