1
00:00:00,080 --> 00:00:09,440
Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

2
00:00:09,960 --> 00:00:10,520
Speaker 2: Good Morning.

3
00:00:10,560 --> 00:00:13,399
Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

4
00:00:13,440 --> 00:00:14,920
Speaker 3: stories we're following today.

5
00:00:15,640 --> 00:00:17,639
Speaker 2: Karen, we will have more on the markets as we

6
00:00:17,720 --> 00:00:20,200
Speaker 2: kick off the first trading day of twenty twenty six.

7
00:00:20,280 --> 00:00:23,520
Speaker 2: But we begin with a new era in New York politics.

8
00:00:23,840 --> 00:00:27,200
Speaker 2: Zoron Mumdani is officially in office and will lead New

9
00:00:27,280 --> 00:00:30,080
Speaker 2: York City for the next four years. We get more

10
00:00:30,120 --> 00:00:31,480
Speaker 2: from Bloomberg's John Tucker.

11
00:00:31,480 --> 00:00:34,199
Speaker 4: Good Morning, John, Good morning, Nathan. A thirty four year

12
00:00:34,200 --> 00:00:38,240
Speaker 4: old Democratic socialist born in Uganda, Mamdani becomes the city's

13
00:00:38,280 --> 00:00:41,800
Speaker 4: first mayor of South Asian descent, its first Muslim mayor,

14
00:00:41,960 --> 00:00:44,760
Speaker 4: and the youngest leader of the metropolis of nearly eight

15
00:00:44,800 --> 00:00:47,159
Speaker 4: and a half million people in more than a century.

16
00:00:48,240 --> 00:00:51,720
Speaker 5: The work, my friends, has only just begun.

17
00:00:53,240 --> 00:00:57,600
Speaker 4: Thank you with no apologies. During his inauguration, he laid

18
00:00:57,600 --> 00:00:58,480
Speaker 4: out his agenda.

19
00:00:59,360 --> 00:01:03,720
Speaker 5: City Hall will deliver an agenda of safety, affordability, an

20
00:01:03,760 --> 00:01:08,280
Speaker 5: abundance where government looks and lives like the people it represents.

21
00:01:08,640 --> 00:01:11,720
Speaker 4: He detailed many of the campaign promises that earned him

22
00:01:11,760 --> 00:01:16,640
Speaker 4: a decisive victory, including free childcare and bus transportation as

23
00:01:16,680 --> 00:01:18,640
Speaker 4: well as a vout of freeze rent for tenants and

24
00:01:18,680 --> 00:01:22,400
Speaker 4: stabilized apartments, and now comes the hard part. The price

25
00:01:22,480 --> 00:01:25,880
Speaker 4: tag for his universal childcare program may reach six billion

26
00:01:25,959 --> 00:01:28,759
Speaker 4: dollars a year, which would be funded through the imposition

27
00:01:28,840 --> 00:01:32,679
Speaker 4: of additional taxes on corporations and millionaires. But many any

28
00:01:32,760 --> 00:01:36,720
Speaker 4: new tax increase would require approval from Albity and Governor

29
00:01:36,800 --> 00:01:40,240
Speaker 4: Kathy Hockel, who has vowed not to raise taxes, and

30
00:01:40,319 --> 00:01:43,319
Speaker 4: Mamdani's promise to freeze rents in the city's rent stabilized

31
00:01:43,360 --> 00:01:47,560
Speaker 4: departments faces significant hurdles after the former mayor Eric Adams

32
00:01:47,680 --> 00:01:49,880
Speaker 4: named four members to the board that sets rents in

33
00:01:49,920 --> 00:01:52,440
Speaker 4: those units and as awarding to those who believed he

34
00:01:52,520 --> 00:01:56,640
Speaker 4: might moderate his positions after taking office. His inauguration featured

35
00:01:56,680 --> 00:01:59,680
Speaker 4: speeches by two of the US's most liberal members of

36
00:01:59,680 --> 00:02:05,520
Speaker 4: con Representative Alexandria Acazio Cortes and Senator Bernie Sanders. In

37
00:02:05,560 --> 00:02:07,520
Speaker 4: New York, I'm John Tucker Bloomberg Radio.

