Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: day Break for Friday, June seventeen two. Coming up this hour,
Speaker 1: stocks rebound after yesterday's sell off on Wall Street. The
Speaker 1: SMP five enters today's triple Witching session at an eighteen
Speaker 1: month low. President Biden says a where session can be avoided,
Speaker 1: and Japan defies the global trend and retains super easy
Speaker 1: monetary policy. The final democratic debate in the primary campaign
Speaker 1: for New York governor is over. Plus another mass shooting
Speaker 1: in a church in Alabama leaves two dead. I'm Michael
Speaker 1: war More Ahead. I'm John Stanstown in sports night that
Speaker 1: he went for the Yankees comeback win for the mat
Speaker 1: than the Golden State Warriors have won the NBA Champion Champion.
Speaker 1: That's alls trended ahead on Bloomberg Daybreak on Bloomberg Elibern
Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco
Speaker 1: Sirius XM one nineteen and around the world. Old on
Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business App.
Speaker 1: Good morning, I'm John Tucker. I'm Nathan Hagar. Futures are
Speaker 1: on the rise this morning. We're coming up to six
Speaker 1: oh one on Wall Street. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, SMP futures
Speaker 1: are up thirty three points, down features up two or
Speaker 1: twenty eight. NASTAC futures higher by one hundred twenty four points.
Speaker 1: The tenure Treasury is down three thirty seconds. The yield
Speaker 1: three point to zero percent yield on the two year
Speaker 1: three point one four percent name X screwed is up
Speaker 1: one percent or a dollar seventeen and a hundred eighteen
Speaker 1: dollars seventy six cents of barrel COMEX s called little
Speaker 1: changed of ninety cents at eighteen fifty eighty announce and
Speaker 1: the euro at one point zero five to one against
Speaker 1: the dollar, John and Nathan. The rise of ian futures
Speaker 1: follows yet another sell off on Wall Street, which all
Speaker 1: the SMP five had closed at an eighteen month low.
Speaker 1: It was a sea of red, with only fourteen stocks
Speaker 1: and the SMP five hundred closing higher yesterday. Lori bright Knack,
Speaker 1: the chief investment officer at Investco, says with inflation and
Speaker 1: recession fears front and center. The Fed has its work
Speaker 1: cut out for it. Monetary policy was too easy for
Speaker 1: too long, so they've got to make up some ground
Speaker 1: here to try to stay ahead of it. So unfortunately,
Speaker 1: I don't think that the news is going to get
Speaker 1: any better over the next month for the sad in
Speaker 1: terms of inflation. The INVESTI Chief Investment Officer Lori Brignack
Speaker 1: making the comments of Bloomberg Business Week and catch that
Speaker 1: program weekdays from two to five pm Wall Street Time
Speaker 1: all right, general, the sell off has been widespread. In fact,
Speaker 1: more companies in the Russell three thousand, excluding financial firms,
Speaker 1: are trading below their cash holdings. Bloomberg's Doug Krisner has
Speaker 1: more the total number has surpassed the month end record
Speaker 1: set during the financial crisis. Smaller cap firms like those
Speaker 1: in the Russell are particularly sensitive to the health of
Speaker 1: the domestic economy, and now as financial conditions tighten, the
Speaker 1: concern of a recession is in sharp relief. In the
Speaker 1: last session alone, the Russell three thousand fell three and
Speaker 1: a half percent to its lowest level since Even so,
Speaker 1: writers on the Bloomberg m Live blog say when a
Speaker 1: company's total equity value is less than its cash and
Speaker 1: marketable securities. Bargains can possibly be found in New York
Speaker 1: on Dug Prisoner Bloomberg daybreak. All right, Doug, thank you,
Speaker 1: and it could be another volatile day on Wall Street.
Speaker 1: Today's the quarterly event known as triple witching. The three
Speaker 1: and a half trillion dollar options expiration may lead to
Speaker 1: shortcovering and that could bring temporary relief to the stock
Speaker 1: market and meantime. In the Asia, stocks tumbled to a
Speaker 1: two year low as traders feared the global rush to
Speaker 1: hike inter strates may result in an economic downturn. Let's
Speaker 1: get the recap from Bloomberg's Juliet Sally and Singapore. Good morning, Juliet,
Speaker 1: Good morning, John, and Nathan. The m s c I
Speaker 1: Asia Pacific Index fell to its lowest level in two years.
Speaker 1: The index has dropped every day this week and is
Speaker 1: down for a seventh session. That's the longest weekly dropped
Speaker 1: since the onset of the global pandemic. In March twenty
Speaker 1: Japanese shares dropped in tenure yields east from twenty sixteen
Speaker 1: highs as the Bank of Japan's decision to keep its
Speaker 1: ultra loose monetary settings unchanged provided limited stimulus as volatility
Speaker 1: in the end throws. China and Hong Kong Stokes gained
Speaker 1: the only markets in Asia in the green. This is
Speaker 1: Beijing's pro growth policy lended support to views that their
Speaker 1: equities will keep out performing. In Singapore, Juliette Sally bloom
Speaker 1: Boat daybreak All right, Juliette thanks. After that Bank of
Speaker 1: Japan decision, the yen weekend as much as one point
Speaker 1: eight percent. Bo J Governor Harhiko Coroda addressed the recent
Speaker 1: sell off in the currency. The recent rapid weakening of
Speaker 1: the yen is negative for the economy as it increases
Speaker 1: uncertainties and companies will have a harder time putting together
Speaker 1: their business plans. Governor Harhigo Krota, speaking through an interpreter,
Speaker 1: added a reference to fear in exchange rates to its
Speaker 1: list of risks following the end's rapid weakening to a
Speaker 1: twenty four year low this week. And in Europe, Christian
Speaker 1: the Garden has told euro Area finance ministers at the
Speaker 1: European Center Banks new anti crisis tool will kick in
Speaker 1: if the borrowing costs for weaker nations rises too far
Speaker 1: or too fast. Sources that a meaning in Luxembourg, Laguard
Speaker 1: told ministers that the new mechanism will be intended to
Speaker 1: prevent irrational market movements from putting pressure on individual euronations.
Speaker 1: Well back here in the US, President Biden's weighing in
Speaker 1: on the economy and saying a recession can be avoided.
