1 00:00:02,360 --> 00:00:05,560 Speaker 1: Live from the Bloomberg Interacted Brooker Studios. This is Bloomberg 2 00:00:05,640 --> 00:00:09,280 Speaker 1: Daybreak for Friday, September two two. Coming up this hour, 3 00:00:09,480 --> 00:00:13,240 Speaker 1: global bond slump into a bear market investors brace for 4 00:00:13,280 --> 00:00:16,840 Speaker 1: the August Johns Report. President Biden takes a McDonald Trump 5 00:00:16,880 --> 00:00:19,760 Speaker 1: and his supporters in a primetime speech, and we'll tell 6 00:00:19,760 --> 00:00:23,040 Speaker 1: you which shipmaker is bucking the trend with a strong forecast. 7 00:00:23,480 --> 00:00:26,480 Speaker 1: A former New York police officer receives the longest sentence 8 00:00:26,560 --> 00:00:29,760 Speaker 1: yet in the January sixth Capital Riot Plus. The CDC 9 00:00:30,000 --> 00:00:33,080 Speaker 1: signs off on new COVID booster Shops. I'm Michael bar 10 00:00:33,320 --> 00:00:36,240 Speaker 1: what we're ahead. I'm John Stashoward Sports, the Mets, me 11 00:00:36,320 --> 00:00:38,360 Speaker 1: at the Dodgers, the Yankee for Get a Big Series 12 00:00:38,360 --> 00:00:41,120 Speaker 1: tonight at Tampa Bay, and Serena Williams Place tonight at 13 00:00:41,159 --> 00:00:46,720 Speaker 1: the US Open. That's all's training. Head on Bloomberg day 14 00:00:46,720 --> 00:00:51,600 Speaker 1: Break on Bloomberg eleven, Free on New York, Bloomberg one, Washington, 15 00:00:51,720 --> 00:00:55,880 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, 16 00:00:55,880 --> 00:00:59,640 Speaker 1: San Francisco, Syrius x M one nine Team and around 17 00:00:59,640 --> 00:01:03,080 Speaker 1: the world Old on Bloomberg Radio dot Com. The Bloomberg 18 00:01:03,120 --> 00:01:10,160 Speaker 1: business shop. Good Friday morning. I'm Any Morris and I'm 19 00:01:10,200 --> 00:01:13,479 Speaker 1: Karen Moscow and US dot indext Futures are little change 20 00:01:13,560 --> 00:01:15,960 Speaker 1: this morning. We are coming after six one on Wall Street, 21 00:01:15,959 --> 00:01:18,120 Speaker 1: and we check the markets every fifteen minutes throughout the 22 00:01:18,160 --> 00:01:21,920 Speaker 1: trading day on Bloomberg and again, futures little change. The 23 00:01:22,000 --> 00:01:24,200 Speaker 1: decks in Germany's up one and a half percent, a 24 00:01:24,280 --> 00:01:27,160 Speaker 1: ten year treasury down two thirty seconds, the yield at 25 00:01:27,200 --> 00:01:29,480 Speaker 1: three point to six percent, and they yield on the 26 00:01:29,520 --> 00:01:32,320 Speaker 1: two year three point five zero percent. Now I'm ex 27 00:01:32,360 --> 00:01:34,800 Speaker 1: screwed oil up two point two percent, up a dollar 28 00:01:34,920 --> 00:01:39,199 Speaker 1: ninety four and eighty eight dollars fifty five cents a barrel, Amy, Karen. 29 00:01:39,240 --> 00:01:42,080 Speaker 1: We begin some with some stability in the equity markets 30 00:01:42,080 --> 00:01:44,559 Speaker 1: this morning. We close out the trading week. The SMP 31 00:01:44,720 --> 00:01:48,520 Speaker 1: five hundred and Dow Jones Industrial Average both snapped four 32 00:01:48,600 --> 00:01:52,440 Speaker 1: day losing streaks yesterday. Still, we are in a traditionally 33 00:01:52,560 --> 00:01:56,360 Speaker 1: tough period for stocks. The SNP has average declines of 34 00:01:56,480 --> 00:01:59,720 Speaker 1: six and seven tenths of percent for August and September 35 00:02:00,040 --> 00:02:03,120 Speaker 1: over the past twenty five years. Liz Young is head 36 00:02:03,160 --> 00:02:07,280 Speaker 1: of investment Strategy. It's so far going into the end 37 00:02:07,400 --> 00:02:11,600 Speaker 1: of August, and now we've started September. Next week, everybody 38 00:02:11,760 --> 00:02:14,280 Speaker 1: sort of comes back into the fold, and that's when 39 00:02:14,320 --> 00:02:17,040 Speaker 1: I would expect volatility to pick back up again. We're 40 00:02:17,080 --> 00:02:19,040 Speaker 1: certainly not out of the woods. I don't think that 41 00:02:19,040 --> 00:02:21,520 Speaker 1: we're going to get out of a trading range for 42 00:02:21,600 --> 00:02:24,359 Speaker 1: a while and until we at least hear that installation 43 00:02:24,480 --> 00:02:28,280 Speaker 1: has cooled so far, Liz Young puts the odds at 44 00:02:28,600 --> 00:02:32,880 Speaker 1: recession next year. Meantime, any global bonds have slumped into 45 00:02:32,919 --> 00:02:36,399 Speaker 1: their first bear market in a generation. The Bloomberg Global 46 00:02:36,480 --> 00:02:40,320 Speaker 1: Aggregate Total Return Index of government and investment grade corporate 47 00:02:40,360 --> 00:02:43,840 Speaker 1: bonds has fallen more than twenty percent from its peak 48 00:02:43,919 --> 00:02:46,040 Speaker 1: last year. My officials from the US to Europe have 49 00:02:46,160 --> 00:02:49,240 Speaker 1: hammered home the importance of higher interest rates, building on 50 00:02:49,280 --> 00:02:52,239 Speaker 1: the hawkish message from Fed Chier J. Powell at the 51 00:02:52,320 --> 00:02:56,240 Speaker 1: Jackson Hole Symposium last week. The direction of today's bond 52 00:02:56,280 --> 00:02:59,000 Speaker 1: and equity markets may be determined in about two and 53 00:02:59,000 --> 00:03:01,560 Speaker 1: a half hour. That is, when we get the US 54 00:03:01,680 --> 00:03:05,080 Speaker 1: jobs report for August. Economists forecast a gain of two 55 00:03:06,000 --> 00:03:09,680 Speaker 1: thousand jobs. We get a preview now from Bloomberg's Michael McKean. 56 00:03:09,960 --> 00:03:12,200 Speaker 1: The jobs data are something of a one way bet 57 00:03:12,200 --> 00:03:15,120 Speaker 1: for Wall Street. If the number is surprisingly high, as 58 00:03:15,160 --> 00:03:17,679 Speaker 1: it was last month, it probably locks in a FED 59 00:03:17,760 --> 00:03:20,400 Speaker 1: rate hike of seventy five basis points at the next meeting. 60 00:03:20,639 --> 00:03:24,360 Speaker 1: A weaker than expected report won't necessarily guarantee only a 61 00:03:24,400 --> 00:03:27,840 Speaker 1: fifty basis point move. A big increase in consumer prices. 62 00:03:27,960 --> 00:03:31,519 Speaker 1: Data yet to come could change views. After financial conditions 63 00:03:31,600 --> 00:03:34,720 Speaker 1: loosened in August, payrolls may give a little more clarity 64 00:03:34,760 --> 00:03:37,840 Speaker 1: on how much impact the FEDS tightening has already had 65 00:03:38,080 --> 00:03:41,600 Speaker 1: watched the changes in the unemployment and participation rates and 66 00:03:41,880 --> 00:03:44,160 Speaker 1: in the number of people who lost their jobs during 67 00:03:44,160 --> 00:03:48,000 Speaker 1: the month. Michael McKee Bloomberg Daybreak. All right, Thank you, Mike, 68 00:03:48,080 --> 00:03:51,280 Speaker 1: and please stick with Bloomberg Radio and Television all morning 69 00:03:51,360 --> 00:03:54,680 Speaker 1: for full coverage of the August jobs report. Then joined 70 00:03:54,760 --> 00:03:57,680 Speaker 1: us at five Wall Street Time. We'll speak live with 71 00:03:57,760 --> 00:04:02,240 Speaker 1: Labor Secretary Marty Walsh. Well investors, look for US slowdown 72 00:04:02,240 --> 00:04:05,200 Speaker 1: in jobs. Any inflation is still friend and center for 73 00:04:05,240 --> 00:04:08,680 Speaker 1: the Fed. Atlanta FED President Raphael Bostake says the US 74 00:04:08,760 --> 00:04:12,400 Speaker 1: Central Banks campaign to cool inflation is still not complete. 75 00:04:12,440 --> 00:04:14,760 Speaker 1: He told students at Georgia Tech. The current piece of 76 00:04:14,800 --> 00:04:18,159 Speaker 1: inflation was a long way from the feds two percent goal. 77 00:04:20,600 --> 00:04:24,119 Speaker 1: Another major story we're following this morning, President Biden taking 78 00:04:24,160 --> 00:04:27,320 Speaker 1: aim at Donald Trump and so called Maga Republicans. Last 79 00:04:27,440 --> 00:04:30,880 Speaker 1: night and a prime time address, the President urged Americans 80 00:04:30,880 --> 00:04:34,760 Speaker 1: to reject any Trump backed candidate in the November midterm elections. 81 00:04:35,040 --> 00:04:37,880 Speaker 1: Too much of what's happening in our country today is 82 00:04:37,960 --> 00:04:44,520 Speaker 1: not normal. Donald Trump and the magor Republicans represented extremism 83 00:04:44,560 --> 00:04:49,160 Speaker 1: that threatens the very foundations of our republic. As President 84 00:04:49,160 --> 00:04:52,920 Speaker 1: Biden takes aim at Donald Trump's ideology, House Minority Leader 85 00:04:52,960 --> 00:04:57,080 Speaker 1: Kevin McCarthy is calling on Biden to apologize for invoking 86 00:04:57,160 --> 00:05:01,080 Speaker 1: fascism when describing the former president and the past two years, 87 00:05:01,680 --> 00:05:06,680 Speaker 1: Joe Biden has launched an assault on the soul of America. 88 00:05:07,120 --> 00:05:11,200 Speaker 1: McCarthy made his remarks before President Biden's speech, so once 89 00:05:11,279 --> 00:05:15,320 Speaker 1: the potential impact from President Biden's primetime speech amy while politics. 90 00:05:15,560 --> 00:05:18,800 Speaker 1: Bloomberg Politics contributor Rick Davis says the President is trying 91 00:05:18,839 --> 00:05:22,200 Speaker 1: to create a wedge between mainstream Republicans and those who 92 00:05:22,279 --> 00:05:27,400 Speaker 1: embrace the make America Great Again ideology. This kind of, 93 00:05:28,040 --> 00:05:30,680 Speaker 1: you know, sort of setting up the wedge, you know, independence. 