WEBVTT - Bloomberg Daybreak: June 24, 2022 - Hour 1 (Radio) 0:00:03.400 --> 0:00:06.680 Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 0:00:06.720 --> 0:00:10.520 day Break for Friday, June two. Coming up this hour, 0:00:11.080 --> 0:00:15.040 the Senate passes a bipartisan guns safety bill, Boris Johnson 0:00:15.160 --> 0:00:18.119 suffers a big defeat. In the UK, stocks are on 0:00:18.200 --> 0:00:21.079 track for their first weekly gain in a month, and 0:00:21.200 --> 0:00:25.280 banks ace the Fed stress tests. New York lawmakers react 0:00:25.320 --> 0:00:28.160 to the Supreme Court's decision on guns. Plus a Long 0:00:28.200 --> 0:00:32.120 Island Library admits it made a mistake in banning LGBTQ content. 0:00:32.560 --> 0:00:36.040 On Michael barn More Ahead, I'm John, Dave Sharon, Sports 0:00:36.120 --> 0:00:38.760 high Drama and the Bronx and ninth Inning Yankee Rally, 0:00:38.800 --> 0:00:41.879 the Stun the Astros. They held the NBA Draft in Brooklyn. 0:00:44.520 --> 0:00:48.440 That's all's training. Head on Bloomberg Daybreak on Bloomberg Elving, 0:00:48.479 --> 0:00:53.000 Free on New York, Bloomberg one, Washington, d C, Bloomberg 0:00:53.000 --> 0:00:56.720 one oh six one, Boston, Bloomberg nine sixties and Francisco 0:00:57.200 --> 0:01:00.160 Sirius x M one nineteen and around the world. Old 0:01:00.200 --> 0:01:03.680 on Bloomberg Radio dot Com and via the Bloomberg Business App. 0:01:07.560 --> 0:01:10.440 And Good Morning, I'm Nathan Hager and I'm Karen Moscow 0:01:10.480 --> 0:01:13.080 and us Dock index futures are higher this morning. We're 0:01:13.120 --> 0:01:14.800 coming up to five o one on Wall Street, and 0:01:14.800 --> 0:01:17.240 we check the markets every fifteen minutes throughout the trading 0:01:17.319 --> 0:01:20.039 day on Bloomberg right now, S and P futures up 0:01:20.080 --> 0:01:23.080 twenty five points, Down futures have one hundred seventy and 0:01:23.160 --> 0:01:26.080 NASDACK futures up one hundred. The decks in Germany's up 0:01:26.120 --> 0:01:29.680 six tenths percent. Ten year treasury is little change. They 0:01:29.760 --> 0:01:33.000 yield is at three point eight percent, and they yield 0:01:33.040 --> 0:01:35.800 on the two year at three point one percent. Nathan, 0:01:35.880 --> 0:01:37.600 all right, Karen, we'll have more on the markets in 0:01:37.640 --> 0:01:40.800 just a minute, but first, the Senate has passed bipartisan 0:01:40.840 --> 0:01:44.160 gun safety legislation by a wide margin. We get the 0:01:44.200 --> 0:01:47.880 latest from Amy Morris in our Bloomberg newsroom in Washington. 0:01:48.480 --> 0:01:51.120 It is being hailed as the biggest breakthrough on gun 0:01:51.120 --> 0:01:54.600 safety in thirty years. The bill will improve background checks, 0:01:54.680 --> 0:01:57.640 secure schools, and gives more funds to states to tamp 0:01:57.680 --> 0:02:01.200 down gun violence. Republican John In of Texas was one 0:02:01.200 --> 0:02:05.960 of the negotiators. Will it save lives? Will it save lives? 0:02:07.000 --> 0:02:09.520 And I believe the answer to that is yes, and 0:02:09.600 --> 0:02:12.840 that makes this worth doing. The House is expected to 0:02:12.880 --> 0:02:15.320 pass the bill and send it to President Biden's desk 0:02:15.400 --> 0:02:18.400 for his signature before leaving for a two week recess 0:02:18.440 --> 0:02:21.440 in Washington. I'm anymore as Bloomberg Daybreak, all right, Amy, 0:02:21.520 --> 0:02:23.600 thank you a boy. The sentence action on gun safety 0:02:23.639 --> 0:02:26.440 comes after an altogether different move at the Supreme Court. 0:02:26.720 --> 0:02:28.920 The Justice is struck down a New York law that 0:02:28.960 --> 0:02:32.560 prevents most people from carrying guns in public. Republican Senator 0:02:32.639 --> 0:02:35.600 Rob Portman of Ohio says it's the right call, and 0:02:35.720 --> 0:02:39.280 I think the President's uh concerned that this is dangerous 0:02:39.280 --> 0:02:42.680 a reclusit just in real life, in real states where 0:02:43.440 --> 0:02:47.320 this has been around for an awfully long time, you know, 0:02:47.520 --> 0:02:51.440 none of those concerns have occurred. But Democratic Senator John 0:02:51.440 --> 0:02:55.240 Alistaff of Georgia says this could set a dangerous president. Well. 0:02:55.440 --> 0:02:57.600 One