1 00:00:03,120 --> 00:00:06,400 Speaker 1: Live from the Bloomberg Interacted Burger Studios. This is Bloomberg 2 00:00:06,519 --> 00:00:10,200 Speaker 1: Daybreak for Wednesday, May eleven two. Coming up this hour, 3 00:00:10,480 --> 00:00:14,240 Speaker 1: investors brace for this morning's reading on inflation. President Biden 4 00:00:14,240 --> 00:00:17,639 Speaker 1: plans to announce new measures to combat rising food costs. 5 00:00:17,680 --> 00:00:20,079 Speaker 1: Lisa Cook will be the first black woman on the 6 00:00:20,120 --> 00:00:22,680 Speaker 1: Fed's Board of Governors, and Elon Musk says he would 7 00:00:22,720 --> 00:00:26,360 Speaker 1: reverse Twitter's van of Donald Trump New York City, boost 8 00:00:26,400 --> 00:00:30,320 Speaker 1: police presence on subways as assaults increase. Plus the Senate 9 00:00:30,400 --> 00:00:33,520 Speaker 1: votes today on an abortion rights bill. I'm Michael Blomer. 10 00:00:33,640 --> 00:00:37,159 Speaker 1: More Ahead, I'm John stash Ouron sports, Aaron Judge, the 11 00:00:37,280 --> 00:00:39,640 Speaker 1: ninth Inning Hero and a thrilling Yankee win over the 12 00:00:39,640 --> 00:00:45,280 Speaker 1: Blue Jays the Mets one in Washington. That's all Train 13 00:00:45,360 --> 00:00:49,360 Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, 14 00:00:49,520 --> 00:00:54,200 Speaker 1: Bloomberg nine one, Washington, d C, Bloomberg one oh six one, Boston, 15 00:00:54,480 --> 00:00:58,640 Speaker 1: Bloomberg nine sixties and Francisco Sirius x M one nine 16 00:00:58,680 --> 00:01:01,600 Speaker 1: team and around the world. Old on Bloomberg Radio dot 17 00:01:01,600 --> 00:01:08,240 Speaker 1: Com and via the Bloomberg Business Up. Good morning. I'm 18 00:01:08,319 --> 00:01:12,240 Speaker 1: Nathan Hagar, and I'm Karen Moscow, and futures are higher 19 00:01:12,280 --> 00:01:14,200 Speaker 1: this morning. We're coming up to five oh one on 20 00:01:14,200 --> 00:01:16,400 Speaker 1: Wall Street, and we check the markets every fifteen minutes 21 00:01:16,440 --> 00:01:19,160 Speaker 1: throughout the trading day. On Bloomberg, Guess and Future is 22 00:01:19,240 --> 00:01:22,000 Speaker 1: up forty four points down futures of two hundred ninety 23 00:01:22,080 --> 00:01:25,360 Speaker 1: seven and NASDAC futures up one hundred fifty five. The 24 00:01:25,400 --> 00:01:28,440 Speaker 1: decks in Germany's up nine tenths of uppercent ten year 25 00:01:28,480 --> 00:01:31,720 Speaker 1: treasury up fourteen thirty seconds, held two point nine three percent, 26 00:01:31,760 --> 00:01:34,160 Speaker 1: They yield them a two year two point five eight percent. 27 00:01:34,600 --> 00:01:36,520 Speaker 1: Nine X Screwed oil is up three and a half 28 00:01:36,520 --> 00:01:38,880 Speaker 1: percent of three dollars forty five cents at a hundred 29 00:01:38,880 --> 00:01:41,800 Speaker 1: three dollars, nineteen cents of barrel comics gold up half 30 00:01:41,840 --> 00:01:44,440 Speaker 1: percent or nine dollars ten cents at eighteen fifty ten 31 00:01:44,440 --> 00:01:47,680 Speaker 1: announced and the euro one point oh five seven zero 32 00:01:47,760 --> 00:01:50,920 Speaker 1: against the dollar. Nathan Well, Karen, the countdown is under 33 00:01:50,960 --> 00:01:54,240 Speaker 1: way for the latest reading on inflation. Less than three 34 00:01:54,240 --> 00:01:56,680 Speaker 1: and a half hours from now, the government issues the 35 00:01:56,720 --> 00:02:00,800 Speaker 1: consumer price index for April, with inflation running its fastest 36 00:02:00,840 --> 00:02:04,160 Speaker 1: pace in decades, and Kate's has a preview from our 37 00:02:04,200 --> 00:02:08,880 Speaker 1: Bloomberg newsroom in Washington. In March, the CPI rose eight 38 00:02:08,919 --> 00:02:12,120 Speaker 1: point five percent year over year, the most nineteen eighty 39 00:02:12,440 --> 00:02:15,120 Speaker 1: and yet Bloomberg Economics says the run up probably slowed 40 00:02:15,160 --> 00:02:18,600 Speaker 1: in April, reflecting a drop and seasonally adjusted gasoline prices, 41 00:02:18,840 --> 00:02:21,040 Speaker 1: but the climb down from the forty year high inflation 42 00:02:21,040 --> 00:02:24,320 Speaker 1: will be stubbornly slow. Bloomberg says the inflation rate won't 43 00:02:24,320 --> 00:02:26,920 Speaker 1: dip below seven percent until late in the year, keeping 44 00:02:26,960 --> 00:02:30,280 Speaker 1: the Federal Reserve committed to higher interest rates. In Washington 45 00:02:30,520 --> 00:02:33,359 Speaker 1: and Kate's Bloomberg Daybreak, all right and thank you well. 46 00:02:33,520 --> 00:02:37,160 Speaker 1: That inflation report could have a major impact on Fed policy, 47 00:02:37,400 --> 00:02:40,240 Speaker 1: but for now, Cleveland FED President Loretta Mester says she 48 00:02:40,320 --> 00:02:43,919 Speaker 1: favors steady fifty basis point rate increases. We don't go 49 00:02:44,040 --> 00:02:47,200 Speaker 1: out forever, right, I mean, what I'm gonna do is 50 00:02:47,280 --> 00:02:49,960 Speaker 1: I think fifty the caves were going now seems about 51 00:02:50,040 --> 00:02:52,680 Speaker 1: right to me. We're going to have to assess weather 52 00:02:52,919 --> 00:02:56,359 Speaker 1: inflation is actually moving down, and then we'll be able 53 00:02:56,400 --> 00:02:58,520 Speaker 1: to get more information after we do a couple of 54 00:02:58,520 --> 00:03:01,960 Speaker 1: those to see and Cleveland Fed President Lorrettamester made the 55 00:03:01,960 --> 00:03:04,960 Speaker 1: comments in an interview with Bloomberg's Michael McKee. O Master 56 00:03:05,040 --> 00:03:06,840 Speaker 1: is soon going to have some help in the battle 57 00:03:06,840 --> 00:03:10,000 Speaker 1: against inflation. Karen. The Fed is now welcoming its first 58 00:03:10,080 --> 00:03:12,400 Speaker 1: black woman to the Board of Governors. We get more 59 00:03:12,440 --> 00:03:16,639 Speaker 1: from Bloomberg's Doug Prisoner economist Lisa Cook. One Senate confirmation 60 00:03:16,680 --> 00:03:21,440 Speaker 1: by the narrowest possible margin vote reflects a tie breaking 61 00:03:21,480 --> 00:03:24,720 Speaker 1: appearance by Vice President Kamala Harris. The vote had been 62 00:03:24,720 --> 00:03:28,359 Speaker 1: delayed by virus cases among Democrats. Cook had faced a 63 00:03:28,480 --> 00:03:32,040 Speaker 1: United Gop campaign against her. The top Republican on the 64 00:03:32,080 --> 00:03:35,840 Speaker 1: Senate Banking Committee, Pat Toomey of Pennsylvania, dismissed her record 65 00:03:35,920 --> 00:03:39,400 Speaker 1: as thin on monetary policy, and he charged her withholding 66 00:03:39,440 --> 00:03:42,920 Speaker 1: far left political views that risk politicizing the Central Bank. 67 00:03:43,280 --> 00:03:45,880 Speaker 1: In New York Time, Doug Prisoner Bloomberg day break. All right, Doug, 68 00:03:45,920 --> 00:03:48,040 Speaker 1: thank you at the White House today. New measures are 69 00:03:48,080 --> 00:03:51,240 Speaker 1: coming today to help cut costs, specifically for farmers and 70 00:03:51,240 --> 00:03:56,000 Speaker 1: Bloomberg's and Amy Morris explains from our newsroom in Washington. 71 00:03:56,360 --> 00:03:59,880 Speaker 1: President Biden wants to undercut the rising cost of food. 72 00:04:00,320 --> 00:04:04,800 Speaker 1: Ukraine has twenty million tons of grain in stories and 73 00:04:04,880 --> 00:04:07,560 Speaker 1: silos right now, but trying to figure out how to 74 00:04:07,600 --> 00:04:09,840 Speaker 1: get out of the country into market, which would reduce 75 00:04:09,960 --> 00:04:14,000 Speaker 1: prices around the world. Among the new initiatives double cropping insurance, 76 00:04:14,040 --> 00:04:16,360 Speaker 1: which gives farmers more coverage if they plant more than 77 00:04:16,400 --> 00:04:19,400 Speaker 1: one crop. The US will double its investment in domestic 78 00:04:19,400 --> 00:04:23,280 Speaker 1: fertilizer production to a half billion dollars, and tools used 79 00:04:23,279 --> 00:04:26,320 Speaker 1: by the USDA to reduce the use of fertilizer will 80 00:04:26,320 --> 00:04:29,279 Speaker 1: be extended to more farms. In Washington, I'm anymore as 81 00:04:29,320 --> 00:04:31,720 Speaker 1: Bloomberg Daybreak, All right, Amy, thank you. Let's turn to 82 00:04:31,800 --> 00:04:35,239 Speaker 1: Asia now, where inflation is also in focus. China's factory 83 00:04:35,240 --> 00:04:38,400 Speaker 1: gate prices rose faster than expected in April, and factory 84 00:04:38,400 --> 00:04:40,640 Speaker 1: prices aren't the only ones on the rise, as we 85 00:04:40,680 --> 00:04:43,719 Speaker 1: hear from Bloomberg gave Break Asia anchor Brian Curtis, and 86 00:04:43,920 --> 00:04:48,520 Speaker 1: consumer prices rose again. The CPI accelerated two point one percent, 87 00:04:48,680 --> 00:04:52,000 Speaker 1: faster than a projected one point eight percent gain. The 88 00:04:52,080 --> 00:04:56,120 Speaker 1: COVID lockdowns drove food and fuel costs higher. In the meantime, 89 00:04:56,160 --> 00:04:59,360 Speaker 1: producer prices gained eight percent from a year earlier, compared 90 00:04:59,400 --> 00:05:03,359 Speaker 1: to eight three in March. It two was a little 91 00:05:03,360 --> 00:05:07,000 Speaker 1: hotter than the estimate. Brian Curtis, Bloomberg Day Break, all right, Brian, 92 00:05:07,040 --> 00:05:09,040 Speaker 1: Thank you all back here in the US. Earnings will 93 00:05:09,080 --> 00:05:11,839 Speaker 1: also be in the spotlight when Disney reports this afternoon, 94 00:05:11,839 --> 00:05:15,040 Speaker 1: and we get a preview from Bloomberg's Tom Busby. Although 95 00:05:15,040 --> 00:05:18,080 Speaker 1: the Entertainment Giants theme park division has been firing on 96 00:05:18,160 --> 00:05:21,720 Speaker 1: all cylinders along with most of its media businesses, analysts 97 00:05:21,800 --> 00:05:24,520 Speaker 1: are a little concerned that the just completed second quarter 98 00:05:24,600 --> 00:05:28,080 Speaker 1: maybe the slowest of the year for subscriber growth at 99 00:05:28,080 --> 00:05:31,840 Speaker 1: the Disney Plus TV streaming service. Still forecast call for 100 00:05:31,880 --> 00:05:35,560 Speaker 1: a solid one hundred thirty four point four million subscribers. 