WEBVTT - Bloomberg Daybreak: June 24, 2022 - Hour 2 (Radio) 0:00:03.279 --> 0:00:06.519 Live from the Bloomberg Interactive Burger Studios. This is Bloomberg 0:00:06.640 --> 0:00:10.440 day Break for a Friday, June two. Coming up this hour, 0:00:10.960 --> 0:00:14.960 the Senate passes a bipartisan gun safety bill, Boris Johnson 0:00:15.040 --> 0:00:18.040 suffers a big defeat. In the UK, stocks are on 0:00:18.079 --> 0:00:21.000 track for their first weekly gain in a month, and 0:00:21.120 --> 0:00:25.160 banks ace the FED stress tests. New York lawmakers react 0:00:25.200 --> 0:00:28.040 to the Supreme Court's decision on guns. Plus, the Long 0:00:28.080 --> 0:00:32.000 Island Library admits it made a mistake in banning LGBTQ content. 0:00:32.440 --> 0:00:35.920 I'm Michael war More Ahead, I'm John Stay Sharon, Sports 0:00:36.000 --> 0:00:38.640 high drama and the Bronx a ninth ginning Yankee rally 0:00:38.680 --> 0:00:41.800 to stun the Astros. They held the NBA draft in Brooklyn. 0:00:44.400 --> 0:00:48.320 That's All's trading ahead on Bloomberg Daybreak on Bloomberg Eliven 0:00:48.400 --> 0:00:51.839 Free on New York, Bloomberg N one, Washington, d C, 0:00:52.320 --> 0:00:56.600 Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, 0:00:57.080 --> 0:01:00.760 syrius XM one nineteen and around the world on Bloomberg 0:01:00.840 --> 0:01:07.800 Radio dot Com and via the Bloomberg Business app. Good Morning, 0:01:07.840 --> 0:01:10.640 I'm Nathan Hagar and I'm Karen Moscow and US Dot 0:01:10.720 --> 0:01:13.240 Index futures are on the rise this morning. We're coming 0:01:13.319 --> 0:01:14.760 up to six show one on Wall Street and we 0:01:14.840 --> 0:01:17.240 check the markets every fifteen minutes throughout the trading day. 0:01:17.319 --> 0:01:20.559 On Bloomberg, SNP future is up thirty one points this morning. 0:01:20.640 --> 0:01:23.840 DAL futures have two hundred and nineteen and Asdack futures 0:01:23.840 --> 0:01:26.440 have one d fourteen. The ten year treasury little change 0:01:26.440 --> 0:01:29.080 you have three point eight percent and they yield on 0:01:29.120 --> 0:01:31.800 the two year at three point oh one percent, and 0:01:31.920 --> 0:01:35.039 NIMEX scrude oil is up one point four percent. Nathan 0:01:35.200 --> 0:01:37.399 Karen will have more on markets in a minute, but first, 0:01:37.440 --> 0:01:41.120 the Senate has passed bipartisan gun safety legislation by a 0:01:41.160 --> 0:01:43.679 wide margin. We get the latest from Amy Morris in 0:01:43.680 --> 0:01:47.560 our Bloomberg newsroom in Washington. It is being hailed as 0:01:47.600 --> 0:01:50.680 the biggest breakthrough on gun safety in thirty years. The 0:01:50.720 --> 0:01:54.200 bill will improve background checks, secure schools, and gives more 0:01:54.240 --> 0:01:57.680 funds to states to tamp down gun violence. Republican John 0:01:57.720 --> 0:02:00.760 Cornyn of Texas was one of the negotiators. Will it 0:02:00.880 --> 0:02:05.480 save lives? Will it save lives? And I believe the 0:02:05.520 --> 0:02:09.240 answer to that is yes, and that makes us worth doing. 0:02:09.520 --> 0:02:11.920 The House is expected to pass the bill and send 0:02:11.919 --> 0:02:14.800 it to President Biden's desk for his signature before leaving 0:02:14.800 --> 0:02:17.720 for a two week recess in Washington. I'm Amy Morris, 0:02:17.760 --> 0:02:20.680 Bloomberg Daybreak, Amy, thank you to send His action on 0:02:20.760 --> 0:02:24.040 guns safety comes after an altogether different move at the 0:02:24.080 --> 0:02:26.400 Supreme Court. The Justice has struck down the New York 0:02:26.480 --> 0:02:29.320 law that prevents most people from carrying guns in public. 