Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: Daybreak for Thursday, July two. Coming up the shower, Nastack
Speaker 1: Futures fall after yesterday's fed fueled rally. Facebook owner Meta
Speaker 1: Platforms drops following earnings, Amazon and Apple report. Today, President
Speaker 1: Biden and China's Shi Jin Pain gets set to speak,
Speaker 1: and Joe Manchin and Chuck Schumer strike a deal on
Speaker 1: a tax and energy policy. Bell there's an offer on
Speaker 1: the table to get w w n B, a star
Speaker 1: Britney Griner back from Russia, plus a new groundbreaking to
Speaker 1: bring the portable housing to New York City. I'm Michael
Speaker 1: barr more ahead, I'm time statue in sports, the Mets
Speaker 1: with a walk off, when to swape the Subway series.
Speaker 1: The Yankees have acquired a new outfield That's all Stradyhead
Speaker 1: on Bloomberg Daybreak on Bloomberg eleven, Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x M one nine Team,
Speaker 1: and around the world on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business app. Good morning, I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow, and US DOT Index futures are
Speaker 1: lower this morning. We are coming up for six o
Speaker 1: one on Wall Street, and we check the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, I guess
Speaker 1: and P futures down twelve points down, futures down forty
Speaker 1: five and nowasday futures down on the decks in Germany
Speaker 1: is litill. Change in the ten year treasury up three
Speaker 1: thirty seconds, yield two point seven seven percent, and the
Speaker 1: yield on the two year two point nine seven percent.
Speaker 1: Nathan Karen. The drop in futures comes after the biggest
Speaker 1: one day gain for tech stocks since November twenty twenty.
Speaker 1: The Nasdacks surged four point three percent yesterday following resilient
Speaker 1: earnings and the fed's press conference. Randy Watts, chief investment
Speaker 1: strategist at O'Neil Global Advisor, says, there's light at the
Speaker 1: end of the tunnel, so I think the minute the
Speaker 1: stock market can identify or see, we don't have to
Speaker 1: be there, but can see the end of the Fed
Speaker 1: titan cycle. I think stocks are headed up a lot higher.
Speaker 1: Randy wattson O'Neil Global Advisor's notes the SMP five hundreds
Speaker 1: on course for its biggest monthly gain since October of
Speaker 1: last year. Well Nathan reaction is still pouring in this
Speaker 1: morning to yesterday's FED decision. Share J Powell says moderate
Speaker 1: hikes are coming, but the pace will slow at some
Speaker 1: point as the stance of monetary policy titans further, it
Speaker 1: likely will become appropriate to slow the pace of increases
Speaker 1: while we assess how our cumulative policy adjustments are affecting
Speaker 1: the economy and inflation. At the same time, J. Powell
Speaker 1: and the FED are losing credibility. That's according to Scott Minor,
Speaker 1: the chief investment officer at Guggenheim. After this this run
Speaker 1: up we're getting in the in the stock market, in
Speaker 1: the bond market right now, that that by next week
Speaker 1: we're going to be sitting around and questioning, um, you know,
Speaker 1: and gee, you know, are they really being incredible? Cooggenheim.
Speaker 1: Scott Minor had said the economy may already be in
Speaker 1: a recession. Bloomberg Opinion columnist Muhammadhalarian says there's no good
Speaker 1: outcome in the FED waging inflation against slowing growth. It's
Speaker 1: the FED that needs to we anchor itself, but the
Speaker 1: weed economy is again running ahead of it. And both
Speaker 1: Muhammadalarian and Scott Miner made the comments on a special
Speaker 1: edition of Bloomberg Surveillance heard right here on Bloomberg Radio
Speaker 1: and Bloomberg Television. Well, next turn, we get a key
Speaker 1: reading on the US economy. Second quarter GDP comes out
Speaker 1: at eight thirty am. Wall Street Time economists expect annualized
Speaker 1: growth of a half percent. On the surface, that would
Speaker 1: be an improvement after a one point six percent drop
Speaker 1: in the first quarter. And we turn to earning. Now, Nathan,
Speaker 1: where tech is front end center? Shar's a Meta Platforms
Speaker 1: down five percent, the parent of Facebook and Instagram reporting
Speaker 1: its first ever quarterly sales decline. And here's CEO Mark Zuckerberg.
Speaker 1: We seem to have entered an economic downturn that will
Speaker 1: have a broad impact on the digital advertising business. It's
Speaker 1: always hard to predict how deep or how long these
Speaker 1: cycles will be, but I'd say that the situation seems
Speaker 1: worse than it did a quarter ago. The week resils
Speaker 1: from Zuckerberg's Meta Platforms is weighing on sentiment this morning
Speaker 1: after revenue forecast fell short of estimates. Well, next, can
Speaker 1: we into the busiest day of this earning season, highlighted
Speaker 1: by reports from Apple and Amazon. Bloomberg's Jeff Bealllinger has
Speaker 1: the details. Apple's quarterly profit may have declined. If it did,
Speaker 1: it would be the first drop in almost two years.
Speaker 1: Investors will be especially interested in hearing about iPhone sales,
Speaker 1: since the device typically accounts for half of Apple's revenue.
Speaker 1: Bloomberg Intelligence says we may hear that Amazon dot COM's
Speaker 1: online revenue, games and profit slowed, but there is strong
Speaker 1: potential for continued growth and cloud services, streaming and advertising.
Speaker 1: Walmart issued a profit warning this week, but Amazon is not.
Speaker 1: Walmart b I says its customer base is more affluent.
Speaker 1: Jeff Bellinger, Bloomberg day Break, Right, Jeff, thank you and
Speaker 1: the m and A. From this morning, we're learning that
Speaker 1: Jet Blue is close to an agreement to buy Spirit Airlines,
Speaker 1: and Bloomberg's Ready Young is here alive with more Good Morning,
Speaker 1: Ready to Good Morning, Karen. Bloomberg. Sources say Jet Blues
Speaker 1: deal to buy Spirit could come as soon as today.