Speaker 1: Let's get the details live from Bloomberg Reny to Young.
Speaker 1: Good morning, Granita, Good morning Nathan. The President is reiterating
Speaker 1: his message that the US is in a stronger position
Speaker 1: than any nation in the world to overcome inflation. And
Speaker 1: while he says the recession is not inevitable, he acknowledges
Speaker 1: that Americans are really down on the state of the country.
Speaker 1: He made these comments in an interview with the AP,
Speaker 1: his first with a print outlet since taking office, and
Speaker 1: it took place a day after the FIT executed the
Speaker 1: biggest interest rate hike in almost three decades in order
Speaker 1: to cool inflation. Live in New York, I'm really need
Speaker 1: a Young Bloomberg day break. Need to thanks. Reactions still
Speaker 1: pouring into Elon Musk's first meeting with Twitter employees, he
Speaker 1: told staffords they shouldn't worry about changes to their jobs
Speaker 1: once he takes over. As long as their work is
Speaker 1: quote exceptional. Let's get more at his remarks and his
Speaker 1: concerns about fake Twitter accounts from Bloomberg's Ed Ludlow, he
Speaker 1: said that whether Twitter pursues a subscription or an ad model,
Speaker 1: he's still concerned about bots. Nonetheless, and essentially the goal
Speaker 1: is to make Twitter an expensive platform in otherways, requiring
Speaker 1: some form of payment that disincentivizes for activity. Bloomberg's Ed
Speaker 1: Ludlow says Musch did not address whether he was committed
Speaker 1: to the deal. Looking at the pre market now, John
Speaker 1: shares of Adobe or down more than three percent after
Speaker 1: the company reduced its annual revenue forecast. We get the
Speaker 1: story from Bloomberg's Charlie Pellis. Adobe says it's business will
Speaker 1: be affected by currency fluctuations, seasonal shifts in demand, and
Speaker 1: the decision to end sales in Russia and Belarus after
Speaker 1: the invasion of Ukraine. Had said fiscal year revenue will
Speaker 1: be about seventeen point seven billion dollars. That is a
Speaker 1: decrease from the company's previous forecast of seventeen point nine billion,
Speaker 1: and investors are increasingly skeptical about the dominance of Adobe
Speaker 1: line of software for design Professions, which makes up about
Speaker 1: six of its revenue in New York. Charlie Pellet, Bloomberg Daybreak.
Speaker 1: Thanks Charlie dow futures up two points right now, SMP
Speaker 1: Futures of thirty two, the Nanzac features of one nineteen points.
Speaker 1: You're listening to Bloomberg Daybreak and at six o seven
Speaker 1: on Wall Street, time to bring in Michael Barr to
Speaker 1: find out what else is going on in New York
Speaker 1: hand around the world, John, Thank you very much. The
Speaker 1: final Democratic debate in the primary campaign for New York
Speaker 1: governor is over. US Representative Tom Swansea and New York
Speaker 1: City Public Advocate Jamanni Williams criticize Governor Kathy Hokel's strategy
Speaker 1: toward gun violence. All of the candidates on w NBC
Speaker 1: were asked about their vision to improve the state, including
Speaker 1: don't bet against New York. We've been down before, we
Speaker 1: will come back even stronger. We've always demonstrated our resiliency,
Speaker 1: our tenacity. It's our Yorkers. Early voting start Saturday in
Speaker 1: New York. The European Commission recommended that Ukraine be granted
Speaker 1: candidate status and the symbolic step on the Long Path
Speaker 1: to become members of the European Union. That's according to
Speaker 1: two people familiar with the matter. The recommendation is significant
Speaker 1: for Ukraine as it seeks moral support encountering Russian aggression.
Speaker 1: Lawmakers heard gripping testimony from top aides of then Vice
Speaker 1: President Pence and President Trump during the latest hearing from
Speaker 1: the January sixth Committee, rioters staying within forty feet up Pence.
Speaker 1: The committee now wants to interview the wife of Supreme
Speaker 1: Court Justice Clarence Thomas, Jenny, after new emails were revealed
Speaker 1: from the conservative activists. Former federal prosecutor Michael Zelden talked
Speaker 1: about the potential legal outcome. I think what they're going
Speaker 1: to be doing is trying to prove each of the
Speaker 1: seven prongs of their conspiracy. They're saying the president engaged
Speaker 1: in the seventh part conspiracy. The first was the big lie,
Speaker 1: The second was to replace the acting Attorney General. The
Speaker 1: third was to pressure Pence, The fourth was to pressure
Speaker 1: state officials. The fifth was to do the false electors scheme,
Speaker 1: the sixth was the violent mob, and the seventh was
Speaker 1: in action when this was going on. Former federal prosecutor
Speaker 1: Michael Zelden spoke with Joe Matthew on Bloomberg Sound on
Speaker 1: Wiki Leak's chief, Julian Assa, should be sent to the
Speaker 1: US to face criminal espionage charges. The UK government agreed
Speaker 1: with the courts and opposing his long running battle to
Speaker 1: avoid extradition. Two people are dead and another wounded when
Speaker 1: police in Alabama SAA gunman opened fire at a church
Speaker 1: investi Via Hills. Police say a suspect is in custody.
Speaker 1: Democratic and Republican senators are at odds over how to
Speaker 1: keep firearms from dangerous people. Lawmakers said they remained divided
Speaker 1: over how to define abuse of dating partners so they
Speaker 1: could be legally barred from purchasing firearms. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael Barr, this is Bloomberg. John,
Speaker 1: all right, Michael, thank you. Coming up on six ten
Speaker 1: on Wall Street time down for the Blueberg Sports Update,
Speaker 1: and here's John Stann Shower. All right, John. Golden State
Speaker 1: Warriors had that run of three NBA championships, five straight
Speaker 1: trip to the finals, and then it appeared that run
Speaker 1: was over. With injuries and Kevin Durant's defection to Brooklyn
Speaker 1: two years ago, they were the worst team in the NBA.
Speaker 1: And yet there were the Warriors last night, winning games
Speaker 1: six in Boston one oh three to ninety and winning
Speaker 1: the finals four games and to a final where every
Speaker 1: game was decided by ten or more points. That never
Speaker 1: happened before. Warriors led by twenty two South they start
Speaker 1: the defic at the eight. Steph Curry made sure that
Speaker 1: no closer. Curry was amazing thirty four points in the finals.
