WEBVTT - Trump Urges Prosecutors to Drop Case; Fed Cause for Pause?

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<v Speaker 1>From the Bloomberg Interactive Groger's Studios. This is Bloomberg Daybreak

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<v Speaker 1>or Wednesday, June fourteenth.

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<v Speaker 2>Coming up today, Former President Trump calls it a day

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<v Speaker 2>that will go down in infamy after pleading not guilty

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<v Speaker 2>to federal charges.

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<v Speaker 1>All eyes are on the Fed as the Central Bank

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<v Speaker 1>prepares to issue its latest policy decision.

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<v Speaker 2>Shell gets a boost, the oil Giant ups its dividend

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<v Speaker 2>and pivots back to fossil fuels, and more.

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<v Speaker 1>Legal trouble hits Microsoft's bid poor activision Blizzard.

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<v Speaker 3>Russian President Putin admits shortcomings fighting Ukraine's counter refensive, plus

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<v Speaker 3>a federal judge reconsider as a takeover of New York's

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<v Speaker 3>Bankers Island un like lebar.

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<v Speaker 4>More, John Stash errands Worth, the Yankees meet the Mets,

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<v Speaker 4>a new code for the Rangers, and the Vegas Golden

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<v Speaker 4>Knights have won the Stanley Cup.

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<v Speaker 5>That's all straight ahead on Bloomberg day Break, the Business

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<v Speaker 5>news you need to sturn your day in just one

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<v Speaker 5>fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

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<v Speaker 5>Business Appen everywhere you get your podcasts.

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<v Speaker 1>Good morning, I'm Nathan Hager and I'm Amy Morris. Here

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<v Speaker 1>are the stories we're following today.

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<v Speaker 2>We begin with the major story in politics this morning,

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<v Speaker 2>the arraignment of former President Donald Trump. The Republican front runner,

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<v Speaker 2>pleaded not guilty to thirty seven federal counts accusing him

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<v Speaker 2>of willfully retaining top secret documents. After court, he flew

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<v Speaker 2>from Miami to Bedminster, New Jersey, where he told supporters

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<v Speaker 2>he had every right to keep those records.

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<v Speaker 6>Threatening me with four hundred years in prison for possessing

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<v Speaker 6>my own presidential papers, which just about every other president

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<v Speaker 6>has done, is one of the most outrageous and vicious

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<v Speaker 6>legal theories ever put forward in an American court of law.

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<v Speaker 2>The former president spoke at a fundraiser that was planned

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<v Speaker 2>before the indictment.

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<v Speaker 1>And it was a historic day, making Trump the first

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<v Speaker 1>ex president to face federal charges. It all started at

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<v Speaker 1>a courthouse in Miami. That's where we find Bloomberg's at

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<v Speaker 1>Kaylee Lines.

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<v Speaker 7>There were hundreds of pro Trump supporters that were at

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<v Speaker 7>the courthouse. Police that I spoke with indicated that they're

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<v Speaker 7>there had been no violent incidents that they were aware of,

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<v Speaker 7>and President Trump, after leaving the court house, went to

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<v Speaker 7>a popular Cuban restaurant here in Miami, cafe verside to

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<v Speaker 7>speak with some of the reporters, ask for where the

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<v Speaker 7>legal proceedings go from here. This case will move from

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<v Speaker 7>Miami to West Palm Beach, Florida, where Judge Eileen Cannon,

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<v Speaker 7>a Trump appointee, will be overseeing it. It then becomes

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<v Speaker 7>a question of the timeline. President Trump has a reputation

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<v Speaker 7>for dragging legal proceedings out for quite some time, so

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<v Speaker 7>we could see this fight going well up to the

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<v Speaker 7>November twenty twenty four election, or perhaps even beyond it.

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<v Speaker 7>In Miami, Kaylee lines Bloomberg.

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<v Speaker 8>Names Okay, Kaylee, thank you.

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<v Speaker 5>No.

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<v Speaker 2>Legal analysts say drawing out the case could have benefits

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<v Speaker 2>for the former president. We caught up with Palm Beach

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<v Speaker 2>County State Attorney Dave Ehrenberg.

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<v Speaker 9>The one advantage for Trump is that it gives him

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<v Speaker 9>a chance to delay matters further. He can challenge the

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

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<v Speaker 9>in a way, he wins by losing, because by losing

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<v Speaker 9>in court, he's going to have those delays that he loves,

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<v Speaker 9>because it can push this case beyond the twenty twenty

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<v Speaker 9>four life.

