1
00:00:02,480 --> 00:00:12,080
Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. Good morning, I'm Nathan

2
00:00:12,119 --> 00:00:15,080
Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

3
00:00:15,120 --> 00:00:15,960
Speaker 1: following today.

4
00:00:16,400 --> 00:00:20,279
Speaker 2: One of Wall Street's heavyweights says the US economy is

5
00:00:20,320 --> 00:00:23,079
Speaker 2: not out of the woods yet. We get the details

6
00:00:23,079 --> 00:00:24,920
Speaker 2: from Bloomberg's John Tucker, John.

7
00:00:24,800 --> 00:00:28,160
Speaker 3: And Nathan Jamie Diamond says, don't take a US recession

8
00:00:28,160 --> 00:00:31,200
Speaker 3: off the table just yet. The JP Morgan Chase CEO

9
00:00:31,360 --> 00:00:33,360
Speaker 3: telling a business son of the chance of a soft

10
00:00:33,440 --> 00:00:35,600
Speaker 3: landing in the next year or two, he's about thirty

11
00:00:35,640 --> 00:00:39,400
Speaker 3: five to forty percent. Diamond says, economic indicators and been

12
00:00:39,440 --> 00:00:42,479
Speaker 3: distorted by COVID nineteen and he takes them with a

13
00:00:42,560 --> 00:00:46,160
Speaker 3: grain of salt. Diamond telling the Financial Review business summit

14
00:00:46,240 --> 00:00:49,040
Speaker 3: in Sydney this morning, well, the US economy is kind

15
00:00:49,080 --> 00:00:52,680
Speaker 3: of booming currently, the risk of a recession remains. His

16
00:00:52,760 --> 00:00:56,440
Speaker 3: comments strike a slightly less optimistic tone in than the past.

17
00:00:56,760 --> 00:01:00,720
Speaker 3: He's also advising the Federal Reserve wait for more before

18
00:01:00,760 --> 00:01:04,160
Speaker 3: lowering interest rates. Offen Schaar Jerome Powell last week suggest

19
00:01:04,200 --> 00:01:06,679
Speaker 3: that the Central Bank is getting close to the confidence

20
00:01:06,720 --> 00:01:10,039
Speaker 3: it needs to start lowering interest rates, and traders are

21
00:01:10,080 --> 00:01:14,040
Speaker 3: fully pricing in a June rate cut. John Tucker, Bloomberg Radio.

22
00:01:14,040 --> 00:01:17,440
Speaker 1: All right, John, Thanks. While investors analyze Jamie Diamond's take

23
00:01:17,480 --> 00:01:20,200
Speaker 1: on the economy, they'll get another key reading on inflation.

24
00:01:20,360 --> 00:01:23,679
Speaker 1: This morning, we get the February reading on consumer prices

25
00:01:23,880 --> 00:01:26,080
Speaker 1: and a preview with Bloomberg's Michael McKee.

26
00:01:26,200 --> 00:01:29,880
Speaker 4: Two things should define February consumer prices, base effects and

27
00:01:30,080 --> 00:01:33,800
Speaker 4: seasonal factors. Because inflation was high a year ago, even

28
00:01:33,840 --> 00:01:36,480
Speaker 4: a fairly strong rise in prices will still send the

29
00:01:36,560 --> 00:01:40,600
Speaker 4: year over year numbers lower. The Fed will see continued progress.

30
00:01:41,319 --> 00:01:44,240
Speaker 4: January was also influenced by turn of the year price

31
00:01:44,280 --> 00:01:47,600
Speaker 4: increases that aren't expected to be repeated, which should mean

32
00:01:47,680 --> 00:01:51,320
Speaker 4: a retreat from that month's strong increase in inflation. The

33
00:01:51,360 --> 00:01:55,120
Speaker 4: category to watch, as always is housing. The government's home

34
00:01:55,160 --> 00:02:00,240
Speaker 4: ownership calculation was unexpectedly hot in January. Economists think that

35
00:02:00,320 --> 00:02:01,880
Speaker 4: fell back in February.

36
00:02:02,000 --> 00:02:02,160
Speaker 5: Micha.

37
00:02:02,160 --> 00:02:03,560
Speaker 4: I'm m Keey, Bloomberg Radio.

38
00:02:03,400 --> 00:02:04,080
Speaker 6: All right, Mike, Thanks.

39
00:02:04,160 --> 00:02:06,880
Speaker 2: Dan Asia's speculation is growing that the Bank of Japan

40
00:02:06,960 --> 00:02:10,160
Speaker 2: may be getting closer to raising interest rates. The decisions

41
00:02:10,200 --> 00:02:12,959
Speaker 2: do to be made at next week's policy meeting, and

42
00:02:13,040 --> 00:02:15,480
Speaker 2: sources to say a final decision will be made after

43
00:02:15,520 --> 00:02:19,000
Speaker 2: official see. The initial tally from spring wage talks on

44
00:02:19,080 --> 00:02:22,679
Speaker 2: Friday April remains the most popular prediction for a rate

45
00:02:22,720 --> 00:02:26,120
Speaker 2: move from the boj among economists surveyed by Bloomberg.