Speaker 1: MVP Yankees and Mets both with one run wins at home,
Speaker 1: but the Yanks. The win came at the end swing
Speaker 1: on hit on the right center. It is high. It
Speaker 1: is fuck that us don't win the game. Anthony Rizzo
Speaker 1: hit a one hind innings wolf up home runder right
Speaker 1: Centerville and the Yankees beating the Rays two to one.
Speaker 1: W f a any game of a total of only
Speaker 1: seven hits. The Yanks side to scratch star of Luis Savarino,
Speaker 1: He's on the cover list. They used three young pitchers
Speaker 1: and together they allowed on the three hits. Yankees brew
Speaker 1: thirty one games over five hundred Mets trailed in Milwaukee
Speaker 1: for one. Mark Canna tied the game two on. Over
Speaker 1: fifth inning, Mets topped the Brewers of City Field five
Speaker 1: to four. A Canadian Adam Hadwin as the US Open
Speaker 1: leader at Brookline, Mass four under sixty six. Rory McIlroy's
Speaker 1: in the group that trails by one shot. Dustin Johnson
Speaker 1: part of a larger group that's two back. It was
Speaker 1: a rough fifty second birthday for Phil Micholson. He's never
Speaker 1: won the Open, He's finished second six times, and he's
Speaker 1: not gonna win this year. Shot seventy eighties, twelve shots
Speaker 1: behind dash where Bloomberg sports alright? Thanks John del futures
Speaker 1: up two hundred twenty three points, SMP futures of thirty
Speaker 1: three points, and the uns day key Mini futures one
Speaker 1: hundred and twenty one points. After yesterday's sell off, you're
Speaker 1: listening to Bloomberg day Break. Daybreak brought you by Pepack
Speaker 1: Private Wealth Management. At Pepack Private Wealth Management knows that
Speaker 1: a portfolio is more than a collection of assets. It's
Speaker 1: a path to your future. Visit peepack Private dot com
Speaker 1: and begin your financial legacy. Today, Markets Headlines and Breaking
Speaker 1: News twenty four hours a day at Bloomberg dot com,
Speaker 1: the Bloomberg Business apt and at Bloomberg Quick Tape is
Speaker 1: a Bloomberg Business lash and Nathan Hagar will after a
Speaker 1: racing about two trillion dollars in market capitalization this week
Speaker 1: so far, SMP futures are pointing to a relief rally
Speaker 1: after a week that saw the benchmark enter a bear
Speaker 1: market amid growing fears of a recession. We checked the
Speaker 1: markets for you every fifteen minutes during the trading day
Speaker 1: on Bloomberg. Right now, SMP futures are up thirty two
Speaker 1: points south few years have two hundred fifteen Nastact futures
Speaker 1: are hired by a hundred twenty points. The tenure treasury
Speaker 1: is down six thirty seconds. The yield three point two
Speaker 1: percent yield on the two year three point one five
Speaker 1: percent nime X screwed is up nine tenths per cent,
Speaker 1: up a dollar three at a hundred eighteen dollar sixty
Speaker 1: two cents arrol come x gold little change down at
Speaker 1: dollar ten at eighteen forty eighty announced. The euro is
Speaker 1: at one point zero five two three against the dollar,
Speaker 1: British pound one point four. The yen is at one
Speaker 1: thirty four point seven nine. That's a Bloomberg Business Flash.
Speaker 1: And now here's Michael Barr with more on what's going
Speaker 1: on on plugging the world. Michael, thank you very much, Nathan.
Speaker 1: The next January six committee hearing is on Tuesday. The
Speaker 1: wife of Supreme Court Justice Clarence Thomas, Jenny, is being
Speaker 1: called to answer questions before the panel about her role
Speaker 1: in the effort to overturn the twenty election. The British
Speaker 1: government has approved the expedition of Wiki Leak's founder, Julian
Speaker 1: Massage to the United States to face Spye charges. The
Speaker 1: European Commission recommended today that war torn Ukraine should be
Speaker 1: granted EU candidates as the Warriors are the twenty two
Speaker 1: NBA champions. They beat the Celtics in Game six. In baseball,
Speaker 1: the Yankees and Mets one, the A's beat the Red
Speaker 1: Sox for three, the Orioles one, the Nationals lost. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg, John alright, Michael, thank you. It is
Speaker 1: now six nineteen Wall Street, and we are lying to
Speaker 1: the Bloomberg interact of broker studios. This is Bloomberg daybreak.
Speaker 1: Maybe too soon to call an into America's worst bond
Speaker 1: market collapse in at least half a century. Let's focus
Speaker 1: on bonds this morning, as well as monetary policy from
Speaker 1: the Federal Reserve. Joining us now Jean Jadozo, the global
Speaker 1: head of fixed income at Columbia Thread Needle, Happy Friday. Um,
Speaker 1: what's the risk of an overshoot at this point from policymakers.
Speaker 1: I think, frankly, it's pretty high. Actually, I think that's
Speaker 1: the message we got from the Fed and even commentary
Speaker 1: overnight from the e c B. As it relates to
Speaker 1: the reaction function, which is going to favor attacking demand
Speaker 1: to bring down inflationary pressures at the expense of the economy.
Speaker 1: So I think this is a situation where front end
Speaker 1: rates are likely to continue to rise and bring forth
Speaker 1: really what we would consider to be a more meaningful
Speaker 1: inversion of the curve where long which already yields go
Speaker 1: far below those at the front end of the curve ahead, well,
Speaker 1: we could call it a recession. I think we have
Speaker 1: to look at what's you know already happened, and what's
Speaker 1: already in the price Many would define a recession as
Speaker 1: two consecutive quarters of negative GDP growth in the US,
Speaker 1: We've already had one of those, and signs in the
Speaker 1: current quarter point to perhaps consumer demand that while growing
Speaker 1: on a nominal basis, is still not keeping up with
Speaker 1: price increases, so I e. Perhaps in other quarter now.