Speaker 1: The airline swooped in just hours after Spirit ended a
Speaker 1: pending merger with Frontier Lines that deal fell apart on
Speaker 1: a lack of shareholder support. A Spirit acquisition would be
Speaker 1: Jet blues best shot to broaden its network quickly. It
Speaker 1: will also inject an infusion of pilots and aircraft orders,
Speaker 1: both of which are expected to be in short supply
Speaker 1: for several years. Live in New York, I'm Nita Young
Speaker 1: Bloomberg Daybreak, Rida thank you. Geo. Politics is also on
Speaker 1: the front burner this morning, and we're learning more about
Speaker 1: the agenda for today's call between Presidents Biden and Hijin
Speaker 1: Ping of China, and Amy Morris has details from our
Speaker 1: Bloomberg newsroom in Washington. The two world leaders will discuss
Speaker 1: Trump era tariffs, Russia's invasion of Ukraine, a price cap
Speaker 1: on Russian oil, climate change, and economic competition. National Security
Speaker 1: Council Communications strategy Coordinator John Kirby says he expects the
Speaker 1: President will also bring up China's increasingly aggressive actions in
Speaker 1: the South China Sea. I would fully expect that part
Speaker 1: of the President's conversation um tensions in the South China
Speaker 1: Cey World will come up. Today's call comes as tensions
Speaker 1: are rising over a possible visit to Taiwan by House
Speaker 1: Speaker Nancy Pelosi in Washington. I'm Amy Morris, Bloomberg Daybreak right, Amy,
Speaker 1: thank you meantime on Capitol Hill, and Energy and Tax
Speaker 1: bill may have just come back to life in the sun,
Speaker 1: as Senators Joe Mansion and Chuck Schumer have reached a
Speaker 1: deal on a seven hundred thirty nine billion dollar package
Speaker 1: that includes a fifteen percent corporate minimum tax, three hundred
Speaker 1: billion dollars in deficit reductions, and three hundred sixty nine
Speaker 1: billion for energy and climate change. Bloomberg Politics contributor Genie
Speaker 1: she and Zano says it's a win for Democrats. It's
Speaker 1: a big victory for what I call the Purple Dems.
Speaker 1: Those Democrats who have to go to these moderate districts
Speaker 1: with the president with approval ratings in the thirties, have
Speaker 1: been looking for something to take home. I don't think
Speaker 1: they ever suspected they would get both chips and reconciliation
Speaker 1: and Bloomberg contributor Gene she She and Zano spoke with
Speaker 1: our Washington corresponded Joe Matthew on Bloomberg Sound on Fetch
Speaker 1: The show weekdays at five pm Eastern on Bloomberg Radio
Speaker 1: and Bloomberg Daybreak is brought to you by B and
Speaker 1: Y Mellen's Pershing Learned Why the world's most sophisticated wealth
Speaker 1: management and institutional firms rely on Pershing to help them
Speaker 1: improve profitability, create efficiency, attract talent, and manage risk At
Speaker 1: pershing dot Com. Futures moving lower On this Thursday morning.
Speaker 1: Straight ahead, we'll have your latest local headlines and a
Speaker 1: check of sports. This is Bloomberg and it sounds six
Speaker 1: oh seven on Wall Street. Where's seventy four degrees in
Speaker 1: Central Park? Got an accident memaron X southbound New England
Speaker 1: through Way eggs at eighteen B. Details coming up in traffic.
Speaker 1: First Michael Barr with what else is going on in
Speaker 1: New York and around the world. Good morning, Michael, Good morning, Nathan.
Speaker 1: Secretary of State Anthony Lincoln says the US has made
Speaker 1: an offer for the release of w n B, A
Speaker 1: star Britney grinder and former US Marine Paul Wheeland from
Speaker 1: prison in Russia. B Lincoln said he plans to put
Speaker 1: the US proposal before Russian officials, and he plans to
Speaker 1: bring up grain shipments from Ukraine. I plan to raise
Speaker 1: an issue that's a top priority for US, the release
Speaker 1: of Americans Paul Owen and Brittany Griner who've been wrongfully
Speaker 1: detained and must be allowed to come home. Secretary Blankolin
Speaker 1: says he plans to speak with Russian Foreign Ministers Sergei
Speaker 1: Lavrov in the coming days. A person familiar with the
Speaker 1: offers said the US would swap them for imprisoned Russian
Speaker 1: arms dealer Victor Bood. However, Russia says no agreement has
Speaker 1: been announced yet. Vice President Kamala Harris will be in
Speaker 1: New York today. She will be in Brooklyn to meet
Speaker 1: with community leaders. They will discuss the Biden Administration's investment
Speaker 1: in underserved communities, financial institutions, and small businesses. Governor Caffey
Speaker 1: Hokel and New York City Mayor Eric Adams announced the
Speaker 1: groundbreaking on an affordable housing development in the Morris Heights
Speaker 1: section of the Bronx. HOCl says the one nine million
Speaker 1: dollar development will feature three hundred twenty six affordable apartments,
Speaker 1: including two hundred homes with supportive services for individuals experiencing homelessness.
Speaker 1: Right now, Bronx households are rent Burton. What does that mean?
Speaker 1: They spend more than their income on rent? Well, just
Speaker 1: earlier this week. I was talking about how people are
Speaker 1: spending income on childcare. So add that up. You're still
Speaker 1: on trying to pay for rent. You got a couple
Speaker 1: of kids. We need childcare because you need to have
Speaker 1: a job to pay for this. It doesn't add up.
Speaker 1: Governor Huck went on to say the development will provide safe,
Speaker 1: stable homes for more than three hundred residents of the
Speaker 1: Bronx and offer critical resources and amenities to support the
Speaker 1: neighborhood in the long term. North Korean leader Kim John
Speaker 1: UoN unleashed fiery rhetoric yesterday as they celebrated the sixty
Speaker 1: nine anniversary of the Korean War armistice. Kim warned that
Speaker 1: he's ready to use his nuclear weapons in potential military
Speaker 1: conflicts with the US and South Korea. Global News twenty
Speaker 1: four hours a day on the air and on Bloomberg Quicktake,
Speaker 1: powered by more than journalists and analysts more than a
Speaker 1: hundred twenty countries. Michael barn this is Bloomberg, Nathan. Thanks
Speaker 1: Michael six o nine on Wall Street. Time for the
Speaker 1: Bloomberg Sports Update. Here's John all right, Nathan bragging rights
Speaker 1: to the Mets. They got an early home run from
Speaker 1: Peter Alonso was twenties things they got brilliant pictured from
Speaker 1: Max Scherzer on his thirty eight birthday. Through seven scoreless
Speaker 1: instruct out Aaron Judge three times. Yankees did tie the
Speaker 1: game on a Glabor Torres two run homer eighth inning,
Speaker 1: but in the bottom of the ninth, Marte, we're all
Speaker 1: the deals slinging the line in the left face, put
Speaker 1: up a box, test the bar. He stores the one
Speaker 1: in run. Martey slams has helmet down at first swept
Speaker 1: the Yankees. They have defeated the three to two. The
Speaker 1: Mets poor out of the tongue out. They are bobbing
Speaker 1: Starling Marte of the light up second thing you see Calso.
