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Speaker 1: Markets, headlines and breaking news twenty four hours a day

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Speaker 1: at Bloomberg dot Com, the Bloomberg Business App, and at

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Speaker 1: Bloomberg Quicktake. He's a Bloomberg Business lash. Nathan Hagar Futures

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Speaker 1: are plunging, pointing to an extended sell off that's set

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Speaker 1: to push the SMP five hundred into a bear market.

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Speaker 1: After Friday, stronger than expected inflation data sparked expectations at

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Speaker 1: the Federal Reserve will hike rates even more aggressively. We

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Speaker 1: check the markets every fifteen minutes during the trading day

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Speaker 1: on Bloomberg. Right now, SMP futures are down ninety five point,

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Speaker 1: Staff futures down six hundred nine Nasdack futures leading the

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Speaker 1: declines this morning, down three hundred sixty eight points for

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Speaker 1: a drop of three point one percent. The tenure Treasury

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Speaker 1: is down twenty one thirty seconds, the yield three point

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Speaker 1: to three percent. Yield on the two year right now

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Speaker 1: three point one nine percent. Nim X screwd is down

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Speaker 1: one point three percent, down a dollar fifty five a

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Speaker 1: hundred nineteen dollars ten cents for a barrel of West

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Speaker 1: Texas Intermediate Comex s Gold down eight tenths per cent

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Speaker 1: or fifteen dollar sixty cents at eighteen ounce. The Euro

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Speaker 1: is at one point zero four six nine against the dollar,

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Speaker 1: British pound one point zero eight. The end is at

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Speaker 1: one thirty four point four nine. Bitcoin trading just shy

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Speaker 1: of twenty four thousand dollars. That's a Bloomberg business flash.

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Speaker 1: And now here's Michael Barr with more on what's going

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Speaker 1: on a round in the world. Michael, thank you very much, Nathan,

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Speaker 1: and the January sixth hearing is taking place this morning.

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Speaker 1: The House committee investigating the Ryan at the US Capital

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Speaker 1: is delving deeper into Donald Trump's false claims of widespread

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Speaker 1: voter fraud. Those unsupported claims fuel Trump's relentless effort to

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Speaker 1: overturn the twenty election. A review by the FDA says

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Speaker 1: that findser's COVID nineteen vaccine appears safe uneffective for children

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Speaker 1: under five, the only group not currently eligible for vaccination.

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Speaker 1: Game five of the NBA Finals is tonight. The Celtics

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Speaker 1: and the Warriors are even at two games apiece. In baseball,

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Speaker 1: the Yankees and Mets one again. The Red Sox, Orioles

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Speaker 1: and Giants also one. Nationals and He's lost. Global News

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Speaker 1: twenty four hours a day on air and on Bloomberg

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Speaker 1: Quick Take, powered by more than hundred journalists and analysts,

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Speaker 1: are more than a hundred twenty countries. Michael Barr and

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Speaker 1: this is Bloomberg, John, Michael, thank you. It is five

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Speaker 1: forty nine um Wall Street, and we aren't live from

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Speaker 1: the Bloomberg interacting broker studios. They see is Bloomberg day Break.

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Speaker 1: The global exodus for stocks and bonds looks like it's

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Speaker 1: gaining momentum this morning. Let's get some more color this

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Speaker 1: morning from Joeanna, Austin, cross asset reporter with Bloomberg News

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Speaker 1: joining us this morning from Singapore. There's more pressure on

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Speaker 1: the Fed to intensify the rate hikes. Uh And I

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Speaker 1: gotta ask you this morning, is there any appetite for risk, Joanna?

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Speaker 1: It does not look like it. I mean now, basically,

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Speaker 1: traders are pricing in a FED rate hike of seventy

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Speaker 1: five basis points. We have the yield curve the two

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Speaker 1: tens inverting, and you know, the yen is tumbling to

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Speaker 1: the lowest in We just have so much stuff going on.

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Speaker 1: Stocks are flashing red pretty much across the board. So

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Speaker 1: it does look like quite a risk off day. Okay.

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Speaker 1: So as as far as valuations, is that looking any better? Well,

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Speaker 1: it's looking better. I mean, you can say if you

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Speaker 1: like a stock at say fifty dollars, you'll like it

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Speaker 1: a lot more at thirty dollars. But you know, the

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Speaker 1: question is how are the company is going to be

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Speaker 1: performing in this environment where you might have a lot

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Speaker 1: of inflation and you might have even staslation for instance.

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Speaker 1: So you know, it just depends, I guess on what

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Speaker 1: you see as the potential going forward. But definitely they

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Speaker 1: are getting cheaper. So that's the bright side if you're

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Speaker 1: at all optimistic about about stocks in the market right now. Yeah,

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Speaker 1: can we gauge what future growth is worth right now

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Speaker 1: with the fit on this more aggressive path, and does

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Speaker 1: that especially mean at its technology that's going to take

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Speaker 1: it on the chin? Yeah? Well, tech stocks definitely are imperiled,

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Speaker 1: and of course they're already down quite a lot year

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Speaker 1: to date. But you know, I mean it's also true,

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Speaker 1: I guess people are seeing the potential that the FED

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Speaker 1: will really have to hike and really have to get

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Speaker 1: on top of this thing. But there are still a

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Speaker 1: lot of things that are working for say the US

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Speaker 1: economy right now. I mean you still have you know,

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Speaker 1: labor market doing somewhat well, and you know there there

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Speaker 1: is potential that the FED could still achieve a soft landing.

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Speaker 1: I mean, you know, so if you want to be optimistic,

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Speaker 1: there there could be some things out there. But it

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Speaker 1: does look like a situation that at least is really

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Speaker 1: uncertain if nothing else, and it looks like we're going

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Speaker 1: to be having a lot of rate hikes going forward. Okay,

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Speaker 1: if you want to talk about risk assets, let's talk

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Speaker 1: about crypto right now. How much of this uh broader

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Speaker 1: cell off is risk how much is specific to the

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Speaker 1: crypto assets like Bitcoin, which by the way, is now

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Speaker 1: under Yeah, John, I mean it's really just crypto has

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Speaker 1: done quite badly. And of course it was holding out.

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Speaker 1: Bitcoin was around thirty dollars for months and that got

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Speaker 1: boring for people, but it was at least somewhat study.

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Speaker 1: But it's just going way down ever since that inflation print,

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Speaker 1: and actually before Bitcoin and ether are now down a

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Speaker 1: seventh consecutive day. Um. The pivot by the FED to

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Speaker 1: the rate hikes has not been good for crypto at all,

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Speaker 1: and it's really actually been worth for other cryptocurrencies. You know,

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Speaker 1: ether Avalanche pardon judge coin because the bitcoin is kind

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Speaker 1: of the scene as the least risky of them, and

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Speaker 1: others have done pretty badly. Plus you had Celsius, which

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Speaker 1: is a fairly major lender in the space saying it's

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Speaker 1: freezing withdrawals today and that's on top of the Tara

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Speaker 1: Luna meltdown last month, So there is concern in the

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Speaker 1: space that you can have assets one day and maybe

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Speaker 1: not be able to access them, or even with Tara Luna,

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Speaker 1: that something could drop precipitously for you. Well, are there

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Speaker 1: technical support levels we need to closely watch when it

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Speaker 1: comes to crypto about forty sconds? Yeah? Sure. So, Um,

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Speaker 1: there's the two hundred week moving average around twenty thousand,

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Speaker 1: three hundred. That's a first line of defense at this point,

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Speaker 1: and then people are looking at the nine five hundred,

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Speaker 1: which was seen high and those are kind of the

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Speaker 1: main ones from here. But there were predictions that if

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Speaker 1: we got below that thousand support it would drop pretty quickly,

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Speaker 1: and it has done that, so, you know, and then

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Speaker 1: some people are kind of even suggesting further levels below

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Speaker 1: the hundred, But that's what we're looking at right now.

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Speaker 1: Joanna thanks a lot appreciated this morning. Joanna Assen, a

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Speaker 1: cross asset reporter with Bloomberg News. Nathan John, thank you.

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Speaker 1: We're just about a five fifty four on Wall Street. Time.

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Speaker 1: Now for a Bloomberg Law report. Let's get to the

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Speaker 1: legal stories we're watching this morning. Here's Bloomberg's Jeff Bellinger.

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Speaker 1: California's Chief Justice says the court system is considering requesting

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Speaker 1: an extension of emergency pandemic era powers because infections are

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Speaker 1: still disrupting judicial operations. There will be no tax relief

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Speaker 1: for Michigan residents. Governor Gretchen Whitmer vetoed two and a

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Speaker 1: half billion dollar income tax cut. A new law in

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Speaker 1: Illinois requires employers to provide two weeks of unpaid leave

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Speaker 1: for workers who experience pregnancy, laws, failed adoptions, or other

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Speaker 1: events affecting pregnancy and fertility. Bloomberg Law everything you need,

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Speaker 1: all on one legal research platform, including guidance and that

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Speaker 1: as this and Bloomberg Market Intelligence. Find out more at

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Speaker 1: Bloomberg Law dot com. Now, another legal story we're watching,

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Speaker 1: Top Gun Maverick. It's already grossed more than six hundred

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Speaker 1: million dollars worldwide. Now, the heirs of the writer whose

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Speaker 1: story inspired the original Top Gun movie want to share

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Speaker 1: in those profits. They followed the lawsuit against Paramount, claiming

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Speaker 1: the studio has been on notice since that it's copyright

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Speaker 1: to the Top Gun franchise was terminated and that it

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Speaker 1: released the sequel without securing a license. A Paramount says

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Speaker 1: the claims have no merit from more Bloomberg's June Grosso

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Speaker 1: speaks to intellectual property litigator Terence Ross, partner at Katon

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Speaker 1: muchen Terry. This is a blockbuster movie with an enormous

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Speaker 1: budget that's been highly anticipated for a long time, the

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Speaker 1: return of Tom Cruise as Maverick. It seems incredible to

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Speaker 1: me that a studio like Paramount wouldn't be sure they

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Speaker 1: had the right sewn up before the release. Well, I

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Speaker 1: think that's correct, June, and I know for a fact

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Speaker 1: that paramounts well represented on the legal side, and I

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Speaker 1: assumed that they came to the same conclusion that I did,

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Speaker 1: that there was no obligation on their part to purchase

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Speaker 1: a new license from the yon A family in order

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Speaker 1: to produce the Top Gun sequel. So we get a

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Speaker 1: hint of Paramount's response in the suit. According to suit,

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Speaker 1: the yon A sent a cease and desist letter in

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Speaker 1: early May, to which Paramount responded that the film had

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Speaker 1: been sufficiently completed before the effective termination date of its

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Speaker 1: copyright and was not derivative of you as article. How

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Speaker 1: is this not derivative? I actually went back and read

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Speaker 1: the California magazine article called Top Guns Plural that was

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Speaker 1: written by Mr Yonna, and it was nothing more than

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Speaker 1: a factual account of two fighter pilots typical day in

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Speaker 1: the Top coun training program. What it did not have

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Speaker 1: was that the rear seat for Maverick dies during the training.

