1 00:00:02,680 --> 00:00:05,400 Speaker 1: Live from the Bloomberg Interact at Brooker Studios. This is 2 00:00:05,400 --> 00:00:09,559 Speaker 1: Bloomberg day Break for Tuesday, January eleven two. Coming up 3 00:00:09,560 --> 00:00:13,000 Speaker 1: this hour, j Powell heads to Capitol Hill for confirmation 4 00:00:13,039 --> 00:00:15,640 Speaker 1: hearings by Shair. Richard Clarence at leaves his post at 5 00:00:15,680 --> 00:00:18,920 Speaker 1: the FED. Early Fiser announces plans for a hybrid vaccine 6 00:00:18,960 --> 00:00:21,720 Speaker 1: to combat the omicron variant, and the Senate targets the 7 00:00:21,800 --> 00:00:25,880 Speaker 1: North Stream to pipeline with sanctions. Details and questions emerge 8 00:00:25,880 --> 00:00:29,640 Speaker 1: about Sunday's deadly bronze fire. Plus Chicago Public school students 9 00:00:29,720 --> 00:00:32,560 Speaker 1: are set to return to classes tomorrow. I'm Michael Barr. 10 00:00:32,600 --> 00:00:36,440 Speaker 1: More Ahead, I'm John Stas Sharon. Sports Georgia beat Alabama 11 00:00:36,520 --> 00:00:39,240 Speaker 1: with the national championship at college football. The Knicks one, 12 00:00:39,320 --> 00:00:45,400 Speaker 1: the Nets and Rangers both locks. That's all straight ahead 13 00:00:45,479 --> 00:00:49,200 Speaker 1: on Bloomberg day Break on Bloomberg Element Treo, New York, 14 00:00:49,360 --> 00:00:54,080 Speaker 1: Bloomberg Washington, d C, Bloomberg one O six one, Boston, 15 00:00:54,280 --> 00:00:58,800 Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x M one nineteen 16 00:00:59,120 --> 00:01:01,840 Speaker 1: and around the world Old on Bloomberg Radio dot Com 17 00:01:01,960 --> 00:01:08,680 Speaker 1: and via The Bloomberg Business. Good morning, I'm Nathan Hagar 18 00:01:09,040 --> 00:01:12,160 Speaker 1: and I'm Karen Moscow and US futures are higher this morning. 19 00:01:12,160 --> 00:01:13,920 Speaker 1: We're coming up to five oh one on Wall Street, 20 00:01:13,920 --> 00:01:16,160 Speaker 1: and we check the markets every fifteen minutes throughout the 21 00:01:16,160 --> 00:01:19,360 Speaker 1: trading day. On Bloomberg S ANDP futures up twenty points 22 00:01:19,360 --> 00:01:22,920 Speaker 1: this morning, Down futures up one eleven, and ASDAC futures 23 00:01:22,959 --> 00:01:25,680 Speaker 1: up one hundred. The decks and Germany's up one point 24 00:01:25,760 --> 00:01:28,600 Speaker 1: two percent, and the tenure treasury up four. Third day 25 00:01:28,680 --> 00:01:31,440 Speaker 1: seconds yield one point seven four percent. They yield on 26 00:01:31,480 --> 00:01:34,360 Speaker 1: the two year point eight to nine percent. Nathan, Karen, 27 00:01:34,400 --> 00:01:37,520 Speaker 1: Let's begin this morning with today's confirmation hearing for j. 28 00:01:37,720 --> 00:01:41,720 Speaker 1: Powell to serve another term as FED chair. Powell's testimony 29 00:01:41,760 --> 00:01:45,280 Speaker 1: comes as markets remain volatile, gripped by rising inflation and 30 00:01:45,360 --> 00:01:48,080 Speaker 1: the prospect of higher interest rates. We get more from 31 00:01:48,120 --> 00:01:52,280 Speaker 1: Bloomberg Economics correspondent Michael McKee. Powell comes before Congress just 32 00:01:52,440 --> 00:01:54,680 Speaker 1: when there's something to talk about. Fear the Fed is 33 00:01:54,720 --> 00:01:57,680 Speaker 1: behind the curve on inflation sent stocks lower on Monday 34 00:01:57,680 --> 00:02:01,400 Speaker 1: as market interest rates continued to rise. Representatives will connect 35 00:02:01,400 --> 00:02:03,680 Speaker 1: the dots trying to get a commitment from Powell. The 36 00:02:03,720 --> 00:02:07,200 Speaker 1: Fed will ratify the market moves by raising rates sooner 37 00:02:07,240 --> 00:02:09,840 Speaker 1: and faster, and they will ask him about plans for 38 00:02:09,880 --> 00:02:12,880 Speaker 1: shrinking the Fed's balance sheet. Members will also want to 39 00:02:12,880 --> 00:02:16,040 Speaker 1: know more about his plans for non monetary policies at 40 00:02:16,040 --> 00:02:18,560 Speaker 1: the FED. How involved will the Central Bank be in 41 00:02:18,720 --> 00:02:23,680 Speaker 1: climate change initiatives, in regulating cryptocurrencies, in approving bank mergers? 42 00:02:23,880 --> 00:02:27,240 Speaker 1: Michael McKee Bloomberg Daybreak, All right, Michael, thank you. Later 43 00:02:27,280 --> 00:02:30,240 Speaker 1: this week, Lyle Brainerd heads the Capital Hill for her 44 00:02:30,400 --> 00:02:33,120 Speaker 1: confirmation hearing to serve as vice chair of the FED. 45 00:02:33,240 --> 00:02:36,600 Speaker 1: And now we're learning her predecessor, Richard Clarada, was resigning early. 46 00:02:36,880 --> 00:02:40,160 Speaker 1: Bloomberg's Doug Krisner has the story. Clarida will step down 47 00:02:40,160 --> 00:02:42,560 Speaker 1: from the Board of Governors two weeks before his term 48 00:02:42,600 --> 00:02:45,360 Speaker 1: is due to expire. Last week, it was revealed he 49 00:02:45,400 --> 00:02:47,720 Speaker 1: had sold at least a million dollars and shares of 50 00:02:47,720 --> 00:02:51,119 Speaker 1: a U S stock fund in February. A few days later, 51 00:02:51,160 --> 00:02:53,720 Speaker 1: he bought back a similar amount of the same fund 52 00:02:54,000 --> 00:02:56,840 Speaker 1: on the eve of a major FEED announcement. Clarida has 53 00:02:56,880 --> 00:02:59,079 Speaker 1: been a member of the Board and vice chair since 54 00:02:59,080 --> 00:03:03,160 Speaker 1: September twenty teen. President Biden has nominated FED Governor Lyle 55 00:03:03,200 --> 00:03:07,440 Speaker 1: Brainer to succeed Clarida. Her confirmation hearings begin on Thursday 56 00:03:07,639 --> 00:03:10,960 Speaker 1: in New York. I'm Doug Chrisener Bloomberg Daybreak, Doug. Thanks. Meantime, 57 00:03:10,960 --> 00:03:13,200 Speaker 1: the drumbeat for more interest rate hikes from the Fed 58 00:03:13,360 --> 00:03:15,960 Speaker 1: is getting louder. For the latest there were joined live 59 00:03:16,040 --> 00:03:18,960 Speaker 1: by Bloomberg's John Tucker Morney John, Good Morning, Nathan. The 60 00:03:19,080 --> 00:03:22,000 Speaker 1: latest call for faster hikes comes from former New York 61 00:03:22,040 --> 00:03:25,520 Speaker 1: Fed president and current Bloomberg opinion column that's Bill Dudley. 62 00:03:25,919 --> 00:03:28,520 Speaker 1: He says the Central Bank needs to get a lot 63 00:03:28,560 --> 00:03:31,840 Speaker 1: more hawkish. My best guess is you know that did 64 00:03:31,840 --> 00:03:33,440 Speaker 1: they need to do at least four or five rate 65 00:03:33,520 --> 00:03:35,800 Speaker 1: hikes this year? And it wouldn't strike me at all 66 00:03:35,880 --> 00:03:37,960 Speaker 1: if we if we get into an every meeting kind 67 00:03:37,960 --> 00:03:40,760 Speaker 1: of cycle at some point. Bill Dudley, making the comments 68 00:03:40,760 --> 00:03:44,480 Speaker 1: in an interview on Bloomberg Surveillance Swaps. Markets are already 69 00:03:44,520 --> 00:03:47,120 Speaker 1: into getting three or four interest rate hikes from the 70 00:03:47,120 --> 00:03:50,280 Speaker 1: Central Bank this year. Goldman Sachs and JP Morgan Chase 71 00:03:50,320 --> 00:03:54,840 Speaker 1: forecasting four options. Traders also flagging the prospect of eight 72 00:03:54,880 --> 00:03:59,400 Speaker 1: quarter point rate most by early four so from earlier 73 00:03:59,480 --> 00:04:02,840 Speaker 1: acspectations of around six and New York on John Tucker 74 00:04:03,000 --> 00:04:05,520 Speaker 1: Bloomberg Daybreak. All right, John, thank you all. Just a 75 00:04:05,520 --> 00:04:07,560 Speaker 1: couple of months ago, there is hope for a faster 76 00:04:07,640 --> 00:04:10,560 Speaker 1: global recovery, but now that confidence may be fading, and 77 00:04:10,640 --> 00:04:13,520 Speaker 1: Bloomberg's Rnada Young joins us live with the details. Good 78 00:04:13,520 --> 00:04:16,520 Speaker 1: morning Renda, Good morning care. In a new World Economic 79 00:04:16,600 --> 00:04:19,919 Speaker 1: Forum survey finds just one in six government and business 80 00:04:20,000 --> 00:04:23,800 Speaker 1: leaders are optimistic on the global economic recovery, and just 81 00:04:24,000 --> 00:04:27,599 Speaker 1: one intend thinks worldwide economic expansion will pick up speed. 82 00:04:27,920 --> 00:04:31,560 Speaker 1: The Global Risks reports sites the pandemic, climate change, and 83 00:04:31,720 --> 00:04:35,360 Speaker 1: rising social tensions among the biggest concerns. Short term fears 84 00:04:35,360 --> 00:04:38,920 Speaker 1: include health and social damage from COVID nineteen, while economic 85 00:04:39,000 --> 00:04:42,160 Speaker 1: and debt related issues are cited as medium term dangers. 86 00:04:42,600 --> 00:04:45,680 Speaker 1: I'm renied A Young BLOOMMERK Daybreak, Right, Nita, thank you. 87 00:04:46,000 --> 00:04:48,960 Speaker 1: Now we turn to the latest on the pandemic and vaccines. 88 00:04:49,200 --> 00:04:52,640 Speaker 1: Fiser says it's developing a hybrid shot that combines its 89 00:04:52,640 --> 00:04:56,440 Speaker 1: original vaccine with a formulation that shields against the omicron variant. 