Speaker 1: Two new Mets playing in their first Subway series, combined
Speaker 1: to win it. In the ninth, the Martte hit after
Speaker 1: a leadoff double by Edward o Escobar. Braves lost. The
Speaker 1: Mets are three games ahead. They're off tonight. The Yankees
Speaker 1: tonight host Kansas City, which means the yanks new outfielder
Speaker 1: will face the team that just traded him. A long
Speaker 1: rumor deal took place that Banks acquire All star Andrew Bennintendee,
Speaker 1: who was hit in three twenty for the Royals, who
Speaker 1: would get back three Mono league pictures. This presumably ends
Speaker 1: talk of the Yanks getting Juan Soto, but they are
Speaker 1: believed to still be looking at a starting pitcher. Two
Speaker 1: names mentioned often Cincinnati's Luis Castillo, Oakland's Frankie Montas the
Speaker 1: trade deadline next Tuesday, another big name golfer bolts the
Speaker 1: p g A for the new Live Tour. It's Bubba Watson.
Speaker 1: He's a two time Master's champion to lift tour starts
Speaker 1: a tournament tomorrow at Trump National Embedminster, New Jersey. Atlanta
Speaker 1: Falcons made an official they lost Matt Ryan. Now their
Speaker 1: new starting quarterback will be the recently acquired Marcus Mariota.
Speaker 1: John Stashar Bloomberg Sports Nathan Okay, John, thank you. SMP
Speaker 1: futures down down thirteen point, Staff futures down forty, NASAC
Speaker 1: futures down ninety three points. The tenure treasury is little
Speaker 1: changed right now. That yield two point yield on the
Speaker 1: two year two point nine seven percent. Just to head
Speaker 1: more on the FEDS policy decision from guy who was
Speaker 1: in the room with FED chair j Pal. Bloomberg's Michael
Speaker 1: McKee joins US next this is Bloomberg Bloomberg eleven three
Speaker 1: oh weather. Some passing showers and storms today with a
Speaker 1: higher ninety degrees. We have some more afternoon showers and
Speaker 1: storms send the week highs back near ninety mix of
Speaker 1: sun and cloud Saturday opper eighties right now seventy four
Speaker 1: in Central Park Markets. Headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com and Bloomberg Business
Speaker 1: at and at Bloomberg Quick Take. This is a Bloomberg
Speaker 1: Business flash and I'm Karen Moscow. I dip in u
Speaker 1: S Stock Index future, suggesting the US rally could stall
Speaker 1: with technology stocks set to pull back after their biggest
Speaker 1: jumps in November, with big tech to be in our
Speaker 1: particular focus today with results from Amazon dot Com, Apple,
Speaker 1: and Intel. We checked the markets every fifteen minutes throughout
Speaker 1: the trading day. On Bloomberg, SNP futures down thirteen points
Speaker 1: this morning, down features down fifty seven. Now's deck features
Speaker 1: down ninety three. The decks in Germany's down three tents
Speaker 1: of upper cent. The ten year treasury that'll change yield
Speaker 1: two point seven eight percent, yield on the two year
Speaker 1: two point nine seven percent, nine x screwed oil is
Speaker 1: at one point nine percent of a dollar eighties seven
Speaker 1: and ninety nine dollars, thirteen cents of barrel comex sculled
Speaker 1: up one point two percent, or twenty dollars sixty cents
Speaker 1: at seventeen fifty eight ten announced the euro one point
Speaker 1: one six one against the dollar, British pound one point
Speaker 1: two one to eight, and the en mon thirty five
Speaker 1: point five zero, and bitcoin is up seven tenths percent.
Speaker 1: Is at nine hundred forty dollars and Jack mob planning
Speaker 1: to seed control of a group that according to Dowd Jones,
Speaker 1: who cited people familiar with the matter, that's a Bloomberg
Speaker 1: business flash. Now here's Michael Barr with more on what's
Speaker 1: going on around the world. Michael, thank you very much, Karen.
Speaker 1: A possible prisoner swap with Russia could bring w n B,
Speaker 1: a star Britney grinder, and former US Marine Paul Wheeland
Speaker 1: back to the US. A person familiar with the offers
Speaker 1: said it would swap them for imprisoned Russian arms dealer
Speaker 1: Victor Boot. However, Russia says there was no agreement yet.
Speaker 1: Senator Joe Manchin and Majority Leader Chuck Schumer have struck
Speaker 1: a deal on attacks Energy and Climate bill. Excuse me,
Speaker 1: It breaks a deadlock on the Democrats and long sought
Speaker 1: legislation to enact major parts at President Biden's agenda. In baseball,
Speaker 1: the Mets beat the Yankees, the Guardians beat the Red Sox.
Speaker 1: The Nationals and Orioles also lost. The A's beat the Astros,
Speaker 1: the Diamondbacks beat the Giants. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quickdig, powered by
Speaker 1: more than twenty seven hundred journalists and antalists more than
Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg.
Speaker 1: Nathan Alright, Michael, thank you to six nineteen on Wall
Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg Daybreak and Bloomberg Economics correspondent Michael McKee is back
Speaker 1: in the Interactive Broker's studio this morning after quick trip
Speaker 1: down to Washington, d C. To watch the Federal Reserve
Speaker 1: raise interest rates five seventy five basis points. Again, Michael,
Speaker 1: good morning. So we got the rate increase that the
Speaker 1: market was expecting. What did you make of the messaging
Speaker 1: on where rates may or may not go from here, Mike, Well,
Speaker 1: I think the way I put it yesterday is is
Speaker 1: the FED knows where it's going, it just doesn't know
Speaker 1: where it is. At this point, we don't have enough
Speaker 1: data to know if the FED has really put us
Speaker 1: on a sustainable path of lower inflation or if the
Speaker 1: FED has started us on a path to a recession.
Speaker 1: The problem is data or backward looking, and we don't
Speaker 1: have enough of it yet to really get the measure
Speaker 1: of the FEDS rate increases. But they know they want
Speaker 1: to get a little bit above neutral right now. When
Speaker 1: the FED funds future start trading today, they should be
Speaker 1: trading just at the bottom end of the FEDS neutral line.
