1 00:00:01,240 --> 00:00:04,760 Speaker 1: Life from the Bloomberg interacted Berger's studios. This is Bloomberg 2 00:00:04,840 --> 00:00:08,680 Speaker 1: day Break for Thursday, August eleven two. Coming up this hour, 3 00:00:09,039 --> 00:00:12,680 Speaker 1: US futures look to add to yesterday's rally. Softening inflation 4 00:00:12,840 --> 00:00:15,800 Speaker 1: isn't swaying FETE officials when it comes to policy. Gas 5 00:00:15,800 --> 00:00:18,840 Speaker 1: prices continue to fall, dipping below four dollars a gallon, 6 00:00:18,960 --> 00:00:21,640 Speaker 1: and Disney shares search as it beats prophet estimates that 7 00:00:21,720 --> 00:00:24,639 Speaker 1: it announces a price fight for streaming. New York Mayor 8 00:00:24,720 --> 00:00:28,280 Speaker 1: Adams and Texas Governor Rabbit continue to spa over bus 9 00:00:28,320 --> 00:00:31,640 Speaker 1: loads of migrants to the city. Plus former President Trump 10 00:00:31,720 --> 00:00:34,919 Speaker 1: leads the fifth I'm Michael Blaher. More ahead, I'm John 11 00:00:34,960 --> 00:00:37,320 Speaker 1: stash Our. In sports, another win for the red hot Mets. 12 00:00:37,360 --> 00:00:40,360 Speaker 1: The Yankees lost in Seattle. The Giants that their preseason 13 00:00:40,400 --> 00:00:45,760 Speaker 1: opener tonight at New England. That's all's turning ahead on 14 00:00:45,880 --> 00:00:49,240 Speaker 1: Bloomberg day Break on Bloomberg eleven, Free on New York, 15 00:00:49,440 --> 00:00:54,120 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 16 00:00:54,400 --> 00:00:58,880 Speaker 1: Bloomberg nine sixties and Francisco Sirius XAM one nine team, 17 00:00:59,080 --> 00:01:02,000 Speaker 1: and around the world. The Bloomberg Radio Dot com and 18 00:01:02,120 --> 00:01:08,240 Speaker 1: via the Bloomberg Business app. Think good morning, I'm Nathan 19 00:01:08,280 --> 00:01:11,560 Speaker 1: Higger and I'm Karen Moscow. When US Dock Index futures 20 00:01:11,560 --> 00:01:13,679 Speaker 1: are on the rise this morning. We are coming up 21 00:01:13,720 --> 00:01:15,720 Speaker 1: to six o one on Wall Street, and we check 22 00:01:15,760 --> 00:01:18,280 Speaker 1: the markets every fifteen minutes throughout the trading day. On 23 00:01:18,319 --> 00:01:21,560 Speaker 1: Bloomberg S and P Future is up about thirteen points now, 24 00:01:21,680 --> 00:01:24,360 Speaker 1: Futures up one twenty five and NASDAG future is up 25 00:01:24,400 --> 00:01:27,479 Speaker 1: thirty three. Ten year treasury up to thirty seconds here 26 00:01:27,560 --> 00:01:29,920 Speaker 1: two point seven six percent, and they yield on the 27 00:01:29,959 --> 00:01:33,399 Speaker 1: two year three point one seven percent. Nathan, Well, Karen. 28 00:01:33,400 --> 00:01:36,880 Speaker 1: The rise in futures this morning builds on yesterday's powerful rally. 29 00:01:36,959 --> 00:01:39,680 Speaker 1: The SMP five hundred closed at a three month high, 30 00:01:39,800 --> 00:01:42,559 Speaker 1: while the Nasdaq one hundreds up more than twenty percent 31 00:01:42,640 --> 00:01:44,800 Speaker 1: now from its June bottom. It was all fueled by 32 00:01:44,959 --> 00:01:48,919 Speaker 1: softer than expected inflation data. Alan Lands, director of research 33 00:01:49,000 --> 00:01:52,040 Speaker 1: at Lands Global, is skeptical all of a sudden. Now 34 00:01:52,680 --> 00:01:56,480 Speaker 1: one CPI report and now you know, inflation is is 35 00:01:56,520 --> 00:01:59,920 Speaker 1: calm and taking care of et cetera. So for some reason, investor, 36 00:02:00,640 --> 00:02:05,120 Speaker 1: you know, ream stop sucks back, and you know it's 37 00:02:05,160 --> 00:02:09,520 Speaker 1: just it's just a total exaggeration. Alan Land says he 38 00:02:09,560 --> 00:02:12,360 Speaker 1: remains conscious. He was a guest on Bloomberg Business Week, 39 00:02:12,400 --> 00:02:16,880 Speaker 1: herd Weekday afternoons on Bloomberg Radio and streaming live on YouTube. Well, Nathan, 40 00:02:16,880 --> 00:02:19,680 Speaker 1: the Wall Street rally is now spilled overseas. Stocks in 41 00:02:19,760 --> 00:02:22,800 Speaker 1: Hong Kong and China search more than two percent overnight, 42 00:02:22,840 --> 00:02:25,920 Speaker 1: and we get the recount from Bloomberg's Juliette Sally and Singapore. 43 00:02:25,960 --> 00:02:28,520 Speaker 1: Good Morning, Juliette, Good morning, Nathan, and Karen Tex sches 44 00:02:28,600 --> 00:02:31,320 Speaker 1: Bird gains in the regional index excluding Japan, which was 45 00:02:31,360 --> 00:02:34,320 Speaker 1: closed for a holiday. China's bulls has advanced even as 46 00:02:34,360 --> 00:02:38,240 Speaker 1: investors digested a warning from the PBOC about inflation threats 47 00:02:38,240 --> 00:02:41,360 Speaker 1: and a pledge to avoid massive stimulus. South Korea has 48 00:02:41,360 --> 00:02:43,560 Speaker 1: one gained as much as one percent against the dollar 49 00:02:43,680 --> 00:02:46,520 Speaker 1: as the nation's trade deficit wide and while the Singapore 50 00:02:46,560 --> 00:02:49,400 Speaker 1: dollar retreated as the Ministry of Trade and Industry lowered 51 00:02:49,400 --> 00:02:52,640 Speaker 1: its twenty twenty two growth forecast following a contraction in 52 00:02:52,680 --> 00:02:56,080 Speaker 1: the economy in the second quarter. In Singapore. Juliette Sally 53 00:02:56,200 --> 00:02:59,720 Speaker 1: Bloomberg Daybreak, All Right, juliet thanks softening inflation data, Maybe 54 00:02:59,760 --> 00:03:02,640 Speaker 1: exit adding markets but it's not changing minds at the FED. 55 00:03:02,840 --> 00:03:06,120 Speaker 1: Let's get that story live with Bloomberg's John Tucker John Nathan. 56 00:03:06,120 --> 00:03:09,079 Speaker 1: Minneapolis Fed President Neil Cash car he wants the benchmark 57 00:03:09,120 --> 00:03:11,200 Speaker 1: into his rate at three point nine percent by the 58 00:03:11,320 --> 00:03:13,680 Speaker 1: end of this year and at four point four percent 59 00:03:13,800 --> 00:03:16,800 Speaker 1: by the end of twenty three. The idea that we're 60 00:03:16,800 --> 00:03:20,560 Speaker 1: going to start cutting rates early next year when inflation 61 00:03:20,680 --> 00:03:22,919 Speaker 1: is very likely going to be well, well, well in 62 00:03:23,000 --> 00:03:26,640 Speaker 1: excess of our target, I just think it's not realistic, carries. 63 00:03:26,680 --> 00:03:30,600 Speaker 1: Counterpart Charles Evans of Chicago welcome the lower CPI print, 64 00:03:30,639 --> 00:03:34,760 Speaker 1: but says inflation remains unacceptably high and he wants to 65 00:03:34,800 --> 00:03:38,040 Speaker 1: continue raising rates until next year. I think it'll be 66 00:03:38,360 --> 00:03:40,680 Speaker 1: three and three quarters to four percent, So sort of 67 00:03:40,680 --> 00:03:43,680 Speaker 1: a four percent top funds rate at the end of 68 00:03:43,760 --> 00:03:46,560 Speaker 1: next year is what I'm thinking about. Mary Daly, also 69 00:03:46,680 --> 00:03:49,600 Speaker 1: adding to that call, the San Francisco FED president tells 70 00:03:49,600 --> 00:03:53,000 Speaker 1: the Financial Times it's far too early to declare victory 71 00:03:53,040 --> 00:03:57,040 Speaker 1: over inflation. She's not ruling out a third consecutive bases 72 00:03:57,040 --> 00:03:59,840 Speaker 1: point increase in September. Daily, by the way, is going 73 00:03:59,880 --> 00:04:02,400 Speaker 1: to be on Bloomberg Radio and TV tonight at seven 74 00:04:02,480 --> 00:04:05,800 Speaker 1: thirty Eastern Live in New York. I'm John Tucker, Bloomberg debreak. 75 00:04:06,000 --> 00:04:08,200 Speaker 1: All right, John, thank you well. That sentiment from FED 76 00:04:08,240 --> 00:04:11,320 Speaker 1: officials as being echoed by the U S. Commerce Secretary 77 00:04:11,400 --> 00:04:14,800 Speaker 1: Gina Ramando spoke at the Bloomberg's David weston it is 78 00:04:14,840 --> 00:04:18,200 Speaker 1: good news, although I do think we have to be cautious. 79 00:04:18,240 --> 00:04:21,560 Speaker 1: A big reason for the good news gas prices are 80 00:04:21,640 --> 00:04:26,320 Speaker 1: leveling off, and that's certainly helpful to consumers. But as 81 00:04:26,360 --> 00:04:29,920 Speaker 1: you point out, there are other issues wait, like in housing, 82 00:04:29,960 --> 00:04:31,719 Speaker 1: that we have to still keep our eye on the ball. 83 00:04:32,680 --> 00:04:35,080 Speaker 1: As we've set all along, there's no silver bullet here. 84 00:04:35,400 --> 00:04:39,719 Speaker 1: Commerce Secretary Jenna Ramando mentioned falling gasoline prices, and we 85 00:04:39,800 --> 00:04:42,000 Speaker 1: have more news on that front this morning. Triple A 86 00:04:42,080 --> 00:04:44,600 Speaker 1: reporting the average price of gash in the US has 87 00:04:44,680 --> 00:04:47,400 Speaker 1: now fallen below four dollars a gallon, and we get 88 00:04:47,480 --> 00:04:50,520 Speaker 1: another reading on US inflation this morning. Karen. Economists predict 89 00:04:50,600 --> 00:04:53,840 Speaker 1: July's producer price index rose ten point four percent on 90 00:04:53,920 --> 00:04:55,880 Speaker 1: a year over year basis. That would be less than 91 00:04:56,000 --> 00:05:00,320 Speaker 1: June's historic eleven percent increase. Bloomberg's Viny Del Judai says 92 00:05:00,360 --> 00:05:03,719 Speaker 1: more gasoline prices could be the theme of today's report 93 00:05:03,839 --> 00:05:07,560 Speaker 1: falling gasoline prices. They've been slashing around for two months 94 00:05:07,560 --> 00:05:10,400 Speaker 1: and accounted for almost all of June's and greasing US 95 00:05:10,440 --> 00:05:14,320 Speaker 1: wholesale prices outside of fuel Bloomberg Economics as costs from 96 00:05:14,360 --> 00:05:17,640 Speaker 1: Ain elevated, though the peak is probably behind us. We 97 00:05:17,720 --> 00:05:21,599 Speaker 1: saw a similar pattern and Wednesday's data on July consumer prices. 