1 00:00:02,640 --> 00:00:06,120 Speaker 1: Live from the Bloomberg Interactive Brooker Studios is Bloomberg Gave 2 00:00:06,160 --> 00:00:09,840 Speaker 1: Break for Tuesday, March eight. Coming up this hour. U 3 00:00:09,960 --> 00:00:12,960 Speaker 1: s lawmakers make plans to ban Russian oil as crude 4 00:00:13,000 --> 00:00:16,160 Speaker 1: prices continue to climb. Moscow threatens to cut off natural 5 00:00:16,200 --> 00:00:18,760 Speaker 1: gas applies to Europe. Sticker shock at the pump as 6 00:00:18,840 --> 00:00:21,200 Speaker 1: US gas prices hit an all time record and the 7 00:00:21,320 --> 00:00:23,439 Speaker 1: S and P five hundred comes off its worst day 8 00:00:23,480 --> 00:00:27,200 Speaker 1: since October of New York City prepares for the possibility 9 00:00:27,240 --> 00:00:30,520 Speaker 1: of a cyber attack by Russia. Plus President bigall sign 10 00:00:30,560 --> 00:00:34,680 Speaker 1: and executive order regulating cryptocurrency. I'm Michael Clark. More ahead, 11 00:00:34,960 --> 00:00:37,000 Speaker 1: I'm John stas Shower and sports a big night for 12 00:00:37,200 --> 00:00:40,440 Speaker 1: Julius Randolly Live the next The Victory and Sacramento the 13 00:00:40,440 --> 00:00:46,360 Speaker 1: Islanders lost to Colorado. That's all straight Ahead on Bloomberg 14 00:00:46,400 --> 00:00:51,560 Speaker 1: day Break on Bloomberg Element Treo, New York, Bloomberg Washington, 15 00:00:51,640 --> 00:00:55,480 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine six, 16 00:00:55,760 --> 00:00:59,720 Speaker 1: San Francisco, Sirius 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 00:01:02,600 --> 00:01:10,280 Speaker 1: Bloomberg Business. Good Morning, I'm Nathan Hagar, and I'm Karen. Moscow. 19 00:01:10,360 --> 00:01:13,400 Speaker 1: US Dock Index futures are higher after the biggest one 20 00:01:13,440 --> 00:01:16,600 Speaker 1: day loss for stock since We're coming up to five 21 00:01:16,640 --> 00:01:18,279 Speaker 1: oh one on Wall Street, and we check the markets 22 00:01:18,280 --> 00:01:21,480 Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg SMP 23 00:01:21,720 --> 00:01:25,000 Speaker 1: futures of about sixteen points down, futures up seventy two. 24 00:01:25,280 --> 00:01:28,160 Speaker 1: Nasday future is up twenty seven. The decks in Germany 25 00:01:28,280 --> 00:01:31,200 Speaker 1: is at one point four percent, the ten year treasury 26 00:01:31,240 --> 00:01:34,080 Speaker 1: down nineteen thirty seconds, held one point eight four percent, 27 00:01:34,120 --> 00:01:36,280 Speaker 1: and a yield on the two year one point five 28 00:01:36,360 --> 00:01:39,960 Speaker 1: nine percent, and Nimex screwed oil is up two point 29 00:01:40,040 --> 00:01:42,520 Speaker 1: four percent. Nathan, all right, Karen, we'll have more on 30 00:01:42,560 --> 00:01:44,600 Speaker 1: the markets in a minute, but first, the latest on 31 00:01:44,640 --> 00:01:47,160 Speaker 1: the war in Ukraine. Russia is now threatening to cut 32 00:01:47,160 --> 00:01:49,880 Speaker 1: off natural gas supplies to Europe through the North Stream 33 00:01:49,920 --> 00:01:53,120 Speaker 1: one pipeline. That's in response to sanctions from the US, 34 00:01:53,200 --> 00:01:56,480 Speaker 1: Europe and their allies. Russian President Vladimir Putin says the 35 00:01:56,520 --> 00:02:00,520 Speaker 1: war will continue until all his demands are met. Ukrainian 36 00:02:00,520 --> 00:02:04,040 Speaker 1: President Vladimir Zlinsky says it's not that simple. This is 37 00:02:04,080 --> 00:02:08,200 Speaker 1: another ultimatum and we are not prepared for ultimatums. What 38 00:02:08,440 --> 00:02:11,720 Speaker 1: needs to be done is for President Putting to stop talking, 39 00:02:11,919 --> 00:02:15,880 Speaker 1: start the dialog. Instead of living in the informational bubble 40 00:02:16,000 --> 00:02:19,400 Speaker 1: without oxygen, I think that's where he is. Ukrainian President 41 00:02:19,480 --> 00:02:22,480 Speaker 1: Zelinski spoke to ABC News. Russia and Ukraine say they 42 00:02:22,480 --> 00:02:26,720 Speaker 1: will talk again today about establishing humanitarian corridors for civilians 43 00:02:26,760 --> 00:02:30,359 Speaker 1: fleeing the fighting. The first three rounds of negotiations haven't 44 00:02:30,400 --> 00:02:34,080 Speaker 1: made much progress. Meantime, on Capitol Hill, Nathan lawmakers are 45 00:02:34,120 --> 00:02:36,760 Speaker 1: working to ramp up pressure on Moscow. They have come 46 00:02:36,840 --> 00:02:39,639 Speaker 1: up with a plan to ban imports of Russian oil 47 00:02:39,720 --> 00:02:42,200 Speaker 1: into the US, and Amy Morris has details from our 48 00:02:42,200 --> 00:02:46,519 Speaker 1: Bloomberg ninety one newsroom in Washington. Biden administration officials have 49 00:02:46,600 --> 00:02:49,360 Speaker 1: been working out what the economic repercussions might be for 50 00:02:49,520 --> 00:02:53,200 Speaker 1: US consumers. The agreement would also give President Biden the 51 00:02:53,240 --> 00:02:57,160 Speaker 1: power to boost tariffs on other imports from Russia and Belarus. 52 00:02:57,560 --> 00:03:00,160 Speaker 1: It would seek a suspension of Russia's participation of the 53 00:03:00,160 --> 00:03:04,040 Speaker 1: World Trade Organization. The White House has been noncommittal. White 54 00:03:04,040 --> 00:03:07,120 Speaker 1: House Press Secretary Jen Psaki says no decision has been 55 00:03:07,160 --> 00:03:09,680 Speaker 1: made yet. The best thing we can do is reduced 56 00:03:09,880 --> 00:03:13,480 Speaker 1: our dependence on fossil fuels and foreign oil so that 57 00:03:13,520 --> 00:03:16,160 Speaker 1: we're not worried about gas prices going up because of 58 00:03:16,440 --> 00:03:19,720 Speaker 1: the whims of a foreign dictator. The House of Representatives 59 00:03:19,720 --> 00:03:23,240 Speaker 1: could vote on the proposal as Junes tomorrow in Washington. 60 00:03:23,320 --> 00:03:25,800 Speaker 1: I maybe more as Bloomberg daybreak. All right, Amy, thanks, 61 00:03:25,800 --> 00:03:28,640 Speaker 1: and once again we are seeing major market moves tied 62 00:03:28,680 --> 00:03:30,760 Speaker 1: to the war in Ukraine. Let's get the very latest 63 00:03:30,760 --> 00:03:34,120 Speaker 1: from Bloomberg's John Tucker Live in New York, John Nathan. 64 00:03:34,200 --> 00:03:38,240 Speaker 1: Disruption to energy markets and broader uncertainty sent the down 65 00:03:38,280 --> 00:03:40,840 Speaker 1: jones A dustrial leverage down two point four percent in 66 00:03:40,960 --> 00:03:45,680 Speaker 1: Monday's session, hundred lost nearly three percent, the NAZAC up 67 00:03:45,760 --> 00:03:49,080 Speaker 1: pummeled down three point six percent. Well. This morning, stocks 68 00:03:49,080 --> 00:03:52,840 Speaker 1: and Europe rallying along with US futures after we reported 69 00:03:52,880 --> 00:03:56,560 Speaker 1: that the European Union is considering joint bond sales to 70 00:03:56,640 --> 00:03:59,280 Speaker 1: help counter the fallout for the war. Our sources say 71 00:03:59,280 --> 00:04:01,640 Speaker 1: the bond sale for POS may be presented as soon 72 00:04:01,680 --> 00:04:05,040 Speaker 1: as next week. On another front, the London Metal Exchange 73 00:04:05,160 --> 00:04:08,960 Speaker 1: halted trading in its nickel market after an unprecedented price 74 00:04:09,040 --> 00:04:12,520 Speaker 1: bike left brokers struggling to pay margin calls live to 75 00:04:12,600 --> 00:04:15,600 Speaker 1: New York on John Tucker Bloomberg. Tay Preak, all right, John, 76 00:04:15,640 --> 00:04:18,360 Speaker 1: thank you all. Oil prices are searching again this morning. 77 00:04:18,360 --> 00:04:21,200 Speaker 1: If penalties hit Russian crew, there's likely no way to 78 00:04:21,240 --> 00:04:25,320 Speaker 1: replace that production. That's according to OPEC Secretary General Mohammed Barkindo. 79 00:04:25,600 --> 00:04:29,599 Speaker 1: How do we survive this crisis? There is no capacity 80 00:04:29,760 --> 00:04:33,960 Speaker 1: in the world At the moment, the country place seven 81 00:04:34,040 --> 00:04:39,200 Speaker 1: million barrels of exports. OPAK Secretary General Mohammed Barkindo describes 82 00:04:39,320 --> 00:04:44,040 Speaker 1: Russia's war against Ukraine as a humanitarian tragedy. Checking prices 83 00:04:44,160 --> 00:04:46,039 Speaker 1: right now, nim ex screwed oil is up to and 84 00:04:46,040 --> 00:04:48,920 Speaker 1: a third percent. Is that a hundred twenty three cents 85 00:04:48,920 --> 00:04:51,240 Speaker 1: of barrel? Brent is up two and a half percent 86 00:04:51,279 --> 00:04:53,760 Speaker 1: at a hundred twenty six dollars twenty seven cents. And 87 00:04:53,839 --> 00:04:56,159 Speaker 1: we've seen gas prices surge over the past two weeks 88 00:04:56,200 --> 00:04:58,920 Speaker 1: as well, Karen, and that is causing pain at the pump. 89 00:04:58,960 --> 00:05:01,520 Speaker 1: But drivers say the would be willing to pay even 90 00:05:01,600 --> 00:05:04,200 Speaker 1: more if it would end the war in Ukraine. Let's 91 00:05:04,200 --> 00:05:07,279 Speaker 1: get the details now from Bloomberg's Lisa Mateo. Gas prices 92 00:05:07,440 --> 00:05:10,680 Speaker 1: are soaring, but many drivers are saying will pay more 93 00:05:10,680 --> 00:05:13,320 Speaker 1: at the pump. That's according to a Quinnipiac poll, which 94 00:05:13,360 --> 00:05:17,320 Speaker 1: found seventy one percent of Americans would support banning Russian 95 00:05:17,320 --> 00:05:20,320 Speaker 1: oil even if it leads to higher gas prices. The 96 00:05:20,400 --> 00:05:23,640 Speaker 1: national average for gas has reached four dollars and seventeen 97 00:05:23,720 --> 00:05:26,480 Speaker 1: cents a gallon, according to Triple A. That tops the 98 00:05:26,560 --> 00:05:30,239 Speaker 1: nationwide monthly record of four dollars and ten cents set 99 00:05:30,240 --> 00:05:32,520 Speaker 1: back in two thousand and eight. In New York, I'm 100 00:05:32,600 --> 00:05:36,320 Speaker 1: Lisa Mateo Bloomberg Daybreak, Lisa, thank you. As war rages 101 00:05:36,360 --> 00:05:39,520 Speaker 1: in Ukraine, top US intelligence officials are coming out with 102 00:05:39,560 --> 00:05:42,599 Speaker 1: their annual threat assessment. The Office of the Director of 103 00:05:42,680 --> 00:05:46,640 Speaker 1: National Intelligences a grim on global outlook thanks to Russia 104 00:05:46,720 --> 00:05:50,159 Speaker 1: and China. Bloomberg's Nia Young joins US Live with the details. 