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Speaker 1: Fly from the Bloomberg Interactive Burger Studios. This is Bloomberg

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Speaker 1: Daybreak for Thursday, September twenty nine two. Coming up this hour,

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Speaker 1: Hurricane Ian rips across Florida as one of the strongest

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Speaker 1: storms ever to hit the US mainland. The Pounder resumes

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Speaker 1: its fall as the UK holds firm on its fiscal plans,

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Speaker 1: US future slide. Treasury yields rise following yesterday's Wall Street rally,

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Speaker 1: and thousands of Amazon workers are getting races. The New

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Speaker 1: York City Council is deciding whether the band's solitary confinement

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Speaker 1: in jails. Plus, the US Senate is ready to pass

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Speaker 1: the bill that will keep the government open. I'm Michael

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Speaker 1: barn More Ahead, I'm John Stash Hour and sports Aaron

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Speaker 1: Josh hit his record time sixty one abern and Yankee

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Speaker 1: went in Toronto. A big comeback win for the man

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Speaker 1: that's all strady Ahead on Bloomberg Daybreak on Bloomberg eleven,

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Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg

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Speaker 1: one O six one, Boston, Bloomberg nine sixties and Francisco

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Speaker 1: Sirius x M one nineteen and around the World. Old

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Speaker 1: on Bloomberg Radio dot com and via the Bloomberg Business App.

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Speaker 1: Good morning, I'm Nathan Hagar and I'm Karen Moscow and

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Speaker 1: US Dock Index futures are following this morning. We are

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Speaker 1: coming up to six o one on Wall Street, and

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Speaker 1: we check the markets every fifteen minutes throughout the trading day.

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Speaker 1: On Bloomberg. SNP futures down thirty two points, now futures

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Speaker 1: down two hundred eighteen. NAS deck futures down one three.

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Speaker 1: The decks in Germany is down one point to per cent.

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Speaker 1: The ten year treasury down twenty six thirty seconds, held

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Speaker 1: three point three percent in the yield on the two

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Speaker 1: year four point to one percent. Nine x screwed oil

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Speaker 1: up three tens per cent, or twenty seven cents at

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Speaker 1: eighty two dollars forty two cents in barrel, British pound

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Speaker 1: one point eight six five against the dollar. Nathan, Karen,

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Speaker 1: We'll have more on markets in a minute, but first

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Speaker 1: let's get you the latest on Hurricane Ian. It crashed

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Speaker 1: into Florida yesterday, bringing massive storm surgeon, knocking up power

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Speaker 1: to more than two million homes and businesses. President Biden

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Speaker 1: says the federal government stands ready to help. That includes

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Speaker 1: this fasten hundreds of femal personnel and activating thousands of

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Speaker 1: National Guard members. I've also developed a searching recipe team

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Speaker 1: and deployed them for mulmibile federises season, and then they've

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Speaker 1: already on the ground. We're ready to help. President Biden

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Speaker 1: is also urging Florida residents to follow all warnings from

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Speaker 1: local officials. Ian has weekend since it hit land. It

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Speaker 1: is now a tropical storm with top winds around Let's

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Speaker 1: get more on the track now with Bloomberg. Metrologists drobed Caroline, Nathan, Karen,

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Speaker 1: and Ian now affecting central and northeastern Florida. It is

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Speaker 1: moving off towards the north and east. This morning it

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Speaker 1: will bring win gus over sixty miles two portions of

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Speaker 1: northeastern Florida. Now, the system is forecast to move out

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Speaker 1: over the waters of the Atlantic and it may actually

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Speaker 1: regain some strength before moving back inland over Georgia and

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Speaker 1: the Carolinas in the next thirty six hours. Again, it

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Speaker 1: continues to produce prodigious rainfall. We're expecting anywhere from five

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Speaker 1: to ten inches of rain north of the storm today,

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Speaker 1: with additional rainfall into the weekend. Yesterday, it went ashore

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Speaker 1: in southwestern Florida with winds of over a hundred and

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Speaker 1: fifty miles an hour and a storm surge that caused

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Speaker 1: some historic flooding in the Naples area. Also around Fort Myers,

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Speaker 1: Fort Myers Beach, Nita Beach, all those areas saw significant flooding.

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Speaker 1: Nathan and Karen, All right, Rob, thank you, and of

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Speaker 1: course I'll be checking in with the Bloomberg meteorologists round

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Speaker 1: Caroline throughound the morning right here on Bloomberg Radio. Now

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Speaker 1: back to the volatile markets. We're seeing the pound snap

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Speaker 1: a two day gain following that historic bond buying program

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Speaker 1: from the Bank of England. Let's get the very latest

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Speaker 1: from London with Bloomberg's un Pats. Good morning, Uen, Good

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Speaker 1: morning Karen, Nathan. After yesterday's central bank driven rally, UK stock,

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Speaker 1: sovereign bonds and the pounds all lower this morning. Prominister

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Speaker 1: Liz Trust today defending her government's huge fiscal stimulus package,

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Speaker 1: blaming global economic pressures for the market fallout from her

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Speaker 1: announcement last week. She says the tax cuts, the biggest

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Speaker 1: in fifty years, are the right plan for the UK. Today.

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Speaker 1: Slide puts the pound on track for its worst month

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Speaker 1: since Britain voted to leave the European Union more than

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Speaker 1: six years ago. In London, I'm spoom book daybreak, thanks you,

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Speaker 1: and former US Treasury Secretary Larry Summers is weighing in

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Speaker 1: on the turmoil and markets. He's welcoming intervention from the

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Speaker 1: Bank of England, but says the UK still faces serious issues.

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Speaker 1: I think it was the right thing to do given

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Speaker 1: the technical factors that are that had arisen UH in

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Speaker 1: the market, and it's obviously brought some important stability to

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Speaker 1: the guilt market. It does not resolve any of the

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Speaker 1: fundamental contradictions in UH British policy. Former Treasury Secretary Larry

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Speaker 1: Summer spoke with Bloomberg Gowers after the Bank of England

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Speaker 1: pledged unlimited purchases of long dated government bonds. Well, the

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Speaker 1: White House is alarmed over the market turmoil triggered by

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Speaker 1: the new UK Nathan Now. It's encouraging Prime Minister list

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Speaker 1: Trust to dial back or economic plans to get details

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Speaker 1: from Bloomberg's Amy Morriss from our not e on one

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Speaker 1: newsroom in Washington. The plunge in UK assets earlier this

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Speaker 1: week contributed to declines in US treasuries. Sources tell Bloomberg News,

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Speaker 1: Treasury officials are concerned at the volatility in the markets,

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Speaker 1: and they're working through the I m F to put

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Speaker 1: more pressure on Trust's government. Treasury Secretary Janet Yellen downplay

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Speaker 1: the turbulence, but Commerce Secretary Gina Raimondo called Trust's approach

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Speaker 1: of cutting taxes while increasing spending misguided. Trust's government argues

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Speaker 1: it's program will boost long term growth in Washington, I'm

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Speaker 1: maybe more as Bloomberg Daybreak, Thanks, and you've got some

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Speaker 1: personnel news out of Washington this morning. Sources say Treasury

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Speaker 1: Secretary Janet Yellen has told the White House she will

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Speaker 1: stay past the November elections. Her desire to stay comes

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Speaker 1: as the Biden administration prepares for potential cabinet and other

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Speaker 1: senior personnel changes. Those decisions may depend on how well

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Speaker 1: or poorly Democrats do in the elections. Meantime, Nathan A

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Speaker 1: House proposal to restrict stunk trading by government officials has

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Speaker 1: hit a snag. The Bill Wooker tail stock ownership and

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Speaker 1: trading by members of Congress, the president, vice president, Supreme

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Speaker 1: Court justices, and other high ranking officials, but it's currently

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Speaker 1: being held up by Democratic in The bill's sponsors introduce

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Speaker 1: the legislation yesterday, but multiple House officials familiar with the

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Speaker 1: discussion said any floor action on the measure has been shelved,

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Speaker 1: at least for now. Lawmakers are scheduled to leave Washington

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Speaker 1: this week until after the November election. Let's turn to

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Speaker 1: geopolitics now, Karen, the US wants to resume talks with China.

