1 00:00:01,600 --> 00:00:05,000 Speaker 1: By from the Bloomberg Interactive Burger Studios is Bloomberg day 2 00:00:05,040 --> 00:00:08,800 Speaker 1: Break for Tuesday, January eighteen two. Coming up this hour, 3 00:00:09,160 --> 00:00:12,520 Speaker 1: Stocks fall and treasury yields jump as Wall Street gets 4 00:00:12,520 --> 00:00:15,400 Speaker 1: back to work. Oil continues it's rally hitting the highest 5 00:00:15,480 --> 00:00:19,439 Speaker 1: level since Golden and Sacks kicks off a busy week 6 00:00:19,520 --> 00:00:23,320 Speaker 1: for earnings and airlines weren't of catastrophic disruptions tied to 7 00:00:23,360 --> 00:00:26,319 Speaker 1: the rollout of FIG. Authorities say the woman killed in 8 00:00:26,320 --> 00:00:28,880 Speaker 1: the New York subway attack by a homeless man was 9 00:00:28,920 --> 00:00:31,840 Speaker 1: an advocate for the homeless. Plus the senator schedule to 10 00:00:31,880 --> 00:00:34,519 Speaker 1: debate a voting rights bill today On Like larm or 11 00:00:34,960 --> 00:00:37,919 Speaker 1: I'm John stash Auron sports, the Nixon nets Upbord Holliday 12 00:00:38,000 --> 00:00:40,479 Speaker 1: matinee losses and win for the Islanders. The Rams beat 13 00:00:40,560 --> 00:00:45,360 Speaker 1: the Cardinals in the NFL playoffs. That's all straight ahead 14 00:00:45,440 --> 00:00:49,200 Speaker 1: on Bloomberg day Break on Bloomberg eleven, Trio, New York, 15 00:00:49,320 --> 00:00:54,080 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 16 00:00:54,240 --> 00:00:58,760 Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x M one nineteen 17 00:00:59,080 --> 00:01:01,800 Speaker 1: and around the world al on Bloomberg Radio dot Com 18 00:01:01,920 --> 00:01:08,520 Speaker 1: and via the Bloomberg Business at Good morning. I'm Nathan 19 00:01:08,560 --> 00:01:12,080 Speaker 1: Hagarn and I'm Karen Moscow. US Dock index futures are 20 00:01:12,200 --> 00:01:14,679 Speaker 1: tumbling this morning, coming up to five oh one on 21 00:01:14,720 --> 00:01:16,800 Speaker 1: Wall Street, and we check the markets every fifteen minutes 22 00:01:16,840 --> 00:01:19,320 Speaker 1: throughout the trading day on Bloomberg. Right now is in 23 00:01:19,400 --> 00:01:22,920 Speaker 1: P futures are down fifty three points down, futures down 24 00:01:22,920 --> 00:01:26,240 Speaker 1: two hundred sixty five, and Nasdaq futures down two hundred 25 00:01:26,520 --> 00:01:29,320 Speaker 1: seventy eight. Nathan, all right, Nick, Karen, we gotta start 26 00:01:29,360 --> 00:01:32,280 Speaker 1: with markets this morning. Treasury yields are jumping while stocks 27 00:01:32,319 --> 00:01:34,960 Speaker 1: continue their slide. Let's get the very latest live with 28 00:01:35,000 --> 00:01:38,040 Speaker 1: Bloomberg's John Tucker. John, good morning, Good morning, Nathan, to 29 00:01:38,280 --> 00:01:40,640 Speaker 1: and ten. Your treasury yields are up to levels not 30 00:01:40,800 --> 00:01:46,000 Speaker 1: seen since before the pandemic. Investors increasingly concerned elevated inflation 31 00:01:46,240 --> 00:01:49,400 Speaker 1: will force the Fed to tighten policy faster than expected. 32 00:01:49,760 --> 00:01:52,880 Speaker 1: Higher rates means future profits are worth less today. That's 33 00:01:52,960 --> 00:01:57,160 Speaker 1: hurting growth stocks, especially technology. Right now, NASDACK futures down 34 00:01:57,240 --> 00:02:00,280 Speaker 1: one point eight percent. What could come to the skew 35 00:02:00,480 --> 00:02:04,320 Speaker 1: is company profits? Strategist at JP Morgan Chase a global 36 00:02:04,360 --> 00:02:08,079 Speaker 1: corporate earnings will deliver significant beats this year. Live in 37 00:02:08,120 --> 00:02:11,120 Speaker 1: New York. I'm John Tucker, Bloomberg Daybreak, John, thank you. 38 00:02:11,160 --> 00:02:14,040 Speaker 1: But we're also seeing oil on the move this morning. 39 00:02:14,120 --> 00:02:16,440 Speaker 1: Brent crude is trading at the highest level in more 40 00:02:16,440 --> 00:02:19,480 Speaker 1: than seven years. We get more from Bloomberg's Paul Wallace 41 00:02:19,520 --> 00:02:23,240 Speaker 1: and Dubai. This strong consensus that Omicron is not going 42 00:02:23,280 --> 00:02:25,680 Speaker 1: to have that much of an impact on oil demand. 43 00:02:26,040 --> 00:02:28,400 Speaker 1: And at the same time, you've got some of the 44 00:02:28,440 --> 00:02:32,720 Speaker 1: world's biggest produces oil produces, including many OPEC members, very 45 00:02:32,760 --> 00:02:36,720 Speaker 1: much struggling to raise production. So the thinking is that, 46 00:02:37,000 --> 00:02:40,280 Speaker 1: especially as we go further into the year, when demand 47 00:02:40,320 --> 00:02:44,520 Speaker 1: should be rising quite strongly, we're going to see supply problems. 48 00:02:44,720 --> 00:02:48,079 Speaker 1: Bloomberg's Paul Wallace says. Goldman's sack is predicting one hundred 49 00:02:48,120 --> 00:02:51,160 Speaker 1: dollar oil and the third quarter and checking prices right now, 50 00:02:51,280 --> 00:02:53,960 Speaker 1: Brent is of one percent at eighty seven dollars thirty 51 00:02:53,960 --> 00:02:56,520 Speaker 1: four cents of barrel nine Max screwed oil up one 52 00:02:56,560 --> 00:02:58,960 Speaker 1: and a half percent at eighty five dollars two cents. 53 00:02:59,080 --> 00:03:01,240 Speaker 1: Well earnings is the a big item to watch this morning. 54 00:03:01,320 --> 00:03:03,639 Speaker 1: Karen Bank results continue to roll in this week, and 55 00:03:03,720 --> 00:03:07,000 Speaker 1: Goldman Sachs reports. Ahead of today's opening bell, we get 56 00:03:07,040 --> 00:03:10,640 Speaker 1: a preview from Bloomberg Global Finance correspondent s We've had 57 00:03:10,680 --> 00:03:13,200 Speaker 1: the first set of earnings for JP Morgan, City Group 58 00:03:13,200 --> 00:03:16,880 Speaker 1: and Wells Fargo, and with fixed income trading expectations pretty 59 00:03:16,960 --> 00:03:20,000 Speaker 1: much below expectations for the biggest of the firms, that 60 00:03:20,080 --> 00:03:22,639 Speaker 1: sets the bar pretty high for Goldman Sacks, which has 61 00:03:22,639 --> 00:03:26,280 Speaker 1: had a banner year in commodities trading, the hope is 62 00:03:26,320 --> 00:03:29,160 Speaker 1: that they will outperform expectations. Yet we're also going to 63 00:03:29,160 --> 00:03:32,680 Speaker 1: watch expenses because those traders will need to get paid 64 00:03:32,680 --> 00:03:35,960 Speaker 1: more to be retained. At JP Morgan, expenses are going 65 00:03:36,040 --> 00:03:38,880 Speaker 1: up and the expectation is the same for Goldman Sacks. 66 00:03:38,960 --> 00:03:41,960 Speaker 1: So what will profitability look like moving forward? In New 67 00:03:42,040 --> 00:03:45,680 Speaker 1: York Um Shinali Bask Bloomberg Daybreak, Shinale, thank you. Let's 68 00:03:45,720 --> 00:03:48,360 Speaker 1: turn to the pandemic now. The latest debate centers on 69 00:03:48,360 --> 00:03:51,680 Speaker 1: whether the pandemic is now shifting to an endemic that 70 00:03:51,680 --> 00:03:54,680 Speaker 1: would put COVID nineteen on even footing, which diseases like 71 00:03:54,760 --> 00:03:58,000 Speaker 1: the flu. Dr Anthony Fauci says it's too early to tell. 72 00:03:58,320 --> 00:04:01,640 Speaker 1: There's an open question as to whether or not omicron 73 00:04:02,200 --> 00:04:05,960 Speaker 1: is going to be the live virus vaccination that everyone 74 00:04:06,120 --> 00:04:08,440 Speaker 1: is hoping for, because you have such a great deal 75 00:04:08,800 --> 00:04:13,080 Speaker 1: of variability with new variants emerging. Dr Anthony Faucci made 76 00:04:13,120 --> 00:04:16,720 Speaker 1: the comments yesterday at the World Economic Forums Davos Agenda 77 00:04:16,839 --> 00:04:20,040 Speaker 1: online conference. Well, meantime, Karen, we're getting early results out 78 00:04:20,080 --> 00:04:23,200 Speaker 1: of Israel on the effectiveness of a fourth vaccine dose. 79 00:04:23,360 --> 00:04:25,560 Speaker 1: Let's get the details. Line from Bloomberg's we need a 80 00:04:25,600 --> 00:04:28,479 Speaker 1: young good morning, Good morning, Nathan. A trial in Israel 81 00:04:28,520 --> 00:04:31,920 Speaker 1: shows that a fourth dose of COVID nineteen vaccine from 82 00:04:31,920 --> 00:04:36,880 Speaker 1: Fiser only offered partial defense against the omicron variant, and overall, 83 00:04:36,920 --> 00:04:39,960 Speaker 1: the lead researcher says shots, which were more effective against 84 00:04:39,960 --> 00:04:44,120 Speaker 1: previous strains, offered less protection with O Macron. Now, Israel 85 00:04:44,160 --> 00:04:46,800 Speaker 1: started rolling out a fourth dose to some residents back 86 00:04:46,800 --> 00:04:49,920 Speaker 1: in December, but the lead researchers says results did not 87 00:04:50,000 --> 00:04:53,680 Speaker 1: support a wider rollout to the whole population, And just 88 00:04:53,800 --> 00:04:57,599 Speaker 1: last week, the European Union warned that frequent COVID nineteen 89 00:04:57,640 --> 00:05:01,200 Speaker 1: boosters could weaken the immune system. It may not be 90 00:05:01,320 --> 00:05:03,880 Speaker 1: feasible live in New York. I'm gonna need a young 91 00:05:03,880 --> 00:05:06,760 Speaker 1: Bloomberg debreak I need to thank you. The pandemic is 92 00:05:06,839 --> 00:05:10,680 Speaker 1: once again impacting the Olympics. China is holding ticket sales 93 00:05:10,720 --> 00:05:14,320 Speaker 1: to the general public. Instead, Beijing will invite select groups 94 00:05:14,320 --> 00:05:16,839 Speaker 1: as spectators to attend the games. We get more from 95 00:05:17,000 --> 00:05:20,159 Speaker 1: Bloomberg yvon Man in Hong Kong. This is quite a 96 00:05:20,160 --> 00:05:25,039 Speaker 1: reversal because originally the plan was to already banned foreign spectators, 97 00:05:25,080 --> 00:05:28,440 Speaker 1: but they were supposed to allow residents to be spectators 98 