1
00:00:03,400 --> 00:00:06,160
Speaker 1: Live from the Bloomberg in Director Brooker Studios. This is

2
00:00:06,240 --> 00:00:10,119
Speaker 1: Bloomberg Daybreak for Monday, May sixteen, twenty two. Coming up

3
00:00:10,119 --> 00:00:13,200
Speaker 1: this hour, China's economy pays the price for the government's

4
00:00:13,240 --> 00:00:16,560
Speaker 1: COVID zero policy, fumbing Sacks cuts its U S ecademic

5
00:00:16,600 --> 00:00:20,440
Speaker 1: growth forecast, Finland and Sweden moved closer to joining NATO,

6
00:00:20,760 --> 00:00:23,160
Speaker 1: and President Biden calls for action. And the wicked of

7
00:00:23,280 --> 00:00:26,000
Speaker 1: mass shooting in Buffalo. It was a weekend of gun

8
00:00:26,079 --> 00:00:29,560
Speaker 1: violence in Buffalo and other cities as well. Plus Pennsylvania's

9
00:00:29,560 --> 00:00:32,520
Speaker 1: lieutenant governor suffered a stroke because he runs from the U. S. Senate.

10
00:00:32,760 --> 00:00:36,240
Speaker 1: I'm Michael barn More, I'm John stash Our Sports. The

11
00:00:36,360 --> 00:00:39,160
Speaker 1: Rangers are moving on. They beat the Penguins in overtime.

12
00:00:39,159 --> 00:00:41,240
Speaker 1: In Game seven, it went for the Yankees, a tough

13
00:00:41,280 --> 00:00:45,879
Speaker 1: loss for the Mets. That's all s train ahead on

14
00:00:45,960 --> 00:00:51,599
Speaker 1: Bloomberg Daybreak on Bloomberg Eleveing Freeo, New York, Bloomberg one, Washington,

15
00:00:51,760 --> 00:00:55,800
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty,

16
00:00:55,880 --> 00:00:59,720
Speaker 1: San Francisco, Syrius x M one nineteen and around the

17
00:00:59,760 --> 00:01:02,520
Speaker 1: world Old on Bloomberg Radio dot Com and via the

18
00:01:02,560 --> 00:01:09,800
Speaker 1: Bloomberg Business app. Good morning on John Tucker and I'm

19
00:01:09,880 --> 00:01:13,039
Speaker 1: Karen moscowis and P futures are lower this morning. We're

20
00:01:13,040 --> 00:01:14,720
Speaker 1: coming up to five o one on Wall Street, and

21
00:01:14,720 --> 00:01:17,119
Speaker 1: we checked the markets every fifteen minutes throughout the trading

22
00:01:17,200 --> 00:01:20,280
Speaker 1: day on Bloomberg S and P futures down four points.

23
00:01:20,680 --> 00:01:23,920
Speaker 1: Now futures are up twenty two and NASDAG futures down

24
00:01:24,080 --> 00:01:27,039
Speaker 1: thirty one. The decks in Germany is up tenth of

25
00:01:27,040 --> 00:01:30,040
Speaker 1: a percent. Ten year treasury little change yell two point

26
00:01:30,120 --> 00:01:32,200
Speaker 1: nine two percent, and they yield on the two year

27
00:01:32,319 --> 00:01:35,440
Speaker 1: two point five nine percent. Nine back screwed oils down

28
00:01:35,480 --> 00:01:37,840
Speaker 1: half percent or fifty seven cents at a hundred nine

29
00:01:37,880 --> 00:01:40,840
Speaker 1: dollars ninety two cents of barrel, and the euro one

30
00:01:40,880 --> 00:01:44,600
Speaker 1: point oh four three five against the dollar. John and Karen,

31
00:01:44,640 --> 00:01:48,920
Speaker 1: we begin with disappointing data out of Asia. China's economy

32
00:01:49,000 --> 00:01:52,720
Speaker 1: contracted in April as COVID lockdowns, dragging the industrial and

33
00:01:52,840 --> 00:01:56,480
Speaker 1: consumer sectors down, and Bloomberg's day Breck Asia anchor Brian

34
00:01:56,560 --> 00:02:01,120
Speaker 1: Curtis has details retail sales contracted eleven point one percent.

35
00:02:01,320 --> 00:02:03,920
Speaker 1: That was weaker than a projected drop of six point

36
00:02:04,000 --> 00:02:07,760
Speaker 1: six percent. Industrial output down two point nine percent from

37
00:02:07,760 --> 00:02:10,240
Speaker 1: a year ago and worse than an estimate of a

38
00:02:10,280 --> 00:02:14,120
Speaker 1: modest game. The unemployment rate rose to six point one percent,

39
00:02:14,400 --> 00:02:17,240
Speaker 1: and that was higher than the forecast of six percent. Now.

40
00:02:17,280 --> 00:02:20,680
Speaker 1: Despite the slowdown, China's Central Bank held back from cutting

41
00:02:20,680 --> 00:02:24,079
Speaker 1: interest rates. Brian Curtis Spoomberg Day Break, A right, Brian,

42
00:02:24,120 --> 00:02:26,240
Speaker 1: thank you all. Back here in the US, economists at

43
00:02:26,240 --> 00:02:29,320
Speaker 1: Goldman Sachs are cutting their forecast for US growth. Let's

44
00:02:29,360 --> 00:02:32,040
Speaker 1: get the latest live from Bloomberg's rand A Young in

45
00:02:32,080 --> 00:02:34,560
Speaker 1: New York. Good morning, Reni Down, Good morning, Karen. Goldman

46
00:02:34,600 --> 00:02:38,120
Speaker 1: Sachs economists see the US growing two point four percent

47
00:02:38,280 --> 00:02:42,440
Speaker 1: this year at one point six percent three. That's down

48
00:02:42,520 --> 00:02:45,839
Speaker 1: from two point six percent and two point two percent previously,

49
00:02:46,280 --> 00:02:49,320
Speaker 1: and it's an adjustment to reflect the shakeout in financial

50
00:02:49,360 --> 00:02:53,799
Speaker 1: markets as the Federal Reserve titans monetary policy. Goldman Sachs

51
00:02:53,880 --> 00:02:57,240
Speaker 1: also projects the unemployment rate will rise to three point

52
00:02:57,240 --> 00:03:00,120
Speaker 1: seven percent by the end of next year, after falling

53
00:03:00,120 --> 00:03:03,400
Speaker 1: to three point four percent in coming months. Live in

54
00:03:03,440 --> 00:03:06,480
Speaker 1: New York. I'm Nita Young, Bloomberg Day Break. Thanks for Nita.

55
00:03:06,600 --> 00:03:09,640
Speaker 1: On the same day, Goldman cut its forecast the firm's

56
00:03:09,680 --> 00:03:13,440
Speaker 1: former bloss Lloyd blank find says the US is at

57
00:03:13,480 --> 00:03:17,000
Speaker 1: a very high risk for recession. It's definitely a risk.

58
00:03:17,200 --> 00:03:19,040
Speaker 1: If I were running a big company, I would be

59
00:03:19,160 --> 00:03:20,880
Speaker 1: very prepared for it. If I was a consumer, I'd

60
00:03:20,880 --> 00:03:23,160
Speaker 1: be prepared for it. But it's not baked in the cake.

61
00:03:23,320 --> 00:03:26,520
Speaker 1: Former Goldman SACS EO Lloyd blank Find made the comments

62
00:03:26,560 --> 00:03:30,079
Speaker 1: on face donation from CBS, Catch the program Sutday Afternoons

63
00:03:30,080 --> 00:03:33,440
Speaker 1: on Bloomberg Radio and one other note on Goldman this Morning.

64
00:03:33,480 --> 00:03:35,640
Speaker 1: In an effort to retain talent, the bank will allow

65
00:03:35,760 --> 00:03:39,240
Speaker 1: senior staff to take an unlimited number of vacation days

66
00:03:39,520 --> 00:03:42,440
Speaker 1: as according to a company memo seen by Bloomberg News,

67
00:03:42,760 --> 00:03:46,240
Speaker 1: junior employees at Goldman still have limits on vacation, but

68
00:03:46,280 --> 00:03:49,320
Speaker 1: they'll be given at least two extra days off per year.

69
00:03:49,840 --> 00:03:53,720
Speaker 1: And Karen another big company making moves to attract workers Walmart.

70
00:03:53,800 --> 00:03:56,480
Speaker 1: He is unveiling a fast track path to a job

71
00:03:56,600 --> 00:03:59,920
Speaker 1: as store manager, as the retailer seeks to bolster it's

72
00:04:00,000 --> 00:04:03,400
Speaker 1: apply of managers in a tight labor market. Let's get

73
00:04:03,400 --> 00:04:06,920
Speaker 1: more from Bloomberg's Dug Prisoner. The position of store manager

74
00:04:06,960 --> 00:04:09,840
Speaker 1: typically pays more than two hundred thousand dollars a year,

75
00:04:09,920 --> 00:04:13,120
Speaker 1: and traditionally the job takes years to get, but now

76
00:04:13,160 --> 00:04:16,920
Speaker 1: Walmart is launching its College two career program. It will

77
00:04:16,920 --> 00:04:20,480
Speaker 1: provide classroom training together with hands on experience and mentoring

78
00:04:20,800 --> 00:04:24,000
Speaker 1: for recent and soon to be grad's. Top performers will

79
00:04:24,040 --> 00:04:27,000
Speaker 1: be offered a role as an emerging coach. The position

80
00:04:27,040 --> 00:04:29,680
Speaker 1: starts with pay of at least sixty five thousand dollars

81
00:04:29,720 --> 00:04:31,920
Speaker 1: a year, with a goal of becoming a store manager

82
00:04:32,040 --> 00:04:35,479
Speaker 1: within two years. In New York, on Doug Prisner Bloomberg Daybreak,

83
00:04:35,680 --> 00:04:37,560
Speaker 1: all right, Doug, thank you, well, we do have some

84
00:04:37,720 --> 00:04:40,760
Speaker 1: possible deal news this Monday morning, The Wall Street Journal

85
00:04:40,839 --> 00:04:43,840
Speaker 1: is reporting Jet Blue Airways plans a tender offer for

86
00:04:43,960 --> 00:04:46,960
Speaker 1: Spirit Airlines at thirty dollars a share in cash. The

87
00:04:46,960 --> 00:04:49,599
Speaker 1: paper says Jet Blue plans to appeal directly to Spirit

88
00:04:49,680 --> 00:04:52,880
Speaker 1: shareholders by launching the tender offer and hopes of pressuring

89
00:04:52,960 --> 00:04:57,000
Speaker 1: Spirits management to re engage in negotiations. Traders appear skeptical,

90
00:04:57,040 --> 00:05:00,000
Speaker 1: though Spirit shares are trading near twenty dollars in early trade.

91
00:05:00,440 --> 00:05:03,560
Speaker 1: And another major story we're following, Karen involves the mass

92
00:05:03,560 --> 00:05:07,600
Speaker 1: shooting in Buffalo over the weekend. The Justice Department investigating

93
00:05:07,640 --> 00:05:11,479
Speaker 1: it as an act of racially moated violent, racially motivated

94
00:05:11,600 --> 00:05:15,839
Speaker 1: violent extremism. The shooting left ten people dead and three wounded.