98 00:05:21,920 --> 00:05:24,760 Speaker 1: But there's a long way to go. Finney, Carl Judaic, 99 00:05:24,839 --> 00:05:27,320 Speaker 1: Bloomberg debreak. All right, Finney, thank you. All Back now 100 00:05:27,400 --> 00:05:30,120 Speaker 1: to the equity market. Shares of Disney up more than 101 00:05:30,240 --> 00:05:33,280 Speaker 1: eight percent in early trading. The media giants third quarter 102 00:05:33,360 --> 00:05:37,360 Speaker 1: results beat estimates for sales, profit and subscriber growth. It's 103 00:05:37,360 --> 00:05:40,479 Speaker 1: also raising the price of its flagship and Disney Plus 104 00:05:40,560 --> 00:05:44,480 Speaker 1: streaming service by thirty eight percent. Beget more from Bloomberg's 105 00:05:44,600 --> 00:05:47,800 Speaker 1: Lucas Shaw. The thing that really Disney announced today is 106 00:05:47,839 --> 00:05:51,400 Speaker 1: not only stronger growth than anybody expected in streaming, which 107 00:05:51,480 --> 00:05:53,400 Speaker 1: kind of bucks the trend we saw everywhere else, whether 108 00:05:53,440 --> 00:05:57,160 Speaker 1: it was Netflix, HBO, Max, Paramount, UH Peacock, but but 109 00:05:57,240 --> 00:06:00,320 Speaker 1: perhaps most importantly, that it's raising prices across the board 110 00:06:00,360 --> 00:06:02,800 Speaker 1: for all of its services, and it feels like it's 111 00:06:02,880 --> 00:06:05,760 Speaker 1: now you know, established itself enough with the customers that's 112 00:06:05,800 --> 00:06:08,440 Speaker 1: able to do that, and Bloomberry so Luke as Shaw says, 113 00:06:08,480 --> 00:06:11,640 Speaker 1: Disney will introduce an and supported version of its flagship 114 00:06:11,720 --> 00:06:14,279 Speaker 1: streaming service and raise the price of the ant free 115 00:06:14,320 --> 00:06:16,600 Speaker 1: option to eleven dollars a month. Well, it's not just 116 00:06:16,720 --> 00:06:19,000 Speaker 1: Disney on the move. This morning, Karen Shares of son 117 00:06:19,080 --> 00:06:22,520 Speaker 1: Nos are plunging down nearly twenty percent in early training. 118 00:06:22,600 --> 00:06:24,840 Speaker 1: Let's get the details live with Bloomberg. Tre need a Young, 119 00:06:24,839 --> 00:06:27,960 Speaker 1: Good morning Grenita, Good morning Nathan. Audio products maker son 120 00:06:28,040 --> 00:06:31,799 Speaker 1: Nos cut its annual revenue view. Company executives are citing 121 00:06:31,839 --> 00:06:36,480 Speaker 1: a more challenging macroeconomic backdrop against an appreciating dollar and 122 00:06:36,680 --> 00:06:40,320 Speaker 1: high inflation, and that's all pressure and consumer sentiment. As 123 00:06:40,360 --> 00:06:43,720 Speaker 1: a result, the company extended its timeline to achieve its 124 00:06:43,800 --> 00:06:48,400 Speaker 1: previously issue targets to beyond fiscal year four. Sons is 125 00:06:48,440 --> 00:06:52,280 Speaker 1: also saying CFO Brittany Badgeley is stepping down to pursue 126 00:06:52,279 --> 00:06:56,840 Speaker 1: another opportunity and names Eddie Lazarus in term CFO Live 127 00:06:56,920 --> 00:06:59,520 Speaker 1: in New York. I'm reneed a Young Bloomberg Daybreak, I 128 00:06:59,600 --> 00:07:01,960 Speaker 1: reneed a thanks Well, Shares a bumble are also following 129 00:07:02,000 --> 00:07:04,600 Speaker 1: this morning, they're down more than seven percent. That's after 130 00:07:04,680 --> 00:07:08,200 Speaker 1: the online dating app company trimmed its revenue forecast for 131 00:07:08,640 --> 00:07:12,320 Speaker 1: the year. Again, futures this morning are on the rise. 132 00:07:12,880 --> 00:07:16,320 Speaker 1: Straight ahead, we have your latest local headlines, plus a 133 00:07:16,440 --> 00:07:23,520 Speaker 1: check of sports. And this is Bloomberg. Thank You're caring. 134 00:07:23,520 --> 00:07:25,760 Speaker 1: At six oh seven on Wall Street, seventy five degrees 135 00:07:25,960 --> 00:07:28,280 Speaker 1: in Central Park. I got an accident in New York 136 00:07:28,360 --> 00:07:32,400 Speaker 1: eastbound Root two at Freeland, His and Avenue. Michael Barr 137 00:07:32,520 --> 00:07:34,440 Speaker 1: is here with more on what's going on in New 138 00:07:34,560 --> 00:07:37,480 Speaker 1: York and around the world, including the latest on the 139 00:07:37,920 --> 00:07:42,040 Speaker 1: migrant influx. Michael, yes here. Another bus load of migrants 140 00:07:42,120 --> 00:07:44,800 Speaker 1: seven shipped to New York City by Texas Governor Greg 141 00:07:44,920 --> 00:07:48,200 Speaker 1: Abbott as a political message to the Biden administration and 142 00:07:48,280 --> 00:07:51,680 Speaker 1: the city's leaders. Other bus loads to so called sanctuary 143 00:07:51,760 --> 00:07:54,800 Speaker 1: cities have been sent to Washington. It is fueling a 144 00:07:54,840 --> 00:07:58,400 Speaker 1: political battle between the Republican governor and the Democratic mayors 145 00:07:58,480 --> 00:08:01,680 Speaker 1: in the cities. Yesterday, nearly a hundred migrants arrived in 146 00:08:01,760 --> 00:08:05,120 Speaker 1: New York City from Texas. New York Mayor Eric Adam 147 00:08:05,160 --> 00:08:07,360 Speaker 1: says he might send the bus load of New Yorkers 148 00:08:07,400 --> 00:08:11,800 Speaker 1: to Texas to help Democratic gubernatorial candidate Beto O'Rourke ou 149 00:08:12,120 --> 00:08:15,960 Speaker 1: Abbott from office. Abbott responded on Fox, go ahead, mayor, 150 00:08:16,480 --> 00:08:18,680 Speaker 1: make my day. However, the mayor is shot back on 151 00:08:18,880 --> 00:08:23,720 Speaker 1: CBS two. I know he thinks he's Clint Eastwood, but 152 00:08:23,840 --> 00:08:30,440 Speaker 1: he's not. He is a anti American governant. Mayor Adam 153 00:08:30,520 --> 00:08:33,559 Speaker 1: says there's nothing successful about treating people with this lack 154 00:08:33,640 --> 00:08:37,080 Speaker 1: of dignity. Donald Trump says he invoked the Fifth Amendment 155 00:08:37,160 --> 00:08:40,040 Speaker 1: and wouldn't answer questions under oath in the long running 156 00:08:40,040 --> 00:08:43,559 Speaker 1: New York civil investigation into his business dealings. Trump was 157 00:08:43,679 --> 00:08:47,040 Speaker 1: at New York Attorney General Letitia James's office yesterday. He 158 00:08:47,120 --> 00:08:49,480 Speaker 1: sent out a statement saying he declined to answer the 159 00:08:49,559 --> 00:08:53,160 Speaker 1: questions under the rights and privileges afforded to every citizen 160 00:08:53,240 --> 00:08:56,560 Speaker 1: under the United States Constitution. And the Randy and official 161 00:08:56,600 --> 00:08:58,760 Speaker 1: has had large one and for the plot to allegedly 162 00:08:58,800 --> 00:09:03,640 Speaker 1: assassinate former National Security advisor John Bolton. Bolton says Iran 163 00:09:03,720 --> 00:09:06,920 Speaker 1: cannot be trusted, especially when it comes to the nuclear 164 00:09:07,080 --> 00:09:10,439 Speaker 1: arms deal. I think it's a totally untrustworthy government. I 165 00:09:10,520 --> 00:09:14,479 Speaker 1: think there is no possibility they will comply with commitments 166 00:09:14,520 --> 00:09:17,679 Speaker 1: that they make they are enemies of America. They hate 167 00:09:17,840 --> 00:09:20,720 Speaker 1: US as the Great Satan, as they hate Israel as 168 00:09:20,800 --> 00:09:23,679 Speaker 1: the little Satan. The Department of Justice has forty five 169 00:09:23,760 --> 00:09:27,720 Speaker 1: year old Iranian operative Shahram por Safi offered three hundred 170 00:09:27,760 --> 00:09:31,400 Speaker 1: thousand dollars to assassinate former National Security Advisor Bolton in 171 00:09:31,520 --> 00:09:34,800 Speaker 1: retaliation for the killing of a top Iranian general in 172 00:09:35,840 --> 00:09:39,240 Speaker 1: Kim Joanne's sister revealed that the North Korean leader suffered 173 00:09:39,280 --> 00:09:42,000 Speaker 1: from a high fever and was seriously ill during a 174 00:09:42,080 --> 00:09:46,560 Speaker 1: recent COVID outbreak. She valed to eradicate South Korean authorities 175 00:09:46,840 --> 00:09:50,640 Speaker 1: if they continue to tolerate propaganda leaflets the regime blames 176 00:09:50,840 --> 00:09:54,160 Speaker 1: for spreading the virus. Global News twenty more hours a 177 00:09:54,240 --> 00:09:57,280 Speaker 1: day on air and on Bloomberg Quick Take, powered by 178 00:09:57,320 --> 00:09:59,920 Speaker 1: more than twenty d journalists and analysts or more than 179 00:10:00,280 --> 00:10:04,640 Speaker 1: twenty countries. Michael Barr and this is Bloomberg. Nathan, Okay, Michael, 180 00:10:09,320 --> 00:10:11,520 Speaker 1: Almost six ten on Wall Street. Time for the Bloomberg 181 00:10:11,559 --> 00:10:14,160 Speaker 1: Sports Update. Here's John Stannshower. All right, Nathan, the Mets 182 00:10:14,160 --> 00:10:16,319 Speaker 1: still on fire. Another easy way, and they led the 183 00:10:16,400 --> 00:10:18,200 Speaker 1: Red six to nothing in the third inning. They won 184 00:10:18,280 --> 00:10:19,880 Speaker 1: ten to two. They've won six in a row and 185 00:10:19,920 --> 00:10:22,480 Speaker 1: the last five and went allowed a total of nine runs. 186 00:10:22,840 --> 00:10:25,880 Speaker 1: They've won fifteen of their last seventeen, and all but 187 00:10:26,000 --> 00:10:28,079 Speaker 1: two of those fifteen wins have been by three wines 188 00:10:28,200 --> 00:10:31,360 Speaker 1: or more. The schedule does get tough for Phillies are hot. 189 00:10:31,440 --> 00:10:33,480 Speaker 1: They come to City Field tomorrow. They rallied to win 190 00:10:33,600 --> 00:10:36,040 Speaker 1: last night. The Fields have won seven a row twelve 191 00:10:36,120 --> 00:10:38,839 Speaker 1: of thirteen. Mets then go to Atlanta for four games. 