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Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg

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Speaker 1: Daybreak for Monday, May sixteen, two. Coming up this hour,

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Speaker 1: China's economy pays the price for the government's COVID zero policy.

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Speaker 1: Fleomen sacks cluss, It's US academic growth forecast, Finland and

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Speaker 1: Sweden moved closer to joining NATO, and President Biden calls

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Speaker 1: for action. And the wicked of mass shooting in Buffalo.

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Speaker 1: It was a weekend of gun violence in Buffalo and

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Speaker 1: other cities as well. Plus Pennsylvania's Lieutenant governor self for

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Speaker 1: a stroke because he runs from the U. S. Senate.

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Speaker 1: I'm Michael bar More Ahead, I'm John Stashower Sports. The

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Speaker 1: Rangers are moving on. They beat the Penguins in overtime

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Speaker 1: in Game seven, it went for the Yankees, a tough

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Speaker 1: loss for the map. That's all s traindy Head on

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Speaker 1: Bloomberg Daybreak on Bloomberg e Living freon New York, Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one, O six one, Boston, Bloomberg nine

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Speaker 1: sixties and Francisco Syrius XM one nineteen and around the

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Speaker 1: world Old on Bloomberg Radio dot Com and by the

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Speaker 1: Bloomberg Business app and good morning. I'm Karen Moscow Antime

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Speaker 1: John Sucker. Bloomberg Daybreak being brought to you by b

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Speaker 1: n y Melon's Persian Inside conference back in person June

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Speaker 1: fifteen through the seventeenth and Grapevine, Texas must attend event

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Speaker 1: for financial advisors registered today at Insight dot b n

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Speaker 1: y melon dot com. All right, John, thank you, and

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Speaker 1: we are watching his headline cross the Bloomberg. McDonald's to

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Speaker 1: exit from Russia again. That just crossing the Bloomberg and

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Speaker 1: we'll have more details coming up. But first, US futures

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Speaker 1: lower this morning at six o one on wallstra On

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Speaker 1: Wall Street, we checked the markets every fifteen minutes throughout

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Speaker 1: the trading day on bloomberg S and P futures down sixteen,

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Speaker 1: Boyds down, futures down fifty eight, and now's day features

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Speaker 1: down seventy six. John and Karen, we begin with disappointing

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Speaker 1: data out of Asia. China's economy contracted in April as

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Speaker 1: COVID lockdown's dragged on the industrial and consumer sectors. Bloomberg

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Speaker 1: Daybreak Asia anchor Ryan Curtis has details. Retail sales contracted

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Speaker 1: eleven point one percent. That was weaker than a projected

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Speaker 1: drop of six point six percent. Industrial output down two

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Speaker 1: point nine percent from a year ago and worse than

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Speaker 1: an estimate of a modest game. The unemployment rate rose

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Speaker 1: to six point one percent, and that was higher than

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Speaker 1: the forecast of six percent. Now, despite the slowdown, China's

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Speaker 1: Central Bank held back from cutting interest rates. Brian Curtis

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Speaker 1: Spoomberg Day Break, Brian, thank you back here in the US.

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Speaker 1: Economists at Goldman Sachs are cutting their forecast for US

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Speaker 1: growth and we get the latest lie from Bloomberg's or

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Speaker 1: I need a young in New York. Good morning, Renty Down,

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Speaker 1: Good morning Karen. Goldman SAX economists see the US growing

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Speaker 1: two point four percent this year, at one point six

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Speaker 1: percent in three that's down from two point six percent

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Speaker 1: and two point two percent previously, and it's an adjustment

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Speaker 1: to reflect the shakeout in financial markets as the Federal

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Speaker 1: Reserve titans monetary policy. Goldman Sax also projects the unemployment

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Speaker 1: rate will rise to three point seven percent by the

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Speaker 1: end of next year, after falling to three point four

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Speaker 1: percent in coming months. Live in New York. I'm gonna

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Speaker 1: need a young Bloomberg Day Break, All right, thanks for

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Speaker 1: NITA On the same day Goldman cut its forecast. The

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Speaker 1: firm's former boss, Lloyd Blank, find says the US is

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Speaker 1: at a very high risk for recession. It's definitely a risk.

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Speaker 1: If I were running a big company, I would be

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Speaker 1: very prepared for it. If I was a consumer, I'd

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Speaker 1: be prepared for it. But it's not baked in the cake.

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Speaker 1: Former Goldman saxy Lloyd Blank find making the comments on

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Speaker 1: Face the Nation from CBS. You can catch the program

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Speaker 1: Sunday afternoons on Bloomberg Radio. And another note on Goldman

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Speaker 1: This Morning, John. In an effort to retain talent, the

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Speaker 1: bank will allow senior staff to take an unlimited number

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Speaker 1: of vacation days. That's according to a company memo seen

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Speaker 1: by Bloomberg News. Junior employees at Goldman still have limits

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Speaker 1: on vacation, but at the beginning at least two extra

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Speaker 1: days off per year. And we have another big company

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Speaker 1: making moves to a track workers Walmart unveiling a fast

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Speaker 1: track path to a job as store manager as the

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Speaker 1: reeds others, seeks to bolster its supply of managers in

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Speaker 1: a tight labor market. More from Bloomberg's Dog Prisoner. The

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Speaker 1: position of store manager typically pays more than two hundred

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Speaker 1: thousand dollars a year, and traditionally the job takes years

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Speaker 1: to get but now Walmart is launching its College two

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Speaker 1: career program. It will provide classroom training together with hands

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Speaker 1: on experience and mentoring for recent and soon to be grad's.

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Speaker 1: Top performers will be offered a role as an emerging coach.

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Speaker 1: The position starts with pay of at least sixty five

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Speaker 1: thousand dollars a year, with a goal of becoming a

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Speaker 1: store manager within two years. In New York, on Doug

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Speaker 1: Prisner Bloomberg Daybreak, all right, Dock, thank you, we do

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Speaker 1: have some possible deal news this Monday morning. Jeff Blue

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Speaker 1: Airways has made a hostile three and a quarter billion

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Speaker 1: dollar takeover bid for Spirit Airlines. Jeff Blue is trying

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Speaker 1: to block the discount carriers a great takeover by Frontier Group.

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Speaker 1: Jeff Blue is offering thirty dollars a share for Spirit.

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Speaker 1: Traders appear skeptical, though Spirit shares are trading around twenty

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Speaker 1: dollars in the pre market. And another major story we're

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Speaker 1: following involves the mass shooting in Buffalo over the weekend.

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Speaker 1: The Justice Department he's investigating this as an act of

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Speaker 1: racially motivated violent extremism. The shooting leapt ten people dead

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Speaker 1: and three wounded. Eleven of the people's shop were black,

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Speaker 1: and eighteen year old white man was arrested. President Biden

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Speaker 1: discussed the incident at the US Capitol yesterday. We must

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Speaker 1: all work together addressed to hate. It remains a stain.

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Speaker 1: I'm the sole American hearts are heavy once again, but

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Speaker 1: resolve must never ever waiver. President Biden surging police departments

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Speaker 1: to spend federal law enforcement AID, saying it can help

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Speaker 1: reduce gun violence. Well. Turning overseas now, John, it's another

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Speaker 1: dramatic change triggered by Russia's invasion of Ukraine. NATO members

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Speaker 1: are rallying around Finland and Sweden after the country's announced

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Speaker 1: plans to join the alliance. Details now from Amy Morris

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Speaker 1: in our Bloomberg newsroom in Washington. At the NATO minister's

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Speaker 1: meeting in Berlin, u S Secretary of State Antony And

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Speaker 1: said Washington will support whatever decisions the two countries make.

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Speaker 1: Long supported NATO's up indoor policy and the right of

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Speaker 1: all countries to decide their own futures, their policies, their

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Speaker 1: security arrangements. NATO members rallied around Finland and Sweden, with

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Speaker 1: one country Turkey, voicing concerns. Sweden is sending diplomats to

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Speaker 1: Ankara for talks, and NATO's Secretary General John Stoltenberg says

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Speaker 1: he does not expect Turkey to delay the membership procedure.

