Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: day Break for Wednesday, March two. Coming up this hour,
Speaker 1: President Bidence targets Russia and inflation in his first State
Speaker 1: of the Union address. This is our moment to read
Speaker 1: an overcome the challenge of our park, and we will.
Speaker 1: Russia moves further into Ukraine, claiming capture of a quart city,
Speaker 1: and the war sends oil surging above one dollars of Harold.
Speaker 1: New Jersey residents may soon have to pump their own gas. Plus.
Speaker 1: New York's Republican Party leaders nominated Representative leeze Elder as
Speaker 1: their candidate for governor. I'm Michael Baum, I'm John Stashdower.
Speaker 1: In sports, the baseball lockout continues. The first two series
Speaker 1: of the season were canceled road losses for the Nets
Speaker 1: Islanders and Devil That's All Straight Ahead on Bloomberg day
Speaker 1: Break on Bloomberg eleven three on New York, Bloomberg, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties,
Speaker 1: San Francisco, Sirius x M one nineteen and around the
Speaker 1: world gone Bloomberg Radio dot Com and via the Bloomberg Business.
Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow. US
Speaker 1: DOT Index futures are higher this morning. We're coming up
Speaker 1: to five oh one on Moll Street, and we check
Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg,
Speaker 1: SNP Future is up thirty point Staff futures up two
Speaker 1: thirty one, Nasday Future is up eighty eight and the
Speaker 1: ten year Treasury down four thirty seconds yield one point
Speaker 1: seven four percent. They yield on the two year one
Speaker 1: point three eight percent. Nine X screwed oil is up
Speaker 1: five point four percent. Nathan, all right, Karen, we'll have
Speaker 1: more on the markets in a minute, but first, the
Speaker 1: fighting is intensifying in Eastern Europe. According to Interfax, Russia's
Speaker 1: defense ministry says it has captured the Ukrainian port of
Speaker 1: Cissan as Moscow Predace is ahead with attacks. The US
Speaker 1: is taking more action to isolate Russia and prevent cyber attacks.
Speaker 1: Amy Morris reports from our Bloomberg ninty nine one newsroom
Speaker 1: in Washington. The U S Government has banned Russian aircraft
Speaker 1: from American airspace, as the U S in EU look
Speaker 1: to expand sanctions on Russia. Former US Ambassador to Ukraine
Speaker 1: William Taylor tells ABC those sanctions should extend to Belarus.
Speaker 1: They are co conspirators. They are together with this as
Speaker 1: the Senate fast tract the package of cybersecurity proposals. The
Speaker 1: House is working on a companion bill. US businesses are
Speaker 1: on high alert for Russian cyber attacks in Washington. I'm
Speaker 1: maybe Morris Bloomberg Daybreak, Amy, thank you for coming off
Speaker 1: President Biden's first State of the Union address last night,
Speaker 1: and in his speech, the President promised to take on
Speaker 1: Vladimir Putin and keeps supporting Ukraine. He thought the Western
Speaker 1: NATO wouldn't respond. He thought I could divide us at home,
Speaker 1: in this chamber, in this nation. He thought he could
Speaker 1: divide us in Europe as well. But Putin was wrong
Speaker 1: and remarks that lesson a little more than an hour.
Speaker 1: The President also called on Congress to unite on challenges
Speaker 1: here at home, including higher prices. One way to fight
Speaker 1: inflation is to drive down wages and make America's poor.
Speaker 1: I think I have a better idea to fight inflation,
Speaker 1: lower costs, not your wages. The President touted his bipartisan
Speaker 1: infrastructure law and called for a new action on domestic
Speaker 1: manufacturing and supply chains, lowering health and family costs and
Speaker 1: boosting competition. He also promised to keep fighting COVID even
Speaker 1: as more Americans returned to work and school. Reaction continues
Speaker 1: to pour into the State of the Union. Karen Genie
Speaker 1: Genie she and Zeo is a political science professor and
Speaker 1: a Bloomberg News contributor. I think he missed an important moment.
Speaker 1: This is the last big speech Joe Biden will give,
Speaker 1: the last major audience he has before the mid term election,
Speaker 1: and I'm not sure he changed on the domestic front
Speaker 1: any hearts or minds, and I think he could have
Speaker 1: done a better job saying we need to restore democracy,
Speaker 1: not just abroad, but at home. Bloomberg contributor Genie she
Speaker 1: and Zano says the number one issue for voters right
Speaker 1: now is inflation, and Republicans seized on that topic. After
Speaker 1: the President wrapped up his speech, Nathan Iowa Governor Kim
Speaker 1: Reynolds delivered the GOP response to the State of the Union.
Speaker 1: Where now one year in to his presidency and instead
Speaker 1: of moving America forward, it feels like President Biden and
Speaker 1: his party have sent us back in time to the
Speaker 1: late seventies and early eighties. I am a governor. Kim
Speaker 1: Reynolds used her fourteen minute address to say the country
Speaker 1: is on the wrong track. She focused on issues ranging
Speaker 1: from inflation and crime to taxes and education. All right,
Speaker 1: let's turn to markets now, Karen. We are seeing major
Speaker 1: moves this morning in commodities as the war in Ukraine intensifies.
Speaker 1: Let's get the latest life from Bloomberg's John Tucker, John Nathan.
Speaker 1: Oil surging this morning, Brent crude above one dollars of barrel.
Speaker 1: The International Energy Agency warns that global energy security is
Speaker 1: under threat because of Russia's war on Ukraine. In addition
Speaker 1: that energy medals and grains prices are higher. Russian commodities
Speaker 1: not targeted by sanctions, but thanks for pulling. Financing and
Speaker 1: shippers are reluctant to touch anything from Russia. Live to
Speaker 1: New York. I'm John Tucker, Bloomberg, debreak, All right, John,
Speaker 1: thank you all. More of the world's iconic brands are
Speaker 1: pulling away from Russia. We get more on the growing
Speaker 1: US Live from Bloomberg's Rainy to Young Good morning, Ray,
Speaker 1: Good morning here, and Apple and Nike both say They're
Speaker 1: halting product sales in Russia, cutting off the country from
Speaker 1: the most valuable tech company and the biggest maker of
Speaker 1: athletic wear, while Disney and Warner Media are pausing new
Speaker 1: movie releases in the nation. It's a cultural and commercial
Speaker 1: split not seen since the Cold War ended in the eighties.
