1 00:00:02,240 --> 00:00:05,320 Speaker 1: By from the Bloomberg Interactive Brooker Studios. Is It's Bloomberg 2 00:00:05,360 --> 00:00:09,160 Speaker 1: Day Bright for Thursday, January six two, coming up this hour. 3 00:00:09,400 --> 00:00:12,520 Speaker 1: The selloff continues overseas after the Fed makes a hawk 4 00:00:12,600 --> 00:00:15,800 Speaker 1: Is shift on policy. Bitcoin continues its slide to trade 5 00:00:15,800 --> 00:00:18,880 Speaker 1: at the lowest level since December's flash crash. C DC 6 00:00:19,040 --> 00:00:22,439 Speaker 1: Advisor's issue new guidance on COVID booster shots for teams 7 00:00:22,680 --> 00:00:25,760 Speaker 1: and the pandemic has hospitals facing there were staffing shortage 8 00:00:25,760 --> 00:00:28,480 Speaker 1: in a year. New York City's Health commissioners suggests the 9 00:00:28,520 --> 00:00:31,280 Speaker 1: city hasn't yet hits COVID fat plus. It's the one 10 00:00:31,360 --> 00:00:34,360 Speaker 1: year anniversary of the Capital Ryot on Mike Labar four 11 00:00:34,479 --> 00:00:37,080 Speaker 1: ahead of John Stash Aaron Sports Kyrie Irvu made his 12 00:00:37,159 --> 00:00:39,320 Speaker 1: season debut live and nets to have come from behind 13 00:00:39,360 --> 00:00:41,920 Speaker 1: the win in Indiana St John's when It's bigness open. 14 00:00:44,120 --> 00:00:47,960 Speaker 1: That's all straight ahead on Bloomberg Day Break on Bloomberg 15 00:00:48,000 --> 00:00:52,920 Speaker 1: Elementary on New York, Bloomberg one, Washington, d C, Bloomberg 16 00:00:52,920 --> 00:00:56,680 Speaker 1: one O six one, Boston, Bloomberg nine sixties, San Francisco, 17 00:00:57,040 --> 00:01:00,240 Speaker 1: Sirius x M one nineteen and around the World Old 18 00:01:00,280 --> 00:01:03,760 Speaker 1: on Bloomberg Radio dot com and via the Bloomberg Business Here. 19 00:01:08,160 --> 00:01:11,120 Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow and 20 00:01:11,240 --> 00:01:14,679 Speaker 1: US dot index futures are little change this morning. We're 21 00:01:14,720 --> 00:01:16,200 Speaker 1: coming up to five out one on Wall Street and 22 00:01:16,200 --> 00:01:18,320 Speaker 1: we check the markets every fifteen minutes throughout the trading 23 00:01:18,400 --> 00:01:21,199 Speaker 1: day on Bloomberg. S and P futures are a little change, 24 00:01:21,240 --> 00:01:25,080 Speaker 1: So our down futures. Nasday futures are lower, down thirty five, 25 00:01:25,160 --> 00:01:27,520 Speaker 1: the ten year treasury down five thirty seconds. He at 26 00:01:27,560 --> 00:01:30,200 Speaker 1: one point seven two percent, yield on the two year 27 00:01:30,280 --> 00:01:33,240 Speaker 1: point eight five percent, and I'm x screwed oil is 28 00:01:33,319 --> 00:01:36,000 Speaker 1: up three tenths of a percent. Nathan, Karen. Let's look 29 00:01:36,040 --> 00:01:38,120 Speaker 1: at yesterday sell off on Wall Street, which saw the 30 00:01:38,200 --> 00:01:41,839 Speaker 1: nasdack drop three point three percent. The decline came after 31 00:01:41,880 --> 00:01:45,120 Speaker 1: the Federal Reserve signal to more aggressive timeline for interest 32 00:01:45,200 --> 00:01:48,600 Speaker 1: rate hikes. Brian Levitt is a global strategist at Investco. 33 00:01:49,080 --> 00:01:52,240 Speaker 1: The early stages of a tightening cycle, and as we know, 34 00:01:52,400 --> 00:01:55,080 Speaker 1: it's usually not the first rate hike that matters, it's 35 00:01:55,160 --> 00:01:58,480 Speaker 1: usually the last one. And even though we're dealing with 36 00:01:58,520 --> 00:02:01,360 Speaker 1: this today, as we often do, when we start to 37 00:02:01,360 --> 00:02:04,000 Speaker 1: see signs for the first move. I still think we're 38 00:02:04,040 --> 00:02:06,320 Speaker 1: a long ways away from nat West rate hip that 39 00:02:06,440 --> 00:02:09,880 Speaker 1: ends the cycle. Investco Global strategist Brian Levitt says he 40 00:02:09,919 --> 00:02:12,760 Speaker 1: sees this sell off as a buying opportunity. Tenure treasury 41 00:02:12,840 --> 00:02:15,160 Speaker 1: yields this morning or trading at their highest level since 42 00:02:15,240 --> 00:02:18,320 Speaker 1: April and Nathan the text sell off continued in Asia 43 00:02:18,440 --> 00:02:21,840 Speaker 1: over night. Japan led the decline as then nick sled 44 00:02:21,880 --> 00:02:25,000 Speaker 1: two point eight percent. Let's get the details from Bloomberg's 45 00:02:25,080 --> 00:02:28,560 Speaker 1: Juliette Sally and Singapore. Good morning, Juliette, Good morning, Karen. 46 00:02:28,600 --> 00:02:30,680 Speaker 1: The m s c I Asia Pacific Index fell for 47 00:02:30,760 --> 00:02:33,000 Speaker 1: a third session in full, with the gauge of tech 48 00:02:33,000 --> 00:02:36,000 Speaker 1: shares among the worst performing. The hang SENGG Tech index 49 00:02:36,040 --> 00:02:39,480 Speaker 1: fell for a fourth day. Yield spiked, with Japan's tenure 50 00:02:39,480 --> 00:02:42,560 Speaker 1: at its highest since April. Japanese equity suffered their worst 51 00:02:42,600 --> 00:02:45,320 Speaker 1: day since June, while Australia's market had its worst day 52 00:02:45,320 --> 00:02:48,280 Speaker 1: in eleven months and Hong Kong reopening stocks were here 53 00:02:48,400 --> 00:02:51,160 Speaker 1: as the city imposed tighter restrictions for the first time 54 00:02:51,160 --> 00:02:54,920 Speaker 1: in almost a year. In Singapore, Juliet Sally Bloomberg daybreak 55 00:02:55,000 --> 00:02:57,640 Speaker 1: all right, Juliette. Thank you. We're also watching bitcoin trade 56 00:02:57,639 --> 00:03:00,880 Speaker 1: at its lowest level since December's flash crash. Right now, 57 00:03:00,880 --> 00:03:04,079 Speaker 1: it's at forty two thousand, six hundred forty dollars. Let's 58 00:03:04,080 --> 00:03:07,040 Speaker 1: get the latest from Bloomberg's Nita Young. Rinita Nathan the 59 00:03:07,040 --> 00:03:09,880 Speaker 1: fifth hawk is tilt saw Bitcoin fall by about thirty 60 00:03:09,880 --> 00:03:13,640 Speaker 1: five hundred dollars. Other cryptals like Ether and finance coin 61 00:03:13,760 --> 00:03:17,840 Speaker 1: also slumped to lowe's not seen since October. Bitcoins climb 62 00:03:17,919 --> 00:03:21,720 Speaker 1: over the past few years coincided with strong stimulus measures 63 00:03:21,720 --> 00:03:24,160 Speaker 1: by the FIT. Now the question is how will it 64 00:03:24,240 --> 00:03:27,639 Speaker 1: react as the central bank pulls back on accommodation. Since 65 00:03:27,680 --> 00:03:30,639 Speaker 1: it's all time high in November, bitcoin is down about 66 00:03:30,639 --> 00:03:35,800 Speaker 1: twenty Nita Young, Bloomberg Daybreak, Thanks Rinita. Turning to the pandemic. Now, 67 00:03:35,920 --> 00:03:38,120 Speaker 1: we have a new recommendation on booster shots are in 68 00:03:38,120 --> 00:03:42,080 Speaker 1: the CDC Agency advisors say vaccinated team should now get 69 00:03:42,120 --> 00:03:45,240 Speaker 1: a third do sudvisor's shot, and Bloomberg said Baxter has 70 00:03:45,240 --> 00:03:47,880 Speaker 1: the story. The panel says it's important for twelve to 71 00:03:47,960 --> 00:03:50,640 Speaker 1: seventeen year olds to get vaccinated to keep schools open. 72 00:03:51,080 --> 00:03:53,960 Speaker 1: This has twelve to fifteen year olds to the advisory 73 00:03:54,000 --> 00:03:57,720 Speaker 1: already in place. Dr Rochelle Lensky has final say, but 74 00:03:57,880 --> 00:04:00,120 Speaker 1: has said that it's important to try and cut the 75 00:04:00,120 --> 00:04:02,920 Speaker 1: severity of all macrod and she says the spread of 76 00:04:02,920 --> 00:04:05,480 Speaker 1: A macron has gone up in a straight line. Based 77 00:04:05,480 --> 00:04:09,080 Speaker 1: on CDC genomic sequencing, we now estimate that O macron 78 00:04:09,200 --> 00:04:13,600 Speaker 1: represents about percent of cases in the country. Says it's 79 00:04:13,640 --> 00:04:18,120 Speaker 1: important for teens to get boosted. In San Francisco, I'm 80 00:04:18,120 --> 00:04:20,960 Speaker 1: at Baxter Bloomberg Daybreak. Thanks, and we continue to see 81 00:04:20,960 --> 00:04:23,600 Speaker 1: the impact of O macron on the healthcare system. US 82 00:04:23,720 --> 00:04:26,600 Speaker 1: hospitals are facing their worst staffing shortage in a year. 83 00:04:26,720 --> 00:04:29,039 Speaker 1: According to the Department of Health and Human Services data, 84 00:04:29,080 --> 00:04:32,800 Speaker 1: about twenty percent of hospitals report critical staffing levels. That's 85 00:04:32,800 --> 00:04:37,840 Speaker 1: the most since December. Meantime, tennis star Novak Djokovic is 86 00:04:37,880 --> 00:04:41,000 Speaker 1: making waves off the court. His chance to play for 87 00:04:41,080 --> 00:04:44,120 Speaker 1: a tenth Australian Open title is in limbo. The country 88 00:04:44,160 --> 00:04:46,760 Speaker 1: denied him entry and canceled his visa because he failed 89 00:04:46,800 --> 00:04:50,680 Speaker 1: to meet requirements for an exemption to COVID vaccination rules. 