00:05:28,520 --> 00:05:30,719 Speaker 1: for the Olympic Games, and they were supposed to operate 99 00:05:30,720 --> 00:05:33,600 Speaker 1: in this sort of closed loop system. But that is 100 00:05:33,640 --> 00:05:37,120 Speaker 1: all changing as we speak. Bloomberg javon Man says these 101 00:05:37,200 --> 00:05:40,279 Speaker 1: changes come just three weeks before the Olympic Games kickoff 102 00:05:40,279 --> 00:05:43,440 Speaker 1: and Beijing turning to Europe. Now, political turmoil is in 103 00:05:43,560 --> 00:05:46,240 Speaker 1: focus in the UK. A former top aide to Boris 104 00:05:46,320 --> 00:05:49,560 Speaker 1: Johnson is accusing the Prime Minister of lying about parties 105 00:05:49,560 --> 00:05:52,400 Speaker 1: held at Downing Street during the pandemic. Let's go to 106 00:05:52,440 --> 00:05:54,840 Speaker 1: London get the latest from Bloomberg's un pots, Good Morning 107 00:05:54,880 --> 00:05:57,560 Speaker 1: You and Good Morning Next and Karen Dominic Cummings says 108 00:05:57,640 --> 00:06:00,520 Speaker 1: the UK leader was aware of and permitted a drinks 109 00:06:00,520 --> 00:06:03,280 Speaker 1: policy at Downing Streets at the height of the strict 110 00:06:03,360 --> 00:06:06,520 Speaker 1: lockdown in the first wave of the pandemic. That account 111 00:06:06,520 --> 00:06:08,520 Speaker 1: from the former top aide to the Prime Minister, who's 112 00:06:08,560 --> 00:06:12,159 Speaker 1: been outspoken in his criticism, conflicts with what Boris Johnson 113 00:06:12,200 --> 00:06:15,320 Speaker 1: recently told parliaments in London. I'm neum parts bloom Big 114 00:06:15,360 --> 00:06:17,800 Speaker 1: Day Break, you and thank you. Back here in the US, 115 00:06:17,880 --> 00:06:21,760 Speaker 1: depending rollout of five G surfaces hitting fresh roadblocks, airlines 116 00:06:21,800 --> 00:06:25,960 Speaker 1: were in federal officials of catastrophic disruptions if wireless companies 117 00:06:26,000 --> 00:06:29,200 Speaker 1: continue to deploy five G services. Amy Morris has the 118 00:06:29,279 --> 00:06:33,480 Speaker 1: latest from our Bloomberg newsroom in Washington. The trade association 119 00:06:33,520 --> 00:06:36,920 Speaker 1: Airlines for America warned the traveling and shipping public could 120 00:06:36,920 --> 00:06:39,560 Speaker 1: be impacted by the new signals, which they say could 121 00:06:39,640 --> 00:06:42,599 Speaker 1: interfere with altitude measuring instruments. A T and T and 122 00:06:42,680 --> 00:06:46,279 Speaker 1: Verizon already have an agreement with federal regulators to launch 123 00:06:46,320 --> 00:06:49,960 Speaker 1: this news service on January, and a memo to staff 124 00:06:50,000 --> 00:06:53,560 Speaker 1: seen by Bloomberg News, Jet Blue CEO Robin Hayes says 125 00:06:53,560 --> 00:06:57,560 Speaker 1: the airline faces quote the potential for significant disruptions to 126 00:06:57,640 --> 00:07:02,039 Speaker 1: flights starting tomorrow in Washington. I maybe more as Bloomberg Daybreak, 127 00:07:02,120 --> 00:07:04,480 Speaker 1: Thanks Amie. Right now. I SMP futures are down fifty 128 00:07:04,480 --> 00:07:07,120 Speaker 1: four points. STUN futures down two hundred seventy three. Nasdaq 129 00:07:07,160 --> 00:07:09,440 Speaker 1: futures are lower by two hundred seventy eight points. That's 130 00:07:09,440 --> 00:07:11,880 Speaker 1: a decline of one point eight percent. The tenure treasury 131 00:07:11,920 --> 00:07:14,960 Speaker 1: down eleven thirty seconds. The yield one point eight percent. 132 00:07:15,320 --> 00:07:18,160 Speaker 1: Straight ahead your latest local headlines in the check of sports. 133 00:07:18,200 --> 00:07:24,720 Speaker 1: This is Bloomberg and Stuff five oh seven on Wall 134 00:07:24,760 --> 00:07:27,120 Speaker 1: Street where thirty degrees in Central Park. I've already got 135 00:07:27,160 --> 00:07:29,600 Speaker 1: an incident on the roads, an overturned vehicle East found 136 00:07:29,680 --> 00:07:32,520 Speaker 1: l I E between Utopia Parkway and Francis Lewis Boulevard. 137 00:07:32,600 --> 00:07:35,360 Speaker 1: Details count up in Traffic. First Michael Barr with Flare 138 00:07:35,400 --> 00:07:37,400 Speaker 1: on what's going on in New York and around the world. 139 00:07:37,400 --> 00:07:40,160 Speaker 1: Good morning, Michael, Good morning Nathan. Police in New York 140 00:07:40,160 --> 00:07:43,160 Speaker 1: City say the man accused of killing a woman by 141 00:07:43,280 --> 00:07:46,200 Speaker 1: pushing her into the path of the subway is homeless, 142 00:07:46,640 --> 00:07:50,560 Speaker 1: emotionally disturbed, and under police guard at a hospital. Marshall 143 00:07:50,680 --> 00:07:53,000 Speaker 1: Simon is expected to be a reigned for killing forty 144 00:07:53,080 --> 00:07:56,200 Speaker 1: year old Michelle Goes Saturday morning in the Times Square 145 00:07:56,200 --> 00:07:58,960 Speaker 1: subway station. The killing comes less than a month into 146 00:07:58,960 --> 00:08:01,840 Speaker 1: the first term, the or Eric Adams, who campaigned on 147 00:08:02,040 --> 00:08:05,160 Speaker 1: making the city safer. But you have an incident like this, 148 00:08:05,440 --> 00:08:09,160 Speaker 1: the perception is what we're fighting it gets. Adams also 149 00:08:09,240 --> 00:08:12,560 Speaker 1: says the victim was a management consultant and did volunteer 150 00:08:12,600 --> 00:08:15,800 Speaker 1: work to help the homeless. New York Junior League president 151 00:08:15,920 --> 00:08:20,000 Speaker 1: Dana Cassidy she clearly had a very strong passion for 152 00:08:20,080 --> 00:08:24,480 Speaker 1: working one on one with these populations. In me, Cassidy 153 00:08:24,560 --> 00:08:27,360 Speaker 1: called go a compassionate soul. As for the sixty one 154 00:08:27,440 --> 00:08:30,800 Speaker 1: year old suspect. He was arrested and confessed shortly after 155 00:08:31,440 --> 00:08:34,800 Speaker 1: the senator scheduled debate of voting rights bill today. Excuse 156 00:08:34,800 --> 00:08:41,400 Speaker 1: me for one second. My apologies that they're going to 157 00:08:41,440 --> 00:08:44,720 Speaker 1: try to debate a build uh to allow more access 158 00:08:44,760 --> 00:08:49,400 Speaker 1: to the ballot box. And I'll tell you what, Yes, 159 00:08:49,920 --> 00:08:52,240 Speaker 1: you can come out of this. Okay, no problem. Let 160 00:08:52,440 --> 00:08:55,000 Speaker 1: just pick up from here. This measure that Michael just 161 00:08:55,080 --> 00:08:57,880 Speaker 1: mentioned is expected to face a steep hurdle when Senate 162 00:08:57,880 --> 00:09:01,280 Speaker 1: Democrats challenge the filibuster will require sixty votes to advance 163 00:09:01,400 --> 00:09:06,160 Speaker 1: legislation on Capitol Hill since states have passed bills that 164 00:09:06,200 --> 00:09:09,040 Speaker 1: restrict access to voting. So we'll be watching that very closely, 165 00:09:09,080 --> 00:09:12,079 Speaker 1: of course. Senator Kursten jilla Brand says a nineteen story 166 00:09:12,120 --> 00:09:15,880 Speaker 1: building ravaged by a deadly fire earlier this month should 167 00:09:15,880 --> 00:09:18,360 Speaker 1: not be exempt from having a sprinkler system installed, no 168 00:09:18,400 --> 00:09:21,400 Speaker 1: matter how old it is. Senator toward the nineteen story 169 00:09:21,400 --> 00:09:24,520 Speaker 1: building in the Bronx where seventeen people were killed, we 170 00:09:24,600 --> 00:09:27,200 Speaker 1: also learned from the firefighters that an old building like 171 00:09:27,320 --> 00:09:30,920 Speaker 1: this as grandfather did and doesn't have sprinklers. That's unacceptable. 172 00:09:32,360 --> 00:09:35,319 Speaker 1: Senator Jill A Brand and Congressman Richie Torres, who represent 173 00:09:35,400 --> 00:09:37,319 Speaker 1: that section of the Bronx or the fire happened, their 174 00:09:37,320 --> 00:09:41,200 Speaker 1: sponsoring legislation to have heat sensors in apartments. A year 175 00:09:41,200 --> 00:09:45,439 Speaker 1: old report by Washington's Afghanistan Watchdog has now been declassified. 176 00:09:45,840 --> 00:09:48,640 Speaker 1: It shows that have warned back in early one that 177 00:09:48,720 --> 00:09:52,200 Speaker 1: the Afghan Air Force would collapse without critical US aid 178 00:09:52,200 --> 00:09:55,080 Speaker 1: and training. That was months before President Biden announced the 179 00:09:55,200 --> 00:09:58,480 Speaker 1: end to America's longest war. It is now five o 180 00:09:58,600 --> 00:10:05,920 Speaker 1: nine on Wall Street, and it's time for Bloomberg Sports 181 00:10:05,960 --> 00:10:08,880 Speaker 1: Updake Morning, John Stashout, Good morning, Nathan. Looked like Odell 182 00:10:08,920 --> 00:10:11,079 Speaker 1: Beckham was gonna be a star wide out for the 183 00:10:11,120 --> 00:10:13,600 Speaker 1: Giants for a long time. Giants gave him a big 184 00:10:13,600 --> 00:10:17,280 Speaker 1: contract and then the recently departed general manager Dave Gentleman 185 00:10:17,320 --> 00:10:20,080 Speaker 1: famously said, well, we didn't sign him, to trade him, 186 00:10:20,160 --> 00:10:22,520 Speaker 1: and then he traded him to Cleveland. Didn't work out there. 187 00:10:22,559 --> 00:10:24,600 Speaker 1: The brown shipping of the Rams and Beckham a big 188 00:10:24,640 --> 00:10:26,880 Speaker 1: factor in their playoff win. Last night. He comes to 189 00:10:26,880 --> 00:10:29,640 Speaker 1: snap to Stafford, Look he left, probably left the O 190 00:10:29,920 --> 00:10:35,800 Speaker 1: b JD with a two hitted Brown touchdown. B J 191 00:10:36,880 --> 00:10:41,520 Speaker 1: cut down. Radio called beck in. Later threw a forty 192 00:10:41,600 --> 00:10:44,360 Speaker 1: yard pass. The Rams led the Cardinals twenty eight and nothing. 