1 00:00:02,520 --> 00:00:05,880 Speaker 1: Live from the Bloomberg Interactor Berger Studios. This is Bloomberg 2 00:00:06,000 --> 00:00:10,039 Speaker 1: Day Bright for Wednesday, September one. Coming up this hour, 3 00:00:10,320 --> 00:00:13,680 Speaker 1: Wall Street braces for today's FED decision. In J. Powell 4 00:00:13,720 --> 00:00:17,400 Speaker 1: news conference, Oil spikes higher after Vladimir Plutin steps up 5 00:00:17,400 --> 00:00:20,360 Speaker 1: his war against Ukraine. We're live with the latest and 6 00:00:20,520 --> 00:00:24,239 Speaker 1: bank CEOs had the Capitol Hill to testify before Congress. 7 00:00:24,400 --> 00:00:27,720 Speaker 1: President Biden headlines a Democratic fundraiser in New York City. 8 00:00:27,920 --> 00:00:32,040 Speaker 1: Plus a special master expresses skepticism about Donald Trump's legal arguments. 9 00:00:32,360 --> 00:00:35,800 Speaker 1: Michael Barr. More ahead, I'm tryn stashdown sports Aaron Judge. 10 00:00:35,800 --> 00:00:38,280 Speaker 1: It is six ft home Rama Yankees. Then one on 11 00:00:38,320 --> 00:00:40,919 Speaker 1: a walk off Grand slamb the met with a dramatic 12 00:00:40,960 --> 00:00:45,280 Speaker 1: comeback victory. That's all straight ahead on Bloomberg Day Breake 13 00:00:45,520 --> 00:00:50,320 Speaker 1: on Bloomberg eleven, Trio, New York, Bloomberg Washington, d C, 14 00:00:50,720 --> 00:00:55,120 Speaker 1: Bloomberg one, O six one, Boston, Bloomberg nine six, s Francisco, 15 00:00:55,480 --> 00:00:58,720 Speaker 1: Sirius x M one nineteen and around the world on 16 00:00:58,840 --> 00:01:02,280 Speaker 1: Bloomberg Radio dot Com and via the Bloomberg business Side. 17 00:01:07,520 --> 00:01:10,640 Speaker 1: And good Morning, I'm Nathan Hagar, and I'm Karen Moscow 18 00:01:10,680 --> 00:01:13,800 Speaker 1: and US Dock Index futures are little change this morning. 19 00:01:13,800 --> 00:01:15,960 Speaker 1: We are coming up to five oh one on Wall Street, 20 00:01:15,959 --> 00:01:18,120 Speaker 1: and we check the markets every fifteen minutes throughout the 21 00:01:18,160 --> 00:01:22,440 Speaker 1: trading day on Bloomberg again SNP, NASDACDAL futures, they're all 22 00:01:22,480 --> 00:01:25,040 Speaker 1: little change. The decks in Germany is down about two 23 00:01:25,040 --> 00:01:28,319 Speaker 1: tents of upper cent ten year Treasury up nine thirty seconds. 24 00:01:28,560 --> 00:01:30,959 Speaker 1: You have three point five two percent, and the yield 25 00:01:30,959 --> 00:01:33,480 Speaker 1: on the two year three point nine to three percent. 26 00:01:33,880 --> 00:01:37,200 Speaker 1: Bitcoin this morning is lower at eighteen thousand, eight hundred 27 00:01:37,280 --> 00:01:40,280 Speaker 1: eighty dollars. Nathan Karen, we begin with the key meeting 28 00:01:40,319 --> 00:01:43,920 Speaker 1: Wall Street has been waiting for all week. This afternoon 29 00:01:43,959 --> 00:01:47,600 Speaker 1: we find out just how much the Fed raises interest rates. 30 00:01:47,760 --> 00:01:51,400 Speaker 1: Let's start with a preview from Bloomberg Economics correspondent Michael McKee. 31 00:01:52,000 --> 00:01:54,680 Speaker 1: Federal Reserve officials are about to put numbers on the 32 00:01:54,720 --> 00:01:57,600 Speaker 1: pain they've been warning of in recent weeks. The benchmark 33 00:01:57,680 --> 00:02:00,120 Speaker 1: US interest rate will go up likely three quarter is 34 00:02:00,160 --> 00:02:03,080 Speaker 1: of a percentage point. But most importantly, they will publish 35 00:02:03,240 --> 00:02:06,160 Speaker 1: new projections for the economy, which are likely to show 36 00:02:06,280 --> 00:02:10,600 Speaker 1: slower growth and substantial rise in unemployment. Ahead all that 37 00:02:10,639 --> 00:02:13,560 Speaker 1: will be reflected in higher interest rates, and those interest 38 00:02:13,680 --> 00:02:17,000 Speaker 1: rates will stay higher for longer, all of which makes 39 00:02:17,040 --> 00:02:19,880 Speaker 1: the dot plot the most important news out of the meeting. 40 00:02:20,320 --> 00:02:22,720 Speaker 1: It's not what the Fed does now, but what it 41 00:02:22,800 --> 00:02:27,239 Speaker 1: signals about what's next. Michael McKee, Bloomberg Daybreak, Right, Michael, 42 00:02:27,320 --> 00:02:30,080 Speaker 1: thank you. Ahead of that decision, one former FED official 43 00:02:30,120 --> 00:02:33,480 Speaker 1: as calling for the Central Bank to continue aggressive policy. 44 00:02:33,560 --> 00:02:36,519 Speaker 1: We come up with former Atlanta FED president Dennis Lockhard. 45 00:02:36,960 --> 00:02:40,960 Speaker 1: I believe they'll do seventy five, but I cannot fully 46 00:02:41,160 --> 00:02:44,120 Speaker 1: rule out a hundred. I can rule out fifty. There's 47 00:02:44,120 --> 00:02:48,120 Speaker 1: no justification for dialing back at this point, but I think, 48 00:02:48,240 --> 00:02:52,480 Speaker 1: I really think the highest probability is seventy. Former Atlanta 49 00:02:52,480 --> 00:02:55,280 Speaker 1: FED President Dennis Lockhard made the comments in an interview 50 00:02:55,280 --> 00:02:58,800 Speaker 1: with the Bloomberg's Cantiling Hayes. Meantime, Karen One top Economists 51 00:02:58,840 --> 00:03:01,640 Speaker 1: thinks the Feds going to far in raising rates. David 52 00:03:01,720 --> 00:03:05,000 Speaker 1: Rosenberg of Rosenberg Research says the negative impact will be 53 00:03:05,040 --> 00:03:08,720 Speaker 1: felt next year. Everybody applauding Power right now for doing 54 00:03:08,720 --> 00:03:11,680 Speaker 1: what he's doing to crouss Yesterday's story, which is called inflation, 55 00:03:12,200 --> 00:03:15,160 Speaker 1: is going to be ruining the day. Uh twelve months 56 00:03:15,160 --> 00:03:17,880 Speaker 1: from now, when the recession is going to be deepening 57 00:03:18,400 --> 00:03:20,560 Speaker 1: and we're not gonna have any idea how we're going 58 00:03:20,600 --> 00:03:23,360 Speaker 1: to get out of it. David Rosenberg of Rosenberg Research 59 00:03:23,400 --> 00:03:26,000 Speaker 1: made the comments on Bloomberg Surveillance. Join us for a 60 00:03:26,080 --> 00:03:29,240 Speaker 1: special edition of Bloomberg Surveillance with live coverage of the 61 00:03:29,280 --> 00:03:32,040 Speaker 1: FED decision. It's coming up at one thirty pm Wall 62 00:03:32,080 --> 00:03:36,000 Speaker 1: Street Time on Bloomberg Radio and television. Well, another major 63 00:03:36,160 --> 00:03:40,240 Speaker 1: story we're following this morning, Nathan focuses on Russia's ongoing 64 00:03:40,280 --> 00:03:43,720 Speaker 1: war in Ukraine. Moscow is preparing to escalate the conflict. 65 00:03:43,760 --> 00:03:46,840 Speaker 1: Vladimir Putin is vowing to use all means necessary in 66 00:03:46,840 --> 00:03:49,960 Speaker 1: the war and announced what he calls a partial mobilization. 67 00:03:50,080 --> 00:03:52,920 Speaker 1: We get more from Bloomberg's Maria today O in Brussels. 68 00:03:53,280 --> 00:03:55,960 Speaker 1: The war is going to continue for longer. If you 69 00:03:56,000 --> 00:03:59,440 Speaker 1: thought there was a diplomatic past solution possible to this 70 00:03:59,560 --> 00:04:01,440 Speaker 1: and the dam term, I mean, I think after this 71 00:04:01,560 --> 00:04:03,560 Speaker 1: you can really kiss it goodbye because it's not going 72 00:04:03,600 --> 00:04:05,920 Speaker 1: to happen. And then the other issue is that it 73 00:04:06,000 --> 00:04:09,400 Speaker 1: does speak to some extent to the urgency of the 74 00:04:09,480 --> 00:04:14,119 Speaker 1: Russian army to provide additional manpower to what is now 75 00:04:14,280 --> 00:04:18,160 Speaker 1: a very messy front line for Russia, especially in the 76 00:04:18,200 --> 00:04:22,200 Speaker 1: week of that counter offensive from the Ukrainian army last week. 77 00:04:22,240 --> 00:04:24,479 Speaker 1: It had been an embarrassment. We had been waiting for 78 00:04:24,560 --> 00:04:28,040 Speaker 1: the response, and now we have it here. Bloomberg's Maria 79 00:04:28,120 --> 00:04:30,839 Speaker 1: today O says oil is spiking on news of Russia's 80 00:04:30,880 --> 00:04:33,839 Speaker 1: mobilization and checking prices now and I make screwed oil 81 00:04:33,920 --> 00:04:36,400 Speaker 1: up one point nine of a dollar fifty three and 82 00:04:36,480 --> 00:04:39,280 Speaker 1: eighty five dollars forty eight cents of barrel brand is 83 00:04:39,320 --> 00:04:42,200 Speaker 1: at one point eight percent and ninety two one cents. 84 00:04:42,440 --> 00:04:45,120 Speaker 1: The Russian invasion of Ukraine is also dominating talks at 85 00:04:45,120 --> 00:04:48,479 Speaker 1: the United Nations General Assembly in New York City. Bloomberg's 86 00:04:48,520 --> 00:04:51,640 Speaker 1: memory Hordern is there and filed this report. Who's going 87 00:04:51,640 --> 00:04:54,560 Speaker 1: will be holding sham votes as soon as this weekend 88 00:04:54,760 --> 00:04:58,800 Speaker 1: to absorb four regions into Russia that are part of Ukraine. 89 00:04:59,080 --> 00:05:02,440 Speaker 1: We spoke to Secretary General Again Seltenberg, who says this 90 00:05:02,520 --> 00:05:06,880 Speaker 1: does not change the facts on the ground. Such votes 91 00:05:07,200 --> 00:05:12,080 Speaker 1: referendums general to any legitims and therefore they don't change 92 00:05:12,120 --> 00:05:15,840 Speaker 1: the nature of the conflict. This remains a war of 93 00:05:15,880 --> 00:05:19,120 Speaker 1: aggression by or shy against the independence of the nation 94 00:05:19,320 --> 00:05:23,000 Speaker 1: in Europe. Biden will be addressing the Assembly on Wednesday, 95 00:05:23,120 --> 00:05:26,160 Speaker 1: and according to his National security advisor Jake Sullivan, where 96 00:05:26,160 --> 00:05:28,560 Speaker 1: he will want to communicate is that he pushes back 97 00:05:28,600 --> 00:05:33,000 Speaker 1: against aggressors who seek to threaten, coerce and intimidate their members, 98 00:05:33,120 --> 00:05:37,560 Speaker 1: or to violently attack them and Recordern Bloomberg News New York. 99 00:05:37,800 --> 00:05:39,840 Speaker 1: All right, and Marie, thank you all back in our 100 00:05:39,960 --> 00:05:43,800 Speaker 1: nation's capital. The country's biggest banks are also in focus today. 