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

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Speaker 1: day Break for Tuesday, September two. Coming up this hour,

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Speaker 1: Wall Street prepares for the latest reading on inflation. Cooman

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Speaker 1: Sacks begins its biggest round of job cuts since the pandemic.

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Speaker 1: The Justice Department ramps up its investigation into the election,

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Speaker 1: and Ukraine might be turning the corner in the war

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Speaker 1: with Russia. We're learning more about the mother accused of

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Speaker 1: drowning her children at Coney Island Beach. Plus Senator Graham

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Speaker 1: plans to introduce national abortion restrictions On Michael Blar More Ahead,

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Speaker 1: I'm John Stash towards wards the Mets walk because the

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Speaker 1: Yankees visit the Red Sox Tonight Monday Night Football Seattle, Top, Denver.

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Speaker 1: That's all trading ahead on Bloomberg day Break on Bloomberg eleven,

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Speaker 1: Free on New York, Bloomberg on Washington, d C, Bloomberg

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Speaker 1: one oh six one Boston, Bloomberg nine sixties, San Francisco,

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Speaker 1: Syrius X M one nine Team, and around the world.

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Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg

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Speaker 1: Business App. Good morning, I'm Nathan Hagar, and I'm Karen Moscow,

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Speaker 1: US DOT in Next futures on the rise this morning.

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Speaker 1: We're coming up to six o one on Wall Street,

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

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Speaker 1: trading day on Bloomberg. Right now, S and B futures

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Speaker 1: are up about seventeen points. Gall futures have one seven

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Speaker 1: A NAUNSDAG futures of forty five ten year treasury of

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Speaker 1: eleven thirty seconds. You have three point three one percent

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Speaker 1: and they yield on the two year three point five

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Speaker 1: two at NIME. Ex Scrude oil at eighty eight dollars

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Speaker 1: eighty cents a barrel Nathan Karen For markets today, it

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Speaker 1: is all about inflation, and we get the latest reading

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Speaker 1: on US consumer prices at eight thirty am. Wall Street

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Speaker 1: Time forecast call for inflation to ease, but Coral Institute

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Speaker 1: Chief economist Megan Green says there is a risk prices

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Speaker 1: go the other direction. Well, I think we'll see headline

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Speaker 1: inflation coming down thanks to lower gas crisis, but in

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Speaker 1: terms of core inflation we might see it take up

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Speaker 1: very moderately. Actually think the risks are on the downside.

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Speaker 1: There's a possibility it could fall, but generally I think

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Speaker 1: it will take up very moderately, and that's good news

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Speaker 1: that it's increasing at a slower rate. But I don't

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Speaker 1: think that the Fed can breathe a sigh of relief

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Speaker 1: just yet. Megan Green and Coral says an energy crunch

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Speaker 1: could push prices higher in the coming months. Economists surveyed

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Speaker 1: by Bloomberg expect inflation for August to come in at

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Speaker 1: an annual rate of eight point one percent. Well, I

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Speaker 1: had a better report, Nathan. The mood and equity markets

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Speaker 1: is risk gone. Stalks in the Asia Pacific climbed overnight,

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Speaker 1: and Bloomberg Juliette Sally joins us with the recap from Sydney, Australia.

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Speaker 1: Good morning, Juliette, Good morning. Karen tech Stokes led the games,

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Speaker 1: with Apple supplies rallying amid strong preorder data for the

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Speaker 1: latest iPhones. South Korea has cast ME rose more than

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Speaker 1: two and a half percent as investors played catch shop

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Speaker 1: after Monday's holiday. If He'll show you one weekend. Despite

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Speaker 1: yet another strong fixed from the PBOC four in a row,

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Speaker 1: the bias was below two hips slow for the first

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Speaker 1: time in a week. M Life strategist highlighting this suggests

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Speaker 1: that PBOC could be easing off slowly in its battering

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Speaker 1: of you on bearish bits in Sidney. Juliette Sally Bloomberg Daybreak.

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Speaker 1: All right, juliet thank you back here in the US.

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Speaker 1: A couple of corporate names we're watching this morning. Shares

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Speaker 1: of Peloton are down about a half percent in early trading.

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Speaker 1: That's afterwards. Chairman and co founder John Folly is stepping

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Speaker 1: down from the company. His resignation takes effect Monday. And

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Speaker 1: on the flip side, Nathan, we're seeing shares of Oracle gain.

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Speaker 1: They are up almost two percent after earnings that were

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Speaker 1: in line with estimate. Sales for Oracle jumped eighteen percent

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Speaker 1: of the recent quarter thanks to strength and cloud computing.

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Speaker 1: Else Around Wall Street, Karen job cuts are in focus.

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Speaker 1: Goldman Sachs is going ahead with its biggest round of

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Speaker 1: cutback since the start of the pandemic. Sources say the

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Speaker 1: bank plans to eliminate several hundred roles starting this month.

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Speaker 1: Bloomberg's Valerie Titel says the cuts will be based on performance.

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Speaker 1: They usually have an annual calling cycle, but I think

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Speaker 1: what's notable about this one is that they are resuming

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Speaker 1: normal activity after the pandemic. This comes after some pretty

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Speaker 1: steep declines and investment banking activities, notably I P O

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Speaker 1: s and junk issuance, creating, you know, quite some conditions

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Speaker 1: for some significant layoffs to begin post pandemic. Bloomberg's Valerie

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Speaker 1: Titele says Goldman will use the cuts to weed out

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Speaker 1: low performers. The move could signal a chill setting in

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Speaker 1: across the finance industry as revenue slumps from record highs. Well,

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Speaker 1: let's learn to boats. Turn to politics now, Dathan. We're

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Speaker 1: an investigation into the election is heating up. The Justice

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Speaker 1: Department is ramping up its probe and the plot to

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Speaker 1: overturn the presidential election, issuing dozens of subpoenas targeting campaign

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Speaker 1: operatives and allies of former President Trump and Bloomberg's Amy

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Speaker 1: Morris has details from our newsroom in Washington about forty

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Speaker 1: news subpoenas were issued, the focus appearing to be the

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Speaker 1: alleged scheme to have fake or alternate electors come to

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Speaker 1: Washington to delay the certification of Joe Biden as president.

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Speaker 1: The New York Times reports the Justice Department also seized

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Speaker 1: the phones from Trump's lawyer Boris Epstein and campaign strategist

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Speaker 1: Mike Roman. The time says some of the new subpoenas

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Speaker 1: focus on activities of the Save America Political Action Committee,

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Speaker 1: which is the main political fundraising arm for Trump since

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Speaker 1: he left office in Washington. I'm Amy Moore as Bloomberg Daybreak.

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Speaker 1: Thanks Amy, Let's turn our attention to Ukraine now. The

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Speaker 1: country's asking for more weapons to build on its recent

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Speaker 1: successor retaking territory from Russia. President vladimir's Lensky says forces

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Speaker 1: have recaptured more than twenty three hundred square miles this month.