Speaker 1: And if you look at credit spreads, well maybe they're
Speaker 1: not pricing in quite a full recession. But I think
Speaker 1: that's because credit fundamentals are actually starting from quite a
Speaker 1: positive starting point. So the question here for the FED
Speaker 1: is is the tradeoff of a shallow recession worth it
Speaker 1: to bring down inflation? We think in their calculus they
Speaker 1: probably think it is. Well, I gotta wonder if policy
Speaker 1: is even effective when you look at the energy prices
Speaker 1: and you know, grocery prices, is that something that can
Speaker 1: be attacked well, in a way, it's more effective, But
Speaker 1: it's not because it can bring down the prices of
Speaker 1: those goods. I say it's more effective because it will
Speaker 1: hasten the tightening of financial conditions. If you're a consumer
Speaker 1: or a business. The lack of disposable or discretionary income,
Speaker 1: that deterioration occurs faster. So you just look, for example,
Speaker 1: at the thirty year mortgage near six percent now, and
Speaker 1: if you are a borrower with a down payment of
Speaker 1: the median home in the United States, your monthly payment
Speaker 1: compared to the beginning of two thousand twenty one, just
Speaker 1: about a year and a half ago, is up eighty percent.
Speaker 1: And that's a result of higher home prices but significantly
Speaker 1: higher interest rates. Those type of payment shots are material,
Speaker 1: and when you layer on the additional costs of food
Speaker 1: and energy, you know that again the tax on discretionary
Speaker 1: income is significant. That brings forward a recession, which ultimately
Speaker 1: will result in lower demand across the economy. Can I
Speaker 1: get into the plumbing just for a minute. Are there
Speaker 1: liquidity problems, especially in the treasury market, you see any
Speaker 1: cracks appearing, well, certainly liquidity has deteriorated. We we haven't
Speaker 1: seen cracks that would indicate crisis territory at this stage,
Speaker 1: and I think that's one of the reasons that the
Speaker 1: Fed frankly limited its hikes or at recent hike to
Speaker 1: seventy five basis points. And we've done the math that
Speaker 1: if they were to hike a bit more than that.
Speaker 1: At a time, you could be in a position where
Speaker 1: money we're talking about money market funds breaking them bucks.
Speaker 1: Something we haven't talked about, UM, you know, really financial crisis.
Speaker 1: Certainly liquidity is poor and on days like Monday, UM
Speaker 1: when there was significant moves on the yield curve, it
Speaker 1: was it was we saw difficulty across the market and
Speaker 1: moving large volumes of treasury securities. But it's still a deeper,
Speaker 1: more liquid market than anything in fixed income, and it's
Speaker 1: it's nothing compared to the liquidity challenges we saw a
Speaker 1: decade and a half of UH. And if I can
Speaker 1: move to corporates just for a second, especially with with
Speaker 1: high yields, UM, is there a threat of higher defaults ahead?
Speaker 1: Do you do you see that? I think there is.
Speaker 1: We're starting again from a very low default rate and
Speaker 1: a strong balance sheep position. Companies were not sitting idly
Speaker 1: vie for the last two years. They were planning ahead,
Speaker 1: and they were refinancing their capital structures, and they were
Speaker 1: generating flexibility on their balance sheets. And so if we
Speaker 1: look where we sit today, earnings and leverage are in
Speaker 1: a good spot, but borrowing costs have risen for companies
Speaker 1: as well. Just looking yesterday, we were at a point
Speaker 1: where this morning, about twenty four hours ago, the three
Speaker 1: year treasury was at three and a half percent yield,
Speaker 1: which ironically is identical to the yield on the high
Speaker 1: yield bond market one year ago. So we've moved significantly.
Speaker 1: So I think, you know, a little bit of further
Speaker 1: widening in credit spreads would actually make them, uh, pretty attractive,
Speaker 1: even though it would signal that, you know, there perhaps
Speaker 1: as a recession happening, I think you'd be compensated for
Speaker 1: what could be hired to faults at that at that level, Gene,
Speaker 1: Thanks all appreciated, Genes. It is a global hand of
Speaker 1: fixed income at Columbia thread Needle again, Jane is a
Speaker 1: high risk of an overshoot by federal reserve policy makers.
Speaker 1: Ten year yield right now one of two basis points.
Speaker 1: This is Bloomberg. Bloomberg day Break brought you by Hofster
Speaker 1: University's Frank gez R School Business ZARB Executive NBA built
Speaker 1: for working professionals, can be completed in a few of
Speaker 1: eleven months. Visit Hofstra EU slash go grad broadcasting live
Speaker 1: from the Bloomberg Interactive broker studio in New York, Bloomberg
Speaker 1: E Living Freedom to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine
Speaker 1: six to the country, Sirius XM to A one ninet
Speaker 1: and around the globe the Bloomberg Business app and Bloomberg
Speaker 1: Radio dot com. This is Bloomberg Daybreak. He has six
Speaker 1: thirty on Wall Street. Good morning, I'm John Tucker Hagar.
Speaker 1: We're about three hours away from the open of US trading.
