1 00:00:02,279 --> 00:00:05,880 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:05,920 --> 00:00:09,880 Speaker 1: day Break for Friday, June seventeen two. Coming up this hour, 3 00:00:10,119 --> 00:00:13,520 Speaker 1: stocks rebound after yesterday's sell off on Wall Street. The 4 00:00:13,680 --> 00:00:17,240 Speaker 1: SMP five enters today's triple Witching session at an eighteen 5 00:00:17,280 --> 00:00:20,840 Speaker 1: month low. President Biden says a where session can be avoided, 6 00:00:21,000 --> 00:00:24,320 Speaker 1: and Japan defies the global trend and retains super easy 7 00:00:24,360 --> 00:00:28,040 Speaker 1: monetary policy. The final democratic debate in the primary campaign 8 00:00:28,040 --> 00:00:30,760 Speaker 1: for New York governor is over. Plus another mass shooting 9 00:00:30,760 --> 00:00:33,240 Speaker 1: in a church in Alabama leaves two dead. I'm Michael 10 00:00:33,280 --> 00:00:36,320 Speaker 1: war More Ahead. I'm John Stanstown in sports night that 11 00:00:36,440 --> 00:00:38,559 Speaker 1: he went for the Yankees comeback win for the mat 12 00:00:38,640 --> 00:00:42,320 Speaker 1: than the Golden State Warriors have won the NBA Champion Champion. 13 00:00:44,520 --> 00:00:48,479 Speaker 1: That's alls trended ahead on Bloomberg Daybreak on Bloomberg Elibern 14 00:00:48,520 --> 00:00:53,000 Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg 15 00:00:53,040 --> 00:00:56,720 Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco 16 00:00:57,200 --> 00:01:00,240 Speaker 1: Sirius XM one nineteen and around the world. Old on 17 00:01:00,400 --> 00:01:03,680 Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business App. 18 00:01:07,520 --> 00:01:10,560 Speaker 1: Good morning, I'm John Tucker. I'm Nathan Hagar. Futures are 19 00:01:10,600 --> 00:01:12,600 Speaker 1: on the rise this morning. We're coming up to six 20 00:01:12,600 --> 00:01:14,480 Speaker 1: oh one on Wall Street. We checked the markets every 21 00:01:14,520 --> 00:01:17,760 Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, SMP futures 22 00:01:17,760 --> 00:01:19,760 Speaker 1: are up thirty three points, down features up two or 23 00:01:19,800 --> 00:01:23,039 Speaker 1: twenty eight. NASTAC futures higher by one hundred twenty four points. 24 00:01:23,280 --> 00:01:25,760 Speaker 1: The tenure Treasury is down three thirty seconds. The yield 25 00:01:25,760 --> 00:01:27,880 Speaker 1: three point to zero percent yield on the two year 26 00:01:27,920 --> 00:01:30,319 Speaker 1: three point one four percent name X screwed is up 27 00:01:30,400 --> 00:01:32,680 Speaker 1: one percent or a dollar seventeen and a hundred eighteen 28 00:01:32,720 --> 00:01:35,720 Speaker 1: dollars seventy six cents of barrel COMEX s called little 29 00:01:35,760 --> 00:01:38,640 Speaker 1: changed of ninety cents at eighteen fifty eighty announce and 30 00:01:38,680 --> 00:01:40,959 Speaker 1: the euro at one point zero five to one against 31 00:01:40,959 --> 00:01:43,400 Speaker 1: the dollar, John and Nathan. The rise of ian futures 32 00:01:43,400 --> 00:01:46,240 Speaker 1: follows yet another sell off on Wall Street, which all 33 00:01:46,240 --> 00:01:49,240 Speaker 1: the SMP five had closed at an eighteen month low. 34 00:01:49,800 --> 00:01:52,280 Speaker 1: It was a sea of red, with only fourteen stocks 35 00:01:52,280 --> 00:01:55,760 Speaker 1: and the SMP five hundred closing higher yesterday. Lori bright Knack, 36 00:01:55,840 --> 00:01:59,400 Speaker 1: the chief investment officer at Investco, says with inflation and 37 00:01:59,440 --> 00:02:02,520 Speaker 1: recession fears front and center. The Fed has its work 38 00:02:02,600 --> 00:02:05,440 Speaker 1: cut out for it. Monetary policy was too easy for 39 00:02:05,480 --> 00:02:08,040 Speaker 1: too long, so they've got to make up some ground 40 00:02:08,040 --> 00:02:10,840 Speaker 1: here to try to stay ahead of it. So unfortunately, 41 00:02:10,880 --> 00:02:12,919 Speaker 1: I don't think that the news is going to get 42 00:02:12,919 --> 00:02:15,320 Speaker 1: any better over the next month for the sad in 43 00:02:15,400 --> 00:02:19,560 Speaker 1: terms of inflation. The INVESTI Chief Investment Officer Lori Brignack 44 00:02:19,639 --> 00:02:22,320 Speaker 1: making the comments of Bloomberg Business Week and catch that 45 00:02:22,360 --> 00:02:25,359 Speaker 1: program weekdays from two to five pm Wall Street Time 46 00:02:25,720 --> 00:02:28,200 Speaker 1: all right, general, the sell off has been widespread. In fact, 47 00:02:28,200 --> 00:02:31,560 Speaker 1: more companies in the Russell three thousand, excluding financial firms, 48 00:02:31,720 --> 00:02:35,120 Speaker 1: are trading below their cash holdings. Bloomberg's Doug Krisner has 49 00:02:35,160 --> 00:02:38,400 Speaker 1: more the total number has surpassed the month end record 50 00:02:38,440 --> 00:02:41,960 Speaker 1: set during the financial crisis. Smaller cap firms like those 51 00:02:41,960 --> 00:02:44,760 Speaker 1: in the Russell are particularly sensitive to the health of 52 00:02:44,800 --> 00:02:48,720 Speaker 1: the domestic economy, and now as financial conditions tighten, the 53 00:02:48,800 --> 00:02:51,720 Speaker 1: concern of a recession is in sharp relief. In the 54 00:02:51,800 --> 00:02:54,600 Speaker 1: last session alone, the Russell three thousand fell three and 55 00:02:54,639 --> 00:02:58,120 Speaker 1: a half percent to its lowest level since Even so, 56 00:02:58,240 --> 00:03:00,440 Speaker 1: writers on the Bloomberg m Live blog say when a 57 00:03:00,480 --> 00:03:03,920 Speaker 1: company's total equity value is less than its cash and 58 00:03:04,000 --> 00:03:08,239 Speaker 1: marketable securities. Bargains can possibly be found in New York 59 00:03:08,240 --> 00:03:10,560 Speaker 1: on Dug Prisoner Bloomberg daybreak. All right, Doug, thank you, 60 00:03:10,560 --> 00:03:12,440 Speaker 1: and it could be another volatile day on Wall Street. 61 00:03:12,480 --> 00:03:15,280 Speaker 1: Today's the quarterly event known as triple witching. The three 62 00:03:15,320 --> 00:03:18,040 Speaker 1: and a half trillion dollar options expiration may lead to 63 00:03:18,120 --> 00:03:20,880 Speaker 1: shortcovering and that could bring temporary relief to the stock 64 00:03:20,919 --> 00:03:23,760 Speaker 1: market and meantime. In the Asia, stocks tumbled to a 65 00:03:23,840 --> 00:03:26,760 Speaker 1: two year low as traders feared the global rush to 66 00:03:26,840 --> 00:03:30,200 Speaker 1: hike inter strates may result in an economic downturn. Let's 67 00:03:30,240 --> 00:03:34,120 Speaker 1: get the recap from Bloomberg's Juliet Sally and Singapore. Good morning, Juliet, 68 00:03:34,200 --> 00:03:35,640 Speaker 1: Good morning, John, and Nathan. The m s c I 69 00:03:35,720 --> 00:03:38,760 Speaker 1: Asia Pacific Index fell to its lowest level in two years. 70 00:03:38,840 --> 00:03:41,280 Speaker 1: The index has dropped every day this week and is 71 00:03:41,280 --> 00:03:44,600 Speaker 1: down for a seventh session. That's the longest weekly dropped 72 00:03:44,600 --> 00:03:47,600 Speaker 1: since the onset of the global pandemic. In March twenty 73 00:03:48,080 --> 00:03:51,840 Speaker 1: Japanese shares dropped in tenure yields east from twenty sixteen 74 00:03:51,920 --> 00:03:54,440 Speaker 1: highs as the Bank of Japan's decision to keep its 75 00:03:54,520 --> 00:03:59,320 Speaker 1: ultra loose monetary settings unchanged provided limited stimulus as volatility 76 00:03:59,320 --> 00:04:02,160 Speaker 1: in the end throws. China and Hong Kong Stokes gained 77 00:04:02,200 --> 00:04:05,000 Speaker 1: the only markets in Asia in the green. This is 78 00:04:05,080 --> 00:04:08,200 Speaker 1: Beijing's pro growth policy lended support to views that their 79 00:04:08,240 --> 00:04:12,600 Speaker 1: equities will keep out performing. In Singapore, Juliette Sally bloom 80 00:04:12,600 --> 00:04:15,120 Speaker 1: Boat daybreak All right, Juliette thanks. After that Bank of 81 00:04:15,200 --> 00:04:17,800 Speaker 1: Japan decision, the yen weekend as much as one point 82 00:04:17,839 --> 00:04:21,359 Speaker 1: eight percent. Bo J Governor Harhiko Coroda addressed the recent 83 00:04:21,440 --> 00:04:25,120 Speaker 1: sell off in the currency. The recent rapid weakening of 84 00:04:25,160 --> 00:04:28,320 Speaker 1: the yen is negative for the economy as it increases 85 00:04:28,400 --> 00:04:31,640 Speaker 1: uncertainties and companies will have a harder time putting together 86 00:04:31,680 --> 00:04:35,920 Speaker 1: their business plans. Governor Harhigo Krota, speaking through an interpreter, 87 00:04:35,960 --> 00:04:38,200 Speaker 1: added a reference to fear in exchange rates to its 88 00:04:38,240 --> 00:04:40,680 Speaker 1: list of risks following the end's rapid weakening to a 89 00:04:40,839 --> 00:04:43,679 Speaker 1: twenty four year low this week. And in Europe, Christian 90 00:04:43,760 --> 00:04:46,599 Speaker 1: the Garden has told euro Area finance ministers at the 91 00:04:46,600 --> 00:04:50,400 Speaker 1: European Center Banks new anti crisis tool will kick in 92 00:04:50,560 --> 00:04:54,080 Speaker 1: if the borrowing costs for weaker nations rises too far 93 00:04:54,320 --> 00:04:57,799 Speaker 1: or too fast. Sources that a meaning in Luxembourg, Laguard 94 00:04:57,920 --> 00:05:00,520 Speaker 1: told ministers that the new mechanism will be intended to 95 00:05:00,560 --> 00:05:06,000 Speaker 1: prevent irrational market movements from putting pressure on individual euronations. 96 00:05:06,200 --> 00:05:08,640 Speaker 1: Well back here in the US, President Biden's weighing in 97 00:05:08,640 --> 00:05:11,640 Speaker 1: on the economy and saying a recession can be avoided. 