1 00:00:03,720 --> 00:00:06,960 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:07,040 --> 00:00:10,960 Speaker 1: Daybreak for Wednesday, April thirteen two. Coming up this hour, 3 00:00:11,119 --> 00:00:14,240 Speaker 1: the search continues for the Brooklyn subway shooter. We are 4 00:00:14,320 --> 00:00:16,720 Speaker 1: live with the latest. The US is preparing a new 5 00:00:16,760 --> 00:00:20,439 Speaker 1: search at military aid for Ukraine. JP Morgan Chase kicks 6 00:00:20,480 --> 00:00:24,480 Speaker 1: off bank earnings and investors grace for the latest inflation report. 7 00:00:24,800 --> 00:00:27,880 Speaker 1: New York's Lieutenant governor has resigned after being arrested for 8 00:00:28,040 --> 00:00:30,920 Speaker 1: bribery charges. Plus more calls for the UK for Administer 9 00:00:31,080 --> 00:00:34,760 Speaker 1: Johnson to step down. I'm Michael Barr. Bore Ahead. I'm 10 00:00:34,840 --> 00:00:37,640 Speaker 1: John Stashtown Sports. The Nets beat the Calves, who advanced 11 00:00:37,680 --> 00:00:39,720 Speaker 1: the way the Celtics, the loss for the Rangers, shut 12 00:00:39,760 --> 00:00:45,280 Speaker 1: out wins for the Mets and Yankees. That's all trading 13 00:00:45,280 --> 00:00:48,919 Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New 14 00:00:49,000 --> 00:00:53,080 Speaker 1: York Bloomberg ninety nine one, Washington, d C Bloomberg one 15 00:00:53,080 --> 00:00:57,560 Speaker 1: oh six one, Boston Bloomberg nine sixties and Francisco Syrius 16 00:00:57,640 --> 00:01:01,120 Speaker 1: Exam one nineteen and around the world on Bloomberg Radio 17 00:01:01,240 --> 00:01:07,520 Speaker 1: dot Com and via the Bloomberg Business opp Good morning, 18 00:01:07,560 --> 00:01:10,440 Speaker 1: I'm Nathan Hagar and I'm Karen. Moscow and US Dock 19 00:01:10,480 --> 00:01:13,560 Speaker 1: Index futures are higher this morning. We are coming up 20 00:01:13,560 --> 00:01:15,240 Speaker 1: to six o one on Wall Street. I mean check 21 00:01:15,360 --> 00:01:17,880 Speaker 1: the markets every fifteen minutes throughout the trading day. On 22 00:01:17,920 --> 00:01:21,440 Speaker 1: Bloomberg right now, SMP futures are up about twelve points down. 23 00:01:21,480 --> 00:01:24,000 Speaker 1: Future is up eighty four. NAS day Future is a 24 00:01:24,120 --> 00:01:26,920 Speaker 1: fifty five. The ten year Treasury down five thirty seconds, 25 00:01:26,959 --> 00:01:29,800 Speaker 1: held two points seven four percent, and the yield on 26 00:01:29,840 --> 00:01:33,080 Speaker 1: the two year two point four one percent. NIMEX screwed 27 00:01:33,120 --> 00:01:35,560 Speaker 1: oil is up four ten percent at a hundred one 28 00:01:35,600 --> 00:01:38,120 Speaker 1: dollars one cent to barrel. Nathan. Thanks Karen. We'll have 29 00:01:38,120 --> 00:01:39,960 Speaker 1: more on the markets in a minute. First, the man 30 00:01:40,040 --> 00:01:42,600 Speaker 1: hunt is still on for a New York City shooter 31 00:01:42,640 --> 00:01:45,640 Speaker 1: who opened fire during a morning rush hour incident at 32 00:01:45,640 --> 00:01:49,480 Speaker 1: a subway station in Brooklyn. Bloomberg's Michael Bars following all 33 00:01:49,520 --> 00:01:51,640 Speaker 1: the developments, has the very latest for US Live. What 34 00:01:51,680 --> 00:01:53,440 Speaker 1: are you hearing, Michael, Thank you very much, Nathan. The 35 00:01:53,440 --> 00:01:56,560 Speaker 1: gunman in the Brooklyn subway shooting fired at least thirty 36 00:01:56,760 --> 00:01:59,920 Speaker 1: three bullets in the train, wounding ten people. At least 37 00:02:00,040 --> 00:02:03,600 Speaker 1: thirteen others were injured, Police say the suspect put on 38 00:02:03,640 --> 00:02:06,640 Speaker 1: a gas mask and set off two smoke bombs before 39 00:02:06,640 --> 00:02:09,240 Speaker 1: he started shooting. Authorities are looking for a man who 40 00:02:09,320 --> 00:02:12,639 Speaker 1: rented a U haul van they believe might be connected 41 00:02:12,639 --> 00:02:15,799 Speaker 1: to yesterday's shooting. They have identified the man believed to 42 00:02:15,840 --> 00:02:18,520 Speaker 1: be a person of interest in my p D. Chief 43 00:02:18,600 --> 00:02:24,160 Speaker 1: James Essek says, Frank James has addresses in Philadelphia and Wisconsin. 44 00:02:24,560 --> 00:02:28,480 Speaker 1: We are endeavoring to locate him to determine his connection 45 00:02:28,639 --> 00:02:32,400 Speaker 1: to the subway shooting if any. Chief Essex says a 46 00:02:32,520 --> 00:02:34,880 Speaker 1: key to the rendal van was found at the scene, 47 00:02:34,919 --> 00:02:38,760 Speaker 1: along with the semi automatic handgun, hatchet, smoke grenades, and 48 00:02:38,760 --> 00:02:42,840 Speaker 1: other items in New York. Michael Barb Bloomberg Daybreak, Karen Harry, 49 00:02:42,840 --> 00:02:45,040 Speaker 1: Michael bar thank you. We will be hearing updates on 50 00:02:45,080 --> 00:02:48,280 Speaker 1: this developing story throughout the morning and Tuesday. Shooting on 51 00:02:48,320 --> 00:02:50,480 Speaker 1: the New York City subway comes at a time when 52 00:02:50,520 --> 00:02:53,400 Speaker 1: crime is rising in the city. Former New York City 53 00:02:53,400 --> 00:02:56,360 Speaker 1: Mayor Bill de Blasio tells Bloomberg's Joe Matthew the incident 54 00:02:56,440 --> 00:03:00,480 Speaker 1: represents a troubling trend about gun violence across America. The 55 00:03:00,520 --> 00:03:03,239 Speaker 1: pandemic created a host of problems and one of them 56 00:03:03,280 --> 00:03:06,360 Speaker 1: was the free flow of guns that intensified in the 57 00:03:06,400 --> 00:03:10,040 Speaker 1: last two years. We need stronger federal efforts to cut 58 00:03:10,080 --> 00:03:13,320 Speaker 1: those off before they ever get into big cities. Former 59 00:03:13,360 --> 00:03:15,440 Speaker 1: New York City Mayor Bill de Blasio spoke with our 60 00:03:15,480 --> 00:03:18,919 Speaker 1: Washington corresponded Joe Matthew on Bloomberg Sound on. Catch the 61 00:03:18,919 --> 00:03:22,320 Speaker 1: program weekdays at five pm Eastern or on Bloomberg Radio 62 00:03:22,360 --> 00:03:24,680 Speaker 1: and stay tuned for an interview with the current Mayor 63 00:03:24,800 --> 00:03:26,960 Speaker 1: of New York, Eric Adams. He sits down for a 64 00:03:27,040 --> 00:03:30,960 Speaker 1: conversation on Bloomberg Surveillance. Coming up at five am Wall 65 00:03:31,000 --> 00:03:32,840 Speaker 1: Street Time. Right now to the latest on the war 66 00:03:32,880 --> 00:03:35,480 Speaker 1: in Eastern Europe, care and the presidents of Poland and 67 00:03:35,560 --> 00:03:37,960 Speaker 1: the three Baltic States are heading to Kiev in a 68 00:03:38,000 --> 00:03:42,000 Speaker 1: show of support for Ukraine. Meanwhile, the Biden administrations preparing 69 00:03:42,000 --> 00:03:45,760 Speaker 1: a military assistance package for Ukraine. As President Biden doubles 70 00:03:45,840 --> 00:03:49,360 Speaker 1: down on criticism of Vladimir Putin, Amy Morris has the 71 00:03:49,400 --> 00:03:53,480 Speaker 1: tales from our Bloomberg newsroom in Washington. As President Biden 72 00:03:53,560 --> 00:03:56,840 Speaker 1: spoke in Iowa about fuel prizes and inflation, he accused 73 00:03:56,920 --> 00:04:01,360 Speaker 1: Vladimir Putin of committing genocide in Ukraine. Then before boarding 74 00:04:01,360 --> 00:04:06,680 Speaker 1: Air Force One, he backed up those comments. It's good, 75 00:04:06,720 --> 00:04:09,120 Speaker 1: different than was last week. The more evidence is coming 76 00:04:09,120 --> 00:04:13,440 Speaker 1: out of the literally the horrible thing if the Russians 77 00:04:13,480 --> 00:04:17,120 Speaker 1: have done in Ukraine. President Biden later added that lawyers 78 00:04:17,160 --> 00:04:21,320 Speaker 1: would ultimately make that official determination putin said earlier peace 79 00:04:21,360 --> 00:04:24,520 Speaker 1: negotiations with Ukraine or at a dead end. This as 80 00:04:24,560 --> 00:04:28,360 Speaker 1: the administration prepares to ship weapons and other equipment to Ukraine, 81 00:04:28,560 --> 00:04:32,240 Speaker 1: part of a seven fifty million dollar package of military assistance. 82 00:04:32,560 --> 00:04:35,680 Speaker 1: In Washington, I'm any Morris, Bloomberg Daybreak, right, Amy, thank 83 00:04:35,720 --> 00:04:38,159 Speaker 1: you now to the markets and quarterly results from banks 84 00:04:38,200 --> 00:04:40,760 Speaker 1: kicked off this morning. We had more from Bloomberg Radio 85 00:04:40,800 --> 00:04:44,239 Speaker 1: and television correspondent Shinali Basa. JP Morgan is the first 86 00:04:44,279 --> 00:04:47,360 Speaker 1: of the big US banks to report earnings, and investors 87 00:04:47,360 --> 00:04:50,880 Speaker 1: are expecting trading volumes to really start to decline. However, 88 00:04:51,200 --> 00:04:53,920 Speaker 1: net interest income is expected to rise and that may 89 00:04:53,960 --> 00:04:56,280 Speaker 1: start to offset some of the pressures in training and 90 00:04:56,360 --> 00:04:59,720 Speaker 1: investment banking. Net interest in come will be dependent, however, 91 00:05:00,040 --> 00:05:03,720 Speaker 1: on whether the yield curve remains under pressure. Investors will 92 00:05:03,760 --> 00:05:06,200 Speaker 1: be looking for color on whether JP Morgan is also 93 00:05:06,240 --> 00:05:09,760 Speaker 1: preparing for a recession that some investors expect to start 94 00:05:09,760 --> 00:05:13,840 Speaker 1: as early as next year, or in bloomberg sinn Alle 95 00:05:13,960 --> 00:05:16,880 Speaker 1: boss Age says expect earnings from JP Morgan Chase around 96 00:05:16,920 --> 00:05:19,360 Speaker 1: seven am Wall Street time. Well, we wait for those 97 00:05:19,360 --> 00:05:22,240 Speaker 1: corporate earnings, Karen. Let's turn to the economy now. Inflation 98 00:05:22,360 --> 00:05:24,920 Speaker 1: once again is in focus this morning with the release 99 00:05:24,960 --> 00:05:27,760 Speaker 1: of the March producer price Index. We get more from 100 