Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is Bloomberg
Speaker 1: day Break for Thursday, May five, two. Coming up this hour.
Speaker 1: US stocks had their best day in two years after J.
Speaker 1: Pale indicates a seventy five basis point hike is not
Speaker 1: in the cards. The Bank of England is expected to
Speaker 1: raise rates to the highest level in thirteen years, and
Speaker 1: Warren Buffett raises his bet on one oil giant. The
Speaker 1: majority of New Yorker's disapprove of Mayor Adams handling on
Speaker 1: prime less seconds. Every year, State Anthony Blincoln tests positive
Speaker 1: for COVID. I'm Michael Barr More Ahead, I'm John Stationward Sports.
Speaker 1: The Yankees eleven game win Street came to an end.
Speaker 1: The Mets also lost the Rangers in Penguins play Game
Speaker 1: two with the Garden. Tonight, that's All's trained. Head on
Speaker 1: Bloomberg day Break on Bloomberg eleven, Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties, and Francisco Syrius XM one nineteen and
Speaker 1: around the world Old on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business app. Hey, good morning, I'm Nathan
Speaker 1: Hager and I'm Karen Moscow. In US stock index futures
Speaker 1: are following this morning. We're coming up to five out
Speaker 1: one on Wall Street, and we check the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg SMP futures
Speaker 1: down thirty one points down, futures down a hundred sixty
Speaker 1: six and Nastack futures down one two. The decks in
Speaker 1: Germany is higher up one point four percent. Tenure Treasury
Speaker 1: down five thirty seconds, yield two point nine five percent,
Speaker 1: yield on the two year two point six seven percent,
Speaker 1: Nathan Karen. The pullback in stock futures follows yesterday's FED
Speaker 1: fueled rallying. In his news conference after the FEDS fifty
Speaker 1: basis point rate hike, Chairman J Powell indicated another fifty,
Speaker 1: not seventy five, was on the table for the next meeting.
Speaker 1: Seventy basis point uh it increases not something the Committee
Speaker 1: is actively considering, assuming that economic and financial conditions evolve
Speaker 1: in ways that are consistent with our expectations. There's a
Speaker 1: broad sense on the Committee that additional fifty basis increases
Speaker 1: should be on fifty basis points should be on the
Speaker 1: table for the next couple of meetings. That comment by
Speaker 1: Fed share Powell fueled a huge rally, and markets treasury
Speaker 1: yields dropped. Stocks rally the most in two years, The
Speaker 1: SMP five hundred surge three percent, while the tech heavy
Speaker 1: NASDAC grows three point two percent. Jason Brady is CEO
Speaker 1: of Thornburg Investment Management. I actually expected seventy five to
Speaker 1: be on the table. He took it off the table.
Speaker 1: I think the markets were pricing in very hawkish, and
Speaker 1: you could now hawk the market. So obviously, the reaction
Speaker 1: markets has been that this is a little bit more dubbish,
Speaker 1: and Thornburg Investment Management CEO Jason Brady says he thinks
Speaker 1: yesterday's rally is not sustainable. Well, Nathan, reaction is still
Speaker 1: pouring into Powell, pushing back against a larger seventy five
Speaker 1: basis point increase. And we get the very latest line
Speaker 1: from Bloomberg's John Tucker, John and Good Morning Karen at
Speaker 1: Graham Thornton. The chief economists their Diane Swant says the
Speaker 1: FED is operating in a new paradigm. The FED is
Speaker 1: now in the position where they're focused on inflation and
Speaker 1: employee mint is secondary. That is a very different equation
Speaker 1: than we've seen the fit in for a very very
Speaker 1: long time, And Scott Minor, the chief investment officer at Guggenheim, says,
Speaker 1: going back to the nineteen thirties, the FED has never
Speaker 1: been able to reduce inflation but more than two and
Speaker 1: a half percentage points without inducing a recession. So even
Speaker 1: if we don't get close to the two percent target,
Speaker 1: it's very likely that we will have some kind of
Speaker 1: an economic slowdown well before we get to the desired
Speaker 1: inflation target, and further hikes of fifty basis points are
Speaker 1: on the table for June and July. Still, traders interpret
Speaker 1: the day's events as slightly dubbish. Live in New York
Speaker 1: on John Tucker Bloomberg Daybreak. All right, John, thanks up next,
Speaker 1: an important policy decision in Europe this morning. Let's get
Speaker 1: the very latest line from Bloomberg's You and Potts. Good morning,
Speaker 1: Good morning, Nathan and Karen. On the eve of the
Speaker 1: twenty fifth anniversary of the Bank of England's independence, the
Speaker 1: UK Central Bank is sets aways rates today to one,
Speaker 1: it's fourth straight indust rate high. The baway will also
Speaker 1: allow out how it intends to take unschoted steps to
Speaker 1: unwind more than a decade of bond purchases. Governor Andrew
Speaker 1: Baidy will have to balance efforts to contain inflation at
Speaker 1: a thirty year high against the risk of squeezing the
Speaker 1: economy too hard. In London, you and Pott's Bloomberg Radio Europe,
Speaker 1: are you and thank you well? There's also an OPAQUE
Speaker 1: meeting today. OPEC and his allies are expected to ranify
Speaker 1: another their small increase in oil production. Their meeting comes
Speaker 1: just one day after the EU announced its plan for
Speaker 1: a phased ban on Russian crude and checking prices. Right now,
Speaker 1: NIME ex screwde oil is up about two tenths per cent,
Speaker 1: or fifteen cents at a hundred seven dollars ninety six
Speaker 1: cents of barrel, and Brent is up four tens percent
Speaker 1: at a hundred ten dollars fifty six cents. Well, oil
Speaker 1: prices at historic highstcare and have lawmakers appointing anti trust
Speaker 1: laws at OPEC. A key Senate committee is expected to
Speaker 1: approve legislation that would allow the US to sue the
Speaker 1: cartel for manipulating energy markets. The vote by the Senate
Speaker 1: Judiciary Committee today would pave the way for full Senate consideration.
Speaker 1: I was staying in the oil patch, Nathan. We're in
Speaker 1: Buffett increasing his bat on one big energy company. I mean,
Speaker 1: get the latest line from Bloomberg's readied a Young Good morning,
Speaker 1: Ready Town, Good morning, Karen Berkshire. Hathaway had already built
Speaker 1: up a roughly fourteen point six percent holding of Occidental
Speaker 1: Petroleum's common stock, and now Warren Buffett is snapping up
Speaker 1: about five point nine million more shares of the oil giant.