98 00:05:11,760 --> 00:05:14,240 Speaker 1: Let's get the details live from Bloomberg Reny to Young. 99 00:05:14,279 --> 00:05:17,480 Speaker 1: Good morning, Granita, Good morning Nathan. The President is reiterating 100 00:05:17,520 --> 00:05:20,240 Speaker 1: his message that the US is in a stronger position 101 00:05:20,279 --> 00:05:23,320 Speaker 1: than any nation in the world to overcome inflation. And 102 00:05:23,320 --> 00:05:26,920 Speaker 1: while he says the recession is not inevitable, he acknowledges 103 00:05:26,960 --> 00:05:29,919 Speaker 1: that Americans are really down on the state of the country. 104 00:05:30,279 --> 00:05:32,400 Speaker 1: He made these comments in an interview with the AP, 105 00:05:32,760 --> 00:05:36,120 Speaker 1: his first with a print outlet since taking office, and 106 00:05:36,200 --> 00:05:38,919 Speaker 1: it took place a day after the FIT executed the 107 00:05:38,960 --> 00:05:42,240 Speaker 1: biggest interest rate hike in almost three decades in order 108 00:05:42,240 --> 00:05:45,360 Speaker 1: to cool inflation. Live in New York, I'm really need 109 00:05:45,360 --> 00:05:48,480 Speaker 1: a Young Bloomberg day break. Need to thanks. Reactions still 110 00:05:48,560 --> 00:05:52,200 Speaker 1: pouring into Elon Musk's first meeting with Twitter employees, he 111 00:05:52,320 --> 00:05:55,359 Speaker 1: told staffords they shouldn't worry about changes to their jobs 112 00:05:55,400 --> 00:05:57,800 Speaker 1: once he takes over. As long as their work is 113 00:05:57,880 --> 00:06:00,880 Speaker 1: quote exceptional. Let's get more at his remarks and his 114 00:06:00,960 --> 00:06:05,039 Speaker 1: concerns about fake Twitter accounts from Bloomberg's Ed Ludlow, he 115 00:06:05,120 --> 00:06:08,039 Speaker 1: said that whether Twitter pursues a subscription or an ad model, 116 00:06:08,240 --> 00:06:12,640 Speaker 1: he's still concerned about bots. Nonetheless, and essentially the goal 117 00:06:12,800 --> 00:06:16,120 Speaker 1: is to make Twitter an expensive platform in otherways, requiring 118 00:06:16,200 --> 00:06:21,280 Speaker 1: some form of payment that disincentivizes for activity. Bloomberg's Ed 119 00:06:21,320 --> 00:06:24,000 Speaker 1: Ludlow says Musch did not address whether he was committed 120 00:06:24,080 --> 00:06:26,760 Speaker 1: to the deal. Looking at the pre market now, John 121 00:06:26,760 --> 00:06:29,280 Speaker 1: shares of Adobe or down more than three percent after 122 00:06:29,320 --> 00:06:32,320 Speaker 1: the company reduced its annual revenue forecast. We get the 123 00:06:32,320 --> 00:06:36,120 Speaker 1: story from Bloomberg's Charlie Pellis. Adobe says it's business will 124 00:06:36,160 --> 00:06:40,760 Speaker 1: be affected by currency fluctuations, seasonal shifts in demand, and 125 00:06:40,839 --> 00:06:44,320 Speaker 1: the decision to end sales in Russia and Belarus after 126 00:06:44,360 --> 00:06:48,000 Speaker 1: the invasion of Ukraine. Had said fiscal year revenue will 127 00:06:48,040 --> 00:06:51,240 Speaker 1: be about seventeen point seven billion dollars. That is a 128 00:06:51,279 --> 00:06:55,560 Speaker 1: decrease from the company's previous forecast of seventeen point nine billion, 129 00:06:55,960 --> 00:07:00,000 Speaker 1: and investors are increasingly skeptical about the dominance of Adobe 130 00:07:00,160 --> 00:07:04,239 Speaker 1: line of software for design Professions, which makes up about 131 00:07:04,320 --> 00:07:08,840 Speaker 1: six of its revenue in New York. Charlie Pellet, Bloomberg Daybreak. 132 00:07:08,920 --> 00:07:12,720 Speaker 1: Thanks Charlie dow futures up two points right now, SMP 133 00:07:12,880 --> 00:07:17,000 Speaker 1: Futures of thirty two, the Nanzac features of one nineteen points. 134 00:07:17,320 --> 00:07:23,800 Speaker 1: You're listening to Bloomberg Daybreak and at six o seven 135 00:07:23,800 --> 00:07:26,000 Speaker 1: on Wall Street, time to bring in Michael Barr to 136 00:07:26,040 --> 00:07:28,040 Speaker 1: find out what else is going on in New York 137 00:07:28,040 --> 00:07:30,680 Speaker 1: hand around the world, John, Thank you very much. The 138 00:07:30,720 --> 00:07:33,920 Speaker 1: final Democratic debate in the primary campaign for New York 139 00:07:34,040 --> 00:07:38,200 Speaker 1: governor is over. US Representative Tom Swansea and New York 140 00:07:38,200 --> 00:07:42,600 Speaker 1: City Public Advocate Jamanni Williams criticize Governor Kathy Hokel's strategy 141 00:07:42,680 --> 00:07:46,320 Speaker 1: toward gun violence. All of the candidates on w NBC 142 00:07:46,600 --> 00:07:50,160 Speaker 1: were asked about their vision to improve the state, including 143 00:07:50,720 --> 00:07:54,160 Speaker 1: don't bet against New York. We've been down before, we 144 00:07:54,240 --> 00:07:58,400 Speaker 1: will come back even stronger. We've always demonstrated our resiliency, 145 00:07:58,520 --> 00:08:03,440 Speaker 1: our tenacity. It's our Yorkers. Early voting start Saturday in 146 00:08:03,480 --> 00:08:07,520 Speaker 1: New York. The European Commission recommended that Ukraine be granted 147 00:08:07,800 --> 00:08:11,000 Speaker 1: candidate status and the symbolic step on the Long Path 148 00:08:11,120 --> 00:08:13,960 Speaker 1: to become members of the European Union. That's according to 149 00:08:13,960 --> 00:08:17,240 Speaker 1: two people familiar with the matter. The recommendation is significant 150 00:08:17,240 --> 00:08:21,600 Speaker 1: for Ukraine as it seeks moral support encountering Russian aggression. 151 00:08:21,960 --> 00:08:25,840 Speaker 1: Lawmakers heard gripping testimony from top aides of then Vice 152 00:08:25,880 --> 00:08:29,440 Speaker 1: President Pence and President Trump during the latest hearing from 153 00:08:29,440 --> 00:08:34,280 Speaker 1: the January sixth Committee, rioters staying within forty feet up Pence. 154 00:08:34,720 --> 00:08:37,120 Speaker 1: The committee now wants to interview the wife of Supreme 155 00:08:37,160 --> 00:08:41,160 Speaker 1: Court Justice Clarence Thomas, Jenny, after new emails were revealed 156 00:08:41,200 --> 00:08:45,640 Speaker 1: from the conservative activists. Former federal prosecutor Michael Zelden talked 157 00:08:45,640 --> 00:08:48,280 Speaker 1: about the potential legal outcome. I think what they're going 158 00:08:48,320 --> 00:08:50,800 Speaker 1: to be doing is trying to prove each of the 159 00:08:50,920 --> 00:08:55,280 Speaker 1: seven prongs of their conspiracy. They're saying the president engaged 160 00:08:55,320 --> 00:08:58,760 Speaker 1: in the seventh part conspiracy. The first was the big lie, 161 00:08:58,880 --> 00:09:01,440 Speaker 1: The second was to replace the acting Attorney General. The 162 00:09:01,480 --> 00:09:04,000 Speaker 1: third was to pressure Pence, The fourth was to pressure 163 00:09:04,040 --> 00:09:08,920 Speaker 1: state officials. The fifth was to do the false electors scheme, 164 00:09:09,000 --> 00:09:11,120 Speaker 1: the sixth was the violent mob, and the seventh was 165 00:09:11,480 --> 00:09:15,280 Speaker 1: in action when this was going on. Former federal prosecutor 166 00:09:15,320 --> 00:09:18,720 Speaker 1: Michael Zelden spoke with Joe Matthew on Bloomberg Sound on 167 00:09:19,160 --> 00:09:21,920 Speaker 1: Wiki Leak's chief, Julian Assa, should be sent to the 168 00:09:22,040 --> 00:09:26,560 Speaker 1: US to face criminal espionage charges. The UK government agreed 169 00:09:26,640 --> 00:09:29,600 Speaker 1: with the courts and opposing his long running battle to 170 00:09:29,640 --> 00:09:32,839 Speaker 1: avoid extradition. Two people are dead and another wounded when 171 00:09:32,840 --> 00:09:35,640 Speaker 1: police in Alabama SAA gunman opened fire at a church 172 00:09:36,000 --> 00:09:39,080 Speaker 1: investi Via Hills. Police say a suspect is in custody. 173 00:09:39,440 --> 00:09:42,280 Speaker 1: Democratic and Republican senators are at odds over how to 174 00:09:42,360 --> 00:09:46,000 Speaker 1: keep firearms from dangerous people. Lawmakers said they remained divided 175 00:09:46,040 --> 00:09:49,360 Speaker 1: over how to define abuse of dating partners so they 176 00:09:49,400 --> 00:09:52,720 Speaker 1: could be legally barred from purchasing firearms. Global News twenty 177 00:09:52,760 --> 00:09:55,600 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 178 00:09:55,800 --> 00:09:58,520 Speaker 1: powered by more than twenty seven hundred journalists and analysts 179 00:09:58,600 --> 00:10:01,880 Speaker 1: more than a hundred twenty countries. Michael Barr, this is Bloomberg. John, 180 00:10:01,880 --> 00:10:07,800 Speaker 1: all right, Michael, thank you. Coming up on six ten 181 00:10:08,040 --> 00:10:10,959 Speaker 1: on Wall Street time down for the Blueberg Sports Update, 182 00:10:11,240 --> 00:10:13,640 Speaker 1: and here's John Stann Shower. All right, John. Golden State 183 00:10:13,640 --> 00:10:16,320 Speaker 1: Warriors had that run of three NBA championships, five straight 184 00:10:16,360 --> 00:10:18,160 Speaker 1: trip to the finals, and then it appeared that run 185 00:10:18,280 --> 00:10:21,640 Speaker 1: was over. With injuries and Kevin Durant's defection to Brooklyn 186 00:10:21,679 --> 00:10:23,319 Speaker 1: two years ago, they were the worst team in the NBA. 187 00:10:23,840 --> 00:10:26,400 Speaker 1: And yet there were the Warriors last night, winning games 188 00:10:26,440 --> 00:10:28,600 Speaker 1: six in Boston one oh three to ninety and winning 189 00:10:28,600 --> 00:10:31,320 Speaker 1: the finals four games and to a final where every 190 00:10:31,360 --> 00:10:34,160 Speaker 1: game was decided by ten or more points. That never 191 00:10:34,200 --> 00:10:37,080 Speaker 1: happened before. Warriors led by twenty two South they start 192 00:10:37,120 --> 00:10:39,240 Speaker 1: the defic at the eight. Steph Curry made sure that 193 00:10:39,360 --> 00:10:42,720 Speaker 1: no closer. Curry was amazing thirty four points in the finals. 