WEBVTT - All Eyes on Jay Powell and Joe Biden

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<v Speaker 1>Live from the Bloomberg Interactive Burger Studios. This is Bloomberg

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<v Speaker 1>Daybreak for Tuesday, February seven. Coming up today, Wall Street

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<v Speaker 1>races for key remarks from FED chair J. Powell. PP

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<v Speaker 1>becomes the latest oil giant to post record profits. President

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<v Speaker 1>Biden gets set to deliver his State of the Union tonight,

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<v Speaker 1>and the US begins to recover purse from the suspected

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<v Speaker 1>Chinese spy balloon. I'm a Mean Morris. A person of

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<v Speaker 1>interest is in custody in connection with the shooting of

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<v Speaker 1>an off duty n y p D officer, and the

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<v Speaker 1>city is ending one of its workplace vaccination rules. I'm

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<v Speaker 1>John stash Allen. Sports the Nets now without Tyrie Irving

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<v Speaker 1>lost it home to the Clippers. Victories for the Rangers,

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<v Speaker 1>Devils in Islanders. That's All's trading ahead on Bloomberg day

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<v Speaker 1>Break on Bloomberg eleven three on New York, Bloomberg one,

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<v Speaker 1>Washington d C, Bloomberg one oh six one, Boston, Bloomberg

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<v Speaker 1>nine sixties and Francisco Sirius Exam one nine team, and

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<v Speaker 1>around the world on Bloomberg Radio dot Com and via

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<v Speaker 1>the Bloomberg Business add Good morning. I'm Nathan Hagar and

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<v Speaker 1>I'm kmerin Moscow. Here are the stories we're following today.

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<v Speaker 1>The direction of markets today could take cues from the Fed.

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<v Speaker 1>Friday's big jobs report appears to have changed views on

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<v Speaker 1>what the Central Bank will do this year, and today

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<v Speaker 1>Chair J. Powell weighs in taking questions at the Economic

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<v Speaker 1>Club of Washington. Bloomberg's Michael McKee will be there, and

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<v Speaker 1>as a preview going into Friday's jobs report, the narrative

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<v Speaker 1>was the Fed chair hadn't pushed back hard enough on

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<v Speaker 1>markets pricing rate cuts Later this year, the payroll report

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<v Speaker 1>may have done that for him. If job growth is

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<v Speaker 1>strong and hours worked our rising, that's a lot more

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<v Speaker 1>money in consumers pockets available to spend, and at least

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<v Speaker 1>according to the feds Phillips curve model, that means inflation

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<v Speaker 1>will be stickier. Paul gets another chance to make that

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<v Speaker 1>point when he sits down with David Rubinstein, host of

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<v Speaker 1>Bloomberg TV's Peer to Peer and David Rubinstein shows at

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<v Speaker 1>the Washington Economic up expecting to say the Fed will

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<v Speaker 1>stay the course, raising rates one or two more times

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<v Speaker 1>and holding them throughout the year. Michael McKee, Bloomberg Daybreak

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<v Speaker 1>All right, Mike, Thank you, and stay with us for

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<v Speaker 1>complete coverage of Howell's comments. We will bring them to

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<v Speaker 1>you live on Bloomberg Radio and television around twelve thirty

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<v Speaker 1>pm Eastern time. Nathan Markets are holding steady ahead of

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<v Speaker 1>those remarks from Powell. Lori Calvacina ahead of US. Equity

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<v Speaker 1>strategy at RBC Capital Markets thinks the worst maybe behind US.

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<v Speaker 1>I would be surprised at this point in time if

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<v Speaker 1>we were to retest or really even break below those

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<v Speaker 1>October lows, because I think the market is still got

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<v Speaker 1>enough evidence that the soft landing thesis is intact for now.