of the things that I hear consistently across the 0:02:57.600 --> 0:03:02.440 state of Georgia is strong support from law enforcement for 0:03:02.600 --> 0:03:06.880 common sense gun safety measures. Senators as often. Poorman spoke 0:03:06.880 --> 0:03:10.080 with our Washington correspondent Joe Matthew on Bloombergy Sound on 0:03:10.200 --> 0:03:14.360 Catch the show weekdays at five pm Eastern on Bloomberg Radio. Meantime, Karen, 0:03:14.400 --> 0:03:17.359 confidence in the Supreme Court has reached a new low yet. 0:03:17.400 --> 0:03:20.560 More on that, Live from Bloomberg's Ranita Young. Good morning, Ranita, 0:03:20.600 --> 0:03:24.239 Good morning Nathan. A gallop Pole measuring faith in institutions 0:03:24.240 --> 0:03:27.840 over fifty years shows many societal pillars are having a 0:03:27.840 --> 0:03:30.920 bad year, but the eleven point dropped for the nation's 0:03:31.000 --> 0:03:35.320 highest court is about double the decline experienced by other institutions. 0:03:35.320 --> 0:03:38.720 In the survey, confidence in the Supreme Court this year 0:03:38.760 --> 0:03:43.240 has slid among Democrats from thirty percent to percent, and 0:03:43.320 --> 0:03:48.120 from forty percent to twenty five percent among Independence For Republicans, however, 0:03:48.160 --> 0:03:51.640 the gallop Pole says confidence has risen from thirty seven 0:03:51.680 --> 0:03:54.840 to thirty nine percent. Now. The poll was completed a 0:03:54.880 --> 0:03:58.880 few days before the High Court's decision yesterday striking down 0:03:58.920 --> 0:04:01.600 the New York gun law. Live in New York. I'm 0:04:01.600 --> 0:04:03.840 re need a Young Bloomberg daybreak. All right, we need 0:04:03.880 --> 0:04:06.320 to thank you. Another major story where following this morning 0:04:06.400 --> 0:04:09.520 focuses on the insurrection at the Capitol. The January six 0:04:09.560 --> 0:04:13.520 Committees fifth session centered on pressure former President Trump put 0:04:13.520 --> 0:04:16.719 in the Department of Justice to help overturn the election, 0:04:16.960 --> 0:04:20.320 and Bloomberg said, Bachelor has that story. It focused on 0:04:20.360 --> 0:04:22.320 the attempt to force the d o J to throw 0:04:22.360 --> 0:04:25.360 out the slate of electors in Georgia, to meetings that 0:04:25.440 --> 0:04:29.560 threatened Assistant Attorney's General, including Richard Donohue, saying that they 0:04:29.560 --> 0:04:32.480 would lose their jobs. He said, people tell me I 0:04:32.520 --> 0:04:34.559 should just get rid of both of you. I should 0:04:34.600 --> 0:04:38.200 just remove you and UM make a change in the 0:04:38.279 --> 0:04:41.640 leadership with Jeff Clark in maybe something will finally get done. 0:04:41.880 --> 0:04:47.159 Chair Bennie Thompson the workings of what was essentially a 0:04:47.240 --> 0:04:50.280 political coup. Thompson says the next session will focus on 0:04:50.320 --> 0:04:53.440 how Donald Trump summoned the mob to Washington and that 0:04:53.600 --> 0:04:57.000 violence became his last option in San Francisco. I'm at 0:04:57.000 --> 0:05:00.240 Baxter Bloomberg Daybreak, alright ed, thanks. Also major political moves 0:05:00.279 --> 0:05:04.120 in Europe this morning. A big election defeat for Boris Johnson. 0:05:04.240 --> 0:05:06.560 Let's go live to London get the latest with Bloomberg's 0:05:06.600 --> 0:05:09.240 un parts, Good morning you and good morning Nathan Karen. 0:05:09.320 --> 0:05:12.240 A double election defeat for the UK Prime Minister Boris 0:05:12.279 --> 0:05:16.280 Johnson's conserved the party, losing two special elections, including one 0:05:16.320 --> 0:05:19.400 in a district where last time he secured six of 0:05:19.440 --> 0:05:22.360 all votes. Johnson says he will listen to voters after 0:05:22.440 --> 0:05:25.440 the defeat, but in a resignation letter this morning, the 0:05:25.480 --> 0:05:29.320 Conservative Party chairman said we cannot carry on with business 0:05:29.360 --> 0:05:32.039 as usual in London. I'm you and pots Pin Bag daybreak, 0:05:32.160 --> 0:05:33.680 are you and thank you well. We also have some 0:05:33.760 --> 0:05:36.279 news on trade this morning. Bloomberg News has learned that 0:05:36.279 --> 0:05:38.960 the US is set to escalate a claim that Mexico 0:05:39.080 --> 0:05:41.919 violated a free trade agreement. That his feude has to 0:05:41.960 --> 0:05:45.360 do with Mexican policies that favor state run energy companies. 