95
00:05:15,920 --> 00:05:18,679
Speaker 1: A lot of the people shot were black, and eighteen

96
00:05:18,720 --> 00:05:21,599
Speaker 1: year old white man was arrested. President Biden discussed the

97
00:05:21,640 --> 00:05:25,000
Speaker 1: incident at the US Capital yesterday. We must all work

98
00:05:25,040 --> 00:05:29,200
Speaker 1: together addressed to hate. The remains a stay. I'm the

99
00:05:29,279 --> 00:05:34,920
Speaker 1: sole American hearts are heavy once again, but a resolve

100
00:05:35,839 --> 00:05:39,400
Speaker 1: must never waiver. President Biden and surging police departments to

101
00:05:39,440 --> 00:05:42,719
Speaker 1: spend federal law enforcement eight, saying it can help reduce

102
00:05:42,800 --> 00:05:46,640
Speaker 1: gun violence well. John turning overseas now is another dramatic change,

103
00:05:46,680 --> 00:05:49,720
Speaker 1: triggered by Russia's invasion of Ukraine, and NATO members are

104
00:05:49,839 --> 00:05:53,400
Speaker 1: rallying around Finland and Sweden after the country's announced plans

105
00:05:53,400 --> 00:05:56,000
Speaker 1: to join the Alliance. To get details now from Amy

106
00:05:56,040 --> 00:05:59,920
Speaker 1: Morris in our Bloomberg newsroom in Washington. At the NATO

107
00:06:00,040 --> 00:06:02,960
Speaker 1: ministers meeting in Berlin, U S Secretary of State Anthony

108
00:06:03,040 --> 00:06:07,159
Speaker 1: Lincoln said Washington will support whatever decisions the two countries make.

109
00:06:07,480 --> 00:06:10,560
Speaker 1: Long supported NATO's up indoor policy and the right of

110
00:06:10,600 --> 00:06:14,839
Speaker 1: all countries to decide their own futures, their policies, their

111
00:06:14,839 --> 00:06:18,760
Speaker 1: security arrangements. NATO members rallied around Finland and Sweden, with

112
00:06:18,839 --> 00:06:23,120
Speaker 1: one country Turkey, voicing concerns. Sweden is sending diplomats to

113
00:06:23,160 --> 00:06:26,880
Speaker 1: Ankara for talks, and NATO's Secretary General John Stoltenberg says

114
00:06:26,920 --> 00:06:30,359
Speaker 1: he does not expect Turkey to delay the membership procedure

115
00:06:30,640 --> 00:06:33,240
Speaker 1: in Washington, I may me Moore as Bloomberg daybreak all right,

116
00:06:33,279 --> 00:06:35,520
Speaker 1: thanks Amy, another no doubt of year of involving the

117
00:06:35,520 --> 00:06:38,320
Speaker 1: war in Ukraine. Germany says it plans to quit importing

118
00:06:38,400 --> 00:06:41,360
Speaker 1: Russian oil by the end of the year. That's even

119
00:06:41,400 --> 00:06:44,000
Speaker 1: if the European Union fails to agree on a band

120
00:06:44,320 --> 00:06:47,760
Speaker 1: in its next set of sanctions. Rassia Shire, German oil

121
00:06:47,800 --> 00:06:51,440
Speaker 1: consumption has already declined to twelve percent from about thirty

122
00:06:51,520 --> 00:06:54,839
Speaker 1: five percent before the war began. Well, John, the price

123
00:06:54,880 --> 00:06:57,159
Speaker 1: of wheat has skyrocket has since the start of the war,

124
00:06:57,240 --> 00:06:59,640
Speaker 1: and it's climbing again today. Wheat price is stored by

125
00:06:59,680 --> 00:07:02,640
Speaker 1: the x change limit after India moved to restrict exports.

126
00:07:02,720 --> 00:07:05,719
Speaker 1: That shows how tight global food supplies are at the moment.

127
00:07:06,080 --> 00:07:08,919
Speaker 1: We has risen about six this year. That's increased the

128
00:07:08,960 --> 00:07:12,720
Speaker 1: cost of everything from red to cake and noodles again

129
00:07:12,800 --> 00:07:15,440
Speaker 1: us in p futures are lower. This morning, straight ahead,

130
00:07:15,480 --> 00:07:18,120
Speaker 1: your latest local headlines, plus a check of sports. This

131
00:07:18,600 --> 00:07:25,520
Speaker 1: is Bloomberg Parfects Karen five O seven on Wall Street.

132
00:07:25,560 --> 00:07:27,640
Speaker 1: Let's bring in Michael barn Now with more on what

133
00:07:27,720 --> 00:07:31,160
Speaker 1: else is going on in New York and around the world. John,

134
00:07:31,200 --> 00:07:33,160
Speaker 1: thank you very much. Sarah Moore on the mass shooting

135
00:07:33,160 --> 00:07:36,760
Speaker 1: in Buffalo. Vigils were held across Buffalo after ten people

136
00:07:36,800 --> 00:07:39,680
Speaker 1: were killed and three others wounded, and what officials are

137
00:07:39,680 --> 00:07:43,200
Speaker 1: calling a racially motivated attack at a busy supermarket, Police

138
00:07:43,200 --> 00:07:46,280
Speaker 1: saying the suspected gunman, who was eighteen in white, had

139
00:07:46,360 --> 00:07:51,240
Speaker 1: researched the area that is about seventy black. Peyton Gendern

140
00:07:51,480 --> 00:07:54,480
Speaker 1: appeared in court and pleaded not guilty to murder. New

141
00:07:54,560 --> 00:07:58,240
Speaker 1: York Governor Kathy Uncle. I'm calling out the social media

142
00:07:58,400 --> 00:08:02,200
Speaker 1: platforms where this hate be skewed and people are learning

143
00:08:02,200 --> 00:08:06,440
Speaker 1: how to create guns and violence and weapons. Governor Hoco

144
00:08:06,560 --> 00:08:09,800
Speaker 1: called for government action to control the spread of guns.

145
00:08:09,840 --> 00:08:13,160
Speaker 1: One of those killed was a church dincin the church's pastor,

146
00:08:13,360 --> 00:08:16,280
Speaker 1: Russell Bell. It boggles my mind at this young man

147
00:08:16,320 --> 00:08:20,600
Speaker 1: traveled two hundred miles four hours to target our community.

148
00:08:20,920 --> 00:08:23,920
Speaker 1: Pastor Bell says the victim, Heyward Patterson, who was helping

149
00:08:23,960 --> 00:08:26,880
Speaker 1: to put groceries in another person's car when he was

150
00:08:26,960 --> 00:08:30,040
Speaker 1: shot and killed. I'm ass shooting in California left one

151
00:08:30,080 --> 00:08:32,679
Speaker 1: person dead and five others heard after a gunman opened

152
00:08:32,720 --> 00:08:36,760
Speaker 1: fire inside a church in Laguna Woods, Orange County. Authorities

153
00:08:36,920 --> 00:08:39,800
Speaker 1: say the suspect as an Asian man in the sixties

154
00:08:39,920 --> 00:08:43,480
Speaker 1: who entered a Taiwanese luncheon at the church. Orange County

155
00:08:43,520 --> 00:08:46,199
Speaker 1: Undershare of Jeff Halleck says the gunman was disarmed by

156
00:08:46,240 --> 00:08:49,640
Speaker 1: members of the church and held until authorities came. We

157
00:08:49,679 --> 00:08:52,600
Speaker 1: believe a group of church goers detained him and hog

158
00:08:52,640 --> 00:08:56,080
Speaker 1: tight his legs with an extension court and confiscated at

159
00:08:56,120 --> 00:08:59,560
Speaker 1: least two weapons from him. Under Sheriff Jeff Allix says

160
00:08:59,600 --> 00:09:02,280
Speaker 1: they don't believe the gunman lives in the area. Two

161
00:09:02,280 --> 00:09:05,319
Speaker 1: people were killed three others injured in a shooting near

162
00:09:05,360 --> 00:09:09,520
Speaker 1: a flea market in North Harris County, Texas. The Sheriff's

163
00:09:09,520 --> 00:09:12,680
Speaker 1: department says a fight led to that shooting. Gun violence

164
00:09:12,679 --> 00:09:14,920
Speaker 1: in Milwaukee forced the city to impose a two night

165
00:09:14,960 --> 00:09:17,520
Speaker 1: curve few for people twenty one and under. More than

166
00:09:17,559 --> 00:09:19,880
Speaker 1: twenty people was shot in less than two hours in

167
00:09:19,920 --> 00:09:23,080
Speaker 1: downtown Milwaukee over the weekend. One of the front runners

168
00:09:23,080 --> 00:09:24,920
Speaker 1: in the race for a U. S. Senate seat in

169
00:09:24,920 --> 00:09:29,959
Speaker 1: Pennsylvania sideline because of a stroke. Pennsylvania's Lieutenant Governor John Fetterman,

170
00:09:30,000 --> 00:09:34,000
Speaker 1: who is atop the polls ahead of Tuesday's Democratic Senate primary,

171
00:09:34,120 --> 00:09:36,160
Speaker 1: says he is on his way to a full recovery.

172
00:09:36,520 --> 00:09:39,680
Speaker 1: The Biden administration today released a housing supply action plan

173
00:09:39,800 --> 00:09:43,160
Speaker 1: meant to help create thousands of affordable housing units in

174
00:09:43,200 --> 00:09:46,160
Speaker 1: the next three years. Global News twenty four hours a

175
00:09:46,240 --> 00:09:49,400
Speaker 1: day on air and on Bloomberg Quicktake, powered by more

176
00:09:49,440 --> 00:09:52,400
Speaker 1: than twenty seven hundred journalists, analysts and more than a

177
00:09:52,440 --> 00:09:55,360
Speaker 1: hundred twenty countries. And Michael Barr. This is Bloomberg, John, Michael,

178
00:09:55,400 --> 00:10:01,959
Speaker 1: thank you, Yes five tena of Wall Street. Pan. That's

179
00:10:02,000 --> 00:10:05,600
Speaker 1: time for the Bloomberg Sports Update. Good morning, John Stenshow,

180
00:10:05,640 --> 00:10:08,079
Speaker 1: Good morning John. It was only a first round series,

181
00:10:08,120 --> 00:10:11,119
Speaker 1: but man, what a series it was. Rangers and Penguins.

182
00:10:11,160 --> 00:10:14,000
Speaker 1: It began at the Garden with triple overtime. It ended

183
00:10:14,040 --> 00:10:19,599
Speaker 1: back at the Garden overtime once again. Fifteen seconds with

184
00:10:19,679 --> 00:10:23,920
Speaker 1: the Dana Plantage top the right circle. Blue shit shoots.

