Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg
Speaker 1: day Break for Monday, May second two. Coming up this hour,
Speaker 1: US stocks begin the new trading month, coming off the
Speaker 1: worst April in more than fifty years. Investors brace for
Speaker 1: this week's Fed decision. Warren Buffett goes on a buying
Speaker 1: spree in the first quarter, and Nancy Pelosi makes a
Speaker 1: surprize visit to Ukraine. A new crime fighting strategy begins
Speaker 1: today in New York City, Plus senators are calling on
Speaker 1: President By to fight disruptions in the solar industry. I'm
Speaker 1: Michael blarn More and I'm John stash Own sports ninth
Speaker 1: straight win for the Yankees, that met to one another
Speaker 1: series NBA playoff Road winds from Milwaukee and Golden State.
Speaker 1: That's all's training ahead on Bloomberg Daybreak on Bloomberg eleven
Speaker 1: three on New York, Bloomberg one, Washington, d C, Bloomberg
Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco
Speaker 1: Sirius x M one nineteen and around the world Old
Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business App.
Speaker 1: Good morning, I'm Nathan Hagart and I'm Karen Moscow. US
Speaker 1: Dock Index futures are rising this morning. We're coming up
Speaker 1: to five o one on Wall Street, and we check
Speaker 1: the markets every fifteen minutes throughout the trading day. On
Speaker 1: Bloomberg SMP Future is up ten points down Future is
Speaker 1: up ninety three and NASDAG futures up forty. Ten year
Speaker 1: Treasury down one thirty second yield two point nine three percent,
Speaker 1: and the yield on the two year two point seven
Speaker 1: two percent, and NIMEX screwed oil is down two point
Speaker 1: six percent. Nathan Well Karen investors begin this month of
Speaker 1: May after coming off a historically bad April. The SNP
Speaker 1: five hundred fell eight point eight percent for the worst
Speaker 1: April performance since nineteen seventy. Tech investors haven't taken a
Speaker 1: beating like this in nearly fourteen years. The NASDAC plunged
Speaker 1: more than thirteen percent in April, it's worst performance since
Speaker 1: October of two thousand eight. Katie Nixon, his chief investment
Speaker 1: officer at Northern Trust. I mean, I think valuation is
Speaker 1: very fragile in this rising rate environment here, and then
Speaker 1: at the same time, you've got some fundamentals that you
Speaker 1: know at best are sort of flattening out and at
Speaker 1: worst are showing some declining trends and nets such is
Speaker 1: sort of the poster child joined now by Amazon, that's
Speaker 1: really showing the weakening of demand. Northern Trust Chief investment
Speaker 1: Officer Katie Nixon notes the SNP and the NASTACK have
Speaker 1: each fallen for four consecutive weeks. Well, bonds have also
Speaker 1: been taking up pounding this year. Nathan and one of
Speaker 1: the biggest investors outside America, things there may be more
Speaker 1: pain ahead. We get the latest live with the Bloombirds,
Speaker 1: John Tucker, John, Good morning, Good morning, Karen. Typically investors
Speaker 1: can take refuge in bonds, especially U S treasuries, and
Speaker 1: for years they've been supported by Japanese buyers, but that
Speaker 1: is no longer the case. Japanese institutional managers are now
Speaker 1: fueling a great bond sell off. The largest overseas holder
Speaker 1: of treasuries has offloaded almost sixty billion dollars over the
Speaker 1: past three months. That's a warding to data from BEMO
Speaker 1: Capital Markets. There are several reasons market volatility, divergent monetary policy,
Speaker 1: and a weaker yen, and Japanese investors may wait for
Speaker 1: higher and higher rates before ever jumping back in live
Speaker 1: in New York on John Tucker Bloomberg Daybreak. John. Thanks.
Speaker 1: Of course, both bond and equity investors will be paying
Speaker 1: close attention to this week's policy decision from the Fed.
Speaker 1: It is one of the most anticipated in years. We
Speaker 1: get a preview from Bloomberg's Michael McKay. The government reported
Speaker 1: Friday that employment costs rose the most since nine in
Speaker 1: the first quarter, while the Fed's favorite inflation gauge rose
Speaker 1: to the highest since nine two. And let's say that
Speaker 1: more than seals a fifty basis point grade increase from
Speaker 1: the Fed on Wednesday. It raises the question of whether
Speaker 1: the FED needs to keep raising by fifty or even
Speaker 1: seventy five going forward. They won't say, but Chairman j
Speaker 1: Powe will be asked about it at his news conference.
Speaker 1: The Fed will also be detailing how and when it
Speaker 1: will start reducing the balance sheet and trying to reassure
Speaker 1: Americans inflation is their top priority. Michael McKie Bloomberg Daybreak. Alright, Mike,
Speaker 1: thanks and well, of course, we'll have full coverage and
Speaker 1: analysis of Wednesday's FED decision beginning at one pm Wall
Speaker 1: Street time on both Bloomberg Radio and television care. All right, Nathan,
Speaker 1: thank you. And it's also another busy week for earnings,
Speaker 1: with more than a hundred sixty companies in the S
Speaker 1: and P five hundred reporting. We get a preview from
Speaker 1: Bloomberg s Charlie Pellett. Big technology firms and banks are
Speaker 1: behind us, but we'll be hearing from a broad swath
Speaker 1: of companies as investors assess the ongoing themes of inflation,
Speaker 1: consumer demand, and geopolitics. Sarah Malick is chief investment officer
Speaker 1: at Nouven. Earnings looked strong. Three quarters of companies are
Speaker 1: beating Arnis double digit revenue growth overall and about five
Speaker 1: to six percent Arnis Group. Among some of the names
Speaker 1: reporting this week Airbnb, A, I, G, A M D, Conico, Phillips,
Speaker 1: Uber Lifts, Starbucks, young brands and travel names Expedia, Hilton
Speaker 1: and Marriott in New York. Charlie pet Bloomberg day break.