Speaker 1: So they are going to raise rates above that. It's
Speaker 1: about two and a half to three percent, Nathan, and
Speaker 1: they're going to raise rates above it. But how quickly
Speaker 1: they do that and how far above it they go
Speaker 1: will depend on getting more data. Yeah, it's interesting that
Speaker 1: you term it as the FED not necessarily knowing where
Speaker 1: it is right now, particularly when we heard from the
Speaker 1: Chairman yesterday pretty much saying that they're going to get
Speaker 1: even more data dependent. That's a big risk, isn't it.
Speaker 1: When the data are back, we're looking and it makes
Speaker 1: them that much more difficult to tell whether policy is
Speaker 1: having the intended effect of bringing inflation back to back
Speaker 1: to bear. Yeah, you have to get the various measures
Speaker 1: of the economy and try to interpret for from those
Speaker 1: where the economy might be going. Today, we'll get the
Speaker 1: GDP numbers, and the Fed will be looking at not
Speaker 1: the headline so much as they'll be looking at consumer
Speaker 1: spending and business investment and then taking apart the various
Speaker 1: parts of consumer spending and business investment to see what's
Speaker 1: growing and what's not, and what might have been affected
Speaker 1: by interest rates and what just kind of kept on going.
Speaker 1: So they'll be doing that, and they'll look at the
Speaker 1: employment costs into which comes out tomorrow. Uh. It's sort
Speaker 1: of the best measure and detail of incomes, and they'll
Speaker 1: try to figure out who's making money and how they're
Speaker 1: making it. Is that the wage people is at the
Speaker 1: salary people, uh, is at the folks on Wall Street
Speaker 1: who you get paid uh uh fees and bonuses. So uh.
Speaker 1: A lot of of scientific work on data is going
Speaker 1: to be ahead for the feed. Yeah, and a lot
Speaker 1: to go before the next decision coming up. And what
Speaker 1: just about two months from now. I mean, that's gonna
Speaker 1: be a lot of data that the FED is going
Speaker 1: to have to digest from now until then. Give us
Speaker 1: an idea of where we could see the messaging going
Speaker 1: from here, given all the uncertainties that are just down
Speaker 1: the pike. Well after this week, the next big data
Speaker 1: point is a week from tomorrow when we get the
Speaker 1: July Jobs report. The FED has made a big deal
Speaker 1: out of how low unemployment is and that growth in
Speaker 1: jobs has been steady, and so if that slows all
Speaker 1: or if unemployment goes up at all them, that will
Speaker 1: raise growth fears on Wall Street. If it doesn't, then
Speaker 1: that could embolden the FED to raise rates at a
Speaker 1: faster pace to a higher level. Then we'll get on
Speaker 1: August tenth the CPI report for July, and obviously that
Speaker 1: will be very big as it was the last time.
Speaker 1: But before the FED meeting we get two CPI reports,
Speaker 1: two jobs reports, and the PC Inflation Indicator, which is
Speaker 1: the Fed's favorite. So, uh, they have a lot of
Speaker 1: data to look at. And you know, why take a
Speaker 1: stand on what you're gonna do right now when you
Speaker 1: might have to change your mind later in our last
Speaker 1: minute here, Mike, for those who missed the news conference.
Speaker 1: What did you ask the chairman and did you like
Speaker 1: the answer? I sort of asked him about this knowing
Speaker 1: where you are thing? You know, where does the FED
Speaker 1: think it is? And where does the FED think uh,
Speaker 1: it's it's policies have had an effect, And he didn't
Speaker 1: get a specific answer. But that's where I took the
Speaker 1: idea that they don't quite know where they are yet
Speaker 1: from UH. There wasn't a lot in this news coverage
Speaker 1: that was new. UH. They left out the idea of
Speaker 1: forward guidance. But beyond that, everything happened as expected. So
Speaker 1: not a lot of surprises this time. We just have
Speaker 1: to keep an eye on the data going forward. You
Speaker 1: have to tune into Bloomberg Radio on a regular basis
Speaker 1: to that information. Get the plug in. Thank you, Mike,
Speaker 1: always great having you on. Michael McKee are economics correspondent
Speaker 1: here on Bloomberg Radio, where we'll be parsing the data
Speaker 1: high frequency UH from now until the next meeting in
Speaker 1: late September. Right now, futures moving lower. We got SMP
Speaker 1: futures down about eleven points right now, DAL future is down,
Speaker 1: NAZAC futures are lower by eighty nine points ten. Your
Speaker 1: treasury is up one thirty second now the yield two
Speaker 1: point seven seven, almost two point seven eight percent on
Speaker 1: the ten year note, yield on the two year right
Speaker 1: now two point nine seven. And you are listening to
Speaker 1: bloom Burke day Break. Good, good morning, Bloomberg eleven three
Speaker 1: oh weather mix of sun and clouds and passing showers
Speaker 1: and storms upper eighties today, tomorrow and the next day.
Speaker 1: Actually when we'll see some more afternoon showers and storms
Speaker 1: tomorrow most likely right now seventy four in Central Park,
Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg e living free on to Washington, d C, Bloomberg
Speaker 1: nine one to Boston, Bloomberg one O six one to
Speaker 1: San Francisco, Bloomberg sixty to the country, Sirius XM h
Speaker 1: at A one ninet and around the globe the Bloomberg
Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak.
Speaker 1: It's six thirty on Wall Street. Good morning. I'm Nathan
Speaker 1: Hager and I'm Karen Moscow, and we are just about
Speaker 1: three hours away from the open of US trading. Time
Speaker 1: for the Five Things that you need to notice. Our
Speaker 1: your day brought to you by Interactive Brokers. Interactive Brokers
Speaker 1: charges Martin loan rates from two point eight percent to
Speaker 1: three point eight percent, rates subject to change. Learn more
Speaker 1: at I b k R dot com slash compare up First,
Speaker 1: the US futures are slumping after the biggest game for
Speaker 1: tech stock since November of Yesterday's push higher came after
Speaker 1: resilient earnings in the Fed's press conference, but Victoria Green,
Speaker 1: chief investment officer at G squared Private Wealth, remains defensive.
Speaker 1: I think the Margaret Breeze side relief that really wasn't necessary,
Speaker 1: So I think we realized the earnings really aren't that strong.