194 00:10:43,160 --> 00:10:45,640 Speaker 1: MVP Yankees and Mets both with one run wins at home, 195 00:10:45,679 --> 00:10:48,840 Speaker 1: but the Yanks. The win came at the end swing 196 00:10:48,920 --> 00:10:51,800 Speaker 1: on hit on the right center. It is high. It 197 00:10:52,080 --> 00:10:58,520 Speaker 1: is fuck that us don't win the game. Anthony Rizzo 198 00:10:58,800 --> 00:11:04,199 Speaker 1: hit a one hind innings wolf up home runder right 199 00:11:04,280 --> 00:11:08,200 Speaker 1: Centerville and the Yankees beating the Rays two to one. 200 00:11:08,520 --> 00:11:10,160 Speaker 1: W f a any game of a total of only 201 00:11:10,240 --> 00:11:12,880 Speaker 1: seven hits. The Yanks side to scratch star of Luis Savarino, 202 00:11:12,960 --> 00:11:15,200 Speaker 1: He's on the cover list. They used three young pitchers 203 00:11:15,200 --> 00:11:17,920 Speaker 1: and together they allowed on the three hits. Yankees brew 204 00:11:18,040 --> 00:11:20,640 Speaker 1: thirty one games over five hundred Mets trailed in Milwaukee 205 00:11:20,679 --> 00:11:22,720 Speaker 1: for one. Mark Canna tied the game two on. Over 206 00:11:22,840 --> 00:11:25,600 Speaker 1: fifth inning, Mets topped the Brewers of City Field five 207 00:11:25,679 --> 00:11:28,640 Speaker 1: to four. A Canadian Adam Hadwin as the US Open 208 00:11:28,720 --> 00:11:32,319 Speaker 1: leader at Brookline, Mass four under sixty six. Rory McIlroy's 209 00:11:32,320 --> 00:11:34,760 Speaker 1: in the group that trails by one shot. Dustin Johnson 210 00:11:34,800 --> 00:11:36,640 Speaker 1: part of a larger group that's two back. It was 211 00:11:36,679 --> 00:11:39,760 Speaker 1: a rough fifty second birthday for Phil Micholson. He's never 212 00:11:39,800 --> 00:11:42,319 Speaker 1: won the Open, He's finished second six times, and he's 213 00:11:42,360 --> 00:11:45,560 Speaker 1: not gonna win this year. Shot seventy eighties, twelve shots 214 00:11:45,559 --> 00:11:49,400 Speaker 1: behind dash where Bloomberg sports alright? Thanks John del futures 215 00:11:49,480 --> 00:11:53,120 Speaker 1: up two hundred twenty three points, SMP futures of thirty 216 00:11:53,160 --> 00:11:56,000 Speaker 1: three points, and the uns day key Mini futures one 217 00:11:56,080 --> 00:12:00,400 Speaker 1: hundred and twenty one points. After yesterday's sell off, you're 218 00:12:00,440 --> 00:12:07,559 Speaker 1: listening to Bloomberg day Break. Daybreak brought you by Pepack 219 00:12:07,600 --> 00:12:10,920 Speaker 1: Private Wealth Management. At Pepack Private Wealth Management knows that 220 00:12:11,120 --> 00:12:14,080 Speaker 1: a portfolio is more than a collection of assets. It's 221 00:12:14,080 --> 00:12:17,360 Speaker 1: a path to your future. Visit peepack Private dot com 222 00:12:17,480 --> 00:12:23,920 Speaker 1: and begin your financial legacy. Today, Markets Headlines and Breaking 223 00:12:23,920 --> 00:12:26,840 Speaker 1: News twenty four hours a day at Bloomberg dot com, 224 00:12:27,000 --> 00:12:30,480 Speaker 1: the Bloomberg Business apt and at Bloomberg Quick Tape is 225 00:12:30,520 --> 00:12:38,839 Speaker 1: a Bloomberg Business lash and Nathan Hagar will after a 226 00:12:38,960 --> 00:12:42,760 Speaker 1: racing about two trillion dollars in market capitalization this week 227 00:12:42,880 --> 00:12:46,840 Speaker 1: so far, SMP futures are pointing to a relief rally 228 00:12:47,559 --> 00:12:50,440 Speaker 1: after a week that saw the benchmark enter a bear 229 00:12:50,600 --> 00:12:54,200 Speaker 1: market amid growing fears of a recession. We checked the 230 00:12:54,200 --> 00:12:56,360 Speaker 1: markets for you every fifteen minutes during the trading day 231 00:12:56,400 --> 00:12:59,280 Speaker 1: on Bloomberg. Right now, SMP futures are up thirty two 232 00:12:59,280 --> 00:13:01,960 Speaker 1: points south few years have two hundred fifteen Nastact futures 233 00:13:01,960 --> 00:13:04,800 Speaker 1: are hired by a hundred twenty points. The tenure treasury 234 00:13:04,840 --> 00:13:07,240 Speaker 1: is down six thirty seconds. The yield three point two 235 00:13:07,559 --> 00:13:09,920 Speaker 1: percent yield on the two year three point one five 236 00:13:10,000 --> 00:13:12,600 Speaker 1: percent nime X screwed is up nine tenths per cent, 237 00:13:12,679 --> 00:13:14,840 Speaker 1: up a dollar three at a hundred eighteen dollar sixty 238 00:13:14,840 --> 00:13:17,400 Speaker 1: two cents arrol come x gold little change down at 239 00:13:17,400 --> 00:13:20,400 Speaker 1: dollar ten at eighteen forty eighty announced. The euro is 240 00:13:20,440 --> 00:13:22,560 Speaker 1: at one point zero five two three against the dollar, 241 00:13:22,600 --> 00:13:25,839 Speaker 1: British pound one point four. The yen is at one 242 00:13:25,880 --> 00:13:28,920 Speaker 1: thirty four point seven nine. That's a Bloomberg Business Flash. 243 00:13:28,920 --> 00:13:30,880 Speaker 1: And now here's Michael Barr with more on what's going 244 00:13:30,920 --> 00:13:33,880 Speaker 1: on on plugging the world. Michael, thank you very much, Nathan. 245 00:13:33,920 --> 00:13:37,480 Speaker 1: The next January six committee hearing is on Tuesday. The 246 00:13:37,520 --> 00:13:40,760 Speaker 1: wife of Supreme Court Justice Clarence Thomas, Jenny, is being 247 00:13:40,800 --> 00:13:44,080 Speaker 1: called to answer questions before the panel about her role 248 00:13:44,120 --> 00:13:47,320 Speaker 1: in the effort to overturn the twenty election. The British 249 00:13:47,400 --> 00:13:50,680 Speaker 1: government has approved the expedition of Wiki Leak's founder, Julian 250 00:13:50,720 --> 00:13:54,240 Speaker 1: Massage to the United States to face Spye charges. The 251 00:13:54,280 --> 00:13:58,400 Speaker 1: European Commission recommended today that war torn Ukraine should be 252 00:13:58,480 --> 00:14:02,640 Speaker 1: granted EU candidates as the Warriors are the twenty two 253 00:14:02,720 --> 00:14:06,679 Speaker 1: NBA champions. They beat the Celtics in Game six. In baseball, 254 00:14:06,720 --> 00:14:09,320 Speaker 1: the Yankees and Mets one, the A's beat the Red 255 00:14:09,360 --> 00:14:13,480 Speaker 1: Sox for three, the Orioles one, the Nationals lost. Global 256 00:14:13,520 --> 00:14:16,080 Speaker 1: News twenty four hours a day on air and on 257 00:14:16,120 --> 00:14:19,840 Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists 258 00:14:19,840 --> 00:14:22,760 Speaker 1: and analysts more than a hundred twenty countries. Michael Barr, 259 00:14:22,840 --> 00:14:25,080 Speaker 1: this is Bloomberg, John alright, Michael, thank you. It is 260 00:14:25,120 --> 00:14:28,320 Speaker 1: now six nineteen Wall Street, and we are lying to 261 00:14:28,360 --> 00:14:31,840 Speaker 1: the Bloomberg interact of broker studios. This is Bloomberg daybreak. 262 00:14:32,560 --> 00:14:35,480 Speaker 1: Maybe too soon to call an into America's worst bond 263 00:14:35,480 --> 00:14:38,840 Speaker 1: market collapse in at least half a century. Let's focus 264 00:14:38,840 --> 00:14:42,720 Speaker 1: on bonds this morning, as well as monetary policy from 265 00:14:42,720 --> 00:14:46,200 Speaker 1: the Federal Reserve. Joining us now Jean Jadozo, the global 266 00:14:46,360 --> 00:14:51,760 Speaker 1: head of fixed income at Columbia Thread Needle, Happy Friday. Um, 267 00:14:51,920 --> 00:14:56,720 Speaker 1: what's the risk of an overshoot at this point from policymakers. 268 00:14:58,320 --> 00:15:01,000 Speaker 1: I think, frankly, it's pretty high. Actually, I think that's 269 00:15:01,040 --> 00:15:04,680 Speaker 1: the message we got from the Fed and even commentary 270 00:15:04,760 --> 00:15:07,680 Speaker 1: overnight from the e c B. As it relates to 271 00:15:07,880 --> 00:15:12,920 Speaker 1: the reaction function, which is going to favor attacking demand 272 00:15:13,080 --> 00:15:17,440 Speaker 1: to bring down inflationary pressures at the expense of the economy. 273 00:15:17,560 --> 00:15:20,480 Speaker 1: So I think this is a situation where front end 274 00:15:20,560 --> 00:15:23,600 Speaker 1: rates are likely to continue to rise and bring forth 275 00:15:24,120 --> 00:15:26,640 Speaker 1: really what we would consider to be a more meaningful 276 00:15:26,760 --> 00:15:29,760 Speaker 1: inversion of the curve where long which already yields go 277 00:15:30,000 --> 00:15:35,400 Speaker 1: far below those at the front end of the curve ahead, well, 278 00:15:35,440 --> 00:15:37,080 Speaker 1: we could call it a recession. I think we have 279 00:15:37,160 --> 00:15:39,560 Speaker 1: to look at what's you know already happened, and what's 280 00:15:39,560 --> 00:15:43,680 Speaker 1: already in the price Many would define a recession as 281 00:15:43,720 --> 00:15:47,880 Speaker 1: two consecutive quarters of negative GDP growth in the US, 282 00:15:47,920 --> 00:15:51,000 Speaker 1: We've already had one of those, and signs in the 283 00:15:51,040 --> 00:15:54,920 Speaker 1: current quarter point to perhaps consumer demand that while growing 284 00:15:54,920 --> 00:15:57,240 Speaker 1: on a nominal basis, is still not keeping up with 285 00:15:57,320 --> 00:16:01,240 Speaker 1: price increases, so I e. Perhaps in other quarter now. 286 00:16:01,760 --> 00:16:04,400 Speaker 1: And if you look at credit spreads, well maybe they're 287 00:16:04,400 --> 00:16:07,280 Speaker 1: not pricing in quite a full recession. But I think 288 00:16:07,320 --> 00:16:11,160 Speaker 1: that's because credit fundamentals are actually starting from quite a 289 00:16:11,200 --> 00:16:14,720 Speaker 1: positive