90 00:04:56,600 --> 00:05:00,040 Speaker 1: According to CEO Albert Bola, Fiser will approach US regulators 91 00:05:00,080 --> 00:05:03,120 Speaker 1: in March four clearance of the shot well. Nathan Maderna 92 00:05:03,200 --> 00:05:05,240 Speaker 1: is also working on a shot end at the omicron 93 00:05:05,400 --> 00:05:07,800 Speaker 1: very end. We caught up with CEO Stephen bon Cell. 94 00:05:08,160 --> 00:05:10,680 Speaker 1: We are moving very aggressively, were even to be in 95 00:05:10,680 --> 00:05:16,320 Speaker 1: a couple of weeks in the clinic Theron specific Vista 96 00:05:16,800 --> 00:05:19,520 Speaker 1: and CEO Stefan bon Cell says Maderna has more than 97 00:05:19,560 --> 00:05:22,599 Speaker 1: eighteen billion dollars in vaccine orders so far this year. 98 00:05:22,839 --> 00:05:25,039 Speaker 1: In Hong Kong, hear and authorities are doubling down on 99 00:05:25,080 --> 00:05:28,400 Speaker 1: their COVID zero policy. The city is reimposing some of 100 00:05:28,440 --> 00:05:32,440 Speaker 1: its strictest limits since the pandemic began. Kindergartens and primary 101 00:05:32,480 --> 00:05:35,680 Speaker 1: schools will close. Passengers from high risk countries will be 102 00:05:35,680 --> 00:05:39,719 Speaker 1: banned from passing through Hong Kong's International airport. Meantime, we're 103 00:05:39,720 --> 00:05:42,359 Speaker 1: seeing as somewhat of an exodus from Hong Kong. Nathan 104 00:05:42,400 --> 00:05:45,000 Speaker 1: expatriots and locals are moving away from the city and 105 00:05:45,080 --> 00:05:48,600 Speaker 1: increasing numbers. And Bloomberg Day Brik Asia anchor Brian Curtis 106 00:05:48,600 --> 00:05:51,720 Speaker 1: has a story. The population decline is running at one 107 00:05:51,760 --> 00:05:55,160 Speaker 1: point two percent since the end of It's the biggest 108 00:05:55,240 --> 00:05:58,880 Speaker 1: drop in at least six decades. Policymakers have stepped up 109 00:05:58,880 --> 00:06:01,839 Speaker 1: their crackdown on still society, and they've brushed aside an 110 00:06:01,920 --> 00:06:06,000 Speaker 1: uproar over aligning with China's COVID zero strategy. The brain 111 00:06:06,040 --> 00:06:10,200 Speaker 1: grain is seen in sectors as education, healthcare, and even finance, 112 00:06:10,560 --> 00:06:13,200 Speaker 1: and critics say it will likely be felt by residents 113 00:06:13,200 --> 00:06:16,520 Speaker 1: for years to come. Brian Curtis Bloomberg Daybreak A right. Brian, 114 00:06:16,600 --> 00:06:18,720 Speaker 1: thanks Back here in the US, the nord stream to 115 00:06:18,880 --> 00:06:21,960 Speaker 1: pipelines in focus on Capitol Hill, the Senate's considering plans 116 00:06:21,960 --> 00:06:24,520 Speaker 1: to impose tough new sanctions on the pipeline that links 117 00:06:24,600 --> 00:06:27,760 Speaker 1: Russia with Germany. Amy Morris has details from our Bloomberg 118 00:06:28,440 --> 00:06:32,119 Speaker 1: newsroom in Washington. The Senate could vote for sanctions this week, 119 00:06:32,240 --> 00:06:35,839 Speaker 1: but some Democrats argue sanctions now could make it more 120 00:06:35,920 --> 00:06:38,760 Speaker 1: likely Russia will invade Ukraine because it would break the 121 00:06:38,839 --> 00:06:41,800 Speaker 1: United States away from Germany, But the Senate vote is 122 00:06:41,839 --> 00:06:44,719 Speaker 1: moving forward as part of a deal between Senate Majority 123 00:06:44,800 --> 00:06:48,040 Speaker 1: Leader Chuck Schumer and Senator Ted Cruz of Texas. Crews 124 00:06:48,120 --> 00:06:51,560 Speaker 1: introduced the sanctions bill while placing a hold on dozens 125 00:06:51,600 --> 00:06:55,200 Speaker 1: of President Biden's foreign policy nominees. This could clear the 126 00:06:55,240 --> 00:06:58,200 Speaker 1: way for those nominees to be confirmed in Washington. I 127 00:06:58,279 --> 00:07:01,080 Speaker 1: maybe Morris Bloomberg daybreak right, MC, thank you all. Turning 128 00:07:01,120 --> 00:07:03,599 Speaker 1: to the markets now. Trading has resumed at the London 129 00:07:03,600 --> 00:07:06,680 Speaker 1: Medal Exchange after a five hour outage. The world's most 130 00:07:06,720 --> 00:07:10,480 Speaker 1: important base metals exchange said it had connectivity issues caused 131 00:07:10,480 --> 00:07:13,280 Speaker 1: by your power outage at a third party data center. 132 00:07:13,600 --> 00:07:15,960 Speaker 1: And straight I had your latest local headlines plus a 133 00:07:16,040 --> 00:07:23,960 Speaker 1: check of sports, and this is Bloomberg. Thanks Staring. It's 134 00:07:23,960 --> 00:07:26,400 Speaker 1: five oh seven on Wall Street. Is called this morning 135 00:07:26,440 --> 00:07:29,280 Speaker 1: eighteen degrees in Central Park. We already have an accident 136 00:07:29,280 --> 00:07:31,400 Speaker 1: on the northbound New York State through Weights and York's 137 00:07:31,440 --> 00:07:34,400 Speaker 1: at fifteen b while details on that for in traffic shortly. 138 00:07:34,480 --> 00:07:36,720 Speaker 1: First Michael Barr with what else is going on in 139 00:07:36,720 --> 00:07:39,400 Speaker 1: New York and around the world. Good morning, Michael, Good morning. Nathan. 140 00:07:39,520 --> 00:07:43,720 Speaker 1: Sorrow fills the Bronx community after Sunday's fire and choking 141 00:07:43,760 --> 00:07:46,880 Speaker 1: smoke and golf to high rise apartment complex. The death 142 00:07:46,880 --> 00:07:49,840 Speaker 1: toll has been lowered to seventeen people killed, eight of 143 00:07:49,840 --> 00:07:53,200 Speaker 1: them children. Prayers were held last nine for the victims 144 00:07:53,240 --> 00:07:57,160 Speaker 1: as friends, neighbors, and strangers sought to console the grieving. 145 00:07:57,720 --> 00:08:01,120 Speaker 1: Firefighters say the blaze was sparked by a faulty space heater, 146 00:08:01,200 --> 00:08:03,960 Speaker 1: but smoke from that fire traveled throughout the building due 147 00:08:04,000 --> 00:08:07,000 Speaker 1: to an open door in the hallway. Mayor Mayor Eric 148 00:08:07,040 --> 00:08:10,000 Speaker 1: Adams says that the fire should convince others to make 149 00:08:10,040 --> 00:08:13,360 Speaker 1: sure fire safety doors in the buildings are closed at 150 00:08:13,400 --> 00:08:17,720 Speaker 1: all times. Close the door. Close the door that was 151 00:08:17,760 --> 00:08:20,800 Speaker 1: embedded in my head as a child watching the commercials 152 00:08:20,840 --> 00:08:23,760 Speaker 1: over and over again. We're going to double down on 153 00:08:23,920 --> 00:08:27,360 Speaker 1: that message. Mayor Adams says. The flames damaged only a 154 00:08:27,400 --> 00:08:29,800 Speaker 1: small part of the building, but smoked poured through the 155 00:08:29,840 --> 00:08:34,240 Speaker 1: apartment's opened door and turned stairwells into death traps. New 156 00:08:34,320 --> 00:08:37,320 Speaker 1: Jersey Governor Phil Murphy warned the residents of his state 157 00:08:37,840 --> 00:08:41,520 Speaker 1: that they are seeing hospital admissions that rivals some of 158 00:08:41,559 --> 00:08:44,160 Speaker 1: the pandemic's worst days. We're in the thick of this 159 00:08:44,280 --> 00:08:48,640 Speaker 1: latest fight against the omicron tsunami washing across the state. 160 00:08:48,760 --> 00:08:51,960 Speaker 1: Governor Murphy is concerned that it's not even the reported 161 00:08:52,000 --> 00:08:54,960 Speaker 1: peak of the omicron variant of the coronavirus that health 162 00:08:55,000 --> 00:08:59,280 Speaker 1: officials have been warning us about. Both and ventilator numbers 163 00:08:59,360 --> 00:09:03,600 Speaker 1: are upstick efficantly and have roughly doubled since Christmas. These 164 00:09:03,640 --> 00:09:05,600 Speaker 1: are the highest numbers with set since May of two 165 00:09:05,600 --> 00:09:09,240 Speaker 1: thousand and twenty. Governor Murphy says many New Jersey towns 166 00:09:09,280 --> 00:09:14,200 Speaker 1: and cities have reintroduced masked mandates. Chicago public schools are 167 00:09:14,240 --> 00:09:17,120 Speaker 1: set to reopen for students tomorrow after the teachers union 168 00:09:17,280 --> 00:09:20,480 Speaker 1: leadership voted to approve a deal with city officials to 169 00:09:20,520 --> 00:09:24,439 Speaker 1: restart in person classes in the nation's third largest school district. 170 00:09:24,800 --> 00:09:28,400 Speaker 1: Schools have been closed since January five, after Chicago teachers 171 00:09:28,480 --> 00:09:32,040 Speaker 1: voted to shift back to remote learning, demanding more stringent 172 00:09:32,080 --> 00:09:35,559 Speaker 1: protections amid a COVID nineteen surge. President Biden travels to 173 00:09:35,640 --> 00:09:38,679 Speaker 1: Atlanta today to push voting rights. Biden, traveling with the 174 00:09:38,760 --> 00:09:41,680 Speaker 1: Vice President, will visit have an easier Baptist church, the 175 00:09:41,720 --> 00:09:45,160 Speaker 1: home pulpit of the late Reverend Martin Luther King. Global 176 00:09:45,160 --> 00:09:47,560 Speaker 1: News twenty four hours a day on air and on 177 00:09:47,600 --> 00:09:50,760 Speaker 1: Bloomberg Quick Take, powered by more than twenty seven under 178 00:09:50,800 --> 00:09:53,360 Speaker 1: journalists and analysts more than a hundred twenty countries. I'm 179 00:09:53,400 --> 00:10:00,760 Speaker 1: Michael bar This is Bloomberg Nick. Thank you. Michael five 180 00:10:00,800 --> 00:10:03,160 Speaker 1: O nine on Wall Street. Time for the Bloomberg Sports Update. 181 00:10:03,200 --> 00:10:06,560 Speaker 1: We've really got a new college football national champion. John 182 00:10:06,600 --> 00:10:09,800 Speaker 1: stash hour. It's been a while, Nathan. The season ended 183 00:10:09,800 --> 00:10:13,680 Speaker 1: in Indianapolis with Alabama against Georgia. They played last month 184 00:10:13,720 --> 00:10:17,080 Speaker 1: for the SEC champions. Obama won that one by seventeen points, 185 00:10:17,080 --> 00:10:20,079 Speaker 1: but Georgia won last night by fifteen. It was closer 186 00:10:20,120 --> 00:10:22,920 Speaker 1: than Obama had leads in the third and fourth quarters, 187 00:10:22,960 --> 00:10:26,360 Speaker 1: but Georgia, after scoring no touchdowns for the first forty 188 00:10:26,400 --> 00:10:28,440 Speaker 1: three and a half minutes, scored four tens in the 189 00:10:28,480 --> 00:10:30,839 Speaker 1: last sixteen and a half and then included a game 190 00:10:30,920 --> 00:10:33,600 Speaker 1: ceiling score in the final minute. Takes an inside hand 191 00:10:33,640 --> 00:10:38,000 Speaker 1: off to Robinson, throws to the near side, intercepted at 192 00:10:38,000 --> 00:10:41,360 Speaker 1: the twenty one yard life and Kili Ringo preet back 193 00:10:41,440 --> 00:10:46,920 Speaker 1: across the field across the thirty inside the twenty three scores. 