WEBVTT - Trump Mug Shot; Wall Street Awaits Powell Speech

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 3>Karen, we begin with the latest legal and political development

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<v Speaker 3>for Donald Trump. The former president turned himself in last

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<v Speaker 3>night in Atlanta. He was booked on state charges that

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<v Speaker 3>he conspired to overturn George's twenty twenty election, But unlike

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<v Speaker 3>appearances for his other three indictments, this time the former

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<v Speaker 3>president was given an inmate number and a mug shot.

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<v Speaker 3>He addressed reporters after his twenty minute stay in the jail, So,

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<v Speaker 3>what has.

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<v Speaker 4>Taken place here is a travesty of justice.

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<v Speaker 5>We did nothing wrong.

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<v Speaker 6>I did nothing wrong, and everybody knows that I've never

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<v Speaker 6>had such support.

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<v Speaker 7>And that goes with the other ones too.

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<v Speaker 4>What they're doing is election interference. They tried to interfere

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<v Speaker 4>with an election.

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<v Speaker 3>And Bloomberg's Joe Matthew says, this is a moment we

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<v Speaker 3>haven't seen before, even for the former president. This is

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<v Speaker 3>absolutely remarkable and we have to remind ourselves of how

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<v Speaker 3>unique this moment is. We're growing used to this on

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<v Speaker 3>the fourth indictment, but this has never happened before, and

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<v Speaker 3>we are seeing the reaction that you might expect from Republicans. Look,

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<v Speaker 3>we had a lot of Republican candidates defending him even

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<v Speaker 3>though he didn't show up for the debate. In Bloomberg's

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<v Speaker 3>Joe Matthew reports, former President Trump is using this moment

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<v Speaker 3>to re emerge on x the site formerly known as Twitter.

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<v Speaker 3>Trump posted his mugshot on his real Donald Trump account

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<v Speaker 3>along with a link to his campaign website.

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<v Speaker 2>Well, Nathan, we continue to follow the latest political developments

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<v Speaker 2>out of Russia. After the death of Wagner, founder of

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<v Speaker 2>Guiney Progoshin. Early assessments out of the US indicate the

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<v Speaker 2>military leader was likely assassinated, and we get the details

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<v Speaker 2>from Bloomberg's Ed Baxter.

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<v Speaker 5>The Pentagon says that assessment has Progotion on board and killed.

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<v Speaker 5>Brigadier General pat Ryder says it does not appear to

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<v Speaker 5>be a surface to air missile that took it down.

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<v Speaker 5>He says it definitely will change Wagner moving forward.

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<v Speaker 6>For all intents and purposes, they have their combat effectiveness

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<v Speaker 6>has been diminished and they are no longer a significant

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<v Speaker 6>factor when it comes to the conflict inside Ukraine.

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<v Speaker 5>Now, uk is also working on the assumption that it

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<v Speaker 5>was brought down deliberately. Russian President of Vladimir Putin has

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<v Speaker 5>expressed his condolences. I'm at Baxter Bloomberg daybreak.

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<v Speaker 3>Okay, ed, thanks, Let's stat turn to the markets now.

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<v Speaker 3>Futures are a little bit higher as we prepare to

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<v Speaker 3>close out the week. Yesterday's Nvidia earnings a fuel to rally,

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<v Speaker 3>petered out as the Nasdaq ended the day down nearly

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<v Speaker 3>two percent. Bank of America says more trouble may be

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<v Speaker 3>ahead for the tech sector. Strategist Michael Hartnett says high

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<v Speaker 3>interest rates will eventually eat into the rally. He predicts

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<v Speaker 3>a four percent drop for the S and P five

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<v Speaker 3>hundred from its current level, but he also says today's

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<v Speaker 3>remarks in Jackson Hole could flip that script for September.

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<v Speaker 2>Well, Nathan, Jackson Hole is the big event for markets today.

