1 00:00:01,000 --> 00:00:04,439 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:04,519 --> 00:00:08,320 Speaker 1: day Break for Wednesday, June fifty two. Coming up this hour, 3 00:00:08,520 --> 00:00:12,800 Speaker 1: the ECB holds an emergency meeting to discuss market conditions. 4 00:00:12,920 --> 00:00:15,160 Speaker 1: The debate heats up on whether the Fed will hike 5 00:00:15,240 --> 00:00:18,319 Speaker 1: fifty or seventy five basis points today. Let sell off 6 00:00:18,440 --> 00:00:22,079 Speaker 1: in crypto continues as bitcoin drops to twenty thousand and 7 00:00:22,200 --> 00:00:26,239 Speaker 1: President Biden takes same at oil refiners record profits. Gas 8 00:00:26,239 --> 00:00:28,840 Speaker 1: bump prices in the New York metro area had a 9 00:00:28,920 --> 00:00:31,840 Speaker 1: fresh record plus. But look at Trump backed candidates in 10 00:00:31,920 --> 00:00:35,519 Speaker 1: the latest GOP primaries. I'm Michael blah More ahead, I'm 11 00:00:35,560 --> 00:00:38,040 Speaker 1: John Stash and sports shutout wins at home for both 12 00:00:38,040 --> 00:00:40,240 Speaker 1: the Mets and Yankees, a near no hither in St. 13 00:00:40,280 --> 00:00:45,360 Speaker 1: Louis the Stanley Cup. Parnel begins. That's all s traded 14 00:00:45,400 --> 00:00:49,320 Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, 15 00:00:49,520 --> 00:00:54,160 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 16 00:00:54,480 --> 00:00:59,200 Speaker 1: Bloomberg nine sixties and Francisco Sirius XM one nineteen and 17 00:00:59,280 --> 00:01:02,080 Speaker 1: around the world Old on Bloomberg Radio dot Com and 18 00:01:02,120 --> 00:01:08,760 Speaker 1: by the Bloomberg Business App. Good morning. I'm John Tucker, 19 00:01:08,880 --> 00:01:11,760 Speaker 1: I'm Nathan Hagar. Futures are on the rise this morning 20 00:01:11,840 --> 00:01:13,560 Speaker 1: or coming up to six oh one on Wall Street, 21 00:01:13,560 --> 00:01:15,640 Speaker 1: and we checked the markets every fifteen minutes during the 22 00:01:15,640 --> 00:01:18,720 Speaker 1: training day. On Bloomberg. Sp Future is up twenty points. 23 00:01:18,720 --> 00:01:21,440 Speaker 1: Staff futures up a hundred forty Nastact futures hired by 24 00:01:21,480 --> 00:01:24,280 Speaker 1: eighty two points. The docks in Germany up one up 25 00:01:24,319 --> 00:01:26,440 Speaker 1: one point two percent, when the cat in Paris is 26 00:01:26,520 --> 00:01:30,040 Speaker 1: hired by one percent ten Your treasury is up thirty seconds. 27 00:01:30,040 --> 00:01:31,959 Speaker 1: The yield three point three eight percent, yield on the 28 00:01:31,959 --> 00:01:35,319 Speaker 1: two year three point three two percent. The euro right 29 00:01:35,360 --> 00:01:38,640 Speaker 1: now at one point zero four nine two against the dollar. 30 00:01:38,800 --> 00:01:41,200 Speaker 1: John and Nathan, we begin at Europe, where it's all 31 00:01:41,240 --> 00:01:45,040 Speaker 1: about the European Central Bank, the ECB's governing Council holding 32 00:01:45,080 --> 00:01:49,520 Speaker 1: an impromptu meeting to quote discussed current market conditions. Let's 33 00:01:49,520 --> 00:01:53,120 Speaker 1: get more from Bloomberg Markets Live, Edler Locker, Roach Kelly. 34 00:01:53,360 --> 00:01:56,840 Speaker 1: DCB meeting is more based about happening markets at home 35 00:01:56,880 --> 00:01:59,680 Speaker 1: to howl, I'm spreads of boidened, how it neils have 36 00:01:59,760 --> 00:02:01,920 Speaker 1: moved out and what the market actually the last three 37 00:02:01,960 --> 00:02:03,760 Speaker 1: or four days has been I'm not going to sure 38 00:02:03,760 --> 00:02:05,400 Speaker 1: it's going to come over use. I think it's strange 39 00:02:05,400 --> 00:02:08,240 Speaker 1: that the space hold interactional meeting before the FED decision 40 00:02:08,360 --> 00:02:09,880 Speaker 1: plume they don't know what the Fed dicisition is good 41 00:02:09,880 --> 00:02:11,880 Speaker 1: to beat themselves, but the factor having to be in 42 00:02:11,919 --> 00:02:14,000 Speaker 1: at all. Jerry Market saying that is at least somewhat 43 00:02:14,040 --> 00:02:17,640 Speaker 1: positive for euro Asset, Bloomberg's Locker and Roach Kelly's Italian 44 00:02:17,680 --> 00:02:20,400 Speaker 1: bonds have surged on the notes of the unscheduled meeting. 45 00:02:20,639 --> 00:02:24,480 Speaker 1: ECB officials may decide to reinvest bond purchases conducted under 46 00:02:24,520 --> 00:02:28,600 Speaker 1: the bank's Pandemic Emergency Program. Other measures could be considered 47 00:02:28,680 --> 00:02:32,240 Speaker 1: as well. The meeting expanded at last about two hours. Well. 48 00:02:32,240 --> 00:02:35,840 Speaker 1: As this meeting continues, John, we are awaiting a highly 49 00:02:35,880 --> 00:02:40,080 Speaker 1: anticipated Federal Reserve decision. Question there is how much J. 50 00:02:40,320 --> 00:02:43,600 Speaker 1: Powell and Company high grades. Michael McKee has more from 51 00:02:43,600 --> 00:02:47,880 Speaker 1: our Bloomberg newsroom in Washington. The newmarket consensus is the 52 00:02:47,919 --> 00:02:50,720 Speaker 1: FED will raise the benchmark US lending rate by seventy 53 00:02:50,800 --> 00:02:55,120 Speaker 1: five basis points, the biggest increase since nine That raises 54 00:02:55,160 --> 00:02:58,359 Speaker 1: the question of what next markets have already priced in 55 00:02:58,400 --> 00:03:01,720 Speaker 1: another seventy five basis point move in July. Investors will 56 00:03:01,720 --> 00:03:04,640 Speaker 1: look to the dot plot rate forecast and Chairman j 57 00:03:04,760 --> 00:03:07,680 Speaker 1: Pal's news conference for a ratification of that bet. A 58 00:03:07,720 --> 00:03:11,120 Speaker 1: new median forecast for unemployment of proxy for growth may 59 00:03:11,160 --> 00:03:14,040 Speaker 1: suggest whether the central bankers still think they can bring 60 00:03:14,080 --> 00:03:18,959 Speaker 1: down inflation without causing a recession. Michael McKee Bloomberg, Gay break, 61 00:03:19,120 --> 00:03:21,680 Speaker 1: all right, thanks Mike? Will it be fifty or seventy 62 00:03:21,720 --> 00:03:25,040 Speaker 1: five basis points summer? Calling for more? Pershing Square founder 63 00:03:25,080 --> 00:03:27,959 Speaker 1: Bill Ackman's is how the basis point hyke? Who would 64 00:03:28,000 --> 00:03:32,080 Speaker 1: be better? The story from Bloomberg's Charlie Pellett. Ackman says 65 00:03:32,160 --> 00:03:35,480 Speaker 1: not just today, but in July and thereafter. Instead of 66 00:03:35,480 --> 00:03:39,120 Speaker 1: the seventy five basis point hike that some economists are expecting, 67 00:03:39,440 --> 00:03:42,000 Speaker 1: he said the central bank has allowed inflation to quote 68 00:03:42,000 --> 00:03:45,520 Speaker 1: get out of control and calls for aggressive action that 69 00:03:45,600 --> 00:03:50,280 Speaker 1: would help restore market confidence. Writing on Twitter, Ackman said, quote, 70 00:03:50,440 --> 00:03:53,600 Speaker 1: the sooner the Federal Reserve can get to a terminal 71 00:03:53,840 --> 00:03:57,760 Speaker 1: FF rate and thereafter can begin to ease, the sooner 72 00:03:57,880 --> 00:04:02,240 Speaker 1: the markets can recover. In New York Charlie pe Bloomberg Daybreak, 73 00:04:02,400 --> 00:04:05,320 Speaker 1: al right, Charlie thanks. Jeffrey Gunlocks taking an even more 74 00:04:05,320 --> 00:04:08,600 Speaker 1: aggressive stance than Bill Ackman. The Double Line Capital CEO 75 00:04:08,680 --> 00:04:10,640 Speaker 1: says the Fed should raise its target interest right to 76 00:04:10,720 --> 00:04:13,320 Speaker 1: three percent today. That would be a two hundred basis 77 00:04:13,360 --> 00:04:16,680 Speaker 1: point hike. But markets are still firmly pricing in seventy 78 00:04:17,440 --> 00:04:19,760 Speaker 1: and stay tuned for a complete coverage of this critical 79 00:04:19,839 --> 00:04:23,359 Speaker 1: fin decision on a special edition of Bloomberg Surveillance that 80 00:04:23,440 --> 00:04:26,039 Speaker 1: is coming up at one on Wall Street time on Booth, 81 00:04:26,040 --> 00:04:29,640 Speaker 1: Bloomberg Radio and television. Head of that decision, we get 82 00:04:29,640 --> 00:04:32,880 Speaker 1: the main reading on retail sales. The economy is forecast 83 00:04:32,880 --> 00:04:35,240 Speaker 1: a game of just one tenth of a percent. Well, 84 00:04:35,279 --> 00:04:37,600 Speaker 1: as we mentioned, John Us futures are hired to start 85 00:04:37,640 --> 00:04:40,520 Speaker 1: this morning. Still, the SMP closed down yesterday for a 86 00:04:40,560 --> 00:04:44,679 Speaker 1: fifth straight session. That's its longest flight since January. Mark Lassie, 87 00:04:44,839 --> 00:04:47,359 Speaker 1: CEO of Avenue Capital Management and co owner of the 88 00:04:47,360 --> 00:04:50,600 Speaker 1: Milwaukee Bucks, says week economic sentiment continues to weigh on 89 00:04:50,600 --> 00:04:53,919 Speaker 1: this market. Everybody knows where either getting into a recession 90 00:04:54,000 --> 00:04:57,320 Speaker 1: or it's going to be close to a recession. So um, 91 00:04:57,680 --> 00:05:01,400 Speaker 1: I don't think there's a lot more negative news that's 92 00:05:01,440 --> 00:05:04,039 Speaker 1: gonna come out. You know, the question really is going 93 00:05:04,080 --> 00:05:07,360 Speaker 1: to be? How long is the recession? Is it three months? 