Speaker 1: Five from the Bloomberg Interactive Brooker Studios is Bloomberg Daybreak
Speaker 1: for Monday, January two. Coming up this hour, the US
Speaker 1: orders families of diplomats to leave Ukraine's tensions with Russia.
Speaker 1: Mountain on Wall Street stock futures stabilized after last week's
Speaker 1: sell off. Goldman Sachs comes out with a hawkish forecast
Speaker 1: for FED policy, and Dr Anthony Fauci says the Omicron
Speaker 1: outbreak could soon pee. New York City is reeling from
Speaker 1: the deadly shooting of the police officer. Plus trial begins
Speaker 1: with three x Minneapolis policemen involved in George Floyd's death.
Speaker 1: Him Michael Barr More Ahead, I'm John Stash. Aaron sports
Speaker 1: that Jays beat the Pills in an epic playoff game,
Speaker 1: The Ram beat the Box, the Next One, the Nets,
Speaker 1: and Devil's Law. That's all straight Ahead on Bloomberg day
Speaker 1: Break on Bloomberg Element Trio, New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties,
Speaker 1: San Francisco, Sirius x M one nine Team, and around
Speaker 1: the world Old on Bloomberg Radio dot Com and via
Speaker 1: the Bloomberg business set. Good morning. I'm Nathan Hager and
Speaker 1: I'm Karen Moscow. US futures are higher after last week's
Speaker 1: sell off. We're coming up to five oh one on
Speaker 1: Wall Street, and we check the markets every fifteen minutes
Speaker 1: throughout the trading day. On bloomberg SMP Future is up
Speaker 1: nine points, Dow Future is up seventy one nast DAG
Speaker 1: Future is up twenty The decks in Germany's down one
Speaker 1: point to percent. Ten year treasury up eight thirty seconds,
Speaker 1: held one point seven two percent. They yield on the
Speaker 1: two year one point one percent. Nine X screwed oil
Speaker 1: is up three ten percent or twenty four cents at
Speaker 1: eighty five dollars, thirty eight cents of barrel comics gold
Speaker 1: up half percent or nine dollars eighty cents at eighteen
Speaker 1: forty three ninety announce. The euro one point one three
Speaker 1: two six against the dollar, the NS at one thirteen
Speaker 1: point six one. Nathan, Karen, We'll have more on the
Speaker 1: markets in a minute, but we begin this morning with
Speaker 1: the latest geopolitical tensions between the White House and Moscow.
Speaker 1: Concerns over a Russian invasion of Ukraine have the US
Speaker 1: as taking steps to protect Americans in the country. Amy
Speaker 1: Morris has the latest from our Bloomberg ninety nine one
Speaker 1: newsroom in Washington. Washington ordered diplomats families to leave Ukraine.
Speaker 1: The UK withdrawing about half of its embassy staff and
Speaker 1: their families. EU ministers are talking with Secretary of State
Speaker 1: Anthony B. Lincoln about next steps. They're prepared to say
Speaker 1: that any further military aggression by Russia will have quote
Speaker 1: massive consequences and severe costs. This as President Biden is
Speaker 1: reportedly weighing whether to send troops to Eastern Europe to
Speaker 1: support NATO allies. The New York Times reports that would
Speaker 1: involve up to five thousand troops plus warships and aircraft.
Speaker 1: In Washington, I maybe Morris Bloomberg Daybreak, Amy, thank you.
Speaker 1: Secretary of State Anthony B. Lincoln is speaking out on
Speaker 1: the pending conflict with Russia. He's rejecting pressure to escalate
Speaker 1: sanctions on Moscow, saying you would limit his options in
Speaker 1: the future. The purpose of those sanctions is to deter
Speaker 1: Russian aggression, and so if they're if they're triggered now,
Speaker 1: you lose the detern effect. And Anthony B. Lincoln made
Speaker 1: the comments on PC's Meet the Press. Heard Sundays on
Speaker 1: Bloomberg Radio. All right, let's turn back to markets now, Karen,
Speaker 1: where we are seeing some stabilization this morning after last
Speaker 1: week sell off. Bloomberg's John Tucker joins us live with
Speaker 1: the details. Good morning, John, Good morning Nathan. The NASDAC
Speaker 1: one is coming off its worst week since the start
Speaker 1: of the pandemic in March of twenty The end of
Speaker 1: central bank stimulus has many rethinking their outlooks. The FED
Speaker 1: decision on Wednesday's expended to signal a March interest rate
Speaker 1: hike and a balance sheet reduction later this year. The
Speaker 1: US stocks have historically performed well during rate high cycles,
Speaker 1: as a growing economy tends to support corporate profit growth.
Speaker 1: In fact, stocks have risen at an average annualized rate
Speaker 1: of nine percent during the twelve rate hike cycles since
Speaker 1: the nineteen fifties. On average. Strategists also project the S
Speaker 1: and P five hundred will finish the year just shy
Speaker 1: of five thousand percent above Friday's closing level. Live in
Speaker 1: New York, I'm John Tucker, Bloomberg Daybreak. All right, John,
Speaker 1: thank you, and as we wait for Wednesday's FED decision,
Speaker 1: One Wall Street Bank is out with a hawkish forecast.