101 00:05:43,880 --> 00:05:46,520 Speaker 1: Top executives had the Capitol Hill for two days of 102 00:05:46,560 --> 00:05:49,159 Speaker 1: testimony on the banking industry, and we get the story 103 00:05:49,200 --> 00:05:54,000 Speaker 1: from Bloomberg's Jeff Billinger. House Committee hearing on banking accountability 104 00:05:54,120 --> 00:05:57,000 Speaker 1: is set for today. A Senate panel will hold a 105 00:05:57,040 --> 00:06:00,800 Speaker 1: hearing on annual oversight of the nation's largest banks tomorrow. 106 00:06:01,160 --> 00:06:03,839 Speaker 1: The CEO of JP more can Chase plans to tell 107 00:06:03,880 --> 00:06:08,080 Speaker 1: the lawmakers that increasing capital requirements for big banks is 108 00:06:08,200 --> 00:06:11,960 Speaker 1: bad for America. Jamie Diamonds prepared remarks hit on a 109 00:06:12,080 --> 00:06:15,160 Speaker 1: range of issues, and he says his firm plays an 110 00:06:15,200 --> 00:06:18,559 Speaker 1: important role in the global economy. He warns of harm 111 00:06:18,680 --> 00:06:23,039 Speaker 1: from arbitrary increases in capital requirements. The CEOs of Bank 112 00:06:23,120 --> 00:06:26,400 Speaker 1: of America, Wells Fargo when City Group will also be 113 00:06:26,520 --> 00:06:30,360 Speaker 1: heard from Jeff Bublinger Bloomberg day Break. All right, Jeff. Thanks. 114 00:06:30,360 --> 00:06:32,560 Speaker 1: In another note this morning on Wall Street, Banks they're 115 00:06:32,600 --> 00:06:35,839 Speaker 1: likely to lose about six hundred million dollars after unloading 116 00:06:35,839 --> 00:06:39,960 Speaker 1: debt for the buyout of Citric Systems. Investors required significantly 117 00:06:40,040 --> 00:06:42,600 Speaker 1: higher yields than banks had promised to private equity firms 118 00:06:42,680 --> 00:06:46,400 Speaker 1: Vista Equity and Elliott Investment Management. That forced Goldman Sachs, 119 00:06:46,400 --> 00:06:49,640 Speaker 1: Bank of America and others to absorb the losses and Nathan. 120 00:06:49,680 --> 00:06:53,760 Speaker 1: Another major corporation is making hiring changes. Boeing is cutting 121 00:06:53,800 --> 00:06:57,560 Speaker 1: accountants and hiring more engineers. The airplane maker plans to 122 00:06:57,560 --> 00:07:00,600 Speaker 1: outsource about a hundred fifty accounting and finding its jobs 123 00:07:00,800 --> 00:07:03,720 Speaker 1: as it shrinks its corporate structure. At the same time, 124 00:07:03,760 --> 00:07:07,160 Speaker 1: it will increase hiring to support engineering, manufacturing and product 125 00:07:07,240 --> 00:07:11,520 Speaker 1: development and futures. Again little change this morning, Tenure Treasury 126 00:07:11,560 --> 00:07:14,040 Speaker 1: up eight thirty seconds. You know, three point five two 127 00:07:14,160 --> 00:07:16,880 Speaker 1: per cent straight ahead, your latest local headlines plus a 128 00:07:17,000 --> 00:07:23,760 Speaker 1: check of sports. And this is Bloomberg. Thanks parent. It's 129 00:07:23,800 --> 00:07:25,680 Speaker 1: five o seven on Wall Street, where at sixty four 130 00:07:25,720 --> 00:07:28,160 Speaker 1: degrees in Central Park. We got accident clean up on 131 00:07:28,160 --> 00:07:31,560 Speaker 1: the southbound Major Diagan near Yankee Stadium. Details coming up 132 00:07:31,560 --> 00:07:33,960 Speaker 1: in traffic. First Michael Barr with what else is going 133 00:07:34,000 --> 00:07:36,360 Speaker 1: on in New York and around the world. Good morning, Michael, 134 00:07:36,480 --> 00:07:39,600 Speaker 1: Good morning, Nathan. President Joe Biden had lined the fundraiser 135 00:07:39,600 --> 00:07:42,040 Speaker 1: in New York last night that raised about two million 136 00:07:42,120 --> 00:07:46,680 Speaker 1: dollars for Democratic Party organizations. It featured celebrity guests including 137 00:07:46,680 --> 00:07:50,080 Speaker 1: actor Robert de Niro and Mayor Eric Adams. The events 138 00:07:50,200 --> 00:07:53,720 Speaker 1: on the night before Biden's addressed to the UN General Assembly, 139 00:07:54,080 --> 00:07:56,640 Speaker 1: was held at the Manhattan home of designer and Democratic 140 00:07:56,720 --> 00:08:01,520 Speaker 1: activists Henry Munio's Venezuela migrants flown to Martha's Vineyard in 141 00:08:01,560 --> 00:08:06,120 Speaker 1: Massachusetts sued Florida Governor Around As Santis and its transportation secretary, 142 00:08:06,160 --> 00:08:10,720 Speaker 1: accusing them of a fraudulent and discriminatory scheme to relocate them. 143 00:08:10,920 --> 00:08:14,440 Speaker 1: Texas Sheriff has opened an investigation into the flights as well. 144 00:08:14,920 --> 00:08:18,200 Speaker 1: Massachusetts Governor Charley Baker. I am very glad that the 145 00:08:18,200 --> 00:08:21,320 Speaker 1: sheriff chose to open an investigation. I think that's the 146 00:08:21,400 --> 00:08:24,240 Speaker 1: right thing to do. Meanwhile, Governor de Santis says many 147 00:08:24,280 --> 00:08:27,400 Speaker 1: of the migrants and asylum seekers want to go to Florida, 148 00:08:27,560 --> 00:08:29,680 Speaker 1: an he means to stop them. We have to go 149 00:08:29,720 --> 00:08:32,040 Speaker 1: and figure out, Okay, who are those people likely to be, 150 00:08:32,640 --> 00:08:34,240 Speaker 1: and if you can do it at the source and 151 00:08:34,320 --> 00:08:37,560 Speaker 1: divert to sanctuary jurisdictions, the chance they end up in 152 00:08:37,600 --> 00:08:41,320 Speaker 1: Florida as much less. Governor de Santis hinted of more flanks. 153 00:08:41,640 --> 00:08:44,560 Speaker 1: New York Mayor Eric Adams announced another sign of the 154 00:08:44,559 --> 00:08:48,120 Speaker 1: city's gradual return to the pre pandemic norms. We will 155 00:08:48,160 --> 00:08:52,040 Speaker 1: also provide additional flexibility to business by lifting the private 156 00:08:52,160 --> 00:08:56,640 Speaker 1: sector mandate on November first. This put the choice in 157 00:08:56,640 --> 00:08:59,679 Speaker 1: the hands of New York businesses, and it's imperative that 158 00:08:59,800 --> 00:09:03,920 Speaker 1: we're asking them to continue to encourage their employees to 159 00:09:04,040 --> 00:09:07,520 Speaker 1: get their vaccines and boost shots. Mayor Adam says they 160 00:09:07,559 --> 00:09:10,880 Speaker 1: will continue to require its own workers to be inoculated. 161 00:09:11,200 --> 00:09:14,680 Speaker 1: New York will install surveillance cameras and its subway train cars, 162 00:09:14,679 --> 00:09:17,640 Speaker 1: and a push to crack down on crime underground. Governor 163 00:09:17,679 --> 00:09:20,280 Speaker 1: HOCl says there will be two cameras per train car. 164 00:09:20,840 --> 00:09:24,280 Speaker 1: The Special Master requested by Donald Trump to review thousands 165 00:09:24,280 --> 00:09:27,600 Speaker 1: of documents the FBI ceased from his moral Lago Home 166 00:09:27,720 --> 00:09:32,160 Speaker 1: express skepticism about some of the former president's arguments at 167 00:09:32,240 --> 00:09:34,520 Speaker 1: his first hearing in the matter. U S District Judge 168 00:09:34,559 --> 00:09:37,560 Speaker 1: Raymond Derry pushed back on the Trump lawyer's position and 169 00:09:37,640 --> 00:09:41,840 Speaker 1: they didn't need to detail any alleged declassifications of highly 170 00:09:41,880 --> 00:09:45,320 Speaker 1: sensitive records. Hurricane Fiona is threatening to strengthen into a 171 00:09:45,360 --> 00:09:48,760 Speaker 1: Category four storm as it lashes the Turks and Caicos 172 00:09:48,840 --> 00:09:52,360 Speaker 1: Highlands and was forecast to squeeze past Bermuda later this week. 173 00:09:52,720 --> 00:09:55,320 Speaker 1: Global News twenty four hours a day on air and 174 00:09:55,480 --> 00:09:58,760 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 175 00:09:58,800 --> 00:10:01,679 Speaker 1: journalists and analysts more than a und twenty countries. Michael Barrow, 176 00:10:01,720 --> 00:10:08,839 Speaker 1: This is Bloomberg, Nathan. Thanks Michael. Coming up to five 177 00:10:08,880 --> 00:10:11,079 Speaker 1: ten on Wall Street time for the Bloomberg Sports Update. 178 00:10:11,120 --> 00:10:13,760 Speaker 1: Good morning, John Teshown, Good morning, night than a memorable 179 00:10:13,840 --> 00:10:15,959 Speaker 1: night at Yankee Stadium. Didn't look like it would be. 180 00:10:16,080 --> 00:10:17,760 Speaker 1: Yankees came up out of the night. It ain't trailing 181 00:10:17,760 --> 00:10:20,000 Speaker 1: the Pirates eight to four. Aaron Judge had gone over 182 00:10:20,000 --> 00:10:22,360 Speaker 1: for three with a walk, putting let off the night. 183 00:10:22,480 --> 00:10:25,480 Speaker 1: So one more chance to join a very exclusive club. 184 00:10:26,160 --> 00:10:29,240 Speaker 1: So we're going at good, there it goes. It is hot, 185 00:10:29,480 --> 00:10:35,600 Speaker 1: cut is fun goods done. He's tied up. Baby, it's 186 00:10:35,679 --> 00:10:40,240 Speaker 1: a Judgey and Glass his sixtieth home run of the year. 187 00:10:40,400 --> 00:10:43,400 Speaker 1: Wow w f A and they call Judge Matches Babe 188 00:10:43,480 --> 00:10:47,600 Speaker 1: rute from nine seven next up as Roger Morrison's sixty 189 00:10:47,679 --> 00:10:49,840 Speaker 1: one in sixty one the homermate at eight to five, 190 00:10:49,920 --> 00:10:53,440 Speaker 1: Yankees were hardly done against the Pirates Will Crow. They 191 00:10:53,440 --> 00:10:55,920 Speaker 1: loaded the bases and with still nobody out, John Carlos 192 00:10:55,960 --> 00:10:59,080 Speaker 1: Stanton Houstin's coming off the injured list last month was 193 00:10:59,240 --> 00:11:02,800 Speaker 1: nine first. Evan d two with thirty strikeouts, delivered a 194 00:11:02,880 --> 00:11:05,360 Speaker 1: walk up grand slam the Yanks one, nine to eight. 