Speaker 1: U S brands are quickly vanishing from the Russian marketplace
Speaker 1: in a way that will be hard for consumers to ignore.
Speaker 1: Live in New York, I'm gonna need a young Bloomberg daybreak,
Speaker 1: al Nita, thank you. How will the war in Ukraine effect?
Speaker 1: The Fed will be looking for answers on that, plus
Speaker 1: the outlook for inflation. When Federal Reserve Chairman j Powell
Speaker 1: begins two days of testimony to Congress. Bloomberg Economics correspondent
Speaker 1: Michael McKee reports inflation in February out next week is
Speaker 1: forecast to be the highest since the start of two
Speaker 1: So there's pressure on the Fed to do something. But
Speaker 1: what policy makers don't know is how much higher prices
Speaker 1: from Russia's war will crimp growth. Those are questions Chairman
Speaker 1: Paul will face the next two days, and it's not
Speaker 1: just a growth worry. Powell also has to worry about
Speaker 1: higher inflation expectations becoming embedded in consumer and business psychology.
Speaker 1: Michael McKee, Bloomberg Debris. All right, Michael, thank you. The
Speaker 1: US dollar also in focus today. It's been strengthening since
Speaker 1: the war in Ukraine began, and the shift could mark
Speaker 1: a critical inflection point for the green back, as according
Speaker 1: to Zultan Posar, head of interest rate strategy at Credit Swiss,
Speaker 1: now that Russia has lost access to currency reserves, he
Speaker 1: says other countries may start questioning the value of their
Speaker 1: own reserves and that could ripple across currency markets. The
Speaker 1: FX reserves are partly used by the central bank to
Speaker 1: be able to provide dollars to domestic financial system, and
Speaker 1: if all these balances are frozen, you know, one channel
Speaker 1: of dollars to help the local banking system drives up.
Speaker 1: So I think it's quite a complicated situation. Saltan Posar
Speaker 1: at Credit Suis made the comments on Bloomberg Odd Lots podcast.
Speaker 1: Read more about it on Today's Big Take by Bloomberg
Speaker 1: on the terminal and online at Bloomberg dot Com. Futures
Speaker 1: this morning are higher. S and P future is up
Speaker 1: twenty five points down. Futures up one Nasdack futures up
Speaker 1: seventy seven and the ten Uere Treasury down three thirty seconds.
Speaker 1: They yield one point seven three percent. Straight ahead your
Speaker 1: latest local headlines plus the check of sports. And this
Speaker 1: is Bloomberg. I can't thank you. It's five oh seven
Speaker 1: on Wall Street, forty two degrees in Central Park in
Speaker 1: a broken down vehicle. We got that on the outbound
Speaker 1: George Washington Bridge upper level. Tail's coming up in traffic. First,
Speaker 1: Michael Barr is here with what else is going on
Speaker 1: in New York and around the world. Good morning might
Speaker 1: call Good morning, Nathan. New Jersey drivers could soon be
Speaker 1: forced to pump their own gas. New Jersey is the
Speaker 1: only state of the nation where drivers are not allowed
Speaker 1: to pump their own gas by law, but a bill
Speaker 1: in the state legislature could allow self service as an
Speaker 1: option for smaller stations while maintaining full service for stations
Speaker 1: with four or more pumps. Station owners say changing it
Speaker 1: would help off at rising gas prices and workers shortages.
Speaker 1: New York City's pension fund for police officers voted to
Speaker 1: sell stocks and bonds issued by Russian companies. The fifty
Speaker 1: three point six billion dollar fund has more than eighty
Speaker 1: five thousand active members and retirees. Hong Kong is set
Speaker 1: to report a record of over fifty thousand daily new
Speaker 1: COVID infections today. The city spiraling outbreak has seen thousands
Speaker 1: of residents flee, while those remained short store shelves of
Speaker 1: food and medicine. US Representative Lees Eldon and l I
Speaker 1: of former President Donald Trump accepted the New York State
Speaker 1: Republican Party's nomination as their candidate for the two governors race.
Speaker 1: Betta O'Rourke is projected to be the Democratic winner for
Speaker 1: the Texas gubinatorial primary. He held a victory rally and
Speaker 1: fort Worth last night. This group of people and then
Speaker 1: some are gonna make me the first Democrats to be
Speaker 1: governor of the state of Texas. Since O'Rourke will go
Speaker 1: up against incumbent Governor Greg Abbott, who won the GOP primary,
Speaker 1: Republicans sent a message they want at Keith, Texas the
Speaker 1: land of opportunity and prosperity, per absolutely everybody. Governor Abbott
Speaker 1: spoke to his supporters at a Corpus Christie victory rebelling
Speaker 1: tells Oklahoma is searching for more remains of victims killed
Speaker 1: in the city's race massacre. University of Florida forensic anthropologist
Speaker 1: Dr Phoebe Stubblefield says one grave held the remains of
Speaker 1: a homicide victim had multiple ben shot wounds that contributed
Speaker 1: to his death. He had a minimum of three gunshot wounds.
Speaker 1: He was a young man in his twenties. The city
Speaker 1: says it will not file criminal charges. The Moon is
Speaker 1: about to get slammed by a big piece of space
Speaker 1: junk and leave a creator the size of several semi
Speaker 1: tractor trailers. The leftover rocket was slamming to the far
Speaker 1: side of the Moon. Friday, Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Take, powered
Speaker 1: by more than hundred journalists and don't listen more than
Speaker 1: twenty countries. Michael bar this is Bloomberg Naked Alright, Michael,
Speaker 1: thanks almost five ten on Wall Street. Time for the
Speaker 1: Bloomberg Sports Update. Good morning, John Stann shower right, Good
Speaker 1: morning Nathan. For the first time since the strike that
Speaker 1: canceled the World Series and went in the following season,
Speaker 1: baseball games will be lost to a warp stop is.
Speaker 1: The lockout continues the first two series of the season, canceled.