0:02:29.520 --> 0:02:33.080 Republican Congressman Kevin Brady of Texas says, it's the right call. 0:02:33.600 --> 0:02:37.160 I think the President uh concerned that this is dangerous 0:02:37.200 --> 0:02:40.600 a requisit just in real life in real states where 0:02:41.360 --> 0:02:45.240 this has been around for an awfully long time, you know, 0:02:45.440 --> 0:02:49.200 none of those concerns have occurred by Democratic Senator John 0:02:49.200 --> 0:02:53.040 Ausuff of Georgia says, this good said a dangerous president. Well, look, 0:02:53.080 --> 0:02:55.240 one of the things that I hear consistently across the 0:02:55.280 --> 0:03:00.079 state of Georgia is strong support from law enforcement for 0:03:00.280 --> 0:03:04.200 common sense gun safety measures. Senator ass Off and Congressman 0:03:04.240 --> 0:03:07.400 Brady spoke with our Washington corresponded Joe Matthew on Bloomberg 0:03:07.520 --> 0:03:09.960 Sound on Catch the Show weekdays at five pm Eastering 0:03:10.000 --> 0:03:13.120 on Bloomberg Radio. Well, even before that ruling, Karen confidence 0:03:13.160 --> 0:03:15.800 in the Supreme Court has reached a new low. Let's 0:03:15.800 --> 0:03:18.800 get the latest live from Bloomberg's Rnita Young. Good morning, Grenita, 0:03:18.840 --> 0:03:22.640 Good morning Nathan. A Gallop Pole measuring faith in institutions 0:03:22.639 --> 0:03:26.120 over fifty years shows many societal pillars are having a 0:03:26.160 --> 0:03:29.200 bad year, but the eleven point drop for the nation's 0:03:29.280 --> 0:03:33.600 highest court is about double the decline experienced by other institutions. 0:03:33.600 --> 0:03:36.680 In the survey, confidence in the Supreme Court this year 0:03:36.720 --> 0:03:40.800 has slid among Democrats from thirty percent to thirteen percent, 0:03:41.240 --> 0:03:45.280 and from forty to twenty five among independents. For Republicans, 0:03:45.320 --> 0:03:48.880 the Gallop Pole says confidence has risen from thirty seven 0:03:48.920 --> 0:03:52.360 percent to thirty nine percent. The poll was completed a 0:03:52.400 --> 0:03:56.160 few days before the High Court's decision yesterday striking down 0:03:56.200 --> 0:03:59.000 the New York gun law. Live in New York. I'm 0:03:59.080 --> 0:04:01.200 Rnita Young, bloom Burke Day Break. All Right, we need 0:04:01.240 --> 0:04:03.720 to thank you. Another major story we're following this morning 0:04:03.800 --> 0:04:06.920 focuses on the insurrection at the Capitol. The January six 0:04:06.920 --> 0:04:11.160 Committees fifth session centered on pressure former President Trump put 0:04:11.200 --> 0:04:13.920 on the Department of Justice to help overturn the election. 0:04:14.120 --> 0:04:17.080 Bloomberg said, Baxter has the story. It focused on the 0:04:17.120 --> 0:04:19.200 attempt to force the d o J to throw out 0:04:19.200 --> 0:04:22.440 the slate of electors in Georgia, to meetings that threatened 0:04:22.440 --> 0:04:26.479 Assistant Attorney's General, including Richard Donohue, saying that they would 0:04:26.480 --> 0:04:29.440 lose their jobs. He said, people tell me I should 0:04:29.440 --> 0:04:31.320 just get rid of both of you. I should just 0:04:31.400 --> 0:04:35.680 remove you and UM make a change in leadership with 0:04:35.839 --> 0:04:38.720 Jeff Clark in, maybe something will finally get done. Chair 0:04:38.839 --> 0:04:43.240 Bennie Thompson. We've shown the workings of what was essentially 0:04:43.720 --> 0:04:46.800 a political coup. Thompson says the next session will focus 0:04:46.839 --> 0:04:49.800 on how Donald Trump summoned the mom to Washington and 0:04:49.960 --> 0:04:53.480 that violence became his last option in San Francisco. I'm 0:04:53.520 --> 0:04:56.040 at Baxter Bloomberg Daybreak. Thanks, and we also have some 0:04:56.080 --> 0:04:58.520 news on trade. This morning. Bloomberg News has learned the 0:04:58.600 --> 0:05:01.640 US is set to escalate claim that Mexico violated a 0:05:01.680 --> 0:05:04.120 free trade agreement. The dispute has to do with Mexican 0:05:04.160 --> 0:05:07.880 policies that favor state run energy companies. Dragged out conflict 0:05:07.920 --> 0:05:11.000 could lead the US to impost tariffs on Mexico. Well, 0:05:11.000 --> 0:05:14.640 in Europe, Nathan, there's a big election defeat for Boris Johnson. 0:05:14.760 --> 0:05:16.920 We go to London and get the latest of Bloomberg's 0:05:16.960 --> 0:05:19.680 U and parts, good Morning You and good Morning Nathan Karen. 0:05:19.760 --> 0:05:22.680 A double election defeat for the UK Prime Minister Boris 0:05:22.720 --> 0:05:26.839 Johnson's Conservative Party, losing two special elections, including one in 0:05:26.880 --> 0:05:30.440 a district where last time he secured six of all votes. 