193 00:10:44,440 --> 00:10:47,200 Speaker 1: They won thirty four to eleven. Matthew Stafford, in his 194 00:10:47,320 --> 00:10:49,640 Speaker 1: first season in l A, does something he never did 195 00:10:49,679 --> 00:10:51,760 Speaker 1: in twelve years in Detroit. He wented to won a 196 00:10:51,800 --> 00:10:54,240 Speaker 1: playoff game and the Rams go to Tampa Bay on Sunday. 197 00:10:54,559 --> 00:10:57,320 Speaker 1: The Giants searched to replace Gentlemen. I've seen them conduct 198 00:10:57,480 --> 00:11:00,760 Speaker 1: nine zoom interviews. Reportedly they've cut the field of five 199 00:11:00,800 --> 00:11:03,280 Speaker 1: and will now begin to bring candidates in. The Knicks 200 00:11:03,280 --> 00:11:04,839 Speaker 1: at one three in a row, five straight at home, 201 00:11:04,880 --> 00:11:08,280 Speaker 1: and Charlotte was without its young star LaMelo Ball, Hornets 202 00:11:08,280 --> 00:11:11,040 Speaker 1: still won easily. Nineties seven, eighties seven only that closes. 203 00:11:11,040 --> 00:11:12,760 Speaker 1: The Knicks made up some ground at the end. Miles 204 00:11:12,760 --> 00:11:15,720 Speaker 1: bridges thirty eight points for the Hornets. He had twenty 205 00:11:15,720 --> 00:11:18,240 Speaker 1: two in the first quarter. Other home game Tonight Nix 206 00:11:18,280 --> 00:11:20,840 Speaker 1: in Minnesota. The Nets, without the injured Kevin Durant lost 207 00:11:20,880 --> 00:11:23,199 Speaker 1: at Cleveland one fourteen to one oh seven. Katie is 208 00:11:23,200 --> 00:11:25,280 Speaker 1: gonna be out the next four to six weeks. The 209 00:11:25,280 --> 00:11:27,360 Speaker 1: Islanders coming on after the slow start of four one 210 00:11:27,360 --> 00:11:30,400 Speaker 1: win over Philadelphia, Battle of Brooklyn. L I You beat 211 00:11:30,480 --> 00:11:34,120 Speaker 1: San Francis. Daniel medved av easy went at the Australian Open. 212 00:11:34,240 --> 00:11:37,000 Speaker 1: Layla Fernandez lost her first round match. He went to 213 00:11:37,080 --> 00:11:41,000 Speaker 1: last year's US Open final. John dash Atward Bloomberg Sports 214 00:11:41,080 --> 00:11:45,840 Speaker 1: nat all Right, John, thanks. Secuity futures are falling, treasuries tumbling, 215 00:11:46,400 --> 00:11:49,640 Speaker 1: Oil on the rise this morning. SMP futures are down 216 00:11:49,720 --> 00:11:52,800 Speaker 1: fifty one point, STOUT futures down two fifty five, NASTACT 217 00:11:52,840 --> 00:11:56,120 Speaker 1: futures down two undred sixty nine points. The tenure treasury 218 00:11:56,160 --> 00:12:00,040 Speaker 1: yield up to one two. Analysis of the market and 219 00:12:00,120 --> 00:12:02,520 Speaker 1: the path for the FED next with former Gartman Letter 220 00:12:02,520 --> 00:12:08,400 Speaker 1: publisher Dennis Gartman. This is Bloomberg Bloomberg eleven three oh 221 00:12:08,440 --> 00:12:10,680 Speaker 1: weather sunny breeze and cold today high in your thirty 222 00:12:10,679 --> 00:12:13,480 Speaker 1: five degrees will be in the mid forties, mostly cloudy tomorrow, 223 00:12:13,480 --> 00:12:16,600 Speaker 1: wintry mess tomorrow night, fidle clear out. Early Thursday turned 224 00:12:16,600 --> 00:12:22,440 Speaker 1: partly sunny with behind the mid thirties. Currently thirty one markets, 225 00:12:22,520 --> 00:12:25,640 Speaker 1: headlines and breaking news twenty four hours a day at 226 00:12:25,640 --> 00:12:29,560 Speaker 1: Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quick Tap. 227 00:12:29,840 --> 00:12:39,439 Speaker 1: This is a Bloomberg business lash and I'm Karen Moscow 228 00:12:39,480 --> 00:12:42,800 Speaker 1: stops following this morning amid a jump in global bond yields, 229 00:12:42,800 --> 00:12:45,520 Speaker 1: his investors prepare for the removal of central bank support. 230 00:12:45,679 --> 00:12:48,760 Speaker 1: US DOT index futures are also dropping. We checked the 231 00:12:48,760 --> 00:12:51,920 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg. 232 00:12:52,040 --> 00:12:55,280 Speaker 1: Right now, S and P futures are down fifty two 233 00:12:55,320 --> 00:13:00,120 Speaker 1: points down. Futures are down two NASDACK futures down two 234 00:13:00,200 --> 00:13:03,439 Speaker 1: hundred and six six s's down one point seven percent. 235 00:13:03,800 --> 00:13:06,320 Speaker 1: Ten year treasury down eleven thirty seconds. You at one 236 00:13:06,360 --> 00:13:09,400 Speaker 1: point eight two percent. They yield on the two year 237 00:13:09,480 --> 00:13:12,840 Speaker 1: one point oh three percent. NIMEX scred oils have one 238 00:13:12,840 --> 00:13:14,880 Speaker 1: point six percent of a dollar thirty six at eighty 239 00:13:14,880 --> 00:13:17,840 Speaker 1: five dollars eighteen cents of barrel comex gold down four 240 00:13:17,880 --> 00:13:21,640 Speaker 1: ten percent or seven dollars fifty cents at eighteen eighty announced, 241 00:13:22,120 --> 00:13:25,120 Speaker 1: the euro one point one nine five against the dollar, 242 00:13:25,200 --> 00:13:27,560 Speaker 1: British found one point three six two three, the ends 243 00:13:27,600 --> 00:13:30,880 Speaker 1: at one four teen point six two and Bitcoin this 244 00:13:30,960 --> 00:13:35,040 Speaker 1: morning at forty one thousand, nine hundred ninety dollars. Today 245 00:13:35,040 --> 00:13:38,040 Speaker 1: we are looking for a report on Empire manufacturing at 246 00:13:37,960 --> 00:13:41,120 Speaker 1: a thirty Wall Street time, and Goldman Saxes among companies 247 00:13:41,160 --> 00:13:44,640 Speaker 1: scheduled to report earnings today. That's a Bloomberg business flashdown. 248 00:13:44,640 --> 00:13:46,959 Speaker 1: Here's Michael Barr with more on what's going on around 249 00:13:46,960 --> 00:13:49,920 Speaker 1: the world. Uncle, Good morning, Good morning, Karen. Senators are 250 00:13:49,920 --> 00:13:53,640 Speaker 1: returning to Washington under intense pressure to pass voting legislation 251 00:13:53,679 --> 00:13:57,080 Speaker 1: in the face of star criticism from civil rights leaders. 252 00:13:57,320 --> 00:13:59,960 Speaker 1: The Senate is set to launch debate today after civil 253 00:14:00,120 --> 00:14:03,160 Speaker 1: rights leaders implored them to change the rules and break 254 00:14:03,200 --> 00:14:06,800 Speaker 1: a Republican led filibuster that installed the voting bill. A 255 00:14:06,840 --> 00:14:11,240 Speaker 1: trade association representing major US airlines and asked Transportation Secretary 256 00:14:11,280 --> 00:14:15,079 Speaker 1: Pete Buddha dig and the nation's top communications and aviation 257 00:14:15,200 --> 00:14:19,960 Speaker 1: regulators to prevent wireless carriers from implementing five G services 258 00:14:19,960 --> 00:14:23,160 Speaker 1: close to airports. In the NFL, the Rams rolled over 259 00:14:23,200 --> 00:14:26,080 Speaker 1: the Cardinals thirty four eleven. So now here's the breakdown 260 00:14:26,320 --> 00:14:29,080 Speaker 1: for the divisional round playoffs. In the NFC, the Rams 261 00:14:29,080 --> 00:14:32,000 Speaker 1: faced Tampa Bay. Green Bay host the forty nine ers 262 00:14:32,080 --> 00:14:34,440 Speaker 1: a f C. The Mangals are at the Titans, the 263 00:14:34,440 --> 00:14:36,920 Speaker 1: Bills are at the Chiefs. In the NBA, the Knicks 264 00:14:36,960 --> 00:14:40,280 Speaker 1: and Nets, Laws, Celtics and Wizards won NHL. The Islanders won. 265 00:14:40,560 --> 00:14:42,760 Speaker 1: Global news twenty four hours a day on air and 266 00:14:42,880 --> 00:14:46,400 Speaker 1: on Bloomberg Quick Take, powered by more than twenty hundred 267 00:14:46,440 --> 00:14:49,520 Speaker 1: journalists and analysts and more than a hundred twenty countries. 268 00:14:49,560 --> 00:14:52,960 Speaker 1: I'm Michael Barr. This is Bloomberg, Nathan, Michael. Thanks for 269 00:14:53,000 --> 00:14:55,160 Speaker 1: coming up to five twenty on Wall Street Life from 270 00:14:55,160 --> 00:14:58,200 Speaker 1: the Bloomberg Intractor Broker Studios. This is Bloomberg Daybreak. We 271 00:14:58,240 --> 00:15:00,080 Speaker 1: want to get right to the action in markets this 272 00:15:00,160 --> 00:15:02,640 Speaker 1: morning with Dennis Gartman, the chairman of the University of 273 00:15:02,680 --> 00:15:05,800 Speaker 1: Akrons Endowman Investment Committee, of course, former publisher of the 274 00:15:05,840 --> 00:15:08,840 Speaker 1: Gartment Letter. As we watched this broad equities sell off 275 00:15:08,920 --> 00:15:11,440 Speaker 1: around the world this morning, Dennis coming back from the 276 00:15:11,880 --> 00:15:15,280 Speaker 1: long holiday weekend, the two year treasury yield back above 277 00:15:15,360 --> 00:15:17,600 Speaker 1: one percent. How much further does this have to go? 278 00:15:18,640 --> 00:15:20,600 Speaker 1: A lot farther? I'm afraid I hate to tell you this, 279 00:15:20,640 --> 00:15:23,160 Speaker 1: but I think a bear market began sometime about nine 280 00:15:23,240 --> 00:15:26,720 Speaker 1: weeks ago. Without getting too esoteric, I tend to look 281 00:15:26,760 --> 00:15:30,040 Speaker 1: at technicals first and fundamental second, and the technicals turn 282 00:15:30,120 --> 00:15:32,280 Speaker 1: bearris nine weeks ago when you had the NASDAC trace 283 00:15:32,320 --> 00:15:34,360 Speaker 1: an outside reversal week, that is, it made a new 284 00:15:34,360 --> 00:15:38,000 Speaker 1: all time high closed below the previous weeks low. Those 285 00:15:38,040 --> 00:15:41,080 Speaker 1: are very rare circumstances from a technical perspective. When they happen, 286 00:15:41,120 --> 00:15:43,200 Speaker 1: you need to pay attention to them, and I think 287 00:15:43,200 --> 00:15:44,760 Speaker 1: that was the start of the bear market. You can 288 00:15:44,800 --> 00:15:47,680 Speaker 1: look at the the SMP. It made its peak in 289 00:15:47,720 --> 00:15:50,480 Speaker 1: the first week of January. The NASTAC made its peak 290 00:15:50,480 --> 00:15:52,760 Speaker 1: in the first, first and second week of November. The 291 00:15:52,840 --> 00:15:55,160 Speaker 1: knee made its peak in the second and third week 292 00:15:55,440 --> 00:15:58,800 Speaker 1: for the eurostocks, fifty made its peak in the third 293 00:15:58,800 --> 00:16:01,320 Speaker 1: and fourth week of November. The rustle made its peak 294 00:16:01,320 --> 00:16:03,240 Speaker 1: in the first week in November. November was a very 295 00:16:03,280 --> 00:16:04,880 Speaker 1: important period of time and the fact that we had 296 00:16:04,880 --> 00:16:08,120 Speaker 1: an outside reversal week in the on the SMP and 297 00:16:08,120 --> 00:16:11,080 Speaker 1: and the NASDAC tells you that a bear market has begun, 298 00:16:11,160 --> 00:16:13,360 Speaker 1: so it has I think some distance to go on 299 00:16:13,400 --> 00:16:16,560 Speaker 1: the downside, probably between ten and twell ten to fifteen 300 00:16:16,600 --> 00:16:19,720 Speaker 1: percent from the highs that were made back nine weeks ago. 301 00:16:19,840 --> 00:16:22,560 Speaker 1: So be careful out there. I think it's ugly. You've 302 00:16:22,560 --> 00:16:25,600 Speaker 1: got the problem with the attack on in Yemen, excuse me, 303 00:16:25,640 --> 00:16:28,320 Speaker 1: in the U a e. By the Hooties. You have 304 00:16:28,400 --> 00:16:30,960 Speaker 1: problems politically in the UK. This morning you have the 305 00:16:30,960 --> 00:16:33,800 Speaker 1: President of United States is UH support. Ratings are at 306 00:16:33,800 --> 00:16:36,240 Speaker 1: all time lows. Things are not things are not pretty. 