Speaker 1: Filing shows the shares were bought this week at prices
Speaker 1: ranging from about fifty six to fifty eight dollars of peace,
Speaker 1: and it's trading just above sixty one this morning. Now,
Speaker 1: Occidental was the best performing stock in the S and
Speaker 1: P five hundred during the first quarter, and it's seen
Speaker 1: it shares benefit from Buffett's purchases and higher oil prices
Speaker 1: driven by the war in Ukraine. Live in New York.
Speaker 1: I'm ready to Young Bloomberg daybreak. All right, we need
Speaker 1: to thanks. Let's turn to what's happening on the ground
Speaker 1: in Ukraine now. Civilian evacuations continue out of the war
Speaker 1: ravage city of mary Upoul. In his latest video, address,
Speaker 1: President Vladimir Zlenski says three hundred forty four people have
Speaker 1: gotten out, even as heavy fighting continues at a steel
Speaker 1: plant in the city. The Pentagon says Russia is getting
Speaker 1: bogged down in eastern and southern Ukraine, and Swedens feign
Speaker 1: Minister met with Secretary of State Anthony Blincoln. She says
Speaker 1: the US is offering security assurances to Sweden and Finland
Speaker 1: as they apply to join NATO. On the other big
Speaker 1: political story we continue to follow, Nathan is abortion rights
Speaker 1: and the head of a CDC, Dr Rochelle Wilenski, is
Speaker 1: weighing in. She warn't a more deaths if the leaked
Speaker 1: Supreme Court ruling on Roe v. Wade to stands, and
Speaker 1: Bloomberg said Baxter has more. Dr Wilenski says she fears
Speaker 1: that there could be an atmosphere where there's much less
Speaker 1: medical supervision for people taking things into their own hands,
Speaker 1: and she says it will lead to unequal access to
Speaker 1: the procedure because people with less funds will not be
Speaker 1: able to cross state lines. Tied to that, abortion rights
Speaker 1: groups took over twelve million dollars over the twenty four
Speaker 1: hours following the leak of the initial Roe v. Wade
Speaker 1: decision draft and Planned Parenthood says it saw a six
Speaker 1: hundred fifty percent increase in online actions. In San Francisco,
Speaker 1: I'm at Baxter Bloomberg Daybreak, Okay and thanks. SMP futures
Speaker 1: are lower by thirty points after yesterday's rallied OW futures
Speaker 1: down a hundred sixty seven. NASDAC futures on the decline
Speaker 1: by a hundred nineteen points. Stay straight ahead your latest
Speaker 1: local headlines in the check of sports. This is Bloomberg
Speaker 1: past out five oh seven on Wall Street where fifty
Speaker 1: eight degrees in Central Park got an accident in Nassau
Speaker 1: County Old Country roads closed by meadow Brook Parkway. Details
Speaker 1: coming up in traffic. First, Michael Bars here with more
Speaker 1: on what's going on in New York and around the world.
Speaker 1: Go morny Michael, Good morning Nathan. A majority of New
Speaker 1: Yorkers say they disapprove of Mayor Eric adams handling of
Speaker 1: crime in the Five Boroughs, a reversal from three months ago.
Speaker 1: According to a new Quinnipiac University poll, only thirty seven
Speaker 1: percent approve of Adam's handling of crime. Well fifty four
Speaker 1: percent disapprove. In February, forty nine percent approved of Adam's
Speaker 1: performance on crime. The news come as two men were
Speaker 1: shot and killed in midtown Manhattan overnight. Police was searching
Speaker 1: for three suspects for the shooting at thirty seven and
Speaker 1: ninth Avenue. Meanwhile, Mayor Adams is urging New Yorkers to
Speaker 1: trade the pajamas for lunch near their workplaces. Adams says
Speaker 1: that's the way metropolitan economy is functioned properly. He spoke
Speaker 1: during a panel discussion at the Milk and Institute Global
Speaker 1: Conference in Beverly Hills, California. State Department spokesman Dead Price
Speaker 1: as Secretary of State Antony Blanket is quarantining. Secretary Blinken
Speaker 1: has tested positive for COVID. The good news is that
Speaker 1: he is fully vaccinated, he is boosted. He is experiencing
Speaker 1: only mild symptoms. Spokesman that Price says Blincoln will work
Speaker 1: from home in the coming days. Blincoln had the postpone
Speaker 1: a key China policy speech that had been scheduled for today.
Speaker 1: He attended the White House Correspondence Association dinner on Saturday.
Speaker 1: No word yet on who leaked the Supreme Court draft
Speaker 1: opinion on abortion Rights Chief Justice John Roberts has called
Speaker 1: for an internal investigation. Meanwhile, President Biden is not mincing
Speaker 1: words about a draft document with the majority voting to
Speaker 1: overturn Roe v. Wade. What are the next things that
Speaker 1: are going to be attacked? Because this MAGA crowd is
Speaker 1: really the most extreme political organization that's existed in American history,
Speaker 1: in recent American history. The President's spoke to reporters at
Speaker 1: an events on the economy and the deficit. We're learning
Speaker 1: Donald Trump Jr. Was interviewed as part of a House
Speaker 1: Select committee's investigation of last year's ryan at the US Capitol.
Speaker 1: He's the latest member of former President Trump's family to
Speaker 1: be questioned. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalist and analysts more than a hundred
Speaker 1: twenty countries. Michael barn This is Bloomberg. Okay, Michael, thanks
Speaker 1: five o nine on Wall Street. Time for the Bloomberg
Speaker 1: Sports Update. Good morning, Johnstone, The morning, Nathan. The Yankees
Speaker 1: first loss in April twenty one in Toronto. They got
Speaker 1: an early home run from Joey Gallo. Nothing after that
Speaker 1: in the eleven game winning streak ended two to one.
Speaker 1: Esther Cortes gave him Matt Chapman home run, took his
Speaker 1: first loss. Michael King and Play Holmes followed Cortez and
Speaker 1: through four hit listenings of at least both those guys
Speaker 1: have the r A s under one day off today.
Speaker 1: Yankspect come tomorrow play Texas Mets. Tonight in Philadelphia. They
Speaker 1: lost to Atlanta nine to two, a scoreless game going
Speaker 1: to the sixth inning when the Braves erupted for seven runs.
