Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, October twelve, two. Coming up the shower,
Speaker 1: President Biden says a slight recession is possible in the US.
Speaker 1: We're a tough talk from the FED on fighting inflation.
Speaker 1: We speak with Cleveland Fed President Lorettamester. The Bank of
Speaker 1: England confirms it will end emergency bond buying on Friday,
Speaker 1: and Intel plans thousands of job cuts. New Jersey says
Speaker 1: New York City's congestion pricing charts threatened, Sport Authority revenue
Speaker 1: plus NASA successfully moves an asteroid off its over. I'm
Speaker 1: Michael barn Moore Ahead. I'm John Stash Howard Sports Game
Speaker 1: one to the Yankees day beat Cleveland at the state
Speaker 1: of the End of the Rangers one there sees it opener.
Speaker 1: That's all stred ahead on Bloomberg Daybreak. On Bloomberg he
Speaker 1: levened three on New York Bloomberg ninety nine one, Washington
Speaker 1: d C Bloomberg one oh six one, Boston Bloomberg nine
Speaker 1: sixties and Francisco Sirius XM one nine team and around
Speaker 1: the World Old on Bloomberg Radio Dot com and via
Speaker 1: the Bloomberg Business App. And good morning. I'm Tar at Moscow.
Speaker 1: I'm Nathan Hagar. Bloomberg Daybreak is brought to you by
Speaker 1: se I. Imagine your asset management firms operational infrastructure as
Speaker 1: a competitive advantage. Let s e I show you how
Speaker 1: at se I C dot com, slash, I M S
Speaker 1: and U S Dock Index futures are higher this morning.
Speaker 1: It's five o one on Wall Street and we checked
Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg,
Speaker 1: s and P Future is up seventeen points down, futures
Speaker 1: of a hundred ten nasdack Future is up sixty eight
Speaker 1: and the ten year treasury of five thirty seconds. You
Speaker 1: have three point nine two per cent at yield on
Speaker 1: the two years at four point to nine percent, and
Speaker 1: I'm ex screwed. Oil is down two tenths of a percent. Nathan.
Speaker 1: All right, Karen, we'll have more on the markets in
Speaker 1: a minute. But first, President Biden is weighing in on
Speaker 1: the economy. As investors, c e O S and economists
Speaker 1: talk about a possible recession, so is the President. I
Speaker 1: don't think there will be your recession if it is
Speaker 1: it will be a very procession, that is will move
Speaker 1: down slightly. Well, look, think about what's happened. We have
Speaker 1: done more with in a better position than any other
Speaker 1: major country in the world. In an interview with CNN
Speaker 1: s Jake Tapper, the President also voiced anger with Saudi
Speaker 1: Arabia and oil production cuts from OPEC. Plus he's accusing
Speaker 1: the Kingdom of aligning itself with Russia and vows to
Speaker 1: engage with lawmakers to punish ri Odd, there's going to
Speaker 1: be some consequences for what they've done with Russia. What
Speaker 1: kind of consequences, Venenda says, suspend all arms sales? Is
Speaker 1: that something you'd consider. I'm not going to get into
Speaker 1: what i'd considering what I'm having mind, but there will
Speaker 1: be There will be consequences, the President invite and suggests
Speaker 1: those consequences likely will not come until after next month's
Speaker 1: mid term elections. Well, tough talk on inflation continues from
Speaker 1: the fat Nathan. The latest waging in is Cleveland Fed
Speaker 1: President Loretta Master, and she tells us the bank is
Speaker 1: definitely not done raising rates. The real issue is we
Speaker 1: need to do more. We have not seen inflation moved
Speaker 1: back down um and we need to see that because
Speaker 1: leaving inflation where it is, if it continues, there's a
Speaker 1: higher chance that it does become embedded in the economy.
Speaker 1: Cleveland Fed, President of the Reddemester, made the comments in
Speaker 1: an interview with Bloomberg's caathling Hey. Stay tuned for more
Speaker 1: of that conversation coming up shortly on Bloomberg Daybreak. The
Speaker 1: FEDS still has its critics out there. Karen including Muhammad
Speaker 1: al Arian, the Alliance chief economic advisor and Bloomberg opinion columnists,
Speaker 1: says aggressive tightening by the Central Bank will not only
Speaker 1: damage the U s economy, but also the rest of
Speaker 1: the world. This is going to be a reminder a
Speaker 1: little bit of October without an an eight, when people
Speaker 1: gather in Washington and realize we have a global problem
Speaker 1: and it needs global global solution. Muhammad al Aria made
Speaker 1: those comments to Jonathan Farow on Bloomberg Surveillance Ketch, the
Speaker 1: program weekdays at seven am Wall Street Time on Bloomberg
Speaker 1: Radio and Television. Coming up to day, Nathan, we get
Speaker 1: the first is several key economic readings this week. Let's
Speaker 1: get the details from Bloomberg Economics. Corresponded Michael McKee. The
Speaker 1: world is watching the US Federal Reserve raising rates to
Speaker 1: fight inflation has an impact on markets everywhere, so this
Speaker 1: week's inflation reports are key for markets. Wednesday, the U
Speaker 1: S reports on producer prices. The bad News Economist forecast
Speaker 1: factory gate prices rose last month. Also Wednesday, the FED
Speaker 1: releases the minutes of its September twenty one meeting. Investors
Speaker 1: will parse those for clues to how fast the central
Speaker 1: Bank thinks inflation will come down, which may influence how
Speaker 1: high rates will go and for how long. Michael McKee
Speaker 1: Bloomberg Daybreak, All right, Mike, thanks staring. Inflation and higher
Speaker 1: interest rates have seen yields rise, and stocks are trading
Speaker 1: at their lowest levels in almost two years. Still, Morgan Stanley,
Speaker 1: chief US equity strategist Mike Wilson says it could be
Speaker 1: too early to call a bottom. I think the bomb
Speaker 1: market is probably there. Uh and but unfortunately, kind of
Speaker 1: like stocks, the bomb market used to be told by
Speaker 1: the Fed that they're done right, And that's just the
Speaker 1: dance we're in right now. It's the hardest part of
Speaker 1: the cycle to trade. We think we know we're going
Speaker 1: in equities. We think deals are probably flows to topping
Speaker 1: We've got to go to the earnings revision still, which
Speaker 1: is why you can't see that that starts about Stanley.
