1 00:00:03,400 --> 00:00:06,680 Speaker 1: Live from the Bloomberg Interact at Brooker Studios. Is Bloomberg 2 00:00:06,760 --> 00:00:10,560 Speaker 1: day Break for Tuesday, September two Coming up this hour, 3 00:00:11,039 --> 00:00:14,480 Speaker 1: Wall Street prepares for the latest reading on inflation. Coleman 4 00:00:14,520 --> 00:00:17,480 Speaker 1: Sacks begins its biggest round of job cuts since the pandemic. 5 00:00:17,760 --> 00:00:21,759 Speaker 1: The Justice Department ramps up its investigation into the election, 6 00:00:21,920 --> 00:00:24,279 Speaker 1: and Ukraine might be turning the corner in the war 7 00:00:24,320 --> 00:00:27,320 Speaker 1: with Russia. We're learning more about the mother accused of 8 00:00:27,360 --> 00:00:30,600 Speaker 1: drowning her children at Coney Island Beach. Plus, Senator Graham 9 00:00:30,680 --> 00:00:34,920 Speaker 1: plans to introduce national abortion restrictions on Michael Barr. More ahead, 10 00:00:35,560 --> 00:00:37,800 Speaker 1: I'm Don Stage toward swards, the Mets Walk of the Cuve. 11 00:00:37,880 --> 00:00:40,600 Speaker 1: The Yankees visit the Red Sox Tonight Monday Night Football 12 00:00:40,680 --> 00:00:46,960 Speaker 1: Seattle Top, Denver. That's all s. Tradyhead on Bloomberg Daybreak 13 00:00:47,280 --> 00:00:51,600 Speaker 1: on Bloomberg. He Live in Free on New York Bloomberg one, Washington, 14 00:00:51,720 --> 00:00:55,320 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 15 00:00:55,400 --> 00:00:59,640 Speaker 1: sixties and Francisco Syrius x M one nineteen and around 16 00:00:59,640 --> 00:01:02,400 Speaker 1: the world Old on Bloomberg Radio dot Com and via 17 00:01:02,440 --> 00:01:09,360 Speaker 1: the Bloomberg Business App. Good Morning, I'm Nathan Hagar and 18 00:01:09,480 --> 00:01:12,400 Speaker 1: I'm Karen Moscow. US DOT Index futures on the rise 19 00:01:12,560 --> 00:01:14,319 Speaker 1: this morning. We're coming up to five o one on 20 00:01:14,360 --> 00:01:16,600 Speaker 1: Wall Street, and we checked the markets every fifteen minutes 21 00:01:16,640 --> 00:01:20,480 Speaker 1: throughout the trading day. On Bloomberg, SNP futures up sixteen 22 00:01:20,480 --> 00:01:23,680 Speaker 1: points down, futures of a hundred seventeen and nasday futures 23 00:01:23,720 --> 00:01:26,880 Speaker 1: up forty six. The tenure treasury up ten thirty seconds. 24 00:01:26,880 --> 00:01:29,600 Speaker 1: You have three point three one per cent, Nathan Karen 25 00:01:29,680 --> 00:01:32,960 Speaker 1: for markets today it is all about inflation. We get 26 00:01:32,959 --> 00:01:36,279 Speaker 1: the latest read on US consumer prices at eight thirty am. 27 00:01:36,360 --> 00:01:40,039 Speaker 1: Wall Street Time forecast call for inflation to ease, but 28 00:01:40,120 --> 00:01:43,080 Speaker 1: Crawl Institute chief economist Megan Green says there is a 29 00:01:43,160 --> 00:01:45,840 Speaker 1: risk prices go in the other direction. Well, I think 30 00:01:45,840 --> 00:01:49,800 Speaker 1: we'll see headline inflation coming down thanks to lower gas crisis, 31 00:01:49,800 --> 00:01:52,160 Speaker 1: but in terms of core inflation, we might see a 32 00:01:52,240 --> 00:01:54,800 Speaker 1: take up very moderately. I actually think the risks are 33 00:01:54,840 --> 00:01:57,240 Speaker 1: on the downside. There's a possibility it could fall, but 34 00:01:57,320 --> 00:02:00,400 Speaker 1: generally I think it will take up very moderately, and 35 00:02:00,480 --> 00:02:03,640 Speaker 1: that's good news that it's increasing at a slower rate. 36 00:02:03,760 --> 00:02:05,560 Speaker 1: But I don't think that the fig can breathe a 37 00:02:05,640 --> 00:02:08,839 Speaker 1: sigh of relief just yet. Megan Green at kral says 38 00:02:08,880 --> 00:02:11,680 Speaker 1: an energy crunch could push prices higher in the coming months. 39 00:02:11,760 --> 00:02:14,800 Speaker 1: Economist surveyed by Bloomberg expect inflation for August to come 40 00:02:14,840 --> 00:02:18,160 Speaker 1: in an annual rate of eight point one. I headed 41 00:02:18,160 --> 00:02:20,600 Speaker 1: that a report Nathan the mood and equity markets is 42 00:02:20,760 --> 00:02:23,960 Speaker 1: risk on Stalks in the Asia Pacific climbed over night 43 00:02:23,960 --> 00:02:27,799 Speaker 1: and Bloomberg. Juliette Sally joins us with the recap from Sydney, Australia. 44 00:02:27,840 --> 00:02:31,120 Speaker 1: Good morning, Juliette, Good morning, Karen. Text stalks led the games, 45 00:02:31,120 --> 00:02:34,480 Speaker 1: with Apple suppliers rallying amid strong preorder data for the 46 00:02:34,560 --> 00:02:37,240 Speaker 1: latest iPhones South Korea has cost me rose more than 47 00:02:37,280 --> 00:02:39,919 Speaker 1: two and a half percent as investors played catch up 48 00:02:39,960 --> 00:02:42,960 Speaker 1: after Monday's holiday. If You'll show you one weekend. Despite 49 00:02:43,000 --> 00:02:46,520 Speaker 1: yet another strong fixed from the PBOC four in a row, 50 00:02:46,960 --> 00:02:49,360 Speaker 1: the bias was below two hundred PIPSLO for the first 51 00:02:49,360 --> 00:02:52,639 Speaker 1: time in a week. M Life strategist highlighting this suggests 52 00:02:52,639 --> 00:02:56,200 Speaker 1: that PBOC could be easing off slightly in its battering 53 00:02:56,280 --> 00:03:01,320 Speaker 1: of you one bearish bits in Sydney. Juliette Sally Bloomberg Daybreak, Right, Juliet, 54 00:03:01,360 --> 00:03:03,360 Speaker 1: thanks back here in the US. Couple of corporate names 55 00:03:03,360 --> 00:03:06,000 Speaker 1: we're watching this morning. Shares of Peloton are down more 56 00:03:06,000 --> 00:03:08,840 Speaker 1: than two percent in early trading. That's afterwards chairman and 57 00:03:08,880 --> 00:03:11,880 Speaker 1: co founder John Folly is stepping down from the company. 58 00:03:12,000 --> 00:03:15,680 Speaker 1: His resignation takes effect on Monday. Well, on the flip side, Nathan, 59 00:03:15,720 --> 00:03:18,679 Speaker 1: we're seeing shares of Oracle Game. They're up almost two 60 00:03:18,720 --> 00:03:21,720 Speaker 1: percent after earnings are in line with estimates. Sales for 61 00:03:21,800 --> 00:03:24,600 Speaker 1: Oracle jumped eight percent in the recent quarter thanks to 62 00:03:24,840 --> 00:03:28,400 Speaker 1: strength and cloud computing. Elsewhere on Wall Street, job cuts 63 00:03:28,400 --> 00:03:31,040 Speaker 1: are in focus this morning. Goldman Sachs is going ahead 64 00:03:31,040 --> 00:03:33,160 Speaker 1: with its biggest round of cutback since the start of 65 00:03:33,160 --> 00:03:36,240 Speaker 1: the pandemic. Sources say the bank plans to eliminate several 66 00:03:36,320 --> 00:03:39,960 Speaker 1: hundred roles starting this month. Bloomberg's Valerie Titel says the 67 00:03:39,960 --> 00:03:42,800 Speaker 1: cuts will be based on performance. They usually have an 68 00:03:42,800 --> 00:03:45,440 Speaker 1: annual calling cycle, but I think what's notable about this 69 00:03:45,480 --> 00:03:49,320 Speaker 1: one is that they are resuming normal activity after the pandemic. 70 00:03:49,720 --> 00:03:53,320 Speaker 1: This comes after some pretty steep declines and investment banking activities, 71 00:03:53,520 --> 00:03:57,400 Speaker 1: notably I P O S and junk debt issuance, creating, 72 00:03:57,440 --> 00:04:00,600 Speaker 1: you know, quite some conditions for some significant layoffs to 73 00:04:00,680 --> 00:04:04,200 Speaker 1: begin post pandemic. Bloomberg's Valerie tits Hele says Goldman will 74 00:04:04,280 --> 00:04:06,600 Speaker 1: use the cuts to weed out low performers. The move 75 00:04:06,640 --> 00:04:09,680 Speaker 1: could signal a chill setting in across the finance industry 76 00:04:09,720 --> 00:04:13,720 Speaker 1: as revenue slumps from record highs. Let's turn to politics now, Nathan. 77 00:04:13,720 --> 00:04:16,960 Speaker 1: We're an investigation into the election is heating up. The 78 00:04:17,040 --> 00:04:19,560 Speaker 1: Justice Department is ramping up its probe into the plot 79 00:04:19,600 --> 00:04:24,040 Speaker 1: to overturn the presidential election, issuing dozens of subpoenas targeting 80 00:04:24,080 --> 00:04:27,960 Speaker 1: campaign operatives and allies of former President Trump. Bloomberg's Amy 81 00:04:28,000 --> 00:04:31,839 Speaker 1: Morris has details from our newsroom in Washington about forty 82 00:04:31,880 --> 00:04:34,479 Speaker 1: new subpoenas were issued, the focus appearing to be the 83 00:04:34,520 --> 00:04:37,560 Speaker 1: alleged scheme to have fake or alternate electors come to 84 00:04:37,600 --> 00:04:40,719 Speaker 1: Washington to delay the certification of Joe Biden as president. 85 00:04:41,120 --> 00:04:44,239 Speaker 1: The New York Times reports the Justice Department also seized 86 00:04:44,279 --> 00:04:48,360 Speaker 1: the phones from Trump's lawyer Boris Epstein and campaign strategist 87 00:04:48,400 --> 00:04:50,719 Speaker 1: Mike Roman. At the time says some of the new 88 00:04:50,800 --> 00:04:55,039 Speaker 1: subpoenas focus on activities of the Save America political action Committee, 89 00:04:55,160 --> 00:04:58,040 Speaker 1: which is the main political fundraising arm for Trump since 90 00:04:58,040 --> 00:05:02,239 Speaker 1: he left office in Washington. Maybe more as Bloomberg Day Break. Okay, Amy, 91 00:05:02,240 --> 00:05:05,000 Speaker 1: thank you, Let's turn our attention to Ukraine now. The 92 00:05:05,040 --> 00:05:07,680 Speaker 1: country is asking for even more weapons to build on 93 00:05:07,720 --> 00:05:12,080 Speaker 1: its recent successes in retaking territory from Russia. President vladimir's 94 00:05:12,120 --> 00:05:15,080 Speaker 1: Lensky says forces have recaptured more than twenty three hundred 95 00:05:15,120 --> 00:05:18,880 Speaker 1: square miles this month. Former US Defense Secretary Leon Panetta 96 00:05:18,920 --> 00:05:21,320 Speaker 1: says this could market turning point in the war. I 97 00:05:21,360 --> 00:05:26,239 Speaker 1: would say it's both pivotal and dangerous. It's pivotal because 98 00:05:27,160 --> 00:05:32,880 Speaker 1: to have Ukraine conducting a strong offensive that's working is 99 00:05:33,240 --> 00:05:37,840 Speaker 1: incredibly important to putting real pressure on both Putin and 100 00:05:37,880 --> 00:05:42,000 Speaker 1: the Russians. It's dangerous because Putin, if he's boxed in, 101 00:05:42,440 --> 00:05:46,400 Speaker 1: obviously will have to strike that. Former Defense Secretary Leon 102 00:05:46,440 --> 00:05:49,559 Speaker 1: Panetta spoke with David Weston on Bloomberg's Balance of Power. 