94 00:05:30,720 --> 00:05:33,280 Speaker 1: Don't be drawn into that Republican party. These are run 95 00:05:33,279 --> 00:05:35,840 Speaker 1: by MAGA and what he's trying to do is compably 96 00:05:35,839 --> 00:05:38,480 Speaker 1: go that pent he got in the general election two 97 00:05:38,560 --> 00:05:42,400 Speaker 1: years ago, and he needs that to show up on 98 00:05:42,800 --> 00:05:46,640 Speaker 1: the midterms and Bloombery Politics contributor Rick Davis said President 99 00:05:46,680 --> 00:05:50,640 Speaker 1: Biden traditionally tends to avoid wedge politics, as seen by 100 00:05:50,680 --> 00:05:54,520 Speaker 1: his bipartisan legislative accomplishments over the past few months. So 101 00:05:54,600 --> 00:05:57,760 Speaker 1: let's turn now from politics to corporate America, where we 102 00:05:57,800 --> 00:06:00,880 Speaker 1: have a couple of changes in the c suite. Starbucks 103 00:06:00,880 --> 00:06:05,240 Speaker 1: has named wreck At Ben Keyser chief executive Laxman Narrasman 104 00:06:05,320 --> 00:06:08,599 Speaker 1: to be its next CEO. Narrasman is a veteran of 105 00:06:08,600 --> 00:06:12,680 Speaker 1: the consumer industry and joins Starbucks next month. Longtime leader 106 00:06:12,680 --> 00:06:15,480 Speaker 1: Howard Schultz will stay in charge and Narirasment will fully 107 00:06:15,520 --> 00:06:19,560 Speaker 1: take over next to April. Meantime, Amy Shell has shortlisted 108 00:06:19,600 --> 00:06:23,960 Speaker 1: candidates to succeed CEO Ben Van Burden. He's preparing to 109 00:06:24,000 --> 00:06:26,760 Speaker 1: step down in twenty three after almost a decade at 110 00:06:26,760 --> 00:06:31,000 Speaker 1: the oil giant. Writer says. Candidates include wild Swan, the 111 00:06:31,080 --> 00:06:34,560 Speaker 1: company's head of integrated Gas and Renewables, as well as 112 00:06:34,640 --> 00:06:39,320 Speaker 1: Hybrid Vigavino, the head of downstream refining operations. Now, let's 113 00:06:39,360 --> 00:06:41,680 Speaker 1: check out some stocks on the move this morning. Shares 114 00:06:41,720 --> 00:06:44,720 Speaker 1: of Broadcom are up more than two percent. The chip 115 00:06:44,800 --> 00:06:47,799 Speaker 1: maker gave us strong sales forecast for the current quarter. 116 00:06:48,120 --> 00:06:51,360 Speaker 1: The outlook suggests Broadcom is sidestepping a broader decline in 117 00:06:51,440 --> 00:06:54,800 Speaker 1: chip demand, at least for now. Other suppliers, including a Video, 118 00:06:54,920 --> 00:06:59,080 Speaker 1: Intel and Micron Technology have predicted a steep sales slow down, 119 00:06:59,560 --> 00:07:01,920 Speaker 1: and share to Lulu Lemon are up almost ten percent, 120 00:07:02,000 --> 00:07:05,080 Speaker 1: the maker of athletic attire, raising its full year outlook. 121 00:07:05,160 --> 00:07:08,840 Speaker 1: The company seeks to double its sales by six by 122 00:07:08,839 --> 00:07:12,720 Speaker 1: selling more goods to men and expanding Lulu Lemon's footprint abroad. 123 00:07:13,320 --> 00:07:16,120 Speaker 1: Straight ahead, we have your latest local headlines, plus a 124 00:07:16,240 --> 00:07:23,960 Speaker 1: check of sports, and this is Bloomberg. Thank you. Karen 125 00:07:24,000 --> 00:07:26,120 Speaker 1: At six o seven on Wall Street. Let's bring in 126 00:07:26,160 --> 00:07:28,360 Speaker 1: Michael bar to find out what else is going on 127 00:07:28,400 --> 00:07:31,200 Speaker 1: in New York and around the world. Good morning, Michael, 128 00:07:31,320 --> 00:07:34,600 Speaker 1: Good morning Amy. Breaking news of brutal accident over night 129 00:07:34,600 --> 00:07:38,080 Speaker 1: on the Palisades Parkway. Police say a passenger van crashed 130 00:07:38,400 --> 00:07:41,480 Speaker 1: and killed four people and injured eight others. It is 131 00:07:41,520 --> 00:07:45,000 Speaker 1: still closed between exits two and one. More details coming 132 00:07:45,080 --> 00:07:48,480 Speaker 1: up in our next traffic report. A stiff sentence was 133 00:07:48,560 --> 00:07:51,520 Speaker 1: handed down for a former New York City police officer 134 00:07:51,760 --> 00:07:54,960 Speaker 1: convicted of brutally assaulting a Capitol Police officer during the 135 00:07:55,040 --> 00:07:59,200 Speaker 1: January sixth attack. Thomas Webster faces ten years in prison. 136 00:07:59,400 --> 00:08:01,800 Speaker 1: It is the law youngest prison sentenced to date for 137 00:08:02,040 --> 00:08:06,320 Speaker 1: January sixth defendant. Lawyers for the Justice Department and former 138 00:08:06,360 --> 00:08:09,720 Speaker 1: President Trump faced off in a Florida courtroom over whether 139 00:08:09,840 --> 00:08:13,480 Speaker 1: there should be a special master assigned to review top 140 00:08:13,520 --> 00:08:16,760 Speaker 1: secret documents the FBI c s last month at Trump's 141 00:08:16,760 --> 00:08:20,720 Speaker 1: Mara Lago estate. The judge did not issue an immediate ruling. 142 00:08:21,120 --> 00:08:24,280 Speaker 1: You and inspectors have brave the cross fire of Ukraine 143 00:08:24,320 --> 00:08:28,120 Speaker 1: and Russian forces to get inside Europe's largest nuclear plant. 144 00:08:28,440 --> 00:08:31,440 Speaker 1: The long away to visit to the Russian occupied facility 145 00:08:31,480 --> 00:08:34,760 Speaker 1: comes as one of its reactors was shut down temporarily 146 00:08:34,880 --> 00:08:38,559 Speaker 1: due to the fighting. Raphael Grocy is leading the International 147 00:08:38,559 --> 00:08:42,440 Speaker 1: Atomic Energy Agency team inspecting the plant. I have just 148 00:08:42,880 --> 00:08:47,000 Speaker 1: competed a first tour of the key areas that we 149 00:08:47,360 --> 00:08:51,839 Speaker 1: wanted to see. In his first approach to the whole facility, 150 00:08:52,040 --> 00:08:55,160 Speaker 1: the I a e A s. Raphael Grocy COVID booster 151 00:08:55,200 --> 00:08:57,720 Speaker 1: shots that target the most common new variants of the 152 00:08:57,800 --> 00:09:00,480 Speaker 1: virus should become available in the US with in days. 153 00:09:00,920 --> 00:09:03,800 Speaker 1: The Centers for Disease Control and Prevention signed off on 154 00:09:03,840 --> 00:09:08,040 Speaker 1: the rollouts of updated vaccines. Dr David AGAs these are 155 00:09:08,040 --> 00:09:09,839 Speaker 1: the first time there's been a change to the COVID 156 00:09:09,920 --> 00:09:13,440 Speaker 1: nineteen vaccines since they were launched in December of and 157 00:09:13,520 --> 00:09:15,640 Speaker 1: the hope is this booster, which includes the B A 158 00:09:15,720 --> 00:09:18,200 Speaker 1: four and B A five spike protein as well as 159 00:09:18,200 --> 00:09:21,160 Speaker 1: the original ul Hunt spike protein, will cause a broader 160 00:09:21,200 --> 00:09:24,800 Speaker 1: immune response to enable protection from the current variants in 161 00:09:24,800 --> 00:09:28,280 Speaker 1: the United States as well as future variants. Dr Agis 162 00:09:28,320 --> 00:09:31,320 Speaker 1: spoke to CBS. The boosters will be made by Fizer 163 00:09:31,520 --> 00:09:35,160 Speaker 1: and rival Molderna. A man was arrested in Argentina after 164 00:09:35,200 --> 00:09:38,440 Speaker 1: pointing a gun a Vice President Christina Fernandez de Kirchner 165 00:09:38,800 --> 00:09:41,840 Speaker 1: as she greeted supporters outside of residents in Buenos Sure's 166 00:09:42,280 --> 00:09:44,800 Speaker 1: Global News twenty four hours a day on air and 167 00:09:44,920 --> 00:09:48,000 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 168 00:09:48,040 --> 00:09:50,880 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael 169 00:09:50,920 --> 00:09:53,720 Speaker 1: barn This is Bloomberg Gaming. All right, Thank you Michael 170 00:09:57,640 --> 00:09:59,839 Speaker 1: at six ten on Wall Street. Time Now for the 171 00:10:00,360 --> 00:10:03,440 Speaker 1: sports update. Here's John thanks to Amy. A trade of 172 00:10:03,559 --> 00:10:06,360 Speaker 1: Donovan Mitchell to the Knicks made perfect sense. Utah Jazz, 173 00:10:06,400 --> 00:10:08,880 Speaker 1: we're looking to deal their star guard. Knicks need a 174 00:10:08,880 --> 00:10:11,080 Speaker 1: big time player. Mitchell's and New Yorker. His father worked 175 00:10:11,080 --> 00:10:13,319 Speaker 1: many years for the Mets. Two teams did a lot 176 00:10:13,320 --> 00:10:15,760 Speaker 1: of talk Amy. When the Jazz traded Mitchell. He went 177 00:10:15,800 --> 00:10:19,320 Speaker 1: to Cleveland. The Calves gave up Colin Sexton Larry Marketing 178 00:10:19,280 --> 00:10:22,400 Speaker 1: in three first round draft picks. Surprising moved by the Giants, 179 00:10:22,440 --> 00:10:26,320 Speaker 1: they released linebacker Blake Martinez. He had a terrific twenty season, 180 00:10:26,400 --> 00:10:29,000 Speaker 1: was expected to return from last year's torn a c 181 00:10:29,200 --> 00:10:31,400 Speaker 1: L and not known who takes his spot now in 182 00:10:31,480 --> 00:10:33,240 Speaker 1: the Giants line up. Good news for the Mets, not 183 00:10:33,280 --> 00:10:36,040 Speaker 1: only their comfort behind five to three win over the 184 00:10:36,160 --> 00:10:39,400 Speaker 1: MLB leading Dodgers to win the series. The Mets next 185 00:10:39,440 --> 00:10:41,960 Speaker 1: sixteen games twenty one of their next twenty four all 186 00:10:42,000 --> 00:10:45,400 Speaker 1: against sub five hundred teams that should help them hold 187 00:10:45,440 --> 00:10:48,200 Speaker 1: off Atlanta in the NL East to bracedill just three 188 00:10:48,240 --> 00:10:51,000 Speaker 1: games behind. They shut out Colorado three nothing for Atlanta 189 00:10:51,120 --> 00:10:54,640 Speaker 1: rookie Spencer Strider eight scoreless