Speaker 1: All right, Charlie, thanks and why. Company that already reported
Speaker 1: over the weekend was Berkshire Hathaway. The Warren Buffett conglomerate
Speaker 1: eked out a profit gain, but perhaps more importantly, the
Speaker 1: billionaire went on a buying spree in the first quarter
Speaker 1: Let's get the latest line from bloombergs Greneda Young, Good morning, Grenita,
Speaker 1: Good morning. Nathan Warren Buffett made forty one billion dollars
Speaker 1: in net stock purchases during the first quarter. It was
Speaker 1: his biggest buying spree in at least a decade, and
Speaker 1: a war in a soaring US inflation did not deter
Speaker 1: him from doubling down on a tried and tested strategy
Speaker 1: to navigate the fallout. Now, among the purchases, Berkshire raises
Speaker 1: its Chevron holdings and Buffett discloses that the company now
Speaker 1: owns an expanded nine point five percent stake in Activision Blizzard.
Speaker 1: And at the annual shareholder meeting, the nine year old
Speaker 1: Buffett and his business partner, year old Charlie Munger, gave
Speaker 1: no indication that they planned to step back from their
Speaker 1: roles anytime soon. Live in New York. I'm Rennita Young,
Speaker 1: Bloomberg day break. All right, rened to thank you and
Speaker 1: a Let's get to the latest on the war in Ukraine.
Speaker 1: After waits, the Russian bamar men civilians are starting to
Speaker 1: leave a besiege steel plant in Mario Pole. President Zelenski
Speaker 1: says about a hundred men, women, and children will arrive
Speaker 1: in Ukrainian Control Territory this morning. And now sticker Nancy
Speaker 1: Pelosi plans to meet with Poland's president today after surprise
Speaker 1: visit to Kiev. We get that story from Bloomberg's and Baxter.
Speaker 1: This was a well kept secret. Pelosi leading a congressional
Speaker 1: delegation pledging continued support, Thank you, and says continued usaid.
Speaker 1: Pelosi then traveled back to Poland in San Francisco, I'm
Speaker 1: at Baxter Bloomberg daybreak. All right, at thanks, Let's turn
Speaker 1: to the pandemic now, where our focus remains in China
Speaker 1: coronavirus lockdowns. They're taking a significant toll on the economy
Speaker 1: over the weekend. Data showed both manufacturing and services activity
Speaker 1: plunged last month to their worst levels in more than
Speaker 1: two years. And in Australia, Nathan Quantas has revived a
Speaker 1: plan for the world's longest NonStop flights. They would connect
Speaker 1: Australia's East coast with New York in London. The airline
Speaker 1: says it's buying twelve Airbus jets that can make the
Speaker 1: twenty hour journeys. Quantis will begin the service from Sydney
Speaker 1: and hen straight ahead We have your latest local headlines,
Speaker 1: plus the check of sports, and this is Bloomberg. All right, Karen. Thanks.
Speaker 1: It's five oh seven on Wall Street, fifty four degrees
Speaker 1: in Central Park. Big problems on the rails this morning.
Speaker 1: New Jersey Transit is suspended from Trent and De Penn station.
Speaker 1: Details coming up in traffic. First. Michael bar with more
Speaker 1: on what's going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. A new crime fighting
Speaker 1: initiative begins today in New York City. Mayor Eric Adams
Speaker 1: says in the most forty most violent precincts, authorities will
Speaker 1: move neighborhood coordinating officers into evening patrols. Other plans include
Speaker 1: sending field intelligence officers to the street. Overall crime is
Speaker 1: up last month compared to April of last year. Violence
Speaker 1: is also on the rise. Mayor Adams also says they
Speaker 1: will fight people who cheat on paying subway fares in
Speaker 1: the city. Broadway theaters are ending the policy of requiring
Speaker 1: customers to show proof of vaccination. The Broadway League says
Speaker 1: in a statement that the owners and operators of all
Speaker 1: forty one Broadway theaters are extending the mass requirement at
Speaker 1: least through the end of May, but many would no
Speaker 1: longer check for vaccination status. President Biden spoke in Minneapolis
Speaker 1: at a memorial service for former Vice President Walter Mondale.
Speaker 1: Mondale died in April of last year at age ninety three.
Speaker 1: President Biden said he and Mondale, who was known as Fritz,
Speaker 1: were close friends. I'm I moved to be with you
Speaker 1: here today as an honor one of the great giants
Speaker 1: in American history. And that's not hyperboway. Fritz was a
Speaker 1: giant in American clinical history. President Biden described Mondale as
Speaker 1: a dedicated to patriot and public servant. The judge Joy
Speaker 1: the Country Music Hall of Fame last night, just today,
Speaker 1: after Naomi Judd died unexpectedly. Naomi's daughters, Winona and Ashley Judd,
Speaker 1: accepted the honor. Wenona Judd, this is the first time
Speaker 1: I've talked since saying goodbye to twenty A kistra on
Speaker 1: the forehead and I walked away, and this is the
Speaker 1: first place I've been. Wenona and Ashley Judd said their
Speaker 1: mother died at the age of seventy six due to
Speaker 1: the disease of mental illness. Nearly two dozen senators today
Speaker 1: called on President Biden to swiftly advance a trade probe
Speaker 1: that they said was already causing massive disruption in the
Speaker 1: U S. Solar industry. According to the letter from twenty
Speaker 1: two senators, the investigation into whether Chinese companies are circumventing
Speaker 1: decades old tariffs by assembling solar cells modules in Southeast
Speaker 1: Asia will severely harm American businesses and workers. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: for more than a hundred twenty country He's Michael bar
Speaker 1: This is Bloomberg, Nathan. Thanks Michael. Coming up to five
Speaker 1: ten on Wall Street. Time for the Bloomberg Sports Uptake.
Speaker 1: Come morning, John s Morton, Nathan. The Mets weekend, of course,
Speaker 1: began with the no hitter. It ended last night with
Speaker 1: Max scherz Are giving up three home runs, but the
Speaker 1: Mets batch produced fifteen hits and a ten six win
Speaker 1: over the Phillies at City Field. Jeff McNeil had four
Speaker 1: of those hits, raising his average to three sixty one.
Speaker 1: Dom Smith had four hits. He drove in three runs,
Speaker 1: so did Starling Marte. The Mets have now playing seven series,
Speaker 1: they have not had a sweep that they've won all seven.