195 00:11:05,360 --> 00:11:08,120 Speaker 1: The Yankee debut of Bronxville native Harrison Bader. He drove 196 00:11:08,120 --> 00:11:10,880 Speaker 1: in three runs plenty of drama for the Mets. In Milwaukee, 197 00:11:10,920 --> 00:11:13,160 Speaker 1: they trailed three nothing six to any when Pete Alonzo 198 00:11:13,679 --> 00:11:15,600 Speaker 1: tied the game with his second three but on home 199 00:11:15,679 --> 00:11:18,520 Speaker 1: and his many nights and an inning later, Francisco Lindoor 200 00:11:19,120 --> 00:11:21,400 Speaker 1: did a game winning grand slam of his own and 201 00:11:21,440 --> 00:11:23,720 Speaker 1: Mets won seven five to stay game ahead of Atlanta. 202 00:11:23,760 --> 00:11:26,400 Speaker 1: Moriy Wills has died at eighty nine. Long time Dodgers 203 00:11:26,480 --> 00:11:28,079 Speaker 1: shorts dot the n L m v P in the 204 00:11:28,080 --> 00:11:30,880 Speaker 1: eighteen sixty two when he stole a hundred four basis. 205 00:11:30,920 --> 00:11:33,520 Speaker 1: A couple of Nora's trophy winning defenseman had retired. PK 206 00:11:33,679 --> 00:11:36,719 Speaker 1: Suban only thirty three, played for three teams, including the 207 00:11:36,760 --> 00:11:39,960 Speaker 1: Devil's and Zadano Chara, who's forty five one time Islander, 208 00:11:40,200 --> 00:11:42,320 Speaker 1: spent most of his career in Boston. The six ft 209 00:11:42,440 --> 00:11:45,640 Speaker 1: nine inch jar a tallest player in NHL history. John 210 00:11:45,679 --> 00:11:49,240 Speaker 1: Stashward Bloomberg Sports, Nathan John, Thank you. SNP futures little 211 00:11:49,280 --> 00:11:51,520 Speaker 1: changed right now in Town. Futures are up five points. 212 00:11:51,559 --> 00:11:54,760 Speaker 1: Nanstack futures down eight. The tenure treasury is up seven 213 00:11:54,760 --> 00:11:57,880 Speaker 1: thirty seconds. Heal three point five three percent ahead of 214 00:11:57,880 --> 00:12:01,600 Speaker 1: the Fed decision this afternoon, we preview next with Jennifer 215 00:12:01,679 --> 00:12:08,000 Speaker 1: Lee of Bemo Capital Markets. Bloomberg Day Break brought to 216 00:12:08,000 --> 00:12:11,080 Speaker 1: you by Peapack Private Wealth Management. Pepack Private Wealth Management 217 00:12:11,080 --> 00:12:14,040 Speaker 1: knows that a portfolio is more than a collection of assets. 218 00:12:14,040 --> 00:12:16,880 Speaker 1: It's a path to your future. Visit Peapack Private dot 219 00:12:16,880 --> 00:12:23,480 Speaker 1: com and begin your financial legacy. Today, markets headlines and 220 00:12:23,559 --> 00:12:26,600 Speaker 1: breaking news twenty four hours a day at Bloomberg dot 221 00:12:26,600 --> 00:12:30,480 Speaker 1: com the Bloomberg Business Atland at Bloomberg quicktape. This is 222 00:12:30,520 --> 00:12:40,760 Speaker 1: a Bloomberg business flash and I'm Karen. Moscow markets are muted, 223 00:12:40,800 --> 00:12:44,160 Speaker 1: with investors mostly sideline before another expected rate hike from 224 00:12:44,160 --> 00:12:47,120 Speaker 1: the Federal Reserve treasuries, gold and the dollar jumping after 225 00:12:47,200 --> 00:12:50,600 Speaker 1: Russian President Vladimir Putin stepped up his roar against Ukraine. 226 00:12:50,880 --> 00:12:53,280 Speaker 1: We checked the markets every fifteen minutes throughout the trading 227 00:12:53,360 --> 00:12:56,720 Speaker 1: day on Bloomberg again U s m P nasdactal future 228 00:12:56,800 --> 00:12:59,160 Speaker 1: is all little change. The decks in Germany's down about 229 00:12:59,200 --> 00:13:02,280 Speaker 1: a quarter per cent ten your treasury of seven thirty seconds, 230 00:13:02,320 --> 00:13:04,320 Speaker 1: you have three point five three percent. They yield on 231 00:13:04,360 --> 00:13:07,120 Speaker 1: the two year three point nine four percent. Nine max 232 00:13:07,160 --> 00:13:09,680 Speaker 1: screwed oil up two point four percent of two dollars 233 00:13:09,720 --> 00:13:12,120 Speaker 1: four cents at eighty five dollars ninety eight cents of errol. 234 00:13:12,360 --> 00:13:14,800 Speaker 1: Comics called up seven tenths per cent or ten dollars 235 00:13:14,800 --> 00:13:18,120 Speaker 1: eighty cents at sixteen eighty one nine announced the euro 236 00:13:18,320 --> 00:13:20,400 Speaker 1: is at point nine nine one three against the dollar. 237 00:13:20,440 --> 00:13:22,880 Speaker 1: British found one point one three eight and a yen 238 00:13:23,040 --> 00:13:26,320 Speaker 1: one three point h U look at a bitcoin down 239 00:13:26,320 --> 00:13:29,280 Speaker 1: six tents of a percent at eighteen thousand, eight hundred 240 00:13:29,400 --> 00:13:32,160 Speaker 1: sixty dollars. And today we're watching for reports on existing 241 00:13:32,160 --> 00:13:34,680 Speaker 1: home sales out at ten o'clock Wall Street time, and 242 00:13:34,720 --> 00:13:37,719 Speaker 1: the Federal Reserve interest rate decision is out at two 243 00:13:38,160 --> 00:13:40,880 Speaker 1: as a Bloomberg Business Flash. Now here's Michael Barr with 244 00:13:40,920 --> 00:13:43,480 Speaker 1: more on what's going on around the world. Michael, good morning, 245 00:13:43,520 --> 00:13:46,880 Speaker 1: Good morning, Karen. Russian President Vladimir Putin has announced a 246 00:13:46,960 --> 00:13:50,240 Speaker 1: partial mobilization in Russia. The measure appeared to be an 247 00:13:50,280 --> 00:13:53,679 Speaker 1: admission that Moscow's war against Ukraine is not going according 248 00:13:53,720 --> 00:13:57,000 Speaker 1: to plan after nearly seven months of fighting and the 249 00:13:57,040 --> 00:14:01,520 Speaker 1: mid recent battlefield losses for the Kremlin's force. President Biden 250 00:14:01,600 --> 00:14:04,880 Speaker 1: speaks to the UN General Assembly later this morning. Aide 251 00:14:04,920 --> 00:14:07,600 Speaker 1: say the President will accuse Russia, a permanent member of 252 00:14:07,640 --> 00:14:10,600 Speaker 1: the Security Council, of striking at the very heart of 253 00:14:10,640 --> 00:14:14,600 Speaker 1: the UN Charter for invading Ukraine. Will carry President Biden's 254 00:14:14,600 --> 00:14:18,480 Speaker 1: address live. In baseball, the Yankees beat the Pirates nine 255 00:14:18,520 --> 00:14:22,080 Speaker 1: eight Aaron Judge. It is sixtieth home run this season, 256 00:14:22,120 --> 00:14:25,840 Speaker 1: one away from Roger Emeraz's American League record. The Mets 257 00:14:25,960 --> 00:14:28,800 Speaker 1: and the Red Sox won the Orioles and Nationals lost, 258 00:14:28,880 --> 00:14:31,840 Speaker 1: the A's and Giants were winners. Global News twenty four 259 00:14:31,880 --> 00:14:35,200 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 260 00:14:35,200 --> 00:14:37,760 Speaker 1: by more of than twenty seven hundred journalists and analysts 261 00:14:37,840 --> 00:14:40,360 Speaker 1: more than a hundred twenty countries. I'm Michael bar This 262 00:14:40,560 --> 00:14:43,880 Speaker 1: is Bloomberg, Nathan. Thanks Michael. It's five nineteen on Wall Street, 263 00:14:43,920 --> 00:14:47,640 Speaker 1: Live from the Bloomberg Interactive Brokers studios. This is Bloomberg 264 00:14:47,760 --> 00:14:50,720 Speaker 1: Daybreak on this FED decision day. We are joined live 265 00:14:50,760 --> 00:14:55,120 Speaker 1: now by Jennifer Lee, senior economist at BMO Capital Markets. 266 00:14:55,120 --> 00:14:57,880 Speaker 1: So here we are, jen The markets have fully priced 267 00:14:57,880 --> 00:15:01,080 Speaker 1: in seventy five basis points. Is a FED going to deliver? 268 00:15:02,240 --> 00:15:06,520 Speaker 1: I think it will. Good morning, Um, it's kind of funny, 269 00:15:06,560 --> 00:15:08,280 Speaker 1: not in the haha way, of course, but the fact 270 00:15:08,360 --> 00:15:10,840 Speaker 1: that you know, we're almost hoping for Sunday five beats, 271 00:15:10,840 --> 00:15:12,960 Speaker 1: which is, you know, just like half a year ago 272 00:15:13,040 --> 00:15:16,200 Speaker 1: is considered you know, completely out of out of the ordinary, 273 00:15:16,480 --> 00:15:18,560 Speaker 1: but seventy five basis points. I think it will be 274 00:15:18,600 --> 00:15:22,320 Speaker 1: the result today is seventy basis points here to stay. 275 00:15:22,640 --> 00:15:25,480 Speaker 1: Is that what we're going to get in the subsequent meetings? 276 00:15:25,560 --> 00:15:27,520 Speaker 1: What are you looking for in the dot plot? So 277 00:15:27,600 --> 00:15:29,760 Speaker 1: we are. I mean, the dot pods always important, and 278 00:15:29,760 --> 00:15:32,960 Speaker 1: I think there is a slight risk now that there 279 00:15:33,120 --> 00:15:35,280 Speaker 1: that we could see it tipped over to the above 280 00:15:35,440 --> 00:15:39,120 Speaker 1: four you know, our basics scenarios to end uh the 281 00:15:39,200 --> 00:15:41,800 Speaker 1: year at three seven five percent, So another seventy five 282 00:15:41,800 --> 00:15:45,920 Speaker 1: basis points um today and then another fifty in November. 283 00:15:45,960 --> 00:15:49,640 Speaker 1: And maybe deer started a slow things down a bit um, 284 00:15:49,680 --> 00:15:52,040 Speaker 1: but I think it's still like higher for now at least. 