0:05:45.600 --> 0:05:48.440 He dragged out conflict could lead the US to impost 0:05:48.520 --> 0:05:51.640 tariffs on Mexico. Turning to markets now, Karen, the bounce 0:05:51.680 --> 0:05:55.000 back on Wall Street continues. Futures are higher, building on 0:05:55.080 --> 0:05:57.599 three straight days of gains for the SMP five hundred. 0:05:57.760 --> 0:06:00.040 The index has risen more than three percent during this 0:06:00.120 --> 0:06:03.360 holiday short and trading week. Rebecca Corban, CEO of Corban Advisor, 0:06:03.440 --> 0:06:08.680 says investors just want certainty, even in a challenging economic backdrop. 0:06:08.839 --> 0:06:11.480 If they have certainty with regard to what to expect, 0:06:12.160 --> 0:06:18.000 the equity markets will decouple from the economic performance. Rebecca 0:06:18.040 --> 0:06:20.719 Corbin of Corbin Advisor's notes the SMP five d is 0:06:20.760 --> 0:06:22.760 on track for its first weekly gain in a month. 0:06:23.400 --> 0:06:26.360 Well Shares the financial companies are higher in early trading. 0:06:26.440 --> 0:06:29.320 Nathan after Banks as the latest round of stress tests 0:06:29.360 --> 0:06:31.360 from the FED, and we get this story from Bloomberg's 0:06:31.360 --> 0:06:35.000 Doug Krisner. The FED determined banks had sufficient capital to 0:06:35.080 --> 0:06:37.920 withstand a severe recession think of it as a worst 0:06:37.960 --> 0:06:41.760 case searching unemployment, collapsing real estate prices, and to wipeout 0:06:41.800 --> 0:06:45.240 inequities now. The test also looked at whether trading operations 0:06:45.240 --> 0:06:48.320 at firms like JP Morgan, Chase, Morgan Stanley, and Goldman 0:06:48.400 --> 0:06:52.200 Sachs could hold up against a hypothetical market shock. In all, 0:06:52.320 --> 0:06:56.320 the tests assumed combined losses of six hundred twelve billion dollars, 0:06:56.360 --> 0:06:58.840 so with passing marks, banks are now free to return 0:06:58.960 --> 0:07:01.880 eighty billion dollars of their shareholders. In New York I'm 0:07:01.920 --> 0:07:04.360 dead prisoner, Bloomberg daybreak all right, Doug, thank you, And 0:07:04.400 --> 0:07:07.240 shares of FedEx are also higher this morning. The delivery 0:07:07.279 --> 0:07:11.440 service company forecast annual earnings above estimates. Higher package prices 0:07:11.480 --> 0:07:15.120 are helping offset some operating snags tied to the labor shortage. 0:07:15.280 --> 0:07:18.040 Straight ahead your latest local headlines in the check of sports, 0:07:18.080 --> 0:07:24.840 This is Bloomberg's five oh seven on Wall Street, worth 0:07:24.920 --> 0:07:27.720 sixty three degrees in Central Park if usable. Long Island 0:07:27.800 --> 0:07:31.720 Railroad heads up service is suspended between Greenport and ron Coacoma. 0:07:32.160 --> 0:07:35.120 More coming up in traffic. First Michael Barr with more 0:07:35.120 --> 0:07:36.720 on what's going on in New York and around the world. 0:07:36.760 --> 0:07:39.480 Good morning, Michael, Good morning Nathan. New York lawmakers are 0:07:39.520 --> 0:07:42.520 reacting to the Supreme Court's ruling striking down the state 0:07:42.600 --> 0:07:45.800 century old law limiting the right to carry a concealed 0:07:45.840 --> 0:07:49.360 handgun in public. Governor Kathy Oakle says the decision isn't 0:07:49.400 --> 0:07:53.640 just reckless, it's reprehensible. Heaven help us, uh if that's 0:07:53.640 --> 0:07:55.520 what they're going to continue doing with with laws and 0:07:55.560 --> 0:07:58.760 having us go back to that time in history, unrelated 0:07:58.800 --> 0:08:02.240 to the current circumstances where we have a gun violence 0:08:02.360 --> 0:08:06.120 crisis on our hands. New York Mayor Eric Adams echoed 0:08:06.200 --> 0:08:09.960 Governor Hockle's remarks. He cannot allow New York to become 0:08:10.440 --> 0:08:15.200 the Wow Wow West. That is unacceptable. Mayor Adams says 0:08:15.240 --> 0:08:18.520 the decision ignores the shocking crisis of gun violence every 0:08:18.600 --> 0:08:21.960 day in gulfing not only New York, but our entire country. 