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Speaker 1: Former Defense Secretary Leon Panetta says this could mark a

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Speaker 1: turning point in the war. I would say it's both

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Speaker 1: pivotal and dangerous. It's pivotal because to have Ukraine conducting

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Speaker 1: a strong offensive that's working is incredibly important to putting

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Speaker 1: real pressure on both Putin and the Russians. It's dangerous

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Speaker 1: because Putin, if he's boxed in, obviously will have to

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Speaker 1: strike back. Former Defense Secretary Leon Panetta spoke with David

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Speaker 1: Weston on Bloomberg's Balance of Power. Catch the program weekdays

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Speaker 1: at noon Eastern on Bloomberg Radio and Television. Plus the

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Speaker 1: Balance of Power podcast on Apple, Spotify and anywhere else

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Speaker 1: you get your podcasts. And finally Nathan to the UK,

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Speaker 1: where ceremony is remembering Queen Elizabeth continue this week. Mourners

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Speaker 1: in Scotland are paying respect to the queen this morning,

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Speaker 1: and here with more is Bloomberg's Leanne Garrans. Thousands of

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Speaker 1: people have been queuing through the night to see the

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Speaker 1: queen's coffin at St Charles Cathedral in Edinburgh. The Queen's

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Speaker 1: coffin will rest in the cathedral until about five pm

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Speaker 1: local time today before beginning the journey back to London.

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Speaker 1: It will then be taken to Buckingham Palace and then

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Speaker 1: to Westminster Hall, where the Queen will lie in state

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Speaker 1: for four days. A National Minutes silence will be held

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Speaker 1: at eight pm on Sunday, the night before the Queen's

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Speaker 1: funeral in Westminster Abbey, and Bloomberg's Leanne Garran's reporting from

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Speaker 1: London will bring you live coverage of the Queen's funeral

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Speaker 1: coming up on Monday. Right here on Bloomberg daybreak and

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Speaker 1: ahead of the market open, Karen futures are moving higher,

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Speaker 1: SMP futures are up sixteen point, STAW futures up six

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Speaker 1: NASTAC futures on the rise by forty six points. The

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Speaker 1: tenure treasury is up eleven thirty seconds yield three point

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Speaker 1: three one Nimex crudes highed by one percent or ninety

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Speaker 1: cents at eighty eight dollars sixty seven cents a barrel.

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Speaker 1: Straight ahead, your latest local headlines plus the check of sports.

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Speaker 1: This is Bloomberg six oh seven on Wall Street where

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Speaker 1: at seventy one degrees in Central Park. I got an

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Speaker 1: accident in Westport. It's on the southbound Connecticut Turnpike. Eggs

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Speaker 1: at seventeen. Details coming up in traffic. First Michael Barr

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Speaker 1: with what else is going on in New York and

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Speaker 1: around the world. Michael, thank you very much. Nathan, the

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Speaker 1: mother of three children who were found dead at Coney

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Speaker 1: Island Beach could be charged today. The thirty year old woman,

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Speaker 1: who has not been identified, was questioned by the NYPD

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Speaker 1: for about six hours before she was taken to a

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Speaker 1: hospital for a psychological evaluation. Yesterday, police found the bodies

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Speaker 1: of seven year old Zachary Murdy, four year old la Llana,

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Speaker 1: and three month old Oliver Bonderev. NYPD Chief of Department,

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Speaker 1: Keith Corey says that Kenneth Corey I should say says

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Speaker 1: that the thirty year old mother was found two miles

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Speaker 1: down the boardwalk from her home in would appeared to

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Speaker 1: be a catatonic state. She was wet, she was barefoot, um,

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Speaker 1: and she was not um communicative to the officers. The

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Speaker 1: community was left in shock over the deaths of the children,

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Speaker 1: even to somebody take them to somebody, police say. Family

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Speaker 1: members claimed the mother confessed that she drowned her children,

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Speaker 1: but she has not said anything directly to investigators. Republican

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Speaker 1: Senator Lindsey Graham plans to introduce legislation to restrict abortion nationally.

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Speaker 1: The South Carolina senator has scheduled an announcement at the

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Speaker 1: capitol for later today. Graham's action raises the profile of

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Speaker 1: abortion rights as an issue for the midterm elections. A

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Speaker 1: Connecticut jury us lately to begin hearing evidence today in

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Speaker 1: a trial to decide how much money conspiracy theorist Alex

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Speaker 1: Jones should pay relatives of the victims of the Sandy

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Speaker 1: Hook Elementary School shooting for spreading a live massacre that

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Speaker 1: left twenty six people dead was a hoax. It is

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Speaker 1: the second such trialpha Jones, who was ordered by a

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Speaker 1: Texas jury last month to pay nearly fifty million dollars

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Speaker 1: to the parents of one of the slain children. Negotiations

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Speaker 1: between the unions representing railroad workers and management have stalled.

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Speaker 1: This means some am track writers could experience delays and

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Speaker 1: good cause the rebounding economy to lose momentum. The deadline

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Speaker 1: for a deal is just after midnight Friday, and last

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Speaker 1: night's Emmys on NBC. HBO took home the top award

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Speaker 1: for the sixth time in eight years, thanks to succession

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Speaker 1: for Top Drama and the White Lotus for Best Limited Series.

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Speaker 1: Apple's Ted Last So repeated as Best Comedy, and Buying

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Speaker 1: Don Yoke made history as the first South Korean director

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Speaker 1: to win for Best Drama for Squid Game since Kid Game.

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Speaker 1: Footing nomination at the Emmy's people keep telling me like

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Speaker 1: I made the history, But I don't think I made

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Speaker 1: history by myself, because it was you who opened up

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Speaker 1: the doors for skid Game. Embody here tonight at the

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Speaker 1: Dammy's Global News twenty four hours a day on Area

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Speaker 1: on Bloomberg Quick Take power by more than seven hundred

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Speaker 1: journalists analysts more than a hundred twenty countries. I'm Michael

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Speaker 1: bar this is Bloomberg Naken. Thank you, Michael. Six ten

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Speaker 1: on Wall Street. Time for the Bloomberg Sports Update with

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Speaker 1: johns Tsh. All right, Nathan Mets back home from a

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Speaker 1: road trip that saw the win two of three in Pittsburgh,

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Speaker 1: two or three in Miami. Now facing another subpar team,

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Speaker 1: the Cubs, Chicago got the Chris Bassett pair of early

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Speaker 1: home runs. Bassett gone on the fourth endy having allowed

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Speaker 1: five runs. The Cubs won five to two, but Atlanta

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Speaker 1: lost in San Francisco three to two. That's the Braves

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Speaker 1: third loss in a row, and the Mets remain a

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Speaker 1: game and a half ahead. Yankees and Red sax tonight

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Speaker 1: in Boston Garett Cole on the Mountain. The two teams

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Speaker 1: behind the Yanks met Toronto on a bobus Yette Eighthenny

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Speaker 1: in Homer top Tampa Bay three to two. So the

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Speaker 1: Blue Jays now in the second place, five and a

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Speaker 1: half games behind the Yanks, and the Rays trail by six.

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Speaker 1: The first NFL Sunday saw three teams, Cleveland, Pittsburgh, and

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Speaker 1: New Orleans all win games with last second field goals

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Speaker 1: of over fifty yards. Last night in Seattle. Denver tried

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Speaker 1: to win with a sixty four yard field goal, it

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Speaker 1: missed Seahawks one seventeen sixteen. The Broncos had time to

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Speaker 1: try and get a first down, moved closer, but they

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Speaker 1: elected to try that long kick, so Russell Wilson loses

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Speaker 1: in his return to Seattle his first game with Denver.