105 00:05:50,160 --> 00:05:53,239 Speaker 1: Good morning Redina, Good morning Karen. The threat assessment says 106 00:05:53,360 --> 00:05:56,719 Speaker 1: China is developing one of the greatest nuclear weapons forces 107 00:05:56,760 --> 00:06:00,280 Speaker 1: in history, while Russia will exploit every opportunity d to 108 00:06:00,480 --> 00:06:04,280 Speaker 1: undermine the US and its allies. The nation's top intelligence 109 00:06:04,320 --> 00:06:07,880 Speaker 1: chiefs will testify about their report before the House Committee today. 110 00:06:08,240 --> 00:06:11,200 Speaker 1: The assessment is used by Congress as a baseline to 111 00:06:11,320 --> 00:06:15,880 Speaker 1: make critical decisions advanced legislation and craft budgets. But since 112 00:06:15,920 --> 00:06:19,680 Speaker 1: it was written before Russia invaded Ukraine, lawmakers will likely 113 00:06:19,720 --> 00:06:23,520 Speaker 1: press intelligence chiefs for the most current assessments. During today's 114 00:06:23,560 --> 00:06:27,920 Speaker 1: hearing live in New York, I'm Renita Young Bloomberg Daybreak. Okay, Nita, 115 00:06:28,000 --> 00:06:30,280 Speaker 1: thank you. Know. When it comes to the assessment for markets, 116 00:06:30,360 --> 00:06:32,600 Speaker 1: it's all about the fallout from the war and the 117 00:06:32,640 --> 00:06:35,640 Speaker 1: future of FED policy. The Fed meets one week from 118 00:06:35,720 --> 00:06:39,120 Speaker 1: today and Morgan Stanley CEO James Gorman says the Central 119 00:06:39,120 --> 00:06:42,640 Speaker 1: Bank should still start rate hikes despite the war in Ukraine. 120 00:06:42,920 --> 00:06:45,479 Speaker 1: Speaking in Sydney, Gorman said the Fed needs to contain 121 00:06:45,600 --> 00:06:48,160 Speaker 1: prices but also be careful not to tip the economy 122 00:06:48,200 --> 00:06:51,560 Speaker 1: into recession. And corporate news, Nathan Apple is holding its 123 00:06:51,560 --> 00:06:55,080 Speaker 1: first product unveiling of two the event, cake Stoff was 124 00:06:55,120 --> 00:06:57,440 Speaker 1: expected to be its biggest year ever in terms of 125 00:06:57,480 --> 00:07:00,280 Speaker 1: new devices. The company is poised to announce its first 126 00:07:00,400 --> 00:07:03,840 Speaker 1: low cost iPhone sc with five G capabilities, a new 127 00:07:03,880 --> 00:07:07,600 Speaker 1: iPad Air and updated match with Apple made ships. And finally, 128 00:07:07,680 --> 00:07:10,160 Speaker 1: Karen Warren Buffett's back among the five richest people in 129 00:07:10,200 --> 00:07:12,640 Speaker 1: the world. Has Fortune's risen more than seven percent this 130 00:07:12,720 --> 00:07:15,720 Speaker 1: year thanks to a rally in Berkshire. Hathaway shares straight 131 00:07:15,720 --> 00:07:17,960 Speaker 1: ahead the latest local headlines and the check of sports. 132 00:07:18,040 --> 00:07:24,560 Speaker 1: This is Bloomberg and it's now five oh seven on 133 00:07:24,600 --> 00:07:27,239 Speaker 1: Wall Street where forty one degrees in Central Parks. Seeing 134 00:07:27,240 --> 00:07:29,200 Speaker 1: a lot of problems on mass transit this morning with 135 00:07:29,240 --> 00:07:32,160 Speaker 1: down power cables from all the winds yesterday. The tails 136 00:07:32,160 --> 00:07:34,800 Speaker 1: are not come up in traffic. First Michael Art with 137 00:07:34,880 --> 00:07:36,560 Speaker 1: more on what's going on in New York had around 138 00:07:36,560 --> 00:07:38,760 Speaker 1: the world the morning Michael, Good Morning, Nathan. New York 139 00:07:38,760 --> 00:07:41,679 Speaker 1: City is preparing for the possibility of a cyber attack 140 00:07:41,760 --> 00:07:45,679 Speaker 1: by Russia. The city's chief Technology Officer, Matthew Fraser says 141 00:07:45,760 --> 00:07:48,320 Speaker 1: it could happen. We see the rights pop up periodically, 142 00:07:48,760 --> 00:07:51,680 Speaker 1: though specifically associated to this heightened sense. We've seen an 143 00:07:51,760 --> 00:07:55,120 Speaker 1: uptick um, but we're not aware of any campaign that's 144 00:07:55,160 --> 00:07:59,440 Speaker 1: explicitly targeting the city itself. Back Officer Fraser says New 145 00:07:59,520 --> 00:08:03,640 Speaker 1: York is on ultra high alert following US imposed sanctions 146 00:08:03,680 --> 00:08:06,880 Speaker 1: against Russia for its ongoing invasion of Ukraine. The fear 147 00:08:06,920 --> 00:08:10,720 Speaker 1: as Russia will try to retaliate The NYPDS Deputy Commissioner 148 00:08:10,800 --> 00:08:14,119 Speaker 1: John Miller weiget that we're in a heightened threat um 149 00:08:14,160 --> 00:08:17,560 Speaker 1: and we have been gearing up for that heightened threat 150 00:08:17,920 --> 00:08:21,440 Speaker 1: to come along from our normal high alert to ultra 151 00:08:21,520 --> 00:08:24,800 Speaker 1: high alert, and that's where we are. The NMPDS Miller 152 00:08:24,840 --> 00:08:26,960 Speaker 1: says it's best to be ready just in case a 153 00:08:27,040 --> 00:08:31,080 Speaker 1: homegrown terrorist strikes. President Joe Biden is expected to sign 154 00:08:31,120 --> 00:08:34,680 Speaker 1: an executive order on cryptocurrency this week that will mark 155 00:08:34,720 --> 00:08:37,960 Speaker 1: the first step toward regulating how digital currency is traded. 156 00:08:38,360 --> 00:08:42,080 Speaker 1: The move comes as administration officials have raised concern in 157 00:08:42,120 --> 00:08:45,800 Speaker 1: recent weeks about Russia's use of cryptocurrency to evade the 158 00:08:45,800 --> 00:08:49,640 Speaker 1: impact of crushing scions. Tens of thousands of customers are 159 00:08:49,720 --> 00:08:52,600 Speaker 1: without power in New York and New Jersey after a 160 00:08:52,640 --> 00:08:55,800 Speaker 1: line of severe storms swept through the northeast. This man 161 00:08:55,840 --> 00:08:58,280 Speaker 1: in Cedar Grove, New Jersey, spent the night at a 162 00:08:58,320 --> 00:09:01,960 Speaker 1: neighbor's house after a free fell alongside his home, cut 163 00:09:01,960 --> 00:09:05,960 Speaker 1: off his power and blocked his front door. Start rain heard, 164 00:09:07,040 --> 00:09:11,760 Speaker 1: then all of a sudden is sounding train went through 165 00:09:12,280 --> 00:09:18,600 Speaker 1: and the wind was howled and then to the house. 166 00:09:19,040 --> 00:09:21,439 Speaker 1: He says. They're waiting to see whether they can safely 167 00:09:21,480 --> 00:09:24,719 Speaker 1: return to their house today. Jerry's selection begins today and 168 00:09:24,760 --> 00:09:27,680 Speaker 1: the trial of four men who were accused of conspiring 169 00:09:27,679 --> 00:09:30,959 Speaker 1: to kidnap Michigan Governor Gretchen Whitmer. The government says the 170 00:09:31,000 --> 00:09:34,200 Speaker 1: men were upset about Whitmer's COVID nineteen restrictions, but defense 171 00:09:34,280 --> 00:09:37,800 Speaker 1: lawyers claimed the four were groomed and cajoled by federal 172 00:09:37,840 --> 00:09:41,920 Speaker 1: agents and informants. The CDC raised it's COVID nineteen travel 173 00:09:41,960 --> 00:09:45,240 Speaker 1: advisory for Hong Kong by one step to level four, 174 00:09:45,440 --> 00:09:48,280 Speaker 1: or very high, as the city's death rate is now 175 00:09:48,320 --> 00:09:51,120 Speaker 1: the highest in the world. Global News twenty four hours 176 00:09:51,120 --> 00:09:54,320 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 177 00:09:54,400 --> 00:09:57,080 Speaker 1: more than twenty seven under journalist and analysts more than 178 00:09:57,120 --> 00:09:59,960 Speaker 1: a hundred twenty countries. At Michael bar This is Bloomer. 179 00:10:00,600 --> 00:10:07,240 Speaker 1: Thank you, Michael. Almost five ten on Wall Street, Time 180 00:10:07,240 --> 00:10:09,840 Speaker 1: for the Bloomberg Sports Updated. Morty John Sans Sharon, Good morning, 181 00:10:09,920 --> 00:10:12,640 Speaker 1: Nathan Biggas reason the Knicks so much better last season 182 00:10:12,720 --> 00:10:15,520 Speaker 1: and this one. Julius Randall was so much better last season, 183 00:10:15,559 --> 00:10:18,559 Speaker 1: But last night Randall as good as he has ever been. 184 00:10:18,600 --> 00:10:21,160 Speaker 1: A career high forties six points. He made eight three 185 00:10:21,200 --> 00:10:24,720 Speaker 1: Parners of the Knicks turned the table. Somebody blown leaves lately. 