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<v Speaker 2>Palm Beach State Attorney Dave Ehrenberg spoke with Joe Matthew

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<v Speaker 2>on Bloomberg's Sound On. You can catch the program at

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<v Speaker 2>one pm Eastern on Bloomberg Radio or listen on demand

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<v Speaker 2>wherever you get your podcasts.

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<v Speaker 1>We'll have more on Donald Trump's case in just a

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<v Speaker 1>few minutes. But now it's turned to Wall Street traders

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<v Speaker 1>looking to today's policy decision from the Federal Reserve. The

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<v Speaker 1>majority of economists expect the FED to pause and not

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<v Speaker 1>raise rates for the first time since March of last year.

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<v Speaker 1>Let's get those details from Bloomberg's Michael McKee.

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<v Speaker 10>Fed officials went into their two day meeting divided over

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<v Speaker 10>whether inflation remains so stubborn that additional rate increases are necessary.

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<v Speaker 10>Tuesday's benign CPI report likely tips the balance of the

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<v Speaker 10>argument to those who would put a further move on hold.

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<v Speaker 10>The central Bank has raised the nation's benchmark borrowing rate

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<v Speaker 10>by more than five percentage points and inflation is coming down.

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<v Speaker 10>While investors have priced out a rate move for this meeting,

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<v Speaker 10>July and future meetings remain on the table, at least

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<v Speaker 10>for now, markets will price those odds after today a

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<v Speaker 10>cast from Fed officials and a new dot plot outlining

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<v Speaker 10>their rate views, coupled with what FED chair J Powell

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<v Speaker 10>says about the outlook. Michael McKee, Bloomberg Daybreak.

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<v Speaker 2>Okay, Mike, thanks to join us for live coverage of

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<v Speaker 2>the FED decision on a special edition of Bloomberg Surveillance.

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<v Speaker 2>It starts at one thirty pm Eastern on Bloomberg Radio

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<v Speaker 2>and Television Plus. Stay tuned for another reading on inflation.

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<v Speaker 2>We get that latest Street on US producer prices at

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<v Speaker 2>eight thirty this morning.

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<v Speaker 1>And turning overseas, the economy is also in focus in

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<v Speaker 1>the UK today. Growth in Britain bounced back in April.

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

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<v Speaker 10>Good morning Ewan, Good morning Amyen Nathan.

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<v Speaker 11>A strong start to the second quarter for the UK

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<v Speaker 11>economy GDP group by zero point two percent in April,

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<v Speaker 11>following a negative reading in the previous month. The positive

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<v Speaker 11>data in Lime and estimates means the British economy dodges

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<v Speaker 11>the risk of recession. But after hot employment numbers this week,

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<v Speaker 11>traders have been ramping up bets at the Bank of

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<v Speaker 11>England will be forced to continue hiking rates throughout the summer.

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<v Speaker 11>In London, I'm your pult Spinbecte break.

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<v Speaker 8>Okay, you and thanks.

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<v Speaker 2>Let's stay in Europe where big oil is making news.

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<v Speaker 2>This morning, Shell says it will increase its dividend by

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<v Speaker 2>fifteen percent. It's also pivoting back to oil and gas.

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<v Speaker 2>It's part of Shell's pivot to expand the most profitable

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<v Speaker 2>parts of its business, even if they are carbon intensive.

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<v Speaker 1>And oil demand is set to slow dramatically. That's the

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<v Speaker 1>word from the International Energy Agency. The IEA says consumption

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<v Speaker 1>in twenty twenty four will grow at half the rate

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<v Speaker 1>scene in the prior two years. The agency says high

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<v Speaker 1>prices and Rush's invasion of Ukraine will speed up the

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<v Speaker 1>transition away from fossil fuels.

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<v Speaker 8>Ok amy. Thanks.

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<v Speaker 2>Back here in the US, Microsoft is in the spotlight.

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<v Speaker 2>The company's acquisition of Activision Blizzard has been temporarily blocked

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<v Speaker 2>by a federal judge, and we get the story from

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<v Speaker 2>Bloomberg's John Tucker.

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<v Speaker 12>The Judji issued a temporary restraining order to maintain what

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<v Speaker 12>he called the status quo while the Federal Trade Commission

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<v Speaker 12>challenges the deal. The FTC itself filed that emergency motion

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<v Speaker 12>to halt a merger on Monday. This ruling holds the

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<v Speaker 12>two companies apart until five days after the Cork rule

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<v Speaker 12>on a more permanent pause in the deal and evidentiary

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<v Speaker 12>hearing on the longer term injunction is set to be

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<v Speaker 12>held in San Francisco later this month. US authorities are

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<v Speaker 12>not the only ones who've challenged the deal. UK competition

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<v Speaker 12>regulators also vetled the merger. John Tucker Bloomberg Daybreak.