Speaker 1: Chief US secuity strategist Mike Wilson says inventory, labor costs
Speaker 1: and other latent expenses are wreaking havoc on company cash
Speaker 1: flow well in Europe. This morning, Nathan questions continue to
Speaker 1: swirl over whether the Bank of England will and its
Speaker 1: emergency bond buying program on Friday, and we go live
Speaker 1: to Lineing and get the latest with Bloomberg's un parts.
Speaker 1: Good morning, you Win, Good morning Karen and Nathan. It
Speaker 1: has been a rocky few hours of watches of UK
Speaker 1: assets this morning, but by giving them now can firm
Speaker 1: it will end its emergency bond buying program this Friday.
Speaker 1: That was after an earlier Financial Times report that the
Speaker 1: bank had told lenders in private there could be an extension.
Speaker 1: UK GDP meanwhile, unexpectedly shrinking in August for the second
Speaker 1: time in three months, the north point three percent drop
Speaker 1: in output driven by a sharp decline in manufacturing, raising
Speaker 1: the possibility of the country is now in a recession.
Speaker 1: In London, I'm you and part spin Bog day break.
Speaker 1: Thanks you and back here in the U s A.
Speaker 1: Big companies looking at a big red action in head count.
Speaker 1: It looks like Intel could be slashing jobs in an
Speaker 1: effort to cut costs. We get more from Bloomberg's Doug Krisner.
Speaker 1: We're told the job cuts will likely number in the
Speaker 1: thousands and will be announced as early as next month.
Speaker 1: Some divisions, including sales and marketing, could see cuts, affecting
Speaker 1: about twenty percent of staff. As of July, Intel had
Speaker 1: a hundred thirteen thousand, seven hundred employees. The company is
Speaker 1: facing a steep decline in demand for PC processors. Its
Speaker 1: main businesses struggled to win back market share lost to
Speaker 1: rivals like Advanced micro Devices. In July, Intel said two
Speaker 1: sales would be about eleven billion dollars lower than previously forecast.
Speaker 1: In New York, I'm Doug Prisner, Bloomberg Daybreak, All right, Doug,
Speaker 1: thank you. And in Europe this morning, Shares a credit
Speaker 1: sueeze or down three percent. Sources say that Justice Department
Speaker 1: is investigating whether the Swiss Lander continue to help US
Speaker 1: clients hide assets from authorities. The Bank, the Bank pain A.
Speaker 1: The bank paid rather a multibillion dollar fee over a
Speaker 1: similar issue. Eight years ago had pledge to tackle the issue.
Speaker 1: Al Right. Futures right now moving higher. Karin SMP futures
Speaker 1: are up twenty two points, Stown futures up and Nastack
Speaker 1: futures are higher by eighty one points. The tenure treasury
Speaker 1: is up five thirty seconds. The yield on the benchmark
Speaker 1: three point nine. Local headlines and a check of sports
Speaker 1: up next. This is Bloomberg at south five oh seven
Speaker 1: on Wall Street ward fifty eight degrees in Central Park.
Speaker 1: Got an accident on the southbound New Jersey Turnpike truck
Speaker 1: lanes spikes at third team. Details coming up in traffic.
Speaker 1: First Michael Barr with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good morning, Nathan.
Speaker 1: New Jersey Governor Phil Murphy has put up another potential
Speaker 1: hurt older Block Manhattan traffic congestion pricing with an inquiry
Speaker 1: into the potential revenue hit to the Port Authority of
Speaker 1: New York and New Jersey. Murphy says the plan would
Speaker 1: cut bridge and tunnel toll collections. Murphy wrote the comment
Speaker 1: to Port Authority Executive Director Richard Cotton, and in October
Speaker 1: eleventh letter obtained by Blueberg News. He says any reduction
Speaker 1: in the Port Authority capital plan because of congestion pricing
Speaker 1: should not come at the expense of any New Jersey projects.
Speaker 1: The letter is Murphy's latest attempt to quash the congestion
Speaker 1: pricing plan to raise about a billion dollars annually for
Speaker 1: the m t A or at least the land On
Speaker 1: the campaign trail, Senate Minority Leader Mitch McConnell says the
Speaker 1: party will stick with Herschel Walker as their GOP candidate
Speaker 1: for Senate in Georgia. Walker told ABC he denies a
Speaker 1: woman's claims that the former NFL star once urged her
Speaker 1: to have an abortion. I know nothing about an abortion.
Speaker 1: I knew us a lie and I said it was
Speaker 1: a lie, and I just move on. Walker's campaign is
Speaker 1: rocked by allegations that he reimbursed an ex girlfriend for
Speaker 1: an abortion. In two thousand nine, New York City Mayor
Speaker 1: Eric Adams signed legislation barring concealed guns both legal and illegal,
Speaker 1: from Times Square. Mayor Eric Adams says it's essential for
Speaker 1: the city to safeguard the rights of the tourists and
Speaker 1: visits who could be coming through the area looking for
Speaker 1: save fund on their trips to the city. We are
Speaker 1: projected to receive fifties six million tourists UH in this city.
Speaker 1: Many of them come through Times Square has become a
Speaker 1: signature of this city, and we want to make sure
Speaker 1: that this saved. The decision comes following the summer's Supreme
Speaker 1: Court decision or to overturn the state's law requiring a
Speaker 1: license to carry concealed weapons in public places. NASA says
Speaker 1: the dark spacecraft that crashed into a small harmless asteroid
Speaker 1: two weeks ago has succeeded in shifting the space rocks orbit.
Speaker 1: NASA Administrator Bill Nelson. Now the team is confirmed that
Speaker 1: the spacecraft's impact altered demorphous orbit around Didimos by thirty
Speaker 1: two minutes. NASA's Bill Nelson. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg quick Take, powered
Speaker 1: by more than twenty seven hundred journalists analysts in more
Speaker 1: than a hundred twenty countries. I'm Michael Barr, and this
Speaker 1: is bloom Burg. Neither all right, Michael, Thank you, Almost
Speaker 1: five ten on Wall Street time for the Bloomberg Sports Update.