Speaker 1: Two sides had that marathon bargaining session Monday that led
Speaker 1: to an extent to the deadline and some optimism where
Speaker 1: things apparently did not go well yesterday. The commissioner is
Speaker 1: Rob Manfred. We worked hard to avoid an outcome that's
Speaker 1: bad for our fans, bad for our players, and bad
Speaker 1: for our clothes. I want to share our fans that
Speaker 1: our failure to region agreement was not due to a
Speaker 1: lack of effort by enger Hart. The players came in
Speaker 1: for nine days, they worked hard, they tried to make
Speaker 1: a deal, and I appreci Yankees were to start the
Speaker 1: season with seven road games Texas and Houston. The Mets
Speaker 1: first two series were at home versus Washington Atlanta. Those
Speaker 1: games will knock be made up a lot closer for
Speaker 1: the Nets. Against the Raptors, Toronto won by thirty six
Speaker 1: in Brooklyn, seam to last night in Toronto, Raptors one
Speaker 1: one oh nine, one oh A. They had a ten
Speaker 1: ing run on the fourth quarter. Nets have now lost
Speaker 1: fifteen of eighteen, just as the Knicks had Knicks playing
Speaker 1: in Philadelphia tonight. Nets played Miami tomorrow. Kevin Durants expected
Speaker 1: to play. He's been out since mid January Islanders in Colorado,
Speaker 1: the Ads with their NHL leading forty where they scored
Speaker 1: three in the third one five three Devils lost in
Speaker 1: Columbus four to three. The w n b A has
Speaker 1: find the New York Liberty half a million dollars. Their
Speaker 1: crime was flying their players on chartered flights instead of
Speaker 1: flying commercial, as lead rules dictates, John Stash Howard, Bloomberg's
Speaker 1: and Q john SMP futures down town are up twenty
Speaker 1: seven points. Staff futures up two hundred nests. ACT futures
Speaker 1: highed by eighty six points. The tenure treasury is down
Speaker 1: four thirty seconds. The yield one point seven and four.
Speaker 1: You're listening to Bloomberg Taper Bloomberg eleven three oh weather
Speaker 1: mostly sunny, upper forties today, chance for a shower tonight.
Speaker 1: But will you under a mix of sun and clouds tomorrow? Breezy,
Speaker 1: cooler low forties for highs upper thirties by Friday. Currently
Speaker 1: forty two in Central Park markets. Headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, the
Speaker 1: Bloomberg Business apt and at Bloomberg Quick Tape. She's a
Speaker 1: Bloomberg Business lash and I'm Karen Moscow. US Dock Index
Speaker 1: futures on the rise this morning. European stocks erased their
Speaker 1: losses after the Kremlin said Russia is ready to resume
Speaker 1: talks with Ukraine. Tonight, Brent topped one hundred ten dollars
Speaker 1: of barrel. Bonds in Europe held losses after data showed
Speaker 1: euro Area consumer prices rose more than forecast in February
Speaker 1: and German inflation may average five percent this year. Rushes
Speaker 1: were with Ukraine will further boost energy prices. According to
Speaker 1: the bundes Bank to check the markets every fifteen minutes
Speaker 1: throughout the trading day. On bloomberg S and P future
Speaker 1: is up thirty six points and now futures up two
Speaker 1: hundred fifty Nasdack futures have one hundred twenty seven The
Speaker 1: decks in Germany's up four tenths of upper cent, the
Speaker 1: ten year treasury down five thirty seconds. He had one
Speaker 1: point seven four percent and the yield on the two
Speaker 1: year one point three nine percent. Nimex screwed oil is
Speaker 1: at five and a half percent at five dollars sixty
Speaker 1: eight cents at a hundred nine dollars ten cents of
Speaker 1: barrel and Brent is at a hundred ten dollars ninety cents.
Speaker 1: Comes gold is down four tenths per cent or eight
Speaker 1: dollars ten cents at nineteen thirty five sixty announced the
Speaker 1: euro one point one zero eight six against the dollar.
Speaker 1: British found one point three three one six. The ends
Speaker 1: at one fifteen point to four bitcoin this morning higher
Speaker 1: it's at forty four thousand, one hundred fifty dollars. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael Goodbourne, Good morning, Karen.
Speaker 1: President Joe Biden gave his first State of the Union
Speaker 1: address from the capital last ninth. The President opened with
Speaker 1: a message of global unity against Russian President Vladimir Putin.
Speaker 1: Putin is now isolated from the world more than he
Speaker 1: has ever been I was. Republican Governor Kim Reynolds offered
Speaker 1: up the GOP response to President Biden's address. Reynolds portray
Speaker 1: the GOP as the Party of Freedom and Choice, because
Speaker 1: you know, you've shown that the soul of America isn't
Speaker 1: about who lives in the White House. Reynolds is asking
Speaker 1: people to think about the last year of democratic policies
Speaker 1: coming from the White House. The scheduled opening day from
Speaker 1: Major League Baseball has been canceled. No deal reached between
Speaker 1: the players and teams yesterday to in the lockout in
Speaker 1: the NBA, the Nets and Warriors lost, the Celtics and
Speaker 1: Wizards won. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quickday, powered by more than twenty
Speaker 1: seven under journalist and animists more than twenty countries. Michael
Speaker 1: bar this is Bloomberg. Nathan alright, Michael, thanks for coming
Speaker 1: up to five twenty on Wall Street Line from the
Speaker 1: Bloomberg Entract to Broker's Studios. This is Bloomberg Daybreak, and
Speaker 1: fresh from anchoring our State of the Union coverage last
Speaker 1: night on Bloomberg Radio and Television, Bloomberg Washington correspondent Joe
Speaker 1: Matthew joins us this morning after, of course, host of
Speaker 1: Sound on as well on Bloomberg Radio. Joe, it's great
Speaker 1: to have you with us this morning. After a speech
Speaker 1: that was dominated by a lot of blue and yellow
Speaker 1: in the in the Congressional chamber in support of Ukraine,
Speaker 1: the President getting a chance to show that he wants
Speaker 1: to unify the world against Russia. Well, that's right, and
Speaker 1: that was really the opening salvo in this speech. The
Speaker 1: first third of the speech really is about an hour
Speaker 1: long in total. Nathan was was directly aimed at Vladimir
Speaker 1: Putin and commentary on the war in Ukraine. Which is
Speaker 1: highly unusual for a president to start a State of
Speaker 1: the Union address by talking about foreign policy, but this
Speaker 1: is the world we're in right now. He got both
Speaker 1: sides of the room on their feet repeatedly in calling
Speaker 1: Vladimir Putin a dictator and speaking about the effort to
Speaker 1: start chasing oligarchs. The couple of pretty good lines that
Speaker 1: we heard from the President last night, that we'd go
Speaker 1: after their yachts, their luxury apartments, go after their ill
Speaker 1: gotten games. It really got the room fired up as
Speaker 1: he spoke about the unity in this effort. And to
Speaker 1: your point, it was a lot of blue and yellow
Speaker 1: as you looked around the room with pins and wardrobe.