94 00:05:07,400 --> 00:05:09,359 Speaker 1: Is at six months? Is it a year? I have 95 00:05:09,360 --> 00:05:11,839 Speaker 1: a new Capital CEO Mark Lazarie says he thinks the 96 00:05:11,920 --> 00:05:15,600 Speaker 1: upcoming recession will be short. Well, perhaps no sector has 97 00:05:15,640 --> 00:05:18,760 Speaker 1: suffered in the sell off as much as cryptocurrencies, and 98 00:05:18,839 --> 00:05:22,200 Speaker 1: Bitcoin is lower again this morning as it approaches the 99 00:05:22,400 --> 00:05:25,960 Speaker 1: twenty thousand level. Let's get the latest life from Bloomberg's 100 00:05:25,960 --> 00:05:29,119 Speaker 1: Ready Too Young Real, Good morning, Good morning John. Cryptocurrencies 101 00:05:29,160 --> 00:05:33,320 Speaker 1: have become emblematic of a flight from speculative assets strategies 102 00:05:33,400 --> 00:05:36,039 Speaker 1: that Glass notes say. The bear market for bitcoin has 103 00:05:36,120 --> 00:05:40,200 Speaker 1: entered its deepest and darkest phase. Crypto lenders Celsius froze 104 00:05:40,200 --> 00:05:44,280 Speaker 1: withdrawals on Monday. Coin Based announced widespread laidoffs on Tuesday, 105 00:05:44,520 --> 00:05:46,880 Speaker 1: and this all comes just a month after the collapse 106 00:05:46,880 --> 00:05:50,920 Speaker 1: of the terror USD stable coin royal crypto markets. Meantime, 107 00:05:51,040 --> 00:05:54,040 Speaker 1: Bill Gates is dismissing crypto projects like n f t 108 00:05:54,240 --> 00:05:57,200 Speaker 1: S as shams, saying they're quote based on the greater 109 00:05:57,320 --> 00:06:00,599 Speaker 1: fool theory. He spoke at a climate conference yesterday and 110 00:06:00,640 --> 00:06:04,000 Speaker 1: says he's neither long nor short. The asset class live 111 00:06:04,040 --> 00:06:06,400 Speaker 1: in New York I'm rened a young Bloomberg Daybreak. Now, 112 00:06:06,560 --> 00:06:09,279 Speaker 1: we need to thank you as crypto falls, oil prices 113 00:06:09,320 --> 00:06:12,320 Speaker 1: remain sky high, and the pain at the pump is palpable, 114 00:06:12,600 --> 00:06:14,960 Speaker 1: and President Biden is looking to ease the strain. We're 115 00:06:15,040 --> 00:06:17,719 Speaker 1: learning the Energy Department plans to sell up to forty 116 00:06:17,760 --> 00:06:21,360 Speaker 1: five million barrels from the Strategic Petroleum Reserve. Amy Morris 117 00:06:21,400 --> 00:06:25,599 Speaker 1: has more from our Bloomberg newsroom. In Washington, President Biden 118 00:06:25,680 --> 00:06:30,080 Speaker 1: told oil refiners that unprecedented profit margins are unacceptable. He's 119 00:06:30,120 --> 00:06:34,080 Speaker 1: calling for immediate action to improve capacity. He's ordered Energy 120 00:06:34,160 --> 00:06:37,040 Speaker 1: Secretary Jennifer Granhelm to hold an emergency meeting on the 121 00:06:37,080 --> 00:06:40,200 Speaker 1: subject in the coming days, and the administration will hold 122 00:06:40,240 --> 00:06:43,240 Speaker 1: talks with the National Petroleum Council. And he's calling on 123 00:06:43,320 --> 00:06:46,960 Speaker 1: companies to explain why they've cut capacity. More than a 124 00:06:47,000 --> 00:06:50,159 Speaker 1: million barrels a day of US oil refining capacity, about 125 00:06:50,160 --> 00:06:52,920 Speaker 1: five of the total, has been shut since the start 126 00:06:52,960 --> 00:06:56,719 Speaker 1: of the pandemic in Washington. I'm any Morris, Bloomberg Daybreak. 127 00:06:56,760 --> 00:06:59,960 Speaker 1: All right, thanks to me and NIMEX crude right now 128 00:07:00,000 --> 00:07:03,160 Speaker 1: out of dollars sixty seven of barrel at one seventeen 129 00:07:03,839 --> 00:07:07,760 Speaker 1: six and I head of today's FED meeting. The NASDAIC 130 00:07:07,839 --> 00:07:11,320 Speaker 1: futures right now up sixties six points SMP futures, they're 131 00:07:11,400 --> 00:07:15,200 Speaker 1: up seventeen at the down futures one hundred and sixteen 132 00:07:15,280 --> 00:07:23,840 Speaker 1: points higher. You're listening to Bloomberg Daybreak. That's now six 133 00:07:23,840 --> 00:07:26,560 Speaker 1: o seven on Wall Street. Let's bringing Michael Barne out 134 00:07:26,560 --> 00:07:28,520 Speaker 1: to find out what else is going on to New 135 00:07:28,600 --> 00:07:31,520 Speaker 1: York hand around the world, John, thank you very much. 136 00:07:31,640 --> 00:07:35,000 Speaker 1: US Representative Tom Rice of South Carolina has been outed 137 00:07:35,000 --> 00:07:38,560 Speaker 1: from Congress and his Republican primary after voting to impeach 138 00:07:38,600 --> 00:07:42,640 Speaker 1: Donald Trump over the January sixth insurrection. Rice, who only 139 00:07:42,640 --> 00:07:47,360 Speaker 1: got was defeated Tuesday by Trump back State Congressman Russell Fry, 140 00:07:47,440 --> 00:07:52,920 Speaker 1: who received. Meanwhile, Representative Nancy Mace cleared the fifty percent 141 00:07:53,040 --> 00:07:57,040 Speaker 1: threshold to avoid a runoff against Trump backed Katie Errington. 142 00:07:57,560 --> 00:08:00,320 Speaker 1: New York City Mayor Eric Adams is going to Doris 143 00:08:00,360 --> 00:08:03,760 Speaker 1: Governor Kathey Hocold in the New York governor's race. Hocal's 144 00:08:03,840 --> 00:08:07,720 Speaker 1: campaign and Adam's political advice. You're confirmed that Adams will 145 00:08:07,760 --> 00:08:10,160 Speaker 1: make the announcement today and a joint appearance with the 146 00:08:10,200 --> 00:08:14,160 Speaker 1: Democratic governor in New York City. Adams endorsement comes as 147 00:08:14,200 --> 00:08:18,240 Speaker 1: Hocal has pledged tougher action on gun crimes, including after 148 00:08:18,280 --> 00:08:21,600 Speaker 1: the mass shooting in her hometown of Buffalo. Meanwhile, a 149 00:08:21,680 --> 00:08:25,400 Speaker 1: month after the shooting at the Top supermarket store, survivors, 150 00:08:25,440 --> 00:08:27,880 Speaker 1: their families and others gathered at the scene to mark 151 00:08:27,880 --> 00:08:32,120 Speaker 1: the somber event. Buffalo Mayor Byron Brown words will never 152 00:08:32,320 --> 00:08:38,720 Speaker 1: convey the heartbreak and pain the senseless tragedy has caused. 153 00:08:39,280 --> 00:08:41,960 Speaker 1: Mayor Brown says. The shootings left ten people dead and 154 00:08:42,120 --> 00:08:45,320 Speaker 1: three injured. Police in Suffolk County, New York, say at 155 00:08:45,400 --> 00:08:49,400 Speaker 1: least fourteen school children were injured when an inflatable slide 156 00:08:49,520 --> 00:08:52,200 Speaker 1: tipped over at a Long Island park. Some of the 157 00:08:52,240 --> 00:08:54,520 Speaker 1: six and seven year olds were taken to the hospital, 158 00:08:54,600 --> 00:08:56,959 Speaker 1: one with a broken leg. This seven year old is 159 00:08:57,000 --> 00:09:02,240 Speaker 1: glad he wasn't hurt. There's people in the yeah, and 160 00:09:02,280 --> 00:09:06,559 Speaker 1: didn't the thing over and some people got her and 161 00:09:06,679 --> 00:09:09,360 Speaker 1: they went to the hospital. The statement from the Yan 162 00:09:09,440 --> 00:09:13,000 Speaker 1: Dan's School District says the slide deflated while the kids 163 00:09:13,040 --> 00:09:16,040 Speaker 1: were on it. Two police officers in El Monte, California, 164 00:09:16,120 --> 00:09:18,360 Speaker 1: died in the line of duty. Authorities saying the two 165 00:09:18,360 --> 00:09:21,040 Speaker 1: men were responding to a possible stabbing at a motel 166 00:09:21,400 --> 00:09:24,440 Speaker 1: and were fired upon by the suspect. El Monty, Mayor 167 00:09:24,520 --> 00:09:27,600 Speaker 1: Jessica and Kna. These men were dedicated to their careers 168 00:09:27,840 --> 00:09:32,679 Speaker 1: and even more so as sons, husbands and fathers. Please 169 00:09:32,760 --> 00:09:35,880 Speaker 1: keep their families in your prayers. Mayoron Kona says the 170 00:09:35,920 --> 00:09:39,120 Speaker 1: suspect was also killed. Gas prices in the New York 171 00:09:39,160 --> 00:09:41,800 Speaker 1: metro area I hit a fresh record according to Triple A. 172 00:09:42,240 --> 00:09:44,760 Speaker 1: Prices rose to our record five twenty one a gallon 173 00:09:44,840 --> 00:09:48,880 Speaker 1: overnight for the area and five fifty from Manhattan Global 174 00:09:48,920 --> 00:09:51,360 Speaker 1: News twenty four hours a day on air and on 175 00:09:51,440 --> 00:09:55,440 Speaker 1: Bloomberg Quicktake, powered by more than journalists and analysts more 176 00:09:55,440 --> 00:09:59,480 Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg, John, Michael, 177 00:09:59,520 --> 00:10:06,280 Speaker 1: thank you. It's six ten wol Street Tamp. It's time 178 00:10:06,320 --> 00:10:09,600 Speaker 1: for the Bloomberg Sports Update. Just Johnstown Show. Thanks John. 179 00:10:09,679 --> 00:10:12,640 Speaker 1: Yankees and Mets. Two best records in baseball, both at home, 180 00:10:12,760 --> 00:10:15,640 Speaker 1: both one with shutouts, and the Brons Garrett Cole's out 181 00:10:15,640 --> 00:10:17,720 Speaker 1: in a whole lot better than one last week in Minnesota, 182 00:10:17,760 --> 00:10:19,920 Speaker 1: when he allowed homebouns to the Twins first three batters 183 00:10:19,920 --> 00:10:22,320 Speaker 1: and give up five overall, Cole worked out of a 184 00:10:22,360 --> 00:10:24,960 Speaker 1: basis load of jam sixth inning that ended his night, 185 00:10:25,040 --> 00:10:28,080 Speaker 1: preserved to shut out Yanks top Tampa Bay to not thing. 