1 00:00:02,279 --> 00:00:05,560 Speaker 1: B from the Bloomberg Interactive Burger Studios. This is Bloomberg 2 00:00:05,640 --> 00:00:10,040 Speaker 1: day Break for Tuesday, AUGUSTO. Coming up this hour. US 3 00:00:10,119 --> 00:00:12,920 Speaker 1: stocks entered the session coming off their biggest loss in 4 00:00:13,039 --> 00:00:15,760 Speaker 1: two months. Traders are racing from our hawkish talk it 5 00:00:15,840 --> 00:00:19,000 Speaker 1: that FETs Jackson Hall gathering. It's primary day with key 6 00:00:19,079 --> 00:00:21,639 Speaker 1: races in New York and Florida heading the list, and 7 00:00:21,720 --> 00:00:24,959 Speaker 1: life expectancy in New York plummets in the wake of COVID. 8 00:00:25,200 --> 00:00:28,120 Speaker 1: Tri state area is cleaning up from heavy rains and flooding. 9 00:00:28,360 --> 00:00:31,880 Speaker 1: Plus New York Mayor Adams responds after more bus loads 10 00:00:31,880 --> 00:00:35,760 Speaker 1: of migrants arrived from Texas. Michael Blarer more ahead, I'm 11 00:00:35,800 --> 00:00:38,519 Speaker 1: John stas Star and sports. The Yankees beat Maxters are 12 00:00:38,600 --> 00:00:40,600 Speaker 1: the Mets of the Subway series that come from behind 13 00:00:40,680 --> 00:00:45,720 Speaker 1: preseason win for the Jets. That's all s train ahead 14 00:00:45,760 --> 00:00:48,760 Speaker 1: on Bloomberg day Break on Bloomberg. He Living Free on 15 00:00:48,880 --> 00:00:53,279 Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh 16 00:00:53,360 --> 00:00:58,120 Speaker 1: six one, Boston, Bloomberg nine sixty, San Francisco, Sirius Exam 17 00:00:58,160 --> 00:01:00,920 Speaker 1: one nine Team, and around the World Old on Bloomberg 18 00:01:01,000 --> 00:01:08,000 Speaker 1: Radio dot Com and via the Bloomberg Business. Good morning. 19 00:01:08,000 --> 00:01:11,720 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. US index futures 20 00:01:11,720 --> 00:01:13,960 Speaker 1: are higher this morning. We're coming up to find the 21 00:01:14,040 --> 00:01:15,840 Speaker 1: one on Wall Street, and we check the markets every 22 00:01:15,840 --> 00:01:19,360 Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, SMP Future 23 00:01:19,440 --> 00:01:21,400 Speaker 1: is up seven and a half points down Future is 24 00:01:21,480 --> 00:01:24,440 Speaker 1: up fifty seven and nastay Future is up thirty. The 25 00:01:24,480 --> 00:01:27,760 Speaker 1: ten year Treasury up one thirty second yell three point 26 00:01:27,840 --> 00:01:30,080 Speaker 1: zero zero percent, and they yield on the two year 27 00:01:30,200 --> 00:01:32,960 Speaker 1: three point three two percent, and n nex screwed oil 28 00:01:33,160 --> 00:01:36,319 Speaker 1: is up one point four percent. Nathan well Karen. Stocks 29 00:01:36,319 --> 00:01:39,199 Speaker 1: are coming off their worst one day drop in two months. 30 00:01:39,240 --> 00:01:42,039 Speaker 1: The SMP five hundred index fell two point one percent, 31 00:01:42,319 --> 00:01:45,720 Speaker 1: the tech having Nasdaq one hundred sank two point seven percent, 32 00:01:45,959 --> 00:01:48,760 Speaker 1: and the blue chip Dow Jones Industrial Average lost six 33 00:01:48,880 --> 00:01:52,320 Speaker 1: hundred forty three points, or one point nine percent. Seabreeze 34 00:01:52,320 --> 00:01:56,080 Speaker 1: Partners president Doug Cast sees more tough times ahead four equities. 35 00:01:56,200 --> 00:01:58,400 Speaker 1: I think there's a non trivial chance at the SMP. 36 00:01:59,360 --> 00:02:01,960 Speaker 1: Early last year, I made a top for the balance 37 00:02:02,000 --> 00:02:07,080 Speaker 1: of the year um to me after the recent when 38 00:02:07,120 --> 00:02:11,120 Speaker 1: I described as a position based rally risk has returned 39 00:02:11,160 --> 00:02:16,160 Speaker 1: to risk assets as the fundamental backdrop is eroding. Seabreeze 40 00:02:16,160 --> 00:02:19,480 Speaker 1: Partners president Doug Cass made the comments on Bloomberg Surveillance 41 00:02:19,600 --> 00:02:22,680 Speaker 1: Catch the program on Bloomberg Radio and Television beginning at 42 00:02:22,720 --> 00:02:25,600 Speaker 1: seven am Wall Street Time, while Nathan the Wall Streets 43 00:02:25,600 --> 00:02:28,320 Speaker 1: sell off spilled into Asia A stocks in Japan and 44 00:02:28,400 --> 00:02:30,880 Speaker 1: Hong Kong falling around one per cent. We get the 45 00:02:30,880 --> 00:02:34,560 Speaker 1: recap from Bloomberg's Juliette Sally in Singapore. Good Morning, Juliet, 46 00:02:34,800 --> 00:02:37,120 Speaker 1: Good Morning, Nathan and Karen. The energy sector was the 47 00:02:37,200 --> 00:02:38,959 Speaker 1: only one in the green across the m s c 48 00:02:39,080 --> 00:02:43,120 Speaker 1: I Asia Pacific INDEXUS crude scaled a barrel lifted by 49 00:02:43,120 --> 00:02:47,320 Speaker 1: the possibility of OPEC plus output cuts. Japanese travel stocks 50 00:02:47,360 --> 00:02:50,359 Speaker 1: also rose amid a NICA news report Japan is considering 51 00:02:50,520 --> 00:02:54,680 Speaker 1: ending the requirement for negative COVID nineteen tests for international arrivals. 52 00:02:54,840 --> 00:02:57,359 Speaker 1: Stocks in Hong Kong and China fell despite further steps 53 00:02:57,400 --> 00:03:00,640 Speaker 1: to stabilize the property market, and the one scituated but 54 00:03:00,680 --> 00:03:04,000 Speaker 1: held near a thirteen year low amid verbal intervention from 55 00:03:04,040 --> 00:03:08,000 Speaker 1: authorities in Singapore. Juliet Sally Bloomberg Day Break, My Juliette, 56 00:03:08,000 --> 00:03:10,280 Speaker 1: Thanks for the dropping stocks around the world comes as 57 00:03:10,320 --> 00:03:13,080 Speaker 1: investors await signals on the path of interest rate hikes 58 00:03:13,120 --> 00:03:16,679 Speaker 1: at the Federal Reserves Annual Jackson Hole Economic Symposium later 59 00:03:16,720 --> 00:03:20,239 Speaker 1: this week. Bloomberg Economics correspondent Michael McKee is covering the 60 00:03:20,320 --> 00:03:22,919 Speaker 1: highly anticipated event. What we'll see is a lot of 61 00:03:22,960 --> 00:03:25,040 Speaker 1: volatility this week is trying to people try to read 62 00:03:25,080 --> 00:03:29,080 Speaker 1: into various economic indicators whether there's good news or bad 63 00:03:29,120 --> 00:03:32,800 Speaker 1: news coming. But Paula's position hasn't changed a whole lot, 64 00:03:32,960 --> 00:03:35,200 Speaker 1: and nor has the Feds. They believe they're going to 65 00:03:35,320 --> 00:03:37,880 Speaker 1: have to keep raising rates to a certain point and 66 00:03:38,000 --> 00:03:40,280 Speaker 1: stay there for a while, where the market thinks that 67 00:03:40,400 --> 00:03:43,280 Speaker 1: they'll raise rates a little more and start cutting again. 68 00:03:43,560 --> 00:03:47,400 Speaker 1: Bloomer's Michael McKee, one noted FED watcher, says the Central 69 00:03:47,400 --> 00:03:50,840 Speaker 1: Bank should not cut rates again. In fact, Stanford University 70 00:03:50,880 --> 00:03:54,440 Speaker 1: economics professor John Taylor thinks rates should double from here. 71 00:03:54,760 --> 00:03:58,880 Speaker 1: I say, movie should names and that is not high 72 00:03:59,000 --> 00:04:01,960 Speaker 1: by historical under that's for sure, remember what it was 73 00:04:02,000 --> 00:04:04,320 Speaker 1: in the seventies. But it's it couldn't be high. I 74 00:04:04,320 --> 00:04:07,880 Speaker 1: wouldn't say, I wouldn't say absolutely five differ inflation doesn't 75 00:04:07,920 --> 00:04:09,520 Speaker 1: come down, then it may have to be hired, but 76 00:04:09,560 --> 00:04:12,200 Speaker 1: I think the inflation will come down and we can 77 00:04:12,280 --> 00:04:14,040 Speaker 1: stick it at a level like that. But let's get 78 00:04:14,080 --> 00:04:17,440 Speaker 1: there first. Stanford economics professor John Taylor says the FED 79 00:04:17,480 --> 00:04:20,480 Speaker 1: should be more communicative about where policy has to go. 80 00:04:20,800 --> 00:04:23,360 Speaker 1: I mean, well, Karen Fedge ones are unleashing record bets 81 00:04:23,360 --> 00:04:26,039 Speaker 1: the Fed will stick to its hawkish script at Jackson Hole. 82 00:04:26,120 --> 00:04:29,279 Speaker 1: The group's collectively placed a big short across futures for 83 00:04:29,279 --> 00:04:31,159 Speaker 1: a key overnight rate that moves in line with the 84 00:04:31,160 --> 00:04:34,839 Speaker 1: FEDS benchmark. That position will benefit if Chair J. Powell 85 00:04:34,880 --> 00:04:38,719 Speaker 1: effectively rules out a dovish pivot. Please stick with Bloomberg 86 00:04:38,760 --> 00:04:41,880 Speaker 1: for complete live coverage of the Jackson Hole Symposium. Bloomberg 87 00:04:41,920 --> 00:04:44,719 Speaker 1: Surveillance will be there beginning on Thursday with Tom Keene, 88 00:04:44,760 --> 00:04:48,360 Speaker 1: Lisa Abramowitz, and Jonathan Faroe. Well, Nathan, We now turn 89 00:04:48,440 --> 00:04:50,920 Speaker 1: from the Fed and the markets to some important political 90 00:04:50,960 --> 00:04:53,880 Speaker 1: news this morning. It's an election day, with primaries in 91 00:04:53,920 --> 00:04:56,880 Speaker 1: New York and Florida and a runoff vote in Oklahoma. 92 00:04:56,920 --> 00:04:59,040 Speaker 1: Maybe Morris says more on what to watch from our 93 00:04:59,040 --> 00:05:02,400 Speaker 1: Bloomberg ninety nine one newsroom in Washington. In New York, 94 00:05:02,440 --> 00:05:06,560 Speaker 1: redistricting left to longtime House Democratic colleagues Carol and Moloney 95 00:05:06,640 --> 00:05:09,320 Speaker 1: and Jerry Nadler competing for the same seat. In the 96 00:05:09,400 --> 00:05:13,000 Speaker 1: nineteenth district, Democrat Pat Ryan is running against Republican Mark 97 00:05:13,040 --> 00:05:16,200 Speaker 1: mullen Aro to fill the seat that Anthony Delgado vacated 98 00:05:16,279 --> 00:05:19,680 Speaker 1: to become Lieutenant governor. If mullen Aro defeats Ryan, that 99 00:05:19,839 --> 00:05:23,320 Speaker 1: could be assigned for Democrats in November. In Florida, as 100 00:05:23,320 --> 00:05:27,279 Speaker 1: the pole stand now, Republican incumbent Senator Marco Rubio will 101 00:05:27,320 --> 00:05:31,839 Speaker 1: likely face Democratic Representative val Demmings in November. Governor Rhnda 102 00:05:31,880 --> 00:05:35,760 Speaker 1: Santis will face either former Governor Charlie Kristen November or 103 00:05:35,839 --> 00:05:38,839 Speaker 1: Nicky Freed, who wants to become Florida's first woman governor. 