Speaker 1: But you know, interesting, Nathan, it was what people were
Speaker 1: not wearing that that might have been one of the
Speaker 1: bigger stories of the night, And that would be a mask.
Speaker 1: If you look at the images of President Biden walking
Speaker 1: into that room without a mask. The lawmakers lining the
Speaker 1: i LS, he made his way to the speaker's rostrum,
Speaker 1: shaking hands, hugging. It's something we have not seen in
Speaker 1: a couple of years, and it was a way for
Speaker 1: the administration to say that we may not have won
Speaker 1: this battle against COVID, but we have turned a corner. Yeah.
Speaker 1: And it was interesting as well to see the President
Speaker 1: when he talked about COVID, almost seeming to line up
Speaker 1: with a lot of what Republicans have been calling for
Speaker 1: for the last few months, getting people back to work,
Speaker 1: getting people in school, and at the same time, you know,
Speaker 1: ramping up vaccinations and access to COVID treatments, that sort
Speaker 1: of thing. Is the country moving on from COVID, Well, look,
Speaker 1: I think a lot of the country has moved on,
Speaker 1: and that's sort of the situation that the federal government,
Speaker 1: the administration has found itself in the c d C,
Speaker 1: as you know, loosened up its mask mandate weeks after
Speaker 1: a lot of states and in some cases months after
Speaker 1: a lot of states did this. There is a cry
Speaker 1: to get people back to work. Obviously, to hear the
Speaker 1: President kind of get on board with that. Following the
Speaker 1: adjusted mandates or or adjusted policies, lack of mandate from
Speaker 1: Rochelle Wilenski at the CDC tells us a lot. And
Speaker 1: if you remember back, you know, in the middle of
Speaker 1: the summer here, the president did try this once in
Speaker 1: declaring victory almost over COVID, he said, we were about
Speaker 1: to declare our independence. Then of course delta happened. Then,
Speaker 1: oh Macron, So they have to be careful about this.
Speaker 1: But the just the visual last night seemed to go
Speaker 1: further than most of what he said. He issued a
Speaker 1: four point plan on you know, eventually beating COVID. He said,
Speaker 1: we don't have to just live with this, but the
Speaker 1: fact is we are living with it, and watching that
Speaker 1: room last night was real evidence of that. Of course,
Speaker 1: we are still dealing with the after effects of the pandemic,
Speaker 1: not the least of which is rising prices. He says
Speaker 1: that getting prices under control will be his top priority.
Speaker 1: At the same time he's running into a very divided country.
Speaker 1: They're very divided approach to how to do that. Yeah, well,
Speaker 1: as we walked through the night here walk through the speech, Nathan,
Speaker 1: You're right, when he got into that point pivot to
Speaker 1: domestic politics, that's when the room started to look a
Speaker 1: little more like a traditional state of the Union, Democrats
Speaker 1: up for some things, Republicans sitting down at the same time.
Speaker 1: And it was a lot of repackaging. You know, when
Speaker 1: Build Back Better fell apart his social spending plan at
Speaker 1: the end of last year, voting rights legislation the beginning
Speaker 1: of this year, he kind of he dropped the brand
Speaker 1: build Back Better, never said that name, but talked a
Speaker 1: lot about the individual components, paid leave, the expanded child
Speaker 1: tax credit, and so forth that they hope to breathe
Speaker 1: new life into. But in this midterm election year, with
Speaker 1: the division in Congress that you just alluded to, it's
Speaker 1: highly unlikely that any of these could see the light
Speaker 1: of day. So in our last thirty seconds, Joe, would
Speaker 1: you see this as a pivot for President Biden or
Speaker 1: sort of a reframe? Well, maybe reset is a word
Speaker 1: that we can try that that's what he wanted it
Speaker 1: to be, a reset after a very difficult first year
Speaker 1: in office, where he actually had a couple of good
Speaker 1: things to talk about. The infrastructure, lost six million new jobs,
Speaker 1: historic unemployment. Uh, you look at economic growth of five
Speaker 1: point seven percent For a lot of presidents, those would
Speaker 1: be pretty big hallmarks but there were so many other
Speaker 1: headwinds from inflation to COVID regulations, just the bitter politics
Speaker 1: in Washington, that I think, yes, he is hoping as
Speaker 1: he called out to the room for some unity in
Speaker 1: this country, particularly now with a war underway in Europe.
Speaker 1: Joe Matthew are Bloomberg Washington correspondent doing heavy duty this
Speaker 1: morning after anchoring our State of the Union coverage. Be
Speaker 1: back later on today with Bloomberg Sound on UH this
Speaker 1: afternoon at five pm Wall Street Time on Bloomberg Radio.
Speaker 1: Right now, SMP futures up thirty four points now, futures up,
Speaker 1: tune at forty two. NASTAC futures up a hundred fourt
Speaker 1: Brent crude at a hundred ten dollar seventy seven cents
Speaker 1: of barrel. This is Bloomberg Bloomberg eleven three oh Weather.
Speaker 1: Sunshine upper forties today, chance for a shower tonight, but
Speaker 1: we'll be under a mix of sun and clouds tomorrow,
Speaker 1: breezy with highs in the low forties by then upper
Speaker 1: thirties for highs on Friday. Right now forty two in
Speaker 1: Central Park, broadcasting live from the Bloomberg Interacted Broker Studio
Speaker 1: in New York, Bloomberg E living three on to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg sixty to the country Sirius XM
Speaker 1: ch A one nine and around the globe the Bloomberg
Speaker 1: Business at and Bloomberg Radio dot Com. This is Bloomberg Daybreak.
Speaker 1: It's five thirty on Wall Street. Good morning of Nathan
Speaker 1: Hagar and I'm Karen Moscow and we're just about four
Speaker 1: hours away from the open of US trading. Let's get
Speaker 1: you up to date on the news you need to
Speaker 1: know at this hour. The fighting isn't sensifying in Eastern Europe.