Speaker 1: The Yankees have had three straight series sweeps, nine wins
Speaker 1: in a row. In Kansas City, they trailed four to one,
Speaker 1: took to leave in a seventh inning, scoring two runs
Speaker 1: without a hit, and they went on to win six
Speaker 1: to four. Aaron Judge homer with one out in the
Speaker 1: first inning and hit another with two outs to the night.
Speaker 1: Judge had no homer's over his first thirteen games. He's
Speaker 1: hit seven in his last eight games, and the Yanks
Speaker 1: take this nine game win, streaking tonight's game in Toronto.
Speaker 1: NBA playoffs of Brown two Milwaukee one in Boston one
Speaker 1: oh one to eighty nine on the Son to the
Speaker 1: Compo had a triple double. Golden State in Memphis lost
Speaker 1: Dray Bond Green of the second quarter of objected for
Speaker 1: a flagrant foul. They held at one point lead at
Speaker 1: the end. They will throw it in fine eight Clark
Speaker 1: Clark bounced pass over to Moran. He'll drive in Scooper's
Speaker 1: no good greebout wagers the Warriors win. The Warriors win Memphis.
Speaker 1: Scott the look the Morean couldn't finish it head Golden
Speaker 1: State captures State one with Tree Bond grade in the
Speaker 1: locker room game, and they called two more series openers tonight.
Speaker 1: It's also opening night in the Stanley Cup Playoffs, a
Speaker 1: quartet of games, including the Bruins at Carolina. The Hurricanes
Speaker 1: won the three regular season meetings by Combined Sports sixteen
Speaker 1: to one. Rangers and Penguins Game one at the Garden Tomorrow.
Speaker 1: John stash Award Bloomberg Sports Okay, John, thanks SMP futures
Speaker 1: right now up twelve point, Staff futures up a hundred,
Speaker 1: twenty nastack futures up forty five points. The ten Your
Speaker 1: treasury down one thirty second, the yield two point nine
Speaker 1: three percent. Insights on this market next with Brian Levitt
Speaker 1: of Investco. This is Bloomberg Bloomberg eleven three oh Weather
Speaker 1: turning cloudy today with the high in near sixty degrees,
Speaker 1: will be in the mid sixties partly to mostly cloudy tomorrow.
Speaker 1: Showers Wednesday with the high in near sixty Right now
Speaker 1: fifty four degrees in Central Park Markets. Headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: The Bloomberg Business Outland at Bloomberg Quicktape. This is a
Speaker 1: Bloomberg Business flash and I'm Karen Moscow. The dollar is
Speaker 1: steady this morning. US DOT Index futures, meanwhile, are higher.
Speaker 1: There are worries over high inflation, tightening monetary policy in
Speaker 1: China's COVID lockdowns that are contributing to some investor caution
Speaker 1: this morning. But again treasuries are moving higher, and this
Speaker 1: was after April's slump, which is among the worst since
Speaker 1: the pen demic. Royal markets right now it's in p
Speaker 1: futures are up about sixteen points down, futures up one
Speaker 1: two and ASDAK futures up forty eight. We checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: and the Dacks in Germany is down one percent. Ten
Speaker 1: year treasury down one thirty second deal two point on
Speaker 1: three percent. The yield on the two year two point
Speaker 1: seven two percent. Nine X screwed oil is downward than
Speaker 1: three percent on three dollars twenty five cents and one
Speaker 1: dollar four cents of beryl. As a Bloomberg business flash,
Speaker 1: now here's Michael Barr with more on what's going on
Speaker 1: around the world. Muchel, Good morning, Good morning, Karen. The
Speaker 1: evacuation has begun for civilians hold up at a steel
Speaker 1: plan in the Ukrainian city of Mariopol after nearly two
Speaker 1: months under siege by Russian forces. Local officials said people
Speaker 1: sheltering elsewhere in the city would also be allowed out. Today.
Speaker 1: In a surprise visit to Ukraine, how speaker Nancy Pelosi
Speaker 1: promised continued support. Today, Pelosi met with Poland's president. In
Speaker 1: the NBA layoffs, the Celtics lost to the Bucks one
Speaker 1: oh one eighty nine in their opening game of their series.
Speaker 1: The Warriors beat the Grizzlies one seventeen one sixteen in
Speaker 1: their game one. In baseball, the Yankees and Mets one.
Speaker 1: The Orioles beat the Red Sox nine five. The Nationals
Speaker 1: beat the Giants eleven five. The A's lost. Global News
Speaker 1: twenty four hours a day on the airand on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analyst
Speaker 1: are more than a hundred twenty countries. Michael Barr and
Speaker 1: this is Bloomberg. Nathan Alright, Michael, Thanks, It's five nineteen
Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak. As we get ready to kick
Speaker 1: off a new trading month. We are joined by Brian Levitt,
Speaker 1: global market strategist at invest Go. Brian, it's great to
Speaker 1: speak with you this morning. And you know the old
Speaker 1: saying selling may go away, but investors already took care
Speaker 1: of that in April. So where now, Brian? Yeah, you know,
Speaker 1: and actually historically selling may and go away hasn't been
Speaker 1: as good as a strategy as as people as people
Speaker 1: think that it's been. Um. Yeah, Look, it's gonna be challenging.
Speaker 1: We're still in an environment where the Federal Reserve needs
Speaker 1: the tightened policy pretty significantly. We we know that we've
Speaker 1: got pretty strong demand, which is good for the economy,
Speaker 1: but we've also got supply challenges and so for the
Speaker 1: Fed to bring down inflationary pressure, they're gonna have to
Speaker 1: work on the demand side, which is tightening of financial conditions,
Speaker 1: which means, you know, equities and credit are still likely
Speaker 1: to be volatile. The good news is, um, a lot
Speaker 1: of pain has has already been brought to these markets.