185
00:10:26,760 --> 00:10:31,640
Speaker 1: It's over pary scores and the Rangers of one Game

186
00:10:31,760 --> 00:10:36,440
Speaker 1: seven hit overtime on leave a ball sounds sounded DVPN

187
00:10:36,480 --> 00:10:39,040
Speaker 1: from the Ranger Day Maloney kind emotional. They're the Rangers

188
00:10:39,400 --> 00:10:42,200
Speaker 1: lost that triple overtime series opener. They never let in

189
00:10:42,240 --> 00:10:44,600
Speaker 1: the series until last night. They had trailed three games

190
00:10:44,640 --> 00:10:46,839
Speaker 1: to one, and they won three in row and had

191
00:10:46,840 --> 00:10:49,400
Speaker 1: to come from behind in all three. They trailed last

192
00:10:49,480 --> 00:10:51,760
Speaker 1: night with six minutes left, Meeker's advantage that tied the

193
00:10:51,760 --> 00:10:54,000
Speaker 1: game and then artemider and on the power play one

194
00:10:54,040 --> 00:10:57,920
Speaker 1: at at four OT forty two saves for Igor, says

195
00:10:57,960 --> 00:11:00,880
Speaker 1: turk In. The Penguins had fifteen more shot. It's on

196
00:11:01,080 --> 00:11:04,120
Speaker 1: a round to Game one with the Carolina Hurricanes Wednesday

197
00:11:04,160 --> 00:11:07,400
Speaker 1: in Raleigh. The other game seven also went overtime. Calgary

198
00:11:07,559 --> 00:11:10,240
Speaker 1: beat Dallas, but Dallas Mavericks won their Game seven in

199
00:11:10,320 --> 00:11:13,360
Speaker 1: Phoenix by thirty threes, and the Sons, who had the

200
00:11:13,440 --> 00:11:16,120
Speaker 1: NBA's best record, are out the West Finals. Beat Dallas

201
00:11:16,120 --> 00:11:18,680
Speaker 1: against Golden State, will be Miami and Boston. In the East,

202
00:11:19,040 --> 00:11:22,040
Speaker 1: Celtics won Game seven over mil Walk by eight, the

203
00:11:22,120 --> 00:11:24,600
Speaker 1: Mats to the ninth. Thendn't scored twice had the bases loaded.

204
00:11:24,640 --> 00:11:26,800
Speaker 1: Pete Alonso at first appeared to have drawn a game

205
00:11:26,840 --> 00:11:29,840
Speaker 1: time walk with the first base umpire called it strike three.

206
00:11:29,840 --> 00:11:32,600
Speaker 1: In Seattle one eight to seven. Yankees won five one

207
00:11:32,600 --> 00:11:35,400
Speaker 1: at Chicago despite being out hit four to two. The

208
00:11:35,520 --> 00:11:38,000
Speaker 1: Pirates were out hit four nothing but one one nothing.

209
00:11:38,040 --> 00:11:41,000
Speaker 1: That Cincinnati reads through a no hitter and lost. John

210
00:11:41,040 --> 00:11:44,320
Speaker 1: Stashower Bloomberg Sports, John all right, Johns, thanks very much,

211
00:11:44,640 --> 00:11:46,480
Speaker 1: and ahead of the cans shop it on Wall Street.

212
00:11:46,559 --> 00:11:49,839
Speaker 1: Right now, the futures have turned mixed, dall futures of

213
00:11:49,960 --> 00:11:54,280
Speaker 1: ten points, SMP futures six points slower, and the nansa

214
00:11:54,400 --> 00:11:58,480
Speaker 1: key many futures. They are down forty one points. You

215
00:11:58,520 --> 00:12:07,880
Speaker 1: are listening to bloom Bird Daybreak and just ahead, are

216
00:12:07,920 --> 00:12:10,719
Speaker 1: the stock evaluations anymore attractive. We're gonna speak with Lori

217
00:12:10,840 --> 00:12:15,800
Speaker 1: kalpas In of RBC Capital Markets. You're listening to Bloomberg Daybreak,

218
00:12:22,240 --> 00:12:25,640
Speaker 1: markets headlines and breaking news twenty four hours a day

219
00:12:25,760 --> 00:12:28,720
Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at

220
00:12:28,760 --> 00:12:38,439
Speaker 1: Bloomberg Victape. This is a Bloomberg Business lash and I'm

221
00:12:38,480 --> 00:12:41,920
Speaker 1: Cameron Moscow stocks in Europe are little changed. SMP futures

222
00:12:41,920 --> 00:12:45,000
Speaker 1: are lower as traders way China's latest measures to support

223
00:12:45,040 --> 00:12:48,680
Speaker 1: its economy after poor data fuels concerns about the global

224
00:12:48,679 --> 00:12:50,800
Speaker 1: out book. And we check the markets every fifteen minutes

225
00:12:50,800 --> 00:12:53,240
Speaker 1: throughout the trading day. On Bloomberg, U S and P

226
00:12:53,440 --> 00:12:56,360
Speaker 1: futures down seven points at own future is little change,

227
00:12:56,679 --> 00:12:59,800
Speaker 1: NASTACK futures down forty six. The decks in Germany's down

228
00:12:59,800 --> 00:13:03,000
Speaker 1: abou two tenths of upper set ten year treasury little change.

229
00:13:03,000 --> 00:13:04,959
Speaker 1: He'll two point nine two percent. They yield on a

230
00:13:05,040 --> 00:13:08,000
Speaker 1: two year two point five nine percent NI make Scrude

231
00:13:08,040 --> 00:13:10,400
Speaker 1: oil is down third pent or forty one cents at

232
00:13:10,320 --> 00:13:13,160
Speaker 1: a hundred ten dollars twelve cents in barrel Comic school

233
00:13:13,280 --> 00:13:15,720
Speaker 1: is down six tenths percent or ten dollars seventy cents

234
00:13:15,720 --> 00:13:19,120
Speaker 1: at seventeen ninety seven fifty announced. The euro one point

235
00:13:19,280 --> 00:13:21,600
Speaker 1: four two five against the dollar, British found one point

236
00:13:21,640 --> 00:13:23,880
Speaker 1: two two two six, and the yen is at one

237
00:13:23,920 --> 00:13:26,800
Speaker 1: twenty nine point three eight and bitcoin's lower down more

238
00:13:26,840 --> 00:13:29,520
Speaker 1: than four and a half percent at twenty nine thousand,

239
00:13:29,559 --> 00:13:32,800
Speaker 1: five fifty dollars. That's a Bloomberg Business Lash. Now here's

240
00:13:32,840 --> 00:13:35,640
Speaker 1: Michael Barr with more unless going on around the world. Muchael,

241
00:13:35,640 --> 00:13:39,320
Speaker 1: Good morning, Good morning Karen. NATO members rallied around Finland

242
00:13:39,360 --> 00:13:42,520
Speaker 1: and Sweden after they announced plans to join the Alliance.

243
00:13:42,880 --> 00:13:46,520
Speaker 1: It marks another dramatic change triggered by Russia's war in Ukraine.

244
00:13:46,960 --> 00:13:50,040
Speaker 1: Authorities say the hite, eighteen year old gunman who killed

245
00:13:50,040 --> 00:13:53,320
Speaker 1: ten people at a Buffalo supermarket during a rampage that

246
00:13:53,440 --> 00:13:56,719
Speaker 1: targeted black people, had previously made a threat at his

247
00:13:56,880 --> 00:14:00,679
Speaker 1: high school, but they say Peyton Gendron was never charged.

248
00:14:01,000 --> 00:14:04,240
Speaker 1: In the NHL playoffs and exciting Game seven, the Rangers

249
00:14:04,280 --> 00:14:07,520
Speaker 1: advanced after beating the Penguins and overtime for three. In

250
00:14:07,559 --> 00:14:10,959
Speaker 1: the NBA Playoffs, the Celtics won their Game seven against

251
00:14:10,960 --> 00:14:15,959
Speaker 1: the Bucks. In baseball, the Yankees won, the Mets, Red Sox, Orioles, Nationals, Giants,

252
00:14:15,960 --> 00:14:19,120
Speaker 1: and A's all lost. Global news twenty four hours a

253
00:14:19,200 --> 00:14:22,080
Speaker 1: day on air and on Bloomberg quick Take, powered by

254
00:14:22,080 --> 00:14:25,040
Speaker 1: more than twenty hundred journalists and analysts, are more than

255
00:14:25,080 --> 00:14:27,440
Speaker 1: a hundred twenty countries. I'm Michael Barr, and this is

256
00:14:27,440 --> 00:14:30,800
Speaker 1: Bloomberg John, Michael, Thank you. Five twenty on walst reading

257
00:14:30,840 --> 00:14:33,600
Speaker 1: and we are lying for the Bloomberg Interactor Brokers Studios.

258
00:14:33,640 --> 00:14:38,160
Speaker 1: This is Bloomberg daybreak volatility that saw the SMP five

259
00:14:38,200 --> 00:14:42,120
Speaker 1: hundred dipped to a thirteen month load last week before rebounding.

260
00:14:42,560 --> 00:14:45,400
Speaker 1: Reminder that investing right now not for the faint of heart.

261
00:14:45,960 --> 00:14:47,680
Speaker 1: Let's get you set up for the trading day head.

262
00:14:47,680 --> 00:14:50,520
Speaker 1: We're joined out by Lori Calvacine ahead of US Equity

263
00:14:50,600 --> 00:14:55,360
Speaker 1: Strategy at RBC Capital Markets. Lorie, Happy Monday to you, UM,

264
00:14:55,400 --> 00:14:59,000
Speaker 1: stocks looking at any more attractive from the evaluation perspective,

265
00:15:00,040 --> 00:15:02,160
Speaker 1: A happy Monday to YouTube John. And let me just say,

266
00:15:02,200 --> 00:15:04,120
Speaker 1: I don't think investing in stocks is ever for the

267
00:15:04,120 --> 00:15:06,920
Speaker 1: fame of heart, particularly now, UM. But look, I think

268
00:15:06,960 --> 00:15:09,560
Speaker 1: that last week we did see an important development, which

269
00:15:09,600 --> 00:15:11,920
Speaker 1: is that the three different versions of the top down

270
00:15:12,000 --> 00:15:14,080
Speaker 1: price to earnings multiple that we watch for the the

271
00:15:14,160 --> 00:15:16,520
Speaker 1: SMP five hundreds, the one based on last year's earnings,

272
00:15:16,520 --> 00:15:20,120
Speaker 1: this year's earnings expectations, and next year's earnings expectations UM,

273
00:15:20,160 --> 00:15:22,680
Speaker 1: all three of those are actually now slightly below their

274
00:15:22,720 --> 00:15:24,720
Speaker 1: long term averages. And that's not to sit here and

275
00:15:24,760 --> 00:15:27,880
Speaker 1: say that stocks are super cheap or deeply undervalued, but

276
00:15:27,960 --> 00:15:30,240
Speaker 1: I do think we've made an important shift, which is

277
00:15:30,280 --> 00:15:32,920
Speaker 1: that valuations are no longer a problem for this market,

278
00:15:33,200 --> 00:15:35,600
Speaker 1: and valuations are starting to be a reason to buy

279
00:15:35,600 --> 00:15:38,000
Speaker 1: this market. And you have the sort of say, what

280
00:15:38,080 --> 00:15:40,360
Speaker 1: did this milestone achieve? I think it sort of tells

281
00:15:40,440 --> 00:15:42,680
Speaker 1: us that it is okay to go out and bargain hunt. Now.