Speaker 1: We get the latest live from Bloomberg's Nita Young. Good morning, Nada,
Speaker 1: Good morning, Karen Goldman. SAX economists say the FIT could
Speaker 1: tighten policy more aggressively than anticipated their clocking rate increases
Speaker 1: in March, June, September, and December, and for the Central
Speaker 1: Bank to announce the start of a balance sheet reduction
Speaker 1: in July. Goldben economists are concerned because the omicron variant
Speaker 1: is prolonging supply demand imbalances and there's continued wage strength
Speaker 1: and growth which could increase ongoing inflation pressures. Live in
Speaker 1: New York, I'm gonned a Young Bloomberg daybreak, and we
Speaker 1: need to Anticipation of tighter policy from the Fed is
Speaker 1: also weighing on Bitcoin. That combined with where the White
Speaker 1: Houses preparing a strategy for digital assets, had Bitcoin hit
Speaker 1: a low of thirty four thousand over the weekend. Bitcoin
Speaker 1: is down nearly fifty percent from its all time high
Speaker 1: in November, and checking the cryptocurrency now, it's at thirty
Speaker 1: four thousand five dollars. Well, Nathan, let's turn to the pandemic. Now,
Speaker 1: US COVID cases a appear to be leveling off. And
Speaker 1: there's hope the numbers could soon start heading south. Dr
Speaker 1: Anthony Fauci says this surge could be nearing its peak,
Speaker 1: but if the pattern follows the trend that we're seeing
Speaker 1: in other places, things are looking good. We don't want
Speaker 1: to get overconfident, but they look like they're going in
Speaker 1: the right direction right now. Dr Fauci made the comments
Speaker 1: on ABC's This Week Ord Sundays on Bloomberg Radio well
Speaker 1: COVID's Front and Center in Europe. This morning Karen as
Speaker 1: British Prime Minister Boris Johnson faces his most crucial week
Speaker 1: in office. Let's go live to London and get the
Speaker 1: latest from Bloomberg's You and Parts. Good Morning You, and
Speaker 1: Good Morning Nathan and Karen. Prime Minister Boris Johnson is
Speaker 1: awaiting the results of an inquiry JEWS report this week
Speaker 1: into large gatherings at Downing Street during the COVID lockdowns.
Speaker 1: It's an investigation that could lead to his own Conservative
Speaker 1: Party colleagues ousting him as leader. Separately, the premiss also
Speaker 1: under attack over the conduct of the senior party managers
Speaker 1: who maintained voting discipline among lawmakers. It's not a week
Speaker 1: that Johnson will be looking forward to live in London.
Speaker 1: I'm you and part Sploomberg. They break you and thank you.
Speaker 1: Back here in the US, some corporate news to get
Speaker 1: you caught up on shares, the Coals are higher by
Speaker 1: twenty six percent. The department store chain is fielding interests
Speaker 1: from two potential buyers. Sources say the latest bid comes
Speaker 1: from Sycamore Partners. Earlier, another bidder backed by Hedge fund
Speaker 1: is Starboard Value offered nine billion dollars for Coals. Activist
Speaker 1: investors have been pressuring Coals to sell. Peloton shares are
Speaker 1: up two percent here in Bloomberg News has learned an
Speaker 1: activist investor there is pushing Peloton to fire at CEO
Speaker 1: and try to sell itself. Blackwell's Capital has less than
Speaker 1: a five percent stake in the fitness company. Pelotons shares
Speaker 1: have plunged more than eighty percent from their all time
Speaker 1: high a year ago. And on the economic front, today,
Speaker 1: Nathan a new survey shows a build up of US
Speaker 1: inflation and labor shortages. The National Association for Business Economics
Speaker 1: says more than half of the company's surveyed boosted prices
Speaker 1: in the fourth quarter. That's the highest in the servey's
Speaker 1: forty year history on top of add more than sevent
Speaker 1: Expect higher wage costs in the next three months. Okay,
Speaker 1: right now, S and P futures are up, but only
Speaker 1: by about two points. STAW futures up twenty four. Nastack
Speaker 1: futures have turned lower. Now they're down six points. The
Speaker 1: tenure treasury is up nine thirty seconds, the yield one
Speaker 1: point seven to per cent. Straight ahead, your latest local
Speaker 1: headlines and a check of sports. This is Bloomberg and
Speaker 1: it's five oh seven on Wall Street, thirty degrees in
Speaker 1: Central Park and accident investigation as the b que closed
Speaker 1: eastbound between thirty one and the RFK trib or a bridge.
Speaker 1: Details coming up in Traffic. First Michael Barr with more
Speaker 1: on what's going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. New York City is
Speaker 1: preparing delay to rest a rookie police officer killed last week.
Speaker 1: Funeral services for twenty two year old New York City
Speaker 1: police officer Jason Rivera are being finalized. Rivera an officer
Speaker 1: Wilbert Mora. We're shot Friday night while answering a call
Speaker 1: about an argument between a woman and her adult son
Speaker 1: in Harlem More was moved in this fighting for his life.
Speaker 1: The man police saying shot them also was wounded by
Speaker 1: a third responding officer. New York City Mayor Eric Adams
Speaker 1: vows to take action to address not just the latest
Speaker 1: police shooting, but crime in general. This is a sea
Speaker 1: of crime that's been fed by many rivers, and we
Speaker 1: have to damn each one of those rivers, and we
Speaker 1: have been unsuccessful to do so throughout the years. These
Speaker 1: crimes have not thought um during my administration, to have
Speaker 1: been here for far too long and many possible community.
Speaker 1: Mayor Adams on CNN also mentioned another high profile crime
Speaker 1: that occurred more than a week ago, but for the
Speaker 1: year old woman on the subway platform in Times Square,
Speaker 1: Michelle Go was shoved in front of an incoming train
Speaker 1: by a mentally ill homeless man. General Leeber is the
Speaker 1: CEO of the m t A, but a relatively small
Speaker 1: number of mentally ill homeless, but their impact on the
Speaker 1: subway system and on the ridership and god forbid, on
Speaker 1: safety is proportion. The m t A S Jano Liebers
Speaker 1: says that the fact that had happened in one of
Speaker 1: the most iconic spots emphasizes the problem New York City faces.
Speaker 1: Opening statements began today and the federal trial for three
Speaker 1: former Minneapolis police officers charged with violating George Floyd's civil
Speaker 1: rights as Derek Chauvin pinned his neck to the street.
Speaker 1: All three are charts or failing to provide Floyd with
Speaker 1: medical care. The adult film actress who made lawyer Michael
Speaker 1: Avonetti famous four years ago, will be the key witness
Speaker 1: in a New York courtroom. Prosecutors are trying to prove
Speaker 1: Havonette echeated Stormy Daniels a three dollars in book proceeds.
Speaker 1: Opening statements are scheduled for today. Jury selection begins today
Speaker 1: and New York for former Alaska governor and vice presidential
Speaker 1: candidate Sarah Palin's lawsuit against The New York Times. Palin
Speaker 1: accuses The Times of defamation. Over seventeen editorial global news
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Tank, powered by more than twenty se an hundred
Speaker 1: journalist and analysts more than a hundred twenty countries. I'm
Speaker 1: Michael bar this is Bloomberg. Nathan all right, Michael, thank you,
Speaker 1: Almost five ten on all street time for the Bloomberg
Speaker 1: Sports up Take. Good morning, John Stash all Right, good morning, Nathan.