starting point. So the question here for the FED 290 00:16:14,880 --> 00:16:18,000 Speaker 1: is is the tradeoff of a shallow recession worth it 291 00:16:18,280 --> 00:16:21,600 Speaker 1: to bring down inflation? We think in their calculus they 292 00:16:21,600 --> 00:16:24,720 Speaker 1: probably think it is. Well, I gotta wonder if policy 293 00:16:24,880 --> 00:16:28,480 Speaker 1: is even effective when you look at the energy prices 294 00:16:28,600 --> 00:16:31,760 Speaker 1: and you know, grocery prices, is that something that can 295 00:16:31,840 --> 00:16:36,720 Speaker 1: be attacked well, in a way, it's more effective, But 296 00:16:36,800 --> 00:16:39,040 Speaker 1: it's not because it can bring down the prices of 297 00:16:39,080 --> 00:16:42,440 Speaker 1: those goods. I say it's more effective because it will 298 00:16:42,520 --> 00:16:46,080 Speaker 1: hasten the tightening of financial conditions. If you're a consumer 299 00:16:46,480 --> 00:16:51,640 Speaker 1: or a business. The lack of disposable or discretionary income, 300 00:16:52,640 --> 00:16:56,680 Speaker 1: that deterioration occurs faster. So you just look, for example, 301 00:16:56,920 --> 00:17:00,560 Speaker 1: at the thirty year mortgage near six percent now, and 302 00:17:00,680 --> 00:17:04,439 Speaker 1: if you are a borrower with a down payment of 303 00:17:04,480 --> 00:17:08,480 Speaker 1: the median home in the United States, your monthly payment 304 00:17:08,840 --> 00:17:11,800 Speaker 1: compared to the beginning of two thousand twenty one, just 305 00:17:11,840 --> 00:17:14,880 Speaker 1: about a year and a half ago, is up eighty percent. 306 00:17:15,320 --> 00:17:18,439 Speaker 1: And that's a result of higher home prices but significantly 307 00:17:18,520 --> 00:17:22,080 Speaker 1: higher interest rates. Those type of payment shots are material, 308 00:17:22,440 --> 00:17:24,760 Speaker 1: and when you layer on the additional costs of food 309 00:17:24,800 --> 00:17:28,440 Speaker 1: and energy, you know that again the tax on discretionary 310 00:17:28,480 --> 00:17:33,080 Speaker 1: income is significant. That brings forward a recession, which ultimately 311 00:17:33,480 --> 00:17:36,800 Speaker 1: will result in lower demand across the economy. Can I 312 00:17:36,840 --> 00:17:39,800 Speaker 1: get into the plumbing just for a minute. Are there 313 00:17:40,000 --> 00:17:43,480 Speaker 1: liquidity problems, especially in the treasury market, you see any 314 00:17:43,520 --> 00:17:48,560 Speaker 1: cracks appearing, well, certainly liquidity has deteriorated. We we haven't 315 00:17:48,600 --> 00:17:53,520 Speaker 1: seen cracks that would indicate crisis territory at this stage, 316 00:17:53,840 --> 00:17:55,919 Speaker 1: and I think that's one of the reasons that the 317 00:17:56,000 --> 00:18:00,720 Speaker 1: Fed frankly limited its hikes or at recent hike to 318 00:18:00,800 --> 00:18:03,560 Speaker 1: seventy five basis points. And we've done the math that 319 00:18:03,600 --> 00:18:06,240 Speaker 1: if they were to hike a bit more than that. 320 00:18:06,400 --> 00:18:09,480 Speaker 1: At a time, you could be in a position where 321 00:18:09,480 --> 00:18:12,560 Speaker 1: money we're talking about money market funds breaking them bucks. 322 00:18:12,600 --> 00:18:16,520 Speaker 1: Something we haven't talked about, UM, you know, really financial crisis. 323 00:18:17,000 --> 00:18:21,359 Speaker 1: Certainly liquidity is poor and on days like Monday, UM 324 00:18:21,440 --> 00:18:25,879 Speaker 1: when there was significant moves on the yield curve, it 325 00:18:25,920 --> 00:18:28,399 Speaker 1: was it was we saw difficulty across the market and 326 00:18:28,520 --> 00:18:32,800 Speaker 1: moving large volumes of treasury securities. But it's still a deeper, 327 00:18:32,880 --> 00:18:35,720 Speaker 1: more liquid market than anything in fixed income, and it's 328 00:18:35,760 --> 00:18:39,040 Speaker 1: it's nothing compared to the liquidity challenges we saw a 329 00:18:39,040 --> 00:18:42,000 Speaker 1: decade and a half of UH. And if I can 330 00:18:42,040 --> 00:18:44,439 Speaker 1: move to corporates just for a second, especially with with 331 00:18:44,560 --> 00:18:48,399 Speaker 1: high yields, UM, is there a threat of higher defaults ahead? 332 00:18:48,440 --> 00:18:51,800 Speaker 1: Do you do you see that? I think there is. 333 00:18:52,000 --> 00:18:55,800 Speaker 1: We're starting again from a very low default rate and 334 00:18:55,880 --> 00:18:59,640 Speaker 1: a strong balance sheep position. Companies were not sitting idly 335 00:18:59,760 --> 00:19:02,080 Speaker 1: vie for the last two years. They were planning ahead, 336 00:19:02,119 --> 00:19:05,360 Speaker 1: and they were refinancing their capital structures, and they were 337 00:19:05,440 --> 00:19:08,720 Speaker 1: generating flexibility on their balance sheets. And so if we 338 00:19:08,760 --> 00:19:11,840 Speaker 1: look where we sit today, earnings and leverage are in 339 00:19:11,880 --> 00:19:15,560 Speaker 1: a good spot, but borrowing costs have risen for companies 340 00:19:15,600 --> 00:19:18,520 Speaker 1: as well. Just looking yesterday, we were at a point 341 00:19:18,520 --> 00:19:22,080 Speaker 1: where this morning, about twenty four hours ago, the three 342 00:19:22,119 --> 00:19:24,680 Speaker 1: year treasury was at three and a half percent yield, 343 00:19:24,880 --> 00:19:28,400 Speaker 1: which ironically is identical to the yield on the high 344 00:19:28,520 --> 00:19:33,000 Speaker 1: yield bond market one year ago. So we've moved significantly. 345 00:19:33,600 --> 00:19:35,480 Speaker 1: So I think, you know, a little bit of further 346 00:19:35,560 --> 00:19:40,320 Speaker 1: widening in credit spreads would actually make them, uh, pretty attractive, 347 00:19:40,359 --> 00:19:42,719 Speaker 1: even though it would signal that, you know, there perhaps 348 00:19:42,760 --> 00:19:46,239 Speaker 1: as a recession happening, I think you'd be compensated for 349 00:19:46,320 --> 00:19:49,000 Speaker 1: what could be hired to faults at that at that level, Gene, 350 00:19:49,040 --> 00:19:51,280 Speaker 1: Thanks all appreciated, Genes. It is a global hand of 351 00:19:51,359 --> 00:19:55,639 Speaker 1: fixed income at Columbia thread Needle again, Jane is a 352 00:19:55,720 --> 00:19:59,600 Speaker 1: high risk of an overshoot by federal reserve policy makers. 353 00:20:00,280 --> 00:20:03,320 Speaker 1: Ten year yield right now one of two basis points. 354 00:20:03,359 --> 00:20:08,280 Speaker 1: This is Bloomberg. Bloomberg day Break brought you by Hofster 355 00:20:08,440 --> 00:20:12,840 Speaker 1: University's Frank gez R School Business ZARB Executive NBA built 356 00:20:12,880 --> 00:20:15,680 Speaker 1: for working professionals, can be completed in a few of 357 00:20:15,760 --> 00:20:23,280 Speaker 1: eleven months. Visit Hofstra EU slash go grad broadcasting live 358 00:20:23,440 --> 00:20:27,439 Speaker 1: from the Bloomberg Interactive broker studio in New York, Bloomberg 359 00:20:27,440 --> 00:20:31,520 Speaker 1: E Living Freedom to Washington, d C. Bloomberg to Boston, 360 00:20:31,600 --> 00:20:35,000 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine 361 00:20:35,119 --> 00:20:38,000 Speaker 1: six to the country, Sirius XM to A one ninet 362 00:20:38,280 --> 00:20:41,440 Speaker 1: and around the globe the Bloomberg Business app and Bloomberg 363 00:20:41,520 --> 00:20:51,080 Speaker 1: Radio dot com. This is Bloomberg Daybreak. He has six 364 00:20:51,119 --> 00:20:54,520 Speaker 1: thirty on Wall Street. Good morning, I'm John Tucker Hagar. 365 00:20:54,560 --> 00:20:56,960 Speaker 1: We're about three hours away from the open of US trading. 366 00:20:57,080 --> 00:20:58,760 Speaker 1: It's time for the five things you need to notice 367 00:20:58,760 --> 00:21:00,680 Speaker 1: start your day. Brought to you by i b k 368 00:21:00,960 --> 00:21:04,280 Speaker 1: R Investment Advisors switched to Interactive brokers for lowest costs, 369 00:21:04,280 --> 00:21:07,439 Speaker 1: global trading and turnkey custody solutions, no ticket charges and 370 00:21:07,480 --> 00:21:09,760 Speaker 1: no conflicts of your interests at ib k R dot 371 00:21:09,760 --> 00:21:12,840 Speaker 1: com slash r i A first. US futures are higher 372 00:21:12,840 --> 00:21:15,440 Speaker 1: as we close out the trading week. Yesterday, the SMP 373 00:21:15,560 --> 00:21:18,400 Speaker 1: five hundred closed at an eighteen month low. Markets are 374 00:21:18,680 --> 00:21:21,760 Speaker 1: rounding off a week highlighted by interest rate increases, including 375 00:21:21,800 --> 00:21:26,640 Speaker 1: the Fed's biggest move since Greg Jensen, co chief investment 376 00:21:26,680 --> 00:21:29,680 Speaker 1: officer at Bridgewater Associate, says the FED has a difficult 377 00:21:29,760 --> 00:21:33,640 Speaker 1: job ahead. They're serious about two percent inflation. They're gonna 378 00:21:33,680 --> 00:21:36,560 Speaker 1: have to crack the U S economy hard, and it's 379 00:21:36,600 --> 00:21:39,120 Speaker 1: then gonna take the easing to offset that and then 380 00:21:39,160 --> 00:21:41,520 Speaker 1: the recovery before you see a bottom. So that's a 381 00:21:41,720 --> 00:21:44,800 Speaker 1: that's a long process. Um In the end, we think 382 00:21:44,840 --> 00:21:49,399 Speaker 1: the federal blink and choose to sustain asset prices lower 383 00:21:49,440 --> 00:21:52,120 Speaker 1: than they are today, Greg jen said at Bridgewater. Associate 384 00:21:52,200 --> 00:21:55,520 Speaker 1: says stocks may still fall lower because unlike other bear markets, 385 00:21:55,560 --> 00:21:58,600 Speaker 1: there is not support from an accommodative central bank and 386 00:21:58,680 --> 00:22:01,080 