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Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg

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Speaker 1: Daybreak for Monday, December nineteen two. Coming up this hour,

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Speaker 1: a new Twitter poll could reshape leadership of the company.

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Speaker 1: The January six Committee votes on the legal fate of

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Speaker 1: former President Trump. COVID deaths in China come into focus

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Speaker 1: as it pivots away from strict policies, and Marcus looked

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Speaker 1: to recover from a FED induced skid. How will the

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Speaker 1: lengthly end of two in fact Immigrants, States and cities

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Speaker 1: plus the largest menora in New York City was lit

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Speaker 1: to begin ANAKA By'm Michael barn or I'm John Stadtoward Sports.

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Speaker 1: The Giants held on for a big win at Washington,

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Speaker 1: the Jets lost in Detroit, and mixed Nets and Rangers

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Speaker 1: all one. That's All's training ahead on Bloomberg Daybreak on Bloomberg.

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Speaker 1: He Living Free on New York, Bloomberg one, Washington, d C,

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

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Speaker 1: Syrius Exam one nineteen and around the world Old on

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

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Speaker 1: Good Morning, I'm Nathan Hager and I'm Karen Moscow. US

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Speaker 1: Dock Index futures around the rise this morning, and we

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Speaker 1: check the markets all day long here on Bloomberg radios,

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Speaker 1: and P futures up about twelve coints down, futures are

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Speaker 1: up eighty two and NASDAG futures up thirty seven decks.

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Speaker 1: In Germany's up four tenths of upper cent ten. Your

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Speaker 1: treasury down eleven thirty seconds, yel three point five two percent,

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Speaker 1: and a yield on the two year four point one

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Speaker 1: seven percent. Nathan, Karen, We'll have more on markets in

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Speaker 1: a moment. First, we begin with more turmoil at Twitter.

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Speaker 1: A new poll on the social media platform could determine

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Speaker 1: Elon Musk's next role at the company. Bloomberg Steve Rappafort

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Speaker 1: joins US Live with the latest. Good morning Steve, Good

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Speaker 1: morning Nathan and Karen. So the big question, Elon, You've

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Speaker 1: got to let us know. Will you stay or will

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Speaker 1: you go? The answer should come next hour when voting

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Speaker 1: ends for the poll in which Musk asks whether he

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Speaker 1: should step down as Twitter CEO. More than fifteen million

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Speaker 1: users voted so far, with the majority saying they want

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Speaker 1: Musk out. He pledged to abide by the results. The

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Speaker 1: last seven weeks have been full of twists, turns, and

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Speaker 1: Dramason's musk took over the platform, leaving some advertisers on Edge.

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Speaker 1: Live in New York, I'm Steve Rappaport Bloomberg Daybreak. All right, Steve, thanks.

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Speaker 1: We turning to a major headline in politics this morning.

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Speaker 1: The House January six Committee votes today on recommendations that

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Speaker 1: former President Trump the prosecuted, Bloomberg said. Bachelor reports lawmakers

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Speaker 1: are considering a number of charges, among them for obstructing

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Speaker 1: an official government proceeding and conspirasuited to fraud the United States.

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Speaker 1: Congressman Adam Schiff already saying that Trump's actions are pretty

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Speaker 1: much a good match for criminal insurrection charges. This is

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Speaker 1: someone who tried to interfere with the Joint Session, even

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Speaker 1: inciting a mob to attack the Capitol. If that's not criminal,

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Speaker 1: then that I know it is. Recommendation could also come

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Speaker 1: from Mark Meadows and Rudy Giuliana. Hearing at one pm

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Speaker 1: Wall Street Time in San Francisco. I'm at Baxter Bloomberg Radio. Okay,

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Speaker 1: thank you. Meantime, Senator Kirsten Cinema's defection from the Democratic

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Speaker 1: Party continues to reverberate across Washington, and now it has

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Speaker 1: some asking if Joe Manchon could do the same. The

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Speaker 1: West Virginia senator, though, says he remains committed to the

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Speaker 1: Democratic Party for now. They know how independent I am.

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Speaker 1: The deed does not saddle me to everything the Democrats

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Speaker 1: want to do is what's right. I don't think the

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Speaker 1: Democrats have all the answers. I don't think the Republicans

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Speaker 1: are always wrong and vice versa. I don't look at

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Speaker 1: things that way. Senator Mansion made those comments on Face

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Speaker 1: the Nation from CBS, which you can hear every Sunday

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Speaker 1: on Bloomberg Radio. Well, let's turn overseas now to Shina, Nathan,

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Speaker 1: where the government's response to a COVID outbreak is front

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Speaker 1: and center. More than a month after the country saw

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Speaker 1: an exponential surge in COVID cases, is reporting minimal deaths

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Speaker 1: from the virus. That's calling into question how Beijing is

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Speaker 1: changing its approach to COVID, and Bloomberg's John Lou has

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Speaker 1: more on that story. Suspicion is growing the China maybe

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Speaker 1: undercounting the number of COVID deaths in the country. That's

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Speaker 1: after authorities reported to fatalities today the first deaths officially

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Speaker 1: attributed to COVID since the country began pivoting away from

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Speaker 1: COVID zero in early December. It's also admitted media reports

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Speaker 1: of increased activity at crematoriums and funeral homes in Beijing,

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Speaker 1: and follows the report by Chinese outlets hishing the authorities

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Speaker 1: of substantially narrowed the definition of what a COVID death is.

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Speaker 1: All of this is casting further doubt on how reliable

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Speaker 1: China's official data is in Beijing. Am Joel lou Bloomberg, daybreak.

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Speaker 1: All right, John, thank you. Turning to markets now. Futures

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Speaker 1: are higher to begin the week. Assets are still adjusting

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Speaker 1: to central bank rhetoric. We saw the SMP five and

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Speaker 1: last week two percent lower after hawk is remarks from

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Speaker 1: the Fed and European Central Bank. Former Treasury Secretary Larry

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Speaker 1: Somers tells us even though markets took a hit, he

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Speaker 1: has confidence in FED Chair J. Powell. The Chairman is

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Speaker 1: in about the right place. He's recognizing that we can't

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Speaker 1: forecast the economy with precision. He's recognizing that it would

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Speaker 1: be a terrible error if we were to fail to

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Speaker 1: stop inflation in this episode, Larry Summer says the FED

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Speaker 1: should still be concerned with challenging decisions on the horizon.

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Speaker 1: The former Treasury secretary was a guest on Bloomberg's Wall

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Speaker 1: Street Week, heard every weekend on Bloomberg Radio and television.

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Speaker 1: Well rhetoric from the Fed also reverberated across Asia. Overnight,

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Speaker 1: Nathan and stocks in the regions slid as type policy

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Speaker 1: stoked fears of a global recession. Bloomberg Daybreak Asia anchor

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Speaker 1: Brian Curtis has more. Asian stocks declined as the Fed

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Speaker 1: hammered home it's committed to raising interest rates. The end

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Speaker 1: extended gains for a second day. The yield on Japan's

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Speaker 1: five year note rose to the highest in seven years.

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Speaker 1: A Kyoto report said Japan's Prime minister might allow more

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Speaker 1: flexibility and monetary policy. A top government spokesman denied the report.

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Speaker 1: The dollar was weaker. Brian Curtis, Bloomberg day Break. Okay, Brian,

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Speaker 1: thank you. Back here in the US, there's more economic

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Speaker 1: data to digest this week. Housing data takes center stage

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Speaker 1: on the week's agenda. Bloomberg's viny Dell Judas has a preview.

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Speaker 1: We'll get data on US builder confidence today, housing starts tomorrow,

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Speaker 1: existing home sales Wednesday, and new home sales Friday. The

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Speaker 1: builder confidence data provide a perfect illustration of US market conditions.

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Speaker 1: Sentiment has been falling since the start of the year.

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Speaker 1: The longest structure of the clients and data back to

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Speaker 1: his interest rates rise altso one. This week's US agenda

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Speaker 1: data on consumer confidence and come and spending manufacturing in

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Speaker 1: the final revision of third quarter GDP data fill Judas

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Speaker 1: Bloomberg day break right Annie, thank you Bill. Turning to

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Speaker 1: oil now, we're seeing swings between gains and losses as

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Speaker 1: morning crude rose at the week's open following a pledge

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Speaker 1: from China to revive consumption. There's also news of a

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Speaker 1: plan from the Biden administration to begin refilling the nation's

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Speaker 1: strategic reserves. Checking prices right now now, I'm ex scrude

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Speaker 1: oil up eight tens of upper set straight ahead, your

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Speaker 1: latest local headlines, plus a check of sports, and this

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Speaker 1: is Bloomberg, Thank you Carrot. It is now thirty one

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Speaker 1: degrees in Central Park. I mean brisk today, mostly sunny, breezy,

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Speaker 1: though the high only near forty degrees. We get back

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Speaker 1: down to the thirties tonight taped out to look at

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Speaker 1: some of the other stories making news in New York

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Speaker 1: and around the world. So that we're joined by Bloomberg,

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Speaker 1: spikel bar Good morning, Michael, Good morning, Nathan. The Texas

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Speaker 1: town of El Paso, on the border has declared a

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Speaker 1: state of emergency fearing an influx of migrants. This week,

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Speaker 1: when a court ordered forces the Biden administration to lift

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Speaker 1: Titled forty two, the Trump era provision returned to all

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Speaker 1: asylum seekers back to Mexico, forcing them to wait there

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Speaker 1: while their asylum requests are processed. Texas Governor Greg Abbott

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Speaker 1: says there will be total chaos at the southern border

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Speaker 1: if Title forty two is lifted as planned. Governor Rabbit

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Speaker 1: accused President Biden of having open border policies, policies he

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Speaker 1: says militias actors are taking advantage of it is known

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Speaker 1: by the cartels have sophisticate information. Whether or not the

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Speaker 1: Bid administration is going to enforce the immigration laws or

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Speaker 1: not is known across the world, but most importantly known

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Speaker 1: among the cartels. Meanwhile, Democratic Senator Alex Padilla of California

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Speaker 1: pushed back against what he called republican rhetoric around the

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Speaker 1: expected expiration of Title forty two. We're in a much

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Speaker 1: different place when it comes to COVID today than we

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Speaker 1: were to almost three years ago, so it's pastime for

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Speaker 1: a Title forty two to be gun. Senator Padilla, who

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Speaker 1: chairs the Senate Judiciary Committee's Immigration, Citizenship and Border Safety Subcommittee,

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Speaker 1: and Governor Abbott spoke on ABC S this week, which

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Speaker 1: can be heard Sundays on Bloomberd. Border State leaders aren't

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Speaker 1: the only lawmakers sounding the alarm about the expiration of

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Speaker 1: Title forty two. In New York City, more busses transporting

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Speaker 1: asylum seekers are expected to arrive today. Mayor Adams is

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Speaker 1: asking for a new round of federal and state help.

