Speaker 1: Live from the Bloomberg Interactive Broker Studios. Is Bloomberg Daybreak
Speaker 1: for Wednesday July Coming up this hour. Former President Trump's
Speaker 1: efforts to create fake electors said to be probed by
Speaker 1: the Justice Department. Investors wait for a widely expected seventy
Speaker 1: five basis point hike from the Fed. Futures jump following
Speaker 1: earnings from Microsoft and Alphabet, and President Biden prepares to
Speaker 1: meet China's hijin Ping as fresh tension swirl over time,
Speaker 1: one New York Mayor Eric Adams says the era of catch,
Speaker 1: release repeat for criminals has to end. Plus no jackpot
Speaker 1: winner in the Mega Millions lottery on Michael Barre Ahead,
Speaker 1: I've done standshower and four Yankee six to three to
Speaker 1: start the Subway series, which ends tonight at City V.
Speaker 1: That's all training ahead on Bloomberg Daybreak on Bloomberg he
Speaker 1: Living three on New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco,
Speaker 1: Sirius x M one nine Team, and around the world
Speaker 1: on Bloomberg Radio dot Com and via The Bloomberg Business.
Speaker 1: Good Morning, I'm Nathan Hagar. And I'm Karen Moscow. US
Speaker 1: DOT index futures on the rise this morning. We are
Speaker 1: coming here to six oh one on Wall Street, and
Speaker 1: we checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg S and P futures up thirty six points down.
Speaker 1: Futures have one forty seven and as day futures have
Speaker 1: one eighty one. Ten year Treasury up five thirty seconds.
Speaker 1: You two point seven eight percent. They yield on the
Speaker 1: two year three point oh four percent, and nine n
Speaker 1: screwed oil is up a tenth of a percent. Nathan,
Speaker 1: all right, Karen, we'll have more in markets in a minute.
Speaker 1: It is a busy day with a Fed decision in
Speaker 1: tech earnings reaction. But first, the Justice Department is taking
Speaker 1: aim at Donald Trump. A federal grand jury is looking
Speaker 1: into efforts by the former president to create false electors
Speaker 1: to overturn the election. We get details from Amy Morris
Speaker 1: in our Bloomberg newsroom in Washington. Mark Short, who was
Speaker 1: chief of staff or former Vice President Mike Pence, and
Speaker 1: Greg Jacob, who was Pence's teeth counsel, were asked by
Speaker 1: federal prosecutors about conversations they had with former President Trump
Speaker 1: about creating and submitting false elector certificates. This as Trump
Speaker 1: addressed the America First Summit in d C was November.
Speaker 1: The people are going to vote to stop the destruction
Speaker 1: of our country. Sources tell Bloomberg the nature of the
Speaker 1: questions before the grand jury indicate the probe has expanded
Speaker 1: beyond those who attacked the capital. On January six, in Washington,
Speaker 1: I'm Amy Morris, Bloomberg Daybreak, Hey mey, thank you. Another
Speaker 1: major story in Washington this afternoons FED decision. Investors are
Speaker 1: looking for another rate high from J. Powell and Company,
Speaker 1: and we get more from Bloomberg's Michael McKee. Global. Wall
Speaker 1: Street has priced in a three quarters percentage point increase
Speaker 1: in the FEDS benchmark rate. The real question is what
Speaker 1: comes next. At the past few meetings, FED Chair J.
Speaker 1: Powell has suggested the FED would be looking at fifty
Speaker 1: or seventy five basis point. Moves comments he's not likely
Speaker 1: to repeat beneficials won't be making new forecasts at this meeting,
Speaker 1: but there are signs the rate of inflation may be
Speaker 1: starting to eat. At the same time the US economy
Speaker 1: appears to be slowing. Expect Powell in his news conference
Speaker 1: to try to retain as much flexibility as he can.
Speaker 1: Michael McKee, Bloomberg, debriak, Michael, thank you. We'll have complete
Speaker 1: coverage of the FED decision and cheer Powell's news conferences
Speaker 1: afternoon in a special edition of Bloomberg Surveillance. Special coverage
Speaker 1: starts on Bloomberg Radio and Television at one thirty pm
Speaker 1: Wall Street Time. Turning the stocks now, Karen, we are
Speaker 1: seeing futures get to pop this morning following some big
Speaker 1: tech earnings. We begin with Microsoft. Those chairs are up
Speaker 1: more than three and a half percent after the company
Speaker 1: delivered an upbeat sales forecast. The story from Bloomberg's Charlie Pellett.
Speaker 1: It eases investor concerns about growth that had flared up
Speaker 1: following a lackluster fourth quarter earnings report. On the conference call,
Speaker 1: the software giants said it expects revenue and operating income
Speaker 1: growth at a double digit pace for fiscal twenty three,
Speaker 1: which ends next June. Earlier, the company reported fourth quarter
Speaker 1: sales and profit that fell short of analyst projections, held
Speaker 1: act by on favorable currency exchange rates and weaker demand
Speaker 1: for cloud computing services, personal computer software, and advertising. On
Speaker 1: its online properties in New York. Charlie Pellett Bloomberg Daybreak.
Speaker 1: All right, Charlie, thank you. We're also seeing shares of
Speaker 1: Alphabet on the rise. This morning at three point four
Speaker 1: per SAI, the Google parent reported revenue that was in
Speaker 1: line with expectations. Angelo Zeno is senior equity analyst at CFRA.
Speaker 1: There's a clear distinction between companies like Alphabet and Apple,
Speaker 1: which are great compounders, great free cash flow generators, whether
Speaker 1: you're going in an upturn or a downturn relative to
Speaker 1: others out there. And Angeloso at CFRA says Google sales
Speaker 1: gains Indicata's advertising business may be positioned well to weather
Speaker 1: a crunch and marketing spending. It's another busy day for
Speaker 1: earnings in Europe, Karen, where big banks are in focus.
Speaker 1: Let's go to London and get the latest with Bloomberg's
Speaker 1: You and Pot's Good morning You and good morning Nathan
Speaker 1: and Karen. Another new boss, another new turnaround plan. Credit
Speaker 1: Sweet is replacing its CEO after two years in the
Speaker 1: job and rolling out a new plan to fix the
Speaker 1: business just nine months after the last one. This has
Speaker 1: the Swiss led the Post a large and unexpected loss
Speaker 1: in the second quarter. Happier times over at Italy's UNI Credit,
Speaker 1: though profits in the latest three months coming in a
Speaker 1: double the level forecast by analysts, un Credit shares gaining
Speaker 1: some five percent. This morning in London, I'm you and
Speaker 1: parts day break, Hey you and thank you. He told
Speaker 1: you yesterday about an SUC investigation centered on coin Base.