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Speaker 1: In Washington, I'm maybe Morris Bloomberg daybreak all right, thanks

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Speaker 1: to Amy. Another note out of Europe involving the war

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Speaker 1: in Ukraine. Germany says it plans to quit importing Russian

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Speaker 1: oil by the end of the year. That's even if

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Speaker 1: the European Union fails to agree on a band and

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Speaker 1: its next set of sanctions. Russia's share of German oil

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Speaker 1: consumption has already declined to twelve percent from about thirty

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Speaker 1: five percent before the war began. And the price of

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Speaker 1: wheat has skyrocketed since the start of the war, John,

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Speaker 1: and it's climbing again today. Wheat prices stored by the

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Speaker 1: exchange limit after India moved to restrict export. That shows

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Speaker 1: how tight global food supplies are at the moment. Whet

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Speaker 1: has written about six this year that's increased the cost

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Speaker 1: of everything from bread to cake and noodles and again

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Speaker 1: McDonald's to exit from Russia. It's pursuing a sale of

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Speaker 1: its entire Russia portfolio. And straight ahead your latest local

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Speaker 1: headlines plus the check of sports, and this is Bloomberg

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Speaker 1: all right, Thanks Karen six o seven on Wall Street

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Speaker 1: and time to bring in Michael Barr to find out

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Speaker 1: what else is going on in New York and around

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Speaker 1: the world. John, thank you very much, Sir Moore on

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Speaker 1: the mass shooting in Buffalo. Vigils were held across Buffalo

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Speaker 1: after ten people were killed and three others wounded, and

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Speaker 1: what officials are calling a racially motivated attack at a

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Speaker 1: busy supermarket. Police say the suspected gunnerman, who is eighteen

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Speaker 1: and white, had researched the area that is about seventy

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Speaker 1: black Peyton Gendrin appeared in court and pleaded not guilty

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Speaker 1: to murder. New York Governor Kathy Hokel. I'm calling out

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Speaker 1: the social media platforms where this hate be skewed and

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Speaker 1: people are learning how to create guns and violence and weapons.

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Speaker 1: Governor hoc called for government action to control the spread

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Speaker 1: of guns. One of those killed was a church deacon.

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Speaker 1: The church is Pastor Russell Bell It boggles my mind

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Speaker 1: that this young man traveled two hundred miles four hours

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Speaker 1: to target our community. Pastor Bell says the victim, Hayward Paerson,

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Speaker 1: was helping to put groceries in another person's car when

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Speaker 1: he was shot and killed. A mass shooting in California

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Speaker 1: left one person dead and five others heard after our

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Speaker 1: gunman opened fire inside the church in Laguna Woods, Orange County.

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Speaker 1: Officials say the suspect as an Asian man in his

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Speaker 1: sixties who entered a Taiwanese luncheon at the church. Orange

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Speaker 1: County under share of Jack Halleck says the gunman was

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Speaker 1: disarmed by members of the church and held until authorities came.

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Speaker 1: We believe a group of churchgoers detain him and hog

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Speaker 1: tight his legs with an extension court and confiscated at

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Speaker 1: least two weapons from him. Under Sheriff Aleck says they

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Speaker 1: don't believe the gunman lives in the area. Two people

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Speaker 1: were killed three others injured in a shooting near a

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Speaker 1: flea market in North Harris County, Texas. The Sheriff's department

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Speaker 1: says a fight led to that shooting. Gun violence in

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Speaker 1: Milwaukee forced the city to impose a two night curfew

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Speaker 1: for people under twenty one. More than twenty people were

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Speaker 1: shot in less than two hours in downtown Milwaukee over

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Speaker 1: the weekend. One of the front runners in the race

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Speaker 1: for a US Senate seat in Pennsylvania's sideline because of

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Speaker 1: a stroke. Pennsylvania's Lieutenant Governor John Fetterman, who is atop

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Speaker 1: the polls ahead of Tuesday's Democratic Senate primary, says he

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Speaker 1: is on his way to a full recovery. The Biden

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Speaker 1: administration today released a housing supply Action plan meant to

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Speaker 1: help create thousands of affordable housing units in the next

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Speaker 1: three years. Global News twenty four hours a day on

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Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty

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Speaker 1: seven hundred journalist and analysts more than one twenty countries.

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Speaker 1: Michael barn This is Bloomberg, John, Michael, thank you, and

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Speaker 1: it sounds six ten on Wall Street. Time for the

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Speaker 1: Bluebird Sports Upday. Here's John Stesshower. Thanks John. It was

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Speaker 1: only a first round series, but what a series it was.

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Speaker 1: Rangers and Penguins. It began at the Garden with triple overtime.

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Speaker 1: It ended back at the Old at the Garden overtime

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Speaker 1: once again. It seen seconds with the Dana Panish top

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Speaker 1: the right circle, close hit shoots off, it's open finery

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Speaker 1: scores and the Rangers of one game seven in overtime

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Speaker 1: the three that's how sound the w e p and

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Speaker 1: the Ranger has lost that series over They never let

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Speaker 1: in the series until last night. They trailed three games

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Speaker 1: to one and then one three in a row. It

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Speaker 1: had to come from behind in all three. They trailed

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Speaker 1: last night with six minutes left, makings the Bandage tie

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Speaker 1: the game or Temmi pinnaer the game winner on the

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Speaker 1: power play. Fourt of OT forty two days for egor

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Speaker 1: Sis Circuit is the Penguins at fifteen more shots. It's

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Speaker 1: on the round two Game one with the Carolina Hurricanes

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Speaker 1: Wednesday in Raleigh. The other game seven, also overtime. Calgary

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Speaker 1: beat Dallas, but the Dallas Mavericks, who won their Game

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Speaker 1: seven and Phoenix by thirty threes of the Suns, who

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Speaker 1: had the NBA's best record, are out the West Finals

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Speaker 1: will beat Dallas against Golden State. It will be Miami

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Speaker 1: and Boston in the East. The Celtics won Game seven

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Speaker 1: over Milwaukee by twenty eight. The Mets of the ninth

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Speaker 1: they ain't score twice had the bases loaded. Peter Alonso

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Speaker 1: at first appeared to have drawn a game time and

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Speaker 1: walk on a three two pitch, but the first phase

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Speaker 1: umpire called at strength three. In Seattle one eighth to seven,

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Speaker 1: the Metsicans a series for the first time. The Yankees

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Speaker 1: won five one at Chicago, not the great outing by

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Speaker 1: Nestor Court, as y were out hit four to two.

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Speaker 1: The Pirates were out hit for nothing but one wander

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Speaker 1: up in the reds through a no hitter and lost

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Speaker 1: John Statue Allard Bluebird Sports John Alight. John texts a

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Speaker 1: lot hand just ahead of the can't show up a

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Speaker 1: Wall Street futures in the red right now down futures.

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Speaker 1: They're down forty points, the SMP futures right now fourteen

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Speaker 1: As we take a look at treasuries this morning, the

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Speaker 1: a one basis point. You're listening to Bloomberg tape break,

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Speaker 1: and just ahead Bloomberg's Tom mackenzie will join us to

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Speaker 1: give us a picture of the world's second largest economy

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Speaker 1: at what it means for the investment landscape. This is

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Speaker 1: Bloomberg Markets headlines and breaking news twenty four hours a

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Speaker 1: day at Bloomberg dot Com, the Bloomberg Business outland at

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Speaker 1: Bloomberg Quick Tape. This is a Bloomberg business flash and

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Speaker 1: I'm Karen Moscow. And McDonald's is saying it's gonna pull

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Speaker 1: out of Russia after more than thirty years of operation

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Speaker 1: its restaurants there. Futures this morning are moving lower. SMP

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Speaker 1: futures down four teen points this morning down, futures down

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Speaker 1: forty three and nasday features down seventy two. The decks

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Speaker 1: in Germany's down six tenths of upper cent ten. Your

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Speaker 1: treasury down three thirty seconds, yield two point nine three percent.

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Speaker 1: The yield in the two year two point six zero percent.

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Speaker 1: Nin Max screwed oil is down half percent, or fifty

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Speaker 1: nine cents at a hundred nine dollars ninety cents of

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Speaker 1: barrel co makes gold down three tents per cent or

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Speaker 1: five dollars seventy cents at eighteen o two forty announced

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Speaker 1: British pound one point to two four one, and the

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Speaker 1: yen at one twenty nine point three zero. Bitcoin this

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Speaker 1: morning lower down four percent at twenty nine thousand, seven

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Speaker 1: hundred fifty dollars. That's a Bloomberg business flash. Now here's

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Speaker 1: Michael bar with more on what's going on around the world.

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Speaker 1: Muggel Karen, thank you very much. NATO members rallied around

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Speaker 1: Finland and Sweden after they announced plans to join the Alliance.

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Speaker 1: It marks another dramatic change triggered by Russia's war in Ukraine.

