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Speaker 1: From the Bloomberg Interactive Groger's Studios. This is Bloomberg Daybreak

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Speaker 1: or Wednesday, June fourteenth.

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Speaker 2: Coming up today, Former President Trump calls it a day

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Speaker 2: that will go down in infamy after pleading not guilty

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Speaker 2: to federal charges.

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Speaker 1: All eyes are on the Fed as the Central Bank

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Speaker 1: prepares to issue its latest policy decision.

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Speaker 2: Shell gets a boost, the oil Giant ups its dividend

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Speaker 2: and pivots back to fossil fuels, and more.

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Speaker 1: Legal trouble hits Microsoft's bid poor activision Blizzard.

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Speaker 3: Russian President Putin admits shortcomings fighting Ukraine's counter refensive, plus

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Speaker 3: a federal judge reconsider as a takeover of New York's

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Speaker 3: Bankers Island un like lebar.

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Speaker 4: More, John Stash errands Worth, the Yankees meet the Mets,

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Speaker 4: a new code for the Rangers, and the Vegas Golden

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Speaker 4: Knights have won the Stanley Cup.

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Speaker 5: That's all straight ahead on Bloomberg day Break, the Business

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Speaker 5: news you need to sturn your day in just one

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Speaker 5: fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

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Speaker 5: Business Appen everywhere you get your podcasts.

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Speaker 1: Good morning, I'm Nathan Hager and I'm Amy Morris. Here

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Speaker 1: are the stories we're following today.

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Speaker 2: We begin with the major story in politics this morning,

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Speaker 2: the arraignment of former President Donald Trump. The Republican front runner,

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Speaker 2: pleaded not guilty to thirty seven federal counts accusing him

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Speaker 2: of willfully retaining top secret documents. After court, he flew

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Speaker 2: from Miami to Bedminster, New Jersey, where he told supporters

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Speaker 2: he had every right to keep those records.

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Speaker 6: Threatening me with four hundred years in prison for possessing

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Speaker 6: my own presidential papers, which just about every other president

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Speaker 6: has done, is one of the most outrageous and vicious

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Speaker 6: legal theories ever put forward in an American court of law.

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Speaker 2: The former president spoke at a fundraiser that was planned

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Speaker 2: before the indictment.

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Speaker 1: And it was a historic day, making Trump the first

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Speaker 1: ex president to face federal charges. It all started at

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Speaker 1: a courthouse in Miami. That's where we find Bloomberg's at

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Speaker 1: Kaylee Lines.

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Speaker 7: There were hundreds of pro Trump supporters that were at

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Speaker 7: the courthouse. Police that I spoke with indicated that they're

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Speaker 7: there had been no violent incidents that they were aware of,

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Speaker 7: and President Trump, after leaving the court house, went to

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Speaker 7: a popular Cuban restaurant here in Miami, cafe verside to

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Speaker 7: speak with some of the reporters, ask for where the

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Speaker 7: legal proceedings go from here. This case will move from

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Speaker 7: Miami to West Palm Beach, Florida, where Judge Eileen Cannon,

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Speaker 7: a Trump appointee, will be overseeing it. It then becomes

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Speaker 7: a question of the timeline. President Trump has a reputation

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Speaker 7: for dragging legal proceedings out for quite some time, so

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Speaker 7: we could see this fight going well up to the

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Speaker 7: November twenty twenty four election, or perhaps even beyond it.

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Speaker 7: In Miami, Kaylee lines Bloomberg.

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Speaker 8: Names Okay, Kaylee, thank you.

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Speaker 5: No.

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Speaker 2: Legal analysts say drawing out the case could have benefits

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Speaker 2: for the former president. We caught up with Palm Beach

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Speaker 2: County State Attorney Dave Ehrenberg.

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Speaker 9: The one advantage for Trump is that it gives him

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Speaker 9: a chance to delay matters further. He can challenge the

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Speaker 9: ruling down here, but he's not going to succeed. But

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Speaker 9: in a way, he wins by losing, because by losing

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Speaker 9: in court, he's going to have those delays that he loves,

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Speaker 9: because it can push this case beyond the twenty twenty

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Speaker 9: four life.