Speaker 1: Good morning, John Sten Sharn, Morning eighth in the Yankees
Speaker 1: signed Garrett Cole to win big games in October didn't
Speaker 1: happen last year. He got roughed up in a one
Speaker 1: game playoff in Boston. But Cole pitched like an ace
Speaker 1: last night at the Stadium in six and a third,
Speaker 1: allowed just one run, struck at eighth. The bullpen of
Speaker 1: question mark heading to the postseason. It did its job,
Speaker 1: getting the last eight out. Yankees took Game one from
Speaker 1: Cleveland four to one, home runs for Harrison Bader his
Speaker 1: first ever in Prince Ritz and then Anthony Rizzo along
Speaker 1: to run shot. Game two scheduled for tomorrow night, although
Speaker 1: rain is in the fourthcast. High drama on the other
Speaker 1: American League series. Seattle was coming off a win in
Speaker 1: Toronto where the Mariners came back from an eight to
Speaker 1: one defensit. This time they had the lead they got
Speaker 1: to justin Verlander. In Houston, they led Ford and nothing
Speaker 1: later seven to three. Seattle was one out from victory
Speaker 1: the O one and Alberis built it hold run over
Speaker 1: the Vision series. Baby Amy to call used seven. Dodgers
Speaker 1: beat the Padres in l A five to three. The
Speaker 1: Phillies and the Surprise took Game one in Atlanta seven
Speaker 1: to six. Opendy night for the Rangers. Little payback on
Speaker 1: Tampa Bay, who house to them four months ago in
Speaker 1: the playoffs at to go to Meeking's manage sports shorthanded,
Speaker 1: then on the power play Blue Shirts wants me to walk.
Speaker 1: Giants are back from London, but their punter is not.
Speaker 1: Jamie Gallant is a native of Scotland, came to live
Speaker 1: in the US while in high school. He has stuck
Speaker 1: in England with a visa issue. Giants expect him back
Speaker 1: in time to punt on Sunday against Baldwin. John Stash
Speaker 1: of Bloomberg Sports All right, John, thank USMP futures are
Speaker 1: now at plenty two points down, futures up a hundred
Speaker 1: fifty one, nestack futures up eighty six points ten, Your
Speaker 1: treasuries up four thirty seconds, the yield three point nine
Speaker 1: to per cent. Cleveland fed President low Read Amester next
Speaker 1: on the path ahead for the Central Bank. This is
Speaker 1: Bloomberg Bloomberg eleven three or weather. Morning sun will be
Speaker 1: followed by increasing clouds this afternoon and a high year
Speaker 1: seventy degrees rain Tomorrow breezy as well with the high
Speaker 1: in year seventy back in the sunshine on Friday. Right
Speaker 1: now eight in Central Park markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, the
Speaker 1: Bloomberg Business and at Bloomberg Quick Take. This is a
Speaker 1: Bloomberg Business flash and I'm Karen Moscow. And futures this
Speaker 1: morning are higher. The pound is trimming games after the
Speaker 1: Bank of England confirmed it will end its emergency bond
Speaker 1: buying program on Friday. And we checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg Right now,
Speaker 1: SMP futures are up twenty seven points down, futures of
Speaker 1: a D eighty and nasday features up. The decks in
Speaker 1: Germany is at three tenths of a percent, the cap
Speaker 1: in Paris up about half percent, and the foot See
Speaker 1: one hundred up a third of up percent. The n
Speaker 1: K to twenty five in Japan little change today with
Speaker 1: the Hank Sing in Hong Kong fell about eight tenths
Speaker 1: of uppercent. Can your treasury up six thirty seconds, you'll
Speaker 1: three point nine two percent. The yield on the two
Speaker 1: year four point to eight percent. NIMEX screwed oil is
Speaker 1: up tenth of a percent or eleven cents at eighty
Speaker 1: nine dollars forty seven cents of barrel comes goal down
Speaker 1: about six tenths of upper cent or nine dollars forty
Speaker 1: cents at sixteen seventy six seventy announce the euro point
Speaker 1: nine seven against the dollar, the British found one point
Speaker 1: one zero to eight and the end one forty six
Speaker 1: point four zero. And looking at a bitcoin, it's up
Speaker 1: about three quarters of a percent and nineteen thousand, one
Speaker 1: hundred sixty dollars today. We do have a reading on
Speaker 1: inflation to lookout for the Producer Price Index thirty Wall
Speaker 1: Street Time. Then at two is the minutes from the
Speaker 1: FEDS the latest meeting. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with Moore on what's going on around
Speaker 1: the world. Michael, good morning, Good morning, Karen. President Joe
Speaker 1: Biden voiced his fury with Audi Arabia over OPEC oil
Speaker 1: production cuts Tuesday, accusing the kingdom of allying itself with
Speaker 1: Russia and vowing to engage with US lawmakers clamoring to
Speaker 1: punish Riad. Biden, speaking to CNN, says there's going to
Speaker 1: be some consequences for what they've done with Russia. The
Speaker 1: Supreme Court will not consider restricting abortion further after its
Speaker 1: June ruling that overturned Roe v. Wade, at least for now.
Speaker 1: The conservative leaning Court decline yesterday to hear a case
Speaker 1: they would have granted constitutional rights to embryos and fetuses.
Speaker 1: In baseball, the Yankees one game one of their ads
Speaker 1: against the Guardians for one. In hockey, the Rangers won
Speaker 1: their season opener. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg quick Take, powered by more
Speaker 1: than twenty seven d journalists and analysts in more than
Speaker 1: one hundred twenty countries. How Michael Barr And this is
Speaker 1: Bloomberg NACOLN. Thanks Michael. It's almost five twenty on Wall
Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg Daybreak. Chatter from the Fed continues to suggest the
Speaker 1: central Bank will continue viking rates aggressively. Cleveland Fed President
Speaker 1: Loretta Mester says more work needs to be done to
Speaker 1: slow inflation. It's an indication she thinks interest rates need
Speaker 1: to be in restrictive territory. Mester sat down for an
Speaker 1: interview with Bloomberg's Kathleen Hayes. They also discussed shrinking the
Speaker 1: FEDS massive balance sheet. Let's take a list of to
Speaker 1: that conversation. Now, you haven't made up your mind yet
Speaker 1: about fifty verse seventy five. Whereas a lot of economists
Speaker 1: and market participants are sure that the strong labor market
Speaker 1: not cooling down means seventy five. You also said that
Speaker 1: you can't let inflation remain so high, you need to
Speaker 1: bring it down quickly. So why would you even doubt
Speaker 1: the seventy five basis point move that seems to consistent. Now,
Speaker 1: I just want to make sure that we have all
Speaker 1: the data before I go into that meeting and hear
Speaker 1: what my colleagues are staying around the table. I think
Speaker 1: the real issue is we need to do more. We
Speaker 1: have not seen inflation move back down um, and we
Speaker 1: need to see that because leaving inflation where it is,
Speaker 1: if it continues, there's a higher chance that it does
Speaker 1: become embedded in the economy and affecting pricing decisions of
Speaker 1: firms and also getting into the psyche of households and
Speaker 1: then has long term negative connotations for the economy. So
Speaker 1: again this is a question. We know that it's time
Speaker 1: to continue on and persevere and bringing the funds right up.
