Speaker 1: By from the Bloomberg Interactive Brooker Studios. Is It's Bloomberg
Speaker 1: Day Bright for Thursday, January six two, coming up this hour.
Speaker 1: The selloff continues overseas after the Fed makes a hawk
Speaker 1: Is shift on policy. Bitcoin continues its slide to trade
Speaker 1: at the lowest level since December's flash crash. C DC
Speaker 1: Advisor's issue new guidance on COVID booster shots for teams
Speaker 1: and the pandemic has hospitals facing there were staffing shortage
Speaker 1: in a year. New York City's Health commissioners suggests the
Speaker 1: city hasn't yet hits COVID fat plus. It's the one
Speaker 1: year anniversary of the Capital Ryot on Mike Labar four
Speaker 1: ahead of John Stash Aaron Sports Kyrie Irvu made his
Speaker 1: season debut live and nets to have come from behind
Speaker 1: the win in Indiana St John's when It's bigness open.
Speaker 1: That's all straight ahead on Bloomberg Day Break on Bloomberg
Speaker 1: Elementary on New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one O six one, Boston, Bloomberg nine sixties, San Francisco,
Speaker 1: Sirius x M one nineteen and around the World Old
Speaker 1: on Bloomberg Radio dot com and via the Bloomberg Business Here.
Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow and
Speaker 1: US dot index futures are little change this morning. We're
Speaker 1: coming up to five out one on Wall Street and
Speaker 1: we check the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. S and P futures are a little change,
Speaker 1: So our down futures. Nasday futures are lower, down thirty five,
Speaker 1: the ten year treasury down five thirty seconds. He at
Speaker 1: one point seven two percent, yield on the two year
Speaker 1: point eight five percent, and I'm x screwed oil is
Speaker 1: up three tenths of a percent. Nathan, Karen. Let's look
Speaker 1: at yesterday sell off on Wall Street, which saw the
Speaker 1: nasdack drop three point three percent. The decline came after
Speaker 1: the Federal Reserve signal to more aggressive timeline for interest
Speaker 1: rate hikes. Brian Levitt is a global strategist at Investco.
Speaker 1: The early stages of a tightening cycle, and as we know,
Speaker 1: it's usually not the first rate hike that matters, it's
Speaker 1: usually the last one. And even though we're dealing with
Speaker 1: this today, as we often do, when we start to
Speaker 1: see signs for the first move. I still think we're
Speaker 1: a long ways away from nat West rate hip that
Speaker 1: ends the cycle. Investco Global strategist Brian Levitt says he
Speaker 1: sees this sell off as a buying opportunity. Tenure treasury
Speaker 1: yields this morning or trading at their highest level since
Speaker 1: April and Nathan the text sell off continued in Asia
Speaker 1: over night. Japan led the decline as then nick sled
Speaker 1: two point eight percent. Let's get the details from Bloomberg's
Speaker 1: Juliette Sally and Singapore. Good morning, Juliette, Good morning, Karen.
Speaker 1: The m s c I Asia Pacific Index fell for
Speaker 1: a third session in full, with the gauge of tech
Speaker 1: shares among the worst performing. The hang SENGG Tech index
Speaker 1: fell for a fourth day. Yield spiked, with Japan's tenure
Speaker 1: at its highest since April. Japanese equity suffered their worst
Speaker 1: day since June, while Australia's market had its worst day
Speaker 1: in eleven months and Hong Kong reopening stocks were here
Speaker 1: as the city imposed tighter restrictions for the first time
Speaker 1: in almost a year. In Singapore, Juliet Sally Bloomberg daybreak
Speaker 1: all right, Juliette. Thank you. We're also watching bitcoin trade
Speaker 1: at its lowest level since December's flash crash. Right now,
Speaker 1: it's at forty two thousand, six hundred forty dollars. Let's
Speaker 1: get the latest from Bloomberg's Nita Young. Rinita Nathan the
Speaker 1: fifth hawk is tilt saw Bitcoin fall by about thirty
Speaker 1: five hundred dollars. Other cryptals like Ether and finance coin
Speaker 1: also slumped to lowe's not seen since October. Bitcoins climb
Speaker 1: over the past few years coincided with strong stimulus measures
Speaker 1: by the FIT. Now the question is how will it
Speaker 1: react as the central bank pulls back on accommodation. Since
Speaker 1: it's all time high in November, bitcoin is down about
Speaker 1: twenty Nita Young, Bloomberg Daybreak, Thanks Rinita. Turning to the pandemic. Now,
Speaker 1: we have a new recommendation on booster shots are in
Speaker 1: the CDC Agency advisors say vaccinated team should now get
Speaker 1: a third do sudvisor's shot, and Bloomberg said Baxter has
Speaker 1: the story. The panel says it's important for twelve to
Speaker 1: seventeen year olds to get vaccinated to keep schools open.
Speaker 1: This has twelve to fifteen year olds to the advisory
Speaker 1: already in place. Dr Rochelle Lensky has final say, but
Speaker 1: has said that it's important to try and cut the
Speaker 1: severity of all macrod and she says the spread of
Speaker 1: A macron has gone up in a straight line. Based
Speaker 1: on CDC genomic sequencing, we now estimate that O macron
Speaker 1: represents about percent of cases in the country. Says it's
Speaker 1: important for teens to get boosted. In San Francisco, I'm
Speaker 1: at Baxter Bloomberg Daybreak. Thanks, and we continue to see
Speaker 1: the impact of O macron on the healthcare system. US
Speaker 1: hospitals are facing their worst staffing shortage in a year.
Speaker 1: According to the Department of Health and Human Services data,
Speaker 1: about twenty percent of hospitals report critical staffing levels. That's
Speaker 1: the most since December. Meantime, tennis star Novak Djokovic is
Speaker 1: making waves off the court. His chance to play for
Speaker 1: a tenth Australian Open title is in limbo. The country
Speaker 1: denied him entry and canceled his visa because he failed
Speaker 1: to meet requirements for an exemption to COVID vaccination rules.