38
00:02:07,800 --> 00:02:10,520
Speaker 3: All right, John, thank you all. Rising healthcare costs are

39
00:02:10,600 --> 00:02:14,359
Speaker 3: now a pressing issue for millions of Americans. As a

40
00:02:14,400 --> 00:02:17,600
Speaker 3: New Year's Day enhanced tax credits that cut premium costs

41
00:02:17,639 --> 00:02:20,600
Speaker 3: for the vast majority of people with Affordable Care Act

42
00:02:20,639 --> 00:02:24,480
Speaker 3: plans have expired. Democrats forced a forty three day government

43
00:02:24,520 --> 00:02:26,920
Speaker 3: shutdown over the issue, but it wasn't enough to save

44
00:02:26,960 --> 00:02:30,560
Speaker 3: the subsidies. Pangaea Policy founder Terry Haynes says he thinks

45
00:02:30,639 --> 00:02:32,960
Speaker 3: lawmakers will find a way toward a solution.

46
00:02:33,680 --> 00:02:37,440
Speaker 6: You will see a lot of effort in the winter,

47
00:02:38,160 --> 00:02:42,840
Speaker 6: maybe even into the spring, to battle between trying to

48
00:02:42,919 --> 00:02:46,840
Speaker 6: keep the subsidies in place versus replacing the subsidies with

49
00:02:46,919 --> 00:02:49,760
Speaker 6: some sort of alternative tax favored account, whether it be

50
00:02:49,760 --> 00:02:53,639
Speaker 6: an HSA, whether it be a Health Freedom Account as

51
00:02:53,639 --> 00:02:54,959
Speaker 6: the President has talked about.

52
00:02:55,360 --> 00:02:58,600
Speaker 3: And that's Pangaea Policy founder Terry Haynes. But till then,

53
00:02:58,639 --> 00:03:03,520
Speaker 3: the health researcher case Ff estimates most Obamacare enrollies will

54
00:03:03,600 --> 00:03:07,079
Speaker 3: see their premiums rise on average one hundred and fourteen

55
00:03:07,160 --> 00:03:10,920
Speaker 3: percent this year. An analysis from the Urban Institute and

56
00:03:10,960 --> 00:03:15,160
Speaker 3: Commonwealth Fund projects four point eight million Americans will drop

57
00:03:15,200 --> 00:03:17,079
Speaker 3: their coverage without the subsidies.

58
00:03:17,360 --> 00:03:20,400
Speaker 2: Turned to geopolitics now, Karen, because the US is continuing

59
00:03:20,400 --> 00:03:23,160
Speaker 2: to ramp up the pressure on Venezuela. Let's get the

60
00:03:23,200 --> 00:03:25,320
Speaker 2: details from Bloomberg, Zerka Herskowitz.

61
00:03:25,840 --> 00:03:29,680
Speaker 7: The Trump administration has slapped sanctions on four companies based

62
00:03:29,680 --> 00:03:33,239
Speaker 7: in Hong Kong and mainland China with ties to Venezuela's

63
00:03:33,280 --> 00:03:37,560
Speaker 7: oil industry. It's also imposed penalties on four tankers connected

64
00:03:37,600 --> 00:03:41,160
Speaker 7: to those firms that it accuses of evading restrictions. This

65
00:03:41,280 --> 00:03:44,480
Speaker 7: comes as the US launches more strikes on purported drug

66
00:03:44,520 --> 00:03:48,560
Speaker 7: trafficking boats. US Southern Commands says it hit three more

67
00:03:48,640 --> 00:03:52,120
Speaker 7: vessels on Tuesday, killing three people, and it follows a

68
00:03:52,160 --> 00:03:55,520
Speaker 7: CIA led strike last week on a Venezuelan docking area

69
00:03:55,640 --> 00:03:59,480
Speaker 7: that the Trump administration believes was used by cartels. Venezuelan

70
00:03:59,520 --> 00:04:02,720
Speaker 7: President Silas Maduro says he's open to negotiating with the

71
00:04:02,840 --> 00:04:06,080
Speaker 7: US to combat drug trafficking, but he reiterated in a

72
00:04:06,080 --> 00:04:08,440
Speaker 7: New Year's Day interview that the US is trying to

73
00:04:08,480 --> 00:04:12,240
Speaker 7: force him from power and gain access to Venezuela's oil reserves.