Speaker 1: We don't think a recession is in the off things,
Speaker 1: so you know, we should start to see some signs
Speaker 1: of of equity markets of bottoming. But but again it's
Speaker 1: gonna be a challenging process. Ultimately, I think we'll we'll
Speaker 1: find our way through it, but but investors should expect
Speaker 1: more volatility along the way. So you don't think this
Speaker 1: market has found bottom yet. I think we're certainly getting closer. Typically,
Speaker 1: what you see is a a larger capitulation amongst tail
Speaker 1: investors um, you know, and I think we're starting to
Speaker 1: get closer. We're starting to see some signs of a
Speaker 1: pretty extreme barishness. We've got a lot of names within
Speaker 1: the embassy is trading well below um, you know, fifty
Speaker 1: and two D day moving averages. So so we're starting
Speaker 1: to get there. I think the challenges that financial conditions
Speaker 1: have tightened, but perhaps have not tightened as as much
Speaker 1: as they need to in order to start bringing inflationary
Speaker 1: pressures down. So you know that, as always, we don't
Speaker 1: want to fight the Fed. The Fed is going to
Speaker 1: have to to tighten financial conditions further, which which could
Speaker 1: put some pressure in markets. But ultimately our view is
Speaker 1: that inflationary pressures will start to trend in the right direction,
Speaker 1: the FED will front load those interest rate hikes UM
Speaker 1: and then the hope is and our belief is is
Speaker 1: that as inflationary pressures moderate, the FED will be able
Speaker 1: to back off their tightening stands and thus not causing
Speaker 1: over I should in the economy, which should provide a
Speaker 1: better backdrop for markets. When you say front loading interest
Speaker 1: rate hikes, are you thinking multiple fifty basis point moves? Uh?
Speaker 1: And how many? Yeah, that's what we're hearing. That's what
Speaker 1: the market is already pricing in. So you know, the
Speaker 1: market is already expecting fifty basis point hikes at the
Speaker 1: next three meetings, which I believe is the right way
Speaker 1: to go. Look, the bond market has already priced in
Speaker 1: a lot of the move. Um. Yes, equities have sold
Speaker 1: off as you would expect when policy starts to shift. Um,
Speaker 1: we might as well go ahead and and start to
Speaker 1: deliver on those rate hikes so we can start to
Speaker 1: tighten financial conditions further and and start to bring down
Speaker 1: inflationary pressures. So where do you advise your clients to
Speaker 1: adjust their portfolios in this kind of rate hiking cycle
Speaker 1: with a front loading FED over the next few months. Yeah,
Speaker 1: you start to prepare for the slow down in economic activity.
Speaker 1: Now people think of a slowdown and economic activity is ominous.
Speaker 1: Usually equities performed well in a slowdown in economic activity.
Speaker 1: You want to shift towards higher quality, more defensive, cash
Speaker 1: flow generating businesses, away from the speculative type names that
Speaker 1: drove a lot of the market in in one I
Speaker 1: think is government bonds tend to provide nice ballot in
Speaker 1: a slowdown, and everybody's fleeing government bonds as interest rates
Speaker 1: move up, but an equity government bond bar bell tends
Speaker 1: to do well in a slowdown. The bigger question there, Nathan,
Speaker 1: is due is the next move from there a contraction
Speaker 1: or our inflationary pressure is gonna come down, allowing the
Speaker 1: consumer to start to feel better and we move back
Speaker 1: into a more expansionary environment. The latter would be my view,
Speaker 1: but for now it's a slowdown. Higher quality investments tend
Speaker 1: to do well in a slowdown. So in our last
Speaker 1: thirty seconds here, Brian, you're still expecting that the S
Speaker 1: and P is gonna end this year higher than than
Speaker 1: it did last year. Well, I mean, we've we've certainly
Speaker 1: got a lot to dig out of, so I think
Speaker 1: that'll be a challenge. The question is whether you know
Speaker 1: where we go from here again? I expect some near
Speaker 1: term volatility, but ultimately I think the markets will start
Speaker 1: to to grind higher from where we are now. Now,
Speaker 1: does that mean a positive year for markets? That's gonna
Speaker 1: be tough, right, That would that would envision a pretty
Speaker 1: significant move from where we are now, given how much
Speaker 1: damage has already been done. But can we move higher
Speaker 1: from here? Yeah? Again, it's gonna be volatile, but typically
Speaker 1: markets tend to perform well in a slow down phase
Speaker 1: so long as the FED doesn't have to tighten the
Speaker 1: screws so significantly. Thanks for this, Brian, great having you
Speaker 1: on with us. Brian Levitt, global market strategists at invest
Speaker 1: Right now, SMP futures are moving a little bit higher,
Speaker 1: with OU up seventeen points, Staff futures up a hundred
Speaker 1: sixty three, NASTAC future is higher by sixty points, and
Speaker 1: the tenure Treasury is down one thirty second, the yield
Speaker 1: to point nine three percent. You're listening to Bloomberg Daybreak
Speaker 1: Bloomberg eleven three oh Weather turning cloudy today with a
Speaker 1: high near sixty degrees mid sixties, partly to mostly cloudy tomorrow,
Speaker 1: showers in the high near sixty on Wednesday. Right now,
Speaker 1: clouds and fifty four degrees in Central Park. Broadcasting live
Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg
Speaker 1: Eloving Free to Washington, d C, Bloomberg to Boston, Bloomberg
Speaker 1: one O six one to San Francisco, Bloomberg nine sixty
Speaker 1: to the country, Sirius XM to one nine, and around
Speaker 1: the globe the Bloomberg Business apt and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street.
Speaker 1: Good morning. I'm Nathan Hager and I'm Karen Moskwer. Just
Speaker 1: about four hours away from the open of US trading.
Speaker 1: Let's get you up to date on the news you
Speaker 1: need to know it issh our traders entering May after
Speaker 1: historically poor April than NASDAK had its worst months since
Speaker 1: October at two eight, and the SMP had its worst
Speaker 1: April since nineteen And it comes, Karen is the Federal
Speaker 1: Reserve is expected to raise interest rates fifty basis points
Speaker 1: at this Wednesday's meetings. Miller Tayback Chief market strategist Matt
Speaker 1: Mayley says, if inflation persists, the FEDS path forward becomes murkier.