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Speaker 1: The Jets Sunday bring their thirteen game month of September,

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Speaker 1: losing straight to Cleveland. Jets offense struggled in the loss

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Speaker 1: of Baltimore, but coach Rob Sala feels it will improve

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Speaker 1: those little errors on the offense. Was was having the

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Speaker 1: first half stop happening. It's going to be explosive, and

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Speaker 1: then it carries out in the second half. You're you're

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Speaker 1: just gonna feel it. Uh and and in a way

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Speaker 1: it does just click where you're just stacking up there

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Speaker 1: after day after day and um and it's really really

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Speaker 1: cool when it does happen because it just absolutely pops

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Speaker 1: off the table. Jet Sunday takes of the Browns team

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Speaker 1: that just want its opener for the first time. It's

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Speaker 1: in two thousand four. Giants got their first in two

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Speaker 1: thousand sixteen. This Sunday Day host Carolina, John Stash Howard,

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Speaker 1: Bloomberg Sports, Nathan all Right, John, thanks, Futures moving higher

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Speaker 1: ahead of inflation Ada that we'll talk about next with

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Speaker 1: Bloomberg's Michael McKee. This is Bloomberg Bloomberg day Break, brought

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Speaker 1: Business lash and I'm Karen Moscow and we did at

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Speaker 1: this headline crossing the Bloomberg Buyer, also known as Bear

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Speaker 1: in the US, quietly starting to search for a successor

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Speaker 1: to chief executive officer of Werner Baumann, raising the prospect

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Speaker 1: of an early departure this according to people familiar with

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Speaker 1: the matter. Futures, meanwhile, are on the rise this morning,

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Speaker 1: with SMP futures of about nineteen points down futures of

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Speaker 1: a hundred forty three, and NASDACK futures of fifty six

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Speaker 1: ten year Treasury up ten thirty seconds year three point

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Speaker 1: three one percent the yield, then the two year three

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Speaker 1: point five two percent. NIMEX screwed oil is up one

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Speaker 1: point two percent of a dollar two at eighty eight

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Speaker 1: dollars eighty cents of barrel comex schoold is down a

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Speaker 1: tenth of a percent, down two dollars forty cents at

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Speaker 1: seventy twenty announced the Euro one one six nine against

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Speaker 1: the dollar, British pound one point one seven oh nine

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Speaker 1: and the end one two point one seven And look

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Speaker 1: at it bit coin this morning, little changed at twenty

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Speaker 1: two thousand, three ninety dollars. And as a Bloomberg business flash.

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Speaker 1: Now here's Michael Barr with Moore on what's going on

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Speaker 1: around the world. Michael Karen, thank you very much. The

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Speaker 1: coffin of Queen Elizabeth the Second both had from Edinburgh,

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Speaker 1: Scotland to London. The Queen will Lion state in Westminster

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Speaker 1: Hall for four days in London. More than thirty people

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Speaker 1: associated with former President Trump and efforts to influence the

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Speaker 1: election results have received federal grand jury subpoenas. Meanwhile, Trump

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Speaker 1: and the Department of Justice agreed that Judge Raymond Deery

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Speaker 1: would be a suitable choice for an outside special master

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Speaker 1: to review the documents taken from Trump's Marrow Law go

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Speaker 1: Home as part of an investigation into his handling of

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Speaker 1: government records. In Monday Night football, the Seahawks upset the

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Speaker 1: Broncos seventeen sixteen. In baseball, the Mets lost to the

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Speaker 1: Cubs five to The Giants. Won Global News twenty four

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Speaker 1: hours a day on air and on Bloomberg Quicktake, powered

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Speaker 1: by more than hundred journalists and analysts more than a

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Speaker 1: hundred twenty countries. Michael bar and this is Bloomberg. Nathan Okay, Michael,

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Speaker 1: thanks at his six nineteen on Wall Street Live from

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Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and

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Speaker 1: markets are looking for a clearer picture on where things

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Speaker 1: stand in the federal reserves fight against inflation. When we

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Speaker 1: get the August consumer price index in just about two

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Speaker 1: hours and ten minutes. Here ahead of that with us

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Speaker 1: is Michael McKee, Bloomberg Economics and Policy correspondent. So Mike

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Speaker 1: walk us through what economists we've surveyed are expecting we

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Speaker 1: we are going to hear when those consumer prices come

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Speaker 1: down at eight thirty Wall Street Time. Well, the number

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Speaker 1: that a lot of Americans will focus on its headline inflation,

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Speaker 1: which is expected to go down a tenth of a percent,

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Speaker 1: and that would drag me year over year rate down

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Speaker 1: from eight and a half percent to eight point one percent.

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Speaker 1: Later this morning, President Biden has a speech some remarks

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Speaker 1: on the economy and on the Inflation Reduction Act that

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Speaker 1: they passed, and so no doubt he will be citing

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Speaker 1: that the core rate, however, is expected to be up

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Speaker 1: about three tents, which would be a reasonably small increase

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Speaker 1: given what we've seen before, But because of base effects,

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Speaker 1: the year over year rate goes up to five point

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Speaker 1: one percent from four point nine. So on that basis,

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Speaker 1: it won't be quite as good news. The question that

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Speaker 1: everybody who is in the economics profession and over the

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Speaker 1: fete is going to be asking is not so much

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Speaker 1: what the the numbers are, what the underlying inflation dynamics are,

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Speaker 1: what's rising in price, what's falling in price? What does

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Speaker 1: that tell us about what's going to happen in the future. Well,

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Speaker 1: what our economists expecting when it comes to those underlying dynamics, Mike,

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Speaker 1: what are some of the biggest drivers potentially we could

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Speaker 1: see for core inflation. Well, the good news side is

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Speaker 1: we are expecting used car prices to fall. They've dropped

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Speaker 1: significantly on a wholesale level, so the hope is that

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Speaker 1: translates into the retail level as well. Apparel. There's been

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Speaker 1: a story that retailers stocked up too much on clothing

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Speaker 1: because so much of it was jammed up in the

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Speaker 1: pipeline and then it came through, so they have to

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Speaker 1: discount to get rid of some of their inventories. So

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Speaker 1: we might see some declines there. Of course, on the

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Speaker 1: headline basis, gasoline prices, the big driver of inflation, has

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Speaker 1: followed a lot. On the bad news side, housing prices

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Speaker 1: are still going to be rising in the CPI because

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Speaker 1: it takes a long time for housing prices in that

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Speaker 1: index to change. You don't sell a house or buy

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Speaker 1: a house every day the way you buy gasoline, and

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Speaker 1: so the rise in home prices we've seen the last

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Speaker 1: couple of years is still going to be with us.

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Speaker 1: And housing prices are going to be the biggest measure

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Speaker 1: of the core because they are thirty percent of the CPI,

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Speaker 1: and so that's a significant upward pressure. Yeah, given how

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Speaker 1: much weight of housing prices do have on core inflation,

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Speaker 1: does that sort of lower the possibility that we could

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Speaker 1: see a downside surprise on core inflation. That's one reason

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Speaker 1: a lot of people aren't expecting a downside surprise on

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Speaker 1: the core. Although there are a number of categories that

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Speaker 1: fall under that dreaded t word transitory, you're not supposed

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Speaker 1: to we're not supposed to say that we're supposed to

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Speaker 1: retire it according to example, but things that could fall

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Speaker 1: and aren't tracked closely enough to get a sense of

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Speaker 1: where they are on a month to month basis, things

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Speaker 1: like airfares and hotels. We know that the prices have

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Speaker 1: gone down, but enough to make a difference. Uh, that's

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Speaker 1: a key question. One wild card is UH the seasonal

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Speaker 1: impact of college is reopening, because there is a sense

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Speaker 1: that tuition prices went up, and if that's the case,

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Speaker 1: then that could put upward pressure on the core as well.