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Speaker 1: There's no female trainer that Kelly McGillis part. There's no

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Speaker 1: encounter with MiG fighter jets over the ocean. There's no

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Speaker 1: father of Maverick being shot down in Korea as the backstory.

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Speaker 1: There's no iconic volleyball match. There's no competition amongst the

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Speaker 1: Top Gun pilots for these to be the Maverick versus

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Speaker 1: Iceman competition. There's simply no story there. What there is

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Speaker 1: is a factual recounting of a typical day for two

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Speaker 1: typical Navy fighter pilots in the Top Gun program. The

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Speaker 1: characters are not the characters that got put up on

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Speaker 1: the screen, not Maverick. It's a rather bland set of

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Speaker 1: characters who seem more like bus drivers going to their

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Speaker 1: jobs every day and then drinking at night. And that

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Speaker 1: was Terence Ross, partner at Katon muchin speaking with Bloomberg's

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Speaker 1: June Gross. Catch more of that interview, plus analysis of

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Speaker 1: the latest legal news by subscribing to the Bloomberg Law

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Speaker 1: podcast or downloading the show at Bloomberg dot com. Slash

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Speaker 1: podcasts and attorneys can find exceptional legal research and business

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Speaker 1: development tools at Bloomberg Law dot com and on the

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Speaker 1: Bloomberg terminal at b law go SMP futures are down

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Speaker 1: ninety two points right now, DAL futures down, Nanstack futures

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Speaker 1: down three hundred fifty two points. This is Bloomberg Live

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Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg day

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Speaker 1: Break for Monday, June two. Coming up this hour, a

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Speaker 1: global sell off follows Friday's hot inflation reading. The Fed

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Speaker 1: prepares another rate hike to tame higher prices. The January

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Speaker 1: six Committee readings for another round of hearings, and the

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Speaker 1: Senate reaches a bipartisan agreement on gun legislation. Representative Occasio

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Speaker 1: Cortez holds off on backing President Biden. For Plus, we're

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Speaker 1: learning more about the thirty one wide supremacists arrest of

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Speaker 1: the nine Oh, I'm Mike the Blarmer more than head,

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Speaker 1: I'm John Dash Our sports. The Mets met the Angels,

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Speaker 1: a Yankees were out of the Cubs. The Celtics and

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Speaker 1: Warriors playing Game five of the NBA Finals tonight. That's

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Speaker 1: all straded ahead on Bloomberg Daybreak on Bloomberg eleven three

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Speaker 1: on New York, Bloomberg nine one, Washington, d C, Bloomberg

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Speaker 1: one oh six one Boston, Bloomberg nine sixties and Francisco

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Speaker 1: Sirius x M one nineteen and around the world on

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Speaker 1: Bloomberg Radio dot com and via the Bloomberg Business App.

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Speaker 1: Good morning, I'm Nathan Hager and on John Tucker. Bloomberg

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Speaker 1: Daybreak being brought you by Infromatica in the Cloud. Your

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Speaker 1: data has the power to do the extraordinary. Managed data

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Speaker 1: across any location in the cloud for accurate and actionable

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Speaker 1: alive sites. More at impromatica dot Com and futures are

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Speaker 1: falling as we begin a new trading week. It is

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Speaker 1: six oh one on Wall Street We checked the markets

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Speaker 1: every fifteen minutes during the trading day. On Bloomberg SMP

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Speaker 1: futures are down ninety two points, Staff futures down five

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Speaker 1: ninety seven, Nastack futures are lower by three hundred fifty

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Speaker 1: one points. The tenure Treasury is down twenty three thirty seconds,

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Speaker 1: the yield three point to four percent John, and there's

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Speaker 1: a global exodus from stocks and bonds this morning following

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Speaker 1: Friday's eight hundred eighty point drop in the doll and

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Speaker 1: the hotter than expected inflation reading. This morning, the US

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Speaker 1: two year and tenure EEL curve inverted for a brief time,

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Speaker 1: the two year exceeding the ten year for the first

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Speaker 1: time since early April, which some do consider the recession

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Speaker 1: warning or the move comes his investors grow more concerned

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Speaker 1: about high prices and the FED tightening. Muhammad al Arian,

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Speaker 1: Alian's chief economic advisor and Bloomberg opinion Caleundar, says things

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Speaker 1: are getting harder for the FED. I think you've got

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Speaker 1: to be very modest about what we know about this

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Speaker 1: inflation process, and I fear that it's still going to

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Speaker 1: get worse. We may won't get to nine at this rate.

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Speaker 1: Muhammad al Arian was a guest on Face the Nation

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Speaker 1: from CBS, heard Sundays on Bloomberg Radio. He says the

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Speaker 1: US is now in a period of stag inflation. It

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Speaker 1: warns that higher prices could till the U s economy

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Speaker 1: into recession. Well, June's two day FI'M meeting begins tomorrow.

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Speaker 1: John and traders are betting the Federal Reserve will raise

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Speaker 1: rates by seventy five basis points at least once and

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Speaker 1: it's next three meetings. But Neil Data had of Economic

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Speaker 1: Research and Renaissance Macro tells Bloomberg he does not expect

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Speaker 1: FED Chair j Palell to raise them that high at

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Speaker 1: this meeting. I don't know that they'll go that much

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Speaker 1: because I do think that seventy basis points kind of

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Speaker 1: undercuts the guidance that they put in place, you know,

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Speaker 1: at their last meeting. And number two, I think that

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Speaker 1: would probably represent potentially a new pace of rate hikes

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Speaker 1: at that point, which would then I think shocked the marketing.

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Speaker 1: Neil Data of Renaissance Macro says he thinks the FED

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Speaker 1: will still sound hawkish this week. Join us for live

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Speaker 1: coverage of Wednesday's FED decision. A special edition of Bloomberg

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Speaker 1: surveillance starts that day at one thirty pm Wall Street

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Speaker 1: Time on Bloomberg Radio and television. That as US futures fall,

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Speaker 1: stocks in Europe also tumbling. These stocks six hundred is

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Speaker 1: down two point three per cent overseas In Asia stocks

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Speaker 1: also drop. Bond yields surged well. The Japanese he had

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Speaker 1: reached the weakest level in twenty four years. Bloomberg's Juliet

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Speaker 1: sal joins US with the latest from Singapore and again

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Speaker 1: weekend to a spot nineteen against the dollar, the lowest

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Speaker 1: level since nine. Japan's tenure. Bondy old rose above point

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Speaker 1: to five percent, breaching the upper end of the Bank

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Speaker 1: of Japan's policy band. Equity shared more than two and

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Speaker 1: a half percent across Asian markets, the worst day in

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Speaker 1: three months. Take shares in Hong Kong declined by almost

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Speaker 1: four percent in to day, weighing on the broader Hang

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Speaker 1: Sang Index in Singapore. Juliet Sally Bloomberg daybreak, Okay, Juliet,

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Speaker 1: thank you. Bitcoins feeling the pressure as well this morning.

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Speaker 1: It is plunging to start the week. Bloomberg's Rnita Young

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Speaker 1: is tracking crypto for US and joins US Live, Ranida.

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Speaker 1: Good morning, Good morning, Nathan. Bitcoin is trading at its

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Speaker 1: lowest in about eighteen months. The impact of Friday's CPI

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Speaker 1: data is showing in US inflation here to fresh forty

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Speaker 1: year high that continues to reverberate through global risk assets.

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Speaker 1: Traders are betting that the Fed will hike rates more

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Speaker 1: aggressively as a result. At cryptos are at the mercy

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Speaker 1: of the fit. That's according to crypto lender nixt Sokofa

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Speaker 1: founder Anthony trench If, who says he's hearing forecasts expecting

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Speaker 1: Bitcoin to drop as low as the mid teens and

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Speaker 1: single digit thousands. Right now, bitcoin is trading around twenty

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Speaker 1: four thousand live in New York. I'm gonna need a

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Speaker 1: Young Bloomberg daybreak right thanks for we need to Supply

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Speaker 1: chain concerns continue to add pressure to the global economy.

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Speaker 1: DHLS Freight Forwarding Unit believes port congestion and supply concerns

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Speaker 1: will ease, but not until three The Shivig Giant also

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Speaker 1: says that supply flows will never return to pre pandemic

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Speaker 1: levels even as conditions improved, and only adding to supply worries,

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Speaker 1: gen are rising COVID cases in China that could mean

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Speaker 1: further lockdowns. The country is starting to reimpose COVID restrictions

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Speaker 1: just weeks after major easing in key cities. Beijing reported

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Speaker 1: fifty one new local cases yesterday. It had just single

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Speaker 1: digit cases most days last week and meantime time. While

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Speaker 1: taking center stage in geopolitics, it's the focus of talks

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Speaker 1: between global defense chiefs at the Shangra Law Dialogue in Singapore.

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Speaker 1: China says it will fight to the very end if

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Speaker 1: Taiwan makes a move towards the independence, but US Defense

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Speaker 1: Secretary Lloyd Austin is calling for peace in the region.

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Speaker 1: We do not support Taiwan independence, and we stand firmly

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Speaker 1: behind the principle that cross straight differences must be resolved

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Speaker 1: by peaceful means, The US Defense Secretary Lloyd Austin says,

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Speaker 1: the US seeks in Asia Pacific region free of aggression

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Speaker 1: and bullying. Well, John looks like a bipartisan group of

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Speaker 1: senators has reached a tentative deal on gun safety. Bloomberg's

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Speaker 1: Ed Baxter has that story a compromise that at least

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Speaker 1: can pass the Senate. Well, Democratic Senator Richard Bloomenthal says

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Speaker 1: it can also save some lives. We can move forward

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Speaker 1: with other common sense, hopefully bipartisan proposals after this one

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Speaker 1: is passed. Our focus right now is making sure we

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Speaker 1: have a legislative language and the sixty votes we need

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Speaker 1: to pass. The bill includes giving grants to states to

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Speaker 1: implement red flag laws. It would provide for more schools safety,

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Speaker 1: as well as a provision to improve background checks for

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Speaker 1: younger gun buyers. In San Francisco, I'm at Baxter Bloomberg

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Speaker 1: Daybreak and now turning to the nation's capital today March

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Speaker 1: the second round of hearings with the January six Committee.

