1 00:00:04,160 --> 00:00:06,960 Speaker 1: Live from the Bloomberg into Raptor Brooker Studios. This is 2 00:00:07,000 --> 00:00:11,479 Speaker 1: Bloomberg Daybreak for Friday, March four. Coming up this hour, 3 00:00:11,760 --> 00:00:16,280 Speaker 1: Russian forces occupy Europe's largest nuclear power plant. Stocks drop 4 00:00:16,360 --> 00:00:19,599 Speaker 1: as the war in Ukraine escalates. Commodities wrap up a 5 00:00:19,720 --> 00:00:22,920 Speaker 1: historic week as oil and metals soar, and investors look 6 00:00:22,920 --> 00:00:25,520 Speaker 1: ahead to the February jobs for fort New York City 7 00:00:25,560 --> 00:00:28,560 Speaker 1: Mayor Adams could announce today e's and COVID restrictions lost 8 00:00:28,600 --> 00:00:32,360 Speaker 1: the blowbat from Moscow's invasion in Ukraine hits Russian connected 9 00:00:32,400 --> 00:00:35,559 Speaker 1: gas stations in Newark On Michael blar More ahem, I'm 10 00:00:35,600 --> 00:00:38,559 Speaker 1: John Stashnower and sports Kevin Durant returned to the next lineup. 11 00:00:38,560 --> 00:00:40,879 Speaker 1: They still lost to the heat in Brooklyn. The Islanders 12 00:00:40,920 --> 00:00:46,800 Speaker 1: lost the Vancouver That's All Straight Ahead on Bloomberg Daybreak 13 00:00:47,040 --> 00:00:51,880 Speaker 1: on Bloomberg Elemen Trio, New York, Bloomberg one, Washington, d C, 14 00:00:52,280 --> 00:00:56,640 Speaker 1: Bloomberg one, O six one, Boston, Bloomberg nine six, San Francisco, 15 00:00:57,000 --> 00:01:00,200 Speaker 1: Sirius x M one nineteen and around the world Old 16 00:01:00,240 --> 00:01:04,040 Speaker 1: on Bloomberg Radio dot Com and via the Bloombird Business 17 00:01:07,600 --> 00:01:10,840 Speaker 1: and Good Friday Morning, I'm Nathan Hagar and I'm Karen Moscow. 18 00:01:11,000 --> 00:01:14,759 Speaker 1: US futures are following as we're risk intensify. It's coming 19 00:01:14,800 --> 00:01:16,160 Speaker 1: up to five oh one on Wall Street, and we 20 00:01:16,240 --> 00:01:18,559 Speaker 1: checked the markets every fifteen minutes throughout the trading day. 21 00:01:18,600 --> 00:01:22,120 Speaker 1: On Bloomberg, SNP futures down thirty eight points this morning. 22 00:01:22,120 --> 00:01:25,080 Speaker 1: Down futures down two eighty three and nasday futures down 23 00:01:25,080 --> 00:01:28,840 Speaker 1: one four. The ten year treasury up seventeen thirty seconds. 24 00:01:28,880 --> 00:01:30,960 Speaker 1: He had one point seven eight percent in a yield 25 00:01:30,959 --> 00:01:34,319 Speaker 1: on the two year one point four eight percent. NIMEX 26 00:01:34,360 --> 00:01:36,480 Speaker 1: screwed oil is I've wanted a third percent up a 27 00:01:36,520 --> 00:01:39,000 Speaker 1: dollar forty one and a hundred nine dollars seven cents 28 00:01:39,000 --> 00:01:41,000 Speaker 1: of barrel. Nathan, all right, Karen, we'll get back to 29 00:01:41,040 --> 00:01:43,119 Speaker 1: markets in a minute. But the stakes have been raised 30 00:01:43,160 --> 00:01:46,640 Speaker 1: even higher now. In Russia's war with Ukraine, Russian forces 31 00:01:46,640 --> 00:01:50,120 Speaker 1: are now occupying Europe's largest nuclear plant after shelling at 32 00:01:50,160 --> 00:01:54,280 Speaker 1: the facility overnight sparked the fire. Ukrainian President Vladimir Zelinski 33 00:01:54,360 --> 00:01:58,800 Speaker 1: says Europe needs to wake up. If there's an explosion, 34 00:01:59,080 --> 00:02:01,440 Speaker 1: that's the end for every one, the end for Europe, 35 00:02:01,680 --> 00:02:04,760 Speaker 1: the evacuation of Europe. Only urgent action by Europe can 36 00:02:04,760 --> 00:02:07,240 Speaker 1: stop the Russian troops. Do not allow the death of 37 00:02:07,240 --> 00:02:10,760 Speaker 1: Europe from a catastrophe at a nuclear power station. President 38 00:02:10,840 --> 00:02:14,000 Speaker 1: Zelinsky is appealing to Russian President Vladimir Putin to meet 39 00:02:14,040 --> 00:02:15,880 Speaker 1: with him. Is the only way to stop the war. 40 00:02:16,120 --> 00:02:18,920 Speaker 1: Secretary of State Anthony Blincoln says, the world stands ready 41 00:02:18,960 --> 00:02:22,440 Speaker 1: to assist Ukraine. We seek no conflict, but if completly 42 00:02:22,480 --> 00:02:25,400 Speaker 1: comes to us, we're ready for it and we will 43 00:02:25,440 --> 00:02:29,040 Speaker 1: defend every inch of NATO territory. Secretary Blincoln is meeting 44 00:02:29,080 --> 00:02:31,720 Speaker 1: today with NATO ministers in Brussels. The White House says 45 00:02:31,760 --> 00:02:34,560 Speaker 1: President Biden is being briefed on the situation, but right 46 00:02:34,560 --> 00:02:37,760 Speaker 1: now the US is not detecting elevated radiation levels at 47 00:02:37,760 --> 00:02:41,880 Speaker 1: the nuclear site. Meanwhile, the rush to fille Ukraine. Nathan 48 00:02:41,919 --> 00:02:44,600 Speaker 1: has for some very tough decisions for more than a 49 00:02:44,680 --> 00:02:48,160 Speaker 1: million people on Bloomberg's and Baxter has more over a 50 00:02:48,160 --> 00:02:52,040 Speaker 1: million people with a forecast of possibly four million more refugees. 51 00:02:52,320 --> 00:02:55,800 Speaker 1: And El Shaker, the international Deputy Director of Refugee International, 52 00:02:55,840 --> 00:02:59,280 Speaker 1: tells Bloomberg families are being split up. Sometimes if it's 53 00:02:59,320 --> 00:03:01,680 Speaker 1: just a father puts those child on a bus, and 54 00:03:01,720 --> 00:03:04,399 Speaker 1: here rise in pulland the father may stay to help. 55 00:03:04,440 --> 00:03:08,440 Speaker 1: So unaccompanied children are arriving in dainty extra protections, and 56 00:03:08,520 --> 00:03:12,280 Speaker 1: some of these are only on fourteen day temporary visas. 57 00:03:12,840 --> 00:03:16,000 Speaker 1: In San Francisco. I'm at Baxter Bloomberg daybreak, All right, ed, 58 00:03:16,000 --> 00:03:18,680 Speaker 1: thank you. As the US and allies choke off investor 59 00:03:18,760 --> 00:03:21,560 Speaker 1: demand for Russian assets, parts of Wall Street are jumping 60 00:03:21,560 --> 00:03:25,040 Speaker 1: on the buying opportunity. Sources say Goldman Sachs and JP 61 00:03:25,120 --> 00:03:28,320 Speaker 1: Morgan Chase have been purchasing beaten down company bonds tied 62 00:03:28,360 --> 00:03:32,560 Speaker 1: to Russia in recent days. The Russian stock market remains closed, Nathan, 63 00:03:32,560 --> 00:03:35,040 Speaker 1: while stocks and you're a plunge over the latest development 64 00:03:35,080 --> 00:03:37,320 Speaker 1: in Ukraine. Let's go live to London and get the 65 00:03:37,400 --> 00:03:40,200 Speaker 1: latest to live with the Bloomberg's un parts. You and 66 00:03:40,880 --> 00:03:43,600 Speaker 1: good morning, Karen, Nathan. It's the longest ever shotdown of 67 00:03:43,640 --> 00:03:46,680 Speaker 1: the Moscow Stock Exchange as the Kremlin continues to attempt 68 00:03:46,720 --> 00:03:49,960 Speaker 1: to stave off the impacts of global sanctions for domestic investors. 69 00:03:50,200 --> 00:03:53,080 Speaker 1: The exchanges confirmed it will remain closed until at least 70 00:03:53,200 --> 00:03:56,400 Speaker 1: Wednesday of next week. Since the Moscow market was lost 71 00:03:56,440 --> 00:03:59,120 Speaker 1: opened a week ago. Russian stocks listed in London. Have 72 00:03:59,240 --> 00:04:02,880 Speaker 1: lost more than a percent of their value before getting suspended. 73 00:04:03,200 --> 00:04:05,960 Speaker 1: Stocks opened lower across Europe this morning on news of 74 00:04:06,000 --> 00:04:09,560 Speaker 1: that overnight Ukrainian nuclear power plant fire, and they've continued 75 00:04:09,600 --> 00:04:12,320 Speaker 1: to set off your stocks A hundred trading down some 76 00:04:12,560 --> 00:04:15,720 Speaker 1: three percent, on course for its worst week since March 77 00:04:15,880 --> 00:04:19,280 Speaker 1: twenty Live in London, I'm you and pot Springbok daybreak, 78 00:04:19,279 --> 00:04:21,320 Speaker 1: all right you and thank you. We also saw losses 79 00:04:21,360 --> 00:04:24,120 Speaker 1: in Asia overnight. Let's get the recap on that from Bloombridge. 80 00:04:24,160 --> 00:04:27,119 Speaker 1: Juliette Sally in Singapore. Good morning, Juliet, Good morning, Nathan 81 00:04:27,120 --> 00:04:29,520 Speaker 1: and Karen. The ms CI Asia Pacific Index fell to 82 00:04:29,560 --> 00:04:32,240 Speaker 1: a fresh sixteen month lower, weighed down by losses in 83 00:04:32,320 --> 00:04:34,680 Speaker 1: Japan and Hong Kong, then negate to to five paired 84 00:04:34,680 --> 00:04:36,960 Speaker 1: earlier losses of as much as three percent. It closed 85 00:04:37,000 --> 00:04:39,839 Speaker 1: lower by two point two percent in Tokyo, and Chinese 86 00:04:39,839 --> 00:04:42,279 Speaker 1: tech players were dumped, with an index of TEX shares 87 00:04:42,320 --> 00:04:45,440 Speaker 1: listed in Hong Kong falling to its lowest since inception, 88 00:04:45,800 --> 00:04:48,520 Speaker 1: and the h Shares index is trading near a six 89 00:04:48,640 --> 00:04:50,680 Speaker 1: year loan. Over the course of the week, the ms 90 00:04:50,680 --> 00:04:52,920 Speaker 1: CI Asia Pacific Index fell by as much as one 91 00:04:52,960 --> 00:04:56,359 Speaker 1: point eight percent, it's third weekly loss in Singapore. Juliet 92 00:04:56,400 --> 00:04:59,480 Speaker 1: Sally Bloomberg daybreak. All right, Juliette, thank you. Commodities are 93 00:04:59,480 --> 00:05:03,440 Speaker 1: wrapping up historic week as Russia's invasion of Ukraine royals markets. 