Speaker 1: Now we're learning that has a big name investor cutting
Speaker 1: bait on the crypto company. To get the latest life
Speaker 1: from Bloomberg's Ready Too Young, Good Morning, Ready to Good morning,
Speaker 1: Karen cathy Wood's Ark Investment Management dumps coin based shares
Speaker 1: for the first time this year. Arcs daily trading data
Speaker 1: compiled by Bloomberg show three of the funds sell just
Speaker 1: over one point four one million shares, valued at about
Speaker 1: seventy five million dollars as of yesterday's close, and of that,
Speaker 1: the firm's flagship ARC Innovation et F sells one point
Speaker 1: one two million shares of coin Base. Bloomberg sources say
Speaker 1: coin bases facing a US probe into whether it improperly
Speaker 1: led Americans trade digital assets that should have been registered
Speaker 1: as securities. Shares of the world's largest US crypto exchange
Speaker 1: lost about a fifth of their value. Tuesday Live in
Speaker 1: New York. I'm gonna need a young Bloomberg daybreak. We
Speaker 1: need to thank you. Turning to geopolitics, the U. S
Speaker 1: And China are front and center, with Presidents Biden and
Speaker 1: she Jinping set for a call tomorrow. Tensions are simmering
Speaker 1: on a range of fronts, and we get the story
Speaker 1: from Bloomberg. Said Baxter, the possible Nancy Pelosi trip to
Speaker 1: Taiwan is number one. This is speaker Pelosi is being
Speaker 1: urged by allies and foes alike to make the trip
Speaker 1: to Taiwan, saying to Councel would look as if she's
Speaker 1: backing down to China. And then it is smack dab
Speaker 1: in the middle of the so called Chip bill debate,
Speaker 1: which is supposed to pass the Senate today, going to
Speaker 1: the House to be signed by the President by the
Speaker 1: end of the week. So with that backdrop, how much
Speaker 1: attention of Russia and Ukraine will get as a question
Speaker 1: along with human rights? And the administration is now not
Speaker 1: commenting on whether Mr Biden has decided on easing tariffs
Speaker 1: in San Francisco. I'm at Baxter Bloomberg Daybreak, alright, ed,
Speaker 1: thank you, futures are moving higher this morning. Straight ahead
Speaker 1: your latest local headlines. In the check of sports. This
Speaker 1: is Bloomberg and it's sounds six oh seven on Wall Street,
Speaker 1: seventy one degrees in Central Park. Still dealing with an
Speaker 1: accident southbound on the major Deagan and a hundred seventy
Speaker 1: nine will get the latest details in traffic. First, Michael
Speaker 1: Bars here with what else is going on in New
Speaker 1: York and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: New York Mayor Eric Adams says the era of catch, release,
Speaker 1: repeat when it comes to criminals has to end. Adams
Speaker 1: talked about the recent incident and a Harlem subway stop.
Speaker 1: Video shows a team punching officers for several minutes at
Speaker 1: the street station as police struggled to arrest him. Adams
Speaker 1: says the team was arrested a few days ago and
Speaker 1: was released before the incident. Just a total disregard for
Speaker 1: public safety, not only for public safety for that Trisit officer,
Speaker 1: but also for the person he robbed. This is what
Speaker 1: we are saying about what is happening in our criminal
Speaker 1: justice system. Earlier this week, in my p D trans Achieve,
Speaker 1: Jason Wilcox says that assaults on his officers of skyrocketed
Speaker 1: over a fifty five increase this year. New Jersey Governor
Speaker 1: Phil Murphy's administration is asking state residents to use less
Speaker 1: water amid a heat spell and scarce statewide rainfall. Some
Speaker 1: parts of New Jersey had five straight days of temperatures
Speaker 1: one hundred degrees or higher through Sunday. Officials stops short
Speaker 1: of enacting restrictions. The families of the nine eleven victims
Speaker 1: are letting pro golfers and former President Trump know they
Speaker 1: are outraged over the Live Golf Invitational Saudi Back tournament
Speaker 1: will be hosted at Trump's Bedminster, New Jersey golf course
Speaker 1: on Friday. Terry Strada is the national chair of Nine
Speaker 1: Eleven Families United. She called the pro golfers who are
Speaker 1: participating sellouts. And they thought that taking a large sum
Speaker 1: of money from the Kingdom, you know, would give them
Speaker 1: all of this financial security. And it might do that,
Speaker 1: but you're selling your soul to the devil when you
Speaker 1: get in bed with the saudiast. The US government says
Speaker 1: there was Saudi involvement in funding the terror network that
Speaker 1: committed the nine eleven attack. It's a permanent place to
Speaker 1: remember the late Jackie Robinson, the Brooklyn Dodger who broke
Speaker 1: the color barrier, now has a museum in Soho in
Speaker 1: his name. Several of robinson surviving relatives were in attendance
Speaker 1: yesterday for the ribbon cutting. The museum officially opens to
Speaker 1: the public September five. A giant Mega Millions lottery jackpot
Speaker 1: balloon to over a billion dollars after no one matched
Speaker 1: all six numbers and on the top prize. The next
Speaker 1: drawing is Friday Global News twenty four hours a day
Speaker 1: on here and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. Michael Barr and this is Bloomberg. Nathan Okay,
Speaker 1: Michael kill home to a six ten on Wall Street.
Speaker 1: Time for the Bloomberg Sports Update with John Sesshire. Thanks
Speaker 1: they can sell out crowd at City Field. They saw
Speaker 1: an eventful first inning to start the Subway series. Yankees
Speaker 1: and Mets both homer twice. Aaron Judge number thirty eight
Speaker 1: hit it to the opposite field on the next pitch.
Speaker 1: Anthony Rizzo, his twenty three of the year, also the
Speaker 1: opposite way Mets didn't get a first any home run
Speaker 1: from Starling Marte. Mets scored again, then Homer again. So
Speaker 1: we're gonna drive in the air in the left well
Speaker 1: hit Hicks going back turns. Watch this. It is to
Speaker 1: Homer by edone Oh Escobar into the city sheets in
Speaker 1: front of the great wall of pushing beyond the three
Speaker 1: fifty eight part. It's a two run harbor for Escobar.
