1
00:00:03,000 --> 00:00:06,519
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg

2
00:00:06,600 --> 00:00:10,479
Speaker 1: day Break for Monday, June two. Coming up this hour,

3
00:00:10,680 --> 00:00:14,080
Speaker 1: a global sell off follows Friday's hot inflation reading. The

4
00:00:14,120 --> 00:00:17,320
Speaker 1: Fed prepares another rate heights to tame higher prices. The

5
00:00:17,440 --> 00:00:20,720
Speaker 1: January six Committee readies for another round of hearings, and

6
00:00:20,840 --> 00:00:24,840
Speaker 1: the Senate reaches a bipartisan agreement on gun legislation. Representative

7
00:00:24,880 --> 00:00:29,320
Speaker 1: o'casio Cortez holds off on backing President Biden. For Plus,

8
00:00:29,480 --> 00:00:32,280
Speaker 1: we're learning more about the thirty one white supremacists arrested

9
00:00:32,320 --> 00:00:36,280
Speaker 1: an Idaho. On Michael Barr More ahead uptown, stashtow and sports.

10
00:00:36,280 --> 00:00:38,800
Speaker 1: The Mets met the Angels, a Yankees rout of the Cubs.

11
00:00:38,800 --> 00:00:41,160
Speaker 1: The Celtics and Warriors play Game five of the NBA

12
00:00:41,240 --> 00:00:46,720
Speaker 1: Finals tonight. That's all s training Ahead on Bloomberg day

13
00:00:46,720 --> 00:00:51,600
Speaker 1: Break on Bloomberg Eliming freon New York, Bloomberg one, Washington,

14
00:00:51,720 --> 00:00:55,360
Speaker 1: d C, Bloomberg one, O six one, Boston, Bloomberg nine

15
00:00:55,400 --> 00:00:59,640
Speaker 1: sixties and Francisco Sirius x M one nineteen and around

16
00:00:59,640 --> 00:01:02,279
Speaker 1: the world. Old on Bloomberg Radio dot Com and by

17
00:01:02,440 --> 00:01:09,280
Speaker 1: the Bloomberg Business app. Good morning. I'm Nathan Hagar and

18
00:01:09,360 --> 00:01:11,560
Speaker 1: Hunt John Tucker. Bloomberg day Break being brought to you

19
00:01:11,600 --> 00:01:14,720
Speaker 1: by Informatica. In the Cloud, your data has the power

20
00:01:14,800 --> 00:01:18,360
Speaker 1: to do the extraordinary. Managed data across any location in

21
00:01:18,440 --> 00:01:22,600
Speaker 1: the cloud for accurate and actionable insights. More at informatica

22
00:01:22,680 --> 00:01:26,360
Speaker 1: dot Com. And US futures are plunging as we start

23
00:01:26,400 --> 00:01:28,240
Speaker 1: the new trading week. It is five oh one on

24
00:01:28,319 --> 00:01:30,679
Speaker 1: Wall Street. We check the markets every fifteen minutes during

25
00:01:30,680 --> 00:01:33,560
Speaker 1: the trading day. On Bloomberg, SMP futures are down ninety

26
00:01:33,600 --> 00:01:36,720
Speaker 1: eight points right now DOWN futures down sixty one points.

27
00:01:36,959 --> 00:01:40,440
Speaker 1: NASDAC futures are lower by three sixty five points. The

28
00:01:40,520 --> 00:01:43,400
Speaker 1: ten year Treasury is down twenty thirty seconds, with the

29
00:01:43,440 --> 00:01:45,640
Speaker 1: yield of three point to three percent. Yield on the

30
00:01:45,680 --> 00:01:48,320
Speaker 1: two year close to three point to one, John, and

31
00:01:48,400 --> 00:01:51,800
Speaker 1: there is a global exodus from stocks and bonds this morning,

32
00:01:52,080 --> 00:01:55,320
Speaker 1: following Friday's eight hundred eighty point drop of the doll

33
00:01:55,840 --> 00:01:59,320
Speaker 1: and the hotter that expected inflation reading. This morning, the

34
00:01:59,400 --> 00:02:03,720
Speaker 1: US two year ten year yield curve inverted, the two

35
00:02:03,800 --> 00:02:06,440
Speaker 1: year yield exceeding the ten year for the first time

36
00:02:06,480 --> 00:02:10,280
Speaker 1: since early April, which some consider a recession warning. The

37
00:02:10,280 --> 00:02:13,360
Speaker 1: move comes as investors grow more concerned about high prices

38
00:02:13,360 --> 00:02:17,320
Speaker 1: and FED tightening. Muhammad arian, Alian's chief economic advisor and

39
00:02:17,320 --> 00:02:20,920
Speaker 1: Bloomberg opinion columnus says things are getting harder for the Fed.

40
00:02:21,480 --> 00:02:24,360
Speaker 1: I think you've got to be very modest about what

41
00:02:24,400 --> 00:02:27,840
Speaker 1: we know about this inflation process, and I fear that

42
00:02:27,880 --> 00:02:30,520
Speaker 1: it's still going to get worse. We may won't get

43
00:02:30,560 --> 00:02:34,359
Speaker 1: to nine at this rate. Muhammad Ariyan was a Gasload

44
00:02:34,400 --> 00:02:37,680
Speaker 1: Face of the Nation from CBS for Sundays on Bloomberg Radio,

45
00:02:38,080 --> 00:02:39,760
Speaker 1: is is the U s a is now in a

46
00:02:39,800 --> 00:02:43,280
Speaker 1: period of stagflation. It warns that higher prices could dealt

47
00:02:43,280 --> 00:02:46,400
Speaker 1: the U. S economy into recession. Well John Junes two

48
00:02:46,480 --> 00:02:49,280
Speaker 1: days f l MC meeting begins tomorrow. Traders are vetting

49
00:02:49,280 --> 00:02:52,400
Speaker 1: the Federal Reserve or raise rates by seventy five basis

50
00:02:52,400 --> 00:02:55,120
Speaker 1: points at at least one of the next three meetings.

51
00:02:55,320 --> 00:02:58,160
Speaker 1: But Neil Dada, ahead of Economic Research and Renaissance Macro,

52
00:02:58,280 --> 00:03:00,959
Speaker 1: tells Bloomberg he does not expected Chair J. Pale to

53
00:03:01,040 --> 00:03:03,280
Speaker 1: raise them that high at this meeting. I don't know

54
00:03:03,360 --> 00:03:05,120
Speaker 1: that they'll go that much because I do think that

55
00:03:05,840 --> 00:03:08,960
Speaker 1: basis points kind of undercuts the guidance that they put

56
00:03:09,120 --> 00:03:11,919
Speaker 1: in place, you know, at their last meeting. And number two,

57
00:03:11,960 --> 00:03:14,720
Speaker 1: I think that would probably represent potentially a new pace

58
00:03:14,760 --> 00:03:16,840
Speaker 1: of rate hikes at that point, which would then I

59
00:03:16,880 --> 00:03:20,280
Speaker 1: think shocked the market. Neil Data of Renaissance Macro says

60
00:03:20,320 --> 00:03:22,639
Speaker 1: he thinks the FED will still sound hawkish this week.

61
00:03:22,880 --> 00:03:25,720
Speaker 1: Join us for live coverage of Wednesday's FED decision with

62
00:03:25,760 --> 00:03:29,120
Speaker 1: a special edition of Bloomberg Surveillance starts at one thirty

63
00:03:29,120 --> 00:03:32,280
Speaker 1: pm that day. Wall Street Time on Bloomberg Radio and television.

64
00:03:32,400 --> 00:03:35,600
Speaker 1: As US features fall stocks in Europe also tumbling. The

65
00:03:35,640 --> 00:03:38,880
Speaker 1: stock six hunderd down two point two percent over season.

66
00:03:39,040 --> 00:03:42,240
Speaker 1: Asia stocks also dropped on bond yield surge well. The

67
00:03:42,320 --> 00:03:45,640
Speaker 1: Japanese he had reached the weakest level in twenty four years,

68
00:03:45,960 --> 00:03:48,560
Speaker 1: and Bloomberg Juliet Sally he joins US with the latest

69
00:03:48,600 --> 00:03:52,560
Speaker 1: from Singapore and again weekend to spot nineteen against the dollar,

70
00:03:52,640 --> 00:03:56,920
Speaker 1: the lowest level since nine Japan's tenure. BONDI old rose

71
00:03:56,960 --> 00:03:59,760
Speaker 1: above point to five, breaching the upper end of the

72
00:03:59,760 --> 00:04:02,800
Speaker 1: back of Japan's policy. Band. Equity shared more than two

73
00:04:02,840 --> 00:04:05,400
Speaker 1: and a half percent across Asian markets, the worst day

74
00:04:05,440 --> 00:04:08,120
Speaker 1: in three months. Take shares in Hong Kong declined by

75
00:04:08,120 --> 00:04:10,760
Speaker 1: almost four percent intra day Wang on the broader Hang

76
00:04:10,840 --> 00:04:15,160
Speaker 1: Sang Index in Singapore. Juliet Sally Bloomberg Daybreak. All right, Juliet,

77
00:04:15,200 --> 00:04:18,000
Speaker 1: thank you. Bitcoin is also feeling the pressure this morning.

78
00:04:18,000 --> 00:04:20,440
Speaker 1: It is plunging to start this week, and Bloomberg Tredia

79
00:04:20,520 --> 00:04:22,760
Speaker 1: Young joins US Live with the very latest. Good morning, Ranita,

80
00:04:22,800 --> 00:04:25,320
Speaker 1: Good morning, Nathan. Bitcoin is trading at its lowest and

81
00:04:25,440 --> 00:04:29,359
Speaker 1: about eighteen months. The impact of Friday CPI data showing

82
00:04:29,440 --> 00:04:32,839
Speaker 1: US inflation hit of fresh forty year high continues to

83
00:04:32,920 --> 00:04:36,599
Speaker 1: reverberate through global risk gas sets. Traders are betting that

84
00:04:36,680 --> 00:04:39,120
Speaker 1: the FED will high rates more aggressively as a result,

85
00:04:39,440 --> 00:04:41,800
Speaker 1: and cryptos are at the mercy of the FED. That's

86
00:04:41,800 --> 00:04:46,200
Speaker 1: according to crypto lender next So co founder Anthony Anthony Trenchev,

87
00:04:46,520 --> 00:04:50,000
Speaker 1: who says he's hearing forecasts expecting Bitcoin to drop as

88
00:04:50,080 --> 00:04:53,800
Speaker 1: low as the mid teens and single digit thousands. Right now,

89
00:04:53,839 --> 00:04:57,599
Speaker 1: bitcoin is trading at about twenty four thousand Live in

90
00:04:57,640 --> 00:05:00,480
Speaker 1: New York. I'm Ranita Young, Bloomberg Daybreak. Yeah, thanks for

91
00:05:00,480 --> 00:05:03,400
Speaker 1: we need to supply. Chain concerns continue to add pressure

92
00:05:03,480 --> 00:05:07,880
Speaker 1: to the global economy. Dhl's freight forwarding unit believes port

93
00:05:08,000 --> 00:05:12,920
Speaker 1: congestion and supply concerns will ease, but not until three.

