1
00:00:03,080 --> 00:00:06,240
Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is Bloomberg

2
00:00:06,280 --> 00:00:09,720
Speaker 1: day Break for Thursday, May five, two. Coming up this hour.

3
00:00:10,039 --> 00:00:12,680
Speaker 1: US stocks had their best day in two years after J.

4
00:00:12,800 --> 00:00:15,600
Speaker 1: Pale indicates a seventy five basis point hike is not

5
00:00:15,800 --> 00:00:17,759
Speaker 1: in the cards. The Bank of England is expected to

6
00:00:17,840 --> 00:00:20,920
Speaker 1: raise rates to the highest level in thirteen years, and

7
00:00:21,040 --> 00:00:24,680
Speaker 1: Warren Buffett raises his bet on one oil giant. The

8
00:00:24,760 --> 00:00:28,200
Speaker 1: majority of New Yorker's disapprove of Mayor Adams handling on

9
00:00:28,400 --> 00:00:31,760
Speaker 1: prime less seconds. Every year, State Anthony Blincoln tests positive

10
00:00:31,800 --> 00:00:35,880
Speaker 1: for COVID. I'm Michael Barr More Ahead, I'm John Stationward Sports.

11
00:00:35,880 --> 00:00:38,159
Speaker 1: The Yankees eleven game win Street came to an end.

12
00:00:38,159 --> 00:00:40,839
Speaker 1: The Mets also lost the Rangers in Penguins play Game

13
00:00:40,880 --> 00:00:45,839
Speaker 1: two with the Garden. Tonight, that's All's trained. Head on

14
00:00:45,960 --> 00:00:49,320
Speaker 1: Bloomberg day Break on Bloomberg eleven, Free on New York,

15
00:00:49,520 --> 00:00:54,200
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,

16
00:00:54,480 --> 00:00:59,200
Speaker 1: Bloomberg nine sixties, and Francisco Syrius XM one nineteen and

17
00:00:59,280 --> 00:01:02,080
Speaker 1: around the world Old on Bloomberg Radio dot Com and

18
00:01:02,200 --> 00:01:08,400
Speaker 1: via the Bloomberg Business app. Hey, good morning, I'm Nathan

19
00:01:08,400 --> 00:01:11,759
Speaker 1: Hager and I'm Karen Moscow. In US stock index futures

20
00:01:11,760 --> 00:01:14,160
Speaker 1: are following this morning. We're coming up to five out

21
00:01:14,200 --> 00:01:15,960
Speaker 1: one on Wall Street, and we check the markets every

22
00:01:15,959 --> 00:01:19,720
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg SMP futures

23
00:01:19,760 --> 00:01:22,559
Speaker 1: down thirty one points down, futures down a hundred sixty

24
00:01:22,600 --> 00:01:26,200
Speaker 1: six and Nastack futures down one two. The decks in

25
00:01:26,240 --> 00:01:30,120
Speaker 1: Germany is higher up one point four percent. Tenure Treasury

26
00:01:30,160 --> 00:01:32,880
Speaker 1: down five thirty seconds, yield two point nine five percent,

27
00:01:33,000 --> 00:01:35,400
Speaker 1: yield on the two year two point six seven percent,

28
00:01:35,560 --> 00:01:39,000
Speaker 1: Nathan Karen. The pullback in stock futures follows yesterday's FED

29
00:01:39,080 --> 00:01:42,360
Speaker 1: fueled rallying. In his news conference after the FEDS fifty

30
00:01:42,360 --> 00:01:45,759
Speaker 1: basis point rate hike, Chairman J Powell indicated another fifty,

31
00:01:45,920 --> 00:01:48,919
Speaker 1: not seventy five, was on the table for the next meeting.

32
00:01:49,600 --> 00:01:53,600
Speaker 1: Seventy basis point uh it increases not something the Committee

33
00:01:53,640 --> 00:01:57,120
Speaker 1: is actively considering, assuming that economic and financial conditions evolve

34
00:01:57,600 --> 00:02:00,960
Speaker 1: in ways that are consistent with our expectations. There's a

35
00:02:01,000 --> 00:02:03,840
Speaker 1: broad sense on the Committee that additional fifty basis increases

36
00:02:03,840 --> 00:02:05,920
Speaker 1: should be on fifty basis points should be on the

37
00:02:05,960 --> 00:02:08,120
Speaker 1: table for the next couple of meetings. That comment by

38
00:02:08,160 --> 00:02:11,040
Speaker 1: Fed share Powell fueled a huge rally, and markets treasury

39
00:02:11,080 --> 00:02:14,160
Speaker 1: yields dropped. Stocks rally the most in two years, The

40
00:02:14,280 --> 00:02:17,320
Speaker 1: SMP five hundred surge three percent, while the tech heavy

41
00:02:17,400 --> 00:02:20,919
Speaker 1: NASDAC grows three point two percent. Jason Brady is CEO

42
00:02:20,960 --> 00:02:24,480
Speaker 1: of Thornburg Investment Management. I actually expected seventy five to

43
00:02:24,480 --> 00:02:26,440
Speaker 1: be on the table. He took it off the table.

44
00:02:26,480 --> 00:02:29,520
Speaker 1: I think the markets were pricing in very hawkish, and

45
00:02:29,600 --> 00:02:32,400
Speaker 1: you could now hawk the market. So obviously, the reaction

46
00:02:32,440 --> 00:02:34,440
Speaker 1: markets has been that this is a little bit more dubbish,

47
00:02:34,600 --> 00:02:37,560
Speaker 1: and Thornburg Investment Management CEO Jason Brady says he thinks

48
00:02:37,639 --> 00:02:41,520
Speaker 1: yesterday's rally is not sustainable. Well, Nathan, reaction is still

49
00:02:41,520 --> 00:02:44,720
Speaker 1: pouring into Powell, pushing back against a larger seventy five

50
00:02:44,760 --> 00:02:47,040
Speaker 1: basis point increase. And we get the very latest line

51
00:02:47,040 --> 00:02:50,200
Speaker 1: from Bloomberg's John Tucker, John and Good Morning Karen at

52
00:02:50,200 --> 00:02:52,920
Speaker 1: Graham Thornton. The chief economists their Diane Swant says the

53
00:02:52,960 --> 00:02:56,440
Speaker 1: FED is operating in a new paradigm. The FED is

54
00:02:56,480 --> 00:02:59,280
Speaker 1: now in the position where they're focused on inflation and

55
00:02:59,520 --> 00:03:03,480
Speaker 1: employee mint is secondary. That is a very different equation

56
00:03:03,560 --> 00:03:06,240
Speaker 1: than we've seen the fit in for a very very

57
00:03:06,320 --> 00:03:10,440
Speaker 1: long time, And Scott Minor, the chief investment officer at Guggenheim, says,

58
00:03:10,480 --> 00:03:13,160
Speaker 1: going back to the nineteen thirties, the FED has never

59
00:03:13,240 --> 00:03:16,000
Speaker 1: been able to reduce inflation but more than two and

60
00:03:16,000 --> 00:03:20,600
Speaker 1: a half percentage points without inducing a recession. So even

61
00:03:20,680 --> 00:03:23,520
Speaker 1: if we don't get close to the two percent target,

62
00:03:23,880 --> 00:03:26,600
Speaker 1: it's very likely that we will have some kind of

63
00:03:26,600 --> 00:03:30,919
Speaker 1: an economic slowdown well before we get to the desired

64
00:03:30,960 --> 00:03:34,600
Speaker 1: inflation target, and further hikes of fifty basis points are

65
00:03:34,720 --> 00:03:37,360
Speaker 1: on the table for June and July. Still, traders interpret

66
00:03:37,400 --> 00:03:40,320
Speaker 1: the day's events as slightly dubbish. Live in New York

67
00:03:40,320 --> 00:03:43,440
Speaker 1: on John Tucker Bloomberg Daybreak. All right, John, thanks up next,

68
00:03:43,480 --> 00:03:46,560
Speaker 1: an important policy decision in Europe this morning. Let's get

69
00:03:46,560 --> 00:03:48,960
Speaker 1: the very latest line from Bloomberg's You and Potts. Good morning,

70
00:03:49,520 --> 00:03:51,360
Speaker 1: Good morning, Nathan and Karen. On the eve of the

71
00:03:51,360 --> 00:03:54,280
Speaker 1: twenty fifth anniversary of the Bank of England's independence, the

72
00:03:54,360 --> 00:03:57,000
Speaker 1: UK Central Bank is sets aways rates today to one,

73
00:03:57,840 --> 00:04:01,160
Speaker 1: it's fourth straight indust rate high. The baway will also

74
00:04:01,200 --> 00:04:03,680
Speaker 1: allow out how it intends to take unschoted steps to

75
00:04:03,760 --> 00:04:07,480
Speaker 1: unwind more than a decade of bond purchases. Governor Andrew

76
00:04:07,480 --> 00:04:10,080
Speaker 1: Baidy will have to balance efforts to contain inflation at

77
00:04:10,160 --> 00:04:13,000
Speaker 1: a thirty year high against the risk of squeezing the

78
00:04:13,000 --> 00:04:16,600
Speaker 1: economy too hard. In London, you and Pott's Bloomberg Radio Europe,

79
00:04:16,920 --> 00:04:18,880
Speaker 1: are you and thank you well? There's also an OPAQUE

80
00:04:18,880 --> 00:04:21,560
Speaker 1: meeting today. OPEC and his allies are expected to ranify

81
00:04:21,600 --> 00:04:24,280
Speaker 1: another their small increase in oil production. Their meeting comes

82
00:04:24,320 --> 00:04:26,560
Speaker 1: just one day after the EU announced its plan for

83
00:04:26,600 --> 00:04:29,919
Speaker 1: a phased ban on Russian crude and checking prices. Right now,

84
00:04:30,080 --> 00:04:32,400
Speaker 1: NIME ex screwde oil is up about two tenths per cent,

85
00:04:32,480 --> 00:04:35,240
Speaker 1: or fifteen cents at a hundred seven dollars ninety six

86
00:04:35,279 --> 00:04:37,680
Speaker 1: cents of barrel, and Brent is up four tens percent

87
00:04:37,880 --> 00:04:40,520
Speaker 1: at a hundred ten dollars fifty six cents. Well, oil

88
00:04:40,520 --> 00:04:44,919
Speaker 1: prices at historic highstcare and have lawmakers appointing anti trust

89
00:04:45,000 --> 00:04:48,440
Speaker 1: laws at OPEC. A key Senate committee is expected to

90
00:04:48,480 --> 00:04:51,479
Speaker 1: approve legislation that would allow the US to sue the

91
00:04:51,520 --> 00:04:55,279
Speaker 1: cartel for manipulating energy markets. The vote by the Senate

92
00:04:55,320 --> 00:04:58,960
Speaker 1: Judiciary Committee today would pave the way for full Senate consideration.

93
00:04:59,320 --> 00:05:01,200
Speaker 1: I was staying in the oil patch, Nathan. We're in

94
00:05:01,279 --> 00:05:04,840
Speaker 1: Buffett increasing his bat on one big energy company. I mean,

95
00:05:04,839 --> 00:05:07,560
Speaker 1: get the latest line from Bloomberg's readied a Young Good morning,

96
00:05:07,560 --> 00:05:10,520
Speaker 1: Ready Town, Good morning, Karen Berkshire. Hathaway had already built

97
00:05:10,600 --> 00:05:14,120
Speaker 1: up a roughly fourteen point six percent holding of Occidental

98
00:05:14,120 --> 00:05:17,800
Speaker 1: Petroleum's common stock, and now Warren Buffett is snapping up

99
00:05:17,839 --> 00:05:20,760
Speaker 1: about five point nine million more shares of the oil giant.