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Speaker 1: Dozens of people were injured after a flight headed for

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Speaker 1: Hawai he hit severe turbulence. Flight thirty five from Phoenix

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Speaker 1: to Honolulu was thirty minutes outside of its destination when

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Speaker 1: the incident happened. The plane was carrying two hundred eighty

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Speaker 1: eight passengers and crew. Sunday was the first night of Hanukkah,

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Speaker 1: and Jewish communities across the US are celebrating by lighting minoras.

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Speaker 1: In Brooklyn, thousands attended to witness one of the city's

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Speaker 1: largest minors to mark the season. Global News twenty four

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Speaker 1: hours a day on air and on Bloomberg Quick Take,

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Speaker 1: powered by more than twenty seven hundred journalist analysts in

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Speaker 1: more than a hundred twenty countries. How Michael Bart, this

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Speaker 1: is Bloomberg Nather. Thank you, Michael, time of the Bloomberg

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Speaker 1: Sports Update, brought to you by twice State Auty. For that,

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Speaker 1: we bring in John stash Are. Good morning, John, Good morning.

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Speaker 1: And Giants game in Washington so big it was moved

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Speaker 1: into prime time. Giants who lost their last eleven night games.

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Speaker 1: Daniel Jones was all and nine came in windless in

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Speaker 1: their last four. Commanders had only lost one of their

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Speaker 1: last eight. They're the only team to have beaten the Eagles.

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Speaker 1: But the Giants took the lead thanks to a rookie

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Speaker 1: takes the snap back to fill. He's the cruncher, sack

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Speaker 1: my Tibot on the polls loose on the ground, scooped

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Speaker 1: up in the end zone for a touchdown on Tibodeau

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Speaker 1: with the sack before stuck, and then the touchdown. He

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Speaker 1: completes the trifecta w f A and Tibodau was all

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Speaker 1: over the field. All night. The Giants won twenty to twelve.

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Speaker 1: They held on at the end. Commanders thought they had

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Speaker 1: a TV to get there with him tube. It was

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Speaker 1: nullified by a penalty and the Giants now in much

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Speaker 1: better shape to make the playoffs. The Jets are not costly.

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Speaker 1: Seventeen home lost to a red hot Detroit. Zack Wilson

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Speaker 1: back is the starting QB for the injured Mike White.

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Speaker 1: Wilson played fairly well, but the Lions won on a

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Speaker 1: late fifty one yard passed play on a fourth and

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Speaker 1: one Detroits one six to the last seven. Two of

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Speaker 1: those wins at midlife next Nets and Rangers all continue

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Speaker 1: their winning streaks seven or ow for the next at

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Speaker 1: Indiana finished on an eleven to two run and one

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Speaker 1: one O nine one oh six. Jalen Brown Brupton scored

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Speaker 1: thirty in Detroit, Kevin Ran scored forty three. He had

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Speaker 1: twenty six just in the third quarter. In the next one,

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Speaker 1: Brooklyn's one its last six seven straight wins with the

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Speaker 1: Rangers seven one of Chicago with seven different Ranger goal scorers.

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Speaker 1: World Cup final builders Lionel Messi against Gillion and Boffi

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Speaker 1: together they put seven balls into the net five on

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Speaker 1: penalty kicks, Messi and Argentina beat France four three and

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Speaker 1: what summer calling the most exciting soccer game ever John

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Speaker 1: Dashaward Bloomberg Sports Nathan was fun to watch, that's for sure.

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Speaker 1: Thank you, John, and Bloomberg Sports was brought to you

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Speaker 1: by Autie. Don't let someone else drive off in the

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Speaker 1: futures right now up ten points, Stole futures up seventy two.

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Speaker 1: Nastack futures are highed by thirty five points ten Your

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Speaker 1: treasuries down eleven thirty seconds, bringing the yield up on

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Speaker 1: the benchmark to three point five two per cent. Live

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Speaker 1: from coast to coast, from New York to San Francisco,

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Speaker 1: Boston to Washington, d C. Nationwide on Sirius, XAMP, the

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Speaker 1: Bloomberg Business App, and Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 1: Good morning, I'm Nathan Hagar. Just two trading weeks left

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Speaker 1: in two Let's get you started on this one. We're

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Speaker 1: joined now by Dennis Gartman, the former publisher of the

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Speaker 1: Gartment Letter who now shares the University of Akron Endowment

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Speaker 1: Investment Committee. Dennis, good Morning. Looks like futures are trying

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Speaker 1: to claw back some of the losses we've seen over

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Speaker 1: the last couple of weeks now following a parade of

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Speaker 1: hawkish policy and rhetoric from central banks around the world.

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Speaker 1: Does this relief rally have any legs for you? I

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Speaker 1: think not, Nathan. I think this relief rally is probably

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Speaker 1: run its course of action. I kind of take uh.

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Speaker 1: I look at technicals rather substantively over the course of

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Speaker 1: my career, and one of the things I pay attention

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Speaker 1: to is outside reversal days and more importantly outside reversal

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Speaker 1: weeks periods of time when you make a new higher

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Speaker 1: or new low and then close higher or lower, taking

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Speaker 1: out the previous days of previous weeks range. And we've

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Speaker 1: done that in a weekly reversal in the in the SMP,

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Speaker 1: we've done that in a weekly reversal in the DOUBT,

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Speaker 1: we've done that in a weekly reversal now in the

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Speaker 1: NASTAC So I think that last week will mark the

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Speaker 1: highest for a protracted period of time. I think the

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Speaker 1: the autumnal rally has run its course, and I think

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Speaker 1: that the hawk is views, manifest by the Federal Reserve Bank,

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Speaker 1: manifest by the Bank of England, manifest by the monetary

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Speaker 1: authorities essentially around the world, are going to have a

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Speaker 1: delitarious impact upon the equity prices going forward. So take

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Speaker 1: a look at the fact that that the SMP, for example,

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Speaker 1: made a side. Last January, I had towards forty six

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Speaker 1: forty six hundred, The next high was forty four hundred,

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Speaker 1: the next high was forty three hundred, and last week

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Speaker 1: we got to forty two hundred, each highest and progressively

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Speaker 1: lower since the start of the year. Each low has

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Speaker 1: been progressively lower since the start of the year, and

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Speaker 1: then we had an outside of reversal week last week.

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Speaker 1: So given the fact that we've got monetary authorities airring

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Speaker 1: upon the side of hawkishness and the technicals are now

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Speaker 1: quite manifestly bearished, I think it's far better to err

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Speaker 1: upon the side of being barished and reducing one's exposure

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Speaker 1: over the course of next several weeks. I know you've

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Speaker 1: been calling this a bear market pretty much all year long,

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Speaker 1: since the beginning of the year, as we head into

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Speaker 1: three how much longer do you expect this bear market

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Speaker 1: to continue? The best the one can do is get

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Speaker 1: the trend right, and I think the trend is down.

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Speaker 1: Getting both trend and time right is almost, It's not almost,

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Speaker 1: it's an impossible task. Let's simply say that the bear

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Speaker 1: market has been has been excellent since the first week

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Speaker 1: of January this year. As I just said, each lowers

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Speaker 1: been lower, each high has been lower, and that that

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Speaker 1: that trend will probably continue right this down until it stops.

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Speaker 1: I think we'll take out the lows of made in

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Speaker 1: October in the not two distant future, and they take

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Speaker 1: a month or two to do so. And the only benefit,

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Speaker 1: the only bullish circumstance prevailing, is the can we lose

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Speaker 1: two of the most hawkish voting members of the f

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Speaker 1: MC in February, Mrs ms Messer and Ms George from

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Speaker 1: Cleveland from Kansas City, and we replace them with a

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Speaker 1: couple of Dove voters in the f O m C.

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Speaker 1: But that's not until February next year. In February is

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Speaker 1: as far as I'm concerned, as a lifetime away. Then

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Speaker 1: do you expect that the commentary that we got last

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Speaker 1: week from the FED Chairman J. Powell, that rates will

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Speaker 1: stay higher for longer? Is malleable? Is that something that

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Speaker 1: the Fed could shake away from Uh? Depending on how

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Speaker 1: things turn out in twenty three, Well, we'll see if

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Speaker 1: we If we get really ugly economic data points coming

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Speaker 1: out in January and February, then they said, might might change.

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Speaker 1: But if I've learned anything in forty five years of

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Speaker 1: being involved in the markets and watching the Federal Reserve

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Speaker 1: Bank Act, it's that once the FED changes monetary policy,

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Speaker 1: when it moves from easing to tightening, or from tightening

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Speaker 1: to easing, it takes it's much farther and takes them

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Speaker 1: for a much longer period of time than even the

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Speaker 1: most radical among us wants to believe. So I think

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Speaker 1: that the potential for the Fed to change its policies,

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Speaker 1: given the dramatic use of language that we saw last week,

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Speaker 1: or you couldn't miss, You couldn't you could not misunderstand

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Speaker 1: what Mr Powell was talking about. He made it abundantly

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Speaker 1: clear that he has no intention of moving towards easier

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Speaker 1: of pivoting on rates for a protracted period of time.

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Speaker 1: So it's going to be at least until four until

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Speaker 1: we have any opportunity to see the FED change monetary

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Speaker 1: policy back from being tightening to two easing. Anybody who

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Speaker 1: thinks that that he's going to change is I think

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Speaker 1: sadly wrong. Got about a minute left here in this segment,

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Speaker 1: Dennis is the FED is steering itself toward a policy

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Speaker 1: mistake here with this kind of tightening. The Fed always

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Speaker 1: makes mistakes. They are always they tightened too far. They

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Speaker 1: eased too far. They're probably gonna tighten too far. They'll

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Speaker 1: probably tighten us into a recession. Will there be a

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Speaker 1: recession of consequence aligned with or or like that which

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Speaker 1: we went through in two thousand seven, eight and nine. No,

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Speaker 1: it'll be something much more modest, but it will still

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Speaker 1: drive the unemployment rate about five percent before it's done.

