1 00:00:03,160 --> 00:00:05,000 Speaker 1: And it's now five oh seven on Wall Street, where 2 00:00:05,000 --> 00:00:07,400 Speaker 1: it's seventy two degrees in Central Park. Already got an 3 00:00:07,400 --> 00:00:10,280 Speaker 1: accident at westbound b Quee off ramp to the Brooklyn Bridge. 4 00:00:10,680 --> 00:00:13,160 Speaker 1: Details coming up in traffic. First Michael Barr with what 5 00:00:13,200 --> 00:00:15,080 Speaker 1: else is going on in New York and around the world. 6 00:00:15,080 --> 00:00:17,759 Speaker 1: Good morning, Michael, Good morning Nathan. The earth moved in 7 00:00:17,760 --> 00:00:21,440 Speaker 1: New Jersey last evening. According to the U S Geological Survey, 8 00:00:21,520 --> 00:00:23,960 Speaker 1: two earthquakes at in northern New Jersey. The first to 9 00:00:24,040 --> 00:00:28,600 Speaker 1: two point three magnitude earthquake was just before five fift pm, 10 00:00:28,640 --> 00:00:32,800 Speaker 1: about six miles northwest of Morris Plains at one point 11 00:00:32,880 --> 00:00:36,200 Speaker 1: seven magnitude. After shock was then reported shortly after six 12 00:00:36,280 --> 00:00:39,720 Speaker 1: thirty pm, also in Morris County. The last earthquake in 13 00:00:39,760 --> 00:00:43,400 Speaker 1: New Jersey was in Freehold in twenty recorded at a 14 00:00:43,479 --> 00:00:47,519 Speaker 1: three point when magnitude one. Texas official says migrants crossing 15 00:00:47,560 --> 00:00:50,240 Speaker 1: into El Paso want to come to New York City. 16 00:00:50,560 --> 00:00:53,960 Speaker 1: El Paso has been housing asylum seekers are welcome centers 17 00:00:53,960 --> 00:00:57,640 Speaker 1: there to assist the homeless population. Texas has been bussing 18 00:00:57,640 --> 00:01:00,360 Speaker 1: migrants from the Opportunity center to where they to go. 19 00:01:00,880 --> 00:01:03,960 Speaker 1: Speaking to ABC's k v I A n L pas SO. 20 00:01:04,160 --> 00:01:07,120 Speaker 1: John Martin, the deputy director of the center, says, up 21 00:01:07,160 --> 00:01:10,200 Speaker 1: until now it has been working out well. I've never 22 00:01:10,200 --> 00:01:13,400 Speaker 1: seen individuals run so quickly to take a shower so 23 00:01:13,440 --> 00:01:15,480 Speaker 1: that they could get on a bus. They'll be able 24 00:01:15,520 --> 00:01:18,640 Speaker 1: to go to where they wanted to go, Martin says, 25 00:01:18,680 --> 00:01:21,280 Speaker 1: though it appears to have stopped, a bus schedule to 26 00:01:21,360 --> 00:01:25,200 Speaker 1: leave Monday from the center was postponed. Former Soviet president 27 00:01:25,319 --> 00:01:29,039 Speaker 1: Michael Gorbachov has died. Russian news reports say it happened 28 00:01:29,040 --> 00:01:32,880 Speaker 1: at the Central Clinical Hospital where he was undergoing unspecified 29 00:01:32,880 --> 00:01:36,959 Speaker 1: treatments after a long illness. Michael Gorbachev was ninety one. 30 00:01:37,440 --> 00:01:40,840 Speaker 1: Texas is announcing the first confirmed fatality a monkey pox 31 00:01:40,880 --> 00:01:44,120 Speaker 1: in the US. Dr Jennifer mcquisten says the patient in 32 00:01:44,200 --> 00:01:48,120 Speaker 1: Texas who tested positive for monkey pox had other underlying 33 00:01:48,160 --> 00:01:50,920 Speaker 1: health conditions. It's important to focus that we have mitigation 34 00:01:51,000 --> 00:01:54,880 Speaker 1: letters in place to prevent monkey pots. Get vaccinated, if 35 00:01:54,880 --> 00:01:57,360 Speaker 1: you're sick, go to a doctor, get tested, and if 36 00:01:57,360 --> 00:01:59,960 Speaker 1: you have severe illness, there are treatments that are available. 37 00:02:00,360 --> 00:02:03,880 Speaker 1: Dr mcquisten says only a handful of monkeypox fatalities have 38 00:02:03,920 --> 00:02:07,880 Speaker 1: been reported globally. President Biden announced this Safer America program. 39 00:02:08,000 --> 00:02:11,560 Speaker 1: He proclaimed in Wilkesburry, Pennsylvania, the nation had to fund 40 00:02:11,560 --> 00:02:15,240 Speaker 1: the police, then criticize GOP members of Congress for not 41 00:02:15,280 --> 00:02:21,480 Speaker 1: supporting his plan. Guess what, every single Republican member of Congress, 42 00:02:22,040 --> 00:02:26,440 Speaker 1: every single one in this state, every single one, voted 43 00:02:26,520 --> 00:02:29,520 Speaker 1: against the support for law enforcement and talked about how 44 00:02:29,600 --> 00:02:33,880 Speaker 1: much they love it. They voted against the funding. President 45 00:02:33,960 --> 00:02:36,359 Speaker 1: Biden Global names twenty four hours a day on air 46 00:02:36,440 --> 00:02:39,480 Speaker 1: end on Bloomberg Quittake, powered by more than seven hundred 47 00:02:39,520 --> 00:02:42,360 Speaker 1: journalists analysts more than a d twenty countries. Michael Barn 48 00:02:42,400 --> 00:02:49,560 Speaker 1: this is Bloomberg, Nathan. Thanks Michael. Almost five town on 49 00:02:49,600 --> 00:02:51,760 Speaker 1: Wall Street. Time for the Bloomberg Sports Update. Good morning, 50 00:02:51,840 --> 00:02:54,400 Speaker 1: John Stanshower, The morning, Nathans. We get ready to flip 51 00:02:54,440 --> 00:02:56,959 Speaker 1: the calendar to step Tenbury. Eighty fans would like to 52 00:02:56,960 --> 00:02:59,480 Speaker 1: see their teams play well as they get ready for October. 53 00:02:59,600 --> 00:03:01,840 Speaker 1: Per half a figure story will be a daily washs 54 00:03:01,919 --> 00:03:04,760 Speaker 1: to see how many home runs their star player ends 55 00:03:04,840 --> 00:03:07,840 Speaker 1: up with. He came up in Anaheim fourth inning, two 56 00:03:07,840 --> 00:03:12,919 Speaker 1: men one to kit will to right. Aaron Judge has 57 00:03:13,040 --> 00:03:18,520 Speaker 1: done it again. Number fifty one for judge. He's ten 58 00:03:18,680 --> 00:03:21,120 Speaker 1: l a from Watch Your Marris. It's a three run 59 00:03:21,240 --> 00:03:24,320 Speaker 1: shot and the inches to go pen it up. It's 60 00:03:24,400 --> 00:03:27,160 Speaker 1: sevens of tunes of the f a n earlier Yankee 61 00:03:27,160 --> 00:03:30,640 Speaker 1: home runs. The Anthony Rizzo is thirty, Andrew Bennettendy in 62 00:03:30,720 --> 00:03:32,600 Speaker 1: the first and Yanks end of the three games slide. 63 00:03:32,600 --> 00:03:35,600 Speaker 1: They've beat the angel seven four with six Yankee relievers 64 00:03:35,960 --> 00:03:38,680 Speaker 1: combining to pitch the last seven, and the Mets schedule 65 00:03:38,720 --> 00:03:40,560 Speaker 1: is gonna get a lot easier. There's nothing easy about 66 00:03:40,560 --> 00:03:43,200 Speaker 1: playing the Dodgers, who won four three in city field. 67 00:03:43,200 --> 00:03:45,920 Speaker 1: They've won twenty six of their last thirty two games. 68 00:03:45,960 --> 00:03:49,080 Speaker 1: The Dodgers are fifty two games over five hundred's the 69 00:03:49,120 --> 00:03:51,760 Speaker 1: only marte Mark Kanna Homer to the loss for the Mets. 70 00:03:51,800 --> 00:03:54,320 Speaker 1: Two days after he went thirty for thirty eight. The 71 00:03:54,360 --> 00:03:57,640 Speaker 1: Giants cut third string quarterback Davis Webb, electing to go 72 00:03:57,680 --> 00:04:00,440 Speaker 1: with only two qbs. The Jets kept white out Denzel 73 00:04:00,520 --> 00:04:02,680 Speaker 1: Mims on the roster. He had recently asked for a 74 00:04:02,760 --> 00:04:05,320 Speaker 1: trade for Rafael at Ole's first US Open match. The 75 00:04:05,320 --> 00:04:08,000 Speaker 1: two has the nineteen you want to improve the sixteen 76 00:04:08,000 --> 00:04:10,520 Speaker 1: and old lifetime. In the opening round, forty two year 77 00:04:10,520 --> 00:04:13,760 Speaker 1: old Venus Williams lost. Unlike Serena, Venus has not say 78 00:04:13,760 --> 00:04:16,120 Speaker 1: anything about retirement. Although she hardly plays these days. Her 79 00:04:16,160 --> 00:04:20,480 Speaker 1: ranking is over fifteen hundred. Serena is retiring, so tonight 80 00:04:20,880 --> 00:04:23,279 Speaker 1: could be her swan songs. She takes on the second 81 00:04:23,320 --> 00:04:26,480 Speaker 1: seed and neck count Delight, huge pro Serena crowd will 82 00:04:26,520 --> 00:04:29,440 Speaker 1: be on hand. John Stashower, Bloomberg Sport cantin. You had 83 00:04:29,520 --> 00:04:33,400 Speaker 1: to say the least thank you, John. Futures fluctuating this morning, 84 00:04:33,520 --> 00:04:36,440 Speaker 1: SMP futures right now down three points down, futures down 85 00:04:36,520 --> 00:04:41,440 Speaker 1: forty six. Nastack futures are up nineteen. You're listening to 86 00:04:41,480 --> 00:04:49,400 Speaker 1: Bloomberg Daybreak Flimberg eleven three oh weather turning nice for 87 00:04:49,440 --> 00:04:51,960 Speaker 1: the rest of this week's sunny, less humid mid eighties today, 88 00:04:52,080 --> 00:04:56,120 Speaker 1: low eighties tomorrow, sunshine Friday, high near eighty degrees. Right 89 00:04:56,160 --> 00:05:05,360 Speaker 1: now seventy two in Central Park, Live from the Bloomberg 90 00:05:05,360 --> 00:05:09,400 Speaker 1: Interactive Burgers Studios. This is Bloomberg Daybreak for Wednesday, August one, 91 00:05:10,560 --> 00:05:13,440 Speaker 1: coming up this hour. Stocks entered the day trading at 92 00:05:13,480 --> 00:05:16,479 Speaker 1: a one month low. More FEDE officials hammer home the 93 00:05:16,520 --> 00:05:20,560 Speaker 1: message of bringing down inflation. Goldman and Morgan Stanley eas 94 00:05:20,640 --> 00:05:23,640 