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Speaker 1: Authorities say the white eighteen year old gunmen who killed

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Speaker 1: ten people at a Buffalo supermarket during a rampage that's

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Speaker 1: are get at black people, had previously made a threat

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Speaker 1: at his high school, but they say Peyton Gendrin was

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Speaker 1: never charged. In the NHL playoffs and exciting Game seven,

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Speaker 1: the Rangers advanced after beating the Penguins in overtime for three.

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Speaker 1: In the NBA Playoffs, the Celtics won their Game seven

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Speaker 1: against the Bucks. In baseball, the Yankees one the Mets,

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Speaker 1: red Sox, Orioles, Nationals, Giants and as all lost Global

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Speaker 1: news twenty four hours a day on air, hand on

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Speaker 1: Bloomberg Quick Tech, powered by more than seven hundred journalist

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Speaker 1: and analysts in more than a hundred twenty countries. I'm

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Speaker 1: Michael bar This is Bloomberg John, Thank you, sir. It

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Speaker 1: is now six twenty on Wall Street and we are

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Speaker 1: live for the Bloomberg in tryn To Brokers Studios. This

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Speaker 1: is Bloomberg Daybreak. China's economy paying the price for the

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Speaker 1: government's COVID zero policy, and let's take a deeper dive

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Speaker 1: this morning into this story. Joining us he is Bloomberg

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Speaker 1: Radio anchor Tom mackenzie, who covered China for more than

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Speaker 1: five years. So Tom, first of all, thanks for being here.

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Speaker 1: One of the figures tell us about China's economy, Well,

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Speaker 1: the survey of economists had expected that it was going

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Speaker 1: to be bad for the month of April, but not

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Speaker 1: this bad. The retail numbers in particular stand out. So

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Speaker 1: the Chinese consumer really under pressure as a result of

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Speaker 1: these lockdowns that you've seen, of course enforced in cities

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Speaker 1: like Shanghai, but also partial lockdowns in cities of Beijing

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Speaker 1: and further northeast as well. You saw retail sales falling

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Speaker 1: more than eleven percent year on year. The other key

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Speaker 1: component that stood out for me was the unemployment rate.

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Speaker 1: The jobless rate moving above six percent, and that's only

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Speaker 1: a partial slice of the jobless rate that we see

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Speaker 1: across China because of the limitations around that survey, so

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Speaker 1: the actual real number is probably higher than that. And

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Speaker 1: youth unemployment hitting a record, a key concern for the

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Speaker 1: stability obsessed Communist Party of China. So these are very

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Speaker 1: bad numbers. The second quarter, some economists are saying, could

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Speaker 1: see a contraction. It certainly makes the goal, the year

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Speaker 1: end goal of getting five point five percent growth, which

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Speaker 1: the government said itself incredibly challenging. So does COVID zero

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Speaker 1: remain government policy. So this is what analysts and economists

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Speaker 1: are watching. Is there going to be any movement? So far,

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Speaker 1: you've had present sej Ping and others coming out and

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Speaker 1: reiterating that COVID zero is a policy they will continue

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Speaker 1: to pursue. But you have had officials in cities like

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Speaker 1: Shanghai saying we now have a roadmap for easing these restrictions.

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Speaker 1: They're looking at between mid to end June to get

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Speaker 1: back to some level of normalization, and they've started to

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Speaker 1: allow some shops and some services to start reopening again

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Speaker 1: in a very gradual phase way. We know that officials

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Speaker 1: are looking at additional policy stimulus for this economy, but

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Speaker 1: it's very hard to implement when large parts of that

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Speaker 1: economy face these kind of restrictions. For now, the top

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Speaker 1: line is at COVID zero isn't going away anywhere. Okay,

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Speaker 1: what kind of pushback are again? We've all seen those

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Speaker 1: videos of confrontations in the streets. It's been substantial. I've

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Speaker 1: been in contact with people with friends in Shanghai. There

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Speaker 1: is deep resentment, deep anger about this policy, and certainly

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Speaker 1: there's been a lot of videos and evidence at the

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Speaker 1: heavy had in this of this approach. Do you have

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Speaker 1: still hundreds of thousands of people in that key financial city, Shanghai,

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Speaker 1: of course, the second most important city in China, the

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Speaker 1: beating financial heart of it, lockdown still and they've been

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Speaker 1: in that situation for more than fifty days. They've had

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Speaker 1: problems around accessing food, around accessing healthcare. Again. The officials

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Speaker 1: say they now have a plan to start to gradually

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Speaker 1: open up, but there is deep, resenting, deep anger. How

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Speaker 1: long that lasts after this is something certainly to watch

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Speaker 1: and to gauge how firmly is Shooting ping empower at

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Speaker 1: this point. Most China watchers suggest that there's very little

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Speaker 1: chance the present Shooting Ping is facing any real threat

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Speaker 1: to his power. However, there is some speculation and some

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Speaker 1: appointing to potential divisions between him and Premier Lika Chang,

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Speaker 1: who has come out and urged greater support for the

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Speaker 1: economy and talked of the concerns and the impact of

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Speaker 1: these COVID zero policies. Some are reading into the commentary

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Speaker 1: by Premier League Chang as a suggesting that there's a

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Speaker 1: rift at the top. No one that I know who

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Speaker 1: is watching China closely thinks President Using Ping is imminently

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Speaker 1: threatened by any of this, But certainly it's likely to

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Speaker 1: called tensions within the party because this is a very

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Speaker 1: difficult balancing act. All right back to the you can

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Speaker 1: have up front, what are the countries targets right now?

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Speaker 1: How realistic are they? So? Five point five is the

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Speaker 1: end of year GDP target that that they've set themselves.

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Speaker 1: And again some economists that we've spoken to have suggested

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Speaker 1: you're going to get contraction in the second quarter. Most

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Speaker 1: economists think that hitting that five point five GDP is

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Speaker 1: going to be very challenging the polit bureau, so the

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Speaker 1: leading the top leaders within the Communist Party have come

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Speaker 1: out and said they are determined to meet those goals.

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Speaker 1: We've seen some changes around the edges in terms of

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Speaker 1: policy support. So for example, over the weekend they cut

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Speaker 1: the mortgage rate for first time buyers to try and

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Speaker 1: bolster the real estate sector. But again it's very challenging

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Speaker 1: to implement policy when so much of the economy is lockdown.

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Speaker 1: The other element that we saw the data we saw

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Speaker 1: on Friday was that loan growth that actually shrine quite considerably.

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Speaker 1: People have alsely homeowners and people wanted to buy cars

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Speaker 1: and service their apartments aren't taking out loans because they

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Speaker 1: are concerned, of course about their job prospects, and many

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Speaker 1: of them are locked into their own homes. So loan

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Speaker 1: growth has shrunk considerably, meaning the credit isn't getting to

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Speaker 1: the system. So there's a transmission problem between the PBOC,

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Speaker 1: the People's Bank of China and people living and operating

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Speaker 1: on the ground. There are real, real quick or the

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Speaker 1: implication for supply chains. Well, we've seen analysis by Bloomberg

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Speaker 1: hundred eighty companies out of the earnings sector conglomerates, those

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Speaker 1: with exposers to China have talked about supply chains and

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Speaker 1: concerns about the impacts and Chinese seen the lights of

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Speaker 1: Tesla have hit been hit by this. The factory in

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Speaker 1: Shanghai was locked down for three or three weeks. Who

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Speaker 1: had to stop production for three weeks. They're now back

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Speaker 1: up and running. Apple has been impacted this, so the

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Speaker 1: supply change challenges are certainly significant. Bloomberg Radio anchored to

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Speaker 1: McKenzie tub thanks very much, we appreciate it. And ahead

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Speaker 1: of the market open ad was free futures on the

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Speaker 1: red right now down Future is down sixty three s

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Speaker 1: and futures down sixteen. The nandact future is any point slower.

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Speaker 1: It's six thirty on Wall Street. Good morning. I'm John

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Speaker 1: Tucker and I'm Karen Moscow. We're just about three hours

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Speaker 1: away from the open of US trading. Time to the

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Speaker 1: five things you need to notice start your day. Ron

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Speaker 1: interests at ibkr dot com. Slash r i a up first.