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Speaker 1: Can make mistake if that always makes mistakes, if that

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Speaker 1: is human humans make mistakes. I want to get more

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Speaker 1: on your outlook for recession and the markets going forward

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Speaker 1: here into Tree. So we're going to continue this conversation

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Speaker 1: with Dennis Gartman into the minutes ahead here as Bloomberg

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Speaker 1: Daybreak continues. Dennis Gartman is the former publisher of the

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Speaker 1: Gartment Letter, now chairman of the University of Akron Endowment

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Speaker 1: Investment Committee, head of that conversation. Continuing. Futures are moving

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Speaker 1: higher this morning. SMP futures on the rise by sixteen

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Speaker 1: points down, futures up a hundred twelve. NASTAC futures are

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Speaker 1: higher by fifty points. The tenure Treasury is down eleven

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Speaker 1: thirty seconds, yield three point five two percent. Yield on

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Speaker 1: the two year four point one seven percent. NIMEX crude

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Speaker 1: is moving higher by nine tenths per center sixty nine

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Speaker 1: cents at seventy four dollars cents a barrel. This is

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

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Speaker 1: day at Bloomberg dot com, the Bloomberg Business at and

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Speaker 1: at Bloomberg Quick Take. This is a Bloomberg Business flash,

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Speaker 1: and I'm Karen Moscow. Global stocks are attempting to recover

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Speaker 1: after two weeks of losses sparked back incern that continued

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Speaker 1: policy tightening by the Fed and other central banks would

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Speaker 1: trigger economic recession and hit profits. We checked the markets

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Speaker 1: all day long here at Bloomberg and SNP. Futures are

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Speaker 1: up half percent of nineteen points down. Futures have four

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Speaker 1: tens of a percent or a hundred thirty eight points

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Speaker 1: and as DEEG futures of half percent or sixty three points.

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Speaker 1: The decks in Germany's have three quarters of a percent

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Speaker 1: ten year treasury down ten thirty seconds. You'll three point

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Speaker 1: five two percent yield on the two year four point

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Speaker 1: one seven percent, nine max screwed oils of nine tenths

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Speaker 1: percent or sixty five cents at seventy four dollars ninety

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Speaker 1: four cents and barrel comex school of four tenths percent

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Speaker 1: or six dollars ninety cents at eighteen o seven ten

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Speaker 1: announced the euro one point six three five against the dollar.

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Speaker 1: British found one point to two to three the one

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Speaker 1: six point two and bitcoin is up a tenth of

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Speaker 1: upper cent. It's at about sixteen thou eight hundred dollars.

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Speaker 1: That's a Bloomberg business flash. Now here's Michael Barrow with

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Speaker 1: Moore unless going on around the world. Michael did running,

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Speaker 1: Good morning, Karen. The House January six Committee is wrapping

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Speaker 1: up his investigation into the violent US Capital riot. At

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Speaker 1: the final meetings scheduled for today, the panel is poised

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Speaker 1: to recommend that the Justice Department considered criminal charges against

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Speaker 1: former President Donald Trump. Authorities in Ukraine's capital, Kievs say

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Speaker 1: it's being targeted in a new attack and a critical

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Speaker 1: infrastructure point has been hit. In the NFL, the Giants

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Speaker 1: beat the Commanders. The Jets and Patriots lost. In the NBA,

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Speaker 1: the Knicks and Nets one, the Celtics and Wizards lost

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Speaker 1: the Warriors one. In the NHL, the Rangers won and

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Speaker 1: they're still partying in Argentina after the team beat France

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Speaker 1: to win the World Cup. Global News twenty four hours

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Speaker 1: a day on and on Bloomberg Quick Day, powered by

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Speaker 1: more than twenties seven under journalist and analysts more than

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Speaker 1: twenty countries. Michael barrd this is Bloomberg making What a

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Speaker 1: game that was. What a career cap for Lionel MESSI

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Speaker 1: thank you for that, Michael. It is coming up to

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Speaker 1: five twenty four on Wall Street. I'm Nathan Hagar. This

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Speaker 1: is Bloomberg Daybreak and Dennis Gartman is back with us

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Speaker 1: now the former publisher of the Gartment Letter, now chair

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Speaker 1: of the University of acron Endowment Investment Committee. Dennis, interesting

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Speaker 1: to hear in the last segment you're saying that there

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Speaker 1: could be a moderate recession. I wonder what's behind that call,

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Speaker 1: given that, at least from what I think I heard

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Speaker 1: you say the last time around, that the FED could

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Speaker 1: be at risk of overtightening into a recession. Well, that's

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Speaker 1: going to be the cause of any any recession that

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Speaker 1: we see. First of all, the consumers are probably expending

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Speaker 1: money right now. It bothers me that I see the

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Speaker 1: use of credit cards rising as dramatically as they are,

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Speaker 1: and food prices are going up, So I've maintained that

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Speaker 1: we're actually funding food with with credit, which I find disturbing.

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Speaker 1: So the consumer has uh probably close to tapping out

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Speaker 1: his savings. His savings rate has dropped rather dramatically. But

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Speaker 1: the most important fundamental that's going to drive the economy

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Speaker 1: into recession is the fact that the FETs has moved

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Speaker 1: from being aggressively easy for the course of the past

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Speaker 1: decade or so to the course of being manifestly tightening.

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Speaker 1: And I think that's going to be the driving force.

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Speaker 1: We have to remember that FET has promised and they

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Speaker 1: should follow through on the promise to reduce the size

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Speaker 1: of the balance sheet, which they've taken from nine nine

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Speaker 1: hundred billion dollars to nine trillion dollars over the course

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Speaker 1: of a decade. They promised to take out nine billion

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Speaker 1: dollars a month to drive the balance sheet back to

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Speaker 1: four or five billions, four or five trillion dollars over

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Speaker 1: the course the next several years. And that's taking the gasoline.

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Speaker 1: That's taking the the fuel that has driven the economy,

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Speaker 1: and it has driven the stock market, that has driven

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Speaker 1: the capital markets for a protracted period of time. It's

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Speaker 1: taking that fuel away, and that that alone is enough to,

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Speaker 1: I think, to put us into recession. So watch housing prices.

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Speaker 1: Housing prices have begun to weaken. Watch on watch used

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Speaker 1: car prices. They've clearly begun to weekend. Watch retail sales,

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Speaker 1: they've begun to weekend. I think all the signs are

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Speaker 1: pointing to a recession, and I think it's the fact

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Speaker 1: that the FET is going to be tightening monetary policy

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Speaker 1: that will be the driving force to that point. We

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Speaker 1: just got a note this morning from another bear on

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Speaker 1: Wall Street, Mike Wilson and Morgan Stanley, warning of an

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Speaker 1: earnings recession that could be similar to what happened during

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Speaker 1: the global financial crisis years in two thousand and eight

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Speaker 1: and nine, and warning that the market isn't fully pricing

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Speaker 1: that in is that your view as well. I think

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Speaker 1: that's what happens during recessions. I think that's just the

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Speaker 1: the the end result of recessionary circumstances that decline in earnings,

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Speaker 1: and I think that that will drive the price earnings

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Speaker 1: multiple back from seventeen or eighteen down to fourteen, fifteen

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Speaker 1: or sixteen, and that's what will drive the equity prices

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Speaker 1: lower again. As I said earlier than in my earlier comments,

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Speaker 1: one of the things that I watched in the stock

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Speaker 1: market more than anything else is is technical circumstances. And

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Speaker 1: technically you had an outside reversal week, which is a

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Speaker 1: rare event, and that marks to me that that marks

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Speaker 1: the high of the October to mid December a rally

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Speaker 1: in the equities market. Be careful. I think we make

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Speaker 1: new lows. I think we take out October's lows, probably

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Speaker 1: early in the turn after the turn of the year.

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Speaker 1: So again, if you're long of equities, were just the

429
00:23:10,880 --> 00:23:13,320
Speaker 1: size of the exposure. If you have no equities, you're

430
00:23:13,320 --> 00:23:15,800
Speaker 1: probably in the right place. And I think the recession

431
00:23:15,880 --> 00:23:18,639
Speaker 1: is coming. It will be much more moderate than we

432
00:23:18,640 --> 00:23:20,320
Speaker 1: went to in two thousand seven, eight and nine. But

433
00:23:20,400 --> 00:23:22,960
Speaker 1: the fact the vet ist tightening monetary policy will be

434
00:23:23,000 --> 00:23:26,240
Speaker 1: the driving economic force. We'll leave it there for now.

435
00:23:26,480 --> 00:23:29,600
Speaker 1: A bearish view continuing from Dennis Gartment heading into the holidays.

436
00:23:29,640 --> 00:23:31,479
Speaker 1: Hope it is a good holiday season for you. If

437
00:23:31,520 --> 00:23:34,520
Speaker 1: we don't speak before then. Dennis Gartman, former publisher of

438
00:23:34,560 --> 00:23:36,919
Speaker 1: the Gartment Letter, now chairman of the University of Akron

439
00:23:37,359 --> 00:23:42,200
Speaker 1: Endowment Investment Committee. Right now, futures are moving higher ahead

440
00:23:42,240 --> 00:23:45,280
Speaker 1: of this morning session. SMP futures are up sixteen points, now,

441
00:23:45,359 --> 00:23:48,359
Speaker 1: futures up a hundred fifteen, and nastic futures are higher

442
00:23:48,560 --> 00:23:52,160
Speaker 1: by fifty points. We'll get this morning's top stories, local headlines,

443
00:23:52,440 --> 00:23:55,920
Speaker 1: and a fuller check of markets just ahead. First, Bloomberg

444
00:23:56,000 --> 00:23:59,520
Speaker 1: Meteorologist Rob Carolyn with a look at the weather forecast.

445
00:24:00,359 --> 00:24:02,560
Speaker 1: I pressure over the Tennessee Rifford Valley this morning is

446
00:24:02,560 --> 00:24:04,600
Speaker 1: going to ensure that the Tri state area is sunny

447
00:24:04,680 --> 00:24:07,479
Speaker 1: through Wednesday. Will have lots of sunshine today. They'll be breezy.