Speaker 1: Tyler McGill at his first start since he got the
Speaker 1: win and the Mets no hitter suffered his first loss.
Speaker 1: They split the four game series, the first series this
Speaker 1: season that the Mets have failed to win. NBA Playoffs
Speaker 1: Miami and Phoenix, of the top seeds, they both wanted home.
Speaker 1: They both need their series two zip Stanley Cup Playoffs
Speaker 1: three series were now tied to one after wins by
Speaker 1: Tampa Bay, Minnesota and Edmonton. Carolina again beat Boston, now
Speaker 1: up to nothing. The Hurricanes have outscored the Bruins in
Speaker 1: their five games this season, six to four. Two nights
Speaker 1: after the first triple overtime game played at Madison Square,
Speaker 1: Garden in fifty one year's Rangers and Penguins will be
Speaker 1: back at it tonight for Game two. NGOs coach Gerard
Speaker 1: Gallant asked about losing a game one heartbreaker would be
Speaker 1: heard we're playing Colorado, who's the best game in the league,
Speaker 1: and you lose five nothing. But games like that where
Speaker 1: you know you're saying to your team, how are we
Speaker 1: going to get back from this? We play that, we're
Speaker 1: playing a very good team who I think anybody can
Speaker 1: win this series. Of better team's gonna win this series
Speaker 1: and it's gonna be a battle. So you know what,
Speaker 1: it's one game to get over it and you move
Speaker 1: on up. Here's the Pittsburgh goalie tonight will be Louis Domingue,
Speaker 1: who has never started a playoff game before he came
Speaker 1: off the bench the other night when the starter Casey
Speaker 1: Smith Johnson. Actually we're bloom Broog sports name, Okay john
Speaker 1: Thanks for looking at SMP futures this morning after the
Speaker 1: fed fueld rally. Bit of pull back this morning, with
Speaker 1: SMP futures now down twenty seven points down, futures down
Speaker 1: a hundred fifty four nastack futures higher by nineties seven points,
Speaker 1: but European stocks continue to surge with the Bank of
Speaker 1: England getting ready for a bank decision and less than
Speaker 1: two hours. Stay with us, you're listening to Bloomberg Daybreak
Speaker 1: Bloomberg eleven three oh Weather partly mostly sunny today with
Speaker 1: highs in the low seventies, Scattered showers possible Tomorrow with
Speaker 1: highs and below sixties. Will be in the mid fifties,
Speaker 1: with rain ending Saturday afternoon. Currently, markets headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot com.
Speaker 1: The Bloomberg Business Outland at Bloomberg Quicktape is a Bloomberg
Speaker 1: Business Flash and I'm Karen Moscow. And US stock index
Speaker 1: futures are lower this morning at European stocks are climbing
Speaker 1: this emit about of investor relief after the Federal Reserve
Speaker 1: rased interest rates has expected to tackle high inflation, encountering
Speaker 1: fears of super sized hikes. But again, futures this morning
Speaker 1: are moving lower. SMP futures down about twenty six points
Speaker 1: and DOWN futures down a hundred forties even and NASDAC
Speaker 1: features down at ninety three. The decks in Germany is
Speaker 1: up one and a half percent. The ten year treasury
Speaker 1: down five thirty seconds, held two point nine five percent
Speaker 1: yield on the two year two point six seven percent.
Speaker 1: Nine X screwed oil, It's little change in a hundred
Speaker 1: seven dollars seventy eight cents of barrel comex gold up
Speaker 1: one point four percent of twenty six dollars thirty cents
Speaker 1: at eight ten announced. The Euro one point oh five
Speaker 1: nine eight against the dollar, British pound one point seven
Speaker 1: and the yet is at one nine point seven one.
Speaker 1: Checking bitcoin this morning, it's moving lower, down about seven
Speaker 1: tenths percent at thirty nine thousand, five hundred fifty dollars
Speaker 1: and as a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Muncle,
Speaker 1: Good morning, Good morning Karen. Ukrainian forces say they repelled
Speaker 1: Russian attacks in the east and recaptured some territory, even
Speaker 1: as Moscow moved to obstruct the flow of Western weapons
Speaker 1: the Ukraine by bombarding rail stations and other supply line
Speaker 1: targets across the country. Heavy fighting also raged at the
Speaker 1: steel mill in Merry Yuple that represented the last stronghold
Speaker 1: of Ukrainian resistance in the ruined Southern Port City. In baseball,
Speaker 1: the Yankees eleven game winning street came to an end.
Speaker 1: The pin Strives lost to the Blue Jays too one.
Speaker 1: The Mets lost along with the Red Sox, Nationals, A's,
Speaker 1: and Giants. The Orioles won. In the NHL Playoff, the
Speaker 1: Rangers play game two of their series against the Penguins.
Speaker 1: New York Is coming off a Game one triple overtime loss.
Speaker 1: The Bruins lost to the Hurricanes five to Carolina now
Speaker 1: leads the series two games to ZIP. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Tank,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael barn this is Bloomberg.
Speaker 1: Nathan helped that Rangers goalie is arrested. Thank you, Michael.
Speaker 1: It is coming up to five twenty on Wall Street
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is a
Speaker 1: Bloomberg daybreak. No rest for the markets after digesting the
Speaker 1: feds fifty basis point move and plans for more. Let's
Speaker 1: bring in Jennifer Lee, senior economists at Demo Capital Markets.
Speaker 1: As we continue to get reaction to the FED decision. Jennifer,
Speaker 1: good morning. The Fed delivered what the market was looking for,
Speaker 1: but will multiple fifty basis points be what inflation needs? Um?
Speaker 1: Good morning. I think you know, I think what he said,
Speaker 1: which was, you know, fifty basis points on the table
Speaker 1: over the next couple of meetings. UM. My favorite word
Speaker 1: is this reasonable. Um. I can't see a semi five
Speaker 1: basis point breed hike right now. I don't think I
Speaker 1: ever took one seriously as definitely not for yesterday. And
Speaker 1: if I may, if I may, by the way, just
Speaker 1: tell you what my conspiracy theorists is. Yesterday I was thinking, well,
Speaker 1: first I thought, oh, unanimous, even Mr James, let's not
Speaker 1: rule out of semi five basis point right hike because
Speaker 1: it's not my base case at this point of the board.