00:05:27,760 --> 00:05:31,520 Speaker 1: Bloomberg's Michael McKey. Supply chain disruptions from Russia's invasion of 101 00:05:31,640 --> 00:05:36,080 Speaker 1: Ukraine and China's extensive COVID lockdown likely pushed producer prices 102 00:05:36,160 --> 00:05:40,680 Speaker 1: higher during March, particularly for oil and agricultural commodities and 103 00:05:40,839 --> 00:05:45,560 Speaker 1: Chinese consumer goods. US factories have reported widespread concern over 104 00:05:45,680 --> 00:05:49,400 Speaker 1: rising costs, with prices of energy, grain, and fertilizer near 105 00:05:49,440 --> 00:05:53,080 Speaker 1: all time highs. March consumer prices rose eight and a 106 00:05:53,120 --> 00:05:56,160 Speaker 1: half percent over the past year, the fastest pace since 107 00:05:57,640 --> 00:06:00,719 Speaker 1: Michael McKey Bloomberg daybreak. All right, go thank you about 108 00:06:00,720 --> 00:06:03,159 Speaker 1: The FED will be closely watching data today and in 109 00:06:03,200 --> 00:06:05,000 Speaker 1: the run up to their main meeting, and a couple 110 00:06:05,040 --> 00:06:07,359 Speaker 1: of central bankers are speaking out this morning about the 111 00:06:07,400 --> 00:06:09,520 Speaker 1: future of interest rates. And we get the latest lie 112 00:06:09,520 --> 00:06:12,120 Speaker 1: from Bloomberg's rand A Young, Good morning, Randa, good morning 113 00:06:12,160 --> 00:06:14,880 Speaker 1: care and St. Louis FED President Jim Bullard tells The 114 00:06:14,880 --> 00:06:18,400 Speaker 1: Financial Times that US monetary policy needs to be tightened 115 00:06:18,400 --> 00:06:21,719 Speaker 1: to a point that it curtail's economic growth or policy 116 00:06:21,760 --> 00:06:24,919 Speaker 1: makers will risk their credibility. He supports a half a 117 00:06:24,960 --> 00:06:27,960 Speaker 1: percentage point increase next month and says the rate should 118 00:06:27,960 --> 00:06:31,880 Speaker 1: move up sharply after that. Richmond FED President Thomas Barkins 119 00:06:31,920 --> 00:06:34,240 Speaker 1: says the Central Bank should raise interest rates to the 120 00:06:34,240 --> 00:06:37,520 Speaker 1: neutral range as quickly as possible, and can move above 121 00:06:37,600 --> 00:06:41,200 Speaker 1: that if price pressures continue. Live in New York, I'm 122 00:06:41,240 --> 00:06:44,480 Speaker 1: Rnita Young Bloomberg Daybreak. All right, Nita, thanks youk. Inflation 123 00:06:44,560 --> 00:06:47,359 Speaker 1: rose more than expected last month to a thirty year high. 124 00:06:47,400 --> 00:06:49,839 Speaker 1: Consumer prices rose in March at an annual rate of 125 00:06:49,920 --> 00:06:53,599 Speaker 1: seven percent. Higher inflation is on the way this month. 126 00:06:53,600 --> 00:06:56,080 Speaker 1: There will be a fifty four percent increase in the 127 00:06:56,240 --> 00:06:59,320 Speaker 1: energy price cap and Bluemberg day break is braunt to 128 00:06:59,360 --> 00:07:01,919 Speaker 1: you by bing why Melons Pershing learned why the world's 129 00:07:01,960 --> 00:07:05,600 Speaker 1: most sophisticated wealth management and institutional firms rely on Pershing 130 00:07:05,640 --> 00:07:09,200 Speaker 1: to help them improve profitability, create efficiency, attract talent, and 131 00:07:09,279 --> 00:07:12,880 Speaker 1: manage risk at Pershing dot com. Straight to hand your 132 00:07:12,920 --> 00:07:17,280 Speaker 1: latest local headlines, plus a check of sports, and this 133 00:07:17,640 --> 00:07:24,160 Speaker 1: is Bloomberg, all right, Karen, Thanks six oh seven on 134 00:07:24,200 --> 00:07:27,280 Speaker 1: Wall Street, fifty five degrees in Central Park. As our 135 00:07:27,320 --> 00:07:30,920 Speaker 1: coverage of the aftermath of the subway shooting in Brooklyn continues, 136 00:07:31,000 --> 00:07:33,400 Speaker 1: let's get the very latest once again. Michael bars with us. 137 00:07:33,400 --> 00:07:36,840 Speaker 1: Michael Nathan, thank you very much. Reaction and information continue 138 00:07:36,920 --> 00:07:40,240 Speaker 1: from yesterday's mass shooting on a Brooklyn subway that left 139 00:07:40,600 --> 00:07:44,640 Speaker 1: ten people's shot and more than a dozen injured. This 140 00:07:44,680 --> 00:07:47,440 Speaker 1: man was one of the victims. You see like a smoke, 141 00:07:47,600 --> 00:07:50,720 Speaker 1: black smoke bomb going off and then and then people 142 00:07:50,760 --> 00:07:53,080 Speaker 1: bomb rushing to the back. This pregnant woman was in 143 00:07:53,120 --> 00:07:54,440 Speaker 1: front of me. I was trying to help her. I 144 00:07:54,440 --> 00:07:56,600 Speaker 1: don't know they were shots at first. I just thought 145 00:07:56,600 --> 00:07:59,480 Speaker 1: it was a black smoke bomb. The New York City 146 00:07:59,480 --> 00:08:03,200 Speaker 1: Police can Kaitian Sewell, the suspect is a dark skinned 147 00:08:03,200 --> 00:08:06,520 Speaker 1: male and was wearing a neon orange vest and a 148 00:08:06,560 --> 00:08:10,600 Speaker 1: gray colored sweatshirt. We do have a person of interest 149 00:08:10,680 --> 00:08:14,040 Speaker 1: in this investigation, Commissioner Sewell says. He is identified as 150 00:08:14,080 --> 00:08:17,560 Speaker 1: sixty two year old Frank James, A motive remains unclear. 151 00:08:17,920 --> 00:08:20,600 Speaker 1: New York City Mayor Eric Adams says the city is 152 00:08:20,600 --> 00:08:24,560 Speaker 1: working to ensure the safety of subway writers. Immediately. We're 153 00:08:24,600 --> 00:08:27,560 Speaker 1: going to double down on our patrol strength. If I 154 00:08:27,680 --> 00:08:30,840 Speaker 1: was not here coming from COVID, I would be on 155 00:08:30,840 --> 00:08:33,360 Speaker 1: that subway system today because I think as a mayor, 156 00:08:33,360 --> 00:08:36,200 Speaker 1: you have to leave from the front. Mayor Adams will 157 00:08:36,200 --> 00:08:39,120 Speaker 1: speak to Bloomberg at eight forty five am All Street time. 158 00:08:39,400 --> 00:08:42,199 Speaker 1: New York Governor Kathy Hukel agrees with many of Adams 159 00:08:42,200 --> 00:08:44,439 Speaker 1: and calling for an end of gun violence. The last 160 00:08:44,440 --> 00:08:48,319 Speaker 1: time there was a mess shooting on our subway system, 161 00:08:48,520 --> 00:08:51,959 Speaker 1: I believe, so I don't want to act as if 162 00:08:52,400 --> 00:08:54,720 Speaker 1: treat this a normal experience on our subway. This is 163 00:08:54,720 --> 00:08:57,920 Speaker 1: a rarity, but one instance like this is one too many. 164 00:08:58,160 --> 00:09:01,320 Speaker 1: President Biden echoed what Governor Vocal said. Jill and I 165 00:09:01,360 --> 00:09:03,079 Speaker 1: and my wife Jill and I are pray for those 166 00:09:03,120 --> 00:09:05,880 Speaker 1: who are injured in all those touched by that trauma. 167 00:09:06,040 --> 00:09:09,040 Speaker 1: We're grateful for all the first responders who jumped into action, 168 00:09:09,120 --> 00:09:13,319 Speaker 1: including civilians. Civilians who didn't hesitate to help their fellow 169 00:09:13,360 --> 00:09:16,079 Speaker 1: passengers and try to shield him. President Biden says his 170 00:09:16,200 --> 00:09:19,160 Speaker 1: team has been in touch with Mayor Adams and the NYPD. 171 00:09:19,760 --> 00:09:22,719 Speaker 1: New York Lieutenant Governor Brian Benjamin has resigned in the 172 00:09:22,760 --> 00:09:26,240 Speaker 1: wake of his arrest in a federal corruption investigation. Benjamin, 173 00:09:26,240 --> 00:09:29,559 Speaker 1: a Democrat, was accused and an indictment of participating in 174 00:09:29,600 --> 00:09:33,200 Speaker 1: a scheme to obtain campaign contributions from a real estate 175 00:09:33,240 --> 00:09:36,440 Speaker 1: developer when he was a state senator. Benjamin pleaded not 176 00:09:36,520 --> 00:09:40,640 Speaker 1: guilty yesterday after his arrest. British opposition politicians are again 177 00:09:40,679 --> 00:09:44,320 Speaker 1: calling on UK Prime Minister Boris Johnson to resign. Police 178 00:09:44,320 --> 00:09:47,560 Speaker 1: are finding the Prime Minister for breaking his own lockdown laws. 179 00:09:47,679 --> 00:09:50,720 Speaker 1: On COVID Global News twenty four hours a day on 180 00:09:50,880 --> 00:09:53,920 Speaker 1: air and on Bloomberg Quick Take, powered by more than 181 00:09:54,000 --> 00:09:57,320 Speaker 1: twenty seven hundred journalists analysts more than a hundred twenty countries. 182 00:09:57,600 --> 00:10:05,240 Speaker 1: Michael barn this is Bloomberg. They Michael, thank you almost 183 00:10:05,240 --> 00:10:07,600 Speaker 1: sixtent on All Street time for the Bloomberg Sports Update 184 00:10:07,600 --> 00:10:09,960 Speaker 1: with Johnstown Shower. All right, Nathan, After what was obviously 185 00:10:09,960 --> 00:10:12,800 Speaker 1: a very harrowing morning in Brooklyn. The day ended there 186 00:10:12,800 --> 00:10:15,199 Speaker 1: with an NBA playing game at the Parkleys Center and 187 00:10:15,240 --> 00:10:18,199 Speaker 1: a victory for the Nets. Rebound reflected loose Trowls got 188 00:10:18,240 --> 00:10:20,760 Speaker 1: a gain out to Irving left wing. Here's the three 189 00:10:20,880 --> 00:10:26,760 Speaker 1: yscored Rick Hyrie. He still hasn't missed. Hey, Cleveland needs 190 00:10:26,760 --> 00:10:29,600 Speaker 1: a timeout. Thatt's match their largest lead of the game. 191 00:10:30,559 --> 00:10:34,240 Speaker 1: That's sixties seven of the Cats forty seven. Kyrie is 192 00:10:34,320 --> 00:10:37,120 Speaker 1: ten for ten. Called Kyrie EVERMNNA going to make his 193 00:10:37,160 --> 00:10:40,520 Speaker 1: first twelve shots. He scored thirty four points duran at five. 194 00:10:40,520 --> 00:10:43,559 Speaker 1: The Nets never trailed, beat Cleveland one f one oh eight. 195 00:10:43,600 --> 00:10:46,160 Speaker 1: Now it's on to Boston, Game one of the playoff 196 00:10:46,200 --> 00:10:49,240 Speaker 1: series with the Celtics Sunday afternoon. Minnesota won the play 197 00:10:49,240 --> 00:10:51,840 Speaker 1: in game in the West over the Clippers. The Rangers 198 00:10:51,840 --> 00:10:54,240 Speaker 1: at the Garden. We're hoping to knock off Carolina moving 199 00:10:54,280 --> 00:10:57,200 Speaker 1: to a time for first in the Metropolitan Division. Didn't happen. 