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Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg

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Speaker 1: Daybreak for Wednesday, November two. Coming up this hour, Wall

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Speaker 1: Street awaits a highly anticipated speech from J. Powell. China

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Speaker 1: appears to be taking a softer public stance against COVID restrictions.

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Speaker 1: Congress was to prevent a possible rail strike, and Disney

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Speaker 1: says management and strategy changes could come at a cost

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Speaker 1: because suspicious powder was found in the New York Midtown hotel,

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Speaker 1: Whilst the same sex marriage bill head to the House

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Speaker 1: after Senate passage. I'm Michael barr More ahead, I'm John

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Speaker 1: standards fours easy win for the Knicks, Islanders lost, eh,

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Speaker 1: John's one in the US advances at the World Cup.

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Speaker 1: That's all straded ahead on Bloomberg Daybreak on Bloomberg he

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Speaker 1: Live in Free on New York, Bloomberg one, Washington, d C,

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Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and

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Speaker 1: Francisco Sirius x AM one nineteen and around the world

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Speaker 1: Old on Bloomberg Radio dot Com and the Bloomberg Business app.

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Speaker 1: Good morning, I'm Nathan Hagar and I'm John Tucker. Bloomberg

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Speaker 1: Daybreak being brought to you by b n Y Balance.

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Speaker 1: Pershing learned why the world's most sophisticated wealth management and

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Speaker 1: institutional firms rely on Pershing to help them improve profitability,

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Speaker 1: create efficiency, attract talent, and manage risk at pershing dot Com.

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Speaker 1: And futures are moving a bit higher this morning. It's

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Speaker 1: six oh one on Wall Street, and we checked the

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Speaker 1: markets every fifteen minutes during the trading day. On Bloomberg,

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Speaker 1: SMP futures are up six points, Staff futures up fifteen,

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Speaker 1: NASTAC futures are higher by forty points. The ten Your

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Speaker 1: Treasury is up four thirty seconds the old three point

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Speaker 1: seven two percent yield on the two year four point

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Speaker 1: four seven percent. Nim X screwed is up two point

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Speaker 1: four percent at eighty dollars nine cents of barrel, and

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Speaker 1: comex golds up a half percent at seventeen seventy ounce.

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Speaker 1: John and Nathan, we begin with a highly anticipated speech

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Speaker 1: by the FED chair j Pal. It takes place right

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Speaker 1: in the middle of today's trading. I just get a

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Speaker 1: preview from Bloomberg Economics, corresponded Michael McKee. When the Fed

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Speaker 1: Chairman speaks, he usually moves markets, Probably not this time,

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Speaker 1: though investors have firmly priced in a half percentage point

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Speaker 1: increase in the Fed's target rate, and none of the

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Speaker 1: Fed speakers in recent weeks has taken issue with that.

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Speaker 1: What j Powell may want to do is set some

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Speaker 1: guidelines for the new FED guidance on rates coming December fourteen.

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Speaker 1: There's general agreement among policymakers the ultimate level of the

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Speaker 1: target rate will be higher than their last forecast of

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Speaker 1: four point six percent. Markets now see it at five.

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Speaker 1: Pouell could offer guidance on whether that's about right and

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Speaker 1: about how long it would take the Fed to get there.

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Speaker 1: Michael McKee, Bloomberg Daybreak. All right, thanks Michael, and Bloomberg

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Speaker 1: Radio and Television will bring you live coverage of Pound

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Speaker 1: speech this afternoon. You can catch that around one thirty

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Speaker 1: pm All Street Time. Go ahead of the speech, John,

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Speaker 1: we continue to hear tough talk on interest rates from

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Speaker 1: Fed speakers. Let's get the latest live with Bloomberg. Steve

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Speaker 1: Rappaport to morning Steve, Good morning, John, and Nathan St. Louis.

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Speaker 1: FED President Jim Bullard estimates an interest rate of at

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Speaker 1: least four point nine percent would be needed to bring

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Speaker 1: inflation down next year, but former New York Fed president

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Speaker 1: and Bloomberg opinion columnist Bill Dudley predicts an even higher

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Speaker 1: rate in the short term. But I think once we

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Speaker 1: get you know, five and a quarter, five and a half,

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Speaker 1: and they felt the relent, they'll just stid sit there

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Speaker 1: and wait for that restrict of Montreal policy to slow

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Speaker 1: the coming down generate more slack in the layer market.

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Speaker 1: The FETE is expected to announce another rate hike next month.

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Speaker 1: Live in New York, I'm Steve Rappaport Bloomberg day Break.

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Speaker 1: All right, thanks Steven, and let's turn to ecoic news.

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Speaker 1: Out of Asia. Data show COVID restrictions are continuing to

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Speaker 1: hamper growth for the Chinese economy. At Bloomberg Daybreak, Asia

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Speaker 1: anchor Brian Curtis has more from Hong Kong tough COVID

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Speaker 1: restrictions on consumers and businesses. Weight on activity. The official

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Speaker 1: p m I fell to forty eight this month. That's

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Speaker 1: the lowest reading sents April, and worst than the estimate

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Speaker 1: of forty nine in the Bloomberg survey. The non manufacturing

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Speaker 1: index declined to forty six point seven from forty eight

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Speaker 1: point seven. You know over that was also lower than estimated.

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Speaker 1: About a quarter of China's total GDP is said to

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Speaker 1: be affected by COVID lockdowns. Brian Curtis, Bloomberg day Break

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Speaker 1: and Brian, thank you. In China maybe starting to adact

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Speaker 1: a softer stance on COVID restrictions. Stories of people who

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Speaker 1: survived infections are popping up in state run media. That's

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Speaker 1: something that hadn't been published previously. And local governments are

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Speaker 1: now vowing to prioritize the public over COVID control. And

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Speaker 1: The People's Daily, a mouthpiece for the Communist Party, is

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Speaker 1: urging citizens to take responsibility for their own health. And

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Speaker 1: it's the last trading day of the month. And November

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Speaker 1: was pretty good for Chinese stocks listed in the US

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Speaker 1: the rough. If that level holds today, it would be

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Speaker 1: the best month ever. It's also been a good run

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Speaker 1: for global bonds. They added a record two point eight

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Speaker 1: trillion dollars in market value in November. All right, let's

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Speaker 1: turn to politics now. John Congress is moving quickly to

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Speaker 1: prevent a possible rail workers strike. We get the details

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Speaker 1: from Amy Morris in our Bloomberg Washington newsroom. There will

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Speaker 1: be two votes in the House today. The first vote

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Speaker 1: is on a bill to avert the strike by passing

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Speaker 1: the tentative agreement. The second would be an up or

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Speaker 1: down vote on whether to add seven days of paid

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Speaker 1: sickly for railroaders. Lawmakers are reluctantly intervening to avoid what

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Speaker 1: would be a devastating blow to the nation's economy if

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Speaker 1: the supply chain of fuel, food, and other critical goods

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Speaker 1: were disrupted. Once it passes the House, the bill heads

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Speaker 1: to the Senate for consideration. The deadline foreign agreement is

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Speaker 1: December nine. In Washington, I'm Amy Morris, Bloomberg Daybreak. All right, Amy, Thanks.

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Speaker 1: Also in Washington today, lawmakers are getting a visit from

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Speaker 1: Apple's CEO Tim Cook, where it's only plans to meet

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Speaker 1: with top Republican lawmakers, and Bloomberg's Ed Baxter has the story.