Speaker 1: So the conspiracy theoristsm ME was thinking, you know, did
Speaker 1: they parade them out recently over the last week and
Speaker 1: sort of planted the idea of semi five basis points
Speaker 1: into the market's head and then go ahead and only
Speaker 1: and I say only using my air cole it's here
Speaker 1: only raised fifty basis points and sort of beating expectations
Speaker 1: and thus sparking the rally when you saw on the
Speaker 1: stop markets. So that's what I was thinking about. I
Speaker 1: think fifty basis points over the next couple of meetings UM.
Speaker 1: I think at you know, UM, at a minimum, what's
Speaker 1: it gonna do for growth to have front loaded hikes
Speaker 1: like this? It is going to have it already is
Speaker 1: starting to have that UM wanted effect that aimed that
Speaker 1: that goal, which is to curb demand. You know, he's
Speaker 1: already said in in in previous UM Press conferences and
Speaker 1: interviews that you know, raising rates is not going to
Speaker 1: make UM supply chains clear up, it won't make h
Speaker 1: you know, widgets being produced any faster or being shipped
Speaker 1: across the sea even faster, but it will be able
Speaker 1: to cool demand down enough to ease the pressure on
Speaker 1: supply chain. So I think that's what the that that
Speaker 1: intended effect will be. Chairman Powell said that basis points
Speaker 1: is something they're not act of Lee considering. Just to
Speaker 1: bring it back to that, do we need to pars
Speaker 1: what actively means? I think he is not um UM ignored.
Speaker 1: He's he's keeping all of his options open. I think
Speaker 1: every single central maker out there is these days, they're
Speaker 1: gonna have to because you know, no one knows what,
Speaker 1: you know, what lies around the corner, especially with you know,
Speaker 1: inflation is still remaining very very high. Um, you know
Speaker 1: it's um supply chains again, no signs of of easing
Speaker 1: meaningfully anytime soon. He's already brought up the fact that,
Speaker 1: you know, the Ukraine war and the China lockdowns are
Speaker 1: going to add to that inflation um pressure. And by
Speaker 1: using those two um um factors, UM, I think that
Speaker 1: sort of head to suspectimy basically that it is possible.
Speaker 1: Wouldn't read it off but or so I wouldn't completely
Speaker 1: ignore it, but um, you know, it's it's something that's
Speaker 1: not on the radar, but it could be, you know,
Speaker 1: beeping around on the background. Is there some debate for
Speaker 1: you about whether FED policy is part of what's feeding
Speaker 1: into the inflationary pressure? Is besides supply chains, the war
Speaker 1: in Ukraine and other exogenous factors, Is FED policy itself
Speaker 1: part of what's happening here? That's a good question. I think,
Speaker 1: you know, I think it probably was, just given the
Speaker 1: fact that they took a little while longer to move.
Speaker 1: I'll put it up politely to raise rates by continuing
Speaker 1: last year to call it transitory, and you know, and
Speaker 1: he's admitted, you know, um, and I give him kudos
Speaker 1: for that. He's admitted that, you know, if if we
Speaker 1: knew now, or we knew then what we knew now,
Speaker 1: you know, they would have gone a lot earlier. So
Speaker 1: I think that probably contributed somewhat to this higher rate
Speaker 1: of inflation. So now they're working to sort of you know,
Speaker 1: rate that wrong or make up for lost time, and
Speaker 1: and sort of set up for more aggressive moves, you know,
Speaker 1: like the two at least the two fifty basis point
Speaker 1: moves in the next couple of meetings. About thirty seconds
Speaker 1: left here. What's a tighter FED going to mean for
Speaker 1: the job market? We have, of course the April jobs
Speaker 1: report coming out tomorrow. Does it have any impact the
Speaker 1: April report on what the FED does from here? I
Speaker 1: think is already started starting to we are we're looking
Speaker 1: forward about three and eighty thousand for April, possibly if
Speaker 1: some down fliver has just given from what we saw. Um.
Speaker 1: ADP is always kind of wonky, but you know, even
Speaker 1: the other ones, like the the base. So I think,
Speaker 1: you know, I've been saying this for months now, all
Speaker 1: this strong demand for jobs. It's just not sustainable. You know,
Speaker 1: he was talking about nearly two jobs for every unemployed
Speaker 1: person yesterday. But I think as the economy slows, demand
Speaker 1: is going to cool, which is again the point of
Speaker 1: tighter monetary policy, You're going to start seeing that pullback
Speaker 1: in job demand. So I hope that anyone who's out
Speaker 1: in the sidelines, you know, um and have multiple job offers,
Speaker 1: you know, I think they should. They've got to get
Speaker 1: back into that game. So great to have you with
Speaker 1: us this morning, Jennifer, Thanks so much. Jennifer Lee, senior
Speaker 1: economists at BMO Capital Markets. With reaction after the feds
Speaker 1: fifty basis point increase keeping seventy five off the table
Speaker 1: sparked a rally. Now futures are pulling back. Son. We
Speaker 1: have SMP futures down thirty points down, futures down three
Speaker 1: NASTACK futures are lower by a hundred eight points. You're
Speaker 1: sning to Bloomberg daybreak, Bloomberg eleven three oh weather. Sunshine
Speaker 1: today with him. The low seventies, Scattered showers return tomorrow,
Speaker 1: low sixties for highs. The rain of end Saturday afternoon.
Speaker 1: It'll be breezy and cool with a high in your
Speaker 1: fifty five right now, broadcasting live from the Bloomberg Interactive
Speaker 1: Broker Studio in New York, Bloomberg E Living Freedom to Washington,
Speaker 1: d C, Bloomberg On to Boston, Bloomberg one O six
Speaker 1: one does San Francisco, Bloomberg nine sixty to the Country,
Speaker 1: Sirius XM Chad A one nine team, and around the
Speaker 1: globe the Bloomberg Business app and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street.
Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscower. Just
Speaker 1: about four hours away from the open of US trading.