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Speaker 1: Today's hearing started ten eastern. Former President Trump's campaign manager

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Speaker 1: Bill Steppi and will give live testimony related to the

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Speaker 1: insurrection of the Capitol. So will the former political director

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Speaker 1: for Fox News, Chris Starwald. And futures are moving lower

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Speaker 1: this morning, straight ahead your latest local headlines in the

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Speaker 1: check of sports. This is Bloomberg. Thanks Nathan six or

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Speaker 1: seven on Walsteret pantime to bring in Michael barn to

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Speaker 1: find out what else is going on to New York

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Speaker 1: and around the world. John, thank you very much. About

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Speaker 1: one hundred progressive activists rally in New York City to

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Speaker 1: protest an event at Chelsea Pierre's Entertainment Center featuring Florida Governor.

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Speaker 1: Around the sentence, protesters chanted shame and boycott Chelsea Pierre.

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Speaker 1: It's outside the Jewish Leadership conference. The Santists rounded off

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Speaker 1: the day speakers with a discussion on the Florida model

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Speaker 1: and why it's good for religious Americans. Speculation is growing

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Speaker 1: that the Florida governor is gearing up for a presidential run.

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Speaker 1: Representative Alexandria Ocassio Cortez of New York is holding off

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Speaker 1: on backing President Biden for a second term. In Ocassio

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Speaker 1: Cortez said, Biden has been doing a very good job

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Speaker 1: so far, but stop short of supporting his re election.

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Speaker 1: You know, if the President chooses to run again in

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Speaker 1: I mean, first of all, I'm focused on winning this

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Speaker 1: majority right now, uh and preserving a majority this year

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Speaker 1: in So we'll cross that bridge when we get to it.

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Speaker 1: Ocasio Corte spoke on CNN State of the Union. A

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Speaker 1: group of suspected white supremacists arrested over the weekend will

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Speaker 1: be arraigned today. They were masks and wearing riot gear

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Speaker 1: near a Pride event in Core Delay and Idaho. All

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Speaker 1: thirty one men were charged with criminal conspiracy. Vice President

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Speaker 1: Kamala Harris spoke at the Capitol Pride Festival in Washington,

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Speaker 1: d C. Harris called for celebrating the day, but also

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Speaker 1: called out hate crimes against the l g B, t

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Speaker 1: Q plus community, including the attack on the Pols nightclub

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Speaker 1: in Orlando six years ago. No one should fear going

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Speaker 1: to a nightclub for fear that a terrorist might try

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Speaker 1: to take them down. No one should fear going to

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Speaker 1: a Pride celebration because of a white supremacists. The Vice

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Speaker 1: President was accompanied on stage by her husband's second gentleman,

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Speaker 1: Doug him Hoff. South Korea says North Korea test fired

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Speaker 1: what appeared to be artillery shells towards the seat. Soul

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Speaker 1: says South Korea maintains a firm military readiness in close

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Speaker 1: coordination with the United States. Global News twenty four hours

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Speaker 1: a day on air and on Bloomberg Quicktake, powered by

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Speaker 1: more than twenty seven hundred journalists and analysts more than

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Speaker 1: a hundred twenty countries. Michael Barren, this is Bloomberg, John Michael,

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Speaker 1: thank you. Pant's coming up on six set out of

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Speaker 1: Wall Street and that it was time for the Bloomberg

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Speaker 1: Sports Update is John saw right John. It was a

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Speaker 1: ten game road trip for the Mets, all ten played

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Speaker 1: in southern California. The Mets went five and five eight

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Speaker 1: the Angels last night four to one. Taiwan Walker went

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Speaker 1: six sittings, struck out tent set Lugo and Edwin Ds

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00:21:22,080 --> 00:21:25,440
Speaker 1: followed home run for J. D. Davis and Pete Alonso earlier.

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Speaker 1: The Braves one again they are eleven and oh. In

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Speaker 1: June they are five and a half team behind the

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Speaker 1: net to the Yankees. Another easy win and the bit

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Speaker 1: strung on there it goes left field, right field. It

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Speaker 1: is high of cone. It's a three run home run.

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Speaker 1: Oh way back over the grandstand into the blea Tuns

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Speaker 1: Carpenter nail dot one and three run Blass and the

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Speaker 1: Yankee second and Yanks, who had beaten the Cubs, eat

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Speaker 1: nothing Saturday night and the Bronx came back Sunday led

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Speaker 1: ten to one in the third and he went on

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Speaker 1: to win eighteen to four. Matt Carpenter with that three

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Speaker 1: runs shot later another home run he drove in seven.

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Speaker 1: Kyle Agasioka had his first two hormons in the season.

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Speaker 1: The second one was hit off a Cub's infielder whose

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Speaker 1: pitch was thirty five miles an hour. Yanks and playing

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Speaker 1: sixty games and they have won forty four of them.

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Speaker 1: Celtics and Warriors play Game five of the NBA Finals

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Speaker 1: tonight in San Francisco. Celtics are seven and o when

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Speaker 1: the playoffs coming off a loss, and they just lost

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Speaker 1: Game four in Boston and Steph Curry poured in forty point.

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Speaker 1: Rory mclroy shot sixty two in Toronto, won the Canadian

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Speaker 1: Open Gulf by two shots over Tony Finel by three

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Speaker 1: over Justin Thomas Dustin Rose, but his four he shot sixty.

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Speaker 1: McElroy one one point six million. The day after, Charles

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Speaker 1: Schwartzel won the first ever Turney on the New Live

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Speaker 1: Tour and won four million. US Open teams off Thursday

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Speaker 1: in Boston. John Stash that went boom birds florts, John

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Speaker 1: all right, John, thank you I had ahead of the

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Speaker 1: cash show up on Wall Street. Futures in the red

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Speaker 1: after Friday's sell off down. Futures right now five hundred

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Speaker 1: sixty three points slower declined at one point eight percent

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Speaker 1: as P futures down the eighties seven. That's down two

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Speaker 1: point two, the NAZAC futures three hundred thirty one point slower,

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Speaker 1: that is down two point eight percent. And as we

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Speaker 1: look at Bitcoin right now, twenty four thousand per token

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Speaker 1: that is down thirty three dollars the ten ure e

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Speaker 1: O three twenty three. This is Bloomberg at Daybreak, being

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Speaker 1: drawn to you by the Jewish Communal Fund j c

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Speaker 1: f's Donor Advised FOD is the smart choice to manage

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Speaker 1: your philanthropy, especially in times of crisis. Make your giving impactful.

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Speaker 1: Visit j c F n y dot org, markets, headlines

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00:23:38,320 --> 00:23:41,320
Speaker 1: and breaking news twenty four hours a day at Bloomberg

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00:23:41,400 --> 00:23:44,720
Speaker 1: dot com, the Bloomberg Business app, and at Bloomberg Quicktake.

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Speaker 1: He's a Bloomberg Business lash. I'm Nathan Hagar. Global sell

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Speaker 1: off continues following last Friday's surprise American inflation print, heaping

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Speaker 1: pressure on the Federal Reserve to step up monetary tightening

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Speaker 1: even further. We check the markets for you every fifteen

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Speaker 1: minutes during the trading day on Bloomberg. Right now, SMP

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Speaker 1: futures are down eighty nine point STAYFLE futures down five one,

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Speaker 1: NASDAC futures are lower by three hundred thirty six points.

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Speaker 1: The tenure Treasury is down nineteen thirty seconds, the yield

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Speaker 1: three point to two percent. Yield on the two year

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Speaker 1: three point one nine percent after a brief inversion for

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Speaker 1: the two's tens curve early this morning. Nim X crude

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Speaker 1: is down one point eight percent, now down two dollars

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Speaker 1: seventeen cents at a hundred eighteen dollars fifty cents a

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Speaker 1: barrel comes Gold down nine tenths percent, down seventeen dollars

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Speaker 1: thirty cents at eighteen fifty eight thirty an ounce. The

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Speaker 1: euro is at one point zero four six four against

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Speaker 1: the dollar, British pound one point two to one one,

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Speaker 1: the yen at one thirty four point six zero. Bitcoin

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Speaker 1: now just below twenty four thousand dollars. That's a Bloomberg

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Speaker 1: business flash. Now here's Michael barn with more on what's

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Speaker 1: going on around the world. Michael Bathan, thank you very much.

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Speaker 1: The House Committee investigating the January sixth Capital Riot will

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Speaker 1: hold its second hearing this morning. The committee will examine

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Speaker 1: former President Trump's repeated false claims that there was huge

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00:25:06,600 --> 00:25:10,840
Speaker 1: voter fraud. Senate bargainers have announced the framework of a

431
00:25:10,840 --> 00:25:15,320
Speaker 1: bipartisan response to last month's smash shooting. It offers modest

432
00:25:15,440 --> 00:25:18,840
Speaker 1: gun curbs and efforts to improve school safety and mental

433
00:25:18,840 --> 00:25:22,439
Speaker 1: health programs. Game five of the NBA Finals is tonight.

434
00:25:22,480 --> 00:25:25,120
Speaker 1: The Celtics and the Warriors are even at two games apiece.

435
00:25:25,440 --> 00:25:28,800
Speaker 1: In baseball, the Yankees and Mets remain hot and one again.

436
00:25:29,160 --> 00:25:32,240
Speaker 1: The Red Sox, Orioles and Giants also won the Nationals

437
00:25:32,280 --> 00:25:35,560
Speaker 1: and A's lost. Global News twenty four hours a day

438
00:25:35,720 --> 00:25:38,600
Speaker 1: on air and on Bloomberg Quick Take, powered by more

439
00:25:38,640 --> 00:25:41,840
Speaker 1: than hundred journalist and analyst more than a hundred twenty countries.

440
00:25:42,119 --> 00:25:44,760
Speaker 1: Michael Barron, this is Bloomberg. John all right, Michael, thank you.

441
00:25:44,760 --> 00:25:46,800
Speaker 1: It is now six twenty odd Wall Street. We are

442
00:25:46,920 --> 00:25:49,960
Speaker 1: lying from the Bloomberg Interact to Brokers Studios. This is

443
00:25:50,400 --> 00:25:53,840
Speaker 1: Bloomberg Daybreak. The money markets have increased. That's the FED

444
00:25:54,080 --> 00:25:57,720
Speaker 1: is going to raise rates more aggressively, and that's continuing

445
00:25:57,760 --> 00:26:00,000
Speaker 1: to send a risk assets plunging. We'll take a deep

446
00:26:00,080 --> 00:26:03,800
Speaker 1: or died this morning with Bloomberg's Danny Burger. Danny, thanks

447
00:26:03,800 --> 00:26:08,679
Speaker 1: for being with us. Is UMFT It certainly seems like

448
00:26:08,680 --> 00:26:10,840
Speaker 1: that I just even talked to um someone this morning.