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Speaker 1: The aim, according to Bloomberg sources, is to forge ties

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Speaker 1: with GOP leadership ahead of the party's take over the

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Speaker 1: House next year. He has scheduled sessions with Republican representatives

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Speaker 1: Jim Jordan, darryl Issa and Kathy McMorris. Rogers, Jordan and

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Speaker 1: McMorris Rodgers are likely to share top committees overseeing the

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Speaker 1: tech industry. When the GOP does take over. The meetings

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Speaker 1: were likely scheduled before the exchange of messages between Cook

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Speaker 1: and elon Muska Twitter. Several conservative Republicans, including Jordan's, have

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Speaker 1: been very critical of Apple, and Jordan has become a

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Speaker 1: Musk supporter in San Francisco. I'm at Baxter, Bloomberg Daybreak alright,

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Speaker 1: and thanks in The shakeup continues at Disney after Bob

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Speaker 1: Iger's reinstatement of CEL, the company now says changes to

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Speaker 1: its management and strategy could come at a cost more

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Speaker 1: from Bloomberg stud Prisner. Returning CEO, Bob Iger recently told

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Speaker 1: staff he's considering changes to the company's management structure, and

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Speaker 1: a regulatory filing shows plans may include modifying the way

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Speaker 1: Disney releases and exhibits movies and TV shows, including the

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Speaker 1: platforms for initial distribution. As a result, Disney says once

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Speaker 1: determined that changes could result in imparament charges. Changes in

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Speaker 1: consumer behavior favor online platforms. However, streaming services are struggling

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Speaker 1: to turn a profit. Last year, Disney lost four billion

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Speaker 1: dollars on its online TV businesses. In New York, I'm

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Speaker 1: do Prisoner, Bloomberg Daybreak Alright, Thanks a lot, and ahead

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Speaker 1: of the cashop and on Wall Street, futures for now

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Speaker 1: in the green, the down futures up nine points SMP

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Speaker 1: in many futures six points higher. That's of about two

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Speaker 1: tents of a percent right now. And then as they

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Speaker 1: emnid futures up thirty seven points, a rise of three

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Speaker 1: tents of percent. You're listening to Bloomberg Daybreak and it's

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Speaker 1: now six or seven on Wall Street. Let's bring in

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Speaker 1: Michael barn now to find out what else is going

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Speaker 1: on to New York and around the world, John, thank

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Speaker 1: you very much. New York City Mayor Eric Adams is

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Speaker 1: directing police and city medics to be more aggressive about

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Speaker 1: getting severely mentally ill people off the streets and subways

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Speaker 1: into treatment. Adams says, that's the case, even if it

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Speaker 1: means involuntarily hospitalizing some people who refuse care. We can

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Speaker 1: no longer deny the reality that untreated psychosis can be

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Speaker 1: a cruel, in all consuming condition that often requires involuntary intervention.

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Speaker 1: The mayor's announcement was condemned as wrongheaded by some civil

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Speaker 1: rights groups and advocates for the homeless. The NYPD is

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Speaker 1: searching for a man who got into the park Hyeh

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Speaker 1: at hotel in Manhattan and left behind a suspicious white

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Speaker 1: powdery substance. Police say departing guests dropped a hotel room

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Speaker 1: key on the street, and someone snuck into the unoccupied

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Speaker 1: hotel room and spent the night. A cleaning worker reported

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Speaker 1: being sickened by the substance left behind in the room.

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Speaker 1: Assistant Chief James McCarthy of the NYPD fight uproble and

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Speaker 1: swapped various surfaces of the room, which initially indicated that

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Speaker 1: it was there was a possible trace of amount of

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Speaker 1: explosive substance. Assistant Chief McCarthy says the powder tested negative.

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Speaker 1: The Senator has passed landmarked bipartisan legislation to protect same

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Speaker 1: sex and interracial marriages. Senate Majority Leader Chuck Schumer. What

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Speaker 1: a great day, What a great day. The bill now

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Speaker 1: goes to the House where it's expected to pass. Demonstrations

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Speaker 1: took place in New York City to support protesters in

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Speaker 1: China against rigid zero COVID policies. I am seeing Chinese

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Speaker 1: people stand up for themselves. How I wish them the

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Speaker 1: best in their fight for freedom and democracy. Demonstrations took

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Speaker 1: place near New York City's Chinese consulate and also at

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Speaker 1: Harvard University. Closing arguments are slated for tomorrow involving former

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Speaker 1: President Trump and his company's criminal fraud in the tax case.

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Speaker 1: Long time Trump Organization finance chief Alan Weislberg testified in

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Speaker 1: the case that prosecutors say involved avoiding taxes on company

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Speaker 1: pay perks, including an apartment and luxury cars. The Christmas

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Speaker 1: Tree lighting is tonight in Rockefeller Center. Last night, members

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Speaker 1: of Congress gathered to light the Capitol Christmas Tree. Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Bloomberg quick Take, powered by more than journalists and antalyists

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Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberg,

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Speaker 1: John Michael, thank you, and he's six till Street. It's

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Speaker 1: signed out for the Sports report being brought you by

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Speaker 1: a Trice State out of good Morning, John stanns morning,

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Speaker 1: John rayre laughter for the next. In Detroit, forty point

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Speaker 1: first quarter, they scored at least thirty and other three.

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Speaker 1: They won by thirty one forty one ten. Julius Randa

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Speaker 1: led the way thirties six points and they played thirty

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Speaker 1: one minutes and Dallas Luke Dons at forty one points

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Speaker 1: a triple double. The man has been Golden State. They

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Speaker 1: defending NBA Champs just to and ten on the road.

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Speaker 1: Islanders lost in Philadelphia three to one. St. John's easy

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Speaker 1: window er l i U in the Red Storm now

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Speaker 1: eight No, it looks like a long season. At Syracuse,

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Speaker 1: the Orange is three and four. They lost by twenty

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Speaker 1: nine in Illinois. It's the last weekend of the college

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Speaker 1: football regular season. Georgia, Michigan, tc U, and USC are

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Speaker 1: all playing conference championship games and if they win, they'll

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Speaker 1: be the four teams in the playoff. The committee has

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Speaker 1: them as the top four. Ohio State after the lost

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Speaker 1: in Michigan drop from second to fifth. Giants getting healthy

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Speaker 1: at the right time, big games if they want to

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Speaker 1: make the playoffs. Starting Sunday against red hot Washington, and

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Speaker 1: the Giants could be getting several starters back from injury,

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Speaker 1: including rookie tackle Evan Neil and rookie tight end Daniel Bellinger.

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Speaker 1: Has the US World Cup team gets ready for its

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Speaker 1: games Saturday morning against the Netherlands. All eyes on Christian Polistics.

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Speaker 1: Pelvis suffered a contusion in the collision with the Iranian

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Speaker 1: goalie as he scored the only goal in that window.

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Speaker 1: We're on ballistic post and don't worry. I'll be ready.

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Speaker 1: As US teammate is Eunice Musa and brings a lot

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Speaker 1: to the team. Great guy off the field, very good,

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Speaker 1: nice guy. And then on the field everyone everyone sees

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Speaker 1: his brilliance. Um, he's the right time, in the right space.

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Speaker 1: So I mean, um no, very very happy that he's

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Speaker 1: my teammate. It's a young US team and Musa is

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Speaker 1: the youngest. He was born in the Bronx and yesterday

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Speaker 1: he played on his twentieth birthday. John Stashar, Bloomberg Sports.

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Speaker 1: John John, thanks very much and handed the open on

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Speaker 1: Wall Street. Dal futures they just turned red down. Free

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Speaker 1: points has to be e many futures four points higher

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Speaker 1: and the instant futures are up thirty points. You are

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Speaker 1: listening the Bloomberg Game three and the Bloomberg Sports Report,

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Speaker 1: headlines and breaking news. Twenty four hours a day at

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Speaker 1: Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg

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Speaker 1: Quick Tape. This is a Bloomberg Business flash. Nathan Hagar

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Speaker 1: futures are edging just a bit higher this morning. The

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Speaker 1: dollar is slipping ahead of Fed Chair Powell's speech this afternoon.

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Speaker 1: We checked the markets every fifteen minutes during the trading day.

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Speaker 1: On Bloomberg SMP futures right now are up five point,

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Speaker 1: Staff futures up ten, Nasdaq futures higher by twenty nine points.

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Speaker 1: The tenure Treasury is up four thirty seconds the old

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Speaker 1: three point field on the two year four point four

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Speaker 1: seven percent. Nimex scruge moving higher, up two point six percent,

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Speaker 1: or two dollars five cents, eighty dollars cents of baril

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Speaker 1: for West Texas Intermedia now comex stoled up a half

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Speaker 1: per center, nine dollars twenty cents at seventy nine announced.

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Speaker 1: The euro one point zero three five zero against the dollar.

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Speaker 1: The yen is at one thirty eight point nine three.

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Speaker 1: Bitcoins up two point six percent at sixteen thousand, almost

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Speaker 1: sixteen thousand, nine hundred dollars. That's a Bloomberg Business flash.

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Speaker 1: And now here's Michael Barr with more on what's going

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Speaker 1: on around the world. Michael, thank you very much. Nathan

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Speaker 1: China's ruling Communist party has vowed to resolutely crack down

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Speaker 1: on infiltration and sabotage activities by hostile forces. The statement

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Speaker 1: follows the largest street demonstrations in decades over strict anti

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Speaker 1: virus restrictions. The House will vote next week on the

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Speaker 1: same sex marriage bill the Senate passed yesterday with bipartisan support.

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Speaker 1: In the NBA, the next one, the Warriors lost in

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Speaker 1: the NHL, The Islanders lost the Bruins and Capitals one

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Speaker 1: at the World Cup. The US now faces the Netherlands Saturday.