0:08:22.320 --> 0:08:25.200 Former New York com Mayor Build A. Blasio. Our law 0:08:25.280 --> 0:08:29.920 enforcement officials for decades have believed this kind of approach, 0:08:29.960 --> 0:08:33.240 These strong gun safety laws a particularly important place like 0:08:33.280 --> 0:08:37.760 New York, and the Supreme Court just really spitting the 0:08:37.800 --> 0:08:42.160 face of law enforcements. Former Mayor de Blasio spoke on 0:08:42.200 --> 0:08:46.840 Bloomberg sound On. Meanwhile, State Republican Committee Chairman Nick Langworthy 0:08:47.000 --> 0:08:50.520 says Democrats are trying to create fear and division over 0:08:50.559 --> 0:08:54.120 what he characterizes as legal gun owners rights to protect 0:08:54.160 --> 0:08:57.959 themselves and their families. The New York City Council will 0:08:58.000 --> 0:09:01.280 hold a hearing at noon today on school budget cuts. 0:09:01.280 --> 0:09:05.240 Mayor Adams gave assurances that the reduction would coincide with 0:09:05.360 --> 0:09:08.920 falling enrollment rates. However, the Council wants to look at 0:09:08.920 --> 0:09:12.320 the Department of Educations changes to the formula used to 0:09:12.440 --> 0:09:15.680 calculate how much money is allotted to each school. A 0:09:15.720 --> 0:09:19.520 Long Island Board of trustees admits it was a wrong 0:09:19.640 --> 0:09:23.760 decision to band LGBTQ content from the children's section of 0:09:23.800 --> 0:09:28.840 a library, including books and displays. The Smithtown Library Board 0:09:28.840 --> 0:09:32.079 of Trustees apologized and voted last night for two to 0:09:32.200 --> 0:09:36.400 reverse a previous vote initially banning the content. The decision 0:09:36.520 --> 0:09:40.479 came after Governor Hoco called for an investigation. Walking appointments 0:09:40.520 --> 0:09:44.040 in the New York City temporary clinic giving monkeypox vaccines 0:09:44.280 --> 0:09:46.960 had to be halted. Officials say there was so much 0:09:47.040 --> 0:09:50.040 high demand at the Chelsea clinic they couldn't accommodate walkins. 0:09:50.440 --> 0:09:52.839 Global News twenty four hours a day on air and 0:09:53.040 --> 0:09:56.760 on Bloomberg Quicktake, powered by more than seven d journalists, 0:09:56.760 --> 0:09:58.839 and that lest more than a hundred twenty countries. I'm 0:09:58.840 --> 0:10:01.160 Michael bar This is Blue Burt Nathan. All right, Michael, 0:10:01.200 --> 0:10:07.640 thank you, almost five ten him all street. Time for 0:10:07.679 --> 0:10:10.640 the Bloomberg Sports Update with John Stshower. All right, Nathan, 0:10:10.760 --> 0:10:13.600 Yankees and Astros have developed quite the rivalry, and here 0:10:13.600 --> 0:10:15.320 they are a game. Two best teams in the American League. 0:10:15.360 --> 0:10:17.640 Water start to the four game series of the Stadium. 0:10:17.720 --> 0:10:21.079 Three run homers all over early on Alex Bregman before 0:10:21.120 --> 0:10:23.679 there was an out recorded John Carlos Stanton bottom the 0:10:23.720 --> 0:10:26.960 first Jordan Alvarez is two of the year. It remained 0:10:27.600 --> 0:10:30.079 six three Astros from the top of the third to 0:10:30.160 --> 0:10:32.120 the bottom of the ninth. Another three run homer, this 0:10:32.200 --> 0:10:33.880 one from Aaron Hicks to tie the game at six, 0:10:33.960 --> 0:10:37.560 and the Yanks were not done. Another Aaron Judge came 0:10:37.640 --> 0:10:41.200 to the plate and the three oh line heard deep 0:10:41.280 --> 0:10:45.560 the love Field pace the Trevino round third, He's coming home. 0:10:45.920 --> 0:10:58.839 Turvino scores full game over. Yankees win Yanke Yankee seven six, 0:10:58.960 --> 0:11:01.760 win their fifteen Aton row and the Bronx longest home 0:11:01.800 --> 0:11:05.360 winspicks of nineteen sixty one Judge will spend today and 0:11:05.440 --> 0:11:08.480 an arbitration hearing's determined if he makes twenty one million 0:11:08.520 --> 0:11:11.120 dollars this year or seventeen. The bigger issue, of course, 0:11:11.160 --> 0:11:13.560 with Judge is what happened after the season when he's 0:11:13.600 --> 0:11:16.280 a free agent. NBA Draft in Brooklyn the next didn't 0:11:16.280 --> 0:11:18.480 have any picks. The Knicks had the eleventh pick, traded 0:11:18.480 --> 0:11:20.400 at to Oklahoma City, one of a few trades that 0:11:20.480 --> 0:11:22.040 Nicks made. In the end, they were able to rid 0:11:22.120 --> 0:11:25.360 themselves up. Kembo Walker, whose return home to New York 0:11:25.400 --> 0:11:27.560 a year ago did not go well, traded to Detroit 0:11:27.679 --> 0:11:30.240 Pistons expected to buy Kemba out to be a free agent. 