192 00:10:38,920 --> 00:10:40,960 Speaker 1: The Braves won in Boston, they still filled the Mets 193 00:10:41,040 --> 00:10:43,360 Speaker 1: by seven. After that series, the Mets will go to 194 00:10:43,440 --> 00:10:46,400 Speaker 1: Philly for four. Yankees off tonight and then in Boston 195 00:10:46,440 --> 00:10:48,800 Speaker 1: They'll try to salvage something out of this road chip 196 00:10:48,880 --> 00:10:51,240 Speaker 1: that for the disaster so far. Swept in St. Louis. 197 00:10:51,640 --> 00:10:54,200 Speaker 1: In Seattle, they went nineteen innings without a run. Did 198 00:10:54,320 --> 00:10:56,720 Speaker 1: come alive in the seventh with home runs by Kyla 199 00:10:56,760 --> 00:10:59,280 Speaker 1: Gashioka Aaron Judge at his forty fifth of the year, 200 00:10:59,360 --> 00:11:02,240 Speaker 1: but Seattle came right back bottom of the seven drives 201 00:11:02,320 --> 00:11:12,640 Speaker 1: one right field. That ball is going Carlos Santana, a 202 00:11:12,880 --> 00:11:17,120 Speaker 1: four three league. Carlos breaks it over for seven. Sea 203 00:11:17,240 --> 00:11:21,200 Speaker 1: was whole non numbery eleven and the Mariners and they 204 00:11:21,360 --> 00:11:23,959 Speaker 1: chopping it up here the T Mobile Park. At four 205 00:11:24,080 --> 00:11:26,320 Speaker 1: three of the final Cairo the call home one came 206 00:11:26,360 --> 00:11:29,560 Speaker 1: off Alberta Breo after Nestor Cortez had pitched very well. 207 00:11:29,600 --> 00:11:31,120 Speaker 1: He had a no hitter in the sixth. The Yanks 208 00:11:31,200 --> 00:11:34,560 Speaker 1: just ten and eighteen or last twenty eight games. Dyersville, Iowa. 209 00:11:34,600 --> 00:11:36,800 Speaker 1: Tonight the Field of Dreams game that the Yanks played 210 00:11:36,800 --> 00:11:38,520 Speaker 1: in last year. It's that comes and the Reds Also 211 00:11:38,559 --> 00:11:41,480 Speaker 1: tonight the Giants preseason opener at New England. With a 212 00:11:41,520 --> 00:11:44,000 Speaker 1: new coaching staff and only three preseason games now, new 213 00:11:44,080 --> 00:11:47,160 Speaker 1: coach Brian Table wants to play his starters at least 214 00:11:47,160 --> 00:11:49,560 Speaker 1: in the year over the going John's Dash Award Bloembrook 215 00:11:49,559 --> 00:11:52,480 Speaker 1: Sports Nathan all Right, John, thank you. SMP futures up 216 00:11:52,520 --> 00:11:55,320 Speaker 1: eleven points, Staff futures up a hundred twenty four Danastack 217 00:11:55,440 --> 00:11:58,439 Speaker 1: futures higher by twenty one points. The tenure treasury is 218 00:11:58,520 --> 00:12:02,360 Speaker 1: up to thirty seconds. The yield two point seven six percent. 219 00:12:02,600 --> 00:12:08,640 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. It will 220 00:12:08,679 --> 00:12:11,680 Speaker 1: turn partly sunny this afternoon with highs near eighty five degrees. 221 00:12:11,800 --> 00:12:15,880 Speaker 1: Mostly sunny, low eighties to end the week. Sunshine Saturday 222 00:12:16,360 --> 00:12:19,000 Speaker 1: R eight right now seventy five and cloudy in Central Park. 223 00:12:21,920 --> 00:12:25,280 Speaker 1: Markets headlines and breaking news twenty four hours a day 224 00:12:25,440 --> 00:12:29,520 Speaker 1: at Bloomberg dot Com, the Bloomberg Business Atland at Bloomberg Quicktake, 225 00:12:29,800 --> 00:12:38,880 Speaker 1: This is a Bloomberg Business flash and I'm Karen Moscow. 226 00:12:39,080 --> 00:12:41,839 Speaker 1: US dot Index futures are on the rise this morning 227 00:12:41,880 --> 00:12:44,400 Speaker 1: after the SNP five hundred hit a three month high. 228 00:12:44,520 --> 00:12:46,920 Speaker 1: We checked the markets every fifteen minutes throughout the trading 229 00:12:47,000 --> 00:12:50,559 Speaker 1: day on Bloomberg. SNP futures up about ten points down, 230 00:12:50,600 --> 00:12:53,000 Speaker 1: futures of A hundred fifteen and nastack future is up 231 00:12:53,040 --> 00:12:56,240 Speaker 1: fifteen The decks in Germany's down at tenth of upper cent. 232 00:12:56,360 --> 00:12:58,880 Speaker 1: Ten year Treasury up three thirty seconds, Yell two point 233 00:12:58,960 --> 00:13:01,800 Speaker 1: seven six percent yield on a two year three point 234 00:13:01,880 --> 00:13:05,480 Speaker 1: one six percent. Nimex Screwede oil is up one cent 235 00:13:05,600 --> 00:13:07,640 Speaker 1: or ninety one cent at ninety two dollars eighty five 236 00:13:07,720 --> 00:13:10,360 Speaker 1: cents of Barrel Comics golled down four ten percent or 237 00:13:10,400 --> 00:13:13,120 Speaker 1: seven dollars ten cents at eighteen o six sixty ounce. 238 00:13:13,480 --> 00:13:16,520 Speaker 1: The euro one point oh three four zero against the dollar. 239 00:13:16,600 --> 00:13:18,840 Speaker 1: British found one point to two one six the yen 240 00:13:19,000 --> 00:13:21,439 Speaker 1: one thirty two point five eight. And look at a 241 00:13:21,480 --> 00:13:24,199 Speaker 1: bitcoin this morning at two point one percent at twenty 242 00:13:24,280 --> 00:13:28,000 Speaker 1: four thousand, four hundred twenty dollars. That's a Bloomberg business flash. 243 00:13:28,040 --> 00:13:30,480 Speaker 1: Now here's Michael Barr with more unless going on around 244 00:13:30,520 --> 00:13:33,720 Speaker 1: the world. Michael Karen, thank you very much. Former President 245 00:13:33,800 --> 00:13:37,679 Speaker 1: Trump appeared before New York's Attorney General force warned deposition 246 00:13:37,760 --> 00:13:41,280 Speaker 1: as part of a civil investigation into his family real 247 00:13:41,440 --> 00:13:44,600 Speaker 1: estate business. Trump signed at the fifth declining to answer 248 00:13:44,640 --> 00:13:48,520 Speaker 1: any questions. US gas prices have dipped under four dollars 249 00:13:48,559 --> 00:13:50,760 Speaker 1: a gallon for the first time in more than five months. 250 00:13:51,000 --> 00:13:53,880 Speaker 1: Triple A says the national average is three nine nine 251 00:13:54,120 --> 00:13:57,280 Speaker 1: for a gallon of regular. In baseball, the Yankees lost 252 00:13:57,320 --> 00:14:00,440 Speaker 1: to the marineris for three. The Mets beat the Reds 253 00:14:00,520 --> 00:14:04,520 Speaker 1: tend to the Red Sox, Nationals, A's and Giants all lost. 254 00:14:04,920 --> 00:14:07,520 Speaker 1: Global news twenty four hours a day on here and 255 00:14:07,760 --> 00:14:10,760 Speaker 1: on Bloomberg Quick Take, powered by more than twenties seven 256 00:14:10,840 --> 00:14:13,520 Speaker 1: hundred journalists and analysts, are more than a hundred twenty countries. 257 00:14:13,720 --> 00:14:16,360 Speaker 1: I'm Michael Barr, and this is Bloomberg. Nathan all right, Michael. 258 00:14:16,400 --> 00:14:18,480 Speaker 1: Thanks At six nineteen on Wall Street Live from the 259 00:14:18,520 --> 00:14:22,000 Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and that 260 00:14:22,080 --> 00:14:25,480 Speaker 1: news we got this morning about gas prices falling finally 261 00:14:25,800 --> 00:14:28,800 Speaker 1: below four dollars AGA and sets us up quite nicely 262 00:14:28,920 --> 00:14:31,480 Speaker 1: for the conversation we've got teed up right now with 263 00:14:31,800 --> 00:14:37,040 Speaker 1: Bloomberg Economics correspondent Michael McKee to talk about what else inflation? Mike, 264 00:14:37,080 --> 00:14:40,000 Speaker 1: good morning. Uh, food and gas. Obviously, that's what a 265 00:14:40,040 --> 00:14:43,120 Speaker 1: lot of consumers care about, you and me. But the 266 00:14:43,320 --> 00:14:46,880 Speaker 1: Fed is looking past that, and it looks like the 267 00:14:47,000 --> 00:14:50,880 Speaker 1: market's kind of looking past the Fed. Yeah, it's a 268 00:14:51,000 --> 00:14:54,520 Speaker 1: little bit odd that the market ure in disagreement with 269 00:14:54,640 --> 00:14:57,560 Speaker 1: the Fed about two thousand twenty three. Mary Daily, the 270 00:14:57,640 --> 00:15:00,920 Speaker 1: San Francisco Fed Bank President, makes marks yesterday to the 271 00:15:00,960 --> 00:15:03,920 Speaker 1: Financial Times to that effect that she doesn't see any 272 00:15:04,000 --> 00:15:07,280 Speaker 1: reason why you would be thinking you'd cut rates uh 273 00:15:07,480 --> 00:15:10,720 Speaker 1: next year, given that the inflation fight is far from one. 274 00:15:11,600 --> 00:15:15,280 Speaker 1: All of the FEDE officials who spoke yesterday pointed out that, yes, 275 00:15:15,400 --> 00:15:18,280 Speaker 1: we had a software than expected CPI report, but the 276 00:15:18,400 --> 00:15:21,280 Speaker 1: year over year levels still eight and a half percent. Yeah, 277 00:15:21,320 --> 00:15:24,520 Speaker 1: we're gonna hear more from San Francisco Fed President Mary 278 00:15:24,640 --> 00:15:27,160 Speaker 1: Daily is gonna be on with Kathleen Hayes later on 279 00:15:27,240 --> 00:15:31,640 Speaker 1: this evening, seven thirty Wall Street Time here on Bloomberg Radio. 280 00:15:31,760 --> 00:15:35,880 Speaker 1: What more, Mike, do you want to hear from FEDE officials. 