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Speaker 1: After beating around one nil global news twenty four hours

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Speaker 1: a day on air and on Bloomberg Quick Take, powered

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Speaker 1: by more than twenty seven hundred journalists and analysts more

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Speaker 1: than a hundred twenty countries. I'm Michael Barr, and this

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Speaker 1: is Bloomberg, John, Michael, thank you, six nineteen on Little Street.

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Speaker 1: We are lying from the Bloomberg Interactor Broker's studios. This

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Speaker 1: is Bloomberg Daybreak fed Share Jerome Powell discusses the economy

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Speaker 1: and labor market during an event hosted by the Brookings

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Speaker 1: Institution in Washington, and investors are looking for any hint

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Speaker 1: of a moderation in interest rates. Let's find out more

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Speaker 1: from Bloomberg's Mike McKee. He joins us this morning from

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Speaker 1: the Nation's capital. UM. FED members haven't speaking lately. I'm

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Speaker 1: not sure Mr Market has been listening, Mike. When it

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Speaker 1: comes to the fedch here, Jerome Powell, they kind of

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Speaker 1: have to listen, kind of sit up and take notice. Yeah,

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Speaker 1: it's like you're all box your ears. UM. I don't

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Speaker 1: think Jay Pal is gonna box anyone's ears today, but

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Speaker 1: he would like to sort of stop a slide in

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Speaker 1: financial conditions that has gotten underway in recent weeks as

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Speaker 1: markets have improved a lot. The interesting question is why

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Speaker 1: markets have improved a lot. Do they think it's because

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Speaker 1: the FED is going to suddenly start cutting rates because

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Speaker 1: we're going into recession, or do they think that inflation

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Speaker 1: is going to come down faster? Uh. Fan can't do

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Speaker 1: anything about what Mr Market thinks, but they can give

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Speaker 1: some guidance as to what they think. And I think

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Speaker 1: I think that what will probably see today is Poul

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Speaker 1: reiterating as you mentioned, what a lot of other FED

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Speaker 1: officials have been saying lately, we may do a fifty

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Speaker 1: basis point move, which is slightly lower than the seventy

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Speaker 1: we did the last four meetings. But we're not stopping yet.

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Speaker 1: We're gonna keep raising rates. So, uh, keep your sheet

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Speaker 1: belts buckled. What's your definition of a pivot? I think

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Speaker 1: if I were defining it, it would be the FED

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Speaker 1: would stop raising rates. We'd be into a different regime

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Speaker 1: a hold hold rates for ex period of time around

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Speaker 1: than just slowing the pace of increase to fifty basis points,

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Speaker 1: because that's still that's still a lot. I mean Historically, uh,

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Speaker 1: those a fifty basis point move was considered rare. Now

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Speaker 1: for some people in the markets, that's considered the Fed

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Speaker 1: turning dove. Yeah, slowish, slowing the pace is a doubbish tone.

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Speaker 1: That's kind of a that's a new take on things. Um,

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Speaker 1: does Jerome Pale have to torpedo the labor market? This

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Speaker 1: is a speech that is also going to take up

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Speaker 1: the the the labor market as well. Right, Yes, he's

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Speaker 1: say speaking on the labor market very timely, since the

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Speaker 1: jobs report is on Friday, we get the Jolts report

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Speaker 1: later this morning, which he'll have in hand when he speaks,

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Speaker 1: And that's been the fed's fundamental argument that the labor

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Speaker 1: market is so tight because there are so many jobs open,

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Speaker 1: that they don't have to torpedo the labor market to

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Speaker 1: get where they need to go. They need to unemployment

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Speaker 1: a little bit higher as demands slows, but they don't

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Speaker 1: think they need to go anywhere near recession levels. Now

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Speaker 1: the jury is out on that. History says they can't

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Speaker 1: do it. But history has been no good guide to

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Speaker 1: where we are coming out of this pandemic. So educated,

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Speaker 1: where is the inflation coming from? What's the source? Well,

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Speaker 1: it's widespread, and that's the fans problem. Now. Originally it

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Speaker 1: was in the so called transitory areas UH used cars,

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Speaker 1: airline fares, things that had been repressed during the UM pandemic,

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Speaker 1: and we're in short supply and therefore the price went up.

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Speaker 1: But then it started to broaden out. We got the

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Speaker 1: energy shock from the Russian invasion, we got UH. Basically

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Speaker 1: the service industries for the most part, everybody but particularly

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Speaker 1: shervis industries had trouble hiring workers, so they had to

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Speaker 1: raise pay or offer bonuses, and they raised prices to

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Speaker 1: accommodate that, and so it's been a broad base change

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Speaker 1: and that's that's the feds frustration is the some of

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Speaker 1: the tools that well, they have only really the one

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Speaker 1: tool of raising industrates don effects of that doesn't affect energy.

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Speaker 1: Isn't going to significantly slow hiring UH in the case

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Speaker 1: that we're seeing now where it's a shortage of workers

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Speaker 1: as opposed to UH slowing of demand. What's the market

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Speaker 1: betting on the terminal rate? Where when they're going to

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Speaker 1: stop raising rates? And does J Powell today have to

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Speaker 1: adjust that view for the markets? But I think he'd

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Speaker 1: like to adjust the view. He's been saying it since

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Speaker 1: the last press conference on November two, that the terminal

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Speaker 1: rate is going to go higher, and the market has

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Speaker 1: pushed it up to roughly five percent right now. Some

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Speaker 1: members of the Fed thing that need to go a

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Speaker 1: little farther than that five and a quarter percent to

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Speaker 1: five and a half percent. But I don't think anybody

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Speaker 1: at the FED is locked in on that yet. I

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Speaker 1: think five percent they would tell you they're pretty much

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Speaker 1: locked in on, and they'll get closer to it at

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Speaker 1: the next meeting. But beyond that, it will depend on

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Speaker 1: the evolution of the economy. And I think Powell will

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Speaker 1: make the case that we're not where we need to be.

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Speaker 1: We will be going higher, but we can't put a

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Speaker 1: number on it yet remind everybody where we are. Since

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Speaker 1: we're so data dependent, what is the data telling us? Lightly?

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Speaker 1: Data telling us lately that the economy is still in

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Speaker 1: pretty good shape. I mean, we do get a new

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Speaker 1: jobs report this week. Indications are it will still reflect

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Speaker 1: strength in the labor market and that has contributed to

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Speaker 1: strength over all. That and the cash cushion people built

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Speaker 1: up during the pandemic have provided a cushion to demand.

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Speaker 1: People have been spending down what they have and they

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Speaker 1: also been spending their newly higher paychecks, and that's keeping

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Speaker 1: things going. We're seeing reasonable retail sales, they haven't significantly

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Speaker 1: dropped off a cliff, and we're seeing companies continue to spend.

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Speaker 1: Michael Supplies appreciated. Bloomberg's Mike McKee joining us line from

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Speaker 1: Washington this morning and Bloomberg Radio and TV. We'll carry

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Speaker 1: Jerome pal speech live that starts to right around one

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Speaker 1: three walls free time. You're listening to Bloomberg day Break

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Speaker 1: and day Break brought you by the Jewish Communal Fund

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Speaker 1: and around the globe the Bloomberg Business at and Bloomberg

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Speaker 1: Radio dot com. This is Bloomberg day Break and A

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Speaker 1: six thirty on Wall Street. Good morning, I'm John Tucker.

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Speaker 1: I'm Nathan Hager. We're about three hours from the open

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Speaker 1: of US training. Time for the five things you need

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Speaker 1: to know to start your day. Brought to you by

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Speaker 1: I b k R Investment in Eiser switched to Interactive

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Speaker 1: ib KR dot com slash r I A we await

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Speaker 1: remarks from FED chair J Pal Right in the middle

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Speaker 1: of the trading day. Bloomberg's Michael McKee has more on

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Speaker 1: what to expect which j Powell. Do the markets get.

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Speaker 1: Do they get the one who came out on November

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Speaker 1: two at the end of the last FED meeting and

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Speaker 1: was hawkish at least that's how his remarks were interpreted.

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Speaker 1: Or do we get kind of the Fed speak that

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Speaker 1: we got out of the minutes last week. Probably he's

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Speaker 1: going to lay the predictor for a fifty basis point move.