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<v Speaker 2>Time Now to take a look at some of the

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<v Speaker 2>other stories making news in New York and around the world.

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

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<v Speaker 3>Good Morning, Nathan. President Vladimir Putin acknowledged that Russian forces

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<v Speaker 3>fighting in Ukraine lacks efficient advanced weapons. Despite a tripling

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<v Speaker 3>of arms output, Kieves forces pressed to counter offensive. However,

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<v Speaker 3>regional authorities say Russian forces fired cruise missiles at the

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<v Speaker 3>southern Ukrainian city of Odessa overnight, killing three people. Meanwhile,

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<v Speaker 3>President Biden met yesterday with the NATO Secretary General Jen

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<v Speaker 3>Stoltenberg in the Oval Office. President Biden said that the

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<v Speaker 3>US remains committed to supporting Ukraine and defending NATO territory.

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<v Speaker 3>Stoltenberg and the latest US military a to Ukraine three

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<v Speaker 3>hundred and twenty five million dollars.

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<v Speaker 13>Thank you for your leadership, for your strong personal commitment

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<v Speaker 13>to the Transatlantic Bond, to Europe and North American standing together.

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<v Speaker 13>And then may also thank the US Congress and the

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<v Speaker 13>people of America for the strong support to Ukraine.

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<v Speaker 3>Monday scheduled meeting with Stoltenberg was postponed to Tuesday because

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<v Speaker 3>the President had to get treatment for a root canal. A.

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<v Speaker 3>Federal judges once again weighing a takeover of New York

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<v Speaker 3>City's troubled Rikers Island Jail complex. Judge Laura Taylor described

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<v Speaker 3>her faith in its leadership as shaken following recent reports

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<v Speaker 3>of violence, grewsome injuries, and a lack of cooperation that

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<v Speaker 3>has thwarted court oversight. Travelers are catching a break as

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<v Speaker 3>US airfares and rental car prices have fallen. Bloomberg's at

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<v Speaker 3>Maxter reports.

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<v Speaker 14>There is a white hot demand for travel, and travelers

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<v Speaker 14>saw the lowest prices for airline tickets and rental cars

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<v Speaker 14>since March of twenty twenty one. Prices in May fell

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<v Speaker 14>thirteen percent year over year. Prices for rental cars and

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<v Speaker 14>trucks sank twelve percent. The most since May of twenty twenty,

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<v Speaker 14>when the pandemic drastically curtailed travel. United CEO Scott Kirby

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<v Speaker 14>says flight costs are now comparable to what consumers paid

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

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

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<v Speaker 3>House, Republicans passed legislation to preemptively block future attempts to

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<v Speaker 3>restrict gas stoves after overcoming a revolt by the party's

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<v Speaker 3>conservative members. The bill would prohibit the Independent Consumer Product

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<v Speaker 3>Safety Commission from using federal funds to ban the appliances

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<v Speaker 3>as hazardous products. Global News twenty four hours a day,

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<v Speaker 3>powered by more than twenty seven hundred journalists, nanilists and

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<v Speaker 3>over one hundred and twenty countries. I'm Michael Barren. This

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<v Speaker 3>is Bloomberg, Nathan.

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<v Speaker 8>Thanks Michael.

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<v Speaker 2>Time out for the Bloomberg Sports Upteate FRONTI by Tri

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<v Speaker 2>State Out.

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<v Speaker 8>He here's John Stanshauer.

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<v Speaker 4>All right, Nathan Wild started the Subway series. The second

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<v Speaker 4>batter was John Carlos Stanton his twenty fourth home run

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

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<v Speaker 4>Luis Severino's second pitch was a Brandon Neimo homer seven.

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<v Speaker 4>Reno gave up two runs in the first inning, two

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<v Speaker 4>more in the second, an other than the third, but

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<v Speaker 4>the Yankees with five runs in the fourth off Max

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<v Speaker 4>schurz Or, who got booed by the City field crowd

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<v Speaker 4>when he was taken out. They Yanks sent the Mets

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<v Speaker 4>to their ninth loss in the last ten games. Seven

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<v Speaker 4>to six. Yankee bullpen has been a strength all season.

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<v Speaker 4>Six Yankee relievers team for four plus scoreless innings of relief.