281 00:15:35,960 --> 00:15:38,920 Speaker 1: It seems like there's been h tell me if I'm wrong, 282 00:15:39,000 --> 00:15:41,800 Speaker 1: a pretty fair amount of unanimity when it comes to 283 00:15:42,800 --> 00:15:47,040 Speaker 1: staying aggressive keeping the fight up against inflation with aggressive 284 00:15:47,120 --> 00:15:50,520 Speaker 1: rate hikes. Yeah, there's a general agreement that their work 285 00:15:50,680 --> 00:15:53,240 Speaker 1: is not done, that rates need to go higher. We're 286 00:15:53,600 --> 00:15:55,200 Speaker 1: in the range of two and a quarter to two 287 00:15:55,200 --> 00:15:58,000 Speaker 1: and a half percent right now, and pretty much all 288 00:15:58,080 --> 00:16:00,760 Speaker 1: of them are aiming to get to between three and 289 00:16:00,840 --> 00:16:02,520 Speaker 1: three and a half percent by the end of the year, 290 00:16:02,600 --> 00:16:06,320 Speaker 1: so another hundred basis points. And then there's a bit 291 00:16:06,400 --> 00:16:09,400 Speaker 1: of a division about how far you go beyond that. 292 00:16:09,720 --> 00:16:12,040 Speaker 1: There seems to be a general feeling that once you 293 00:16:12,120 --> 00:16:13,600 Speaker 1: get to three and a half, you can see what 294 00:16:13,720 --> 00:16:17,120 Speaker 1: the data are telling you about inflation and about jobs, 295 00:16:17,200 --> 00:16:18,960 Speaker 1: because of course they're they're keeping an eye on that 296 00:16:19,080 --> 00:16:23,160 Speaker 1: as well. Uh, some like Neil cash Cary think they 297 00:16:23,240 --> 00:16:26,640 Speaker 1: need to go as high as four and a half. So, uh, 298 00:16:26,920 --> 00:16:29,480 Speaker 1: we'll have to wait and see where the terminal rate 299 00:16:29,560 --> 00:16:32,000 Speaker 1: turns out to be. But they've all made it clear 300 00:16:32,040 --> 00:16:34,120 Speaker 1: that where we are now is not where we need 301 00:16:34,200 --> 00:16:37,040 Speaker 1: to be. Yeah, there's a delicate balance, isn't there while 302 00:16:37,040 --> 00:16:41,280 Speaker 1: they fight inflation while still trying to preserve I guess 303 00:16:41,480 --> 00:16:46,600 Speaker 1: the strong jobs numbers that we've seen the labor market 304 00:16:47,080 --> 00:16:51,160 Speaker 1: continues to thrive despite the more aggressive moves we've seen 305 00:16:51,200 --> 00:16:54,000 Speaker 1: from the Fed and the more aggressive talk. It's your 306 00:16:54,040 --> 00:16:57,880 Speaker 1: surprised everybody with the July numbers earlier this month, and 307 00:16:58,440 --> 00:17:02,160 Speaker 1: the question is can that continue a lot of job openings, 308 00:17:02,280 --> 00:17:04,480 Speaker 1: but then you have the matching problem with the jobs 309 00:17:04,560 --> 00:17:07,280 Speaker 1: that are open suitable for the kind of workers who 310 00:17:07,320 --> 00:17:10,960 Speaker 1: are looking for jobs. We'll find that out as time 311 00:17:11,080 --> 00:17:13,159 Speaker 1: goes on. But with unemployment falling to three and a 312 00:17:13,160 --> 00:17:16,000 Speaker 1: half percent, even as inflation comes down, that's the best 313 00:17:16,040 --> 00:17:18,480 Speaker 1: of all worlds for the FED. Does that make the 314 00:17:18,600 --> 00:17:22,480 Speaker 1: job tougher for the Fed to pull off the soft 315 00:17:22,640 --> 00:17:25,320 Speaker 1: landing that everybody's looking for when we have this kind 316 00:17:25,359 --> 00:17:28,520 Speaker 1: of strengthen the job market, It could work both ways. 317 00:17:28,600 --> 00:17:31,760 Speaker 1: In a sense, the FED is happy because unemployment is 318 00:17:31,880 --> 00:17:35,800 Speaker 1: so low that the labor market can absorb a little 319 00:17:35,840 --> 00:17:40,000 Speaker 1: bit higher unemployment and a little bit less demand out there. 320 00:17:40,560 --> 00:17:42,840 Speaker 1: But if we keep going the way we're going and 321 00:17:43,680 --> 00:17:47,080 Speaker 1: unemployment stays low and companies can't find workers, that creates 322 00:17:47,119 --> 00:17:50,199 Speaker 1: more wage pressure. So if unemployment is not going up, 323 00:17:50,280 --> 00:17:54,159 Speaker 1: you have to assume that wages are still rising, and 324 00:17:54,280 --> 00:17:57,840 Speaker 1: that creates inflation pressure on its own. Expecting that we're 325 00:17:57,880 --> 00:18:00,359 Speaker 1: going to get a little bit more clarity on the 326 00:18:00,560 --> 00:18:04,240 Speaker 1: inflation picture later this morning when producer prices come out, 327 00:18:04,359 --> 00:18:08,399 Speaker 1: because like you and many others have rightly noted, there's 328 00:18:08,440 --> 00:18:12,160 Speaker 1: a lot of data between now and the next meeting, 329 00:18:12,359 --> 00:18:16,760 Speaker 1: much less between now and Jackson Hole. Yeah, in terms 330 00:18:16,800 --> 00:18:18,480 Speaker 1: of the p p I this morning, and it'll be 331 00:18:18,560 --> 00:18:22,040 Speaker 1: its own discrete indicator. It tells us what companies are 332 00:18:22,240 --> 00:18:26,600 Speaker 1: receiving for their goods and services uh. And and that 333 00:18:26,760 --> 00:18:29,880 Speaker 1: includes services, which is an important component of of all 334 00:18:29,960 --> 00:18:33,040 Speaker 1: of this, and whether or not they are slowing the 335 00:18:33,200 --> 00:18:36,120 Speaker 1: pace of rate hikes uh and not rate hikes, I'm sorry, 336 00:18:36,160 --> 00:18:39,320 Speaker 1: price hikes. And so that's gonna be an interesting data 337 00:18:39,359 --> 00:18:42,520 Speaker 1: point for the FED to see. But because companies absorb 338 00:18:42,800 --> 00:18:46,040 Speaker 1: a lot of their costs in their margins, this isn't 339 00:18:46,119 --> 00:18:48,840 Speaker 1: going to tell us specifically what's going to happen to 340 00:18:48,960 --> 00:18:51,760 Speaker 1: inflation going forward, but it is a data point along 341 00:18:51,840 --> 00:18:55,760 Speaker 1: that road. Uh, you're absolutely right. Though. We have another 342 00:18:55,840 --> 00:18:59,560 Speaker 1: CPI report, we have another jobs report, we have a 343 00:18:59,680 --> 00:19:02,840 Speaker 1: retail el sales report coming up next week. All of 344 00:19:02,880 --> 00:19:06,320 Speaker 1: those will feed into FED thinking. So if you asked 345 00:19:06,320 --> 00:19:07,919 Speaker 1: if ed official what they were going to do at 346 00:19:07,960 --> 00:19:10,200 Speaker 1: the next meeting, they would tell you probably raise rates. 347 00:19:10,240 --> 00:19:12,720 Speaker 1: But by how much that's an open question. And you 348 00:19:12,840 --> 00:19:14,359 Speaker 1: have to think that all that data is going to 349 00:19:14,440 --> 00:19:17,480 Speaker 1: feed into market volatility as well. Thanks for this, Mike, 350 00:19:17,560 --> 00:19:20,800 Speaker 1: great having on with us this morning, Bloomberg Economics correspondent 351 00:19:21,160 --> 00:19:24,639 Speaker 1: Michael McKee, As we await those producer prices doout eight 352 00:19:24,760 --> 00:19:27,040 Speaker 1: thirty Wall Street Time. And again another reminder, we'll be 353 00:19:27,119 --> 00:19:30,160 Speaker 1: speaking live with San Francisco FED President Mary Daily seven 354 00:19:30,240 --> 00:19:33,960 Speaker 1: thirty Wall Street Time this evening. Catch that conversation on 355 00:19:34,000 --> 00:19:37,040 Speaker 1: Bloomberg Radio and on Bloomberg Television. Ahead of all that, 356 00:19:37,680 --> 00:19:41,680 Speaker 1: futures still moving higher. SMP futures up ten points, some 357 00:19:41,800 --> 00:19:45,280 Speaker 1: modest gains. STAL futures up a D eighteen. Nasdaq future 358 00:19:45,320 --> 00:19:47,600 Speaker 1: is highed by eighteen points, but building off the rally 359 00:19:47,680 --> 00:19:51,239 Speaker 1: that we saw yesterday off the back of consumer prices. Uh. 360 00:19:51,280 --> 00:19:53,879 Speaker 1: The tenure Treasury right now up four thirty seconds. The 361 00:19:53,960 --> 00:19:56,840 Speaker 1: yield two point seven six yield on the two year 362 00:19:57,080 --> 00:20:00,879 Speaker 1: three point one six percent Your list snake. It's a 363 00:20:00,920 --> 00:20:09,640 Speaker 1: Bloomberg Daybreak Bloomberg eleven three oh weather partly Sunday today, 364 00:20:09,680 --> 00:20:12,840 Speaker 1: mid eighties for an afternoon high low eighties, mostly sunny 365 00:20:12,880 --> 00:20:16,919 Speaker 1: tomorrow for Friday sunshine Saturday high near eighty right now 366 00:20:17,000 --> 00:20:23,480 Speaker 1: seventy five and cloudy in Central Park. Broadcasting live from 367 00:20:23,520 --> 00:20:27,320 Speaker 1: the Bloomberg Interactive Broker Studio in New York, Bloomberg e 368 00:20:27,400 --> 00:20:32,080 Speaker 1: Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg 369 00:20:32,119 --> 00:20:35,480 Speaker 1: one oh six one to San Francisco, Bloomberg sixty to 370 00:20:35,560 --> 00:20:38,639 Speaker 1: the country, Sirius XM chandle one nine team and around 371 00:20:38,680 --> 00:20:42,159 Speaker 1: the globe the Bloomberg Business apt in Bloomberg Radio dot Com. 372 00:20:42,640 --> 00:20:51,480 Speaker 1: This is Bloomberg Daybreak. It's six thirty on Wall Street. 373 00:20:51,520 --> 00:20:54,600 Speaker 1: Good morning. I'm Nathan Hagger and I'm Karen Moscow. We're 374 00:20:54,680 --> 00:20:57,560 Speaker 1: just about three hours away from the open of US trading. 