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Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg

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Speaker 1: Daybreak for Wednesday, June twenty two. Coming up this shour

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Speaker 1: Stocks failed to build on yesterday's rally as recession fears

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Speaker 1: resurface on Wall Street. Investors brace for congressional testimony from J. Powell.

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Speaker 1: President Biden calls for a three month federal gas tax holiday,

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Speaker 1: and Senators reach agreement on a bipartisan gun violence bill.

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Speaker 1: Look for rent and greases in New York City. Plus

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Speaker 1: Trump backed Katie Britt beats Maga mull Brooks in the

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Speaker 1: Alabama Senate primary. Michael barn Ahead, I'm John Dashdown swards

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Speaker 1: home runs did in the Yankees, and a laws at

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Speaker 1: Tampa Bay Lots studded laws with the medicine euston. The

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Speaker 1: Stanley Cup Final continues tonight. That's all Strendy ahead on

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Speaker 1: Bloomberg Daybreak on Bloomberg eleven three, on New York, Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine

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Speaker 1: sixties and Francisco, Syrias x AM one nine team, and

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Speaker 1: around the world on Bloomberg Radio dot Com and via

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Speaker 1: the Bloomberg Business app. Good morning. I'm Nathan Hagard and

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Speaker 1: I'm Karen. Moscow and US Dock Index futures are lower

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Speaker 1: this morning, coming up to six oh one on Wall Street,

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Speaker 1: and we check the markets every fifteen minutes throughout the

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Speaker 1: trading day. On bloomberg S and P Future is down

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Speaker 1: about fifty eight points to DOWN futures down four hundred

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Speaker 1: and NASDAG futures down to two hundred and one. The

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Speaker 1: decks in Germany's down two point two percent. Ten year

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Speaker 1: treasury of seventeen thirty seconds, you know, three point to

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Speaker 1: one percent, and they yield on the two year is

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Speaker 1: at three point one one percent. The euro one point

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Speaker 1: oh five one nine against the dollar, Nathan Karen. The

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Speaker 1: main event today congressional testimony on the economy from J Powell.

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Speaker 1: Later this morning, the Fed Chairman appears before the Senate

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Speaker 1: Banking Committee. We get a preview from Bloomberg's Michael McKee.

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Speaker 1: Politics always plays a role in the Fed Chairman's appearances,

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Speaker 1: and there will no doubt be efforts to pin the

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Speaker 1: blame for inflation on someone. That's a topic Powell will duck.

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Speaker 1: He'll also try to avoid it, spreassing an opinion on

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Speaker 1: various fiscal responses to inflation now under consideration on Capitol Hill,

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Speaker 1: such as a gas tax suspension. The real key question

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Speaker 1: for the chairman is how high and how fast the

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Speaker 1: Fed needs to raise interest rates. The latest FED forecast

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Speaker 1: is to just under four percent by the end of

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Speaker 1: the year, just over it in two thousand twenty three,

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Speaker 1: but there has been pushback from investors and analysts who

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Speaker 1: say the Central Bank may have to go much higher

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Speaker 1: than that. Paul's answer may have a major impact on trading.

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Speaker 1: Michael McKee, Bloomberg Daybreak. Alright, Mike, thanks, and you can

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Speaker 1: catch full coverage of FED share pals testimony starting around

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Speaker 1: am Wall Street time on Bloomberg Radio and television. Well, Nathan,

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Speaker 1: As investors awaited word from Powell, there are more calls

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Speaker 1: this morning for the Fed to get more aggressive. Richmond

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Speaker 1: Fan president Thomas Barkin wants to raise interest rates as

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Speaker 1: fast as possible, as long as it doesn't cause undue

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Speaker 1: harm to markets are the economy. We're in a situation

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Speaker 1: where inflation is high, it's broad based, it's persistent, and

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Speaker 1: rates are so well below normal, and so I think

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Speaker 1: the spirit is you want to get back to where

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Speaker 1: you want to go as fast as you can without

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Speaker 1: breaking anything. And Richmond Fed President Thomas Barkin also says

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Speaker 1: he does not expect the economy to swiftly return to

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Speaker 1: pre pandemic patterns. A more aggressive FED, weaker demand for

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Speaker 1: goods and supply shocks are leading the way for more

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Speaker 1: recession fears. Let's get the latest on that, live from

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Speaker 1: Bloomberg's Nita Young. Good morning, Rnita, Good morning. Nathan. City

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Speaker 1: Group says there's a fifty percent chance of the world

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Speaker 1: economy falling into a recession, and as a result, the

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Speaker 1: Bank now sees the global economy growing three percent this

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Speaker 1: year and two point eight percent in three. Economists at

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Speaker 1: City Groups say if a recession did occur, it's likely

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Speaker 1: to be quote garden variety, in which unemployment rises several

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Speaker 1: percentage points and output experiences a couple of week quarters.

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Speaker 1: Live in New York. I'm reneed a Young Bloomberg Day break.

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Speaker 1: All right, need to thank you. Inflation also a major

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Speaker 1: concern overseeage today's reading in the UK as prices jump

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Speaker 1: to a new four decade high, and we get the

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Speaker 1: latest with the Bloomberg's You Win pots in London, Good morning,

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Speaker 1: you want, Good morning, cardaathan UK inflation in the etomy

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Speaker 1: ticking up to nine point one. The reading reflects broad

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Speaker 1: increases in the cost of everything from fuel and electricity

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Speaker 1: to food and beverages. There are also more signs of

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Speaker 1: growing price pressures at the wholesale level, with raw material

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Speaker 1: costs increasing by the most on records. The Bank of

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Speaker 1: England says CPI could hit eleven per cents later this year.

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Speaker 1: In London, Immune parts Bloo boo day breaking, all right

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Speaker 1: you and thanks for session fears and news of the

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Speaker 1: Biden administrations prepared to step up its fight against gas prices.

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Speaker 1: Have oil on the decline once again. Right now West

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Speaker 1: Texas Intermediate cruise down five percent or five dollars forty

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Speaker 1: five cents at a hundred four dollars seven cents of

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Speaker 1: barrel Brent's trading at a hundred nine fifty six. Later today,

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Speaker 1: President Biden will ask Congress to enact a three month

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Speaker 1: gasoline tax holiday. Bloomberg said. Baxter has the story. The

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Speaker 1: President is trying to cool the soaring pump prices as

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Speaker 1: we head under the summer travel season. Mr Biden says

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Speaker 1: it will not hurt infrastructure. Is it going to in

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Speaker 1: fact make it difficult to maintain our roads. The answer

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Speaker 1: is we have plenty of capacity to do that. Biden

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Speaker 1: also says in the long run, there is plenty of

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Speaker 1: oil to drill nine thousand oil fields in San Francisco.

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Speaker 1: I'm at Baxter Bloomberg Daybreak and thank you. Also in Washington,

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Speaker 1: the Senate has voted to advance a bypartisan gun safety bill,

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Speaker 1: and a vote on final passage it's expected later this week.

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Speaker 1: Backer is called the measure the biggest breakthrough on the

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Speaker 1: issue in decades. It's designed to improve background checks, secure schools,

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Speaker 1: and give states federal funds to combat gun violence. Isaac

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Speaker 1: Baltzansky is director of policy Research at bt I G.

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Speaker 1: But as we've learned time and time again, the motivator

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Speaker 1: for lawmakers is so often the calendar and the jet

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Speaker 1: fumes are also in play here because they're trying to

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Speaker 1: leave town for two weeks at the end of this week,

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Speaker 1: and that is an undeniable motivator, especially for these lawmakers

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Speaker 1: who are running for re election. Bt I is Isaac

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Speaker 1: balt Tanski spoke with Our Watch and corresponded Joe Matthew

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Speaker 1: on Bloomberg Sound on Catch the Program weekdays at five

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Speaker 1: PM Eastern on Bloomberg Radio here. In the latest round

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Speaker 1: of hearings into the January six attack at the US

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Speaker 1: Capital is in the Books. Testimony yesterday focused on state

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Speaker 1: and local officials and the pressure they faced from former

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Speaker 1: President Donald Trump to overturn the election. Committee Democrat Adam

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Speaker 1: Schiff says the system held, but barely. Anyone who got

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Speaker 1: in the way of Donald Trump's continued hold on power

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Speaker 1: after he lost the election was the subject of a

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Speaker 1: dangerous and escalating campaign of pressure. Congressman Schiff and other

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Speaker 1: committee members heard from Georgia's Secretary of State Brad Raethensburger.