Speaker 1: It's time for the five things you need to notice
Speaker 1: start your day. Brought to you by i b k
Speaker 1: R Investment Advisors switched to Interactive brokers for lowest costs,
Speaker 1: global trading and turnkey custody solutions, no ticket charges and
Speaker 1: no conflicts of your interests at ib k R dot
Speaker 1: com slash r i A first. US futures are higher
Speaker 1: as we close out the trading week. Yesterday, the SMP
Speaker 1: five hundred closed at an eighteen month low. Markets are
Speaker 1: rounding off a week highlighted by interest rate increases, including
Speaker 1: the Fed's biggest move since Greg Jensen, co chief investment
Speaker 1: officer at Bridgewater Associate, says the FED has a difficult
Speaker 1: job ahead. They're serious about two percent inflation. They're gonna
Speaker 1: have to crack the U S economy hard, and it's
Speaker 1: then gonna take the easing to offset that and then
Speaker 1: the recovery before you see a bottom. So that's a
Speaker 1: that's a long process. Um In the end, we think
Speaker 1: the federal blink and choose to sustain asset prices lower
Speaker 1: than they are today, Greg jen said at Bridgewater. Associate
Speaker 1: says stocks may still fall lower because unlike other bear markets,
Speaker 1: there is not support from an accommodative central bank and
Speaker 1: two other market those of this before the opening deal
Speaker 1: the fetchhair j Pal makes welcoming remarks at in the
Speaker 1: inaugural conference of the International Role of the Dollar. Today
Speaker 1: is also a triple witching Friday. The three and a
Speaker 1: half trillion dollar options expiration may lead to shortcovering that
Speaker 1: could bring some temporary really for the stock market for
Speaker 1: the ends weaker this morning. This after Japan retained super
Speaker 1: easy monetary policy and yield curve control, defying pressure to
Speaker 1: track a global trend toward tighter monetary policy. And back
Speaker 1: you're in the US. President Biden weighing in on the economy,
Speaker 1: he says a recession can be avoided. Let's get the
Speaker 1: tales live from Bloomberg's Rededa Young, Good morning Reed, Good
Speaker 1: morning John. The President is reiterating his message that the
Speaker 1: US is in a stronger position than any nation in
Speaker 1: the world to overcome inflation, and while he says a
Speaker 1: recession is not inevitable, he acknowledges that Americans are really
Speaker 1: down on the state of the country. He made these
Speaker 1: comments in an interview with the AP, his first with
Speaker 1: a print outlet since taking office, and it took place
Speaker 1: a day after the FED executed the biggest interst rate
Speaker 1: hike in almost three decades to cool inflation. Live in
Speaker 1: New York, I'm real need a Young Bloomberg day break. Okay,
Speaker 1: we need a thanks and shares of Adobe or down
Speaker 1: more than three percent. This morning, the maker of software
Speaker 1: for design professionals, reduced its annual revenue forecast. And that's
Speaker 1: the five things you need to know to start your day,
Speaker 1: brought to you by Interactive Brokers. SMP futures right now
Speaker 1: are up thirty three points, Staff futures up two D fourteen,
Speaker 1: NASTAC futures up a hundred twenty four points. The tenure
Speaker 1: Treasury is down five thirty seconds, the yield three point
Speaker 1: one percent. Straight ahead your latest local headlines in the
Speaker 1: check of sports, this is Bloomberg. Well thanks Nathan on
Speaker 1: Wall Street. Time to bring in Michael barn who tell
Speaker 1: us what else is going on to New York and
Speaker 1: around the world. John, thank you very much. New York
Speaker 1: Governor Kathy Hocol faced off against two challengers last nine
Speaker 1: and the second and final televised debate before the June
Speaker 1: Democratic primary. Hocal defended or record on guns and tout
Speaker 1: in her accomplishment during her nearly ten months in office
Speaker 1: so far. On w NBC, the governor was asked how
Speaker 1: would she bring people to the state, including New York City.
Speaker 1: I understand the frustration. I didn't say they're not coming back.
Speaker 1: I said we want them to come back. They may
Speaker 1: not be here five days weeks, but we need them
Speaker 1: three four days at least, and we're starting to see
Speaker 1: the trends in that direction, so don't give up on US.
Speaker 1: Governor Hucle went up against New York City Public Advocate
Speaker 1: Jamani Williams and the US representative Tom Swase of Long Island.
Speaker 1: The UK government says Wiki Leak's chief Julian Assa should
Speaker 1: be sent to the US faced criminal espionage charges. UK
Speaker 1: Home Secretary Pretty Batel rubber Stamp the transferred today, siding
Speaker 1: with the courts and Assage is long running battle to
Speaker 1: avoid extradition. Police in Alabama Saya government opened fire on
Speaker 1: a small group meeting at a suburban church, killing two
Speaker 1: people and injuring a third. The attack took place last
Speaker 1: night at St. Stephen's Episcopal Church in the Birmingham suburb
Speaker 1: of Vesta Villa Hills. Police Captain Shane Ware the suspect
Speaker 1: is in custody. I would like to reiterate that there
Speaker 1: is no threat to the community at this time. Captain
Speaker 1: Ware says. Other parishioners held the gunman down until police arrived.
Speaker 1: The mob invading the Capitol got within forty feet of
Speaker 1: then Vice President Mike pens as his security team rushed
Speaker 1: him away on January one. An informant later told the
Speaker 1: FBI that extremists leading the assault would have killed him
Speaker 1: given the chance. Those were among the herrowing new details
Speaker 1: from a House committee investigating the insurrection. Yesterday, Former federal
Speaker 1: prosecutor Michael Zelden talked about the potential legal outcome it
Speaker 1: again appears that the President United States, along with John Eastman,
Speaker 1: along with Rudy Giuliani, along with Sydney Powell, engaged in
Speaker 1: a criminal conspiracy to obstruct and defraud United States government.
Speaker 1: Former Federal Prosecutor Zelden spoke with Joe Matthew on Bloomberg's
Speaker 1: sound on the European Commission recommended that Ukraine and Moldova
Speaker 1: be granted candidate status and a symbolic step on the
Speaker 1: long path to become members of the European Union. Global
Speaker 1: News twenty four hours a day on airand on Bloomberg Quittake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael Barr, this is Bloomberg. John,
Speaker 1: all right, Michael, thank you. Six thirty six, bol Street
Speaker 1: signed out for the Bloomberg Sports Update. Here's John Stashower.
Speaker 1: Thanks John. The NBA season is over. It ended in Boston.
Speaker 1: Let the celebration begin with four titles of the last
Speaker 1: eight years. The run is not good. Like Golden State
Speaker 1: Warriors once again are NBA champions in seven the game
Speaker 1: in San Francisco had it called Warriors trailed early fourteen
Speaker 1: to two then they had a prolonged run of thirty
Speaker 1: five to eight to go up by twenty two. South
Speaker 1: tick to the fourth quarter got that down to eight,
Speaker 1: but Steph Curry had big shots. He scored thirty four points.
Speaker 1: The Warriors won one oh three to ninety on a
Speaker 1: single game of the series sided by single digits. That's unprecedented.
Speaker 1: Curry had actually never won finals m v P before.