375 00:20:57,600 --> 00:20:59,639 Speaker 1: It's time for the five things you need to notice 376 00:20:59,680 --> 00:21:03,399 Speaker 1: start your day. Brought to you by Interactive Brokers. Interactive 377 00:21:03,440 --> 00:21:06,440 Speaker 1: Brokers charges margin loan rates from two point three percent 378 00:21:06,520 --> 00:21:09,159 Speaker 1: to three point three percent. Their clients can also are 379 00:21:09,200 --> 00:21:11,560 Speaker 1: an extra income by lending their fully paid shares of 380 00:21:11,680 --> 00:21:14,200 Speaker 1: stock rate subject to change. Learn more at i dk 381 00:21:14,400 --> 00:21:17,880 Speaker 1: R dot com. Slash compare First US Future is adding 382 00:21:17,920 --> 00:21:21,240 Speaker 1: to yesterday's rally if you'd by softer than expected inflation 383 00:21:21,359 --> 00:21:25,120 Speaker 1: data and a Stajamroso, chief investment strategist and I Capital 384 00:21:25,240 --> 00:21:28,480 Speaker 1: says it might be time to add equity exposure. The 385 00:21:28,600 --> 00:21:31,119 Speaker 1: time to do this was not in February and retrospect 386 00:21:31,200 --> 00:21:33,280 Speaker 1: when we still had three hundred basis points or more 387 00:21:33,320 --> 00:21:35,439 Speaker 1: of rate hikes to go. But if we have seventy 388 00:21:35,480 --> 00:21:38,480 Speaker 1: five or a hundred, that should not pressure the multiples 389 00:21:38,520 --> 00:21:41,760 Speaker 1: as much anymore. So I would be selectively looking to 390 00:21:41,960 --> 00:21:44,400 Speaker 1: add to some of the thematic stocks, to high growth 391 00:21:44,440 --> 00:21:46,480 Speaker 1: stocks that have not worked in the last six months. 392 00:21:46,800 --> 00:21:50,320 Speaker 1: High Capital Center Stagia Muroso says positioning will be important 393 00:21:50,359 --> 00:21:54,200 Speaker 1: for buyers and current market conditions. Really. Softening inflation data 394 00:21:54,240 --> 00:21:57,120 Speaker 1: maybe exciting market scaren, but it's not changing minds. At 395 00:21:57,160 --> 00:21:59,960 Speaker 1: the FED. We get that storyline from Bloomberg's John Talk 396 00:22:00,000 --> 00:22:02,960 Speaker 1: here John Nathan. Minneapolis FED President Neil kesh Carry says 397 00:22:03,000 --> 00:22:04,920 Speaker 1: the idea of the FEDS going to start cutting rates 398 00:22:04,960 --> 00:22:08,000 Speaker 1: early next year is unrealistic. I think much more likely 399 00:22:08,040 --> 00:22:10,960 Speaker 1: scenario if we will raise rates to some point and 400 00:22:11,040 --> 00:22:14,320 Speaker 1: then we will sit there until we get convinced that 401 00:22:14,440 --> 00:22:16,560 Speaker 1: inflation is well on its way back down to two. 402 00:22:17,119 --> 00:22:19,760 Speaker 1: At a separate event, the Chicago Fed President Charles Heavans 403 00:22:19,760 --> 00:22:23,800 Speaker 1: said inflation remains unacceptably high. He expects the Central Bank 404 00:22:23,840 --> 00:22:27,000 Speaker 1: to be increasing rates into next year. San Francisco president 405 00:22:27,040 --> 00:22:29,720 Speaker 1: Mary Daily didn't rule out a third consecutive seventy five 406 00:22:29,800 --> 00:22:32,879 Speaker 1: basis point increase in September. Daily. By the way, It's 407 00:22:32,920 --> 00:22:35,400 Speaker 1: gonna be on Bloomberg Radio and TV tonight at seven 408 00:22:35,480 --> 00:22:38,960 Speaker 1: thirty Eastern live in New York on John Tucker Bloomberg Daybreak. 409 00:22:39,080 --> 00:22:41,200 Speaker 1: All right, John, thank you, you get more inflation data 410 00:22:41,240 --> 00:22:43,560 Speaker 1: today with the producer price indext you out at eight 411 00:22:43,640 --> 00:22:46,720 Speaker 1: thirty am, Wall Street Time, all right to Corverate News Now, Karen. 412 00:22:46,760 --> 00:22:49,479 Speaker 1: Shares of Disney or higher after beat third quarter estimates, 413 00:22:49,520 --> 00:22:52,000 Speaker 1: and shares of son Nos are also moving this morning 414 00:22:52,040 --> 00:22:55,960 Speaker 1: in the other direction, down now twenty percent. Bloomberg's You 415 00:22:56,000 --> 00:22:58,240 Speaker 1: Need a Young joins us live with that Ranita. Good morning, 416 00:22:58,359 --> 00:23:01,760 Speaker 1: Nathan Audio products makers. Still those cut its annual revenue view. 417 00:23:02,000 --> 00:23:06,320 Speaker 1: Company executives are citing a more challenging macroeconomic backdrop. As 418 00:23:06,359 --> 00:23:09,320 Speaker 1: a result, the company extended its timeline to achieve its 419 00:23:09,400 --> 00:23:14,960 Speaker 1: previously issued targets to beyond fiscal years. Is also undergoing 420 00:23:15,000 --> 00:23:18,479 Speaker 1: a leadership change, with its CFO stepping down to pursue 421 00:23:18,480 --> 00:23:21,480 Speaker 1: another opportunity. Live in New York. I'm really need a 422 00:23:21,520 --> 00:23:23,600 Speaker 1: young Bloomberg day break. All right, we need to thank you. 423 00:23:23,720 --> 00:23:25,760 Speaker 1: That's the five things that you need to notice start 424 00:23:25,840 --> 00:23:29,400 Speaker 1: your day, Brought to you by Interactive Brokers and straight 425 00:23:29,440 --> 00:23:32,520 Speaker 1: to hand your latest local headlines plus a check of sports. 426 00:23:32,800 --> 00:23:40,240 Speaker 1: This is Bloomberg, all right, thank you. Karen six Wall Street, 427 00:23:40,320 --> 00:23:43,239 Speaker 1: seventy degrees in Central Park. Still got that accident new Ark. 428 00:23:43,320 --> 00:23:46,359 Speaker 1: He's found twenty two at Freeland Haisen Avenue. More coming 429 00:23:46,440 --> 00:23:48,960 Speaker 1: up in traffic. First, Michael Barr with what else is 430 00:23:49,000 --> 00:23:51,440 Speaker 1: going on in New York and around the world. Michael Nathan, 431 00:23:51,480 --> 00:23:54,080 Speaker 1: thank you very much. The spat continues between New York 432 00:23:54,200 --> 00:23:58,320 Speaker 1: Mayor Eric Adams and Texas Governor Greg Abbott. Yesterday, another 433 00:23:58,359 --> 00:24:00,679 Speaker 1: bus load of about a hundred migrants arrived in New 434 00:24:00,760 --> 00:24:04,200 Speaker 1: York City from Texas. Abbott says it's a message to 435 00:24:04,280 --> 00:24:07,240 Speaker 1: the Biden administration and the city's leaders about the flow 436 00:24:07,800 --> 00:24:11,600 Speaker 1: of migrants at the border. Mayor Adams responded, there's nothing 437 00:24:11,680 --> 00:24:16,399 Speaker 1: successful about treating people with his lack of dignity. Along 438 00:24:16,480 --> 00:24:20,480 Speaker 1: with Mayor Adams, City Abbot is also sending migrants to Washington, 439 00:24:20,600 --> 00:24:26,200 Speaker 1: d C. Mayor Muriel Bowser, we have a growing humanitarian 440 00:24:26,480 --> 00:24:30,720 Speaker 1: crisis that we expect that the federal government expects is 441 00:24:30,760 --> 00:24:34,880 Speaker 1: going to only worsen. Washington d C. Mayor Muriel Bowser. 442 00:24:35,119 --> 00:24:37,959 Speaker 1: More than a hundred sixty five buses have left Texas 443 00:24:38,040 --> 00:24:41,360 Speaker 1: since April. Donald Trump says he invoked the Fifth Amendment 444 00:24:41,400 --> 00:24:44,320 Speaker 1: and wouldn't answer questions under oath in the long running 445 00:24:44,320 --> 00:24:48,119 Speaker 1: New York civil investigation into his business dealings. Trump was 446 00:24:48,240 --> 00:24:51,440 Speaker 1: at New York Attorney General Letitia James's office. He sent 447 00:24:51,520 --> 00:24:54,040 Speaker 1: out a statement saying he declined to answer the questions 448 00:24:54,400 --> 00:24:57,520 Speaker 1: under the rights and privileges afforded to every citizen under 449 00:24:57,560 --> 00:25:01,240 Speaker 1: the U s Constitution. FBI to Director Christopher Ray says 450 00:25:01,320 --> 00:25:04,560 Speaker 1: he could not talk about FBI agents searching Mara Lago, 451 00:25:04,920 --> 00:25:08,080 Speaker 1: the home of former President Trump. Ray did say that 452 00:25:08,240 --> 00:25:11,040 Speaker 1: he is concerned about the threats to law enforcement that 453 00:25:11,119 --> 00:25:15,000 Speaker 1: have been voiced since then. Any threats made against law enforcement, 454 00:25:15,119 --> 00:25:17,600 Speaker 1: including the men and women of the FBI, as with 455 00:25:17,720 --> 00:25:22,600 Speaker 1: any law enforcement agency, are are deplorable, endangerous. FBI Director 456 00:25:22,680 --> 00:25:25,600 Speaker 1: Christopher Ray spoke from his field office in Omaha, Nebraska. 457 00:25:25,960 --> 00:25:28,399 Speaker 1: The Justice Department has charged a member of a Rounds 458 00:25:28,400 --> 00:25:32,480 Speaker 1: Revolutionary Guard Core with planning to assassinate John Bolton, Donald 459 00:25:32,520 --> 00:25:36,359 Speaker 1: Trump's former national security advisor. The criminal complaint is against 460 00:25:36,440 --> 00:25:39,520 Speaker 1: forty five year old Sharam por Safi, who remains at 461 00:25:39,640 --> 00:25:43,639 Speaker 1: large abroad. Bolton says threats like these from Iran are 462 00:25:43,720 --> 00:25:46,399 Speaker 1: par for the chorus for Americans to me the the 463 00:25:46,640 --> 00:25:50,199 Speaker 1: Iranian nuclear weapons program and its support for this kind 464 00:25:50,280 --> 00:25:53,320 Speaker 1: of terrorism are two sides of the same coin. This 465 00:25:53,560 --> 00:25:57,040 Speaker 1: is the real picture of the regime in Tehran. This 466 00:25:57,280 --> 00:26:00,400 Speaker 1: is what it does. It threatens to kill him Americans. 