citings, allowed just two hits, 190 00:10:54,640 --> 00:10:57,640 Speaker 1: no walks, and he struck out sixteen. A month ago, 191 00:10:57,720 --> 00:11:00,360 Speaker 1: the Yankees had a fifteen and a half game lead 192 00:11:00,400 --> 00:11:03,439 Speaker 1: on Tampa Bay. That lead is now six. They get 193 00:11:03,600 --> 00:11:06,520 Speaker 1: swept this weekend. It's down to three to Mingo Herman 194 00:11:06,600 --> 00:11:09,160 Speaker 1: on the mountain tonight, facing the race for the third 195 00:11:09,280 --> 00:11:12,480 Speaker 1: night this week. It is Serena Williams Night at the 196 00:11:12,600 --> 00:11:16,080 Speaker 1: US Open. Serena Knight tonight takes on a'll just Tom 197 00:11:16,160 --> 00:11:19,640 Speaker 1: Jonovitch from Croatia. She's ranked and she'll be the latest 198 00:11:19,640 --> 00:11:22,360 Speaker 1: to try to have to deal with that large pro 199 00:11:22,559 --> 00:11:25,640 Speaker 1: Serena Kroud. Serena and Billy Venus Williams were at arthursh 200 00:11:25,679 --> 00:11:28,480 Speaker 1: Stadium last night. They lost their first round doubles match 201 00:11:28,480 --> 00:11:31,800 Speaker 1: and then Raphael Nadal won his match in four sets. 202 00:11:31,880 --> 00:11:35,600 Speaker 1: John Station were Bloomberg Sports Amy, all right, thank you, John. 203 00:11:35,679 --> 00:11:38,400 Speaker 1: Let's check the markets now S and P futures down 204 00:11:38,440 --> 00:11:42,120 Speaker 1: one and a quarter, DAL futures up five points, NASDAK 205 00:11:42,240 --> 00:11:46,760 Speaker 1: futures down nineteen and a half. The tenure treasury little changed, 206 00:11:46,840 --> 00:11:49,280 Speaker 1: the yield at three point to five percent. The two 207 00:11:49,360 --> 00:11:52,800 Speaker 1: year yield now at three and a half percent, much 208 00:11:52,800 --> 00:11:56,120 Speaker 1: more still to come. On this Friday morning on Bloomberg Daybreak, 209 00:11:56,160 --> 00:11:59,400 Speaker 1: Stay with us. You are listening to Bloomberg Radio. This 210 00:11:59,559 --> 00:12:10,720 Speaker 1: is bloom Bloomberg eleven three oh weather. Abundant sunshine today 211 00:12:10,760 --> 00:12:14,199 Speaker 1: going up to eighty degrees eighty five for Saturday. On Sunday, 212 00:12:14,280 --> 00:12:17,280 Speaker 1: sunshine at chantive afternoon showers going up to ninety. It'll 213 00:12:17,280 --> 00:12:23,280 Speaker 1: be eighty degrees with clouds on Labor Day. Markets, headlines 214 00:12:23,360 --> 00:12:26,359 Speaker 1: and breaking news twenty four hours a day at Bloomberg 215 00:12:26,400 --> 00:12:29,760 Speaker 1: dot Com, at the Bloomberg Business Outland. At Bloomberg Quick Tape. 216 00:12:29,960 --> 00:12:39,280 Speaker 1: This is a Bloomberg Business blash and I'm Karen Moscow 217 00:12:39,400 --> 00:12:42,440 Speaker 1: stocks mixed and global bonds slumping into their first bear 218 00:12:42,520 --> 00:12:45,280 Speaker 1: market in a generation, ahead of key US jobs dated 219 00:12:45,320 --> 00:12:48,200 Speaker 1: at cold stir expectations of another sharp Feder Reserve interest 220 00:12:48,280 --> 00:12:50,840 Speaker 1: rate hike. We checked the markets every fifteen minutes throughout 221 00:12:50,840 --> 00:12:53,960 Speaker 1: the trading day on Bloomberg and futures this morning they're 222 00:12:53,960 --> 00:12:57,120 Speaker 1: a little change. NASDAG future is lower down about nineteen. 223 00:12:57,200 --> 00:13:00,400 Speaker 1: The decks in Germany's at one point four per cent ten, 224 00:13:00,440 --> 00:13:02,959 Speaker 1: Your treasury down one thirty second Hell three point to 225 00:13:03,120 --> 00:13:05,240 Speaker 1: five percent. The yield on the two year three point 226 00:13:05,240 --> 00:13:08,080 Speaker 1: four nine percent. Nine nights Screwed oil is jumping up 227 00:13:08,080 --> 00:13:10,040 Speaker 1: two point four percent of two dollars six cents at 228 00:13:10,080 --> 00:13:12,800 Speaker 1: eighty eight dollars sixty five cents a barrel. Comic school 229 00:13:12,840 --> 00:13:15,280 Speaker 1: a half percent or eight dollars forty cents at seventeen 230 00:13:15,360 --> 00:13:18,680 Speaker 1: seventeen eighty announced. The euro is at one point zero 231 00:13:18,800 --> 00:13:21,200 Speaker 1: zero one zero against the dollar in British found one 232 00:13:21,200 --> 00:13:23,840 Speaker 1: point one five seven six and again one forty point 233 00:13:23,880 --> 00:13:26,439 Speaker 1: three too. Looking at Big Coin, it's up four ten 234 00:13:26,559 --> 00:13:29,600 Speaker 1: percent at twenty thousand, one hundred fifty dollars. That's a 235 00:13:29,600 --> 00:13:32,280 Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on 236 00:13:32,360 --> 00:13:34,800 Speaker 1: what's going on around the world. Michael Karen, thank you 237 00:13:34,880 --> 00:13:37,800 Speaker 1: very much. President Joe Biden stepped up attacks on former 238 00:13:37,840 --> 00:13:42,720 Speaker 1: President Trump and GOP lawmakers during his prime time speech. 239 00:13:42,760 --> 00:13:46,559 Speaker 1: Biden ac hughes Trump and his supporters of endangering US democracy. 240 00:13:47,200 --> 00:13:52,280 Speaker 1: As I stand here tonight, quality and democracy are under assault. 241 00:13:52,840 --> 00:13:56,800 Speaker 1: We do ourselves no favor to pretend otherwise. The US 242 00:13:56,880 --> 00:13:59,920 Speaker 1: called arounds response to the latest effort to revive that's 243 00:14:00,000 --> 00:14:04,959 Speaker 1: only fifteen nuclear accord, not constructive, raising questions about whether 244 00:14:05,000 --> 00:14:07,600 Speaker 1: the two signs can reach deal that would free more 245 00:14:07,640 --> 00:14:11,120 Speaker 1: oil for global markets. At the US Open, Serena and 246 00:14:11,200 --> 00:14:14,679 Speaker 1: Venus Williams were eliminated after losing their doubles match. Serena 247 00:14:14,720 --> 00:14:17,360 Speaker 1: Williams will play tonight in the third round of singles. 248 00:14:17,640 --> 00:14:20,520 Speaker 1: In baseball, the Met's Red Sox and Orioles one the 249 00:14:20,640 --> 00:14:24,440 Speaker 1: Nationals beat the A seven five Global News twenty four 250 00:14:24,480 --> 00:14:28,440 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 251 00:14:28,440 --> 00:14:31,400 Speaker 1: by more than hundred journalists n antalists more than a 252 00:14:31,480 --> 00:14:34,400 Speaker 1: hundred twenty countries. I'm Michael Barr. This is Bloomberg Ammy. 253 00:14:35,360 --> 00:14:37,760 Speaker 1: All right, Thank you, Michael. It is six nineteen on 254 00:14:37,760 --> 00:14:40,560 Speaker 1: Wall Street. We are live from the Bloomberg Interactive Broker 255 00:14:40,640 --> 00:14:43,800 Speaker 1: studios right here on Bloomberg Daybreak. Joining us now Bloomberg 256 00:14:43,840 --> 00:14:47,200 Speaker 1: in a National Economics and Policy editor Michael McKee. We're 257 00:14:47,200 --> 00:14:49,720 Speaker 1: talking about the jobs report that is due out in 258 00:14:49,920 --> 00:14:52,760 Speaker 1: just about two hours. Mike, thanks so much for taking 259 00:14:52,760 --> 00:14:54,960 Speaker 1: the time with us this morning. Give us an idea 260 00:14:54,960 --> 00:14:57,840 Speaker 1: of how much is writing on this report. Well, it's 261 00:14:57,880 --> 00:15:00,400 Speaker 1: kind of a mixed picture in a sense, because if 262 00:15:00,400 --> 00:15:03,200 Speaker 1: we get a very strong report and remember in July, 263 00:15:03,440 --> 00:15:06,040 Speaker 1: the forecast was for two fifty thousand. We got five 264 00:15:06,080 --> 00:15:08,680 Speaker 1: hundred and eighty two. If we got anything like that, 265 00:15:08,800 --> 00:15:10,640 Speaker 1: then the Fed is probably gonna be locked into a 266 00:15:10,760 --> 00:15:13,640 Speaker 1: seventy five basis point move because they'll feel that the 267 00:15:13,720 --> 00:15:17,040 Speaker 1: labor market is still so tight that it will be 268 00:15:17,120 --> 00:15:19,720 Speaker 1: harder to bring down inflation. But if we get anything 269 00:15:19,720 --> 00:15:23,760 Speaker 1: like the consensus now, which is two thousand, then it 270 00:15:23,800 --> 00:15:27,800 Speaker 1: probably moves to the CPI report on the as the 271 00:15:27,880 --> 00:15:30,880 Speaker 1: deciding factor whether the Fed wants to go fifty or 272 00:15:31,000 --> 00:15:35,560 Speaker 1: seventy five. So that I I gotta ask that to 273 00:15:35,640 --> 00:15:39,320 Speaker 1: find that balance, right, to find that happy medium between them. 274 00:15:39,400 --> 00:15:42,560 Speaker 1: Does that mean that when we see a higher unemployment number, 275 00:15:42,640 --> 00:15:45,760 Speaker 1: maybe that's not such a terrible thing, like there's a 276 00:15:45,800 --> 00:15:48,720 Speaker 1: glimmer of sunshine in there. Yeah, it's the old depends 277 00:15:48,720 --> 00:15:51,920 Speaker 1: on where you sit question, because if you are one 278 00:15:51,960 --> 00:15:55,960 Speaker 1: of those unemployed, then it's a terrible thing. But in aggregate, 279 00:15:56,080 --> 00:15:59,760 Speaker 1: for the FED, they expect unemployment to rise some because, 280 00:16:00,240 --> 00:16:02,520 Speaker 1: first of all, they think the unemployment rate is below 281 00:16:03,080 --> 00:16:06,840 Speaker 1: the normal natural rate of unemployment, so the labor market 282 00:16:06,880 --> 00:16:11,160 Speaker 1: is unusually tight, and also because they're trying to slow demand, 283 00:16:11,240 --> 00:16:14,600 Speaker 1: which would mean that companies are producing less and need 284 00:16:14,680 --> 00:16:18,240 Speaker 1: fewer workers. It's just a question of how high unemployment 285 00:16:18,280 --> 00:16:21,800 Speaker 1: goes and how quickly, and whether that pushes us into 286 00:16:21,840 --> 00:16:24,400 Speaker 1: a recession or not. When it comes to the FED, 287 00:16:24,520 --> 00:16:27,720 Speaker 1: which number would be more significant than the jobless rates? 