Speaker 1: According to inter Facts, Russia's defense ministry says it has
Speaker 1: captured the Ukrainian port of Curson. Moscow is pressing ahead
Speaker 1: with attacks. Meantime, the United Nations is sounding the alarm
Speaker 1: and the humanitarian crisis in Ukraine, and Blueberg said Baxter
Speaker 1: has the latest. The body says almost seven hundred thousand
Speaker 1: people have already fled Ukraine and say as many as
Speaker 1: four million may leave. US Secretary of State Anthony Blincoln
Speaker 1: says Russia should not be on the Humanitarian Council. These
Speaker 1: are the human rights abuses this Council was created to stop.
Speaker 1: If we cannot come together now, when will we come together?
Speaker 1: A u N forecast Russia to step up attacks from
Speaker 1: targeted to more widespread and more brutal. In San Francisco,
Speaker 1: I'm at Baxter Bloomberg Daybreak. All right, and thank you.
Speaker 1: We're coming out President Biden's first State of the Union
Speaker 1: address last night. The President says Vladimir Putin has no
Speaker 1: idea what's coming. He used his speech to rally support
Speaker 1: for Ukraine and to confront the challenges here at home.
Speaker 1: We'll meet the test, protect treatom and liberty, experience fairness
Speaker 1: and opportunity, and we will save democracy. President Biden said
Speaker 1: getting prices under control will be his top priority. He
Speaker 1: touted his bypart as an infrastructure law and called for
Speaker 1: more action on domestic manufacturing and increasing competition. Speaking of
Speaker 1: gas prices, Nathan, we're seeing crew to serch again this morning.
Speaker 1: We get the latest live at the Bloomberg's John Tucker,
Speaker 1: John Karen Brent Oil's top one hundred dollars of barrel.
Speaker 1: The International Energy Agency warns the situation is serious. While
Speaker 1: sanctions haven't targeted russ and crude. Banks won't finance and
Speaker 1: shippers don't want to touch it. About of russ and
Speaker 1: crewed trade is currently frozen. Strategic oil reserve release has
Speaker 1: done little. Detained prices OPEC plus meets today, but it's
Speaker 1: only expended to increased production by a trickle, Live in
Speaker 1: New York on John Tucker Bloomberg Daybreak. All right, John, thanks, So,
Speaker 1: how will the war in Ukraine effect? The Fed will
Speaker 1: be looking for answers on that, plus the outlook of
Speaker 1: for inflation when Fed Chair J Powell begins two days
Speaker 1: of testimony to Congress. Listen for that live on Bloomberg
Speaker 1: Radio and television beginning at ten am Eastern. And on
Speaker 1: the corporate front, this morning, Nathan shares of Nordstrom are
Speaker 1: surge in the department store operator, up more than thirty
Speaker 1: two percent after earnings and a forecast that topped analysts estimates.
Speaker 1: Futures are also higher this morning. SMP futures up thirty
Speaker 1: one points and DOWN future is up two five NASDACK
Speaker 1: futures up one hundred six. The ten year treasury down
Speaker 1: four thirty seconds yield one point seven four percent, and
Speaker 1: they yield on the two year one point three eight
Speaker 1: percent nine x screwed oil? Is that more than five percent?
Speaker 1: Straight to had your latest local headlines plus the check
Speaker 1: of sports, and this is Bloomberg and wall st two degrees.
Speaker 1: We gotta crash in the westbound l I Maurice Avenue.
Speaker 1: Michael Barr has more on what's going on in New
Speaker 1: York and around the world. Michael, thank you very much, Nathan.
Speaker 1: New Jersey drivers may soon have to pump their own gas.
Speaker 1: The New Jersey legislature introduced a measure that would allow
Speaker 1: residents the option to pump their own gas or continue
Speaker 1: with full service from an attendant. New Jersey does not
Speaker 1: allowed drivers to pump their own gas by law. Many
Speaker 1: drivers love the full service law, but station owners say
Speaker 1: changing it would help offset rising gas prices and workers shortages.
Speaker 1: A mask mandate for students and schools ends in New
Speaker 1: York State starting today. Governor Kathy Hoko says that new
Speaker 1: cases have dropped. The mandate is still in place for
Speaker 1: New York City students for now. It's a milestone Hong
Speaker 1: Kong does not want. According to local media, the city
Speaker 1: will report more than fifty confirmed COVID cases today. Hong
Speaker 1: Kong's spiraling outbreak has seen thousands of residents flee or
Speaker 1: those remaining strip shelves of food and medicine. There were
Speaker 1: demonstrations about the controversial bill in Florida. Protests were held
Speaker 1: outside to the Hall of Miami Beach as Florida's so
Speaker 1: called Don't Say Gay Bill advances. The measure aims demands
Speaker 1: speaking about sexual orientation or gender identity in schools, child
Speaker 1: could feel that they are not respective. Supporters of the
Speaker 1: bills say it's not to demonize certain groups, just says
Speaker 1: that we don't talk about these sorts of things till
Speaker 1: the kids are out of third grade. The measure is
Speaker 1: officially known as the Parental Rights and Education Bill. New
Speaker 1: York's Republican Party leaders nominated US Representative Lee Zelden as
Speaker 1: their candidate for governor. Their convention was held on Long
Speaker 1: Island yesterday. Democratic challenger Jessica sis Niros has forced the
Speaker 1: primary runoff in South Texas against Conservative Democratic Representative Henry
Speaker 1: quay Are. Neither candidate last night got more than fifty
Speaker 1: percent of the vote needed to win out right. The
Speaker 1: race was among the most heated in Texas, is first
Speaker 1: in the nation primary. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Tank, powered by
Speaker 1: more than twenty seven under journalist and analysts more than
Speaker 1: twenty countries. Michael bar this is Bloomberg, Nathan, Thank you, Michael.
Speaker 1: Thirty five on Wall Street, John stash Are is the
Speaker 1: Bloomberg Sports Update. Thanks Baithan Openny Day was to be
Speaker 1: March thirty one, Yankees in Texas Mets at home against Washington.