0:11:30.520 --> 0:11:34.240 Dukes Pawo Banco taken first overall by Orlando Rory McElroy 0:11:34.360 --> 0:11:36.840 shot sixty two. He's got the opening round lead in Hartford, 0:11:37.160 --> 0:11:39.920 the Colorado Avalanche up three one on Tampa Bay, and 0:11:39.960 --> 0:11:43.400 the as tonight can't ring the stanleytop John stash were 0:11:43.440 --> 0:11:46.480 Bloomberg Sports Nathan John thanks a lot. Right now. SMP 0:11:46.640 --> 0:11:49.640 futures are moving higher. They have twenty six points. DAT 0:11:49.679 --> 0:11:51.880 futures up a hundred eighty two, NASTAC futures up a 0:11:51.960 --> 0:11:54.160 hundred five points. The ten year treasury is up one 0:11:54.240 --> 0:11:57.120 thirty second yield three point zero eight percent, yield on 0:11:57.200 --> 0:12:00.680 the two year three point zero one percent. You're listening 0:12:00.800 --> 0:12:08.880 to Bloomberg Daybreak. Blooming Daybreak brought to you by the 0:12:08.920 --> 0:12:10.880 New York Community Trust. Your name will live on as 0:12:10.880 --> 0:12:12.920 a champion of the causes you care about for years 0:12:13.000 --> 0:12:14.960 to come through a charitable request to the New York 0:12:15.000 --> 0:12:18.199 Community Trust. Learn more at Philanthropists dot n y C 0:12:21.960 --> 0:12:25.319 markets headlines and breaking news twenty four hours a day 0:12:25.480 --> 0:12:28.440 at Bloomberg dot com, the Bloomberg Business Out and at 0:12:28.480 --> 0:12:38.040 Bloomberg Quick Tape is a Bloomberg Business Clash. And I'm 0:12:38.120 --> 0:12:41.320 Karin Moscow and this updates brought to you by Informatica. 0:12:41.520 --> 0:12:43.800 In the cloud, your data has the power to do 0:12:43.920 --> 0:12:47.440 the extraordinary. Managed data across any location in the cloud 0:12:47.760 --> 0:12:51.880 for accurate and actionable insights. More at Informatica dot Com. 0:12:52.280 --> 0:12:56.000 Well the technology sector leading stocks higher this morning. Bonds 0:12:56.040 --> 0:12:59.640 are holding a rally as investors evaluate economic threats and 0:12:59.720 --> 0:13:03.199 ski back expectations for inflation and interest rate hikes. We 0:13:03.320 --> 0:13:05.600 checked the markets every fifteen minutes throughout the trading day 0:13:05.679 --> 0:13:08.800 on Bloomberg. The futures are higher, SMP futures up twenty 0:13:08.840 --> 0:13:11.320 eight points this morning, DAL futures up a hundred ninety two, 0:13:11.480 --> 0:13:14.120 nast day futures of a hundred twelve. The decks in 0:13:14.240 --> 0:13:16.760 Germany is up six tenths of a percent. Can your 0:13:16.800 --> 0:13:19.000 treasury up one thirty second you know three point eight 0:13:19.080 --> 0:13:21.080 percent and the yield on the two year three point 0:13:21.320 --> 0:13:24.320 one percent nine Max Screwed oil is up one point 0:13:24.360 --> 0:13:26.640 four percent, up a dollar forty six and a hundred 0:13:26.679 --> 0:13:29.199 five dollars seventy three cents of barrel co Max School 0:13:29.240 --> 0:13:32.640 little changed at eighteen twenty eight sixty announced the euro 0:13:32.800 --> 0:13:36.000 one point five four two against the dollar, British found 0:13:36.040 --> 0:13:38.120 one point to two eight seven and the end is 0:13:38.160 --> 0:13:40.560 at one thirty four point eight three. And looking at 0:13:40.600 --> 0:13:43.160 Bitcoin this morning, up nine tenths of a percent at 0:13:43.200 --> 0:13:47.480 twenty thousand, nine hundred eighty dollars. That's a Bloomberg business flash. 