WEBVTT - Trump Legal Setback; Traders Prep for Fed Rate Decision

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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<v Speaker 1>Hager and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today.

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<v Speaker 2>Karen, we begin with legal news involving Donald Trump. The

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<v Speaker 2>president elect has failed to convince a judge to set

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<v Speaker 2>aside his conviction in the New York hush money case

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<v Speaker 2>on presidential immunity grounds. New York State Justice Juan Mrshan

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<v Speaker 2>rejected Trump's argument the trial was tainted by testimony and

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<v Speaker 2>other evidence that should not have been allowed under a

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<v Speaker 2>July Supreme Court decision granting presidents brought immunity from criminal charges.

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<v Speaker 2>Bob van Vories is a legal reporter for Bloomberg News.

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<v Speaker 3>Jose Marshawn ruled that Trump had failed to preserve most

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<v Speaker 3>of the objections to the evidence that he objected to,

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<v Speaker 3>meaning that the judge is unable to rule on it

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<v Speaker 3>because he didn't know object at the time. He ruled

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<v Speaker 3>also that even if he had preserved those objections, they

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<v Speaker 3>would not fall within the immune.

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<v Speaker 2>To Bloomberg's Bob van Vores says it's unclear if the

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<v Speaker 2>case will proceede the sentencing, as the president dilect continues

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<v Speaker 2>to challenge the verdict. In May, Manhattan jury found Trump

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<v Speaker 2>guilty of falsifying business records to conceal a one hundred

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<v Speaker 2>and thirty thousand dollars payment to former adult film actress

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<v Speaker 2>Stormy Daniels before the twenty sixteen election.

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<v Speaker 1>Meanwhile, Nathan Trump spoke to reporters for over an hour

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<v Speaker 1>at his ma A Lago, Florida club, covering a wide

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<v Speaker 1>range of topics. He says, Ukraine needs to reach a

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<v Speaker 1>deal and the Russian invasion, You've got to be a deal.

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<v Speaker 4>Got to be a deal. Too many people being killed.

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<v Speaker 4>That is a war. That's too many people. Got to

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<v Speaker 4>make a deal. And Boom has to make a deal

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<v Speaker 4>to what's deal with.

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<v Speaker 1>Hours after Trump spoke, Ukraine claim responsibility for the assassination

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<v Speaker 1>of the head of Russia's Radiological, Chemical, and Biological Defense

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<v Speaker 1>troops and a bomb explosion in Moscow.

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<v Speaker 2>Another topic that reporters brought up Karen was drones. White

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<v Speaker 2>House officials they're still trying to ease concerns about the

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<v Speaker 2>thousands of sightings in New Jersey and other parts of

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<v Speaker 2>the Northeast. National Security spokesman John Kirby says there's no

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<v Speaker 2>reason for alarm.

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<v Speaker 5>Our assessment at this stage is that the activity represents commercial,

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<v Speaker 5>hobbyist law enforcement drones all operating legally and lawfully, and

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<v Speaker 5>or civilian aviation aircraft.

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<v Speaker 2>White House spokesman John Kirby says the FBI followed up

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<v Speaker 2>on one hundred tips out of the more than five

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<v Speaker 2>thousand it's received in recent weeks. President like Trump says

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<v Speaker 2>he thinks the White House knows more than it's saying.

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<v Speaker 6>They know where it came from and where it went,

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<v Speaker 6>and for some reason they don't want to comment, and

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<v Speaker 6>I think they'd be better of saying what it is.

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<v Speaker 6>Our military knows than our president knows, and for some

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<v Speaker 6>reason they want to keep people in suspense.

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<v Speaker 2>The President elect says he doesn't think it's the enemy,

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<v Speaker 2>but he suggested his new Jersey golf course could be

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<v Speaker 2>a target, saying they're flying very close to Bedminster Well Nathan.

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<v Speaker 1>President elect Trump also discussed immigration at Is mar a

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<v Speaker 1>Lago news conference. He threatened legal action against the vided

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<v Speaker 1>Administration for selling unused materials from his border wall with Mexico.

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<v Speaker 6>We're going to have to rebuild it, and it'll cost

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<v Speaker 6>double what it costs years ago, and that's hundreds of

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<v Speaker 6>millions of dollars.

