Speaker 1: B from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: day Break for Tuesday, AUGUSTO. Coming up this hour. US
Speaker 1: stocks entered the session coming off their biggest loss in
Speaker 1: two months. Traders are racing from our hawkish talk it
Speaker 1: that FETs Jackson Hall gathering. It's primary day with key
Speaker 1: races in New York and Florida heading the list, and
Speaker 1: life expectancy in New York plummets in the wake of COVID.
Speaker 1: Tri state area is cleaning up from heavy rains and flooding.
Speaker 1: Plus New York Mayor Adams responds after more bus loads
Speaker 1: of migrants arrived from Texas. Michael Blarer more ahead, I'm
Speaker 1: John stas Star and sports. The Yankees beat Maxters are
Speaker 1: the Mets of the Subway series that come from behind
Speaker 1: preseason win for the Jets. That's all s train ahead
Speaker 1: on Bloomberg day Break on Bloomberg. He Living Free on
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixty, San Francisco, Sirius Exam
Speaker 1: one nine Team, and around the World Old on Bloomberg
Speaker 1: Radio dot Com and via the Bloomberg Business. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. US index futures
Speaker 1: are higher this morning. We're coming up to find the
Speaker 1: one on Wall Street, and we check the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, SMP Future
Speaker 1: is up seven and a half points down Future is
Speaker 1: up fifty seven and nastay Future is up thirty. The
Speaker 1: ten year Treasury up one thirty second yell three point
Speaker 1: zero zero percent, and they yield on the two year
Speaker 1: three point three two percent, and n nex screwed oil
Speaker 1: is up one point four percent. Nathan well Karen. Stocks
Speaker 1: are coming off their worst one day drop in two months.
Speaker 1: The SMP five hundred index fell two point one percent,
Speaker 1: the tech having Nasdaq one hundred sank two point seven percent,
Speaker 1: and the blue chip Dow Jones Industrial Average lost six
Speaker 1: hundred forty three points, or one point nine percent. Seabreeze
Speaker 1: Partners president Doug Cast sees more tough times ahead four equities.
Speaker 1: I think there's a non trivial chance at the SMP.
Speaker 1: Early last year, I made a top for the balance
Speaker 1: of the year um to me after the recent when
Speaker 1: I described as a position based rally risk has returned
Speaker 1: to risk assets as the fundamental backdrop is eroding. Seabreeze
Speaker 1: Partners president Doug Cass made the comments on Bloomberg Surveillance
Speaker 1: Catch the program on Bloomberg Radio and Television beginning at
Speaker 1: seven am Wall Street Time, while Nathan the Wall Streets
Speaker 1: sell off spilled into Asia A stocks in Japan and
Speaker 1: Hong Kong falling around one per cent. We get the
Speaker 1: recap from Bloomberg's Juliette Sally in Singapore. Good Morning, Juliet,
Speaker 1: Good Morning, Nathan and Karen. The energy sector was the
Speaker 1: only one in the green across the m s c
Speaker 1: I Asia Pacific INDEXUS crude scaled a barrel lifted by
Speaker 1: the possibility of OPEC plus output cuts. Japanese travel stocks
Speaker 1: also rose amid a NICA news report Japan is considering
Speaker 1: ending the requirement for negative COVID nineteen tests for international arrivals.
Speaker 1: Stocks in Hong Kong and China fell despite further steps
Speaker 1: to stabilize the property market, and the one scituated but
Speaker 1: held near a thirteen year low amid verbal intervention from
Speaker 1: authorities in Singapore. Juliet Sally Bloomberg Day Break, My Juliette,
Speaker 1: Thanks for the dropping stocks around the world comes as
Speaker 1: investors await signals on the path of interest rate hikes
Speaker 1: at the Federal Reserves Annual Jackson Hole Economic Symposium later
Speaker 1: this week. Bloomberg Economics correspondent Michael McKee is covering the
Speaker 1: highly anticipated event. What we'll see is a lot of
Speaker 1: volatility this week is trying to people try to read
Speaker 1: into various economic indicators whether there's good news or bad
Speaker 1: news coming. But Paula's position hasn't changed a whole lot,
Speaker 1: and nor has the Feds. They believe they're going to
Speaker 1: have to keep raising rates to a certain point and
Speaker 1: stay there for a while, where the market thinks that
Speaker 1: they'll raise rates a little more and start cutting again.
Speaker 1: Bloomer's Michael McKee, one noted FED watcher, says the Central
Speaker 1: Bank should not cut rates again. In fact, Stanford University
Speaker 1: economics professor John Taylor thinks rates should double from here.
Speaker 1: I say, movie should names and that is not high
Speaker 1: by historical under that's for sure, remember what it was
Speaker 1: in the seventies. But it's it couldn't be high. I
Speaker 1: wouldn't say, I wouldn't say absolutely five differ inflation doesn't
Speaker 1: come down, then it may have to be hired, but
Speaker 1: I think the inflation will come down and we can
Speaker 1: stick it at a level like that. But let's get
Speaker 1: there first. Stanford economics professor John Taylor says the FED
Speaker 1: should be more communicative about where policy has to go.
Speaker 1: I mean, well, Karen Fedge ones are unleashing record bets
Speaker 1: the Fed will stick to its hawkish script at Jackson Hole.
Speaker 1: The group's collectively placed a big short across futures for
Speaker 1: a key overnight rate that moves in line with the
Speaker 1: FEDS benchmark. That position will benefit if Chair J. Powell
Speaker 1: effectively rules out a dovish pivot. Please stick with Bloomberg
Speaker 1: for complete live coverage of the Jackson Hole Symposium. Bloomberg
Speaker 1: Surveillance will be there beginning on Thursday with Tom Keene,
Speaker 1: Lisa Abramowitz, and Jonathan Faroe. Well, Nathan, We now turn
Speaker 1: from the Fed and the markets to some important political
Speaker 1: news this morning. It's an election day, with primaries in
Speaker 1: New York and Florida and a runoff vote in Oklahoma.