Speaker 1: We know that we're going to have to keep it
Speaker 1: there for a time until we see inflation beginning to
Speaker 1: come back down, because we really want to make sure
Speaker 1: it's on the sustainable downward paths of two. So if
Speaker 1: you remember the dot plot in the median path from
Speaker 1: the last sep in September, we're very much aligned in
Speaker 1: terms of where we think policy needs to get today. Okay, Well,
Speaker 1: in fact, after three d basis points of rate hikes. Um,
Speaker 1: you know, it seems that the terminal rate want I
Speaker 1: ask you, does it look like maybe it's going to
Speaker 1: end up having to be higher than you thought? Uh?
Speaker 1: You have any confidence now? And even knowing what the
Speaker 1: terminal it's going to be, people many people have talked
Speaker 1: about something as high as five percent. Well, we have
Speaker 1: to wait until we see how the economy evolves. This
Speaker 1: is the assessment process that we're going to be going through,
Speaker 1: you know the end of this year and into next year,
Speaker 1: is we want to basically get inflation on this downward path. Right.
Speaker 1: Labor markets continue to be very strong. We have seen
Speaker 1: some moderation there, We have seen some moderation on the
Speaker 1: product side of the economy, and it really is now
Speaker 1: we're going to calibrate going forward. But right now the
Speaker 1: funds rate is just approaching a neutral of funds rate,
Speaker 1: and we really need to get it above neutral for
Speaker 1: a time if we want to put inflation on the
Speaker 1: doward path. And we do so again, we're you know,
Speaker 1: we put out the dot pots, which give our best
Speaker 1: estimate at the moment of what's appropriate policy. But we're
Speaker 1: going to be doing this assessment of how fast is
Speaker 1: deman moderating, how quickly is you know, supply maybe picking
Speaker 1: up and our price pressure is coming down, and that
Speaker 1: will be the job as we go forward in this
Speaker 1: challenging time. Well, you know, the message from the Fed
Speaker 1: seems to be all the comments lately that the idea
Speaker 1: is to move quickly, you know front we of the
Speaker 1: rate hikes, uh, you know, get to four and a
Speaker 1: half to four and three quarters and then see how
Speaker 1: that's affecting inflation. But to clarify, does this mean that
Speaker 1: once you get to that point when you think you're
Speaker 1: at neutral, when it's four and a half to four
Speaker 1: and three quarters, that you're going to pause even with
Speaker 1: the funds rate well below the rate of inflation, because
Speaker 1: that's where it's likely going to be right, Well, I
Speaker 1: think we're going to see inflation come down next year.
Speaker 1: So when I'm thinking about, you know, how far above
Speaker 1: a neutral rate do we have to go, and I
Speaker 1: do think we're going to have to be in restricted territory. Right. Remember,
Speaker 1: as inflation comes down, right, we're becoming more restrictive. So again,
Speaker 1: this is the assessment we have to do. So the
Speaker 1: I think the appropriate path is we continue to raise
Speaker 1: rates a bit more, so we get it up to
Speaker 1: that level where we're positive in terms of the real
Speaker 1: funds rate based on expectant inflation over the next year.
Speaker 1: Then we waited assess data coming in, but not only
Speaker 1: the backward looking data right in the LAG data, but
Speaker 1: also the information we're getting from the street in terms
Speaker 1: of main street right, real consumers, real households, real businesses
Speaker 1: telling us how they're thinking about the economy. And that
Speaker 1: was Cleveland FED President Laurentamester speaking with Bloomberg's Kathleen Hayes.
Speaker 1: And the FED gets more data to digest this week,
Speaker 1: starting today with inflation data that's actually today and tomorrow.
Speaker 1: We get ratings on producer prices today than the key
Speaker 1: data on consumer prices Thursday, then the week wraps up
Speaker 1: with retail sales and the University of Michigan Sentiment Index.
Speaker 1: Those both come out on Friday. Looking ahead to the
Speaker 1: market open this morning, futures are moving higher. We have
Speaker 1: SMP futures up twenty nine points, staff futures up and
Speaker 1: NASDAC futures are higher by a hundred nine points. The
Speaker 1: tenure treasury is up six thirty seconds, the yield three
Speaker 1: point nine to p sent You're listening to Bloomberg Daybreak
Speaker 1: Bloomberg eleven three oh weather. Morning sun will be followed
Speaker 1: by increasing afternoon clowns behind your seventy degrees rain and
Speaker 1: a breeze tomorrow with the high near seventy upper sixties
Speaker 1: Friday with a mostly sunny sky fifty eight degrees. Right now,
Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg E loving freed to Washington, d C, Bloomberg N
Speaker 1: one to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg N sixty to the country, Sirius XM H one
Speaker 1: nine team and around the globe the Bloomberg Business in
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five
Speaker 1: thirty on Wall Straight. Good morning. I'm Nathan Hager and
Speaker 1: I'm Karen Moscow or just about four hours away from
Speaker 1: the open of US trading. Let's get you up to
Speaker 1: date of the news. You need to know what this
Speaker 1: our first up. President Biden weighs in on the economy
Speaker 1: and an interview with CNN. The President faced questions about
Speaker 1: a possible contraction and growth. I don't think there will
Speaker 1: be a recession. If it is, it will be a
Speaker 1: very slight recession, that is, will move down slightly. President
Speaker 1: Biden said the US economy is resilient enough to write
Speaker 1: out any economic turbulence. He also says the American people
Speaker 1: do not need to prepare for a recession. We'll talk
Speaker 1: talk on inflation. Continues from the FED care and Cleveland.