103 00:05:49,640 --> 00:05:52,640 Speaker 1: Catch the program weekdays at noon Eastern on Bloomberg Radio 104 00:05:52,640 --> 00:05:55,800 Speaker 1: and Television, plus the Balance of Power podcast on Apple, 105 00:05:55,880 --> 00:05:59,280 Speaker 1: Spotify and anywhere else you get your podcasts. And finally, 106 00:05:59,360 --> 00:06:02,920 Speaker 1: Nathan to the Okay, where ceremony is remembering Queen Elizabeth 107 00:06:02,960 --> 00:06:06,640 Speaker 1: continue this week Morners in Scotland are paying respect to 108 00:06:06,640 --> 00:06:09,720 Speaker 1: the Queen this morning and here with more is Bloombergley 109 00:06:09,760 --> 00:06:14,880 Speaker 1: and Garran's. Thousands of people have been queuing through the 110 00:06:15,000 --> 00:06:17,920 Speaker 1: night to see the queen's coffin at St Charles Cathedral 111 00:06:18,000 --> 00:06:21,520 Speaker 1: in Edinburgh. The Queen's coffin will rest in the cathedral 112 00:06:21,640 --> 00:06:25,839 Speaker 1: until about five pm local time today before beginning the 113 00:06:25,920 --> 00:06:28,359 Speaker 1: journey back to London. It will then be taken to 114 00:06:28,400 --> 00:06:32,400 Speaker 1: Buckingham Palace and then to Westminster Hall, where the Queen 115 00:06:32,440 --> 00:06:35,760 Speaker 1: will lie in state for four days. A National Minutes 116 00:06:35,839 --> 00:06:38,839 Speaker 1: silence will be held at eight pm on Sunday, the 117 00:06:38,960 --> 00:06:44,520 Speaker 1: night before the Queen's funeral in Westminster Abbey. And Bloombergley 118 00:06:44,560 --> 00:06:47,600 Speaker 1: and Garan's reporting from London. We'll bring you live coverage 119 00:06:47,600 --> 00:06:50,479 Speaker 1: to the Queen's funeral coming up Monday, right here on 120 00:06:50,520 --> 00:06:53,640 Speaker 1: bloomberg Daybreak. All right, Karen, thank you. Let's look ahead 121 00:06:53,640 --> 00:06:55,760 Speaker 1: to the market open now. Futures are moving higher. We 122 00:06:55,800 --> 00:06:58,880 Speaker 1: have SMP futures up eighteen points now, futures up a 123 00:06:58,960 --> 00:07:02,000 Speaker 1: hundred thirty five now. Stack futures are higher by fifty 124 00:07:02,040 --> 00:07:04,520 Speaker 1: three points. The tenure treasury is up nine thirty seconds 125 00:07:04,560 --> 00:07:08,520 Speaker 1: yield three point nimex crude on the rise by one 126 00:07:08,520 --> 00:07:10,760 Speaker 1: and a quarter percent of a dollar nine eighty eight 127 00:07:10,760 --> 00:07:13,640 Speaker 1: dollars eighty seven cents of barrel the euro one point 128 00:07:13,680 --> 00:07:16,960 Speaker 1: one zero five five against the dollar. Local headlines and 129 00:07:16,960 --> 00:07:23,320 Speaker 1: a check of sports. Just ahead. This is Bloomberg and 130 00:07:23,440 --> 00:07:25,600 Speaker 1: it's now five oh seven on Wall Street, seventy one 131 00:07:25,760 --> 00:07:28,880 Speaker 1: rainy degrees in Central Park early dealing with accidents all 132 00:07:28,920 --> 00:07:31,600 Speaker 1: these wet roads southbound west side highways. Got a crash 133 00:07:31,640 --> 00:07:35,200 Speaker 1: on more coming up in traffic. First Michael Barr with 134 00:07:35,240 --> 00:07:36,880 Speaker 1: what else is going on in New York and around 135 00:07:36,920 --> 00:07:39,320 Speaker 1: the world. Good morning, Michael, Good morning, Nathan Attorney in 136 00:07:39,360 --> 00:07:42,000 Speaker 1: A warning is just expired for people in the Breezy 137 00:07:42,000 --> 00:07:45,240 Speaker 1: Point area. That's New York's Queen's County in King's County. 138 00:07:45,520 --> 00:07:48,360 Speaker 1: It was issued until five am. So far, no early 139 00:07:48,400 --> 00:07:51,239 Speaker 1: word yet of any damage. Keep in mind though flood 140 00:07:51,240 --> 00:07:54,000 Speaker 1: warnings are in effect for a lot of the New 141 00:07:54,120 --> 00:07:57,160 Speaker 1: York area. The mother of three children who were found 142 00:07:57,200 --> 00:08:00,560 Speaker 1: dead at Coney Island Beach was questioned by the YPD 143 00:08:00,720 --> 00:08:03,160 Speaker 1: for about six hours before she was taken to a 144 00:08:03,240 --> 00:08:07,560 Speaker 1: hospital for a psychological evaluation. Yesterday, police found the bodies 145 00:08:07,600 --> 00:08:10,640 Speaker 1: of seventy year old Zachary Murdy, four year old Liliana, 146 00:08:11,040 --> 00:08:14,880 Speaker 1: and three month old Oliver Bunderev in yp D. Chief 147 00:08:14,920 --> 00:08:17,680 Speaker 1: of Department Kenneth Corey says the thirty year old mother 148 00:08:17,960 --> 00:08:20,120 Speaker 1: was found two miles down the board of walk from 149 00:08:20,120 --> 00:08:22,720 Speaker 1: her home in what appeared to be a catatonic state. 150 00:08:23,280 --> 00:08:25,880 Speaker 1: She was wet, she was barefoot, um, and she was 151 00:08:25,920 --> 00:08:29,400 Speaker 1: not um communicative to the officers. The community was left 152 00:08:29,400 --> 00:08:32,560 Speaker 1: in shock over the depths of the children into somebody, 153 00:08:32,760 --> 00:08:38,720 Speaker 1: take them to somebody, police say. Family members claimed the 154 00:08:38,760 --> 00:08:41,480 Speaker 1: mother confessed that she drowned her children, but she has 155 00:08:41,600 --> 00:08:46,040 Speaker 1: not said anything directly to investigators. Republican Senator Lindsey Graham 156 00:08:46,080 --> 00:08:50,000 Speaker 1: plans to introduce legislation to restrict abortion nationally. The South 157 00:08:50,000 --> 00:08:53,000 Speaker 1: Carolina senator is scheduled an announcement at the capital for 158 00:08:53,120 --> 00:08:57,760 Speaker 1: later today. Graham's action raises the profile of abortion rights 159 00:08:57,800 --> 00:09:01,520 Speaker 1: as an issue for the midterm elections. Negotiations between the 160 00:09:01,600 --> 00:09:06,320 Speaker 1: unions representing railroad workers and management have stalled. This means 161 00:09:06,320 --> 00:09:09,640 Speaker 1: some amtrack riders could experience delays and could cause the 162 00:09:09,679 --> 00:09:13,080 Speaker 1: rebounding economy to lose momentum. The deadline for a deal 163 00:09:13,200 --> 00:09:16,880 Speaker 1: is just after midnight Frinday. And last night's Emmys on NBC, 164 00:09:17,280 --> 00:09:21,079 Speaker 1: HBO took home the Top award for the sixth time 165 00:09:21,160 --> 00:09:24,560 Speaker 1: in eight years, thanks to succession for Top Drama and 166 00:09:24,720 --> 00:09:28,880 Speaker 1: White Lotus for Best Limited Series. Apple's Ted Lasso repeated 167 00:09:28,960 --> 00:09:32,680 Speaker 1: as Best Comedy. Kawang Dong Yuk made history as the 168 00:09:32,720 --> 00:09:35,440 Speaker 1: fourth South Korean director to win for Best Drama for 169 00:09:35,559 --> 00:09:39,360 Speaker 1: Squid Game since Kid Game got footing nomination at the Emmy's. 170 00:09:39,960 --> 00:09:42,880 Speaker 1: People keep telling me like I made a history, But 171 00:09:42,960 --> 00:09:45,800 Speaker 1: I don't think I made a history by myself, because 172 00:09:45,800 --> 00:09:48,000 Speaker 1: it was you who opened up the doors for Skid 173 00:09:48,040 --> 00:09:51,000 Speaker 1: Game in Balios. Here tonight at the Emmys, Squid Games 174 00:09:51,160 --> 00:09:54,480 Speaker 1: Lee Jung j One Outstanding Actor in a Drama. Global 175 00:09:54,480 --> 00:09:56,440 Speaker 1: News twenty four hours a day on air and on 176 00:09:56,480 --> 00:10:00,000 Speaker 1: Bloomberg Quick Take, powered by more than journalists and analyst 177 00:10:00,000 --> 00:10:03,760 Speaker 1: for more than twenty countries. Michael Barron, This is Bloomberg, Nathan. 178 00:10:03,880 --> 00:10:10,640 Speaker 1: Thanks Michael. Coming up to five ten on Wall Street 179 00:10:10,640 --> 00:10:13,560 Speaker 1: time for the Bloomberg Sports Update. Good morning, John, Station morning. 180 00:10:13,640 --> 00:10:15,720 Speaker 1: Nathan mets back home from a road trip that saw 181 00:10:15,760 --> 00:10:17,719 Speaker 1: them win two or three in Pittsburgh two or three. 