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Speaker 1: Bloomberg's Mike McKee says. Powe will also discuss the labor

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Speaker 1: market ahead of Friday's jobs report. Bloomberg Radio and Television

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Speaker 1: will bring you j Pal's full speech live around one

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Speaker 1: thirty pm today, will Street Time and Nathan. At the

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Speaker 1: same time, we continue to hear hawkish remarks coming out

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Speaker 1: of the Fed, and Bloomberg Steve Rappaport joins us live

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Speaker 1: with the tails on that. Steve, Good morning, Good morning, John,

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Speaker 1: and Nathan St. Louis. FED President Jim Bullard says even

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Speaker 1: higher rates are vital to further combatant inflation. He estimates

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Speaker 1: a rate of at least four point nine percent in

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Speaker 1: the short term, but a former FED colleague thinks that's

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Speaker 1: not enough. Former New York Bed President, then Bloomberg opinion

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Speaker 1: columnist Bill Dudley predicts the Central Bank will pause to

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Speaker 1: assess the situation once interest rates reads five and a

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Speaker 1: quarter to five and a half percent. Live in New York,

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Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, thank you.

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Speaker 1: Turning overseas now, we may be starting to see a

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Speaker 1: softening COVID stance by the Chinese government. Stories of people

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Speaker 1: who have survived infections are popping up in state run media,

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Speaker 1: and local governments are vowing to prioritize the public over

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Speaker 1: COVID control, and the virus restrictions continue to hurt China's economy.

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Speaker 1: The latest pm I did it came in at its

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Speaker 1: lowest reading since April. The Non Manufacturing index also dipped,

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Speaker 1: and it's believed about a quarter of China's total GDP

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Speaker 1: is impacted by the COVID lockdown. Back here in the US,

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Speaker 1: John Congress is moving to prevent a possible rail workers strike.

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Speaker 1: Senate Minority Whip John Thune of South Dakota discussed President

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Speaker 1: by an urging Congress to intervene. It's something that the

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Speaker 1: President needs to own. The Presidential Emergency Board, which he created,

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Speaker 1: came up with a series of recommendations, and that is

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Speaker 1: what everybody sort of agreed upon, with the exception of

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Speaker 1: one union. So we would like to see them resolve

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Speaker 1: it without having Congress have to act send a minority

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Speaker 1: with John Thune made the comments on Bloomberg Sound on

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Speaker 1: which air's weekdays at five pm. Wall Street Time on

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Speaker 1: Bloomberg Radio. That's the five things you need to know

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Speaker 1: to start your day, brought to you by Interactive Brokers,

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Speaker 1: SMP futures up four points, staff Futures up one, NASTAC

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Speaker 1: Futures up twenty nine points, straight ahead, your latest local headlines,

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Speaker 1: and a check off sports. This is Bloomberg. Thanks Nathan

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Speaker 1: wall Street. Good morning. I'm John Tucker. Let's get an

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Speaker 1: update on news from around the world, and New York

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Speaker 1: came for that. Here's Bloomberg's Michael Barnes, Jeahn, thank you

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00:23:48,680 --> 00:23:51,800
Speaker 1: very much. Sair. New York City plans to hospitalize more

429
00:23:51,880 --> 00:23:56,840
Speaker 1: mentally ill people, even involuntarily. Mayor Eric Adams says it's

430
00:23:56,840 --> 00:23:59,840
Speaker 1: a push to remove them from the streets and subways.

431
00:24:00,320 --> 00:24:05,120
Speaker 1: If severe mental illnesses causin some went to be unsheluted

432
00:24:05,760 --> 00:24:10,000
Speaker 1: and a danger to themselves. We have a moral obligation

433
00:24:10,119 --> 00:24:14,040
Speaker 1: to help them get the treatment and care they need.

434
00:24:14,480 --> 00:24:18,719
Speaker 1: Mayor Adams says they will focus on action, care and prevention. However,

435
00:24:18,760 --> 00:24:22,680
Speaker 1: the mayor's announcement was condemned as wrongheaded by some civil

436
00:24:22,760 --> 00:24:25,560
Speaker 1: rights groups and advocates for the homeless. There was a

437
00:24:25,600 --> 00:24:29,520
Speaker 1: strange hotel bomb scare in New York City yesterday. Police

438
00:24:29,520 --> 00:24:33,240
Speaker 1: say someone snuck into an unoccupied hotel room at the

439
00:24:33,280 --> 00:24:36,959
Speaker 1: Park Hyat and spent the night. Then a cleaning worker

440
00:24:37,080 --> 00:24:40,800
Speaker 1: reported being sickened by what was described as a suspicious

441
00:24:40,840 --> 00:24:44,360
Speaker 1: white substance left behind in the room. In my PD

442
00:24:44,440 --> 00:24:48,520
Speaker 1: Assistant Chief James McCarthy, the family had five keys and

443
00:24:49,040 --> 00:24:51,040
Speaker 1: they believed one of them them must have dropped and

444
00:24:51,119 --> 00:24:54,119
Speaker 1: he picked it up. Assistant Chief McCarthy says there was

445
00:24:54,160 --> 00:24:57,320
Speaker 1: a brief evacuation of the floor of the hotel. However,

446
00:24:57,480 --> 00:25:00,400
Speaker 1: the NYPDS has all tests for negative of the powder.

447
00:25:00,680 --> 00:25:03,720
Speaker 1: Police are now searching for the hotel intruders, suspected to

448
00:25:03,760 --> 00:25:07,320
Speaker 1: be a homeless man. The Senate pass legislation to enshrine

449
00:25:07,359 --> 00:25:11,040
Speaker 1: federal protection for same sex marriages with a bipartisan vote.

450
00:25:11,359 --> 00:25:14,920
Speaker 1: Senate Majority leader Chuck Schumer said the issue is personal

451
00:25:14,960 --> 00:25:18,120
Speaker 1: for him, as his daughter and her wife are expecting

452
00:25:18,119 --> 00:25:21,480
Speaker 1: a baby. That child will now grow up in a

453
00:25:21,760 --> 00:25:26,280
Speaker 1: more accepting, inclusive, and loving world, a world that will

454
00:25:26,359 --> 00:25:29,840
Speaker 1: honor their mother's marriage and give it the dignity it deserves.

455
00:25:30,240 --> 00:25:32,640
Speaker 1: The bill heads back to the House, where it's expected

456
00:25:32,680 --> 00:25:36,600
Speaker 1: to pass both keepers founders. Stewart Rhodes has been convicted

457
00:25:36,600 --> 00:25:40,400
Speaker 1: of seditious conspiracy for a violent plot to overturn President

458
00:25:40,440 --> 00:25:43,960
Speaker 1: Joe Biden's election during the January sixth Capital Riot. The

459
00:25:44,040 --> 00:25:47,320
Speaker 1: chairman of the House committee investigating the Capital assault said

460
00:25:47,400 --> 00:25:50,359
Speaker 1: the panel's final report would likely not be released until

461
00:25:50,440 --> 00:25:54,000
Speaker 1: late December, shortly before Republicans take control of the Chamber.

462
00:25:54,440 --> 00:25:58,240
Speaker 1: It's an effort underway to bring together Holocaust survivors and

463
00:25:58,440 --> 00:26:01,760
Speaker 1: their children. The New York Base Center for Jewish History

464
00:26:02,200 --> 00:26:06,320
Speaker 1: is launching the DNA Reunion Project, offering DNA testing kids

465
00:26:06,320 --> 00:26:10,240
Speaker 1: for free through an application on its website. Global News

466
00:26:10,240 --> 00:26:13,640
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,

467
00:26:13,880 --> 00:26:16,960
Speaker 1: powered by more than twenty seven hundred journalists and analyst

468
00:26:16,960 --> 00:26:20,200
Speaker 1: more than a hundred twenty countries. Michael Barr this is Bloomberg.

469
00:26:20,240 --> 00:26:27,040
Speaker 1: John Michael, thank you very much. It's six thirty six

470
00:26:27,160 --> 00:26:29,960
Speaker 1: on Wall Street. Time for the Bloomberg Sports Report, being

471
00:26:29,960 --> 00:26:34,359
Speaker 1: brought you by your trying State Alley dealers. Check in

472
00:26:34,440 --> 00:26:36,680
Speaker 1: now with John Stashower. Thanks John. Just what the Knicks

473
00:26:36,680 --> 00:26:38,320
Speaker 1: needed after a couple of tough losses at home. A

474
00:26:38,359 --> 00:26:40,679
Speaker 1: trip to play one of the NBA's worst team, the

475
00:26:40,680 --> 00:26:44,840
Speaker 1: Pistons are five and eighteen. Knicks in Detroit won one

476
00:26:45,480 --> 00:26:48,679
Speaker 1: to one than Julius Randall scored thirty six. Knicks continue

477
00:26:48,680 --> 00:26:50,320
Speaker 1: to be better on the road than at the Guarden.