194 00:10:49,440 --> 00:10:54,720 Speaker 1: The Georgia Bulldogs lead by two scores with fifty four 195 00:10:55,000 --> 00:10:57,360 Speaker 1: seconds to go. We han't had the radio call the 196 00:10:57,400 --> 00:11:00,280 Speaker 1: final thirty three to eighteen. It's Georgia's first national Jamie 197 00:11:00,360 --> 00:11:03,680 Speaker 1: Jipsons herschel Walker led them in nineteen eighty. They lost 198 00:11:03,679 --> 00:11:06,720 Speaker 1: the title game Tobama four years ago in overtime. Crimson 199 00:11:06,760 --> 00:11:08,720 Speaker 1: Tide denied what would have been a seventh title. In 200 00:11:08,720 --> 00:11:11,600 Speaker 1: the last thirteen years. Nicks finally win some home games 201 00:11:11,640 --> 00:11:13,160 Speaker 1: four in a row with the Garden pulled away from 202 00:11:13,200 --> 00:11:15,720 Speaker 1: the Spurs second half and won one e ninety six 203 00:11:16,080 --> 00:11:18,640 Speaker 1: thirty one points for our j Barrett nets in Portland 204 00:11:18,640 --> 00:11:20,760 Speaker 1: without James Harden due to a knee injury. The Blazers 205 00:11:20,760 --> 00:11:24,240 Speaker 1: without Damian Lillard Portland one one, fourteen to one. Oh 206 00:11:24,280 --> 00:11:26,400 Speaker 1: A in Brooklyn's now dropped five of the last seven. 207 00:11:26,760 --> 00:11:28,760 Speaker 1: Rangers beaten by the Kings in l A three to 208 00:11:28,840 --> 00:11:32,200 Speaker 1: one that Dave getleman retirement made official. Giants now looking 209 00:11:32,200 --> 00:11:35,320 Speaker 1: for a new general manager. Three coaches just got fired, 210 00:11:35,360 --> 00:11:38,000 Speaker 1: Matt Nagge in Chicago, Mike Zimmer in Minnesota, and in 211 00:11:38,040 --> 00:11:41,240 Speaker 1: a surprise, Brian flora Is in Miami. The Dolphins finished 212 00:11:41,240 --> 00:11:44,079 Speaker 1: the season going eight and one. John stash Aware Bloomberg 213 00:11:44,160 --> 00:11:46,720 Speaker 1: Sports Nathan Okay, John, thank you right now. S and 214 00:11:46,720 --> 00:11:49,320 Speaker 1: P futures are higher by twenty two points. Now futures 215 00:11:49,360 --> 00:11:51,920 Speaker 1: up a hundred twenty NASAC futures on the rise by 216 00:11:51,960 --> 00:11:54,400 Speaker 1: a hundred eight points. The tenure treasury yield one point 217 00:11:54,480 --> 00:11:58,120 Speaker 1: seven four percent. Ahead of j Palace confirmation hearing, we 218 00:11:58,200 --> 00:12:01,800 Speaker 1: get a preview next from Bloomberg Shington Correspondent Joe Matthew. 219 00:12:02,000 --> 00:12:08,800 Speaker 1: This is Bloomberg Bloomberg Day Break, brought to you by 220 00:12:08,840 --> 00:12:11,080 Speaker 1: the Breakers. This winter, a warm welcome awaits you. The 221 00:12:11,080 --> 00:12:13,360 Speaker 1: Breakers is committed to making your stay even better with 222 00:12:13,440 --> 00:12:17,520 Speaker 1: exceptional experiences, gracious service, and unparalleled seaside glamour. To learn more, 223 00:12:17,600 --> 00:12:23,840 Speaker 1: visit the Breakers dot Com Today, markets headlines and breaking 224 00:12:23,880 --> 00:12:26,760 Speaker 1: news twenty four hours a day at Bloomberg dot com, 225 00:12:26,840 --> 00:12:30,400 Speaker 1: The Bloomberg Business Outland at Bloomberg Quick Tape. This is 226 00:12:30,440 --> 00:12:40,040 Speaker 1: a Bloomberg Business flash and I'm camerin Moscow. European stocks 227 00:12:40,040 --> 00:12:42,760 Speaker 1: are bouncing back from their biggest decline in six weeks, 228 00:12:42,800 --> 00:12:45,480 Speaker 1: as treasury yields steady a day before a key US 229 00:12:45,520 --> 00:12:49,240 Speaker 1: inflation reading. US futures are heading edging higher, and we 230 00:12:49,320 --> 00:12:51,760 Speaker 1: checked the markets every fifteen minutes throughout the trading day 231 00:12:51,880 --> 00:12:55,199 Speaker 1: on Bloomberg s and P futures up twenty points this morning. 232 00:12:55,240 --> 00:12:58,080 Speaker 1: Now futures have one hundred twelve and nowsdays futures at 233 00:12:58,120 --> 00:13:00,840 Speaker 1: one hundred six. The Dack Center remedies at one point 234 00:13:00,920 --> 00:13:03,400 Speaker 1: two percent ten year treasury at four thirty seconds. He 235 00:13:03,440 --> 00:13:06,000 Speaker 1: had one point seven four percent yield on the two 236 00:13:06,080 --> 00:13:09,640 Speaker 1: year point nine zero percent. Nimex screwed oils up one 237 00:13:09,640 --> 00:13:11,760 Speaker 1: point six percent of a dollar twenty eight at seventy 238 00:13:11,960 --> 00:13:14,640 Speaker 1: dollars fifty one cents a barrel. Comic schooled up four 239 00:13:14,679 --> 00:13:17,040 Speaker 1: tenths per cent or seven dollars fifty cents at eighteen 240 00:13:17,040 --> 00:13:19,880 Speaker 1: o six thirty an ounce. The Euro one point one 241 00:13:19,960 --> 00:13:22,319 Speaker 1: three three six against the dollar, British found one point 242 00:13:22,400 --> 00:13:24,960 Speaker 1: three six oh six and the yetis at one fifteen 243 00:13:25,040 --> 00:13:27,840 Speaker 1: point three nine. And looking at Bitcoin this morning moving 244 00:13:27,920 --> 00:13:31,360 Speaker 1: higher at forty one eight hundred dollars. That's a Bloomberg 245 00:13:31,440 --> 00:13:33,960 Speaker 1: business flash. Now here's Michael Barr with more on what's 246 00:13:34,000 --> 00:13:36,839 Speaker 1: going on around the world. Muncaele, Good morning, Good morning, Karen. 247 00:13:36,920 --> 00:13:39,880 Speaker 1: Investigators are trying to determine why safety doors failed to 248 00:13:39,920 --> 00:13:42,040 Speaker 1: close in the New York City high rise when the 249 00:13:42,120 --> 00:13:46,360 Speaker 1: deadly fire broke out. Failure allow thick smoked billow through 250 00:13:46,400 --> 00:13:50,160 Speaker 1: the tower and kills seventeen people. The Republican National Committee 251 00:13:50,240 --> 00:13:53,160 Speaker 1: sued New York City over a law that will give 252 00:13:53,280 --> 00:13:56,120 Speaker 1: non citizens the ranked vote in local elections, calling in 253 00:13:56,160 --> 00:14:00,400 Speaker 1: a blatant attack on election integrity. Chicago's students will be 254 00:14:00,559 --> 00:14:03,400 Speaker 1: back in the classroom tomorrow. The union and the city 255 00:14:03,760 --> 00:14:07,240 Speaker 1: reached a deal about the COVID safety protocols that led 256 00:14:07,280 --> 00:14:11,360 Speaker 1: to in person classes closing January five. Real estate air 257 00:14:11,440 --> 00:14:14,520 Speaker 1: and convicted murderer Robert Durst has died of cardiac arrest 258 00:14:14,559 --> 00:14:17,680 Speaker 1: at age seventy eight. Georgia eat Alabama thirty three eight 259 00:14:17,760 --> 00:14:21,280 Speaker 1: teen to win college football's national championship. In the NBA, 260 00:14:21,360 --> 00:14:24,520 Speaker 1: the Knicks and Celtics won. The Nets lost in the NHL, 261 00:14:24,560 --> 00:14:27,160 Speaker 1: the Bruins beat the Capitol seven three, the Rangers lost. 262 00:14:27,520 --> 00:14:29,880 Speaker 1: Global News twenty four hours a day on air and 263 00:14:30,040 --> 00:14:33,120 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 264 00:14:33,240 --> 00:14:36,240 Speaker 1: under journalist and analysts in more than a hundred twenty countries. 265 00:14:36,280 --> 00:14:39,120 Speaker 1: I'm Michael bar This is Bloomberg, Nathan. Thank you, Michael. 266 00:14:39,160 --> 00:14:41,720 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 267 00:14:41,760 --> 00:14:44,920 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. We want to 268 00:14:44,920 --> 00:14:47,080 Speaker 1: get more now on our top story this morning. As 269 00:14:47,160 --> 00:14:49,400 Speaker 1: j Powell gets set to go before the Senate Banking 270 00:14:49,400 --> 00:14:53,160 Speaker 1: Committee later this morning for reconfirmation as Chairman of the 271 00:14:53,200 --> 00:14:55,120 Speaker 1: Federal Reserve. For that and all that's happening in the 272 00:14:55,200 --> 00:14:59,040 Speaker 1: nation's capital, We're joined by Joe Matthew, Bloomberg Washing and correspondent, 273 00:14:59,120 --> 00:15:02,160 Speaker 1: host of sound On on Bloomberg Radio. Joe, how many 274 00:15:02,200 --> 00:15:04,280 Speaker 1: times do you suppose we're gonna hear the word inflation 275 00:15:04,960 --> 00:15:07,120 Speaker 1: hearing today? You know, I always think if if there's 276 00:15:07,120 --> 00:15:09,520 Speaker 1: a drinking game, I think it might be transitory. I'm 277 00:15:09,520 --> 00:15:12,880 Speaker 1: just wondering how many members, especially Republican members, want to 278 00:15:13,000 --> 00:15:16,880 Speaker 1: remind j. Powell of that term. And you know, look, 279 00:15:16,960 --> 00:15:19,280 Speaker 1: only in Washington do we see this kind of drama 280 00:15:19,320 --> 00:15:21,600 Speaker 1: surround an event where everyone seems to already know how 281 00:15:21,640 --> 00:15:23,720 Speaker 1: it's gonna end. I mean, he's going to be confirmed. 