Speaker 1: He was the easy choice, and with four titles, Curry
Speaker 1: now has to at least be in the conversation for
Speaker 1: greatest players in NBA history. Andrew Wiggins was a big
Speaker 1: help eighteen point six rebounds, five assists, four steals and
Speaker 1: three blocks. Jayleen Brown led Boston with thirty four ninth
Speaker 1: title for Steve Curry won five as a player. Nothing
Speaker 1: Yankee win even when they had to go to an
Speaker 1: emergency starter when Luisa save Arena was put on the
Speaker 1: COVID list. Yanks l Tampa made the three hits and
Speaker 1: won two to one on Anthony Rizzo home run bottom
Speaker 1: of the ninth and a. Rizzo drove in both runs
Speaker 1: and the Yanks has won fourteen of the last fifteen.
Speaker 1: The Mets came from four one down Feete Milwaukee five four,
Speaker 1: Mark Canna two run number, the bullpen five and two
Speaker 1: thirds innings of scoreless relieve jam pack leaderboard. They go
Speaker 1: went around two of the U s Open today at Brookline,
Speaker 1: mass Canadian Adam had Win as the lead at fort
Speaker 1: under twelve golfers within two shots of them, including four
Speaker 1: past US Open champions Rory McElroy, Dustin Johnson, Justin Rose,
Speaker 1: and Gary John Dares Bloomberg Sports. John all right, thanks
Speaker 1: John sixty seven on Wall Street. Time to take a
Speaker 1: look now at stocks and some of the names that
Speaker 1: are moving in today's pre market. And for that we're
Speaker 1: joined by Bloomberg Radio and TV markets. Course, but a
Speaker 1: critty Groupta never been on a cruise, have absolutely no
Speaker 1: desire whatsoever to do something like that. You know, don't
Speaker 1: let Paul Sweeney. He'll let you hear you say that.
Speaker 1: He said he's not a cruiser either, but uh he
Speaker 1: this is an entire industry that so many people are
Speaker 1: addicted to. I don't get it. I admit I've never
Speaker 1: been on a crazy there, But that being said, I
Speaker 1: don't love boats in general. That being said, that's nothing
Speaker 1: to do with the stock we're talking about today. Well,
Speaker 1: I guess it does. C c ls here take our
Speaker 1: Carnival cruise lines up just try of four percent. But
Speaker 1: it's not the fundamentals that are driving the stock. I
Speaker 1: really like to look at this uh particular name in
Speaker 1: the sector, I should say, because usually when you see
Speaker 1: a rally in Carnival cruise lines and American Airlines a
Speaker 1: lot of those kind of stocks, it tends to mean
Speaker 1: that there is a broad rallying. Hey alone, behold, if
Speaker 1: you look at the S and P five hundred, only
Speaker 1: a handful of names in the red. So to me,
Speaker 1: this is not just a kind of signal of breath.
Speaker 1: Sometimes the idea that you're going to have perhaps the
Speaker 1: most riskiest, the most vulnerable names in the green, so
Speaker 1: then that rest might rally as well. But also it's
Speaker 1: a volatility proxy. When you see that fix get higher
Speaker 1: and higher, Carnival Cruise Line, American Airlines, keep an eye
Speaker 1: on those names because that's really used as sometimes a
Speaker 1: vehicle to play some of that volatility. Um. Let's talk
Speaker 1: about the tech space though, which is I think in
Speaker 1: some ways the opposite of the cruise line space. T
Speaker 1: SM is on my radar. This is Taiwan semi conductor
Speaker 1: Manufacturing Company. This is of course the A D R
Speaker 1: S of it. Remember, Taiwan Semi Conductor and Manufacturing Company
Speaker 1: is the largest chip manufacturer in the world. It's also
Speaker 1: in the Apple supply chains. If you're looking at chips
Speaker 1: from cars to washing machines, to airplane engines, whatever that
Speaker 1: may be. Uh, odds are that Taiwan Semi Conductor Manufacturing
Speaker 1: Company has made a chip somewhere in that production lines. Anyways,
Speaker 1: t SM is your taker, up nine tenths of one
Speaker 1: percent today and this was after some news that they're
Speaker 1: going to be getting their hands on some advanced chip
Speaker 1: making tools from a SML, which is a Dutch semi
Speaker 1: equipment maker company, and that uh acquisition, I don't want
Speaker 1: to call it an acquisition, but you know what I mean,
Speaker 1: Like they're gonna they're gonna be able to to use
Speaker 1: that technology in So that's some good news there for
Speaker 1: those shares up Adobe. Whether they're blaming the weather or something,
Speaker 1: they're not blaming the weather. This isn't an airline that's
Speaker 1: going to blame the weather. Adobe cutting their forecasts are
Speaker 1: talking about an issue with summer demand. A lot of
Speaker 1: those macroeconomic issues you're sand is it the weather. Uh,
Speaker 1: those macroeconomic issues across the board that you're hearing, well,
Speaker 1: those are CP two Adobe as well. The concern here
Speaker 1: is that are they going to be able to execute
Speaker 1: on the areas that they are doing well on and
Speaker 1: right now the consensus, at least from the equity investors
Speaker 1: that they might not. They cut their full year forecast
Speaker 1: and out. Adobe shares are down to the tune of
Speaker 1: over three this morning. Thanks. Well, you know you mentioned
Speaker 1: vix and sexually lower and I've heard it has to
Speaker 1: go to forty before there's like a pitiulation. I hate
Speaker 1: that word, but anyway, U SMP futures right now pretty
Speaker 1: up thirty seven to down futures of two forty. Bloomberg
Speaker 1: Radio TV Markets correspondent, pretty boop, Thanks very much. You're
Speaker 1: listening to Bloomberg. And yeah, we'll do the weather. Bloomberg
Speaker 1: Weather from Rob Caroline Party Sunday, maybe an isolated thunderstore
Speaker 1: in the staff that it was a high temperature today
Speaker 1: ninety degrees in the New York City area, clear to
Speaker 1: partly cloudy tonight, mosa in the mid sixties. Markets headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, the Bloomberg Business App, and at Bloomberg Quick Take.
Speaker 1: This is a Bloomberg Business lash, Nathan Hagar. This update
Speaker 1: is brought to you by Informatica. In the Cloud, your
Speaker 1: data has the power to do the extraordinary. Managed data
Speaker 1: across any location in the lound for accurate and actionable insights.
Speaker 1: More at Informatica dot Com. Futures are on the rise
Speaker 1: to cap off a rough week for stocks. We go
Speaker 1: right to the first word, breaking news desk for today's
Speaker 1: morning call. Here's Bill Maloney. Good morning, Bill, Hey, good morning, Nathan.
