Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, June twenty two. Coming up this shour
Speaker 1: Stocks failed to build on yesterday's rally as recession fears
Speaker 1: resurface on Wall Street. Investors brace for congressional testimony from J. Powell.
Speaker 1: President Biden calls for a three month federal gas tax holiday,
Speaker 1: and Senators reach agreement on a bipartisan gun violence bill.
Speaker 1: Look for rent and greases in New York City. Plus
Speaker 1: Trump backed Katie Britt beats Maga mull Brooks in the
Speaker 1: Alabama Senate primary. Michael barn Ahead, I'm John Dashdown swards
Speaker 1: home runs did in the Yankees, and a laws at
Speaker 1: Tampa Bay Lots studded laws with the medicine euston. The
Speaker 1: Stanley Cup Final continues tonight. That's all Strendy ahead on
Speaker 1: Bloomberg Daybreak on Bloomberg eleven three, on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco, Syrias x AM one nine team, and
Speaker 1: around the world on Bloomberg Radio dot Com and via
Speaker 1: the Bloomberg Business app. Good morning. I'm Nathan Hagard and
Speaker 1: I'm Karen. Moscow and US Dock Index futures are lower
Speaker 1: this morning, coming up to six oh one on Wall Street,
Speaker 1: and we check the markets every fifteen minutes throughout the
Speaker 1: trading day. On bloomberg S and P Future is down
Speaker 1: about fifty eight points to DOWN futures down four hundred
Speaker 1: and NASDAG futures down to two hundred and one. The
Speaker 1: decks in Germany's down two point two percent. Ten year
Speaker 1: treasury of seventeen thirty seconds, you know, three point to
Speaker 1: one percent, and they yield on the two year is
Speaker 1: at three point one one percent. The euro one point
Speaker 1: oh five one nine against the dollar, Nathan Karen. The
Speaker 1: main event today congressional testimony on the economy from J Powell.
Speaker 1: Later this morning, the Fed Chairman appears before the Senate
Speaker 1: Banking Committee. We get a preview from Bloomberg's Michael McKee.
Speaker 1: Politics always plays a role in the Fed Chairman's appearances,
Speaker 1: and there will no doubt be efforts to pin the
Speaker 1: blame for inflation on someone. That's a topic Powell will duck.
Speaker 1: He'll also try to avoid it, spreassing an opinion on
Speaker 1: various fiscal responses to inflation now under consideration on Capitol Hill,
Speaker 1: such as a gas tax suspension. The real key question
Speaker 1: for the chairman is how high and how fast the
Speaker 1: Fed needs to raise interest rates. The latest FED forecast
Speaker 1: is to just under four percent by the end of
Speaker 1: the year, just over it in two thousand twenty three,
Speaker 1: but there has been pushback from investors and analysts who
Speaker 1: say the Central Bank may have to go much higher
Speaker 1: than that. Paul's answer may have a major impact on trading.
Speaker 1: Michael McKee, Bloomberg Daybreak. Alright, Mike, thanks, and you can
Speaker 1: catch full coverage of FED share pals testimony starting around
Speaker 1: am Wall Street time on Bloomberg Radio and television. Well, Nathan,
Speaker 1: As investors awaited word from Powell, there are more calls
Speaker 1: this morning for the Fed to get more aggressive. Richmond
Speaker 1: Fan president Thomas Barkin wants to raise interest rates as
Speaker 1: fast as possible, as long as it doesn't cause undue
Speaker 1: harm to markets are the economy. We're in a situation
Speaker 1: where inflation is high, it's broad based, it's persistent, and
Speaker 1: rates are so well below normal, and so I think
Speaker 1: the spirit is you want to get back to where
Speaker 1: you want to go as fast as you can without
Speaker 1: breaking anything. And Richmond Fed President Thomas Barkin also says
Speaker 1: he does not expect the economy to swiftly return to
Speaker 1: pre pandemic patterns. A more aggressive FED, weaker demand for
Speaker 1: goods and supply shocks are leading the way for more
Speaker 1: recession fears. Let's get the latest on that, live from
Speaker 1: Bloomberg's Nita Young. Good morning, Rnita, Good morning. Nathan. City
Speaker 1: Group says there's a fifty percent chance of the world
Speaker 1: economy falling into a recession, and as a result, the
Speaker 1: Bank now sees the global economy growing three percent this
Speaker 1: year and two point eight percent in three. Economists at
Speaker 1: City Groups say if a recession did occur, it's likely
Speaker 1: to be quote garden variety, in which unemployment rises several
Speaker 1: percentage points and output experiences a couple of week quarters.
Speaker 1: Live in New York. I'm reneed a Young Bloomberg Day break.
Speaker 1: All right, need to thank you. Inflation also a major
Speaker 1: concern overseeage today's reading in the UK as prices jump
Speaker 1: to a new four decade high, and we get the
Speaker 1: latest with the Bloomberg's You Win pots in London, Good morning,
Speaker 1: you want, Good morning, cardaathan UK inflation in the etomy
Speaker 1: ticking up to nine point one. The reading reflects broad
Speaker 1: increases in the cost of everything from fuel and electricity
Speaker 1: to food and beverages. There are also more signs of
Speaker 1: growing price pressures at the wholesale level, with raw material
Speaker 1: costs increasing by the most on records. The Bank of
Speaker 1: England says CPI could hit eleven per cents later this year.
Speaker 1: In London, Immune parts Bloo boo day breaking, all right
Speaker 1: you and thanks for session fears and news of the
Speaker 1: Biden administrations prepared to step up its fight against gas prices.
Speaker 1: Have oil on the decline once again. Right now West
Speaker 1: Texas Intermediate cruise down five percent or five dollars forty
Speaker 1: five cents at a hundred four dollars seven cents of
Speaker 1: barrel Brent's trading at a hundred nine fifty six. Later today,
Speaker 1: President Biden will ask Congress to enact a three month
Speaker 1: gasoline tax holiday. Bloomberg said. Baxter has the story. The
Speaker 1: President is trying to cool the soaring pump prices as
Speaker 1: we head under the summer travel season. Mr Biden says
Speaker 1: it will not hurt infrastructure. Is it going to in
Speaker 1: fact make it difficult to maintain our roads. The answer
Speaker 1: is we have plenty of capacity to do that. Biden
Speaker 1: also says in the long run, there is plenty of
Speaker 1: oil to drill nine thousand oil fields in San Francisco.