0:13:47.520 --> 0:13:49.719 Now here's Michael Barr with more on what's going on 0:13:49.960 --> 0:13:53.040 around the world. Michael, Good morning, Good morning, Karen. Congress 0:13:53.120 --> 0:13:55.480 is on the verge of approving a thirteen billion dollar 0:13:55.559 --> 0:13:59.800 buy impartisan gun violence bill. How's approval is expected to 0:14:00.200 --> 0:14:03.559 on legislation that would be the lawmaker's most sweeping answer 0:14:03.679 --> 0:14:06.960 in decades. The Senator proved the measure yesterday, with fifteen 0:14:07.080 --> 0:14:13.200 Republicans joining Democrats in backing passage. House GOP representatives Matt Gates, 0:14:13.240 --> 0:14:17.319 Scott Perry, Andy Biggs, Louis Gohmert, and Moe Brooks all 0:14:17.440 --> 0:14:21.320 contacted White House staffords seeking partons from Donald Trump. According 0:14:21.400 --> 0:14:25.520 to video testimony played by the committee investigating the January 0:14:25.600 --> 0:14:28.920 six Ryan at the US Capitol. In baseball, the Yankees 0:14:29.000 --> 0:14:31.440 one along with the Orioles, the Giants, and A's Lost 0:14:31.760 --> 0:14:34.200 Global news twenty four hours a day on air and 0:14:34.440 --> 0:14:37.760 on Bloomberg Quicktake, powered by more than twenty seven hundred 0:14:37.800 --> 0:14:40.760 journalists and analysts more than a hundred twenty countries. Michael 0:14:40.840 --> 0:14:43.120 Barr and this is Bloomberg Nathan, Hi, Michael, thank you. 0:14:43.200 --> 0:14:45.480 It's five nineteen on Wall Street Live from the Bloomberg 0:14:45.560 --> 0:14:48.640 Interactive Brokers studios. This is Bloomberg Daybreak. We have to 0:14:48.680 --> 0:14:52.200 pass along a brief correction here. Earlier we misidentified one 0:14:52.240 --> 0:14:54.120 of the guests who spoke with us about the Supreme 0:14:54.120 --> 0:14:57.720 Courts gun rights decision as Ohio Republican Senator Rob Portman. 0:14:58.200 --> 0:15:02.400 That guest was actually Republican Congressman Kevin Brady of Texas. 0:15:02.480 --> 0:15:04.840 We apologize from the mix up there, but let's talk 0:15:04.920 --> 0:15:08.960 more about what those lawmakers were actually talking about. Gun 0:15:09.080 --> 0:15:13.720 rights legislation, a Supreme Court ruling, and January six hearings 0:15:13.800 --> 0:15:17.440 that have unveiled more details about the pressure campaign that 0:15:17.520 --> 0:15:21.080 former President Trump put on his own government on election 0:15:21.160 --> 0:15:24.520 fraud claims. Bloomberg Government reporter Emily Wilkins is with us 0:15:24.600 --> 0:15:28.320 now from the nation's capital. So much going on in Washington, 0:15:28.440 --> 0:15:32.400 d C. Emily, including these dueling moves on gun rights 0:15:32.520 --> 0:15:35.520 we're seeing on Capitol Hill. Let's start off with what's 0:15:35.560 --> 0:15:38.760 happening with the gun rights legislation. It's moving on to 0:15:38.840 --> 0:15:41.480 the House now, right, Yes, So the Senate passed it 0:15:41.720 --> 0:15:44.840 last night. You had fifteen Republicans joined Democrats and doing 0:15:44.960 --> 0:15:48.560 so in the most significant gun restrictions that Congress has 0:15:48.600 --> 0:15:51.680 passed since the mid nineties. We are expecting that this 0:15:51.800 --> 0:15:53.840 bill is going to pass the House today, clearing it 0:15:54.000 --> 0:15:57.320 to go to President Biden's a dusk for his signature. Um. However, 0:15:57.440 --> 0:15:59.920 we don't expect to see a as strong as by 0:16:00.080 --> 0:16:04.440 partisan support leadership in Republican leadership rather in the House 0:16:04.800 --> 0:16:07.680 is pushing against this measure. That's really a break from 0:16:07.720 --> 0:16:10.800 what we saw with Senate leadership. You saw Mitch McConnell 0:16:11.120 --> 0:16:14.000 go ahead and say that this bill was common sense, 0:16:14.400 --> 0:16:16.400 uh and really get a number of as members of 0:16:16.520 --> 0:16:19.040 his party willing to support it, despite groups like the 0:16:19.280 --> 0:16:21.720 n r A being against it. Um. So there's a 0:16:21.840 --> 0:16:24.840 bit of an interesting divide there. Um. This bill, of course, 0:16:24.880 --> 0:16:27.680 doesn't go as far as Biden called for, nor does 0:16:27.720 --> 0:16:31.080 it go as far as Democrats want. Uh. It's you know, 0:16:31.240 --> 0:16:34.840 for example, it only expands criminal background checks for buyers 0:16:34.960 --> 0:16:37.800 under twenty one, and it a gift states fundy that 0:16:37.840 --> 0:16:40.240 could be used to implement red flag laws that allow 0:16:40.360 --> 0:16:43.760 judges to remove guns from potentially dangerous owners, but states 0:16:43.800 --> 0:16:47.440 are not required to use that money exactly for that purpose, 0:16:47.480 --> 0:16:51.240 which is something Republicans were pushing for earlier on UM. 0:16:51.400 --> 0:16:55.400 Another provision, it does close that boyfriend loophole, which means 0:16:55.440 --> 0:16:58.280 that a person who's convicted of domestic violence, they are 0:16:58.360 --> 0:17:01.200 now banned from buying a gun, but it's only for 0:17:01.320 --> 0:17:04.480 five years, after which they're able to purchase firearms again. 