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Speaker 1: One of the chances that we could see UH consumer

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Speaker 1: price index that lowers the risk of a another jumbo

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Speaker 1: sized rate hike from the FED. I only asked that

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Speaker 1: might because we've heard from so many FED speakers ahead

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Speaker 1: of this reading that really seemed to be leaning into

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Speaker 1: this idea that they're open to another seventy five basis

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Speaker 1: point move. We got about a minute left here. They've

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Speaker 1: been talking about that for quite some time. JAYL went

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Speaker 1: to Jackson Hole and and suggested that, and then everybody

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Speaker 1: who spoke after him up to the quiet period beginning

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Speaker 1: last Saturday seemed to endorse the idea of a strong

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Speaker 1: rate move. The feeling is that if they're going to

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Speaker 1: get to a restrict level just above the neutral rate,

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Speaker 1: maybe four percent or a little below, they might as

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Speaker 1: well do it quickly, get it over with, get there,

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Speaker 1: and then wait and see what happens with the data.

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Speaker 1: So that seems to be the plan. And I don't

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Speaker 1: think anything that happens in the CPI report that's out

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Speaker 1: today is going to change that. They'll watch for data

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Speaker 1: down the road. Thanks for this, Mike, great having on

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Speaker 1: with us again this morning ahead of August cp I

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Speaker 1: do out eight thirty am Wall Street time. Of course,

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Speaker 1: we will have full coverage for you here on Bloomberg Radio.

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Speaker 1: Michael McKee, Economics and Policy correspondent for Bloomberg Radio and Television.

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Speaker 1: Just reiterating the red headline across the Bloomberg terminal. A

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Speaker 1: few minutes ago, Buyer a k A. Bayer, the drug maker,

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Speaker 1: quietly starting a search for a successor to cel Werner Bauman,

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Speaker 1: according to people familiar with the matter, raising the prospect

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Speaker 1: that Bauman could leave before his contract expires in April.

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Speaker 1: Buyer shares are higher by nearly two percent. In Frankfurt,

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Speaker 1: SMP futures are higher by eighteen points. On Wall Street,

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Speaker 1: You're listening to Bloomberg day Break Bloomberg eleven three oh

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Speaker 1: weather any showers and storms in by midday today. We'll

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Speaker 1: get up to the low eighties this afternoon, sunshine, low

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Speaker 1: eighties tomorrow, sunny, mid seventies on Thursday. Right now, seventy

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Speaker 1: one in Central Park, broadcasting live from the Bloomberg Interactive

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Speaker 1: Broker Studio in New York. Bloomberg E Living Free to Washington,

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Speaker 1: d C, Bloomberg one to Boston, Bloomberg on A six

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Speaker 1: one to San Francisco, Bloomberg N sixty to the country,

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Speaker 1: Sirius XM Cho one nine teen and around the blooe

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

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Speaker 1: Bloomberg Daybreak. Damn. It's six thirty on Wall Street. Good morning,

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Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just

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

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Speaker 1: Time for the five things that you need to notice

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Speaker 1: start your day. Brought to you by Interactive Brokers. Interactive

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Speaker 1: Brokers Simple IBKR Global Trader app deposit in your local

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Speaker 1: Global Trader. First, US futures are higher ahead of the

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Speaker 1: latest data on inflation, we get a reading on US

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Speaker 1: consumer prices for August at eight thirty am. Wall Street

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Speaker 1: Time forecast call for inflation to ease to an annual

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Speaker 1: rate of eight point one percent. Here with Moore as

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Speaker 1: Bloomberg Economics corresponded Michael McKee. Falling energy prices likely held

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Speaker 1: down headline inflation in August, but higher costs for housing

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Speaker 1: and education our forecast to have pushed core inflation higher.

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Speaker 1: Beneficials have all but said they're locked in on a

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Speaker 1: three quarters percentage point increase for interest rates next week.

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Speaker 1: Higher core rate won't affect their thinking, but it will

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Speaker 1: serve as a reminder the fight against inflation is far

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Speaker 1: from over. Michael McKee Bloomberg Daybreak, alright, Mike, thanks. Global

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Speaker 1: stocks are slightly higher ahead of that CPI report. Stock

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Speaker 1: in Europe and Asia are posting moderate gains. SMP futures

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Speaker 1: are up about a half percent. Well elsewhere on Wall Street,

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Speaker 1: Nathan John cuts are in focus this morning. Goldman's actually

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Speaker 1: is going ahead with its biggest round of cutback since

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Speaker 1: it started the pandemic. Sources tell us the bank plans

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Speaker 1: to eliminate several hundred roles starting this month. Bloombergh Sally

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Speaker 1: Bagwell says the move cut signal a chill setting in

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Speaker 1: across the industry. The other investment banks they faced similar challenges.

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Speaker 1: They're battling inflation. They have also seen a slump in

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Speaker 1: dealmaking in investment banking, and we understand that a lot

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Speaker 1: of the cuts with Goldman Sex were in that division,

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Speaker 1: and so we can expect that this sets the tone

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Speaker 1: a little bit for broader Wall Street and that we

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Speaker 1: might start see other banks following suit. Bloomberg Sally Bagwell

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Speaker 1: says the classic Goldman will be used to weed out

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Speaker 1: low performers. Let's turn our attention to Ukraine now care

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Speaker 1: in the country's asking for more weapons to build on

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Speaker 1: its recent success retaking territory from Russia. President Vladimir's Lensky

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Speaker 1: says for US is recaptured more than twenty hundred square

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Speaker 1: miles this month. Agregius, as a senior fellow at the

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Speaker 1: Atlantic Council, I do believe the spells at turning point,

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Speaker 1: and at this point we could suggest that either Russia

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Speaker 1: is facing defeat or it's facing a stalemate. Agregius with

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Speaker 1: the Atlantic Council says the area's Ukraine securing could give

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Speaker 1: them a strategic advantage over Russia. And finally, in politics,

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Speaker 1: this morning, Nathan, the Justice Department is ramping up its

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Speaker 1: probe into the plot to overturn the presidential election. The

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Speaker 1: d o J is issuing about forty new subpoenas to

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Speaker 1: campaign operatives and allies of former President Donald Trump. That's

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

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Speaker 1: Brought to you by Interactive Brokers. Thanks hearing sixty three

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Speaker 1: on Wall Street seventy degrees in Central Park we got

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Speaker 1: an overturned car and Crantford northbound Garden State Parkway by

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Speaker 1: exhib One thirty seven. We'll tell you more in traffic. First,

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Speaker 1: Michael Barr with what else is going on in New

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Speaker 1: York and around the world. Michael Nathan, thank you very much.

