1 00:00:02,240 --> 00:00:05,519 Speaker 1: By from the Bloomberg Interacted Berger Studios. This is Bloomberg 2 00:00:05,600 --> 00:00:09,200 Speaker 1: Daybreak for Wednesday, April six two. Coming up to sour, 3 00:00:09,480 --> 00:00:12,680 Speaker 1: the US and its allies prepared to impose more sanctions 4 00:00:12,680 --> 00:00:15,280 Speaker 1: on Russia. The global blogs sell off deepens as the 5 00:00:15,320 --> 00:00:18,360 Speaker 1: Fed steps up tightening talk. Janet Yellen warns the war 6 00:00:18,440 --> 00:00:22,240 Speaker 1: threatens massive economic repercussions, and Bank of America pushes for 7 00:00:22,320 --> 00:00:25,040 Speaker 1: all workers to get back in the office. D MT 8 00:00:25,200 --> 00:00:29,200 Speaker 1: as incoming Subway and bus chief focuses on improving ridership 9 00:00:29,280 --> 00:00:33,440 Speaker 1: and service plus Avanca. Trump testifies before the January sixth Committee. 10 00:00:33,440 --> 00:00:36,479 Speaker 1: I'm Michael bar More ahead, I'm done stats. Daron sports 11 00:00:36,479 --> 00:00:38,760 Speaker 1: the next beat the Rockets, the Rangers, beat the Devil's 12 00:00:38,760 --> 00:00:41,400 Speaker 1: and Tiger Woods says he's coming back to play the Baster. 13 00:00:45,000 --> 00:00:49,600 Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg eleven, Treo, 14 00:00:49,680 --> 00:00:54,080 Speaker 1: New York, Bloomberg one Washington, d C, Bloomberg one oh 15 00:00:54,160 --> 00:00:58,400 Speaker 1: six one in Boston, Bloomberg nine sixties, San Francisco, Sirius 16 00:00:58,560 --> 00:01:01,840 Speaker 1: x M one ninet and around the world on Bloomberg 17 00:01:01,920 --> 00:01:09,000 Speaker 1: Radio dot Com and via them. Good morning, I'm Nathan Hagar, 18 00:01:09,480 --> 00:01:12,520 Speaker 1: and I'm Karen, Mostow and US DOT Index futures are 19 00:01:12,600 --> 00:01:15,640 Speaker 1: lower this morning, adding to yesterday's and losses. We're coming 20 00:01:15,680 --> 00:01:17,400 Speaker 1: up to five o one on Wall Street, and we 21 00:01:17,520 --> 00:01:20,040 Speaker 1: check the markets every fifteen minutes throughout the trading day. 22 00:01:20,080 --> 00:01:23,160 Speaker 1: On Bloomberg, s and P futures are done about fifteen points. 23 00:01:23,480 --> 00:01:25,800 Speaker 1: Dowth Future is down ninety four and ASDAC Future is 24 00:01:25,840 --> 00:01:28,759 Speaker 1: down eighty one. The decks in Germany's down one point 25 00:01:28,760 --> 00:01:32,319 Speaker 1: one percent. Tenure Treasury don eighteen thirty seconds held two 26 00:01:32,319 --> 00:01:34,640 Speaker 1: point six one percent. They yield on the two year 27 00:01:34,680 --> 00:01:37,800 Speaker 1: two point five percent, and nim X screwed oil is 28 00:01:37,880 --> 00:01:39,920 Speaker 1: up one and a quarter percent, up a dollar twenty 29 00:01:40,000 --> 00:01:43,279 Speaker 1: eight at a hundred three dollars twenty four cents and barrel. Nathan, 30 00:01:43,360 --> 00:01:45,400 Speaker 1: all right, Karen, we begin this morning with the latest 31 00:01:45,440 --> 00:01:48,200 Speaker 1: on the war in Ukraine. NATO foreign ministers are meeting 32 00:01:48,280 --> 00:01:51,280 Speaker 1: in Brussels while the US and Allies work on news 33 00:01:51,320 --> 00:01:54,760 Speaker 1: sanctions against Russia. Amy Morris joins us with details from 34 00:01:54,760 --> 00:01:59,480 Speaker 1: our Bloomberg newsroom in Washington. Ukrainian officials say Russian forces 35 00:01:59,520 --> 00:02:03,200 Speaker 1: continue to strike infrastructure targets like fuel storage and grain silos, 36 00:02:03,440 --> 00:02:06,800 Speaker 1: and Ukrainian President Vladimir Zelinsky made a plea for peace 37 00:02:06,880 --> 00:02:09,440 Speaker 1: before the UN Security Council, urging the UN to do 38 00:02:09,560 --> 00:02:13,440 Speaker 1: more to stop Moscow's aggression, sagging through a translator that 39 00:02:13,560 --> 00:02:16,400 Speaker 1: Russia doesn't deserve a seat at that table. We are 40 00:02:16,680 --> 00:02:19,760 Speaker 1: dealing with a state that is turning the veto into 41 00:02:19,919 --> 00:02:23,919 Speaker 1: the UN Security Council into the right to die. This 42 00:02:24,160 --> 00:02:28,400 Speaker 1: undermines the whole architecture of global security. That China express 43 00:02:28,480 --> 00:02:32,560 Speaker 1: dismay at the killing of unarmed civilians without condemning Vladimir Putin, 44 00:02:32,639 --> 00:02:36,400 Speaker 1: Russia continues to deny the accusations. In Washington, I'm Amy Moore, 45 00:02:36,400 --> 00:02:39,280 Speaker 1: as Bloomberg Daybreak, All right, Amy, thank you. Meantime, Secretary 46 00:02:39,320 --> 00:02:42,519 Speaker 1: of State Anthony Blincoln is weighing in on civilian deaths 47 00:02:42,560 --> 00:02:45,760 Speaker 1: in Ukraine. He says the atrocities and Bousha are not 48 00:02:46,000 --> 00:02:50,239 Speaker 1: isolated incidents, and Bloomberg said Bachelor has the story. Secretary 49 00:02:50,280 --> 00:02:53,400 Speaker 1: Blincoln says the US is helping in a thorough investigation 50 00:02:53,440 --> 00:02:56,680 Speaker 1: and says there must be accountability from the top down. 51 00:02:56,800 --> 00:03:00,840 Speaker 1: What we've seen in is not the random act of 52 00:03:00,840 --> 00:03:06,840 Speaker 1: a rogue unit. It's a deliberate campaign to kill, the torture, 53 00:03:07,880 --> 00:03:12,680 Speaker 1: to rape, to commit atrocities, and blancoln says it will 54 00:03:12,720 --> 00:03:17,320 Speaker 1: all be documented and reported. In San Francisco, I'm at 55 00:03:17,360 --> 00:03:19,720 Speaker 1: Baxter Bloomberg Daybreak, All right, and thank you. On the 56 00:03:19,720 --> 00:03:22,120 Speaker 1: economic front, the war has had a major impact on 57 00:03:22,160 --> 00:03:25,520 Speaker 1: oil and gas prices, and later today oil executives go 58 00:03:25,600 --> 00:03:28,960 Speaker 1: on Capitol Hill to answer questions about those price hikes. 59 00:03:29,000 --> 00:03:34,160 Speaker 1: The story from Bloomberg's Charlie Pellett. Chief executives of BP America, Chevron, 60 00:03:34,320 --> 00:03:38,080 Speaker 1: Devon Energy, x On Mobile, Pioneer Natural Resources, and Shell 61 00:03:38,280 --> 00:03:41,640 Speaker 1: USA are set to testify before the House Energy and 62 00:03:41,680 --> 00:03:45,040 Speaker 1: Commerce Committee. The hearing will include both in person and 63 00:03:45,160 --> 00:03:49,920 Speaker 1: remote attendees. It comes amid intensifying scrutiny of oil companies 64 00:03:50,080 --> 00:03:53,320 Speaker 1: whose stock values have climbed along with the price of crude, 65 00:03:53,640 --> 00:03:58,240 Speaker 1: stoking new Congressional proposals for a windfall profits tax in 66 00:03:58,400 --> 00:04:01,920 Speaker 1: New York. Charlie Pellot Bloomberg Daybreak, All right, Charlie, thank 67 00:04:01,920 --> 00:04:05,120 Speaker 1: you all. Treasury Secretary johanet Yellen will also be testifying 68 00:04:05,160 --> 00:04:08,080 Speaker 1: before Congress today on how the war in Ukraine could 69 00:04:08,160 --> 00:04:11,320 Speaker 1: impact the global economy, and Bloomberg Jernity Young joins us 70 00:04:11,320 --> 00:04:13,760 Speaker 1: Live with the details. Good morning, Nina, Good Morning Care 71 00:04:13,800 --> 00:04:17,000 Speaker 1: and Treasury Secretary Janet Yelling will warn that the war 72 00:04:17,080 --> 00:04:21,640 Speaker 1: in Ukraine threatens to inflict enormous economic repercussions. That's according 73 00:04:21,680 --> 00:04:23,880 Speaker 1: to a copy of prepared remarks that she'll give to 74 00:04:23,880 --> 00:04:27,400 Speaker 1: the House Financial Services Committee. Her testimony comes as the 75 00:04:27,480 --> 00:04:29,800 Speaker 1: I m F is preparing to cut its forecasts for 76 00:04:29,839 --> 00:04:33,440 Speaker 1: global growth. In Deutsche Bank, economists said that they now 77 00:04:33,520 --> 00:04:37,240 Speaker 1: expect a US recession in the next two years. Live 78 00:04:37,279 --> 00:04:40,000 Speaker 1: in New York, I'm renit to Young Bloomberg Daybreak. All right, 79 00:04:40,000 --> 00:04:42,760 Speaker 1: thanks Nita. Turning into markets now, we're seeing the global 80 00:04:42,839 --> 00:04:45,360 Speaker 1: bond sell off deep in this morning. Let's get the 81 00:04:45,400 --> 00:04:48,960 Speaker 1: latest on that Live with Bloomberg's John Tucker John Nathan. 82 00:04:49,000 --> 00:04:52,400 Speaker 1: The bond route worsened after Federal Reserve Governor Leole Brainerd 83 00:04:52,440 --> 00:04:55,800 Speaker 1: said the Central Bank will likely step up policy typening 84 00:04:56,360 --> 00:04:59,520 Speaker 1: given that the recovery has been considerably stronger and faster 85 00:04:59,560 --> 00:05:01,800 Speaker 1: than in the previous cycle, I expect the balve sheet 86 00:05:01,839 --> 00:05:05,040 Speaker 1: to shrink considerably more rapidly than in the previous recovery. 87 00:05:05,279 --> 00:05:08,000 Speaker 1: The prospect of aggressive FED action drove the yield on 88 00:05:08,040 --> 00:05:11,600 Speaker 1: the ten year treasuries of five bases points to two 89 00:05:11,680 --> 00:05:16,240 Speaker 1: sixty investors are dumping fixed income securities as policymakers move 90 00:05:16,279 --> 00:05:19,120 Speaker 1: to raise rates in the face of surging global inflation. 91 00:05:19,520 --> 00:05:23,080 Speaker 1: Global bonds are extending losses this week after completing an 92 00:05:23,120 --> 00:05:26,520 Speaker 1: eight month losing streak that is the longest on record. 