94 00:05:03,520 --> 00:05:06,080 Speaker 1: We get the latest lie from Bloomberg's Renita Young. Good morning, 95 00:05:06,080 --> 00:05:09,160 Speaker 1: ready now, good morning care and soaring commodities prices from 96 00:05:09,200 --> 00:05:12,800 Speaker 1: crude to aluminium and wheat are adding to hot inflationary 97 00:05:12,839 --> 00:05:18,080 Speaker 1: pressures that's hurting consumers and fueling concerns over an economic slowdown. 98 00:05:18,360 --> 00:05:20,720 Speaker 1: And as a result of Bloomberg, Commodity Spot index has 99 00:05:20,800 --> 00:05:24,200 Speaker 1: rallied more than nine percent this week. Oil is headed 100 00:05:24,200 --> 00:05:27,400 Speaker 1: for its biggest weekly surgeon almost two years. Brent crude, 101 00:05:27,400 --> 00:05:30,520 Speaker 1: which almost hit a hundred twenty dollars yesterday, is trading 102 00:05:30,560 --> 00:05:33,360 Speaker 1: at just over a hundred eleven dollars of barrel right now. 103 00:05:33,720 --> 00:05:37,040 Speaker 1: Prices for wheat, aluminum, nickel, and crude are all expected 104 00:05:37,080 --> 00:05:40,640 Speaker 1: to continue rising, and this all comes as many raw 105 00:05:40,720 --> 00:05:44,840 Speaker 1: materials are facing low stockpiles. Live in New York. I'm 106 00:05:44,880 --> 00:05:48,400 Speaker 1: Mornita Young, Bloomberg daybreak, All right, Rinita. Thanks Despite the surgeon, 107 00:05:48,480 --> 00:05:51,240 Speaker 1: oil prices and the Russian invasion of Ukraine, Fed chair 108 00:05:51,320 --> 00:05:54,440 Speaker 1: j Palace, sticking to plans to raise rates beginning later 109 00:05:54,480 --> 00:05:58,400 Speaker 1: this month. I would be recommending and supporting a one 110 00:05:58,480 --> 00:06:02,200 Speaker 1: quarter of one percent interest increase at our March meeting. 111 00:06:02,279 --> 00:06:05,039 Speaker 1: If we don't see inflation behaving as we expected to 112 00:06:05,040 --> 00:06:07,400 Speaker 1: be a which is to peak and begin to come down. 113 00:06:07,760 --> 00:06:10,520 Speaker 1: If we see inflation behaving in ways not consistent with that, 114 00:06:10,800 --> 00:06:13,599 Speaker 1: then we're prepared to raise my more than that amount 115 00:06:13,720 --> 00:06:17,200 Speaker 1: in a meeting or meetings. FED Chair J. Powell reiterated 116 00:06:17,200 --> 00:06:19,920 Speaker 1: the right hike plan during two days of congressional testimony 117 00:06:20,200 --> 00:06:23,159 Speaker 1: and Nathan The next major economic data point comes later 118 00:06:23,200 --> 00:06:25,719 Speaker 1: this morning with the release of the February JOMP support 119 00:06:25,880 --> 00:06:29,080 Speaker 1: We get a preview from Bloomberg's Muccle McKee. The consensus 120 00:06:29,160 --> 00:06:32,440 Speaker 1: is that as the oh maicron COVID variant faded in February, 121 00:06:32,640 --> 00:06:36,159 Speaker 1: hiring probably picked up and was forecast another large gain 122 00:06:36,240 --> 00:06:39,040 Speaker 1: in jobs restored and a drop in the unemployment rate 123 00:06:39,040 --> 00:06:42,080 Speaker 1: back below four percent. Although the Russian War will cap 124 00:06:42,120 --> 00:06:45,400 Speaker 1: the impact of this employment report, Federal Reserve officials will 125 00:06:45,440 --> 00:06:48,040 Speaker 1: be interested in the strength of hourly earnings as they 126 00:06:48,040 --> 00:06:51,560 Speaker 1: watch for signs high inflation may be becoming embedded in 127 00:06:51,600 --> 00:06:54,359 Speaker 1: the economy. The FED is also interested in the labor 128 00:06:54,360 --> 00:06:57,120 Speaker 1: force participation rate, how many people are out looking for 129 00:06:57,160 --> 00:07:00,960 Speaker 1: a job this week. Chairman J Powell told Congress policymakers 130 00:07:01,000 --> 00:07:03,599 Speaker 1: don't know why so many people are staying home, but 131 00:07:03,680 --> 00:07:07,000 Speaker 1: he expressed hope that hiring will pick up as COVID eases. 132 00:07:07,200 --> 00:07:10,520 Speaker 1: Michael McKee, Bloomberg Daybreak. All right, Mike, thanks SMP. Futures 133 00:07:10,560 --> 00:07:13,400 Speaker 1: down down thirty two points down, futures down, tune forty six, 134 00:07:13,440 --> 00:07:16,120 Speaker 1: and nastac features lower by a hundred two points. Straight 135 00:07:16,120 --> 00:07:18,880 Speaker 1: ahead your latest local headlines into check of sports. This 136 00:07:19,160 --> 00:07:25,040 Speaker 1: is Bloomberg. It's five oh seven on Wall Street where 137 00:07:25,120 --> 00:07:27,880 Speaker 1: twenty one degrees in central parking of vehicle fires slowing 138 00:07:27,880 --> 00:07:30,760 Speaker 1: down the northbound FDR drive through the seventies. Details coming 139 00:07:30,840 --> 00:07:33,000 Speaker 1: up in traffic. First. Michael bars here with more on 140 00:07:33,040 --> 00:07:35,120 Speaker 1: what's going on in New York and around the world. 141 00:07:35,360 --> 00:07:37,960 Speaker 1: Good morning, Michael, Good morning Nathan. This could be a 142 00:07:38,000 --> 00:07:41,440 Speaker 1: big day in New York City's progress against COVID. Nineteen 143 00:07:41,920 --> 00:07:44,440 Speaker 1: Mayor Eric Adams could announce as soon as today to 144 00:07:44,720 --> 00:07:49,480 Speaker 1: lift mask mandates and schools and vaccination requirements and restaurants, 145 00:07:49,560 --> 00:07:54,880 Speaker 1: bars and theaters, while infections, hospitalizations, and deaths continue. The 146 00:07:54,920 --> 00:07:57,240 Speaker 1: move by Adams could signal the turning point in the 147 00:07:57,240 --> 00:08:00,600 Speaker 1: pandemic to a return to normalcy me. While New York 148 00:08:00,640 --> 00:08:04,720 Speaker 1: City Health Department says COVID hospitalizations saw the biggest racial 149 00:08:04,840 --> 00:08:08,840 Speaker 1: gap during O Macron. Black New Yorkers were hospitalized at 150 00:08:08,880 --> 00:08:12,000 Speaker 1: two times the rate of White New Yorkers during the 151 00:08:12,040 --> 00:08:15,840 Speaker 1: winter O Macron surge. Gas prices have shot up across 152 00:08:15,880 --> 00:08:18,880 Speaker 1: the country do in large part to the Russian invasion 153 00:08:18,920 --> 00:08:22,120 Speaker 1: of Ukraine. It's causing a sharp rise in oil prices. 154 00:08:22,280 --> 00:08:25,080 Speaker 1: In North Carolina, the price for a gallon of regular 155 00:08:25,200 --> 00:08:27,920 Speaker 1: and an Exon gas station in Raleigh get close to 156 00:08:27,960 --> 00:08:31,160 Speaker 1: four dollars twenty cents. This Roley mom says, even our 157 00:08:31,200 --> 00:08:34,240 Speaker 1: teenagers are fueling the pinch. I have kids that just 158 00:08:34,280 --> 00:08:37,199 Speaker 1: started driving. I know that their love and the experience, 159 00:08:37,640 --> 00:08:44,080 Speaker 1: but even they are completely overwhelmed by the ends of 160 00:08:44,160 --> 00:08:46,839 Speaker 1: their paycheck. You know, how do I get back and 161 00:08:46,960 --> 00:08:49,760 Speaker 1: forth to work? Los Angeles is now averaging more than 162 00:08:49,840 --> 00:08:54,000 Speaker 1: five dollars. Outraged by the invasion of Ukraine, lawmakers in 163 00:08:54,120 --> 00:08:58,000 Speaker 1: New Jersey's largest city took aim at the Russian franchise 164 00:08:58,360 --> 00:09:01,720 Speaker 1: Luke Oil Gas stations. The New York City Council voted 165 00:09:01,800 --> 00:09:06,440 Speaker 1: unanimously to suspend the service stations operating licenses, citing Luke 166 00:09:06,480 --> 00:09:11,400 Speaker 1: Oil's base in Moscow. However, the stations are franchises owned 167 00:09:11,400 --> 00:09:15,439 Speaker 1: by locals, not Russians, and they employ mostly New Jersey residents. 168 00:09:15,760 --> 00:09:19,439 Speaker 1: President Joe Biden signed bipartisan legislation that prohibits the use 169 00:09:19,679 --> 00:09:22,760 Speaker 1: of forced arbitration and sexual assault and harassment claims in 170 00:09:22,800 --> 00:09:26,360 Speaker 1: the workplace. President Biden says the Forest Arbitration of Sexual 171 00:09:26,400 --> 00:09:31,040 Speaker 1: Assault and Sexual Harassment Act ends a secretive practice that 172 00:09:31,200 --> 00:09:35,080 Speaker 1: is often used to shield perpetrators from full and public accountability. 173 00:09:35,240 --> 00:09:38,360 Speaker 1: There will be cases where victims want their claims resolved 174 00:09:38,400 --> 00:09:41,800 Speaker 1: in private, but some survivors will want their day in court, 175 00:09:42,400 --> 00:09:45,640 Speaker 1: and that should be their choice and nobody else's church. 176 00:09:45,880 --> 00:09:49,079 Speaker 1: President Biden says the new law profoundly changes the way 177 00:09:49,120 --> 00:09:53,400 Speaker 1: businesses handle sexual abuse allegations. Global Needs twenty four hours 178 00:09:53,400 --> 00:09:56,400 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 179 00:09:56,400 --> 00:09:59,080 Speaker 1: more than twenty seven undred journalists and analysts, more than 180 00:09:59,520 --> 00:10:03,000 Speaker 1: twenty trees. I'm Michael Barr. This is Bloomberg. Nathan all right, Michael, 181 00:10:03,040 --> 00:10:09,600 Speaker 1: thank you. Coming up to five ten on Wall Street. 