186 00:10:24,800 --> 00:10:27,320 Speaker 1: This time they made the comeback from sixteen down and 187 00:10:27,360 --> 00:10:30,599 Speaker 1: they won in Sacramento one one to one fifteen. The 188 00:10:30,679 --> 00:10:33,240 Speaker 1: Knicks had their first two game winning streak in nearly 189 00:10:33,280 --> 00:10:36,240 Speaker 1: two months. Joel mb scored forty three in Philadelphias, winning 190 00:10:36,240 --> 00:10:39,880 Speaker 1: over Chicago. San Antonio beat the Lakers. Greg Popovich ties 191 00:10:39,960 --> 00:10:43,800 Speaker 1: Don Nelson's record for most totoon victories. The Islanders welcomed 192 00:10:43,840 --> 00:10:46,880 Speaker 1: in the NHL's best team. Colorado moved thirty games over 193 00:10:47,000 --> 00:10:49,680 Speaker 1: five hundred, scored four goals in a span of less 194 00:10:49,679 --> 00:10:51,120 Speaker 1: than four and a half minutes in the third period, 195 00:10:51,120 --> 00:10:53,720 Speaker 1: and then held on with the Isles. Five four March 196 00:10:53,800 --> 00:10:58,840 Speaker 1: Madness championship came at the Southern Conference Tournament. One time 197 00:11:00,000 --> 00:11:02,400 Speaker 1: all drive all the way in his layoup Is foot 198 00:11:04,960 --> 00:11:10,880 Speaker 1: quit four point three seconds left, David Jean Battis drives 199 00:11:10,880 --> 00:11:18,719 Speaker 1: goes up three ft on the way and the call 200 00:11:18,840 --> 00:11:22,240 Speaker 1: on their field. Chattanooga beat Ferman sixty four sixty three 201 00:11:22,280 --> 00:11:25,040 Speaker 1: and over time. The Calvin Ridley's story not all that 202 00:11:25,120 --> 00:11:28,280 Speaker 1: surprise in considering the growth of sports betting, now legal 203 00:11:28,320 --> 00:11:31,000 Speaker 1: in many states, so accessible with the touch of a phone. 204 00:11:31,080 --> 00:11:34,240 Speaker 1: Ridley the Falcon Star wide receiver admitted to making bets 205 00:11:34,240 --> 00:11:37,280 Speaker 1: on NFL games, including bets on his team to win, 206 00:11:37,320 --> 00:11:39,560 Speaker 1: although they were games he was not playing in. Regardless 207 00:11:39,880 --> 00:11:42,880 Speaker 1: hit with a suspension of at least all of two, 208 00:11:42,880 --> 00:11:45,839 Speaker 1: it will cost really eleven million dollars. John stash Award 209 00:11:45,840 --> 00:11:49,400 Speaker 1: Bloomberg Sports, Nathan Okay, John, thanks SMP Future is now 210 00:11:49,480 --> 00:11:53,720 Speaker 1: up six points, Staff Futures up one point, Nasty Futures 211 00:11:53,760 --> 00:11:56,600 Speaker 1: up four after yesterday's sell off, the tenure Treasury down 212 00:11:56,880 --> 00:12:01,120 Speaker 1: seventeen thirty seconds, the yield one three percent. You're listening 213 00:12:01,160 --> 00:12:09,480 Speaker 1: to Bloomberg DeBerg Blumber eleven three oh Weather sunny continued 214 00:12:09,520 --> 00:12:11,760 Speaker 1: breezy today with HIGs and the upper forties. Lights. Now 215 00:12:11,800 --> 00:12:14,439 Speaker 1: tomorrow morning turning over into light rain. We'll have highs 216 00:12:14,480 --> 00:12:16,600 Speaker 1: in the upper thirties, back in your fifty and partly 217 00:12:16,600 --> 00:12:23,280 Speaker 1: sunny by Thursday. Right now forty one degrees. Markets headlines 218 00:12:23,320 --> 00:12:26,319 Speaker 1: and breaking news twenty four hours a day at Bloomberg 219 00:12:26,360 --> 00:12:30,439 Speaker 1: dot Com, the Bloomberg Business Outland at Bloomberg Quicktake. He's 220 00:12:30,480 --> 00:12:39,880 Speaker 1: a Bloomberg Business Flash and I'm Cameron Moscow. Stocks in 221 00:12:39,920 --> 00:12:43,280 Speaker 1: Europe are rallying along with US stock index futures after 222 00:12:43,320 --> 00:12:46,440 Speaker 1: we reported that the European Union is considering joint bond 223 00:12:46,520 --> 00:12:49,720 Speaker 1: sales to help counter the fallout from Russia's invasion of Ukraine. 224 00:12:50,120 --> 00:12:53,000 Speaker 1: Bonds are dropping, the euros strengthening. We checked the markets 225 00:12:53,000 --> 00:12:56,040 Speaker 1: every fifteen minutes throughout the trading day on bloomberg S 226 00:12:56,080 --> 00:12:58,439 Speaker 1: and P futures up about ten points and down. Future 227 00:12:58,480 --> 00:13:00,960 Speaker 1: is up twenty six now as to futures up ten. 228 00:13:01,280 --> 00:13:03,960 Speaker 1: The decks in Germany is up six tents of upper cent. 229 00:13:04,000 --> 00:13:06,839 Speaker 1: The ten year treasury down seventeen thirty seconds. He had 230 00:13:06,880 --> 00:13:08,920 Speaker 1: one eight three per cent, the yield on the two 231 00:13:09,040 --> 00:13:12,120 Speaker 1: year one point five nine percent. Nine x Scrude oil 232 00:13:12,240 --> 00:13:14,280 Speaker 1: is up one point nine percent, up two dollars twenty 233 00:13:14,280 --> 00:13:16,440 Speaker 1: five cents at a hundred twenty one dollar, sixty five 234 00:13:16,440 --> 00:13:19,400 Speaker 1: cents of barrel. Comics gold up seven tenths percent or 235 00:13:19,440 --> 00:13:22,439 Speaker 1: thirteen dollars at two thousand and nine dollars and ounce. 236 00:13:22,840 --> 00:13:26,440 Speaker 1: The euro one point eight three against the dollar, British 237 00:13:26,440 --> 00:13:28,800 Speaker 1: found one point three one three zero, the ends at 238 00:13:28,800 --> 00:13:32,720 Speaker 1: one fifteen point five eight and Bitcoin this morning moving higher, 239 00:13:32,760 --> 00:13:34,720 Speaker 1: up more than two and a half percent at thirty 240 00:13:34,720 --> 00:13:38,120 Speaker 1: eight thousand, eight hundred fifty dollars. That's a Bloomberg business flash. 241 00:13:38,120 --> 00:13:40,160 Speaker 1: Now here's Michael Barr with more on what's going on 242 00:13:40,280 --> 00:13:43,120 Speaker 1: around the world. Michael, good morning, Good morning, Karen A. 243 00:13:43,200 --> 00:13:46,319 Speaker 1: Russia's top energy official threatened to cut off natural gas 244 00:13:46,320 --> 00:13:50,439 Speaker 1: flows from the nord Stream one pipeline, escalates economic tensions 245 00:13:50,440 --> 00:13:53,680 Speaker 1: with Europe as the war in Ukraine continues. Russia and 246 00:13:53,800 --> 00:13:56,440 Speaker 1: Ukraine have said they will continue to hold talks on 247 00:13:56,520 --> 00:13:59,839 Speaker 1: the potential ceasefire, although a third round of discussions for 248 00:14:00,040 --> 00:14:03,440 Speaker 1: douce little progress. US drivers are now paying more for 249 00:14:03,520 --> 00:14:07,680 Speaker 1: gas than at any other time in history as demand 250 00:14:07,760 --> 00:14:11,240 Speaker 1: surges and the war in Ukraine threatens global oil supplies. 251 00:14:11,640 --> 00:14:14,600 Speaker 1: According to Triple A, the average pump prices in the 252 00:14:14,720 --> 00:14:18,600 Speaker 1: US are now more than four dollars seventeen cents per gallant. 253 00:14:19,000 --> 00:14:21,800 Speaker 1: In the NBA, the nixt one, the Warriors lost in 254 00:14:21,840 --> 00:14:24,440 Speaker 1: the NHL, the Islanders lost, the Bruins lost to O 255 00:14:24,520 --> 00:14:27,400 Speaker 1: t to the King's Three. To Global News twenty four 256 00:14:27,400 --> 00:14:31,080 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 257 00:14:31,080 --> 00:14:33,560 Speaker 1: by more than twenty seven hundred journalist and analyst more 258 00:14:33,560 --> 00:14:38,000 Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg Nathan, Okay, Michael. Thanks, 259 00:14:38,000 --> 00:14:40,920 Speaker 1: It's five nineteen on Wall Street line from the Bloomberg 260 00:14:40,960 --> 00:14:44,280 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and as we 261 00:14:44,360 --> 00:14:47,200 Speaker 1: continue following developments in the war in Ukraine. Were joined 262 00:14:47,200 --> 00:14:50,120 Speaker 1: by Julie Norman, now Professor and lecture on Politics and 263 00:14:50,160 --> 00:14:54,520 Speaker 1: International Relations at University College London. Here we are Professor 264 00:14:54,520 --> 00:14:58,720 Speaker 1: into day thirteen of this war and Russia's President Vladimir 265 00:14:58,760 --> 00:15:02,840 Speaker 1: Putin says it will continue until all his demands are met. 266 00:15:02,880 --> 00:15:06,160 Speaker 1: What does this tell you about how much longer this 267 00:15:06,160 --> 00:15:11,240 Speaker 1: war could grind on? Well, good morning, Nathan. The length 268 00:15:11,240 --> 00:15:13,920 Speaker 1: of this war is really uncertain, and we've known that 269 00:15:14,000 --> 00:15:18,360 Speaker 1: from the beginning. Putin is continuing to demand that Ukraine 270 00:15:18,400 --> 00:15:21,400 Speaker 1: recognizes his annexation of Primea and also some of the 271 00:15:21,400 --> 00:15:25,360 Speaker 1: Eastern regions. He's still wanting Ukraine to commit to neutrality 272 00:15:25,400 --> 00:15:28,240 Speaker 1: and to pledge not to join NATO. So as we know, 273 00:15:28,360 --> 00:15:31,960 Speaker 1: these were some of his demands before the escalation and 274 00:15:32,000 --> 00:15:33,960 Speaker 1: before the invasion as well, and they seem to be 275 00:15:34,000 --> 00:15:36,760 Speaker 1: what he is still pushing for. There have been talks 276 00:15:36,800 --> 00:15:39,960 Speaker 1: going on. The Ukrainian and Russian officials have met three 277 00:15:40,000 --> 00:15:43,000 Speaker 1: times already, with more talks planned, but right now I 278 00:15:43,040 --> 00:15:45,240 Speaker 1: think most of the emphasis will just be on trying 279 00:15:45,280 --> 00:15:47,280 Speaker 1: to get some kind of cease fires for some of 280 00:15:47,320 --> 00:15:50,240 Speaker 1: these humanitarian corridors and some of these bigger questions are 281 00:15:50,240 --> 00:15:52,240 Speaker 1: still going to be outstanding for quite a while. And 282 00:15:52,360 --> 00:15:55,480 Speaker 1: we just heard from the head of the Refugee Agency 283 00:15:55,520 --> 00:15:58,960 Speaker 1: at the United Nations that the number of people fleeing 284 00:15:59,080 --> 00:16:01,840 Speaker 1: the war in Ukraine is now top two million. Is 285 00:16:01,920 --> 00:16:06,080 Speaker 1: Europe able to handle this refugee influx? Well, what we've 286 00:16:06,080 --> 00:16:09,680 Speaker 1: seen so far is actually a very strong welcoming from 287 00:16:09,720 --> 00:16:12,360 Speaker 1: Europe as much as they can. Uh. That's from both 288 00:16:12,480 --> 00:16:15,560 Speaker 1: a civilian perspective, so