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Speaker 1: He says he faced a campaign of intimidation, including threats

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Speaker 1: to his wife, and then some people broke into my

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Speaker 1: daughter in laws home and I sent has passed, and

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Speaker 1: she's a widow and has two kids, and so we're

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Speaker 1: very concerned about her safety. Also, Secretary of State Raffensburger

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Speaker 1: says he followed every rabbit hole to make sure George's

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Speaker 1: numbers were accurate, but he says the former president came

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Speaker 1: up shot it. Right Now, SMP futures are down fifty

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Speaker 1: three point staff futures down three seventy two Das deck

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Speaker 1: futures are lower by a hundred eighty eight points. The

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Speaker 1: tenure treasury is up sixteen thirty seconds. The yield three

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Speaker 1: point to one percent on the tenure note yield on

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Speaker 1: the two year three point one one. Straight ahead your

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Speaker 1: latest local headlines into check of sports. This is Bloomberg

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Speaker 1: six oh seven on Wall Street where at sixty six

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Speaker 1: degrees in Central Park got an accident on the southbound

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Speaker 1: Deagan passed the Cross Bronx Expressway. Details coming up in traffic.

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Speaker 1: First Michael Barr with more on what's going on in

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Speaker 1: New York and around the world. Good morning, Michael, Good morning, Nathan.

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Speaker 1: Rent is going up in New York City. Last night,

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Speaker 1: the Rent Guidelines Board voted to increase one year and

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Speaker 1: two year leases. On a five four vote. The board

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Speaker 1: decided to raise the rent for rent stabilized departments to

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Speaker 1: three for one year leases. It will go up to

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Speaker 1: five percent for two year leases. Katie Bread has won

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Speaker 1: the Republican runoff against Representative Mobe Brooks for retiring Alabama

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Speaker 1: Senator Richard Shelby's seat. Britt Shelby's former chief of staff,

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Speaker 1: gained ground after Brooks lost. Donald Trump's endorsement in March,

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Speaker 1: Britt got forty five percent, while Brooks received. Washington d C.

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Speaker 1: Mayor Muriel Bowser appears to be on hairway to winning

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Speaker 1: a third consecutive term. Bowser one yesterday's Democratic primary. Bowser

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Speaker 1: got fifty percent, while second place Robert White received. They

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Speaker 1: had of the Texas Department of Public Safety is now

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Speaker 1: calling the law enforcement response to the massacre at the

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Speaker 1: rob Elementary School and abject failure. Colonel Steve McCall says

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Speaker 1: that there were enough police officers on hand that could

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Speaker 1: have stopped the gunman quickly after he entered the building,

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Speaker 1: but they waited in the school hallway for nearly an hour.

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Speaker 1: Not enough training was done in the situation, playing simple

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Speaker 1: because a bad decision and terrible decisions. Terrible decisions were

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Speaker 1: made by the unseen commander and should have never happened Simple,

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Speaker 1: Colonel McCall say police failed to engage sooner than three

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Speaker 1: it's into the attack. A jury in California sign it

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Speaker 1: with a woman who filed a sex abuse lawsuit against

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Speaker 1: comedian Bill Cosby. Jurors found Cosby sexually abused the then

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Speaker 1: sixteen year old girl at the Playboy Mansion in nineteen

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Speaker 1: seventy five, the jury awarded Judy Huff, now sixty four,

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Speaker 1: a half a million dollars. Attorney Gloria already today our

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Speaker 1: client Judy Huff one real change because she fought Phil Cosby,

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Speaker 1: one step at a time for over seven and a

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Speaker 1: half years. Attorney Gloria Allread. Cosby has denied the allegations.

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Speaker 1: Twenty five people in New York City I presumed to

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Speaker 1: have tested positive for monkey pocks. New York City Mayor

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Speaker 1: Eric Adams and health officials lowered the city's COVID nineteen

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Speaker 1: alert level to medium from high, and New York City

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Speaker 1: Broadway theaters have agreed to adopt an optional masking policy

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Speaker 1: of the month of July. The new policy ends a

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Speaker 1: near you long policy of requiring facial coverings inside theaters

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Speaker 1: at all times. Global News twenty four hours a day

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Speaker 1: on air and on Bloomberg Quick Take power by more

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Speaker 1: than journalists analysts more than a twenty countries on Michael

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Speaker 1: bar this is Bloomberg, alright, Michael, thank you? Six ten

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Speaker 1: on Wall Street. John stash As the Bloomberg Sports Update,

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Speaker 1: all right. Nathan esther Cortez has been a revelation for

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Speaker 1: the Yankees. Eight of his first nine starts, he didn't

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Speaker 1: allow more than two runs, but he has come back

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Speaker 1: to earth a bit that Tampa Bay. Cortez served up

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Speaker 1: two home runs in the first fit, and he sucked

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Speaker 1: Parade has two winnings later built at his second of

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Speaker 1: the game and not wanting Cortez to face Parades a

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Speaker 1: third time, he came out in the fifth and this

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Speaker 1: was Clark Smith's first pitch. Alright. Tampa Bay won the

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Speaker 1: game five to four. Cortez is e r A has

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Speaker 1: gone from one point three a month ago to two

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Speaker 1: points met started Trevor Williams in Houston. He would not

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Speaker 1: be in the rotation if not for the Max Scherzer

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Speaker 1: injury and William Stella one and four. Astros hit three

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Speaker 1: home runs they wanted eight to two. Toronto's Austin Matthews

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Speaker 1: has scored sixty goals named NHL m v P Gorss.

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Speaker 1: Sturchin finished third. He did as expected when the Vezina

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Speaker 1: Trophy third ranger goally to win the award. Mike Richter

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Speaker 1: and John Van beat book for the others. Stanley Cup

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Speaker 1: Finals zooms tonight in Tampa, Colorado Leagus two games to one.

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Speaker 1: Rob Grinkowski, having retired once before, is now doing it again.

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Speaker 1: He played nine years in New England, came out of

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Speaker 1: retirement to play two more with Tom Brady and Tampa Bay,

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Speaker 1: and together they won a Super Bowl for the fourth time.

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Speaker 1: While Brooks kept is not having a good year, he

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Speaker 1: has won four majors. He's a big name and now

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Speaker 1: he's the latest to vote the PGA Tour for the

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Speaker 1: new Live Tour. Kept It said last week he hadn't

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Speaker 1: given the Live Tour much fun. John Stash Edward Blumberg

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Speaker 1: sports all right, John, thanks SMB futures down fifty two points,

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Speaker 1: staff futures down to fifty six, dance that features are

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Speaker 1: lower by a hundred eighty three points. The tenure treasury

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Speaker 1: yield three point two two percent. Ahead of Chairman Powell's

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Speaker 1: testimony in the Senate. This is Bloomberg Bloomberg Daybreak, brought

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Speaker 1: to you by Hofstra University's Frank geez Are School of Business,

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Speaker 1: Top rankings online NBA program with a real world foundation.

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Speaker 1: Learn more at Hofstrad dot edu. Slash Go grad markets

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Speaker 1: headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot com. The Bloomberg Business at and at Bloomberg

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Speaker 1: quick tape this is a Bloomberg business blash and I'm

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Speaker 1: Karen Moscow. Stocks in Europe are falling along with US

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Speaker 1: stock index futures as well as commodities, and made ever

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Speaker 1: louder warnings that federal reserve at rate hikes may lead

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Speaker 1: futures down fifty two points, DAL futures down three fifty five,

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Speaker 1: Annas day futures down a hundred eighties six. The decks

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Speaker 1: in Germany's down about to per cent. The ten year

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Speaker 1: treasury up thirteen thirty seconds, held three point to two

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Speaker 1: per cent yield done a two year three point one

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Speaker 1: five percent, down five dollars fifty six cents and a

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Speaker 1: hundred three dollars ninety six cents of barrel comex school

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Speaker 1: there is down half percent or nine dollars thirty cents

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Speaker 1: at eighteen twenty nine fifty an ounce. The euro one

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Speaker 1: point oh five one eight against the dollar, British found

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Speaker 1: one point two to five one and the end at

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Speaker 1: one thirty six point one four. Looking at bitcoin, it's

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Speaker 1: down more than two percent at twenty thousand, three hundred

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Speaker 1: ninety dollars. That's a Bloomberg business flash. Now here's Michael

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Speaker 1: Barr with more on what's going on around the world.

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Speaker 1: Michael Karen, thank you very much. Katie Britt won the

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Speaker 1: Republican nomination for a cent and in Alabama, defeating six

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Speaker 1: term Congressman Mob Brooks in a primary runoff. Britt received

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Speaker 1: forty five percent, while Brooks got twenty nine percent. Meanwhile,

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Speaker 1: in Georgia, trucking company executive Mike Collins defeated Vernon Jones

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Speaker 1: in the Republican primary runoff for Georgia's tenth congressional district.