200 00:10:57,600 --> 00:10:59,640 Speaker 1: Hurricanes with three in the third, one four to two 201 00:10:59,640 --> 00:11:02,079 Speaker 1: and now by four points. Chris Kryder did score a 202 00:11:02,160 --> 00:11:04,720 Speaker 1: late goal for the Rangers. Became the fourth and team 203 00:11:04,760 --> 00:11:07,520 Speaker 1: history to scored fifty in the season. Islanders beat the 204 00:11:07,520 --> 00:11:10,800 Speaker 1: Penguins five four, Devils won six to Arizona. Shout out 205 00:11:10,840 --> 00:11:13,439 Speaker 1: wins for both the Mets and Yankees. The Mets to 206 00:11:13,640 --> 00:11:16,800 Speaker 1: nothing in Philadelphia's Tyler and McGill turned in his second 207 00:11:16,840 --> 00:11:18,760 Speaker 1: brilliant out in McGill's two and oh is yet to 208 00:11:18,760 --> 00:11:21,640 Speaker 1: allow a run. It over tennings on the mound. Max 209 00:11:21,640 --> 00:11:24,800 Speaker 1: Scherzer starts this afternoon and Philly at the stadium. Yankees 210 00:11:24,840 --> 00:11:27,959 Speaker 1: over Toronto for nothing. Esther Cortez didn't finish the fifteening, 211 00:11:28,000 --> 00:11:29,720 Speaker 1: so it couldn't get the win, but he was outstanding, 212 00:11:30,080 --> 00:11:33,760 Speaker 1: followed by four relievers together, Yankee pitchers allowed only five hits. 213 00:11:33,760 --> 00:11:36,320 Speaker 1: Struck daft ten did not walk a better Aaron Hicks 214 00:11:36,320 --> 00:11:38,480 Speaker 1: at at two on Homer. Derek Cole will start tonight, 215 00:11:38,840 --> 00:11:41,480 Speaker 1: John stash Award Bloomberg School, Nathan all right, John, thank 216 00:11:41,520 --> 00:11:43,720 Speaker 1: you right now. S and P futures are up thirteen points, 217 00:11:43,720 --> 00:11:47,400 Speaker 1: Staff futures up ninety two, NASTAC futures higher by fifty 218 00:11:47,480 --> 00:11:50,480 Speaker 1: seven points. The tenure treasury is down three thirty seconds, 219 00:11:50,480 --> 00:11:52,920 Speaker 1: with the yield two point seven three percent yield on 220 00:11:52,960 --> 00:11:55,960 Speaker 1: the two year two point three nine. The very latest 221 00:11:56,000 --> 00:11:58,240 Speaker 1: on the man hunt for the Brooklyn subway shooter dextra 222 00:11:58,320 --> 00:12:02,839 Speaker 1: Bloomberg's Creedy Kupta. As we continue our coverage, stay with us. 223 00:12:02,920 --> 00:12:08,800 Speaker 1: This is Bloomberg Bloomberg day Break brought to you by 224 00:12:08,840 --> 00:12:12,200 Speaker 1: Ancient Accountants and Advisor's challenging times call for proactive advisors 225 00:12:12,200 --> 00:12:15,480 Speaker 1: who help minimize taxes, increased cash flow, and create opportunities 226 00:12:15,480 --> 00:12:22,240 Speaker 1: for the future of your business. Visit Ancient dot com markets, 227 00:12:22,320 --> 00:12:25,400 Speaker 1: headlines and breaking news twenty four hours a day at 228 00:12:25,440 --> 00:12:29,320 Speaker 1: Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg Cricktake. 229 00:12:29,600 --> 00:12:38,640 Speaker 1: This is a Bloomberg Business flash and I'm Karen Moscow. 230 00:12:38,800 --> 00:12:41,600 Speaker 1: US Dock Index futures on the rise this morning. Bonds 231 00:12:41,640 --> 00:12:44,720 Speaker 1: are falling as investors way inflation risks against the start 232 00:12:44,720 --> 00:12:47,360 Speaker 1: of earning season, and we check the markets every fifteen 233 00:12:47,400 --> 00:12:49,800 Speaker 1: minutes throughout the trading day. On Bloomberg s and P 234 00:12:50,000 --> 00:12:52,559 Speaker 1: futures of fifteen points this morning, DAL futures up a 235 00:12:52,640 --> 00:12:56,120 Speaker 1: hundred four Nasdack future is up sixty one. The decks 236 00:12:56,160 --> 00:12:58,360 Speaker 1: in Germany's down nine tenths of per cent, The ten 237 00:12:58,440 --> 00:13:01,120 Speaker 1: year treasury down five thirty sec Ntel two point seven 238 00:13:01,160 --> 00:13:03,839 Speaker 1: four percent yield on a two year two point four 239 00:13:03,920 --> 00:13:06,880 Speaker 1: zero percent nine nex Screwed oil is at one point 240 00:13:06,880 --> 00:13:08,960 Speaker 1: three percent of a dollar thirty at a hundred one 241 00:13:08,960 --> 00:13:11,720 Speaker 1: dollars eighty eight cents of barrel Comax Gold is up 242 00:13:11,720 --> 00:13:15,720 Speaker 1: three ten percent or six dollars ten cents at twenty announced, 243 00:13:15,920 --> 00:13:18,080 Speaker 1: the euro one point oh a to eight against the 244 00:13:18,080 --> 00:13:20,760 Speaker 1: dollar British found one point three zero zero seven and 245 00:13:20,800 --> 00:13:24,080 Speaker 1: the yen at one six point one zero and bitcoin 246 00:13:24,200 --> 00:13:26,920 Speaker 1: this morning at one point two percent at thirty nine thousand, 247 00:13:27,000 --> 00:13:30,320 Speaker 1: nine hundred ninety nine dollars. Today we do get another 248 00:13:30,360 --> 00:13:32,520 Speaker 1: look at inflation with the producer of Price and Next 249 00:13:32,559 --> 00:13:35,160 Speaker 1: at today thirty Wall Straight Time and JP Morgan Chase, 250 00:13:35,240 --> 00:13:38,800 Speaker 1: Black Rock and Delta among companies schedule to report earnings today. 251 00:13:39,040 --> 00:13:41,959 Speaker 1: That's a Bloomberg business flashdown. Here's Michael Barr with more 252 00:13:42,040 --> 00:13:44,839 Speaker 1: on what's going on around the world. Michael Darren, thank 253 00:13:44,880 --> 00:13:48,240 Speaker 1: you very much. The New York City Police Department according 254 00:13:48,280 --> 00:13:52,160 Speaker 1: to the latest information that gunman in yesterday's subway shooting 255 00:13:52,200 --> 00:13:54,839 Speaker 1: in Brooklyn is still on the loose. In my PD 256 00:13:54,880 --> 00:13:58,280 Speaker 1: Commissioner Keaching seol. As detectives process the crime scene, they 257 00:13:58,360 --> 00:14:03,240 Speaker 1: recovered a nine millimeter some atomatic handgun, extended magazines, and 258 00:14:03,320 --> 00:14:06,240 Speaker 1: a hatchet. Police are looking for a person of interest. 259 00:14:06,280 --> 00:14:09,600 Speaker 1: He is identified as sixty two year old Frank James 260 00:14:09,880 --> 00:14:11,840 Speaker 1: in the NBA, the NETS Beat, the Calves in the 261 00:14:11,840 --> 00:14:15,080 Speaker 1: Eastern Jofford's playing an opener. Brooklyn now faces the Celtics 262 00:14:15,080 --> 00:14:18,800 Speaker 1: on Sunday. In MLB, the Yankees Mets Red Sox all 263 00:14:18,880 --> 00:14:22,400 Speaker 1: one the Giants one, and made history. Alyssa Knockin became 264 00:14:22,440 --> 00:14:24,720 Speaker 1: the first female coach on the field in the regular 265 00:14:24,760 --> 00:14:28,920 Speaker 1: season game after the original first base coach was ejected. 266 00:14:29,280 --> 00:14:31,600 Speaker 1: The Nationals Orioles and A is lost. In the NHL, 267 00:14:31,640 --> 00:14:34,640 Speaker 1: the Islanders wanting to shoot out the Penguins five four, 268 00:14:34,720 --> 00:14:37,960 Speaker 1: the Rangers lost, Devils and Capitals one. Global News twenty 269 00:14:38,000 --> 00:14:40,880 Speaker 1: four hours a day on air and on Bloomberg Quicktake 270 00:14:40,920 --> 00:14:43,880 Speaker 1: by word by more than twenty seven hundred journalists and 271 00:14:43,880 --> 00:14:47,160 Speaker 1: analysts more than twenty countries. Michael bar this is Bloomberg 272 00:14:47,200 --> 00:14:49,440 Speaker 1: nag right, Michael, thank you. It is six nineteen on 273 00:14:49,480 --> 00:14:52,320 Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This 274 00:14:52,400 --> 00:14:55,040 Speaker 1: is Bloomberg Daybreak as we continue our coverage for the 275 00:14:55,120 --> 00:14:58,880 Speaker 1: ongoing manhunt for the suspect in the Brooklyn subways shooting. 276 00:14:58,920 --> 00:15:03,640 Speaker 1: Bloomberg Radio and te correspondent Pretty Gupta was in Brooklyn 277 00:15:03,840 --> 00:15:08,360 Speaker 1: yesterday as this investigation was just getting underway. Creates with 278 00:15:08,400 --> 00:15:10,840 Speaker 1: me now in the studio. Pretty good to see you. 279 00:15:11,000 --> 00:15:14,160 Speaker 1: There have been so many developments in just the last 280 00:15:13,960 --> 00:15:17,240 Speaker 1: little less than twenty four hours when this incident first 281 00:15:17,440 --> 00:15:20,320 Speaker 1: began at the thirty six Street station. Get us caught 282 00:15:20,400 --> 00:15:22,880 Speaker 1: up on what we know so far, what police are 283 00:15:22,880 --> 00:15:25,680 Speaker 1: saying about what unfolded yesterday on that train. Yeah, let's 284 00:15:25,720 --> 00:15:27,600 Speaker 1: just start off with the events here. You did have 285 00:15:27,800 --> 00:15:31,400 Speaker 1: essentially gunman who had open fired in a subway car 286 00:15:31,600 --> 00:15:34,160 Speaker 1: on the end line of this is for international audience, 287 00:15:34,240 --> 00:15:37,880 Speaker 1: essentially a very key MP subway line that goes straight 288 00:15:37,920 --> 00:15:40,160 Speaker 1: into from the residential areas of Brooklyn into the heart 289 00:15:40,200 --> 00:15:42,400 Speaker 1: of Manhattan. So a lot of people who live out 290 00:15:42,440 --> 00:15:45,200 Speaker 1: there in Brooklyn actually use it, especially in the morning commute. 