Speaker 1: Has there ever been a more exciting NFL playoff game?
Speaker 1: In the final two minutes of regulation, twenty five points
Speaker 1: were scored. There were three lead changes. Twice Buffalo thought
Speaker 1: it had one with a Josh Allen touchdown past the
Speaker 1: Gabriel Davis, who caught four on the night, kept leaving
Speaker 1: Kansas City time even when the Bill scored a go
Speaker 1: ahead TV with only thirteen seconds ago. Enough time for
Speaker 1: Patrick Mahomes. Two completions got the Chiefs in position for
Speaker 1: a game time field goal. They went to overtime. Kansas
Speaker 1: City won the coin flip, then won the games. Looks
Speaker 1: to throw it, pump baking right side, he wants the
Speaker 1: cost by Keelsasa sitting one of the greatest students in
Speaker 1: the history of the National Football League. Patrick maholl to
Speaker 1: Travis Kelsey, Hell the push fake comeback in the Chiefs
Speaker 1: up one. This incredible divisional playoff game forty two thirty
Speaker 1: six Chiefs radio Mahomes best Allen in a classic QB duel.
Speaker 1: They combined for sixty completions over seven hundred yards, seven touchdowns,
Speaker 1: plus a hundred thirty seven rushing yard. It's Mahomes in
Speaker 1: the Chiefs who will host Cincinnati for the a f
Speaker 1: C Championship. Rams will host the forty Niners for the
Speaker 1: NFC l A blew a four point lead, Tom Brady
Speaker 1: rallied Dampa Bay to a tie. Then the Rams, helped
Speaker 1: by a forty four yard completion, kicked the field goal
Speaker 1: to win thirty to twenty seven. After three straight home losses,
Speaker 1: Nick is able to beat the Clippers with the Garden
Speaker 1: one ten, one oh two. R. J. Barrett scored twenty six.
Speaker 1: Nick started tough week tonight in Cleveland. Nets lost in
Speaker 1: Minnesota one thirty six. Devils lost to the King's three
Speaker 1: to two. American Danielle Collins has reached the quarterfinals of
Speaker 1: the Australian John Stash Award Bloomberg Sports. Nathan John thanks
Speaker 1: futures lower, nows and p futures down two points, So
Speaker 1: are down futures that futures lower by any points. Lori
Speaker 1: Calvacina of RBC with us next. This is Bloomberg Blombery
Speaker 1: Daybreak brought you by the Breakers this winter are warm,
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Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quicktape.
Speaker 1: This is a Bloomberg Business flash and I'm Cameron Moscow.
Speaker 1: US dot Index futures have turned lower, extending last week's losses,
Speaker 1: which was one of the worst stretches for global share
Speaker 1: since the pandemic began. We checked the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. Right now, SMP
Speaker 1: futures are down six points down, futures down twenty nasadack
Speaker 1: futures down thirty seven. The decks in Germany's down one
Speaker 1: and a half percent, CAC in Paris down one point
Speaker 1: six percent, and the foot Sea one had write down
Speaker 1: about one point one percent. Can your treasury up ten
Speaker 1: thirty seconds he had one point seven two percent. That
Speaker 1: yield on the two year one point o percent or
Speaker 1: one percent, you could say nine Excrete oil down about
Speaker 1: two tenths per cent or thirteen cents at eighty five
Speaker 1: dollars a barrel. Comex school is up six tents per
Speaker 1: cent er ten dollars twenty cents at eighteen forty four
Speaker 1: thirty announced the euro one point one three to two
Speaker 1: against the dollar, British pound one point three five one
Speaker 1: three and again is at one thirteen point five four.
Speaker 1: And just checking Bitcoin this morning, moving lower. Uh, it's
Speaker 1: at thirty three thousand, six hundred dollars. That's down almost
Speaker 1: five percent, and that's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more and what's going on around the world. Uncle,
Speaker 1: Good morning, Good morning, Karen. The US ordered family members
Speaker 1: at its embassy in Ukraine to leave do to the
Speaker 1: continued threat of Russian military action, while the US renewed
Speaker 1: warnings that Russia good sent forces into Ukraine at any time.
Speaker 1: There's word. President Joe Biden is considering deploying troops to
Speaker 1: Eastern Europe and the Baltics. The federal trial for three
Speaker 1: former Minneapolis police officers charged with violating George Floyd's civil
Speaker 1: rights as Derek Chauvin pinned his neck to the street
Speaker 1: is set to begin today with opening statements. In the NFL.
Speaker 1: The Chiefs beat the Bills forty two thirty six that
Speaker 1: means Kansas City faces the Bengals for the a f
Speaker 1: C title. The Rams beat the Bucks thirty twenty seven,
Speaker 1: Los Angeles would now face the forty Niners for the
Speaker 1: NFC Championship. In the NBA, the Knicks, Celtics and Warriors won,
Speaker 1: the Nets lost, NHL Action The Devil's Lost. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven under journalist
Speaker 1: and analysts more than a hundred twenty countries. I'm Michael
Speaker 1: var and this is Bloomberg Nathan Alright, Michael, thanks for
Speaker 1: coming up to five twenty on Wall Street Live from
Speaker 1: the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak and
Speaker 1: we're joined down by Lori Calvacina ahead of US Equity
Speaker 1: Strategy at RBC Capital Markets. As we see futures taking
Speaker 1: a turn low were now, Lorie, they had been higher
Speaker 1: just a few minutes ago actually, but now it looks
Speaker 1: like investors think there maybe even further for this sell
Speaker 1: off to run. When do you think we see capitulation
Speaker 1: A Hi, Well, thanks for having me. As always, um, look,
Speaker 1: I think if you look at the retail Investors Survey
Speaker 1: that a AI I put that on a weekly basis. Um,
Speaker 1: we've actually already gotten very close to deeply bearished territory.
Speaker 1: If you look at the sort of unadjusted weekly number
Speaker 1: from last week, it was actually very very close onto
Speaker 1: pandemic loads. I think the netbolishness was around minus or so. UM.
Speaker 1: And we we did see, you know, sort of the
Speaker 1: bears climbed sharply and the bulls repeat retreat Charlie. Um.