Speaker 1: two other market those of this before the opening deal 387 00:22:01,119 --> 00:22:04,639 Speaker 1: the fetchhair j Pal makes welcoming remarks at in the 388 00:22:04,680 --> 00:22:08,879 Speaker 1: inaugural conference of the International Role of the Dollar. Today 389 00:22:08,960 --> 00:22:10,920 Speaker 1: is also a triple witching Friday. The three and a 390 00:22:10,920 --> 00:22:14,800 Speaker 1: half trillion dollar options expiration may lead to shortcovering that 391 00:22:14,880 --> 00:22:17,520 Speaker 1: could bring some temporary really for the stock market for 392 00:22:17,640 --> 00:22:20,520 Speaker 1: the ends weaker this morning. This after Japan retained super 393 00:22:20,520 --> 00:22:23,800 Speaker 1: easy monetary policy and yield curve control, defying pressure to 394 00:22:23,880 --> 00:22:26,920 Speaker 1: track a global trend toward tighter monetary policy. And back 395 00:22:26,920 --> 00:22:29,639 Speaker 1: you're in the US. President Biden weighing in on the economy, 396 00:22:29,680 --> 00:22:32,959 Speaker 1: he says a recession can be avoided. Let's get the 397 00:22:32,960 --> 00:22:36,240 Speaker 1: tales live from Bloomberg's Rededa Young, Good morning Reed, Good 398 00:22:36,240 --> 00:22:39,239 Speaker 1: morning John. The President is reiterating his message that the 399 00:22:39,320 --> 00:22:42,119 Speaker 1: US is in a stronger position than any nation in 400 00:22:42,160 --> 00:22:45,040 Speaker 1: the world to overcome inflation, and while he says a 401 00:22:45,080 --> 00:22:49,000 Speaker 1: recession is not inevitable, he acknowledges that Americans are really 402 00:22:49,040 --> 00:22:51,479 Speaker 1: down on the state of the country. He made these 403 00:22:51,520 --> 00:22:54,080 Speaker 1: comments in an interview with the AP, his first with 404 00:22:54,160 --> 00:22:57,399 Speaker 1: a print outlet since taking office, and it took place 405 00:22:57,400 --> 00:22:59,920 Speaker 1: a day after the FED executed the biggest interst rate 406 00:23:00,040 --> 00:23:03,600 Speaker 1: hike in almost three decades to cool inflation. Live in 407 00:23:03,680 --> 00:23:06,440 Speaker 1: New York, I'm real need a Young Bloomberg day break. Okay, 408 00:23:06,440 --> 00:23:08,480 Speaker 1: we need a thanks and shares of Adobe or down 409 00:23:08,480 --> 00:23:10,880 Speaker 1: more than three percent. This morning, the maker of software 410 00:23:10,920 --> 00:23:14,600 Speaker 1: for design professionals, reduced its annual revenue forecast. And that's 411 00:23:14,600 --> 00:23:16,719 Speaker 1: the five things you need to know to start your day, 412 00:23:16,840 --> 00:23:20,360 Speaker 1: brought to you by Interactive Brokers. SMP futures right now 413 00:23:20,400 --> 00:23:23,720 Speaker 1: are up thirty three points, Staff futures up two D fourteen, 414 00:23:23,800 --> 00:23:26,320 Speaker 1: NASTAC futures up a hundred twenty four points. The tenure 415 00:23:26,359 --> 00:23:29,320 Speaker 1: Treasury is down five thirty seconds, the yield three point 416 00:23:29,560 --> 00:23:32,119 Speaker 1: one percent. Straight ahead your latest local headlines in the 417 00:23:32,200 --> 00:23:40,480 Speaker 1: check of sports, this is Bloomberg. Well thanks Nathan on 418 00:23:40,600 --> 00:23:42,920 Speaker 1: Wall Street. Time to bring in Michael barn who tell 419 00:23:43,000 --> 00:23:44,600 Speaker 1: us what else is going on to New York and 420 00:23:44,960 --> 00:23:47,320 Speaker 1: around the world. John, thank you very much. New York 421 00:23:47,359 --> 00:23:50,680 Speaker 1: Governor Kathy Hocol faced off against two challengers last nine 422 00:23:50,720 --> 00:23:54,080 Speaker 1: and the second and final televised debate before the June 423 00:23:54,880 --> 00:23:59,119 Speaker 1: Democratic primary. Hocal defended or record on guns and tout 424 00:23:59,160 --> 00:24:01,960 Speaker 1: in her accomplishment during her nearly ten months in office 425 00:24:02,040 --> 00:24:05,480 Speaker 1: so far. On w NBC, the governor was asked how 426 00:24:05,720 --> 00:24:08,400 Speaker 1: would she bring people to the state, including New York City. 427 00:24:09,000 --> 00:24:12,320 Speaker 1: I understand the frustration. I didn't say they're not coming back. 428 00:24:12,400 --> 00:24:14,679 Speaker 1: I said we want them to come back. They may 429 00:24:14,720 --> 00:24:16,560 Speaker 1: not be here five days weeks, but we need them 430 00:24:16,640 --> 00:24:19,160 Speaker 1: three four days at least, and we're starting to see 431 00:24:19,200 --> 00:24:22,080 Speaker 1: the trends in that direction, so don't give up on US. 432 00:24:22,480 --> 00:24:26,120 Speaker 1: Governor Hucle went up against New York City Public Advocate 433 00:24:26,200 --> 00:24:30,479 Speaker 1: Jamani Williams and the US representative Tom Swase of Long Island. 434 00:24:30,880 --> 00:24:34,240 Speaker 1: The UK government says Wiki Leak's chief Julian Assa should 435 00:24:34,240 --> 00:24:37,720 Speaker 1: be sent to the US faced criminal espionage charges. UK 436 00:24:37,920 --> 00:24:41,959 Speaker 1: Home Secretary Pretty Batel rubber Stamp the transferred today, siding 437 00:24:42,040 --> 00:24:44,600 Speaker 1: with the courts and Assage is long running battle to 438 00:24:44,680 --> 00:24:48,440 Speaker 1: avoid extradition. Police in Alabama Saya government opened fire on 439 00:24:48,480 --> 00:24:51,440 Speaker 1: a small group meeting at a suburban church, killing two 440 00:24:51,520 --> 00:24:54,440 Speaker 1: people and injuring a third. The attack took place last 441 00:24:54,560 --> 00:24:58,240 Speaker 1: night at St. Stephen's Episcopal Church in the Birmingham suburb 442 00:24:58,440 --> 00:25:02,280 Speaker 1: of Vesta Villa Hills. Police Captain Shane Ware the suspect 443 00:25:02,600 --> 00:25:05,440 Speaker 1: is in custody. I would like to reiterate that there 444 00:25:05,560 --> 00:25:07,800 Speaker 1: is no threat to the community at this time. Captain 445 00:25:07,840 --> 00:25:11,480 Speaker 1: Ware says. Other parishioners held the gunman down until police arrived. 446 00:25:12,080 --> 00:25:14,840 Speaker 1: The mob invading the Capitol got within forty feet of 447 00:25:14,920 --> 00:25:18,200 Speaker 1: then Vice President Mike pens as his security team rushed 448 00:25:18,280 --> 00:25:22,359 Speaker 1: him away on January one. An informant later told the 449 00:25:22,480 --> 00:25:26,280 Speaker 1: FBI that extremists leading the assault would have killed him 450 00:25:26,640 --> 00:25:30,120 Speaker 1: given the chance. Those were among the herrowing new details 451 00:25:30,160 --> 00:25:33,800 Speaker 1: from a House committee investigating the insurrection. Yesterday, Former federal 452 00:25:33,880 --> 00:25:37,560 Speaker 1: prosecutor Michael Zelden talked about the potential legal outcome it 453 00:25:38,080 --> 00:25:42,520 Speaker 1: again appears that the President United States, along with John Eastman, 454 00:25:42,720 --> 00:25:47,320 Speaker 1: along with Rudy Giuliani, along with Sydney Powell, engaged in 455 00:25:47,840 --> 00:25:52,600 Speaker 1: a criminal conspiracy to obstruct and defraud United States government. 456 00:25:52,960 --> 00:25:57,000 Speaker 1: Former Federal Prosecutor Zelden spoke with Joe Matthew on Bloomberg's 457 00:25:57,000 --> 00:26:00,680 Speaker 1: sound on the European Commission recommended that Ukraine and Moldova 458 00:26:01,119 --> 00:26:04,040 Speaker 1: be granted candidate status and a symbolic step on the 459 00:26:04,119 --> 00:26:07,199 Speaker 1: long path to become members of the European Union. Global 460 00:26:07,280 --> 00:26:10,199 Speaker 1: News twenty four hours a day on airand on Bloomberg Quittake, 461 00:26:10,240 --> 00:26:13,320 Speaker 1: powered by more than twenty seven hundred journalists and analysts 462 00:26:13,359 --> 00:26:16,520 Speaker 1: more than a hundred twenty countries. Michael Barr, this is Bloomberg. John, 463 00:26:16,520 --> 00:26:20,520 Speaker 1: all right, Michael, thank you. Six thirty six, bol Street 464 00:26:21,440 --> 00:26:24,159 Speaker 1: signed out for the Bloomberg Sports Update. Here's John Stashower. 465 00:26:24,200 --> 00:26:27,440 Speaker 1: Thanks John. The NBA season is over. It ended in Boston. 466 00:26:28,119 --> 00:26:32,880 Speaker 1: Let the celebration begin with four titles of the last 467 00:26:33,000 --> 00:26:37,360 Speaker 1: eight years. The run is not good. Like Golden State 468 00:26:37,480 --> 00:26:43,960 Speaker 1: Warriors once again are NBA champions in seven the game 469 00:26:44,080 --> 00:26:46,600 Speaker 1: in San Francisco had it called Warriors trailed early fourteen 470 00:26:46,640 --> 00:26:48,800 Speaker 1: to two then they had a prolonged run of thirty 471 00:26:48,880 --> 00:26:51,440 Speaker 1: five to eight to go up by twenty two. South 472 00:26:51,480 --> 00:26:53,640 Speaker 1: tick to the fourth quarter got that down to eight, 473 00:26:53,720 --> 00:26:56,560 Speaker 1: but Steph Curry had big shots. He scored thirty four points. 474 00:26:56,640 --> 00:26:59,000 Speaker 1: The Warriors won one oh three to ninety on a 475 00:26:59,040 --> 00:27:02,080 Speaker 1: single game of the series sided by single digits. That's unprecedented. 476 00:27:02,160 --> 00:27:05,200 Speaker 1: Curry had actually never won finals m v P before. 