288 00:16:27,720 --> 00:16:32,280 Speaker 1: Are the earnings? Well, they're connected, and the lower the 289 00:16:32,320 --> 00:16:35,960 Speaker 1: jobless rate goes, the more you expect wages to go 290 00:16:36,120 --> 00:16:39,880 Speaker 1: up because people are able to Companies have to bid 291 00:16:39,960 --> 00:16:43,080 Speaker 1: for workers at this point, and we've seen that still 292 00:16:43,160 --> 00:16:46,320 Speaker 1: happening since the end of the pandemic. The question is 293 00:16:46,680 --> 00:16:49,000 Speaker 1: does it stay about where it is The last couple 294 00:16:49,000 --> 00:16:52,000 Speaker 1: of months have been relatively flat, or does it start 295 00:16:52,040 --> 00:16:54,920 Speaker 1: to rise again if they're trying to find more workers 296 00:16:55,280 --> 00:16:57,960 Speaker 1: and can't do so. If if it's started to come down, 297 00:16:58,000 --> 00:17:01,040 Speaker 1: the FED is gonna feel better about wage is because 298 00:17:01,280 --> 00:17:04,040 Speaker 1: they will feel like that's less of a contribution to 299 00:17:04,160 --> 00:17:08,600 Speaker 1: inflation going forward. So let's talk about the labor market. 300 00:17:08,720 --> 00:17:11,919 Speaker 1: The FED share describing it as imbalanced. People seem to 301 00:17:11,920 --> 00:17:14,879 Speaker 1: be waiting on the sidelines, not really jumping in, but 302 00:17:14,920 --> 00:17:18,359 Speaker 1: the jobs are evidently out there. So when do we 303 00:17:18,400 --> 00:17:20,840 Speaker 1: see things start to loosen up there? That's a really 304 00:17:20,840 --> 00:17:24,680 Speaker 1: good question. We don't really know. The Jolts Report, which 305 00:17:25,200 --> 00:17:28,360 Speaker 1: is a report of the data on how many job 306 00:17:28,440 --> 00:17:31,280 Speaker 1: openings there are, came out earlier this week eleven point 307 00:17:31,320 --> 00:17:36,720 Speaker 1: two million, and that was an increase. So in theory, 308 00:17:36,880 --> 00:17:40,679 Speaker 1: it's not getting any looser out there. But there is 309 00:17:40,720 --> 00:17:43,200 Speaker 1: a suspicion that a lot of those jobs aren't real. 310 00:17:43,760 --> 00:17:47,080 Speaker 1: That jobs were posted at post pandemic and companies just 311 00:17:47,119 --> 00:17:50,000 Speaker 1: haven't taken them down, or they haven't taken down ads 312 00:17:50,440 --> 00:17:52,840 Speaker 1: for jobs that now they don't think they're gonna fill. 313 00:17:53,440 --> 00:17:57,480 Speaker 1: So it isn't really clear how many jobs are out there, 314 00:17:57,520 --> 00:18:00,000 Speaker 1: but you've got to figure there even if you cut 315 00:18:00,040 --> 00:18:03,360 Speaker 1: that in half, that's about as many people as are unemployed. 316 00:18:03,600 --> 00:18:05,840 Speaker 1: So there's still a lot of work out there that 317 00:18:06,119 --> 00:18:09,200 Speaker 1: isn't being filled, and that's why people aren't yet ready 318 00:18:09,240 --> 00:18:12,760 Speaker 1: to write off the labor market. Okay, So bottom line, Mike, 319 00:18:12,760 --> 00:18:16,480 Speaker 1: what are you looking for in today's report? Well, you know, 320 00:18:16,560 --> 00:18:19,399 Speaker 1: this is one of the harder ones to estimate because 321 00:18:19,640 --> 00:18:23,320 Speaker 1: of the uncertainty about it. I wouldn't be surprised if 322 00:18:23,600 --> 00:18:27,400 Speaker 1: both if either we had something close to the consensus 323 00:18:27,760 --> 00:18:30,240 Speaker 1: or if we got another upside surprise. None of the 324 00:18:30,720 --> 00:18:36,440 Speaker 1: ancillary indicators of labor market strengthened jobs show any kind 325 00:18:36,440 --> 00:18:39,320 Speaker 1: of decline except for the new A d P number, 326 00:18:39,359 --> 00:18:42,880 Speaker 1: But it's a new number. They completely revamped their methodology, 327 00:18:42,960 --> 00:18:45,439 Speaker 1: so we don't really have a track record for that. 328 00:18:45,920 --> 00:18:48,760 Speaker 1: But everything else kind of told us that things are 329 00:18:48,760 --> 00:18:51,320 Speaker 1: about the same as they were last month. Very briefly, 330 00:18:51,359 --> 00:18:54,679 Speaker 1: thirty seconds you mentioned the September CPI report. Are you 331 00:18:54,720 --> 00:18:57,240 Speaker 1: looking ahead to that? What are you looking for? Well, 332 00:18:57,280 --> 00:18:59,199 Speaker 1: we are looking for a little bit of a moderation 333 00:18:59,240 --> 00:19:01,800 Speaker 1: because energy race has kept going down. So if that's 334 00:19:01,800 --> 00:19:04,159 Speaker 1: the case, the Fed will feel a little better about it. 335 00:19:04,160 --> 00:19:06,479 Speaker 1: But you gotta watch that core rate to see if 336 00:19:06,560 --> 00:19:09,600 Speaker 1: underlying inflation pressures start to fall. If that's the case, 337 00:19:10,119 --> 00:19:13,200 Speaker 1: then the folks at C Street in Washington are gonna 338 00:19:13,200 --> 00:19:15,879 Speaker 1: feel a lot better. Okay, we're gonna watch it right 339 00:19:15,920 --> 00:19:19,680 Speaker 1: along with you. Bloomberg International Economics and Policy Editor Michael McKee, 340 00:19:19,720 --> 00:19:21,439 Speaker 1: thank you for taking the time with us on this 341 00:19:21,480 --> 00:19:25,400 Speaker 1: Friday morning. We do appreciate it. As we await those numbers. 342 00:19:25,440 --> 00:19:27,720 Speaker 1: We are waiting for that job's report to be released 343 00:19:27,720 --> 00:19:29,680 Speaker 1: at eight thirty this morning, and of course we'll bring 344 00:19:29,680 --> 00:19:32,520 Speaker 1: it all to you live right here on Bloomberg Radio 345 00:19:34,040 --> 00:19:36,760 Speaker 1: checking the futures. S and P futures down three and 346 00:19:36,800 --> 00:19:41,359 Speaker 1: three quarters points, DAL futures down nine, NASDAC futures down 347 00:19:41,400 --> 00:19:45,520 Speaker 1: a thirty three. The ten year treasury little changed with 348 00:19:45,520 --> 00:19:48,160 Speaker 1: a yield at three point to six percent. The two 349 00:19:48,240 --> 00:19:51,160 Speaker 1: year yield now at three and a half percent, still ahead. 350 00:19:51,160 --> 00:19:53,919 Speaker 1: On Bloomberg Daybreak, we'll take a closer look at the markets. 351 00:19:53,920 --> 00:19:56,960 Speaker 1: We'll also bring you more news and business, economics and finance. 352 00:19:57,000 --> 00:19:59,560 Speaker 1: Stay with us on this Friday morning. This is Bloomberg 353 00:20:07,920 --> 00:20:11,480 Speaker 1: Bloomberg eleven three oh weather abundance, sunshine today to start 354 00:20:11,480 --> 00:20:14,359 Speaker 1: your weekend, going up to eighty degrees eighty five tomorrow 355 00:20:14,520 --> 00:20:17,400 Speaker 1: ninety on Sunday, could see some clouds on Labor Day 356 00:20:17,440 --> 00:20:28,960 Speaker 1: eighty degrees. Broadcasting live from the Bloomberg Interactive Broker Studio 357 00:20:29,040 --> 00:20:32,240 Speaker 1: in New York, Bloomberg E living free to Washington, d C. 358 00:20:32,440 --> 00:20:37,119 Speaker 1: Bloomberg to Boston, Bloomberg one O six one does San Francisco, 359 00:20:37,200 --> 00:20:40,680 Speaker 1: Bloomberg N sixty to the country, Sirius XM Channel one 360 00:20:40,720 --> 00:20:44,440 Speaker 1: nine and around the globe the Bloomberg Business and Bloomberg 361 00:20:44,520 --> 00:20:54,960 Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's six thirty 362 00:20:55,000 --> 00:20:57,840 Speaker 1: on Wall Street. Good Friday morning. I'm Any Morris and 363 00:20:57,960 --> 00:21:00,960 Speaker 1: I'm Cameron Moscow are just about three hours away from 364 00:21:01,000 --> 00:21:02,800 Speaker 1: the open of US training. It's time to the five 365 00:21:02,840 --> 00:21:04,800 Speaker 1: things that you need to notice? Aren't your day? Brought 366 00:21:04,840 --> 00:21:09,560 Speaker 1: to you by Interactive Brokers. Investment Advisors switched to Interactive 367 00:21:09,560 --> 00:21:13,119 Speaker 1: Brokers for lowest cost global trading and turnkey custody solutions, 368 00:21:13,119 --> 00:21:15,639 Speaker 1: no ticket charges and no conflicts of your interests at 369 00:21:15,720 --> 00:21:19,439 Speaker 1: I p k R dot com slash r i A first. 