90 00:04:50,720 --> 00:04:54,279 Speaker 1: And Scott Morrison is the Prime Minister of Australia rules 91 00:04:55,040 --> 00:04:58,280 Speaker 1: rules and there are no special cases entry with a 92 00:04:58,440 --> 00:05:03,600 Speaker 1: visa requires double vaccination or I medical exemption. I'm advised 93 00:05:03,760 --> 00:05:06,520 Speaker 1: that such an exemption was not in place and as 94 00:05:06,520 --> 00:05:09,120 Speaker 1: a result he is subject to the sign rule as 95 00:05:09,200 --> 00:05:13,680 Speaker 1: anyone else. Australian Prime Minister Scott Morrison denies any suggestion 96 00:05:13,720 --> 00:05:17,200 Speaker 1: that Djokovic is being singled out. Well the pandemics effect 97 00:05:17,200 --> 00:05:19,480 Speaker 1: on the labor markets and focus as well, Karen. We're 98 00:05:19,480 --> 00:05:22,640 Speaker 1: gonna get data on jobless claims plus trade and services 99 00:05:22,680 --> 00:05:26,480 Speaker 1: activity this morning. Bloomberg's Viney del Judas reports economists a 100 00:05:26,560 --> 00:05:30,159 Speaker 1: weekly jobless claims will probably halt their half century lows 101 00:05:30,160 --> 00:05:33,320 Speaker 1: as employers filled record job openings. The labor market has 102 00:05:33,360 --> 00:05:38,080 Speaker 1: scored a solid recovery since the pandemic crash. Meantime, November's 103 00:05:38,120 --> 00:05:42,559 Speaker 1: trade Davis could tire record as domestic demand rebounds. Also today, 104 00:05:42,680 --> 00:05:45,839 Speaker 1: data on America's service industry should signal growth, though not 105 00:05:45,920 --> 00:05:48,479 Speaker 1: as robust as November, when the I s M Non 106 00:05:48,520 --> 00:05:53,119 Speaker 1: Manufacturing index set a record. Finny Judai Sploomberg Day Break, Finny, 107 00:05:53,200 --> 00:05:55,720 Speaker 1: thank you, Fed Policy front and center. But there's also 108 00:05:55,800 --> 00:05:58,440 Speaker 1: other news on the Central Bank. Sources tell us President 109 00:05:58,480 --> 00:06:01,800 Speaker 1: Biden could pick former Governor Sarah bloom Rashkin for the 110 00:06:01,880 --> 00:06:05,760 Speaker 1: Central Banks top regulatory post became more from Bloombergh Sterley Pillet. 111 00:06:06,240 --> 00:06:09,800 Speaker 1: It's a move that would please senators demanding swift action 112 00:06:09,920 --> 00:06:13,280 Speaker 1: on climate change. Senator Sheldon white House, who has been 113 00:06:13,320 --> 00:06:16,640 Speaker 1: active on the climate issue, tweeted that a Raskin nomination 114 00:06:16,720 --> 00:06:19,559 Speaker 1: as the FEDS Vice Chair for Supervision would be quote 115 00:06:19,760 --> 00:06:23,440 Speaker 1: good news. The Rhode Island Democrats says Raskin really gets 116 00:06:23,480 --> 00:06:27,080 Speaker 1: it on climate, and Senator Ben Cardon of Maryland predicts 117 00:06:27,160 --> 00:06:31,320 Speaker 1: Raskin will be easily confirmed in New York. Charlie Peate 118 00:06:31,360 --> 00:06:33,920 Speaker 1: Bloomberg day Break, Thanks Charlie, and speaking of climate, we 119 00:06:33,960 --> 00:06:36,400 Speaker 1: have a new entry into the electric vehicle market. General 120 00:06:36,480 --> 00:06:40,080 Speaker 1: Motors is introducing a battery powered pickup truck. CEO Mary 121 00:06:40,160 --> 00:06:43,320 Speaker 1: Barra showed off the new Chevrolet Silverado at CES in 122 00:06:43,480 --> 00:06:46,440 Speaker 1: Las Vegas. Meantime, when it comes to the overall industry, 123 00:06:46,480 --> 00:06:49,679 Speaker 1: Bara says, the chip shortage is easy but still isn't resolved. 124 00:06:49,920 --> 00:06:52,440 Speaker 1: I would say every quarter it gets a little bit better, 125 00:06:52,680 --> 00:06:57,120 Speaker 1: and so we're seeing a better Q one than Q four, 126 00:06:57,240 --> 00:06:59,040 Speaker 1: but we still think it's going to linger into the 127 00:06:59,120 --> 00:07:01,520 Speaker 1: first half of this year, and we should be farther 128 00:07:01,640 --> 00:07:03,080 Speaker 1: out of it by the end of this year, but 129 00:07:03,200 --> 00:07:06,000 Speaker 1: we're not through it yet. G M CEO Mary Barra 130 00:07:06,080 --> 00:07:08,640 Speaker 1: made those comments in an interview with Bloomberg's David Weston. 131 00:07:08,680 --> 00:07:12,160 Speaker 1: You can catch the full conversation at bloomberg dot com. 132 00:07:12,880 --> 00:07:15,880 Speaker 1: Futures holding study at the moment. Straight ahead your latest 133 00:07:15,960 --> 00:07:19,240 Speaker 1: local headlines in the check of sports. This is Bloomberg 134 00:07:23,600 --> 00:07:25,440 Speaker 1: and it's five oh seven on Wall Street. We've got 135 00:07:25,480 --> 00:07:28,960 Speaker 1: an accident investigation into Jericho Turnpike by Herrick's Road in 136 00:07:29,040 --> 00:07:31,880 Speaker 1: Nasau County. Details coming up shortly from Peter Van. First 137 00:07:32,000 --> 00:07:33,920 Speaker 1: Michael Barr with more on what's going on in New 138 00:07:33,960 --> 00:07:36,200 Speaker 1: York and around the world the morning, Michael, Good morning, 139 00:07:36,280 --> 00:07:38,480 Speaker 1: nain Than. Americans are preparing to day to mark of 140 00:07:38,520 --> 00:07:41,920 Speaker 1: one year anniversary of the Capitol riot. President Joe Biden 141 00:07:41,960 --> 00:07:46,200 Speaker 1: plans to speak about unity to a politically fractured nation. Yesterday, 142 00:07:46,320 --> 00:07:50,080 Speaker 1: US Attorney General Merrick Garland spoke about the attack. Whether 143 00:07:50,160 --> 00:07:54,640 Speaker 1: they were present that day or were otherwise criminally responsible 144 00:07:54,760 --> 00:07:58,800 Speaker 1: for the assault on our democracy, we will follow the 145 00:07:59,000 --> 00:08:04,200 Speaker 1: facts wherever they lead. Carland says more than seven people 146 00:08:04,280 --> 00:08:06,840 Speaker 1: have been arrested for their roles in the Capital attack 147 00:08:07,280 --> 00:08:10,120 Speaker 1: the Try State area. It's preparing for a new wave 148 00:08:10,240 --> 00:08:13,440 Speaker 1: of winter weather. Bloomberg met a religious Rob Caroline has 149 00:08:13,480 --> 00:08:16,480 Speaker 1: the latest, Michael. The National Weather Services put a winter 150 00:08:16,640 --> 00:08:19,120 Speaker 1: weather advisory and effect for the Tristate area from midnight 151 00:08:19,200 --> 00:08:21,960 Speaker 1: tonight through noon tomorrow. Storm system passing south of the 152 00:08:22,000 --> 00:08:24,800 Speaker 1: region will produced snow around midnight tonight, should end by 153 00:08:24,880 --> 00:08:27,400 Speaker 1: midday tomorrow. Tracks still a little bit up in the air, 154 00:08:27,520 --> 00:08:29,200 Speaker 1: as is the strength, so right now it looks like 155 00:08:29,240 --> 00:08:31,000 Speaker 1: at least a couple of inches as possible for the 156 00:08:31,040 --> 00:08:33,800 Speaker 1: Tri State area. Will probably be refining the numbers over 157 00:08:33,800 --> 00:08:35,360 Speaker 1: the next twenty four hours, but I could see at 158 00:08:35,440 --> 00:08:37,920 Speaker 1: least one to three inches across the city, maybe a 159 00:08:37,960 --> 00:08:40,840 Speaker 1: little bit more north and west of town. Michael, Thank you, Rob. 160 00:08:40,960 --> 00:08:44,600 Speaker 1: New York City Health Commissioner Dave Chotsky said the COVID 161 00:08:44,760 --> 00:08:48,480 Speaker 1: data suggests the city hasn't yet hit a peak in 162 00:08:48,600 --> 00:08:52,360 Speaker 1: the omicron fueled spike of corunavirus cases in recent weeks. 163 00:08:52,760 --> 00:08:56,240 Speaker 1: Chotsky says cases are still increasing because we are seeing 164 00:08:56,440 --> 00:08:59,839 Speaker 1: unprecedented case counts during this amicron wave, as you know, 165 00:09:00,559 --> 00:09:04,400 Speaker 1: over thirty cases a day on the seven day average, 166 00:09:04,600 --> 00:09:08,040 Speaker 1: and we are seeing the impact in our hospitals. Dr 167 00:09:08,120 --> 00:09:11,559 Speaker 1: Chotsky encouraged New Yorkers to continue getting booster shots and 168 00:09:11,760 --> 00:09:15,280 Speaker 1: wear masks. New York Governor Kathy HOCl gave her first 169 00:09:15,320 --> 00:09:18,600 Speaker 1: State of the State address. Her plans put health at 170 00:09:18,640 --> 00:09:21,480 Speaker 1: the top of the to do list, including a ten 171 00:09:21,600 --> 00:09:25,480 Speaker 1: billion dollar increase for the medical workforce. A once in 172 00:09:25,520 --> 00:09:30,599 Speaker 1: a lifetime pandemic demands once in a lifetime response, and 173 00:09:30,800 --> 00:09:34,000 Speaker 1: that's why I'm setting an ambitious goal to grow our 174 00:09:34,120 --> 00:09:39,240 Speaker 1: healthcare workforce by over the next five years. Governor HOCl 175 00:09:39,280 --> 00:09:42,520 Speaker 1: also called for investments in housing and renewable energy. The 176 00:09:42,640 --> 00:09:46,000 Speaker 1: judge in Galaane Maxwell sex trafficking trial ass prosecutors and 177 00:09:46,080 --> 00:09:48,760 Speaker 1: defense lawyers the briefer on whether a new trial is 178 00:09:48,840 --> 00:09:53,040 Speaker 1: needed over media comments made by a juror. Maxwell's lawyers 179 00:09:53,160 --> 00:09:55,240 Speaker 1: told the judge that they would seek a new trial 180 00:09:55,320 --> 00:09:59,520 Speaker 1: because the juror failed to disclose a possible bias against Maxwell. 181 00:10:00,000 --> 00:10:01,679 Speaker 1: Will needs twenty four hours a day only here and 182 00:10:01,800 --> 00:10:03,840 Speaker 1: on Bloomberg Quick Today Power about more than twenty seven 183 00:10:03,920 --> 00:10:06,440 Speaker 1: hundred journalists and analysts, more than a hundred twenty countries 184 00:10:06,480 --> 00:10:08,680 Speaker 1: and Michael bar this is Bloomberg NA. Thank you, Michael. 