people showing up at the borders 289 00:16:15,640 --> 00:16:19,040 Speaker 1: offering rooms in their houses, offering food, clothing, uh and 290 00:16:19,120 --> 00:16:22,840 Speaker 1: also from you countries to try and facilitate visas and 291 00:16:22,920 --> 00:16:26,720 Speaker 1: temporary status and whatnot. But with that said, this is 292 00:16:26,880 --> 00:16:30,600 Speaker 1: a very large number of people. It's a continually rising 293 00:16:30,680 --> 00:16:34,320 Speaker 1: number of people, and I think the European countries, including 294 00:16:34,320 --> 00:16:37,000 Speaker 1: the UK and as well as non European countries like 295 00:16:37,040 --> 00:16:39,440 Speaker 1: the US, will really need to be focusing more on 296 00:16:39,720 --> 00:16:42,760 Speaker 1: how to support a lot of refugees of families who 297 00:16:42,800 --> 00:16:46,160 Speaker 1: are fleeing because this is however long the actual military 298 00:16:46,160 --> 00:16:49,560 Speaker 1: conflict goes on, the impact on civilians and people who 299 00:16:49,560 --> 00:16:51,560 Speaker 1: have been forced to flee in particular is going to 300 00:16:51,560 --> 00:16:53,360 Speaker 1: be even more long lasting, and we need to start 301 00:16:53,400 --> 00:16:56,720 Speaker 1: focusing efforts there. Are we seeing any signs that the 302 00:16:56,840 --> 00:17:00,680 Speaker 1: Ukraine resistance is wearing down Russia's military and whether that 303 00:17:00,760 --> 00:17:05,200 Speaker 1: could have any impact on how much longer this will last. Well, 304 00:17:05,240 --> 00:17:08,040 Speaker 1: the resistance has obviously been much stronger than I think 305 00:17:08,040 --> 00:17:11,560 Speaker 1: many predicted. Um With that said, you know, Russia I 306 00:17:11,600 --> 00:17:15,400 Speaker 1: think has been obviously installed in many ways, but has 307 00:17:15,440 --> 00:17:18,639 Speaker 1: also so far been focusing on I would say, you know, 308 00:17:18,680 --> 00:17:22,879 Speaker 1: trying to largely focusing on targeting infrastructure, on kind of 309 00:17:22,880 --> 00:17:25,320 Speaker 1: cutting off energy, and these kinds of things are going 310 00:17:25,359 --> 00:17:28,720 Speaker 1: to have a very severe impact on civilians. We've already 311 00:17:28,800 --> 00:17:31,359 Speaker 1: seen some cities where now tens, if not hundreds of 312 00:17:31,400 --> 00:17:34,119 Speaker 1: thousands of people are cut off from water, from heat, 313 00:17:34,240 --> 00:17:36,159 Speaker 1: They're going to be running out of food, and so 314 00:17:36,359 --> 00:17:39,320 Speaker 1: even though it's not the same as say like, uh, 315 00:17:39,480 --> 00:17:40,879 Speaker 1: you know, and if your attack on a city or 316 00:17:40,880 --> 00:17:42,800 Speaker 1: something like that, we are going to see the civilian 317 00:17:43,359 --> 00:17:48,040 Speaker 1: pressures increasing with this kind of siege kind of operations, 318 00:17:48,160 --> 00:17:51,280 Speaker 1: and those are things that it's UH. It's hard for 319 00:17:51,400 --> 00:17:53,760 Speaker 1: a resistance movement to to push back when it's those 320 00:17:53,840 --> 00:17:56,000 Speaker 1: kinds of grievances that people are starting to feel, And 321 00:17:56,000 --> 00:17:58,400 Speaker 1: that's the kind of squeeze that might put the pressure 322 00:17:58,440 --> 00:18:00,760 Speaker 1: onto UH to try and try and change the dynamics. 323 00:18:01,080 --> 00:18:03,879 Speaker 1: What kind of pressure could Russia feel from the moves 324 00:18:03,920 --> 00:18:07,240 Speaker 1: we're seeing out of the White House and on Capitol Hill, 325 00:18:07,359 --> 00:18:10,400 Speaker 1: we're hearing that Congress is getting closer to an agreement 326 00:18:10,640 --> 00:18:15,040 Speaker 1: on banning Russian oil imports in this country. Yeah, so 327 00:18:15,080 --> 00:18:18,520 Speaker 1: we heard yesterday that Congressional leaders from both parties seem 328 00:18:18,560 --> 00:18:21,280 Speaker 1: to be moving towards this, but I would emphasize that 329 00:18:21,320 --> 00:18:25,680 Speaker 1: it's definitely not confirmed yet, and there's definitely difference among 330 00:18:25,800 --> 00:18:29,600 Speaker 1: allies and how to move forward on the energy related sanctions. 331 00:18:29,640 --> 00:18:33,160 Speaker 1: In particular, for the US, it's not quite as costly. 332 00:18:33,640 --> 00:18:37,040 Speaker 1: Are imports of crude in particular are quite low um 333 00:18:37,080 --> 00:18:39,320 Speaker 1: as opposed to Europe, where you know, about a third, 334 00:18:39,359 --> 00:18:41,560 Speaker 1: if not more, of some of their gas and oral 335 00:18:41,600 --> 00:18:44,439 Speaker 1: imports come from Russia. So one thing that the Biden 336 00:18:44,440 --> 00:18:47,159 Speaker 1: administration has been very clean on from the beginning is 337 00:18:47,200 --> 00:18:49,840 Speaker 1: not wanting to divide allies. I think they're going to 338 00:18:49,880 --> 00:18:52,760 Speaker 1: be cautious and how they do that, and also recognizing 339 00:18:52,840 --> 00:18:56,320 Speaker 1: that not only will that inflate gas prices even further 340 00:18:56,440 --> 00:18:58,840 Speaker 1: at home, but we'll also have some other knock on effects. 341 00:18:58,880 --> 00:19:02,320 Speaker 1: It'll push roush Usher closer to China, it could prompt 342 00:19:02,359 --> 00:19:04,920 Speaker 1: Russia to cut off all gass and oil to Europe, 343 00:19:05,080 --> 00:19:07,240 Speaker 1: and it also kind of forces the US and allies 344 00:19:07,280 --> 00:19:09,240 Speaker 1: to look to other sources for that. I will supply, 345 00:19:09,359 --> 00:19:12,760 Speaker 1: including Venezuela and other actors where they've already had sanctions before. 346 00:19:13,200 --> 00:19:15,680 Speaker 1: So I would say there's a lot of political good 347 00:19:15,680 --> 00:19:17,520 Speaker 1: will and I think for the right reasons, but there's 348 00:19:17,520 --> 00:19:19,359 Speaker 1: a lot of moving parts around that that will need 349 00:19:19,400 --> 00:19:22,679 Speaker 1: to be considered. So great to get your insights as always, 350 00:19:22,760 --> 00:19:25,120 Speaker 1: thanks for being with us this morning. Julie Norman, Professor 351 00:19:25,160 --> 00:19:30,000 Speaker 1: and lecture on Politics and International Relations at University College London. 352 00:19:30,680 --> 00:19:33,479 Speaker 1: Futures in the US have been fluctuating this morning. Right 353 00:19:33,480 --> 00:19:35,800 Speaker 1: now they're pointing just a little bit lower with SMP 354 00:19:35,920 --> 00:19:38,840 Speaker 1: futures little change to the downside right now, down futures 355 00:19:38,920 --> 00:19:42,320 Speaker 1: down thirty two points. NAZDAC futures are lower now by 356 00:19:42,359 --> 00:19:44,280 Speaker 1: twenty three points. That's to drop a two tenths of 357 00:19:44,320 --> 00:19:47,320 Speaker 1: one percent after yesterday sell off ten Your treasuries down 358 00:19:47,359 --> 00:19:50,119 Speaker 1: sixteen thirty seconds down the yield one point eight three percent, 359 00:19:50,160 --> 00:19:52,920 Speaker 1: yield on the two year one point five eight and 360 00:19:53,160 --> 00:19:55,879 Speaker 1: NIMEX crude right now is up two point one percent 361 00:19:55,920 --> 00:19:59,040 Speaker 1: of two dollars fifty four cents a hundred ninety three 362 00:19:59,040 --> 00:20:02,600 Speaker 1: cents of barrel as the surge in crude continues. This 363 00:20:03,320 --> 00:20:09,720 Speaker 1: is Bloomberg Bloomberg eleven three oh weather sunny, breezy, upper 364 00:20:09,800 --> 00:20:13,400 Speaker 1: forties today, light snow developing Tomorrow. Ending is light rain, 365 00:20:13,560 --> 00:20:16,280 Speaker 1: late highs in the upper thirties. We'll be back near 366 00:20:16,280 --> 00:20:18,800 Speaker 1: fifty by Thursday. Right now forty one in Central Park, 367 00:20:22,040 --> 00:20:26,600 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York. 368 00:20:26,680 --> 00:20:31,360 Speaker 1: Bloomberg eleving three to Washington, d C. Bloomberg on to Boston, 369 00:20:31,480 --> 00:20:34,720 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N 370 00:20:34,960 --> 00:20:38,200 Speaker 1: sixteen to the country, sirius xm Cho one nine and 371 00:20:38,280 --> 00:20:41,640 Speaker 1: around the globe the Bloomberg Business at and Bloomberg Radio 372 00:20:41,760 --> 00:20:51,040 Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on 373 00:20:51,040 --> 00:20:54,040 Speaker 1: Wall Street. Good morning. I'm Nathan Hagar, and I'm Karen, Moscow. 374 00:20:54,080 --> 00:20:56,240 Speaker 1: We're just about four hours away from the open of 375 00:20:56,359 --> 00:20:58,040 Speaker 1: US trading. Let's get you up to date in the 376 00:20:58,040 --> 00:21:00,680 Speaker 1: news you need to know at this hour. Beginning in Ukraine, 377 00:21:01,080 --> 00:21:04,080 Speaker 1: Moscow is now threatening to cut off natural gas supplies 378 00:21:04,119 --> 00:21:06,760 Speaker 1: to Europe. That's after a third round of talks between 379 00:21:06,840 --> 00:21:10,520 Speaker 1: Russia and Ukraine failed to make progress. Bloomberg's At Baxter 380 00:21:10,720 --> 00:21:13,439 Speaker 1: has the latest. Russia says it has heard nothing from 381 00:21:13,560 --> 00:21:16,800 Speaker 1: Ukraine that would make a change direction, and Ukraine's President 382 00:21:16,840 --> 00:21:20,560 Speaker 1: Volatimer Zolensky, and an exclusive ABC interview, says Russia just 383 00:21:20,800 --> 00:21:24,200 Speaker 1: wants to make threats and issue ultimatums and then talking 384 00:21:24,240 --> 00:21:27,119 Speaker 1: about Vladimir Putin through a translator not the time, like 385 00:21:27,240 --> 00:21:31,520 Speaker 1: instead of living in the informational bubble without oxygen. I 386 00:21:31,560 --> 00:21:33,960 Speaker 1: think that's why he is. And u S Secretary of 387 00:21:33,960 --> 00:21:36,359 Speaker 1: State Anthony B. Lincoln has again rejected the play for 388 00:21:36,400 --> 00:21:38,520 Speaker 1: a no fly zo and saying it could lead to 389 00:21:38,800 --> 00:21:42,880 Speaker 1: widening the war in San Francisco, I'm at Baxter Bloomberg Daybreak. 