Speaker 1: Maybe Morris says more on what to watch from our
Speaker 1: Bloomberg ninety nine one newsroom in Washington. In New York,
Speaker 1: redistricting left to longtime House Democratic colleagues Carol and Moloney
Speaker 1: and Jerry Nadler competing for the same seat. In the
Speaker 1: nineteenth district, Democrat Pat Ryan is running against Republican Mark
Speaker 1: mullen Aro to fill the seat that Anthony Delgado vacated
Speaker 1: to become Lieutenant governor. If mullen Aro defeats Ryan, that
Speaker 1: could be assigned for Democrats in November. In Florida, as
Speaker 1: the pole stand now, Republican incumbent Senator Marco Rubio will
Speaker 1: likely face Democratic Representative val Demmings in November. Governor Rhnda
Speaker 1: Santis will face either former Governor Charlie Kristen November or
Speaker 1: Nicky Freed, who wants to become Florida's first woman governor.
Speaker 1: In Oklahoma, the marquee event will determine the candidates who
Speaker 1: vie for the unexpired Senate seat of Republican Jim Inhoff,
Speaker 1: who plans to resign in January. In Washington, i'm Amy
Speaker 1: Moore as Bloomberg Daybreak Amy Thanks are also new developments
Speaker 1: in the FBI search of former President Donald Trump's home
Speaker 1: in Marlano, Florida, including reports of just how much classified
Speaker 1: material he may have been holding onto, Bloomberg said back, sir,
Speaker 1: as the latest. Mr Trump says he wants a neutral
Speaker 1: third party to look through the documents. In legally is
Speaker 1: a special master. So this is the same judge considering
Speaker 1: whether to make public portions of the documents seized by
Speaker 1: the FBI to look at this now. The New York
Speaker 1: Times says the government has recovered more than three hundred
Speaker 1: documents now with classified marketings. It says one hundred fifty
Speaker 1: sensitive documents recovered earlier made the d o J want
Speaker 1: to know what Trump had taken from the White House
Speaker 1: in San Francisco. I'm at Baxter Bloomberg Daybreak and thanks.
Speaker 1: We are getting more evidence this morning at the toll
Speaker 1: of the pandemic has had on our lives, and we
Speaker 1: get the latest line from Bloomberg's Rnia Young. Good morning, Rainia,
Speaker 1: Good morning Karen. The CDC says life expectancy in New
Speaker 1: York State dropped by three years in It's the biggest
Speaker 1: decline among all states during the first year of the pandemic.
Speaker 1: New York State residents are expected to live to just
Speaker 1: under seventy eight years old. That's the fifteenth highest life
Speaker 1: expectancy in the US. But a steep drop from back
Speaker 1: in twenty nineteen, when New York State had the third
Speaker 1: highest raking. The CDC said last year that overall US
Speaker 1: life expectancy plunged by one point eight years, in the
Speaker 1: biggest drop since World War Two. Live in New York.
Speaker 1: I'm rened a young Bloomberg day break. We need to
Speaker 1: thanks local headlines and the check of sports. Next, this
Speaker 1: is Bloomberg and it's now five oh seven on Wall
Speaker 1: Street seventy two degrees in Central Park. Got an accident
Speaker 1: already mestbound Belt Parkway at Bay Parkway. We'll get to
Speaker 1: the details in traffic shortly, but first, Michael bars here
Speaker 1: with what else is going on in New York and
Speaker 1: around the world on this primary day morning. Michael, Good
Speaker 1: morning Nathan. More than a thousand flights were canceled in
Speaker 1: the US yesterday. Airports around New York City and in
Speaker 1: Texas were hit the hardest, staffing shortages and severe weather.
Speaker 1: We're blamed again. Meanwhile, heavy rain fell in parts of
Speaker 1: the Tri state area, causing street flooding. In the Dallas
Speaker 1: suburb of Mesquite, vehicles had to navigate flooded roads. Authorities
Speaker 1: say a body was pulled from a vehicle aft or
Speaker 1: it was found in the receding waters in East Texas.
Speaker 1: Severe weather for schools to close early, including a suspected tornado.
Speaker 1: Smith County Constable Josh Jumplet. We've had several portable buildings
Speaker 1: that have been picked up and relocated. Constable. New York
Speaker 1: City officials estimated over the weekend about hundred asylum seekers
Speaker 1: from Central Land South America have arrived by bus from Texas.
Speaker 1: Mayor Eric Adams is blaming Republican Governor Rabbit, saying his
Speaker 1: refusal to let New York officials know about potential numbers
Speaker 1: of migrants on the buses is driving the city to
Speaker 1: a crisis level. The governor of Texas is not giving
Speaker 1: any information at all, no matter how much we tried
Speaker 1: to codinate crisis calls on coordination, and he has been
Speaker 1: really uh, just a person who's mean spirited in the
Speaker 1: area of helping people near times in a time of need.
Speaker 1: Mayor Adams says it is leaving local and state resources
Speaker 1: and nonprofit struggling. New York Governor Cathey Hope calls as
Speaker 1: the state is rolling back new COVID regulations for this
Speaker 1: school year, including allowing positive students to stay in class,
Speaker 1: provided they wear a mask. Hocal is also urging employees
Speaker 1: in the state to consider a return to the office
Speaker 1: as well. I mean, there's a lot of heap, a
Speaker 1: lot of tourists, restaurants are crowded, um people coming back
Speaker 1: and joining our social life, and we'd love to see
Speaker 1: everybody back, going back in their offices, at least on
Speaker 1: a hybrid situation. Governor Ocle is promising monkey Pops vaccines
Speaker 1: for New Yorkers. Acting New York Health Commissioner Dr Mary
Speaker 1: Bassett is promising that they will ensure access for those
Speaker 1: at risk, including the l g DTQ community and communities
Speaker 1: of color. Uh. These data show that we are right
Speaker 1: to be very concerned about equity and access to vaccination.
Speaker 1: Dr Bassett says they're preparing to distribute the promise one
Speaker 1: hundred ten thou doses from the Biden administration. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than the hundred journalist and
Speaker 1: antaalists and more than a hundred twenty countries. I'm Michael Barr,
Speaker 1: This is Bloomberg Nath Michael, thank you, coming up to
Speaker 1: five ten on Wall Street Time for the Bloomberg Sports
Speaker 1: Updated morning John Stanshowner and morney Nathan but of an
Speaker 1: upset to start the two games Subway series in the Bronx.
Speaker 1: The Mets went in certainly the hotter team with the
Speaker 1: better pitcher on the mount. Yet Max Scherzer out pitched
Speaker 1: by Domingo her Mom maybe the best game of his career,
Speaker 1: shut out through six innings. Mets get on the board
Speaker 1: in the seventh. The drop pop up was followed by
Speaker 1: a two on homer by the Mets Daniel Vogel back.
