1 00:00:03,080 --> 00:00:06,320 Speaker 1: Five from the Bloomberg in director BURKERG Studios is Bloomberg 2 00:00:06,400 --> 00:00:10,160 Speaker 1: day Break for Tuesday, March fifteen two Coming up this hour. 3 00:00:10,480 --> 00:00:12,960 Speaker 1: China tries to avoid taking a hit from the US 4 00:00:13,080 --> 00:00:16,439 Speaker 1: LEDs sanctions against Russia. Stocks followers seas in Hong Kong 5 00:00:16,520 --> 00:00:19,960 Speaker 1: plunging almost six percents dank one under It enters the 6 00:00:20,079 --> 00:00:22,960 Speaker 1: day in bar Territory, and the Fed begins its two 7 00:00:23,040 --> 00:00:25,880 Speaker 1: day policy meeting. The search continues for the government who 8 00:00:25,920 --> 00:00:28,400 Speaker 1: shot homeless men in New York and Washington d C 9 00:00:28,680 --> 00:00:31,680 Speaker 1: plus China SCOVID break times the numbers since the beginning 10 00:00:31,720 --> 00:00:34,720 Speaker 1: of the pandemic. I'm Michael larn Or Ahead, I'm John 11 00:00:34,760 --> 00:00:38,000 Speaker 1: Stashed Howard Sports NFL pree Agency underway. The New Yankees 12 00:00:38,040 --> 00:00:40,280 Speaker 1: joined the team in Tampa on a scary day for 13 00:00:40,360 --> 00:00:45,519 Speaker 1: a star of the Mets. That's all straight ahead on 14 00:00:45,680 --> 00:00:48,599 Speaker 1: Bloomberg day Break on Bloomberg he Living three on New 15 00:00:48,720 --> 00:00:53,120 Speaker 1: York Bloomberg one, Washington d C, Bloomberg one oh six one, 16 00:00:53,240 --> 00:00:57,440 Speaker 1: Boston Bloomberg nine sixties and Francisco Sirius x M one 17 00:00:57,560 --> 00:01:00,840 Speaker 1: nineteen and around the world on Bloomberg Radio dot Com 18 00:01:01,000 --> 00:01:09,000 Speaker 1: and via the Bloomberg Business APT and good morning. I'm 19 00:01:09,080 --> 00:01:12,720 Speaker 1: John Tucker and I'm Karen Moscow, and futures are lower 20 00:01:12,880 --> 00:01:14,720 Speaker 1: this morning. We're coming up to five the one on 21 00:01:14,800 --> 00:01:16,880 Speaker 1: Wall Street, and we checked the markets every fifteen minutes 22 00:01:16,920 --> 00:01:19,840 Speaker 1: throughout the trading day on Bloomberg. Right now, SNP futures 23 00:01:19,840 --> 00:01:22,520 Speaker 1: aren't down twenty six points. Now Future is down two 24 00:01:22,760 --> 00:01:26,040 Speaker 1: d six NASDACK futures down sixty five. The decks in 25 00:01:26,120 --> 00:01:28,920 Speaker 1: Germany is down two and a quarter percent. Ten year 26 00:01:28,959 --> 00:01:32,600 Speaker 1: Treasury up thirteen thirty seconds, yield two point eight percent. 27 00:01:32,720 --> 00:01:35,640 Speaker 1: They yield on the two year one point seven nine percent, 28 00:01:36,080 --> 00:01:39,360 Speaker 1: and NIMEX screwed oil is down five point eight percent. 29 00:01:39,800 --> 00:01:42,880 Speaker 1: It's in ninety seven dollars seven cents of barrel. John 30 00:01:43,160 --> 00:01:45,040 Speaker 1: and Cameron will have more on the markets in just 31 00:01:45,200 --> 00:01:48,200 Speaker 1: a minute, but first, the latest on the war in Ukraine. 32 00:01:48,640 --> 00:01:53,040 Speaker 1: Shelling continued overnight with buildings hit in the capitol Kiev. Meanwhile, 33 00:01:53,120 --> 00:01:56,200 Speaker 1: the US has weren't China about any support for Russa's invasion. 34 00:01:56,640 --> 00:02:00,200 Speaker 1: That end of the story from Bloomberg's head Baxter was 35 00:02:00,240 --> 00:02:02,840 Speaker 1: the first high level meeting between the two since the 36 00:02:02,920 --> 00:02:07,400 Speaker 1: invasion started, and the US calls it a substantial discussion. 37 00:02:07,800 --> 00:02:10,359 Speaker 1: White House Folks Woman Jen Psaki says the message was 38 00:02:10,440 --> 00:02:13,840 Speaker 1: clear if China were to decide to be an economic 39 00:02:13,919 --> 00:02:17,320 Speaker 1: provider or to take additional steps there to Russia. They 40 00:02:17,360 --> 00:02:21,160 Speaker 1: only make up of the world's economy. The G seven 41 00:02:21,240 --> 00:02:23,720 Speaker 1: countries make up more than fifty percent, so there are 42 00:02:23,720 --> 00:02:26,480 Speaker 1: a range of tools at our disposal. China stances that 43 00:02:26,560 --> 00:02:30,120 Speaker 1: the US has been putting out misinformation and that it 44 00:02:30,280 --> 00:02:34,120 Speaker 1: just wants to be a peacekeeper. In San Francisco, I'm 45 00:02:34,160 --> 00:02:36,679 Speaker 1: at Baxter Bloomberg, deybreak all right and thank you. And 46 00:02:36,800 --> 00:02:40,040 Speaker 1: China also wants to avoid being hit by US sanctions. 47 00:02:40,200 --> 00:02:42,359 Speaker 1: We get that part of the story from Bloomberg's Amy 48 00:02:42,440 --> 00:02:46,920 Speaker 1: Morrison our newsroom in Washington. China's Foreign Minister Wang Ye 49 00:02:47,080 --> 00:02:49,480 Speaker 1: says China quote is not a party to the crisis, 50 00:02:49,560 --> 00:02:52,280 Speaker 1: nor does it want the sanctions to affect China. It 51 00:02:52,440 --> 00:02:54,720 Speaker 1: is the most explicit statement yet on the impact of 52 00:02:54,760 --> 00:02:58,800 Speaker 1: American sanctions over Russia's war. Investors are growing more concerned 53 00:02:58,880 --> 00:03:02,720 Speaker 1: that Chinese companies would face similar penalties after Russia asked 54 00:03:02,840 --> 00:03:05,920 Speaker 1: China for military and financial aid. The US has also 55 00:03:06,040 --> 00:03:09,560 Speaker 1: repeatedly warned China to not help Russia try to evade 56 00:03:09,600 --> 00:03:12,799 Speaker 1: those sanctions. China needs to maintain good relations with the 57 00:03:12,919 --> 00:03:16,480 Speaker 1: US and its partners to meet its economic goals. In Washington, 58 00:03:16,600 --> 00:03:19,440 Speaker 1: I'm Amy Morris, Bloomberg Daybreak, Thanks Sammy. The war in 59 00:03:19,560 --> 00:03:22,519 Speaker 1: Ukraine will have a big impact on the economies of 60 00:03:22,720 --> 00:03:25,639 Speaker 1: all fifty states here in the US. It's get the 61 00:03:25,760 --> 00:03:28,799 Speaker 1: latest lie from Bloomberg's RITNEYA Young. Good morning, Rina, Good 62 00:03:28,800 --> 00:03:31,799 Speaker 1: morning John. Although the US has limited trade ties with 63 00:03:31,919 --> 00:03:35,520 Speaker 1: Russia and Ukraine, businesses from beer breweries in Missouri to 64 00:03:35,640 --> 00:03:39,800 Speaker 1: semiconductor plants in California would see an impact. That's according 65 00:03:39,840 --> 00:03:43,680 Speaker 1: to an analysis by Moody's Analytics. Energy producing states like 66 00:03:43,800 --> 00:03:46,960 Speaker 1: Alaska and North Dakota would do better than others since 67 00:03:47,000 --> 00:03:50,240 Speaker 1: the conflict is boosting oil prices, but the two states 68 00:03:50,360 --> 00:03:54,560 Speaker 1: most dependent on cars and driving, Alabama and Mississippi, would 69 00:03:54,600 --> 00:03:59,120 Speaker 1: likely suffer disproportionately from an energy shock. Live in New York, 70 00:03:59,200 --> 00:04:01,840 Speaker 1: I'm Nita bloom Bag debreak. All right, Nita, thank you, 71 00:04:01,920 --> 00:04:03,720 Speaker 1: while turning to the market, as we are seeing more 72 00:04:03,800 --> 00:04:07,400 Speaker 1: pressure on US stocks following yesterday's dropped for the navstack. 73 00:04:07,520 --> 00:04:10,240 Speaker 1: In fact, the NASDAC one hundred index closed in bear 74 00:04:10,400 --> 00:04:14,680 Speaker 1: market territory Sarah Pon Sec, Senior wealth Strategy associate at 75 00:04:14,720 --> 00:04:17,680 Speaker 1: UBS Private Wealth Management, says the market is being hit 76 00:04:17,760 --> 00:04:20,440 Speaker 1: by a one two punch. Not only do we have 77 00:04:20,640 --> 00:04:23,280 Speaker 1: a federal reserve that is now going to be increasing 78 00:04:23,520 --> 00:04:26,760 Speaker 1: interest rates, but at the same time, when we think 79 00:04:26,839 --> 00:04:31,159 Speaker 1: about the Russian invasion of Ukraine, that has major implications 80 00:04:31,320 --> 00:04:34,800 Speaker 1: for global growth, that has major implications for the inflation outlooks, 81 00:04:35,040 --> 00:04:36,719 Speaker 1: and we all know at this point that the federal 82 00:04:36,800 --> 00:04:41,599 Speaker 1: reserves so unilaterally focus on inflation. UBS Private Wealth Management 83 00:04:41,640 --> 00:04:44,559 Speaker 1: Sarah Pon SAX says the NASDAC one hundred has dropped 84 00:04:44,560 --> 00:04:47,640 Speaker 1: twenty one per cent from its closing high back in November. 