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<v Speaker 1>I mean we are, I think coming up on the

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<v Speaker 1>point when we'll have most of the earnings downgrades, and

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<v Speaker 1>traditionally that's a clearing event for markets. So I think

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<v Speaker 1>there's was to the downside, but I think the bears

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<v Speaker 1>have kind of overstayed their welcome and over articulated their case.

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<v Speaker 1>Laurie Calvacina of RBC Capital Markets cc sn P five hundred,

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<v Speaker 1>ending the year around on the earnings front. This morning,

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<v Speaker 1>Karen's shares of BP are up three and a half percent.

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<v Speaker 1>The UK companies joined other energy giants in posting a

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<v Speaker 1>record profit for two now. BP CEO Bernard Looney tells

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<v Speaker 1>us he's looking to reinvest that capital. We're actually announcing

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<v Speaker 1>that we're going to increase investment in the energy transition

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<v Speaker 1>by about eight billion dollars this decade, and at the

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<v Speaker 1>same time, we're going to increase investment in today's energy system,

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<v Speaker 1>which is predominantly all in gas, by about eight billion

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<v Speaker 1>dollars as well. CEO Bernard Looney says VP is boosting

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<v Speaker 1>its dividend and will buy back an extra two point

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<v Speaker 1>seven billion dollars in shares. Shares a b MP perry

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<v Speaker 1>bar up almost two percent. The French bank says it

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<v Speaker 1>plans to buy back almost five and a half billion

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<v Speaker 1>dollars in stock. The move comes after BMP posted a

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<v Speaker 1>quarter that beat many Wall Street peers. All right, let's

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<v Speaker 1>turn now to the major political event of the night,

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<v Speaker 1>Karen President Biden's State of the Union address. The president's

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<v Speaker 1>speech is expected to call for a new minimum tax

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<v Speaker 1>on billionaires and a stock tax on stock buy backs.

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<v Speaker 1>Wendy show Are, director of Brown University's Tobman Center for

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<v Speaker 1>American Politics and Policy, says the economy will likely be

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<v Speaker 1>a key theme tonight. You have to spend a lot

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<v Speaker 1>of time talking about was working well in the economy

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<v Speaker 1>and also counteracting a theme that's been ever present in

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<v Speaker 1>mainstream and social media for more than six months eight months,

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<v Speaker 1>that there will be recession. There is a recession, and

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<v Speaker 1>the layoffs in the tech industry, which over expanded, are

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<v Speaker 1>the big headlines. But are there layoffs in other major

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<v Speaker 1>industries that affect more Americans. That's the thing that Biden

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<v Speaker 1>has a racial about. Brown University political scientist Wendy Schiller

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<v Speaker 1>and listen for live coverage of Tonight's State of the

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<v Speaker 1>Union on a special edition of Bloomberg's Balance of Power.

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<v Speaker 1>It starts tonight at eight thirty pm Wall Street Time

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<v Speaker 1>on Bloomberg Radio and Television. Well ahead of Tonight's speech,

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<v Speaker 1>Nathan how Speaker Kevin McCarthy has delivered one of his

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<v Speaker 1>own with a focus on the debt ceiling. President Biden

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<v Speaker 1>wants Congress to raise the debt limit yet again without

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<v Speaker 1>a single sensible change to how government spends her hard

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<v Speaker 1>earned money. None does that sound responsible to you? Speaker

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<v Speaker 1>McCarthy says he wants to negotiate with the President on

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<v Speaker 1>a responsible dead limit increase with no lines in the

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<v Speaker 1>sand However, the speech he said, However, after this speech,

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<v Speaker 1>he said he will draw the line on one issue.

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<v Speaker 1>He's ruling out tax increases. Turning to geopolitics and national security,

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<v Speaker 1>the White House says it's looking forward to getting whatever

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<v Speaker 1>data are recovered from the Chinese balloon down in the Atlantic.

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<v Speaker 1>Bloomberg said, Baxter has the story. It says recovery efforts

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<v Speaker 1>are in full swing. Spokesman John Kirby says they aren't

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<v Speaker 1>worried about any lost intelligence to China at this point,

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<v Speaker 1>and says this is not their first dance with a balloon.