0:05:30.760 --> 0:05:33.400 Johnson says he will listen to voters after the defeat, 0:05:33.760 --> 0:05:36.960 but in a resignation letter this morning, the Conservative Party 0:05:37.040 --> 0:05:40.360 chairman said we cannot carry on with business as usual 0:05:40.680 --> 0:05:42.800 in London. I'm you and pots Pinberg daybreak you and 0:05:42.839 --> 0:05:45.440 banks shares the financial companies are higher in early trading 0:05:45.440 --> 0:05:48.680 after banks aced the latest round of stress tests from 0:05:48.720 --> 0:05:51.280 the FED. When we get the story from Bloomberg stud Chrisner. 0:05:52.040 --> 0:05:59.840 Even in a challenging the FED determined banks had to 0:06:00.000 --> 0:06:02.960 Asian capital to withstand a severe recession think of it 0:06:03.000 --> 0:06:06.760 as a worst case searching unemployment, collapsing real estate prices, 0:06:06.880 --> 0:06:09.720 and to wipeout inequities now. The test also looked at 0:06:09.720 --> 0:06:13.200 whether trading operations at firms like JP Morgan, Chase, Morgan 0:06:13.240 --> 0:06:16.520 Stanley and Goldman Sachs could hold up against a hypothetical 0:06:16.600 --> 0:06:20.039 market shock. In all the tests assumed combined losses of 0:06:20.120 --> 0:06:23.640 six hundred twelve billion dollars. So with passing marks, banks 0:06:23.640 --> 0:06:26.800 are now free to return eighty billion dollars to their shareholders. 0:06:27.080 --> 0:06:29.640 In New York, I'm Doug Prisoner, Bloomberg daybreak. All right, 0:06:29.960 --> 0:06:32.120 thank you, while turning to the markets now, and we 0:06:32.200 --> 0:06:34.760 apologize for the earlier error with the tape there. The 0:06:34.800 --> 0:06:38.320 bounce back on Wall Street continues. Futures are higher, building 0:06:38.360 --> 0:06:41.480 on three straight days of gains for the SMP five hundred. 0:06:41.720 --> 0:06:44.120 The index has risen more than three percent during this 0:06:44.240 --> 0:06:47.000 holiday short and trading week the year from Rebecca Corbin, 0:06:47.040 --> 0:06:50.680 the CEO of Corban Advisors, who says investors just one certainty, 0:06:50.920 --> 0:06:55.160 even in a challenging economic backdrop, If they have certainty 0:06:55.279 --> 0:06:59.279 with regard to what to expect, the equity markets will 0:06:59.360 --> 0:07:03.960 decouple from the economic performance. And Rebecca Corbin of Corban 0:07:04.000 --> 0:07:06.719 Advisors knows the SNP five hundred is on track for 0:07:06.800 --> 0:07:10.360 its first weekly gain in a month. Futures this morning 0:07:10.440 --> 0:07:13.840 are on the rise. SMP futures up thirty points. Straight ahead, 0:07:13.920 --> 0:07:17.120 your latest local headlines, splus the check of sports, and 0:07:17.400 --> 0:07:24.640 this is Bloomberg. Karen, Thanks at six oh seven on 0:07:24.680 --> 0:07:27.040 Wall Street war sixty three degrees in Central Park. It's 0:07:27.040 --> 0:07:29.440 still dealing with problems on the Long Island Railroad this morning. 0:07:29.440 --> 0:07:31.800 We'll get to the details in traffic, but first Michael 0:07:31.800 --> 0:07:33.520 Barr is here with what else is going on in 0:07:33.560 --> 0:07:35.800 New York and around the world. Good morning, Michael, Good 0:07:35.840 --> 0:07:39.160 morning Nathan. New York lawmakers are reacting to the Supreme 0:07:39.160 --> 0:07:42.720 Court's ruling striking down the state century old law limiting 0:07:42.760 --> 0:07:45.880 the right to carry a concealed handgun in public. Governor 0:07:45.920 --> 0:07:49.800 Kathy Oakel says the decision isn't just reckless, is reprehensible. 0:07:49.920 --> 0:07:52.840 Heaven help us if that's what they're going to continue 0:07:52.880 --> 0:07:54.840 doing with with laws and having us go back to 0:07:54.920 --> 0:07:59.240 that time in history, unrelated to the current circumstances where 0:07:59.280 --> 0:08:03.480 we have a gun violence crisis on our hands. New 0:08:03.560 --> 0:08:07.320 York Mayor Eric Adams echoed Governor Hockle's remarks, he cannot 0:08:07.320 --> 0:08:11.680 allow New York to become the Wow Wow West. That 0:08:11.880 --> 0:08:16.080 is unacceptable. Mayor Adams says the decision ignores the shocking 0:08:16.120 --> 0:08:18.600 crisis of gun violence every day in gulfing not only 0:08:18.600 --> 0:08:22.800 New York, but our entire country. Former New York Mayor 0:08:22.880 --> 0:08:27.680 build a Blasio our law enforcement officials for decades have 0:08:27.880 --> 0:08:30.760 believed this kind of approach. These strong gun safety laws 0:08:30.840 --> 0:08:35.320 are particularly important place like New York, and the Supreme 0:08:35.320 --> 0:08:38.960 Court just really spit in the face of law enforcement. 