186 00:10:28,200 --> 00:10:30,320 Speaker 1: Cole is six and one, and Clay Holmes got the 187 00:10:30,360 --> 00:10:34,480 Speaker 1: same twenty seven straight appearances where Holmes is not allowed 188 00:10:34,480 --> 00:10:37,040 Speaker 1: to run a city field was Chris Fassett eight scoreless, 189 00:10:37,040 --> 00:10:39,040 Speaker 1: sitting is allowed just three hits of four nothing met 190 00:10:39,040 --> 00:10:41,680 Speaker 1: went over in Milwaukee, two runs driven in by Pete 191 00:10:41,720 --> 00:10:44,680 Speaker 1: Alonzo leads the National League with fifty nine RBIs and St. 192 00:10:44,720 --> 00:10:48,000 Speaker 1: Louis the Cardinals, Miles Nicholas had nowhere with two outs, 193 00:10:48,040 --> 00:10:51,520 Speaker 1: two strikes, ninth inning double by the Pirates. Cal Mitchell 194 00:10:51,520 --> 00:10:54,360 Speaker 1: on Nicholas is a hundred and twenty ninth pitch most 195 00:10:54,360 --> 00:10:56,559 Speaker 1: of the majors this season. They dropped puck on the 196 00:10:56,600 --> 00:10:59,120 Speaker 1: Stanley Cup Final tonight in Denver. It's Tampa Bay lightning 197 00:10:59,160 --> 00:11:01,600 Speaker 1: off the win over the Angels c q A. Stanley 198 00:11:01,679 --> 00:11:04,560 Speaker 1: kept three peak game one with Colorado, who's twelve and 199 00:11:04,559 --> 00:11:07,760 Speaker 1: two in the playoffs. Bruce Cassidy fired by the Bruins. 200 00:11:07,800 --> 00:11:10,439 Speaker 1: He's the new coach of the Vegas Golden Night because 201 00:11:10,440 --> 00:11:14,400 Speaker 1: Shaun Watson, formerly with Houston, now massive contractor quarterback to 202 00:11:14,440 --> 00:11:18,000 Speaker 1: Cleveland Browns, and he's also facing twenty four accusations of 203 00:11:18,080 --> 00:11:21,520 Speaker 1: sexual misconduct. Watson met the media in PLA. You know, 204 00:11:21,600 --> 00:11:25,000 Speaker 1: I've been honest and I've been truthful about my stance. Um, 205 00:11:25,080 --> 00:11:27,079 Speaker 1: and that's you know. I've never forced anyone, I never 206 00:11:27,080 --> 00:11:31,440 Speaker 1: assaulted anyone. So um, that's what you know. I've been 207 00:11:31,520 --> 00:11:33,680 Speaker 1: saying it from the beginning and I'm going to continue 208 00:11:33,720 --> 00:11:35,960 Speaker 1: to do that and until all the facts come out 209 00:11:36,200 --> 00:11:38,920 Speaker 1: on the legal sidefl has been investigating the matter, but 210 00:11:39,040 --> 00:11:42,040 Speaker 1: still no word on a possible suspension. John Stash Atward 211 00:11:42,040 --> 00:11:44,800 Speaker 1: bloom Bird Sports John, all right, thanks, John had ahead 212 00:11:44,800 --> 00:11:46,720 Speaker 1: of the cashow up on Wall Street a hand of 213 00:11:46,720 --> 00:11:50,000 Speaker 1: the FED meeting today. The down futures of one hundred 214 00:11:50,040 --> 00:11:52,600 Speaker 1: twenty six points arise at four tens of a percent. 215 00:11:53,040 --> 00:11:55,920 Speaker 1: The snp eat many futures, they're up nineteen right now, 216 00:11:56,240 --> 00:11:58,240 Speaker 1: that's up half a percent, and the night was sad 217 00:11:58,320 --> 00:12:01,760 Speaker 1: futures seventy two point higher, up six tenths of percent. 218 00:12:02,280 --> 00:12:06,880 Speaker 1: You're listening to Bloomberg Daybreak. Day Break brought to you 219 00:12:06,920 --> 00:12:09,920 Speaker 1: by Hofstra Universities Frank G. S Are School of Business, 220 00:12:09,960 --> 00:12:14,199 Speaker 1: Top Rank Online mba program with a real world foundation 221 00:12:14,360 --> 00:12:22,520 Speaker 1: or more at Hofstra dot a, bu slash Go Grand Markets, 222 00:12:22,600 --> 00:12:25,679 Speaker 1: headlines and breaking news twenty four hours a day at 223 00:12:25,679 --> 00:12:29,120 Speaker 1: Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg 224 00:12:29,160 --> 00:12:38,480 Speaker 1: Quick Tape. This is a Bloomberg Business Flash. I'm Nathan Hagar. 225 00:12:38,600 --> 00:12:40,960 Speaker 1: Futures are on the rise, along with stocks in Europe. 226 00:12:40,960 --> 00:12:43,880 Speaker 1: As policymakers on both sides of the Atlantic grapple with 227 00:12:43,960 --> 00:12:47,760 Speaker 1: soaring inflation, slowing growth, and volatile markets. We check the 228 00:12:47,800 --> 00:12:50,199 Speaker 1: numbers for you every fifteen minutes during the training day 229 00:12:50,200 --> 00:12:53,600 Speaker 1: on Bloomberg SMP futures are up seventeen points down futures 230 00:12:53,640 --> 00:12:56,440 Speaker 1: up a hundred twelve dance Stack futures higher by seventy 231 00:12:56,440 --> 00:12:59,040 Speaker 1: one points. Germany stacks at one point one percent. The 232 00:12:59,080 --> 00:13:01,319 Speaker 1: cack in Paris is higher by nine tenths of one percent. 233 00:13:01,400 --> 00:13:04,199 Speaker 1: The tenure Treasury is up twenty five thirty seconds with 234 00:13:04,280 --> 00:13:06,280 Speaker 1: a yell three point three seven percent yield on the 235 00:13:06,320 --> 00:13:09,320 Speaker 1: two year three point three one percent. Nim X screws 236 00:13:09,320 --> 00:13:11,280 Speaker 1: down one point six percent, down a dollar eighty four, 237 00:13:11,360 --> 00:13:14,280 Speaker 1: a hundred seventeen dollars eleven cents of barrel comax called 238 00:13:14,320 --> 00:13:16,760 Speaker 1: of seven tenths percent or thirteen dollars twenty cents. At 239 00:13:16,760 --> 00:13:20,120 Speaker 1: eighteen twenty six seventy announced the euro one point zero 240 00:13:20,120 --> 00:13:22,199 Speaker 1: four seven eight against the dollar. The end one thirty 241 00:13:22,200 --> 00:13:25,240 Speaker 1: four point four zero bitcoin right now trading around twenty 242 00:13:25,760 --> 00:13:28,880 Speaker 1: four hundred fifty dollars. That's a Bloomberg business flash. And 243 00:13:28,920 --> 00:13:30,920 Speaker 1: now here's Michael Barr with more on what's going on 244 00:13:31,000 --> 00:13:34,480 Speaker 1: around the world. Michael Nathan, thank you kindly. US Representative 245 00:13:34,559 --> 00:13:37,160 Speaker 1: Tom Rice of South Carolina has been now stick in 246 00:13:37,200 --> 00:13:40,600 Speaker 1: Congress and is a Republican primary after voting to impeach 247 00:13:40,640 --> 00:13:44,240 Speaker 1: Donald Trump over the January sixth insurrection. The five term 248 00:13:44,280 --> 00:13:47,880 Speaker 1: congressman was defeated Tuesday by state Representative Russell Fry, who 249 00:13:47,960 --> 00:13:51,360 Speaker 1: was endorsed by Trump. Fry received fifty one percent. Well 250 00:13:51,440 --> 00:13:55,880 Speaker 1: Ryce got Britney Grinder's attention in Russia was extended until 251 00:13:55,960 --> 00:13:59,240 Speaker 1: July seco. The w NBA player is being held on 252 00:13:59,360 --> 00:14:04,240 Speaker 1: charges of rug smuggling. The baseball scores the Yankees and 253 00:14:04,360 --> 00:14:08,040 Speaker 1: Mets one, Red Sox beat the A six one Orioles 254 00:14:08,040 --> 00:14:11,640 Speaker 1: and Giants were also winners. The Nationals lost Global News 255 00:14:11,679 --> 00:14:14,280 Speaker 1: twenty four hours a day on here and on Bloomberg 256 00:14:14,320 --> 00:14:17,200 Speaker 1: Quick Take, powered by more than twenty seven hundred journalists 257 00:14:17,200 --> 00:14:19,600 Speaker 1: and analysts more than a hundred twenty countries. Michael barn 258 00:14:19,680 --> 00:14:22,720 Speaker 1: This is Bloomberg, John, Michael, thank you. It is six 259 00:14:22,800 --> 00:14:25,480 Speaker 1: twenty on Wall Street. We are live in the Bloomberg 260 00:14:25,520 --> 00:14:30,040 Speaker 1: interranton Broker studios and busy is Bloomberg Daybreak. Wall Street 261 00:14:30,040 --> 00:14:33,120 Speaker 1: firms expect the Federal Open Market Committee today to raise 262 00:14:33,280 --> 00:14:36,680 Speaker 1: rates seventy five basis points. The Fed's gonna announce the 263 00:14:36,680 --> 00:14:40,080 Speaker 1: decision published fresh forecast at two pm of Wall Street time. 264 00:14:40,480 --> 00:14:42,920 Speaker 1: That'll be followed by a news conference by Chairman Jerome 265 00:14:42,960 --> 00:14:46,080 Speaker 1: Powell and Bloomberg's Mike McKee. He's gonna be there and 266 00:14:46,440 --> 00:14:49,840 Speaker 1: he'll try to stump the chairman. Today. Mike joins us 267 00:14:49,840 --> 00:14:52,360 Speaker 1: now from Washington. Thanks you for being with us. You know, 268 00:14:53,080 --> 00:14:56,000 Speaker 1: I'll start off with Europe, the European Central Bank, the 269 00:14:56,040 --> 00:14:59,640 Speaker 1: policy makers there, Mike. They've managed to do the impossible, 270 00:15:00,480 --> 00:15:06,000 Speaker 1: making FED policy look simple. Yes. Unfortunately for Christine Le 271 00:15:06,040 --> 00:15:08,840 Speaker 1: guard Um it is much more difficult for her because 272 00:15:08,840 --> 00:15:11,960 Speaker 1: she has nineteen countries in the Eurozone and at this 273 00:15:12,040 --> 00:15:17,400 Speaker 1: point Um they are all in different economic circumstances, particularly 274 00:15:17,440 --> 00:15:19,880 Speaker 1: Italy and the idea that the ECB had to raise 275 00:15:20,040 --> 00:15:23,640 Speaker 1: rates quickly to get a handle on inflation, which is 276 00:15:23,640 --> 00:15:26,400 Speaker 1: over eight percent there as well. UH lead to a 277 00:15:26,440 --> 00:15:30,120 Speaker 1: blow out in Italian spreads. In particular, Italy the world's 278 00:15:30,120 --> 00:15:34,120 Speaker 1: fourth largest bond market, and they also have a significant 279 00:15:34,640 --> 00:15:39,000 Speaker 1: UM amount of their own debt and so UM trying 280 00:15:39,000 --> 00:15:43,640 Speaker 1: to keep that spread from from widening even further. They're 281 00:15:43,640 --> 00:15:45,880 Speaker 1: trying to figure out what to do. Okay, they might 282 00:15:45,960 --> 00:15:51,520 Speaker 1: even head back to pandemic policy with the extraordinary stimulus. UH, 283 00:15:51,680 --> 00:15:56,360 Speaker 1: the United States is nowhere near that, right, No, we're not. UM. 284 00:15:56,400 --> 00:16:00,560 Speaker 1: There's a belief out there that perhaps we might see 285 00:16:00,600 --> 00:16:03,200 Speaker 1: the Fed have to start cutting rates in two thousand 286 00:16:03,280 --> 00:16:06,040 Speaker 1: twenty