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

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<v Speaker 4>need a reason to have a party in Las Vegas,

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<v Speaker 4>but they got one.

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<v Speaker 2>First Stanley Cup championship in Golden Knights.

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<v Speaker 8>His story comes in their sixth season.

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<v Speaker 12>The Silver State is home to the greatest silver trophy

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<v Speaker 12>at all of sports.

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<v Speaker 4>JK GK the call Game five and a Cup Final,

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<v Speaker 4>a blowout win for Vegas nine to three over Florida.

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<v Speaker 4>Though the game was only two to one midway through

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<v Speaker 4>the second period. The next thing you knew was seven

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<v Speaker 4>to one hat trick for Vegas captain Mark Stone. Jonathan

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<v Speaker 4>marsh So won the consul Mic Trophy, a playoff MVP,

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<v Speaker 4>and the surprising run by the Panthers as the eighth

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<v Speaker 4>seed comes to an end. They had to play without

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<v Speaker 4>their best player, the injured Matthew could Chuck. Meanwhile, the

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<v Speaker 4>Rangers have their new coach, fifty eight year old Peter Loveolett,

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<v Speaker 4>continuing his tour of the Metropolitan Division. The Rangers will

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<v Speaker 4>be the fifth team in the division that he's coached,

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<v Speaker 4>most recently with Washington Lobbyolet briefly played for the Rangers

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<v Speaker 4>in the late nineteen eighties.

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<v Speaker 8>He's the eighth winningest coach in NHL history. John Stashiewe

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<v Speaker 8>Bloomberg Sports.

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<v Speaker 5>From coast to coast, from New York to San Francisco,

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<v Speaker 5>Boston to Washington, DC, nationwide on siriusxam, the Bloomberg Business

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<v Speaker 5>app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning.

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<v Speaker 5>I'm Nathan Hager. He is calling it a day that

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<v Speaker 5>will go down in infamy.

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<v Speaker 2>But rather than a sneak attack, former President Donald Trump

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<v Speaker 2>is going after the Justice Department head on hinting at

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<v Speaker 2>his defense after pleading not guilty yesterday to federal charges

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<v Speaker 2>over his handling of classified documents at mar Lago.

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<v Speaker 8>For more, we are joined live this morning by.

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<v Speaker 2>Greg Valiere, the chief US policy strategist at AGF Investments.

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<v Speaker 8>Greg, good morning.

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<v Speaker 2>It's not every day that you see a defendant in

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<v Speaker 2>a criminal trial of speaking out as forcefully as former

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<v Speaker 2>President Trump did last night at Bedminster. But of course

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<v Speaker 2>this is no ordinary criminal defendant.

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<v Speaker 15>Yeah, good morning, Nathan. I make two quick points. Initially,

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<v Speaker 15>First of all, good editorial lead editorial in this morning's

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<v Speaker 15>Wall Street Journal talking about how Trump is his own

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<v Speaker 15>worst enemy, saying and doing reckless things that come back

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<v Speaker 15>to bite him. And then I think you've got to

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<v Speaker 15>say I watched the whole talk he gave last night

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

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<v Speaker 15>the same old stuff, like my detractors are deranged, there

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<v Speaker 15>on and on and on. All of these words that

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<v Speaker 15>he uses against his detractors, I think have lost a

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<v Speaker 15>lot of their potency.

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<v Speaker 2>But some of the words that he also used sounded

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<v Speaker 2>like he was reading directly from the Presidential Records Act, which,

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<v Speaker 2>as you allude to, he's talked about before that would

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<v Speaker 2>potentially be his defense if he does go to trial here,

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<v Speaker 2>what does that say about how the former president is

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<v Speaker 2>going to be pursuing this and the potential political impact.

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<v Speaker 15>Yeah, very aggressively, but at the same time, not in

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<v Speaker 15>any great rush. I think he'd love to see this

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<v Speaker 15>coincide with the election campaign of next year, even though

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<v Speaker 15>people like Bill Barr, the former Attorney General, has said

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<v Speaker 15>that this is outrageous. Even Nicky Haley said that it

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<v Speaker 15>endangers national security. Trump's conviction in Florida is not certain.

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

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<v Speaker 15>be difficult to get a jury where everybody agrees that

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<v Speaker 15>Trump does something wrong.

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<v Speaker 2>Does this put an onus on Justice Department or even

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<v Speaker 2>President Biden to put out more of a public response

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<v Speaker 2>since the former president is coming out so publicly like this.