93 00:05:26,839 --> 00:05:29,440 Speaker 1: It's about to just say the whole FED tightening narrative 94 00:05:29,520 --> 00:05:32,480 Speaker 1: is being moved up in time and magnitude Live in 95 00:05:32,520 --> 00:05:35,280 Speaker 1: New York. I'm John Tucker, Bloomberg Radio. All right, John, 96 00:05:35,320 --> 00:05:37,200 Speaker 1: thank you. Well, we may get more clues about the 97 00:05:37,200 --> 00:05:40,280 Speaker 1: future of interest racist afternoon, when minutes of the feds 98 00:05:40,320 --> 00:05:43,920 Speaker 1: March policy meeting are released. We'll also likely to get 99 00:05:43,920 --> 00:05:47,320 Speaker 1: details of the Fed's plans to shrink it's massive balance sheet. Today. 100 00:05:47,440 --> 00:05:49,480 Speaker 1: All right, let's start to corporate news now, Karen, because 101 00:05:49,480 --> 00:05:52,440 Speaker 1: we have a takeover bid in the airline industry. Jet 102 00:05:52,480 --> 00:05:55,520 Speaker 1: Blue has offered to buy rival Spirit Airlines for three 103 00:05:55,560 --> 00:05:58,800 Speaker 1: point six billion dollars. The move could potentially spoil an 104 00:05:58,800 --> 00:06:02,520 Speaker 1: earlier agreement for Frontier Group to vice Spirit. The unsolicited 105 00:06:02,520 --> 00:06:05,200 Speaker 1: proposal from Jet Blue has the potential to reshape the 106 00:06:05,279 --> 00:06:08,000 Speaker 1: landscape for ultra low cost air travel in the US. 107 00:06:08,400 --> 00:06:10,400 Speaker 1: All turning to the pandemic now, Nathan, the push to 108 00:06:10,400 --> 00:06:12,800 Speaker 1: get workers back in the office is picking up now. 109 00:06:12,839 --> 00:06:16,080 Speaker 1: Bank of America plans to bring all its US employees 110 00:06:16,120 --> 00:06:19,000 Speaker 1: back by June one. To get the story from Bloomberg's 111 00:06:19,000 --> 00:06:22,520 Speaker 1: Lisa Matteo, the return to office includes those who haven't 112 00:06:22,520 --> 00:06:26,840 Speaker 1: been vaccinated against the coronavirus. Sources say employees will still 113 00:06:26,920 --> 00:06:29,800 Speaker 1: have some flexibility to work from home, but they are 114 00:06:29,839 --> 00:06:33,880 Speaker 1: being strongly encouraged to collaborate with colleagues in person. Bank 115 00:06:33,920 --> 00:06:37,480 Speaker 1: executives on Wall Street have voice concerned that junior bankers 116 00:06:37,480 --> 00:06:40,120 Speaker 1: and traders can't get the same kind of training and 117 00:06:40,160 --> 00:06:42,919 Speaker 1: mentorship over Zoom that they can from being in the 118 00:06:42,960 --> 00:06:47,360 Speaker 1: office alongside more senior colleagues in New York. Lisa Mateo, 119 00:06:47,520 --> 00:06:50,479 Speaker 1: Bloomberg Daybreak. Okay, Lisa, thanks, and this could be a 120 00:06:50,480 --> 00:06:53,760 Speaker 1: boon for Fightser. Bloomberg News has learned the White Houses 121 00:06:53,800 --> 00:06:56,679 Speaker 1: on the hook to pay the drugmaker nearly five billion 122 00:06:56,720 --> 00:06:59,680 Speaker 1: dollars for pills it has already ordered to treat COVID. 123 00:07:00,080 --> 00:07:02,640 Speaker 1: That means the Fiser treatment could eat up about half 124 00:07:02,680 --> 00:07:05,480 Speaker 1: of a scaled back pandemic funding bill that the Senate 125 00:07:05,880 --> 00:07:09,120 Speaker 1: is currently debating. Right now, SMP futures are down seventeen 126 00:07:09,160 --> 00:07:13,120 Speaker 1: points down futures down nastack futures lowered by eighty nine points. 127 00:07:13,120 --> 00:07:16,400 Speaker 1: To tend your treasury yield two point straight ahead, your 128 00:07:16,440 --> 00:07:19,160 Speaker 1: latest local headlines, and a check of sports. This is 129 00:07:19,160 --> 00:07:26,320 Speaker 1: Bloomberg South five oh seven on Wall Street. It's raining 130 00:07:26,400 --> 00:07:29,360 Speaker 1: forty five degrees in Central Park. Lot of accidents because 131 00:07:29,360 --> 00:07:32,280 Speaker 1: of the wet roads, including northbound Garden State Parkway bags 132 00:07:32,280 --> 00:07:35,000 Speaker 1: at one fifties six. Michael Barr has more on what's 133 00:07:35,040 --> 00:07:37,400 Speaker 1: going on in New York and around the world. Good morning, Michael, 134 00:07:37,440 --> 00:07:41,280 Speaker 1: Good morning Nathan. Weekday subway ridership in New York City 135 00:07:41,560 --> 00:07:46,640 Speaker 1: is nearly six of levels now. The incoming subway and 136 00:07:46,760 --> 00:07:50,280 Speaker 1: bus chief wants to boost that. Richard Davies says he 137 00:07:50,360 --> 00:07:53,320 Speaker 1: will focus on how to improve service to bring more 138 00:07:53,440 --> 00:07:58,160 Speaker 1: riders back. Safety is absolutely top priority on the security 139 00:07:58,160 --> 00:08:01,400 Speaker 1: of our system. I think that's job one. Davy plans 140 00:08:01,440 --> 00:08:03,680 Speaker 1: to work with the New York City Police Department and 141 00:08:03,760 --> 00:08:07,600 Speaker 1: mental health outreach workers to reduce crime. I did observe writers, 142 00:08:07,600 --> 00:08:10,520 Speaker 1: you know, standing against walls, for example, or situating themselves 143 00:08:10,560 --> 00:08:13,560 Speaker 1: near posts or other immovable objects to make sure that 144 00:08:13,600 --> 00:08:16,360 Speaker 1: someone didn't approach him from behind. Richard Davy, a former 145 00:08:16,400 --> 00:08:21,119 Speaker 1: Massachusetts Secretary of Transportation official who also ran Boston's mass 146 00:08:21,160 --> 00:08:24,960 Speaker 1: transit system, will begin his tenure on May Secondist president 147 00:08:25,040 --> 00:08:27,200 Speaker 1: of New York City Transit at the m t A. 148 00:08:27,800 --> 00:08:32,200 Speaker 1: Ivanka Trump has testified before the House January sixth committee. 149 00:08:32,360 --> 00:08:36,000 Speaker 1: She answered the questions remotely. Chairman Benny Thompson says Ivanka 150 00:08:36,000 --> 00:08:39,640 Speaker 1: Trump cooperated voluntarily answering what she knew about the hours 151 00:08:39,880 --> 00:08:43,240 Speaker 1: with their father, former President Trump, before, during, and after 152 00:08:43,280 --> 00:08:47,680 Speaker 1: the Capitol riot. Earlier, Avanka's husband Jared Kushner spent nearly 153 00:08:47,720 --> 00:08:50,679 Speaker 1: six outwards talking to the committee. President Joe Biden is 154 00:08:50,760 --> 00:08:54,640 Speaker 1: ordering a new national research push on Cologne COVID. The 155 00:08:54,679 --> 00:08:58,800 Speaker 1: President is also directing federal agencies to support patients dealing 156 00:08:58,800 --> 00:09:02,840 Speaker 1: with the mysterious and debilitating condition that includes fatigue and 157 00:09:03,000 --> 00:09:07,319 Speaker 1: brain fog. Meanwhile, there are more reported cases of diabetes 158 00:09:07,400 --> 00:09:12,360 Speaker 1: after COVID. Nineteen CDC director Dr Rochelle Wilenski the science 159 00:09:12,440 --> 00:09:15,760 Speaker 1: is definitely starting to demonstrate this link between people who 160 00:09:15,760 --> 00:09:19,080 Speaker 1: have previously had COVID and um increasing rates of new 161 00:09:19,120 --> 00:09:23,160 Speaker 1: diabetes diagnoses. Dr Wilensky also says the seven day average 162 00:09:23,160 --> 00:09:26,560 Speaker 1: of new COVID hospitalizations is about fourteen hundred per day, 163 00:09:26,600 --> 00:09:30,520 Speaker 1: down about seventeen over the previous week. Severe weather killed 164 00:09:30,559 --> 00:09:34,160 Speaker 1: at least two people, one in Georgia and another in Texas. Yesterday, hail, 165 00:09:34,240 --> 00:09:38,079 Speaker 1: strong winds, and tornadoes tour across the South. In Crawford County, Georgia. 166 00:09:38,120 --> 00:09:40,960 Speaker 1: This homeowner describes the moment the storm hit. I've heard, 167 00:09:41,600 --> 00:09:44,840 Speaker 1: you know, the noise. Everybody says there's a train noise. 168 00:09:45,280 --> 00:09:49,880 Speaker 1: So it didn't last. But about second more severe weather 169 00:09:50,000 --> 00:09:53,160 Speaker 1: is forecast in the Southeast Today. Global News twenty four 170 00:09:53,160 --> 00:09:55,720 Speaker 1: hours a day on air and on Bloomberg Quick Take, 171 00:09:56,000 --> 00:09:58,960 Speaker 1: powered by more than seven hundred journalists and analysts more 172 00:09:58,960 --> 00:10:03,360 Speaker 1: than a hundred twenty hunts Michael Barr, This is Bloomberg. Nathan. Okay, Michael, 173 00:10:03,360 --> 00:10:09,679 Speaker 1: thank you. Almost five ten on Wall Street time for 174 00:10:09,679 --> 00:10:12,240 Speaker 1: the Bloomberg Sports Update. Good morning, John Stan You have morning. 175 00:10:12,280 --> 00:10:15,080 Speaker 1: Nathan Tiger Woods. When the Masters in twenty nineteen finished 176 00:10:15,120 --> 00:10:18,760 Speaker 1: thirty eight and when the Masters was postponed until November, 177 00:10:18,800 --> 00:10:21,520 Speaker 1: he hasn't played a tournament since then. He didn't play 178 00:10:21,600 --> 00:10:24,520 Speaker 1: last year's Masters because last year at this time he 179 00:10:24,520 --> 00:10:27,120 Speaker 1: couldn't get out of bed. But fourteen months after the 180 00:10:27,120 --> 00:10:29,640 Speaker 1: serious injuries suffered in the car accident. Tigers set the 181 00:10:29,679 --> 00:10:32,559 Speaker 1: tea off tomorrow morning around ten thirty. He's been playing 182 00:10:32,559 --> 00:10:35,959 Speaker 1: practice rounds at Augusta and was asked how he's playing well, 183 00:10:36,000 --> 00:10:40,440 Speaker 1: I can. I can hit it just fun. I don't 184 00:10:40,440 --> 00:10:43,400 Speaker 1: have any qualms about what I can do physically from 185 00:10:43,520 --> 00:10:46,960 Speaker 1: a golf standpoint, because style walking to the hard partner 186 00:10:46,960 --> 00:10:49,720 Speaker 1: and this is normally not a easy luck. To beginning, 187 00:10:49,720 --> 00:10:52,120 Speaker 1: he was playing tomorrow with the South African Louis Uste's 188 00:10:52,160 --> 00:10:56,320 Speaker 1: in the twenty three year old Chilean Waking Neeman. Hourly 189 00:10:56,400 --> 00:10:58,880 Speaker 1: masters reports throughout the tournament on Bloomberg Radio and a 190 00:10:58,960 --> 00:11:01,920 Speaker 1: nightly wrap up show at a living Kyrie Irving enjoying 191 00:11:01,960 --> 00:11:04,640 Speaker 1: being allowed to play home games in Brooklyn. Forty two 192 00:11:04,640 --> 00:11:07,000 Speaker 1: points at eight of sixteen on three pinners, the Nets 193 00:11:07,000 --> 00:11:09,120 Speaker 1: beat Euston one eighteen to one oh five. The Nets 194 00:11:09,200 --> 00:11:12,200 Speaker 1: needed the big night from Kyrie because Kevin Durant, coming 195 00:11:12,240 --> 00:11:14,920 Speaker 1: off a fifty five point game, shot just four thirteen. 