Speaker 1: But that's all the Mets got Yankees one, four to two.
Speaker 1: Good relief pitching from Ron Marinaccio, Jonathan the White the Guy,
Speaker 1: Aaron Judge home run number forty seven, ending his longest
Speaker 1: home of list draft of the season, and Andrew Bennettendee,
Speaker 1: who had the game winning home run Sunday, had two
Speaker 1: runs scoring hits. His manager is Aaron Boone's such a
Speaker 1: good hitter, such a good back to ball, controls the
Speaker 1: strike zone. Um, and it feels like he's really starting
Speaker 1: to settle in now. And uh, you know he's come
Speaker 1: up big forest last full of days obviously, but I
Speaker 1: feel like for the better part of the last week.
Speaker 1: He's starting to build that lovelettum Boon. Tonight starts Frankie Mantas.
Speaker 1: He has struggled in his first three starts with the Yankster.
Speaker 1: Mets decided to give Jacob Graham some extra rest, so
Speaker 1: it'll be time one. Walker going to Deam had mettlive
Speaker 1: big preseason come back by the Jets. They trailed Atlanta
Speaker 1: sixteen to nothing. They rallied to win four to sixteen
Speaker 1: touchdown passed by fourth string QB Chris Stavulari. The engineered
Speaker 1: along t D Drive Jets added a fumble return to touchdown.
Speaker 1: The Giants got word the knee injury suffered Sunday by
Speaker 1: rookie linebacker Cavon Thibodeau was a spring to mcl out
Speaker 1: three to four weeks, which would mean missing the first
Speaker 1: one or two regular season games. Carolina Panthers at Baker
Speaker 1: Mayfield will be the Week one starting quarterback. Hardly surprised
Speaker 1: that he beat out Sam Donald. Tom Brady back with
Speaker 1: the Tampa Bay Bucks, who are the report that he
Speaker 1: spent the eleven days away from training camp with his
Speaker 1: family and the Bahamas. You get some advantages when you're
Speaker 1: Tom Brady John sports so true, Thank you John. Future
Speaker 1: is moving higher on this Tuesday morning. Will check in
Speaker 1: on this market and extra. Patrick Armstrong of plurimu Wald.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. Mix of
Speaker 1: sun in clouds today, some afternoon showers and thunderstorms possible,
Speaker 1: going up to near eighty five degrees sunshine tomorrow, highs
Speaker 1: near ninety and on Thursday as well. Right now seventy
Speaker 1: two in Central Park markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg
Speaker 1: Business Out and at Bloomberg Quicktake's a Bloomberg Business lash
Speaker 1: and I'm Karen Moscow and US Dock Index futures are
Speaker 1: edging higher. Treasuries are well. Treasury prices are higher as well.
Speaker 1: Right now. That dollar is steady as markets remain on
Speaker 1: edge ahead of the Jackson Hole Central Banker Symposium later
Speaker 1: this week. Futures on the SNP and NASTACK they were
Speaker 1: fluctuating before turning higher after US stocks plunge the most
Speaker 1: in two months yesterday. We checked them its every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. Right now it's
Speaker 1: in p futures are up seven points down. Future is
Speaker 1: at fifty six nasday Future is up twenty three. The
Speaker 1: decks in Germany is up a quarter percent. Ten year
Speaker 1: Treasury now up one thirty second yield three percent. The
Speaker 1: yield on the two year three point three two percent.
Speaker 1: Non ex scrude oil is up one percent of a
Speaker 1: dollar sixty and ninety one dollar ninety six cents of
Speaker 1: barrel comics gold up three tenths per center five dollars
Speaker 1: at seventeen fifty three sixty announced. The euro is at
Speaker 1: point nine three three against the dollar. British found one
Speaker 1: point one seven six three and again one thirty seven
Speaker 1: point to six. Look at a big coin, it's up
Speaker 1: one point two percent. It's a twenty one thousand and
Speaker 1: three hundred seventy dollars. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Munchael, Good morning, Good morning, Karen. Lawyers for
Speaker 1: former President Trump have asked to federal judge to prevent
Speaker 1: the FBI from continuing to review documents recovered from his
Speaker 1: Florida state until a neutral special master can be appointed.
Speaker 1: It comes as the new York Times reports more than
Speaker 1: three hundred classified documents were found at Mari Lango. Florida
Speaker 1: holds its primary elections today. Two Democrats are squaring off,
Speaker 1: hoping to face incumbent governor round the Santis State Agriculture
Speaker 1: Commissioner Nicky Freed and US Representative Charlie Christ, who was
Speaker 1: once governor himself as a Republican. New York also holds
Speaker 1: primaries today. In baseball, the Yankees beat the Mets four
Speaker 1: to the A's lost in NFL preseason. The Gents one
Speaker 1: Global News twenty four hours a day on a or
Speaker 1: and on Bloomberg Quick Take, powered by more than hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg, Nathan, Michael, thank you. It is five
Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactor Broker Studios.
Speaker 1: This is Bloomberg Daybreak, and we're very pleased to be
Speaker 1: joined this morning by Patrick Armstrong, chief investment officer at
Speaker 1: PLUIMI Wealth. As we take a look at this market
Speaker 1: this morning, Patrick, good to have you with us. As
Speaker 1: Karen mentioned, we are starting to see futures move a
Speaker 1: touch high after two straight days of losses for US
Speaker 1: stocks coming onto the Jackson Whole symposium. Have markets fully
Speaker 1: priced in a hawkish tone from the Fed later on
Speaker 1: this week? Um, I think they've gotten rid of some
Speaker 1: of the speculative excesses that was priced in because of
Speaker 1: everyone was expecting a FED pivot. Well, I don't know
Speaker 1: if everyone was expecting it, and the market seemed to
Speaker 1: be pricing in a Fed's pivot to really move to
Speaker 1: a dovish stance. I don't think we've heard that from
Speaker 1: any of the rhetoric of the FED members. Voting and
Speaker 1: non voting members are all saying at the most devilish,
Speaker 1: their data dependent, and the hawkish ones are calling for
Speaker 1: seventy five basis point hike at the next meeting. So
Speaker 1: it would be really surprising if we do get anything
Speaker 1: dovish out of Powell. I think he's going to keep
Speaker 1: his options open. Um. I don't know if the markets
Speaker 1: pricing in something hawkish from him, but I think it's
Speaker 1: removed some of the excesses about the devilish pivot that's
Speaker 1: probably not going to happen. Do you think he's going
Speaker 1: to keep his options open? It sounds like you're not
Speaker 1: expecting any further clarity from Chairman Powell later on this week?