Speaker 1: And Scott Morrison is the Prime Minister of Australia rules
Speaker 1: rules and there are no special cases entry with a
Speaker 1: visa requires double vaccination or I medical exemption. I'm advised
Speaker 1: that such an exemption was not in place and as
Speaker 1: a result he is subject to the sign rule as
Speaker 1: anyone else. Australian Prime Minister Scott Morrison denies any suggestion
Speaker 1: that Djokovic is being singled out. Well the pandemics effect
Speaker 1: on the labor markets and focus as well, Karen. We're
Speaker 1: gonna get data on jobless claims plus trade and services
Speaker 1: activity this morning. Bloomberg's Viney del Judas reports economists a
Speaker 1: weekly jobless claims will probably halt their half century lows
Speaker 1: as employers filled record job openings. The labor market has
Speaker 1: scored a solid recovery since the pandemic crash. Meantime, November's
Speaker 1: trade Davis could tire record as domestic demand rebounds. Also today,
Speaker 1: data on America's service industry should signal growth, though not
Speaker 1: as robust as November, when the I s M Non
Speaker 1: Manufacturing index set a record. Finny Judai Sploomberg Day Break, Finny,
Speaker 1: thank you, Fed Policy front and center. But there's also
Speaker 1: other news on the Central Bank. Sources tell us President
Speaker 1: Biden could pick former Governor Sarah bloom Rashkin for the
Speaker 1: Central Banks top regulatory post became more from Bloombergh Sterley Pillet.
Speaker 1: It's a move that would please senators demanding swift action
Speaker 1: on climate change. Senator Sheldon white House, who has been
Speaker 1: active on the climate issue, tweeted that a Raskin nomination
Speaker 1: as the FEDS Vice Chair for Supervision would be quote
Speaker 1: good news. The Rhode Island Democrats says Raskin really gets
Speaker 1: it on climate, and Senator Ben Cardon of Maryland predicts
Speaker 1: Raskin will be easily confirmed in New York. Charlie Peate
Speaker 1: Bloomberg day Break, Thanks Charlie, and speaking of climate, we
Speaker 1: have a new entry into the electric vehicle market. General
Speaker 1: Motors is introducing a battery powered pickup truck. CEO Mary
Speaker 1: Barra showed off the new Chevrolet Silverado at CES in
Speaker 1: Las Vegas. Meantime, when it comes to the overall industry,
Speaker 1: Bara says, the chip shortage is easy but still isn't resolved.
Speaker 1: I would say every quarter it gets a little bit better,
Speaker 1: and so we're seeing a better Q one than Q four,
Speaker 1: but we still think it's going to linger into the
Speaker 1: first half of this year, and we should be farther
Speaker 1: out of it by the end of this year, but
Speaker 1: we're not through it yet. G M CEO Mary Barra
Speaker 1: made those comments in an interview with Bloomberg's David Weston.
Speaker 1: You can catch the full conversation at bloomberg dot com.
Speaker 1: Futures holding study at the moment. Straight ahead your latest
Speaker 1: local headlines in the check of sports. This is Bloomberg
Speaker 1: and it's five oh seven on Wall Street. We've got
Speaker 1: an accident investigation into Jericho Turnpike by Herrick's Road in
Speaker 1: Nasau County. Details coming up shortly from Peter Van. First
Speaker 1: Michael Barr with more on what's going on in New
Speaker 1: York and around the world the morning, Michael, Good morning,
Speaker 1: nain Than. Americans are preparing to day to mark of
Speaker 1: one year anniversary of the Capitol riot. President Joe Biden
Speaker 1: plans to speak about unity to a politically fractured nation. Yesterday,
Speaker 1: US Attorney General Merrick Garland spoke about the attack. Whether
Speaker 1: they were present that day or were otherwise criminally responsible
Speaker 1: for the assault on our democracy, we will follow the
Speaker 1: facts wherever they lead. Carland says more than seven people
Speaker 1: have been arrested for their roles in the Capital attack
Speaker 1: the Try State area. It's preparing for a new wave
Speaker 1: of winter weather. Bloomberg met a religious Rob Caroline has
Speaker 1: the latest, Michael. The National Weather Services put a winter
Speaker 1: weather advisory and effect for the Tristate area from midnight
Speaker 1: tonight through noon tomorrow. Storm system passing south of the
Speaker 1: region will produced snow around midnight tonight, should end by
Speaker 1: midday tomorrow. Tracks still a little bit up in the air,
Speaker 1: as is the strength, so right now it looks like
Speaker 1: at least a couple of inches as possible for the
Speaker 1: Tri State area. Will probably be refining the numbers over
Speaker 1: the next twenty four hours, but I could see at
Speaker 1: least one to three inches across the city, maybe a
Speaker 1: little bit more north and west of town. Michael, Thank you, Rob.
Speaker 1: New York City Health Commissioner Dave Chotsky said the COVID
Speaker 1: data suggests the city hasn't yet hit a peak in
Speaker 1: the omicron fueled spike of corunavirus cases in recent weeks.
Speaker 1: Chotsky says cases are still increasing because we are seeing
Speaker 1: unprecedented case counts during this amicron wave, as you know,
Speaker 1: over thirty cases a day on the seven day average,
Speaker 1: and we are seeing the impact in our hospitals. Dr
Speaker 1: Chotsky encouraged New Yorkers to continue getting booster shots and
Speaker 1: wear masks. New York Governor Kathy HOCl gave her first
Speaker 1: State of the State address. Her plans put health at
Speaker 1: the top of the to do list, including a ten
Speaker 1: billion dollar increase for the medical workforce. A once in
Speaker 1: a lifetime pandemic demands once in a lifetime response, and
Speaker 1: that's why I'm setting an ambitious goal to grow our
Speaker 1: healthcare workforce by over the next five years. Governor HOCl
Speaker 1: also called for investments in housing and renewable energy. The
Speaker 1: judge in Galaane Maxwell sex trafficking trial ass prosecutors and
Speaker 1: defense lawyers the briefer on whether a new trial is
Speaker 1: needed over media comments made by a juror. Maxwell's lawyers
Speaker 1: told the judge that they would seek a new trial
Speaker 1: because the juror failed to disclose a possible bias against Maxwell.
Speaker 1: Will needs twenty four hours a day only here and
Speaker 1: on Bloomberg Quick Today Power about more than twenty seven
Speaker 1: hundred journalists and analysts, more than a hundred twenty countries
Speaker 1: and Michael bar this is Bloomberg NA. Thank you, Michael.