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<v Speaker 1>The president elect was also asked if he's had preliminary

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<v Speaker 1>talks with Venezuela and other countries about his promised mass

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<v Speaker 1>deportation of millions of immigrants. Trump said, quote, they'll take

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<v Speaker 1>them back. Bloomberg News has learned Trump's transition team has

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<v Speaker 1>begun back channel talks with Mexico and El Salvador about

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<v Speaker 1>taking in undocumented migrants. Advisors involved in the effort include

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<v Speaker 1>incoming National Security Advisor Mike Waltz and Deputy Chief of

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<v Speaker 1>Staff Stephen Miller.

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<v Speaker 2>Current presidents like Trump also talked about his pick to

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<v Speaker 2>lead the Department of Health and Human Services, Robert F.

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<v Speaker 2>Kennedy Junior.

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<v Speaker 6>I think he's going to be much less radical than

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<v Speaker 6>you would think. I think he's got a very open mind,

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<v Speaker 6>or I wouldn't have put him there. He's going to

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<v Speaker 6>be very much less radical.

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<v Speaker 4>But there are problems.

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<v Speaker 6>I mean, we don't do as well as a lot

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<v Speaker 6>of other nations.

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<v Speaker 2>The president spoke as Kennedy kicked off meetings with Senate

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<v Speaker 2>Republicans ahead of his conformation hearings. Senator Mark Wayne Mullen

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<v Speaker 2>said after their meeting he plans to vote yes and

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<v Speaker 2>the Kennedy supports the polio vaccine, in his words, one

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<v Speaker 2>hundred percent. Kennedy also met with Florida Senator Rick Scott

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<v Speaker 2>and has more meetings this week with Lindsay Graham of

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<v Speaker 2>South Carolina and Senate Finance Chairman Mike Crapo.

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<v Speaker 1>Nathan, the CEO of TikTok, met with Trump at mar

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<v Speaker 1>A Lago on Monday, just weeks before the popular video

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<v Speaker 1>app is expected to be banned in the US over

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<v Speaker 1>national security concerns. The private meeting came just hours after

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<v Speaker 1>Trump suggested he'd somehow try to reverse the band to

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<v Speaker 1>save TikTok, which he used to reach young voters on

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<v Speaker 1>the campaign trail.

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<v Speaker 2>Turn back to markets now, Karen, as we watch futures

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<v Speaker 2>move lower a day after the Nasdaq one hundred closed

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<v Speaker 2>at an all time high. The moves come a day

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<v Speaker 2>before the final FED great decision of the year. Veronica

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<v Speaker 2>Willis is a global investment strategist at Wells Fargo Investment Institute.

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<v Speaker 7>I think we're going to move from the market being

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<v Speaker 7>excited about an easier FED to refocusing on excitement or

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<v Speaker 7>around economic growth. So I think through the early part

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<v Speaker 7>of twenty twenty five, the FED may still be able

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<v Speaker 7>to cut rates, but as we see growth strengthen and

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<v Speaker 7>as we see inflation maybe moving a little bit higher,

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<v Speaker 7>we're probably not going to be able to see the

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<v Speaker 7>Fed continuing.

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<v Speaker 2>To cut rate Well, As Fargo Investment Institute's Veronica Willis says,

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<v Speaker 2>the Fed is widely expected to cut rates a quarter

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<v Speaker 2>percentage point tomorrow. Stick with Bloomberg for full Fed coverage

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<v Speaker 2>on a special edition of Bloomberg Surveillance. The Fed decides

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<v Speaker 2>that's tomorrow, one thirty pm Wall Street Time on Bloomberg

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<v Speaker 2>Radio and television.

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<v Speaker 1>Well, Nathan, look for a tenure treasury yields to climb

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<v Speaker 1>under President Trump. That's the word from t ROW Price.

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<v Speaker 1>In fact, the firm says yields may climb to six

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<v Speaker 1>percent for the first time in more than two decades

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<v Speaker 1>as US fiscal woes worsen and Trump's policies help keep

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<v Speaker 1>inflation elevated. Tenure Treasury yield, which influences the pricing of

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<v Speaker 1>everything from corporate debt to mortgages, is currently trading at

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<v Speaker 1>four point four to two percent.