46
00:02:26,480 --> 00:02:29,360
Speaker 1: Well in Europe, Nathan Rupert Murdoch and News Corps designing

47
00:02:29,400 --> 00:02:31,880
Speaker 1: a joint bid for the Telegraph newspaper, and we get

48
00:02:31,880 --> 00:02:34,320
Speaker 1: the details from Bloomberg cun parts Ewan.

49
00:02:35,160 --> 00:02:37,240
Speaker 7: Good morning, karenon Nathan, it's the battle for the one

50
00:02:37,320 --> 00:02:40,760
Speaker 7: hundred and seventy five year old Telegraph newspaper. Bloomberger has

51
00:02:40,800 --> 00:02:43,160
Speaker 7: learned that Rupert Murdoch's News Corps, together with the owner

52
00:02:43,200 --> 00:02:45,560
Speaker 7: of the Daily Mail newspaper of Hell, talks about a

53
00:02:45,560 --> 00:02:49,080
Speaker 7: potential joint takeover of the Telegraph. The bid would come

54
00:02:49,080 --> 00:02:53,200
Speaker 7: together with UAE backed investment fund Redbird IMI. Now a

55
00:02:53,280 --> 00:02:55,600
Speaker 7: joint bid would result in a smaller state for the

56
00:02:55,600 --> 00:02:59,440
Speaker 7: Amorti Fund, and that's important because British politicians have expressed

57
00:02:59,520 --> 00:03:02,160
Speaker 7: uneasy about the sale of a street newspaper to a

58
00:03:02,160 --> 00:03:05,399
Speaker 7: Middle Eastern investor. I'm your pelt'spoinback radio.

59
00:03:05,160 --> 00:03:06,919
Speaker 2: All right you and thank you. Back In the US,

60
00:03:06,960 --> 00:03:09,639
Speaker 2: President Biden's mapping out a vision for a second term.

61
00:03:09,720 --> 00:03:12,760
Speaker 2: In his budget request for the next fiscal year, The

62
00:03:12,840 --> 00:03:16,280
Speaker 2: seven point three trillion dollar proposal calls for monthly tax

63
00:03:16,320 --> 00:03:20,560
Speaker 2: credits to offset high mortgage rates, childcare subsidies for parents,

64
00:03:20,600 --> 00:03:23,440
Speaker 2: and new powers to lower prescription drug costs. It would

65
00:03:23,440 --> 00:03:26,359
Speaker 2: be paid for in part with higher corporate taxes and

66
00:03:26,400 --> 00:03:30,480
Speaker 2: a new twenty five percent minimum tax on billionaires. President

67
00:03:30,560 --> 00:03:34,000
Speaker 2: Biden pitched the proposal during a stop in Goffstown, New Hampshire.

68
00:03:34,240 --> 00:03:36,160
Speaker 8: Now it's time to go further and give medicare the

69
00:03:36,160 --> 00:03:38,920
Speaker 8: power to negotiate lower prices or even more drugs over

70
00:03:38,960 --> 00:03:39,920
Speaker 8: the next decade.

71
00:03:40,160 --> 00:03:40,520
Speaker 9: Folks.

72
00:03:40,560 --> 00:03:43,480
Speaker 8: If we're able to do that will not only save lives,

73
00:03:43,720 --> 00:03:46,960
Speaker 8: We're going to save taxpayers and other estimated two hundred

74
00:03:47,000 --> 00:03:47,760
Speaker 8: billion dollars.

75
00:03:47,960 --> 00:03:50,680
Speaker 2: The President Biden's budget has little to no chance of

76
00:03:50,720 --> 00:03:53,880
Speaker 2: passing Congress, but he hopes it'll get voters backing before

77
00:03:53,880 --> 00:03:55,520
Speaker 2: the November election.

78
00:03:56,200 --> 00:03:58,440
Speaker 1: Well on Capitol Hill, Nathan and bill that would force

79
00:03:58,480 --> 00:04:01,520
Speaker 1: a sale of TikTok Is Steam in the House. The

80
00:04:01,600 --> 00:04:05,520
Speaker 1: legislation with block app stores and internet service providers from

81
00:04:05,520 --> 00:04:08,800
Speaker 1: offering the video sharing app unless it's Chinese owner by

82
00:04:08,920 --> 00:04:12,680
Speaker 1: Dance sells it within six months. Democratic Congressman Jamie Raskin

83
00:04:12,760 --> 00:04:14,920
Speaker 1: says it's a matter of national security.

84
00:04:15,240 --> 00:04:20,720
Speaker 10: Our freedom of speech does not depend on authoritarian government's

85
00:04:20,760 --> 00:04:22,479
Speaker 10: having access to our private data.