Speaker 1: If I sent on Wall Street time for the Bloomberg
Speaker 1: Sports that taking morning John Sanshowen, Good morning Nathan. There's
Speaker 1: been a lot of questions about Kyrie Irving, like why
Speaker 1: he's refused to get the vaccine even with the mandate
Speaker 1: in New York. There's never been any question about his
Speaker 1: ability to play basketball. So there was Kyrie last night
Speaker 1: at indianamaking his season debut for the Nets. The team
Speaker 1: had originally said they didn't want them at all, that
Speaker 1: was gonna be only for games on the road. They
Speaker 1: changed their mind, and Kyrie s for twenty two points
Speaker 1: in thirty two minutes, held Brooklyn to have come from
Speaker 1: behind one victory. So nervous, U naturally, you know, as
Speaker 1: a performer, I still get nervous. But that first shot
Speaker 1: was like and I wanted to go in and then um,
Speaker 1: I settled down closer to the second half. You know what,
Speaker 1: once I came back out and I just whatever, I'm
Speaker 1: just gonna do. I know, everyone's Devin Duran is always
Speaker 1: a big part of the win. Katie scored thirty nine
Speaker 1: nets end of the three game losing Street Nixon Celtics
Speaker 1: tonight at the Garden start of a home at home
Speaker 1: They'll play Saturday in Boston. Red Out Rangers skate tonight
Speaker 1: in Vegas. St. John's first games ince December eighteen. After
Speaker 1: four postponements, Red Storm finally had their Big East opener
Speaker 1: and award a game for Julian Tim Pagny thirty four points,
Speaker 1: sixteen rebound. St. John's Vite de Paul four. Syricus lost
Speaker 1: by one at Miami. Villanova won by thirty four over
Speaker 1: Creighton and Sonio. Brown says he had an m r
Speaker 1: I done on his ankle and it confirms he has
Speaker 1: an injury that prevented him from playing last Sunday. His
Speaker 1: Tamba Bay coach Bruce Arians, wanted him to play, They argued,
Speaker 1: Brown then took off his jersey and left MetLife Stadium.
Speaker 1: Arians then said browns no longer with the team, but
Speaker 1: the Bucks have still not released him. John stash Etward
Speaker 1: Bloomberg Sports Stapen, John thanks sessp Futures right now up
Speaker 1: a point, Death Futures up forty six, Sect Futures down
Speaker 1: fourteen points tenor Trey yield one point seven. This is
Speaker 1: Bloomberg Bloomberg eleven three oh Weather under winter weather advisory
Speaker 1: on the mix of sun and clouds today with a
Speaker 1: hindheer forty degrees, one to three inches of snow possible
Speaker 1: early tomorrow, hides in the low thirties into Saturday. Currently
Speaker 1: thirty nine in Central Park Markets. Headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, the
Speaker 1: Bloomberg Business at and at Bloomberg Quick Tape. He's a
Speaker 1: Bloomberg Business lash and I'm Karen Moscow. Seeing a little
Speaker 1: improvement in futures this morning. Nowesday future is still lower,
Speaker 1: but trimming declines down about thirteen points. SMP futures little changed,
Speaker 1: and DOWN futures are up forty one now. The decks
Speaker 1: in Germany is down about one percent, the ten year
Speaker 1: treasury down seven thirty seconds, YELD one point seven three percent.
Speaker 1: They yield on the two year point eight five percent.
Speaker 1: Nine X screw to ails up six tenths per cent,
Speaker 1: or forty four cents at seventy eight dollarsty one cents
Speaker 1: a barrel comic school down one point seven percent on
Speaker 1: thirty dollars nineties cents at seventeen ninety four and ounce.
Speaker 1: The euro one point one three one eight against the dollar.
Speaker 1: British found one point three five to seven and against
Speaker 1: at one fifteen point eight seven and big point this morning,
Speaker 1: moving lower at forty two thousand, seven hundred dollars as
Speaker 1: a Bloomberg business flashow, here's nuchle bar laclore unless going
Speaker 1: on around the world bubble, Good morning, Good morning, Karen.
Speaker 1: Chicago public schools classes are canceled again today after the
Speaker 1: teachers union and CPS officials failed to reach deal. The
Speaker 1: union voted to switch to remote learning until January eighteenth
Speaker 1: due to COVID, but city officials maintain in person learning
Speaker 1: remains essential to student success. Russia pledged to send troops
Speaker 1: to quell deadly protests in Kazakhstan. Police say dozens of
Speaker 1: anti government protesters were killed by security forces and officers
Speaker 1: were killed after Kazakhstan's president ordered an operation to put
Speaker 1: down the demonst rations. Australian Open champion Novak Djokovic has
Speaker 1: been denied entry into Australia. Federal officials over ruled the
Speaker 1: state vaccine exemption for the tennis star that sparked a
Speaker 1: national uproar. In the NBA, Kyrie Irving made his return
Speaker 1: as the Nets down the Pacers, the Celtics, Wizards and
Speaker 1: Warriors all lost global news twenty four hours a day
Speaker 1: on here and on Bloomberg Quick Tank, powered by more
Speaker 1: than twenty seven hundred journalists and analysts more than a
Speaker 1: d twenty countries. Michael Barr, this is Bloomberg Naked. Michael,
Speaker 1: thank you. It's five nineteen on Wall Street, Live from
Speaker 1: the Bloomberg Interactor Broker Studios. This is Bloomberg Daybreak. On
Speaker 1: this January six, a year to the day of a
Speaker 1: dark moment in this country, the Deadly Capital Insurrection. One
Speaker 1: year ago today, President Biden plans to mark this anniversary
Speaker 1: with a new push for voting rights and a blistering
Speaker 1: critique a former President Donald Trump. For more, we're joined
Speaker 1: by Greg Valier, chief US policy strategist at a GF Investments. Greg,
Speaker 1: thanks for being with us on this morning as we
Speaker 1: reflect on what was a very dark day for this country.