307 00:16:36,280 --> 00:16:38,560 Speaker 1: Things are getting ugly, and be careful, and there's a 308 00:16:38,560 --> 00:16:40,760 Speaker 1: lot of focus, of course on what the FED is 309 00:16:40,800 --> 00:16:43,680 Speaker 1: doing right now, the possibility of a March rate hike. 310 00:16:43,840 --> 00:16:46,920 Speaker 1: What's your expectation on what the FED is going to 311 00:16:46,960 --> 00:16:49,480 Speaker 1: do this year? How many rate hikes are you pricing 312 00:16:49,480 --> 00:16:52,040 Speaker 1: in right now? I think they'll be at least four, 313 00:16:52,520 --> 00:16:55,200 Speaker 1: and I think that most people have anticipated only three 314 00:16:55,200 --> 00:16:57,040 Speaker 1: and maybe twenty five basis points. I think there will 315 00:16:57,080 --> 00:16:59,160 Speaker 1: be four, and one of them will probably at least 316 00:16:59,200 --> 00:17:01,120 Speaker 1: fifty basis point. So I think the feed is going. 317 00:17:01,320 --> 00:17:03,600 Speaker 1: There's no question that FED is on a tightening circumstance. 318 00:17:03,920 --> 00:17:05,919 Speaker 1: It needs to be. It has overstated. It's welcome as 319 00:17:05,920 --> 00:17:09,280 Speaker 1: far as expansionary monetary policies are concerned. Now they have 320 00:17:09,320 --> 00:17:12,280 Speaker 1: to become contractionary. They will end up QUI will be 321 00:17:12,320 --> 00:17:15,200 Speaker 1: done by the middle of March, and at least four 322 00:17:15,200 --> 00:17:17,280 Speaker 1: increases in the overnight said funds right before the end 323 00:17:17,280 --> 00:17:19,399 Speaker 1: of the year, and and probably at least a hundred 324 00:17:19,400 --> 00:17:23,160 Speaker 1: basis points before it's done. Are you expecting balance sheet 325 00:17:23,200 --> 00:17:26,120 Speaker 1: unwind in the middle of all that. I think they'll 326 00:17:26,160 --> 00:17:29,080 Speaker 1: let old, old securities that they've held for a period 327 00:17:29,119 --> 00:17:31,040 Speaker 1: of time roll off. So that will be the way 328 00:17:31,080 --> 00:17:33,439 Speaker 1: that they will allow the balance sheet to decline. And 329 00:17:33,520 --> 00:17:35,560 Speaker 1: needs to the fact that we've taken it from eight 330 00:17:35,600 --> 00:17:38,800 Speaker 1: hundred billion dollars to what the eight point to trillion 331 00:17:38,800 --> 00:17:44,159 Speaker 1: dollars is just almost inexplicable. Certainly inflationary has to be 332 00:17:44,240 --> 00:17:46,880 Speaker 1: run down, and they'll do it by allowing old securities 333 00:17:46,920 --> 00:17:48,760 Speaker 1: to run off. It will be they won't sell anything, 334 00:17:48,800 --> 00:17:51,360 Speaker 1: I don't think. I certainly hope they don't. That would 335 00:17:51,359 --> 00:17:54,600 Speaker 1: be terribly barish. But they'll allow old securities to roll off, 336 00:17:54,600 --> 00:17:56,760 Speaker 1: and that's the way the balance sheet will decline. Over time. 337 00:17:57,040 --> 00:17:58,880 Speaker 1: It will take several years for it to get back 338 00:17:58,960 --> 00:18:01,520 Speaker 1: to a more reasonable level, but they need to allow 339 00:18:01,520 --> 00:18:03,800 Speaker 1: it to do that is precisely that, So give us 340 00:18:03,840 --> 00:18:06,760 Speaker 1: some time. But the Fed has stopped the monetary expansion 341 00:18:06,760 --> 00:18:09,280 Speaker 1: and has now become monetarily contractionary. Over the course the 342 00:18:09,320 --> 00:18:11,680 Speaker 1: next six months to a year, if we do start 343 00:18:11,760 --> 00:18:14,720 Speaker 1: to see a more hawk is FED take hold here, 344 00:18:14,800 --> 00:18:18,240 Speaker 1: what could that mean for US GDP going forward? Well, 345 00:18:18,280 --> 00:18:20,840 Speaker 1: I think GDP is probably going to be surprisingly strong 346 00:18:20,880 --> 00:18:23,480 Speaker 1: even though the FED will be tightening monetary policy. There's 347 00:18:23,520 --> 00:18:27,160 Speaker 1: still a lot of pent up demand. Consumer balance sheets 348 00:18:27,160 --> 00:18:32,120 Speaker 1: are are as as as decently constructed as we've seen 349 00:18:32,119 --> 00:18:34,040 Speaker 1: in years and years. A lot of say that the 350 00:18:34,080 --> 00:18:36,560 Speaker 1: savings rate has been extraordinarily high. So I think GDP 351 00:18:36,680 --> 00:18:40,000 Speaker 1: will be surprisingly strong even as the FED begins to tighten. 352 00:18:40,040 --> 00:18:42,320 Speaker 1: But that'll be a year from now. We'll probably be 353 00:18:42,320 --> 00:18:45,040 Speaker 1: in recessionary circumstances. But for the next twelve months or so, 354 00:18:45,400 --> 00:18:47,880 Speaker 1: GDP will probably a little higher than people had anticipated 355 00:18:48,160 --> 00:18:50,760 Speaker 1: in our last minute here, with all these cross winds, 356 00:18:50,800 --> 00:18:53,200 Speaker 1: what are you doing with the endowment at the University 357 00:18:53,200 --> 00:18:56,200 Speaker 1: of Akron. We've done two major things. We've taken out 358 00:18:56,240 --> 00:18:59,200 Speaker 1: two years of required spending and put it on the sidelines. 359 00:18:59,240 --> 00:19:01,520 Speaker 1: With ten u of the fund has been taken out 360 00:19:01,520 --> 00:19:03,439 Speaker 1: of the stock market. I think that's been We've been 361 00:19:03,560 --> 00:19:06,000 Speaker 1: very fortunate. And a year ago we took three percent 362 00:19:06,040 --> 00:19:08,159 Speaker 1: of the fund out out of equities and put it 363 00:19:08,200 --> 00:19:11,240 Speaker 1: into gold. So we've become far more conservative, far less 364 00:19:11,240 --> 00:19:13,680 Speaker 1: exposed to the equities market. And if I had my way, 365 00:19:13,720 --> 00:19:15,800 Speaker 1: if I if if it was just a one person vote, 366 00:19:15,880 --> 00:19:18,080 Speaker 1: I'd I'd be selling a few more shares here. But 367 00:19:18,359 --> 00:19:20,520 Speaker 1: I have to make sure that my committee follows behind 368 00:19:20,640 --> 00:19:22,639 Speaker 1: what I want to do. So we have we have 369 00:19:23,080 --> 00:19:25,720 Speaker 1: insulated ten percent of our portfolio away from the stock 370 00:19:25,760 --> 00:19:28,320 Speaker 1: market and and put three percent of it into gold. 371 00:19:28,480 --> 00:19:31,680 Speaker 1: And I'm comfortable with that, all right, Dennis, as always, 372 00:19:31,720 --> 00:19:34,080 Speaker 1: thank you good talking with you this morning. Dennis Gartman 373 00:19:34,240 --> 00:19:37,280 Speaker 1: is chairman of the University of acron Endowment Investment Committee, 374 00:19:37,560 --> 00:19:40,840 Speaker 1: former publisher of the Gartment Letter. Taking a look at 375 00:19:40,880 --> 00:19:43,520 Speaker 1: the markets this morning, to sell off continues with SMP 376 00:19:43,640 --> 00:19:47,440 Speaker 1: futures down fifty point, STAFF futures down two one, NASDAQ 377 00:19:47,520 --> 00:19:49,520 Speaker 1: future is lower by two undred fifty eight points. The 378 00:19:49,560 --> 00:19:52,840 Speaker 1: Tenure Treasury is down ten thirty seconds. The yield one 379 00:19:52,880 --> 00:19:55,920 Speaker 1: point eight one the yield on the two year one 380 00:19:56,000 --> 00:20:00,159 Speaker 1: point zero three percent. Stay with us. You're listening to 381 00:20:00,240 --> 00:20:09,520 Speaker 1: Bloomberg Daybreak, brought to you by The Breakers. This winter, 382 00:20:09,600 --> 00:20:11,879 Speaker 1: a warm welcome awaits you. The Breakers is committed to 383 00:20:11,920 --> 00:20:15,200 Speaker 1: making your stay even better with exceptional experiences, gracious service, 384 00:20:15,200 --> 00:20:18,080 Speaker 1: and unparalleled seaside glamour. To learn more, visit the Breakers 385 00:20:18,119 --> 00:20:25,280 Speaker 1: dot Com. Today broadcasting live from the Bloomberg Interactive Broker 386 00:20:25,400 --> 00:20:29,080 Speaker 1: Studio in New York, Bloomberg Living Free to Washington, d C, 387 00:20:29,280 --> 00:20:33,159 Speaker 1: Bloomberg On to Boston, Bloomberg one O six one, to 388 00:20:33,200 --> 00:20:37,040 Speaker 1: San Francisco, Bloomberg sixty to the Country, Sirius XM H 389 00:20:37,359 --> 00:20:40,639 Speaker 1: one nine and around the globe the Bloomberg Business and 390 00:20:40,760 --> 00:20:50,720 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five 391 00:20:50,760 --> 00:20:53,439 Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hagar and 392 00:20:53,480 --> 00:20:56,360 Speaker 1: I'm Cameron Moscow. We're just about four hours away from 393 00:20:56,400 --> 00:20:58,200 Speaker 1: the open of US trading. Let's get you up to 394 00:20:58,240 --> 00:21:00,080 Speaker 1: date on the news you need to know at this hour. 395 00:21:00,160 --> 00:21:03,640 Speaker 1: Stocks following treasury yields are climbing to begin the week, 396 00:21:03,720 --> 00:21:07,080 Speaker 1: and we get the details live with Bloomberg's John Tucker, John, 397 00:21:07,400 --> 00:21:10,280 Speaker 1: and Good morning Karen. Markets pricing a more aggressive rate 398 00:21:10,359 --> 00:21:13,320 Speaker 1: high path with the Fed, it looks to stop out inflation. 