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Speaker 1: Ambassador Nicolas Burns is calling on the nation to reopen

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Speaker 1: discussions that were halted after how Speaker Nancy Pelosi's visit

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Speaker 1: to Taiwan. We do not seek conflict, and we're gonna

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Speaker 1: try to compete with China vigorously and then work with

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Speaker 1: China where we can, and we hope the Chinese will reciprocate.

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Speaker 1: They've frozen a lot of our dialogues since Speaker Pelosi's visit.

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Speaker 1: Our message to the Chinese is, let's talk open these

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Speaker 1: dialogues and let's move forward. Ambassador Nicholas Burns spoke at

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Speaker 1: the Milk and Institute Asia Summit in Singapore. He says

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Speaker 1: the US needs stork of China on issues like climate

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Speaker 1: change and health and incorporate news Nathan Amazon is boosting

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Speaker 1: pay for hourly workers in the US. The online retailing

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Speaker 1: giants said the move will raise the average earting wage

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Speaker 1: for most frontline employees and warehousing and transportation to nineteen

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Speaker 1: dollars an hour. Again, futures are lower this morning. S

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Speaker 1: and P futures down thirty nine points, staff futures down

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Speaker 1: two nine and nasdack futures down one. Straight ahead your

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Speaker 1: latest local headlines plus a check of sports, and this

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Speaker 1: is Bloomberg. I mean to Karen six o seven on

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Speaker 1: Wall Street, fifty four degrees in Central Park slogan in

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Speaker 1: on New Jersey Transits Northeast cord or twenty minute delays.

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Speaker 1: Tell you why in traffic. First Michael Barr with what

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Speaker 1: else is going on in New York and around the world.

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Speaker 1: Good morning, Michael, Good morning Nathan. The New York City

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Speaker 1: Council is deciding whether to band solitary confinement in jails.

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Speaker 1: Demonstrators on both sides clashed on the steps of City

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Speaker 1: Hall ahead of a hearing on the bill. Any Bosco

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Speaker 1: of the Correction Officers Benevolent Association says that the notion

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Speaker 1: that we're torturing individuals in our system is not the case. However,

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Speaker 1: Democratic City Council Member Tiffany Kavan argued, we need to

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Speaker 1: find out what is the of the violence. New Jersey Bank,

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Speaker 1: a New Jersey bank, agreed to pay thirteen million dollars

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Speaker 1: to resolve claims of discriminatory and lending practices. Lakeland Bank

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Speaker 1: has been ranked best bank in New Jersey, but U

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Speaker 1: S Attorney Phillips Sollinger says it's not for people of

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Speaker 1: color and at least three counties. If you lived in

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Speaker 1: the black or Hispanic neighborhood in these counties, you likely

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Speaker 1: have little opportunity to apply for, let alone obtain a

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Speaker 1: mortgage from Lakeland Bank. U S Attorney Phillips Slingers said

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Speaker 1: Lakeland Bank redline these neighborhoods refused to service them in

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Speaker 1: violation of the Fair Housing Act. The U. S. Senate

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Speaker 1: is ready to pass the bill that will keep the

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Speaker 1: government open and spending until at least the middle of December.

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Speaker 1: Democratic Representative Jim Governor of Massachusetts thanks the government funding

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Speaker 1: bill will pass by tomorrow. We're going to do everything

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Speaker 1: we can to make sure we don't have a government shutdown.

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Speaker 1: Remember the last time we had a government shutdown. The

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Speaker 1: Republicans controlled the White House, the House, and the Senate.

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Speaker 1: I mean that would your responsible, We would we would

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Speaker 1: we would not do that. And the fact of the

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Speaker 1: matter is there's a lot of stuff that we I

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Speaker 1: would like to see in a cr and there's a

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Speaker 1: lot of stuff, you know, that I would like to

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Speaker 1: add on, and I know I can't get it best

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Speaker 1: to Senate. So we have to do the best we

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Speaker 1: can working with the people that we we have to

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Speaker 1: deal with. Representative McGovern spoke on sound On, which airs

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Speaker 1: at five pm weekdays on Bloomberg. Both parties agreed to

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Speaker 1: a temporary continuing spending bill that will include disaster aid

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Speaker 1: for weather battered Kentucky, Alabama, Texas, Alaska, and Puerto Rico.

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Speaker 1: Vice President Kamala Harris is in South Korea. Harris met

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Speaker 1: with the South Korean president reinforced the US South Korean

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Speaker 1: alliance for seven decades. The alliance between the United States

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Speaker 1: and the Republic of Korea has been a lynchpin a

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Speaker 1: security and prosperity. Vice President Harris later traveled to the

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Speaker 1: demilitarized zone that separates North and South Korea. Global News

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Speaker 1: twenty four hours a day on air and on Bloomberg

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Speaker 1: quicktake powered by more than twenty seven hundre journalist and

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Speaker 1: analyst to more than a hundred twenty countries. I'm Michael

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Speaker 1: barn This is Bloomberg, Nathan. Thanks Michael. Almost six ten

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Speaker 1: on Wall Street time for the Bloomberg Sports Update, and

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Speaker 1: they finally got to sixty one. John Stenshower and the Fit.

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Speaker 1: Perhaps you heard Aaron Judge been trying to get that

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Speaker 1: sixty feet homer seventh straight times he was unable to

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Speaker 1: hit a home run. As networks broke into programming to

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Speaker 1: show us that bats. His mother and Roger Maris's son

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Speaker 1: crossed borders to watch him in Toronto the last inning,

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Speaker 1: last night seventh in ain't Tim May's on the man,

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Speaker 1: Here's John Stirling w f an don't go? Did he

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Speaker 1: loved it? Us high hell us part us gone number

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Speaker 1: sixty one height times Roger Maris for the American League

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Speaker 1: single season record. Who was sixty run home run? HiT's

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Speaker 1: a two run Judge and Black and Yankee you American

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Speaker 1: League record? Of course, the reason this has gotten so

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Speaker 1: much attention, it's also the so called clean record. The

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Speaker 1: only ones to hit more in a season Barry Bonds,

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Speaker 1: Mark McGuire Sammy Sosa, all of their seasons tainted by

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Speaker 1: steroid use. Judge s seven games left now to try

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Speaker 1: to get to sixty two. The outcome of the game

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Speaker 1: fairly meaningless. That's why Aaron Boone had Anthony Rizzo managed

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Speaker 1: the Yankees, who beat the Blue Jay's eighth to three

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Speaker 1: after the Mets their game. Very meaningful is the Mets

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Speaker 1: try to win the nl East. That means a bye.

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Speaker 1: It means avoiding the Dodgers until the NLCS. They trailed

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Speaker 1: Miami for nothing seventh any Edwardo Escobar to the rescue

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Speaker 1: to run home in the seventh game, tying two run

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Speaker 1: single in the eighth and game winning rb I hit

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Speaker 1: of the tent Mets won five for just as Atlanta

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Speaker 1: lost in ten in Washington. So the three game series

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Speaker 1: begins tomorrow Atlanta with the Mets one game ahead. Whether

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Speaker 1: it could be an issue for this series Jets madd officials.

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Speaker 1: Zack Wilson returns from his knee injury to start Sunday

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Speaker 1: in Pittsburgh. John Stashward Bloomberg, Sports, Nathan Thanks John SMP

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Speaker 1: futures down thirty seven points, Staff futures down, Tunere forty one,

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Speaker 1: Nastack futures down a hundred fifty four points, the ten

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Speaker 1: year treasuries down twenty seven thirty seconds, the yield three

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Speaker 1: point eight four percent. This is Bloomberg Bloomberg eleven three

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Speaker 1: oh other. Sunshine up for sixties today, increasing high cloudiness

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Speaker 1: tomorrow up for sixties. Light rain from the income is

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Speaker 1: in Saturday afternoon. It'll stay rainy all weekend with highs

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Speaker 1: in the mid sixties. Currently fifty four degrees. Markets headlines

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Speaker 1: and breaking news twenty four hours a day at Bloomberg

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Speaker 1: dot Com, the Bloomberg Business Outland at Bloomberg Quicktape. He's

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Speaker 1: a Bloomberg Business Flash and I'm Karin Moscow. Risk off

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Speaker 1: sentiment returning to markets as concerned about inflation and the

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Speaker 1: risk of global recession over shadows the Bank of England's

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Speaker 1: move to restore calm the pounds snapping a two day gain,

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Speaker 1: and we checked the markets every fifteen minutes throughout the

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Speaker 1: trading day on Bloomberg. Guess and p Futures down thirties

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Speaker 1: six points this morning. Down features down two two announced

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Speaker 1: back futures down one fifty. The debts in Germany is

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Speaker 1: down one point three per cent. Ten Your treasury down

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Speaker 1: twenty seconds. You have three point three percent yield on

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Speaker 1: the two year four point to one percent. NIMEX screwed

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Speaker 1: oil is up six tents per cent or fifty two

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Speaker 1: cents at eighty two dollars sixty seven cents of barrel

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Speaker 1: comex goal down eight ten percent or thirteen dollars twenty

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Speaker 1: cents at sixteen fifty six ninety announce. The euro is

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Speaker 1: at point in nine six nine two against the dollar.