390 00:21:42,960 --> 00:21:45,200 Speaker 1: All right, ed, thanks, you also have developments on Russia. 391 00:21:45,240 --> 00:21:48,040 Speaker 1: Out of Capitol Hill, Congress has announced the outline of 392 00:21:48,080 --> 00:21:51,040 Speaker 1: a bill to bar imports of Russian oil to the US. 393 00:21:51,359 --> 00:21:53,320 Speaker 1: The House can vote on the proposal as soon as 394 00:21:53,320 --> 00:21:57,680 Speaker 1: tomorrow Mall Street, Nathan. US futures are higher after yesterday's 395 00:21:57,720 --> 00:21:59,600 Speaker 1: sell off, and we get the latest on the markets 396 00:21:59,640 --> 00:22:03,360 Speaker 1: live with Bloomberg's John Tucker. John Karen. Sentiment has improved 397 00:22:03,440 --> 00:22:06,000 Speaker 1: on the heels of our report that the European Union 398 00:22:06,160 --> 00:22:09,320 Speaker 1: is considering joint bond sales to help counter the fallout 399 00:22:09,359 --> 00:22:13,480 Speaker 1: from Russia's invasion. The possibility of further Central Banks stimulus 400 00:22:13,600 --> 00:22:17,560 Speaker 1: is lifting risk appetite, and yesterday's session stocks were pummeled, 401 00:22:17,600 --> 00:22:21,240 Speaker 1: with a Nastac tumbling over three and a half percent. Meantime, 402 00:22:21,280 --> 00:22:24,840 Speaker 1: the London Metal Exchange suspended trading in nickel after a 403 00:22:24,880 --> 00:22:27,639 Speaker 1: short squeeze drove the metals priced to more than double 404 00:22:28,000 --> 00:22:31,320 Speaker 1: Live in New York. I'm John Tucker, Bloomberg Daybreak. Okay, John, Thanks, 405 00:22:31,359 --> 00:22:33,600 Speaker 1: there's more pain at the pump this morning. US drivers 406 00:22:33,600 --> 00:22:36,440 Speaker 1: are now paying the most ever for gas. Average prices 407 00:22:36,480 --> 00:22:39,560 Speaker 1: have hit four dollar seventeen cents a gallon. Triple A 408 00:22:39,680 --> 00:22:42,000 Speaker 1: says that's the highest level in records going back more 409 00:22:42,000 --> 00:22:45,000 Speaker 1: than twenty years. Well as we're rageous in Ukraine. Nathan 410 00:22:45,040 --> 00:22:48,520 Speaker 1: top us Intelligence officials are out with their annual threat assessment. 411 00:22:48,600 --> 00:22:52,240 Speaker 1: It's a grim global outlook thanks to Russia and Shina. 412 00:22:52,320 --> 00:22:54,680 Speaker 1: Bloombergs raid To Young joins US Live with the details. 413 00:22:54,720 --> 00:22:57,680 Speaker 1: Good morning, Nida, Good morning Karen. The threat assessment says 414 00:22:57,800 --> 00:23:00,720 Speaker 1: China is developing one of the greatest nuke lear weapons 415 00:23:00,760 --> 00:23:04,679 Speaker 1: forces in history, while Russia will exploit every opportunity to 416 00:23:04,840 --> 00:23:08,520 Speaker 1: undermine the US and its allies. The nation's top intelligence 417 00:23:08,560 --> 00:23:12,040 Speaker 1: chiefs will testify about their report before the House Committee today, 418 00:23:12,280 --> 00:23:15,800 Speaker 1: but since it was written before Russian invaded Ukraine, lawmakers 419 00:23:15,840 --> 00:23:19,280 Speaker 1: will likely press them for a more current assessment. Live 420 00:23:19,320 --> 00:23:22,080 Speaker 1: in New York, I'm Ranita Young, Bloomberg Daybreak, al right, 421 00:23:22,160 --> 00:23:25,000 Speaker 1: RITI to thank you. SMP Future is higher, up seven points, 422 00:23:25,119 --> 00:23:29,159 Speaker 1: DAL Future is up thirteen, Nasday Futures up three and 423 00:23:29,200 --> 00:23:31,800 Speaker 1: I'm straight ahead your latest local headlines plus the check 424 00:23:31,840 --> 00:23:39,159 Speaker 1: of sports. And this is Bloomberg. All right, Karen, Thanks Hi. 425 00:23:39,280 --> 00:23:41,920 Speaker 1: Thirty three on Wall Street, forty one degrees in Central 426 00:23:41,960 --> 00:23:45,399 Speaker 1: Park and New Jersey. Transit services suspended on the Morriss 427 00:23:45,440 --> 00:23:48,760 Speaker 1: exist Gladstone branch thanks to the storms, while the workarounds 428 00:23:48,760 --> 00:23:50,679 Speaker 1: coming up. In traffic. First, Michael Bars here with more 429 00:23:50,720 --> 00:23:52,600 Speaker 1: on what's going on in New York and around the world. Michael, 430 00:23:52,640 --> 00:23:55,680 Speaker 1: thank you very much. Nathan. Officials say Russian cyber attacks 431 00:23:55,680 --> 00:23:59,480 Speaker 1: against the US are a reality. The United States could 432 00:23:59,480 --> 00:24:02,240 Speaker 1: be targeted it and retaliation for the sanctions levied against 433 00:24:02,320 --> 00:24:05,600 Speaker 1: Russia for its invasion of Ukraine major cities like New 434 00:24:05,680 --> 00:24:09,280 Speaker 1: York City, or beefing up security. Senator Kristen Gillebrand of 435 00:24:09,320 --> 00:24:11,800 Speaker 1: New York says the level of risk is very high. 436 00:24:12,119 --> 00:24:16,280 Speaker 1: Russia's military attack on Ukraine's cities and buildings have happened 437 00:24:16,280 --> 00:24:20,879 Speaker 1: in conjunction with cyber attacks waged on Ukraine's critical infrastructure, 438 00:24:21,240 --> 00:24:25,080 Speaker 1: from its banks to departments of government, and there's no 439 00:24:25,160 --> 00:24:28,840 Speaker 1: guarantee that those attacks will be limited to Ukraine. Senator 440 00:24:28,920 --> 00:24:32,520 Speaker 1: Kristen Gillebrand. New York City Deputy Police Commissioner John Miller 441 00:24:32,840 --> 00:24:35,600 Speaker 1: says the city is on ultra high alert. President Joe 442 00:24:35,640 --> 00:24:39,040 Speaker 1: Biden plans to sign an executive order on cryptocurrency this 443 00:24:39,080 --> 00:24:43,280 Speaker 1: week and a step toward regulating how digital currency is traded. 444 00:24:43,720 --> 00:24:47,639 Speaker 1: Administration officials are concerned about Russia's use of cryptocurrency to 445 00:24:47,680 --> 00:24:50,879 Speaker 1: evade the impact of crushing sanctions in response to its 446 00:24:50,920 --> 00:24:54,040 Speaker 1: invasion of Ukraine. The sanctions have sent the Ruble to 447 00:24:54,280 --> 00:24:59,160 Speaker 1: historic lows. A bill is designed for designated for lynching 448 00:24:59,200 --> 00:25:02,159 Speaker 1: as a federal e clock crime is headed to President 449 00:25:02,240 --> 00:25:05,040 Speaker 1: Joe Biden's desk for his signature. The Senate passed the 450 00:25:05,119 --> 00:25:09,199 Speaker 1: Emmett Till Anti Lynching Act Senate Majority Leader Chuck Schumer. 451 00:25:09,520 --> 00:25:13,479 Speaker 1: After more than two hundred failed attempts to outlaw lynching, 452 00:25:14,400 --> 00:25:18,880 Speaker 1: Congress is finally succeeding in taking the long overdue action 453 00:25:19,520 --> 00:25:23,800 Speaker 1: by passing the Emmett Till Anti Lynching Act. Senator Schumer 454 00:25:23,840 --> 00:25:26,360 Speaker 1: says the bill is named after fourteen year old Emmett Till, 455 00:25:26,440 --> 00:25:30,200 Speaker 1: who was lynched in Mississippi in nineteen In a victory 456 00:25:30,240 --> 00:25:33,080 Speaker 1: for Democrats, the Supreme Court has turned away efforts from 457 00:25:33,119 --> 00:25:37,720 Speaker 1: Republicans in North Carolina and Pennsylvania to block state court 458 00:25:37,840 --> 00:25:43,320 Speaker 1: ordered congressional districting plans. The justices are allowing maps elected 459 00:25:43,320 --> 00:25:46,000 Speaker 1: by each state Supreme Court to be in effect for 460 00:25:46,040 --> 00:25:49,520 Speaker 1: the twenty twenty two elections. Global News twenty four hours 461 00:25:49,520 --> 00:25:52,920 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 462 00:25:52,960 --> 00:25:55,359 Speaker 1: more than twenty seven hundred journalist and analysts more than 463 00:25:55,359 --> 00:25:59,040 Speaker 1: a hundred twenty countries. Michael Barr. This is Bloomberg Nathan. 464 00:25:59,160 --> 00:26:07,280 Speaker 1: Thanks Michael on Wall Street. Time for the Bloomberg Sports Update. 465 00:26:07,320 --> 00:26:10,160 Speaker 1: Here's John Stash Thanks Nathan. Knicks off the win Sunday 466 00:26:10,280 --> 00:26:12,120 Speaker 1: in l A over the Clippers that ended the seven 467 00:26:12,200 --> 00:26:15,119 Speaker 1: game losing Stig moved North, fell behind, and then last 468 00:26:15,200 --> 00:26:18,080 Speaker 1: year's all star led them Backs can take their first 469 00:26:18,160 --> 00:26:20,440 Speaker 1: lead to the game with a three. Granda lets it fly. 470 00:26:21,040 --> 00:26:24,439 Speaker 1: It hits for the right wing and the Knicks swats 471 00:26:24,520 --> 00:26:30,000 Speaker 1: down twenty have come back. They lead. It's Sacramento Randall 472 00:26:30,160 --> 00:26:33,280 Speaker 1: at the left wing steps out great pointster got it. 473 00:26:33,560 --> 00:26:36,879 Speaker 1: Julius Randall with thirty five points. He has matched his 474 00:26:36,960 --> 00:26:40,639 Speaker 1: season high. Nicks n have the calls. Knicks beat the 475 00:26:40,720 --> 00:26:43,840 Speaker 1: King's one thirty one one fifteen. They scored forty four 476 00:26:43,880 --> 00:26:46,600 Speaker 1: points to the third quarter. In Randolph, who was so 477 00:26:46,680 --> 00:26:49,159 Speaker 1: good last year not nearly as good this season, finished 478 00:26:49,200 --> 00:26:51,639 Speaker 1: with a career high forty six points. R J. Barrett 479 00:26:51,640 --> 00:26:54,280 Speaker 1: had a twenty nine and Manuel Quickly had twenty seven. 