196 00:11:15,040 --> 00:11:17,240 Speaker 1: Rangers in New Jersey beat the Devil's three to one. 197 00:11:17,480 --> 00:11:20,160 Speaker 1: Chris Dryder's forty seventh goal of the year to assist 198 00:11:20,240 --> 00:11:23,440 Speaker 1: for our semi pinary. He's got sixty five assists. Alex 199 00:11:23,480 --> 00:11:26,439 Speaker 1: Gorgi has fifth straight winning goal. Islanders lost in Dallas 200 00:11:26,720 --> 00:11:28,760 Speaker 1: three to two. The grape Fruit leg is over. The 201 00:11:28,800 --> 00:11:31,880 Speaker 1: Mets lost to the National's fourteen to Nothing's ain't two 202 00:11:31,960 --> 00:11:35,199 Speaker 1: teams set to play the opener tomorrow in d c 203 00:11:35,960 --> 00:11:39,440 Speaker 1: Yankees lost to the Tigers five to three. Heading to 204 00:11:39,520 --> 00:11:43,280 Speaker 1: New York. The openers scheduled for tomorrow against the Red Sox. Rain, 205 00:11:43,360 --> 00:11:46,839 Speaker 1: of course in the forecast, John Staphward Bloomberg sports Nathan 206 00:11:47,040 --> 00:11:49,240 Speaker 1: Now it's open holds off for opening day. Thank you, 207 00:11:49,320 --> 00:11:52,719 Speaker 1: John SMP futures down down seventeen points, Stown futures down 208 00:11:52,760 --> 00:11:55,240 Speaker 1: a hundred twelve, dance deck futures lower by eighty seven 209 00:11:55,240 --> 00:11:57,960 Speaker 1: points to ten. Your treasury is down eighteen thirty seconds 210 00:11:57,960 --> 00:12:01,760 Speaker 1: now at the yield two point six on the tenure note. 211 00:12:01,840 --> 00:12:08,840 Speaker 1: This is Bloomberg Bloomberg eleven three oh whether it's raining 212 00:12:08,920 --> 00:12:11,320 Speaker 1: right now but should end by midday. Breezy low fifties 213 00:12:11,320 --> 00:12:14,760 Speaker 1: for high scattered showers and storms Tomorrow, mid fifties, makes 214 00:12:14,800 --> 00:12:17,160 Speaker 1: of sun and clouds. Chance for another shower Friday, low 215 00:12:17,200 --> 00:12:23,800 Speaker 1: sixties currently rain and forty five. Markets headlines and breaking 216 00:12:23,800 --> 00:12:26,680 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 217 00:12:26,800 --> 00:12:30,360 Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Tape. This is 218 00:12:30,400 --> 00:12:39,200 Speaker 1: a Bloomberg Business flash and I'm Karen Moscam. A global 219 00:12:39,240 --> 00:12:42,679 Speaker 1: bond sell offs, deepening and stock slumping as investors position 220 00:12:42,760 --> 00:12:45,880 Speaker 1: for a swift reduction in the federal reserves dead holdings 221 00:12:46,120 --> 00:12:48,640 Speaker 1: as part of a stepped up campaign of monetary tightening 222 00:12:48,679 --> 00:12:51,440 Speaker 1: to tackle high inflation. We checked the markets every fifteen 223 00:12:51,480 --> 00:12:53,800 Speaker 1: minutes throughout the trading day on Bloomberg Guess and P 224 00:12:54,000 --> 00:12:56,680 Speaker 1: futures down about twenty one points now futures done a 225 00:12:56,720 --> 00:12:59,960 Speaker 1: hundred thirty six NASDAG futures down ninety nine The decks 226 00:13:00,000 --> 00:13:02,920 Speaker 1: in Germany's down one point three percent. Ten year treasury 227 00:13:02,960 --> 00:13:05,880 Speaker 1: down sixty and thirty seconds yield two point six zero percent. 228 00:13:05,920 --> 00:13:08,400 Speaker 1: They yield on the two year two point five four percent. 229 00:13:08,840 --> 00:13:11,120 Speaker 1: NIMEX Screwed oil is up eight tenths per cent or 230 00:13:11,120 --> 00:13:13,120 Speaker 1: eighty six cents at a hundred two dollars eighty one 231 00:13:13,160 --> 00:13:15,679 Speaker 1: cents a barrel. Comic school that four tenths per cent 232 00:13:15,760 --> 00:13:18,280 Speaker 1: or eight dollars forty cents a nineteen thirty five eighty 233 00:13:18,320 --> 00:13:21,680 Speaker 1: announce the euro one point zero nine one six against 234 00:13:21,679 --> 00:13:24,680 Speaker 1: the dollar British found one point three zero three and 235 00:13:24,720 --> 00:13:27,040 Speaker 1: the end is at one three point seven five and 236 00:13:27,080 --> 00:13:30,280 Speaker 1: Bitcoin this morning lower down one point two percent at 237 00:13:30,280 --> 00:13:33,600 Speaker 1: forty five thousand, three hundred thirty dollars. That's a Bloomberg 238 00:13:33,679 --> 00:13:36,040 Speaker 1: business flash. Now here's Michael Barr with more on what's 239 00:13:36,040 --> 00:13:39,440 Speaker 1: going on around the world. Michael, good morning, and good 240 00:13:39,440 --> 00:13:42,559 Speaker 1: morning to you, Karen. The US, European Union and Group 241 00:13:42,640 --> 00:13:45,560 Speaker 1: of Seven are coordinating on a fresh round of sanctions 242 00:13:45,600 --> 00:13:48,439 Speaker 1: on the Russia, including a US ban on investment in 243 00:13:48,520 --> 00:13:52,200 Speaker 1: the country and an EU ban on coal imports. It 244 00:13:52,320 --> 00:13:56,280 Speaker 1: comes after the discovery of civilian murders and other atrocities 245 00:13:56,280 --> 00:14:01,079 Speaker 1: in Ukraine towns left open by retreating Russian horses. In golf, 246 00:14:01,080 --> 00:14:04,000 Speaker 1: Tiger Woods says for now he'll probably te off at 247 00:14:04,000 --> 00:14:07,559 Speaker 1: the Master's Golf Tournament and Augusta, Georgia tomorrow, following a 248 00:14:07,600 --> 00:14:10,719 Speaker 1: fourteen month recovery from a near fatal car crash that 249 00:14:10,840 --> 00:14:14,079 Speaker 1: almost cost him his leg. Stay tuned for updates every 250 00:14:14,120 --> 00:14:17,360 Speaker 1: hour on Bloomberg and a special edition of Masters Tonight 251 00:14:17,400 --> 00:14:20,480 Speaker 1: coming up at eleven pm Eastern Time. In the NBA, 252 00:14:20,640 --> 00:14:22,960 Speaker 1: the Nets and Wizards one. In the NHL, the Rangers 253 00:14:22,960 --> 00:14:25,800 Speaker 1: beat the Devil's Three on the Islanders and Bruins lost. 254 00:14:26,040 --> 00:14:28,600 Speaker 1: Global news twenty four hours a day on here and 255 00:14:28,800 --> 00:14:32,400 Speaker 1: on Bloomberg Quickday, powered by more than twenty seven under 256 00:14:32,480 --> 00:14:36,640 Speaker 1: journalists and analyst more than one countries. Michael Barr, this 257 00:14:36,880 --> 00:14:40,000 Speaker 1: is Bloomberg. Okay, Michael, thank you. It's five nineteen on 258 00:14:40,040 --> 00:14:43,320 Speaker 1: Wall Street, Live from the Bloomberg Interactive Brokers studios. This 259 00:14:43,480 --> 00:14:46,280 Speaker 1: is Bloomberg at daybreak in our global team. Coverage of 260 00:14:46,320 --> 00:14:50,600 Speaker 1: the war in Ukraine continues now live in Brussels. Were 261 00:14:50,640 --> 00:14:55,160 Speaker 1: joined by Bloomberg's Maria today O where NATO FEIGN ministers 262 00:14:55,160 --> 00:14:58,360 Speaker 1: are meeting as we speak as the war continues. Maria, 263 00:14:58,480 --> 00:15:01,080 Speaker 1: good morning. What kind of f their support could we 264 00:15:01,200 --> 00:15:06,760 Speaker 1: expect for Ukraine from this ministerial meeting in Brussels this morning? Well, 265 00:15:06,800 --> 00:15:09,200 Speaker 1: it will definitely be by the way today and tomorrow, 266 00:15:09,240 --> 00:15:11,240 Speaker 1: So this is going to be a long conversation, but 267 00:15:11,280 --> 00:15:13,600 Speaker 1: it will definitely be about the weapons. And I think 268 00:15:14,160 --> 00:15:16,720 Speaker 1: the thing that we really need to understand and to me, 269 00:15:17,440 --> 00:15:19,720 Speaker 1: it is so clear now after speaking to so many 270 00:15:19,800 --> 00:15:23,400 Speaker 1: different Ukrainian officials, is that Ukraine will fight this until 271 00:15:23,440 --> 00:15:25,520 Speaker 1: the end, for as long as they have weapons. They 272 00:15:25,560 --> 00:15:28,360 Speaker 1: will fight, and they will also resist any pressure to 273 00:15:28,400 --> 00:15:31,560 Speaker 1: go for a seats fire that they believe is against 274 00:15:31,560 --> 00:15:35,360 Speaker 1: their interests. They always repeat that they may feel there's 275 00:15:35,440 --> 00:15:37,840 Speaker 1: pressure to put an end to this war, perhaps quickly 276 00:15:37,880 --> 00:15:41,680 Speaker 1: there they may feel that many in the West one 277 00:15:41,720 --> 00:15:44,320 Speaker 1: that's done as soon as possible, because of course we've 278 00:15:44,320 --> 00:15:46,360 Speaker 1: seen the pictures and we know the damage that this 279 00:15:46,520 --> 00:15:50,360 Speaker 1: is doing. We know that potentially destroyed Ukraine from the area, 280 00:15:50,360 --> 00:15:53,880 Speaker 1: and of course we've seen those horrible, terrible pictures from 281 00:15:53,880 --> 00:15:56,640 Speaker 1: Gucha over the weekend. Let's remember a parole. We're going 282 00:15:56,680 --> 00:15:59,040 Speaker 1: to see more pictures like this. Butectise the invasion continues 283 00:15:59,280 --> 00:16:03,280 Speaker 1: before the Krainians, and they distress this repeatedly, and it's 284 00:16:03,320 --> 00:16:06,560 Speaker 1: so important to really understand this. They will continue to fight. 