Speaker 1: We're going into a hawkersh tightening cycle and a weakening
Speaker 1: economic cycle. And I always think it's funny if we're
Speaker 1: arguing about the definition of O sessions, we're probably in
Speaker 1: a refecca. Victoria Greenwich G Squared Private Wealth said, the
Speaker 1: FED is not being accommodative, but it is communicating well
Speaker 1: and reaction continues to pour in Karen to FED Chair
Speaker 1: J Powell's latest comments, the FED raised interest rate seventy
Speaker 1: five basis points and Powell signal more hikes coming, but
Speaker 1: ditched specific guidance. The pace of those increases will continue
Speaker 1: to depend on the incoming data and evolving outlook for
Speaker 1: the economy. Jay Pal says the FETE is fully committed
Speaker 1: to restoring price stability. Oh up, next, Nathan, we get
Speaker 1: a key reading on the US economy. Second quarter GDP
Speaker 1: comes out at eight thirty am. Wall straight time economists
Speaker 1: expect annualized growth of half of a percent after our
Speaker 1: first quarter contraction. Okay, let's turn to earnings now, Karen.
Speaker 1: Shares of meta platforms are down more than five percent.
Speaker 1: The parent of Facebook and Instagram reported its first ever
Speaker 1: quarterly sales decline. Up next, we get results from Apple,
Speaker 1: and then Amazon and on the M and A front, Nathan.
Speaker 1: Jet Blue is close to an agreement to buy Spirit Airlines.
Speaker 1: Bloomberg's Nay Young is here alive with more. Good morning,
Speaker 1: Rendy down, Good morning, Karen. Bloomberg. Sources say Jet Blues
Speaker 1: deal to buy Spirit could come as soon as today.
Speaker 1: The airline swooped in just hours after Spirit ended a
Speaker 1: pending merger with Frontier Airlines. That deal fell apart on
Speaker 1: a lack of shareholders support. The Spirit acquisition would be
Speaker 1: Jet Blues best shot to broaden its network quick clee.
Speaker 1: It will also inject an infusion of pilots and aircraft orders,
Speaker 1: both of which are expected to be in short supply
Speaker 1: for several years. Live in New York. I'm Renita Young,
Speaker 1: Bloomberg Daybreak. We need a thanks a couple of important
Speaker 1: political notes. Presidents Biden and hijin Ping speak today, and
Speaker 1: on Capitol Hill, Senators Joe Mansion and Chuck Schumer reached
Speaker 1: a deal on an energy and tax bill. And that's
Speaker 1: the five things you need to notice start your day.
Speaker 1: Brought to you by Interactive Brokers or any sure mark
Speaker 1: crossing the Bloomberg second quarter sales beating analysts estimates, Slate ahead,
Speaker 1: uh straight ahead rather your latest local headlines and at
Speaker 1: czechis Sports. This is Bloomberg. Karen, Thank you to six
Speaker 1: thirty three on Wall Street. We're at seventy four degrees
Speaker 1: in Central Park and Michael Barr has more on what's
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning, Nathan. Secretary of State Anthony Lincoln said he
Speaker 1: intends to speak with Russian foreign ministers Sergei Lavrov about
Speaker 1: a substantial offer to free imprison Americans Britney Griner and
Speaker 1: Paul Wheeland. A person familiar with the FORST said it
Speaker 1: would swap them for imprisoned Russian arms dealer Victor Boot. However,
Speaker 1: Russia says there was no agreement yet. National Security Council
Speaker 1: spokesman John Kirby this has been at the top of
Speaker 1: the mind for the President and for his whole national
Speaker 1: security team. He receives regular updates about the status of
Speaker 1: our negotiations to secure Brittany and Paul's release, as well
Speaker 1: as other U S nationals who are wrongfully retained or
Speaker 1: held hashness in Russia, and I might add around the
Speaker 1: world as well. Spokesman Kirby says, though they won't negotiate
Speaker 1: in public, Governor Kathy Okol and New York City Mayor
Speaker 1: Eric Adams announced the groundbreaking on a one nine million
Speaker 1: dollar affordable housing development in the Morris Heights section of
Speaker 1: the Bronx. Governor Huckle says it will feature three affordable apartments.
Speaker 1: Over two hundred of these homes are going to be
Speaker 1: for people who've been homeless, who expend experienced some of
Speaker 1: life's challenges, whether it's substibus or mental health challenges. They'll
Speaker 1: be able to get to support of services, not by
Speaker 1: trying to travel across town and go see somebody who
Speaker 1: might be able to help him someday, maybe in between
Speaker 1: their jobs, but right here on site. The Governor Hocle
Speaker 1: says the national affordability crisis is driving rent and another
Speaker 1: costs to New Highs. A seventy year old woman on
Speaker 1: Long Island was attacked and killed by the family dog.
Speaker 1: Police and Nassau County say they do not know what
Speaker 1: prompted at the family's seven year old pitbull to attack
Speaker 1: the woman. Nassau County Police Commissioner Patrick Ryder said her
Speaker 1: husband came home from work as the woman was being
Speaker 1: attacked in the backyard. Called When a husband arrived at
Speaker 1: one o'clock, he went into the backyard and he found
Speaker 1: his wife being attacked by the door. At that time
Speaker 1: he dragged through the audit. Commissioner Writers said the dog
Speaker 1: turned on one of the responding officers, who shot and
Speaker 1: killed him. New York Attorney General Letitia James asked judge
Speaker 1: to allow her to join a lawsuit brought against the
Speaker 1: clock by a New York woman wounded in an April
Speaker 1: shooting on a crowded subway train. Earlier this month, Clock
Speaker 1: sought to have the suit dismissed under a federal law
Speaker 1: shielding gunmakers from liability. The producers of Jeopardy say Myambi
Speaker 1: Alec and Ken Jennings will both continue hosting the game
Speaker 1: show next season. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than twenty seven hundred journalists and analysts more than a
Speaker 1: hundred twenty countries. Michael bar this is Bloomberg, Nathan, Thank you, Michael.
Speaker 1: Almost six thirty six On Wall Street. John Stanshar has
Speaker 1: the Bloomberg Sports Day. Thanks Nathan. And the Mets had
Speaker 1: to light their chances of sweeping the two game Subway series.
Speaker 1: They won Tuesday and last night was Max Sher's. They're
Speaker 1: pitching on his thirty eight birthday. Going against Domingo Herman
Speaker 1: and Susy was terrific. Seven scoreless innings. He struck at
Speaker 1: Aaron Judge three times, Peter Lonzo Homer Mets led to
Speaker 1: nothing eighth any when Glabor Torres tied the game to
Speaker 1: run Homer Rock David Peterson, but two new members of
Speaker 1: the Mets combined to win at bottom the night leadoff
Speaker 1: double by edwardo Escobar, he scored on a game winning
Speaker 1: hit by Starling Marte. Mets won three to two. They
Speaker 1: go up three games on Atlanta, and Jacob Grand pitched
Speaker 1: four innings for a triple a. Syracuse gave up four runs.