467 00:26:01,080 --> 00:26:04,280 Speaker 1: The alleged plot against former National security advisor Bolton was 468 00:26:04,440 --> 00:26:07,320 Speaker 1: likely revenge for the killing of a top Iranian general 469 00:26:07,520 --> 00:26:10,640 Speaker 1: when Trump was president. Global who was twenty four hours 470 00:26:10,720 --> 00:26:14,040 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 471 00:26:14,080 --> 00:26:16,639 Speaker 1: more than twenty seven hundred journalists and analysts, more than 472 00:26:16,640 --> 00:26:20,399 Speaker 1: a hundred, twenty countries. Michael Barron, this is Bloomberg, Nathan Michael, 473 00:26:20,480 --> 00:26:27,520 Speaker 1: thanks almost six thirty six on Wall Street. John Sanshare 474 00:26:27,560 --> 00:26:29,520 Speaker 1: has a Bloomberg Sports Up day and Yank Day there 475 00:26:29,560 --> 00:26:31,440 Speaker 1: and Meti made six in a row fifteen of the 476 00:26:31,520 --> 00:26:34,840 Speaker 1: last seventeen meet the Reds easily ten to two. Francisco 477 00:26:34,960 --> 00:26:37,959 Speaker 1: Lindoor had another big game. He's already tied Jose Yas's 478 00:26:38,000 --> 00:26:40,000 Speaker 1: record for most r b I s in a season 479 00:26:40,040 --> 00:26:42,640 Speaker 1: by a Mets sorts stop. The Mets move thirty four 480 00:26:42,760 --> 00:26:46,080 Speaker 1: games over five hundred. The Dodgers the only MLB team 481 00:26:46,119 --> 00:26:48,760 Speaker 1: of the FEDA record. Dodgers last night won their tenth 482 00:26:48,800 --> 00:26:51,080 Speaker 1: in a row. They won on a pinch hit, three 483 00:26:51,160 --> 00:26:54,040 Speaker 1: run homer by Joey Gallo when they just got from 484 00:26:54,040 --> 00:26:57,320 Speaker 1: the Yankees. Nike's in Seattle went nineteen straight innings without 485 00:26:57,359 --> 00:27:00,400 Speaker 1: a run, finally in the seventh home runs by gosh 486 00:27:00,520 --> 00:27:03,560 Speaker 1: Yoka and Aaron Judge at his forty five, but Carlos 487 00:27:03,720 --> 00:27:06,040 Speaker 1: Santana home at bottom of the seventh. The Mariners won 488 00:27:06,080 --> 00:27:09,200 Speaker 1: four to three, Yanks, wasting good outing by Nestor Cortez. 489 00:27:09,240 --> 00:27:11,280 Speaker 1: He had a no hitter going in the sixth Yanks 490 00:27:11,400 --> 00:27:13,199 Speaker 1: just one in five on this road trip and now 491 00:27:13,280 --> 00:27:16,960 Speaker 1: takes them to Boston starting tomorrow. The Giants tonight Playette 492 00:27:17,000 --> 00:27:20,440 Speaker 1: New England the preseason opening incase, Brian gay Ball asked 493 00:27:20,440 --> 00:27:23,119 Speaker 1: about using his starter. Some guys have played a lot 494 00:27:23,160 --> 00:27:27,080 Speaker 1: of football, some have played less. Everybody's in new systems 495 00:27:27,119 --> 00:27:30,440 Speaker 1: here with with our system on offense, our system on defense. 496 00:27:30,520 --> 00:27:33,600 Speaker 1: The kicking game is similar. But I think that's important 497 00:27:33,640 --> 00:27:37,000 Speaker 1: for you know, to play football, to have live reptions. 498 00:27:37,040 --> 00:27:39,960 Speaker 1: They've all at one time New England assistant as Giants coach. 499 00:27:40,080 --> 00:27:42,280 Speaker 1: Of course, from plays Joe Judge. He'll be on the 500 00:27:42,359 --> 00:27:45,880 Speaker 1: other sideline tonight. He's not the Patriots quarterback coach. Jets 501 00:27:45,920 --> 00:27:48,520 Speaker 1: have their preseason opener tomorrow night in Philadelphi and also 502 00:27:48,520 --> 00:27:52,240 Speaker 1: tomorrow Cleveland at Jacksonville. Shaun Watson expected to play for 503 00:27:52,280 --> 00:27:54,800 Speaker 1: the Browns, even though he'll be suspended for the start 504 00:27:54,840 --> 00:27:57,760 Speaker 1: of the regular season. Tennis in Toronto, Serena Williams loss, 505 00:27:57,840 --> 00:28:00,440 Speaker 1: He's gonna play the tournament in Cincinnati, then come to 506 00:28:00,520 --> 00:28:04,120 Speaker 1: New York where apparently her swan song us John actually 507 00:28:04,119 --> 00:28:06,800 Speaker 1: at Bloomberg Sports our end of an era. Alright, thank 508 00:28:06,840 --> 00:28:09,040 Speaker 1: you John. At six thirty seven on Wall Street. Time 509 00:28:09,080 --> 00:28:11,080 Speaker 1: to take a look at stocks, some of the names 510 00:28:11,119 --> 00:28:14,040 Speaker 1: moving in the pre market with Bloomberg's Laura, right, Laura, 511 00:28:14,080 --> 00:28:19,040 Speaker 1: of course, the big corporate story this morning, Disney's earnings beat. 512 00:28:19,119 --> 00:28:22,920 Speaker 1: We gotta dust stuff those happiest place on Earth metaphors again, 513 00:28:23,640 --> 00:28:25,560 Speaker 1: we ready do. We're in a whole new world of 514 00:28:25,680 --> 00:28:30,760 Speaker 1: streaming to set Yes, Disney of eight nearly eight and 515 00:28:30,760 --> 00:28:34,159 Speaker 1: a half percent in pre market trading, and look, total 516 00:28:34,240 --> 00:28:38,120 Speaker 1: subscribers across all of Disney streaming platforms that include Disney Plus, 517 00:28:38,440 --> 00:28:42,120 Speaker 1: ESPN Plus and Hulu is now two hundred and twenty 518 00:28:42,160 --> 00:28:46,120 Speaker 1: one million. That is fractionally higher than its main competitor Netflix. 519 00:28:46,400 --> 00:28:48,240 Speaker 1: And those games really came from the strength of the 520 00:28:48,360 --> 00:28:53,560 Speaker 1: Disney Plus platform, which itself added over fourteen million subscribers 521 00:28:53,600 --> 00:28:56,440 Speaker 1: for the quarter, ahead of the Street's projections. But the 522 00:28:56,560 --> 00:28:59,120 Speaker 1: losses are still heavy. At the direct to consume a 523 00:28:59,200 --> 00:29:02,360 Speaker 1: business it law over a billion dollars. Disney have a 524 00:29:02,440 --> 00:29:06,040 Speaker 1: solution though, They're going to introduce ads automatically on the 525 00:29:06,120 --> 00:29:10,040 Speaker 1: Disney Plus flagship service and with their Disney Bundle. And 526 00:29:10,120 --> 00:29:12,160 Speaker 1: if you want to avoid those adverts, you have to 527 00:29:12,240 --> 00:29:14,920 Speaker 1: pay a little bit more. Three dollars extra a month 528 00:29:15,000 --> 00:29:17,440 Speaker 1: on Disney Plus and two dollars extra a month for 529 00:29:17,680 --> 00:29:21,160 Speaker 1: the Disney Bundle, So passing on that pursuit of growth 530 00:29:21,280 --> 00:29:24,520 Speaker 1: cost to customers. We saw some strength on the Disney 531 00:29:24,600 --> 00:29:26,840 Speaker 1: park side as well. And I see you're keeping an 532 00:29:26,880 --> 00:29:31,600 Speaker 1: eye on another travel name this morning. Yeah, the Cassa. 533 00:29:31,840 --> 00:29:33,720 Speaker 1: So this is a name that was new to me. 534 00:29:33,800 --> 00:29:35,800 Speaker 1: It has a market cap of around a billion dollars, 535 00:29:35,960 --> 00:29:39,560 Speaker 1: up eighteen percent ahead of the US bell. It's a 536 00:29:39,600 --> 00:29:43,600 Speaker 1: holiday rental company. The loss was much worse than feared here. 537 00:29:43,680 --> 00:29:45,920 Speaker 1: It was a loss of two million dollars for the quarter, 538 00:29:46,320 --> 00:29:48,920 Speaker 1: compared to the average analyst estimate of a loss of 539 00:29:49,160 --> 00:29:52,720 Speaker 1: seventeen million dollars. Now, the company has raised its four 540 00:29:52,800 --> 00:29:55,400 Speaker 1: year guidance. That's off the back of strong demand. We've 541 00:29:55,400 --> 00:29:59,480 Speaker 1: seen insatiable appetite to travel from customers. An analyst at 542 00:29:59,560 --> 00:30:03,160 Speaker 1: jpmore going to say, look, the trends remained solid and 543 00:30:03,240 --> 00:30:07,040 Speaker 1: the company may break even ahead of target potentially the 544 00:30:07,160 --> 00:30:09,480 Speaker 1: end of this year. Now we have another big move 545 00:30:09,560 --> 00:30:14,960 Speaker 1: on the downside this morning after a completely different earning story. Yes, 546 00:30:15,680 --> 00:30:19,920 Speaker 1: down nearly. So this is the audio products maker known 547 00:30:20,000 --> 00:30:23,400 Speaker 1: for its premium home speaker Systems. I'm familiar with this 548 00:30:23,480 --> 00:30:28,200 Speaker 1: company because my dad is obsessed with his installed speaker system. 549 00:30:28,240 --> 00:30:31,280 Speaker 1: Every time my parents have a dinner party, he's putting 550 00:30:31,360 --> 00:30:35,280 Speaker 1: his bespoke playlist on to impress the guests. But here 551 00:30:35,360 --> 00:30:39,040 Speaker 1: the downside was looked strong dollar making exports more expensive, 552 00:30:39,360 --> 00:30:43,360 Speaker 1: and inflation pressuring consumer sentiment. Now is these pre market 553 00:30:43,400 --> 00:30:47,200 Speaker 1: losses hold Sons will face its biggest drop in value 554 00:30:47,320 --> 00:30:51,520 Speaker 1: in nearly four years. Analyst that stepl They admit these 555 00:30:51,720 --> 00:30:55,520 Speaker 1: macro headwinds impacting consumer demand were far worse than they 556 00:30:55,600 --> 00:30:59,120 Speaker 1: had originally expected, so not good news ahead of the 557 00:30:59,160 --> 00:31:02,920 Speaker 1: open force on lull. My dad, Yeah, he's got to 558 00:31:02,960 --> 00:31:06,080 Speaker 1: get more speakers around his room. Thanks Flaura, Thanks for this. 559 00:31:06,200 --> 00:31:08,560 Speaker 1: Laura Right of Bloomberg News. With us checking out, the 560 00:31:08,680 --> 00:31:12,960 Speaker 1: pre market futures are moving higher. SMP futures up eleven points, 561 00:31:12,960 --> 00:31:16,680 Speaker 1: Staff futures up twenty nine Nasdaq futures higher by twenty 562 00:31:16,800 --> 00:31:23,640 Speaker 1: two points. This is Bloomberg Bloomberg eleven three oh Weather 563 00:31:23,760 --> 00:31:27,360 Speaker 1: partly sunny, mid eighties today, low eighties, mostly sunny Tomorrow, 564 00:31:27,720 --> 00:31:30,719 Speaker 1: sunshine Saturday with a high near eighties, low eighties, mostly 565 00:31:30,800 --> 00:31:37,720 Speaker 1: sunny by Sunday. Right now seventy five in Central Park Markets, 566 00:31:37,840 --> 00:31:40,880 Speaker 1: Headlines and breaking news twenty four hours a day at 567 00:31:40,920 --> 00:31:44,840 Speaker 1: Bloomberg dot Com, The Bloomberg Business at and at Bloomberg Quicktake, 568 00:31:45,440 --> 00:31:54,280 Speaker 1: He's a Bloomberg Business Flash and I'm Karen Moscow. And 569 00:31:54,400 --> 00:31:56,960 Speaker 1: Futures on the rise this morning. Let's go to the 570 00:31:57,000 --> 00:31:59,920 Speaker 1: first word breaking news dance for today's morning call here 571 00:32:00,000 --> 00:32:04,800 Speaker 1: as Tatiana Daria Tantiana, good morning, Good morning, Karen. Futures 572 00:32:04,840 --> 00:32:07,320 Speaker 1: are higher, like you said, with a doubt leading the way. 573 00:32:07,480 --> 00:32:10,320 Speaker 1: Those contracts up about one thirty four points, s and 574 00:32:10,400 --> 00:32:14,600 Speaker 1: ps up twelve and nazjac app treasuries are also higher. 