100
00:05:21,200 --> 00:05:23,760
Speaker 1: Filing shows the shares were bought this week at prices

101
00:05:23,880 --> 00:05:26,440
Speaker 1: ranging from about fifty six to fifty eight dollars of peace,

102
00:05:26,800 --> 00:05:29,920
Speaker 1: and it's trading just above sixty one this morning. Now,

103
00:05:29,960 --> 00:05:32,240
Speaker 1: Occidental was the best performing stock in the S and

104
00:05:32,279 --> 00:05:34,680
Speaker 1: P five hundred during the first quarter, and it's seen

105
00:05:34,760 --> 00:05:38,800
Speaker 1: it shares benefit from Buffett's purchases and higher oil prices

106
00:05:38,920 --> 00:05:42,000
Speaker 1: driven by the war in Ukraine. Live in New York.

107
00:05:42,040 --> 00:05:44,320
Speaker 1: I'm ready to Young Bloomberg daybreak. All right, we need

108
00:05:44,360 --> 00:05:46,039
Speaker 1: to thanks. Let's turn to what's happening on the ground

109
00:05:46,080 --> 00:05:49,240
Speaker 1: in Ukraine now. Civilian evacuations continue out of the war

110
00:05:49,360 --> 00:05:55,120
Speaker 1: ravage city of mary Upoul. In his latest video, address,

111
00:05:55,120 --> 00:05:58,159
Speaker 1: President Vladimir Zlenski says three hundred forty four people have

112
00:05:58,200 --> 00:06:01,039
Speaker 1: gotten out, even as heavy fighting continues at a steel

113
00:06:01,120 --> 00:06:04,080
Speaker 1: plant in the city. The Pentagon says Russia is getting

114
00:06:04,160 --> 00:06:07,719
Speaker 1: bogged down in eastern and southern Ukraine, and Swedens feign

115
00:06:07,760 --> 00:06:10,760
Speaker 1: Minister met with Secretary of State Anthony Blincoln. She says

116
00:06:10,839 --> 00:06:14,279
Speaker 1: the US is offering security assurances to Sweden and Finland

117
00:06:14,520 --> 00:06:17,680
Speaker 1: as they apply to join NATO. On the other big

118
00:06:17,680 --> 00:06:21,159
Speaker 1: political story we continue to follow, Nathan is abortion rights

119
00:06:21,200 --> 00:06:24,400
Speaker 1: and the head of a CDC, Dr Rochelle Wilenski, is

120
00:06:24,440 --> 00:06:26,960
Speaker 1: weighing in. She warn't a more deaths if the leaked

121
00:06:27,000 --> 00:06:29,520
Speaker 1: Supreme Court ruling on Roe v. Wade to stands, and

122
00:06:29,520 --> 00:06:33,159
Speaker 1: Bloomberg said Baxter has more. Dr Wilenski says she fears

123
00:06:33,160 --> 00:06:35,680
Speaker 1: that there could be an atmosphere where there's much less

124
00:06:35,680 --> 00:06:39,360
Speaker 1: medical supervision for people taking things into their own hands,

125
00:06:39,720 --> 00:06:42,719
Speaker 1: and she says it will lead to unequal access to

126
00:06:42,800 --> 00:06:45,599
Speaker 1: the procedure because people with less funds will not be

127
00:06:45,720 --> 00:06:48,720
Speaker 1: able to cross state lines. Tied to that, abortion rights

128
00:06:48,720 --> 00:06:52,240
Speaker 1: groups took over twelve million dollars over the twenty four

129
00:06:52,360 --> 00:06:55,279
Speaker 1: hours following the leak of the initial Roe v. Wade

130
00:06:55,320 --> 00:06:58,920
Speaker 1: decision draft and Planned Parenthood says it saw a six

131
00:06:59,000 --> 00:07:02,960
Speaker 1: hundred fifty percent increase in online actions. In San Francisco,

132
00:07:03,040 --> 00:07:06,679
Speaker 1: I'm at Baxter Bloomberg Daybreak, Okay and thanks. SMP futures

133
00:07:06,680 --> 00:07:10,040
Speaker 1: are lower by thirty points after yesterday's rallied OW futures

134
00:07:10,080 --> 00:07:12,840
Speaker 1: down a hundred sixty seven. NASDAC futures on the decline

135
00:07:13,120 --> 00:07:16,120
Speaker 1: by a hundred nineteen points. Stay straight ahead your latest

136
00:07:16,200 --> 00:07:19,160
Speaker 1: local headlines in the check of sports. This is Bloomberg

137
00:07:23,120 --> 00:07:25,320
Speaker 1: past out five oh seven on Wall Street where fifty

138
00:07:25,320 --> 00:07:27,880
Speaker 1: eight degrees in Central Park got an accident in Nassau

139
00:07:28,000 --> 00:07:31,440
Speaker 1: County Old Country roads closed by meadow Brook Parkway. Details

140
00:07:31,480 --> 00:07:33,800
Speaker 1: coming up in traffic. First, Michael Bars here with more

141
00:07:33,840 --> 00:07:35,680
Speaker 1: on what's going on in New York and around the world.

142
00:07:35,680 --> 00:07:38,160
Speaker 1: Go morny Michael, Good morning Nathan. A majority of New

143
00:07:38,240 --> 00:07:42,120
Speaker 1: Yorkers say they disapprove of Mayor Eric adams handling of

144
00:07:42,200 --> 00:07:45,400
Speaker 1: crime in the Five Boroughs, a reversal from three months ago.

145
00:07:45,880 --> 00:07:49,120
Speaker 1: According to a new Quinnipiac University poll, only thirty seven

146
00:07:49,160 --> 00:07:52,600
Speaker 1: percent approve of Adam's handling of crime. Well fifty four

147
00:07:52,720 --> 00:07:57,720
Speaker 1: percent disapprove. In February, forty nine percent approved of Adam's

148
00:07:57,800 --> 00:08:01,000
Speaker 1: performance on crime. The news come as two men were

149
00:08:01,040 --> 00:08:04,680
Speaker 1: shot and killed in midtown Manhattan overnight. Police was searching

150
00:08:04,720 --> 00:08:07,520
Speaker 1: for three suspects for the shooting at thirty seven and

151
00:08:07,600 --> 00:08:11,120
Speaker 1: ninth Avenue. Meanwhile, Mayor Adams is urging New Yorkers to

152
00:08:11,200 --> 00:08:15,480
Speaker 1: trade the pajamas for lunch near their workplaces. Adams says

153
00:08:15,680 --> 00:08:19,559
Speaker 1: that's the way metropolitan economy is functioned properly. He spoke

154
00:08:19,640 --> 00:08:22,280
Speaker 1: during a panel discussion at the Milk and Institute Global

155
00:08:22,320 --> 00:08:26,360
Speaker 1: Conference in Beverly Hills, California. State Department spokesman Dead Price

156
00:08:26,400 --> 00:08:30,640
Speaker 1: as Secretary of State Antony Blanket is quarantining. Secretary Blinken

157
00:08:31,120 --> 00:08:34,800
Speaker 1: has tested positive for COVID. The good news is that

158
00:08:34,840 --> 00:08:39,760
Speaker 1: he is fully vaccinated, he is boosted. He is experiencing

159
00:08:39,960 --> 00:08:44,000
Speaker 1: only mild symptoms. Spokesman that Price says Blincoln will work

160
00:08:44,080 --> 00:08:46,680
Speaker 1: from home in the coming days. Blincoln had the postpone

161
00:08:46,720 --> 00:08:50,240
Speaker 1: a key China policy speech that had been scheduled for today.

162
00:08:50,559 --> 00:08:54,319
Speaker 1: He attended the White House Correspondence Association dinner on Saturday.

163
00:08:54,520 --> 00:08:57,440
Speaker 1: No word yet on who leaked the Supreme Court draft

164
00:08:57,480 --> 00:09:01,360
Speaker 1: opinion on abortion Rights Chief Justice John Roberts has called

165
00:09:01,400 --> 00:09:05,679
Speaker 1: for an internal investigation. Meanwhile, President Biden is not mincing

166
00:09:05,679 --> 00:09:09,120
Speaker 1: words about a draft document with the majority voting to

167
00:09:09,200 --> 00:09:12,400
Speaker 1: overturn Roe v. Wade. What are the next things that

168
00:09:12,440 --> 00:09:15,720
Speaker 1: are going to be attacked? Because this MAGA crowd is

169
00:09:15,880 --> 00:09:20,440
Speaker 1: really the most extreme political organization that's existed in American history,

170
00:09:21,520 --> 00:09:24,920
Speaker 1: in recent American history. The President's spoke to reporters at

171
00:09:24,960 --> 00:09:27,880
Speaker 1: an events on the economy and the deficit. We're learning

172
00:09:27,920 --> 00:09:30,679
Speaker 1: Donald Trump Jr. Was interviewed as part of a House

173
00:09:30,679 --> 00:09:34,160
Speaker 1: Select committee's investigation of last year's ryan at the US Capitol.

174
00:09:34,679 --> 00:09:38,640
Speaker 1: He's the latest member of former President Trump's family to

175
00:09:38,679 --> 00:09:41,920
Speaker 1: be questioned. Global News twenty four hours a day on

176
00:09:42,080 --> 00:09:45,080
Speaker 1: air and on Bloomberg Quick Take, powered by more than

177
00:09:45,160 --> 00:09:47,560
Speaker 1: twenty seven hundred journalist and analysts more than a hundred

178
00:09:47,600 --> 00:09:51,720
Speaker 1: twenty countries. Michael barn This is Bloomberg. Okay, Michael, thanks

179
00:09:56,320 --> 00:09:58,400
Speaker 1: five o nine on Wall Street. Time for the Bloomberg

180
00:09:58,480 --> 00:10:01,440
Speaker 1: Sports Update. Good morning, Johnstone, The morning, Nathan. The Yankees

181
00:10:01,480 --> 00:10:04,400
Speaker 1: first loss in April twenty one in Toronto. They got

182
00:10:04,400 --> 00:10:06,680
Speaker 1: an early home run from Joey Gallo. Nothing after that

183
00:10:06,760 --> 00:10:09,199
Speaker 1: in the eleven game winning streak ended two to one.

184
00:10:09,440 --> 00:10:11,839
Speaker 1: Esther Cortes gave him Matt Chapman home run, took his

185
00:10:11,920 --> 00:10:15,480
Speaker 1: first loss. Michael King and Play Holmes followed Cortez and

186
00:10:15,520 --> 00:10:17,720
Speaker 1: through four hit listenings of at least both those guys

187
00:10:17,720 --> 00:10:20,360
Speaker 1: have the r A s under one day off today.

188
00:10:20,400 --> 00:10:23,440
Speaker 1: Yankspect come tomorrow play Texas Mets. Tonight in Philadelphia. They

189
00:10:23,440 --> 00:10:25,880
Speaker 1: lost to Atlanta nine to two, a scoreless game going

190
00:10:25,920 --> 00:10:29,000
Speaker 1: to the sixth inning when the Braves erupted for seven runs.

191
00:10:29,000 --> 00:10:30,880
Speaker 1: Tyler McGill at his first start since he got the

192
00:10:30,880 --> 00:10:32,960
Speaker 1: win and the Mets no hitter suffered his first loss.