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<v Speaker 2>When it comes to interest rates. Overseas, Karen Traders see

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<v Speaker 2>fewer cut by the Bank of England. That's after data

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<v Speaker 2>showed UK wages rose more than forecast in the three

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<v Speaker 2>months through October, the implied chance of a third quarter

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<v Speaker 2>percentage point cut from the BOE in twenty twenty five

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<v Speaker 2>fell below fifty percent. That's down from ninety percent ahead

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<v Speaker 2>of the report.

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<v Speaker 1>And staying in Europe here Nathan. The Bank of France

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<v Speaker 1>has cut its domestic growth outlook, just days after President

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<v Speaker 1>Emmanuel mccron named the country's fourth prime minister in a year.

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<v Speaker 1>We get more from Bloomberg Senior editor Phil Serafino.

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<v Speaker 8>It's not great news. Growing economy can really help France

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<v Speaker 8>with a lot of its budget problems, and growth has

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<v Speaker 8>just not been great for a long time and it's

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<v Speaker 8>going in the wrong direction. The head of the Central Bank,

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<v Speaker 8>Francois de Luis de Gallo, is out doing media now

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<v Speaker 8>to talk about this report, and he's got a pretty

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<v Speaker 8>strong message also, which is that this political discord is

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<v Speaker 8>really a problem. There was a quote he said at

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<v Speaker 8>risk gradual economic decline, which is not something you want

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<v Speaker 8>to hear.

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<v Speaker 1>And Bloomberg's Phil Serafino says the French Central Bank now

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<v Speaker 1>expects only a ten percent expansion in twenty twenty five

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<v Speaker 1>instead of one point two percent had predicted in September.

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<v Speaker 1>And it's time now for a look at some of

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<v Speaker 1>the other stories making news in New York and around

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<v Speaker 1>the world. And for that we're joined by Bloomberg's John Tunker.

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<v Speaker 1>John Good Morning, Yeah.

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<v Speaker 9>Good morning, Karen. Another deadly school shooting, a fifteen year

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<v Speaker 9>old student killed a teacher and another teenager with a

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<v Speaker 9>handgun Bunday at a Christian school in Wisconsin. Madison Police

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<v Speaker 9>chief shown Barnes.

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<v Speaker 10>She was a student at the school and evidence suggests

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<v Speaker 10>she died from a self and afflicted gunshot warm Well.

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<v Speaker 9>The female student also wounded six others at a study

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<v Speaker 9>hall at the Abundant Life Christian School, including two students

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<v Speaker 9>who were in critical condition. And Canada, the Prime Minister

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<v Speaker 9>there Justin Trudeau's administration has been thrown into crisis. His

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<v Speaker 9>trusted deputy, the Finance Minister, Christia Freeland, published a withering

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<v Speaker 9>resignation letter. It left you to weekend at the worst

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<v Speaker 9>possible time to doing. His cabinet have been struggling for

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<v Speaker 9>weeks to show a united front. Donald Trump's threat to

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<v Speaker 9>slap twenty five percent tariffs on Canadian goods the president elected,

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<v Speaker 9>giving some hope to New York City Mayor Eric Adams.

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<v Speaker 9>Donald Trump was asked if he pardoned Adams, who's been

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<v Speaker 9>indicted on federal corruption charges.

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<v Speaker 4>Yeah, I would certainly look at it.

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<v Speaker 9>Bloomberg TV. Yesterday, Adams painted himself as a victim.

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<v Speaker 6>President Biden stated that his Justice Department has been politicized.

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<v Speaker 6>President Trump said that I said that.

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<v Speaker 9>Adams said he's moving forward and committed to running for

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<v Speaker 9>re election. We'll have more of his interview in a

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<v Speaker 9>few minutes. A major earthquake and Vanatu appears to have

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<v Speaker 9>damaged buildings in the Pacific onland Nation. The seven point

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<v Speaker 9>three magnitude quake strunk about nineteen miles from Vanadou's capital.

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<v Speaker 9>The US embassy has attained considerable damage. It's closed until

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<v Speaker 9>further notice. The y Shape Archipelago and the South Pacific

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<v Speaker 9>is home to about three hundred and thirty thousand people.

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<v Speaker 9>Global News twenty four hours day, whenever you wanted with

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<v Speaker 9>Bloomberg News. Now, I'm John Tucker and this is Bloomberg Karen.

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<v Speaker 1>All right, John, thank you time now for the Bloomberg

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<v Speaker 1>Sports update, brought to you by Tri State Outy. Here's

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<v Speaker 1>John Stashauer.