86
00:04:22,880 --> 00:04:25,680
Speaker 1: The former president Donald Trump is suggesting he no longer

87
00:04:25,760 --> 00:04:29,800
Speaker 1: supports banning TikTok. In an interview with CNBC, he said

88
00:04:29,880 --> 00:04:32,240
Speaker 1: Facebook is the real threat and a lot of kids

89
00:04:32,279 --> 00:04:34,800
Speaker 1: would go crazy, in his words, without TikTok.

90
00:04:35,000 --> 00:04:37,359
Speaker 6: The bill comes up for a vote in the House tomorrow.

91
00:04:37,560 --> 00:04:40,840
Speaker 2: In health News, Medicare may soon be required to cover

92
00:04:40,920 --> 00:04:45,000
Speaker 2: the blockbuster weight loss drug Wigovy for heart disease patients

93
00:04:45,040 --> 00:04:48,240
Speaker 2: with obesity. That story from Bloomberg's Jeff Bellinger.

94
00:04:48,800 --> 00:04:52,320
Speaker 11: Medicare, the federal health insurance program for the elderly and

95
00:04:52,400 --> 00:04:55,599
Speaker 11: some people on long term disability, does not currently cover

96
00:04:55,720 --> 00:04:59,040
Speaker 11: weight loss drugs, but after the FDA said with Goovy

97
00:04:59,200 --> 00:05:02,839
Speaker 11: could be used to helped prevent life threatening cardiovascular events,

98
00:05:03,080 --> 00:05:06,360
Speaker 11: it now raises the question of whether Medicare prescription drug

99
00:05:06,400 --> 00:05:08,880
Speaker 11: programs will have to cover it for patients with a

100
00:05:08,960 --> 00:05:12,520
Speaker 11: history of heart disease. A spokesperson tells us the Centers

101
00:05:12,560 --> 00:05:16,480
Speaker 11: for Medicare and Medicaid Services is reviewing the FDA's action

102
00:05:16,680 --> 00:05:19,080
Speaker 11: to expand the use of we go Vy to reduce

103
00:05:19,120 --> 00:05:22,920
Speaker 11: the risk of cardiovascular death, heart attack, and stroke in

104
00:05:22,960 --> 00:05:27,760
Speaker 11: adults with cardiovascular disease and either obesity or overweight. The

105
00:05:27,839 --> 00:05:31,039
Speaker 11: popular weight loss drug, which has helped millions of American

106
00:05:31,120 --> 00:05:35,320
Speaker 11: shed pounds, was given an expanded label by US regulators

107
00:05:35,400 --> 00:05:38,840
Speaker 11: last week. Jeff Bellinger, Bloomberg Radio, all.

108
00:05:38,839 --> 00:05:40,800
Speaker 1: Right, Jeff, thanks for staying in the medical field. One

109
00:05:40,800 --> 00:05:43,920
Speaker 1: of the biggest movers today is at Katia Pharmaceuticals AT

110
00:05:43,920 --> 00:05:46,800
Speaker 1: stock down eighteen percent in early trading. One of the

111
00:05:46,800 --> 00:05:49,479
Speaker 1: company's drugs failed to meet goals of a late stage

112
00:05:49,560 --> 00:05:52,039
Speaker 1: trial in a trial for schizophrenia.

113
00:05:52,200 --> 00:05:54,200
Speaker 2: On the flip side, Care and shares of Oracle are

114
00:05:54,240 --> 00:05:57,880
Speaker 2: surging thirteen and a half percent after reporting strong sales

115
00:05:58,080 --> 00:06:01,560
Speaker 2: with growth in its closely watched cloud computing business were

116
00:06:01,600 --> 00:06:03,320
Speaker 2: on that from Bloomberg's Charlie Pellett.

117
00:06:03,480 --> 00:06:07,479
Speaker 9: Cloud revenue jump twenty five percent to five point one

118
00:06:07,520 --> 00:06:10,960
Speaker 9: billion dollars in the period that ended in February. That

119
00:06:11,160 --> 00:06:14,840
Speaker 9: surpassed Wall Street's five point zero six billion dollar estimate.

120
00:06:15,200 --> 00:06:17,920
Speaker 9: Of that, one point eight billion came from renting out

121
00:06:17,960 --> 00:06:21,320
Speaker 9: computing power and storage over the Internet, on three point

122
00:06:21,400 --> 00:06:25,400
Speaker 9: three billion from applications The Austin based company known for

123
00:06:25,440 --> 00:06:29,920
Speaker 9: its database software, is focused on expanding its cloud infrastructure

124
00:06:29,960 --> 00:06:35,159
Speaker 9: business to more forcefully compete with Amazon, Microsoft, and Alphabet's Google.

125
00:06:35,600 --> 00:06:38,600
Speaker 9: In New York, Charlie Pellett Bloomberg.

126
00:06:38,120 --> 00:06:39,840
Speaker 6: Radio, All right, Charlie, thanks well.