0:08:39.520 --> 0:08:42.840 Former Mayor to Blasio spoke to Bloomberg Radio. Meanwhile, State 0:08:42.880 --> 0:08:46.480 Republican Committee Chairman Nick Langworthy says Democrats are trying to 0:08:46.520 --> 0:08:50.520 create fear and division over what he characterizes as legal 0:08:50.559 --> 0:08:54.440 gun owners rights to protect themselves and their families. The 0:08:54.440 --> 0:08:56.560 New York City Council will hold a hearing at noon 0:08:56.600 --> 0:09:00.319 today on school budget cuts. Mayor Adams gave his urrance 0:09:00.400 --> 0:09:04.559 is at the reduction would coincide with falling enrollment rates. However, 0:09:04.760 --> 0:09:07.480 the Council wants to look at the Department of Educations 0:09:07.559 --> 0:09:10.640 changes to the formula used to calculate how much money 0:09:10.679 --> 0:09:13.559 is allotted to each school. A Long Island Board of 0:09:13.600 --> 0:09:17.640 trustees admits it was a wrong decision to ban LGBTQ 0:09:17.880 --> 0:09:21.480 content from the children's section of a library, including books 0:09:21.559 --> 0:09:26.720 and displays. The Smithtown Library Board of Trustees apologized and 0:09:26.840 --> 0:09:30.600 voted last night for two to reverse the previous vote 0:09:30.600 --> 0:09:34.320 initially banning the content. The decision came after Governor Hokol 0:09:34.440 --> 0:09:38.319 called for human rights investigation into the matter. Walking appointments 0:09:38.440 --> 0:09:42.079 in the New York City temporary clinic giving monkeypox vaccines 0:09:42.280 --> 0:09:44.880 had to be halted. Officials say there was so much 0:09:44.920 --> 0:09:48.200 high demand at the Chelsea clinic they couldn't accommodate. Walking's 0:09:48.559 --> 0:09:50.920 global news twenty four hours a day on air and 0:09:51.040 --> 0:09:54.200 on Bloomberg Quicktake, powered by more than twenty seven hundred 0:09:54.240 --> 0:09:57.280 journalists and analysts more than a hundred twenty countries. Michael 0:09:57.280 --> 0:10:04.719 Barr and this is Bloomberg, Nathan, Thank you, Michael. Come 0:10:04.840 --> 0:10:06.720 up to six ten on Wall Street. John stash Are 0:10:06.760 --> 0:10:09.280 has a Bloomberg Sports Updated, Thanks Dafin. The Yankees and 0:10:09.320 --> 0:10:11.840 Astros are developed quite the rivalry, and here they are 0:10:11.920 --> 0:10:14.320 games two best teams in American League and Water start 0:10:14.320 --> 0:10:16.520 to the four game series of the Stadium. Three run 0:10:16.600 --> 0:10:19.679 homers all over early on Alec Fregman before there was 0:10:19.679 --> 0:10:22.280 an out recorded John Carlo Stanton bottom of the first. 0:10:22.640 --> 0:10:25.520 Jordan Alvarez is twenty second of the year. It remains 0:10:25.600 --> 0:10:28.000 six three Astros from the top of the third to 0:10:28.120 --> 0:10:30.400 the bottom of the ninth. Another three run homer, this 0:10:30.440 --> 0:10:32.760 one from Aaron Hicks to tide of the game at six, 0:10:33.120 --> 0:10:36.360 and the Yanks were not done, and Judge came to 0:10:36.440 --> 0:10:40.400 the play and the three oh line hard deep Della 0:10:40.520 --> 0:10:47.079 Field baysh Trevino round third. He's coming home. Turvino scores 0:10:47.600 --> 0:10:56.679 four game over Yankees win. Yankees w F A and 0:10:56.880 --> 0:11:00.920 seven six, win their ninth walk off victory. They're fifteenth 0:11:00.920 --> 0:11:02.839 in a row in the Bronx. Longest home win speaks 0:11:02.880 --> 0:11:06.120 of nineteen sixty one. Judge will spend today at an 0:11:06.200 --> 0:11:08.839 arbitration here in too determined if he makes twenty one 0:11:08.880 --> 0:11:12.839 million dollars this year for seventeen. Bigger financial issue with 0:11:12.960 --> 0:11:15.840 Doud is what happens after the season. He's just three agents. 