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Speaker 1: Donald Trump endorsed Jones, while Governor Brian Kemp back Collins,

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Speaker 1: who got sixty four percent. DC Mayor Muriel Bowser has

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Speaker 1: won the Democratic primary, putting her on track for a

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Speaker 1: third term to lead the nation's capital. Bowser received fifty

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Speaker 1: percent of the vote compared to second place Robert White.

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Speaker 1: At In baseball, the Yankees and Mets lost, the Red

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Speaker 1: Sox won, the Nationals beat the Orioles, the Giants won,

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Speaker 1: the A's lost. Global News twenty four hours a day

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Speaker 1: on air and on Bloomberg Quick Take, powered by more

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Speaker 1: than undred journalists and analysts are more than a hundred

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Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg. This is

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Speaker 1: the Big Take, the best of Bloomberg's in depth original

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Speaker 1: reporting from around the globe. This is a really fast

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Speaker 1: moving story that's of course a lot of outrage among investors.

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Speaker 1: This is so fascinating. A market shutdown in a way

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Speaker 1: it's never done before. That's gonna have consequences for years

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Speaker 1: to come. The Big Take on Bloomberg Radio coming up

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Speaker 1: to six twenty on Wall Street Life from the Bloomberg

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Speaker 1: interactor Broker's vidios. This is Bloomberg Daybreak, and our big

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Speaker 1: take this morning is on the housing market and growing signs.

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Speaker 1: The real estate boom over the last few years is

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Speaker 1: on the brink of bust as central banks bent on

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Speaker 1: fighting inflation move fast on interest rates. Bloomberg Chief Asia

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Speaker 1: Economics correspondent and the Current wrote the Big Take this

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Speaker 1: morning and end us here with us live from Hong

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Speaker 1: Kong to talk more about it, and a great to

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Speaker 1: have you with us this morning. Congratulations on the piece,

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Speaker 1: and I mean we're already seeing the rains pull in

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Speaker 1: to six percent. Is is that what we're seeing globally

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Speaker 1: as well. Yeah, so what we're seeing now is something

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Speaker 1: of a reverse in nates. And do you know the

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Speaker 1: results we saw a big house price boom right around

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Speaker 1: the world, not just the rich world, but also in

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Speaker 1: emerging economies. Well, of course, now all of that is

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Speaker 1: and that means mortgage costs and lonely payment costs are

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Speaker 1: that house prices are cooling in some places maturity that's

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Speaker 1: signs that it's they're just beginning to come up the

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Speaker 1: a few months from now. So to be clear, you know,

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Speaker 1: we're not yet at the two thousand and eight style

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Speaker 1: crash territory. But certainly the big boom of the last

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Speaker 1: few years is definitely coming to an end. Now we

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Speaker 1: could talk a little bit more about what makes this

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Speaker 1: potential crash in the housing market different from what we

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Speaker 1: saw in two thousand eight. I mean, there are a

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Speaker 1: lot more guardrails in place for housing than there were

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Speaker 1: back then. Right, absolutely right, So let's do the two

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Speaker 1: thousand comparison. This time around. Banks are supposed to be

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Speaker 1: in better order. Remember all of the years of ex

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Speaker 1: regulations have got their balance sheets and better condition. Consumers

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Speaker 1: pandemic years when they when they increase their evening during

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Speaker 1: that time. The labor markets around the world are still

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Speaker 1: quite strong in fact, as you know, and many economies

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Speaker 1: like us, the shortage of labor is the issue. And

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Speaker 1: of course let's not forget that boring costs are coming

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Speaker 1: from a pretty low base. So depending where you are

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Speaker 1: on that mortgage spectrum, your interest rates still nothing like

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Speaker 1: what they might have been, say, in previous generations. So

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Speaker 1: the thinking is that the households should be in better order. Nonetheless,

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Speaker 1: we are also looking at something of a synchronized monetary

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Speaker 1: for some decades. And when you have mortgage rates going

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Speaker 1: up the way that they are around the world, then

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Speaker 1: inevitably there will be a hit to household wealth. And

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Speaker 1: that's where you might start seeing the pain trickling through

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Speaker 1: the through the real economy. Well, are we starting to

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Speaker 1: see signs and that the rise in interest rates that

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Speaker 1: we're seeing is starting to take a hit on overall

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Speaker 1: housing prices and what does that mean for the overall economy?

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Speaker 1: But yeah, so our colleagues that Bloomberg Economics have run

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Speaker 1: some big numbers on this in terms some of the

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Speaker 1: key rates that price to rent and home price income ratios.

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Speaker 1: And they're having a look at countries such as, for example,

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Speaker 1: of Canada, the US New Zealand. They're seeing those hot

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Speaker 1: residential markets looking especially vulnerable to to a downturn out

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Speaker 1: that wall to happen, it will be quite a flow

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Speaker 1: through because construction and home buying is the ultimate and

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Speaker 1: multi clar it's the big driver of economic activity in

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Speaker 1: most economies around the world. Now you reverse that, you've

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Speaker 1: a falling home prices, that's going to a road household wealth.

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Speaker 1: It's obviously going to hammer consumer confidence. It puts the

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Speaker 1: brakes on future development. It's hard to rev up people's

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Speaker 1: confidence when they're paying paying back higher interest rates on

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Speaker 1: an asset that's losing value. And then again it flows

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Speaker 1: through the whole properic construction and the sales story. So

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Speaker 1: that's the big concern that if we do start to

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Speaker 1: see it starts to see a material correction in these

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Speaker 1: house prices, it will reportrough the economy that's coming at

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Speaker 1: ton of course, when already we're seeing activity indicators screwing

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Speaker 1: around the world. City Group out today warning a global

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Speaker 1: recession that looks like it could be fifty fifties. So

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Speaker 1: on top of everything that's happening inflation, supply chain problems, energy,

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Speaker 1: food crisis, housing crisis would be the last thing the

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Speaker 1: police makers need right now and certainly the important thing

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Speaker 1: to look at as a household wealth is a significant

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Speaker 1: portion of many households wealth in terms of real estate

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Speaker 1: prices and the current chief. As your economics correspondent for

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Speaker 1: Bloomberg News, thanks again for being with us for more

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Speaker 1: on and as Big Take story you can find on

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Speaker 1: Bloomberg dot com slash Big Take. It's also the top

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Speaker 1: story on the home page at Bloomberg dot com this morning,

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Speaker 1: and you can find all our big takes on the

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Speaker 1: Bloomberg terminal at ANI Big Take Go SMP Future is

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Speaker 1: now down fifty one points. Now futures down three forty

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Speaker 1: eight NASDAK futures are lower by a hundred eighty two points.

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Speaker 1: Just ahead the five things you need to notice start

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Speaker 1: or day, including Sherman Palace testimony on Capitol Hill. This

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Speaker 1: is Bloomberg Bloomberg eleven three oh weather mostly cloudy, scattered

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Speaker 1: showers across Long Island in Connecticut. Highs in the low

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Speaker 1: seventies today, will be in the upper seventies with clouds

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Speaker 1: tomorrow low eighties by Friday. Currently sixty six in Central Park,

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Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York.

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Speaker 1: Bloomberg E Living Freeland to Washington, d C, Bloomberg to Boston,

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Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine

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Speaker 1: sixty to the Country, Sirius XM to and around the globe,

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Speaker 1: the Bloomberg Business apt and Bloomberg Radio dot Com. This

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Speaker 1: is Bloomberg Daybreak six thirty on Wall Street. Good morning,

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Speaker 1: I'm Nathan Hager and I'm Karen Moscow. We're just about

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Speaker 1: three hours away from the open of US trading. Time

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Speaker 1: to the five things you need to notice start your day.

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Speaker 1: Brought to you by I v k R Investment Advisers

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Speaker 1: first FED chairman and J Powell preparing to appear before

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Speaker 1: the Senate Banking Committee this morning. Powell's expected to feel

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Speaker 1: questions about how high and fast he needs to raise

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Speaker 1: interest rates to slow inflation. At the same time, there

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Speaker 1: are calls for the central Bank to be more aggressive.

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Speaker 1: Richmond Fed President Thomas Barkin wants to raise rates as

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Speaker 1: fast as possible, but avoid causing undue harm to market

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Speaker 1: through the economy. I think you have to be flexible

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Speaker 1: to what happens. The faster inflation comes down, the less

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Speaker 1: you're gonna have to do in terms of restricted monetary policy.

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Speaker 1: But the more difficult the external forces are, the more

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Speaker 1: you'll have to do. And so I'm watching that carefully

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Speaker 1: and Richmond Fed President Thomas Barkin said he supported the

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Speaker 1: decision to raise raise seventy five basis points earlier this month.