Speaker 1: But where it is. De Graham will make his highly
Speaker 1: anticipated season debut sometime next week in a series in Washington.
Speaker 1: Mean while, the Yankees made a trade with Kansas City,
Speaker 1: one that had been rumored for a while. The Yanks
Speaker 1: sent three Moner League pitchers of the Royals for outfielder
Speaker 1: Andrew Benintendee. Here's Judge and his new teammates like that,
Speaker 1: and especially a guy like that. He's been, you know,
Speaker 1: hitting well over three hundred all year, you know, playing
Speaker 1: great defense, and you know it's being kind of a
Speaker 1: spark plug over there in Kansas City. Um, and time
Speaker 1: to bring him into the type of culture we got.
Speaker 1: It's always a plus and kind of a Cambus energy.
Speaker 1: When Judge was rookie here in two thousand seventeen. Ben
Speaker 1: Intende then with the Red Sox for the second he's
Speaker 1: won a Gold Glove. He was just an All Star.
Speaker 1: He's also unvaccinated, he may not be able to play
Speaker 1: when the Yanks go to Toronto in September, and they
Speaker 1: could possibly face the Blue Jays in the playoffs. Mike
Speaker 1: Trout downplayed a quote from the Angels trainer that Trout's
Speaker 1: back injury could affect him for the rest of his career.
Speaker 1: Trout says he expects to return this season. John Stashatward
Speaker 1: Bloomberg Sports, All right, John, thank you sixty seven on
Speaker 1: Wall Street. Time to take a look at stock, some
Speaker 1: of the names moving in the pre market with Bloomberg
Speaker 1: Radio on TV, Markets correspondent creating Gupta and of course
Speaker 1: the big mover created this morning with tech stocks on
Speaker 1: the decline. Has to be what are we calling it? Facebook? Meta? What?
Speaker 1: What's what's your Which team are you on? This is
Speaker 1: such a controversial question, Nathan. I think I'm gonna call
Speaker 1: metic because that is technically its name, and the ticker,
Speaker 1: by the way, is now m E T A. But
Speaker 1: of course for those unfamiliar with the metaverse, that we
Speaker 1: can call it Facebook as well. Down five percent this
Speaker 1: morning in the pre market, once again M E T
Speaker 1: A is your ticker. This comes up to a disappoint
Speaker 1: with that forecast miss. It's their first ever revenue drop.
Speaker 1: In some ways, we saw this coming with Snapchat with
Speaker 1: Twitter last week, all that pain in the advertising revenue
Speaker 1: really hitting a snag. And of course Meta were formerly
Speaker 1: known as Facebook also has a lot of these demographic challenges.
Speaker 1: So this is going to be really crucial. Also, remember
Speaker 1: just recently, for those who are into pop culture, Kylie
Speaker 1: Kardashian recently came out and said Instagram AM needs to
Speaker 1: look less like TikTok. So you are starting to see
Speaker 1: uh Meta try to make their platforms a little bit
Speaker 1: more UM geared towards a younger audience. They're still dealing
Speaker 1: with that. And in those in that um in those
Speaker 1: efforts or lack there up I should say lacking there
Speaker 1: of success, you are starting to see the advertising sale
Speaker 1: effort diminished as well. It's pretty clear to advertisers here
Speaker 1: that Facebook does have a demographics problem, so that of
Speaker 1: course is um taking quite the hit. The revenue for
Speaker 1: this quarters to point five billion. The estimate Nathan was
Speaker 1: thirty point three billions, so they really fell short of that,
Speaker 1: and that's why you're seeing Meta shares down about five
Speaker 1: percent this morning. And of course you got a lot
Speaker 1: more check earning. Two big names in particular reporting later today,
Speaker 1: two big ones. So we'll start with Apple. Here a
Speaker 1: A p L is down about six tenths of one percent,
Speaker 1: Amazon A m Z and as your taker down about
Speaker 1: one percent. Both are reporting after the bell. Both are
Speaker 1: these massive macro proxies. But remember this price action that
Speaker 1: you're seeing early in the pre market, it's really your
Speaker 1: reaction to yesterday. We saw the nasset close over four
Speaker 1: percent yesterday with this kind of massive rally coming off
Speaker 1: the FED, but then also coming off Alphabet and Microsoft earnings.
Speaker 1: So to see a little bit of a pullback right
Speaker 1: now is completely natural. That being said, Apple is still
Speaker 1: that major proxy supply chain issues. Five backs are going
Speaker 1: to be crucial just how much cash they have, and
Speaker 1: of course for Amazon, the consumer story and the cloud
Speaker 1: story crucial for that company. And just quickly we were
Speaker 1: reporting that Jet Blue and Spirit Airlines are close to
Speaker 1: a deal on a merger. Now it looks like it
Speaker 1: could be a done deal. It's there are it looks
Speaker 1: like they're right on the edge of of getting together.
Speaker 1: This is going to become a major deal when it
Speaker 1: comes to becoming a very competitive, low cost carrier. For
Speaker 1: those who are familiar, Spirit was being acquired emerging, I
Speaker 1: should say, with Frontier Group was going to be a
Speaker 1: low cost regional carrier. There looks like that deal fell
Speaker 1: through yesterday when the shareholder vote came through, Jet Blue
Speaker 1: hopping on it. Now they're in active conversations. Remember Jet
Speaker 1: Blues also going under regulatory scrutiny with American Airlines. Nevertheless,
Speaker 1: that is good news for Spirit. S a v as
Speaker 1: your taker up three seven. The sprain Berg Radio and
Speaker 1: TV markets correspondent crept with us this morning, taking a
Speaker 1: look at stocks as the whole. SMP futures are down
Speaker 1: nine points, Staff futures down forty three, Dasdack futures down
Speaker 1: seventy seven points. Ten. Your treasury is up one thirty
Speaker 1: second to yield two point on the benchmark ten year
Speaker 1: treasury note. This is Bloomberg Bloomberg eleven three oh Weather
Speaker 1: calls for highs near ninety degrees into Saturday, but today
Speaker 1: and tomorrow to see some afternoon showers and storms. Right
Speaker 1: now seventy five partly cloudy in central Park. Markets headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot com. The Bloomberg Business at and at Bloomberg quick
Speaker 1: tape is a Bloomberg Business Flash and I'm Karen Moscow
Speaker 1: and futures lower this morning on a busy morning for
Speaker 1: corporate earnings and on a deal in the airline industry.