370 00:21:19,480 --> 00:21:22,520 Speaker 1: We're seeing stability and equity markets to close the trading week, 371 00:21:22,760 --> 00:21:25,000 Speaker 1: the S and P and Dow both snapping four day 372 00:21:25,040 --> 00:21:29,120 Speaker 1: losing streaks yesterday. Still, August and September are traditionally tough 373 00:21:29,200 --> 00:21:32,800 Speaker 1: months for investors. Mir A Pandit is Global market strategist 374 00:21:32,840 --> 00:21:35,760 Speaker 1: with JP Morgan Asset Management. We need to be really 375 00:21:35,800 --> 00:21:38,280 Speaker 1: careful about how we're looking at stocks and very much 376 00:21:38,280 --> 00:21:41,360 Speaker 1: looking at the bottoms up basis, being selective about earnings, 377 00:21:41,400 --> 00:21:44,760 Speaker 1: being selective about valuations. There are still areas of froth 378 00:21:44,840 --> 00:21:47,000 Speaker 1: in the market that we need to to see come down, 379 00:21:47,000 --> 00:21:49,560 Speaker 1: but a lot of that has taken place already, so 380 00:21:49,680 --> 00:21:51,760 Speaker 1: I do think we don't want to be overly defensive 381 00:21:51,840 --> 00:21:55,639 Speaker 1: or overly cautious JP Morgan's mirror Pandit says investors should 382 00:21:55,640 --> 00:21:59,720 Speaker 1: be focusing on high quality companies. Meantime, global bonds have 383 00:22:00,080 --> 00:22:03,159 Speaker 1: lumped into their first bear market in a generation. The 384 00:22:03,160 --> 00:22:06,720 Speaker 1: Bloomberg Global Aggregate Total Return Index of government and investment 385 00:22:06,760 --> 00:22:11,160 Speaker 1: grade corporate bonds has fallen more than from its peak. 386 00:22:11,520 --> 00:22:14,119 Speaker 1: On the direction of today's bond and equity session, amy 387 00:22:14,160 --> 00:22:17,080 Speaker 1: may be determined by the August jobs report. We get 388 00:22:17,080 --> 00:22:20,440 Speaker 1: that reading at eight thirty Wall Street Time. Nila Richardson 389 00:22:20,600 --> 00:22:24,040 Speaker 1: is a DPS Chief economist. I'm looking at two hundred 390 00:22:24,040 --> 00:22:27,800 Speaker 1: and ninety thousand jobs. The key numbers to watch within 391 00:22:27,880 --> 00:22:31,840 Speaker 1: that report is the wage gains, because that's what's important 392 00:22:31,880 --> 00:22:34,399 Speaker 1: to the Fed and whether or not the tightness of 393 00:22:34,400 --> 00:22:38,119 Speaker 1: the labor market is actually leading to a wage price 394 00:22:38,200 --> 00:22:41,479 Speaker 1: spiral that the Fed has to take Hey. DP Stila 395 00:22:41,560 --> 00:22:44,760 Speaker 1: Richardson says she still expects a strong report. Please stick 396 00:22:44,760 --> 00:22:47,679 Speaker 1: with Bloomberg Radio and Television all morning for full coverage 397 00:22:47,680 --> 00:22:50,600 Speaker 1: of the August Job's Report, and join us at Wall 398 00:22:50,600 --> 00:22:54,159 Speaker 1: Street Time when we speak live with Labor Secretary Marty Walsh. 399 00:22:54,359 --> 00:22:57,240 Speaker 1: Let's start to politics in a primetime TV address last night, 400 00:22:57,240 --> 00:23:00,639 Speaker 1: President Biden urged Americans to reject candidates to buy Donald 401 00:23:00,680 --> 00:23:03,760 Speaker 1: Trump and so called mega Republicans in the November midterms, 402 00:23:03,920 --> 00:23:07,520 Speaker 1: and those who deny the election results. They're working right 403 00:23:07,520 --> 00:23:11,360 Speaker 1: now as I speak, and state after state to give 404 00:23:11,480 --> 00:23:16,399 Speaker 1: power to decide elections in America to partisans and cronies, 405 00:23:16,680 --> 00:23:21,240 Speaker 1: and powering election to niers undermine democracy itself. President Biden 406 00:23:21,280 --> 00:23:23,879 Speaker 1: said that the majority of Republicans are not so called 407 00:23:23,880 --> 00:23:26,879 Speaker 1: extreme mega Republicans. And as the five things you need 408 00:23:26,920 --> 00:23:29,920 Speaker 1: to notice start your day, brought to you by Interactive Brokers, 409 00:23:29,920 --> 00:23:32,600 Speaker 1: Straight Ahead, your latest local headlines, plus the check of sports, 410 00:23:32,680 --> 00:23:39,720 Speaker 1: and this is Bloomberg. Thank you, Karen. Six thirty three 411 00:23:39,720 --> 00:23:41,680 Speaker 1: on Wall Street. Now we bring in Michael bar to 412 00:23:41,720 --> 00:23:43,400 Speaker 1: tell us what else is going on in New York 413 00:23:43,480 --> 00:23:46,359 Speaker 1: and around the world. Good morning Michael, Good morning Amy. 414 00:23:46,440 --> 00:23:50,119 Speaker 1: A brutal accident over night on the Palisades Parkway. Police 415 00:23:50,119 --> 00:23:53,399 Speaker 1: say a passenger van crashed and it killed four people 416 00:23:53,480 --> 00:23:56,399 Speaker 1: and it injured eight others. More details coming up, and 417 00:23:56,440 --> 00:23:59,760 Speaker 1: now our next traffic report. A disgraced former New York 418 00:23:59,760 --> 00:24:02,880 Speaker 1: City police officer says he wishes he had never gone 419 00:24:02,960 --> 00:24:06,320 Speaker 1: to the capital on January six, a court gave Thomas 420 00:24:06,359 --> 00:24:10,040 Speaker 1: Webster the longest prison sentence yet for the attack. Webster 421 00:24:10,119 --> 00:24:12,679 Speaker 1: will spend the next ten years in prison, three years 422 00:24:12,720 --> 00:24:15,720 Speaker 1: longer than the most severe punishment had given any of 423 00:24:15,720 --> 00:24:19,919 Speaker 1: the January six Capital rioters. Webster sobbing and court says 424 00:24:20,040 --> 00:24:23,560 Speaker 1: that he was overwhelmed and frustrated by the false stolen 425 00:24:23,600 --> 00:24:27,919 Speaker 1: election claims. Lawyers for the Justice Department and Donald Trump 426 00:24:28,200 --> 00:24:30,840 Speaker 1: faced off in a Florida court room over the former 427 00:24:30,880 --> 00:24:34,880 Speaker 1: president's request for a special master assigned to review top 428 00:24:34,920 --> 00:24:38,560 Speaker 1: secret documents the FBI sees from his Mara Lago estate. 429 00:24:38,920 --> 00:24:41,840 Speaker 1: The judge did not issue an immediate ruling. A U 430 00:24:41,960 --> 00:24:45,480 Speaker 1: and inspection team has arrived at Ukraine's nuclear power plant 431 00:24:45,680 --> 00:24:48,720 Speaker 1: that is occupied by Russian troops. The team from the 432 00:24:48,760 --> 00:24:53,399 Speaker 1: International Atomic Energy Agency reached the site amid fighting between 433 00:24:53,560 --> 00:24:57,639 Speaker 1: Russian and Ukrainian forces that prompted the shutdown of a reactor. 434 00:24:58,040 --> 00:25:00,920 Speaker 1: I A e H. Chief Rafael grow see. Of course 435 00:25:00,920 --> 00:25:04,959 Speaker 1: there's a lot more to do. My team is staying 436 00:25:04,920 --> 00:25:08,000 Speaker 1: in old and more importantly and most important, if we 437 00:25:08,040 --> 00:25:11,960 Speaker 1: are establishing a continuing presence by the from the I E. 438 00:25:12,960 --> 00:25:16,439 Speaker 1: Here I A e h G Framtio Grocy, the c 439 00:25:16,520 --> 00:25:20,760 Speaker 1: d C endorsed updated COVID nineteen boosters. The tweet shots 440 00:25:20,760 --> 00:25:24,359 Speaker 1: made by Fiser and Royal Milderner offer Americans a chance 441 00:25:24,400 --> 00:25:26,920 Speaker 1: to get the most up to date protection. Dr A. 442 00:25:27,000 --> 00:25:29,639 Speaker 1: Lock Patel, We're not going to eradicate COVID nineteen, but 443 00:25:29,720 --> 00:25:31,360 Speaker 1: we have to do what we can to hedge our 444 00:25:31,359 --> 00:25:35,960 Speaker 1: behavior against any potential infections. False surgeon also long COVID 445 00:25:35,960 --> 00:25:39,720 Speaker 1: and all these other complications. Dr lock Patel spoke to ABC. 446 00:25:40,200 --> 00:25:42,879 Speaker 1: The pandemic has taken a toll on public education, and 447 00:25:42,960 --> 00:25:45,880 Speaker 1: new federal study shows declines in the reading and math 448 00:25:46,000 --> 00:25:50,080 Speaker 1: scores of nine year olds compared to Dr Peggy Carr 449 00:25:50,080 --> 00:25:52,439 Speaker 1: with the U S Departmanent of Education says access to 450 00:25:52,480 --> 00:25:56,360 Speaker 1: instructors could be part of the problem. Lower income students 451 00:25:56,520 --> 00:26:01,880 Speaker 1: and students who are already struggling academic gleason, they were 452 00:26:01,960 --> 00:26:05,480 Speaker 1: less likely to say they had access to teachers. This 453 00:26:05,560 --> 00:26:08,320 Speaker 1: is not good. Dr Peggy Carr says the average math 454 00:26:08,400 --> 00:26:11,200 Speaker 1: score fell seven points while the average reading score fell 455 00:26:11,280 --> 00:26:15,000 Speaker 1: five points. To level's last scene two decades ago. Global 456 00:26:15,040 --> 00:26:17,040 Speaker 1: News twenty four hours a day on air and on 457 00:26:17,080 --> 00:26:19,960 Speaker 1: Bloomberg Quick Take powered by more than twenty seven hundred journalists, 458 00:26:19,960 --> 00:26:22,640 Speaker 1: analysts more than a hundred twenty countries. I'm Michael Barr. 459 00:26:22,680 --> 00:26:29,919 Speaker 1: This is Bloomberg Gaming. All right, Thank you, Michael on 460 00:26:29,920 --> 00:26:32,720 Speaker 1: Wall Street. Time now for the Bloomberg Sports update. Here's 461 00:26:32,760 --> 00:26:35,200 Speaker 1: John stash Our. All right, Amy, When Nicks fans see 462 00:26:35,240 --> 00:26:38,000 Speaker 1: their team played Cleveland and they watched Donovan Mitchell planes 463 00:26:38,000 --> 00:26:39,920 Speaker 1: for the Calves, They're gonna wonder why he's not wearing 464 00:26:39,920 --> 00:26:42,560 Speaker 1: a Nick's uniform instead. Mitchell's New York native wanted to 465 00:26:42,640 --> 00:26:45,000 Speaker 1: come home, and they clearly wanted to acquire him, but 466 00:26:45,040 --> 00:26:48,240 Speaker 1: they kept feeling Utah was asking for too much in return, 467 00:26:48,320 --> 00:26:50,960 Speaker 1: and now he's off for the Calves. The Jazz instead 468 00:26:51,040 --> 00:26:54,240 Speaker 1: taking the Cleveland offer of Colin Sexton Lauri marketing first 469 00:26:54,320 --> 00:26:58,400 Speaker 1: round draft picks in seven and twenty nine. The Giants 470 00:26:58,400 --> 00:27:01,440 Speaker 1: have released linebacker and Blake Mark ten Is at City Field, 471 00:27:01,440 --> 00:27:03,840 Speaker 1: Mets facing Clayton Kershaw, just off the injured list. They 472 00:27:03,840 --> 00:27:05,560 Speaker 1: trailed at Dodgers three to one, but they got to 473 00:27:05,600 --> 00:27:08,199 Speaker 1: the l A bullpen two runs in the sixth and 474 00:27:08,280 --> 00:27:11,560 Speaker 1: seventh innings of five three win for Chris Bassett's twelfth victory, 475 00:27:11,560 --> 00:27:13,880 Speaker 1: and the Mets take two of three from the Dodgers, 476 00:27:13,920 --> 00:27:16,879 Speaker 1: whose record is ninety and forty and Mets her home 477 00:27:16,920 --> 00:27:19,840 Speaker 1: tonight for Washington, and that's her MLB's worst team. Mets 478 00:27:19,840 --> 00:27:22,720 Speaker 1: play sixteen games in a row now versus sub five 479 00:27:22,800 --> 00:27:26,120 Speaker 1: hundred teams. Atlanta is still three games behind. Praise rookie 480 00:27:26,160 --> 00:27:29,479 Speaker 1: Spencer Strider shutout Colorado in eight inc allowed only two 481 00:27:29,560 --> 00:27:33,200 Speaker 1: hits and he struck out sixteen. Miserable month of August 482 00:27:33,280 --> 00:27:35,800 Speaker 1: finally over for the Yankees. They went ten and eighteen 483 00:27:35,800 --> 00:27:39,280 Speaker 1: worse once in n and there a l East lead 484 00:27:39,280 --> 00:27:41,560 Speaker 1: down to six over Tampa Bay, and they visit the 485 00:27:41,640 --> 00:27:44,400 Speaker 1: Raids this weekend. The US Open rapid on the dawn, 486 00:27:44,560 --> 00:27:47,480 Speaker 1: one in four sets. At one point, the Dala's racket 487 00:27:47,840 --> 00:27:50,960 Speaker 1: hit his nose on his follow through. The nose got bloody. 