185 00:10:13,000 --> 00:10:14,800 Speaker 1: If I sent on Wall Street time for the Bloomberg 186 00:10:14,840 --> 00:10:17,360 Speaker 1: Sports that taking morning John Sanshowen, Good morning Nathan. There's 187 00:10:17,360 --> 00:10:19,840 Speaker 1: been a lot of questions about Kyrie Irving, like why 188 00:10:19,960 --> 00:10:22,800 Speaker 1: he's refused to get the vaccine even with the mandate 189 00:10:22,880 --> 00:10:25,599 Speaker 1: in New York. There's never been any question about his 190 00:10:25,720 --> 00:10:28,280 Speaker 1: ability to play basketball. So there was Kyrie last night 191 00:10:28,320 --> 00:10:30,559 Speaker 1: at indianamaking his season debut for the Nets. The team 192 00:10:30,600 --> 00:10:33,520 Speaker 1: had originally said they didn't want them at all, that 193 00:10:33,720 --> 00:10:35,560 Speaker 1: was gonna be only for games on the road. They 194 00:10:35,760 --> 00:10:39,000 Speaker 1: changed their mind, and Kyrie s for twenty two points 195 00:10:39,040 --> 00:10:41,640 Speaker 1: in thirty two minutes, held Brooklyn to have come from 196 00:10:41,640 --> 00:10:48,280 Speaker 1: behind one victory. So nervous, U naturally, you know, as 197 00:10:48,320 --> 00:10:51,400 Speaker 1: a performer, I still get nervous. But that first shot 198 00:10:51,520 --> 00:10:54,080 Speaker 1: was like and I wanted to go in and then um, 199 00:10:54,160 --> 00:10:58,240 Speaker 1: I settled down closer to the second half. You know what, 200 00:10:58,360 --> 00:11:01,880 Speaker 1: once I came back out and I just whatever, I'm 201 00:11:01,880 --> 00:11:05,120 Speaker 1: just gonna do. I know, everyone's Devin Duran is always 202 00:11:05,120 --> 00:11:07,160 Speaker 1: a big part of the win. Katie scored thirty nine 203 00:11:07,280 --> 00:11:09,840 Speaker 1: nets end of the three game losing Street Nixon Celtics 204 00:11:09,880 --> 00:11:11,400 Speaker 1: tonight at the Garden start of a home at home 205 00:11:11,440 --> 00:11:14,480 Speaker 1: They'll play Saturday in Boston. Red Out Rangers skate tonight 206 00:11:14,559 --> 00:11:18,160 Speaker 1: in Vegas. St. John's first games ince December eighteen. After 207 00:11:18,360 --> 00:11:21,400 Speaker 1: four postponements, Red Storm finally had their Big East opener 208 00:11:21,400 --> 00:11:24,880 Speaker 1: and award a game for Julian Tim Pagny thirty four points, 209 00:11:24,920 --> 00:11:29,320 Speaker 1: sixteen rebound. St. John's Vite de Paul four. Syricus lost 210 00:11:29,360 --> 00:11:32,319 Speaker 1: by one at Miami. Villanova won by thirty four over 211 00:11:32,440 --> 00:11:34,959 Speaker 1: Creighton and Sonio. Brown says he had an m r 212 00:11:35,040 --> 00:11:37,560 Speaker 1: I done on his ankle and it confirms he has 213 00:11:37,600 --> 00:11:40,480 Speaker 1: an injury that prevented him from playing last Sunday. His 214 00:11:40,559 --> 00:11:43,439 Speaker 1: Tamba Bay coach Bruce Arians, wanted him to play, They argued, 215 00:11:43,760 --> 00:11:46,800 Speaker 1: Brown then took off his jersey and left MetLife Stadium. 216 00:11:46,800 --> 00:11:49,040 Speaker 1: Arians then said browns no longer with the team, but 217 00:11:49,160 --> 00:11:51,640 Speaker 1: the Bucks have still not released him. John stash Etward 218 00:11:51,640 --> 00:11:55,040 Speaker 1: Bloomberg Sports Stapen, John thanks sessp Futures right now up 219 00:11:55,080 --> 00:11:58,080 Speaker 1: a point, Death Futures up forty six, Sect Futures down 220 00:11:58,520 --> 00:12:02,559 Speaker 1: fourteen points tenor Trey yield one point seven. This is 221 00:12:02,600 --> 00:12:09,960 Speaker 1: Bloomberg Bloomberg eleven three oh Weather under winter weather advisory 222 00:12:10,000 --> 00:12:11,480 Speaker 1: on the mix of sun and clouds today with a 223 00:12:11,520 --> 00:12:14,440 Speaker 1: hindheer forty degrees, one to three inches of snow possible 224 00:12:14,520 --> 00:12:17,960 Speaker 1: early tomorrow, hides in the low thirties into Saturday. Currently 225 00:12:18,080 --> 00:12:24,760 Speaker 1: thirty nine in Central Park Markets. Headlines and breaking news 226 00:12:24,920 --> 00:12:27,480 Speaker 1: twenty four hours a day at Bloomberg dot Com, the 227 00:12:27,559 --> 00:12:31,079 Speaker 1: Bloomberg Business at and at Bloomberg Quick Tape. He's a 228 00:12:31,120 --> 00:12:40,280 Speaker 1: Bloomberg Business lash and I'm Karen Moscow. Seeing a little 229 00:12:40,320 --> 00:12:43,840 Speaker 1: improvement in futures this morning. Nowesday future is still lower, 230 00:12:43,960 --> 00:12:48,240 Speaker 1: but trimming declines down about thirteen points. SMP futures little changed, 231 00:12:48,320 --> 00:12:50,880 Speaker 1: and DOWN futures are up forty one now. The decks 232 00:12:50,920 --> 00:12:53,480 Speaker 1: in Germany is down about one percent, the ten year 233 00:12:53,520 --> 00:12:56,600 Speaker 1: treasury down seven thirty seconds, YELD one point seven three percent. 234 00:12:56,679 --> 00:12:58,840 Speaker 1: They yield on the two year point eight five percent. 235 00:12:59,280 --> 00:13:01,120 Speaker 1: Nine X screw to ails up six tenths per cent, 236 00:13:01,240 --> 00:13:03,559 Speaker 1: or forty four cents at seventy eight dollarsty one cents 237 00:13:03,600 --> 00:13:06,280 Speaker 1: a barrel comic school down one point seven percent on 238 00:13:06,400 --> 00:13:09,120 Speaker 1: thirty dollars nineties cents at seventeen ninety four and ounce. 239 00:13:09,520 --> 00:13:12,679 Speaker 1: The euro one point one three one eight against the dollar. 240 00:13:12,720 --> 00:13:15,720 Speaker 1: British found one point three five to seven and against 241 00:13:15,720 --> 00:13:18,559 Speaker 1: at one fifteen point eight seven and big point this morning, 242 00:13:18,600 --> 00:13:22,000 Speaker 1: moving lower at forty two thousand, seven hundred dollars as 243 00:13:22,040 --> 00:13:25,240 Speaker 1: a Bloomberg business flashow, here's nuchle bar laclore unless going 244 00:13:25,280 --> 00:13:27,839 Speaker 1: on around the world bubble, Good morning, Good morning, Karen. 245 00:13:27,920 --> 00:13:32,480 Speaker 1: Chicago public schools classes are canceled again today after the 246 00:13:32,559 --> 00:13:36,199 Speaker 1: teachers union and CPS officials failed to reach deal. The 247 00:13:36,360 --> 00:13:39,600 Speaker 1: union voted to switch to remote learning until January eighteenth 248 00:13:39,760 --> 00:13:43,560 Speaker 1: due to COVID, but city officials maintain in person learning 249 00:13:43,640 --> 00:13:47,720 Speaker 1: remains essential to student success. Russia pledged to send troops 250 00:13:47,760 --> 00:13:51,880 Speaker 1: to quell deadly protests in Kazakhstan. Police say dozens of 251 00:13:51,960 --> 00:13:55,520 Speaker 1: anti government protesters were killed by security forces and officers 252 00:13:55,559 --> 00:13:59,200 Speaker 1: were killed after Kazakhstan's president ordered an operation to put 253 00:13:59,280 --> 00:14:03,320 Speaker 1: down the demonst rations. Australian Open champion Novak Djokovic has 254 00:14:03,360 --> 00:14:07,599 Speaker 1: been denied entry into Australia. Federal officials over ruled the 255 00:14:07,640 --> 00:14:10,599 Speaker 1: state vaccine exemption for the tennis star that sparked a 256 00:14:10,679 --> 00:14:14,520 Speaker 1: national uproar. In the NBA, Kyrie Irving made his return 257 00:14:14,600 --> 00:14:19,040 Speaker 1: as the Nets down the Pacers, the Celtics, Wizards and 258 00:14:19,120 --> 00:14:22,280 Speaker 1: Warriors all lost global news twenty four hours a day 259 00:14:22,320 --> 00:14:24,880 Speaker 1: on here and on Bloomberg Quick Tank, powered by more 260 00:14:24,960 --> 00:14:27,360 Speaker 1: than twenty seven hundred journalists and analysts more than a 261 00:14:27,560 --> 00:14:31,680 Speaker 1: d twenty countries. Michael Barr, this is Bloomberg Naked. Michael, 262 00:14:31,720 --> 00:14:33,880 Speaker 1: thank you. It's five nineteen on Wall Street, Live from 263 00:14:33,880 --> 00:14:37,000 Speaker 1: the Bloomberg Interactor Broker Studios. This is Bloomberg Daybreak. On 264 00:14:37,080 --> 00:14:41,160 Speaker 1: this January six, a year to the day of a 265 00:14:41,360 --> 00:14:46,320 Speaker 1: dark moment in this country, the Deadly Capital Insurrection. One 266 00:14:46,440 --> 00:14:50,560 Speaker 1: year ago today, President Biden plans to mark this anniversary 267 00:14:51,000 --> 00:14:53,800 Speaker 1: with a new push for voting rights and a blistering 268 00:14:53,880 --> 00:14:57,360 Speaker 1: critique a former President Donald Trump. For more, we're joined 269 00:14:57,400 --> 00:15:02,120 Speaker 1: by Greg Valier, chief US policy strategist at a GF Investments. Greg, 270 00:15:02,440 --> 00:15:05,800 Speaker 1: thanks for being with us on this morning as we 271 00:15:05,920 --> 00:15:09,360 Speaker 1: reflect on what was a very dark day for this country. 272 00:15:09,480 --> 00:15:13,400 Speaker 1: The polarization doesn't seem to have gone away over the 273 00:15:13,520 --> 00:15:19,400 Speaker 1: last year. Has anything changed since January six? Well, regrettably, Nathan, No, 274 00:15:19,680 --> 00:15:22,480 Speaker 1: I don't think a lot of change. Trump still has 275 00:15:22,560 --> 00:15:26,360 Speaker 1: tremendous support within his own party. He gets to choose 276 00:15:26,480 --> 00:15:29,480 Speaker 1: who are the nominees, and a lot of key races. 277 00:15:30,360 --> 00:15:35,160 Speaker 1: I do think this committee investigating the riot may come 278 00:15:35,280 --> 00:15:38,240 Speaker 1: up with some proposals like changing the electoral vote come 279 00:15:38,960 --> 00:15:43,240 Speaker 1: maybe even referring this to the Justice Department for prosecution. 