94
00:05:13,279 --> 00:05:16,360
Speaker 1: The shipping giant also says that supply flows will never

95
00:05:16,480 --> 00:05:20,240
Speaker 1: return to pre pandemic levels, even as the conditions improved,

96
00:05:20,279 --> 00:05:22,680
Speaker 1: and only adding to supply where he's John a rising

97
00:05:22,760 --> 00:05:25,719
Speaker 1: COVID cases in China that could potentially lead to further

98
00:05:25,920 --> 00:05:30,280
Speaker 1: lockdowns countries starting to reimpose COVID nineteen restrictions just weeks

99
00:05:30,320 --> 00:05:34,159
Speaker 1: after major easing in key cities. Beijing reported fifty one

100
00:05:34,200 --> 00:05:37,840
Speaker 1: new local cases yesterday after having just single digit cases

101
00:05:37,920 --> 00:05:41,599
Speaker 1: most days last week. And meantime, Taiwan taking center stage

102
00:05:41,600 --> 00:05:45,200
Speaker 1: and geopolitics. It's the focus of talks between global defense

103
00:05:45,279 --> 00:05:49,360
Speaker 1: chiefs at the Shangri Law Dialogue and Singapore. China says

104
00:05:49,560 --> 00:05:52,359
Speaker 1: it will fight to the very end if Taiwan makes

105
00:05:52,360 --> 00:05:55,960
Speaker 1: the move towards the independence, but US Defense Secretary Lloyd

106
00:05:55,960 --> 00:05:58,520
Speaker 1: Austin is calling for peace in the region. We do

107
00:05:58,640 --> 00:06:03,080
Speaker 1: not support Taiwan independence, and we stand firmly behind the

108
00:06:03,120 --> 00:06:07,720
Speaker 1: principle that cross straight differences must be resolved by peace

109
00:06:07,720 --> 00:06:10,640
Speaker 1: for me Yes, Defense Secretary Lloyd Austin says the U

110
00:06:10,720 --> 00:06:15,080
Speaker 1: s Seaks and Asia Pacific Region free of aggression and bullying.

111
00:06:15,920 --> 00:06:18,200
Speaker 1: In the Washington d C. John it looks like a

112
00:06:18,279 --> 00:06:21,159
Speaker 1: bipartisan group of senators has reached a tentative deal on

113
00:06:21,279 --> 00:06:25,160
Speaker 1: gun safety. Bloomberg's Sad Baxter has that story, a compromise

114
00:06:25,240 --> 00:06:28,200
Speaker 1: that at least can pass the Senate. Well. Democratic Senator

115
00:06:28,279 --> 00:06:31,080
Speaker 1: Richard Bloomenthal says it can also save some lives. We

116
00:06:31,120 --> 00:06:35,800
Speaker 1: can move forward with other common sense, hopefully bipartisan proposals

117
00:06:35,920 --> 00:06:38,760
Speaker 1: after this one is passed. Our focus right now is

118
00:06:38,800 --> 00:06:42,480
Speaker 1: making sure we have the legislative language and the sixty

119
00:06:42,560 --> 00:06:45,239
Speaker 1: votes we need to pass. The bill includes giving grants

120
00:06:45,320 --> 00:06:48,039
Speaker 1: to stage to implement red flag laws. It would provide

121
00:06:48,080 --> 00:06:51,120
Speaker 1: for more school safety, as well as a provision to

122
00:06:51,200 --> 00:06:55,400
Speaker 1: improve background checks for younger gun buyers. In San Francisco,

123
00:06:55,440 --> 00:06:58,479
Speaker 1: I'm at Baxter Bloomberg Daybreak. Also in Washington today, the

124
00:06:58,520 --> 00:07:00,760
Speaker 1: second round of hearing for the Janior A six Committee

125
00:07:00,760 --> 00:07:03,479
Speaker 1: in the House begins at ten am Eastern. Former President

126
00:07:03,520 --> 00:07:07,479
Speaker 1: Trump's campaign manager Bill Stepian will give live testimony along

127
00:07:07,520 --> 00:07:11,760
Speaker 1: with the former political director. Fox News Chris Stirewalt. Futures

128
00:07:11,880 --> 00:07:15,680
Speaker 1: moving lower, straight ahead, We have your latest local headlines

129
00:07:15,760 --> 00:07:23,840
Speaker 1: and a check of sports. This is Bloomberg. Thanks Nathan

130
00:07:23,880 --> 00:07:26,080
Speaker 1: five h seven on Wall Street to Anson to bring

131
00:07:26,120 --> 00:07:28,680
Speaker 1: in Michael Barr with more on what else is going

132
00:07:28,680 --> 00:07:31,520
Speaker 1: on in New York and around the world. John, thank

133
00:07:31,520 --> 00:07:35,040
Speaker 1: you kindly. About one hundred progressive activists rallied in New

134
00:07:35,120 --> 00:07:38,240
Speaker 1: York City to protest an event at Chelsea Piers Entertainment

135
00:07:38,280 --> 00:07:43,080
Speaker 1: Center featuring Florida governor around the Sentis. Protesters chanted shame

136
00:07:43,200 --> 00:07:47,480
Speaker 1: and boycott Chelsea Piers outside the Jewish Leadership conference. The

137
00:07:47,560 --> 00:07:50,480
Speaker 1: scientists rounded off the day speakers with a discussion on

138
00:07:50,560 --> 00:07:54,520
Speaker 1: the Florida model and why it's good for religious Americans.

139
00:07:54,880 --> 00:07:57,880
Speaker 1: Speculation is growing that the Florida governor is gearing up

140
00:07:57,880 --> 00:08:02,240
Speaker 1: for a presidential run. Represent Enditor of Alexandria Ocassio Cortez

141
00:08:02,280 --> 00:08:05,440
Speaker 1: of New York is holding off on backing President Biden

142
00:08:05,480 --> 00:08:09,760
Speaker 1: for a second term in four Ocassio Cortez said Biden

143
00:08:10,120 --> 00:08:12,240
Speaker 1: has been doing a very good job so far, but

144
00:08:12,320 --> 00:08:14,840
Speaker 1: stopped short of supporting his re election. You know, if

145
00:08:14,840 --> 00:08:18,920
Speaker 1: the President chooses to run again in I mean, first

146
00:08:18,960 --> 00:08:21,760
Speaker 1: of all, I'm focused on winning this majority right now,

147
00:08:22,240 --> 00:08:25,680
Speaker 1: uh and preserving a majority this year in so we'll

148
00:08:25,680 --> 00:08:28,440
Speaker 1: cross that bridge when we get to it. Ocassio Quartet

149
00:08:28,520 --> 00:08:31,240
Speaker 1: spoke on CNN State of the Union. A group of

150
00:08:31,240 --> 00:08:35,280
Speaker 1: suspected white supremacists arrested over the weekend will be arraigned today.

151
00:08:35,320 --> 00:08:38,560
Speaker 1: They were masked and wearing riot gear near a Pride

152
00:08:38,559 --> 00:08:42,199
Speaker 1: event in cour Delaine, Idaho. All thirty one men were

153
00:08:42,280 --> 00:08:46,320
Speaker 1: charged with criminal conspiracy. Vice President Kamala Harris spoke at

154
00:08:46,320 --> 00:08:50,040
Speaker 1: the Capitol Pride Festival in Washington, d C. Harris called

155
00:08:50,080 --> 00:08:52,840
Speaker 1: for its celebrating the day, but also called out hate

156
00:08:52,880 --> 00:08:57,640
Speaker 1: crimes against the lgbt Q plus community, including the attack

157
00:08:57,720 --> 00:09:01,240
Speaker 1: on the Pulse nightclub in Orlando six years go. No

158
00:09:01,320 --> 00:09:04,800
Speaker 1: one should fear going to a nightclub for fear that

159
00:09:04,880 --> 00:09:10,920
Speaker 1: a terrorist might try to take them down. No one

160
00:09:11,000 --> 00:09:14,040
Speaker 1: should fear going to a Pride celebration because of a

161
00:09:14,040 --> 00:09:19,320
Speaker 1: white supremacist. Vice President was accompanied on stage by her husband,

162
00:09:19,400 --> 00:09:22,760
Speaker 1: Second Gentleman Doug m. Halt, and the season thirteen winner

163
00:09:22,920 --> 00:09:27,240
Speaker 1: simoned from the Rue Paul's Drag Race TV show. South

164
00:09:27,320 --> 00:09:29,760
Speaker 1: Korea says North Korea test fired what appeared to be

165
00:09:29,880 --> 00:09:33,400
Speaker 1: artillery shells towards the sea. Soul says South Korea maintains

166
00:09:33,400 --> 00:09:36,640
Speaker 1: a firm military readiness and close coordination with the u S.

167
00:09:37,000 --> 00:09:39,560
Speaker 1: Global News twenty four hours a day on air and

168
00:09:39,760 --> 00:09:43,000
Speaker 1: on Bloomberg Quicktach, powered by more than twenty seven hundred

169
00:09:43,040 --> 00:09:46,280
Speaker 1: journalists analysts more than a hundred twenty countries. Michael Barr

170
00:09:46,320 --> 00:09:53,800
Speaker 1: and this is Bloomberg, John, Michael, Thank you, sl Fine

171
00:09:53,840 --> 00:09:55,960
Speaker 1: sand On gold Spreet and that side of the Bloomberg

172
00:09:56,000 --> 00:09:59,040
Speaker 1: Sports Update. Good morning, john Stown Shower, Morning John. It

173
00:09:59,120 --> 00:10:00,880
Speaker 1: was a ten game road trip for the Mets, all

174
00:10:00,880 --> 00:10:03,640
Speaker 1: ten games played in southern California. The Mets went five

175
00:10:03,720 --> 00:10:05,720
Speaker 1: and five at the Angels four to once. I won,

176
00:10:05,840 --> 00:10:08,680
Speaker 1: Walker went six, sitting stock at ten, Seth Lugo and

177
00:10:08,800 --> 00:10:10,959
Speaker 1: Edwin Diaz followed home runs for J. D. Davis and

178
00:10:11,000 --> 00:10:14,440
Speaker 1: Pete Alonso earlier. The Brains one again. They are eleven

179
00:10:14,480 --> 00:10:16,200
Speaker 1: and oh in June they are five and a half

180
00:10:16,280 --> 00:10:19,480
Speaker 1: teams behind the met So the Yankees another easy win

181
00:10:20,320 --> 00:10:22,920
Speaker 1: and the bit strung out. There goes jep left field,

182
00:10:23,000 --> 00:10:28,160
Speaker 1: right field. It is high, have gone. It's a three

183
00:10:28,240 --> 00:10:32,720
Speaker 1: run home run a way back over the grandstand into

184
00:10:32,760 --> 00:10:37,960
Speaker 1: the bleachers. Carpenter nail that one and a three run