three if we show signs of going into a recession, 287 00:16:06,080 --> 00:16:09,080 Speaker 1: But between now and then, there's nothing standing in the 288 00:16:09,080 --> 00:16:13,080 Speaker 1: Fed's way at the moment. We'll see the law of 289 00:16:13,160 --> 00:16:16,760 Speaker 1: unintended consequences keeps working here. And we did see some 290 00:16:16,960 --> 00:16:19,440 Speaker 1: liquidity problems developing in the short end of the market 291 00:16:19,440 --> 00:16:22,400 Speaker 1: earlier this week. We'll see if those can be contained 292 00:16:22,400 --> 00:16:25,840 Speaker 1: and what the market reaction is if the Fed indeed 293 00:16:25,880 --> 00:16:29,680 Speaker 1: follows up with seventy five today and then gives us 294 00:16:29,720 --> 00:16:32,760 Speaker 1: a hawk, a shout look for the future. Okay, today 295 00:16:32,840 --> 00:16:35,520 Speaker 1: it is a case of go big or go home 296 00:16:35,640 --> 00:16:39,880 Speaker 1: for the Fed. Right, yeah, excuse me. They've pretty much 297 00:16:40,440 --> 00:16:45,160 Speaker 1: locked themselves in at this point by the Monday articles 298 00:16:45,200 --> 00:16:48,520 Speaker 1: in the in the press. Um everybody took as a 299 00:16:48,880 --> 00:16:52,760 Speaker 1: hint by the Fed to the markets that they were 300 00:16:52,760 --> 00:16:55,720 Speaker 1: going to do seventy five instead of fifty. And now 301 00:16:55,800 --> 00:16:58,560 Speaker 1: the markets of price for seventy five, not just this time, 302 00:16:58,600 --> 00:17:02,680 Speaker 1: but for July as well. So if they didn't do it, 303 00:17:02,720 --> 00:17:07,080 Speaker 1: if they did fifty, that might cause some market disturbances. 304 00:17:07,080 --> 00:17:10,880 Speaker 1: It could be that markets shrug if they say fifty 305 00:17:11,040 --> 00:17:14,720 Speaker 1: but next time. But it's just easier for them to 306 00:17:14,760 --> 00:17:18,080 Speaker 1: follow through with what they they have led the markets 307 00:17:18,119 --> 00:17:20,560 Speaker 1: to believe is going to happen. Okay, they delivered their 308 00:17:20,600 --> 00:17:23,840 Speaker 1: forecast as well today. I assume what what is that 309 00:17:23,880 --> 00:17:26,520 Speaker 1: going to show us in terms of where they end up? 310 00:17:26,560 --> 00:17:29,960 Speaker 1: What the the what is it called the terminal rate? Yeah, 311 00:17:29,960 --> 00:17:31,840 Speaker 1: the terminal rate, which is not the neutral rate. The 312 00:17:31,920 --> 00:17:35,360 Speaker 1: terminal rate is basically what we're talking about in terms 313 00:17:35,400 --> 00:17:37,680 Speaker 1: of how high do they have to go to bring 314 00:17:37,720 --> 00:17:42,000 Speaker 1: down inflation, And they were looking at something between two 315 00:17:42,040 --> 00:17:43,760 Speaker 1: and a half and three percent. Now the market says 316 00:17:43,760 --> 00:17:45,960 Speaker 1: you gotta go have to go well over three percent. 317 00:17:46,400 --> 00:17:49,440 Speaker 1: We'll see what the FED ratifies when the dot plot 318 00:17:49,480 --> 00:17:52,560 Speaker 1: comes out. We'll see what the neutral rate is, the 319 00:17:52,640 --> 00:17:58,480 Speaker 1: long run rate which neither stimulates inflation or um retards growth, 320 00:17:58,640 --> 00:18:02,159 Speaker 1: and that they've said is in the two and a 321 00:18:02,200 --> 00:18:04,880 Speaker 1: half percent range. Last time they said two point four. 322 00:18:05,040 --> 00:18:06,920 Speaker 1: We'll see if they move that up a little, if 323 00:18:06,960 --> 00:18:09,879 Speaker 1: the economy has changed in such a way that we 324 00:18:09,920 --> 00:18:14,320 Speaker 1: need a higher neutral rate to keep the economy on 325 00:18:14,400 --> 00:18:16,719 Speaker 1: a level course. And then the final thing people are 326 00:18:16,720 --> 00:18:18,600 Speaker 1: gonna really want to look at is the forecast for 327 00:18:18,680 --> 00:18:22,439 Speaker 1: unemployment because that will be essentially what the FED is 328 00:18:22,480 --> 00:18:26,159 Speaker 1: going to be telling us about the economy going forward 329 00:18:26,200 --> 00:18:29,360 Speaker 1: and whether or not we have to worry about a recession. Now, 330 00:18:29,359 --> 00:18:32,159 Speaker 1: they aren't going to say the word recession ever, but 331 00:18:32,920 --> 00:18:36,720 Speaker 1: if they think that unemployment will rise significantly, Uh, and 332 00:18:36,760 --> 00:18:38,600 Speaker 1: I wouldn't bet on that, but if they did, then 333 00:18:38,640 --> 00:18:40,800 Speaker 1: that would be a worrying sign to the markets. Are 334 00:18:40,840 --> 00:18:44,120 Speaker 1: you still honing your question for the chairman at the 335 00:18:44,119 --> 00:18:47,800 Speaker 1: press conference that follows the decision tonight? Yeah, well you 336 00:18:47,880 --> 00:18:49,880 Speaker 1: have to keep honing till the last minute because things 337 00:18:49,960 --> 00:18:54,520 Speaker 1: keep changing around. Um I had to laugh John this morning. 338 00:18:54,600 --> 00:18:57,600 Speaker 1: Kitchuks from Sucken, whom we all know well, have posed 339 00:18:57,600 --> 00:18:59,639 Speaker 1: a very interesting question. He said, are the gods putting 340 00:18:59,640 --> 00:19:03,160 Speaker 1: central anchors back in their place? Now that the Fed 341 00:19:03,320 --> 00:19:05,919 Speaker 1: is being forced to do seventy five and Christine Leguard 342 00:19:06,000 --> 00:19:08,000 Speaker 1: has to hold an extraordinary meeting of the e c 343 00:19:08,160 --> 00:19:14,720 Speaker 1: B H Maybe, uh, maybe the fates are laughing. Don't 344 00:19:14,760 --> 00:19:18,240 Speaker 1: get too arrogant as a central bank policy maker. I 345 00:19:18,240 --> 00:19:22,000 Speaker 1: guess it's the message here from a kid. Mike McKee appreciated, 346 00:19:22,080 --> 00:19:25,600 Speaker 1: and again the Federal Open Market Committee expected to raise 347 00:19:25,640 --> 00:19:29,200 Speaker 1: at least the market expectation of seventy five basis points today, 348 00:19:29,200 --> 00:19:33,560 Speaker 1: the Fed announcing a decision, publishing fresh forecast at two 349 00:19:33,560 --> 00:19:35,920 Speaker 1: pm Wall Street time, and of course you can join 350 00:19:36,240 --> 00:19:41,240 Speaker 1: Bloomberg Television and Bloomberg Radio will have live continuing coverage. 351 00:19:41,840 --> 00:19:44,960 Speaker 1: You're listening to Bloomberg Daybreak and ahead of the FED decision, 352 00:19:44,960 --> 00:19:47,359 Speaker 1: ahead of the cash open on Wall Street, futures in 353 00:19:47,440 --> 00:19:50,159 Speaker 1: the green for now the now futures of one hundred 354 00:19:50,240 --> 00:19:52,240 Speaker 1: and six points. That's a rise of four tenths of 355 00:19:52,280 --> 00:19:56,280 Speaker 1: a percent smp E many futures seventeen points higher and 356 00:19:56,440 --> 00:20:00,080 Speaker 1: the nastatic futures of seventy one points. Your listen in 357 00:20:00,119 --> 00:20:08,119 Speaker 1: too Bloomberg Daybreak. Daybreak brought to you by the Jewish 358 00:20:08,119 --> 00:20:10,880 Speaker 1: Communal Thought and j CPS Donor Advised FA the smart 359 00:20:10,960 --> 00:20:13,960 Speaker 1: choice to manage your philanthropy, especially in times of crisis, 360 00:20:14,280 --> 00:20:18,320 Speaker 1: make you're giving impactful visit Chase f n Y dot org. 361 00:20:22,160 --> 00:20:26,680 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York. 362 00:20:26,800 --> 00:20:31,480 Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg to Boston, 363 00:20:31,600 --> 00:20:35,000 Speaker 1: Bloomberg one O six one does San Francisco, Bloomberg nine 364 00:20:35,080 --> 00:20:38,160 Speaker 1: sixty to the Country, Serious XM to the one nine team, 365 00:20:38,280 --> 00:20:41,440 Speaker 1: and around the globe the Bloomberg Business app and Bloomberg 366 00:20:41,520 --> 00:20:51,120 Speaker 1: Radio dot com. This is Bloomberg Daybreak. It's six thirty 367 00:20:51,160 --> 00:20:54,399 Speaker 1: on Wall Street. Good morning. I'm John Tucker, I'm Nathan Hager. 368 00:20:54,440 --> 00:20:56,800 Speaker 1: We're about three hours away from the open of US trading. 369 00:20:56,840 --> 00:20:58,480 Speaker 1: Time for the five things you need to know to 370 00:20:58,560 --> 00:21:00,560 Speaker 1: start your day, Brought to you by I B k 371 00:21:00,880 --> 00:21:04,000 Speaker 1: R Investment Advisors switched to Interactive Brokers for lowest costs, 372 00:21:04,040 --> 00:21:07,439 Speaker 1: global training and turn key custody solutions. No ticket charges 373 00:21:07,480 --> 00:21:09,800 Speaker 1: and no conflicts of your interests at i b k 374 00:21:10,000 --> 00:21:13,280 Speaker 1: R dot com slash r i A first, the European 375 00:21:13,320 --> 00:21:15,960 Speaker 1: Central Bank President Christine Legarde and her colleagues on the 376 00:21:16,000 --> 00:21:20,080 Speaker 1: Governing Council are holding an emergency meeting to discuss market conditions. 377 00:21:20,280 --> 00:21:23,399 Speaker 1: We caught up with the Finance commission or Married McGinnis 378 00:21:23,440 --> 00:21:26,160 Speaker 1: ahead of the meeting. The ECB is doing its job, 379 00:21:26,680 --> 00:21:29,080 Speaker 1: so I think that's important. I'm not going to second. Yes, 380 00:21:29,240 --> 00:21:33,080 Speaker 1: the conversations will take place at this meeting, but clearly 381 00:21:33,119 --> 00:21:35,960 Speaker 1: since the beginning of this year, and particularly since the invasion, 382 00:21:36,000 --> 00:21:39,560 Speaker 1: the illegal invasion by Russia of Ukraine, there is uncertainty 383 00:21:39,640 --> 00:21:42,600 Speaker 1: in markets. The Youth Finance Commissioner, Married McGinnis says the 384 00:21:42,600 --> 00:21:44,960 Speaker 1: meeting should last about two hours and the easy B 385 00:21:45,040 --> 00:21:48,119 Speaker 1: gathering comes on the same day the FED makes interest 386 00:21:48,200 --> 00:21:50,919 Speaker 1: rate decision. They question now is how much will have 387 00:21:50,960 --> 00:21:54,000 Speaker 1: FED hike. Let's get the tales from Bloomberg's Vinnydale Judais. 