Speaker 1: Those games and all the first two series canceled. The
Speaker 1: baseball walkout, ninth work stoppage in MLB history, continues and
Speaker 1: you can't help again the feeling it might last a while,
Speaker 1: both sides blaming the other. The commissioner was Bob mannything
Speaker 1: I can say, uh, is that from the perspective of
Speaker 1: the Commissioner's office in the clubs um, we are doing
Speaker 1: our very very best to try to reason agreement. Unfortunately,
Speaker 1: it's not something that's solely within our control. It takes
Speaker 1: two parties to reach an agreement, and we will continue
Speaker 1: to be committed to that process. The Players Association put
Speaker 1: out a statement. They called this the culmination of a
Speaker 1: decade's long attempt to break the union. As Chief Tony
Speaker 1: clarks As the players have never been so united. The
Speaker 1: biggest issue the competitive balanced tax that helps smaller market
Speaker 1: teams and what a team's payroll should be yet to
Speaker 1: start paying each Nets went to Toronto. The unvaccinated Kyrie
Speaker 1: Irving normally plays road games, but he's not allowed to
Speaker 1: cross the border. Raptors one one oh nine, one o
Speaker 1: eight to sleep the home and home. James Johnson led
Speaker 1: Brooklyn with nineteen, but he missed a game bling shot
Speaker 1: at the end. Islanders lost at Colorado five three Devils
Speaker 1: lost in Columbus four three of Angels so St. Louis. Tonight,
Speaker 1: the NFL scouting combine underway in Indianapolis and New Giants
Speaker 1: GM Joe Shane told reporters the Giants are not in
Speaker 1: good salary cap health. Shane needs to shed about forty
Speaker 1: million dollars. He admitted he would listen to trade offers
Speaker 1: for shakemon book. John stash Aller Bloomberg Sports Nathan Thanks,
Speaker 1: John Omans thirty seven on Wall Street time for the
Speaker 1: Tri State Business Report. Here's Bloomberg's d Cory. Manhattan supply
Speaker 1: of office space hit a new record high even as
Speaker 1: workers came back to buildings. The availability rate hit a
Speaker 1: peak of seventeen point four percent in February, with ninety
Speaker 1: four million square feet of offices up for grabs, according
Speaker 1: to data from Colliers going back to two thousand. Largely
Speaker 1: driving the increase was a surge in sub lease space.
Speaker 1: Well fewer new families enrolled their keys. It's to New
Speaker 1: York City public schools during the pandemic, the city struggling
Speaker 1: to retain young, white and affluent students. That's according to
Speaker 1: a report from the New York City Independent Budget Office.
Speaker 1: Amid a renewed push to ban smoking in Atlantic City casinos,
Speaker 1: a new report predicts that doing that could cost up
Speaker 1: to casino jobs and nearly eleven percent of casino revenue
Speaker 1: as they struggled to rebound from the coronavirus pandemic. Independent
Speaker 1: gambling research firm Spectrum Gaming Group issued the report. Andrew
Speaker 1: Bloomberg Try State Business Report. I'm d Corey. Thanks on
Speaker 1: Wall Street Bloomberg Radios on the air from San Francisco
Speaker 1: to New York, London to Hong Kong. Let's check in
Speaker 1: with our global news team for some of the top
Speaker 1: stories heard on our three hundred affiliate radio stations around
Speaker 1: the world. I'm Steve Podascan, on K and X in
Speaker 1: Los Angeles. We're talking about Netflix buying a GameMaker that
Speaker 1: produces a title based on the Stranger Things streaming series.
Speaker 1: US You're Ready and for w c CO in Minneapolis.
Speaker 1: I'm reporting that some US Bank Corps retirees are suing
Speaker 1: the bank, saying it short changes the pensions of workers
Speaker 1: who retire early. Um Corney Danahallan Cafe bian Omaha beef
Speaker 1: prices are satirized further as costs for ranchers store. I'm
Speaker 1: Caroline had comed Blue Big Dab Digital Radio in London.
Speaker 1: Women footing on Bois Johnson updating MP's after his trip
Speaker 1: to Eastern Europe as Russia says its forces have captured
Speaker 1: a key Ukrainian pool. I'm ed Corey on w w
Speaker 1: J in Detroit. I'm reporting Fortist is spending operations in Russia.
Speaker 1: Those are some of the stories our hundred Bloomberg journalist
Speaker 1: and analysts are working on this morning. Around the world.
Speaker 1: It's thirty nine on Wall Street. The following is an
Speaker 1: editorial from Bloomberg Opinion. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. Russia's invasion of Ukraine is already disrupting
Speaker 1: energy markets sending crewde prices above one hundred five dollars
Speaker 1: a barrel. So news the US has agreed to tap
Speaker 1: its strategic petroleum reserve is welcome. Indeed, it is part
Speaker 1: of a larger plan coordinated with the International Energy Agency
Speaker 1: to tap oil stockpiles in countries around the globe, the
Speaker 1: first move of its kind in more than ten years.
Speaker 1: The US will release thirty million barrels of oil, half
Speaker 1: of the total to be released worldwide. This won't just
Speaker 1: provide short term relief at the pump. It could also
Speaker 1: help calm global energy markets if the war in Ukraine
Speaker 1: worsens and counter Rush's ability to wield its energy supplies
Speaker 1: as a weapon. No one knows precisely what energy markets
Speaker 1: may do overcoming months. This all makes it the wiser
Speaker 1: to take precautions now. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to
Speaker 1: Bloomberg dot com, slash opinion or opie I n go
Speaker 1: on the Bloomberg terminal. This has been Bloomberg Opinion. Listen
Speaker 1: for Bloomberg Opinion and it's ariels every weekday. At this time.
Speaker 1: Terminal customers can read more at O P I, n GO,
Speaker 1: SMP futures up twenty eight points, stout futures up two
Speaker 1: or twenty five dance at futures hied by ninety six points,
Speaker 1: the tenure Treasury down eight thirty seconds, yield one point
Speaker 1: seven five per cent. You're listening to Bloomberg Daybreak Blomber
Speaker 1: eleven three oh weather sunshine, upper forties today, chance for
Speaker 1: a shower Tonight. We'll have a mix of sun and clouds.
Speaker 1: Tomorrow breezy, low forties for highs upper thirties by Friday.
Speaker 1: Right now forty two in Central Park Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business Out and at Bloomberg Quick Take This.
Speaker 1: She's a Bloomberg Business Flash and I'm Karen Moscow. You
Speaker 1: want to knock index futures on the rise. This morning,
Speaker 1: European stocks erased their losses after the Kremlin said Russia
Speaker 1: is ready to resume talks with Ukraine. Tonight, Brent topped
Speaker 1: a hundred ten barrels bonds in europholding losses after data
Speaker 1: showed Euro Area consumer prices rose more than forecast in February,
Speaker 1: which like the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg S and P Future is up about
Speaker 1: twenty eight points now, futures up two hundred twelve NASDACK
Speaker 1: futures up ninety one The decks in Germany's up half percent.