185
00:10:38,040 --> 00:10:41,800
Speaker 1: Blass and the Yankee second and Yanks too had beaten

186
00:10:41,840 --> 00:10:44,600
Speaker 1: the Cubs eight nothing Saturday night, and the Bronx came

187
00:10:44,600 --> 00:10:46,360
Speaker 1: back and led end the one in the third an

188
00:10:46,400 --> 00:10:49,360
Speaker 1: He went on to win eighteen to four. Matt Carpenter

189
00:10:49,440 --> 00:10:51,599
Speaker 1: with that three run shot later another home run he

190
00:10:51,679 --> 00:10:54,800
Speaker 1: drove in seven. Kyle Agashioka had his first two home

191
00:10:54,880 --> 00:10:56,720
Speaker 1: runs with the season. The second one was hit off

192
00:10:56,760 --> 00:11:00,880
Speaker 1: Cubs infielder Frank Swindell, whose pitch was pretty five miles

193
00:11:00,880 --> 00:11:03,559
Speaker 1: an hour. Yanks and played sixty games. They had won

194
00:11:03,640 --> 00:11:06,000
Speaker 1: forty four of them. Celticston Warriors Game five of the

195
00:11:06,080 --> 00:11:09,640
Speaker 1: NBA's final tonight in San Francisco, Celtics ares seven and

196
00:11:09,679 --> 00:11:11,800
Speaker 1: oh when the playoffs coming off a loss, and they

197
00:11:11,840 --> 00:11:14,080
Speaker 1: lost Game four in Boston when Stephen Curry put in

198
00:11:14,520 --> 00:11:17,600
Speaker 1: forty three points. Rory mclroy shot sixty two in Toronto

199
00:11:17,679 --> 00:11:20,000
Speaker 1: won the Canadian Open Golf by two shots over Tony

200
00:11:20,040 --> 00:11:23,240
Speaker 1: finale by three over Justin Thomas. Justin Rose finish fourth,

201
00:11:23,240 --> 00:11:27,200
Speaker 1: he shot sixty. McElroy one one point six million. The

202
00:11:27,280 --> 00:11:29,679
Speaker 1: day after, Charles Schwartz Will won the first ever attorney

203
00:11:29,720 --> 00:11:32,560
Speaker 1: on the New Live Tour and won four million. Johns

204
00:11:32,600 --> 00:11:35,800
Speaker 1: Dashing Bloomberg Sports all right, John, thanks very much, and

205
00:11:36,160 --> 00:11:38,640
Speaker 1: ahead of the cash show for the Wall Street futures

206
00:11:38,679 --> 00:11:42,600
Speaker 1: continue lower. The down futures right now, down another hundred

207
00:11:42,800 --> 00:11:46,080
Speaker 1: at six hundred at three points, that's down almost two percent.

208
00:11:46,559 --> 00:11:49,679
Speaker 1: Smp E Many futures ninety four points lower, that's down

209
00:11:49,760 --> 00:11:54,000
Speaker 1: two point four percent. The NAZAC futures three hundred and

210
00:11:54,120 --> 00:11:57,240
Speaker 1: fifty one point slower. That is down almost three percent.

211
00:11:57,640 --> 00:12:01,199
Speaker 1: The two year three twenty the ten year three twenty three.

212
00:12:02,040 --> 00:12:08,480
Speaker 1: You're listening to Bloomberg Daybreak. Just ahead, we'll take a

213
00:12:08,559 --> 00:12:11,160
Speaker 1: deeper dive at the markets this morning with Lori caldasint

214
00:12:11,200 --> 00:12:22,679
Speaker 1: ahead of US Equity Strategy at RBC Capital Markets, Markets

215
00:12:22,760 --> 00:12:25,840
Speaker 1: headlines and breaking news twenty four hours a day, at

216
00:12:25,840 --> 00:12:29,800
Speaker 1: Bloomberg dot Com, The Bloomberg Business and at Bloomberg Quicktake.

217
00:12:30,000 --> 00:12:39,040
Speaker 1: He's He's a Bloomberg Business lash. I'm Nathan Hagar. Global

218
00:12:39,080 --> 00:12:43,640
Speaker 1: sell off is deepening after Friday surprise US inflation print,

219
00:12:43,679 --> 00:12:47,160
Speaker 1: heaping pressure on the Federal Reserve to step up monetary tightening.

220
00:12:47,200 --> 00:12:50,679
Speaker 1: Traders are now pricing in a hundred seventy five basis

221
00:12:50,760 --> 00:12:55,360
Speaker 1: points of tightening at the next three meetings, including one

222
00:12:55,600 --> 00:13:00,160
Speaker 1: seventy five basis point move between now and September. We

223
00:13:00,240 --> 00:13:02,640
Speaker 1: checked the markets every fifteen minutes during the trading day.

224
00:13:02,640 --> 00:13:05,800
Speaker 1: On Bloomberg SMP Future is right now down ninety five points,

225
00:13:05,840 --> 00:13:07,840
Speaker 1: a drop of two and a half percent down. Futures

226
00:13:07,880 --> 00:13:11,360
Speaker 1: down six hundred nineteen points or two percent. NASDAC Future

227
00:13:11,400 --> 00:13:14,079
Speaker 1: is leading to clins now down three percent or three

228
00:13:14,160 --> 00:13:17,200
Speaker 1: hundred sixty three points. The tenure Treasury is down nineteen

229
00:13:17,240 --> 00:13:20,120
Speaker 1: thirty seconds, the yield three point to two percent yield

230
00:13:20,120 --> 00:13:22,320
Speaker 1: on the two year three point one nine. The two's

231
00:13:22,360 --> 00:13:26,079
Speaker 1: tens curve briefly inverted earlier this morning for the first

232
00:13:26,120 --> 00:13:29,320
Speaker 1: time since early April. Nim X crew right now down

233
00:13:29,320 --> 00:13:31,520
Speaker 1: one point three percent, down a dollar fifty eight at

234
00:13:31,520 --> 00:13:34,480
Speaker 1: a hundred nineteen dollars, ten cents of barrel comex gold

235
00:13:34,520 --> 00:13:37,040
Speaker 1: down one percent or eighteen dollars at eighteen fifty seven

236
00:13:37,120 --> 00:13:39,679
Speaker 1: fifty announced. The Euro is at one point zero four

237
00:13:39,760 --> 00:13:42,000
Speaker 1: seven one against the dollar, British pound one point two

238
00:13:42,000 --> 00:13:44,600
Speaker 1: to one six, the yen one thirty four point three

239
00:13:44,640 --> 00:13:48,319
Speaker 1: five Bitcoin trading around twenty four thousand dollars. That's a

240
00:13:48,360 --> 00:13:51,000
Speaker 1: Bloomberg business flash. And now here's Michael Barr with more

241
00:13:51,040 --> 00:13:52,960
Speaker 1: on what's going on around the world. Good morning, Michael,

242
00:13:53,200 --> 00:13:56,440
Speaker 1: Good morning Nathan. The House Committee investigating the January sixth

243
00:13:56,520 --> 00:13:59,040
Speaker 1: Capital ryot will hold a second hearing this morning. The

244
00:13:59,040 --> 00:14:02,960
Speaker 1: committee will exam and former President Trump's repeated false claims

245
00:14:02,960 --> 00:14:06,559
Speaker 1: that there was huge voted fraud. Senate bargainers have announced

246
00:14:06,600 --> 00:14:10,120
Speaker 1: the framework of a bipartisan response the last month smash shootings.

247
00:14:10,720 --> 00:14:14,520
Speaker 1: It's offering modest gun curbs and efforts to improve school

248
00:14:14,600 --> 00:14:18,160
Speaker 1: safety and mental health programs. Game five of the NBA

249
00:14:18,240 --> 00:14:21,280
Speaker 1: Finals is tonight. The Celtics and the Warriors are even

250
00:14:21,280 --> 00:14:24,360
Speaker 1: at two games apiece. In baseball, the Yankees and Mets

251
00:14:24,520 --> 00:14:27,920
Speaker 1: remain hot and one again. The Red Sox, Orioles and

252
00:14:28,000 --> 00:14:31,840
Speaker 1: Giants also won Nationals, and A's lost. Global news twenty

253
00:14:31,840 --> 00:14:34,560
Speaker 1: four hours a day on air and on Bloomberg Quick Take,

254
00:14:34,800 --> 00:14:37,720
Speaker 1: powered by more than twenty seven hundred journalists and analysts

255
00:14:37,760 --> 00:14:40,200
Speaker 1: more than a hundred twenty countries. Him Michael Barr, and

256
00:14:40,240 --> 00:14:43,080
Speaker 1: this is Bloomberg, John, Michael, thank you very much. Five

257
00:14:43,120 --> 00:14:45,520
Speaker 1: twenty on Wall Street. We are lying for the Bloomberg

258
00:14:45,560 --> 00:14:50,360
Speaker 1: interrant to broker studios. This is Bloomberg day Break. Investors

259
00:14:50,400 --> 00:14:54,000
Speaker 1: are repricing the risk that the Federal Reserve hikes rates

260
00:14:54,120 --> 00:14:58,120
Speaker 1: more aggressively the previously thought. Let's catch you set up

261
00:14:58,160 --> 00:15:00,040
Speaker 1: for the trading day head now with Lori cal the

262
00:15:00,080 --> 00:15:02,640
Speaker 1: scene at the hand of the US Equity strategy at

263
00:15:02,720 --> 00:15:08,160
Speaker 1: RBC Capital Markets. Happy Monday. Laurie is sifty for the fan.

264
00:15:09,200 --> 00:15:11,800
Speaker 1: All right, well, good morning, thanks for having me. As always, look,

265
00:15:11,800 --> 00:15:13,440
Speaker 1: I will tell you I know that there have been

266
00:15:13,440 --> 00:15:16,320
Speaker 1: some changes around the street to said forecasts UM, but

267
00:15:16,480 --> 00:15:20,080
Speaker 1: our our rate strategy team has not made that shift.

268
00:15:20,080 --> 00:15:23,040
Speaker 1: They've said it's not necessarily off the table um for

269
00:15:23,240 --> 00:15:26,640
Speaker 1: July or September. They think that it won't happen in June. UM.

270
00:15:26,680 --> 00:15:28,760
Speaker 1: For now, our team is still sticking with fifty at

271
00:15:28,760 --> 00:15:31,960
Speaker 1: the next few meetings. Are risk assets to be avoided

272
00:15:32,080 --> 00:15:36,440
Speaker 1: at all costs, So I think that with US equities,

273
00:15:36,480 --> 00:15:38,640
Speaker 1: and we put out a note this morning basically saying

274
00:15:38,680 --> 00:15:41,560
Speaker 1: this sort of fifty level doesn't hold. And you know

275
00:15:41,640 --> 00:15:44,120
Speaker 1: right now the futures would suggested that that risk that

276
00:15:44,160 --> 00:15:47,480
Speaker 1: there could be downside in the market um to around

277
00:15:47,560 --> 00:15:49,560
Speaker 1: the SUP just if it were to price in an

278
00:15:49,600 --> 00:15:53,840
Speaker 1: average recession. That being said, we also indicated that their

279
00:15:54,000 --> 00:15:57,680
Speaker 1: scope for equities in a recession pricing scenario to bottom

280
00:15:57,680 --> 00:16:00,320
Speaker 1: out at higher levels. Um If you look sort of

281
00:16:00,320 --> 00:16:04,760
Speaker 1: the recessions of the early eighties recession, we saw a

282
00:16:04,840 --> 00:16:10,040
Speaker 1: decline to things like seven percent, and we've already you know,

283
00:16:10,080 --> 00:16:12,640
Speaker 1: gone past that seventeen percent number. We're getting close to

284
00:16:12,720 --> 00:16:16,200
Speaker 1: the tent um. But you know, I think if markets

285
00:16:16,200 --> 00:16:18,400
Speaker 1: do break kind of below today is a pivotal day.