104 00:05:39,160 --> 00:05:41,880 Speaker 1: In Oklahoma, the marquee event will determine the candidates who 105 00:05:41,960 --> 00:05:45,360 Speaker 1: vie for the unexpired Senate seat of Republican Jim Inhoff, 106 00:05:45,480 --> 00:05:48,720 Speaker 1: who plans to resign in January. In Washington, i'm Amy 107 00:05:48,760 --> 00:05:51,560 Speaker 1: Moore as Bloomberg Daybreak Amy Thanks are also new developments 108 00:05:51,560 --> 00:05:54,040 Speaker 1: in the FBI search of former President Donald Trump's home 109 00:05:54,080 --> 00:05:57,280 Speaker 1: in Marlano, Florida, including reports of just how much classified 110 00:05:57,320 --> 00:06:00,279 Speaker 1: material he may have been holding onto, Bloomberg said back, sir, 111 00:06:00,360 --> 00:06:03,239 Speaker 1: as the latest. Mr Trump says he wants a neutral 112 00:06:03,320 --> 00:06:06,000 Speaker 1: third party to look through the documents. In legally is 113 00:06:06,360 --> 00:06:10,000 Speaker 1: a special master. So this is the same judge considering 114 00:06:10,000 --> 00:06:12,719 Speaker 1: whether to make public portions of the documents seized by 115 00:06:12,760 --> 00:06:15,400 Speaker 1: the FBI to look at this now. The New York 116 00:06:15,440 --> 00:06:18,839 Speaker 1: Times says the government has recovered more than three hundred 117 00:06:18,920 --> 00:06:23,560 Speaker 1: documents now with classified marketings. It says one hundred fifty 118 00:06:23,720 --> 00:06:27,479 Speaker 1: sensitive documents recovered earlier made the d o J want 119 00:06:27,520 --> 00:06:30,080 Speaker 1: to know what Trump had taken from the White House 120 00:06:30,640 --> 00:06:34,040 Speaker 1: in San Francisco. I'm at Baxter Bloomberg Daybreak and thanks. 121 00:06:34,040 --> 00:06:35,920 Speaker 1: We are getting more evidence this morning at the toll 122 00:06:35,920 --> 00:06:37,800 Speaker 1: of the pandemic has had on our lives, and we 123 00:06:37,839 --> 00:06:40,640 Speaker 1: get the latest line from Bloomberg's Rnia Young. Good morning, Rainia, 124 00:06:40,640 --> 00:06:43,640 Speaker 1: Good morning Karen. The CDC says life expectancy in New 125 00:06:43,720 --> 00:06:47,359 Speaker 1: York State dropped by three years in It's the biggest 126 00:06:47,360 --> 00:06:50,640 Speaker 1: decline among all states during the first year of the pandemic. 127 00:06:50,960 --> 00:06:53,279 Speaker 1: New York State residents are expected to live to just 128 00:06:53,560 --> 00:06:57,160 Speaker 1: under seventy eight years old. That's the fifteenth highest life 129 00:06:57,160 --> 00:07:00,160 Speaker 1: expectancy in the US. But a steep drop from back 130 00:07:00,160 --> 00:07:02,360 Speaker 1: in twenty nineteen, when New York State had the third 131 00:07:02,400 --> 00:07:05,680 Speaker 1: highest raking. The CDC said last year that overall US 132 00:07:05,760 --> 00:07:09,760 Speaker 1: life expectancy plunged by one point eight years, in the 133 00:07:09,760 --> 00:07:13,240 Speaker 1: biggest drop since World War Two. Live in New York. 134 00:07:13,240 --> 00:07:15,480 Speaker 1: I'm rened a young Bloomberg day break. We need to 135 00:07:15,560 --> 00:07:18,880 Speaker 1: thanks local headlines and the check of sports. Next, this 136 00:07:19,160 --> 00:07:25,200 Speaker 1: is Bloomberg and it's now five oh seven on Wall 137 00:07:25,240 --> 00:07:27,880 Speaker 1: Street seventy two degrees in Central Park. Got an accident 138 00:07:27,920 --> 00:07:31,360 Speaker 1: already mestbound Belt Parkway at Bay Parkway. We'll get to 139 00:07:31,440 --> 00:07:34,160 Speaker 1: the details in traffic shortly, but first, Michael bars here 140 00:07:34,200 --> 00:07:35,560 Speaker 1: with what else is going on in New York and 141 00:07:35,600 --> 00:07:38,200 Speaker 1: around the world on this primary day morning. Michael, Good 142 00:07:38,280 --> 00:07:40,760 Speaker 1: morning Nathan. More than a thousand flights were canceled in 143 00:07:40,800 --> 00:07:43,680 Speaker 1: the US yesterday. Airports around New York City and in 144 00:07:43,760 --> 00:07:47,320 Speaker 1: Texas were hit the hardest, staffing shortages and severe weather. 145 00:07:47,360 --> 00:07:50,400 Speaker 1: We're blamed again. Meanwhile, heavy rain fell in parts of 146 00:07:50,440 --> 00:07:54,040 Speaker 1: the Tri state area, causing street flooding. In the Dallas 147 00:07:54,080 --> 00:07:58,120 Speaker 1: suburb of Mesquite, vehicles had to navigate flooded roads. Authorities 148 00:07:58,120 --> 00:08:00,120 Speaker 1: say a body was pulled from a vehicle aft or 149 00:08:00,160 --> 00:08:03,040 Speaker 1: it was found in the receding waters in East Texas. 150 00:08:03,080 --> 00:08:07,120 Speaker 1: Severe weather for schools to close early, including a suspected tornado. 151 00:08:07,480 --> 00:08:11,480 Speaker 1: Smith County Constable Josh Jumplet. We've had several portable buildings 152 00:08:11,480 --> 00:08:15,200 Speaker 1: that have been picked up and relocated. Constable. New York 153 00:08:15,240 --> 00:08:19,360 Speaker 1: City officials estimated over the weekend about hundred asylum seekers 154 00:08:19,400 --> 00:08:23,560 Speaker 1: from Central Land South America have arrived by bus from Texas. 155 00:08:23,680 --> 00:08:27,560 Speaker 1: Mayor Eric Adams is blaming Republican Governor Rabbit, saying his 156 00:08:27,720 --> 00:08:31,000 Speaker 1: refusal to let New York officials know about potential numbers 157 00:08:31,040 --> 00:08:33,640 Speaker 1: of migrants on the buses is driving the city to 158 00:08:33,720 --> 00:08:37,839 Speaker 1: a crisis level. The governor of Texas is not giving 159 00:08:37,960 --> 00:08:40,880 Speaker 1: any information at all, no matter how much we tried 160 00:08:40,960 --> 00:08:45,120 Speaker 1: to codinate crisis calls on coordination, and he has been 161 00:08:45,640 --> 00:08:50,240 Speaker 1: really uh, just a person who's mean spirited in the 162 00:08:50,360 --> 00:08:53,160 Speaker 1: area of helping people near times in a time of need. 163 00:08:53,760 --> 00:08:56,800 Speaker 1: Mayor Adams says it is leaving local and state resources 164 00:08:56,840 --> 00:09:00,440 Speaker 1: and nonprofit struggling. New York Governor Cathey Hope calls as 165 00:09:00,520 --> 00:09:03,960 Speaker 1: the state is rolling back new COVID regulations for this 166 00:09:04,040 --> 00:09:07,959 Speaker 1: school year, including allowing positive students to stay in class, 167 00:09:08,040 --> 00:09:11,880 Speaker 1: provided they wear a mask. Hocal is also urging employees 168 00:09:11,880 --> 00:09:14,240 Speaker 1: in the state to consider a return to the office 169 00:09:14,240 --> 00:09:15,920 Speaker 1: as well. I mean, there's a lot of heap, a 170 00:09:15,920 --> 00:09:20,560 Speaker 1: lot of tourists, restaurants are crowded, um people coming back 171 00:09:20,600 --> 00:09:23,800 Speaker 1: and joining our social life, and we'd love to see 172 00:09:23,840 --> 00:09:26,720 Speaker 1: everybody back, going back in their offices, at least on 173 00:09:26,720 --> 00:09:30,880 Speaker 1: a hybrid situation. Governor Ocle is promising monkey Pops vaccines 174 00:09:30,920 --> 00:09:34,000 Speaker 1: for New Yorkers. Acting New York Health Commissioner Dr Mary 175 00:09:34,040 --> 00:09:37,840 Speaker 1: Bassett is promising that they will ensure access for those 176 00:09:38,000 --> 00:09:41,520 Speaker 1: at risk, including the l g DTQ community and communities 177 00:09:41,559 --> 00:09:45,480 Speaker 1: of color. Uh. These data show that we are right 178 00:09:45,600 --> 00:09:50,360 Speaker 1: to be very concerned about equity and access to vaccination. 179 00:09:51,120 --> 00:09:53,760 Speaker 1: Dr Bassett says they're preparing to distribute the promise one 180 00:09:53,840 --> 00:09:57,200 Speaker 1: hundred ten thou doses from the Biden administration. Global News 181 00:09:57,200 --> 00:09:59,480 Speaker 1: twenty four hours a day on air and on Bloomberg 182 00:09:59,559 --> 00:10:01,959 Speaker 1: Quick Take, powered by more than the hundred journalist and 183 00:10:01,960 --> 00:10:04,520 Speaker 1: antaalists and more than a hundred twenty countries. I'm Michael Barr, 184 00:10:04,600 --> 00:10:11,360 Speaker 1: This is Bloomberg Nath Michael, thank you, coming up to 185 00:10:11,440 --> 00:10:13,440 Speaker 1: five ten on Wall Street Time for the Bloomberg Sports 186 00:10:13,480 --> 00:10:15,840 Speaker 1: Updated morning John Stanshowner and morney Nathan but of an 187 00:10:15,880 --> 00:10:18,400 Speaker 1: upset to start the two games Subway series in the Bronx. 