Speaker 1: That's the fear that the Fed is going to have
Speaker 1: no choice but to tighten further and and call, you know,
Speaker 1: because of the spears inflation, and that's going to cause
Speaker 1: the market to fall further than it has Matt Malie
Speaker 1: and Miller. Taback says traders should take advantage of the
Speaker 1: recent sell off. And it's not just stocks, Nathan, the
Speaker 1: bond market. It's also coming off a historically bad month
Speaker 1: and there could be more pain ahead. Bloomberry's John Tucker
Speaker 1: tells US that's being fueled by Japanese investors John go
Speaker 1: Mortay Karen Japanese institutional managers known for their legendary US
Speaker 1: step buying sprees and now fueling the Great Bomb sell off.
Speaker 1: The largest overseas holder of view US treasuries as offloaded
Speaker 1: almost sixty billion dollars over the past three months. Currently
Speaker 1: heading costs of off sat the appeal of higher US yields,
Speaker 1: Japanese investors may not return until the benchmark tenure yield
Speaker 1: trades firmly above three percent. Live to New York on
Speaker 1: John Tucker Bloomberg Day Break. All right, John, Thanks over
Speaker 1: the weekend. Warren Buffett conglomerate Burkeshire Hathaway reported earnings, and
Speaker 1: it revealed the billionaire was very active in the first quarter.
Speaker 1: Bloomberg Trinita Young joins us Live with that story. Good morning, Granina,
Speaker 1: Good morning. Nathan Warren Buffett made forty one billion dollars
Speaker 1: in net stock purchases during the first quarter, his biggest
Speaker 1: buying spree in at least a decade, and a warrant
Speaker 1: soaring US inflation did not deter him from doubling down
Speaker 1: on a tried entrusted strategy to navigate the fallout among
Speaker 1: the purchases. Berkshire raises it's Chevron Holdings, and the company
Speaker 1: now owns an expanded nine point five percent stake in
Speaker 1: act division Blizzards, and at the annual shareholders meeting, the
Speaker 1: nine year old Buffett and his business partner, at ninety
Speaker 1: eight year old Charlie Munger, gave no indication that they
Speaker 1: plan to step back from their roles anytime soon. Live
Speaker 1: in New York. I'm Nita Young, Bloomberg Daybreak al right,
Speaker 1: rened to thank you. While overseas in Ukraine, about a
Speaker 1: hundred civilians were evacuated from the besieged steel plant in
Speaker 1: the port city of Mario pol Ukrainian President Vladimir's Lenski
Speaker 1: met with the US House Speaker and Anti Pelosi during
Speaker 1: a surprise visit this weekend, and keep the House Speaker
Speaker 1: plans to meet with Poland's president today and again. Futures
Speaker 1: are higher. Straight ahead your latest local headlines, plus a
Speaker 1: check of sports. And this is Bloomberg. Thanks Caring. It's
Speaker 1: five thirty three on Wall Street, trifty three degrees in
Speaker 1: Central Park, New Jersey. Transit is suspended between Prenton and
Speaker 1: Penn Station. It's because of overhead wire problems. Will tell
Speaker 1: you more in traffic shortly. First, Michael Bars here with
Speaker 1: more on what's going on in New York and around
Speaker 1: the world. Michael, thank you very much. Nathan. New anti
Speaker 1: crime efforts begin today in New York City. Mayor Eric
Speaker 1: Adams says in the forty most violent precincts, authorities will
Speaker 1: move neighborhood coordinating officers into evening patrols. Other plans include
Speaker 1: sending field intelligence officers to the street. Overall crime is
Speaker 1: up thirty percent last month compared to April of last year.
Speaker 1: There Adams also says they will crack down on fair
Speaker 1: cheaters in the subways. Nearly two dozen senators today implored
Speaker 1: President Joe Biden to swiftly advance a trade probe that
Speaker 1: they said was already causing massive disruption in the U
Speaker 1: S solar industry. The senators said the investigation involves whether
Speaker 1: Chinese companies are circumventing decades old tariffs by assembling solar
Speaker 1: cells and modules in Southeast Asia. Hearing is set for
Speaker 1: today to determine if the remaining three survivors of the
Speaker 1: Tulsa race massacre will be able to take their case
Speaker 1: to trial. All three remaining survivors are over one hundred
Speaker 1: years old, and their lawyers will argue that the city
Speaker 1: should be held accountable for the public nuisance created by
Speaker 1: the massacre. How of her City council member, Vanessa Hall
Speaker 1: Harper says, the City of Tulsa's lawyers are using the
Speaker 1: courts to get around the community led planned to compensate
Speaker 1: them to use Beyond Apology to discredit this case is
Speaker 1: nothing but one of the tricks played by white supremacy
Speaker 1: and I'm not calling forth. The so called Beyond Apology
Speaker 1: project was passed to examine how to repair damage caused
Speaker 1: by the massacre. The Judds were inducted in the country
Speaker 1: music Hall of Fame. Last night, just to day after
Speaker 1: singer Naomi Judd died, her daughter Wenona, who was the
Speaker 1: other half of the singing duo, spoke and accepting the
Speaker 1: award alongside her sister Ashley. I'm gonna make this fast
Speaker 1: because my heart's broken and I feel so blessed, and
Speaker 1: it's a very strange dynamic to be this broken in
Speaker 1: this blessed Wenona and the family said. Naomi Judd died
Speaker 1: at the age of seventy six due to the disease
Speaker 1: of mental illness. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: under journals to analists more than twenty countries. Him Michael
Speaker 1: Barrn this is Bloomberg NAC. Thanks Michael wall Street. Time
Speaker 1: for the Bloomberg Sports Update with John Stenshi. Thanks Nathan
Speaker 1: Yankees and Mets. Two best records in baseball Mets in
Speaker 1: Phillies last night in City Field. Next year's who did
Speaker 1: not have his best stuff, gave up three home runs,
Speaker 1: one to his former teammate Brice Harper, two more to
Speaker 1: the Met killer from last year, Kyle Schwarber. The Phillies
Speaker 1: hit four home runs and all the Mets did not
Speaker 1: hit any and yet the Mets won ten the six
Speaker 1: with a fifteen hit attack and surges are able to
Speaker 1: improve the four and oh. Before the Mets one another series,
Speaker 1: their seventh in a row, the Yankees one another game
Speaker 1: and their ninth in a row, finished to sweep in
Speaker 1: Kansas City, six to four. Aaron Judge a long home
Speaker 1: run in the first inning, but the Royals had a
Speaker 1: four to one lead and the Yanks team back. Judge
Speaker 1: hit another homer in the nineties at seven homers in
Speaker 1: his last eight games. Yanks played tonight in Toronto, top
Speaker 1: two teams in the Al East. The Yankee manager Aaron Brune, Obviously,
Speaker 1: they're a really good team off to a good start
Speaker 1: as well. Um, you know, a team I'm sure we're
Speaker 1: gonna have to battle with all year, uh if we
Speaker 1: want to get to where we want to go. So
Speaker 1: looking forward to going up there and playing against one
Speaker 1: of the games best night start the series, game and
Speaker 1: a half ahead of the Blue Jays. Mets Tonight play
Speaker 1: the Atlanta Braves at City Field. NBA playoffs started Round two,
Speaker 1: two wins by the road teams Milwaukee in Boston one
Speaker 1: O one nine. Jana's Sons of the compo a triple
Speaker 1: double Golden State A one seventeen won sixteen winning Memphis.