127
00:06:39,880 --> 00:06:41,960
Speaker 1: Pay raises for a pair of top of Bank of

128
00:06:42,000 --> 00:06:45,960
Speaker 1: America execs. Even after the CEO's pay was cut, the

129
00:06:46,000 --> 00:06:48,919
Speaker 1: bank disclosed pay increases of more than ten percent for

130
00:06:49,000 --> 00:06:52,440
Speaker 1: two of its highest ranking executives. Chief Financial Officer Alistair

131
00:06:52,440 --> 00:06:56,479
Speaker 1: Borthwick and Jim Demare headed the bank's Global Markets division.

132
00:06:56,760 --> 00:06:59,839
Speaker 1: The pay boosts come a month after reporting CEO Brian

133
00:07:00,000 --> 00:07:03,440
Speaker 1: when ahance compensation was cut in twenty twenty three. Borthwick's

134
00:07:03,440 --> 00:07:06,520
Speaker 1: total compensation climbed to twelve million dollars year, while Jim

135
00:07:06,560 --> 00:07:13,240
Speaker 1: Damari saw his pay rise to twenty one million. Time

136
00:07:13,280 --> 00:07:14,760
Speaker 1: now for a look at some of the other stories

137
00:07:14,800 --> 00:07:16,800
Speaker 1: making news in New York and around the world. For that,

138
00:07:16,840 --> 00:07:19,720
Speaker 1: we're joined by Bloomberg's Michael Barr. Michael, good morning.

139
00:07:19,800 --> 00:07:22,920
Speaker 5: Good morning herein the Israeli military says about one hundred

140
00:07:22,960 --> 00:07:27,679
Speaker 5: projectiles were launched from Lebanon into Israel today. It comes

141
00:07:27,720 --> 00:07:30,800
Speaker 5: after Palestinians and Gaza began fasting for the holy month

142
00:07:30,840 --> 00:07:34,160
Speaker 5: of Ramadan. There were no immediate reports of injuries or

143
00:07:34,400 --> 00:07:37,720
Speaker 5: damage following the strikes, which appeared to be in response

144
00:07:37,760 --> 00:07:41,440
Speaker 5: to Israeli airstrikes deep inside Lebanon. On Monday, you Win

145
00:07:41,560 --> 00:07:46,560
Speaker 5: Secretary General Antonio Guterres called for an immediate ceasefire in Gaza.

146
00:07:46,920 --> 00:07:49,520
Speaker 5: Goud Terra says, the eyes of the world and history

147
00:07:49,560 --> 00:07:50,120
Speaker 5: are watching.

148
00:07:50,480 --> 00:07:53,800
Speaker 12: We have witness months after months of civilian killing and

149
00:07:53,880 --> 00:07:57,600
Speaker 12: destruction at the level that is unprecedented in all my

150
00:07:57,760 --> 00:08:02,800
Speaker 12: years as Secretary General. Meanwhile, life saving relief for Palestinians

151
00:08:02,840 --> 00:08:06,840
Speaker 12: in Gaza is coming in trickles, if it comes at all.

152
00:08:07,120 --> 00:08:11,280
Speaker 5: The uns Antonio Guterre says, hunger and the humanitarian crisis

153
00:08:11,280 --> 00:08:16,480
Speaker 5: are worsening across Gozam. The Republican National Committee just fired

154
00:08:16,520 --> 00:08:20,960
Speaker 5: more than sixty saffers yesterday, just days after Donald Trump,

155
00:08:21,000 --> 00:08:26,280
Speaker 5: the party's presumptive nominee, handpicked the organization's leadership. According to

156
00:08:26,320 --> 00:08:30,440
Speaker 5: people familiar with the matter, Chris Lasovita, senior Trump aid,

157
00:08:30,840 --> 00:08:35,319
Speaker 5: is splitting time between advising the presidential campaign and as

158
00:08:35,360 --> 00:08:39,679
Speaker 5: the committee's chief operating officer. On Friday, the RNC voted

159
00:08:39,720 --> 00:08:44,079
Speaker 5: to install North Carolina Republican Committee chair Michael Watley and

160
00:08:44,160 --> 00:08:48,120
Speaker 5: the ex president's daughter in law, Laura Trump as co chairs.

161
00:08:48,559 --> 00:08:52,120
Speaker 5: Joe Biden and Donald Trump hope to clinch their party's

162
00:08:52,200 --> 00:08:57,439
Speaker 5: presidential nominations with dominant victories in state primaries. Today. Primary

163
00:08:57,480 --> 00:09:01,800
Speaker 5: contest will be held in Georgia, Washington State, Mississippi, and Hawaii.

164
00:09:02,400 --> 00:09:04,959
Speaker 5: In what may be a major step towards the end

165
00:09:05,040 --> 00:09:08,080
Speaker 5: of the violence in Haiti, the nation's acting Prime Minister

166
00:09:08,200 --> 00:09:12,400
Speaker 5: will resign. The Caribbean Community Organization announced late last night

167
00:09:12,800 --> 00:09:15,839
Speaker 5: that Ariel Henry will step down once an interim leader

168
00:09:15,880 --> 00:09:20,760
Speaker 5: has been named. Ginese President Irfan Ali made the announcement

169
00:09:20,960 --> 00:09:22,120
Speaker 5: at a conference in Jamaica.