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Speaker 1: You can catch full coverage of FED Chairman Powell's Senate

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Speaker 1: testimony today around am Wall Street time on Bloomberg Radio

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Speaker 1: and television. We'll Karen a more aggressive FED. Weaker demand

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Speaker 1: and supply shocks are leading the way for more recession fears,

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Speaker 1: and Bloomberg's needing Young joints us live with that. Good morning,

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Speaker 1: Good morning. Nathan. City Group says there's a fifty percent

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Speaker 1: chance of the world economy falling into a recession. As

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Speaker 1: a result, the Bank now sees the global economy growing

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Speaker 1: three percent this year and two point eight percent in

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Speaker 1: Economists at City Groups say if a recession did occur,

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Speaker 1: it's likely to be quote garden variety in which unemployment

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Speaker 1: rises and output experiences a couple of week quarters live

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Speaker 1: in New York. I'm gonna need a Young Bloomberg daybreak.

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Speaker 1: All right, we need to thank you all. Oil declining

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Speaker 1: As President Biden prepares to ask Congress to enact gasoline

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Speaker 1: tax holiday for three months, David Rosenberg of Rosenberg Research

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Speaker 1: and Associate says it won't provide much relief for consumers.

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Speaker 1: We're talking about eighteen cents for a short period of time,

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Speaker 1: so it's nothing more than a gimmick politics. We motivated

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Speaker 1: to show that the White House is trying to do

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Speaker 1: something about inflation. David Rosenberg at Rosenberg Research made the

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Speaker 1: comments earlier on Bloomberg Daybreak and checking oil prices now

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Speaker 1: and I make screwed oils down four point seven or

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Speaker 1: five dollars ten cents at a hundred four dollars forty

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Speaker 1: two cents of barrel. Brent is down four point two

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Speaker 1: at a hundred nine dollars five cents. Also in Washington, Karen,

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Speaker 1: the Senate's advanced a bipartisan gun safety bill. A vote

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Speaker 1: on final passages expected later this week. And that's the

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Speaker 1: five things you need to notice start your day. Brought

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Speaker 1: to you by Interactive Brokers Again, Future is lower this morning,

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Speaker 1: Straight ahead your latest local headlines. This is Bloomberg. Thank you, Karen.

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Speaker 1: Sixty three on Wall Street, sixty six degrees in Central

432
00:23:41,680 --> 00:23:44,440
Speaker 1: Park out delays building on the George Washington Bridge with

433
00:23:44,520 --> 00:23:46,960
Speaker 1: an accident on the southbound EIG and details count up

434
00:23:47,000 --> 00:23:49,480
Speaker 1: in traffic. First Michael Barr with what else is going

435
00:23:49,520 --> 00:23:51,520
Speaker 1: on in New York and around the world? Good morning Michael,

436
00:23:51,600 --> 00:23:53,959
Speaker 1: Good morning Nathan. It's going to cost more to live

437
00:23:54,000 --> 00:23:56,840
Speaker 1: in New York City. Last night, the Rent Guidelines Board

438
00:23:56,920 --> 00:24:00,160
Speaker 1: voted to increase rents for those who live in rent

439
00:24:00,200 --> 00:24:04,200
Speaker 1: stabilized departments by a five four margin. The Rent Board

440
00:24:04,280 --> 00:24:07,920
Speaker 1: gave a green light to a three increase on one

441
00:24:08,040 --> 00:24:10,840
Speaker 1: year leases. For two year leases, it will be a

442
00:24:10,960 --> 00:24:15,600
Speaker 1: five percent increase. The January six Committees hearing yesterday focused

443
00:24:15,640 --> 00:24:20,200
Speaker 1: on election officials in Arizona and Georgia. Former President Trump

444
00:24:20,240 --> 00:24:23,200
Speaker 1: and his allies are accused of pressuring those officials to

445
00:24:23,320 --> 00:24:27,560
Speaker 1: overturn the results of the twenty election. To Georgia, election workers,

446
00:24:27,680 --> 00:24:31,800
Speaker 1: Ruby Freeman and her daughter testified investigators, saying that they

447
00:24:31,880 --> 00:24:36,080
Speaker 1: were falsely accused of election tampering by Trump and Rudy Giuliani.

448
00:24:36,320 --> 00:24:39,520
Speaker 1: The President of the United States is supposed to represent

449
00:24:39,680 --> 00:24:46,720
Speaker 1: every American, not to target one, but he targeted me.

450
00:24:47,760 --> 00:24:50,680
Speaker 1: Freeman's daughter says there were a lot of people wishing death.

451
00:24:50,760 --> 00:24:54,800
Speaker 1: Owner Katie Britt won the Republican nomination for Senate in Alabama,

452
00:24:54,880 --> 00:24:58,200
Speaker 1: defeating six term Congressman Moe Brooks and the primary runoff.

453
00:24:58,600 --> 00:25:02,760
Speaker 1: Former President Donald Trump up endorsed and then un endorsed Brooks,

454
00:25:03,040 --> 00:25:06,520
Speaker 1: who had run under the banner Maga MO. Trump eventually

455
00:25:06,640 --> 00:25:09,320
Speaker 1: endorsed Britt, who received forty five percent. While brook Scott

456
00:25:10,560 --> 00:25:14,320
Speaker 1: DC mayor Muriel Bowser has won the Democratic primary, putting

457
00:25:14,320 --> 00:25:16,399
Speaker 1: her on track for a third term to leave the

458
00:25:16,480 --> 00:25:19,840
Speaker 1: nation's capital. Bowser received fifty percent of the vote compared

459
00:25:19,880 --> 00:25:25,080
Speaker 1: to second place Robert White. At civil trial juror's rule

460
00:25:25,160 --> 00:25:28,200
Speaker 1: that Bill Cosby sexually abused the sixteen year old girl

461
00:25:28,280 --> 00:25:32,440
Speaker 1: at the Playboy Mansion in nineteen, the Los Angeles County

462
00:25:32,520 --> 00:25:35,240
Speaker 1: jury delivered the verdict in favor of Judy Houth, now

463
00:25:35,400 --> 00:25:39,320
Speaker 1: sixty four, and awarded her five hundred thousand dollars. Nathan

464
00:25:39,359 --> 00:25:42,680
Speaker 1: Goldberg is one of Health's attorneys. It proves that you

465
00:25:42,760 --> 00:25:45,119
Speaker 1: know you can run, but you can't hide that. No

466
00:25:45,240 --> 00:25:47,560
Speaker 1: matter what he did so many years ago, a thing

467
00:25:47,760 --> 00:25:49,399
Speaker 1: that you know he could just get away with it,

468
00:25:50,040 --> 00:25:52,800
Speaker 1: we brought him here to this court to have justice

469
00:25:53,520 --> 00:25:57,800
Speaker 1: and we won. Meanwhile, Cosby's public relations and crisis manager

470
00:25:57,920 --> 00:26:01,200
Speaker 1: Andrew Wyatt called the case the biggest he would not

471
00:26:01,280 --> 00:26:05,880
Speaker 1: beginning a dime with filling appeals. Tis Bey has repeatedly

472
00:26:06,000 --> 00:26:09,159
Speaker 1: denied Health's allegations. President Biden wants to remove a lot

473
00:26:09,160 --> 00:26:11,760
Speaker 1: of nicotine from cigarettes to know the tobacco sold in

474
00:26:11,760 --> 00:26:14,120
Speaker 1: the US. The President is hoping to okay a new

475
00:26:14,240 --> 00:26:17,600
Speaker 1: rule by next spring to make them less addictive. Global

476
00:26:17,680 --> 00:26:19,520
Speaker 1: News twenty four hours a day on air and on

477
00:26:19,560 --> 00:26:21,880
Speaker 1: Bloomberg Quick Take Power by more than twenty seven hundred

478
00:26:21,920 --> 00:26:24,520
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael

479
00:26:24,520 --> 00:26:32,120
Speaker 1: Barb this is Bloomberg Naked. Thank you, Michael, six thirty six.

480
00:26:32,240 --> 00:26:35,120
Speaker 1: On Wall Street, John stash Hour has the Bloomberg Sports Update.