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Speaker 2: Palm Beach State Attorney Dave Ehrenberg spoke with Joe Matthew

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Speaker 2: on Bloomberg's Sound On. You can catch the program at

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Speaker 2: one pm Eastern on Bloomberg Radio or listen on demand

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Speaker 2: wherever you get your podcasts.

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Speaker 1: We'll have more on Donald Trump's case in just a

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Speaker 1: few minutes. But now it's turned to Wall Street traders

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Speaker 1: looking to today's policy decision from the Federal Reserve. The

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Speaker 1: majority of economists expect the FED to pause and not

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Speaker 1: raise rates for the first time since March of last year.

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Speaker 1: Let's get those details from Bloomberg's Michael McKee.

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Speaker 10: Fed officials went into their two day meeting divided over

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Speaker 10: whether inflation remains so stubborn that additional rate increases are necessary.

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Speaker 10: Tuesday's benign CPI report likely tips the balance of the

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Speaker 10: argument to those who would put a further move on hold.

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Speaker 10: The central Bank has raised the nation's benchmark borrowing rate

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Speaker 10: by more than five percentage points and inflation is coming down.

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Speaker 10: While investors have priced out a rate move for this meeting,

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Speaker 10: July and future meetings remain on the table, at least

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Speaker 10: for now, markets will price those odds after today a

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Speaker 10: cast from Fed officials and a new dot plot outlining

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Speaker 10: their rate views, coupled with what FED chair J Powell

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Speaker 10: says about the outlook. Michael McKee, Bloomberg Daybreak.

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Speaker 2: Okay, Mike, thanks to join us for live coverage of

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Speaker 2: the FED decision on a special edition of Bloomberg Surveillance.

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Speaker 2: It starts at one thirty pm Eastern on Bloomberg Radio

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Speaker 2: and Television Plus. Stay tuned for another reading on inflation.

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Speaker 2: We get that latest Street on US producer prices at

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Speaker 2: eight thirty this morning.

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Speaker 1: And turning overseas, the economy is also in focus in

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Speaker 1: the UK today. Growth in Britain bounced back in April.

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Speaker 1: Bloomberg's U and Pots joins us from London with the details.

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Speaker 10: Good morning Ewan, Good morning Amyen Nathan.

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Speaker 11: A strong start to the second quarter for the UK

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Speaker 11: economy GDP group by zero point two percent in April,

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Speaker 11: following a negative reading in the previous month. The positive

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Speaker 11: data in Lime and estimates means the British economy dodges

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Speaker 11: the risk of recession. But after hot employment numbers this week,

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Speaker 11: traders have been ramping up bets at the Bank of

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Speaker 11: England will be forced to continue hiking rates throughout the summer.

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Speaker 11: In London, I'm your pult Spinbecte break.

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Speaker 8: Okay, you and thanks.

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Speaker 2: Let's stay in Europe where big oil is making news.

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Speaker 2: This morning, Shell says it will increase its dividend by

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Speaker 2: fifteen percent. It's also pivoting back to oil and gas.

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Speaker 2: It's part of Shell's pivot to expand the most profitable

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Speaker 2: parts of its business, even if they are carbon intensive.

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Speaker 1: And oil demand is set to slow dramatically. That's the

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Speaker 1: word from the International Energy Agency. The IEA says consumption

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Speaker 1: in twenty twenty four will grow at half the rate

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Speaker 1: scene in the prior two years. The agency says high

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Speaker 1: prices and Rush's invasion of Ukraine will speed up the

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Speaker 1: transition away from fossil fuels.

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Speaker 8: Ok amy. Thanks.

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Speaker 2: Back here in the US, Microsoft is in the spotlight.

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Speaker 2: The company's acquisition of Activision Blizzard has been temporarily blocked

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Speaker 2: by a federal judge, and we get the story from

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Speaker 2: Bloomberg's John Tucker.