170
00:09:22,640 --> 00:09:27,600
Speaker 13: We acknowledge the resignation of Prime Minister Ariel Henri upon

171
00:09:27,640 --> 00:09:32,600
Speaker 13: the establishment of a transitional Presidential Council and the naming

172
00:09:32,720 --> 00:09:34,120
Speaker 13: of an interim Prime Minister.

173
00:09:34,720 --> 00:09:37,160
Speaker 5: This comes amid a surge of gang violence that has

174
00:09:37,160 --> 00:09:40,800
Speaker 5: pushed the country to the brink of anarchy. Remember the

175
00:09:40,960 --> 00:09:43,920
Speaker 5: Brooklyn preacher who was robbed of a million dollars of

176
00:09:44,000 --> 00:09:47,760
Speaker 5: jewelry during a church service. Now Lamar Miller whiteh had

177
00:09:47,960 --> 00:09:51,680
Speaker 5: known for his flashy lifestyle, was found guilty in federal

178
00:09:51,760 --> 00:09:55,880
Speaker 5: court in Manhattan of wire fraud, attempted extortion, and lying

179
00:09:55,920 --> 00:09:59,160
Speaker 5: to the FBI Global News twenty four hours a day

180
00:09:59,200 --> 00:10:01,760
Speaker 5: and whenever you want it with the Bloomberg News Now.

181
00:10:01,880 --> 00:10:04,120
Speaker 5: I'm Michael Barr, and this is Bloomberg Karen.

182
00:10:04,280 --> 00:10:05,280
Speaker 6: All right, Michael, thank you.

183
00:10:05,280 --> 00:10:05,439
Speaker 4: Well.

184
00:10:05,440 --> 00:10:07,480
Speaker 1: We do bring a news throughout the day here on

185
00:10:07,520 --> 00:10:09,880
Speaker 1: Bloomberg Radio. But now you can get the latest news

186
00:10:09,920 --> 00:10:13,679
Speaker 1: on demand whenever you want it. Just subscribe to Bloomberg

187
00:10:13,840 --> 00:10:16,319
Speaker 1: News Now to get the latest headlines read at the

188
00:10:16,360 --> 00:10:19,400
Speaker 1: click of a button. Get informed on your schedule. You

189
00:10:19,440 --> 00:10:22,640
Speaker 1: can listen and subscribe to Bloomberg News Now on the

190
00:10:22,679 --> 00:10:26,640
Speaker 1: Bloomberg Business app, Bloomberg dot Com, plus apples, Spotify, and

191
00:10:26,720 --> 00:10:34,120
Speaker 1: anywhere else you get your podcasts. Time now for the

192
00:10:34,160 --> 00:10:37,040
Speaker 1: Bloomberg Sports Update, brought to you by Tri State OUDI.

193
00:10:37,120 --> 00:10:39,440
Speaker 1: For that, we bring in John stash Hour, John.

194
00:10:39,400 --> 00:10:40,120
Speaker 6: Okay, Kearn.

195
00:10:40,120 --> 00:10:43,240
Speaker 14: A flurry of NFL off season activity, with the Giants

196
00:10:43,280 --> 00:10:46,920
Speaker 14: adding four players all after the news that Saquon Barkley

197
00:10:47,480 --> 00:10:50,120
Speaker 14: was leaving, not a surprise since he was a free agent,

198
00:10:50,240 --> 00:10:52,000
Speaker 14: but it is a bit of a sting to Giants

199
00:10:52,000 --> 00:10:55,280
Speaker 14: fans that he's going to their division rival Philadelphia Eagles

200
00:10:55,320 --> 00:10:57,240
Speaker 14: got more money from Philly than the Giants are willing

201
00:10:57,240 --> 00:10:59,720
Speaker 14: to give him just under sixteen million a year, second

202
00:10:59,720 --> 00:11:02,000
Speaker 14: most thankver for a running back. The Giants will replace

203
00:11:02,120 --> 00:11:05,719
Speaker 14: Barkley with Devin Singletary. Brian Dabole knows him from his

204
00:11:05,800 --> 00:11:09,160
Speaker 14: time in Buffalo. Last season in Houston, Singletary had over

205
00:11:09,200 --> 00:11:11,560
Speaker 14: one thousand yards from scrimmage. Help coming to the giants

206
00:11:11,640 --> 00:11:15,120
Speaker 14: much beligned offensive line. They signed guard John Runyon from

207
00:11:15,120 --> 00:11:18,400
Speaker 14: Green Bay, tackled Jermaine lu Muner from the Raiders, and

208
00:11:18,440 --> 00:11:21,120
Speaker 14: the Giants have added a big time pass rusher, Brian

209
00:11:21,120 --> 00:11:24,120
Speaker 14: Burns was a Pro bowler with Carolina. Giants sent two