85 00:04:47,960 --> 00:04:50,680 Speaker 1: And Karen were also seeing the selling continue overseas. Let's 86 00:04:50,680 --> 00:04:53,960 Speaker 1: get the very latest live with Bloomberg's and Pods. Good 87 00:04:54,000 --> 00:04:57,000 Speaker 1: morning you, Good morning, John and Karen. European stock markets 88 00:04:57,080 --> 00:04:59,919 Speaker 1: in the red this morning. That's after session of relentless 89 00:05:00,040 --> 00:05:03,640 Speaker 1: selling in China earlier concerns about the country's ties with 90 00:05:03,839 --> 00:05:09,000 Speaker 1: Russia adding to persistent anxieties about government regulatory pressure that 91 00:05:09,160 --> 00:05:12,000 Speaker 1: sent shares on a downward spiral, with Hong Kong's Hang 92 00:05:12,120 --> 00:05:17,120 Speaker 1: Send closing down five point seven percent. China's CSI ending 93 00:05:17,160 --> 00:05:19,559 Speaker 1: the day more than four and a half percent lower 94 00:05:19,880 --> 00:05:22,000 Speaker 1: here in Europe one hour into the session, and all 95 00:05:22,120 --> 00:05:25,960 Speaker 1: twenty injury groups in negative territory live in London. I'm 96 00:05:25,960 --> 00:05:28,080 Speaker 1: your part spin Big day break, are you and thank 97 00:05:28,120 --> 00:05:31,080 Speaker 1: you all. As we mentioned weighing on the markets, particularly 98 00:05:31,200 --> 00:05:34,440 Speaker 1: here in the US, is higher interest rates. Well. Today, 99 00:05:34,480 --> 00:05:36,719 Speaker 1: the FED begins it's two day meeting where it's expected 100 00:05:36,760 --> 00:05:39,920 Speaker 1: to begin the rate hiking cycle, and Bloomberg's Nnidale Judais 101 00:05:39,960 --> 00:05:42,560 Speaker 1: has more. Even a wink and nod are rare when 102 00:05:42,560 --> 00:05:46,080 Speaker 1: the Federal Reserve concomplete powlicy. In the past few weeks, 103 00:05:46,120 --> 00:05:49,120 Speaker 1: central bankers have turned to the bell and siren signaling 104 00:05:49,279 --> 00:05:52,839 Speaker 1: rates are petted, hired to combat inflation, and most likely 105 00:05:53,080 --> 00:05:57,159 Speaker 1: starting this week, Bloomberg Economics anticipates our quarter point increased 106 00:05:57,200 --> 00:06:00,440 Speaker 1: two years after the pandemic struck, forcing am and see 107 00:06:00,480 --> 00:06:03,360 Speaker 1: FED action to cut rates to near zero. The question 108 00:06:03,480 --> 00:06:06,320 Speaker 1: now is will the Fed's new mission be too little, 109 00:06:06,360 --> 00:06:10,760 Speaker 1: too late his inflation burrows in any doubts Bloomberg Dat Break, 110 00:06:11,000 --> 00:06:13,520 Speaker 1: Thanks Vinnie. One other note on the Fed this morning, 111 00:06:13,560 --> 00:06:16,960 Speaker 1: Democratic Senator Joe Manson says he won't back President Joe 112 00:06:17,000 --> 00:06:20,320 Speaker 1: Biden's nominee for the Federal Reserve Vice Chair of Supervision 113 00:06:20,720 --> 00:06:24,200 Speaker 1: UH Supervision, Sarah bloom Raskin. We get to tales from 114 00:06:24,200 --> 00:06:28,680 Speaker 1: Bloomberg's Charlie Pellett. It likely dooms her confirmation in the 115 00:06:28,800 --> 00:06:33,400 Speaker 1: Senate given broad Republican opposition. Mansion, who represents Cole Rich 116 00:06:33,520 --> 00:06:37,599 Speaker 1: West Virginia and supports an expansion of oil and gas drilling, 117 00:06:37,920 --> 00:06:42,800 Speaker 1: joined Republicans and opposing Raskin over her stance on climate change. 118 00:06:43,279 --> 00:06:46,080 Speaker 1: Raskin has written in the past in support of the 119 00:06:46,200 --> 00:06:49,919 Speaker 1: Fed increasing its attention to financial risks from climate change, 120 00:06:50,200 --> 00:06:53,280 Speaker 1: but said in her confirmation hearing the Central Bank had 121 00:06:53,360 --> 00:06:56,960 Speaker 1: no place in mandating how capital should be allocated among 122 00:06:57,160 --> 00:07:00,719 Speaker 1: industries in New York. Charlie Pellet, blue Bird day break. 123 00:07:00,839 --> 00:07:03,120 Speaker 1: All right, Charlie, thank you well. In corporate news, Discovery 124 00:07:03,160 --> 00:07:06,080 Speaker 1: paid CEO of David Zaslov more than two hundred forty 125 00:07:06,160 --> 00:07:08,160 Speaker 1: six million dollars last year, and making him one of 126 00:07:08,200 --> 00:07:10,680 Speaker 1: the highest paid executives in the US. More than two 127 00:07:10,720 --> 00:07:13,520 Speaker 1: hundred million of that came in stock options. And Zaslav 128 00:07:13,600 --> 00:07:16,360 Speaker 1: is about to close one of the media industry's biggest mergers. 129 00:07:16,880 --> 00:07:24,440 Speaker 1: And this is Bloomberg thanks Karen. Five those seven on 130 00:07:24,680 --> 00:07:27,160 Speaker 1: Wall Street and let's bring in Michael Barton now with more. 131 00:07:27,480 --> 00:07:30,280 Speaker 1: What else is going on in New York and around 132 00:07:30,360 --> 00:07:32,640 Speaker 1: the world, John, Thank you, Sarah. The mayors of New 133 00:07:32,760 --> 00:07:35,400 Speaker 1: York City and Washington, d C. Are asking for the 134 00:07:35,440 --> 00:07:38,080 Speaker 1: public's help in the search for a gunman who has 135 00:07:38,120 --> 00:07:41,240 Speaker 1: been stalking homeless men, killing at least two people and 136 00:07:41,280 --> 00:07:44,320 Speaker 1: wounding three others in less than two weeks. Police and 137 00:07:44,400 --> 00:07:47,679 Speaker 1: the two cities released multiple surveillance photos, including a close 138 00:07:47,760 --> 00:07:51,640 Speaker 1: up snap shot clearly showing the man's face. New York 139 00:07:51,680 --> 00:07:57,040 Speaker 1: City Mayor Eric Adams Washington, d C is not manufacturing guns. 140 00:07:57,920 --> 00:08:02,040 Speaker 1: New York City is not a gun manufacturment city, but 141 00:08:02,160 --> 00:08:07,160 Speaker 1: the guns streets. Washington d C. Mayor Muriel Bowser agrees 142 00:08:07,240 --> 00:08:11,160 Speaker 1: with Mayor Eric Adams. As we work to locate the subject, 143 00:08:11,240 --> 00:08:14,840 Speaker 1: we're calling on all of our residents who are unsheltered, 144 00:08:14,960 --> 00:08:18,320 Speaker 1: both in d C and New York City to seek shelter. 145 00:08:19,040 --> 00:08:21,640 Speaker 1: Mayor Bowser says, in each case, the homeless men were 146 00:08:21,720 --> 00:08:25,120 Speaker 1: shot as they slept in the street. Legislation aimed at 147 00:08:25,160 --> 00:08:28,720 Speaker 1: benning abortions in Idaho after six weeks of pregnancy is 148 00:08:28,840 --> 00:08:31,640 Speaker 1: heading to the governor. The state house approved the law 149 00:08:31,760 --> 00:08:35,120 Speaker 1: that allows family members to see a doctor who performs 150 00:08:35,200 --> 00:08:39,239 Speaker 1: one The legislation is modeled after the Texas law. Opponents 151 00:08:39,280 --> 00:08:43,400 Speaker 1: of the Idaho legislation say it's unconstitutional. China saw more 152 00:08:43,480 --> 00:08:46,360 Speaker 1: than five thousand new COVID nineteen infections for the first 153 00:08:46,400 --> 00:08:50,000 Speaker 1: time since the early days of the pandemic. Outbreaks of 154 00:08:50,080 --> 00:08:53,760 Speaker 1: the omicron variant prompted officials to lock down more cities 155 00:08:53,800 --> 00:08:57,800 Speaker 1: and impose restrictions. Supporters for detained w n B A 156 00:08:57,920 --> 00:09:01,240 Speaker 1: star Britney Grinder, called for her he's from prison in Russia. 157 00:09:01,640 --> 00:09:05,200 Speaker 1: Grander was arrested after customs officials said they found vape 158 00:09:05,240 --> 00:09:09,040 Speaker 1: cartridges containing cannabis soil in her luggage. At a news 159 00:09:09,120 --> 00:09:13,320 Speaker 1: conference in Los Angeles, Project Islamic Hope director Naji Ali 160 00:09:13,880 --> 00:09:16,679 Speaker 1: called on the Biden administration to negotiate the release of 161 00:09:16,720 --> 00:09:21,120 Speaker 1: all Americans detained in Russia. It's very troubling for Britty Browner, 162 00:09:21,679 --> 00:09:26,400 Speaker 1: not its only female is a member of the HQ 163 00:09:26,559 --> 00:09:33,079 Speaker 1: community who Russia. Alan, noting former President Trump's relationship with 164 00:09:33,200 --> 00:09:35,880 Speaker 1: Vladimir Putin, says if it takes reaching out to Trump 165 00:09:35,960 --> 00:09:39,400 Speaker 1: to get Americans home, then so be it. Global News 166 00:09:39,480 --> 00:09:42,240 Speaker 1: twenty four hours a day on air and on Bloomberg 167 00:09:42,320 --> 00:09:46,240 Speaker 1: Quick Take, powered by more than twenty seven hundred journalists 168 00:09:46,280 --> 00:09:48,840 Speaker 1: and analysts more than a hundred twenty countries. Michael Barr, 169 00:09:48,880 --> 00:09:55,120 Speaker 1: this is Bloomberg, John, Michael, thank you, and it is 170 00:09:55,160 --> 00:09:57,320 Speaker 1: coming up on five. Tim Up Wall Street time down 171 00:09:57,360 --> 00:10:00,560 Speaker 1: for the Bloomberg Sports Update. Here's John Seshall. Thanks John. 172 00:10:00,640 --> 00:10:04,960 Speaker 1: NFL free agency underway. Jets and Giants obviously need better players. 173 00:10:05,080 --> 00:10:07,640 Speaker 1: Both have deals to help their offensive lines. Giants are 174 00:10:07,640 --> 00:10:11,679 Speaker 1: adding Mark Glowinski, starting guard the last three seasons in Indianapolis. 175 00:10:11,720 --> 00:10:14,800 Speaker 1: Another guard Lake and Tomlinson comes to the Jets from 176 00:10:14,880 --> 00:10:17,559 Speaker 1: the forty Niners. Jets also adding tight end c j 177 00:10:17,720 --> 00:10:20,120 Speaker 1: a Zumo, who just helped Cincinnati get to the Super Bowl, 178 00:10:20,400 --> 00:10:22,360 Speaker 1: and the Jets are resigning white Out and All Pro 179 00:10:22,480 --> 00:10:26,040 Speaker 1: kick returner Braxton Imparios. Looks like Mitchell Trabiski will be 180 00:10:26,120 --> 00:10:29,040 Speaker 1: the replacement de Ben Roethlisberger as the starting QB in Pittsburgh. 