182 00:10:09,600 --> 00:10:12,600 Speaker 1: Time for the Bloomberg Sports Updake, Good morning, John Stenshlon Morney, 183 00:10:12,679 --> 00:10:15,240 Speaker 1: Nathan Welcome back. Kevin Durant, first game for the Nets 184 00:10:15,280 --> 00:10:17,920 Speaker 1: after missing twenty one with a knee injury. Samuel k 185 00:10:18,120 --> 00:10:20,680 Speaker 1: d thirty one points in thirty five minutes, but the 186 00:10:20,760 --> 00:10:23,640 Speaker 1: Nets lost at Barkley's to the East in Miami Heat 187 00:10:24,000 --> 00:10:26,200 Speaker 1: one thirteen one oh seven. The Heat. We're coming off 188 00:10:26,200 --> 00:10:28,040 Speaker 1: a blown lead at a one point lost the night 189 00:10:28,080 --> 00:10:30,880 Speaker 1: before Milwaukee, so they gave three starters the night off, 190 00:10:31,000 --> 00:10:34,240 Speaker 1: but Bambata Bio played. He scored thirty in. The Nets 191 00:10:34,240 --> 00:10:37,400 Speaker 1: have now lost sixteen of their last nineteen to dropped 192 00:10:37,400 --> 00:10:40,160 Speaker 1: down to five hundred. Doesn't get any easier A game 193 00:10:40,240 --> 00:10:43,600 Speaker 1: Sunday in Boston Celtics last night being Memphis, they've won 194 00:10:44,080 --> 00:10:47,680 Speaker 1: thirteen of fifteen. The Knicks like the Nets, losers of 195 00:10:47,800 --> 00:10:51,240 Speaker 1: sixteen the last nineteen, and tough about not getting any easier. 196 00:10:51,280 --> 00:10:54,200 Speaker 1: Knicks Tonight in Phoenix, the Suns are fifty and twelve, 197 00:10:54,280 --> 00:10:57,120 Speaker 1: best record in the NBA U B s Areena Islanders 198 00:10:57,120 --> 00:10:59,760 Speaker 1: at a third period lead Vancouver two goals forty five 199 00:11:00,000 --> 00:11:02,280 Speaker 1: through the part. Midway through the third, the Canucks won 200 00:11:02,360 --> 00:11:04,000 Speaker 1: four to three, so they went two and one on 201 00:11:04,040 --> 00:11:06,440 Speaker 1: their tour of the three New York area teams. The 202 00:11:06,480 --> 00:11:08,760 Speaker 1: Isles of Now Lost Peak for the last eleven College 203 00:11:08,800 --> 00:11:12,400 Speaker 1: Oake Verre loss for Iona in Riverdale Manhattan Sport for 204 00:11:12,480 --> 00:11:15,600 Speaker 1: the second left one by two. Iona has dominated the 205 00:11:15,679 --> 00:11:18,559 Speaker 1: MAC but means to win the upcoming proference turnament to 206 00:11:18,600 --> 00:11:20,599 Speaker 1: gain entry to the n C Double A. It's the 207 00:11:20,600 --> 00:11:24,240 Speaker 1: big college basketball story is the game tomorrow North Carolina 208 00:11:24,360 --> 00:11:27,280 Speaker 1: at Duke, the final home game for Duke's legendary coach, 209 00:11:27,400 --> 00:11:29,840 Speaker 1: Mike Just. Yes, I've tried never to look in the 210 00:11:29,920 --> 00:11:36,520 Speaker 1: past too much or in the future, but you know 211 00:11:36,640 --> 00:11:41,719 Speaker 1: a little bit of thinking yesterday your last game in 212 00:11:41,880 --> 00:11:46,480 Speaker 1: camera right, it's Crazy's coach to Duke for forty two years. 213 00:11:46,559 --> 00:11:50,800 Speaker 1: John Stash Award Bloomberg Sports. Thanks John SMP. Future is 214 00:11:50,840 --> 00:11:53,080 Speaker 1: down to down thirty two points. Staff futures down two 215 00:11:53,440 --> 00:11:55,840 Speaker 1: sixty one, nest Act futures on the decline by a 216 00:11:55,920 --> 00:11:59,600 Speaker 1: hundred two points. Continued, Treasury now up seventeen thirty seconds. 217 00:11:59,840 --> 00:12:03,320 Speaker 1: You at one point seven. You're listening to Bloomberg day 218 00:12:03,360 --> 00:12:10,320 Speaker 1: Break Blomber eleven three oh weather, sunshine, upper thirties today 219 00:12:10,320 --> 00:12:13,280 Speaker 1: will be in the upper forties, turning cloudy tomorrow, scattered showers, 220 00:12:13,320 --> 00:12:15,880 Speaker 1: breezy and mild for Sunday, with a high near sixty 221 00:12:15,960 --> 00:12:22,520 Speaker 1: five degrees. Right now, it's twenty one in Central Park markets. 222 00:12:22,600 --> 00:12:25,600 Speaker 1: Headlines and breaking news twenty four hours a day at 223 00:12:25,720 --> 00:12:29,079 Speaker 1: Bloomberg dot com, The Bloomberg Business at and at Bloomberg 224 00:12:29,160 --> 00:12:39,040 Speaker 1: Quicktape is a Bloomberg Business clash, and I'm Karen Monstown. 225 00:12:39,160 --> 00:12:43,479 Speaker 1: US Dock Index futures are lower as war risks intensify 226 00:12:43,640 --> 00:12:47,200 Speaker 1: after a Ukrainian nuclear power plant briefly caught fire. We 227 00:12:47,280 --> 00:12:49,600 Speaker 1: checked the markets every fifteen minutes throughout the trading day. 228 00:12:50,080 --> 00:12:52,400 Speaker 1: On Bloomberg S and P Future is down thirty four 229 00:12:52,440 --> 00:12:55,760 Speaker 1: points down Future is down two sixty three and nowsdays 230 00:12:55,800 --> 00:12:59,000 Speaker 1: futures down at nine seven. The decks in Germany is 231 00:12:59,040 --> 00:13:01,679 Speaker 1: down three and a quarter percent, and your treasury of 232 00:13:01,760 --> 00:13:04,280 Speaker 1: sixteen thirty seconds, he had one point seven eight percent. 233 00:13:04,320 --> 00:13:06,800 Speaker 1: The yield on the two year one point four nine percent. 234 00:13:07,280 --> 00:13:09,960 Speaker 1: Nimex S crude oil is up one point nine percent 235 00:13:10,040 --> 00:13:12,400 Speaker 1: of two dollars twenty five cents at a hundred nine 236 00:13:12,440 --> 00:13:15,360 Speaker 1: dollars two cents of barrel. Comic School is up six 237 00:13:15,400 --> 00:13:17,800 Speaker 1: tents per cent or eleven dollars fifty cents at nineteen 238 00:13:17,840 --> 00:13:21,200 Speaker 1: forty seven forty announced, the euro one point one zero 239 00:13:21,280 --> 00:13:23,719 Speaker 1: one three against the dollar, British found one point three 240 00:13:23,800 --> 00:13:26,160 Speaker 1: three oh five the yen at one fifteen point four 241 00:13:26,320 --> 00:13:29,520 Speaker 1: three Bitcoin this morning moving lower down more than one 242 00:13:29,600 --> 00:13:32,800 Speaker 1: percent at forty one thousand, six hundred forty dollars. And 243 00:13:32,880 --> 00:13:35,400 Speaker 1: we are today watching for the February jobs report at 244 00:13:35,400 --> 00:13:38,720 Speaker 1: an eight thirty Wall Street time. That's a Bloomberg business flash. 245 00:13:38,800 --> 00:13:41,040 Speaker 1: Now here's Michael bar with more on what's going on 246 00:13:41,080 --> 00:13:43,920 Speaker 1: around the world. Munchale, Good morning, Good morning, Karen. More 247 00:13:43,920 --> 00:13:46,880 Speaker 1: On that fire you mentioned, Ukrainian authorities say a fire 248 00:13:46,960 --> 00:13:51,160 Speaker 1: at Europe's biggest nuclear planned ignited by Russian shelling, has 249 00:13:51,200 --> 00:13:54,400 Speaker 1: been extinguished in that Russian forces have taken control of 250 00:13:54,440 --> 00:13:58,760 Speaker 1: the site. Ukraine's state nuclear regulators says no changes in 251 00:13:58,880 --> 00:14:02,920 Speaker 1: radiation levels have been recorded so far. Donald Trump Junior's 252 00:14:02,960 --> 00:14:06,720 Speaker 1: fiance has been subpoena to testify before the House January 253 00:14:06,760 --> 00:14:11,079 Speaker 1: sixth Committee. The subpoenas says Kimberly Gilfoyle met with Donald 254 00:14:11,080 --> 00:14:13,840 Speaker 1: Trump at the White House, spoke at the rally before 255 00:14:13,920 --> 00:14:17,640 Speaker 1: the January sixth Riot and helped organize and raise money 256 00:14:17,640 --> 00:14:21,240 Speaker 1: for the event. In the NBA, the Nets and Warriors lost, 257 00:14:21,240 --> 00:14:24,440 Speaker 1: the Celtics won. In the NHL, the Islanders lost, the 258 00:14:24,480 --> 00:14:27,560 Speaker 1: Bruins and Capitals won. Global News twenty four hours a 259 00:14:27,640 --> 00:14:30,120 Speaker 1: day on air and on Bloomberg Quick Take, powered by 260 00:14:30,120 --> 00:14:32,960 Speaker 1: more than twenty seven under journalists and analysts more than 261 00:14:33,000 --> 00:14:37,400 Speaker 1: a twenty countries. Michael mar This is Bloomberg, Nathan, Michael. Thanks, 262 00:14:37,400 --> 00:14:39,960 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 263 00:14:40,000 --> 00:14:43,600 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and Bloomberg News. 264 00:14:43,600 --> 00:14:47,400 Speaker 1: Executive Editor for International Government. Rosalind Matheson is back with 265 00:14:47,480 --> 00:14:50,200 Speaker 1: us this morning on the latest developments in Ukraine, not 266 00:14:50,280 --> 00:14:52,720 Speaker 1: the least of which, of course, is Russian forces now 267 00:14:52,760 --> 00:14:56,680 Speaker 1: occupying the largest nuclear power plant in Europe after bringing 268 00:14:56,720 --> 00:14:59,960 Speaker 1: it under pretty heavy fire overnight. Rosalind, what's the latest. 269 00:15:01,280 --> 00:15:03,560 Speaker 1: The latest is that there was a brief fire at 270 00:15:03,600 --> 00:15:07,600 Speaker 1: a training center in the vicinity of this plant overnight, 271 00:15:07,680 --> 00:15:10,360 Speaker 1: after what Ukraine and the i a e A says, 272 00:15:10,360 --> 00:15:15,080 Speaker 1: with shelling by Russian forces. That fire, thankfully has been extinguished. 273 00:15:15,080 --> 00:15:18,000 Speaker 1: There's no sign of any radiation damage or leak and 274 00:15:18,040 --> 00:15:21,000 Speaker 1: no injuries in that. But certainly when you have this 275 00:15:21,200 --> 00:15:26,880 Speaker 1: kind of shelling occurring in such proximity to nuclear power assets, 276 00:15:26,920 --> 00:15:29,600 Speaker 1: it has to raise concern and you can see that 277 00:15:29,680 --> 00:15:33,720 Speaker 1: in the comments from European officials and others this morning. 