Speaker 1: Now when that happened in the pandemic, when we got
Speaker 1: two similar levels, we stayed there for twelve weeks. So
Speaker 1: that doesn't mean sentiment turns around tomorrow. UM. But I
Speaker 1: do think a lot of the bad news, whether it's
Speaker 1: from the FED, inflation, um, even some of the anks
Speaker 1: were seen in terms of GIA politics, it's already taken
Speaker 1: a pretty big toll on investor psyching. That doesn't mean
Speaker 1: the market turns around today. Um. That it is an
Speaker 1: important threshold to be aware of. Yeah, as you say,
Speaker 1: there are a lot of catalysts for investors to keep
Speaker 1: their minds on, from the FED, to earnings to these
Speaker 1: tensions with Ukraine. Do you think that a lot of
Speaker 1: this uh negative sentiment has further to get priced into
Speaker 1: this market. I think that the best way to look
Speaker 1: at this right now is through the lens of the
Speaker 1: growth value rotation, because we do know obviously the secular
Speaker 1: growth oriented sectors are massive weight in the S and
Speaker 1: P five hundred, at least they have been, and so
Speaker 1: what's bad for that trade is bad for the broader market.
Speaker 1: And when we look at the different you know, sort
Speaker 1: of indicators, I think about six or seven different things
Speaker 1: we're tracking there, we do generally think that that rotation
Speaker 1: is not done yet. And I'll give you one that
Speaker 1: we published on this morning, which is just looking at
Speaker 1: the valuation gap between the most expensive stocks in the
Speaker 1: market and the cheapest stocks in the market UM. And
Speaker 1: we've been looking at that relative ratio and where it
Speaker 1: is relative to pre pandemic levels UM and basically it's
Speaker 1: about fourteen percent away UM. So there is still some
Speaker 1: winter chop. There's been a significant draw down that's happened.
Speaker 1: We've made a lot of progress in terms of correcting
Speaker 1: that valuation gap, but there is still more room to go.
Speaker 1: A lot of attention obviously on the FED meeting this Wednesday,
Speaker 1: the decision coming there. You probably heard the commentary from
Speaker 1: Goldman Sachs saying that there is a risk that maybe
Speaker 1: even more rate hikes than the market has priced in
Speaker 1: at this point. What's your expectation on what we're going
Speaker 1: to hear from Chairman Powell and the Open Market Committee
Speaker 1: this week? So, you know, I never like to forecast
Speaker 1: what the Fed is going to say. I leave that
Speaker 1: to our economics team, but I will give the RBC
Speaker 1: economics and rate strategy team a lot of critics because
Speaker 1: they have been very, very early on the hawk is call.
Speaker 1: They've been telling us since around Thanksgiving to be prepared
Speaker 1: for a pretty you know, aggressive FED this year on
Speaker 1: both in terms of the hikes this year and in
Speaker 1: tree and they think the market is still in the
Speaker 1: process of catching up there. I will tell you that
Speaker 1: while our economists and rate strateg just have been prepared
Speaker 1: for this more hawk is tilt from the FED, equity
Speaker 1: investors U have really been playing a fierce game of
Speaker 1: catch up. And we saw even right before the holiday
Speaker 1: postal lapsed BERED meeting, most were most equity investors were
Speaker 1: looking for two Q lift off. So even you know,
Speaker 1: kind of this march timing up, equity investors have been
Speaker 1: coming around to that UM, but there were really, you know,
Speaker 1: sort of very very far behind where some economists and
Speaker 1: rate strategies were on the spred call to start the
Speaker 1: year UM. So you know, I'm hopeful that there's really
Speaker 1: not much that's going to come out this week that's
Speaker 1: been a surprise equity market participants. But we'll have to
Speaker 1: see there. Obviously, this is gonna be a very busy
Speaker 1: earnings week as well. It's been kind of uneven for
Speaker 1: the most part in the early going. What are you
Speaker 1: expecting when it comes to the couple hundred of SMP
Speaker 1: companies that are going to report in our last minute
Speaker 1: here look this week and next week or brutal we
Speaker 1: get well over two d S and P five hundred
Speaker 1: companies reporting. I would say so far, based on the
Speaker 1: early reporters to focus on strong demand. It just hasn't
Speaker 1: been the same tone as what we've heard the last
Speaker 1: few reporting season. Labor has been a hot button issue.
Speaker 1: I think that's replacing supply chains as the theme of
Speaker 1: the year UM. And also a macron disruption does appear
Speaker 1: to be does appear to have been greater than anticipated
Speaker 1: based on some of the early reporters that we've seen
Speaker 1: so far, so we'll look to see if that that
Speaker 1: trend continues and what comes up in the next few weeks.
Speaker 1: It sounds like a lot of head winds ahead as
Speaker 1: we head into the rest of this month. Lori Calvacina,
Speaker 1: Head of US Equity Strategy at RBC, as always, thanks
Speaker 1: for the insights, getting a set for what could be
Speaker 1: a very rocky trading week. As we watch futures move
Speaker 1: lower in the pre market. SMP futures now down thirteen points,
Speaker 1: now futures down seventy three, Nasdaq futures leading the declines
Speaker 1: there down sixty six points. The tenure Treasury is up
Speaker 1: ten thirty seconds now, the yield one point seven two percent,
Speaker 1: yield on the two year one percent. Even Bitcoin now
Speaker 1: thirty three thousand five dollars just ahead, diplomats, families ordered
Speaker 1: from Ukraine, and a department store chain gets serious takeover interest.
Speaker 1: All that and more as we check your top stories
Speaker 1: of the morning, you're listening to Bloomberg Daybreak Bloomberg eleven
Speaker 1: three oh weather sunny him your thirty five Today partly
Speaker 1: Sunday Tomorrow with a high near forty, sunny and cold
Speaker 1: Wednesday highs only in the mid twenties, currently thirty one
Speaker 1: degrees in cloudy in Central Park. Broadcasting live from the
Speaker 1: Bloomberg Interactive Broker's studio in New York, Bloomberg E Living
Speaker 1: Free on to Washington, d C. Bloomberg to Boston, Bloomberg
Speaker 1: one O six one, does San Francisco, Bloomberg NIM sixteen
Speaker 1: to the Country Sirius XM Chentle one nine ten, and
Speaker 1: around the globe the Bloomberg Business app in Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on
Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow,
Speaker 1: and we're just about four hours away from the open
Speaker 1: of US trading. Let's get you up to date on
Speaker 1: the news. You need to know what the shour. We
Speaker 1: begin with the latest do political tensions between the US
Speaker 1: and Russia. The US has ordered families of diplomats to
Speaker 1: leave Ukraine and concerns about an invasion mount Bloomberg said.