282 00:15:23,800 --> 00:15:27,800 Speaker 1: This is why President Biden renominated him. J. Powell enjoys 283 00:15:27,840 --> 00:15:31,760 Speaker 1: bipartisan support. Doesn't mean he won't be getting some tough 284 00:15:31,840 --> 00:15:35,080 Speaker 1: questions today, though. This is an opportunity for members to 285 00:15:35,240 --> 00:15:39,040 Speaker 1: to get up front, get on TV, press the chair 286 00:15:39,280 --> 00:15:41,640 Speaker 1: on whether the FED is doing enough, maybe suggest that 287 00:15:41,720 --> 00:15:44,640 Speaker 1: it's not, and in question whether it started this tightening 288 00:15:44,720 --> 00:15:49,400 Speaker 1: regime too late. Uh. Transitory yes, Inflation, yes, especially from 289 00:15:49,440 --> 00:15:52,120 Speaker 1: Republican senators. To your point that we had to look 290 00:15:52,120 --> 00:15:55,720 Speaker 1: at Powell's opening remarks and he will he'll deliver the 291 00:15:55,960 --> 00:15:58,760 Speaker 1: magic words that everyone is looking to hear six words 292 00:15:59,200 --> 00:16:04,160 Speaker 1: prevent inflation from becoming entrenched. This has been echoing since 293 00:16:04,240 --> 00:16:06,680 Speaker 1: last night when it was released. That's the idea here, 294 00:16:06,760 --> 00:16:09,280 Speaker 1: that's what they want to get from the FED chair. 295 00:16:09,960 --> 00:16:13,560 Speaker 1: And while that will be the focus here inflation, Uh, 296 00:16:13,720 --> 00:16:15,640 Speaker 1: he's likely to get a near full again from Senator 297 00:16:15,640 --> 00:16:18,440 Speaker 1: Elizabeth Warren. It's gonna be focusing on regulation and we'll 298 00:16:18,440 --> 00:16:20,160 Speaker 1: have a little more to say about that when Leo 299 00:16:20,240 --> 00:16:23,840 Speaker 1: Brainard has her confirmation hearing later on this week. Uh. 300 00:16:24,000 --> 00:16:26,560 Speaker 1: This comes down to the Fed's personal trading policy. After 301 00:16:26,720 --> 00:16:29,560 Speaker 1: this news that Richard Clarada is leaving two weeks early 302 00:16:29,640 --> 00:16:32,440 Speaker 1: because of his own million dollar trading disclosure, this is 303 00:16:32,480 --> 00:16:36,080 Speaker 1: exactly what Warren was warning about, the same Elizabeth Warren 304 00:16:36,080 --> 00:16:39,880 Speaker 1: who has publicly called J Powell Nathan a dangerous man. 305 00:16:40,000 --> 00:16:42,840 Speaker 1: Dangerous man. That's exactly right. I guess that begs the 306 00:16:42,960 --> 00:16:47,320 Speaker 1: question whether for markets, the more important hearing this week 307 00:16:47,640 --> 00:16:53,040 Speaker 1: is J Powell's or Lyle Brainerd's. What's the feeling in Washington? Well, 308 00:16:53,080 --> 00:16:54,840 Speaker 1: I think they're actually gonna be pretty similar, to be 309 00:16:54,920 --> 00:16:57,160 Speaker 1: honest with you. And this was again, remember we have 310 00:16:57,240 --> 00:17:00,640 Speaker 1: still have three open seats that have to be filled. 311 00:17:00,760 --> 00:17:03,320 Speaker 1: These were supposed to be the two easy ones, Nathan, 312 00:17:03,360 --> 00:17:06,120 Speaker 1: when when Joe Biden walked into the South Court auditorium 313 00:17:06,560 --> 00:17:09,040 Speaker 1: over there in the White House complex with j Powell 314 00:17:09,160 --> 00:17:12,159 Speaker 1: and Layle Brainers, this was the duo here, right, This 315 00:17:12,320 --> 00:17:14,840 Speaker 1: was supposed to be the easy part, the part with 316 00:17:14,960 --> 00:17:19,080 Speaker 1: bipartisan support, that which brought continuity to the markets, let 317 00:17:19,200 --> 00:17:23,720 Speaker 1: lawmakers rest easy at night. Uh. The next three however, 318 00:17:23,840 --> 00:17:26,240 Speaker 1: could be a different matter as we expect more progressive 319 00:17:26,280 --> 00:17:29,200 Speaker 1: members with more diverse ideas, and those could be challenged 320 00:17:29,280 --> 00:17:31,520 Speaker 1: by members of the Banking Committee. And the time we 321 00:17:31,640 --> 00:17:33,560 Speaker 1: have left Joe. The other big story we're gonna be 322 00:17:33,640 --> 00:17:37,680 Speaker 1: watching today as President Biden heading down to Atlanta this afternoon, 323 00:17:37,760 --> 00:17:42,200 Speaker 1: in this new push for voting rights legislation after the 324 00:17:42,359 --> 00:17:46,000 Speaker 1: setbacks for the president's economic agenda, is this likely to 325 00:17:46,119 --> 00:17:48,280 Speaker 1: be the focus for the rest of the year for 326 00:17:48,359 --> 00:17:51,160 Speaker 1: President Biden? The rest of the year, Yeah, was well 327 00:17:51,560 --> 00:17:54,600 Speaker 1: straight through November. This is that we've got midterm elections 328 00:17:54,800 --> 00:17:58,680 Speaker 1: on the brain. Here. There are questions, maybe maybe from 329 00:17:58,760 --> 00:18:02,000 Speaker 1: some critics who suggest that this is a vanity project 330 00:18:02,600 --> 00:18:05,920 Speaker 1: for Joe Biden and for Democratic leaders because it's not 331 00:18:06,080 --> 00:18:08,399 Speaker 1: likely to pass. They they they don't have the votes 332 00:18:08,480 --> 00:18:11,120 Speaker 1: to pass this voting rights legislation unless there's a carve 333 00:18:11,160 --> 00:18:13,719 Speaker 1: out in the filibuster or Joe Mansion and Kerson Cinema, 334 00:18:14,200 --> 00:18:17,520 Speaker 1: two familiar names, don't support doing that. But this is 335 00:18:17,640 --> 00:18:20,240 Speaker 1: for the base. This is to stirrup passions. This is 336 00:18:20,320 --> 00:18:22,879 Speaker 1: to motivate Democrats who might be getting a little bit 337 00:18:22,920 --> 00:18:25,840 Speaker 1: complacent after watching Bill back Better fall apart the end 338 00:18:25,880 --> 00:18:28,600 Speaker 1: of last year. To get them out there, get them 339 00:18:28,680 --> 00:18:31,359 Speaker 1: thinking about what happened in twenty and get them voting. 340 00:18:31,480 --> 00:18:34,600 Speaker 1: If this does not pass as expected, that in itself 341 00:18:34,680 --> 00:18:37,280 Speaker 1: could be a motivator for Democrats in the midterm election year. 342 00:18:37,440 --> 00:18:40,120 Speaker 1: Interesting in our last minute here to frame this as 343 00:18:40,280 --> 00:18:44,280 Speaker 1: a base motivator when for a lot of the president's allies, 344 00:18:44,440 --> 00:18:46,880 Speaker 1: the push for voting rights was something they had really 345 00:18:47,359 --> 00:18:50,560 Speaker 1: been wanting to see from him from the get go. Yeah, 346 00:18:50,640 --> 00:18:53,720 Speaker 1: that's true. And they're still talk about reforming the Electoral 347 00:18:53,920 --> 00:18:57,320 Speaker 1: Count Act. That would actually prevent what, you know, what 348 00:18:57,480 --> 00:19:00,560 Speaker 1: could have happened last January six, That would make uh 349 00:19:00,640 --> 00:19:03,840 Speaker 1: the Vice president's job ceremonial essentially in the way that 350 00:19:03,960 --> 00:19:07,600 Speaker 1: the votes are codified and certified. But again, the Democrats 351 00:19:07,680 --> 00:19:10,080 Speaker 1: are concerned about that because they think it's a distraction 352 00:19:10,119 --> 00:19:12,560 Speaker 1: from the real issues, and they're watering down what it 353 00:19:12,720 --> 00:19:14,640 Speaker 1: is they really want to do to protect voting rights 354 00:19:14,960 --> 00:19:17,880 Speaker 1: going forward. The President will speak passionately today, we're told 355 00:19:17,880 --> 00:19:20,240 Speaker 1: from the White House as well about his support for 356 00:19:20,480 --> 00:19:22,680 Speaker 1: changing that philipbus To rule, which would be a big 357 00:19:22,760 --> 00:19:25,920 Speaker 1: deal in Washington, certainly would be Joe Matthew as always, 358 00:19:25,960 --> 00:19:27,800 Speaker 1: thanks for keeping us up to speed on what's happening 359 00:19:27,880 --> 00:19:30,000 Speaker 1: in the nation's capital. Of course, you'll be able to 360 00:19:30,080 --> 00:19:31,960 Speaker 1: hear much more from Joe and his guests when you 361 00:19:32,400 --> 00:19:35,000 Speaker 1: tune in for Bloomberg sound On coming up at five 362 00:19:35,119 --> 00:19:38,960 Speaker 1: pm Wall Street Time right here on Bloomberg Radio. And 363 00:19:39,040 --> 00:19:41,640 Speaker 1: that of course will come after j pals confirmation hearing 364 00:19:41,680 --> 00:19:44,240 Speaker 1: before the Senate Banking Committee that begins at ten am 365 00:19:44,440 --> 00:19:47,480 Speaker 1: Wall Street time. We will have live coverage of that 366 00:19:47,680 --> 00:19:51,040 Speaker 1: hearing as well, right here on Bloomberg Radio. Ahead of 367 00:19:51,080 --> 00:19:53,640 Speaker 1: all that, ahead of the market open, futures are moving higher. 368 00:19:53,680 --> 00:19:56,400 Speaker 1: We have SMP futures up nineteen points right now, DAL 369 00:19:56,480 --> 00:19:59,199 Speaker 1: futures up a hundred NASTAC futures on the rise by 370 00:19:59,240 --> 00:20:02,960 Speaker 1: a hundred one points. And you're listening to Bloomberg Daybreak 371 00:20:03,000 --> 00:20:09,880 Speaker 1: Good morning, Bloomberg eleven three oh weather sunny but called today. 372 00:20:09,960 --> 00:20:13,359 Speaker 1: Might get to twenty degrees for an afternoon high tomorrow. 