Speaker 1: That's right. US futures are a bouncing after yesterday's plunge,
Speaker 1: with Doubt futures up a hundred eighty four point, sesames
Speaker 1: game thirty one, Nadack futures are up a hundred and
Speaker 1: twenty two. The US ten year old at three point
Speaker 1: to one percent, Gold is down eleven, oil is in
Speaker 1: the green, and bitcoin is training higher by one percent.
Speaker 1: Japan dropped one percent overnight, while most of European markets
Speaker 1: are trading higher by one percent and back in the
Speaker 1: US on the economic front. At ten o'clock, the leading
Speaker 1: index After develous night, Adobe cut its annual sales forecast
Speaker 1: and in deal News revalence. Stores pent in the pre
Speaker 1: market amid a report Reliance Industries is mulling and offer
Speaker 1: rapping things up. American Express was raised outperform at Robert
Speaker 1: Barrett told Brothers was cut to equ weight over at
Speaker 1: Wells for Ago. Live from the First Breaking News descom
Speaker 1: Bill Maloney, Nathan Okay, Bill, thanks to you get live
Speaker 1: breaking news over your Bloomberg type squak on the terminal,
Speaker 1: s Q you a go, that's a Bloomberg business slash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Pinkel, Nathan, thank you very much. According
Speaker 1: to the January sixth Committee, even though conservative attorney John
Speaker 1: Eastman was among multiple advisors and White House lawyers who
Speaker 1: told Trump the plan to overturn the election results was illegal,
Speaker 1: Eastman still aggressively pushed it. He later asked for presidential pardon.
Speaker 1: The British government has approved the extradition of Wiki Leak's founder,
Speaker 1: Julian Massage to the United States to face spine charges.
Speaker 1: The Warriors are the twenty two NBA champions. They beat
Speaker 1: the Celtics in Game six. In baseball, the Yankees and
Speaker 1: Mets won. The A's beat the Red Sox for three,
Speaker 1: the Orioles won, the Nationals lost. Global news twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalists and analysts and
Speaker 1: more than a hundred twenty countries. Not Michael Barr, this
Speaker 1: is Bloomberg, Nathan, Okay, Michael, thank you sixty nine on
Speaker 1: Wall Street. Let's turn to news and science and technology now.
Speaker 1: The Bloomberg n j I T STEM Report is brought
Speaker 1: to you by New Jersey Institute of Technology, offering New
Speaker 1: Jersey's first undergraduate degree in fintech and j I T
Speaker 1: is Future in the Making, tech driven, finance focused. To
Speaker 1: learn more at n j I T dot E d
Speaker 1: U slash Fintech and now here's what's making news in science, Technology,
Speaker 1: engineering and math. Airlines have been working hard to convince
Speaker 1: passengers it's safe to fly, but they're having a tough
Speaker 1: time convincing staffers to do the same. Aviation officials are
Speaker 1: facing an unprecedented labor crunch, resulting in longlines, delays, and
Speaker 1: the cancelation of hundreds of flights worldwide. The severe staff
Speaker 1: shortage is sure to be a topic of discussion at
Speaker 1: the International Air Transport Association's annual meeting that kicks off
Speaker 1: in Doha on Sunday. A new study reveals Delaware is
Speaker 1: the best state in the US to work in the
Speaker 1: cryptocurrency industry. Blockchain job site crypto job List conducted the
Speaker 1: research and analyzed factors like the number of blockchain companies
Speaker 1: per million people, average Internet speeds, technology hub ranking, and
Speaker 1: the number of establishments that accept cryptocurrency payments. California came
Speaker 1: in second, Massachusetts was in third place, and Elon Musk,
Speaker 1: who met directly with Twitter employees for the first time
Speaker 1: since signing that deal to acquire the social network, told
Speaker 1: staffers they should not worry about changes to their jobs
Speaker 1: once he takes over as long, he says, as their
Speaker 1: work is exceptional. And that is the Bloomberg and j
Speaker 1: I t Stem Report. John, all right, thanks Nathan. We
Speaker 1: are live for the Bloomberg Interactive Broker Studios where it
Speaker 1: is six fifty one on wall Spreet Time to out
Speaker 1: to check what's going on in d C. Some of
Speaker 1: the top stories in our nation's capital include the January
Speaker 1: six panel presenting some chilling details of the pants escape
Speaker 1: for the mob. On that day, President Biden says recession
Speaker 1: can be avoided as the US takes on inflation, and
Speaker 1: President of Biden and President she of China a call
Speaker 1: under consideration amid higher tensions between the two countries and
Speaker 1: another shooting. Where are we in the gun bill in Washington?
Speaker 1: Let's take a deeper dive too some of these stories
Speaker 1: this morning. We're joined by Bloomberg government reporter Emily Wilkins.
Speaker 1: You made it to Friday. We both made it to Friday. Congratulations.
Speaker 1: It wasn't easy. What's the late? What the what did
Speaker 1: we hear from the January six panel? The hearings? Uh?
Speaker 1: What's the very latest? So yesterday's hearing was very much
Speaker 1: focused on Mike Pence and the pressure that he fased
Speaker 1: from UH then President Donald Trump as well as his
Speaker 1: lawyer John Eastman, to try to invalidate some of the
Speaker 1: results of the election. During the point where Congress UH
Speaker 1: kind of tallies up the electoral counts and this is
Speaker 1: really supposed to be a ceremonial role. Pence from the start,
Speaker 1: other Way House officials from the start said, look, he
Speaker 1: can't do this, but he was under a lot of
Speaker 1: pressure by Trump and actually when that mob broke into
Speaker 1: the capital, they were looking for Pence. Um and there
Speaker 1: were some extremists who were leading that riot who planned
Speaker 1: to kill Pence if given the chance, according to information
Speaker 1: that the FBI has collected, and Pence came very close.