Speaker 1: Cbs and Mets led the whole night from there they
Speaker 1: did the Yanks six to three. Taiwan Walker beat Jordan Motgomery,
Speaker 1: who labor. He got only seven ounce before departing four
Speaker 1: outside for Edwin Diaz is twenty second. The series concludes
Speaker 1: tonight a Mingo Herman against the Mets David Peterson. Before
Speaker 1: the game, the Yankees but John Carlos Stanton on the
Speaker 1: injured Lift Achilles ten tonightus Braves beat the Phillies, the
Speaker 1: state two games behind the Mets. The Astros lost in Oakland.
Speaker 1: They're still two behind the Yanks for best record American lead.
Speaker 1: The Blue James beat the Cardinals. That's toronto seventh win
Speaker 1: in a row. Baltimore by Tampa Bay to move over
Speaker 1: five hundred of the Orioles are now ahead of the
Speaker 1: Red Sox, who dropped to last place. NFL News with
Speaker 1: the opening of all thirty two training camps, Tampa Bay
Speaker 1: signed veteran white out Julio Jones, so he's back in
Speaker 1: the NFC South. A seven time pro bowler while with Atlanta,
Speaker 1: spent last season at Tennessee. Since the nati QB Joe
Speaker 1: Burrow had an appendeck to me he'll miss a couple
Speaker 1: of weeks. Seattle running back Chris Carson, a two time
Speaker 1: thousand yard rushier, forced to retire at age seven due
Speaker 1: to the neck injury. John Stash, However, Bloomberg Sports Nathan Okay, John,
Speaker 1: thank you. SMP futures up thirty four points, South Futures
Speaker 1: up a hundred thirty seven Nasdaq futures the tech heavy
Speaker 1: side leading the games this morning with a hundred seventy
Speaker 1: six point increase. That is a game of one and
Speaker 1: a half percent. Dan, I've some white Bush securities, joins
Speaker 1: us next on the Tech story. This is Bloomberg Flom
Speaker 1: eleven three oh other. Sunshine upper eighties today, more clouds
Speaker 1: than sun tomorrow, some scattered showers and storms possible with
Speaker 1: the high near ninety. A few more showers likely Friday,
Speaker 1: with highs in the upper eighties. Right now seventy one
Speaker 1: in Central Park markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot com, the Bloomberg Business
Speaker 1: Out and at Bloomberg Victape, He's a Bloomberg Business flash
Speaker 1: and I'm Karen Moscow stocks and US stock index futures
Speaker 1: are rallying as a batch of resilient company earnings helped
Speaker 1: to alleviate some of the wider caution and markets ahead
Speaker 1: of a pivotal Federal Reserve monetary policy decision. We check
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg Guess and P futures up thirty four points this morning,
Speaker 1: down futures up a hundred thirty four, Masday futures up
Speaker 1: one d seventy, and the decks in Germany's up about
Speaker 1: two tenths of a percent. Pen Your treasury of six
Speaker 1: thirty seconds yield two point seven eight percent. They yield
Speaker 1: on the two year three point oh four percent. NIMEX
Speaker 1: screwed oil is up third of percent, up thirty three
Speaker 1: cents and nine twenty nine cents of barrel comex sculled
Speaker 1: up two tenths per cent or three dollars sixty cents
Speaker 1: at seventeen thirty nine thirty announce the euro one point
Speaker 1: one four two against the dollar British found one point
Speaker 1: two zero six nine and the end one thirty six
Speaker 1: point five seven. And looking at bitcoin, it's up when
Speaker 1: in a third percent at twenty one thousand, two hundred
Speaker 1: seventy dollars, that's a Bloomberg business flash. Now here's Michael
Speaker 1: Barrow with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. The Justice Department is
Speaker 1: said to be looking into former President Trump's actions as
Speaker 1: part of its criminal investigation into the January sixth riot.
Speaker 1: According to a person familiar with the matter, prosecutors have
Speaker 1: been asking about conversations between Trump and his inner circle.
Speaker 1: President Joe Biden plans to speak the Chinese president shi
Speaker 1: Jing Ping tomorrow. It's scheduled to take place of New
Speaker 1: Tensions as how Speaker Nancy Pelosi reportedly plans to visit Taiwan.
Speaker 1: In baseball, the Mats beat the Yankee six three, The
Speaker 1: Guardians beat the Red Sox eight three, The Orioles beat
Speaker 1: the Rays, the Nationals beat the Dodgers, The A's down
Speaker 1: the Astros. The Giants lost to the Diamondbacks. Seven three
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barren, this is Bloomberg. Nathan Okay, Michael, thank you.
Speaker 1: It is six nineteen on Wall Street Live from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg and Daybreak. We
Speaker 1: want to talk more about the latest tech earnings. Are
Speaker 1: watching shares of Microsoft in the pre markets still gaining
Speaker 1: up about three point six percent in the pre market
Speaker 1: after the software giant posted an outlook that suggests to
Speaker 1: can weather the worst of the economic slowdown. Let's bring
Speaker 1: in Dan Ives for more on this senior equity research
Speaker 1: annelist had Wedbush Securities. Dan, It's always great to speak
Speaker 1: with you, and it looks like we're seeing kind of
Speaker 1: a sigh of relief across the tech sector. Isn't warranted
Speaker 1: after Microsoft's results, Well, it's warranted because Cloud, I mean,
Speaker 1: that's a pillar of enterprise spend and the best bambers
Speaker 1: Microsoft Street was on Pindy Needles going into this much
Speaker 1: better than expected. I mean it really not seeing any
Speaker 1: sort of push outs in terms of cloud growth. Gave
Speaker 1: strong guidance and I think it's a rocket Gibraltar stock
Speaker 1: and what's been a dark economic storm, but this is
Speaker 1: important for what cloud and enterprise spending streets gonna really
Speaker 1: view this as a baramter going forward. There is still
Speaker 1: a lot of competition in the cloud though, isn't there?