278 00:15:34,080 --> 00:15:37,400 Speaker 1: You can see in the comments from the US President overnight, 279 00:15:37,440 --> 00:15:40,400 Speaker 1: just the concern about where this conflict is going and 280 00:15:40,480 --> 00:15:43,640 Speaker 1: just how much risk is coming in that something happens 281 00:15:43,680 --> 00:15:48,240 Speaker 1: that takes this conflict well outside Ukraine's own borders. Yeah, 282 00:15:48,240 --> 00:15:51,080 Speaker 1: we heard the alarm from the Foreign Minister of Ukraine, 283 00:15:51,160 --> 00:15:55,800 Speaker 1: Dmitri Kuebo, saying that a explosion at this particular plant 284 00:15:55,840 --> 00:15:58,760 Speaker 1: would be ten times larger than Chernobyl, and of course 285 00:15:58,840 --> 00:16:02,520 Speaker 1: we saw the active around the Chernobyl plant as well. 286 00:16:02,600 --> 00:16:05,840 Speaker 1: What could this say about this phase of the war, now, 287 00:16:05,960 --> 00:16:10,280 Speaker 1: what Russia could be planning. Well, certainly it suggests that 288 00:16:10,320 --> 00:16:14,040 Speaker 1: at least, at the very least, there's indiscriminate shelling going on. 289 00:16:14,200 --> 00:16:17,080 Speaker 1: In a conflict, you do get these kind of incidents 290 00:16:17,080 --> 00:16:20,520 Speaker 1: where stuff happens that perhaps is unintended, But similarly, they 291 00:16:20,520 --> 00:16:23,320 Speaker 1: do know what this area contains, which is this enormous 292 00:16:23,400 --> 00:16:26,480 Speaker 1: nuclear power plant, and their efforts to take control of it. 293 00:16:26,480 --> 00:16:30,240 Speaker 1: It's possible that the shelling occurred in a way. It 294 00:16:30,320 --> 00:16:34,800 Speaker 1: suggests again the desperate efforts by Russian troops to make 295 00:16:34,920 --> 00:16:37,880 Speaker 1: up some ground here after being bogged down at least 296 00:16:37,880 --> 00:16:40,560 Speaker 1: in the northern part of the country for days, and 297 00:16:40,600 --> 00:16:43,400 Speaker 1: the tactics that they're resorting to to do so. It 298 00:16:43,440 --> 00:16:46,120 Speaker 1: just fits the pattern of a real heightening of the 299 00:16:46,160 --> 00:16:48,880 Speaker 1: aerial bombardment that's been going on on key cit s 300 00:16:48,960 --> 00:16:51,360 Speaker 1: across the country now for a couple of days. A 301 00:16:51,440 --> 00:16:54,920 Speaker 1: number of Ukrainian officials, including the Energy Minister of Ukraine 302 00:16:54,920 --> 00:16:59,160 Speaker 1: who spoke to Bloomberg Television overnight or reiterating their calls 303 00:16:59,720 --> 00:17:02,360 Speaker 1: for a no fly zone to be set up. Is 304 00:17:02,400 --> 00:17:05,959 Speaker 1: that something that's on the table for the US and NATO, 305 00:17:06,080 --> 00:17:09,520 Speaker 1: the idea of a no fly zone, Uh not at 306 00:17:09,520 --> 00:17:12,240 Speaker 1: this stage. No NATO ministers meeting in Brussels to have 307 00:17:12,320 --> 00:17:14,720 Speaker 1: made it very clear that that's not something that they 308 00:17:14,720 --> 00:17:19,600 Speaker 1: could entertain, despite those pleas from the Ukrainian government, including 309 00:17:19,920 --> 00:17:22,360 Speaker 1: the president. That's because what happens in a no fly 310 00:17:22,560 --> 00:17:25,000 Speaker 1: zone trying to police that airspace is you would have 311 00:17:25,119 --> 00:17:29,320 Speaker 1: NATO aircraft confronting Russian aircraft to try and keep them 312 00:17:29,320 --> 00:17:31,320 Speaker 1: out of that area, and that means you have a 313 00:17:31,320 --> 00:17:35,800 Speaker 1: scenario where NATO planes are firing on Russian aircraft, and 314 00:17:35,880 --> 00:17:38,159 Speaker 1: that means the conflict has gone from being Russia and 315 00:17:38,280 --> 00:17:42,320 Speaker 1: Ukraine and being Russia and Europe as a whole, including NATO, 316 00:17:42,520 --> 00:17:45,480 Speaker 1: including the US, and that's not something that they say 317 00:17:45,520 --> 00:17:48,359 Speaker 1: that they can entertain at this point in time. Also, 318 00:17:48,400 --> 00:17:52,280 Speaker 1: the Russian aircraft capacity inside Ukraine is pretty intense at 319 00:17:52,320 --> 00:17:54,919 Speaker 1: the moment, so actually a wait, it's questions whether they 320 00:17:54,960 --> 00:17:57,399 Speaker 1: could even enforce it if they wanted to because of 321 00:17:57,520 --> 00:18:01,000 Speaker 1: the superiority of the Russian air force in that area. 322 00:18:01,040 --> 00:18:03,399 Speaker 1: But right now, very clear messaging from NATO that this 323 00:18:03,520 --> 00:18:05,560 Speaker 1: is not something that they can do. Well, what are 324 00:18:05,560 --> 00:18:07,840 Speaker 1: we expecting to come out on the diplomatic front? You 325 00:18:07,880 --> 00:18:11,680 Speaker 1: mentioned NATO ministers meeting Secretary of State Antony Blinken as well. 326 00:18:11,840 --> 00:18:14,919 Speaker 1: Is in Brussels. We had those second rounds of talks 327 00:18:15,040 --> 00:18:18,879 Speaker 1: yesterday between Ukrainian and Russian diplomats. What if anything is 328 00:18:18,920 --> 00:18:22,000 Speaker 1: coming out of all this? Very little at this point 329 00:18:22,080 --> 00:18:24,840 Speaker 1: from the diplomatic side. At least, there were that second 330 00:18:24,920 --> 00:18:28,400 Speaker 1: round of talks between officials from Russia and Ukraine yesterday. 331 00:18:28,440 --> 00:18:31,240 Speaker 1: They said there was some progress and quote marks towards 332 00:18:31,240 --> 00:18:36,640 Speaker 1: agreeing a potential humanitarian corridor for Ukrainians to leave the country, 333 00:18:36,640 --> 00:18:40,200 Speaker 1: but nothing tangible, no promise, and certainly no details yet 334 00:18:40,200 --> 00:18:42,439 Speaker 1: on whether another when the next round of talks on 335 00:18:42,480 --> 00:18:46,520 Speaker 1: that might even happen. The diplomatic front is really focused 336 00:18:46,520 --> 00:18:50,000 Speaker 1: around condemnation at this point. The hard stuff is coming 337 00:18:50,080 --> 00:18:53,399 Speaker 1: from the sanctions and penalties aimed at the Russian economy 338 00:18:53,800 --> 00:18:56,679 Speaker 1: and its senior leaders, and there's more expected on that 339 00:18:56,760 --> 00:18:59,320 Speaker 1: front in the next couple of days. Our last thirty 340 00:18:59,400 --> 00:19:02,280 Speaker 1: seconds here we're seeing any signs of off ramps for 341 00:19:02,400 --> 00:19:04,640 Speaker 1: Russia coming out of the sanctions that have been imposed 342 00:19:04,680 --> 00:19:07,639 Speaker 1: so far, not at this stage, and in fact some 343 00:19:07,680 --> 00:19:10,119 Speaker 1: of these sanctions won't even take effect for weeks or 344 00:19:10,200 --> 00:19:13,359 Speaker 1: months on certain parts of the economy, and so the 345 00:19:13,400 --> 00:19:16,439 Speaker 1: effect of it won't be felt yet, despite the the 346 00:19:16,480 --> 00:19:18,320 Speaker 1: uneas and the panty you can see on the ground 347 00:19:18,320 --> 00:19:22,159 Speaker 1: amongst ordinary consumers in Russia. So the pressure point from 348 00:19:22,200 --> 00:19:23,879 Speaker 1: that is yet to come, and that might give the 349 00:19:23,960 --> 00:19:27,480 Speaker 1: Russian presidents and breathing space. Thanks as always and for 350 00:19:27,560 --> 00:19:30,960 Speaker 1: the help throughout this very difficult week. Roslyn Mathis and 351 00:19:30,960 --> 00:19:34,000 Speaker 1: our executive editor for International Government for Bloomberg News, keeping 352 00:19:34,040 --> 00:19:36,159 Speaker 1: us on top of what's happening in the war in 353 00:19:36,280 --> 00:19:39,160 Speaker 1: Ukraine now into a ninth day, and near Russian forces 354 00:19:39,480 --> 00:19:43,919 Speaker 1: now occupying the largest nuclear power plant in Europe in 355 00:19:44,160 --> 00:19:47,600 Speaker 1: southeastern Ukraine. Right now, SMP futures are down twenty six 356 00:19:47,680 --> 00:19:50,359 Speaker 1: points down. Futures are down two under ten NANASAC futures 357 00:19:50,359 --> 00:19:54,439 Speaker 1: are lower by seventy points up Ahead, commodities wrap up 358 00:19:54,440 --> 00:19:56,560 Speaker 1: an extremely vaulted a week, and we look ahead to 359 00:19:56,680 --> 00:20:00,719 Speaker 1: February jobs. As we check your top stories of the morning. 360 00:20:00,760 --> 00:20:08,880 Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather 361 00:20:08,960 --> 00:20:11,960 Speaker 1: mostly sunny, upper thirties today, It'll turn cloudy to start 362 00:20:12,000 --> 00:20:14,240 Speaker 1: the weekend. Tomorrow's high in the upper forties will have 363 00:20:14,320 --> 00:20:16,560 Speaker 1: scattered showers, a breeze, and a high in the mid 364 00:20:16,680 --> 00:20:23,000 Speaker 1: sixties by Sunday. Right now one in Central Park, broadcasting 365 00:20:23,080 --> 00:20:26,800 Speaker 1: live from the Bloomberg Interactive Broker Studio in New York. 366 00:20:26,920 --> 00:20:30,720 Speaker 1: Bloomberg e Living Freedom to Washington, d C, Bloomberg on 367 00:20:30,960 --> 00:20:34,200 Speaker 1: to Boston, Bloomberg one oh six one to San Francisco, 368 00:20:34,280 --> 00:20:38,399 Speaker 1: Bloomberg sixty to the Country, Sirius XM chand one and 369 00:20:38,520 --> 00:20:42,840 Speaker 1: around the Globe, the Bloomberg Business and Bloomberg Radio dot Com. 370 00:20:42,840 --> 00:20:51,720 Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street. 371 00:20:51,720 --> 00:20:55,040 Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow. We're 372 00:20:55,080 --> 00:20:58,240 Speaker 1: just about four hours away from the open of US trading. 373 00:20:58,320 --> 00:20:59,720 Speaker 1: Let's get you have to date in the news. You 374 00:20:59,760 --> 00:21:02,440 Speaker 1: need to know at this hour. Russia is now occupying 375 00:21:02,480 --> 00:21:05,960 Speaker 1: the largest nuclear signed in Europe. Overnight, Shelling started a 376 00:21:06,080 --> 00:21:10,200 Speaker 1: fire at this up areas a nuclear plant. Ukrainian Energy 377 00:21:10,240 --> 00:21:14,320 Speaker 1: Minister Herman Halashenko tells us this raises the stakes in 378 00:21:14,359 --> 00:21:18,440 Speaker 1: the war. One example of the brigia could be repeated 379 00:21:18,600 --> 00:21:23,199 Speaker 1: in in Uh, in the other stations, on the other units. 