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Speaker 1: British found one point eight six zero and again one

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Speaker 1: four point six eight. Bitcoin is down six tenths of

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Speaker 1: a percent in nineteen thousand, four hundred dollars. And today

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Speaker 1: we are watching for a third read on second quarter

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Speaker 1: GDP as well as the weekly record on initial jobless claims.

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Speaker 1: Both are at at eight thirty Wall Street time. That's

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Speaker 1: a bloomberg business flash. Now here's Michael Barr with more

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Speaker 1: on what's going on around the world. Michael Karen, thank

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Speaker 1: you very much. Hurricane and has left the path of

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Speaker 1: destruction in southwest Florida, trapping people and flooded homes, damaging

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Speaker 1: the roof of a hospital intensive care unit, and knocking

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Speaker 1: out power to two million people. I and now a

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Speaker 1: tropical store m is aiming for the Atlantic coast. The

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Speaker 1: Biden administration blasted Russia's attempt to legitimize its control of

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Speaker 1: Ukrainian territories through what they're calling a stage vote to

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Speaker 1: appear as if there is Russian loyalty in these towns.

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Speaker 1: In baseball, the Yankees beat the Blue Jay's eight three,

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Speaker 1: but more importantly, Aaron Judge it his sixty one home run,

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Speaker 1: tying Roger Merris for the a L record. The Matt's

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Speaker 1: Nationals and Giants one, The Red Sox beat the Orioles

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Speaker 1: three one, The A's Lost. Global news twenty four hours

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Speaker 1: a day on air end on Bloomberg Quicktake, powered by

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

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Speaker 1: I'm Michael bar and this is Bloomberg Natheran. Okay, Michael,

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Speaker 1: thank you, at six nineteen on Wall Street Life from

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Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, And

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Speaker 1: as we continue to follow the devastation brought by a

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Speaker 1: now tropical storm Ian in Florida, we are watching a

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Speaker 1: fiscal and monetary storm happening in the UK right now

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Speaker 1: with new Prime Minister Liz trust Sing. I'm with tax

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Speaker 1: cuts and the Bank of England responding with what looks

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Speaker 1: like new stimulus. Let's bring in Bloomberg opinion calumnist Marcus Ashworth,

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Speaker 1: who's been following this very closely. Marcus, it's great to

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Speaker 1: have you with us. And it looks from this side

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Speaker 1: of the pond like the new government and the Bank

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Speaker 1: of England are on a collision course. Is that too

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Speaker 1: strong a way to put it? Um, Yes, it is.

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Speaker 1: I'm afraid okay. I think the Bank of England has

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Speaker 1: has done exactly the right thing and it's stem the

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Speaker 1: rock very quickly. If you actually know how much they

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Speaker 1: bought last night, it was only about a billiard m

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Speaker 1: just over and they continue to do this the next

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Speaker 1: two weeks or so. I doubt they'll buy that much,

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Speaker 1: probably ten, maybe a little bit more, but possibly quite

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Speaker 1: a bit less compared to six bution they could in

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Speaker 1: theory by which is the free floats. So I think

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Speaker 1: the crisis is too early sets over. It's certainly a

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Speaker 1: lot of damage limitations come in here. Um. I do

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Speaker 1: think that the economics and politics needs to be separatet

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Speaker 1: of here. Some of the economics of what the government's

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Speaker 1: trying to do does make sense in the longer run.

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Speaker 1: Clearly the presentation and the politics that was terrible. The

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Speaker 1: presentation was was non existent, and there was a level

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Speaker 1: of I guess you can have to call it arrogance,

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Speaker 1: and certainly a lack of appreciation of how sensitive markets

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Speaker 1: can be are and will continue to be and sudden

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Speaker 1: changes in fiscal and economic policy need to be The

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Speaker 1: picture needs to be rolled and everyone needs to be prepared,

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Speaker 1: and it needs to be costed and funding in a

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Speaker 1: way which people can get their heads around. That's what

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Speaker 1: this government failed to do. The Bank of England, um,

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Speaker 1: I've done pretty well. Perhaps they shouldn't have started their

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Speaker 1: continent tightening program, they've had delayed that for a month.

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Speaker 1: That could possibly do the thing. A little bit more

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Speaker 1: delay um and and maybe they'll never get around to it,

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Speaker 1: but certainly bar that, the Bank of England has managed

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Speaker 1: to step in and say what was a very difficult

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Speaker 1: situation pretty much unique the UK in the way the

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Speaker 1: UK is structured with its pension fund and very long

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Speaker 1: dated bond markets. So they've had to do what they

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Speaker 1: need to do and they've done it very very successfully

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Speaker 1: so far. And see some reaction that the Bank of

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Speaker 1: England might be enabling the Trist's government by stepping in

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Speaker 1: with this fine buying program while the new Prime Minister

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Speaker 1: is doubling down on the tax cut regime. Is the

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Speaker 1: Bank of England and enabling trust here? Now there's so

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Speaker 1: much politics going on behind us. It's very if you

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Speaker 1: have to filter out a lot of the a lot

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Speaker 1: of stuff on inequality and whatever it is. The straightforward

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Speaker 1: politics doesn't mean you have to agree with it. But

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Speaker 1: you know what the government's trying to do. They are

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Speaker 1: perfectly entitled the way. When they've done it, which clearly

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Speaker 1: has been, the markets have taken umbrage out, particularly because

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Speaker 1: it's clearly going to be they want to do an

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Speaker 1: awful lot more and that's I think it's what scared

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Speaker 1: the market more than anything. Uh, there wasn't quite the

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Speaker 1: same demand structurally to take extra debt and they've they've

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Speaker 1: not only increased it quite quickly, but they've clearly going

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Speaker 1: to want to do a lot more. That that's what's

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Speaker 1: caused the problem. It's more the future issuance than what

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Speaker 1: may be come in the next year or so. But

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Speaker 1: you know that the Bank of eng is doing what

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Speaker 1: it's had to do for a financial stability point of view,

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Speaker 1: that the overall numbers we're talking about here probably will

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Speaker 1: not be very large at all. As I have, I

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Speaker 1: am the beginning here, so I think there's a lot

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Speaker 1: of politics going on trying to tidy the government with

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Speaker 1: you know, kind of threaten the Bank of the independence

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Speaker 1: some of its own fault. As again the presentation has

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Speaker 1: been appalling, but I don't think the bankaving can be

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Speaker 1: uh any very shapeful form blame there. They've done a

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Speaker 1: magnificent job and we're very likely to happen. Telling about

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Speaker 1: thirty seconds left here, Marcus, when we signed the proud

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Speaker 1: earlier this week had a dollar three, now had a

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Speaker 1: one oh eight handle. Where do you see the pound

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Speaker 1: going at this point? Could we reach parody? We certainly couldn't,

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Speaker 1: and that no one can can rule this out and

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Speaker 1: structurally and dollar continues to rally, uh and there's no

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Speaker 1: reason to suggest it won't for the moment until something

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Speaker 1: in the US. For apes to make me new house

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Speaker 1: a markism too clever, But that's because interest rates to

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Speaker 1: go higher and are at some point that the Fed

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Speaker 1: will have to pivot. But until they do, more points

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Speaker 1: coming from all currencies, not just starting. I mean, it's

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Speaker 1: the it's the un it's the yen, it's the euro,

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Speaker 1: you name it. So starting just got a called a

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Speaker 1: little bit of the sour on you say, going onto

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Speaker 1: it and had its bad time. But the others will

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Speaker 1: have their turn. I'm afraid in the dollars stay strong.