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<v Speaker 2>We're all waiting for that highly anticipated speech from Feeder

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<v Speaker 2>Reserve chair j Powell. Bloomberg's Tom Keen is at the

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<v Speaker 2>event in Wyoming and leads our team coverage.

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<v Speaker 8>Not the first time, but I would say, and an

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<v Speaker 8>un usual Friday in Wyoming at Jackson Hole. First, Jerome

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<v Speaker 8>Powell speaking on America pretty relaxed, I would say, We've

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<v Speaker 8>seen him a lot here On Thursday, a more relaxed

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<v Speaker 8>Jerome Powell, a less relaxed Christine Leguard. In the afternoon,

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<v Speaker 8>the President of the European Central Bank will speak about

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<v Speaker 8>a troubled Europe. Huge anticipation for the Leguard speech, the

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<v Speaker 8>choices she has forward with the September meeting and beyond,

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<v Speaker 8>about a Europe in transformation, a Europe in war. I'm

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<v Speaker 8>Tom Keen in Jackson Hall, Wyoming, Bloomberg Daybreak.

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<v Speaker 3>All right, Tom, thank you. Tune in for Tom, John

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<v Speaker 3>and Lisa with complete and comprehensive coverage from Jackson Hole

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<v Speaker 3>on a special four hour edition of Bloomberg Surveillance. It

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<v Speaker 3>all starts today at eight am Eastern, and later this afternoon,

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<v Speaker 3>Tom will sit down for an exclusive interview with the

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<v Speaker 3>ECB President, Christine Laguard. You can catch that conversation at

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<v Speaker 3>the close of US markets at four PM Wall Street Time.

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<v Speaker 2>Well, Nathan, ahead of Powell's speech, You've been hearing rate

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<v Speaker 2>calls from both current and former Fed officials. Philadelphia Fed

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<v Speaker 2>President Patrick Harker and Boston Fed chief Susan Collins say

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<v Speaker 2>the Central Bank is nearing the end of its hiking cycle,

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<v Speaker 2>but former Saint Louis FED president Jim Bullard tells us

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<v Speaker 2>that markets may have to wait for a signal that

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<v Speaker 2>interest rates are coming down thanks to strengthen the US economy.

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<v Speaker 9>Reacceleration could put upward pressure on inflation, stem the disinflation

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<v Speaker 9>that we're seeing, and instead delay plans for the FED

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<v Speaker 9>to change policy.

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<v Speaker 2>And Jim Bullard, formerly with the Saint Louis FED, is

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<v Speaker 2>now dean of Purdue University's Business School.

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<v Speaker 3>Well, there's plenty of other global economic news this morning, Karen,

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<v Speaker 3>let's talk China. The government there has unveiled a further

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<v Speaker 3>easing of its mortgage policies intended to halt a slump

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<v Speaker 3>in the residential property market and revive growth in the

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<v Speaker 3>world's second largest economy.

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<v Speaker 2>Nathan In Europe, Germany's economy exited recession by the slimmest

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<v Speaker 2>margin in the second quarter, but it's sluggish performance continues

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<v Speaker 2>to drag down growth across the whole Eurozone. German GDP

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<v Speaker 2>for the second quarter came in unchanged this morning.

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<v Speaker 3>And in corporate news, Karen td Bank says it's cooperating

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<v Speaker 3>with a Justice Department probe bor on that from Bloomberg's

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<v Speaker 3>Doug Prisoner.

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<v Speaker 10>The inquiries are related to TD's compliance with rules aimed

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<v Speaker 10>at fighting money laundering, and the US Department of Justice

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<v Speaker 10>is among those making requests. TD said its cooperating with

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<v Speaker 10>authorities and is pursuing efforts to enhance its Bank Secrecy

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<v Speaker 10>Act Anti money Laundering compliance program. TD is Canada's second

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<v Speaker 10>largest bank. It made the disclosure in its third quarter

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<v Speaker 10>financial results on Thursday. TD also said it may face

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<v Speaker 10>penalties as a result of the probe. In New York,

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<v Speaker 10>I'm Doug Prisner, Bloomberg Daybreak.