Speaker 1: covid roles so workers can return to the office, and 95 00:05:23,680 --> 00:05:26,720 Speaker 1: new developments involving the search of Donald Trump's Florida home. 96 00:05:27,160 --> 00:05:30,599 Speaker 1: Former Soviet leader Michael Gorberge office died, plus the ground 97 00:05:30,680 --> 00:05:33,479 Speaker 1: moved in New Jersey. I'm Michael Barr Moore on the 98 00:05:33,480 --> 00:05:37,520 Speaker 1: Earthquake Ahead. I'm John Stanton, Sports another errand Judge all Ron. 99 00:05:37,600 --> 00:05:40,760 Speaker 1: The Yankees won the Mets loss Arena. Williams plays tonight 100 00:05:40,800 --> 00:05:46,560 Speaker 1: at the US Open. That's all trading ahead on Bloomberg 101 00:05:46,640 --> 00:05:51,719 Speaker 1: Daybreak on Bloomberg eleven Free on New York, Bloomberg one, Washington, 102 00:05:51,839 --> 00:05:55,960 Speaker 1: d C, Bloomberg one oh six one Boston, Bloomberg nine sixties, 103 00:05:55,960 --> 00:05:59,800 Speaker 1: San Francisco, Syrius x M one nineteen and around the 104 00:05:59,800 --> 00:06:02,600 Speaker 1: world world on Bloomberg Radio dot Com and via the 105 00:06:02,640 --> 00:06:09,480 Speaker 1: Bloomberg Business App. Good morning, I'm Nathan Hagar and I'm 106 00:06:09,560 --> 00:06:12,839 Speaker 1: Karen Moscow and US Dock Index futures are little change 107 00:06:12,880 --> 00:06:14,600 Speaker 1: this morning. We are coming up to five o one 108 00:06:14,640 --> 00:06:16,520 Speaker 1: on Wall Street, and we check the markets every fifteen 109 00:06:16,560 --> 00:06:18,960 Speaker 1: minutes throughout the trading day on Bloomberg. S and P 110 00:06:19,200 --> 00:06:22,640 Speaker 1: futures and Dow futures are little change. Nowaday futures are higher, 111 00:06:22,960 --> 00:06:26,359 Speaker 1: up twenty three and the tenure treasury down eight thirty seconds. 112 00:06:26,360 --> 00:06:29,160 Speaker 1: The three point one three percent yield on the two 113 00:06:29,240 --> 00:06:32,200 Speaker 1: year three point four eight percent. Nathan Karen stocks begin 114 00:06:32,279 --> 00:06:34,560 Speaker 1: this session trading at a one month low as FED 115 00:06:34,680 --> 00:06:38,880 Speaker 1: fears continue to persist in markets. Three regional FED presidents 116 00:06:38,920 --> 00:06:42,640 Speaker 1: yesterday reiterated Chair J. Powell's intention to bring down inflation. 117 00:06:42,880 --> 00:06:45,480 Speaker 1: Amanda Gotti, as chief investment officer at P and C 118 00:06:45,640 --> 00:06:49,200 Speaker 1: Asset Management Group, I actually think that we're going to 119 00:06:49,320 --> 00:06:54,840 Speaker 1: start to see more confirmation and evidence of inflation rolling over. 120 00:06:54,920 --> 00:06:57,000 Speaker 1: And while the Fed, you know, only has a few 121 00:06:57,080 --> 00:06:59,479 Speaker 1: data points to go on here so far, I think 122 00:06:59,520 --> 00:07:03,560 Speaker 1: the market has already adjusted on equity side in terms 123 00:07:03,560 --> 00:07:06,720 Speaker 1: of evaluations, but also on the bond market side in 124 00:07:06,839 --> 00:07:10,320 Speaker 1: terms of you know, futures, probability of rate hikes, and 125 00:07:10,400 --> 00:07:13,160 Speaker 1: where interest rates have moved. To P N C Asset 126 00:07:13,200 --> 00:07:16,600 Speaker 1: Management Samanda Gotti says she's not making any meaningful changes 127 00:07:16,680 --> 00:07:20,560 Speaker 1: right now to her portfolio. Richmond Fed President Thomas Barkin 128 00:07:20,760 --> 00:07:23,200 Speaker 1: is one of the central bank officials beating the drum 129 00:07:23,240 --> 00:07:26,360 Speaker 1: to stop inflation. Nathany val the FED would not flinch 130 00:07:26,400 --> 00:07:29,000 Speaker 1: in its efforts to cool prices, but cautioned it might 131 00:07:29,040 --> 00:07:32,560 Speaker 1: not be a smooth process. We're committed to getting inflation 132 00:07:32,600 --> 00:07:34,840 Speaker 1: under control, and there's a path to get there. A 133 00:07:34,960 --> 00:07:39,440 Speaker 1: recession is obviously a risk in the process. Um, I'll 134 00:07:39,440 --> 00:07:42,480 Speaker 1: just say for context, nobody ever canceled the business cycle. 135 00:07:43,040 --> 00:07:46,120 Speaker 1: So when you say there's a risk of recession, it 136 00:07:46,120 --> 00:07:50,120 Speaker 1: doesn't have to be like a two recession. Richmond Fed 137 00:07:50,160 --> 00:07:53,360 Speaker 1: President Thomas Barkin made the comments in West Virginia yesterday. 138 00:07:53,520 --> 00:07:56,080 Speaker 1: Well Wall Street's worried that the Fed's aggressive battle against 139 00:07:56,080 --> 00:07:59,240 Speaker 1: inflation will lead to higher unemployment and recession. Karen in 140 00:07:59,240 --> 00:08:01,840 Speaker 1: this morning, we get the first read on August jobs 141 00:08:02,040 --> 00:08:04,680 Speaker 1: with the new revamped a DP report. Let's get a 142 00:08:04,680 --> 00:08:08,400 Speaker 1: preview from Bloomberg's Michael McKee. ADP returns from its months 143 00:08:08,400 --> 00:08:12,200 Speaker 1: long hiatus with updated methodology and a range of wage data, 144 00:08:12,560 --> 00:08:15,160 Speaker 1: and avow it's not supposed to be a forecast of 145 00:08:15,200 --> 00:08:18,840 Speaker 1: the government's monthly payroll report. The revamped report, developed with 146 00:08:18,880 --> 00:08:21,960 Speaker 1: the Stanford Digital Economy Lab, will feature the monthly change 147 00:08:21,960 --> 00:08:25,200 Speaker 1: in private employment, as well as weekly payrolls data for 148 00:08:25,240 --> 00:08:29,960 Speaker 1: the preceding month, median annual growth by industry, company size, region, 149 00:08:30,040 --> 00:08:33,199 Speaker 1: gender and age will also now be available. While there 150 00:08:33,280 --> 00:08:36,600 Speaker 1: is a median projection for this month's report, given the changes, 151 00:08:36,840 --> 00:08:40,560 Speaker 1: several Wall Street economists haven't submitted estimates for this month. 152 00:08:41,040 --> 00:08:44,240 Speaker 1: Michael McKey, Bloomberg Daybreak, Ry, Mike, thank You, and Europe. 153 00:08:44,240 --> 00:08:47,080 Speaker 1: Prices in British shops rose this month at the highest 154 00:08:47,160 --> 00:08:49,400 Speaker 1: rate since at least two thousand five. According to the 155 00:08:49,400 --> 00:08:53,080 Speaker 1: British Retail Consortium, Shop price inflation increased a five point 156 00:08:53,080 --> 00:08:55,680 Speaker 1: one percent in August. The price of food rose even 157 00:08:55,720 --> 00:08:59,280 Speaker 1: more nine point three. In Asia, Kare and China's factory 158 00:08:59,280 --> 00:09:01,960 Speaker 1: activity can acted in August for a second straight month. 159 00:09:01,960 --> 00:09:05,400 Speaker 1: Bloomberg Daybreak Asia anchor Brian Curtis has more from Hong Kong. 160 00:09:05,480 --> 00:09:07,880 Speaker 1: The official p m I rose to forty nine point 161 00:09:07,960 --> 00:09:11,480 Speaker 1: four from forty nine in July. The economy has been 162 00:09:11,559 --> 00:09:14,440 Speaker 1: hit by power outages, the crisis in the property market, 163 00:09:14,600 --> 00:09:18,240 Speaker 1: and multiple COVID outbreaks. The reading was slightly higher than 164 00:09:18,280 --> 00:09:21,360 Speaker 1: the estimate of forty nine point two, but still in 165 00:09:21,440 --> 00:09:25,520 Speaker 1: contraction mode. Meantime, the non manufacturing gauge fell to fifty 166 00:09:25,520 --> 00:09:28,800 Speaker 1: two point six from fifty three point eight. The main 167 00:09:28,840 --> 00:09:33,040 Speaker 1: takeaway this economy is still losing speed in Hong Kong. 168 00:09:33,040 --> 00:09:35,719 Speaker 1: Brian Curtis, Bloomberg day Break, Right, Brian, thank you back 169 00:09:35,720 --> 00:09:38,640 Speaker 1: here at home. New allegations of obstruction of justice may 170 00:09:38,679 --> 00:09:41,200 Speaker 1: be added to former President Trump's legal woes. We get 171 00:09:41,240 --> 00:09:45,160 Speaker 1: details from Bloomberg's Amy Morris in our newsroom in Washington. 