101 00:05:36,120 --> 00:05:38,520 Speaker 1: Bloomberg consensus calls were just at earnings per share of 102 00:05:38,520 --> 00:05:41,720 Speaker 1: a dollar eighteen revenues of just over twenty point one 103 00:05:41,800 --> 00:05:45,760 Speaker 1: billion dollars. Tom Busby, Bloomberg Daybreak. All right, Tom, thanks. 104 00:05:45,839 --> 00:05:47,400 Speaker 1: Let's take a look at some other stocks on the 105 00:05:47,400 --> 00:05:50,520 Speaker 1: move this morning following yesterday's earnings. Shares of coin Base 106 00:05:50,600 --> 00:05:54,000 Speaker 1: are down seventeen percent in early training. Revenue at the 107 00:05:54,040 --> 00:05:57,720 Speaker 1: cryptocurrency exchange missed estimates, and coin Base also warned that 108 00:05:57,800 --> 00:06:00,960 Speaker 1: trading volume in the current quarter will be lower. Roadblocks 109 00:06:01,000 --> 00:06:04,120 Speaker 1: shares are down almost one percent. The video game platform 110 00:06:04,120 --> 00:06:07,040 Speaker 1: aimed at preteens and teenagers that surged during the pandemic, 111 00:06:07,240 --> 00:06:10,800 Speaker 1: reported bookings that missed estimates well. Nathan, Twitter is also 112 00:06:10,920 --> 00:06:14,000 Speaker 1: front end center after comments from Elon Musk, the world's 113 00:06:14,040 --> 00:06:17,360 Speaker 1: richest man, says he would reverse former President Donald Trump's 114 00:06:17,360 --> 00:06:20,839 Speaker 1: permanent ban if he takes control of the company. Ning 115 00:06:21,120 --> 00:06:25,840 Speaker 1: Trump from Twitter didn't end Trump voice, it will amplify 116 00:06:25,920 --> 00:06:29,000 Speaker 1: it among the rights and that is why it is 117 00:06:29,080 --> 00:06:32,560 Speaker 1: morally wrung and flat out stupid. Elon Musk says he 118 00:06:32,600 --> 00:06:36,440 Speaker 1: believes Twitter has overstepped policing a user's speech and wants 119 00:06:36,440 --> 00:06:39,440 Speaker 1: to push it toward a more free speech focused approach. 120 00:06:39,640 --> 00:06:41,520 Speaker 1: And finally, Karen, let's fill you in on the latest 121 00:06:41,560 --> 00:06:43,839 Speaker 1: on the war in Ukraine. The fighting is now starting 122 00:06:43,880 --> 00:06:47,960 Speaker 1: to affect physical gas supplies. Ukraine's gas network operator says 123 00:06:47,960 --> 00:06:50,080 Speaker 1: it will stop receiving fuel at one of its main 124 00:06:50,120 --> 00:06:55,359 Speaker 1: metering stations because it can't control the infrastructure in occupied territories. Meantime, 125 00:06:55,360 --> 00:06:58,400 Speaker 1: in Washington, the House has passed more than forty billion 126 00:06:58,400 --> 00:07:01,480 Speaker 1: dollars in emergency aid to rain. The Senate is likely 127 00:07:01,560 --> 00:07:05,159 Speaker 1: to approve the legislation next week. S and P futures 128 00:07:05,240 --> 00:07:07,560 Speaker 1: right now are higher by forty four points. That's again 129 00:07:07,600 --> 00:07:09,440 Speaker 1: at one point one percent down. Future is up three 130 00:07:09,520 --> 00:07:13,000 Speaker 1: to two points. NASAC features up one fifty nine points 131 00:07:13,040 --> 00:07:15,480 Speaker 1: for a gain of one point three percent. Straight ahead 132 00:07:15,480 --> 00:07:18,040 Speaker 1: your latest local headlines in a check of sports. This 133 00:07:18,320 --> 00:07:25,480 Speaker 1: is Bloomberg. That's South five oh seven on Wall Street. 134 00:07:25,520 --> 00:07:29,160 Speaker 1: We've got construction closing the truck lanes of the south 135 00:07:29,280 --> 00:07:31,920 Speaker 1: end of Jersey Turnpike. And you're inter Change fourteen will 136 00:07:31,920 --> 00:07:33,720 Speaker 1: tell you more. In traffic First, Michael bar is here 137 00:07:33,720 --> 00:07:35,640 Speaker 1: with what's going on in New York and around the world. 138 00:07:35,680 --> 00:07:38,760 Speaker 1: Good morning, Michael, Good morning Nathan. The Senate is expected 139 00:07:38,800 --> 00:07:42,160 Speaker 1: to vote on protecting abortion rights due to elite Supreme 140 00:07:42,200 --> 00:07:45,480 Speaker 1: Court opinion suggesting the justices would overturn Roe v. Wade. 141 00:07:45,760 --> 00:07:48,480 Speaker 1: Senate Majority Leader Chuck Schumer is pushing for a vote 142 00:07:48,480 --> 00:07:51,720 Speaker 1: on abortion this afternoon. The vote is almost certain to fail, 143 00:07:51,760 --> 00:07:54,960 Speaker 1: but Schumer aims to put most Senators on the record 144 00:07:55,000 --> 00:07:58,440 Speaker 1: about it. Senate Minority Leader Mitch McConnell the Supreme Court 145 00:07:58,480 --> 00:08:01,920 Speaker 1: if this becomes the decision, as officers said, this is 146 00:08:02,000 --> 00:08:06,320 Speaker 1: ripe for discussion in democratic bodies. We happen to be 147 00:08:06,360 --> 00:08:09,440 Speaker 1: a democratic body. Schumer is proving that by having his 148 00:08:09,600 --> 00:08:13,840 Speaker 1: vote on it. Senator Mitch McConnell. Governor Kathy Local has 149 00:08:13,880 --> 00:08:16,920 Speaker 1: announced that New York will make thirty five million dollars 150 00:08:16,960 --> 00:08:21,200 Speaker 1: available to help abortion providers boost services and security. The 151 00:08:21,240 --> 00:08:24,040 Speaker 1: governor said the state has to get ready for potential 152 00:08:24,040 --> 00:08:26,640 Speaker 1: influx of all the state patients if the U. S. 153 00:08:26,640 --> 00:08:30,560 Speaker 1: Supreme Courts overturns a row In Connecticut, Governor Ed Lamont 154 00:08:30,600 --> 00:08:33,239 Speaker 1: signed a new abortion bill into law that he says 155 00:08:33,240 --> 00:08:37,240 Speaker 1: expands abortion access. When you're ready to be pregnant, whether 156 00:08:37,240 --> 00:08:40,840 Speaker 1: you're ready to have that baby, we're doing everything we 157 00:08:41,000 --> 00:08:44,479 Speaker 1: can to support you. That means we are providing prenatal 158 00:08:44,559 --> 00:08:48,720 Speaker 1: support and support after birth. Governor Lamont called it a 159 00:08:48,720 --> 00:08:52,319 Speaker 1: fundamental freedom issue that is being challenged by the Supreme Court. 160 00:08:52,679 --> 00:08:55,679 Speaker 1: An NYPD officer was released from the hospital after he 161 00:08:55,760 --> 00:08:58,360 Speaker 1: was shot last night in the Claremont section of the Bronx. 162 00:08:58,760 --> 00:09:02,400 Speaker 1: The suspected gunman is killed. The officer received applause from 163 00:09:02,400 --> 00:09:05,719 Speaker 1: fellow officers when he left the hospital. Overnight, New York 164 00:09:05,800 --> 00:09:09,360 Speaker 1: City subway writers will see more uniform police officers on 165 00:09:09,480 --> 00:09:13,200 Speaker 1: the trains overnight and for longer stretches of time. The 166 00:09:13,280 --> 00:09:16,560 Speaker 1: NYPD is pushing back against a crime spike in the 167 00:09:16,600 --> 00:09:21,200 Speaker 1: transit system, a big victory for Donald Trump backed candidate 168 00:09:21,320 --> 00:09:25,240 Speaker 1: as the mid term season heats up. Representative Alex Mooney 169 00:09:25,280 --> 00:09:30,080 Speaker 1: defeated Representative David McKinley in Tuesday's GOP primary for West 170 00:09:30,160 --> 00:09:34,480 Speaker 1: Virginia's second congressional district. Mooney spoke to his supporters in Charleston, 171 00:09:34,559 --> 00:09:37,720 Speaker 1: donald Trump loves West Virginia, and West Virginia loves Donald 172 00:09:37,760 --> 00:09:44,240 Speaker 1: TRUMPA one tot percent global news twenty four hours a 173 00:09:44,320 --> 00:09:47,199 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 174 00:09:47,240 --> 00:09:49,640 Speaker 1: than twenty seven hundred journalists and analysts more than a 175 00:09:49,679 --> 00:09:53,600 Speaker 1: hundred twenty countries. Michael barn this is Bloomberg. Nathan Okay, Michael, 176 00:09:53,640 --> 00:10:00,640 Speaker 1: thanks five o nine on Wall Streets for the Bloomberg 177 00:10:00,679 --> 00:10:03,280 Speaker 1: Sports Update and Morning John Sessharre give morning, Nathan Hi. 178 00:10:03,440 --> 00:10:05,800 Speaker 1: Drama in the Bronx, Yankees had to come from behind 179 00:10:05,880 --> 00:10:08,240 Speaker 1: twice trail the Blue Jays three uphing in the sixth 180 00:10:08,360 --> 00:10:10,839 Speaker 1: in John Carlos Standard tied the game with a three 181 00:10:10,920 --> 00:10:13,360 Speaker 1: run homer down the line in right field. Toronto went 182 00:10:13,360 --> 00:10:16,520 Speaker 1: back ahead five to three. Yanks had two on one 183 00:10:16,559 --> 00:10:19,719 Speaker 1: out bottom of the ninth. Here's the one. She was 184 00:10:19,960 --> 00:10:22,840 Speaker 1: out hill there to deep left field, that goes high. 185 00:10:22,920 --> 00:10:26,960 Speaker 1: That is fun. That is gone. It's a game winning 186 00:10:27,160 --> 00:10:31,280 Speaker 1: wook up three run home run by Aaron Judge. He 187 00:10:31,480 --> 00:10:35,240 Speaker 1: hitted a mile and a half in the left field seats, 188 00:10:35,240 --> 00:10:39,920 Speaker 1: so Judge a Judgeon