Speaker 1: Is that what I'm hearing from you. I don't think
Speaker 1: he can give clarity because you've got another inflation print,
Speaker 1: You've got another jobs number coming out before feb or
Speaker 1: September twenty one, when they'll be making their next interest
Speaker 1: rate decisions. So he's got to keep his options open
Speaker 1: because if you have a shocking number on the downside
Speaker 1: or a really strong number like last time on the jobs,
Speaker 1: that's going to change his thinking. So he can't put
Speaker 1: himself into a corner. I don't think this Friday. Now,
Speaker 1: what do you think the market reaction will be if
Speaker 1: that case holds? If the Chairman Peal does keep his
Speaker 1: options open and potentially give investors kind of room to
Speaker 1: decide where they're going to go, Yeah, well that's the
Speaker 1: way I think he'll do it. And I think investors
Speaker 1: have the natural bias on what they think is going
Speaker 1: to be happening in the coming months. If you are
Speaker 1: got a positive predisposition on where the economy is going,
Speaker 1: you'll probably be wanting to buy risk. I don't see
Speaker 1: any strong economic numbers coming out of Europe, but the
Speaker 1: US does look much more resilient than Europe. The job
Speaker 1: market is still very strong. Half of companies are still
Speaker 1: saying they're having trouble filling job opening. So you can
Speaker 1: see scenarios where the US avoids a recession, whereas the
Speaker 1: economic numbers p M I that are coming out in
Speaker 1: Europe or showing Europe has already admired in a recession.
Speaker 1: Does that mean that you think that stocks have further
Speaker 1: room to rally at this point? Have we seen the
Speaker 1: bottom from June? I'm not sure I would. If you
Speaker 1: push me on it, I'll say yes, I think that's
Speaker 1: about the lower we get to, but I wouldn't be
Speaker 1: surprised if we touch that again, um and retest the
Speaker 1: June lows. I do think there's pretty compelling value out
Speaker 1: there in some sectors. I would be buying a natural
Speaker 1: gas producing stocks today. Oil and gas altogether makes sense,
Speaker 1: but if you can buy the stocks that are producing
Speaker 1: natural gas right now, they're incredibly cheap, putting a massive
Speaker 1: cash flow, and they give you a bit of a
Speaker 1: hedge against some of the stagflationary aspects that you see
Speaker 1: a big manufacturing slow down because of energy prices. So
Speaker 1: that where I'd be buying UM. I do think the
Speaker 1: most expensive stocks are going to see continued downside. So
Speaker 1: the real innovation stocks that were priced for massive profit
Speaker 1: growth eventually that aren't generating any profits right now. I
Speaker 1: think as quantitative tightening really does begin in earnest in September,
Speaker 1: those kind of stocks probably will make new loads. Looking
Speaker 1: to take a more defensive stance. I think, what is
Speaker 1: what I'm hearing from you? Does that have you looking
Speaker 1: more at small cap versus large cap? I'm not really.
Speaker 1: I just think energy is the place to be put
Speaker 1: in UM capital right now because incredibly cheap, massive casual generation,
Speaker 1: and it does give you a hedge against the worst
Speaker 1: aspects that come from the stagflation. And if you've got
Speaker 1: manufacturing exposure, if you have cyclical exposure, it's going to
Speaker 1: be the high energy prices that really choked those earnings off.
Speaker 1: So I think adding those stocks while they're so cheap
Speaker 1: right now make good sense to me. So not small cap.
Speaker 1: That sector is really sticking out to me though. The
Speaker 1: last thirty seconds here, Patrick, what about treasury yields? Where
Speaker 1: do you see them going off the back of Jackson
Speaker 1: holl So, I think they'll probably grind higher by your
Speaker 1: end looking like three point three to three point five
Speaker 1: probably at most, because the US economy is stronger than Europe,
Speaker 1: but it is slowing. UM quantitative tightening is going to
Speaker 1: push up yields and inflation is going to remain persistent.
Speaker 1: So I don't think Um Paul does get hawkish enough
Speaker 1: to really choke down inflation expectations. So I think it'll
Speaker 1: be a slow, steady grind hire and tenure yields. Really
Speaker 1: appreciate this, Patrick, Again, great having you on with us
Speaker 1: this morning. Patrick Armstrong, Chief Investment Officer at PLIMI Wealth,
Speaker 1: and a reminder to stay with Bloomberg Radio throughout Jackson Hole.
Speaker 1: Our coverage begins with Bloomberg Surveillance on Thursday ahead of
Speaker 1: Chairman Powell's speech ten am Wall Street time on Friday.
Speaker 1: We will have it fully covered for you here on
Speaker 1: Bloomberg Radio. SMP futures right now up six point staff
Speaker 1: futures of fifty one, Nastack future is higher by twenty points,
Speaker 1: and the tenure little change. Right now. The yield read
Speaker 1: point zero one percent. This is Bloomberg Bloomberg eleven three
Speaker 1: oh weather mix of sun and clouds today may be
Speaker 1: some afternoon showers and thunderstorms eighty five for an afternoon
Speaker 1: high will be in the uper eighties tomorrow with sunshine
Speaker 1: high your ninety on Thursday. Right now seventy two degrees.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living Free to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg What Old six one to San Francisco, Bloomberg N
Speaker 1: sixty to the country Sirius XM Channel one nineteen and
Speaker 1: around the globe the Bloomberg Business APT and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on
Speaker 1: Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow.
Speaker 1: We're just about four hours away from the open of
Speaker 1: US training. Let's get you up to date on the
Speaker 1: news you need to know at this hour. We'll bos
Speaker 1: are coming off their worst one day drop in two months.
Speaker 1: The S and P five index fell two point one
Speaker 1: per cent. UBS Managing Director Ali McCartney says, with increased volatility,
Speaker 1: investors need to be mindful of stock picks. Over the
Speaker 1: last number of years, you've really been rewarded no matter
Speaker 1: what type of equity you had the concept of security
Speaker 1: selection and active management is really something we're leaning into.