181 00:10:29,080 --> 00:10:31,680 Speaker 1: We'll see what happens with Deshaun Watson. NFL teams now 182 00:10:31,840 --> 00:10:35,240 Speaker 1: interested in acquiring him from Houston. Another the grand jury 183 00:10:35,320 --> 00:10:39,000 Speaker 1: declined to press sexual assault charges. Watson still faces twenty 184 00:10:39,080 --> 00:10:42,439 Speaker 1: two civil lawsuits and he will be deposed today. The 185 00:10:42,559 --> 00:10:46,520 Speaker 1: new Yankees infielder Josh Donaldson and Isaiah Kyner Filepa. The 186 00:10:46,600 --> 00:10:49,400 Speaker 1: young caccher Ben Rourke Felt joined the team in Tampa 187 00:10:49,440 --> 00:10:52,079 Speaker 1: after the trade with Minnesota. Yankee g M. Bryan Cashman's 188 00:10:52,120 --> 00:10:54,319 Speaker 1: folk with the Yes Network excited because we feel it 189 00:10:54,400 --> 00:10:58,000 Speaker 1: up crazed us at third short improves a you know, 190 00:10:58,120 --> 00:11:00,839 Speaker 1: the player that we had in labor at second um. 191 00:11:01,559 --> 00:11:03,120 Speaker 1: You know, we have a lot of versatility from it. 192 00:11:03,160 --> 00:11:06,400 Speaker 1: So I think it's settled on a lot of business needs. Wise, 193 00:11:06,600 --> 00:11:09,360 Speaker 1: import st Lucy Metz, Lugger Pete Alonso will be in 194 00:11:09,480 --> 00:11:12,520 Speaker 1: full drills today. Sunday night, as Alonso began to drive 195 00:11:12,600 --> 00:11:14,560 Speaker 1: across the state from his home in Tampa, he got 196 00:11:14,640 --> 00:11:17,600 Speaker 1: hit by a car that ran a red light. Alonso's 197 00:11:17,640 --> 00:11:21,319 Speaker 1: car flipped over three times. Fortunately he's okay. NBA and 198 00:11:21,360 --> 00:11:23,160 Speaker 1: the loss of the Lakers in l A. They chilled 199 00:11:23,200 --> 00:11:26,559 Speaker 1: Toronto by twenty one in the first quarter. Never has 200 00:11:26,679 --> 00:11:29,559 Speaker 1: Lebron James been on a team this bad. Lakers have 201 00:11:29,640 --> 00:11:33,320 Speaker 1: lost twenty of their last twenty. Johns Dashwar Bloomberg Sports 202 00:11:33,400 --> 00:11:35,719 Speaker 1: John all Right, John, thanks a lot and ahead of 203 00:11:35,720 --> 00:11:38,040 Speaker 1: the can show up on the on Wall Street. Futures 204 00:11:38,200 --> 00:11:40,200 Speaker 1: in the kid A lower open, the DOWN futures right 205 00:11:40,240 --> 00:11:43,679 Speaker 1: now down two hundred and forty eight points, that's down 206 00:11:43,679 --> 00:11:46,960 Speaker 1: about three quarters of SMP five hundred futures right now 207 00:11:47,120 --> 00:11:50,160 Speaker 1: thirty two points lower, and the nine stent futures down 208 00:11:50,720 --> 00:11:54,040 Speaker 1: ninety three points, down seven tenths of a percent, and 209 00:11:54,240 --> 00:11:57,400 Speaker 1: the selling in Europe continues. The stock six hundred now 210 00:11:57,520 --> 00:12:01,920 Speaker 1: down two point one one per sand. You're listening the 211 00:12:02,000 --> 00:12:08,080 Speaker 1: Bloomberg day Break, a Bloomberg weather for from Rob Carolin Partler. 212 00:12:08,240 --> 00:12:12,240 Speaker 1: Mostly sunny today, the high temperature topping out at six tomorrow, 213 00:12:12,640 --> 00:12:17,000 Speaker 1: Mostly sunny and warm behind about sixty five degrees. This 214 00:12:17,440 --> 00:12:25,120 Speaker 1: is Bloomberg Markets headlines and breaking news twenty four hours 215 00:12:25,160 --> 00:12:28,160 Speaker 1: a day at Bloomberg dot com, the Bloomberg Business Out 216 00:12:28,280 --> 00:12:38,400 Speaker 1: and at Bloomberg Victape is a Bloomberg Business lash and 217 00:12:38,480 --> 00:12:42,040 Speaker 1: I'm Karen Moscow. European stocks are falling as a relentless 218 00:12:42,080 --> 00:12:45,400 Speaker 1: sell off in shiny shares buffeted global markets, adding to 219 00:12:45,440 --> 00:12:49,040 Speaker 1: concerns about the war in Ukraine and imminent federal reserve tightening. 220 00:12:49,200 --> 00:12:52,720 Speaker 1: US stock index futures are also lower. Crude oil extending 221 00:12:52,760 --> 00:12:55,680 Speaker 1: its retreat. We checked the markets every fifteen minutes throughout 222 00:12:55,720 --> 00:12:58,319 Speaker 1: the trading day on Bloomberg Guess and p Future is 223 00:12:58,360 --> 00:13:01,040 Speaker 1: down thirty one points down, Future down two hundred thirty 224 00:13:01,080 --> 00:13:03,880 Speaker 1: three and NASDAG features down in ninety The decks in 225 00:13:03,960 --> 00:13:07,200 Speaker 1: Germany's down two point three percent. Ten. Your treasury up 226 00:13:07,280 --> 00:13:09,960 Speaker 1: nine thirty seconds yield two point o nine percent. They 227 00:13:10,040 --> 00:13:13,199 Speaker 1: yield on the two year one point eight one percent. Nine. 228 00:13:13,280 --> 00:13:17,000 Speaker 1: Excrete oil is down five point three percent on five 229 00:13:17,120 --> 00:13:20,160 Speaker 1: dollars forty seven cents at ninety seven dollars fifty five 230 00:13:20,200 --> 00:13:22,760 Speaker 1: cents of barrel Comics gold is down one point three 231 00:13:22,800 --> 00:13:25,280 Speaker 1: percent or twenty five dollars forty cents at nineteen thirty 232 00:13:25,320 --> 00:13:28,360 Speaker 1: five forty announce The Euro one point oh nine and 233 00:13:28,480 --> 00:13:30,800 Speaker 1: nine eight against the dollar, British pound one point three 234 00:13:30,920 --> 00:13:34,280 Speaker 1: zero two three, the ends at one seventeen point nine 235 00:13:34,559 --> 00:13:37,920 Speaker 1: two and checking Bitcoin this morning, it's lower down six 236 00:13:38,000 --> 00:13:40,440 Speaker 1: tents of a percent at thirty eight thousand, four hundred 237 00:13:40,480 --> 00:13:42,880 Speaker 1: eighty dollars. And today we are looking for the Producer 238 00:13:42,960 --> 00:13:45,440 Speaker 1: Price Index is at eight thirty Wall Street time, along 239 00:13:45,480 --> 00:13:48,840 Speaker 1: with Empire Manufacturing. That's a Bloomberg business flash now Here's 240 00:13:48,880 --> 00:13:51,679 Speaker 1: Michael Barr with more on what's going on around the world. Michael, 241 00:13:51,720 --> 00:13:54,880 Speaker 1: good morning, Good morning here in Russia's offensive in Ukraine 242 00:13:54,920 --> 00:13:58,160 Speaker 1: has adds closer to central Kiev with a series of 243 00:13:58,240 --> 00:14:01,680 Speaker 1: strikes hitting a residential neighborhood. It comes as the leaders 244 00:14:01,800 --> 00:14:05,640 Speaker 1: of three NATO member countries, Poland, the Czech Republic in 245 00:14:05,720 --> 00:14:10,280 Speaker 1: Slovakia planned to visit Ukraine's embattled capital. Meanwhile, a narrow 246 00:14:10,320 --> 00:14:13,679 Speaker 1: diplomatic path is open as Ukraine and Russia planned another 247 00:14:13,760 --> 00:14:16,800 Speaker 1: round of talks for today. The NBA has fine the 248 00:14:16,880 --> 00:14:20,240 Speaker 1: Net's fifty thou dollars for letting Kyrie Irving into their 249 00:14:20,280 --> 00:14:23,320 Speaker 1: locker room during a game in which he was unable 250 00:14:23,360 --> 00:14:26,640 Speaker 1: to play it because he is not vaccinated against COVID nineteen. 251 00:14:27,160 --> 00:14:31,600 Speaker 1: The Warriors beat the Wizards. Global News twenty four hours 252 00:14:31,680 --> 00:14:34,920 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 253 00:14:35,040 --> 00:14:37,960 Speaker 1: more than twenty seven hundred journalists and analysts in more 254 00:14:38,000 --> 00:14:40,680 Speaker 1: than twenty countries. I'm Michael bar This is Bloomberg. John 255 00:14:40,720 --> 00:14:43,160 Speaker 1: all right, Michael, thank you. I find twenty on Wall Street. 256 00:14:43,560 --> 00:14:46,120 Speaker 1: China seeking to avoid taking a hit from US led 257 00:14:46,200 --> 00:14:50,000 Speaker 1: sanctions against Russia. Let's get this morning's update on the 258 00:14:50,160 --> 00:14:53,480 Speaker 1: war on Ukraine now from Mark Champion, Bloomberg, Senior reporter 259 00:14:53,640 --> 00:14:57,120 Speaker 1: for International Affairs. Mark, let's start there is is there 260 00:14:57,120 --> 00:15:01,040 Speaker 1: an indication China is helping its ally Russia. Well, we 261 00:15:01,120 --> 00:15:03,960 Speaker 1: don't know yet, but the US seems convinced that that 262 00:15:04,160 --> 00:15:08,640 Speaker 1: China has made the decision already to help financially UH 263 00:15:08,800 --> 00:15:14,320 Speaker 1: and then has been requested by Russia to provide weapons 264 00:15:14,400 --> 00:15:17,080 Speaker 1: of the kinds that the Russians are running out of. 265 00:15:17,320 --> 00:15:19,560 Speaker 1: And you know quite from the high end of drones 266 00:15:19,720 --> 00:15:25,040 Speaker 1: right down to UH to ration supplies. UM. So, whether 267 00:15:25,160 --> 00:15:29,160 Speaker 1: the Chinese say that this is misinformation um and you 268 00:15:29,240 --> 00:15:33,960 Speaker 1: know clearly there's a big hit that they are you know, 269 00:15:34,240 --> 00:15:36,800 Speaker 1: going to take if they go forward with it. Um. 270 00:15:37,040 --> 00:15:40,520 Speaker 1: And it is a big moment actually in a decision 271 00:15:40,600 --> 00:15:43,920 Speaker 1: on the Chinese side of whether or not to back 272 00:15:44,000 --> 00:15:46,120 Speaker 1: Russia and on the U s side whether or not 273 00:15:46,280 --> 00:15:48,960 Speaker 1: to UH to really go off to China in terms 274 00:15:49,000 --> 00:15:51,600 Speaker 1: of sanctions. What if anything came out of those talks 275 00:15:51,640 --> 00:15:53,760 Speaker 1: that took place in Rome yesterday. I know they were 276 00:15:53,800 --> 00:15:57,360 Speaker 1: scheduled to take place before Russia's invasion, but the US 277 00:15:57,400 --> 00:16:04,280 Speaker 1: and Russian officials meeting at Rome, what happened there, well exactly, 278 00:16:04,600 --> 00:16:09,000 Speaker 1: we don't know a lot of detail, but they went 279 00:16:09,040 --> 00:16:11,760 Speaker 1: on for seven hours and each side came out, you know, 280 00:16:12,320 --> 00:16:15,160 Speaker 1: not not kicking and screaming. They seemed to think that 281 00:16:15,240 --> 00:16:19,960 Speaker 1: they had been substantive. The main purpose wasn't really to negotiate, 282 00:16:20,120 --> 00:16:24,080 Speaker 1: It was simply to lay out the concerns in particular 283 00:16:24,160 --> 00:16:27,000 Speaker 1: on the US side, uh and and trying to make 284 00:16:27,080 --> 00:16:29,040 Speaker 1: the argument for why this would be a bad move 285 00:16:29,120 --> 00:16:32,240 Speaker 1: for China. China, no doubt, was pushing back about why 286 00:16:32,320 --> 00:16:35,160 Speaker 1: they think that, you know, for the US to sanction 287 00:16:35,560 --> 00:16:40,480 Speaker 1: China would be unwise, and at the Chinese routinely described 288 00:16:40,560 --> 00:16:44,400 Speaker 1: that kind of third party sanctions as illegal. Yeah, we're 289 00:16:44,440 --> 00:16:46,880 Speaker 1: getting worth this more in the Polish prime minister his 290 00:16:47,080 --> 00:16:50,160 Speaker 1: check and the Slovenian counterparts. They're going to make a 291 00:16:50,280 --> 00:16:55,000 Speaker 1: trip to the capital of Ukraine today by train. Do 292 00:16:55,080 --> 00:16:58,240 Speaker 1: we know any more about that? We don't know a 293 00:16:58,280 --> 00:17:01,320 Speaker 1: great deal. This is something that you know has was done. 294 00:17:01,440 --> 00:17:03,360 Speaker 1: It was for example, around the war in Georgia in 295 00:17:03,440 --> 00:17:06,679 Speaker 1: two thousand and eight, when leaders went down there as 296 00:17:06,720 --> 00:17:09,960 Speaker 1: well from Eastern Europe just to to show solidarity, to 297 00:17:10,080 --> 00:17:13,960 Speaker 1: show uh, you know that their support um so politically, 298 00:17:14,040 --> 00:17:16,840 Speaker 1: it will be you know, an important moment actually for 299 00:17:16,960 --> 00:17:20,480 Speaker 1: the Ukrainians who, despite all the aid and words of support, 300 00:17:21,040 --> 00:17:23,959 Speaker 1: do you feel like they're fighting this war alone? So, uh, 301 00:17:24,119 --> 00:17:27,000 Speaker 1: you know, it will be you know, in terms of 302 00:17:27,040 --> 00:17:29,840 Speaker 1: a gesture, as a political gesture, it will be important, obviously, 303 00:17:30,240 --> 00:17:32,760 Speaker 1: less so in terms of the war on the ground. 304 00:17:33,480 --> 00:17:37,199 Speaker 1: Is putin. Do you suppose hoping that Europe's resolved may 305 00:17:37,359 --> 00:17:41,159 Speaker 1: falter at some point as the flood of refugees continues. 306 00:17:42,920 --> 00:17:45,560 Speaker 1: I'm sure he does. Um, you know, we don't. We 307 00:17:45,600 --> 00:17:48,520 Speaker 1: don't have a lot of you know, insight into the 308 00:17:48,600 --> 00:17:52,639 Speaker 1: thinking of putting right at the moment. Most assessments of 309 00:17:53,000 --> 00:17:55,440 Speaker 1: you know, people who spend their careers watching him and 310 00:17:55,480 --> 00:17:59,480 Speaker 1: trying to understand what he does, we're wrong. You know. 311 00:17:59,560 --> 00:18:02,000 Speaker 1: Ahead of a war, the people who knew him best, 312 00:18:03,000 --> 00:18:06,000 Speaker 1: thought they understood him best, were most likely to think 313 00:18:06,040 --> 00:18:08,879 Speaker 1: that he wasn't going to invade. He did. Um, So, 314 00:18:09,280 --> 00:18:12,840 Speaker 1: he clearly was surprised by the level of He prepared 315 00:18:12,920 --> 00:18:16,640 Speaker 1: for sanctions, but he clearly was surprised by the level 316 00:18:16,720 --> 00:18:19,160 Speaker 1: of sanctions and the level of unity and the response 317 00:18:19,200 --> 00:18:22,560 Speaker 1: that's come from Europe. I would think that he you know, 318 00:18:22,720 --> 00:18:26,440 Speaker 1: he he does hope that the you know, the refugees 319 00:18:26,480 --> 00:18:30,040 Speaker 1: will will force a change over time. Um. But that's 320 00:18:30,160 --> 00:18:32,200 Speaker 1: very hard to to have any kind of clarity on 321 00:18:32,640 --> 00:18:35,240 Speaker 1: what's the next thing you're looking out for in all 322 00:18:35,320 --> 00:18:39,119 Speaker 1: those Well, it's really you know that the the number 323 00:18:39,200 --> 00:18:43,359 Speaker 1: one thing is what happens on the ground. In terms 324 00:18:43,440 --> 00:18:46,520 Speaker 1: of the conflict. It seems to be rather stalled at 325 00:18:46,520 --> 00:18:48,280 Speaker 1: the moment from the Russian point of view. And the 326 00:18:48,960 --> 00:18:53,399 Speaker 1: big question is whether they're simply regrouping after having um 327 00:18:54,400 --> 00:18:56,800 Speaker 1: messed up their initial strategy, they're having to kind of 328 00:18:56,920 --> 00:19:01,320 Speaker 1: completely reconfigure on the ground, um and they're simply regrouping, 329 00:19:01,480 --> 00:19:04,520 Speaker 1: and we'll have the capacity to then push forward and 330 00:19:04,800 --> 00:19:07,880 Speaker 1: try and achieve the goals that they had, or if 331 00:19:07,920 --> 00:19:10,040 Speaker 1: they really have run out of steam and they simply 332 00:19:10,119 --> 00:19:13,000 Speaker 1: failed um and and we we just don't know that 333 00:19:13,200 --> 00:19:15,800 Speaker 1: at the moment. There are lots of you know, indications 334 00:19:15,840 --> 00:19:19,920 Speaker 1: in both directions, but it's that really needs to get 335 00:19:19,960 --> 00:19:23,520 Speaker 1: resolved before you're likely to see any breakthrough in talks. 336 00:19:24,359 --> 00:19:27,840 Speaker 1: And always a pleasure Bloomberg, Senior reporter for International Affairs, 337 00:19:28,000 --> 00:19:31,040 Speaker 1: March Champion with this this morning ahead of the Cash 338 00:19:31,119 --> 00:19:34,000 Speaker 1: Open on Wall Street we're seeing to sell off continue 339 00:19:34,119 --> 00:19:37,359 Speaker 1: with the US futures down futures right now two hundred 340 00:19:37,440 --> 00:19:40,359 Speaker 1: points lower, that's down six tenths of a percent. SMP 341 00:19:40,520 --> 00:19:44,080 Speaker 1: evening futures are down twenty five points and the nasday 342 00:19:44,200 --> 00:19:48,280 Speaker 1: futures sixty three points lower. In London, the foot see 343 00:19:48,320 --> 00:19:51,520 Speaker 1: one hundred down one point six percent, and the europe 344 00:19:51,560 --> 00:19:56,439 Speaker 1: stock six hundred down just over two percent. You're listening 345 00:19:56,840 --> 00:20:07,639 Speaker 1: to Bloomberg day Break just ahead. Where of all the 346 00:20:07,760 --> 00:20:10,600 Speaker 1: dip buyers. God look with that question if Joe Quinland 347 00:20:10,680 --> 00:20:14,560 Speaker 1: had a chief investment office market strategy and Merrill Lynch 348 00:20:14,920 --> 00:20:18,640 Speaker 1: Bank of America private fame. This is Bloomberg day Break, 349 00:20:22,119 --> 00:20:26,600 Speaker 1: broadcasting live from the Bloomberg Interactive Broker's studio in New York, 350 00:20:26,760 --> 00:20:31,399 Speaker 1: Bloomberg Living Freedom to Washington, d C, Bloomberg to Boston, 351 00:20:31,560 --> 00:20:35,359 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg sixty 352 00:20:35,480 --> 00:20:38,679 Speaker 1: to the Country, Sirius XM to one nine, and around 353 00:20:38,720 --> 00:20:42,240 Speaker 1: the globe the Bloomberg Business app and Bloomberg Radio dot Com. 354 00:20:42,720 --> 00:20:51,080 Speaker 1: This is Bloomberg day Break, and it's five thirty on 355 00:20:51,200 --> 00:20:54,359 Speaker 1: Wall Street. Good Morning. I'm John Tucker and I'm Karen Moscow. 356 00:20:54,480 --> 00:20:56,600 Speaker 1: We're just about four hours away from the open of 357 00:20:56,720 --> 00:20:58,320 Speaker 1: US trading. Let's get you up to date on the 358 00:20:58,359 --> 00:21:00,440 Speaker 1: news you need to know at this hour. Shelling in 359 00:21:00,560 --> 00:21:04,639 Speaker 1: Ukraine's capital, Keith continued overnight as Russia carries on with 360 00:21:04,760 --> 00:21:08,800 Speaker 1: its invasion. It's pleading for help from its most powerful allied, China, 361 00:21:09,160 --> 00:21:11,879 Speaker 1: but White House Spress Secretary Jen Saki warrants that there 362 00:21:11,920 --> 00:21:16,040 Speaker 1: would be significant consequences for Beijing if it provides assistance 363 00:21:16,080 --> 00:21:21,520 Speaker 1: to Moscow. They only make up or of the world's economy. 364 00:21:21,840 --> 00:21:24,399 Speaker 1: The G seven countries make up more than fifty percent, 365 00:21:24,760 --> 00:21:26,600 Speaker 1: so there are a range of tools at our disposal. 366 00:21:26,800 --> 00:21:29,639 Speaker 1: Jen Saki was speaking after officials from China in the 367 00:21:29,760 --> 00:21:32,360 Speaker 1: U s meta in Rome for their first high level 368 00:21:32,440 --> 00:21:37,200 Speaker 1: talk since the invasion began. The bind administration calls talks constructive, 369 00:21:37,240 --> 00:21:41,080 Speaker 1: but former US Defense Secretary Mark Ansbury tells Boomberg sound 370 00:21:41,200 --> 00:21:44,760 Speaker 1: on China won't side with the West in this conflict. 