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Speaker 1: Thanks so much Marcus for coming on with us this morning.

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Speaker 1: Marcus Ashworth columnists for Bloomberg Opinion on the volatility in

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Speaker 1: the UK market after Trusts government came out with its

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Speaker 1: tax cuts on the Bank of England responded with a

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Speaker 1: new bond buying program. Right now, SMP futures are down

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Speaker 1: thirty four points, STOW futures down two hundred sixteen, Nasdaq

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Speaker 1: futures are down a hundred forty three points. The tenure

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Speaker 1: Treasury is down twenty five thirty seconds, yield three point

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Speaker 1: eight three percent, yield on the two year four point

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Speaker 1: to zero. And just again checking the British pound, it's

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Speaker 1: at one point zero eight five four right now against

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Speaker 1: the dollar. This is Bloomberg Bloomberg eleven three oh weather.

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Speaker 1: Sunshine and upper sixties today, increasing high clouds tomorrow, up

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Speaker 1: for sixties will be in the mid sixties. Saturday and

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Speaker 1: Sunday as we feel the effects of what's left of

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Speaker 1: Tropical Stormy in fifty four degrees. Right now, broadcasting live

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Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg

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Speaker 1: he loving free to Washington, d C Bloomberg, Line nine

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Speaker 1: one to Boston Bloomberg one, O six one to San

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Speaker 1: Francisco Bloomberg, and M sixty to the country Sirius XM

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00:20:40,080 --> 00:20:42,919
Speaker 1: CHADO one nine team and around the globe the Bloomberg

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Speaker 1: Business app in Bloomberg Radio dot com. This is Bloomberg

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Speaker 1: Daybreak six thirty on Wall Street. Good morning, I'm Nathan

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Speaker 1: Hagar and I'm Karen Moscow, and we are just about

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

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Speaker 1: for the five things that you need to notice start

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Speaker 1: your day. Brought to you by I b k R

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00:21:06,160 --> 00:21:09,800
Speaker 1: Investment Advisors switched to Interrected Brokers for lowest cost global

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Speaker 1: trading and turnkey custody solutions, no ticket charges and no

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Speaker 1: conflicts of your interests at ib KR dot com slash R.

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Speaker 1: I a first Hurricane Ian as we can do. A

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Speaker 1: tropical storm after hitting Florida with a deadly surge of

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Speaker 1: water and catastrophic winds. About two point three million homes

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Speaker 1: are without power. To get the very latest on the

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Speaker 1: storm from Bloomberg meteorologist Rob Caroline, Karen and Nathan Ian.

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Speaker 1: Tied for the fourth strongest tropical weather system to ever

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Speaker 1: strike the continental United States made landfall yesterday in southwestern Florida,

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Speaker 1: with winds at a hundred and fifty miles an hour

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Speaker 1: and an extensive storm surge that caused very significant flooding

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Speaker 1: across portions of southwestern Florida from Naples to Venice. The

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Speaker 1: storm is now well inland, headed into northeastern Florida. Big

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Speaker 1: problem will be wing gus today in excessive sixty mile

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Speaker 1: and some torrential rain part clear on the northern side

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Speaker 1: of the system into north Florida. Karen and Nathan okay, Rob,

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Speaker 1: thank you. Will continue checking in with Bloomberg meteorologists Drobbed

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Speaker 1: Carolyn throughout the morning here on Bloomberg Radio. Now, let's

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Speaker 1: check in with the markets. The pound is resuming its

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Speaker 1: slide after the Bank of England's emergency bond buying program

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Speaker 1: temporarily soothed concerns. This morning, UK Prime Minister Liz Trust

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Speaker 1: once again defended a giant package of unfunded tax cuts,

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Speaker 1: where you're seeing both stocks and bonds in Europe fall

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Speaker 1: this morning. Well, here in the US, Nathan futures are

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Speaker 1: lower following yesterday's Wall Street rally, which saw the SNP

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Speaker 1: five hundred staff a five day losing streak. Matt Melee,

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Speaker 1: as chief market strategist in Miller tay Back, although we

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Speaker 1: could get one big wash out here in the next

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Speaker 1: few days. I think we're gonna see a bounce of

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Speaker 1: the last for a week or two or maybe even three,

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Speaker 1: but that will probably another opportunity to raise some cash.

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Speaker 1: Miller Tayback chief market strategist Matt Melee said the SNP

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Speaker 1: five hundred could go as low as three thousand. It

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Speaker 1: closed just about thirty seven hundred yesterday. We have some

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Speaker 1: personnel news out of Washington this morning. Karen Bloomberg News

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Speaker 1: has learned Treasury Secretary Janet Yellen play is to stay

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Speaker 1: on after the November elections. Her desire to stay comes

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Speaker 1: as the Biden administration prepares for potential cabinet and other

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Speaker 1: senior personnel changes. And in corporate news this morning, Nathan

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Speaker 1: Amazon is boosting pay for hourly workers in the US.

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Speaker 1: The company said the move will raise the average starting

431
00:23:15,320 --> 00:23:19,000
Speaker 1: wage for most frontline employees and warehousing and transportation to

432
00:23:19,200 --> 00:23:22,000
Speaker 1: nineteen dollars an hour. That's the five things that you

433
00:23:22,080 --> 00:23:23,919
Speaker 1: need to know to start your day. Brought to you

434
00:23:23,960 --> 00:23:28,240
Speaker 1: by Interactive Brokers. Again, futures are following this morning and

435
00:23:28,320 --> 00:23:31,480
Speaker 1: straight ahead your latest local headlines plus a check of

436
00:23:31,600 --> 00:23:39,119
Speaker 1: sports and this is Bloomberg all right. Thanks. Hearing at

437
00:23:39,119 --> 00:23:42,040
Speaker 1: six Wall Street, fifty four degrees in Central Park, out

438
00:23:42,040 --> 00:23:44,280
Speaker 1: of crash eas bound four near Decatur Avenue and te

439
00:23:44,400 --> 00:23:47,320
Speaker 1: Neck details in traffic shortly. First Michael Barr with what

440
00:23:47,359 --> 00:23:49,480
Speaker 1: else is going on in New York and around the world.

441
00:23:49,520 --> 00:23:52,040
Speaker 1: Good morning, Michael, Good morning Nathan. The New York City

442
00:23:52,040 --> 00:23:55,560
Speaker 1: Council is deciding whether de band solitary confinement in jails.

443
00:23:55,920 --> 00:24:00,639
Speaker 1: Ben Abosco of the Correction Officers Benevolent Association says the

444
00:24:00,680 --> 00:24:03,720
Speaker 1: notion that we're torturing individuals in our system is not

445
00:24:03,800 --> 00:24:07,679
Speaker 1: the case. However, Democratic City Council member Tiffany Gabon argued,

446
00:24:08,040 --> 00:24:10,600
Speaker 1: we need to know what is the root of the violence.

447
00:24:11,000 --> 00:24:14,119
Speaker 1: The band is opposed by Mayor Eric Adams. It looks

448
00:24:14,160 --> 00:24:16,199
Speaker 1: like the Senate will pass a bill to fund the

449
00:24:16,280 --> 00:24:21,119
Speaker 1: government through mid December, Democratic Representative Jim mcgovernor of Massachusetts

450
00:24:21,320 --> 00:24:24,080
Speaker 1: was asked about the odds of the measure passing by Friday.