188 00:10:18,480 --> 00:10:20,560 Speaker 1: The Mets went in certainly the hotter team with the 189 00:10:20,600 --> 00:10:23,560 Speaker 1: better pitcher on the mount. Yet Max Scherzer out pitched 190 00:10:23,559 --> 00:10:26,320 Speaker 1: by Domingo her Mom maybe the best game of his career, 191 00:10:26,440 --> 00:10:28,920 Speaker 1: shut out through six innings. Mets get on the board 192 00:10:28,920 --> 00:10:30,920 Speaker 1: in the seventh. The drop pop up was followed by 193 00:10:30,920 --> 00:10:33,160 Speaker 1: a two on homer by the Mets Daniel Vogel back. 194 00:10:33,160 --> 00:10:35,240 Speaker 1: But that's all the Mets got Yankees one, four to two. 195 00:10:35,280 --> 00:10:38,120 Speaker 1: Good relief pitching from Ron Marinaccio, Jonathan the White the Guy, 196 00:10:38,120 --> 00:10:41,439 Speaker 1: Aaron Judge home run number forty seven, ending his longest 197 00:10:41,480 --> 00:10:43,720 Speaker 1: home of list draft of the season, and Andrew Bennettendee, 198 00:10:43,800 --> 00:10:45,920 Speaker 1: who had the game winning home run Sunday, had two 199 00:10:46,000 --> 00:10:48,960 Speaker 1: runs scoring hits. His manager is Aaron Boone's such a 200 00:10:48,960 --> 00:10:51,920 Speaker 1: good hitter, such a good back to ball, controls the 201 00:10:52,000 --> 00:10:56,280 Speaker 1: strike zone. Um, and it feels like he's really starting 202 00:10:56,280 --> 00:10:58,480 Speaker 1: to settle in now. And uh, you know he's come 203 00:10:58,520 --> 00:11:01,599 Speaker 1: up big forest last full of days obviously, but I 204 00:11:01,760 --> 00:11:03,760 Speaker 1: feel like for the better part of the last week. 205 00:11:03,800 --> 00:11:07,080 Speaker 1: He's starting to build that lovelettum Boon. Tonight starts Frankie Mantas. 206 00:11:07,120 --> 00:11:09,319 Speaker 1: He has struggled in his first three starts with the Yankster. 207 00:11:09,400 --> 00:11:11,559 Speaker 1: Mets decided to give Jacob Graham some extra rest, so 208 00:11:11,600 --> 00:11:14,280 Speaker 1: it'll be time one. Walker going to Deam had mettlive 209 00:11:14,320 --> 00:11:16,959 Speaker 1: big preseason come back by the Jets. They trailed Atlanta 210 00:11:17,040 --> 00:11:20,040 Speaker 1: sixteen to nothing. They rallied to win four to sixteen 211 00:11:20,120 --> 00:11:23,959 Speaker 1: touchdown passed by fourth string QB Chris Stavulari. The engineered 212 00:11:23,960 --> 00:11:26,440 Speaker 1: along t D Drive Jets added a fumble return to touchdown. 213 00:11:26,480 --> 00:11:29,320 Speaker 1: The Giants got word the knee injury suffered Sunday by 214 00:11:29,400 --> 00:11:32,240 Speaker 1: rookie linebacker Cavon Thibodeau was a spring to mcl out 215 00:11:32,280 --> 00:11:34,680 Speaker 1: three to four weeks, which would mean missing the first 216 00:11:34,679 --> 00:11:37,680 Speaker 1: one or two regular season games. Carolina Panthers at Baker 217 00:11:37,760 --> 00:11:40,520 Speaker 1: Mayfield will be the Week one starting quarterback. Hardly surprised 218 00:11:40,520 --> 00:11:42,680 Speaker 1: that he beat out Sam Donald. Tom Brady back with 219 00:11:42,720 --> 00:11:44,959 Speaker 1: the Tampa Bay Bucks, who are the report that he 220 00:11:45,040 --> 00:11:47,720 Speaker 1: spent the eleven days away from training camp with his 221 00:11:47,840 --> 00:11:50,480 Speaker 1: family and the Bahamas. You get some advantages when you're 222 00:11:50,800 --> 00:11:56,520 Speaker 1: Tom Brady John sports so true, Thank you John. Future 223 00:11:56,600 --> 00:11:59,160 Speaker 1: is moving higher on this Tuesday morning. Will check in 224 00:11:59,200 --> 00:12:02,800 Speaker 1: on this market and extra. Patrick Armstrong of plurimu Wald. 225 00:12:03,520 --> 00:12:08,360 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. Mix of 226 00:12:08,400 --> 00:12:11,120 Speaker 1: sun in clouds today, some afternoon showers and thunderstorms possible, 227 00:12:11,120 --> 00:12:14,480 Speaker 1: going up to near eighty five degrees sunshine tomorrow, highs 228 00:12:14,559 --> 00:12:18,400 Speaker 1: near ninety and on Thursday as well. Right now seventy 229 00:12:18,400 --> 00:12:24,800 Speaker 1: two in Central Park markets, headlines and breaking news twenty 230 00:12:24,800 --> 00:12:27,679 Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg 231 00:12:27,679 --> 00:12:37,640 Speaker 1: Business Out and at Bloomberg Quicktake's a Bloomberg Business lash 232 00:12:38,040 --> 00:12:41,000 Speaker 1: and I'm Karen Moscow and US Dock Index futures are 233 00:12:41,200 --> 00:12:46,320 Speaker 1: edging higher. Treasuries are well. Treasury prices are higher as well. 234 00:12:46,400 --> 00:12:48,640 Speaker 1: Right now. That dollar is steady as markets remain on 235 00:12:48,760 --> 00:12:51,680 Speaker 1: edge ahead of the Jackson Hole Central Banker Symposium later 236 00:12:51,720 --> 00:12:54,679 Speaker 1: this week. Futures on the SNP and NASTACK they were 237 00:12:54,679 --> 00:12:58,120 Speaker 1: fluctuating before turning higher after US stocks plunge the most 238 00:12:58,120 --> 00:13:00,800 Speaker 1: in two months yesterday. We checked them its every fifteen 239 00:13:00,800 --> 00:13:03,199 Speaker 1: minutes throughout the trading day on Bloomberg. Right now it's 240 00:13:03,200 --> 00:13:05,640 Speaker 1: in p futures are up seven points down. Future is 241 00:13:05,640 --> 00:13:08,360 Speaker 1: at fifty six nasday Future is up twenty three. The 242 00:13:08,440 --> 00:13:11,120 Speaker 1: decks in Germany is up a quarter percent. Ten year 243 00:13:11,160 --> 00:13:13,959 Speaker 1: Treasury now up one thirty second yield three percent. The 244 00:13:14,040 --> 00:13:16,320 Speaker 1: yield on the two year three point three two percent. 245 00:13:16,760 --> 00:13:19,280 Speaker 1: Non ex scrude oil is up one percent of a 246 00:13:19,320 --> 00:13:21,679 Speaker 1: dollar sixty and ninety one dollar ninety six cents of 247 00:13:21,760 --> 00:13:24,640 Speaker 1: barrel comics gold up three tenths per center five dollars 248 00:13:24,679 --> 00:13:28,600 Speaker 1: at seventeen fifty three sixty announced. The euro is at 249 00:13:28,760 --> 00:13:31,960 Speaker 1: point nine three three against the dollar. British found one 250 00:13:32,000 --> 00:13:34,640 Speaker 1: point one seven six three and again one thirty seven 251 00:13:34,679 --> 00:13:37,200 Speaker 1: point to six. Look at a big coin, it's up 252 00:13:37,280 --> 00:13:39,559 Speaker 1: one point two percent. It's a twenty one thousand and 253 00:13:39,679 --> 00:13:42,960 Speaker 1: three hundred seventy dollars. That's a Bloomberg business flash. Now 254 00:13:43,040 --> 00:13:45,560 Speaker 1: here's Michael Barr with more on what's going on around 255 00:13:45,600 --> 00:13:48,439 Speaker 1: the world. Munchael, Good morning, Good morning, Karen. Lawyers for 256 00:13:48,640 --> 00:13:51,600 Speaker 1: former President Trump have asked to federal judge to prevent 257 00:13:51,679 --> 00:13:55,559 Speaker 1: the FBI from continuing to review documents recovered from his 258 00:13:55,720 --> 00:13:59,680 Speaker 1: Florida state until a neutral special master can be appointed. 259 00:14:00,080 --> 00:14:02,360 Speaker 1: It comes as the new York Times reports more than 260 00:14:02,400 --> 00:14:06,600 Speaker 1: three hundred classified documents were found at Mari Lango. Florida 261 00:14:06,679 --> 00:14:10,439 Speaker 1: holds its primary elections today. Two Democrats are squaring off, 262 00:14:10,520 --> 00:14:13,880 Speaker 1: hoping to face incumbent governor round the Santis State Agriculture 263 00:14:13,920 --> 00:14:17,839 Speaker 1: Commissioner Nicky Freed and US Representative Charlie Christ, who was 264 00:14:17,920 --> 00:14:21,400 Speaker 1: once governor himself as a Republican. New York also holds 265 00:14:21,440 --> 00:14:24,880 Speaker 1: primaries today. In baseball, the Yankees beat the Mets four 266 00:14:25,000 --> 00:14:28,880 Speaker 1: to the A's lost in NFL preseason. The Gents one 267 00:14:29,280 --> 00:14:31,480 Speaker 1: Global News twenty four hours a day on a or 268 00:14:31,560 --> 00:14:35,120 Speaker 1: and on Bloomberg Quick Take, powered by more than hundred 269 00:14:35,200 --> 00:14:38,480 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael Barr, 270 00:14:38,600 --> 00:14:41,880 Speaker 1: this is Bloomberg, Nathan, Michael, thank you. It is five 271 00:14:42,000 --> 00:14:45,320 Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactor Broker Studios. 272 00:14:45,400 --> 00:14:47,960 Speaker 1: This is Bloomberg Daybreak, and we're very pleased to be 273 00:14:48,040 --> 00:14:51,360 Speaker 1: joined this morning by Patrick Armstrong, chief investment officer at 274 00:14:51,400 --> 00:14:54,000 Speaker 1: PLUIMI Wealth. As we take a look at this market 275 00:14:54,080 --> 00:14:56,240 Speaker 1: this morning, Patrick, good to have you with us. As 276 00:14:56,480 --> 00:14:59,360 Speaker 1: Karen mentioned, we are starting to see futures move a 277 00:14:59,440 --> 00:15:03,360 Speaker 1: touch high after two straight days of losses for US 278 00:15:03,480 --> 00:15:08,920 Speaker 1: stocks coming onto the Jackson Whole symposium. Have markets fully 279 00:15:08,960 --> 00:15:12,080 Speaker 1: priced in a hawkish tone from the Fed later on 280 00:15:12,160 --> 00:15:14,720 Speaker 1: this week? Um, I think they've gotten rid of some 281 00:15:14,800 --> 00:15:18,600 Speaker 1: of the speculative excesses that was priced in because of 282 00:15:18,840 --> 00:15:21,280 Speaker 1: everyone was expecting a FED pivot. Well, I don't know 283 00:15:21,280 --> 00:15:23,280 Speaker 1: if everyone was expecting it, and the market seemed to 284 00:15:23,320 --> 00:15:25,560 Speaker 1: be pricing in a Fed's pivot to really move to 285 00:15:25,640 --> 00:15:28,520 Speaker 1: a dovish stance. I don't think we've heard that from 286 00:15:28,520 --> 00:15:30,760 Speaker 1: any of the rhetoric of the FED members. Voting and 287 00:15:30,840 --> 00:15:34,360 Speaker 1: non voting members are all saying at the most devilish, 288 00:15:34,440 --> 00:15:36,840 Speaker 1: their data dependent, and the hawkish ones are calling for 289 00:15:36,920 --> 00:15:39,200 Speaker 1: seventy five basis point hike at the next meeting. So 290 00:15:39,680 --> 00:15:42,040 Speaker 1: it would be really surprising if we do get anything 291 00:15:42,120 --> 00:15:44,360 Speaker 1: dovish out of Powell. I think he's going to keep 292 00:15:44,400 --> 00:15:47,120 Speaker 1: his options open. Um. I don't know if the markets 293 00:15:47,160 --> 00:15:49,800 Speaker 1: pricing in something hawkish from him, but I think it's 294 00:15:49,840 --> 00:15:52,520 Speaker 1: removed some of the excesses about the devilish pivot that's 295 00:15:52,640 --> 00:15:55,080 Speaker 1: probably not