480 00:26:54,440 --> 00:26:57,840 Speaker 1: U B s areena wild third period, Colorado scored four 481 00:26:57,920 --> 00:27:00,199 Speaker 1: goals in the span of just over four minutes, led 482 00:27:00,280 --> 00:27:02,520 Speaker 1: five to one. The Islanders rally, but the league lending 483 00:27:02,560 --> 00:27:05,320 Speaker 1: Avalanche held on to wins five four Ols have lost 484 00:27:05,320 --> 00:27:08,120 Speaker 1: five of the last seven. The Seahawks of Wagner College, 485 00:27:08,160 --> 00:27:11,560 Speaker 1: with a win tonight in Smithfield, Rhode Island over Bryant College, 486 00:27:11,560 --> 00:27:14,280 Speaker 1: will win the Northeast Conference Tournament in advance to the 487 00:27:14,359 --> 00:27:16,640 Speaker 1: n C Double as Manhattan plays writer at the Matt 488 00:27:16,680 --> 00:27:19,080 Speaker 1: Turney Atlantic City of the a c C Tournament pickings 489 00:27:19,080 --> 00:27:22,240 Speaker 1: tonight at the Barkley Center. Jets owner Woody Johnson now 490 00:27:22,280 --> 00:27:25,080 Speaker 1: wants to buy Chelsea FC of the English Premier League, 491 00:27:25,280 --> 00:27:27,960 Speaker 1: currently owned by a Russian oligard. Price tag said to 492 00:27:28,000 --> 00:27:31,480 Speaker 1: me about two and a half billion dollars. If it's Tuesday, 493 00:27:31,640 --> 00:27:33,440 Speaker 1: it must be time to cancel. Another week of the 494 00:27:33,480 --> 00:27:35,520 Speaker 1: baseball regular season. Happen a week ago, and it will 495 00:27:35,560 --> 00:27:39,640 Speaker 1: happen again tonight if there's no lockout ending lads, John 496 00:27:39,680 --> 00:27:44,400 Speaker 1: Stall and Bloomberg sport so optimistic. Thank you John seven 497 00:27:44,400 --> 00:27:46,480 Speaker 1: on Wall Street time for the Tri State Business Report. 498 00:27:46,480 --> 00:27:49,640 Speaker 1: Here's Bloomberg, said Cory. New Jersey Governor Phil Murphy says 499 00:27:49,680 --> 00:27:53,560 Speaker 1: the state's considering action against dozens of Russian linked Luke 500 00:27:53,640 --> 00:27:57,600 Speaker 1: oil gas stations. Last week, he signed a proclamation directing 501 00:27:57,680 --> 00:28:01,359 Speaker 1: state agencies to review their authority is to spend licenses 502 00:28:01,359 --> 00:28:05,040 Speaker 1: of Russia owned businesses or firms that directly invest in 503 00:28:05,119 --> 00:28:08,680 Speaker 1: firms tied to Russia or Belarus. Rents in New York 504 00:28:08,760 --> 00:28:13,600 Speaker 1: rose thirty three percent between January twenty one in January two. 505 00:28:13,920 --> 00:28:17,560 Speaker 1: That's according to the online listing side Apartment List. The 506 00:28:17,640 --> 00:28:20,840 Speaker 1: increases about double the national rate and the highest increase 507 00:28:21,160 --> 00:28:24,080 Speaker 1: among the one hundred biggest American cities tracked by the 508 00:28:24,280 --> 00:28:27,280 Speaker 1: site New York City Subways. There's still only a little 509 00:28:27,320 --> 00:28:29,800 Speaker 1: more than a half full two years after the pandemic, 510 00:28:29,880 --> 00:28:33,760 Speaker 1: rock the finances the biggest US transportation network. In an 511 00:28:33,800 --> 00:28:36,040 Speaker 1: interview with Bloomberg, the head of the m t A 512 00:28:36,200 --> 00:28:39,400 Speaker 1: says he's now preparing for a future in which millions 513 00:28:39,400 --> 00:28:42,600 Speaker 1: of writers just don't return that your Bloomberg Try State 514 00:28:42,600 --> 00:28:45,680 Speaker 1: Business Report. I'm Ed Corey. Thanks at five thirty eight 515 00:28:45,680 --> 00:28:47,560 Speaker 1: on Wall Street. Bloomberg Radio is on the air from 516 00:28:47,600 --> 00:28:50,240 Speaker 1: San Francisco to New York, London to Hong Kong. Let's 517 00:28:50,280 --> 00:28:52,040 Speaker 1: check in with our global news team for some of 518 00:28:52,040 --> 00:28:54,560 Speaker 1: the top stories heard on our three hundred affiliate radio 519 00:28:54,600 --> 00:29:00,480 Speaker 1: stations around the world. I'm Steve Polas had Ted ted 520 00:29:00,560 --> 00:29:02,560 Speaker 1: Wins in New York. We're talking about how the flow 521 00:29:02,600 --> 00:29:05,480 Speaker 1: of lattes on Wall Street reflects their work. Turn to 522 00:29:05,520 --> 00:29:09,160 Speaker 1: the offers boost on the financial district. Um Corney's anaho 523 00:29:09,280 --> 00:29:12,560 Speaker 1: on Keral Dan Dallas airlines are facing a dilemma over 524 00:29:12,680 --> 00:29:16,080 Speaker 1: raising fares as fuel jumps. I'm Caroline Head called Bloomberg 525 00:29:16,120 --> 00:29:19,120 Speaker 1: Dave Digital Radio in London. Wom reporting on UK petrol 526 00:29:19,160 --> 00:29:22,000 Speaker 1: and diesel prices hitting a record as the war in 527 00:29:22,120 --> 00:29:26,400 Speaker 1: Ukraine offense markets. I'm in Corey on w w J 528 00:29:26,560 --> 00:29:29,880 Speaker 1: and Detroit. I'm Repoarding and development team wants to convert 529 00:29:29,960 --> 00:29:33,400 Speaker 1: an old picture body plant into apartments, retail and more. 530 00:29:34,320 --> 00:29:36,440 Speaker 1: Those are some of the stories our twenty seven hundred 531 00:29:36,440 --> 00:29:38,920 Speaker 1: Bloomberg journalists and analysts are working on this morning. Around 532 00:29:38,920 --> 00:29:41,320 Speaker 1: the world. It's five thirty nine on Wall Street. The 533 00:29:41,360 --> 00:29:46,040 Speaker 1: following is an editorial from Bloomberg Opinion. Across the US, 534 00:29:46,400 --> 00:29:49,240 Speaker 1: state and local officials have been putting forth high profile 535 00:29:49,280 --> 00:29:52,760 Speaker 1: plans to accept taxes in bitcoin. Meanwhile, the mayors of 536 00:29:52,800 --> 00:29:56,600 Speaker 1: two major American cities have taken their salaries in cryptocurrencies. 537 00:29:56,840 --> 00:29:59,800 Speaker 1: One can't help but appreciate the irony of officials rushing 538 00:29:59,800 --> 00:30:03,320 Speaker 1: to embrace crypto A movement originally aimed at obviating the 539 00:30:03,440 --> 00:30:06,840 Speaker 1: need for central authorities to be fair. The hype surrounding 540 00:30:06,840 --> 00:30:12,520 Speaker 1: blockchain technology isn't entirely unjustified. Properly regulated digital currencies could 541 00:30:12,520 --> 00:30:16,120 Speaker 1: potentially make the financial system more resilient, but the state 542 00:30:16,200 --> 00:30:19,680 Speaker 1: and local initiatives that issues seem mostly concerned with generating 543 00:30:19,720 --> 00:30:23,760 Speaker 1: publicity and latching onto the current crypto frenzy. That said, 544 00:30:23,960 --> 00:30:26,880 Speaker 1: there's nothing wrong with a bit of experimentation if it 545 00:30:26,920 --> 00:30:31,000 Speaker 1: doesn't harm anyone and might induce some innovation. Just don't 546 00:30:31,000 --> 00:30:34,520 Speaker 1: mistake it for the legitimization of a technology that still 547 00:30:34,600 --> 00:30:36,880 Speaker 1: has a long way to go. This editorial was written 548 00:30:36,880 --> 00:30:39,880 Speaker 1: by the Bloomberg Opinion Editorial Board. I'm David Shipley. For 549 00:30:39,920 --> 00:30:42,719 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 550 00:30:42,720 --> 00:30:46,720 Speaker 1: opinion or opion go on the Bloomberg terminal. This has 551 00:30:46,800 --> 00:30:50,040 Speaker 1: been Bloomberg opinion. You can hear Bloomberg opinion editorials every 552 00:30:50,040 --> 00:30:52,760 Speaker 1: weekday at this time. Terminal customers can read more at 553 00:30:52,800 --> 00:30:55,480 Speaker 1: op i end go and terminal customers may have seen 554 00:30:55,640 --> 00:30:58,200 Speaker 1: these red headlines cross the Bloomberg a couple of moments ago. 555 00:30:58,240 --> 00:31:01,160 Speaker 1: Shell says it will stop all spot purchases of Russian 556 00:31:01,160 --> 00:31:04,719 Speaker 1: crude oil and begin a phased withdrawal from Russian pipeline gas. 557 00:31:04,760 --> 00:31:08,240 Speaker 1: And l n G Shall bought a cargo of Russian 558 00:31:08,400 --> 00:31:11,680 Speaker 1: urals oil at a record discount last week. In a statement, 559 00:31:11,720 --> 00:31:16,800 Speaker 1: Shell CEO is apologizing. Futures mixed. Now you're listening to 560 00:31:16,840 --> 00:31:23,920 Speaker 1: Bloomberg day Break Bloomberg eleven three o weather sunny, breezy, 561 00:31:24,000 --> 00:31:27,280 Speaker 1: upper forties today, light snow tomorrow morning, ending his light 562 00:31:27,360 --> 00:31:30,560 Speaker 1: rain late tomorrow, upper thirties. We'll be back near fifty 563 00:31:30,560 --> 00:31:33,240 Speaker 1: and partly sunny by Thursday. Right now forty one in 564 00:31:33,240 --> 00:31:40,240 Speaker 1: Central Park Markets, headlines and breaking news twenty four hours 565 00:31:40,240 --> 00:31:43,240 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at 566 00:31:43,320 --> 00:31:52,600 Speaker 1: and at Bloomberg Quick Tape. He's a Bloomberg Business Flash 567 00:31:52,920 --> 00:31:55,280 Speaker 1: and I'm Cameron Moscow. This update brought to you by 568 00:31:55,440 --> 00:31:58,200 Speaker 1: s CI with an operating platform designed to support all 569 00:31:58,240 --> 00:32:02,520 Speaker 1: major asset classes, diverse diges and investment vehicles. Sci is 570 00:32:02,560 --> 00:32:05,640 Speaker 1: redefining wealth management. Learn more at sci c dot com. 571 00:32:05,680 --> 00:32:09,520 Speaker 1: Slash I m S. Stocks in Europe are rallying along 572 00:32:09,560 --> 00:32:12,800 Speaker 1: with US stock index futures every after we reported that 573 00:32:12,840 --> 00:32:16,120 Speaker 1: the European Union is considering joint bond sales to help 574 00:32:16,200 --> 00:32:20,240 Speaker 1: counter the fallout from Russia's invasion of Ukraine. Bonds are dropping, 575 00:32:20,280 --> 00:32:22,840 Speaker 1: the euro strengthening. We checked the markets every fifteen minutes 576 00:32:22,880 --> 00:32:26,560 Speaker 1: throughout the trading day on Bloomberg SMP futures up fifteen 577 00:32:26,600 --> 00:32:29,200 Speaker 1: points down, futures up seventy six. Nast day future is 578 00:32:29,280 --> 00:32:31,920 Speaker 1: up twenty eight The decks in Germany's up about six 579 00:32:31,920 --> 00:32:35,120 Speaker 1: tenths of upper cent ten. Your treasury down twenty thirty seconds. 