451
00:24:24,480 --> 00:24:26,320
Speaker 1: I believe it will. I believe it will. I mean,

452
00:24:26,320 --> 00:24:28,960
Speaker 1: I think it will pass the Senate either today or tomorrow,

453
00:24:29,000 --> 00:24:30,359
Speaker 1: and then it will come right to the House, and

454
00:24:30,400 --> 00:24:31,760
Speaker 1: you know, and we're rep to bring it to the

455
00:24:31,760 --> 00:24:34,560
Speaker 1: floor immediately. And my hope is that after the election,

456
00:24:34,600 --> 00:24:36,720
Speaker 1: we can you know, I know, some of the differences

457
00:24:36,760 --> 00:24:39,880
Speaker 1: and get an omnibus budget pass so that we can

458
00:24:39,880 --> 00:24:41,960
Speaker 1: have funding for the for all of next year and

459
00:24:42,000 --> 00:24:45,240
Speaker 1: we can we can move on. Representative McGovern spoke on

460
00:24:45,480 --> 00:24:48,960
Speaker 1: sound on which air's weekdays at five pm on Bloomberg.

461
00:24:49,280 --> 00:24:51,280
Speaker 1: In a rare show of unity, both parties and the

462
00:24:51,280 --> 00:24:54,520
Speaker 1: Senate agreed to a temporary continuing spending bill that will

463
00:24:54,560 --> 00:24:59,560
Speaker 1: include disaster aid for whether battered Kentucky, Alabama, Texas, Alaska,

464
00:25:00,000 --> 00:25:02,879
Speaker 1: and Puerto Rico. Will let the FDA continue preventing the

465
00:25:02,880 --> 00:25:06,920
Speaker 1: slowdown of reviews of life saving drugs. Vice President Kamala

466
00:25:07,000 --> 00:25:09,919
Speaker 1: Harris captured trip to Asia with a stop at the

467
00:25:10,200 --> 00:25:14,920
Speaker 1: militarized zone dividing the Korean Peninsula. Harris thank US personnel

468
00:25:14,960 --> 00:25:21,800
Speaker 1: at the d m Z for their service, each one

469
00:25:21,880 --> 00:25:24,920
Speaker 1: of you for what you do and what you said.

470
00:25:25,600 --> 00:25:28,280
Speaker 1: Before going to the d m Z, Harris met with

471
00:25:28,320 --> 00:25:31,640
Speaker 1: South Korean President Yun Sak Yol and praised the alliance

472
00:25:31,680 --> 00:25:35,240
Speaker 1: between the countries. Mackenzie Scott, one of the world's richest

473
00:25:35,240 --> 00:25:39,720
Speaker 1: and most influential philanthropists, filed for divorce from Dan Jewitt,

474
00:25:39,880 --> 00:25:43,480
Speaker 1: science teachers she married following her twenty nineteen split from

475
00:25:43,480 --> 00:25:47,119
Speaker 1: Amazon founder Jeff Bezos. One of hip hop's biggest names

476
00:25:47,119 --> 00:25:57,080
Speaker 1: has died. Rapper Coolio, with hits including Gangster Paradise, died

477
00:25:57,119 --> 00:25:59,399
Speaker 1: at the Los Angeles home of a friend. The cause

478
00:25:59,560 --> 00:26:02,680
Speaker 1: of de was not immediately clear. The Grammy winner, whose

479
00:26:02,720 --> 00:26:05,520
Speaker 1: real name was artist Leon Ivy Jr. Also gave us

480
00:26:05,560 --> 00:26:09,240
Speaker 1: other songs, such as Fantastic Voyage. Coolio was fifty nine

481
00:26:09,600 --> 00:26:12,000
Speaker 1: Global News twenty four hours a day on air and

482
00:26:12,119 --> 00:26:14,680
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven

483
00:26:14,720 --> 00:26:17,760
Speaker 1: hundred journalist and analysts in more than a hundred twenty countries.

484
00:26:17,840 --> 00:26:20,760
Speaker 1: I'm Michael barn this is Bloomberg. Nathan alright, Michael, thank you.

485
00:26:25,280 --> 00:26:27,960
Speaker 1: Almost six thirty six on Wall Street. John Stashowers got

486
00:26:27,960 --> 00:26:32,240
Speaker 1: the Bloomberg Sports Update and Nathan the symmetry kind of remarkable.

487
00:26:32,359 --> 00:26:35,159
Speaker 1: Roger Marris at sixty one home runs in nineteen sixty

488
00:26:35,240 --> 00:26:38,000
Speaker 1: one and now sixty one years later, Aaron Judge has

489
00:26:38,080 --> 00:26:40,840
Speaker 1: joined him Yankee number ninety nine with Yankee number nine,

490
00:26:40,920 --> 00:26:43,320
Speaker 1: only two in American League history with that many homers

491
00:26:43,359 --> 00:26:45,800
Speaker 1: in a seat. That's one thing that's so special about

492
00:26:45,800 --> 00:26:48,720
Speaker 1: the Yankees organization, as all the guys that came before

493
00:26:48,840 --> 00:26:51,000
Speaker 1: us and kind of paved the way and you know,

494
00:26:51,400 --> 00:26:52,800
Speaker 1: played the game the right way, did the things the

495
00:26:52,840 --> 00:26:54,280
Speaker 1: right way, did a lot of great things in this game.

496
00:26:54,280 --> 00:26:56,959
Speaker 1: And getting a chance to me, you know, mentioned with

497
00:26:57,000 --> 00:27:01,119
Speaker 1: those guys now as I can't even describe it. It's uh.

498
00:27:03,040 --> 00:27:05,119
Speaker 1: Judge of course went seven games without a homer, but

499
00:27:05,240 --> 00:27:08,080
Speaker 1: seventh inning in Toronto, facing the Blue Jays, Tim May's

500
00:27:08,160 --> 00:27:10,520
Speaker 1: a liner to left. The ball dropped down into the

501
00:27:10,520 --> 00:27:14,400
Speaker 1: blue Jay's bullpen, caught by Toronto coach Matt Bushman. Yankee

502
00:27:14,400 --> 00:27:17,680
Speaker 1: reliever Zack Britton went into the Jay's penn. Toronto's Jordan

503
00:27:17,760 --> 00:27:20,119
Speaker 1: Romano handed the ball to Britain, who then gave it

504
00:27:20,160 --> 00:27:22,480
Speaker 1: to Judge, who now has seven games left to try

505
00:27:22,520 --> 00:27:24,840
Speaker 1: and hit number six two to break the records starting

506
00:27:24,840 --> 00:27:27,480
Speaker 1: tomorrow against Baltimore, stating Yankee beat the Blue Jays eight

507
00:27:27,520 --> 00:27:30,400
Speaker 1: and three Mets with a huge city field victory comes

508
00:27:30,440 --> 00:27:34,159
Speaker 1: courtesy of edwardo Escobar. Over the last four innings, Estibar

509
00:27:34,280 --> 00:27:36,480
Speaker 1: had three hits and drove in all five met runs

510
00:27:36,520 --> 00:27:39,160
Speaker 1: as they came back from a four nothing deficit beat

511
00:27:39,240 --> 00:27:42,480
Speaker 1: Miami five to four in ten, just as Atlanta lost

512
00:27:42,520 --> 00:27:44,800
Speaker 1: in ten in Washington's the Mets back and sole possession

513
00:27:44,800 --> 00:27:47,080
Speaker 1: of first game ahead of the Brase and now comes

514
00:27:47,119 --> 00:27:50,879
Speaker 1: the three game series starting tomorrow, weather fermitting in Atlanta.