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Speaker 1: Industrial output and retail sales in China fell in April,

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Speaker 1: while unemployment climbed. COVID lockdowns are being blamed. Shetan a

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Speaker 1: chief Asia Economists, and Morgan Stanley says outlook remains strong

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Speaker 1: once China moves past its COVID zero policy. You do

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Speaker 1: need solution to this near zero COVID policy. It's not

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Speaker 1: about just the economic policy easing itself. Now. We need

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Speaker 1: to see that, you know, economy gets going with freeing

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Speaker 1: up of restrictions on mobility. Morgan Stanley Shetania says China

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Speaker 1: supply chain constraints also appear to be easing and back

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Speaker 1: here in the US, Goldman sacks cutting growth forecast. Bloomberg's

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Speaker 1: Reany the Young joins us Live in New York with

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Speaker 1: more Good Morning Rena, Good morning, John Goldman sax economists

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Speaker 1: see the US growing two point four percent this year

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Speaker 1: and one point six percent in three. That's down from

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Speaker 1: two point six percent and two point two percent. It

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Speaker 1: reflects the shakeout in financial markets as the Federal Reserve

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Speaker 1: titans monetary policy. Goldman projects unemployment to rise to three

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Speaker 1: point seven percent by the end of three after falling

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Speaker 1: to three point four percent in coming months. Live in

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Speaker 1: New York. I'm re need a Young Bloomberg day break.

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Speaker 1: All right, we need to thank you. While Goldman's former

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Speaker 1: leader Lloyd blank find warrens the US should prepare for

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Speaker 1: a recession despite the Fed's best efforts to avoid one.

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Speaker 1: I think the FETE has very powerful tools. It's hard

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Speaker 1: to finally tune them, and it's hard to see the

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Speaker 1: effects of them quickly enough to alter. Former Goldman sax

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Speaker 1: CEO Lloyd blank find spoke on Face the Nation from CBS,

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Speaker 1: which are Sundays on Bloomberg Radio, and we're tracking the

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Speaker 1: latest from this weekend's mass shooting in Buffalo. It left

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Speaker 1: ten people down, three wounded. Eleven of the people shop

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Speaker 1: were black. President Biden spoke about the arrest of the

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Speaker 1: eight teen year old white suspect. The Justice Department is

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Speaker 1: stated publicly that is investigating the matter as a hate crime,

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Speaker 1: racially motivated, active white supremacy, and violent extrema. President Budden

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Speaker 1: speaking at the National Peace Officers Memorial in Washington and

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Speaker 1: John followed from Russia's invasion of Ukraine, Finland and Sweden

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Speaker 1: announced they plan to join NATO, and McDonald's is exiting

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Speaker 1: Russia with a complete sale of its portfolio. That's the

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Speaker 1: five things you need to know to start your day,

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Speaker 1: your latest local headlines, plus the check of sports. This

431
00:23:34,000 --> 00:23:40,560
Speaker 1: is Bloomberg. Thanks Karen six three on Wall Street and

432
00:23:40,760 --> 00:23:42,680
Speaker 1: let's bring in Michael barn Now to tell us what

433
00:23:42,880 --> 00:23:46,040
Speaker 1: else is going on in New York and around the world.

434
00:23:46,160 --> 00:23:48,280
Speaker 1: Thank you very much, John Moore. On the mass shooting

435
00:23:48,280 --> 00:23:51,240
Speaker 1: in Buffalo, New York Governor Kathy Hoko called on social

436
00:23:51,320 --> 00:23:55,600
Speaker 1: media companies to do more to crackdown on racist, anti immigrant,

437
00:23:55,720 --> 00:23:59,920
Speaker 1: and anti Semitic rhetoric on their platforms. Governor Hocal says

438
00:24:00,000 --> 00:24:02,200
Speaker 1: the man accused of shooting and killing ten people in

439
00:24:02,280 --> 00:24:07,160
Speaker 1: a Buffalo supermarket was radicalized online. Hocal says the accused

440
00:24:07,200 --> 00:24:10,800
Speaker 1: eighteen year old shooter broadcast the attack, which took place

441
00:24:11,040 --> 00:24:13,840
Speaker 1: in a predominantly black neighborhood, and had posted a white

442
00:24:13,840 --> 00:24:17,879
Speaker 1: supremacist manifesto online. The governor also called on the government

443
00:24:17,920 --> 00:24:20,840
Speaker 1: to control the spread of guns. This is not Ukraine

444
00:24:20,840 --> 00:24:24,440
Speaker 1: where they're defending their lives. This is United States of America.

445
00:24:25,280 --> 00:24:28,800
Speaker 1: We don't need those weapons in our streets and on

446
00:24:28,960 --> 00:24:34,600
Speaker 1: our hands. Governor hokel spoke at Macedonia Baptist Church in Buffalo.

447
00:24:35,320 --> 00:24:38,080
Speaker 1: A mass shooting in California left one person dead and

448
00:24:38,200 --> 00:24:41,280
Speaker 1: five others heard after a gunman opened fire inside a

449
00:24:41,400 --> 00:24:44,879
Speaker 1: church in Laguna Woods, Orange County. Authorities say the gunman

450
00:24:45,000 --> 00:24:47,480
Speaker 1: was disarmed by members of the church and held until

451
00:24:47,520 --> 00:24:51,440
Speaker 1: authorities came. Shootings also took place in Texas and Milwaukee.

452
00:24:52,000 --> 00:24:55,360
Speaker 1: The leading Democratic candidate in the US Senate race in Pennsylvania,

453
00:24:55,480 --> 00:24:59,640
Speaker 1: State Lieutenant Governor John Fetterman, suffered a stroke. Fetterman released

454
00:24:59,760 --> 00:25:02,639
Speaker 1: a reef video on Twitter with his wife. It was

455
00:25:02,720 --> 00:25:06,280
Speaker 1: on Friday. I just wasn't feeling very well, so I decided,

456
00:25:06,320 --> 00:25:10,480
Speaker 1: you know what, I need to get checked out because

457
00:25:10,480 --> 00:25:14,200
Speaker 1: I was as always. It's not clear when Fetterman will

458
00:25:14,240 --> 00:25:17,760
Speaker 1: return to the campaign trail ahead of Tuesday's primary. Two

459
00:25:17,880 --> 00:25:21,359
Speaker 1: bills aimed at resolving the baby formula crisis appeared to

460
00:25:21,400 --> 00:25:24,960
Speaker 1: be coming together on Capitol Hill. One is an emergency

461
00:25:25,000 --> 00:25:27,600
Speaker 1: funding bill that would allow the US to purchase formula

462
00:25:27,920 --> 00:25:31,480
Speaker 1: from f d A approved facilities in four countries. Another

463
00:25:31,640 --> 00:25:34,800
Speaker 1: with wide and formula access under a low income program.

464
00:25:35,240 --> 00:25:37,959
Speaker 1: This Massachusetts mom says she's been driving all over New

465
00:25:38,000 --> 00:25:41,120
Speaker 1: England looking for a formula for her ten month old

466
00:25:41,160 --> 00:25:43,639
Speaker 1: daughter and like in the car today for four hours.

467
00:25:43,800 --> 00:25:47,359
Speaker 1: The seven stores I checked personally, none of them but

468
00:25:47,560 --> 00:25:51,040
Speaker 1: one had my daughter's formula. She also has some internet

469
00:25:51,119 --> 00:25:54,080
Speaker 1: sites that are involved in price gouging. North Korean leader

470
00:25:54,119 --> 00:25:57,920
Speaker 1: Kim John Une blasted officials over slow medicine deliveries. The

471
00:25:58,040 --> 00:26:01,719
Speaker 1: North has ordered his military to respond to the largely

472
00:26:01,880 --> 00:26:05,160
Speaker 1: undiagnosed COVID nineteen crisis that has left one point two

473
00:26:05,160 --> 00:26:07,480
Speaker 1: million people ill with fever and fifty dead in a

474
00:26:07,560 --> 00:26:10,520
Speaker 1: matter of days. Global News twenty four hours a day

475
00:26:10,640 --> 00:26:13,040
Speaker 1: on air and on Bloomberg Quick Take, powered by more

476
00:26:13,119 --> 00:26:15,639
Speaker 1: than twenty seven hundred journalists analysts in more than a

477
00:26:15,720 --> 00:26:19,040
Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg, John, Michael,

478
00:26:19,080 --> 00:26:26,320
Speaker 1: thank you. He is now six thirty six Wallsbury And

479
00:26:26,400 --> 00:26:29,320
Speaker 1: that's Sime for the Bloomberg Sports Update. Here's John Stenn Show.