Speaker 1: The other two series start tonight. Also started the Stanley
Speaker 1: Cup playoffs from four games the Rangers in Pittsburgh Penguins
Speaker 1: begin their series tomorrow at the Garden. Rangers top scorer
Speaker 1: Rtemmy Panerain injured at the end of the regular season,
Speaker 1: but he has been cleared to play a series. Open
Speaker 1: at Golf in Mexico went for John ROMs versus last
Speaker 1: year's US Open. John stash ellin Bloomberg Sports. Maybe thanks
Speaker 1: Sean thirty seven on Wall Street time for the Tri
Speaker 1: State Business Report. Here's Bloomberg's head, Cory Quantas Airways has
Speaker 1: revived a plan to start direg flights connecting Australia's East
Speaker 1: coast with New York and London, as it finally has
Speaker 1: ordered Airbus jets for the ultra long services. The airline
Speaker 1: says it'll buy twelve A three fifty one thousands they
Speaker 1: can fly downs Town from Australia to any city in
Speaker 1: the world. Union workers at to Pratt and Whitney jet
Speaker 1: engine plants in Connecticut have proved a new labor pack
Speaker 1: for an important raytheon unit three year agreement, insurers continued
Speaker 1: production at facilities manufacturing and supporting jet engines, Powering Locking,
Speaker 1: Martin Boeing, and Airbus aircraft. Jersey City has been named
Speaker 1: one of America's Next Great Food Cities by Food and
Speaker 1: Wine magazine. The city's Indian and Asian eateries are highlighted
Speaker 1: by the publication Your up to Date on Business. From
Speaker 1: the Beltway to Baltimore. I'm d Corey Bloomberg ninety nine
Speaker 1: one and one oh five point seven FM HD two. Okay,
Speaker 1: thank you on Wall Street Bloomberg Radios on the air
Speaker 1: from San Francisco to New York, London to Hong Kong.
Speaker 1: Let's check in with our global news team for some
Speaker 1: of the top stories heard on our three hundred affiliate
Speaker 1: radio stations around the world. I'm Ginas Servetti in for
Speaker 1: w c CEO in Minneapolis. I'm reporting that a proposed
Speaker 1: class action against Google SA, the Fitbit maker, did not
Speaker 1: go far enough and recalling a single model of the
Speaker 1: device over burne risk. I'm Corney tanahoan Kopabian Omaha a
Speaker 1: fertilizer crunches wrecking crops all around the globe. I'm Caroline Hetko.
Speaker 1: We get a great decision from the r b A.
Speaker 1: We look at the e USE discussions on further Russia
Speaker 1: sanctions and energy restrictions, plus BP and BNP Parry about earnings.
Speaker 1: My guests includes Skyler Montgomery, Coning of ts Lombard. I'm
Speaker 1: at Corey on w w J in Detroit. I'm reporting
Speaker 1: the United States needs to grow a domestic battery business
Speaker 1: to meet the demands of electric vehicle. And those are
Speaker 1: some of the stories our twenty seven hundred Bloomberg journalists
Speaker 1: and analysts you're working on this morning around the world.
Speaker 1: It's five thirty nine on Wall Street. The following is
Speaker 1: an editorial from Bloomberg Opinion. The US Centers for Disease
Speaker 1: Control and Prevention has long been known as the world
Speaker 1: top public health agency, but throughout the pandemic, the CDC
Speaker 1: has stumbled repeatedly. To be sure, some of the agency's
Speaker 1: troubles have stemmed from political interference as well as the
Speaker 1: inherent challenges of dealing with a new virus, but the
Speaker 1: CDC also made needless errors, such as distributing faulty COVID
Speaker 1: tests in the early days of the outbreak. To prevent
Speaker 1: such mistakes in the future, a thorough a review of
Speaker 1: laboratory operations and improvements to data collection and reporting are needed.
Speaker 1: Although the CDC lacks the regulatory powers that its counterparts
Speaker 1: in other countries have, it can still provide crucial data
Speaker 1: expertise and advice to health officials and the public alike. First, though,
Speaker 1: it needs to rebuild the trust that it had long
Speaker 1: taken for granted. This editorial was written by the Bloomberg
Speaker 1: Opinion Editorial Board. I'm David Shipley. For more Bloomberg opinion,
Speaker 1: please go to Bloomberg dot com, slash Opinion or Opango
Speaker 1: on the Bloomberg terminal. This has been Bloomberg Opinion. Listen
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Speaker 1: three oh weather cloudy with a high in the upper
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Speaker 1: high year sixty on Wednesday right now cloudy in fifty
Speaker 1: three degrees in Central Park Markets. Headlines and breaking news
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Speaker 1: Bloomberg Business Atland at Bloomberg Quick Tape. This is a
Speaker 1: Bloomberg Business flash and I'm Karen Moscow. US stock Index
Speaker 1: Future is rebounding from Friday's bruising sell off, which was
Speaker 1: Wall Street's worst day and almost two years outside of
Speaker 1: the U S stocks are declining. Is disappointing economic data
Speaker 1: from China and the prospect of sanctions on Russian oil
Speaker 1: weighs heavily on risk appetite, but checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg s and
Speaker 1: P futures up seventeen points and down features up a
Speaker 1: hundred fifty three Nasdack Future is up sixty two the
Speaker 1: decks in Germany's down nine tenths of a percent. Ten
Speaker 1: year treasury down one thirty second yeal two point nine
Speaker 1: three percent. They yield on the two year two point
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Speaker 1: one percent on three dollars twenty six cents at a
Speaker 1: hundred one dollars forty three cents of barrel. Comics goal
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Speaker 1: eighteen seventy nine eighty announced the euro one point oh
Speaker 1: five to two against the dollar, British bound one point
Speaker 1: to five six six, The yen is at one twenty
Speaker 1: nine point nine one, and bitcoin this morning is at
Speaker 1: thirty eight thousand, eight hundred forty dollars. That's up one
Speaker 1: and a third percent as of Bloomberg Business Flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Uncle Karen, thank you very much, and you Krane.