291 00:15:45,360 --> 00:15:48,000 Speaker 1: So this call to the fire department happened about eighty 292 00:15:48,080 --> 00:15:51,480 Speaker 1: four a m. And the reports were essentially that a 293 00:15:51,520 --> 00:15:54,880 Speaker 1: gunman had opened fired and after releasing two smoke canisters, 294 00:15:55,040 --> 00:15:57,280 Speaker 1: put on a construction vest and a gas mask and 295 00:15:57,280 --> 00:16:00,360 Speaker 1: then had fled the scene off. That ten people had 296 00:16:00,360 --> 00:16:03,720 Speaker 1: gunshot wounds and other thirteen injured. And since then we 297 00:16:03,800 --> 00:16:06,320 Speaker 1: know that there is a person of interest that's linked 298 00:16:06,320 --> 00:16:08,320 Speaker 1: to the crime scene. We don't know if he is 299 00:16:08,360 --> 00:16:11,680 Speaker 1: the gunman necessarily but police and FBI agents are looking 300 00:16:11,760 --> 00:16:14,080 Speaker 1: for Frank James about sixty two years old, as you 301 00:16:14,160 --> 00:16:17,120 Speaker 1: just heard Michael Barr report. And this again was linked 302 00:16:17,160 --> 00:16:19,760 Speaker 1: to keys that were found to a rented U haul 303 00:16:19,880 --> 00:16:23,359 Speaker 1: van with a dresses going back to Philadelphia and Milwaukee 304 00:16:23,360 --> 00:16:25,640 Speaker 1: once again that found on the subway platform. So the 305 00:16:25,640 --> 00:16:28,760 Speaker 1: police have not confirmed then whether this Frank James who 306 00:16:28,760 --> 00:16:33,080 Speaker 1: they've named in this investigation is actually their prime suspect 307 00:16:33,080 --> 00:16:35,160 Speaker 1: at this point, right. And they're very careful about this. 308 00:16:35,200 --> 00:16:37,800 Speaker 1: You can see that language is obviously a very key 309 00:16:37,800 --> 00:16:40,280 Speaker 1: thing that they're keeping in touch. They're not saying that 310 00:16:40,360 --> 00:16:42,320 Speaker 1: he is the gunman or he's the shooter, just that 311 00:16:42,800 --> 00:16:44,360 Speaker 1: um and they were very clear that this is the 312 00:16:44,360 --> 00:16:46,560 Speaker 1: only connection we have to Frank James as these keys 313 00:16:46,560 --> 00:16:48,480 Speaker 1: to a U haul van, and they made very clear. 314 00:16:48,520 --> 00:16:50,360 Speaker 1: The other thing that they were very clear about was 315 00:16:50,400 --> 00:16:53,080 Speaker 1: that this was not an act of terrorism. They very 316 00:16:53,120 --> 00:16:54,960 Speaker 1: of course, we know there's a sensitive history with New 317 00:16:55,040 --> 00:16:57,640 Speaker 1: York City on that Amanda around the world frankly, but 318 00:16:57,680 --> 00:17:00,080 Speaker 1: he was saying or the gunman was or the me 319 00:17:00,120 --> 00:17:02,520 Speaker 1: the police commissioner was saying, to be very clear, uh 320 00:17:02,640 --> 00:17:05,560 Speaker 1: what that this was in an act of terror? And 321 00:17:05,680 --> 00:17:07,960 Speaker 1: the assumption was that the gunman was acting alone. Yeah, 322 00:17:08,000 --> 00:17:10,960 Speaker 1: they have said explicitly that they're not investigating this as 323 00:17:11,000 --> 00:17:13,480 Speaker 1: an active terror at this point. But something we've seen 324 00:17:13,920 --> 00:17:17,239 Speaker 1: throughout New York City history for decades, of course, is 325 00:17:18,240 --> 00:17:22,080 Speaker 1: ebbs and lulls when it comes to violent crime in 326 00:17:22,160 --> 00:17:26,080 Speaker 1: this city. Of course, Eric Adams, the mayor, campaigned on 327 00:17:26,400 --> 00:17:30,760 Speaker 1: fighting crime, being tougher on crime, supporting police and trying 328 00:17:30,800 --> 00:17:34,720 Speaker 1: to instill confidence in a subway system that has been 329 00:17:35,320 --> 00:17:38,800 Speaker 1: decimated by COVID. Yeah, and it's really tricky here because 330 00:17:38,800 --> 00:17:41,560 Speaker 1: a lot of the UH kind of issues with some 331 00:17:41,600 --> 00:17:44,360 Speaker 1: of this investigation is that things like the surveillance cameras 332 00:17:44,160 --> 00:17:47,679 Speaker 1: had had malfunctioned. Um, you had routine police check that 333 00:17:47,680 --> 00:17:50,639 Speaker 1: we're supposed to happen across every subway platform. They did happen, 334 00:17:50,640 --> 00:17:53,320 Speaker 1: but there was no police presence when when this UH, 335 00:17:53,480 --> 00:17:55,640 Speaker 1: these events unfolded, So there was a lack in terms 336 00:17:55,640 --> 00:17:58,479 Speaker 1: of getting help to the people that were affected. So 337 00:17:58,720 --> 00:18:01,080 Speaker 1: to Eric Adams point, yes, there's a lot of kind 338 00:18:01,080 --> 00:18:03,120 Speaker 1: of push to get people, especially in New York City, 339 00:18:03,160 --> 00:18:05,359 Speaker 1: back into the city five days a week. New York 340 00:18:05,400 --> 00:18:07,320 Speaker 1: City really lacking some of the other major cities in 341 00:18:07,400 --> 00:18:10,800 Speaker 1: America from that perspective. But also this doesn't necessarily help. 342 00:18:10,800 --> 00:18:12,080 Speaker 1: You are going to start to see a little bit 343 00:18:12,080 --> 00:18:15,640 Speaker 1: of hesitance. Just yesterday actually in the evening commute back home, 344 00:18:15,720 --> 00:18:18,720 Speaker 1: you saw a lot of people choosing other modes of 345 00:18:18,840 --> 00:18:21,879 Speaker 1: traffic or transport. I should say cars where you had 346 00:18:21,960 --> 00:18:24,480 Speaker 1: uber and lift, remove your surge pricing, you had them. 347 00:18:24,520 --> 00:18:27,000 Speaker 1: Take busses you had them, so I'm just walking on 348 00:18:27,080 --> 00:18:29,760 Speaker 1: foot um taxis. Even so, those are all gonna be 349 00:18:29,840 --> 00:18:32,119 Speaker 1: questions that Eric Adams has to answer. How does he 350 00:18:32,200 --> 00:18:34,159 Speaker 1: make New York City safer? Yeah, and when I was 351 00:18:34,200 --> 00:18:38,320 Speaker 1: riding the train yesterday, I noticed of significant police and 352 00:18:38,920 --> 00:18:42,800 Speaker 1: military clothes presence around a lot of the subway stations. 353 00:18:42,960 --> 00:18:45,240 Speaker 1: Is that what commuters can expect this morning and in 354 00:18:45,400 --> 00:18:47,919 Speaker 1: subsequent days they can probably expect of this morning. This 355 00:18:47,960 --> 00:18:49,720 Speaker 1: is not just a New York City story. We've heard 356 00:18:49,720 --> 00:18:55,880 Speaker 1: of heavily armed presences across across the country. L A, Philadelphia, Chicago, UM, 357 00:18:55,880 --> 00:18:58,440 Speaker 1: all really amping up their presence, even though once again 358 00:18:58,440 --> 00:19:01,280 Speaker 1: to really emphasize the sports here did say that this 359 00:19:01,359 --> 00:19:03,639 Speaker 1: was not an act of terrorism. This was an isolated 360 00:19:03,880 --> 00:19:06,480 Speaker 1: event um and they are still searching for for the 361 00:19:06,520 --> 00:19:08,520 Speaker 1: man that is the person of interest as well as 362 00:19:08,520 --> 00:19:10,880 Speaker 1: the shooter. So a lot more questions to be answered. 363 00:19:10,920 --> 00:19:14,160 Speaker 1: We know you'll be asking many of them and gathering 364 00:19:14,320 --> 00:19:18,600 Speaker 1: much more information. Creedy Goopta, Bloomberg Radio and TV markets 365 00:19:18,720 --> 00:19:23,040 Speaker 1: correspondent with us this morning, had been in Brooklyn yesterday 366 00:19:23,680 --> 00:19:26,280 Speaker 1: as this investigation was getting under way. And we should 367 00:19:26,400 --> 00:19:29,320 Speaker 1: note that we will be speaking later this morning with 368 00:19:29,400 --> 00:19:31,840 Speaker 1: New York City Mayor Eric Adams. He's going to be 369 00:19:31,920 --> 00:19:35,240 Speaker 1: joining Bloomberg Radio and Television at eight forty five Wall 370 00:19:35,280 --> 00:19:37,280 Speaker 1: Street Times. Who want to make sure to tune in 371 00:19:37,359 --> 00:19:41,440 Speaker 1: for that conversation later this morning on Bloomberg Surveillance. Looking 372 00:19:41,480 --> 00:19:44,320 Speaker 1: ahead to the market, open futures are moving higher. We 373 00:19:44,359 --> 00:19:47,280 Speaker 1: have SMP futures up fourteen points right now, Dow future 374 00:19:47,320 --> 00:19:49,840 Speaker 1: is up a hundred four NAZAC future is higher by 375 00:19:49,880 --> 00:19:52,960 Speaker 1: fifty two points. The tenure treasury right now down five 376 00:19:53,000 --> 00:19:56,000 Speaker 1: thirty seconds. The yield two point seven four percent now 377 00:19:56,040 --> 00:19:57,880 Speaker 1: on the tenure note, and the yield on the two 378 00:19:57,960 --> 00:20:03,120 Speaker 1: year two point four one percent. You're listening to Bloomberg Daybreak. 379 00:20:07,359 --> 00:20:09,560 Speaker 1: Bloomberg Daybreak brought to you by the Jewish Communal Fund 380 00:20:09,600 --> 00:20:11,440 Speaker 1: j c F S donor advised fund is the smart 381 00:20:11,520 --> 00:20:14,280 Speaker 1: choice to manage your philanthropy, especially in times of crisis. 382 00:20:14,359 --> 00:20:17,159 Speaker 1: Make your giving impactful. Visit j c f n Y 383 00:20:17,920 --> 00:20:25,760 Speaker 1: dot org. Broadcasting live from the Bloomberg Interactive Broker's studio 384 00:20:25,880 --> 00:20:29,040 Speaker 1: in New York. Bloomberg E Loving Freedom to Washington, d C, 385 00:20:29,240 --> 00:20:33,960 Speaker 1: Bloomberg to Boston, Bloomberg one oh six one to San Francisco, 386 00:20:34,040 --> 00:20:37,240 Speaker 1: Bloomberg non sixteen to the Country, Sirius XM to the 387 00:20:37,320 --> 00:20:40,639 Speaker 1: one nineteen and around the globe the Bloomberg Business and 388 00:20:40,720 --> 00:20:50,160 Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak six thirty 389 00:20:50,160 --> 00:20:52,360 Speaker 1: on Wall Street. Good morning, I'm Nathan Hagar and I'm 390 00:20:52,440 --> 00:20:55,000 Speaker 1: Karen Moscow. You're just about three hours away from the 391 00:20:55,040 --> 00:20:57,119 Speaker 1: open of US trading. Time for the five things you 392 00:20:57,160 --> 00:20:59,160 Speaker 1: need to notice start your day. Brought to you by 393 00:20:59,240 --> 00:21:02,560 Speaker 1: Interactive Oker Simple I p k our Global Trader app. 394 00:21:02,880 --> 00:21:05,520 Speaker 1: Deposit in your local currency and trade stocks in the US, 395 00:21:05,600 --> 00:21:08,240 Speaker 1: Europe and Asia. Start your free trial at ibk r 396 00:21:08,359 --> 00:21:11,720 Speaker 1: dot com slash Global Trader at First. The New York 397 00:21:11,720 --> 00:21:14,560 Speaker 1: City Police Department has identified a person of interest and 398 00:21:14,680 --> 00:21:17,960 Speaker 1: yesterday's subway shooting. Ten people were wounded and thirteen were 399 00:21:18,000 --> 00:21:21,520 Speaker 1: injured in the attack, and YPD Chief James Essay says 400 00:21:21,560 --> 00:21:24,760 Speaker 1: officials are looking for sixty two year old Frank James. 