449
00:26:10,880 --> 00:26:14,960
Speaker 1: Octavio Marenzi from opiumiss. He said, look, seventy five is

450
00:26:15,000 --> 00:26:17,280
Speaker 1: not even enough. A hundred is what the set is

451
00:26:17,320 --> 00:26:19,200
Speaker 1: going to have to do in order to get inflation

452
00:26:19,280 --> 00:26:21,359
Speaker 1: under control. But I'd say that that's certainly not the

453
00:26:21,400 --> 00:26:24,560
Speaker 1: prevailing bet at this more at this point, at a

454
00:26:24,640 --> 00:26:28,200
Speaker 1: hundred seventy five basis points by September, though, that does

455
00:26:28,240 --> 00:26:30,600
Speaker 1: imply that some folks out there are betting that seventy

456
00:26:30,600 --> 00:26:33,320
Speaker 1: five basis points is in the cards. Before that point,

457
00:26:33,880 --> 00:26:36,800
Speaker 1: we had Barklay's and Jeffreys coming out on Friday after

458
00:26:36,840 --> 00:26:39,920
Speaker 1: that red hot inflation number saying we're moving up our

459
00:26:39,920 --> 00:26:42,760
Speaker 1: predictions for this coming Wednesday, that the said will hike

460
00:26:42,880 --> 00:26:45,960
Speaker 1: seventy five basis points, and and really that shock to

461
00:26:46,000 --> 00:26:48,439
Speaker 1: the system that that that would create, and and the

462
00:26:48,480 --> 00:26:52,160
Speaker 1: bets of such really what's rippling through markets this morning? Okay,

463
00:26:52,200 --> 00:26:55,080
Speaker 1: so risk assets are they've taking a brief holiday and

464
00:26:55,200 --> 00:26:59,680
Speaker 1: extended vacation. What what happens? Oh man? I mean, if

465
00:26:59,680 --> 00:27:02,760
Speaker 1: this is a vacation, this is an upsetting vacation, I'd say,

466
00:27:02,800 --> 00:27:04,920
Speaker 1: I mean, look, you see more of this, right, It's

467
00:27:04,920 --> 00:27:09,160
Speaker 1: a market market trying to grapple with liquidity being pulled

468
00:27:09,280 --> 00:27:12,160
Speaker 1: from the system. UM, what does that mean for really

469
00:27:12,200 --> 00:27:16,119
Speaker 1: frofthy assets? You see that damage in bitcoin this morning,

470
00:27:16,119 --> 00:27:18,919
Speaker 1: and the crypto space more broadly, some corners they're just

471
00:27:19,240 --> 00:27:23,360
Speaker 1: getting absolutely decimated. UM stocks unable to keep up. There's

472
00:27:23,359 --> 00:27:25,920
Speaker 1: a question of look, if inflation is this high, UM,

473
00:27:26,000 --> 00:27:29,639
Speaker 1: do current multiples of the nineteen times multiple on the

474
00:27:29,760 --> 00:27:32,600
Speaker 1: s and P five hundred makes sense? UM? And then

475
00:27:32,600 --> 00:27:35,320
Speaker 1: it's also a world where havens are few and far between,

476
00:27:35,400 --> 00:27:37,760
Speaker 1: bonds are selling off the Yenna selling office. Just a

477
00:27:37,840 --> 00:27:43,480
Speaker 1: really difficult environment to try to invest in. I can't

478
00:27:43,480 --> 00:27:48,680
Speaker 1: remember that that number. Where where's the money flowing? Well,

479
00:27:48,800 --> 00:27:53,400
Speaker 1: money is just being put on the sidelines at this moment. Yeah, exactly, No,

480
00:27:53,920 --> 00:27:55,840
Speaker 1: almost literally. I was going to say literally, but not quite.

481
00:27:55,880 --> 00:27:58,560
Speaker 1: I mean it is going into cash. UM. Cash funds

482
00:27:58,600 --> 00:28:01,320
Speaker 1: have seen a lot of money flowing in and and

483
00:28:01,359 --> 00:28:03,440
Speaker 1: look from a lot of folks we're talking to, it's

484
00:28:03,480 --> 00:28:05,680
Speaker 1: just you want to stay on the sidelines. It's it's

485
00:28:05,680 --> 00:28:08,200
Speaker 1: hard to say, okay, you know, bonds, for example, they've

486
00:28:08,200 --> 00:28:11,440
Speaker 1: fallen so much, yields look attractive, let's go buy this. Well,

487
00:28:11,480 --> 00:28:13,640
Speaker 1: if you tried that trade at any point this year,

488
00:28:13,680 --> 00:28:16,320
Speaker 1: it's just so volatile at some point you get hit

489
00:28:16,359 --> 00:28:18,720
Speaker 1: really hard and then you know, you short the market,

490
00:28:18,760 --> 00:28:21,080
Speaker 1: and then you have these temporary release So it's this

491
00:28:21,160 --> 00:28:24,360
Speaker 1: two week shop that makes it hard to find anywhere

492
00:28:24,359 --> 00:28:26,600
Speaker 1: to hide out. Yeah. First, you know, we were told

493
00:28:26,640 --> 00:28:30,640
Speaker 1: inflation was transitory. Then we're told maybe it's peaking. Um,

494
00:28:30,680 --> 00:28:33,159
Speaker 1: what is the market expectation? What does the market want

495
00:28:33,160 --> 00:28:35,800
Speaker 1: to hear from the Fed this week? They want to

496
00:28:35,840 --> 00:28:38,960
Speaker 1: hear that they are able to get inflation under control.

497
00:28:39,080 --> 00:28:41,840
Speaker 1: But I think the nuance within that it's not enough

498
00:28:41,840 --> 00:28:43,560
Speaker 1: to stay able to get it under control that they'll

499
00:28:43,600 --> 00:28:46,520
Speaker 1: be aggressive. It's how do they do it in such

500
00:28:46,560 --> 00:28:49,960
Speaker 1: a way that it doesn't engineer a recession. I think

501
00:28:50,040 --> 00:28:52,640
Speaker 1: some of the prevailing market sentiment at this moment is

502
00:28:52,680 --> 00:28:55,800
Speaker 1: it's almost going to be inevitable. With inflation so high

503
00:28:56,160 --> 00:28:58,760
Speaker 1: and the side obviously unable to control the supply side.

504
00:28:58,800 --> 00:29:01,880
Speaker 1: They have to bring demand and into line with where

505
00:29:01,920 --> 00:29:07,280
Speaker 1: supply is. How do you do that without a recession? Obviously, Powell,

506
00:29:07,600 --> 00:29:09,920
Speaker 1: the rest of FED, the word recession isn't used. They're

507
00:29:09,960 --> 00:29:11,920
Speaker 1: not saying they're trying to do that, but it is

508
00:29:11,960 --> 00:29:15,120
Speaker 1: something the market is paying close attention to. Are they

509
00:29:15,120 --> 00:29:17,280
Speaker 1: going to break something do they have to break something

510
00:29:17,640 --> 00:29:19,800
Speaker 1: in order for inslation to come in mind? Yeah, I

511
00:29:19,800 --> 00:29:23,360
Speaker 1: mean sometimes the cure for higher prices is higher prices.

512
00:29:23,480 --> 00:29:26,080
Speaker 1: As they filled up the car this morning and shelled

513
00:29:26,080 --> 00:29:30,520
Speaker 1: out close to seventy dollars, and uh, I know that

514
00:29:30,640 --> 00:29:33,560
Speaker 1: means I'm going to have to pull back spending somewhere else.

515
00:29:33,800 --> 00:29:36,920
Speaker 1: So how much of these higher prices going to do

516
00:29:36,960 --> 00:29:41,400
Speaker 1: the work of the FED for it? Well, in some ways, UM,

517
00:29:41,680 --> 00:29:45,520
Speaker 1: it's likely that it will. UM. Consumer sentiment, for example,

518
00:29:45,800 --> 00:29:48,960
Speaker 1: has been on the Friday, University of Michigan survey data

519
00:29:49,000 --> 00:29:53,959
Speaker 1: showed a consumer sentiment drop to its lowest on record. UM.

520
00:29:54,040 --> 00:29:56,320
Speaker 1: That certainly indicates that you're going to get a consumer

521
00:29:56,360 --> 00:29:58,920
Speaker 1: that's pulling back on spending. We've heard from some of

522
00:29:58,920 --> 00:30:01,760
Speaker 1: the retail giants some some issues there in terms of

523
00:30:02,240 --> 00:30:06,280
Speaker 1: inventories and willingness for consumers. So perhaps you are seeing

524
00:30:06,320 --> 00:30:08,440
Speaker 1: some signs of that. But the issue is exactly as

525
00:30:08,480 --> 00:30:11,720
Speaker 1: you say. You might not be spending elsewhere, but expectations

526
00:30:11,720 --> 00:30:15,240
Speaker 1: are for energy prices to continue to climb. There's it's

527
00:30:15,240 --> 00:30:18,200
Speaker 1: sort of the worst of the Murphy's law. Everything that

528
00:30:18,280 --> 00:30:21,640
Speaker 1: can go wrong is going wrong. Considering the war in Ukraine,

529
00:30:21,920 --> 00:30:24,520
Speaker 1: what's happening in China with supply line. So even if

530
00:30:24,520 --> 00:30:28,480
Speaker 1: there is that consumer pull back and spending energy prices

531
00:30:28,560 --> 00:30:30,680
Speaker 1: are just so high, it still might seep in, keeping

532
00:30:30,760 --> 00:30:35,640
Speaker 1: inflation stubbornly high. I only buy core stuff, by the way,

533
00:30:35,760 --> 00:30:39,280
Speaker 1: always the pleasure. Bloomberg standy burger this morning, ahead of

534
00:30:39,280 --> 00:30:41,880
Speaker 1: the cash over on Wall Street. Futures continue in the

535
00:30:41,920 --> 00:30:45,400
Speaker 1: red this morning after Friday's sell off. DAL futures fives

536
00:30:45,520 --> 00:30:49,440
Speaker 1: UND ninety four points lower. That's down one point s

537
00:30:49,480 --> 00:30:54,440
Speaker 1: and P futures nine points lower. That's down two point

538
00:30:54,040 --> 00:30:57,360
Speaker 1: Dana futures right now down three four points. That's a

539
00:30:57,520 --> 00:31:01,600
Speaker 1: decline this morning of two point nine percent. Sold about

540
00:31:01,600 --> 00:31:05,040
Speaker 1: the inversion briefly this morning. Senior yield right now at

541
00:31:05,080 --> 00:31:09,360
Speaker 1: three twenty two. That is up the yield of six

542
00:31:09,400 --> 00:31:13,120
Speaker 1: basis points this morning. The two year yield at three eighteen.

543
00:31:13,840 --> 00:31:18,040
Speaker 1: That's up eleven basis points. You're listening the Bloomberg day Break.