Speaker 1: Let's get you up to date on the news. You
Speaker 1: need to know what this hour we're seeing as like
Speaker 1: pullback in futures this morning. After yesterday's rally that followed
Speaker 1: a press conference from Federal Reserve Chair J Powell, Powell
Speaker 1: indicated a seventy five point basis hike was not being
Speaker 1: considered for meetings in June and said he's committed to
Speaker 1: bringing down inflation. Inflation is much too high, and we
Speaker 1: understand the hardship it is causing, and we're moving expeditiously
Speaker 1: to bring it back down. We have both the tools
Speaker 1: we need and the resolve that it will take to
Speaker 1: restore price stability on behalf of American families and businesses
Speaker 1: and Chair J. Powell's comments came as the FED hiked
Speaker 1: interest rates fifty basis points and reaction is still coming
Speaker 1: in from many quarters. Karen more on that in this
Speaker 1: live report from Bloomberg's John Tucker. John Nathan Former Philadelphia
Speaker 1: Fed President Charles Plosser said Fed Chare Powell yesterday was
Speaker 1: trying to appease the markets at bigger rate increases should
Speaker 1: not be dismissed. I don't think he should have taken
Speaker 1: seventy five basis points off the table, as many people
Speaker 1: have been. I don't I think do they need to
Speaker 1: be still on the table and that they don't have
Speaker 1: that option. Former Philly Fed President Charles Ploster. Another reaction
Speaker 1: from Scott Miner, the chief investment officer at Guggenheim. He's
Speaker 1: just going down to the nineteen thirties that had has
Speaker 1: never been able to reduce inflation by more than two
Speaker 1: and a half percentage points without inducing a recession. Live
Speaker 1: in New York on John Tucker Bloomberg Daybreak. All Right, John,
Speaker 1: thank you in Europe the Bank of England, but also
Speaker 1: likely lift interest rates today to combat inflation. MEC In Washington,
Speaker 1: Care in the Senate Judiciary Committee is expected to approve
Speaker 1: legislation allowing the US to sue OPEC for manipulating energy markets.
Speaker 1: It comes as opaque and allies are expected to ratify
Speaker 1: a small increase in oil production. Well. Sticking at the
Speaker 1: oil and Nathan Warren Buffett's increasing his bet on one
Speaker 1: energy company and Bloomberg Shore need a young joints Live
Speaker 1: with the latest Good Morning, Nida Morning Care and Berkshire
Speaker 1: Hathaway had already built up a roughly fourteen points since
Speaker 1: fourteen point six percent holding of Occidental Petroleum's common stock.
Speaker 1: Now Buffett is snapping up about five point nine million
Speaker 1: more shares of the oil giant. A filing show. Shares
Speaker 1: were bought this week at prices ranging from about fifty
Speaker 1: six to fifty eight dollars a piece, and it's trading
Speaker 1: just above sixty one dollars this morning. Occidental was the
Speaker 1: best performing stock in the SMP five hundred during the
Speaker 1: first quarter. Live in New York. I'm gonna need a
Speaker 1: young Bloomberg daybreak, all right, we need to thank you,
Speaker 1: and futures again moving lower, SNP futures down twenty nine
Speaker 1: points down, Futures down one hundred seventy and Asday futures
Speaker 1: down one hundred ten and straight ahead your latest local headlines,
Speaker 1: plus a check of sports and this is Bloomberg. Thanks
Speaker 1: on Wall Street fifty degrees in Central Park. A tractor
Speaker 1: trailer accident has Old Country Road closed at the Meadowbrook
Speaker 1: Parkway in Nassau County. Details coming up in traffic. First
Speaker 1: Michael bar with more on what's going on in New
Speaker 1: York and around the world. Michael, thank you very much. Nathan.
Speaker 1: New York City police are looking for three suspects and
Speaker 1: the shooting depths of two men in Midtown Manhattan, shooting
Speaker 1: halfen overnight at thirty seventh and ninth Avenue. Meanwhile, a
Speaker 1: majority of New Yorkers say they disapprove of Mayor Eric
Speaker 1: Adams handling of crime in the Five Boroughs reversal from
Speaker 1: three months ago. According to a new Quinnipiac University poll,
Speaker 1: thirty seven percent approved, while fifty disapproved. The fallout continues
Speaker 1: over the leak of a Supreme Court majority draft opinion
Speaker 1: from February suggesting Roe v Wade to be overturned. President
Speaker 1: Biden says more could be at stake if the landmark
Speaker 1: abortion ruling is struck down. Another cabinet member has tested
Speaker 1: positive for COVID. Secretary of State Anthony B. Lincoln is
Speaker 1: said to be experiencing mild symptoms. State Department spokesman Ned
Speaker 1: Price he will quarantine at home. He will follow CDC guidelines.
Speaker 1: I know he very much looks forward to returning to
Speaker 1: the office, returning to his full schedule, and returning to
Speaker 1: the road just as soon as he is able to
Speaker 1: do so. Spokesman Ned Price says Blincoln is fully vaccinated
Speaker 1: and boosted. And Alabama murder suspect and the corrections official
Speaker 1: are still on the run after they disappeared last Friday morning,
Speaker 1: but Lauderdale County Sheriff's Department has released surveillance videos showing
Speaker 1: fifty six year old jail official Vicky White leaving the
Speaker 1: lock up with thirty eight year old inmate Casey White.
Speaker 1: That you were not related, but had what Sheriff Rick
Speaker 1: Singleton calls a special relationship. My mister Ruby, Vicky, You've
Speaker 1: been in this business for seventeen years. You've seen this
Speaker 1: scenario play out more than once and you had always
Speaker 1: end go ahead and the end it. Now you get
Speaker 1: a phone call nine one one, uh turn yourself in,
Speaker 1: Sheriff Singleton says Vicky Whine had an unblemished record Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael
Speaker 1: barn and this is Bloomberg, Nathan. Thanks Michael Street. Time
Speaker 1: for the Bloomberg Sports Update with John Stennshower and Nathan.
Speaker 1: Yankees and Mets both off to sich great starts, but
Speaker 1: both lost. The Yankees in Toronto two to one. That
Speaker 1: ends the eleven game win Street. Yanks had only five hits,
Speaker 1: Blue Jays only had four. Aaron Boom not around for
Speaker 1: the end of the game Ejaculd after really getting into
Speaker 1: it with played umpire Marty Foster. The Yanks did not
Speaker 1: like some of his calls, especially in two of Aaron
Speaker 1: Judges at bats. Judge lynnon Boom do the arguing good,
Speaker 1: you know, I'll get a little ir rate and maybe
Speaker 1: you know from my helmets say something to him after
Speaker 1: the fact, but there's no need you know, we got
Speaker 1: a lot of ball game left to play, and I
Speaker 1: know I'm gonna get another at bat and me and
Speaker 1: tossing and put somebody else at risk. If you're not
Speaker 1: going in there, it's not ridy, you know. So that's
Speaker 1: how we got a mander Boone. He stuck out for
Speaker 1: us tonight or I'm gonna get the job done. For
Speaker 1: the Mets, they failed to Atlanta nine to two. Is
Speaker 1: the Braids got to Tyler McGill scored seven runs in
Speaker 1: the six Didny mcgills first loss of the year and
Speaker 1: the first series of the Mets have failed to win
Speaker 1: there in Philadelphia tonight. The Yankees are all NBA playoffs.