Speaker 1: Does Microsoft have market share advantage in the cloud? Yeah? Well, Microsoft,
Speaker 1: along with Amazon A WUS, they continue to dominate cloud
Speaker 1: and of course Google being number three, and it's really
Speaker 1: dominated by those three players. But Microsoft, look, they're just
Speaker 1: in a man supposition of strength because this is their
Speaker 1: backyard and I think the important data pointeers companies. Even
Speaker 1: in a macro like this, they're accelerating the digital transformation
Speaker 1: that's front and center. Is a positive from Microsoft to
Speaker 1: Talent and obviously the jittery macro. This is what the
Speaker 1: street needed, especially given what we've seen over the last
Speaker 1: few weeks. This says something about the macro environment, though,
Speaker 1: doesn't it. When we see Microsoft and its outlook saying
Speaker 1: that it's going to be leaning more on the cloud side,
Speaker 1: the commercial spend side as opposed to the consumer side
Speaker 1: and PC software. What does that say about the direction
Speaker 1: of Microsoft going forward? You know, I think it shows
Speaker 1: a biofrocated tech market. You're going to continue see softness,
Speaker 1: consumer driven PC obviously supply chain issues coming out of China.
Speaker 1: Both the street cares about front center form. Microsoft is
Speaker 1: the cloud business and that's that's what I've used the
Speaker 1: core DNA of the growth thesis, and that's what we
Speaker 1: saw last night. I also think when you're looking into
Speaker 1: the overall macro, the street, the world is watching when
Speaker 1: Microsoft gets gotten and I think this is no longer
Speaker 1: of course alphabet and that's the one to punch that
Speaker 1: the tech bowls needed and what's been a white knuckle environment. Yeah.
Speaker 1: It was also interesting as well to hear the CEO
Speaker 1: Satanadella talking about how the strong dollar has been a
Speaker 1: headwind for Microsoft this quarter and despite that, thinking that
Speaker 1: it's only going to need to cut sales by about
Speaker 1: four percent for the year on continued dollar strength. What
Speaker 1: do you make of that? Yeah, and the dollar strength,
Speaker 1: especially for the multinationals, that's gonna be a headwin. We'll
Speaker 1: see that from Apple tomorrow. As well. But but but
Speaker 1: really that was a well known headwind. I think you
Speaker 1: really streets trying to understand what cored demand looks like.
Speaker 1: And if you think about many you know that that
Speaker 1: have really talked about the nervousness that we're seeing across
Speaker 1: the macro enterprises, given balance sheets, given the digital transformation,
Speaker 1: it's pretty positive. And I think we'll see other data
Speaker 1: points from Amazon on the w S side as well,
Speaker 1: and that's important because that just shows you're gonna have
Speaker 1: a fork in the road in terms attack and that's
Speaker 1: really what you're seeing play out Microsoft. You know, it's
Speaker 1: really out call alms Gidens heard around the world. And
Speaker 1: speaking of the demand story in our last minute here,
Speaker 1: I want to ask you a little bit about Alphabet's
Speaker 1: results as well. Coming in stronger than expected on the
Speaker 1: ads side. Does that ease some of the concerns for
Speaker 1: you that we got after the less than exciting results
Speaker 1: from snap and Twitter on ad spend. Yeah, and Snapchat
Speaker 1: that was a nightmare in Elm Street Quarter and that
Speaker 1: continues to be a disaster, and I think there were
Speaker 1: fears that that was going to spread be being a
Speaker 1: you with Facebook and of course with Google you'll get
Speaker 1: ad hours better than feared, actually pretty strong in terms
Speaker 1: of where they came in. It shows you'll see some swelling,
Speaker 1: but especially with YouTube from the Golden Assets that's holding
Speaker 1: up there than feared. You combine now with what we're
Speaker 1: seeing with Microsoft, you're now starting to have second sort
Speaker 1: of teak in terms of neb Things are not falling
Speaker 1: off a cliff like some of the you know, heck
Speaker 1: bears have kind of talked about, and I think this
Speaker 1: is an important print, you know, in terms of a
Speaker 1: broader tech sector. Always great having you on, Dan, Thanks
Speaker 1: for coming back on with us. Dan Ives, senior analysts
Speaker 1: for equity research at Wedbush Securities. Again looking at shares
Speaker 1: of Microsoft in the pre market, they're moving by higher
Speaker 1: by nearly four percent now after those stronger than expected
Speaker 1: outlooks from the software Giant and cloud player with the
Speaker 1: Azure Cloud service. Looking ahead to the market open more broadly,
Speaker 1: SMP futures are higher by thirty two points, South futures
Speaker 1: up a hundred twenty three and NASCAC futures leading the games.
Speaker 1: Uh Tech leading the way this morning, up a hundred
Speaker 1: sixty nine points for a gain of one point four percent.
Speaker 1: Ten your treasury is up four thirty seconds, the yield
Speaker 1: two point seven nine percent ahead of the Fed overserves
Speaker 1: July policy decision. This is Bloomberg Bloomberg eleven three oh weather,
Speaker 1: sunshine and highs near ninety today, tomorrow and the next day.
Speaker 1: You could see some scattered showers and storms in the week.
Speaker 1: Right now, it's seventy one degrees in SEPO. Broadcasting live
Speaker 1: from the Bloomberg Interacted Broker Studio in New York. Bloomberg
Speaker 1: E Living Freedom to Washington, d C. Bloomberg on to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine
Speaker 1: sixty to the country Sirius XM Chado one nine team,
Speaker 1: and around the globe the Bloomberg Business app and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak and at six
Speaker 1: thirty on Wall Street. Good morning, I'm Nathan Hager and
Speaker 1: I'm Kared Moscow. We are just about three hours away
Speaker 1: from the open of US trading. It's time for the
Speaker 1: five things that you need to know to start your day.
Speaker 1: Brachy you by Interactive Brokers, Interactive Brokers, Simple IBK, our
Speaker 1: Global Trader RAPP. Deposit in your local currency, and trade
Speaker 1: stocks in the US, Europe and Asia. Start your free
Speaker 1: trial at ibyk r dot com Slash Global Trader. First,
Speaker 1: the f O m C meets in Washington, where the
Speaker 1: Federal Reserve is expected to issue a seventy five basis
Speaker 1: point rate high today. Every Core I s I Chief
Speaker 1: equity strategist Julian Emmanuel said the FED risky anchoring inflation
Speaker 1: if it raises rates today and then cuts them in
Speaker 1: the future. Part of the dynamic in markets is that
Speaker 1: we've all have lovean trained to expect stocks to rally.