580 00:32:35,120 --> 00:32:36,960 Speaker 1: You had one point eight four percent. They yield on 581 00:32:37,040 --> 00:32:39,719 Speaker 1: the two year one point five nine percent. Nine meg 582 00:32:39,760 --> 00:32:42,200 Speaker 1: Screwed oil is up two point nine percent of three 583 00:32:42,240 --> 00:32:44,560 Speaker 1: dollars forty one cents at a hundred twenty two dollars. 584 00:32:44,560 --> 00:32:47,120 Speaker 1: Eighty one cents of barrel comes called up eight tens 585 00:32:47,160 --> 00:32:50,800 Speaker 1: per cent, or fifteen dollars eighty cents at eleven seventy announced. 586 00:32:51,120 --> 00:32:54,160 Speaker 1: The euro one point zero eight eight two against the dollar. 587 00:32:54,240 --> 00:32:56,640 Speaker 1: British found one point three one to five. The ends 588 00:32:56,680 --> 00:32:59,880 Speaker 1: at one fifteen point six zero. Bitcoin is higher, up 589 00:32:59,880 --> 00:33:02,840 Speaker 1: a most three percent at thirty eight thousand, nine hundred dollars. 590 00:33:03,040 --> 00:33:05,400 Speaker 1: That's a Bloomberg bus and slash. Now Here's Michael Barr 591 00:33:05,480 --> 00:33:08,680 Speaker 1: with more on what's going on around the world. Michael Karen, 592 00:33:08,720 --> 00:33:12,360 Speaker 1: thank you very much. As the Russian invasion continues, Ukrainian 593 00:33:12,400 --> 00:33:16,760 Speaker 1: President Volodimir Zelinski hopes Russia will honor a ceasefire meant 594 00:33:16,760 --> 00:33:20,520 Speaker 1: to establish a humanitarian corridor rather than break it again. 595 00:33:21,080 --> 00:33:23,680 Speaker 1: Over one and a half million people have already fled 596 00:33:23,720 --> 00:33:26,880 Speaker 1: the country. Ukraine is demanding NATO imposed a no fly 597 00:33:27,080 --> 00:33:31,560 Speaker 1: zone to prevent further civilian deaths, though President Biden opposes this, 598 00:33:31,680 --> 00:33:36,360 Speaker 1: saying it risks direct conflict between NATO and Russia. According 599 00:33:36,400 --> 00:33:39,800 Speaker 1: to Triple A, the average gas prices in the US 600 00:33:39,840 --> 00:33:43,040 Speaker 1: at the pump are now more than four dollars seventeen 601 00:33:43,040 --> 00:33:47,440 Speaker 1: cents per gallant. The record prices come as man surges 602 00:33:47,520 --> 00:33:51,680 Speaker 1: and the war in Ukraine threatens global oil supplies. In 603 00:33:51,720 --> 00:33:55,400 Speaker 1: the NBA, the Knicks one, the Warriors lost. In the NHL, 604 00:33:55,480 --> 00:33:57,720 Speaker 1: the Islanders lost, the Bruins lost to o t to 605 00:33:57,760 --> 00:34:01,160 Speaker 1: the King's Three too Global twenty four hours a day 606 00:34:01,240 --> 00:34:04,480 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 607 00:34:04,560 --> 00:34:08,000 Speaker 1: twenty seven hundred journalists and analysts more than twenty countries. 608 00:34:08,360 --> 00:34:11,319 Speaker 1: Michael Barr, this is Bloomberg. Nathan Okay, Michael. Thanks, It's 609 00:34:11,360 --> 00:34:13,800 Speaker 1: five forty nine on Wall Street Live from the Bloomberg 610 00:34:13,840 --> 00:34:17,000 Speaker 1: Interactive Broker studios. This is Bloomberg Daybreak. Let's get more 611 00:34:17,040 --> 00:34:19,799 Speaker 1: now on the potential economic impact of the ongoing war 612 00:34:19,840 --> 00:34:23,160 Speaker 1: in Ukraine. Jennifer Lee is with us now, senior economist 613 00:34:23,239 --> 00:34:26,320 Speaker 1: at BEMO Capital Markets. Jennifer, it's always good to speak 614 00:34:26,360 --> 00:34:28,399 Speaker 1: with you. And as we heard from Michael Barr, yes, 615 00:34:28,520 --> 00:34:31,200 Speaker 1: gas prices are to record in this country. We're also 616 00:34:31,320 --> 00:34:34,760 Speaker 1: seeing huge surges and other commodities like of course crude 617 00:34:34,800 --> 00:34:38,359 Speaker 1: oil and the major spike in nickel wheat. So many 618 00:34:38,400 --> 00:34:43,000 Speaker 1: other assets are surging in price right now. What is 619 00:34:43,239 --> 00:34:49,399 Speaker 1: the potential economic impact of all these major gains in prices? Well, 620 00:34:49,400 --> 00:34:52,560 Speaker 1: good morning, Um, you know, I think they the impact 621 00:34:52,680 --> 00:34:57,400 Speaker 1: is clearly going to be negative for for the US economy. Um. 622 00:34:57,440 --> 00:34:59,520 Speaker 1: The good thing is that I will put up the 623 00:34:59,480 --> 00:35:01,960 Speaker 1: positive respect is at least the US is coming from 624 00:35:01,960 --> 00:35:05,279 Speaker 1: a position of strength right now. So instead of you know, 625 00:35:05,320 --> 00:35:08,080 Speaker 1: for example, we're gonna have percent growth that were we 626 00:35:08,080 --> 00:35:10,920 Speaker 1: were expecting this year, we're probably going to look at 627 00:35:11,080 --> 00:35:15,319 Speaker 1: slower growth. Still growth nonetheless, but clearly the impact of 628 00:35:15,480 --> 00:35:18,840 Speaker 1: inflation is going to have that damping impact overall. But 629 00:35:19,160 --> 00:35:21,520 Speaker 1: as as but I will also point out that consumers 630 00:35:21,560 --> 00:35:23,759 Speaker 1: we're gonna are going to be leaning on more of 631 00:35:23,760 --> 00:35:26,680 Speaker 1: their savings, so at least they have that cushion um, 632 00:35:26,680 --> 00:35:29,040 Speaker 1: which is uh, which is one piece of good news 633 00:35:29,080 --> 00:35:32,640 Speaker 1: I think for this When you see gas prices moving 634 00:35:32,680 --> 00:35:38,160 Speaker 1: this high, how does that affect other sectors of American 635 00:35:38,200 --> 00:35:43,160 Speaker 1: spending power. Well, first, it's going to hit obviously, maybe 636 00:35:43,160 --> 00:35:46,760 Speaker 1: the the the choice or the willingness to to drive. 637 00:35:46,840 --> 00:35:49,319 Speaker 1: You know, you can start seeing some pullback on that 638 00:35:49,400 --> 00:35:51,000 Speaker 1: and decisions on you know, do I need to go 639 00:35:51,040 --> 00:35:53,000 Speaker 1: to the store, or maybe I can get an extra 640 00:35:53,080 --> 00:35:55,759 Speaker 1: few things while I'm there to save myself the trip um. 641 00:35:55,800 --> 00:35:57,920 Speaker 1: But of course there's like it's it's not just gasoline 642 00:35:58,040 --> 00:36:00,879 Speaker 1: as well, it's it's all the under energy that are 643 00:36:01,000 --> 00:36:03,840 Speaker 1: used for business by businesses um. So you can you 644 00:36:03,880 --> 00:36:07,480 Speaker 1: can probably potentially see some pullback on business spending, on 645 00:36:07,480 --> 00:36:11,560 Speaker 1: on on capital spending, perhaps just because energy bills are 646 00:36:11,680 --> 00:36:14,000 Speaker 1: rising so quickly. I guess the question is going to 647 00:36:14,040 --> 00:36:16,719 Speaker 1: be how long this can be sustained for? If this 648 00:36:16,800 --> 00:36:20,240 Speaker 1: is going to be only another couple of weeks or whatever, 649 00:36:20,560 --> 00:36:22,279 Speaker 1: And I don't know how the answer to that that 650 00:36:22,320 --> 00:36:24,920 Speaker 1: would you know? Then then the longer term UM impact 651 00:36:25,000 --> 00:36:27,440 Speaker 1: I think would be minimal, but for certainly on the 652 00:36:27,480 --> 00:36:29,400 Speaker 1: short term, you know, even see a lot more choppiness 653 00:36:29,480 --> 00:36:32,360 Speaker 1: in terms of decision making, in terms of spending as well. 654 00:36:32,640 --> 00:36:36,520 Speaker 1: Do you think we're headed into stagflation in this country? Oh? 655 00:36:36,560 --> 00:36:40,280 Speaker 1: That that lovely words? So I remember some people we're 656 00:36:40,320 --> 00:36:43,320 Speaker 1: already talking about stagflation, but for for totally different reasons, 657 00:36:43,320 --> 00:36:46,239 Speaker 1: and I definitely shrug that one off. Now. I think, 658 00:36:46,400 --> 00:36:47,960 Speaker 1: you know, it's it's a little bit more humbling now, 659 00:36:48,040 --> 00:36:50,720 Speaker 1: but I think it is a possibility, something that would 660 00:36:50,760 --> 00:36:54,279 Speaker 1: certainly not dismiss. Maybe that is possible, I think for 661 00:36:54,440 --> 00:36:57,840 Speaker 1: Europe for sure, um as a stronger possibility as it 662 00:36:57,880 --> 00:37:00,520 Speaker 1: should say, But again the US is coming from stronger 663 00:37:00,960 --> 00:37:04,400 Speaker 1: um basis of strength as well, so I think it 664 00:37:04,520 --> 00:37:07,759 Speaker 1: is less likely but not unlikely, if I could be 665 00:37:07,800 --> 00:37:10,840 Speaker 1: so vague, Okay, how does this all affect the FED 666 00:37:11,120 --> 00:37:14,000 Speaker 1: and the path for interest rates? Does? Does the FED 667 00:37:14,080 --> 00:37:17,600 Speaker 1: need to act right now? I think right now they 668 00:37:17,640 --> 00:37:21,600 Speaker 1: still need to and and that first meeting is coming 669 00:37:21,680 --> 00:37:23,879 Speaker 1: to surround the corners just next week, so we still 670 00:37:23,880 --> 00:37:27,399 Speaker 1: continue to look for basis points next week and uh, 671 00:37:27,600 --> 00:37:30,520 Speaker 1: that's your power. Last week was extremely clear. I don't 672 00:37:30,520 --> 00:37:33,040 Speaker 1: think I've ever heard any central banker that clear. You know, 673 00:37:33,080 --> 00:37:34,640 Speaker 1: when he was saying that you know that that he 674 00:37:34,760 --> 00:37:37,080 Speaker 1: is going to be voting for a basis point rate hike, 675 00:37:37,360 --> 00:37:40,160 Speaker 1: he said that he would not be adverse to fifty 676 00:37:40,160 --> 00:37:43,560 Speaker 1: basis points at um at another meeting or meetings, And 677 00:37:43,600 --> 00:37:45,320 Speaker 1: I thought it was interesting that you use the plural 678 00:37:45,400 --> 00:37:48,000 Speaker 1: for meeting um. So I think that FED will continue 679 00:37:48,000 --> 00:37:51,040 Speaker 1: to move forward again. Our base case scenario is still 680 00:37:51,080 --> 00:37:54,200 Speaker 1: for five basis points. So I've moved this year, but 681 00:37:54,520 --> 00:37:56,239 Speaker 1: I think they're going to move a lot more cautiously. 