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Speaker 12: The Judji issued a temporary restraining order to maintain what

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Speaker 12: he called the status quo while the Federal Trade Commission

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Speaker 12: challenges the deal. The FTC itself filed that emergency motion

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Speaker 12: to halt a merger on Monday. This ruling holds the

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Speaker 12: two companies apart until five days after the Cork rule

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Speaker 12: on a more permanent pause in the deal and evidentiary

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Speaker 12: hearing on the longer term injunction is set to be

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Speaker 12: held in San Francisco later this month. US authorities are

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Speaker 12: not the only ones who've challenged the deal. UK competition

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Speaker 12: regulators also vetled the merger. John Tucker Bloomberg Daybreak.

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Speaker 2: Time Now to take a look at some of the

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Speaker 2: other stories making news in New York and around the world.

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Speaker 8: For that were joined by Bloomberg's Michael Barr, Good Morning, Michael.

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Speaker 3: Good Morning, Nathan. President Vladimir Putin acknowledged that Russian forces

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Speaker 3: fighting in Ukraine lacks efficient advanced weapons. Despite a tripling

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Speaker 3: of arms output, Kieves forces pressed to counter offensive. However,

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Speaker 3: regional authorities say Russian forces fired cruise missiles at the

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Speaker 3: southern Ukrainian city of Odessa overnight, killing three people. Meanwhile,

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Speaker 3: President Biden met yesterday with the NATO Secretary General Jen

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Speaker 3: Stoltenberg in the Oval Office. President Biden said that the

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Speaker 3: US remains committed to supporting Ukraine and defending NATO territory.

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Speaker 3: Stoltenberg and the latest US military a to Ukraine three

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Speaker 3: hundred and twenty five million dollars.

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Speaker 13: Thank you for your leadership, for your strong personal commitment

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Speaker 13: to the Transatlantic Bond, to Europe and North American standing together.

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Speaker 13: And then may also thank the US Congress and the

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Speaker 13: people of America for the strong support to Ukraine.

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Speaker 3: Monday scheduled meeting with Stoltenberg was postponed to Tuesday because

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Speaker 3: the President had to get treatment for a root canal. A.

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Speaker 3: Federal judges once again weighing a takeover of New York

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Speaker 3: City's troubled Rikers Island Jail complex. Judge Laura Taylor described

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Speaker 3: her faith in its leadership as shaken following recent reports

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Speaker 3: of violence, grewsome injuries, and a lack of cooperation that

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Speaker 3: has thwarted court oversight. Travelers are catching a break as

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Speaker 3: US airfares and rental car prices have fallen. Bloomberg's at

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Speaker 3: Maxter reports.

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Speaker 14: There is a white hot demand for travel, and travelers

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Speaker 14: saw the lowest prices for airline tickets and rental cars

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Speaker 14: since March of twenty twenty one. Prices in May fell

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Speaker 14: thirteen percent year over year. Prices for rental cars and

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Speaker 14: trucks sank twelve percent. The most since May of twenty twenty,

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Speaker 14: when the pandemic drastically curtailed travel. United CEO Scott Kirby

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Speaker 14: says flight costs are now comparable to what consumers paid

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Speaker 14: a decade ago. He says, we're just coming back to

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Speaker 14: normalcy in pricing. In San Francisco, I'm at Baxter Bloomberg daybreak.

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Speaker 3: House, Republicans passed legislation to preemptively block future attempts to

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Speaker 3: restrict gas stoves after overcoming a revolt by the party's

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Speaker 3: conservative members. The bill would prohibit the Independent Consumer Product

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Speaker 3: Safety Commission from using federal funds to ban the appliances

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Speaker 3: as hazardous products. Global News twenty four hours a day,

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Speaker 3: powered by more than twenty seven hundred journalists, nanilists and

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Speaker 3: over one hundred and twenty countries. I'm Michael Barren. This

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Speaker 3: is Bloomberg, Nathan.

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Speaker 8: Thanks Michael.

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Speaker 2: Time out for the Bloomberg Sports Upteate FRONTI by Tri

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Speaker 2: State Out.

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Speaker 8: He here's John Stanshauer.

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Speaker 4: All right, Nathan Wild started the Subway series. The second

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Speaker 4: batter was John Carlos Stanton his twenty fourth home run

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Speaker 4: at City Field. That's ten more than any other opposing player.