Speaker 1: When the FED cuts rates. To the extent that we
Speaker 1: take that away, you're actually doing a service. Never, of course,
Speaker 1: Julian Emmanuel said, the FED should tame inflation while keeping
Speaker 1: the market fundamentally sound. Tune into a special edition of
Speaker 1: Bloomberg Surveillance today for complete coverage of the FEDS starting
Speaker 1: at one thirty Wall Street Time. Right back to Markets, Karen,
Speaker 1: Futures are moving higher after earnings from Microsoft and Alphabet.
Speaker 1: Today we hear from Meta, the parent of Facebook, Instagram,
Speaker 1: and WhatsApp. Bloombergs Jeff Blinger has a preview. The bar
Speaker 1: for Meta platforms is set low. The social media giant
Speaker 1: recently slowed the pace of hiring, and there are some
Speaker 1: general concerns about the era of social media dominance. Meta
Speaker 1: is dealing with a number of headwinds, not the least
Speaker 1: of which is the privacy change by Apple that complicates
Speaker 1: ad targeting at a time when the risk of recession
Speaker 1: could weigh on e commerce spending. Jeff Bellinger, Bloomberg Daybreak.
Speaker 1: All right, Jeff, thank you. We told you yesterday about
Speaker 1: an SEC investigation centered on coin Base. Now we're learning
Speaker 1: a big name investor is cutting Baida. Bloomberg's Needy Young
Speaker 1: joint US Live with more. Good morning, Nada, Good morning, Karen,
Speaker 1: Cathy Woods. ARC Investment Management dumps coin based shares for
Speaker 1: the first time this year. Arcs daily trading data compiled
Speaker 1: by Bloomberg show three of the funds sell just over
Speaker 1: one point four one million shares, valued at about seventy
Speaker 1: five million dollars as of yesterday's close, and of that,
Speaker 1: the firm's flagship Our Innovation e t F sells one
Speaker 1: point one two million shares of coin base. Bloomberg sources
Speaker 1: say coin bases facing a US probe into whether it
Speaker 1: improperly led Americans trade digital assets that should have been
Speaker 1: registered as securities. Coin based shares lost about a fifth
Speaker 1: of their value. Tuesday Live in New York. I'm really
Speaker 1: need a young Bloomberg day break. All we need to
Speaker 1: thanks in a quick politics note of federal grand Juries
Speaker 1: looking into efforts by former President Trump to create false
Speaker 1: selectors to overturn the election. And that's the five things
Speaker 1: you need to notice start your day. Brought to you
Speaker 1: by Interactive Brokers. This is Bloomberg at sixty three on
Speaker 1: Wall Street where seventy one degrees in Central Park, dealing
Speaker 1: with a crash on the belt Parkway East found approaching
Speaker 1: Flatbush Avenue. More coming up in traffic. First Michael Barr
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning Nathan. New
Speaker 1: York Mayor Eric Adams has the team shown in the
Speaker 1: video punching police at a Harlem subway stop was arrested
Speaker 1: for robbery as well, but was released just days before.
Speaker 1: Adams says the era of catch, release, repeat for criminals
Speaker 1: has to stop. Robberies a violent crime. So as soon
Speaker 1: as we catch them, the system releases them and they
Speaker 1: repeat the action. That is just you know, that's when
Speaker 1: I say we to laugh the stock of the country.
Speaker 1: This is what I'm talking about. Earlier this week, nmyp
Speaker 1: D trans achieved. Jason Wilcox says that assaults on his
Speaker 1: officers have skyrocketed over a fifty percent increase this year
Speaker 1: Governor Phil Murphy's administration as New Jersey ends to use
Speaker 1: less water amid a heat spell and scarce statewide rainfall.
Speaker 1: Some parts of New Jersey, including the state's most populous city, Newark,
Speaker 1: had recorded five straight days of temperatures one hundred degrees
Speaker 1: or higher through Sunday. Infull Wars host Alex Jones, who
Speaker 1: claimed that the massacre at Sandy Hook Elementary School in Newtown,
Speaker 1: Connecticut was a hoax, was at a Texas courthouse to
Speaker 1: defend his zact and a one fifty million dollar lawsuit
Speaker 1: by the parents of one of the children killed. Jones
Speaker 1: spoke about the court, this is a which hunt, This
Speaker 1: is a show trial. This will go down in history
Speaker 1: as the greatest show fralls ever to happen, not just here,
Speaker 1: but even in the places psychotic charman. Jones now acknowledges
Speaker 1: the Sandy Hook massacre that left twenty children and six
Speaker 1: adults dead really happened, but he insists he's not responsible
Speaker 1: for the harassment that Sandy Hook parents say they endured
Speaker 1: by his followers as a result of his hoax conspiracy
Speaker 1: claims that he pushed on his program. Ukrainian troops have
Speaker 1: struck a strategic bridge essential for Moscow to supply its
Speaker 1: forces occupying the country's south. Officials said the bridge remained standing,
Speaker 1: but its surface was pierced with holes, forcing a halt
Speaker 1: to traffic. With summer travel underway, the CDC is recommending
Speaker 1: more hand washing and using hand sanitizer. Is monkeypox cases
Speaker 1: rise Reported cases in the US jumped in nearly thirty
Speaker 1: three in the last four days. Your Dreams Are Still
Speaker 1: Alive Tuesday, July twenty six and tonight's Mega Millions jack
Speaker 1: plot has an estimated a new tize eight hundred and
Speaker 1: thirty million dollars giant Mega Millions lottery jack pot balloon
Speaker 1: to over a billion dollars now after no one last
Speaker 1: night matched all six numbers and won the top prize.
Speaker 1: The next drawing is Friday Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Take Power
Speaker 1: by board of the twenty seven hundred journalists analysts more
Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg.
Speaker 1: Nathan see in line, Michael, thank you. Six thirty six
Speaker 1: on Wall Street Temper for the Bloomberg Sports Update with
Speaker 1: John Stash. All Right, Nathan and met sixty win of
Speaker 1: the year. They beat the Yankee six to three to
Speaker 1: start the Subway series and study Field City Field. Good
Speaker 1: start for the Yankees, back to back home run's first
Speaker 1: inning Aaron Judge then Anthony Rizzo consecutive pitches both hit
Speaker 1: the opposite way thirty eighth of the year for Judge,
Speaker 1: but the Mats with two homers their own in the
Speaker 1: bottom of the first Darling Mark Day then Eduardo Escobar
Speaker 1: Taiwan Walker settled down, worked out of a bass load
Speaker 1: of jam and the fourth Walker got the win. Was
Speaker 1: then asked about pitching before a loud sellout crowds electric Um,
Speaker 1: my game with two home runs and I was like, man, um,
Speaker 1: it's not off. Took the start here, but you know,
Speaker 1: we answered back. Dophins was really good to answered back
Speaker 1: with four runs in the first and Um, after that,
Speaker 1: my job was just good shut down endings and I
Speaker 1: was able to do that. When he has got to
Speaker 1: save Jordan Montgomery took the loss. He was not happy
Speaker 1: when Aaron Brune took him out with just one out
Speaker 1: in the third an another sellout crowd. Tonight the series ends.