Speaker 1: FED President Loretta Mester says the Central Bank is not
Speaker 1: done raising rates and that she sees no reason to
Speaker 1: alter the central banks balance sheet runoff plan. I think
Speaker 1: we want to stick to that plan because the markets
Speaker 1: have understood the plan. They see it, they understand it.
Speaker 1: We did very well. I think broadcasts what we're planning
Speaker 1: to do that implement in it. Cleveland FED President Loretta
Speaker 1: Mester made the comments in an interview with Bloomberg's Kathleen Hayes.
Speaker 1: Catch the full conversation on the Bloomberg terminal and at
Speaker 1: Bloomberg dot com. Well, the FED still has its critics
Speaker 1: out there. Nathan, including Muhammadhiarium, the Alliance chief economic visor
Speaker 1: and Bloomberg opinion columnists, says the feds aggressive tightening could
Speaker 1: lead to a global slowdown. Central banks and governments have
Speaker 1: to be very aware that we are getting closer situation
Speaker 1: with financial and stability is the tail that waxed the
Speaker 1: dog of the economy. And Muhammadhalaria and made the comments
Speaker 1: on Bloomberg Surveillance heard weekdays at seven am Eastern on
Speaker 1: Bloomberg Radio and Television. We'll going up today, Karen. We
Speaker 1: get some key economic data this morning. The latest Producer
Speaker 1: Price Index comes out at eight thirty Wall Street time.
Speaker 1: We get minutes from the Fed at two PM. Stick
Speaker 1: with Bloomberg Radio and television for complete coverage maintime, Nathan,
Speaker 1: yields are rising in stocks are trading at their lowest
Speaker 1: levels in almost two years. Still, Morgan Stanley, chief US
Speaker 1: equity strategist Mike Wilson says it's too early to call
Speaker 1: a bottom. I don't want to get two bolish here
Speaker 1: because people then won't construe my words and say, hey,
Speaker 1: you know, here's time to go. And that's now what
Speaker 1: we're saying. We're saying there's still you know, last couple
Speaker 1: of endings of this bear market could be quite painful,
Speaker 1: but you've got to be ready for when that price
Speaker 1: gets through an attractive level. Marian Stanley, chief US equity
Speaker 1: strate it just Mike Wilson says, inventory, labor costs and
Speaker 1: other latent expenses are raking havoc on company cash flow,
Speaker 1: and in corporate news today, caring a big companies looking
Speaker 1: at a major head count reduction. Sources say Intel is
Speaker 1: planning thousands of job cuts to lower costs and cope
Speaker 1: with a sputtering personal computer market. Oh sorry, SMP futures
Speaker 1: right now are down thirty two points. Staff futures down.
Speaker 1: Tune at eighteen and as that futures are lower by
Speaker 1: a hundred sixteen points ten, your treasuries up four thirty seconds.
Speaker 1: Heal three point nine straight at your latest local headlines
Speaker 1: in the check of sports, this is Sploomberg and Wall
Speaker 1: Street Word fifty eight degrees in Central Park. Still got
Speaker 1: some lingering road construction. We'll tell you about it shortly.
Speaker 1: First Michael Barr with what else is going on in
Speaker 1: New York and around the world. Michael, thank you very much.
Speaker 1: Nathan New Jersey says traffic congestion pricing in Manhattan threatened
Speaker 1: Support Authority revenue. Jersey Governor Phil Murphy says any reduction
Speaker 1: in the Port Authority capital plan because of congestion pricing
Speaker 1: should not come at the expense of any new Jersey projects.
Speaker 1: Murphy's comments came and in October eleventh letter to Port
Speaker 1: Authority Executive Director Richard Cotton, obtained by Bloomberg News top
Speaker 1: Biden administration officials are voicing their fury with Saudi Arabia
Speaker 1: over OPEC production cuts. Bloomberg's Aid Baxter reports the administration
Speaker 1: says there will be severe consequences. They are saying the
Speaker 1: administration is undertaking a sweeping evaluation of its relationship, including
Speaker 1: modifying agreements. State Department spokesman that Price, saying that cuts
Speaker 1: of benefit of Russia, but it certain certainly serves the
Speaker 1: shorter term interests of countries like Russia, a country that
Speaker 1: stands to gain at least in the near term from
Speaker 1: elevated oil prices. The administration says it may ask Congress
Speaker 1: to get involved. In San Francisco. I'm at Baxter Bloomberg
Speaker 1: day Break, New York Mayor Eric Adams signed into law
Speaker 1: a new concealed carry measure. It means Times Square officially
Speaker 1: becomes a gun free zone, and we're going to make
Speaker 1: sure we created a vin i'm it with those who
Speaker 1: visit the city such as Times Square won't have to
Speaker 1: be paralyzed with the fear of knowing that someone is
Speaker 1: carrying in a gun in this area. The legislation is
Speaker 1: based on a New York state law that is being
Speaker 1: challenged in court. NASA says the dark spacecraft that crashed
Speaker 1: into a small, harmless asteroid two weeks ago has succeeded
Speaker 1: in shifting the space rocks orbit. NASA Administrator Bill Nelson
Speaker 1: NASA successfully crashed a refrigerator sized spacecraft into the asteroid
Speaker 1: de Morphus, seven million miles from Earth. NASA's Bill Nelson
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: Bloomberg Quick Take, powered by more than seven d journalists
Speaker 1: analyist more than a hundred twenty countries. Michael Barren this
Speaker 1: is Bloomberg Na the Power of Science. Michael on Wall
Speaker 1: streets up with the Bloomberg Sports Update with John Stenshaw.
Speaker 1: All right, Nathan October baseball in the Bronx. Garrett Cole's
Speaker 1: first four Yankee postseason start were all on the road
Speaker 1: at the Stadium. He got a big ovation when he
Speaker 1: came out seventh in and one out, one on and
Speaker 1: the Yankees leading Cleveland four to one. The most comfortable
Speaker 1: time to acknowledge the crowd. But I certainly felt it,
Speaker 1: um and appreciated it. And um, I thought they were
Speaker 1: in every pitch tonight, and um, what a wonderful experience
Speaker 1: to have him behind us Yanks one four to one
Speaker 1: home run for Harrison Bata and Anthony Rizzo. Key moment
Speaker 1: came third inning after a Stephen Kwan homer off of Cole.