74
00:04:12,680 --> 00:04:14,560
Speaker 7: Erica Herskowitz Bloomberg Radio.

75
00:04:14,520 --> 00:04:17,360
Speaker 3: All Right, Erica, thank you. President Trump pledged in now

76
00:04:17,440 --> 00:04:20,279
Speaker 3: Late Night is social media posts that the US will

77
00:04:20,279 --> 00:04:23,359
Speaker 3: come to the rescue of Iranian protesters if they're attacked

78
00:04:23,360 --> 00:04:27,720
Speaker 3: by Islamic Republic authorities. The post comes after protests erupted

79
00:04:27,720 --> 00:04:30,359
Speaker 3: this week into ran after the currency slumped to a

80
00:04:30,440 --> 00:04:34,359
Speaker 3: record low. Demonstrations have since spread to other parts of

81
00:04:34,360 --> 00:04:38,960
Speaker 3: the country, setting off clashes between civilians and security forces.

82
00:04:39,200 --> 00:04:40,920
Speaker 2: We want to turn down, Karen to the latest on

83
00:04:41,040 --> 00:04:45,520
Speaker 2: a tragedy in Switzerland. Officials there say about forty people

84
00:04:45,520 --> 00:04:48,200
Speaker 2: have died in a fire at a ski resort bar

85
00:04:48,360 --> 00:04:51,200
Speaker 2: where partygoers were celebrating the new year. They estimate more

86
00:04:51,240 --> 00:04:53,640
Speaker 2: than one hundred others were injured after flames ripped through

87
00:04:53,640 --> 00:04:57,280
Speaker 2: the bar the popular alpine resort craal Montana. Swiss President

88
00:04:57,320 --> 00:04:59,960
Speaker 2: Guy palmer Law says it's one of the worst tragedy

89
00:05:00,200 --> 00:05:01,880
Speaker 2: his country has ever experienced.

90
00:05:02,240 --> 00:05:05,480
Speaker 8: Their lives should be honored for what they were promise

91
00:05:06,080 --> 00:05:09,760
Speaker 8: energy a part of our shared future. We owe it

92
00:05:10,400 --> 00:05:13,520
Speaker 8: to them to respect them. We owe it to that

93
00:05:13,640 --> 00:05:17,880
Speaker 8: memory to make sure that such a tragedy never happens again.

94
00:05:18,200 --> 00:05:20,960
Speaker 2: That was Swiss President Guy parmer Law speaking through an interpreter.

95
00:05:21,040 --> 00:05:21,200
Speaker 9: There.

96
00:05:21,240 --> 00:05:25,920
Speaker 2: Eyewitnesses tell French media a sparkler in a bottle ignited

97
00:05:25,960 --> 00:05:26,560
Speaker 2: the ceiling.

98
00:05:27,839 --> 00:05:30,120
Speaker 3: Well, Nathan, we turned out to the markets where futures

99
00:05:30,160 --> 00:05:32,440
Speaker 3: are higher as we kick off the new year. Global

100
00:05:32,480 --> 00:05:35,200
Speaker 3: stocks are coming off their strongest years since twenty nineteen,

101
00:05:35,279 --> 00:05:39,440
Speaker 3: supported by expectations of stronger earnings and optimism around AI.

102
00:05:39,960 --> 00:05:43,520
Speaker 3: Christina Hooper, as chief market strategistic Man Group, I.

103
00:05:43,440 --> 00:05:46,960
Speaker 10: Think we have to anticipate more volatility, and in fact

104
00:05:47,080 --> 00:05:51,400
Speaker 10: I would expect some kind of significant sell off earlier

105
00:05:51,520 --> 00:05:57,280
Speaker 10: in the year, foreshadowing an economic downturn, arguably a modest recession,

106
00:05:57,720 --> 00:06:00,880
Speaker 10: and then are recovery. So I certainly think stock US

107
00:06:00,920 --> 00:06:04,120
Speaker 10: stocks could eke out gains next year, maybe even as

108
00:06:04,480 --> 00:06:07,479
Speaker 10: much as a ten percent gain next year, but it

109
00:06:07,520 --> 00:06:10,560
Speaker 10: will not be an easy path to the end of

110
00:06:10,600 --> 00:06:11,000
Speaker 10: the year.