Speaker 1: It's Domingo Herman versus David Peterson. The Yanks gonna be
Speaker 1: without John Carlos Stanton for a couple of weeks. Achilles
Speaker 1: ten Denitis Braves beat the Phillies Atlantis to two games
Speaker 1: by the Mets. Astro is still two back of the
Speaker 1: Yankees for best record of American League is Houston lost
Speaker 1: the second straight in Oakland. Toronto's seventh win in a
Speaker 1: row beat St. Louis. The Cardinals were without their two
Speaker 1: best hitters, Paul Goldsmith and Nolan Aaron Outo. They're not
Speaker 1: allowed into Toronto they're both unvaccinated. Baltimore beat Tampa Bay
Speaker 1: moved over five hundred moved ahead of the Red Sox,
Speaker 1: who are now in the last place. Jets training camp
Speaker 1: underway and good news on a key player, tackle Mackay.
Speaker 1: Jenny came in having noticeably lost the considerable amount of
Speaker 1: weight back then injured almost all of last season. It
Speaker 1: was said to be out of shape during the off season.
Speaker 1: John Bloomberg Sports, Right, John, thank you, six thirty seven
Speaker 1: on Wall Street, Time to take a look at stuck,
Speaker 1: some of the names moving in the pre market with
Speaker 1: Bloomberg Radio and TV Markets correspondent Creating Gupta on a
Speaker 1: morning where tech is leading the way? Is Microsoft? What
Speaker 1: a sigh of relief looks like? Creat It kind of
Speaker 1: seems like it. And I'm selling alphabet Is as well
Speaker 1: with some of the Microsoft shares. So they're up three
Speaker 1: point eight percent M S F T is your ticker,
Speaker 1: Google or Alphabet shares are up as well to tune
Speaker 1: about three point four percent. G O O G s
Speaker 1: your ticker. There. You know, Nathan went so crucial here,
Speaker 1: they think going into these earnings there was kind of
Speaker 1: this doom and gloom approach to it, almost that if
Speaker 1: you know, if big Tech doesn't hold up, then what
Speaker 1: chance do any of these other companies in the SMP
Speaker 1: five hundred have. But not only did they hold up,
Speaker 1: they said, well, you know what we are resilience. I
Speaker 1: think that's crucial here. A lot of the ads slowdown
Speaker 1: that we saw in Snapchat and Twitter, well when it
Speaker 1: to Alphabet, it did still hit them, hit them in
Speaker 1: their YouTube business. Their ad business there, but it didn't
Speaker 1: hit them in their search business. And I remember, this
Speaker 1: is why it makes Alphabet so unique. They are a
Speaker 1: little bit more diversified when it comes to that kind
Speaker 1: of ad revenue business. Remember, Alphabet also has a kind
Speaker 1: of budding business and cloud something that Amazon really dominates.
Speaker 1: Microsoft is number two there, but Alphabet is growing on
Speaker 1: that front as well. From the Microsoft side, they actually
Speaker 1: said that business investment is actually booming. So remember we're
Speaker 1: in the middle of this massive cloud revolution. A big
Speaker 1: chunk of Microsoft's bottom line comes from their cloud business Asia.
Speaker 1: So when you're saying that a lot of businesses who,
Speaker 1: by the way, have now adapted to remote work, for example,
Speaker 1: are now shifting to the cloud, they're likely using either
Speaker 1: Amazon Web Services or Asia, and Microsoft is is saying, well,
Speaker 1: that's actually a really good thing. So both uh companies
Speaker 1: actually coming in and beating some of those estimates, which
Speaker 1: is good news at a time when everyone is saying
Speaker 1: recession is on the horizon. Things aren't looking good. Yeah,
Speaker 1: And speaking of resilient creaty, is that what we can
Speaker 1: say about McDonald's after their you know, we should write
Speaker 1: and theory you would you would think that they would
Speaker 1: come out and and actually have a better morning than
Speaker 1: they are. But McDonald's is interesting because, yes, they came
Speaker 1: out with some strong earnings as well yesterday, but Deutsche
Speaker 1: Bank actually came out and downgraded it to a hold
Speaker 1: from A by m c D s R takers down
Speaker 1: about two tenths percent, But keep an eye on this.
Speaker 1: Their argument over at Deutsche Bank is that inflationary pressures
Speaker 1: will limit any further upside. So, yes, that was a
Speaker 1: good set of earnings. Is it going to stay there
Speaker 1: is the question, especially because McDonald's does kind of target
Speaker 1: a lower end consumer and they're the most um afflicted
Speaker 1: by inflation just just given um kind of the wealth
Speaker 1: demographic there. So that's certainly something to watch. The currency
Speaker 1: story though for McDonald's was actually interesting that even if
Speaker 1: you did take in some of the currency conversions, remember
Speaker 1: over six the revenue comes from abroad abroad, they actually
Speaker 1: still did pretty well. Nathan all Right, bloom Bergradio on
Speaker 1: TV Markets correspondent, Creedy group. That keeping us on top
Speaker 1: of the pre market story, and as we checked stocks
Speaker 1: as a whole ahead of the open and ahead of
Speaker 1: a FED decision, futures are moving higher. SMP futures up
Speaker 1: thirty four points, Staff Features up hundred thirty five. Nastack
Speaker 1: Future is on the rise by a hundred seventy five points.