399 00:21:13,640 --> 00:21:16,919 Speaker 1: Two year treasury yields soaring above one percent for the 400 00:21:16,960 --> 00:21:21,239 Speaker 1: first time since higher rates mean future company profits are 401 00:21:21,280 --> 00:21:24,920 Speaker 1: worthless and that's hurting growth stocks Right now, Vasdack futures 402 00:21:24,920 --> 00:21:28,600 Speaker 1: down one point six percent. JP Morgan's fixed income chief 403 00:21:28,640 --> 00:21:31,800 Speaker 1: Bob Michael has been warning stock bowls not to believe 404 00:21:31,880 --> 00:21:35,200 Speaker 1: the Central Bank will meet every market hiccup with easier 405 00:21:35,280 --> 00:21:38,600 Speaker 1: policy live in New York on John Tucker Bloomberg Radio. 406 00:21:38,880 --> 00:21:41,880 Speaker 1: All Right, John, thanks meantime oils extending its gains, hitting 407 00:21:41,920 --> 00:21:45,000 Speaker 1: the highest level in more than seven years. Geo political 408 00:21:45,040 --> 00:21:47,480 Speaker 1: tensions in the Middle East and easing concerns about the 409 00:21:47,480 --> 00:21:50,400 Speaker 1: pandemic are being cited for the search checking All right now. 410 00:21:50,480 --> 00:21:52,840 Speaker 1: Nimex cruds up one point seven percent, up a dollar 411 00:21:52,880 --> 00:21:56,240 Speaker 1: forty six at nine and Barrel Brent cruds up one 412 00:21:56,240 --> 00:21:59,480 Speaker 1: point three percent at eighty seven dollar sixty cents. Nathan 413 00:21:59,520 --> 00:22:02,320 Speaker 1: fourth Court earning season cakes into high gear this week 414 00:22:02,320 --> 00:22:04,920 Speaker 1: in Goldman Sacks Reports this morning, we get more from 415 00:22:04,920 --> 00:22:09,000 Speaker 1: Bloomberg's Larry Kovsky. Goldman's investment banking fee strength will be 416 00:22:09,000 --> 00:22:13,000 Speaker 1: a highlight. According to Bloomberg Intelligence, trading revenue should be solid, 417 00:22:13,040 --> 00:22:16,159 Speaker 1: with equity is doing better relative to fixed income compared 418 00:22:16,200 --> 00:22:20,480 Speaker 1: to a year ago. Costs, especially compensation trends, will help 419 00:22:20,560 --> 00:22:25,600 Speaker 1: gauge the profitability outlook for two. Laury Kowsky Bloomberg Gay 420 00:22:25,600 --> 00:22:27,880 Speaker 1: break All right, Larry, thank you turning into the pandemic. 421 00:22:27,920 --> 00:22:30,399 Speaker 1: Now we're getting early results from his study in Israel 422 00:22:30,480 --> 00:22:33,040 Speaker 1: involving a fourth vaccine dose. Let's get the latest sly 423 00:22:33,160 --> 00:22:35,879 Speaker 1: from Bloomberg. Rinda Young, Good morning, Rinita, Good morning Nathan. 424 00:22:35,960 --> 00:22:38,480 Speaker 1: A trial in Israel shows that a fourth dose of 425 00:22:38,640 --> 00:22:43,040 Speaker 1: Viser's COVID nineteen vaccine only offered partial defense against the 426 00:22:43,040 --> 00:22:46,680 Speaker 1: O macron variant, and overall, the lead researcher says shots 427 00:22:46,680 --> 00:22:50,560 Speaker 1: which were more effective against previous strains, offered less protection 428 00:22:50,680 --> 00:22:53,320 Speaker 1: with O macron. But it's worth noting that those in 429 00:22:53,359 --> 00:22:56,880 Speaker 1: the study had only slight symptoms or none at all. Now, 430 00:22:56,920 --> 00:22:59,720 Speaker 1: Israel started rolling out a fourth dose to some residents 431 00:22:59,720 --> 00:23:02,960 Speaker 1: back in December, but the lead researchers as results did 432 00:23:03,040 --> 00:23:07,200 Speaker 1: not support a wider rollout to the whole population. Live 433 00:23:07,240 --> 00:23:09,480 Speaker 1: in New York. I'm gonna need a young Bloomberg Day Break, 434 00:23:09,640 --> 00:23:11,880 Speaker 1: I Ney to thank you. Another story we're watching has 435 00:23:11,920 --> 00:23:15,440 Speaker 1: depending rollout of five G service hitting fresh roadblocks. US 436 00:23:15,480 --> 00:23:19,480 Speaker 1: airlines are warning of catastrophic disruptions from tomorrow's scheduled deployment 437 00:23:19,520 --> 00:23:23,000 Speaker 1: of five G wireless service. A trade organization earned government 438 00:23:23,040 --> 00:23:26,600 Speaker 1: regulators to prevent five G from being implemented within two 439 00:23:26,640 --> 00:23:31,200 Speaker 1: miles of anywhere aircraft fly straight ahead, your latest local headlines, 440 00:23:31,200 --> 00:23:38,920 Speaker 1: plus a check of sports. And this is Bloomberg. Thanks Caring. 441 00:23:38,960 --> 00:23:40,720 Speaker 1: Its five thirty three on Wall Street where in thirty 442 00:23:40,720 --> 00:23:42,840 Speaker 1: one degrees in Central Park, we've got an accident on 443 00:23:42,880 --> 00:23:46,480 Speaker 1: the west Side Highway southbounded fifty seven. Details coming up 444 00:23:46,520 --> 00:23:49,240 Speaker 1: in traffic First. Michael Barr back with us with more 445 00:23:49,240 --> 00:23:51,080 Speaker 1: on what's going on in New York and around the world. 446 00:23:51,160 --> 00:23:53,560 Speaker 1: The morning, Michael, Good morning, Nathan. Police in New York 447 00:23:53,560 --> 00:23:56,080 Speaker 1: City say the man accused of killing a woman by 448 00:23:56,200 --> 00:23:59,080 Speaker 1: pushing her into the path of a subway is expected 449 00:23:59,119 --> 00:24:02,840 Speaker 1: to be arraigned. Marshall Simon. It is homeless and emotionally 450 00:24:02,840 --> 00:24:06,080 Speaker 1: disturbed and under police guard at a hospital for killing 451 00:24:06,160 --> 00:24:09,480 Speaker 1: forty year old Michelle Go Saturday morning in the Times 452 00:24:09,480 --> 00:24:13,560 Speaker 1: Square subway station, Go did volunteer work to help the homeless. 453 00:24:13,880 --> 00:24:17,560 Speaker 1: New York Junior League President Dana Cassidy said Go had 454 00:24:17,560 --> 00:24:23,399 Speaker 1: a passion for working with the homeless, compassionate soul who 455 00:24:23,520 --> 00:24:28,119 Speaker 1: wanted to be rewarded by that direct impact in directly 456 00:24:28,200 --> 00:24:33,040 Speaker 1: working with those individuals. Junior League President Cassidy says Go 457 00:24:33,600 --> 00:24:37,280 Speaker 1: was also a consultant with a management firm. New York 458 00:24:37,359 --> 00:24:41,120 Speaker 1: City Mayor Eric Adams is enjoying high favorability rates in 459 00:24:41,160 --> 00:24:44,119 Speaker 1: his first couple of weeks in office. According to a 460 00:24:44,200 --> 00:24:48,880 Speaker 1: New Siena pole out today, overall, sixty of city residents 461 00:24:48,880 --> 00:24:52,520 Speaker 1: have a positive impression of the former police captain. Senators 462 00:24:52,560 --> 00:24:55,480 Speaker 1: are returning to Washington under intense pressure to pass voting 463 00:24:55,600 --> 00:24:59,359 Speaker 1: legislation in the phase of star criticism from civil rights leaders. 464 00:25:00,040 --> 00:25:02,480 Speaker 1: It is set to launch debate today after civil rights 465 00:25:02,600 --> 00:25:05,320 Speaker 1: leaders implored them to change the rules and break a 466 00:25:05,359 --> 00:25:09,320 Speaker 1: Republican led filibuster that has stole the voting rights bill. 467 00:25:10,080 --> 00:25:13,960 Speaker 1: Athletes heading to the Olympics next month being warned about 468 00:25:13,960 --> 00:25:17,680 Speaker 1: the security of their cell phones. Bloomberg's Ad Baxter reports 469 00:25:18,080 --> 00:25:20,640 Speaker 1: the athletes are being told that the Great Firewall will 470 00:25:20,680 --> 00:25:24,120 Speaker 1: be partially disabled inside their Olympic Bubble and they will 471 00:25:24,160 --> 00:25:27,399 Speaker 1: have access to Facebook and YouTube. But along with that, 472 00:25:27,560 --> 00:25:30,280 Speaker 1: the US and allies are warning that some companies that 473 00:25:30,400 --> 00:25:35,480 Speaker 1: accuses of installing spyware and malware already are Olympic sponsors, 474 00:25:35,680 --> 00:25:38,199 Speaker 1: and that they could spy and affect phone usage in 475 00:25:38,240 --> 00:25:41,720 Speaker 1: the future. Larry Diamond, Senior fellow at the Hoover Institutions, 476 00:25:41,760 --> 00:25:45,159 Speaker 1: suggests buying a cheap burner phone to use and leaving 477 00:25:45,200 --> 00:25:49,679 Speaker 1: the expensive smartphones at home in San Francisco. I'm at Baxter, 478 00:25:49,720 --> 00:25:52,400 Speaker 1: Bloomberg Gay Break Global News twenty four hours a day 479 00:25:52,440 --> 00:25:55,240 Speaker 1: on air and on Bloomberg Quick Take, powered by more 480 00:25:55,280 --> 00:25:57,840 Speaker 1: than twenty seven hundred journalists and analysts more than a 481 00:25:57,920 --> 00:26:01,320 Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan. 482 00:26:01,520 --> 00:26:08,919 Speaker 1: All right, Michael, thank you on Wall Street. Time for 483 00:26:08,920 --> 00:26:11,840 Speaker 1: the Bloomberg Sports Update with Johnston Shower. Next Nathan. First 484 00:26:11,880 --> 00:26:14,120 Speaker 1: ever Monday night playoff game, How much of a game? 485 00:26:14,160 --> 00:26:17,040 Speaker 1: The fourth blowout of wild Card weekend. Home teams won 486 00:26:17,119 --> 00:26:19,880 Speaker 1: five and one in l a sight of next month's 487 00:26:19,880 --> 00:26:23,120 Speaker 1: Super Bowl. Rams beat the slumping Cardinals. Matthew Stafford's first 488 00:26:23,119 --> 00:26:26,439 Speaker 1: career playoff victory three for two touchdowns for Kyler Murray 489 00:26:26,520 --> 00:26:29,359 Speaker 1: two interceptions. One was costly. I need a call for 490 00:26:29,560 --> 00:26:32,880 Speaker 1: grid of his rock takes the sets, the laces bouncers 491 00:26:32,880 --> 00:26:37,360 Speaker 1: in the pocket from behind, clocks it forward, intercepted, intercepted, 492 00:26:37,640 --> 00:26:42,000 Speaker 1: but pick six David Long Junior plucks it at the one. 493 00:26:42,560 --> 00:26:45,639 Speaker 1: He's got an interception return for a touchdown and Radio 494 00:26:45,720 --> 00:26:48,280 Speaker 1: had at l A one thirty four to eleven held 495 00:26:48,320 --> 00:26:50,919 Speaker 1: Arizona to just a hundred eighty three yards of offense. 