515
00:27:51,280 --> 00:27:53,440
Speaker 1: One met win in the series means they owned a

516
00:27:53,480 --> 00:27:56,600
Speaker 1: tiebreaker when the Jets placed Sunday in Pittsburgh. Zack Wilson

517
00:27:56,600 --> 00:27:59,320
Speaker 1: will make the season debut at quarterback, returning from the

518
00:27:59,400 --> 00:28:02,600
Speaker 1: knee injurance effort in the preseason. Actually what Bloomberg Sports

519
00:28:02,640 --> 00:28:05,399
Speaker 1: Nathan Okay John thanks six thirty seven on Wall Street

520
00:28:05,560 --> 00:28:07,159
Speaker 1: Time Now to take a look at stock some of

521
00:28:07,160 --> 00:28:09,639
Speaker 1: the names moving in the pre market with Bloomberg Radio

522
00:28:09,760 --> 00:28:13,520
Speaker 1: and TV Markets correspondent Crety Gupta and A Crety. Even

523
00:28:13,520 --> 00:28:16,600
Speaker 1: though Hurricane Ian is now a tropical storm, there are

524
00:28:16,600 --> 00:28:20,359
Speaker 1: still a lot of companies that are potentially exposed a

525
00:28:20,440 --> 00:28:23,040
Speaker 1: lot of damage, perhaps already being done, Nathan. Let's start

526
00:28:23,080 --> 00:28:25,560
Speaker 1: off with some of the tourism related companies. Disney, for example,

527
00:28:25,640 --> 00:28:27,879
Speaker 1: d I S Is Your Taker. Well, they actually it

528
00:28:27,960 --> 00:28:29,520
Speaker 1: came out and said that they're going to keep some

529
00:28:29,560 --> 00:28:31,960
Speaker 1: of their hotels open, some of their resorts open to

530
00:28:32,040 --> 00:28:35,560
Speaker 1: help people provide or get shelter from the storm. That

531
00:28:35,640 --> 00:28:37,960
Speaker 1: being said, that still did her revenue, um and that's

532
00:28:37,960 --> 00:28:39,200
Speaker 1: going to be some of the numbers we're gonna be

533
00:28:39,240 --> 00:28:41,120
Speaker 1: waiting for in their next earnings report. D I S

534
00:28:41,280 --> 00:28:43,920
Speaker 1: is Your Taker down about one percent, but it's not

535
00:28:43,960 --> 00:28:45,960
Speaker 1: the only one. Check out some of the cruise lines,

536
00:28:46,240 --> 00:28:48,480
Speaker 1: which of course rely on some of the state ports

537
00:28:48,520 --> 00:28:50,880
Speaker 1: as well, which have been shut down because of the

538
00:28:50,920 --> 00:28:53,719
Speaker 1: hurricane and because of the tropical storm. Nathan, just because

539
00:28:54,080 --> 00:28:56,080
Speaker 1: it is a tropical storm, that doesn't mean that there

540
00:28:56,080 --> 00:28:58,000
Speaker 1: aren't still going to be storm searches or a lot

541
00:28:58,040 --> 00:29:00,560
Speaker 1: of damage so the ports are made. Is that's going

542
00:29:00,600 --> 00:29:03,080
Speaker 1: to affect the bottom line of companies like Carnival Cruise

543
00:29:03,080 --> 00:29:06,600
Speaker 1: Lines secldre taker there down about two point two percent

544
00:29:06,720 --> 00:29:08,680
Speaker 1: in the pre market, and they have got kind of

545
00:29:08,680 --> 00:29:10,440
Speaker 1: a non traditional one for you know, one of the

546
00:29:10,680 --> 00:29:15,400
Speaker 1: things of fertilizer when it comes to Florida necessarily, but

547
00:29:15,520 --> 00:29:19,800
Speaker 1: this is well there you go about nine the cross

548
00:29:19,800 --> 00:29:23,440
Speaker 1: there um. But they all still make fertilizer in in

549
00:29:23,440 --> 00:29:26,520
Speaker 1: in Florida as well. A lot of their kind of assets.

550
00:29:26,520 --> 00:29:29,440
Speaker 1: For Mosaic, which by the way was very much hit

551
00:29:29,520 --> 00:29:32,240
Speaker 1: with the warn Ukraine and the impact on natural gas

552
00:29:32,280 --> 00:29:35,080
Speaker 1: which then is used to help create the fertilizer. Who

553
00:29:35,120 --> 00:29:38,280
Speaker 1: all those operations are right where the hurricane went through.

554
00:29:38,560 --> 00:29:41,840
Speaker 1: The Mosaic actually had to shut down some of their operations.

555
00:29:41,840 --> 00:29:43,960
Speaker 1: Those shares down about three tenths of one percent in

556
00:29:44,000 --> 00:29:47,120
Speaker 1: the pre market. Bloomberg Intelligence actually saying that two hundred

557
00:29:47,160 --> 00:29:50,320
Speaker 1: and forties three hundred million dollars is how much the

558
00:29:50,360 --> 00:29:54,720
Speaker 1: revenue impact could be for that company. We see bitcoin

559
00:29:54,800 --> 00:29:59,040
Speaker 1: back below. How are crypto stocks doing this morning? Well,

560
00:29:59,080 --> 00:30:02,160
Speaker 1: they are fall bowing. Bitcoins lead down about two point

561
00:30:02,160 --> 00:30:04,480
Speaker 1: three percent for coin based c o I N is

562
00:30:04,520 --> 00:30:06,640
Speaker 1: your ticker there no surprise, you're always going to see

563
00:30:06,640 --> 00:30:10,360
Speaker 1: that move magnified when it comes to the exchanges as well.

564
00:30:10,400 --> 00:30:11,640
Speaker 1: You also want to keep an eye on the like

565
00:30:12,120 --> 00:30:14,920
Speaker 1: a box for example, b k KT is your ticker

566
00:30:15,320 --> 00:30:17,320
Speaker 1: um and that was going to the under pressure as well.

567
00:30:17,400 --> 00:30:20,360
Speaker 1: It's down about five of one percent. And I'll wrap

568
00:30:20,400 --> 00:30:23,120
Speaker 1: it up here Nathan with Riots blockshain. Remember the miners

569
00:30:23,160 --> 00:30:26,760
Speaker 1: have that unequal exposure. Usually there's a big movement bitcoint

570
00:30:26,960 --> 00:30:30,360
Speaker 1: it's magnified as the minor so Riot blockchain r IoT

571
00:30:30,800 --> 00:30:32,960
Speaker 1: down about three percent, all right, boom Berg Radio and

572
00:30:33,000 --> 00:30:36,480
Speaker 1: TV Markets correspondent Cretty Gupta keeping an eye on the

573
00:30:36,520 --> 00:30:40,240
Speaker 1: individual movers this morning as we look at stocks as

574
00:30:40,280 --> 00:30:44,000
Speaker 1: a whole. Following SMP future is now down one percent

575
00:30:44,040 --> 00:30:46,360
Speaker 1: to drop a thirty six points down. Futures are lower

576
00:30:46,400 --> 00:30:49,440
Speaker 1: by two U thirty six and NAZAC futures leading the

577
00:30:49,480 --> 00:30:51,840
Speaker 1: declines by one point three percent, a drop of a

578
00:30:51,920 --> 00:30:55,280
Speaker 1: hundred fifty one points. The tenure Treasury is down twenty

579
00:30:55,320 --> 00:30:58,360
Speaker 1: four thirty seconds yield close to three point three percent

580
00:30:58,440 --> 00:31:00,960
Speaker 1: yield on the two year four points. Who's zero nime

581
00:31:01,000 --> 00:31:04,080
Speaker 1: ex screwed, little change now at eighteen of barrel and

582
00:31:04,320 --> 00:31:08,640
Speaker 1: once again Bitcoin is just below twenty nineteen four twenty

583
00:31:09,120 --> 00:31:12,600
Speaker 1: and looking at the British pound at one point zero

584
00:31:12,680 --> 00:31:17,280
Speaker 1: eight four six against the dollar. You're listening to Bloomberg Daybreak,

585
00:31:22,400 --> 00:31:25,280
Speaker 1: Bloomberg eleven three oh Weather sunshine for now upper sixties,

586
00:31:25,320 --> 00:31:28,720
Speaker 1: will have increasing clouds tomorrow, upper sixties, mid sixties for

587
00:31:28,760 --> 00:31:32,400
Speaker 1: the weekend, with the remnants of I n right now

588
00:31:32,760 --> 00:31:39,080
Speaker 1: fifty four degrees in Central Park Markets. Headlines and breaking

589
00:31:39,120 --> 00:31:42,000
Speaker 1: news twenty four hours a day at Bloomberg dot Com,

590
00:31:42,080 --> 00:31:45,640
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's

591
00:31:45,680 --> 00:31:54,520
Speaker 1: a Bloomberg Business Flash, and I'm Karin Moscow in this

592
00:31:54,560 --> 00:31:57,440
Speaker 1: business flash brought to you by the n Y Millen's Pershing.