282
00:15:43,080 --> 00:15:48,640
Speaker 1: What's so the institutional sentiment right now? Institutional sentiment is

283
00:15:48,680 --> 00:15:52,080
Speaker 1: pretty lousy, but perhaps not quite as bad as it's

284
00:15:52,080 --> 00:15:54,880
Speaker 1: been at certain past extremes. I think it's getting there

285
00:15:54,920 --> 00:15:58,400
Speaker 1: in a hurry. We've talked about how institutional investor sentiment,

286
00:15:58,440 --> 00:16:00,560
Speaker 1: while it has been bad, has really need to catch

287
00:16:00,680 --> 00:16:04,120
Speaker 1: down to retail investor sentiment, which has been sitting basically

288
00:16:04,120 --> 00:16:07,000
Speaker 1: at its worst level since the financial crisis. When we

289
00:16:07,040 --> 00:16:09,360
Speaker 1: look at the CFTC data that we get weekly to

290
00:16:09,440 --> 00:16:12,440
Speaker 1: monitor institutional investor sentiment, though I did talk about it

291
00:16:12,480 --> 00:16:14,200
Speaker 1: a note we put out this morning, how you started

292
00:16:14,200 --> 00:16:17,360
Speaker 1: to see some very important progress. We have finally started

293
00:16:17,360 --> 00:16:19,760
Speaker 1: to get back down to some important lows um and

294
00:16:19,800 --> 00:16:21,760
Speaker 1: if you look at contracts like the Russell two thousand

295
00:16:21,880 --> 00:16:24,720
Speaker 1: or the Dow UM, we're actually at or below financial

296
00:16:24,720 --> 00:16:27,600
Speaker 1: crisis lows. So I think that you know, it's hard

297
00:16:27,640 --> 00:16:29,800
Speaker 1: to ring a bell at the bottom on an institutional

298
00:16:29,800 --> 00:16:31,720
Speaker 1: investor sentiment, but I think you can at least start

299
00:16:31,760 --> 00:16:35,320
Speaker 1: having that conversation of the four D fifty seven companies

300
00:16:35,320 --> 00:16:39,600
Speaker 1: in the spire that have reported that Scent actually delivered

301
00:16:39,640 --> 00:16:44,120
Speaker 1: positive earning surprises, how much comfort does that offer? So, look,

302
00:16:44,160 --> 00:16:46,360
Speaker 1: I think markets are always trying to guess where earnings

303
00:16:46,360 --> 00:16:48,880
Speaker 1: are headed and are less reactive to where earnings have been.

304
00:16:49,160 --> 00:16:51,480
Speaker 1: That being said, I do think it's worth noting that

305
00:16:51,520 --> 00:16:54,720
Speaker 1: the earnings back drop has been very, very resilient, and

306
00:16:54,760 --> 00:16:57,080
Speaker 1: the reason that's important is that it speaks to the

307
00:16:57,120 --> 00:17:00,160
Speaker 1: resiliency of corporate America to get through just about every

308
00:17:00,240 --> 00:17:04,400
Speaker 1: crisis that uh, this economy UM and geopolitical situation can

309
00:17:04,400 --> 00:17:06,720
Speaker 1: throw at it. So I think that we do have

310
00:17:06,880 --> 00:17:09,040
Speaker 1: to take note of that resilience, and I think one

311
00:17:09,040 --> 00:17:11,320
Speaker 1: thing that it has done is kept the earnings backdrop

312
00:17:11,359 --> 00:17:14,040
Speaker 1: pretty stable for now, which really allows us to understand

313
00:17:14,119 --> 00:17:17,040
Speaker 1: the valuation opportunity that is starting to open up. Um.

314
00:17:17,080 --> 00:17:19,680
Speaker 1: From a KEE perspective, do you get a sense that

315
00:17:19,720 --> 00:17:23,480
Speaker 1: the cost pressures are being passed on to customers to

316
00:17:23,600 --> 00:17:27,359
Speaker 1: what extent of the margins being eaten? Away. Um. Absolutely,

317
00:17:27,400 --> 00:17:29,919
Speaker 1: you know, we we're seeing some margin resiliency. Um. Of

318
00:17:29,920 --> 00:17:32,359
Speaker 1: course companies, you know, some are are doing a better

319
00:17:32,520 --> 00:17:35,040
Speaker 1: job than others of executing through. But if you look

320
00:17:35,080 --> 00:17:39,240
Speaker 1: at transcript searches for commentary on pricing, UM, they're absolutely

321
00:17:39,280 --> 00:17:41,720
Speaker 1: through the roof. We saw that back in January, we're

322
00:17:41,720 --> 00:17:45,080
Speaker 1: seeing that again recently. And you know that that is

323
00:17:45,119 --> 00:17:47,760
Speaker 1: how companies are defending their margins and also passing the

324
00:17:47,760 --> 00:17:50,119
Speaker 1: prices along to consumers. You know, it's really one of

325
00:17:50,119 --> 00:17:52,320
Speaker 1: the key reasons for the inflation problem that we have

326
00:17:52,520 --> 00:17:55,920
Speaker 1: right now. Um. But for now, most companies are telling

327
00:17:56,000 --> 00:17:57,960
Speaker 1: us that they are still able to pass pricing through.

328
00:17:58,800 --> 00:18:02,520
Speaker 1: It's hard to account out the American consumer history would

329
00:18:02,520 --> 00:18:05,520
Speaker 1: dictate that we we get retail sales figures tomorrow, what

330
00:18:05,560 --> 00:18:09,240
Speaker 1: do you expect. So look, I I don't forecast the

331
00:18:09,280 --> 00:18:11,760
Speaker 1: weekly or the monthly retail sales data, but what I

332
00:18:11,760 --> 00:18:13,800
Speaker 1: will tell you is that we are also getting a

333
00:18:13,880 --> 00:18:17,600
Speaker 1: number of important retailers who are reporting earnings coming up

334
00:18:17,640 --> 00:18:20,040
Speaker 1: as well. And I think between the two, you know,

335
00:18:20,080 --> 00:18:22,320
Speaker 1: what investors are really gonna want to see is signs

336
00:18:22,320 --> 00:18:26,080
Speaker 1: of that consumer resiliency that is science that it is continuing.

337
00:18:26,119 --> 00:18:28,200
Speaker 1: I think one of the things I've noticed in reporting

338
00:18:28,200 --> 00:18:31,600
Speaker 1: season so far is that good focus companies, things related

339
00:18:31,640 --> 00:18:34,680
Speaker 1: the cars, things related to home homes, those have been

340
00:18:34,720 --> 00:18:37,240
Speaker 1: more likely to to note some problems and blame the

341
00:18:37,280 --> 00:18:40,080
Speaker 1: macro um if peoples on the services side things have

342
00:18:40,160 --> 00:18:41,959
Speaker 1: been quite stronger. So that's one of the things I'm

343
00:18:42,000 --> 00:18:44,680
Speaker 1: going to be looking for and upcoming data releases. Are

344
00:18:44,720 --> 00:18:46,919
Speaker 1: we still seeing that shift from goods to services? And

345
00:18:46,920 --> 00:18:50,159
Speaker 1: does the overall consumers still look okay? Seconds left? Can

346
00:18:50,200 --> 00:18:55,320
Speaker 1: we take refuge in defensive shares? Look, I understand that

347
00:18:55,359 --> 00:18:57,280
Speaker 1: there are big risks to market. You know, if if

348
00:18:57,320 --> 00:18:59,400
Speaker 1: the if the recent lows don't hold, I could see

349
00:18:59,400 --> 00:19:01,919
Speaker 1: another big drop um. But look, I will tell you

350
00:19:01,960 --> 00:19:05,560
Speaker 1: defensive sectors are getting so overvalued relative to secular growth.

351
00:19:05,600 --> 00:19:08,560
Speaker 1: In particular, I have a very hard time recommending them

352
00:19:08,560 --> 00:19:10,840
Speaker 1: at this point. And I know I shouldn't ask, but

353
00:19:10,920 --> 00:19:15,159
Speaker 1: I will. What's the recession risk? The recession risk, you know,

354
00:19:15,200 --> 00:19:17,879
Speaker 1: if you look at the Bloomberg data among professional forecasters,

355
00:19:17,920 --> 00:19:20,119
Speaker 1: I think it's around thirty that that's a little bit

356
00:19:20,160 --> 00:19:22,400
Speaker 1: higher than what our economists would tell you. My view

357
00:19:22,480 --> 00:19:25,439
Speaker 1: is that they've risen, but it's not it's not anything

358
00:19:25,480 --> 00:19:27,640
Speaker 1: that's been predetermined yet, I think the jury is still out,

359
00:19:27,760 --> 00:19:30,280
Speaker 1: always putting glory on the spot. Thanks a lot law

360
00:19:30,359 --> 00:19:34,320
Speaker 1: appreciated Lori Calvacine, ahead of US equity strategist at RBC

361
00:19:34,480 --> 00:19:37,600
Speaker 1: Capital Markets and head of the cash open on Wall Street.

362
00:19:38,119 --> 00:19:40,720
Speaker 1: The futures right now all in the red dal futures

363
00:19:40,720 --> 00:19:45,040
Speaker 1: down twenty points. Speman and futures there are eleven points

364
00:19:45,119 --> 00:19:49,280
Speaker 1: lower hand than as the Emmitti futures down fifty nine points.

365
00:19:49,640 --> 00:19:51,919
Speaker 1: As we look at treasures right now, the tenure yield

366
00:19:51,960 --> 00:19:54,159
Speaker 1: to ninety one on the two year yield in the

367
00:19:54,240 --> 00:19:59,480
Speaker 1: US at two point five n you're listening the Bloomberg

368
00:19:59,520 --> 00:20:07,359
Speaker 1: day Break Day Bray, brought to you by the New

369
00:20:07,400 --> 00:20:09,560
Speaker 1: York Community of Trust. Your name will live on as

370
00:20:09,560 --> 00:20:12,200
Speaker 1: a champion of the causes you care about for years

371
00:20:12,240 --> 00:20:14,560
Speaker 1: to come through a charitable bequest to the New York

372
00:20:14,600 --> 00:20:23,080
Speaker 1: Community Trust. Learn more at Philanthropist dot n YC. Broadcasting

373
00:20:23,200 --> 00:20:26,879
Speaker 1: Vibe from the Bloomberg Interactive Broker Studio in New York,

374
00:20:26,960 --> 00:20:30,920
Speaker 1: Bloomberg Living Free on to Washington, d C, Bloomberg one

375
00:20:31,040 --> 00:20:34,280
Speaker 1: to Boston, Bloomberg one, O six one to San Francisco

376
00:20:34,359 --> 00:20:37,800
Speaker 1: Bloomberg nine sixty to the country, Sirius XM too one,

377
00:20:37,880 --> 00:20:40,800
Speaker 1: nine ten, and around the globe, the Bloomberg Business app

378
00:20:40,920 --> 00:20:50,280
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak. He's

379
00:20:50,320 --> 00:20:52,879
Speaker 1: five thirty on Wall Street. Good morning, I'm John Tucker

380
00:20:53,200 --> 00:20:55,880
Speaker 1: and I'm Carrot Moscow. We're just about four hours away

381
00:20:55,960 --> 00:20:57,840
Speaker 1: from the open of US trading. Let's get you up

382
00:20:57,840 --> 00:20:59,239
Speaker 1: to day in the news. You need to know at

383
00:20:59,280 --> 00:21:01,960
Speaker 1: this hour, we've again with the economic data out of China.