0:17:04.840 --> 0:17:07.240 So you're seeing a lot of compromise here with this 0:17:07.560 --> 0:17:10.920 measure UM and it's something that I think for Democrats part. 0:17:11.040 --> 0:17:13.280 You saw Truck Schumer saying that you know, it's well, 0:17:13.400 --> 0:17:16.160 it's not a cure all Uh. He didn't want Democrats 0:17:16.200 --> 0:17:18.960 to surrender to gridlock. He said that they had to 0:17:19.080 --> 0:17:21.840 forge a bipartisan path forward to pass the real bill. 0:17:22.200 --> 0:17:24.600 And all that said, this is the first major piece 0:17:24.640 --> 0:17:27.480 of gun rights legislation to move anywhere in Washington in 0:17:27.480 --> 0:17:30.119 about three decades. And I guess, showing sort of the 0:17:30.160 --> 0:17:33.560 political contrast, here's what we saw from the Supreme Court 0:17:33.680 --> 0:17:36.600 yesterday expanding gun rights in a way that hasn't been 0:17:36.640 --> 0:17:39.560 seen more than a decade. Yeah, the six three decision 0:17:39.920 --> 0:17:42.040 rule that Americans have a right to carry a handgun 0:17:42.200 --> 0:17:44.960 outside the home for self defense. This is really something 0:17:45.040 --> 0:17:47.639 that the Court hasn't waited on before and weighed on 0:17:47.920 --> 0:17:50.400 in this banner. It strikes down a New York law 0:17:50.680 --> 0:17:53.159 requiring a special need if you want to be carrying 0:17:53.320 --> 0:17:55.840 a weapon in public. There's similar laws in place in 0:17:55.920 --> 0:17:58.840 Baltimore and San Francisco, and it comes as all these 0:17:58.880 --> 0:18:02.280 cities are dealing with higher levels of crime. That's a 0:18:02.359 --> 0:18:05.680 big concern for a number of these mayors, and this 0:18:05.880 --> 0:18:08.719 ruling by the Supreme Court limits an option that they 0:18:08.760 --> 0:18:10.560 could use to try to make sure that there are 0:18:10.640 --> 0:18:13.560 fewer guns on the street. Of course, now the question 0:18:13.800 --> 0:18:16.440 is what restrictions can cities put in place. You saw 0:18:16.760 --> 0:18:19.600 Justice is Kavanaugh Justices Roberts suggests that it would be 0:18:19.680 --> 0:18:22.080 possible to limit who can carry a gun in public, 0:18:22.400 --> 0:18:25.080 but the same standard needs to be applied to everyone, 0:18:25.240 --> 0:18:27.800 so it can't be for people who have specific jobs. 0:18:27.920 --> 0:18:30.879 Per se. Not a mina left here. Emily Phillipson on 0:18:31.000 --> 0:18:33.359 the latest from what we heard in the January six hearings, 0:18:33.400 --> 0:18:37.360 we heard from several Justice to pull former Justice Department officials. Yeah, 0:18:37.400 --> 0:18:40.159 this last January six hearing, it was really focused on 0:18:40.240 --> 0:18:43.320 how Trump tried to pressure the Justice Department into falsely 0:18:43.400 --> 0:18:47.120 saying that the election was stolen UM, and it really 0:18:47.240 --> 0:18:51.159 kind of has those uh payings back to Watergate, when 0:18:51.200 --> 0:18:55.359 you saw Nixon put pressure on his own Justice Department. UM. 0:18:55.480 --> 0:18:59.040 And you also saw yesterday, UM a raid on for 0:18:59.160 --> 0:19:02.480 Jeffrey Clark of the Trump assistant Attorney General. UM. You 0:19:02.560 --> 0:19:06.239 saw that, uh there was a rate on his home. UH. 0:19:06.440 --> 0:19:09.399 Looking further into that, it's suggesting that not only is 0:19:09.440 --> 0:19:13.119 the January six Committee going forward in their investigation, but 0:19:13.200 --> 0:19:16.600 you're also seeing the Justice Department under Biden take a 0:19:16.760 --> 0:19:19.960 much closer look at what happened on January six. Bloomer 0:19:20.000 --> 0:19:22.960 Government reporter Emily Wilkins, thanks as always for keeping us 0:19:23.000 --> 0:19:25.200 up to speed on what's happening in the nation's capital. 