380 00:21:23,280 --> 00:21:26,520 Speaker 1: And and that's why we ask for clothing the sky. 381 00:21:26,640 --> 00:21:30,520 Speaker 1: We we don't see any other possibilities. Herman Helloshenko spoke 382 00:21:30,560 --> 00:21:33,720 Speaker 1: on Bloomberg Television. The US Energy Department says it's activated 383 00:21:33,720 --> 00:21:36,720 Speaker 1: it's nuclear Incident Response team, but right now it doesn't 384 00:21:36,720 --> 00:21:40,600 Speaker 1: see elevated radiation levels. The US futures and stocks overseas 385 00:21:40,640 --> 00:21:44,120 Speaker 1: Karen are falling as the war escalates. SMP futures are 386 00:21:44,160 --> 00:21:47,800 Speaker 1: down about a half percent right now. Major European averages 387 00:21:47,840 --> 00:21:51,240 Speaker 1: and stocks in Asia are down between two and three percent, 388 00:21:51,800 --> 00:21:55,080 Speaker 1: and commodities are wrapping up historic week Nathan as Russia's 389 00:21:55,119 --> 00:21:57,960 Speaker 1: invasion of Ukraine royals markets. Let's get the latest line 390 00:21:57,960 --> 00:22:01,040 Speaker 1: from Bloomberg's or need a Young, Good morning, Ready, good morning, Karen's. 391 00:22:01,040 --> 00:22:04,840 Speaker 1: Soaring commodities prices from crude to aluminum and wheat are 392 00:22:04,920 --> 00:22:09,720 Speaker 1: adding to hot inflationary pressures. That's hurting consumers and fueling 393 00:22:09,760 --> 00:22:13,480 Speaker 1: concerns over an economic slowdown. Oil is heading for its 394 00:22:13,480 --> 00:22:17,040 Speaker 1: biggest weekly surgeon almost two years. Brent crude which is 395 00:22:17,080 --> 00:22:20,560 Speaker 1: almost it almost hit a hundred twenty dollars yesterday. It's 396 00:22:20,600 --> 00:22:23,320 Speaker 1: trading right now at just over a hundred twelve dollars 397 00:22:23,320 --> 00:22:27,040 Speaker 1: of barrel. Prices for wheat, aluminum, nickel, and crude are 398 00:22:27,040 --> 00:22:30,199 Speaker 1: all expected to continue rising. And it all comes as 399 00:22:30,240 --> 00:22:34,240 Speaker 1: many raw materials are facing low stockpiles. Live in New York. 400 00:22:34,280 --> 00:22:37,440 Speaker 1: I'm Renita Young, Bloomberg daybreak, All right, we need to thanks. 401 00:22:37,480 --> 00:22:40,359 Speaker 1: Investors are also bracing for the February jobs report. We 402 00:22:40,400 --> 00:22:43,640 Speaker 1: get a preview from Bloomberg's Viney del Junie. US payable 403 00:22:43,720 --> 00:22:47,040 Speaker 1: growth probably top four hundred thousand in February. That would 404 00:22:47,080 --> 00:22:49,760 Speaker 1: follow a solid January day and a four hundred sixty 405 00:22:49,800 --> 00:22:53,159 Speaker 1: seven thousand. Bloomberg Economics is workers have been sentive to 406 00:22:53,240 --> 00:22:56,480 Speaker 1: return after the pandemic, citing rising wages as well as 407 00:22:56,480 --> 00:23:00,480 Speaker 1: the end of emergency assistance. Labor shortages percessed, and the 408 00:23:00,560 --> 00:23:03,400 Speaker 1: number of workers collecting unemployment funefits is at a half 409 00:23:03,440 --> 00:23:07,240 Speaker 1: century low. Finny del Judae Spoomberg Daybreak, Hey Vinny, thank you. 410 00:23:07,320 --> 00:23:09,760 Speaker 1: Turning to stunks on the move. Shares of Smith and 411 00:23:09,840 --> 00:23:13,240 Speaker 1: Weston down almost twenty percent this morning. The gunmaker's third 412 00:23:13,320 --> 00:23:16,080 Speaker 1: quarters sales of missed estimates and gap is up more 413 00:23:16,119 --> 00:23:19,600 Speaker 1: than seven percent. The retailer gave an optimistic projection for 414 00:23:19,680 --> 00:23:23,320 Speaker 1: the current year. Futures are lower this morning. SMP futures 415 00:23:23,359 --> 00:23:26,120 Speaker 1: down twenty five points down, futures down two hundred six 416 00:23:26,240 --> 00:23:30,520 Speaker 1: NASDAG futures down sixty three. Straight ahead your latest local 417 00:23:30,560 --> 00:23:39,120 Speaker 1: headlines plus a check of sports, and this is Bloomberge 418 00:23:39,160 --> 00:23:41,720 Speaker 1: on Wall Street twenty one degrees in Central Park, still 419 00:23:41,720 --> 00:23:44,000 Speaker 1: dealing with a car fire and FDR drive at North 420 00:23:44,000 --> 00:23:46,399 Speaker 1: Found at seventy one Street. Michael Barr is here with 421 00:23:46,480 --> 00:23:48,320 Speaker 1: more on what's going on in New York and around 422 00:23:48,320 --> 00:23:51,440 Speaker 1: the world. Michael Nathan, thank you, sir. An important milestone 423 00:23:51,520 --> 00:23:54,760 Speaker 1: in New York City's progress against COVID nineteen could soon 424 00:23:54,840 --> 00:23:59,120 Speaker 1: arrive when Mayor Eric Adams lifts mask mandates and schools 425 00:23:59,160 --> 00:24:03,240 Speaker 1: and vaccination requirements in restaurants, bars, and theaters. The Mayor 426 00:24:03,359 --> 00:24:05,879 Speaker 1: says the decision could come as soon as today, a 427 00:24:05,960 --> 00:24:08,439 Speaker 1: long awaited development of a city that was once the 428 00:24:08,480 --> 00:24:13,800 Speaker 1: epicenter of a deadly pandemic. While infections, hospitalizations, and deaths continue, 429 00:24:14,040 --> 00:24:16,240 Speaker 1: the move by atoms could signal a turning point in 430 00:24:16,280 --> 00:24:19,639 Speaker 1: the pandemic by firmly shifting the focus on recovery and 431 00:24:19,640 --> 00:24:23,760 Speaker 1: a return to normalcy. Outraged by the invasion of Ukraine, 432 00:24:23,800 --> 00:24:27,520 Speaker 1: lawmakers in New Jersey's largest city lashed out at symbols 433 00:24:27,600 --> 00:24:30,520 Speaker 1: of Russia in their city, a pair of Luke Oil 434 00:24:30,600 --> 00:24:34,960 Speaker 1: gas stations. The Newark City Council voted unanimously to suspend 435 00:24:35,000 --> 00:24:40,280 Speaker 1: the service stations operating licenses, citing Louke Oil's base in Moscow. However, 436 00:24:40,359 --> 00:24:44,320 Speaker 1: the stations are franchises owned by locals, not Russians, and 437 00:24:44,359 --> 00:24:48,120 Speaker 1: they employ mostly New Jersey residents. President Byiten has signed 438 00:24:48,119 --> 00:24:51,959 Speaker 1: a law preventing companies from forcing sexual assault or harassment 439 00:24:52,040 --> 00:24:56,200 Speaker 1: victims into secret arbitration and settlements. Between half and three 440 00:24:56,240 --> 00:24:58,880 Speaker 1: quarters Wall women reports that they have faced some form 441 00:24:58,920 --> 00:25:02,920 Speaker 1: of sexual harassment workplace and too often to denied a 442 00:25:03,040 --> 00:25:05,800 Speaker 1: voice from the fair chance to do anything about. Vice 443 00:25:05,840 --> 00:25:08,960 Speaker 1: President Kamala Harris also made the announcement with the President 444 00:25:09,359 --> 00:25:14,640 Speaker 1: for st arbitration silences survivors a sexual assault and harassment. 445 00:25:15,240 --> 00:25:19,399 Speaker 1: It's shields predators instead of holding them accountable, and gives 446 00:25:19,440 --> 00:25:24,960 Speaker 1: corporations a powerful tool to hide abuse and misconduct. Harris 447 00:25:24,960 --> 00:25:27,680 Speaker 1: and President Biden praised both parties for ending the right 448 00:25:27,760 --> 00:25:31,119 Speaker 1: for companies to require workers to sign agreements that force 449 00:25:31,320 --> 00:25:35,159 Speaker 1: and out of court sexual harassment supplement. Governor Phil Murphy 450 00:25:35,200 --> 00:25:38,080 Speaker 1: is including property tax relief checks in the annual spending 451 00:25:38,080 --> 00:25:41,359 Speaker 1: plan he will introduce next week with an average seven 452 00:25:41,440 --> 00:25:44,800 Speaker 1: hundred dollars plan for New Jersey homeowners making as much 453 00:25:44,800 --> 00:25:48,200 Speaker 1: as two hundred fifty dollars a year. Global News twenty 454 00:25:48,240 --> 00:25:50,960 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 455 00:25:51,200 --> 00:25:54,199 Speaker 1: powered by more than hundred journalists and analysts more than 456 00:25:54,240 --> 00:25:57,399 Speaker 1: a hundred twenty countries. Michael bar this is Bloomberg, ain't it? 457 00:25:57,520 --> 00:26:05,320 Speaker 1: Thanks Michael on Wall Street time for the Bloomberg Sports Update. 458 00:26:05,359 --> 00:26:07,760 Speaker 1: With John stands all right, Nathan Nixon. Nets have the 459 00:26:07,840 --> 00:26:11,600 Speaker 1: exact same record over the last nineteen games, and it's 460 00:26:11,640 --> 00:26:14,720 Speaker 1: not good. Three and sixteen Nets for the most part 461 00:26:14,760 --> 00:26:17,120 Speaker 1: because of the Kevin Duran injury. He returned last night 462 00:26:17,119 --> 00:26:19,960 Speaker 1: at Quarkley is his first game in forty seven days. 463 00:26:20,080 --> 00:26:22,840 Speaker 1: Nets still lost to Miami one one oh seven k 464 00:26:23,040 --> 00:26:26,560 Speaker 1: d s thirty one point. I feel gray, I'm only 465 00:26:26,600 --> 00:26:31,879 Speaker 1: gonna get better, more comfortable out there, um, you know, 466 00:26:32,240 --> 00:26:35,280 Speaker 1: take more of the load out there to posts when 467 00:26:35,280 --> 00:26:38,280 Speaker 1: I get um, when I get you know, more games 468 00:26:38,280 --> 00:26:43,199 Speaker 1: on them my boat so um Nets visit Boston Sunday 469 00:26:43,200 --> 00:26:45,200 Speaker 1: and under the lost drops them under five hundred. Nicks 470 00:26:45,200 --> 00:26:47,880 Speaker 1: are in Phoenix tonight. Suns are fifty and twelve. That's 471 00:26:47,960 --> 00:26:50,239 Speaker 1: twenty three games ahead of the Lakers have just got 472 00:26:50,280 --> 00:26:52,880 Speaker 1: blown out by the Clippers. Dallas Beats slumping Golden Spain 473 00:26:52,960 --> 00:26:56,200 Speaker 1: look at Johnson forty one points near triple double. Warders 474 00:26:56,200 --> 00:26:58,359 Speaker 1: have lost five the last six. The Islanders have lost 475 00:26:58,359 --> 00:27:01,120 Speaker 1: eight of eleven, meeting at home by Vancouver four to three. 