210
00:11:24,200 --> 00:11:26,920
Speaker 14: draft picks with the Panthers to get Burns. They quickly

211
00:11:26,960 --> 00:11:29,120
Speaker 14: locked him up with a one hundred and fifty million

212
00:11:29,160 --> 00:11:31,480
Speaker 14: dollar contract. As for the Jets, they signed guard John

213
00:11:31,520 --> 00:11:34,839
Speaker 14: Simpson from the Ravens, defensive lineman Javon Kinlow from the

214
00:11:34,880 --> 00:11:37,719
Speaker 14: forty nine ers, and unlike last year, the Jets now

215
00:11:37,760 --> 00:11:41,640
Speaker 14: have a dependable backup quarterback, signing veteran Tyrod Taylor, who

216
00:11:41,720 --> 00:11:44,319
Speaker 14: was most recently a Giant. The Falcons have their QB

217
00:11:44,720 --> 00:11:47,520
Speaker 14: signing Kirk Cousins. Four years one hundred and eighty million.

218
00:11:47,559 --> 00:11:50,360
Speaker 14: If he makes all that, Cousins will have earned over

219
00:11:50,440 --> 00:11:53,839
Speaker 14: four hundred million dollars in his career. Today is Darryl

220
00:11:53,920 --> 00:11:57,680
Speaker 14: Strawberry's sixty second birthday. He's in a hospital in Saint Louis,

221
00:11:57,720 --> 00:12:00,440
Speaker 14: the ex met and Yankee slugger revealed, but he just

222
00:12:00,440 --> 00:12:02,559
Speaker 14: suffered a heart attack, but set in his post it

223
00:12:02,640 --> 00:12:05,240
Speaker 14: all was well. The Yankees, holding their breath should learn

224
00:12:05,320 --> 00:12:08,040
Speaker 14: today the results of the Mrion Garrett Cole's elbow the

225
00:12:08,040 --> 00:12:11,199
Speaker 14: aceh picture of feeling discomfort at the Garden. Rangers beat

226
00:12:11,200 --> 00:12:13,160
Speaker 14: the Devils three to one, the Islanders six game win

227
00:12:13,200 --> 00:12:16,480
Speaker 14: streak and did shut out in LA three nothing. Bruins

228
00:12:16,520 --> 00:12:19,760
Speaker 14: and Capitals both lost Eelphics and Warriors one.

229
00:12:19,880 --> 00:12:23,440
Speaker 2: John Stashawa Bloomberg Sports Karen and Nathan Okay, John. Thanks,

230
00:12:23,559 --> 00:12:26,840
Speaker 2: Let's get more now on the latest economic forecast from

231
00:12:27,280 --> 00:12:30,880
Speaker 2: JP Morgan Chase CEO. Jamie Diamond, the Wall Street giant

232
00:12:30,920 --> 00:12:34,040
Speaker 2: who once warned an economic hurricane was coming for the US,

233
00:12:34,120 --> 00:12:35,760
Speaker 2: now says he would not take the risk of a

234
00:12:35,760 --> 00:12:38,920
Speaker 2: recession off the table just yet, though he says that

235
00:12:38,960 --> 00:12:40,680
Speaker 2: doesn't mean the FED should jump the gun when it

236
00:12:40,679 --> 00:12:42,520
Speaker 2: comes to cutting interest rates. For more on this, we're

237
00:12:42,559 --> 00:12:46,240
Speaker 2: joined by Bloomberg's Kritty Gupta. So Critty maybe a little

238
00:12:46,280 --> 00:12:50,120
Speaker 2: bit of tempering here of the economic warning signs, but

239
00:12:50,480 --> 00:12:52,640
Speaker 2: Jamie Diamond is still sounding a bit of an alarm,

240
00:12:53,200 --> 00:12:53,840
Speaker 2: a little.

241
00:12:53,640 --> 00:12:56,280
Speaker 15: Bit of an alarm, but not something that's that counter

242
00:12:56,400 --> 00:12:59,160
Speaker 15: two consensus. Look, he does say in this interview that

243
00:12:59,280 --> 00:13:02,320
Speaker 15: seventy to eighty percent of excuse me, I say markets

244
00:13:02,320 --> 00:13:04,760
Speaker 15: are pricing in a seventy eighty percent chance of a

245
00:13:04,800 --> 00:13:07,400
Speaker 15: soft landing, which basically means everything is going to go find.

246
00:13:07,440 --> 00:13:10,320
Speaker 15: He even says that the worst case scenario, it looks like,

247
00:13:10,360 --> 00:13:13,079
Speaker 15: would just be stagflation, which even that is better than

248
00:13:13,160 --> 00:13:16,440
Speaker 15: a recession. That being said, he's really pointing to the

249
00:13:16,480 --> 00:13:19,240
Speaker 15: idea of the Fed cannot jump the gun when it

250
00:13:19,240 --> 00:13:21,040
Speaker 15: comes to cutting interest rates, and he says, look, you're

251
00:13:21,040 --> 00:13:23,840
Speaker 15: still dealing with very strong employment numbers, very strong wages

252
00:13:23,840 --> 00:13:26,640
Speaker 15: that are continuing to go up. He actually says the

253
00:13:26,679 --> 00:13:29,880
Speaker 15: credibility is the bigger worry here, that the Fed's credibility.