371 00:21:45,119 --> 00:21:47,720 Speaker 1: There is a strategic partnership that has emerged over the 372 00:21:47,840 --> 00:21:52,320 Speaker 1: years between Moscow and Beijing. Uh This invasion of Ukraine 373 00:21:52,359 --> 00:21:57,399 Speaker 1: by Russia, however, has placed China somewhat of an uncomfortable position. 374 00:21:57,640 --> 00:22:00,680 Speaker 1: Mark Ansberg believes it's unlikely ranch it would cross it 375 00:22:00,720 --> 00:22:04,600 Speaker 1: into a NATO country. President Biden reportedly considering a trip 376 00:22:04,680 --> 00:22:07,920 Speaker 1: to Europe to rally support for NATO allies. Well, John, 377 00:22:07,920 --> 00:22:09,840 Speaker 1: the war in Ukraine will have a big impact on 378 00:22:09,880 --> 00:22:12,320 Speaker 1: the economies of all fifties states here in the US, 379 00:22:12,400 --> 00:22:14,760 Speaker 1: and we get the latest life from Bloombergy's Ready to Young, 380 00:22:14,800 --> 00:22:17,440 Speaker 1: Good Morning, Ready to Good Morning, Karen. Although the US 381 00:22:17,520 --> 00:22:21,119 Speaker 1: has limited trade ties with Russia and Ukraine, businesses from 382 00:22:21,200 --> 00:22:25,560 Speaker 1: beer breweries and Missouri to semiconductor plants in California would 383 00:22:25,640 --> 00:22:29,920 Speaker 1: see an impact. That's according to an analysis by Moody's Analytics. 384 00:22:30,400 --> 00:22:33,600 Speaker 1: Energy producing states like Alaska and North Dakota would do 385 00:22:33,760 --> 00:22:37,240 Speaker 1: better than others since the conflict is boosting oil prices, 386 00:22:37,560 --> 00:22:40,640 Speaker 1: but the two states most dependent on cars and driving, 387 00:22:40,720 --> 00:22:45,720 Speaker 1: Alabama and Mississippi, would likely suffer disproportionately from an energy shock. 388 00:22:46,400 --> 00:22:49,080 Speaker 1: Live in New York, I'm Nita Young, Bloomberg Day Brain Right, 389 00:22:49,119 --> 00:22:53,119 Speaker 1: thanks for US feature. Stocks overseas they're falling. Hong Kong's 390 00:22:53,160 --> 00:22:56,080 Speaker 1: Hang Sang Index felt almost six percent of the Europe 391 00:22:56,119 --> 00:22:59,000 Speaker 1: six hundred index, down more than two percent the NASA 392 00:22:59,160 --> 00:23:02,879 Speaker 1: one hundred. Entering the day in Bear Market territory. Well 393 00:23:02,920 --> 00:23:05,560 Speaker 1: back in Washington, John, another Joe mansion roadblock for the 394 00:23:05,600 --> 00:23:09,480 Speaker 1: Biden administration. The West Virginia Senator will oppose Biden's nomination 395 00:23:09,520 --> 00:23:11,800 Speaker 1: of Sarah Bloom mo Reskin as the Federal Reserves of 396 00:23:11,840 --> 00:23:14,639 Speaker 1: Vice Chair of supervision of both that's likely needed to 397 00:23:14,720 --> 00:23:17,119 Speaker 1: confirm her. It comes as the Fed begins it's two 398 00:23:17,200 --> 00:23:20,560 Speaker 1: day meeting where it's expected to raise interest rates again. 399 00:23:20,640 --> 00:23:24,120 Speaker 1: Futures are lower s ANDP futures down about sixteen points down. 400 00:23:24,160 --> 00:23:27,920 Speaker 1: Futures down on thirty four and NASDAC futures down about 401 00:23:27,960 --> 00:23:31,040 Speaker 1: twenties seven straight and had your latest local headlines plus 402 00:23:31,080 --> 00:23:39,880 Speaker 1: a check of sports, and this is Bloomberg. Thanks Karen, 403 00:23:39,920 --> 00:23:42,240 Speaker 1: find thirty three on Wall Street. Hand Let's bring in 404 00:23:42,440 --> 00:23:44,680 Speaker 1: Michael barn Now with what else is going on in 405 00:23:44,760 --> 00:23:48,000 Speaker 1: New York and around the world. John, Thank you very much. Sarah. 406 00:23:48,040 --> 00:23:50,440 Speaker 1: The mayors of New York City and Washington, d c. 407 00:23:50,640 --> 00:23:53,040 Speaker 1: Are calling on the public to help catch is suspected 408 00:23:53,119 --> 00:23:57,920 Speaker 1: gunmen targeting homeless men in the two cities. Police say 409 00:23:58,080 --> 00:24:00,720 Speaker 1: two shootings over the weekend in New York matched three 410 00:24:00,760 --> 00:24:04,400 Speaker 1: attacks in Washington earlier this month. In each case, homeless 411 00:24:04,440 --> 00:24:07,200 Speaker 1: men were shot as they slept in the street. Two 412 00:24:07,440 --> 00:24:09,919 Speaker 1: of the shootings were fatal, one in Washington and one 413 00:24:10,000 --> 00:24:12,800 Speaker 1: in New York. New York City Mayor Eric Adams the 414 00:24:12,960 --> 00:24:19,320 Speaker 1: over proliferation of guns in our cities is creating an 415 00:24:19,480 --> 00:24:26,000 Speaker 1: encounter this coursing bloodshed across our nation. Mayor Bowser, along 416 00:24:26,240 --> 00:24:29,320 Speaker 1: with Mayor Adams, announced the reward to catch the gunman 417 00:24:29,800 --> 00:24:33,520 Speaker 1: that's seventy dollars reward in twenty five New York City, 418 00:24:33,600 --> 00:24:37,040 Speaker 1: twenty five in Washington, d C. From the a t 419 00:24:37,280 --> 00:24:40,359 Speaker 1: F DC. Mayor Bowser says they are calling on the 420 00:24:40,400 --> 00:24:43,400 Speaker 1: residents who are homeless, both in DC and New York 421 00:24:43,440 --> 00:24:46,959 Speaker 1: City to seek shelter. Idaho could have a new stricter 422 00:24:47,040 --> 00:24:50,760 Speaker 1: abortion law similar to Texas. The Idaho bill, now heading 423 00:24:50,840 --> 00:24:54,240 Speaker 1: to the Governor's desk, bands abortions after six weeks of pregnancy. 424 00:24:54,720 --> 00:24:57,680 Speaker 1: One year after signing the American Rescue Plan into law, 425 00:24:58,080 --> 00:25:01,040 Speaker 1: President Biden is stouting US you can comic growth and 426 00:25:01,119 --> 00:25:03,960 Speaker 1: the speech at the National League of City's conference in 427 00:25:04,080 --> 00:25:07,800 Speaker 1: d C. The President's linked rising fuel costs to the 428 00:25:07,840 --> 00:25:12,600 Speaker 1: invasion of Ukraine. Make no mistake. The current spiking gas 429 00:25:12,680 --> 00:25:16,720 Speaker 1: prices largely the fault of Vladimir Putin. There's nothing to 430 00:25:16,800 --> 00:25:20,000 Speaker 1: do with the American rescue plan. President Biden also says, 431 00:25:20,080 --> 00:25:23,920 Speaker 1: according to experts, the American rescue Plan contributed to only 432 00:25:24,160 --> 00:25:28,760 Speaker 1: point three percent to inflation. China has reported more than 433 00:25:29,000 --> 00:25:33,000 Speaker 1: a doubling of new COVID nineteen cases as it faces 434 00:25:33,160 --> 00:25:36,200 Speaker 1: my far its biggest outbreak since the early days of 435 00:25:36,240 --> 00:25:39,760 Speaker 1: the pandemic. The National Health Commission said today that more 436 00:25:39,800 --> 00:25:42,720 Speaker 1: than thirty five hundred new locally spread cases had been 437 00:25:42,760 --> 00:25:45,399 Speaker 1: identified in the latest twenty four hour period, up for 438 00:25:45,560 --> 00:25:49,120 Speaker 1: more than thirteen hundred a day earlier. Global News twenty 439 00:25:49,160 --> 00:25:52,040 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 440 00:25:52,240 --> 00:25:55,080 Speaker 1: powered by more than dred journalists analysts more than a 441 00:25:55,160 --> 00:25:58,399 Speaker 1: hundred twenty countries. Michael bar this is Bloomberg, John, and 442 00:25:58,480 --> 00:26:01,040 Speaker 1: so breaking his crossing the bloom Burg. The UK just 443 00:26:01,160 --> 00:26:05,720 Speaker 1: announcing a ban on exports to Russia of luxury goods. Michael, 444 00:26:05,760 --> 00:26:11,360 Speaker 1: thank you very much. He has out five thirties six 445 00:26:11,440 --> 00:26:14,000 Speaker 1: on Wall Street time down for the Bloomberg Sports up date. 446 00:26:14,520 --> 00:26:17,399 Speaker 1: Here's John. Thanks John. No secret. The Giants need to 447 00:26:17,560 --> 00:26:19,879 Speaker 1: vastly improved their offensive line. Don't have a lot of 448 00:26:19,920 --> 00:26:22,359 Speaker 1: salary cap space, but on opening day free agency, the 449 00:26:22,440 --> 00:26:25,280 Speaker 1: Giants did kind of deal with Mark Lowinski, starting guard 450 00:26:25,320 --> 00:26:28,879 Speaker 1: with Indianapolis the last few seasons, another guard Lake and 451 00:26:28,960 --> 00:26:31,920 Speaker 1: Tomlinson joining the Jets from the forty Niners. Jets also 452 00:26:31,960 --> 00:26:34,720 Speaker 1: got tight end c j. A. Zuma from Cincinnati. They 453 00:26:34,800 --> 00:26:37,480 Speaker 1: resigned Braxton Barrios, who was an All Pro last season 454 00:26:37,800 --> 00:26:40,280 Speaker 1: as a kick returner. Tight End Evan Ingram leaving the 455 00:26:40,400 --> 00:26:44,640 Speaker 1: Giants headed to Jacksonville. Quarterback news Mitchell Drabinski now expected 456 00:26:44,720 --> 00:26:48,160 Speaker 1: to be Ben Roethlisberger's replacement in Pittsburgh. Teddy Bridgewater going 457 00:26:48,200 --> 00:26:51,400 Speaker 1: to Miami. It'll be his fourth team four years. Josh 458 00:26:51,480 --> 00:26:54,639 Speaker 1: Donaldson joined the Yankees in Tampa the day after the 459 00:26:54,680 --> 00:26:58,040 Speaker 1: Big trade last year. Donaldson, while whip Minnesota, accused Garrett 460 00:26:58,080 --> 00:27:01,880 Speaker 1: Cole of using sticky stuff. Cole then struck Donaldson out 461 00:27:01,960 --> 00:27:07,800 Speaker 1: free time. Um. Obviously, he felt like it was a 462 00:27:07,840 --> 00:27:09,679 Speaker 1: better idea to play strike me off, which he did 463 00:27:09,760 --> 00:27:13,920 Speaker 1: to a few times. So at the