172 00:09:45,480 --> 00:09:48,760 Speaker 1: The Justice Department has responded to former President Trump's request 173 00:09:48,800 --> 00:09:51,480 Speaker 1: for a special master review of documents he kept at 174 00:09:51,520 --> 00:09:55,000 Speaker 1: his home in Florida. Investigators suggest Trump may have tried 175 00:09:55,080 --> 00:09:57,960 Speaker 1: to obstruct the investigation. The d o J says the 176 00:09:58,000 --> 00:10:00,720 Speaker 1: records that were held in a storage roop marl Lago 177 00:10:00,960 --> 00:10:04,080 Speaker 1: appear to have been moved before the FBI search in June. 178 00:10:04,360 --> 00:10:07,240 Speaker 1: As far as appointing a third party to review those documents, 179 00:10:07,320 --> 00:10:10,200 Speaker 1: the government said that was not only unnecessary, it would 180 00:10:10,200 --> 00:10:13,719 Speaker 1: only serve to delay the ongoing investigation. The judge has 181 00:10:13,720 --> 00:10:16,200 Speaker 1: directed Trump to respond to the d o J filing 182 00:10:16,240 --> 00:10:19,520 Speaker 1: by tonight in Washington. I'm any more as Bloomberg Daybreak, 183 00:10:19,640 --> 00:10:21,920 Speaker 1: thanks Samy on Wall Street. Two of the most prominent 184 00:10:21,960 --> 00:10:24,720 Speaker 1: investment banks are removing some of the final hurdles to 185 00:10:24,760 --> 00:10:27,400 Speaker 1: a full return to the office following the pandemic. More 186 00:10:27,400 --> 00:10:31,079 Speaker 1: from Bloomberg stud Prisner Goldman, Saxon, Morgan Stanley will ease 187 00:10:31,160 --> 00:10:34,000 Speaker 1: some of their remaining COVID nineteen protocols after the Labor 188 00:10:34,080 --> 00:10:37,840 Speaker 1: Day weekend. Goldman will allow employees outside New York to 189 00:10:37,960 --> 00:10:41,840 Speaker 1: enter offices regardless of vaccination status, with no mandate to 190 00:10:41,880 --> 00:10:46,080 Speaker 1: participate in regular testing or to wear face coverings. Last week, 191 00:10:46,200 --> 00:10:49,560 Speaker 1: Morgan Stanley told it's New York staff as of September five, 192 00:10:49,880 --> 00:10:53,560 Speaker 1: it's ending test and control measures. Anyone who test positive 193 00:10:53,720 --> 00:10:56,360 Speaker 1: should still isolate for at least five days, then wear 194 00:10:56,400 --> 00:10:58,719 Speaker 1: a mask for five more. In New York. I'm Doug 195 00:10:58,760 --> 00:11:01,360 Speaker 1: Prisoner Bloomberg Daybreak. All right, Doug, thank you. Let's take 196 00:11:01,400 --> 00:11:03,880 Speaker 1: a look at some stocks moving in early trading. Shares 197 00:11:03,920 --> 00:11:06,800 Speaker 1: of Chewy or down almost eleven percent. The online pet 198 00:11:06,840 --> 00:11:09,319 Speaker 1: supply retailer is kind of its revenue outlook and says 199 00:11:09,400 --> 00:11:12,800 Speaker 1: customer growth is slowed and Bloomberg's sternly pillet is more. 200 00:11:13,440 --> 00:11:16,400 Speaker 1: In a letter to shareholders, Chewy said sales in the 201 00:11:16,440 --> 00:11:19,400 Speaker 1: current fiscal year will total no more than ten billion 202 00:11:19,440 --> 00:11:23,439 Speaker 1: dollars as customers pulled back on discretionary goods such as 203 00:11:23,520 --> 00:11:27,120 Speaker 1: toys and treats. That is down from a previous forecast. 204 00:11:27,160 --> 00:11:30,520 Speaker 1: Of as much as ten point four billion dollars. Chewy 205 00:11:30,679 --> 00:11:33,520 Speaker 1: is contending with a broad based fall and demand for 206 00:11:33,840 --> 00:11:37,960 Speaker 1: discretionary items as American consumers shifts spending to food and 207 00:11:38,040 --> 00:11:43,000 Speaker 1: other essentials amid soaring inflation in New York. Charlie Pellett 208 00:11:43,040 --> 00:11:46,320 Speaker 1: Bloomberg Daybreak, Charlie Thanks. Shares of hp or Dan nearly 209 00:11:46,360 --> 00:11:49,640 Speaker 1: seven percent. The company reported quarterly sales that missed estimates 210 00:11:49,640 --> 00:11:52,600 Speaker 1: and reduced its annual profit forecast on falling demand for 211 00:11:52,679 --> 00:11:56,280 Speaker 1: personal computers and printers. Shares of Snapper down seven point 212 00:11:56,280 --> 00:11:59,400 Speaker 1: three percent. Virgus reporting this social media company is planning 213 00:11:59,400 --> 00:12:03,199 Speaker 1: to lay off for it's nearly six thousand, five hundred employees. 214 00:12:03,440 --> 00:12:05,720 Speaker 1: The stock is down about eighty percent so far this 215 00:12:05,800 --> 00:12:07,679 Speaker 1: year as the company is faced to slow down in 216 00:12:07,840 --> 00:12:12,120 Speaker 1: advertising spending and just in euro Area, inflations jumped to 217 00:12:12,200 --> 00:12:14,800 Speaker 1: nine point one percent from a year ago, strengthening the 218 00:12:14,840 --> 00:12:17,400 Speaker 1: case for the European Central Bank to consider a jumbo 219 00:12:17,480 --> 00:12:23,320 Speaker 1: interest rate high when it meets next week. Markets, headlines 220 00:12:23,400 --> 00:12:26,400 Speaker 1: and breaking news twenty four hours a day at Bloomberg 221 00:12:26,440 --> 00:12:29,840 Speaker 1: dot Com, The Bloomberg Business Out and at Bloomberg Victaque. 222 00:12:30,000 --> 00:12:38,959 Speaker 1: This is a Bloomberg business clash, but I'm Karen. Moscow 223 00:12:39,040 --> 00:12:41,960 Speaker 1: stocks sent to resume monthly declines on concern that restrictive 224 00:12:41,960 --> 00:12:45,760 Speaker 1: monetary policy to tackle price pressures will harm the global economy. 225 00:12:45,880 --> 00:12:48,400 Speaker 1: US stock index futures they're little changed, around a one 226 00:12:48,400 --> 00:12:51,120 Speaker 1: month low. Check the markets every fifteen minutes throughout the 227 00:12:51,120 --> 00:12:53,640 Speaker 1: trading day on Bloomberg right now, US and P future 228 00:12:53,640 --> 00:12:56,400 Speaker 1: as well. They're down about five points now Down futures 229 00:12:56,440 --> 00:12:59,120 Speaker 1: down to sixty one, and NASTAG futures are up nineteen 230 00:12:59,559 --> 00:13:02,079 Speaker 1: the day. X in Germany is down one percent. The 231 00:13:02,120 --> 00:13:04,800 Speaker 1: ten year treasury down eleven thirty seconds, held three point 232 00:13:04,800 --> 00:13:07,480 Speaker 1: one four percent, yield on the two year three point 233 00:13:07,480 --> 00:13:10,520 Speaker 1: four eight percent. NIMEX screwed oil is down two point 234 00:13:10,559 --> 00:13:12,880 Speaker 1: six percent, down two dollars forty one cents at eighty 235 00:13:12,920 --> 00:13:15,520 Speaker 1: nine dollars twenty three cents of barrel. COMEX school there 236 00:13:15,559 --> 00:13:17,920 Speaker 1: is down eight ten percent or thirteen dollars forty cents 237 00:13:17,960 --> 00:13:22,520 Speaker 1: is seventeen nine ounce. The euro is at three against 238 00:13:22,520 --> 00:13:24,880 Speaker 1: the dollar. British found one point one six three zero 239 00:13:24,960 --> 00:13:27,920 Speaker 1: and again one thirty eight point seven seven, and Bitcoin 240 00:13:28,040 --> 00:13:30,520 Speaker 1: this morning is of one point two percent. It's it's 241 00:13:30,559 --> 00:13:34,280 Speaker 1: twenty thousand two hundred dollars. That's a Bloomberg business flash. 242 00:13:34,280 --> 00:13:36,560 Speaker 1: Now here's Michael Barr with more on what's going on 243 00:13:36,600 --> 00:13:39,240 Speaker 1: around the world. Michael Karen, thank you very much. The 244 00:13:39,320 --> 00:13:44,119 Speaker 1: Justice Department says classified documents were likely concealed and removed 245 00:13:44,160 --> 00:13:47,840 Speaker 1: from former President Donald Trump's Mara Lago estate as part 246 00:13:47,840 --> 00:13:50,480 Speaker 1: of an effort to obstruct the federal investigation into the 247 00:13:50,520 --> 00:13:54,720 Speaker 1: discovery of the government records. Accord filing last Night shows. 248 00:13:54,760 --> 00:13:58,760 Speaker 1: The FBI also seized more than one hundred classified records 249 00:13:58,800 --> 00:14:02,960 Speaker 1: doing it's August eighth search and found classified documents stashed 250 00:14:02,960 --> 00:14:06,160 Speaker 1: in Trump's office. In tennis, Serena Williams hits the court 251 00:14:06,200 --> 00:14:09,600 Speaker 1: tonight for her second round in the US Open. And baseball, 252 00:14:09,640 --> 00:14:12,440 Speaker 1: the Yankees beat the Angels seven four, aeron Judge at 253 00:14:12,480 --> 00:14:15,240 Speaker 1: his fifty one homer. The Mets lost with the Dodgers 254 00:14:15,240 --> 00:14:18,360 Speaker 1: for three. The A's beat the Nationals ten six, The 255 00:14:18,400 --> 00:14:22,600 Speaker 1: Red Sox, Orioles and Giants lost. Global News twenty four 256 00:14:22,640 --> 00:14:25,840 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 257 00:14:25,840 --> 00:14:28,640 Speaker 1: by more than seven hundred journalist and analyst more than 258 00:14:28,680 --> 00:14:33,800 Speaker 1: a hundred twenty countries. Michael bar this is Bloomberg. Nathan Okay, Michael. Thanks, 259 00:14:33,800 --> 00:14:37,280 Speaker 1: It's nine on Wall Street Live from the Bloomberg Interactive 260 00:14:37,280 --> 00:14:40,720 Speaker 1: Broker Studios. This is Bloomberg Daybreak and were pleased to 261 00:14:40,720 --> 00:14:44,360 Speaker 1: be joined now by Brian Levitt, global market strategists at 262 00:14:44,360 --> 00:14:47,440 Speaker 1: investcal Brian, good morning. Unless we have some kind of 263 00:14:47,600 --> 00:14:51,360 Speaker 1: giant rally later on today, looks like stocks are gonna 264 00:14:51,440 --> 00:14:53,920 Speaker 1: end the month of August in the red. So what's 265 00:14:53,960 --> 00:14:57,080 Speaker 1: your view as we head into September. Well, it's the 266 00:14:57,160 --> 00:15:02,160 Speaker 1: challenging environment. Um. The economy me has slowed pretty considerably, 267 00:15:02,560 --> 00:15:05,600 Speaker 1: and get inflationary pressures still remain elevating. So the Federal 268 00:15:05,680 --> 00:15:09,920 Speaker 1: Reserve is tightening into a slow down, which is not 269 00:15:10,160 --> 00:15:13,560 Speaker 1: an ideal environment for risk taking. So we had a 270 00:15:13,680 --> 00:15:18,800 Speaker 1: nice uh rally UM in July into the beginning of August, 271 00:15:18,920 --> 00:15:22,640 Speaker 1: but the markets are recognizing that tighter policy is still 272 00:15:22,680 --> 00:15:25,520 Speaker 1: ahead of us, and we still don't have certainty on 273 00:15:25,560 --> 00:15:27,720 Speaker 1: where the terminal rate is going to be for the Fed, 274 00:15:27,760 --> 00:15:30,560 Speaker 1: and so that creates volatility and some pressure on markets. 