544
00:31:20,960 --> 00:31:24,000
Speaker 1: Day Break brought you by Hofstrat University's Frank gez are

545
00:31:24,000 --> 00:31:27,480
Speaker 1: At School of Business. Top right to Online MBA program

546
00:31:27,520 --> 00:31:30,560
Speaker 1: with a real world foundation. Urnmore in Hofstrait Dot even

547
00:31:30,840 --> 00:31:40,360
Speaker 1: slash Go grad broadcasting live from the Bloomberg Interactive Broker

548
00:31:40,480 --> 00:31:44,160
Speaker 1: Studio in New York, Bloomberg Living Freedom to Washington, d C,

549
00:31:44,360 --> 00:31:49,080
Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco,

550
00:31:49,160 --> 00:31:52,360
Speaker 1: Bloomberg N sixty to the Country, Sirius XM to the

551
00:31:52,440 --> 00:31:55,600
Speaker 1: one nine and around the globe, the Bloomberg Business app

552
00:31:55,720 --> 00:32:05,160
Speaker 1: and Bloomberg Radio dot com. This is Bloomberg Day Breaks

553
00:32:05,200 --> 00:32:07,719
Speaker 1: six thirty on Wall Street. Good morning, I'm John Tucker.

554
00:32:07,880 --> 00:32:10,200
Speaker 1: I'm Nathan Hagar. Were about three hours away from the

555
00:32:10,200 --> 00:32:12,320
Speaker 1: open of US trading time for the five things you

556
00:32:12,400 --> 00:32:14,880
Speaker 1: need to know to start your day. Brontio by Interactive

557
00:32:14,880 --> 00:32:18,520
Speaker 1: Brokers Global Analysts helps you find new global investment opportunities

558
00:32:18,560 --> 00:32:22,200
Speaker 1: to diversify your portfolio and discover undervalued companies that may

559
00:32:22,200 --> 00:32:24,800
Speaker 1: have greater growth potential. Try i b k OUR Global

560
00:32:24,840 --> 00:32:27,960
Speaker 1: Analysts today at I b k R dot com. Slash

561
00:32:28,000 --> 00:32:31,560
Speaker 1: g a first. A global exodus from stocks and bonds

562
00:32:31,600 --> 00:32:34,960
Speaker 1: continues this morning, following Friday's eight hundred eighty point drop

563
00:32:35,000 --> 00:32:37,600
Speaker 1: in the down and the hotter than expected inflation reading.

564
00:32:37,800 --> 00:32:40,840
Speaker 1: This morning, the US two year tenure yield curve inverted

565
00:32:40,880 --> 00:32:43,400
Speaker 1: for the first time since early April. Some consider that

566
00:32:43,480 --> 00:32:47,320
Speaker 1: a recession warning, and tomorrow June's today f o MC

567
00:32:47,520 --> 00:32:50,960
Speaker 1: meeting begins. The Federal Reserve expected to raise interest rates again,

568
00:32:51,080 --> 00:32:54,240
Speaker 1: with traders betting the Federal Reserve will raise by seventy

569
00:32:54,280 --> 00:32:58,080
Speaker 1: five basis points at least once in its next three meetings.

570
00:32:58,520 --> 00:33:01,040
Speaker 1: Member Naik, the former out of the Federal Reserve, says

571
00:33:01,080 --> 00:33:04,320
Speaker 1: it's possible the US slips into recession, but it might

572
00:33:04,360 --> 00:33:07,560
Speaker 1: not be a large one. I think a recession is possible.

573
00:33:07,840 --> 00:33:10,960
Speaker 1: Economists are very bad at predicting recessions, but I think

574
00:33:11,000 --> 00:33:13,880
Speaker 1: the FED has a decent chance, a reasonable chance of

575
00:33:13,920 --> 00:33:17,120
Speaker 1: achieving a what J. Powell calls a softish landing the

576
00:33:17,240 --> 00:33:20,560
Speaker 1: former Feds. Here Ben Bernanke speaking on CNN, and you

577
00:33:20,560 --> 00:33:23,320
Speaker 1: can join US Live for coverage of Wednesday's FED meeting

578
00:33:23,400 --> 00:33:26,360
Speaker 1: with a special edition of Bloomberg Surveillance that starts at

579
00:33:26,360 --> 00:33:29,959
Speaker 1: one thirty pm Wall Street Time on Bloomberg Radio and Television.

580
00:33:30,120 --> 00:33:32,440
Speaker 1: A Bitcoin is all self feeling the pressure. This morning

581
00:33:32,480 --> 00:33:35,280
Speaker 1: in Bloomberg, Grinita Young joins US Live with the latest

582
00:33:35,320 --> 00:33:37,800
Speaker 1: on that. Good morning, Granita, Good morning Nathan. Bitcoin is

583
00:33:37,840 --> 00:33:41,200
Speaker 1: trading at its lowest in about eighteen months. The impact

584
00:33:41,280 --> 00:33:44,880
Speaker 1: of Friday CPI data showing US inflation hit a fresh

585
00:33:44,920 --> 00:33:49,120
Speaker 1: forty year high continues to reverberate through global risk assets.

586
00:33:49,520 --> 00:33:52,760
Speaker 1: Traders are betting that the FIT will high rate more aggressively.

587
00:33:52,840 --> 00:33:55,760
Speaker 1: As a result, cryptos are at the mercy of the FIT.

588
00:33:56,080 --> 00:33:59,720
Speaker 1: That's according to crypto lender Nexo co founder Anthony trench If,

589
00:34:00,000 --> 00:34:03,320
Speaker 1: who says he's hearing forecasts expecting Bitcoin to drop as

590
00:34:03,320 --> 00:34:06,719
Speaker 1: low as the mid teens and single digit thousands. Right now,

591
00:34:06,760 --> 00:34:10,160
Speaker 1: bitcoin is trading around twenty four thousand. Live in New York,

592
00:34:10,200 --> 00:34:13,400
Speaker 1: I'm Rernita Young Bloomberg Daybreak, Need of Things and Today

593
00:34:13,520 --> 00:34:16,600
Speaker 1: March the second round of hearings for the January six Committee.

594
00:34:16,800 --> 00:34:20,640
Speaker 1: Today's hearing start at ten am. Former President Trump's twenty

595
00:34:20,719 --> 00:34:24,600
Speaker 1: campaign manager Bills tappy End will give live testimony related

596
00:34:24,640 --> 00:34:27,040
Speaker 1: to the insurrection at the Capitol So with the former

597
00:34:27,040 --> 00:34:31,319
Speaker 1: political director for Fox News, Chris Stirewald. Alright, futures right

598
00:34:31,320 --> 00:34:34,080
Speaker 1: now moving lower as we say, SMP futures down eighty

599
00:34:34,080 --> 00:34:37,200
Speaker 1: seven point, Staff futures down five seventy one. Nastack futures

600
00:34:37,200 --> 00:34:39,800
Speaker 1: are lower by three twenty nine points. Ten Your treasury

601
00:34:39,840 --> 00:34:42,200
Speaker 1: is down twenty one thirty seconds for a yield of

602
00:34:42,239 --> 00:34:45,080
Speaker 1: three point to three. That's the five things you need

603
00:34:45,120 --> 00:34:47,160
Speaker 1: to know to start your day. Brought to you by

604
00:34:47,360 --> 00:34:56,799
Speaker 1: Interactive Brokers. This is Bloomberg and it is now six

605
00:34:56,840 --> 00:34:59,480
Speaker 1: thirty three on Wall Street. Here, that's time to check

606
00:34:59,520 --> 00:35:01,800
Speaker 1: what's going on the New York and around the world.

607
00:35:02,080 --> 00:35:05,000
Speaker 1: Here's Michael Barnes. John, Thank you very much. Connecticut Governor

608
00:35:05,080 --> 00:35:08,600
Speaker 1: that Lamont is commenting about the potential deal among a

609
00:35:08,640 --> 00:35:12,920
Speaker 1: group of bipartisan senators on gun reform. Lamont is suggesting

610
00:35:12,960 --> 00:35:16,800
Speaker 1: lawmakers use his state as a model. Connecticut past strict

611
00:35:16,880 --> 00:35:19,799
Speaker 1: gun laws four months after the massacre at Sandy Hook

612
00:35:19,840 --> 00:35:23,759
Speaker 1: Elementary School nearly ten years ago, nobody has taken away

613
00:35:23,760 --> 00:35:26,719
Speaker 1: your guns. You're still hunting doing that safely. You've got

614
00:35:26,719 --> 00:35:29,200
Speaker 1: to understand that we can get the right balance. These

615
00:35:29,200 --> 00:35:33,200
Speaker 1: slippery slope arguments kill a lot of reasonable compromise. Governor

616
00:35:33,280 --> 00:35:37,360
Speaker 1: Lamont says Connecticut's laws include universal background checks, banning the

617
00:35:37,400 --> 00:35:40,880
Speaker 1: sale of high capacity magazines, and creating a registry of

618
00:35:41,160 --> 00:35:44,319
Speaker 1: deadly weapon offenders. More than thirty members of a white

619
00:35:44,320 --> 00:35:47,480
Speaker 1: supremacist group will be arraigned today. They were arrested over

620
00:35:47,480 --> 00:35:51,400
Speaker 1: the weekend near a northern Idaho Pride event. Lgbt Q

621
00:35:51,600 --> 00:35:55,960
Speaker 1: advocates say that the polarization and a fraud a political

622
00:35:56,000 --> 00:36:00,200
Speaker 1: climate have put their community increasingly at risk police. He's

623
00:36:00,200 --> 00:36:03,680
Speaker 1: saying the Patriot Front members with riot gear were arrested

624
00:36:03,760 --> 00:36:09,080
Speaker 1: near Cordlane, Idaho. Representative Alexandria Ocassio Cortez of New York

625
00:36:09,360 --> 00:36:12,200
Speaker 1: is holding off on backing President Biden for a second term.

626
00:36:12,200 --> 00:36:16,440
Speaker 1: In O'cassio Cortez said, we'll cross that bridge when we

627
00:36:16,480 --> 00:36:18,239
Speaker 1: get to it. I believe that the president has been

628
00:36:18,280 --> 00:36:21,560
Speaker 1: doing a very good job so far, and um, you know,

629
00:36:21,600 --> 00:36:24,440
Speaker 1: should he run again? I think that, I you know,

630
00:36:24,480 --> 00:36:27,160
Speaker 1: I think it's it's we'll take a look at it.