401 00:21:25,119 --> 00:21:29,080 Speaker 1: We are endeavoring to locate him to determine his connection 402 00:21:29,200 --> 00:21:33,000 Speaker 1: to the subway shooting if Chief Essay says James is 403 00:21:33,000 --> 00:21:34,840 Speaker 1: a person of interest in the incident. More in the 404 00:21:34,840 --> 00:21:38,080 Speaker 1: manhunt coming up shortly at local news meantime. Karen in Washington, 405 00:21:38,119 --> 00:21:41,240 Speaker 1: the US is preparing to send roughly seven fifty million 406 00:21:41,280 --> 00:21:44,280 Speaker 1: dollars in military aid to Ukraine as it battles Russia, 407 00:21:44,480 --> 00:21:47,280 Speaker 1: and President Biden has some strong words for Russian President 408 00:21:47,359 --> 00:21:50,840 Speaker 1: Vladimir Putin, Bloomberg said, Baxter has the latest. This is 409 00:21:50,880 --> 00:21:55,480 Speaker 1: the first clear declaration without equivocation. I call the genocide 410 00:21:55,560 --> 00:21:59,760 Speaker 1: because it's become clear and clear. The prudeness is trying 411 00:21:59,760 --> 00:22:03,600 Speaker 1: to about the idea of Ukraine and says it affects 412 00:22:03,600 --> 00:22:05,479 Speaker 1: the rest of the free world in a number of 413 00:22:05,480 --> 00:22:08,159 Speaker 1: different ways. Your family, budget, your ability to fill up 414 00:22:08,160 --> 00:22:10,760 Speaker 1: your tank, none of its should hinge John. Whether a 415 00:22:10,800 --> 00:22:15,679 Speaker 1: dictator declares war commits genocide half a world away, the 416 00:22:15,760 --> 00:22:19,040 Speaker 1: use of the words showing a major shift in verbiage. 417 00:22:19,119 --> 00:22:22,320 Speaker 1: In San Francisco, I'm at Baxter Bloomberg daybreak, all right 418 00:22:22,359 --> 00:22:24,480 Speaker 1: and thank you. Turning to the economy now, the FEDS 419 00:22:24,560 --> 00:22:26,720 Speaker 1: keeping a close eye on inflation. As a couple of 420 00:22:26,760 --> 00:22:29,119 Speaker 1: central bankers speak out about interest rates, we get the 421 00:22:29,160 --> 00:22:31,200 Speaker 1: latest life from Bloomberg shre I need a young good 422 00:22:31,200 --> 00:22:33,480 Speaker 1: morning ready now, good morning care and St. Louis FED 423 00:22:33,520 --> 00:22:37,119 Speaker 1: President Jim Bullard tells The Financial Times that US monetary 424 00:22:37,160 --> 00:22:39,280 Speaker 1: policy needs to be tightened to a point that it 425 00:22:39,320 --> 00:22:43,600 Speaker 1: curtails economic growth or policy makers will risk their credibility. 426 00:22:43,920 --> 00:22:46,560 Speaker 1: He supports a half a percentage point increase next month 427 00:22:46,800 --> 00:22:49,680 Speaker 1: and says that the rate should move up sharply after that. 428 00:22:50,080 --> 00:22:53,200 Speaker 1: Richmond FED President Thomas Parkin says the Central Bank should 429 00:22:53,280 --> 00:22:55,879 Speaker 1: raise interest rates to the neutral range as quickly as 430 00:22:55,920 --> 00:22:59,680 Speaker 1: possible and can move above that price if price pressures 431 00:22:59,680 --> 00:23:02,239 Speaker 1: can in You live in New York. I'm Rennita Young 432 00:23:02,240 --> 00:23:04,880 Speaker 1: Bloomberg day Okay, Nita. Thanks On Wall Street today, JP 433 00:23:05,000 --> 00:23:08,520 Speaker 1: Morgan releases earnings. Bloomberg Intelligence expects loans to be a strength, 434 00:23:08,520 --> 00:23:11,480 Speaker 1: while seasonal weakness will likely drag on the credit card business. 435 00:23:12,000 --> 00:23:14,680 Speaker 1: N S and P futures are higher, up about seventeen 436 00:23:14,680 --> 00:23:17,720 Speaker 1: points to own futures of a hundred nineteen, noasdays, futures 437 00:23:17,720 --> 00:23:20,879 Speaker 1: of sixty three and attend year treasury down four thirty seconds. 438 00:23:20,920 --> 00:23:23,840 Speaker 1: The yel two point seven three percent yield on the 439 00:23:23,880 --> 00:23:26,679 Speaker 1: two year two point for zero percent. And that's the 440 00:23:26,720 --> 00:23:28,840 Speaker 1: five things you need to know to start your day. 441 00:23:28,960 --> 00:23:31,439 Speaker 1: Brought to you by Interactive Brokers, straight ahead of your 442 00:23:31,480 --> 00:23:33,879 Speaker 1: ladist the local headlines supposed to check a sports. This 443 00:23:33,960 --> 00:23:40,920 Speaker 1: is Bloomberg Wall Street, fifty five degrees in Central Park. 444 00:23:40,960 --> 00:23:43,520 Speaker 1: As we continue our coverage on the man hunt for 445 00:23:43,560 --> 00:23:45,879 Speaker 1: the Brooklyn subway shooter, Michael Barr is back with the 446 00:23:45,960 --> 00:23:48,800 Speaker 1: very latest. Michael, thank you very much. Nathan. Police continued 447 00:23:48,840 --> 00:23:50,720 Speaker 1: to search for the gun money who opened fire on 448 00:23:50,760 --> 00:23:54,760 Speaker 1: the subway train in Brooklyn Tuesday mornings. Attack left ten 449 00:23:54,760 --> 00:24:00,000 Speaker 1: people wounded by gunfire, and YPD Chief of Detectives James brandish, 450 00:24:00,040 --> 00:24:05,160 Speaker 1: she's a clock nine millimeter handgun. He then fired that 451 00:24:05,200 --> 00:24:10,640 Speaker 1: weapon at least thirty three times, striking ten people. Chief 452 00:24:10,680 --> 00:24:13,320 Speaker 1: Hassex says the search is focused partly on a man 453 00:24:13,480 --> 00:24:16,520 Speaker 1: said to have rented a van possibly connected to the violence. 454 00:24:16,880 --> 00:24:20,800 Speaker 1: Investigator stress they weren't sure whether the man, Frank James, 455 00:24:20,880 --> 00:24:24,359 Speaker 1: was responsible for the shooting, but authorities say the sixty 456 00:24:24,359 --> 00:24:27,119 Speaker 1: two year old is a person of interest. Victims from 457 00:24:27,200 --> 00:24:30,600 Speaker 1: yesterday shooting on the Brooklyn Subway are talking. This man 458 00:24:30,720 --> 00:24:32,880 Speaker 1: says he was trying to help a pregnant woman after 459 00:24:32,920 --> 00:24:35,760 Speaker 1: smoke bombs went off. She said, I'm pregnant with a baby. 460 00:24:35,840 --> 00:24:38,800 Speaker 1: I hugged her and then the bomb. Marsh continued, I 461 00:24:38,800 --> 00:24:40,960 Speaker 1: got pushed and that's when I got shot on the 462 00:24:41,000 --> 00:24:43,880 Speaker 1: back of the my knee. New York Mayor Eric Annams, 463 00:24:43,960 --> 00:24:47,720 Speaker 1: we're telling anyone that's approaching anyone that they believe is suspicious, 464 00:24:47,720 --> 00:24:50,600 Speaker 1: so notified the police department. But at this time the 465 00:24:50,600 --> 00:24:53,439 Speaker 1: person is not apprehended. There's no reason for us to 466 00:24:53,440 --> 00:24:56,639 Speaker 1: believe that he's not still on. Mayor Adams will speak 467 00:24:56,680 --> 00:25:00,560 Speaker 1: with Bloomberg later this morning, starting at am Will Street time. 468 00:25:00,880 --> 00:25:03,800 Speaker 1: New York Governor Kathy Hokele it has to end. It 469 00:25:03,920 --> 00:25:07,560 Speaker 1: ends now, and we are sick and tired of reading 470 00:25:07,560 --> 00:25:11,520 Speaker 1: headlines about front. Governor Hokel visited the hospital whereas some 471 00:25:11,600 --> 00:25:14,919 Speaker 1: of the victims were admitted. New York Lieutenant Governor Brian 472 00:25:15,000 --> 00:25:18,320 Speaker 1: Benjamin resigned from office after being charged with funneling illicit 473 00:25:18,400 --> 00:25:21,280 Speaker 1: donations to one of his past campaigns. When he was 474 00:25:21,320 --> 00:25:24,880 Speaker 1: a state senator. Governor Hokel says the resignation of her 475 00:25:24,920 --> 00:25:28,760 Speaker 1: second in commands effective immediately. Benjamin pleaded not guilty to 476 00:25:28,840 --> 00:25:32,040 Speaker 1: bribery charges in federal court in Manhattan after he was 477 00:25:32,119 --> 00:25:35,040 Speaker 1: arrested earlier in the morning. He was released on a 478 00:25:35,119 --> 00:25:39,040 Speaker 1: quarter million dollar bond. British opposition politicians are calling on 479 00:25:39,119 --> 00:25:42,640 Speaker 1: Boris Johnson to resign after it was revealed the police 480 00:25:42,680 --> 00:25:45,359 Speaker 1: are finding the Prime Minister for breaking his own COVID 481 00:25:45,400 --> 00:25:49,800 Speaker 1: lockdown laws. Johnson will be spared a grilling in Parliament today. 482 00:25:49,840 --> 00:25:53,000 Speaker 1: It's a journ for the Eastern Recess and sad news 483 00:25:53,000 --> 00:25:56,679 Speaker 1: in the comedy world, Gilbert Gottfried has died at the 484 00:25:56,800 --> 00:26:00,159 Speaker 1: age of sixties. Seven Global News twenty four hours a 485 00:26:00,280 --> 00:26:03,160 Speaker 1: day on here and on Bloomberg Quick Tank, powered by 486 00:26:03,200 --> 00:26:06,000 Speaker 1: more than seven hundred journalists analysts more than a hundred 487 00:26:06,040 --> 00:26:09,160 Speaker 1: twenty countries. I'm Michael barn This is Bloomberg Anything. Thank you, Michael. 488 00:26:13,440 --> 00:26:15,360 Speaker 1: Six thirty five on All Street Time for the Bloomberg 489 00:26:15,440 --> 00:26:17,800 Speaker 1: Sports Update with John Stens shown thanks to Nathan talking 490 00:26:17,800 --> 00:26:19,720 Speaker 1: about a busy sports night in the Big Apple. The 491 00:26:19,800 --> 00:26:22,160 Speaker 1: Rangers were at the garden, the Nets played in Brooklyn 492 00:26:22,280 --> 00:26:24,800 Speaker 1: Yankees in the Bronx Islanders were home as well. Then 493 00:26:24,800 --> 00:26:27,159 Speaker 1: that's due to the new NBA play in system. Had 494 00:26:27,200 --> 00:26:29,960 Speaker 1: to win a game to gain entry to the NBA Playoffs. 