280 00:15:43,840 --> 00:15:46,960 Speaker 1: But at the same time, I don't think that there 281 00:15:46,960 --> 00:15:49,920 Speaker 1: will be dramatic changes coming out of this very ugly, 282 00:15:50,280 --> 00:15:54,160 Speaker 1: ugly day. From what we understand from the White House, 283 00:15:54,200 --> 00:15:57,360 Speaker 1: President Biden, when he speaks later this morning from the 284 00:15:57,520 --> 00:16:01,080 Speaker 1: US Capital, is going to point the finger at former 285 00:16:01,120 --> 00:16:06,960 Speaker 1: President Trump, calling him singularly responsible for what happened on 286 00:16:07,240 --> 00:16:12,080 Speaker 1: January six. Why could a pivot back to focusing on 287 00:16:12,240 --> 00:16:17,120 Speaker 1: former President Trump mean for this current presidency. Well, this 288 00:16:17,280 --> 00:16:20,560 Speaker 1: current president is in real trouble, probably going to lose 289 00:16:20,640 --> 00:16:24,200 Speaker 1: the House in the fall, under fire for his handling 290 00:16:24,360 --> 00:16:29,840 Speaker 1: of a very confusing rhetoric on COVID, under fire for inflation, 291 00:16:30,440 --> 00:16:33,880 Speaker 1: under fire for immigration, urban crime, you name it. So 292 00:16:34,640 --> 00:16:38,440 Speaker 1: the Democrats need, I think, something to rally around. And 293 00:16:38,680 --> 00:16:42,600 Speaker 1: there is that three hour period Nathan, during the riot 294 00:16:42,680 --> 00:16:47,360 Speaker 1: where Donald Trump apparently just watched television happily looking at 295 00:16:47,400 --> 00:16:50,280 Speaker 1: the rioters, thinking that maybe there was still a chance 296 00:16:50,360 --> 00:16:53,720 Speaker 1: he could retain the presidency. There's a lot of emails 297 00:16:53,760 --> 00:16:57,320 Speaker 1: that would confirm that, and I think that the Democrats 298 00:16:57,440 --> 00:17:00,800 Speaker 1: will will try to get those popular sized and of 299 00:17:00,920 --> 00:17:03,000 Speaker 1: course that points back to the work that's happening with 300 00:17:03,080 --> 00:17:06,200 Speaker 1: the January sixth Committee. You mentioned the possibility of more 301 00:17:06,359 --> 00:17:09,200 Speaker 1: criminal referrals. Do you think that that really could go 302 00:17:09,480 --> 00:17:13,959 Speaker 1: as far up as former President Trump himself potentially facing 303 00:17:13,960 --> 00:17:18,320 Speaker 1: at least the possibility of criminal prosecution. Yes, I do, 304 00:17:19,000 --> 00:17:21,919 Speaker 1: and I think that even if that doesn't happen, Nathan, 305 00:17:22,320 --> 00:17:25,959 Speaker 1: there's a tidal wave of litigation coming at Trump now. 306 00:17:26,080 --> 00:17:29,320 Speaker 1: His specialty is delaying and delaying and delaying, and it 307 00:17:29,440 --> 00:17:31,560 Speaker 1: may not affect him right away, but I think this 308 00:17:32,080 --> 00:17:36,800 Speaker 1: crush of litigation is making some Republicans, not the majority, 309 00:17:36,880 --> 00:17:40,119 Speaker 1: but some Republican moderates think that Trump could be more 310 00:17:40,200 --> 00:17:42,680 Speaker 1: troubled than he's worth in the next couple of years. 311 00:17:43,160 --> 00:17:45,399 Speaker 1: But that at the same time, as you mentioned, former 312 00:17:45,440 --> 00:17:49,399 Speaker 1: President Trump does still have this hold on the Republican 313 00:17:49,520 --> 00:17:53,840 Speaker 1: Party as it stands now. Do you expect that to continue? 314 00:17:54,440 --> 00:18:00,600 Speaker 1: What even with the possibility of potential criminal action against Well, 315 00:18:00,720 --> 00:18:02,680 Speaker 1: he's raising a ton of money. Good story in the 316 00:18:02,720 --> 00:18:05,920 Speaker 1: New York Times yesterday about his fundraising and about a 317 00:18:06,000 --> 00:18:09,800 Speaker 1: big rally he plans for February twenty three at Mara Lago. 318 00:18:10,160 --> 00:18:14,280 Speaker 1: So he's aggressively running, and while he does, I think 319 00:18:14,440 --> 00:18:19,639 Speaker 1: most Republican contenders for the presidency in are going to 320 00:18:19,720 --> 00:18:24,679 Speaker 1: be frozen unwilling to take him on now last minute here, Greg, 321 00:18:24,920 --> 00:18:28,360 Speaker 1: we're expecting that there's going to be a lot more 322 00:18:28,440 --> 00:18:32,200 Speaker 1: focused now on voting rights legislation, tying what happened on 323 00:18:32,320 --> 00:18:36,159 Speaker 1: January six to a push for voting rights reform at 324 00:18:36,200 --> 00:18:38,840 Speaker 1: the federal level. Do you see momentum for that? What 325 00:18:38,960 --> 00:18:43,120 Speaker 1: could it mean for the rest of President Biden's domestic agenda, 326 00:18:43,200 --> 00:18:47,840 Speaker 1: particularly the economic side. Well, Frankly, I don't get Chuck 327 00:18:47,920 --> 00:18:49,760 Speaker 1: Schumer saying that he's going to vote on this. He 328 00:18:49,800 --> 00:18:53,320 Speaker 1: doesn't have the votes to change to have voting reform 329 00:18:53,800 --> 00:18:57,400 Speaker 1: that ironically would get filibustered, So I don't think he's 330 00:18:57,400 --> 00:19:01,480 Speaker 1: going to succeed there. There could be a renewed effort 331 00:19:01,560 --> 00:19:05,680 Speaker 1: for more fiscal spending coming out of the variant, and 332 00:19:06,040 --> 00:19:07,720 Speaker 1: I think in the next few days one of the 333 00:19:07,800 --> 00:19:10,879 Speaker 1: intriguing stories will be whether the Democrats come up with 334 00:19:10,960 --> 00:19:15,440 Speaker 1: still another bill that would spend more for for restaurants, hotels, 335 00:19:15,880 --> 00:19:19,720 Speaker 1: and maybe even include a child tax credit. Yeah, talking 336 00:19:19,760 --> 00:19:25,280 Speaker 1: about the possibility of yet more coronavirus related stimulus. On 337 00:19:25,359 --> 00:19:28,320 Speaker 1: the business side, Greg Valiere as always good to have 338 00:19:28,480 --> 00:19:32,240 Speaker 1: your insights, particularly on a day like this. Greg Valier's 339 00:19:32,320 --> 00:19:36,880 Speaker 1: chief US policy strategist at a GF Investments. Looking ahead 340 00:19:36,920 --> 00:19:39,600 Speaker 1: to the market open um, starting to see a pickup 341 00:19:39,640 --> 00:19:43,080 Speaker 1: in futures now with SMP futures up five points, doubt 342 00:19:43,119 --> 00:19:47,159 Speaker 1: futures up seventy NASTAC futures giving back quite a few 343 00:19:47,200 --> 00:19:50,200 Speaker 1: of their losses. They're down now only four points in 344 00:19:50,240 --> 00:19:53,000 Speaker 1: the tenure treasury yield one point seven three per cent. 345 00:19:53,960 --> 00:19:55,920 Speaker 1: Just to add more on the sharp market reactions of 346 00:19:55,960 --> 00:19:59,440 Speaker 1: the Fed minutes and teams, a step posted of fiser boosters. 347 00:20:00,000 --> 00:20:01,880 Speaker 1: As we check your top stories of the morning here 348 00:20:02,400 --> 00:20:09,040 Speaker 1: on Bloomberg day Break Bloomberg eleven three oh weather mix 349 00:20:09,080 --> 00:20:11,240 Speaker 1: of sun and clouds today, the high near forty degrees 350 00:20:11,320 --> 00:20:13,960 Speaker 1: winter weather advisory with one to three inches of snow 351 00:20:14,080 --> 00:20:18,119 Speaker 1: possible early tomorrow. Highs tomorrow and Saturday in the low thirties. 352 00:20:18,200 --> 00:20:26,240 Speaker 1: Currently thirty nine crodcasting live from the Bloomberg Interactive Broker 353 00:20:26,400 --> 00:20:30,080 Speaker 1: Studio in New York. Bloomberg eleving free to Washington, d C. 354 00:20:30,280 --> 00:20:33,680 Speaker 1: Bloomberg ninety nine one to Boston, Bloomberg one O six 355 00:20:33,800 --> 00:20:36,960 Speaker 1: one to San Francisco, Bloomberg N sixty to the country 356 00:20:37,080 --> 00:20:40,080 Speaker 1: Sirius XM H one nine ten, and around the globe 357 00:20:40,200 --> 00:20:44,159 Speaker 1: the Bloomberg business in Bloomberg Radio dot Com. This is 358 00:20:44,200 --> 00:20:52,960 Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning, 359 00:20:53,040 --> 00:20:55,800 Speaker 1: I'm beatin later and I'm Karen Moscow. We are just 360 00:20:55,880 --> 00:20:58,280 Speaker 1: about four hours away from the open of US trading. 361 00:20:58,359 --> 00:20:59,680 Speaker 1: Let's get you have to date in the news you 362 00:20:59,760 --> 00:21:02,320 Speaker 1: need to know at this shower. US futures are mixed 363 00:21:02,400 --> 00:21:05,560 Speaker 1: this morning following yesterday's text sell off ten your yields. 364 00:21:05,600 --> 00:21:08,000 Speaker 1: You're trading near the highest level since April after the 365 00:21:08,040 --> 00:21:11,200 Speaker 1: FED signal the more aggressive timeline for interest rate hikes. 366 00:21:11,440 --> 00:21:14,960 Speaker 1: Brian Levitt is a global strategist at Investco. We should 367 00:21:15,000 --> 00:21:20,000 Speaker 1: expect volatility to return to markets when we get unexpected 368 00:21:20,040 --> 00:21:22,040 Speaker 1: results at a central bankers, so that tends to be 369 00:21:22,160 --> 00:21:26,040 Speaker 1: we're draw downs and volatility emerges out of unexpected policy 370 00:21:26,119 --> 00:21:30,679 Speaker 1: decisions and policy uncertainty. Invest Goo global strategist Bryan Levitt 371 00:21:30,720 --> 00:21:33,439 Speaker 1: says he sees this sell off as a buying opportunity. 372 00:21:33,640 --> 00:21:35,639 Speaker 1: We caught up in yesterday's sell off, Karen, the so 373 00:21:35,840 --> 00:21:38,399 Speaker 1: called meme stocks. We get more on that side of 374 00:21:38,440 --> 00:21:42,520 Speaker 1: the market from Bloomberg's Charlie Pellett, AMC down eleven percent, 375 00:21:42,720 --> 00:21:46,600 Speaker 1: games stop down, and that helps send the basket of 376 00:21:46,720 --> 00:21:50,000 Speaker 1: meme stocks tracked by Bloomberg to its lowest closed since 377 00:21:50,160 --> 00:21:53,320 Speaker 1: January twenty one, when the market was swept up in 378 00:21:53,400 --> 00:21:57,320 Speaker 1: the rise of retail trader driven surges. The route tracked 379 00:21:57,400 --> 00:22:01,080 Speaker 1: other retail favorites lower, including bed Bath and Beyond and 380 00:22:01,320 --> 00:22:05,520 Speaker 1: Stem Inc, which both fell about eleven percent in New York. 381 00:22:05,640 --> 00:22:08,440 Speaker 1: Charlie Pellot Bloomberg day break right, Charlie, thank you. We're 382 00:22:08,440 --> 00:22:11,480 Speaker 1: also seeing Bitcoin trading at its lowest level since December's 383 00:22:11,520 --> 00:22:15,399 Speaker 1: flash crash. Right now, it's at forty eight hundred eighty dollars. 