111
00:06:11,520 --> 00:06:13,920
Speaker 3: And that's Man Groups Christina Hooper. The S and P

112
00:06:14,080 --> 00:06:16,800
Speaker 3: five hundred rows sixteen percent and twenty twenty five, a

113
00:06:16,839 --> 00:06:19,440
Speaker 3: gain which follows surgism more than twenty percent in the

114
00:06:19,520 --> 00:06:21,080
Speaker 3: two prior years.

115
00:06:20,839 --> 00:06:23,039
Speaker 2: And despite the rise in futures to kick off this

116
00:06:23,120 --> 00:06:27,919
Speaker 2: trading year, Karen History suggests caution. Market research firm Bespoke

117
00:06:27,960 --> 00:06:30,680
Speaker 2: Investment Group says since nineteen fifty three, the S and

118
00:06:30,720 --> 00:06:33,200
Speaker 2: P five hundred's medium change to kick off the new

119
00:06:33,240 --> 00:06:35,760
Speaker 2: year has been a drop of three tenths of one percent.

120
00:06:36,120 --> 00:06:38,559
Speaker 2: The stock market has traded lower on the first trading

121
00:06:38,640 --> 00:06:41,160
Speaker 2: day of each of the past three years well.

122
00:06:41,240 --> 00:06:44,080
Speaker 3: Nathan gold and silver are advancing today, building on their

123
00:06:44,120 --> 00:06:48,080
Speaker 3: best annual performance since nineteen seventy nine. Goldman Sachs says

124
00:06:48,080 --> 00:06:50,479
Speaker 3: it's base case for gold is a rally to forty

125
00:06:50,560 --> 00:06:54,160
Speaker 3: nine one hundred dollars an ounce. Right now, it is

126
00:06:54,320 --> 00:06:57,920
Speaker 3: trading at four thousand, three hundred and ninety eight dollars

127
00:06:57,920 --> 00:07:02,520
Speaker 3: announced that is comex gold silver currently spots, silver is

128
00:07:02,560 --> 00:07:05,400
Speaker 3: at seventy four dollars forty seven cents announce, sets up

129
00:07:05,400 --> 00:07:09,120
Speaker 3: almost four percent, and aluminum touched three thousand dollars a

130
00:07:09,200 --> 00:07:11,240
Speaker 3: ton for the first time in more than three years

131
00:07:11,440 --> 00:07:14,120
Speaker 3: due to a tightening supply outlook and bets on long

132
00:07:14,200 --> 00:07:14,800
Speaker 3: term demand.

133
00:07:14,880 --> 00:07:17,040
Speaker 2: And then when it comes to fixed income, Karen treasuries

134
00:07:17,040 --> 00:07:19,320
Speaker 2: are falling to start the new year. The yield on

135
00:07:19,400 --> 00:07:21,720
Speaker 2: thirty year bonds is rising to its highest level since

136
00:07:21,760 --> 00:07:25,120
Speaker 2: early September. The move comes after data showed applications for

137
00:07:25,240 --> 00:07:27,720
Speaker 2: US unemployment benefits fell last week to one of the

138
00:07:27,720 --> 00:07:29,520
Speaker 2: lowest levels over the past year.

139
00:07:29,960 --> 00:07:32,720
Speaker 3: And in Asia overnight, Nathan shares a buy Do rose

140
00:07:32,760 --> 00:07:36,320
Speaker 3: more than nine percent. The Beijing Firms artificial intelligence chip

141
00:07:36,400 --> 00:07:40,360
Speaker 3: unit has filed for a Hong Kong initial public offering

142
00:07:43,600 --> 00:07:44,840
Speaker 3: time now for a look at some of the other

143
00:07:44,880 --> 00:07:47,200
Speaker 3: stories making news in New York and around the world,

144
00:07:47,200 --> 00:07:49,840
Speaker 3: and for that we're joined by Bloomberg's Michael bar Michael,

145
00:07:49,840 --> 00:07:50,600
Speaker 3: good Morning.