Speaker 1: Ellie McCartney with UBS says rising rates and inflation will
Speaker 1: create uncertainty and equity markets well. The sell offs spilled
Speaker 1: into asiacaren, with stocks in Japan and Hong Kong both
Speaker 1: falling around one percent. The global drop comes as investors
Speaker 1: await the Federal Reserves annual Jackson Hole Economic Symposium later
Speaker 1: this week, where chair j Powell will speak. Stanford University
Speaker 1: President John Taylor says the Fed should not cut rates again.
Speaker 1: If we let inflation build up over time like in
Speaker 1: the seventies it was seven years of fire inflation. If
Speaker 1: we nip it in the bud, then you don't have
Speaker 1: to have these negative effects. Stanford Economics professor John Taylor
Speaker 1: thinks the Fed should aim to raise rates to five cent.
Speaker 1: Stick with Bloomberg for coverage of the Jackson Whole Symbosium.
Speaker 1: Bloomberg Surveillance will be there beginning Thursday. To politics Now, Nathan,
Speaker 1: It's primary day in New York, Florida and a runoff
Speaker 1: in Oklahoma. A longtime House Democratic colleagues Camerla Maloney and
Speaker 1: Jerry Nadler are competing for the same seat in New
Speaker 1: York in the nineteenth district. Democrat Pat Ryan is running
Speaker 1: against Republican Mark Mullinaro and Florida Republican incumbent Senator Marco
Speaker 1: ruby O a luckily faced Democratic Representative Val Demming's In November,
Speaker 1: Republican Governor Rhonda Santis will faish either former governor Charlie
Speaker 1: christ or Nicky Freed. And This Morning Care and We're
Speaker 1: getting more evidence of the toll the pandemic has taken
Speaker 1: on our lives. Bloomberg's Rinda Young joins US Live with
Speaker 1: that story. Good morning, Grenda, Good morning Nathan. The CDC's
Speaker 1: his life expectancy in New York State dropped by three
Speaker 1: years in twenty twenty, the biggest decline among all states
Speaker 1: during the first year of the COVID nineteen pandemic. New
Speaker 1: York State residents are expected to live to just under
Speaker 1: seventy eight years old, the fifteenth highest life expectancy in
Speaker 1: the US. In New York had the third highest ranking,
Speaker 1: the CDC said last year. Overall US life expectancy plunged
Speaker 1: by one point eight years in twenty twenty, the biggest
Speaker 1: drop since World War Two. Live in New York. I'm
Speaker 1: rened a young Bloomberg day break iveryned to thank you.
Speaker 1: Futures this morning or high er, SNP futures up about
Speaker 1: six points down, Future is at forty seven and nasday
Speaker 1: futures at about nineteen and at ten year treasury that'll change.
Speaker 1: You have three point one per cent straight ahead related
Speaker 1: latest local headlines plus a check of sports, and this
Speaker 1: is Bloomberg. Thanks haring. It's high thirty three on Wall Street,
Speaker 1: seventy three degrees in Central Park. Have a service suspension
Speaker 1: on the New Jersey Transit Morris XX line. We'll get
Speaker 1: to the details in traffic first. Michael Barr with what
Speaker 1: else is going on in New York end around the world. Michael,
Speaker 1: thank you very much, Nathan. More bus loads of migrants
Speaker 1: arrived in New York City. Mayor Eric Adams estimates over
Speaker 1: the weekend about hundred asylum seekers from Central and South
Speaker 1: America have arrived from Texas. Adams says it's an obligation
Speaker 1: for the city to do what they can to provide
Speaker 1: a roof over the heads of these families, right to
Speaker 1: shelter whoever comes to the city. If it's day one,
Speaker 1: we are legally and morally responsible for giving them houses.
Speaker 1: Adams criticized Republican Texas Governor Abbott, saying he's not coordinating
Speaker 1: with the city. With schools set to resume in the
Speaker 1: country's largest school district and a number of weeks, New
Speaker 1: York Governor Cafey Hocle says the state's new COVID regulations
Speaker 1: for this school year have changed. Hocal says schools will
Speaker 1: ease up on several safety plans, including relaxing quarantine protocols
Speaker 1: for class and no longer enforcing the test to Stay program,
Speaker 1: So no more tests to stay. What that means if
Speaker 1: a classmate test positive for COVID and your child doesn't
Speaker 1: have symptoms, your child can stay in school as long
Speaker 1: as they would wear a mask under those circumstances were recommending.
Speaker 1: Governor Hocle promises monkey bocks, vaccines and treatment remains a
Speaker 1: priority in the state. About of US adults thank gun
Speaker 1: violence is increasing nationwide and want to see gun laws
Speaker 1: made stricter. That's according to a poll from the University
Speaker 1: of Chicago Harris School of Public Policy and the Associated
Speaker 1: Press Nork Center for Public Affairs Research. The dangerous flood
Speaker 1: conditions gripping parts of the Southwest in Texas and now
Speaker 1: shifting to Louisiana and Mississippi. The storms already dumped historic
Speaker 1: amounts of rain in Arizona and North Texas. Mayor Rachel
Speaker 1: Moreno of Wendona, Texas is thanking volunteers, lending a hand.
Speaker 1: Thank you for everybody that's coming in helping us um
Speaker 1: assess in our area and helping us try to get
Speaker 1: things cleaned up in East Analysts more than fifteen inches
Speaker 1: of rain flooded streets and homes. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists analysts more
Speaker 1: than a hundred twenty countries at Michael barr and this
Speaker 1: is Bloomberg, Nathan, Thank you, Michael wall Street. Time for
Speaker 1: the Blue Brick Sports Upday with John Stenshaw. All right, Dathan,
Speaker 1: the Mets have a better record of the Yankees. They
Speaker 1: have been the far better team the past month or so,
Speaker 1: but the Yanks did beat the Mets for two of
Speaker 1: the Subway series in the Bronx and Atlanta one in Pittsburgh.