495 00:26:29,960 --> 00:26:32,280 Speaker 1: They got it, although two point lead was cut to six. 496 00:26:32,359 --> 00:26:34,800 Speaker 1: They Nets beat the cast one fifteen one oh eight. 497 00:26:34,840 --> 00:26:37,679 Speaker 1: Tyrie Irving sport thirty four points against the team he 498 00:26:37,840 --> 00:26:39,760 Speaker 1: used to play for, and now he's going to face 499 00:26:39,840 --> 00:26:42,840 Speaker 1: another team he used to play for Boston. I'm grateful 500 00:26:42,880 --> 00:26:44,359 Speaker 1: to play against one of the top teams in the 501 00:26:44,359 --> 00:26:46,360 Speaker 1: Eastern Conference that I have been playing well all the year. 502 00:26:46,720 --> 00:26:49,960 Speaker 1: This is another challenge for us, another test um, But 503 00:26:50,160 --> 00:26:52,399 Speaker 1: I think we've answered a few questions towards the end 504 00:26:52,400 --> 00:26:55,200 Speaker 1: of the season where we were in a tent spot 505 00:26:55,280 --> 00:26:56,600 Speaker 1: and then all of a sudden, one day later we 506 00:26:56,720 --> 00:26:59,280 Speaker 1: were in the seven spot and we had the opportunity 507 00:26:59,280 --> 00:27:01,359 Speaker 1: to win some games in a row. Net Celtics should 508 00:27:01,359 --> 00:27:03,400 Speaker 1: be a great series of Celtics finished the season going 509 00:27:03,480 --> 00:27:06,320 Speaker 1: twenty six and six. Game one Sunday afternoon in Boston, 510 00:27:06,320 --> 00:27:09,400 Speaker 1: Minnesota bet l A Clippers in the West play in game. 511 00:27:09,480 --> 00:27:11,879 Speaker 1: Rangers lost the first place Carolina four to two, but 512 00:27:12,040 --> 00:27:14,680 Speaker 1: Chris tried or did score a late goal. He joins 513 00:27:14,760 --> 00:27:17,919 Speaker 1: Vic Hadfield, Adam Graves and Yarmur Yager. Only Rangers will 514 00:27:17,920 --> 00:27:21,080 Speaker 1: scored fifty goals in the season. Islanders be Pittsburgh five four, 515 00:27:21,359 --> 00:27:24,240 Speaker 1: Devil's won six two in Arizona. The Mets rotation already 516 00:27:24,240 --> 00:27:27,880 Speaker 1: with Max Scherzer he'll pitch today hopefully, Jacob deGrom at 517 00:27:27,920 --> 00:27:31,080 Speaker 1: some point back from injury, and Tyler Miguel two starts, 518 00:27:31,119 --> 00:27:33,240 Speaker 1: two wins, yet to allow a run. McGill and the 519 00:27:33,280 --> 00:27:35,960 Speaker 1: Mets one two knocking in Philadelphia, home run for Brandon Nimo. 520 00:27:36,280 --> 00:27:39,040 Speaker 1: Yankees also with a shutout in Esther Cortez and four 521 00:27:39,040 --> 00:27:43,000 Speaker 1: relievers teaming up for a five hitter, ten strikeouts, no wops. 522 00:27:43,359 --> 00:27:45,880 Speaker 1: Yankees for nothing over Toronto, Aaron Hicks for a two 523 00:27:45,920 --> 00:27:49,800 Speaker 1: one h John Stashward Bloomberg Sports. Okay, John, Thanks, It's 524 00:27:50,040 --> 00:27:52,040 Speaker 1: six thirty seven on Wall Street. Time to take a 525 00:27:52,040 --> 00:27:54,080 Speaker 1: look at stocks now some of the names moving in 526 00:27:54,119 --> 00:27:56,160 Speaker 1: the pre market. For that, we're joined live this morning 527 00:27:56,200 --> 00:27:59,120 Speaker 1: by Bloomberg's Lore Right, Laura, great to have you with us, 528 00:27:59,119 --> 00:28:02,160 Speaker 1: obviously for quarter earnings in focus. But I see you're 529 00:28:02,160 --> 00:28:05,159 Speaker 1: starting off with a deal in the farmer space. I 530 00:28:05,280 --> 00:28:08,639 Speaker 1: am yeah, Antes Farmer. Now the dal Jones are reporting 531 00:28:08,960 --> 00:28:12,639 Speaker 1: that halo Zime Therapeutics are close to buying the maker 532 00:28:12,880 --> 00:28:16,120 Speaker 1: of needle free systems. They've offered five dollars sixty cents 533 00:28:16,160 --> 00:28:19,359 Speaker 1: per share in cash, and this deal values and Tes 534 00:28:19,640 --> 00:28:22,840 Speaker 1: roughly nine hundred and sixty million dollars as a result, 535 00:28:22,840 --> 00:28:25,800 Speaker 1: ahead of the Bell and Tes Farmer up almost fifty 536 00:28:26,440 --> 00:28:29,840 Speaker 1: Another Farmer deal in focus for me Nathan was Sierra 537 00:28:30,000 --> 00:28:33,960 Speaker 1: Oncology London listed Glaxo smith Klein. They've offered to buy 538 00:28:34,040 --> 00:28:37,000 Speaker 1: this company for fifty five dollars a share in cash. 539 00:28:37,000 --> 00:28:39,600 Speaker 1: So Farmer's where all the action is at this morning. Yeah, 540 00:28:39,680 --> 00:28:42,880 Speaker 1: all the action, sure, but of course we are waiting 541 00:28:42,920 --> 00:28:47,520 Speaker 1: for a lot more action, particularly in the financial space. Obviously, 542 00:28:47,560 --> 00:28:50,600 Speaker 1: we've got JP Morgan reporting results in just a few 543 00:28:50,640 --> 00:28:53,960 Speaker 1: minutes here, but we've already heard this morning from black Rock. 544 00:28:55,080 --> 00:28:58,560 Speaker 1: We have the world's largest money money manager, black reporting 545 00:28:58,560 --> 00:29:01,920 Speaker 1: a first quarter a UM of nine point five seven 546 00:29:02,000 --> 00:29:06,160 Speaker 1: trillion U S dollars, now slightly below the estimates at 547 00:29:06,280 --> 00:29:08,560 Speaker 1: nine point six to trillion, but I have seen some 548 00:29:08,800 --> 00:29:11,480 Speaker 1: analysis that actually that that is pretty much in line 549 00:29:11,720 --> 00:29:17,320 Speaker 1: adjusted EPs nine dollars fifty two cents above forecast revenue 550 00:29:17,440 --> 00:29:19,800 Speaker 1: was a slight miss. But what is interesting this quarter 551 00:29:20,080 --> 00:29:23,520 Speaker 1: is that they conducted five hundred million dollars of share 552 00:29:23,520 --> 00:29:28,440 Speaker 1: repurchases and they've seen strong demand continuing for alternatives. Volume 553 00:29:28,480 --> 00:29:30,000 Speaker 1: is still a little too low to look at pre 554 00:29:30,080 --> 00:29:32,280 Speaker 1: market for black Rock, but when it opens at the 555 00:29:32,280 --> 00:29:35,840 Speaker 1: bell want to watch, Yeah, And obviously JP Morgan is 556 00:29:35,880 --> 00:29:37,880 Speaker 1: going to be a start to watch as well when 557 00:29:37,920 --> 00:29:40,560 Speaker 1: those earnings come out. Are we seeing any movement in 558 00:29:41,200 --> 00:29:43,280 Speaker 1: either JP Morgan or any of the big six ahead 559 00:29:43,320 --> 00:29:46,600 Speaker 1: of the results? Yeah? JP Morgan right now down four 560 00:29:46,640 --> 00:29:49,320 Speaker 1: tenths of a percent in pre market trading, and the 561 00:29:49,360 --> 00:29:53,360 Speaker 1: primary concern for analysts is what volatility from the war 562 00:29:53,440 --> 00:29:57,320 Speaker 1: in Ukraine means for the US. Bell Weather Bank Investment 563 00:29:57,360 --> 00:30:00,600 Speaker 1: banking will be in focus, trading will be and focus 564 00:30:00,760 --> 00:30:03,880 Speaker 1: how the trading business in particular was able to deal 565 00:30:03,920 --> 00:30:06,360 Speaker 1: with some of the wild market swings we've seen at 566 00:30:06,360 --> 00:30:09,719 Speaker 1: the start of this year. Saw one um Alice from 567 00:30:09,760 --> 00:30:13,880 Speaker 1: Credit Sweez writing that he is cautiously optimistic, so make 568 00:30:13,920 --> 00:30:16,959 Speaker 1: of that what you will, all right, Bloomberg's Laura right 569 00:30:17,040 --> 00:30:19,440 Speaker 1: with us this morning, taking a look at the pre 570 00:30:19,600 --> 00:30:23,440 Speaker 1: market action as we await those earnings from JP Morgan Chase. 571 00:30:23,440 --> 00:30:26,920 Speaker 1: They're expected sometime around seven am. Wall Street Time will 572 00:30:26,960 --> 00:30:30,560 Speaker 1: be bringing you those headlines as they crossed the Bloomberg terminal. 573 00:30:30,720 --> 00:30:34,320 Speaker 1: Should also mention we've gotten earnings from Delta Airlines coming 574 00:30:34,360 --> 00:30:38,760 Speaker 1: in with revenue that just about what when in line 575 00:30:38,840 --> 00:30:42,120 Speaker 1: with analyst estimates, and we're seeing movement to the upside 576 00:30:42,120 --> 00:30:45,840 Speaker 1: for Delta right now trading higher by nearly four percent 577 00:30:46,040 --> 00:30:48,760 Speaker 1: in the pre market. As for stocks as a whole, 578 00:30:48,840 --> 00:30:52,080 Speaker 1: they're moving higher on this Wednesday morning. SMP futures are 579 00:30:52,160 --> 00:30:56,440 Speaker 1: up twenty one point, DAL futures up at NASTAC futures 580 00:30:56,480 --> 00:31:00,200 Speaker 1: higher by eighty seven points. The tenure Treasury down one 581 00:31:00,240 --> 00:31:03,360 Speaker 1: thirty second now, the yield two point seven to yield 582 00:31:03,400 --> 00:31:06,280 Speaker 1: on the two year two point three nine. Seeing a 583 00:31:06,400 --> 00:31:09,640 Speaker 1: surge in crewed at the moment. Nimex screwed up one 584 00:31:09,680 --> 00:31:13,680 Speaker 1: point seven percent to a hundred two dollars c s 585 00:31:13,680 --> 00:31:23,400 Speaker 1: a barrel. You're listening to Bloomberg Daybreak Bloomberg eleven three 586 00:31:23,400 --> 00:31:25,680 Speaker 1: oh Weather. Mostly cloudy today with a high near seventies, 587 00:31:25,680 --> 00:31:28,200 Speaker 1: scattered showers tomorrow, maybe a late day thunderstorm with a 588 00:31:28,280 --> 00:31:31,320 Speaker 1: high near eighty degrees. Mostly sunny. Friday with highs in 589 00:31:31,360 --> 00:31:37,720 Speaker 1: the mid sixties right now fifty five in Central Park markets. 590 00:31:37,800 --> 00:31:40,880 Speaker 1: Headlines and breaking news twenty four hours a day at 591 00:31:40,920 --> 00:31:44,320 Speaker 1: Bloomberg dot com with Bloomberg Business at and at Bloomberg 592 00:31:44,400 --> 00:31:54,040 Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Karen Moscow. 