285 00:16:06,760 --> 00:16:08,640 Speaker 1: They don't want to take any piece deal and they 286 00:16:08,640 --> 00:16:10,520 Speaker 1: don't want to quick end to the score if it 287 00:16:10,600 --> 00:16:13,160 Speaker 1: means that damage is down to Ukraine, but also their 288 00:16:13,200 --> 00:16:16,600 Speaker 1: idea of sovereignty and Ukraine as a nation state. Been 289 00:16:16,640 --> 00:16:21,120 Speaker 1: monitoring headlines Maria as Ukrainian President Zelinski addresses the Irish 290 00:16:21,160 --> 00:16:24,000 Speaker 1: Parliament this morning. He's saying that the Russia has not 291 00:16:24,120 --> 00:16:27,480 Speaker 1: abandoned its plan to occupy all of Ukraine. This comes 292 00:16:27,480 --> 00:16:30,920 Speaker 1: after NATO's Secretary General John Stoltenberg said that Russia does 293 00:16:30,960 --> 00:16:35,320 Speaker 1: appear to be shifting tactics and pushing further towards the 294 00:16:35,360 --> 00:16:38,600 Speaker 1: east and south of Ukraine in an effort to sort 295 00:16:38,600 --> 00:16:41,680 Speaker 1: of split the country. What is the sense in NATO 296 00:16:41,880 --> 00:16:45,240 Speaker 1: right now about the Russian strategy. Look, I think what 297 00:16:45,280 --> 00:16:47,920 Speaker 1: we need to understand is that probably the Ukrainians are 298 00:16:48,000 --> 00:16:50,680 Speaker 1: right and natives also right in that for the tiny 299 00:16:50,760 --> 00:16:54,840 Speaker 1: apecause Russian forces weren't able to take the capital of Ukraine. 300 00:16:54,960 --> 00:16:58,240 Speaker 1: This is a fortress city. It's been completely sealed by 301 00:16:58,360 --> 00:17:01,920 Speaker 1: Ukrainian authorities. They're now focused on the east, Their focused 302 00:17:01,920 --> 00:17:04,640 Speaker 1: on Dambas, and they're focused on the city of Marubo, 303 00:17:04,680 --> 00:17:06,719 Speaker 1: which is a port city in the south of Ukraine. 304 00:17:06,960 --> 00:17:10,200 Speaker 1: They can't hearing that they want to create a corridor 305 00:17:10,240 --> 00:17:14,840 Speaker 1: that would go from Crimeas passed through the south, then 306 00:17:14,880 --> 00:17:16,639 Speaker 1: go all the way to Dambas and then connect it 307 00:17:16,680 --> 00:17:19,600 Speaker 1: with Russia. But again when the Ukrainians say they may 308 00:17:19,640 --> 00:17:22,159 Speaker 1: be shifting to the east, but that's not the end 309 00:17:22,200 --> 00:17:24,480 Speaker 1: of it. With Ukrainians, belief is that a peaceman is 310 00:17:24,520 --> 00:17:26,960 Speaker 1: not gonna work because of Russia is able to make 311 00:17:27,359 --> 00:17:30,480 Speaker 1: any ways in the east. They're able to conquer places 312 00:17:30,520 --> 00:17:32,760 Speaker 1: in the East. It's not an end to the fighting. 313 00:17:32,840 --> 00:17:35,840 Speaker 1: They will use this perhaps to rearm and regroup, but 314 00:17:35,920 --> 00:17:38,119 Speaker 1: in the end they will only use it as a 315 00:17:38,200 --> 00:17:41,920 Speaker 1: platform to continue their advances on the country. Ukrainians do 316 00:17:41,960 --> 00:17:44,479 Speaker 1: not see the point of stopping in the east. They 317 00:17:44,560 --> 00:17:47,320 Speaker 1: repeat this all the time. If Russia is able to 318 00:17:47,359 --> 00:17:50,879 Speaker 1: secure positions in eastern Ukraine, they won't be the end 319 00:17:50,920 --> 00:17:52,679 Speaker 1: of it. They're not going to be happy with this 320 00:17:53,160 --> 00:17:56,280 Speaker 1: because in their view, what the Russia ultimately wants as 321 00:17:56,320 --> 00:17:58,280 Speaker 1: folk control of the country. They will just do this 322 00:17:58,359 --> 00:18:01,520 Speaker 1: as a fause to then continue. And we've also heard 323 00:18:01,520 --> 00:18:04,879 Speaker 1: warnings in the past from Zelinsky that Russia might not 324 00:18:05,080 --> 00:18:07,760 Speaker 1: stop in Ukraine, that it might have its sites on 325 00:18:08,200 --> 00:18:11,280 Speaker 1: NATO members that used to be part of the Soviet Union. 326 00:18:11,480 --> 00:18:14,600 Speaker 1: Is there a concern in NATO right now that that 327 00:18:14,640 --> 00:18:18,000 Speaker 1: could be part of Russia's calculus. So of course they 328 00:18:18,000 --> 00:18:20,280 Speaker 1: don't want to say this out loud, because I mean, 329 00:18:20,520 --> 00:18:23,120 Speaker 1: at that point you're talking about a much bigger war. Essentially, 330 00:18:23,200 --> 00:18:28,240 Speaker 1: it's NATO, it's nuclear weapons, it's it's nuclear superpowers, and 331 00:18:28,320 --> 00:18:31,360 Speaker 1: this world would take a much bigger size. But if 332 00:18:31,359 --> 00:18:36,080 Speaker 1: you ask Eastern Europeans, they say that Russia ultimately could 333 00:18:36,119 --> 00:18:38,680 Speaker 1: do it if they feel that they have an option 334 00:18:38,760 --> 00:18:41,320 Speaker 1: potentially to do it, that Russia of course wants to 335 00:18:41,320 --> 00:18:44,919 Speaker 1: occurred this sphere of influence and a lot of Eastern 336 00:18:44,920 --> 00:18:47,800 Speaker 1: European countries the West always says a lot of this 337 00:18:47,960 --> 00:18:50,080 Speaker 1: is an exageration, perhaps that a lot of this is 338 00:18:50,119 --> 00:18:52,800 Speaker 1: a trauma from the USSR and the Soviet Union, So 339 00:18:52,840 --> 00:18:56,359 Speaker 1: these countries are particularly sensitive and it doesn't reflect the 340 00:18:56,440 --> 00:18:59,639 Speaker 1: reality on the ground. But I'm often reminded that many 341 00:18:59,680 --> 00:19:02,760 Speaker 1: times is the balt taps is the Eastern Europeans that 342 00:19:02,840 --> 00:19:05,960 Speaker 1: have the first had experience is dealing with Russia. So 343 00:19:06,000 --> 00:19:08,639 Speaker 1: at this point, yes, NATO does not say we feel 344 00:19:08,720 --> 00:19:11,800 Speaker 1: or we believe there's an eminent invasion on NATO country. 345 00:19:11,960 --> 00:19:14,240 Speaker 1: They won't say that out loud for the time being. 346 00:19:14,240 --> 00:19:16,000 Speaker 1: By the way, this is an evation that's not going 347 00:19:16,080 --> 00:19:18,840 Speaker 1: well for Russia in Ukraine. So to think that they're 348 00:19:18,880 --> 00:19:21,480 Speaker 1: able to conquer and enter out of places, frankly this 349 00:19:21,600 --> 00:19:24,040 Speaker 1: point looks very unlikely. They've not been able to succeed 350 00:19:24,359 --> 00:19:27,399 Speaker 1: in one operation, how could they expand into multiple But 351 00:19:27,480 --> 00:19:29,760 Speaker 1: for the Eastern Europeans. It there's something that is always 352 00:19:29,760 --> 00:19:31,240 Speaker 1: on their back of their mind and they and they 353 00:19:31,280 --> 00:19:34,879 Speaker 1: believe that we have to be prepped for every different scenario. 354 00:19:35,800 --> 00:19:38,480 Speaker 1: Thanks as always for your coverage, Maria really appreciated Maria 355 00:19:38,520 --> 00:19:40,600 Speaker 1: today of Bloomberg News with us this morning from the 356 00:19:40,680 --> 00:19:44,119 Speaker 1: NATO Foreign Ministers Meeting in Brussels, which has Maria mentioned, 357 00:19:44,119 --> 00:19:47,000 Speaker 1: will be continuing into tomorrow to stay with Bloomberg Radio 358 00:19:47,240 --> 00:19:50,760 Speaker 1: for frequent updates of what's coming out of NATO. SMP 359 00:19:50,880 --> 00:19:53,640 Speaker 1: futures now down twenty points, staff futures down a hundred 360 00:19:53,680 --> 00:19:56,320 Speaker 1: thirty four, nastack futures are lower by ninety eight points, 361 00:19:56,320 --> 00:19:59,240 Speaker 1: and the tenure treasury is down eighteen thirty seconds for 362 00:19:59,280 --> 00:20:08,200 Speaker 1: a yield of two point. This is Bloomberg Bloomberg day Break, 363 00:20:08,200 --> 00:20:09,880 Speaker 1: brought to you by the New York Community Trust. Your 364 00:20:09,960 --> 00:20:11,840 Speaker 1: name will live on as a champion of the causes 365 00:20:11,880 --> 00:20:14,040 Speaker 1: you care about for years to come through a charitable 366 00:20:14,040 --> 00:20:17,600 Speaker 1: bequest to the New York Community Trust. Learn Board Philanthropist 367 00:20:17,720 --> 00:20:26,200 Speaker 1: dot NYC broadcasting live from the Bloomberg Interactive Broker Studio 368 00:20:26,280 --> 00:20:29,440 Speaker 1: in New York, Bloomberg eleving free to Washington, d C. 369 00:20:29,640 --> 00:20:34,359 Speaker 1: Bloomberg to Boston, Bloomberg one six one to San Francisco, 370 00:20:34,440 --> 00:20:37,639 Speaker 1: Bloomberg Nome sixt to the country Sirius XM had a 371 00:20:37,720 --> 00:20:40,880 Speaker 1: one nineteen and around the globe the Bloomberg Business app 372 00:20:41,000 --> 00:20:50,400 Speaker 1: in Bloomberg Radio dot com. This is Bloomberg Daybreak. It's 373 00:20:50,440 --> 00:20:52,879 Speaker 1: five thirty on Wall Street. Good morning. I'm Nathan Hager 374 00:20:53,160 --> 00:20:55,639 Speaker 1: and I'm Faren Moscow. We are just about four hours 375 00:20:55,640 --> 00:20:57,800 Speaker 1: away from the open of US trading. Let's get you 376 00:20:57,800 --> 00:20:59,119 Speaker 1: have to date of the news you need to know. 377 00:20:59,160 --> 00:21:02,080 Speaker 1: At this shower, US and its allies are coordinating more 378 00:21:02,240 --> 00:21:05,879 Speaker 1: sanctions against Russia. That's after the alleged murder of civilians 379 00:21:05,880 --> 00:21:09,720 Speaker 1: in Ukraine. EU commissioned President Ursula under Lyon is delivering 380 00:21:09,800 --> 00:21:13,480 Speaker 1: harsh words for the regime in Moscow. Humanity itself was 381 00:21:13,600 --> 00:21:18,480 Speaker 1: killed in Wocha. It was killed in cold blood, executed 382 00:21:18,520 --> 00:21:21,440 Speaker 1: with his hands tight and the bullet in the head. 383 00:21:23,680 --> 00:21:26,480 Speaker 1: And President vonder Lyon with those remarkists morning at the 384 00:21:26,520 --> 00:21:30,399 Speaker 1: European Parliament. New sanctions will include a European embargo on 385 00:21:30,480 --> 00:21:33,760 Speaker 1: Russian coal, a US ban on investment in Russia, and 386 00:21:33,840 --> 00:21:37,760 Speaker 1: tighter penalties on officials and state owned enterprises. Well meantime, 387 00:21:37,840 --> 00:21:41,439 Speaker 1: Karen Janet Yellen testifies before Congress today on the economic 388 00:21:41,520 --> 00:21:43,840 Speaker 1: impact of the war. Let's get the details live from 389 00:21:43,880 --> 00:21:47,879 Speaker 1: Bloomberg's Rnita Young Granita, Good morning, Nathan. Treasury Secretary Janet 390 00:21:47,920 --> 00:21:50,760 Speaker 1: Yelling will warn that the war in Ukraine threatens to 391 00:21:50,800 --> 00:21:55,720 Speaker 1: inflict enormous economic repercussions. That's according to a copy of 392 00:21:55,720 --> 00:21:59,320 Speaker 1: prepared remarks that she'll give the House Financial Services Committee. 