182 00:10:17,720 --> 00:10:20,319 Speaker 1: In Miami, now facing another subpar team, the Cubs, but 183 00:10:20,440 --> 00:10:23,360 Speaker 1: Chicago got to Chris Bassett pair of early home runs. 184 00:10:23,360 --> 00:10:25,720 Speaker 1: Bassett gone on the fourth inning having allowed five runs. 185 00:10:25,760 --> 00:10:28,400 Speaker 1: The Cubs won five to two, but Atlanta lost in 186 00:10:28,440 --> 00:10:30,800 Speaker 1: San Francisco three to two. Brads third loss in a row. 187 00:10:30,880 --> 00:10:33,880 Speaker 1: Mets remain game and a half ahead Yankees and Red Sox. 188 00:10:33,880 --> 00:10:36,000 Speaker 1: Tonight in Boston, Garrett Cole on the mount, the two 189 00:10:36,000 --> 00:10:39,160 Speaker 1: teams behind the Yanks met Toronto on a bow Buchette 190 00:10:39,160 --> 00:10:41,160 Speaker 1: Ain't Sennying homer top Tampa Bay three to two, so 191 00:10:41,200 --> 00:10:43,480 Speaker 1: the Blue Jays now in second place, five and a 192 00:10:43,480 --> 00:10:46,360 Speaker 1: half games behind the Yanks and the race trail by six. 193 00:10:46,440 --> 00:10:49,640 Speaker 1: The first NFL Sunday saw three teams Cleveland, Pittsburgh, New 194 00:10:49,760 --> 00:10:52,680 Speaker 1: Orleans win games with last second field goals of over 195 00:10:52,760 --> 00:10:55,600 Speaker 1: fifty yards. Last night in Seattle, Denver tried to win 196 00:10:56,040 --> 00:10:58,439 Speaker 1: with a sixty four yard field goal it missed. In 197 00:10:58,480 --> 00:11:02,080 Speaker 1: the Seahawks one seventeen sixteen, Broncos had time to try 198 00:11:02,160 --> 00:11:04,120 Speaker 1: and get a first down move closer, but elected to 199 00:11:04,120 --> 00:11:07,160 Speaker 1: try the long kicks of Russell Wilson loses in his 200 00:11:07,280 --> 00:11:09,800 Speaker 1: return to Seattle in his first game with Denver. The 201 00:11:09,880 --> 00:11:13,440 Speaker 1: Jets Sunday bring their thirteen game month of September, losing 202 00:11:13,480 --> 00:11:16,240 Speaker 1: with Drake that Cleveland Jets offense struggled in the loss 203 00:11:16,280 --> 00:11:19,760 Speaker 1: of Baltimore, but took rob Sala feels it will improve 204 00:11:20,000 --> 00:11:22,480 Speaker 1: those little errors on the offense. Was was having the 205 00:11:22,520 --> 00:11:26,280 Speaker 1: first half stop happening. It's going to be explosive and 206 00:11:26,320 --> 00:11:28,000 Speaker 1: none it carries out in the second half. You're you're 207 00:11:28,040 --> 00:11:30,079 Speaker 1: just gonna feel it. Uh and and in a way 208 00:11:30,120 --> 00:11:32,640 Speaker 1: it does just click where you're just stacking up there 209 00:11:32,679 --> 00:11:35,800 Speaker 1: after day after day and um and it's really really 210 00:11:35,800 --> 00:11:38,720 Speaker 1: cool when it does happen because it just absolutely pops 211 00:11:38,720 --> 00:11:40,679 Speaker 1: off the tape. Had Sunday facing the Brown's team that 212 00:11:40,720 --> 00:11:42,400 Speaker 1: just wanted season open for the first time. It's two 213 00:11:42,480 --> 00:11:45,640 Speaker 1: thousand four. Giants got their first in two thousand sixteen. 214 00:11:45,679 --> 00:11:49,000 Speaker 1: This Sunday, they host Carolina. John stash were Bloomberg Sports, 215 00:11:49,440 --> 00:11:52,240 Speaker 1: Thank you, John SMP futures right now up seventeen points. 216 00:11:52,240 --> 00:11:55,000 Speaker 1: South futures of A hundred twenty three futures are higher 217 00:11:55,040 --> 00:11:58,880 Speaker 1: by forty seven points. Ahead of August cp I, we 218 00:11:59,040 --> 00:12:02,839 Speaker 1: preview the latest read on inflation next with Bloomberg's Michael McKee, 219 00:12:02,840 --> 00:12:09,320 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. Showers and 220 00:12:09,360 --> 00:12:12,040 Speaker 1: storms should end by right around lunchtime. We'll get up 221 00:12:12,040 --> 00:12:15,360 Speaker 1: to the low eighties today, sunshine, low eighties tomorrow, sunny Thursday, 222 00:12:15,400 --> 00:12:18,160 Speaker 1: but cooler with a high your seventy five degrees right now, 223 00:12:18,360 --> 00:12:24,199 Speaker 1: some showers seventy one degrees. Markets, headlines and breaking news 224 00:12:24,280 --> 00:12:26,880 Speaker 1: twenty four hours a day at Bloomberg dot com. The 225 00:12:26,960 --> 00:12:30,439 Speaker 1: Bloomberg Business at end at Bloomberg Quick Tape is a 226 00:12:30,480 --> 00:12:39,480 Speaker 1: Bloomberg Business Flash and I'm Karen Moscow. And US dot 227 00:12:39,520 --> 00:12:43,160 Speaker 1: index futures are advancing ahead of key inflation data. Treasury 228 00:12:43,240 --> 00:12:45,520 Speaker 1: yield to dipping in the dollar extending at a climb. 229 00:12:45,640 --> 00:12:49,240 Speaker 1: Contracts on the SNP five and nausdack on rising this 230 00:12:49,440 --> 00:12:52,840 Speaker 1: after the SNP completed its best four days search since June, 231 00:12:52,880 --> 00:12:57,160 Speaker 1: following robust reordered data for Apple's iPhone fourteen pro Max. 232 00:12:57,400 --> 00:12:59,640 Speaker 1: We check the markets every fifteen minutes throughout the trading 233 00:12:59,720 --> 00:13:02,199 Speaker 1: day on Bloomberg s and P Future is up sixteen 234 00:13:02,200 --> 00:13:05,040 Speaker 1: points right now, down futures up a hundred twenty NASDAG 235 00:13:05,120 --> 00:13:07,839 Speaker 1: features up forty five. The decks in Germany's up a 236 00:13:07,880 --> 00:13:10,920 Speaker 1: tenth of upper set ten, Your treasury up nine thirty seconds. 237 00:13:10,960 --> 00:13:13,000 Speaker 1: You have three point three two percent. The yield on 238 00:13:13,080 --> 00:13:16,080 Speaker 1: the two year three point five two percent. Ni Max 239 00:13:16,160 --> 00:13:18,480 Speaker 1: Screwed oil is up one percent or eighty three cents 240 00:13:18,480 --> 00:13:21,120 Speaker 1: at eighty eight dollars sixty one cents a barrel. Comics 241 00:13:21,160 --> 00:13:23,439 Speaker 1: called down a quarter percent or four dollars forty cents 242 00:13:23,440 --> 00:13:26,680 Speaker 1: is seventeen thirty six twenty announced the euro one point 243 00:13:27,080 --> 00:13:29,520 Speaker 1: five zero against the dollar. British found one point one 244 00:13:29,600 --> 00:13:32,200 Speaker 1: seven oh seven the end at one forty two points 245 00:13:32,200 --> 00:13:34,559 Speaker 1: to eight, and Bitcoin and lower down a third of 246 00:13:34,679 --> 00:13:38,360 Speaker 1: u percent at twenty two thousand, three hundred and thirty dollars, 247 00:13:38,440 --> 00:13:40,559 Speaker 1: and a consumer price index is at an e thirty 248 00:13:40,600 --> 00:13:43,480 Speaker 1: Wall Street time as a Bloomberg business flash. Now here's 249 00:13:43,520 --> 00:13:46,360 Speaker 1: Michael Barr with more on what's going on around the world. Uncle, 250 00:13:46,400 --> 00:13:49,520 Speaker 1: good morning, Good morning Karen. The coffin of Queen Elizabeth 251 00:13:49,559 --> 00:13:53,400 Speaker 1: the Second will head from Edinburgh, Scotland to London. The 252 00:13:53,480 --> 00:13:56,760 Speaker 1: Queen will lion state in Westminster Hall for four days. 253 00:13:56,800 --> 00:14:00,120 Speaker 1: In London. More than thirty people associated with former as 254 00:14:00,120 --> 00:14:03,440 Speaker 1: a been Trump and efforts to influence the election results. 255 00:14:03,679 --> 00:14:07,719 Speaker 1: Have receive federal grand jury subpoenas. Meanwhile, Trump and the 256 00:14:07,760 --> 00:14:11,160 Speaker 1: Department of Justice agreed that Judge Raymond Derry would be 257 00:14:11,200 --> 00:14:14,400 Speaker 1: a suitable choice for an outside special master to review 258 00:14:14,440 --> 00:14:17,440 Speaker 1: the documents taken from Trump's tomorrow law go Home as 259 00:14:17,480 --> 00:14:20,440 Speaker 1: part of an investigation into his handling of government records. 260 00:14:20,800 --> 00:14:24,720 Speaker 1: Monday Night Football, the Seahawks upset the Broncos seventeen sixteen 261 00:14:25,040 --> 00:14:27,280 Speaker 1: in baseball, the mental loss to the Cubs five to 262 00:14:27,560 --> 00:14:30,560 Speaker 1: the Giants. One Global News twenty four hours a day 263 00:14:30,760 --> 00:14:34,200 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 264 00:14:34,280 --> 00:14:36,720 Speaker 1: twenty seven under journalist and analysts more than a hundred 265 00:14:36,760 --> 00:14:40,360 Speaker 1: twenty countries. Michael bar this is Bloomberg, Nathan, Michael. Thanks, 266 00:14:40,360 --> 00:14:43,040 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 267 00:14:43,040 --> 00:14:46,520 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and for markets 268 00:14:46,560 --> 00:14:49,600 Speaker 1: this morning, it is all about inflation. We are just 269 00:14:49,720 --> 00:14:52,760 Speaker 1: about three hours or so away from the release of 270 00:14:52,760 --> 00:14:56,080 Speaker 1: the August Consumer Price Index. Read that is going to 271 00:14:56,160 --> 00:14:59,160 Speaker 1: be very important. We assume for the Federal Reserve, it's 272 00:14:59,160 --> 00:15:02,400 Speaker 1: fight against inflation. Joining us now ahead of the CPI print. 273 00:15:02,480 --> 00:15:07,200 Speaker 1: Michael McKee, Bloomberg's economics and policy correspondent from Bloomberg Radio 274 00:15:07,200 --> 00:15:09,320 Speaker 1: and Television, Mike, Good to have you with us in 275 00:15:09,400 --> 00:15:12,880 Speaker 1: studio this morning. You look at the ECO screen, ECO 276 00:15:13,000 --> 00:15:16,720 Speaker 1: go on the Bloomberg terminal. Looks like we're expecting a 277 00:15:16,880 --> 00:15:21,920 Speaker 1: drop in overall inflation, but a slight uptick in the 278 00:15:22,000 --> 00:15:25,960 Speaker 1: core reading. What the FED really cares about? Why is that? Well, 279 00:15:25,960 --> 00:15:28,080 Speaker 1: the car gives you a better picture of where inflation 280 00:15:28,120 --> 00:15:30,480 Speaker 1: is going, because, of course the headline is influenced by 281 00:15:30,480 --> 00:15:34,440 Speaker 1: commodity prices, particularly energy, which is the reason we're going 282 00:15:34,480 --> 00:15:38,440 Speaker 1: to see drop today. Probably is because energy prices, particularly 283 00:15:38,440 --> 00:15:42,520 Speaker 1: gasoline prices in the US fell significantly during the month 284 00:15:42,600 --> 00:15:45,560 Speaker 1: of August seven point seven. So we should see a 285 00:15:45,680 --> 00:15:48,040 Speaker 1: drop in the headline. But there are a number of 286 00:15:48,080 --> 00:15:52,480 Speaker 1: categories in the core where there is still strength, including housing. 