Speaker 1: Baxter has the very latest. The signal is that Russia
Speaker 1: could invade at any time, and the State Department is
Speaker 1: issuing a statement saying quote the security conditions particularly along
Speaker 1: Ukraine's borders in Russia occupied Crimea and in Russia controlled
Speaker 1: eastern Ukraine are unpredictable and can deteriorate with little notice.
Speaker 1: They're also reports that the Biden administration is thinking about
Speaker 1: sending troops into the region. In San Francisco, I'm at Baxter,
Speaker 1: Bloomberg Daybreak, All right, and thanks. Turning to markets now,
Speaker 1: US futures are slumping as last week's sell off look
Speaker 1: set to continue. Let's get the very latest line from
Speaker 1: Bloomberg's John Tucker, John Nathan. The NAZAC, coming off its
Speaker 1: worst week since the start of the pandemic in March
Speaker 1: of twenty, is now down over four from its November high.
Speaker 1: The next hurdle for investors is Wednesday. That's what the
Speaker 1: FAT is so expected to signal a March raide hike
Speaker 1: and balance sheet reduction later this year. The end of
Speaker 1: FED stimulus has prompted an exodus from high growth equities
Speaker 1: right now, Basdeck features are leading their clients. They are
Speaker 1: down right now nine points line to New York. I'm
Speaker 1: John Tucker, Bloomberg Daybreak, All right, John, thank you, And
Speaker 1: as we wait for Wednesday's FED decision, one Wall Street
Speaker 1: Bank is that without hawkish forecast, we get the latest
Speaker 1: live from Bloomberg's rand A Young Good Morning Radio, Good Morning,
Speaker 1: Karen Goldman. SAX economists say the FIT could tighten policy
Speaker 1: more aggressively than anticipated their clocking rates increases in March, June, September,
Speaker 1: and December, and for the Central Bank to announce the
Speaker 1: start of a balance sheet reduction in July. Goldmen economists
Speaker 1: are concerned because the O Macron variant is prolonging supplied
Speaker 1: demanding balances, and there's continued strength in wage growth, which
Speaker 1: could together increase ongoing inflation pressures. Life in New York.
Speaker 1: I'm gonna need a Young Bloomberg day break, all right,
Speaker 1: we need to thanks turned to the pandemic now and
Speaker 1: word from President Biden's chief medical advisor, Dr Anthony Faucci.
Speaker 1: He says the omicron outbreak is headed in the right direction,
Speaker 1: saying the surge could likely peak soon. And in corporate
Speaker 1: news this morning, shares of coals are up almost twenty
Speaker 1: nine percent. Sources say the department store Shane is fielding
Speaker 1: interest from two potential buyers. And again, futures this morning
Speaker 1: have turned lower, with SNP futures down thirteen points at
Speaker 1: own futures down fifty eight and Nasdak futures down seventies
Speaker 1: six straight. I had your latest local headlines, splas a
Speaker 1: check of sports and this is Bloomberg. Thanks Karen. It's
Speaker 1: five thirty three on Wall Street where thirty one degrees
Speaker 1: in Central Park. We've got a crash in White Plains
Speaker 1: East found Route eighty seven year exit eight e. Details
Speaker 1: coming up in traffic. First Michael Barr with more on
Speaker 1: what's going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. New York Governor Caffey
Speaker 1: Hoke Will has announced a new task force involving nine
Speaker 1: Northeast states and fighting the rise in gun violence. It
Speaker 1: comes out to Friday shooting of two New York City
Speaker 1: police officers. One officer, twenty two year old Jason Rivera,
Speaker 1: was killed, the other, twenty seven year old Rulbert Mora,
Speaker 1: is in critical condition. Mayor Eric Adams is calling on
Speaker 1: the federal government to help curb the flow of illegal
Speaker 1: guns into big cities. The police department is doing their
Speaker 1: job taking thousands of guns off the streets. Yet each
Speaker 1: time you take a gun off, there's a constant flow
Speaker 1: of new guns coming here. Mayor Adams says the suspect
Speaker 1: and Friday shooting was also shot by a third responding
Speaker 1: officer and remains hospitalized. Mayor Adams also mentioned the death
Speaker 1: of a forty year old woman on a subway platform
Speaker 1: in Times Square that's making global headlines. Authorities say Michelle
Speaker 1: Go was shoved in front of an incoming train by
Speaker 1: a mentally ill homeless man. M t A CEO General
Speaker 1: Leber's has the fact that this happened in one of
Speaker 1: the city's most iconic spots emphasizes the problem New York
Speaker 1: City faces. Right in the middle of our city. What
Speaker 1: could be more the center of the city and of
Speaker 1: the world then Times Square, For this to happen is
Speaker 1: just unthinkable, unacceptable. I called it unconscionable. There are no words.
Speaker 1: We have to do something about it, the m t
Speaker 1: a's General Leber says, though, while the issue is atypical
Speaker 1: for the city, it's being failed acutely in this time
Speaker 1: of COVID. The federal trial for three former Minneapolis police
Speaker 1: officers charged with violating George Floyd's civil rights is Dark
Speaker 1: Chauvin Pin the Black Man's Neck to the Street, is
Speaker 1: set to begin today with opening statements. All three are
Speaker 1: charged with the depriving Floyd of his civil rights while
Speaker 1: acting under government authority. Disgraced attorney Michael Avanati will stand
Speaker 1: trial today in New York on charges he cheated his client.
Speaker 1: Federal prosecutors said Avanade stole the advance on Stormy daniels
Speaker 1: teen memoir about her long denied affair with former President Trump.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven under
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg, Nathan. Thanks Michael five on Wall Street
Speaker 1: time for the Bloomberg Sports Update. After a wild football weekend.