476 00:27:01,160 --> 00:27:05,439 Speaker 1: College troops. Manhattan upset Iona Duke Coast North Carolina tomorrow. 477 00:27:05,440 --> 00:27:08,600 Speaker 1: Over forty two years, Mike Schefski has coast over two 478 00:27:08,680 --> 00:27:11,720 Speaker 1: hundred players. They have all been invited back for coach 479 00:27:11,800 --> 00:27:14,880 Speaker 1: K's final home team. The NFL says no more COVID 480 00:27:14,920 --> 00:27:20,639 Speaker 1: protocols for we like twenty nineteen, starting with off season activities. 481 00:27:20,680 --> 00:27:24,080 Speaker 1: France has eased its vaccine rules that may allow Novak 482 00:27:24,119 --> 00:27:27,600 Speaker 1: Djokovis to play the French Open Glory. McElroy enjoys playing 483 00:27:27,600 --> 00:27:29,880 Speaker 1: bay Hill. He's finished the top ten five straight years. 484 00:27:30,119 --> 00:27:33,280 Speaker 1: In opening round seven under par sixty five, McElroy has 485 00:27:33,280 --> 00:27:37,639 Speaker 1: a two shots Bloomberg Sports NAT thanks Sjohn. It's thirty 486 00:27:37,680 --> 00:27:40,119 Speaker 1: seven on Wall Street time for the Tri State Business Report. 487 00:27:40,200 --> 00:27:43,520 Speaker 1: Here's Bloomberg said. Corey Amazon dot Com workers at his 488 00:27:43,640 --> 00:27:46,480 Speaker 1: second facility in New York have won approval for a 489 00:27:46,600 --> 00:27:50,880 Speaker 1: union election. The Amazon labor unions gathered enough signatures from 490 00:27:50,920 --> 00:27:53,840 Speaker 1: workers at the l d J five warehouse in Staten 491 00:27:53,840 --> 00:27:56,600 Speaker 1: Island to proceed with a vote. According to a National 492 00:27:56,680 --> 00:28:00,480 Speaker 1: Labor Relations Boards spokesperson, workers at the Manhattan location of 493 00:28:00,520 --> 00:28:04,000 Speaker 1: Outdoor Sporting Goods chain are EI voted to joining union 494 00:28:04,440 --> 00:28:08,320 Speaker 1: first for that company, buying eight six percent majority. Employees 495 00:28:08,400 --> 00:28:11,480 Speaker 1: voted to join the retail wholesale and department store union. 496 00:28:12,040 --> 00:28:15,040 Speaker 1: The r EI union follows employees at a handful of 497 00:28:15,040 --> 00:28:19,200 Speaker 1: stores owned by Starbucks. Governor Phil Murphy is including property 498 00:28:19,280 --> 00:28:22,480 Speaker 1: tax relief checks and the annual spending plan he'll introduce 499 00:28:22,560 --> 00:28:25,280 Speaker 1: next week, with an average of seven hundred bucks planned 500 00:28:25,320 --> 00:28:28,000 Speaker 1: for New Jersey homeowners making up to two hundred fifty 501 00:28:28,040 --> 00:28:31,520 Speaker 1: thousand dollars. Renters would get about two hundred and fifty bucks. 502 00:28:31,840 --> 00:28:35,000 Speaker 1: Murphy's proposal would apply to one point eight million residents. 503 00:28:35,440 --> 00:28:38,800 Speaker 1: That your Bloomberg Try State Business Report. I'm d Corey. 504 00:28:39,000 --> 00:28:41,240 Speaker 1: Thanks that it's five thirty eight on Wall Street. Bloomberg 505 00:28:41,320 --> 00:28:43,680 Speaker 1: Radio is on the air from San Francisco to New York, 506 00:28:43,720 --> 00:28:46,080 Speaker 1: London to Hong Kong. Let's check in with our global 507 00:28:46,080 --> 00:28:47,920 Speaker 1: news team for some of the top stories heard on 508 00:28:47,960 --> 00:28:53,400 Speaker 1: our three hundred affiliate radio stations around the world. I'm 509 00:28:53,480 --> 00:28:56,680 Speaker 1: John Tucker for Sensen Wins in New York recording parts 510 00:28:56,680 --> 00:29:00,440 Speaker 1: of Wall Street are still buying Russian assets. I'm Cornets 511 00:29:00,440 --> 00:29:02,160 Speaker 1: on a hole on t g R H in Houston. 512 00:29:02,280 --> 00:29:05,040 Speaker 1: Workers are getting paid time off even before starting a 513 00:29:05,080 --> 00:29:07,280 Speaker 1: new job. I'm Caroline head Killed bloom B A D 514 00:29:07,360 --> 00:29:10,080 Speaker 1: A B Disital Radio in London after and ask no 515 00:29:10,280 --> 00:29:15,160 Speaker 1: questions property market UK finally moves to improve ownership disclosure 516 00:29:15,480 --> 00:29:18,600 Speaker 1: with the reality of a Russian war. I made cory 517 00:29:18,680 --> 00:29:22,280 Speaker 1: on w w J in Detroit. I'm reporting automaker shares 518 00:29:22,320 --> 00:29:26,280 Speaker 1: fell Thursday on worries about supply chains and Ukraine. And 519 00:29:26,400 --> 00:29:29,480 Speaker 1: those are some of the stories our hundred Bloomberg journalists 520 00:29:29,480 --> 00:29:31,680 Speaker 1: and analysts are working on this morning around the world. 521 00:29:31,720 --> 00:29:34,840 Speaker 1: It's just before thirty nine on Wall Street. The following 522 00:29:34,920 --> 00:29:39,320 Speaker 1: is an editorial from Bloomberg Opinion. This editorial was written 523 00:29:39,320 --> 00:29:43,960 Speaker 1: by the Bloomberg Editorial Board. American lawmakers aren't tasked with 524 00:29:44,000 --> 00:29:49,000 Speaker 1: addressing tough issues such as climate change and guns, but recently, 525 00:29:49,040 --> 00:29:52,680 Speaker 1: both Democrats and Republicans have been trying to pressure banks 526 00:29:52,960 --> 00:29:57,200 Speaker 1: into doing the job of affecting social and environmental policy 527 00:29:57,440 --> 00:30:00,640 Speaker 1: for them. For example, some Democrats of propos was breaking 528 00:30:00,680 --> 00:30:03,800 Speaker 1: up banks that failed to cut their lending to fossil 529 00:30:03,920 --> 00:30:09,160 Speaker 1: fuel companies. Meanwhile, Texas recently passed a law denying municipal 530 00:30:09,240 --> 00:30:13,880 Speaker 1: bond deals to banks that officials deemed to be boycotting gunmakers. 531 00:30:14,360 --> 00:30:17,120 Speaker 1: Other states are looking to punish lenders that they believe 532 00:30:17,320 --> 00:30:22,280 Speaker 1: discriminate against oil and gas businesses in polarized times. It's 533 00:30:22,320 --> 00:30:26,640 Speaker 1: a model that seems likely to spread and to backfire. 534 00:30:27,120 --> 00:30:32,120 Speaker 1: Using banks as a political bludgeon will not further anyone's goals. Instead, 535 00:30:32,320 --> 00:30:35,560 Speaker 1: lawmakers should be addressing the issues head on, that is, 536 00:30:35,680 --> 00:30:40,880 Speaker 1: through legislation. This editorial was written by the Bloomberg Editorial Board. 537 00:30:41,160 --> 00:30:44,520 Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com, 538 00:30:44,560 --> 00:30:48,760 Speaker 1: slash opinion or ope I n go on the Bloomberg Terminal. 539 00:30:48,920 --> 00:30:52,080 Speaker 1: These has been Bloomberg opinion. You can hear Bloomberg opinion 540 00:30:52,200 --> 00:30:55,440 Speaker 1: editorials every weekday at this time. Terminal customers can read 541 00:30:55,440 --> 00:30:58,440 Speaker 1: more at op I n go. Looking ahead to the market, 542 00:30:58,480 --> 00:31:01,360 Speaker 1: open futures are moving low. We have SMP futures down 543 00:31:01,400 --> 00:31:04,120 Speaker 1: down twenty eight point, staff futures down two twenty seven, 544 00:31:04,160 --> 00:31:07,120 Speaker 1: NASTACK futures on the decline by eighty five points. The 545 00:31:07,160 --> 00:31:10,480 Speaker 1: tenure treasury is up seventeen thirty seconds, the yield one 546 00:31:10,560 --> 00:31:13,720 Speaker 1: point seven eight per cent. Straight ahead, we look ahead 547 00:31:14,200 --> 00:31:17,680 Speaker 1: to February jobs. Mark Vitner, senior economist of Wells Fargo, 548 00:31:17,800 --> 00:31:23,520 Speaker 1: joins us. Next. This is Bloomberg Bloomberg eleven three oh 549 00:31:23,560 --> 00:31:26,560 Speaker 1: Weather mostly sunny upper thirties today, will turn cloudy tomorrow 550 00:31:26,680 --> 00:31:30,040 Speaker 1: up for forties for a Saturday high scattered showers, breezy 551 00:31:30,080 --> 00:31:32,719 Speaker 1: on Sunday with a hind your sixty five degrees right 552 00:31:32,720 --> 00:31:38,560 Speaker 1: now one. That's it in Central Park markets, headlines and 553 00:31:38,720 --> 00:31:42,000 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 554 00:31:42,080 --> 00:31:45,680 Speaker 1: The Bloomberg Business at and at Bloomberg Quicktake. He's a 555 00:31:45,760 --> 00:31:55,160 Speaker 1: Bloomberg Business Flash and I'm Karen Moscow. And stocks are 556 00:31:55,200 --> 00:31:58,080 Speaker 1: falling along with US stock index futures as war risks 557 00:31:58,080 --> 00:32:01,400 Speaker 1: and tensify after a Ukrainian new clear power plant briefly 558 00:32:01,440 --> 00:32:04,440 Speaker 1: caught fire. We checked the markets every fifteen minutes throughout 559 00:32:04,440 --> 00:32:06,960 Speaker 1: the trading day. On Bloomberg s and P Future is 560 00:32:07,000 --> 00:32:09,080 Speaker 1: down thirty two points down Future is down at two 561 00:32:09,160 --> 00:32:12,440 Speaker 1: hundred sixty seven. Nastag Future is down ninety five. The 562 00:32:12,520 --> 00:32:15,320 Speaker 1: decks in Germany's down at three point one percent. Ten 563 00:32:15,400 --> 00:32:18,120 Speaker 1: year Treasury up eighteen thirty seconds, held one point seven 564 00:32:18,240 --> 00:32:20,760 Speaker 1: seven percent. They yield on the two year one point 565 00:32:20,800 --> 00:32:24,000 Speaker 1: for eight percent. NIMEX screwed oil is at one point 566 00:32:24,080 --> 00:32:26,160 Speaker 1: nine percent, up two dollars at a hundred do dollars 567 00:32:26,200 --> 00:32:29,000 Speaker 1: sixty seven cents a barrel. Comics called up seven ten 568 00:32:29,080 --> 00:32:32,560 Speaker 1: percent or thirteen dollars forty cents at nineteen forty nine ounce, 569 00:32:32,960 --> 00:32:36,280 Speaker 1: the euro one point one zero zero two against the 570 00:32:36,280 --> 00:32:39,000 Speaker 1: dollar British found one point three three one four and 571 00:32:39,040 --> 00:32:41,920 Speaker 1: the yunis at one fifteen point three a Checking bitcoin 572 00:32:42,120 --> 00:32:45,360 Speaker 1: this morning, it is moving lower down about nine ten 573 00:32:45,400 --> 00:32:48,480 Speaker 1: s percent at forty one thousand, seven hundred thirty dollars. 