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<v Speaker 3>All right, Doug, Thanks, This is Bloomberg.

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<v Speaker 2>Thanks Nathan five seven on Wall Street Time for a

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<v Speaker 2>look now at some of their stories making news around

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<v Speaker 2>the world. For that were joined by Bloomberg's Amy Morris, Amy,

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<v Speaker 2>good morning.

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<v Speaker 11>Good morning, Karen. Getting some pre poll numbers after Wednesday

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<v Speaker 11>night's Republican presidential primary debate. On big finding in the

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<v Speaker 11>New Washington Post five thirty eight if So survey is

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<v Speaker 11>that former President Donald Trump, who skipped that debate, has

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<v Speaker 11>lost just a bit of support, and it shows some

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<v Speaker 11>big surprises for some of his rivals, including Florida Governor

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<v Speaker 11>Ronda Santis. Now Republican primary voters thought it was Rond

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<v Speaker 11>de Santis who had the best debate performance on Wednesday night,

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<v Speaker 11>but the survey of Republican voters also found Nikki Hayley

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<v Speaker 11>gained the most potential supporters, going from thirty percent saying

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<v Speaker 11>they might support her to forty seven percent, and businessman

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<v Speaker 11>Vivek Ramaswami boosted his favorability rating by about ten points

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<v Speaker 11>that brought him up to sixty percent, but his unfavorability

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<v Speaker 11>also jumped by nineteen points up to thirty two percent.

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<v Speaker 11>Ukrainian pilots will soon be training in the US on

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<v Speaker 11>F sixteen fighter jets. Bloomberg's Nancy Lyons has an update.

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<v Speaker 12>Ukraine has long requested access to F sixteen, saying they

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<v Speaker 12>could make a real difference in the war against the Russians.

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<v Speaker 12>Pentagon spokesman Brigadier General Pat Ryder says the training could

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<v Speaker 12>begin very soon once pilots receive English language classes.

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<v Speaker 6>The training provided by the United States will complement the

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<v Speaker 6>F sixteen pilot and maintenance training that's already underway in

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<v Speaker 6>Europe and further deepens our support for the F sixteen

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<v Speaker 6>training coalition led by Denmark and the Netherlands.

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<v Speaker 12>Well, the training may happen soon, it's expected to take

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<v Speaker 12>months before the jets actually make it into battle. In Washington,

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<v Speaker 12>Nancy Lyons Bloomberg Daybreak.

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<v Speaker 11>Turning to Chicago, which is blaming automakers as thieves are

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<v Speaker 11>live streaming thefts on TikTok. That story now from Bloomberg's

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<v Speaker 11>Charlie Pellett.

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<v Speaker 7>The city has filed US civil suit against Kia and

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<v Speaker 7>Hyundai Motor for failing to include engine immobilizers in various models,

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<v Speaker 7>causing quota steep rise in vehicle thefts, reckless driving, property damage,

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<v Speaker 7>and a wide array of related violent crimes in Chicago.

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<v Speaker 7>Thefts of Kia and Hyundai cars have surged across the

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<v Speaker 7>country after social media users expose security flaws, sparking what

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<v Speaker 7>has been termed the Kia Challenge, where people live stream

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<v Speaker 7>their larceny in New York. Charlie Pellett Bloomberg Daybreak.

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<v Speaker 11>Global News twenty four hours a day, powered by more

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<v Speaker 11>than twenty seven hundred journalists and analysts and more than

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<v Speaker 11>one hundred twenty countries. I'm Amy Morris, and this is Bloomberg.

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<v Speaker 2>Karen all right, Amy, thank you, And it's currently five

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<v Speaker 2>h nine on Wall Street. Time now for the Bloomberg

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<v Speaker 2>Spores update, and here's Dan Schwartzman.

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<v Speaker 1>Dan, Good morning, Good morning, Karen.