Speaker 1: So while the Yankees, despite their recent struggles, still have
Speaker 1: an eight game lead in their division. Mets are only
Speaker 1: three up on the Braves. Yankee heroes last night, including
Speaker 1: Domingo her Mom, pitched into the seventh and he gave
Speaker 1: up only one er and run. Solid relief work after
Speaker 1: him by Ron Baronaccio and Jonathan Loaisa Andrew bennettsendy with
Speaker 1: a pair of run scoring hits and home run number
Speaker 1: forty seven for Aaron Judge, who hopes the Yankees slump
Speaker 1: is over there. You could just feel a little different
Speaker 1: energy and the dug out, you know, even throughout the
Speaker 1: at bats. You know, guys just like I said earlier,
Speaker 1: guys one through nine working account um dinner and they
Speaker 1: can to, you know, wait it out. And so you
Speaker 1: gotta pitcher drive. And you know when you do that
Speaker 1: against one of the best in the game, and you're
Speaker 1: gonna get a good results. And one of the best
Speaker 1: of the game is Max Scherzer. Yanks beat him and
Speaker 1: they don't have to face Jacob to Graham the Metro
Speaker 1: instead going with Taiwan Walker a night giving to Groms
Speaker 1: some extra rest. Frankie Montas on the mount for the Gangs,
Speaker 1: as with all preseason games, reserves on the field at
Speaker 1: the end of the Jets reserves engineered a big comeback
Speaker 1: from sixteen down. They beat the Falcons four to sixteen
Speaker 1: to the Jets win at MetLife the night after the
Speaker 1: Giants won their their game included a knee injury to
Speaker 1: rookie Cavon Thibodeaux that it first appeared to be series,
Speaker 1: then not so much the word yesterday It is a
Speaker 1: sprained mc L and Thibodeau will likely miss the start
Speaker 1: of the regular season. A new team has emerged in
Speaker 1: the Kevin Durant trade talks, the Memphis Grizzlies, who have
Speaker 1: young players and multiple draft picks to offer to the
Speaker 1: next John Stash Bloomberg Splory Nick John thanks five thirty
Speaker 1: seven on Wall Street Time for the Tri State Business
Speaker 1: report with Bloomberg Stinis Pellegrini. Sachs is facing a trial
Speaker 1: date early next June in a long simmering gender bias case.
Speaker 1: It's been twelve years since his closely watched case was filed,
Speaker 1: seventeen since the lead playing tiff first complained to the
Speaker 1: Equal Opportunity Employment Commission. The annual August scramble for New
Speaker 1: York City apartment is on Street Easy says to escape
Speaker 1: those sky high rents. Would be tenants are broadening searches
Speaker 1: to fire flooding places like South and East Brooklyn and
Speaker 1: Central Queens. If you're a working woman, you might be
Speaker 1: best off in Connecticut. Wallet Hubs says the state has
Speaker 1: the lowest gender pay gap in the U S, women
Speaker 1: earning just three percent less than men. In New Jersey,
Speaker 1: the nineteenth wheed store has launched in Montclair. Assen Montclair
Speaker 1: is up and running and New York based movie Passes
Speaker 1: coming back. The nationwide subscription startup is relaunching on Labor
Speaker 1: Day with cheered pricing for monthlong subscriptions for movie theaters.
Speaker 1: The wait list for the beta subscription opens Thursday. And
Speaker 1: that's the Bloomberg Chi State Business Report. I'm Denise Pellegrini. Okay, Denise,
Speaker 1: thank you. It's five thirty eight on Wall Street. Bloomberg
Speaker 1: Radio is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred of filiate radio stations around the world.
Speaker 1: I'm Steve chen chen Winds in New York. We're talking
Speaker 1: about cosmetics Giant RedLong telling of bankruptcy court judge had
Speaker 1: stuck maybe worthless. I'm John Donneger telling kaf Baby listeners
Speaker 1: in Omaha the corn crop and Nebraska is so dry
Speaker 1: plants aren't producing ears of grain. Com Genus Servetti And
Speaker 1: for w w BBM in Chicago, I'm reporting that twenty
Speaker 1: local restaurants have been denied appeals in trying to get
Speaker 1: their insurance policies to cover pandemic related losses. I'm Stephen
Speaker 1: Carol and Bloomberg d a B Digital Radio in London.
Speaker 1: We've been reporting on the latest pm I survey showing
Speaker 1: output contracting in the Eurozone in August. Those are some
Speaker 1: of the stories. Are hundred Bloomberg journalists and analysts are
Speaker 1: working on this morning around the world. It's five thirty
Speaker 1: nine on Wall Street. The following is an editorial from
Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: Ukraine's president wants Western countries to ban Russian travelers in
Speaker 1: hopes of boosting pressure against President Vladimir Putin. Such measures
Speaker 1: may seem appealing in light of po his invasion, but
Speaker 1: a blanket travel band would be the wrong response. The
Speaker 1: European Union has better and fairer tools. For example, if
Speaker 1: could focus on ending on du visa privileges for Russia's
Speaker 1: oligarchs and offers humanitarian visas to help opponents of the regime,
Speaker 1: It should also encourage a brain train of students and scientists,
Speaker 1: which would help erode Putin's ability to sustain his brutal
Speaker 1: invasion and repression. Such measures will be more complicated and
Speaker 1: perhaps less satisfying than simply rejecting Russian entrance wholesale, but
Speaker 1: they'd be better for Europe and crucially, far more likely
Speaker 1: to hit Putin where it hurts. This editorial was written
Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion, please
Speaker 1: go to Bloomberg dot com, slash opinion or ope I
Speaker 1: n go on the Bloomberg Terminal. This has been Bloomberg opinion,
Speaker 1: and you can hear Bloomberg opinion editorials every weekday at
Speaker 1: this time. Terminal customers can read more at O P
Speaker 1: I n go SMP futures up four points right now,
Speaker 1: the future is up nastack future is up thirteen points.
Speaker 1: That's a gain of a tenth percent across the board.
Speaker 1: Ten Your treasury little change the yield three point zero
Speaker 1: one per cent. You're listening to Bloomberg Daybreak Bloomberg eleven
Speaker 1: three oh weather mix of sun and clouds, maybe some
Speaker 1: afternoon showers and thunderstorms today going up to near eighty
Speaker 1: five degrees uper eight the sunshine tomorrow sunny and you're
Speaker 1: ninety on Thursday. Right now seventy three and cloudy in
Speaker 1: Central Park Markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at
Speaker 1: and at Bloomberg Quick Tape. She's a Bloomberg Business Flash
Speaker 1: and I'm Cameron Moscow US dot in next. Futures are
Speaker 1: aging higher this morning ahead of the Jackson Holes Central
Speaker 1: Banker Symposium later this week, and the morning after US
Speaker 1: stocks plunged the most in two months. We checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: s and P Future is up about nine points down
Speaker 1: Future is up sixty nine and nowsday Future is up thirty.