393 00:21:59,440 --> 00:22:01,399 Speaker 1: Her testament only comes as the I m F is 394 00:22:01,440 --> 00:22:04,959 Speaker 1: preparing to cut its forecasts for global growth and Deutsche 395 00:22:04,960 --> 00:22:08,119 Speaker 1: Bank economists said that they now expect the US recession 396 00:22:08,200 --> 00:22:10,960 Speaker 1: in the next two years. Live in New York, I'm 397 00:22:10,960 --> 00:22:13,119 Speaker 1: rened to Young Bloomberg Daybreak. All right, we need to 398 00:22:13,160 --> 00:22:15,160 Speaker 1: thank you all. Turning to the markets now, we're seeing 399 00:22:15,160 --> 00:22:17,399 Speaker 1: the global bond sell off deep in this morning, and 400 00:22:17,440 --> 00:22:19,919 Speaker 1: we get the very latest live at the Bloomberg John Tucker, 401 00:22:20,040 --> 00:22:23,080 Speaker 1: John Karen Fed Governor Leo Brainerd so the US Central 402 00:22:23,080 --> 00:22:26,760 Speaker 1: Bank will likely step up policy tightening. That's accelerated the 403 00:22:26,800 --> 00:22:29,119 Speaker 1: bond route and drove the yield on the benchmark ten 404 00:22:29,200 --> 00:22:33,080 Speaker 1: year treasuries of five basis points to two sixty. Bonds 405 00:22:33,119 --> 00:22:36,240 Speaker 1: worldwide have been seeing in the eight month losing streak 406 00:22:36,440 --> 00:22:39,119 Speaker 1: and that he is the longest on record. Live in 407 00:22:39,119 --> 00:22:42,000 Speaker 1: New York, I'm John Tucker Bloomberg Radio, and John will 408 00:22:42,000 --> 00:22:43,880 Speaker 1: be looking for even more closed from the Fed later 409 00:22:43,920 --> 00:22:46,280 Speaker 1: today when the Central Bank releases minutes from its latest 410 00:22:46,280 --> 00:22:48,919 Speaker 1: policy meeting and unveils the tales of its likely plans 411 00:22:48,960 --> 00:22:52,000 Speaker 1: to shrink the balance sheet. Nathan Bloomberg News has learned 412 00:22:52,000 --> 00:22:54,960 Speaker 1: Bank of America plans to bring all its US employees 413 00:22:55,040 --> 00:22:57,920 Speaker 1: back to the office by June one. That includes those 414 00:22:57,920 --> 00:23:02,000 Speaker 1: who have not been vaccinated against the coronavirus. Sources say 415 00:23:02,080 --> 00:23:04,640 Speaker 1: b of A staff will still have flexibility to work 416 00:23:04,680 --> 00:23:07,960 Speaker 1: from home, but are strongly encouraged to collaborate with colleagues 417 00:23:08,040 --> 00:23:11,639 Speaker 1: in person. Futures this morning are lower. SNP Future is 418 00:23:11,680 --> 00:23:14,280 Speaker 1: down about twenty two points, Dow Future is down one 419 00:23:14,480 --> 00:23:17,480 Speaker 1: dred thirty nine, and NASDAG Future is down one D eight. 420 00:23:17,720 --> 00:23:20,560 Speaker 1: Ten year Treasury down nineteen thirty seconds, yield two point 421 00:23:20,600 --> 00:23:23,160 Speaker 1: six one percent, and the yield on the two year 422 00:23:23,280 --> 00:23:26,200 Speaker 1: two point five five percent. Nine X Screwed oil is 423 00:23:26,320 --> 00:23:29,520 Speaker 1: up one and a half percent, and straight ahead your 424 00:23:29,600 --> 00:23:33,399 Speaker 1: latest local headlines plus a check of sports, and This 425 00:23:33,800 --> 00:23:40,040 Speaker 1: is Bloomberg thanks hearing. It's five thirty three on Wall Street, 426 00:23:40,119 --> 00:23:42,440 Speaker 1: rain forty five degrees in Central Park. We got two 427 00:23:42,480 --> 00:23:44,840 Speaker 1: accidents on the Garden State Parkway at Eggs and eighty 428 00:23:44,920 --> 00:23:48,200 Speaker 1: three and one fifty six. Details coming up in traffic 429 00:23:48,200 --> 00:23:49,920 Speaker 1: First Michael Barr with more on what's going on in 430 00:23:49,960 --> 00:23:52,480 Speaker 1: New York at around the world. Michael, thank you very much. Nathan, 431 00:23:52,480 --> 00:23:56,440 Speaker 1: New York City's incoming subway and bus chiefs says safety 432 00:23:56,480 --> 00:23:59,080 Speaker 1: will be one of the focuses on how to improve service. 433 00:23:59,400 --> 00:24:04,240 Speaker 1: Richard Dave, former Massachusetts Secretary of Transportation official, will begin 434 00:24:04,320 --> 00:24:07,720 Speaker 1: his tenure on May two as President of New York 435 00:24:07,800 --> 00:24:11,040 Speaker 1: City Transit at the m t A, sitting next to 436 00:24:11,200 --> 00:24:15,080 Speaker 1: General Lieber m T as chief executive Officer, Davy says, 437 00:24:15,119 --> 00:24:18,760 Speaker 1: the writers deserve a better system, and one a better one. 438 00:24:19,040 --> 00:24:22,840 Speaker 1: I also did see almost folks sleeping on you know, platforms, 439 00:24:23,000 --> 00:24:25,960 Speaker 1: um and um. You know, I did see a fair 440 00:24:26,040 --> 00:24:30,880 Speaker 1: vader Richard Davy. The House penel investigating the Capital Ryant 441 00:24:30,960 --> 00:24:35,000 Speaker 1: questioned Vanka Trump for eight hours, asking her about recollections 442 00:24:35,040 --> 00:24:37,600 Speaker 1: of that day inside the White House with her father, 443 00:24:37,760 --> 00:24:41,439 Speaker 1: former President Donald Trump. Ivanka Trump served as a senior 444 00:24:41,440 --> 00:24:45,760 Speaker 1: White House advisor during her father's presidency. She testified voluntinarily. 445 00:24:46,240 --> 00:24:49,560 Speaker 1: The siblings of Glene Maxwell say they are profoundly shocked 446 00:24:49,560 --> 00:24:52,399 Speaker 1: and troubled that a judge has rejected a new trial 447 00:24:52,440 --> 00:24:55,760 Speaker 1: despite revelations that a juror who helped to convict her 448 00:24:56,000 --> 00:24:59,080 Speaker 1: failed to disclose he was sexually abused as a child 449 00:24:59,560 --> 00:25:02,200 Speaker 1: in the state eatment. The Maxwell family said it remains 450 00:25:02,240 --> 00:25:05,800 Speaker 1: optimistic about an appeal before a panel of three Manhattan 451 00:25:05,840 --> 00:25:09,439 Speaker 1: Appeals judges. The statement came days after U. S. District 452 00:25:09,520 --> 00:25:13,399 Speaker 1: Judge Allison Nathan issued a written opinion stating that she 453 00:25:13,520 --> 00:25:17,320 Speaker 1: cannot order a retrial in the sex trafficking case after 454 00:25:17,359 --> 00:25:21,360 Speaker 1: determining the juror did not deliberate give wrong answers on 455 00:25:21,400 --> 00:25:24,879 Speaker 1: a juror questionnaire. Third, you say one person is dead 456 00:25:25,000 --> 00:25:28,680 Speaker 1: in Georgia and another in Texas. Amid damaging storms, high winds, 457 00:25:28,680 --> 00:25:32,639 Speaker 1: and tornadoes around the South, more than fifty thousand homes 458 00:25:32,680 --> 00:25:35,879 Speaker 1: and businesses lost power last night from eastern Texas to 459 00:25:35,960 --> 00:25:39,840 Speaker 1: South Carolina. In Crawford County, Georgia, this homeowner describes the 460 00:25:39,880 --> 00:25:42,480 Speaker 1: moment the storm hit. I was just standing at the doorway, 461 00:25:42,520 --> 00:25:44,879 Speaker 1: and then I started hearing that noise and started seeing 462 00:25:44,880 --> 00:25:47,520 Speaker 1: the tree, started going the circle, and I just headed 463 00:25:47,520 --> 00:25:49,239 Speaker 1: back in. I got a little pool table up there, 464 00:25:49,240 --> 00:25:51,719 Speaker 1: and I just kind of hunkered down. Forecasters say more 465 00:25:51,800 --> 00:25:55,320 Speaker 1: damaging weather is expected today. Global News twenty four hours 466 00:25:55,320 --> 00:25:57,919 Speaker 1: a day on air and on Bloomberg Quick Tank, powered 467 00:25:57,920 --> 00:26:00,320 Speaker 1: by more than twenty seven under Journy the list an 468 00:26:00,320 --> 00:26:03,720 Speaker 1: analysts more than twenty countries. Michael Barr, this is Bloomberg, Nathan, 469 00:26:03,720 --> 00:26:11,199 Speaker 1: all right, Michael, thanks on Wall Street. John Stashowers at 470 00:26:11,200 --> 00:26:14,000 Speaker 1: the Bloomberg Sports Update. All right, Nathan tigger Woods says 471 00:26:14,000 --> 00:26:16,000 Speaker 1: he's hitting the golf ball well. The hard part will 472 00:26:16,000 --> 00:26:19,040 Speaker 1: be walking between shots, he says augustin Actvil not an 473 00:26:19,040 --> 00:26:21,920 Speaker 1: easy welcome again with let alone for someone forty six 474 00:26:22,000 --> 00:26:25,440 Speaker 1: years old who has had multiple back in knee surgeries 475 00:26:25,760 --> 00:26:28,320 Speaker 1: and was in a life threatening car accident fourteen months ago. 476 00:26:28,359 --> 00:26:30,640 Speaker 1: But Tiger made the decision to make his return at 477 00:26:30,680 --> 00:26:33,240 Speaker 1: the Masters. He's won the green jacket five times. He 478 00:26:33,359 --> 00:26:36,199 Speaker 1: teas off tomorrow morning around ten thirty and hopes to 479 00:26:36,240 --> 00:26:38,680 Speaker 1: play all four rounds. It's the recovery, you know, how 480 00:26:38,760 --> 00:26:41,120 Speaker 1: how am I gonna get all the swelling out and 481 00:26:41,280 --> 00:26:44,680 Speaker 1: recover for the next day? And uh my team has 482 00:26:44,680 --> 00:26:49,040 Speaker 1: been fantastic and worked very hard. Um so I got 483 00:26:49,080 --> 00:26:52,400 Speaker 1: another day of nine more holes and then come game time. 484 00:26:52,440 --> 00:26:54,919 Speaker 1: Tiger said he's excited about the challenge and as all, 485 00:26:55,080 --> 00:26:57,560 Speaker 1: he said he believes he could win. Hourly Masters updates 486 00:26:57,600 --> 00:26:59,400 Speaker 1: here on Bloomberg Radio and a wrap up show each 487 00:26:59,440 --> 00:27:01,960 Speaker 1: night at a Left Nets in Brooklyn. Against the Rockets, 488 00:27:01,960 --> 00:27:04,360 Speaker 1: who are twenty and sixty, Houston hung in the game, 489 00:27:04,400 --> 00:27:07,280 Speaker 1: getting sixty six points from their backcourt of Kevin Porter 490 00:27:07,320 --> 00:27:09,720 Speaker 1: and Jalen Green. M Kybrie Irving scored forty two points. 