384
00:21:02,040 --> 00:21:06,360
Speaker 1: Industrial output and retail sales fell in April. Well, unemployment climbed.

385
00:21:06,600 --> 00:21:10,159
Speaker 1: COVID lockdowns are being blamed for the constraction. Chat A,

386
00:21:10,520 --> 00:21:13,879
Speaker 1: chief Asia economist and Morgan Stanley says the outlook for

387
00:21:14,280 --> 00:21:18,680
Speaker 1: China remains strong once it moves past its COVID zero policy.

388
00:21:19,000 --> 00:21:22,640
Speaker 1: You do need solution to this near zero COVID policy.

389
00:21:22,960 --> 00:21:26,920
Speaker 1: It's not about just the economic policy easing itself. Now.

390
00:21:26,960 --> 00:21:29,320
Speaker 1: We need to see that, you know, economy gets going

391
00:21:29,720 --> 00:21:33,920
Speaker 1: with freeing up of restrictions on mobility. Chat Aa says

392
00:21:34,040 --> 00:21:37,880
Speaker 1: China's supply chain constraints also appear to be easy bank

393
00:21:37,920 --> 00:21:41,400
Speaker 1: here in the US, Golden Sax cutting growth forecast. Bloomberg's

394
00:21:41,400 --> 00:21:43,720
Speaker 1: Reney the Young joins US Live in New York with more.

395
00:21:43,800 --> 00:21:47,000
Speaker 1: Good morning Rene, Good morning John. Goldman. SAX economists see

396
00:21:47,000 --> 00:21:49,840
Speaker 1: the US growing two point four percent this year and

397
00:21:50,040 --> 00:21:53,720
Speaker 1: one point six percent ine. That's down from two point

398
00:21:53,800 --> 00:21:57,160
Speaker 1: six percent and two point two percent. It's an adjustment

399
00:21:57,240 --> 00:22:00,239
Speaker 1: reflecting the shakeout in financial markets as the at A

400
00:22:00,320 --> 00:22:05,320
Speaker 1: reserve titans monetary policy. Golpen also projects unemployment to rise

401
00:22:05,440 --> 00:22:08,440
Speaker 1: to three point seven percent by the end of three

402
00:22:08,840 --> 00:22:12,240
Speaker 1: after falling to three point four percent in coming months.

403
00:22:12,680 --> 00:22:14,840
Speaker 1: Live in New York. I'm gonna need a young Bloomberg

404
00:22:14,880 --> 00:22:16,719
Speaker 1: day break, all right, we need to thank you all.

405
00:22:16,760 --> 00:22:20,040
Speaker 1: Goldman's former leader Lloyd blank Find is warning the US

406
00:22:20,200 --> 00:22:23,280
Speaker 1: should prepare for a recession despite the Fed's best efforts

407
00:22:23,280 --> 00:22:26,479
Speaker 1: to avoid one. I think the FIT has very powerful tools.

408
00:22:26,640 --> 00:22:28,679
Speaker 1: It's hard to finally tune them, and it's hard to

409
00:22:28,680 --> 00:22:31,800
Speaker 1: see the effects of them quickly enough to alter. Former

410
00:22:31,840 --> 00:22:34,760
Speaker 1: Goman Zack CEO Lloyd blank Find spoke on Face the

411
00:22:34,840 --> 00:22:38,639
Speaker 1: Nation from CBS, which airs Sunday on Bloomberg Radio. Another

412
00:22:38,720 --> 00:22:41,560
Speaker 1: note on Goldman, the bank now plans to allow senior

413
00:22:41,600 --> 00:22:44,480
Speaker 1: staff to take unlimited vacation days in an effort to

414
00:22:44,520 --> 00:22:47,760
Speaker 1: retain talent that's according to a memo scene by Bloomberg.

415
00:22:48,080 --> 00:22:50,600
Speaker 1: And we're also tracking fallout from the mass shooting in

416
00:22:50,640 --> 00:22:53,880
Speaker 1: Buffalo this weekend. It left ten dead and three wounded.

417
00:22:54,040 --> 00:22:57,280
Speaker 1: Eleven of the people's shot were black. President Biden spoke

418
00:22:57,320 --> 00:23:00,680
Speaker 1: about the arrest of the eighteen year old white suspect.

419
00:23:01,119 --> 00:23:04,760
Speaker 1: The Justice Department is stated publicly that is investigating the

420
00:23:04,800 --> 00:23:09,200
Speaker 1: matter as a hate crime, racially motivated, active white supremacy,

421
00:23:09,200 --> 00:23:12,239
Speaker 1: and filing extremism. President Biden giving the remarks at the

422
00:23:12,359 --> 00:23:16,640
Speaker 1: National Peace Officers Memorial in Washington, d C. And overseas, John,

423
00:23:16,680 --> 00:23:20,240
Speaker 1: it's another dramatic change, triggered by Russia's invasion of Ukraine.

424
00:23:20,280 --> 00:23:23,640
Speaker 1: Finland and Sweden announced plans to join NATO over the weekend.

425
00:23:23,920 --> 00:23:26,679
Speaker 1: Debate on the matter kicks off in both countries this morning.

426
00:23:26,760 --> 00:23:30,240
Speaker 1: Formal applications could come later this week. Your local headlines,

427
00:23:30,320 --> 00:23:38,600
Speaker 1: check his sports All straight Ahead and this is Bloomberg. Ali.

428
00:23:38,680 --> 00:23:41,520
Speaker 1: Thanks Karen thirty three on Wall Street and let's bring

429
00:23:41,520 --> 00:23:43,720
Speaker 1: in Michael barn Now with more on what else is

430
00:23:43,760 --> 00:23:46,600
Speaker 1: going on in New York hand around the world, John,

431
00:23:46,640 --> 00:23:48,920
Speaker 1: Thank you very much. Sir Moore on the mass shooting

432
00:23:49,119 --> 00:23:52,480
Speaker 1: in Buffalo, New York Governor Kathy Hoko called on social

433
00:23:52,520 --> 00:23:57,119
Speaker 1: media companies to do more to crackdown on racists, anti immigrant,

434
00:23:57,119 --> 00:24:00,600
Speaker 1: and anti Semitic rhetoric on their platforms. Of her HOCl

435
00:24:00,680 --> 00:24:03,480
Speaker 1: says the man accused of shooting and killing ten people

436
00:24:03,720 --> 00:24:07,960
Speaker 1: in the Buffalo supermarket was radicalized online. Hocal says the

437
00:24:07,960 --> 00:24:11,560
Speaker 1: accused eighteen year old shooter broadcast the attack, which took

438
00:24:11,560 --> 00:24:15,000
Speaker 1: place in a predominantly black neighborhood, and had posted a

439
00:24:15,040 --> 00:24:18,919
Speaker 1: white supremacist manifesto online. The governor also called on the

440
00:24:18,960 --> 00:24:21,720
Speaker 1: government to control the spread of guns. This is not

441
00:24:21,960 --> 00:24:25,000
Speaker 1: Ukraine when they're defending their lives. This is the United

442
00:24:25,040 --> 00:24:29,280
Speaker 1: States of America. We don't need those weapons in our

443
00:24:29,320 --> 00:24:33,800
Speaker 1: streets and on our hands. Governor hokel spoke at Macedonia

444
00:24:33,880 --> 00:24:37,440
Speaker 1: Baptist Church in Buffalo. A mass shooting in California left

445
00:24:37,480 --> 00:24:40,479
Speaker 1: one person dead and five others heard after a gunman

446
00:24:40,520 --> 00:24:43,879
Speaker 1: opened fire inside a church in Laguna Woods, Orange County.

447
00:24:43,880 --> 00:24:46,359
Speaker 1: Authorities say the gunman was disarmed by members of the

448
00:24:46,440 --> 00:24:49,760
Speaker 1: church and held until authorities came. Shootings also took place

449
00:24:49,760 --> 00:24:53,080
Speaker 1: in Texas and Milwaukee. The leading Democratic candidate in the

450
00:24:53,160 --> 00:24:56,920
Speaker 1: US Senate race in Pennsylvania state Lieutenant Governor John Fetterman

451
00:24:57,160 --> 00:25:00,280
Speaker 1: suffered a stroke. Fetterman released a brief video oh on

452
00:25:00,359 --> 00:25:03,000
Speaker 1: Twitter with his wife, saying it happened on Friday. It

453
00:25:03,119 --> 00:25:06,320
Speaker 1: was on Friday. I just wasn't feeling very well, so

454
00:25:06,359 --> 00:25:08,000
Speaker 1: I decided, you know what, I need to get checked

455
00:25:08,000 --> 00:25:14,000
Speaker 1: out because I was right as always. It's not clear

456
00:25:14,000 --> 00:25:16,920
Speaker 1: when Fetterman will return to the campaign trail ahead of

457
00:25:16,960 --> 00:25:21,160
Speaker 1: Tuesday's primary. North Korean leader Kim John Une blasted officials

458
00:25:21,200 --> 00:25:25,560
Speaker 1: over slow medicine deliveries. The North has ordered his military

459
00:25:25,560 --> 00:25:29,520
Speaker 1: to respond to the largely undiagnosed COVID nineteen crisis that

460
00:25:29,560 --> 00:25:32,879
Speaker 1: has left one point two million people ill with fever

461
00:25:33,240 --> 00:25:36,320
Speaker 1: and fifty dead in just a matter of days. Global

462
00:25:36,359 --> 00:25:39,159
Speaker 1: News twenty four hours a day on air and on

463
00:25:39,240 --> 00:25:42,520
Speaker 1: Bloomberg quick Take, powered by more than twenty seven hundred

464
00:25:42,600 --> 00:25:45,400
Speaker 1: journalists and analysts more than a hundred twenty countries. I'm

465
00:25:45,440 --> 00:25:50,920
Speaker 1: Michael Barron. This is Bloomberg, John, Michael, thank you, five

466
00:25:51,040 --> 00:25:54,320
Speaker 1: thirty five Love Wald Creek found down for the Bloomberg

467
00:25:54,359 --> 00:25:58,320
Speaker 1: Sports Upday Morning, John Stashing John. When the Rangers lost

468
00:25:58,320 --> 00:26:01,320
Speaker 1: Game four in Pittsburgh seven to two, things didn't look good.