193
00:10:33,040 --> 00:10:35,760
Speaker 1: They split the four game series, the first series this

194
00:10:35,920 --> 00:10:38,680
Speaker 1: season that the Mets have failed to win. NBA Playoffs

195
00:10:38,720 --> 00:10:41,400
Speaker 1: Miami and Phoenix, of the top seeds, they both wanted home.

196
00:10:41,440 --> 00:10:44,000
Speaker 1: They both need their series two zip Stanley Cup Playoffs

197
00:10:44,040 --> 00:10:46,760
Speaker 1: three series were now tied to one after wins by

198
00:10:46,800 --> 00:10:50,600
Speaker 1: Tampa Bay, Minnesota and Edmonton. Carolina again beat Boston, now

199
00:10:50,640 --> 00:10:53,280
Speaker 1: up to nothing. The Hurricanes have outscored the Bruins in

200
00:10:53,320 --> 00:10:56,800
Speaker 1: their five games this season, six to four. Two nights

201
00:10:56,840 --> 00:10:59,480
Speaker 1: after the first triple overtime game played at Madison Square,

202
00:10:59,480 --> 00:11:02,560
Speaker 1: Garden in fifty one year's Rangers and Penguins will be

203
00:11:02,600 --> 00:11:04,720
Speaker 1: back at it tonight for Game two. NGOs coach Gerard

204
00:11:04,760 --> 00:11:09,440
Speaker 1: Gallant asked about losing a game one heartbreaker would be

205
00:11:09,520 --> 00:11:14,240
Speaker 1: heard we're playing Colorado, who's the best game in the league,

206
00:11:14,240 --> 00:11:16,840
Speaker 1: and you lose five nothing. But games like that where

207
00:11:17,160 --> 00:11:18,559
Speaker 1: you know you're saying to your team, how are we

208
00:11:18,559 --> 00:11:20,360
Speaker 1: going to get back from this? We play that, we're

209
00:11:20,400 --> 00:11:22,920
Speaker 1: playing a very good team who I think anybody can

210
00:11:22,960 --> 00:11:24,959
Speaker 1: win this series. Of better team's gonna win this series

211
00:11:25,000 --> 00:11:27,000
Speaker 1: and it's gonna be a battle. So you know what,

212
00:11:27,160 --> 00:11:28,920
Speaker 1: it's one game to get over it and you move

213
00:11:29,000 --> 00:11:31,600
Speaker 1: on up. Here's the Pittsburgh goalie tonight will be Louis Domingue,

214
00:11:31,679 --> 00:11:33,480
Speaker 1: who has never started a playoff game before he came

215
00:11:33,480 --> 00:11:35,400
Speaker 1: off the bench the other night when the starter Casey

216
00:11:35,520 --> 00:11:39,120
Speaker 1: Smith Johnson. Actually we're bloom Broog sports name, Okay john

217
00:11:39,160 --> 00:11:42,400
Speaker 1: Thanks for looking at SMP futures this morning after the

218
00:11:42,679 --> 00:11:45,679
Speaker 1: fed fueld rally. Bit of pull back this morning, with

219
00:11:45,840 --> 00:11:48,719
Speaker 1: SMP futures now down twenty seven points down, futures down

220
00:11:48,720 --> 00:11:52,480
Speaker 1: a hundred fifty four nastack futures higher by nineties seven points,

221
00:11:52,600 --> 00:11:55,480
Speaker 1: but European stocks continue to surge with the Bank of

222
00:11:55,640 --> 00:11:59,679
Speaker 1: England getting ready for a bank decision and less than

223
00:11:59,760 --> 00:12:03,360
Speaker 1: two hours. Stay with us, you're listening to Bloomberg Daybreak

224
00:12:07,320 --> 00:12:09,880
Speaker 1: Bloomberg eleven three oh Weather partly mostly sunny today with

225
00:12:09,960 --> 00:12:12,880
Speaker 1: highs in the low seventies, Scattered showers possible Tomorrow with

226
00:12:13,040 --> 00:12:15,319
Speaker 1: highs and below sixties. Will be in the mid fifties,

227
00:12:15,480 --> 00:12:23,760
Speaker 1: with rain ending Saturday afternoon. Currently, markets headlines and breaking

228
00:12:23,800 --> 00:12:26,680
Speaker 1: news twenty four hours a day at Bloomberg dot com.

229
00:12:26,800 --> 00:12:31,040
Speaker 1: The Bloomberg Business Outland at Bloomberg Quicktape is a Bloomberg

230
00:12:31,120 --> 00:12:40,680
Speaker 1: Business Flash and I'm Karen Moscow. And US stock index

231
00:12:40,720 --> 00:12:45,240
Speaker 1: futures are lower this morning at European stocks are climbing

232
00:12:45,320 --> 00:12:48,160
Speaker 1: this emit about of investor relief after the Federal Reserve

233
00:12:48,280 --> 00:12:51,960
Speaker 1: rased interest rates has expected to tackle high inflation, encountering

234
00:12:52,040 --> 00:12:55,040
Speaker 1: fears of super sized hikes. But again, futures this morning

235
00:12:55,080 --> 00:12:58,400
Speaker 1: are moving lower. SMP futures down about twenty six points

236
00:12:58,440 --> 00:13:00,720
Speaker 1: and DOWN futures down a hundred forties even and NASDAC

237
00:13:00,760 --> 00:13:03,959
Speaker 1: features down at ninety three. The decks in Germany is

238
00:13:04,040 --> 00:13:06,160
Speaker 1: up one and a half percent. The ten year treasury

239
00:13:06,200 --> 00:13:08,600
Speaker 1: down five thirty seconds, held two point nine five percent

240
00:13:09,000 --> 00:13:11,400
Speaker 1: yield on the two year two point six seven percent.

241
00:13:11,840 --> 00:13:14,079
Speaker 1: Nine X screwed oil, It's little change in a hundred

242
00:13:14,120 --> 00:13:16,720
Speaker 1: seven dollars seventy eight cents of barrel comex gold up

243
00:13:16,760 --> 00:13:19,200
Speaker 1: one point four percent of twenty six dollars thirty cents

244
00:13:19,440 --> 00:13:22,800
Speaker 1: at eight ten announced. The Euro one point oh five

245
00:13:22,880 --> 00:13:26,040
Speaker 1: nine eight against the dollar, British pound one point seven

246
00:13:26,480 --> 00:13:28,880
Speaker 1: and the yet is at one nine point seven one.

247
00:13:29,120 --> 00:13:32,600
Speaker 1: Checking bitcoin this morning, it's moving lower, down about seven

248
00:13:32,679 --> 00:13:35,560
Speaker 1: tenths percent at thirty nine thousand, five hundred fifty dollars

249
00:13:35,840 --> 00:13:38,280
Speaker 1: and as a Bloomberg business flash. Now here's Michael Barr

250
00:13:38,400 --> 00:13:40,520
Speaker 1: with more on what's going on around the world. Muncle,

251
00:13:40,559 --> 00:13:44,199
Speaker 1: Good morning, Good morning Karen. Ukrainian forces say they repelled

252
00:13:44,320 --> 00:13:48,280
Speaker 1: Russian attacks in the east and recaptured some territory, even

253
00:13:48,320 --> 00:13:51,360
Speaker 1: as Moscow moved to obstruct the flow of Western weapons

254
00:13:51,400 --> 00:13:55,240
Speaker 1: the Ukraine by bombarding rail stations and other supply line

255
00:13:55,280 --> 00:13:59,079
Speaker 1: targets across the country. Heavy fighting also raged at the

256
00:13:59,160 --> 00:14:02,679
Speaker 1: steel mill in Merry Yuple that represented the last stronghold

257
00:14:02,760 --> 00:14:06,920
Speaker 1: of Ukrainian resistance in the ruined Southern Port City. In baseball,

258
00:14:07,000 --> 00:14:09,520
Speaker 1: the Yankees eleven game winning street came to an end.

259
00:14:09,760 --> 00:14:11,920
Speaker 1: The pin Strives lost to the Blue Jays too one.

260
00:14:12,320 --> 00:14:15,439
Speaker 1: The Mets lost along with the Red Sox, Nationals, A's,

261
00:14:15,559 --> 00:14:19,200
Speaker 1: and Giants. The Orioles won. In the NHL Playoff, the

262
00:14:19,320 --> 00:14:22,120
Speaker 1: Rangers play game two of their series against the Penguins.

263
00:14:22,360 --> 00:14:25,640
Speaker 1: New York Is coming off a Game one triple overtime loss.

264
00:14:25,840 --> 00:14:28,720
Speaker 1: The Bruins lost to the Hurricanes five to Carolina now

265
00:14:28,840 --> 00:14:32,920
Speaker 1: leads the series two games to ZIP. Global News twenty

266
00:14:32,960 --> 00:14:35,920
Speaker 1: four hours a day on air and on Bloomberg Quick Tank,

267
00:14:36,160 --> 00:14:39,120
Speaker 1: powered by more than twenty seven hundred journalists and analysts

268
00:14:39,200 --> 00:14:42,720
Speaker 1: more than a hundred twenty countries. Michael barn this is Bloomberg.

269
00:14:43,000 --> 00:14:46,120
Speaker 1: Nathan helped that Rangers goalie is arrested. Thank you, Michael.

270
00:14:46,200 --> 00:14:48,280
Speaker 1: It is coming up to five twenty on Wall Street

271
00:14:48,320 --> 00:14:51,000
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is a

272
00:14:51,000 --> 00:14:54,360
Speaker 1: Bloomberg daybreak. No rest for the markets after digesting the

273
00:14:54,440 --> 00:14:59,200
Speaker 1: feds fifty basis point move and plans for more. Let's

274
00:14:59,240 --> 00:15:02,200
Speaker 1: bring in Jennifer Lee, senior economists at Demo Capital Markets.

275
00:15:02,240 --> 00:15:06,040
Speaker 1: As we continue to get reaction to the FED decision. Jennifer,

276
00:15:06,160 --> 00:15:10,160
Speaker 1: good morning. The Fed delivered what the market was looking for,

277
00:15:10,520 --> 00:15:16,840
Speaker 1: but will multiple fifty basis points be what inflation needs? Um?

278
00:15:16,920 --> 00:15:20,120
Speaker 1: Good morning. I think you know, I think what he said,

279
00:15:20,160 --> 00:15:22,880
Speaker 1: which was, you know, fifty basis points on the table

280
00:15:23,400 --> 00:15:26,440
Speaker 1: over the next couple of meetings. UM. My favorite word

281
00:15:26,480 --> 00:15:29,600
Speaker 1: is this reasonable. Um. I can't see a semi five

282
00:15:29,600 --> 00:15:31,480
Speaker 1: basis point breed hike right now. I don't think I

283
00:15:31,480 --> 00:15:35,000
Speaker 1: ever took one seriously as definitely not for yesterday. And

284
00:15:35,040 --> 00:15:36,920
Speaker 1: if I may, if I may, by the way, just

285
00:15:37,040 --> 00:15:41,680
Speaker 1: tell you what my conspiracy theorists is. Yesterday I was thinking, well,

286
00:15:41,720 --> 00:15:44,680
Speaker 1: first I thought, oh, unanimous, even Mr James, let's not

287
00:15:44,760 --> 00:15:46,640
Speaker 1: rule out of semi five basis point right hike because

288
00:15:46,640 --> 00:15:48,600
Speaker 1: it's not my base case at this point of the board.