Speaker 1: I'm at Baxter Bloomberg Daybreak and thank you. Also in Washington,
Speaker 1: the Senate has voted to advance a bypartisan gun safety bill,
Speaker 1: and a vote on final passage it's expected later this week.
Speaker 1: Backer is called the measure the biggest breakthrough on the
Speaker 1: issue in decades. It's designed to improve background checks, secure schools,
Speaker 1: and give states federal funds to combat gun violence. Isaac
Speaker 1: Baltzansky is director of policy Research at bt I G.
Speaker 1: But as we've learned time and time again, the motivator
Speaker 1: for lawmakers is so often the calendar and the jet
Speaker 1: fumes are also in play here because they're trying to
Speaker 1: leave town for two weeks at the end of this week,
Speaker 1: and that is an undeniable motivator, especially for these lawmakers
Speaker 1: who are running for re election. Bt I is Isaac
Speaker 1: balt Tanski spoke with Our Watch and corresponded Joe Matthew
Speaker 1: on Bloomberg Sound on Catch the Program weekdays at five
Speaker 1: PM Eastern on Bloomberg Radio here. In the latest round
Speaker 1: of hearings into the January six attack at the US
Speaker 1: Capital is in the Books. Testimony yesterday focused on state
Speaker 1: and local officials and the pressure they faced from former
Speaker 1: President Donald Trump to overturn the election. Committee Democrat Adam
Speaker 1: Schiff says the system held, but barely. Anyone who got
Speaker 1: in the way of Donald Trump's continued hold on power
Speaker 1: after he lost the election was the subject of a
Speaker 1: dangerous and escalating campaign of pressure. Congressman Schiff and other
Speaker 1: committee members heard from Georgia's Secretary of State Brad Raethensburger.
Speaker 1: He says he faced a campaign of intimidation, including threats
Speaker 1: to his wife, and then some people broke into my
Speaker 1: daughter in laws home and I sent has passed, and
Speaker 1: she's a widow and has two kids, and so we're
Speaker 1: very concerned about her safety. Also, Secretary of State Raffensburger
Speaker 1: says he followed every rabbit hole to make sure George's
Speaker 1: numbers were accurate, but he says the former president came
Speaker 1: up shot it. Right Now, SMP futures are down fifty
Speaker 1: three point staff futures down three seventy two Das deck
Speaker 1: futures are lower by a hundred eighty eight points. The
Speaker 1: tenure treasury is up sixteen thirty seconds. The yield three
Speaker 1: point to one percent on the tenure note yield on
Speaker 1: the two year three point one one. Straight ahead your
Speaker 1: latest local headlines into check of sports. This is Bloomberg
Speaker 1: six oh seven on Wall Street where at sixty six
Speaker 1: degrees in Central Park got an accident on the southbound
Speaker 1: Deagan passed the Cross Bronx Expressway. Details coming up in traffic.
Speaker 1: First Michael Barr with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good morning, Nathan.
Speaker 1: Rent is going up in New York City. Last night,
Speaker 1: the Rent Guidelines Board voted to increase one year and
Speaker 1: two year leases. On a five four vote. The board
Speaker 1: decided to raise the rent for rent stabilized departments to
Speaker 1: three for one year leases. It will go up to
Speaker 1: five percent for two year leases. Katie Bread has won
Speaker 1: the Republican runoff against Representative Mobe Brooks for retiring Alabama
Speaker 1: Senator Richard Shelby's seat. Britt Shelby's former chief of staff,
Speaker 1: gained ground after Brooks lost. Donald Trump's endorsement in March,
Speaker 1: Britt got forty five percent, while Brooks received. Washington d C.
Speaker 1: Mayor Muriel Bowser appears to be on hairway to winning
Speaker 1: a third consecutive term. Bowser one yesterday's Democratic primary. Bowser
Speaker 1: got fifty percent, while second place Robert White received. They
Speaker 1: had of the Texas Department of Public Safety is now
Speaker 1: calling the law enforcement response to the massacre at the
Speaker 1: rob Elementary School and abject failure. Colonel Steve McCall says
Speaker 1: that there were enough police officers on hand that could
Speaker 1: have stopped the gunman quickly after he entered the building,
Speaker 1: but they waited in the school hallway for nearly an hour.
Speaker 1: Not enough training was done in the situation, playing simple
Speaker 1: because a bad decision and terrible decisions. Terrible decisions were
Speaker 1: made by the unseen commander and should have never happened Simple,
Speaker 1: Colonel McCall say police failed to engage sooner than three
Speaker 1: it's into the attack. A jury in California sign it
Speaker 1: with a woman who filed a sex abuse lawsuit against
Speaker 1: comedian Bill Cosby. Jurors found Cosby sexually abused the then
Speaker 1: sixteen year old girl at the Playboy Mansion in nineteen
Speaker 1: seventy five, the jury awarded Judy Huff, now sixty four,
Speaker 1: a half a million dollars. Attorney Gloria already today our
Speaker 1: client Judy Huff one real change because she fought Phil Cosby,
Speaker 1: one step at a time for over seven and a
Speaker 1: half years. Attorney Gloria Allread. Cosby has denied the allegations.
Speaker 1: Twenty five people in New York City I presumed to
Speaker 1: have tested positive for monkey pocks. New York City Mayor
Speaker 1: Eric Adams and health officials lowered the city's COVID nineteen
Speaker 1: alert level to medium from high, and New York City
Speaker 1: Broadway theaters have agreed to adopt an optional masking policy
Speaker 1: of the month of July. The new policy ends a
Speaker 1: near you long policy of requiring facial coverings inside theaters
Speaker 1: at all times. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take power by more
Speaker 1: than journalists analysts more than a twenty countries on Michael
Speaker 1: bar this is Bloomberg, alright, Michael, thank you? Six ten
Speaker 1: on Wall Street. John stash As the Bloomberg Sports Update,
Speaker 1: all right. Nathan esther Cortez has been a revelation for
Speaker 1: the Yankees. Eight of his first nine starts, he didn't
Speaker 1: allow more than two runs, but he has come back
Speaker 1: to earth a bit that Tampa Bay. Cortez served up
Speaker 1: two home runs in the first fit, and he sucked
Speaker 1: Parade has two winnings later built at his second of
Speaker 1: the game and not wanting Cortez to face Parades a
Speaker 1: third time, he came out in the fifth and this
Speaker 1: was Clark Smith's first pitch. Alright. Tampa Bay won the
Speaker 1: game five to four. Cortez is e r A has
Speaker 1: gone from one point three a month ago to two
Speaker 1: points met started Trevor Williams in Houston. He would not
Speaker 1: be in the rotation if not for the Max Scherzer
Speaker 1: injury and William Stella one and four. Astros hit three
Speaker 1: home runs they wanted eight to two. Toronto's Austin Matthews
Speaker 1: has scored sixty goals named NHL m v P Gorss.