373 00:20:13,440 --> 00:20:16,480 Speaker 1: Partly sunny behind your forty, mostly cloudy in your forty 374 00:20:16,520 --> 00:20:23,800 Speaker 1: for Thursday seventeen degrees Right now, Broadcasting live from the 375 00:20:23,920 --> 00:20:27,840 Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg E living 376 00:20:27,920 --> 00:20:31,560 Speaker 1: free to Washington, d C, Bloomberg nine one to Boston, 377 00:20:31,680 --> 00:20:35,080 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg NUN 378 00:20:35,160 --> 00:20:38,240 Speaker 1: sixty to the country, Sirius XM to the one nineteen 379 00:20:38,400 --> 00:20:41,520 Speaker 1: and around the globe, the Bloomberg Business app and Bloomberg 380 00:20:41,640 --> 00:20:51,120 Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's by thirty 381 00:20:51,160 --> 00:20:53,560 Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm 382 00:20:53,640 --> 00:20:56,680 Speaker 1: Kared Moscow, and we are just about four hours away 383 00:20:56,720 --> 00:20:58,600 Speaker 1: from the open of US trading. Let's get you up 384 00:20:58,600 --> 00:21:00,399 Speaker 1: to date on the news. You need to know what sour. 385 00:21:00,600 --> 00:21:03,320 Speaker 1: US futures are higher this morning ahead of a confirmation 386 00:21:03,440 --> 00:21:06,680 Speaker 1: hearing for J. Powell. Fed share plans to town Senators 387 00:21:06,720 --> 00:21:09,280 Speaker 1: at the Central Bank will prevent higher inflation from a 388 00:21:09,359 --> 00:21:12,919 Speaker 1: coming in. Trenched ad mills is a Washington policy Analysted 389 00:21:13,000 --> 00:21:16,640 Speaker 1: Raymond James J. Powell is getting confirmed in his job 390 00:21:16,840 --> 00:21:19,920 Speaker 1: is to give Republicans a reason to stick with him, 391 00:21:20,119 --> 00:21:23,720 Speaker 1: to vote for his reconfirmation. If you are J Powell, 392 00:21:23,800 --> 00:21:27,040 Speaker 1: you're talking about inflation. You're talking about what you're going 393 00:21:27,119 --> 00:21:29,879 Speaker 1: to do next, and mills of Raymond James spoke of 394 00:21:29,920 --> 00:21:33,800 Speaker 1: our Washington correspondent Joe Matthew on Bloomberg's Sound on Catch 395 00:21:33,880 --> 00:21:38,040 Speaker 1: the Program weekdays at five pm Eastern on Bloomberg Radio. Well, Meantime, Karen, 396 00:21:38,040 --> 00:21:40,040 Speaker 1: the drum beat for more interest rate hikes from the 397 00:21:40,080 --> 00:21:42,760 Speaker 1: Fed is getting louder. Let's get the details live with 398 00:21:42,840 --> 00:21:46,120 Speaker 1: Bloomberg's John Tucker, John and Nathan Schwappze in the Cave. 399 00:21:46,160 --> 00:21:49,119 Speaker 1: The FEDS target will be eight basis points higher by 400 00:21:49,160 --> 00:21:51,760 Speaker 1: the end of this year, assigned the markets baking in 401 00:21:51,920 --> 00:21:55,399 Speaker 1: three hikes plus the possibility of a fourth. Former New 402 00:21:55,520 --> 00:21:58,320 Speaker 1: York President Bill Dudley says the Central Bank needs to 403 00:21:58,359 --> 00:22:01,119 Speaker 1: get more hawkish. JP Moore, are Gonna Goldman Sacks or 404 00:22:01,160 --> 00:22:05,720 Speaker 1: forecasting for rate increases this year, and tomorrow's CPI report 405 00:22:05,760 --> 00:22:08,600 Speaker 1: could put more pressure on the Fed, with forecast calling 406 00:22:08,640 --> 00:22:12,919 Speaker 1: for an annual inflation rate north of seven percent. New 407 00:22:13,000 --> 00:22:15,639 Speaker 1: York on John Tucker Bloomberg, deybreak right, John, thank you 408 00:22:15,720 --> 00:22:19,080 Speaker 1: thows inflation picks up. Confidence in a global economic recovery 409 00:22:19,160 --> 00:22:21,680 Speaker 1: appears to be fading. The details on that now from 410 00:22:21,720 --> 00:22:24,720 Speaker 1: Bloomberg's or need too Young. A World Economic Forum survey 411 00:22:24,880 --> 00:22:27,879 Speaker 1: finds just one in six government and business leaders are 412 00:22:27,960 --> 00:22:31,120 Speaker 1: optimistic on the global recovery, and just one in ten 413 00:22:31,240 --> 00:22:34,760 Speaker 1: things worldwide economic expansion will pick up speed. The Global 414 00:22:34,880 --> 00:22:38,240 Speaker 1: Risks Report sites the pandemic, climate change, and rising social 415 00:22:38,320 --> 00:22:41,159 Speaker 1: tensions among the biggest concerns, and those polled wants to 416 00:22:41,200 --> 00:22:44,000 Speaker 1: see greater coordination among leaders to try to solve the 417 00:22:44,040 --> 00:22:47,480 Speaker 1: world's problems. I'm really need a young Bloomberg debreak. All right, 418 00:22:47,520 --> 00:22:48,879 Speaker 1: we need to thank you know when it comes to 419 00:22:48,960 --> 00:22:52,160 Speaker 1: the pandemic. Fiser is working on a new vaccine. Companies 420 00:22:52,200 --> 00:22:55,159 Speaker 1: developing a hybrid shot that combines its original vaccine with 421 00:22:55,280 --> 00:22:58,680 Speaker 1: a formula that shields against the omicron variant. Finder says 422 00:22:58,720 --> 00:23:00,760 Speaker 1: it will approach you US regularly ds in March for 423 00:23:00,840 --> 00:23:03,800 Speaker 1: clearance of the shot. And Nathan. On the political front, 424 00:23:03,960 --> 00:23:07,639 Speaker 1: lawmakers have the Nordic stream to pipeline in their site 425 00:23:07,720 --> 00:23:09,560 Speaker 1: to send a good vote This week to impose new 426 00:23:09,680 --> 00:23:12,480 Speaker 1: sanctions on the conduit that links to Russia and Germany. 427 00:23:12,800 --> 00:23:16,240 Speaker 1: There's broad congressional opposition to the pipeline, but some Democrats 428 00:23:16,280 --> 00:23:19,440 Speaker 1: where his sanctions could complicate talks between the US and 429 00:23:19,600 --> 00:23:23,960 Speaker 1: Russia over Ukraine. And again, futures are moving higher this morning. 430 00:23:24,119 --> 00:23:27,800 Speaker 1: SMP futures up nineteen points, DOW futures of ninety nine, 431 00:23:28,200 --> 00:23:31,560 Speaker 1: Nastagg futures of ninety eight. Straight ahead, your latest local headlines, 432 00:23:31,640 --> 00:23:38,880 Speaker 1: plus a check of sports. And this is Bloomberg. Thanks Karen. 433 00:23:38,920 --> 00:23:40,840 Speaker 1: It's five thirty three on Wall Street. It is really 434 00:23:40,880 --> 00:23:44,359 Speaker 1: called seventeen degrees in Central Park up bad tractor trailer 435 00:23:44,400 --> 00:23:47,200 Speaker 1: crash as the northbound Eagan closed at a hundred seventy nine. 436 00:23:47,240 --> 00:23:49,800 Speaker 1: While the details for you in traffic. First, we have 437 00:23:49,920 --> 00:23:52,080 Speaker 1: Michael Barr with more on what's going on in New 438 00:23:52,160 --> 00:23:54,360 Speaker 1: York and around the world. Michael, thank you very much. 439 00:23:54,440 --> 00:23:56,920 Speaker 1: Nathan Tennants of the Bronze Department building where a deadly 440 00:23:57,000 --> 00:24:00,160 Speaker 1: fire broke out Sunday, had complained about the lack of eat, 441 00:24:00,200 --> 00:24:03,200 Speaker 1: a broken radiator, and a door that didn't close properly 442 00:24:03,520 --> 00:24:06,359 Speaker 1: in the months before the blaze. According to city records, 443 00:24:06,840 --> 00:24:09,399 Speaker 1: City officials say the fire appeared to have come from 444 00:24:09,440 --> 00:24:12,920 Speaker 1: a malfunctioning space eater in an apartment, where residents fled 445 00:24:13,000 --> 00:24:16,880 Speaker 1: without closing the door. The billowing black smoke turned stairwells 446 00:24:16,960 --> 00:24:20,640 Speaker 1: into death traps. New York Mayor Eric Adams this painful 447 00:24:20,680 --> 00:24:23,280 Speaker 1: moment can turned in to a purposeful moment as we 448 00:24:23,359 --> 00:24:27,520 Speaker 1: send the right message of something simple as closing the door. 449 00:24:28,200 --> 00:24:30,640 Speaker 1: Mayor Adams says the death toll of the fire has 450 00:24:30,720 --> 00:24:34,920 Speaker 1: been lowered to seventeen dead. New York's COVID nineteen infections 451 00:24:35,000 --> 00:24:36,960 Speaker 1: may have reached a peak about a month after the 452 00:24:37,000 --> 00:24:41,040 Speaker 1: city's first case of the omicron variant was identified. According 453 00:24:41,080 --> 00:24:43,320 Speaker 1: to the New York City Health Department, the seven day 454 00:24:43,320 --> 00:24:47,400 Speaker 1: average of people visiting emergency departments with COVID like illness 455 00:24:47,760 --> 00:24:50,959 Speaker 1: has dipped significantly in all five burrows since the end 456 00:24:51,080 --> 00:24:55,200 Speaker 1: of December. Meanwhile, New Jersey health officials say they may 457 00:24:55,320 --> 00:24:59,920 Speaker 1: have eight thousand COVID related hospitalizations nearing the state's pandemic 458 00:25:00,040 --> 00:25:02,879 Speaker 1: peak in the third week of January. Governor Phil Murphy, 459 00:25:03,200 --> 00:25:07,040 Speaker 1: we're recording more deaths tragically now, more than any point 460 00:25:07,119 --> 00:25:10,560 Speaker 1: in the past year. And remember, remember one year ago, 461 00:25:11,280 --> 00:25:15,800 Speaker 1: we had only just begun our vaccination efforts. Governor Murphy 462 00:25:15,880 --> 00:25:19,320 Speaker 1: says many towns and cities in New Jersey have reintroduced 463 00:25:19,680 --> 00:25:24,160 Speaker 1: masked mandates. Chicago students plan to resume classes tomorrow after 464 00:25:24,359 --> 00:25:27,359 Speaker 1: leaders of the teachers union accepted a proposal with the 465 00:25:27,440 --> 00:25:31,280 Speaker 1: district over COVID nineteen safety protocols. Both sides had been 466 00:25:31,359 --> 00:25:34,879 Speaker 1: locked in an increasingly bitter standoff that canceled classes for 467 00:25:35,040 --> 00:25:38,840 Speaker 1: five days. Chicago Mayor Lorie Lightfoot, some will ask whom 468 00:25:38,880 --> 00:25:42,760 Speaker 1: one and who lost? No one wins when our students 469 00:25:43,040 --> 00:25:45,159 Speaker 1: are out of the place where they can learn the 470 00:25:45,240 --> 00:25:48,680 Speaker 1: best and where they're safest. The full deal still requires 471 00:25:48,720 --> 00:25:52,280 Speaker 1: approval by the union's full membership. Global News twenty four 472 00:25:52,320 --> 00:25:54,720 Speaker 1: hours a day on air and on Bloomberg Quick Tank, 473 00:25:54,800 --> 00:25:57,800 Speaker 1: powered by more than journalists and analysts more than a 474 00:25:58,000 --> 00:26:01,800 Speaker 1: d twenty countries. Michael Barr, this is Bloomberg, Nathan, all right, Michael, 475 00:26:01,840 --> 00:26:09,520 Speaker 1: thank you. On wall st Let's get a Bloomberg sports update. 