Speaker 1: We go to the first word breaking news dance for
Speaker 1: today's morning call. Here is Bill Maloney. Bill, good morning
Speaker 1: and good morning, Karen. That's right. US futures are in
Speaker 1: the red right now down, futures down sixty points, SUPs
Speaker 1: drop eleven will nasdack. Futures are looked off by seventy eight.
Speaker 1: The US ten year old the two point seven eight percent,
Speaker 1: Gold is up seven, oil is climbing, and bitcoin is
Speaker 1: up by one percent. Asian markets were quiet overnight, while
Speaker 1: e up markets are trading mixed this morning and back
Speaker 1: in the US. On the economic frontday thirty g d
Speaker 1: P and initial job as claims after the bell US
Speaker 1: to night, Facebook had its first ever revenue drop and
Speaker 1: regarding some of those earnings this morning, Murk boosted its
Speaker 1: fisky your sales forecast, Honeywell and Fiser EPs beat estimates.
Speaker 1: In deal news, jet Blue to buy Spirit Airlines for
Speaker 1: thirty three hours and fifty cents you share in cash
Speaker 1: and wrapping things up. Best Buy was cut. The hold
Speaker 1: at Jeffreys craft Hines was raised to buy overd Stephole.
Speaker 1: Live from the first breaking Newsdscomb, Bill Maloney, Karen, all right, Phil,
Speaker 1: thank you, and to hear live breaking news of her
Speaker 1: Bloomberg types. Squawk on your terminal, SCU A w K
Speaker 1: and Yeah. Earnings continued across the Bloomberg again Fier second
Speaker 1: quarter revenue beating analysts estimates. And that's a Bloomberg business flash.
Speaker 1: Now here's Michael bar with Moore on what's going on
Speaker 1: around the world. Michael, Karen, thank you very much. Russia
Speaker 1: says no agreement has been reached yet on the prisoners
Speaker 1: swap with the U. S Secretary of State Anthony B.
Speaker 1: Lincoln says they will offer a way to bring w
Speaker 1: n B A star Brittney Griner in former US Marine
Speaker 1: Paul Wheeland out of Russian detention and back to the US.
Speaker 1: A person familiar with the potential swap says the US
Speaker 1: is proposing trading infamous Russian arms dealer Victor Boot. Russian
Speaker 1: forces have launched massive missile strikes on regions near Kiev. Meanwhile,
Speaker 1: Ukrainian officials announced in operation to liberate and occupied region
Speaker 1: in the country's south. And baseball. The Mets beat the
Speaker 1: Yankees three to, The Guardians beat the Red Sox seven six,
Speaker 1: The Dodgers beat the Nationals, The Rays beat the Orioles,
Speaker 1: the A's beat the ass Throws four to, the Diamondbacks
Speaker 1: beat the Giants. Global news twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than seven hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. Michael Barr and this is Bloomberg. Can all right, Michael,
Speaker 1: thank you? And at sixty nine on Wall Street, return
Speaker 1: to news now in science and technology with the Bloomberg
Speaker 1: and j I T S STEM Report. It is brought
Speaker 1: to you by New Jersey Institute of Technology, transforming computing
Speaker 1: professionals into data scientists to meet the demand in this
Speaker 1: fast growing field. Learn more at n j I T
Speaker 1: DOT A d U slash Data Science and now here's
Speaker 1: this making news and science, technology, engineering and math. On
Speaker 1: Capitol Hill, the House is expected to approve a bill
Speaker 1: which includes fifty two billion dollars for U S semiconductor
Speaker 1: manufacturers is sent it passed. The measure yesterday. It's a
Speaker 1: major legislative victory for President Biden. The US chip industry
Speaker 1: has steadily lost ground to overseas rivals in recent years.
Speaker 1: After weeks of delays, how the regulators see nearly eight
Speaker 1: hundred thousand dos is that the Monkey Pops vaccine will
Speaker 1: soon be available for a distribution. He announcement comes amid
Speaker 1: growing criticism that authorities have been too slow and deploying
Speaker 1: the vaccine, potentially missing the window to contain what could
Speaker 1: soon become an entrenched infectious disease. And more research suggests
Speaker 1: it maybe time to abandon the craze over vitamin D
Speaker 1: and a study published in the New England Journal of Medicine,
Speaker 1: researchers say taking high doses of the vitamin does not
Speaker 1: reduce the risk of broken bones in generally healthy older
Speaker 1: Americans and estimated third of Americans sixty and older taking
Speaker 1: the supplements in more than ten million blood tests for
Speaker 1: vitamin D levels are performed annually, despite years of controversy
Speaker 1: over whether the average older adult needs either. And that's
Speaker 1: a Bloomberg and j I T Stem report. Nathan, all right, Karen,
Speaker 1: thank you. We are live from the Bloomberg Interactive Broker Studios,
Speaker 1: where it's six fifty one on Wall Street Time now
Speaker 1: to check what's going on in d C. Some of
Speaker 1: the top stories in our nation's capital include Senator's Mansion
Speaker 1: and Schumer reviving and economic deal that Washington had left
Speaker 1: for dead, Secretary of State Blanket to speak with his
Speaker 1: Russian counterpart about a prisoner swap, and President Biden speaking
Speaker 1: with China's Shi Jin Pink, with a Pelosi trip to
Speaker 1: Taiwan still up in the air. For more, we're joined
Speaker 1: by Bloomberg government reporter Jack Fitzpatrick from the Nation's Capital. Jack,
Speaker 1: let's start off with this deal in the Senate Democratic side.
Speaker 1: We had thought this wasn't gonna get done until maybe September.
Speaker 1: How did this come to pass? Oh, we really didn't
Speaker 1: think that this was going to happen at all, at
Speaker 1: least a substantial portion of what what they just announced. Uh.