bloss f an. Yanks won six five, 189 00:10:39,960 --> 00:10:41,960 Speaker 1: So they go to twenty one and eight. On the 190 00:10:42,000 --> 00:10:44,480 Speaker 1: same night, the Mets improved in one and ten. They 191 00:10:44,559 --> 00:10:47,120 Speaker 1: trailed six, then in Washington scored three times, beat the 192 00:10:47,160 --> 00:10:50,360 Speaker 1: National sport to the Angels with their twenty one winning 193 00:10:50,400 --> 00:10:52,520 Speaker 1: It was a no hitter thrown by twenty two year 194 00:10:52,559 --> 00:10:55,920 Speaker 1: old rookie Read Debtors against Tampa Bay just as eleventh 195 00:10:55,920 --> 00:10:58,199 Speaker 1: career started. His career e r A entering the game 196 00:10:58,280 --> 00:11:01,240 Speaker 1: was over six blowout to the BA. Phoenix beat Dallas 197 00:11:01,240 --> 00:11:04,600 Speaker 1: by thirty. Miami been Philadelphia by thirty five. Both teams 198 00:11:04,640 --> 00:11:07,079 Speaker 1: go up three to Both series has seen the home 199 00:11:07,120 --> 00:11:09,400 Speaker 1: team win every game. NBA Hall of Famer Bob Lanier 200 00:11:09,480 --> 00:11:11,760 Speaker 1: has died at seventy three and eight time All Star 201 00:11:12,160 --> 00:11:15,320 Speaker 1: with the Detroit Pistons. Igor says dark and yesterday named 202 00:11:15,320 --> 00:11:17,600 Speaker 1: a finalist for the Vezna Trophy that goes to the 203 00:11:17,679 --> 00:11:20,600 Speaker 1: NHL's best goalie. He may very well win the award, 204 00:11:20,640 --> 00:11:23,000 Speaker 1: but will he play like a Vesana winner tonight at 205 00:11:23,000 --> 00:11:25,760 Speaker 1: the Garden. Just played three periods in Pittsburgh and gave 206 00:11:25,840 --> 00:11:28,960 Speaker 1: up ten goals. Just darking in the Rangers face elimination, 207 00:11:29,080 --> 00:11:32,079 Speaker 1: trailing the Penguins three to one. Game five wins last 208 00:11:32,200 --> 00:11:36,400 Speaker 1: night for Carolina, Toronto, St. Louis, and Los Angeles. John Stashower, 209 00:11:36,440 --> 00:11:39,520 Speaker 1: Bloomberg Sports, Nathan John stas Shower, thanks for that. SMP 210 00:11:39,640 --> 00:11:42,559 Speaker 1: futures right now are higher by forty six points, a 211 00:11:42,600 --> 00:11:44,640 Speaker 1: gain of one point two percent. Death futures up one 212 00:11:44,640 --> 00:11:48,160 Speaker 1: percent or three to sixteen points. Nasdaq futures leading the 213 00:11:48,200 --> 00:11:50,439 Speaker 1: gains this morning, up a hundred seventy three points for 214 00:11:50,480 --> 00:11:53,160 Speaker 1: a gain of one point four percent. Ten. Your treasury 215 00:11:53,200 --> 00:11:56,040 Speaker 1: is up fifteen thirty seconds, the yield two point nine 216 00:11:56,080 --> 00:12:00,520 Speaker 1: three percent as we await April cp I stay with us. 217 00:12:00,960 --> 00:12:08,600 Speaker 1: You're listening to Bloomberg Day right Bloomer eleven three oh 218 00:12:08,600 --> 00:12:11,160 Speaker 1: other sunny, upper sixties today, sunny with a high year 219 00:12:11,240 --> 00:12:14,360 Speaker 1: seventy tomorrow. Chance for showers on Friday with a high 220 00:12:14,400 --> 00:12:17,560 Speaker 1: year seventy degrees. Right now, clear sky fifty five degrees 221 00:12:17,600 --> 00:12:24,959 Speaker 1: in Central Park. Markets. Headlines and breaking news twenty four 222 00:12:24,960 --> 00:12:28,199 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business Out, 223 00:12:28,320 --> 00:12:37,680 Speaker 1: and at Bloomberg Quick Tape. He's a Bloomberg Business Flash, 224 00:12:38,320 --> 00:12:41,560 Speaker 1: but I'm kerin Moscow. US Knock index futures and European 225 00:12:41,640 --> 00:12:44,679 Speaker 1: shares are advancing as investors away to key inflation or 226 00:12:44,760 --> 00:12:47,760 Speaker 1: port to gauge whether the federal reserves efforts detainment inflation 227 00:12:47,800 --> 00:12:50,319 Speaker 1: in the world's largest economy are working. We checked the 228 00:12:50,360 --> 00:12:53,280 Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg 229 00:12:53,280 --> 00:12:55,800 Speaker 1: Guess and P futures up forty three points and Down 230 00:12:55,800 --> 00:12:58,320 Speaker 1: futures up two d eighty eight and Nashdack futures up 231 00:12:58,400 --> 00:13:02,160 Speaker 1: one fifty three. The decks in Germany's up one percent, 232 00:13:02,240 --> 00:13:05,240 Speaker 1: the ten year treasury up seventeen thirty seconds yield two 233 00:13:05,280 --> 00:13:07,280 Speaker 1: point nine two percent, the yield on the two year 234 00:13:07,320 --> 00:13:10,600 Speaker 1: two point five six percent. Nimex screwed oil is up 235 00:13:10,600 --> 00:13:12,599 Speaker 1: three percent of two dollars ninety nine cents at a 236 00:13:12,679 --> 00:13:15,520 Speaker 1: hundred two dollars seventy eight cents of barrel comics gold 237 00:13:15,559 --> 00:13:17,840 Speaker 1: up six tents percent or ten dollars forty cents at 238 00:13:17,880 --> 00:13:21,240 Speaker 1: eighteen fifty one fifty announced. The euro one point oh 239 00:13:21,280 --> 00:13:23,760 Speaker 1: five six eight against the dollar, British pound one point 240 00:13:23,760 --> 00:13:26,520 Speaker 1: to three HQ, the n is at one twenty nine 241 00:13:26,520 --> 00:13:29,240 Speaker 1: point six five, and Bitcoin this morning higher up a 242 00:13:29,280 --> 00:13:33,319 Speaker 1: third of a percent at thirty one thousand, one hundred dollars. 243 00:13:33,559 --> 00:13:36,000 Speaker 1: And again today we're watching for the Consumer Price Index 244 00:13:36,040 --> 00:13:38,080 Speaker 1: at at eight thirty Wall Street Time and Disney as 245 00:13:38,120 --> 00:13:41,439 Speaker 1: among companies scheduled to report earnings today. As a Bloomberg 246 00:13:41,440 --> 00:13:43,920 Speaker 1: Business Flash, now here's Michael Barr with more on what's 247 00:13:43,960 --> 00:13:46,800 Speaker 1: going on around the world. Michael, good morning, Good morning Karen. 248 00:13:46,840 --> 00:13:49,599 Speaker 1: In a rare bipartisan moment, the House has passed a 249 00:13:49,679 --> 00:13:53,200 Speaker 1: nearly forty billion dollar military and you manage during an 250 00:13:53,200 --> 00:13:56,400 Speaker 1: aid package for Ukraine. The money will go to everything 251 00:13:56,480 --> 00:13:59,960 Speaker 1: from weapons to refugee aide to money that will help 252 00:14:00,080 --> 00:14:04,320 Speaker 1: rebuild Ukraine. Senate majority leader Chuck Schumer plans to hold 253 00:14:04,320 --> 00:14:06,640 Speaker 1: a vote on a bill that would write abortion protections 254 00:14:06,640 --> 00:14:10,000 Speaker 1: into federal law. There will likely not be enough support 255 00:14:10,040 --> 00:14:13,840 Speaker 1: to move that legislation forward. In baseball, the Yankees, Red Sox, 256 00:14:13,880 --> 00:14:16,960 Speaker 1: Orioles and Giants one. The Mets beat the Nationals four 257 00:14:17,000 --> 00:14:20,200 Speaker 1: to the a split a double header with the Tigers Angels. 258 00:14:20,240 --> 00:14:23,760 Speaker 1: Rookie read Detmar's pitched the major's second no hitter this season. 259 00:14:24,120 --> 00:14:27,239 Speaker 1: In the NHL Playoffs, the Bruins lost to the Hurricanes 260 00:14:27,320 --> 00:14:30,120 Speaker 1: five one. Boston is now behind in that series three 261 00:14:30,120 --> 00:14:32,960 Speaker 1: games to two. Global News twenty four hours a day 262 00:14:32,960 --> 00:14:35,680 Speaker 1: on air and on Bloomberg Quick Take, powered by more 263 00:14:35,960 --> 00:14:38,400 Speaker 1: than twenty seven hundred journalists and analysts more than a 264 00:14:38,440 --> 00:14:42,800 Speaker 1: hundred twenty countries. Michael barn this is Bloomberg. Nathan alright, Michael. Thanks, 265 00:14:42,800 --> 00:14:45,280 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 266 00:14:45,320 --> 00:14:49,359 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and Mark Ostwald 267 00:14:49,440 --> 00:14:52,080 Speaker 1: is with us this morning, chief economist and global strategist 268 00:14:52,160 --> 00:14:54,880 Speaker 1: at a d M I s I in London. As 269 00:14:54,920 --> 00:14:58,600 Speaker 1: we await the April CPI data, we are watching markets 270 00:14:58,680 --> 00:15:00,800 Speaker 1: on the rise this morning, Mark, what do you think 271 00:15:00,880 --> 00:15:05,040 Speaker 1: is driving the sentiment this morning? I think that this 272 00:15:05,120 --> 00:15:08,000 Speaker 1: is really just what looks for me like a corrective 273 00:15:08,120 --> 00:15:11,400 Speaker 1: rally after and fairly sharp sell offs that we've had. 274 00:15:11,720 --> 00:15:15,280 Speaker 1: There are are you when we get into these situations 275 00:15:15,280 --> 00:15:19,640 Speaker 1: with sharp sell offs, there are always bargains to be had. Um, 276 00:15:19,880 --> 00:15:23,160 Speaker 1: it doesn't necessarily mean that the worst is over for 277 00:15:23,280 --> 00:15:27,160 Speaker 1: Wall Street. I sort of think um, particularly on the 278 00:15:27,160 --> 00:15:30,000 Speaker 1: growth side of the economy, which is probably more important 279 00:15:30,040 --> 00:15:33,600 Speaker 1: to some extent than either the FED or the inflation outlook. 