448
00:24:07,760 --> 00:24:10,840
Speaker 1: Temperatures this saff noon up close to forty Tonight, clear skies,

449
00:24:10,920 --> 00:24:12,720
Speaker 1: low of thirty in the city. It'll fall back into

450
00:24:12,760 --> 00:24:15,600
Speaker 1: the twenties and the suburbs sunny weather for tomorrow. Hins

451
00:24:15,600 --> 00:24:17,440
Speaker 1: will be up around forty. It will be partly to

452
00:24:17,520 --> 00:24:20,840
Speaker 1: mostly sunny Wednesday, and we're back near forty. I'm Rob

453
00:24:20,920 --> 00:24:24,080
Speaker 1: Carolvin with your three day forecast. I'm Bloomberg eleven three

454
00:24:24,119 --> 00:24:31,240
Speaker 1: How broadcasting live from the Bloomberg Interactive Broker's studio in

455
00:24:31,359 --> 00:24:35,040
Speaker 1: New York, Bloomberg E Loving Freed to Washington, d C, Bloomberg,

456
00:24:35,760 --> 00:24:39,240
Speaker 1: on to Boston, Bloomberg one six one do San Francisco

457
00:24:39,359 --> 00:24:42,560
Speaker 1: Bloomberg and M sixty to the country sirius XM chto

458
00:24:42,640 --> 00:24:45,800
Speaker 1: one nine and around the globe, the Bloomberg Business app

459
00:24:45,920 --> 00:24:55,320
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's

460
00:24:55,359 --> 00:24:57,320
Speaker 1: coming up to five thirty on Wall Street. Good morning,

461
00:24:57,320 --> 00:24:59,920
Speaker 1: I'm Nathan Hager and I'm Karen Moscow. We are a

462
00:25:00,080 --> 00:25:02,880
Speaker 1: just about four hours away from the open of US training.

463
00:25:02,960 --> 00:25:04,280
Speaker 1: Let's get you up to date on the news you

464
00:25:04,400 --> 00:25:06,200
Speaker 1: need to know at this hour, and we begin with

465
00:25:06,400 --> 00:25:09,480
Speaker 1: more turmoil at Twitter. A new poll on the social

466
00:25:09,520 --> 00:25:14,240
Speaker 1: media platform could determine Elon Musk's future at the company Bloomberg.

467
00:25:14,280 --> 00:25:17,640
Speaker 1: Steve Rappaport joins US live with the latest on that story. Steve,

468
00:25:17,680 --> 00:25:20,520
Speaker 1: good morning, Good morning, Karen, and Nathan voting is expected

469
00:25:20,560 --> 00:25:22,200
Speaker 1: to end in about an hour for the poll in

470
00:25:22,280 --> 00:25:25,200
Speaker 1: which Elon Musk asks users to decide whether he should

471
00:25:25,240 --> 00:25:27,959
Speaker 1: step down as CEO of the platform. With more than

472
00:25:28,040 --> 00:25:31,280
Speaker 1: sixteen million votes cast, fifty two percent of respondents want

473
00:25:31,359 --> 00:25:34,080
Speaker 1: him gone, but pro Musk supporters have narrowed the gap

474
00:25:34,119 --> 00:25:36,560
Speaker 1: in the last few hours. Musk pledge to abide by

475
00:25:36,600 --> 00:25:39,359
Speaker 1: the results of the poll he created, putting his vision

476
00:25:39,400 --> 00:25:41,480
Speaker 1: of Twitter as a platform for the people. For the

477
00:25:41,600 --> 00:25:44,960
Speaker 1: ultimate test. Live in New York, I'm Steve Rappaport, Bloomberg

478
00:25:45,040 --> 00:25:47,720
Speaker 1: Day Break. Okay, Steve, Thanks, turning to politics this morning.

479
00:25:47,760 --> 00:25:51,640
Speaker 1: The House January six committee votes on recommendations today whether

480
00:25:51,720 --> 00:25:54,440
Speaker 1: former President Donald Trump should be prosecuted on a number

481
00:25:54,480 --> 00:25:58,320
Speaker 1: of counts, including obstructing an official government proceeding and conspiracy

482
00:25:58,400 --> 00:26:01,400
Speaker 1: to the fraud the United States. Congressman Adam Shift says

483
00:26:01,440 --> 00:26:05,280
Speaker 1: the former president's actions could also match criminal insurrection charges.

484
00:26:05,640 --> 00:26:08,840
Speaker 1: This is someone who tried to interfere with the Joint Session,

485
00:26:09,119 --> 00:26:12,080
Speaker 1: even inciting a mob to attack the Capitol. If that's

486
00:26:12,119 --> 00:26:15,160
Speaker 1: not criminal, then I don't know what it is. Democratic

487
00:26:15,200 --> 00:26:18,560
Speaker 1: Congressman Adam Shift tells CNN the committee has focused primarily

488
00:26:18,680 --> 00:26:21,800
Speaker 1: on charges where there is the strongest evidence. Well, turning

489
00:26:21,840 --> 00:26:24,920
Speaker 1: overseas to China right now, Nathan, the government's response to

490
00:26:25,000 --> 00:26:27,840
Speaker 1: a COVID outbreak is front and center. More than a

491
00:26:27,920 --> 00:26:31,200
Speaker 1: month after the country saw an exponential surge in COVID cases,

492
00:26:31,560 --> 00:26:34,680
Speaker 1: it's reporting minimal deaths from the virus just to today.

493
00:26:35,080 --> 00:26:37,760
Speaker 1: That's calling into question how Beijing is changing its approach

494
00:26:37,840 --> 00:26:40,920
Speaker 1: at COVID and whether it's under counting fatalities. Now. The

495
00:26:41,000 --> 00:26:43,960
Speaker 1: market's Karen, where futures are pointed higher this morning to

496
00:26:44,000 --> 00:26:46,959
Speaker 1: begin the week, assets are still pricing. Central Bank rhetoric

497
00:26:47,359 --> 00:26:50,480
Speaker 1: SMP five ended last week two percent lower after hawk

498
00:26:50,560 --> 00:26:52,680
Speaker 1: ish remarks from the FED in the European Central Bank,

499
00:26:52,880 --> 00:26:56,160
Speaker 1: Former Treasury Secretary Larry Summer says, even though markets took

500
00:26:56,160 --> 00:26:58,760
Speaker 1: a hit, he has confidence in FED chair J. Powell.

501
00:26:59,200 --> 00:27:03,800
Speaker 1: The broad picture is where it was. I've been gratified

502
00:27:04,080 --> 00:27:08,480
Speaker 1: to see the ways in which the FED has caught up,

503
00:27:09,080 --> 00:27:15,400
Speaker 1: but they've got very challenging judgments to make going forward.

504
00:27:15,680 --> 00:27:18,960
Speaker 1: Former Treasury Secretary Larry Summers was a guest on Bloomberg's

505
00:27:18,960 --> 00:27:22,800
Speaker 1: Wall Street Week heard every weekend on Bloomberg Radio and television. Well,

506
00:27:22,880 --> 00:27:25,720
Speaker 1: turning to oil now, Nathan, we're seeing swings between gains

507
00:27:25,720 --> 00:27:28,200
Speaker 1: and losses. This morning. Crewe rose at the week's open

508
00:27:28,280 --> 00:27:31,440
Speaker 1: following a plant from China to revave consumption. There's also

509
00:27:31,520 --> 00:27:33,840
Speaker 1: news of a plan from the Biden administration to begin

510
00:27:33,920 --> 00:27:37,880
Speaker 1: refilling the nation's strategic reserves. Checking prices right now, nine next,

511
00:27:37,880 --> 00:27:40,520
Speaker 1: Screwed oil is up one percent or seventy five cents

512
00:27:40,560 --> 00:27:43,879
Speaker 1: at seventy five four cents of barrel. Brent is up

513
00:27:43,920 --> 00:27:46,879
Speaker 1: eight tens percent. It's at seventy nine dollars sixty eight cents.

514
00:27:47,280 --> 00:27:49,879
Speaker 1: S ANDP Future is up seventeen points this morning, or

515
00:27:50,040 --> 00:27:53,320
Speaker 1: up four tenths of upper cent. And as straight ahead,

516
00:27:53,440 --> 00:27:56,920
Speaker 1: we have your latest local headlines, plus a check of sports.

517
00:27:57,320 --> 00:28:04,560
Speaker 1: And this is Bloomberg Excaring. It's five thirty one on

518
00:28:04,640 --> 00:28:06,800
Speaker 1: Wall Street and Michael Bars here with what's going on

519
00:28:06,960 --> 00:28:08,760
Speaker 1: in New York and around the world. Good morning, you

520
00:28:08,800 --> 00:28:11,399
Speaker 1: might call Good morning, Nathan. The Texas border town of

521
00:28:11,480 --> 00:28:14,679
Speaker 1: El Paso as declared a state of emergency fearing an

522
00:28:14,720 --> 00:28:17,760
Speaker 1: influx of migrants this week when a court order forces

523
00:28:17,840 --> 00:28:21,800
Speaker 1: the Biden administration to lift Title forty two, the Trump

524
00:28:21,920 --> 00:28:26,560
Speaker 1: era provision returned all asylum seekers back to Mexico, forcing

525
00:28:26,640 --> 00:28:30,000
Speaker 1: them to wait there while their asylum requests are processed.

526
00:28:30,480 --> 00:28:33,320
Speaker 1: Texas Governor Greg Abbott says there will be total chaos

527
00:28:33,440 --> 00:28:36,320
Speaker 1: at the southern border if Title forty two is lifted

528
00:28:36,359 --> 00:28:40,000
Speaker 1: as planned. Governor Rabbit defended the top approach he's taken

529
00:28:40,040 --> 00:28:43,480
Speaker 1: to border security, including the bussing of more than fourteen

530
00:28:43,560 --> 00:28:47,320
Speaker 1: thousand migrants from Texas to so called sanctuary cities like

531
00:28:47,640 --> 00:28:50,760
Speaker 1: New York, d C. And Chicago. I removed them to

532
00:28:51,200 --> 00:28:54,600
Speaker 1: locations that self identified as sanctuary cities that have the

533
00:28:54,680 --> 00:28:58,200
Speaker 1: capability and the desire to help out these migrants, and

534
00:28:58,280 --> 00:29:02,080
Speaker 1: so that's exactly what's taking place. Meanwhile, Democratic Senator Alex

535
00:29:02,160 --> 00:29:06,080
Speaker 1: Padilla of California pushed back against what he called Republican

536
00:29:06,240 --> 00:29:09,720
Speaker 1: rhetoric around the expected expiration of Title forty two. For

537
00:29:09,840 --> 00:29:14,800
Speaker 1: all the Republican rhetoric about chaos at the border, open words, etcetera.