477 00:27:05,320 --> 00:27:08,359 Speaker 1: He was the easy choice, and with four titles, Curry 478 00:27:08,560 --> 00:27:10,960 Speaker 1: now has to at least be in the conversation for 479 00:27:11,119 --> 00:27:13,720 Speaker 1: greatest players in NBA history. Andrew Wiggins was a big 480 00:27:13,760 --> 00:27:17,800 Speaker 1: help eighteen point six rebounds, five assists, four steals and 481 00:27:17,880 --> 00:27:20,800 Speaker 1: three blocks. Jayleen Brown led Boston with thirty four ninth 482 00:27:20,840 --> 00:27:23,760 Speaker 1: title for Steve Curry won five as a player. Nothing 483 00:27:23,840 --> 00:27:25,239 Speaker 1: Yankee win even when they had to go to an 484 00:27:25,240 --> 00:27:27,680 Speaker 1: emergency starter when Luisa save Arena was put on the 485 00:27:27,720 --> 00:27:30,200 Speaker 1: COVID list. Yanks l Tampa made the three hits and 486 00:27:30,320 --> 00:27:32,879 Speaker 1: won two to one on Anthony Rizzo home run bottom 487 00:27:32,880 --> 00:27:34,640 Speaker 1: of the ninth and a. Rizzo drove in both runs 488 00:27:34,880 --> 00:27:37,119 Speaker 1: and the Yanks has won fourteen of the last fifteen. 489 00:27:37,160 --> 00:27:40,120 Speaker 1: The Mets came from four one down Feete Milwaukee five four, 490 00:27:40,240 --> 00:27:42,960 Speaker 1: Mark Canna two run number, the bullpen five and two 491 00:27:43,040 --> 00:27:45,879 Speaker 1: thirds innings of scoreless relieve jam pack leaderboard. They go 492 00:27:45,920 --> 00:27:48,000 Speaker 1: went around two of the U s Open today at Brookline, 493 00:27:48,040 --> 00:27:50,280 Speaker 1: mass Canadian Adam had Win as the lead at fort 494 00:27:50,359 --> 00:27:54,280 Speaker 1: under twelve golfers within two shots of them, including four 495 00:27:54,800 --> 00:27:59,000 Speaker 1: past US Open champions Rory McElroy, Dustin Johnson, Justin Rose, 496 00:27:59,400 --> 00:28:03,360 Speaker 1: and Gary John Dares Bloomberg Sports. John all right, thanks 497 00:28:03,440 --> 00:28:06,359 Speaker 1: John sixty seven on Wall Street. Time to take a 498 00:28:06,400 --> 00:28:08,560 Speaker 1: look now at stocks and some of the names that 499 00:28:08,640 --> 00:28:11,400 Speaker 1: are moving in today's pre market. And for that we're 500 00:28:11,480 --> 00:28:14,560 Speaker 1: joined by Bloomberg Radio and TV markets. Course, but a 501 00:28:14,640 --> 00:28:18,879 Speaker 1: critty Groupta never been on a cruise, have absolutely no 502 00:28:19,119 --> 00:28:22,160 Speaker 1: desire whatsoever to do something like that. You know, don't 503 00:28:22,200 --> 00:28:24,560 Speaker 1: let Paul Sweeney. He'll let you hear you say that. 504 00:28:24,680 --> 00:28:27,639 Speaker 1: He said he's not a cruiser either, but uh he 505 00:28:28,000 --> 00:28:30,719 Speaker 1: this is an entire industry that so many people are 506 00:28:30,840 --> 00:28:34,399 Speaker 1: addicted to. I don't get it. I admit I've never 507 00:28:34,480 --> 00:28:35,879 Speaker 1: been on a crazy there, But that being said, I 508 00:28:35,920 --> 00:28:38,560 Speaker 1: don't love boats in general. That being said, that's nothing 509 00:28:38,600 --> 00:28:39,959 Speaker 1: to do with the stock we're talking about today. Well, 510 00:28:39,960 --> 00:28:41,400 Speaker 1: I guess it does. C c ls here take our 511 00:28:41,440 --> 00:28:44,520 Speaker 1: Carnival cruise lines up just try of four percent. But 512 00:28:44,640 --> 00:28:47,000 Speaker 1: it's not the fundamentals that are driving the stock. I 513 00:28:47,080 --> 00:28:49,880 Speaker 1: really like to look at this uh particular name in 514 00:28:49,920 --> 00:28:52,000 Speaker 1: the sector, I should say, because usually when you see 515 00:28:52,040 --> 00:28:55,080 Speaker 1: a rally in Carnival cruise lines and American Airlines a 516 00:28:55,120 --> 00:28:56,760 Speaker 1: lot of those kind of stocks, it tends to mean 517 00:28:56,800 --> 00:28:59,560 Speaker 1: that there is a broad rallying. Hey alone, behold, if 518 00:28:59,560 --> 00:29:01,400 Speaker 1: you look at the S and P five hundred, only 519 00:29:01,480 --> 00:29:03,400 Speaker 1: a handful of names in the red. So to me, 520 00:29:03,600 --> 00:29:05,920 Speaker 1: this is not just a kind of signal of breath. 521 00:29:06,040 --> 00:29:08,200 Speaker 1: Sometimes the idea that you're going to have perhaps the 522 00:29:08,360 --> 00:29:11,280 Speaker 1: most riskiest, the most vulnerable names in the green, so 523 00:29:11,360 --> 00:29:13,960 Speaker 1: then that rest might rally as well. But also it's 524 00:29:13,960 --> 00:29:16,520 Speaker 1: a volatility proxy. When you see that fix get higher 525 00:29:16,560 --> 00:29:19,440 Speaker 1: and higher, Carnival Cruise Line, American Airlines, keep an eye 526 00:29:19,440 --> 00:29:21,840 Speaker 1: on those names because that's really used as sometimes a 527 00:29:22,000 --> 00:29:25,239 Speaker 1: vehicle to play some of that volatility. Um. Let's talk 528 00:29:25,240 --> 00:29:26,920 Speaker 1: about the tech space though, which is I think in 529 00:29:27,040 --> 00:29:30,400 Speaker 1: some ways the opposite of the cruise line space. T 530 00:29:30,760 --> 00:29:33,200 Speaker 1: SM is on my radar. This is Taiwan semi conductor 531 00:29:33,240 --> 00:29:35,800 Speaker 1: Manufacturing Company. This is of course the A D R 532 00:29:35,880 --> 00:29:38,520 Speaker 1: S of it. Remember, Taiwan Semi Conductor and Manufacturing Company 533 00:29:38,680 --> 00:29:42,440 Speaker 1: is the largest chip manufacturer in the world. It's also 534 00:29:42,480 --> 00:29:44,680 Speaker 1: in the Apple supply chains. If you're looking at chips 535 00:29:45,000 --> 00:29:49,200 Speaker 1: from cars to washing machines, to airplane engines, whatever that 536 00:29:49,320 --> 00:29:53,000 Speaker 1: may be. Uh, odds are that Taiwan Semi Conductor Manufacturing 537 00:29:53,080 --> 00:29:56,640 Speaker 1: Company has made a chip somewhere in that production lines. Anyways, 538 00:29:56,680 --> 00:29:58,680 Speaker 1: t SM is your taker, up nine tenths of one 539 00:29:58,720 --> 00:30:01,000 Speaker 1: percent today and this was after some news that they're 540 00:30:01,040 --> 00:30:03,600 Speaker 1: going to be getting their hands on some advanced chip 541 00:30:03,720 --> 00:30:06,600 Speaker 1: making tools from a SML, which is a Dutch semi 542 00:30:06,680 --> 00:30:11,120 Speaker 1: equipment maker company, and that uh acquisition, I don't want 543 00:30:11,160 --> 00:30:12,560 Speaker 1: to call it an acquisition, but you know what I mean, 544 00:30:12,640 --> 00:30:15,040 Speaker 1: Like they're gonna they're gonna be able to to use 545 00:30:15,120 --> 00:30:19,240 Speaker 1: that technology in So that's some good news there for 546 00:30:19,280 --> 00:30:22,920 Speaker 1: those shares up Adobe. Whether they're blaming the weather or something, 547 00:30:23,520 --> 00:30:26,840 Speaker 1: they're not blaming the weather. This isn't an airline that's 548 00:30:26,840 --> 00:30:29,719 Speaker 1: going to blame the weather. Adobe cutting their forecasts are 549 00:30:29,760 --> 00:30:31,520 Speaker 1: talking about an issue with summer demand. A lot of 550 00:30:31,560 --> 00:30:36,880 Speaker 1: those macroeconomic issues you're sand is it the weather. Uh, 551 00:30:37,120 --> 00:30:40,080 Speaker 1: those macroeconomic issues across the board that you're hearing, well, 552 00:30:40,120 --> 00:30:42,640 Speaker 1: those are CP two Adobe as well. The concern here 553 00:30:42,720 --> 00:30:44,640 Speaker 1: is that are they going to be able to execute 554 00:30:44,960 --> 00:30:46,800 Speaker 1: on the areas that they are doing well on and 555 00:30:46,960 --> 00:30:49,720 Speaker 1: right now the consensus, at least from the equity investors 556 00:30:49,760 --> 00:30:52,480 Speaker 1: that they might not. They cut their full year forecast 557 00:30:52,520 --> 00:30:54,320 Speaker 1: and out. Adobe shares are down to the tune of 558 00:30:54,400 --> 00:30:57,600 Speaker 1: over three this morning. Thanks. Well, you know you mentioned 559 00:30:58,440 --> 00:31:02,320 Speaker 1: vix and sexually lower and I've heard it has to 560 00:31:02,360 --> 00:31:05,560 Speaker 1: go to forty before there's like a pitiulation. I hate 561 00:31:05,600 --> 00:31:09,400 Speaker 1: that word, but anyway, U SMP futures right now pretty 562 00:31:09,480 --> 00:31:13,160 Speaker 1: up thirty seven to down futures of two forty. Bloomberg 563 00:31:13,240 --> 00:31:16,920 Speaker 1: Radio TV Markets correspondent, pretty boop, Thanks very much. You're 564 00:31:16,960 --> 00:31:23,800 Speaker 1: listening to Bloomberg. And yeah, we'll do the weather. Bloomberg 565 00:31:23,840 --> 00:31:27,000 Speaker 1: Weather from Rob Caroline Party Sunday, maybe an isolated thunderstore 566 00:31:27,040 --> 00:31:28,720 Speaker 1: in the staff that it was a high temperature today 567 00:31:28,920 --> 00:31:31,720 Speaker 1: ninety degrees in the New York City area, clear to 568 00:31:31,760 --> 00:31:38,280 Speaker 1: partly cloudy tonight, mosa in the mid sixties. Markets headlines 569 00:31:38,360 --> 00:31:41,320 Speaker 1: and breaking news twenty four hours a day at Bloomberg 570 00:31:41,400 --> 00:31:44,720 Speaker 1: dot Com, the Bloomberg Business App, and at Bloomberg Quick Take. 571 00:31:45,000 --> 00:31:53,960 Speaker 1: This is a Bloomberg Business lash, Nathan Hagar. This update 572 00:31:54,040 --> 00:31:56,080 Speaker 1: is brought to you by Informatica. In the Cloud, your 573 00:31:56,160 --> 00:31:58,640 Speaker 1: data has the power to do the extraordinary. Managed data 574 00:31:58,640 --> 00:32:01,960 Speaker 1: across any location in the lound for accurate and actionable insights. 575 00:32:02,000 --> 00:32:05,240 Speaker 1: More at Informatica dot Com. Futures are on the rise 576 00:32:05,320 --> 00:32:07,880 Speaker 1: to cap off a rough week for stocks. We go 577 00:32:08,080 --> 00:32:10,640 Speaker 1: right to the first word, breaking news desk for today's 578 00:32:10,680 --> 00:32:16,240 Speaker 1: morning call. Here's Bill Maloney. Good morning, Bill, Hey, good morning, Nathan. 