0:11:16.120 --> 0:11:18.280 NBA draft and Brooklyn the next did not have any 0:11:18.320 --> 0:11:21.360 picks that Nicks had. The eleven pick traded at Okloma City, 0:11:21.360 --> 0:11:23.600 one of a few trades the Knicks made. In the end. 0:11:23.640 --> 0:11:26.200 They were able to rid themselves of Kemba Walker, whose 0:11:26.240 --> 0:11:27.840 returned home to New York a year ago did not 0:11:27.880 --> 0:11:31.120 go well. Traded to Detroit. The Pistons expected to buy 0:11:31.240 --> 0:11:33.600 Kimba out and he'll be a free agent. Duke's Palo 0:11:33.640 --> 0:11:37.200 Bon Cairo taken first overall by Orlando Rory McElroy shot 0:11:37.240 --> 0:11:39.120 sixty two for the opening round, leading hard for the 0:11:39.160 --> 0:11:42.640 Colorado Avalanche, up three one on Tampa Bay Ken Tonight 0:11:42.679 --> 0:11:45.719 win this Dan Lka, John Dash Award Bloomberg Sports. Thank 0:11:45.760 --> 0:11:47.559 you all right, John, thank you right now. I sent 0:11:47.600 --> 0:11:50.280 p futures are highed by thirty two points adding to 0:11:50.320 --> 0:11:52.880 their games this morning. Dew futures up two to thirty six. 0:11:53.240 --> 0:11:55.880 Nastack futures are hired by a hundred twenty one points. 0:11:55.880 --> 0:11:58.080 That is a gain of one per cent. Send your 0:11:58.120 --> 0:12:00.800 Treasury now down five thirty second is the yield three 0:12:00.840 --> 0:12:08.439 point one zero percent. This is Bloomberg Bloomberg Day Break, 0:12:08.480 --> 0:12:11.360 brought to you by Hofstra University's Frank gz R School 0:12:11.400 --> 0:12:14.080 of Business, top ranked online NBA program of the Real 0:12:14.080 --> 0:12:17.160 World Foundation. Learn more at Hofstra dot e d u 0:12:17.520 --> 0:12:24.839 slash go grad markets, headlines and breaking news twenty four 0:12:24.840 --> 0:12:27.920 hours a day at Bloomberg dot com, the Bloomberg Business 0:12:27.920 --> 0:12:38.680 Outland at Bloomberg Quick takes a Bloomberg Business Flash, and 0:12:38.720 --> 0:12:41.520 I'm Karen Moscow. The technology sector giving a look to 0:12:41.600 --> 0:12:44.680 stocks and bonds are holding a rally as investors evaluate 0:12:44.720 --> 0:12:48.600 economic threats and scale back expectations for inflation. And interest 0:12:48.679 --> 0:12:51.360 rate hikes. We checked the markets every fifteen minutes throughout 0:12:51.360 --> 0:12:53.760 the trading day on Bloomberg. Right now, US and P 0:12:53.920 --> 0:12:56.400 futures are up thirty two points down futures have two 0:12:56.600 --> 0:12:59.280 D thirty and NASDACK futures up a hundred twenty. The 0:12:59.400 --> 0:13:01.640 deck Center Many is up nine tenths of up percent. 0:13:01.960 --> 0:13:04.360 Ten year Treasury down four thirty seconds. You have three 0:13:04.440 --> 0:13:06.559 point one zero percent and the yield on a two 0:13:06.679 --> 0:13:09.880 year three point three percent. NIMEX screwed oil is up 0:13:09.920 --> 0:13:12.079 one point four percent of a dollar forty three and 0:13:12.160 --> 0:13:15.120 a hundred five dollars seventy cents of barrel. Comex school 0:13:15.200 --> 0:13:17.640 this it'll change at one thousand, eight hundred twenty eight 0:13:17.720 --> 0:13:20.360 dollars announced, The euro one point oh five for eight 0:13:20.400 --> 0:13:22.680 against the dollar, British bound one point to two nine 0:13:22.760 --> 0:13:25.360 four and the end at one thirty five point one too. 0:13:25.559 --> 0:13:28.680 And Bitcoin this morning is up four tenths percent at 0:13:28.720 --> 0:13:32.160 twenty thousand, eight hundred eighty dollars. As a Bloomberg Business flash, 0:13:32.240 --> 0:13:34.240 now here's Michael Barr with more on what's going on 0:13:34.400 --> 0:13:37.440 around the world. Uncle Karen, thank you very much. Congress 0:13:37.520 --> 0:13:39.959 is on the verge of approving of thirteen billion dollar 0:13:40.040 --> 0:13:44.360 bipartisan gun violence bill. How's approval is expected today on 0:13:44.559 --> 0:13:48.080 legislation that would be the lawmaker's most sweeping answer in decades. 0:13:48.520 --> 0:13:51.920 The Senate approved the measure yesterday, with fifteen Republicans joining 0:13:51.960 --> 0:13:57.520 Democrats and backing passage. How's GOP representatives Matt Gate, Scott Perry, 0:13:57.640 --> 0:14:01.560 Andy Biggs, Louis Gohmert, and Moe Brooks all contacted White 0:14:01.600 --> 0:14:05.800 Al staffers seeking pardons from Donald Trump. According to video 0:14:05.920 --> 0:14:09.800 testimony played by the committee investigating the January sixth riot 0:14:10.040 --> 0:14:13.160 at the US Capitol. In baseball, the Yankees one along 0:14:13.200 --> 0:14:16.080 with the Orioles, the Giant, and as lost. Global News 0:14:16.120 --> 0:14:18.720 twenty four hours a day on air, rand on Bloomberg 0:14:18.760 --> 0:14:22.400 Quick Take, powered by more than twenty hundred journalists analysts 0:14:22.440 --> 0:14:25.920 more than a hundred twenty countries. Michael bar this is Bloomberg. 