491 00:27:09,720 --> 00:27:12,439 Speaker 1: The next one one eighteen one oh five. The Lakers, 492 00:27:12,440 --> 00:27:15,040 Speaker 1: playing without the injurl Lebron James, lost in Phoenix. The 493 00:27:15,200 --> 00:27:17,480 Speaker 1: Sun set a club record with their sixty three win, 494 00:27:17,560 --> 00:27:20,520 Speaker 1: and the Lakers, who won the NBA championship two years ago, 495 00:27:20,560 --> 00:27:23,160 Speaker 1: will not be in the playoffs this year. Rangers beat 496 00:27:23,160 --> 00:27:25,840 Speaker 1: the Devil's three to one. Islanders lost in Dallas three two. 497 00:27:25,960 --> 00:27:29,200 Speaker 1: Yankees need to bring some extra chairs out to the bullpen. 498 00:27:29,280 --> 00:27:32,919 Speaker 1: They set their rosters. They headed North only three reserves 499 00:27:33,040 --> 00:27:37,160 Speaker 1: sixteen pitchers. Yanks opener is tomorrow with the Red Sox 500 00:27:37,200 --> 00:27:40,240 Speaker 1: weather permitting the Mets to open tomorrow in Washington max 501 00:27:40,320 --> 00:27:42,520 Speaker 1: Chers are unlikely to pitch the opener due to the 502 00:27:42,640 --> 00:27:45,520 Speaker 1: tight hamstring that the Mets hope Schurser can make his 503 00:27:45,640 --> 00:27:49,280 Speaker 1: Mets debut. On Friday, Johns Gashally were Bloomberg Sports. Nathan 504 00:27:49,480 --> 00:27:52,080 Speaker 1: Okay John thanks seven on Wall Street Time for the 505 00:27:52,119 --> 00:27:55,000 Speaker 1: Tri State Business Report with Bloomberg's head Cory. The New 506 00:27:55,080 --> 00:27:58,440 Speaker 1: York City Council may make significant changes to which landmarks 507 00:27:58,480 --> 00:28:03,760 Speaker 1: salary transparency even before it takes effect, including delaying enforcement 508 00:28:03,800 --> 00:28:07,080 Speaker 1: by six months. Last night, council members talked about an 509 00:28:07,080 --> 00:28:10,560 Speaker 1: amendment that would exempt companies with fewer than fifteen employees 510 00:28:11,000 --> 00:28:14,360 Speaker 1: exclude certain positions that move the effective date to November one. 511 00:28:14,960 --> 00:28:18,160 Speaker 1: Open Door Technologies is pioneer to tech power and spin 512 00:28:18,240 --> 00:28:22,040 Speaker 1: on flipping homes. It's expanding into the suburban housing markets 513 00:28:22,080 --> 00:28:25,080 Speaker 1: outside New York City. The company will begin buying and 514 00:28:25,119 --> 00:28:28,720 Speaker 1: selling homes across Long Island, Westchester, and several counties in 515 00:28:28,800 --> 00:28:32,240 Speaker 1: New Jersey. New Jersey is the best state for working 516 00:28:32,280 --> 00:28:36,320 Speaker 1: from home, according to wallet hub, the personal finance website. 517 00:28:36,680 --> 00:28:39,440 Speaker 1: It made the determination by looking at things like share 518 00:28:39,440 --> 00:28:44,440 Speaker 1: of population working from home, internet access and cost, cybersecurity, 519 00:28:44,480 --> 00:28:49,160 Speaker 1: and average home square footage drew Bloomberg trying State Business Report. 520 00:28:49,240 --> 00:28:52,080 Speaker 1: I'm Ed Corey. Thanks that it's eight on Wall Street. 521 00:28:52,080 --> 00:28:54,480 Speaker 1: Bloomberg Radio is on the air from San Francisco to 522 00:28:54,520 --> 00:28:56,760 Speaker 1: New York, London to Hong Kong. Let's check in with 523 00:28:56,760 --> 00:28:58,920 Speaker 1: our global news team for some of the top stories 524 00:28:59,120 --> 00:29:02,160 Speaker 1: heard on our three hundred affiliate radio stations around the world. 525 00:29:05,080 --> 00:29:08,320 Speaker 1: I'm Steve podas content and wins in New York. We're 526 00:29:08,320 --> 00:29:11,440 Speaker 1: talking about a potential bidding war as Jet Blue offers 527 00:29:11,440 --> 00:29:15,680 Speaker 1: to buy low cost carriers Spirit Airlines um Corney Donaho. 528 00:29:15,800 --> 00:29:19,280 Speaker 1: On w h S in Louisville, March Madness tournament ratings 529 00:29:19,360 --> 00:29:23,600 Speaker 1: jump for last year jinas Vetti and for w b B. 530 00:29:23,680 --> 00:29:26,840 Speaker 1: I'm in Chicago. I'm reporting that Ribban is powering ahead, 531 00:29:26,920 --> 00:29:29,920 Speaker 1: making around twenty five hundred electric vehicles in the first 532 00:29:30,000 --> 00:29:34,240 Speaker 1: quarter despite supply chain challenges. I'm Caroline Hetfield to make 533 00:29:34,280 --> 00:29:38,160 Speaker 1: DAP dishadio in London with a Portugal surgeon. COVID cases 534 00:29:38,240 --> 00:29:41,479 Speaker 1: in the UK as the REACT one study shows that 535 00:29:41,560 --> 00:29:44,960 Speaker 1: March was the worst months as the pandemic began. I'm 536 00:29:44,960 --> 00:29:48,240 Speaker 1: in Corey. On w o AI and San Antonio. I'm 537 00:29:48,360 --> 00:29:51,840 Speaker 1: reporting Texas based David Busters just buying bowling and laser 538 00:29:51,880 --> 00:29:55,160 Speaker 1: tag operator main event entertainment, and those are some of 539 00:29:55,160 --> 00:29:57,960 Speaker 1: the stories our twenty seven hundred Bloomberg journalists and analysts 540 00:29:58,000 --> 00:30:00,320 Speaker 1: are working on this morning around the world. It's thirty 541 00:30:00,360 --> 00:30:03,440 Speaker 1: nine on Wall Street. The following is an editorial from 542 00:30:03,520 --> 00:30:07,600 Speaker 1: Bloomberg Opinion focused on war in Ukraine. President Biden has 543 00:30:07,640 --> 00:30:11,840 Speaker 1: paid comparatively little attention to US African relations, yet deeper 544 00:30:11,960 --> 00:30:15,640 Speaker 1: US engagement with the planet's fastest growing continent is essential 545 00:30:15,800 --> 00:30:19,920 Speaker 1: to global stability. Biden can meet Africa's needs and advance 546 00:30:20,080 --> 00:30:22,840 Speaker 1: US interests at the same time by focusing on the 547 00:30:22,880 --> 00:30:26,920 Speaker 1: biggest threat to its future, climate change. That means supporting 548 00:30:26,960 --> 00:30:29,719 Speaker 1: clean energy on the continent that has the world's richest 549 00:30:29,720 --> 00:30:33,480 Speaker 1: solar potential but only one percent of its capacity. The 550 00:30:33,560 --> 00:30:36,280 Speaker 1: US could also do more to develop Africa's role in 551 00:30:36,320 --> 00:30:39,840 Speaker 1: the green economy supply chain and take aggressive action to 552 00:30:39,920 --> 00:30:44,200 Speaker 1: boost its climate resilience. By making climate the guiding principle 553 00:30:44,280 --> 00:30:47,560 Speaker 1: of its Africa strategy, the US can help Africans build 554 00:30:47,560 --> 00:30:51,320 Speaker 1: a more stable, prosperous future for themselves and the planet 555 00:30:51,320 --> 00:30:53,800 Speaker 1: as a whole. This editorial was written by the Bloomberg 556 00:30:53,840 --> 00:30:57,760 Speaker 1: Opinion Editorial board. I'm David Shipley. For more Bloomberg opinion, 557 00:30:57,800 --> 00:31:01,200 Speaker 1: please go to Bloomberg dot com, slash Opinion or Opango 558 00:31:01,640 --> 00:31:05,280 Speaker 1: on the Bloomberg terminal. This has been Bloomberg Opinion. You 559 00:31:05,320 --> 00:31:08,200 Speaker 1: can hear Bloomberg opinion editorials every weekday at this time. 560 00:31:08,320 --> 00:31:11,640 Speaker 1: Terminal customers can read more at opie. I n go 561 00:31:12,480 --> 00:31:16,320 Speaker 1: futures pointing to a lower open on this Wednesday morning. 562 00:31:16,480 --> 00:31:23,920 Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather. 563 00:31:23,960 --> 00:31:25,880 Speaker 1: It's raining that should end by midday. Will be in 564 00:31:25,880 --> 00:31:28,440 Speaker 1: the low fifties today, Scattered showers and storms tomorrow though 565 00:31:28,480 --> 00:31:31,320 Speaker 1: mid fifties once again. Chance for a shower Friday with 566 00:31:31,360 --> 00:31:34,280 Speaker 1: a high and the low sixties right now, rain in 567 00:31:34,320 --> 00:31:40,520 Speaker 1: Central Park markets. Headlines and breaking news twenty four hours 568 00:31:40,520 --> 00:31:43,520 Speaker 1: a day at Bloomberg dot Com, The Bloomberg Business out 569 00:31:43,640 --> 00:31:46,959 Speaker 1: End at Bloomberg Quick Tape. This is a Bloomberg Business 570 00:31:47,040 --> 00:31:55,520 Speaker 1: Flash and I'm camered Moscow. A global bond sell off 571 00:31:55,520 --> 00:31:58,880 Speaker 1: deepening and stocks slumping as investor's position for a swift 572 00:31:58,880 --> 00:32:01,800 Speaker 1: reduction in the federal reserves debt holdings as part of 573 00:32:01,800 --> 00:32:04,920 Speaker 1: a step up campaign, a monetary tightening to tackle high inflation. 574 00:32:05,160 --> 00:32:07,840 Speaker 1: We checked the markets every fifteen minutes throughout the trading day. 575 00:32:07,920 --> 00:32:11,360 Speaker 1: On Bloomberg, SNP future is down twenty eight points this morning. 