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<v Speaker 1>Some dating back to the Trump administration, at least on

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<v Speaker 1>three occasions uh survanance balloons by the PRC transited uh

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<v Speaker 1>US air space. I will say that for me, the

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<v Speaker 1>indication that we have that that was for brief periods

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<v Speaker 1>of time. Kirby says, I hope to find out how

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<v Speaker 1>high up the China leadership food chain decisions were made

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<v Speaker 1>aid in San Francisco. I'm at Baxter Bloomberg Daybreak. Thanks.

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<v Speaker 1>There's plenty of the U S officials can learn from

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<v Speaker 1>what's left of the balloon. That's according to Mark Esper,

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<v Speaker 1>served as Secretary of Defense under President Trump, is the

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<v Speaker 1>instrumentation made of US parts or a lot of parts.

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<v Speaker 1>It would tell us where they're sourcing their the engineering

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<v Speaker 1>stuff for for the system. So we can learn a

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<v Speaker 1>whole lot from from this package once we get it

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<v Speaker 1>ashore and able to kind of pick through it in

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<v Speaker 1>close detail. Former Defense Secretary Mark espersa as President Biden

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<v Speaker 1>made the right call shooting it down over water, but

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<v Speaker 1>he also says the President could have done it sooner

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<v Speaker 1>over Alaska. Esper spoke with our Washington correspondent Joe Matthew

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<v Speaker 1>on Bloomberg Sound On. Catch the show weekdays at five

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<v Speaker 1>pm Eastern on Bloomberg Radio or anytime wherever you get

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<v Speaker 1>your podcasts, and this is Bloomberg. It is thirty degrees

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<v Speaker 1>in Central Park. We'll have sunshine with clouds building this afternoon,

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<v Speaker 1>going up to near forty five degrees, some showers possible

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<v Speaker 1>tonight as we head down to around forty. Time Now

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<v Speaker 1>to take a look at some of the other stories

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<v Speaker 1>making news in New York and around the world with

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<v Speaker 1>Bloomberg's Amy Morris, Good morning, Amy, Good morning. Nathan. Rescue

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<v Speaker 1>teams from overseas began deploying in Turkey after a pair

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<v Speaker 1>of powerful earthquakes killed at least four thousand people in

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<v Speaker 1>both Turkey and Syria. White House Press Secretary Koine Jean

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<v Speaker 1>Pierre says the Administration has been working with their counterparts

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<v Speaker 1>in Turkey to provide assistance. The President authorized an immediate

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<v Speaker 1>US response. In addition to the US personnel currently on

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<v Speaker 1>the ground, we are in the process of deploying additional

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<v Speaker 1>teams to support Turkish search and rescue efforts. Turkey's President

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<v Speaker 1>her Dewan says Turkey is facing the strongest disaster in

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<v Speaker 1>a century and the country has declared seven days of mourning.

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<v Speaker 1>A person of interest is in custody for the alleged

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<v Speaker 1>shooting of an off duty NYPD officer Saturday night in Brooklyn.

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<v Speaker 1>Channel four reports police tracked down a thirty eight year

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<v Speaker 1>old man in Rockland County. That shooting happened when the

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<v Speaker 1>twenty six year old NYPT officer from Deer Park arranged

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<v Speaker 1>by a car off Facebook marketplace, but when he arrived,

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<v Speaker 1>the person he was meeting open fire. The officer was

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<v Speaker 1>shot in the head remains in grave condition. New York

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<v Speaker 1>City is ending one of its last workplace vaccination mandates.