480
00:26:29,359 --> 00:26:32,160
Speaker 1: Thanks John. When the Rangers lost Game four in Pittsburgh

481
00:26:32,240 --> 00:26:34,320
Speaker 1: seven to two, things didn't look good. They were down

482
00:26:34,400 --> 00:26:36,560
Speaker 1: three games to one. Only twice in franchise history had

483
00:26:36,600 --> 00:26:38,760
Speaker 1: they won a series from down three one. But they

484
00:26:38,800 --> 00:26:40,879
Speaker 1: came from two goals down to win Game five. Did

485
00:26:40,960 --> 00:26:43,920
Speaker 1: the same thing in Game six in Pittsburgh and trailed

486
00:26:43,960 --> 00:26:46,960
Speaker 1: again last night with under six minutes to play. Barrino

487
00:26:47,560 --> 00:26:54,439
Speaker 1: patted around, taken by coppers. Manochat store is a bad

488
00:26:54,720 --> 00:26:58,000
Speaker 1: Chattis tipe Game seven with five forty five a go,

489
00:26:58,640 --> 00:27:02,320
Speaker 1: It's three all often so like the Game one at

490
00:27:02,320 --> 00:27:05,359
Speaker 1: the Garden that went triple overtime. Overtime in Game seven,

491
00:27:05,520 --> 00:27:07,760
Speaker 1: Rangers got a power play r Temmy Pinnerin, who had

492
00:27:07,760 --> 00:27:10,639
Speaker 1: a somewhat quiet series, scored four or forty five of

493
00:27:10,720 --> 00:27:12,639
Speaker 1: ot and the Rangers won four to three and won

494
00:27:12,680 --> 00:27:16,119
Speaker 1: the series for three. And I'll face the Carolina Hurricanes

495
00:27:16,200 --> 00:27:18,400
Speaker 1: Game one Wednesday in Raleigh, also over time in Game

496
00:27:18,480 --> 00:27:22,159
Speaker 1: seven at Calgary, the Flames being Dallas, so Dallas split

497
00:27:22,600 --> 00:27:25,440
Speaker 1: Game seven's The Mavericks and a stunner blew out the

498
00:27:25,520 --> 00:27:28,320
Speaker 1: Suns in Phoenix one three to ninety. They're up thirty

499
00:27:28,359 --> 00:27:30,879
Speaker 1: at half time, so Dallas will play Golden State in

500
00:27:30,880 --> 00:27:33,520
Speaker 1: the NBA's West Finals. The Celtics will take on Miami

501
00:27:33,600 --> 00:27:36,400
Speaker 1: and the East. Boston won Game seven over Milwaukee one

502
00:27:36,440 --> 00:27:38,760
Speaker 1: o nine to eighty one to the NBA. Game sevens

503
00:27:38,800 --> 00:27:41,400
Speaker 1: were both blowouts. In the two NHL Game seven both

504
00:27:41,480 --> 00:27:44,600
Speaker 1: went overtime. Yankees had only two hits and won five

505
00:27:44,680 --> 00:27:47,320
Speaker 1: to one at Chicago. Another great aunay by Nestor Cortez

506
00:27:47,400 --> 00:27:49,399
Speaker 1: is here. A one point three five Gangs have won

507
00:27:49,800 --> 00:27:51,840
Speaker 1: eight team to the last twenty one. I met ninth

508
00:27:51,880 --> 00:27:54,320
Speaker 1: inning comeback, fell short. They lost in Seattle eight to seven.

509
00:27:54,359 --> 00:27:57,119
Speaker 1: They lose the series for the first time. The Cincinnati

510
00:27:57,240 --> 00:28:00,480
Speaker 1: Reads through a no hitter and lost in Pittsburgh into nothing.

511
00:28:00,800 --> 00:28:03,920
Speaker 1: John Stashal want Bloomberg Sports, John Ali, John, thanks very much.

512
00:28:04,200 --> 00:28:08,040
Speaker 1: It is right now sixty seven hold Wall Street and

513
00:28:08,200 --> 00:28:10,119
Speaker 1: time to take a look at stocks as some of

514
00:28:10,160 --> 00:28:12,920
Speaker 1: the names that are moving in the pre market this morning.

515
00:28:13,040 --> 00:28:15,320
Speaker 1: And for that we're joined by Bloomberg Radio and TV

516
00:28:15,480 --> 00:28:20,800
Speaker 1: Markets correspondent Creta. Pretty I'm not saying there's a food shortage,

517
00:28:20,880 --> 00:28:24,880
Speaker 1: but there's certainly worries on that end, and that's giving

518
00:28:24,880 --> 00:28:27,520
Speaker 1: a boost to some of the stocks that we're looking

519
00:28:27,600 --> 00:28:30,440
Speaker 1: at this morning. Yeah, it really is. I mean, over

520
00:28:30,520 --> 00:28:32,879
Speaker 1: the weekend we heard that India is now looking to

521
00:28:34,080 --> 00:28:36,719
Speaker 1: have an export ban on wheat. This is really important

522
00:28:36,760 --> 00:28:40,400
Speaker 1: as we talk about the impact of Ukraine and Russia,

523
00:28:40,480 --> 00:28:45,960
Speaker 1: the idea that over of the world's grain supply is

524
00:28:46,080 --> 00:28:48,920
Speaker 1: essentially not hitting the market because of the war that's

525
00:28:48,960 --> 00:28:50,760
Speaker 1: happening in that region. So you have to look to

526
00:28:50,840 --> 00:28:53,920
Speaker 1: other countries like India, like the United States to make

527
00:28:54,080 --> 00:28:56,280
Speaker 1: up some of that impact. And when you do have

528
00:28:56,360 --> 00:28:58,320
Speaker 1: a country like India come out and say as they

529
00:28:58,360 --> 00:29:00,880
Speaker 1: did over the weekend that they're going to ban some

530
00:29:01,000 --> 00:29:02,680
Speaker 1: of their exports. They are going to help out some

531
00:29:02,760 --> 00:29:05,600
Speaker 1: of the countries they already have contrasts with Egypt, for example,

532
00:29:05,960 --> 00:29:08,240
Speaker 1: but they're not going to be that plan B that

533
00:29:08,360 --> 00:29:11,160
Speaker 1: a lot of the agricultural industry was really hoping they

534
00:29:11,160 --> 00:29:13,000
Speaker 1: would be in terms of getting their hands on the

535
00:29:13,080 --> 00:29:16,160
Speaker 1: grain supply. John. This comes also after last week you

536
00:29:16,240 --> 00:29:19,120
Speaker 1: had a report from the U s d A I believe,

537
00:29:19,760 --> 00:29:21,920
Speaker 1: coming on saying that the grain harvest in the United

538
00:29:21,960 --> 00:29:24,800
Speaker 1: States is now hitting a six year low. You all,

539
00:29:24,800 --> 00:29:26,440
Speaker 1: lot of this has to do with climate, has to

540
00:29:26,520 --> 00:29:29,000
Speaker 1: do with simply the crop conditions as well. But what

541
00:29:29,160 --> 00:29:31,520
Speaker 1: that means for the stock impact is is companies like

542
00:29:31,720 --> 00:29:33,960
Speaker 1: Archer Daniels Midland, which of course is exposed to a

543
00:29:34,040 --> 00:29:36,480
Speaker 1: lot of that farming equipment a d M is your taker.