287 00:15:52,920 --> 00:15:57,080 Speaker 1: The rental price cost that goes into CPI is likely 288 00:15:57,120 --> 00:16:00,960 Speaker 1: to keep that boosted. Plus there is a base effect 289 00:16:01,240 --> 00:16:05,120 Speaker 1: high inflation last year so at this time, so the 290 00:16:05,160 --> 00:16:08,600 Speaker 1: Fed is probably going to look at this as progress 291 00:16:08,640 --> 00:16:13,080 Speaker 1: but not nearly sufficient. Is there anything that I mean 292 00:16:13,160 --> 00:16:15,200 Speaker 1: that there's isn't anything that the FED can do about 293 00:16:15,200 --> 00:16:18,080 Speaker 1: base effects that's going to roll into the reading. We 294 00:16:18,120 --> 00:16:20,760 Speaker 1: get today. What can the FED do at this point 295 00:16:20,840 --> 00:16:25,640 Speaker 1: to get more of a handle on that core inflation. Well, 296 00:16:25,640 --> 00:16:28,600 Speaker 1: it's interesting because a lot of people on Wall Street 297 00:16:28,640 --> 00:16:31,200 Speaker 1: are saying, it's not what the Fed does in reaction 298 00:16:31,240 --> 00:16:34,040 Speaker 1: to this CPI report, but what the markets do. If 299 00:16:34,080 --> 00:16:36,360 Speaker 1: the markets think the Fed is going to back off 300 00:16:36,960 --> 00:16:42,520 Speaker 1: and react positively to dropping the headline cp I, the 301 00:16:42,560 --> 00:16:44,720 Speaker 1: feeling is that might be a mistake because the FED 302 00:16:44,800 --> 00:16:48,280 Speaker 1: seems committed to seventy basis points at the next meeting, 303 00:16:48,960 --> 00:16:52,760 Speaker 1: and their view is going to be not you know, necessary, 304 00:16:52,760 --> 00:16:55,400 Speaker 1: but not sufficient in terms of the drop in prices. 305 00:16:55,440 --> 00:16:59,520 Speaker 1: They're gonna want to see continued progress and significant progress, 306 00:16:59,560 --> 00:17:02,240 Speaker 1: particularly in the core. As to how they can bring 307 00:17:02,280 --> 00:17:06,040 Speaker 1: that about, basically by keeping rates high enough that demands 308 00:17:06,080 --> 00:17:09,080 Speaker 1: slows some and then waiting. There isn't much you can 309 00:17:09,119 --> 00:17:13,720 Speaker 1: do about the speed with which housing goes into the CPI. 310 00:17:13,880 --> 00:17:16,920 Speaker 1: It could be a year before we see the current declines, 311 00:17:17,000 --> 00:17:21,119 Speaker 1: you know, prices and rents start to impact the CPI report. 312 00:17:21,480 --> 00:17:24,200 Speaker 1: So the Fed's gotta keep the pedal to the metal 313 00:17:24,280 --> 00:17:29,240 Speaker 1: and uh, keep their eyes on inflation and not celebrate 314 00:17:29,280 --> 00:17:33,200 Speaker 1: too much. You talk to Fed speakers, central bankers, regularly, Mike. 315 00:17:33,240 --> 00:17:35,480 Speaker 1: Have they given you any reason to think that if 316 00:17:35,520 --> 00:17:39,080 Speaker 1: we did see a drop in the overall inflation print 317 00:17:39,119 --> 00:17:42,399 Speaker 1: that it would give them reason to let up on 318 00:17:42,440 --> 00:17:46,919 Speaker 1: the gas. Yeah. They they're not saying that they're basically 319 00:17:46,960 --> 00:17:50,560 Speaker 1: committed to seventy five. The feeling at the Fed seems 320 00:17:50,600 --> 00:17:53,919 Speaker 1: to have shifted over the last couple of weeks to UH, 321 00:17:54,080 --> 00:17:57,080 Speaker 1: from reacting to the data on a month by month 322 00:17:57,160 --> 00:18:01,080 Speaker 1: basis to deciding we're going to get to a slightly 323 00:18:01,119 --> 00:18:05,800 Speaker 1: restrictive rate just some above neutral, which different members defined 324 00:18:05,880 --> 00:18:09,639 Speaker 1: different ways. Some say that's four, some say it's just under. 325 00:18:10,040 --> 00:18:12,400 Speaker 1: But the feeling is they're gonna get there, and then 326 00:18:12,440 --> 00:18:14,920 Speaker 1: they're gonna turn data dependent. They're gonna want to have 327 00:18:14,960 --> 00:18:22,000 Speaker 1: the economy UH contracting somewhat, maybe not shrinking, but growing 328 00:18:22,000 --> 00:18:24,880 Speaker 1: at a much lower pace, and that should bring down 329 00:18:24,920 --> 00:18:27,239 Speaker 1: some of the other price pressures out there. Then they 330 00:18:27,280 --> 00:18:29,600 Speaker 1: leave it there for a while until they're convinced that 331 00:18:29,680 --> 00:18:34,440 Speaker 1: inflation is definitely going down towards their two percent target. There, 332 00:18:34,560 --> 00:18:38,040 Speaker 1: last minute here, Mike, Given all the factors that go 333 00:18:38,080 --> 00:18:41,159 Speaker 1: into course cp I, what are you seeing, what are 334 00:18:41,160 --> 00:18:45,520 Speaker 1: you looking for as the main drivers of core inflation 335 00:18:45,640 --> 00:18:48,520 Speaker 1: and the reading we could get later this morning. Housing 336 00:18:48,600 --> 00:18:51,400 Speaker 1: is going to be the main driver. It's of the CPI, 337 00:18:51,480 --> 00:18:53,440 Speaker 1: so it has a huge weight, which is one of 338 00:18:53,480 --> 00:18:57,119 Speaker 1: the differences between that and the feds pc index that 339 00:18:57,160 --> 00:18:59,600 Speaker 1: they tend to watch has a lower weight out housing, 340 00:19:00,080 --> 00:19:04,080 Speaker 1: but also new cars prices are still expected to be rising, 341 00:19:04,440 --> 00:19:06,520 Speaker 1: and then we'll have to see if there's some categories 342 00:19:06,560 --> 00:19:10,720 Speaker 1: where supply chains are still causing problems. That's hoping that's 343 00:19:10,720 --> 00:19:14,639 Speaker 1: starting to normalize but hasn't so far, Yeah, or it 344 00:19:14,640 --> 00:19:17,760 Speaker 1: cons back to that h T word. We we don't 345 00:19:17,800 --> 00:19:22,600 Speaker 1: say anymore, right. Mike McKie are economics and policy correspondent 346 00:19:22,640 --> 00:19:25,679 Speaker 1: for Bloomberg Radio and Television, helping us get ready for 347 00:19:25,880 --> 00:19:29,960 Speaker 1: the all important August Consumer Price Index. The overall reading 348 00:19:30,000 --> 00:19:33,000 Speaker 1: expected to drop four tenths percent, according to economist surveyed 349 00:19:33,000 --> 00:19:36,760 Speaker 1: by Bloomberg, to an annual reading of eight point one percent, 350 00:19:36,880 --> 00:19:39,920 Speaker 1: while the core that excludes food and energy is expected 351 00:19:40,000 --> 00:19:42,960 Speaker 1: to rise just a bit, by two tenths of a 352 00:19:42,440 --> 00:19:47,240 Speaker 1: percent to six point one year over year. Looking ahead 353 00:19:47,240 --> 00:19:50,360 Speaker 1: to the market, open futures are showing a little bit 354 00:19:50,359 --> 00:19:52,440 Speaker 1: of resilience. You've got us in p futures right now. 355 00:19:52,440 --> 00:19:54,840 Speaker 1: Have fifteen points down, futures up A hundred fourteen and 356 00:19:54,920 --> 00:19:58,240 Speaker 1: NASTAC futures are higher by forty two points tenure treasury 357 00:19:58,280 --> 00:20:02,600 Speaker 1: up nine thirty seconds. The yield three point three. This 358 00:20:02,960 --> 00:20:09,440 Speaker 1: is Bloomberg Bloomberg eleven three oh Whether any showers and 359 00:20:09,560 --> 00:20:11,480 Speaker 1: storms should end by mid day today We'll get into 360 00:20:11,520 --> 00:20:15,920 Speaker 1: the low eighties, sunshine low eighties tomorrow, sunny, mid seventies 361 00:20:16,200 --> 00:20:19,360 Speaker 1: by Thursday. Right now seventy two degrees in Central Park. 362 00:20:21,960 --> 00:20:26,480 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York, 363 00:20:26,600 --> 00:20:31,280 Speaker 1: Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston, 364 00:20:31,359 --> 00:20:34,639 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N 365 00:20:34,840 --> 00:20:38,080 Speaker 1: sixteen to the Country Sirius XM SHDO one nineteen and 366 00:20:38,200 --> 00:20:41,520 Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio 367 00:20:41,680 --> 00:20:50,960 Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on 368 00:20:50,960 --> 00:20:54,240 Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. 