478
00:26:50,359 --> 00:26:52,880
Speaker 1: Islanders lost in Philadelphia three to one. St. John's Bet

479
00:26:53,040 --> 00:26:55,800
Speaker 1: l i U by twenty seven. The Red Storm off

480
00:26:55,800 --> 00:26:58,160
Speaker 1: to an eight n OH start. The College Football Playoff

481
00:26:58,160 --> 00:27:02,439
Speaker 1: Committee has its top four as Georgia, Michigan, TCU, and

482
00:27:02,680 --> 00:27:06,800
Speaker 1: USC all four play conference championship games this weekend. Encouraging

483
00:27:06,840 --> 00:27:09,600
Speaker 1: news on the Giants injury front. As many as six

484
00:27:09,720 --> 00:27:13,280
Speaker 1: Giants who have been out could be returning for Sunday's

485
00:27:13,280 --> 00:27:15,720
Speaker 1: game with Washington. The US advancing at the World Cup

486
00:27:15,760 --> 00:27:17,600
Speaker 1: and three games really allowed one goal and that was

487
00:27:17,640 --> 00:27:20,399
Speaker 1: a penalty kick. There was one nil over on on

488
00:27:20,440 --> 00:27:23,280
Speaker 1: the Christian Polistic goal where he got injured didn't play

489
00:27:23,320 --> 00:27:26,919
Speaker 1: the second half. It's a pelvic contusion, polistic poster that

490
00:27:26,960 --> 00:27:29,560
Speaker 1: he'll be ready to play Saturday's Round of sixteen game

491
00:27:29,600 --> 00:27:32,880
Speaker 1: against the Netherlands. US has only reached the quarterfinals one

492
00:27:32,880 --> 00:27:36,400
Speaker 1: since nineteen thirty this Tiger Woods withdrew from this weekend's

493
00:27:36,400 --> 00:27:38,919
Speaker 1: World Zero Golf in the Bahamas with a foot injury.

494
00:27:38,960 --> 00:27:42,119
Speaker 1: He detailed his plans for the rest of his golfing career.

495
00:27:42,280 --> 00:27:44,320
Speaker 1: The goal is to play just the major championships and

496
00:27:44,359 --> 00:27:47,440
Speaker 1: maybe water two more. That's it. I mean, that's physically,

497
00:27:47,480 --> 00:27:49,280
Speaker 1: that's all I can do. And I told you that

498
00:27:49,280 --> 00:27:51,520
Speaker 1: guy's in the beginning of this year too. I mean

499
00:27:51,520 --> 00:27:54,200
Speaker 1: that's I don't have much left in this leaf. So

500
00:27:55,160 --> 00:27:58,080
Speaker 1: um gerel for the biggest ones and hopefully you know,

501
00:27:58,080 --> 00:28:00,719
Speaker 1: and livening catches on the bottle and I'm up there

502
00:28:00,760 --> 00:28:03,600
Speaker 1: in contention with a chance to win that I remember

503
00:28:03,600 --> 00:28:05,520
Speaker 1: how to do that. Who wasn't able to play three

504
00:28:05,520 --> 00:28:08,959
Speaker 1: of the four majors in john Sparish, I weren't Boomberg

505
00:28:08,960 --> 00:28:11,560
Speaker 1: Sports John all right, thanks a lot. John is now

506
00:28:11,920 --> 00:28:15,480
Speaker 1: six thirty seven on Wall Street, and it's time to

507
00:28:15,520 --> 00:28:17,000
Speaker 1: take a look at stocks. Some of the names that

508
00:28:17,000 --> 00:28:18,600
Speaker 1: are moving in the pre market. For that, we're joined

509
00:28:18,600 --> 00:28:21,879
Speaker 1: by Bloomberg, Radio and TV markets corresponded pretty gooped, it

510
00:28:22,200 --> 00:28:24,359
Speaker 1: is it me? I mean, have you noticed the number

511
00:28:24,440 --> 00:28:27,600
Speaker 1: of cyber breaches lately? The number of fishing attempts that

512
00:28:27,640 --> 00:28:32,000
Speaker 1: I get is another increased think it's just you. Um,

513
00:28:32,040 --> 00:28:34,800
Speaker 1: I've certainly felt like there has been increased. But look,

514
00:28:34,880 --> 00:28:37,160
Speaker 1: this is part of the technology, it's part of the evolution,

515
00:28:37,240 --> 00:28:40,920
Speaker 1: and it's something that's really pulling ahead cybersecurity stocks. So

516
00:28:41,000 --> 00:28:43,400
Speaker 1: I think that's what we're stocked with. Crowdstrikes specifically, so

517
00:28:43,440 --> 00:28:46,479
Speaker 1: they would be higher the cyber security stocks because of

518
00:28:46,520 --> 00:28:49,800
Speaker 1: all this. Yeah, because they're more in demand. But then

519
00:28:51,280 --> 00:28:54,920
Speaker 1: you look at CrowdStrike, what happened, Well, crowd Strikes c

520
00:28:55,280 --> 00:28:57,640
Speaker 1: r w D Folks is your taker. If you look

521
00:28:57,640 --> 00:29:00,719
Speaker 1: at the pre market is tumbling and really taking a hit,

522
00:29:00,760 --> 00:29:03,440
Speaker 1: as much as twenty percent in the pre market. This

523
00:29:03,520 --> 00:29:06,280
Speaker 1: comes after they came out with a revenue forecast that

524
00:29:06,320 --> 00:29:09,160
Speaker 1: missed their estimates. Now this is really interesting because the

525
00:29:09,200 --> 00:29:10,920
Speaker 1: background I think is important when it comes to a

526
00:29:10,960 --> 00:29:13,840
Speaker 1: lot of these cybersecurity stocks. Remember a lot of the

527
00:29:14,240 --> 00:29:17,920
Speaker 1: adoption was really picked up post pandemic and that's really

528
00:29:17,920 --> 00:29:20,640
Speaker 1: where you saw not just people going into cloud services

529
00:29:20,680 --> 00:29:23,720
Speaker 1: like Microsoft, like Amazon for example, but really hopping into

530
00:29:23,720 --> 00:29:26,800
Speaker 1: cybersecurity as well, because now they have an infrastructure that

531
00:29:26,920 --> 00:29:29,600
Speaker 1: needs to we'll be protected for like better term that

532
00:29:29,680 --> 00:29:33,720
Speaker 1: even that got amplified and magnified in March with the

533
00:29:33,720 --> 00:29:35,800
Speaker 1: war and when the war in Ukraine began. Russia has

534
00:29:35,840 --> 00:29:39,880
Speaker 1: a is a known expertise for a lot of like

535
00:29:39,920 --> 00:29:43,720
Speaker 1: cyber attacks for example, so post war in Ukraine, these

536
00:29:43,720 --> 00:29:46,800
Speaker 1: were the stocks actually performed really well, in line with

537
00:29:46,880 --> 00:29:49,760
Speaker 1: likes of Locky Martin Bowing, a lot of your traditional

538
00:29:50,080 --> 00:29:53,400
Speaker 1: event stocks. This morning, though tumbling, Like I said, revenue

539
00:29:53,400 --> 00:29:56,440
Speaker 1: forecast missing their estimates, and they said it's a slowdown

540
00:29:56,560 --> 00:30:00,320
Speaker 1: and annual recurring revenue, basically saying that people aren't going

541
00:30:00,360 --> 00:30:02,400
Speaker 1: to spend as much on cybersecurity as they have in

542
00:30:02,440 --> 00:30:04,640
Speaker 1: the past two years. But I would say it's kind

543
00:30:04,640 --> 00:30:06,400
Speaker 1: of meant to be almost you kind of see a

544
00:30:06,440 --> 00:30:09,040
Speaker 1: little bit of a pull back anyway, and spending across

545
00:30:09,080 --> 00:30:12,320
Speaker 1: the board and CrowdStrike is no exception. I'm getting the

546
00:30:12,360 --> 00:30:14,400
Speaker 1: feeling with the futures at least that we're kind of

547
00:30:14,560 --> 00:30:17,640
Speaker 1: on hold this morning. Would you agree with that assessment.