Speaker 1: At one point, he was only within forty ft of
Speaker 1: rioters as they broke into the Capitol. Um. You know,
Speaker 1: they've there's been testimony that Trump at no point tried
Speaker 1: to check in on Pence. Uh. And this of course
Speaker 1: brings us back to that point where there really wasn't
Speaker 1: any efforts for Trump for a number of hours to
Speaker 1: really call off these rioters, many who had assembled in
Speaker 1: d C at his request, who had gone to his rally,
Speaker 1: and who felt like he had told them to march
Speaker 1: on the Capitol. And this is really part of the
Speaker 1: committee's bigger picture that Trump did try to overturn the elections.
Speaker 1: And this point is particularly salent when it comes to Pence,
Speaker 1: because it shows that Trump was told that his plan
Speaker 1: would have been illegal, and yet he pursued it anyway. Now,
Speaker 1: among those watching, I Gotta gasses, Merrick Garland, does this
Speaker 1: check off a lot of boxes for him and the
Speaker 1: future path from for the Justice Department. So there's actually
Speaker 1: a little bit of tension right now between the Justice
Speaker 1: Department and the January six panel. The Justice Department has
Speaker 1: asked the panel for transcripts and videos of some of
Speaker 1: the more than thousand interviews that this uh that the
Speaker 1: lawmakers on this panel have done, and there's been some
Speaker 1: conflict in getting that. Also, those lawmakers are sitting on
Speaker 1: the panel feel like the Justice Department maybe hasn't done
Speaker 1: enough at this point. They kind of have these conflicting investigations,
Speaker 1: and so there are of course big questions about exactly
Speaker 1: what if the Justice Department will move to make any
Speaker 1: any moves against Trump or those within his inner circle.
Speaker 1: I mean, obviously at this point you have seen a
Speaker 1: number of rioters who stormed the capital be charged with crimes, uh,
Speaker 1: be sentenced uh some to you know, time and in
Speaker 1: prison for the role that they played. And so we
Speaker 1: are seeing action play out. I think, you know, we
Speaker 1: still have obviously more to come, both with the committee's
Speaker 1: public hearings on January six, as well as further action
Speaker 1: by the Department of Justice. All Right, he didn't close it.
Speaker 1: You know, it's not his policy that can get us
Speaker 1: out of it. Necessarily. But President Biden certainly owns inflation
Speaker 1: at this point and more talk of recession. What is
Speaker 1: he saying at this point. Yeah, So Biden actually sat
Speaker 1: down with the AP yesterday, which in and of itself
Speaker 1: is notable. Biden has not sat down with a lot
Speaker 1: of interviews for print publications, and he did it to
Speaker 1: kind of give this message that he thinks that the
Speaker 1: economy that they can still avoid a recession here in
Speaker 1: the US. He pushed back against the idea that the
Speaker 1: one point nine trillion dollar COVID aid package that he
Speaker 1: pushed soon after he got into office led to any
Speaker 1: of the current levels of inflation. He said the economy
Speaker 1: would have been worse off if they had never passed it.
Speaker 1: But he also did change his tone on a couple
Speaker 1: of things, notably really acknowledging that Americans are are down
Speaker 1: on the state of the country. Yeah, yes, this is
Speaker 1: that quote was really really down. And we've seen a
Speaker 1: recent poll from Morning Consult showing that three quarters of
Speaker 1: Americans do not think the country is on the right track.
Speaker 1: And that's a drop from what we saw. We saw
Speaker 1: about it was more like fifty fifty about last year.
Speaker 1: Um and at this point confidences is very low, and
Speaker 1: you're seeing the White House dry in combat that there's
Speaker 1: really only so much they can do to address inflation
Speaker 1: at this point, but they're really trying to control the
Speaker 1: messaging piece of it. You're seeing folks from the administration
Speaker 1: appearing more frequently on TV. You're seeing Biden hold a
Speaker 1: number of events talking about what the White House is
Speaker 1: trying to do to combat inflation. And you know, you
Speaker 1: actually had several top level White House officials head over
Speaker 1: to Congress yesterday and meet with House Democrats and kind
Speaker 1: of go over you know, this is our message on
Speaker 1: the economy. These are kind of the various talking points
Speaker 1: that we have, and this is what we're really trying
Speaker 1: to get out there to the American people. Hey, um,
Speaker 1: we were doing one of the headlines, the sad headlines
Speaker 1: this morning about this church shooting. Two dead, one hurt.
Speaker 1: At least it's the toll. Anyway, where are we in
Speaker 1: the gun legislation? Kind about fifty seconds left. Yeah, So
Speaker 1: at this point, I think there's a huge question mark
Speaker 1: over whether a bill is going to be able to
Speaker 1: get done. Uh. You saw senators leave town without anything.
Speaker 1: They said they'd continue to work over the weekend, but
Speaker 1: they've talked about that July four deadline, and at this
Speaker 1: point they only have three days left in Washington, d C.
Speaker 1: Before they are scheduled to to leave and go back
Speaker 1: to their districts. Of course, one of the reasons we're
Speaker 1: talking about this now is because there were those mass
Speaker 1: shootings in Buffalo in uval Day, Texas, and one has
Speaker 1: to wonder, if you know, the now, the shooting that
Speaker 1: we're seeing um in Alabama, tragic as it is, if
Speaker 1: that might lend additional momentum to trying to get something done,
Speaker 1: even if it can't be done before July four, will
Speaker 1: there still be momentum when lawmakers come back? All right,
Speaker 1: and thanks a lot appreciated Bloomberg Getmo reporter Emily Wilkins.
Speaker 1: You can read more about these stories Bloomberg dot com
Speaker 1: or on the Bloomberg terminal. And a reminder, you can
Speaker 1: follow all the latest on Bloomberg Radio in Washington Bloomberg
Speaker 1: and one oh five point seven FM HD two. After
Speaker 1: the sell off that we saw yesterday, the painful sell
Speaker 1: off futures right now are in the green. The down
Speaker 1: futures of one nine three points SMP evening futures thirty
Speaker 1: one points higher, the NSC futures up one hundred and
Speaker 1: twenty four points, and in the bondom market, the tenuere
Speaker 1: yield is up to basis points three twenty two, another
Speaker 1: seven for treasuries. You're listening to Bloomberg Daybreak and just
Speaker 1: ahead Bloomberg Surveillance with Lisa Abrahamo. It's John Farrell today
Speaker 1: and for Nathan Hager, I'm John Tucker. You have been
Speaker 1: listening to Bloomberg day Break.