Speaker 1: Sturchin finished third. He did as expected when the Vezina
Speaker 1: Trophy third ranger goally to win the award. Mike Richter
Speaker 1: and John Van beat book for the others. Stanley Cup
Speaker 1: Finals zooms tonight in Tampa, Colorado Leagus two games to one.
Speaker 1: Rob Grinkowski, having retired once before, is now doing it again.
Speaker 1: He played nine years in New England, came out of
Speaker 1: retirement to play two more with Tom Brady and Tampa Bay,
Speaker 1: and together they won a Super Bowl for the fourth time.
Speaker 1: While Brooks kept is not having a good year, he
Speaker 1: has won four majors. He's a big name and now
Speaker 1: he's the latest to vote the PGA Tour for the
Speaker 1: new Live Tour. Kept It said last week he hadn't
Speaker 1: given the Live Tour much fun. John Stash Edward Blumberg
Speaker 1: sports all right, John, thanks SMB futures down fifty two points,
Speaker 1: staff futures down to fifty six, dance that features are
Speaker 1: lower by a hundred eighty three points. The tenure treasury
Speaker 1: yield three point two two percent. Ahead of Chairman Powell's
Speaker 1: testimony in the Senate. This is Bloomberg Bloomberg Daybreak, brought
Speaker 1: to you by Hofstra University's Frank geez Are School of Business,
Speaker 1: Top rankings online NBA program with a real world foundation.
Speaker 1: Learn more at Hofstrad dot edu. Slash Go grad markets
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com. The Bloomberg Business at and at Bloomberg
Speaker 1: quick tape this is a Bloomberg business blash and I'm
Speaker 1: Karen Moscow. Stocks in Europe are falling along with US
Speaker 1: stock index futures as well as commodities, and made ever
Speaker 1: louder warnings that federal reserve at rate hikes may lead
Speaker 1: to an economic downturn. We checked the markets every fifteen
Speaker 1: minutes throughout the trading day on bloomberg S and P
Speaker 1: futures down fifty two points, DAL futures down three fifty five,
Speaker 1: Annas day futures down a hundred eighties six. The decks
Speaker 1: in Germany's down about to per cent. The ten year
Speaker 1: treasury up thirteen thirty seconds, held three point to two
Speaker 1: per cent yield done a two year three point one
Speaker 1: two percent nine mix. Crude oil is down more than
Speaker 1: five percent, down five dollars fifty six cents and a
Speaker 1: hundred three dollars ninety six cents of barrel comex school
Speaker 1: there is down half percent or nine dollars thirty cents
Speaker 1: at eighteen twenty nine fifty an ounce. The euro one
Speaker 1: point oh five one eight against the dollar, British found
Speaker 1: one point two to five one and the end at
Speaker 1: one thirty six point one four. Looking at bitcoin, it's
Speaker 1: down more than two percent at twenty thousand, three hundred
Speaker 1: ninety dollars. That's a Bloomberg business flash. Now here's Michael
Speaker 1: Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Katie Britt won the
Speaker 1: Republican nomination for a cent and in Alabama, defeating six
Speaker 1: term Congressman Mob Brooks in a primary runoff. Britt received
Speaker 1: forty five percent, while Brooks got twenty nine percent. Meanwhile,
Speaker 1: in Georgia, trucking company executive Mike Collins defeated Vernon Jones
Speaker 1: in the Republican primary runoff for Georgia's tenth congressional district.
Speaker 1: Donald Trump endorsed Jones, while Governor Brian Kemp back Collins,
Speaker 1: who got sixty four percent. DC Mayor Muriel Bowser has
Speaker 1: won the Democratic primary, putting her on track for a
Speaker 1: third term to lead the nation's capital. Bowser received fifty
Speaker 1: percent of the vote compared to second place Robert White.
Speaker 1: At In baseball, the Yankees and Mets lost, the Red
Speaker 1: Sox won, the Nationals beat the Orioles, the Giants won,
Speaker 1: the A's lost. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than undred journalists and analysts are more than a hundred
Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg. This is
Speaker 1: the Big Take, the best of Bloomberg's in depth original
Speaker 1: reporting from around the globe. This is a really fast
Speaker 1: moving story that's of course a lot of outrage among investors.
Speaker 1: This is so fascinating. A market shutdown in a way
Speaker 1: it's never done before. That's gonna have consequences for years
Speaker 1: to come. The Big Take on Bloomberg Radio coming up
Speaker 1: to six twenty on Wall Street Life from the Bloomberg
Speaker 1: interactor Broker's vidios. This is Bloomberg Daybreak, and our big
Speaker 1: take this morning is on the housing market and growing signs.