388 00:21:54,200 --> 00:21:57,600 Speaker 1: Most economists anticipate another half point rate in priest today, 389 00:21:57,800 --> 00:22:01,080 Speaker 1: lifting the FEDS target range between one point to five 390 00:22:01,160 --> 00:22:04,240 Speaker 1: percent and one point five percent, But something say they 391 00:22:04,240 --> 00:22:07,200 Speaker 1: wouldn't be surprised if the Fed opts for something more 392 00:22:07,600 --> 00:22:11,320 Speaker 1: a larger move and expense mark interest rate. Bloomberg Economics 393 00:22:11,320 --> 00:22:14,280 Speaker 1: says the FEDS dot plot, which traces the likely path 394 00:22:14,359 --> 00:22:17,320 Speaker 1: the US interest rates, could move to three percent or 395 00:22:17,359 --> 00:22:21,200 Speaker 1: a bit higher next year. NNA Bloomberg Day, all right, thanks, 396 00:22:21,560 --> 00:22:25,199 Speaker 1: and while economists predict fifty basis point hike, markets are 397 00:22:25,200 --> 00:22:28,879 Speaker 1: now pricing in a seventy five point increase. Futures are 398 00:22:28,960 --> 00:22:30,800 Speaker 1: higher ahead of the FED decision. John, But it's a 399 00:22:30,880 --> 00:22:34,679 Speaker 1: different story for cryptocurrencies. Bitcoins lower again right now at 400 00:22:34,680 --> 00:22:37,719 Speaker 1: about twenty five dollars. Let's get the latest line from 401 00:22:37,720 --> 00:22:41,600 Speaker 1: Bloomberg's Rnita Young. Ronita Nathan strategist that Glass Notes say 402 00:22:41,640 --> 00:22:44,440 Speaker 1: the bear market for bitcoin is entering its deepest and 403 00:22:44,640 --> 00:22:49,120 Speaker 1: darkest fase. Crypto lenders Celsius froze withdrawals on Monday. Coin 404 00:22:49,200 --> 00:22:52,240 Speaker 1: Base announced widespread layoffs on Tuesday. And this all comes 405 00:22:52,320 --> 00:22:54,800 Speaker 1: just a month after the collapse of the terror USD 406 00:22:54,920 --> 00:22:59,639 Speaker 1: stable coin, roiling crypto markets. Meantime, Bill Gates is dismissing 407 00:22:59,680 --> 00:23:02,800 Speaker 1: crypt projects like n f T S S, shams, saying 408 00:23:02,840 --> 00:23:05,840 Speaker 1: they're quote based on the greater fool theory. He says 409 00:23:05,920 --> 00:23:09,320 Speaker 1: he's neither long nor short Fiasset class live in New York. 410 00:23:09,400 --> 00:23:11,960 Speaker 1: I'm goned a young Bloomberg paperak, thanks for rene to 411 00:23:12,080 --> 00:23:16,400 Speaker 1: the International Energy Agency, predicting global oil supply will struggle 412 00:23:16,680 --> 00:23:19,879 Speaker 1: to meet rising demand next year. Checking oil right now 413 00:23:20,119 --> 00:23:23,119 Speaker 1: Nymex Crude down to dollar thirty one to barrel at 414 00:23:23,160 --> 00:23:26,479 Speaker 1: one seventeen sixty. And that's the five things you need 415 00:23:26,520 --> 00:23:30,040 Speaker 1: to notice start your day. Brought to you by Interactive Brokers, 416 00:23:30,119 --> 00:23:32,840 Speaker 1: straight Ahead your latest local headlines in the check of sports. 417 00:23:33,040 --> 00:23:40,359 Speaker 1: This is Bloomberg, all right. Thanks Nathan sixty three on 418 00:23:40,600 --> 00:23:42,520 Speaker 1: Wall Street. Time to bring in Michael barn Out to 419 00:23:42,600 --> 00:23:44,720 Speaker 1: tell us what else is going on in New York 420 00:23:44,760 --> 00:23:47,960 Speaker 1: hand around the world, John, thank you very much. US 421 00:23:48,000 --> 00:23:51,399 Speaker 1: Representative Tom Rice of South Carolina has been announced it 422 00:23:51,480 --> 00:23:55,000 Speaker 1: from Congress in his Republican primary after voting to impeach 423 00:23:55,080 --> 00:23:58,800 Speaker 1: Donald Trump over the January sixth insurrection. The five term 424 00:23:58,880 --> 00:24:02,840 Speaker 1: congressman was defeated by Trump backed state Representative Russell Fry. 425 00:24:03,400 --> 00:24:09,359 Speaker 1: Fry received while Rice got twenty. Meanwhile, Representative Nancy Mace 426 00:24:09,440 --> 00:24:13,280 Speaker 1: clear the threshold to avoid a runoff against Trump. Back 427 00:24:13,359 --> 00:24:17,720 Speaker 1: to Katie Arrington. Republican Jim Margent, who made false claims 428 00:24:17,760 --> 00:24:22,080 Speaker 1: about the election is advancing to the general election For Nevada, 429 00:24:22,200 --> 00:24:25,679 Speaker 1: Secretary of State March end wins he would oversee future 430 00:24:25,720 --> 00:24:28,680 Speaker 1: elections in the state. New York Governor Cathy Hokel is 431 00:24:28,680 --> 00:24:31,120 Speaker 1: about to get a big endorsement today and the governor's race. 432 00:24:31,560 --> 00:24:33,840 Speaker 1: New York City Mayor Eric Adams is set to make 433 00:24:33,880 --> 00:24:37,119 Speaker 1: the announcement to endorse Hokel. In a joint news conference 434 00:24:37,480 --> 00:24:40,680 Speaker 1: to police officers in El Monte, California, died after responding 435 00:24:40,720 --> 00:24:43,679 Speaker 1: to a possible stabbing in a hotel. El Monte Interim 436 00:24:43,720 --> 00:24:46,960 Speaker 1: police Chief Ben Lowry says the officers were fired upon 437 00:24:47,160 --> 00:24:53,399 Speaker 1: by the suspect. Heroes paid the ultimate sacrifice. Today. They 438 00:24:53,440 --> 00:24:56,800 Speaker 1: were murdered by a coward and we are grieving and 439 00:24:57,600 --> 00:25:01,160 Speaker 1: it hurts. Chief Lowery says the sus fact was also killed. 440 00:25:01,560 --> 00:25:04,080 Speaker 1: The Senate may have found a formula to get Republicans 441 00:25:04,119 --> 00:25:06,960 Speaker 1: on board with a gun safety bill, Bloomberg said. Baxter 442 00:25:07,080 --> 00:25:10,639 Speaker 1: reports Minority Leader Mitch McConnell is making noises that make 443 00:25:10,720 --> 00:25:13,159 Speaker 1: it sound like he will support it. Just people who 444 00:25:13,320 --> 00:25:18,119 Speaker 1: own God, and support for the provisions of the framework 445 00:25:18,760 --> 00:25:23,560 Speaker 1: is off the charts overwhelming. He says. It's wording. I 446 00:25:23,680 --> 00:25:27,840 Speaker 1: think if this framework becomes the actual piece of legislation, 447 00:25:28,560 --> 00:25:32,679 Speaker 1: it's a step forward, a step forward on a bipartisan basis, 448 00:25:32,760 --> 00:25:34,879 Speaker 1: and majority of Leader Chuck Schumer says it will be 449 00:25:34,960 --> 00:25:39,360 Speaker 1: brought to the floor quickly. In San Francisco, I'm at Baxter, Bloomberg, Gabriel. 450 00:25:39,480 --> 00:25:42,119 Speaker 1: The pain at the gas bump continues for the New 451 00:25:42,240 --> 00:25:45,240 Speaker 1: York metro area. According to Triple A, prices rose to 452 00:25:45,280 --> 00:25:48,960 Speaker 1: a record five twenty one overnight and five fifty in Manhattan. 453 00:25:49,440 --> 00:25:52,760 Speaker 1: Former President Trump's bid to hault depositions next month, and 454 00:25:52,800 --> 00:25:55,280 Speaker 1: the New York state probe of his family's real estate 455 00:25:55,359 --> 00:25:58,960 Speaker 1: business was rejected by the state's highest court. Two lower 456 00:25:59,040 --> 00:26:01,720 Speaker 1: courts have all ready rejected the claim that the probe 457 00:26:01,760 --> 00:26:05,040 Speaker 1: by New York Attorney General Latitia James, a Democrat, is 458 00:26:05,119 --> 00:26:08,440 Speaker 1: politically motivated. Global News twenty four hours a day on 459 00:26:08,600 --> 00:26:11,480 Speaker 1: air and on Bloomberg Quick Take, cowered by more than 460 00:26:11,560 --> 00:26:14,919 Speaker 1: twenty seven under journalist and analysts and more than twenty countries. 461 00:26:15,240 --> 00:26:18,000 Speaker 1: Michael Barr and this is Bloomberg. John all right, Michael, 462 00:26:18,040 --> 00:26:24,080 Speaker 1: thank you. It's now six thirty six on Wall Street, 463 00:26:24,160 --> 00:26:27,440 Speaker 1: this time for the Bloomberg Sports Update and here's John's 464 00:26:27,520 --> 00:26:29,760 Speaker 1: test show. All right, John, Yankees have watched the low 465 00:26:29,880 --> 00:26:32,840 Speaker 1: payroll Tampa Bay Rays win the Al East the last 466 00:26:32,880 --> 00:26:35,600 Speaker 1: two seasons, but this year the Yanks ten games ahead, 467 00:26:35,640 --> 00:26:37,800 Speaker 1: first of six between these two over ten days at 468 00:26:37,840 --> 00:26:40,960 Speaker 1: the stadium. A drop fly ball fourth inning put two 469 00:26:41,080 --> 00:26:44,800 Speaker 1: Yankees on Isaiah Connor Philippa at the plate on the line. 470 00:26:44,880 --> 00:26:48,359 Speaker 1: Hard look, Dale, there's a big ten Stanton rounds third, 471 00:26:48,640 --> 00:26:51,840 Speaker 1: coming home, The throw is gonna be too high, goes 472 00:26:51,920 --> 00:26:54,520 Speaker 1: back to the stream. Here comes another run home to 473 00:26:54,680 --> 00:26:57,960 Speaker 1: throw home is is not inn w f A. And 474 00:26:58,040 --> 00:26:59,840 Speaker 1: those are the only two rounds the Yank score twenties 475 00:27:00,000 --> 00:27:01,800 Speaker 1: six in their last two games with the Cubs. They 476 00:27:01,840 --> 00:27:04,000 Speaker 1: won this one to nothing with Garrett Cole going to 477 00:27:04,080 --> 00:27:06,840 Speaker 1: six and one team with three relievers on the shutout. 