496 00:26:50,960 --> 00:26:53,200 Speaker 1: The Cardinals began the year seven and oh. Just last 497 00:26:53,240 --> 00:26:56,240 Speaker 1: month they were an NFL Best tenant too. They finished 498 00:26:56,240 --> 00:26:59,280 Speaker 1: going one in five. The Rams Advance placed Sunday at 499 00:26:59,320 --> 00:27:02,280 Speaker 1: Tampa Bay. The Raiders fired general manager Mike Mayoff. Not 500 00:27:02,400 --> 00:27:04,800 Speaker 1: known about Rich Versaccio, who finished the season as the 501 00:27:04,840 --> 00:27:07,600 Speaker 1: interim coach. The Cowboys said they have no plans to 502 00:27:07,640 --> 00:27:10,480 Speaker 1: fire Mike McCarthy. Display the playoff loss for the forty 503 00:27:10,560 --> 00:27:12,760 Speaker 1: Niners MLK Mattenee at the Garden, one of the knicks 504 00:27:12,840 --> 00:27:16,560 Speaker 1: worst performances, trailed Charlotte by eighteen and a half. Fourn 505 00:27:16,640 --> 00:27:19,520 Speaker 1: It's one nineties seven, eighties seven is Miles bridges for 506 00:27:19,640 --> 00:27:22,600 Speaker 1: a clear high thirty eight points. Knicks missed ten free 507 00:27:22,600 --> 00:27:25,240 Speaker 1: throws at fifteen turnovers their home again tonight to play. 508 00:27:25,240 --> 00:27:28,480 Speaker 1: Minnesota Nets began life without the injurance. Kevin Durant lost 509 00:27:28,520 --> 00:27:31,199 Speaker 1: in Cleveland one fourteen one oh seven. Kyrie Irvan led 510 00:27:31,240 --> 00:27:33,040 Speaker 1: Brooklyn with twenty seven. Nets are playing a lot of 511 00:27:33,080 --> 00:27:35,320 Speaker 1: road games now and those are the only games Irvan 512 00:27:35,359 --> 00:27:38,800 Speaker 1: can play there. In Washington tomorrow, Islanders beat Philadelphia four 513 00:27:38,840 --> 00:27:40,320 Speaker 1: to one to get to other the Game of five 514 00:27:40,400 --> 00:27:43,600 Speaker 1: hundred and San Jose, a club record five goals for 515 00:27:43,680 --> 00:27:47,040 Speaker 1: the Sharks team oh Mile John stash Atward Bloomberg Sports, 516 00:27:47,040 --> 00:27:50,040 Speaker 1: Stephen Seohn. Thanks. It's thirty seven on Wall Street time 517 00:27:50,119 --> 00:27:52,879 Speaker 1: for the Tri State Business Report with Bloomberg's ed Cory. 518 00:27:53,320 --> 00:27:55,879 Speaker 1: New Jersey took in one point six billion dollars in 519 00:27:55,960 --> 00:27:58,760 Speaker 1: revenue from a tank s break crafted to ease the 520 00:27:58,800 --> 00:28:01,040 Speaker 1: pain to the ten thousand dollars or federal cap on 521 00:28:01,280 --> 00:28:05,680 Speaker 1: individuals deductions for state and local taxes. Tax collections from 522 00:28:05,680 --> 00:28:10,040 Speaker 1: the pass through business Alternative income tax rose over the 523 00:28:10,080 --> 00:28:14,920 Speaker 1: previous December. Meanwhile, Connecticut's governor at Attorney General have asked 524 00:28:14,920 --> 00:28:16,800 Speaker 1: the U. S. Supreme Court to hear the appeal of 525 00:28:16,840 --> 00:28:20,680 Speaker 1: Connecticut and other states. They claim it's unconstitutional for the 526 00:28:20,720 --> 00:28:24,200 Speaker 1: federal tax code to limit the annual deductibility of state 527 00:28:24,240 --> 00:28:27,560 Speaker 1: and local taxes to ten thousand bucks. Some elected officials 528 00:28:27,560 --> 00:28:29,760 Speaker 1: in New York are pushing for a new law. It 529 00:28:29,800 --> 00:28:34,080 Speaker 1: would require federally funded housing developments to install sensors that 530 00:28:34,119 --> 00:28:37,240 Speaker 1: would detect when the heat goes out any unit. The 531 00:28:37,280 --> 00:28:40,120 Speaker 1: move follows a deadly Bronx plaze that was sparked by 532 00:28:40,160 --> 00:28:43,160 Speaker 1: a space heater at a property owned by a consortium 533 00:28:43,240 --> 00:28:47,840 Speaker 1: called Bronx Park Phase three Preservation. That your Bloomberg Try 534 00:28:47,880 --> 00:28:52,200 Speaker 1: State Business Report IMiD Corey, thanks that it's on Wall Street. 535 00:28:52,200 --> 00:28:54,680 Speaker 1: Bloomberg Radio is on the air from San Francisco to 536 00:28:54,720 --> 00:28:57,080 Speaker 1: New York, London to Hong Kong. Let's check in with 537 00:28:57,120 --> 00:28:59,240 Speaker 1: our global news team for some of the top stories 538 00:28:59,280 --> 00:29:02,320 Speaker 1: heard on our three hundred affiliate radio stations around the world. 539 00:29:05,400 --> 00:29:08,480 Speaker 1: I'm Stevens Photo Scan on K and X in Los Angeles. 540 00:29:08,480 --> 00:29:12,160 Speaker 1: We're talking about the Union Pacific Railroad thinking about avoiding 541 00:29:12,440 --> 00:29:15,480 Speaker 1: l A after a rise of cargo theft in the area. 542 00:29:15,880 --> 00:29:18,600 Speaker 1: Um Corney's Donahoe on w h A S in Louisville. 543 00:29:18,600 --> 00:29:22,920 Speaker 1: Toyota is cutting its February production by around on chip shortages. 544 00:29:23,360 --> 00:29:26,480 Speaker 1: I'm Caroline hetgil Blubg d AV Digital Radio in London. 545 00:29:26,480 --> 00:29:28,840 Speaker 1: We're reporting that the UK is on track to be 546 00:29:28,840 --> 00:29:31,720 Speaker 1: the first major economy to move beyond the pandemic with 547 00:29:31,920 --> 00:29:35,520 Speaker 1: jobs figures today showing a surgeon car in the vacancy. 548 00:29:36,200 --> 00:29:38,720 Speaker 1: I made Corey on w p A M in Cleveland. 549 00:29:38,720 --> 00:29:42,120 Speaker 1: I'm reporting a new coalition that seemed at recycling vinyl 550 00:29:42,280 --> 00:29:46,120 Speaker 1: signing getting started in Northeastville, Ohio. Those are some of 551 00:29:46,120 --> 00:29:49,200 Speaker 1: the stories are undred Bloomberg journalists and analysts are working 552 00:29:49,240 --> 00:29:51,880 Speaker 1: on this morning around the world. It's five thirty nine 553 00:29:51,880 --> 00:29:56,120 Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion. 554 00:29:56,360 --> 00:29:59,840 Speaker 1: This editorial was written by the Bloomberg Editorial Board. President 555 00:30:00,040 --> 00:30:02,560 Speaker 1: Joe Biden has finally settled on the candidate for one 556 00:30:02,560 --> 00:30:05,440 Speaker 1: of the biggest jobs in global finance, the Vice Chair 557 00:30:05,520 --> 00:30:09,280 Speaker 1: for Bank Supervision at the Federal Reserve. The nominee, Sarah 558 00:30:09,320 --> 00:30:11,720 Speaker 1: Bloom Raskin, is a good choice for what will be 559 00:30:11,800 --> 00:30:16,040 Speaker 1: a challenging assignment. Raskin was Maryland's top financial regulator before 560 00:30:16,120 --> 00:30:20,880 Speaker 1: joining the Federal Reserve, where from fourteen she helped draft 561 00:30:20,960 --> 00:30:24,840 Speaker 1: rules to implement the Dodd Frank reform legislation. She also 562 00:30:24,920 --> 00:30:27,520 Speaker 1: served as second in command at the Treasury, where she 563 00:30:27,640 --> 00:30:32,440 Speaker 1: focused on issues including financial infrastructure and cybersecurity, relevant in 564 00:30:32,480 --> 00:30:36,640 Speaker 1: an age of cryptocurrency and state sponsored hacks. As Vice Chair, 565 00:30:36,760 --> 00:30:41,400 Speaker 1: Raskin will face a particularly daunting task rebuilding financial safeguards 566 00:30:41,400 --> 00:30:45,560 Speaker 1: that were weakened under her predecessor. Fortunately, her record suggest 567 00:30:45,760 --> 00:30:48,239 Speaker 1: she's up to the challenge. The Senate should let her 568 00:30:48,280 --> 00:30:51,280 Speaker 1: get to work without delay. This editorial was written by 569 00:30:51,280 --> 00:30:54,280 Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go 570 00:30:54,360 --> 00:30:57,080 Speaker 1: to Bloomberg dot com, slash Opinion or O P I 571 00:30:57,240 --> 00:31:00,360 Speaker 1: n go on the Bloomberg terminal. This has been Bomberg 572 00:31:00,440 --> 00:31:04,160 Speaker 1: Opinion thinking her Bloomberg opinion editorials every weekday at this time, 573 00:31:04,160 --> 00:31:06,480 Speaker 1: and terminal customers can read more at O P I 574 00:31:06,640 --> 00:31:09,560 Speaker 1: n go. Right now, SMP futures are down fifty two points, 575 00:31:09,560 --> 00:31:12,360 Speaker 1: Stuff futures down turn at fifty nine, Nasdaq futures down 576 00:31:13,320 --> 00:31:16,680 Speaker 1: eight points. The tenure Treasury yield one eight one percent. 