285 00:15:52,840 --> 00:15:56,280 Speaker 1: What's behind that case for a pivot towards slower rate hikes? 286 00:15:56,320 --> 00:15:58,880 Speaker 1: Why do you think the Fed could move that way? Uh, 287 00:15:59,000 --> 00:16:01,080 Speaker 1: you know, there's all of course, there's the risk of 288 00:16:01,120 --> 00:16:03,080 Speaker 1: doing too much, and that's that's always going to be 289 00:16:03,120 --> 00:16:06,280 Speaker 1: at risk. But they have seen some of the you know, 290 00:16:06,360 --> 00:16:08,400 Speaker 1: some of the economics slow down that you know from 291 00:16:08,840 --> 00:16:11,800 Speaker 1: retail sales. I mean, consumers are starting to feel the 292 00:16:11,840 --> 00:16:15,120 Speaker 1: bite of higher rates, of higher inflation, the fact that 293 00:16:15,160 --> 00:16:19,320 Speaker 1: inflation expectations are starting to flicker down a little bit um. 294 00:16:19,520 --> 00:16:23,440 Speaker 1: Certainly not enough to start dialing back the hawkishness, but 295 00:16:23,480 --> 00:16:26,360 Speaker 1: it's something that I'm sure that the officials are keeping 296 00:16:26,360 --> 00:16:29,000 Speaker 1: an eye on. They can't keep doing Sundays five forever. 297 00:16:29,080 --> 00:16:30,640 Speaker 1: You know, things you have to kind of start slowing 298 00:16:30,680 --> 00:16:32,960 Speaker 1: down at some point. It's what point do you think 299 00:16:33,000 --> 00:16:37,280 Speaker 1: we're going to start to see policy actually affect the inflation? Right? 300 00:16:37,320 --> 00:16:40,320 Speaker 1: We haven't seen it much at this point, particularly given 301 00:16:40,400 --> 00:16:44,040 Speaker 1: the hotter than expected inflation. Read we got on consumer 302 00:16:44,040 --> 00:16:48,000 Speaker 1: prices this month, right, So the fact that energy prices 303 00:16:48,040 --> 00:16:50,440 Speaker 1: have come down certainly helps a lot in terms of 304 00:16:50,560 --> 00:16:53,520 Speaker 1: confidence and all that. But the core measure that that 305 00:16:53,600 --> 00:16:55,560 Speaker 1: they are keeping an eye on, and that last one 306 00:16:56,040 --> 00:16:57,640 Speaker 1: alway saw a couple weeks ago, or was the last 307 00:16:57,640 --> 00:16:59,560 Speaker 1: week a couple weeks ago was quite the eye popper, 308 00:16:59,600 --> 00:17:01,920 Speaker 1: you know, point six months to month. So I think 309 00:17:01,960 --> 00:17:04,439 Speaker 1: we're going to have to see at least three months 310 00:17:04,480 --> 00:17:06,720 Speaker 1: of slower you know, or TA or the fact that 311 00:17:06,800 --> 00:17:10,240 Speaker 1: you know, of coursep I started to be tamed somewhat. 312 00:17:10,320 --> 00:17:13,359 Speaker 1: Um it will be the factor I think in getting 313 00:17:13,440 --> 00:17:17,200 Speaker 1: the fedshare Palace sort of ease up on his hawk 314 00:17:17,240 --> 00:17:19,040 Speaker 1: is tone and somewhat, But it's going to take a 315 00:17:19,040 --> 00:17:20,640 Speaker 1: few more months, and you know, just one or two 316 00:17:20,640 --> 00:17:22,600 Speaker 1: months it's not going to cut it. What's the risk 317 00:17:22,680 --> 00:17:26,800 Speaker 1: of economic damage from tighter policy? I mean, we have 318 00:17:26,920 --> 00:17:30,360 Speaker 1: started to see slign signs of the slowdown is there 319 00:17:30,359 --> 00:17:34,520 Speaker 1: a risk of tipping this economy into recession with the 320 00:17:34,600 --> 00:17:37,080 Speaker 1: kind of aggressive moves that the FED has been making 321 00:17:37,320 --> 00:17:39,240 Speaker 1: over the last few months. That's a great question. I 322 00:17:39,240 --> 00:17:42,000 Speaker 1: think there's a very risk, real risk of that happening. 323 00:17:42,400 --> 00:17:45,200 Speaker 1: And it's almost like we've already been seeing quite a 324 00:17:45,280 --> 00:17:49,240 Speaker 1: number of hikes, very aggressive hikes already. The fact that 325 00:17:49,320 --> 00:17:52,280 Speaker 1: the because that the consumer is still spending, the economy 326 00:17:52,320 --> 00:17:54,200 Speaker 1: is still holding on it. But as you point out, 327 00:17:54,400 --> 00:17:57,280 Speaker 1: it has been softening. It might have to take I 328 00:17:57,320 --> 00:17:58,960 Speaker 1: have to say it, it might even take a recession 329 00:17:58,960 --> 00:18:02,240 Speaker 1: in order to not conflation lower. So there is that risk. 330 00:18:02,280 --> 00:18:05,040 Speaker 1: It's very real risk if we see the Fed go 331 00:18:05,320 --> 00:18:07,879 Speaker 1: above seventy. I mean, they're still the pricing of the 332 00:18:07,920 --> 00:18:10,520 Speaker 1: possibility of a hundred basis point move. What's the market 333 00:18:10,560 --> 00:18:13,560 Speaker 1: reaction do you think, Oh, it'll be bad? I think. 334 00:18:13,600 --> 00:18:16,000 Speaker 1: I mean, although there has been talking about a hundred 335 00:18:16,000 --> 00:18:18,440 Speaker 1: basis points, I think personally, I think a hundred beeves 336 00:18:18,520 --> 00:18:20,720 Speaker 1: is just going to recom panic. You know, the hour 337 00:18:20,840 --> 00:18:22,280 Speaker 1: person is going to be thinking, you know, what's the 338 00:18:22,320 --> 00:18:24,639 Speaker 1: Fed thinking? Or no, what does the Fed know that 339 00:18:24,680 --> 00:18:26,320 Speaker 1: I don't know? You know, And I think it would 340 00:18:26,320 --> 00:18:29,879 Speaker 1: be it would be too much. Personally, I I do 341 00:18:29,920 --> 00:18:33,440 Speaker 1: believe that, and I think semi five basis points accompanied 342 00:18:33,480 --> 00:18:36,680 Speaker 1: by continue to hawk Is talk during the press conference 343 00:18:37,240 --> 00:18:39,920 Speaker 1: would be I think the base case, and I think 344 00:18:39,920 --> 00:18:42,040 Speaker 1: that would be the proper move. To make Hunter basis 345 00:18:42,080 --> 00:18:43,920 Speaker 1: points would be too much, in which is RecA panic. 346 00:18:44,240 --> 00:18:47,640 Speaker 1: Are you expecting further hawk is talk from Chairman pal? 347 00:18:47,680 --> 00:18:50,840 Speaker 1: Obviously we did get that at Jackson whole last month. 348 00:18:50,880 --> 00:18:52,720 Speaker 1: What are you gonna be listening for the news conference 349 00:18:52,720 --> 00:18:54,680 Speaker 1: in our last thirty seconds here, I'm gonna be listening 350 00:18:54,720 --> 00:18:57,200 Speaker 1: for new words, a new descriptive, what words that he's 351 00:18:57,200 --> 00:18:59,439 Speaker 1: going to be using? And his book HAP has been 352 00:18:59,440 --> 00:19:02,160 Speaker 1: improving every every every month, it seems. In the last 353 00:19:02,200 --> 00:19:04,440 Speaker 1: one was the need to act forth rightly I think 354 00:19:04,520 --> 00:19:07,080 Speaker 1: was the last one he'd made just before the blackout period. 355 00:19:07,359 --> 00:19:10,119 Speaker 1: But I think the acushness will will be maintained, but 356 00:19:10,200 --> 00:19:15,040 Speaker 1: I don't see it being amped up evey further. Thanks Jen, Yeah, 357 00:19:15,040 --> 00:19:17,480 Speaker 1: thanks to I really appreciate getting your thoughts ahead of 358 00:19:17,520 --> 00:19:21,080 Speaker 1: the decision two pm Wall Street time, of course, and 359 00:19:21,160 --> 00:19:24,879 Speaker 1: the news conference with Chairman Powell to follow at two thirty. 360 00:19:24,920 --> 00:19:27,560 Speaker 1: We will have full coverage for you on a special 361 00:19:27,680 --> 00:19:31,040 Speaker 1: edition of Bloomberg Surveillance that begins at one thirty across 362 00:19:31,119 --> 00:19:34,399 Speaker 1: Bloomberg Radio and television ahead of that, thanks again to 363 00:19:34,480 --> 00:19:39,520 Speaker 1: Jennifer Lee, senior economists at BMO Capital Markets. Futures not 364 00:19:39,600 --> 00:19:42,640 Speaker 1: really moving much SMP future is little change. DAL futures 365 00:19:42,720 --> 00:19:46,840 Speaker 1: up nine NASDAC futures lower by fourteen points in anticipation 366 00:19:47,400 --> 00:19:51,240 Speaker 1: of the Fed decision. This afternoon actions in the bond 367 00:19:51,280 --> 00:19:53,359 Speaker 1: space with the ten year up seven thirty seconds. Now 368 00:19:53,359 --> 00:19:55,480 Speaker 1: with THEE three point five three percent yield on the 369 00:19:55,520 --> 00:19:59,640 Speaker 1: two year at three point nine four percent. You're listening 370 00:20:00,200 --> 00:20:07,680 Speaker 1: to Bloomberg day Break on this Fed decision day. Bloomberg 371 00:20:07,760 --> 00:20:10,480 Speaker 1: day Break brought to you by pe Pack Private Wealth Management. 372 00:20:10,560 --> 00:20:13,400 Speaker 1: A portfolio is more than a collection of assets, it's 373 00:20:13,440 --> 00:20:17,400 Speaker 1: a path to your future. Visit pe Pack Private dot 374 00:20:17,440 --> 00:20:26,280 Speaker 1: Com Broadcasting Wive from the Bloomberg Interactive Broker Studio in 375 00:20:26,320 --> 00:20:29,359 Speaker 1: New York, Bloomberg E Living for you to Washington, d C, 376 00:20:29,560 --> 00:20:33,280 Speaker 1: Bloomberg ninety one to Boston, Bloomberg one O six one 377 00:20:33,359 --> 00:20:36,800 Speaker 1: to San Francisco, Bloomberg n sixteen to the country Sirius 378 00:20:36,960 --> 00:20:39,520 Speaker 1: XM to A one nineteen and around the globe to 379 00:20:39,600 --> 00:20:43,480 Speaker 1: Bloomberg business app in Bloomberg Radio dot Com. This is 380 00:20:43,520 --> 00:20:52,200 Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. 