478 00:27:06,920 --> 00:27:09,400 Speaker 1: Cole very much bouncing back from that night nurse start 479 00:27:09,480 --> 00:27:11,560 Speaker 1: last week in Minnesota where he gave up five home runs. 480 00:27:11,640 --> 00:27:15,440 Speaker 1: Tonight it's Nestor Cortes versus the race Shane mcclenahan. Both 481 00:27:15,480 --> 00:27:16,840 Speaker 1: at the r A s under two and if the 482 00:27:16,920 --> 00:27:20,560 Speaker 1: Yanks win tonight they will be thirty games over five hundred. Amazing. 483 00:27:20,600 --> 00:27:22,720 Speaker 1: The Mets have been so good with Max chers or injured. 484 00:27:23,000 --> 00:27:25,440 Speaker 1: Jacob Degroms still yet to pitch. De gram has thrown 485 00:27:25,480 --> 00:27:28,959 Speaker 1: four bullpen sessions and shows are will throw a simulated 486 00:27:29,000 --> 00:27:32,399 Speaker 1: game Thursday. Meanwhile, Chris Bassett dominant and the Mets for 487 00:27:32,560 --> 00:27:35,000 Speaker 1: nothing when at City Field over Milwaukee. Bassett went eight 488 00:27:35,040 --> 00:27:37,120 Speaker 1: and ings allowed only three hits. The Mets state five 489 00:27:37,200 --> 00:27:40,679 Speaker 1: games ahead of red hot Atlanta. The Braves thirteenth win 490 00:27:40,720 --> 00:27:42,960 Speaker 1: in a row in Washington. They hit five home runs 491 00:27:42,960 --> 00:27:45,280 Speaker 1: of the second straight game, a near no hitter in St. 492 00:27:45,320 --> 00:27:47,960 Speaker 1: Louis the Cardinals Miles Nicholas lost him with two outs 493 00:27:47,960 --> 00:27:50,560 Speaker 1: of the ninth. They'll start the Stanley Cup Final tonight 494 00:27:50,640 --> 00:27:53,240 Speaker 1: Tampa Bay at Colorado. The Lightning may get great and 495 00:27:53,359 --> 00:27:55,959 Speaker 1: point back from injury. He's missed the last two series, 496 00:27:56,080 --> 00:27:59,960 Speaker 1: point thirty goals of the last three playoffs. John stash Ellard, 497 00:28:00,000 --> 00:28:02,760 Speaker 1: Boomberg Sports. All right, thanks to lunch on. It is 498 00:28:02,800 --> 00:28:04,920 Speaker 1: now sixty seven on Wall Street. Time to take a 499 00:28:04,960 --> 00:28:06,800 Speaker 1: look at stocks, some of the names that are moving 500 00:28:06,840 --> 00:28:09,359 Speaker 1: in the pre market. For that, we're joined by Bloomberg 501 00:28:09,480 --> 00:28:13,280 Speaker 1: Radio and TV corresponded pretty gooped, you know on fed Day. 502 00:28:13,320 --> 00:28:15,880 Speaker 1: I wonder if it's just like a fool's errant even 503 00:28:16,000 --> 00:28:19,160 Speaker 1: like look at stocks before any decision from the five. Yeah, 504 00:28:19,200 --> 00:28:20,880 Speaker 1: it's it's a wait and c mode. I mean, happy 505 00:28:20,920 --> 00:28:24,200 Speaker 1: fed day to you John and ours. This is this 506 00:28:24,800 --> 00:28:27,320 Speaker 1: he should have. Um, I got you stock movers. What'd 507 00:28:27,320 --> 00:28:29,800 Speaker 1: you get me? Nothing? Uh, this is a super Bowl 508 00:28:29,960 --> 00:28:33,040 Speaker 1: for financial journalists. Um, and a bonus we get E, C, 509 00:28:33,160 --> 00:28:34,760 Speaker 1: B and B O J decisions before I nerd out 510 00:28:34,800 --> 00:28:37,119 Speaker 1: too much. Let's hop right into crypto stocks because to 511 00:28:37,200 --> 00:28:40,520 Speaker 1: your point, it's hard to kind of mention any specific 512 00:28:40,560 --> 00:28:42,080 Speaker 1: stocks that are moving because a lot of this is 513 00:28:42,120 --> 00:28:43,400 Speaker 1: going to be a wait and see game. A lot 514 00:28:43,440 --> 00:28:45,479 Speaker 1: of this is going to change as we hear more 515 00:28:45,520 --> 00:28:50,800 Speaker 1: from the eco stock though a crypto stock is it 516 00:28:50,880 --> 00:28:53,880 Speaker 1: could be an exchange, it could be a minor, it 517 00:28:53,960 --> 00:28:57,600 Speaker 1: could be a company that is exposed to crypto in 518 00:28:57,720 --> 00:29:00,360 Speaker 1: some way. Tesla, for example, had a lot of exposure crypto. 519 00:29:00,760 --> 00:29:05,680 Speaker 1: UM when Elon Musk was very pro dochcoin and pro bitcoin, 520 00:29:06,280 --> 00:29:07,760 Speaker 1: that thing said, let's talk about some of these crypto 521 00:29:07,760 --> 00:29:10,360 Speaker 1: released docks, because we do know Bitcoin is enteering and 522 00:29:10,400 --> 00:29:13,120 Speaker 1: I believe has already entered a bear market heading for 523 00:29:13,200 --> 00:29:16,640 Speaker 1: that twenty handle and the ripple effects. Here is some 524 00:29:16,720 --> 00:29:19,280 Speaker 1: of the names like micro Strategy MSTR, which by the 525 00:29:19,320 --> 00:29:23,400 Speaker 1: way has major investments in bitcoin, down seven percent. Is 526 00:29:23,440 --> 00:29:25,600 Speaker 1: your Taker their Marathon Digital of course, one of the 527 00:29:25,680 --> 00:29:28,200 Speaker 1: miner's m a r as your Taker down about four 528 00:29:28,320 --> 00:29:31,760 Speaker 1: percent in the pre market right blockchain another minor r 529 00:29:31,880 --> 00:29:34,880 Speaker 1: i o T also down four percent, and coin base 530 00:29:35,320 --> 00:29:38,040 Speaker 1: c o i N down five percent. Remember yesterday we 531 00:29:38,120 --> 00:29:41,520 Speaker 1: got the news that they're cutting their workforce by citing 532 00:29:41,640 --> 00:29:45,320 Speaker 1: the macroeconomic climate. During the dot com craze, remember back 533 00:29:45,400 --> 00:29:48,360 Speaker 1: when you were probably born then, but every company in 534 00:29:48,400 --> 00:29:51,760 Speaker 1: the world was trying to do something dot com ish 535 00:29:52,240 --> 00:29:56,120 Speaker 1: to booster stock price. And then you at the crypto craze, 536 00:29:56,480 --> 00:29:59,560 Speaker 1: and every company tried to make some connection with crypto. Well, 537 00:29:59,680 --> 00:30:01,920 Speaker 1: that blockchain that seemed to be the idea. I mean, 538 00:30:01,960 --> 00:30:03,840 Speaker 1: people are saying it. It is the crypto, It is 539 00:30:03,920 --> 00:30:07,120 Speaker 1: the payment mechanism of the future, whether you're buying car 540 00:30:07,320 --> 00:30:10,440 Speaker 1: or whether you're investing in the long term. Well, I 541 00:30:10,520 --> 00:30:13,200 Speaker 1: mean they said that about a variety of other other 542 00:30:13,240 --> 00:30:16,160 Speaker 1: asset classes. Ets, for example, has gone through a major 543 00:30:16,240 --> 00:30:18,800 Speaker 1: renovation in terms of how people are looking at these markets. 544 00:30:18,960 --> 00:30:21,520 Speaker 1: Let's talk about another big mover this morning. Spotify, though 545 00:30:21,720 --> 00:30:24,960 Speaker 1: is moving on an upgrade. Actually spot or ticker up 546 00:30:25,040 --> 00:30:28,360 Speaker 1: two point three percent. Wells Fargo upgrading the stock to 547 00:30:28,440 --> 00:30:31,600 Speaker 1: an equal weight, saying the music streaming firm's recent investor 548 00:30:31,680 --> 00:30:35,200 Speaker 1: day laid out a more profitable company than the brokerage 549 00:30:35,240 --> 00:30:40,800 Speaker 1: has modeled historically, more profitable keywords as we talk about everything. 550 00:30:40,960 --> 00:30:45,280 Speaker 1: Really my cretty, thanks appreciate it. Bloomberg Radio Market, TV 551 00:30:45,400 --> 00:30:48,880 Speaker 1: Market's core spotted Critty Gupta and looking at stocks as 552 00:30:48,920 --> 00:30:52,400 Speaker 1: a whole ahead of the cash open again, like we 553 00:30:52,480 --> 00:30:54,720 Speaker 1: say after two o'clock, it probably it's not gonna matter, 554 00:30:54,840 --> 00:30:57,400 Speaker 1: but down future is at least right now of one 555 00:30:58,000 --> 00:31:01,720 Speaker 1: and sixteen points of four tens of percent. SMP futures 556 00:31:02,000 --> 00:31:04,720 Speaker 1: that were on the eighteen points that's up half a percent, 557 00:31:04,920 --> 00:31:07,400 Speaker 1: and the nasdack of mini futures right now are up 558 00:31:07,600 --> 00:31:11,000 Speaker 1: seventy points. Uh. Creative was doing the crypto related stocks, 559 00:31:11,200 --> 00:31:14,280 Speaker 1: so let's do Bitcoin right now. That's down about seven 560 00:31:14,400 --> 00:31:19,200 Speaker 1: percent at twenty thousand, five hundred and sixteen dollars per token. 561 00:31:19,520 --> 00:31:25,360 Speaker 1: This is Bloomberg and the Bloomberg weather. For a meteorologist, 562 00:31:25,440 --> 00:31:28,760 Speaker 1: Rob Caroline, lots of sunshine today, the high temperature topping 563 00:31:28,800 --> 00:31:31,920 Speaker 1: out about eighty degrees at tonight, Parkley, Cloudy could see 564 00:31:31,960 --> 00:31:37,640 Speaker 1: some showers after midnight. The loads in the mid sixties. Markets, 565 00:31:37,760 --> 00:31:40,800 Speaker 1: headlines and breaking news twenty four hours a day at 566 00:31:40,840 --> 00:31:44,240 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 567 00:31:44,320 --> 00:31:53,640 Speaker 1: Quick Tape. This is a Bloomberg Business Flash, Nathan Hagar. 