Speaker 1: The polarization doesn't seem to have gone away over the
Speaker 1: last year. Has anything changed since January six? Well, regrettably, Nathan, No,
Speaker 1: I don't think a lot of change. Trump still has
Speaker 1: tremendous support within his own party. He gets to choose
Speaker 1: who are the nominees, and a lot of key races.
Speaker 1: I do think this committee investigating the riot may come
Speaker 1: up with some proposals like changing the electoral vote come
Speaker 1: maybe even referring this to the Justice Department for prosecution.
Speaker 1: But at the same time, I don't think that there
Speaker 1: will be dramatic changes coming out of this very ugly,
Speaker 1: ugly day. From what we understand from the White House,
Speaker 1: President Biden, when he speaks later this morning from the
Speaker 1: US Capital, is going to point the finger at former
Speaker 1: President Trump, calling him singularly responsible for what happened on
Speaker 1: January six. Why could a pivot back to focusing on
Speaker 1: former President Trump mean for this current presidency. Well, this
Speaker 1: current president is in real trouble, probably going to lose
Speaker 1: the House in the fall, under fire for his handling
Speaker 1: of a very confusing rhetoric on COVID, under fire for inflation,
Speaker 1: under fire for immigration, urban crime, you name it. So
Speaker 1: the Democrats need, I think, something to rally around. And
Speaker 1: there is that three hour period Nathan, during the riot
Speaker 1: where Donald Trump apparently just watched television happily looking at
Speaker 1: the rioters, thinking that maybe there was still a chance
Speaker 1: he could retain the presidency. There's a lot of emails
Speaker 1: that would confirm that, and I think that the Democrats
Speaker 1: will will try to get those popular sized and of
Speaker 1: course that points back to the work that's happening with
Speaker 1: the January sixth Committee. You mentioned the possibility of more
Speaker 1: criminal referrals. Do you think that that really could go
Speaker 1: as far up as former President Trump himself potentially facing
Speaker 1: at least the possibility of criminal prosecution. Yes, I do,
Speaker 1: and I think that even if that doesn't happen, Nathan,
Speaker 1: there's a tidal wave of litigation coming at Trump now.
Speaker 1: His specialty is delaying and delaying and delaying, and it
Speaker 1: may not affect him right away, but I think this
Speaker 1: crush of litigation is making some Republicans, not the majority,
Speaker 1: but some Republican moderates think that Trump could be more
Speaker 1: troubled than he's worth in the next couple of years.
Speaker 1: But that at the same time, as you mentioned, former
Speaker 1: President Trump does still have this hold on the Republican
Speaker 1: Party as it stands now. Do you expect that to continue?
Speaker 1: What even with the possibility of potential criminal action against Well,
Speaker 1: he's raising a ton of money. Good story in the
Speaker 1: New York Times yesterday about his fundraising and about a
Speaker 1: big rally he plans for February twenty three at Mara Lago.
Speaker 1: So he's aggressively running, and while he does, I think
Speaker 1: most Republican contenders for the presidency in are going to
Speaker 1: be frozen unwilling to take him on now last minute here, Greg,
Speaker 1: we're expecting that there's going to be a lot more
Speaker 1: focused now on voting rights legislation, tying what happened on
Speaker 1: January six to a push for voting rights reform at
Speaker 1: the federal level. Do you see momentum for that? What
Speaker 1: could it mean for the rest of President Biden's domestic agenda,
Speaker 1: particularly the economic side. Well, Frankly, I don't get Chuck
Speaker 1: Schumer saying that he's going to vote on this. He
Speaker 1: doesn't have the votes to change to have voting reform
Speaker 1: that ironically would get filibustered, So I don't think he's
Speaker 1: going to succeed there. There could be a renewed effort
Speaker 1: for more fiscal spending coming out of the variant, and
Speaker 1: I think in the next few days one of the
Speaker 1: intriguing stories will be whether the Democrats come up with
Speaker 1: still another bill that would spend more for for restaurants, hotels,
Speaker 1: and maybe even include a child tax credit. Yeah, talking
Speaker 1: about the possibility of yet more coronavirus related stimulus. On
Speaker 1: the business side, Greg Valiere as always good to have
Speaker 1: your insights, particularly on a day like this. Greg Valier's
Speaker 1: chief US policy strategist at a GF Investments. Looking ahead
Speaker 1: to the market open um, starting to see a pickup
Speaker 1: in futures now with SMP futures up five points, doubt
Speaker 1: futures up seventy NASTAC futures giving back quite a few
Speaker 1: of their losses. They're down now only four points in
Speaker 1: the tenure treasury yield one point seven three per cent.
Speaker 1: Just to add more on the sharp market reactions of
Speaker 1: the Fed minutes and teams, a step posted of fiser boosters.
Speaker 1: As we check your top stories of the morning here
Speaker 1: on Bloomberg day Break Bloomberg eleven three oh weather mix
Speaker 1: of sun and clouds today, the high near forty degrees
Speaker 1: winter weather advisory with one to three inches of snow
Speaker 1: possible early tomorrow. Highs tomorrow and Saturday in the low thirties.
Speaker 1: Currently thirty nine crodcasting live from the Bloomberg Interactive Broker
Speaker 1: Studio in New York. Bloomberg eleving free to Washington, d C.
Speaker 1: Bloomberg ninety nine one to Boston, Bloomberg one O six
Speaker 1: one to San Francisco, Bloomberg N sixty to the country
Speaker 1: Sirius XM H one nine ten, and around the globe
Speaker 1: the Bloomberg business in Bloomberg Radio dot Com. This is
Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning,
Speaker 1: I'm beatin later and I'm Karen Moscow. We are just
Speaker 1: about four hours away from the open of US trading.
Speaker 1: Let's get you have to date in the news you
Speaker 1: need to know at this shower. US futures are mixed
Speaker 1: this morning following yesterday's text sell off ten your yields.
Speaker 1: You're trading near the highest level since April after the
Speaker 1: FED signal the more aggressive timeline for interest rate hikes.
Speaker 1: Brian Levitt is a global strategist at Investco. We should
Speaker 1: expect volatility to return to markets when we get unexpected
Speaker 1: results at a central bankers, so that tends to be
Speaker 1: we're draw downs and volatility emerges out of unexpected policy
Speaker 1: decisions and policy uncertainty. Invest Goo global strategist Bryan Levitt
Speaker 1: says he sees this sell off as a buying opportunity.