280 00:15:34,200 --> 00:15:37,280 Speaker 1: We're probably still looking at the US economy with slightly 281 00:15:37,360 --> 00:15:41,640 Speaker 1: roast tinted glasses, as is the FED. Yes, the labor 282 00:15:41,680 --> 00:15:45,600 Speaker 1: market is very, very tight, but with the sort of 283 00:15:45,640 --> 00:15:48,240 Speaker 1: pressures that are there, and a lot of them not 284 00:15:48,400 --> 00:15:52,000 Speaker 1: likely to resolve themselves in any great hurry, particularly all 285 00:15:52,040 --> 00:15:54,520 Speaker 1: the price pressures that people have got. You we only 286 00:15:54,520 --> 00:15:56,800 Speaker 1: have to look at the corporate earning season to see 287 00:15:56,800 --> 00:16:00,160 Speaker 1: how many people are talking about price pressures and and 288 00:16:00,280 --> 00:16:05,680 Speaker 1: now starting to mention um demand demands at weakness, and 289 00:16:05,800 --> 00:16:09,080 Speaker 1: that really doesn't start surprise me, and that I think 290 00:16:09,120 --> 00:16:12,480 Speaker 1: in the longer run will be key for US equities. 291 00:16:12,920 --> 00:16:15,280 Speaker 1: Of course, in the short run, in the next few hours, 292 00:16:15,320 --> 00:16:18,080 Speaker 1: we are going to get that CPI data for the 293 00:16:18,120 --> 00:16:22,239 Speaker 1: month of April. Are we looking for signs of peak inflation? 294 00:16:22,400 --> 00:16:26,680 Speaker 1: Is that your view? Um? Well, to a certain extent, 295 00:16:26,760 --> 00:16:30,560 Speaker 1: we've got base effects in here now, which should basically 296 00:16:31,080 --> 00:16:33,680 Speaker 1: suggest that we've reached the peak. I think the more 297 00:16:33,760 --> 00:16:37,720 Speaker 1: important thing is not necessarily whether we've reached the peak, 298 00:16:37,800 --> 00:16:41,160 Speaker 1: but how fast are we going to fall. We were 299 00:16:41,240 --> 00:16:44,040 Speaker 1: predicted to fall quite rapidly in the second half of 300 00:16:44,040 --> 00:16:47,720 Speaker 1: the year. I rather think that headline CPI may not 301 00:16:47,840 --> 00:16:50,600 Speaker 1: get much below seven percent by the end of the year. 302 00:16:50,960 --> 00:16:53,200 Speaker 1: And as long as that's the case, we can talk 303 00:16:53,240 --> 00:16:58,000 Speaker 1: about inflation. That the pace of inflation growth as slowing, 304 00:16:58,600 --> 00:17:01,320 Speaker 1: but it doesn't take the pressure, it doesn't take the 305 00:17:01,360 --> 00:17:05,160 Speaker 1: pressure off the FED to basically tighten policy and tighten 306 00:17:05,240 --> 00:17:08,480 Speaker 1: policy quite quickly. M Hey, you know, it's a it's 307 00:17:08,520 --> 00:17:11,480 Speaker 1: a delicate balance here. But the biggest problem of all 308 00:17:11,960 --> 00:17:15,680 Speaker 1: is the loss of productive capacity, which we've not really 309 00:17:15,720 --> 00:17:18,320 Speaker 1: got round to enumerating. The only area which we can 310 00:17:18,359 --> 00:17:20,800 Speaker 1: get a clear side of it is in the US 311 00:17:21,440 --> 00:17:24,640 Speaker 1: well in the global oil refining sector, where we can 312 00:17:24,680 --> 00:17:27,720 Speaker 1: see that huge amounts of productive capacity have been lost 313 00:17:28,000 --> 00:17:30,560 Speaker 1: and that keeps on the pressure on oil products, and 314 00:17:30,600 --> 00:17:35,119 Speaker 1: oil products are basically what they're driving inflation, along with 315 00:17:35,520 --> 00:17:38,760 Speaker 1: other parts of the energy sector, most noticeably natural gas. 316 00:17:39,200 --> 00:17:42,200 Speaker 1: Do those kinds of pressures put more pressure on the 317 00:17:42,240 --> 00:17:45,320 Speaker 1: FED to move even more aggressively on rates? Could we 318 00:17:45,400 --> 00:17:48,640 Speaker 1: be looking at a seventy five basis point move somewhere 319 00:17:48,680 --> 00:17:52,240 Speaker 1: down the line? Um? I don't think, I said well, 320 00:17:52,720 --> 00:17:56,280 Speaker 1: I think the more important point. You know, they've not 321 00:17:56,400 --> 00:17:59,080 Speaker 1: taken it off the table completely, but I think they 322 00:17:59,080 --> 00:18:01,560 Speaker 1: will be very low to do that unless they see 323 00:18:01,600 --> 00:18:06,960 Speaker 1: some very sharp second round effects coming through, particularly in wages, 324 00:18:07,280 --> 00:18:12,040 Speaker 1: UM and in services. That's not ruled out, but it 325 00:18:12,119 --> 00:18:15,199 Speaker 1: would it take that that would be an absolute requirement. 326 00:18:15,920 --> 00:18:18,879 Speaker 1: The more important point is what can the FED do 327 00:18:18,880 --> 00:18:22,719 Speaker 1: do about oil and energy prices? And the answer is 328 00:18:23,000 --> 00:18:25,120 Speaker 1: just the same as all other central banks. They can 329 00:18:25,119 --> 00:18:28,960 Speaker 1: do actually precious little. And this is sort of you know, 330 00:18:29,080 --> 00:18:33,880 Speaker 1: weak coordinated fiscal and legislative and monetary policy wells during 331 00:18:33,880 --> 00:18:37,760 Speaker 1: the pandemic, but we're now sort of seeming to everyone's 332 00:18:37,760 --> 00:18:41,720 Speaker 1: going off in different directions. And it's probably needed now 333 00:18:42,000 --> 00:18:45,879 Speaker 1: more than during the pandemic, because there's a lot here 334 00:18:46,240 --> 00:18:49,959 Speaker 1: which really would be better dealt with by better spending 335 00:18:49,960 --> 00:18:55,520 Speaker 1: on infrastructure, fiscal measures, through support the weakest parts, weaker 336 00:18:55,560 --> 00:18:57,840 Speaker 1: parts of the economy, be that at the corporate or 337 00:18:58,000 --> 00:19:01,640 Speaker 1: personal level UM, and that needs to be a lot 338 00:19:01,720 --> 00:19:05,280 Speaker 1: better coordination on that front. Now, those are some long 339 00:19:05,520 --> 00:19:10,680 Speaker 1: term possibilities that we could talk about for much longer, 340 00:19:10,720 --> 00:19:13,240 Speaker 1: but unfortunately we've run out of time here. But thanks 341 00:19:13,280 --> 00:19:16,840 Speaker 1: so much for these insights this morning, Mark Ostwald, chief 342 00:19:16,840 --> 00:19:20,439 Speaker 1: economist and global strategist at a d m I s I. 343 00:19:20,680 --> 00:19:23,919 Speaker 1: As we await those April CPI numbers do out at 344 00:19:24,000 --> 00:19:26,679 Speaker 1: eight thirty am Wall Street time, we'll have them for 345 00:19:26,760 --> 00:19:29,680 Speaker 1: you live here on Bloomberg Radio, along with the kind 346 00:19:29,680 --> 00:19:33,280 Speaker 1: of analysis you have come to expect from Bloomberg Radio. 347 00:19:33,760 --> 00:19:36,960 Speaker 1: Right now, SMP futures are higher by forty two point 348 00:19:37,000 --> 00:19:39,960 Speaker 1: Staff futures up two d seventy eight, Nasdaq futures up 349 00:19:40,000 --> 00:19:43,040 Speaker 1: one hundred fifty four points ahead of the inflation data. 350 00:19:43,440 --> 00:19:46,280 Speaker 1: Tenure Treasury is up sixteen thirty seconds now with the 351 00:19:46,359 --> 00:19:49,560 Speaker 1: yield two point nine and the yield on the two 352 00:19:49,640 --> 00:19:54,439 Speaker 1: year two point five seven percent. Looking at nim X crude, 353 00:19:54,440 --> 00:19:56,800 Speaker 1: it's higher by two point nine percent of two dollars 354 00:19:56,840 --> 00:19:59,760 Speaker 1: eighty seven cents at a hundred two dollars sixty three 355 00:19:59,760 --> 00:20:03,520 Speaker 1: cents for a barrel of West Texas Intermediate. This is Bloomberg. 356 00:20:07,640 --> 00:20:09,360 Speaker 1: Bloomberg Daybreak has brought to you by the New York 357 00:20:09,359 --> 00:20:11,479 Speaker 1: Community Trust. Your name will live on as a champion 358 00:20:11,480 --> 00:20:13,440 Speaker 1: of the causes you care about for years to come 359 00:20:13,440 --> 00:20:15,960 Speaker 1: through a charitable bequest to the New York Community Trust. 360 00:20:16,040 --> 00:20:23,680 Speaker 1: Learn more at Philanthropist dot n YC broadcasting live from 361 00:20:23,680 --> 00:20:27,520 Speaker 1: the Bloomberg Interactive Broker Studio in New York, Bloomberg E 362 00:20:27,560 --> 00:20:32,240 Speaker 1: Living Freedom to Washington, d C, Bloomberg to Boston, Bloomberg 363 00:20:32,280 --> 00:20:35,320 Speaker 1: one O six one to San Francisco, Bloomberg nine six 364 00:20:35,600 --> 00:20:38,359 Speaker 1: to the Country, Sirius XM Chile one nine team, and 365 00:20:38,480 --> 00:20:41,800 Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio 366 00:20:41,920 --> 00:20:51,240 Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on 367 00:20:51,280 --> 00:20:54,439 Speaker 1: Wall Street. Good morning. I'm Nathan Hager and I'm Cameron Moscower. 368 00:20:54,600 --> 00:20:57,240 Speaker 1: Just about four hours away from the open of US trading. 369 00:20:57,280 --> 00:20:58,639 Speaker 1: Let's get you have to date in the news you 370 00:20:58,680 --> 00:21:00,440 Speaker 1: need to know at this hour the this morning, we 371 00:21:00,480 --> 00:21:03,359 Speaker 1: at the latest reading on inflation. The April Consumer Price 372 00:21:03,400 --> 00:21:05,920 Speaker 1: Index will be released at eight thirty Wall Street time. 373 00:21:06,400 --> 00:21:10,120 Speaker 1: Nathan Sheets, chief, a global economists with City, says high 374 00:21:10,160 --> 00:21:13,280 Speaker 1: commodity prices and supply chain pressures could lead to more 375 00:21:13,400 --> 00:21:17,440 Speaker 1: persistent inflation. Looking under the hood is going to be critical. 