568 00:31:53,720 --> 00:31:56,960 Speaker 1: Futures are moving up on this FED decision day. Let's 569 00:31:57,000 --> 00:31:59,600 Speaker 1: go live to the first breaking news desk for today's 570 00:31:59,600 --> 00:32:02,840 Speaker 1: morning oh with film alone. Good morning Bill, Hey, good 571 00:32:02,920 --> 00:32:05,400 Speaker 1: morning Nathan. That's right. US futures are in the green 572 00:32:05,520 --> 00:32:07,640 Speaker 1: right now. Deaf features up a hundred and seven points, 573 00:32:07,680 --> 00:32:11,080 Speaker 1: Sesames gaining eight team on Nastic futures rise by seventy 574 00:32:11,160 --> 00:32:14,640 Speaker 1: two US ten year that three point three eight percent, 575 00:32:14,760 --> 00:32:17,880 Speaker 1: Gold is up sixteen, Oil is falling, and bitcoin is 576 00:32:17,920 --> 00:32:21,479 Speaker 1: down by another six percent. Japan fell one point one 577 00:32:21,520 --> 00:32:24,200 Speaker 1: percent overnight, while Europa markets are in the green, led 578 00:32:24,240 --> 00:32:27,400 Speaker 1: by two point eight percent gains in Italy and back 579 00:32:27,440 --> 00:32:29,760 Speaker 1: in the US. On the economic Frontay eight thirty Empire 580 00:32:29,840 --> 00:32:33,560 Speaker 1: Manufacturing and retail sales at ten o'clock Business inventories, and 581 00:32:33,640 --> 00:32:36,720 Speaker 1: at two o'clock that FED rate decision. Note that Jeff 582 00:32:36,760 --> 00:32:40,959 Speaker 1: Gunlocks urges a mega hike to three percent and Goldman, Saxon, 583 00:32:41,040 --> 00:32:43,760 Speaker 1: Jpe and Morgan see the upper bound rising to one 584 00:32:43,840 --> 00:32:48,240 Speaker 1: point seven five percent in the steepest tightenings since four. 585 00:32:48,680 --> 00:32:50,800 Speaker 1: Wrapping things up, Snowflake was raised to buy a can 586 00:32:50,920 --> 00:32:52,920 Speaker 1: of chord so no Nos raised to equal weight over 587 00:32:53,000 --> 00:32:56,680 Speaker 1: at Morgan Stanley and Continental Resources cut to equate over 588 00:32:56,760 --> 00:32:59,920 Speaker 1: at Wells Fargo Live. I'm the first breaking news desk, 589 00:33:00,120 --> 00:33:02,760 Speaker 1: Bill Maloney, Nathan Okay, Bill, thanks to get live breaking 590 00:33:02,800 --> 00:33:05,800 Speaker 1: news over your Bloomberg type squawk on the terminal s 591 00:33:05,880 --> 00:33:09,120 Speaker 1: q U A go. That's a Bloomberg business flash. Now 592 00:33:09,160 --> 00:33:11,400 Speaker 1: here's Michael Barr with more on what's going on around 593 00:33:11,400 --> 00:33:14,000 Speaker 1: the world. Good morning, Michael, Good morning Nathan. And South 594 00:33:14,080 --> 00:33:18,120 Speaker 1: Carolina Congressman Tom Rice is out. The five term incumbent 595 00:33:18,160 --> 00:33:21,240 Speaker 1: who voted to impeach Donald Trump for the January six 596 00:33:21,320 --> 00:33:25,640 Speaker 1: tents direction defeated by Trump back Russell Fry. Fry got 597 00:33:26,520 --> 00:33:30,520 Speaker 1: well Rance. The leaders of seven eight O nations from 598 00:33:30,560 --> 00:33:34,400 Speaker 1: across Europe ledge to continue their support for Ukraine. They 599 00:33:34,480 --> 00:33:37,560 Speaker 1: agreed to step up military supplies and provide more heavy 600 00:33:37,640 --> 00:33:40,640 Speaker 1: weapons to the war tour in the country. In baseball, 601 00:33:40,720 --> 00:33:43,000 Speaker 1: the Yankees and Mets one the Red Sox beat the 602 00:33:43,080 --> 00:33:46,120 Speaker 1: A six one Orioles and Giants were also winners. The 603 00:33:46,200 --> 00:33:49,760 Speaker 1: Nationals Lost Global News twenty four hours a day on 604 00:33:49,960 --> 00:33:52,800 Speaker 1: air and on Bloomberg Quick Take, powered by more than 605 00:33:52,880 --> 00:33:56,000 Speaker 1: twenty seven hundred journalists analysts more than hundred twenty countries. 606 00:33:56,160 --> 00:33:59,640 Speaker 1: I'm Michael Barr, and this is Bloomberg, Nathan, Michael. Thank 607 00:33:59,680 --> 00:34:02,240 Speaker 1: you is six forty nine on Wall Street. Let's turn 608 00:34:02,280 --> 00:34:04,560 Speaker 1: to news in science and technology now. The Bloomberg n 609 00:34:04,640 --> 00:34:06,440 Speaker 1: j i T STEM Report is brought to you by 610 00:34:06,560 --> 00:34:10,279 Speaker 1: New Jersey Institute of Technology, offering New Jersey's first undergraduate 611 00:34:10,320 --> 00:34:13,040 Speaker 1: degree in fintech. N g i T is Future in 612 00:34:13,080 --> 00:34:16,640 Speaker 1: the Making, tech driven, finance focused. Learn more at n 613 00:34:16,719 --> 00:34:19,439 Speaker 1: j i T dot edu, slash fintech and now Here's 614 00:34:19,440 --> 00:34:22,239 Speaker 1: what's making news and science, Technology, engineering and math. The 615 00:34:22,280 --> 00:34:25,120 Speaker 1: World Health Organization will hold an emergency meeting to assess 616 00:34:25,160 --> 00:34:28,120 Speaker 1: whether the current spread of monkey pox constitutes a public 617 00:34:28,160 --> 00:34:31,640 Speaker 1: health emergency of international concern. A special committee will meet 618 00:34:31,680 --> 00:34:34,440 Speaker 1: next week to advise on the spread in non endemic countries. 619 00:34:34,760 --> 00:34:38,040 Speaker 1: Monkeypox has been afflicting developing countries for years, but it's 620 00:34:38,040 --> 00:34:40,960 Speaker 1: now spread across Europe and the United States. In recent weeks. 621 00:34:41,280 --> 00:34:44,560 Speaker 1: The virus belongs to the orthopox virus genus that includes 622 00:34:44,600 --> 00:34:47,480 Speaker 1: the very ola virus, the cause of smallpox, but it 623 00:34:47,600 --> 00:34:52,200 Speaker 1: is less contagious and symptoms are milder. Internet Explorer is 624 00:34:52,239 --> 00:34:55,200 Speaker 1: finally headed out to pasture. As of today, Microsoft will 625 00:34:55,239 --> 00:34:58,440 Speaker 1: no longer support the ones dominant browser that legions of 626 00:34:58,520 --> 00:35:00,959 Speaker 1: web surfers love to hate and a few still claim 627 00:35:01,000 --> 00:35:03,400 Speaker 1: to a dore. The twenty seven year old application now 628 00:35:03,520 --> 00:35:07,560 Speaker 1: joins BlackBerry phones, dialobodems, and Palm pilots in the dustbin 629 00:35:07,840 --> 00:35:10,879 Speaker 1: of tech history. And Apple has secured the long term 630 00:35:11,000 --> 00:35:14,320 Speaker 1: rights to stream Major League Soccer, taking another step and 631 00:35:14,400 --> 00:35:18,520 Speaker 1: it's growing ambitions as a sports broadcaster. Apple will begin 632 00:35:18,719 --> 00:35:21,040 Speaker 1: streaming the soccer matches next year as part of a 633 00:35:21,719 --> 00:35:24,680 Speaker 1: decade long deal that is the Bloomberg and j I 634 00:35:24,760 --> 00:35:27,920 Speaker 1: T Stem Report. John, all right, thanks Nathan. We are 635 00:35:28,160 --> 00:35:30,920 Speaker 1: live from the Bloomberg and Tranto Brokers studios where it 636 00:35:31,400 --> 00:35:34,080 Speaker 1: is six fifty one on Wall Street and time now 637 00:35:34,200 --> 00:35:36,480 Speaker 1: to check what's going on in d c S. Some 638 00:35:36,600 --> 00:35:40,320 Speaker 1: of the top stories in our nation's capital include trumpet 639 00:35:40,480 --> 00:35:44,839 Speaker 1: target of rice loses and May swimming into the South 640 00:35:44,920 --> 00:35:49,399 Speaker 1: Carolina primaries. The January six panel taking some cues from 641 00:35:49,520 --> 00:35:54,000 Speaker 1: Netflix with the made for TV hearings, Janet Yelling getting 642 00:35:54,040 --> 00:35:57,600 Speaker 1: trapped in the blame game. This comes over inflation, President 643 00:35:57,680 --> 00:36:01,960 Speaker 1: Biden taking him at oil refinery the record of profits, 644 00:36:02,480 --> 00:36:04,960 Speaker 1: and Elon must says he's thinking of creating a super 645 00:36:05,320 --> 00:36:08,440 Speaker 1: moderate superpack. Let's take a deeper dimond at some of 646 00:36:08,480 --> 00:36:11,880 Speaker 1: these stories this morning with Bloomberg Government reporter Emily Wilkins. 647 00:36:12,000 --> 00:36:16,040 Speaker 1: Let's start with this wonderfully written story the Trump target 648 00:36:16,160 --> 00:36:19,920 Speaker 1: Rice loses, Mace wins in South Carolina primaries. Oh look 649 00:36:19,960 --> 00:36:25,120 Speaker 1: who's on the mine line? Um? Well, I mean so 650 00:36:25,400 --> 00:36:26,759 Speaker 1: so at least at least you know you got the 651 00:36:26,880 --> 00:36:29,399 Speaker 1: right person to talk about it this morning, John, Yeah, 652 00:36:29,440 --> 00:36:33,239 Speaker 1: what happened? So basically, the big takeaway is that there 653 00:36:33,280 --> 00:36:36,239 Speaker 1: were sort of two candidates who had incurred the wrath 654 00:36:36,320 --> 00:36:39,200 Speaker 1: of Trump. Trump had backed their challengers. This is a 655 00:36:39,360 --> 00:36:43,239 Speaker 1: Republican Nancy Mace as well as Republican uh Tom Rice, 656 00:36:43,520 --> 00:36:46,600 Speaker 1: and Rice actually voted to impeach Trump, and then his 657 00:36:46,719 --> 00:36:49,239 Speaker 1: kind of stuck with that criticism, saying that he did 658 00:36:49,360 --> 00:36:52,080 Speaker 1: not regret the vote, that he would have voted again 659 00:36:52,320 --> 00:36:55,040 Speaker 1: had the vote been taken today, and just kind of 660 00:36:55,120 --> 00:36:57,319 Speaker 1: going ahead and saying you know that that he's going 661 00:36:57,360 --> 00:36:59,719 Speaker 1: to stand by this. He has a very conservative record. 662 00:36:59,800 --> 00:37:03,880 Speaker 1: I'll otherwise um and his challenger, Russell Fry, who Trump indoors, 663 00:37:04,000 --> 00:37:06,440 Speaker 1: did wind up beating him. But then you go down 664 00:37:06,480 --> 00:37:09,480 Speaker 1: to the low Country near Charleston, where Nancy Mace is from, 665 00:37:09,920 --> 00:37:13,040 Speaker 1: and she initially had some very strong criticism of Donald Trump. 666 00:37:13,120 --> 00:37:16,800 Speaker 1: After January six she made a numerous TV appearances, but 667 00:37:16,920 --> 00:37:19,560 Speaker 1: since then her rhetoric has really softened a little bit 668 00:37:19,640 --> 00:37:22,480 Speaker 1: in regards to the President. She's kind of pitched himself 669 00:37:22,520 --> 00:37:25,080 Speaker 1: as more as an ally. She actually went to Trump 670 00:37:25,160 --> 00:37:28,640 Speaker 1: Towers and filmed this video where she reminded people for 671 00:37:28,719 --> 00:37:30,680 Speaker 1: the years that she had supported Trump worked on his 672 00:37:30,760 --> 00:37:34,480 Speaker 1: campaign in twentus sixteen, and she was able able actually 673 00:37:34,600 --> 00:37:39,880 Speaker 1: actually able to defeat her Trump backed challenger, Katie Arrington yesterday. 