275 00:15:31,280 --> 00:15:32,920 Speaker 1: How much tighter do you think the Fed is going 276 00:15:32,960 --> 00:15:37,200 Speaker 1: to be at its next meeting. I suspect they're going 277 00:15:37,280 --> 00:15:40,160 Speaker 1: to do fifty basis points. I mean it looks as 278 00:15:40,200 --> 00:15:45,040 Speaker 1: if inflationary pressures have peaked. Um, goods inflation is going 279 00:15:45,080 --> 00:15:48,520 Speaker 1: to start to moderate. So I think the Federal Reserve 280 00:15:48,560 --> 00:15:52,200 Speaker 1: has already front loaded a lot of tightening. Um. I 281 00:15:52,320 --> 00:15:56,400 Speaker 1: suspect they're going to not want to go as tight 282 00:15:56,480 --> 00:15:59,680 Speaker 1: as some fear because they still they haven't had the 283 00:15:59,720 --> 00:16:03,080 Speaker 1: time to reflect on what this means for the economy. 284 00:16:03,200 --> 00:16:07,320 Speaker 1: So um. But nonetheless, the key question is where does 285 00:16:07,320 --> 00:16:09,480 Speaker 1: it send. Does it end at three seventy five on 286 00:16:09,560 --> 00:16:11,840 Speaker 1: the Fed funds rate in the market's already priced this in, 287 00:16:12,560 --> 00:16:15,200 Speaker 1: or does it have to go or does tightening have 288 00:16:15,320 --> 00:16:18,640 Speaker 1: to go further. Good news is inflationary pressures are moderating. 289 00:16:19,200 --> 00:16:21,040 Speaker 1: Challenge is still a little bit too or not a 290 00:16:21,080 --> 00:16:24,040 Speaker 1: little bit too elevated for the Fed's comfort. I guess 291 00:16:24,240 --> 00:16:26,240 Speaker 1: a lot of the market is still wondering how much 292 00:16:26,280 --> 00:16:28,440 Speaker 1: of a challenge the Fed still has when it comes 293 00:16:28,520 --> 00:16:31,720 Speaker 1: to getting some slack back in the labor market. Given 294 00:16:31,760 --> 00:16:35,880 Speaker 1: the latest Jolts jobs openings data we got yesterday, what 295 00:16:36,000 --> 00:16:39,320 Speaker 1: about that? Does that raise the possibility that we could 296 00:16:39,360 --> 00:16:43,040 Speaker 1: see a more aggressive move than you're calling for here? Yeah, 297 00:16:43,120 --> 00:16:45,760 Speaker 1: it does raise the possibility. I mean, that's the challenge 298 00:16:45,760 --> 00:16:50,240 Speaker 1: I mean again, good inflation has peaked, UM, but still 299 00:16:51,080 --> 00:16:53,680 Speaker 1: the challenges in the job market and still challenges for 300 00:16:53,720 --> 00:16:56,120 Speaker 1: wages going up, and we still have the challenges of rent. 301 00:16:56,200 --> 00:16:58,040 Speaker 1: So it's not as if inflation is going to come 302 00:16:58,080 --> 00:17:01,520 Speaker 1: back down to two three per sent quickly. It's gonna 303 00:17:01,560 --> 00:17:03,360 Speaker 1: be a challenge. It's going to take a while to 304 00:17:03,560 --> 00:17:06,439 Speaker 1: get there. UM. So again that's what the market is 305 00:17:06,480 --> 00:17:10,399 Speaker 1: trying to price in. Um. There is the potential that 306 00:17:10,440 --> 00:17:12,800 Speaker 1: the Fed has to tighten even further, and you're seeing 307 00:17:12,800 --> 00:17:14,280 Speaker 1: it in the two year. I mean, the two year 308 00:17:14,320 --> 00:17:17,720 Speaker 1: has reached the fifteen year high, or at least reached 309 00:17:17,720 --> 00:17:21,200 Speaker 1: the fifteen year high this week. UM. You know. Ultimately, 310 00:17:21,200 --> 00:17:23,680 Speaker 1: I think what investors should focus on though, is well, 311 00:17:24,000 --> 00:17:27,240 Speaker 1: there's near term caution ahead of us, or what we 312 00:17:27,280 --> 00:17:30,840 Speaker 1: should be viewing it with near term caution. Ultimately, when 313 00:17:30,920 --> 00:17:35,400 Speaker 1: inflation peaks a year or two three years later, markets 314 00:17:35,400 --> 00:17:37,520 Speaker 1: tend to do very well. UM. So I would use 315 00:17:38,560 --> 00:17:44,440 Speaker 1: as an example where inflation did peak UM still had 316 00:17:44,480 --> 00:17:48,680 Speaker 1: to say drive the economy into our accession by eighty one, UM, 317 00:17:48,680 --> 00:17:50,600 Speaker 1: but it had set the stage for the markets to 318 00:17:50,640 --> 00:17:54,240 Speaker 1: perform a quite well over the subsequent year, two years, 319 00:17:54,280 --> 00:17:58,520 Speaker 1: three years. So for investors, um, you know, intermediate term 320 00:17:58,560 --> 00:18:01,320 Speaker 1: optimism is more and did but we're in a challenging 321 00:18:01,400 --> 00:18:04,200 Speaker 1: environment in the near term. How long do you think 322 00:18:04,359 --> 00:18:07,240 Speaker 1: the FED is going to keep rates higher for longer? 323 00:18:07,359 --> 00:18:10,680 Speaker 1: Of course, we heard from Chairman Powell last week that 324 00:18:11,400 --> 00:18:14,680 Speaker 1: the rates could stay elevated for some time. What does 325 00:18:14,720 --> 00:18:18,880 Speaker 1: sometime mean to you, Well, the market is already starting 326 00:18:18,920 --> 00:18:23,960 Speaker 1: to has already started pricing in rate cuts by by 327 00:18:24,520 --> 00:18:27,960 Speaker 1: h early to middle of three. So it obviously depends 328 00:18:28,040 --> 00:18:33,200 Speaker 1: on how the economy handles UH tighter policy at this juncture. 329 00:18:33,280 --> 00:18:36,520 Speaker 1: So um, you know, I think it's they're they're potentially 330 00:18:36,640 --> 00:18:40,320 Speaker 1: overstating how long rates are going to remain elevat. I mean, 331 00:18:40,400 --> 00:18:44,560 Speaker 1: I think the FIT is working hard to prevent financial 332 00:18:44,560 --> 00:18:46,920 Speaker 1: conditions from easing too much, which of course they did 333 00:18:47,040 --> 00:18:50,000 Speaker 1: in July, and they're trying to keep long term inflation 334 00:18:50,119 --> 00:18:53,760 Speaker 1: expectations low. The good news is long term inflation expectations 335 00:18:53,800 --> 00:18:56,880 Speaker 1: are low, but not only long term inflation expectations. Inflation 336 00:18:56,920 --> 00:18:59,480 Speaker 1: expectations in the bond market one year, three or five 337 00:18:59,560 --> 00:19:04,040 Speaker 1: year k here have come down substantially. So I don't 338 00:19:04,119 --> 00:19:09,040 Speaker 1: believe that the SAID is going to um keep rates 339 00:19:09,160 --> 00:19:12,280 Speaker 1: as elevated for as long as as as some may 340 00:19:12,400 --> 00:19:16,560 Speaker 1: fear this week. UM, I think ultimately this is an 341 00:19:16,560 --> 00:19:20,880 Speaker 1: economy that's going to slow down considerably. Inflationary pressures are 342 00:19:20,920 --> 00:19:24,000 Speaker 1: going to moderate, and you may see a said that 343 00:19:24,040 --> 00:19:28,959 Speaker 1: has to start using policy as we moved through. All right, Brian, 344 00:19:28,960 --> 00:19:31,399 Speaker 1: thanks for this as always great having you on with us. 345 00:19:31,480 --> 00:19:34,760 Speaker 1: That was Brian Levitt joining us this morning. He's global 346 00:19:34,800 --> 00:19:39,200 Speaker 1: market strategist at Invescow Karen Nathan. It is fifty four 347 00:19:39,200 --> 00:19:42,000 Speaker 1: on Wall Street time for our Bloomberg Law Report. He 348 00:19:42,040 --> 00:19:44,640 Speaker 1: had sketted illegal stories we are watching this morning from 349 00:19:44,640 --> 00:19:50,120 Speaker 1: Bloomberg's Do You Have Bellinger? The Food and Drug Administration 350 00:19:50,160 --> 00:19:54,040 Speaker 1: opened an extensive review of opioid regulations, and the agency 351 00:19:54,119 --> 00:19:57,720 Speaker 1: is launching a framework aimed at preventing overdose related deaths. 352 00:19:58,000 --> 00:20:02,199 Speaker 1: Amazon dot Com and World Dress Entertainment filed lawsuits against 353 00:20:02,200 --> 00:20:05,640 Speaker 1: the much counterfeiters said to be selling replicas of w 354 00:20:05,920 --> 00:20:09,200 Speaker 1: W E title belts through Amazon. A wage and our 355 00:20:09,280 --> 00:20:12,120 Speaker 1: suit filed in federal court in New York claims UPS 356 00:20:12,160 --> 00:20:16,679 Speaker 1: Foods misclassified delivery workers as exempt from minimum wage and 357 00:20:16,760 --> 00:20:21,640 Speaker 1: overtime requirements. Bloomberg Law Everything you need, all on one 358 00:20:21,760 --> 00:20:26,600 Speaker 1: legal research platform, including Guidance Analysis and Bloomberg Market Intelligence. 359 00:20:26,760 --> 00:20:32,240 Speaker 1: Find out more at Bloomberg Law dot com. All right, Jeff, thanks, Now, 360 00:20:32,320 --> 00:20:35,919 Speaker 1: another legal story we're watching this morning. Maderna sued Fiser 361 00:20:35,960 --> 00:20:38,560 Speaker 1: and by On Tech, claiming the technology in their COVID 362 00:20:38,640 --> 00:20:41,920 Speaker 1: nineteen shot infringes on its patents, a move that sets 363 00:20:41,960 --> 00:20:45,080 Speaker 1: the stage for a massive legal clash between the vaccine titans. 