579 00:32:16,280 --> 00:32:19,160 Speaker 1: That's right. US futures are a bouncing after yesterday's plunge, 580 00:32:19,200 --> 00:32:21,480 Speaker 1: with Doubt futures up a hundred eighty four point, sesames 581 00:32:21,520 --> 00:32:24,080 Speaker 1: game thirty one, Nadack futures are up a hundred and 582 00:32:24,160 --> 00:32:27,080 Speaker 1: twenty two. The US ten year old at three point 583 00:32:27,200 --> 00:32:29,600 Speaker 1: to one percent, Gold is down eleven, oil is in 584 00:32:29,640 --> 00:32:32,600 Speaker 1: the green, and bitcoin is training higher by one percent. 585 00:32:33,080 --> 00:32:36,680 Speaker 1: Japan dropped one percent overnight, while most of European markets 586 00:32:36,720 --> 00:32:39,160 Speaker 1: are trading higher by one percent and back in the 587 00:32:39,280 --> 00:32:41,760 Speaker 1: US on the economic front. At ten o'clock, the leading 588 00:32:41,840 --> 00:32:45,920 Speaker 1: index After develous night, Adobe cut its annual sales forecast 589 00:32:46,240 --> 00:32:49,480 Speaker 1: and in deal News revalence. Stores pent in the pre 590 00:32:49,600 --> 00:32:53,400 Speaker 1: market amid a report Reliance Industries is mulling and offer 591 00:32:53,800 --> 00:32:56,840 Speaker 1: rapping things up. American Express was raised outperform at Robert 592 00:32:56,840 --> 00:32:59,440 Speaker 1: Barrett told Brothers was cut to equ weight over at 593 00:32:59,480 --> 00:33:02,680 Speaker 1: Wells for Ago. Live from the First Breaking News descom 594 00:33:02,760 --> 00:33:05,080 Speaker 1: Bill Maloney, Nathan Okay, Bill, thanks to you get live 595 00:33:05,120 --> 00:33:08,440 Speaker 1: breaking news over your Bloomberg type squak on the terminal, 596 00:33:08,720 --> 00:33:11,200 Speaker 1: s Q you a go, that's a Bloomberg business slash. 597 00:33:11,560 --> 00:33:13,440 Speaker 1: Now here's Michael Barr with more on what's going on 598 00:33:13,520 --> 00:33:16,560 Speaker 1: around the world. Pinkel, Nathan, thank you very much. According 599 00:33:16,600 --> 00:33:19,880 Speaker 1: to the January sixth Committee, even though conservative attorney John 600 00:33:20,000 --> 00:33:23,480 Speaker 1: Eastman was among multiple advisors and White House lawyers who 601 00:33:23,560 --> 00:33:26,920 Speaker 1: told Trump the plan to overturn the election results was illegal, 602 00:33:27,320 --> 00:33:31,480 Speaker 1: Eastman still aggressively pushed it. He later asked for presidential pardon. 603 00:33:31,880 --> 00:33:35,400 Speaker 1: The British government has approved the extradition of Wiki Leak's founder, 604 00:33:35,480 --> 00:33:39,080 Speaker 1: Julian Massage to the United States to face spine charges. 605 00:33:39,480 --> 00:33:43,240 Speaker 1: The Warriors are the twenty two NBA champions. They beat 606 00:33:43,240 --> 00:33:46,480 Speaker 1: the Celtics in Game six. In baseball, the Yankees and 607 00:33:46,680 --> 00:33:49,240 Speaker 1: Mets won. The A's beat the Red Sox for three, 608 00:33:49,640 --> 00:33:53,040 Speaker 1: the Orioles won, the Nationals lost. Global news twenty four 609 00:33:53,080 --> 00:33:56,479 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 610 00:33:56,480 --> 00:33:59,600 Speaker 1: by more than twenty seven hundred journalists and analysts and 611 00:33:59,680 --> 00:34:01,760 Speaker 1: more than a hundred twenty countries. Not Michael Barr, this 612 00:34:01,800 --> 00:34:05,360 Speaker 1: is Bloomberg, Nathan, Okay, Michael, thank you sixty nine on 613 00:34:05,440 --> 00:34:08,920 Speaker 1: Wall Street. Let's turn to news and science and technology now. 614 00:34:08,960 --> 00:34:11,600 Speaker 1: The Bloomberg n j I T STEM Report is brought 615 00:34:11,600 --> 00:34:14,000 Speaker 1: to you by New Jersey Institute of Technology, offering New 616 00:34:14,080 --> 00:34:17,000 Speaker 1: Jersey's first undergraduate degree in fintech and j I T 617 00:34:17,680 --> 00:34:20,480 Speaker 1: is Future in the Making, tech driven, finance focused. To 618 00:34:20,560 --> 00:34:22,520 Speaker 1: learn more at n j I T dot E d 619 00:34:22,719 --> 00:34:27,360 Speaker 1: U slash Fintech and now here's what's making news in science, Technology, 620 00:34:27,440 --> 00:34:30,720 Speaker 1: engineering and math. Airlines have been working hard to convince 621 00:34:30,800 --> 00:34:33,440 Speaker 1: passengers it's safe to fly, but they're having a tough 622 00:34:33,480 --> 00:34:37,080 Speaker 1: time convincing staffers to do the same. Aviation officials are 623 00:34:37,160 --> 00:34:41,279 Speaker 1: facing an unprecedented labor crunch, resulting in longlines, delays, and 624 00:34:41,360 --> 00:34:44,800 Speaker 1: the cancelation of hundreds of flights worldwide. The severe staff 625 00:34:44,840 --> 00:34:46,920 Speaker 1: shortage is sure to be a topic of discussion at 626 00:34:46,920 --> 00:34:50,640 Speaker 1: the International Air Transport Association's annual meeting that kicks off 627 00:34:50,760 --> 00:34:54,759 Speaker 1: in Doha on Sunday. A new study reveals Delaware is 628 00:34:54,920 --> 00:34:56,800 Speaker 1: the best state in the US to work in the 629 00:34:56,840 --> 00:35:01,040 Speaker 1: cryptocurrency industry. Blockchain job site crypto job List conducted the 630 00:35:01,080 --> 00:35:04,280 Speaker 1: research and analyzed factors like the number of blockchain companies 631 00:35:04,320 --> 00:35:08,160 Speaker 1: per million people, average Internet speeds, technology hub ranking, and 632 00:35:08,320 --> 00:35:13,000 Speaker 1: the number of establishments that accept cryptocurrency payments. California came 633 00:35:13,040 --> 00:35:17,160 Speaker 1: in second, Massachusetts was in third place, and Elon Musk, 634 00:35:17,280 --> 00:35:19,879 Speaker 1: who met directly with Twitter employees for the first time 635 00:35:19,920 --> 00:35:22,919 Speaker 1: since signing that deal to acquire the social network, told 636 00:35:23,000 --> 00:35:25,960 Speaker 1: staffers they should not worry about changes to their jobs 637 00:35:26,000 --> 00:35:28,960 Speaker 1: once he takes over as long, he says, as their 638 00:35:29,000 --> 00:35:32,160 Speaker 1: work is exceptional. And that is the Bloomberg and j 639 00:35:32,320 --> 00:35:35,320 Speaker 1: I t Stem Report. John, all right, thanks Nathan. We 640 00:35:35,440 --> 00:35:39,000 Speaker 1: are live for the Bloomberg Interactive Broker Studios where it 641 00:35:39,600 --> 00:35:42,239 Speaker 1: is six fifty one on wall Spreet Time to out 642 00:35:42,280 --> 00:35:44,440 Speaker 1: to check what's going on in d C. Some of 643 00:35:44,560 --> 00:35:48,160 Speaker 1: the top stories in our nation's capital include the January 644 00:35:48,280 --> 00:35:51,840 Speaker 1: six panel presenting some chilling details of the pants escape 645 00:35:51,960 --> 00:35:55,520 Speaker 1: for the mob. On that day, President Biden says recession 646 00:35:55,600 --> 00:35:59,719 Speaker 1: can be avoided as the US takes on inflation, and 647 00:36:00,000 --> 00:36:03,680 Speaker 1: President of Biden and President she of China a call 648 00:36:03,800 --> 00:36:08,239 Speaker 1: under consideration amid higher tensions between the two countries and 649 00:36:08,360 --> 00:36:12,279 Speaker 1: another shooting. Where are we in the gun bill in Washington? 650 00:36:12,520 --> 00:36:15,000 Speaker 1: Let's take a deeper dive too some of these stories 651 00:36:15,080 --> 00:36:18,760 Speaker 1: this morning. We're joined by Bloomberg government reporter Emily Wilkins. 652 00:36:19,440 --> 00:36:23,680 Speaker 1: You made it to Friday. We both made it to Friday. Congratulations. 653 00:36:24,920 --> 00:36:28,200 Speaker 1: It wasn't easy. What's the late? What the what did 654 00:36:28,239 --> 00:36:31,000 Speaker 1: we hear from the January six panel? The hearings? Uh? 655 00:36:31,400 --> 00:36:34,040 Speaker 1: What's the very latest? So yesterday's hearing was very much 656 00:36:34,080 --> 00:36:37,000 Speaker 1: focused on Mike Pence and the pressure that he fased 657 00:36:37,239 --> 00:36:40,680 Speaker 1: from UH then President Donald Trump as well as his 658 00:36:40,800 --> 00:36:45,000 Speaker 1: lawyer John Eastman, to try to invalidate some of the 659 00:36:45,080 --> 00:36:48,759 Speaker 1: results of the election. During the point where Congress UH 660 00:36:49,040 --> 00:36:51,440 Speaker 1: kind of tallies up the electoral counts and this is 661 00:36:51,480 --> 00:36:54,520 Speaker 1: really supposed to be a ceremonial role. Pence from the start, 662 00:36:54,680 --> 00:36:56,880 Speaker 1: other Way House officials from the start said, look, he 663 00:36:57,000 --> 00:36:58,800 Speaker 1: can't do this, but he was under a lot of 664 00:36:58,840 --> 00:37:02,399 Speaker 1: pressure by Trump and actually when that mob broke into 665 00:37:02,440 --> 00:37:06,319 Speaker 1: the capital, they were looking for Pence. Um and there 666 00:37:06,400 --> 00:37:09,600 Speaker 1: were some extremists who were leading that riot who planned 667 00:37:09,640 --> 00:37:12,800 Speaker 1: to kill Pence if given the chance, according to information 668 00:37:13,080 --> 00:37:16,279 Speaker 1: that the FBI has collected, and Pence came very close. 669 00:37:16,320 --> 00:37:18,880 Speaker 1: At one point, he was only within forty ft of 670 00:37:19,120 --> 00:37:22,040 Speaker 1: rioters as they broke into the Capitol. Um. You know, 671 00:37:22,280 --> 00:37:24,919 Speaker 1: they've there's been testimony that Trump at no point tried 672 00:37:24,960 --> 00:37:27,200 Speaker 1: to check in on Pence. Uh. And this of course 673 00:37:27,480 --> 00:37:29,640 Speaker 1: brings us back to that point where there really wasn't 674 00:37:29,719 --> 00:37:32,000 Speaker 1: any efforts for Trump for a number of hours to 675 00:37:32,080 --> 00:37:35,360 Speaker 1: really call off these rioters, many who had assembled in 676 00:37:35,560 --> 00:37:39,480 Speaker 1: d C at his request, who had gone to his rally, 677 00:37:39,680 --> 00:37:41,799 Speaker 1: and who felt like he had told them to march 678 00:37:41,920 --> 00:37:44,279 Speaker 1: on the Capitol. And this is really part of the 679 00:37:44,760 --> 00:37:49,760 Speaker 1: committee's bigger picture that Trump did try to overturn the elections. 