376 00:21:18,359 --> 00:21:22,600 Speaker 1: We're expecting a zero point four percent month to month 377 00:21:22,680 --> 00:21:27,520 Speaker 1: read for core, somewhat lower for headline, but when I 378 00:21:27,680 --> 00:21:32,199 Speaker 1: look at underlying components, I just have a hard time 379 00:21:32,359 --> 00:21:36,240 Speaker 1: being too optimistic about the inflation outlook. That City Group 380 00:21:36,320 --> 00:21:39,560 Speaker 1: chief Global economist Nathan Sheets, and he expects inflation to 381 00:21:39,600 --> 00:21:43,320 Speaker 1: gradually decline this year, even if it hasn't peaked yet. Well. 382 00:21:43,320 --> 00:21:46,280 Speaker 1: The April CPI will likely affect how the Fed titans 383 00:21:46,320 --> 00:21:49,760 Speaker 1: monetary policy Karen Cleveland FED President Loretta Mester says the 384 00:21:49,800 --> 00:21:53,240 Speaker 1: path to two percent inflation will be painful. The unemployer 385 00:21:53,480 --> 00:21:55,959 Speaker 1: may have to rise, we make it another quarter of 386 00:21:56,920 --> 00:22:00,320 Speaker 1: or two of negative growth, but that's has to happen 387 00:22:00,520 --> 00:22:03,720 Speaker 1: in order to get inflation down. So we are tightening 388 00:22:03,880 --> 00:22:07,399 Speaker 1: financial conditions and we've got to continue doing that until 389 00:22:07,440 --> 00:22:11,240 Speaker 1: we see inflation moving back down. Cleveland FED President Loretta 390 00:22:11,280 --> 00:22:13,840 Speaker 1: Master tells Bloomberg's Michael mckeesh would not rule out a 391 00:22:13,920 --> 00:22:17,240 Speaker 1: hike of seventy five basis points this year. In Asia, 392 00:22:17,400 --> 00:22:21,800 Speaker 1: inflation also in focus, Nathan China's factory gave prices rising 393 00:22:21,840 --> 00:22:26,119 Speaker 1: faster than expected in April and CPI exceeded projections. COVID 394 00:22:26,160 --> 00:22:29,080 Speaker 1: lockdowns are blamed for higher food and fuel prices. So 395 00:22:29,160 --> 00:22:32,160 Speaker 1: watching earning season, Karen Disney is going to report this afternoon, 396 00:22:32,160 --> 00:22:36,240 Speaker 1: and Bloomberg Intelligence expects streaming subscriber growth will slow, but 397 00:22:36,320 --> 00:22:39,640 Speaker 1: it also expects strong performance from domestic parks. Molly now 398 00:22:39,680 --> 00:22:42,040 Speaker 1: turned to Twitter and Elon Musk. Nathan, speaking at a 399 00:22:42,119 --> 00:22:45,480 Speaker 1: conference yesterday, the world's richest man, said he would reverse 400 00:22:45,560 --> 00:22:49,280 Speaker 1: former President Donald Trump's permanent ban if he takes control 401 00:22:49,320 --> 00:22:52,000 Speaker 1: of the company. Musk also says he is not sure 402 00:22:52,040 --> 00:22:55,040 Speaker 1: Trump would even return to the platform. He has publicly 403 00:22:55,080 --> 00:22:57,760 Speaker 1: stated that he will not be coming back to Twitter 404 00:22:58,840 --> 00:23:00,919 Speaker 1: um and that he will leave you on true social 405 00:23:01,240 --> 00:23:05,000 Speaker 1: Elon Musk called Trump's van morally wrong and flat out stupid. 406 00:23:05,200 --> 00:23:07,639 Speaker 1: Turning to the war in Ukraine, Karen Russia and Ukraine 407 00:23:07,640 --> 00:23:10,040 Speaker 1: are clashing over natural gas that's raising a threat to 408 00:23:10,080 --> 00:23:12,920 Speaker 1: europe supply. Russian gas flowing into Europe for one of 409 00:23:13,040 --> 00:23:17,560 Speaker 1: two key entry points was stopped as occupying forces disrupted operations. 410 00:23:17,600 --> 00:23:20,800 Speaker 1: It's the first time since the invasion that gas transitting 411 00:23:20,800 --> 00:23:23,639 Speaker 1: through Ukraine into Europe has been disrupted. S and P 412 00:23:23,840 --> 00:23:26,240 Speaker 1: future is higher, up forty three points this morning, down 413 00:23:26,320 --> 00:23:29,000 Speaker 1: futures of two D eighty four NASDAG futures have one 414 00:23:29,080 --> 00:23:31,920 Speaker 1: hundred fifty seven straight and hand your latest local headlines 415 00:23:31,960 --> 00:23:38,760 Speaker 1: plus a check of sports and this is Bloomberg thanks. 416 00:23:38,840 --> 00:23:41,640 Speaker 1: Karen from Wall Street. Fifty five degrees in Central Park. 417 00:23:41,720 --> 00:23:44,800 Speaker 1: Got an accident in Rockland County. It's northbound A nine 418 00:23:44,960 --> 00:23:47,840 Speaker 1: W at Lakewood Drive. More coming up in traffic. First 419 00:23:47,840 --> 00:23:49,639 Speaker 1: Michael bar with more on what's going on in New 420 00:23:49,760 --> 00:23:52,520 Speaker 1: York and around the world. Michael, thank you very much. Nathan. 421 00:23:52,560 --> 00:23:54,720 Speaker 1: The Senate is expected to vote today on a bill 422 00:23:54,880 --> 00:23:58,639 Speaker 1: that would codify abortion rights into federal law. Bloomberg's At 423 00:23:58,680 --> 00:24:01,840 Speaker 1: Baxter has the story. Passage is a long shot, but 424 00:24:01,880 --> 00:24:04,520 Speaker 1: sent up. Majority Leader Chuck Schumer says he wants every 425 00:24:04,600 --> 00:24:07,840 Speaker 1: Senator on the record for all to see. Senate Minority 426 00:24:07,920 --> 00:24:10,880 Speaker 1: Leader Mitch McConnell says, actually, that's exactly what the leak 427 00:24:10,960 --> 00:24:15,240 Speaker 1: Supreme Court opinion suggested a vote. But historically there have 428 00:24:15,359 --> 00:24:19,800 Speaker 1: been abortion votes on the floor of the Senate, none 429 00:24:19,800 --> 00:24:23,240 Speaker 1: of them have achieved six vote. McConnell says, go ahead, 430 00:24:23,359 --> 00:24:26,680 Speaker 1: take the vote. Schumer says, if by some chance Republicans 431 00:24:26,680 --> 00:24:28,840 Speaker 1: take control of the Congress, it could mean a total 432 00:24:28,880 --> 00:24:32,479 Speaker 1: federal ban. On the table in San Francisco, I'm at 433 00:24:32,480 --> 00:24:35,960 Speaker 1: Baxter Bloomberg Daybreak. New York Governor Kathy Hokel has announced 434 00:24:35,960 --> 00:24:39,160 Speaker 1: that the state will make thirty five million dollars available 435 00:24:39,200 --> 00:24:43,760 Speaker 1: to help abortion providers boost services and security. In Connecticut, 436 00:24:43,800 --> 00:24:46,760 Speaker 1: Governor Ned Lamont signed a new abortion bill into law 437 00:24:46,840 --> 00:24:51,320 Speaker 1: that he says expands abortion access. Everybody talking about freedom. 438 00:24:51,359 --> 00:24:54,240 Speaker 1: This is a fundamental freedom issue that is being challenged 439 00:24:54,280 --> 00:24:58,439 Speaker 1: by the Supreme Court. Fundamental. Governor Lamont also says the 440 00:24:58,440 --> 00:25:02,400 Speaker 1: state is providing pre Na will support and support afterbirth. 441 00:25:03,000 --> 00:25:06,080 Speaker 1: Look for more police officers in New York City subways 442 00:25:06,119 --> 00:25:09,240 Speaker 1: overnight and for longer stretches of time. In a new 443 00:25:09,280 --> 00:25:12,359 Speaker 1: strategy on fighting crime in my p D, Transit chief 444 00:25:12,440 --> 00:25:15,240 Speaker 1: Jason Wilcox says, we need to be where the crime 445 00:25:15,400 --> 00:25:19,399 Speaker 1: is and where people can see us. Representative Alex Mooney, 446 00:25:19,600 --> 00:25:24,000 Speaker 1: endorsed by Donald Trump, won over fellow Representative David McKinley 447 00:25:24,040 --> 00:25:28,639 Speaker 1: in a reapportionment forced Republican primary. It is now poised 448 00:25:28,640 --> 00:25:32,719 Speaker 1: to represent West Virginia Second District in the next Congress. Meanwhile, 449 00:25:32,800 --> 00:25:36,960 Speaker 1: Republican voters in Nebraska picked Jim Pilling as their nominee 450 00:25:36,960 --> 00:25:40,360 Speaker 1: for governor the University of Nebraska. Regent was backed by 451 00:25:40,480 --> 00:25:45,000 Speaker 1: the state's outgoing governor. Pilling beat eight rivals, including Charles Herbster, 452 00:25:45,359 --> 00:25:48,280 Speaker 1: who was supported by a former President Trump and accused 453 00:25:48,280 --> 00:25:51,639 Speaker 1: of groping multiple women. Global News twenty four hours a 454 00:25:51,720 --> 00:25:54,840 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 455 00:25:54,880 --> 00:25:58,160 Speaker 1: than seven hundred journalists analysts more than a hundred twenty countries. 456 00:25:58,480 --> 00:26:07,040 Speaker 1: Michael barn this is Bloomberg. Thank you, Michael ball Street. 457 00:26:07,040 --> 00:26:09,520 Speaker 1: Time for the Bloomberg Sports Something with John stash Ower. Hey, 458 00:26:09,560 --> 00:26:11,719 Speaker 1: if you're the Yankees cape winning. They made it fourteen 459 00:26:11,760 --> 00:26:14,800 Speaker 1: in the last sixteen, even when trailing by two runs 460 00:26:14,800 --> 00:26:17,280 Speaker 1: and down to their last two outs. Aaron Judge with 461 00:26:17,400 --> 00:26:20,000 Speaker 1: a game winning w walk off three run homer bottom 462 00:26:20,000 --> 00:26:22,120 Speaker 1: of the ninth and a thrilling six five win over 463 00:26:22,160 --> 00:26:24,920 Speaker 1: the Blue Jays at the Stadium. John Carlos Stanton had 464 00:26:25,040 --> 00:26:26,760 Speaker 1: hit a three run shot in the sixth inning. The 465 00:26:26,840 --> 00:26:29,200 Speaker 1: Yanks are a Major league best twenty one and eight. 466 00:26:29,480 --> 00:26:31,720 Speaker 1: They've got a twelve thirty start with the Blue Jays today. 467 00:26:31,720 --> 00:26:34,400 Speaker 1: The Mets are a National League best one and ten. 468 00:26:34,440 --> 00:26:37,320 Speaker 1: They trailed in Washington rally to win four two behind 469 00:26:37,359 --> 00:26:40,280 Speaker 1: Carlos Carrasco. The Mets may have needed five pitchers for 470 00:26:40,320 --> 00:26:42,800 Speaker 1: their no hitter, and Angels rookie that did it all 471 00:26:42,840 --> 00:26:47,440 Speaker 1: by himself. It's chapter short. This should do it to 472 00:26:47,600 --> 00:26:51,639 Speaker 1: throw the first. It's a no hitter. It's a no hitter. 473 00:26:52,400 --> 00:26:57,879 Speaker 1: Three Geppers in just eleven major league start gets a 474 00:26:58,000 --> 00:27:03,080 Speaker 1: new hitter. That's the first Angels history lay they called twelve. 