575 00:32:14,720 --> 00:32:17,040 Speaker 1: The tenure Yale down about a basis point to two 576 00:32:17,120 --> 00:32:20,520 Speaker 1: spot seventy six percent, Oil is up one and Bitcoin 577 00:32:20,680 --> 00:32:24,040 Speaker 1: is training above twenty four thousand. On the economic front today, 578 00:32:24,120 --> 00:32:26,880 Speaker 1: jobless claims and p p I data at eight thirty. 579 00:32:27,360 --> 00:32:32,000 Speaker 1: In early trading this morning, crypto stocks are higher. Marathon, Digital, Riot, Blockchain, 580 00:32:32,080 --> 00:32:35,440 Speaker 1: and coin based Among the names regarding learnings, Disney app 581 00:32:35,480 --> 00:32:39,000 Speaker 1: eight percent after reporting better than expected subscribers figures for 582 00:32:39,080 --> 00:32:42,160 Speaker 1: Disney Plus and raised the price on the streaming service 583 00:32:42,240 --> 00:32:45,920 Speaker 1: by thirty eight percent. And dating at Bumble and Theme 584 00:32:45,960 --> 00:32:49,800 Speaker 1: Park operators six flags, both down sharply after their numbers. 585 00:32:50,200 --> 00:32:53,480 Speaker 1: In other news, Morgan Stanley cut its PC shipment estimates 586 00:32:53,600 --> 00:32:56,680 Speaker 1: for the year, saying demand for the personal computers is 587 00:32:56,760 --> 00:33:00,200 Speaker 1: weakening and wrapping things up here, first solo was Race 588 00:33:00,320 --> 00:33:03,120 Speaker 1: to Overweight at Key Bank. Live from the First and 589 00:33:03,160 --> 00:33:06,920 Speaker 1: Breaking News Desk. I'm Tatiana, Darya Karen Hery, Tatiana, thank you, 590 00:33:07,000 --> 00:33:09,280 Speaker 1: and here live breaking news of your Bloomberg type squawk 591 00:33:09,360 --> 00:33:11,719 Speaker 1: on your terminal scue. You a w K and that's 592 00:33:11,720 --> 00:33:14,440 Speaker 1: a Bloomberg business flash. Now here's Michael Barrow with Moore 593 00:33:14,520 --> 00:33:17,240 Speaker 1: on what's going on around the world. Uncle Karen, thank 594 00:33:17,280 --> 00:33:20,120 Speaker 1: you very much. Former President Donald Trump declined to answer 595 00:33:20,240 --> 00:33:23,680 Speaker 1: questions related to business dealings in a scheduled deposition with 596 00:33:24,040 --> 00:33:28,080 Speaker 1: New York State prosecutors. Trump invoked his Fifth Amendment rights 597 00:33:28,080 --> 00:33:31,720 Speaker 1: against self incrimination. The Justice Department has charged a member 598 00:33:31,760 --> 00:33:35,920 Speaker 1: of around Revolutionary Guard Corps with planning to assassinate John Bolton, 599 00:33:36,000 --> 00:33:39,720 Speaker 1: donald Trump's former national security advisor. Three people were killed 600 00:33:39,760 --> 00:33:44,200 Speaker 1: when a house exploded in Evansville, Indiana. Almost forty other 601 00:33:44,360 --> 00:33:48,040 Speaker 1: homes were damaged in the blast. In baseball, the Yankees 602 00:33:48,120 --> 00:33:50,920 Speaker 1: lost to the Mariners, for three The Mets beat the 603 00:33:50,960 --> 00:33:55,080 Speaker 1: Reds tend to the Red Sox, Nationals, A's and Giants 604 00:33:55,120 --> 00:33:58,120 Speaker 1: all lost. Global news twenty four hours a day on 605 00:33:58,280 --> 00:34:01,239 Speaker 1: air and on Bloomberg Quick Tank, powered by more than 606 00:34:02,280 --> 00:34:05,640 Speaker 1: journalists and analysts more than twenty countries. I'm Michael Barren. 607 00:34:05,720 --> 00:34:08,360 Speaker 1: This is Bloomberg, Karen Harry, Michael, thank you. It is 608 00:34:08,400 --> 00:34:10,680 Speaker 1: sixty nine on Wall Street. We turned to news and 609 00:34:10,800 --> 00:34:13,239 Speaker 1: science and technology now with the Bloomberg n j I 610 00:34:13,360 --> 00:34:15,799 Speaker 1: T STEM Report. It has brought to you by New 611 00:34:15,880 --> 00:34:19,160 Speaker 1: Jersey Institute of Technology, ranked a top fifty national public 612 00:34:19,280 --> 00:34:22,239 Speaker 1: university by US News and World Report and at top 613 00:34:22,280 --> 00:34:24,799 Speaker 1: ten in the nation for engineering by money dot Com. 614 00:34:25,200 --> 00:34:28,200 Speaker 1: Learned more at nj I T dot Edu and here's 615 00:34:28,239 --> 00:34:31,600 Speaker 1: just making news and science, technology, engineering and math. Gas 616 00:34:31,760 --> 00:34:34,600 Speaker 1: price is dipping to just under the four dollar mark 617 00:34:34,719 --> 00:34:37,600 Speaker 1: for the first time in more than five months, triple 618 00:34:37,640 --> 00:34:40,239 Speaker 1: Asia's The national average for a gallon of regular is 619 00:34:40,280 --> 00:34:44,000 Speaker 1: three dollars ninety nine cents. Prices have dropped fifteen cents 620 00:34:44,040 --> 00:34:46,759 Speaker 1: in the past weekend sixty eight cents in the last month. 621 00:34:47,320 --> 00:34:50,040 Speaker 1: COVID cases in China are at a three month high. 622 00:34:50,239 --> 00:34:53,279 Speaker 1: Almost half of the nearly two thousand infections came from 623 00:34:53,360 --> 00:34:57,000 Speaker 1: Haynan Island, where tourists had thronged in search of rest. 624 00:34:57,040 --> 00:34:59,759 Speaker 1: Spite the fast growing infection rate cast down in a 625 00:35:00,000 --> 00:35:03,640 Speaker 1: and government school of achieving zero community transmission by tomorrow, 626 00:35:04,200 --> 00:35:07,560 Speaker 1: and Apple stepping up it's spending on original podcast Its 627 00:35:07,560 --> 00:35:10,480 Speaker 1: signed an agreement with a Pulitzer Prize winning studio, and 628 00:35:10,560 --> 00:35:13,680 Speaker 1: it's holding talks with other companies about additional deals. The 629 00:35:13,760 --> 00:35:16,239 Speaker 1: iPhone maker is looking to add original content to its 630 00:35:16,320 --> 00:35:20,000 Speaker 1: podcast app that it hops could eventually turn into shows 631 00:35:20,080 --> 00:35:23,319 Speaker 1: on its Apple TV Plus service. Sources say the deal 632 00:35:23,440 --> 00:35:26,120 Speaker 1: in agreement with Futuro Studios, the maker of the criminal 633 00:35:26,280 --> 00:35:30,799 Speaker 1: justice series Swave, will fund development and production of podcasts 634 00:35:31,160 --> 00:35:33,760 Speaker 1: and as a Bloomberg and j I t Stem report, Nathan, 635 00:35:33,880 --> 00:35:35,719 Speaker 1: all right, Karen, thank you. We are live from the 636 00:35:35,760 --> 00:35:39,080 Speaker 1: Bloomberg Interactive Brokers Studios, where it's just about six fifty 637 00:35:39,120 --> 00:35:41,279 Speaker 1: one on Wall Street Time Now to check what's going 638 00:35:41,320 --> 00:35:43,360 Speaker 1: on in d C. Some of the top stories in 639 00:35:43,400 --> 00:35:46,520 Speaker 1: our nation's capital include former President Trump leading the fifth 640 00:35:46,600 --> 00:35:50,160 Speaker 1: with New York's Attorney General, Republicans vowing revenge for Trump 641 00:35:50,239 --> 00:35:53,560 Speaker 1: probes if they take over Congress, Trump campaign staffer is 642 00:35:53,640 --> 00:35:57,960 Speaker 1: released from nondisclosure agreements, and Speaker Pelosi warning against China 643 00:35:58,160 --> 00:36:00,640 Speaker 1: establishing a new normal in Taiwan. Let's get more on 644 00:36:00,680 --> 00:36:03,880 Speaker 1: all these stories now with Bloomberg. Government congressional reporter Jack Fitzpatrick. 645 00:36:04,440 --> 00:36:08,160 Speaker 1: Quite the breaking news yesterday, Jack, the former president invoking 646 00:36:08,280 --> 00:36:10,960 Speaker 1: the Fifth Amendment something that he said in the past, 647 00:36:11,560 --> 00:36:15,600 Speaker 1: means you're guilty. Yes, uh. For one, that there's a 648 00:36:15,680 --> 00:36:18,040 Speaker 1: bit of hypocrisy. This is the kind of thing that 649 00:36:18,160 --> 00:36:22,080 Speaker 1: doesn't play very well, uh for former President Trump on 650 00:36:22,160 --> 00:36:25,960 Speaker 1: the campaign trail if he were going to campaign. Also, 651 00:36:26,239 --> 00:36:29,480 Speaker 1: it can matter in this case if they're going to 652 00:36:29,640 --> 00:36:34,000 Speaker 1: bring a lawsuit. In a civil lawsuit, jurors are allowed 653 00:36:34,160 --> 00:36:39,160 Speaker 1: to draw a negative inference about people pleading the Fifth 654 00:36:39,200 --> 00:36:41,719 Speaker 1: whereas in a criminal suit they would be directed not 655 00:36:41,880 --> 00:36:45,160 Speaker 1: to take that into consideration. So it's not a great 656 00:36:46,280 --> 00:36:50,200 Speaker 1: a great sign for President former President Trump. We still 657 00:36:50,239 --> 00:36:52,000 Speaker 1: don't know if they're going to bring the case and 658 00:36:52,080 --> 00:36:55,960 Speaker 1: what's gonna happen next on the New York Attorney General side. 659 00:36:56,560 --> 00:37:00,600 Speaker 1: But yes, the the sort of imagery of it, as 660 00:37:00,680 --> 00:37:04,000 Speaker 1: well as any potential legal repercussions are not really a 661 00:37:04,080 --> 00:37:07,440 Speaker 1: positive thing for Trump. Does it change things Jack. For 662 00:37:07,600 --> 00:37:11,320 Speaker 1: Republicans who up to now have been really rallying around 663 00:37:11,400 --> 00:37:15,319 Speaker 1: the president, particularly after the FBI search of his home 664 00:37:15,960 --> 00:37:19,120 Speaker 1: in mar Lago, Florida, it seems like they've really been 665 00:37:19,200 --> 00:37:23,280 Speaker 1: circling the wagons, showing support for the former president against 666 00:37:23,640 --> 00:37:28,279 Speaker 1: federal government that they say is overreaching. Yeah, it does 667 00:37:28,360 --> 00:37:31,719 Speaker 1: not seem that that has changed. Uh. You know, maybe 668 00:37:31,760 --> 00:37:33,880 Speaker 1: there will be a little bit more of a reaction 669 00:37:34,000 --> 00:37:36,680 Speaker 1: to Trump leading the fifth and this separate issue, the 670 00:37:36,760 --> 00:37:40,720 Speaker 1: civil case. But there was quite an outpouring of support 671 00:37:40,880 --> 00:37:46,000 Speaker 1: from high profile Republicans, uh following the FBI raid. You know, 672 00:37:46,160 --> 00:37:50,719 Speaker 1: Kevin McCarthy tweeting at Merritt Garland saying preserved documents and 673 00:37:50,840 --> 00:37:54,799 Speaker 1: clear your calendar. Some very clear implications that if Republicans 674 00:37:55,080 --> 00:37:58,239 Speaker 1: managed to win the House and or the Senate, UH, 675 00:37:58,400 --> 00:38:03,080 Speaker 1: their oversight duties and their control of the probably House 676 00:38:03,160 --> 00:38:05,759 Speaker 1: Oversight Committee and the judiciary committees in the House and 677 00:38:05,880 --> 00:38:09,840 Speaker 1: Senate would focus on investigating this kind of thing. If 678 00:38:09,880 --> 00:38:12,560 Speaker 1: there's not a clear answer by the d o J uh. 679 00:38:12,920 --> 00:38:17,040 Speaker 1: So the pressure is definitely on the Department of Justice. 680 00:38:17,320 --> 00:38:21,640 Speaker 1: And it does seem that high profile, important Republicans on 681 00:38:21,760 --> 00:38:25,120 Speaker 1: Capitol Hill are very much sticking by former President Trump. 682 00:38:25,360 --> 00:38:28,840 Speaker 1: Does this turn into something that could galvanize voters heading 683 00:38:28,880 --> 00:38:32,080 Speaker 1: into the general election in November? Is this something that 684 00:38:32,400 --> 00:38:37,280 Speaker 1: energizes more than the GOP base? The idea of showing 685 00:38:37,360 --> 00:38:40,200 Speaker 1: support for the former president by casting a vote for 686 00:38:40,239 --> 00:38:45,760 Speaker 1: Republicans in Congress. It clearly seems to energize the base. 687 00:38:46,239 --> 00:38:48,719 Speaker 1: But is this the kind of thing that uh that 688 00:38:48,840 --> 00:38:51,759 Speaker 1: gets independence or or people who may not be that 689 00:38:51,960 --> 00:38:56,000 Speaker 1: motivated going. It's a bit inside baseball, uh to get 690 00:38:56,080 --> 00:39:00,759 Speaker 1: into these, you know, it's it's a ray on his home. 691 00:39:00,880 --> 00:39:03,120 Speaker 1: We still don't know exactly what information is going to 692 00:39:03,200 --> 00:39:06,040 Speaker 1: come out from the FBI and when they're going to 693 00:39:06,160 --> 00:39:10,440 Speaker 1: provide more information. Uh, So between now and November, it's 694 00:39:10,440 --> 00:39:13,520 Speaker 1: a bit hard to say how this plays into the 695 00:39:13,640 --> 00:39:17,960 Speaker 1: mid terms, how it might play into But yes, clearly, 696 00:39:18,280 --> 00:39:21,839 Speaker 1: people who were with Trump all along are are very 697 00:39:22,160 --> 00:39:25,799 Speaker 1: very animated about this. It does seem as though Democrats, 698 00:39:25,880 --> 00:39:29,759 Speaker 1: particularly of President Biden, are starting to feel like maybe 699 00:39:29,800 --> 00:39:32,520 Speaker 1: the economy is something they can run on now, particularly 700 00:39:32,640 --> 00:39:35,640 Speaker 1: after the consumer price index came in a little bit 701 00:39:36,040 --> 00:39:39,000 Speaker 1: cooler than expected. Yeah, I don't know if they're going 702 00:39:39,080 --> 00:39:43,279 Speaker 1: to be running on the economy wholeheartedly. But you know, 703 00:39:43,400 --> 00:39:47,640 Speaker 1: I think cautious optimism is essentially the response by the 704 00:39:47,719 --> 00:39:51,879 Speaker 1: Biden administration. They've said that this is good news. It's 705 00:39:52,000 --> 00:39:56,480 Speaker 1: essentially a month pause in the increase in prices from 706 00:39:56,600 --> 00:39:58,920 Speaker 1: June to July. But obviously, you know, you look at 707 00:39:58,960 --> 00:40:02,560 Speaker 1: the year over year number in July and that was 708 00:40:02,600 --> 00:40:04,480 Speaker 1: an eight and a half percent increase. So this is 709 00:40:04,520 --> 00:40:07,399 Speaker 1: also something that Republicans are campaigning on. They're still saying 710 00:40:07,719 --> 00:40:10,880 Speaker 1: the overall these numbers have been very bad, Uh, in 711 00:40:11,000 --> 00:40:14,680 Speaker 1: the in the longer run over the last year plus. Uh, 712 00:40:15,120 --> 00:40:19,279 Speaker 1: It's it ties in well though with the progress on 713 00:40:19,440 --> 00:40:23,520 Speaker 1: this major tax and energy and prescription drug pricing bill 714 00:40:23,880 --> 00:40:27,360 Speaker 1: that the House wants to pass on Friday. Uh. You know, 715 00:40:27,440 --> 00:40:30,120 Speaker 1: there there's been some good news for Biden after a 716 00:40:30,200 --> 00:40:33,480 Speaker 1: really rough stretch and for for Democrats running for re 717 00:40:33,640 --> 00:40:36,480 Speaker 1: election in the mid terms. I wouldn't say they're feeling 718 00:40:36,600 --> 00:40:38,640 Speaker 1: great about the state of the economy and how it 719 00:40:38,719 --> 00:40:41,560 Speaker 1: has reflected on them, but a lot better than you know, 720 00:40:41,719 --> 00:40:43,680 Speaker 1: maybe a couple of months ago. Yeah, I'm sure the 721 00:40:43,719 --> 00:40:46,799 Speaker 1: President is hoping that that Inflation Reduction Act is going 722 00:40:46,880 --> 00:40:49,040 Speaker 1: to be sort of the capper on a string of 723 00:40:49,120 --> 00:40:51,319 Speaker 1: bills that he's managed to be able to sign. Over 724 00:40:51,360 --> 00:40:53,480 Speaker 1: the last few days, there's been quite a number of 725 00:40:53,719 --> 00:40:58,200 Speaker 1: legislative progress moving forward for the president here. Is it 726 00:40:58,360 --> 00:41:03,560 Speaker 1: having any impact though on his approval ratings? Uh, it's 727 00:41:03,600 --> 00:41:06,760 Speaker 1: not as if his approval rating has turned around entirely. 728 00:41:06,840 --> 00:41:09,600 Speaker 1: We've seen a little bit of an uptick, but he 729 00:41:09,800 --> 00:41:13,520 Speaker 1: was that's in the context of him being way down 730 00:41:13,719 --> 00:41:16,799 Speaker 1: in the the low forties and many polls and uh, 731 00:41:16,880 --> 00:41:19,680 Speaker 1: in the percentage of his approval rating. It's not the 732 00:41:19,800 --> 00:41:24,200 Speaker 1: kind of thing that changes Biden into a major strength 733 00:41:24,440 --> 00:41:28,279 Speaker 1: for vulnerable Democrats running for re election. You know, it 734 00:41:28,640 --> 00:41:31,080 Speaker 1: doesn't necessarily have been changing. You know, for example, you 735 00:41:31,160 --> 00:41:35,080 Speaker 1: saw when there was progress made on this Inflation Reduction Act, 736 00:41:35,320 --> 00:41:38,520 Speaker 1: you saw someone like Dean Phillips in Minnesota say that 737 00:41:38,640 --> 00:41:42,560 Speaker 1: he doesn't think that President Biden should run for reelection. Uh. 738 00:41:42,840 --> 00:41:47,200 Speaker 1: There there's still some wariness about exactly where Democrats stand 739 00:41:47,280 --> 00:41:49,920 Speaker 1: heading into the mid terms. Uh. And yes, there's a 740 00:41:49,960 --> 00:41:54,120 Speaker 1: bit of momentum for their legislative accomplishments now, but does 741 00:41:54,239 --> 00:41:57,520 Speaker 1: does that turn the economy around by November? Probably not. 742 00:41:57,640 --> 00:42:00,239 Speaker 1: It's more long term issues they're having some six us 743 00:42:00,320 --> 00:42:03,200 Speaker 1: with Okay, Jack. Thanks for this, as always, Bloomberg Government 744 00:42:03,239 --> 00:42:06,560 Speaker 1: Congressional Reporter Jack Fitzpatrick, and you can read more about 745 00:42:06,600 --> 00:42:09,520 Speaker 1: these stories on Bloomberg dot com or on the Bloomberg terminal. 746 00:42:09,840 --> 00:42:12,840 Speaker 1: Follow all the latest on Bloomberg Radio in Washington. Bloomberg 747 00:42:13,520 --> 00:42:16,120 Speaker 1: one and one oh five point seven FM, h D 748 00:42:16,239 --> 00:42:19,920 Speaker 1: two SMP futures right now, they're up thirteen points. Staff 749 00:42:19,920 --> 00:42:22,600 Speaker 1: futures up a hundred thirty seven. NASTAC futures are higher 750 00:42:22,719 --> 00:42:25,560 Speaker 1: by twenty seven points. The tenure treasury is up to 751 00:42:25,760 --> 00:42:28,600 Speaker 1: thirty seconds. The yield two point seven six percent yield 752 00:42:28,640 --> 00:42:31,680 Speaker 1: on the two year three point one seven percent, nime 753 00:42:31,800 --> 00:42:34,000 Speaker 1: X screws up nine tenths per cent, up eighty cents 754 00:42:34,120 --> 00:42:36,840 Speaker 1: ninety two. All the seventy three cents of barrel comes 755 00:42:36,880 --> 00:42:39,040 Speaker 1: golled down four tenths per cent, or seven dollars fifty 756 00:42:39,080 --> 00:42:42,960 Speaker 1: cents At eighteen oh six twenty announce Bloomberg Surveillance is 757 00:42:43,040 --> 00:42:46,360 Speaker 1: up next for Karen Moscow. I'm Nathan Hagar, and this 758 00:42:47,239 --> 00:42:47,960 Speaker 1: is Bloomberg