369 00:20:54,320 --> 00:20:56,359 Speaker 1: We're just about four hours away from the open of 370 00:20:56,440 --> 00:20:58,119 Speaker 1: US trading. Let's get you up to date on the 371 00:20:58,160 --> 00:21:00,560 Speaker 1: news you need to know at this shour you futures 372 00:21:00,600 --> 00:21:03,480 Speaker 1: are higher ahead of the latest data on inflation. We 373 00:21:03,560 --> 00:21:06,000 Speaker 1: get a reading on US consumer prices for August at 374 00:21:06,040 --> 00:21:09,639 Speaker 1: eight thirty am. Wall Street Time forecast call for inflation 375 00:21:09,680 --> 00:21:12,040 Speaker 1: to ease to an annual rate of eight point one 376 00:21:12,080 --> 00:21:15,960 Speaker 1: per cent, and here with Moore is Bloomberg Economics correspondent 377 00:21:16,000 --> 00:21:20,280 Speaker 1: Michael McKee. Falling energy prices likely held down headline inflation 378 00:21:20,320 --> 00:21:23,159 Speaker 1: in August, but higher costs for housing and education or 379 00:21:23,200 --> 00:21:26,920 Speaker 1: forecast to have pushed core inflation higher. Beneficials have all 380 00:21:26,920 --> 00:21:29,480 Speaker 1: but said they're locked in on a three quarters percentage 381 00:21:29,480 --> 00:21:32,720 Speaker 1: point increase for interest rates next week. Higher core rate 382 00:21:32,760 --> 00:21:35,320 Speaker 1: won't affect their thinking, but it will serve as a 383 00:21:35,359 --> 00:21:39,199 Speaker 1: reminder the fight against inflation is far from over. Michael McKee, 384 00:21:39,200 --> 00:21:41,920 Speaker 1: Bloomberg Gay break all right, Mike, thanks. Global stocks are 385 00:21:41,920 --> 00:21:44,679 Speaker 1: slightly higher ahead of that CPI report, stocks in Europe 386 00:21:44,680 --> 00:21:47,880 Speaker 1: and Asia posting moderate gains. S ANDP futures are up 387 00:21:47,960 --> 00:21:51,960 Speaker 1: sixteen points well elsewhere on Wall Street. Nathan job cuts 388 00:21:52,000 --> 00:21:54,840 Speaker 1: are in focus this morning. Goldman Sachs is going ahead 389 00:21:54,840 --> 00:21:57,520 Speaker 1: with its biggest round of cutback since the start of 390 00:21:57,560 --> 00:22:00,119 Speaker 1: the pandemic. Sources tell us the bank plans to will 391 00:22:00,080 --> 00:22:04,200 Speaker 1: eliminate several hundred roles starting this moth. Bloombery Sly big 392 00:22:04,280 --> 00:22:07,080 Speaker 1: Well says the move could signal h hills setting in 393 00:22:07,119 --> 00:22:11,280 Speaker 1: across the industry. The other investment banks they faced similar challenges. 394 00:22:11,320 --> 00:22:14,359 Speaker 1: They're battling inflation. They have also seen a slump in 395 00:22:14,800 --> 00:22:18,560 Speaker 1: dealmaking in investment banking, and we understand that a lot 396 00:22:18,560 --> 00:22:21,200 Speaker 1: of the cuts with Goldman Sex were in that division. 397 00:22:21,480 --> 00:22:23,920 Speaker 1: And so we can expect that this sets the tone 398 00:22:23,960 --> 00:22:26,280 Speaker 1: a little bit for broader Wall Street and that week 399 00:22:26,359 --> 00:22:29,600 Speaker 1: we might start see other banks following suit and Bloombery 400 00:22:29,640 --> 00:22:32,320 Speaker 1: say big Well says the cursed Goldman will be used 401 00:22:32,320 --> 00:22:35,159 Speaker 1: to weed out low performers. Let's turn our attention to 402 00:22:35,280 --> 00:22:38,000 Speaker 1: Ukraine now, Karen. The country is asking for more weapons 403 00:22:38,000 --> 00:22:40,840 Speaker 1: to build on its recent successory taking territory from Russia. 404 00:22:40,920 --> 00:22:44,400 Speaker 1: President Vladimir Zleinsky says forces recaptured more than twenty three 405 00:22:44,440 --> 00:22:47,639 Speaker 1: hundred square miles this month. AGNEYA. Gregis, as a senior 406 00:22:47,680 --> 00:22:50,280 Speaker 1: fellow at the Atlantic Council, I do believe the spells 407 00:22:50,280 --> 00:22:53,600 Speaker 1: a turning point, and at this point we could suggest 408 00:22:53,680 --> 00:22:58,040 Speaker 1: that either Russia is facing defeat or it's facing a stalemate. 409 00:22:58,520 --> 00:23:01,520 Speaker 1: Agneagregas with the Atlantic, so says the areas Ukraine is 410 00:23:01,560 --> 00:23:05,400 Speaker 1: securing could give them a strategic advantage over Russia. And finally, 411 00:23:05,440 --> 00:23:08,520 Speaker 1: in politics this morning, Nathan, the Justice Department is ramping 412 00:23:08,600 --> 00:23:12,600 Speaker 1: up its probe into the plot to overturn the presidential election. 413 00:23:12,680 --> 00:23:15,480 Speaker 1: The d o J is issuing about forty new subpoenas 414 00:23:15,520 --> 00:23:19,000 Speaker 1: to campaign operatives and allies of former President Donald Trump. 415 00:23:19,240 --> 00:23:22,200 Speaker 1: The New York Times is also reporting that phone records 416 00:23:22,200 --> 00:23:25,480 Speaker 1: were seized from a Trump lawyer and a campaign strategist. 417 00:23:25,640 --> 00:23:29,600 Speaker 1: And again, futures are moving higher this morning, and straight ahead, 418 00:23:29,800 --> 00:23:32,920 Speaker 1: we had your latest local headlines, plus the check of sports, 419 00:23:33,200 --> 00:23:40,680 Speaker 1: and this is Bloomberg. Thanks in Wall Street, seventy degrees 420 00:23:40,720 --> 00:23:43,600 Speaker 1: in Central Park flooding as East found Belt Parkway closed 421 00:23:43,600 --> 00:23:46,480 Speaker 1: at Fourth Avenue. Details coming up in traffic. First Michael 422 00:23:46,480 --> 00:23:48,120 Speaker 1: Barr with what else is going on in New York 423 00:23:48,160 --> 00:23:50,320 Speaker 1: and around the world. Michael, thank you very much, Nathan. 424 00:23:50,359 --> 00:23:52,840 Speaker 1: The thirty year old mother who is accused of drowning 425 00:23:52,840 --> 00:23:56,600 Speaker 1: her three young children at Coney Island Beach remains hospitalized 426 00:23:56,680 --> 00:24:00,680 Speaker 1: under psychiatric evaluation this morning. Yesterday, the budies of seven 427 00:24:00,760 --> 00:24:03,800 Speaker 1: year old Zachary Murdy, four year old La Lana, and 428 00:24:04,119 --> 00:24:07,840 Speaker 1: three month old Oliver Banderev were found on the shore 429 00:24:07,880 --> 00:24:10,920 Speaker 1: of the beach. The NYPD s as the woman, who 430 00:24:10,920 --> 00:24:15,400 Speaker 1: has not yet been identified, was found soaking wet, nearly catatonic, 431 00:24:15,520 --> 00:24:18,520 Speaker 1: and barefoot, about two miles down the board of walk 432 00:24:18,560 --> 00:24:21,080 Speaker 1: from the section of Kilney Island where she lived. The 433 00:24:21,119 --> 00:24:25,320 Speaker 1: community is reacting to the news. Zachary's school football coach 434 00:24:25,359 --> 00:24:28,360 Speaker 1: says it's hard to believe Sally kid really good kid, 435 00:24:29,920 --> 00:24:33,760 Speaker 1: always smiling on a football field. Police say. Family members 436 00:24:33,800 --> 00:24:37,000 Speaker 1: claim she confessed to the killings, but has not said 437 00:24:37,040 --> 00:24:41,320 Speaker 1: anything to police. Republican Senator Lindsey Graham of South Carolina 438 00:24:41,359 --> 00:24:45,680 Speaker 1: will once again try to introduce legislation to restrict abortion nationally. 439 00:24:46,119 --> 00:24:49,320 Speaker 1: Graham as scheduled an announcement for later today at the Capitol. 440 00:24:49,640 --> 00:24:52,800 Speaker 1: The politically explosive debate is emerging as one of the 441 00:24:52,840 --> 00:24:56,680 Speaker 1: central issues in the midterm election campaign. The White House 442 00:24:56,760 --> 00:25:00,280 Speaker 1: is working to revert a rail workers strike. President Biden 443 00:25:00,320 --> 00:25:03,400 Speaker 1: has reached out to both the unions and railroad companies. 444 00:25:03,560 --> 00:25:05,760 Speaker 1: If a deal isn't made by Friday, it could lead 445 00:25:05,800 --> 00:25:09,679 Speaker 1: to major rail disruptions. Amtrack already announced it will be 446 00:25:09,720 --> 00:25:14,399 Speaker 1: suspending several routes the Association of American Railroads says a 447 00:25:14,560 --> 00:25:18,600 Speaker 1: nationwide rail work stoppage could result in a two billion 448 00:25:18,640 --> 00:25:22,840 Speaker 1: dollar daily economic hit. Jason Today Because this comedy ted 449 00:25:22,920 --> 00:25:26,360 Speaker 1: Lasso air and on Apple claimed the Top Comedy prize 450 00:25:26,359 --> 00:25:30,240 Speaker 1: at last night's Emmy Awards. The show is about good 451 00:25:30,280 --> 00:25:32,399 Speaker 1: and evil, and so the show is about like the 452 00:25:32,440 --> 00:25:35,800 Speaker 1: truth and lies. This show is about all that stuff, 453 00:25:35,800 --> 00:25:39,000 Speaker 1: but it's mostly about our response to those things, and 454 00:25:39,160 --> 00:25:43,040 Speaker 1: your response to our show has been overwhelming. HBO Succession 455 00:25:43,080 --> 00:25:46,680 Speaker 1: took home the Top Drama honor. Another HBO show, White Lotus, 456 00:25:46,720 --> 00:25:49,560 Speaker 1: was named the Best Limited Series. Lee Jung j of 457 00:25:49,640 --> 00:25:53,119 Speaker 1: Squid Game won the Best Drama Actor. The Emmys were 458 00:25:53,119 --> 00:25:55,760 Speaker 1: aired on NBC Global Needs twenty four hours a day 459 00:25:55,800 --> 00:25:58,000 Speaker 1: on air, and on Bloomberg Quick Take, powered by more 460 00:25:58,000 --> 00:26:00,479 Speaker 1: than twenty seven hundre journalist and analysts in more than 461 00:26:00,480 --> 00:26:03,120 Speaker 1: a twenty countries. I'm Michael bar This is Bloomberg Naked. 462 00:26:03,200 --> 00:26:11,000 Speaker 1: Thanks Michael wall Street. Time for the Bloomberg Sports Update 463 00:26:11,000 --> 00:26:13,359 Speaker 1: with John stanhow all Right, Nathan NFL Week one end 464 00:26:13,440 --> 00:26:16,359 Speaker 1: with Denver at Seattle. So Russell Wilson's first game with 465 00:26:16,400 --> 00:26:18,840 Speaker 1: the Broncos was against his old team. He wanted to 466 00:26:18,880 --> 00:26:21,399 Speaker 1: get traded. That's why he got booed. Wilson through a 467 00:26:21,440 --> 00:26:24,359 Speaker 1: three yards but twice to the second half. The Broncos 468 00:26:24,440 --> 00:26:26,720 Speaker 1: fumbled at the Seattle one yard line, then they missed 469 00:26:26,720 --> 00:26:30,080 Speaker 1: a long field goal Seattle one, seventeen sixteen. The new 470 00:26:30,119 --> 00:26:33,000 Speaker 1: Seahawks QB is Gino Smith, the former Jet and Giant. 471 00:26:33,000 --> 00:26:35,679 Speaker 1: He played well, especially in the first half. Jets did 472 00:26:35,680 --> 00:26:37,400 Speaker 1: not play well and the loss of the Ravens their 473 00:26:37,480 --> 00:26:40,720 Speaker 1: thirteenth loss in a row in September, so plenty of critics, 474 00:26:41,000 --> 00:26:43,280 Speaker 1: but Jets coach Rob Sala thinks he will have the 475 00:26:43,359 --> 00:26:45,800 Speaker 1: last lack. I know what's gonna happen, and I'm and 476 00:26:45,840 --> 00:26:48,359 Speaker 1: I'm taking We're all taking receipts on all the people 477 00:26:48,359 --> 00:26:51,359 Speaker 1: who continually mock and say that we aren't gonna do anything. 