going to happen. Do you think he's going 296 00:15:55,160 --> 00:15:57,720 Speaker 1: to keep his options open? It sounds like you're not 297 00:15:58,120 --> 00:16:02,840 Speaker 1: expecting any further clarity from Chairman Powell later on this week? 298 00:16:02,920 --> 00:16:05,160 Speaker 1: Is that what I'm hearing from you. I don't think 299 00:16:05,240 --> 00:16:08,440 Speaker 1: he can give clarity because you've got another inflation print, 300 00:16:08,480 --> 00:16:11,840 Speaker 1: You've got another jobs number coming out before feb or 301 00:16:11,920 --> 00:16:14,520 Speaker 1: September twenty one, when they'll be making their next interest 302 00:16:14,600 --> 00:16:18,760 Speaker 1: rate decisions. So he's got to keep his options open 303 00:16:18,840 --> 00:16:21,000 Speaker 1: because if you have a shocking number on the downside 304 00:16:21,120 --> 00:16:23,440 Speaker 1: or a really strong number like last time on the jobs, 305 00:16:23,520 --> 00:16:25,560 Speaker 1: that's going to change his thinking. So he can't put 306 00:16:25,640 --> 00:16:28,160 Speaker 1: himself into a corner. I don't think this Friday. Now, 307 00:16:28,240 --> 00:16:31,000 Speaker 1: what do you think the market reaction will be if 308 00:16:31,160 --> 00:16:33,880 Speaker 1: that case holds? If the Chairman Peal does keep his 309 00:16:33,960 --> 00:16:39,080 Speaker 1: options open and potentially give investors kind of room to 310 00:16:39,560 --> 00:16:42,560 Speaker 1: decide where they're going to go, Yeah, well that's the 311 00:16:42,640 --> 00:16:45,040 Speaker 1: way I think he'll do it. And I think investors 312 00:16:45,120 --> 00:16:47,240 Speaker 1: have the natural bias on what they think is going 313 00:16:47,320 --> 00:16:49,320 Speaker 1: to be happening in the coming months. If you are 314 00:16:49,920 --> 00:16:53,000 Speaker 1: got a positive predisposition on where the economy is going, 315 00:16:53,080 --> 00:16:56,240 Speaker 1: you'll probably be wanting to buy risk. I don't see 316 00:16:56,560 --> 00:17:00,040 Speaker 1: any strong economic numbers coming out of Europe, but the 317 00:17:00,240 --> 00:17:03,400 Speaker 1: US does look much more resilient than Europe. The job 318 00:17:03,520 --> 00:17:06,320 Speaker 1: market is still very strong. Half of companies are still 319 00:17:06,359 --> 00:17:09,600 Speaker 1: saying they're having trouble filling job opening. So you can 320 00:17:09,680 --> 00:17:13,399 Speaker 1: see scenarios where the US avoids a recession, whereas the 321 00:17:13,480 --> 00:17:15,520 Speaker 1: economic numbers p M I that are coming out in 322 00:17:15,600 --> 00:17:18,160 Speaker 1: Europe or showing Europe has already admired in a recession. 323 00:17:19,080 --> 00:17:21,440 Speaker 1: Does that mean that you think that stocks have further 324 00:17:21,520 --> 00:17:24,200 Speaker 1: room to rally at this point? Have we seen the 325 00:17:24,359 --> 00:17:29,399 Speaker 1: bottom from June? I'm not sure I would. If you 326 00:17:29,600 --> 00:17:31,840 Speaker 1: push me on it, I'll say yes, I think that's 327 00:17:31,840 --> 00:17:33,520 Speaker 1: about the lower we get to, but I wouldn't be 328 00:17:33,560 --> 00:17:36,159 Speaker 1: surprised if we touch that again, um and retest the 329 00:17:36,240 --> 00:17:39,120 Speaker 1: June lows. I do think there's pretty compelling value out 330 00:17:39,119 --> 00:17:41,800 Speaker 1: there in some sectors. I would be buying a natural 331 00:17:41,880 --> 00:17:45,120 Speaker 1: gas producing stocks today. Oil and gas altogether makes sense, 332 00:17:45,200 --> 00:17:46,919 Speaker 1: but if you can buy the stocks that are producing 333 00:17:47,000 --> 00:17:50,800 Speaker 1: natural gas right now, they're incredibly cheap, putting a massive 334 00:17:50,880 --> 00:17:52,639 Speaker 1: cash flow, and they give you a bit of a 335 00:17:52,720 --> 00:17:56,480 Speaker 1: hedge against some of the stagflationary aspects that you see 336 00:17:56,480 --> 00:17:59,200 Speaker 1: a big manufacturing slow down because of energy prices. So 337 00:17:59,760 --> 00:18:03,080 Speaker 1: that where I'd be buying UM. I do think the 338 00:18:03,240 --> 00:18:06,760 Speaker 1: most expensive stocks are going to see continued downside. So 339 00:18:06,960 --> 00:18:10,680 Speaker 1: the real innovation stocks that were priced for massive profit 340 00:18:10,800 --> 00:18:13,440 Speaker 1: growth eventually that aren't generating any profits right now. I 341 00:18:13,520 --> 00:18:16,760 Speaker 1: think as quantitative tightening really does begin in earnest in September, 342 00:18:17,119 --> 00:18:19,840 Speaker 1: those kind of stocks probably will make new loads. Looking 343 00:18:19,920 --> 00:18:22,520 Speaker 1: to take a more defensive stance. I think, what is 344 00:18:22,600 --> 00:18:24,760 Speaker 1: what I'm hearing from you? Does that have you looking 345 00:18:24,840 --> 00:18:28,639 Speaker 1: more at small cap versus large cap? I'm not really. 346 00:18:28,720 --> 00:18:30,919 Speaker 1: I just think energy is the place to be put 347 00:18:31,000 --> 00:18:36,200 Speaker 1: in UM capital right now because incredibly cheap, massive casual generation, 348 00:18:36,560 --> 00:18:38,560 Speaker 1: and it does give you a hedge against the worst 349 00:18:39,200 --> 00:18:42,040 Speaker 1: aspects that come from the stagflation. And if you've got 350 00:18:42,119 --> 00:18:45,399 Speaker 1: manufacturing exposure, if you have cyclical exposure, it's going to 351 00:18:45,480 --> 00:18:48,520 Speaker 1: be the high energy prices that really choked those earnings off. 352 00:18:48,600 --> 00:18:51,000 Speaker 1: So I think adding those stocks while they're so cheap 353 00:18:51,080 --> 00:18:53,560 Speaker 1: right now make good sense to me. So not small cap. 354 00:18:54,040 --> 00:18:56,280 Speaker 1: That sector is really sticking out to me though. The 355 00:18:56,400 --> 00:18:59,640 Speaker 1: last thirty seconds here, Patrick, what about treasury yields? Where 356 00:18:59,640 --> 00:19:01,719 Speaker 1: do you see them going off the back of Jackson 357 00:19:01,800 --> 00:19:05,480 Speaker 1: holl So, I think they'll probably grind higher by your 358 00:19:05,600 --> 00:19:09,080 Speaker 1: end looking like three point three to three point five 359 00:19:09,240 --> 00:19:12,719 Speaker 1: probably at most, because the US economy is stronger than Europe, 360 00:19:12,800 --> 00:19:16,200 Speaker 1: but it is slowing. UM quantitative tightening is going to 361 00:19:16,280 --> 00:19:19,480 Speaker 1: push up yields and inflation is going to remain persistent. 362 00:19:19,640 --> 00:19:22,400 Speaker 1: So I don't think Um Paul does get hawkish enough 363 00:19:22,480 --> 00:19:25,400 Speaker 1: to really choke down inflation expectations. So I think it'll 364 00:19:25,440 --> 00:19:28,400 Speaker 1: be a slow, steady grind hire and tenure yields. Really 365 00:19:28,440 --> 00:19:30,879 Speaker 1: appreciate this, Patrick, Again, great having you on with us 366 00:19:30,960 --> 00:19:35,200 Speaker 1: this morning. Patrick Armstrong, Chief Investment Officer at PLIMI Wealth, 367 00:19:35,359 --> 00:19:39,880 Speaker 1: and a reminder to stay with Bloomberg Radio throughout Jackson Hole. 368 00:19:39,920 --> 00:19:44,080 Speaker 1: Our coverage begins with Bloomberg Surveillance on Thursday ahead of 369 00:19:44,160 --> 00:19:47,679 Speaker 1: Chairman Powell's speech ten am Wall Street time on Friday. 370 00:19:47,720 --> 00:19:49,840 Speaker 1: We will have it fully covered for you here on 371 00:19:50,040 --> 00:19:53,720 Speaker 1: Bloomberg Radio. SMP futures right now up six point staff 372 00:19:53,720 --> 00:19:57,240 Speaker 1: futures of fifty one, Nastack future is higher by twenty points, 373 00:19:57,320 --> 00:20:00,200 Speaker 1: and the tenure little change. Right now. The yield read 374 00:20:00,240 --> 00:20:08,320 Speaker 1: point zero one percent. This is Bloomberg Bloomberg eleven three 375 00:20:08,359 --> 00:20:10,000 Speaker 1: oh weather mix of sun and clouds today may be 376 00:20:10,080 --> 00:20:13,000 Speaker 1: some afternoon showers and thunderstorms eighty five for an afternoon 377 00:20:13,119 --> 00:20:15,440 Speaker 1: high will be in the uper eighties tomorrow with sunshine 378 00:20:15,720 --> 00:20:19,520 Speaker 1: high your ninety on Thursday. Right now seventy two degrees. 379 00:20:22,240 --> 00:20:26,760 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York. 380 00:20:26,880 --> 00:20:31,520 Speaker 1: Bloomberg E Living Free to Washington, d C. Bloomberg to Boston, 381 00:20:31,680 --> 00:20:35,040 Speaker 1: Bloomberg What Old six one to San Francisco, Bloomberg N 382 00:20:35,160 --> 00:20:38,399 Speaker 1: sixty to the country Sirius XM Channel one nineteen and 383 00:20:38,480 --> 00:20:41,800 Speaker 1: around the globe the Bloomberg Business APT and Bloomberg Radio 384 00:20:41,960 --> 00:20:51,040 Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on 385 00:20:51,080 --> 00:20:53,880 Speaker 1: Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow. 386 00:20:54,000 --> 00:20:56,280 Speaker 1: We're just about four hours away from the open of 387 00:20:56,359 --> 00:20:58,040 Speaker 1: US training. Let's get you up to date on the 388 00:20:58,119 --> 00:21:00,200 Speaker 1: news you need to know at this hour. We'll bos 389 00:21:00,240 --> 00:21:02,760 Speaker 1: are coming off their worst one day drop in two months. 