end of the day, 464 00:27:14,760 --> 00:27:17,320 Speaker 1: I'm happy to be on the same team and not 465 00:27:17,760 --> 00:27:20,040 Speaker 1: have to strike out against some more. Nike's had been 466 00:27:20,040 --> 00:27:23,040 Speaker 1: in talks with Oakland about acquiring first baseman Matt Olsen 467 00:27:23,160 --> 00:27:26,600 Speaker 1: He's instead headed to Atlanta, which means Freddie Freeman will 468 00:27:26,640 --> 00:27:29,640 Speaker 1: likely not resigned. With the brain Nets played tonight in Orlando, 469 00:27:29,760 --> 00:27:33,480 Speaker 1: the unvaccinated Kyrie Irving couldn't play, but did attend Sunday's 470 00:27:33,560 --> 00:27:36,200 Speaker 1: home game also went into the nets locker room. City 471 00:27:36,240 --> 00:27:39,560 Speaker 1: of New York find the Nets fifty thou dollars, John Stashower, 472 00:27:39,600 --> 00:27:43,000 Speaker 1: Bloomberg Sports John, Thanks John five thirties on Wall Street Time, 473 00:27:43,000 --> 00:27:45,960 Speaker 1: and half of the Tri State Business Report. Here's Bloomberg 474 00:27:46,040 --> 00:27:49,520 Speaker 1: Scott Carr. New Jersey Transit is projecting a five hundred 475 00:27:49,600 --> 00:27:54,479 Speaker 1: fifty million dollar revenue shortfall in fiscal even with federal 476 00:27:54,600 --> 00:27:58,520 Speaker 1: COVID AID and more customers returning post pandemic. The forecast 477 00:27:58,640 --> 00:28:01,280 Speaker 1: is part of a budget proposal notice for the legislature 478 00:28:01,359 --> 00:28:03,080 Speaker 1: that's up for a vote next week at the Board 479 00:28:03,119 --> 00:28:06,600 Speaker 1: of Directors monthly meeting. It assumes no fair increases for 480 00:28:06,680 --> 00:28:09,879 Speaker 1: the next four years. With New Jersey opening applications for 481 00:28:10,000 --> 00:28:13,520 Speaker 1: permits to sell legal weed at retail shops today and 482 00:28:13,680 --> 00:28:17,119 Speaker 1: Governor Phil Murphy projecting the market will open soon, bringing 483 00:28:17,160 --> 00:28:19,920 Speaker 1: millions of dollars in new revenue, and jay dot Com 484 00:28:20,000 --> 00:28:23,359 Speaker 1: reports the cannabis business community is a buzz with activity 485 00:28:23,520 --> 00:28:27,400 Speaker 1: ahead of the state's largest industry conference Wednesday in Carteret. 486 00:28:27,760 --> 00:28:30,920 Speaker 1: You can add Farmington, Connecticut based Otis Elevators to the 487 00:28:31,000 --> 00:28:33,920 Speaker 1: growing list of American companies making the choice to not 488 00:28:34,119 --> 00:28:37,160 Speaker 1: take any new business in Russia. Otis saw about two 489 00:28:37,240 --> 00:28:40,240 Speaker 1: percent of its business come from Russia last year. That's 490 00:28:40,280 --> 00:28:43,880 Speaker 1: the Bloomberg Tri State Business Report. I'm Scott Carr. Yeah, 491 00:28:43,880 --> 00:28:46,920 Speaker 1: it's five thirty Game on Wall Street. Bloomberg Radios on 492 00:28:46,960 --> 00:28:49,600 Speaker 1: the air from San Francisco to New York, London to 493 00:28:49,800 --> 00:28:52,280 Speaker 1: Hong Kong. Let's check in now with our global news 494 00:28:52,360 --> 00:28:54,080 Speaker 1: team for some of the top stories heard on our 495 00:28:54,240 --> 00:29:01,120 Speaker 1: three hundred affiliate radio stations around the world. I'm Steve 496 00:29:01,240 --> 00:29:04,120 Speaker 1: Potaskan on Chen Chen Wins in New York. We're talking 497 00:29:04,160 --> 00:29:07,280 Speaker 1: about how new COVID lockdowns in China could to lay 498 00:29:07,320 --> 00:29:10,840 Speaker 1: your Ravazon or Walmart order. Um Core needs an a Hoo. 499 00:29:10,960 --> 00:29:13,880 Speaker 1: On KTRH in Houston. Grub Hub boosts the pay for 500 00:29:13,960 --> 00:29:17,720 Speaker 1: its drivers as high gas prices seez earnings. I'm Gina 501 00:29:17,800 --> 00:29:21,040 Speaker 1: Servetti and for Double g BBM in Chicago. I'm reporting 502 00:29:21,080 --> 00:29:23,960 Speaker 1: that grub hub is boosting pay for its drivers to 503 00:29:24,160 --> 00:29:27,960 Speaker 1: counter record high gas prices. I'm Scott car on w 504 00:29:28,200 --> 00:29:30,880 Speaker 1: d c H in Washington. I'm reporting on some felt 505 00:29:30,920 --> 00:29:34,240 Speaker 1: wing engineers working on making the perfect mask for possible 506 00:29:34,320 --> 00:29:38,080 Speaker 1: future pandemics. And those are some of the stories there 507 00:29:38,080 --> 00:29:41,480 Speaker 1: are Bloomberg journalists and analysts are working on this morning 508 00:29:41,880 --> 00:29:45,080 Speaker 1: around the world. It's five thirty nine on Wall Street. 509 00:29:45,600 --> 00:29:49,680 Speaker 1: The following is an editorial from Bloomberg Opinion. As Congress 510 00:29:49,760 --> 00:29:53,040 Speaker 1: has doled out almost six trillion dollars in COVID relief funds, 511 00:29:53,320 --> 00:29:55,880 Speaker 1: crooks and kahnmen have lined up to get their share. 512 00:29:56,280 --> 00:30:00,280 Speaker 1: They've created fake companies, misstated their earnings, and other wise 513 00:30:00,320 --> 00:30:04,240 Speaker 1: conspired to siphon off taxpayers money. Last week, the Justice 514 00:30:04,280 --> 00:30:07,719 Speaker 1: Department announced that it was investigating some eight billion dollars 515 00:30:07,800 --> 00:30:11,360 Speaker 1: worth of fraud. The Secret Service estimates that a hundred 516 00:30:11,400 --> 00:30:15,360 Speaker 1: billion dollars may have been misappropriated in total. What can 517 00:30:15,440 --> 00:30:19,200 Speaker 1: government do to better monitor this emergency spending A data 518 00:30:19,280 --> 00:30:22,320 Speaker 1: portal that tracks big government outlays in real time would 519 00:30:22,360 --> 00:30:25,240 Speaker 1: make it easier for officials to monitor for fraud and 520 00:30:25,360 --> 00:30:29,240 Speaker 1: make more informed decisions about how to respond. Upgrading antiquated 521 00:30:29,280 --> 00:30:33,280 Speaker 1: technology would also help of The federal I T budget 522 00:30:33,440 --> 00:30:37,240 Speaker 1: is spent maintaining legacy systems, while investment in new ones 523 00:30:37,440 --> 00:30:41,360 Speaker 1: often goes unfunded. Finally, the government needs to stop creating 524 00:30:41,480 --> 00:30:45,120 Speaker 1: incentives for fraud. Community groups that steer federal funds to 525 00:30:45,160 --> 00:30:48,640 Speaker 1: the needy are typically paid a fixed percentage of outlays 526 00:30:48,880 --> 00:30:53,120 Speaker 1: in administrative fees. Such a system is simply asking to 527 00:30:53,240 --> 00:30:56,040 Speaker 1: be abused. This editorial was written by the Bloomberg Opinion 528 00:30:56,160 --> 00:30:59,720 Speaker 1: Editorial Board. I'm David Shipley. For more Bloomberg opinion, please 529 00:30:59,800 --> 00:31:02,960 Speaker 1: go to Bloomberg dot com, slash Opinion or ope and 530 00:31:03,080 --> 00:31:06,840 Speaker 1: go on the Bloomberg term. This has been Bloomberg Opinion 531 00:31:07,120 --> 00:31:10,360 Speaker 1: and Bloomberg Opinion editorial is gonna be heard every weekday 532 00:31:10,360 --> 00:31:13,840 Speaker 1: of this time, and terminal customers can read more at opie. 533 00:31:14,200 --> 00:31:21,560 Speaker 1: I am go. You're listening to Bloomberg dam break in 534 00:31:21,640 --> 00:31:24,120 Speaker 1: ahead of the cash open on Wall Street. Futures indicate 535 00:31:24,240 --> 00:31:28,160 Speaker 1: a lower open on Wall Street. Dow futures down one points, 536 00:31:28,480 --> 00:31:32,160 Speaker 1: SMP future thirteen points lower than as DANG futures down 537 00:31:32,280 --> 00:31:40,200 Speaker 1: twenty two points. Markets headlines and breaking news twenty four 538 00:31:40,240 --> 00:31:43,240 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 539 00:31:43,320 --> 00:31:46,480 Speaker 1: Out and at Bloomberg Quick Tape this is a Bloomberg 540 00:31:46,600 --> 00:31:56,240 Speaker 1: business flash and good morning, I'm parent Moscow. European stocks 541 00:31:56,280 --> 00:31:58,880 Speaker 1: are falling. Is a relentless sell off in Chinese shares, 542 00:31:58,920 --> 00:32:01,479 Speaker 1: buffeted global mark get's adding to concerns about the war 543 00:32:01,600 --> 00:32:05,240 Speaker 1: in Ukraine and imminent federal reserve tightening. US DOT index 544 00:32:05,360 --> 00:32:08,360 Speaker 1: futures are lower as well, and crude oil is extending 545 00:32:08,400 --> 00:32:11,320 Speaker 1: a retreat. We checked the markets every fifteen minutes throughout 546 00:32:11,360 --> 00:32:13,640 Speaker 1: the trading day on bloomberg S and p Future is 547 00:32:13,680 --> 00:32:16,800 Speaker 1: down nine points. Dal Future is down ninety three. NASDACK 548 00:32:16,840 --> 00:32:19,440 Speaker 1: futures down twelve. The decks in Germany's down one point 549 00:32:19,560 --> 00:32:22,720 Speaker 1: seven percent. Can your treasury up seven thirty seconds, yield 550 00:32:22,760 --> 00:32:25,320 Speaker 1: two point one zero percent. The yield on the two 551 00:32:25,400 --> 00:32:28,280 Speaker 1: year one point eight two percent. Nine x scrude oil 552 00:32:28,400 --> 00:32:30,680 Speaker 1: is down more than six percent. It's down six dollars 553 00:32:30,720 --> 00:32:33,120 Speaker 1: thirty two cents at ninety six dollars seventy one cents 554 00:32:33,160 --> 00:32:35,720 Speaker 1: a barrel. COMEX school is down one and a half percent, 555 00:32:35,840 --> 00:32:38,320 