469
00:26:01,320 --> 00:26:03,520
Speaker 1: They trailed three games to one, only twice in franchise

470
00:26:03,640 --> 00:26:06,119
Speaker 1: history had one a series from down three one, but

471
00:26:06,160 --> 00:26:08,480
Speaker 1: they came from two goals down to win games five

472
00:26:08,720 --> 00:26:11,400
Speaker 1: and six, and they trailed again last night with under

473
00:26:11,480 --> 00:26:14,520
Speaker 1: six minutes to play at it around, take it by

474
00:26:14,600 --> 00:26:23,440
Speaker 1: Coppers at Challis tie Game seven with five forty five

475
00:26:23,560 --> 00:26:27,040
Speaker 1: a go, it's three all at the Garden and so

476
00:26:27,200 --> 00:26:30,520
Speaker 1: like Game one that went triple overtime overtime, in Game seven,

477
00:26:30,560 --> 00:26:32,800
Speaker 1: the Rangers got a power play er, Tammy Pinera, who

478
00:26:32,840 --> 00:26:36,399
Speaker 1: had as some with quiet series, scored four votes and

479
00:26:36,400 --> 00:26:39,600
Speaker 1: the Rangers won four three and won the series for three.

480
00:26:39,640 --> 00:26:42,080
Speaker 1: And then I'll face the Carolina Hurricanes with Game one

481
00:26:42,160 --> 00:26:45,600
Speaker 1: Wednesday in Raleigh, also over time. In Game seven at Calgary,

482
00:26:45,680 --> 00:26:48,840
Speaker 1: the Flames beat Dallas three to two, so Dallas split

483
00:26:48,960 --> 00:26:51,600
Speaker 1: Game seven's the Mavericks and a stunner blew out the

484
00:26:51,680 --> 00:26:55,119
Speaker 1: Suns and Phoenix one to ninety. They're up thirty at halftime.

485
00:26:55,640 --> 00:26:58,159
Speaker 1: Dallas will play Golden State in the NBA's West Finals.

486
00:26:58,240 --> 00:27:00,600
Speaker 1: The Celtics will take on Miami, and the Boston won

487
00:27:00,640 --> 00:27:03,600
Speaker 1: Game seven over Milwaukee one o nine to eighty one.

488
00:27:03,680 --> 00:27:06,600
Speaker 1: So the NBA Game sevens were blowouts. The two NHL

489
00:27:06,680 --> 00:27:09,560
Speaker 1: Game sevens both went over time. The Yankees had only

490
00:27:09,680 --> 00:27:12,720
Speaker 1: two hits and still won five to one at Chicago.

491
00:27:12,760 --> 00:27:15,040
Speaker 1: Another great adding by Nestor Cortez is the r A

492
00:27:15,119 --> 00:27:18,080
Speaker 1: now one point three five Mets ninth Did he come back?

493
00:27:18,119 --> 00:27:20,440
Speaker 1: Fell Steward lost the Seattle eight to seven, The Mets

494
00:27:20,520 --> 00:27:23,480
Speaker 1: loser series for the first time. The Cincinnati Reds threw

495
00:27:23,520 --> 00:27:26,240
Speaker 1: a no hitter and lost in Pittsburgh one to nothing.

496
00:27:26,600 --> 00:27:29,600
Speaker 1: John Stashward Bloomberg Sports done all right, Thanks John, five

497
00:27:29,680 --> 00:27:32,000
Speaker 1: thirty seven on Wall Streets. Time down for the Tri

498
00:27:32,200 --> 00:27:35,720
Speaker 1: State Business Report, and for that we're joined by Bloomberg's

499
00:27:35,920 --> 00:27:38,720
Speaker 1: ed Querry. New York will create a state agency to

500
00:27:38,800 --> 00:27:43,160
Speaker 1: supervise the unregulated pharmacy benefit manager of industry. It's part

501
00:27:43,200 --> 00:27:45,800
Speaker 1: of an effort to keep drug costs slow and protect

502
00:27:45,920 --> 00:27:49,960
Speaker 1: consumers and small businesses. The new Pharmacy Benefits Bureau under

503
00:27:50,040 --> 00:27:53,240
Speaker 1: the state Department of Financial Services will be charged with

504
00:27:53,440 --> 00:27:58,200
Speaker 1: lcensing pharmacy benefit managers, the third party administrators of prescription

505
00:27:58,280 --> 00:28:01,840
Speaker 1: drug plans for health insurers. New Jersey saw to present

506
00:28:01,960 --> 00:28:05,840
Speaker 1: increase in twenty twenty one total personal income every state

507
00:28:05,880 --> 00:28:08,160
Speaker 1: in the country saw an increase in the second year

508
00:28:08,240 --> 00:28:12,000
Speaker 1: of the COVID nineteen pandemic as the economy continued to recover.

509
00:28:12,080 --> 00:28:16,280
Speaker 1: According to an analysis by the Pew Charitable Trusts, Connecticut

510
00:28:16,400 --> 00:28:19,040
Speaker 1: is about to become home to another food truck park.

511
00:28:19,320 --> 00:28:23,200
Speaker 1: Hartford's West Side Square follows the highly successful food Truck

512
00:28:23,240 --> 00:28:26,840
Speaker 1: Paradise at Long Wharf on New Haven Harbor and Gastrow

513
00:28:26,960 --> 00:28:31,000
Speaker 1: Park in West Hartford. That your Bloomberg Try State Business Report.

514
00:28:31,119 --> 00:28:34,159
Speaker 1: I'm Ed Corey, alright, thanks said, and he is eight

515
00:28:34,200 --> 00:28:37,240
Speaker 1: on Wall Street. Bloomberg Radio is on the air from

516
00:28:37,320 --> 00:28:40,680
Speaker 1: San Francisco to New York, London to Hong Kong. Let's

517
00:28:40,720 --> 00:28:42,920
Speaker 1: second now with our global news team for some of

518
00:28:43,000 --> 00:28:45,720
Speaker 1: the top stories heard on our three hundred affiliate radio

519
00:28:45,800 --> 00:28:52,040
Speaker 1: stations around the world. I'm Steve photos Can on ten

520
00:28:52,120 --> 00:28:55,080
Speaker 1: ten Wins in New York. We're talking about Goldman Sachs

521
00:28:55,160 --> 00:29:00,200
Speaker 1: offering unlimited vacation time for top executives. I'm Steven arel

522
00:29:00,240 --> 00:29:02,760
Speaker 1: on Bloomberg d A bing Digital radio in London. We've

523
00:29:02,800 --> 00:29:05,360
Speaker 1: been hearing from the CEO of low cost airline Ryanair.

524
00:29:05,520 --> 00:29:09,240
Speaker 1: Michael Leary says he's optimistic about a potential economic downturn

525
00:29:09,600 --> 00:29:12,840
Speaker 1: because it would help his business. Um Corney Jannahoe on

526
00:29:13,000 --> 00:29:16,440
Speaker 1: ktr H in Houston, Walmart fast Track in College grats

527
00:29:16,480 --> 00:29:19,720
Speaker 1: two jobs as store managers and Lisa Mateo and on

528
00:29:20,000 --> 00:29:22,280
Speaker 1: w b Z in Boston, I'll be reporting on how

529
00:29:22,440 --> 00:29:26,320
Speaker 1: Jet Bloom hasn't lost its fighting spirit id Gory on

530
00:29:26,560 --> 00:29:30,600
Speaker 1: w w J in Detroit. I'm reporting four GMT stalantists

531
00:29:30,600 --> 00:29:35,640
Speaker 1: will reinstate mask mandates in the most Michigan factory. And

532
00:29:35,840 --> 00:29:38,360
Speaker 1: those are some of these stories are twenty seven hundred

533
00:29:38,360 --> 00:29:41,600
Speaker 1: Bloomberg journalists and analysts are working on this morning around

534
00:29:41,680 --> 00:29:45,040
Speaker 1: the world. It's five thirty nine on Wall Street. The

535
00:29:45,160 --> 00:29:49,640
Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was

536
00:29:49,760 --> 00:29:54,080
Speaker 1: written by the Bloomberg Editorial Board. Food prices have risen

537
00:29:54,160 --> 00:29:59,480
Speaker 1: to record levels around the world, fueling poverty, hunger, and instability.

538
00:29:59,720 --> 00:30:02,360
Speaker 1: While there are no quick fixes to the crisis, that

539
00:30:02,480 --> 00:30:06,680
Speaker 1: are off, countries should at least not make it worse. Unfortunately,

540
00:30:06,840 --> 00:30:11,000
Speaker 1: too many are compounding the problem with protectionism. At least

541
00:30:11,160 --> 00:30:15,480
Speaker 1: twenty nations have imposed curbs on food exports in recent months,

542
00:30:15,600 --> 00:30:20,600
Speaker 1: affecting around seventeen percent of calories traded globally. Such restrictions

543
00:30:20,840 --> 00:30:25,400
Speaker 1: risk setting off a cascade effect, worsening food inflation for everyone.

544
00:30:25,680 --> 00:30:30,200
Speaker 1: It's happened before. Similar export curbs cause global food prices

545
00:30:30,280 --> 00:30:34,640
Speaker 1: to rise some thirteen percent during the Great Recession. Foreign

546
00:30:34,680 --> 00:30:38,520
Speaker 1: ministers gathering at the United Nations to discuss food security

547
00:30:38,600 --> 00:30:41,880
Speaker 1: on ME eight should pledge not to add new trade

548
00:30:41,960 --> 00:30:46,840
Speaker 1: restrictions and to lift those already imposed as swiftly as possible.

549
00:30:47,120 --> 00:30:50,640
Speaker 1: In a crisis this complex, the first principle should be

550
00:30:51,120 --> 00:30:54,760
Speaker 1: to do no harm. This editorial was written by the

551
00:30:54,800 --> 00:30:58,400
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to

552
00:30:58,440 --> 00:31:01,920
Speaker 1: Bloomberg dot com, slash Opinion or opie I n Go

553
00:31:02,280 --> 00:31:06,120
Speaker 1: on the Bloomberg Terminal. This has been Bloomberg Opinion and

554
00:31:06,240 --> 00:31:09,560
Speaker 1: Bloomberg Opinion editorials can be heard every weekday at this time.

555
00:31:09,720 --> 00:31:13,400
Speaker 1: Terminal customers can read more at opie I n go

556
00:31:14,400 --> 00:31:17,360
Speaker 1: and ahead of the open on Waalsbury down futures fifty

557
00:31:17,440 --> 00:31:22,360
Speaker 1: one points lower. This is Dave break still ahead on

558
00:31:22,400 --> 00:31:26,240
Speaker 1: Bloomberg Day Break. Greg Valier, the chief UN's policy strategist

559
00:31:26,320 --> 00:31:29,320
Speaker 1: at a g F Investment, stops by to walk us

560
00:31:29,360 --> 00:31:38,320
Speaker 1: through Finland and Sweden's bid to join NATO. Markets, headlines

561
00:31:38,400 --> 00:31:41,360
Speaker 1: and breaking news twenty four hours a day at Bloomberg

562
00:31:41,440 --> 00:31:44,840
Speaker 1: dot Com, The Bloomberg Business at and at Bloomberg Quick Tape.

563
00:31:45,040 --> 00:31:54,040
Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow.