390 00:21:03,040 --> 00:21:05,640 Speaker 1: The S and P five index fell two point one 391 00:21:05,760 --> 00:21:10,480 Speaker 1: per cent. UBS Managing Director Ali McCartney says, with increased volatility, 392 00:21:10,600 --> 00:21:13,560 Speaker 1: investors need to be mindful of stock picks. Over the 393 00:21:13,680 --> 00:21:16,400 Speaker 1: last number of years, you've really been rewarded no matter 394 00:21:16,520 --> 00:21:19,680 Speaker 1: what type of equity you had the concept of security 395 00:21:19,760 --> 00:21:23,280 Speaker 1: selection and active management is really something we're leaning into. 396 00:21:23,720 --> 00:21:27,240 Speaker 1: Ellie McCartney with UBS says rising rates and inflation will 397 00:21:27,320 --> 00:21:30,520 Speaker 1: create uncertainty and equity markets well. The sell offs spilled 398 00:21:30,520 --> 00:21:33,240 Speaker 1: into asiacaren, with stocks in Japan and Hong Kong both 399 00:21:33,280 --> 00:21:36,160 Speaker 1: falling around one percent. The global drop comes as investors 400 00:21:36,200 --> 00:21:39,720 Speaker 1: await the Federal Reserves annual Jackson Hole Economic Symposium later 401 00:21:39,800 --> 00:21:43,360 Speaker 1: this week, where chair j Powell will speak. Stanford University 402 00:21:43,400 --> 00:21:46,359 Speaker 1: President John Taylor says the Fed should not cut rates again. 403 00:21:46,560 --> 00:21:49,200 Speaker 1: If we let inflation build up over time like in 404 00:21:49,240 --> 00:21:52,239 Speaker 1: the seventies it was seven years of fire inflation. If 405 00:21:52,280 --> 00:21:54,040 Speaker 1: we nip it in the bud, then you don't have 406 00:21:54,240 --> 00:21:57,720 Speaker 1: to have these negative effects. Stanford Economics professor John Taylor 407 00:21:57,760 --> 00:22:00,320 Speaker 1: thinks the Fed should aim to raise rates to five cent. 408 00:22:00,560 --> 00:22:03,360 Speaker 1: Stick with Bloomberg for coverage of the Jackson Whole Symbosium. 409 00:22:03,520 --> 00:22:07,040 Speaker 1: Bloomberg Surveillance will be there beginning Thursday. To politics Now, Nathan, 410 00:22:07,119 --> 00:22:09,840 Speaker 1: It's primary day in New York, Florida and a runoff 411 00:22:09,880 --> 00:22:13,680 Speaker 1: in Oklahoma. A longtime House Democratic colleagues Camerla Maloney and 412 00:22:13,800 --> 00:22:17,320 Speaker 1: Jerry Nadler are competing for the same seat in New 413 00:22:17,400 --> 00:22:20,560 Speaker 1: York in the nineteenth district. Democrat Pat Ryan is running 414 00:22:20,560 --> 00:22:25,119 Speaker 1: against Republican Mark Mullinaro and Florida Republican incumbent Senator Marco 415 00:22:25,280 --> 00:22:29,120 Speaker 1: ruby O a luckily faced Democratic Representative Val Demming's In November, 416 00:22:29,440 --> 00:22:32,879 Speaker 1: Republican Governor Rhonda Santis will faish either former governor Charlie 417 00:22:32,960 --> 00:22:35,480 Speaker 1: christ or Nicky Freed. And This Morning Care and We're 418 00:22:35,480 --> 00:22:38,160 Speaker 1: getting more evidence of the toll the pandemic has taken 419 00:22:38,200 --> 00:22:40,840 Speaker 1: on our lives. Bloomberg's Rinda Young joins US Live with 420 00:22:40,920 --> 00:22:43,720 Speaker 1: that story. Good morning, Grenda, Good morning Nathan. The CDC's 421 00:22:43,880 --> 00:22:46,760 Speaker 1: his life expectancy in New York State dropped by three 422 00:22:46,880 --> 00:22:50,200 Speaker 1: years in twenty twenty, the biggest decline among all states 423 00:22:50,320 --> 00:22:53,080 Speaker 1: during the first year of the COVID nineteen pandemic. New 424 00:22:53,160 --> 00:22:56,000 Speaker 1: York State residents are expected to live to just under 425 00:22:56,080 --> 00:23:00,040 Speaker 1: seventy eight years old, the fifteenth highest life expectancy in 426 00:23:00,040 --> 00:23:03,560 Speaker 1: the US. In New York had the third highest ranking, 427 00:23:03,880 --> 00:23:07,560 Speaker 1: the CDC said last year. Overall US life expectancy plunged 428 00:23:07,640 --> 00:23:10,679 Speaker 1: by one point eight years in twenty twenty, the biggest 429 00:23:10,800 --> 00:23:13,919 Speaker 1: drop since World War Two. Live in New York. I'm 430 00:23:13,960 --> 00:23:16,680 Speaker 1: rened a young Bloomberg day break iveryned to thank you. 431 00:23:16,800 --> 00:23:19,720 Speaker 1: Futures this morning or high er, SNP futures up about 432 00:23:19,760 --> 00:23:22,880 Speaker 1: six points down, Future is at forty seven and nasday 433 00:23:23,000 --> 00:23:26,480 Speaker 1: futures at about nineteen and at ten year treasury that'll change. 434 00:23:26,520 --> 00:23:29,119 Speaker 1: You have three point one per cent straight ahead related 435 00:23:29,240 --> 00:23:32,639 Speaker 1: latest local headlines plus a check of sports, and this 436 00:23:33,359 --> 00:23:39,920 Speaker 1: is Bloomberg. Thanks haring. It's high thirty three on Wall Street, 437 00:23:40,000 --> 00:23:42,600 Speaker 1: seventy three degrees in Central Park. Have a service suspension 438 00:23:42,720 --> 00:23:45,439 Speaker 1: on the New Jersey Transit Morris XX line. We'll get 439 00:23:45,480 --> 00:23:47,840 Speaker 1: to the details in traffic first. Michael Barr with what 440 00:23:47,920 --> 00:23:50,119 Speaker 1: else is going on in New York end around the world. Michael, 441 00:23:50,320 --> 00:23:53,000 Speaker 1: thank you very much, Nathan. More bus loads of migrants 442 00:23:53,040 --> 00:23:56,520 Speaker 1: arrived in New York City. Mayor Eric Adams estimates over 443 00:23:56,640 --> 00:23:59,880 Speaker 1: the weekend about hundred asylum seekers from Central and South 444 00:24:00,000 --> 00:24:04,040 Speaker 1: America have arrived from Texas. Adams says it's an obligation 445 00:24:04,119 --> 00:24:06,640 Speaker 1: for the city to do what they can to provide 446 00:24:06,640 --> 00:24:09,040 Speaker 1: a roof over the heads of these families, right to 447 00:24:09,119 --> 00:24:13,160 Speaker 1: shelter whoever comes to the city. If it's day one, 448 00:24:13,520 --> 00:24:17,800 Speaker 1: we are legally and morally responsible for giving them houses. 449 00:24:18,240 --> 00:24:22,600 Speaker 1: Adams criticized Republican Texas Governor Abbott, saying he's not coordinating 450 00:24:22,640 --> 00:24:25,520 Speaker 1: with the city. With schools set to resume in the 451 00:24:25,600 --> 00:24:28,280 Speaker 1: country's largest school district and a number of weeks, New 452 00:24:28,400 --> 00:24:32,040 Speaker 1: York Governor Cafey Hocle says the state's new COVID regulations 453 00:24:32,160 --> 00:24:37,120 Speaker 1: for this school year have changed. Hocal says schools will 454 00:24:37,200 --> 00:24:41,680 Speaker 1: ease up on several safety plans, including relaxing quarantine protocols 455 00:24:41,760 --> 00:24:45,360 Speaker 1: for class and no longer enforcing the test to Stay program, 456 00:24:45,760 --> 00:24:48,639 Speaker 1: So no more tests to stay. What that means if 457 00:24:48,680 --> 00:24:52,000 Speaker 1: a classmate test positive for COVID and your child doesn't 458 00:24:52,040 --> 00:24:54,720 Speaker 1: have symptoms, your child can stay in school as long 459 00:24:54,760 --> 00:24:57,520 Speaker 1: as they would wear a mask under those circumstances were recommending. 460 00:24:58,119 --> 00:25:02,119 Speaker 1: Governor Hocle promises monkey bocks, vaccines and treatment remains a 461 00:25:02,200 --> 00:25:06,040 Speaker 1: priority in the state. About of US adults thank gun 462 00:25:06,160 --> 00:25:08,960 Speaker 1: violence is increasing nationwide and want to see gun laws 463 00:25:09,040 --> 00:25:12,080 Speaker 1: made stricter. That's according to a poll from the University 464 00:25:12,119 --> 00:25:15,560 Speaker 1: of Chicago Harris School of Public Policy and the Associated 465 00:25:15,600 --> 00:25:19,240 Speaker 1: Press Nork Center for Public Affairs Research. The dangerous flood 466 00:25:19,280 --> 00:25:22,119 Speaker 1: conditions gripping parts of the Southwest in Texas and now 467 00:25:22,200 --> 00:25:26,800 Speaker 1: shifting to Louisiana and Mississippi. The storms already dumped historic 468 00:25:26,840 --> 00:25:30,760 Speaker 1: amounts of rain in Arizona and North Texas. Mayor Rachel 469 00:25:30,880 --> 00:25:34,560 Speaker 1: Moreno of Wendona, Texas is thanking volunteers, lending a hand. 470 00:25:34,800 --> 00:25:37,199 Speaker 1: Thank you for everybody that's coming in helping us um 471 00:25:37,720 --> 00:25:40,119 Speaker 1: assess in our area and helping us try to get 472 00:25:40,440 --> 00:25:43,359 Speaker 1: things cleaned up in East Analysts more than fifteen inches 473 00:25:43,400 --> 00:25:46,520 Speaker 1: of rain flooded streets and homes. Global News twenty four 474 00:25:46,560 --> 00:25:49,200 Speaker 1: hours a day on air and on Bloomberg Quick Take, 475 00:25:49,240 --> 00:25:51,800 Speaker 1: powered by more than twenty seven hundred journalists analysts more 476 00:25:51,800 --> 00:25:54,159 Speaker 1: than a hundred twenty countries at Michael barr and this 477 00:25:54,600 --> 00:26:02,600 Speaker 1: is Bloomberg, Nathan, Thank you, Michael wall Street. Time for 478 00:26:02,600 --> 00:26:05,080 Speaker 1: the Blue Brick Sports Upday with John Stenshaw. All right, Dathan, 479 00:26:05,119 --> 00:26:07,119 Speaker 1: the Mets have a better record of the Yankees. They 480 00:26:07,200 --> 00:26:09,359 Speaker 1: have been the far better team the past month or so, 481 00:26:09,520 --> 00:26:11,600 Speaker 1: but the Yanks did beat the Mets for two of 482 00:26:11,640 --> 00:26:14,360 Speaker 1: the Subway series in the Bronx and Atlanta one in Pittsburgh. 