631
00:36:28,160 --> 00:36:29,920
Speaker 1: Right now, we need to focus on winning a majority

632
00:36:29,960 --> 00:36:33,480
Speaker 1: instead of a presidential election, Okaysio Cortez spoke on CNN

633
00:36:33,560 --> 00:36:37,560
Speaker 1: State of the Union. Fighting continues to rage in Ukraine's

634
00:36:37,600 --> 00:36:41,480
Speaker 1: eastern Danbus region. Ukrainian forces are outgunned trying to hold

635
00:36:41,520 --> 00:36:45,239
Speaker 1: off the Russian advance. Meanwhile, NATO's Secretary General says the

636
00:36:45,280 --> 00:36:48,680
Speaker 1: Alliance is working with Turkey to address its resistance to

637
00:36:48,760 --> 00:36:53,920
Speaker 1: membership by Finland and Sweden. Turkish President Urdawan highlighted activities

638
00:36:54,000 --> 00:36:57,680
Speaker 1: of the Kurdistan Workers Party as part of his country's

639
00:36:57,680 --> 00:37:02,320
Speaker 1: objections to their membership. NATO's Yen Stoltenberg is calling Turkish

640
00:37:02,400 --> 00:37:06,600
Speaker 1: concerns about security risks legitimate. I would like to see

641
00:37:06,640 --> 00:37:09,160
Speaker 1: this sold as soon as possible, and therefore we are

642
00:37:09,200 --> 00:37:14,080
Speaker 1: working hard with our NATO ala Turkey, Turkia and also

643
00:37:14,120 --> 00:37:18,320
Speaker 1: with the Finland and Sweden to address uh those issues

644
00:37:18,400 --> 00:37:21,880
Speaker 1: that Turkia has raised. Stoldenberg met with the President of

645
00:37:21,920 --> 00:37:25,200
Speaker 1: Finland in Helsinki. The tonys were handed out last night.

646
00:37:25,280 --> 00:37:29,160
Speaker 1: A Strange Loop won the best musical Global News twenty

647
00:37:29,160 --> 00:37:31,759
Speaker 1: four hours a day on air and on Bloomberg Quick

648
00:37:31,800 --> 00:37:34,840
Speaker 1: Take powered by more than twenty seven hundred journalists and

649
00:37:34,840 --> 00:37:37,279
Speaker 1: analysts more than a hundred twenty countries. And Michael Barr,

650
00:37:37,360 --> 00:37:44,319
Speaker 1: this is Bloomberg, John, Michael, thank you. It's now six

651
00:37:44,360 --> 00:37:46,680
Speaker 1: thirty six on Wall Street. Best time, but the Bloomberg

652
00:37:46,760 --> 00:37:50,200
Speaker 1: Sports Update. And here's John Stash Thanks John. Matt Carverter

653
00:37:50,320 --> 00:37:52,239
Speaker 1: played ten years in St. Louis. He's get hit unto

654
00:37:52,280 --> 00:37:54,040
Speaker 1: the last couple of seasons, we had about two hundred

655
00:37:54,120 --> 00:37:56,279
Speaker 1: fifty at bats and only hit seven home runs. He's

656
00:37:56,280 --> 00:37:59,560
Speaker 1: got seven with the Yankees in twenty four at Fantsy

657
00:37:59,680 --> 00:38:02,600
Speaker 1: hit who drove in seven in the Yankees route because

658
00:38:02,640 --> 00:38:04,560
Speaker 1: I got away from me the last few years, Um,

659
00:38:04,960 --> 00:38:08,040
Speaker 1: you know, just didn't really have it. And I was

660
00:38:08,120 --> 00:38:09,880
Speaker 1: able to put in a lot of good work and

661
00:38:09,920 --> 00:38:11,319
Speaker 1: have a lot of people helped me to kind of

662
00:38:11,400 --> 00:38:13,960
Speaker 1: get it back. So it's pretty rewarding. And to be

663
00:38:14,000 --> 00:38:16,200
Speaker 1: able to do it um in New York City for

664
00:38:16,239 --> 00:38:19,200
Speaker 1: the best team in baseball, and you know them have

665
00:38:19,280 --> 00:38:21,640
Speaker 1: the faith in the Simmons, it means a lot. And unenjoyed.

666
00:38:21,640 --> 00:38:24,200
Speaker 1: The propert wasn't gonna play yesterday until Labor Torres wasn't

667
00:38:24,200 --> 00:38:26,440
Speaker 1: feeling well. Kyle he got Yoka his first two our

668
00:38:26,520 --> 00:38:29,000
Speaker 1: runs of the season. The Yankees beat the Cubs eighteen

669
00:38:29,080 --> 00:38:31,600
Speaker 1: to four the day after winning eighth enough and they

670
00:38:31,600 --> 00:38:34,240
Speaker 1: sweep the series. They've won eleven of twelve in that stretch,

671
00:38:34,280 --> 00:38:37,120
Speaker 1: their averaging scoring more than seven runs a game. Matz

672
00:38:37,160 --> 00:38:38,799
Speaker 1: finis the road trip with the four one win over

673
00:38:38,840 --> 00:38:42,000
Speaker 1: the Angels. Pete Alonzo is Nashville leading eighteen home run

674
00:38:42,120 --> 00:38:44,360
Speaker 1: J D. Davis hit one earlier. Taiwan Walker got to

675
00:38:44,400 --> 00:38:48,040
Speaker 1: win much needed because Atlanta won again. The Braves eleventh

676
00:38:48,080 --> 00:38:51,040
Speaker 1: win in the row whoever went tonight in San Francisco.

677
00:38:51,200 --> 00:38:53,759
Speaker 1: And then when the NBAH Championship Thursday and Boss did

678
00:38:53,760 --> 00:38:56,120
Speaker 1: its Game five of the NBA Final, Celtics of Warriors

679
00:38:56,440 --> 00:38:59,280
Speaker 1: tied to w NBA Liberty loss by two to Chicago.

680
00:38:59,400 --> 00:39:02,759
Speaker 1: Despite Sabrina ai Esco having a triple double Wall still

681
00:39:02,800 --> 00:39:05,480
Speaker 1: in the third quarter. US Open Golf coming to Boston

682
00:39:05,520 --> 00:39:08,600
Speaker 1: this week. Rimpilroy just one in Toronto on the final

683
00:39:08,680 --> 00:39:12,240
Speaker 1: round sixty two. Upset. In college baseball, Notre Dame bet Tennessee,

684
00:39:12,320 --> 00:39:15,480
Speaker 1: who was fifty seven and nine and rank number one

685
00:39:15,520 --> 00:39:17,640
Speaker 1: in the Irish now off the College World Series just

686
00:39:17,680 --> 00:39:21,600
Speaker 1: the third time in school history. John Dash, Boomberg Storks, John,

687
00:39:21,719 --> 00:39:23,880
Speaker 1: all right, John, thanks very much. Six thirty eight on

688
00:39:23,920 --> 00:39:26,040
Speaker 1: the Wall Street Time Down, I'll take a look at

689
00:39:26,080 --> 00:39:28,680
Speaker 1: the stocks and some of the names that are moving

690
00:39:28,680 --> 00:39:31,040
Speaker 1: in the pre market. For that, we're joined by Bloomberg

691
00:39:31,120 --> 00:39:35,480
Speaker 1: Radio and TV markets correspondent Pretty Gupta. Here's an easy question,

692
00:39:35,920 --> 00:39:39,320
Speaker 1: what's up UM? Not a whole lot. Literally, only only

693
00:39:39,520 --> 00:39:43,719
Speaker 1: three three stocks higher in the pre in the free market,

694
00:39:43,719 --> 00:39:45,640
Speaker 1: and really all of them on extremely light volumes. I

695
00:39:45,640 --> 00:39:47,600
Speaker 1: don't want to put any stock into it. I think

696
00:39:47,640 --> 00:39:51,040
Speaker 1: a better question is what's down, and it's everything, but

697
00:39:51,200 --> 00:39:53,840
Speaker 1: look at what's taking well it is, but you know

698
00:39:53,880 --> 00:39:58,279
Speaker 1: it's a risk off Monday. I'm sorry to be a

699
00:39:58,320 --> 00:39:59,880
Speaker 1: little bit of a Debbie downer here, but I think

700
00:40:00,200 --> 00:40:03,279
Speaker 1: born here to look at what the highest volume names are.

701
00:40:03,560 --> 00:40:05,600
Speaker 1: I think it's the best way to look at what

702
00:40:05,840 --> 00:40:07,759
Speaker 1: the direction of the market is today. Of course, it's

703
00:40:07,800 --> 00:40:09,680
Speaker 1: down to what is driving it lower, and of course

704
00:40:09,719 --> 00:40:11,120
Speaker 1: it's going to be big tech. And this is going

705
00:40:11,160 --> 00:40:13,840
Speaker 1: to be the big question as we talk about whether

706
00:40:13,920 --> 00:40:16,080
Speaker 1: or not the markets can actually rebound, because it might

707
00:40:16,120 --> 00:40:18,840
Speaker 1: not necessarily be what's happening within the stock market, but

708
00:40:18,880 --> 00:40:21,480
Speaker 1: what's happening within the broader market. Remember, at the same time,

709
00:40:21,480 --> 00:40:24,319
Speaker 1: you also see yield at three point two percent at

710
00:40:24,320 --> 00:40:25,799
Speaker 1: the time your yield, that of course is going to

711
00:40:25,800 --> 00:40:28,560
Speaker 1: spark tech as well a stronger dollar. Because tech. We

712
00:40:28,960 --> 00:40:31,560
Speaker 1: need to explain to everybody that the tech is you're

713
00:40:31,600 --> 00:40:34,960
Speaker 1: paying for essentially future growth with a lot of those stocks,

714
00:40:35,000 --> 00:40:37,880
Speaker 1: and when the rates go up, that makes future growth

715
00:40:38,239 --> 00:40:41,120
Speaker 1: less attractive exactly. But remember a lot of these tech

716
00:40:41,200 --> 00:40:43,400
Speaker 1: names also have a lot of cash on their balance sheets,

717
00:40:43,440 --> 00:40:46,080
Speaker 1: and if you have higher rate and inflation, that means

718
00:40:46,080 --> 00:40:48,880
Speaker 1: that cash is going to be worthless. What do they do?

719
00:40:49,080 --> 00:40:51,200
Speaker 1: They have to put that to work somewhere else or

720
00:40:51,320 --> 00:40:54,960
Speaker 1: in theory, um, it means buy backs, it means dividends,

721
00:40:55,040 --> 00:40:57,960
Speaker 1: it means M and A. Yeah, But you know, in

722
00:40:58,000 --> 00:41:01,080
Speaker 1: this environment, can they really do um, M and a

723
00:41:01,200 --> 00:41:04,040
Speaker 1: without getting a lot of antitrust scrutiny. So techts got

724
00:41:04,080 --> 00:41:06,080
Speaker 1: stuck between a rock and hard place. In the other spot,

725
00:41:06,080 --> 00:41:08,919
Speaker 1: I would really look at if the dollar. I love

726
00:41:08,960 --> 00:41:11,480
Speaker 1: talking about FFX, but the dollar story with tech is

727
00:41:11,560 --> 00:41:14,759
Speaker 1: so important because a stronger dollar gets in the way

728
00:41:14,800 --> 00:41:18,120
Speaker 1: of foreign buyers hopping into the stock market buying apples,

729
00:41:18,120 --> 00:41:21,280
Speaker 1: will buying Amazon. Think about a European or an Asian investor.