Speaker 1: Tenure Treasury is up four thirty seconds now for a
Speaker 1: yield two point seven nine percent. You're listening to bloombird
Speaker 1: Day right Bloomberg eleven three oh weather. Sunshine and a
Speaker 1: high in the upper eighties today will get in your
Speaker 1: ninety tomorrow with some scattered showers and storms possible. We'll
Speaker 1: keep the storm thread in the forecast Friday as well,
Speaker 1: with highs in the upper eighties once again. Seventy one
Speaker 1: currently markets headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot Com, the Bloomberg Business at and
Speaker 1: at Bloomberg Quick Tape. He's a Bloomberg Business Flash and
Speaker 1: I'm camerin Moscow. Futures on the rise this morning. We
Speaker 1: got to the first word breaking news dash for today's
Speaker 1: morning call, and here's Bill below need Bill, Good morning
Speaker 1: and good morning Karen. That's right. US futures are in
Speaker 1: the green, helped by earnings from Microsoft and Google. Deal
Speaker 1: Futures currently up a hundred and thirty three points. Sides
Speaker 1: game thirty five, while Nastic futures are up by one
Speaker 1: eight The US ten year a two point seven nine percent,
Speaker 1: Gold is up five, Oil is in the green, and
Speaker 1: bitcoin is trading higher by one and a half percent.
Speaker 1: Hong Hong fell one point one percent overnight, while Europan
Speaker 1: markets are in the green this morning and back in
Speaker 1: the US. On the economic Fronday, Dirty durable goods orders
Speaker 1: at ten o'clock, penning home sales, and at two o'clock
Speaker 1: the f O MC rate decision. After develops night, Microsoft
Speaker 1: gave an up each three sales growth forecast and Google
Speaker 1: report it is trading higher by three and a half
Speaker 1: percent pre market. Regarding some of the earnings this morning,
Speaker 1: Humanity epspeed estimates and looked for Boeing to report in
Speaker 1: the pre market. In another news, elliott Is said to
Speaker 1: amass a PayPal steak and wrapping things up, McDonald's was
Speaker 1: cut to hold over at deutsch Your bank live from
Speaker 1: the first breaking news Descomb, Bill Maloney, Karen, all right,
Speaker 1: thank you and here lie breaking news of your Bloomberg
Speaker 1: type squawk on your terminal, that's s q U a
Speaker 1: w K and taking a look at currencies this morning.
Speaker 1: The euro at one five one against the dollar, British
Speaker 1: pound one point to zero six one, the yen at
Speaker 1: one thirties six points seven one, and we're watching bitcoin
Speaker 1: is always up one and a half percent at twenty
Speaker 1: one thousand, three hundred dollars. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barrow with Moore on what's going on
Speaker 1: around the world. Michael, Karen, thank you very much. The
Speaker 1: Justice Department is said to be investigating efforts by former
Speaker 1: President Donald Trump and his inner circle to create false
Speaker 1: electors and fresh your former Vice president Mike Pence to
Speaker 1: overturn the election. According to a person familiar with the matter,
Speaker 1: Pence's former chief of staff Mark Short and Greg Jacob
Speaker 1: pences then chief counsel, appeared before grand jury in recent days.
Speaker 1: W NBA star Britney Grinder will testify today and her
Speaker 1: drug trial in Russia. She could get ten years in
Speaker 1: pre is an if convicted. So you're saying I still
Speaker 1: have a chance. The Giant Mega Millions lottery jack pot
Speaker 1: balloon to over a billion dollars after no One last
Speaker 1: night matched all six numbers and won the top prize.
Speaker 1: The next drawing is Friday. In baseball, the Mets be
Speaker 1: the Yankee six three. The Guardians beat the Red Sox,
Speaker 1: the Orioles beat the Rays, The Nationals beat the Dodgers.
Speaker 1: The A's down the Astros. The Giants lost to the
Speaker 1: Diamond Box. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than und
Speaker 1: journalists analysts more than a hundred twenty countries. I'm Michael Barr,
Speaker 1: and this is Bloomberg. Carry all right, Michael, thank you.
Speaker 1: At A sixty nine on Wall Street, we turned to
Speaker 1: news and science and technology Now. But the Bloomberg and
Speaker 1: j I T. STEM Report brought to you by New
Speaker 1: Jersey Institute of Technology, transforming computing professionals into data scientists
Speaker 1: to meet the demand in this fast growing field. Learn
Speaker 1: more at and j I T DOT E d U
Speaker 1: slash data science now. Here's just making news in science, technology,
Speaker 1: engineering and math. In Asia, a district on the outskirts
Speaker 1: at Wuhan has been locked down, affecting around one million people.
Speaker 1: It is the first time the Chinese city, which saw
Speaker 1: the world's first lockdown, has faced new restrictions for two years.
Speaker 1: Authorities gave the order after four asymptomatic cases were found
Speaker 1: in the area. Their razors shows napping, as well as
Speaker 1: sleeping too much or too little, or having poor sleep patterns,
Speaker 1: appears to increase the risk for cardiovascular disease and older adults.
Speaker 1: The study, published in the Journal of the American Heart Association,
Speaker 1: adds to a growing body of evidence supporting sleep's importance
Speaker 1: to good health. The American Heart Association recently added sleep
Speaker 1: duration to its checklist of health and lifestyle factors for
Speaker 1: cardiovascular to health, known as Life's Essential eight. It says
Speaker 1: adults should average seven to nine hours of sleep at night.
Speaker 1: And the space jacket worn by buzz All Drin while
Speaker 1: flying to the Moon is reported to have sold it
Speaker 1: auction for two point eight million dollars. Aldrin were the
Speaker 1: white jacket for the majority of the six Days Space
Speaker 1: Journey in nineteen sixty nine. It becomes the most valuable
Speaker 1: American space artifact ever sold at auction. That's a Bloomberg
Speaker 1: and j I d S Stem Report, Nathan and Secoman jacket.
Speaker 1: Thank you, Karen. We are live from the Bloomberg Interactive
Speaker 1: Brokers studios where it is now six fifty one on
Speaker 1: Wall Street and it's time to check what's going on
Speaker 1: in d C. Some of the top stories in our
Speaker 1: nation's capital include former President Donald Trump now part of
Speaker 1: the Justice Department investigation into efforts to overturn the election.
Speaker 1: President Biden said to speak tomorrow with China Chi Jin Ping,
Speaker 1: and Schumer telling donors a tech antitrust measure is unlikely
Speaker 1: to pass. Let's bring back Terry Haynes, wh run all
Speaker 1: these stories, the founder of Panjia Policy. Terry, great to
Speaker 1: speak with you again. So how much importance do you
Speaker 1: put on these reports that the Justice Department now potentially
Speaker 1: has former President Donald Trump in its sites. Good morning, Nathan, Uh.