483 00:26:14,440 --> 00:26:17,119 Speaker 1: So while the Yankees, despite their recent struggles, still have 484 00:26:17,200 --> 00:26:19,920 Speaker 1: an eight game lead in their division. Mets are only 485 00:26:20,040 --> 00:26:22,560 Speaker 1: three up on the Braves. Yankee heroes last night, including 486 00:26:22,640 --> 00:26:24,800 Speaker 1: Domingo her Mom, pitched into the seventh and he gave 487 00:26:24,880 --> 00:26:27,640 Speaker 1: up only one er and run. Solid relief work after 488 00:26:27,760 --> 00:26:31,440 Speaker 1: him by Ron Baronaccio and Jonathan Loaisa Andrew bennettsendy with 489 00:26:31,520 --> 00:26:33,760 Speaker 1: a pair of run scoring hits and home run number 490 00:26:33,840 --> 00:26:37,159 Speaker 1: forty seven for Aaron Judge, who hopes the Yankees slump 491 00:26:37,400 --> 00:26:38,840 Speaker 1: is over there. You could just feel a little different 492 00:26:38,880 --> 00:26:41,720 Speaker 1: energy and the dug out, you know, even throughout the 493 00:26:41,760 --> 00:26:43,639 Speaker 1: at bats. You know, guys just like I said earlier, 494 00:26:43,680 --> 00:26:47,159 Speaker 1: guys one through nine working account um dinner and they 495 00:26:47,200 --> 00:26:49,000 Speaker 1: can to, you know, wait it out. And so you 496 00:26:49,000 --> 00:26:50,639 Speaker 1: gotta pitcher drive. And you know when you do that 497 00:26:50,680 --> 00:26:52,480 Speaker 1: against one of the best in the game, and you're 498 00:26:52,480 --> 00:26:53,960 Speaker 1: gonna get a good results. And one of the best 499 00:26:54,000 --> 00:26:55,879 Speaker 1: of the game is Max Scherzer. Yanks beat him and 500 00:26:55,960 --> 00:26:58,120 Speaker 1: they don't have to face Jacob to Graham the Metro 501 00:26:58,200 --> 00:27:01,080 Speaker 1: instead going with Taiwan Walker a night giving to Groms 502 00:27:01,080 --> 00:27:03,760 Speaker 1: some extra rest. Frankie Montas on the mount for the Gangs, 503 00:27:03,840 --> 00:27:07,359 Speaker 1: as with all preseason games, reserves on the field at 504 00:27:07,400 --> 00:27:10,120 Speaker 1: the end of the Jets reserves engineered a big comeback 505 00:27:10,480 --> 00:27:13,600 Speaker 1: from sixteen down. They beat the Falcons four to sixteen 506 00:27:13,640 --> 00:27:15,920 Speaker 1: to the Jets win at MetLife the night after the 507 00:27:16,040 --> 00:27:19,280 Speaker 1: Giants won their their game included a knee injury to 508 00:27:19,440 --> 00:27:21,960 Speaker 1: rookie Cavon Thibodeaux that it first appeared to be series, 509 00:27:22,000 --> 00:27:23,960 Speaker 1: then not so much the word yesterday It is a 510 00:27:24,040 --> 00:27:27,040 Speaker 1: sprained mc L and Thibodeau will likely miss the start 511 00:27:27,080 --> 00:27:29,240 Speaker 1: of the regular season. A new team has emerged in 512 00:27:29,280 --> 00:27:32,520 Speaker 1: the Kevin Durant trade talks, the Memphis Grizzlies, who have 513 00:27:32,680 --> 00:27:35,480 Speaker 1: young players and multiple draft picks to offer to the 514 00:27:35,560 --> 00:27:39,200 Speaker 1: next John Stash Bloomberg Splory Nick John thanks five thirty 515 00:27:39,200 --> 00:27:41,399 Speaker 1: seven on Wall Street Time for the Tri State Business 516 00:27:41,480 --> 00:27:45,120 Speaker 1: report with Bloomberg Stinis Pellegrini. Sachs is facing a trial 517 00:27:45,240 --> 00:27:48,760 Speaker 1: date early next June in a long simmering gender bias case. 518 00:27:48,960 --> 00:27:52,000 Speaker 1: It's been twelve years since his closely watched case was filed, 519 00:27:52,280 --> 00:27:55,080 Speaker 1: seventeen since the lead playing tiff first complained to the 520 00:27:55,160 --> 00:27:59,000 Speaker 1: Equal Opportunity Employment Commission. The annual August scramble for New 521 00:27:59,080 --> 00:28:02,040 Speaker 1: York City apartment is on Street Easy says to escape 522 00:28:02,080 --> 00:28:05,280 Speaker 1: those sky high rents. Would be tenants are broadening searches 523 00:28:05,359 --> 00:28:08,320 Speaker 1: to fire flooding places like South and East Brooklyn and 524 00:28:08,440 --> 00:28:10,960 Speaker 1: Central Queens. If you're a working woman, you might be 525 00:28:11,040 --> 00:28:13,600 Speaker 1: best off in Connecticut. Wallet Hubs says the state has 526 00:28:13,680 --> 00:28:15,800 Speaker 1: the lowest gender pay gap in the U S, women 527 00:28:15,840 --> 00:28:18,960 Speaker 1: earning just three percent less than men. In New Jersey, 528 00:28:19,000 --> 00:28:22,480 Speaker 1: the nineteenth wheed store has launched in Montclair. Assen Montclair 529 00:28:22,600 --> 00:28:25,160 Speaker 1: is up and running and New York based movie Passes 530 00:28:25,240 --> 00:28:28,520 Speaker 1: coming back. The nationwide subscription startup is relaunching on Labor 531 00:28:28,600 --> 00:28:32,040 Speaker 1: Day with cheered pricing for monthlong subscriptions for movie theaters. 532 00:28:32,359 --> 00:28:35,200 Speaker 1: The wait list for the beta subscription opens Thursday. And 533 00:28:35,280 --> 00:28:39,120 Speaker 1: that's the Bloomberg Chi State Business Report. I'm Denise Pellegrini. Okay, Denise, 534 00:28:39,160 --> 00:28:41,200 Speaker 1: thank you. It's five thirty eight on Wall Street. Bloomberg 535 00:28:41,280 --> 00:28:43,560 Speaker 1: Radio is on the air from San Francisco to New York, 536 00:28:43,640 --> 00:28:46,160 Speaker 1: London to Hong Kong. Let's check in with our global 537 00:28:46,200 --> 00:28:47,880 Speaker 1: news team for some of the top stories heard on 538 00:28:47,920 --> 00:28:50,880 Speaker 1: our three hundred of filiate radio stations around the world. 539 00:28:53,720 --> 00:28:57,400 Speaker 1: I'm Steve chen chen Winds in New York. We're talking 540 00:28:57,440 --> 00:29:01,360 Speaker 1: about cosmetics Giant RedLong telling of bankruptcy court judge had 541 00:29:01,440 --> 00:29:05,640 Speaker 1: stuck maybe worthless. I'm John Donneger telling kaf Baby listeners 542 00:29:05,680 --> 00:29:08,760 Speaker 1: in Omaha the corn crop and Nebraska is so dry 543 00:29:09,280 --> 00:29:12,920 Speaker 1: plants aren't producing ears of grain. Com Genus Servetti And 544 00:29:13,080 --> 00:29:16,160 Speaker 1: for w w BBM in Chicago, I'm reporting that twenty 545 00:29:16,240 --> 00:29:19,239 Speaker 1: local restaurants have been denied appeals in trying to get 546 00:29:19,280 --> 00:29:23,640 Speaker 1: their insurance policies to cover pandemic related losses. I'm Stephen 547 00:29:23,720 --> 00:29:26,440 Speaker 1: Carol and Bloomberg d a B Digital Radio in London. 548 00:29:26,520 --> 00:29:29,160 Speaker 1: We've been reporting on the latest pm I survey showing 549 00:29:29,240 --> 00:29:33,400 Speaker 1: output contracting in the Eurozone in August. Those are some 550 00:29:33,480 --> 00:29:36,600 Speaker 1: of the stories. Are hundred Bloomberg journalists and analysts are 551 00:29:36,600 --> 00:29:38,880 Speaker 1: working on this morning around the world. It's five thirty 552 00:29:38,960 --> 00:29:42,000 Speaker 1: nine on Wall Street. The following is an editorial from 553 00:29:42,120 --> 00:29:47,360 Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. 554 00:29:48,000 --> 00:29:52,760 Speaker 1: Ukraine's president wants Western countries to ban Russian travelers in 555 00:29:52,880 --> 00:29:57,760 Speaker 1: hopes of boosting pressure against President Vladimir Putin. Such measures 556 00:29:57,920 --> 00:30:01,360 Speaker 1: may seem appealing in light of po his invasion, but 557 00:30:01,480 --> 00:30:05,280 Speaker 1: a blanket travel band would be the wrong response. The 558 00:30:05,360 --> 00:30:09,560 Speaker 1: European Union has better and fairer tools. For example, if 559 00:30:09,640 --> 00:30:13,440 Speaker 1: could focus on ending on du visa privileges for Russia's 560 00:30:13,520 --> 00:30:18,640 Speaker 1: oligarchs and offers humanitarian visas to help opponents of the regime, 561 00:30:19,080 --> 00:30:22,720 Speaker 1: It should also encourage a brain train of students and scientists, 562 00:30:22,960 --> 00:30:26,800 Speaker 1: which would help erode Putin's ability to sustain his brutal 563 00:30:26,880 --> 00:30:31,680 Speaker 1: invasion and repression. Such measures will be more complicated and 564 00:30:31,840 --> 00:30:37,400 Speaker 1: perhaps less satisfying than simply rejecting Russian entrance wholesale, but 565 00:30:37,840 --> 00:30:41,600 Speaker 1: they'd be better for Europe and crucially, far more likely 566 00:30:41,760 --> 00:30:45,680 Speaker 1: to hit Putin where it hurts. This editorial was written 567 00:30:45,720 --> 00:30:49,560 Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion, please 568 00:30:49,560 --> 00:30:52,760 Speaker 1: go to Bloomberg dot com, slash opinion or ope I 569 00:30:53,040 --> 00:30:56,800 Speaker 1: n go on the Bloomberg Terminal. This has been Bloomberg opinion, 570 00:30:57,040 --> 00:31:00,120 Speaker 1: and you can hear Bloomberg opinion editorials every weekday at 571 00:31:00,160 --> 00:31:02,920 Speaker 1: this time. Terminal customers can read more at O P 572 00:31:03,240 --> 00:31:06,960 Speaker 1: I n go SMP futures up four points right now, 573 00:31:07,080 --> 00:31:10,240 Speaker 1: the future is up nastack future is up thirteen points. 574 00:31:10,280 --> 00:31:12,520 Speaker 1: That's a gain of a tenth percent across the board. 575 00:31:12,920 --> 00:31:15,880 Speaker 1: Ten Your treasury little change the yield three point zero 576 00:31:15,960 --> 00:31:23,160 Speaker 1: one per cent. You're listening to Bloomberg Daybreak Bloomberg eleven 577 00:31:23,200 --> 00:31:24,840 Speaker 1: three oh weather mix of sun and clouds, maybe some 578 00:31:24,920 --> 00:31:27,400 Speaker 1: afternoon showers and thunderstorms today going up to near eighty 579 00:31:27,480 --> 00:31:30,960 Speaker 1: five degrees uper eight the sunshine tomorrow sunny and you're 580 00:31:31,080 --> 00:31:33,920 Speaker 1: ninety on Thursday. Right now seventy three and cloudy in 581 00:31:34,040 --> 00:31:40,400 Speaker 1: Central Park Markets, headlines and breaking news twenty four hours 582 00:31:40,440 --> 00:31:43,400 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at 583 00:31:43,520 --> 00:31:47,320 Speaker 1: and at Bloomberg Quick Tape. She's a Bloomberg Business Flash 584 00:31:53,040 --> 00:31:55,600 Speaker 1: and I'm Cameron Moscow US dot in next. Futures are 585 00:31:55,640 --> 00:31:58,400 Speaker 1: aging higher this morning ahead of the Jackson Holes Central 586 00:31:58,440 --> 00:32:01,840 Speaker 1: Banker Symposium later this week, and the morning after US 587 00:32:01,840 --> 00:32:04,160 Speaker 1: stocks plunged the most in two months. We checked the 588 00:32:04,200 --> 00:32:07,120 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg 589 00:32:07,480 --> 00:32:09,640 Speaker 1: s and P Future is up about nine points down 590 00:32:09,720 --> 00:32:12,440 Speaker 1: Future is up sixty nine and nowsday Future is up thirty. 