Speaker 1: Phoenix shot sixty five percent, beat Dallas by twenty Miami,
Speaker 1: the Philadelphias are the Sons and he are up to
Speaker 1: nothing Stanley Cup Ploffs. Carolina went up to nothing on Boston.
Speaker 1: Tampa Bay, Minnesota and Edmonton all wanted to tie their
Speaker 1: series at one, and that's what the Rangers will look
Speaker 1: to do tonight, Games two at the Garden. After the
Speaker 1: Penguins Game one win in triple overtime, the NFL, before
Speaker 1: announcing its full schedule, announced the International Games. The Giants
Speaker 1: learned they will take on Green Bay at Tottenham Stadium
Speaker 1: October ninth. Giants are two and oh in London. The
Speaker 1: Packers the only team that has never played an international game.
Speaker 1: There are three in London, one in Mexico City, and
Speaker 1: for the first time ever, a game in Germany. That'll
Speaker 1: be Tampa Bay versus Seattle. John Stash went Bloomberg Sports
Speaker 1: nat Thanks John. It's five thirty seven on Wall Street
Speaker 1: Time now for the Tri State Business Report with Bloomberg's
Speaker 1: head Cory Bill. Ackman can build his glass penthouse the
Speaker 1: top of historic Manhattan co Op Tower. The hedge Fund
Speaker 1: manager faced initial opposition to the structure, but after revisions
Speaker 1: to address complaints about its visibility from the street, the
Speaker 1: Landmarks Preservation Commission has approved the project. New Jersey's man
Speaker 1: on Planet Stick and paper bags is in effect. Shop
Speaker 1: Right is charging a flat donar fifty per order for
Speaker 1: reusable bags. Insta cart delivers four stores. It charges a
Speaker 1: flat bag fee old foods packs orders and reusable bags,
Speaker 1: which are currently free of charge. Cities in towns in
Speaker 1: Connecticut are getting the first round of checks from a
Speaker 1: search charge on many liquor bottles known as nips. Last October,
Speaker 1: the state place to five stands search charge in the
Speaker 1: sale of alcohol bottles smaller than fifty million leaders one
Speaker 1: point eight million dollars has been distributed to one hundred
Speaker 1: sixty three towns and municipalities. That's your Bloomberg Dry State
Speaker 1: Business Report. I'm Ed Corey. Thanks that it's on Wall straight.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's check in with
Speaker 1: our global news team for some of the top stories
Speaker 1: heard on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Steve Podascan ten ten Wins in New York. We're
Speaker 1: talking about the games being seen in construction, job posting,
Speaker 1: m he Donahoe on ker l D and Dalla T
Speaker 1: Mobile upping the battle for customers with a five dollar rebate.
Speaker 1: And Lisa Mateo and on k m o X in St. Louis.
Speaker 1: I'll be reporting on a new way to save on
Speaker 1: your Internet and cell phone Bill Jeff Budinger and on
Speaker 1: w io D in Miami. I'm reporting on the f
Speaker 1: A a U S effort to smooth air traffic in Florida,
Speaker 1: which has become a weak link in the national airspace.
Speaker 1: I've had glory on w w J in Detroit. I'm
Speaker 1: reporting the financially struggling fair Lane Town Center and beer
Speaker 1: Board had the soul, and those are some of the stories.
Speaker 1: Are twenty seven hundred Bloomberg journalists and analysts you're working
Speaker 1: on this morning around the world. It's nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. The European
Speaker 1: Union is striving to tighten sanctions on Russia by halting
Speaker 1: purchases of Russian oil. Now that Germany has withdrawn its
Speaker 1: earlier opposition, the proposed band's prospects have improved. Germany's position
Speaker 1: is crucial because of its influence within the EU, the
Speaker 1: size of its economy, and it's heavy dependence on Russian energy.
Speaker 1: It's change of heart on oil is welcome, but it's
Speaker 1: efforts can and should go further. Specifically, it needs a
Speaker 1: plan to shut down imports of Russian gas. Despite what
Speaker 1: skeptics are Italian Chancellor or Left Schultz, it's feasible to
Speaker 1: halt German imports of Russian gas this year by increasing
Speaker 1: imports from elsewhere and reducing consumption. Given the will the
Speaker 1: strains should be tolerable in the short term and more
Speaker 1: than rewarded in the long term. Schultz and this Minister's
Speaker 1: would be wise to take the initiative now. This editorial
Speaker 1: was written by the Bloomberg Opinion Editorial Board. I'm David Chipley.
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,
Speaker 1: slash opinion or opan go on the Bloomberg terminal. This
Speaker 1: has been Bloomberg opinion and you can hear Bloomberg opinion
Speaker 1: editorials every weekday. At this time, terminal customers can read
Speaker 1: more at O P I N GO. Seeing a pullback
Speaker 1: in futures after yesterday's rally, we have SMP futures now
Speaker 1: down thirty two points down, futures down a D eighty one,
Speaker 1: NASTACK futures are lower by a hundred twenty eight points.
Speaker 1: Looking at the tenure treasury, it's down five thirty seconds.
Speaker 1: The yield now at two point nine yield on the
Speaker 1: two year two point six eight percent. More on the
Speaker 1: market action following the Fed's decision. Will be speaking next
Speaker 1: with Michael Houston, chief market Analysts at CMC Markets. This
Speaker 1: is Bloomberg. Bloom were eleven three oh weather, sunshine and
Speaker 1: low seventies today, scattered showers possible tomorrow. Low sixties will
Speaker 1: be in the mid fifties by Saturday with a breeze.