Speaker 1: The decks in Germany's up a quarter percent. The ten
Speaker 1: year treasury it'll change, you'll three point one percent yield
Speaker 1: on the two year three point three two percent. Nim
Speaker 1: mex screed oil is up one point eight percent of
Speaker 1: a dollar sixty six and ninety two dollars one cent
Speaker 1: of barrol Co makes gold up two tenths per cent
Speaker 1: or three dollars at seventeen fifty one forty announce. The
Speaker 1: Euro is point nine nine to two against the dollar,
Speaker 1: British pound one point one seven six seven, and a
Speaker 1: yen at one thirty seven point three nine. Bitcoin this
Speaker 1: morning up one point four percent at twenty one thousand,
Speaker 1: four hundred dollars. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Key primary elections are
Speaker 1: in three states today. We'll have more on those coming
Speaker 1: up shortly. Lawyers for former President Trump have asked the
Speaker 1: federal judge to be vent the FBI from continuing to
Speaker 1: review documents recovered from his Florida state until a neutral
Speaker 1: special master can be appointed. It comes as The New
Speaker 1: York Times reports more than three hundred classified documents were
Speaker 1: found at maur Lago. In baseball, the Yankees beat the
Speaker 1: Mats four to the A's lost in NFL preseason the Jets.
Speaker 1: One Global News twenty four hours a day on are
Speaker 1: and on Bloomberg Quick Take, powered by more than journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr
Speaker 1: and this is Bloomberg. Nathan. Okay, Michael, thank you. We're
Speaker 1: coming up to five forty nine on Wall Street Life
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Day Breaking. Yeah,
Speaker 1: let's get more on this primary day with Joe Matthew
Speaker 1: are Bloomberg Washington correspondent, host of sound On here on
Speaker 1: Bloomberg Radio. Joe, great to have you with us on
Speaker 1: primary day in New York and Florida. And of course,
Speaker 1: redistricting has made a couple of races in New York
Speaker 1: particularly interesting because after today, at least one longtime member
Speaker 1: of Congress is going to be a lame duck, at
Speaker 1: least one. We're watching this Nadler Maloney race. You think
Speaker 1: of it as Upper east Side versus Upper west Side
Speaker 1: to a senior committee chairs. These are long term members
Speaker 1: of the Democratic Party in the US House running against
Speaker 1: each other. This is what happens when maps are read drawn.
Speaker 1: And I'm not sure they would have planned it this way,
Speaker 1: but here we are with Jerry Nadler, the chair of
Speaker 1: the Judiciary Committee Upper West Side, considered the front runner here,
Speaker 1: having been endorsed by The New York Times and by
Speaker 1: Senator Chuck Schumer. At least that's what the most recent
Speaker 1: polling data has suggested. Representative Carolin Maloney, the chair of
Speaker 1: the Oversight Committee Upper East Side, has really turned this
Speaker 1: into an interesting contest here as Maloney tries to make
Speaker 1: the case for having a woman in this seat and
Speaker 1: to be acknowledged for the role that she has played.
Speaker 1: Interesting that we're seeing uh Congressman Nadler potentially as the
Speaker 1: front runner here. You might wonder whether having two longtime
Speaker 1: members of cong Is competing against each other might give
Speaker 1: the challenger, Sarage Patel, room to sort of swim through
Speaker 1: the middle and make his way up there. I guess
Speaker 1: anything is possible. The polls have not suggested that's going
Speaker 1: to be the outcome, But of course we've woken up
Speaker 1: on a lot of Wednesday mornings with a surprise this
Speaker 1: primary season. But yes, there's there is a third candidate
Speaker 1: here without the sort of party backing that the other
Speaker 1: to enjoy, and certainly Nadler with Chuck Schumer behind him, here,
Speaker 1: But you mentioned this is not the only possible incumbent
Speaker 1: that could be in trouble here, Representative Sean Patrick Maloney.
Speaker 1: This isn't the seventeenth district of New York. This is
Speaker 1: you know, not just an incumbent, but he leads the
Speaker 1: House Democratic Campaign Committee's backed by Nancy Pelosi, and it's
Speaker 1: turned into a little bit of a proxy here. State
Speaker 1: Senator Alessandra Biaggi is backed by Alexandria Cassio Cortez. So
Speaker 1: it's kind of a progressive versus establishment race here as
Speaker 1: Sean Patrick Maloney fights to keep his career alive. Are
Speaker 1: we seeing any other races coming out here, Joe, where
Speaker 1: we could see more of that potential divide between the
Speaker 1: sort of mainline traditional Democratic Party and that progressive wing
Speaker 1: that Alexandria Occasio Cortez embodies. Well, I, you know, in
Speaker 1: terms of the races in New York, I think that
Speaker 1: the special election that's happening in the nineteenth district, and
Speaker 1: this is Bizarres Hudson Valley, that you know, the winner
Speaker 1: of this will only have the seat for a couple
Speaker 1: of months because of the redistricting you mentioned that district
Speaker 1: will be dismantled at the end of the year. It
Speaker 1: opened up when Anthony Delgado became lieutenant governor. So you've
Speaker 1: got a Democrat here, Pat Ryan. And I'm not going
Speaker 1: to suggest that this is a progressive versus establishment race,
Speaker 1: but Pat Ryan has really made this as a Democrat
Speaker 1: uh an issue of abortion rights, where the Republican here
Speaker 1: Mark Molinaro, also a county executive, has really taken the
Speaker 1: establishment Republican line on inflation UH to the voters here.
Speaker 1: So this is a bit of a proxy for the
Speaker 1: general election. Joe Biden beat Donald Trump I one and
Speaker 1: a half percentage points in that district, but it is
Speaker 1: thought to be leaning Republican here, and the polls do
Speaker 1: not really establish a front runners. So there are a
Speaker 1: lot of questions about where this is gonna go. If
Speaker 1: if Democrats can keep the seat, it will be meaningful.