254
00:13:30,080 --> 00:13:31,079
Speaker 6: They have a lot going.

255
00:13:30,920 --> 00:13:32,920
Speaker 15: For them right now, they've been right in a lot

256
00:13:32,920 --> 00:13:37,359
Speaker 15: of ways, but they've also can't really kind of accelerate

257
00:13:37,400 --> 00:13:39,440
Speaker 15: because of those market pressures, and that's kind of what

258
00:13:39,480 --> 00:13:42,240
Speaker 15: he's pointing to. He's still, i mean saying, look, the

259
00:13:42,240 --> 00:13:44,480
Speaker 15: consumer is still very strong, which is why he's a

260
00:13:44,520 --> 00:13:47,840
Speaker 15: stagnation is a more likely scenario than recession, but he says,

261
00:13:47,880 --> 00:13:49,840
Speaker 15: still pointing out that it's not completely off the table,

262
00:13:49,840 --> 00:13:52,240
Speaker 15: which again, Nathan, not out of the ordinary.

263
00:13:52,520 --> 00:13:56,000
Speaker 2: Yeah, well, I mean, but more recently Critty, the JP

264
00:13:56,120 --> 00:13:58,720
Speaker 2: Morgan's CEO, had been sounding a little bit more positive

265
00:13:59,240 --> 00:14:02,120
Speaker 2: about the market. Get outlook, what's behind this view that

266
00:14:02,240 --> 00:14:05,360
Speaker 2: things might be changing just a little bit when it

267
00:14:05,400 --> 00:14:07,920
Speaker 2: comes to the outlook for markets.

268
00:14:08,200 --> 00:14:09,840
Speaker 15: Well, I think it's a similar outlook that a lot

269
00:14:09,880 --> 00:14:12,400
Speaker 15: of the economists and strategist we speak to have been saying,

270
00:14:12,440 --> 00:14:14,520
Speaker 15: which is that this is looking a little too good

271
00:14:14,520 --> 00:14:17,640
Speaker 15: to be true in that, yes, there is consumer resilience.

272
00:14:17,679 --> 00:14:20,000
Speaker 15: And Jamie Diamond, even Brian moynihan over at Bank of

273
00:14:20,000 --> 00:14:23,200
Speaker 15: America have both been some pretty strong advocates for the

274
00:14:23,320 --> 00:14:25,320
Speaker 15: US consumer and have been right in that it's the

275
00:14:25,440 --> 00:14:27,560
Speaker 15: US consumer that's strong, whereas if you look at Europe

276
00:14:27,640 --> 00:14:29,680
Speaker 15: or Asia, that's where we're actually seeing a lot of

277
00:14:29,720 --> 00:14:32,240
Speaker 15: the weakness. The concern is that there is such a

278
00:14:32,240 --> 00:14:34,320
Speaker 15: thing as too strong, as my mom would say, and

279
00:14:34,320 --> 00:14:36,160
Speaker 15: I would never admit this to her. She's a good thing,

280
00:14:36,200 --> 00:14:39,200
Speaker 15: she's still asleep. Too much of a good thing is

281
00:14:39,240 --> 00:14:41,640
Speaker 15: a bad thing, and everything in moderation. I think that's

282
00:14:41,680 --> 00:14:43,480
Speaker 15: kind of the point that Jamie Diamond is getting to,

283
00:14:43,520 --> 00:14:46,080
Speaker 15: Whereas that if you're talking about that kind of strong

284
00:14:46,120 --> 00:14:49,720
Speaker 15: consumer that continues to be strong, well, that is inflationary

285
00:14:49,800 --> 00:14:53,360
Speaker 15: and at its worst stagflationary, which means that ultimately things

286
00:14:53,360 --> 00:14:56,120
Speaker 15: could get stuck at a point where you're only growing

287
00:14:56,360 --> 00:14:59,000
Speaker 15: so much, and in the long term that is actually

288
00:14:59,000 --> 00:14:59,840
Speaker 15: a negative thing.

289
00:15:00,160 --> 00:15:00,880
Speaker 6: History has shown.

290
00:15:01,200 --> 00:15:02,960
Speaker 2: Yeah, And one thing that stood out to me from

291
00:15:03,200 --> 00:15:06,120
Speaker 2: Jamie Diamond's comments to this summit is that we should

292
00:15:06,120 --> 00:15:09,560
Speaker 2: take post COVID economic data with a grain of salt.

293
00:15:09,680 --> 00:15:12,920
Speaker 2: I guess that speaks to this idea of fed caution

294
00:15:13,160 --> 00:15:14,520
Speaker 2: fed credibility as well.