476 00:26:09,560 --> 00:26:12,440 Speaker 1: Now here's John stenshow thanks Nathan. Four years ago, Georgia 477 00:26:12,560 --> 00:26:15,200 Speaker 1: lost the National championship game to Alabama in overtime, and 478 00:26:15,280 --> 00:26:18,359 Speaker 1: then last month the Bulldogs perfect season spoiled by the 479 00:26:18,400 --> 00:26:21,840 Speaker 1: Crimson Tide in the YESCCN championship game. Same two teams 480 00:26:21,920 --> 00:26:25,280 Speaker 1: last night in Indianapolis. Bama lad nine six late third quarter. 481 00:26:25,400 --> 00:26:28,040 Speaker 1: Georgia then went ahead a sixty seven yard run set 482 00:26:28,119 --> 00:26:31,560 Speaker 1: up the game's first touchdown. Fourth quarter, Crimson Tide back 483 00:26:31,680 --> 00:26:34,399 Speaker 1: on top, but then it was Georgia's turn second and 484 00:26:34,480 --> 00:26:37,480 Speaker 1: eighteen eight eighteen to go to clock running BATA leading 485 00:26:37,520 --> 00:26:41,600 Speaker 1: by five showing blitz three plays out up. Alabama was offside, 486 00:26:41,640 --> 00:26:44,359 Speaker 1: so here's a deep throat to the end Zode. It 487 00:26:44,920 --> 00:26:51,920 Speaker 1: is touchdown by a d D. The call forty yard 488 00:26:52,000 --> 00:26:54,639 Speaker 1: t D. Georgia later had another TV pass and a 489 00:26:54,800 --> 00:26:57,920 Speaker 1: seventy nine yard pick six in the final minute. Georgia 490 00:26:58,040 --> 00:27:01,400 Speaker 1: beat Alabama thirty three to eight. Seen first national championship 491 00:27:01,440 --> 00:27:04,399 Speaker 1: for the Bulldogs since nineteen eighty at the Guard. Another 492 00:27:04,400 --> 00:27:06,240 Speaker 1: big game for R. J. Barrett. He had a thirty 493 00:27:06,320 --> 00:27:09,040 Speaker 1: two point game last week also that game winning buzzer beater, 494 00:27:09,160 --> 00:27:11,440 Speaker 1: and Barrett went for thirty one Last night, nix S 495 00:27:11,480 --> 00:27:14,119 Speaker 1: meet the Spurs one ninety six. Nets lost in Portland 496 00:27:14,160 --> 00:27:16,960 Speaker 1: one fourteen to one oh eight. Kevin durant in defeat 497 00:27:17,040 --> 00:27:19,400 Speaker 1: twenty eight points. Kyrie Irving's second game of the season. 498 00:27:19,480 --> 00:27:22,480 Speaker 1: He played forty minutes, scored twenty two. Rangers lost in 499 00:27:22,640 --> 00:27:25,040 Speaker 1: l A to the King's three to one Black Monday, 500 00:27:25,080 --> 00:27:28,120 Speaker 1: in the NFL, three coaches got fired, Matt Naggey in Chicago, 501 00:27:28,280 --> 00:27:31,720 Speaker 1: Mike Zimmer in Minnesota, and in a surprise, Brian Flores 502 00:27:31,760 --> 00:27:34,480 Speaker 1: in Miami, not Joe Judge. He did meet with Giants 503 00:27:34,520 --> 00:27:36,600 Speaker 1: owner John Barra on the day of the day of 504 00:27:36,640 --> 00:27:39,480 Speaker 1: gentleman retirement was made official. Mara and the Giants have 505 00:27:39,520 --> 00:27:41,960 Speaker 1: a gun to search for a new general manager. Don 506 00:27:42,080 --> 00:27:44,840 Speaker 1: Maynard passed away at a A J eight six drafted 507 00:27:44,880 --> 00:27:47,040 Speaker 1: by the Giants. They cut him and he went to 508 00:27:47,080 --> 00:27:49,280 Speaker 1: the Jets and became a Hall of Fame wide receiver. 509 00:27:49,600 --> 00:27:53,200 Speaker 1: John Stashward Bloomberg Sports Nathan John Thanks. It's five thirty 510 00:27:53,280 --> 00:27:56,119 Speaker 1: seven on Wall Street. Time for the Tri State Business Report. 511 00:27:56,200 --> 00:27:59,560 Speaker 1: Here's Bloomberg's head Cory. New York's Broadway theaters will extend 512 00:27:59,600 --> 00:28:03,119 Speaker 1: their man ask and vaccine requirements through April. At the 513 00:28:03,160 --> 00:28:05,640 Speaker 1: same time, the city's infections may have reached a peak 514 00:28:05,680 --> 00:28:07,960 Speaker 1: about a month after the first case of the omicron 515 00:28:08,080 --> 00:28:12,600 Speaker 1: variant was identified. There. JP Morgan's CEO, Jamie Diamond says 516 00:28:12,680 --> 00:28:17,360 Speaker 1: that the New York headquarters of the firm's employees are vaccinated. 517 00:28:17,520 --> 00:28:20,920 Speaker 1: The company last months began requiring vaccines at nine Manhattan 518 00:28:20,960 --> 00:28:23,760 Speaker 1: Novice buildings, but has so far stopped short of requiring 519 00:28:23,880 --> 00:28:28,120 Speaker 1: shots for all employees. Unlike competitors City Group, New York 520 00:28:28,200 --> 00:28:31,200 Speaker 1: business owners are saving billions by sidestepping the cap on 521 00:28:31,640 --> 00:28:35,080 Speaker 1: state and local tax deductions. Dal Jones says business has 522 00:28:35,119 --> 00:28:38,520 Speaker 1: paid the state eleven billion dollars and passed through entity 523 00:28:38,640 --> 00:28:42,120 Speaker 1: taxes by the end of one They shifted their state 524 00:28:42,200 --> 00:28:46,080 Speaker 1: income taxes from their individual tax returns to their business filings, 525 00:28:46,320 --> 00:28:48,840 Speaker 1: but the cap doesn't affect them. That's your Bloomberg Try 526 00:28:48,880 --> 00:28:52,560 Speaker 1: State Business Report. I'm Ed Corey, Thank you. Edit's on 527 00:28:52,600 --> 00:28:54,760 Speaker 1: Wall Street. Bloomberg Radio is on the air from San 528 00:28:54,840 --> 00:28:58,080 Speaker 1: Francisco to New York, London to Hong Kong. Let's check 529 00:28:58,120 --> 00:28:59,800 Speaker 1: in with our global news team for some of the 530 00:29:00,160 --> 00:29:03,040 Speaker 1: stories heard on our three hundred affiliate radio stations around 531 00:29:03,080 --> 00:29:08,840 Speaker 1: the world. I'm Steve Potas, got on ten ten Wins 532 00:29:08,920 --> 00:29:11,480 Speaker 1: in New York. We're looking at the Bloomberg Prett Index 533 00:29:11,640 --> 00:29:16,280 Speaker 1: and how walls free, bankers staying home, sains, sandwich sales plunging, 534 00:29:16,880 --> 00:29:20,360 Speaker 1: um Corney, Dadaho on ktr H in Houston. Heat firing 535 00:29:20,480 --> 00:29:23,600 Speaker 1: storms have caused one hundred forty five billion dollars and 536 00:29:23,720 --> 00:29:27,080 Speaker 1: damages across the US. I'm Caroline hit Full bloombg da 537 00:29:27,160 --> 00:29:29,200 Speaker 1: B Digital Medio in London. We're be putting on the 538 00:29:29,240 --> 00:29:33,240 Speaker 1: consumers splurge over Christmas as UK retail sales jumps in December, 539 00:29:33,360 --> 00:29:36,760 Speaker 1: according to the British retail Consultia. I'm in Corey on 540 00:29:37,160 --> 00:29:39,800 Speaker 1: w T A M in Cleveland. I'm reporting the Starbucks 541 00:29:39,840 --> 00:29:43,600 Speaker 1: Downtown could become the copy chains first unionined story at Ohio. 542 00:29:44,520 --> 00:29:46,800 Speaker 1: And those are some of the stories our twenty seven 543 00:29:46,880 --> 00:29:49,600 Speaker 1: hundred Bloomberg journalists and analysts are working on this morning 544 00:29:49,720 --> 00:29:52,280 Speaker 1: around the world. It's five thirty nine on Wall Street. 545 00:29:52,600 --> 00:29:56,440 Speaker 1: The following is an editorial from Bloomberg Opinion. Less than 546 00:29:56,520 --> 00:29:59,800 Speaker 1: a year after canceling Donald Trump's Remained in Mexico policy 547 00:30:00,040 --> 00:30:03,360 Speaker 1: for migrants attempting to enter the US, the Biden administration 548 00:30:03,560 --> 00:30:07,480 Speaker 1: has started enforcing it again, all too reluctantly. Some background. 549 00:30:07,840 --> 00:30:11,280 Speaker 1: In August, a federal judge found that Biden had improperly 550 00:30:11,440 --> 00:30:15,040 Speaker 1: rescinded the policy and ordered it reinstated. A ruling upheld 551 00:30:15,160 --> 00:30:17,560 Speaker 1: by the Supreme Court. The White House has done so, 552 00:30:17,880 --> 00:30:21,040 Speaker 1: but it insists that it does not acting early, and 553 00:30:21,120 --> 00:30:23,920 Speaker 1: has asked the High Court to revisit its ruling. The 554 00:30:24,000 --> 00:30:27,240 Speaker 1: administration would be better off working to make the program 555 00:30:27,440 --> 00:30:31,040 Speaker 1: more efficient and humane. Biden's rush to undo his predecessors 556 00:30:31,120 --> 00:30:35,360 Speaker 1: policies has undermined public support for the comprehensive immigration reforms. 557 00:30:35,440 --> 00:30:39,640 Speaker 1: The US needs strengthening this policy rather than discarding it, 558 00:30:40,040 --> 00:30:42,200 Speaker 1: would be the best way to restore confidence in the 559 00:30:42,280 --> 00:30:45,800 Speaker 1: government's ability to administer a fair and orderly system. This 560 00:30:46,040 --> 00:30:48,959 Speaker 1: editorial was written by the Bloomberg Opinion editorial Board. I'm 561 00:30:49,040 --> 00:30:52,000 Speaker 1: David Shipley. For more Bloomberg opinion, please go to Bloomberg 562 00:30:52,080 --> 00:30:54,880 Speaker 1: dot com, slash opinion or op i and go on 563 00:30:54,960 --> 00:30:58,280 Speaker 1: the Bloomberg terminal. These has been Bloomberg Opinion. You can 564 00:30:58,320 --> 00:31:01,120 Speaker 1: hear Bloomberg opinion editorials every weekday at this time, and 565 00:31:01,240 --> 00:31:04,240 Speaker 1: terminal customers can read more at O, P, I, n GO, 566 00:31:04,960 --> 00:31:07,640 Speaker 1: SMP futures. Right now, we're up nineteen point, staff futures 567 00:31:07,720 --> 00:31:10,880 Speaker 1: higher by ninety nine. Nastact features up a hundred one points. 