286
00:16:18,400 --> 00:16:20,000
Speaker 1: And if we kind of break below that thirty eight

287
00:16:20,080 --> 00:16:22,320
Speaker 1: fifty times level, which is the outer band of growth,

288
00:16:22,320 --> 00:16:26,480
Speaker 1: scare territory similar to the decline. But I think you

289
00:16:26,480 --> 00:16:29,800
Speaker 1: could be in for full on pricing of recession. What

290
00:16:30,040 --> 00:16:32,800
Speaker 1: does history tell us in terms of what areas do

291
00:16:32,960 --> 00:16:37,360
Speaker 1: best in this environment? So I think that it depends

292
00:16:37,400 --> 00:16:40,000
Speaker 1: on whether or not you're looking at the historical said

293
00:16:40,040 --> 00:16:44,360
Speaker 1: playbook um or or or inflation expectations of those moving up,

294
00:16:44,400 --> 00:16:46,400
Speaker 1: or if you're looking at sort of the historical recession

295
00:16:46,400 --> 00:16:49,120
Speaker 1: playbook itself. And you know, one of the things that

296
00:16:49,160 --> 00:16:50,960
Speaker 1: we have talked about is that if you look at

297
00:16:50,960 --> 00:16:53,520
Speaker 1: the small cap part of the market, risk ear bits

298
00:16:53,600 --> 00:16:56,200
Speaker 1: do tend to underperform on the way down. And we've

299
00:16:56,200 --> 00:16:59,200
Speaker 1: actually already seen dramatic underperformance in the small cap space

300
00:16:59,200 --> 00:17:01,480
Speaker 1: and small cap sex held up pretty well on Friday

301
00:17:01,480 --> 00:17:03,920
Speaker 1: relative to large cats, So I think you can look

302
00:17:03,960 --> 00:17:07,600
Speaker 1: back at that historical recession playbook. Um. But I also

303
00:17:07,680 --> 00:17:09,480
Speaker 1: think that you have to keep in mind areas like

304
00:17:09,600 --> 00:17:13,200
Speaker 1: consumer discretionary have already fallen pretty hard and are already

305
00:17:13,200 --> 00:17:15,879
Speaker 1: pretty close in terms of decline. They seem to what

306
00:17:15,920 --> 00:17:18,359
Speaker 1: they typically do in their recession. UM. So we would

307
00:17:18,400 --> 00:17:20,919
Speaker 1: actually be a little bit more concerned in here about

308
00:17:20,920 --> 00:17:22,840
Speaker 1: some of the areas that may not have gaps down

309
00:17:22,880 --> 00:17:26,119
Speaker 1: and them. Is it U just assume that tech is

310
00:17:26,280 --> 00:17:28,439
Speaker 1: really the the area that's going to take it on

311
00:17:28,480 --> 00:17:32,280
Speaker 1: the chin with the future growth now in question. Well,

312
00:17:32,320 --> 00:17:34,040
Speaker 1: I think that you have to be careful when you

313
00:17:34,160 --> 00:17:36,439
Speaker 1: use tech. Um. You know, we we did a study

314
00:17:36,480 --> 00:17:39,320
Speaker 1: that we put out this morning looking at inflation expectations

315
00:17:39,359 --> 00:17:42,600
Speaker 1: and how sectors kind of perform when those are moving up,

316
00:17:42,920 --> 00:17:44,840
Speaker 1: which was the big kind of shocker from the Michigan

317
00:17:44,840 --> 00:17:47,640
Speaker 1: survey on Friday, and we found that the communication services

318
00:17:47,680 --> 00:17:51,119
Speaker 1: area within large cap really tends to be inversely correlated

319
00:17:51,119 --> 00:17:54,040
Speaker 1: with moves an inflation expectation. So that's got your Internet stock.

320
00:17:54,359 --> 00:17:57,680
Speaker 1: The actual tech sector itself, semi software hardware that's sort

321
00:17:57,720 --> 00:18:00,000
Speaker 1: of thing does have an inverse correlation, but not nearly

322
00:18:00,119 --> 00:18:03,159
Speaker 1: as negative as what you see on the comm services space.

323
00:18:03,240 --> 00:18:05,399
Speaker 1: I mean even the consumer discretionary space, which has the

324
00:18:05,480 --> 00:18:08,000
Speaker 1: Internet exposure as well. So I think different parts of

325
00:18:08,040 --> 00:18:10,160
Speaker 1: tech will have, you know, kind of different degrees at risk.

326
00:18:10,800 --> 00:18:13,480
Speaker 1: Do you guys assume a thread of the FED can

327
00:18:13,560 --> 00:18:17,440
Speaker 1: thread the needle? So what we have faked into our

328
00:18:17,440 --> 00:18:19,840
Speaker 1: current targets and those maybe at risk, But what we

329
00:18:19,880 --> 00:18:22,400
Speaker 1: have faked in our current targets the FED does manage

330
00:18:22,440 --> 00:18:24,960
Speaker 1: to pull off. I wouldn't even call it a soft landing,

331
00:18:25,000 --> 00:18:27,119
Speaker 1: you know, maybe a bumping landing, but avoids the crash

332
00:18:27,160 --> 00:18:30,359
Speaker 1: and burn scenario. Um. I do think that, you know,

333
00:18:30,640 --> 00:18:32,879
Speaker 1: I think recession odds have risen if you sort of

334
00:18:32,880 --> 00:18:35,920
Speaker 1: look at the commentary from our economists on Friday. Um,

335
00:18:35,960 --> 00:18:37,920
Speaker 1: but I do think that, you know, we did see

336
00:18:37,960 --> 00:18:40,280
Speaker 1: some resilience on Friday that has to be respected with

337
00:18:40,320 --> 00:18:42,840
Speaker 1: the market closing around thirty nine hundreds, which was in

338
00:18:42,880 --> 00:18:44,760
Speaker 1: mind with that mid May well, so I think today

339
00:18:44,800 --> 00:18:47,040
Speaker 1: is a pivotal day. What do you expect from the

340
00:18:47,040 --> 00:18:50,200
Speaker 1: FED this week? Oh, I don't get into the FED

341
00:18:50,280 --> 00:18:52,760
Speaker 1: forecasting business. I leave that to our rate strategy and

342
00:18:52,800 --> 00:18:55,000
Speaker 1: economic team. But I will tell you I think that

343
00:18:55,080 --> 00:18:58,080
Speaker 1: the CPI print made this bed making much more important

344
00:18:58,080 --> 00:19:00,600
Speaker 1: than it had been. And as all ways, I think

345
00:19:00,640 --> 00:19:04,040
Speaker 1: we look for the commentary rather than the actual decision. UM.

346
00:19:04,080 --> 00:19:05,480
Speaker 1: And I think, you know, we have two camps that

347
00:19:05,560 --> 00:19:08,399
Speaker 1: investors to satisfy, those who equations down of control and

348
00:19:08,440 --> 00:19:10,760
Speaker 1: who think that growth is at risk. UM. And I

349
00:19:10,800 --> 00:19:12,720
Speaker 1: do think in you know, sort of bulk after the

350
00:19:12,800 --> 00:19:15,280
Speaker 1: last meeting, I mean, some of the commentary, we saw

351
00:19:15,359 --> 00:19:19,159
Speaker 1: some attention paid to that ladder can't trying to assuage concerns. UM.

352
00:19:19,160 --> 00:19:22,000
Speaker 1: So I'll look to see if that continues going forward. Lorie.

353
00:19:22,040 --> 00:19:24,840
Speaker 1: Always a pleasure appreciated, Lori calvas in ahead of US

354
00:19:24,920 --> 00:19:28,720
Speaker 1: equity strategy at RBC Capital Markets this morning and the

355
00:19:28,800 --> 00:19:32,360
Speaker 1: cash open of Wall Street futures firmly in the red.

356
00:19:32,440 --> 00:19:35,719
Speaker 1: The DOWN futures down five hundred and ninety five points

357
00:19:35,760 --> 00:19:39,600
Speaker 1: after Friday's set off, that's down one point nine SMP

358
00:19:39,680 --> 00:19:43,199
Speaker 1: futures ninety three points lower, that's down two point four percent,

359
00:19:43,560 --> 00:19:46,680
Speaker 1: and the tech heavy nasday futures right now down three

360
00:19:46,760 --> 00:19:50,440
Speaker 1: hundred at fifty points, that's down three percent. The two

361
00:19:50,520 --> 00:19:54,360
Speaker 1: year yield at three point one nine percent. The ten

362
00:19:54,480 --> 00:19:57,919
Speaker 1: ure just slightly higher at three point to two percent

363
00:19:58,040 --> 00:20:07,080
Speaker 1: this morning, and you're listening a Bloomberg day Break at

364
00:20:07,119 --> 00:20:10,160
Speaker 1: daybreak this morning, being brought to you by Usage Manhattan's

365
00:20:10,240 --> 00:20:13,919
Speaker 1: most reliable car service. Visit him at U T O

366
00:20:14,080 --> 00:20:25,600
Speaker 1: G dot com to set up an account. Today broadcasting

367
00:20:25,680 --> 00:20:29,400
Speaker 1: live from the Bloomberg Interactive Broker Studio in New York,

368
00:20:29,520 --> 00:20:32,880
Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg nine

369
00:20:33,280 --> 00:20:36,840
Speaker 1: one to Boston, Bloomberg one O six one does San Francisco,

370
00:20:36,920 --> 00:20:40,119
Speaker 1: Bloomberg nine six to the country, Sirius XM to the

371
00:20:40,200 --> 00:20:43,400
Speaker 1: one ninet and around the globe, the Bloomberg Business Act

372
00:20:43,480 --> 00:20:53,280
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's

373
00:20:53,280 --> 00:20:55,480
Speaker 1: five thirty on Wall Street. Good morning. I'm Nathan Hagar

374
00:20:55,680 --> 00:20:58,040
Speaker 1: and I'm John Soucker. We're about four hours away from

375
00:20:58,040 --> 00:21:00,320
Speaker 1: the open of US trading. Let's get you to date

376
00:21:00,320 --> 00:21:01,920
Speaker 1: on some of the news you need to know this hour.