381 00:20:52,200 --> 00:20:55,280 Speaker 1: I'm Nathan Hager and I'm Karen Moscale. We're just about 382 00:20:55,320 --> 00:20:57,640 Speaker 1: four hours away from the open of US trading. Let's 383 00:20:57,680 --> 00:20:59,080 Speaker 1: get you up to date on the news you need 384 00:20:59,119 --> 00:21:00,800 Speaker 1: to know at this shower where we begin with this 385 00:21:00,880 --> 00:21:03,679 Speaker 1: afternoon's FED decision, where we find out how much the 386 00:21:03,720 --> 00:21:07,200 Speaker 1: Central Bank will raise interest rates. Former Atlanta Fed President 387 00:21:07,200 --> 00:21:10,120 Speaker 1: Dennis Lockhart says he expects a seventy five basis point 388 00:21:10,200 --> 00:21:13,440 Speaker 1: hike and things rates will continue going higher until late 389 00:21:13,520 --> 00:21:16,960 Speaker 1: next year. It's just very unlikely you're going to see 390 00:21:17,000 --> 00:21:20,320 Speaker 1: a pivot from one meeting to the other, going from 391 00:21:20,359 --> 00:21:23,600 Speaker 1: hawk ish to devish overnight. So I would expect that 392 00:21:23,760 --> 00:21:26,159 Speaker 1: once they get to a point they feel they need 393 00:21:26,200 --> 00:21:30,520 Speaker 1: to either pause or stop, that rate will be sustained 394 00:21:30,520 --> 00:21:34,760 Speaker 1: for probably several meetings fromer. Atlanta Fed President Dennis Lockhart 395 00:21:34,840 --> 00:21:37,720 Speaker 1: tells us there's no case for anything less than seventy 396 00:21:37,720 --> 00:21:40,440 Speaker 1: five basis points today. Stick with us for live cover 397 00:21:40,600 --> 00:21:43,600 Speaker 1: to the Fed decision and a special edition of Bloomberg 398 00:21:43,680 --> 00:21:46,639 Speaker 1: Surveillance beginning at one thirty pm Wall Street time on 399 00:21:46,720 --> 00:21:50,600 Speaker 1: Bloomberg Radio and television. Another major story where following Karen, 400 00:21:50,640 --> 00:21:53,760 Speaker 1: involves an escalation by Russia in the war with Ukraine. 401 00:21:53,840 --> 00:21:56,359 Speaker 1: Vladimir Putin is vowing to mobilize troops and is also 402 00:21:56,440 --> 00:22:01,960 Speaker 1: renewing nuclear threats. Occupation authorities installed Russia announced referendum votes 403 00:22:01,960 --> 00:22:05,760 Speaker 1: aimed at annexing territory in Ukraine. Former Defense Secretary Mark 404 00:22:05,880 --> 00:22:09,359 Speaker 1: Esper says that vote should not be recognized. These reasons 405 00:22:09,400 --> 00:22:11,480 Speaker 1: will vote to join Russia to be an X and 406 00:22:11,840 --> 00:22:14,760 Speaker 1: that's predictable, and Putin will manipulate in whatever way you can. 407 00:22:15,119 --> 00:22:16,920 Speaker 1: I don't think we should recognize him. I think the 408 00:22:17,240 --> 00:22:20,840 Speaker 1: sovereign charactory. The boundaries of Ukraine have been identified clearly 409 00:22:21,160 --> 00:22:23,800 Speaker 1: recognized by the UN since the breakup of the Soviet 410 00:22:23,880 --> 00:22:27,960 Speaker 1: Union in and we should continue to assist Ukraine in 411 00:22:28,080 --> 00:22:31,760 Speaker 1: restoring their complete sovereignty to include CRIMEA Former Defense Secretary 412 00:22:31,800 --> 00:22:34,760 Speaker 1: Mark Esper spoke with Our Washington corresponded Joe Matthew on 413 00:22:34,760 --> 00:22:37,639 Speaker 1: Bloomberg Sound on Catch the program weekdays at five pm 414 00:22:37,640 --> 00:22:40,959 Speaker 1: Eastern on Bloomberg Radio, Well Nathan. The country's biggest banks 415 00:22:40,960 --> 00:22:43,840 Speaker 1: are also in focus this morning, with top executives set 416 00:22:43,840 --> 00:22:47,520 Speaker 1: to spend two days testifying on Capitol Hill. JP Morgan 417 00:22:47,640 --> 00:22:51,280 Speaker 1: CEO Jamie Diamond is expected to tell lawmakers higher capital 418 00:22:51,359 --> 00:22:55,119 Speaker 1: requirements are bad for America. We'll bring you that hearing 419 00:22:55,160 --> 00:22:58,240 Speaker 1: live on Bloomberg Radio coming up in the ten am hour. 420 00:22:58,520 --> 00:23:01,200 Speaker 1: And a note from Boeing this morning, Karen the airplane 421 00:23:01,240 --> 00:23:04,800 Speaker 1: maker is cutting accountants and hiring more engineers, bowing plans 422 00:23:04,840 --> 00:23:08,040 Speaker 1: to outsource some finance jobs while increasing hiring for engineering, 423 00:23:08,080 --> 00:23:12,680 Speaker 1: manufacturing and product development and futures. This morning, well SMP 424 00:23:12,840 --> 00:23:14,800 Speaker 1: future is starting to show a little more strength. Are 425 00:23:14,800 --> 00:23:17,280 Speaker 1: about five points now DAL futures as well at forty 426 00:23:17,359 --> 00:23:20,919 Speaker 1: nine nowsday futures remain little change. Attend your treasury up 427 00:23:20,960 --> 00:23:23,760 Speaker 1: six thirties seconds. You have three point five three percent 428 00:23:23,800 --> 00:23:26,000 Speaker 1: in the yield on the two year three point nine 429 00:23:26,080 --> 00:23:30,320 Speaker 1: four percent, and straight ahead we have your latest local 430 00:23:30,320 --> 00:23:34,520 Speaker 1: headlines plus the check of sports, and this is Bloomberg. 431 00:23:38,359 --> 00:23:40,600 Speaker 1: Thanks Scaring five thirty three on Wall Street, sixty four 432 00:23:40,640 --> 00:23:42,920 Speaker 1: degrees in Central Park. Still they at the accident clean 433 00:23:43,000 --> 00:23:45,760 Speaker 1: up southbound Major Diague in near Yankee Stadium. Michael Barr 434 00:23:45,800 --> 00:23:47,280 Speaker 1: is here with what else is going on in New 435 00:23:47,359 --> 00:23:49,800 Speaker 1: York end around the world, Michael, thank you very much, Nathan. 436 00:23:49,840 --> 00:23:53,040 Speaker 1: President Biden's look partner the Democratic fundraiser in New York 437 00:23:53,080 --> 00:23:55,560 Speaker 1: City last night. The event, on the eve of his 438 00:23:55,600 --> 00:23:59,160 Speaker 1: address to the UN General Assembly, featured Mayor Eric Adams 439 00:23:59,160 --> 00:24:02,080 Speaker 1: and actor Robert and Nero. It raised about two million 440 00:24:02,119 --> 00:24:04,960 Speaker 1: dollars for the party. The event, with about a hundred people, 441 00:24:05,040 --> 00:24:07,720 Speaker 1: was held at the Manhattan home of designer and Democratic 442 00:24:07,720 --> 00:24:11,439 Speaker 1: activists Henry Munio's. New York Mayor Eric Adams said he 443 00:24:11,560 --> 00:24:15,320 Speaker 1: is ending the city's COVID nineteen vaccine requirement for private 444 00:24:15,359 --> 00:24:18,520 Speaker 1: sector workers on November one, one of the last remaining 445 00:24:18,560 --> 00:24:22,800 Speaker 1: restrictions of the pandemic. Adams says, though city government workers 446 00:24:22,840 --> 00:24:26,520 Speaker 1: will still need to be immunized against COVID, vaccinated rooks 447 00:24:26,600 --> 00:24:29,560 Speaker 1: have carried out their jobs and he stepped up when 448 00:24:29,600 --> 00:24:32,560 Speaker 1: the city needed them the most, and we think it's 449 00:24:32,560 --> 00:24:36,240 Speaker 1: imperative to send the right message and lead by example. 450 00:24:36,800 --> 00:24:39,800 Speaker 1: Mayor Adams also said the city is dropping a requirement 451 00:24:39,880 --> 00:24:43,520 Speaker 1: that students who participate in after school activities be vaccinated. 452 00:24:43,880 --> 00:24:46,760 Speaker 1: Hurricane Fiona is likely to strengthen to a Category four 453 00:24:46,800 --> 00:24:50,560 Speaker 1: storm as it approaches Bermuda on Friday. Philippe happened with 454 00:24:50,600 --> 00:24:53,640 Speaker 1: the National Hurricane Center says Viana remains a Category three 455 00:24:53,800 --> 00:24:57,600 Speaker 1: major hurricane with maximum sustained wins of a hundred twenty five. 456 00:24:58,720 --> 00:25:01,879 Speaker 1: Bermuda has a tropical st watch. Will be talking with 457 00:25:01,960 --> 00:25:04,160 Speaker 1: them a little bit later to see if they are 458 00:25:04,200 --> 00:25:06,720 Speaker 1: going to be potentially upgrading that to a warning. And 459 00:25:06,760 --> 00:25:09,639 Speaker 1: the storms should be passing by basically just to the 460 00:25:09,680 --> 00:25:13,600 Speaker 1: west of Bermuda sometime on Thursday night or early Friday morning. 461 00:25:13,720 --> 00:25:16,399 Speaker 1: The National Hurricane centators Philip Pappins says for you and 462 00:25:16,520 --> 00:25:19,719 Speaker 1: a blast at the Turks and Caicos Islands after devastating 463 00:25:19,760 --> 00:25:23,920 Speaker 1: Puerto Rico. Special Master task with inspecting the document seized 464 00:25:23,960 --> 00:25:27,440 Speaker 1: in an FBI search at Mara Lago met with lawyers 465 00:25:27,440 --> 00:25:31,000 Speaker 1: from the Trump team and Justice Department. Raymond Derry said 466 00:25:31,040 --> 00:25:34,359 Speaker 1: he intends to push briskly through the review process. He 467 00:25:34,440 --> 00:25:37,960 Speaker 1: appeared skeptical of the Trump James reluctance to say whether 468 00:25:38,080 --> 00:25:42,160 Speaker 1: it believed the records had been declassified. Global News twenty 469 00:25:42,160 --> 00:25:44,960 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 470 00:25:45,160 --> 00:25:48,040 Speaker 1: powered by more than under journalist and analysts more than 471 00:25:48,080 --> 00:25:50,840 Speaker 1: a d twenty countries. Michael Barr, this is Bloomberg. Nathan, 472 00:25:50,840 --> 00:25:58,639 Speaker 1: thanks Michael on Wall Street. Time for the Bloomberg Sports 473 00:25:58,800 --> 00:26:01,359 Speaker 1: Day with John Stshaw. All right, Nathan, Yankee fans went 474 00:26:01,400 --> 00:26:04,160 Speaker 1: to the stadium to see some history. Four times Aaron 475 00:26:04,240 --> 00:26:06,400 Speaker 1: Judge had come to the plate. Everyone took out their 476 00:26:06,440 --> 00:26:09,360 Speaker 1: cell phones, but Judge was over three with a walk. Then, 477 00:26:09,400 --> 00:26:11,440 Speaker 1: in the bottom of the ninth inning against the Pirates, 478 00:26:11,480 --> 00:26:15,600 Speaker 1: Will Crow, who's a relative of Babe Ruth's teammate Red 479 00:26:15,680 --> 00:26:19,800 Speaker 1: Roughing of panted Judge Homer four thirty feet to left field, 480 00:26:19,880 --> 00:26:23,600 Speaker 1: number sixty, equaling what the Babe did in nineteen seven 481 00:26:23,600 --> 00:26:26,719 Speaker 1: and joining the sixty home run club, but also includes 482 00:26:26,800 --> 00:26:30,719 Speaker 1: only Barry Bonds, Mark McGwire, Sammy Sosa, and Roger Marris. 