384 00:22:15,480 --> 00:22:18,399 Speaker 1: And here with more is Bloomberg's or needing Young Karen 385 00:22:18,480 --> 00:22:21,240 Speaker 1: the fitz hawk is tilt saw Bitcoin fall by about 386 00:22:21,359 --> 00:22:25,120 Speaker 1: thirty five hundred dollars. Other cryptos like Ether and finance 387 00:22:25,160 --> 00:22:28,720 Speaker 1: coin also slumped the lows not seen since October. The 388 00:22:28,920 --> 00:22:32,480 Speaker 1: entire sector is pretty much under pressure. Bitcoin mining stocks 389 00:22:32,520 --> 00:22:36,440 Speaker 1: tumbled as analysts reconsider their outlooks after a record breaking year. 390 00:22:36,800 --> 00:22:39,720 Speaker 1: Since it's all time high in November, bitcoin is down 391 00:22:39,800 --> 00:22:44,399 Speaker 1: about twent We need a young Bloomberg daybreak. Thanks on 392 00:22:44,480 --> 00:22:46,840 Speaker 1: the pandemic front. This morning, we have a new recommendation 393 00:22:46,920 --> 00:22:50,440 Speaker 1: on booster shots from the CDC Agency Advisors now recommend 394 00:22:50,560 --> 00:22:53,280 Speaker 1: vaccinated teens as young as twelve years old get a 395 00:22:53,359 --> 00:22:57,120 Speaker 1: COVID nineteen booster from Fiser and Nathan. At the same time, 396 00:22:57,200 --> 00:22:59,520 Speaker 1: the impact of the omicron variant is weighing on the 397 00:22:59,560 --> 00:23:02,639 Speaker 1: healthcare or system. US hospitals are facing their worst is 398 00:23:02,680 --> 00:23:05,960 Speaker 1: staffing shortage in a year. According to Department of Health 399 00:23:06,000 --> 00:23:09,199 Speaker 1: and Human Services data, about twenty percent of hospitals report 400 00:23:09,440 --> 00:23:14,240 Speaker 1: critical staffing levels. And right now NASADACK futures are trimming 401 00:23:14,320 --> 00:23:16,879 Speaker 1: their declines down about seven points now, U S and 402 00:23:16,960 --> 00:23:20,119 Speaker 1: P futures are up about seven and DAL futures up. 403 00:23:20,200 --> 00:23:23,240 Speaker 1: A D two ten year treasury down seven thirty seconds. 404 00:23:23,320 --> 00:23:25,520 Speaker 1: He had one point seven three percent yield on the 405 00:23:25,560 --> 00:23:28,760 Speaker 1: two year point eight five per cent. Straight ahead, your 406 00:23:28,840 --> 00:23:32,159 Speaker 1: latest local headlines plus a check of sports, and this 407 00:23:32,760 --> 00:23:40,240 Speaker 1: is Bloomberg. Thanks Caring. It's five thirty three on Wall 408 00:23:40,280 --> 00:23:42,640 Speaker 1: Street where thirty nine degrees in Central Park. It's still 409 00:23:42,680 --> 00:23:45,080 Speaker 1: dealing with the accident investigation in Mineola. It's got the 410 00:23:45,119 --> 00:23:48,600 Speaker 1: Jericho Turnpike closed both ways at Herrick's Road. Details coming 411 00:23:48,680 --> 00:23:51,200 Speaker 1: up in traffic. First Michael barrt with more on what's 412 00:23:51,240 --> 00:23:53,040 Speaker 1: going on in New York and around the world. Michael, 413 00:23:53,119 --> 00:23:57,000 Speaker 1: thank you very much, Nathan. President Joe Biden blands blistering 414 00:23:57,119 --> 00:23:59,520 Speaker 1: critique of Donald Trump as he marks the one year 415 00:23:59,520 --> 00:24:03,040 Speaker 1: anniversary of the January six ryot at the US Capitol 416 00:24:03,359 --> 00:24:05,600 Speaker 1: with a speech that will warn of the dangers of 417 00:24:05,680 --> 00:24:10,840 Speaker 1: misinformation at subverting democracy. Yesterday, Attorney General Merrick Garland spoke 418 00:24:10,920 --> 00:24:14,880 Speaker 1: at the Justice Department about the riot. Those involved must 419 00:24:14,960 --> 00:24:19,359 Speaker 1: be held accountable and there is no higher priority for US. 420 00:24:19,560 --> 00:24:22,760 Speaker 1: At the Department of Justice, Garland held a moment of 421 00:24:22,840 --> 00:24:26,159 Speaker 1: silence for the law enforcement officers who died related to 422 00:24:26,240 --> 00:24:30,160 Speaker 1: the attack. New York City Health Commissioner Dr Dave Chotsky 423 00:24:30,560 --> 00:24:34,399 Speaker 1: said the COVID data suggests the city hasn't yet hit 424 00:24:34,480 --> 00:24:37,560 Speaker 1: a peak in the omicron fueled spike of coronavirus cases 425 00:24:37,600 --> 00:24:41,119 Speaker 1: in recent weeks. Chotsky says the impact of gatherings at 426 00:24:41,200 --> 00:24:44,880 Speaker 1: New Year's could still fuel another uptick. Vaccinate your child, 427 00:24:45,480 --> 00:24:49,000 Speaker 1: get your booster dose, were a high quality mask and 428 00:24:49,200 --> 00:24:53,040 Speaker 1: look out for those who are more susceptible to severe COVID, 429 00:24:53,520 --> 00:24:56,360 Speaker 1: whether an older adult for someone with a chronic condition. 430 00:24:56,640 --> 00:24:59,679 Speaker 1: Dr Chotsky says the seven day average of positive cases 431 00:24:59,840 --> 00:25:02,520 Speaker 1: RO is to nearly thirty five percent. On January second, 432 00:25:02,920 --> 00:25:05,800 Speaker 1: New York Governor Kathy Hoco delivered her first State of 433 00:25:05,840 --> 00:25:09,320 Speaker 1: the State address, outlining an agenda for an economic comeback 434 00:25:09,400 --> 00:25:13,640 Speaker 1: from the pandemic, housing and renewable energy. Hocal also says 435 00:25:13,720 --> 00:25:17,440 Speaker 1: she will accelerate tax cuts for middle class New Yorkers. 436 00:25:17,840 --> 00:25:21,840 Speaker 1: That means more than six million middle class taxpayers will 437 00:25:21,880 --> 00:25:24,760 Speaker 1: get more money in their pockets sooner, at a time 438 00:25:24,800 --> 00:25:27,639 Speaker 1: when inflation is robbing them of any gains in income. 439 00:25:28,240 --> 00:25:31,800 Speaker 1: Governor Hocol also proposed a ten billion dollar plan to 440 00:25:31,880 --> 00:25:36,600 Speaker 1: grow the state's healthcare workforce by over the next five years. Meanwhile, 441 00:25:36,640 --> 00:25:39,440 Speaker 1: the governor is calling on state lawmakers to legalize the 442 00:25:39,480 --> 00:25:43,000 Speaker 1: sale of to go alcoholic drinks to keep bars and 443 00:25:43,080 --> 00:25:47,200 Speaker 1: restaurants afloat. Chicago, school leaders canceled classes in the nation's 444 00:25:47,240 --> 00:25:49,960 Speaker 1: third largest school district for the second straight day after 445 00:25:50,040 --> 00:25:52,239 Speaker 1: failing to reach an agreement with the teachers union over 446 00:25:52,480 --> 00:25:56,320 Speaker 1: remote learning and other COVID nineteen safety protocols, Global news 447 00:25:56,359 --> 00:25:59,040 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 448 00:25:59,040 --> 00:26:01,840 Speaker 1: powered by more twenty seven hundred journalists and analysts more 449 00:26:01,840 --> 00:26:04,760 Speaker 1: than a hundred twenty countries. I'm Michael bar This is Bloomberg, Nathan. 450 00:26:04,960 --> 00:26:11,840 Speaker 1: Thank you, Michael five on Wall Street time for the 451 00:26:11,840 --> 00:26:15,920 Speaker 1: Bloomberg Sports Update with John Stenshower, Hex Faith, and the Unvaccinated. 452 00:26:16,000 --> 00:26:18,120 Speaker 1: Kyrie every not allowed to play games in New York 453 00:26:18,200 --> 00:26:20,160 Speaker 1: due to the mandate, but he can play on the road, 454 00:26:20,320 --> 00:26:22,960 Speaker 1: and the Nets recently change their mind about letting him 455 00:26:23,000 --> 00:26:26,119 Speaker 1: do that. So Kyrie made his season debut last night 456 00:26:26,160 --> 00:26:28,960 Speaker 1: at Indiana, played thirty two minutes, scored twenty two points. 457 00:26:29,000 --> 00:26:31,639 Speaker 1: The Nets after a brutal first half, came back pete 458 00:26:31,640 --> 00:26:35,399 Speaker 1: the Pacers one one and the three game losing streak. 459 00:26:35,520 --> 00:26:40,200 Speaker 1: There's a lot of gratitude President Night. What everyone you know, 460 00:26:40,600 --> 00:26:43,800 Speaker 1: just stout there to have fun doing what we love 461 00:26:43,880 --> 00:26:46,399 Speaker 1: to do. Everyone was after about his thoughts on the 462 00:26:46,480 --> 00:26:48,800 Speaker 1: vaccinoa that I know what the consequences where I still 463 00:26:48,880 --> 00:26:51,720 Speaker 1: know what they are, but right now I'm just gonna 464 00:26:51,760 --> 00:26:53,960 Speaker 1: take it one day at the time, I said, and 465 00:26:54,160 --> 00:26:55,680 Speaker 1: just enjoy his time that I get to play with 466 00:26:55,800 --> 00:26:58,359 Speaker 1: my guys Kevin Durant Last night thirty nine points for 467 00:26:58,440 --> 00:27:00,680 Speaker 1: Brooklyn Nixon. South takes Plains night at the Garden. The 468 00:27:00,760 --> 00:27:03,480 Speaker 1: Rangers are in Vegas. St. John's Wanted Big East opener 469 00:27:03,520 --> 00:27:07,000 Speaker 1: eight nine eighty four over defall for Julian Simpagny thirty 470 00:27:07,080 --> 00:27:09,600 Speaker 1: four point sixteen rebounds. The previous four games for the 471 00:27:09,640 --> 00:27:12,200 Speaker 1: Red Storm had been postponed due to COVID. It was 472 00:27:12,280 --> 00:27:15,240 Speaker 1: their first game in two and a half weeks. Tuesday 473 00:27:15,320 --> 00:27:18,399 Speaker 1: came word that Novak Djokovic, despite being unvaccinated, had been 474 00:27:18,440 --> 00:27:21,480 Speaker 1: granted a medical exemption and that despite a mandate, he 475 00:27:21,520 --> 00:27:23,720 Speaker 1: would be allowed to play the upcoming Australian Open, a 476 00:27:23,800 --> 00:27:26,720 Speaker 1: tournament he has one nine times so Yesterday he flew 477 00:27:26,800 --> 00:27:30,040 Speaker 1: to Melbourne, but border officials say his visa did not 478 00:27:30,200 --> 00:27:33,000 Speaker 1: include a proper reason for the exemption. They kept him 479 00:27:33,000 --> 00:27:35,719 Speaker 1: at the airport. The latest orders that Djokovic has been 480 00:27:35,760 --> 00:27:38,239 Speaker 1: allowed to stay in Australia until at least Monday, as 481 00:27:38,320 --> 00:27:40,960 Speaker 1: lawyers have filed a legal challenge to the visa ruling. 