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<v Speaker 13>Starting out in Major League Baseball, the Nationals beat the

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<v Speaker 13>Yankees in the rubber game of their three game set,

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<v Speaker 13>six to five. In the Bronx, there's a Red Sox

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<v Speaker 13>dominating the Astros seventeen to one, as Boston set season

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<v Speaker 13>his and runs and hits with twenty four I Meanwhile,

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<v Speaker 13>the a is getting past the White Sox eight to five,

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<v Speaker 13>Orioles knocking off the Blue Jays five to three, while

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<v Speaker 13>the Twins beat the Rangers in a battle of division leaders.

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<v Speaker 10>A drop don't need to lug at it agall when

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<v Speaker 10>he hit the ball into the second.

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<v Speaker 2>Down, which.

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<v Speaker 13>That's courtesy of Valley Sports North Minnesota, outlasting the Rangers

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<v Speaker 13>seven to five to open up a six game lead.

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<v Speaker 13>In the AL Central Angels two way Star Showyo Tommy

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<v Speaker 13>will continue to hit the rest of the year despite

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<v Speaker 13>tearing a ligment in his right elbow that may require

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<v Speaker 13>Tommy John surgery. The front runner for al MVP, will

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<v Speaker 13>not take the mound the rest of the season. The

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<v Speaker 13>twenty nine year old, who will be a free agent

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<v Speaker 13>this offseason, leaves the majors in home runs with forty four,

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<v Speaker 13>while also winning ten games on the mound. One time

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<v Speaker 13>Washington Nationals A Stephen Trosburg has announced his retirement. The

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<v Speaker 13>first overall pick of the two thousand and nine draft,

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<v Speaker 13>signed a seven year, two hundred and forty five million

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<v Speaker 13>dollar contract in December of twenty nineteen, has thrown just

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<v Speaker 13>five hundred and twenty eight pitches since then. The final

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<v Speaker 13>week of the NFL preseason schedule getting underway, with the

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<v Speaker 13>Steelers finishing three to zero after shutting out the Falcons

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<v Speaker 13>twenty four to nothing. In the other game, it was

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<v Speaker 13>a Colts beating Eagles twenty seven oh thirteen. As Indigos

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<v Speaker 13>two have won this preseason. That's your Bloomberg Sports update

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<v Speaker 13>on Dan Schwartzman.

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<v Speaker 4>From coast to coast, from New York to San Francisco,

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<v Speaker 4>Boston to Washington, DC, nationwide on Syrias Exam the Bloomberg

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<v Speaker 4>Business Appen Bloomberg dot Com.

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<v Speaker 3>This is Bloomberg Day Break. Good morning, I'm Nathan Hager.

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<v Speaker 3>It is another remarkable moment in the president shattering political

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<v Speaker 3>career of Donald Trump. The former president has turned himself

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<v Speaker 3>in for the fourth time on criminal charges, this time

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<v Speaker 3>in Fulton County, Georgia, over the effort to overturn the

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<v Speaker 3>twenty twenty election there. But this time Trump's been given

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<v Speaker 3>an inmate number and a mug shot, something we have

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<v Speaker 3>never seen before. And for more on this, we're joined

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<v Speaker 3>by Bloomberg Senior editor Bill Ferries. Bill, good morning. We

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<v Speaker 3>have gotten used to saying that former President Trump breaks norms,

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<v Speaker 3>but you really do have to step back and take

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<v Speaker 3>note of just how norm breaking this is.

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<v Speaker 14>Right, We've never seen anything like this. The President had

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<v Speaker 14>a very brief appearance that this jail in Fulton County, Georgia,

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<v Speaker 14>you know, went in, had the photo taken, left and

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<v Speaker 14>made some remarks at the airport, and flew back to

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<v Speaker 14>his resort in New Jersey. But this is one of

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<v Speaker 14>those things that you have to wonder whether it's going

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<v Speaker 14>to linger in the collective memory, and when we see

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<v Speaker 14>the primaries unfolding, it'll be something that voters will likely

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<v Speaker 14>have in their mind when they go in to decide

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<v Speaker 14>who the Republican challenger to President Joe Biden should be.