475 00:27:03,160 --> 00:27:06,000 Speaker 1: Nothing went over Tampa Bay Deckers is twenty two. He's 476 00:27:06,040 --> 00:27:08,320 Speaker 1: the youngest to throw a no hitters in two thousand six. 477 00:27:08,640 --> 00:27:11,600 Speaker 1: Home cooking continuous in the NBA playoffs two series where 478 00:27:11,600 --> 00:27:13,480 Speaker 1: the home teams won every game in the game fives 479 00:27:13,480 --> 00:27:17,480 Speaker 1: were blowouts. Phoenix beat Dallas by thirty Miami met Philadelphia 480 00:27:17,480 --> 00:27:20,520 Speaker 1: by thirty five. Both go up three to four game fives. 481 00:27:20,520 --> 00:27:23,080 Speaker 1: In the NHL, Carolina beat Boston, the home teams won 482 00:27:23,119 --> 00:27:26,080 Speaker 1: every game there. Toronto on a late Austin Matthews goal 483 00:27:26,119 --> 00:27:28,359 Speaker 1: rally past Tampa Bay St. Louis with three in the 484 00:27:28,359 --> 00:27:30,119 Speaker 1: third to win in Minnesota, and l a one in 485 00:27:30,200 --> 00:27:33,720 Speaker 1: overtime at Edmonton. All four winning teams now have free 486 00:27:33,720 --> 00:27:36,680 Speaker 1: two leagues. The Penguins lead the Rangers three one, game 487 00:27:36,760 --> 00:27:39,680 Speaker 1: five tonight at the Garden. Does the Ranger season end? 488 00:27:39,760 --> 00:27:41,480 Speaker 1: Where can they at least force the game six back 489 00:27:41,520 --> 00:27:45,280 Speaker 1: in Pittsburgh? John stash Award, Bloomberg Sports, Nathan Plot seconds. 490 00:27:45,440 --> 00:27:47,600 Speaker 1: Thank you, John. Five thirty seven on Wall Street. Time 491 00:27:47,600 --> 00:27:50,359 Speaker 1: for the tri State Business Report. Here's Bloomberg's head Cory. 492 00:27:50,800 --> 00:27:53,640 Speaker 1: The Partnership for New York City says some seventy eight 493 00:27:53,680 --> 00:27:57,800 Speaker 1: percent of businesses were adopting a hybrid workplace model on 494 00:27:57,960 --> 00:28:00,480 Speaker 1: the eight percent of Manhattan office workers are back in 495 00:28:00,560 --> 00:28:03,479 Speaker 1: the office five days a week, twenty eight percent are 496 00:28:03,560 --> 00:28:06,400 Speaker 1: still fully remote, according to a survey of more than 497 00:28:06,400 --> 00:28:10,199 Speaker 1: one hundred sixty major employers in New York, Connecticut is 498 00:28:10,240 --> 00:28:14,400 Speaker 1: the fifth U S state with comprehensive consumer privacy legislation, 499 00:28:14,840 --> 00:28:17,280 Speaker 1: and the second so far this year after Utah to 500 00:28:17,400 --> 00:28:21,199 Speaker 1: enact such a measure. The Connecticut law requires companies to 501 00:28:21,280 --> 00:28:24,960 Speaker 1: limit the collection of personal data to that which is adequate, relevant, 502 00:28:24,960 --> 00:28:28,800 Speaker 1: and reasonably necessary. Circumstances have improved for a lot of 503 00:28:28,840 --> 00:28:32,760 Speaker 1: nonprofits in New Jersey, they say. Overall, conditions are more 504 00:28:32,800 --> 00:28:35,680 Speaker 1: positive compared to the same time a year ago, according 505 00:28:35,720 --> 00:28:38,960 Speaker 1: to the New Jersey Center for Nonprofits. Some though, are 506 00:28:38,960 --> 00:28:43,120 Speaker 1: wrestling with funding gaps, the impact of COVID and racial inequities. 507 00:28:43,520 --> 00:28:46,800 Speaker 1: That your Bloomberg Trying State Business Report. I'm in Corey, alright, 508 00:28:47,000 --> 00:28:49,440 Speaker 1: thank you. It's five eight on Wall Street. Bloomberg Radio 509 00:28:49,520 --> 00:28:51,520 Speaker 1: is on the air from San Francisco to New York, 510 00:28:51,560 --> 00:28:54,160 Speaker 1: London to Hong Kong. Let's check in with our global 511 00:28:54,160 --> 00:28:56,040 Speaker 1: news team for some of the top stories heard on 512 00:28:56,040 --> 00:29:01,480 Speaker 1: our three hundred affiliate radio stations around the world. I'm 513 00:29:01,520 --> 00:29:04,640 Speaker 1: Jeff Bullinger and on w tv N in Columbus. I'm 514 00:29:04,680 --> 00:29:07,520 Speaker 1: reporting that Ohio was among the states for the highest 515 00:29:07,560 --> 00:29:11,360 Speaker 1: home foreclosure rates last month. I'm Caroline Head going Bloombay 516 00:29:11,440 --> 00:29:13,800 Speaker 1: d a B Digital Radio in London. We're reporting on 517 00:29:13,840 --> 00:29:17,640 Speaker 1: the risk to European gas supplies as Ukraine's grid operators 518 00:29:17,680 --> 00:29:21,479 Speaker 1: says flows to a key Ukrainian pipeline face disue option. 519 00:29:21,840 --> 00:29:25,760 Speaker 1: On bernits Anahuan Carol Dan Dallas Airport summer traffic may 520 00:29:25,800 --> 00:29:29,200 Speaker 1: hit a record three million flyers day. I'm in Corey 521 00:29:29,280 --> 00:29:33,520 Speaker 1: on w W James Detroit. I'm talking about Toyota forecasting 522 00:29:33,520 --> 00:29:37,040 Speaker 1: a lower operating profit outlook for the year. And those 523 00:29:37,080 --> 00:29:39,880 Speaker 1: are some of the stories our twenty hundred Bloomberg journalists 524 00:29:39,880 --> 00:29:42,000 Speaker 1: and analysts are working on this morning around the world. 525 00:29:42,160 --> 00:29:44,960 Speaker 1: It's five thirty nine on Wall Street. The following is 526 00:29:44,960 --> 00:29:49,040 Speaker 1: an editorial from Bloomberg Opinion. Learning the right lessons from 527 00:29:49,080 --> 00:29:52,440 Speaker 1: the pandemic is essential, but jumping to the wrong conclusions 528 00:29:52,480 --> 00:29:55,479 Speaker 1: will only add to its costs. In trade policy, this 529 00:29:55,520 --> 00:29:59,200 Speaker 1: is no hypothetical danger. It's happening. Even before COVID nineteen 530 00:29:59,320 --> 00:30:03,000 Speaker 1: struck port for liberal trade was faltering in many countries. 531 00:30:03,560 --> 00:30:07,280 Speaker 1: Two years of virus related disruptions have further highlighted the 532 00:30:07,400 --> 00:30:11,120 Speaker 1: risks of relying on extended supply chains. Now some suggest 533 00:30:11,160 --> 00:30:14,600 Speaker 1: the world has entered a post globalization era. This kind 534 00:30:14,640 --> 00:30:18,880 Speaker 1: of thinking threatened slower growth, lowers real incomes, and diminishes 535 00:30:18,960 --> 00:30:22,600 Speaker 1: prospects for every kind of international cooperation. The risks and 536 00:30:22,680 --> 00:30:27,200 Speaker 1: downsides of trade aren't imaginary. Policies are needed to mitigate them, 537 00:30:27,200 --> 00:30:30,040 Speaker 1: and governments have too often neglected this task. But it 538 00:30:30,040 --> 00:30:32,800 Speaker 1: would be hard to exaggerate how misguided it would be 539 00:30:32,880 --> 00:30:37,080 Speaker 1: to turn trade against itself. Globalization still works, and the 540 00:30:37,120 --> 00:30:39,960 Speaker 1: world needs it more than ever. This editorial was written 541 00:30:40,000 --> 00:30:42,880 Speaker 1: by the Bloomberg Opinion Editorial Board. I'm David Chipley. For 542 00:30:42,920 --> 00:30:45,560 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 543 00:30:45,560 --> 00:30:48,520 Speaker 1: opinion or opi and go on the Bloomberg terminal. This 544 00:30:48,800 --> 00:30:51,840 Speaker 1: has been Bloomberg opinion, and you can hear Bloomberg opinion 545 00:30:51,920 --> 00:30:54,960 Speaker 1: editorials every weekday. At this time, terminal customers can read 546 00:30:55,000 --> 00:30:58,560 Speaker 1: more at alp I and go looking ahead to the 547 00:30:58,600 --> 00:31:02,479 Speaker 1: April CPI futures are moving higher. We have SMP futures 548 00:31:02,560 --> 00:31:04,959 Speaker 1: right now up forty two points. Staff futures up two 549 00:31:05,320 --> 00:31:08,080 Speaker 1: seventy four. Nastac Future is leading the way this morning 550 00:31:08,120 --> 00:31:10,720 Speaker 1: with a hundred fifty nine point game that has a 551 00:31:10,800 --> 00:31:14,280 Speaker 1: rise of one point ten. Your treasury is up fifteen 552 00:31:14,360 --> 00:31:18,160 Speaker 1: thirty seconds, the yield two point nine three. This is 553 00:31:18,200 --> 00:31:25,440 Speaker 1: Bloomberg Bloomberg eleven three oh other sunny upper sixties today, 554 00:31:25,600 --> 00:31:28,360 Speaker 1: mostly sunny tomorrow with a high near seventy. By Friday 555 00:31:28,400 --> 00:31:29,920 Speaker 1: will turn most of the cloudy with a chance for 556 00:31:30,000 --> 00:31:32,880 Speaker 1: showers in a high still near seventy degrees, currently fifty 557 00:31:32,920 --> 00:31:39,960 Speaker 1: five in Central Park markets. Headlines and breaking news twenty 558 00:31:39,960 --> 00:31:42,840 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 559 00:31:42,880 --> 00:31:46,440 Speaker 1: Business apt and at Bloomberg Quicktape. This is a Bloomberg 560 00:31:46,520 --> 00:31:55,880 Speaker 1: Business Flash and I'm Cameron Moscow. US index futures are 561 00:31:55,920 --> 00:31:58,600 Speaker 1: on the rise, along with European shares. Investors awaiting a 562 00:31:58,680 --> 00:32:01,480 Speaker 1: key inflation report to get whether the Federal Reserve's efforts 563 00:32:01,520 --> 00:32:04,640 Speaker 1: detain inflation and the world's largest economy are working. We 564 00:32:04,720 --> 00:32:07,160 Speaker 1: checked the markets every fifteen minutes throughout the trading day. 565 00:32:07,200 --> 00:32:10,440 Speaker 1: On Bloomberg SMP Future is at forty three points this morning, 566 00:32:10,440 --> 00:32:13,040 Speaker 1: down Future is up two hundred eighty three, NASTAG futures 567 00:32:13,080 --> 00:32:15,800 Speaker 1: up one hundred sixty