Speaker 1: Here's yeah, Nathan, I don't know that we've ever had
Speaker 1: a weekend quite like that. All four games won on
Speaker 1: the final play, three road teams won on game ending
Speaker 1: field goals, and then the Bills in Chiefs in a
Speaker 1: game for the age of twenty five point scored in
Speaker 1: the last two minutes of regulation, three lead changes, including
Speaker 1: Buffaloes go ahead TV with only thirteen seconds left, Kansas
Speaker 1: City still able to tie the game on a lot
Speaker 1: of second field goal. They beat the Bills forty two
Speaker 1: thirty six in overtime. The Chiefs will host the ANFC
Speaker 1: championship game for the fourth funeral, they'll take on the Bengals.
Speaker 1: The Rams beat the Bucks thirty to twenty seven on
Speaker 1: a field goal that came after Tampa Bay rally from
Speaker 1: twenty four points down to tie the game. Tom Brady
Speaker 1: nearly pulled off an epic comeback, but not quite. At
Speaker 1: the end, there's only one team that's gonna be happy.
Speaker 1: It feels good to move on when you move on,
Speaker 1: and obviously when you don't, uh, you know, there was
Speaker 1: last week or this week, for next week or the
Speaker 1: week after, two weeks after that. After the loser NET
Speaker 1: game at all, it all sucks to lose me. And
Speaker 1: asked if he's now going to retire, Brady said he
Speaker 1: will take it day by day. The Rams, after winning
Speaker 1: on the road, now go home to play the forty
Speaker 1: Niners for the NFC title, and they could then just
Speaker 1: stay in l A for the Super Bowl. Nick's home
Speaker 1: standards over. They lost the first three but beat the
Speaker 1: Clippers one ten one oh two picks was finally a
Speaker 1: solid start thirty nine points of the first quarter. They
Speaker 1: never trailed. R J. Barratt twenty six points, fourteen rebounds.
Speaker 1: Nick's played tonight in Cleveland, then they go to Miami,
Speaker 1: then Milwaukee, so they'll play three at the top five
Speaker 1: in the East in Minnesota. Thirty points for Kyrie Irvy
Speaker 1: not ed off and that's lost five. The Devil's beaten
Speaker 1: by the King's three to two Daniel Medvedev into the
Speaker 1: quarterfinals of the Austville You know, John Stash Bloomberg's Howard Sneakers.
Speaker 1: Thanks John seven on Wall Street Time for the Tri
Speaker 1: State Business Report with Bloomberg's head. Corey employees in an
Speaker 1: r EI store in Manhattan filed for a union election
Speaker 1: on Friday. That makes the outdoor equipment an apparel retailer
Speaker 1: the latest prominent service industry employer whose workers have sought
Speaker 1: to unionize. The Time says employees sided safety during the pandemic,
Speaker 1: among other concerns in their filing. New York sports books
Speaker 1: took more than six hundred million dollars worth of bets
Speaker 1: from phones or computers in the first two weeks of
Speaker 1: the activity being legal this month. The numbers posted by
Speaker 1: the New York State Gaming Commission came from fan Duel,
Speaker 1: Draft Kings, Caesar's, and Rush Street interactive. Connecticut Governor Ned
Speaker 1: Lamont's administrations has it plans to require all nursing home
Speaker 1: visitors to show proof of COVID nineteen vaccinations or show
Speaker 1: a recent negative test before entering. Currently, visitors have to
Speaker 1: show that they have received COVID nineteen vaccine or booster
Speaker 1: at your Bloomberg tries fake business report. I'm Ed Corey.
Speaker 1: Thanks that it's five thirty eight on Wall Street. Bloomberg
Speaker 1: Radio is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. Um
Speaker 1: Corney Donaho on kat R H in Houston. Boris and
Speaker 1: Jim's bustling as Americans aren't a little COVID. I'm Gina
Speaker 1: Servetti and for w w BBM in Chicago, we're talking
Speaker 1: about some of the locally based companies reporting earnings this week.
Speaker 1: I'm Caroline Hefell, Blue Bag, Dab dish Adium. In London.
Speaker 1: We're reporting on the most critical week of Boris Johnson's
Speaker 1: premiership as we await the report into alleged downing Street
Speaker 1: parties and now allegations of Islamophobia against the Conservatives. I'm
Speaker 1: a gory on w T A M in Cleveland. I'm
Speaker 1: reporting the move of devil Nicksdorff's headquarters the Hudson Who's
Speaker 1: almost complete, and those are some of the stories. Are
Speaker 1: hundred Bloomberg journalists and analysts are working on this morning
Speaker 1: around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. China is
Speaker 1: the last major nation pursuing zero tolerance COVID strategy, seeking
Speaker 1: to extinguish outbreaks of the virus as soon as individual
Speaker 1: king emerge, but the highly transmissible Omicron variant is testing
Speaker 1: the government's approach. Chinese officials have adopted strict measures to
Speaker 1: control emerging infections, such as locking down entire cities and
Speaker 1: mass testing millions of people, but O Macron has nevertheless
Speaker 1: spread to China's largest population centers. That includes Beijing, which
Speaker 1: is hosting the Winter Olympics in a few weeks. Given
Speaker 1: how fast this latest COVID strain travels, China has little
Speaker 1: chance of keeping case numbers low. Meanwhile, the human and
Speaker 1: financial costs of over zealous lockdowns are mounting and public
Speaker 1: patients is wearing thin. China will probably have to abandon
Speaker 1: its zero COVID policies at some point, perhaps sooner rather
Speaker 1: than later. This editorial was written by the Bloomberg Opinion
Speaker 1: Editorial Board. I'm David Shipley. For more Bloomberg Opinion place,
Speaker 1: go to Bloomberg dot com, slash Opinion or OPA and
Speaker 1: go on the Bloomberg terminal. These has been Bloomberg Opinion.
Speaker 1: You can hear Bloomberg opinion editorials every weekday. At this time,
Speaker 1: terminal customers can read more at O P I n GO.