591 00:32:12,760 --> 00:32:15,080 Speaker 1: The decks in Germany's up a quarter percent. The ten 592 00:32:15,160 --> 00:32:18,400 Speaker 1: year treasury it'll change, you'll three point one percent yield 593 00:32:18,480 --> 00:32:21,680 Speaker 1: on the two year three point three two percent. Nim 594 00:32:21,680 --> 00:32:23,960 Speaker 1: mex screed oil is up one point eight percent of 595 00:32:24,040 --> 00:32:26,800 Speaker 1: a dollar sixty six and ninety two dollars one cent 596 00:32:26,920 --> 00:32:29,080 Speaker 1: of barrol Co makes gold up two tenths per cent 597 00:32:29,200 --> 00:32:32,120 Speaker 1: or three dollars at seventeen fifty one forty announce. The 598 00:32:32,240 --> 00:32:35,320 Speaker 1: Euro is point nine nine to two against the dollar, 599 00:32:35,360 --> 00:32:37,680 Speaker 1: British pound one point one seven six seven, and a 600 00:32:37,760 --> 00:32:40,840 Speaker 1: yen at one thirty seven point three nine. Bitcoin this 601 00:32:41,040 --> 00:32:43,520 Speaker 1: morning up one point four percent at twenty one thousand, 602 00:32:43,600 --> 00:32:46,760 Speaker 1: four hundred dollars. That's a Bloomberg business flash. Now here's 603 00:32:46,800 --> 00:32:49,240 Speaker 1: Michael Barr with more on what's going on around the world. 604 00:32:49,400 --> 00:32:52,960 Speaker 1: Michael Karen, thank you very much. Key primary elections are 605 00:32:53,000 --> 00:32:55,680 Speaker 1: in three states today. We'll have more on those coming 606 00:32:55,760 --> 00:32:59,040 Speaker 1: up shortly. Lawyers for former President Trump have asked the 607 00:32:59,080 --> 00:33:01,800 Speaker 1: federal judge to be vent the FBI from continuing to 608 00:33:01,880 --> 00:33:05,600 Speaker 1: review documents recovered from his Florida state until a neutral 609 00:33:05,720 --> 00:33:09,000 Speaker 1: special master can be appointed. It comes as The New 610 00:33:09,080 --> 00:33:12,320 Speaker 1: York Times reports more than three hundred classified documents were 611 00:33:12,360 --> 00:33:15,680 Speaker 1: found at maur Lago. In baseball, the Yankees beat the 612 00:33:15,800 --> 00:33:20,200 Speaker 1: Mats four to the A's lost in NFL preseason the Jets. 613 00:33:20,280 --> 00:33:23,360 Speaker 1: One Global News twenty four hours a day on are 614 00:33:23,480 --> 00:33:27,480 Speaker 1: and on Bloomberg Quick Take, powered by more than journalists 615 00:33:27,480 --> 00:33:30,160 Speaker 1: and analysts more than a hundred twenty countries. Michael Barr 616 00:33:30,200 --> 00:33:32,760 Speaker 1: and this is Bloomberg. Nathan. Okay, Michael, thank you. We're 617 00:33:32,800 --> 00:33:34,800 Speaker 1: coming up to five forty nine on Wall Street Life 618 00:33:34,800 --> 00:33:38,440 Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Day Breaking. Yeah, 619 00:33:38,520 --> 00:33:41,680 Speaker 1: let's get more on this primary day with Joe Matthew 620 00:33:41,760 --> 00:33:45,000 Speaker 1: are Bloomberg Washington correspondent, host of sound On here on 621 00:33:45,120 --> 00:33:47,640 Speaker 1: Bloomberg Radio. Joe, great to have you with us on 622 00:33:47,800 --> 00:33:50,680 Speaker 1: primary day in New York and Florida. And of course, 623 00:33:50,760 --> 00:33:53,440 Speaker 1: redistricting has made a couple of races in New York 624 00:33:53,520 --> 00:33:58,120 Speaker 1: particularly interesting because after today, at least one longtime member 625 00:33:58,160 --> 00:34:00,080 Speaker 1: of Congress is going to be a lame duck, at 626 00:34:00,120 --> 00:34:04,240 Speaker 1: least one. We're watching this Nadler Maloney race. You think 627 00:34:04,280 --> 00:34:07,160 Speaker 1: of it as Upper east Side versus Upper west Side 628 00:34:07,920 --> 00:34:11,880 Speaker 1: to a senior committee chairs. These are long term members 629 00:34:11,960 --> 00:34:15,120 Speaker 1: of the Democratic Party in the US House running against 630 00:34:15,160 --> 00:34:18,040 Speaker 1: each other. This is what happens when maps are read drawn. 631 00:34:18,120 --> 00:34:20,080 Speaker 1: And I'm not sure they would have planned it this way, 632 00:34:20,120 --> 00:34:22,040 Speaker 1: but here we are with Jerry Nadler, the chair of 633 00:34:22,080 --> 00:34:26,120 Speaker 1: the Judiciary Committee Upper West Side, considered the front runner here, 634 00:34:26,719 --> 00:34:28,759 Speaker 1: having been endorsed by The New York Times and by 635 00:34:28,840 --> 00:34:31,400 Speaker 1: Senator Chuck Schumer. At least that's what the most recent 636 00:34:31,440 --> 00:34:35,320 Speaker 1: polling data has suggested. Representative Carolin Maloney, the chair of 637 00:34:35,360 --> 00:34:39,960 Speaker 1: the Oversight Committee Upper East Side, has really turned this 638 00:34:40,239 --> 00:34:43,719 Speaker 1: into an interesting contest here as Maloney tries to make 639 00:34:43,800 --> 00:34:46,360 Speaker 1: the case for having a woman in this seat and 640 00:34:46,400 --> 00:34:48,960 Speaker 1: to be acknowledged for the role that she has played. 641 00:34:49,440 --> 00:34:54,360 Speaker 1: Interesting that we're seeing uh Congressman Nadler potentially as the 642 00:34:54,480 --> 00:34:59,120 Speaker 1: front runner here. You might wonder whether having two longtime 643 00:34:59,200 --> 00:35:02,520 Speaker 1: members of cong Is competing against each other might give 644 00:35:02,760 --> 00:35:07,960 Speaker 1: the challenger, Sarage Patel, room to sort of swim through 645 00:35:08,000 --> 00:35:10,600 Speaker 1: the middle and make his way up there. I guess 646 00:35:10,640 --> 00:35:14,200 Speaker 1: anything is possible. The polls have not suggested that's going 647 00:35:14,280 --> 00:35:16,160 Speaker 1: to be the outcome, But of course we've woken up 648 00:35:16,160 --> 00:35:18,840 Speaker 1: on a lot of Wednesday mornings with a surprise this 649 00:35:19,120 --> 00:35:22,640 Speaker 1: primary season. But yes, there's there is a third candidate 650 00:35:22,719 --> 00:35:26,279 Speaker 1: here without the sort of party backing that the other 651 00:35:26,400 --> 00:35:30,200 Speaker 1: to enjoy, and certainly Nadler with Chuck Schumer behind him, here, 652 00:35:30,760 --> 00:35:34,680 Speaker 1: But you mentioned this is not the only possible incumbent 653 00:35:34,800 --> 00:35:38,160 Speaker 1: that could be in trouble here, Representative Sean Patrick Maloney. 654 00:35:38,239 --> 00:35:41,000 Speaker 1: This isn't the seventeenth district of New York. This is 655 00:35:41,360 --> 00:35:43,400 Speaker 1: you know, not just an incumbent, but he leads the 656 00:35:43,440 --> 00:35:47,759 Speaker 1: House Democratic Campaign Committee's backed by Nancy Pelosi, and it's 657 00:35:47,800 --> 00:35:49,759 Speaker 1: turned into a little bit of a proxy here. State 658 00:35:49,800 --> 00:35:54,200 Speaker 1: Senator Alessandra Biaggi is backed by Alexandria Cassio Cortez. So 659 00:35:54,320 --> 00:35:58,640 Speaker 1: it's kind of a progressive versus establishment race here as 660 00:35:59,200 --> 00:36:02,839 Speaker 1: Sean Patrick Maloney fights to keep his career alive. Are 661 00:36:02,920 --> 00:36:06,120 Speaker 1: we seeing any other races coming out here, Joe, where 662 00:36:06,160 --> 00:36:10,440 Speaker 1: we could see more of that potential divide between the 663 00:36:10,840 --> 00:36:14,960 Speaker 1: sort of mainline traditional Democratic Party and that progressive wing 664 00:36:15,080 --> 00:36:19,080 Speaker 1: that Alexandria Occasio Cortez embodies. Well, I, you know, in 665 00:36:19,280 --> 00:36:22,120 Speaker 1: terms of the races in New York, I think that 666 00:36:22,320 --> 00:36:25,120 Speaker 1: the special election that's happening in the nineteenth district, and 667 00:36:25,160 --> 00:36:27,560 Speaker 1: this is Bizarres Hudson Valley, that you know, the winner 668 00:36:27,600 --> 00:36:29,439 Speaker 1: of this will only have the seat for a couple 669 00:36:29,480 --> 00:36:33,440 Speaker 1: of months because of the redistricting you mentioned that district 670 00:36:33,520 --> 00:36:35,239 Speaker 1: will be dismantled at the end of the year. It 671 00:36:35,360 --> 00:36:38,759 Speaker 1: opened up when Anthony Delgado became lieutenant governor. So you've 672 00:36:38,760 --> 00:36:40,680 Speaker 1: got a Democrat here, Pat Ryan. And I'm not going 673 00:36:40,760 --> 00:36:43,600 Speaker 1: to suggest that this is a progressive versus establishment race, 674 00:36:43,680 --> 00:36:46,920 Speaker 1: but Pat Ryan has really made this as a Democrat 675 00:36:47,440 --> 00:36:51,040 Speaker 1: uh an issue of abortion rights, where the Republican here 676 00:36:51,080 --> 00:36:55,520 Speaker 1: Mark Molinaro, also a county executive, has really taken the 677 00:36:55,719 --> 00:36:59,839 Speaker 1: establishment Republican line on inflation UH to the voters here. 678 00:36:59,840 --> 00:37:01,520 Speaker 1: So this is a bit of a proxy for the 679 00:37:01,640 --> 00:37:04,200 Speaker 1: general election. Joe Biden beat Donald Trump I one and 680 00:37:04,239 --> 00:37:07,160 Speaker 1: a half percentage points in that district, but it is 681 00:37:07,560 --> 00:37:10,279 Speaker 1: thought to be leaning Republican here, and the polls do 682 00:37:10,440 --> 00:37:13,279 Speaker 1: not really establish a front runners. So there are a 683 00:37:13,280 --> 00:37:16,040 Speaker 1: lot of questions about where this is gonna go. If 684 00:37:16,160 --> 00:37:18,920 Speaker 1: if Democrats can keep the seat, it will be meaningful. 