Speaker 1: The real estate boom over the last few years is
Speaker 1: on the brink of bust as central banks bent on
Speaker 1: fighting inflation move fast on interest rates. Bloomberg Chief Asia
Speaker 1: Economics correspondent and the Current wrote the Big Take this
Speaker 1: morning and end us here with us live from Hong
Speaker 1: Kong to talk more about it, and a great to
Speaker 1: have you with us this morning. Congratulations on the piece,
Speaker 1: and I mean we're already seeing the rains pull in
Speaker 1: on the US housing market with mortgage rates now close
Speaker 1: to six percent. Is is that what we're seeing globally
Speaker 1: as well. Yeah, so what we're seeing now is something
Speaker 1: of a reverse in nates. And do you know the
Speaker 1: back story was when the pandemic came, borrowing costs were
Speaker 1: brought down to historic loads, and of course central banks
Speaker 1: put a lot of money into their economies. The end
Speaker 1: results we saw a big house price boom right around
Speaker 1: the world, not just the rich world, but also in
Speaker 1: emerging economies. Well, of course, now all of that is
Speaker 1: being on round at the fretty rapid clip in terms
Speaker 1: of central banks are raising interest rates to bring down inflation,
Speaker 1: and that means mortgage costs and lonely payment costs are
Speaker 1: going up. And they they there are are already signs
Speaker 1: that house prices are cooling in some places maturity that's
Speaker 1: been and take New Zealand for example. In other places
Speaker 1: signs that it's they're just beginning to come up the
Speaker 1: ball and economists are saying it could be worse than
Speaker 1: a few months from now. So to be clear, you know,
Speaker 1: we're not yet at the two thousand and eight style
Speaker 1: crash territory. But certainly the big boom of the last
Speaker 1: few years is definitely coming to an end. Now we
Speaker 1: could talk a little bit more about what makes this
Speaker 1: potential crash in the housing market different from what we
Speaker 1: saw in two thousand eight. I mean, there are a
Speaker 1: lot more guardrails in place for housing than there were
Speaker 1: back then. Right, absolutely right, So let's do the two
Speaker 1: thousand comparison. This time around. Banks are supposed to be
Speaker 1: in better order. Remember all of the years of ex
Speaker 1: regulations have got their balance sheets and better condition. Consumers
Speaker 1: are in good order. The are cashed up after the
Speaker 1: pandemic years when they when they increase their evening during
Speaker 1: that time. The labor markets around the world are still
Speaker 1: quite strong in fact, as you know, and many economies
Speaker 1: like us, the shortage of labor is the issue. And
Speaker 1: of course let's not forget that boring costs are coming
Speaker 1: from a pretty low base. So depending where you are
Speaker 1: on that mortgage spectrum, your interest rates still nothing like
Speaker 1: what they might have been, say, in previous generations. So
Speaker 1: the thinking is that the households should be in better order. Nonetheless,
Speaker 1: we are also looking at something of a synchronized monetary
Speaker 1: policy typing cycle the kind of which we haven't seen
Speaker 1: for some decades. And when you have mortgage rates going
Speaker 1: up the way that they are around the world, then
Speaker 1: inevitably there will be a hit to household wealth. And
Speaker 1: that's where you might start seeing the pain trickling through
Speaker 1: the through the real economy. Well, are we starting to
Speaker 1: see signs and that the rise in interest rates that
Speaker 1: we're seeing is starting to take a hit on overall
Speaker 1: housing prices and what does that mean for the overall economy?
Speaker 1: But yeah, so our colleagues that Bloomberg Economics have run
Speaker 1: some big numbers on this in terms some of the
Speaker 1: key rates that price to rent and home price income ratios.
Speaker 1: And they're having a look at countries such as, for example,
Speaker 1: of Canada, the US New Zealand. They're seeing those hot
Speaker 1: residential markets looking especially vulnerable to to a downturn out
Speaker 1: that wall to happen, it will be quite a flow
Speaker 1: through because construction and home buying is the ultimate and
Speaker 1: multi clar it's the big driver of economic activity in
Speaker 1: most economies around the world. Now you reverse that, you've
Speaker 1: a falling home prices, that's going to a road household wealth.
Speaker 1: It's obviously going to hammer consumer confidence. It puts the
Speaker 1: brakes on future development. It's hard to rev up people's
Speaker 1: confidence when they're paying paying back higher interest rates on
Speaker 1: an asset that's losing value. And then again it flows
Speaker 1: through the whole properic construction and the sales story. So
Speaker 1: that's the big concern that if we do start to
Speaker 1: see it starts to see a material correction in these
Speaker 1: house prices, it will reportrough the economy that's coming at
Speaker 1: ton of course, when already we're seeing activity indicators screwing
Speaker 1: around the world. City Group out today warning a global
Speaker 1: recession that looks like it could be fifty fifties. So
Speaker 1: on top of everything that's happening inflation, supply chain problems, energy,
Speaker 1: food crisis, housing crisis would be the last thing the
Speaker 1: police makers need right now and certainly the important thing
Speaker 1: to look at as a household wealth is a significant
Speaker 1: portion of many households wealth in terms of real estate
Speaker 1: prices and the current chief. As your economics correspondent for
Speaker 1: Bloomberg News, thanks again for being with us for more
Speaker 1: on and as Big Take story you can find on
Speaker 1: Bloomberg dot com slash Big Take. It's also the top
Speaker 1: story on the home page at Bloomberg dot com this morning,
Speaker 1: and you can find all our big takes on the
Speaker 1: Bloomberg terminal at ANI Big Take Go SMP Future is
Speaker 1: now down fifty one points. Now futures down three forty
Speaker 1: eight NASDAK futures are lower by a hundred eighty two points.
Speaker 1: Just ahead the five things you need to notice start
Speaker 1: or day, including Sherman Palace testimony on Capitol Hill. This
Speaker 1: is Bloomberg Bloomberg eleven three oh weather mostly cloudy, scattered
Speaker 1: showers across Long Island in Connecticut. Highs in the low
Speaker 1: seventies today, will be in the upper seventies with clouds
Speaker 1: tomorrow low eighties by Friday. Currently sixty six in Central Park,
Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living Freeland to Washington, d C, Bloomberg to Boston,
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Speaker 1: sixty to the Country, Sirius XM to and around the globe,
Speaker 1: the Bloomberg Business apt and Bloomberg Radio dot Com. This
Speaker 1: is Bloomberg Daybreak six thirty on Wall Street. Good morning,
Speaker 1: I'm Nathan Hager and I'm Karen Moscow. We're just about
Speaker 1: three hours away from the open of US trading. Time
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Speaker 1: first FED chairman and J Powell preparing to appear before
Speaker 1: the Senate Banking Committee this morning. Powell's expected to feel
Speaker 1: questions about how high and fast he needs to raise
Speaker 1: interest rates to slow inflation. At the same time, there
Speaker 1: are calls for the central Bank to be more aggressive.
Speaker 1: Richmond Fed President Thomas Barkin wants to raise rates as
Speaker 1: fast as possible, but avoid causing undue harm to market
Speaker 1: through the economy. I think you have to be flexible
Speaker 1: to what happens. The faster inflation comes down, the less
Speaker 1: you're gonna have to do in terms of restricted monetary policy.
Speaker 1: But the more difficult the external forces are, the more
Speaker 1: you'll have to do. And so I'm watching that carefully
Speaker 1: and Richmond Fed President Thomas Barkin said he supported the
Speaker 1: decision to raise raise seventy five basis points earlier this month.