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<v Speaker 1>Mayor Eric Adams says city workers will no longer be

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<v Speaker 1>required to get vaccinated. Adam says the mandate, which led

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<v Speaker 1>to the firing of hundreds of city workers who declined

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<v Speaker 1>to get the shots, will end on Friday. Adam says

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<v Speaker 1>more of city employees and more than eighty percent of

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<v Speaker 1>city residents have gotten their initial vaccine series. The city

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<v Speaker 1>ended its vaccine requirement for employees of private businesses in November. Two.

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<v Speaker 1>Masks are now optional in most public places, including subways

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<v Speaker 1>and buses. There's pushback against Mayor adams mental health plan.

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<v Speaker 1>During yesterday's hearing, Councilman Charles Barron said he feared it

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<v Speaker 1>would lead to more physical altercations between the police and

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<v Speaker 1>the Mentally illness is a dangerous proposition that you're presenting him.

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<v Speaker 1>If we don't do something about getting pair intervention. More

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<v Speaker 1>than you, I'm fearful that there'll be more death. Yesterday's

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<v Speaker 1>hearing focused on the plan implement it at a few

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<v Speaker 1>months ago, ordering first responders to take anyone with serious

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<v Speaker 1>mental issues off the streets into the hospital even if

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<v Speaker 1>the patient refuses. A former staffer who worked for em

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<v Speaker 1>battled New York Congressman George Santos has resigned. Mario Niccolodo

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<v Speaker 1>tells ABC why he left his job as a Queen's

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<v Speaker 1>District Office staff members. The allegations and the documents came

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<v Speaker 1>out that it did not vote well for the congressman.

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<v Speaker 1>Obviously I had to take a step away. That's just

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<v Speaker 1>a decision again. I made for my family, for myself

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<v Speaker 1>and for my uh you know, my community and my friends.

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<v Speaker 1>Maryo Niccolodo says seventy residents in Santos District wanted to resign,

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<v Speaker 1>which he says is unprecedented and sad. Global News powered

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<v Speaker 1>by more than dred journalists and analysts and more than

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<v Speaker 1>one hundred twenty countries. I'm Amy Morris. This is Bloomberg, Nathan.

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<v Speaker 1>Thanks Amy, ex time for the Bloomberg Sports update brought

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<v Speaker 1>to you. If I try stayed out of Good Morning,

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<v Speaker 1>Johns Tesshower, you morning to Nathan. The Nets will miss

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<v Speaker 1>Carrie Irvans talent on the court, they will not miss

0:09:57.720 --> 0:09:59.920
<v Speaker 1>the drama he provided off of it. The day after

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<v Speaker 1>has trade to Dallas Nets post to the l A Clippers.

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<v Speaker 1>The new net spencer, Dinwittie and Dorry and Phinney Smith

0:10:05.559 --> 0:10:07.400
<v Speaker 1>were not yet with the team. Cam Thomas played He

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<v Speaker 1>scored forty four points last Saturday, and he scored forty

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<v Speaker 1>seven last night, but the Clippers won one sixteen, So

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<v Speaker 1>good trip to New York for them, with wins over

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<v Speaker 1>the Knicks and Nets Knicks plate tonight in Orlando. Also

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<v Speaker 1>from the NBA, the sale of the Phoenix Suns. The

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<v Speaker 1>real estate Magnet mattish be A approved unanimously hockey back

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<v Speaker 1>to the All Star Break Rangers and Flames. A couple

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<v Speaker 1>of goals for Philip Hill and then two by maker's

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<v Speaker 1>advantage at four four in overtime. Kelly Shoot sports Net

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<v Speaker 1>in Canada the call Alexey Law front year game winner.

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<v Speaker 1>Just as the Rangers were winning five four and overtime

0:10:51.120 --> 0:10:54.360
<v Speaker 1>at the Garden, the Devils won five four in ot

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<v Speaker 1>and Newark beating Vancouver. Jack used two more goals for

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<v Speaker 1>New Jersey. He's got thirty five on the year Island.