430
00:23:52,640 --> 00:23:55,000
Speaker 1: The thirty year old mother who was accused of drowning

431
00:23:55,119 --> 00:23:58,400
Speaker 1: or three young children at Coney Island Beach remains hospitalized

432
00:23:58,480 --> 00:24:03,600
Speaker 1: under psychiatric evaluation this morning. She could face charges today. Yesterday,

433
00:24:03,640 --> 00:24:06,400
Speaker 1: the bodies of seven year old Zachary Murdy, four year

434
00:24:06,400 --> 00:24:10,200
Speaker 1: old La Lana, and three month old Oliver Bonderev were

435
00:24:10,200 --> 00:24:13,240
Speaker 1: found on the shore of the beach. The NYPD says

436
00:24:13,280 --> 00:24:16,119
Speaker 1: the woman, who has not yet been identified, was found

437
00:24:16,160 --> 00:24:21,119
Speaker 1: about ninety minutes soaking wet, nearly catatonic, and barefoot, about

438
00:24:21,160 --> 00:24:24,040
Speaker 1: two miles down the boardwalk from the section of Coney

439
00:24:24,040 --> 00:24:27,200
Speaker 1: Island where she lived. The community is reacting to the news.

440
00:24:27,560 --> 00:24:31,560
Speaker 1: Zachary's school football coach, Alan McFarland says it's hard to

441
00:24:31,600 --> 00:24:36,480
Speaker 1: believe Sally kid, a really good kid, always smiling on

442
00:24:36,520 --> 00:24:40,159
Speaker 1: the football field. Police a family members claim she confessed

443
00:24:40,160 --> 00:24:43,520
Speaker 1: to the killings but has not said anything to authorities.

444
00:24:44,080 --> 00:24:47,359
Speaker 1: Republican Senator Lindsey Graham of South Carolina will once again

445
00:24:47,359 --> 00:24:51,480
Speaker 1: try to introduce legislation to restrict abortion nationally. Graham is

446
00:24:51,480 --> 00:24:54,480
Speaker 1: scheduled an announcement for later today at the Capitol. The

447
00:24:54,680 --> 00:24:58,200
Speaker 1: politically explosive debate is emerging as one of the central

448
00:24:58,240 --> 00:25:01,840
Speaker 1: issues in the mid term allow campaign. The White House

449
00:25:01,920 --> 00:25:05,639
Speaker 1: is working to avert a rail workers strike. President Bladen

450
00:25:05,680 --> 00:25:08,119
Speaker 1: has reached out to both rail road unions and the

451
00:25:08,200 --> 00:25:10,800
Speaker 1: rail road companies. If a deal isn't made by Friday,

452
00:25:10,800 --> 00:25:14,960
Speaker 1: it could lead to major rail disruptions. Amtrak already announced

453
00:25:14,960 --> 00:25:18,119
Speaker 1: it will be suspending several anounts. Jason todek Is This

454
00:25:18,240 --> 00:25:21,920
Speaker 1: comedy ted Lasso, aired on Apple, claimed the Top Comedy

455
00:25:21,920 --> 00:25:25,600
Speaker 1: prize at last night's Emmy Awards. The show is about

456
00:25:25,880 --> 00:25:27,480
Speaker 1: good and evil, and so that the show is about

457
00:25:27,560 --> 00:25:31,200
Speaker 1: like the truth and lies. This show is about all

458
00:25:31,240 --> 00:25:34,280
Speaker 1: that stuff, but it's mostly about our response to those things,

459
00:25:34,600 --> 00:25:38,120
Speaker 1: and your response to our show has been overwhelming. HBO

460
00:25:38,280 --> 00:25:41,880
Speaker 1: Succession took home the Top Drama honor. Another HBO show,

461
00:25:41,920 --> 00:25:44,760
Speaker 1: White Lotus, was named the Best Limited Series. Lee Jung

462
00:25:44,840 --> 00:25:48,320
Speaker 1: j of Squid Game one Best Drama Actor. The Emmy's

463
00:25:48,359 --> 00:25:52,000
Speaker 1: aired on NBC. The jazz World has lost a great.

464
00:25:56,880 --> 00:25:59,920
Speaker 1: Ramsey Lewis, whose albums Sun God has reached number one

465
00:26:00,000 --> 00:26:02,600
Speaker 1: on the Billboard Top Soul Church, has died. Lewis has

466
00:26:02,640 --> 00:26:06,159
Speaker 1: Other hits include the n Crowd, Hang On Sloopy, and

467
00:26:06,359 --> 00:26:09,600
Speaker 1: Wade in the Water. His son says Lewis, who earned

468
00:26:09,600 --> 00:26:11,920
Speaker 1: three Grammy Awards and seven Gold Records, died in the

469
00:26:12,000 --> 00:26:15,320
Speaker 1: sleep in the Chicago home. In a seven Global News

470
00:26:15,320 --> 00:26:18,280
Speaker 1: twenty four hours a day on airand on Bloomberg Quick Take,

471
00:26:18,520 --> 00:26:21,359
Speaker 1: powered by more than seven hundred journalists and analysts more

472
00:26:21,359 --> 00:26:24,160
Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg, Nathan,

473
00:26:24,240 --> 00:26:30,760
Speaker 1: Thank you Michael, coming up to six thirty six on

474
00:26:30,800 --> 00:26:33,920
Speaker 1: Wall Street. John Stashour has the Bloomberg Sports Thanks Nathan.

475
00:26:34,040 --> 00:26:36,800
Speaker 1: NFL Week one ended with Denver at Seattle, also Russell

476
00:26:36,800 --> 00:26:39,680
Speaker 1: Wilson's first game with the Broncos against his old team.

477
00:26:39,720 --> 00:26:41,920
Speaker 1: He had asked to get traded, That's why he got booed.

478
00:26:42,119 --> 00:26:44,320
Speaker 1: W Wilson proved for three hundred forty yards, but twice

479
00:26:44,320 --> 00:26:46,880
Speaker 1: in the second half, the Broncos fumbled at the Seattle

480
00:26:46,920 --> 00:26:48,840
Speaker 1: one yard line. Then they missed a long field goal

481
00:26:48,840 --> 00:26:52,080
Speaker 1: in Seattle one seventeen sixty in the new Seahawks QB

482
00:26:52,240 --> 00:26:55,040
Speaker 1: is Genos Smith, the former Jet and Giant. He played well,

483
00:26:55,200 --> 00:26:57,159
Speaker 1: especially in the first half. Jets did not play well

484
00:26:57,160 --> 00:26:59,280
Speaker 1: and the loss of the Ravens their thirteenth loss in

485
00:26:59,320 --> 00:27:01,960
Speaker 1: the row and step member so plenty of critics, but

486
00:27:02,040 --> 00:27:04,800
Speaker 1: Jets coach Rob Sala thinks he will have the last laugh.

487
00:27:04,960 --> 00:27:07,200
Speaker 1: I know what's gonna happen, and I'm and I'm taking

488
00:27:07,200 --> 00:27:09,480
Speaker 1: where we're all taking receipts on all the people who

489
00:27:09,480 --> 00:27:12,280
Speaker 1: continually mock and say that we ain't gonna do anything.

490
00:27:12,320 --> 00:27:14,640
Speaker 1: I'm taking receipts and I'm gonna be more than happy

491
00:27:14,640 --> 00:27:15,879
Speaker 1: to share him with all of y'all once all a

492
00:27:15,880 --> 00:27:18,640
Speaker 1: sudden Jet Sunday visit Cleveland. The Browns just one at

493
00:27:18,680 --> 00:27:21,119
Speaker 1: Carolina and the Panthers come in to play the one

494
00:27:21,160 --> 00:27:23,639
Speaker 1: and no Giant. Sunday, Week three of the Giants played Dallas.