576 00:32:11,360 --> 00:32:14,600 Speaker 1: Down futures down one hundred seventy eight, nasdack futures down 577 00:32:14,640 --> 00:32:17,640 Speaker 1: one hundred thirty seven. The decks in Germany's down one 578 00:32:17,680 --> 00:32:20,120 Speaker 1: point four percent, the cat in Parish down one point 579 00:32:20,160 --> 00:32:22,680 Speaker 1: three percent, and the foot See one hundred is down 580 00:32:22,720 --> 00:32:25,920 Speaker 1: half percent. Nik To twenty five in Japan fell one 581 00:32:25,960 --> 00:32:28,160 Speaker 1: point six percent, and the Hanks Sang in Hong Kong 582 00:32:28,200 --> 00:32:31,080 Speaker 1: was down one point nine percent. Ten. Your Treasury down 583 00:32:31,080 --> 00:32:34,040 Speaker 1: twenty thirty seconds two point six two percent. They yield 584 00:32:34,120 --> 00:32:36,880 Speaker 1: on the two year two point five five percent. Nine 585 00:32:36,920 --> 00:32:39,240 Speaker 1: max Screwed oil is up one point seven percent of 586 00:32:39,320 --> 00:32:41,760 Speaker 1: a dollar seventy seven at a hundred three dollars seventy 587 00:32:41,760 --> 00:32:44,840 Speaker 1: three cents of barrel comes. Gold is up a quarter percent, 588 00:32:44,920 --> 00:32:47,400 Speaker 1: or four dollars ninety cents at one thousand, nine hundred 589 00:32:47,440 --> 00:32:50,640 Speaker 1: thirty two dollars forty cents anounce. The euro one point 590 00:32:50,640 --> 00:32:53,200 Speaker 1: o nine one three against the dollar British found one 591 00:32:53,200 --> 00:32:55,640 Speaker 1: point three zero nine seven and the end at one 592 00:32:55,640 --> 00:32:59,160 Speaker 1: twenty three point eight six. Bitcoin is moving lower down 593 00:32:59,160 --> 00:33:01,600 Speaker 1: one point three percent, stud at forty five thousand, two 594 00:33:01,680 --> 00:33:04,640 Speaker 1: hundred seventy dollars. And today we are watching for minutes 595 00:33:04,680 --> 00:33:06,960 Speaker 1: from the Federal Reserves. The latest meeting out at two 596 00:33:07,040 --> 00:33:10,440 Speaker 1: o'clock Wall Street Time. That's a Bloomberg Business Flash. Now 597 00:33:10,480 --> 00:33:12,680 Speaker 1: here's Michael Borrow with more on what's going on around 598 00:33:12,680 --> 00:33:16,680 Speaker 1: the world. Michael, thank you very much. Karen China says 599 00:33:16,680 --> 00:33:19,760 Speaker 1: the reports and images of civilian deaths in the Ukrainian 600 00:33:19,800 --> 00:33:23,560 Speaker 1: town of Buccha are deeply disturbing and it's calling for 601 00:33:23,600 --> 00:33:27,560 Speaker 1: an investigation. China reported more than twenty thousand new daily 602 00:33:27,600 --> 00:33:31,480 Speaker 1: COVID cases. It's driven by surging infections in Shanghai. In golf, 603 00:33:31,520 --> 00:33:34,200 Speaker 1: Tiger Woods says for now, he'll probably tee off at 604 00:33:34,240 --> 00:33:37,680 Speaker 1: the Master's Golf Tournament in Augusta, Georgia tomorrow, following a 605 00:33:37,760 --> 00:33:40,920 Speaker 1: fourteen month recovery from a near fatal car crash that 606 00:33:41,000 --> 00:33:44,120 Speaker 1: almost cost him his leg. Stay tuned four updates every 607 00:33:44,120 --> 00:33:46,840 Speaker 1: hour on Bloomberg Radio, and a special edition of Masters 608 00:33:46,840 --> 00:33:50,200 Speaker 1: Tonight coming up at eleven p on Eastern Time. NBA Action, 609 00:33:50,240 --> 00:33:52,840 Speaker 1: The Nets and Wizards one, NHL The Rangers Meet the 610 00:33:52,840 --> 00:33:56,160 Speaker 1: Devil's Three one Islanders and Bruins lost. Global news twenty 611 00:33:56,160 --> 00:33:58,760 Speaker 1: four hours a day on airand on Bloomberg Quicktach, powered 612 00:33:58,760 --> 00:34:02,200 Speaker 1: by more than journalism anamists more than twenty countries. Hi, 613 00:34:02,280 --> 00:34:04,920 Speaker 1: Michael Barr, this is Bloomberg. Na, Okay, Michael, thanks to 614 00:34:05,120 --> 00:34:07,479 Speaker 1: forty nine on Wall Street Live from the Bloomberg Interacted 615 00:34:07,520 --> 00:34:10,359 Speaker 1: Broker Studios. This is Bloomberg Daybreak and the FED once 616 00:34:10,400 --> 00:34:13,200 Speaker 1: again is in focus. This morning, global bonds are selling 617 00:34:13,239 --> 00:34:15,840 Speaker 1: off on the prospect of quicker tightening. Let's get the 618 00:34:15,920 --> 00:34:18,200 Speaker 1: view now from one of the Fed's members, Kansas City 619 00:34:18,239 --> 00:34:21,200 Speaker 1: President Esther George. She sat down for an exclusive interview 620 00:34:21,200 --> 00:34:24,399 Speaker 1: with Bloomberg's Michael McKee. Let's listen in to that conversation. Now, 621 00:34:24,880 --> 00:34:28,000 Speaker 1: you called for the FED to be measured and cautious 622 00:34:28,160 --> 00:34:31,360 Speaker 1: in its policy moves. Does that mean that you would 623 00:34:31,600 --> 00:34:34,400 Speaker 1: be against larger moves for the time being? Would you 624 00:34:34,440 --> 00:34:38,640 Speaker 1: dissent against fifty basis points on May fourth? So? I 625 00:34:38,680 --> 00:34:41,600 Speaker 1: think the way I think about removing accommodation is we 626 00:34:41,680 --> 00:34:45,279 Speaker 1: have two instruments here. We've got short term policy rates 627 00:34:45,320 --> 00:34:47,480 Speaker 1: and we have a very large balance sheet that are 628 00:34:47,520 --> 00:34:50,920 Speaker 1: affecting the amount of accommodation in the economy. So it 629 00:34:50,960 --> 00:34:54,120 Speaker 1: will take thinking about both of those things. I think 630 00:34:54,120 --> 00:34:56,960 Speaker 1: as we come to our main meeting to decide what 631 00:34:57,120 --> 00:35:00,840 Speaker 1: is the appropriate pace, what's the appropriate amount of a policy? 632 00:35:00,960 --> 00:35:04,120 Speaker 1: Uh decision at that meeting. Well, there are a lot 633 00:35:04,120 --> 00:35:06,240 Speaker 1: of people on Wall Street who say, the Feds behind 634 00:35:06,239 --> 00:35:09,400 Speaker 1: the curve, and you've got to go fifty because you're 635 00:35:09,440 --> 00:35:12,600 Speaker 1: gonna lose control of inflation if you don't. So we 636 00:35:12,719 --> 00:35:16,800 Speaker 1: know that this policy is as accommodative as at any 637 00:35:16,840 --> 00:35:19,520 Speaker 1: time when we have inflation this high, when we have 638 00:35:19,600 --> 00:35:22,360 Speaker 1: labor markets this type. So there's no question that policy 639 00:35:22,400 --> 00:35:24,719 Speaker 1: has to be removed. But I think you have to 640 00:35:24,760 --> 00:35:28,920 Speaker 1: do that in the context of having highly negative real rates, 641 00:35:28,920 --> 00:35:31,719 Speaker 1: a nine trillion dollar balance sheet, and thinking about how 642 00:35:31,760 --> 00:35:34,840 Speaker 1: that combination is going to flow through to the economy. 643 00:35:34,960 --> 00:35:37,840 Speaker 1: So yes, we have to be very deliberate, uh and 644 00:35:37,960 --> 00:35:41,520 Speaker 1: intentional as we remove this accommodation. Let me rephrase the 645 00:35:41,520 --> 00:35:44,640 Speaker 1: first question, would you support fifty if that's what the 646 00:35:44,680 --> 00:35:47,400 Speaker 1: majority wants to do. I think fifty basis points is 647 00:35:47,400 --> 00:35:50,080 Speaker 1: going to be an option that will have to consider 648 00:35:50,120 --> 00:35:53,400 Speaker 1: along with other things. And again I'm very focused on 649 00:35:53,480 --> 00:35:56,879 Speaker 1: thinking about how the balance sheet moves in conjunction with 650 00:35:57,120 --> 00:35:59,960 Speaker 1: policy rate increases. Well, let's talk about that little brain 651 00:36:00,360 --> 00:36:02,919 Speaker 1: who's in line to be vice chair of the FED 652 00:36:03,000 --> 00:36:05,759 Speaker 1: said that she expects the balance sheet to shrink more 653 00:36:05,880 --> 00:36:10,000 Speaker 1: rapidly than in the previous recovery, with significantly larger caps 654 00:36:10,239 --> 00:36:13,240 Speaker 1: and a much shorter period to phase in the maximum caps. 655 00:36:13,680 --> 00:36:16,680 Speaker 1: Does that summarize where the FED is going? So? I 656 00:36:16,719 --> 00:36:19,200 Speaker 1: think when you compare this cycle to where we were 657 00:36:19,239 --> 00:36:21,920 Speaker 1: the last time, we were reducing the balance sheet and 658 00:36:21,960 --> 00:36:24,840 Speaker 1: we didn't go very far because of the need for 659 00:36:24,960 --> 00:36:29,520 Speaker 1: reserves and the decision around that. When you look today 660 00:36:29,520 --> 00:36:32,520 Speaker 1: at where the balance sheet is and the conditions in 661 00:36:32,560 --> 00:36:35,760 Speaker 1: which we'll be doing that, I think it easily argues 662 00:36:35,800 --> 00:36:39,400 Speaker 1: for going faster and moving along at a quicker pace 663 00:36:39,480 --> 00:36:41,440 Speaker 1: than we did before. We have a ways to go 664 00:36:41,640 --> 00:36:44,880 Speaker 1: to get this accommodation out of the economy. Monthly caps 665 00:36:44,880 --> 00:36:48,120 Speaker 1: of a hundred billion sounds realistic. So I think we're 666 00:36:48,120 --> 00:36:52,280 Speaker 1: still talking about what the right approach would be relative 667 00:36:52,360 --> 00:36:54,840 Speaker 1: to last time, and again we're doing that in the 668 00:36:54,920 --> 00:36:57,480 Speaker 1: context of looking at the size of the balance sheet 669 00:36:57,560 --> 00:37:00,560 Speaker 1: and the conditions in the economy today which will likely 670 00:37:00,600 --> 00:37:04,200 Speaker 1: warrant doing more and going faster than before what's your 671 00:37:04,200 --> 00:37:07,520 Speaker 1: anticipated impact of reducing the balance sheet in terms of 672 00:37:07,600 --> 00:37:10,120 Speaker 1: a rough equivalent to basis points in a rate move. 673 00:37:10,520 --> 00:37:12,399 Speaker 1: So I think it's an important question because we often 674 00:37:12,440 --> 00:37:15,600 Speaker 1: focus