482 00:27:41,320 --> 00:27:44,919 Speaker 1: Australian ninety percent vaccinated. There was pushback from those who 483 00:27:44,960 --> 00:27:49,119 Speaker 1: felt Djokovic was getting preferential treatment. John Stashower, Bloomberg Sports Na. 484 00:27:49,680 --> 00:27:51,840 Speaker 1: Thanks Sean. It's five thirty seven on Wall Street time 485 00:27:51,840 --> 00:27:54,240 Speaker 1: for the Tri State Business Report with Bloomberg's head Cory. 486 00:27:54,640 --> 00:27:57,879 Speaker 1: A Long Island office complex that counts Morgan Stanley and 487 00:27:58,040 --> 00:28:00,639 Speaker 1: Ubs Group as tenants has sold for two hundred and 488 00:28:00,720 --> 00:28:03,960 Speaker 1: twelve million dollars, the biggest office deal in the area 489 00:28:04,040 --> 00:28:07,240 Speaker 1: in the past decade. The Birch Group purchased two buildings 490 00:28:07,320 --> 00:28:09,560 Speaker 1: and one and two Jericho Plaza from d r A 491 00:28:09,680 --> 00:28:13,320 Speaker 1: Advisors and on Exequities. According to a statement, the National 492 00:28:13,440 --> 00:28:16,680 Speaker 1: Retail Federation plans to host more than twenty thousand people 493 00:28:16,800 --> 00:28:20,160 Speaker 1: in person it's annual convention in New York next week, 494 00:28:20,359 --> 00:28:23,240 Speaker 1: despite a surgeon COVID cases. The event comes at a 495 00:28:23,280 --> 00:28:25,920 Speaker 1: critical time for the industry, which is grappling with labor 496 00:28:26,040 --> 00:28:29,639 Speaker 1: shortages and supply constraints. The NFL, the Jets, and the 497 00:28:29,800 --> 00:28:32,640 Speaker 1: Giants have been hit with a proposed class action lawsuit 498 00:28:32,720 --> 00:28:35,720 Speaker 1: by football fans. It alleges the team's use of the 499 00:28:35,920 --> 00:28:39,600 Speaker 1: New York name and brand while actually playing in New 500 00:28:39,720 --> 00:28:44,480 Speaker 1: Jersey is deceptive. The complaints seeks some monetary damages and 501 00:28:44,560 --> 00:28:47,480 Speaker 1: in order requiring the Giants and the Jets to return 502 00:28:47,560 --> 00:28:50,479 Speaker 1: to New York. That your Bloomberg Trying State Business report. 503 00:28:50,600 --> 00:28:53,600 Speaker 1: My Ed Corey, thank you at It's on Wall Street. 504 00:28:53,600 --> 00:28:55,920 Speaker 1: Bloomberg Radio is on the air from San Francisco to 505 00:28:56,000 --> 00:28:58,440 Speaker 1: New York, London to Hong Kong. Let's check in with 506 00:28:58,480 --> 00:29:00,600 Speaker 1: our global news team for some of the stories heard 507 00:29:00,680 --> 00:29:03,520 Speaker 1: on our three hundred affiliate radio stations around the world. 508 00:29:05,680 --> 00:29:08,640 Speaker 1: I'm Gina Serretti and for w f L A in Orlando. 509 00:29:08,800 --> 00:29:12,200 Speaker 1: I'm reporting that Tide is helping astronauts do their laundry 510 00:29:12,320 --> 00:29:15,360 Speaker 1: in space. I'm Steve photos Can on K and X 511 00:29:15,440 --> 00:29:19,080 Speaker 1: in Los Angeles. We're talking about how around southern California 512 00:29:19,160 --> 00:29:22,120 Speaker 1: it's cheaper to rent a home rather than bo I'm 513 00:29:22,160 --> 00:29:25,760 Speaker 1: Caroline Heppil Bloomberg Davy Digital Radio in London, Liverpool, norn 514 00:29:25,960 --> 00:29:29,880 Speaker 1: UK carmakers who expect a nine jump in vehicles sales 515 00:29:29,960 --> 00:29:33,760 Speaker 1: this year. Is the chip shortage and pandemic effects face 516 00:29:34,320 --> 00:29:38,040 Speaker 1: um Courtney Danahoe on cafabian Omaha. Global food prices have 517 00:29:38,160 --> 00:29:40,320 Speaker 1: declined from a near record high at the end of 518 00:29:40,440 --> 00:29:43,160 Speaker 1: last year. I'm d Corey on w p A M 519 00:29:43,240 --> 00:29:46,960 Speaker 1: in Cleveland. I'm reporting Eaton is buying Royal Power solution. 520 00:29:47,720 --> 00:29:49,880 Speaker 1: Those are some of the stories our twenty seven hundred 521 00:29:49,880 --> 00:29:52,640 Speaker 1: Bloomberg journalist and analysts are working on this morning around 522 00:29:52,680 --> 00:29:55,120 Speaker 1: the world. It's five thirty nine on Wall Street. The 523 00:29:55,240 --> 00:29:59,160 Speaker 1: following is an editorial from Bloomberg Opinion. In the years 524 00:29:59,200 --> 00:30:02,120 Speaker 1: since the j Your Very sixth attack on the U. S. Capitol, 525 00:30:02,360 --> 00:30:05,120 Speaker 1: the government has responded better than might have been expected. 526 00:30:05,360 --> 00:30:08,719 Speaker 1: Law enforcement agencies have charged at least seven hundred participants, 527 00:30:09,000 --> 00:30:13,880 Speaker 1: Congressional investigators have interviewed hundreds of witnesses, and federal courts 528 00:30:13,920 --> 00:30:16,920 Speaker 1: have resisted efforts by former President Donald Trump to deny 529 00:30:17,040 --> 00:30:20,840 Speaker 1: Congress access to documents and testimony. Such progress shows the 530 00:30:20,920 --> 00:30:25,720 Speaker 1: resilience of America's democratic institutions. It also underscores the need 531 00:30:25,800 --> 00:30:29,240 Speaker 1: for the House Select Committee investigating the attack to quickly 532 00:30:29,360 --> 00:30:33,920 Speaker 1: complete its inquiry. Its chair, Representative Benny Thompson, has said 533 00:30:33,960 --> 00:30:37,440 Speaker 1: the panel only plans to release interim findings by the summer. 534 00:30:37,800 --> 00:30:42,480 Speaker 1: That risks extending the probe deep into The committee should 535 00:30:42,480 --> 00:30:46,240 Speaker 1: instead complete its work and issue an unredacted public report 536 00:30:46,400 --> 00:30:50,160 Speaker 1: well ahead of the November midterm elections. The rest will 537 00:30:50,200 --> 00:30:52,600 Speaker 1: be up to the voters. This editorial was written by 538 00:30:52,600 --> 00:30:56,120 Speaker 1: the Bloomberg Opinion Editorial Board. I'm David Shipley. For more 539 00:30:56,160 --> 00:30:59,200 Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, Slash opinion 540 00:30:59,840 --> 00:31:03,400 Speaker 1: or opi and go on the Bloomberg terminal. This has 541 00:31:03,480 --> 00:31:06,880 Speaker 1: been Bloomberg opinion and you can hear Bloomberg opinion editorials 542 00:31:06,920 --> 00:31:09,640 Speaker 1: every weekday. At this time, terminal customers can read more 543 00:31:09,840 --> 00:31:12,360 Speaker 1: at O P I n GO. SMP future is up 544 00:31:12,400 --> 00:31:15,160 Speaker 1: eight points, now down. Futures up a hundred five, nastack 545 00:31:15,240 --> 00:31:22,760 Speaker 1: future is lower by six points. This is Bloomberg Bloomberg 546 00:31:22,800 --> 00:31:24,880 Speaker 1: eleven three oh weather mix of sunny clouds today behind 547 00:31:24,960 --> 00:31:28,600 Speaker 1: your forty degrees winter weather advisory, with snow arriving early tomorrow, 548 00:31:28,680 --> 00:31:31,880 Speaker 1: one to three inches possible tomorrow and Saturday's highs in 549 00:31:31,960 --> 00:31:39,200 Speaker 1: the low thirties currently thirty nine degrees. Markets, headlines and 550 00:31:39,360 --> 00:31:42,600 Speaker 1: breaking news twenty four hours a day at Bloomberg dot com, 551 00:31:42,720 --> 00:31:46,280 Speaker 1: the Bloomberg Business Out and at Bloomberg Quick Tape. He's 552 00:31:46,320 --> 00:31:54,720 Speaker 1: a Bloomberg Business Flash and I'm fair were at moscown 553 00:31:54,800 --> 00:31:58,280 Speaker 1: NASTAT futures are lower this morning. SMP futures are higher 554 00:31:58,360 --> 00:32:01,480 Speaker 1: as investors at the federal reserves faster than expected policy 555 00:32:01,560 --> 00:32:04,760 Speaker 1: tightening will still leave opportunities for equity gains. We checked 556 00:32:04,800 --> 00:32:07,040 Speaker 1: the markets every fifteen minutes throughout the trading day. On 557 00:32:07,120 --> 00:32:10,000 Speaker 1: bloomberg S ANDP Future is up five points this morning. 558 00:32:10,040 --> 00:32:12,400 Speaker 1: Down Future is up ninety three and NAZDAC futures are 559 00:32:12,440 --> 00:32:15,200 Speaker 1: down twenty six. The decks in Germany's down eight tenths 560 00:32:15,200 --> 00:32:17,800 Speaker 1: of of her cent ten year treasury down eight thirty seconds, 561 00:32:17,880 --> 00:32:20,479 Speaker 1: held one point seven three percent, yield on a two 562 00:32:20,600 --> 00:32:23,280 Speaker 1: year pointy at six percent. Nine X Screwed oil is 563 00:32:23,360 --> 00:32:25,200 Speaker 1: up one and a half percent of a dollar eighteen 564 00:32:25,240 --> 00:32:27,719 Speaker 1: at seventy nine dollars, four cents of barrel called max 565 00:32:27,760 --> 00:32:30,040 Speaker 1: school down one and a quarter percent or twenty dollars 566 00:32:30,080 --> 00:32:32,760 Speaker 1: fifty cents at eighteen o two sixty and ounce. The 567 00:32:32,840 --> 00:32:35,160 Speaker 1: euro one point one three one six against the dollar 568 00:32:35,200 --> 00:32:37,360 Speaker 1: British found one point three five three three and the 569 00:32:37,520 --> 00:32:40,480 Speaker 1: ens at one fifteen point eight seven Bigcoin at forty 570 00:32:40,560 --> 00:32:43,920 Speaker 1: two thoight hundred fifty dollars. That's a Bloomberg business, Flannish. 