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<v Speaker 1>There's one to one at Philadelphia College Hoops, Duke was

0:11:02.559 --> 0:11:04.839
<v Speaker 1>coming off the big one over North Carolina but got

0:11:04.880 --> 0:11:07.720
<v Speaker 1>blown out. At Miami. Kansas beat Texas the battle of

0:11:07.760 --> 0:11:09.960
<v Speaker 1>top ten teams. They finished the weather delayed golf at

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<v Speaker 1>Pebble Beach. Forty two year old Justin Rose had the lead,

0:11:13.040 --> 0:11:15.760
<v Speaker 1>lost it, then came back got his first tournament, winning

0:11:15.840 --> 0:11:18.559
<v Speaker 1>four years. Tom Brady said he won't be a Fox

0:11:18.600 --> 0:11:22.160
<v Speaker 1>Sports announcer next season. He'll start the ten year, three

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<v Speaker 1>hundred and seventy five million dollar gig in twenty four.

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<v Speaker 1>John stash are Bluebrook Sports Live from coast to coast,

0:11:32.920 --> 0:11:36.280
<v Speaker 1>from New York to San Francisco, Boston to Washington, d C.

0:11:36.720 --> 0:11:40.559
<v Speaker 1>Nationwide on Sirius xamp, the Bloomberg Business app, and Bloomberg

0:11:40.600 --> 0:11:45.959
<v Speaker 1>dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.

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<v Speaker 1>On a day when two major speeches are in focus

0:11:49.360 --> 0:11:53.400
<v Speaker 1>for markets. FED Chair Jerome Powell speaks in Washington this afternoon,

0:11:53.440 --> 0:11:56.520
<v Speaker 1>and then tonight President Biden delivers his second State of

0:11:56.559 --> 0:11:59.840
<v Speaker 1>the Union address. The message he intends to send inflation

0:12:00.040 --> 0:12:03.520
<v Speaker 1>is trending lower and jobs are on the rise. Top

0:12:03.520 --> 0:12:07.160
<v Speaker 1>White House Economic advisor Brian Deese is hammering that message home,

0:12:07.600 --> 0:12:10.640
<v Speaker 1>even as we've seen real progress and inflation coming down

0:12:11.559 --> 0:12:14.800
<v Speaker 1>over the last six months. In particular, we have more

0:12:14.800 --> 0:12:17.720
<v Speaker 1>work to do to bring prices down on lower costs

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<v Speaker 1>and create some breathing room, as he says, for American families.

0:12:21.280 --> 0:12:24.280
<v Speaker 1>National Economic Council director Brian Deese and this morning where

0:12:24.280 --> 0:12:28.160
<v Speaker 1>you're joined by Terry Haynes, the founder of Pangia Policy. Terry,

0:12:28.160 --> 0:12:30.040
<v Speaker 1>Good morning. It seems as though when you look at

0:12:30.040 --> 0:12:32.320
<v Speaker 1>the polls, the president has some work to do as

0:12:32.360 --> 0:12:36.280
<v Speaker 1>well on bringing that message to Americans that the economy

0:12:36.440 --> 0:12:39.559
<v Speaker 1>is working. Why do you think it hasn't been delivered

0:12:40.120 --> 0:12:41.800
<v Speaker 1>in the way that the president might like up to

0:12:41.840 --> 0:12:46.720
<v Speaker 1>this point. Good morning, Good morning, Nathan. And yeah, it's remarkable,

0:12:46.800 --> 0:12:48.880
<v Speaker 1>isn't it. Uh. You know, one of the ways that

0:12:48.920 --> 0:12:51.920
<v Speaker 1>the President's been talking about this speech is the opportunity

0:12:51.960 --> 0:12:57.559
<v Speaker 1>to make our case quote unquote, And usually making your

0:12:57.559 --> 0:13:02.800
<v Speaker 1>case comes before enacting Paul season instead of afterwards. Uh. Yeah,

0:13:02.840 --> 0:13:06.280
<v Speaker 1>they don't get a lot of credit and uh and

0:13:06.320 --> 0:13:08.840
<v Speaker 1>then they get a and for the good things, they

0:13:08.880 --> 0:13:11.440
<v Speaker 1>get a lot of credit for the angst And to

0:13:11.520 --> 0:13:14.640
<v Speaker 1>some extent, I think that's the lot of presidents everywhere.