564
00:31:54,200 --> 00:31:56,920
Speaker 1: Stocks in Europe are lower along with US Dock Index

565
00:31:57,000 --> 00:32:00,120
Speaker 1: futures as traders wait. China's latest measures has afford It's

566
00:32:00,160 --> 00:32:03,800
Speaker 1: economy after poor data fuels concerns about the global outlook.

567
00:32:04,240 --> 00:32:06,760
Speaker 1: Check the markets every fifteen minutes throughout the trading day

568
00:32:06,840 --> 00:32:09,880
Speaker 1: on Bloomberg Guess and P Futures down fourteen points down,

569
00:32:09,920 --> 00:32:12,520
Speaker 1: futures down forty one now is dack Future is down

570
00:32:12,640 --> 00:32:15,400
Speaker 1: sixty eight. The decks in Germany's down four tenths of

571
00:32:15,480 --> 00:32:17,920
Speaker 1: upper cent. The ten year treasury down three thirty seconds,

572
00:32:18,000 --> 00:32:20,440
Speaker 1: held two point nine three percent yield down, the two

573
00:32:20,520 --> 00:32:23,480
Speaker 1: year two point six zero percent nine max Scrude oil

574
00:32:23,600 --> 00:32:25,560
Speaker 1: is down four tens per cent, or forty two cents

575
00:32:25,600 --> 00:32:27,800
Speaker 1: at a hundred ten dollar seven cents of arrol Co

576
00:32:28,000 --> 00:32:30,400
Speaker 1: mix school down about half percent or eight dollars forty

577
00:32:30,520 --> 00:32:34,160
Speaker 1: cents at seventy announce. The Euro one point oh four

578
00:32:34,240 --> 00:32:36,600
Speaker 1: one seven against the dollar, British band one point two

579
00:32:36,640 --> 00:32:39,200
Speaker 1: two three zero the end is at one nine point

580
00:32:39,280 --> 00:32:42,760
Speaker 1: three five and Bitcoin this morning down more than four

581
00:32:42,840 --> 00:32:45,400
Speaker 1: and a third percent at twenty nine thousand, six hundred

582
00:32:45,400 --> 00:32:48,120
Speaker 1: and seventy dollars. SU's a Bloomberg business flash. Now here's

583
00:32:48,160 --> 00:32:50,640
Speaker 1: Michael Barrow with more on what's going on around the world.

584
00:32:50,800 --> 00:32:53,840
Speaker 1: Michael Karen, thank you very much. Finland announced that it

585
00:32:53,920 --> 00:32:58,320
Speaker 1: would seek NATO membership after Russia's invasion of Ukraine. Sweden's

586
00:32:58,320 --> 00:33:01,240
Speaker 1: governing body also indoor is the idea of applying to

587
00:33:01,360 --> 00:33:04,840
Speaker 1: join the Alliance. Ahead of his planned visit to Buffalo tomorrow,

588
00:33:04,920 --> 00:33:07,800
Speaker 1: President Biden is saying that it's time to address the

589
00:33:07,920 --> 00:33:10,840
Speaker 1: hate that remains a stain on the soul of America.

590
00:33:11,360 --> 00:33:13,560
Speaker 1: The mass shooting that left ten people debt and three

591
00:33:13,640 --> 00:33:16,480
Speaker 1: wounded at a supermarket in upstate New York is being

592
00:33:16,520 --> 00:33:20,760
Speaker 1: described as a racially motivated massacre. In the NHL playoffs

593
00:33:20,800 --> 00:33:23,720
Speaker 1: and exciting Game seven, the Rangers advanced after beating the

594
00:33:23,720 --> 00:33:27,400
Speaker 1: Penguins in overtime for three. In the NBA playoffs, the

595
00:33:27,440 --> 00:33:30,600
Speaker 1: Celtics won their Game seven against the Bucks. In baseball,

596
00:33:30,640 --> 00:33:34,360
Speaker 1: the Yankees one, the Mets, Red Sox, Orioles, Nationals, Giants

597
00:33:34,400 --> 00:33:37,760
Speaker 1: and As all lost Global News twenty four hours a

598
00:33:37,880 --> 00:33:40,800
Speaker 1: day on here and on Bloomberg Quick Tank, powered by

599
00:33:40,880 --> 00:33:43,479
Speaker 1: more than twenty seven hundred journalists and analysts more than

600
00:33:43,480 --> 00:33:47,800
Speaker 1: a hundred twenty countries. Michael Barren, this is Bloomberg, John Ryan, Michael,

601
00:33:47,840 --> 00:33:50,840
Speaker 1: thank you, five forty nine of Wall Street. Was Michael

602
00:33:50,880 --> 00:33:54,160
Speaker 1: mentioned some of these stories NATAL members rallying around Finland

603
00:33:54,240 --> 00:33:56,920
Speaker 1: and Sweden after they announced plans to join the alliance.

604
00:33:57,320 --> 00:33:59,600
Speaker 1: Let's take a deeper dive ended this and some of

605
00:33:59,640 --> 00:34:02,560
Speaker 1: the others stories out of Washington this morning with Greg Valier,

606
00:34:02,680 --> 00:34:06,640
Speaker 1: the chief US policy strategist at a g F Investment.

607
00:34:06,720 --> 00:34:09,520
Speaker 1: Happy Monday, Greg, thanks for being with us. Hey, um,

608
00:34:09,640 --> 00:34:13,200
Speaker 1: let me ask you just the European security landscape seems

609
00:34:13,239 --> 00:34:15,440
Speaker 1: to be changing right before our eyes. What is your

610
00:34:15,480 --> 00:34:19,479
Speaker 1: impression this morning? Well, I think there's three big stories. First,

611
00:34:19,520 --> 00:34:22,120
Speaker 1: as you mentioned new members for NATO, I think it

612
00:34:22,239 --> 00:34:26,520
Speaker 1: will occur. This is exactly what Putin did not want

613
00:34:26,600 --> 00:34:30,120
Speaker 1: to have happened. Number Two, I think the Russian drive

614
00:34:30,440 --> 00:34:33,080
Speaker 1: has stalled. In fact, there are reports that in the

615
00:34:33,160 --> 00:34:37,719
Speaker 1: northeast the Ukrainian troops are are pushing the Russians backwards.

616
00:34:38,400 --> 00:34:42,600
Speaker 1: And number three, I think there's continued speculation about Putin's health,

617
00:34:43,560 --> 00:34:46,920
Speaker 1: lots of rumors. I worry if he got replaced, you

618
00:34:46,960 --> 00:34:49,719
Speaker 1: could replace him with someone worse. But I think his

619
00:34:49,840 --> 00:34:52,480
Speaker 1: health is going to become a big wild card. Well

620
00:34:52,520 --> 00:34:55,600
Speaker 1: that's his uh, you got a question his mental health

621
00:34:55,680 --> 00:34:58,759
Speaker 1: as well, so that there's that factor. Um, there are

622
00:34:58,760 --> 00:35:02,280
Speaker 1: no strangers to the alliance. Finland and Sweden they trained

623
00:35:02,320 --> 00:35:05,279
Speaker 1: with Natal forces in the past. I gotta wonder just

624
00:35:05,400 --> 00:35:09,319
Speaker 1: how quickly they can be integrated into the Alliance. It's

625
00:35:09,320 --> 00:35:11,800
Speaker 1: probably gonna take a year or so, but so that

626
00:35:12,000 --> 00:35:15,680
Speaker 1: that will be uh, somewhat of a negative, but I

627
00:35:16,040 --> 00:35:18,560
Speaker 1: do think it's going to happen. You have to worry

628
00:35:18,600 --> 00:35:21,920
Speaker 1: about other countries like Moldova, which are not members. You

629
00:35:22,040 --> 00:35:25,000
Speaker 1: have to worry about countries that are members, like Estonia

630
00:35:25,000 --> 00:35:28,320
Speaker 1: and Latvia Lithuania that could still be threatened. But I

631
00:35:28,400 --> 00:35:31,040
Speaker 1: think for now, as I mentioned, I think Putin has

632
00:35:31,120 --> 00:35:34,839
Speaker 1: his hands full just in Ukraine, where Russian troops are

633
00:35:34,920 --> 00:35:39,759
Speaker 1: suffering from terrible morale and lack of supplies. So what's

634
00:35:39,800 --> 00:35:44,799
Speaker 1: Putin's likely response at this point, Well, the logical thing

635
00:35:44,880 --> 00:35:47,239
Speaker 1: to do would be to cut a deal, maybe with

636
00:35:47,440 --> 00:35:51,080
Speaker 1: Makrone being a mediator. But I'm not sure Putin is

637
00:35:51,120 --> 00:35:54,600
Speaker 1: inclined to do the logical thing. I mean, a a

638
00:35:54,719 --> 00:35:57,840
Speaker 1: reasonable outcome would be the Russians taking a sliver of

639
00:35:57,920 --> 00:36:03,200
Speaker 1: the East Ukraine, evening their country getting membership in the

640
00:36:03,320 --> 00:36:06,560
Speaker 1: European Union. But at the same time, I think the

641
00:36:06,719 --> 00:36:09,200
Speaker 1: more likely scenario is that this is going to drag

642
00:36:09,320 --> 00:36:12,160
Speaker 1: on for months and months. And you've got to say, John,

643
00:36:12,360 --> 00:36:16,360
Speaker 1: the big market stories here, food shortages, fuel shortages, supply

644
00:36:16,480 --> 00:36:19,640
Speaker 1: shortages that could persist for months to come, you know,

645
00:36:19,760 --> 00:36:23,560
Speaker 1: keeping the inflation fears alive. How does this all played

646
00:36:23,640 --> 00:36:28,040
Speaker 1: back here at home? Foreign relations doesn't matter when it

647
00:36:28,120 --> 00:36:32,839
Speaker 1: comes to the November elections, the mid term elections. That's

648
00:36:32,880 --> 00:36:36,600
Speaker 1: a really interesting question because late last week, when the

649
00:36:36,680 --> 00:36:40,520
Speaker 1: House voted for the forty billion in aid to Ukraine,

650
00:36:41,200 --> 00:36:45,960
Speaker 1: fifty seven Republicans voted against it in the House, mostly

651
00:36:46,000 --> 00:36:49,160
Speaker 1: all the Conservative Republicans. So there's now a real rift

652
00:36:49,520 --> 00:36:53,200
Speaker 1: among the Republican party saying that we shouldn't be spending

653
00:36:53,239 --> 00:36:56,560
Speaker 1: this money, we should devote money to needs at home.

654
00:36:57,080 --> 00:37:00,359
Speaker 1: So if this work can't go on without the end

655
00:37:00,800 --> 00:37:03,720
Speaker 1: before this becomes a political issue, I mean, we're divided

656
00:37:03,760 --> 00:37:06,800
Speaker 1: over everything, whether it's wearing masks or Ukraine, and I

657
00:37:06,880 --> 00:37:10,120
Speaker 1: think this could be a big divisive issue. What what

658
00:37:10,480 --> 00:37:13,760
Speaker 1: is the issue going to be in the November elections?