Speaker 1: or twenty nine dollars forty cents a nineteen thirty one 556 00:32:38,400 --> 00:32:41,800 Speaker 1: seventy announced. The euro one point zero nine nine nine 557 00:32:41,880 --> 00:32:44,800 Speaker 1: against the dollar. British found one point three zero four six. 558 00:32:45,200 --> 00:32:47,960 Speaker 1: The ends at one seventeen point nine and nine, and 559 00:32:48,040 --> 00:32:50,320 Speaker 1: Bitcoin this morning is down about a third of a 560 00:32:50,440 --> 00:32:53,920 Speaker 1: percent at thirty eight thousand, six hundred dollars. And that's 561 00:32:53,960 --> 00:32:56,480 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more 562 00:32:56,560 --> 00:32:58,960 Speaker 1: on what's going on around the world. Michael Karin, thank 563 00:32:59,000 --> 00:33:01,800 Speaker 1: you very much. China Foreign Ministers says this country wants 564 00:33:01,840 --> 00:33:05,320 Speaker 1: to avoid being impacted by US sanctions over Russia's war. 565 00:33:06,040 --> 00:33:09,680 Speaker 1: Lang Ye says China is not a party to the prices, 566 00:33:09,800 --> 00:33:13,200 Speaker 1: nor does it want the sanctions to affect China. He's 567 00:33:13,200 --> 00:33:16,600 Speaker 1: spoken to phone call with his Spanish counterpart to discuss 568 00:33:16,680 --> 00:33:20,480 Speaker 1: the war in Ukraine. There are concerns among investors that 569 00:33:20,680 --> 00:33:24,520 Speaker 1: Chinese companies will face US sanctions after American officials said 570 00:33:24,600 --> 00:33:29,320 Speaker 1: Russia requested military and financial assistance from Beijing. In the NBA, 571 00:33:29,760 --> 00:33:33,240 Speaker 1: they have fine and that's fifty thousand dollars for letting 572 00:33:33,320 --> 00:33:36,200 Speaker 1: Kyrie Irving into their locker room during a game in 573 00:33:36,320 --> 00:33:38,640 Speaker 1: which he was unable to play it because he has 574 00:33:38,760 --> 00:33:42,719 Speaker 1: not vaccinated against COVID nineteen. The Warriors beat the Wizards 575 00:33:42,760 --> 00:33:46,280 Speaker 1: one twelve. Global News twenty four hours a day on 576 00:33:46,520 --> 00:33:49,520 Speaker 1: air and on Bloomberg Quick Take, powered by more than 577 00:33:49,600 --> 00:33:52,240 Speaker 1: twenty seven hundred journalist and analysts and more than a 578 00:33:52,320 --> 00:33:55,440 Speaker 1: hundred twenty countries. I'm Michael bar This is Bloomberg jun Michael, 579 00:33:55,440 --> 00:33:57,400 Speaker 1: thank you, five and forty nine out of Wall Street. 580 00:33:57,440 --> 00:33:59,960 Speaker 1: We are live in the Bloomberg Interact or broker's studios. 581 00:34:00,200 --> 00:34:02,760 Speaker 1: This is Bloomberg Day Break. Time to get you to 582 00:34:02,880 --> 00:34:04,880 Speaker 1: set up for the trading day. Head with our next guest. 583 00:34:05,040 --> 00:34:08,400 Speaker 1: Joe Quinlin is head of Chief Investment Office Market Strategy 584 00:34:08,440 --> 00:34:11,560 Speaker 1: at Mary Lynch Bank of American Private Bank. Joe, thanks 585 00:34:11,600 --> 00:34:13,520 Speaker 1: for getting up early to be with us this morning. 586 00:34:14,040 --> 00:34:17,480 Speaker 1: It was the possibility of China being embroiled in Russia's 587 00:34:17,520 --> 00:34:21,040 Speaker 1: wear in Ukraine. How does this change the investment landscape 588 00:34:21,080 --> 00:34:25,920 Speaker 1: and maybe your thesis this morning? Well, Johnny, it depends 589 00:34:26,000 --> 00:34:29,040 Speaker 1: on the sanctions possibly or whatever pressure of the US, 590 00:34:29,120 --> 00:34:30,839 Speaker 1: and you're ever going to put on China to stay 591 00:34:30,920 --> 00:34:35,960 Speaker 1: out of the conflict. So that's gotten investors over overlaying 592 00:34:36,000 --> 00:34:39,680 Speaker 1: that as China omicron the variant whipping through China as 593 00:34:39,760 --> 00:34:42,840 Speaker 1: we speak. So there's a lot of China now is 594 00:34:42,960 --> 00:34:47,640 Speaker 1: clearly in focus for investors. It's triangulated US, Russia and China, 595 00:34:47,800 --> 00:34:50,440 Speaker 1: and it just adds more uncertainty in the volatility. So 596 00:34:50,520 --> 00:34:54,800 Speaker 1: we're set up for still the hard assets, whether its commodities, energy, 597 00:34:55,840 --> 00:34:57,960 Speaker 1: real estate. We still like that space. And then of 598 00:34:58,040 --> 00:35:01,160 Speaker 1: course we've got to stead raising rates today. Yeah, is 599 00:35:01,800 --> 00:35:04,480 Speaker 1: a quick question China before I move on. Is it 600 00:35:04,840 --> 00:35:09,400 Speaker 1: investable or uninvestable at this point? You know, it depends 601 00:35:09,480 --> 00:35:11,719 Speaker 1: on you know, your risk level. I mean there's lets, 602 00:35:11,760 --> 00:35:15,200 Speaker 1: let's face it, China is closing becoming inward, but there's 603 00:35:15,239 --> 00:35:18,560 Speaker 1: some companies there that could be investable long term. But 604 00:35:18,760 --> 00:35:22,400 Speaker 1: right now we are underweight or neutral at best on 605 00:35:22,480 --> 00:35:25,160 Speaker 1: the emerging markets, China included. So we're not putting any 606 00:35:25,239 --> 00:35:27,920 Speaker 1: new capital into the emerging markets right now. You know, 607 00:35:28,000 --> 00:35:29,759 Speaker 1: one of the curious things in all this, in the 608 00:35:29,840 --> 00:35:33,800 Speaker 1: stock rally that we've seen since the end of the 609 00:35:33,960 --> 00:35:36,920 Speaker 1: dips seem to have been met each time with a 610 00:35:37,040 --> 00:35:41,920 Speaker 1: volley of strong buying. So we're the dip buyers right now. Well, 611 00:35:42,320 --> 00:35:45,959 Speaker 1: they're still hibernating, albeit it's almost spring um. They're looking 612 00:35:46,040 --> 00:35:49,839 Speaker 1: at inflation running hotter than expected, that bed being behind 613 00:35:49,880 --> 00:35:52,680 Speaker 1: the curve on the cranberry in China, and then of 614 00:35:52,760 --> 00:35:55,240 Speaker 1: course the conflict in the in the heart of Europe. 615 00:35:55,280 --> 00:35:58,280 Speaker 1: So they're on the sidelines until we get some more clarity. 616 00:35:59,560 --> 00:36:01,320 Speaker 1: Some of us are it's just not brave enough to 617 00:36:01,360 --> 00:36:02,840 Speaker 1: buy this deaf and I think that's going to be 618 00:36:02,960 --> 00:36:07,120 Speaker 1: the sentiment here near term. Well, the valuations they've gotten cheaper, 619 00:36:07,360 --> 00:36:12,319 Speaker 1: but are they cheap cheap enough to buy? Not just yet, 620 00:36:12,640 --> 00:36:14,359 Speaker 1: perhaps in the US, I would say, in the United 621 00:36:14,520 --> 00:36:16,480 Speaker 1: but you look across the screen, I got a bloomberg. 622 00:36:16,760 --> 00:36:19,880 Speaker 1: There's some markets in very territory, some really beating up 623 00:36:19,920 --> 00:36:22,280 Speaker 1: parts of the world where it's Hong Kong, parts of Europe. 624 00:36:22,600 --> 00:36:25,319 Speaker 1: But really it's that it's that fog of war that's 625 00:36:25,400 --> 00:36:28,120 Speaker 1: keeping a lot of these deep buyers on the sidelines. 626 00:36:28,200 --> 00:36:30,480 Speaker 1: Just yet, even with these valuations, we're gonna we need 627 00:36:30,560 --> 00:36:32,960 Speaker 1: a trigger, We need some type of cease fire. We 628 00:36:33,040 --> 00:36:35,840 Speaker 1: need some kind of clarity to trigger to step in 629 00:36:35,920 --> 00:36:39,240 Speaker 1: and buy these beating up equities. Okay, FED, you mentioned 630 00:36:39,320 --> 00:36:42,680 Speaker 1: the FED is. Are the FED policy makers going to 631 00:36:42,719 --> 00:36:46,799 Speaker 1: exacerbate the rush for the exits for risk assets? Were 632 00:36:46,800 --> 00:36:50,400 Speaker 1: their two day meeting that starts today. I don't think so. 633 00:36:50,560 --> 00:36:53,000 Speaker 1: I mean, hopefully there's nothing that the markets don't already 634 00:36:53,040 --> 00:36:54,919 Speaker 1: know that Jay Paul is going to do. We're looking 635 00:36:54,960 --> 00:36:57,960 Speaker 1: for twenty five basis points hike and really for the 636 00:36:58,080 --> 00:37:01,160 Speaker 1: rest of the year, every FED meeting twenty five basis 637 00:37:01,200 --> 00:37:03,800 Speaker 1: point increase. So I think the Fed is kind of 638 00:37:03,920 --> 00:37:06,880 Speaker 1: like on course and in sync with the markets. I'm 639 00:37:06,920 --> 00:37:09,440 Speaker 1: not the biggest issue will be from the FED, the 640 00:37:09,520 --> 00:37:13,720 Speaker 1: communication their outlook, if anything changed in term of change 641 00:37:13,920 --> 00:37:16,839 Speaker 1: in terms of their expectations for inflation. So I think 642 00:37:17,000 --> 00:37:20,120 Speaker 1: nothing real dramatic comes out of the meeting. It's but 643 00:37:20,239 --> 00:37:23,880 Speaker 1: the bigger issue fifty basis points and next time intermeeding 644 00:37:24,520 --> 00:37:26,879 Speaker 1: hikes will see But no, I think it's baked into 645 00:37:26,920 --> 00:37:28,880 Speaker 1: the cake. What the FED is gonna do, what's the 646 00:37:28,960 --> 00:37:31,200 Speaker 1: day they're going to tell us this week? Among other things, 647 00:37:31,239 --> 00:37:35,439 Speaker 1: we're gonna get retail sales pp I as well. What's 648 00:37:35,480 --> 00:37:38,960 Speaker 1: your position on that? Well, we think we see the 649 00:37:39,040 --> 