483 00:26:30,720 --> 00:26:33,040 Speaker 1: He of course had sixty one. Marris's two sons were 484 00:26:33,080 --> 00:26:35,440 Speaker 1: at the stadium last night. They'll be back there tonight. 485 00:26:35,480 --> 00:26:38,680 Speaker 1: The Judge Homer left the Yankees still trailing the Pirates 486 00:26:38,680 --> 00:26:41,080 Speaker 1: eight to five, but they loaded the bases and with 487 00:26:41,160 --> 00:26:44,080 Speaker 1: Crow Skill on the mound, still nobody out. I'll step 488 00:26:44,119 --> 00:26:49,480 Speaker 1: Johant Carlos, Stanton, Dr Pabo is gonna be God a 489 00:26:49,680 --> 00:26:55,040 Speaker 1: Grand Slam to win the game. No one out bases 490 00:26:55,160 --> 00:26:59,640 Speaker 1: loaded Grand Slam bottom of the ninth and the Yankees 491 00:26:59,720 --> 00:27:03,800 Speaker 1: have I'm back in the ninth inning with five runs 492 00:27:03,840 --> 00:27:06,600 Speaker 1: to win the game nine eight. The car stand had 493 00:27:06,640 --> 00:27:08,639 Speaker 1: been over three or three strikeouts, and since coming off 494 00:27:08,680 --> 00:27:11,320 Speaker 1: the injured list last month, he was nine for seventy 495 00:27:11,320 --> 00:27:14,040 Speaker 1: two with thirties strike Gauts. Mets had a big Grand 496 00:27:14,040 --> 00:27:16,639 Speaker 1: Slam of their own Francisco indoors seventh inning given the 497 00:27:16,720 --> 00:27:19,440 Speaker 1: Mets of seven five win in Milwaukee. They had tied 498 00:27:19,480 --> 00:27:21,240 Speaker 1: the game and in the earlier on a Pee Alonzo 499 00:27:21,359 --> 00:27:24,680 Speaker 1: three run shot Atlanta one again raise Clinton playoff spot. 500 00:27:24,720 --> 00:27:26,639 Speaker 1: They stayed one game behind the Mets there. Even in 501 00:27:26,720 --> 00:27:29,000 Speaker 1: the lost column. Cleveland took a big step towards winning 502 00:27:29,000 --> 00:27:31,440 Speaker 1: the Ale Central five runs in the eleventh to beat 503 00:27:31,440 --> 00:27:33,440 Speaker 1: the White Sox ten seven and go up by five. 504 00:27:34,119 --> 00:27:37,480 Speaker 1: John Stashwar Bloomberg Sports Nathan John. Thanks, It's five thirty 505 00:27:37,520 --> 00:27:40,159 Speaker 1: seven on Wall Street. Time for the Tri State Business Report. 506 00:27:40,240 --> 00:27:43,639 Speaker 1: Here's Bloomberg's ed Corey. As rents in New York City 507 00:27:43,680 --> 00:27:47,200 Speaker 1: reached new heights, the number of affordable housing units produced 508 00:27:47,200 --> 00:27:50,560 Speaker 1: in the last year fell. The Department of Housing Preservation 509 00:27:50,640 --> 00:27:54,399 Speaker 1: and Development financed about sixteen thousand units in the fiscal 510 00:27:54,440 --> 00:27:59,920 Speaker 1: year beginning July one, one that's drop from the previous year. 511 00:28:00,160 --> 00:28:03,520 Speaker 1: New York's Financial regularly their plans to propose guidance to 512 00:28:03,560 --> 00:28:07,200 Speaker 1: help banks manage risk posed by climate change. New York 513 00:28:07,280 --> 00:28:11,640 Speaker 1: Superintendent of Financial Services Adrian Harris says it will focus 514 00:28:11,760 --> 00:28:17,040 Speaker 1: largely on operational resiliency, rising temperatures and increases of extreme 515 00:28:17,080 --> 00:28:21,280 Speaker 1: weather events. The Democratic state lawmaker behind New Jersey's plastic 516 00:28:21,400 --> 00:28:24,920 Speaker 1: bag bands says the law has to be changed after 517 00:28:24,960 --> 00:28:29,320 Speaker 1: people become inundated with reusable bags from home delivery. Bob 518 00:28:29,400 --> 00:28:32,600 Speaker 1: Smith says one possible fixes allowing home delivery to once 519 00:28:32,640 --> 00:28:36,800 Speaker 1: again used paper bags or cardboard boxes. That your Bloomberg 520 00:28:36,800 --> 00:28:39,840 Speaker 1: Try State Business Report. I'm ed Corey, Thank you had 521 00:28:40,400 --> 00:28:42,440 Speaker 1: eight on Wall Street. Bloomberg Radio is on the air 522 00:28:42,440 --> 00:28:45,120 Speaker 1: from San Francisco to New York, London to Hong Kong. 523 00:28:45,200 --> 00:28:47,160 Speaker 1: Let's check in with our global news team for some 524 00:28:47,240 --> 00:28:49,440 Speaker 1: of the top stories heard on our three hundred affiliate 525 00:28:49,520 --> 00:28:56,120 Speaker 1: radio stations around the world. I'm Steve Polas content Chan 526 00:28:56,240 --> 00:28:59,120 Speaker 1: Wins in New York. We're talking about how dangerous the 527 00:28:59,240 --> 00:29:03,680 Speaker 1: Internet and b for kids. I'm cornitanahoan kt r H 528 00:29:03,760 --> 00:29:06,920 Speaker 1: in Houston. Gap is cutting five corporate jobs as the 529 00:29:07,040 --> 00:29:10,800 Speaker 1: deals with growing costs. I'm Gina Servetti in for w 530 00:29:10,920 --> 00:29:14,160 Speaker 1: BBM in Chicago. I'm reporting that the FDA has found 531 00:29:14,200 --> 00:29:17,920 Speaker 1: new flaws at an Indiana vaccine factory that produces COVID 532 00:29:18,040 --> 00:29:21,520 Speaker 1: nineteen vaccines. I'm Stephen Carroll and Bloomberg d a B 533 00:29:21,680 --> 00:29:24,719 Speaker 1: Digital Radio in London. We've been reporting on Russian President 534 00:29:24,760 --> 00:29:28,360 Speaker 1: Vlasimir Putin calling up reserve soldiers to bolster his invasion 535 00:29:28,360 --> 00:29:31,400 Speaker 1: of Ukraine. I'm a Gory on w t a M 536 00:29:31,480 --> 00:29:34,960 Speaker 1: in Cleveland. I'm reporting great television is moving at three 537 00:29:35,040 --> 00:29:38,720 Speaker 1: Cleveland TV stations, The Independent. Those are some of the 538 00:29:38,720 --> 00:29:41,880 Speaker 1: stories our twenty seven hundred Bloomberg journalist and analysts working 539 00:29:41,920 --> 00:29:44,280 Speaker 1: on this morning around the world. It's five thirty nine 540 00:29:44,320 --> 00:29:48,360 Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion. 541 00:29:48,640 --> 00:29:52,920 Speaker 1: This editorial was written by the Bloomberg Editorial Board. The 542 00:29:53,000 --> 00:29:58,760 Speaker 1: cryptocurrency market has granted US policymakers the opportunity of a lifetime. 543 00:29:59,200 --> 00:30:01,800 Speaker 1: Less than a year ago, crypto was on the verge 544 00:30:01,800 --> 00:30:06,680 Speaker 1: of becoming a systemic threat, gathering disciples, leverage, and political 545 00:30:06,760 --> 00:30:10,600 Speaker 1: clout faster than regulators could get a grip then the 546 00:30:10,760 --> 00:30:15,880 Speaker 1: danger dissipated. The market imploded before reaching critical mass, entering 547 00:30:15,920 --> 00:30:20,560 Speaker 1: the crypto winter that persists to this day. Since this 548 00:30:20,680 --> 00:30:24,440 Speaker 1: reprieve might not last long, policy makers should act now 549 00:30:24,480 --> 00:30:28,440 Speaker 1: to impose much needed rules on the market. The technology 550 00:30:28,520 --> 00:30:33,000 Speaker 1: underlying crypto may yet yield benefits, but the speculative frenzy 551 00:30:33,120 --> 00:30:36,240 Speaker 1: surrounding it still has the potential to do a lot 552 00:30:36,280 --> 00:30:40,640 Speaker 1: of damage. Rarely has history granted authorities a second chance 553 00:30:40,960 --> 00:30:44,680 Speaker 1: to head off such an obvious hazard to the financial system. 554 00:30:44,720 --> 00:30:48,640 Speaker 1: They shouldn't let it go to waste. This editorial was 555 00:30:48,680 --> 00:30:52,440 Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion, 556 00:30:52,480 --> 00:30:55,719 Speaker 1: please go to Bloomberg dot com, slash opinion or opi 557 00:30:56,200 --> 00:30:59,520 Speaker 1: n go on the Bloomberg terminal. These has been Bloomberg 558 00:30:59,560 --> 00:31:02,720 Speaker 1: Opinion and listen for Bloomberg Opinion editorials every weekday. At 559 00:31:02,800 --> 00:31:05,520 Speaker 1: this time, terminal customers can read more at O p 560 00:31:05,840 --> 00:31:08,520 Speaker 1: I n go. Future is starting to move a touch 561 00:31:08,600 --> 00:31:10,880 Speaker 1: higher now we have SMP futures up eight points, now 562 00:31:10,960 --> 00:31:14,120 Speaker 1: futures up seventy four. Nasdaq Future is now in the green, 563 00:31:14,240 --> 00:31:17,000 Speaker 1: up nine points. In the tenure Treasury yield now three 564 00:31:17,040 --> 00:31:23,440 Speaker 1: point five. This is Bloomberg Bloomberg eleven three oh Weather 565 00:31:23,480 --> 00:31:25,040 Speaker 1: a mix of sun in clouds today with a high 566 00:31:25,080 --> 00:31:27,600 Speaker 1: near eighty degrees, and he showers will end early Tomorrow, 567 00:31:27,600 --> 00:31:30,840 Speaker 1: will turn partly sunny up for seventies, mostly sunny breeze 568 00:31:30,840 --> 00:31:34,480 Speaker 1: the only mid sixties for Friday. Right now sixty four degrees. 