481
00:26:35,200 --> 00:26:37,680
Speaker 1: All right, Nathan, The Tampa Bay Rays made a trade

482
00:26:37,760 --> 00:26:40,080
Speaker 1: just for the season started. They send Austin Meadows to

483
00:26:40,160 --> 00:26:42,920
Speaker 1: Detroit for East South Parades. Yank, you's probably happy to

484
00:26:43,000 --> 00:26:45,680
Speaker 1: hear that trade. Meadows somewhat of a Yankee killer. But

485
00:26:45,800 --> 00:26:48,320
Speaker 1: last night Parades hit three home runs. So those shots

486
00:26:48,359 --> 00:26:51,040
Speaker 1: in the first and third innings off Nestor Cortez and

487
00:26:51,119 --> 00:26:52,600
Speaker 1: a two run blast in the fifth that was the

488
00:26:52,640 --> 00:26:55,639
Speaker 1: first pitch served up by reliever Flar Schmidt. Parades had

489
00:26:55,680 --> 00:26:57,280
Speaker 1: one more at Patty I hit by a pitch. The

490
00:26:57,440 --> 00:26:59,880
Speaker 1: Rays meet the Yanks five to four. The Mets lost

491
00:27:00,080 --> 00:27:03,120
Speaker 1: Houston eight to two. Jose Altuve homer for the Astros,

492
00:27:03,119 --> 00:27:05,360
Speaker 1: so did Jordan Alvarez, his nineteenth of the year three

493
00:27:05,400 --> 00:27:08,440
Speaker 1: run double for Kyle Tupper's Stanley Cup final resumes tonight

494
00:27:08,480 --> 00:27:10,520
Speaker 1: in Tampa with Colorado, leading to the one they handed

495
00:27:10,560 --> 00:27:13,320
Speaker 1: out postseason awards last night, the m v P to

496
00:27:13,440 --> 00:27:16,520
Speaker 1: Toronto's Austin Matthews after a sixty goal season. The Rangers

497
00:27:16,560 --> 00:27:19,680
Speaker 1: goalie Igorsterkin was a finalist for that Hart Trophy. He

498
00:27:19,720 --> 00:27:21,800
Speaker 1: did win the Vezina for Best Goalie led the league

499
00:27:22,200 --> 00:27:25,480
Speaker 1: with the goals against just over two. A settlement between

500
00:27:25,520 --> 00:27:29,720
Speaker 1: Deshaun Watson and twenty of the twenty four flaintiffs suing

501
00:27:29,800 --> 00:27:33,480
Speaker 1: Watson for sexual and misconduct during massages, Watson has denied

502
00:27:33,520 --> 00:27:36,440
Speaker 1: any wrongdoing. Is now with the Cleveland Browns. He's awaiting

503
00:27:36,800 --> 00:27:39,680
Speaker 1: discipline from the NFL. Rob Grotkowski said a statement, he

504
00:27:39,800 --> 00:27:42,560
Speaker 1: walks away with his head held high. This is his

505
00:27:42,680 --> 00:27:46,080
Speaker 1: second retirement announcement. That's one more than his long time teammated,

506
00:27:46,200 --> 00:27:49,160
Speaker 1: of course, still active, Tom Brady. Together they won four

507
00:27:49,200 --> 00:27:51,960
Speaker 1: Super Bowls, three in New England and one with Tampa

508
00:27:52,000 --> 00:27:54,680
Speaker 1: Brooks Kepta. Kepka said last week he had hardly heard

509
00:27:54,760 --> 00:27:57,600
Speaker 1: of the new Live Tour. Now he's joining it. A

510
00:27:57,640 --> 00:27:59,879
Speaker 1: winner of four majors, although he had struggled this year,

511
00:28:00,640 --> 00:28:03,359
Speaker 1: becomes the latest big name golfer the pole the p

512
00:28:03,560 --> 00:28:07,520
Speaker 1: G A John D. Bloomberg Sports, Thank John. Six thirty

513
00:28:07,560 --> 00:28:09,680
Speaker 1: seven on Wall Street Time to take a look at stocks,

514
00:28:09,720 --> 00:28:12,240
Speaker 1: some of the names moving in the pre market. Bloomberg

515
00:28:12,359 --> 00:28:15,840
Speaker 1: Radio and TV Markets correspondent Credy Gupta is with us

516
00:28:15,960 --> 00:28:19,200
Speaker 1: this morning. Creety, what goes up apparently must come down,

517
00:28:19,400 --> 00:28:22,520
Speaker 1: led by big tech this morning, led by big Tech.

518
00:28:22,640 --> 00:28:24,639
Speaker 1: I mean you'll hear a familiar name here. Tesla is

519
00:28:24,720 --> 00:28:27,399
Speaker 1: really your biggest mover to the downside. T s L

520
00:28:27,480 --> 00:28:29,880
Speaker 1: as your taker down about two percent in the pre market,

521
00:28:29,920 --> 00:28:32,440
Speaker 1: also seeing the most volume out of all the names

522
00:28:32,480 --> 00:28:34,640
Speaker 1: in the SP five right now, So right off the bat,

523
00:28:35,000 --> 00:28:37,520
Speaker 1: kind of going with um a not so great indicator

524
00:28:37,600 --> 00:28:39,960
Speaker 1: for what you're coming ahead in the trading session. You

525
00:28:39,960 --> 00:28:42,120
Speaker 1: also have Apple, for example. We love that proxy for

526
00:28:42,200 --> 00:28:43,880
Speaker 1: all of big tech. A A p L as your

527
00:28:43,920 --> 00:28:46,320
Speaker 1: taker down one point. A per said, but get this, Nathan,

528
00:28:46,800 --> 00:28:49,200
Speaker 1: it's not just big Tech that's weighing on the indexes

529
00:28:49,280 --> 00:28:51,680
Speaker 1: you want. You're really seeing this very broad sell off,

530
00:28:51,720 --> 00:28:54,320
Speaker 1: and it's significant when you see the likes of Apple

531
00:28:54,480 --> 00:28:56,880
Speaker 1: being your second highest volume mover in the pre market,

532
00:28:57,240 --> 00:28:59,920
Speaker 1: right next to Occidental. Oh x Y the oil company

533
00:29:00,440 --> 00:29:02,920
Speaker 1: down about we'll just shove four percent, that's your third

534
00:29:02,960 --> 00:29:05,640
Speaker 1: biggest movers. So once again, both spectrums, even the cyclical

535
00:29:05,880 --> 00:29:09,360
Speaker 1: kind of more economically sensitive stocks like oil companies for example,

536
00:29:09,440 --> 00:29:11,640
Speaker 1: or even cruise lines. Carnival Cruise Lines is right up there,

537
00:29:11,680 --> 00:29:14,800
Speaker 1: down two point seven percent, also dropping in line. But

538
00:29:14,920 --> 00:29:16,600
Speaker 1: like I said, those big tech names, and of course

539
00:29:16,640 --> 00:29:18,360
Speaker 1: when we talk about those big tech names, we got

540
00:29:18,480 --> 00:29:20,880
Speaker 1: to talk about the lights of the chip makers. Here

541
00:29:20,920 --> 00:29:24,160
Speaker 1: A m d S your taker down one point seven percent,

542
00:29:24,240 --> 00:29:26,960
Speaker 1: and video as well, n v d A down about

543
00:29:26,960 --> 00:29:29,600
Speaker 1: two point seven percent. And Nathan, I really highlight the

544
00:29:29,680 --> 00:29:33,160
Speaker 1: chips makers because for you have big tech that drops,

545
00:29:33,200 --> 00:29:34,680
Speaker 1: but then you have chip makers that are a little

546
00:29:34,720 --> 00:29:36,960
Speaker 1: bit more volatile than big tech, and they tend to

547
00:29:37,080 --> 00:29:39,520
Speaker 1: magnify the moves that you see an Apple or or

548
00:29:39,640 --> 00:29:43,040
Speaker 1: Facebook now known as Meta or um Microsoft for example.

549
00:29:43,240 --> 00:29:45,960
Speaker 1: So if you see a downside move of x percent,

550
00:29:46,040 --> 00:29:48,880
Speaker 1: then the chip makers tend to, like I said, magnified

551
00:29:48,880 --> 00:29:50,720
Speaker 1: a little bit. Just given the supply chain concerns and

552
00:29:50,760 --> 00:29:53,280
Speaker 1: geopolitics that are there so all in all a little

553
00:29:53,280 --> 00:29:55,520
Speaker 1: bit of a broad sell off even in the pre market. Yeah,

554
00:29:55,560 --> 00:29:58,160
Speaker 1: with all those recession calls coming in, even more of

555
00:29:58,280 --> 00:30:01,720
Speaker 1: them this morning. What's going on with crypto stocks? Cretty,

556
00:30:01,800 --> 00:30:05,560
Speaker 1: bitcoins down once again, Yeah, really following that macro story.

557
00:30:05,640 --> 00:30:07,120
Speaker 1: And that's really where I think you have to look

558
00:30:07,160 --> 00:30:09,440
Speaker 1: at the various different ways to be exposed to crypto.

559
00:30:09,480 --> 00:30:11,600
Speaker 1: So you start off with the miners here Riot blockchain

560
00:30:11,680 --> 00:30:15,000
Speaker 1: for example, r IoT down one point six percent. It's

561
00:30:15,080 --> 00:30:17,840
Speaker 1: kind of in a move very similar to about that draft.