Speaker 1: We caught up in yesterday's sell off, Karen, the so
Speaker 1: called meme stocks. We get more on that side of
Speaker 1: the market from Bloomberg's Charlie Pellett, AMC down eleven percent,
Speaker 1: games stop down, and that helps send the basket of
Speaker 1: meme stocks tracked by Bloomberg to its lowest closed since
Speaker 1: January twenty one, when the market was swept up in
Speaker 1: the rise of retail trader driven surges. The route tracked
Speaker 1: other retail favorites lower, including bed Bath and Beyond and
Speaker 1: Stem Inc, which both fell about eleven percent in New York.
Speaker 1: Charlie Pellot Bloomberg day break right, Charlie, thank you. We're
Speaker 1: also seeing Bitcoin trading at its lowest level since December's
Speaker 1: flash crash. Right now, it's at forty eight hundred eighty dollars.
Speaker 1: And here with more is Bloomberg's or needing Young Karen
Speaker 1: the fitz hawk is tilt saw Bitcoin fall by about
Speaker 1: thirty five hundred dollars. Other cryptos like Ether and finance
Speaker 1: coin also slumped the lows not seen since October. The
Speaker 1: entire sector is pretty much under pressure. Bitcoin mining stocks
Speaker 1: tumbled as analysts reconsider their outlooks after a record breaking year.
Speaker 1: Since it's all time high in November, bitcoin is down
Speaker 1: about twent We need a young Bloomberg daybreak. Thanks on
Speaker 1: the pandemic front. This morning, we have a new recommendation
Speaker 1: on booster shots from the CDC Agency Advisors now recommend
Speaker 1: vaccinated teens as young as twelve years old get a
Speaker 1: COVID nineteen booster from Fiser and Nathan. At the same time,
Speaker 1: the impact of the omicron variant is weighing on the
Speaker 1: healthcare or system. US hospitals are facing their worst is
Speaker 1: staffing shortage in a year. According to Department of Health
Speaker 1: and Human Services data, about twenty percent of hospitals report
Speaker 1: critical staffing levels. And right now NASADACK futures are trimming
Speaker 1: their declines down about seven points now, U S and
Speaker 1: P futures are up about seven and DAL futures up.
Speaker 1: A D two ten year treasury down seven thirty seconds.
Speaker 1: He had one point seven three percent yield on the
Speaker 1: two year point eight five per cent. Straight ahead, your
Speaker 1: latest local headlines plus a check of sports, and this
Speaker 1: is Bloomberg. Thanks Caring. It's five thirty three on Wall
Speaker 1: Street where thirty nine degrees in Central Park. It's still
Speaker 1: dealing with the accident investigation in Mineola. It's got the
Speaker 1: Jericho Turnpike closed both ways at Herrick's Road. Details coming
Speaker 1: up in traffic. First Michael barrt with more on what's
Speaker 1: going on in New York and around the world. Michael,
Speaker 1: thank you very much, Nathan. President Joe Biden blands blistering
Speaker 1: critique of Donald Trump as he marks the one year
Speaker 1: anniversary of the January six ryot at the US Capitol
Speaker 1: with a speech that will warn of the dangers of
Speaker 1: misinformation at subverting democracy. Yesterday, Attorney General Merrick Garland spoke
Speaker 1: at the Justice Department about the riot. Those involved must
Speaker 1: be held accountable and there is no higher priority for US.
Speaker 1: At the Department of Justice, Garland held a moment of
Speaker 1: silence for the law enforcement officers who died related to
Speaker 1: the attack. New York City Health Commissioner Dr Dave Chotsky
Speaker 1: said the COVID data suggests the city hasn't yet hit
Speaker 1: a peak in the omicron fueled spike of coronavirus cases
Speaker 1: in recent weeks. Chotsky says the impact of gatherings at
Speaker 1: New Year's could still fuel another uptick. Vaccinate your child,
Speaker 1: get your booster dose, were a high quality mask and
Speaker 1: look out for those who are more susceptible to severe COVID,
Speaker 1: whether an older adult for someone with a chronic condition.
Speaker 1: Dr Chotsky says the seven day average of positive cases
Speaker 1: RO is to nearly thirty five percent. On January second,
Speaker 1: New York Governor Kathy Hoco delivered her first State of
Speaker 1: the State address, outlining an agenda for an economic comeback
Speaker 1: from the pandemic, housing and renewable energy. Hocal also says
Speaker 1: she will accelerate tax cuts for middle class New Yorkers.
Speaker 1: That means more than six million middle class taxpayers will
Speaker 1: get more money in their pockets sooner, at a time
Speaker 1: when inflation is robbing them of any gains in income.
Speaker 1: Governor Hocol also proposed a ten billion dollar plan to
Speaker 1: grow the state's healthcare workforce by over the next five years. Meanwhile,
Speaker 1: the governor is calling on state lawmakers to legalize the
Speaker 1: sale of to go alcoholic drinks to keep bars and
Speaker 1: restaurants afloat. Chicago, school leaders canceled classes in the nation's
Speaker 1: third largest school district for the second straight day after
Speaker 1: failing to reach an agreement with the teachers union over
Speaker 1: remote learning and other COVID nineteen safety protocols, Global news
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more twenty seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. I'm Michael bar This is Bloomberg, Nathan.
Speaker 1: Thank you, Michael five on Wall Street time for the
Speaker 1: Bloomberg Sports Update with John Stenshower, Hex Faith, and the Unvaccinated.
Speaker 1: Kyrie every not allowed to play games in New York
Speaker 1: due to the mandate, but he can play on the road,
Speaker 1: and the Nets recently change their mind about letting him
Speaker 1: do that. So Kyrie made his season debut last night
Speaker 1: at Indiana, played thirty two minutes, scored twenty two points.
Speaker 1: The Nets after a brutal first half, came back pete
Speaker 1: the Pacers one one and the three game losing streak.