495
00:27:23,960 --> 00:27:25,880
Speaker 1: That's the big NFL injury at a week one. Dak

496
00:27:25,880 --> 00:27:28,200
Speaker 1: Prescott already had surgery on an injured hand, expected to

497
00:27:28,240 --> 00:27:30,879
Speaker 1: keep the Cowboys pub out six to eight weeks. At

498
00:27:30,880 --> 00:27:32,800
Speaker 1: City Field, comes Meat the Mets five to two. Not

499
00:27:32,880 --> 00:27:35,080
Speaker 1: a good outing for Chris Bassett gave up all five

500
00:27:35,160 --> 00:27:37,880
Speaker 1: gone in the fourth inning. But Atlanta has suddenly lost

501
00:27:37,880 --> 00:27:39,280
Speaker 1: three in a row. In the Mets day game and

502
00:27:39,320 --> 00:27:41,840
Speaker 1: a half ahead, Yankees and Red Sox tonight in Boston.

503
00:27:41,880 --> 00:27:44,159
Speaker 1: It's just the two game series. They'll play four times

504
00:27:44,520 --> 00:27:46,960
Speaker 1: next weekend in New York. Mike drout Homeward for the

505
00:27:47,000 --> 00:27:49,159
Speaker 1: Angels seventh game in a row. He can tie the

506
00:27:49,200 --> 00:27:52,399
Speaker 1: Major League record. Tonight, the Dodgers were told that if

507
00:27:52,440 --> 00:27:55,880
Speaker 1: they won Sunday, they flinched the playoff. Birthday won, they celebrated,

508
00:27:56,200 --> 00:27:58,679
Speaker 1: and then MLB informed them they made a mistake, so

509
00:27:58,800 --> 00:28:01,119
Speaker 1: they celebrated again. And after a win last night in

510
00:28:01,240 --> 00:28:04,040
Speaker 1: l A can clints the division. Tonight, John Stash were

511
00:28:04,080 --> 00:28:07,480
Speaker 1: Bloomberg Sports Nathan Okay, John, thank you, six thirty seven

512
00:28:07,480 --> 00:28:09,080
Speaker 1: on Wall Street Time to take a look at some

513
00:28:09,160 --> 00:28:12,560
Speaker 1: of the stock names moving in the pre market. Bloomberg

514
00:28:12,600 --> 00:28:16,000
Speaker 1: Radio and TV Markets correspondent Crety Gupta is with us

515
00:28:16,040 --> 00:28:20,160
Speaker 1: this morning watching a name that's moving with a leadership

516
00:28:20,440 --> 00:28:23,479
Speaker 1: shake up on the way. Yeah, and one that I

517
00:28:23,520 --> 00:28:26,160
Speaker 1: think a lot of people have some interest in. Peloton

518
00:28:26,400 --> 00:28:28,520
Speaker 1: p t o N is your takers down about five

519
00:28:28,520 --> 00:28:31,560
Speaker 1: tenths of one percent this morning. Some news overnight here

520
00:28:31,560 --> 00:28:35,360
Speaker 1: their executive chairman and co founder John Foley is stepping

521
00:28:35,480 --> 00:28:38,040
Speaker 1: down from the fitness company. It's part of this massive

522
00:28:38,240 --> 00:28:41,400
Speaker 1: leadership shake up at a time when Peloton is really

523
00:28:41,400 --> 00:28:44,840
Speaker 1: trying to kind of stabilize a little bit. I remember,

524
00:28:44,880 --> 00:28:46,880
Speaker 1: we've had a little bit of regulatory issues when it

525
00:28:46,880 --> 00:28:49,760
Speaker 1: comes to uh, some of their safety. Oh it's we've

526
00:28:49,760 --> 00:28:54,080
Speaker 1: had um. Peloton has also been seen declining users um

527
00:28:54,120 --> 00:28:57,320
Speaker 1: as well as users for their app, but also declining

528
00:28:57,360 --> 00:28:59,720
Speaker 1: sales when it comes to just buying exercise equipment. A

529
00:28:59,720 --> 00:29:01,160
Speaker 1: lot of the has to do with kind of the

530
00:29:01,200 --> 00:29:04,360
Speaker 1: reopening post COVID, so some of the success they saw

531
00:29:04,840 --> 00:29:08,560
Speaker 1: has not continued into two. That being said, City Analysts

532
00:29:08,560 --> 00:29:10,760
Speaker 1: actually put out their hot take on this instead of

533
00:29:10,800 --> 00:29:14,920
Speaker 1: the departure of the company's founders, including John Foley, completely

534
00:29:15,080 --> 00:29:18,560
Speaker 1: organizational changes at Peloton and should improve its free cash

535
00:29:18,640 --> 00:29:21,600
Speaker 1: full picture. So their take here, Nathan, simply that they're

536
00:29:22,000 --> 00:29:25,240
Speaker 1: kind of getting closer to where they want to be.

537
00:29:25,600 --> 00:29:30,080
Speaker 1: Maybe an interesting contrarian perspective. They're given where the stock

538
00:29:30,160 --> 00:29:32,360
Speaker 1: is going. But that's not the only one that's moving

539
00:29:32,360 --> 00:29:35,320
Speaker 1: on restructuring, is it. No, it's not. And you know

540
00:29:35,360 --> 00:29:37,720
Speaker 1: this is crucial because this is also a subscriber story

541
00:29:37,760 --> 00:29:40,600
Speaker 1: similar to Peloton Rent the Runway. I imagine you're not

542
00:29:40,640 --> 00:29:43,560
Speaker 1: a user of Rent the Runway, Nathan, I gotta check

543
00:29:43,560 --> 00:29:46,440
Speaker 1: it out. You really should are there are are there

544
00:29:46,440 --> 00:29:49,160
Speaker 1: offerings for people of my persuasion. You know, I think

545
00:29:49,160 --> 00:29:50,840
Speaker 1: there's a ballgown that I saw the other day that

546
00:29:52,240 --> 00:29:55,080
Speaker 1: you rent the runway. R E n T is your ticker.