289
00:15:49,200 --> 00:15:51,480
Speaker 1: So the conspiracy theoristsm ME was thinking, you know, did

290
00:15:51,560 --> 00:15:54,160
Speaker 1: they parade them out recently over the last week and

291
00:15:54,640 --> 00:15:56,720
Speaker 1: sort of planted the idea of semi five basis points

292
00:15:56,760 --> 00:15:58,400
Speaker 1: into the market's head and then go ahead and only

293
00:15:58,440 --> 00:16:00,320
Speaker 1: and I say only using my air cole it's here

294
00:16:00,920 --> 00:16:04,240
Speaker 1: only raised fifty basis points and sort of beating expectations

295
00:16:04,280 --> 00:16:06,280
Speaker 1: and thus sparking the rally when you saw on the

296
00:16:06,280 --> 00:16:08,720
Speaker 1: stop markets. So that's what I was thinking about. I

297
00:16:08,720 --> 00:16:11,560
Speaker 1: think fifty basis points over the next couple of meetings UM.

298
00:16:11,640 --> 00:16:15,320
Speaker 1: I think at you know, UM, at a minimum, what's

299
00:16:15,320 --> 00:16:18,640
Speaker 1: it gonna do for growth to have front loaded hikes

300
00:16:18,720 --> 00:16:23,200
Speaker 1: like this? It is going to have it already is

301
00:16:23,280 --> 00:16:26,280
Speaker 1: starting to have that UM wanted effect that aimed that

302
00:16:26,440 --> 00:16:29,440
Speaker 1: that goal, which is to curb demand. You know, he's

303
00:16:29,440 --> 00:16:33,720
Speaker 1: already said in in in previous UM Press conferences and

304
00:16:33,960 --> 00:16:37,000
Speaker 1: interviews that you know, raising rates is not going to

305
00:16:37,160 --> 00:16:41,280
Speaker 1: make UM supply chains clear up, it won't make h

306
00:16:41,360 --> 00:16:44,320
Speaker 1: you know, widgets being produced any faster or being shipped

307
00:16:44,320 --> 00:16:47,400
Speaker 1: across the sea even faster, but it will be able

308
00:16:47,480 --> 00:16:50,960
Speaker 1: to cool demand down enough to ease the pressure on

309
00:16:51,000 --> 00:16:53,280
Speaker 1: supply chain. So I think that's what the that that

310
00:16:53,400 --> 00:16:58,880
Speaker 1: intended effect will be. Chairman Powell said that basis points

311
00:16:58,920 --> 00:17:01,640
Speaker 1: is something they're not act of Lee considering. Just to

312
00:17:01,680 --> 00:17:03,560
Speaker 1: bring it back to that, do we need to pars

313
00:17:03,760 --> 00:17:09,359
Speaker 1: what actively means? I think he is not um UM ignored.

314
00:17:09,400 --> 00:17:11,840
Speaker 1: He's he's keeping all of his options open. I think

315
00:17:11,960 --> 00:17:15,120
Speaker 1: every single central maker out there is these days, they're

316
00:17:15,119 --> 00:17:16,840
Speaker 1: gonna have to because you know, no one knows what,

317
00:17:16,920 --> 00:17:19,560
Speaker 1: you know, what lies around the corner, especially with you know,

318
00:17:19,640 --> 00:17:22,800
Speaker 1: inflation is still remaining very very high. Um, you know

319
00:17:23,320 --> 00:17:27,520
Speaker 1: it's um supply chains again, no signs of of easing

320
00:17:28,280 --> 00:17:30,760
Speaker 1: meaningfully anytime soon. He's already brought up the fact that,

321
00:17:30,840 --> 00:17:33,800
Speaker 1: you know, the Ukraine war and the China lockdowns are

322
00:17:33,840 --> 00:17:37,440
Speaker 1: going to add to that inflation um pressure. And by

323
00:17:37,680 --> 00:17:41,520
Speaker 1: using those two um um factors, UM, I think that

324
00:17:41,640 --> 00:17:44,440
Speaker 1: sort of head to suspectimy basically that it is possible.

325
00:17:45,040 --> 00:17:47,840
Speaker 1: Wouldn't read it off but or so I wouldn't completely

326
00:17:47,840 --> 00:17:50,440
Speaker 1: ignore it, but um, you know, it's it's something that's

327
00:17:50,920 --> 00:17:52,399
Speaker 1: not on the radar, but it could be, you know,

328
00:17:52,480 --> 00:17:54,760
Speaker 1: beeping around on the background. Is there some debate for

329
00:17:54,840 --> 00:17:58,439
Speaker 1: you about whether FED policy is part of what's feeding

330
00:17:58,560 --> 00:18:01,479
Speaker 1: into the inflationary pressure? Is besides supply chains, the war

331
00:18:01,560 --> 00:18:06,120
Speaker 1: in Ukraine and other exogenous factors, Is FED policy itself

332
00:18:06,280 --> 00:18:10,240
Speaker 1: part of what's happening here? That's a good question. I think,

333
00:18:10,560 --> 00:18:13,119
Speaker 1: you know, I think it probably was, just given the

334
00:18:13,200 --> 00:18:16,720
Speaker 1: fact that they took a little while longer to move.

335
00:18:16,840 --> 00:18:20,160
Speaker 1: I'll put it up politely to raise rates by continuing

336
00:18:20,280 --> 00:18:22,840
Speaker 1: last year to call it transitory, and you know, and

337
00:18:22,920 --> 00:18:25,000
Speaker 1: he's admitted, you know, um, and I give him kudos

338
00:18:25,040 --> 00:18:26,960
Speaker 1: for that. He's admitted that, you know, if if we

339
00:18:27,080 --> 00:18:29,399
Speaker 1: knew now, or we knew then what we knew now,

340
00:18:30,160 --> 00:18:31,800
Speaker 1: you know, they would have gone a lot earlier. So

341
00:18:31,880 --> 00:18:35,480
Speaker 1: I think that probably contributed somewhat to this higher rate

342
00:18:35,520 --> 00:18:38,600
Speaker 1: of inflation. So now they're working to sort of you know,

343
00:18:38,760 --> 00:18:40,639
Speaker 1: rate that wrong or make up for lost time, and

344
00:18:41,200 --> 00:18:43,800
Speaker 1: and sort of set up for more aggressive moves, you know,

345
00:18:43,960 --> 00:18:46,280
Speaker 1: like the two at least the two fifty basis point

346
00:18:46,320 --> 00:18:49,280
Speaker 1: moves in the next couple of meetings. About thirty seconds

347
00:18:49,400 --> 00:18:51,840
Speaker 1: left here. What's a tighter FED going to mean for

348
00:18:51,920 --> 00:18:54,240
Speaker 1: the job market? We have, of course the April jobs

349
00:18:54,240 --> 00:18:56,840
Speaker 1: report coming out tomorrow. Does it have any impact the

350
00:18:57,160 --> 00:18:59,680
Speaker 1: April report on what the FED does from here? I

351
00:18:59,760 --> 00:19:02,960
Speaker 1: think is already started starting to we are we're looking

352
00:19:03,000 --> 00:19:06,359
Speaker 1: forward about three and eighty thousand for April, possibly if

353
00:19:06,400 --> 00:19:09,000
Speaker 1: some down fliver has just given from what we saw. Um.

354
00:19:09,160 --> 00:19:11,040
Speaker 1: ADP is always kind of wonky, but you know, even

355
00:19:11,119 --> 00:19:14,320
Speaker 1: the other ones, like the the base. So I think,

356
00:19:14,640 --> 00:19:16,040
Speaker 1: you know, I've been saying this for months now, all

357
00:19:16,080 --> 00:19:19,399
Speaker 1: this strong demand for jobs. It's just not sustainable. You know,

358
00:19:19,480 --> 00:19:21,520
Speaker 1: he was talking about nearly two jobs for every unemployed

359
00:19:21,560 --> 00:19:25,160
Speaker 1: person yesterday. But I think as the economy slows, demand

360
00:19:25,280 --> 00:19:26,840
Speaker 1: is going to cool, which is again the point of

361
00:19:26,880 --> 00:19:29,840
Speaker 1: tighter monetary policy, You're going to start seeing that pullback

362
00:19:29,880 --> 00:19:31,800
Speaker 1: in job demand. So I hope that anyone who's out

363
00:19:31,840 --> 00:19:35,440
Speaker 1: in the sidelines, you know, um and have multiple job offers,

364
00:19:35,480 --> 00:19:36,719
Speaker 1: you know, I think they should. They've got to get

365
00:19:36,720 --> 00:19:38,680
Speaker 1: back into that game. So great to have you with

366
00:19:38,760 --> 00:19:41,240
Speaker 1: us this morning, Jennifer, Thanks so much. Jennifer Lee, senior

367
00:19:41,280 --> 00:19:44,919
Speaker 1: economists at BMO Capital Markets. With reaction after the feds

368
00:19:45,240 --> 00:19:49,520
Speaker 1: fifty basis point increase keeping seventy five off the table

369
00:19:49,640 --> 00:19:52,480
Speaker 1: sparked a rally. Now futures are pulling back. Son. We

370
00:19:52,560 --> 00:19:55,959
Speaker 1: have SMP futures down thirty points down, futures down three

371
00:19:56,040 --> 00:19:59,760
Speaker 1: NASTACK futures are lower by a hundred eight points. You're

372
00:20:00,040 --> 00:20:09,280
Speaker 1: sning to Bloomberg daybreak, Bloomberg eleven three oh weather. Sunshine

373
00:20:09,280 --> 00:20:12,600
Speaker 1: today with him. The low seventies, Scattered showers return tomorrow,

374
00:20:12,720 --> 00:20:15,479
Speaker 1: low sixties for highs. The rain of end Saturday afternoon.

375
00:20:15,480 --> 00:20:17,040
Speaker 1: It'll be breezy and cool with a high in your

376
00:20:17,080 --> 00:20:25,560
Speaker 1: fifty five right now, broadcasting live from the Bloomberg Interactive

377
00:20:25,600 --> 00:20:29,480
Speaker 1: Broker Studio in New York, Bloomberg E Living Freedom to Washington,

378
00:20:29,560 --> 00:20:33,400
Speaker 1: d C, Bloomberg On to Boston, Bloomberg one O six

379
00:20:33,480 --> 00:20:36,639
Speaker 1: one does San Francisco, Bloomberg nine sixty to the Country,

380
00:20:36,800 --> 00:20:39,359
Speaker 1: Sirius XM Chad A one nine team, and around the

381
00:20:39,440 --> 00:20:42,800
Speaker 1: globe the Bloomberg Business app and Bloomberg Radio dot Com.

382
00:20:43,280 --> 00:20:52,280
Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street.

383
00:20:52,320 --> 00:20:55,480
Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscower. Just

384
00:20:55,600 --> 00:20:57,920
Speaker 1: about four hours away from the open of US trading.