488 00:27:51,080 --> 00:27:54,119 Speaker 1: Nadal felt dizzy, said later that had never happened to 489 00:27:54,160 --> 00:27:57,400 Speaker 1: him before. Venus and Serena Williams lost their doubles match 490 00:27:57,480 --> 00:28:00,000 Speaker 1: in Serena's back at arthur As Stadium tonight to take 491 00:28:00,200 --> 00:28:03,919 Speaker 1: on Ala Tom Janovitch. Serena looks to reach the fourth round. 492 00:28:04,320 --> 00:28:07,399 Speaker 1: And here's Swan song tournament John Star. That were bloombird sports, 493 00:28:08,119 --> 00:28:10,520 Speaker 1: all right, Thank you, John. It is six thirty seven 494 00:28:10,520 --> 00:28:12,560 Speaker 1: on Wall Street. Time to take a look at those 495 00:28:12,560 --> 00:28:14,600 Speaker 1: stocks and some of the names that are moving in 496 00:28:14,640 --> 00:28:17,200 Speaker 1: the pre market. For that, we are joined by Bloomberg 497 00:28:17,240 --> 00:28:21,440 Speaker 1: Radio NTV Markets correspondent Creedy Gupta Creedy, Happy Friday morning 498 00:28:21,480 --> 00:28:24,560 Speaker 1: to you, Happy Friday. What's interesting here is that even 499 00:28:24,560 --> 00:28:27,200 Speaker 1: on Friday, when we're talking all about jobs, pay rolls, 500 00:28:27,200 --> 00:28:30,000 Speaker 1: those earnings results are still moving stocks on a micro basis. 501 00:28:30,040 --> 00:28:32,600 Speaker 1: Take a look at Lulu Lemon for example. L U 502 00:28:33,040 --> 00:28:35,320 Speaker 1: l U is the ticker here. Here's are up a 503 00:28:35,359 --> 00:28:38,480 Speaker 1: whopping nine point seven percent in the pre market. This 504 00:28:38,520 --> 00:28:40,920 Speaker 1: comes after they did, of course report those results showing 505 00:28:41,040 --> 00:28:43,480 Speaker 1: a lot of strength in the brand. Remember we've talked 506 00:28:43,480 --> 00:28:46,280 Speaker 1: a lot about retailers and the inventory build up that 507 00:28:46,320 --> 00:28:49,080 Speaker 1: you're seeing like the Walmart, Target, Bed Bath and beyond 508 00:28:49,120 --> 00:28:51,680 Speaker 1: even Nordstrom and Macy's. But it seems to be that 509 00:28:51,720 --> 00:28:54,640 Speaker 1: if you are a higher income shopper, which a lot 510 00:28:54,680 --> 00:28:57,640 Speaker 1: of Lulu's demographic really is, then you are not only 511 00:28:57,880 --> 00:29:00,280 Speaker 1: shopping till you drop, you are actually able to hold 512 00:29:00,360 --> 00:29:02,280 Speaker 1: up some of these companies bottom lines. That seems to 513 00:29:02,320 --> 00:29:04,640 Speaker 1: be the story here with Lulu Lemon is showing the 514 00:29:04,680 --> 00:29:07,800 Speaker 1: idea here that their brand value really carry some weight, 515 00:29:07,840 --> 00:29:10,720 Speaker 1: analysts actually raising their price target on the stock across 516 00:29:10,760 --> 00:29:14,480 Speaker 1: the board. They did flag some of those higher inventory issues. 517 00:29:14,520 --> 00:29:18,640 Speaker 1: They are not completely immune from that retail story. But 518 00:29:18,760 --> 00:29:21,320 Speaker 1: what's interesting here is that Lulu Lemon is actively looking 519 00:29:21,520 --> 00:29:24,080 Speaker 1: to build their brand, looking to expand their footprint, not 520 00:29:24,160 --> 00:29:27,760 Speaker 1: just in terms of expanding the footprint overseas, but also 521 00:29:27,800 --> 00:29:30,360 Speaker 1: in terms of targeting more sales when it comes to men. 522 00:29:30,480 --> 00:29:34,120 Speaker 1: So that's going to be a crucial story. Amy, Alright, 523 00:29:34,120 --> 00:29:35,680 Speaker 1: what else do you have going on? You have Maderna 524 00:29:35,720 --> 00:29:38,120 Speaker 1: to Maderna is a big mover. It is a massive mover. 525 00:29:38,400 --> 00:29:40,360 Speaker 1: M r n A is your ticker. It's up at 526 00:29:40,400 --> 00:29:41,920 Speaker 1: eight tenths of one percent. And you know, we thought 527 00:29:41,960 --> 00:29:44,520 Speaker 1: that the COVID story perhaps although it kind of remains 528 00:29:44,520 --> 00:29:46,120 Speaker 1: in the background, we didn't think it would have this 529 00:29:46,240 --> 00:29:48,040 Speaker 1: much of an impact on perhaps some of the very 530 00:29:48,120 --> 00:29:51,160 Speaker 1: famous vaccine names here. Maderna m r n A up 531 00:29:51,200 --> 00:29:53,840 Speaker 1: at eight tenths of one percent. On the idea that 532 00:29:53,880 --> 00:29:56,800 Speaker 1: the omencron boosters, Well, they're finally hitting those U S stores, 533 00:29:56,840 --> 00:29:59,000 Speaker 1: so you can actually now go to a Dwayne read 534 00:29:59,080 --> 00:30:03,360 Speaker 1: a CBS Walgreens and or you know, the natural clinics 535 00:30:03,360 --> 00:30:05,840 Speaker 1: and actually get your omicron Brewster. That is good news 536 00:30:05,880 --> 00:30:08,400 Speaker 1: for the likes of Maderna and also for Fiser and 537 00:30:08,480 --> 00:30:10,920 Speaker 1: bion Tech as well. Really, any company who has started 538 00:30:10,960 --> 00:30:13,680 Speaker 1: to really make a lot of their user base or 539 00:30:13,720 --> 00:30:16,080 Speaker 1: a lot of their revenue base, excuse me, towards some 540 00:30:16,160 --> 00:30:19,160 Speaker 1: of these vaccines. Of course, Fiser far more exposed to this, 541 00:30:19,200 --> 00:30:22,360 Speaker 1: but nevertheless less it is moving shares this morning. The 542 00:30:22,400 --> 00:30:24,160 Speaker 1: other name I wanted to bring to your attension because 543 00:30:24,160 --> 00:30:25,520 Speaker 1: I feel like we have to check this all the 544 00:30:25,560 --> 00:30:28,440 Speaker 1: time now is Bed Bath and Beyond b b B. 545 00:30:28,760 --> 00:30:31,440 Speaker 1: Why is your taker? It is down six percent on 546 00:30:31,480 --> 00:30:33,640 Speaker 1: a day. I should add that the broader market is 547 00:30:33,640 --> 00:30:36,360 Speaker 1: actually kind of taking just marginally higher. Of course, like 548 00:30:36,400 --> 00:30:38,520 Speaker 1: I said, all waiting for the payrolls report, does that 549 00:30:38,600 --> 00:30:41,640 Speaker 1: retail base that has perhaps lost a fan favorite and 550 00:30:41,920 --> 00:30:44,120 Speaker 1: in Bed Bath and Beyond, And it is interesting because 551 00:30:44,160 --> 00:30:46,720 Speaker 1: it kind of seems like even without that turnaround plan, 552 00:30:47,280 --> 00:30:49,480 Speaker 1: they're still not currying any favor. Those shares sound about 553 00:30:49,480 --> 00:30:52,840 Speaker 1: six percent? All right? Thank you so much. Bloomberg Radio 554 00:30:52,920 --> 00:30:56,239 Speaker 1: and TV Markets Correspondence, Crety Gupta always bringing us up 555 00:30:56,240 --> 00:30:58,120 Speaker 1: to speed, really appreciate you taking the time with us 556 00:30:58,280 --> 00:31:00,280 Speaker 1: looking at stocks as a whole ahead of the open. 557 00:31:00,560 --> 00:31:03,920 Speaker 1: SNP futures down four and a half points down, futures 558 00:31:03,960 --> 00:31:07,480 Speaker 1: down seventeen, NASTACK futures down thirty eight. The ten year 559 00:31:07,520 --> 00:31:11,040 Speaker 1: treasury little changed, the yield at three point to six percent, 560 00:31:11,120 --> 00:31:13,560 Speaker 1: the two year yield now at three and a half 561 00:31:13,680 --> 00:31:17,000 Speaker 1: per cent. Much more still to come. On Bloomberg Daybreak. 562 00:31:17,760 --> 00:31:24,880 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather going up 563 00:31:24,920 --> 00:31:28,320 Speaker 1: to eighty degrees with abundant sunshine today to start your weekend, 564 00:31:28,320 --> 00:31:30,960 Speaker 1: mostly Sunday tomorrow going up to eighty five, maybe some 565 00:31:31,040 --> 00:31:34,040 Speaker 1: afternoon showers tomorrow going up to ninety eighty degrees on 566 00:31:34,120 --> 00:31:40,400 Speaker 1: Labor Day, Markets, headlines and breaking news twenty four hours 567 00:31:40,400 --> 00:31:43,360 Speaker 1: a day at Bloomberg dot Com, The Bloomberg Business at 568 00:31:43,480 --> 00:31:52,760 Speaker 1: and at Bloomberg Quicktake, This is a Bloomberg Business flash 569 00:31:53,360 --> 00:31:56,760 Speaker 1: and I'm Karen Moscow, and futures have turned lower this morning. 