0:19:25.200 --> 0:19:27.720 As we say, so much going on, lots of developments 0:19:27.760 --> 0:19:31.480 politically in Washington, d C. Looking ahead to the market 0:19:31.520 --> 0:19:35.880 open on Wall Street, more gains potentially as we get 0:19:35.920 --> 0:19:38.639 ready to round up our first winning week and just 0:19:38.800 --> 0:19:42.080 about a month here. SMP futures are up twenty eight points, 0:19:42.480 --> 0:19:45.159 Dow futures up a D nine nine, Nasdaq futures are 0:19:45.240 --> 0:19:48.120 higher by a hundred seven points. The tenure treasury little 0:19:48.240 --> 0:19:50.679 change now the three UH. The tenure yield is at 0:19:50.720 --> 0:19:53.200 three point zero eight percent and the yield on the 0:19:53.240 --> 0:19:58.400 two year right now three point zero two percent. Stay 0:19:58.440 --> 0:20:08.359 with us. You're listening to blue Burg Daybreak Bloomberg eleven 0:20:08.400 --> 0:20:10.960 three oh weather partly sunny, low eighties to wrap up 0:20:11.000 --> 0:20:13.639 the week. It'll be warmer for the weekend, highs in 0:20:13.680 --> 0:20:17.520 the upper eighties both tomorrow and Sunday. Right now sixty 0:20:17.600 --> 0:20:27.800 three in Central Park, broadcasting live from the Bloomberg Interacted 0:20:27.920 --> 0:20:31.760 Broker Studio in New York. Bloomberg E Living Freedom to Washington, 0:20:31.840 --> 0:20:35.919 d C, Bloomberg On to Boston, Bloomberg one O six one, 0:20:36.040 --> 0:20:39.480 to San Francisco, Bloomberg nine sixty to the Country Sirius 0:20:39.680 --> 0:20:42.200 XM tod A one nineteen and around the globe to 0:20:42.280 --> 0:20:46.159 Bloomberg Business app and Bloomberg Radio dot Com. This is 0:20:46.200 --> 0:20:55.040 Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. 0:20:55.080 --> 0:20:57.800 I'm Nathan Hagar and I'm Karen Moscow. We are just 0:20:57.920 --> 0:21:00.560 about four hours away from the open of you West Trading. 0:21:00.640 --> 0:21:02.000 Let's get you up to date in the news you 0:21:02.119 --> 0:21:04.560 need to know at this hour. The first major piece 0:21:04.600 --> 0:21:07.800 of gun safety legislation in decades has passed the Senate 0:21:07.920 --> 0:21:10.960 by a wide margin. It now heads to the House, 0:21:11.080 --> 0:21:14.439 where Texas Republican Kevin Brady says it should get by 0:21:14.520 --> 0:21:19.280 partisan support. I think hardening the schools makes good sense. 0:21:19.440 --> 0:21:24.080 And uh, I think uh oping the penalties on those 0:21:24.160 --> 0:21:27.440 who straw purchase, who are buying specifically to give to 0:21:27.560 --> 0:21:31.119 someone you know who is analogiable normally criminals there. You know, 0:21:31.160 --> 0:21:34.840 I really think that is that is very helpful. Republican 0:21:34.920 --> 0:21:38.280 Congressman Kevin Brady spoke with Our Washington corresponded Joe Matthew 0:21:38.359 --> 0:21:41.040 on Bloomberg's Sound on Catch the Show weekdays at five 0:21:41.119 --> 0:21:44.200 pm Eastern on Bloomberg Radio. Well, the move comes the 0:21:44.400 --> 0:21:47.000 same day that the Supreme Court struck down a New 0:21:47.080 --> 0:21:49.400 York law that required people to show a special need 0:21:49.520 --> 0:21:52.560 to carry a handgun in public. Meantime, Nathan, ahead of 0:21:52.600 --> 0:21:55.560 that controversial ruling, confidence in the Supreme Court reached a 0:21:55.600 --> 0:21:58.080 new low, and we get the latest lie from Bloomberg's 0:21:58.119 --> 0:22:00.720 Randy to Young Good Morning Randy too, Warning Karin. A 0:22:00.840 --> 0:22:05.159 gallop pole measuring faith in institutions over fifty years shows 0:22:05.240 --> 0:22:08.639 many societal pillars are having a bad year, But the 0:22:08.720 --> 0:22:11.680 eleven point dropped for the nation's highest court is about 0:22:11.800 --> 0:22:15.240 double the decline experienced by other institutions. In the survey, 0:22:15.800 --> 0:22:18.800 confidence in the Supreme Court this year has slid among 0:22:18.960 --> 0:22:23.480 Democrats from thirty percent to percent, and from forty to 0:22:23.600 --> 0:22:28.000 twenty five percent among Independence for Republicans. However, the Gallop 0:22:28.040 --> 0:22:31.600 Pole says confidence has risen from thirty seven to thirty 0:22:31.680 --> 0:22:34.719 nine percent. Live in New York, I'm rened a young 0:22:34.800 --> 0:22:38.000 Bloomberg daybreak rened to thank you. In Europe, Boris Johnson 0:22:38.040 --> 0:22:41.320 has suffered a major election upset, losing a formerly safe 0:22:41.400 --> 0:22:45.040