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Speaker 4: Luis Severino's second pitch was a Brandon Neimo homer seven.

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Speaker 4: Reno gave up two runs in the first inning, two

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Speaker 4: more in the second, an other than the third, but

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Speaker 4: the Yankees with five runs in the fourth off Max

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Speaker 4: schurz Or, who got booed by the City field crowd

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Speaker 4: when he was taken out. They Yanks sent the Mets

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Speaker 4: to their ninth loss in the last ten games. Seven

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Speaker 4: to six. Yankee bullpen has been a strength all season.

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Speaker 4: Six Yankee relievers team for four plus scoreless innings of relief.

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Speaker 4: Tonight it's Garrett Cole against Justin Verlander. They don't really

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Speaker 4: need a reason to have a party in Las Vegas,

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Speaker 4: but they got one.

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Speaker 2: First Stanley Cup championship in Golden Knights.

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Speaker 8: His story comes in their sixth season.

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Speaker 12: The Silver State is home to the greatest silver trophy

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Speaker 12: at all of sports.

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Speaker 4: JK GK the call Game five and a Cup Final,

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Speaker 4: a blowout win for Vegas nine to three over Florida.

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Speaker 4: Though the game was only two to one midway through

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Speaker 4: the second period. The next thing you knew was seven

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Speaker 4: to one hat trick for Vegas captain Mark Stone. Jonathan

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Speaker 4: marsh So won the consul Mic Trophy, a playoff MVP,

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Speaker 4: and the surprising run by the Panthers as the eighth

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Speaker 4: seed comes to an end. They had to play without

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Speaker 4: their best player, the injured Matthew could Chuck. Meanwhile, the

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Speaker 4: Rangers have their new coach, fifty eight year old Peter Loveolett,

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Speaker 4: continuing his tour of the Metropolitan Division. The Rangers will

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Speaker 4: be the fifth team in the division that he's coached,

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Speaker 4: most recently with Washington Lobbyolet briefly played for the Rangers

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Speaker 4: in the late nineteen eighties.

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Speaker 8: He's the eighth winningest coach in NHL history. John Stashiewe

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Speaker 8: Bloomberg Sports.

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Speaker 5: From coast to coast, from New York to San Francisco,

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Speaker 5: Boston to Washington, DC, nationwide on siriusxam, the Bloomberg Business

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Speaker 5: app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning.

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Speaker 5: I'm Nathan Hager. He is calling it a day that

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Speaker 5: will go down in infamy.

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Speaker 2: But rather than a sneak attack, former President Donald Trump

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Speaker 2: is going after the Justice Department head on hinting at

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Speaker 2: his defense after pleading not guilty yesterday to federal charges

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Speaker 2: over his handling of classified documents at mar Lago.

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Speaker 8: For more, we are joined live this morning by.

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Speaker 2: Greg Valiere, the chief US policy strategist at AGF Investments.

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Speaker 8: Greg, good morning.

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Speaker 2: It's not every day that you see a defendant in

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Speaker 2: a criminal trial of speaking out as forcefully as former

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Speaker 2: President Trump did last night at Bedminster. But of course

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Speaker 2: this is no ordinary criminal defendant.

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Speaker 15: Yeah, good morning, Nathan. I make two quick points. Initially,

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Speaker 15: First of all, good editorial lead editorial in this morning's

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Speaker 15: Wall Street Journal talking about how Trump is his own

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Speaker 15: worst enemy, saying and doing reckless things that come back

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Speaker 15: to bite him. And then I think you've got to

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Speaker 15: say I watched the whole talk he gave last night

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Speaker 15: from Bedminster. He didn't say anything new. I mean, it's

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Speaker 15: the same old stuff, like my detractors are deranged, there

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Speaker 15: on and on and on. All of these words that

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Speaker 15: he uses against his detractors, I think have lost a

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Speaker 15: lot of their potency.

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Speaker 2: But some of the words that he also used sounded

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Speaker 2: like he was reading directly from the Presidential Records Act, which,

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Speaker 2: as you allude to, he's talked about before that would

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Speaker 2: potentially be his defense if he does go to trial here,

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Speaker 2: what does that say about how the former president is

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Speaker 2: going to be pursuing this and the potential political impact.