0:14:26.040 --> 0:14:28.320 Nathan all right, Michael, Thanks at six nineteen on Wall 0:14:28.400 --> 0:14:31.400 Street Live from the Bloomberg Interactive Broker Studios. This is 0:14:31.480 --> 0:14:34.720 Bloomberg Daybreak, with so many historic developments happening in just 0:14:34.880 --> 0:14:37.800 the last couple of hours, really in Washington, d C. 0:14:38.320 --> 0:14:40.920 We're very pleased to be joined by Terry Haynes, founder 0:14:40.960 --> 0:14:44.240 of PANGEA Policy to sort out what's going on, particularly 0:14:44.360 --> 0:14:47.520 on the guns issue. Terry, good morning. We've had the 0:14:47.640 --> 0:14:52.840 first significant piece of gun safety legislation to move forward 0:14:53.000 --> 0:14:56.160 on Capitol Hill in decades. At the same time, we've 0:14:56.200 --> 0:15:00.200 gotten the first major expansion of gun rights to come 0:15:00.240 --> 0:15:02.840 out of the Supreme Court in more than a decade. 0:15:03.160 --> 0:15:07.480 What's the impact, good morning, Nathan. Uh, you know, I 0:15:07.600 --> 0:15:11.160 think the impact is what people ought to look at. 0:15:11.840 --> 0:15:17.400 I think, uh, between the headlines and potential dissonance of 0:15:17.560 --> 0:15:22.360 this here is that there really isn't any dissonance. Uh. 0:15:22.760 --> 0:15:25.000 And you know, don't believe me, believe the United States 0:15:25.080 --> 0:15:30.440 Senate because that that Supreme Court ruling came out yesterday, 0:15:30.960 --> 0:15:34.360 which I'd largely look at, as you know, it's an 0:15:34.400 --> 0:15:37.560 important ruling, but it's a detail ruling to detail about 0:15:38.240 --> 0:15:43.560 about how states can regulate gun carry. And nobody in 0:15:43.640 --> 0:15:46.680 the Senate stood up and said, wait a minute, we've 0:15:46.680 --> 0:15:50.560 got to completely redo what we're doing here. Uh. Nobody said, 0:15:51.280 --> 0:15:54.880 you know, this is fundamentally at odds with what we're doing. 0:15:55.080 --> 0:15:58.920 None of that stuff, and uh, you know, and you know, 0:15:59.040 --> 0:16:01.600 I find the the voices of reason here to be First, 0:16:01.640 --> 0:16:04.280 the New York Police Commissioners said, you know, nothing changes 0:16:04.320 --> 0:16:08.120 if you're uh, you know, if you're carrying a gun illegally, 0:16:08.120 --> 0:16:11.800 you're still going to get arrested and prosecuted. Justice Kavanaugh, 0:16:11.920 --> 0:16:15.240 I think importantly, said, look, you know, you can still 0:16:15.320 --> 0:16:18.080 do a lot of things. You can still require fingerprinting, 0:16:18.120 --> 0:16:21.680 background check, metal health training and firearms handling, all those 0:16:21.760 --> 0:16:24.560 sorts of things. You just can't involve yourself in the 0:16:24.680 --> 0:16:28.000 sort of you know, sensitive place uh in you know, 0:16:28.200 --> 0:16:31.400 good moral character, sorts of things that New York had 0:16:31.440 --> 0:16:34.440 been doing. Um And finally, you know, you're gonna see 0:16:34.440 --> 0:16:37.160 a shakeout period, I think where you know, there's still 0:16:37.160 --> 0:16:41.640 gonna be a battle over the precise parameters concealed carry legislation, 0:16:42.000 --> 0:16:45.040 you know, but nothing here, you know, fundamentally strikes at 0:16:45.040 --> 0:16:47.040 the heart of being able to do the sorts of 0:16:47.160 --> 0:16:51.000 things that Congress and the President are about to do 0:16:52.160 --> 0:16:55.280 on guns. So you know, we have a you know, 0:16:55.360 --> 0:16:57.880 I think we have a good net good here. Frankly, 0:16:58.280 --> 0:17:02.920 in terms though of the Supreme Court justifying now the 0:17:03.080 --> 0:17:08.200 Second Amendment as as applying to the right to carry 0:17:08.359 --> 0:17:12.000 arms outside the home, that does set a significant precedent 0:17:12.119 --> 0:17:14.399 in terms of what states can do in terms of 0:17:14.960 --> 0:17:19.520 regulating firearms. Doesn't it? I think it's a I certainly 0:17:19.560 --> 0:17:23.600 think it's a clarification. But you know, I will I 0:17:23.680 --> 0:17:26.800 will say I think that you know, anybody that expresses 0:17:26.920 --> 0:17:30.000 shock over the idea that the Court was going to 0:17:31.240 --> 0:17:34.119 that the Court might or excuse me, anybody was going 0:17:34.160 --> 0:17:37.040 to express shock over the idea that the Court was 0:17:37.080 --> 0:17:41.159 somehow going to regulate carry outside the home. Uh, you know, 0:17:41.200 --> 0:17:43.400 I think it was dreaming. That's clearly not the thrust 0:17:43.480 --> 0:17:47.240 of the Second Amendment. However you feel about the militia clause. Uh, So, 0:17:48.320 --> 0:17:51.119 you know, net net um, you know what we have 0:17:51.280 --> 0:17:54.520 here is we have an affirmation of of of an 0:17:54.600 --> 0:17:58.360 existing rights with some more specificity rather than an expansion 0:17:58.560 --> 0:18:02.400 that in my own view, In terms of the bill 0:18:02.560 --> 0:18:05.280 that is going now to the House, the Bipartisan Gun 0:18:05.400 --> 0:18:10.520 Safety Legislation, we had fifteen Republicans vote with Democrats in 0:18:10.560 --> 0:18:14.399 the Senate, and we spoke with Texas Republican Congressman Kevin Brady. 0:18:14.480 --> 0:18:16.639 He sounds like he's on board with this bill as well. 0:18:16.720 --> 0:18:20.040 Even though the National Rifle Association has come out against it. 0:18:20.200 --> 0:18:23.719 Is their potential for political blowback for Republicans who support 0:18:23.760 --> 0:18:28.360 this legislation, Um, I think a little bit. But the yeah, 0:18:28.400 --> 0:18:30.160 but I think what you see is, you know, there's 0:18:30.200 --> 0:18:35.359 potential for blowback from Democrats or four Democrats and Republicans. Frankly, 0:18:35.440 --> 0:18:39.920 you have, uh, you have absolutists or purists on both 0:18:40.000 --> 0:18:43.280 sides that will be very very disappointed to anybody that 0:18:43.359 --> 0:18:47.160 wants to adopt a more centrist or more incrementalist position. 0:18:48.119 --> 0:18:50.879 But you know, the fact of the matter here is 0:18:51.160 --> 0:18:55.440 that you know, both parties have been engaging for decades 0:18:55.520 --> 0:19:01.400 now in more absolutist positions that that wardered the ability 0:19:01.560 --> 0:19:06.000 of of good common sense laws like the one they're 0:19:06.119 --> 0:19:12.359 the one that's about to become law provide. And you 0:19:12.440 --> 0:19:15.480 know Democrats were even ten years ago on the background 0:19:15.600 --> 0:19:19.359 check business. As many Democrats voted against the background check laws, 0:19:19.400 --> 0:19:24.159 Republicans voted for it. Both parties carry I think the 0:19:24.680 --> 0:19:28.119 the stain of you know, not wanting to are wanting 0:19:28.160 --> 0:19:31.000 to have the perfect be of the enemy the good 0:19:31.359 --> 0:19:34.320 and that's about to uh, that's about to change, and 0:19:34.400 --> 0:19:37.880 that's a good thing. Broader too. Thanks as always Terry 0:19:37.920 --> 0:19:40.399 for being with us for your insights. Terry Haynes is 0:19:40.480 --> 0:19:43.520 the founder of Pangea Policy and the interest of Transparency. 0:19:43.520 --> 0:19:46.159 We should note that Michael Bloomberg, the founder and majority 0:19:46.240 --> 0:19:49.320 owner of Bloomberg Radio parent company Bloomberg LP, donates two 0:19:49.359 --> 0:19:53.400 groups that support gun control, including Every Town for Gun Safety. 0:19:53.600 --> 0:19:56.320 Right now, SMP futures are up twenty nine points. Now 0:19:56.400 --> 0:20:01.200 futures of NAZAC futures hired by one hundred twelve points. 0:20:01.280 --> 0:20:08.399 You're listening to Bloomberg day Break Bloomberg eleven three oh 0:20:08.440 --> 0:20:10.520 weather turning partly Sunday with highs and the low eighties. 0:20:10.600 --> 0:20:13.360 Today will be in the oper eighties, maybe ninety degrees 0:20:13.640 --> 0:20:18.479 for the weekend. Current temperature in Central Park sixty three degrees. 