577 00:31:17,120 --> 00:31:24,800 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather sunny, breezy 578 00:31:25,120 --> 00:31:27,840 Speaker 1: behind your thirty five today, mid forties tomorrow with a 579 00:31:27,880 --> 00:31:31,000 Speaker 1: wintry mess tomorrow night. It'll end early Thursday in turn 580 00:31:31,040 --> 00:31:33,480 Speaker 1: partly sunny with highs in the mid thirties. Currently thirty 581 00:31:33,480 --> 00:31:39,960 Speaker 1: one in Central Park Markets. Headlines and breaking news twenty 582 00:31:39,960 --> 00:31:42,840 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 583 00:31:42,840 --> 00:31:45,800 Speaker 1: Business at and at Bloomberg Quick Tape. This is a 584 00:31:45,840 --> 00:31:55,760 Speaker 1: Bloomberg Business flash and I'm pared. Moscow stocks are following 585 00:31:55,840 --> 00:31:58,480 Speaker 1: along with US stock index. Future is amant a jump 586 00:31:58,480 --> 00:32:01,480 Speaker 1: in global bond yields has investors prepare for the removal 587 00:32:01,520 --> 00:32:04,320 Speaker 1: of central bank support. We check the markets every fifteen 588 00:32:04,360 --> 00:32:07,800 Speaker 1: minutes throughout the trading day. On Bloomberg SMP Future is 589 00:32:07,840 --> 00:32:10,440 Speaker 1: down fifty three points and down. Futures down two hundred 590 00:32:10,560 --> 00:32:14,480 Speaker 1: sixty three. NASDAG futures down two hundred eighty that's one 591 00:32:14,520 --> 00:32:17,560 Speaker 1: down one point eight percent. The decks in Germany's down 592 00:32:17,560 --> 00:32:20,959 Speaker 1: one point two percent. Ten year treasury down seven thirty seconds. 593 00:32:20,960 --> 00:32:23,160 Speaker 1: He has one point eight one percent. They yield on 594 00:32:23,240 --> 00:32:26,600 Speaker 1: the two year one point oh three percent. Nine X 595 00:32:26,640 --> 00:32:29,080 Speaker 1: screwed oils up one point eight percent of a dollar 596 00:32:29,160 --> 00:32:31,400 Speaker 1: forty eight at eighty five dollars. Thirty cents of Barrel 597 00:32:31,600 --> 00:32:34,240 Speaker 1: comic School down four ten percent or seven dollars ten 598 00:32:34,280 --> 00:32:37,160 Speaker 1: cents at eighteen o nine forty announced, the Euro one 599 00:32:37,200 --> 00:32:39,640 Speaker 1: point one three nine two against the dollar, British pound 600 00:32:39,640 --> 00:32:41,760 Speaker 1: one point three six one seven, the ens at one 601 00:32:41,840 --> 00:32:45,600 Speaker 1: fourteen point six six, and bitcoin is at forty two 602 00:32:45,640 --> 00:32:48,920 Speaker 1: thousand dollars. That's a Bloomberg business flash. Now here's Michael 603 00:32:48,920 --> 00:32:51,080 Speaker 1: Barr with more on what's going on around the world. 604 00:32:51,120 --> 00:32:53,680 Speaker 1: Michael Karen, thank you very much. Later today, send a 605 00:32:53,720 --> 00:32:56,200 Speaker 1: Democrats will force a vote on the right to vote 606 00:32:56,200 --> 00:32:58,920 Speaker 1: in every state, even though the final bill would likely fail. 607 00:32:59,360 --> 00:33:02,640 Speaker 1: Sent the twenty election nineteen states or past thirty four 608 00:33:02,680 --> 00:33:06,720 Speaker 1: bills restricting access devoted A fourth dose of the fires 609 00:33:06,720 --> 00:33:10,760 Speaker 1: are by Intech vaccine was insufficient to prevent infection with 610 00:33:10,800 --> 00:33:14,400 Speaker 1: the omicron variant of COVID nineteen. That's according to preluminary 611 00:33:14,480 --> 00:33:17,280 Speaker 1: data from a trial in Israel. In the NFL, the 612 00:33:17,400 --> 00:33:20,320 Speaker 1: Rams rolled over the Cardinals thirty four eleven. So now 613 00:33:20,360 --> 00:33:24,360 Speaker 1: here's the breakdown for the divisional round playoffs. In the NFC, 614 00:33:24,600 --> 00:33:27,880 Speaker 1: the Rams faced Tampa Bay. Green Bay hosts the forty Niners. 615 00:33:28,120 --> 00:33:30,280 Speaker 1: In the a f C, the Bengals are at the Titans, 616 00:33:30,280 --> 00:33:33,240 Speaker 1: the Bills are at the Chiefs. NBA Action, the Knicks 617 00:33:33,240 --> 00:33:36,360 Speaker 1: and Nets lost, The Celtics and Wizards won n HL. 618 00:33:36,560 --> 00:33:39,880 Speaker 1: The Islanders won. Global News twenty four hours a day 619 00:33:39,960 --> 00:33:42,840 Speaker 1: on air and on Bloomberg Quick Take, powered by more 620 00:33:42,880 --> 00:33:45,400 Speaker 1: than twenty seven under journalist and analysts more than a 621 00:33:45,800 --> 00:33:49,400 Speaker 1: twenty countries. Michael bar this is Bloomberg, Nathan. Thank you, Michael. 622 00:33:49,480 --> 00:33:51,480 Speaker 1: It's five forty nine on Wall Street Live from the 623 00:33:51,480 --> 00:33:55,560 Speaker 1: Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak. As earning 624 00:33:55,640 --> 00:33:58,480 Speaker 1: season rolls along, we heard the from the first three 625 00:33:58,480 --> 00:34:02,280 Speaker 1: of the big six Wall Street banks last Friday. In 626 00:34:02,440 --> 00:34:05,640 Speaker 1: just about an hour or two, Goldman Sachs opens up 627 00:34:05,680 --> 00:34:09,280 Speaker 1: its fourth quarterbooks here now the preview is Bloomberg Global 628 00:34:09,280 --> 00:34:12,800 Speaker 1: Financial correspondent Shinnali Bassik back with us this morning. So 629 00:34:12,840 --> 00:34:14,160 Speaker 1: I think we can say it was kind of a 630 00:34:14,200 --> 00:34:17,080 Speaker 1: mixed picture from the first three on Friday. How does 631 00:34:17,120 --> 00:34:19,359 Speaker 1: that inform what we could get from Goldman today? It 632 00:34:19,520 --> 00:34:22,280 Speaker 1: was a mixed picture, and it's mostly because the consumer banks, 633 00:34:22,360 --> 00:34:25,439 Speaker 1: the loans are not growing as fast as anyone would 634 00:34:25,440 --> 00:34:28,319 Speaker 1: have hoped or wanted. But remember Goldman SACS is a 635 00:34:28,360 --> 00:34:31,080 Speaker 1: major investment bank, So how do we stack that up? 636 00:34:31,480 --> 00:34:34,880 Speaker 1: At JP Morgan and City Group fixed income expectations felt 637 00:34:35,080 --> 00:34:38,759 Speaker 1: slightly below expectations. That was for the real results for 638 00:34:38,760 --> 00:34:41,879 Speaker 1: fixed income. But when I look at Wall Streets estimates now, 639 00:34:42,480 --> 00:34:45,319 Speaker 1: they seem a little low for Goldman Sacks, given that 640 00:34:45,360 --> 00:34:48,799 Speaker 1: we know that their commodities business bought in more than 641 00:34:48,840 --> 00:34:51,719 Speaker 1: two billion dollars and that is already more than what 642 00:34:51,800 --> 00:34:55,319 Speaker 1: people expect for the fixed income business. So heading into 643 00:34:55,520 --> 00:34:59,400 Speaker 1: the earnings, expectations are fairly low for Goldman Sacks. So 644 00:34:59,480 --> 00:35:02,080 Speaker 1: there's a lot of room for them to really beat 645 00:35:02,160 --> 00:35:05,600 Speaker 1: expectations here and really also set us up for the 646 00:35:05,600 --> 00:35:08,719 Speaker 1: rest of this year. Yeah, I was gonna say the 647 00:35:08,719 --> 00:35:11,680 Speaker 1: news we got on the commodities space in particular from 648 00:35:11,719 --> 00:35:14,759 Speaker 1: Goldman raised a lot of eyebrows, I think, So what 649 00:35:14,840 --> 00:35:18,279 Speaker 1: could that mean more broadly? Uh, for the trading desk 650 00:35:18,320 --> 00:35:20,839 Speaker 1: of Goldman Sex Well, For one thing, if we know 651 00:35:21,000 --> 00:35:25,040 Speaker 1: that their traders will be rewarded quite generously this year, 652 00:35:25,080 --> 00:35:27,640 Speaker 1: their bonuses will look really good because they had such 653 00:35:27,680 --> 00:35:30,839 Speaker 1: a banner year. So what does that mean as well? 654 00:35:30,880 --> 00:35:33,520 Speaker 1: It means costs will go up a little bit for 655 00:35:33,760 --> 00:35:37,120 Speaker 1: this year. What I know as well is that this 656 00:35:37,200 --> 00:35:41,279 Speaker 1: is not a repeat type of thing. Bonuses differ by year, 657 00:35:41,719 --> 00:35:44,440 Speaker 1: so next year, it doesn't mean that these costs will 658 00:35:44,440 --> 00:35:47,160 Speaker 1: continue to go up, and getting a handle on what 659 00:35:47,239 --> 00:35:50,719 Speaker 1: Goldman's costs look like in the longer term will be important, 660 00:35:50,880 --> 00:35:53,000 Speaker 1: especially as they have a lot of room. They've been 661 00:35:53,000 --> 00:35:55,680 Speaker 1: doing enormously well in the last year or two and 662 00:35:55,800 --> 00:35:58,360 Speaker 1: their profitability has been the best it's been in years, 663 00:35:58,400 --> 00:36:00,400 Speaker 1: so they have a little bit of room to increase 664 00:36:00,440 --> 00:36:03,040 Speaker 1: expenses if they want to. Yeah, it'll be interesting also 665 00:36:03,120 --> 00:36:06,759 Speaker 1: to hear how much the cost picture sends to be 666 00:36:06,800 --> 00:36:08,840 Speaker 1: a big deal for them going forward, given what we 667 00:36:08,920 --> 00:36:12,439 Speaker 1: heard last Friday from the CEO of JP Morgan Chase, 668 00:36:12,520 --> 00:36:15,279 Speaker 1: Jamie Diamond, that costs could be an issue for them 669 00:36:15,920 --> 00:36:18,680 Speaker 1: for the long haul. Yeah, that's absolutely right. And Jamie 670 00:36:18,719 --> 00:36:22,200 Speaker 1: Diamond was really setting the tone and saying expect profitability 671 00:36:22,239 --> 00:36:24,480 Speaker 1: to be in a certain range, and that range is 672 00:36:24,480 --> 00:36:27,120 Speaker 1: a little bit less than it was the last couple 673 00:36:27,120 --> 00:36:30,400 Speaker 1: of years. It really gives Goldman a lot of wiggle 674 00:36:30,480 --> 00:36:33,320 Speaker 1: room to create the same sort of discipline with investors 675 00:36:33,360 --> 00:36:36,040 Speaker 1: and say, hey, we want to invest this is what 676 00:36:36,120 --> 00:36:39,560 Speaker 1: it's going to cost us, and you should be used 677 00:36:39,600 --> 00:36:41,960 Speaker 1: to that if you want us to be competitive and 678 00:36:42,080 --> 00:36:45,160 Speaker 1: talking about the investment banking fees, so much of the 679 00:36:45,160 --> 00:36:48,440 Speaker 1: picture being what that is for Goldman Sachs. How much 680 00:36:48,440 --> 00:36:52,280 Speaker 1: of the market share do they get from underwriting investment 681 00:36:52,280 --> 00:36:54,480 Speaker 1: banking compared to the other banks. Well, one of the 682 00:36:54,480 --> 00:36:57,200 Speaker 1: most important areas is mergers and acquisitions because it creates 683 00:36:57,200 --> 00:36:59,080 Speaker 1: a lot of other business for the banks, such as 684 00:36:59,120 --> 00:37:02,600 Speaker 1: debt underwriting, you know, underwriting the loans that can help 685 00:37:02,640 --> 00:37:06,239 Speaker 1: support those mergers. Goldman has more than two percent of 686 00:37:06,480 --> 00:37:10,000 Speaker 1: the M and A share last year, and for five 687 00:37:10,080 --> 00:37:12,279 Speaker 1: years in a row, Goldman has been number one and 688 00:37:12,440 --> 00:37:15,759 Speaker 1: murders and acquisitions. They also last year were number one 689 00:37:15,800 --> 00:37:19,680 Speaker 1: in equity underwriting, and we should see those fees start 690 00:37:19,760 --> 00:37:22,719 Speaker 1: to show up in this quarter and upcoming quarters for 691 00:37:23,000 --> 00:37:27,239 Speaker 1: deal making as they collect the fees from clients, it's uh, 692 00:37:27,600 --> 00:37:29,400 Speaker 1: we'll want to see what they say about their pipelines. 