Speaker 1: Ten year treasury down five thirty seconds, yield one point
Speaker 1: seven four percent, The yield on the two year one
Speaker 1: point three eight percent. NIMEX screwed oil is at four
Speaker 1: point three percent. It's at a hundred seven dollars eighty
Speaker 1: seven cents of barrel. That's up four dollars forty four cents.
Speaker 1: Brent also higher by more than four percent. It's at
Speaker 1: a hundred nine dollars now sixty two cents. Comics gold
Speaker 1: is down nine ten per cent, or seventeen dollars at
Speaker 1: nineteen twenty six eighty announced the euro one point one
Speaker 1: zero nine three against the dollar, British found one point
Speaker 1: three three one eight the ends at one fifteen point
Speaker 1: to five, and Bitcoin is moving higher at forty four thousand,
Speaker 1: two hundred forty dollars. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more i'mus going on around the world.
Speaker 1: Karen thank you very much. Day seven of the Russia
Speaker 1: Ukraine conflict dawned with the Russia continuing its attacks on
Speaker 1: crowded Ukrainian cities. Last night, President Joe Biden, in his
Speaker 1: State of the Union speech, gave his support to Ukraine.
Speaker 1: We're giving more than a billion dollars of direct assistant
Speaker 1: Ukraine and will continue to aid Ukrainian people as they
Speaker 1: defend their country and helped ease their suffering. Hi what
Speaker 1: Governor Kim Reynolds gave the GOP response to Biden's address.
Speaker 1: The President tried to paint a different picture tonight, but
Speaker 1: his actions over the last twelve months don't match the rhetoric.
Speaker 1: It's not what he promised when he took office. Reynolds
Speaker 1: did say all Americans must stand united and solidarity with
Speaker 1: the people of Ukraine. The scheduled opening day from Major
Speaker 1: League Baseball has been canceled. No deal was reached between
Speaker 1: the players and owners in the NBA, and the Nets
Speaker 1: and Warriors lost. The Celtics and Wizards won in the NHL.
Speaker 1: The Devil's Islanders and Bruins all lost. Global News twenty
Speaker 1: four Hour as a Day on air and on Bloomberg
Speaker 1: Quick Take powered by more than twenty seven under journalist
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg. Nathan alright, Michael. Thanks, It's five forty
Speaker 1: nine on Wall Street Live from the Bloomberg Interactive Brokers Studios.
Speaker 1: This is Bloomberg Daybreak. As we continue to gather reaction
Speaker 1: to President Biden's first State of the Union address, were
Speaker 1: joined live this morning by Wendy Schiller, director of the
Speaker 1: Topman Center for American Politics and Policy at Brown University. Professor,
Speaker 1: Good morning. The President called for unity against Russia and
Speaker 1: around his economic agenda and the fight against inflation. Did
Speaker 1: he step up to the moment for you? Well, Nathan,
Speaker 1: I thought it was a very good speech. H. You know,
Speaker 1: it's all about expectations with President Biden. Sometimes he's really
Speaker 1: on his game looks, you know, really fit and sharp
Speaker 1: and uh and his will toly coherent. Joe Biden's always
Speaker 1: had a kind of career where he's not always the
Speaker 1: most coherent speaker. H. And I thought he was very,
Speaker 1: very good, very on point. It was a remarkable atmosphere
Speaker 1: for the State of the Union. We haven't seen this
Speaker 1: kind of atmosphere in many years in the State of
Speaker 1: the Union Chamber. Uh. You know, there was one very
Speaker 1: partisan moment when he criticized the Trump tax cuts on
Speaker 1: the GEOP Congress, But other than that, there were a
Speaker 1: lot of standing ovations, a lot of applause. Now keep
Speaker 1: in mind, a lot of the GOP did not go
Speaker 1: to the speech. Uh last night. The COVID restrictions limited
Speaker 1: the number of people in the chamber. But nonetheless it
Speaker 1: was what we call a good show for the United
Speaker 1: States of America, for the rest of the world, which
Speaker 1: was watching the speech because of Ukraine and the Russian invasion. Uh. So,
Speaker 1: you know, I think his staff probably thought he had
Speaker 1: a good night. In the past, we've talked about the president,
Speaker 1: in your view, needing to show signs that he's pivoting
Speaker 1: into some respect given the fact where his poll ratings
Speaker 1: are right now, particularly on the question of his fight
Speaker 1: against inflation. He says cutting prices will be his top priority.
Speaker 1: Is he doing enough through this speech to show that
Speaker 1: he's got that under troll, that he has that in focus. Well,
Speaker 1: and Nat and I thought, actually that was one of
Speaker 1: the weaker points you're trying to make, because I'm just
Speaker 1: not sure how the settle government does that effectively quickly? Right,
Speaker 1: how do you force private businesses to cut their prices?
Speaker 1: And when the supply chains difficult, energy prices are high.
Speaker 1: You know, that's a very tough call. So again, do
Speaker 1: not want to promise things you can't deliver, which is
Speaker 1: sort of what has tagged or or really nagged at
Speaker 1: Biden's presidency in the past year. I think the key
Speaker 1: thing for Biden is that one of the problems of
Speaker 1: the poll ratings is that people feel he can't do
Speaker 1: the job literally, whether he's physically or mentally not fit
Speaker 1: to do the job. I think last night really put
Speaker 1: a lot of that that, you know, those doubts to
Speaker 1: bed in the sense of, you know, is he with it?
Speaker 1: Can he run the country? Um, he's gonna have to
Speaker 1: do a lot more of that. He's gonna have to
Speaker 1: be out and about and have the American people see him,
Speaker 1: particularly out in the country, you know, off the cuff,
Speaker 1: even though he can be a little casual off the cuff,
Speaker 1: just to see that he can run the country. Because
Speaker 1: that's the poll number that I think is most concerning
Speaker 1: to the Democrats. It's the kind of thing you can
Speaker 1: not fix with, you know, policy recommendations. With the speech
Speaker 1: last night, how does it set up the mid term
Speaker 1: fight the fright for control of Congress. The issues he
Speaker 1: put out there, the economic agenda, it seems as though
Speaker 1: he's still arguing for a lot of the same pieces
Speaker 1: of build back better, even though he didn't use the
Speaker 1: words build back better. Well. Part of last night was
Speaker 1: also about democratic unity. Um. You know, they showed a
Speaker 1: lot of Democrats in the in the room, including AOC
Speaker 1: who's very uh vocal and well known member of Progressive Caucus.