364 00:20:45,320 --> 00:20:48,280 Speaker 1: From more Bloomberg's Right Store. Based on the Bloomberg Healthcare 365 00:20:48,320 --> 00:20:52,119 Speaker 1: reporter Angelica Peebles, then the Journey is not seeking to 366 00:20:52,240 --> 00:20:55,679 Speaker 1: stop the sale of Fiser and Bion types vaccine, but 367 00:20:55,760 --> 00:20:58,920 Speaker 1: they are seeking what would be essentially a loyalty, so 368 00:20:59,200 --> 00:21:02,480 Speaker 1: you know, of the money that they make on the 369 00:21:02,520 --> 00:21:05,879 Speaker 1: sales of their vaccine, and they're saying that they only 370 00:21:05,960 --> 00:21:09,720 Speaker 1: want some money um starting from earlier this spring and 371 00:21:09,800 --> 00:21:13,320 Speaker 1: going forward and only in high income countries. And it's 372 00:21:13,320 --> 00:21:15,919 Speaker 1: a little complicated, but it has to do with the 373 00:21:15,960 --> 00:21:19,359 Speaker 1: facts that Madernam made this pledge um two years ago 374 00:21:19,480 --> 00:21:23,320 Speaker 1: saying that it would not enforce its patents during the pandemic, 375 00:21:23,480 --> 00:21:27,880 Speaker 1: and then this spring they said never mind. Actually we 376 00:21:27,960 --> 00:21:31,920 Speaker 1: are only going to in for to not enforce our patents. 377 00:21:32,040 --> 00:21:36,320 Speaker 1: In low income countries. So it's the way that all 378 00:21:36,359 --> 00:21:38,680 Speaker 1: of those steps have played out. It seems like they're 379 00:21:38,720 --> 00:21:42,280 Speaker 1: trying to match up by saying, you know, now we 380 00:21:42,359 --> 00:21:45,280 Speaker 1: are only seeking money from this period of time. But 381 00:21:45,680 --> 00:21:48,480 Speaker 1: the real question is whether they can go back on 382 00:21:48,560 --> 00:21:51,480 Speaker 1: that pledge that they made two years ago. UM. One 383 00:21:51,560 --> 00:21:54,600 Speaker 1: legal expert we spoke to said that they can't. UM. 384 00:21:54,720 --> 00:21:56,960 Speaker 1: So that's something that will be really interesting to watch. 385 00:21:57,400 --> 00:22:00,760 Speaker 1: So is that pledge something that five or and Biotech 386 00:22:00,880 --> 00:22:05,080 Speaker 1: can use in their defense against this lawsuit? Yeah, so UM. 387 00:22:05,200 --> 00:22:08,160 Speaker 1: Jorge can Forrest, the professor from the University of Utah 388 00:22:08,240 --> 00:22:11,320 Speaker 1: who we spoke to. He says that under the law, 389 00:22:11,480 --> 00:22:16,840 Speaker 1: these patent pledges are considered contracts, so the companies they 390 00:22:16,840 --> 00:22:19,040 Speaker 1: it's a public company, they made a public statement, and 391 00:22:19,119 --> 00:22:23,320 Speaker 1: other companies UM can use that information to make decisions 392 00:22:23,320 --> 00:22:27,880 Speaker 1: about their own strategies, which obviously Fiser and BioNTech went 393 00:22:27,920 --> 00:22:31,600 Speaker 1: out and introduced their own COVID vaccine, so they could 394 00:22:31,680 --> 00:22:35,520 Speaker 1: argue that they were just operating under you know, under 395 00:22:36,119 --> 00:22:40,080 Speaker 1: UM the assumption that Madernald was not going to enforce 396 00:22:40,160 --> 00:22:43,080 Speaker 1: his patents. So at the least the way he UM 397 00:22:43,119 --> 00:22:46,160 Speaker 1: he sees it, Eiser and BioNTech have a pretty good 398 00:22:46,160 --> 00:22:49,159 Speaker 1: defense here. It might not even get into all of 399 00:22:49,200 --> 00:22:51,880 Speaker 1: the details of the patents and you know who used 400 00:22:51,880 --> 00:22:55,199 Speaker 1: what and what was patented and what wasn't. But that 401 00:22:55,240 --> 00:22:58,080 Speaker 1: could be that contract, the patent pledge could be a 402 00:22:58,119 --> 00:23:01,800 Speaker 1: solid defense or friser and on check. And as Bloomberg 403 00:23:01,880 --> 00:23:05,359 Speaker 1: Cantcare reporter Angelica people speaking at the Bloomberg's Greg store. 404 00:23:05,400 --> 00:23:07,800 Speaker 1: Catch more of that interview plus analysis of the latest 405 00:23:07,840 --> 00:23:11,280 Speaker 1: legal news by subscribing to the Bloomberg Law podcaster, downloading 406 00:23:11,280 --> 00:23:14,679 Speaker 1: this show at Bloomberg dot com slash podcast. Attorneys can 407 00:23:14,720 --> 00:23:17,840 Speaker 1: find exceptional legal research and business development tools at Bloomberg 408 00:23:17,880 --> 00:23:20,600 Speaker 1: Law dot com and on the Bloomberg terminal at v 409 00:23:20,800 --> 00:23:25,680 Speaker 1: Law Go and SMP. Futures are lower this morning, down 410 00:23:25,720 --> 00:23:29,040 Speaker 1: about five points in Our top stories are straight ahead 411 00:23:29,160 --> 00:23:40,080 Speaker 1: and this is Bloomberg Broadcasting live from the Bloomberg Interactive 412 00:23:40,080 --> 00:23:43,960 Speaker 1: Broker Studio in New York. Bloomberg E Living Freedom to Washington, 413 00:23:44,040 --> 00:23:48,160 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one 414 00:23:48,240 --> 00:23:51,680 Speaker 1: does San Francisco, Bloomberg NUN sixteen to the country, sirius 415 00:23:51,880 --> 00:23:53,879 Speaker 1: XM to have a one nine team and around the 416 00:23:53,880 --> 00:23:57,840 Speaker 1: globe the Bloomberg Business and Bloomberg Radio dot Com. This 417 00:23:58,320 --> 00:24:07,199 Speaker 1: is Bloomberg Daybreak. It's on Wall Street. Good morning. I'm 418 00:24:07,280 --> 00:24:10,080 Speaker 1: Nathan Hagar and I'm Karen Moscow. We are just about 419 00:24:10,160 --> 00:24:12,400 Speaker 1: four hours away from the open of US trading. Let's 420 00:24:12,440 --> 00:24:13,840 Speaker 1: get you have to date on the news you need 421 00:24:13,880 --> 00:24:16,880 Speaker 1: to know at this hour. US stocks begin the session 422 00:24:16,960 --> 00:24:19,680 Speaker 1: trading at a one month low as sped fears continue 423 00:24:19,720 --> 00:24:23,040 Speaker 1: to persist in the markets. Amanda Gotti, as chief investment 424 00:24:23,080 --> 00:24:26,119 Speaker 1: officer at p n C said, management group, So to 425 00:24:26,240 --> 00:24:29,960 Speaker 1: the extent that the Fed stays the course here, I 426 00:24:29,960 --> 00:24:32,600 Speaker 1: think that the market can you know, live with it 427 00:24:33,119 --> 00:24:36,399 Speaker 1: in air quotes relative to you know, some of the 428 00:24:36,440 --> 00:24:38,560 Speaker 1: fears that are looming larger out there. I think the 429 00:24:38,800 --> 00:24:41,800 Speaker 1: markets already priced for the past. That's the head. To 430 00:24:41,880 --> 00:24:45,119 Speaker 1: the extent that the dot plot changes meaningfully in the 431 00:24:45,240 --> 00:24:48,920 Speaker 1: terminal rate moves meaningfully higher from where we are today, 432 00:24:49,160 --> 00:24:52,520 Speaker 1: that's gonna be a challenge for markets for sure. P 433 00:24:52,760 --> 00:24:55,679 Speaker 1: n C s AD Management chief investment officer Amanda Gotti 434 00:24:55,760 --> 00:24:58,320 Speaker 1: says she's not making any meaningful changes right now to 435 00:24:58,400 --> 00:25:02,480 Speaker 1: her portfolio. Well, three regional FED chiefs yesterday reiterated Chair 436 00:25:02,600 --> 00:25:06,240 Speaker 1: J Powell's intention to bring down inflation, including Richmond FED 437 00:25:06,280 --> 00:25:09,199 Speaker 1: President Thomas Barkin. He vowed the Fed would not flinch 438 00:25:09,240 --> 00:25:11,800 Speaker 1: in its efforts to cool prices, but cautioned it may 439 00:25:11,840 --> 00:25:14,280 Speaker 1: get bumpy. The pace of when we get back to 440 00:25:14,320 --> 00:25:16,840 Speaker 1: our target, which is two percent, is uncertain, but as 441 00:25:16,880 --> 00:25:20,000 Speaker 1: a result, our commitment to bring inflation down, which hopefully 442 00:25:20,119 --> 00:25:23,400 Speaker 1: you welcome, leads to worries about a recession. Richmond FED 443 00:25:23,440 --> 00:25:27,440 Speaker 1: President Thomas Barkin spoke in West Virginia yesterday mal overseas Nathan, 444 00:25:27,520 --> 00:25:30,800 Speaker 1: Euro area inflation accelerated to another all time high as 445 00:25:30,840 --> 00:25:34,000 Speaker 1: the European Central Bank considers a jumbo interest rate hike 446 00:25:34,080 --> 00:25:36,840 Speaker 1: when it meets next week. Consumer prices had jumped to 447 00:25:36,880 --> 00:25:39,280 Speaker 1: dine point one percent from a year ago. To Wall 448 00:25:39,320 --> 00:25:42,200 Speaker 1: Street Now, Karen Goldman Sachs and Morgan Stanley are both 449 00:25:42,240 --> 00:25:46,040 Speaker 1: removing pandemic hurdles to fully return staff to offices. Floom Brigs. 