478 00:26:51,400 --> 00:26:53,760 Speaker 1: I'm taking receipts. I'm gonna be more than half to 479 00:26:53,760 --> 00:26:54,920 Speaker 1: sharing with all ye old one. It's all of a a 480 00:26:54,960 --> 00:26:58,320 Speaker 1: sudden Yet Sunday visit Cleveland. The Browns just wanted Carolina 481 00:26:58,359 --> 00:27:00,480 Speaker 1: the one on old Giants host the fan through Sunday. 482 00:27:00,520 --> 00:27:02,600 Speaker 1: Week three, they played Dallas. The big NFL injury at 483 00:27:02,600 --> 00:27:05,359 Speaker 1: a Week one Dak Prescott already had surgery on an 484 00:27:05,359 --> 00:27:08,120 Speaker 1: injured hand. Expected to keep the Cowboys keeb out six 485 00:27:08,200 --> 00:27:10,480 Speaker 1: to eight weeks. City Field covered with the Mets five 486 00:27:10,520 --> 00:27:12,719 Speaker 1: to two. Not a good atting for Chris Bassett gave 487 00:27:12,800 --> 00:27:14,920 Speaker 1: up all five gone in the fourth any with Atlanta 488 00:27:15,400 --> 00:27:17,360 Speaker 1: has suddenly lost three in a row. Mets state game 489 00:27:17,359 --> 00:27:20,040 Speaker 1: and a half ahead. Yankees and Red Sox tonight in Boston. 490 00:27:20,119 --> 00:27:22,240 Speaker 1: Just a two game series. They'll play four times next 491 00:27:22,240 --> 00:27:25,080 Speaker 1: weekend in New York. Mike Trout homeward for the Angels 492 00:27:25,119 --> 00:27:27,000 Speaker 1: seventh game in a row. He can try the Major 493 00:27:27,040 --> 00:27:30,360 Speaker 1: League record Tonight. MLB told the Dodgers that if they 494 00:27:30,359 --> 00:27:32,080 Speaker 1: won Sunday, they plans to play out for US, so 495 00:27:32,119 --> 00:27:34,520 Speaker 1: they wanted. They celebrated, and then MLB informed them they 496 00:27:34,520 --> 00:27:37,520 Speaker 1: had made a mistake. So they celebrated again after a 497 00:27:37,560 --> 00:27:40,399 Speaker 1: win last night, and they may celebrate again tonight they 498 00:27:40,400 --> 00:27:43,720 Speaker 1: can clinch the division. John stash Award Bloomberg Sports Nathan. 499 00:27:43,840 --> 00:27:46,360 Speaker 1: Thanks John. It's five thirty seven on Wall Street time 500 00:27:46,400 --> 00:27:49,720 Speaker 1: for the Tri State Business Report. Here's Bloomberg's cory. Hundreds 501 00:27:49,720 --> 00:27:53,000 Speaker 1: of New York Times employees are defining the company's return 502 00:27:53,080 --> 00:27:56,520 Speaker 1: to office push. More than twelve hundred journalists and tech 503 00:27:56,560 --> 00:27:59,920 Speaker 1: workers represented by the News Guild of New York pledged 504 00:28:00,200 --> 00:28:02,919 Speaker 1: not to return to the office Monday, and an effort 505 00:28:02,920 --> 00:28:05,920 Speaker 1: to get The Times to negotiate return to office plans. 506 00:28:06,400 --> 00:28:10,040 Speaker 1: New Jersey has won its third credit rating upgrade this year, 507 00:28:10,320 --> 00:28:12,840 Speaker 1: putting the state in better standing than when Governor Phil 508 00:28:12,920 --> 00:28:16,359 Speaker 1: Murphy came into office in two thousand and eighteen. Fitch 509 00:28:16,440 --> 00:28:19,200 Speaker 1: Ratings raised the rating one notch to A, the sixth 510 00:28:19,240 --> 00:28:23,639 Speaker 1: highest investment grade, from A minus. Connecticut's Governor Ned Lamont 511 00:28:23,680 --> 00:28:28,040 Speaker 1: has requested disaster declarations for Litchfield and New Haven Counties 512 00:28:28,400 --> 00:28:32,600 Speaker 1: because of the difficulty agricultural producers face with the ongoing drought. 513 00:28:33,119 --> 00:28:35,600 Speaker 1: Lamont side of the high route level for the county's 514 00:28:35,640 --> 00:28:40,840 Speaker 1: officials approved primary disaster declarations for New London and Windham 515 00:28:40,880 --> 00:28:44,280 Speaker 1: Counties in August. That's your Bloomberg Trying State Business Report. 516 00:28:44,360 --> 00:28:46,600 Speaker 1: I'm Ed Corey. Thanks that It's five thirty eight on 517 00:28:46,600 --> 00:28:48,640 Speaker 1: Wall Street. Bloomberg Radio is on the air from San 518 00:28:48,680 --> 00:28:51,400 Speaker 1: Francisco to New York, London to Hong Kong. Let's check 519 00:28:51,440 --> 00:28:52,960 Speaker 1: in with our global news team for some of the 520 00:28:53,000 --> 00:28:55,800 Speaker 1: top stories heard on our three hundred affiliate radio stations 521 00:28:55,840 --> 00:29:01,960 Speaker 1: around the world. I'm Steve Potos content ten Wins in 522 00:29:02,040 --> 00:29:05,520 Speaker 1: New York. We're talking about New York Times staffers challenging 523 00:29:05,560 --> 00:29:09,520 Speaker 1: the papers returned to office policy. M Corney Donahoe on 524 00:29:09,760 --> 00:29:13,040 Speaker 1: wh S and Louisville. Starbucks is offering new perks for 525 00:29:13,160 --> 00:29:16,240 Speaker 1: non union stores. I'm Caroline Head Gone Bloomberg. D A. B. 526 00:29:16,400 --> 00:29:19,640 Speaker 1: Disowjo in Lontomove Poto on the latest UK jobs numbers 527 00:29:19,640 --> 00:29:24,280 Speaker 1: showing the unemployment rate dropping to the lowest this kind. 528 00:29:24,560 --> 00:29:27,760 Speaker 1: Corey on W T A M. In Cleveland. I'm reporting 529 00:29:27,880 --> 00:29:31,680 Speaker 1: Energy Focus has a new CEO. And those are some 530 00:29:31,760 --> 00:29:34,400 Speaker 1: of the stories. Are twenty seven hundred Bloomberg journalists and 531 00:29:34,440 --> 00:29:37,240 Speaker 1: analysts are working on this morning around the world. It's 532 00:29:37,920 --> 00:29:41,040 Speaker 1: nine on Wall Street. The following is an editorial from 533 00:29:41,080 --> 00:29:46,400 Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. 534 00:29:46,760 --> 00:29:51,360 Speaker 1: Negotiations to revive the twenty fifty nuclear agreement with Iran 535 00:29:51,760 --> 00:29:56,160 Speaker 1: have reached yet another impass, with Tehran pressing for last 536 00:29:56,240 --> 00:30:01,400 Speaker 1: minute concessions. Most observers now expect talk to languish until 537 00:30:01,440 --> 00:30:06,520 Speaker 1: after the US midterm elections in November. Further delay is risky. 538 00:30:06,800 --> 00:30:10,320 Speaker 1: The I A E. A. Estimates Iran already has enough 539 00:30:10,560 --> 00:30:14,600 Speaker 1: enriched uranium to build a nuclear weapon. Iran has also 540 00:30:14,720 --> 00:30:19,720 Speaker 1: blocked the agency from monitoring how many advanced centrifuges its manufacturing, 541 00:30:20,200 --> 00:30:24,920 Speaker 1: raising the possibility it could continue enriching secretly even if 542 00:30:25,000 --> 00:30:28,360 Speaker 1: the deal is revived. That means the US will need 543 00:30:28,440 --> 00:30:31,240 Speaker 1: to take many of the same actions to contain the threat, 544 00:30:31,440 --> 00:30:35,400 Speaker 1: whether the deal is resurrected or not. Shifting to so 545 00:30:35,480 --> 00:30:38,920 Speaker 1: called Plan B now could persuade Iran to back off 546 00:30:39,000 --> 00:30:42,280 Speaker 1: its most unreasonable demands, and would help the US deal 547 00:30:42,400 --> 00:30:46,440 Speaker 1: with the consequences if it doesn't. This editorial was written 548 00:30:46,480 --> 00:30:50,000 Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion, please 549 00:30:50,040 --> 00:30:52,920 Speaker 1: go to Bloomberg dot com, slash opinion or O P 550 00:30:53,160 --> 00:30:56,240 Speaker 1: I N go on the Bloomberg Terminal. This has been 551 00:30:56,320 --> 00:31:00,400 Speaker 1: Bloomberg opinion, and you can hear Bloomberg opinion editorials every 552 00:31:00,400 --> 00:31:03,640 Speaker 1: weekday at this time, terminal customers can read more at 553 00:31:03,680 --> 00:31:06,120 Speaker 1: O P I N go. Ahead of the market open. 554 00:31:06,160 --> 00:31:10,440 Speaker 1: Ahead of August, CPI futures are higher, SMP futures up 555 00:31:10,440 --> 00:31:13,800 Speaker 1: fifteen points now futures up a hundred fifteen. NASTAC futures 556 00:31:13,800 --> 00:31:17,800 Speaker 1: are higher by forty points. You're listening to Bloomberg Daybreak 557 00:31:22,560 --> 00:31:25,160 Speaker 1: Bloomberg eleven three oh weather. Some lingering showers should end 558 00:31:25,160 --> 00:31:28,440 Speaker 1: by around lunchtime. Low eighties for an afternoon high sunshine 559 00:31:28,480 --> 00:31:32,080 Speaker 1: low eighties tomorrow, sunny, mid seventies by Thursday. Right now 560 00:31:32,120 --> 00:31:39,040 Speaker 1: cloudy seventy degrees in Central Park. Markets. Headlines and breaking 561 00:31:39,040 --> 00:31:41,920 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 562 00:31:42,040 --> 00:31:45,600 Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's 563 00:31:45,600 --> 00:31:54,400 Speaker 1: a Bloomberg Business Flash and I'm Karen. Moscow and US 564 00:31:54,520 --> 00:31:57,160 Speaker 1: Dock Index futures on the rises morning ahead of key 565 00:31:57,160 --> 00:32:00,200 Speaker 1: inflation data do out later, Treasury yields dipping and the 566 00:32:00,240 --> 00:32:03,600 Speaker 1: dollar extending a decline. Who checked the markets every fifteen 567 00:32:03,600 --> 00:32:06,000 Speaker 1: minutes throughout the trading day on Bloomberg s and P 568 00:32:06,200 --> 00:32:08,720 Speaker 1: future is up about sixteen points now, Futures of a 569 00:32:08,800 --> 00:32:12,520 Speaker 1: hundred nineteen NASDACK futures up forty The decks in Germany's 570 00:32:12,600 --> 00:32:15,680 Speaker 1: up a quarter percent ten, Your treasury up ten thirty seconds. 