548
00:30:17,920 --> 00:30:20,080
Speaker 1: I think we are on hold this morning, up only

549
00:30:20,120 --> 00:30:21,800
Speaker 1: two tenths of one percent. The real game change is

550
00:30:21,840 --> 00:30:24,280
Speaker 1: going to be a Chairman Pal speaking at about one

551
00:30:24,440 --> 00:30:29,360
Speaker 1: thirty pm UM, and that could change everything from cyberstocks

552
00:30:29,400 --> 00:30:32,760
Speaker 1: to you have to like torpedo the market's given the

553
00:30:32,760 --> 00:30:35,400
Speaker 1: financial conditions. I don't think he has to. I think

554
00:30:35,400 --> 00:30:38,960
Speaker 1: it'll probably happen anyway. UM. But I think every time

555
00:30:39,040 --> 00:30:41,400
Speaker 1: Chairman Pal speaks after every FED meeting, what you see

556
00:30:41,480 --> 00:30:43,560
Speaker 1: is that it's a complete You have this kind of immediate,

557
00:30:43,640 --> 00:30:47,040
Speaker 1: volatile market reaction, and then within twenty four hours the

558
00:30:47,160 --> 00:30:50,520
Speaker 1: entire thing reverses because everybody else is waiting for a pivot.

559
00:30:50,640 --> 00:30:53,960
Speaker 1: Whatever that means. I mean, I think I guess maybe

560
00:30:54,000 --> 00:30:56,040
Speaker 1: if you want it bad enough, it'll manifest. Who knows

561
00:30:57,120 --> 00:31:01,720
Speaker 1: we're wishing for it. Bloomberg Radio and TV Market squaresponded

562
00:31:02,000 --> 00:31:04,280
Speaker 1: Kritty grufta, what is it pleasure to see you? Thank

563
00:31:04,320 --> 00:31:07,440
Speaker 1: you for being here? Down futures right now? Uh, fourteen

564
00:31:07,520 --> 00:31:11,200
Speaker 1: points higher, the SMP EMNI futures up just seven, and

565
00:31:11,400 --> 00:31:15,160
Speaker 1: the NASTACK futures are thirty nine points higher, and you

566
00:31:15,200 --> 00:31:22,040
Speaker 1: are listening to Bloomberg Dame break. Yeah. The Bloomberg Sports

567
00:31:22,040 --> 00:31:24,360
Speaker 1: Report brought you buy Audie. Don't let somebody else drive

568
00:31:24,400 --> 00:31:26,360
Speaker 1: off in the Audi model. You've always wanted to visit

569
00:31:26,400 --> 00:31:28,720
Speaker 1: your tr tri state autie dealer to get behind the

570
00:31:28,720 --> 00:31:32,240
Speaker 1: wheel of yours today, or visit auti Offers dot com

571
00:31:32,280 --> 00:31:39,800
Speaker 1: for more information, markets, headlines and breaking news twenty four

572
00:31:39,840 --> 00:31:43,080
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business App,

573
00:31:43,200 --> 00:31:53,560
Speaker 1: and at Bloomberg Dictake He's a Bloomberg Business lash, Nathan Hagar.

574
00:31:53,640 --> 00:31:55,680
Speaker 1: Future is moving a little bit higher as we wait

575
00:31:55,720 --> 00:31:57,960
Speaker 1: for what Chairman Powell has to stay today. Let's head

576
00:31:58,040 --> 00:32:00,000
Speaker 1: right over to the first Word breaking news desk for today,

577
00:32:00,000 --> 00:32:03,200
Speaker 1: the Morning Call. Here's Bill Maloney. Good morning, Bill, Hey,

578
00:32:03,240 --> 00:32:05,680
Speaker 1: good morning Nathan. That's right, a modest bid to the

579
00:32:05,720 --> 00:32:07,920
Speaker 1: U S futures right now, deaf futures of twenty four

580
00:32:07,920 --> 00:32:10,400
Speaker 1: point sesamees game eight and n as that futures are

581
00:32:10,440 --> 00:32:13,720
Speaker 1: higher by forty four. The US ten year old at

582
00:32:13,760 --> 00:32:16,600
Speaker 1: three point seven three percent, Gold is of ten, oil

583
00:32:16,680 --> 00:32:19,360
Speaker 1: is in the green, and bitcoin is trading higher by

584
00:32:19,360 --> 00:32:22,600
Speaker 1: two point six percent. Hong Kong jumped to point two

585
00:32:22,600 --> 00:32:25,200
Speaker 1: percent overnight, while up markets are also trading in the

586
00:32:25,200 --> 00:32:27,320
Speaker 1: green this morning and back in the U S a

587
00:32:27,360 --> 00:32:29,880
Speaker 1: busy day on the economic front, that a fifteen a

588
00:32:29,960 --> 00:32:32,440
Speaker 1: DP employment change, at A thirty Q three g d

589
00:32:32,560 --> 00:32:35,120
Speaker 1: P at ten o'clock pending home sales, and at one

590
00:32:35,240 --> 00:32:38,840
Speaker 1: thirty Powell makes his presentation. After de Bellus night, crowd

591
00:32:38,840 --> 00:32:42,400
Speaker 1: Strike reported shares a plunging twenty pre market and net

592
00:32:42,400 --> 00:32:46,800
Speaker 1: app slumped after guidance missestimates. In deal News, Horizon Therapeutics

593
00:32:46,800 --> 00:32:49,520
Speaker 1: disclosed talks with mgine, Santa Fee, and J and J

594
00:32:50,120 --> 00:32:53,760
Speaker 1: and Another's Disney said that Higer strategy changes could result

595
00:32:54,160 --> 00:32:57,000
Speaker 1: in impairments. Wrapping things up, crowd Strike was cut to

596
00:32:57,040 --> 00:33:00,480
Speaker 1: hold over at Steephole live from the First Breaking News

597
00:33:00,520 --> 00:33:02,720
Speaker 1: desk on the Maloney Nathan Okay, Bill, thanks to you

598
00:33:02,720 --> 00:33:05,360
Speaker 1: get live breaking news over your Bloomberg type squawk on

599
00:33:05,400 --> 00:33:07,840
Speaker 1: the terminal s q U A go, that's a Bloomberg

600
00:33:07,840 --> 00:33:10,320
Speaker 1: business flash. Now here's Michael Barr with one. What's going

601
00:33:10,320 --> 00:33:12,800
Speaker 1: on around the world, Michael, thank you very much, Nathan.

602
00:33:12,840 --> 00:33:17,120
Speaker 1: The Senate pass legislation providing federal protection for same sex marriages.

603
00:33:17,520 --> 00:33:21,560
Speaker 1: All Democrats present and twelve Republicans supported the measure. A

604
00:33:21,680 --> 00:33:26,400
Speaker 1: new Alzheimer's drug like Kennamab is showing positive results slowing

605
00:33:26,480 --> 00:33:30,720
Speaker 1: cognitive decline in early stages of the disease. Experts say

606
00:33:30,920 --> 00:33:34,080
Speaker 1: there's reason for optimism and caution as there were side

607
00:33:34,080 --> 00:33:37,760
Speaker 1: effects amongst study volunteers in the NBA. At the next one,

608
00:33:37,880 --> 00:33:41,560
Speaker 1: the Warriors lost in the NHL, the Islanders lost bruins

609
00:33:41,600 --> 00:33:44,760
Speaker 1: and capitals one at the World Cup. The US now

610
00:33:44,880 --> 00:33:49,240
Speaker 1: faces the Netherlands Saturday. After beating around one nil Global

611
00:33:49,280 --> 00:33:51,640
Speaker 1: news twenty four hours a day on air and on

612
00:33:51,720 --> 00:33:55,360
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists

613
00:33:55,360 --> 00:33:57,920
Speaker 1: and analysts more than a hundred twenty countries. I'm Michael

614
00:33:57,960 --> 00:34:00,560
Speaker 1: bar This is Bloomberg, Nathan. Thank you, Michael. It is

615
00:34:00,600 --> 00:34:02,720
Speaker 1: six forty nine on Wall Street. Let's turn to news

616
00:34:02,760 --> 00:34:05,160
Speaker 1: in science and technology now. The Bloomberg n j i

617
00:34:05,240 --> 00:34:07,280
Speaker 1: T STEM Report is brought to you by New Jersey

618
00:34:07,320 --> 00:34:10,759
Speaker 1: Institute of Technology, ranked the top hundred national university by

619
00:34:10,840 --> 00:34:13,080
Speaker 1: US News and World Report and the number one public

620
00:34:13,160 --> 00:34:16,279
Speaker 1: university in New Jersey by Forbes. What will you make

621
00:34:16,320 --> 00:34:18,480
Speaker 1: at n j I T. Learn more at n j

622
00:34:18,640 --> 00:34:22,799
Speaker 1: i T dot edu. Now here's what's making news in science, Technology,

623
00:34:22,880 --> 00:34:26,800
Speaker 1: engineering and math. Three Chinese astronauts have doctored their country's

624
00:34:26,800 --> 00:34:29,520
Speaker 1: space station, bill overlap for several days with the three

625
00:34:29,560 --> 00:34:32,319
Speaker 1: member crew that's already there, and expand the facility to