450 00:25:46,119 --> 00:25:49,960 Speaker 1: Charlie Pellett has more on Goldman's aggressive push. Beginning next week, 451 00:25:50,000 --> 00:25:52,560 Speaker 1: employees outside of New York can be back in the 452 00:25:52,600 --> 00:25:57,440 Speaker 1: office regardless of vaccination status, with no requirement to participate 453 00:25:57,520 --> 00:26:01,280 Speaker 1: in regular testing or where face coverings. According to a 454 00:26:01,359 --> 00:26:04,760 Speaker 1: memo sent the staff the Bank diseased covid era measures, 455 00:26:04,800 --> 00:26:08,920 Speaker 1: citing new US centers for disease control guidelines, as well 456 00:26:08,960 --> 00:26:13,200 Speaker 1: as improved treatments and wide availability of testing. Goldman says 457 00:26:13,240 --> 00:26:16,440 Speaker 1: that in New York City, employees with an approved medical 458 00:26:16,680 --> 00:26:20,360 Speaker 1: or religious exemption to the city's vaccine mandate ken enter 459 00:26:20,400 --> 00:26:24,040 Speaker 1: offices with no testing or face coverings. In New York 460 00:26:24,119 --> 00:26:28,000 Speaker 1: Charlie Bloomberg Daybreak, Charlie, thank you, and a political note. 461 00:26:28,160 --> 00:26:31,119 Speaker 1: New allegations of obstruction of justice may be added to 462 00:26:31,160 --> 00:26:34,159 Speaker 1: former President Trump's legal woes. The Justice Department says the 463 00:26:34,240 --> 00:26:37,280 Speaker 1: records that were held at the former Presidents of Marilago 464 00:26:37,400 --> 00:26:40,520 Speaker 1: home appear to have been moved before the FBI tried 465 00:26:40,560 --> 00:26:43,560 Speaker 1: to get them in June. Futures This morning is and 466 00:26:43,640 --> 00:26:46,480 Speaker 1: p Future is now lower. Straight ahead your latest local headlines, 467 00:26:46,560 --> 00:26:53,480 Speaker 1: plus a check of sports, and this is Bloomberg. He's 468 00:26:53,480 --> 00:26:56,000 Speaker 1: scarring five thirty three in Wall Street, seventy five degrees 469 00:26:56,040 --> 00:26:58,639 Speaker 1: in Central Park, got a car fire eastbound l I 470 00:26:58,760 --> 00:27:01,680 Speaker 1: E Exit forty three. More coming up in traffic. First, 471 00:27:01,720 --> 00:27:03,439 Speaker 1: Michael Barr with what else is going on in New 472 00:27:03,480 --> 00:27:05,800 Speaker 1: York and around the world. Michael Nathan thank you very much. 473 00:27:05,800 --> 00:27:09,000 Speaker 1: According to the U S Geological Survey, two earthquakes at 474 00:27:09,080 --> 00:27:12,240 Speaker 1: northern New Jersey yesterday. The first to two point three 475 00:27:12,280 --> 00:27:16,760 Speaker 1: magnitude earthquake was just before five PM, about six miles 476 00:27:16,760 --> 00:27:20,240 Speaker 1: northwest of Morris Plains. The one point seven magnitude after 477 00:27:20,359 --> 00:27:23,919 Speaker 1: shock was then reported shortly after six thirty pm, also 478 00:27:24,000 --> 00:27:27,359 Speaker 1: in Morris County. Migrants crossing into El Paso have been 479 00:27:27,440 --> 00:27:31,280 Speaker 1: arriving at welcome centers set up by outreach organizations looking 480 00:27:31,320 --> 00:27:34,800 Speaker 1: to assist the homeless population there. Recently, the state of 481 00:27:34,840 --> 00:27:38,119 Speaker 1: Texas started bussing migrants to places like New York City 482 00:27:38,119 --> 00:27:41,960 Speaker 1: In Chicago, the buses provided an opportunity for the migrants 483 00:27:41,960 --> 00:27:44,439 Speaker 1: to get to where they wanted to go. Now it 484 00:27:44,480 --> 00:27:48,560 Speaker 1: appears to have stopped. John Martin, the deputy director of 485 00:27:48,600 --> 00:27:51,720 Speaker 1: the Opportunity Center, set until now it had been working 486 00:27:51,720 --> 00:27:54,840 Speaker 1: out well. So with a hundred percent confidence, I can 487 00:27:54,880 --> 00:27:58,000 Speaker 1: tell you this is their choice, this is their desire, 488 00:27:58,359 --> 00:28:00,560 Speaker 1: and this is the direction they want to go. Senor 489 00:28:00,560 --> 00:28:04,960 Speaker 1: Director John Martin spoke to ABC affiliate k v I A. 490 00:28:05,040 --> 00:28:08,320 Speaker 1: Mickaelgorbachof the leader of the Soviet Union, whose attempts to 491 00:28:08,320 --> 00:28:11,600 Speaker 1: shake up his country's political and economic system led to 492 00:28:11,640 --> 00:28:14,480 Speaker 1: the collapse of the communist superpower and the end of 493 00:28:14,520 --> 00:28:17,920 Speaker 1: the Cold War. Has died, according to task the Central 494 00:28:17,960 --> 00:28:22,440 Speaker 1: Clinical Hospital said as death followed a severe and prolonged illness. 495 00:28:22,680 --> 00:28:26,840 Speaker 1: Mickaelgorbachof was ninety one. President Biden outlined his new Safer 496 00:28:26,880 --> 00:28:31,400 Speaker 1: America program at Wilkes University in Pennsylvania. With gun violence 497 00:28:31,400 --> 00:28:34,520 Speaker 1: on the rise in the US, President Biden said, this 498 00:28:34,640 --> 00:28:37,280 Speaker 1: is the time to spend money on local law enforcement 499 00:28:37,320 --> 00:28:40,160 Speaker 1: to bring down the crime. It's based on a simple 500 00:28:40,200 --> 00:28:43,480 Speaker 1: notion when it comes to public safety. To this station, 501 00:28:43,520 --> 00:28:48,520 Speaker 1: the answer is not defund the police. It's fund the police, 502 00:28:49,480 --> 00:28:52,800 Speaker 1: Fund the police. Among the people in attendance for Biden's 503 00:28:52,800 --> 00:28:57,320 Speaker 1: speech where guns safety advocates and law enforcement representatives. Global 504 00:28:57,320 --> 00:28:59,760 Speaker 1: News twenty four hours a day on air and on 505 00:29:00,000 --> 00:29:03,000 Speaker 1: Boomberg Quick Take, powered by more than twenty seven hundred 506 00:29:03,040 --> 00:29:06,200 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael Barr, 507 00:29:06,240 --> 00:29:14,000 Speaker 1: this is Bloomberg NA. Thanks Michael. Five on Wall Street 508 00:29:14,000 --> 00:29:16,760 Speaker 1: Time for the Bloomberg Sports Update with John stan Shawena. 509 00:29:17,000 --> 00:29:19,800 Speaker 1: It was sixty one years ago that Roger Marris had 510 00:29:19,880 --> 00:29:22,320 Speaker 1: sixty one home runs a hundred and thirty games into 511 00:29:22,360 --> 00:29:25,920 Speaker 1: that season, Marris had hit fifty one hundred thirty games 512 00:29:25,920 --> 00:29:29,000 Speaker 1: into this season, Aaron Judge has hit fifty one another 513 00:29:29,000 --> 00:29:31,280 Speaker 1: one at Annaheim three run shot the right field fourth inning. 514 00:29:31,360 --> 00:29:33,320 Speaker 1: Judges come off his longest home run draft of the 515 00:29:33,360 --> 00:29:36,160 Speaker 1: season to hit five in the last eight games. Yankees 516 00:29:36,160 --> 00:29:38,520 Speaker 1: beat the Angels seven to fours. Andrew Been attending and 517 00:29:38,560 --> 00:29:41,240 Speaker 1: Anthony Rizzo homer in the first two wins, Jamison Tyne 518 00:29:41,560 --> 00:29:43,720 Speaker 1: took a line drive off his arm had to leave 519 00:29:43,800 --> 00:29:45,680 Speaker 1: in the third. In the next rays where negative the 520 00:29:45,680 --> 00:29:48,480 Speaker 1: bullpen went the rest of the way. Garrett Cole stars Tonight, 521 00:29:48,560 --> 00:29:50,400 Speaker 1: Jacob to Graham on the mount for the Mets at 522 00:29:50,400 --> 00:29:52,840 Speaker 1: City Field, the Dodgers scored seventh inning to win four 523 00:29:52,880 --> 00:29:55,160 Speaker 1: to three. It's the dodgers ninetieth win of the season. 524 00:29:55,640 --> 00:29:58,320 Speaker 1: Us Over had a record crowd of twenty nine thousand 525 00:29:58,440 --> 00:30:00,760 Speaker 1: Monday night to see Serena ms in my top of 526 00:30:00,840 --> 00:30:03,000 Speaker 1: tonight for her second round match. We'll try to upset 527 00:30:03,400 --> 00:30:06,800 Speaker 1: second seton in that contay. Retirement is coming either tonight 528 00:30:07,280 --> 00:30:09,600 Speaker 1: or later in the tournament. So Serena was asked about 529 00:30:09,680 --> 00:30:13,080 Speaker 1: future plan. I don't see myself not a part of tennis. 530 00:30:13,160 --> 00:30:14,800 Speaker 1: I don't know how I'm going to be a part 531 00:30:14,840 --> 00:30:17,560 Speaker 1: of tennis um as of right now. I just don't 532 00:30:17,600 --> 00:30:22,360 Speaker 1: know how. But I just feel like we've come too 533 00:30:22,400 --> 00:30:25,760 Speaker 1: far together to just not have anything to do with it. 534 00:30:25,880 --> 00:30:29,560 Speaker 1: Her older sister, Venus, hardly plays anymore, did play yesterday 535 00:30:29,560 --> 00:30:31,959 Speaker 1: and lost. The two are teaming up to play doubles 536 00:30:32,000 --> 00:30:34,560 Speaker 1: to have a first round match tomorrow. Also losing the 537 00:30:34,760 --> 00:30:38,160 Speaker 1: women's Defenny jamp Emma Rodocano and the two time Open 538 00:30:38,240 --> 00:30:41,960 Speaker 1: jam Naomi Osaka beaten by American Danielle Collins. Osaka only 539 00:30:42,000 --> 00:30:44,640 Speaker 1: won two Grand Slam matches all year. Men's winners included 540 00:30:44,680 --> 00:30:47,560 Speaker 1: the Spaniards Seaton second and third, rappi On Nadal and 541 00:30:47,720 --> 00:30:51,400 Speaker 1: nineteen year old Carlos alcarrazz John stash Award Bloomberg Sports 542 00:30:51,480 --> 00:30:54,560 Speaker 1: didn't think John. It is seven on Wall Street time 543 00:30:54,560 --> 00:30:58,800 Speaker 1: for the Tri State Business Report. Here's Bloomberg's ed. Corey 544 00:30:58,800 --> 00:31:01,520 Speaker 1: one amendment to cut prop many taxes for Atlantic City 545 00:31:01,560 --> 00:31:06,320 Speaker 1: casinos by millions of dollars a year has been declared unconstitutional. 546 00:31:06,800 --> 00:31:10,240 Speaker 1: The amendment cut casinos payment in lieu of property tax 547 00:31:10,280 --> 00:31:15,400 Speaker 1: obligations to address pandemic related casino losses. But accord his rule, 548 00:31:15,480 --> 00:31:18,240 Speaker 1: the casinos more than made up for those losses through 549 00:31:18,320 --> 00:31:22,320 Speaker 1: internet gambling and sports betting. Three New York City pensions 550 00:31:22,320 --> 00:31:26,120 Speaker 1: have asked MasterCard and American Express to improve the way 551 00:31:26,160 --> 00:31:29,160 Speaker 1: they tracked gun sales. The proposals were made by the 552 00:31:29,200 --> 00:31:33,320 Speaker 1: city pensions for teachers, civil servants, and school administrators. R 553 00:31:33,560 --> 00:31:35,680 Speaker 1: XR Realty has lined up a new loan for a 554 00:31:35,720 --> 00:31:39,880 Speaker 1: midtown skyscraper on Rockefeller Plaza, even as lenders have become 555 00:31:39,920 --> 00:31:43,200 Speaker 1: more cautious about office space with many workers still at home. 556 00:31:43,320 --> 00:31:46,600 Speaker 1: Bank of America and Carlisle Group among lenders for the 557 00:31:46,600 --> 00:31:50,240 Speaker 1: two hundred sixty million dollar free financing of seventy five 558 00:31:50,320 --> 00:31:53,800 Speaker 1: Rockefeller Plaza. That your Bloomberg Trying State Business Report. I'm 559 00:31:53,920 --> 00:31:57,120 Speaker 1: Ed Corey said, It's eight on Wall Street. Bloomberg Radio 560 00:31:57,240 --> 00:31:59,200 Speaker 1: is on the air from San Francisco to New York, 561 00:31:59,240 --> 00:32:01,400 Speaker 1: London to Hall and Kong. Let's check in with our 562 00:32:01,400 --> 00:32:03,520 Speaker 1: global news team for some of the top stories heard 563 00:32:03,520 --> 00:32:06,719 Speaker 1: on our three hundred affiliate radio stations around the world. 