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<v Speaker 3>Well, in some ways, it seems as though the former

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<v Speaker 3>president wants this moment to linger in the public memory.

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<v Speaker 3>I mean, it's amazing that he's been off Twitter I

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<v Speaker 3>guess we call it X now for more than a

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<v Speaker 3>year now, and he uses this moment to get back

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<v Speaker 3>on X and post his mugshot.

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<v Speaker 14>Right, you know, so far he really has been made

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<v Speaker 14>of teflon when it comes to these cases against him.

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<v Speaker 14>I think this is the fourth time he's face charges

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<v Speaker 14>and had to go into a courthouse for this kind

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<v Speaker 14>of a thing, and so far it has not dented

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<v Speaker 14>his approval rating within the party really at all. His

0:12:04.360 --> 0:12:08.600
<v Speaker 14>core base of supporters is still there. We saw earlier

0:12:08.640 --> 0:12:12.000
<v Speaker 14>this week he was able to skip the Republican primary

0:12:12.040 --> 0:12:15.720
<v Speaker 14>debate and really not suffer any consequence for it. He

0:12:15.800 --> 0:12:19.240
<v Speaker 14>is he is leading the field by as much as

0:12:19.320 --> 0:12:23.440
<v Speaker 14>forty points in some of these polls, So until there's

0:12:23.520 --> 0:12:26.440
<v Speaker 14>another dynamic in this race, or until one of the

0:12:26.440 --> 0:12:30.160
<v Speaker 14>other candidates is able to show more traction, he is

0:12:30.200 --> 0:12:34.400
<v Speaker 14>able to use these events as basically fundraising opportunities. And

0:12:34.480 --> 0:12:37.320
<v Speaker 14>we know from the campaign filings now that many of

0:12:37.360 --> 0:12:40.120
<v Speaker 14>the funds that he's raising, many of the dollars he's

0:12:40.200 --> 0:12:42.800
<v Speaker 14>raising are actually going to pay the legal team to

0:12:42.840 --> 0:12:44.800
<v Speaker 14>help keep fighting these charges.

0:12:44.920 --> 0:12:47.679
<v Speaker 3>Now, I understand most of this funding as well as

0:12:47.720 --> 0:12:51.080
<v Speaker 3>coming from small dollar donors. You mentioned the fact that

0:12:51.440 --> 0:12:55.440
<v Speaker 3>he hasn't seen much erosion of support from the base.

0:12:55.640 --> 0:12:59.960
<v Speaker 3>What about the more established wings of the Republican Party.

0:13:00.080 --> 0:13:03.800
<v Speaker 3>I mean, even on the debate stage, the candidates were

0:13:03.840 --> 0:13:07.160
<v Speaker 3>asked whether they would support Trump even if he were

0:13:07.200 --> 0:13:10.240
<v Speaker 3>convicted of a crime, and most of them raised their hands.

0:13:11.080 --> 0:13:14.280
<v Speaker 14>Right, You have seen some of really the larger donors

0:13:14.320 --> 0:13:17.600
<v Speaker 14>still kind of holding off, and some who had gone

0:13:17.600 --> 0:13:22.479
<v Speaker 14>in early to support candidates like Florida Governor Ron DeSantis,

0:13:22.480 --> 0:13:26.920
<v Speaker 14>started to withhold their support once they saw DeSantis kind

0:13:26.920 --> 0:13:29.600
<v Speaker 14>of eroding in the polls. And that's really been kind

0:13:29.600 --> 0:13:33.600
<v Speaker 14>of the story of this year. As Donald Trump faces

0:13:34.640 --> 0:13:39.040
<v Speaker 14>increasingly risky legal cases against him, his support has been