547
00:29:55,160 --> 00:29:58,400
Speaker 1: Doubt about in the pre market, this one taking a

548
00:29:58,440 --> 00:30:01,640
Speaker 1: really big hit here, reporting a rob and subscribers in

549
00:30:01,680 --> 00:30:04,360
Speaker 1: their second quarter, and as Nathan was saying, also announcing

550
00:30:04,400 --> 00:30:07,920
Speaker 1: a restructuring of the company as well. Now, the earnings

551
00:30:07,960 --> 00:30:11,760
Speaker 1: itself were fairly solid, Analysts did worry a little bit

552
00:30:11,760 --> 00:30:14,280
Speaker 1: about some of the volatility when it comes to subscriber trends,

553
00:30:14,680 --> 00:30:16,080
Speaker 1: some of them saying that there, well, there's a little

554
00:30:16,080 --> 00:30:18,440
Speaker 1: bit of rebound in August and September some time. I

555
00:30:18,480 --> 00:30:21,520
Speaker 1: was actually told perhaps getting prepared for wedding season, getting

556
00:30:21,520 --> 00:30:24,640
Speaker 1: prepared for galaxeas and in the fall as well. So

557
00:30:24,680 --> 00:30:25,880
Speaker 1: there is some of that. But at the end of

558
00:30:25,920 --> 00:30:28,040
Speaker 1: the day, it's that restructuring. Is that drop in overall

559
00:30:28,080 --> 00:30:31,160
Speaker 1: subscribers that's worrying investors this morning. Maybe they can put

560
00:30:31,200 --> 00:30:34,320
Speaker 1: some tuxedos on there, maybe, Uh, And we've got some

561
00:30:34,560 --> 00:30:37,600
Speaker 1: interesting earnings this morning as well. Yeah, we'll wrap it

562
00:30:37,680 --> 00:30:39,440
Speaker 1: up here with Oracle o r c LS. Your taker

563
00:30:39,480 --> 00:30:42,800
Speaker 1: shares actually up one point seven percent. Some top line growth?

564
00:30:43,000 --> 00:30:45,320
Speaker 1: Is it pretty strong here? Animal is very positive on

565
00:30:45,360 --> 00:30:48,440
Speaker 1: that company. However, the concern here is a drop an

566
00:30:48,440 --> 00:30:52,800
Speaker 1: operating margin as well as some issues within the integration

567
00:30:52,840 --> 00:30:56,160
Speaker 1: of the health record providers Sarner. Remember Oracle recently bought Cerner.

568
00:30:56,560 --> 00:30:58,520
Speaker 1: Uh so that's where they're seeing some of those costs.

569
00:30:58,760 --> 00:31:02,240
Speaker 1: All right, Bloombergradio on TV Markets correspondent Creety Gooped addressed

570
00:31:02,280 --> 00:31:05,040
Speaker 1: to the nines as always, thanks for joining us. Looking

571
00:31:05,040 --> 00:31:08,000
Speaker 1: ahead to the market open futures moving higher as we

572
00:31:08,040 --> 00:31:11,320
Speaker 1: await August. C p I, SMP futures up twenty two

573
00:31:11,360 --> 00:31:14,720
Speaker 1: points now, futures up seventy four NASTAC futures are higher

574
00:31:14,760 --> 00:31:22,400
Speaker 1: by sixty six points. You're listening to Bloomberg Daywright Bloomberg

575
00:31:22,440 --> 00:31:24,880
Speaker 1: eleven three O. Weather any showers and storms and early

576
00:31:24,920 --> 00:31:27,120
Speaker 1: today we'll get up to the low eighties, sunshine, low

577
00:31:27,160 --> 00:31:29,960
Speaker 1: eighties tomorrow, sunny and cooler Thursday with a high near

578
00:31:30,040 --> 00:31:37,800
Speaker 1: seventy five right now seventy degrees in Central Park. Markets

579
00:31:37,880 --> 00:31:40,959
Speaker 1: headlines and breaking news twenty four hours a day at

580
00:31:40,960 --> 00:31:44,640
Speaker 1: Bloomberg dot Com. The Bloomberg Business and at Bloomberg Quick

581
00:31:44,720 --> 00:31:54,320
Speaker 1: Tape is a Bloomberg Business Flash and I'm fared Moscow

582
00:31:54,440 --> 00:31:56,560
Speaker 1: future is on the rise. This morning, we go to

583
00:31:56,560 --> 00:31:59,080
Speaker 1: the First Word Breaking news desk for today's morning call,

584
00:31:59,160 --> 00:32:01,640
Speaker 1: and here's talk to you on a dryer Tatiana. Good morning.

585
00:32:02,920 --> 00:32:05,960
Speaker 1: The features are higher this morning, with all major averages

586
00:32:06,040 --> 00:32:09,280
Speaker 1: pointing to gains of about half a percent, and treasuries

587
00:32:09,320 --> 00:32:12,160
Speaker 1: are also rallying. The ten year yield down four basis

588
00:32:12,200 --> 00:32:15,360
Speaker 1: points to three spot a thirty two percent. Looking across

589
00:32:15,360 --> 00:32:17,680
Speaker 1: a set, oil is up one percent and the dollar

590
00:32:17,840 --> 00:32:20,840
Speaker 1: is weaker for a third day. On the economic front today,

591
00:32:20,880 --> 00:32:24,440
Speaker 1: we have CPI data at eight thirty In early trading

592
00:32:24,440 --> 00:32:27,280
Speaker 1: this morning, Ubs up one percent after planning to raise

593
00:32:27,360 --> 00:32:30,280
Speaker 1: this dividend this year and likely exceed a buy back target,

594
00:32:30,600 --> 00:32:35,480
Speaker 1: and fashion rental company Rent the Runway plunge after reporting

595
00:32:35,520 --> 00:32:39,840
Speaker 1: an unexpected drop in subscribers. Regarding earnings, Oracle is up

596
00:32:39,840 --> 00:32:43,280
Speaker 1: to after its numbers, and in other news, analysts have

597
00:32:43,320 --> 00:32:45,720
Speaker 1: slashed their oil forecast for the rest of the year

598
00:32:45,840 --> 00:32:50,640
Speaker 1: mid recession concerns. Morgan Sally Ubs both secrewed fifteen dollars

599
00:32:50,640 --> 00:32:53,600
Speaker 1: lower in the near term, and wrapping things up here,

600
00:32:53,640 --> 00:32:57,240
Speaker 1: Adobe was cut to market perform at BMO. Lie from

601
00:32:57,240 --> 00:33:01,520
Speaker 1: the first and Breaking news desk. I'm Tatiana Darry all right, Cardiana,

602
00:33:01,640 --> 00:33:04,000
Speaker 1: thank you and to hear life breaking news over your

603
00:33:04,040 --> 00:33:07,480
Speaker 1: Bloomberg type squawk on your terminal squ a w K

604
00:33:07,760 --> 00:33:10,320
Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr

605
00:33:10,360 --> 00:33:13,000
Speaker 1: with more on what's going on around the world. Michael Karen,

606
00:33:13,040 --> 00:33:15,560
Speaker 1: thank you very much. A final farewell from Scotland to

607
00:33:15,600 --> 00:33:18,880
Speaker 1: their longest serving monarch. Stream of visitors believed to be

608
00:33:18,920 --> 00:33:22,280
Speaker 1: a mile long lining up to pay their last respects

609
00:33:22,320 --> 00:33:25,720
Speaker 1: as Queen Elizabeth the Second lies and rest in Edinburgh

610
00:33:25,800 --> 00:33:28,320
Speaker 1: for twenty four hours. The Queen's coffin will later be

611
00:33:28,360 --> 00:33:32,000
Speaker 1: taken to London to Lyons State for four days. Ukrainian

612
00:33:32,040 --> 00:33:36,480
Speaker 1: troops continue to pile under lunding pressure on retreating Russian forces.