Speaker 1: Currently fifty eight in Central Park Markets. Headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: The Bloomberg Business at and at Bloomberg Quick Tape. She's
Speaker 1: a Bloomberg Business lash and I'm Karen Moscow. You watched
Speaker 1: Dock Index futures are lower this morning. European stocks are
Speaker 1: climbing after the Federal Reserve raised in risk rates as
Speaker 1: expected to tackle inflation while countering fears of supersized hikes.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. Right now, S ANDP futures are down
Speaker 1: about twenty nine points down, futures down a hundred sixty
Speaker 1: six and as deck futures down one hundred sixteen. The
Speaker 1: decks in Germany's have wanted at third percent ten Your
Speaker 1: treasury down four thirty seconds yeld two point nine five percent.
Speaker 1: They yield on a two year two point six seven
Speaker 1: percent nine max Screwed oil is little change in a
Speaker 1: hundred seven dollars eighty four cents a barrel. Comics gold
Speaker 1: is up one and a half percent, or twenty seven
Speaker 1: dollars forty cents at eighteen ninety six twenty announced. The
Speaker 1: Euro one point oh five nine six against the dollar,
Speaker 1: British pound one point to five five nine. The end
Speaker 1: is at one twenty nine point seven one, and Bitcoin
Speaker 1: this morning lower down about nine ten percent at thirty
Speaker 1: nine thousand, four hundred sixty dollars. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael, very and thank you very much. Overnight,
Speaker 1: Cruise set up security fencing around the U S. Supreme
Speaker 1: Court Complex for demonstrations today. It comes amid tens after
Speaker 1: this week's leak of a draft opinion that would likely
Speaker 1: overturn Roe v. Wade. There are new developments in the
Speaker 1: war in Ukraine nearing an eleventh week. Russia appears to
Speaker 1: be targeting key infrastructure to stop the flow of military
Speaker 1: aid that has been coming into Ukraine. In baseball, the
Speaker 1: Yankees and Mets lost, along with the Red Sox, Nationals,
Speaker 1: A's and Giants the Orioles one in HL playoffs. The
Speaker 1: Rangers play Game two of their series against the Penguins. Tonight,
Speaker 1: the Bruins lost to the Hurricanes. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalists and analyst more
Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg. Nick.
Speaker 1: All right, Michael, thanks, it's coming up to five forty
Speaker 1: nine on Wall Street Live from the Bloomberg Interactive Brooker Studios.
Speaker 1: This is Bloomberg Daybreak, and we're very pleased to welcome
Speaker 1: back Michael Houston this morning, Chief market analyst at CMC Markets. Michael,
Speaker 1: I don't know if you saw the headline from the
Speaker 1: Daybreak function on the Bloomberg terminal that just crossed a
Speaker 1: few minutes ago. US futures suffer fed hang over. That
Speaker 1: was quite the rally yesterday after the market heard is
Speaker 1: not on the table. Yeah. I think that's really the
Speaker 1: way you can probably frame it. I think that the
Speaker 1: bond markets were also caught out quite significantly by the
Speaker 1: by this slightly less hawkish I'm not going to say
Speaker 1: it was doublish because it wasn't a fifty basis point
Speaker 1: rate hike can never be considered doubbish, but I think
Speaker 1: it was less hawkish than perhaps some of the worst
Speaker 1: fears that market participants had with respect to yesterday's meeting.
Speaker 1: And the fact of the matter is Powell is still
Speaker 1: potentially keeping on the table another two fifty basis point
Speaker 1: rate hikes by September, as well as essentially another couple
Speaker 1: of twenty five basis point hikes by the end of
Speaker 1: the year. So you're talking essentially putting the FED funds
Speaker 1: right back to two and a half percent by year
Speaker 1: in against the backdrop of obviously running off the balance
Speaker 1: sheet and a very strong currency in I don't hear
Speaker 1: an awful lot of people talking about the strength of
Speaker 1: the dollar, which is also likely to act as a
Speaker 1: little bit of a deflation re drag. But the Fed
Speaker 1: gives the market what it's been pricing in at this point.
Speaker 1: What is that say for market volatility going forward? Are
Speaker 1: we expecting more of that? Absolutely? I mean, if you
Speaker 1: actually look at what markets have done over the course
Speaker 1: of the past six months, really strong support on the
Speaker 1: SMP around about four thousand, one hundred, fairly decent resistance
Speaker 1: around about four thousand, six hundred, and we've really been
Speaker 1: trading in that five hundred point range pretty consistently since
Speaker 1: the end of January UM, and I think that is
Speaker 1: likely to remain. Probably the raise on depth for the market.
Speaker 1: You look at the way the VIX has traded. Every
Speaker 1: time it's traded up towards thirty five, it's come back down.
Speaker 1: Every time it's traded below twenty, it's come back up.
Speaker 1: And I would expect that to continue over the course
Speaker 1: of the next three to six months. Do you expect
Speaker 1: that implementation of FED policy is going to start to
Speaker 1: have an impact on where markets go from here? Is
Speaker 1: they're going to continue playing the expectations game and looking
Speaker 1: past whatever the FED does. I think at the moment,
Speaker 1: the Fed's played a very good game in terms of
Speaker 1: managing market expectations. Obviously, I think we could probably do
Speaker 1: with an awful lot less FED speak. UM. I think
Speaker 1: the fact that the markets reacted to the way they
Speaker 1: did yesterday is a fairly positive theme. But you know,
Speaker 1: I think it really depends on what Bullard comes out
Speaker 1: with at the weekend. Perhaps maybe he starts to get
Speaker 1: his hawkish talents out and talk about prospect of a
Speaker 1: seventy five basis point right, hike. Personally, I doubt that.
Speaker 1: I think we'll get a good idea of what inflation
Speaker 1: might be doing next week. We've got CPI PPI coming
Speaker 1: out next week. I think it's quite likely we could
Speaker 1: go for one last push higher before we start to
Speaker 1: come back down again. Um that's that's that's my base
Speaker 1: case scenario in any case. But so as as with
Speaker 1: anything with going on the global economy, who knows got
Speaker 1: events in China's past. We've got obviously events in Ukraine
Speaker 1: and Russian. I don't think they are going to ease
Speaker 1: anytime soon. So I think no one's talking about China,
Speaker 1: and I think China is going to have a part
Speaker 1: to play in this, especially if they continue their zero
Speaker 1: COVID policy. So in our last thirty seconds here, Michael,
Speaker 1: do you see this as a bear market? Not quite yet.