571 00:32:43,920 --> 00:32:46,040 Speaker 1: Now here's Michael Barr with more on what's going on 572 00:32:46,160 --> 00:32:48,880 Speaker 1: around the world. Michael, thank you very much. Karen. President 573 00:32:49,000 --> 00:32:52,160 Speaker 1: Joe Biden is planning a blistering critique of Donald Trump. 574 00:32:52,520 --> 00:32:55,000 Speaker 1: As he marks the one year anniversary of the January 575 00:32:55,080 --> 00:32:58,320 Speaker 1: sixth riot at the US capital, President Biden will give 576 00:32:58,360 --> 00:33:00,360 Speaker 1: a speech that will warn of the day in Jars 577 00:33:00,360 --> 00:33:04,800 Speaker 1: of misinformation and subverting democracy. The President this morning will 578 00:33:04,840 --> 00:33:08,880 Speaker 1: also call on lawmakers to pass voting rights legislation. Authorities 579 00:33:08,920 --> 00:33:11,840 Speaker 1: in Kazakhstan say dozens of protesters have been killed in 580 00:33:11,880 --> 00:33:15,720 Speaker 1: attacks on government buildings and at least twelve police officers 581 00:33:15,800 --> 00:33:19,920 Speaker 1: have died. Australian Open champion Novak Djokovic has been denied 582 00:33:20,080 --> 00:33:24,240 Speaker 1: entry into Australia. Federal officials over ruled a state vaccine 583 00:33:24,280 --> 00:33:27,200 Speaker 1: exemption for the tennis star that sparked the national uproar. 584 00:33:27,680 --> 00:33:30,680 Speaker 1: In the NBA, Kyrie Irving made his return as the 585 00:33:30,760 --> 00:33:35,320 Speaker 1: Nets down, the Pacers one nine, the Celtics, Wizards and 586 00:33:35,400 --> 00:33:38,920 Speaker 1: Warriors all lost. Global news twenty four hours a day 587 00:33:39,000 --> 00:33:41,760 Speaker 1: on here and on Bloomberg Quick Tank, powered by more 588 00:33:41,840 --> 00:33:44,400 Speaker 1: than twenty seven hundred journalist and analyst more than a 589 00:33:44,480 --> 00:33:48,080 Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan. 590 00:33:48,240 --> 00:33:50,840 Speaker 1: All right, Michael, Thanks, It's forty nine on Wall Street 591 00:33:50,920 --> 00:33:54,160 Speaker 1: Life from the Bloomberg Interactive Brokers Studios. This is Bloomberg 592 00:33:54,280 --> 00:33:58,400 Speaker 1: Daybreak as we continue to gather reaction to the Fed minutes. 593 00:33:58,480 --> 00:34:01,840 Speaker 1: Were joined this morning, Pie or a House, senior economist 594 00:34:01,880 --> 00:34:04,200 Speaker 1: at Wells Fargo. Sarah, it's good to have you with 595 00:34:04,320 --> 00:34:06,600 Speaker 1: us this morning. It was very interesting to see the 596 00:34:06,680 --> 00:34:10,680 Speaker 1: market reaction yesterday, particularly given the fact that we didn't 597 00:34:10,760 --> 00:34:13,640 Speaker 1: see the same kind of reaction when the Fed actually 598 00:34:13,719 --> 00:34:16,920 Speaker 1: sped up the taper, but the release of the minutes 599 00:34:17,000 --> 00:34:19,960 Speaker 1: really seems to have cut investors off guard. What did 600 00:34:20,000 --> 00:34:23,080 Speaker 1: you make of it? So? I thought we saw that 601 00:34:23,600 --> 00:34:26,040 Speaker 1: the Fed was was willing to adapt more quickly to 602 00:34:26,120 --> 00:34:29,440 Speaker 1: the evolving conditions that that we're seeing them certainly last cycle, 603 00:34:29,520 --> 00:34:32,120 Speaker 1: but even over the past year. So there's this recognition 604 00:34:32,239 --> 00:34:35,439 Speaker 1: that inflation is more persistent. But also I think they're 605 00:34:35,480 --> 00:34:38,320 Speaker 1: in a much happier place with where the labor market is, 606 00:34:38,800 --> 00:34:41,840 Speaker 1: and so I think that's all pointing towards an earlier 607 00:34:41,920 --> 00:34:45,520 Speaker 1: lift off and faster pace of tightening. So you're thinking 608 00:34:45,600 --> 00:34:48,200 Speaker 1: this isn't much as so much a hawkish tilt as 609 00:34:48,239 --> 00:34:51,719 Speaker 1: a as a real hawkish pivot. Then I think we 610 00:34:51,920 --> 00:34:54,279 Speaker 1: we saw that with the with the dot plot. But 611 00:34:54,360 --> 00:34:57,480 Speaker 1: I think the minutes really codified what they were looking at, 612 00:34:57,600 --> 00:35:00,279 Speaker 1: what they what they were seeing, and I think one 613 00:35:00,320 --> 00:35:04,920 Speaker 1: thing that really underscored just how much quicker this this 614 00:35:05,080 --> 00:35:07,440 Speaker 1: tightening period is likely to be, is is a lengthy 615 00:35:07,520 --> 00:35:10,719 Speaker 1: discussion on the balance to you run off. So when 616 00:35:10,719 --> 00:35:13,319 Speaker 1: do you think we will start to see rates take off? 617 00:35:13,480 --> 00:35:16,799 Speaker 1: Do you think the March meeting is live? I think 618 00:35:16,840 --> 00:35:20,680 Speaker 1: it's certainly live if you look at what beneficials have 619 00:35:20,800 --> 00:35:23,640 Speaker 1: been saying, but also just where the where the economy is. 620 00:35:23,760 --> 00:35:26,120 Speaker 1: So you know, we're looking for the unemployment rate to 621 00:35:26,200 --> 00:35:28,759 Speaker 1: hit four percent and the jobs report that we get 622 00:35:28,800 --> 00:35:31,960 Speaker 1: out tomorrow, so that's well within the range of what 623 00:35:32,040 --> 00:35:35,520 Speaker 1: the FED considers is normal over over the long run. 624 00:35:35,880 --> 00:35:38,719 Speaker 1: And we already have inflation, of course, running well above 625 00:35:38,760 --> 00:35:41,320 Speaker 1: the FETs target and looking like it's not going to 626 00:35:41,400 --> 00:35:44,320 Speaker 1: do to come down to resemble the FETs target until 627 00:35:44,400 --> 00:35:48,359 Speaker 1: probably at least at the earliest. And so I think 628 00:35:48,400 --> 00:35:51,520 Speaker 1: that the Fed is is really racing to calibrate policy 629 00:35:51,680 --> 00:35:54,879 Speaker 1: to to this higher inflation as well as this tighter 630 00:35:55,000 --> 00:35:59,000 Speaker 1: labor market environment. When you say the Feds racing, are 631 00:35:59,080 --> 00:36:02,840 Speaker 1: you opening the possibility that we could see a policy 632 00:36:02,920 --> 00:36:06,600 Speaker 1: mistake from the Fed. Well, I think we've seen of 633 00:36:06,920 --> 00:36:10,279 Speaker 1: fairly quick recalibration of of the situation, so I think 634 00:36:10,320 --> 00:36:13,719 Speaker 1: that does mitigate the chance of a policy mistake. So 635 00:36:14,280 --> 00:36:16,520 Speaker 1: if the Fed were to follow through on the three 636 00:36:16,800 --> 00:36:20,439 Speaker 1: rate increases that's been currently sketched out in the dot plot, 637 00:36:20,560 --> 00:36:23,719 Speaker 1: I think that would help mitigate that that chance. And 638 00:36:23,920 --> 00:36:25,600 Speaker 1: I think we also have to bear in mind that 639 00:36:25,760 --> 00:36:28,520 Speaker 1: the U s economy is is set to moderate over 640 00:36:28,760 --> 00:36:31,640 Speaker 1: this year already, and so it's going to be a 641 00:36:31,760 --> 00:36:34,160 Speaker 1: little bit of learning learning as they go. But I 642 00:36:34,280 --> 00:36:37,120 Speaker 1: think overall, um coming out of this to SMB, the 643 00:36:37,200 --> 00:36:39,759 Speaker 1: medium there in a much better position. Of Course, it's 644 00:36:39,800 --> 00:36:41,920 Speaker 1: not just about rate hikes, as we saw from the 645 00:36:42,000 --> 00:36:45,840 Speaker 1: minutes particularly, it's about the balance sheet unwind. When do 646 00:36:45,880 --> 00:36:48,239 Speaker 1: you think that's going to start to happen. It could 647 00:36:48,280 --> 00:36:52,719 Speaker 1: have happen as rates are rising. Well, I think we 648 00:36:52,800 --> 00:36:56,120 Speaker 1: certainly could see that occur as right a rising. We 649 00:36:56,160 --> 00:36:58,120 Speaker 1: saw that in the last cycle, so they did get 650 00:36:58,120 --> 00:37:00,840 Speaker 1: a few rate hikes under their belt before they started 651 00:37:00,920 --> 00:37:03,600 Speaker 1: to reduce the balance sheet. But I think what really 652 00:37:03,680 --> 00:37:06,960 Speaker 1: stuck out is not only the timing of that, so 653 00:37:07,480 --> 00:37:11,200 Speaker 1: the notion that it would cur relatively soon after lift 654 00:37:11,239 --> 00:37:14,200 Speaker 1: off that I think also the discussion around the pace 655 00:37:14,440 --> 00:37:16,759 Speaker 1: was interesting. So the fact that the economy isn't a 656 00:37:16,840 --> 00:37:20,040 Speaker 1: much stronger position, that inflation is notably higher, that the 657 00:37:20,080 --> 00:37:23,600 Speaker 1: balance sheet is much larger as a share of the 658 00:37:23,719 --> 00:37:27,759 Speaker 1: economy all pointed to a faster runoff as as well. 659 00:37:27,880 --> 00:37:30,040 Speaker 1: So it looks like there's going to be a lot 660 00:37:30,120 --> 00:37:32,120 Speaker 1: more movement and quicker movement than what we saw on 661 00:37:32,200 --> 00:37:35,160 Speaker 1: the last runoff cycle. Is it going to take policy 662 00:37:35,200 --> 00:37:38,719 Speaker 1: tightening alone