562
00:30:17,840 --> 00:30:20,000
Speaker 1: You're seeing Bitcoin which is down about two percent, about

563
00:30:20,040 --> 00:30:22,920
Speaker 1: a twenty th handle, which is significant there. You're also

564
00:30:23,040 --> 00:30:25,320
Speaker 1: have to look at investors in bitcoin as well that

565
00:30:25,360 --> 00:30:28,640
Speaker 1: are extremely exposed to the cryptocurrency micro strategy, for example,

566
00:30:28,760 --> 00:30:31,840
Speaker 1: taking it on the chin today m STR down about

567
00:30:31,960 --> 00:30:34,800
Speaker 1: three point three percent. And then while you're looking at it,

568
00:30:34,840 --> 00:30:37,320
Speaker 1: also look at the exchanges coin based for example c

569
00:30:37,520 --> 00:30:40,480
Speaker 1: o I N down four point six percent, Nathan All

570
00:30:40,520 --> 00:30:42,440
Speaker 1: and all. However, you slice and dice it, you really

571
00:30:42,480 --> 00:30:45,760
Speaker 1: are seeing that crypto exposure kind of becoming achilles heel

572
00:30:46,000 --> 00:30:48,560
Speaker 1: for a lot of these companies. Yeah, certainly risk off.

573
00:30:48,600 --> 00:30:51,400
Speaker 1: As we wait at Chairman Pal's testimony later today. Crety

574
00:30:51,440 --> 00:30:55,400
Speaker 1: goobdu Blomberg Radio and TV Markets correspondent, as always, thanks

575
00:30:55,440 --> 00:30:57,840
Speaker 1: for being with us and looking at stocks as a whole.

576
00:30:58,480 --> 00:31:01,000
Speaker 1: Ahead of the open, It's a down on day. Futures

577
00:31:01,840 --> 00:31:04,640
Speaker 1: SMP futures are down fifty four points right now, Deal

578
00:31:04,720 --> 00:31:08,640
Speaker 1: futures down period seventy nine and Nastack futures, as we said,

579
00:31:08,720 --> 00:31:11,440
Speaker 1: leading the way down a hundred ninety four points. The

580
00:31:11,640 --> 00:31:15,000
Speaker 1: tenure Treasury is up fourteen thirty seconds for a yield

581
00:31:15,040 --> 00:31:23,480
Speaker 1: of three point to two. This is Bloomberg Bloomberg eleven

582
00:31:23,520 --> 00:31:26,360
Speaker 1: three oh whether mostly cloudy, say some scattered showers along

583
00:31:26,560 --> 00:31:29,480
Speaker 1: Long Island in Connecticut, lost seventies. It will be partly

584
00:31:29,560 --> 00:31:33,040
Speaker 1: mostly cloudy tomorrow, upper seventies, low eighties by Friday. Right

585
00:31:33,080 --> 00:31:39,040
Speaker 1: now sixty six in Central Park Markets, headlines and breaking

586
00:31:39,120 --> 00:31:41,920
Speaker 1: news twenty four hours a day at Bloomberg dot Com,

587
00:31:42,080 --> 00:31:45,200
Speaker 1: the Bloomberg Business Out and at Bloomberg Quick Tape. This

588
00:31:45,600 --> 00:31:54,640
Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow. Futures

589
00:31:54,640 --> 00:31:56,680
Speaker 1: are lower this morning, and we go to the first

590
00:31:56,720 --> 00:31:59,440
Speaker 1: word break a news desk for today's morning call. Here's

591
00:31:59,440 --> 00:32:02,840
Speaker 1: tatian A dari A Catiana. Good morning, Good morning, Karen.

592
00:32:02,920 --> 00:32:05,160
Speaker 1: Like you said, it's a down day here on Wall Street,

593
00:32:05,280 --> 00:32:08,240
Speaker 1: led by Big Tech Dows down three hundred eighty points

594
00:32:08,280 --> 00:32:10,800
Speaker 1: as in Piece down fifty, nas Jack down one nine

595
00:32:11,240 --> 00:32:14,040
Speaker 1: looking process at. Treasuries are rallying with the U S

596
00:32:14,080 --> 00:32:17,120
Speaker 1: tenure yield lower by six basis points to three point

597
00:32:17,400 --> 00:32:20,680
Speaker 1: two percent. Oil is down nearly five and Bitcoin is

598
00:32:20,760 --> 00:32:24,560
Speaker 1: holding above twenty thousand after sliding about two percent. On

599
00:32:24,680 --> 00:32:27,560
Speaker 1: the economic front today and be a mortgage applications here

600
00:32:27,560 --> 00:32:30,480
Speaker 1: at the top of the hour and in early trading today,

601
00:32:30,640 --> 00:32:34,479
Speaker 1: text talks giving back some of yesterday's gains, led by Tesla, Apple,

602
00:32:34,600 --> 00:32:38,080
Speaker 1: Metta all down about two percent, but makeup giant revel

603
00:32:38,160 --> 00:32:41,440
Speaker 1: On is up another eighteen percent, adding to its recent

604
00:32:41,520 --> 00:32:47,000
Speaker 1: surge post bankruptcy. Regarding earnings, furniture maker l Ez Boys

605
00:32:47,120 --> 00:32:50,280
Speaker 1: up eight percent after beating estimates, and the other news

606
00:32:50,360 --> 00:32:53,640
Speaker 1: in the healthcare space, small cap Precistion bio Sciences jumped

607
00:32:53,680 --> 00:32:56,720
Speaker 1: as much as fort after a license deal with a

608
00:32:56,800 --> 00:33:00,360
Speaker 1: nov artist or wrapping things up here signals up graded

609
00:33:00,400 --> 00:33:03,760
Speaker 1: to overweight at Morgan Stanley, and Nike was downgraded at

610
00:33:03,880 --> 00:33:07,440
Speaker 1: Seaport Live from the first and breaking new desk. I'm Tatiana,

611
00:33:07,520 --> 00:33:10,320
Speaker 1: Daria Karen ry Tatianna, thank you, and that's a Bloomberg

612
00:33:10,360 --> 00:33:13,040
Speaker 1: Business Flash now with more on what's going on around

613
00:33:13,080 --> 00:33:16,200
Speaker 1: the world. Here is Michael Barr, Michael Karen, thank you

614
00:33:16,320 --> 00:33:19,600
Speaker 1: very much. Katie Britt won the Republican nomination for Senton

615
00:33:19,640 --> 00:33:22,400
Speaker 1: in Alabama, defeating six term Congressman Molle Brooks in the

616
00:33:22,440 --> 00:33:27,600
Speaker 1: primary runoff. Former President Donald Trump endorsed and then unendorsed Brooks.

617
00:33:28,040 --> 00:33:32,120
Speaker 1: Trump eventually endorsed Britt receive forty five percent well Brooks got.

618
00:33:33,800 --> 00:33:37,000
Speaker 1: In Georgia, Mike Collins defeated Trump back Vernon Jones and

619
00:33:37,040 --> 00:33:41,680
Speaker 1: the Republican primary runoff for George's tenth congressional district. Collins got.

620
00:33:41,760 --> 00:33:46,360
Speaker 1: Se DC mayor Muriel Bowser has won the Democratic primary,

621
00:33:46,440 --> 00:33:48,840
Speaker 1: putting her on track for a third term to lead

622
00:33:48,880 --> 00:33:52,320
Speaker 1: the nation's capital. Bowser received fifty of the vote compared

623
00:33:52,400 --> 00:33:57,440
Speaker 1: to second place Robert white At In baseball, the Yankees

624
00:33:57,520 --> 00:34:00,680
Speaker 1: and Mets lost the Red Sox one national beat the

625
00:34:00,760 --> 00:34:04,280
Speaker 1: Orioles three zip. The Giants won the A's lost. Global

626
00:34:04,320 --> 00:34:06,640
Speaker 1: News twenty four hours a day on here and on

627
00:34:06,760 --> 00:34:09,960
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred

628
00:34:10,000 --> 00:34:13,160
Speaker 1: journalists and analysts in more than twenty countries on Michael

629
00:34:13,239 --> 00:34:15,880
Speaker 1: Barr and this is Bloomberg here, all right, Michael, thank you.