Speaker 1: You can catch full coverage of FED Chairman Powell's Senate
Speaker 1: testimony today around am Wall Street time on Bloomberg Radio
Speaker 1: and television. We'll Karen a more aggressive FED. Weaker demand
Speaker 1: and supply shocks are leading the way for more recession fears,
Speaker 1: and Bloomberg's needing Young joints us live with that. Good morning,
Speaker 1: Good morning. Nathan. City Group says there's a fifty percent
Speaker 1: chance of the world economy falling into a recession. As
Speaker 1: a result, the Bank now sees the global economy growing
Speaker 1: three percent this year and two point eight percent in
Speaker 1: Economists at City Groups say if a recession did occur,
Speaker 1: it's likely to be quote garden variety in which unemployment
Speaker 1: rises and output experiences a couple of week quarters live
Speaker 1: in New York. I'm gonna need a Young Bloomberg daybreak.
Speaker 1: All right, we need to thank you all. Oil declining
Speaker 1: As President Biden prepares to ask Congress to enact gasoline
Speaker 1: tax holiday for three months, David Rosenberg of Rosenberg Research
Speaker 1: and Associate says it won't provide much relief for consumers.
Speaker 1: We're talking about eighteen cents for a short period of time,
Speaker 1: so it's nothing more than a gimmick politics. We motivated
Speaker 1: to show that the White House is trying to do
Speaker 1: something about inflation. David Rosenberg at Rosenberg Research made the
Speaker 1: comments earlier on Bloomberg Daybreak and checking oil prices now
Speaker 1: and I make screwed oils down four point seven or
Speaker 1: five dollars ten cents at a hundred four dollars forty
Speaker 1: two cents of barrel. Brent is down four point two
Speaker 1: at a hundred nine dollars five cents. Also in Washington, Karen,
Speaker 1: the Senate's advanced a bipartisan gun safety bill. A vote
Speaker 1: on final passages expected later this week. And that's the
Speaker 1: five things you need to notice start your day. Brought
Speaker 1: to you by Interactive Brokers Again, Future is lower this morning,
Speaker 1: Straight ahead your latest local headlines. This is Bloomberg. Thank you, Karen.
Speaker 1: Sixty three on Wall Street, sixty six degrees in Central
Speaker 1: Park out delays building on the George Washington Bridge with
Speaker 1: an accident on the southbound EIG and details count up
Speaker 1: in traffic. First Michael Barr with what else is going
Speaker 1: on in New York and around the world? Good morning Michael,
Speaker 1: Good morning Nathan. It's going to cost more to live
Speaker 1: in New York City. Last night, the Rent Guidelines Board
Speaker 1: voted to increase rents for those who live in rent
Speaker 1: stabilized departments by a five four margin. The Rent Board
Speaker 1: gave a green light to a three increase on one
Speaker 1: year leases. For two year leases, it will be a
Speaker 1: five percent increase. The January six Committees hearing yesterday focused
Speaker 1: on election officials in Arizona and Georgia. Former President Trump
Speaker 1: and his allies are accused of pressuring those officials to
Speaker 1: overturn the results of the twenty election. To Georgia, election workers,
Speaker 1: Ruby Freeman and her daughter testified investigators, saying that they
Speaker 1: were falsely accused of election tampering by Trump and Rudy Giuliani.
Speaker 1: The President of the United States is supposed to represent
Speaker 1: every American, not to target one, but he targeted me.
Speaker 1: Freeman's daughter says there were a lot of people wishing death.
Speaker 1: Owner Katie Britt won the Republican nomination for Senate in Alabama,
Speaker 1: defeating six term Congressman Moe Brooks and the primary runoff.
Speaker 1: Former President Donald Trump up endorsed and then un endorsed Brooks,
Speaker 1: who had run under the banner Maga MO. Trump eventually
Speaker 1: endorsed Britt, who received forty five percent. While brook Scott
Speaker 1: DC mayor Muriel Bowser has won the Democratic primary, putting
Speaker 1: her on track for a third term to leave the
Speaker 1: nation's capital. Bowser received fifty percent of the vote compared
Speaker 1: to second place Robert White. At civil trial juror's rule
Speaker 1: that Bill Cosby sexually abused the sixteen year old girl
Speaker 1: at the Playboy Mansion in nineteen, the Los Angeles County
Speaker 1: jury delivered the verdict in favor of Judy Houth, now
Speaker 1: sixty four, and awarded her five hundred thousand dollars. Nathan
Speaker 1: Goldberg is one of Health's attorneys. It proves that you
Speaker 1: know you can run, but you can't hide that. No
Speaker 1: matter what he did so many years ago, a thing
Speaker 1: that you know he could just get away with it,
Speaker 1: we brought him here to this court to have justice
Speaker 1: and we won. Meanwhile, Cosby's public relations and crisis manager
Speaker 1: Andrew Wyatt called the case the biggest he would not
Speaker 1: beginning a dime with filling appeals. Tis Bey has repeatedly
Speaker 1: denied Health's allegations. President Biden wants to remove a lot
Speaker 1: of nicotine from cigarettes to know the tobacco sold in
Speaker 1: the US. The President is hoping to okay a new
Speaker 1: rule by next spring to make them less addictive. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take Power by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael
Speaker 1: Barb this is Bloomberg Naked. Thank you, Michael, six thirty six.
Speaker 1: On Wall Street, John stash Hour has the Bloomberg Sports Update.