Speaker 1: The United Nations and Red Cross were able to successfully
Speaker 1: evacuate about a hundred civilians from a besieged steel plant
Speaker 1: in Maruple. However, many more remained there alongside Ukrainian fighters. Meanwhile,
Speaker 1: how Speaker Nancy Pelosi and other lawmakers are continuing their
Speaker 1: overseas trip after meeting with Ukrainian President Zelinski and Kiev. Yesterday,
Speaker 1: Pelosi and other U S lawmakers met with Polish President
Speaker 1: Dutah among other Polish officials in Warsaw Today. In the
Speaker 1: NBA Playoffs, the Celtics lost to the Bucks nine in
Speaker 1: the opening game of their series. The Warriors beat the
Speaker 1: Grizzlies one, seventeen one sixteen in their Game one. In baseball,
Speaker 1: the Yankees and Mets one. The Orioles beat the Red
Speaker 1: Sox nine five. The Nationals beat the Giants eleven five.
Speaker 1: The A's lost. Global news twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. Him Michael Barr, and this is Bloomberg, Nathan, Michael,
Speaker 1: thank you. It is on Wall Street Live from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and this
Speaker 1: is the week when the FED is expected to kick
Speaker 1: off an aggressive hiking cycle to get a handle on
Speaker 1: forty year inflation. For more, we're joined by Matthew Lozzette,
Speaker 1: chief US economist at Deutsche Bank Securities. Matt, it's good
Speaker 1: to speak with you this morning. Does the FED deliver
Speaker 1: what the market is expecting in front load multiple fifty
Speaker 1: basis point modes? Sure, Thanks so much for having me.
Speaker 1: I think no doubt, for the SET has been sending
Speaker 1: pretty strong signals this week that they will kick off
Speaker 1: with a fifty basis point rate hike move in addition
Speaker 1: to that that they will announce QT the draw down
Speaker 1: of their balance sheet. We think most likely that that
Speaker 1: begins in June. But I think the most more uncertainty
Speaker 1: is around what signals do we get from chair Pal
Speaker 1: about the path from here. I think that they won't
Speaker 1: tell you about any specific sequence, but that he will
Speaker 1: affirm further fifty basis point moves at least one UH,
Speaker 1: and that he will continue to talk about expeditiously quote
Speaker 1: unquote getting back to a neutral policy setting by the
Speaker 1: end of this year. Ultimately, we think that will high
Speaker 1: grates again by fifty basis points in June and July
Speaker 1: UH and that the that at that funds rate will
Speaker 1: peak eventually around three and a half percent next year.
Speaker 1: Do the signs of contraction that we got last week
Speaker 1: the one point four percent negative move in GDP have
Speaker 1: any impact on the on the FEDS path going forward,
Speaker 1: not yet. The composition of that was one that the
Speaker 1: underlying economy still has pretty good momentum. We had strong
Speaker 1: consumer spending growth, strong capex growth, residential investment actually added,
Speaker 1: and what was actually a driver of the court of
Speaker 1: the downturn was some courts in the trade data, inventories,
Speaker 1: and government spending. So I think the SET is looking
Speaker 1: at the economy that's still has very meaningful momentum in
Speaker 1: the labor market. I think we'll see that this week,
Speaker 1: probably with the job openings data and jolts tomorrow, and
Speaker 1: then this Friday with the labor report, and that that
Speaker 1: labor market momentum is feeding an inflationary economy, both from
Speaker 1: price inflation and wage inflation. Certainly as we saw with
Speaker 1: the e c I data on Friday. One that is,
Speaker 1: Chapel called it tight to an unhealthy level and one
Speaker 1: that requires the Fed to hike aggressively in the near
Speaker 1: term and likely to get to a restrictive stance next year.
Speaker 1: What would it take, Matt for the Fed to consider
Speaker 1: a seventy five basis point move. We've got fifty fifty
Speaker 1: odds in the market that that's going to happen at
Speaker 1: some point. Yeah. We we saw Jim Buller, the St.
Speaker 1: Louis FED President, a few weeks ago, begin to at
Speaker 1: least float the notion of of considering it, although some
Speaker 1: of his colleagues then you rather quickly suggested that it
Speaker 1: wasn't a desirable outcome. I think the way that we're
Speaker 1: seeing the FEDS response now is is upfront a sequence
Speaker 1: of fifty basis point moves, and as long as inflation
Speaker 1: begins to show or continues to show some evidence of dissipation,
Speaker 1: as long as you see the labor market begin to
Speaker 1: cool in some ways with labor demand come down, that
Speaker 1: that will be the sequence that they take and then
Speaker 1: can ease into a five basis point wage high cycle
Speaker 1: from there. I think the risk scenario is one in
Speaker 1: which inflation re accelerate and perhaps inflation expectations begin to
Speaker 1: show some updrift and moving higher. That would be one
Speaker 1: that the febry becomes very worried about. Um the inflation
Speaker 1: expectations have been the one remaining elements of the inflation
Speaker 1: picture that has looked positive, So if those were to
Speaker 1: turn did be more worried, And that's where I think
Speaker 1: the seventy five basiness point moves could come into the picture.