Speaker 1: They had been moving forward on the Democratic side with
Speaker 1: a bill that really was mostly a prescription drug pricing
Speaker 1: measure with some Affordable Care Act UH subsidy extensions. And
Speaker 1: then yesterday Mansion announced he and Schumer had had come
Speaker 1: to an agreement on tax measures. UH. The big one
Speaker 1: is a fifteen percent corporate minimum tax and energy and
Speaker 1: climate spending and tack some measures essentially some some clean
Speaker 1: energy stuff that's tied to requirement that there be federal
Speaker 1: land oil and gas leases. So it's sort of a
Speaker 1: Joe Mansion all of the above energy policy, but there
Speaker 1: is clean energy stuff in there that Democrats had thought
Speaker 1: they would have to give up on. So this really
Speaker 1: came together quietly and made this a much bigger bill, uh,
Speaker 1: not quite the original build back better, but significantly larger
Speaker 1: than what they had been talking about recently. They a
Speaker 1: lot of people had given up on a significant tax
Speaker 1: and energy measure through the reconciliation process. Yeah. I guess
Speaker 1: the idea here, Jack, is that it's bigger than nothing,
Speaker 1: which we had thought was going to be the case
Speaker 1: at least into the Senate recess. Here. But when we
Speaker 1: think about the tax provisions, are all fifty senators on
Speaker 1: the Democratic side on board with a fifteen percent corporate
Speaker 1: minimum tax? We don't know yet. You know, there's been
Speaker 1: so much focus on mansion that I think sometimes it's
Speaker 1: lost that Kirsten Cinema is probably the other main X factor,
Speaker 1: especially on tax issues. There is a measure in this
Speaker 1: deal that Mansion has signed off on to close the
Speaker 1: carried interest loophole. It's basically a way that UH fund
Speaker 1: managers pay lower amounts on their income by considering a
Speaker 1: carrying carried interest rather than paying an income tax. UH.
Speaker 1: It wouldn't raise a massive amount of money. If they
Speaker 1: needed to pull it out that that might not kill
Speaker 1: the bill, but Cinema has not signed off on something
Speaker 1: like that. In particular, they do need unity on this.
Speaker 1: It's it's something Republicans are not going to support. They
Speaker 1: can do it with fifty votes plus the tiebreaker, but
Speaker 1: that means they need all fifty Democrats to agree, so
Speaker 1: Cinema could play the spoiler. Uh. The House is such
Speaker 1: a narrow margin, we can't guarantee that it gets through
Speaker 1: the House. But to have a deal between Leadership and
Speaker 1: Mansion is the biggest step forward that Democrats have taken
Speaker 1: on these kinds of issues, and so only if it
Speaker 1: goes forward a pretty significant political and policy victory for
Speaker 1: President Biden as well. Let's turn to something else happening
Speaker 1: in the Biden administration. We got this announcement from Secretary
Speaker 1: of State Blincoln that he's working on a potential prisoner
Speaker 1: swap with Russia. Yes, so he just said yesterday he
Speaker 1: is planning to speak with Sergei Lavrov, the Russian Foreign Minister,
Speaker 1: and that previously some some information had come out that
Speaker 1: there was an offer to swap the Russian arms dealer
Speaker 1: Victor Boot for Brittany Grinder and Paul Wheelan. Uh we
Speaker 1: don't have an update yet on what exactly the Russian
Speaker 1: response was to that. It may be the case that
Speaker 1: they're trying to provoke more of a response from Russia
Speaker 1: to that offer by talking about this publicly and saying
Speaker 1: that they planned to follow up and have a call
Speaker 1: between Blincoln and Lavrov, which would actually be the first
Speaker 1: direct communication between them since the Russian invasion of Ukraine.
Speaker 1: UH So it is uh, I guess, if not a gamble,
Speaker 1: a significant uh investment from Blincoln in the US to
Speaker 1: try to reach out and force the issue and and
Speaker 1: follow up on this offer on a prisoner swap. And
Speaker 1: of course we do have the call confirmed now this
Speaker 1: morning between President and Biden and Chinese leader she Jin Ping.
Speaker 1: Is there still an overhang though about Speaker Pelosi potentially
Speaker 1: going to Taiwan. That is maybe the main issue that
Speaker 1: that we're going to be looking forward to see if
Speaker 1: they discussed that. Pelosi has not ruled out the possibility
Speaker 1: of a trip to Taiwan. Uh. That is something that
Speaker 1: the Chinese government has warned against. And you heard a
Speaker 1: little while back Biden say that the military, the US
Speaker 1: military didn't think it was it was a good idea. Uh.
Speaker 1: So that is the probably primary point of tension in
Speaker 1: this call between Biden and Shijin Ping. I would also
Speaker 1: look to see if there's conversations about lifting tariffs applied
Speaker 1: on China during the Trump administration. That's the other a
Speaker 1: big thing to look forward to uh in that call.
Speaker 1: But those two issues are would be really big ones
Speaker 1: for Biden and she to discuss in our last minute.
Speaker 1: Here Jack, some interesting breaking news this morning reports that
Speaker 1: House Democrats are thinking about a ban on stock trading. Yeah. So,
Speaker 1: punch Bowl had a story this morning that House Democrats
Speaker 1: planned to announce a proposal that would ban lawmakers and
Speaker 1: their spouses and senior staff from trading stocks. Essentially, this
Speaker 1: would allow things like mutual funds, but they couldn't actually
Speaker 1: be trading stocks. They could either divest completely or put
Speaker 1: their assets in a blind trust. Uh. This is something
Speaker 1: this is a bill they would want to enact into law.
Speaker 1: So this is something that would have to get sixty
Speaker 1: votes in the Senate. Raises a lot of questions about
Speaker 1: exactly how that would happen. It's a again, a House
Speaker 1: Democratic proposal. There's no bipartisan deal on this kind of thing,
Speaker 1: and when you get closer to the mid terms, maybe
Speaker 1: it's a bit more political message jing but it's an
Speaker 1: issue that has come up enough over the last couple
Speaker 1: of years that has clearly got some salience, and it's
Speaker 1: an issue where House Democratic leadership feels the need to
Speaker 1: put out a proposal. Alright. Bloomberg Government reporter Jack Fitzpatrick
Speaker 1: with us this morning. You can read more about these
Speaker 1: stories on Bloomberg dot com or on the Bloomberg terminal.
Speaker 1: Listen to Bloomberg Radio in Washington Bloomberg one and one
Speaker 1: oh five point seven FM HD two SFP futures down
Speaker 1: twelve points, Style futures down sixty seven, NASDAC features are
Speaker 1: lower by eighty four points ten. Your treasury little changed.
Speaker 1: Right now the yield two point seven eight percent and
Speaker 1: the yield on the two year right now two point
Speaker 1: nine seven percent. Bloomberg surveillance is next with Tom King,
Speaker 1: Jonathan Farrell, and Lisa Abramowitz for Karen Moscow. I'm Nathan Hagar,
Speaker 1: and this is Bloomberg