Speaker 1: There's a lot of gratitude President Night. What everyone you know,
Speaker 1: just stout there to have fun doing what we love
Speaker 1: to do. Everyone was after about his thoughts on the
Speaker 1: vaccinoa that I know what the consequences where I still
Speaker 1: know what they are, but right now I'm just gonna
Speaker 1: take it one day at the time, I said, and
Speaker 1: just enjoy his time that I get to play with
Speaker 1: my guys Kevin Durant Last night thirty nine points for
Speaker 1: Brooklyn Nixon. South takes Plains night at the Garden. The
Speaker 1: Rangers are in Vegas. St. John's Wanted Big East opener
Speaker 1: eight nine eighty four over defall for Julian Simpagny thirty
Speaker 1: four point sixteen rebounds. The previous four games for the
Speaker 1: Red Storm had been postponed due to COVID. It was
Speaker 1: their first game in two and a half weeks. Tuesday
Speaker 1: came word that Novak Djokovic, despite being unvaccinated, had been
Speaker 1: granted a medical exemption and that despite a mandate, he
Speaker 1: would be allowed to play the upcoming Australian Open, a
Speaker 1: tournament he has one nine times so Yesterday he flew
Speaker 1: to Melbourne, but border officials say his visa did not
Speaker 1: include a proper reason for the exemption. They kept him
Speaker 1: at the airport. The latest orders that Djokovic has been
Speaker 1: allowed to stay in Australia until at least Monday, as
Speaker 1: lawyers have filed a legal challenge to the visa ruling.
Speaker 1: Australian ninety percent vaccinated. There was pushback from those who
Speaker 1: felt Djokovic was getting preferential treatment. John Stashower, Bloomberg Sports Na.
Speaker 1: Thanks Sean. It's five thirty seven on Wall Street time
Speaker 1: for the Tri State Business Report with Bloomberg's head Cory.
Speaker 1: A Long Island office complex that counts Morgan Stanley and
Speaker 1: Ubs Group as tenants has sold for two hundred and
Speaker 1: twelve million dollars, the biggest office deal in the area
Speaker 1: in the past decade. The Birch Group purchased two buildings
Speaker 1: and one and two Jericho Plaza from d r A
Speaker 1: Advisors and on Exequities. According to a statement, the National
Speaker 1: Retail Federation plans to host more than twenty thousand people
Speaker 1: in person it's annual convention in New York next week,
Speaker 1: despite a surgeon COVID cases. The event comes at a
Speaker 1: critical time for the industry, which is grappling with labor
Speaker 1: shortages and supply constraints. The NFL, the Jets, and the
Speaker 1: Giants have been hit with a proposed class action lawsuit
Speaker 1: by football fans. It alleges the team's use of the
Speaker 1: New York name and brand while actually playing in New
Speaker 1: Jersey is deceptive. The complaints seeks some monetary damages and
Speaker 1: in order requiring the Giants and the Jets to return
Speaker 1: to New York. That your Bloomberg Trying State Business report.
Speaker 1: My Ed Corey, thank you at It's on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's check in with
Speaker 1: our global news team for some of the stories heard
Speaker 1: on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Gina Serretti and for w f L A in Orlando.
Speaker 1: I'm reporting that Tide is helping astronauts do their laundry
Speaker 1: in space. I'm Steve photos Can on K and X
Speaker 1: in Los Angeles. We're talking about how around southern California
Speaker 1: it's cheaper to rent a home rather than bo I'm
Speaker 1: Caroline Heppil Bloomberg Davy Digital Radio in London, Liverpool, norn
Speaker 1: UK carmakers who expect a nine jump in vehicles sales
Speaker 1: this year. Is the chip shortage and pandemic effects face
Speaker 1: um Courtney Danahoe on cafabian Omaha. Global food prices have
Speaker 1: declined from a near record high at the end of
Speaker 1: last year. I'm d Corey on w p A M
Speaker 1: in Cleveland. I'm reporting Eaton is buying Royal Power solution.
Speaker 1: Those are some of the stories our twenty seven hundred
Speaker 1: Bloomberg journalist and analysts are working on this morning around
Speaker 1: the world. It's five thirty nine on Wall Street. The
Speaker 1: following is an editorial from Bloomberg Opinion. In the years
Speaker 1: since the j Your Very sixth attack on the U. S. Capitol,
Speaker 1: the government has responded better than might have been expected.
Speaker 1: Law enforcement agencies have charged at least seven hundred participants,
Speaker 1: Congressional investigators have interviewed hundreds of witnesses, and federal courts
Speaker 1: have resisted efforts by former President Donald Trump to deny
Speaker 1: Congress access to documents and testimony. Such progress shows the
Speaker 1: resilience of America's democratic institutions. It also underscores the need
Speaker 1: for the House Select Committee investigating the attack to quickly
Speaker 1: complete its inquiry. Its chair, Representative Benny Thompson, has said
Speaker 1: the panel only plans to release interim findings by the summer.
Speaker 1: That risks extending the probe deep into The committee should
Speaker 1: instead complete its work and issue an unredacted public report
Speaker 1: well ahead of the November midterm elections. The rest will
Speaker 1: be up to the voters. This editorial was written by
Speaker 1: the Bloomberg Opinion Editorial Board. I'm David Shipley. For more
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, Slash opinion
Speaker 1: or opi and go on the Bloomberg terminal. This has
Speaker 1: been Bloomberg opinion and you can hear Bloomberg opinion editorials
Speaker 1: every weekday. At this time, terminal customers can read more
Speaker 1: at O P I n GO. SMP future is up
Speaker 1: eight points, now down. Futures up a hundred five, nastack
Speaker 1: future is lower by six points. This is Bloomberg Bloomberg
Speaker 1: eleven three oh weather mix of sunny clouds today behind
Speaker 1: your forty degrees winter weather advisory, with snow arriving early tomorrow,
Speaker 1: one to three inches possible tomorrow and Saturday's highs in
Speaker 1: the low thirties currently thirty nine degrees. Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,
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Speaker 1: a Bloomberg Business Flash and I'm fair were at moscown
Speaker 1: NASTAT futures are lower this morning. SMP futures are higher
Speaker 1: as investors at the federal reserves faster than expected policy
Speaker 1: tightening will still leave opportunities for equity gains. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day. On
Speaker 1: bloomberg S ANDP Future is up five points this morning.