377
00:21:02,280 --> 00:21:05,359
Speaker 1: It was a global exodus from stocks and bonds this morning,

378
00:21:05,359 --> 00:21:08,640
Speaker 1: following Friday's eight hundred eighty point drop in the DELL

379
00:21:09,080 --> 00:21:12,320
Speaker 1: and the hotter than expected inflation reading of this morning.

380
00:21:12,359 --> 00:21:16,240
Speaker 1: The US two year ten year yield curve inverted two

381
00:21:16,280 --> 00:21:18,760
Speaker 1: year yields exceeding ten years for the first time since

382
00:21:18,800 --> 00:21:22,960
Speaker 1: early April, which some do consider a recession warning. Man Tomorrow,

383
00:21:23,040 --> 00:21:26,040
Speaker 1: John June's two day f o MC meeting begins, the

384
00:21:26,080 --> 00:21:28,879
Speaker 1: Fed's expected to raise interest rates again. Traders are betting

385
00:21:28,880 --> 00:21:31,520
Speaker 1: the Federal raised rates by seventy five basis points at

386
00:21:31,560 --> 00:21:34,800
Speaker 1: least once in its next three meetings. Ben Bernanke, former

387
00:21:34,840 --> 00:21:37,320
Speaker 1: head of the Federal Reserve, says it's possible the US

388
00:21:37,280 --> 00:21:39,639
Speaker 1: slips into a recession, but it might not be a

389
00:21:39,720 --> 00:21:43,080
Speaker 1: large one. I think a recession is possible. Economists are

390
00:21:43,160 --> 00:21:45,880
Speaker 1: very bad at predicting recessions, but I think the FIT

391
00:21:45,960 --> 00:21:49,040
Speaker 1: has a decent chance, a reasonable chance of achieving a

392
00:21:49,200 --> 00:21:52,360
Speaker 1: what J. Powell calls a softish landing. Former FED share

393
00:21:52,359 --> 00:21:54,480
Speaker 1: Ben Burn a key spoke on CNN. You can join

394
00:21:54,560 --> 00:21:57,520
Speaker 1: us for live coverage of Wednesday's FED decision. A special

395
00:21:57,640 --> 00:22:00,359
Speaker 1: edition of Bloomberg Surveillance starts that day at one thirty

396
00:22:00,359 --> 00:22:03,600
Speaker 1: pm all street time on Bloomberg Radio and television. As

397
00:22:03,680 --> 00:22:06,840
Speaker 1: US futures fall, stocks in Europe also tunneling the stock

398
00:22:06,920 --> 00:22:10,440
Speaker 1: six hundred down two percent over season. Asia stocks also

399
00:22:10,520 --> 00:22:13,600
Speaker 1: dropped bond yield surge well, the Japanese he had reached

400
00:22:13,600 --> 00:22:17,440
Speaker 1: the weakest level in twenty four years, and bitcoins feeling

401
00:22:17,440 --> 00:22:19,560
Speaker 1: the pressure as well. This morning, Bloomberg's re need a

402
00:22:19,600 --> 00:22:22,760
Speaker 1: Young stracking that enjoins US Live Nina, Good morning, Nathan.

403
00:22:22,800 --> 00:22:26,040
Speaker 1: Bitcoin is trading at its lowest and about eighteen months.

404
00:22:26,320 --> 00:22:29,920
Speaker 1: The impact of Friday CPI data showing US inflation hit

405
00:22:29,920 --> 00:22:33,840
Speaker 1: a fresh forty year high continues to reverberate through global

406
00:22:33,960 --> 00:22:36,960
Speaker 1: risk assets. Traders are betting that the FIT will high

407
00:22:37,040 --> 00:22:40,159
Speaker 1: rates more aggressively as a result, and cryptos are at

408
00:22:40,200 --> 00:22:43,080
Speaker 1: the mercy of the FIT. That's according to crypto lender

409
00:22:43,200 --> 00:22:46,600
Speaker 1: next So co founder Anthony Trencheff, who says he's hearing

410
00:22:46,640 --> 00:22:49,800
Speaker 1: forecasts expecting Bitcoin to drop as low as the mid

411
00:22:49,840 --> 00:22:53,800
Speaker 1: teens and single digit thousands. Right now, bitcoin is trading

412
00:22:53,840 --> 00:22:57,320
Speaker 1: around twenty four thousand. Live in New York. I'm gonna

413
00:22:57,359 --> 00:23:00,919
Speaker 1: need a young Bloomberg debriak rended thanks instead. Marks the

414
00:23:01,040 --> 00:23:04,280
Speaker 1: second round of hearings for the January six Committee. Today's

415
00:23:04,280 --> 00:23:08,680
Speaker 1: hearing start at ten ami Eastern. Former President Trump's campaign

416
00:23:08,720 --> 00:23:12,399
Speaker 1: manager will give lie testimony related to the insurrection of

417
00:23:12,440 --> 00:23:16,000
Speaker 1: the Capitol SO. The former political director of Fox News.

418
00:23:16,440 --> 00:23:19,719
Speaker 1: All right, John, Right now, SMP futures continue their plunge.

419
00:23:19,720 --> 00:23:22,480
Speaker 1: There down ninety five point. Staff futures down six hundred

420
00:23:22,520 --> 00:23:25,479
Speaker 1: ten Dastack futures are lower by three hundred sixty six points.

421
00:23:25,600 --> 00:23:28,679
Speaker 1: The tenure treasury is down twenty thirty seconds. The yield

422
00:23:28,880 --> 00:23:32,159
Speaker 1: three point to three. Straight ahead your latest local headlines

423
00:23:32,160 --> 00:23:38,720
Speaker 1: in the check of sports. This is Bloomberg. Alright, thanks

424
00:23:39,880 --> 00:23:42,080
Speaker 1: on Wall Street. Let's bring it. Michael Barne out with

425
00:23:42,160 --> 00:23:44,000
Speaker 1: Bore on what else is going on in New York

426
00:23:44,119 --> 00:23:46,800
Speaker 1: and around the world. John, Thank you very much, Sara.

427
00:23:46,840 --> 00:23:51,160
Speaker 1: Connecticut Governor dot Nemat is commenting about a potential deal

428
00:23:51,280 --> 00:23:55,200
Speaker 1: among a group of bipartisan senators on gun reform. Lemon

429
00:23:55,320 --> 00:23:59,680
Speaker 1: is suggesting lawmakers use his state as a model. Connecticut

430
00:23:59,720 --> 00:24:03,280
Speaker 1: paths strict gun laws four months after the massacre at

431
00:24:03,320 --> 00:24:06,760
Speaker 1: Sandy Hook Elementary School nearly ten years ago. Nobody has

432
00:24:06,800 --> 00:24:09,560
Speaker 1: taken away your guns. You're still hunting doing that safely.

433
00:24:09,960 --> 00:24:12,160
Speaker 1: You've got to understand that we can get the right balance.

434
00:24:12,560 --> 00:24:16,000
Speaker 1: These slippery slope arguments kill a lot of reasonable compromise.

435
00:24:16,240 --> 00:24:20,880
Speaker 1: Governor Lamont says Connecticut's laws include universal background checks, banning

436
00:24:20,920 --> 00:24:24,520
Speaker 1: the sale of high capacity magazines and creating a registry

437
00:24:24,520 --> 00:24:27,639
Speaker 1: of deadly weapon offenders. More than thirty members of a

438
00:24:27,640 --> 00:24:31,120
Speaker 1: white supremacist group will be arraigned today. They were arrested

439
00:24:31,119 --> 00:24:34,000
Speaker 1: over the weekend near a Northern Night a Whole Pride event.

440
00:24:34,359 --> 00:24:38,040
Speaker 1: Police say the Patriot Front members with riot gear were

441
00:24:38,160 --> 00:24:41,159
Speaker 1: arrested after a tipster report at seeing people loading up

442
00:24:41,200 --> 00:24:43,800
Speaker 1: into a U haul at a hotel parking lot in

443
00:24:43,920 --> 00:24:48,480
Speaker 1: cour de Laine, Okaho. Representative Alexandria Ocassio Cortez of New

444
00:24:48,560 --> 00:24:51,399
Speaker 1: York is holding off on backing President Biden for a

445
00:24:51,440 --> 00:24:55,720
Speaker 1: second term. In Ocassio Cortez said, we'll cross that bridge

446
00:24:55,760 --> 00:24:57,840
Speaker 1: when we get to it. I believe that the President

447
00:24:57,840 --> 00:24:59,800
Speaker 1: has been doing a very good job as so far,

448
00:25:00,000 --> 00:25:03,120
Speaker 1: and um, you know, should he run again? I think that,

449
00:25:03,600 --> 00:25:06,480
Speaker 1: I you know, I think it's it's we'll take a

450
00:25:06,480 --> 00:25:09,000
Speaker 1: look at it. Right now. We need to focus on

451
00:25:09,000 --> 00:25:12,400
Speaker 1: winning a majority instead of a presidential election. Ocasio Cortez

452
00:25:12,520 --> 00:25:16,199
Speaker 1: spoke on CNN State of the Union. Fighting continues to

453
00:25:16,280 --> 00:25:20,760
Speaker 1: rage in Ukraine's eastern Donbus region. Ukrainian forces are outgunned

454
00:25:20,800 --> 00:25:24,199
Speaker 1: trying to hold off the Russian advance. Observers say the

455
00:25:24,280 --> 00:25:27,399
Speaker 1: Russians are using food as a weapon. Last week, the

456
00:25:27,520 --> 00:25:31,240
Speaker 1: United Nations warned that Russia's blockage of Ukrainian ports could

457
00:25:31,280 --> 00:25:34,640
Speaker 1: cause a global food crisis. The Tonys were handed out

458
00:25:34,720 --> 00:25:38,960
Speaker 1: last night. A Strange Loop won the Best Musical. Jennifer

459
00:25:39,040 --> 00:25:42,199
Speaker 1: Hudson has now joined the Egot Club and Ammy Grammy,

460
00:25:42,240 --> 00:25:44,679
Speaker 1: Oscar and Tony. She was one of the producers of

461
00:25:44,720 --> 00:25:47,560
Speaker 1: A Strange Loop. Global News twenty four hours a day

462
00:25:47,560 --> 00:25:50,360
Speaker 1: on air and on Bloomberg Quicktake, powered by more than

463
00:25:50,800 --> 00:25:52,960
Speaker 1: seven hundred journalists and analysts, are more than a hundred

464
00:25:53,000 --> 00:25:56,960
Speaker 1: twenty countries. Michael barn This is Bloomberg, John, Michael, thank you.