685 00:37:18,960 --> 00:37:22,680 Speaker 1: If Republicans can flip the seat, then they might say, look, 686 00:37:22,719 --> 00:37:25,600 Speaker 1: this is an indicator of where we're going here in 687 00:37:25,840 --> 00:37:28,560 Speaker 1: November with our chances to take the House. So that's 688 00:37:28,600 --> 00:37:30,520 Speaker 1: one that we're watching closely that might not get as 689 00:37:30,600 --> 00:37:33,799 Speaker 1: much attention. What are you watching in Florida, Joe, Well, 690 00:37:33,880 --> 00:37:36,520 Speaker 1: Florida is interesting you know, look, we're the battle between 691 00:37:36,600 --> 00:37:39,000 Speaker 1: Charlie Christ and Nikki Freed. Just to find out who's 692 00:37:39,000 --> 00:37:41,120 Speaker 1: gonna run against Rhonda Santis is a little bit of 693 00:37:41,719 --> 00:37:44,640 Speaker 1: uh an exercise. I won't say in futility, but very 694 00:37:44,719 --> 00:37:47,359 Speaker 1: few expect the Rhonda Santis to be in trouble here. 695 00:37:47,800 --> 00:37:50,239 Speaker 1: As the two Democrats try to duke it out, we're 696 00:37:50,280 --> 00:37:53,359 Speaker 1: also wondering is Marco Rubio in trouble. That's not something 697 00:37:53,440 --> 00:37:56,640 Speaker 1: that's been part of the sort of electoral narrative here, 698 00:37:56,680 --> 00:38:00,680 Speaker 1: but Representative Val Demmings Uh, the front runner here to 699 00:38:00,840 --> 00:38:04,320 Speaker 1: run against Marco Rubio, has raised forty eight million dollars, 700 00:38:04,840 --> 00:38:07,640 Speaker 1: which is remarkable and what is a four way primary here, 701 00:38:08,080 --> 00:38:11,160 Speaker 1: Questions about what Marco Rubio might be facing in November, 702 00:38:11,400 --> 00:38:14,000 Speaker 1: and of course, in the lead up to the primary 703 00:38:14,040 --> 00:38:16,799 Speaker 1: in Florida, the big political story in Florida has been 704 00:38:16,840 --> 00:38:20,160 Speaker 1: the FBI search of former President Donald Trump's home at 705 00:38:20,239 --> 00:38:22,520 Speaker 1: marl Lago. We've had a lot of developments there and 706 00:38:22,560 --> 00:38:26,839 Speaker 1: I wonder whether that that search is gonna be part 707 00:38:26,880 --> 00:38:30,759 Speaker 1: of what plays out in these primary races today. It's 708 00:38:30,760 --> 00:38:33,760 Speaker 1: hard to say. When you know Rhonda Santis has actually 709 00:38:33,840 --> 00:38:36,600 Speaker 1: you know, he's on running unopposed here, So it's really 710 00:38:36,640 --> 00:38:39,000 Speaker 1: Democrats we're gonna be choosing, you know, who's gonna face 711 00:38:39,120 --> 00:38:41,760 Speaker 1: Rhonda Santis in the fall, Who's gonna face Marco Rubio 712 00:38:42,160 --> 00:38:44,160 Speaker 1: in the fall. I will note that Rhonda Santis has 713 00:38:44,200 --> 00:38:47,959 Speaker 1: been on a national fundraising tour. He was in Pennsylvania 714 00:38:48,040 --> 00:38:51,080 Speaker 1: on Friday to stump for the Republican candidate for governor there. 715 00:38:51,120 --> 00:38:53,320 Speaker 1: He was in Ohio to stump for j d Vance 716 00:38:53,400 --> 00:38:56,480 Speaker 1: running for Senate. As he brings his message to a 717 00:38:56,719 --> 00:38:59,920 Speaker 1: national audience and raises a lot of money, more than 718 00:39:00,080 --> 00:39:02,600 Speaker 1: Donald Trump has at this point of the year, a 719 00:39:02,640 --> 00:39:04,680 Speaker 1: lot of folks are wondering if this, of course, has 720 00:39:05,280 --> 00:39:09,920 Speaker 1: everything to do with and we're wondering whether the Trump 721 00:39:10,040 --> 00:39:13,600 Speaker 1: bomp from the Morrow logo search is gonna hold. But 722 00:39:13,680 --> 00:39:16,560 Speaker 1: we'll leave that for the next conversation next hour. Joe 723 00:39:16,680 --> 00:39:19,560 Speaker 1: Matthew with us this morning on Bloomberg Daybreak. We're gonna 724 00:39:19,560 --> 00:39:21,719 Speaker 1: have a lot more with Joe on Sound on for 725 00:39:21,840 --> 00:39:24,600 Speaker 1: Sure this evening every weekday, five pm. Wall Street Time 726 00:39:24,680 --> 00:39:28,080 Speaker 1: here on Bloomberg Radio. Karen A, right, Nathan, thank you. 727 00:39:28,200 --> 00:39:30,640 Speaker 1: It is six fifty four on Wall Street. And now 728 00:39:30,719 --> 00:39:33,680 Speaker 1: a legal story. We're launching this morning, the Supreme Court 729 00:39:33,760 --> 00:39:36,320 Speaker 1: will take up three oh three Creative versus A Lenis 730 00:39:36,400 --> 00:39:39,440 Speaker 1: in its upcoming term, a case that Pits of Colorado 731 00:39:39,520 --> 00:39:42,720 Speaker 1: stayed anti discrimination law meant to protect same sex couples 732 00:39:42,760 --> 00:39:45,840 Speaker 1: against free speech rights. The case, which is similar to 733 00:39:45,920 --> 00:39:49,120 Speaker 1: a eighteen dispute involving a bakery, is about a web 734 00:39:49,200 --> 00:39:52,480 Speaker 1: designer who says she can't create wedding websites for same 735 00:39:52,560 --> 00:39:55,920 Speaker 1: sex couples because of her religious beliefs. For more, Bloomberg's 736 00:39:55,960 --> 00:39:59,520 Speaker 1: Kimberly Robinson and Lydia Wheeler spoke with former federal judge 737 00:39:59,600 --> 00:40:02,680 Speaker 1: Michael Connell. As I mentioned, this case is very similar 738 00:40:02,800 --> 00:40:05,640 Speaker 1: to Masterpiece Cake Shop, which the Justice is decided in, 739 00:40:06,719 --> 00:40:10,160 Speaker 1: but it differs in one really important way, and that's 740 00:40:10,200 --> 00:40:13,240 Speaker 1: that this dispute is framed as one about free speech 741 00:40:13,360 --> 00:40:16,680 Speaker 1: instead of religious liberty. What if any difference is that 742 00:40:16,760 --> 00:40:18,880 Speaker 1: going to make this time around. Well, I think it 743 00:40:18,960 --> 00:40:24,279 Speaker 1: greatly simplifies and narrows the case. Because a free exercise 744 00:40:24,360 --> 00:40:30,680 Speaker 1: claim might be brought by anyone whose beliefs prevent them 745 00:40:30,920 --> 00:40:35,760 Speaker 1: working with Sam Sex's wedding. This as a speech case, 746 00:40:36,200 --> 00:40:41,080 Speaker 1: this is combined just to people whose activities are expressive 747 00:40:41,120 --> 00:40:44,000 Speaker 1: in nature, people are actually speaking, So it's a much 748 00:40:44,120 --> 00:40:46,920 Speaker 1: narrow work case. This didn't start out as just a 749 00:40:47,000 --> 00:40:49,560 Speaker 1: free speech case though. In the beginning, the web designer 750 00:40:49,600 --> 00:40:53,040 Speaker 1: asked the justices to consider whether the state's anti discrimination 751 00:40:53,120 --> 00:40:56,279 Speaker 1: law violated her religious freedom. Um. But the Justice has 752 00:40:56,280 --> 00:40:59,040 Speaker 1: actually changed the question they were asked to sign um 753 00:40:59,160 --> 00:41:02,399 Speaker 1: and honed in exclusively on this speech right. So I'm 754 00:41:02,440 --> 00:41:04,839 Speaker 1: curious how often do you see the court do something 755 00:41:04,880 --> 00:41:08,040 Speaker 1: like that where they rewrite the question and what does 756 00:41:08,120 --> 00:41:11,080 Speaker 1: that signal? So it doesn't happen very often. I mean, 757 00:41:11,239 --> 00:41:13,800 Speaker 1: this is not a unicorn. It happens from time to time, 758 00:41:14,360 --> 00:41:17,640 Speaker 1: but this is somewhat unusual, and it indicates that the 759 00:41:17,719 --> 00:41:21,040 Speaker 1: Court really wants to focus in on the speach claim, which, 760 00:41:21,080 --> 00:41:24,120 Speaker 1: as I say, is narrower uh and and not the 761 00:41:24,200 --> 00:41:28,120 Speaker 1: broader free exercise client m. So we've seen the Roberts 762 00:41:28,200 --> 00:41:31,719 Speaker 1: Court under Chief Justice John Roberts issue ruling after ruling 763 00:41:31,880 --> 00:41:35,160 Speaker 1: a pretty protective of religious rights, particularly the right to 764 00:41:35,400 --> 00:41:38,920 Speaker 1: freely exercise uh your religion. And that was so just 765 00:41:39,080 --> 00:41:42,880 Speaker 1: this last term in cases involving educational funding and school prayer. 766 00:41:43,440 --> 00:41:46,359 Speaker 1: I'm wondering does the Court's reframing of this case as 767 00:41:46,440 --> 00:41:49,520 Speaker 1: one involving only speech signal that the Court is kind 768 00:41:49,560 --> 00:41:53,840 Speaker 1: of shifting away from robustly protecting religious rights. Have we 769 00:41:53,960 --> 00:41:56,600 Speaker 1: reached kind of the high water mark there? I don't 770 00:41:56,640 --> 00:41:59,120 Speaker 1: think so. I don't think it indicates anything of the sword. 771 00:41:59,480 --> 00:42:02,719 Speaker 1: It indicates it's the facts of this case seem to 772 00:42:02,800 --> 00:42:06,719 Speaker 1: map more clearly onto free speech doctrine than anything else. 773 00:42:07,480 --> 00:42:10,680 Speaker 1: And as former federal judge Michael McConnell speaking with Bloomberg's 774 00:42:10,719 --> 00:42:14,000 Speaker 1: Kimberly Robinson and Lydia Wheeler, it's more of that interview 775 00:42:14,080 --> 00:42:16,719 Speaker 1: plus analysis of the latest legal news. By subscribing to 776 00:42:16,760 --> 00:42:19,719 Speaker 1: the Bloomberg Law Podcast or downloading the show at Bloomberg 777 00:42:19,800 --> 00:42:23,560 Speaker 1: dot com slash podcast. Attorneys can find exceptional legal research 778 00:42:23,600 --> 00:42:26,719 Speaker 1: and business development tools at Bloomberg Law dot com and 779 00:42:26,800 --> 00:42:30,800 Speaker 1: on the Bloomberg terminal at b Law. Go Futures this 780 00:42:30,960 --> 00:42:33,480 Speaker 1: morning on the Rise, S and P Future is up 781 00:42:33,520 --> 00:42:37,040 Speaker 1: eleven points, Now futures up eighties seven announceday futures up 782 00:42:37,120 --> 00:42:40,040 Speaker 1: forty one ten, Your treasury little change, your three point 783 00:42:40,239 --> 00:42:42,600 Speaker 1: one per cent and still ahead on Bloomberg Daybreak and 784 00:42:42,680 --> 00:42:44,520 Speaker 1: check on the business headlines and all the news you 785 00:42:44,600 --> 00:42:47,279 Speaker 1: need to start your day, this is Bloomberg