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<v Speaker 15>That's a really interesting angle, Nathan. All of a sudden,

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<v Speaker 15>there's focus on why the Biden Whitehouse has been so

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<v Speaker 15>passive instructing Democrats not to go after Trump, not inciting him,

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<v Speaker 15>not leading to suspicion that there's a collusion between the

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<v Speaker 15>White House and the Justice Department. But there are a

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<v Speaker 15>lot of Democrats in this town who I think will

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<v Speaker 15>very soon begin to really rip into Trump for what

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<v Speaker 15>he's done.

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<v Speaker 2>Interesting, are you thinking of any names in particular, I

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<v Speaker 2>wouldn't think that President Biden would be coming out, at

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<v Speaker 2>least in the short term, more forcefully than he has.

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<v Speaker 15>Yeah, I don't see Joe Biden. Actually, Jill Biden last

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<v Speaker 15>night had a fairly critical comment about Trump. But I

0:13:52.520 --> 0:13:56.160
<v Speaker 15>do think there'll be other Democrats, Democrats would like to

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<v Speaker 15>run for president in four years who start to talk

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<v Speaker 15>pretty aggressive.

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<v Speaker 2>Okay, what about the former president's primary opponents who started

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<v Speaker 2>to see a little bit of a shift for them

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<v Speaker 2>as well, particularly Nikki Haley and Tim Scott, both out

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<v Speaker 2>of South Carolina, getting a little bit more forceful in

0:14:13.440 --> 0:14:14.000
<v Speaker 2>their rhetoric.

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<v Speaker 8>Do you see that continuing?

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<v Speaker 15>But maybe I think a lot of these politicians will

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<v Speaker 15>carefully read the polls, and the poll show, at least initially,

0:14:21.920 --> 0:14:25.880
<v Speaker 15>the American public, not just Republicans, feel that this is

0:14:25.920 --> 0:14:30.800
<v Speaker 15>a political you know, they're ganging up on Donald Trump.

0:14:30.960 --> 0:14:34.640
<v Speaker 15>I think the key politician to watch, obviously is Ron DeSantis.

0:14:35.080 --> 0:14:37.520
<v Speaker 15>If Desandas starts to move away, and their signs that

0:14:37.560 --> 0:14:39.800
<v Speaker 15>he might, that would be significant.

0:14:40.080 --> 0:14:41.600
<v Speaker 2>Now it goes back to the point I guess that

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<v Speaker 2>you were making earlier about the former president's words sort

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<v Speaker 2>of losing their luster a little bit. As he continues

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<v Speaker 2>to hammer out a lot of the same forceful points.

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<v Speaker 8>He has before.

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<v Speaker 2>How do you see the long term effects of this

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<v Speaker 2>case playing out as it does get closer to November

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<v Speaker 2>twenty twenty four election and potentially the case bleeding even

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<v Speaker 2>after election day.

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<v Speaker 15>Yeah, you got to sustain the momentum. How many times

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<v Speaker 15>can you call someone a deranged lunatic before it starts

0:15:12.200 --> 0:15:15.800
<v Speaker 15>to lose its impact? And I do think that while

0:15:16.000 --> 0:15:19.280
<v Speaker 15>Trump will maintain his base, there's no question in my

0:15:19.360 --> 0:15:22.120
<v Speaker 15>mind on that. I just don't see Donald Trump having

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<v Speaker 15>enough support among moderates to win in a general election.

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<v Speaker 2>Does this case sustain itself even with some of the

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<v Speaker 2>other legal pressure that the former president is facing and

0:15:32.560 --> 0:15:35.480
<v Speaker 2>potential further charges not just from this Special Council, but

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<v Speaker 2>from Georgia as well.

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<v Speaker 15>A good point. There are still two huge cases to go.

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<v Speaker 15>I think Georgia maybe in the news by later in

0:15:44.760 --> 0:15:47.520
<v Speaker 15>the summer. It looks like that case will be brought.

0:15:47.720 --> 0:15:50.280
<v Speaker 15>And of course the big one of all is January sixth,

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<v Speaker 15>And I do think that Trump is quite vulnerable because

0:15:54.200 --> 0:15:58.800
<v Speaker 15>of an extensive record that shows that he encouraged the

0:15:58.880 --> 0:16:03.200
<v Speaker 15>riots and did nothing to stop the them.

0:16:03.240 --> 0:16:06.320
<v Speaker 16>This is Bloomberg Daybreak Today, Your morning brief on the

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<v Speaker 8>I'm Nathan Hager.

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