Speaker 1: The Guardians had the bases loaded one out, Cole got
Speaker 1: out of it. Yanks also got back to back defensive
Speaker 1: gems in the fourth, first and as Waldo Cabrera catch
Speaker 1: in left field and then on a hot smash the
Speaker 1: third baseman Josh Donaldson. Game two scheduled for Tomorrow night,
Speaker 1: weather permitting. Houston down seven three eighth innings came back
Speaker 1: stunned Seattle eight seven on a walk off three one
Speaker 1: homer with two outs on the bottom the night by
Speaker 1: your alba As the Dodgers beat San Diego five to three.
Speaker 1: The Phillies hung on to win seven six in Atlanta.
Speaker 1: The Phil's Nearly Blue a seven one League maker's avantage
Speaker 1: at a big part of the Rangers playoff run last season,
Speaker 1: a run that was ended by Sampa Bay opening night
Speaker 1: at the Gardens, A Banta Dad scored shorthanded second period
Speaker 1: on the power play in the third. The Rangers beat
Speaker 1: the Lightning three to one. Nixon nets both with preseason
Speaker 1: games on the road tonight. The NFL says it will
Speaker 1: consider changes to the roughing the faster penalty, but not
Speaker 1: until after the season. There were two very questionable calls
Speaker 1: in be five. Bloomberg Sports thanks seven on Wall Street
Speaker 1: time for the Tri State Business Report. Here's Bloomberg Scott
Speaker 1: Carr Sample will expanded Smart Labs facility in Piscataway, New Jersey,
Speaker 1: into a state of the art one forty thousand square
Speaker 1: foot laboratory and bio repository. The facility will be one
Speaker 1: of the largest of its kind in the world. Constructions
Speaker 1: expected to be completed by early three The musical theater
Speaker 1: production company League Productions has just renewed its lease in
Speaker 1: New York's Hell's Kitchen. Under the terms of their twelve
Speaker 1: hundred square foot space and the ninth to have Film
Speaker 1: Center building will remain the company's home for the next
Speaker 1: three years. A group of business leaders in Hartford, Connecticut,
Speaker 1: are putting together a working group to plan out future
Speaker 1: uses for an increasing amount of vacant office space in
Speaker 1: the city. Head of the Metro Hartford Alliance, David Griggs,
Speaker 1: says the first order of business will be to get
Speaker 1: the largest communities to agree it is a regional problem.
Speaker 1: One tactic might be to convinced employers of the need
Speaker 1: to return workers to centralized offices. That's the Bloomberg Tri
Speaker 1: State Business Report. I'm Scott Carr. Thank you, Scott eight
Speaker 1: on Wall Street. Bloomberg Radio is on the air from
Speaker 1: San Francisco to New York, London to Hong Kong. Let's
Speaker 1: check in with our global news team for some of
Speaker 1: the top stories heard on our three hundred affiliate radio
Speaker 1: stations around the world. I'm Steve podaskon K and X
Speaker 1: in Los Angeles. We're talking about workers on an Amazon
Speaker 1: warehouse in southern California filing you for work to hold
Speaker 1: a union election. Um Courney Donahoan kat r h in Houston.
Speaker 1: Timond Back Energy is buying Firebird Energy as it looks
Speaker 1: to grow in the Permian Basin. I'm Genus Servetti and
Speaker 1: for KCBS in San Francisco. I'm talking about Intel planning
Speaker 1: major job cuts. I'm Kawain Heatkil on Bloomberg DAV Digital
Speaker 1: Radio in London. Sticking to Friday, the Bank of England
Speaker 1: confirms that it will wrap off its emergency guilt purchase
Speaker 1: at the end of this week. I'm Scott Carr on
Speaker 1: w d c H in Washington. I'm reporting on more
Speaker 1: plans for more data centers in northern Virginia. And those
Speaker 1: are some of the stories. Are hundred Bloomberg journalists and
Speaker 1: analysts are working on this morning around the world. It's
Speaker 1: five thirty nine on Wall Street. The following is an
Speaker 1: editorial from Bloomberg Opinion List. Editorial was written by the
Speaker 1: Bloomberg Editorial Board. By early next year, the US government
Speaker 1: will likely run out of money to pay for COVID
Speaker 1: nineteen vaccines tests and treatments. Although President Joe Biden has
Speaker 1: re list did more support from Congress, Republicans are in
Speaker 1: no mood to continue spending on the pandemic. Shifting more
Speaker 1: costs to the private sector makes sense, but some level
Speaker 1: of government funding is still necessary. Lawmakers should agree on
Speaker 1: a more limited approach that ensures the US is still
Speaker 1: prepared to fight the next pandemic. That means, for example,
Speaker 1: that Congress should continue to authorize funding for basic research,
Speaker 1: the development of new vaccines and therapeutics, and manufacturing capacity
Speaker 1: in ways big and small. The US is moving on
Speaker 1: from COVID with a bit of foresight, the federal government
Speaker 1: should be able to manage this transition while keeping Americans safe.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash
Speaker 1: Opinion or O P I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg opinion, and you can hear Bloomberg
Speaker 1: opinion editorials every weekday. At this time, term Old customers
Speaker 1: can read more at O P I n go. Futures
Speaker 1: moving higher this morning, we have SMP futures up thirty
Speaker 1: one points down futures up tune or twelve Nastack futures
Speaker 1: are higher by a hundred fifteen points. We'll talk about
Speaker 1: this market next with Joe Quinlan, chief market strategist at
Speaker 1: Meryl and Bank of America Private Bank. This is Bloomberg
Speaker 1: Bloomberg eleven three oh weather morning, sun, increasing clouds this
Speaker 1: afternoon with the high near seventy degrees, raining, a breeze
Speaker 1: tomorrow with the high near seventy once again upper sixties,
Speaker 1: mostly sunny by Friday. Right now fifty eight in Central
Speaker 1: Park markets, headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot com, the Bloomberg Business at and
Speaker 1: at Bloomberg Quick Tape. He's a Bloomberg Business Flash and
Speaker 1: I'm Karen Moscow and this flash brought to you by
Speaker 1: s C. I said managers don't get a results at
Speaker 1: are off the charts when their solutions are off the shelf.