Speaker 1: Are you expecting that we're going to see any signs
Speaker 1: of cooling to labor market demand when we get the
Speaker 1: jobs report on Friday, so I think you could see
Speaker 1: some evidence tomorrow and the JOLTS, and I think the
Speaker 1: JOLTS is just taking on a lot more importance these
Speaker 1: days because Chairpal has talked about the fact that labor
Speaker 1: demand has to come down. We've seen evidence from the NFIB,
Speaker 1: the Small Business survey of job openings coming off. Also
Speaker 1: the indeed private market data has rolled over a little bit,
Speaker 1: so we could see some evidence there on Friday. Though,
Speaker 1: we continue to expect to see a strong labor market
Speaker 1: works by seeing four sixty five thousand jobs to be added,
Speaker 1: the unemployment rate to take down further to three and
Speaker 1: a half percent. We'll have to see what happens with
Speaker 1: wage growth. We're expecting some moderation in the year of
Speaker 1: the year terms. That would be an important data point
Speaker 1: to watch, But for the time being, all the data
Speaker 1: we see jobless claims remaining near decade the levels what
Speaker 1: we're seeing in the labor market also, just at least
Speaker 1: in the near term, the labor market has a lot
Speaker 1: of momentum. Thanks for this, Matt, great having you on
Speaker 1: with us. Matthew Lozzettie chief you as economist at Deutsche
Speaker 1: Bank Securities. Karen Verry Nathan. Thank you at five fifty
Speaker 1: three on Wall Street. Time for the Bloomberg The Law Report.
Speaker 1: Let's get to the legal stories we're watching this morning.
Speaker 1: From Bloomberg's Jeff Bellinger, people who qualify for both Medicare
Speaker 1: and Medicaid can expect more transparency and lower out of
Speaker 1: pocket costs for medications under a final rule by the
Speaker 1: Biden administration. A lawsuit against Walmart was filed in a
Speaker 1: Michigan federal court. The giant retailer is accused of improv
Speaker 1: early firing more than one hundred em boys who were
Speaker 1: out on medical leave. Google signed a seven million dollar
Speaker 1: settlement with advertisers in a California federal court. The plaintiffs
Speaker 1: had claimed they did not get full refunds for invalid
Speaker 1: head traffic. Bloomberg Law everything you need, all on one
Speaker 1: legal research platform, including guidance analysis and Bloomberg Market Intelligence.
Speaker 1: Find out more at Bloomberg Law dot com. All right, Jeff,
Speaker 1: thank you. Now another legal story we're watching. What will
Speaker 1: happen when free speech absolutist elon must takes control of Twitter,
Speaker 1: one of the most influential social media platforms. Must idealized
Speaker 1: view of Twitter as a haven for unfederate speech will
Speaker 1: face trade offs and inevitably have to be made for
Speaker 1: more a bloomberg s June Grosso speaks to First Amendment
Speaker 1: law expert Eugene Veloka, professor at u c l A
Speaker 1: Law School, in trying to explain his position on freedom
Speaker 1: of speech, he tweeted, quote, I simply mean that which
Speaker 1: matches the law? Is he showing in thinking that it's
Speaker 1: a simple concept like that? Well, I think you said,
Speaker 1: He tweeted that, Well, you can't capture even First Amendment
Speaker 1: rules in two eight characters or less, and you certainly
Speaker 1: can't capture the possible differences between free speech and First
Speaker 1: Amendment rules in Twitter naty characters or less. You know,
Speaker 1: if you want to kind of take a first cut,
Speaker 1: admittedly oversimplified view, you might say, yes, our view should
Speaker 1: be the Twitter should generally speaking, protect free speech at
Speaker 1: least so long as it's not illegal speech. So, no,
Speaker 1: we won't host child pornography. No, we won't host things
Speaker 1: that are clearly conspiracy to commit crimes or kind of
Speaker 1: accounts that are being used for criminal conspiracy. Let's say
Speaker 1: we won't host copyright infringement because that's illegal. But pretty
Speaker 1: much all other things. Generally speaking, we're going to host
Speaker 1: maybe there'll be a few exceptions, but they really should
Speaker 1: be very narrow exceptions. It's a plausible way of thinking
Speaker 1: about these. Some civil rights advocates have said that minimizing
Speaker 1: content moderation would disproportionately harm women and minorities. Does a
Speaker 1: kind of minimally moderated Twitter posed dangers well, of course,
Speaker 1: free speech poses dangerous. Free speech is always posed dangerous.
Speaker 1: That's one reason why governments do, indeed try to restrict
Speaker 1: and there's nothing special about those dangers for the women,
Speaker 1: or as the minorities, or as to others. Just to
Speaker 1: give an example, there's been a lot of attacks on
Speaker 1: police officers recently, and some of them seem to be
Speaker 1: prompted by kind of very harsh criticism and kind of
Speaker 1: dehumanizing criticisms of police officers, and that's something that is
Speaker 1: a downside of speech. Of course, speech is potentially harmful,
Speaker 1: but generally speaking, when it comes to the First Amendment,
Speaker 1: we take the view that on balance, it's better for everyone.
Speaker 1: And historically this has been especially important for various out
Speaker 1: of favor minority groups that speech be protected, because when
Speaker 1: speech is restricted that keeps be book from being able
Speaker 1: to argue about what they think are genuine wrongs and
Speaker 1: to advocate for for change and as Eugene Vallaka, professor
Speaker 1: at u c l A Law School, speaking with the
Speaker 1: Bloomberg jere In Grasso, catch more of that interview plus
Speaker 1: analysis of the latest legal news by subscribing to the
Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot
Speaker 1: com slash podcast. Attorneys can find exceptional legal research and
Speaker 1: business development tools at Bloomberg Law dot com and on
Speaker 1: the Bloomberg terminal at b Longo, S ANDP. Future is
Speaker 1: up about eighteen points this morning, down futures up a
Speaker 1: hundred fifty three NAS day futures of sixty one. The
Speaker 1: tenure Treasury down one thirties second yeal two point nine
Speaker 1: three percent, and they yield on a two year at
Speaker 1: two point seven two percent. And our top story is
Speaker 1: straight ahead. This is Bloomberg