Speaker 1: All right, Nathan, The Tampa Bay Rays made a trade
Speaker 1: just for the season started. They send Austin Meadows to
Speaker 1: Detroit for East South Parades. Yank, you's probably happy to
Speaker 1: hear that trade. Meadows somewhat of a Yankee killer. But
Speaker 1: last night Parades hit three home runs. So those shots
Speaker 1: in the first and third innings off Nestor Cortez and
Speaker 1: a two run blast in the fifth that was the
Speaker 1: first pitch served up by reliever Flar Schmidt. Parades had
Speaker 1: one more at Patty I hit by a pitch. The
Speaker 1: Rays meet the Yanks five to four. The Mets lost
Speaker 1: Houston eight to two. Jose Altuve homer for the Astros,
Speaker 1: so did Jordan Alvarez, his nineteenth of the year three
Speaker 1: run double for Kyle Tupper's Stanley Cup final resumes tonight
Speaker 1: in Tampa with Colorado, leading to the one they handed
Speaker 1: out postseason awards last night, the m v P to
Speaker 1: Toronto's Austin Matthews after a sixty goal season. The Rangers
Speaker 1: goalie Igorsterkin was a finalist for that Hart Trophy. He
Speaker 1: did win the Vezina for Best Goalie led the league
Speaker 1: with the goals against just over two. A settlement between
Speaker 1: Deshaun Watson and twenty of the twenty four flaintiffs suing
Speaker 1: Watson for sexual and misconduct during massages, Watson has denied
Speaker 1: any wrongdoing. Is now with the Cleveland Browns. He's awaiting
Speaker 1: discipline from the NFL. Rob Grotkowski said a statement, he
Speaker 1: walks away with his head held high. This is his
Speaker 1: second retirement announcement. That's one more than his long time teammated,
Speaker 1: of course, still active, Tom Brady. Together they won four
Speaker 1: Super Bowls, three in New England and one with Tampa
Speaker 1: Brooks Kepta. Kepka said last week he had hardly heard
Speaker 1: of the new Live Tour. Now he's joining it. A
Speaker 1: winner of four majors, although he had struggled this year,
Speaker 1: becomes the latest big name golfer the pole the p
Speaker 1: G A John D. Bloomberg Sports, Thank John. Six thirty
Speaker 1: seven on Wall Street Time to take a look at stocks,
Speaker 1: some of the names moving in the pre market. Bloomberg
Speaker 1: Radio and TV Markets correspondent Credy Gupta is with us
Speaker 1: this morning. Creety, what goes up apparently must come down,
Speaker 1: led by big tech this morning, led by big Tech.
Speaker 1: I mean you'll hear a familiar name here. Tesla is
Speaker 1: really your biggest mover to the downside. T s L
Speaker 1: as your taker down about two percent in the pre market,
Speaker 1: also seeing the most volume out of all the names
Speaker 1: in the SP five right now, So right off the bat,
Speaker 1: kind of going with um a not so great indicator
Speaker 1: for what you're coming ahead in the trading session. You
Speaker 1: also have Apple, for example. We love that proxy for
Speaker 1: all of big tech. A A p L as your
Speaker 1: taker down one point. A per said, but get this, Nathan,
Speaker 1: it's not just big Tech that's weighing on the indexes
Speaker 1: you want. You're really seeing this very broad sell off,
Speaker 1: and it's significant when you see the likes of Apple
Speaker 1: being your second highest volume mover in the pre market,
Speaker 1: right next to Occidental. Oh x Y the oil company
Speaker 1: down about we'll just shove four percent, that's your third
Speaker 1: biggest movers. So once again, both spectrums, even the cyclical
Speaker 1: kind of more economically sensitive stocks like oil companies for example,
Speaker 1: or even cruise lines. Carnival Cruise Lines is right up there,
Speaker 1: down two point seven percent, also dropping in line. But
Speaker 1: like I said, those big tech names, and of course
Speaker 1: when we talk about those big tech names, we got
Speaker 1: to talk about the lights of the chip makers. Here
Speaker 1: A m d S your taker down one point seven percent,
Speaker 1: and video as well, n v d A down about
Speaker 1: two point seven percent. And Nathan, I really highlight the
Speaker 1: chips makers because for you have big tech that drops,
Speaker 1: but then you have chip makers that are a little
Speaker 1: bit more volatile than big tech, and they tend to
Speaker 1: magnify the moves that you see an Apple or or
Speaker 1: Facebook now known as Meta or um Microsoft for example.
Speaker 1: So if you see a downside move of x percent,
Speaker 1: then the chip makers tend to, like I said, magnified
Speaker 1: a little bit. Just given the supply chain concerns and
Speaker 1: geopolitics that are there so all in all a little
Speaker 1: bit of a broad sell off even in the pre market. Yeah,
Speaker 1: with all those recession calls coming in, even more of
Speaker 1: them this morning. What's going on with crypto stocks? Cretty,
Speaker 1: bitcoins down once again, Yeah, really following that macro story.
Speaker 1: And that's really where I think you have to look
Speaker 1: at the various different ways to be exposed to crypto.
Speaker 1: So you start off with the miners here Riot blockchain
Speaker 1: for example, r IoT down one point six percent. It's
Speaker 1: kind of in a move very similar to about that draft.
Speaker 1: You're seeing Bitcoin which is down about two percent, about
Speaker 1: a twenty th handle, which is significant there. You're also
Speaker 1: have to look at investors in bitcoin as well that
Speaker 1: are extremely exposed to the cryptocurrency micro strategy, for example,
Speaker 1: taking it on the chin today m STR down about
Speaker 1: three point three percent. And then while you're looking at it,
Speaker 1: also look at the exchanges coin based for example c
Speaker 1: o I N down four point six percent, Nathan All
Speaker 1: and all. However, you slice and dice it, you really
Speaker 1: are seeing that crypto exposure kind of becoming achilles heel
Speaker 1: for a lot of these companies. Yeah, certainly risk off.
Speaker 1: As we wait at Chairman Pal's testimony later today. Crety
Speaker 1: goobdu Blomberg Radio and TV Markets correspondent, as always, thanks
Speaker 1: for being with us and looking at stocks as a whole.
Speaker 1: Ahead of the open, It's a down on day. Futures
Speaker 1: SMP futures are down fifty four points right now, Deal
Speaker 1: futures down period seventy nine and Nastack futures, as we said,
Speaker 1: leading the way down a hundred ninety four points. The
Speaker 1: tenure Treasury is up fourteen thirty seconds for a yield
Speaker 1: of three point to two. This is Bloomberg Bloomberg eleven
Speaker 1: three oh whether mostly cloudy, say some scattered showers along
Speaker 1: Long Island in Connecticut, lost seventies. It will be partly
Speaker 1: mostly cloudy tomorrow, upper seventies, low eighties by Friday. Right
Speaker 1: now sixty six in Central Park Markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business Out and at Bloomberg Quick Tape. This
Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow. Futures
Speaker 1: are lower this morning, and we go to the first
Speaker 1: word break a news desk for today's morning call. Here's
Speaker 1: tatian A dari A Catiana. Good morning, Good morning, Karen.