146
00:07:50,400 --> 00:07:53,520
Speaker 9: Good morning, Karen. Parts of northern New York State got

147
00:07:53,600 --> 00:07:57,120
Speaker 9: clabbered with snow, and more is on the way. Bloomberg

148
00:07:57,160 --> 00:07:59,600
Speaker 9: Meeting Religions Craig Allen has the latest.

149
00:08:00,120 --> 00:08:02,880
Speaker 11: The western part of New York has two clusters with

150
00:08:03,240 --> 00:08:06,560
Speaker 11: very heavy bands of snow. The southwest portion of the state,

151
00:08:06,640 --> 00:08:09,080
Speaker 11: running up and down EYE ninety from just south of

152
00:08:09,120 --> 00:08:13,000
Speaker 11: Buffalo down towards Jamestown. This area could see anywhere from

153
00:08:13,040 --> 00:08:16,680
Speaker 11: another eight to sixteen inches of snow lake effects, snow

154
00:08:16,720 --> 00:08:19,160
Speaker 11: warnings and winter storm warnings remain in effect for that

155
00:08:19,320 --> 00:08:22,560
Speaker 11: area at least in two Saturday morning. Now north of that,

156
00:08:22,680 --> 00:08:25,240
Speaker 11: running along and north of I ninety and up and

157
00:08:25,280 --> 00:08:29,000
Speaker 11: down I eighty one, a tremendous amount of snowfall. Another

158
00:08:29,280 --> 00:08:32,200
Speaker 11: two to four feet of snow possible in areas that

159
00:08:32,200 --> 00:08:34,120
Speaker 11: have already had over two feet of snow.

160
00:08:34,280 --> 00:08:38,440
Speaker 9: Bloomberg Media, Religions Craig Allen. Parts of California are seeing

161
00:08:38,480 --> 00:08:41,080
Speaker 9: a wet start to the new year as a powerful

162
00:08:41,160 --> 00:08:44,120
Speaker 9: storm system moves through the area. A section of the

163
00:08:44,120 --> 00:08:47,800
Speaker 9: Pacific Coast Highway in Huntington Beach is closed due to flooding.

164
00:08:48,320 --> 00:08:51,560
Speaker 9: President Donald Trump defended his energy and health in an

165
00:08:51,559 --> 00:08:54,679
Speaker 9: interview with The Wall Street Journal. President Trump, who is

166
00:08:54,760 --> 00:08:58,840
Speaker 9: seventy nine, also disclosed that he had a CT scan,

167
00:08:59,120 --> 00:09:04,000
Speaker 9: not an MR, during an October examination. His physicians said

168
00:09:04,000 --> 00:09:06,960
Speaker 9: in a memo the White House released in December that

169
00:09:07,080 --> 00:09:11,200
Speaker 9: he had advanced imaging as a preventative screening for men

170
00:09:11,360 --> 00:09:15,520
Speaker 9: his age. The final parties of New Year's Day are done,

171
00:09:15,720 --> 00:09:17,840
Speaker 9: and now a lot of people are looking ahead to

172
00:09:18,120 --> 00:09:21,800
Speaker 9: Dry January, a resolution to take a break from alcohol.

173
00:09:22,160 --> 00:09:26,560
Speaker 9: Emergency and addiction specialist doctor Stephanie Whitmer says the benefits

174
00:09:26,600 --> 00:09:28,760
Speaker 9: of taking a month off from alcohol can show up

175
00:09:28,800 --> 00:09:29,920
Speaker 9: fairly quickly.

176
00:09:29,840 --> 00:09:32,480
Speaker 12: Even if you're just stopping for a month thirty thirty

177
00:09:32,480 --> 00:09:35,280
Speaker 12: one days. Some people report better sleep. Within days, they

178
00:09:35,280 --> 00:09:40,679
Speaker 12: can report improved energy, focus, better mood. Some report fewer

179
00:09:41,120 --> 00:09:42,599
Speaker 12: headaches and less reflux.