571 00:32:15,720 --> 00:32:17,720 Speaker 1: You have three point three one percent they yield on 572 00:32:17,800 --> 00:32:20,960 Speaker 1: the two year three point five two percent. Nine X 573 00:32:21,000 --> 00:32:23,000 Speaker 1: Screwed oil is up one and a third percent of 574 00:32:23,040 --> 00:32:25,720 Speaker 1: a dollar seventeen at eighty eight dollars nine five cents 575 00:32:25,720 --> 00:32:27,800 Speaker 1: of barrel co makes gold down a tenth of upper 576 00:32:27,840 --> 00:32:30,640 Speaker 1: cent or two dollars at seventeen thirty eight sixty ounce, 577 00:32:31,080 --> 00:32:33,680 Speaker 1: the euro one point one six three against the dollar, 578 00:32:33,720 --> 00:32:35,840 Speaker 1: British pround one point one seven oh nine and the 579 00:32:36,000 --> 00:32:38,760 Speaker 1: end one forty two point to five. And looking at 580 00:32:38,760 --> 00:32:41,920 Speaker 1: bitcoin this morning, it's little change at twenty two thousand, 581 00:32:42,040 --> 00:32:45,120 Speaker 1: three hundred ninety dollars. That's a bloomberg business flash. Now 582 00:32:45,120 --> 00:32:47,480 Speaker 1: here's Michael Barr with more on what's going on around 583 00:32:47,520 --> 00:32:50,680 Speaker 1: the world. Michael Karen, thank you very much. Final farewell 584 00:32:50,880 --> 00:32:54,240 Speaker 1: from Scotland to their longest serving monarch. A stream of 585 00:32:54,320 --> 00:32:57,280 Speaker 1: visitors believed to be a mile long, lined up to 586 00:32:57,320 --> 00:33:00,880 Speaker 1: pay their last respects as the queen lies and rest 587 00:33:01,320 --> 00:33:04,560 Speaker 1: in Edinburgh for twenty four hours. The Queen's coffin will 588 00:33:04,640 --> 00:33:07,080 Speaker 1: later be taken to London to lye in state for 589 00:33:07,400 --> 00:33:12,040 Speaker 1: four days. Ukrainian troops continue to pile unrelenting pressure on 590 00:33:12,280 --> 00:33:15,520 Speaker 1: retreating Russian forces. They are seeking to hold on to 591 00:33:15,640 --> 00:33:19,960 Speaker 1: their sudden momentum that has produced major territorial games. Monday 592 00:33:20,040 --> 00:33:23,720 Speaker 1: Night football, the Seahawks upset the Broncos seventeen sixteen and 593 00:33:23,800 --> 00:33:26,800 Speaker 1: baseball the Men's lost to the Cubs five to the Giants. 594 00:33:26,800 --> 00:33:30,000 Speaker 1: One Global News twenty four hours a day on air 595 00:33:30,160 --> 00:33:33,560 Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven 596 00:33:33,640 --> 00:33:36,440 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. 597 00:33:36,640 --> 00:33:40,080 Speaker 1: I'm Michael Blare and this is Bloomberg. Nathan. Okay, Michael, 598 00:33:40,080 --> 00:33:42,320 Speaker 1: thank you are coming up to five forty nine on 599 00:33:42,400 --> 00:33:45,840 Speaker 1: Wall Street Live from the Bloomberg Interacted Brokers studios. This 600 00:33:46,000 --> 00:33:49,360 Speaker 1: is Bloomberg Daybreak on a morning where we're seeing a 601 00:33:49,440 --> 00:33:53,560 Speaker 1: major development in one of the many investigations surrounding former 602 00:33:53,600 --> 00:33:57,080 Speaker 1: President Donald Trump. For details, we turned to Joe Matthew, 603 00:33:57,240 --> 00:34:01,000 Speaker 1: our Washington correspondent, host of Sound on Here on Bloomberg Radio, 604 00:34:01,080 --> 00:34:04,880 Speaker 1: joining us live from our Bloomberg studios in the nation's capital. 605 00:34:05,400 --> 00:34:08,960 Speaker 1: Joe Uh tell us more about this major escalation. We're 606 00:34:08,960 --> 00:34:13,520 Speaker 1: hearing dozens of subpoenas. What's this. It's it's pretty incredible, 607 00:34:13,560 --> 00:34:15,480 Speaker 1: and you know, it's getting to be difficult to keep 608 00:34:15,560 --> 00:34:18,759 Speaker 1: all of the investigations straight here. This is the Justice Department, 609 00:34:19,160 --> 00:34:24,640 Speaker 1: which is of course investigating attempts to overturn the presidential election. 610 00:34:24,680 --> 00:34:30,000 Speaker 1: Were dozens of campaign operatives, allies of former President Donald Trump, 611 00:34:30,400 --> 00:34:33,480 Speaker 1: receiving these subpoenas over the past couple of days. One 612 00:34:33,520 --> 00:34:36,760 Speaker 1: of them was Bernie Carrick meth In, the former police 613 00:34:36,760 --> 00:34:39,640 Speaker 1: commissioner New York City Police commissioner. And we know, of 614 00:34:39,680 --> 00:34:41,919 Speaker 1: course that that he was in the so called war 615 00:34:42,040 --> 00:34:44,719 Speaker 1: room at the Willard Hotel block or two away from 616 00:34:44,719 --> 00:34:48,520 Speaker 1: the White House, and his loom large in this whole investigation. 617 00:34:48,560 --> 00:34:52,040 Speaker 1: They are specifically, as we understand, and the New York 618 00:34:52,040 --> 00:34:54,359 Speaker 1: Times has done some good reporting on this, asking for 619 00:34:54,400 --> 00:34:59,480 Speaker 1: information about efforts to create fake electors in a number 620 00:34:59,520 --> 00:35:03,680 Speaker 1: of swing states who would resist remember certification of Joe Biden. 621 00:35:03,719 --> 00:35:05,600 Speaker 1: That was the plan. This is what they are looking 622 00:35:05,640 --> 00:35:09,120 Speaker 1: into now. As you say, it is kind of difficult 623 00:35:09,600 --> 00:35:12,160 Speaker 1: at this point to sort of keep track of the 624 00:35:12,320 --> 00:35:16,280 Speaker 1: multiple investigations surrounding the former president. So this is separate 625 00:35:16,400 --> 00:35:20,640 Speaker 1: from the other Justice Department investigation into the into the 626 00:35:20,680 --> 00:35:23,920 Speaker 1: boxes of documents at marl Lago, right, Yes, and and 627 00:35:24,040 --> 00:35:26,840 Speaker 1: we need to we need to keep this straight. Also 628 00:35:27,360 --> 00:35:30,320 Speaker 1: progressing as we speak here, the Justice Department accepting the 629 00:35:30,719 --> 00:35:34,080 Speaker 1: Trump nominee, if you will, uh, the individual the judge 630 00:35:34,080 --> 00:35:36,600 Speaker 1: who the Trump legal team asked for to be a 631 00:35:36,640 --> 00:35:40,479 Speaker 1: so called special master. Judge Raymond Deary is the name 632 00:35:40,520 --> 00:35:44,000 Speaker 1: of former chief federal judge in New York. Is apparently 633 00:35:44,040 --> 00:35:46,480 Speaker 1: acceptable to all parties, and so that is going to 634 00:35:46,560 --> 00:35:51,080 Speaker 1: be who's digging through, uh these potentially thousands of documents, 635 00:35:51,120 --> 00:35:53,120 Speaker 1: at least hundreds as we understand it. That is a 636 00:35:53,200 --> 00:35:56,960 Speaker 1: separate track, and the January six Committee on Capitol Hill 637 00:35:57,520 --> 00:36:00,960 Speaker 1: is conducting its own uh investor gation will call it, 638 00:36:01,000 --> 00:36:03,680 Speaker 1: but it's not one that will end in charges because 639 00:36:03,680 --> 00:36:05,920 Speaker 1: it's congressional. By the way, Nathan, they're talking about doing 640 00:36:05,920 --> 00:36:09,719 Speaker 1: another hearing as soon as this month. Yeah, And I wonder, Joe, what, 641 00:36:10,440 --> 00:36:13,360 Speaker 1: given that word that we did get that the House 642 00:36:13,480 --> 00:36:16,560 Speaker 1: January six committee hearings are going to resume later this month, 643 00:36:16,640 --> 00:36:19,480 Speaker 1: whether this latest development, first reported by The New York 644 00:36:19,520 --> 00:36:21,480 Speaker 1: Times about the subpoenas, is going to play into that. 645 00:36:21,560 --> 00:36:24,719 Speaker 1: It's it's they're they're kind of parallel investigations. Well, there's 646 00:36:24,760 --> 00:36:26,840 Speaker 1: a lot of overlap here, that is for sure, and 647 00:36:26,880 --> 00:36:29,239 Speaker 1: that's why it is difficult to delineate. It's it's up 648 00:36:29,280 --> 00:36:31,040 Speaker 1: to the Department of Justice, of course, how they want 649 00:36:31,080 --> 00:36:33,040 Speaker 1: to proceed. On this, and it's difficult once they really 650 00:36:33,080 --> 00:36:36,239 Speaker 1: get going here, as we've seen with the Moral Lago investigation, 651 00:36:36,520 --> 00:36:39,120 Speaker 1: sometimes it's unclear exactly what they're doing in real time. 652 00:36:39,200 --> 00:36:43,040 Speaker 1: That's by design. It's only because of Donald Trump, who 653 00:36:43,120 --> 00:36:47,040 Speaker 1: has issued any number of of social media posts and 654 00:36:47,080 --> 00:36:50,520 Speaker 1: statements that have really brought us the most information that 655 00:36:50,520 --> 00:36:53,520 Speaker 1: that we have received on this. And on top of 656 00:36:53,560 --> 00:36:56,360 Speaker 1: all this, Joe, we're hearing that there could be yet 657 00:36:56,400 --> 00:37:00,359 Speaker 1: another line of inquiry on Capitol Hill based on this 658 00:37:00,440 --> 00:37:03,080 Speaker 1: new book that's coming out today. You just want to 659 00:37:03,080 --> 00:37:06,919 Speaker 1: go deeper, Nathan, Yes, this is true. And by the way, 660 00:37:06,960 --> 00:37:09,400 Speaker 1: there are any number of books about Donald Trump. This 661 00:37:09,480 --> 00:37:12,879 Speaker 1: was attention of Dick Durban, who is at least as 662 00:37:12,920 --> 00:37:16,440 Speaker 1: of now, of course, the chair of the Judiciary Committee, 663 00:37:16,840 --> 00:37:20,840 Speaker 1: and it certainly got his attention. Here allegations that President 664 00:37:20,840 --> 00:37:24,719 Speaker 1: Trump's Justice Department went after critics of the of the 665 00:37:24,760 --> 00:37:29,080 Speaker 1: president tried to prosecute them, and specifically Greg Craig, who 666 00:37:29,160 --> 00:37:34,320 Speaker 1: you might remember that name, a former Clinton administration official, 667 00:37:34,800 --> 00:37:36,919 Speaker 1: one of one of the White House he was White 668 00:37:36,920 --> 00:37:39,359 Speaker 1: House counsel, one of the lawyers in the Clinton White 669 00:37:39,360 --> 00:37:44,600 Speaker 1: House prosecuted for political reasons. According to this report having 670 00:37:44,640 --> 00:37:47,320 Speaker 1: found no reason to bring charges. He was later acquitted 671 00:37:47,360 --> 00:37:48,719 Speaker 1: in a case that he was in which he was 672 00:37:48,719 --> 00:37:52,480 Speaker 1: accused of lying about work on behalf of the Ukrainian government. 