538
00:29:15,160 --> 00:29:17,120
Speaker 1: Number One, they have yet to come forward with a

539
00:29:17,240 --> 00:29:21,479
Speaker 1: plan of how to better handle the scenario. Number two,

540
00:29:21,560 --> 00:29:24,200
Speaker 1: they have not been willing to commit the additional resources

541
00:29:24,680 --> 00:29:27,920
Speaker 1: that the apartments and agencies say that they need to

542
00:29:28,080 --> 00:29:32,080
Speaker 1: handle this big influx. Senator Bardiya and Governor Abbott spoke

543
00:29:32,160 --> 00:29:35,480
Speaker 1: on ABC's This week, which can be heard Sundays on Bloomberg.

544
00:29:35,920 --> 00:29:38,160
Speaker 1: Dozens of people were injured after a flight headed for

545
00:29:38,280 --> 00:29:42,560
Speaker 1: Hawaii hit severe turbulence. Like five from Phoenix to Honolulu

546
00:29:42,680 --> 00:29:45,600
Speaker 1: was thirty minutes outside of its destination when the incident happened.

547
00:29:46,120 --> 00:29:48,720
Speaker 1: Sunday was the first night of Hanakah, and Jewish communities

548
00:29:48,720 --> 00:29:53,320
Speaker 1: across the US are celebrating by lighting manoras. In Brooklyn,

549
00:29:53,720 --> 00:29:57,200
Speaker 1: thousands attended to witness one of the city's largest minorahs

550
00:29:57,240 --> 00:29:59,560
Speaker 1: to mark the season. Global News twenty four hours a

551
00:29:59,640 --> 00:30:01,800
Speaker 1: day on here end on Bloomberg. Quick Take power by

552
00:30:01,840 --> 00:30:03,880
Speaker 1: more than twenty seven hundred journalists analysts more than a

553
00:30:03,960 --> 00:30:07,120
Speaker 1: hundred twenty countries. Michael barn this is Bloomberg Naths. Michael,

554
00:30:07,160 --> 00:30:14,840
Speaker 1: thank you all Street time for the Bloomberg Sports update,

555
00:30:14,880 --> 00:30:17,200
Speaker 1: brought to you by Tri stayed out of Here's John Stshow.

556
00:30:17,280 --> 00:30:19,640
Speaker 1: All right, Nathan. Three weeks to go the NFL regular season,

557
00:30:19,720 --> 00:30:22,600
Speaker 1: Giants and Jets both hoping to be wild card playoff teams.

558
00:30:22,640 --> 00:30:25,160
Speaker 1: The Giants in much better shape they want At Washington

559
00:30:25,280 --> 00:30:28,320
Speaker 1: twenty to twelve. Daniel Jones finally winning in prime time.

560
00:30:28,360 --> 00:30:30,320
Speaker 1: He'd been over a ninth sta kuon Barkley scored a

561
00:30:30,360 --> 00:30:32,520
Speaker 1: TV had some big runs in the fourth quarter of

562
00:30:32,560 --> 00:30:35,440
Speaker 1: the defense held the Commanders the only one TV Washington

563
00:30:35,560 --> 00:30:38,600
Speaker 1: had one. It thought final seconds we got wiped out

564
00:30:38,960 --> 00:30:41,320
Speaker 1: by a penalty. If the season ended now, Giants would

565
00:30:41,320 --> 00:30:43,840
Speaker 1: be the sixth scene. Washington would also get in as

566
00:30:43,920 --> 00:30:46,960
Speaker 1: the seven. The Jets on the outside looking in at MetLife.

567
00:30:47,000 --> 00:30:49,040
Speaker 1: They took their first leave in less than five minutes

568
00:30:49,080 --> 00:30:52,360
Speaker 1: to go under two minutes Laugh Detroit, fourth and one

569
00:30:52,400 --> 00:30:56,360
Speaker 1: at midfield center justin jackson on back, Off's gonna throw

570
00:30:56,440 --> 00:30:59,440
Speaker 1: it back and looking growth wide open up side clock

571
00:30:59,560 --> 00:31:01,840
Speaker 1: right with the to the thirty crock Rade twenty five

572
00:31:01,920 --> 00:31:05,960
Speaker 1: Brock Grade twenty Cook bracketa can took five years and

573
00:31:06,160 --> 00:31:11,760
Speaker 1: touchdown Detroit lionell My one yard got the Crock ride

574
00:31:12,160 --> 00:31:14,440
Speaker 1: the Lions to pack in front line radio the call

575
00:31:14,560 --> 00:31:17,120
Speaker 1: the Jets Greg's air line missed the game time fifty

576
00:31:17,120 --> 00:31:20,840
Speaker 1: eight yard field goal final played Detroit one seventeen. Jets

577
00:31:20,880 --> 00:31:22,960
Speaker 1: third straight loss. They dropped to five hundred a while

578
00:31:22,960 --> 00:31:26,760
Speaker 1: the NFL weekend that amazing comeback Saturday by Minnesota. Jacksonville

579
00:31:26,840 --> 00:31:29,360
Speaker 1: came from seventeen down and upset Dallas on a pick

580
00:31:29,400 --> 00:31:32,800
Speaker 1: six in overtime. The Patriots and Raiders were headed for

581
00:31:32,920 --> 00:31:36,240
Speaker 1: o t until New England started laterally, like teams do

582
00:31:36,360 --> 00:31:38,760
Speaker 1: when they are trailing, the game was tied in Las

583
00:31:38,880 --> 00:31:41,920
Speaker 1: Vegas one running, they botched lateral back for a TV

584
00:31:42,120 --> 00:31:45,320
Speaker 1: Nicks netson Rangers all one on the road. Winning streaks

585
00:31:45,360 --> 00:31:48,080
Speaker 1: continue Nixon Rangers seventh straight, the Nets six in a row.

586
00:31:48,200 --> 00:31:50,880
Speaker 1: John Stashellard bloom Group Sports brought to buy out. You

587
00:31:50,920 --> 00:31:52,920
Speaker 1: don't let someone else drive off in the Audi model.

588
00:31:52,960 --> 00:31:54,720
Speaker 1: You've always wanted to visit your local Try and State

589
00:31:54,800 --> 00:31:56,760
Speaker 1: autie dealer to get behind the wheel of yours today,

590
00:31:56,880 --> 00:32:02,040
Speaker 1: or visit autie Offers dot com for more information on

591
00:32:02,160 --> 00:32:04,840
Speaker 1: wall streets. Time for the Tri State Business Report. For that,

592
00:32:05,040 --> 00:32:08,680
Speaker 1: here's Bloomberg's cory. Nine of this year's top ten residential

593
00:32:08,800 --> 00:32:10,960
Speaker 1: sales in New York City occurred in the first half

594
00:32:11,000 --> 00:32:15,440
Speaker 1: of two According to data from broker Donna Olshan, who

595
00:32:15,520 --> 00:32:19,760
Speaker 1: publishes a weekly luxury market report, the slowdown in super

596
00:32:19,880 --> 00:32:22,560
Speaker 1: high end sales over the past six months could be

597
00:32:22,600 --> 00:32:25,760
Speaker 1: an indication that there's further pain to come. The New

598
00:32:25,840 --> 00:32:29,040
Speaker 1: York Knicks and New York or Nowhere are continuing their

599
00:32:29,120 --> 00:32:32,800
Speaker 1: partnership the team and the streetwear Company are joining forces

600
00:32:32,920 --> 00:32:37,160
Speaker 1: for a new genderless apparel collection of hoodies, t shirts, sweatpants,

601
00:32:37,480 --> 00:32:41,240
Speaker 1: tote bags, socks, and other accessories, blending the Knicks and

602
00:32:41,480 --> 00:32:45,800
Speaker 1: New York are Nowhere logos. The Fairity brand will open

603
00:32:45,840 --> 00:32:49,320
Speaker 1: a flagship store in New York this week at Madison

604
00:32:49,400 --> 00:32:53,360
Speaker 1: Avenue between eighties six and eighty seven Streets. That marks

605
00:32:53,400 --> 00:32:57,160
Speaker 1: the brand's seventh unit in the city. Thirty square foot

606
00:32:57,240 --> 00:33:00,480
Speaker 1: store will also include a brand run coffee shop that

607
00:33:00,640 --> 00:33:04,040
Speaker 1: your Bloomberg Drying Fade business report. I'm ed Gory, Thank

608
00:33:04,080 --> 00:33:06,360
Speaker 1: you Ed. It is five thirty six on Wall Street.

609
00:33:06,720 --> 00:33:10,880
Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial

610
00:33:11,040 --> 00:33:14,680
Speaker 1: was written by the Bloomberg Editorial Board. SEC chair Gary

611
00:33:14,760 --> 00:33:17,840
Speaker 1: Gensler has embarked on an ambitious reform of stock trading,

612
00:33:18,080 --> 00:33:20,360
Speaker 1: which is almost certain to put his agency at odds

613
00:33:20,440 --> 00:33:23,880
Speaker 1: with market participants. Gensler is concerned about what he sees

614
00:33:23,920 --> 00:33:27,560
Speaker 1: as an unfairly fragmented market, and the SEC is proposing

615
00:33:27,600 --> 00:33:31,240
Speaker 1: a whole suite of reforms aimed at reuniting it. Not Surprisingly,

616
00:33:31,640 --> 00:33:34,440
Speaker 1: many financial firms are opposed to the changes, which have

617
00:33:34,520 --> 00:33:36,480
Speaker 1: been called the most sweeping in more than a decade

618
00:33:36,840 --> 00:33:39,920
Speaker 1: and are inclined to fight back. Whether the proposals will

619
00:33:40,000 --> 00:33:43,640
Speaker 1: ultimately benefit anyone is unclear. What certain is that the

620
00:33:43,720 --> 00:33:46,560
Speaker 1: reforms will require a lot of sec resources and a

621
00:33:46,640 --> 00:33:48,760
Speaker 1: lot of political will to get to the finish line.

622
00:33:49,000 --> 00:33:52,480
Speaker 1: Weighing the costs against the uncertain benefits, one struggles to

623
00:33:52,520 --> 00:33:55,200
Speaker 1: see how it's worth it. This editorial was written by

624
00:33:55,240 --> 00:33:58,400
Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go

625
00:33:58,480 --> 00:34:00,800
Speaker 1: to Bloomberg dot com, slash of pinion or O P

626
00:34:00,960 --> 00:34:03,560
Speaker 1: I N go on the Bloomberg terminal. These has been

627
00:34:03,680 --> 00:34:07,760
Speaker 1: Bloomberg Opinion, and you can hear Bloomberg opinion editorials every weekday.