three. The decks in Germany's of 568 00:32:15,920 --> 00:32:18,920 Speaker 1: one percent and your treasury of fourteen thirty seconds held 569 00:32:18,960 --> 00:32:21,480 Speaker 1: two point nine three percent yield on a two year 570 00:32:21,640 --> 00:32:24,760 Speaker 1: two point five nine percent NIMEX screwed oil is a 571 00:32:24,880 --> 00:32:27,040 Speaker 1: two point eight percent of two dollars eighty two cents 572 00:32:27,080 --> 00:32:29,200 Speaker 1: and a hundred two dollars fifty eight cents of Barrel 573 00:32:29,440 --> 00:32:32,160 Speaker 1: Comics called up half percent or nine dollars fifty cents 574 00:32:32,160 --> 00:32:35,440 Speaker 1: and eighteen fifty fifty announced. The Euro one point five 575 00:32:35,760 --> 00:32:38,120 Speaker 1: nine against the dollar, British found one point to three 576 00:32:38,240 --> 00:32:40,640 Speaker 1: six nine, the En one twenty nine point eight one, 577 00:32:41,200 --> 00:32:44,080 Speaker 1: and bitcoy this morning higher up one point nine percent 578 00:32:44,120 --> 00:32:47,080 Speaker 1: at thirty one thousand, five hundred fifty dollars. That's of 579 00:32:47,120 --> 00:32:49,800 Speaker 1: Bloomberg Business Flash. Now here's Michael bar with more on 580 00:32:49,840 --> 00:32:52,760 Speaker 1: what's going on around the world. Michael, thank you very much. 581 00:32:52,840 --> 00:32:56,160 Speaker 1: Karen It was a split primary decision yesterday for former 582 00:32:56,200 --> 00:33:01,480 Speaker 1: President Trump supported candidates in West Virginia, represent Alex Mooney, 583 00:33:01,680 --> 00:33:05,640 Speaker 1: endorsed by Trump, one over fellow Representative David McKinley. In 584 00:33:05,760 --> 00:33:10,840 Speaker 1: a reapportionment forced Republican primary. Republican voters in Nebraska picked 585 00:33:10,920 --> 00:33:14,640 Speaker 1: Jim Pillen as their nominee for governor. He beat eight rivals, 586 00:33:14,640 --> 00:33:18,280 Speaker 1: including Trump supported Charles Herbster, who was accused of groping 587 00:33:18,360 --> 00:33:21,920 Speaker 1: multiple women. In baseball. The Yankees, Red Sox, Orioles, and 588 00:33:21,960 --> 00:33:24,160 Speaker 1: Giants one the Mets to be the Nationals for to 589 00:33:24,720 --> 00:33:27,720 Speaker 1: the A split a double header with the Tigers. Angels, 590 00:33:27,760 --> 00:33:31,760 Speaker 1: Rookie Read Dettmar's pitched the major's second no hitter this season. 591 00:33:32,120 --> 00:33:35,120 Speaker 1: In the NHL Playoffs, the Bruined lost to the Hurricanes 592 00:33:35,120 --> 00:33:37,480 Speaker 1: that are now behind in the series three games to two. 593 00:33:37,800 --> 00:33:40,200 Speaker 1: Global News twenty four hours a day on a or 594 00:33:40,320 --> 00:33:43,320 Speaker 1: end on Bloomberg Quicktake, powered by more than twenty seven 595 00:33:43,560 --> 00:33:46,080 Speaker 1: d journalists and analysts more than a hundred twenty countries. 596 00:33:46,240 --> 00:33:49,720 Speaker 1: I'm Michael Barr, and this is Bloomberg. Nathan, Okay, Michael. Thanks, 597 00:33:49,720 --> 00:33:51,760 Speaker 1: It's five forty nine on Wall Street Live from the 598 00:33:51,760 --> 00:33:55,400 Speaker 1: Bloomberg intract and broker studios. This is Bloomberg Daybreak as 599 00:33:55,440 --> 00:33:58,520 Speaker 1: we relate the April Consumer Price Index, now due out 600 00:33:58,560 --> 00:34:00,960 Speaker 1: in just a little more than two and a half 601 00:34:01,000 --> 00:34:04,680 Speaker 1: hours time. We're joining it now by Jennifer Lee, senior 602 00:34:04,720 --> 00:34:07,880 Speaker 1: economist at Demo Capital Markets. Jennifer, it's always great to 603 00:34:07,920 --> 00:34:11,000 Speaker 1: speak with you. Looking at the ECO screen on the 604 00:34:11,040 --> 00:34:14,480 Speaker 1: Bloomberg terminal, economists are calling for eight point one percent 605 00:34:14,600 --> 00:34:17,200 Speaker 1: year over year, but that's lower than the prior month. 606 00:34:17,440 --> 00:34:22,279 Speaker 1: Have we reached peak inflation in your view? UM? Good morning. UM. 607 00:34:22,440 --> 00:34:25,759 Speaker 1: Let's hope we are at peak inflation. UM, but I 608 00:34:25,760 --> 00:34:29,160 Speaker 1: don't think we're quite there yet. These are most basically 609 00:34:29,160 --> 00:34:32,680 Speaker 1: more technical improvements. I think, you know, we're looking for, Um, 610 00:34:32,760 --> 00:34:34,640 Speaker 1: you know, the past number of months have seen some 611 00:34:34,680 --> 00:34:36,799 Speaker 1: sizeable month to month increases, so we're looking for like 612 00:34:36,800 --> 00:34:40,920 Speaker 1: a more modest point three point increase in the headline 613 00:34:40,920 --> 00:34:43,600 Speaker 1: this morning, but just due to you know, um, a 614 00:34:43,719 --> 00:34:46,680 Speaker 1: drop in car prices in April a lot less than 615 00:34:46,680 --> 00:34:49,359 Speaker 1: what we saw in March as an example. But this 616 00:34:49,440 --> 00:34:51,480 Speaker 1: is just this is will be just the beginning, and 617 00:34:51,719 --> 00:34:53,360 Speaker 1: you know, it's like fed share. Powill said during his 618 00:34:53,400 --> 00:34:56,080 Speaker 1: press conference last week that he'll need a lot more 619 00:34:56,760 --> 00:35:00,640 Speaker 1: evidence to see that inflation has either peaked or button vote, 620 00:35:01,000 --> 00:35:03,239 Speaker 1: um Cleveland said semester. I think she was on the 621 00:35:03,280 --> 00:35:05,839 Speaker 1: wires yesterday also saying that she needs to see some 622 00:35:06,040 --> 00:35:10,799 Speaker 1: quote compelling moves unquote before she considers, you know, taking arrest. Yeah, 623 00:35:10,840 --> 00:35:13,239 Speaker 1: and she was speaking with us yesterday on Bloomberg Radio 624 00:35:13,280 --> 00:35:16,040 Speaker 1: and television saying that she wouldn't take a seventy five 625 00:35:16,040 --> 00:35:19,479 Speaker 1: basis point rate hike off the table sometime this year. 626 00:35:19,640 --> 00:35:21,319 Speaker 1: Is that what it's going to take, something like an 627 00:35:21,320 --> 00:35:24,160 Speaker 1: even more aggressive move from the FED to rein in 628 00:35:24,320 --> 00:35:28,520 Speaker 1: these price pressures. Just looking at what's happening now, I 629 00:35:28,520 --> 00:35:32,239 Speaker 1: think they might have to. Um, it's not our it's 630 00:35:32,280 --> 00:35:34,000 Speaker 1: not our base case. I mean we've got you know, 631 00:35:34,040 --> 00:35:36,799 Speaker 1: I mean FED youre Powell basically said, and most of 632 00:35:36,840 --> 00:35:39,680 Speaker 1: the other FLMC members have also said that it makes 633 00:35:39,680 --> 00:35:42,960 Speaker 1: sense that to fifty basis point rate hikes over the 634 00:35:43,040 --> 00:35:46,840 Speaker 1: next two meetings. UM would would hopefully, you know, do 635 00:35:47,000 --> 00:35:49,960 Speaker 1: something to to curb inflation. But just the way it's 636 00:35:49,960 --> 00:35:53,000 Speaker 1: going right now with JG girls still very very strong, UM, 637 00:35:53,000 --> 00:35:55,560 Speaker 1: it's it's very I think we cannot write off the 638 00:35:55,560 --> 00:35:57,960 Speaker 1: possibility that a seventy five basis point rate hike might 639 00:35:58,000 --> 00:36:01,319 Speaker 1: be needed. Just looking into it feeds a cp I. 640 00:36:01,520 --> 00:36:04,960 Speaker 1: What do you see as causing the sharpest price pressures 641 00:36:04,960 --> 00:36:08,319 Speaker 1: that we could see in the headline number. It's still 642 00:36:08,360 --> 00:36:10,960 Speaker 1: going to be cars and energy, but food is also 643 00:36:11,239 --> 00:36:13,400 Speaker 1: ranking up there as well, and that's the sort of 644 00:36:13,480 --> 00:36:14,960 Speaker 1: you know, the scary part of all of this is 645 00:36:15,000 --> 00:36:18,279 Speaker 1: that it's not just one component. It's not you can't 646 00:36:18,320 --> 00:36:19,880 Speaker 1: just strip out the food and energy and say, well, 647 00:36:19,920 --> 00:36:24,600 Speaker 1: at least cores is rising moderately. It's it's it's almost everything, clothing, 648 00:36:25,360 --> 00:36:29,320 Speaker 1: medical care, recreational stuff, um, all sorts of things that 649 00:36:29,360 --> 00:36:32,880 Speaker 1: are causing the entire spectrum I think of prices to 650 00:36:32,880 --> 00:36:34,680 Speaker 1: to rise, and that's what we've got corse c t 651 00:36:34,800 --> 00:36:37,440 Speaker 1: I s also you know heading up there, you know, 652 00:36:37,520 --> 00:36:40,600 Speaker 1: joined the headline at the highest level in decades. And 653 00:36:40,640 --> 00:36:43,000 Speaker 1: this is what causes this is what makes defends job 654 00:36:43,080 --> 00:36:45,719 Speaker 1: even more challenging. And you can't just knock one peg 655 00:36:45,760 --> 00:36:49,200 Speaker 1: down and and everything will fall will fall along with it. 656 00:36:49,200 --> 00:36:52,160 Speaker 1: It has to be broad based hits too. I think 657 00:36:52,160 --> 00:36:55,440 Speaker 1: to inflation to get inflation towards back down towards two percent. 