693 00:37:29,480 --> 00:37:31,600 Speaker 1: What does it look like moving forward now that we're 694 00:37:31,600 --> 00:37:34,359 Speaker 1: in kind of a more uncertain environment. So far as 695 00:37:34,400 --> 00:37:38,400 Speaker 1: far as Almicron goes, we've had pretty confident, sanguine notes 696 00:37:38,920 --> 00:37:41,839 Speaker 1: played from the prior executives that we've heard from JP 697 00:37:41,880 --> 00:37:44,239 Speaker 1: Morgan City Group well as far ago, so we'll want 698 00:37:44,280 --> 00:37:47,360 Speaker 1: to hear that same sort of optimism from Goldman Sacks 699 00:37:47,600 --> 00:37:49,440 Speaker 1: just about thirty seconds left here. But what are we 700 00:37:49,480 --> 00:37:52,360 Speaker 1: expecting reserve releases to be a big part of Goldman story? 701 00:37:52,440 --> 00:37:55,160 Speaker 1: Their consumer business is still a very small part of 702 00:37:55,160 --> 00:37:57,319 Speaker 1: what they do relative to the whole bank. But with 703 00:37:57,360 --> 00:38:00,120 Speaker 1: that said, we want to hear about how they are growing. 704 00:38:00,719 --> 00:38:04,520 Speaker 1: But reserves are not really anymore a big boon to 705 00:38:04,560 --> 00:38:07,520 Speaker 1: the profitability for these banks. All right, Bloomberg Sinnelly Basket 706 00:38:07,560 --> 00:38:11,120 Speaker 1: are global financial correspondent keeping an eye on bank earnings 707 00:38:11,160 --> 00:38:13,880 Speaker 1: for us, and we will get those results were expecting 708 00:38:13,880 --> 00:38:17,480 Speaker 1: them around seven thirty am Wall Street Time from Goldman Sachs. 709 00:38:17,520 --> 00:38:20,400 Speaker 1: Will have full coverage for you here on Bloomberg Radio. 710 00:38:20,600 --> 00:38:24,120 Speaker 1: Karen Nathan is five three on Wall Street Time for 711 00:38:24,160 --> 00:38:27,040 Speaker 1: our Bloomberg Law Report. Let's get to the legal stories 712 00:38:27,040 --> 00:38:34,919 Speaker 1: we're watching this morning from Bloomberg's Jeff Bellinger. Medical facilities 713 00:38:34,960 --> 00:38:37,920 Speaker 1: in two dozen states affected by the Supreme Court decision 714 00:38:38,000 --> 00:38:41,920 Speaker 1: on the Biden Administration's vaccine mandate for healthcare workers have 715 00:38:42,120 --> 00:38:46,120 Speaker 1: until March fifteen to get their employees fully vaccinated. The 716 00:38:46,120 --> 00:38:49,319 Speaker 1: Biden administration is appealing of federal courts block on the 717 00:38:49,320 --> 00:38:53,760 Speaker 1: health worker vaccine mandate. In Texas, the Federal Communications Commission 718 00:38:53,840 --> 00:38:57,600 Speaker 1: finalized the rules for the Affordable Connectivity Program to help 719 00:38:57,680 --> 00:39:02,839 Speaker 1: low income households pay their Internet hillsids obtained computers Bloomberg 720 00:39:02,920 --> 00:39:07,040 Speaker 1: Law everything you need, all on one legal research platform, 721 00:39:07,200 --> 00:39:11,839 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 722 00:39:11,880 --> 00:39:16,160 Speaker 1: at Bloomberg Law dot com. All right, Jeff, thank you. Now, 723 00:39:16,200 --> 00:39:19,400 Speaker 1: another legal story we're watching brings us to Netflix. The 724 00:39:19,400 --> 00:39:22,960 Speaker 1: company's docuseries Tiger King, drew millions of viewers during the 725 00:39:22,960 --> 00:39:26,200 Speaker 1: early days of the pandemic. In its first episode, producers 726 00:39:26,320 --> 00:39:29,239 Speaker 1: used clips of Jim Carrey from the movie ace Ventura 727 00:39:29,320 --> 00:39:32,200 Speaker 1: to one with carry writing an elephant and another with 728 00:39:32,280 --> 00:39:34,879 Speaker 1: a monkey on his shoulder. Now, other producers of ace 729 00:39:34,960 --> 00:39:39,360 Speaker 1: Ventura are suing Netflix and Good Films for copyright infringement. 730 00:39:39,640 --> 00:39:42,000 Speaker 1: For more in the case Bloomberg, June Grasso speaks to 731 00:39:42,120 --> 00:39:45,880 Speaker 1: Terence Ross of Katon Mutchen, Rosenman Terry. It's two clips 732 00:39:45,960 --> 00:39:49,399 Speaker 1: without the audio. The lawsuit says five seconds, but it's 733 00:39:49,400 --> 00:39:52,760 Speaker 1: really more like one and a half seconds. The average 734 00:39:52,800 --> 00:39:55,839 Speaker 1: person might ask why there should be compensation for that. 735 00:39:56,320 --> 00:40:00,640 Speaker 1: It's an excellent point, and it's why this exact same 736 00:40:00,640 --> 00:40:03,120 Speaker 1: situation comes up over and over again, particularly in the 737 00:40:03,200 --> 00:40:07,719 Speaker 1: context of documentaries. The typical maker of a documentary or 738 00:40:07,840 --> 00:40:11,160 Speaker 1: television shows such a Tiger King, is not trained in 739 00:40:11,239 --> 00:40:15,000 Speaker 1: copyright law and has the same reaction as your man 740 00:40:15,040 --> 00:40:18,880 Speaker 1: on the street does to this situation that it's really 741 00:40:19,000 --> 00:40:21,239 Speaker 1: short and they ought to be able to use it, 742 00:40:21,560 --> 00:40:26,120 Speaker 1: and that presents a recurring problem in this area. What 743 00:40:26,200 --> 00:40:30,839 Speaker 1: would the legal analysis be here? The unfortunate tendency that 744 00:40:31,400 --> 00:40:35,120 Speaker 1: most folks have is to immediately, in almost like a 745 00:40:35,200 --> 00:40:39,200 Speaker 1: knee jerk reflex, turned to the fair use doctrine and say, well, 746 00:40:39,239 --> 00:40:41,600 Speaker 1: this is a short snippet and we're using it in 747 00:40:41,640 --> 00:40:46,080 Speaker 1: transformative way in their forefair use would apply. And my 748 00:40:46,200 --> 00:40:49,360 Speaker 1: advice to the clients coming into this problem has always 749 00:40:49,400 --> 00:40:52,600 Speaker 1: been your first line of defense should be the so 750 00:40:52,760 --> 00:40:56,440 Speaker 1: called the minimus use defense. This is a defense that 751 00:40:56,719 --> 00:40:59,920 Speaker 1: was established by the Second Circuit, which is the premier 752 00:41:00,200 --> 00:41:03,719 Speaker 1: federal Pellet Court for copyright law, a number of years 753 00:41:03,719 --> 00:41:08,080 Speaker 1: ago in a case called Sandovell versus New Line Cinema. 754 00:41:08,520 --> 00:41:12,320 Speaker 1: This grows out of the movie Seven. The production companies 755 00:41:12,360 --> 00:41:17,400 Speaker 1: used real photographs by the s famous photographer Jorge Sandoval, 756 00:41:17,680 --> 00:41:22,280 Speaker 1: and Sandoval sued for copyright infringement. And the total amount 757 00:41:22,280 --> 00:41:24,920 Speaker 1: of time that you see these photographs is maybe thirty second. 758 00:41:25,120 --> 00:41:28,799 Speaker 1: And the Second Circuit said this is not copyright infringement. 759 00:41:29,120 --> 00:41:32,480 Speaker 1: They said that there is a day minimus use test 760 00:41:32,840 --> 00:41:36,600 Speaker 1: for copyright infringement, and if you use just a tiny 761 00:41:37,000 --> 00:41:40,280 Speaker 1: seconds of a copyright or that that does not constitute 762 00:41:40,280 --> 00:41:44,360 Speaker 1: copyright infringement, and you never get into the complexities of 763 00:41:44,400 --> 00:41:46,719 Speaker 1: the fair use decent. So do you think that's a 764 00:41:46,760 --> 00:41:49,719 Speaker 1: winning defense in the Tiger King case? Here? In the 765 00:41:49,719 --> 00:41:52,560 Speaker 1: Tiger King I think that's particularly true. As you said, 766 00:41:52,600 --> 00:41:55,399 Speaker 1: to the laws of alleges, it's five seconds out of 767 00:41:55,440 --> 00:41:59,040 Speaker 1: the film face mentor two when you actually look at 768 00:41:59,080 --> 00:42:02,560 Speaker 1: it on the screen, probably more like two seconds. Well, 769 00:42:02,600 --> 00:42:06,640 Speaker 1: that's a lot less than the thirty seconds that Santovald's 770 00:42:06,640 --> 00:42:10,319 Speaker 1: photographs were on the screen in the movie seven. And 771 00:42:10,400 --> 00:42:13,319 Speaker 1: it seems to me that that's really the defense that 772 00:42:13,400 --> 00:42:16,760 Speaker 1: should be applicable here. And as Sterence Ross of Caton 773 00:42:16,840 --> 00:42:20,160 Speaker 1: Mutchen rosen Men's being at Bloomberg June Garasso. Catch more 774 00:42:20,239 --> 00:42:22,960 Speaker 1: of that interview plus analysis of the latest legal news 775 00:42:23,000 --> 00:42:25,440 Speaker 1: by listening to the Bloomberg Law Show at ten pm 776 00:42:25,520 --> 00:42:29,120 Speaker 1: Eastern Time. Are subscribing to the Bloomberg Law podcasts, and 777 00:42:29,160 --> 00:42:33,000 Speaker 1: attorneys can find exceptional legal research and business development tools 778 00:42:33,040 --> 00:42:38,720 Speaker 1: at Bloomberg law dot com. Again, futures are falling this morning, 779 00:42:38,760 --> 00:42:41,200 Speaker 1: and ahead on Bloomberg Daybreak, we have a check on 780 00:42:41,239 --> 00:42:43,799 Speaker 1: the business headlines and all the news you need to 781 00:42:43,840 --> 00:42:46,560 Speaker 1: start here day and this is Bloomberg