630
00:34:15,960 --> 00:34:18,040
Speaker 1: At a six forty nine on Wall Street. We turned

631
00:34:18,080 --> 00:34:21,040
Speaker 1: to news and science and technology now with the Bloomberg

632
00:34:21,120 --> 00:34:23,440
Speaker 1: and j I T. STEM Report, brought to you by

633
00:34:23,520 --> 00:34:27,080
Speaker 1: New Jersey Institute of Technology, ranked a top fifty national

634
00:34:27,160 --> 00:34:30,600
Speaker 1: public university by US News and World Report and top

635
00:34:30,680 --> 00:34:33,480
Speaker 1: ten for best career placement among public schools by the

636
00:34:33,560 --> 00:34:36,200
Speaker 1: Princeton Review. More at n j I T DOT E

637
00:34:36,320 --> 00:34:39,800
Speaker 1: d U and now here's just making news and science, Technology, engineering,

638
00:34:39,880 --> 00:34:43,080
Speaker 1: and math. President Biden nominated the former head of two

639
00:34:43,160 --> 00:34:46,960
Speaker 1: federal science and engineering agencies to be a Science Advisor, who,

640
00:34:47,000 --> 00:34:49,400
Speaker 1: if confirmed by the Senate, will be the first woman,

641
00:34:49,560 --> 00:34:52,239
Speaker 1: person of color and immigrant to hold the cabinet level

642
00:34:52,280 --> 00:34:56,320
Speaker 1: position by the nominated engineer and physicist are Roddy Profkar,

643
00:34:56,440 --> 00:34:59,600
Speaker 1: who during the Obama administration directed the James Bond like

644
00:34:59,719 --> 00:35:04,400
Speaker 1: Defense It's Advanced Research Projects Agency. Senate Democrats have scrapped

645
00:35:04,440 --> 00:35:08,160
Speaker 1: a forty hundred dollar bonus tax credit for electric vehicles

646
00:35:08,239 --> 00:35:11,400
Speaker 1: made with the domestic union labor. The measure was opposed

647
00:35:11,440 --> 00:35:14,839
Speaker 1: by Democratic Senator Joe Manchin as well as non unionized

648
00:35:14,880 --> 00:35:17,719
Speaker 1: e V maker Tesla. It was to be included in

649
00:35:17,800 --> 00:35:21,040
Speaker 1: the Build Back Better Spending bill. The first union to

650
00:35:21,280 --> 00:35:24,080
Speaker 1: organized workers at an Apple retail store in the US

651
00:35:24,160 --> 00:35:27,040
Speaker 1: says it's eager to start negotiating with the company and

652
00:35:27,120 --> 00:35:29,760
Speaker 1: it looks to build on the breakthrough elsewhere. The International

653
00:35:29,800 --> 00:35:32,960
Speaker 1: Association of Machinists and Aerospace Workers prevailed at a union

654
00:35:33,040 --> 00:35:36,120
Speaker 1: vote last weekend at his store in Maryland. And as

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00:35:36,200 --> 00:35:39,720
Speaker 1: a Bloomberg and j I t Stem report, Nathan, thank you, Karen.

656
00:35:39,760 --> 00:35:42,399
Speaker 1: We are live from the Bloomberg Interactive Brokers studios, where

657
00:35:42,440 --> 00:35:44,839
Speaker 1: it's coming up to sixty one on Wall Street Time

658
00:35:44,880 --> 00:35:47,080
Speaker 1: now to check what's going on in VC. Some of

659
00:35:47,120 --> 00:35:49,759
Speaker 1: the top stories in our nation's capital include President Biden

660
00:35:49,800 --> 00:35:52,800
Speaker 1: to call on Congress to suspend the federal gas tax

661
00:35:52,960 --> 00:35:56,080
Speaker 1: for three months, the Senate advancing a gun safety bill

662
00:35:56,160 --> 00:35:59,160
Speaker 1: that could pass later this week, and the January six

663
00:35:59,239 --> 00:36:02,800
Speaker 1: Committee revealing Republican Senator Ron Johnson tried to intervene for

664
00:36:02,920 --> 00:36:07,120
Speaker 1: former President Donald Trump with an alternate slate of electors.

665
00:36:07,160 --> 00:36:09,520
Speaker 1: Let's get more on all these stories. Bloomberg Government reporter

666
00:36:09,600 --> 00:36:12,880
Speaker 1: Emily Wilkins joins us. Now, Emily, good morning. We got

667
00:36:12,960 --> 00:36:15,120
Speaker 1: the word this morning from the White House that it

668
00:36:15,280 --> 00:36:18,960
Speaker 1: was a three month gas tax suspension that President Biden

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00:36:19,120 --> 00:36:21,080
Speaker 1: is going to call for. I guess the question now

670
00:36:21,280 --> 00:36:24,440
Speaker 1: is is this something that Congress is going to approve?

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00:36:26,080 --> 00:36:28,680
Speaker 1: And Nathan, it doesn't really seem like there's high enthusiasm

672
00:36:28,920 --> 00:36:32,040
Speaker 1: on Capitol Hill for this. I mean, we've already seen

673
00:36:32,239 --> 00:36:34,680
Speaker 1: how Speaker Nancy closely in the past really through a

674
00:36:34,719 --> 00:36:37,360
Speaker 1: lot of cold water on this gas tax holiday idea.

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00:36:37,800 --> 00:36:40,440
Speaker 1: She pointed out that she had concerns that, you know,

676
00:36:40,600 --> 00:36:43,160
Speaker 1: if these this gas tax went into effect, there's not

677
00:36:43,360 --> 00:36:46,920
Speaker 1: necessarily necessarily a guarantee that companies would pass the savings

678
00:36:47,040 --> 00:36:50,120
Speaker 1: long consumers. She also noted that the gas tax it

679
00:36:50,280 --> 00:36:54,160
Speaker 1: buds the US Highway Fund, and she's arguing that right

680
00:36:54,239 --> 00:36:57,759
Speaker 1: after the US passes this major infrastructure bill, why would

681
00:36:57,800 --> 00:37:00,680
Speaker 1: they go and try and take away funding for highways.

682
00:37:01,040 --> 00:37:03,360
Speaker 1: At the same point, they're definitely a sense on Capitol

683
00:37:03,440 --> 00:37:06,800
Speaker 1: Hill that something needs to be done. Um As Majority

684
00:37:06,880 --> 00:37:09,799
Speaker 1: Leader Steny Hoyer, the number two Democrats in the House,

685
00:37:10,200 --> 00:37:13,560
Speaker 1: uh told Bloomberg last night that you know that he was,

686
00:37:13,760 --> 00:37:16,000
Speaker 1: you know, something needed to be done, but he didn't

687
00:37:16,360 --> 00:37:21,040
Speaker 1: exactly give a ringing endorsement of the gas tax holiday. Um.

688
00:37:21,239 --> 00:37:23,120
Speaker 1: And so I think at this point there's a sense

689
00:37:23,239 --> 00:37:26,719
Speaker 1: that this is an issue that lawmakers do want to

690
00:37:26,920 --> 00:37:29,800
Speaker 1: try and continue to make progress on. It's just a

691
00:37:29,920 --> 00:37:33,040
Speaker 1: question of exactly how many lovers do they have left

692
00:37:33,120 --> 00:37:35,640
Speaker 1: to pull. I mean, you've already seen them go after

693
00:37:35,719 --> 00:37:40,040
Speaker 1: corporations for what they claim as price gouging. You've seen

694
00:37:40,120 --> 00:37:44,440
Speaker 1: them try to introduce legislation on biofuels. Um, You've seen them.

695
00:37:44,680 --> 00:37:46,680
Speaker 1: You know, you saw a Biden go ahead and tap

696
00:37:46,760 --> 00:37:50,560
Speaker 1: into the Strategic Petroleum Reserve. But none of those have

697
00:37:50,760 --> 00:37:53,920
Speaker 1: really prevented gas from reaching its current highs uh. And

698
00:37:54,000 --> 00:37:55,960
Speaker 1: I think there's going it's going to be interesting to

699
00:37:56,000 --> 00:37:59,880
Speaker 1: see exactly how lawmakers respond to this call from the

700
00:38:00,040 --> 00:38:03,399
Speaker 1: President at two pm today. Now, I wonder how many

701
00:38:03,520 --> 00:38:06,839
Speaker 1: more levers there are to pull at this point. I mean,

702
00:38:06,880 --> 00:38:10,240
Speaker 1: I guess the real issue here is that gas prices

703
00:38:10,400 --> 00:38:14,520
Speaker 1: really aren't going much of anywhere in terms of downward

704
00:38:14,960 --> 00:38:19,000
Speaker 1: and we're getting closer to an election where the economy

705
00:38:19,120 --> 00:38:21,920
Speaker 1: where inflation are going to play a huge role in

706
00:38:22,120 --> 00:38:26,440
Speaker 1: what voters decide when it comes to control of Congress. Yes, exactly.

707
00:38:26,719 --> 00:38:29,960
Speaker 1: I mean that's something that Boden is certainly thinking about now. Um.