465
00:26:01,640 --> 00:26:04,760
Speaker 1: He on wool Street and the Sign of the Blueberg

466
00:26:04,800 --> 00:26:08,159
Speaker 1: Sports Update. Here's John. Thanks John. That Carpenter played ten

467
00:26:08,240 --> 00:26:10,000
Speaker 1: years in St. Louis. Was a good hitter until the

468
00:26:10,080 --> 00:26:11,960
Speaker 1: last two seasons when he had about three hundred and

469
00:26:11,960 --> 00:26:14,200
Speaker 1: fifty at BacT that only hit seven home runs. He's

470
00:26:14,240 --> 00:26:17,800
Speaker 1: got seven with the Yankees in twenty four at bats

471
00:26:17,800 --> 00:26:20,520
Speaker 1: he hit two drove in seven of the Yankees right

472
00:26:20,520 --> 00:26:22,000
Speaker 1: out of the kind of got away from me the

473
00:26:22,080 --> 00:26:25,119
Speaker 1: last few years. Um, you know, just didn't really have

474
00:26:25,240 --> 00:26:27,919
Speaker 1: it and I was able to put in a lot

475
00:26:27,960 --> 00:26:29,440
Speaker 1: of good work and have a lot of people helped

476
00:26:29,480 --> 00:26:31,480
Speaker 1: me kind of get it back. So it's pretty rewarding.

477
00:26:31,520 --> 00:26:33,959
Speaker 1: And to be able to do it um in New

478
00:26:34,040 --> 00:26:36,679
Speaker 1: York City for the best team in baseball and you

479
00:26:36,720 --> 00:26:39,200
Speaker 1: know them have the faith in the sign me it

480
00:26:39,280 --> 00:26:41,280
Speaker 1: means a lot of non enjoyed Carpter wasn't gonna play

481
00:26:41,320 --> 00:26:44,199
Speaker 1: until Labor Torres wasn't feeling well. Kyla gas Yoka had

482
00:26:44,200 --> 00:26:46,120
Speaker 1: his first two overs of the season. The Yankees beat

483
00:26:46,160 --> 00:26:49,120
Speaker 1: the Cubs eighteen to four. The day after winning eighth

484
00:26:49,119 --> 00:26:51,119
Speaker 1: did nothing they sleep the series. They've won eleven of

485
00:26:51,200 --> 00:26:54,520
Speaker 1: twelve in that stretch, their averaging scoring more than seven

486
00:26:54,560 --> 00:26:56,200
Speaker 1: runs a game. Mex fit as the road trip of

487
00:26:56,240 --> 00:26:58,760
Speaker 1: the poor. One win of the Angels. Pete Alonzo with

488
00:26:58,840 --> 00:27:00,919
Speaker 1: his National League leading eighth team film run, J D.

489
00:27:01,040 --> 00:27:04,000
Speaker 1: Davis hit one. Tylan Walker got to win much needed

490
00:27:04,000 --> 00:27:07,080
Speaker 1: because Atlanta one again the Braves eleventh win in a row.

491
00:27:07,400 --> 00:27:09,840
Speaker 1: Whoever wins tonight in San Francisco can then when the

492
00:27:09,960 --> 00:27:13,440
Speaker 1: NBA Championship Thursday in Boston, its Game five of the finals.

493
00:27:13,680 --> 00:27:16,959
Speaker 1: Southicton Warriors tied at two. US Open Golf coming to Boston.

494
00:27:17,040 --> 00:27:19,960
Speaker 1: This week. Rory mcelroyd just one in Toronto for the

495
00:27:19,960 --> 00:27:23,320
Speaker 1: final round sixty two upset. In college baseball, Notre Dame

496
00:27:23,760 --> 00:27:26,520
Speaker 1: meet Tennessee, who was fifty seven and nine and rank

497
00:27:26,600 --> 00:27:28,480
Speaker 1: number one. The Irish are now off to the College

498
00:27:28,480 --> 00:27:31,640
Speaker 1: World Series w NBA. The Liberty lost by two to Chicago,

499
00:27:31,720 --> 00:27:35,160
Speaker 1: despite Sabrina ony Escu having a triple doubled while still

500
00:27:35,240 --> 00:27:38,280
Speaker 1: in the third quarter. John Dash Howard Bloomberg Sports John,

501
00:27:38,400 --> 00:27:40,760
Speaker 1: all right, thanks John, Filing thirty settled on Wall Street,

502
00:27:40,840 --> 00:27:43,639
Speaker 1: and it's time for the tri Sleet Business Report, and

503
00:27:43,720 --> 00:27:47,199
Speaker 1: for that we're joined by Bloomberg's ed Query. Interest in

504
00:27:47,240 --> 00:27:50,880
Speaker 1: short term rental properties has risen over recent years. Now

505
00:27:50,960 --> 00:27:54,440
Speaker 1: booking private residences by the hour is a thing, The

506
00:27:54,600 --> 00:27:59,600
Speaker 1: Times reports Booking stylishly decorated private homes as alternatives to

507
00:27:59,680 --> 00:28:03,119
Speaker 1: set and studios is a growing niche in the short

508
00:28:03,200 --> 00:28:06,800
Speaker 1: term rental market. US colleges and universities and priced about

509
00:28:06,840 --> 00:28:10,840
Speaker 1: fifteen billion dollars worth of bonds this year. Princeton University

510
00:28:10,880 --> 00:28:14,800
Speaker 1: issued bonds earlier this year, and Brown University is joining

511
00:28:14,840 --> 00:28:18,040
Speaker 1: a flurry of the nation's richest colleges that have tapped

512
00:28:18,080 --> 00:28:20,720
Speaker 1: the municipal bond market this year with an eight five

513
00:28:20,760 --> 00:28:24,240
Speaker 1: million dollar offering. Well, the healthcare field accounts for about

514
00:28:24,280 --> 00:28:28,639
Speaker 1: sixteen percent of Connecticut's workforce, and nurses and certified nursing

515
00:28:28,680 --> 00:28:33,160
Speaker 1: assistants are in high demand. The Governor's Workforce Council estimates

516
00:28:33,160 --> 00:28:37,159
Speaker 1: an annual need of three thousand new r nds hundred

517
00:28:37,240 --> 00:28:41,080
Speaker 1: openings for certified nursing assistance. That's your Bloomberg Try State

518
00:28:41,120 --> 00:28:44,720
Speaker 1: Business Report. I'm Ed Corey, Right, thanks, said on Wall

519
00:28:44,760 --> 00:28:47,680
Speaker 1: Street Bloomberg Radios. On the air, FROB San Francisco to

520
00:28:47,720 --> 00:28:50,959
Speaker 1: New York, London to Hong Kong. And let's check in

521
00:28:51,000 --> 00:28:52,720
Speaker 1: our with our global news team for some of the

522
00:28:52,760 --> 00:28:56,400
Speaker 1: top stories heard on our three hundred affiliate radio stations

523
00:28:56,480 --> 00:29:02,479
Speaker 1: around the world. I'm Steve Podas gon K and X

524
00:29:02,480 --> 00:29:05,800
Speaker 1: in Los Angeles. We're talking about l A ranking as

525
00:29:05,840 --> 00:29:09,200
Speaker 1: the worst metro area in the nation for first time

526
00:29:09,240 --> 00:29:12,880
Speaker 1: whole body Corny Donaho on w h A S and Louisville.

527
00:29:13,000 --> 00:29:16,160
Speaker 1: Many baby formula plants from not inspected because of COVID.

528
00:29:16,280 --> 00:29:19,840
Speaker 1: I'm genus are ready And for w c CEO in Minneapolis,

529
00:29:19,880 --> 00:29:22,680
Speaker 1: I'm reporting that the city ranks second in a new

530
00:29:22,720 --> 00:29:26,120
Speaker 1: study of the top five places for first time home buyers.

531
00:29:26,440 --> 00:29:29,720
Speaker 1: I'm Karin head combluebgd AV Distional Radium in London. Weaverpooting

532
00:29:29,760 --> 00:29:32,400
Speaker 1: on Boys Johnson's government planning to override parts of its

533
00:29:32,440 --> 00:29:35,200
Speaker 1: basit deal with the EU, lisking a trade for I

534
00:29:35,320 --> 00:29:37,840
Speaker 1: mid Cory on w T A M in Cleveland, and

535
00:29:38,000 --> 00:29:40,320
Speaker 1: reporting officials want the city to be the home of

536
00:29:40,360 --> 00:29:45,520
Speaker 1: an agency that directs research on hardnet treat diseases. Now

537
00:29:45,600 --> 00:29:48,280
Speaker 1: those are some of these stories are twenty seven hundred

538
00:29:48,280 --> 00:29:51,360
Speaker 1: Bloomberg journalists and analysts are working on this morning around

539
00:29:51,440 --> 00:29:54,920
Speaker 1: the world. It is now five thirty nine on Wall Street.

540
00:29:55,200 --> 00:29:59,240
Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial

541
00:29:59,360 --> 00:30:02,760
Speaker 1: was written by a Bloomberg Editorial board. Russia's attack on

542
00:30:02,960 --> 00:30:06,160
Speaker 1: Ukraine has made the West in this context, NATO and

543
00:30:06,280 --> 00:30:08,880
Speaker 1: the European Union more united than it's been in a

544
00:30:08,960 --> 00:30:12,520
Speaker 1: long time. Unfortunately, as the invasion turns into a grinding

545
00:30:12,560 --> 00:30:16,200
Speaker 1: war of attrition, that cohesion is now at risk. Western

546
00:30:16,360 --> 00:30:19,560
Speaker 1: leaders must focus on the two weakest links in their alliance,

547
00:30:19,840 --> 00:30:22,640
Speaker 1: Turkey and Hungry. Both countries have signaled for weeks that

548
00:30:22,680 --> 00:30:25,280
Speaker 1: they are not fully behind the effort to support Ukraine.

549
00:30:25,680 --> 00:30:29,640
Speaker 1: This is no time for unreliable allies. Unfortunately, neither the

550
00:30:29,760 --> 00:30:33,320
Speaker 1: EU nor NATO has a mechanism to eject errant members.

551
00:30:33,640 --> 00:30:37,800
Speaker 1: That means both institutions will need to get creative, using economic,

552
00:30:37,880 --> 00:30:41,640
Speaker 1: diplomatic and political pressure to bring Hungry and Turkey in line.

553
00:30:42,080 --> 00:30:45,240
Speaker 1: Holding together the Western Alliance has never been easy, but

554
00:30:45,440 --> 00:30:48,160
Speaker 1: with a worsening war on its doorstep, it has perhaps

555
00:30:48,280 --> 00:30:51,480
Speaker 1: never been more necessary. This editorial was written by the

556
00:30:51,480 --> 00:30:54,600
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to

557
00:30:54,640 --> 00:30:57,640
Speaker 1: Bloomberg dot com, slash Opinion or O P I N

558
00:30:57,720 --> 00:31:00,719
Speaker 1: go on the Bloomberg terminal. This has been in Bloomberg

559
00:31:00,760 --> 00:31:04,720
Speaker 1: Opinion and Bloomberg Opinion editorials could be heard every weekday.

560
00:31:04,720 --> 00:31:07,640
Speaker 1: At this time, terminal customers could read more and O

561
00:31:07,840 --> 00:31:11,600
Speaker 1: P I N go. Down. Futures right now down six

562
00:31:11,720 --> 00:31:16,960
Speaker 1: hundred fifteen points, SMP futures down nine, the NASAIC futures

563
00:31:17,320 --> 00:31:22,280
Speaker 1: three hundred sixty six points lower. At Bloomberg Weather for

564
00:31:22,360 --> 00:31:24,760
Speaker 1: it today from Rob Caroline. Chance of an early morning

565
00:31:24,840 --> 00:31:28,480
Speaker 1: shower thunderstorm van Sky has become partly the mostly Sunday today.