628
00:34:07,920 --> 00:34:11,480
Speaker 1: At this time, terminal customers can read more at O

629
00:34:11,680 --> 00:34:15,160
Speaker 1: P I n go. Right now, SMP futures are higher

630
00:34:15,280 --> 00:34:18,320
Speaker 1: by sixteen points, staff futures up a hundred fourteen and

631
00:34:18,520 --> 00:34:21,640
Speaker 1: NASTACK futures are higher by fifty four points. The ten

632
00:34:21,719 --> 00:34:25,040
Speaker 1: your treasuries down ten thirty seconds, yield three point five

633
00:34:25,080 --> 00:34:27,600
Speaker 1: one percent yield on the two year four point one

634
00:34:27,719 --> 00:34:30,440
Speaker 1: seven percent. NIMEX scruge moving higher this morning, up two

635
00:34:30,520 --> 00:34:33,239
Speaker 1: thirds of one percent, or forty nine cents higher at

636
00:34:33,280 --> 00:34:36,080
Speaker 1: seventy four dollars seventy eight cents of barrel comics. Gold

637
00:34:36,120 --> 00:34:38,000
Speaker 1: is up a third of one percent, or six dollars

638
00:34:38,080 --> 00:34:40,840
Speaker 1: eighteen oh six twenty for an ounce of gold. The

639
00:34:40,880 --> 00:34:43,399
Speaker 1: euro one point zero six one six against the dollar,

640
00:34:43,440 --> 00:34:46,160
Speaker 1: the en one thirty six point zero eight Bitcoin up

641
00:34:46,200 --> 00:34:50,239
Speaker 1: a tenth percent at sixteen thousand, seven hundred seventy dollars up. Next,

642
00:34:50,719 --> 00:34:54,239
Speaker 1: a conversation with former Treasury Secretary Larry Summers on the

643
00:34:54,280 --> 00:34:56,680
Speaker 1: path of head for inflation and the FED after a

644
00:34:56,719 --> 00:34:59,920
Speaker 1: hawk ish week for global central banks. This is Bloomberg

645
00:35:02,080 --> 00:35:05,440
Speaker 1: Markets headlines and breaking news twenty four hours a day

646
00:35:05,600 --> 00:35:09,719
Speaker 1: at Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quicktape.

647
00:35:09,920 --> 00:35:19,000
Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow.

648
00:35:19,120 --> 00:35:21,919
Speaker 1: And global stocks are attempting to recover after two weeks

649
00:35:21,960 --> 00:35:25,520
Speaker 1: of losses sparked back concerns that continued policy tightening by

650
00:35:25,560 --> 00:35:28,360
Speaker 1: the FED and of their central banks but trigger economic

651
00:35:28,400 --> 00:35:31,600
Speaker 1: recession and hit companies profits In Europe. Gains in the

652
00:35:31,640 --> 00:35:34,320
Speaker 1: stock six hundred are being led by energy and miners.

653
00:35:34,400 --> 00:35:37,960
Speaker 1: After Chinese leaders pledged to revive consumption and support the

654
00:35:38,000 --> 00:35:40,160
Speaker 1: private sector and we check the markets all day long

655
00:35:40,239 --> 00:35:43,400
Speaker 1: here at Bloomberg S ANDP Future is up eighteen points

656
00:35:43,440 --> 00:35:46,000
Speaker 1: this morning, up half percent of futures, up a third

657
00:35:46,040 --> 00:35:48,760
Speaker 1: of upper center a hundred twenty three points, and nazdec

658
00:35:48,840 --> 00:35:51,480
Speaker 1: future is up half percent or sixty one points. The

659
00:35:51,640 --> 00:35:54,440
Speaker 1: decks in Germany's up seven tenths of uppercent, CAC in

660
00:35:54,480 --> 00:35:56,839
Speaker 1: Paris up eight tens of upper cent, and the foot

661
00:35:56,880 --> 00:36:00,960
Speaker 1: see one hundred up half percent in Japan fell one

662
00:36:01,000 --> 00:36:04,160
Speaker 1: point one percent ten Your treasury down ten thirty seconds.

663
00:36:04,200 --> 00:36:06,320
Speaker 1: You're three point five one percent. That yield on the

664
00:36:06,360 --> 00:36:09,400
Speaker 1: two year four point one seven percent. NIME ex Scrude

665
00:36:09,400 --> 00:36:11,680
Speaker 1: oil is up seven tenths percent or forty nine cents

666
00:36:11,719 --> 00:36:14,200
Speaker 1: at seventy four dollars, seventy eight cents of barrel call

667
00:36:14,280 --> 00:36:16,320
Speaker 1: mex school the third of upper cent or six dollars

668
00:36:16,400 --> 00:36:19,240
Speaker 1: ten cents at eighteen o six thirty announced. The euro

669
00:36:19,440 --> 00:36:22,479
Speaker 1: one point six one nine against the dollar, British found

670
00:36:22,520 --> 00:36:25,120
Speaker 1: one point two to one four and again one thirties

671
00:36:25,160 --> 00:36:28,160
Speaker 1: six point oh seven. Bitcoin is up about two tenths

672
00:36:28,200 --> 00:36:31,319
Speaker 1: percent at about sixteen thousand, eight hundred dollars, and that's

673
00:36:31,360 --> 00:36:34,279
Speaker 1: a Bloomberg business flash now here's Michael Barre with more

674
00:36:34,400 --> 00:36:36,879
Speaker 1: on what's going on around the world. Michael Hearin, thank

675
00:36:36,920 --> 00:36:40,480
Speaker 1: you very much. The House Committee investigating the January sixth

676
00:36:40,640 --> 00:36:43,760
Speaker 1: sold on the Capitol holds its final public hearing today.

677
00:36:44,480 --> 00:36:48,160
Speaker 1: January six Committee member Adam Schiffs says that he thinks

678
00:36:48,239 --> 00:36:52,200
Speaker 1: there is sufficient evidence to charge former President Trump. Title

679
00:36:52,280 --> 00:36:56,120
Speaker 1: forty two is set to expire on Wednesday. In El Paso,

680
00:36:56,239 --> 00:36:58,920
Speaker 1: Texas has declared a state of emergency due to an

681
00:36:58,920 --> 00:37:03,920
Speaker 1: influx of migrants. Texas Republican Congressman Tony Gonzalez says migrant

682
00:37:03,960 --> 00:37:08,640
Speaker 1: facilities in El Paso are already filled beyond capacity. However,

683
00:37:08,800 --> 00:37:13,840
Speaker 1: Democratic Congresswoman Veronica Escobar, whose district includes El Paso, insists

684
00:37:13,880 --> 00:37:17,600
Speaker 1: the situation is under control and the Biden administration has

685
00:37:17,680 --> 00:37:20,680
Speaker 1: been very helpful when it comes to dealing with the influx.

686
00:37:21,440 --> 00:37:24,600
Speaker 1: In the NFL, the Giants beat the Commanders, the Jets

687
00:37:24,719 --> 00:37:28,120
Speaker 1: and Patriots lost in the NBA, the Knicks and Nets one,

688
00:37:28,320 --> 00:37:31,960
Speaker 1: the Celtics and Wizards lost, the Warriors one in the NHL,

689
00:37:32,160 --> 00:37:36,200
Speaker 1: the Rangers one, and all my partying in Argentina like

690
00:37:36,360 --> 00:37:39,520
Speaker 1: it's two because the team beat Franks to win the

691
00:37:39,560 --> 00:37:42,400
Speaker 1: World Cup Global news twenty four hours a day on

692
00:37:42,520 --> 00:37:45,520
Speaker 1: air and on Bloomberg Quick Take, powered by more than

693
00:37:45,600 --> 00:37:49,280
Speaker 1: twenty seven hundred journalists an analyists more than a hundred

694
00:37:49,320 --> 00:37:52,440
Speaker 1: twenty countries. Michael bar and this is Bloomberg. Yeah, I

695
00:37:52,440 --> 00:37:55,200
Speaker 1: wouldn't be surprised if that celebration goes into extra time

696
00:37:55,320 --> 00:37:57,560
Speaker 1: as well. Thank you, Michael. It is coming up to

697
00:37:58,000 --> 00:38:00,480
Speaker 1: forty three on Wall Street. This is Bloomberg daybreak Up.

698
00:38:00,560 --> 00:38:03,239
Speaker 1: Nathan Hagar along with Karen Moscow take a look at

699
00:38:03,280 --> 00:38:05,960
Speaker 1: some of the other stories making news on what promises

700
00:38:06,000 --> 00:38:08,520
Speaker 1: to be a slow week on Wall Street as markets

701
00:38:08,560 --> 00:38:11,080
Speaker 1: begin their year end slow down ahead of Christmas. Fed

702
00:38:11,160 --> 00:38:14,000
Speaker 1: rhetoric from last week remains largely in focus as a

703
00:38:14,040 --> 00:38:18,000
Speaker 1: smattering of companies report earnings heading into the holiday season.

704
00:38:18,080 --> 00:38:21,680
Speaker 1: Bloomberg's Charlie Pellett has more the Federal Reserve in European

705
00:38:21,800 --> 00:38:25,640
Speaker 1: Central Bank reaffirm rates will go higher for longer, and

706
00:38:25,800 --> 00:38:29,160
Speaker 1: that is raising questions about whether earnings estimates need to

707
00:38:29,239 --> 00:38:33,520
Speaker 1: come down. Victoria Fernandez, his chief market statergist at cross

708
00:38:33,600 --> 00:38:38,120
Speaker 1: Mark Global Investments. We've seen EPs growth estimates come down

709
00:38:38,160 --> 00:38:41,000
Speaker 1: by about five and a half percent so far this quarter.

710
00:38:41,160 --> 00:38:44,880
Speaker 1: That's double what you typically see among the company's schedule

711
00:38:45,000 --> 00:38:50,560
Speaker 1: to report this week CarMax, FedEx, General Mills, Micron Technology, Nike,

712
00:38:50,920 --> 00:38:55,520
Speaker 1: and paychecks in New York. Charlie Pellet Bloomberg Daybreak, very surly,

713
00:38:55,600 --> 00:38:58,360
Speaker 1: thank you a Leon Muskia's front and center this morning.