Speaker 1: I think if we if we dropped below the lows
Speaker 1: this year on the SMP, the NASDAC, then potentially we
Speaker 1: could start to see a significant acceleration. I think what
Speaker 1: we're seeing at the moment, Nathan, is a consolidation from
Speaker 1: the record highs that we saw last year and were
Speaker 1: essentially been trading sideways. If we break below the lower
Speaker 1: bound of these ranges that I've just been talking about,
Speaker 1: then we can see further weakness. I think. Thanks for this, Michael,
Speaker 1: great having you back on with us. Michael Houston, Chief
Speaker 1: market analyst at CMC Markets, Karen Verty, Nathan, thank you.
Speaker 1: It's on Wall straight. Time for the Bloomberg Law Report.
Speaker 1: Let's get at the legal story race we're watching this
Speaker 1: morning from Bloomberg's Jeff Mellinger. Senator Tammy Baldwin called on
Speaker 1: Senators to fast track a House pass bill aimed at
Speaker 1: preventing violence in the healthcare workplace. A federal judge in
Speaker 1: Maryland granted class action status to some Marriott guests whose
Speaker 1: personal information was compromised by a breach at Marriott's Starwood
Speaker 1: branded hotels. Heirs to songwriter Hugo Peretti failed to convince
Speaker 1: the Second Circuit they had a right to reclaim the
Speaker 1: rights to the composition behind the Elvis Presley hit Can't
Speaker 1: Help Falling in Love. Bloomberg Law everything you need, all
Speaker 1: on one legal research platform, including guidance analysis and Bloomberg
Speaker 1: Market Intelligence. Find out more at Bloomberg Law dot com. Alright, Jeff,
Speaker 1: thank you. Now another legal story we're watching the first
Speaker 1: opioid trial to target drug manufacturers, distributors, and pharmacies is
Speaker 1: taking place in a federal court in California. The city
Speaker 1: of San Francisco says opioid manufacturers Allergan and Teva, distributor
Speaker 1: and AH, and pharmacy giant Walgreens flooded the city streets
Speaker 1: with prescription drugs, and it's suing over the toll opioids
Speaker 1: have taken on the city, where one quarter of emergency
Speaker 1: room visits are the result of opioid related issues. For
Speaker 1: more Bloomberg's doing grouse so speak to healthcare attorney Harry
Speaker 1: Nelson of Nelson Hardeman Harry, san Francisco is using a
Speaker 1: public nuisance theory? What does it have to prove to
Speaker 1: make its case? So to prove a public nuisance, San
Speaker 1: Francisco has to prove that the three drug companies at issue,
Speaker 1: along with Walgreen's pharmacy, basically engaged in behavior that's so
Speaker 1: harmed so many people in San Francisco, and that they
Speaker 1: need to be essentially forced to pay for that harm.
Speaker 1: And the harm here that we're talking about, of course,
Speaker 1: this prescription opioid and the claim is that these companies
Speaker 1: are responsible for having flooded San Francisco with prescription opioids
Speaker 1: and then failed to prevent them from being routed in
Speaker 1: to the illegal market for misuse. San Francisco claims they
Speaker 1: aggressively marketed opioids to doctors as a risk free panasy
Speaker 1: for all forms of pain. What's the line between aggressively
Speaker 1: marketing and just marketing. It's an interesting question. I think,
Speaker 1: you know, it's much easier when we talk about this
Speaker 1: question of where the line is on marketing to look
Speaker 1: at behavior from for example, Perdue Pharma, where it was
Speaker 1: very clear that they were aware that the problem of
Speaker 1: overdoses and the addictiveness of the drug was causing problems,
Speaker 1: and they just kept marketing more aggressively and sort of
Speaker 1: building that issue into their marketing. It's a lot more
Speaker 1: fuzzy when you come to companies like Walgreens or Alegant
Speaker 1: Tava Pharmaceutical where they were offering these drugs in the market.
Speaker 1: It's not clear what they did that was so unusual
Speaker 1: in that marketing, and frankly, I think that the city
Speaker 1: is going to have a very hard time showing that
Speaker 1: there was anything particularly distinctive about the way that these
Speaker 1: drugs were promoted is that somehow ignored the risk associated
Speaker 1: with them. The defendants claimed that they were sort of
Speaker 1: bit players in the opioid crisis, and they say the
Speaker 1: blame should be directed at Perdue, which has declared bankruptcy.
Speaker 1: I think it's a compelling argument. You know. The reality
Speaker 1: is that there were a lot of companies that manufactured
Speaker 1: and distributed and in the case of the pharmacy's, dispensed
Speaker 1: these drugs. But they are not all equal. Right, Perdue
Speaker 1: Pharma made billions of dollars and orchestrated an aggressive campaign
Speaker 1: to manipulate how doctors and patients perceived the risk. There's
Speaker 1: not the same kind of evidence with regard to Allergan
Speaker 1: and have A. These are companies that clearly had a
Speaker 1: business line devoted to pain medication, but there's no signs
Speaker 1: that I've seen to this point to suggest that they
Speaker 1: were somehow scheming to hide the risks associated with these
Speaker 1: medicines or doing something to promote them more aggressively than
Speaker 1: all the other medications that they sell. I personally think
Speaker 1: that the city has an uphill bad a limit case.
Speaker 1: And as Harry Nelson of Nelson Hardeman, speaking with Bloomberg,
Speaker 1: stew in Grasso. Catch more of that interview, plus analysis
Speaker 1: of the latest legal news by listening to the Bloomberg
Speaker 1: Law Show at ten pm Eastern Time or subscribing to
Speaker 1: the Bloomberg Law Podcast, and attorneys can find exceptional legal
Speaker 1: research and business development tools at Bloomberg Law dot com.
Speaker 1: Futures this morning are moving lower. SMP futures down twenty
Speaker 1: six points down, futures down one hundred forty, and NASTAG
Speaker 1: futures down one hundred seven. Ten year treasury down four
Speaker 1: thirty seconds, held two point nine five percent, and the
Speaker 1: yield on the two year two point six seven percent
Speaker 1: at nine mack screwed oil is up about two tents
Speaker 1: of a percent. Now still ahead on Bloomberg Daybreak and
Speaker 1: check on the business headlines and all the news you
Speaker 1: need to start your day. And this is Bloomberg