0:20:22.000 --> 0:20:26.520 Broadcasting live from the Bloomberg Interactive Broker Studio in New York. 0:20:26.640 --> 0:20:29.720 Bloomberg E Living Free on to Washington, d C, Bloomberg 0:20:30.720 --> 0:20:33.920 to Boston, Bloomberg one O six one to San Francisco, 0:20:34.040 --> 0:20:37.439 Bloomberg Non sixty to the country Sirius XM chto one 0:20:37.560 --> 0:20:40.639 nineteen and around the globe the Bloomberg Business app in 0:20:40.720 --> 0:20:50.520 Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six 0:20:50.600 --> 0:20:53.159 thirty on Wall Street. Good morning. I'm Nathan Hagar and 0:20:53.240 --> 0:20:55.840 I'm Karen mos Gaw. We are just about three hours 0:20:55.920 --> 0:20:58.080 away from the open of US training. It's time for 0:20:58.160 --> 0:21:00.280 the five things you need to notice start your day. 0:21:00.359 --> 0:21:03.800 Brought to you by I b k R Investment Advisers 0:21:03.800 --> 0:21:06.879 switched to Interactive Brokers for lowest cost global training and 0:21:06.920 --> 0:21:10.680 turnkey custody solutions, no ticket charges and no conflicts of 0:21:10.760 --> 0:21:13.240 your interests at I b k R dot com slash r. 0:21:13.320 --> 0:21:17.320 I a first, a major piece of gun safety legislation 0:21:17.400 --> 0:21:20.959 in decades, has passed this Senate by a wide margin. 0:21:21.160 --> 0:21:24.120 It now heads to the House, where Texas Republican Kevin 0:21:24.160 --> 0:21:27.640 Brady says it should get by partisan support. I think 0:21:27.720 --> 0:21:31.520 hardening the schools makes good sense. And uh, I think 0:21:31.920 --> 0:21:35.720 uh oping the penalties on those who draw purchase who 0:21:35.720 --> 0:21:39.040 are buying specifically to give to someone you know who 0:21:39.160 --> 0:21:42.120 is analygible normally criminals there. You know, I really think 0:21:42.200 --> 0:21:46.320 that is that is very helpful. Republican Congressman Kevin Brady 0:21:46.400 --> 0:21:49.680 spoke with our Washington corresponded Joe Matthew on Bloomberg Sound 0:21:49.760 --> 0:21:52.280 on Catch the Show weekdays at five pm Eastern on 0:21:52.359 --> 0:21:54.840 Bloomberg Radio. Well, the move comes the same day Karen 0:21:54.920 --> 0:21:57.040 that the Supreme Court struck down a New York law 0:21:57.119 --> 0:21:59.800 that required people to show a special need to carry 0:22:00.080 --> 0:22:03.760 end gun in public. Meantime, Nathan aheaded at controversial ruling 0:22:03.760 --> 0:22:06.000 and confidence in the Supreme Court reached a new low. 0:22:06.080 --> 0:22:08.440 When we get the latest life from Bloomberg's Reneed a 0:22:08.520 --> 0:22:10.960 young good Morning, Ready to good morning, Karen. A gallop 0:22:11.040 --> 0:22:14.840 pole measuring faith in institutions over fifty years shows many 0:22:14.920 --> 0:22:18.040 societal pillars are having a bad year, but the eleven 0:22:18.119 --> 0:22:21.119 point dropped for the nation's highest court is about double 0:22:21.200 --> 0:22:25.280 the decline experienced by other institutions. In the survey, confidence 0:22:25.320 --> 0:22:28.320 in the Supreme Court this year has slid among Democrats 0:22:28.600 --> 0:22:32.320 from thirty percent to percent, and from forty to twenty 0:22:32.400 --> 0:22:36.320 five percent among Independence For Republicans, the gallop Pole says 0:22:36.400 --> 0:22:39.919 confidence has risen from thirty seven to thirty nine percent. 0:22:40.520 --> 0:22:43.080 Live in New York, I'm reneed a young Bloomberg daybreak, 0:22:43.400 --> 0:22:45.520 we need to thank you and europe. Boris Johnson has 0:22:45.520 --> 0:22:49.240 suffered a major election upset, losing a formerly safe parliament 0:22:49.320 --> 0:22:53.359 set in Southwest England. Separately, Johnson's party was beaten by Labor, 0:22:53.560 --> 0:22:57.400 raising fresh questions about the Prime Minister's popularity well. Turning 0:22:57.400 --> 0:22:59.919 to the markets now, Nathan, futures are higher, WES stocks 0:23:00.040 --> 0:23:02.000 on track for their first weekly gain in a month, 0:23:02.080 --> 0:23:04.840 The SNP is game more than three percent in this 0:23:04.960 --> 0:23:07.800 shortened holiday trading week, and Wall Street's biggest banks are 0:23:07.880 --> 0:23:10.720 now set to return tens of billions of dollars to investors. Karen, 0:23:11.040 --> 0:23:13.840 Banks all passed the Federal Reserves annual test of their 0:23:13.880 --> 0:23:16.760 ability to withstand market term. Wall shares a fed except 0:23:16.760 --> 0:23:19.639 about three percent in early trading. Nathan, the delivery service 0:23:19.760 --> 0:23:23.400