Speaker 1: If Republicans can flip the seat, then they might say, look,
Speaker 1: this is an indicator of where we're going here in
Speaker 1: November with our chances to take the House. So that's
Speaker 1: one that we're watching closely that might not get as
Speaker 1: much attention. What are you watching in Florida, Joe, Well,
Speaker 1: Florida is interesting you know, look, we're the battle between
Speaker 1: Charlie Christ and Nikki Freed. Just to find out who's
Speaker 1: gonna run against Rhonda Santis is a little bit of
Speaker 1: uh an exercise. I won't say in futility, but very
Speaker 1: few expect the Rhonda Santis to be in trouble here.
Speaker 1: As the two Democrats try to duke it out, we're
Speaker 1: also wondering is Marco Rubio in trouble. That's not something
Speaker 1: that's been part of the sort of electoral narrative here,
Speaker 1: but Representative Val Demmings Uh, the front runner here to
Speaker 1: run against Marco Rubio, has raised forty eight million dollars,
Speaker 1: which is remarkable and what is a four way primary here,
Speaker 1: Questions about what Marco Rubio might be facing in November,
Speaker 1: and of course, in the lead up to the primary
Speaker 1: in Florida, the big political story in Florida has been
Speaker 1: the FBI search of former President Donald Trump's home at
Speaker 1: marl Lago. We've had a lot of developments there and
Speaker 1: I wonder whether that that search is gonna be part
Speaker 1: of what plays out in these primary races today. It's
Speaker 1: hard to say. When you know Rhonda Santis has actually
Speaker 1: you know, he's on running unopposed here, So it's really
Speaker 1: Democrats we're gonna be choosing, you know, who's gonna face
Speaker 1: Rhonda Santis in the fall, Who's gonna face Marco Rubio
Speaker 1: in the fall. I will note that Rhonda Santis has
Speaker 1: been on a national fundraising tour. He was in Pennsylvania
Speaker 1: on Friday to stump for the Republican candidate for governor there.
Speaker 1: He was in Ohio to stump for j d Vance
Speaker 1: running for Senate. As he brings his message to a
Speaker 1: national audience and raises a lot of money, more than
Speaker 1: Donald Trump has at this point of the year, a
Speaker 1: lot of folks are wondering if this, of course, has
Speaker 1: everything to do with and we're wondering whether the Trump
Speaker 1: bomp from the Morrow logo search is gonna hold. But
Speaker 1: we'll leave that for the next conversation next hour. Joe
Speaker 1: Matthew with us this morning on Bloomberg Daybreak. We're gonna
Speaker 1: have a lot more with Joe on Sound on for
Speaker 1: Sure this evening every weekday, five pm. Wall Street Time
Speaker 1: here on Bloomberg Radio. Karen A, right, Nathan, thank you.
Speaker 1: It is six fifty four on Wall Street. And now
Speaker 1: a legal story. We're launching this morning, the Supreme Court
Speaker 1: will take up three oh three Creative versus A Lenis
Speaker 1: in its upcoming term, a case that Pits of Colorado
Speaker 1: stayed anti discrimination law meant to protect same sex couples
Speaker 1: against free speech rights. The case, which is similar to
Speaker 1: a eighteen dispute involving a bakery, is about a web
Speaker 1: designer who says she can't create wedding websites for same
Speaker 1: sex couples because of her religious beliefs. For more, Bloomberg's
Speaker 1: Kimberly Robinson and Lydia Wheeler spoke with former federal judge
Speaker 1: Michael Connell. As I mentioned, this case is very similar
Speaker 1: to Masterpiece Cake Shop, which the Justice is decided in,
Speaker 1: but it differs in one really important way, and that's
Speaker 1: that this dispute is framed as one about free speech
Speaker 1: instead of religious liberty. What if any difference is that
Speaker 1: going to make this time around. Well, I think it
Speaker 1: greatly simplifies and narrows the case. Because a free exercise
Speaker 1: claim might be brought by anyone whose beliefs prevent them
Speaker 1: working with Sam Sex's wedding. This as a speech case,
Speaker 1: this is combined just to people whose activities are expressive
Speaker 1: in nature, people are actually speaking, So it's a much
Speaker 1: narrow work case. This didn't start out as just a
Speaker 1: free speech case though. In the beginning, the web designer
Speaker 1: asked the justices to consider whether the state's anti discrimination
Speaker 1: law violated her religious freedom. Um. But the Justice has
Speaker 1: actually changed the question they were asked to sign um
Speaker 1: and honed in exclusively on this speech right. So I'm
Speaker 1: curious how often do you see the court do something
Speaker 1: like that where they rewrite the question and what does
Speaker 1: that signal? So it doesn't happen very often. I mean,
Speaker 1: this is not a unicorn. It happens from time to time,
Speaker 1: but this is somewhat unusual, and it indicates that the
Speaker 1: Court really wants to focus in on the speach claim, which,
Speaker 1: as I say, is narrower uh and and not the
Speaker 1: broader free exercise client m. So we've seen the Roberts
Speaker 1: Court under Chief Justice John Roberts issue ruling after ruling
Speaker 1: a pretty protective of religious rights, particularly the right to
Speaker 1: freely exercise uh your religion. And that was so just
Speaker 1: this last term in cases involving educational funding and school prayer.
Speaker 1: I'm wondering does the Court's reframing of this case as
Speaker 1: one involving only speech signal that the Court is kind
Speaker 1: of shifting away from robustly protecting religious rights. Have we
Speaker 1: reached kind of the high water mark there? I don't
Speaker 1: think so. I don't think it indicates anything of the sword.
Speaker 1: It indicates it's the facts of this case seem to
Speaker 1: map more clearly onto free speech doctrine than anything else.
Speaker 1: And as former federal judge Michael McConnell speaking with Bloomberg's
Speaker 1: Kimberly Robinson and Lydia Wheeler, it's more of that interview
Speaker 1: plus analysis of the latest legal news. By subscribing to
Speaker 1: the Bloomberg Law Podcast or downloading the show at Bloomberg
Speaker 1: dot com slash podcast. Attorneys can find exceptional legal research
Speaker 1: and business development tools at Bloomberg Law dot com and
Speaker 1: on the Bloomberg terminal at b Law. Go Futures this
Speaker 1: morning on the Rise, S and P Future is up
Speaker 1: eleven points, Now futures up eighties seven announceday futures up
Speaker 1: forty one ten, Your treasury little change, your three point
Speaker 1: one per cent and still ahead on Bloomberg Daybreak and
Speaker 1: check on the business headlines and all the news you
Speaker 1: need to start your day, this is Bloomberg