544
00:29:36,800 --> 00:29:38,880
Speaker 1: It's up at one point seven percent because it means

545
00:29:38,880 --> 00:29:41,520
Speaker 1: there's going to be more and more need to invest

546
00:29:41,600 --> 00:29:45,080
Speaker 1: in things like farming equipment, in agricultural products, fertilizer, which

547
00:29:45,120 --> 00:29:46,520
Speaker 1: brings me to my other stock. You want to keep

548
00:29:46,520 --> 00:29:50,000
Speaker 1: your eye on mosaic m os up one point seven percent,

549
00:29:50,120 --> 00:29:53,040
Speaker 1: So clearly an agricultural story. Having a read through into

550
00:29:53,080 --> 00:29:56,160
Speaker 1: the broader market. All right, Well, China had some pretty

551
00:29:56,200 --> 00:30:00,280
Speaker 1: ambitious economic targets to meet and they ran small in

552
00:30:00,440 --> 00:30:05,040
Speaker 1: the COVID zero so imagined some of the stocks tied

553
00:30:05,080 --> 00:30:08,280
Speaker 1: to China are taking it on the chin. Yeah, the

554
00:30:08,360 --> 00:30:09,800
Speaker 1: best place to look at that. I mean, we've got

555
00:30:10,040 --> 00:30:12,240
Speaker 1: a lot of that eco data overnight where they said

556
00:30:12,240 --> 00:30:14,960
Speaker 1: a lot of that consumer spending, industrial spending has dropped

557
00:30:15,040 --> 00:30:18,520
Speaker 1: because of the lockdowns zero zero COVID policy. They're not

558
00:30:18,600 --> 00:30:21,520
Speaker 1: really going to stray from an immediate impact into the

559
00:30:21,680 --> 00:30:24,400
Speaker 1: Some of your worst performers this morning, Win Resources, for example,

560
00:30:24,600 --> 00:30:28,240
Speaker 1: w y n N in Las Vegas, Fans LVS both

561
00:30:28,280 --> 00:30:30,320
Speaker 1: down about three percent in the pre market, and this

562
00:30:30,440 --> 00:30:32,960
Speaker 1: has everything to do with the idea of their exposure

563
00:30:33,000 --> 00:30:34,960
Speaker 1: in Macau and in Hong Kong. So of course those

564
00:30:35,000 --> 00:30:36,760
Speaker 1: are gonna be stocked. You want to keep an eye

565
00:30:36,800 --> 00:30:40,080
Speaker 1: on when it comes to the Chinese eco data actually

566
00:30:40,120 --> 00:30:43,200
Speaker 1: having ripple effects into American businesses. So keep an eye

567
00:30:43,240 --> 00:30:46,800
Speaker 1: on the stock. John Pretty, you always supplies your thanks appreciate.

568
00:30:47,000 --> 00:30:50,160
Speaker 1: Bloomberg Radio and TV Markets corresponded pretty grouped with us

569
00:30:50,240 --> 00:30:53,880
Speaker 1: this Monday morning and looking at the stocks as a

570
00:30:53,960 --> 00:30:56,360
Speaker 1: whole ahead of the cans show up on odd Wall Street.

571
00:30:56,760 --> 00:30:59,560
Speaker 1: But now we have the SMP. Even the futures they're

572
00:30:59,600 --> 00:31:03,000
Speaker 1: down through team points, the down futures thirty seven points

573
00:31:03,080 --> 00:31:05,760
Speaker 1: lower and the dance they comm any futures are down

574
00:31:06,080 --> 00:31:08,880
Speaker 1: sixty nine points. Give it treasuries here as well. The

575
00:31:08,960 --> 00:31:12,320
Speaker 1: tenure yield, the benchmark up one basis point, the yield

576
00:31:12,800 --> 00:31:22,160
Speaker 1: two point nine. You are listening to Bloomberg Daybreak and

577
00:31:22,400 --> 00:31:25,880
Speaker 1: the Bloomberg Weather from meteorologist Rob Carol had mostly cloud a,

578
00:31:26,000 --> 00:31:29,920
Speaker 1: scattered showers in thunderstorms, especially this afternoon. Some of these

579
00:31:29,960 --> 00:31:37,600
Speaker 1: could be severe. The high temperature today to eighty degrees. Markets,

580
00:31:37,720 --> 00:31:40,760
Speaker 1: headlines and breaking news twenty four hours a day at

581
00:31:40,800 --> 00:31:44,200
Speaker 1: Bloomberg dot com, the Bloomberg Business Out and at Bloomberg

582
00:31:44,240 --> 00:31:53,120
Speaker 1: crick Tape. This is a Bloomberg Business Flash and I'm

583
00:31:53,200 --> 00:31:55,680
Speaker 1: Karen Moscow future is lower this morning. We go to

584
00:31:55,720 --> 00:31:58,160
Speaker 1: the First Word breaking news desk for today's morning call.

585
00:31:58,280 --> 00:32:01,400
Speaker 1: Here's Bill Maloney. Bill, good morning, and good morning, Karen.

586
00:32:01,480 --> 00:32:03,760
Speaker 1: Modest losses in the futures right now at death futures

587
00:32:03,800 --> 00:32:06,280
Speaker 1: down thirty two points, as bees dropped twelve one. Nest

588
00:32:06,320 --> 00:32:09,440
Speaker 1: that futures are lower by sixty two the US a

589
00:32:09,520 --> 00:32:11,920
Speaker 1: ten year at two point nine three percent, Gold is

590
00:32:12,000 --> 00:32:14,880
Speaker 1: down eight oil is also in the red, and bitcoin

591
00:32:15,040 --> 00:32:17,840
Speaker 1: is down by three point six percent. Japan rose half

592
00:32:17,880 --> 00:32:20,840
Speaker 1: percent overnight, while up markets are trading mixed this morning

593
00:32:21,200 --> 00:32:23,480
Speaker 1: and back in the US on the Economic Funday thirty

594
00:32:23,520 --> 00:32:27,720
Speaker 1: Empire Manufacturing Indian news Jet Blue made a hostile takeover

595
00:32:27,840 --> 00:32:30,840
Speaker 1: offer for Spirit Airlines at thirty hours a share. In

596
00:32:30,960 --> 00:32:34,080
Speaker 1: other news, Goldman Sacks cut US growth forecast for two

597
00:32:34,120 --> 00:32:37,880
Speaker 1: and three, and McDonald's is exiting Russia with a complete

598
00:32:37,880 --> 00:32:41,640
Speaker 1: sale of its portfolio to a local buyer, wrapping things up.

599
00:32:41,680 --> 00:32:44,400
Speaker 1: Marathon Patrol and cuts to neutral ad Goldman Sachs. Alibaba

600
00:32:44,440 --> 00:32:46,800
Speaker 1: eight yrs were raised to overweight at Jacob Morgan and

601
00:32:46,920 --> 00:32:50,400
Speaker 1: so Far was raised to overweight over Red Piper Live

602
00:32:50,520 --> 00:32:52,720
Speaker 1: from the First Breaking News Desk, Gone go Maloney, Karen,

603
00:32:53,120 --> 00:32:55,000
Speaker 1: all right, Bill, thank you to here live breaking news

604
00:32:55,080 --> 00:32:58,080
Speaker 1: over your Bloomberg type squawk on your terminal squ a

605
00:32:58,280 --> 00:33:00,920
Speaker 1: w K. That's a Bloomberg business a show. Where's Michael

606
00:33:00,920 --> 00:33:04,000
Speaker 1: Barrow with more on what's going on around the world, Michael, Karen,

607
00:33:04,040 --> 00:33:06,320
Speaker 1: thank you very much. Finland announced that it would seek

608
00:33:06,440 --> 00:33:11,080
Speaker 1: NATO membership after Russia's invasion of Ukraine. Sweden's governing party

609
00:33:11,200 --> 00:33:14,880
Speaker 1: also endorsed the idea of applying to join the Alliance.

610
00:33:15,280 --> 00:33:18,040
Speaker 1: Ahead of his plan visit the Buffalo tomorrow, President Biden

611
00:33:18,120 --> 00:33:20,480
Speaker 1: is saying that it is time to address the hate

612
00:33:20,520 --> 00:33:22,960
Speaker 1: and that remains a stain on the soul of America.

613
00:33:23,520 --> 00:33:25,720
Speaker 1: The mass shooting that left ten people dead and three

614
00:33:25,800 --> 00:33:28,600
Speaker 1: wounded at a supermarket and Upstate New York is being

615
00:33:28,640 --> 00:33:32,640
Speaker 1: described as a racially motivated massacre. In the NHL Playoffs,

616
00:33:32,880 --> 00:33:36,520
Speaker 1: an Eggs signing Game seven, the Rangers advanced after beating

617
00:33:36,520 --> 00:33:39,760
Speaker 1: the Penguins in overtime for three. In the NBA Playoffs,

618
00:33:39,800 --> 00:33:43,240
Speaker 1: the Celtics won their Game seven against the Bucks. In baseball,

619
00:33:43,280 --> 00:33:46,440
Speaker 1: the Yankees one, the Mets, Red Sox, Orioles, Nationals, Giants,

620
00:33:46,600 --> 00:33:50,560
Speaker 1: A's all lost. Global news twenty four hours a day

621
00:33:50,640 --> 00:33:53,600
Speaker 1: on here and on Bloomberg Quick Take, powered by more

622
00:33:53,720 --> 00:33:57,040
Speaker 1: than seven hundred journalists analysts more than a hundred twenty countries.

623
00:33:57,400 --> 00:34:01,000
Speaker 1: Michael Barr and this is Bloomberg. Karen alright, Michael, thank you.