626
00:34:32,400 --> 00:34:35,200
Speaker 1: its maximum size. The six month mission will be the

627
00:34:35,280 --> 00:34:38,720
Speaker 1: last in the station's construction phase. It's third and final

628
00:34:38,800 --> 00:34:41,240
Speaker 1: module doct earlier this month, one of the last steps

629
00:34:41,239 --> 00:34:45,000
Speaker 1: in China's effort to maintain a constant crude presence in orbit,

630
00:34:45,480 --> 00:34:48,120
Speaker 1: NASA is canceling a plan to satellite that was going

631
00:34:48,120 --> 00:34:52,560
Speaker 1: to intensely monitor greenhouse gases over the America's NASA says

632
00:34:52,600 --> 00:34:54,960
Speaker 1: it's geo carb mission, which was supposed to be a

633
00:34:54,960 --> 00:34:58,600
Speaker 1: low cost satellite monitor carbon dioxide, methane and how plant

634
00:34:58,640 --> 00:35:01,480
Speaker 1: life changes over North and South America, was being killed

635
00:35:01,800 --> 00:35:05,279
Speaker 1: because of cost overruns. And here's a change from the

636
00:35:05,280 --> 00:35:09,040
Speaker 1: tech world. Amazon's cloud unit plans to add employees next

637
00:35:09,120 --> 00:35:12,480
Speaker 1: year and keep building new data centers. It's assigned a

638
00:35:12,560 --> 00:35:16,160
Speaker 1: tech hiring freeze elsewhere in the company has not derailed

639
00:35:16,200 --> 00:35:20,600
Speaker 1: investment plans for its most profitable business, that's the Bloomberg

640
00:35:20,760 --> 00:35:23,760
Speaker 1: and j I T Stem report, John Nathan, Thanks to London,

641
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Speaker 1: we are lying for the Bloomberg entry had to broker

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00:35:25,800 --> 00:35:29,719
Speaker 1: studios where it is six fifty on Wall Street, and

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00:35:29,840 --> 00:35:31,640
Speaker 1: that means it's time to check what's going on in

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00:35:31,719 --> 00:35:34,319
Speaker 1: d C. And some of the top stories in our

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00:35:34,440 --> 00:35:40,160
Speaker 1: nation's capital include election day on Capitol Hill, congratulate leaders

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00:35:40,160 --> 00:35:44,200
Speaker 1: say they're gonna active Evanda rail strike to Senate, to

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00:35:44,280 --> 00:35:49,240
Speaker 1: Republicans edging away from Trump ahead of and the January

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Speaker 1: six Panel unlikely to release a report until late December. Also,

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00:35:53,920 --> 00:35:59,200
Speaker 1: President Biden's first state dinner is gonna pair mcrown festivities

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Speaker 1: and tens. And let's take a deeper dive into some

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00:36:02,719 --> 00:36:06,440
Speaker 1: of these stories this morning with Bloomberg Government reporter Emily Wilkins.

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Speaker 1: I'm going to turn to again thanks for being with us.

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Speaker 1: UM Election Day on Capitol Hill. Who's doing day electing?

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00:36:13,560 --> 00:36:15,600
Speaker 1: So this is going to be a huge day for

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00:36:15,640 --> 00:36:19,080
Speaker 1: our House Democrats. They have been led, obviously by Speaker

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00:36:19,120 --> 00:36:23,359
Speaker 1: Pelosi for well over a decade now, and today there

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00:36:23,400 --> 00:36:26,560
Speaker 1: are going to lacked new leadership. Um, it's not going

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00:36:26,600 --> 00:36:28,799
Speaker 1: to be too much of a competition, a little bit

659
00:36:28,800 --> 00:36:32,680
Speaker 1: more of a coronation. Uh, We're going to see Hakim Jefferies,

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00:36:32,760 --> 00:36:35,799
Speaker 1: a Congressman from Brooklyn, assumed to that top spot. He's

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00:36:35,880 --> 00:36:39,279
Speaker 1: running uncontested. You're also going to see Catherine Clark of

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00:36:39,360 --> 00:36:43,120
Speaker 1: Massachusetts p Aguilar of California's step into the number two

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Speaker 1: and number three positions. This, of course, comes after Speaker

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00:36:46,600 --> 00:36:49,160
Speaker 1: Pelosi announced that she would be stepping down, that she

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00:36:49,200 --> 00:36:51,839
Speaker 1: would not run for leadership again, even though she will

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00:36:51,840 --> 00:36:54,680
Speaker 1: remain in Congress. Last night, she was bestowed the title

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00:36:54,680 --> 00:36:58,080
Speaker 1: of Speaker Emeritus. You're also going to see Jim Clyburn,

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00:36:58,160 --> 00:37:01,399
Speaker 1: who was a member of leaderships stick around, but he's

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00:37:01,480 --> 00:37:03,719
Speaker 1: leaving the top three. He's going to be helping out

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00:37:03,800 --> 00:37:08,239
Speaker 1: as assistant Minority leader. Uh to these this new generation

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00:37:08,320 --> 00:37:10,560
Speaker 1: that comes in, and it really is a generational shift.

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00:37:10,880 --> 00:37:14,080
Speaker 1: I mean, the three folks who are leading House Democrats

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00:37:14,200 --> 00:37:17,440
Speaker 1: right now, they're all in their eighties. This new generation

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00:37:17,480 --> 00:37:20,160
Speaker 1: that's coming in is about thirty years younger on the whole,

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00:37:20,200 --> 00:37:22,960
Speaker 1: and it just signals a sort of next generation shift

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00:37:23,040 --> 00:37:26,120
Speaker 1: for Democrats trying to make sure that they are continuing

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00:37:26,160 --> 00:37:29,120
Speaker 1: to appeal to younger members, to a younger face, and

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00:37:29,160 --> 00:37:31,919
Speaker 1: also simply the passing to the guard that that has

679
00:37:31,960 --> 00:37:34,480
Speaker 1: to happen, you know in these parties every once in

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00:37:34,480 --> 00:37:37,200
Speaker 1: a while. What don't we know about Hakim Jefferies? How

681
00:37:37,440 --> 00:37:40,239
Speaker 1: different is he from Nancy Pelosi, and of course he's

682
00:37:40,239 --> 00:37:44,799
Speaker 1: gonna have a different title because the Republicans will will

683
00:37:44,800 --> 00:37:48,160
Speaker 1: be taking over. He will he will be minority leader,

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00:37:48,200 --> 00:37:50,800
Speaker 1: which to be fair, Pelosi was too for a period

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00:37:50,840 --> 00:37:53,840
Speaker 1: of time. Obviously, certainly he hopes to one day become

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00:37:53,920 --> 00:37:56,799
Speaker 1: Speaker and it would be historic he would become the

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00:37:56,840 --> 00:38:00,760
Speaker 1: first black Speaker of the House. UM. Today, this election,

688
00:38:01,160 --> 00:38:04,680
Speaker 1: he is one step closer to being the first black

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00:38:04,760 --> 00:38:08,040
Speaker 1: member to represent to leave one of the major parties

690
00:38:08,160 --> 00:38:10,719
Speaker 1: in Congress. UM. So certainly it is it is a

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00:38:10,800 --> 00:38:14,879
Speaker 1: historic day. UM. Jeffries, he's currently called a conference chair

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00:38:14,920 --> 00:38:17,080
Speaker 1: and that just really means that what he has done

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00:38:17,239 --> 00:38:19,439
Speaker 1: over the last couple of years, because he's really worked

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00:38:19,480 --> 00:38:23,359
Speaker 1: on just trying to keep House Democrats united and together. Um.

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00:38:23,440 --> 00:38:25,640
Speaker 1: You know, he's been able to work with the more

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00:38:25,680 --> 00:38:28,360
Speaker 1: moderate members of his party, the more progressive members of

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00:38:28,440 --> 00:38:31,680
Speaker 1: his party. Um, He's he's been able to really sort

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00:38:31,680 --> 00:38:34,440
Speaker 1: of bring everyone together and very very much seen as

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00:38:34,480 --> 00:38:37,560
Speaker 1: a unifier candidate. You know. Obviously, the trick with Democrats

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00:38:37,640 --> 00:38:40,160
Speaker 1: is that they always called themselves that big ted party.

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00:38:40,200 --> 00:38:43,640
Speaker 1: They've got so many members, so many ideologies. Jeffries has

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00:38:43,680 --> 00:38:46,120
Speaker 1: tried to work to make sure that he has allies

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00:38:46,200 --> 00:38:48,880
Speaker 1: in every corner of the party. Well, let's move on

704
00:38:48,920 --> 00:38:54,080
Speaker 1: to this potential rail strike. How comfortable is Congress intervening.