180
00:09:43,040 --> 00:09:46,360
Speaker 9: Doctor Whitmer warns that people who drink daily, or drink heavily,

181
00:09:46,600 --> 00:09:49,800
Speaker 9: or have a history of alcohol dependents should talk with

182
00:09:49,880 --> 00:09:54,200
Speaker 9: their doctor before trying dry January. Global News twenty four

183
00:09:54,200 --> 00:09:56,720
Speaker 9: hours a day and whenever you want it with Bloomberg

184
00:09:56,800 --> 00:09:59,720
Speaker 9: News Now, I'm Michael Barr, and this is Bloomberg Hearon.

185
00:10:00,760 --> 00:10:01,440
Speaker 1: Thanks Michael.

186
00:10:01,640 --> 00:10:04,440
Speaker 3: Time now for our Bloomberg Sports update, and for that

187
00:10:04,520 --> 00:10:06,080
Speaker 3: we bring in John stash Hour.

188
00:10:06,360 --> 00:10:09,400
Speaker 13: Thanks darn. A trio of college football playoff games, starting

189
00:10:09,400 --> 00:10:11,800
Speaker 13: with the Orange Bowl in Miami in a shutout win

190
00:10:11,880 --> 00:10:14,640
Speaker 13: for Oregon twenty three to nothing over Texas Tech. You

191
00:10:14,760 --> 00:10:17,640
Speaker 13: had four turnovers. The Rose Bowl in Pasadena was an

192
00:10:17,640 --> 00:10:20,800
Speaker 13: easy win for Indiana thirty eight to three over Alabama.

193
00:10:20,920 --> 00:10:23,480
Speaker 13: For an Endo Mendoza, the Heisman Trophy went only two

194
00:10:23,480 --> 00:10:26,440
Speaker 13: in complete passes. He threw three TD passes. And then

195
00:10:26,440 --> 00:10:28,120
Speaker 13: the Sugar Bowl in New Orleans, in a back and

196
00:10:28,160 --> 00:10:31,160
Speaker 13: forth game won by Ole Miss thirty nine to thirty

197
00:10:31,160 --> 00:10:34,280
Speaker 13: four over Georgia. The Rebels broke a tie on a

198
00:10:34,280 --> 00:10:36,839
Speaker 13: field goal with six seconds left. That's a Bloomberg Sports update.

199
00:10:38,559 --> 00:10:42,280
Speaker 3: Stay with us. More from Bloomberg day Break coming up after.

200
00:10:42,000 --> 00:10:50,600
Speaker 1: This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

201
00:10:50,840 --> 00:10:53,680
Speaker 1: and around the world on Bloomberg dot Com and the

202
00:10:53,720 --> 00:10:56,760
Speaker 1: Bloomberg Business out. This is Bloomberg Daybreak.

203
00:10:56,920 --> 00:10:59,360
Speaker 2: Good morning, I'm Nathan Hager. With a new era underway

204
00:10:59,400 --> 00:11:02,360
Speaker 2: in New York City. After the celebration of the inauguration,

205
00:11:02,480 --> 00:11:06,080
Speaker 2: the work of governing begins now for new Mayor Zorn Mumdanni,

206
00:11:06,160 --> 00:11:08,800
Speaker 2: and he is already staking his claim on how he

207
00:11:08,880 --> 00:11:09,840
Speaker 2: plans to do it.

208
00:11:10,240 --> 00:11:12,920
Speaker 5: I was elected as a democratic socialist, and I will

209
00:11:12,960 --> 00:11:14,800
Speaker 5: govern as a democratic socialist.

210
00:11:15,880 --> 00:11:19,160
Speaker 2: Joining us this morning after the inauguration of Mayor Mumdanni

211
00:11:19,200 --> 00:11:23,360
Speaker 2: as Bloomberg News Editor at Large, Marty Schanker unapologetic in

212
00:11:23,400 --> 00:11:27,520
Speaker 2: that nearly two hour inaugural celebration, Marty, what is the

213
00:11:27,520 --> 00:11:30,599
Speaker 2: message that the new mayor is sending to the business community,

214
00:11:30,720 --> 00:11:32,480
Speaker 2: to the country at large?