569 00:31:37,680 --> 00:31:41,080 Speaker 1: Markets headlines and breaking news twenty four hours a day 570 00:31:41,200 --> 00:31:44,160 Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at 571 00:31:44,200 --> 00:31:53,960 Speaker 1: Bloomberg Quick Tape. He's a Bloomberg Business blash and I'm 572 00:31:54,040 --> 00:31:58,480 Speaker 1: Karen Moscow. And markets are pretty much muted, with investors 573 00:31:58,520 --> 00:32:01,680 Speaker 1: mostly sideline before an They're expected rate high from the 574 00:32:01,720 --> 00:32:05,479 Speaker 1: Federal Reserve Treasuries, Golden the dollar are jumping after Russian 575 00:32:05,480 --> 00:32:08,920 Speaker 1: President Vladimir Putin stepped up his roar against Ukraine. We 576 00:32:09,080 --> 00:32:11,600 Speaker 1: checked the markets every fifteen minutes throughout the trading day 577 00:32:12,080 --> 00:32:15,320 Speaker 1: on Bloomberg and my lesson p Futures are starting to 578 00:32:15,360 --> 00:32:18,400 Speaker 1: see a little more strength. They're now up nine points. 579 00:32:18,480 --> 00:32:20,440 Speaker 1: They're extending their games just a little bit and so 580 00:32:20,560 --> 00:32:24,000 Speaker 1: are down. Futures up seventy nine. Nowsday Future is now 581 00:32:24,080 --> 00:32:26,640 Speaker 1: up eleven. The decks in Germany is little changed, and 582 00:32:26,800 --> 00:32:29,080 Speaker 1: your Treasury up six thirty seconds. You have three point 583 00:32:29,080 --> 00:32:31,600 Speaker 1: five three percent yield on the two year three point 584 00:32:31,640 --> 00:32:34,520 Speaker 1: nine four percent. NIMEX screwed oil is up two and 585 00:32:34,520 --> 00:32:36,680 Speaker 1: a half percent, up two dollars twelve cents at eighty 586 00:32:36,720 --> 00:32:39,480 Speaker 1: six dollars six cents a barrel. Comex schooled up seven 587 00:32:39,520 --> 00:32:42,320 Speaker 1: ten percent or eleven dollars seventy cents at sixteen eighty 588 00:32:42,360 --> 00:32:45,560 Speaker 1: two eighty announce the euro point nine nine to nine 589 00:32:45,600 --> 00:32:48,040 Speaker 1: against the dollar British found one point one three four 590 00:32:48,200 --> 00:32:50,800 Speaker 1: six and the yen one forty three point eight nine. 591 00:32:50,960 --> 00:32:54,720 Speaker 1: And Bitcoin this morning is now little change at eighteen thousand, 592 00:32:55,160 --> 00:32:57,560 Speaker 1: nine hundred eighty dollars. And today we are watching for 593 00:32:57,640 --> 00:33:00,760 Speaker 1: reports and existing home sales ats at ten o'clock Wall 594 00:33:00,800 --> 00:33:03,760 Speaker 1: Street time, and the Federal Reserve interest rate decision is 595 00:33:03,760 --> 00:33:06,520 Speaker 1: out at two as a Bloomberg Business Flash. Now here's 596 00:33:06,560 --> 00:33:09,440 Speaker 1: Michael Barr with more on what's going on around the world. Michael, 597 00:33:09,480 --> 00:33:11,719 Speaker 1: thank you very much. Karen. President Biden is in New 598 00:33:11,840 --> 00:33:15,520 Speaker 1: York City today joining fellow world leaders at the United Nations. 599 00:33:15,760 --> 00:33:17,960 Speaker 1: The White House says the President will address a range 600 00:33:17,960 --> 00:33:20,280 Speaker 1: of issues in his speech later this morning, but his 601 00:33:20,400 --> 00:33:24,040 Speaker 1: main focus will be the war in Ukraine. While President 602 00:33:24,080 --> 00:33:28,200 Speaker 1: Biden is expected to deliver a harsh message to President Putin, 603 00:33:28,520 --> 00:33:31,400 Speaker 1: officials say he will not call for Russia's removal from 604 00:33:31,440 --> 00:33:35,440 Speaker 1: the UN Security Council. We will carry the President's address 605 00:33:35,600 --> 00:33:37,920 Speaker 1: live and we'll have more on Russian a few minutes. 606 00:33:38,280 --> 00:33:41,040 Speaker 1: In baseball, the Yankees beat the Pirates nine eight. Aaron 607 00:33:41,160 --> 00:33:43,479 Speaker 1: Judge hit the sixtieth home run of the season, went 608 00:33:43,520 --> 00:33:46,560 Speaker 1: away from Roger Mara's American League record. The Mets and 609 00:33:46,600 --> 00:33:50,040 Speaker 1: Red Sox one, the Orioles and Nationals lost, The A's 610 00:33:50,080 --> 00:33:52,760 Speaker 1: and Giants were winners. Global News twenty four hours a 611 00:33:52,840 --> 00:33:55,600 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 612 00:33:55,840 --> 00:33:58,440 Speaker 1: than twenty seven hundred journalists analysts more than a hundred 613 00:33:58,480 --> 00:34:01,920 Speaker 1: twenty countries. Michael, this is Bloomberg. Navier, Hi, Michael, thank you. 614 00:34:02,040 --> 00:34:04,480 Speaker 1: Forty nine now on Wall Street Life from the Bloomberg 615 00:34:04,480 --> 00:34:07,480 Speaker 1: Interactive Broker Studios. This is Bloomberg day Break. Let's get 616 00:34:07,520 --> 00:34:11,120 Speaker 1: more now on Russia. Right now. With President Vladimir Putin 617 00:34:11,120 --> 00:34:15,200 Speaker 1: announcing a partial mobilization in Ukraine, vowing to use all 618 00:34:15,360 --> 00:34:18,600 Speaker 1: means necessary in the war, Let's bring in Maria to 619 00:34:18,760 --> 00:34:21,360 Speaker 1: Dale for more on this or your correspondent for Bloomberg 620 00:34:21,400 --> 00:34:25,480 Speaker 1: Radio and Television, joining us live from our bureau in Brussels, Maria. 621 00:34:25,600 --> 00:34:30,200 Speaker 1: Good morning, a pretty dramatic announcement yesterday overnight from the 622 00:34:30,280 --> 00:34:34,680 Speaker 1: Russian president. Is this talk of a special military operation 623 00:34:34,760 --> 00:34:39,080 Speaker 1: now out the window? Well? Is it out the window? 624 00:34:39,120 --> 00:34:41,840 Speaker 1: What it shows her that it is definitely not going 625 00:34:41,920 --> 00:34:44,600 Speaker 1: according to plan just step. Until a few days ago, 626 00:34:44,640 --> 00:34:48,279 Speaker 1: the Russian said everything was going smoothly, that they had 627 00:34:48,320 --> 00:34:50,719 Speaker 1: a plan in place and the goals would be achieved 628 00:34:50,760 --> 00:34:53,839 Speaker 1: in in accordance to that plan, and that there would 629 00:34:53,880 --> 00:34:56,520 Speaker 1: be no need for anything that would look like conscription 630 00:34:56,680 --> 00:35:00,080 Speaker 1: or mobilization. And today you do have a part of 631 00:35:00,160 --> 00:35:03,799 Speaker 1: one where the Russians, to some extent, not publicly, but 632 00:35:03,840 --> 00:35:07,120 Speaker 1: if you read between the lines, they concede they need 633 00:35:07,280 --> 00:35:09,640 Speaker 1: extra men power on the front line, that they need 634 00:35:09,680 --> 00:35:13,400 Speaker 1: more men to be able to fight this war against Ukraine. 635 00:35:13,440 --> 00:35:17,120 Speaker 1: And this is coming a week after they suffered a logistics, 636 00:35:17,360 --> 00:35:21,359 Speaker 1: very embarrassing logistics collapse in the region of hard Gift 637 00:35:21,360 --> 00:35:24,240 Speaker 1: and they had to pull back. It also goes back 638 00:35:24,520 --> 00:35:28,200 Speaker 1: and again it's very connected to some extent with this 639 00:35:28,280 --> 00:35:31,480 Speaker 1: idea of the referendums that will take place in the 640 00:35:31,520 --> 00:35:34,520 Speaker 1: next few days in some of the regions that Russias 641 00:35:34,560 --> 00:35:38,160 Speaker 1: still control, so that means that they would essentially become 642 00:35:38,239 --> 00:35:41,440 Speaker 1: part of the Russian Federation. We always know that with 643 00:35:41,719 --> 00:35:45,680 Speaker 1: these referendums, the result is already clear even before you vote, 644 00:35:45,760 --> 00:35:48,880 Speaker 1: there will be a restanding yes to joining Russia. But 645 00:35:48,880 --> 00:35:52,000 Speaker 1: if that happens, then that is clearly an escalation in 646 00:35:52,120 --> 00:35:55,920 Speaker 1: the war. How is this likely to be received in Russia, Maria, 647 00:35:56,000 --> 00:35:58,600 Speaker 1: We've seen a lot of reports coming through out of 648 00:35:58,680 --> 00:36:03,360 Speaker 1: Russia that is that in Putin maybe losing support, particularly 649 00:36:03,560 --> 00:36:06,960 Speaker 1: among some of the elites in Moscow. But I think 650 00:36:06,960 --> 00:36:09,280 Speaker 1: it's always very difficult to see what the Oli girls 651 00:36:09,440 --> 00:36:11,919 Speaker 1: really think, what the elites around Vladimer put And think, 652 00:36:12,040 --> 00:36:15,200 Speaker 1: and whether he's supported or not in the Krumlin, just 653 00:36:15,239 --> 00:36:19,319 Speaker 1: because that place is sealed, and ultimately what happens or 654 00:36:19,480 --> 00:36:22,480 Speaker 1: next will be decided by Ladomir Putting, at least in 655 00:36:22,520 --> 00:36:25,840 Speaker 1: the short term. The key question to meet, beyond the 656 00:36:25,880 --> 00:36:29,200 Speaker 1: elites or the Oligars or the rich Russians, who of 657 00:36:29,239 --> 00:36:31,399 Speaker 1: course are losing money as a result of this war, 658 00:36:32,120 --> 00:36:35,600 Speaker 1: is in fact society is the average of Russian is 659 00:36:35,640 --> 00:36:38,560 Speaker 1: just going to change the perception. Up until now, this 660 00:36:38,719 --> 00:36:41,640 Speaker 1: had been something that was going on in a foreign 661 00:36:41,680 --> 00:36:45,280 Speaker 1: country that was shown on TV, almost like it's reality TV, 662 00:36:45,760 --> 00:36:48,080 Speaker 1: and you may be happy or proud for your country 663 00:36:48,160 --> 00:36:49,799 Speaker 1: or not. You may be in favor of the war 664 00:36:49,880 --> 00:36:52,799 Speaker 1: or not, but it didn't really have an impact on 665 00:36:53,000 --> 00:36:55,759 Speaker 1: the everyday lives of people to that extent. Now you're 666 00:36:55,800 --> 00:36:58,920 Speaker 1: in a situation where if you are in the reserve 667 00:36:59,040 --> 00:37:01,000 Speaker 1: army for the Russia an army, you may get a 668 00:37:01,080 --> 00:37:04,359 Speaker 1: letter in your mailbox that says, Okay, pack your things, 669 00:37:04,400 --> 00:37:07,359 Speaker 1: you have to go fight in Ukraine a professional army. 670 00:37:07,600 --> 00:37:09,279 Speaker 1: I mean, I guess my question to you as if 671 00:37:09,280 --> 00:37:11,120 Speaker 1: you get that letter, would you want to go and 672 00:37:11,239 --> 00:37:13,919 Speaker 1: and fight Ukrainians, who up until a year ago were 673 00:37:13,920 --> 00:37:17,200 Speaker 1: described as your Slavic brothers, who are people that are 674 00:37:17,280 --> 00:37:22,000 Speaker 1: very similar to you. Would you go? What about European 675 00:37:22,080 --> 00:37:26,799 Speaker 1: cohesion against this Maria? What's the reaction in Europe, particularly 676 00:37:26,800 --> 00:37:28,919 Speaker 1: now that they're heading into the colder months, of course, 677 00:37:28,920 --> 00:37:33,520 Speaker 1: and already facing an energy an energy crunch. Well, it's 678 00:37:33,640 --> 00:37:36,560 Speaker 1: the reaction precisely to the speech is hard to track 679 00:37:36,800 --> 00:37:39,480 Speaker 1: for the time be emp because uh, there's a time 680 00:37:39,560 --> 00:37:43,400 Speaker 1: lag between the speech that came out this morning, and 681 00:37:43,440 --> 00:37:45,960 Speaker 1: the fact that most of European leaders are in fact 682 00:37:46,120 --> 00:37:49,360 Speaker 1: in the United States right now. There's a big time difference. 