566
00:31:28,520 --> 00:31:32,680
Speaker 1: The high temperature about eighty five degrees tonight, partly quality

567
00:31:33,040 --> 00:31:39,920
Speaker 1: loads of amid sixties, markets, headlines and breaking news twenty

568
00:31:39,960 --> 00:31:42,800
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg

569
00:31:42,840 --> 00:31:47,280
Speaker 1: Business App, and at Bloomberg Quicktake. He's a Bloomberg Business lash.

570
00:31:53,160 --> 00:31:56,720
Speaker 1: Nathan Hagar futures are plunging, pointing to an extended sell

571
00:31:56,800 --> 00:31:59,160
Speaker 1: off that's set to push the SMP five hundred into

572
00:31:59,240 --> 00:32:02,440
Speaker 1: a bear market after Fridays stronger than expected inflation data

573
00:32:02,480 --> 00:32:06,000
Speaker 1: sparked expectations at the Federal Reserve will hike rates even

574
00:32:06,160 --> 00:32:09,320
Speaker 1: more aggressively. We check the markets every fifteen minutes during

575
00:32:09,360 --> 00:32:11,640
Speaker 1: the trading day on Bloomberg. Right now, SMP futures are

576
00:32:11,680 --> 00:32:14,600
Speaker 1: down ninety five point, staff futures down six hundred nine

577
00:32:14,960 --> 00:32:17,920
Speaker 1: NASDAC futures leading the declines this morning, down three hundred

578
00:32:17,960 --> 00:32:20,479
Speaker 1: sixty eight points for a drop of three point one percent.

579
00:32:20,800 --> 00:32:23,160
Speaker 1: The tenure Treasury is down twenty one thirty seconds, the

580
00:32:23,240 --> 00:32:25,680
Speaker 1: yield three point to three percent. Yield on the two

581
00:32:25,760 --> 00:32:28,560
Speaker 1: year right now three point one nine percent. Nime X

582
00:32:28,560 --> 00:32:30,680
Speaker 1: screwed is down one point three percent, down a dollar

583
00:32:30,720 --> 00:32:33,120
Speaker 1: fifty five and a hundred nineteen dollars ten cents for

584
00:32:33,200 --> 00:32:35,880
Speaker 1: a barrel of West Texas. Intermediate comex gold down eight

585
00:32:35,960 --> 00:32:38,480
Speaker 1: tenths per center, fifteen dollar sixty cents at eighteen fifty

586
00:32:38,520 --> 00:32:41,520
Speaker 1: nine ounce. The Euro is at one point zero four

587
00:32:41,600 --> 00:32:44,400
Speaker 1: six nine against the dollar, British pound one point zero eight.

588
00:32:44,720 --> 00:32:46,840
Speaker 1: The end is at one thirty four point four nine.

589
00:32:47,160 --> 00:32:50,560
Speaker 1: Bitcoin trading just shy of twenty four thousand dollars. That's

590
00:32:50,560 --> 00:32:52,960
Speaker 1: a Bloomberg business flash. And now here's Michael Barr with

591
00:32:53,040 --> 00:32:55,480
Speaker 1: more on what's going on a rapid world. Michael, thank

592
00:32:55,520 --> 00:32:58,280
Speaker 1: you very much, Nathan, And the January sixth hearing is

593
00:32:58,320 --> 00:33:01,760
Speaker 1: taking place this morning. House committee investigating the Ryan at

594
00:33:01,800 --> 00:33:05,000
Speaker 1: the US Capitol is delving deeper into Donald Trump's false

595
00:33:05,080 --> 00:33:10,120
Speaker 1: claims of widespread voter fraud. Those unsupported claims fuel Trump's

596
00:33:10,160 --> 00:33:13,480
Speaker 1: relentless effort to overturn the twenty twenty election. A review

597
00:33:13,600 --> 00:33:17,080
Speaker 1: by the FDA says that finds HER's COVID nineteen vaccine

598
00:33:17,400 --> 00:33:21,240
Speaker 1: appears safe and effective for children under five, the only

599
00:33:21,320 --> 00:33:25,160
Speaker 1: group not currently eligible for a vaccination. Game five of

600
00:33:25,240 --> 00:33:28,120
Speaker 1: the NBA Finals is tonight. The Celtics and the Warriors

601
00:33:28,160 --> 00:33:31,240
Speaker 1: are even at two games apiece. In baseball, the Yankees

602
00:33:31,360 --> 00:33:34,520
Speaker 1: and Mets won again. The red Sox, Orioles and Giants

603
00:33:34,560 --> 00:33:38,200
Speaker 1: also won the Nationals and A's lost. Global News twenty

604
00:33:38,240 --> 00:33:41,560
Speaker 1: four hours a day on air and on Bloomberg Quicktake,

605
00:33:41,840 --> 00:33:44,640
Speaker 1: powered by more than twenty seven hundred journalist and analyst

606
00:33:44,680 --> 00:33:47,320
Speaker 1: and more than a hundred twenty countries. Michael barn This

607
00:33:47,600 --> 00:33:51,200
Speaker 1: is Bloomberg, John, Michael, thank you. It is five forty

608
00:33:51,320 --> 00:33:53,520
Speaker 1: nine and um Wall Street, and we aren't live on

609
00:33:53,560 --> 00:33:57,240
Speaker 1: the Bloomberg interacting broker studios. They see is Bloomberg day Break.

610
00:33:57,680 --> 00:34:00,760
Speaker 1: The global exodus for stocks and bonds looks like it's

611
00:34:00,800 --> 00:34:03,920
Speaker 1: gaining momentum this morning. Let's get some more color this

612
00:34:04,040 --> 00:34:08,000
Speaker 1: morning from Joeanna, Austin Group cross asset reporter with Bloomberg

613
00:34:08,040 --> 00:34:11,600
Speaker 1: News joining us this morning from Singapore. There is more

614
00:34:11,719 --> 00:34:15,359
Speaker 1: pressure on the Fed to intensify the rate hikes. Uh,

615
00:34:15,480 --> 00:34:17,720
Speaker 1: and I gotta ask you this morning, is there any

616
00:34:18,000 --> 00:34:23,840
Speaker 1: appetite for risk, Joanna? It does not look like it.

617
00:34:24,080 --> 00:34:27,319
Speaker 1: I mean now, basically, traders are pricing in a FED

618
00:34:27,480 --> 00:34:30,680
Speaker 1: rate hike of seventy five basis points. We have the

619
00:34:30,800 --> 00:34:34,120
Speaker 1: yield curve, the two tens inverting, and you know the

620
00:34:34,280 --> 00:34:37,840
Speaker 1: yen is tumbling to the lowest. We just have so

621
00:34:38,080 --> 00:34:41,640
Speaker 1: much stuff going on. Stocks they're flashing red pretty much

622
00:34:41,640 --> 00:34:44,960
Speaker 1: across the board, so it does look like quite a

623
00:34:45,080 --> 00:34:49,200
Speaker 1: risk off day. Okay, As as far as valuations, is

624
00:34:49,320 --> 00:34:56,000
Speaker 1: that looking any better? Well, it's looking better. I mean,

625
00:34:56,200 --> 00:34:58,880
Speaker 1: you can say if you like a stock at fifty,

626
00:34:59,280 --> 00:35:01,680
Speaker 1: you'll like it alone more thirty dollars. But you know,

627
00:35:01,800 --> 00:35:05,040
Speaker 1: the question is how are the company is going to

628
00:35:05,120 --> 00:35:08,360
Speaker 1: be performing in this environment where you might have a

629
00:35:08,400 --> 00:35:12,000
Speaker 1: lot of inflation and you might have even staslation for instance.

630
00:35:12,400 --> 00:35:15,160
Speaker 1: So you know, it just depends, I guess on what

631
00:35:15,320 --> 00:35:19,239
Speaker 1: you see as the potential going forward. But definitely they

632
00:35:19,360 --> 00:35:22,359
Speaker 1: are getting cheaper, So that's the bright side if you're

633
00:35:22,400 --> 00:35:25,680
Speaker 1: at all optimistic about about stocks in the market right now,

634
00:35:25,920 --> 00:35:29,480
Speaker 1: ye can we gauge what future growth is worth right

635
00:35:29,600 --> 00:35:33,759
Speaker 1: now with the fit on this more aggressive path? And

636
00:35:33,960 --> 00:35:36,960
Speaker 1: does that especially mean that it's technology that's going to

637
00:35:37,040 --> 00:35:41,960
Speaker 1: take it on the chin? Yeah? Well, tech stocks definitely

638
00:35:42,360 --> 00:35:45,840
Speaker 1: are imperiled, and of course they're already down quite a

639
00:35:45,920 --> 00:35:49,399
Speaker 1: lot year to date. But you know, I mean it's

640
00:35:49,400 --> 00:35:53,680
Speaker 1: also true I guess that people are seeing the potential

641
00:35:53,800 --> 00:35:56,000
Speaker 1: that the said will really have to hike and really

642
00:35:56,040 --> 00:35:57,920
Speaker 1: have to get on top of this thing, But there

643
00:35:58,040 --> 00:36:01,439
Speaker 1: are still a lot of things that are working for say,

644
00:36:01,880 --> 00:36:04,080
Speaker 1: the US economy right now. I mean, you still have

645
00:36:04,719 --> 00:36:08,920
Speaker 1: you know, labor market doing somewhat well, and you know,

646
00:36:09,160 --> 00:36:12,840
Speaker 1: there there is potential that the FED could still achieve

647
00:36:12,880 --> 00:36:15,680
Speaker 1: a soft landing. I mean, you know, so if you

648
00:36:15,719 --> 00:36:18,479
Speaker 1: want to be optimistic, there there could be some things

649
00:36:18,520 --> 00:36:21,080
Speaker 1: out there. But it does look like a situation that

650
00:36:21,239 --> 00:36:24,960
Speaker 1: at least is really uncertain if nothing else, and it

651
00:36:25,080 --> 00:36:26,759
Speaker 1: looks like we're going to be having a lot of

652
00:36:26,840 --> 00:36:29,160
Speaker 1: rate hikes going forward. Okay, if you want to talk

653
00:36:29,200 --> 00:36:32,719
Speaker 1: about risk assets, let's talk about crypto right now. How

654
00:36:32,800 --> 00:36:37,040
Speaker 1: much of this uh broader sell off is risk how

655
00:36:37,160 --> 00:36:41,680
Speaker 1: much is specific to crypto assets like bitcoin, which by

656
00:36:41,719 --> 00:36:47,239
Speaker 1: the way, is now under two thousand Yeah, John, I mean,

657
00:36:47,400 --> 00:36:51,800
Speaker 1: it's really just crypto has done quite badly. And of

658
00:36:51,880 --> 00:36:55,440
Speaker 1: course it was holding out that coin was around thirty

659
00:36:55,880 --> 00:36:59,400
Speaker 1: dollars for months and that got boring for people, but

660
00:36:59,520 --> 00:37:03,000
Speaker 1: it was at least somewhat steady. But it's just going

661
00:37:03,120 --> 00:37:06,280
Speaker 1: way down ever since that inflation print, and actually before

662
00:37:06,600 --> 00:37:11,000
Speaker 1: Bitcoin and ether are now down a seventh consecutive day. Um.