658 00:36:55,760 --> 00:36:58,600 Speaker 1: So are you seeing as in an inflation spiral right now, 659 00:36:58,640 --> 00:37:02,400 Speaker 1: and what's behind it. I don't want to see spiral 660 00:37:02,480 --> 00:37:04,799 Speaker 1: because he you know, the FED chair also said that 661 00:37:04,840 --> 00:37:06,799 Speaker 1: you know, he's he hasn't seen a way to price 662 00:37:06,840 --> 00:37:10,480 Speaker 1: spiral yet. Um So this week, I think it's yesterday 663 00:37:10,480 --> 00:37:12,840 Speaker 1: that the dock workers at the Western Ports they started 664 00:37:12,840 --> 00:37:15,719 Speaker 1: their talks. That's going to be very interesting to see 665 00:37:15,760 --> 00:37:18,479 Speaker 1: how how that pans out, because you know, obviously deal 666 00:37:18,520 --> 00:37:22,360 Speaker 1: more they want to unspend new contract with with higher 667 00:37:22,360 --> 00:37:25,360 Speaker 1: wages and that's something that is going to also feed 668 00:37:25,360 --> 00:37:29,319 Speaker 1: into higher um, higher inflation as well. So but right 669 00:37:29,360 --> 00:37:31,840 Speaker 1: now we haven't seen it completely. But you know, obviously 670 00:37:31,880 --> 00:37:34,680 Speaker 1: everyone has just given the plant labor market a lot 671 00:37:34,719 --> 00:37:38,319 Speaker 1: of the the the the the employees are asking for 672 00:37:38,400 --> 00:37:41,640 Speaker 1: more um and at least the companies can't afford to 673 00:37:41,640 --> 00:37:43,640 Speaker 1: give it to to parson out. But you know it's 674 00:37:43,640 --> 00:37:45,239 Speaker 1: also going to come out in a different forms like 675 00:37:45,280 --> 00:37:48,919 Speaker 1: can benefits as well more vacations. UM So, I don't 676 00:37:48,960 --> 00:37:51,080 Speaker 1: think right now we are going to see we are 677 00:37:51,080 --> 00:37:54,400 Speaker 1: seeing a price spiral, but again it's something that wouldn't 678 00:37:54,400 --> 00:37:56,480 Speaker 1: completely rule out. But this is why the FED has 679 00:37:56,520 --> 00:38:00,359 Speaker 1: to act more aggressively now rather than later would get 680 00:38:00,360 --> 00:38:03,520 Speaker 1: those numbers coming out. Eight thirty am. Wall Street Time. 681 00:38:04,040 --> 00:38:07,200 Speaker 1: Jennifer Leeves, Senior Economists BEMO Capital Market's good to get 682 00:38:07,239 --> 00:38:10,000 Speaker 1: your insights ahead of the release of that data. Thank you, 683 00:38:10,160 --> 00:38:13,759 Speaker 1: Karen ry Nathan. Thank you three on Wall Street Time 684 00:38:13,800 --> 00:38:16,040 Speaker 1: for the Bloomberg Law rapport. Unlet's get to the legal 685 00:38:16,080 --> 00:38:19,160 Speaker 1: stories we are watching this morning from Bloomberg's Jeff Bellinger, 686 00:38:22,320 --> 00:38:26,160 Speaker 1: Connecticut became the fifth state with a comprehensive consumer privacy law. 687 00:38:26,320 --> 00:38:29,400 Speaker 1: Governor Ned Lamont signed the measure that gives consumers the 688 00:38:29,480 --> 00:38:31,759 Speaker 1: right to ask that their personal data and not be 689 00:38:31,840 --> 00:38:34,880 Speaker 1: sold and that it be deleted. The Biden administration is 690 00:38:34,920 --> 00:38:38,239 Speaker 1: considering its next steps after federal judge in Montana pause 691 00:38:38,360 --> 00:38:41,600 Speaker 1: development on oil and gas leases in Wyoming and Nevada. 692 00:38:41,680 --> 00:38:45,040 Speaker 1: A Texas Court of Appeals ruled the Pasadena Refinery System 693 00:38:45,120 --> 00:38:48,479 Speaker 1: must face a lawsuit brought by a contractor's employee who 694 00:38:48,560 --> 00:38:52,120 Speaker 1: was injured in a fall at a Pasadena facility. Bloomberg 695 00:38:52,200 --> 00:38:56,080 Speaker 1: Law everything you need, all on one legal research platform, 696 00:38:56,200 --> 00:39:00,560 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find up more 697 00:39:00,600 --> 00:39:05,239 Speaker 1: at Bloomberg Law dot com. All right, Jeff, thank you. 698 00:39:05,239 --> 00:39:08,360 Speaker 1: Now another legal story we're watching. A former Nomura Holding 699 00:39:08,480 --> 00:39:11,560 Speaker 1: senior bond trader was found not liable for defrauding the 700 00:39:11,560 --> 00:39:14,040 Speaker 1: bank's clients by lying to them about the prices of 701 00:39:14,120 --> 00:39:18,480 Speaker 1: commercial mortgage backed securities. James Emily, led the firm CMBs 702 00:39:18,560 --> 00:39:21,200 Speaker 1: desk for five years. Was accused by the Securities and 703 00:39:21,280 --> 00:39:25,640 Speaker 1: Exchange Commission of Securities fraud in aiding and abetting securities fraud. 704 00:39:25,880 --> 00:39:28,400 Speaker 1: The jury verdict is another blow to the government's attempts 705 00:39:28,400 --> 00:39:31,560 Speaker 1: to reign in questionable practices by bond traders. For more, 706 00:39:31,600 --> 00:39:34,719 Speaker 1: Bloomberg's doing grossos FISA. James Park, a professor at u 707 00:39:34,760 --> 00:39:37,440 Speaker 1: c l A Law School, he took the stand in 708 00:39:37,560 --> 00:39:41,120 Speaker 1: his own defense and he admitted to lyne to clients, 709 00:39:41,200 --> 00:39:44,719 Speaker 1: but he said that everyone did it. It is remarkable 710 00:39:44,800 --> 00:39:49,080 Speaker 1: that he did not deny that he was lying. And 711 00:39:49,160 --> 00:39:52,040 Speaker 1: the thing that's interesting about the case and the result 712 00:39:52,120 --> 00:39:55,680 Speaker 1: here is that even if you lie about a securities 713 00:39:55,680 --> 00:40:00,880 Speaker 1: transaction doesn't necessarily mean you violated the security these laws, 714 00:40:01,000 --> 00:40:03,520 Speaker 1: there's a requirement that the lie has to be about 715 00:40:03,520 --> 00:40:07,840 Speaker 1: a material matter, something that's important to the investors decision 716 00:40:07,880 --> 00:40:12,839 Speaker 1: making process. And I believe his argument was that because 717 00:40:13,000 --> 00:40:17,400 Speaker 1: of the industry practice the investors who bought the bond 718 00:40:17,800 --> 00:40:21,920 Speaker 1: from him would have known not to believe him, and 719 00:40:22,000 --> 00:40:27,480 Speaker 1: therefore those statements were not material and could not constitute 720 00:40:27,640 --> 00:40:33,160 Speaker 1: securities frauds. And the defense was successful. Number agreed to 721 00:40:33,239 --> 00:40:37,480 Speaker 1: repay customers million dollars to resolve claims that it failed 722 00:40:37,520 --> 00:40:42,440 Speaker 1: to supervise traders. It seems striking that the government in 723 00:40:42,480 --> 00:40:47,279 Speaker 1: these cases has basically been unable to get convictions or 724 00:40:47,280 --> 00:40:52,000 Speaker 1: convictions that stick true. I think that the defense might 725 00:40:52,120 --> 00:40:57,280 Speaker 1: say a corporation like Nomura has incentive to settle cases 726 00:40:57,320 --> 00:41:00,200 Speaker 1: with the SEC, which is regulating it in a out 727 00:41:00,200 --> 00:41:04,320 Speaker 1: of different areas, whereas individuals have more of an incentive 728 00:41:04,480 --> 00:41:08,560 Speaker 1: to fight charges. And you know, there have been some losses, 729 00:41:08,760 --> 00:41:11,400 Speaker 1: but there have also been a few wins to a 730 00:41:11,440 --> 00:41:15,759 Speaker 1: lot of individuals have also pre bargained or settled cases 731 00:41:15,880 --> 00:41:18,680 Speaker 1: by and large, And you know, I think um B 732 00:41:18,920 --> 00:41:23,840 Speaker 1: SEC should take cases to trial when it has to. 733 00:41:24,480 --> 00:41:26,960 Speaker 1: Um One of the criticisms of the SEC is that 734 00:41:27,040 --> 00:41:30,520 Speaker 1: it just settles cases, whether the defendants do not admit 735 00:41:30,680 --> 00:41:34,520 Speaker 1: or deny wrongdoing, and they just pay a penalty. And 736 00:41:34,640 --> 00:41:38,000 Speaker 1: I think that there should be cases where you go 737 00:41:38,160 --> 00:41:41,239 Speaker 1: to court and go in front of a jury, you 738 00:41:41,320 --> 00:41:43,160 Speaker 1: might have to defend a decision in front of it 739 00:41:43,160 --> 00:41:46,120 Speaker 1: appellate court. And you know when a court weighs in 740 00:41:46,600 --> 00:41:51,239 Speaker 1: on a legal theory that provides valuable clarity to the 741 00:41:51,400 --> 00:41:54,640 Speaker 1: sec and the industry as to what the law is. 742 00:41:55,120 --> 00:41:57,560 Speaker 1: And as James Park, a professor at u c l 743 00:41:57,600 --> 00:42:00,840 Speaker 1: A Law Schools, being at Bloomberg's June grow So catch 744 00:42:00,880 --> 00:42:03,480 Speaker 1: more in that interview plus analysis of the latest legal 745 00:42:03,480 --> 00:42:06,719 Speaker 1: news by subscribing to the Bloomberg Law Podcast or downloading 746 00:42:06,760 --> 00:42:10,480 Speaker 1: the show at Bloomberg dot com slash podcast. Attorneys can 747 00:42:10,520 --> 00:42:13,760 Speaker 1: find exceptional legal research and business development tools at Bloomberg 748 00:42:13,840 --> 00:42:16,600 Speaker 1: Law dot com and on the Bloomberg terminal at b 749 00:42:16,800 --> 00:42:20,880 Speaker 1: law Go. Futures this morning are on the rise SNP 750 00:42:21,080 --> 00:42:23,239 Speaker 1: Future is up forty three points down Future is up 751 00:42:23,239 --> 00:42:27,080 Speaker 1: two six nasdack futures have one hundred sixty six the 752 00:42:27,160 --> 00:42:30,120 Speaker 1: ten year treasury of fourteen thirty seconds yield two point 753 00:42:30,239 --> 00:42:32,399 Speaker 1: nine three percent. They yield on the two year two 754 00:42:32,440 --> 00:42:35,320 Speaker 1: point five eight percent. And I make screwed oil is 755 00:42:35,360 --> 00:42:37,399 Speaker 1: a three and a third percent of three dollars thirty 756 00:42:37,480 --> 00:42:39,520 Speaker 1: four cents at a hundred three dollars ten cents of 757 00:42:39,600 --> 00:42:42,120 Speaker 1: barrel still ahead on Bloomberg day Break and check on 758 00:42:42,200 --> 00:42:44,279 Speaker 1: the business headlines and all the news you need to 759 00:42:44,320 --> 00:42:46,719 Speaker 1: start your day. This is Bloomberg.