568 00:31:11,200 --> 00:31:13,520 Speaker 1: The tenure treasury is up one thirty second. They yield 569 00:31:13,600 --> 00:31:23,160 Speaker 1: one point seven five. You're listening to Bloomberg Daybreak Bloomberg 570 00:31:23,200 --> 00:31:25,560 Speaker 1: eleven three oh weather sunny but cold today, high only 571 00:31:25,640 --> 00:31:28,240 Speaker 1: near twenty degrees, partly Sunday tomorrow with the hind your 572 00:31:28,280 --> 00:31:31,280 Speaker 1: forty well mostly cloudy in near forty on Thursday. Right 573 00:31:31,320 --> 00:31:39,040 Speaker 1: now seventeen degrees in Central Park. Markets headlines and breaking 574 00:31:39,080 --> 00:31:41,920 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 575 00:31:42,080 --> 00:31:45,720 Speaker 1: the Bloomberg Business at and at Bloomberg Quicktape. He's a 576 00:31:45,760 --> 00:31:54,960 Speaker 1: Bloomberg Business Flash, and I'm Karen. Moscow and European stocks 577 00:31:55,000 --> 00:31:57,560 Speaker 1: are bouncing back from their biggest decline in six weeks, 578 00:31:57,640 --> 00:32:00,240 Speaker 1: as treasury yields to steady a day of for a 579 00:32:00,400 --> 00:32:04,440 Speaker 1: key US inflation reading. US dock index futures are on 580 00:32:04,520 --> 00:32:07,040 Speaker 1: the rise. S and P futures up twenty one points 581 00:32:07,120 --> 00:32:10,280 Speaker 1: this morning, Down futures up a hundred six, Nastack futures 582 00:32:10,320 --> 00:32:12,560 Speaker 1: up one hundred eleven. And we checked the markets every 583 00:32:12,600 --> 00:32:15,640 Speaker 1: fifteen minutes throughout the trading day on Bloomberg. The decks 584 00:32:15,680 --> 00:32:18,600 Speaker 1: in Germany's up one point one percent, ten year treasury 585 00:32:18,680 --> 00:32:21,120 Speaker 1: up one thirty second. He had one point seven five percent. 586 00:32:21,200 --> 00:32:23,600 Speaker 1: They yield on the two year point nine zero percent 587 00:32:24,080 --> 00:32:26,160 Speaker 1: nine max screwed oil is up one point four percent 588 00:32:26,240 --> 00:32:28,360 Speaker 1: of a dollar eight at seventy nine dollars thirty one 589 00:32:28,400 --> 00:32:30,560 Speaker 1: cents a barrel comic school that the third of u 590 00:32:30,640 --> 00:32:33,040 Speaker 1: percent or six dollars at eighteen o four eight and 591 00:32:33,120 --> 00:32:36,400 Speaker 1: ounce the euro one point one three three one against 592 00:32:36,440 --> 00:32:38,600 Speaker 1: the dollar British found one point three six so four 593 00:32:38,960 --> 00:32:42,160 Speaker 1: begins at one fifteen point four four and bitcoin this 594 00:32:42,440 --> 00:32:45,640 Speaker 1: morning at forty one thousand, seven hundred dollars. That's a 595 00:32:45,680 --> 00:32:48,240 Speaker 1: Bloomberg business flash. Now, where's Michael Barr with more on 596 00:32:48,360 --> 00:32:51,400 Speaker 1: what's going on around the world. Michael Karen, thank you 597 00:32:51,520 --> 00:32:54,480 Speaker 1: very much. An investigation is underway into the Bronx department 598 00:32:54,560 --> 00:32:57,719 Speaker 1: fire that took at least seventeen lives, including eight children. 599 00:32:58,160 --> 00:33:00,240 Speaker 1: A space eater is being blamed for the cars of 600 00:33:00,280 --> 00:33:03,680 Speaker 1: the fire, but the apartment door didn't close, sending thick 601 00:33:03,920 --> 00:33:07,920 Speaker 1: black smoke throughout the building. New York Mayor Eric Adams 602 00:33:08,000 --> 00:33:11,000 Speaker 1: called it a global tragedy because many of the victims 603 00:33:11,040 --> 00:33:14,640 Speaker 1: are immigrants from Gambia in West Africa. A deal has 604 00:33:14,680 --> 00:33:17,719 Speaker 1: been reached a gets schools open again in Chicago. Students 605 00:33:17,760 --> 00:33:20,640 Speaker 1: will be back in the classroom tomorrow. After teachers walked 606 00:33:20,640 --> 00:33:24,040 Speaker 1: out January five, the teachers union and the city reached 607 00:33:24,080 --> 00:33:28,200 Speaker 1: an agreement over safety precautions around COVID nineteen. Georgia beat 608 00:33:28,240 --> 00:33:32,440 Speaker 1: Alabama thirty three eighteen to win college football's national championship. 609 00:33:32,920 --> 00:33:35,440 Speaker 1: In the NBA, the Nicks and Celtics won. The Nets 610 00:33:35,560 --> 00:33:38,760 Speaker 1: lost in the NHL, the Bruins beat the Capitol seven three, 611 00:33:38,840 --> 00:33:42,080 Speaker 1: the Rangers lost. Global news twenty four hours a day 612 00:33:42,160 --> 00:33:45,200 Speaker 1: on here and on Bloomberg Quit take powered by more 613 00:33:45,360 --> 00:33:48,239 Speaker 1: than twenty seven hundred journalists and analysts and more than 614 00:33:48,280 --> 00:33:51,520 Speaker 1: a hundred twenty countries. I'm Michael Barr. This is Bloomberg. 615 00:33:51,640 --> 00:33:54,600 Speaker 1: Nathan Okay, Michael. Thanks, It's five nine on Wall Street 616 00:33:54,680 --> 00:33:57,280 Speaker 1: Live from the Bloomberg Intractor Broker's studios. This is a 617 00:33:57,320 --> 00:33:59,560 Speaker 1: Bloomberg Daybreak and we want to turn to the latest 618 00:33:59,640 --> 00:34:03,480 Speaker 1: now on a pandemic, including Fiser talking about a hybrid 619 00:34:03,600 --> 00:34:07,000 Speaker 1: vaccine to protect against the omicron variant. Dr Stewart Ray 620 00:34:07,120 --> 00:34:09,279 Speaker 1: is with us this morning, Vice Chair of Medicine at 621 00:34:09,280 --> 00:34:12,359 Speaker 1: the Johns Hopkins University School of Medicine, Dr Ray, It's 622 00:34:12,360 --> 00:34:14,399 Speaker 1: good to have you with us this morning. Let's start there, 623 00:34:14,400 --> 00:34:17,279 Speaker 1: because we spoke with Visor CEO Albert Bordley yesterday. He 624 00:34:17,360 --> 00:34:20,920 Speaker 1: was saying that he could go before US regulators by 625 00:34:21,120 --> 00:34:25,200 Speaker 1: March for emergency clearance on a hybrid vaccine that would 626 00:34:25,200 --> 00:34:28,960 Speaker 1: combine the original shot with a new formulation tailored for 627 00:34:29,040 --> 00:34:31,120 Speaker 1: O macron. Do you think this is the kind of 628 00:34:31,360 --> 00:34:35,399 Speaker 1: treatment that's going to be necessary? Well, I certainly hope 629 00:34:35,440 --> 00:34:38,759 Speaker 1: that it works for what we wanted to do, which 630 00:34:38,800 --> 00:34:42,360 Speaker 1: is to protect people against the broad range of virus 631 00:34:43,239 --> 00:34:48,040 Speaker 1: that we have. Now, since we have two UH Strainscron 632 00:34:48,160 --> 00:34:51,719 Speaker 1: and UH delta that are diversifying, I think we're going 633 00:34:51,840 --> 00:34:55,080 Speaker 1: to need UH some tools to protect people. And we 634 00:34:55,239 --> 00:35:00,480 Speaker 1: have kids now with rising hospitalization UH eights, and so 635 00:35:00,760 --> 00:35:04,279 Speaker 1: we are worried about the broad range and vulnerable people. 636 00:35:04,480 --> 00:35:07,120 Speaker 1: We need this tool, but we'll have to see whether 637 00:35:07,160 --> 00:35:10,919 Speaker 1: it's as effective as we hope it is. Obviously there's 638 00:35:11,000 --> 00:35:13,839 Speaker 1: been some concern with the amount of breakthrough cases we've 639 00:35:13,960 --> 00:35:18,640 Speaker 1: seen as to whether the current vaccines are effective. Do 640 00:35:18,800 --> 00:35:22,440 Speaker 1: you think they are? Should we start thinking about shortening 641 00:35:22,719 --> 00:35:25,640 Speaker 1: booster times even further? I mean it's already gone down 642 00:35:25,680 --> 00:35:29,120 Speaker 1: from six months to five the recommendation for getting another 643 00:35:29,280 --> 00:35:33,080 Speaker 1: MR and a shot. Well, we it looks like the 644 00:35:33,160 --> 00:35:36,920 Speaker 1: boosters that we've given are protecting against severe disease, and 645 00:35:37,000 --> 00:35:40,520 Speaker 1: so we do have that protection, but we could help 646 00:35:40,600 --> 00:35:45,279 Speaker 1: limits spread. The man variants included in the vaccine might 647 00:35:45,360 --> 00:35:49,360 Speaker 1: help us limits spread more because it's a little better targeted. 648 00:35:49,440 --> 00:35:51,960 Speaker 1: I think we're all worried about whether the next variance 649 00:35:52,040 --> 00:35:54,560 Speaker 1: is around the corner, coming from a place we're not 650 00:35:54,680 --> 00:35:58,680 Speaker 1: watching right now. So I think that boosting maybe what 651 00:35:58,840 --> 00:36:03,680 Speaker 1: we have to do. But the major source of severe 652 00:36:03,719 --> 00:36:06,799 Speaker 1: disease right now is folks who haven't received vaccination yet, 653 00:36:07,200 --> 00:36:10,200 Speaker 1: and so getting into that population is a major priority. 654 00:36:10,960 --> 00:36:13,160 Speaker 1: At the same time, we're seeing more evidence about the 655 00:36:13,200 --> 00:36:17,160 Speaker 1: effectiveness of T cells in protecting against COVID. There's a 656 00:36:17,400 --> 00:36:21,600 Speaker 1: new study out of London Imperial College, London that points 657 00:36:21,640 --> 00:36:23,880 Speaker 1: to the effectiveness of T cells. What could that mean 658 00:36:23,920 --> 00:36:27,000 Speaker 1: when it comes to treatment. Well, I think that when 659 00:36:27,080 --> 00:36:30,520 Speaker 1: we UH think about how immune system works, it's easy 660 00:36:30,560 --> 00:36:33,400 Speaker 1: to measure autibodies, it's very hard to measure T cells. 661 00:36:33,600 --> 00:36:36,840 Speaker 1: In comparison, UH T cells can target any part of 662 00:36:36,920 --> 00:36:41,480 Speaker 1: the barrel proteins. And so while we talk about the 663 00:36:41,560 --> 00:36:46,280 Speaker 1: sixty or so changes in overcrone UH, there's ten thousand 664 00:36:46,400 --> 00:36:50,040 Speaker 1: amino acids and the virus, and there's uh a twelve 665 00:36:50,120 --> 00:36:54,640 Speaker 1: hundred in the spike protein, so the number of changes 666 00:36:54,760 --> 00:36:57,080 Speaker 1: is not that big, and T cells can recognize any 667 00:36:57,120 --> 00:36:59,360 Speaker 1: of those little pieces of the virus that have not changed, 668 00:36:59,719 --> 00:37:02,120 Speaker 1: so do provide us protection. It's a big reason why 669 00:37:02,640 --> 00:37:06,080 Speaker 1: vaccination can protect even when the antibody levels are not 670 00:37:06,320 --> 00:37:10,080 Speaker 1: great against a new variant. So that's that's wonderful. We 671 00:37:10,200 --> 00:37:12,680 Speaker 1: can't easily give to cells to people, and so the 672 00:37:12,760 --> 00:37:15,279 Speaker 1: best way to give them effect of two cells is 673 00:37:15,360 --> 00:37:18,000 Speaker 1: to vaccinate them, and so that's what we'll be prioritizing. 