682 00:37:56,280 --> 00:37:59,160 Speaker 1: It's not a guarantee for sure. They're going to keep 683 00:37:59,160 --> 00:38:01,919 Speaker 1: watching the data, watching markets to see, you know, how 684 00:38:02,000 --> 00:38:04,760 Speaker 1: how quickly they should and how firmly they should move ahead. 685 00:38:04,800 --> 00:38:07,880 Speaker 1: But interesting thing is that, you know, if um inslation, 686 00:38:08,040 --> 00:38:11,120 Speaker 1: you know, could potentially break put the brakes on on 687 00:38:11,200 --> 00:38:13,600 Speaker 1: economic growth a little bit at least um that might 688 00:38:13,640 --> 00:38:15,799 Speaker 1: actually do part of the job's defense job for it. 689 00:38:16,440 --> 00:38:18,600 Speaker 1: Thank you as always, Jennifer. Good to have you with us. 690 00:38:18,680 --> 00:38:23,000 Speaker 1: Jennifer Lee as senior economist at BEMO Capital Markets. Karen Hery, 691 00:38:23,040 --> 00:38:25,480 Speaker 1: Nathan thank you at five fifty three on Wall Street. 692 00:38:25,560 --> 00:38:27,840 Speaker 1: Time for our Bloomberg Law report. Let's get to the 693 00:38:27,920 --> 00:38:31,400 Speaker 1: legal stories we're watching this morning from Bloomberg's Jeff Bellinger. 694 00:38:34,800 --> 00:38:37,680 Speaker 1: In a decision that could affect thousands of defendants, the 695 00:38:37,760 --> 00:38:42,160 Speaker 1: Supreme Court curbed mandatory minimum sentences and federal gun cases. 696 00:38:42,280 --> 00:38:45,000 Speaker 1: The High Court sided with the defense, and a dispute 697 00:38:45,000 --> 00:38:48,440 Speaker 1: over what it means to commit crimes on different occasions. 698 00:38:48,480 --> 00:38:50,600 Speaker 1: The e p A will look into whether a silicone 699 00:38:50,680 --> 00:38:54,120 Speaker 1: chemical used in toys, autocare, and laundry products should be 700 00:38:54,160 --> 00:38:57,640 Speaker 1: restricted in some way because of potential risk. The City 701 00:38:57,640 --> 00:39:01,200 Speaker 1: of Los Angeles is suing Monsanto, charging that the company 702 00:39:01,280 --> 00:39:06,799 Speaker 1: is responsible for widespread contamination of waterways. Bloomberg Law everything 703 00:39:06,840 --> 00:39:10,960 Speaker 1: you need, all on one legal research platform, including guidance 704 00:39:11,000 --> 00:39:15,279 Speaker 1: analysis and Bloomberg market intelligence. Find out more at Bloomberg 705 00:39:15,360 --> 00:39:18,279 Speaker 1: Law dot com. All right, Jeff, thank you. Now. Another 706 00:39:18,360 --> 00:39:20,960 Speaker 1: legal story we're watching brings us to the Supreme Court. 707 00:39:21,080 --> 00:39:24,960 Speaker 1: It's refused to reinstate Bill Cosby's conviction for sexual assault, 708 00:39:25,040 --> 00:39:28,719 Speaker 1: rejecting an appeal by prosecutors in Pennsylvania without comment that 709 00:39:28,840 --> 00:39:31,600 Speaker 1: justice is left intact, or ruling that the state renegged 710 00:39:31,640 --> 00:39:34,799 Speaker 1: on an agreement not to prosecute Cosby. The eight four 711 00:39:34,880 --> 00:39:37,280 Speaker 1: year old is released from prison last year after serving 712 00:39:37,280 --> 00:39:39,760 Speaker 1: almost three years of a three to ten years sentence 713 00:39:40,080 --> 00:39:42,680 Speaker 1: for more in the case. During Grosso speaks to Bloomberg News, 714 00:39:42,719 --> 00:39:46,080 Speaker 1: Supreme Court reporter Great Store. What was the basis for 715 00:39:46,120 --> 00:39:49,800 Speaker 1: the appeal to the Supreme Court. Well, the Pennsylvania's Supreme 716 00:39:49,880 --> 00:39:53,680 Speaker 1: Court throughout Cosby's conviction and what the court said was 717 00:39:54,280 --> 00:39:57,360 Speaker 1: back when the first district attorney to look at the 718 00:39:57,440 --> 00:40:01,360 Speaker 1: case decided not to prosecute, he put out a press 719 00:40:01,400 --> 00:40:04,640 Speaker 1: release and according to the Pennsylvania Supreme Court, made a 720 00:40:04,719 --> 00:40:09,200 Speaker 1: promise that Cosby wouldn't be prosecuted. Then in a civil suit, 721 00:40:09,680 --> 00:40:13,840 Speaker 1: Cousby relied on that decision, according to the Pennsylvania Supreme Court, 722 00:40:14,160 --> 00:40:18,640 Speaker 1: and testified in that civil suit and incriminated himself. And 723 00:40:18,719 --> 00:40:22,400 Speaker 1: then a different district attorney came along and said, I 724 00:40:22,440 --> 00:40:24,680 Speaker 1: am going to prosecute and I'm going to use that 725 00:40:24,719 --> 00:40:29,920 Speaker 1: civil testimony in the prosecution. So that's why the conviction 726 00:40:30,000 --> 00:40:32,799 Speaker 1: was thrown out in the first place. And Pennsylvania prosecutors 727 00:40:32,800 --> 00:40:36,279 Speaker 1: went to the U. S. Supreme Court saying that the 728 00:40:36,320 --> 00:40:40,680 Speaker 1: Pennsylvania court had misunderstood the Fifth Amendment and the right 729 00:40:40,680 --> 00:40:45,600 Speaker 1: against self incrimination, and that Cosby's reliance on this alleged 730 00:40:45,680 --> 00:40:49,719 Speaker 1: promise was not reasonable. This is a very fact specific 731 00:40:49,840 --> 00:40:53,600 Speaker 1: case based on the very odd facts here. So that's 732 00:40:53,640 --> 00:40:55,840 Speaker 1: not the kind of case that the Supreme Court would 733 00:40:55,840 --> 00:40:59,680 Speaker 1: normally take. Yeah, and that maybe why the Supreme Court 734 00:40:59,719 --> 00:41:01,480 Speaker 1: that I not to take up the case. They may 735 00:41:01,520 --> 00:41:04,880 Speaker 1: well have agreed with that assessment. From the standpoint of 736 00:41:04,920 --> 00:41:08,799 Speaker 1: the prosecutors. They said, the legal question here was that 737 00:41:08,880 --> 00:41:12,040 Speaker 1: the Pennsylvania Court did not require Bill Cosby to show 738 00:41:12,080 --> 00:41:15,680 Speaker 1: that his reliance on the statements of the district attorney 739 00:41:15,960 --> 00:41:19,359 Speaker 1: was reasonable, And they say that's a legal air. The 740 00:41:19,400 --> 00:41:22,520 Speaker 1: courts should have required a showing that that caused me 741 00:41:22,600 --> 00:41:25,560 Speaker 1: acted reasonably. But we don't know what was said by 742 00:41:25,600 --> 00:41:29,720 Speaker 1: the district attorney to cause these lawyers beyond the press release. 743 00:41:30,640 --> 00:41:34,640 Speaker 1: Certainly what caused these lawyers argue, what the Pennsylvania's Supreme 744 00:41:34,640 --> 00:41:37,840 Speaker 1: Court found was that it wasn't just the press release 745 00:41:37,920 --> 00:41:40,640 Speaker 1: that he was relying on. That there was evidence that 746 00:41:40,680 --> 00:41:44,759 Speaker 1: there was indeed an agreement that he wouldn't be prosecuted. 747 00:41:45,080 --> 00:41:48,239 Speaker 1: And the motivation they say for that agreement was that 748 00:41:48,560 --> 00:41:51,399 Speaker 1: the district attorney has decided that it would be better 749 00:41:51,400 --> 00:41:55,000 Speaker 1: to let the civil case go forward rather than hold 750 00:41:55,040 --> 00:41:58,879 Speaker 1: the possibility of prosecution over Causby's head and thus keep 751 00:41:58,960 --> 00:42:01,040 Speaker 1: them from being able to tell to fy in that 752 00:42:01,120 --> 00:42:04,799 Speaker 1: civil case. And that's Bloomberg News Supreme Court reporter Greg 753 00:42:04,920 --> 00:42:08,160 Speaker 1: Store speaking with June Grosso. Catch more of that interview, 754 00:42:08,160 --> 00:42:11,200 Speaker 1: plus analysis of the latest legal news by listening to 755 00:42:11,200 --> 00:42:13,840 Speaker 1: the Bloomberg Law Show at ten pm Eastern Time or 756 00:42:13,840 --> 00:42:17,239 Speaker 1: subscribing to the Bloomberg Law Podcast. And attorneys can find 757 00:42:17,280 --> 00:42:20,879 Speaker 1: exceptional legal research and business development tools at Bloomberg Law 758 00:42:21,320 --> 00:42:24,640 Speaker 1: dot com. Again, Futures are on the rise this morning, 759 00:42:24,640 --> 00:42:27,680 Speaker 1: with SNP future is up eighteen points down, futures up 760 00:42:27,680 --> 00:42:30,719 Speaker 1: a hundred, nasday futures up thirty three, the ten year 761 00:42:30,719 --> 00:42:34,279 Speaker 1: treasury down eighteen thirty seconds, the yield one point eight 762 00:42:34,480 --> 00:42:36,759 Speaker 1: three percent, and the yield on the two year one 763 00:42:36,800 --> 00:42:41,160 Speaker 1: point five nine per cent, and still ahead. On Bloomberg 764 00:42:41,239 --> 00:42:43,480 Speaker 1: Day Break, a check on the business headlines and all 765 00:42:43,520 --> 00:42:46,080 Speaker 1: the news you need to start your day. This is 766 00:42:46,120 --> 00:42:46,719 Speaker 1: Bloomberg