Speaker 1: And how sci is operating platform can turn infrastructure into
Speaker 1: a competitive advantage at se i C dot com slash
Speaker 1: Heck futures this morning are higher, and we checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: s and p future is up twenty eight points down,
Speaker 1: futures have a hundred eighty four and nowsdays futures have
Speaker 1: one hundred five. The decks in Germany's up half percent,
Speaker 1: Pennier treasury up one thirty second deal three point nine
Speaker 1: four percent, and the yield on the two year four
Speaker 1: point to eight percent. Nimex screwed oil is up to
Speaker 1: tenths per center nineteen cents at eighty nine dollars fifty
Speaker 1: one cents a barrel. Comics gold is down six tenths
Speaker 1: per cent or nine dollars seventy cents at sixteen seventy
Speaker 1: six thirty announced the euro point nine seven oh four
Speaker 1: against the dollar, British found one point one zero five
Speaker 1: five and the end one forty six point three nine
Speaker 1: and Bitcoin this morning up eight tens of percent at
Speaker 1: nineteen thousand, one hundred seventy dollars. As a Bloomberg business flash,
Speaker 1: now here's muchael Bar with more on what's going on
Speaker 1: around the world. Muggel Paren thank you very much. Ukraine
Speaker 1: Southern Operational Command says its forces have recaptured five settlements
Speaker 1: in the Kirson region. The settlements are in one of
Speaker 1: the four regions recently illegally annexed by Russia. Meanwhile, Russia
Speaker 1: says it has detained five Russians and three citizens of
Speaker 1: Ukraine and our media over the last week bridge explosion,
Speaker 1: linking it to Crimeria Caremea anti government protests continuing cities
Speaker 1: and towns and around for fourth week. Meanwhile, tens of
Speaker 1: thousands of Iranians living abroad have marched on the streets
Speaker 1: of Europe over the death of a woman who was
Speaker 1: arrested by the so called morality police about her job.
Speaker 1: In baseball, the Yankees one game one of their a
Speaker 1: lbs against the Guardians for one. In hockey, the Rangers
Speaker 1: when their season opener against the Lightning three one. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven dred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael barn
Speaker 1: this is Bloomberg NA. Thanks Michael. It's five forty nine
Speaker 1: on Wall Street Life from the Bloomberg Interactive Brokers Studio.
Speaker 1: This is Bloomberg Daybreak, and we're joined now by Joe Quinlan,
Speaker 1: head of c I O Market Strategy at Merylan Bank
Speaker 1: of America Private Bank as we watch a little bit
Speaker 1: of a lift in the futures contracts this morning, Joe,
Speaker 1: after five straight losing sessions. Is this the bottom or
Speaker 1: is this a dead cat? I'm more the latter, Nathan, Unfortunately,
Speaker 1: I would yet people know that. So Fed's got a
Speaker 1: lot of work to do. Global recession in front of us,
Speaker 1: So more of a dead cap bounced than bottom. Although
Speaker 1: we've heard of, as you mentioned, yet more hawkish talk
Speaker 1: from the Federal Reserve. Although we did get or maybe
Speaker 1: I'm going too far here by saying that maybe we
Speaker 1: saw a little bit of a crack from Vice chair
Speaker 1: Lyle Brainer, you know, just saying there should be some
Speaker 1: caution when it comes to the FED going too far
Speaker 1: on interest rates. What's your view on where the Fed's
Speaker 1: going right now? Well, that was interesting to hearing the
Speaker 1: comments from from the chair vice chair in the sense
Speaker 1: that maybe a little more dubblish. But I think I
Speaker 1: think the FED is feeling the heat when it comes
Speaker 1: the recession call. A lot of the recession is coming,
Speaker 1: maybe to fetch back off, but we're still all the
Speaker 1: opinion that we're doing seventy five basis points in November,
Speaker 1: and maybe we start to back off from but we're
Speaker 1: not there yet. So the FEDS shifting. I wouldn't say
Speaker 1: it's a big shift, but the tone is starting to
Speaker 1: turn dubbish. Actually more of that into say the first
Speaker 1: quarter of next year. So you're not swayed then by
Speaker 1: some of the commentary we're hearing from President Biden saying
Speaker 1: that there's gonna be maybe a slight recession and that
Speaker 1: people shouldn't prepare for a long recession. You don't think
Speaker 1: it's gonna be a shallow recession, you know, no, I
Speaker 1: I you know, for presidents to call recessions, well, you
Speaker 1: know his history does is not on their side, so
Speaker 1: to speak. If you look at history, um recession or not,
Speaker 1: the shallow or not. I don't think it will. I don't.
Speaker 1: We're not looking for a deep downtary. The consumer is
Speaker 1: still in decent shape relatively speaking. It's really the rest
Speaker 1: of the world that worries us. Worries me when comes
Speaker 1: to the outlook. So you know, to us, US economy
Speaker 1: is the best in the best shape globally. Will we
Speaker 1: maybe we go in first, we come out first, will
Speaker 1: be the strongest. So we have a bias towards US
Speaker 1: assets when we look globally when we do asset allocation,
Speaker 1: what are you looking at in terms of US allocations? Really,
Speaker 1: you know, Nathan, hard assets, hard power, and so to speak.
Speaker 1: So we like energy, we like defense, minerals, metals. We're
Speaker 1: really staying in that space. It's worked well and we
Speaker 1: think it's going to continue to work a little bit
Speaker 1: more defensive with healthcare utilities, were not ready kind of
Speaker 1: flip the switch and go to growth because we think
Speaker 1: that's a story for the second half of next year.
Speaker 1: But there's a lot of pain between now and then. Well,
Speaker 1: what would get you to that point where you could
Speaker 1: move away from a defensive posture and into growth. What
Speaker 1: are you looking for in the economy or the market
Speaker 1: that would get you out of a Barris stance? First
Speaker 1: and foremost would be a consumer price index, just inflation
Speaker 1: in general, which way, how much is attacking or what
Speaker 1: components doesn't alleviate the FED raising race too far, too aggressively,
Speaker 1: And to say first quarter of next year, that's first
Speaker 1: and foremost. We need some type of it. Won't call
Speaker 1: it a pause, that's some kind of off ramp for
Speaker 1: Ukraine and Russia. And then we need China to reflate
Speaker 1: um you get get COVID zero, COVID policy, reflate reset.