674 00:37:18,280 --> 00:37:20,279 Speaker 1: All right, we have about a minute left here. I 675 00:37:20,360 --> 00:37:24,399 Speaker 1: want to ask, when you think we'll start to think 676 00:37:24,480 --> 00:37:30,160 Speaker 1: about the COVID pandemic as being more endemic around the world. 677 00:37:31,160 --> 00:37:34,600 Speaker 1: Is this something we should be talking about now. I 678 00:37:34,719 --> 00:37:37,640 Speaker 1: think it's worth anticipating that that state, and I think 679 00:37:37,680 --> 00:37:40,600 Speaker 1: it's possible that we would see something like that in 680 00:37:40,719 --> 00:37:44,880 Speaker 1: many areas later this year. I think that the question 681 00:37:45,040 --> 00:37:48,480 Speaker 1: is going to be when this stops disrupting. Clearly, it's 682 00:37:48,560 --> 00:37:52,000 Speaker 1: incredibly disruptive. Right now. Our health care system is stretched 683 00:37:52,040 --> 00:37:53,800 Speaker 1: in many areas, and I think in areas that have 684 00:37:53,960 --> 00:37:57,759 Speaker 1: been relatively spared so far this winter. UH there may 685 00:37:57,840 --> 00:38:02,360 Speaker 1: be UH signs that the spread is increasing in those areas, 686 00:38:02,400 --> 00:38:05,239 Speaker 1: and some of those areas are relatively under vaccinated, and 687 00:38:05,320 --> 00:38:07,680 Speaker 1: so we may see a big impact there. But once 688 00:38:07,840 --> 00:38:13,520 Speaker 1: this very infectious overcrone variant has run its UH way 689 00:38:13,640 --> 00:38:17,640 Speaker 1: through the population, we may see higher levels of immunity. 690 00:38:18,200 --> 00:38:20,680 Speaker 1: The cost will be tremendous, but we may be in 691 00:38:20,719 --> 00:38:24,399 Speaker 1: a place where, unless we see a variant that really 692 00:38:24,560 --> 00:38:28,400 Speaker 1: escapes the immune responses that democrones generated, we may be 693 00:38:28,520 --> 00:38:31,480 Speaker 1: a more endemic state. All right, As always, Dr Ray, 694 00:38:31,560 --> 00:38:34,040 Speaker 1: thank you for your insights. Dr Stewart Rays, Vice Chair 695 00:38:34,080 --> 00:38:37,680 Speaker 1: of Medicine at the Johns Hopkins School of Medicine, Karen Nathan, 696 00:38:37,719 --> 00:38:39,960 Speaker 1: thank you. It's five fifty three on Wall Street. Time 697 00:38:40,000 --> 00:38:42,359 Speaker 1: for our Bloomberg Law Report. Let's get to the legal 698 00:38:42,480 --> 00:38:48,080 Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Bellinger, the 699 00:38:48,239 --> 00:38:52,360 Speaker 1: Lightning Administration moved to require private insurance companies and group 700 00:38:52,440 --> 00:38:55,120 Speaker 1: health plans to cover the cost of at home rapid 701 00:38:55,239 --> 00:38:59,600 Speaker 1: COVID nineteen test kits beginning Saturday. A federal judge just 702 00:38:59,719 --> 00:39:02,160 Speaker 1: missed the lawsuit brought by more than a dozen Los 703 00:39:02,200 --> 00:39:06,160 Speaker 1: Angeles police officers who were seeking religious exemptions from the 704 00:39:06,239 --> 00:39:11,160 Speaker 1: city's vaccine or test mandate. California Governor Gavin Newsom's proposed 705 00:39:11,200 --> 00:39:15,400 Speaker 1: budget includes billions of dollars to combat climate change. Funding 706 00:39:15,480 --> 00:39:20,200 Speaker 1: to battle wildfires would be increased. Bloomberg Law everything you need, 707 00:39:20,520 --> 00:39:24,840 Speaker 1: all on one legal research platform, including guidance analysis and 708 00:39:24,960 --> 00:39:29,120 Speaker 1: Bloomberg market Intelligence. Find out more at Bloomberg law dot com. 709 00:39:30,960 --> 00:39:33,239 Speaker 1: All right, Jeff, thank you. Now. Another legal story where 710 00:39:33,280 --> 00:39:36,240 Speaker 1: watching brings us to the Supreme Court justices are weighing 711 00:39:36,360 --> 00:39:40,680 Speaker 1: in on the Biden administration's vaccine policies. During oral arguments, 712 00:39:40,840 --> 00:39:44,560 Speaker 1: the Court's six conservatives seem skeptical about whether OSHA had 713 00:39:44,560 --> 00:39:48,440 Speaker 1: authority to require shots or require COVID tests for workers. 714 00:39:48,840 --> 00:39:51,279 Speaker 1: At the same time, they were not as skeptical about 715 00:39:51,320 --> 00:39:53,960 Speaker 1: a mandate that would apply to nearly all healthcare staff 716 00:39:54,000 --> 00:39:56,560 Speaker 1: in the country. For more in the case, Bloomberg, student 717 00:39:56,600 --> 00:39:59,399 Speaker 1: Grosso speaks to Robert Field, a professor of law health 718 00:39:59,480 --> 00:40:04,360 Speaker 1: management policy at Directual University. Is this more about their 719 00:40:04,920 --> 00:40:10,480 Speaker 1: seeming assault on the administrative state and agency power? I 720 00:40:10,560 --> 00:40:13,960 Speaker 1: think that's definitely part of it, and when they issue 721 00:40:13,960 --> 00:40:18,279 Speaker 1: their ruling, we will see how important their focus on 722 00:40:18,400 --> 00:40:22,520 Speaker 1: administrative power is But there was a clear division between 723 00:40:22,600 --> 00:40:26,680 Speaker 1: the conservatives who said, in essence, the most serious concern 724 00:40:27,280 --> 00:40:31,120 Speaker 1: was government overreach and wanting to reign in the administrative state, 725 00:40:31,480 --> 00:40:35,280 Speaker 1: and the liberal justices who were saying, hundreds of thousands 726 00:40:35,360 --> 00:40:38,200 Speaker 1: of human lives are at stake, that's what's most important, 727 00:40:38,600 --> 00:40:41,920 Speaker 1: and the job of the government is to act as 728 00:40:42,080 --> 00:40:45,160 Speaker 1: vigorously as it can to stama crisis like that. So 729 00:40:45,280 --> 00:40:48,680 Speaker 1: would you say that, based on the oral arguments, the 730 00:40:48,760 --> 00:40:52,840 Speaker 1: court will strike down the employer mandate? I think based 731 00:40:52,880 --> 00:40:56,240 Speaker 1: on what all six of the conservative justices were saying, 732 00:40:56,920 --> 00:40:59,800 Speaker 1: it will be struck down because of one rationale or 733 00:40:59,840 --> 00:41:02,960 Speaker 1: now there the question is how much latitude will OSHA 734 00:41:03,040 --> 00:41:05,160 Speaker 1: have to reissue it? So, if it's based on the 735 00:41:05,280 --> 00:41:07,359 Speaker 1: rule being too broad, would also be able to come 736 00:41:07,400 --> 00:41:10,680 Speaker 1: back and issue a targeted rule? Will they be able 737 00:41:10,719 --> 00:41:13,920 Speaker 1: to issue a rule that goes through the regular process 738 00:41:14,040 --> 00:41:17,640 Speaker 1: of soliciting comments from people and simply issue this rule 739 00:41:17,719 --> 00:41:20,799 Speaker 1: but not on an emergency basis. Was there less opposition 740 00:41:21,000 --> 00:41:25,560 Speaker 1: from the conservative justices to the healthcare mandate? Yeah, and 741 00:41:25,719 --> 00:41:29,520 Speaker 1: my guess there's enough agreement among enough conservatives that that 742 00:41:29,719 --> 00:41:32,200 Speaker 1: rule will will hold up. I don't think it's that 743 00:41:32,400 --> 00:41:35,680 Speaker 1: different for many of the rules that the government already 744 00:41:35,719 --> 00:41:40,080 Speaker 1: imposes on hospitals to promote health and safety among the patients, 745 00:41:40,280 --> 00:41:43,640 Speaker 1: and that it applies to fewer people. The Ocean rule 746 00:41:43,680 --> 00:41:48,120 Speaker 1: applies to about eighty million, the Medicare Medicaid rule much 747 00:41:48,239 --> 00:41:51,800 Speaker 1: less than that. I think it's familiar to and logistically, 748 00:41:52,040 --> 00:41:54,319 Speaker 1: you don't have to work in healthcare. If you don't 749 00:41:54,360 --> 00:41:57,279 Speaker 1: like that mandate, you can get a job somewhere else. 750 00:41:57,920 --> 00:42:02,160 Speaker 1: If all large employers have to enforce the mandate, there's 751 00:42:02,520 --> 00:42:07,719 Speaker 1: really very two other options. And that's actually University law 752 00:42:07,800 --> 00:42:10,880 Speaker 1: professor Robert Field speaking at the Bloomberg Student grosz So. 753 00:42:11,000 --> 00:42:14,080 Speaker 1: Catch more event interview plus analysis of the latest legal 754 00:42:14,160 --> 00:42:16,719 Speaker 1: news by listening to the Bloomberg Law Show at ten 755 00:42:16,840 --> 00:42:20,360 Speaker 1: pm Eastern Time or subscribing to the Bloomberg Law Podcast, 756 00:42:20,640 --> 00:42:23,760 Speaker 1: and attorneys can find exceptional legal research and business development 757 00:42:23,800 --> 00:42:27,920 Speaker 1: tools at Bloomberg Law dot com. Futures this morning are 758 00:42:28,040 --> 00:42:31,520 Speaker 1: moving higher, S ANDP futures up twenty points down, futures 759 00:42:31,600 --> 00:42:34,880 Speaker 1: up ninety two, NASDACK futures have one hundred six and 760 00:42:34,920 --> 00:42:37,319 Speaker 1: the ten year treasury up to thirty seconds held one 761 00:42:37,360 --> 00:42:40,759 Speaker 1: point seven five percent still ahead on Bloomberg daybreak and 762 00:42:40,880 --> 00:42:42,960 Speaker 1: check on the business headlines and all the news you 763 00:42:43,120 --> 00:42:46,759 Speaker 1: need to start your day. And this is Bloomberg.