673 00:37:52,480 --> 00:37:56,080 Speaker 1: But but Nathan, it led to nothing. Lots to keep 674 00:37:56,160 --> 00:38:00,360 Speaker 1: track of, Lots to follow. From Bloomberg Washington correspondent Joe Matthew. 675 00:38:00,400 --> 00:38:03,480 Speaker 1: We didn't even get to the policy or the announcements 676 00:38:03,520 --> 00:38:05,640 Speaker 1: happening on the White House on Capitol Hill today, but 677 00:38:05,680 --> 00:38:08,600 Speaker 1: we'll do that in our next hour as Bloomberg Daybreak 678 00:38:08,640 --> 00:38:11,839 Speaker 1: continues here Joe Matthew, our Washington correspondent, joining us from 679 00:38:11,840 --> 00:38:15,920 Speaker 1: our Bloomberg studios in the nation's capital. Karen Alry Nathan, 680 00:38:15,920 --> 00:38:17,879 Speaker 1: thank you. It is five fifty three on Wall Street. 681 00:38:17,920 --> 00:38:20,160 Speaker 1: It's time for the Bloomberg Law Report, brought to you 682 00:38:20,239 --> 00:38:24,560 Speaker 1: by American Arbitration Association. This is Disputes are Inevitable, Resolve 683 00:38:24,640 --> 00:38:28,080 Speaker 1: Faster with the American Arbitration Association, the global leader in 684 00:38:28,160 --> 00:38:31,440 Speaker 1: alternative dispute resolution for over ninety years. More at a 685 00:38:31,560 --> 00:38:34,120 Speaker 1: d R dot org. Let's get to the legal stories 686 00:38:34,160 --> 00:38:40,239 Speaker 1: we're watching this morning. From Bloomberg's Jeff Bellinger. New York 687 00:38:40,239 --> 00:38:44,000 Speaker 1: Governor Kathy hokel is allowing her pandemic related the emergency 688 00:38:44,040 --> 00:38:47,640 Speaker 1: powers to expire. She says COVID cases are under control. 689 00:38:48,160 --> 00:38:51,239 Speaker 1: New York Federal court records show that IBM has tentatively 690 00:38:51,320 --> 00:38:54,520 Speaker 1: settled to leading class actions that accused the company of 691 00:38:54,560 --> 00:38:58,320 Speaker 1: getting rid of older employees and replacing them with younger ones. 692 00:38:58,560 --> 00:39:02,600 Speaker 1: Records from a California will coord Indicata Starbucks customer settled 693 00:39:02,640 --> 00:39:06,480 Speaker 1: her claims that the coffee Chains hot chocolate, advertised as 694 00:39:06,560 --> 00:39:11,640 Speaker 1: ethically sourced, is produced with child labor. Bloomberg Law everything 695 00:39:11,680 --> 00:39:15,799 Speaker 1: you need, all on one legal research platform, including guidance 696 00:39:15,840 --> 00:39:20,120 Speaker 1: analysis and Bloomberg market Intelligence. Find out more at Bloomberg 697 00:39:20,200 --> 00:39:23,840 Speaker 1: Law dot com. All right, Jeff Banks, and now another 698 00:39:23,920 --> 00:39:26,960 Speaker 1: legal story we're watching this morning brings us to Ball Street, 699 00:39:27,000 --> 00:39:29,759 Speaker 1: where a federal appeals court has saved City Group from 700 00:39:29,760 --> 00:39:33,680 Speaker 1: a nearly billion dollar mistake. Last August, City mistakenly paid 701 00:39:33,680 --> 00:39:36,040 Speaker 1: out more than nine hundred million dollars of its own 702 00:39:36,040 --> 00:39:38,840 Speaker 1: money to a group of lenders, expecting an interest payment 703 00:39:38,840 --> 00:39:42,200 Speaker 1: on behalf of Revlon. Initially, a judge ruled that Revlon 704 00:39:42,360 --> 00:39:44,800 Speaker 1: only needed to send back half the money to City, 705 00:39:45,080 --> 00:39:48,320 Speaker 1: but now a second circuit judge has reversed that ruling. 706 00:39:48,640 --> 00:39:51,240 Speaker 1: For more in the case, Bloomberg's June grass So speaks 707 00:39:51,239 --> 00:39:54,719 Speaker 1: with Eric Talley, a professor at Columbia Law School. Eric, 708 00:39:54,800 --> 00:39:58,920 Speaker 1: you compared this appellate process to an episode of the 709 00:39:58,960 --> 00:40:01,879 Speaker 1: Twilight Zone. Tell us why. But one of the things 710 00:40:01,880 --> 00:40:05,440 Speaker 1: that was difficult, especially after the trial court's opinion, was 711 00:40:05,520 --> 00:40:07,960 Speaker 1: that we knew that this issue was being appealed to 712 00:40:08,000 --> 00:40:10,000 Speaker 1: the Second Circuit, and we didn't know what the Second 713 00:40:10,040 --> 00:40:12,120 Speaker 1: Circuit was going to do with it, whether they were 714 00:40:12,120 --> 00:40:14,279 Speaker 1: going to affirm it, whether they were going to reverse it, 715 00:40:14,400 --> 00:40:16,640 Speaker 1: where they're going to contract out the job to the 716 00:40:16,640 --> 00:40:19,080 Speaker 1: New York court system, which they might have done. And 717 00:40:19,239 --> 00:40:23,319 Speaker 1: in the interim, what happened is that Revlon filed for bankruptcy. Well, 718 00:40:23,320 --> 00:40:27,680 Speaker 1: bankruptcy is a process that requires absolute clarity about who 719 00:40:27,760 --> 00:40:30,120 Speaker 1: is owed what, and here we were in the middle 720 00:40:30,280 --> 00:40:33,840 Speaker 1: of not knowing who, if anyone, was owed this money 721 00:40:33,840 --> 00:40:38,360 Speaker 1: by Revlon or by City Bank, and the bankruptcy process 722 00:40:38,480 --> 00:40:42,920 Speaker 1: was going forward without having any resolution from the Second Circuit. 723 00:40:43,040 --> 00:40:44,759 Speaker 1: So that's why it was a little bit in the 724 00:40:44,800 --> 00:40:47,680 Speaker 1: Twilight Zone, because there was just kind of a surprising 725 00:40:47,680 --> 00:40:51,680 Speaker 1: and almost disabling amount of uncertainty having to do with 726 00:40:51,800 --> 00:40:55,360 Speaker 1: what was the status of this mistaken payment, whether City 727 00:40:55,360 --> 00:40:57,600 Speaker 1: Bank could qui it back, whether City Bank became a 728 00:40:57,719 --> 00:41:00,319 Speaker 1: lender since they paid off the other lend, or they 729 00:41:00,320 --> 00:41:02,600 Speaker 1: get to step in their shoes, or whether the debt 730 00:41:02,600 --> 00:41:06,400 Speaker 1: of Revalon just mysteriously disappeared. And we sat waiting for 731 00:41:06,440 --> 00:41:09,120 Speaker 1: a year to figure out how the Second Circuit was 732 00:41:09,160 --> 00:41:12,520 Speaker 1: going to rule on this. The trial judges decision allowing 733 00:41:12,560 --> 00:41:15,200 Speaker 1: the creditors to keep the more than half a billion 734 00:41:15,239 --> 00:41:19,840 Speaker 1: dollars accidentally sent to them was a surprise. So was 735 00:41:19,880 --> 00:41:24,640 Speaker 1: the second Circuit's decision reversing that opinion not a surprise. 736 00:41:25,080 --> 00:41:27,480 Speaker 1: I think it depends whom you asked to me. It 737 00:41:27,600 --> 00:41:31,840 Speaker 1: was not surprising on the overall merits of the case itself. 738 00:41:32,200 --> 00:41:35,759 Speaker 1: It seems highly implausible that someone that you're about to 739 00:41:35,800 --> 00:41:39,000 Speaker 1: sue will suddenly, without trying to get a settlement agreement 740 00:41:39,080 --> 00:41:41,919 Speaker 1: with you or a standstill agreement, suddenly just pay off 741 00:41:41,960 --> 00:41:45,640 Speaker 1: the money. It just kind of taxes one's common sense 742 00:41:45,680 --> 00:41:48,560 Speaker 1: to think that that would even be possible. And that's 743 00:41:48,600 --> 00:41:54,480 Speaker 1: important because this limited finders keeper's doctrine requires as an 744 00:41:54,520 --> 00:41:57,800 Speaker 1: absolute necessity that the person that gets the mistaken payment 745 00:41:58,080 --> 00:42:01,640 Speaker 1: doesn't know or doesn't even have eason to know that 746 00:42:01,760 --> 00:42:05,080 Speaker 1: it's a mistake, and that just didn't seem likely here. 747 00:42:05,480 --> 00:42:08,440 Speaker 1: And that's Ary Tallyer, professor at Columbia Law School, speaking 748 00:42:08,480 --> 00:42:10,400 Speaker 1: at the Bloomberg sto in grass So catch more of 749 00:42:10,440 --> 00:42:13,279 Speaker 1: that interview plus analysis of the latest legal news by 750 00:42:13,320 --> 00:42:16,600 Speaker 1: subscribing to the Bloomberg Law Podcast are downloading the show 751 00:42:16,640 --> 00:42:20,480 Speaker 1: at Bloomberg dot com slash podcasts. Attorneys can find exceptional 752 00:42:20,560 --> 00:42:23,719 Speaker 1: legal research and business development tools at Bloomberg Law dot 753 00:42:23,800 --> 00:42:26,759 Speaker 1: com and on the Bloomberg terminal at b law Go. 754 00:42:27,640 --> 00:42:31,560 Speaker 1: And futures are higher this morning, SMP futures up about 755 00:42:31,600 --> 00:42:34,279 Speaker 1: eighteen points down futures of A hundred thirty two and 756 00:42:34,360 --> 00:42:39,200 Speaker 1: NASDAGG futures up fifty one and still ahead. On Bloomberg daybreak, 757 00:42:39,520 --> 00:42:41,680 Speaker 1: we would check on the business headlines and all the 758 00:42:41,719 --> 00:42:45,319 Speaker 1: news you need to start your day. And this is 759 00:42:45,360 --> 00:42:45,960 Speaker 1: Bloomberg