Speaker 1: So really, but the biggest issue is right here at home.
Speaker 1: It's the c p I and then really the employment,
Speaker 1: the labor market. How much slack is is being built
Speaker 1: in there that will take the foot off the pedal
Speaker 1: of the Fed. What's your expectation of what we're gonna
Speaker 1: get from this consumer price index? Do you think we've
Speaker 1: hit peak inflation? You know our economists, do you think
Speaker 1: we've hit peak inflation? But it remains elevated, elevated as well.
Speaker 1: If we break below eight percent, maybe that's you know,
Speaker 1: don't pop the cork on the champagne, because it's we're
Speaker 1: still at seven present plus. So you know, the inflationary
Speaker 1: track has a long ways to go yet in terms
Speaker 1: of getting even remotely close to two percent UM. If
Speaker 1: we get there too fast, right down when we start
Speaker 1: seeing a real nicking a year of year decline, that
Speaker 1: means the economy is weakening more than people expect it.
Speaker 1: So it's a very delicate balancing act. So in our
Speaker 1: last minute here, Joe, where do you see opportunity at
Speaker 1: this point in the tightening cycle and and how long
Speaker 1: do you expect this tightening cycle. Last well, I think
Speaker 1: the tightening cycles behind us. We reached the peak in
Speaker 1: the FED funds rate first quarter of next year. I
Speaker 1: think that's kind of like the base case maybe March April,
Speaker 1: so then we've got the balance of the year to
Speaker 1: work through. We're still hard assets, hard power. It's still
Speaker 1: to me when you look globally OPEC plus if China
Speaker 1: does reflate, that's bullish for energy prices, commodities in general, agriculture.
Speaker 1: So we're still playing defense well into next year based
Speaker 1: on this inflationary fight for the FED. So give it
Speaker 1: in shorter duration on a fixed income that's kind of
Speaker 1: where we're hiding out, holding cash, building some cash reserves,
Speaker 1: and being ready for the upturn because as I said,
Speaker 1: I do think the US leads the way coming out
Speaker 1: of this global recessions. You want to position in the
Speaker 1: US first, globally second. That's just gonna take some time,
Speaker 1: all right, Joe, thanks for this great having on with
Speaker 1: us this morning. Joe Quinlan, head of ce IO Market
Speaker 1: Strategy at Merylan Bank of America Private Bank. Karen Nathan,
Speaker 1: it is five fifty four on Wall Street time now
Speaker 1: for our daily Bloomberg labbreef exploring legal issues in the news,
Speaker 1: and today we're looking at oral arguments. Yesterday, the Supreme
Speaker 1: Court justices were concerned about the implications of California's humane
Speaker 1: pork law and whether it would mean that other states
Speaker 1: could impose demands such as requiring that workers be paid
Speaker 1: a certain way to be allowed to opt out of
Speaker 1: a union before products could be sold. The law approved
Speaker 1: through a balant initiative, bands of sale of pork in
Speaker 1: California unless pregnant pigs are allowed at least twenty four
Speaker 1: square feet of space enough to be able to stand
Speaker 1: up and turn around in their pens. For more, Bloomberg's
Speaker 1: Ding Grasses speaks to Harold Krant, a professor at the
Speaker 1: Chicago Kent College of Law. The pork producers say the
Speaker 1: law unlawfully regulates farmers in other eates, but those farmers
Speaker 1: don't have to sell their pork in California. They don't.
Speaker 1: But California, because of its size, has of the market,
Speaker 1: and so states like New York, California, and Texas have
Speaker 1: a disproportionate impact upon commerce in the United States, and
Speaker 1: so producers have to listen to what those three states,
Speaker 1: in particular say that they have an outsized impact on
Speaker 1: the market. That being said, it is clear that if
Speaker 1: California banned all the importation of pork because of perceived
Speaker 1: health reasons into the state of California, that would survive
Speaker 1: any kind of commerce laws challenge. So the interesting issue here,
Speaker 1: and I think one that we split the court, is
Speaker 1: if a ban is okay under the Constitution, why isn't
Speaker 1: the lesser step of a certification that the pigs are
Speaker 1: slaughtered under humane conditions. Why shouldn't that also be constitutional?
Speaker 1: The gentices seemed concerned about the implications of the law,
Speaker 1: whether states could impose their oral values beyond their borders,
Speaker 1: and that sort of crossed ideological lines. For example, Justice
Speaker 1: Barrett said, so you could have California pass a law
Speaker 1: that said, we're not going to buy any pork from
Speaker 1: companies that don't require all their employees to be vaccinated,
Speaker 1: or from corporations that don't fund gender affirming surgery or
Speaker 1: that sort of thing. So it was sort of the
Speaker 1: parade of horribles. What could happen? I think that's right,
Speaker 1: and I think this case gives rise to that kind
Speaker 1: of parade of horribles, as you suggest, far more so
Speaker 1: than any case the Court has seen which gives rise
Speaker 1: at least if I had to make a prediction that
Speaker 1: the Court is going to find some kind of narrow
Speaker 1: way to reverse the Ninth Circuit holding in favor of
Speaker 1: California and set it back for some additional proceedings, perhaps
Speaker 1: based upon the strength of the showing that each party
Speaker 1: can make about, on the one hand, what kind of
Speaker 1: health benefits for California citizens may accur from this kind
Speaker 1: of humane treatment measures. On the other hand, what kind
Speaker 1: of economic impact disc California regulation they caused the pork
Speaker 1: producers and as Harold Crent, a professor at the Chicago
Speaker 1: Kent College of Law, speaking with the Bloomberg June Grosso.
Speaker 1: Catch more of that interview, plus analysis of the latest
Speaker 1: legal news by subscribing to the Bloomberg Law Podcast or
Speaker 1: downloading the show at Bloomberg dot com slash podcast. Attorneys
Speaker 1: can find exceptional legal research and business development tools at
Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at
Speaker 1: b law Go. Futures this morning are on the rise
Speaker 1: SMP futures of twenty eight points down. Futures have a
Speaker 1: hundred eighty three Nastack futures have one hundred three ten
Speaker 1: year Treasury up one thirty second, yield three point nine
Speaker 1: four per cent, and our top stories are straight ahead.
Speaker 1: This is Bloomberg