624
00:34:01,120 --> 00:34:03,520
Speaker 1: At six forty nine on Wall Street. Return to news

625
00:34:03,600 --> 00:34:06,240
Speaker 1: and science and Technology Now with a Bloomberg and j

626
00:34:06,440 --> 00:34:10,400
Speaker 1: I t Stam report now here's just making news and science, technology, engineering,

627
00:34:10,480 --> 00:34:13,480
Speaker 1: and math authorities say most of Shanghai has stopped the

628
00:34:13,480 --> 00:34:16,560
Speaker 1: spread of the coronavirus in the community, and fewer than

629
00:34:16,600 --> 00:34:20,280
Speaker 1: one million people remain under strict and lockdown. Supermarket, smalls

630
00:34:20,320 --> 00:34:22,680
Speaker 1: and restaurants were allowed to reopen with limits on the

631
00:34:22,760 --> 00:34:26,279
Speaker 1: numbers of people and mandated no contact transactions, but most

632
00:34:26,320 --> 00:34:28,600
Speaker 1: of the city's twenty five million people remain under some

633
00:34:28,760 --> 00:34:31,720
Speaker 1: form of restriction. Movement around the city is highly limited,

634
00:34:32,000 --> 00:34:35,279
Speaker 1: and the subway train system remains closed for now. Six

635
00:34:35,400 --> 00:34:37,880
Speaker 1: months after the signing of President Joe Biden's one trillion

636
00:34:37,920 --> 00:34:41,200
Speaker 1: dollar infrastructure package, the government says there are four thousand,

637
00:34:41,239 --> 00:34:44,000
Speaker 1: three hundred projects under way. Of the one hundred ten

638
00:34:44,080 --> 00:34:47,080
Speaker 1: billion announced so far, more than fifty two billion is

639
00:34:47,160 --> 00:34:50,320
Speaker 1: for federal highway funding this fiscal year and twenty and

640
00:34:50,320 --> 00:34:53,280
Speaker 1: a half billion dollars for public transit. There's another twenty

641
00:34:53,360 --> 00:34:55,920
Speaker 1: seven billion over five years for bridges, as well as

642
00:34:55,960 --> 00:35:00,920
Speaker 1: money for safety, rural highways, airport, sports, drought resilience and

643
00:35:01,040 --> 00:35:03,759
Speaker 1: other programs. And it's the latest move by a Wall

644
00:35:03,800 --> 00:35:06,360
Speaker 1: Street bank to retain talent and a hot job market.

645
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Speaker 1: Goman sacks will allow senior staff to take an unlimited

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Speaker 1: number of vacation days. That's according to a company memo

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Speaker 1: scene by Bloomberg and as a Bloomberg and j I. T.

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Speaker 1: Stem report, John a limited vacation. Alright, Karen, We're live

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Speaker 1: for the Bloomberg Interact to Broker's Studios, where it is

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00:35:22,760 --> 00:35:25,399
Speaker 1: now six fifty on Wall Street. Time now to check

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00:35:25,440 --> 00:35:27,719
Speaker 1: what's going on to d C and Some of the

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00:35:27,840 --> 00:35:31,840
Speaker 1: top stories in our nation capital include President Biden calling

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00:35:31,880 --> 00:35:34,920
Speaker 1: for action after the mass shootings over the weekend, NATO

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00:35:35,120 --> 00:35:39,560
Speaker 1: preparing to add Finland and Sweden to northern defenses. Senate

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00:35:39,640 --> 00:35:44,200
Speaker 1: Republican leader Mitch McConnell counters isolationist voices in the Republican

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00:35:44,320 --> 00:35:48,520
Speaker 1: Party on Ukraine. And John Fetterman, the leading Democratic candidate

657
00:35:48,600 --> 00:35:51,239
Speaker 1: for the U. S. Senate in Pennsylvania, says he is

658
00:35:51,360 --> 00:35:56,000
Speaker 1: now recovering after being hospitalized. One time rising star Madison

659
00:35:56,080 --> 00:35:59,719
Speaker 1: Cawthorne faces a Republican fight as his gaffs start to

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Speaker 1: I love Now, let's take a deeper dive into some

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Speaker 1: of these stories this morning with Bloomberg Government reporter Emily Wilkins.

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Speaker 1: The President addressing the mass shootings over the weekend to

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00:36:10,360 --> 00:36:16,000
Speaker 1: Emily and what exactly is he calling for so a

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Speaker 1: President Biden has really focused on the fact that these

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00:36:18,920 --> 00:36:23,400
Speaker 1: shootings were racially motivated, that the shooter chose an area,

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Speaker 1: chose a supermarket in Buffalo, New York that did have

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Speaker 1: a higher percentage of of black Americans there to carry

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00:36:30,320 --> 00:36:33,320
Speaker 1: out his shooting. And Biden has made it clear that

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Speaker 1: you know that this is unacceptable, UM, and he's pleaded

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00:36:36,920 --> 00:36:40,919
Speaker 1: for uh. You've heard him really talk about the need

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Speaker 1: to sort of, you know, work together to address the

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Speaker 1: hate that remains, uh, staying on the soul of America.

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Speaker 1: That's one of the things we heard him say over

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Speaker 1: the weekend. But what you didn't hear, I think is

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Speaker 1: actually what's a little bit more newsy, John, and that's

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00:36:55,080 --> 00:36:57,680
Speaker 1: you did not hear a call from Biden for federal

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00:36:57,800 --> 00:37:01,040
Speaker 1: action at this point. It's it's clear, as it has

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00:37:01,120 --> 00:37:03,800
Speaker 1: been for some time, that they're just not the votes

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00:37:03,880 --> 00:37:06,680
Speaker 1: that are needed for the Senate to wind up passing

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00:37:07,040 --> 00:37:11,319
Speaker 1: any sort of legislation UM that either you know, reduces uh,

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00:37:12,160 --> 00:37:17,200
Speaker 1: the access to guns or requires additional standards or metrics

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00:37:17,280 --> 00:37:20,000
Speaker 1: to get gun control. You did hear a call for

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00:37:20,200 --> 00:37:23,920
Speaker 1: federal action from New York Governor Kathy HOCl Um as

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00:37:23,960 --> 00:37:28,640
Speaker 1: well as some local, uh local officials. UM now speaking,

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00:37:28,719 --> 00:37:31,520
Speaker 1: Nancy Pelosi said this was a huge priority. But again,

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00:37:31,600 --> 00:37:33,840
Speaker 1: I mean she knows the math. She knows that that

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00:37:34,000 --> 00:37:37,000
Speaker 1: at this point, because of the makeup of the House

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00:37:37,080 --> 00:37:39,640
Speaker 1: and the Senate, there's the House was able to pass

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00:37:39,680 --> 00:37:42,359
Speaker 1: some legislation, but that there's no way at this point

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00:37:42,400 --> 00:37:44,640
Speaker 1: that gets through the Senate. And not to mention it

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00:37:44,760 --> 00:37:47,359
Speaker 1: is the Supreme Court also at some point is going

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00:37:47,400 --> 00:37:50,440
Speaker 1: to take up the New York City for instance, the

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00:37:50,640 --> 00:37:54,839
Speaker 1: local restrictions on guns. UM. The next story I want

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00:37:54,880 --> 00:37:58,200
Speaker 1: to focus on real quick here Emily NATO preparing to

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00:37:58,360 --> 00:38:02,600
Speaker 1: add a couple of members of the Northern Defenses, namely

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00:38:02,640 --> 00:38:06,359
Speaker 1: Finland and Sweden. How is this playing out? And uh,

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00:38:06,800 --> 00:38:10,320
Speaker 1: what is Ladmer Putent's reaction to it? I guess is

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00:38:10,440 --> 00:38:11,960
Speaker 1: one of the things we'll have to watch out for.

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00:38:12,920 --> 00:38:14,719
Speaker 1: So yeah, I mean this is being welcomed by a

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00:38:14,800 --> 00:38:17,920
Speaker 1: number of countries, including the US. That Finland and Sweden

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00:38:18,520 --> 00:38:21,520
Speaker 1: on Sunday they announced their plans to join the alliance.