385
00:20:58,000 --> 00:20:59,320
Speaker 1: Let's get you up to date on the news. You

386
00:20:59,400 --> 00:21:01,240
Speaker 1: need to know what this hour we're seeing as like

387
00:21:01,400 --> 00:21:05,040
Speaker 1: pullback in futures this morning. After yesterday's rally that followed

388
00:21:05,080 --> 00:21:08,399
Speaker 1: a press conference from Federal Reserve Chair J Powell, Powell

389
00:21:08,440 --> 00:21:11,560
Speaker 1: indicated a seventy five point basis hike was not being

390
00:21:11,640 --> 00:21:14,800
Speaker 1: considered for meetings in June and said he's committed to

391
00:21:14,840 --> 00:21:19,080
Speaker 1: bringing down inflation. Inflation is much too high, and we

392
00:21:19,200 --> 00:21:22,800
Speaker 1: understand the hardship it is causing, and we're moving expeditiously

393
00:21:22,920 --> 00:21:25,920
Speaker 1: to bring it back down. We have both the tools

394
00:21:26,000 --> 00:21:27,840
Speaker 1: we need and the resolve that it will take to

395
00:21:27,960 --> 00:21:31,200
Speaker 1: restore price stability on behalf of American families and businesses

396
00:21:31,640 --> 00:21:34,120
Speaker 1: and Chair J. Powell's comments came as the FED hiked

397
00:21:34,200 --> 00:21:37,400
Speaker 1: interest rates fifty basis points and reaction is still coming

398
00:21:37,440 --> 00:21:39,680
Speaker 1: in from many quarters. Karen more on that in this

399
00:21:39,880 --> 00:21:43,520
Speaker 1: live report from Bloomberg's John Tucker. John Nathan Former Philadelphia

400
00:21:43,560 --> 00:21:46,639
Speaker 1: Fed President Charles Plosser said Fed Chare Powell yesterday was

401
00:21:46,760 --> 00:21:50,600
Speaker 1: trying to appease the markets at bigger rate increases should

402
00:21:50,680 --> 00:21:53,480
Speaker 1: not be dismissed. I don't think he should have taken

403
00:21:53,880 --> 00:21:58,640
Speaker 1: seventy five basis points off the table, as many people

404
00:21:58,680 --> 00:22:01,159
Speaker 1: have been. I don't I think do they need to

405
00:22:01,200 --> 00:22:05,680
Speaker 1: be still on the table and that they don't have

406
00:22:05,880 --> 00:22:09,560
Speaker 1: that option. Former Philly Fed President Charles Ploster. Another reaction

407
00:22:09,640 --> 00:22:12,840
Speaker 1: from Scott Miner, the chief investment officer at Guggenheim. He's

408
00:22:12,960 --> 00:22:14,800
Speaker 1: just going down to the nineteen thirties that had has

409
00:22:14,920 --> 00:22:17,080
Speaker 1: never been able to reduce inflation by more than two

410
00:22:17,119 --> 00:22:20,840
Speaker 1: and a half percentage points without inducing a recession. Live

411
00:22:20,920 --> 00:22:23,720
Speaker 1: in New York on John Tucker Bloomberg Daybreak. All Right, John,

412
00:22:23,760 --> 00:22:25,600
Speaker 1: thank you in Europe the Bank of England, but also

413
00:22:25,720 --> 00:22:29,440
Speaker 1: likely lift interest rates today to combat inflation. MEC In Washington,

414
00:22:29,520 --> 00:22:31,840
Speaker 1: Care in the Senate Judiciary Committee is expected to approve

415
00:22:31,920 --> 00:22:36,240
Speaker 1: legislation allowing the US to sue OPEC for manipulating energy markets.

416
00:22:36,320 --> 00:22:39,000
Speaker 1: It comes as opaque and allies are expected to ratify

417
00:22:39,119 --> 00:22:41,680
Speaker 1: a small increase in oil production. Well. Sticking at the

418
00:22:41,680 --> 00:22:44,680
Speaker 1: oil and Nathan Warren Buffett's increasing his bet on one

419
00:22:44,840 --> 00:22:47,440
Speaker 1: energy company and Bloomberg Shore need a young joints Live

420
00:22:47,600 --> 00:22:50,400
Speaker 1: with the latest Good Morning, Nida Morning Care and Berkshire

421
00:22:50,440 --> 00:22:53,480
Speaker 1: Hathaway had already built up a roughly fourteen points since

422
00:22:54,440 --> 00:22:58,720
Speaker 1: fourteen point six percent holding of Occidental Petroleum's common stock.

423
00:22:59,040 --> 00:23:02,000
Speaker 1: Now Buffett is snapping up about five point nine million

424
00:23:02,119 --> 00:23:04,960
Speaker 1: more shares of the oil giant. A filing show. Shares

425
00:23:05,000 --> 00:23:07,760
Speaker 1: were bought this week at prices ranging from about fifty

426
00:23:07,800 --> 00:23:10,560
Speaker 1: six to fifty eight dollars a piece, and it's trading

427
00:23:10,680 --> 00:23:13,920
Speaker 1: just above sixty one dollars this morning. Occidental was the

428
00:23:14,040 --> 00:23:16,680
Speaker 1: best performing stock in the SMP five hundred during the

429
00:23:16,760 --> 00:23:19,240
Speaker 1: first quarter. Live in New York. I'm gonna need a

430
00:23:19,280 --> 00:23:21,480
Speaker 1: young Bloomberg daybreak, all right, we need to thank you,

431
00:23:21,600 --> 00:23:24,800
Speaker 1: and futures again moving lower, SNP futures down twenty nine

432
00:23:24,840 --> 00:23:28,480
Speaker 1: points down, Futures down one hundred seventy and Asday futures

433
00:23:28,520 --> 00:23:32,040
Speaker 1: down one hundred ten and straight ahead your latest local headlines,

434
00:23:32,080 --> 00:23:38,480
Speaker 1: plus a check of sports and this is Bloomberg. Thanks

435
00:23:39,440 --> 00:23:42,320
Speaker 1: on Wall Street fifty degrees in Central Park. A tractor

436
00:23:42,400 --> 00:23:45,200
Speaker 1: trailer accident has Old Country Road closed at the Meadowbrook

437
00:23:45,240 --> 00:23:47,760
Speaker 1: Parkway in Nassau County. Details coming up in traffic. First

438
00:23:47,800 --> 00:23:49,560
Speaker 1: Michael bar with more on what's going on in New

439
00:23:49,640 --> 00:23:52,240
Speaker 1: York and around the world. Michael, thank you very much. Nathan.

440
00:23:52,280 --> 00:23:55,159
Speaker 1: New York City police are looking for three suspects and

441
00:23:55,200 --> 00:23:58,879
Speaker 1: the shooting depths of two men in Midtown Manhattan, shooting

442
00:23:58,920 --> 00:24:02,080
Speaker 1: halfen overnight at thirty seventh and ninth Avenue. Meanwhile, a

443
00:24:02,160 --> 00:24:05,080
Speaker 1: majority of New Yorkers say they disapprove of Mayor Eric

444
00:24:05,160 --> 00:24:08,919
Speaker 1: Adams handling of crime in the Five Boroughs reversal from

445
00:24:09,000 --> 00:24:12,359
Speaker 1: three months ago. According to a new Quinnipiac University poll,

446
00:24:12,440 --> 00:24:18,080
Speaker 1: thirty seven percent approved, while fifty disapproved. The fallout continues

447
00:24:18,119 --> 00:24:20,840
Speaker 1: over the leak of a Supreme Court majority draft opinion

448
00:24:20,960 --> 00:24:25,520
Speaker 1: from February suggesting Roe v Wade to be overturned. President

449
00:24:25,600 --> 00:24:28,520
Speaker 1: Biden says more could be at stake if the landmark

450
00:24:28,560 --> 00:24:32,920
Speaker 1: abortion ruling is struck down. Another cabinet member has tested

451
00:24:33,000 --> 00:24:36,639
Speaker 1: positive for COVID. Secretary of State Anthony B. Lincoln is

452
00:24:36,680 --> 00:24:40,880
Speaker 1: said to be experiencing mild symptoms. State Department spokesman Ned

453
00:24:40,920 --> 00:24:46,440
Speaker 1: Price he will quarantine at home. He will follow CDC guidelines.

454
00:24:46,880 --> 00:24:50,000
Speaker 1: I know he very much looks forward to returning to

455
00:24:50,320 --> 00:24:53,280
Speaker 1: the office, returning to his full schedule, and returning to

456
00:24:53,359 --> 00:24:56,320
Speaker 1: the road just as soon as he is able to

457
00:24:56,359 --> 00:24:59,639
Speaker 1: do so. Spokesman Ned Price says Blincoln is fully vaccinated

458
00:24:59,800 --> 00:25:04,000
Speaker 1: and boosted. And Alabama murder suspect and the corrections official

459
00:25:04,080 --> 00:25:07,240
Speaker 1: are still on the run after they disappeared last Friday morning,

460
00:25:07,720 --> 00:25:11,639
Speaker 1: but Lauderdale County Sheriff's Department has released surveillance videos showing

461
00:25:11,920 --> 00:25:15,480
Speaker 1: fifty six year old jail official Vicky White leaving the

462
00:25:15,560 --> 00:25:18,080
Speaker 1: lock up with thirty eight year old inmate Casey White.

463
00:25:18,400 --> 00:25:20,920
Speaker 1: That you were not related, but had what Sheriff Rick

464
00:25:21,000 --> 00:25:24,920
Speaker 1: Singleton calls a special relationship. My mister Ruby, Vicky, You've

465
00:25:24,960 --> 00:25:27,879
Speaker 1: been in this business for seventeen years. You've seen this

466
00:25:27,960 --> 00:25:31,159
Speaker 1: scenario play out more than once and you had always

467
00:25:31,320 --> 00:25:33,720
Speaker 1: end go ahead and the end it. Now you get

468
00:25:34,280 --> 00:25:37,480
Speaker 1: a phone call nine one one, uh turn yourself in,

469
00:25:38,200 --> 00:25:42,359
Speaker 1: Sheriff Singleton says Vicky Whine had an unblemished record Global

470
00:25:42,400 --> 00:25:44,800
Speaker 1: News twenty four hours a day on air and on

471
00:25:44,880 --> 00:25:48,280
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred

472
00:25:48,320 --> 00:25:51,399
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael

473
00:25:51,440 --> 00:26:00,399
Speaker 1: barn and this is Bloomberg, Nathan. Thanks Michael Street. Time

474
00:26:00,440 --> 00:26:03,000
Speaker 1: for the Bloomberg Sports Update with John Stennshower and Nathan.

475
00:26:03,080 --> 00:26:05,240
Speaker 1: Yankees and Mets both off to sich great starts, but

476
00:26:05,400 --> 00:26:08,080
Speaker 1: both lost. The Yankees in Toronto two to one. That

477
00:26:08,240 --> 00:26:10,880
Speaker 1: ends the eleven game win Street. Yanks had only five hits,

478
00:26:10,880 --> 00:26:13,600
Speaker 1: Blue Jays only had four. Aaron Boom not around for

479
00:26:13,680 --> 00:26:16,080
Speaker 1: the end of the game Ejaculd after really getting into

480
00:26:16,160 --> 00:26:18,600
Speaker 1: it with played umpire Marty Foster. The Yanks did not

481
00:26:18,720 --> 00:26:21,560
Speaker 1: like some of his calls, especially in two of Aaron

482
00:26:21,720 --> 00:26:26,120
Speaker 1: Judges at bats. Judge lynnon Boom do the arguing good,

483
00:26:27,000 --> 00:26:28,359
Speaker 1: you know, I'll get a little ir rate and maybe

484
00:26:28,680 --> 00:26:30,520
Speaker 1: you know from my helmets say something to him after

485
00:26:30,600 --> 00:26:32,600
Speaker 1: the fact, but there's no need you know, we got

486
00:26:32,600 --> 00:26:33,720
Speaker 1: a lot of ball game left to play, and I

487
00:26:33,760 --> 00:26:36,159
Speaker 1: know I'm gonna get another at bat and me and

488
00:26:36,240 --> 00:26:38,000
Speaker 1: tossing and put somebody else at risk. If you're not

489
00:26:38,119 --> 00:26:39,879
Speaker 1: going in there, it's not ridy, you know. So that's

490
00:26:39,920 --> 00:26:41,359
Speaker 1: how we got a mander Boone. He stuck out for

491
00:26:41,400 --> 00:26:44,000
Speaker 1: us tonight or I'm gonna get the job done. For

492
00:26:44,040 --> 00:26:45,760
Speaker 1: the Mets, they failed to Atlanta nine to two. Is

493
00:26:45,800 --> 00:26:48,080
Speaker 1: the Braids got to Tyler McGill scored seven runs in

494
00:26:48,080 --> 00:26:49,840
Speaker 1: the six Didny mcgills first loss of the year and

495
00:26:49,880 --> 00:26:51,800
Speaker 1: the first series of the Mets have failed to win

496
00:26:51,840 --> 00:26:54,680
Speaker 1: there in Philadelphia tonight. The Yankees are all NBA playoffs.