to get a handle on inflation, particularly given 663 00:37:38,760 --> 00:37:43,200 Speaker 1: sort of the the exogenous effects out there from supply 664 00:37:43,360 --> 00:37:45,680 Speaker 1: chain and balances and that sort of thing. Can policy 665 00:37:45,680 --> 00:37:50,239 Speaker 1: alone do it? So it's depending on on how tight 666 00:37:50,320 --> 00:37:53,600 Speaker 1: we get policy, of of course. So um, perhaps with 667 00:37:53,680 --> 00:37:56,680 Speaker 1: what the FEDS sketched out right now, it's you know, 668 00:37:56,800 --> 00:37:59,760 Speaker 1: by our estimates, we we still wouldn't be seeing inflation 669 00:37:59,880 --> 00:38:02,839 Speaker 1: was jumbling target for for a while. But I think 670 00:38:02,880 --> 00:38:05,759 Speaker 1: you will have help from a more organic pivot in 671 00:38:05,880 --> 00:38:08,600 Speaker 1: terms of spending patterns. So where we've seen a lot 672 00:38:08,680 --> 00:38:11,200 Speaker 1: of the inflationary impulse or what's really unique about the 673 00:38:11,280 --> 00:38:14,279 Speaker 1: cycle is what's happening with goods inflation. I think as 674 00:38:14,360 --> 00:38:17,520 Speaker 1: you see spending continue to pivot back towards services that's 675 00:38:17,560 --> 00:38:20,560 Speaker 1: going to help alleviate some of the inflation pressures that 676 00:38:20,800 --> 00:38:22,719 Speaker 1: that we're seeing now. So I think they're they're going 677 00:38:22,760 --> 00:38:26,080 Speaker 1: to get some help um from UH from from US 678 00:38:26,120 --> 00:38:28,600 Speaker 1: consumers on their own, even before you think about the 679 00:38:28,640 --> 00:38:31,880 Speaker 1: impact of higher interest rates. Thanks for the Sarah, good 680 00:38:31,920 --> 00:38:34,000 Speaker 1: having you on with us this morning. Sarah House is 681 00:38:34,200 --> 00:38:38,080 Speaker 1: senior economist at Wells Fargo. Karen Nathan, it is five 682 00:38:38,200 --> 00:38:41,120 Speaker 1: fifty three on Wall Street. It's time for our Bloomberg 683 00:38:41,239 --> 00:38:44,600 Speaker 1: Law Report, exploring legal issues in the news, and today 684 00:38:44,640 --> 00:38:47,799 Speaker 1: we're looking at allegations against Andrew Cuomo. The former New 685 00:38:47,880 --> 00:38:50,680 Speaker 1: York governor, is no longer facing criminal charges after the 686 00:38:50,719 --> 00:38:54,360 Speaker 1: Albany District Attorney said he won't pursue allegations that Cuomo 687 00:38:54,440 --> 00:38:56,840 Speaker 1: groped a woman in the executive mansion more than a 688 00:38:56,960 --> 00:39:00,840 Speaker 1: year ago. District attorneys at NASSA on Westchester Counties also 689 00:39:00,960 --> 00:39:04,640 Speaker 1: recently ended their Cuomo probes without charges. The former New 690 00:39:04,719 --> 00:39:07,920 Speaker 1: York governor denies any wrongdoing, but quit over the controversies, 691 00:39:08,000 --> 00:39:11,520 Speaker 1: which included at least eleven allegations of sexual harassment. For 692 00:39:11,640 --> 00:39:14,399 Speaker 1: more in the matter, Bloomberg student Grossos bakes to former 693 00:39:14,480 --> 00:39:18,280 Speaker 1: federal prosecutor Jennifer Rogers, who teaches at Columbia Law School, 694 00:39:18,719 --> 00:39:21,400 Speaker 1: how significant is it that the Albany d A is 695 00:39:21,560 --> 00:39:26,439 Speaker 1: dropping criminal charges against Cuomo. Well, it's a big deal 696 00:39:26,560 --> 00:39:29,000 Speaker 1: because it means there will be no criminal case. You know, 697 00:39:29,600 --> 00:39:32,760 Speaker 1: there was a moment there, maybe a couple of hours 698 00:39:32,920 --> 00:39:36,920 Speaker 1: back when the sheriffs had filed this criminal complaint and 699 00:39:37,080 --> 00:39:39,319 Speaker 1: before the Albany d A came in and said, hey, 700 00:39:39,400 --> 00:39:41,680 Speaker 1: wait a minute, we weren't part of this. We're still 701 00:39:41,719 --> 00:39:44,880 Speaker 1: evaluating the case. When everyone thought that meant that he 702 00:39:44,960 --> 00:39:48,520 Speaker 1: would be criminally charged with the growthing incident, and now 703 00:39:48,680 --> 00:39:51,320 Speaker 1: we know that that will not happen. So it's a 704 00:39:51,400 --> 00:39:54,759 Speaker 1: really strange episode as far as law enforcement not being 705 00:39:54,840 --> 00:39:57,200 Speaker 1: on the same cage and the relationships to the DA 706 00:39:57,320 --> 00:39:59,920 Speaker 1: and the sheriff's and who knows what happened with all 707 00:40:00,040 --> 00:40:03,000 Speaker 1: of that. But it's great news for Andrew Cuomo because, 708 00:40:03,440 --> 00:40:06,680 Speaker 1: along with a couple of other district attorneys closing their 709 00:40:06,760 --> 00:40:11,400 Speaker 1: investigations into whether he committed crimes in their districts, it 710 00:40:11,520 --> 00:40:14,560 Speaker 1: means that he won't be facing a criminal charge, which 711 00:40:15,000 --> 00:40:18,000 Speaker 1: you know that that's a huge thing hanging over someone's head. 712 00:40:18,120 --> 00:40:20,680 Speaker 1: You know, he's still got a lot of issues relating 713 00:40:20,719 --> 00:40:23,239 Speaker 1: to all of this, including likely civil suits and the like. 714 00:40:23,680 --> 00:40:26,640 Speaker 1: But not having the possibility of going to jail for 715 00:40:26,760 --> 00:40:28,839 Speaker 1: that behavior, I'm sure it's a big release to him. 716 00:40:29,040 --> 00:40:31,680 Speaker 1: The d A said that he finds the witness credible, 717 00:40:32,080 --> 00:40:34,160 Speaker 1: but he can't prove it in a court of law. 718 00:40:34,640 --> 00:40:36,480 Speaker 1: He knew from the beginning that this was going to 719 00:40:36,560 --> 00:40:39,480 Speaker 1: be a he said, she said situation. So if he 720 00:40:39,600 --> 00:40:44,040 Speaker 1: finds the witness credible, why offering charges. It's a tough 721 00:40:44,600 --> 00:40:48,000 Speaker 1: issue and a good question. There's a lot of space 722 00:40:48,200 --> 00:40:51,840 Speaker 1: between we believe the witness and we can prove it 723 00:40:52,080 --> 00:40:56,759 Speaker 1: in court using admissible evidence beyond a reasonable doubt. These 724 00:40:56,760 --> 00:41:00,200 Speaker 1: are very, very challenging cases, and so I think you're 725 00:41:00,239 --> 00:41:02,960 Speaker 1: going to bring a case like this. Becauch just takes 726 00:41:03,040 --> 00:41:05,439 Speaker 1: the main case, the one that the all the ned 727 00:41:05,520 --> 00:41:08,560 Speaker 1: A just said. You won't charge the growthing allegation. You 728 00:41:08,680 --> 00:41:11,520 Speaker 1: have an incident, only two people were there. You have 729 00:41:11,719 --> 00:41:14,200 Speaker 1: some things you can corroborate, like the facts that they 730 00:41:14,239 --> 00:41:16,359 Speaker 1: worked together, they were there on the day and time 731 00:41:16,440 --> 00:41:18,840 Speaker 1: and question, you know, those sorts of things. But what 732 00:41:19,000 --> 00:41:22,000 Speaker 1: you don't have is the kind of evidence that makes 733 00:41:22,120 --> 00:41:26,480 Speaker 1: her account vastly more believable than his accounts, right, the 734 00:41:26,560 --> 00:41:29,120 Speaker 1: kind of thing where she ran out in a panic 735 00:41:29,200 --> 00:41:31,799 Speaker 1: and people saw her freaking out, and she immediately told 736 00:41:31,840 --> 00:41:34,279 Speaker 1: a whole bunch of people exactly what had happened, you know, 737 00:41:34,400 --> 00:41:36,680 Speaker 1: the day of Those are the sorts of things that 738 00:41:36,800 --> 00:41:39,800 Speaker 1: you don't have. And so while you might say I 739 00:41:39,920 --> 00:41:47,239 Speaker 1: believe her more than him, you know, percent sixt can 740 00:41:47,320 --> 00:41:51,000 Speaker 1: you get to beyond a reasonable doubt? Which is a 741 00:41:51,280 --> 00:41:54,680 Speaker 1: very very high standard, And it's that way for a reason. 742 00:41:54,800 --> 00:41:57,320 Speaker 1: But it does make it very very challenging to charge 743 00:41:57,400 --> 00:41:59,719 Speaker 1: these kinds of cass and that s the will be 744 00:41:59,719 --> 00:42:03,040 Speaker 1: a lot. Professor Jennifer Rogers speaking with Bloomberg's June Gronzo. 745 00:42:03,160 --> 00:42:05,680 Speaker 1: Catch more of that interview, plus analysis of the latest 746 00:42:05,800 --> 00:42:09,520 Speaker 1: legal news, by subscribing to the Bloomberg Law podcast or 747 00:42:09,560 --> 00:42:13,640 Speaker 1: downloading this show at Bloomberg dot com slash podcasts. Attorneys 748 00:42:13,640 --> 00:42:16,600 Speaker 1: can find exceptional legal research and business development tools at 749 00:42:16,640 --> 00:42:20,000 Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at 750 00:42:20,160 --> 00:42:23,680 Speaker 1: b law go. Smp futures are up three and a 751 00:42:23,680 --> 00:42:26,000 Speaker 1: half points. This Moringdown future is up eighty eight and 752 00:42:26,080 --> 00:42:29,560 Speaker 1: Nasdack future is lower down about thirty six ten year 753 00:42:29,600 --> 00:42:32,120 Speaker 1: treasury down nine thirties seconds. You had one point seven 754 00:42:32,239 --> 00:42:34,399 Speaker 1: three per cent and they yield on the two year 755 00:42:34,520 --> 00:42:37,840 Speaker 1: point eight six were cent and I'm screwed. Oil is 756 00:42:37,960 --> 00:42:40,280 Speaker 1: up one and a half percent, still ahead on Bloomberg 757 00:42:40,360 --> 00:42:43,360 Speaker 1: daybreak at check on the business headlains and all the 758 00:42:43,440 --> 00:42:46,840 Speaker 1: news you need to start your day. And this is Bloomberg.