0:13:15.240 --> 0:13:18.840
<v Speaker 1>But in part it's because Biden has not really been

0:13:18.880 --> 0:13:23.920
<v Speaker 1>at the forefront of pushing individual policies or or or

0:13:23.960 --> 0:13:28.280
<v Speaker 1>getting them put together through negotiations and uh, and really

0:13:28.320 --> 0:13:30.640
<v Speaker 1>has been the forefront of kind of presenting them in

0:13:30.679 --> 0:13:32.760
<v Speaker 1>a unified way as things that he's doing to make

0:13:32.840 --> 0:13:35.320
<v Speaker 1>life better. Do you expect that to change as we

0:13:35.400 --> 0:13:38.240
<v Speaker 1>had through the second half of the president's term at

0:13:38.240 --> 0:13:41.200
<v Speaker 1>a time when you could presumably be focusing on a

0:13:41.200 --> 0:13:44.280
<v Speaker 1>re election campaign. Well, I think he's already starting to

0:13:44.280 --> 0:13:46.880
<v Speaker 1>do that. Yeah. You know, they clearly want to be

0:13:46.920 --> 0:13:49.319
<v Speaker 1>able to to take credit for what they can take

0:13:49.320 --> 0:13:53.360
<v Speaker 1>credit for, and you know that's as old as the presidency. Uh.

0:13:53.520 --> 0:13:57.280
<v Speaker 1>But so they will start making their case and already

0:13:57.320 --> 0:13:59.280
<v Speaker 1>have as you know, more work to be done. But

0:13:59.400 --> 0:14:02.120
<v Speaker 1>we've done all these things so far. Even though what

0:14:02.160 --> 0:14:06.240
<v Speaker 1>they've done is you know, really uh put the FED

0:14:06.280 --> 0:14:09.440
<v Speaker 1>into place and have given the FED the responsibility for

0:14:09.960 --> 0:14:14.480
<v Speaker 1>attacking inflation, uh and uh and putting together this inflation

0:14:14.520 --> 0:14:18.520
<v Speaker 1>reduction actors really doesn't do much. Um. And you know,

0:14:18.600 --> 0:14:23.360
<v Speaker 1>the signals from the speech so far really are that

0:14:23.440 --> 0:14:27.440
<v Speaker 1>he's going to focus on proposing things that are red

0:14:27.480 --> 0:14:29.640
<v Speaker 1>meat for the base, like stock buy backs and the

0:14:29.760 --> 0:14:33.160
<v Speaker 1>like that won't get enacted, as opposed to things that

0:14:33.280 --> 0:14:37.400
<v Speaker 1>might be inactable. So uh, you know, net net, you're

0:14:37.440 --> 0:14:40.720
<v Speaker 1>not gonna see much more in the in terms of

0:14:41.400 --> 0:14:44.720
<v Speaker 1>uh push from the Biden administration on things that will

0:14:44.720 --> 0:14:48.520
<v Speaker 1>actually mitigate inflation and make the life better for average Americans.

0:14:48.920 --> 0:14:50.800
<v Speaker 1>And ahead of the speech we heard from how Speaker

0:14:50.880 --> 0:14:54.400
<v Speaker 1>Kevin McCarthy to putting the debt ceiling back in focus.