Speaker 1: Like you said, it's a down day here on Wall Street,
Speaker 1: led by Big Tech Dows down three hundred eighty points
Speaker 1: as in Piece down fifty, nas Jack down one nine
Speaker 1: looking process at. Treasuries are rallying with the U S
Speaker 1: tenure yield lower by six basis points to three point
Speaker 1: two percent. Oil is down nearly five and Bitcoin is
Speaker 1: holding above twenty thousand after sliding about two percent. On
Speaker 1: the economic front today and be a mortgage applications here
Speaker 1: at the top of the hour and in early trading today,
Speaker 1: text talks giving back some of yesterday's gains, led by Tesla, Apple,
Speaker 1: Metta all down about two percent, but makeup giant revel
Speaker 1: On is up another eighteen percent, adding to its recent
Speaker 1: surge post bankruptcy. Regarding earnings, furniture maker l Ez Boys
Speaker 1: up eight percent after beating estimates, and the other news
Speaker 1: in the healthcare space, small cap Precistion bio Sciences jumped
Speaker 1: as much as fort after a license deal with a
Speaker 1: nov artist or wrapping things up here signals up graded
Speaker 1: to overweight at Morgan Stanley, and Nike was downgraded at
Speaker 1: Seaport Live from the first and breaking new desk. I'm Tatiana,
Speaker 1: Daria Karen ry Tatianna, thank you, and that's a Bloomberg
Speaker 1: Business Flash now with more on what's going on around
Speaker 1: the world. Here is Michael Barr, Michael Karen, thank you
Speaker 1: very much. Katie Britt won the Republican nomination for Senton
Speaker 1: in Alabama, defeating six term Congressman Molle Brooks in the
Speaker 1: primary runoff. Former President Donald Trump endorsed and then unendorsed Brooks.
Speaker 1: Trump eventually endorsed Britt receive forty five percent well Brooks got.
Speaker 1: In Georgia, Mike Collins defeated Trump back Vernon Jones and
Speaker 1: the Republican primary runoff for George's tenth congressional district. Collins got.
Speaker 1: Se DC mayor Muriel Bowser has won the Democratic primary,
Speaker 1: putting her on track for a third term to lead
Speaker 1: the nation's capital. Bowser received fifty of the vote compared
Speaker 1: to second place Robert white At In baseball, the Yankees
Speaker 1: and Mets lost the Red Sox one national beat the
Speaker 1: Orioles three zip. The Giants won the A's lost. Global
Speaker 1: News twenty four hours a day on here and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred
Speaker 1: journalists and analysts in more than twenty countries on Michael
Speaker 1: Barr and this is Bloomberg here, all right, Michael, thank you.
Speaker 1: At a six forty nine on Wall Street. We turned
Speaker 1: to news and science and technology now with the Bloomberg
Speaker 1: and j I T. STEM Report, brought to you by
Speaker 1: New Jersey Institute of Technology, ranked a top fifty national
Speaker 1: public university by US News and World Report and top
Speaker 1: ten for best career placement among public schools by the
Speaker 1: Princeton Review. More at n j I T DOT E
Speaker 1: d U and now here's just making news and science, Technology, engineering,
Speaker 1: and math. President Biden nominated the former head of two
Speaker 1: federal science and engineering agencies to be a Science Advisor, who,
Speaker 1: if confirmed by the Senate, will be the first woman,
Speaker 1: person of color and immigrant to hold the cabinet level
Speaker 1: position by the nominated engineer and physicist are Roddy Profkar,
Speaker 1: who during the Obama administration directed the James Bond like
Speaker 1: Defense It's Advanced Research Projects Agency. Senate Democrats have scrapped
Speaker 1: a forty hundred dollar bonus tax credit for electric vehicles
Speaker 1: made with the domestic union labor. The measure was opposed
Speaker 1: by Democratic Senator Joe Manchin as well as non unionized
Speaker 1: e V maker Tesla. It was to be included in
Speaker 1: the Build Back Better Spending bill. The first union to
Speaker 1: organized workers at an Apple retail store in the US
Speaker 1: says it's eager to start negotiating with the company and
Speaker 1: it looks to build on the breakthrough elsewhere. The International
Speaker 1: Association of Machinists and Aerospace Workers prevailed at a union
Speaker 1: vote last weekend at his store in Maryland. And as
Speaker 1: a Bloomberg and j I t Stem report, Nathan, thank you, Karen.
Speaker 1: We are live from the Bloomberg Interactive Brokers studios, where
Speaker 1: it's coming up to sixty one on Wall Street Time
Speaker 1: now to check what's going on in VC. Some of
Speaker 1: the top stories in our nation's capital include President Biden
Speaker 1: to call on Congress to suspend the federal gas tax
Speaker 1: for three months, the Senate advancing a gun safety bill
Speaker 1: that could pass later this week, and the January six
Speaker 1: Committee revealing Republican Senator Ron Johnson tried to intervene for
Speaker 1: former President Donald Trump with an alternate slate of electors.
Speaker 1: Let's get more on all these stories. Bloomberg Government reporter
Speaker 1: Emily Wilkins joins us. Now, Emily, good morning. We got
Speaker 1: the word this morning from the White House that it
Speaker 1: was a three month gas tax suspension that President Biden
Speaker 1: is going to call for. I guess the question now
Speaker 1: is is this something that Congress is going to approve?
Speaker 1: And Nathan, it doesn't really seem like there's high enthusiasm
Speaker 1: on Capitol Hill for this. I mean, we've already seen
Speaker 1: how Speaker Nancy closely in the past really through a
Speaker 1: lot of cold water on this gas tax holiday idea.
Speaker 1: She pointed out that she had concerns that, you know,
Speaker 1: if these this gas tax went into effect, there's not
Speaker 1: necessarily necessarily a guarantee that companies would pass the savings
Speaker 1: long consumers. She also noted that the gas tax it
Speaker 1: buds the US Highway Fund, and she's arguing that right
Speaker 1: after the US passes this major infrastructure bill, why would
Speaker 1: they go and try and take away funding for highways.
Speaker 1: At the same point, they're definitely a sense on Capitol
Speaker 1: Hill that something needs to be done. Um As Majority
Speaker 1: Leader Steny Hoyer, the number two Democrats in the House,
Speaker 1: uh told Bloomberg last night that you know that he was,
Speaker 1: you know, something needed to be done, but he didn't
Speaker 1: exactly give a ringing endorsement of the gas tax holiday. Um.