593 00:31:54,080 --> 00:31:56,480 Speaker 1: This update bronto you by b n Y Melons. Perishing 594 00:31:56,560 --> 00:31:59,400 Speaker 1: learned why the world's most sophisticated wealth management and institutional 595 00:31:59,480 --> 00:32:03,040 Speaker 1: firms are on Pershing to help them improve profitability, create efficiency, 596 00:32:03,040 --> 00:32:06,640 Speaker 1: attract talent and manage risk at Pershing dot com. And 597 00:32:06,680 --> 00:32:09,479 Speaker 1: we are watching earnings cross the Bloomberg We're hearing from 598 00:32:09,560 --> 00:32:11,760 Speaker 1: JP Morgan Chase and we're gonna break those down in 599 00:32:11,880 --> 00:32:13,640 Speaker 1: just a second. But first you want to go to 600 00:32:13,720 --> 00:32:16,000 Speaker 1: the first word breaking news dance for today's morning call. 601 00:32:16,320 --> 00:32:19,400 Speaker 1: Here's Bill Maloney, Bill, good morning, and good morning. Can 602 00:32:19,400 --> 00:32:21,680 Speaker 1: that's right. Us features are in the green right now 603 00:32:21,680 --> 00:32:23,680 Speaker 1: at down Features up a hundred and twenty five points, 604 00:32:23,680 --> 00:32:26,880 Speaker 1: subs gained twenty one Nasdeck features rise by eight seven. 605 00:32:27,120 --> 00:32:29,560 Speaker 1: You mentioned JP Morgan, They did just report you want. 606 00:32:29,560 --> 00:32:32,760 Speaker 1: Adjusted revenue was thirty one point five nine billion. Estimate 607 00:32:32,880 --> 00:32:35,800 Speaker 1: was thirty one point four four billion. The US a 608 00:32:35,800 --> 00:32:38,800 Speaker 1: tenual the two point seven four percent, Gold is up twelve, 609 00:32:38,800 --> 00:32:41,840 Speaker 1: oil is climbing, and bitcoin is up by point nine percent. 610 00:32:42,120 --> 00:32:44,480 Speaker 1: Japan rose one point nine percent overnight, while up and 611 00:32:44,520 --> 00:32:47,040 Speaker 1: markets are trading mixed this morning and back in the 612 00:32:47,120 --> 00:32:51,160 Speaker 1: US on the economic Frontday thirty Producer Price Index. Regarding 613 00:32:51,200 --> 00:32:54,120 Speaker 1: other earnings this morning, black Rock EPs beat estimates and 614 00:32:54,200 --> 00:32:57,680 Speaker 1: deltas of five percent pre market after its numbers. In 615 00:32:57,840 --> 00:32:59,840 Speaker 1: other news, Google will invest nine and a half billion 616 00:33:00,120 --> 00:33:03,600 Speaker 1: offices and data centers in the US and wrapping things up, 617 00:33:03,600 --> 00:33:07,240 Speaker 1: Carmacks was cut to neutral over at JP Morgan Live 618 00:33:07,320 --> 00:33:09,480 Speaker 1: from the first to breaking news disc on bo Maloney care. 619 00:33:09,880 --> 00:33:12,120 Speaker 1: All right, Bill, thank you, and to hear live breaking 620 00:33:12,120 --> 00:33:14,760 Speaker 1: news over your Bloomberg type squawk on your terminal squ 621 00:33:15,080 --> 00:33:17,920 Speaker 1: a w K, that's a Bloomberg business flash. Now here's 622 00:33:17,960 --> 00:33:21,360 Speaker 1: Michael Barr with Moore on what's going on around the world. Michael, Karen, 623 00:33:21,400 --> 00:33:23,880 Speaker 1: thank you very much. The New York City Police Department 624 00:33:23,880 --> 00:33:27,280 Speaker 1: has identified a person of interest and yesterday's chaotic shooting 625 00:33:27,280 --> 00:33:31,320 Speaker 1: at a Brooklyn subway station that left twenty three people injured, 626 00:33:31,360 --> 00:33:35,200 Speaker 1: including ten shot. Shooter remains at large. N y p 627 00:33:35,280 --> 00:33:38,440 Speaker 1: D Commissioner keeaching Seoul. At this time, we still do 628 00:33:38,480 --> 00:33:42,400 Speaker 1: not know the suspects motivation. Commissioner Sewell says. Keys found 629 00:33:42,400 --> 00:33:44,680 Speaker 1: at the scene of the attack belonged to a U 630 00:33:44,800 --> 00:33:48,320 Speaker 1: haul van rented by sixty two year old Frank James. 631 00:33:48,720 --> 00:33:50,800 Speaker 1: In the NBA, the Nets bet the Calves in the 632 00:33:50,840 --> 00:33:54,480 Speaker 1: Eastern Conference, playing and opener Brooklyn now faces the Celtics 633 00:33:54,520 --> 00:33:58,080 Speaker 1: on Sunday. In MLB, the Yankees, Men's Red Sox and 634 00:33:58,160 --> 00:34:02,040 Speaker 1: Giants won the Nationals Orioles and A's lost. In the NHL, 635 00:34:02,160 --> 00:34:04,840 Speaker 1: the Islanders wanted to shoot out with the Penguins five four, 636 00:34:04,960 --> 00:34:08,240 Speaker 1: the Rangers lost the Devils and Capitals One Global News 637 00:34:08,239 --> 00:34:10,719 Speaker 1: twenty four hours a day on air and on Bloomberg 638 00:34:10,800 --> 00:34:13,520 Speaker 1: Quick Take, powered by more than twenty seven hundred journalists 639 00:34:13,520 --> 00:34:15,800 Speaker 1: and analysts in more than a hundred twenty countries. On 640 00:34:15,880 --> 00:34:18,400 Speaker 1: Michael Barr, This is Bloomberg. Hi, Michael, thank you. We 641 00:34:18,440 --> 00:34:21,400 Speaker 1: are live from the Bloomberg Interactive Broker Studios where it 642 00:34:21,480 --> 00:34:23,600 Speaker 1: is six forty nine on Wall Street. And this Karen 643 00:34:23,640 --> 00:34:27,080 Speaker 1: mentioned we are watching earnings cross the Bloomberg terminal from 644 00:34:27,200 --> 00:34:31,960 Speaker 1: JP Morgan Chase. Let's go right to Bloomberg Intelligence Senior 645 00:34:31,960 --> 00:34:35,800 Speaker 1: analysts for Global investment banks, Alison Williams, as we watched 646 00:34:35,920 --> 00:34:40,040 Speaker 1: these numbers, Cross Allison as Bill Maloney just mentioned, the 647 00:34:40,080 --> 00:34:44,000 Speaker 1: revenue came in at estimates, but the red headline from 648 00:34:44,040 --> 00:34:50,160 Speaker 1: these numbers a miss on investment banking, so that there 649 00:34:50,239 --> 00:34:52,680 Speaker 1: is a miss un investment banking, but trading. I mean 650 00:34:52,719 --> 00:34:55,800 Speaker 1: that fixed income number coming in much better than expected, 651 00:34:56,000 --> 00:34:58,360 Speaker 1: and that was really I think sort of a wild 652 00:34:58,360 --> 00:35:00,840 Speaker 1: card coming coming into the co it or just because 653 00:35:01,400 --> 00:35:04,000 Speaker 1: there was strength and so many products and things were 654 00:35:04,040 --> 00:35:07,360 Speaker 1: moving around a lot in the quarter. So that's UM 655 00:35:07,600 --> 00:35:10,760 Speaker 1: a good thing and more than makes up for the 656 00:35:10,760 --> 00:35:13,839 Speaker 1: the the shortfall in fees, which we knew were going 657 00:35:13,920 --> 00:35:17,080 Speaker 1: to be weak. But the big I think number that 658 00:35:17,680 --> 00:35:20,440 Speaker 1: investors are going to be focusing on is the lost provision. 659 00:35:20,560 --> 00:35:24,960 Speaker 1: So the bank did take a provision reserve build of 660 00:35:25,080 --> 00:35:29,000 Speaker 1: almost a billion dollars nine two million, to be exact, 661 00:35:29,760 --> 00:35:34,920 Speaker 1: and this follows several quarters of reserve releases, and this 662 00:35:35,040 --> 00:35:38,000 Speaker 1: was really the metric that UM we said we're gonna 663 00:35:38,040 --> 00:35:40,319 Speaker 1: be focusing on, and and we did get a much 664 00:35:40,360 --> 00:35:43,279 Speaker 1: bigger number than than we had expected. And so now 665 00:35:43,280 --> 00:35:46,759 Speaker 1: the question is what are the economic expectations that are 666 00:35:46,800 --> 00:35:49,640 Speaker 1: baked into that number. The stocks have really treated off 667 00:35:50,280 --> 00:35:54,160 Speaker 1: on recession fears in recent weeks, UM and this is 668 00:35:54,160 --> 00:35:57,680 Speaker 1: one of the I guess confirmation that there is some 669 00:35:57,960 --> 00:36:00,440 Speaker 1: economic there's some worry on the horizon, but we'll want 670 00:36:00,480 --> 00:36:03,080 Speaker 1: to hear a little bit more about exactly what's baked 671 00:36:03,120 --> 00:36:06,040 Speaker 1: in there now. We've gotten a few comments early from 672 00:36:06,080 --> 00:36:09,120 Speaker 1: the CEO Jamie Diamonds saying credit losses are still at 673 00:36:09,160 --> 00:36:14,560 Speaker 1: historically low levels and remaining optimistic on the economy at 674 00:36:14,640 --> 00:36:16,960 Speaker 1: least for the short term. At the same time, as 675 00:36:16,960 --> 00:36:20,200 Speaker 1: you mentioned those credit costs are pretty high, what does 676 00:36:20,239 --> 00:36:25,080 Speaker 1: that potentially say about the medium to long term? So 677 00:36:25,120 --> 00:36:29,239 Speaker 1: that the UM I guess the big change with lost provisions, 678 00:36:29,280 --> 00:36:31,600 Speaker 1: which happened right as a sort of the pandemic to 679 00:36:31,760 --> 00:36:35,759 Speaker 1: hold an early is that banks don't just look at 680 00:36:35,800 --> 00:36:38,280 Speaker 1: what's happening now, They have to look at what's happening 681 00:36:38,280 --> 00:36:41,279 Speaker 1: over the life of that loan. And so to the 682 00:36:41,360 --> 00:36:45,239 Speaker 1: extent that there is a higher probability that we could 683 00:36:45,280 --> 00:36:50,600 Speaker 1: have a recession in or or potentially that has to 684 00:36:50,640 --> 00:36:54,239 Speaker 1: get baked in today, and banks like JP Morgan and 685 00:36:54,280 --> 00:36:57,919 Speaker 1: City Group that have very big credit card portfolios keep 686 00:36:57,960 --> 00:37:01,960 Speaker 1: in mind that those tend to have figher loss rates UM, 687 00:37:02,000 --> 00:37:05,360 Speaker 1: and and so that gets magnified with this type of accounting. 