570 00:31:56,760 --> 00:31:58,480 Speaker 1: We hear to the first word breaking news desk for 571 00:31:58,520 --> 00:32:02,200 Speaker 1: today's morning call. Here's Bill Aloney build good morning, and 572 00:32:02,480 --> 00:32:05,000 Speaker 1: good morning, Karen. Modest losses in the U S futures 573 00:32:05,040 --> 00:32:07,200 Speaker 1: right now at down futures down twenty eight points, sysame 574 00:32:07,360 --> 00:32:10,640 Speaker 1: drop six and nastic futures are down by forty one. 575 00:32:11,000 --> 00:32:13,760 Speaker 1: The US ten year old at three point to six percent, 576 00:32:13,840 --> 00:32:16,480 Speaker 1: Gold is up eight oil is climbing, and bitcoin is 577 00:32:16,520 --> 00:32:19,680 Speaker 1: trading little changed. Japan was also a little changed overnight, 578 00:32:19,680 --> 00:32:21,680 Speaker 1: while your pre markets are in the green this morning 579 00:32:21,960 --> 00:32:24,000 Speaker 1: and back in the US on the economic front, at 580 00:32:24,000 --> 00:32:26,440 Speaker 1: eight thirty the jobs data and at ten o'clock factory 581 00:32:26,520 --> 00:32:29,880 Speaker 1: orders and durable goods orders. After develous night, Lulu Lemon 582 00:32:29,920 --> 00:32:32,400 Speaker 1: boosted It's full Your Outlook shares are up nine percent 583 00:32:32,440 --> 00:32:36,440 Speaker 1: pre market and Broadcom sales forecast. Also feed estimates in 584 00:32:36,560 --> 00:32:38,600 Speaker 1: On the news, Bertshire Hathaway trimmed at stake in b 585 00:32:38,840 --> 00:32:42,240 Speaker 1: y D even further and wrapping things up in videost 586 00:32:42,760 --> 00:32:45,479 Speaker 1: neutral over at Diowa. Dal Ink was put to neutral 587 00:32:45,720 --> 00:32:48,600 Speaker 1: over at JP. Morgan Live from the first to breaking 588 00:32:48,600 --> 00:32:51,200 Speaker 1: news Dostcam, Bill Maloney, Karen, all right, Bill, thank you 589 00:32:51,240 --> 00:32:53,800 Speaker 1: to hear live breaking news over your Bloomberg type squawk 590 00:32:53,840 --> 00:32:56,360 Speaker 1: on your terminal squ a w K and that's a 591 00:32:56,360 --> 00:32:59,160 Speaker 1: Bloomberg business flash. Now here's Michael Barrow with more on 592 00:32:59,240 --> 00:33:01,760 Speaker 1: what's going on in the world. Michael Karen, thank you 593 00:33:01,840 --> 00:33:04,600 Speaker 1: very much holding back a little. President Joe Biden's sounding 594 00:33:04,600 --> 00:33:07,680 Speaker 1: an alarm about what he views as extremist threats to 595 00:33:07,760 --> 00:33:12,160 Speaker 1: the nation's democracy from former President Trump and mega Republicans. 596 00:33:12,400 --> 00:33:17,920 Speaker 1: They don't understand what every patriotic American knows. You can't 597 00:33:18,040 --> 00:33:22,480 Speaker 1: love your country only when you win. In a primetime 598 00:33:22,520 --> 00:33:26,120 Speaker 1: speech last night, Biden framed the November elections as part 599 00:33:26,120 --> 00:33:28,360 Speaker 1: of an ongoing battle for the soul of the nation. 600 00:33:28,760 --> 00:33:31,440 Speaker 1: A man was arrested after pointing a gun at Argentina's 601 00:33:31,520 --> 00:33:34,520 Speaker 1: vice president and Buenos Aires. The man pulled the trigger, 602 00:33:34,920 --> 00:33:37,600 Speaker 1: but the gun did not fire. In tennis, Serena and 603 00:33:37,680 --> 00:33:40,520 Speaker 1: Venus Williams were eliminated after losing their doubles match in 604 00:33:40,640 --> 00:33:43,680 Speaker 1: round one at the US Open last night. Serena Williams 605 00:33:43,720 --> 00:33:46,640 Speaker 1: will play tonight in the third round of singles. In baseball, 606 00:33:46,720 --> 00:33:50,240 Speaker 1: the Mets, Red Sox and Orioles one the Nationals bet 607 00:33:50,240 --> 00:33:53,360 Speaker 1: the A seven five Global News twenty four hours a 608 00:33:53,440 --> 00:33:56,880 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 609 00:33:56,920 --> 00:33:59,560 Speaker 1: than twenty seven hundred journalists, analysts, more than a D 610 00:33:59,560 --> 00:34:03,080 Speaker 1: twenty trees. Michael bar this is Bloomberg. Cameron all right, 611 00:34:03,120 --> 00:34:05,760 Speaker 1: Michael bar thank you at A sixty nine on Wall Street, 612 00:34:05,760 --> 00:34:08,120 Speaker 1: and we turned to news and science and technology now 613 00:34:08,120 --> 00:34:10,840 Speaker 1: at the Bloomberg and j I T Stem Report. It 614 00:34:10,880 --> 00:34:13,880 Speaker 1: has brought to you by New Jersey Institute of Technology 615 00:34:13,920 --> 00:34:16,440 Speaker 1: and j I T is dedicated to bolstering support for 616 00:34:16,520 --> 00:34:20,440 Speaker 1: female and minority students pursuing careers and high paying STEM industries. 617 00:34:20,760 --> 00:34:22,920 Speaker 1: Learn more at n j I T dot E d U. 618 00:34:23,360 --> 00:34:26,680 Speaker 1: And here's just Mega news and Science, Technology, Engineering, and Math. 619 00:34:27,120 --> 00:34:30,040 Speaker 1: COVID booster Shaw said Target the most common new variants 620 00:34:30,040 --> 00:34:33,160 Speaker 1: should become available in the US within days, as after 621 00:34:33,200 --> 00:34:36,319 Speaker 1: the CDC signed off on the rollout of the updated vaccines. 622 00:34:36,560 --> 00:34:38,880 Speaker 1: Maderna makes one of the shots and the other comes 623 00:34:38,920 --> 00:34:41,680 Speaker 1: from Fiser and bi on Tech. Now, so we'll try 624 00:34:41,680 --> 00:34:44,000 Speaker 1: again tomorrow to launch its new Moon rocket on a 625 00:34:44,080 --> 00:34:47,680 Speaker 1: test flight after engine trouble halted the first countdown this week. 626 00:34:47,880 --> 00:34:51,080 Speaker 1: The three two foot rocket, the most powerful ever built 627 00:34:51,080 --> 00:34:54,160 Speaker 1: by NASA, remains on its pad at Kennedy Space Center 628 00:34:54,200 --> 00:34:57,080 Speaker 1: with an empty crew capsule on top. The Space Launch 629 00:34:57,120 --> 00:34:59,880 Speaker 1: System rocket will attempt to send the capsule around the 630 00:35:00,040 --> 00:35:02,880 Speaker 1: Moon and back. No one will be on board, just 631 00:35:03,040 --> 00:35:06,120 Speaker 1: three test dummies. If successful, it'll be the first capsule 632 00:35:06,160 --> 00:35:08,960 Speaker 1: to fly to the Moon since NASA's Apollo program fifty 633 00:35:09,040 --> 00:35:12,120 Speaker 1: years ago. And the U. S. Army is taking delivery 634 00:35:12,160 --> 00:35:15,080 Speaker 1: of a first batch of high tech combat goggles made 635 00:35:15,120 --> 00:35:20,239 Speaker 1: by Microsoft. Microsoft's Integrated Visual Augmentation System is expected to 636 00:35:20,280 --> 00:35:23,759 Speaker 1: provide a heads up display for US ground force is 637 00:35:23,800 --> 00:35:26,520 Speaker 1: similar to those for fighter pilots. The system will let 638 00:35:26,520 --> 00:35:29,759 Speaker 1: commanders project information onto a visor in front of a 639 00:35:29,760 --> 00:35:33,000 Speaker 1: soldier's face and wing include features such as night vision. 640 00:35:33,239 --> 00:35:36,280 Speaker 1: That's a Bloomberg and j I T Stem report. Amy. 641 00:35:36,719 --> 00:35:38,920 Speaker 1: All right, thank you, Karen, and we're live from the 642 00:35:38,920 --> 00:35:42,399 Speaker 1: Bloomberg Interactive Broker Studios where it is six fifty one 643 00:35:42,400 --> 00:35:44,839 Speaker 1: on Wall Street. Tom Now to check what's going on 644 00:35:45,040 --> 00:35:48,200 Speaker 1: in DC. Some of the top stories in our nation's 645 00:35:48,280 --> 00:35:52,360 Speaker 1: capital include President Biden's primetime speech taking aim at Donald 646 00:35:52,400 --> 00:35:56,480 Speaker 1: Trump and matter Republicans. Also, the January sixth Committee is 647 00:35:56,560 --> 00:35:59,600 Speaker 1: still working and now they want to interview former House 648 00:35:59,640 --> 00:36:03,480 Speaker 1: Speaker New Gingrich. And the US is calling Irron's response 649 00:36:03,520 --> 00:36:07,360 Speaker 1: to nuclear talks not constructive. For more on these stories, 650 00:36:07,400 --> 00:36:10,759 Speaker 1: we turned to Bloomberg government reporter Jack Fitzpatrick. Jack, thanks 651 00:36:10,800 --> 00:36:13,360 Speaker 1: so much for joining us. Let's get back to that speech. 652 00:36:13,400 --> 00:36:16,920 Speaker 1: Your takeaway from President biden speech last night. Yeah, I 653 00:36:17,280 --> 00:36:21,160 Speaker 1: thought it was very notable that President Biden almost immediately 654 00:36:21,360 --> 00:36:24,520 Speaker 1: mentioned Donald Trump by name. That's something he had not 655 00:36:24,600 --> 00:36:28,760 Speaker 1: been doing very much recently. But he made it clear 656 00:36:28,920 --> 00:36:32,560 Speaker 1: that Trump is the central figure that he is fighting 657 00:36:32,600 --> 00:36:37,520 Speaker 1: against in what he called the Maga Republicans uh and 658 00:36:37,520 --> 00:36:41,120 Speaker 1: and threats of political violence referring back to January sixth 659 00:36:41,160 --> 00:36:44,399 Speaker 1: and uh and the tendency of Trump and some people 660 00:36:44,480 --> 00:36:48,480 Speaker 1: around him to not accept the election loss. In so 661 00:36:48,520 --> 00:36:51,120 Speaker 1: that was very significant, and also just the fact that 662 00:36:51,160 --> 00:36:53,839 Speaker 1: this was a primetime address and it was made very 663 00:36:53,880 --> 00:36:57,640 Speaker 1: clear that this is a key campaign message heading towards 664 00:36:57,680 --> 00:37:00,200 Speaker 1: the mid terms by the President. A lot of talk 665 00:37:00,239 --> 00:37:02,160 Speaker 1: about the state of the economy, a lot of talk 666 00:37:02,160 --> 00:37:07,760 Speaker 1: about the handful of legislative victories that Democrats gotten Congress lately, 667 00:37:08,440 --> 00:37:11,960 Speaker 1: but the President does not want voters to forget about 668 00:37:12,280 --> 00:37:16,720 Speaker 1: January six and the legal issues around former President Trump, 669 00:37:16,760 --> 00:37:19,200 Speaker 1: and that's a significant thing for him over the next 670 00:37:19,200 --> 00:37:22,799 Speaker 1: two months. President Biden also went to some lengths to 671 00:37:22,880 --> 00:37:27,760 Speaker 1: differentiate between mainstream Republicans and Maga Republicans, and it seemed 672 00:37:27,800 --> 00:37:30,080 Speaker 1: almost like he was trying to widen the tent, even 673 00:37:30,120 --> 00:37:32,160 Speaker 1: if it's just to get past the mid terms maybe 674 00:37:32,160 --> 00:37:35,400 Speaker 1: for two election cycles. Is he trying to get maybe 675 00:37:35,440 --> 00:37:38,439 Speaker 1: mainstream Republicans into the Democratic tent for a little while. 