0:14:54.440 --> 0:14:58.760
<v Speaker 1>How much is the ongoing and looming fight over the

0:14:58.840 --> 0:15:03.680
<v Speaker 1>nation's debt limit overshadowing tonight's address. Well, ye know, there's

0:15:03.680 --> 0:15:07.600
<v Speaker 1>a lot of things overshadowing tonight's address. The Chinese balloon

0:15:08.280 --> 0:15:10.800
<v Speaker 1>for one, of course, and that because that brings up

0:15:11.040 --> 0:15:14.960
<v Speaker 1>all kinds of issues and problems relating to the national

0:15:14.960 --> 0:15:18.160
<v Speaker 1>security and national defense. Uh. You know, my view of

0:15:18.200 --> 0:15:21.920
<v Speaker 1>this has been that where the debt ceiling resolution finally

0:15:22.000 --> 0:15:27.120
<v Speaker 1>comes from in the summertime is probably from centrists, uh,

0:15:27.200 --> 0:15:30.160
<v Speaker 1>to boil it down. You're looking much more at a

0:15:30.280 --> 0:15:34.400
<v Speaker 1>kind of Senate centrist House centrist Joe Manchin ish kind

0:15:34.400 --> 0:15:38.040
<v Speaker 1>of play, uh than you are by having Biden and

0:15:38.160 --> 0:15:42.920
<v Speaker 1>McCarthy to actually resolve things. And I think that's ultimately

0:15:42.920 --> 0:15:46.600
<v Speaker 1>where this goes. UH done nothing that either President Biden

0:15:46.680 --> 0:15:49.320
<v Speaker 1>or Speaker McCarthy says this week UH is going to

0:15:49.400 --> 0:15:52.680
<v Speaker 1>move the needle on debt ceiling because both of them

0:15:52.720 --> 0:15:55.520
<v Speaker 1>think there's political advantage and stringing this thing out as

0:15:55.560 --> 0:15:58.280
<v Speaker 1>long as possible. Frankly so we're gonna get some brinksmanship.

0:15:58.640 --> 0:16:00.560
<v Speaker 1>That is finally in the summer time, I think in

0:16:00.600 --> 0:16:03.640
<v Speaker 1>the royal markets a little bit. In our last minute here, Terry,

0:16:03.920 --> 0:16:07.160
<v Speaker 1>given all the attention on the Chinese balloon this week,

0:16:07.840 --> 0:16:09.800
<v Speaker 1>how much do you expect the President to take a

0:16:09.800 --> 0:16:13.040
<v Speaker 1>tougher line on China in this address, given all the

0:16:13.080 --> 0:16:15.320
<v Speaker 1>moves that he's made up to now in the economic

0:16:15.400 --> 0:16:19.080
<v Speaker 1>front against China. I think what you'll hear from the

0:16:19.080 --> 0:16:21.800
<v Speaker 1>President is kind of a recitation of all the things

0:16:21.800 --> 0:16:25.280
<v Speaker 1>that have happened so far, both from a national security

0:16:25.320 --> 0:16:31.800
<v Speaker 1>perspective and from an economic perspective, chips manufacturing, reshoring, and

0:16:31.840 --> 0:16:36.040
<v Speaker 1>all those sorts of things. But you know, the administration,

0:16:36.120 --> 0:16:39.720
<v Speaker 1>but more importantly, I think the defense establishment, UH have

0:16:39.840 --> 0:16:44.280
<v Speaker 1>a lot of questions to answer what we've Uh listeners

0:16:44.320 --> 0:16:47.120
<v Speaker 1>shouldn't miss that what is going on with the balloon

0:16:47.240 --> 0:16:50.400
<v Speaker 1>now isn't so much a you know, Biden versus Trump

0:16:50.480 --> 0:16:53.000
<v Speaker 1>what about is and but what it is has to

0:16:53.120 --> 0:16:56.560
<v Speaker 1>do with whether the defense establishment ever identified these things

0:16:56.600 --> 0:16:58.640
<v Speaker 1>back in the day and what they're doing about the now.

0:17:00.000 --> 0:17:03.000
<v Speaker 1>This is Bloomberg Daybreak today, your morning brief on the

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