00:37:42,480 Speaker 1: consumer clearly becoming more cautious when there's a University of 650 00:37:42,520 --> 00:37:45,120 Speaker 1: Michigan sentiment just some of the data points that we're 651 00:37:45,120 --> 00:37:47,239 Speaker 1: looking at. So I wouldn't be surprised if some of 652 00:37:47,280 --> 00:37:50,560 Speaker 1: the incoming data retail wise is weakening because of the 653 00:37:50,880 --> 00:37:54,640 Speaker 1: downward mood sentiment p p I. No doubt more pressure 654 00:37:54,680 --> 00:37:57,759 Speaker 1: coming views to be the commodity complex rising wages, so 655 00:37:58,320 --> 00:38:00,560 Speaker 1: sentiment is going to be down, price is up, and 656 00:38:00,640 --> 00:38:02,600 Speaker 1: that's kind of kind of that struggle that we're still 657 00:38:02,640 --> 00:38:04,960 Speaker 1: going to be in market tup to navigate. Is there 658 00:38:05,000 --> 00:38:07,920 Speaker 1: evidence at demand distraction with prices where they are right now? 659 00:38:09,280 --> 00:38:11,400 Speaker 1: I don't think so, John, not yet, but it's getting 660 00:38:11,440 --> 00:38:13,320 Speaker 1: there in terms of you know, everyone, you know, the 661 00:38:13,360 --> 00:38:15,440 Speaker 1: first thing you do before you stop spending gasoline is 662 00:38:15,480 --> 00:38:18,200 Speaker 1: complain about it. Everyone's complaining about it. But we're not 663 00:38:18,360 --> 00:38:21,520 Speaker 1: there just yet. But maybe winning the airline start raising prices, 664 00:38:21,520 --> 00:38:23,839 Speaker 1: we're gonna get into cars instead of plane. So we're 665 00:38:23,880 --> 00:38:27,120 Speaker 1: getting close, but we're not there just yet. Thank you, Sir. 666 00:38:27,280 --> 00:38:31,239 Speaker 1: Joe Quinlan, head of the Chief Investment Office Market Strategy 667 00:38:31,640 --> 00:38:34,239 Speaker 1: at Mary Lynch and Bank of America Private Bank, with 668 00:38:34,400 --> 00:38:37,800 Speaker 1: this this morning, Karen right, John, thank you. It is 669 00:38:37,880 --> 00:38:40,240 Speaker 1: five fifty three on Wall Street, time for the Bloomberg 670 00:38:40,360 --> 00:38:44,080 Speaker 1: Law Report, brought to you by American Arbitration Association. Business 671 00:38:44,120 --> 00:38:48,440 Speaker 1: disputes are inevitable, resolve Faster with the American Arbitration Association, 672 00:38:48,600 --> 00:38:52,600 Speaker 1: the global leader in alternative dispute resolution for over ninety years. 673 00:38:53,080 --> 00:38:55,960 Speaker 1: More at a dr dot org and now here are 674 00:38:56,000 --> 00:38:58,440 Speaker 1: one of the legal stories that we're watching this morning. 675 00:38:58,600 --> 00:39:01,880 Speaker 1: Four men are on trial were conspiring to kidnap Michigan 676 00:39:01,960 --> 00:39:05,759 Speaker 1: Governor Gretchen Whitmer and conspiring to use a weapon of 677 00:39:06,000 --> 00:39:10,160 Speaker 1: mass destruction. Prosecutors alleged the men were members of extremist 678 00:39:10,200 --> 00:39:14,840 Speaker 1: paramilitary groups angry over the Democrats COVID nineteen restrictions, but 679 00:39:14,960 --> 00:39:17,799 Speaker 1: defense attorneys say there was no plot and the men 680 00:39:17,920 --> 00:39:22,160 Speaker 1: were enshrapped by undercover FBI agents. From More Bloomberg's June 681 00:39:22,160 --> 00:39:25,600 Speaker 1: Grosso speaks to the former U s Attorney for Eastern Michigan, 682 00:39:25,920 --> 00:39:31,160 Speaker 1: Matthew Schneider, a partner at Contigman. The defense raised the 683 00:39:31,280 --> 00:39:34,800 Speaker 1: defense of entrapment. They said that the FBI tricked the 684 00:39:34,880 --> 00:39:38,840 Speaker 1: defendants into agreeing to the plot to kidnap Whitmer, and 685 00:39:38,960 --> 00:39:42,560 Speaker 1: the FBI drove the whole thing. So tell us about 686 00:39:42,640 --> 00:39:47,719 Speaker 1: that defense. So an entrapment defense is saying, essentially, I'm 687 00:39:47,760 --> 00:39:49,719 Speaker 1: not the one who came up with this idea. I'm 688 00:39:49,760 --> 00:39:51,880 Speaker 1: not the one who really wanted to do this, and 689 00:39:52,120 --> 00:39:55,640 Speaker 1: but for the government, I wouldn't have done this. I 690 00:39:55,719 --> 00:39:59,240 Speaker 1: wouldn't have tried to put this plan into place except 691 00:39:59,280 --> 00:40:02,080 Speaker 1: for the government owning me on and some of these 692 00:40:02,160 --> 00:40:05,200 Speaker 1: defendants have said that they really had no experience in 693 00:40:05,320 --> 00:40:10,360 Speaker 1: tactical training and using weapons. But Dan, this undercover FBI informant, 694 00:40:10,680 --> 00:40:12,799 Speaker 1: is the one who trained them, and he's the one 695 00:40:12,840 --> 00:40:16,880 Speaker 1: who encouraged them. So that's the entrapment defense. And the government, 696 00:40:16,920 --> 00:40:20,520 Speaker 1: of course is going to use the jury instruction for entrapment. 697 00:40:20,920 --> 00:40:23,359 Speaker 1: And there are signs in there that the government can 698 00:40:23,440 --> 00:40:26,160 Speaker 1: point to to say that you weren't entrapped. And that's 699 00:40:26,200 --> 00:40:28,800 Speaker 1: really based on the fact that the defendants were what 700 00:40:28,920 --> 00:40:33,319 Speaker 1: they call predisposed to commit the crime. That means they 701 00:40:33,440 --> 00:40:36,760 Speaker 1: already had this thought in their mind before the government 702 00:40:36,840 --> 00:40:40,480 Speaker 1: introduced the undercover agents. And under the law, if you 703 00:40:40,680 --> 00:40:45,000 Speaker 1: have that predisposition, then entrapment is not a valid defense. 704 00:40:45,800 --> 00:40:49,560 Speaker 1: Is it a high risk strategy to defend based on 705 00:40:49,800 --> 00:40:54,800 Speaker 1: entrapment because you're conceding that some crimes may have been committed. 706 00:40:55,320 --> 00:40:58,759 Speaker 1: It is because it's an infirmative defense where you you 707 00:40:58,920 --> 00:41:01,680 Speaker 1: have to admit to serve things, but say, similar to 708 00:41:01,760 --> 00:41:05,080 Speaker 1: self defense, say I did this. However, now it's important 709 00:41:05,120 --> 00:41:08,560 Speaker 1: to note that as this trial has played out, it's 710 00:41:08,600 --> 00:41:11,360 Speaker 1: not as clear cut that the government has thought. In 711 00:41:11,480 --> 00:41:14,600 Speaker 1: my opinion, because entrapment is not the only defense. There's 712 00:41:14,680 --> 00:41:17,279 Speaker 1: a separate defense that is being laid out by at 713 00:41:17,320 --> 00:41:20,400 Speaker 1: least one of the defendants to say that this is 714 00:41:20,520 --> 00:41:24,360 Speaker 1: all really big talk. We did not intend this, but 715 00:41:24,480 --> 00:41:27,160 Speaker 1: we talked really big and we came up with some 716 00:41:27,400 --> 00:41:30,400 Speaker 1: wild ideas. We talked about what are some ways we 717 00:41:30,440 --> 00:41:33,040 Speaker 1: could go and take out Governor Whitman. Well, one way 718 00:41:33,120 --> 00:41:35,680 Speaker 1: is we could cut all the trees down between Indiana 719 00:41:35,800 --> 00:41:38,359 Speaker 1: and Michigan, because that would create a stir and would 720 00:41:38,400 --> 00:41:40,919 Speaker 1: prevent people from getting into the state. Or we could 721 00:41:40,960 --> 00:41:43,560 Speaker 1: tie a kite to the governor and flyer over Lake Michigan. 722 00:41:43,760 --> 00:41:46,200 Speaker 1: Now that's all nonsense, right, And the defense in this 723 00:41:46,400 --> 00:41:48,640 Speaker 1: case is, look, they said all these things when they 724 00:41:48,680 --> 00:41:51,560 Speaker 1: were drunken, when they were stoned. Another thing that they 725 00:41:51,640 --> 00:41:54,879 Speaker 1: said was we're going to kidnap her, and so all 726 00:41:55,000 --> 00:41:58,239 Speaker 1: of this is in one big pot. We didn't mean it, 727 00:41:58,680 --> 00:42:02,800 Speaker 1: and it's all just a should big talk. The attorney 728 00:42:02,880 --> 00:42:06,680 Speaker 1: for Eastern Michigan, Matthew Schneider, speaking at the Bloomberg Student Grosso. 729 00:42:06,960 --> 00:42:09,440 Speaker 1: Catch more of that interview, plus analysis of the latest 730 00:42:09,560 --> 00:42:12,480 Speaker 1: legal news, by subscribing to the Bloomberg Law podcast or 731 00:42:12,520 --> 00:42:16,600 Speaker 1: downloading the show at Bloomberg dot com slash podcasts. Attorneys 732 00:42:16,600 --> 00:42:19,600 Speaker 1: can find exceptional legal research and business development tools at 733 00:42:19,640 --> 00:42:22,960 Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at 734 00:42:23,040 --> 00:42:27,359 Speaker 1: b Law. Go again. Futures are lower this morning, SMP 735 00:42:27,600 --> 00:42:31,080 Speaker 1: futures down about eighteen points down, futures down one forty 736 00:42:31,160 --> 00:42:34,400 Speaker 1: four and NASDAG futures down forty nine and the tenure 737 00:42:34,440 --> 00:42:38,040 Speaker 1: treasury up nine thirty seconds yield two point one zero percent, 738 00:42:38,480 --> 00:42:40,760 Speaker 1: yield on the two year one point eight two percent, 739 00:42:40,880 --> 00:42:42,719 Speaker 1: and still ahead on Bloomberg day Break and check on 740 00:42:42,760 --> 00:42:44,880 Speaker 1: the business headlines and all the news you need to 741 00:42:44,960 --> 00:42:47,279 Speaker 1: start your day. This is Bloomberg