Speaker 1: And so I think at this point there's a sense
Speaker 1: that this is an issue that lawmakers do want to
Speaker 1: try and continue to make progress on. It's just a
Speaker 1: question of exactly how many lovers do they have left
Speaker 1: to pull. I mean, you've already seen them go after
Speaker 1: corporations for what they claim as price gouging. You've seen
Speaker 1: them try to introduce legislation on biofuels. Um, You've seen them.
Speaker 1: You know, you saw a Biden go ahead and tap
Speaker 1: into the Strategic Petroleum Reserve. But none of those have
Speaker 1: really prevented gas from reaching its current highs uh. And
Speaker 1: I think there's going it's going to be interesting to
Speaker 1: see exactly how lawmakers respond to this call from the
Speaker 1: President at two pm today. Now, I wonder how many
Speaker 1: more levers there are to pull at this point. I mean,
Speaker 1: I guess the real issue here is that gas prices
Speaker 1: really aren't going much of anywhere in terms of downward
Speaker 1: and we're getting closer to an election where the economy
Speaker 1: where inflation are going to play a huge role in
Speaker 1: what voters decide when it comes to control of Congress. Yes, exactly.
Speaker 1: I mean that's something that Boden is certainly thinking about now. Um.
Speaker 1: It's something that more vulnerable Democrats, the ones who are
Speaker 1: going to be facing the topest elections this November, have
Speaker 1: called for in the past. I mean a number of
Speaker 1: them have been supportive of this idea of a gas
Speaker 1: tax holiday. Um. And it reality does come as you
Speaker 1: know the you know you like it or not. Um.
Speaker 1: The president's fortunes do seem to often be tied to
Speaker 1: those gas price numbers. Number one, just because they affect
Speaker 1: so many other products. And number two. Um, I mean
Speaker 1: it's basically a giant billboard. When Americans drive down the
Speaker 1: street every day, right, look up, they see a number
Speaker 1: that's much higher than they're used to, and they tend
Speaker 1: to blame the party in charge. We do have some
Speaker 1: progress to report on gun safety legislation in the Senate.
Speaker 1: We got a big headline yesterday that a compromise had
Speaker 1: been reached and now it looks like the bill is
Speaker 1: moving forward. Yes, so the Senate took an initial vote
Speaker 1: last night, uh to move forward with passage of this bill.
Speaker 1: It's it's still going to take a couple more steps
Speaker 1: you know how the Senate host you always need to
Speaker 1: vote multiple times on things. But this is legislation that's
Speaker 1: really it's not it's a lot of people have called
Speaker 1: it the gun bell um. It really does seek to
Speaker 1: sort of address mass shootings in a broader manner. UH.
Speaker 1: It includes UM spunding for mental health. UM. It includes
Speaker 1: improving background checks, UH, securing schools, and giving states federal
Speaker 1: funds to combat gun violence. It's already gotten some opposition
Speaker 1: from the n r A. UH. They came out against
Speaker 1: the bill shortly after it was introduced on Tuesday night.
Speaker 1: We also seen a group of more conservative Republicans in
Speaker 1: the House come out against it. But you are seeing
Speaker 1: support from a Senate minority leader Mitch McConnell i said
Speaker 1: in a statement that he supports the bill, supports the package,
Speaker 1: and it does seem to have the votes that it
Speaker 1: needs to actually pass in the Senate, which means it
Speaker 1: is pretty likely at this point that if it does,
Speaker 1: you know, pass the Senate, it's likely going to be
Speaker 1: able to pass the House as well, where we've seen
Speaker 1: bipartisan support for other gun proposals in the recent past.
Speaker 1: In our last minute or so here, Emily let's talk
Speaker 1: about what we've heard late. The latest instances from the
Speaker 1: House January sixth committee. Sounds like a lot of pressure
Speaker 1: was put on state and local election officials by the
Speaker 1: former president and his team to overturn the election. Yeah,
Speaker 1: a number of former election officials testified just how much
Speaker 1: abuse and pressure they came under due to Trump's laws
Speaker 1: that they had somehow tampered with the results of the election. Um.
Speaker 1: You actually had one individual, her mother had to flee
Speaker 1: her home after the FBI told her it was too
Speaker 1: dangerous to remain there. Uh, you have a wonder a
Speaker 1: Moss who was a rank and file Georgia election worker
Speaker 1: in Georgia. She she's not one of the top individuals,
Speaker 1: but even though um, you know, she wasn't really making
Speaker 1: any top level decisions, she feels testified that she feels
Speaker 1: terrified to leave her house to not go anywhere. Um,
Speaker 1: and and there was it served just a huge um
Speaker 1: a lot of testimony yesterday from these workers just kind
Speaker 1: of making it clear how these allegations that they had
Speaker 1: done anything wrong in had really had a major and
Speaker 1: negative impact on their life. And this of course goes
Speaker 1: to try and support the committee's overall thesis that you know,
Speaker 1: Trump did whatever he could to try to put pressure
Speaker 1: on whoever he could uh to get the election to
Speaker 1: be declared invalid in favor of him. Thanks as always,
Speaker 1: Bloomberg Verment reporter Emily Wilkins with us from the nation's capital.
Speaker 1: Read more about all these stories on Bloomberg dot Com
Speaker 1: or on the Bloomberg terminal, and listen to Bloomberg Radio
Speaker 1: in Washington and Bloomberg and one oh five point seven
Speaker 1: f M h D two. Of course, later this morning,
Speaker 1: all attention in Washington will be on FED Chairman Jerome
Speaker 1: Powell as he appears before the Senate Banking Committee for
Speaker 1: his semi annual Monetary Policy report. Two days of Capitol
Speaker 1: Hill testimony from the Fed Chairman. Our live coverage begins
Speaker 1: at ninety five Wall Street time this morning on Bloomberg
Speaker 1: Radio and Bloomberg Television. Future is moving lower. We have
Speaker 1: SMP futures now down fifty one point, staff futures down
Speaker 1: three D fifty one NASTACK futures, while we're by a
Speaker 1: hundred eighty five points Bloomberg surveillances. Next for Karen lost Gal.
Speaker 1: I'm Nathan Hager, and this is Bloomberg