so much on the benefits going in in terms 675 00:37:15,640 --> 00:37:17,600 Speaker 1: of how it pulls duration out of the market at 676 00:37:17,600 --> 00:37:20,520 Speaker 1: boost asset values. I've been looking at some of the 677 00:37:20,640 --> 00:37:22,400 Speaker 1: estimates that go all the way to a hundred and 678 00:37:22,440 --> 00:37:25,600 Speaker 1: fifty basis points effect of that balance sheet on longer 679 00:37:25,719 --> 00:37:28,880 Speaker 1: term rates. So wherever that is, I think there is 680 00:37:29,000 --> 00:37:32,000 Speaker 1: clearly going to be some adjustment that takes place, both 681 00:37:32,040 --> 00:37:36,160 Speaker 1: in asset markets as well as long term rates. And 682 00:37:36,200 --> 00:37:38,600 Speaker 1: I think when I look at the yield curve, I'm 683 00:37:38,600 --> 00:37:42,719 Speaker 1: looking at that issue relative to that balance sheet and 684 00:37:42,719 --> 00:37:45,520 Speaker 1: what effect it's having on longer term rates. Less so 685 00:37:45,640 --> 00:37:48,880 Speaker 1: around some of the conversation on whether it's predicting a recession, well, 686 00:37:48,920 --> 00:37:51,520 Speaker 1: because you're looking at it in terms of the balance 687 00:37:51,880 --> 00:37:55,239 Speaker 1: the FED pushing down on the longer rate end, right, 688 00:37:55,719 --> 00:37:58,160 Speaker 1: and I think that exists today. I mean, we have 689 00:37:58,320 --> 00:38:01,680 Speaker 1: nine trillion dollars sitting there. It is having a downward 690 00:38:01,680 --> 00:38:05,080 Speaker 1: pressure on those longer term rights. That's Kansas City Fed 691 00:38:05,120 --> 00:38:08,520 Speaker 1: President Esther George speaking with Bloomberg's Michael McKee. Here more 692 00:38:08,560 --> 00:38:11,040 Speaker 1: exclusive remarks from the FED next week when we speak 693 00:38:11,040 --> 00:38:14,120 Speaker 1: with New York President John Williams. That conversation is coming 694 00:38:14,160 --> 00:38:17,520 Speaker 1: up a week from tomorrow. Karen Even, It is five 695 00:38:17,560 --> 00:38:20,840 Speaker 1: fifty three on Wall Street. Time for the Bloomberg Law Report. 696 00:38:20,920 --> 00:38:24,360 Speaker 1: It has wrought to you by American Arbitration Association. Business 697 00:38:24,360 --> 00:38:28,680 Speaker 1: disputes are inevitable, Resolve faster with the American Arbitration Association, 698 00:38:28,719 --> 00:38:32,120 Speaker 1: the global leader and alternative dispute resolution for over ninety years. 699 00:38:32,239 --> 00:38:34,480 Speaker 1: More at a d R dot org. Let's get to 700 00:38:34,560 --> 00:38:37,800 Speaker 1: the legal stories we're watching this morning. From Bloomberg's Jeff Bellinger, 701 00:38:40,600 --> 00:38:44,799 Speaker 1: the Occupational Safety and Health Administration issued a directive indicating 702 00:38:44,840 --> 00:38:48,320 Speaker 1: the agency is looking to tighten its enforcement of injury 703 00:38:48,360 --> 00:38:53,080 Speaker 1: and illness reporting requirements. A regulatory filing by Starbucks shows 704 00:38:53,080 --> 00:38:57,040 Speaker 1: the general Council Rachel Gonzalez has been removed from her role. 705 00:38:57,320 --> 00:39:00,480 Speaker 1: She will serve in an advisory position until leaving the 706 00:39:00,520 --> 00:39:04,880 Speaker 1: company next month. Mississippi Governor Tate Reeves signed legislation that 707 00:39:05,000 --> 00:39:09,080 Speaker 1: slashes state taxes and moves the state closer to eliminating 708 00:39:09,120 --> 00:39:13,759 Speaker 1: its personal income tax. Bloomberg Law Everything you need all 709 00:39:13,880 --> 00:39:18,520 Speaker 1: on one legal research platform, including guidance analysis and Bloomberg 710 00:39:18,600 --> 00:39:23,520 Speaker 1: Market Intelligence. Find out more at Bloomberg Law dot com. 711 00:39:23,560 --> 00:39:26,160 Speaker 1: Thanks Jaff. Now, another legal story we're watching brings us 712 00:39:26,200 --> 00:39:28,960 Speaker 1: to labor law, A new union pulled off a stunning upset, 713 00:39:29,000 --> 00:39:33,080 Speaker 1: and when workers votes at Amazon Staten Island Warehouse, but 714 00:39:33,160 --> 00:39:35,759 Speaker 1: the union still has a long road ahead. Unions that 715 00:39:35,840 --> 00:39:38,680 Speaker 1: when l l RB elections typically spend more than a 716 00:39:38,760 --> 00:39:42,719 Speaker 1: year in negotiations with employers before reaching a collective bargaining agreement. 717 00:39:43,040 --> 00:39:45,640 Speaker 1: For more on the union push at Amazon, Bloomberg's June 718 00:39:45,640 --> 00:39:48,840 Speaker 1: Grosso speaks of labor law expert Kate Andreas, a professor 719 00:39:48,880 --> 00:39:52,279 Speaker 1: at Columbia Law School, It's always an uphill battle to 720 00:39:52,440 --> 00:39:56,040 Speaker 1: establish a union. Over the past few decades, efforts to 721 00:39:56,200 --> 00:39:59,920 Speaker 1: unionize at the most prominent non union companies in America 722 00:40:00,120 --> 00:40:04,120 Speaker 1: have almost always ended in failure. But was this even 723 00:40:04,160 --> 00:40:07,840 Speaker 1: more uphill than usual? Well, I think in some ways 724 00:40:08,120 --> 00:40:11,479 Speaker 1: these workers had even a greater challenge than in many 725 00:40:11,480 --> 00:40:15,960 Speaker 1: other contexts because Amazon has been so resolutely anti union 726 00:40:16,040 --> 00:40:19,640 Speaker 1: and anti worker. Amazon has spent millions of dollars on 727 00:40:19,719 --> 00:40:24,399 Speaker 1: anti union consultants and has consistently fought very hard against unionization, 728 00:40:24,840 --> 00:40:28,279 Speaker 1: and so the workers had a significant uphill battle. On 729 00:40:28,320 --> 00:40:30,759 Speaker 1: the other hand, we're now living in a time of 730 00:40:30,760 --> 00:40:34,360 Speaker 1: a very tight labor market, and the workers recognized the 731 00:40:34,400 --> 00:40:38,560 Speaker 1: power that they had, and we saw particularly effective leadership 732 00:40:38,680 --> 00:40:42,160 Speaker 1: from workers within the facility in building this grassroots union. 733 00:40:42,480 --> 00:40:46,200 Speaker 1: I mean, the law really stacked against workers, and it 734 00:40:46,400 --> 00:40:50,880 Speaker 1: enables employers to campaign fairly viciously against union organizing. And 735 00:40:50,920 --> 00:40:53,920 Speaker 1: Amazon did that here. And that's why this victory is 736 00:40:53,960 --> 00:40:57,320 Speaker 1: so stunning and so important. Let's talk about what happens 737 00:40:57,360 --> 00:41:01,080 Speaker 1: next at this Amazon in stat Nyland, because there are 738 00:41:01,120 --> 00:41:04,600 Speaker 1: a long way away from a contract. In an emailed statement, 739 00:41:04,920 --> 00:41:08,600 Speaker 1: Amazon signaled a long legal battle could lie ahead. It 740 00:41:08,640 --> 00:41:12,600 Speaker 1: said it was evaluating our options, including objections based on 741 00:41:12,680 --> 00:41:16,640 Speaker 1: the inappropriate and undue influence by the n l r B. 742 00:41:17,440 --> 00:41:20,240 Speaker 1: What do you read into that and what can Amazon 743 00:41:20,360 --> 00:41:23,440 Speaker 1: do at this point? I mean, that's suggest that Amazon 744 00:41:23,520 --> 00:41:27,080 Speaker 1: intense to continue to fight the organizing effort and not 745 00:41:27,360 --> 00:41:30,240 Speaker 1: to comply with its duty under the law to bargaining 746 00:41:30,239 --> 00:41:32,879 Speaker 1: good faith. It is obligated under the law to sit 747 00:41:32,920 --> 00:41:35,040 Speaker 1: down and bargain with these workers and to do so 748 00:41:35,160 --> 00:41:37,520 Speaker 1: in good faith. But that suggests to me that they 749 00:41:37,520 --> 00:41:41,359 Speaker 1: will file multiple legal challenges and attempt to delay and 750 00:41:41,440 --> 00:41:45,440 Speaker 1: postpone their obligation to bargain. The notion that the nlr 751 00:41:45,520 --> 00:41:50,719 Speaker 1: B was inappropriately interfering in the election by enforcing the 752 00:41:50,840 --> 00:41:54,480 Speaker 1: law and filing a suit against what the lr B 753 00:41:55,160 --> 00:41:58,560 Speaker 1: believes to be an illegal firing is really a novel 754 00:41:58,680 --> 00:42:02,160 Speaker 1: and questionable our an. I don't expect that Amazon will 755 00:42:02,200 --> 00:42:05,840 Speaker 1: prevail if it decides to bring that argument forward, but 756 00:42:06,080 --> 00:42:09,360 Speaker 1: it could very well used those legal challenges to delay, 757 00:42:09,760 --> 00:42:12,719 Speaker 1: and in that case, workers will need to continue to 758 00:42:12,840 --> 00:42:15,880 Speaker 1: organize and to put community pressure and public pressure on 759 00:42:15,960 --> 00:42:18,320 Speaker 1: Amazon to urge it to comply with the law and 760 00:42:18,360 --> 00:42:21,920 Speaker 1: sit down and bargain and good faith. And that's Kate Andreas, 761 00:42:21,920 --> 00:42:24,480 Speaker 1: a professor at Columbia Law School, speaking with the Bloomberg 762 00:42:24,560 --> 00:42:26,640 Speaker 1: jo and Grass. So catch more of that interview plus 763 00:42:26,640 --> 00:42:29,360 Speaker 1: analysis of the latest legal news by listening to the 764 00:42:29,360 --> 00:42:32,520 Speaker 1: Bloombergy Law Show at ten pm Eastern Time or subscribing 765 00:42:32,560 --> 00:42:35,480 Speaker 1: to the Bloomberg Law Podcast. And attorneys can find exceptional 766 00:42:35,560 --> 00:42:39,359 Speaker 1: legal research and business development tools at Bloomberg Law dot com. 767 00:42:39,600 --> 00:42:44,360 Speaker 1: Futures moving lower this morning and still ahead on Bloomberg Daybreak, 768 00:42:44,360 --> 00:42:46,200 Speaker 1: and check on the business headlines, and all the news 769 00:42:46,239 --> 00:42:48,759 Speaker 1: you need to start your day. This is Bloomberg.