564 00:32:09,440 --> 00:32:12,120 Speaker 1: I'm Steve Polos got on ten ten Wins in New York. 565 00:32:12,240 --> 00:32:15,920 Speaker 1: We're talking about Goldman Sachs and Morgan Stanley using COVID 566 00:32:16,080 --> 00:32:19,440 Speaker 1: rules to get people back to their desks. Um Perny 567 00:32:19,520 --> 00:32:22,920 Speaker 1: Donahoe on Woo Woo in Fort Wayne. Gas prices arriving 568 00:32:22,920 --> 00:32:26,000 Speaker 1: in Indiana after a fire takes out in Midwest Reprimary. 569 00:32:26,640 --> 00:32:29,400 Speaker 1: I'm Stephen Carol and Bloomberg D A B Digital Radio 570 00:32:29,440 --> 00:32:32,600 Speaker 1: and London. We've been reporting on French inflation figures coming 571 00:32:32,600 --> 00:32:35,280 Speaker 1: off a records high in August as prices rose by 572 00:32:35,280 --> 00:32:38,680 Speaker 1: a less than expected six point five per cent. I 573 00:32:38,880 --> 00:32:42,920 Speaker 1: made Cory on ww J in Detroit. I'm reporting Amazon 574 00:32:43,080 --> 00:32:46,360 Speaker 1: and canceled plans for a new warehouse in Insolani Township. 575 00:32:46,800 --> 00:32:49,480 Speaker 1: Those are some of the stories. Are seven hundred Bloomberg 576 00:32:49,520 --> 00:32:52,080 Speaker 1: journalists and analysts working on this morning around the world. 577 00:32:52,120 --> 00:32:55,720 Speaker 1: It's nine on Wall Street. The following is an editorial 578 00:32:55,840 --> 00:32:59,880 Speaker 1: from Bloomberg Opinion. The sedatorial was written by the Bloomberg 579 00:33:00,120 --> 00:33:03,720 Speaker 1: Editorial Board. Even as relations between the U S and 580 00:33:03,800 --> 00:33:07,800 Speaker 1: China remain frosty, the two countries appear to have struck 581 00:33:07,880 --> 00:33:12,440 Speaker 1: a compromise that would allow mainland companies to continue listing 582 00:33:12,480 --> 00:33:16,719 Speaker 1: on American exchanges. The dispute centered on a requirement that 583 00:33:16,800 --> 00:33:21,360 Speaker 1: foreign companies listing in the US give American regulators access 584 00:33:21,480 --> 00:33:25,560 Speaker 1: to their raw audit work papers. After years of talks, 585 00:33:25,720 --> 00:33:30,160 Speaker 1: China appears to have finally agreed to US demands. While 586 00:33:30,200 --> 00:33:34,840 Speaker 1: caution is warranted, a successful compromise would benefit the US 587 00:33:34,960 --> 00:33:38,480 Speaker 1: as much as China, and if this deal holds, both 588 00:33:38,520 --> 00:33:42,760 Speaker 1: countries should take steps to build on it by lowering tariffs, 589 00:33:42,880 --> 00:33:46,960 Speaker 1: for instance, or resuming talks on climate. With so many 590 00:33:47,000 --> 00:33:51,000 Speaker 1: forces driving the U. S And China toward conflict, neither 591 00:33:51,120 --> 00:33:55,600 Speaker 1: side should miss an opportunity to push back. The editorial 592 00:33:55,720 --> 00:33:59,840 Speaker 1: was written by the Bloomberg Editorial Board. For more Bloomberg opinion, 593 00:34:00,040 --> 00:34:03,400 Speaker 1: please go to Bloomberg dot com, slash opinion or ope 594 00:34:03,480 --> 00:34:06,680 Speaker 1: I n go on the Bloomberg Terminal. This has been 595 00:34:06,720 --> 00:34:10,840 Speaker 1: Bloomberg opinion, and you can hear Bloomberg opinion editorials every weekday. 596 00:34:10,880 --> 00:34:14,080 Speaker 1: At this time, Terminal customers can read more at O 597 00:34:14,280 --> 00:34:17,560 Speaker 1: P I n go. Getting read on the market right now, 598 00:34:17,719 --> 00:34:21,360 Speaker 1: Futures are mixed after a three day slide for stock 599 00:34:21,480 --> 00:34:24,600 Speaker 1: s SMP futures right now down six points, STOUT futures 600 00:34:24,640 --> 00:34:28,520 Speaker 1: down sixty six, Nasdaq futures little change to higher, now 601 00:34:28,760 --> 00:34:32,560 Speaker 1: up eight points. Bryan Levitt, Global Market Strategistic invest Goo 602 00:34:32,680 --> 00:34:38,480 Speaker 1: joins US next. This is Bloomberg Bloomberg eleven three oh 603 00:34:38,480 --> 00:34:41,960 Speaker 1: weather sunny, less, humid today, mid eighties for highs Tomorrow. 604 00:34:42,000 --> 00:34:45,120 Speaker 1: We'll kick off the new month with sunshine and low eighties. 605 00:34:45,480 --> 00:34:48,120 Speaker 1: Plenty of sunshine. Friday high near eighty right now seventy 606 00:34:48,160 --> 00:34:54,720 Speaker 1: one in Central Park. Markets. Headlines and breaking news twenty 607 00:34:54,719 --> 00:34:57,560 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 608 00:34:57,600 --> 00:35:01,120 Speaker 1: Business at and at Bloomberg Quick Tape. He's a Bloomberg 609 00:35:01,239 --> 00:35:10,640 Speaker 1: business lash and I'm Karen Moscow and US stock index 610 00:35:10,760 --> 00:35:14,800 Speaker 1: futures have been fluctuating a bit this morning. Stocks, meanwhile, 611 00:35:14,840 --> 00:35:17,520 Speaker 1: are headed for a monthly drop on concerns that restricted 612 00:35:17,560 --> 00:35:20,760 Speaker 1: monetary policy to tackle inflation will harm the global economy. 613 00:35:20,920 --> 00:35:23,200 Speaker 1: We checked the markets every fifteen minutes throughout the trading 614 00:35:23,280 --> 00:35:26,680 Speaker 1: day on bloomberg s and P futures. They're a little changed. 615 00:35:26,760 --> 00:35:29,080 Speaker 1: Own future is now down about fifty one and NASDAG 616 00:35:29,120 --> 00:35:32,160 Speaker 1: futures are up nineteen. The decks in Germany's down eight 617 00:35:32,200 --> 00:35:34,319 Speaker 1: tenths of upper sent the ten year treasury down six 618 00:35:34,360 --> 00:35:37,120 Speaker 1: thirty seconds. He'll three point one two percent yield on 619 00:35:37,200 --> 00:35:39,759 Speaker 1: the two year at three point four seven percent. Nine 620 00:35:39,800 --> 00:35:41,760 Speaker 1: mex scred oil is down two and a half percent 621 00:35:41,800 --> 00:35:43,960 Speaker 1: on two dollars twenty five cents at eighty nine dollars 622 00:35:43,960 --> 00:35:46,520 Speaker 1: forty cents of barrel coll Max Schol down six tents 623 00:35:46,520 --> 00:35:50,040 Speaker 1: per cent or eleven dollars at seventeen forty announced. The 624 00:35:50,120 --> 00:35:53,160 Speaker 1: euro point nine one against the dollar, British found one 625 00:35:53,200 --> 00:35:55,400 Speaker 1: point one six four one, and the yen one thirty 626 00:35:55,400 --> 00:35:58,239 Speaker 1: eight point six six and bitcoin this morning at one 627 00:35:58,280 --> 00:36:02,840 Speaker 1: percent at twenty thousand, two hundred. That's a Bloomberg business flash. 628 00:36:02,840 --> 00:36:04,920 Speaker 1: Now here's Michael Barr with more on what's going on 629 00:36:04,960 --> 00:36:07,920 Speaker 1: around the world. Uncle, good morning, Good morning, Karen. The 630 00:36:07,960 --> 00:36:10,799 Speaker 1: Department of Justice as White House records held in the 631 00:36:10,840 --> 00:36:14,080 Speaker 1: storage room at Donald Trump's Florida home may have been 632 00:36:14,120 --> 00:36:18,759 Speaker 1: concealed or removed before an FBI June's search for classified documents. 633 00:36:19,080 --> 00:36:22,239 Speaker 1: According to the do J, they're suggesting possible attempts to 634 00:36:22,280 --> 00:36:26,920 Speaker 1: obstruct the investigation. Former Soviet president Michael Gorberchoff died at 635 00:36:26,920 --> 00:36:30,640 Speaker 1: a Moscow hospital. Under gorbach Off, the Berlin Wall crumbled. 636 00:36:31,040 --> 00:36:34,719 Speaker 1: Kilgorbachof was ninety one, and tennis Serena Williams hits the 637 00:36:34,760 --> 00:36:37,560 Speaker 1: court tonight for her second round in the US Open 638 00:36:37,920 --> 00:36:40,960 Speaker 1: in Baseball. The Yankees beat the Angels seven four errand 639 00:36:41,040 --> 00:36:44,239 Speaker 1: Judge hit his fifty first homerk. The Mets lost to 640 00:36:44,280 --> 00:36:47,480 Speaker 1: the Dodgers for three. The A's beat the Nationals ten six, 641 00:36:47,719 --> 00:36:51,839 Speaker 1: The Reds, Orioles and Giants lost. Global News twenty four 642 00:36:51,840 --> 00:36:55,320 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 643 00:36:55,320 --> 00:36:58,200 Speaker 1: by more than twenty seven hundred journalists and analysts more 644 00:36:58,200 --> 00:37:00,600 Speaker 1: than a hundred twenty countries. I might bar This is 645 00:37:00,600 --> 00:37:03,720 Speaker 1: Bloomberg Maker. Thanks Michael. It's five nineteen on Wall Street 646 00:37:03,760 --> 00:37:07,520 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. 