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00:38:21,680 --> 00:38:25,480
Speaker 1: And this has really come uh due to Russia's invasion

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00:38:25,640 --> 00:38:29,000
Speaker 1: of Ukraine. That the leaders of both these countries said

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Speaker 1: that it is important that you know if they come

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Speaker 1: under attack, that they will be helped by these by

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00:38:33,400 --> 00:38:35,719
Speaker 1: these other states, and that they'll be able to help

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00:38:35,800 --> 00:38:38,960
Speaker 1: other countries if they're attacked. And so this is certainly

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00:38:39,040 --> 00:38:41,320
Speaker 1: something that we've kind of seen this direct correlation to

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00:38:41,880 --> 00:38:45,320
Speaker 1: I mean, certainly this isn't what Putin wanted to happen,

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Speaker 1: where he wanted to weaken NATO. He wanted to stop

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00:38:48,520 --> 00:38:52,400
Speaker 1: NATO's expansion. He was very concerned about that. Instead, this

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00:38:52,520 --> 00:38:56,399
Speaker 1: war has risen fears in these other countries about leading

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Speaker 1: them to say, hey, we actually need NATO now. We were,

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00:38:59,400 --> 00:39:02,400
Speaker 1: you know, being neutral and impartial before, but now that

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00:39:02,480 --> 00:39:05,839
Speaker 1: we're seeing what Russia is doing to Ukraine, we think

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00:39:05,920 --> 00:39:08,640
Speaker 1: that we need to take the precautions needed to join

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00:39:08,760 --> 00:39:11,600
Speaker 1: NATO at this time. And related to that, the Senate

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00:39:11,640 --> 00:39:16,320
Speaker 1: Republican leader Ritch McConnell, he's been overseas kind of countering

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Speaker 1: the isolation of his voices in his own party. Tell

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00:39:18,760 --> 00:39:21,920
Speaker 1: us more about that. Yes, the McConnell actually met with

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Speaker 1: rob Ukrainian President of Vladimizilinsky. And this has comes as

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00:39:26,560 --> 00:39:29,440
Speaker 1: the Senate is working to pass forty billion dollars of

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00:39:29,600 --> 00:39:33,200
Speaker 1: financial aid to Ukraine. This will be different things like military,

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Speaker 1: including humanitarian aid, aide for refugees, aide to re start,

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00:39:37,440 --> 00:39:40,560
Speaker 1: you know, rebuilding and recoming back as a country. UM.

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00:39:40,680 --> 00:39:43,440
Speaker 1: The difficulty here was that they tried to move this

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00:39:43,640 --> 00:39:47,440
Speaker 1: legislation via an expedited process last week and it got

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00:39:47,520 --> 00:39:50,600
Speaker 1: held up by one senator, Senator Ran Paul of Kentucky.

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00:39:50,920 --> 00:39:53,200
Speaker 1: And I think what McConnell's really trying to do here

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00:39:53,440 --> 00:39:56,640
Speaker 1: is to try and counteract any sort of message that

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00:39:56,760 --> 00:39:59,360
Speaker 1: the US is not united on this UM. One thing

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00:39:59,400 --> 00:40:02,480
Speaker 1: you've heard from McConnell, from Flosi, from Biden, from really

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00:40:02,520 --> 00:40:04,960
Speaker 1: all the top leaders is how important it is that

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00:40:05,080 --> 00:40:08,759
Speaker 1: the US brings forward a very unified front in their

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00:40:08,800 --> 00:40:11,800
Speaker 1: support of Ukraine and in their opposition to Russia. And

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Speaker 1: I think what you're seeing McConnell do here is a

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00:40:14,280 --> 00:40:17,840
Speaker 1: little bit of damage control, saying, hey, don't just because

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Speaker 1: we had one senator who did not vote to pass

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00:40:20,520 --> 00:40:24,680
Speaker 1: this quickly because he wanted additional amendment text, don't misunderstand

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00:40:24,760 --> 00:40:28,640
Speaker 1: the US still stands very much behind Ukraine. And some

741
00:40:28,840 --> 00:40:31,680
Speaker 1: local politics a little more local. John Federman, he's the

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00:40:32,040 --> 00:40:36,359
Speaker 1: leading candidate from the Democratic Party for the Senate in Pennsylvania.

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00:40:36,520 --> 00:40:40,080
Speaker 1: What's the update on this story. He had a stroke. Yeah,

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00:40:40,239 --> 00:40:42,480
Speaker 1: and he says that he is now recovering after being

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00:40:42,600 --> 00:40:46,440
Speaker 1: hospitalized for a stroke. Uh. He says that, you know,

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00:40:46,480 --> 00:40:48,640
Speaker 1: if he was able to get to a hospital within

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00:40:48,800 --> 00:40:51,520
Speaker 1: minutes of his first symptoms, so has appeared on Friday.

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00:40:51,880 --> 00:40:54,359
Speaker 1: He says that he's feeling much better, that they didn't

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00:40:54,600 --> 00:40:57,759
Speaker 1: suffer any cognitive damage. Uh. You know this guy, he's

750
00:40:57,800 --> 00:41:00,480
Speaker 1: only fifty two. Uh, he can't told some of his

751
00:41:00,560 --> 00:41:03,040
Speaker 1: weekend campaigning. I mean that might wind up being the

752
00:41:03,080 --> 00:41:05,680
Speaker 1: biggest impact here is that he's not on the trail

753
00:41:06,239 --> 00:41:09,759
Speaker 1: the weekend before his campaign. But currently he is up

754
00:41:09,840 --> 00:41:13,319
Speaker 1: for about thirty points over his competition. Um, and he's

755
00:41:13,360 --> 00:41:16,800
Speaker 1: well poised at this point to win that nomination for

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00:41:17,000 --> 00:41:19,800
Speaker 1: the Democratic primary and bat will take place this Tuesday.

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00:41:20,800 --> 00:41:24,239
Speaker 1: And uh, real quick, one time rising store in the

758
00:41:24,280 --> 00:41:29,040
Speaker 1: Republican Party. Madison Cawthorne. Who is he and what's he

759
00:41:29,200 --> 00:41:33,000
Speaker 1: up against? Yeah? So Madison Cawthorne, He's a Republican, very

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00:41:33,080 --> 00:41:36,160
Speaker 1: pro Trump. He's from the very solidly Republican district in

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00:41:36,320 --> 00:41:40,239
Speaker 1: North Carolina, and he is the youngest member of Congress

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00:41:40,520 --> 00:41:43,279
Speaker 1: and he's they seen a very very tough primary right now.

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00:41:43,440 --> 00:41:46,520
Speaker 1: And this is because of several reasons. Um. Number one,

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00:41:46,600 --> 00:41:49,400
Speaker 1: just some scrutiny and criticism over some of his statements.

765
00:41:49,520 --> 00:41:53,719
Speaker 1: He called Ukrainian President Vladimir's Lenskia thug that was very

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00:41:53,800 --> 00:41:56,879
Speaker 1: much criticized by those within his own party. He also

767
00:41:57,000 --> 00:42:01,120
Speaker 1: suggested that Republicans were heaving orgies and doing cocaine. Uh.

768
00:42:01,280 --> 00:42:04,440
Speaker 1: That also upset a number of individuals in his own party,

769
00:42:04,760 --> 00:42:06,480
Speaker 1: to the extent that you now have one of the

770
00:42:06,520 --> 00:42:10,360
Speaker 1: Republican centers running against advertising against him. So he faces

771
00:42:10,360 --> 00:42:12,920
Speaker 1: a very tough primary as well. All Right, thanks a lot,

772
00:42:13,000 --> 00:42:16,040
Speaker 1: Bloomberg's Emily Wilkins, and you can read more about these

773
00:42:16,040 --> 00:42:18,920
Speaker 1: stories on Bloomberg dot com or the Bloomberg terminal, and

774
00:42:19,080 --> 00:42:22,040
Speaker 1: you can also follow the latest on Bloomberg Radio in Washington.

775
00:42:22,080 --> 00:42:26,680
Speaker 1: That's Bloomberg at one O five seven FM HD two.

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00:42:27,320 --> 00:42:29,560
Speaker 1: Shut the cash open on Wall Street right now. The

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00:42:29,600 --> 00:42:32,760
Speaker 1: futures are lower, the DOWN futures down fifty two points,

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00:42:33,160 --> 00:42:36,400
Speaker 1: smp E mini futures are fourteen points lower, and the

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00:42:36,480 --> 00:42:41,280
Speaker 1: nasdack futures are down sixty five points. I'm John Tucker

780
00:42:41,400 --> 00:42:45,080
Speaker 1: for Karen Moscow. You're listening to Bloomberg Daybreak just to

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00:42:45,160 --> 00:42:46,759
Speaker 1: hand Bloomberg surveillance