574 00:32:48,640 --> 00:32:50,560 Speaker 1: And of course we're watching to the February jobs report 575 00:32:50,600 --> 00:32:52,880 Speaker 1: today at at eight thirty walls straight time. That's a 576 00:32:52,920 --> 00:32:55,360 Speaker 1: Bloomberg business flash. Now here's Michael bar with more on 577 00:32:55,480 --> 00:32:58,640 Speaker 1: what's going on around the world. Michael Karen, thank you 578 00:32:58,720 --> 00:33:01,160 Speaker 1: very much. More on that, Pliny are you mentioned. Russian 579 00:33:01,160 --> 00:33:05,040 Speaker 1: forces occupy the side of Europe's largest nuclear power plant 580 00:33:05,040 --> 00:33:07,920 Speaker 1: today after an attack that ignited a fire at the 581 00:33:07,960 --> 00:33:11,960 Speaker 1: complex in Ukraine. Emergency services extinguished the fire and there 582 00:33:11,960 --> 00:33:16,480 Speaker 1: were no casualties. Ukraine told the International Atomic Energy Agency 583 00:33:16,560 --> 00:33:21,040 Speaker 1: the incident had not affected essential equipment and there had 584 00:33:21,080 --> 00:33:25,360 Speaker 1: been no change reported in radiation levels. The Winter Paralympics 585 00:33:25,400 --> 00:33:28,200 Speaker 1: are set to open in Beijing, with the Russian athletes 586 00:33:28,240 --> 00:33:32,080 Speaker 1: sent home. Meanwhile, with the Ukrainian team escaping a war zone, 587 00:33:32,120 --> 00:33:34,720 Speaker 1: they had of the delegation says it is a miracle. 588 00:33:34,960 --> 00:33:38,000 Speaker 1: They got the China in the NBA, the Nets and 589 00:33:38,040 --> 00:33:41,719 Speaker 1: Warriors lost the Celtics. One in the NHL, the Islanders 590 00:33:41,760 --> 00:33:45,160 Speaker 1: lost the Bruins. And Capitol's one Global News twenty four 591 00:33:45,160 --> 00:33:48,400 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 592 00:33:48,400 --> 00:33:51,200 Speaker 1: by more than twenty seven hundred journalists and analysts and 593 00:33:51,280 --> 00:33:53,600 Speaker 1: more than a hundred twenty countries. I'm Michael bar This 594 00:33:53,640 --> 00:33:56,360 Speaker 1: is Bloomberg. Nathan Okay, Michael. Thanks. It's five forty nine 595 00:33:56,400 --> 00:33:59,160 Speaker 1: on Wall Street Line from the Bloomberg Interactive Broker Studios. 596 00:33:59,240 --> 00:34:02,200 Speaker 1: This is bloom Daybreak and Wells Fargo Senior economist Mark 597 00:34:02,280 --> 00:34:05,160 Speaker 1: Vitner joins us now on a job's Friday that really 598 00:34:05,160 --> 00:34:08,160 Speaker 1: feels overshadowed by the war in Ukraine. Mark, it's good 599 00:34:08,200 --> 00:34:10,200 Speaker 1: to speak with you this morning, although it feels weird 600 00:34:10,239 --> 00:34:13,200 Speaker 1: to be talking about expectations for what we're going to 601 00:34:13,320 --> 00:34:17,400 Speaker 1: get from the labor department when there's so much turmoil overseas. 602 00:34:17,480 --> 00:34:22,440 Speaker 1: But what are you looking for? Well, we've trimmed our 603 00:34:22,480 --> 00:34:24,640 Speaker 1: our forecast back a little bit after we got that 604 00:34:25,800 --> 00:34:29,040 Speaker 1: below really weak I SM Services number yesterday, so we're 605 00:34:29,080 --> 00:34:33,000 Speaker 1: looking for it again. Three thousand jobs, and we're looking 606 00:34:33,000 --> 00:34:35,600 Speaker 1: for a dropping the anempoyment rate to from four percent 607 00:34:35,680 --> 00:34:38,600 Speaker 1: to three point nine percent, and you know, a fairly 608 00:34:38,600 --> 00:34:41,440 Speaker 1: decent increase in average arry earnings, but it's probably going 609 00:34:41,520 --> 00:34:44,840 Speaker 1: to come in a little shy of expectations because a 610 00:34:44,960 --> 00:34:46,839 Speaker 1: larger proportion of the jobs that were going to add 611 00:34:46,840 --> 00:34:48,799 Speaker 1: are going to be in lower paying industries or like 612 00:34:48,880 --> 00:34:51,799 Speaker 1: leisure in hospitality. So it doesn't sound like you're thinking 613 00:34:51,800 --> 00:34:53,680 Speaker 1: the wages are going to keep up with the inflation 614 00:34:53,760 --> 00:34:58,200 Speaker 1: rate when we get the CPI later next week. No, no, no, 615 00:34:58,239 --> 00:35:01,279 Speaker 1: that's uh, that is a that's that's the other big 616 00:35:01,320 --> 00:35:03,440 Speaker 1: issue of the of the of this year has been 617 00:35:03,480 --> 00:35:07,120 Speaker 1: the surge of inflation, and and not just the surge, 618 00:35:07,160 --> 00:35:10,680 Speaker 1: but it's it's breadth where it's not just one or 619 00:35:10,680 --> 00:35:15,200 Speaker 1: two items, it's everything in the CPI and UH, and 620 00:35:15,200 --> 00:35:17,880 Speaker 1: what I think it's going to be the final surprises 621 00:35:17,920 --> 00:35:20,720 Speaker 1: the persistence. I think that it's going to take quite 622 00:35:20,760 --> 00:35:24,200 Speaker 1: some time for us to bring inflation back down. Do 623 00:35:24,239 --> 00:35:26,279 Speaker 1: you think that we're close to maximum employment? I know. 624 00:35:26,360 --> 00:35:30,200 Speaker 1: Federal Reserve Chairman Jerome Powell was asked that during his 625 00:35:30,239 --> 00:35:32,960 Speaker 1: congressional testimony he seems to think that we could be 626 00:35:32,960 --> 00:35:36,040 Speaker 1: pretty close. Are you thinking that we're about we're pretty 627 00:35:36,080 --> 00:35:39,880 Speaker 1: tight this labor market. We're fairly close. But there's a 628 00:35:39,960 --> 00:35:42,439 Speaker 1: large segment that that hasn't come back yet, and that's 629 00:35:42,440 --> 00:35:45,520 Speaker 1: folks who are working downtown areas. And we're likely to 630 00:35:45,640 --> 00:35:48,600 Speaker 1: see that over the next three or four months as 631 00:35:48,640 --> 00:35:52,040 Speaker 1: people returned to the office and all that office adjacent 632 00:35:52,040 --> 00:35:56,680 Speaker 1: employment at restaurants and bars and small businesses that depend 633 00:35:56,800 --> 00:36:00,520 Speaker 1: on office workers as there is their primary customers, and 634 00:36:00,760 --> 00:36:02,399 Speaker 1: we're going to see that come back, and we'll also 635 00:36:02,400 --> 00:36:06,040 Speaker 1: see business travel come back. I think I think once 636 00:36:06,080 --> 00:36:09,960 Speaker 1: of those industries return, we're going to see more people 637 00:36:10,000 --> 00:36:13,239 Speaker 1: come back into the labor market as well. What do 638 00:36:13,239 --> 00:36:16,919 Speaker 1: you think's been keeping people on the sidelines at this point, Well, 639 00:36:17,000 --> 00:36:20,360 Speaker 1: I a lot of the folks that have been delucted 640 00:36:20,400 --> 00:36:22,239 Speaker 1: to commit in the workforce, our women, and they've they've 641 00:36:22,280 --> 00:36:25,200 Speaker 1: got children at home, and schools haven't been back in 642 00:36:25,320 --> 00:36:28,839 Speaker 1: session on a consistent basis across the country. There's also 643 00:36:28,880 --> 00:36:33,640 Speaker 1: been fears of contracting COVID and so folcus on. Many 644 00:36:33,640 --> 00:36:35,600 Speaker 1: folks have been reluctant to put their children to daycare 645 00:36:35,640 --> 00:36:37,520 Speaker 1: where they'd be around other kids and might bring the 646 00:36:37,560 --> 00:36:41,840 Speaker 1: virus back home. So, um, I think that the fears 647 00:36:41,880 --> 00:36:45,560 Speaker 1: of COVID have subsided for now and hopefully for for 648 00:36:45,560 --> 00:36:48,040 Speaker 1: for for a very long time. Uh. And I think 649 00:36:48,040 --> 00:36:50,160 Speaker 1: they we're going to see that the folks are going 650 00:36:50,200 --> 00:36:52,040 Speaker 1: to feel a little bit more confident about re engaging 651 00:36:52,120 --> 00:36:54,960 Speaker 1: the economy. And so I think that's that's been the 652 00:36:55,000 --> 00:36:58,160 Speaker 1: biggest woradblocked to for the economy getting back to where 653 00:36:58,160 --> 00:37:00,600 Speaker 1: it was previously. Do you think this read on the 654 00:37:00,640 --> 00:37:03,440 Speaker 1: labor market's gonna matter for the Federal Reserve when there's 655 00:37:03,800 --> 00:37:07,319 Speaker 1: so much focus now on the war in Ukraine and 656 00:37:07,320 --> 00:37:12,279 Speaker 1: the uncertainty surrounding that. It'll it'll certainly matter when they 657 00:37:12,320 --> 00:37:14,319 Speaker 1: when they dig through the details. I mean, it's another 658 00:37:14,360 --> 00:37:17,400 Speaker 1: piece of the puzzle. Uh. They seem pretty clear that 659 00:37:17,440 --> 00:37:20,440 Speaker 1: they're on a course right now to begin to remove 660 00:37:20,800 --> 00:37:24,759 Speaker 1: policy accommodation. That was the wording that they used yesterday, 661 00:37:24,800 --> 00:37:27,719 Speaker 1: that Paul used yesterday, And and I think that's that's 662 00:37:27,800 --> 00:37:31,319 Speaker 1: very significant, that that we're going to remove policy accommodation. 