215
00:11:32,520 --> 00:11:34,200
Speaker 5: Good morning, Good morning.

216
00:11:34,640 --> 00:11:38,040
Speaker 14: Well, certainly he's not backing down at all from some

217
00:11:38,120 --> 00:11:41,480
Speaker 14: of the more ambitious promises he made in the campaign trail,

218
00:11:41,960 --> 00:11:44,440
Speaker 14: and he himself made the point that many times people

219
00:11:44,679 --> 00:11:48,240
Speaker 14: say you should reset those expectations, but he did not

220
00:11:48,400 --> 00:11:50,440
Speaker 14: do that. He doubled down on them.

221
00:11:51,160 --> 00:11:54,160
Speaker 2: In doubling down, is he going to be able to

222
00:11:54,200 --> 00:11:56,360
Speaker 2: govern as a democratic socialist?

223
00:11:56,480 --> 00:11:57,040
Speaker 11: Is the city?

224
00:11:57,120 --> 00:11:58,640
Speaker 2: Is the state going to let.

225
00:11:58,600 --> 00:12:02,839
Speaker 14: Him to the real issue, because as mayor of New

226
00:12:02,920 --> 00:12:07,200
Speaker 14: York he really doesn't have much control over funding and taxes.

227
00:12:07,240 --> 00:12:11,080
Speaker 14: That's in the hands of the governor, Nancy hocaland.

228
00:12:12,040 --> 00:12:13,160
Speaker 6: She has said that she.

229
00:12:13,200 --> 00:12:17,120
Speaker 14: Does not want to raise taxes, and the expense of

230
00:12:17,200 --> 00:12:20,320
Speaker 14: for instance, free daycare is going to have to be

231
00:12:20,360 --> 00:12:23,000
Speaker 14: paid for somehow. So it'll be really interesting to see

232
00:12:23,040 --> 00:12:25,000
Speaker 14: the dynamic between the governor and the mayor.

233
00:12:25,440 --> 00:12:28,280
Speaker 2: And it sets up the question about what kind of

234
00:12:28,360 --> 00:12:31,440
Speaker 2: challenges this new mayor is going to face, just with

235
00:12:32,000 --> 00:12:34,640
Speaker 2: having to put together a new budget in the next

236
00:12:34,679 --> 00:12:36,840
Speaker 2: few months. I mean, that's something that he's going to

237
00:12:36,920 --> 00:12:39,080
Speaker 2: have to do very quickly.

238
00:12:38,800 --> 00:12:42,880
Speaker 14: Here, Yes, he is, and it'll be very fascinating to

239
00:12:42,920 --> 00:12:48,360
Speaker 14: see how he manages to meet the very lofty expectations

240
00:12:48,400 --> 00:12:51,760
Speaker 14: that the City of New York has for him. He

241
00:12:51,920 --> 00:12:54,679
Speaker 14: still needs to figure out a way to do the

242
00:12:54,720 --> 00:12:58,920
Speaker 14: things he says he wants to do, for instance, free

243
00:12:58,960 --> 00:13:02,880
Speaker 14: and fast buses, and how you're going to pay to

244
00:13:02,920 --> 00:13:06,120
Speaker 14: make that happen is a real question for him.

245
00:13:06,679 --> 00:13:10,160
Speaker 2: And with the message that he put out there, you know,

246
00:13:10,200 --> 00:13:14,040
Speaker 2: celebrating the city's immigrant community in the speech as well,

247
00:13:14,080 --> 00:13:17,160
Speaker 2: does that set up a conflict with the Trump administration

248
00:13:17,440 --> 00:13:21,520
Speaker 2: After that you know pretty well celebrated Oval office meeting

249
00:13:21,760 --> 00:13:24,720
Speaker 2: that the then mayor elect had with the President in

250
00:13:24,800 --> 00:13:25,800
Speaker 2: the Oval office.