Speaker 1: I would caution folks that too, against over reaction. I
Speaker 1: think it was very little new here, and uh, you know,
Speaker 1: and I think it's easy to to sort of slide
Speaker 1: back in the kind of Mueller era, uh, thinking there's
Speaker 1: more going on here than than there really is. It's
Speaker 1: entirely responsible for the Justice Department to be investigating this stuff,
Speaker 1: of course, but at the same time, staying in a
Speaker 1: year and a half to get to it. Um, And
Speaker 1: you know, I wonder how much is here at roots,
Speaker 1: So you know, there there's watching. But I think in
Speaker 1: the end, uh, it's just another part of this investigation
Speaker 1: that's been going on for quite some time, and uh,
Speaker 1: you know, judging by past reactions, is unlikely to yield
Speaker 1: something clean or large. But again we'll see what they have.
Speaker 1: Of course, this is coming is to the former president
Speaker 1: is hinting that he may run for president again in
Speaker 1: is there an excess there? Well, yeah, it's been There
Speaker 1: is a political nexus there, certainly. I mean my my
Speaker 1: own view of this is that the Democrats have both
Speaker 1: in Congress and the Justice Department have slow walked this
Speaker 1: thing for quite a while. Uh. You know, it took
Speaker 1: Congress less time to come to conclusions on how Pearl
Speaker 1: Harbor happened. Then it's uh, it's taken folks to figure
Speaker 1: out what's gone on after January six, and uh, you
Speaker 1: know they and you know, I think the country at
Speaker 1: large would be a lot better off if this had
Speaker 1: been speeded up, Uh, that the investigation had been made
Speaker 1: as bipartisan as possible, and if if the Justice Department
Speaker 1: actually have delved into this much more in real time. Uh. Politically, Uh, Democrats,
Speaker 1: I think forfeit the opportunity to bring consensus around a
Speaker 1: lot of these issues, so it has the potential to
Speaker 1: backfire on them in the mid terms. Do you think
Speaker 1: this investigation gets wrapped up either by the Justice Department
Speaker 1: or by the January six Committee before the mid terms. Oh,
Speaker 1: I think the January six that he would like to
Speaker 1: put a bow on whatever it is that they're doing
Speaker 1: before the mid terms. But they might not. I mean,
Speaker 1: things may may continue on. They they have a pattern
Speaker 1: of saying, you know, more to come, more to come,
Speaker 1: more to come. But at the same time, uh, you know,
Speaker 1: Congress ends at the you know, effectively at the end
Speaker 1: of the calendar years, so they better they better wrap up. Uh.
Speaker 1: Justice you know now that they're working with a grand
Speaker 1: jury frankly that you know that'll take some time and
Speaker 1: uh uh you know, they can continue to present evidence
Speaker 1: before grand jury, but there's not going to be an
Speaker 1: arbitrary end of that grand jury, so you know, I
Speaker 1: tend to think that might take much longer. That's been
Speaker 1: the pattern with Justice departments past and present, and that's
Speaker 1: likely to continue. And we're expecting President Biden to get
Speaker 1: that long awaited phone call between him and Chinese President
Speaker 1: Shi jin Ping coming up tomorrow. Now, this is coming
Speaker 1: in a particularly tense time in US China relations. What
Speaker 1: are you watching for their terry? I'm watching beyond the
Speaker 1: whole kerfuffle of that Pelosi. I'm watching really two things.
Speaker 1: One is uh just uh just how the Chinese read
Speaker 1: out that proceeds. In other words, you know, the Chinese
Speaker 1: and the Americans both have their own readouts of these things,
Speaker 1: and and there's frequently uh holes between them that are
Speaker 1: that provides some some illumination. And the Chinese readout, of course,
Speaker 1: will be one thing, and that will be kind of
Speaker 1: resolute on Taiwan and the one China solution and all
Speaker 1: the rest. I look, I'm the more interesting part of
Speaker 1: this to me is to see how the American side
Speaker 1: clarifies its its own Taiwan policy. Firstly because there that's
Speaker 1: been kind of raggedly rolled out, um and there's a
Speaker 1: little bit of context around the potential Pelosi visit there
Speaker 1: as well. But also for markets, you know, I wouldn't
Speaker 1: look for too much or really anything substantial on tariffs.
Speaker 1: The White House continues to say that the president's making
Speaker 1: up his mind all though they've been talking about this
Speaker 1: for a year and a half, and any adjustments are
Speaker 1: not going to be particularly large. Do not look for
Speaker 1: any particular breakthrough here. What's your expectation on where the
Speaker 1: President could go on tariffs, given that we aren't expecting
Speaker 1: much to be discussed there on that front, and we
Speaker 1: got about a minute left here. Yeah, I just you know,
Speaker 1: they they'll talk about some adjustments. They've been talking about
Speaker 1: adjustments for quite a while. But you know, this is
Speaker 1: bureaucratic tinkering on on one level, and on the other level,
Speaker 1: it's a it's a fight inside the administration about whether
Speaker 1: massively overhauling tariff policy makes any difference either to the
Speaker 1: broader United States China relationship or whether it makes any
Speaker 1: difference to markets. There's a faction that wants to talk
Speaker 1: about UH tariff adjustments as part of an inflationary response,
Speaker 1: but the other half says, look, I mean they're they're
Speaker 1: only small to begin with, and it's not going to
Speaker 1: make any immediate impact upon UH upon average citizens. So
Speaker 1: I even bother. Thanks Terry, thanks again for being with us.
Speaker 1: Terry Haynes is the founder of Pangaea Policy. You can
Speaker 1: read more about all these stories out of the nation's
Speaker 1: capital on Bloomberg dot com or on the Bloomberg terminal.
Speaker 1: Follow all the latest on Bloomberg Radio in Washington. Bloomberg
Speaker 1: and one oh five point seven fm h D two,
Speaker 1: and of course, the other big event coming out of
Speaker 1: Washington this afternoon, a July policy decision from the Federal Reserve.
Speaker 1: We have special coverage coming up in a special edition
Speaker 1: of Bloomberg Surveillance that begins at one thirty this afternoon
Speaker 1: Wall Street Time, ahead of the Fed decision at two PM.
Speaker 1: Bloomberg Surveillance the Morning Edition begins next with Tom Kane,
Speaker 1: John Pharaoh, and Lisa Brahmo. It's for Karen Moscow. I'm
Speaker 1: Nathan Hagar, and this is Bloomberg