Speaker 1: SMP futures are now down fifteen points down futures and
Speaker 1: Nasdaq futures both down eighty points. The ten your treasury
Speaker 1: is up nine thirty seconds, the yield one point seven
Speaker 1: to percent. The yield on the two year right now
Speaker 1: one percent. Even you're listening to Bloomberg, gave break Bloomberg
Speaker 1: eleven three oh weather, sunshine and a high in the
Speaker 1: mid thirties today. We'll get up to near forty, partly
Speaker 1: sunny tomorrow, sunny and cold for Wednesday, with the high
Speaker 1: only in your twenty five degrees currently thirty one and
Speaker 1: cloudy in Central Park markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, Blo Bloomberg
Speaker 1: Business apt and at Bloomberg Quick Tape He's He's a
Speaker 1: Bloomberg Business Flash and I'm fair at Moscow. European equities
Speaker 1: are following US Dot Index futures reversed their gains and
Speaker 1: are lower as well as the rotten technology stocks deepens
Speaker 1: and make concerns over the federal reserves imminent rate liftoff
Speaker 1: bonds are gaining. We checked the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg. Right now, SMP futures
Speaker 1: are down about twenty points down. Future has got a
Speaker 1: hundred fourteen NASDAG features down ninety five. The decks in
Speaker 1: Germany's down one point nine per cent, The ten year
Speaker 1: treasury up nine thirty seconds, held one point seven two
Speaker 1: per cent, and they yield on the two year point
Speaker 1: nine nine percent. Nine night Screwed oil is down at
Speaker 1: third cent or twenty eight cents at eighty four dollars
Speaker 1: eighty five cents of barrel comex Scold up four ten
Speaker 1: percent or seven dollars ten cents at eighteen forty one.
Speaker 1: Twenty announced the euro one point one three one six
Speaker 1: against the dollar. British found one point three four nine seven.
Speaker 1: The ends at one thirteen point six seven. Bitcoin this
Speaker 1: morning is falling as well. It's at about thirty three thousand,
Speaker 1: six hundred eighty dollars. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with Moore unless going on around the world.
Speaker 1: Michael Karen, thank you very much. The State Department is
Speaker 1: ordering the families of all American personnel at the US
Speaker 1: Embassy in Kiev to leave the country and allow non
Speaker 1: essential staff to leave Ukraine. The move comes amn heightened
Speaker 1: fears of a Russian invasion of Ukraine, the spite talks
Speaker 1: between the US and Russian officials. When of President Trump's
Speaker 1: strongest defenders is sent to have talked to the House
Speaker 1: Select Committee investigating the January sixth capital attack, the chairman
Speaker 1: of the committee says former President Trump's Attorney General, William Barr,
Speaker 1: has spoken to the panel. In the NFL, the Chiefs
Speaker 1: beat the Bills for thirty six and that means Kansas
Speaker 1: City faces the Bengals for the a f C title.
Speaker 1: The Rams beat the Bucks thirty twenty seven. Los Angeles
Speaker 1: now faces the forty nine ers for the NFC Championship.
Speaker 1: In the NBA, the Knicks, Celtics and Warriors won. The
Speaker 1: Nets lost in the NHL The Devil's Lost. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven under journalist and analyst
Speaker 1: in more than a hundred twenty countries. Michael Bar This
Speaker 1: is Bloomberg, Nathan, Thanks Michael. On Wall Street Life from
Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and
Speaker 1: we want to get the latest now on what's happening
Speaker 1: in Ukraine. Bloomberg's executive editor for International Relations, Rosalind Matheson
Speaker 1: is with us now Rose. As we heard from Michael Barr,
Speaker 1: the State Department has ordered families of diplomats out of Kiev,
Speaker 1: and now NATO this morning is saying it's got extra
Speaker 1: forces on standby, sending more ships and fighter jets to
Speaker 1: Eastern Europe as well. It seems like things are close
Speaker 1: to a boiling point, are they. Well. You can see
Speaker 1: that there's a heightened level of concerns, certainly about the
Speaker 1: fact that Russia is sustaining its military build up on
Speaker 1: the border with Ukraine. It's been doing that for many
Speaker 1: weeks now, no indication that intends to reverse that, and
Speaker 1: certainly Russia is waiting for what expects to the US
Speaker 1: written proposals this week on its security demands. But in
Speaker 1: the mix of all of that, concerns are definitely rising.
Speaker 1: You're seeing that Eastern European nations are anxious about their
Speaker 1: exposure to Russia. They're calling on NATO others to send
Speaker 1: more troops to their countries. Already are NATO and US
Speaker 1: troops of course in the area and frequent exercises, but
Speaker 1: certainly NATO in the US want to send the message
Speaker 1: that they're there in the region, they're committed, and they're
Speaker 1: going to do it in a very visible way by
Speaker 1: having increased exercises and troops on the ground in the
Speaker 1: coming weeks. What about that move from the US expected
Speaker 1: to send written responses to Russia over its demands for
Speaker 1: security guarantees. Do we have a timeline and when that's
Speaker 1: going to happen. All we know is that after the
Speaker 1: meeting between the U s Secretary of State and his
Speaker 1: Russian counterpart into Never last week, the Russians said that
Speaker 1: they expect to get those written proposals this week. At
Speaker 1: some point, the key question is what is actually going
Speaker 1: to be in them. Of course, Russia is demanding and
Speaker 1: guarantees on NATO that the US and NATO say they
Speaker 1: simply cannot give, So his main demands cannot be met
Speaker 1: either way. So what you could see is the US
Speaker 1: proposing things, for example, like greater communication between on the
Speaker 1: military side, way to coordination when they're doing exercises in
Speaker 1: the region, and perhaps re re energizing the conversation around
Speaker 1: the I n S. Of course, that's the weapons treated
Speaker 1: that was put on ice under the Trump administration, So
Speaker 1: committing to not putting new weaponry on Russia's doorstep. Those
Speaker 1: are probably the only two things that can put on
Speaker 1: the table. And we heard from Secretary of State Anthony
Speaker 1: Blincoln over the weekend being asked questions about whether the
Speaker 1: U s should impose sanctions on Russia. Now, who's sort
Speaker 1: of backing off that idea, saying it sort of gives
Speaker 1: the US leverage over Russia at this point, Do we
Speaker 1: have an idea whether the US and NATO are on
Speaker 1: the same page now when it comes to how to
Speaker 1: react to certain levels of Russian aggression against Ukraine. Well,
Speaker 1: that's a real question. What does sanctions actually look like.