593
00:31:57,520 --> 00:32:00,560
Speaker 1: Learn why the world's most sophisticated wealth management and institutional

594
00:32:00,680 --> 00:32:04,600
Speaker 1: firms rely on Pershing to help them improve profitability, create efficiency,

595
00:32:04,600 --> 00:32:08,760
Speaker 1: attract talent, and manage risk At Pershing dot Com. Futures

596
00:32:08,760 --> 00:32:10,680
Speaker 1: are lower this morning. Let's go to the First Word

597
00:32:10,720 --> 00:32:13,960
Speaker 1: Breaking news desk for today's morning call, and here's Bill Maloney. Bill,

598
00:32:14,000 --> 00:32:16,959
Speaker 1: good morning and good morning, Karen. That's right. US futures

599
00:32:16,960 --> 00:32:19,440
Speaker 1: are under pressure after yesterday's gains. The Doubt futures down

600
00:32:19,440 --> 00:32:22,040
Speaker 1: two point s SPS drop thirty two, and nas that

601
00:32:22,080 --> 00:32:25,080
Speaker 1: if you just decline by one thirty eight, the US

602
00:32:25,240 --> 00:32:27,600
Speaker 1: ten year old at three point eight three percent. In

603
00:32:27,640 --> 00:32:30,720
Speaker 1: gold is down twelve, oil is climbing, and bitcoin is

604
00:32:30,800 --> 00:32:34,719
Speaker 1: lower by point seven percent. Japan rose one percent overnight,

605
00:32:34,720 --> 00:32:37,040
Speaker 1: while up markets are under pressure this morning with one

606
00:32:37,040 --> 00:32:40,280
Speaker 1: percent losses across the board. Back in the US on

607
00:32:40,280 --> 00:32:43,080
Speaker 1: the economic Frinday thirty initial jobs claims and g d

608
00:32:43,240 --> 00:32:47,000
Speaker 1: P after develops, Nate Jeffrey's revenue beat estimates and regarding

609
00:32:47,000 --> 00:32:49,040
Speaker 1: earnings this morning, look for a bed Bath and Beyond

610
00:32:49,080 --> 00:32:52,560
Speaker 1: and Carmacks the report in the pre market. Wrapping things up,

611
00:32:52,600 --> 00:32:55,040
Speaker 1: Apple was downnggraded to neutral from buy over at Bank

612
00:32:55,040 --> 00:32:58,160
Speaker 1: of America Shares It down two point seven percent in

613
00:32:58,200 --> 00:33:00,640
Speaker 1: the pre market. Live from the first of breaking News

614
00:33:00,680 --> 00:33:03,239
Speaker 1: tescon Bill Milon Karen, Great, Bill, thank you to hear

615
00:33:03,320 --> 00:33:05,920
Speaker 1: live breaking news over here. Bloomberg type squawk on your

616
00:33:06,000 --> 00:33:08,720
Speaker 1: terminal scue you a w K and that's a Bloomberg

617
00:33:08,760 --> 00:33:11,320
Speaker 1: business flash. Now here's Michael Barr with Moore and what's

618
00:33:11,360 --> 00:33:14,040
Speaker 1: going on around the world. Michael, Karen, thank you very much.

619
00:33:14,080 --> 00:33:17,520
Speaker 1: Floridians are awaiting daylight to see the full extent of

620
00:33:17,680 --> 00:33:20,920
Speaker 1: damage still being caused by a hurricane, and more than

621
00:33:20,960 --> 00:33:25,160
Speaker 1: two million customers across Florida I have lost electricity and

622
00:33:25,480 --> 00:33:28,760
Speaker 1: is now a tropical storm. A new filing by former

623
00:33:28,760 --> 00:33:32,720
Speaker 1: President Trump's lawyers says it's not eleven thousand documents of

624
00:33:32,760 --> 00:33:35,200
Speaker 1: pages that were seized by the FBI at the Mara

625
00:33:35,320 --> 00:33:37,880
Speaker 1: Lago of State. They say it is more like two

626
00:33:37,960 --> 00:33:42,120
Speaker 1: hundred thousand pages. Because of that, his attorneys argue they

627
00:33:42,160 --> 00:33:45,440
Speaker 1: need more time to declare what documents they believe are

628
00:33:45,480 --> 00:33:50,440
Speaker 1: covered by attorney client or executive privilege and why. In baseball,

629
00:33:50,480 --> 00:33:53,560
Speaker 1: the Yankees beat the Blue Jay's eight three, but more importantly,

630
00:33:53,920 --> 00:33:57,200
Speaker 1: Aaron Judge hit his sixty first home run, tying Roger

631
00:33:57,240 --> 00:34:00,760
Speaker 1: Merris for the a L record. The Mets, Nationals and

632
00:34:01,080 --> 00:34:04,040
Speaker 1: Giants one, the Red Sox beat the Orioles three one,

633
00:34:04,440 --> 00:34:07,760
Speaker 1: the A's lost. Global news twenty four hours a day

634
00:34:07,840 --> 00:34:10,839
Speaker 1: on and on Bloomberg Quick Take, powered by more than

635
00:34:11,560 --> 00:34:14,280
Speaker 1: hundred journalists and analysts more than a hundred twenty countries.

636
00:34:14,440 --> 00:34:17,439
Speaker 1: I'm Michael Barr, and this is Bloomberg. Karen Alorry, Michael

637
00:34:17,480 --> 00:34:20,080
Speaker 1: bar Thank you sixty nine on Wall Street. Let's turn

638
00:34:20,120 --> 00:34:22,840
Speaker 1: to news and science and technology now with the Bloomberg

639
00:34:22,880 --> 00:34:25,480
Speaker 1: and j. I. T. Stammer Report. It is brought to

640
00:34:25,520 --> 00:34:28,160
Speaker 1: you buy New Jersey Institute of Technology, ranked one of

641
00:34:28,200 --> 00:34:32,640
Speaker 1: the nation's most research intensive universities by the carnate gate classification.

642
00:34:33,000 --> 00:34:35,000
Speaker 1: Learn more at n j I, T, DOT E, d U,

643
00:34:35,160 --> 00:34:39,600
Speaker 1: slash r one. Here's what's making news and science, technology, engineering,

644
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Speaker 1: and math. Several states have projected a slowdown in sales

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Speaker 1: tax growth in the next fiscal year due to shifts

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00:34:45,320 --> 00:34:48,600
Speaker 1: and consumer spending patterns and high prices. States are likely

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Speaker 1: to see sharp drops and income tax collections as stock

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Speaker 1: market volatility threatens to wipe out gains. Toyota Motors global

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Speaker 1: output recovered for the first time in five months, led

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Speaker 1: by gains in overseas markets and in particular Southeast Asia,

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Speaker 1: where resurgence of COVID disrupted supply chains a year ago.

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Speaker 1: While Toyota still faces a shortage of semiconductors and is

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Speaker 1: battling lingering supply chain constraints stemming from the pandemic, the

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Speaker 1: situation has improved from twelve months ago, when COVID cases

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00:35:16,960 --> 00:35:20,880
Speaker 1: were higher, causing factory shutdowns that led to a dearth

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Speaker 1: of parts, and soon enough, a bed size Amazon device

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Speaker 1: might know whether you're sleeping or not. The e commerce

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00:35:28,600 --> 00:35:31,040
Speaker 1: and tech giants says it will start selling a device

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Speaker 1: later this year that can tract sleeping patterns without a

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00:35:34,280 --> 00:35:37,960
Speaker 1: wristband The device, called Halo Rise, will use no contact

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Speaker 1: sensors and artificial intelligence to measure a user's movement and

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Speaker 1: breeding patterns. Amazon said the device does not include cameras

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Speaker 1: or microphones, and it will go for a hundred and

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Speaker 1: thirty nine dollars ninety nine cents and as a Bloomberg

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Speaker 1: n j I T STEM report. Nathan all right, Karen,

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Speaker 1: thank you. We are live from the Bloomberg Interactive Broker

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Speaker 1: Studios where it's six fifty one on Wall Street. Bloomberg

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Speaker 1: Daybreak is brought to you by se I Imagine your

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Speaker 1: asset management firms. Operational infrastructure is a competitive advantage. Let

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Speaker 1: see I show you how at se I C dot

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Speaker 1: com slash I m s Now, it's time to check

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Speaker 1: what's going on in d C. Some of the top

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Speaker 1: stories in our nation's capital include the US working with

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Speaker 1: the International Monetary Fund to deal with market turmoil in

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Speaker 1: the UK. Jenny Thomas to be interviewed by the House

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Speaker 1: January six Committee House Democrats balking at a plan on

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Speaker 1: lawmaker stock trading, and Janet Yell and telling the White

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Speaker 1: House she plans to stay past November. Let's bring in Bloomberg.