Speaker 1: And I think that's one of the things was let's
Speaker 1: show everybody that the Democrats themselves are united and not
Speaker 1: fractious and not divided. And so if they can hold
Speaker 1: that image, I think it helps them a little bit.
Speaker 1: But I thought Kim Reynolds Government Iowa her response and
Speaker 1: not everybody watches the opposite party response, but I do
Speaker 1: was very on point, very sharp, well delivered, and you know,
Speaker 1: reflective by the Republicans. They were on basically installation, gas
Speaker 1: prices and culture wars. Uh and and that's something that
Speaker 1: you know Biden stayed away from completely. We'll see how
Speaker 1: the jupy handles the nomination of the first African American
Speaker 1: um woman to the Supreme Court, Uh, Johnny Brown Jackson.
Speaker 1: And and we'll see whether the GOP wants to get
Speaker 1: into that battle as well. But it seems from Kimeron's
Speaker 1: address that they are willing to take on almost every
Speaker 1: cultural issue. Uh. And that's still something that Biden hasn't
Speaker 1: paid a lot of attention to because you know, he
Speaker 1: doesn't want to get involved in those things. But you know,
Speaker 1: they mattered in Virginia in the election, and it looks
Speaker 1: like they're gonna matter and twank you in the midterms.
Speaker 1: Thanks for this, professor, good having you with us this morning.
Speaker 1: Wendy Schiller is director of the Topman Center for American
Speaker 1: Politics and Policy at Brown University. Karen, all right, Nathan,
Speaker 1: thank you. It is five fifty three on Wall Street.
Speaker 1: It's time for our daily Bloomberg Law Brief, exploring legal
Speaker 1: issues in the news, brought to you by American Arbitration Association.
Speaker 1: Business disputes are inevitable. There's a faster with the American
Speaker 1: Arbitration Association, the global leader and alternative dispute resolution for
Speaker 1: over the years. More at a d R dot org.
Speaker 1: Today we're focused on the Supreme Court. Justice is debated
Speaker 1: putting new limits on the e p a's power to
Speaker 1: tackle greenhouse gas emissions. In a case that threatens to
Speaker 1: undercut President Biden's climate agenda, Republican led states and coal
Speaker 1: companies are seeking to bar the e p A from
Speaker 1: issuing plans to reduce carbon emissions from power plants, while
Speaker 1: the White House is defending the agency's authority. For more
Speaker 1: in the case, Bloomberg student Grassa speaks to Pat Parento,
Speaker 1: a professor of environmental law at the Vermont Law School.
Speaker 1: What's at stake in this case? When you're talking about
Speaker 1: the electricity sector that represents about a third of our
Speaker 1: total greenhouse gas emissions, so it's incredibly important to regulate
Speaker 1: that sector and get those emissions down. And within that sector,
Speaker 1: you know, the single most important category, of course, is
Speaker 1: coal fired power plants. So this case West Virginia versus
Speaker 1: e p A, no surprise, West Virginia being a huge
Speaker 1: coal state bill even though coal is dying there. It's
Speaker 1: all about whether e p A has authority to impose
Speaker 1: the kinds of controls well, a system of controls that
Speaker 1: will significantly bring those plants into compliance with the Clean
Speaker 1: Air Act and with President Biden's avowed pledge to make
Speaker 1: the electricity sector carbon free. So there's a lot writing
Speaker 1: on this and beyond the greenhouse gas and the climate
Speaker 1: change implications of the case. Depending on what the Court does,
Speaker 1: it may sweep even more broadly. It may affect all
Speaker 1: of environmental laws. The arguments were really long. Was there
Speaker 1: one issue that the justices were kicking around most? Yes,
Speaker 1: that's the major question doctrine. You know, the Court has
Speaker 1: already used that twice this year. They struck down a
Speaker 1: rule putting a moratorium on evictions you may recall because
Speaker 1: of the COVID epidemic, and they said that the agency
Speaker 1: didn't have the authority because that was something the agency
Speaker 1: had never done for. And in another case, OSHA also
Speaker 1: imposed a rule and the Court struck that doubt, saying, OSHA,
Speaker 1: you're not the health agency. You can't be writing a
Speaker 1: rule that regulates people's exposure to COVID in the workplace.
Speaker 1: So the Court has already shown that it wants to
Speaker 1: wield this major Question doctrine in a way that strikes
Speaker 1: down agency rules at the court the conservative members of
Speaker 1: the Court believed are going too far, having major impacts
Speaker 1: on the nation's economy and so forth. But it's a
Speaker 1: rule they made up. I mean, it doesn't come from
Speaker 1: the Constitution, and it's fairly recent. It's just within this era.
Speaker 1: Of the people that have joined the courts, they're all
Speaker 1: of the same mind about limiting agency authority, the so
Speaker 1: called administrative state. Is that what this is about. That's
Speaker 1: what this is about. I mean, the Court would never
Speaker 1: use that term, but that's what it's about. It's a
Speaker 1: suspicion that agencies who are quote unelectric bureaucrats, you know,
Speaker 1: taking irrigating a lot of power, and they don't like that.
Speaker 1: And as Vermont law professor Pat Parento speaking at the
Speaker 1: Bloomberg Student Grosso. Catch more of that interview, plus analysis
Speaker 1: of the latest legal news by subscribing to the Bloomberg
Speaker 1: Law Podcast or downloading this show at Bloomberg dot com
Speaker 1: slash podcast. Attorneys can find exceptional legal research and business
Speaker 1: development tools at Bloomberg Law dot com and on the
Speaker 1: Bloomberg terminal at b Law Go and again. Futures are
Speaker 1: higher this morning, with S and P futures up twenty
Speaker 1: three points to down futures up one seventy two. NAS
Speaker 1: day futures up eighty five, the ten year Treasury down
Speaker 1: five thirties seconds, the yield one point seven four percent,
Speaker 1: and they yield them the two year one point three
Speaker 1: nine percent. Still ahead on Bloomberg at daybreak, check on
Speaker 1: the business headlines and all the news you need to
Speaker 1: start your day. And this is Bloomberg