688 00:37:06,040 --> 00:37:09,960 Speaker 1: Inflation is something that UM is a concern, especially for 689 00:37:10,040 --> 00:37:14,719 Speaker 1: the consumer. We also have UM geopolitical risks sort of 690 00:37:14,800 --> 00:37:18,080 Speaker 1: raising risk of the global economy which could sort of 691 00:37:18,160 --> 00:37:22,800 Speaker 1: filter back to the US. And so losses are good today, 692 00:37:22,840 --> 00:37:26,359 Speaker 1: but are there risks ahead, Yes, and I think it's 693 00:37:26,360 --> 00:37:30,040 Speaker 1: prudent obviously to plan for those. By accounting laws, they 694 00:37:30,040 --> 00:37:33,800 Speaker 1: have to plan for those UM. The the other number 695 00:37:33,800 --> 00:37:35,480 Speaker 1: that we haven't seen that we're gonna want to hear 696 00:37:35,520 --> 00:37:38,600 Speaker 1: about is the loan growth UM. The expectations were that 697 00:37:38,680 --> 00:37:41,560 Speaker 1: loan growth would be about flat in the quarter UM. 698 00:37:41,600 --> 00:37:43,879 Speaker 1: As I said, JP Morgan does have a pretty big 699 00:37:43,920 --> 00:37:46,680 Speaker 1: card book that's a little weaker, but we're going to 700 00:37:46,760 --> 00:37:49,600 Speaker 1: want to hear about the demand trends in that loan book. 701 00:37:49,760 --> 00:37:52,120 Speaker 1: And I'm watching shares of JP Morgan Chase right now 702 00:37:52,160 --> 00:37:55,239 Speaker 1: down about one percent more than one percent now in 703 00:37:55,280 --> 00:37:59,920 Speaker 1: the pre market. Bloomberg Intelligence Senior Analyst Alison Williams, as always, 704 00:38:00,000 --> 00:38:02,560 Speaker 1: thanks for breaking down the early numbers. Of course, we'll 705 00:38:02,600 --> 00:38:05,200 Speaker 1: be checking back with you as the bank earning season 706 00:38:05,280 --> 00:38:08,080 Speaker 1: goes on. Here into tomorrow and next week. Actually, in 707 00:38:08,120 --> 00:38:10,239 Speaker 1: the meantime, we need to check what's going on in 708 00:38:10,400 --> 00:38:13,400 Speaker 1: d C. At six fifty three on Wall Street. Some 709 00:38:13,480 --> 00:38:16,440 Speaker 1: of the top stories in our nation's capital include President 710 00:38:16,480 --> 00:38:20,440 Speaker 1: by now accusing Putin of genocide in Ukraine, the US 711 00:38:20,520 --> 00:38:23,240 Speaker 1: preparing a massive new surge of military aid, and Russia 712 00:38:23,280 --> 00:38:27,440 Speaker 1: facing hard to verify claims of chemical arms in Maripole. 713 00:38:27,960 --> 00:38:32,040 Speaker 1: Also making news, of course, this shooting in the Brooklyn subway, 714 00:38:32,160 --> 00:38:36,279 Speaker 1: Washington Official Washington giving its reaction to that as well. 715 00:38:36,360 --> 00:38:40,120 Speaker 1: Let's bring in Bloomberg government reporter Emily Wilkins for more 716 00:38:40,160 --> 00:38:44,280 Speaker 1: on all these stories. Emily, what has the president said 717 00:38:44,600 --> 00:38:47,719 Speaker 1: when it comes to the violence that we've seen in 718 00:38:47,800 --> 00:38:52,040 Speaker 1: New York this week? So we know that of course 719 00:38:52,280 --> 00:38:55,480 Speaker 1: Biden has been briefed on the shooting, um that he 720 00:38:55,560 --> 00:38:58,360 Speaker 1: obviously has condemned gun violence, and me we saw that 721 00:38:58,480 --> 00:39:01,240 Speaker 1: rollout just earlier this week with him trying to target 722 00:39:01,280 --> 00:39:04,560 Speaker 1: the three D printing of guns. At the same time, though, 723 00:39:04,760 --> 00:39:06,640 Speaker 1: it really does seem like there's still a lot of 724 00:39:06,719 --> 00:39:09,400 Speaker 1: limits on what can be done in terms of actually 725 00:39:09,440 --> 00:39:14,040 Speaker 1: moving legislation that deal with guns and firearms. The Democrats 726 00:39:14,040 --> 00:39:16,359 Speaker 1: in the House have kind of moved what bills they can. 727 00:39:16,560 --> 00:39:18,960 Speaker 1: Obviously they can pass things easier there as they have 728 00:39:19,120 --> 00:39:21,759 Speaker 1: the majority. But a lot of things that Democrats want 729 00:39:21,840 --> 00:39:25,640 Speaker 1: to see, those background checks, uh, those bands on assault weapons, 730 00:39:26,000 --> 00:39:28,680 Speaker 1: those are still stalled in the Senate at this point. 731 00:39:28,760 --> 00:39:31,920 Speaker 1: So really, you are you are hearing it's mostly you know, 732 00:39:32,320 --> 00:39:37,200 Speaker 1: lawmakers were sending their condolences, who are expressing their concerns. Um. 733 00:39:37,280 --> 00:39:39,880 Speaker 1: But it's really unclear if if what we saw in 734 00:39:39,920 --> 00:39:43,359 Speaker 1: Brooklyn yesterday is going to actually lead to any big 735 00:39:43,480 --> 00:39:46,040 Speaker 1: changes in Washington. Oh, we have heard a big change 736 00:39:46,040 --> 00:39:48,720 Speaker 1: from President Biden though when it comes to his rhetoric 737 00:39:48,800 --> 00:39:52,120 Speaker 1: in the war in Ukraine. He has accused Russian President 738 00:39:52,200 --> 00:39:55,080 Speaker 1: Putin of war crimes in the past. Now he's using 739 00:39:55,080 --> 00:40:00,360 Speaker 1: the word genocide. Yeah, Biden said yesterday in h Iowa 740 00:40:00,680 --> 00:40:03,600 Speaker 1: during a stop that he did call it genocide, and 741 00:40:03,640 --> 00:40:06,760 Speaker 1: he clarified that he did so because it's become clear 742 00:40:06,800 --> 00:40:09,040 Speaker 1: and clear that Putin is trying to wipe out the 743 00:40:09,120 --> 00:40:11,960 Speaker 1: idea of being able to be Ukraine. That's something he 744 00:40:12,040 --> 00:40:16,000 Speaker 1: told reporters yesterday saying the evidence was mounting. But let's 745 00:40:16,000 --> 00:40:18,800 Speaker 1: be clear, Nathan, this is not yet the official White 746 00:40:18,800 --> 00:40:22,719 Speaker 1: House position on this, Biden and White House officials said 747 00:40:22,719 --> 00:40:25,320 Speaker 1: they would ultimately leave it up to lawyers to decide 748 00:40:25,520 --> 00:40:29,640 Speaker 1: whether or not genocide had been committed by Russia. And 749 00:40:29,719 --> 00:40:32,880 Speaker 1: you saw National Security Advisor Jake Sullivan go ahead and 750 00:40:32,920 --> 00:40:36,160 Speaker 1: say last week that they haven't seen a level of 751 00:40:36,320 --> 00:40:40,680 Speaker 1: systemic deprivational life that you would need to write that 752 00:40:40,680 --> 00:40:44,000 Speaker 1: that would rise to the level of genocide. But it 753 00:40:44,160 --> 00:40:47,960 Speaker 1: is something that the US and other countries are monitoring. Certainly, 754 00:40:48,000 --> 00:40:50,839 Speaker 1: they're already those looking into war crimes that have been 755 00:40:50,880 --> 00:40:53,440 Speaker 1: committed by putin Um, and I think there's a lot 756 00:40:53,480 --> 00:40:56,400 Speaker 1: of concern about what this trajectory of the war is 757 00:40:56,400 --> 00:40:59,200 Speaker 1: going to mean for the people of Ukraine. Government reporter 758 00:40:59,239 --> 00:41:02,600 Speaker 1: Emily Wilkins US from Washington. Thanks as always. Read more 759 00:41:02,600 --> 00:41:05,040 Speaker 1: at Bloomberg dot com or on the Bloomberg terminal. Listen 760 00:41:05,080 --> 00:41:08,319 Speaker 1: to Bloomberg Radio in Washington at Bloomberg one and one 761 00:41:08,320 --> 00:41:11,720 Speaker 1: oh five point seven FM h D two. Karen, All right, Nathan, 762 00:41:11,760 --> 00:41:13,879 Speaker 1: it is six fifties six on Wall Street. Let's turn 763 00:41:13,920 --> 00:41:16,480 Speaker 1: to news and science and technology now with the Bloomberg 764 00:41:16,520 --> 00:41:19,080 Speaker 1: and j. I. T. Stammer Report brought to you buy 765 00:41:19,160 --> 00:41:22,400 Speaker 1: New Jersey Institute of Technology ranked a top fifty national 766 00:41:22,440 --> 00:41:25,719 Speaker 1: public university by US News and World Report, and at 767 00:41:25,800 --> 00:41:28,680 Speaker 1: top ten for best career placement among public schools by 768 00:41:28,680 --> 00:41:31,360 Speaker 1: the Princeton Review. More at n J, I, T, DOT, E, 769 00:41:31,480 --> 00:41:34,719 Speaker 1: d U, and now Here's What's making news and science, Technology, engineering, 770 00:41:34,719 --> 00:41:38,600 Speaker 1: and math. One was the deadliest year in US history. 771 00:41:38,880 --> 00:41:41,800 Speaker 1: The main reason for the increase in deaths COVID nineteen. 772 00:41:41,840 --> 00:41:44,280 Speaker 1: According to the Centers for a Disease Control and Prevention, 773 00:41:44,640 --> 00:41:48,000 Speaker 1: deaths rose in one to more than four hundred fifteen thousand, 774 00:41:48,120 --> 00:41:50,400 Speaker 1: up from three hundred fifty one thousand a year before. 775 00:41:50,880 --> 00:41:54,759 Speaker 1: Experts blame new coronavirus variants and large numbers of Americans 776 00:41:54,800 --> 00:41:58,600 Speaker 1: refusing to get vaccinated or wear masks. A new study 777 00:41:58,640 --> 00:42:03,560 Speaker 1: says climate change made record is smashing deadly Atlantic hurricane 778 00:42:03,600 --> 00:42:07,439 Speaker 1: season noticeably wetter, and scientists say it will likely make 779 00:42:07,560 --> 00:42:11,319 Speaker 1: this season rainier to human cause. Climate change made the 780 00:42:11,440 --> 00:42:15,840 Speaker 1: entire season thirty names storms dropped five more rain. During 781 00:42:15,880 --> 00:42:18,640 Speaker 1: the fourteen storms that reached hurricane status, the rainfall was 782 00:42:18,680 --> 00:42:21,760 Speaker 1: eight percent heavier, according to the study in Nature. Communications 783 00:42:22,239 --> 00:42:25,160 Speaker 1: and Apple plans to add a highly anticipated blood pressure 784 00:42:25,160 --> 00:42:27,800 Speaker 1: monitor to its smart watch. It has hit some snags 785 00:42:27,800 --> 00:42:29,959 Speaker 1: and the technology is not expected to be ready until 786 00:42:30,640 --> 00:42:33,400 Speaker 1: four at the earliest. Sources state that company has teams 787 00:42:33,440 --> 00:42:35,840 Speaker 1: working on an updated sensor and software for the Apple 788 00:42:35,880 --> 00:42:39,000 Speaker 1: Watch that would determine if a user has high blood pressure, 789 00:42:39,040 --> 00:42:42,439 Speaker 1: but accuracy has been a challenge during testing and as 790 00:42:42,440 --> 00:42:45,960 Speaker 1: the Bloomberg n j I t STEM report for Naked Hager, 791 00:42:46,000 --> 00:42:48,360 Speaker 1: I'm Karen Moscow and this is Bloomberg