730
00:41:21,360 --> 00:41:23,279
Speaker 1: To get into the stock market, you have to buy

731
00:41:23,320 --> 00:41:26,160
Speaker 1: the dollar first. And if the dollar is much much stronger,

732
00:41:26,480 --> 00:41:29,560
Speaker 1: where's your incentive to hop in? Yeah? And as rates

733
00:41:29,560 --> 00:41:32,080
Speaker 1: go up, you know again a primer they are the

734
00:41:32,080 --> 00:41:34,960
Speaker 1: dollar goes up because it's all about great differentials because

735
00:41:35,040 --> 00:41:38,600
Speaker 1: you you know, you compare let's let's say Japan, you

736
00:41:38,680 --> 00:41:42,759
Speaker 1: compare it theory where rates are just opposite. So we

737
00:41:42,880 --> 00:41:46,480
Speaker 1: see that reflected in the currency market. Well, in theory

738
00:41:46,520 --> 00:41:48,839
Speaker 1: they should be. As you see higher rates to your point,

739
00:41:48,840 --> 00:41:50,959
Speaker 1: you should you see a stronger dollar. What happens though,

740
00:41:51,280 --> 00:41:54,040
Speaker 1: when say the economy contracts, do people sell the dollar?

741
00:41:54,160 --> 00:41:56,400
Speaker 1: Do people buy the dollar? In theory, efects is supposed

742
00:41:56,400 --> 00:41:58,840
Speaker 1: to be a gauge of the economy. If the economy

743
00:41:58,880 --> 00:42:01,440
Speaker 1: isn't doing well, does that necessarily mean you should be

744
00:42:01,440 --> 00:42:03,560
Speaker 1: hopping into the dollar or so many questions when it

745
00:42:03,600 --> 00:42:05,960
Speaker 1: comes to these cross assent moves, and with all the answers,

746
00:42:06,000 --> 00:42:10,640
Speaker 1: Kritty Gupta our radio and TV markets correspondent, And as

747
00:42:10,719 --> 00:42:13,560
Speaker 1: we look at the market right now, the DALL futures

748
00:42:13,600 --> 00:42:16,640
Speaker 1: five hundred seventy eight points lower, Hamer Friday's sell off,

749
00:42:16,840 --> 00:42:21,360
Speaker 1: SMP futures down eighty eight points, and the nasday features

750
00:42:21,400 --> 00:42:24,960
Speaker 1: down three hundred and thirty three points. You want rates

751
00:42:25,080 --> 00:42:29,320
Speaker 1: ten year three, that's up about the seven basis points

752
00:42:29,400 --> 00:42:33,840
Speaker 1: the two year at three point one n you're listening

753
00:42:33,920 --> 00:42:40,759
Speaker 1: to Bloomberg, and Bloomberg is being brought to you by

754
00:42:41,000 --> 00:42:44,560
Speaker 1: Hofstra Universities, Frank G's Are School of Business, top Right

755
00:42:44,680 --> 00:42:48,080
Speaker 1: Online NBA program with the Real World Foundation or more

756
00:42:48,080 --> 00:42:53,640
Speaker 1: at cost dot et u, slash go grad markets headlines

757
00:42:53,640 --> 00:42:56,680
Speaker 1: and breaking news twenty four hours a day at Bloomberg

758
00:42:56,719 --> 00:42:59,759
Speaker 1: dot Com, the Bloomberg Business apt and at Bloomberg quick

759
00:42:59,800 --> 00:43:09,640
Speaker 1: to she's a Bloomberg Business lash. I'm Nathan Hagar. Investors

760
00:43:09,640 --> 00:43:12,799
Speaker 1: are racing away from risk this morning. Let's head right

761
00:43:12,800 --> 00:43:15,000
Speaker 1: over to the First road Breaking news desk for today's

762
00:43:15,040 --> 00:43:18,440
Speaker 1: morning call with Bill Maloney. Good morning Bill, and good

763
00:43:18,520 --> 00:43:21,839
Speaker 1: morning Nathan. That's right. US futures are plunging right now

764
00:43:21,840 --> 00:43:24,280
Speaker 1: at DOUBT futures down five hundred and fifty seven points,

765
00:43:24,320 --> 00:43:27,520
Speaker 1: subs drop eighty six, while MASDIC futures are down by

766
00:43:27,560 --> 00:43:31,360
Speaker 1: three hundred and thirty US ten year at three point

767
00:43:31,440 --> 00:43:34,239
Speaker 1: to three percent, Gold is down sixteen, Oil is in

768
00:43:34,280 --> 00:43:37,760
Speaker 1: the red, and bitcoin is down by a whopping twelve percent.

769
00:43:38,239 --> 00:43:41,320
Speaker 1: Japan fell three percent overnight, while Europan markets are also

770
00:43:41,400 --> 00:43:43,840
Speaker 1: in the red, led by two percent losses in France,

771
00:43:43,880 --> 00:43:47,160
Speaker 1: Germany and Italy. Back in the US, nothing to report

772
00:43:47,200 --> 00:43:50,080
Speaker 1: on the economic front, and in other news, Shaina is

773
00:43:50,160 --> 00:43:55,600
Speaker 1: reintroducing some COVID nineteen restrictions. Just weeks after reopening Keith Cities.

774
00:43:55,960 --> 00:44:00,040
Speaker 1: Crypto lenders Celsius stopped withdrawals and the end hit a

775
00:44:00,160 --> 00:44:03,439
Speaker 1: four year low, Wrapping things up. Investco and Chiro price

776
00:44:03,520 --> 00:44:07,239
Speaker 1: for book cut at BMO, Tessa was raised outperform over

777
00:44:07,280 --> 00:44:12,279
Speaker 1: at RBC Live from the first Breaking News descon Bill Mallonai. Okay, Bill,

778
00:44:12,320 --> 00:44:15,160
Speaker 1: thanks to get live breaking news over your Bloomberg type

779
00:44:15,200 --> 00:44:18,719
Speaker 1: squawk on the terminal, s q U A go, that's

780
00:44:18,719 --> 00:44:21,080
Speaker 1: a Bloomberg business flash. And now here's Michael Barr with

781
00:44:21,120 --> 00:44:23,800
Speaker 1: more on what's going on around the world. Michael Nathan,

782
00:44:23,800 --> 00:44:26,880
Speaker 1: thank you, sir. Another January sixth hearing is taking place

783
00:44:26,960 --> 00:44:29,560
Speaker 1: this morning. The House Committee investigating the Ryan at the

784
00:44:29,640 --> 00:44:33,520
Speaker 1: US Capital is delving deeper into Donald Trump's false claims

785
00:44:33,560 --> 00:44:38,320
Speaker 1: of widespread voter fraud. Those unsupported claims fueled Trump's reless

786
00:44:38,320 --> 00:44:42,200
Speaker 1: effort to overturn the election. A review by the FDA

787
00:44:42,360 --> 00:44:46,520
Speaker 1: says that Fizer's COVID nineteen vaccine appears safe and effective

788
00:44:46,520 --> 00:44:50,839
Speaker 1: for children under five, the only group not currently eligible

789
00:44:50,880 --> 00:44:54,720
Speaker 1: for vaccination. Game five of the NBA Finals is tonight.

790
00:44:54,800 --> 00:44:56,640
Speaker 1: The Celtics and the War Years or even at two

791
00:44:56,640 --> 00:45:00,480
Speaker 1: games apiece. In baseball, the Yankees and Mets on again.

792
00:45:00,800 --> 00:45:03,840
Speaker 1: The Red Sox, Orioles and Giants also won the Nationals,

793
00:45:03,880 --> 00:45:07,319
Speaker 1: and A's lost. Global News twenty four hours a day

794
00:45:07,360 --> 00:45:10,200
Speaker 1: on air end on Bloomberg Quick Take Power by more

795
00:45:10,280 --> 00:45:12,960
Speaker 1: than hundred journalists and analysts are more than a hundred

796
00:45:13,000 --> 00:45:16,880
Speaker 1: twenty countries at Michael barn This is Bloomberg. The following

797
00:45:16,920 --> 00:45:21,120
Speaker 1: commentary is from Bloomberg Opinion. New York City is a

798
00:45:21,120 --> 00:45:24,680
Speaker 1: lot safer than small town America. I'm Justin Fox, a

799
00:45:24,719 --> 00:45:28,160
Speaker 1: columnist for Bloomberg Opinion. Since the summer of two thousand twenty,

800
00:45:28,280 --> 00:45:31,200
Speaker 1: the US has been experiencing a deadly wave of violence.

801
00:45:31,360 --> 00:45:33,959
Speaker 1: In New York City has not been immune. The number

802
00:45:33,960 --> 00:45:37,240
Speaker 1: of homicides in the city rose fifty percent in two years.

803
00:45:37,480 --> 00:45:40,000
Speaker 1: It's down nine percent so far this year, but the

804
00:45:40,000 --> 00:45:43,560
Speaker 1: city has still seen some shocking events. Regular consumers of

805
00:45:43,560 --> 00:45:45,960
Speaker 1: the news would be forgiven for thinking that it has

806
00:45:46,000 --> 00:45:49,920
Speaker 1: become a terribly dangerous place. Run the numbers, though, and

807
00:45:50,040 --> 00:45:52,440
Speaker 1: what stands out is how safe it is. Among the

808
00:45:52,520 --> 00:45:55,720
Speaker 1: largest American cities, New York has by far the lowest

809
00:45:55,760 --> 00:45:59,320
Speaker 1: murder rate factor in other external threats that people face,

810
00:45:59,719 --> 00:46:02,200
Speaker 1: such as traffic accidents, and it's one of the least

811
00:46:02,239 --> 00:46:05,840
Speaker 1: dangerous places in the country, where is overall risk highest

812
00:46:06,080 --> 00:46:09,759
Speaker 1: in rural areas. I'm Justin Fox. For more opinion, please

813
00:46:09,800 --> 00:46:13,000
Speaker 1: go to Bloomberg dot com, slash Opinion or O P

814
00:46:13,200 --> 00:46:15,960
Speaker 1: I n go on the Bloomberg terminal. This has been

815
00:46:16,040 --> 00:46:19,800
Speaker 1: Bloomberg Opinion. You can hear Bloomberg Opinion commentaries every weekday

816
00:46:19,800 --> 00:46:22,200
Speaker 1: at this time. Terminal customers can read more at O

817
00:46:22,400 --> 00:46:25,360
Speaker 1: P I n go. It is six fifty on Wall Street.