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Speaker 1: Government Congressional reporter Jack Fitzpatrick for more on all of

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Speaker 1: these stories. So, Jack, this very interesting piece of the

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Speaker 1: Bloomberg terminal this morning about the market volatility in the

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Speaker 1: UK and why the Biden administration is concerned about it.

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Speaker 1: What is the concern now? Uh, The concern is about

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Speaker 1: the tax and spending plans in the UK, the proposed

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00:36:54,080 --> 00:36:58,759
Speaker 1: annual forty five billion pound tax cuts that are are

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Speaker 1: not offset by ending cuts. Uh, sort of almost a

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00:37:03,520 --> 00:37:07,080
Speaker 1: stimulus package at a time when many economists would say

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00:37:07,080 --> 00:37:10,000
Speaker 1: that's not the right response in an environment with such

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Speaker 1: high inflation. Uh. And so the US government, through the

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00:37:14,920 --> 00:37:19,920
Speaker 1: International Monetary Fund, has tried to push the Liz Trust

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Speaker 1: led government to reevaluate those measures, basically calling on them

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Speaker 1: to give that a second thought because of the way

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Speaker 1: it could trigger volatility in the markets that they're they're

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Speaker 1: concerned could spread from the UK to the US and

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00:37:37,440 --> 00:37:41,239
Speaker 1: affect the global markets. Uh. So really essentially it's there's

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Speaker 1: sort of the opposite of an endorsement of those policies

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Speaker 1: by the Trust government, but the US to say the least,

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Speaker 1: how much can the U s actually influence UK policy? Though, well,

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Speaker 1: this is subject to so much domestic so many domestic

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Speaker 1: political concerns in the UK. Uh. It's not something that

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Speaker 1: the US can just debate them on and win, but

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Speaker 1: it is something that they have felt necessary to raise.

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Speaker 1: You know. Gina Romando, the Commerce Secretary here in the US,

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Speaker 1: has brought it up and described it misguided as misguided. Uh.

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Speaker 1: You know that they've been pretty open about trying to

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Speaker 1: communicate that it's difficult to predict what effect that would have,

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Speaker 1: and of course, trusts and other leaders in the UK

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Speaker 1: are responsive primarily to their own voters. All right, let's

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Speaker 1: turn to where you work over on Capitol Hill. Some

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Speaker 1: interesting developments of the House January six committee. Even though

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Speaker 1: now tropical storm Ian has put the actual public hearings

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Speaker 1: on hold, we've got a pretty big development behind the scenes. Yes,

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Speaker 1: Jenny Thomas, the wife of Clarence Thomas, is the Supreme

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Speaker 1: Court Justice, is supposed to participate in an interview with

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Speaker 1: the committee. Uh. The area of concern here is that

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Speaker 1: there's a documentation that she had been emailing with John Eastman,

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Speaker 1: the lawyer who is advising former President Trump on the

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Speaker 1: possibility of overturning the results of election. Uh, that she,

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Speaker 1: essentially as an activist, was involved to some degree, which

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Speaker 1: raises concerns about if she was using her relationship with

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Speaker 1: the Supreme Court justice UH in any way or if

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Speaker 1: he was tied in to any degree. UH. They have

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Speaker 1: not announced when she's going to participate. There is some

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Speaker 1: talk about potentially that happened Friday, but that would be

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Speaker 1: a high profile development. Is this Uh investigation continues and

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Speaker 1: it's supposed to happen according to Benny Thomas, the chair

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Speaker 1: of the committee, at some point this week, We've also

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Speaker 1: had a high profile piece of legislation just get unveiled,

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Speaker 1: Lawmaker stock Ban, and it's already facing hurdles on Capitol Hill. Yeah,

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Speaker 1: it does not sound like a vote is going to

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Speaker 1: happen before the House leaves UH for the mid term elections.

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Speaker 1: They're going to leave at the end of this week

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Speaker 1: and then they're not coming back until later for a

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Speaker 1: lamb duck session. UH. Stenny Hoyer, the majority leader, has

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Speaker 1: said a vote is not looking likely. UH. There's some

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Speaker 1: concern about how this applies to spouses and dependent children, UH,

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Speaker 1: and the way it goes beyond strictly members. UH. That's

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Speaker 1: that's one of the key points of contention, and that's

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Speaker 1: something that's been brought up because Speaker Nancy Pelosi's husband

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Speaker 1: Paul Pelosi, has some had some recent transactions that were

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Speaker 1: not illegal, but brought some attention to this issue. Uh.

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Speaker 1: Pelosi has not commented on exactly where she stands on

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Speaker 1: the bill right now, but that's sort of an issue

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Speaker 1: that I think has pumped the brakes on the idea

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Speaker 1: of voting on this before the midterms. In our last

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Speaker 1: minute here, Jack, it looks like Treasury Secretary Janet Yellen

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Speaker 1: is trying to put some speculation about her future to rest. Yeah,

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Speaker 1: she has said that she is going to continue on

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Speaker 1: well passed the November elections. There's an expectation generally that

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Speaker 1: there's going to be some turnover in the administration a

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Speaker 1: little bit after the elections. Uh, it would be significant

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Speaker 1: if she were to leave in the near future, especially

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Speaker 1: because of the work to implement the i r S

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Speaker 1: funding that was put into place by Congress for for

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Speaker 1: greater i r S enforcement work on the international price

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Speaker 1: cap on Russian oil expert exports. UH. So she has

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Speaker 1: not been the most high profile person for someone of

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Speaker 1: her stature, but she will be sticking around for some

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00:41:36,760 --> 00:41:40,799
Speaker 1: significant amount of time alright. Bloomberg government reporter Jack Fitzpatrick

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Speaker 1: covering Congress forests from Capitol Hill. As always, thank you

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00:41:44,680 --> 00:41:47,239
Speaker 1: for the update, and you can read more about all

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00:41:47,280 --> 00:41:50,760
Speaker 1: these stories on Bloomberg dot com or on the Bloomberg terminal.

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00:41:50,920 --> 00:41:52,760
Speaker 1: And a reminder that you can follow all the latest

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Speaker 1: on Bloomberg Radio in Washington. Just tuned into Bloomberg one

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Speaker 1: and one oh five point seven fm H two. We

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Speaker 1: continue to monitor the sell off this morning. After yesterday's

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00:42:03,840 --> 00:42:07,000
Speaker 1: rally for the SMP five hundred, investors are given some

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00:42:07,040 --> 00:42:09,720
Speaker 1: of that back now, with SMP futures down thirty points,

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Speaker 1: a drop of eight tenths PERCENTAL futures down a hundred

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Speaker 1: eighty three. Nasdaq futures leading the declines right now. They're

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00:42:15,600 --> 00:42:17,920
Speaker 1: lowered by a hundred twenty eight points, or one point

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00:42:17,960 --> 00:42:21,040
Speaker 1: one percent. The tenure Treasury is down twenty two thirty

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00:42:21,080 --> 00:42:23,960
Speaker 1: seconds yield three point eight one percent yield on the

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00:42:24,000 --> 00:42:27,720
Speaker 1: two years four point one nine. Nimex crude is catching

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00:42:27,719 --> 00:42:29,240
Speaker 1: a bit of a bid now up a half percent

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00:42:29,239 --> 00:42:31,560
Speaker 1: at eighty two dollars fifty five cents of barrel. Comex

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Speaker 1: gold down seven tenths percent sixteen fifty eight forty announced.

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Speaker 1: We continue to watch the British pound at one point

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Speaker 1: zero eight three seven against the dollar. Bloomberg Surveillance is

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Speaker 1: next for for Karen Moscow. I'm Nathan Hagar and this

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Speaker 1: is Bloomberg. Good morning,