251
00:13:26,080 --> 00:13:28,480
Speaker 14: Yeah, it was really interesting that he only made a

252
00:13:28,520 --> 00:13:31,720
Speaker 14: fleeting reference to Donald Trump directly. I think he only

253
00:13:31,760 --> 00:13:35,160
Speaker 14: mentioned his name once, and he did have that very

254
00:13:35,200 --> 00:13:41,320
Speaker 14: surprisingly amicable meeting with the President last month. But you know,

255
00:13:41,440 --> 00:13:43,960
Speaker 14: he did make it clear he is not going to

256
00:13:44,000 --> 00:13:47,720
Speaker 14: allow the immigrant community in New York City to be

257
00:13:47,840 --> 00:13:52,760
Speaker 14: victimized by immigration policies of the administration, and there's is

258
00:13:52,800 --> 00:13:56,360
Speaker 14: a potential conflict there, but he seems to have a

259
00:13:56,480 --> 00:13:58,720
Speaker 14: very good relationship with the White House. We'll see how

260
00:13:58,760 --> 00:13:59,720
Speaker 14: along that lasts.

261
00:14:00,040 --> 00:14:02,840
Speaker 2: In our last thirty seconds, Should the city be concerned

262
00:14:02,840 --> 00:14:05,640
Speaker 2: about potential cuts to federal funding after what we heard

263
00:14:05,640 --> 00:14:07,720
Speaker 2: from Mayor mum Donnie yesterday.

264
00:14:07,960 --> 00:14:12,160
Speaker 14: Well, I think you have to be very cautious about that.

265
00:14:12,280 --> 00:14:15,719
Speaker 14: Donald Trump says things and doesn't follow through. One thing

266
00:14:15,760 --> 00:14:18,880
Speaker 14: you do have to worry about is his promise to

267
00:14:18,960 --> 00:14:22,320
Speaker 14: tax the rich. That was a very strong theme and

268
00:14:22,680 --> 00:14:27,160
Speaker 14: it'll be really fascinating to see whether the governor figures

269
00:14:27,160 --> 00:14:28,000
Speaker 14: out a way to do that.

270
00:14:29,720 --> 00:14:32,640
Speaker 3: This is Bloomberg day Break, your morning podcast on the

271
00:14:32,720 --> 00:14:36,240
Speaker 3: stories making news from Wall Street to Washington and beyond.

272
00:14:36,480 --> 00:14:38,840
Speaker 2: Look for us on your podcast feed. By six am

273
00:14:38,920 --> 00:14:42,320
Speaker 2: Eastern each morning on Apple, Spotify, or anywhere else you listen.

274
00:14:42,560 --> 00:14:45,400
Speaker 3: You can also listen live each morning starting at five

275
00:14:45,440 --> 00:14:48,040
Speaker 3: am Wall Street Time on Bloomberg eleven three to zero

276
00:14:48,160 --> 00:14:51,040
Speaker 3: in New York, Bloomberg in ninety nine to one in Washington,

277
00:14:51,120 --> 00:14:55,040
Speaker 3: Bloomberg ninety two nine in Boston, and nationwide on serious

278
00:14:55,240 --> 00:14:56,800
Speaker 3: XM Channel one twenty one.

279
00:14:57,240 --> 00:14:59,920
Speaker 2: Plus listen coast to coast on the Bloomberg Business app

280
00:15:00,040 --> 00:15:02,760
Speaker 2: out with Apple CarPlay and Android Atto interfaces.

281
00:15:03,040 --> 00:15:05,720
Speaker 3: And don't forget to subscribe to Bloomberg News Now.

282
00:15:05,880 --> 00:15:06,880
Speaker 5: It's the latest.

283
00:15:06,560 --> 00:15:09,320
Speaker 3: News whenever you want it in five minutes or less.

284
00:15:09,600 --> 00:15:12,680
Speaker 3: Search Bloomberg News Now on your favorite podcast platform to

285
00:15:12,680 --> 00:15:16,200
Speaker 3: stay informed all day long. I'm Karen Moscow.

286
00:15:16,000 --> 00:15:18,520
Speaker 2: And I'm Nathan Hager. Join us again tomorrow morning for

287
00:15:18,560 --> 00:15:20,480
Speaker 2: all the news you need to start your day right

288
00:15:20,520 --> 00:15:22,000
Speaker 2: here on Bloomberg dabray