497
00:26:54,720 --> 00:26:58,200
Speaker 1: Phoenix shot sixty five percent, beat Dallas by twenty Miami,

498
00:26:58,240 --> 00:27:00,720
Speaker 1: the Philadelphias are the Sons and he are up to

499
00:27:00,880 --> 00:27:04,000
Speaker 1: nothing Stanley Cup Ploffs. Carolina went up to nothing on Boston.

500
00:27:04,119 --> 00:27:07,560
Speaker 1: Tampa Bay, Minnesota and Edmonton all wanted to tie their

501
00:27:07,640 --> 00:27:09,960
Speaker 1: series at one, and that's what the Rangers will look

502
00:27:10,000 --> 00:27:12,240
Speaker 1: to do tonight, Games two at the Garden. After the

503
00:27:12,280 --> 00:27:15,040
Speaker 1: Penguins Game one win in triple overtime, the NFL, before

504
00:27:15,040 --> 00:27:18,639
Speaker 1: announcing its full schedule, announced the International Games. The Giants

505
00:27:18,760 --> 00:27:21,400
Speaker 1: learned they will take on Green Bay at Tottenham Stadium

506
00:27:21,440 --> 00:27:24,080
Speaker 1: October ninth. Giants are two and oh in London. The

507
00:27:24,080 --> 00:27:26,520
Speaker 1: Packers the only team that has never played an international game.

508
00:27:26,520 --> 00:27:29,240
Speaker 1: There are three in London, one in Mexico City, and

509
00:27:29,280 --> 00:27:31,480
Speaker 1: for the first time ever, a game in Germany. That'll

510
00:27:31,480 --> 00:27:34,879
Speaker 1: be Tampa Bay versus Seattle. John Stash went Bloomberg Sports

511
00:27:34,960 --> 00:27:37,359
Speaker 1: nat Thanks John. It's five thirty seven on Wall Street

512
00:27:37,440 --> 00:27:40,120
Speaker 1: Time now for the Tri State Business Report with Bloomberg's

513
00:27:40,119 --> 00:27:43,440
Speaker 1: head Cory Bill. Ackman can build his glass penthouse the

514
00:27:43,520 --> 00:27:46,720
Speaker 1: top of historic Manhattan co Op Tower. The hedge Fund

515
00:27:46,800 --> 00:27:50,560
Speaker 1: manager faced initial opposition to the structure, but after revisions

516
00:27:50,600 --> 00:27:53,600
Speaker 1: to address complaints about its visibility from the street, the

517
00:27:53,760 --> 00:27:57,639
Speaker 1: Landmarks Preservation Commission has approved the project. New Jersey's man

518
00:27:57,760 --> 00:28:00,680
Speaker 1: on Planet Stick and paper bags is in effect. Shop

519
00:28:00,840 --> 00:28:03,359
Speaker 1: Right is charging a flat donar fifty per order for

520
00:28:03,480 --> 00:28:07,680
Speaker 1: reusable bags. Insta cart delivers four stores. It charges a

521
00:28:07,720 --> 00:28:11,520
Speaker 1: flat bag fee old foods packs orders and reusable bags,

522
00:28:11,560 --> 00:28:14,680
Speaker 1: which are currently free of charge. Cities in towns in

523
00:28:14,800 --> 00:28:17,040
Speaker 1: Connecticut are getting the first round of checks from a

524
00:28:17,080 --> 00:28:21,800
Speaker 1: search charge on many liquor bottles known as nips. Last October,

525
00:28:21,880 --> 00:28:23,879
Speaker 1: the state place to five stands search charge in the

526
00:28:23,960 --> 00:28:27,800
Speaker 1: sale of alcohol bottles smaller than fifty million leaders one

527
00:28:27,920 --> 00:28:31,240
Speaker 1: point eight million dollars has been distributed to one hundred

528
00:28:31,320 --> 00:28:34,800
Speaker 1: sixty three towns and municipalities. That's your Bloomberg Dry State

529
00:28:34,840 --> 00:28:38,480
Speaker 1: Business Report. I'm Ed Corey. Thanks that it's on Wall straight.

530
00:28:38,520 --> 00:28:40,880
Speaker 1: Bloomberg Radio is on the air from San Francisco to

531
00:28:40,960 --> 00:28:43,400
Speaker 1: New York, London to Hong Kong. Let's check in with

532
00:28:43,480 --> 00:28:45,840
Speaker 1: our global news team for some of the top stories

533
00:28:45,880 --> 00:28:48,960
Speaker 1: heard on our three hundred affiliate radio stations around the world.

534
00:28:52,000 --> 00:28:55,280
Speaker 1: I'm Steve Podascan ten ten Wins in New York. We're

535
00:28:55,360 --> 00:28:59,200
Speaker 1: talking about the games being seen in construction, job posting,

536
00:28:59,720 --> 00:29:02,280
Speaker 1: m he Donahoe on ker l D and Dalla T

537
00:29:02,480 --> 00:29:05,760
Speaker 1: Mobile upping the battle for customers with a five dollar rebate.

538
00:29:05,880 --> 00:29:08,480
Speaker 1: And Lisa Mateo and on k m o X in St. Louis.

539
00:29:08,600 --> 00:29:10,440
Speaker 1: I'll be reporting on a new way to save on

540
00:29:10,520 --> 00:29:13,920
Speaker 1: your Internet and cell phone Bill Jeff Budinger and on

541
00:29:14,200 --> 00:29:17,040
Speaker 1: w io D in Miami. I'm reporting on the f

542
00:29:17,200 --> 00:29:19,960
Speaker 1: A a U S effort to smooth air traffic in Florida,

543
00:29:20,120 --> 00:29:22,920
Speaker 1: which has become a weak link in the national airspace.

544
00:29:23,320 --> 00:29:26,440
Speaker 1: I've had glory on w w J in Detroit. I'm

545
00:29:26,480 --> 00:29:29,640
Speaker 1: reporting the financially struggling fair Lane Town Center and beer

546
00:29:29,720 --> 00:29:32,800
Speaker 1: Board had the soul, and those are some of the stories.

547
00:29:32,840 --> 00:29:35,800
Speaker 1: Are twenty seven hundred Bloomberg journalists and analysts you're working

548
00:29:35,840 --> 00:29:38,920
Speaker 1: on this morning around the world. It's nine on Wall Street.

549
00:29:39,080 --> 00:29:43,040
Speaker 1: The following is an editorial from Bloomberg Opinion. The European

550
00:29:43,240 --> 00:29:46,560
Speaker 1: Union is striving to tighten sanctions on Russia by halting

551
00:29:46,640 --> 00:29:50,239
Speaker 1: purchases of Russian oil. Now that Germany has withdrawn its

552
00:29:50,320 --> 00:29:55,280
Speaker 1: earlier opposition, the proposed band's prospects have improved. Germany's position

553
00:29:55,400 --> 00:29:58,440
Speaker 1: is crucial because of its influence within the EU, the

554
00:29:58,520 --> 00:30:02,320
Speaker 1: size of its economy, and it's heavy dependence on Russian energy.

555
00:30:02,520 --> 00:30:05,080
Speaker 1: It's change of heart on oil is welcome, but it's

556
00:30:05,200 --> 00:30:09,000
Speaker 1: efforts can and should go further. Specifically, it needs a

557
00:30:09,040 --> 00:30:12,440
Speaker 1: plan to shut down imports of Russian gas. Despite what

558
00:30:12,640 --> 00:30:16,000
Speaker 1: skeptics are Italian Chancellor or Left Schultz, it's feasible to

559
00:30:16,120 --> 00:30:19,480
Speaker 1: halt German imports of Russian gas this year by increasing

560
00:30:19,600 --> 00:30:23,400
Speaker 1: imports from elsewhere and reducing consumption. Given the will the

561
00:30:23,520 --> 00:30:26,360
Speaker 1: strains should be tolerable in the short term and more

562
00:30:26,440 --> 00:30:29,520
Speaker 1: than rewarded in the long term. Schultz and this Minister's

563
00:30:29,640 --> 00:30:32,840
Speaker 1: would be wise to take the initiative now. This editorial

564
00:30:32,840 --> 00:30:36,040
Speaker 1: was written by the Bloomberg Opinion Editorial Board. I'm David Chipley.

565
00:30:36,160 --> 00:30:38,640
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,

566
00:30:38,960 --> 00:30:42,440
Speaker 1: slash opinion or opan go on the Bloomberg terminal. This

567
00:30:42,680 --> 00:30:45,880
Speaker 1: has been Bloomberg opinion and you can hear Bloomberg opinion

568
00:30:46,000 --> 00:30:49,400
Speaker 1: editorials every weekday. At this time, terminal customers can read

569
00:30:49,480 --> 00:30:52,720
Speaker 1: more at O P I N GO. Seeing a pullback

570
00:30:52,800 --> 00:30:56,120
Speaker 1: in futures after yesterday's rally, we have SMP futures now

571
00:30:56,240 --> 00:30:59,360
Speaker 1: down thirty two points down, futures down a D eighty one,

572
00:30:59,480 --> 00:31:02,520
Speaker 1: NASTACK futures are lower by a hundred twenty eight points.

573
00:31:02,760 --> 00:31:05,440
Speaker 1: Looking at the tenure treasury, it's down five thirty seconds.

574
00:31:05,520 --> 00:31:08,280
Speaker 1: The yield now at two point nine yield on the

575
00:31:08,320 --> 00:31:11,600
Speaker 1: two year two point six eight percent. More on the

576
00:31:11,680 --> 00:31:14,640
Speaker 1: market action following the Fed's decision. Will be speaking next

577
00:31:14,720 --> 00:31:19,040
Speaker 1: with Michael Houston, chief market Analysts at CMC Markets. This

578
00:31:19,320 --> 00:31:24,520
Speaker 1: is Bloomberg. Bloom were eleven three oh weather, sunshine and

579
00:31:24,560 --> 00:31:28,480
Speaker 1: low seventies today, scattered showers possible tomorrow. Low sixties will

580
00:31:28,480 --> 00:31:31,560
Speaker 1: be in the mid fifties by Saturday with a breeze.

581
00:31:31,680 --> 00:31:38,840
Speaker 1: Currently fifty eight in Central Park Markets. Headlines and breaking

582
00:31:38,880 --> 00:31:41,720
Speaker 1: news twenty four hours a day at Bloomberg dot Com,

583
00:31:41,920 --> 00:31:45,440
Speaker 1: The Bloomberg Business at and at Bloomberg Quick Tape. She's

584
00:31:45,440 --> 00:31:54,400
Speaker 1: a Bloomberg Business lash and I'm Karen Moscow. You watched

585
00:31:54,440 --> 00:31:58,040
Speaker 1: Dock Index futures are lower this morning. European stocks are

586
00:31:58,120 --> 00:32:00,680
Speaker 1: climbing after the Federal Reserve raised in risk rates as

587
00:32:00,760 --> 00:32:04,520
Speaker 1: expected to tackle inflation while countering fears of supersized hikes.