676 00:37:38,920 --> 00:37:42,919 Speaker 1: There's definitely a certain kind of voter he's going for here, 677 00:37:42,960 --> 00:37:48,239 Speaker 1: And it's not just a message directed at his Democratic supporters. 678 00:37:48,280 --> 00:37:51,880 Speaker 1: This is an attempt to persuade what might be a 679 00:37:52,000 --> 00:37:55,400 Speaker 1: narrow slice of people. It might be more about independence. 680 00:37:55,800 --> 00:37:59,960 Speaker 1: Uh it might even be in some cases moderate Democrats 681 00:38:00,600 --> 00:38:04,120 Speaker 1: as much as moderate Republicans. But this is the kind 682 00:38:04,120 --> 00:38:09,080 Speaker 1: of thing you you could imagine being effective among some moderate, 683 00:38:09,640 --> 00:38:14,560 Speaker 1: potentially persuadable, suburban voters who don't like some of the 684 00:38:14,600 --> 00:38:18,840 Speaker 1: extreme rhetoric and and do care about the the idea 685 00:38:18,920 --> 00:38:22,960 Speaker 1: of protecting the functioning of democracy. Uh So it is 686 00:38:22,960 --> 00:38:25,560 Speaker 1: an attempt to win over some people. How many people 687 00:38:25,680 --> 00:38:29,120 Speaker 1: are persuadable It may be a limited number, but it's 688 00:38:29,360 --> 00:38:33,280 Speaker 1: clearly a significant focus for the president. Let's shift gears 689 00:38:33,360 --> 00:38:36,000 Speaker 1: now to what's going on on Capitol Hill. The House 690 00:38:36,040 --> 00:38:40,640 Speaker 1: committee investigating the January six insurrection. They're now looking to 691 00:38:40,719 --> 00:38:43,440 Speaker 1: hear from Newt Gingrich. He was a former House speaker. 692 00:38:43,880 --> 00:38:46,319 Speaker 1: What are they looking for at this point. You know, 693 00:38:46,480 --> 00:38:49,960 Speaker 1: the letter to Gingrich seemed to cast a pretty wide net. 694 00:38:50,000 --> 00:38:53,080 Speaker 1: But the specific part of this that stands out is 695 00:38:53,120 --> 00:38:58,880 Speaker 1: that it mentions advertising efforts that Gingrich put out there. 696 00:38:58,640 --> 00:39:04,000 Speaker 1: He put out advertise Eisman's public broadcast advertisements urging people 697 00:39:04,080 --> 00:39:07,719 Speaker 1: to get in contact with their lawmakers and call for 698 00:39:07,800 --> 00:39:11,600 Speaker 1: them to UH to push for electors that would support 699 00:39:12,200 --> 00:39:16,600 Speaker 1: former President Trump. UH. It does also say that he 700 00:39:16,840 --> 00:39:21,680 Speaker 1: appears to have been involved with the Trump's efforts around 701 00:39:22,040 --> 00:39:24,799 Speaker 1: even after January six, So it seems they've got a 702 00:39:24,800 --> 00:39:28,279 Speaker 1: fairly wide scope. But at least we know specifically part 703 00:39:28,280 --> 00:39:32,960 Speaker 1: of it is advertising efforts around UH, the attempts to 704 00:39:33,680 --> 00:39:37,640 Speaker 1: UH to overturn the results of the presidential election. Do 705 00:39:37,680 --> 00:39:40,319 Speaker 1: we have any information yet about a response from the 706 00:39:40,400 --> 00:39:43,200 Speaker 1: gang Rich camp or how how far this could go, 707 00:39:43,280 --> 00:39:46,319 Speaker 1: when he might appear anything like that. Not yet. They 708 00:39:46,400 --> 00:39:51,279 Speaker 1: asked for him to voluntarily participate in an interview the 709 00:39:51,320 --> 00:39:55,320 Speaker 1: week of September nineteen, so we'll see if he responds 710 00:39:55,360 --> 00:39:57,480 Speaker 1: to that. This is not a subpoena, it's a just 711 00:39:57,520 --> 00:40:01,120 Speaker 1: a request. Um. They have subpoena some people in the 712 00:40:01,160 --> 00:40:04,440 Speaker 1: past that I believe is a possibility here, but it's 713 00:40:04,480 --> 00:40:07,600 Speaker 1: not something they've threatened with Gingrich. So the next step 714 00:40:07,640 --> 00:40:11,600 Speaker 1: would just be to see if he chooses to participate, 715 00:40:11,840 --> 00:40:14,320 Speaker 1: and and if he does not, we'll we'll see exactly 716 00:40:14,360 --> 00:40:16,840 Speaker 1: how hard the committee wants to push for him to 717 00:40:16,840 --> 00:40:19,560 Speaker 1: to participate in an interview. I wonder how unusual it 718 00:40:19,680 --> 00:40:22,120 Speaker 1: is to be calling a former House speaker before the 719 00:40:22,200 --> 00:40:25,200 Speaker 1: January six insurrect Well, it is an insurrection committee. That's 720 00:40:25,239 --> 00:40:30,160 Speaker 1: unusual anyway. But I'm just wondering about the historical implications here. Yeah, 721 00:40:30,239 --> 00:40:33,879 Speaker 1: you know, it's the whole thing is an unusual set 722 00:40:33,880 --> 00:40:37,680 Speaker 1: of circumstances. This conversation came up around the possibility of 723 00:40:38,320 --> 00:40:42,360 Speaker 1: former Vice President Mike Pence participating. That would be unusual 724 00:40:42,400 --> 00:40:45,640 Speaker 1: and pretend Pence even raised that as, uh maybe a 725 00:40:45,719 --> 00:40:49,160 Speaker 1: reason not to participate. Ging Rich, It's been a long 726 00:40:49,200 --> 00:40:52,600 Speaker 1: time since he was speaker. He really, in this instance 727 00:40:52,719 --> 00:40:57,200 Speaker 1: was more of a political activist type with ties to Trump. 728 00:40:57,600 --> 00:41:01,600 Speaker 1: Uh So, I don't think it would be shattering precedents necessarily, 729 00:41:02,200 --> 00:41:06,520 Speaker 1: but it does speak to the way this investigation has 730 00:41:06,640 --> 00:41:10,440 Speaker 1: seeped through so many, uh so many parts of American 731 00:41:10,480 --> 00:41:14,040 Speaker 1: politics and and has brought in so many characters in 732 00:41:14,080 --> 00:41:17,040 Speaker 1: American politics, and let's go on to foreign policy. Now, 733 00:41:17,120 --> 00:41:19,799 Speaker 1: some questions about whether Iran and the US can reach 734 00:41:19,800 --> 00:41:23,080 Speaker 1: a deal to revive the nuclear record. Only got about 735 00:41:23,080 --> 00:41:26,120 Speaker 1: a minute here, Jack, But what's the hang up now 736 00:41:26,120 --> 00:41:29,080 Speaker 1: with those talks. The US hasn't said exactly what the 737 00:41:29,120 --> 00:41:31,440 Speaker 1: hang up is, but they said that the last response 738 00:41:31,480 --> 00:41:35,279 Speaker 1: from Iran was not constructive. Uh. Keep in mind, there 739 00:41:35,320 --> 00:41:38,439 Speaker 1: there had been some progress made. Uh. The US said 740 00:41:38,440 --> 00:41:41,719 Speaker 1: they're going to respond to the European Union about this. Uh. 741 00:41:41,760 --> 00:41:44,000 Speaker 1: This is all in light of you know, the French 742 00:41:44,000 --> 00:41:47,439 Speaker 1: president Emmanuel Macron said recently he hopes there's a deal 743 00:41:47,440 --> 00:41:50,440 Speaker 1: in the next few days. So there is some optimism. 744 00:41:50,920 --> 00:41:53,680 Speaker 1: But the latest from the US's side is that they 745 00:41:53,680 --> 00:41:57,600 Speaker 1: were not impressed and it was not a constructive response, uh, 746 00:41:57,680 --> 00:42:02,560 Speaker 1: in the last series of communication from Iran. Alright, Bloomberg 747 00:42:02,560 --> 00:42:05,560 Speaker 1: Government reporter Jack Fitzpatrick, thank you very much. Always a 748 00:42:05,560 --> 00:42:07,480 Speaker 1: pleasure to pick your brain and find out what's going 749 00:42:07,520 --> 00:42:09,680 Speaker 1: on in the Washington area. Thanks for taking the time 750 00:42:09,719 --> 00:42:12,279 Speaker 1: with us. And you can read more about all of 751 00:42:12,320 --> 00:42:15,920 Speaker 1: these stories on Bloomberg dot com or on the Bloomberg terminal. 752 00:42:16,200 --> 00:42:19,080 Speaker 1: And as a reminder, you can follow all of the latest. 753 00:42:19,120 --> 00:42:21,600 Speaker 1: We have it for you on Bloomberg Radio in Washington 754 00:42:21,920 --> 00:42:24,960 Speaker 1: on Bloomberg ninety one and one oh five point seven 755 00:42:25,000 --> 00:42:28,800 Speaker 1: FM h D two. Checking the markets now. SMP futures 756 00:42:28,840 --> 00:42:31,760 Speaker 1: down three and a quarter points, STAL futures down eleven, 757 00:42:32,080 --> 00:42:35,359 Speaker 1: NASDAC futures down thirty three and a half. The ten 758 00:42:35,480 --> 00:42:39,680 Speaker 1: year Treasury unchanged the yield at three point to five percent. 759 00:42:40,040 --> 00:42:43,920 Speaker 1: Bloomberg Surveillance is next, along with Karen Moscow. I'm Amy Morris, 760 00:42:43,960 --> 00:42:45,520 Speaker 1: and this is Bloomberg