663
00:37:11,239 --> 00:37:16,399
Speaker 1: The pivots by the FED to the rate hikes has

664
00:37:16,520 --> 00:37:20,320
Speaker 1: not been good for crypto at all, and it's really

665
00:37:20,600 --> 00:37:24,960
Speaker 1: actually been worse for other cryptocurrencies, you know, ether avalanche,

666
00:37:25,080 --> 00:37:29,600
Speaker 1: pardon judge cooin, because the bitcoin is kind of the

667
00:37:30,040 --> 00:37:33,800
Speaker 1: scene as the least risky of them, and others have

668
00:37:34,000 --> 00:37:37,080
Speaker 1: done pretty badly. Plus you had Celsius, which is a

669
00:37:37,440 --> 00:37:41,000
Speaker 1: fairly major lender in the space, saying it's freezing withdrawals

670
00:37:41,080 --> 00:37:44,719
Speaker 1: today and that's on top of the Tara Luna meltdown

671
00:37:44,880 --> 00:37:48,160
Speaker 1: last month, so there is concern in the space that

672
00:37:48,719 --> 00:37:51,279
Speaker 1: you can have assets one day and maybe not be

673
00:37:51,360 --> 00:37:54,520
Speaker 1: able to access them, or even with Tara Luna, that

674
00:37:54,680 --> 00:37:59,200
Speaker 1: something could drop precipitously for you. What are there technical

675
00:37:59,280 --> 00:38:01,759
Speaker 1: support levels we need to closely watch when it comes

676
00:38:01,800 --> 00:38:07,440
Speaker 1: to cryptoo At about forty seconds, yeah sure so, Um,

677
00:38:07,640 --> 00:38:11,560
Speaker 1: there's the two hundred week moving average around twenty thousand,

678
00:38:11,640 --> 00:38:14,799
Speaker 1: three hundred. That's a first line of defense at this point,

679
00:38:15,280 --> 00:38:18,800
Speaker 1: and then people are looking at the nineteen thousand, five hundred,

680
00:38:18,880 --> 00:38:22,520
Speaker 1: which was high and those are kind of the main

681
00:38:22,600 --> 00:38:26,000
Speaker 1: ones from here. But there were predictions that if we

682
00:38:26,080 --> 00:38:30,520
Speaker 1: got below that thousand support it would drop pretty quickly,

683
00:38:30,600 --> 00:38:33,239
Speaker 1: and it has done that, so you know, and then

684
00:38:33,600 --> 00:38:37,440
Speaker 1: some people are kind of even suggesting further levels below

685
00:38:37,480 --> 00:38:39,799
Speaker 1: the ninet five hundred, but that's what we're looking at

686
00:38:39,920 --> 00:38:42,600
Speaker 1: right now. Joanna, Thanks a lot appreciated this morning. Joanna

687
00:38:42,640 --> 00:38:47,800
Speaker 1: also Across Acid reporter with Bloomberg News, Nathan John, Thank you.

688
00:38:47,960 --> 00:38:50,400
Speaker 1: We're just about a five fifty four on Wall Street.

689
00:38:50,440 --> 00:38:52,680
Speaker 1: Time now for our Bloomberg Law Report. Let's get to

690
00:38:52,760 --> 00:38:55,960
Speaker 1: the legal stories we're watching this morning. Here's Bloomberg's Jeff Bellinger.

691
00:38:59,200 --> 00:39:03,160
Speaker 1: California's Chief Justice says the court system is considering requesting

692
00:39:03,200 --> 00:39:07,600
Speaker 1: an extension of emergency pandemic era powers because infections are

693
00:39:07,640 --> 00:39:11,680
Speaker 1: still disrupting judicial operations. There will be no tax relief

694
00:39:11,719 --> 00:39:15,320
Speaker 1: for Michigan residents. Governor Gretchen Whitmer vetoed two and a

695
00:39:15,400 --> 00:39:18,120
Speaker 1: half billion dollar income tax cut. A new law in

696
00:39:18,280 --> 00:39:21,919
Speaker 1: Illinois requires employers to provide two weeks of unpaid leave

697
00:39:22,080 --> 00:39:26,160
Speaker 1: for workers who experience pregnancy laws, failed adoptions, or other

698
00:39:26,280 --> 00:39:31,160
Speaker 1: events affecting pregnancy and fertility. Bloomberg Law everything you need,

699
00:39:31,480 --> 00:39:35,800
Speaker 1: all on one legal research platform, including guidance analysis and

700
00:39:35,920 --> 00:39:41,640
Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. Now,

701
00:39:41,680 --> 00:39:45,080
Speaker 1: another legal story we're watching, Top gun Maverick. It's already

702
00:39:45,080 --> 00:39:48,920
Speaker 1: grossed more than six hundred million dollars worldwide. Now the

703
00:39:49,080 --> 00:39:52,200
Speaker 1: heirs of the writer whose story inspired the original Top

704
00:39:52,280 --> 00:39:55,239
Speaker 1: Gun movie want to share in those profits. They filed

705
00:39:55,280 --> 00:39:57,680
Speaker 1: the lawsuit against Paramount, claiming the studio has been on

706
00:39:57,760 --> 00:40:01,120
Speaker 1: notice since that it's copy rights to the Top Gun

707
00:40:01,239 --> 00:40:04,239
Speaker 1: franchise was terminated and that had released the sequel without

708
00:40:04,280 --> 00:40:06,880
Speaker 1: securing a license. A Paramount says the claims have no

709
00:40:07,040 --> 00:40:10,880
Speaker 1: merit From more Bloomberg's June Grosso speaks to intellectual property

710
00:40:10,920 --> 00:40:15,360
Speaker 1: litigator Terence Ross, partner at Katon Muchen Terry. This is

711
00:40:15,400 --> 00:40:19,680
Speaker 1: a blockbuster movie with an enormous budget that's been highly

712
00:40:19,800 --> 00:40:23,760
Speaker 1: anticipated for a long time, the return of Tom Cruise

713
00:40:23,880 --> 00:40:27,440
Speaker 1: as Maverick. It seems incredible to me that a studio

714
00:40:27,560 --> 00:40:31,000
Speaker 1: like Paramount wouldn't be sure they had the right sewn

715
00:40:31,120 --> 00:40:35,240
Speaker 1: up before the release. Well, I think that's correct, June,

716
00:40:35,640 --> 00:40:38,680
Speaker 1: and I know for a fact that paramounts well represented

717
00:40:38,800 --> 00:40:41,759
Speaker 1: on the legal side, and I assumed that they came

718
00:40:41,880 --> 00:40:44,400
Speaker 1: to the same conclusion that I did, that there was

719
00:40:44,480 --> 00:40:48,120
Speaker 1: no obligation on their part to purchase a new license

720
00:40:48,280 --> 00:40:51,360
Speaker 1: from the you A family in order to produce the

721
00:40:51,560 --> 00:40:55,879
Speaker 1: Top Gun sequel. So we get a hint of Paramounts

722
00:40:56,040 --> 00:40:59,440
Speaker 1: response in the suit. According to the suit, Theon a

723
00:40:59,600 --> 00:41:02,680
Speaker 1: sent cease and assist letter in early May, to which

724
00:41:02,760 --> 00:41:06,800
Speaker 1: Paramount responded that the film had been sufficiently completed before

725
00:41:06,880 --> 00:41:10,400
Speaker 1: the effective termination date of its copyright and was not

726
00:41:10,680 --> 00:41:14,759
Speaker 1: derivative of you as article. How is this not derivative?

727
00:41:15,280 --> 00:41:19,520
Speaker 1: I actually went back and read the California magazine article

728
00:41:19,920 --> 00:41:23,080
Speaker 1: called Top Guns Plural that was written by Mr Yonne,

729
00:41:23,520 --> 00:41:26,239
Speaker 1: and it was nothing more than a factual account of

730
00:41:26,480 --> 00:41:29,720
Speaker 1: two fighter pilots typical day in the Top Gun training program.

731
00:41:29,960 --> 00:41:32,800
Speaker 1: What it did not have was that the rear seat

732
00:41:32,920 --> 00:41:36,800
Speaker 1: for Maverick dies during the training. There's no female trainer

733
00:41:36,960 --> 00:41:40,840
Speaker 1: that Kelly McGillis part. There's no encounter with big fighter

734
00:41:40,920 --> 00:41:44,640
Speaker 1: jets over the nine Ocean. There's no father of Maverick

735
00:41:44,800 --> 00:41:47,400
Speaker 1: being shot down in Korea as the backstory. There's no

736
00:41:47,719 --> 00:41:51,640
Speaker 1: iconic volleyball match. There's no competition amongst the top gun

737
00:41:51,760 --> 00:41:55,759
Speaker 1: violence for these to be the Maverick versus Iceman competition.

738
00:41:56,000 --> 00:41:59,880
Speaker 1: There's simply no story there. What there is is a

739
00:42:00,160 --> 00:42:04,600
Speaker 1: factual recounting of a typical day for two typical Navy

740
00:42:04,640 --> 00:42:08,600
Speaker 1: fighter pilots in the Top Gun program. The characters are

741
00:42:08,719 --> 00:42:10,640
Speaker 1: not the characters that got put up on the screen,

742
00:42:10,840 --> 00:42:14,120
Speaker 1: not Maverick. It's a rather bland set of characters who

743
00:42:14,239 --> 00:42:16,439
Speaker 1: seem more like bus drivers going to their jobs every

744
00:42:16,520 --> 00:42:19,680
Speaker 1: day and then drinking at night. And that was Terence Ross,

745
00:42:19,760 --> 00:42:23,120
Speaker 1: partner at Katon muchin speaking with Bloomberg's June Gross. Catch

746
00:42:23,160 --> 00:42:25,680
Speaker 1: more of that interview, plus analysis of the latest legal

747
00:42:25,760 --> 00:42:29,120
Speaker 1: news by subscribing to the Bloomberg Law podcast or downloading

748
00:42:29,160 --> 00:42:32,600
Speaker 1: the show at Bloomberg dot com. Slash podcasts and attorneys

749
00:42:32,640 --> 00:42:35,840
Speaker 1: can find exceptional legal research and business development tools at

750
00:42:35,880 --> 00:42:38,759
Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at

751
00:42:38,840 --> 00:42:42,399
Speaker 1: b law go SMP futures are down ninety two points.

752
00:42:42,480 --> 00:42:46,520
Speaker 1: Right now down futures down, nanstack futures down three hundred

753
00:42:46,600 --> 00:42:49,759
Speaker 1: fifty two points. This is Bloomberg