Speaker 1: Down Future is up ninety three and NAZDAC futures are
Speaker 1: down twenty six. The decks in Germany's down eight tenths
Speaker 1: of of her cent ten year treasury down eight thirty seconds,
Speaker 1: held one point seven three percent, yield on a two
Speaker 1: year pointy at six percent. Nine X Screwed oil is
Speaker 1: up one and a half percent of a dollar eighteen
Speaker 1: at seventy nine dollars, four cents of barrel called max
Speaker 1: school down one and a quarter percent or twenty dollars
Speaker 1: fifty cents at eighteen o two sixty and ounce. The
Speaker 1: euro one point one three one six against the dollar
Speaker 1: British found one point three five three three and the
Speaker 1: ens at one fifteen point eight seven Bigcoin at forty
Speaker 1: two thoight hundred fifty dollars. That's a Bloomberg business, Flannish.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael, thank you very much. Karen. President
Speaker 1: Joe Biden is planning a blistering critique of Donald Trump.
Speaker 1: As he marks the one year anniversary of the January
Speaker 1: sixth riot at the US capital, President Biden will give
Speaker 1: a speech that will warn of the day in Jars
Speaker 1: of misinformation and subverting democracy. The President this morning will
Speaker 1: also call on lawmakers to pass voting rights legislation. Authorities
Speaker 1: in Kazakhstan say dozens of protesters have been killed in
Speaker 1: attacks on government buildings and at least twelve police officers
Speaker 1: have died. Australian Open champion Novak Djokovic has been denied
Speaker 1: entry into Australia. Federal officials over ruled a state vaccine
Speaker 1: exemption for the tennis star that sparked the national uproar.
Speaker 1: In the NBA, Kyrie Irving made his return as the
Speaker 1: Nets down, the Pacers one nine, the Celtics, Wizards and
Speaker 1: Warriors all lost. Global news twenty four hours a day
Speaker 1: on here and on Bloomberg Quick Tank, powered by more
Speaker 1: than twenty seven hundred journalist and analyst more than a
Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan.
Speaker 1: All right, Michael, Thanks, It's forty nine on Wall Street
Speaker 1: Life from the Bloomberg Interactive Brokers Studios. This is Bloomberg
Speaker 1: Daybreak as we continue to gather reaction to the Fed minutes.
Speaker 1: Were joined this morning, Pie or a House, senior economist
Speaker 1: at Wells Fargo. Sarah, it's good to have you with
Speaker 1: us this morning. It was very interesting to see the
Speaker 1: market reaction yesterday, particularly given the fact that we didn't
Speaker 1: see the same kind of reaction when the Fed actually
Speaker 1: sped up the taper, but the release of the minutes
Speaker 1: really seems to have cut investors off guard. What did
Speaker 1: you make of it? So? I thought we saw that
Speaker 1: the Fed was was willing to adapt more quickly to
Speaker 1: the evolving conditions that that we're seeing them certainly last cycle,
Speaker 1: but even over the past year. So there's this recognition
Speaker 1: that inflation is more persistent. But also I think they're
Speaker 1: in a much happier place with where the labor market is,
Speaker 1: and so I think that's all pointing towards an earlier
Speaker 1: lift off and faster pace of tightening. So you're thinking
Speaker 1: this isn't much as so much a hawkish tilt as
Speaker 1: a as a real hawkish pivot. Then I think we
Speaker 1: we saw that with the with the dot plot. But
Speaker 1: I think the minutes really codified what they were looking at,
Speaker 1: what they what they were seeing, and I think one
Speaker 1: thing that really underscored just how much quicker this this
Speaker 1: tightening period is likely to be, is is a lengthy
Speaker 1: discussion on the balance to you run off. So when
Speaker 1: do you think we will start to see rates take off?
Speaker 1: Do you think the March meeting is live? I think
Speaker 1: it's certainly live if you look at what beneficials have
Speaker 1: been saying, but also just where the where the economy is.
Speaker 1: So you know, we're looking for the unemployment rate to
Speaker 1: hit four percent and the jobs report that we get
Speaker 1: out tomorrow, so that's well within the range of what
Speaker 1: the FED considers is normal over over the long run.
Speaker 1: And we already have inflation, of course, running well above
Speaker 1: the FETs target and looking like it's not going to
Speaker 1: do to come down to resemble the FETs target until
Speaker 1: probably at least at the earliest. And so I think
Speaker 1: that the Fed is is really racing to calibrate policy
Speaker 1: to to this higher inflation as well as this tighter
Speaker 1: labor market environment. When you say the Feds racing, are
Speaker 1: you opening the possibility that we could see a policy
Speaker 1: mistake from the Fed. Well, I think we've seen of
Speaker 1: fairly quick recalibration of of the situation, so I think
Speaker 1: that does mitigate the chance of a policy mistake. So
Speaker 1: if the Fed were to follow through on the three
Speaker 1: rate increases that's been currently sketched out in the dot plot,
Speaker 1: I think that would help mitigate that that chance. And
Speaker 1: I think we also have to bear in mind that
Speaker 1: the U s economy is is set to moderate over
Speaker 1: this year already, and so it's going to be a
Speaker 1: little bit of learning learning as they go. But I
Speaker 1: think overall, um coming out of this to SMB, the
Speaker 1: medium there in a much better position. Of Course, it's
Speaker 1: not just about rate hikes, as we saw from the
Speaker 1: minutes particularly, it's about the balance sheet unwind. When do
Speaker 1: you think that's going to start to happen. It could
Speaker 1: have happen as rates are rising. Well, I think we
Speaker 1: certainly could see that occur as right a rising. We
Speaker 1: saw that in the last cycle, so they did get
Speaker 1: a few rate hikes under their belt before they started
Speaker 1: to reduce the balance sheet. But I think what really
Speaker 1: stuck out is not only the timing of that, so
Speaker 1: the notion that it would cur relatively soon after lift
Speaker 1: off that I think also the discussion around the pace
Speaker 1: was interesting. So the fact that the economy isn't a
Speaker 1: much stronger position, that inflation is notably higher, that the
Speaker 1: balance sheet is much larger as a share of the
Speaker 1: economy all pointed to a faster runoff as as well.