588
00:32:04,760 --> 00:32:07,080
Speaker 1: We checked the markets every fifteen minutes throughout the trading

589
00:32:07,160 --> 00:32:10,000
Speaker 1: day on Bloomberg. Right now, S ANDP futures are down

590
00:32:10,000 --> 00:32:12,680
Speaker 1: about twenty nine points down, futures down a hundred sixty

591
00:32:12,760 --> 00:32:15,560
Speaker 1: six and as deck futures down one hundred sixteen. The

592
00:32:15,680 --> 00:32:18,560
Speaker 1: decks in Germany's have wanted at third percent ten Your

593
00:32:18,600 --> 00:32:21,560
Speaker 1: treasury down four thirty seconds yeld two point nine five percent.

594
00:32:21,640 --> 00:32:23,680
Speaker 1: They yield on a two year two point six seven

595
00:32:23,800 --> 00:32:26,360
Speaker 1: percent nine max Screwed oil is little change in a

596
00:32:26,440 --> 00:32:29,360
Speaker 1: hundred seven dollars eighty four cents a barrel. Comics gold

597
00:32:29,440 --> 00:32:31,240
Speaker 1: is up one and a half percent, or twenty seven

598
00:32:31,240 --> 00:32:34,320
Speaker 1: dollars forty cents at eighteen ninety six twenty announced. The

599
00:32:34,440 --> 00:32:36,760
Speaker 1: Euro one point oh five nine six against the dollar,

600
00:32:36,840 --> 00:32:39,440
Speaker 1: British pound one point to five five nine. The end

601
00:32:39,520 --> 00:32:42,240
Speaker 1: is at one twenty nine point seven one, and Bitcoin

602
00:32:42,360 --> 00:32:44,960
Speaker 1: this morning lower down about nine ten percent at thirty

603
00:32:45,040 --> 00:32:48,600
Speaker 1: nine thousand, four hundred sixty dollars. That's a Bloomberg business flash.

604
00:32:48,640 --> 00:32:50,720
Speaker 1: Now here's Michael Barr with more on what's going on

605
00:32:50,840 --> 00:32:53,600
Speaker 1: around the world. Michael, very and thank you very much. Overnight,

606
00:32:53,640 --> 00:32:56,400
Speaker 1: Cruise set up security fencing around the U S. Supreme

607
00:32:56,440 --> 00:33:00,480
Speaker 1: Court Complex for demonstrations today. It comes amid tens after

608
00:33:00,560 --> 00:33:02,840
Speaker 1: this week's leak of a draft opinion that would likely

609
00:33:02,920 --> 00:33:05,800
Speaker 1: overturn Roe v. Wade. There are new developments in the

610
00:33:05,880 --> 00:33:09,280
Speaker 1: war in Ukraine nearing an eleventh week. Russia appears to

611
00:33:09,320 --> 00:33:12,440
Speaker 1: be targeting key infrastructure to stop the flow of military

612
00:33:12,560 --> 00:33:16,480
Speaker 1: aid that has been coming into Ukraine. In baseball, the

613
00:33:16,600 --> 00:33:20,440
Speaker 1: Yankees and Mets lost, along with the Red Sox, Nationals,

614
00:33:20,560 --> 00:33:24,040
Speaker 1: A's and Giants the Orioles one in HL playoffs. The

615
00:33:24,160 --> 00:33:27,520
Speaker 1: Rangers play Game two of their series against the Penguins. Tonight,

616
00:33:28,000 --> 00:33:31,360
Speaker 1: the Bruins lost to the Hurricanes. Global News twenty four

617
00:33:31,400 --> 00:33:34,200
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered

618
00:33:34,240 --> 00:33:36,640
Speaker 1: by more than twenty seven hundred journalists and analyst more

619
00:33:36,640 --> 00:33:39,360
Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg. Nick.

620
00:33:39,480 --> 00:33:41,840
Speaker 1: All right, Michael, thanks, it's coming up to five forty

621
00:33:41,920 --> 00:33:44,920
Speaker 1: nine on Wall Street Live from the Bloomberg Interactive Brooker Studios.

622
00:33:45,000 --> 00:33:48,000
Speaker 1: This is Bloomberg Daybreak, and we're very pleased to welcome

623
00:33:48,040 --> 00:33:52,240
Speaker 1: back Michael Houston this morning, Chief market analyst at CMC Markets. Michael,

624
00:33:52,240 --> 00:33:54,040
Speaker 1: I don't know if you saw the headline from the

625
00:33:54,160 --> 00:33:57,000
Speaker 1: Daybreak function on the Bloomberg terminal that just crossed a

626
00:33:57,040 --> 00:34:01,040
Speaker 1: few minutes ago. US futures suffer fed hang over. That

627
00:34:01,280 --> 00:34:05,120
Speaker 1: was quite the rally yesterday after the market heard is

628
00:34:05,400 --> 00:34:09,200
Speaker 1: not on the table. Yeah. I think that's really the

629
00:34:09,440 --> 00:34:12,759
Speaker 1: way you can probably frame it. I think that the

630
00:34:12,840 --> 00:34:16,080
Speaker 1: bond markets were also caught out quite significantly by the

631
00:34:17,320 --> 00:34:19,799
Speaker 1: by this slightly less hawkish I'm not going to say

632
00:34:19,840 --> 00:34:22,239
Speaker 1: it was doublish because it wasn't a fifty basis point

633
00:34:22,360 --> 00:34:25,640
Speaker 1: rate hike can never be considered doubbish, but I think

634
00:34:25,680 --> 00:34:28,720
Speaker 1: it was less hawkish than perhaps some of the worst

635
00:34:28,880 --> 00:34:33,840
Speaker 1: fears that market participants had with respect to yesterday's meeting.

636
00:34:34,120 --> 00:34:36,040
Speaker 1: And the fact of the matter is Powell is still

637
00:34:36,160 --> 00:34:39,879
Speaker 1: potentially keeping on the table another two fifty basis point

638
00:34:39,960 --> 00:34:44,719
Speaker 1: rate hikes by September, as well as essentially another couple

639
00:34:44,760 --> 00:34:47,560
Speaker 1: of twenty five basis point hikes by the end of

640
00:34:47,600 --> 00:34:50,680
Speaker 1: the year. So you're talking essentially putting the FED funds

641
00:34:50,760 --> 00:34:52,600
Speaker 1: right back to two and a half percent by year

642
00:34:52,640 --> 00:34:57,360
Speaker 1: in against the backdrop of obviously running off the balance

643
00:34:57,400 --> 00:35:00,600
Speaker 1: sheet and a very strong currency in I don't hear

644
00:35:00,760 --> 00:35:02,719
Speaker 1: an awful lot of people talking about the strength of

645
00:35:02,760 --> 00:35:05,279
Speaker 1: the dollar, which is also likely to act as a

646
00:35:05,320 --> 00:35:09,439
Speaker 1: little bit of a deflation re drag. But the Fed

647
00:35:09,560 --> 00:35:12,480
Speaker 1: gives the market what it's been pricing in at this point.

648
00:35:12,560 --> 00:35:16,040
Speaker 1: What is that say for market volatility going forward? Are

649
00:35:16,120 --> 00:35:19,840
Speaker 1: we expecting more of that? Absolutely? I mean, if you

650
00:35:19,880 --> 00:35:21,879
Speaker 1: actually look at what markets have done over the course

651
00:35:21,920 --> 00:35:24,719
Speaker 1: of the past six months, really strong support on the

652
00:35:24,840 --> 00:35:28,480
Speaker 1: SMP around about four thousand, one hundred, fairly decent resistance

653
00:35:28,520 --> 00:35:30,880
Speaker 1: around about four thousand, six hundred, and we've really been

654
00:35:30,920 --> 00:35:35,120
Speaker 1: trading in that five hundred point range pretty consistently since

655
00:35:35,239 --> 00:35:38,000
Speaker 1: the end of January UM, and I think that is

656
00:35:38,120 --> 00:35:41,880
Speaker 1: likely to remain. Probably the raise on depth for the market.

657
00:35:41,960 --> 00:35:44,000
Speaker 1: You look at the way the VIX has traded. Every

658
00:35:44,040 --> 00:35:46,839
Speaker 1: time it's traded up towards thirty five, it's come back down.

659
00:35:46,920 --> 00:35:49,640
Speaker 1: Every time it's traded below twenty, it's come back up.

660
00:35:49,680 --> 00:35:52,719
Speaker 1: And I would expect that to continue over the course

661
00:35:52,800 --> 00:35:55,440
Speaker 1: of the next three to six months. Do you expect

662
00:35:55,560 --> 00:35:58,480
Speaker 1: that implementation of FED policy is going to start to

663
00:35:58,560 --> 00:36:00,840
Speaker 1: have an impact on where markets go from here? Is

664
00:36:00,840 --> 00:36:04,800
Speaker 1: they're going to continue playing the expectations game and looking

665
00:36:04,840 --> 00:36:08,080
Speaker 1: past whatever the FED does. I think at the moment,

666
00:36:08,160 --> 00:36:10,160
Speaker 1: the Fed's played a very good game in terms of

667
00:36:10,239 --> 00:36:13,800
Speaker 1: managing market expectations. Obviously, I think we could probably do

668
00:36:13,960 --> 00:36:17,200
Speaker 1: with an awful lot less FED speak. UM. I think

669
00:36:17,280 --> 00:36:19,239
Speaker 1: the fact that the markets reacted to the way they

670
00:36:19,320 --> 00:36:22,880
Speaker 1: did yesterday is a fairly positive theme. But you know,

671
00:36:22,960 --> 00:36:24,960
Speaker 1: I think it really depends on what Bullard comes out

672
00:36:25,000 --> 00:36:27,879
Speaker 1: with at the weekend. Perhaps maybe he starts to get

673
00:36:27,960 --> 00:36:30,840
Speaker 1: his hawkish talents out and talk about prospect of a

674
00:36:30,880 --> 00:36:33,719
Speaker 1: seventy five basis point right, hike. Personally, I doubt that.

675
00:36:34,120 --> 00:36:37,400
Speaker 1: I think we'll get a good idea of what inflation

676
00:36:37,719 --> 00:36:43,000
Speaker 1: might be doing next week. We've got CPI PPI coming

677
00:36:43,040 --> 00:36:46,399
Speaker 1: out next week. I think it's quite likely we could

678
00:36:46,520 --> 00:36:50,040
Speaker 1: go for one last push higher before we start to

679
00:36:50,120 --> 00:36:54,200
Speaker 1: come back down again. Um that's that's that's my base

680
00:36:54,280 --> 00:36:57,320
Speaker 1: case scenario in any case. But so as as with

681
00:36:57,400 --> 00:37:00,239
Speaker 1: anything with going on the global economy, who knows got

682
00:37:00,280 --> 00:37:05,040
Speaker 1: events in China's past. We've got obviously events in Ukraine

683
00:37:05,080 --> 00:37:07,439
Speaker 1: and Russian. I don't think they are going to ease

684
00:37:07,480 --> 00:37:10,560
Speaker 1: anytime soon. So I think no one's talking about China,

685
00:37:10,600 --> 00:37:12,919
Speaker 1: and I think China is going to have a part

686
00:37:13,000 --> 00:37:16,319
Speaker 1: to play in this, especially if they continue their zero

687
00:37:16,480 --> 00:37:19,359
Speaker 1: COVID policy. So in our last thirty seconds here, Michael,

688
00:37:19,360 --> 00:37:23,239
Speaker 1: do you see this as a bear market? Not quite yet.