714
00:38:58,440 --> 00:39:00,960
Speaker 1: We expect results from that pull on his leadership at

715
00:39:01,000 --> 00:39:03,719
Speaker 1: Twitter next hour. At the same time, shares a test

716
00:39:03,760 --> 00:39:06,200
Speaker 1: Law are in focus. They're up almost five percent in

717
00:39:06,280 --> 00:39:10,960
Speaker 1: early trading as investors anticipate his possible withdrawal from Twitter leadership.

718
00:39:11,280 --> 00:39:14,000
Speaker 1: Tesla's shares have been on a long, steady decline since

719
00:39:14,120 --> 00:39:16,799
Speaker 1: musk closed his deal to buy Twitter. Yeah, it's been

720
00:39:16,840 --> 00:39:20,120
Speaker 1: an interesting correlation there. Now, let's look at the crypto

721
00:39:20,239 --> 00:39:23,319
Speaker 1: saga involving f t X, because that continues as well.

722
00:39:23,719 --> 00:39:26,720
Speaker 1: Sources tell us the former CEO of the Crypto Exchange,

723
00:39:26,760 --> 00:39:29,600
Speaker 1: Sam Bankman Freed, plans to drop his fight against ex

724
00:39:29,640 --> 00:39:31,960
Speaker 1: tradition to the US, where he faces a range of

725
00:39:32,000 --> 00:39:34,320
Speaker 1: criminal charges. Bankman Fried has been locked up in the

726
00:39:34,400 --> 00:39:36,759
Speaker 1: Bahamas since last Monday, when he was arrested at the

727
00:39:36,800 --> 00:39:39,759
Speaker 1: request of US authorities. Prosecutors have accused him of a

728
00:39:39,880 --> 00:39:42,759
Speaker 1: number of crimes, including wire fraud, oh I have you

729
00:39:42,800 --> 00:39:45,720
Speaker 1: been more on crypto this morning? Here Nathan, the native

730
00:39:45,800 --> 00:39:49,680
Speaker 1: token of crypto exchange Binance, had snapped a prolonged slide.

731
00:39:50,040 --> 00:39:52,840
Speaker 1: His cell off had been sparked in part by concerns

732
00:39:52,840 --> 00:39:56,400
Speaker 1: about outflows from the world's largest digital asset trading platform.

733
00:39:56,760 --> 00:39:59,720
Speaker 1: Finance Coin or b NB is up about four percent

734
00:39:59,800 --> 00:40:02,400
Speaker 1: in the past two days, ending a seven day losing

735
00:40:02,520 --> 00:40:05,960
Speaker 1: streak that was the longest since October. Overseas, Karen, the

736
00:40:06,120 --> 00:40:10,279
Speaker 1: Japanese yen is stronger this morning. That's after Kyodo News

737
00:40:10,360 --> 00:40:13,759
Speaker 1: reported that Japan's Prime minister was planning to revise a

738
00:40:13,880 --> 00:40:16,440
Speaker 1: ten year old accord with the Bank of Japan. That

739
00:40:16,560 --> 00:40:20,440
Speaker 1: plan could reportedly add flexibility around the central banks two

740
00:40:20,520 --> 00:40:24,239
Speaker 1: percent inflation goal. Right now, the yen is trading a

741
00:40:24,320 --> 00:40:27,080
Speaker 1: third of a percent stronger against the dollar at one

742
00:40:27,239 --> 00:40:31,160
Speaker 1: thirty six point one six now from one central bank

743
00:40:31,320 --> 00:40:34,800
Speaker 1: to another week returned to our conversation on the Federal

744
00:40:34,960 --> 00:40:38,919
Speaker 1: Reserve saw large swings in several asset classes last week,

745
00:40:39,000 --> 00:40:42,080
Speaker 1: mostly tied to comments from central banks. There are also

746
00:40:42,160 --> 00:40:45,279
Speaker 1: big moves around fresh data on consumer prices. Markets are

747
00:40:45,320 --> 00:40:50,000
Speaker 1: watching inflation and Fed policy very closely. So is Larry Summers.

748
00:40:50,280 --> 00:40:53,120
Speaker 1: The former Secretary of the U. S. Treasury, called last

749
00:40:53,200 --> 00:40:57,040
Speaker 1: week's inflation numbers encouraging, and he says the impending recession

750
00:40:57,200 --> 00:41:01,120
Speaker 1: could come later than most think now. Larry Summers spoke

751
00:41:01,200 --> 00:41:04,879
Speaker 1: with David Weston over the weekend on Bloomberg's Wall Street Week.

752
00:41:05,040 --> 00:41:07,640
Speaker 1: Let's get his thoughts. Now. We got the numbers in

753
00:41:07,719 --> 00:41:10,640
Speaker 1: the CPI, We got retail sales numbers, and they tend

754
00:41:10,680 --> 00:41:12,919
Speaker 1: to indicate that maybe inflation is not quite so bad.

755
00:41:13,400 --> 00:41:15,839
Speaker 1: And then we heard from chair Powell, and he got

756
00:41:15,920 --> 00:41:18,319
Speaker 1: up and said his mind doesn't change. Was your mind

757
00:41:18,400 --> 00:41:20,359
Speaker 1: changed as you looked at these numbers? Do you think

758
00:41:20,400 --> 00:41:23,439
Speaker 1: maybe we're a little better shape than we thought we were. Yeah, look,

759
00:41:23,480 --> 00:41:26,600
Speaker 1: I think we are in better shape than I thought

760
00:41:26,680 --> 00:41:30,759
Speaker 1: we were. But I think Powell is the Chairman is

761
00:41:30,840 --> 00:41:35,600
Speaker 1: in about the right place. He's recognizing that we can't

762
00:41:35,680 --> 00:41:41,000
Speaker 1: forecast the economy with precision. He's recognizing that it would

763
00:41:41,040 --> 00:41:45,960
Speaker 1: be a terrible error if we were to fail to

764
00:41:46,239 --> 00:41:52,240
Speaker 1: stop inflation. In this episode, he's rejecting the talk about

765
00:41:52,560 --> 00:41:58,680
Speaker 1: this being a moment to change the inflation target, and

766
00:41:58,960 --> 00:42:06,520
Speaker 1: he's maintained substantial flexibility with respect to the future. I

767
00:42:06,600 --> 00:42:10,799
Speaker 1: think that is broadly, UH the right place for him

768
00:42:10,920 --> 00:42:15,040
Speaker 1: to be. But I think we've got a very difficult

769
00:42:16,560 --> 00:42:20,520
Speaker 1: challenge ahead of us because I think the old adage

770
00:42:20,880 --> 00:42:24,000
Speaker 1: about things taking longer to happen than you think they will,

771
00:42:24,640 --> 00:42:27,400
Speaker 1: and then they happen faster than you thought they could,

772
00:42:28,200 --> 00:42:34,440
Speaker 1: is really operating. With respect to the forecasted UH recession,

773
00:42:35,000 --> 00:42:38,280
Speaker 1: it does look like it's pushed back a bit in time,

774
00:42:39,040 --> 00:42:42,000
Speaker 1: but there are reasons to think, and this is what

775
00:42:42,200 --> 00:42:45,839
Speaker 1: makes the chairman's job so hard that the economy could

776
00:42:45,880 --> 00:42:50,160
Speaker 1: have a kind of widely coyote UH moment. Larry, you

777
00:42:50,280 --> 00:42:52,319
Speaker 1: promised last week we would get to China this week,

778
00:42:52,360 --> 00:42:54,680
Speaker 1: So let's talk about China. Last week we saw the

779
00:42:54,800 --> 00:42:58,160
Speaker 1: COVID zero policy sort of changing. This week we're starting

780
00:42:58,160 --> 00:43:00,080
Speaker 1: to see, at least anecdotally, some of the concepts that

781
00:43:00,320 --> 00:43:02,520
Speaker 1: the reports actually that a lot of China shutting down.

782
00:43:02,640 --> 00:43:04,440
Speaker 1: Some people are saying Beijing is like a ghost town.

783
00:43:04,800 --> 00:43:06,960
Speaker 1: So what potential effect does that have on the rest

784
00:43:07,000 --> 00:43:09,080
Speaker 1: of US, on the U S economy, on the global economy.

785
00:43:09,320 --> 00:43:12,279
Speaker 1: What should our response be. It's likely to be a

786
00:43:12,400 --> 00:43:17,799
Speaker 1: very painful period for China. Two things for us UH

787
00:43:18,520 --> 00:43:24,200
Speaker 1: to remember in the United States. First, even if this

788
00:43:24,400 --> 00:43:29,320
Speaker 1: works out very badly in China, at the end of

789
00:43:29,360 --> 00:43:33,480
Speaker 1: the day, the Chinese fatality rate from COVID will have

790
00:43:33,640 --> 00:43:36,880
Speaker 1: been half of what it was in the United States.

791
00:43:37,960 --> 00:43:42,800
Speaker 1: And so we need to resist any strong tendency to

792
00:43:42,960 --> 00:43:51,719
Speaker 1: be to feeling highly superior. Uh here second, precisely because

793
00:43:51,880 --> 00:43:56,759
Speaker 1: this is burning so out of control, my guess is

794
00:43:57,680 --> 00:44:04,239
Speaker 1: that it's likely, like the fastest burning fires, to burn

795
00:44:04,320 --> 00:44:08,279
Speaker 1: out more quickly rather than more slowly. And so I think,

796
00:44:08,400 --> 00:44:14,120
Speaker 1: ironically a consequence of this is probably the lead to

797
00:44:14,320 --> 00:44:21,600
Speaker 1: some upwards revision on Chinese economic forecasts beginning next spring.

798
00:44:23,000 --> 00:44:26,600
Speaker 1: And that's former Treasury Secretary Larry Summers speaking with David

799
00:44:26,640 --> 00:44:29,560
Speaker 1: Weston on Bloomberg's Wall Street week which you can catch

800
00:44:29,640 --> 00:44:33,239
Speaker 1: every weekend on Bloomberg Radio and television, or any time

801
00:44:33,360 --> 00:44:37,360
Speaker 1: if you download the podcast on Apple, Spotify or anywhere

802
00:44:37,360 --> 00:44:40,799
Speaker 1: else you get your podcasts. Right now, SMP futures are

803
00:44:40,840 --> 00:44:44,000
Speaker 1: moving higher by eighteen points down futures up add twenty three.