295
00:15:15,400 --> 00:15:20,160
Speaker 15: It does look fed caution fed credibility are two different

296
00:15:20,240 --> 00:15:24,000
Speaker 15: things here, because the reason that the Federal Reserve might

297
00:15:24,040 --> 00:15:26,120
Speaker 15: actually be thinking of kind of front running these cuts,

298
00:15:26,160 --> 00:15:28,280
Speaker 15: which by the way, all indications point to June in

299
00:15:28,360 --> 00:15:30,720
Speaker 15: terms of kind of the pushback that Chair Powell has

300
00:15:30,760 --> 00:15:32,920
Speaker 15: received and could even push it back further. But a

301
00:15:32,960 --> 00:15:35,040
Speaker 15: lot of the concerns here is that the markets are

302
00:15:35,120 --> 00:15:38,240
Speaker 15: ultimately driving the inflationary story. And Nathan, I'm going to

303
00:15:38,400 --> 00:15:40,160
Speaker 15: nerd out for a second. Bear with me, hold your

304
00:15:40,160 --> 00:15:43,520
Speaker 15: breath if you can. But basically, you're seeing so much

305
00:15:43,560 --> 00:15:45,520
Speaker 15: money on the front end of the curve that the

306
00:15:45,600 --> 00:15:48,360
Speaker 15: direct impact into the economy from the markets is just

307
00:15:48,520 --> 00:15:51,080
Speaker 15: bigger than it usually is. Because of the way the

308
00:15:51,120 --> 00:15:53,440
Speaker 15: markets are functioning on the front end, they're not diving

309
00:15:53,480 --> 00:15:55,960
Speaker 15: into ten years or thirty years for the bond market.

310
00:15:56,160 --> 00:15:58,240
Speaker 15: And that's the concern for the Federal Reserve because we

311
00:15:58,280 --> 00:16:00,200
Speaker 15: talk a lot about well, they could cut rate, then

312
00:16:00,200 --> 00:16:03,200
Speaker 15: the economy will feel that rate cut twelve to eighteen

313
00:16:03,240 --> 00:16:05,320
Speaker 15: months down the road. That's why the lag is so important.

314
00:16:05,320 --> 00:16:08,000
Speaker 15: But what happens if you're starting to see the markets

315
00:16:08,040 --> 00:16:09,720
Speaker 15: a little bit more in control. There was a FED

316
00:16:09,760 --> 00:16:13,240
Speaker 15: survey out yesterday that suggested that people are expecting inflation

317
00:16:13,320 --> 00:16:17,040
Speaker 15: expectations higher that perhaps even in today's CPI report you

318
00:16:17,080 --> 00:16:19,760
Speaker 15: could see an uptick in inflation for the second time

319
00:16:19,840 --> 00:16:22,440
Speaker 15: in a row. What does the market do when you

320
00:16:22,480 --> 00:16:24,360
Speaker 15: see that kind of data and do that Does that

321
00:16:24,400 --> 00:16:26,720
Speaker 15: have a more direct impact on the economy than what

322
00:16:26,760 --> 00:16:29,000
Speaker 15: the Federal Reserve decides to do in a couple months time.

323
00:16:32,040 --> 00:16:34,960
Speaker 10: This is Bloomberg day Break Today, your morning brief on

324
00:16:35,040 --> 00:16:38,680
Speaker 10: the stories making news from Wall Street to Washington and beyond.

325
00:16:38,840 --> 00:16:41,560
Speaker 1: Look for us on your podcast feed at six am

326
00:16:41,680 --> 00:16:45,360
Speaker 1: Eastern each morning, on Apple, Spotify, and anywhere else you

327
00:16:45,400 --> 00:16:46,560
Speaker 1: get your podcasts.

328
00:16:46,720 --> 00:16:49,400
Speaker 10: You can also listen live each morning starting at five

329
00:16:49,440 --> 00:16:52,120
Speaker 10: am Wall Street time on Bloomberg eleven three to zero

330
00:16:52,120 --> 00:16:54,920
Speaker 10: in New York, Bloomberg ninety nine to one in Washington,

331
00:16:55,040 --> 00:16:58,120
Speaker 10: Bloomberg one oh six' one in Boston, and Bloomberg nine

332
00:16:58,280 --> 00:16:59,680
Speaker 10: sixty in San Francisco.

333
00:17:00,080 --> 00:17:03,200
Speaker 1: Our flagship New York station is also available on your

334
00:17:03,280 --> 00:17:08,719
Speaker 1: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus.

335
00:17:08,720 --> 00:17:12,159
Speaker 10: Listen coast to coast on the Bloomberg Business app, SERRIUSXM,

336
00:17:12,280 --> 00:17:16,520
Speaker 10: the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager.

337
00:17:16,320 --> 00:17:17,480
Speaker 6: And I'm Karen Moscow.

338
00:17:17,680 --> 00:17:20,439
Speaker 1: Join us again tomorrow morning for all the news you

339
00:17:20,560 --> 00:17:23,760
Speaker 1: need to start your day, right here on Bloomberg Daybreak