683 00:37:49,360 --> 00:37:52,279 Speaker 1: So when the speech dropped, they were probably sleeping and 684 00:37:52,560 --> 00:37:55,799 Speaker 1: getting through our sleep before the next meeting. But but 685 00:37:55,800 --> 00:37:58,800 Speaker 1: but I would point, however, to the words that we 686 00:37:58,920 --> 00:38:01,680 Speaker 1: heard yesterday from the French President of under m qun 687 00:38:02,040 --> 00:38:05,680 Speaker 1: Uh the Chancellor Shocks both said this is a return 688 00:38:05,760 --> 00:38:10,920 Speaker 1: of imperialism. It's an imperialistic war on Russia to Ukraine. 689 00:38:11,000 --> 00:38:13,719 Speaker 1: Is the fact that some nations in the world that 690 00:38:13,840 --> 00:38:17,280 Speaker 1: believe themselves to be powerful and have powerful weapons, feel 691 00:38:17,360 --> 00:38:20,480 Speaker 1: they can just scrawl into a country that they deem 692 00:38:20,719 --> 00:38:23,680 Speaker 1: is a minor power and is weaker, and therefore they 693 00:38:23,719 --> 00:38:26,120 Speaker 1: have this raid to just rule over the country, and 694 00:38:26,160 --> 00:38:30,080 Speaker 1: that is not acceptable. In two, Thanks Maria, good having 695 00:38:30,120 --> 00:38:32,680 Speaker 1: you on with us this morning after this announcement from 696 00:38:32,680 --> 00:38:36,440 Speaker 1: the Russian President. Maria Today o europe correspondent for Bloomberg 697 00:38:36,520 --> 00:38:38,960 Speaker 1: Radio and Television, joining us live this morning from our 698 00:38:39,000 --> 00:38:43,080 Speaker 1: bureau in Brussels. Karen Nathan, It is five fifty four 699 00:38:43,280 --> 00:38:45,880 Speaker 1: on Wall Street and it is time now for the 700 00:38:45,920 --> 00:38:49,480 Speaker 1: Bloomberg The Law Report, brought to you Buy American Arbitration 701 00:38:49,520 --> 00:38:53,720 Speaker 1: Association business disputes are inevitable, resolve faster with the American 702 00:38:53,840 --> 00:38:58,480 Speaker 1: Arbitration Association, the global leader in alternative dispute resolution for 703 00:38:58,560 --> 00:39:01,359 Speaker 1: over ninety years, and more a d r dot org. 704 00:39:02,000 --> 00:39:04,800 Speaker 1: Now here's a legal story we're watching this morning. Florida 705 00:39:04,880 --> 00:39:08,520 Speaker 1: Governor Rondas Santis just defending his decision to send about 706 00:39:08,840 --> 00:39:13,880 Speaker 1: fifty undocumented Venezuelan immigrants spy plane from San Antonio in 707 00:39:13,960 --> 00:39:18,000 Speaker 1: Texas to Martha's Vineyard in Massachusetts, even indicating he will 708 00:39:18,040 --> 00:39:21,160 Speaker 1: repeat the stunt. But in Texas sheriff says the immigrants 709 00:39:21,160 --> 00:39:24,080 Speaker 1: were lured onto the flight and he's going to investigate 710 00:39:24,360 --> 00:39:27,880 Speaker 1: for more. Bloomberg's June Grosso speaks to immigration law expert 711 00:39:27,960 --> 00:39:31,840 Speaker 1: Jack Chin, a professor at US Davis Law School. The 712 00:39:31,920 --> 00:39:36,120 Speaker 1: sheriff of Bear County, Texas, says he's starting a criminal investigation, 713 00:39:36,320 --> 00:39:39,799 Speaker 1: but didn't say what laws were involved. Is what Florida's 714 00:39:39,840 --> 00:39:43,160 Speaker 1: governor did here illegal? Well, there might be a few 715 00:39:43,200 --> 00:39:46,880 Speaker 1: things wrong with that legally. One is you can't trick 716 00:39:47,000 --> 00:39:51,720 Speaker 1: people into going somewhere, even if you're the government. You 717 00:39:52,160 --> 00:39:55,360 Speaker 1: can't say, for example, if you get on this bus, 718 00:39:55,760 --> 00:39:58,200 Speaker 1: drive to where it's going there'll be a job waiting 719 00:39:58,239 --> 00:40:00,920 Speaker 1: for you. If there isn't a job waiting for you, 720 00:40:00,920 --> 00:40:04,080 Speaker 1: you can't deceive people, and that seems more like fraud 721 00:40:04,120 --> 00:40:07,600 Speaker 1: to me. You also can't force people to go where 722 00:40:07,600 --> 00:40:09,840 Speaker 1: they don't want to go, And so it's really going 723 00:40:09,920 --> 00:40:12,719 Speaker 1: to depend on what the underlying facts are. How and 724 00:40:12,760 --> 00:40:14,920 Speaker 1: why did these people get on the plane? What were 725 00:40:14,960 --> 00:40:19,200 Speaker 1: they told? And I think they're very well might have 726 00:40:19,320 --> 00:40:24,040 Speaker 1: been conceivably some deception involved, because I think a lot 727 00:40:24,080 --> 00:40:26,040 Speaker 1: of people would not want to just get on the 728 00:40:26,080 --> 00:40:28,799 Speaker 1: plane and go to Martha's vineyard with no place to 729 00:40:28,880 --> 00:40:33,800 Speaker 1: stay and no job and no reasonable prospect of any 730 00:40:33,840 --> 00:40:37,560 Speaker 1: sort of settled situation. And so one wonders what those 731 00:40:37,600 --> 00:40:41,279 Speaker 1: people were told or if they voluntarily went on that 732 00:40:41,320 --> 00:40:45,359 Speaker 1: particular journey. But if they did voluntarily go and they 733 00:40:45,400 --> 00:40:48,400 Speaker 1: were told more or less what was going to happen 734 00:40:48,440 --> 00:40:51,959 Speaker 1: to them when they got there, then it's not necessarily 735 00:40:52,040 --> 00:40:57,120 Speaker 1: a criminal offense or a even necessarily a civil violation 736 00:40:57,440 --> 00:41:00,640 Speaker 1: on the part of the people who organized that particular excursion. 737 00:41:01,120 --> 00:41:05,279 Speaker 1: Texas governor has sent something like eleven thousand migrants from 738 00:41:05,320 --> 00:41:09,120 Speaker 1: Texas to Chicago, New York and Washington and the mayors 739 00:41:09,160 --> 00:41:11,840 Speaker 1: of those cities have said it's a crisis and asked 740 00:41:11,840 --> 00:41:14,600 Speaker 1: for the federal government to step in, which it hasn't 741 00:41:14,640 --> 00:41:18,319 Speaker 1: done so far. I think the federal government is being 742 00:41:18,360 --> 00:41:23,000 Speaker 1: careful here not to fan the flames of political controversy. 743 00:41:23,400 --> 00:41:27,279 Speaker 1: And I do think that the federal government should take 744 00:41:27,320 --> 00:41:33,680 Speaker 1: responsibility for managing people who are here applying for asylum 745 00:41:33,680 --> 00:41:36,080 Speaker 1: and refugee status. But I don't think that it's going 746 00:41:36,120 --> 00:41:38,640 Speaker 1: to go on forever. I really don't. I think there's 747 00:41:38,640 --> 00:41:42,040 Speaker 1: going to be litigation. I think at some point a 748 00:41:42,200 --> 00:41:46,200 Speaker 1: state or the federal government is gonna find some way 749 00:41:46,239 --> 00:41:50,160 Speaker 1: to get involved, and at a minimum, I would bet 750 00:41:50,360 --> 00:41:53,640 Speaker 1: you know, given the lawyers are involved now, that there's 751 00:41:53,680 --> 00:41:56,640 Speaker 1: going to be some way to make sure that the 752 00:41:56,640 --> 00:42:00,640 Speaker 1: people seeking asylum were transported across the United States give 753 00:42:00,719 --> 00:42:04,720 Speaker 1: informed consent before they go. As I say, it seems 754 00:42:04,800 --> 00:42:08,600 Speaker 1: unlikely that they would have given informed consent as the 755 00:42:08,680 --> 00:42:12,080 Speaker 1: situation is now, because nobody wants to be driven somewhere 756 00:42:12,080 --> 00:42:15,759 Speaker 1: and dumped off with no support. Ms Jack Chin, a 757 00:42:15,840 --> 00:42:18,880 Speaker 1: professor at US Davis Law School, speaking with the Bloomberg 758 00:42:18,920 --> 00:42:22,120 Speaker 1: student Grosso. Catch more of that interview, plus analysis of 759 00:42:22,160 --> 00:42:24,960 Speaker 1: the latest legal news by subscribing to the Bloomberg Law 760 00:42:25,000 --> 00:42:29,160 Speaker 1: Podcast or downloading the show at Bloomberg dot com slash podcast. 761 00:42:29,440 --> 00:42:33,080 Speaker 1: Attorneys can find exceptional legal research and business development tools 762 00:42:33,080 --> 00:42:36,280 Speaker 1: at Bloomberg law dot com and on the Bloomberg terminal 763 00:42:36,440 --> 00:42:41,800 Speaker 1: at b law Go, and futures are now higher, extending 764 00:42:41,800 --> 00:42:44,160 Speaker 1: their gains. Still ahead. 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