0:13:39.080 --> 0:13:41.880
<v Speaker 14>steady or climbed. And while you know, the people who

0:13:41.880 --> 0:13:45.400
<v Speaker 14>have come closest to being the successor to the throne,

0:13:45.480 --> 0:13:48.800
<v Speaker 14>the heir to Trump, the people who are really going

0:13:48.840 --> 0:13:53.360
<v Speaker 14>after that hardcore of MAGA voters, they have largely either

0:13:53.440 --> 0:13:57.439
<v Speaker 14>stayed flat or seen their support decline. So it's been

0:13:57.480 --> 0:14:00.400
<v Speaker 14>an interesting dynamic and a very tough one for those

0:14:00.440 --> 0:14:03.360
<v Speaker 14>who see themselves as President Trump's successor.

0:14:03.559 --> 0:14:06.560
<v Speaker 3>Does it become more difficult for the former president to

0:14:06.640 --> 0:14:10.120
<v Speaker 3>maintain that support. When we do expect that he's going

0:14:10.200 --> 0:14:15.080
<v Speaker 3>to start seeing more and more court appearances alongside the

0:14:15.120 --> 0:14:18.560
<v Speaker 3>campaign calendar. For him, he's going to be juggling a

0:14:18.600 --> 0:14:22.800
<v Speaker 3>lot of different scheduling conflicts. Just to put it in

0:14:23.360 --> 0:14:24.840
<v Speaker 3>really mild terms there.

0:14:25.600 --> 0:14:29.280
<v Speaker 14>Yeah, right now, really he doesn't have to do much campaigning.

0:14:29.360 --> 0:14:33.760
<v Speaker 14>He's the leader in the Republican race. But as you mentioned,

0:14:33.880 --> 0:14:37.280
<v Speaker 14>some of these cases they've been building up all year.

0:14:37.640 --> 0:14:40.240
<v Speaker 14>The court appearances are going to start increasing when we

0:14:40.280 --> 0:14:44.160
<v Speaker 14>get into twenty twenty four. He has a hearing in

0:14:44.560 --> 0:14:46.960
<v Speaker 14>a New York case at the end of March, just

0:14:47.000 --> 0:14:50.720
<v Speaker 14>I think a couple of weeks after the Super Tuesday primary.

0:14:51.520 --> 0:14:54.560
<v Speaker 14>He may even have more cases later this year. That's

0:14:54.560 --> 0:14:57.080
<v Speaker 14>going to start to become a very difficult dynamic. I

0:14:57.120 --> 0:14:59.440
<v Speaker 14>think for the president to manage. He will have to

0:14:59.480 --> 0:15:02.160
<v Speaker 14>be out on the road campaigning, and he's going to

0:15:01.920 --> 0:15:05.520
<v Speaker 14>have to be cutting some of those travels short to

0:15:05.600 --> 0:15:09.440
<v Speaker 14>get back to appear in a courtroom. How that plays

0:15:09.480 --> 0:15:12.960
<v Speaker 14>with the Republican base is really anybody's guests. They've stuck

0:15:13.000 --> 0:15:16.000
<v Speaker 14>stuck with them so far, but it could be kind

0:15:16.040 --> 0:15:19.040
<v Speaker 14>of a strange split screen moment that again we've never

0:15:19.120 --> 0:15:23.040
<v Speaker 14>seen in modern US politics where you know, he's leaving

0:15:23.040 --> 0:15:26.000
<v Speaker 14>the campaign trail to stand in a courtroom and deal

0:15:26.040 --> 0:15:30.200
<v Speaker 14>with some of these cases. That's, you know, we we

0:15:30.280 --> 0:15:33.000
<v Speaker 14>don't know how that will play out and whether also

0:15:33.320 --> 0:15:36.000
<v Speaker 14>some of the other candidates in this race find a

0:15:36.040 --> 0:15:39.680
<v Speaker 14>way to break through and build a little bit more support.

0:15:41.920 --> 0:15:44.800
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