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<v Speaker 10>John, Good morning, Jim Morning Karen's been quite a season

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<v Speaker 10>in Minnesota. Vikings went just seven and ten last year

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<v Speaker 10>and drafted a new quarterback. JJ McCarthy got hurt, so

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<v Speaker 10>the Vikes turned to the journeyman Sam Donald and he's

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<v Speaker 10>been terrific. Ost in Chicago, Donald of the Vikings struck

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<v Speaker 10>in the first quarter. Reaction from Donaldson touchdown, Jefferson.

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<v Speaker 4>Shout out to Randy Boss after the.

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<v Speaker 8>Touchdown from Justin Jefferson his.

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<v Speaker 10>Eighth of the year, esping the call Randy Moss, the

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<v Speaker 10>former Vikings great, just reveal the s cancer in Minnesota

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<v Speaker 10>went on to win thirty to twelve, Now twelve and two.

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<v Speaker 10>With seven wins in a row and with Detroit's last Sunday,

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<v Speaker 10>there's a tie for first. In the NFC North. Atlanta

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<v Speaker 10>won in Las Vegas fifteen to nine Falcons and the

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<v Speaker 10>four game losing Streek. They're one game out. In the

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<v Speaker 10>NFC South, the Raiders are two and twelve. They're tied

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<v Speaker 10>with the Giants for the NFL's worst record. Kansas City

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<v Speaker 10>has the best at thirteen and one, hosting Houston Saturday.

0:10:12.480 --> 0:10:15.839
<v Speaker 10>May not have Patrick Maholmes has a mild high ankle

0:10:15.880 --> 0:10:18.120
<v Speaker 10>sprain there's no reason to think he won't be fine

0:10:18.480 --> 0:10:21.439
<v Speaker 10>for the playoffs. Blowout at Barkley's. Cleveland's got the NBA's

0:10:21.440 --> 0:10:24.320
<v Speaker 10>best record twenty three and four calves up by twenty

0:10:24.360 --> 0:10:26.199
<v Speaker 10>in the first quarter. They beat the Nets one thirty

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<v Speaker 10>to one oh one in Vegas. Tonight, it's Milwaukee and

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<v Speaker 10>Oklahoma City in the nd season NBA Cup Final. John

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<v Speaker 10>Stanshaward Bloomberg Sports, Karon.

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<v Speaker 1>Nathan all Right, John, thank you on Bloomberg day Break.

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<v Speaker 1>Brown to you by Audi. Visit your Trent State AUDI

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<v Speaker 1>dealer today and get behind the wheel of the Audi

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<v Speaker 9>Around the world on Bloomberg dot Com and the Bloomberg

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<v Speaker 4>This is Bloomberg Daybreak.

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<v Speaker 2>Good Morning on Nathan Hagar. Donald Trump might not be

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<v Speaker 2>able to leave his legal issues fully behind him when

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<v Speaker 2>he returns to the White House next month. The New

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<v Speaker 2>York judge who's been overseeing the President elects hush money

0:11:03.480 --> 0:11:06.840
<v Speaker 2>case is leaving his felony convictions intact, though it's not

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<v Speaker 2>clear if the incoming President's going to have to face

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<v Speaker 2>sentencing over this for more and on all the political

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<v Speaker 2>headlines this morning. We are joined by Bloomberg News Senior

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<v Speaker 2>editor Bill Ferries. Bill, good morning. So where does this

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<v Speaker 2>decision leave the case now for President Electrump?

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<v Speaker 11>Well, good morning, Nathan. I mean it does leave it

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<v Speaker 11>in still a bit of a limbo. I mean Judge

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<v Speaker 11>Judge Murchon here in New York saying that basically the

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<v Speaker 11>immunity argument that Donald Trump and his lawyers have put

0:11:34.640 --> 0:11:38.360
<v Speaker 11>forward in this case really doesn't apply to this situation.

0:11:38.400 --> 0:11:40.480
<v Speaker 11>I mean, this is you know, you have to remember

0:11:40.600 --> 0:11:44.040
<v Speaker 11>back now it's almost eight years. This goes back to

0:11:44.080 --> 0:11:47.880
<v Speaker 11>the Stormy Daniel's case in the twenty sixteen election campaign.