708
00:38:30,040 --> 00:38:33,160
Speaker 1: It's something that more vulnerable Democrats, the ones who are

709
00:38:33,160 --> 00:38:36,279
Speaker 1: going to be facing the topest elections this November, have

710
00:38:36,440 --> 00:38:38,320
Speaker 1: called for in the past. I mean a number of

711
00:38:38,400 --> 00:38:40,479
Speaker 1: them have been supportive of this idea of a gas

712
00:38:40,560 --> 00:38:44,360
Speaker 1: tax holiday. Um. And it reality does come as you

713
00:38:44,440 --> 00:38:47,480
Speaker 1: know the you know you like it or not. Um.

714
00:38:47,560 --> 00:38:50,480
Speaker 1: The president's fortunes do seem to often be tied to

715
00:38:50,560 --> 00:38:53,400
Speaker 1: those gas price numbers. Number one, just because they affect

716
00:38:53,480 --> 00:38:56,200
Speaker 1: so many other products. And number two. Um, I mean

717
00:38:56,280 --> 00:38:58,920
Speaker 1: it's basically a giant billboard. When Americans drive down the

718
00:38:58,960 --> 00:39:01,319
Speaker 1: street every day, right, look up, they see a number

719
00:39:01,400 --> 00:39:04,000
Speaker 1: that's much higher than they're used to, and they tend

720
00:39:04,080 --> 00:39:07,200
Speaker 1: to blame the party in charge. We do have some

721
00:39:07,320 --> 00:39:11,359
Speaker 1: progress to report on gun safety legislation in the Senate.

722
00:39:11,400 --> 00:39:14,439
Speaker 1: We got a big headline yesterday that a compromise had

723
00:39:14,520 --> 00:39:16,920
Speaker 1: been reached and now it looks like the bill is

724
00:39:17,000 --> 00:39:21,000
Speaker 1: moving forward. Yes, so the Senate took an initial vote

725
00:39:21,080 --> 00:39:25,479
Speaker 1: last night, uh to move forward with passage of this bill.

726
00:39:25,600 --> 00:39:27,720
Speaker 1: It's it's still going to take a couple more steps

727
00:39:27,800 --> 00:39:29,640
Speaker 1: you know how the Senate host you always need to

728
00:39:30,200 --> 00:39:33,799
Speaker 1: vote multiple times on things. But this is legislation that's

729
00:39:33,840 --> 00:39:35,879
Speaker 1: really it's not it's a lot of people have called

730
00:39:35,920 --> 00:39:38,400
Speaker 1: it the gun bell um. It really does seek to

731
00:39:38,560 --> 00:39:42,759
Speaker 1: sort of address mass shootings in a broader manner. UH.

732
00:39:43,000 --> 00:39:47,440
Speaker 1: It includes UM spunding for mental health. UM. It includes

733
00:39:47,520 --> 00:39:51,800
Speaker 1: improving background checks, UH, securing schools, and giving states federal

734
00:39:51,920 --> 00:39:56,799
Speaker 1: funds to combat gun violence. It's already gotten some opposition

735
00:39:57,080 --> 00:39:59,680
Speaker 1: from the n r A. UH. They came out against

736
00:39:59,719 --> 00:40:02,440
Speaker 1: the bill shortly after it was introduced on Tuesday night.

737
00:40:02,719 --> 00:40:05,360
Speaker 1: We also seen a group of more conservative Republicans in

738
00:40:05,440 --> 00:40:08,399
Speaker 1: the House come out against it. But you are seeing

739
00:40:08,440 --> 00:40:12,239
Speaker 1: support from a Senate minority leader Mitch McConnell i said

740
00:40:12,280 --> 00:40:15,160
Speaker 1: in a statement that he supports the bill, supports the package,

741
00:40:15,400 --> 00:40:17,160
Speaker 1: and it does seem to have the votes that it

742
00:40:17,360 --> 00:40:20,759
Speaker 1: needs to actually pass in the Senate, which means it

743
00:40:20,880 --> 00:40:23,239
Speaker 1: is pretty likely at this point that if it does,

744
00:40:23,560 --> 00:40:25,880
Speaker 1: you know, pass the Senate, it's likely going to be

745
00:40:25,960 --> 00:40:28,200
Speaker 1: able to pass the House as well, where we've seen

746
00:40:28,280 --> 00:40:31,600
Speaker 1: bipartisan support for other gun proposals in the recent past.

747
00:40:31,960 --> 00:40:33,880
Speaker 1: In our last minute or so here, Emily let's talk

748
00:40:33,920 --> 00:40:37,480
Speaker 1: about what we've heard late. The latest instances from the

749
00:40:37,719 --> 00:40:40,720
Speaker 1: House January sixth committee. Sounds like a lot of pressure

750
00:40:40,800 --> 00:40:43,360
Speaker 1: was put on state and local election officials by the

751
00:40:43,400 --> 00:40:47,600
Speaker 1: former president and his team to overturn the election. Yeah,

752
00:40:47,600 --> 00:40:51,600
Speaker 1: a number of former election officials testified just how much

753
00:40:52,040 --> 00:40:55,640
Speaker 1: abuse and pressure they came under due to Trump's laws

754
00:40:55,800 --> 00:41:00,440
Speaker 1: that they had somehow tampered with the results of the election. Um.

755
00:41:00,600 --> 00:41:04,480
Speaker 1: You actually had one individual, her mother had to flee

756
00:41:04,520 --> 00:41:06,480
Speaker 1: her home after the FBI told her it was too

757
00:41:06,600 --> 00:41:09,840
Speaker 1: dangerous to remain there. Uh, you have a wonder a

758
00:41:09,960 --> 00:41:13,240
Speaker 1: Moss who was a rank and file Georgia election worker

759
00:41:13,400 --> 00:41:16,319
Speaker 1: in Georgia. She she's not one of the top individuals,

760
00:41:16,719 --> 00:41:19,719
Speaker 1: but even though um, you know, she wasn't really making

761
00:41:19,760 --> 00:41:23,400
Speaker 1: any top level decisions, she feels testified that she feels

762
00:41:23,520 --> 00:41:26,480
Speaker 1: terrified to leave her house to not go anywhere. Um,

763
00:41:26,719 --> 00:41:29,879
Speaker 1: and and there was it served just a huge um

764
00:41:30,760 --> 00:41:34,560
Speaker 1: a lot of testimony yesterday from these workers just kind

765
00:41:34,600 --> 00:41:38,160
Speaker 1: of making it clear how these allegations that they had

766
00:41:38,200 --> 00:41:41,840
Speaker 1: done anything wrong in had really had a major and

767
00:41:41,960 --> 00:41:44,799
Speaker 1: negative impact on their life. And this of course goes

768
00:41:44,880 --> 00:41:49,080
Speaker 1: to try and support the committee's overall thesis that you know,

769
00:41:49,160 --> 00:41:52,080
Speaker 1: Trump did whatever he could to try to put pressure

770
00:41:52,120 --> 00:41:55,920
Speaker 1: on whoever he could uh to get the election to

771
00:41:56,040 --> 00:41:59,520
Speaker 1: be declared invalid in favor of him. Thanks as always,

772
00:41:59,560 --> 00:42:02,920
Speaker 1: Bloomberg Verment reporter Emily Wilkins with us from the nation's capital.

773
00:42:03,239 --> 00:42:05,839
Speaker 1: Read more about all these stories on Bloomberg dot Com

774
00:42:05,960 --> 00:42:08,239
Speaker 1: or on the Bloomberg terminal, and listen to Bloomberg Radio

775
00:42:08,320 --> 00:42:12,080
Speaker 1: in Washington and Bloomberg and one oh five point seven

776
00:42:12,239 --> 00:42:15,200
Speaker 1: f M h D two. Of course, later this morning,

777
00:42:15,239 --> 00:42:17,880
Speaker 1: all attention in Washington will be on FED Chairman Jerome

778
00:42:17,960 --> 00:42:20,759
Speaker 1: Powell as he appears before the Senate Banking Committee for

779
00:42:20,920 --> 00:42:25,160
Speaker 1: his semi annual Monetary Policy report. Two days of Capitol

780
00:42:25,200 --> 00:42:28,360
Speaker 1: Hill testimony from the Fed Chairman. Our live coverage begins

781
00:42:28,440 --> 00:42:31,920
Speaker 1: at ninety five Wall Street time this morning on Bloomberg

782
00:42:32,040 --> 00:42:35,520
Speaker 1: Radio and Bloomberg Television. Future is moving lower. We have

783
00:42:35,680 --> 00:42:38,400
Speaker 1: SMP futures now down fifty one point, staff futures down

784
00:42:38,440 --> 00:42:40,800
Speaker 1: three D fifty one NASTACK futures, while we're by a

785
00:42:40,880 --> 00:42:45,279
Speaker 1: hundred eighty five points Bloomberg surveillances. Next for Karen lost Gal.

786
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Speaker 1: I'm Nathan Hager, and this is Bloomberg