804
00:44:44,080 --> 00:44:47,000
Speaker 1: NASTAC futures on the rise by sixty three points after

805
00:44:47,120 --> 00:44:50,560
Speaker 1: a couple of weeks of declines for stocks. On hawkish

806
00:44:50,800 --> 00:44:54,320
Speaker 1: central bank rhetoric ten, your treasuries down eight thirty seconds

807
00:44:54,400 --> 00:44:57,480
Speaker 1: yield three point five one per cent. You're listening to

808
00:44:57,600 --> 00:45:05,239
Speaker 1: Bloomberg Daybreak, markets, headlines and breaking news twenty four hours

809
00:45:05,280 --> 00:45:08,200
Speaker 1: a day at Bloomberg dot Com of Bloomberg Business at

810
00:45:08,280 --> 00:45:17,960
Speaker 1: Land at Bloomberg picktape is a Bloomburn business flash, and

811
00:45:18,040 --> 00:45:21,360
Speaker 1: I'm part Moscow. And futures are gaining on this Monday morning,

812
00:45:21,480 --> 00:45:24,799
Speaker 1: SMP futures of seventeen points or four tenths of upper cent,

813
00:45:24,920 --> 00:45:26,719
Speaker 1: death futures of a third of upper cent or a

814
00:45:26,800 --> 00:45:29,600
Speaker 1: hundred twelve points, and as deck futures of half percent

815
00:45:29,760 --> 00:45:31,719
Speaker 1: or sixty points. Let me check the markets all day

816
00:45:31,760 --> 00:45:34,640
Speaker 1: long here at Bloomberg. The decks in Germany is up

817
00:45:34,640 --> 00:45:37,279
Speaker 1: six tenths of upper cent ten, Your treasury down nine

818
00:45:37,360 --> 00:45:39,919
Speaker 1: thirty seconds. He'll three point five one percent. The yield

819
00:45:39,920 --> 00:45:42,560
Speaker 1: at the two year four point one seven percent. Now

820
00:45:42,560 --> 00:45:44,480
Speaker 1: I make screwed oil is up third of a percent,

821
00:45:44,600 --> 00:45:47,000
Speaker 1: or twenty seven cents at seventy four dollars fifty six

822
00:45:47,040 --> 00:45:49,239
Speaker 1: cents of barrel. Call make school the third of upper

823
00:45:49,280 --> 00:45:51,800
Speaker 1: cent or six dollars At eighteen o six twenty announced

824
00:45:52,120 --> 00:45:54,840
Speaker 1: the euro one point six eight against the dollar. British

825
00:45:54,880 --> 00:45:57,080
Speaker 1: found one point to two oh seven, the N one

826
00:45:57,160 --> 00:45:59,759
Speaker 1: thirties six point eight, and Bigcoin is up tenth of

827
00:45:59,800 --> 00:46:02,880
Speaker 1: a were cent at about sixteen eight hundred dollars. And

828
00:46:02,960 --> 00:46:06,040
Speaker 1: as a Bloomberg Business Flash, Nathan, all right, Karen, thank you.

829
00:46:06,080 --> 00:46:08,080
Speaker 1: It is five fifty six on Wall Street. Time for

830
00:46:08,160 --> 00:46:12,280
Speaker 1: your daily Bloomberg Law Brief, exploring legal issues in the news. Today,

831
00:46:12,719 --> 00:46:15,720
Speaker 1: we look at the lawmakers investigating the January sixth attack

832
00:46:15,880 --> 00:46:19,040
Speaker 1: on the US Capitol. Today, the committee that's been investigating

833
00:46:19,239 --> 00:46:21,960
Speaker 1: that assault the signs whether to refer former President Donald

834
00:46:22,000 --> 00:46:24,760
Speaker 1: Trump and several of his advisers to the Justice Department

835
00:46:25,040 --> 00:46:28,320
Speaker 1: for potential criminal charges related to their conduct in connection

836
00:46:28,400 --> 00:46:31,840
Speaker 1: with the insurrection. For more, Bloomberg's David Weston speaks with

837
00:46:32,000 --> 00:46:34,600
Speaker 1: Rebecca roy Fee, professor of law at New York Law

838
00:46:34,640 --> 00:46:38,040
Speaker 1: School and former assistant District Attorney for the State of

839
00:46:38,080 --> 00:46:41,239
Speaker 1: New York. Suppose they do vote out a recommendation, There's

840
00:46:41,239 --> 00:46:43,800
Speaker 1: have been some indication they would the recommendations I understand

841
00:46:43,920 --> 00:46:46,160
Speaker 1: is to the Department of Justice. What effect does that

842
00:46:46,280 --> 00:46:48,279
Speaker 1: happen the Dear of Justice. Why do they need or

843
00:46:48,360 --> 00:46:51,279
Speaker 1: want or welcome recommendation to kind of make their own

844
00:46:51,320 --> 00:46:53,480
Speaker 1: mind up? What whether prosecute. Yeah, I don't think it

845
00:46:53,600 --> 00:46:55,920
Speaker 1: really does make a difference for the Department of Justice.

846
00:46:55,960 --> 00:46:58,200
Speaker 1: I think the Department of Justice, as we know, is

847
00:46:58,280 --> 00:47:02,160
Speaker 1: well along in its own investing aation and will you know,

848
00:47:02,320 --> 00:47:06,320
Speaker 1: take the reference certainly, um, you know, under consideration, but

849
00:47:06,400 --> 00:47:09,200
Speaker 1: I don't think it really has any bearing. It's more

850
00:47:09,239 --> 00:47:12,719
Speaker 1: of a symbolic act showing that at the conclusion of

851
00:47:12,800 --> 00:47:16,520
Speaker 1: this long congressional investigation and several hearings, that it is

852
00:47:16,600 --> 00:47:20,680
Speaker 1: the determination of these members of Congress that there ought

853
00:47:20,719 --> 00:47:23,960
Speaker 1: to be uh you know, a criminal investigation or criminal

854
00:47:24,040 --> 00:47:26,800
Speaker 1: prosecution in this in this case, do we know or

855
00:47:26,920 --> 00:47:30,000
Speaker 1: more importantly, do you know whether the Committee is sharing

856
00:47:30,160 --> 00:47:34,080
Speaker 1: or will share whatever events it gathered with the Department Justice.

857
00:47:34,840 --> 00:47:39,239
Speaker 1: I am sure that they would if if it were requested.

858
00:47:39,320 --> 00:47:42,359
Speaker 1: But my guess is that the Department of Justice has

859
00:47:42,400 --> 00:47:45,160
Speaker 1: pursued many of the same leads, and I don't know

860
00:47:45,280 --> 00:47:48,320
Speaker 1: how useful it would be given that this parallel investigation

861
00:47:48,440 --> 00:47:52,480
Speaker 1: is already underway. There are reports that another possible thing

862
00:47:52,560 --> 00:47:54,680
Speaker 1: that could come out of the committee next Monday when

863
00:47:54,680 --> 00:47:57,480
Speaker 1: they made is a vote on a recommendation under the

864
00:47:57,560 --> 00:48:01,400
Speaker 1: fourteenth Amendment, which is we know includes a provision that

865
00:48:01,520 --> 00:48:05,480
Speaker 1: disqualifies people who have been involved in i'll call it insurrection. Uh,

866
00:48:05,719 --> 00:48:08,640
Speaker 1: disqualifies in theroity for office again, which could apply to

867
00:48:08,800 --> 00:48:12,520
Speaker 1: Donald Trump, the former president. Uh. What is the mechanism

868
00:48:12,600 --> 00:48:14,479
Speaker 1: by which that is enforced? Do you know, professor? Because

869
00:48:14,480 --> 00:48:17,279
Speaker 1: I'm not sure I do. Yeah. I mean, that would

870
00:48:17,280 --> 00:48:19,960
Speaker 1: be somewhat unprecedented, and I suppose the way that it

871
00:48:20,000 --> 00:48:23,279
Speaker 1: would be enforced is through the courts. But you know,

872
00:48:24,360 --> 00:48:26,960
Speaker 1: it isn't an immediately apparent how that would happen. It

873
00:48:26,960 --> 00:48:29,840
Speaker 1: would have to be somebody who would have standing to

874
00:48:29,960 --> 00:48:33,840
Speaker 1: bring a case, maybe an opponent or something like that.

875
00:48:34,080 --> 00:48:37,800
Speaker 1: But it isn't you know, it isn't really meant to

876
00:48:37,840 --> 00:48:40,160
Speaker 1: be enforced in the way that normal um, you know,

877
00:48:40,239 --> 00:48:44,120
Speaker 1: our normal statutory or constitutional law is enforced because obviously

878
00:48:44,560 --> 00:48:47,320
Speaker 1: this is you know, two coequal branches and makes it

879
00:48:47,400 --> 00:48:51,400
Speaker 1: somewhat difficult for that particular provision to have actual teeth.

880
00:48:51,920 --> 00:48:54,680
Speaker 1: That's former Assistant District Attorney for New York and current

881
00:48:54,719 --> 00:48:58,440
Speaker 1: New York Law School professor Rebecca Roife speaking with David

882
00:48:58,480 --> 00:49:01,239
Speaker 1: Weston on Bloomberg's Ounce of Power. You can catch that

883
00:49:01,360 --> 00:49:04,680
Speaker 1: show live each weekday beginning at noon Eastern on Bloomberg

884
00:49:04,840 --> 00:49:09,640
Speaker 1: Radio and television, plus exceptional legal research and business development tools.

885
00:49:09,719 --> 00:49:12,320
Speaker 1: Those can be found at Bloomberg Law dot com and

886
00:49:12,520 --> 00:49:16,920
Speaker 1: on the Bloomberg terminal at b law go. SMP futures

887
00:49:17,000 --> 00:49:19,480
Speaker 1: right now A fifteen points staff futures up A hundred two.

888
00:49:19,560 --> 00:49:22,760
Speaker 1: NASTAC futures are higher by fifty four points. The tenure

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00:49:22,800 --> 00:49:25,439
Speaker 1: treasury is down nine thirty seconds. The yield three point

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Speaker 1: five one percent yield on the two year four point

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Speaker 1: one seven percent nime X s crudes higher by three

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Speaker 1: tenths percent at seventy four dollars, fifty three cents of

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Speaker 1: barrel comics gold is up three tenths percent at eighteen

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00:49:36,239 --> 00:49:38,439
Speaker 1: oh six even announced, and the euro one point zero

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00:49:38,560 --> 00:49:41,560
Speaker 1: six to one against the dollars straight ahead. A check

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00:49:41,560 --> 00:49:44,080
Speaker 1: of the business headlines all the news you need to

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Speaker 1: start your day. Our two of Bloomberg Day Break starts

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