659
00:37:15,040 --> 00:37:18,600
Speaker 1: In a word, inflation. I don't think there's any other possibility,

660
00:37:18,800 --> 00:37:21,799
Speaker 1: with the exception, of course, of abortion, but I think

661
00:37:21,880 --> 00:37:25,280
Speaker 1: even even that would be second to the issue of inflation,

662
00:37:25,400 --> 00:37:29,960
Speaker 1: which is persisting. It's not just baby formulas, the shortages everywhere.

663
00:37:30,600 --> 00:37:34,440
Speaker 1: I think that Biden has a real uphill fight. The

664
00:37:34,520 --> 00:37:37,479
Speaker 1: issue is not whether the Republicans will win the House.

665
00:37:38,000 --> 00:37:39,960
Speaker 1: The issue is by how many seats, And I think

666
00:37:40,000 --> 00:37:42,880
Speaker 1: they could win the House by twenty five or thirty seats.

667
00:37:43,120 --> 00:37:46,279
Speaker 1: They only need five. Gregg, always a pleasure. Thanks for

668
00:37:46,360 --> 00:37:48,160
Speaker 1: being with us this morning to explain some of this.

669
00:37:48,360 --> 00:37:51,920
Speaker 1: Gregg value the chief of US policy strategist at a

670
00:37:52,080 --> 00:37:56,920
Speaker 1: GF Investment, Karen John. Thank you. It's on Wall Street

671
00:37:57,000 --> 00:37:59,440
Speaker 1: time for our Bloomberg The Law Report brought to you

672
00:37:59,600 --> 00:38:04,280
Speaker 1: by a American Arbitration Association. Business disputes are inevitable, resolve

673
00:38:04,360 --> 00:38:07,680
Speaker 1: faster with the American Arbitration Association, the global leader in

674
00:38:07,760 --> 00:38:11,520
Speaker 1: alternative dispute resolution for over ninety years. More at a

675
00:38:11,719 --> 00:38:14,839
Speaker 1: dr dot org. Let's get to the legal stories we're

676
00:38:14,880 --> 00:38:21,640
Speaker 1: watching this morning from Bloomberg's Jeff Bellinger. The Internal Revenue

677
00:38:21,680 --> 00:38:25,319
Speaker 1: Service as new telephone technology scheduled to go live by

678
00:38:25,360 --> 00:38:28,080
Speaker 1: the end of next month, will let taxpayers do things

679
00:38:28,200 --> 00:38:31,400
Speaker 1: like get copies of transcripts and set up payment plans.

680
00:38:32,000 --> 00:38:34,720
Speaker 1: The Southern District of New York ruled that the production

681
00:38:34,760 --> 00:38:37,920
Speaker 1: of a musical comedy called Vape is a parody and

682
00:38:38,239 --> 00:38:41,240
Speaker 1: does not infringe on the copyright for the musical. Greece

683
00:38:41,880 --> 00:38:45,000
Speaker 1: and Appellate Court refused to revive a lawsuit against Wells

684
00:38:45,080 --> 00:38:48,160
Speaker 1: Fargo over claims that the bank failed to provide meal

685
00:38:48,280 --> 00:38:53,160
Speaker 1: breaks to employees. Bloomberg Law everything you need, all on

686
00:38:53,360 --> 00:38:58,839
Speaker 1: one legal research platform, including guidance analysis and Bloomberg Market Intelligence.

687
00:38:59,040 --> 00:39:03,520
Speaker 1: Find out more at Bloomberg Lawn dot com. Right, Jeff,

688
00:39:03,560 --> 00:39:06,360
Speaker 1: thank you Now. Another legal story we're watching this morning.

689
00:39:06,440 --> 00:39:09,839
Speaker 1: Former President Donald Trump's new lawyer doesn't have a big

690
00:39:09,920 --> 00:39:13,239
Speaker 1: midtown law office or a huge firm behind her, but

691
00:39:13,320 --> 00:39:15,920
Speaker 1: Elena Habba is a true believer in Trump and his

692
00:39:16,280 --> 00:39:20,080
Speaker 1: spearheading very aggressive legal strategies in the high priority legal

693
00:39:20,160 --> 00:39:23,080
Speaker 1: fight she's taken over, including challenges to the New York

694
00:39:23,120 --> 00:39:26,879
Speaker 1: Attorney General's probe of his business. She replaced several better

695
00:39:26,960 --> 00:39:29,560
Speaker 1: known lawyers who would work for Trump for years. For

696
00:39:29,680 --> 00:39:32,840
Speaker 1: more of Bloomberg's doing, Grosso speaks to Bloomberg Legal reporter

697
00:39:33,080 --> 00:39:36,280
Speaker 1: Eric Larson. Eric start by telling us a little about

698
00:39:36,400 --> 00:39:40,080
Speaker 1: Elena Habba. So, Elena Habba is a thirty eight year

699
00:39:40,120 --> 00:39:43,440
Speaker 1: old lawyer from New Jersey. She founded a small law

700
00:39:43,520 --> 00:39:46,840
Speaker 1: firm that now has five lawyers total. She is a

701
00:39:46,960 --> 00:39:51,319
Speaker 1: member of Donald Trump's Bedminster golf Club. She's fairly well

702
00:39:51,440 --> 00:39:54,759
Speaker 1: to do. She's originally from New Jersey, and she told

703
00:39:54,800 --> 00:39:57,759
Speaker 1: me that she wanted to help Trump out because she

704
00:39:57,920 --> 00:40:00,759
Speaker 1: is a true believer in his legal causes. She has

705
00:40:00,800 --> 00:40:04,719
Speaker 1: an aggressive legal strategy, which Trump likes. Yeah, you know,

706
00:40:04,960 --> 00:40:07,359
Speaker 1: she's been very aggressive in court. You know. Trump says

707
00:40:07,400 --> 00:40:09,520
Speaker 1: this was his idea to get more aggressive. And I

708
00:40:09,600 --> 00:40:12,320
Speaker 1: think that in Elena Habba he found someone willing to

709
00:40:12,400 --> 00:40:16,040
Speaker 1: carry out this aggressive strategy. So it started out with

710
00:40:16,400 --> 00:40:18,960
Speaker 1: your call that Trump had two lawsuits against him by

711
00:40:19,000 --> 00:40:22,080
Speaker 1: different women, Ee Gene Carroll, New York advice columnist and

712
00:40:22,160 --> 00:40:25,840
Speaker 1: a former Apprentice contestant, Summerservos. They both claimed that they

713
00:40:25,880 --> 00:40:28,960
Speaker 1: were sexually assaulted by him and that he defamed them

714
00:40:29,040 --> 00:40:31,480
Speaker 1: by denying it. So those cases had been going on

715
00:40:31,640 --> 00:40:34,520
Speaker 1: for a while, and Elena Habba took over his defense

716
00:40:35,000 --> 00:40:39,319
Speaker 1: and basically threatened counterclaims against them under the anti slap laws.

717
00:40:39,360 --> 00:40:42,320
Speaker 1: And you know, alleging bad faith lawsuits had been filed

718
00:40:42,360 --> 00:40:46,600
Speaker 1: against Trump sum Reservos. The apprentice contestant dropped her lawsuit

719
00:40:46,719 --> 00:40:49,000
Speaker 1: after that, and in the case of eging Carol, a

720
00:40:49,080 --> 00:40:51,360
Speaker 1: judge ruled that the claim was coming too late. But

721
00:40:51,840 --> 00:40:54,880
Speaker 1: Trump was real happy about that Zervos case going away.

722
00:40:55,000 --> 00:40:58,239
Speaker 1: He congratulated her on that. He printed out a news

723
00:40:58,400 --> 00:41:01,320
Speaker 1: article and signed it, and she has a framed copy

724
00:41:01,400 --> 00:41:03,759
Speaker 1: of that hanging on her wall. At any rate, he

725
00:41:03,840 --> 00:41:06,160
Speaker 1: gave her some more matters to handle, and then she

726
00:41:06,280 --> 00:41:09,400
Speaker 1: went on the offense against his other courtroom foes. Right,

727
00:41:09,480 --> 00:41:13,319
Speaker 1: She's filed some lawsuits that seemed designed to get headlines

728
00:41:13,760 --> 00:41:17,840
Speaker 1: and also looked like they could be easily dismissed. I mean, certainly.

729
00:41:18,160 --> 00:41:20,680
Speaker 1: I spoke with legal experts at the time that these

730
00:41:20,760 --> 00:41:23,640
Speaker 1: lawsuits were filed, who said that they seemed pretty weak,

731
00:41:23,880 --> 00:41:27,600
Speaker 1: that they were frivolous perhaps, So yeah, we'll see what happens.

732
00:41:27,719 --> 00:41:30,719
Speaker 1: These are three separate lawsuits, one filed against the New

733
00:41:30,800 --> 00:41:33,960
Speaker 1: York Attorney General Leticia James, claiming that her investigation into

734
00:41:33,960 --> 00:41:38,200
Speaker 1: Trump's company is politically motivated in bogus and seeking an

735
00:41:38,239 --> 00:41:42,200
Speaker 1: injunction to force the investigation to end. The other was

736
00:41:42,280 --> 00:41:46,120
Speaker 1: filed more recently against Hillary Clinton, the Democratic Party and

737
00:41:46,400 --> 00:41:50,040
Speaker 1: several others, alleging a big conspiracy to undermine Trump while

738
00:41:50,080 --> 00:41:52,600
Speaker 1: he was in office in regards to the Russia investigation

739
00:41:52,680 --> 00:41:56,000
Speaker 1: and things like that. And then another lawsuit filed against

740
00:41:56,120 --> 00:41:59,200
Speaker 1: his estranged niece Mary Trump and The New York Times,

741
00:41:59,400 --> 00:42:02,440
Speaker 1: seeking a hundred million dollars in damages for her acting

742
00:42:02,480 --> 00:42:05,440
Speaker 1: as a source for the newspapers award winning article about

743
00:42:05,560 --> 00:42:09,400
Speaker 1: his finances. As Bloomberg Legal reporter Eric Larson speaking with

744
00:42:09,480 --> 00:42:12,479
Speaker 1: the Bloomberg student Grosso. Catch more of that interview, plus

745
00:42:12,480 --> 00:42:15,360
Speaker 1: analysis of the latest legal news by subscribing to the

746
00:42:15,400 --> 00:42:18,879
Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot

747
00:42:18,960 --> 00:42:22,719
Speaker 1: com slash podcast. Attorneys can find exceptional legal research and

748
00:42:22,800 --> 00:42:25,840
Speaker 1: business development tools at Bloomberg Law dot com and on

749
00:42:25,920 --> 00:42:30,080
Speaker 1: the Bloomberg terminal at b law Go SNP. Future is

750
00:42:30,120 --> 00:42:33,040
Speaker 1: down sixteen points this morning. Down Future is down fifty

751
00:42:33,120 --> 00:42:36,680
Speaker 1: six and nast day Futures down seventies seven still ahead.

752
00:42:36,840 --> 00:42:40,120
Speaker 1: On Bloomberg day Break, I check on the business headlines

753
00:42:40,520 --> 00:42:43,000
Speaker 1: and all the news you need to start your day.

754
00:42:43,320 --> 00:42:45,080
Speaker 1: And this is Bloomberg