689
00:37:23,520 --> 00:37:26,320
Speaker 1: I think if we if we dropped below the lows

690
00:37:26,400 --> 00:37:29,480
Speaker 1: this year on the SMP, the NASDAC, then potentially we

691
00:37:29,600 --> 00:37:32,600
Speaker 1: could start to see a significant acceleration. I think what

692
00:37:32,680 --> 00:37:36,480
Speaker 1: we're seeing at the moment, Nathan, is a consolidation from

693
00:37:36,520 --> 00:37:39,080
Speaker 1: the record highs that we saw last year and were

694
00:37:39,160 --> 00:37:42,719
Speaker 1: essentially been trading sideways. If we break below the lower

695
00:37:42,760 --> 00:37:45,000
Speaker 1: bound of these ranges that I've just been talking about,

696
00:37:45,080 --> 00:37:49,000
Speaker 1: then we can see further weakness. I think. Thanks for this, Michael,

697
00:37:49,120 --> 00:37:51,359
Speaker 1: great having you back on with us. Michael Houston, Chief

698
00:37:51,400 --> 00:37:55,640
Speaker 1: market analyst at CMC Markets, Karen Verty, Nathan, thank you.

699
00:37:55,760 --> 00:37:58,880
Speaker 1: It's on Wall straight. Time for the Bloomberg Law Report.

700
00:37:58,960 --> 00:38:00,840
Speaker 1: Let's get at the legal story race we're watching this

701
00:38:01,040 --> 00:38:08,200
Speaker 1: morning from Bloomberg's Jeff Mellinger. Senator Tammy Baldwin called on

702
00:38:08,360 --> 00:38:11,560
Speaker 1: Senators to fast track a House pass bill aimed at

703
00:38:11,600 --> 00:38:15,560
Speaker 1: preventing violence in the healthcare workplace. A federal judge in

704
00:38:15,640 --> 00:38:19,359
Speaker 1: Maryland granted class action status to some Marriott guests whose

705
00:38:19,440 --> 00:38:23,640
Speaker 1: personal information was compromised by a breach at Marriott's Starwood

706
00:38:23,640 --> 00:38:28,080
Speaker 1: branded hotels. Heirs to songwriter Hugo Peretti failed to convince

707
00:38:28,160 --> 00:38:31,040
Speaker 1: the Second Circuit they had a right to reclaim the

708
00:38:31,200 --> 00:38:34,760
Speaker 1: rights to the composition behind the Elvis Presley hit Can't

709
00:38:34,800 --> 00:38:38,960
Speaker 1: Help Falling in Love. Bloomberg Law everything you need, all

710
00:38:39,120 --> 00:38:43,759
Speaker 1: on one legal research platform, including guidance analysis and Bloomberg

711
00:38:43,840 --> 00:38:48,799
Speaker 1: Market Intelligence. Find out more at Bloomberg Law dot com. Alright, Jeff,

712
00:38:48,840 --> 00:38:51,319
Speaker 1: thank you. Now another legal story we're watching the first

713
00:38:51,360 --> 00:38:55,279
Speaker 1: opioid trial to target drug manufacturers, distributors, and pharmacies is

714
00:38:55,320 --> 00:38:58,160
Speaker 1: taking place in a federal court in California. The city

715
00:38:58,200 --> 00:39:02,680
Speaker 1: of San Francisco says opioid manufacturers Allergan and Teva, distributor

716
00:39:02,800 --> 00:39:06,080
Speaker 1: and AH, and pharmacy giant Walgreens flooded the city streets

717
00:39:06,160 --> 00:39:09,880
Speaker 1: with prescription drugs, and it's suing over the toll opioids

718
00:39:09,920 --> 00:39:12,520
Speaker 1: have taken on the city, where one quarter of emergency

719
00:39:12,600 --> 00:39:16,000
Speaker 1: room visits are the result of opioid related issues. For

720
00:39:16,040 --> 00:39:18,880
Speaker 1: more Bloomberg's doing grouse so speak to healthcare attorney Harry

721
00:39:19,000 --> 00:39:23,520
Speaker 1: Nelson of Nelson Hardeman Harry, san Francisco is using a

722
00:39:23,640 --> 00:39:26,759
Speaker 1: public nuisance theory? What does it have to prove to

723
00:39:26,840 --> 00:39:30,839
Speaker 1: make its case? So to prove a public nuisance, San

724
00:39:30,880 --> 00:39:34,000
Speaker 1: Francisco has to prove that the three drug companies at issue,

725
00:39:34,440 --> 00:39:39,040
Speaker 1: along with Walgreen's pharmacy, basically engaged in behavior that's so

726
00:39:39,680 --> 00:39:43,400
Speaker 1: harmed so many people in San Francisco, and that they

727
00:39:43,480 --> 00:39:46,719
Speaker 1: need to be essentially forced to pay for that harm.

728
00:39:47,120 --> 00:39:48,680
Speaker 1: And the harm here that we're talking about, of course,

729
00:39:48,760 --> 00:39:51,880
Speaker 1: this prescription opioid and the claim is that these companies

730
00:39:51,920 --> 00:39:56,440
Speaker 1: are responsible for having flooded San Francisco with prescription opioids

731
00:39:56,480 --> 00:39:59,840
Speaker 1: and then failed to prevent them from being routed in

732
00:40:00,120 --> 00:40:04,040
Speaker 1: to the illegal market for misuse. San Francisco claims they

733
00:40:04,120 --> 00:40:09,000
Speaker 1: aggressively marketed opioids to doctors as a risk free panasy

734
00:40:09,239 --> 00:40:13,759
Speaker 1: for all forms of pain. What's the line between aggressively

735
00:40:13,920 --> 00:40:18,200
Speaker 1: marketing and just marketing. It's an interesting question. I think,

736
00:40:18,520 --> 00:40:20,719
Speaker 1: you know, it's much easier when we talk about this

737
00:40:20,880 --> 00:40:23,279
Speaker 1: question of where the line is on marketing to look

738
00:40:23,320 --> 00:40:26,719
Speaker 1: at behavior from for example, Perdue Pharma, where it was

739
00:40:26,880 --> 00:40:29,560
Speaker 1: very clear that they were aware that the problem of

740
00:40:29,680 --> 00:40:33,880
Speaker 1: overdoses and the addictiveness of the drug was causing problems,

741
00:40:33,920 --> 00:40:36,600
Speaker 1: and they just kept marketing more aggressively and sort of

742
00:40:36,719 --> 00:40:39,560
Speaker 1: building that issue into their marketing. It's a lot more

743
00:40:40,000 --> 00:40:44,279
Speaker 1: fuzzy when you come to companies like Walgreens or Alegant

744
00:40:44,480 --> 00:40:48,120
Speaker 1: Tava Pharmaceutical where they were offering these drugs in the market.

745
00:40:48,200 --> 00:40:50,600
Speaker 1: It's not clear what they did that was so unusual

746
00:40:50,719 --> 00:40:53,879
Speaker 1: in that marketing, and frankly, I think that the city

747
00:40:53,960 --> 00:40:55,960
Speaker 1: is going to have a very hard time showing that

748
00:40:56,080 --> 00:40:58,960
Speaker 1: there was anything particularly distinctive about the way that these

749
00:40:59,040 --> 00:41:02,279
Speaker 1: drugs were promoted is that somehow ignored the risk associated

750
00:41:02,320 --> 00:41:05,040
Speaker 1: with them. The defendants claimed that they were sort of

751
00:41:05,160 --> 00:41:08,719
Speaker 1: bit players in the opioid crisis, and they say the

752
00:41:08,800 --> 00:41:13,239
Speaker 1: blame should be directed at Perdue, which has declared bankruptcy.

753
00:41:13,719 --> 00:41:17,080
Speaker 1: I think it's a compelling argument. You know. The reality

754
00:41:17,200 --> 00:41:19,480
Speaker 1: is that there were a lot of companies that manufactured

755
00:41:19,680 --> 00:41:22,440
Speaker 1: and distributed and in the case of the pharmacy's, dispensed

756
00:41:22,520 --> 00:41:25,520
Speaker 1: these drugs. But they are not all equal. Right, Perdue

757
00:41:25,560 --> 00:41:30,640
Speaker 1: Pharma made billions of dollars and orchestrated an aggressive campaign

758
00:41:30,840 --> 00:41:35,120
Speaker 1: to manipulate how doctors and patients perceived the risk. There's

759
00:41:35,200 --> 00:41:38,320
Speaker 1: not the same kind of evidence with regard to Allergan

760
00:41:38,600 --> 00:41:41,360
Speaker 1: and have A. These are companies that clearly had a

761
00:41:41,440 --> 00:41:45,360
Speaker 1: business line devoted to pain medication, but there's no signs

762
00:41:45,440 --> 00:41:48,000
Speaker 1: that I've seen to this point to suggest that they

763
00:41:48,040 --> 00:41:52,319
Speaker 1: were somehow scheming to hide the risks associated with these

764
00:41:52,360 --> 00:41:55,560
Speaker 1: medicines or doing something to promote them more aggressively than

765
00:41:55,800 --> 00:41:58,520
Speaker 1: all the other medications that they sell. I personally think

766
00:41:58,600 --> 00:42:00,600
Speaker 1: that the city has an uphill bad a limit case.

767
00:42:01,120 --> 00:42:04,120
Speaker 1: And as Harry Nelson of Nelson Hardeman, speaking with Bloomberg,

768
00:42:04,200 --> 00:42:06,800
Speaker 1: stew in Grasso. Catch more of that interview, plus analysis

769
00:42:06,840 --> 00:42:09,480
Speaker 1: of the latest legal news by listening to the Bloomberg

770
00:42:09,600 --> 00:42:12,400
Speaker 1: Law Show at ten pm Eastern Time or subscribing to

771
00:42:12,440 --> 00:42:15,520
Speaker 1: the Bloomberg Law Podcast, and attorneys can find exceptional legal

772
00:42:15,600 --> 00:42:18,960
Speaker 1: research and business development tools at Bloomberg Law dot com.

773
00:42:19,600 --> 00:42:23,400
Speaker 1: Futures this morning are moving lower. SMP futures down twenty

774
00:42:23,480 --> 00:42:26,440
Speaker 1: six points down, futures down one hundred forty, and NASTAG

775
00:42:26,480 --> 00:42:29,879
Speaker 1: futures down one hundred seven. Ten year treasury down four

776
00:42:30,000 --> 00:42:32,680
Speaker 1: thirty seconds, held two point nine five percent, and the

777
00:42:32,760 --> 00:42:35,520
Speaker 1: yield on the two year two point six seven percent

778
00:42:36,000 --> 00:42:38,680
Speaker 1: at nine mack screwed oil is up about two tents

779
00:42:38,719 --> 00:42:41,520
Speaker 1: of a percent. Now still ahead on Bloomberg Daybreak and

780
00:42:41,640 --> 00:42:43,719
Speaker 1: check on the business headlines and all the news you

781
00:42:43,880 --> 00:42:46,839
Speaker 1: need to start your day. And this is Bloomberg