Speaker 1: You're seeing real differences between European nations amongst themselves on
Speaker 1: that question. How hard would you want to go economically
Speaker 1: against Russia? Because of course any sanctions produce a collateral
Speaker 1: damage on yourself, particularly in Europe, and there's always the
Speaker 1: chance that Russia then turns off gas supplies to Europe,
Speaker 1: So you've got those differences. Europe also says that sanctions
Speaker 1: should not be a deterrent. You can only decide them
Speaker 1: and agree upon them when someone takes an action, when
Speaker 1: someone actually does something, and then there are penalty. The
Speaker 1: US of course would like to have that package agreed
Speaker 1: soon or later. Even if it's not used, it's still
Speaker 1: they're hanging out. There is a deterrent for Russia, So
Speaker 1: you've got real differences about how to tackle that, let alone,
Speaker 1: What would what sort of action would quantify a response?
Speaker 1: Is it a small incursion? Is it a cyber attack?
Speaker 1: Is it destabilization inside Ukraine? Is it a four war?
Speaker 1: Is at the only point at which sanctions are used?
Speaker 1: So many many points of difference possibly emerging on all
Speaker 1: of that. Thanks for this Rose, good having you on
Speaker 1: with US Rosalind Matheson as our executive editor for International
Speaker 1: Government for Bloomberg News. Karen Nathan, thank you, and as
Speaker 1: far as to do three on Wall Street time for
Speaker 1: the Bloomberg Law Report. It has brought to you by
Speaker 1: American Arbitration Association. Since disputes are inevitable, were solved faster
Speaker 1: with the American Arbitration Association, the global leader in alternative
Speaker 1: dispute resolution for over ninety years. More an a d
Speaker 1: R dot org. Let's get to the legal stories we're
Speaker 1: watching this morning from Bloomberg's Jeff Bellinger. Oscious as the
Speaker 1: new COVID nineteen standard to protect healthcare workers should be
Speaker 1: completed in six to nine months. A federal judge in
Speaker 1: West Virginia rule that Walmart must resume litigating a class
Speaker 1: action in the state. The case stems from a one
Speaker 1: data breach involving thousands of pharmacy patients. The New York
Speaker 1: State Bar Association endorsed a scaling back of law enforcement
Speaker 1: checks on law school graduates we're seeking to become attorneys.
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more.
Speaker 1: At Bloomberg Law dot com. Right, Jeff, thank you. Now
Speaker 1: another legal story we're watching brings us to the Supreme Court.
Speaker 1: Justice has seemed poised as side with Republican Senator Ted
Speaker 1: Cruz and has challenged to a campaign finance provision regulating
Speaker 1: the repayment of candidate loans. Cruise acknowledges he structured as
Speaker 1: finances so that he could challenge the two fifty thou
Speaker 1: dollar cap on the amount of personal loans that candidate
Speaker 1: can be repaid with money raised after an election. For
Speaker 1: more in the case, Bloomberg student Grosses baks to Richard Ball,
Speaker 1: a professor at Columbia Law School, these campaign finance provisions
Speaker 1: are a little technical tell us about the provision and
Speaker 1: issue here. So a certain Cruise is challenging thoroughly minor
Speaker 1: provision with federal election law which deals with candidates who
Speaker 1: lend their own campaigns money and then want to get
Speaker 1: that loan paid back by the campaign after the election
Speaker 1: is over. The sunder Cruise lent his campaign jour. Under
Speaker 1: the law, he can be paid back in full any
Speaker 1: money the campaign receives before election day, and also any
Speaker 1: money off the tuners. The fifties thousand dollars that the
Speaker 1: campaign receives after election day. The law says that you
Speaker 1: can't be paid back beyond the two and fifty thousand
Speaker 1: dollars with any money that comes in after election day.
Speaker 1: It seemed like there was a divide between the liberal
Speaker 1: and conservative justices. What were the conservative justices concerned about. Well,
Speaker 1: the conservative justices still see this as an indirect but
Speaker 1: real limit on the ability of the candidate to campaign.
Speaker 1: That candidates will be reluctant to advanced money to their
Speaker 1: campaigns if they can't get silly reimbursed. So one point
Speaker 1: they make is that this operates as an indirect kind
Speaker 1: of limit on the ability of candidates to raise and
Speaker 1: spend money. A second point that's raised by some of them,
Speaker 1: I think Justice Kavana on particular, was, you know the
Speaker 1: law still cap the amount of donations that a donor
Speaker 1: could give to the campaign to pay back to candidate.
Speaker 1: That cap is the cap that would apply. And in fact,
Speaker 1: that part of the or argument was eighty six people
Speaker 1: could give that permissible dollars. That's how you get dollars.
Speaker 1: If six people could give the to pay back the loan,
Speaker 1: why not why not the next person? And that's the issue.
Speaker 1: As long as there's a cap on the size of
Speaker 1: the donation to the campaign committee, they don't see a
Speaker 1: corruption issue. Let's talk about the Liberals and what their
Speaker 1: position seemed to be. Well, and I think justices side
Speaker 1: of my Erran Kagan were clearest on this, which is
Speaker 1: they see it just a gift. They see it exactly
Speaker 1: the way in which the Federal Elections Commission and the
Speaker 1: Law season is that at this point it's post election,
Speaker 1: it's not being used to pay for any campaign activity.
Speaker 1: It's basically, in effect covering a debt that the campaign
Speaker 1: itself wasn't able to cover, and so it looks a
Speaker 1: lot like a gift. And as they said, Congress sort
Speaker 1: of set a balance. Congress did permit the post election
Speaker 1: ream first month up to two fifty dollars. And that's
Speaker 1: Colombia Law professor Richard Brefoe speaking with the Bloomberg Student Garrosso.
Speaker 1: Gets more of that interview, plus analysis of the latest
Speaker 1: legal news by listening to the Bloomberg Law Show at
Speaker 1: ten pm Eastern Time or subscribing to the Bloomberg Law Podcast,
Speaker 1: and attorneys can find exceptional legal research and business development
Speaker 1: tools at Bloomberg law, dot com s and p futures
Speaker 1: are down about eighteen points this morning, DAL futures down
Speaker 1: one six and NAZDAC futures down. In ninety ten year
Speaker 1: treasury of nine thirty seconds, the ald one point seven
Speaker 1: two percent and the yield on the two year point
Speaker 1: nine nine percent still ahead. On Bloomberg day Break, check
Speaker 1: on the business headlines and all the news you need
Speaker 1: to start your day. And this is Bloomberg