Speaker 1: So it looks like there's going to be a lot
Speaker 1: more movement and quicker movement than what we saw on
Speaker 1: the last runoff cycle. Is it going to take policy
Speaker 1: tightening alone to get a handle on inflation, particularly given
Speaker 1: sort of the the exogenous effects out there from supply
Speaker 1: chain and balances and that sort of thing. Can policy
Speaker 1: alone do it? So it's depending on on how tight
Speaker 1: we get policy, of of course. So um, perhaps with
Speaker 1: what the FEDS sketched out right now, it's you know,
Speaker 1: by our estimates, we we still wouldn't be seeing inflation
Speaker 1: was jumbling target for for a while. But I think
Speaker 1: you will have help from a more organic pivot in
Speaker 1: terms of spending patterns. So where we've seen a lot
Speaker 1: of the inflationary impulse or what's really unique about the
Speaker 1: cycle is what's happening with goods inflation. I think as
Speaker 1: you see spending continue to pivot back towards services that's
Speaker 1: going to help alleviate some of the inflation pressures that
Speaker 1: that we're seeing now. So I think they're they're going
Speaker 1: to get some help um from UH from from US
Speaker 1: consumers on their own, even before you think about the
Speaker 1: impact of higher interest rates. Thanks for the Sarah, good
Speaker 1: having you on with us this morning. Sarah House is
Speaker 1: senior economist at Wells Fargo. Karen Nathan, it is five
Speaker 1: fifty three on Wall Street. It's time for our Bloomberg
Speaker 1: Law Report, exploring legal issues in the news, and today
Speaker 1: we're looking at allegations against Andrew Cuomo. The former New
Speaker 1: York governor, is no longer facing criminal charges after the
Speaker 1: Albany District Attorney said he won't pursue allegations that Cuomo
Speaker 1: groped a woman in the executive mansion more than a
Speaker 1: year ago. District attorneys at NASSA on Westchester Counties also
Speaker 1: recently ended their Cuomo probes without charges. The former New
Speaker 1: York governor denies any wrongdoing, but quit over the controversies,
Speaker 1: which included at least eleven allegations of sexual harassment. For
Speaker 1: more in the matter, Bloomberg student Grossos bakes to former
Speaker 1: federal prosecutor Jennifer Rogers, who teaches at Columbia Law School,
Speaker 1: how significant is it that the Albany d A is
Speaker 1: dropping criminal charges against Cuomo. Well, it's a big deal
Speaker 1: because it means there will be no criminal case. You know,
Speaker 1: there was a moment there, maybe a couple of hours
Speaker 1: back when the sheriffs had filed this criminal complaint and
Speaker 1: before the Albany d A came in and said, hey,
Speaker 1: wait a minute, we weren't part of this. We're still
Speaker 1: evaluating the case. When everyone thought that meant that he
Speaker 1: would be criminally charged with the growthing incident, and now
Speaker 1: we know that that will not happen. So it's a
Speaker 1: really strange episode as far as law enforcement not being
Speaker 1: on the same cage and the relationships to the DA
Speaker 1: and the sheriff's and who knows what happened with all
Speaker 1: of that. But it's great news for Andrew Cuomo because,
Speaker 1: along with a couple of other district attorneys closing their
Speaker 1: investigations into whether he committed crimes in their districts, it
Speaker 1: means that he won't be facing a criminal charge, which
Speaker 1: you know that that's a huge thing hanging over someone's head.
Speaker 1: You know, he's still got a lot of issues relating
Speaker 1: to all of this, including likely civil suits and the like.
Speaker 1: But not having the possibility of going to jail for
Speaker 1: that behavior, I'm sure it's a big release to him.
Speaker 1: The d A said that he finds the witness credible,
Speaker 1: but he can't prove it in a court of law.
Speaker 1: He knew from the beginning that this was going to
Speaker 1: be a he said, she said situation. So if he
Speaker 1: finds the witness credible, why offering charges. It's a tough
Speaker 1: issue and a good question. There's a lot of space
Speaker 1: between we believe the witness and we can prove it
Speaker 1: in court using admissible evidence beyond a reasonable doubt. These
Speaker 1: are very, very challenging cases, and so I think you're
Speaker 1: going to bring a case like this. Becauch just takes
Speaker 1: the main case, the one that the all the ned
Speaker 1: A just said. You won't charge the growthing allegation. You
Speaker 1: have an incident, only two people were there. You have
Speaker 1: some things you can corroborate, like the facts that they
Speaker 1: worked together, they were there on the day and time
Speaker 1: and question, you know, those sorts of things. But what
Speaker 1: you don't have is the kind of evidence that makes
Speaker 1: her account vastly more believable than his accounts, right, the
Speaker 1: kind of thing where she ran out in a panic
Speaker 1: and people saw her freaking out, and she immediately told
Speaker 1: a whole bunch of people exactly what had happened, you know,
Speaker 1: the day of Those are the sorts of things that
Speaker 1: you don't have. And so while you might say I
Speaker 1: believe her more than him, you know, percent sixt can
Speaker 1: you get to beyond a reasonable doubt? Which is a
Speaker 1: very very high standard, And it's that way for a reason.
Speaker 1: But it does make it very very challenging to charge
Speaker 1: these kinds of cass and that s the will be
Speaker 1: a lot. Professor Jennifer Rogers speaking with Bloomberg's June Gronzo.
Speaker 1: Catch more of that interview, plus analysis of the latest
Speaker 1: legal news, by subscribing to the Bloomberg Law podcast or
Speaker 1: downloading this show at Bloomberg dot com slash podcasts. Attorneys
Speaker 1: can find exceptional legal research and business development tools at
Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at
Speaker 1: b law go. Smp futures are up three and a
Speaker 1: half points. This Moringdown future is up eighty eight and
Speaker 1: Nasdack future is lower down about thirty six ten year
Speaker 1: treasury down nine thirties seconds. You had one point seven
Speaker 1: three per cent and they yield on the two year
Speaker 1: point eight six were cent and I'm screwed. Oil is
Speaker 1: up one and a half percent, still ahead on Bloomberg
Speaker 1: daybreak at check on the business headlains and all the
Speaker 1: news you need to start your day. And this is Bloomberg.