674 00:37:40,000 --> 00:37:42,000 Speaker 1: And so it kind of seems like if there's a 675 00:37:42,120 --> 00:37:45,160 Speaker 1: takeaway from what we've learned in South Carolina, it's that 676 00:37:45,360 --> 00:37:48,520 Speaker 1: you can criticize the president, but you do ultimately need 677 00:37:48,600 --> 00:37:52,160 Speaker 1: to be on his side if you want Republicans, indeed, 678 00:37:52,200 --> 00:37:56,080 Speaker 1: at least in deep red districts to vacuum. How's the 679 00:37:56,560 --> 00:38:00,360 Speaker 1: no memor race shaping up on the other side, So 680 00:38:00,480 --> 00:38:03,160 Speaker 1: I'm in November at least for these two races in 681 00:38:03,320 --> 00:38:07,160 Speaker 1: South Carolina, we pretty much expect Russell Fry that the 682 00:38:07,280 --> 00:38:09,000 Speaker 1: challenger who want to now be the one to go 683 00:38:09,080 --> 00:38:12,680 Speaker 1: to Washington. It's a very red district. I suppose there's 684 00:38:12,719 --> 00:38:15,080 Speaker 1: a small chance that that Nancy Mas could wind up 685 00:38:15,120 --> 00:38:18,280 Speaker 1: losing to a Democrat, but it is unlikely. The district 686 00:38:18,840 --> 00:38:21,600 Speaker 1: it's it's would lean Republican in a normal year, but 687 00:38:21,840 --> 00:38:24,520 Speaker 1: this year it's so good for Republicans that there's a 688 00:38:24,560 --> 00:38:27,359 Speaker 1: good chance that Nancy Needs will return. I think there 689 00:38:27,440 --> 00:38:29,239 Speaker 1: are going to probably be a couple of races where 690 00:38:29,280 --> 00:38:32,200 Speaker 1: it will be interesting to see how a stronger Trump 691 00:38:32,320 --> 00:38:36,400 Speaker 1: candidate fares against a more moderate Democrat. Um. We've got 692 00:38:36,520 --> 00:38:39,320 Speaker 1: one of those examples up in Ohio with Kongs and 693 00:38:39,360 --> 00:38:43,400 Speaker 1: Marcy Captor's race. But for these in particular, UM, you know, 694 00:38:44,160 --> 00:38:47,800 Speaker 1: it's very very likely now that Russell Fry and Nancy 695 00:38:47,840 --> 00:38:50,359 Speaker 1: Mays will be returning to Congress in November. Let's get 696 00:38:50,400 --> 00:38:52,880 Speaker 1: the latest now on the January six, the hearings that 697 00:38:52,960 --> 00:38:58,959 Speaker 1: are taking place, they've actually garnered some pretty sizable audiences. Yeah, 698 00:38:59,080 --> 00:39:01,200 Speaker 1: they've had a good numb or if people really turn 699 00:39:01,280 --> 00:39:04,279 Speaker 1: in for them, and that embark has been because that 700 00:39:04,480 --> 00:39:07,399 Speaker 1: the shows have just been our hearings rather have been 701 00:39:07,480 --> 00:39:10,719 Speaker 1: so well produced, I called them shows. Um. There's a 702 00:39:10,800 --> 00:39:14,920 Speaker 1: lot of guys over there's a really interesting story on 703 00:39:15,040 --> 00:39:18,000 Speaker 1: the terminal kind of about how the hearings have been 704 00:39:18,040 --> 00:39:20,360 Speaker 1: structured like a Netflix show. If you've ever tuned in 705 00:39:20,480 --> 00:39:23,760 Speaker 1: take congressional hearing, you know that they are not exactly 706 00:39:23,840 --> 00:39:27,840 Speaker 1: the height of entertainment. Uh. You see questions being asked repeatedly, 707 00:39:27,960 --> 00:39:30,600 Speaker 1: you see people kind of going on and trailing off, 708 00:39:31,040 --> 00:39:33,800 Speaker 1: and that's not what you've been seeing from these January 709 00:39:33,920 --> 00:39:36,680 Speaker 1: six hearings. They've really been tightly scripted. They're kept a 710 00:39:36,760 --> 00:39:40,360 Speaker 1: two hours. They're just stilling hours and hours and hours 711 00:39:40,440 --> 00:39:43,280 Speaker 1: of testimony down into a few seconds for a clip. 712 00:39:43,760 --> 00:39:47,680 Speaker 1: There isn't sort of this prolonged grilling of a witness, um. 713 00:39:47,920 --> 00:39:51,680 Speaker 1: And so in this way they're supposed to a number one, 714 00:39:51,800 --> 00:39:54,080 Speaker 1: be a little bit more watchable for Americans who want 715 00:39:54,160 --> 00:39:58,080 Speaker 1: to turn in and be really focused on telling the narrative. 716 00:39:58,120 --> 00:40:01,000 Speaker 1: You know, usually in other committe hearings you will see 717 00:40:01,080 --> 00:40:04,080 Speaker 1: people who you know, you'll see Democrats ask certain questions 718 00:40:04,120 --> 00:40:06,560 Speaker 1: and then Republicans ask questions that kind of you know, 719 00:40:06,719 --> 00:40:09,879 Speaker 1: conflict with Democrats asked, and this one you really see 720 00:40:09,920 --> 00:40:13,200 Speaker 1: everyone just on the same page moving forward. And I 721 00:40:13,320 --> 00:40:15,919 Speaker 1: think that the Glowball goal is to really be able 722 00:40:15,960 --> 00:40:20,160 Speaker 1: to tell the story of January six with the new evidence, 723 00:40:20,320 --> 00:40:23,719 Speaker 1: with the new testimony, with the new information that the 724 00:40:23,719 --> 00:40:27,360 Speaker 1: committee has gotten in the last year. Okay, so forget 725 00:40:27,440 --> 00:40:31,480 Speaker 1: to supply chain tie amps, for forget to labor shortages 726 00:40:31,560 --> 00:40:36,320 Speaker 1: and the like. We need a face to blame for inflation. 727 00:40:36,960 --> 00:40:39,960 Speaker 1: Who is it and what's going to happen? Well, Jenny 728 00:40:40,040 --> 00:40:42,880 Speaker 1: Yellen right now is the one who's been really trapped 729 00:40:43,520 --> 00:40:46,200 Speaker 1: but in the White House as far as blaming goes. 730 00:40:46,480 --> 00:40:49,840 Speaker 1: If you remember last month, she went on CNN and 731 00:40:49,960 --> 00:40:52,320 Speaker 1: said that she was wrong about the path that inflation 732 00:40:52,400 --> 00:40:55,200 Speaker 1: would take. And this has come as the Biden administration 733 00:40:55,520 --> 00:40:58,320 Speaker 1: has sort of been very very careful about their messaging 734 00:40:58,480 --> 00:41:01,719 Speaker 1: around inflation. They know that it's a huge liability for 735 00:41:01,800 --> 00:41:04,839 Speaker 1: them and the Democrats come November, and so what they've 736 00:41:04,880 --> 00:41:06,879 Speaker 1: really tried to do is kind of talk about how, 737 00:41:07,080 --> 00:41:09,120 Speaker 1: you know, it's based on the supply chain, how they're 738 00:41:09,160 --> 00:41:12,080 Speaker 1: finding other areas for costs to go down, and so 739 00:41:12,239 --> 00:41:14,480 Speaker 1: for yelling to kind of come out like that, you know, 740 00:41:14,719 --> 00:41:17,480 Speaker 1: it kinds of shows exactly how much the Biden administration 741 00:41:17,680 --> 00:41:20,800 Speaker 1: is really struggling to handle inflation and how there's just 742 00:41:20,920 --> 00:41:23,680 Speaker 1: not a clear path forward for the Biden administration or 743 00:41:23,880 --> 00:41:26,040 Speaker 1: or really anyone who sits in the White House to 744 00:41:26,239 --> 00:41:30,160 Speaker 1: control inflation when it is at global level as it is, 745 00:41:30,719 --> 00:41:34,520 Speaker 1: and for higher prices. You can also blame oil refiners 746 00:41:35,080 --> 00:41:38,480 Speaker 1: where you can try what is President Biden doing on 747 00:41:38,600 --> 00:41:42,839 Speaker 1: that front? Thirty seconds? Yeah, So Biden as going after 748 00:41:43,080 --> 00:41:47,160 Speaker 1: a number of oil refiners after they reported really unprecedented margins. 749 00:41:47,640 --> 00:41:51,200 Speaker 1: Biden said that those are unacceptable and called for immediate action. 750 00:41:51,360 --> 00:41:54,759 Speaker 1: He has asked his Energy Secretary, Jennifer Granholm to hold 751 00:41:54,800 --> 00:41:57,759 Speaker 1: an emergency meeting on the subject in a couple of days, 752 00:41:58,239 --> 00:42:00,120 Speaker 1: and just really trying to figure out a way how 753 00:42:00,160 --> 00:42:03,680 Speaker 1: to get refineries producing more. Um really saying, you know, 754 00:42:03,760 --> 00:42:06,799 Speaker 1: if you guys are braising such high prices, then why 755 00:42:06,840 --> 00:42:09,279 Speaker 1: are the American people paying five dollars a gallon? A 756 00:42:09,360 --> 00:42:12,320 Speaker 1: complicated answer, but one that Biden is really trying to 757 00:42:12,400 --> 00:42:15,759 Speaker 1: show that he's taking action on given how much pain 758 00:42:15,840 --> 00:42:18,200 Speaker 1: there is at the pump for Americans. Emily, you always 759 00:42:18,200 --> 00:42:21,120 Speaker 1: a pleasure, Bloomberg government reporter Emily Wilkins. You can read 760 00:42:21,160 --> 00:42:23,239 Speaker 1: more about these stories on Bloomberg dot com or the 761 00:42:23,239 --> 00:42:26,479 Speaker 1: Bloomberg Terminal. And a reminder, you can follow the latest 762 00:42:26,560 --> 00:42:30,600 Speaker 1: on Bloomberg radially in Washington Bloomberg one and one oh 763 00:42:30,640 --> 00:42:34,640 Speaker 1: five point seven FM HD two. On this FED day, 764 00:42:34,760 --> 00:42:37,680 Speaker 1: futures point to a higher cash open up walls, great 765 00:42:37,719 --> 00:42:41,440 Speaker 1: down futures of one, eight SMB futures of eighteen, the 766 00:42:41,520 --> 00:42:45,000 Speaker 1: NAS day futures seventy five points higher. For Nathan Hagar. 767 00:42:45,040 --> 00:42:48,480 Speaker 1: I'm John Tucker, and you've been listening to Bloomberg Daybreak