818
00:46:25,400 --> 00:46:27,440
Speaker 1: Let's turn to news and science and technology now with

819
00:46:27,480 --> 00:46:30,040
Speaker 1: the Bloomberg and j I T STEM Report, brought to

820
00:46:30,080 --> 00:46:33,200
Speaker 1: you by New Jersey Institute of Technology, offering New Jersey's

821
00:46:33,239 --> 00:46:36,319
Speaker 1: first undergraduate degree in fintech. And j I T is

822
00:46:36,360 --> 00:46:39,960
Speaker 1: future in the making, tech driven, finance focused. Learn more

823
00:46:40,000 --> 00:46:42,320
Speaker 1: at n j I T dot E d U slash

824
00:46:42,800 --> 00:46:46,280
Speaker 1: Fintech and now Here's what's making news and science, technology, engineering,

825
00:46:46,280 --> 00:46:50,080
Speaker 1: and math. Companies announcing plans to eliminate greenhouse gas emissions

826
00:46:50,080 --> 00:46:53,360
Speaker 1: have so far not met the most basic criteria for

827
00:46:53,400 --> 00:46:56,239
Speaker 1: a net zero goal, sccording to new research led by

828
00:46:56,280 --> 00:46:59,919
Speaker 1: the Energy Climate Intelligence Unit, Oxford net zero and other

829
00:47:00,040 --> 00:47:02,360
Speaker 1: expert groups. They found only a third of the plans

830
00:47:02,360 --> 00:47:05,279
Speaker 1: fulfilled what the net zero Tracker Report considers the bare

831
00:47:05,280 --> 00:47:09,200
Speaker 1: minimum electric last mile solution says it plans to liquidate

832
00:47:09,200 --> 00:47:13,120
Speaker 1: through a Chapter seven bankruptcy process The decision comes nearly

833
00:47:13,160 --> 00:47:16,000
Speaker 1: a year after the electric vehicles startup went public and

834
00:47:16,080 --> 00:47:18,960
Speaker 1: just four months after both its chief executive officer and

835
00:47:19,040 --> 00:47:22,520
Speaker 1: chairman resigned. The filing makes Electric Last Mile the first

836
00:47:22,560 --> 00:47:25,040
Speaker 1: of the e V startups that merged with special purpose

837
00:47:25,080 --> 00:47:28,360
Speaker 1: acquisition companies to go out of business amid the recent

838
00:47:28,400 --> 00:47:32,360
Speaker 1: market slump, and British billionaire Richard Branson is hitting back

839
00:47:32,400 --> 00:47:35,920
Speaker 1: at cryptocurrency scammers, who he says are using his name

840
00:47:36,000 --> 00:47:39,799
Speaker 1: to sign up users for fraudulent scams. Branson says he

841
00:47:39,800 --> 00:47:43,399
Speaker 1: has spoken with Meta executives about erroneous promotions appearing on

842
00:47:43,400 --> 00:47:46,919
Speaker 1: Facebook and that's the Bloomberg n g I T STEM Report. John,

843
00:47:47,160 --> 00:47:49,640
Speaker 1: all right, thanks Nathan. We are live for the Bloomberg

844
00:47:49,640 --> 00:47:53,000
Speaker 1: interafter Brokers Studios where it is now six fifty two

845
00:47:53,080 --> 00:47:55,640
Speaker 1: on Wall Street, and it's time to check what's going

846
00:47:55,680 --> 00:47:57,560
Speaker 1: on in d C. Some of the top stories on

847
00:47:57,600 --> 00:48:01,440
Speaker 1: our nation's capital include Senators reaching a tentative deal on

848
00:48:01,600 --> 00:48:05,879
Speaker 1: gun safety after mass shootings. Some January six panels say

849
00:48:06,360 --> 00:48:09,760
Speaker 1: they have enough evidence on coverage to indict Donald Trump,

850
00:48:10,320 --> 00:48:14,480
Speaker 1: and the Casio Cortez is holding off backing President Biden

851
00:48:14,560 --> 00:48:19,640
Speaker 1: for four as too early. China also alarming the US

852
00:48:19,719 --> 00:48:22,920
Speaker 1: with private warnings to avoid the time on straits. And

853
00:48:23,000 --> 00:48:25,160
Speaker 1: let's take a deeper dival LEAs stories this morning with

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Speaker 1: Bloomberg Government reporter Emily Wilkins. Happy Monday to a m um.

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Speaker 1: What is in the gun safety bill? So you have

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Speaker 1: a number of different things in the framework that was

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Speaker 1: announced over the weekend. We still don't have any text yet,

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Speaker 1: but one big thing that we know in there are

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Speaker 1: those so called red flag laws that allows courts to

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Speaker 1: remove guns from potentially dangerous owners UM and those there

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Speaker 1: would be a grand program in there that would sort

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Speaker 1: of help incentivize states that haven't already implemented those laws

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Speaker 1: to look into doing so. We've seen those states implement

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Speaker 1: those laws that are across both blue and red states. UM.

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Speaker 1: And so this is something that moll makers felt they

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Speaker 1: could come to an agreement on. We're also going to

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Speaker 1: be seen a billions more from mental health services and

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Speaker 1: school safety UM as well as closing something called a

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Speaker 1: boyfriend loophole. That would be if someone has a record

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Speaker 1: of domestic violence and abuse for a girlfriend or a

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Speaker 1: partner that they're dating. UM. That would also lead could

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Speaker 1: lead to their their guns being taken away from them. Previously,

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Speaker 1: it was only a domestic balance cases if if you

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Speaker 1: were married to someone or had had a kid with them.

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Speaker 1: So this definitely expands that in a move that some

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Speaker 1: Democrats some Democrats are pretty surprised but pleased buy now.

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Speaker 1: Of course, John, the big question is how is this

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Speaker 1: actually going to get passed? When is that just going

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Speaker 1: to get passed? Of course, we don't have the text yet.

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Speaker 1: We're pingting to have that before we can talk about

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Speaker 1: moving anything forward. And even if we do get the

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Speaker 1: text this week, the Senate tense move a little slow. Uh,

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Speaker 1: there's a good chance we might not say final path

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Speaker 1: usage until next week UM or potentially, you know, even

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Speaker 1: after that that January started July fourth recess. Who is

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Speaker 1: on board with this? Any real significant names that might

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Speaker 1: be surprising. So we knew from the start that t

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Speaker 1: Sendor John Corner, a Republican, and Democratic Senator Chris Murphy

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Speaker 1: were the ones working behind this. UM. You've actually did

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Speaker 1: see a set of Minority Leader Mix McConnell praised progress

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Speaker 1: in the talks, although he didn't say whether or not

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Speaker 1: he would support a final piece of legislation. UM. There's

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Speaker 1: also a number of Republican senators who did sign onto

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Speaker 1: the s framework of you've got the ten. Uh, then

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Speaker 1: they kind of are are a lot of the usual

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Speaker 1: suspects Susan Collins, Lindsay Graham, Mitt, Romney have all gone

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Speaker 1: ahead and signed on spramework, and of course that at

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Speaker 1: this point there are ten, but the key is keeping

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Speaker 1: those ten on board as the spramework moves from an

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Speaker 1: outline to an actual law and then begins to go

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Speaker 1: to the process. Okay, another hearing today for the January

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Speaker 1: Sich the panel, what's going to happen? So we're going

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Speaker 1: to be hearing from a couple of different individuals. Um.

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Speaker 1: I think one individual of the committee is most interested

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Speaker 1: in your live testimony from is Trump's campaign former campaign manager. Uh.

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Speaker 1: They're going to really trying to be hitting home the fact,

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Speaker 1: uh that you know, Trump knew and was told repeatedly

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Speaker 1: that he had lost the election, but that he was

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Speaker 1: still he was still determined to find a way to

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Speaker 1: make sure that he was ultimately declared the winner to

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Speaker 1: basically overturn the will of the voters. Um. And another

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Speaker 1: interesting bit that we are hearing January six, committee members

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Speaker 1: announced that they do have enough evidence for a criminal

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Speaker 1: indictment against Trump and his role to overturn the election.

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Speaker 1: Of course, the Committee they can't bring any charges. That's

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Speaker 1: not what they're designed to do. This would have to

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Speaker 1: be something where the Justice Department we need to bring

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Speaker 1: those charges. And we did hear from Congressman Adam Ship

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Speaker 1: on the Committee saying that he hopes that the Justice

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Speaker 1: Department and does investigate certain actions that the Committee is

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Speaker 1: highlighting because he doesn't see the any public evidence at

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Speaker 1: least that the Justice Department is investigating everything that the

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Speaker 1: Committee is fighting at this point, and just a real

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Speaker 1: quick the final story we can do here is our

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Speaker 1: progressive Democrats abandoning Joe Biden. So this all centers, of course,

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Speaker 1: around the of ark that Congressland Alexander Stasio purchase may

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Speaker 1: stopping short of the doorson Biden for four saying we

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Speaker 1: should get past in the terms I mean. Look, she

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Speaker 1: has said that Biden has been doing a very good

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Speaker 1: job so far, but Biden has also faced questions about

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Speaker 1: his mental fitness. He's currently seventy nine, and to a

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Speaker 1: certain extent, Democrats like to portrayed themselves as the party

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Speaker 1: of diversity, of you know, of progress, and I think

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Speaker 1: a number of them want to see a face in

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Speaker 1: charge of the party that you know is either female

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Speaker 1: or is minority, or deal is not. I think everyone's

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Speaker 1: able to rally around five then um, And that kind

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Speaker 1: of also brings on the big question of of if

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Speaker 1: not Biden, then then who And I think that's something

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Speaker 1: we're going to see Democrats continue to grapple with, particularly

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Speaker 1: as we ofport to get past the mid terms. Democrats

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Speaker 1: are facing a rough road in November, but are hoping

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Speaker 1: that in the next couple of months um, that the

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Speaker 1: conditions improve in inflation and Americans become more supportive. Bloomberg

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Speaker 1: Government reporter Emily Wilkins, Thanks, I appreciate it. You can

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Speaker 1: read more about these stories on Bloomberg dot com, where

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Speaker 1: the Bloomberg terminal reminder you can follow all the latest

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Speaker 1: Bloomberg Radio in Washington. That's Bloomberg and one of five

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Speaker 1: point seven FM HD two down futures five hundred sixty

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Speaker 1: point eight percent, the SMB futures down to eighties six

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Speaker 1: points lower. You're listening to Bloomberg Daybreak just ahead Bloomberg

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Speaker 1: surveillance for Dathan hager On, John Temper m