663 00:37:31,400 --> 00:37:34,760 Speaker 1: So they're probably going to raise rates four or five times. 664 00:37:34,800 --> 00:37:36,319 Speaker 1: And I know a lot of folks have been saying, oh, 665 00:37:36,320 --> 00:37:39,040 Speaker 1: they've got to raise rates seven times. I think the 666 00:37:39,080 --> 00:37:41,640 Speaker 1: war in Ukraine takes that off the table, and I 667 00:37:41,640 --> 00:37:44,799 Speaker 1: wouldn't be surprised if they raised rates three or four times. 668 00:37:44,840 --> 00:37:48,040 Speaker 1: It really depends on how long oil prices stay up 669 00:37:48,040 --> 00:37:50,880 Speaker 1: around a hundred ten are a hundred twenty dollars of barrel, 670 00:37:51,600 --> 00:37:55,440 Speaker 1: because that's going to depress demand in the US and 671 00:37:55,600 --> 00:37:57,960 Speaker 1: around the world, and it's going to do a lot 672 00:37:58,040 --> 00:38:00,520 Speaker 1: of the work that rising interest rates would have done. 673 00:38:01,040 --> 00:38:03,399 Speaker 1: Just about thirty seconds left here, Mark, do you see 674 00:38:03,400 --> 00:38:07,120 Speaker 1: a recession risk for the US given all the geopolitical turmoil, 675 00:38:09,000 --> 00:38:12,960 Speaker 1: I still see that risk is being fairly slight. Um. 676 00:38:13,160 --> 00:38:16,040 Speaker 1: There's when you look at the economy. Household balance sheets 677 00:38:16,239 --> 00:38:19,200 Speaker 1: are just incredibly strong. Corporate balance heats are very strong, 678 00:38:19,600 --> 00:38:22,799 Speaker 1: State and local government balance sheets are very strong. Um. 679 00:38:22,840 --> 00:38:24,680 Speaker 1: And the only balance sheet that's not strong is the 680 00:38:24,680 --> 00:38:28,719 Speaker 1: federal government. But but they in some ways have unlimited resources. 681 00:38:28,760 --> 00:38:32,120 Speaker 1: So you know, I M I don't think that the 682 00:38:32,760 --> 00:38:35,920 Speaker 1: recession is in the cards this year and probably that 683 00:38:36,000 --> 00:38:39,280 Speaker 1: next year. The other things that inventories throughout the economy 684 00:38:39,320 --> 00:38:43,440 Speaker 1: are so low right now that production needs to run 685 00:38:43,480 --> 00:38:46,080 Speaker 1: ahead of consumption that we need to rebuild inventories. So 686 00:38:46,400 --> 00:38:48,719 Speaker 1: so I think that that we've got a little bit 687 00:38:48,760 --> 00:38:50,239 Speaker 1: of the wind that are back, even with all the 688 00:38:50,320 --> 00:38:54,200 Speaker 1: uncertainty around the world. Fingers crossed. That holds up. Thanks Mark, 689 00:38:54,320 --> 00:38:56,080 Speaker 1: good having you on with us. Mark Vitn, your senior 690 00:38:56,080 --> 00:38:59,600 Speaker 1: economist at Wells Fargo, Karen Nathan. It is five fifty 691 00:38:59,680 --> 00:39:02,360 Speaker 1: four on Wall Street. Time for the Bloomberg Law Report, 692 00:39:02,640 --> 00:39:06,640 Speaker 1: brought to you by American Arbitration Association. Business disputes are inevitable. 693 00:39:06,880 --> 00:39:10,359 Speaker 1: There'solve faster with the American Arbitration Association, the global leader 694 00:39:10,360 --> 00:39:13,920 Speaker 1: and alternative dispute resolution for over ninety years. More at 695 00:39:13,960 --> 00:39:17,800 Speaker 1: a dr dot org. Among the stories we're watching this morning, 696 00:39:17,800 --> 00:39:22,399 Speaker 1: a judge is temporarily blocked Texas Child Welfare agency from 697 00:39:22,400 --> 00:39:27,160 Speaker 1: investigating the parents of a transgender teenager over gender confirmation treatments, 698 00:39:27,400 --> 00:39:29,799 Speaker 1: but stop short of preventing this day from looking into 699 00:39:29,840 --> 00:39:33,440 Speaker 1: other reports about children receiving similar care. The parents are 700 00:39:33,440 --> 00:39:36,279 Speaker 1: the first to be investigated under Governor Greg Abbott's order 701 00:39:36,320 --> 00:39:39,600 Speaker 1: that the agency investigate parents who are suspected of providing 702 00:39:39,680 --> 00:39:44,000 Speaker 1: gender of affirmative treatments for child abuse. For more, Bloomberg's 703 00:39:44,040 --> 00:39:46,680 Speaker 1: Judent Grosso spaces to Anthony cris A professor at the 704 00:39:46,680 --> 00:39:50,600 Speaker 1: Georgia State University College of Law. So a state court 705 00:39:50,800 --> 00:39:56,520 Speaker 1: in often intervened and issued a temporary restraining order. Briefly, 706 00:39:56,560 --> 00:39:59,520 Speaker 1: what was the basis of the judge issuing that order. 707 00:40:00,040 --> 00:40:05,480 Speaker 1: Judge basically said that the investigation and the potential ramifications 708 00:40:05,520 --> 00:40:08,000 Speaker 1: of such a prosecution for the parents, namely they could 709 00:40:08,040 --> 00:40:11,680 Speaker 1: be on a child abuse list and the clatter consequences 710 00:40:11,719 --> 00:40:14,759 Speaker 1: that can come from that, all way in favor of 711 00:40:14,880 --> 00:40:20,080 Speaker 1: returning to the status quo that existed before the Texas 712 00:40:20,120 --> 00:40:23,840 Speaker 1: turn General and the Texas Governor began their issuing of 713 00:40:23,880 --> 00:40:27,879 Speaker 1: opinions and directives to investigate and prosecute these parents for 714 00:40:28,040 --> 00:40:32,680 Speaker 1: providing gender affirming care. And so essentially, the judge saw 715 00:40:33,200 --> 00:40:37,279 Speaker 1: that the risks to the parents here by far outweigh 716 00:40:37,920 --> 00:40:41,240 Speaker 1: whatever interests the state had, and of course the interests 717 00:40:41,239 --> 00:40:44,360 Speaker 1: of the children here is outweighed by whatever immediate action 718 00:40:44,600 --> 00:40:47,200 Speaker 1: the State of Texas wanted to take. And so there 719 00:40:47,200 --> 00:40:50,000 Speaker 1: will be a fuller hearing and I think the court 720 00:40:50,040 --> 00:40:53,120 Speaker 1: will then address more of the merits of the claims 721 00:40:53,200 --> 00:40:56,600 Speaker 1: that have been brought by these anonymous parents. You mentioned 722 00:40:56,600 --> 00:41:00,680 Speaker 1: that both the governor and the Attorney General faced challengers 723 00:41:00,719 --> 00:41:04,360 Speaker 1: in Tuesday's primary, and in a call with reporters on Wednesday, 724 00:41:04,400 --> 00:41:08,520 Speaker 1: the top strategist for the governor's reelection campaign said that 725 00:41:08,600 --> 00:41:12,400 Speaker 1: being against medical treatment for transgender children and treating it 726 00:41:12,440 --> 00:41:15,520 Speaker 1: as child abuse was a winning issue for the governor. 727 00:41:15,960 --> 00:41:19,960 Speaker 1: Why are the rights of transgender kids being treated as 728 00:41:19,960 --> 00:41:24,279 Speaker 1: sort of a battle ground for certain conservative groups. That's 729 00:41:24,280 --> 00:41:28,040 Speaker 1: a great question. Certainly. I think that the Texas Department 730 00:41:28,040 --> 00:41:31,480 Speaker 1: of Family and Productive Services here is being used in 731 00:41:31,520 --> 00:41:33,680 Speaker 1: a way to turn its mission on its head and 732 00:41:33,719 --> 00:41:37,040 Speaker 1: abuse children who are some of the most vulnerable children 733 00:41:37,440 --> 00:41:41,080 Speaker 1: in American society. So that is just a sad display 734 00:41:41,280 --> 00:41:44,759 Speaker 1: on its own. And the fact that there's smoking gun 735 00:41:44,800 --> 00:41:48,400 Speaker 1: evidence here that political operatives see this as an opportunity 736 00:41:48,480 --> 00:41:51,160 Speaker 1: that they need to grab onto is quite telling. The 737 00:41:51,200 --> 00:41:54,160 Speaker 1: truth of the matter is that transfolks have been the 738 00:41:54,320 --> 00:41:58,120 Speaker 1: kind of subject of political operatives, or should say, they've 739 00:41:58,120 --> 00:42:00,759 Speaker 1: been in their sights for quite some time now. Um, 740 00:42:00,760 --> 00:42:03,200 Speaker 1: we can go back to North Carolina just a few 741 00:42:03,280 --> 00:42:06,319 Speaker 1: years ago when they passed HB two, which is the 742 00:42:06,360 --> 00:42:10,640 Speaker 1: bill restricting back from access and keeping trans folks kind 743 00:42:10,640 --> 00:42:14,920 Speaker 1: of relegated to second class status. So using trans people 744 00:42:15,000 --> 00:42:18,319 Speaker 1: generally certainly is not a new phenomenon. The focus on 745 00:42:18,480 --> 00:42:23,239 Speaker 1: children does seem to be. And that's Anthony Cras, a 746 00:42:23,320 --> 00:42:26,359 Speaker 1: professor at the Georgia State University College of Lass begain 747 00:42:26,400 --> 00:42:29,680 Speaker 1: the Bloomberg Student Grosso. Catch more of that interview, plus 748 00:42:29,680 --> 00:42:31,960 Speaker 1: analysis of the latest legal news by listening to the 749 00:42:32,000 --> 00:42:35,200 Speaker 1: Bloomberg Law Show at ten pm Eastern Time or subscribing 750 00:42:35,239 --> 00:42:38,280 Speaker 1: to the Bloomberg Law Podcast. And attorneys can find exceptional 751 00:42:38,360 --> 00:42:42,719 Speaker 1: legal research and business development tools at Bloomberg law dot com, 752 00:42:42,800 --> 00:42:46,960 Speaker 1: and our top stories are straight ahead as Bloomberg Gaybery continues.