680 00:37:50,080 --> 00:37:52,720 Speaker 1: And this point is particularly salent when it comes to Pence, 681 00:37:53,000 --> 00:37:56,120 Speaker 1: because it shows that Trump was told that his plan 682 00:37:56,200 --> 00:37:59,279 Speaker 1: would have been illegal, and yet he pursued it anyway. Now, 683 00:37:59,440 --> 00:38:03,480 Speaker 1: among those watching, I Gotta gasses, Merrick Garland, does this 684 00:38:03,719 --> 00:38:06,520 Speaker 1: check off a lot of boxes for him and the 685 00:38:06,640 --> 00:38:10,400 Speaker 1: future path from for the Justice Department. So there's actually 686 00:38:10,400 --> 00:38:12,400 Speaker 1: a little bit of tension right now between the Justice 687 00:38:12,480 --> 00:38:15,239 Speaker 1: Department and the January six panel. The Justice Department has 688 00:38:15,239 --> 00:38:19,480 Speaker 1: asked the panel for transcripts and videos of some of 689 00:38:19,560 --> 00:38:22,840 Speaker 1: the more than thousand interviews that this uh that the 690 00:38:23,480 --> 00:38:26,440 Speaker 1: lawmakers on this panel have done, and there's been some 691 00:38:26,680 --> 00:38:29,920 Speaker 1: conflict in getting that. Also, those lawmakers are sitting on 692 00:38:29,960 --> 00:38:32,920 Speaker 1: the panel feel like the Justice Department maybe hasn't done 693 00:38:33,080 --> 00:38:36,360 Speaker 1: enough at this point. They kind of have these conflicting investigations, 694 00:38:36,719 --> 00:38:38,960 Speaker 1: and so there are of course big questions about exactly 695 00:38:39,160 --> 00:38:42,480 Speaker 1: what if the Justice Department will move to make any 696 00:38:42,600 --> 00:38:45,320 Speaker 1: any moves against Trump or those within his inner circle. 697 00:38:45,600 --> 00:38:47,480 Speaker 1: I mean, obviously at this point you have seen a 698 00:38:47,560 --> 00:38:52,279 Speaker 1: number of rioters who stormed the capital be charged with crimes, uh, 699 00:38:52,760 --> 00:38:55,719 Speaker 1: be sentenced uh some to you know, time and in 700 00:38:55,840 --> 00:38:58,600 Speaker 1: prison for the role that they played. And so we 701 00:38:58,719 --> 00:39:01,120 Speaker 1: are seeing action play out. I think, you know, we 702 00:39:01,200 --> 00:39:04,320 Speaker 1: still have obviously more to come, both with the committee's 703 00:39:04,440 --> 00:39:07,760 Speaker 1: public hearings on January six, as well as further action 704 00:39:07,960 --> 00:39:11,200 Speaker 1: by the Department of Justice. All Right, he didn't close it. 705 00:39:11,560 --> 00:39:13,680 Speaker 1: You know, it's not his policy that can get us 706 00:39:13,760 --> 00:39:18,880 Speaker 1: out of it. Necessarily. But President Biden certainly owns inflation 707 00:39:18,960 --> 00:39:22,640 Speaker 1: at this point and more talk of recession. What is 708 00:39:22,760 --> 00:39:25,480 Speaker 1: he saying at this point. Yeah, So Biden actually sat 709 00:39:25,520 --> 00:39:27,880 Speaker 1: down with the AP yesterday, which in and of itself 710 00:39:27,960 --> 00:39:29,960 Speaker 1: is notable. Biden has not sat down with a lot 711 00:39:30,040 --> 00:39:32,920 Speaker 1: of interviews for print publications, and he did it to 712 00:39:33,040 --> 00:39:35,759 Speaker 1: kind of give this message that he thinks that the 713 00:39:36,440 --> 00:39:39,160 Speaker 1: economy that they can still avoid a recession here in 714 00:39:39,239 --> 00:39:42,120 Speaker 1: the US. He pushed back against the idea that the 715 00:39:42,200 --> 00:39:45,279 Speaker 1: one point nine trillion dollar COVID aid package that he 716 00:39:45,480 --> 00:39:47,960 Speaker 1: pushed soon after he got into office led to any 717 00:39:48,000 --> 00:39:50,520 Speaker 1: of the current levels of inflation. He said the economy 718 00:39:50,560 --> 00:39:53,000 Speaker 1: would have been worse off if they had never passed it. 719 00:39:53,360 --> 00:39:55,319 Speaker 1: But he also did change his tone on a couple 720 00:39:55,360 --> 00:39:58,759 Speaker 1: of things, notably really acknowledging that Americans are are down 721 00:39:58,880 --> 00:40:00,800 Speaker 1: on the state of the country. Yeah, yes, this is 722 00:40:00,880 --> 00:40:03,480 Speaker 1: that quote was really really down. And we've seen a 723 00:40:03,560 --> 00:40:06,520 Speaker 1: recent poll from Morning Consult showing that three quarters of 724 00:40:06,560 --> 00:40:09,360 Speaker 1: Americans do not think the country is on the right track. 725 00:40:09,680 --> 00:40:12,040 Speaker 1: And that's a drop from what we saw. We saw 726 00:40:12,040 --> 00:40:14,640 Speaker 1: about it was more like fifty fifty about last year. 727 00:40:15,160 --> 00:40:18,239 Speaker 1: Um and at this point confidences is very low, and 728 00:40:18,320 --> 00:40:20,920 Speaker 1: you're seeing the White House dry in combat that there's 729 00:40:20,960 --> 00:40:23,400 Speaker 1: really only so much they can do to address inflation 730 00:40:23,480 --> 00:40:26,000 Speaker 1: at this point, but they're really trying to control the 731 00:40:26,040 --> 00:40:28,680 Speaker 1: messaging piece of it. You're seeing folks from the administration 732 00:40:28,719 --> 00:40:32,360 Speaker 1: appearing more frequently on TV. You're seeing Biden hold a 733 00:40:32,440 --> 00:40:34,719 Speaker 1: number of events talking about what the White House is 734 00:40:34,760 --> 00:40:37,080 Speaker 1: trying to do to combat inflation. And you know, you 735 00:40:37,160 --> 00:40:40,160 Speaker 1: actually had several top level White House officials head over 736 00:40:40,239 --> 00:40:43,200 Speaker 1: to Congress yesterday and meet with House Democrats and kind 737 00:40:43,200 --> 00:40:45,239 Speaker 1: of go over you know, this is our message on 738 00:40:45,320 --> 00:40:47,960 Speaker 1: the economy. These are kind of the various talking points 739 00:40:48,040 --> 00:40:50,040 Speaker 1: that we have, and this is what we're really trying 740 00:40:50,080 --> 00:40:53,120 Speaker 1: to get out there to the American people. Hey, um, 741 00:40:53,920 --> 00:40:56,000 Speaker 1: we were doing one of the headlines, the sad headlines 742 00:40:56,160 --> 00:40:59,000 Speaker 1: this morning about this church shooting. Two dead, one hurt. 743 00:40:59,320 --> 00:41:01,640 Speaker 1: At least it's the toll. Anyway, where are we in 744 00:41:01,719 --> 00:41:06,040 Speaker 1: the gun legislation? Kind about fifty seconds left. Yeah, So 745 00:41:06,360 --> 00:41:08,480 Speaker 1: at this point, I think there's a huge question mark 746 00:41:08,600 --> 00:41:10,400 Speaker 1: over whether a bill is going to be able to 747 00:41:10,480 --> 00:41:14,240 Speaker 1: get done. Uh. You saw senators leave town without anything. 748 00:41:14,320 --> 00:41:16,520 Speaker 1: They said they'd continue to work over the weekend, but 749 00:41:16,560 --> 00:41:19,480 Speaker 1: they've talked about that July four deadline, and at this 750 00:41:19,600 --> 00:41:22,360 Speaker 1: point they only have three days left in Washington, d C. 751 00:41:22,600 --> 00:41:25,040 Speaker 1: Before they are scheduled to to leave and go back 752 00:41:25,080 --> 00:41:27,359 Speaker 1: to their districts. Of course, one of the reasons we're 753 00:41:27,400 --> 00:41:29,319 Speaker 1: talking about this now is because there were those mass 754 00:41:29,360 --> 00:41:33,759 Speaker 1: shootings in Buffalo in uval Day, Texas, and one has 755 00:41:33,840 --> 00:41:37,120 Speaker 1: to wonder, if you know, the now, the shooting that 756 00:41:37,239 --> 00:41:41,120 Speaker 1: we're seeing um in Alabama, tragic as it is, if 757 00:41:41,160 --> 00:41:44,600 Speaker 1: that might lend additional momentum to trying to get something done, 758 00:41:44,880 --> 00:41:47,279 Speaker 1: even if it can't be done before July four, will 759 00:41:47,320 --> 00:41:50,520 Speaker 1: there still be momentum when lawmakers come back? All right, 760 00:41:50,560 --> 00:41:54,160 Speaker 1: and thanks a lot appreciated Bloomberg Getmo reporter Emily Wilkins. 761 00:41:54,480 --> 00:41:57,359 Speaker 1: You can read more about these stories Bloomberg dot com 762 00:41:57,600 --> 00:41:59,880 Speaker 1: or on the Bloomberg terminal. And a reminder, you can 763 00:42:00,000 --> 00:42:03,560 Speaker 1: follow all the latest on Bloomberg Radio in Washington Bloomberg 764 00:42:04,400 --> 00:42:08,239 Speaker 1: and one oh five point seven FM HD two. After 765 00:42:08,320 --> 00:42:11,640 Speaker 1: the sell off that we saw yesterday, the painful sell 766 00:42:11,680 --> 00:42:14,080 Speaker 1: off futures right now are in the green. The down 767 00:42:14,160 --> 00:42:18,439 Speaker 1: futures of one nine three points SMP evening futures thirty 768 00:42:18,480 --> 00:42:21,800 Speaker 1: one points higher, the NSC futures up one hundred and 769 00:42:22,160 --> 00:42:26,200 Speaker 1: twenty four points, and in the bondom market, the tenuere 770 00:42:26,320 --> 00:42:31,160 Speaker 1: yield is up to basis points three twenty two, another 771 00:42:31,280 --> 00:42:35,640 Speaker 1: seven for treasuries. You're listening to Bloomberg Daybreak and just 772 00:42:35,840 --> 00:42:41,280 Speaker 1: ahead Bloomberg Surveillance with Lisa Abrahamo. It's John Farrell today 773 00:42:42,239 --> 00:42:44,920 Speaker 1: and for Nathan Hager, I'm John Tucker. You have been 774 00:42:45,040 --> 00:42:46,520 Speaker 1: listening to Bloomberg day Break.