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Speaker 15: Yeah, very aggressively, but at the same time, not in

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Speaker 15: any great rush. I think he'd love to see this

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Speaker 15: coincide with the election campaign of next year, even though

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Speaker 15: people like Bill Barr, the former Attorney General, has said

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Speaker 15: that this is outrageous. Even Nicky Haley said that it

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Speaker 15: endangers national security. Trump's conviction in Florida is not certain.

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Speaker 15: I mean, you've got a state where it's going to

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Speaker 15: be difficult to get a jury where everybody agrees that

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Speaker 15: Trump does something wrong.

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Speaker 2: Does this put an onus on Justice Department or even

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Speaker 2: President Biden to put out more of a public response

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Speaker 2: since the former president is coming out so publicly like this.

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Speaker 15: That's a really interesting angle, Nathan. All of a sudden,

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Speaker 15: there's focus on why the Biden Whitehouse has been so

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Speaker 15: passive instructing Democrats not to go after Trump, not inciting him,

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Speaker 15: not leading to suspicion that there's a collusion between the

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Speaker 15: White House and the Justice Department. But there are a

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Speaker 15: lot of Democrats in this town who I think will

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Speaker 15: very soon begin to really rip into Trump for what

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Speaker 15: he's done.

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Speaker 2: Interesting, are you thinking of any names in particular, I

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Speaker 2: wouldn't think that President Biden would be coming out, at

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Speaker 2: least in the short term, more forcefully than he has.

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Speaker 15: Yeah, I don't see Joe Biden. Actually, Jill Biden last

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Speaker 15: night had a fairly critical comment about Trump. But I

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Speaker 15: do think there'll be other Democrats, Democrats would like to

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Speaker 15: run for president in four years who start to talk

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Speaker 15: pretty aggressive.

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Speaker 2: Okay, what about the former president's primary opponents who started

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Speaker 2: to see a little bit of a shift for them

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Speaker 2: as well, particularly Nikki Haley and Tim Scott, both out

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Speaker 2: of South Carolina, getting a little bit more forceful in

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Speaker 2: their rhetoric.

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Speaker 8: Do you see that continuing?

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Speaker 15: But maybe I think a lot of these politicians will

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Speaker 15: carefully read the polls, and the poll show, at least initially,

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Speaker 15: the American public, not just Republicans, feel that this is

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Speaker 15: a political you know, they're ganging up on Donald Trump.

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Speaker 15: I think the key politician to watch, obviously is Ron DeSantis.

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Speaker 15: If Desandas starts to move away, and their signs that

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Speaker 15: he might, that would be significant.

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Speaker 2: Now it goes back to the point I guess that

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Speaker 2: you were making earlier about the former president's words sort

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Speaker 2: of losing their luster a little bit. As he continues

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Speaker 2: to hammer out a lot of the same forceful points.

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Speaker 8: He has before.

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Speaker 2: How do you see the long term effects of this

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Speaker 2: case playing out as it does get closer to November

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Speaker 2: twenty twenty four election and potentially the case bleeding even

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Speaker 2: after election day.

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Speaker 15: Yeah, you got to sustain the momentum. How many times

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Speaker 15: can you call someone a deranged lunatic before it starts

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Speaker 15: to lose its impact? And I do think that while

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Speaker 15: Trump will maintain his base, there's no question in my

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Speaker 15: mind on that. I just don't see Donald Trump having

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Speaker 15: enough support among moderates to win in a general election.

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Speaker 2: Does this case sustain itself even with some of the

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Speaker 2: other legal pressure that the former president is facing and

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Speaker 2: potential further charges not just from this Special Council, but

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Speaker 2: from Georgia as well.

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Speaker 15: A good point. There are still two huge cases to go.

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Speaker 15: I think Georgia maybe in the news by later in

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Speaker 15: the summer. It looks like that case will be brought.

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Speaker 15: And of course the big one of all is January sixth,

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Speaker 15: And I do think that Trump is quite vulnerable because

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Speaker 15: of an extensive record that shows that he encouraged the

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Speaker 15: riots and did nothing to stop the them.

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