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00:38:54,160 --> 00:38:56,480
Speaker 1: I mean, they've done this in the past. It's been

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00:38:56,520 --> 00:38:58,640
Speaker 1: a while since the last time they interviewed in something

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00:38:58,719 --> 00:39:02,600
Speaker 1: like this. But which what's the situation. Well, no one's

708
00:39:02,640 --> 00:39:05,440
Speaker 1: got the warm and fuzzies about what Congress is going

709
00:39:05,520 --> 00:39:08,080
Speaker 1: to be doing here, particularly Democrats. I mean, they've pitched

710
00:39:08,120 --> 00:39:11,480
Speaker 1: themselves as pro labor, pro union, and now what they're

711
00:39:11,480 --> 00:39:14,520
Speaker 1: basically doing is kind of telling the union, Hey, you know,

712
00:39:14,600 --> 00:39:16,920
Speaker 1: you can't have your strike. We're gonna pass this uh

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00:39:16,960 --> 00:39:20,320
Speaker 1: disagreement that you don't necessarily want. And the way that

714
00:39:20,360 --> 00:39:22,360
Speaker 1: they're sort of trying to soften the blow is, at

715
00:39:22,440 --> 00:39:24,480
Speaker 1: least in the House, you're going to see two votes.

716
00:39:24,840 --> 00:39:27,560
Speaker 1: Number one a vote on making sure that that contract

717
00:39:27,560 --> 00:39:29,919
Speaker 1: gets into place, the number two of votes saying that

718
00:39:30,200 --> 00:39:33,040
Speaker 1: real workers should have not just one paid sick day,

719
00:39:33,080 --> 00:39:35,799
Speaker 1: but move that up to seven. Um. And this is

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00:39:35,840 --> 00:39:39,360
Speaker 1: something that you're Biden and Democrats are really caught between

721
00:39:39,360 --> 00:39:41,840
Speaker 1: a rock and a tough type place here. They certainly

722
00:39:41,840 --> 00:39:44,480
Speaker 1: want to be seen as pro union and pro labor.

723
00:39:44,800 --> 00:39:47,440
Speaker 1: Um but on the other hand, they know that if

724
00:39:47,480 --> 00:39:49,880
Speaker 1: there was, if disagreement was to not be ratified, that

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00:39:49,920 --> 00:39:52,800
Speaker 1: would have major impacts for the economy, major impacts for

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00:39:52,920 --> 00:39:55,600
Speaker 1: un employment, and so that's why they're moving as they

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00:39:55,600 --> 00:39:58,040
Speaker 1: are today. I think. Of course, then the bigger question

728
00:39:58,160 --> 00:40:00,920
Speaker 1: becomes in the Senate. If they and wind up getting

729
00:40:00,960 --> 00:40:04,240
Speaker 1: it through there, you would need that sixty vote threshold.

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00:40:04,360 --> 00:40:05,960
Speaker 1: So you're not just gonna be able to move it

731
00:40:06,000 --> 00:40:08,520
Speaker 1: with Democrats. You're going to have to see some Republicans

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00:40:08,640 --> 00:40:11,439
Speaker 1: join them on it. There's some confidence that can happen

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00:40:11,520 --> 00:40:14,160
Speaker 1: just because of what the stakes are right now, but

734
00:40:14,320 --> 00:40:16,520
Speaker 1: we are expecting to see at least a couple more

735
00:40:16,600 --> 00:40:19,399
Speaker 1: of the more progressive Democrats say that they just can't

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00:40:19,440 --> 00:40:22,000
Speaker 1: support it and then need that Republican support to get

737
00:40:22,000 --> 00:40:24,919
Speaker 1: it over the finish line. The next story, you gotta

738
00:40:24,920 --> 00:40:28,279
Speaker 1: imagine that Donald Trump is feeling a little lonelier of

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00:40:28,320 --> 00:40:33,880
Speaker 1: this morning within the Republican ranks. Yeah, Trump, you know,

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00:40:34,080 --> 00:40:37,000
Speaker 1: it's it's kind of been an interesting relation to see

741
00:40:37,040 --> 00:40:39,520
Speaker 1: the relationship with him and the rest of the Republican

742
00:40:39,640 --> 00:40:43,320
Speaker 1: Party posts the mid terms, and certainly there were really

743
00:40:43,360 --> 00:40:48,720
Speaker 1: really major concerns that came after Trump was seeing dying

744
00:40:48,920 --> 00:40:53,239
Speaker 1: at Mara Lago with a known white nationalists, as well

745
00:40:53,239 --> 00:40:56,840
Speaker 1: as Kanye West, who's also recently found himself in some

746
00:40:56,920 --> 00:40:59,920
Speaker 1: hot water given comments that he has made that has

747
00:41:00,040 --> 00:41:04,640
Speaker 1: publicly denigrated Jews. And after this, a number of Republican

748
00:41:04,719 --> 00:41:06,960
Speaker 1: leaders have come out have said that Trump, you know,

749
00:41:07,000 --> 00:41:11,439
Speaker 1: should not have dined um with a known white supremacist. Um,

750
00:41:11,480 --> 00:41:15,080
Speaker 1: that he should have distanced himself from him. Uh, you're

751
00:41:15,080 --> 00:41:17,960
Speaker 1: seeing this both from Mitch McConnell obviously the number one

752
00:41:18,000 --> 00:41:21,200
Speaker 1: Senate Republican, as well as John Thune, who's the number

753
00:41:21,239 --> 00:41:24,719
Speaker 1: two Senate Republicans. So really sort of seeing senators trying

754
00:41:24,719 --> 00:41:27,359
Speaker 1: to put some distance between themselves and Trump over this

755
00:41:27,360 --> 00:41:31,360
Speaker 1: particular incident. Also interesting. UM. I was chatting yesterday with

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00:41:31,360 --> 00:41:34,239
Speaker 1: a number of Republicans, including Marjorie Taylor Green, who said

757
00:41:34,239 --> 00:41:36,680
Speaker 1: that she did speak with Trump after he had this

758
00:41:36,800 --> 00:41:39,600
Speaker 1: controversial dinner and that the White House is going to

759
00:41:39,640 --> 00:41:42,440
Speaker 1: be not necessary, not the White House, but rather Trump's

760
00:41:42,440 --> 00:41:44,560
Speaker 1: folks are going to try and make sure that they

761
00:41:44,600 --> 00:41:48,280
Speaker 1: are vetting people more before they allow the former president

762
00:41:48,320 --> 00:41:50,880
Speaker 1: to sit down and have dinner with them, like dining

763
00:41:50,920 --> 00:41:55,200
Speaker 1: with Marjorie Taylor Green. UM, Emily, I'm just kidding, Bloomberg

764
00:41:55,200 --> 00:41:57,560
Speaker 1: Government reporter Emily Wilkins. You can read more about these

765
00:41:57,600 --> 00:42:01,480
Speaker 1: stories on Bloomberg dot com or the Bloomberg Ternal Reminder.

766
00:42:01,520 --> 00:42:04,759
Speaker 1: You can follow all the latest on Bloomberg Radio in Washington.

767
00:42:04,840 --> 00:42:09,799
Speaker 1: That's Bloomberg at one oh five point seven FM HD two. Thanks,

768
00:42:09,920 --> 00:42:13,160
Speaker 1: I've appreciate it. DAL futures right now of thirty two

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00:42:13,200 --> 00:42:17,279
Speaker 1: points smp E, Many futures nine points higher, that's up

770
00:42:17,280 --> 00:42:19,359
Speaker 1: to tenths of a percent, and the night as they game,

771
00:42:19,400 --> 00:42:22,479
Speaker 1: Many futures are up forty eight points since a rise

772
00:42:22,680 --> 00:42:25,640
Speaker 1: of four tenths of the eight percent. And a a reminder

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00:42:25,760 --> 00:42:29,879
Speaker 1: Bloomberg Radio and Bloomberg Television will carry live for you

774
00:42:29,960 --> 00:42:34,040
Speaker 1: around one thirty Well Street time and addressed by FED

775
00:42:34,120 --> 00:42:38,400
Speaker 1: Chairman Jerome Palell. Certain to be market moving today for

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00:42:38,480 --> 00:42:41,640
Speaker 1: Nathan Hagar, John Tucker, you have been listening to Bloomberg

777
00:42:41,719 --> 00:42:45,680
Speaker 1: Daybreak and just to add Bloomberg Surveillance with Tom Keane,

778
00:42:45,800 --> 00:42:49,120
Speaker 1: Lisa Bramowitz and John Farrell. This is Bloomberg