0:11:48.760 --> 0:11:52.319
<v Speaker 11>Mrchon basically saying, none of the rulins from the Supreme

0:11:52.360 --> 0:11:55.720
<v Speaker 11>Court that deal with Donald Trump's immunity as president have

0:11:55.800 --> 0:11:59.360
<v Speaker 11>any bearing here. But the reality is that the you know,

0:11:59.400 --> 0:12:03.040
<v Speaker 11>the sentence is probably not going to happen or it's

0:12:03.080 --> 0:12:05.240
<v Speaker 11>going to be a lot of questions about whether he

0:12:05.280 --> 0:12:07.960
<v Speaker 11>could face even a fine at this point, which was

0:12:08.200 --> 0:12:11.320
<v Speaker 11>kind of the most likely scenario. So that's something that's

0:12:11.320 --> 0:12:13.120
<v Speaker 11>still going to play out. But it is a legal

0:12:13.160 --> 0:12:15.800
<v Speaker 11>setback for the president. It shows that there are some

0:12:16.080 --> 0:12:19.760
<v Speaker 11>limits to that immunity ruling that we got earlier this year.

0:12:19.880 --> 0:12:22.400
<v Speaker 2>Well, it doesn't seem like that legal cloud was much

0:12:22.480 --> 0:12:24.600
<v Speaker 2>of an impact for the President to elect. As he

0:12:24.600 --> 0:12:28.439
<v Speaker 2>held this wide ranging news conference at Amara Lago yesterday,

0:12:28.480 --> 0:12:31.040
<v Speaker 2>he really seemed to relish the President in waiting role.

0:12:32.040 --> 0:12:34.840
<v Speaker 11>Oh absolutely, I was putting down a list of everything

0:12:34.920 --> 0:12:37.120
<v Speaker 11>he hid in that. Besides, you know, there's TikTok and

0:12:37.200 --> 0:12:41.480
<v Speaker 11>return to office investments in the US pardons potentially for

0:12:41.559 --> 0:12:46.080
<v Speaker 11>the New York mayor the Iowa Polster. Going after that,

0:12:46.160 --> 0:12:48.480
<v Speaker 11>I mean, it was drones in New Jersey. I mean,

0:12:48.520 --> 0:12:51.480
<v Speaker 11>you can almost throw a dart at aboard and you'll

0:12:51.559 --> 0:12:55.320
<v Speaker 11>hit an issue that he raised there, But particularly of

0:12:55.360 --> 0:13:00.600
<v Speaker 11>interest was Ukraine and how his view that needs to

0:13:00.600 --> 0:13:03.560
<v Speaker 11>come to an end very quickly. Was very dismissive of

0:13:03.640 --> 0:13:07.360
<v Speaker 11>the idea that the US has allowed Ukraine to hit

0:13:07.440 --> 0:13:09.840
<v Speaker 11>targets deep within Russia, and he said there's got to

0:13:09.840 --> 0:13:10.640
<v Speaker 11>be a deal soon.

0:13:11.080 --> 0:13:12.920
<v Speaker 2>Well you have to wonder though, whether there's going to

0:13:12.960 --> 0:13:15.520
<v Speaker 2>be a deal with this latest development just this morning

0:13:15.559 --> 0:13:19.199
<v Speaker 2>that Ukraine's claiming responsibility for the assassination of a top

0:13:19.280 --> 0:13:20.880
<v Speaker 2>Russian general in Moscow.

0:13:20.920 --> 0:13:24.400
<v Speaker 11>Bill, Yeah, we're looking at still all just breaking in

0:13:24.440 --> 0:13:27.480
<v Speaker 11>the last hour or so, Ukraine's saying that it was

0:13:27.520 --> 0:13:30.880
<v Speaker 11>behind the killing of this lieutenant general who helped oversee

0:13:31.800 --> 0:13:38.079
<v Speaker 11>Russia's radiological, chemical and biological defense forces in an explosion

0:13:38.320 --> 0:13:41.760
<v Speaker 11>in Moscow early. We don't know what the ramifications of

0:13:41.800 --> 0:13:44.840
<v Speaker 11>that are going to be, how Putin might respond, but

0:13:44.920 --> 0:13:48.240
<v Speaker 11>it's certainly a sign that continues to be ways for

0:13:48.360 --> 0:13:50.360
<v Speaker 11>both sides to escalate in this conflict.

0:13:50.520 --> 0:13:53.920
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