647 00:37:07,520 --> 00:37:10,120 Speaker 1: We want to go right now to Bloomberg Government Congressional 648 00:37:10,160 --> 00:37:14,320 Speaker 1: reporter Jack Fitzpatrick for the latest on the amounting legal 649 00:37:14,360 --> 00:37:18,400 Speaker 1: pressure against former President Donald Trump. Jack, Good morning, Michael 650 00:37:18,440 --> 00:37:21,359 Speaker 1: Barr and the news. They're just mentioned the possibility of 651 00:37:21,480 --> 00:37:25,480 Speaker 1: obstruction of justice being leveled by the Justice Department against 652 00:37:25,520 --> 00:37:29,960 Speaker 1: the former president. Tell us more about this latest court filing. Yeah, 653 00:37:29,960 --> 00:37:33,200 Speaker 1: the latest court filing by the Department of Justice indicates 654 00:37:33,400 --> 00:37:37,960 Speaker 1: that Trump's lawyers Former President Trump's lawyers were not entirely 655 00:37:38,000 --> 00:37:41,759 Speaker 1: honest about the number of classified documents they handed over 656 00:37:42,239 --> 00:37:45,880 Speaker 1: before the August eighth search of Maral Lago. There was 657 00:37:45,920 --> 00:37:48,879 Speaker 1: an extensive back and forth in a lot of opportunities 658 00:37:48,880 --> 00:37:52,640 Speaker 1: for them to hand those documents over UH in January, 659 00:37:52,760 --> 00:37:57,000 Speaker 1: even in discussions with the National Archives. But also importantly, 660 00:37:57,280 --> 00:38:02,200 Speaker 1: the FBI visited Moral Logo in June, and they have 661 00:38:02,320 --> 00:38:06,080 Speaker 1: said that when they eventually got a search warrant and 662 00:38:06,800 --> 00:38:10,480 Speaker 1: went on August eight, they found twice as many documents 663 00:38:10,680 --> 00:38:16,600 Speaker 1: with classification marketings as the former president's lawyers had initially indicated. 664 00:38:16,640 --> 00:38:19,359 Speaker 1: They said former President Trump's lawyers had said they had 665 00:38:19,400 --> 00:38:23,360 Speaker 1: been totally responsive and handed over all the documents previously 666 00:38:23,400 --> 00:38:25,839 Speaker 1: that were relevant, and that was clearly not the case. 667 00:38:26,280 --> 00:38:30,320 Speaker 1: So they've raised the issue of UH the former president 668 00:38:30,600 --> 00:38:35,400 Speaker 1: either hiding documents or or being dishonest about his attempts 669 00:38:35,440 --> 00:38:38,319 Speaker 1: to give them back, which really seems to raise the 670 00:38:38,360 --> 00:38:42,040 Speaker 1: stakes in this investigation, and perhaps raising the stakes even further, 671 00:38:42,200 --> 00:38:45,760 Speaker 1: something that Bloomberg Terminal customers can see in the story 672 00:38:46,000 --> 00:38:51,640 Speaker 1: here UH photograph of documents marked secret, a pile of 673 00:38:51,719 --> 00:38:55,920 Speaker 1: them on the carpeted floor former President Trump's home at 674 00:38:55,960 --> 00:38:59,239 Speaker 1: Maral Lago. This has to add to the pressure as well. Yes, 675 00:38:59,360 --> 00:39:03,760 Speaker 1: that came out, This really is UH I think similar 676 00:39:03,800 --> 00:39:08,120 Speaker 1: information about that we've had about the significant number of 677 00:39:08,520 --> 00:39:12,560 Speaker 1: documents with top secret SCI clearance on them, secret or 678 00:39:12,600 --> 00:39:14,680 Speaker 1: top secret. But really, if you look at the photo, 679 00:39:14,920 --> 00:39:17,480 Speaker 1: you can tell this is not the kind of thing 680 00:39:17,760 --> 00:39:22,920 Speaker 1: that you would accidentally slip into a folder, probably without realizing, 681 00:39:23,239 --> 00:39:27,120 Speaker 1: because it is outlined in red or yellow and says 682 00:39:27,280 --> 00:39:31,040 Speaker 1: very boldly secret SCI or top secret s c I. 683 00:39:31,320 --> 00:39:35,319 Speaker 1: So it really is the public's first visual representation of 684 00:39:35,320 --> 00:39:38,000 Speaker 1: what we're talking about. It's a significant number of documents. 685 00:39:38,000 --> 00:39:39,920 Speaker 1: It's piled up on a carpet. You can't count it, 686 00:39:40,360 --> 00:39:43,000 Speaker 1: but it's it's quite a bit, and it is very 687 00:39:43,080 --> 00:39:47,000 Speaker 1: very clearly labeled as secret or top secret in those cases. 688 00:39:47,320 --> 00:39:50,560 Speaker 1: One are the implications politically here is the president still 689 00:39:50,600 --> 00:39:54,280 Speaker 1: getting support from fellow Republicans. You know, it's been quiet. 690 00:39:54,600 --> 00:39:57,720 Speaker 1: It may be convenient for him that it's August recess 691 00:39:57,800 --> 00:40:00,359 Speaker 1: and there's less of an opportunity for reporters to pin 692 00:40:00,480 --> 00:40:05,200 Speaker 1: down Republican lawmakers. Uh, there has not been a significant 693 00:40:05,320 --> 00:40:10,839 Speaker 1: sign of revolt really against the former president among Republicans, 694 00:40:11,120 --> 00:40:16,160 Speaker 1: but there hasn't been a super enthusiastic argument that this 695 00:40:16,280 --> 00:40:18,080 Speaker 1: is all fine. It's a bit of a wait and 696 00:40:18,160 --> 00:40:21,680 Speaker 1: see game as as Republicans try to figure out what 697 00:40:22,239 --> 00:40:24,719 Speaker 1: is gonna come next. The news that has come out 698 00:40:24,760 --> 00:40:27,360 Speaker 1: for the former president has been very bad and it 699 00:40:27,440 --> 00:40:31,239 Speaker 1: seems hard to defend to say that anyone would not 700 00:40:31,320 --> 00:40:33,799 Speaker 1: know that those were top secret documents, or you know, 701 00:40:33,840 --> 00:40:37,480 Speaker 1: the initial argument that they were declassified has not really 702 00:40:37,480 --> 00:40:40,359 Speaker 1: panned out. So the pressure is going to be on 703 00:40:40,400 --> 00:40:43,520 Speaker 1: a lot of Republicans and right now they are waiting 704 00:40:43,520 --> 00:40:45,839 Speaker 1: and seeing because it really there's a sense that there's 705 00:40:45,840 --> 00:40:48,319 Speaker 1: another shoe to drop and there will be more developments 706 00:40:48,640 --> 00:40:51,319 Speaker 1: coming forward. In our last minute here, Jack, we have 707 00:40:51,400 --> 00:40:54,600 Speaker 1: to mark the passing of the late former Soviet leader, 708 00:40:54,680 --> 00:40:58,160 Speaker 1: the last leader of the Soviet Union, Mikhail Gorbachev. What's 709 00:40:58,200 --> 00:41:04,160 Speaker 1: the reaction in Washington? Uh? Complimentary reaction to his legacy. 710 00:41:04,320 --> 00:41:07,759 Speaker 1: In Washington, he was a lot more uh popular in 711 00:41:07,800 --> 00:41:12,120 Speaker 1: the West, really later in life than in Russia. The 712 00:41:12,160 --> 00:41:14,920 Speaker 1: President President Biden putting out a statement, a number of 713 00:41:14,960 --> 00:41:18,560 Speaker 1: politicians in the West, in the U. S. And elsewhere 714 00:41:18,560 --> 00:41:21,640 Speaker 1: putting out statements honoring his legacy and his role in 715 00:41:21,680 --> 00:41:25,120 Speaker 1: the end of the Cold War. Uh. He It will 716 00:41:25,160 --> 00:41:28,040 Speaker 1: be interesting to see exactly how this plays in Russia, 717 00:41:28,120 --> 00:41:31,520 Speaker 1: because he turned into a much less popular political figure 718 00:41:31,560 --> 00:41:33,920 Speaker 1: who took the blame for the fall of the Soviet Union. 719 00:41:34,560 --> 00:41:37,520 Speaker 1: But in the West, I think it's illustrative that there 720 00:41:37,600 --> 00:41:42,160 Speaker 1: there was quite a complimentary outpouring of remembrances of his 721 00:41:42,280 --> 00:41:45,160 Speaker 1: legacy in the US and elsewhere in the West. Thanks 722 00:41:45,200 --> 00:41:46,799 Speaker 1: for this, Jack at having gone with us. Will be 723 00:41:46,880 --> 00:41:49,840 Speaker 1: checking back with you as well later on in the program. 724 00:41:49,920 --> 00:41:53,440 Speaker 1: Bloomberg Government Congressional reporter Jack Fitzpatrick with us from our 725 00:41:53,480 --> 00:41:58,040 Speaker 1: Bloomberg studios in Washington, d C. Looking ahead to the 726 00:41:58,040 --> 00:42:01,799 Speaker 1: market open this morning, Futures are kind of wavering. We've 727 00:42:01,800 --> 00:42:04,920 Speaker 1: got SMP futures right now down three points down, futures 728 00:42:04,920 --> 00:42:09,160 Speaker 1: down forty six, NASTACK futures still higher by twenty one points. 729 00:42:09,200 --> 00:42:12,200 Speaker 1: The tenure Treasury right now is down seven thirty seconds, 730 00:42:12,280 --> 00:42:15,319 Speaker 1: the yield three point one two percent yield on the 731 00:42:15,320 --> 00:42:19,880 Speaker 1: two year three point four seven percent. NIMEX crude sliding 732 00:42:19,880 --> 00:42:22,080 Speaker 1: down two point six per cent, or two dollars thirty 733 00:42:22,120 --> 00:42:25,840 Speaker 1: four cents below the ninety handle eight nine thirty for 734 00:42:25,920 --> 00:42:29,399 Speaker 1: a barrel of West Texas intermediate crude. Stay with us. 735 00:42:29,520 --> 00:42:39,040 Speaker 1: You're listening to Bloomberg Daybreak, Bloomberg eleven three oh weather, sunny, 736 00:42:39,120 --> 00:42:41,279 Speaker 1: less human. Gonna be a nice end of the week, 737 00:42:41,320 --> 00:42:44,840 Speaker 1: with highest near eighty five degrees today, low eighties tomorrow, 738 00:42:45,120 --> 00:42:48,440 Speaker 1: behind near eighty on Friday. Right now seventy two in 739 00:42:48,480 --> 00:42:50,200 Speaker 1: Central Park