613
00:33:36,520 --> 00:33:38,960
Speaker 1: They are seeking to hold on to their sudden momentum

614
00:33:39,160 --> 00:33:42,680
Speaker 1: that has produced major territorial gains. Monday Night football, the

615
00:33:42,760 --> 00:33:46,920
Speaker 1: Seahawks upset the Broncos seventeen sixteen. In baseball, the Mats

616
00:33:47,000 --> 00:33:50,000
Speaker 1: lost to the Cubs five to the Giants. One Global

617
00:33:50,040 --> 00:33:52,760
Speaker 1: News twenty four hours a day on air and on

618
00:33:52,840 --> 00:33:56,560
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists

619
00:33:56,560 --> 00:33:58,960
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr,

620
00:33:59,040 --> 00:34:01,840
Speaker 1: this is Bloomberg caerraon all right, Michael Bart, thank you.

621
00:34:01,920 --> 00:34:04,280
Speaker 1: At A sixty nine on Wall Street. We turned to

622
00:34:04,320 --> 00:34:07,040
Speaker 1: news and science and technology now with the Bloomberg n

623
00:34:07,120 --> 00:34:09,920
Speaker 1: j I T STEM Report, brought to you by New

624
00:34:10,000 --> 00:34:13,520
Speaker 1: Jersey Institute of Technology, ranked a top one hundred national

625
00:34:13,640 --> 00:34:16,680
Speaker 1: university by US News and World Report and the number

626
00:34:16,680 --> 00:34:20,359
Speaker 1: one public university in New Jersey by Forbes. What will

627
00:34:20,400 --> 00:34:22,560
Speaker 1: you make at n j I T Learn more at

628
00:34:22,640 --> 00:34:25,120
Speaker 1: n j I T dot E d U and here's

629
00:34:25,120 --> 00:34:28,439
Speaker 1: just making news and science, technology, engineering, and math. Today

630
00:34:28,560 --> 00:34:30,960
Speaker 1: is a big day for the ongoing legal battle between

631
00:34:30,960 --> 00:34:35,280
Speaker 1: Twitter and Elon Musk. Twitter Twitter whistle blower Peter Zako

632
00:34:35,480 --> 00:34:38,400
Speaker 1: is expected to appear before the Senate Judiciary Committee and

633
00:34:38,440 --> 00:34:41,239
Speaker 1: tell them that the company misled its board, investors and

634
00:34:41,360 --> 00:34:44,440
Speaker 1: users about its security. A judge last week ruled that

635
00:34:44,560 --> 00:34:47,600
Speaker 1: musk legal team can use Zenko's claim in his defense

636
00:34:47,840 --> 00:34:50,520
Speaker 1: to get out of his purchase of Twitter. The f

637
00:34:50,520 --> 00:34:52,920
Speaker 1: a A will look into what caused blue origin to

638
00:34:52,960 --> 00:34:56,640
Speaker 1: a boarder rocket launch yesterday, shortly after takeoff. The false

639
00:34:56,680 --> 00:34:59,320
Speaker 1: start is the first major failure for the rocket company,

640
00:34:59,320 --> 00:35:03,120
Speaker 1: owned by Jeff as O since transitioning to routine commercial flights.

641
00:35:03,440 --> 00:35:06,759
Speaker 1: No passengers were on board, and Nintendo shares made their

642
00:35:06,760 --> 00:35:10,399
Speaker 1: biggest jump since December after the video game console maker

643
00:35:10,440 --> 00:35:14,919
Speaker 1: released a new family friendly game, Splatoon three, for their

644
00:35:14,960 --> 00:35:18,400
Speaker 1: popular Switch platform. Nintendo was hoping to continue the positive

645
00:35:18,400 --> 00:35:20,719
Speaker 1: momentum through the end of the year, betting on new

646
00:35:20,760 --> 00:35:24,440
Speaker 1: additions to the Pokemon franchise doing well in the holiday season.

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Speaker 1: That's a Bloomberg and j I t Stem report. Nathan,

648
00:35:27,920 --> 00:35:31,080
Speaker 1: I still miss Mario. Thank you, Karen. We're live from them.

649
00:35:31,400 --> 00:35:34,840
Speaker 1: It was right. We're live from the Bloomberg Interactive Brokers studios.

650
00:35:34,840 --> 00:35:37,360
Speaker 1: We're coming up to six fifty one on Wall Street

651
00:35:37,440 --> 00:35:39,000
Speaker 1: Time now to check what's going on in d C.

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00:35:39,680 --> 00:35:41,960
Speaker 1: Some of the top stories in our nation's capital include

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00:35:42,040 --> 00:35:46,640
Speaker 1: dozens of former Trump officials facing Justice Department subpoenas the

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00:35:46,719 --> 00:35:50,120
Speaker 1: Senate to investigate claims the former president used d j

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00:35:50,320 --> 00:35:54,240
Speaker 1: to investigate critics, and President Biden making a late pivot

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00:35:54,320 --> 00:35:58,080
Speaker 1: to the economy. In remarks set for late to this afternoon,

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00:35:58,160 --> 00:36:00,960
Speaker 1: Let's bring back Joe Matthew Our Washington Core spotted host

658
00:36:01,000 --> 00:36:03,319
Speaker 1: of sound on here on Bloomberg Radio to kind of

659
00:36:03,360 --> 00:36:07,400
Speaker 1: sort out the latest developments in one, maybe a couple

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00:36:07,560 --> 00:36:12,680
Speaker 1: of the multiple investigations surrounding former President Donald Trump. Joe,

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Speaker 1: good morning. What do we know about these subpoenas well?

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00:36:16,239 --> 00:36:18,880
Speaker 1: Dozens of them have gone out over the past couple

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00:36:18,920 --> 00:36:20,800
Speaker 1: of days here, and it really gives us a sense

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Speaker 1: that the d o J is going deep on this.

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00:36:23,520 --> 00:36:28,479
Speaker 1: When the Justice Department UH subpoena specifically campaign operatives, those

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00:36:28,520 --> 00:36:31,800
Speaker 1: who were part of the effort they say, uh, to

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Speaker 1: overturn the presidential election. That that's what they're looking into here,

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00:36:36,200 --> 00:36:40,120
Speaker 1: Nathan as opposed to the investigation into documents at marl Lago.

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Speaker 1: So we've got now tandem investigations coming out of the

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00:36:43,440 --> 00:36:47,359
Speaker 1: d o J. And this is a pretty broad view

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00:36:47,400 --> 00:36:50,000
Speaker 1: here based on what we're seeing the number of subpoenas

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00:36:50,040 --> 00:36:53,279
Speaker 1: that went out UH to individuals, including the former New

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00:36:53,400 --> 00:36:57,560
Speaker 1: York City Police Commissioner Bernie Carrick. Uh. It's it's really

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00:36:58,080 --> 00:37:02,160
Speaker 1: pretty stunning here. The subpoenas specifically asked for information about

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00:37:02,160 --> 00:37:05,000
Speaker 1: fake electors. The idea of creating these slates of fake

676
00:37:05,040 --> 00:37:09,720
Speaker 1: electors to resist the certification of Joe Biden as president

677
00:37:09,840 --> 00:37:12,680
Speaker 1: is what they're looking into, according to the New York Times.

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00:37:12,719 --> 00:37:16,600
Speaker 1: And my goodness, it's another layer in this ongoing legal

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00:37:17,080 --> 00:37:20,200
Speaker 1: dispute here between Donald Trump and the government that never

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00:37:20,200 --> 00:37:22,680
Speaker 1: seems to end. Now you mentioned the former New York

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00:37:22,680 --> 00:37:25,439
Speaker 1: City Police Commissioner Bernie Carrick, one of the people being

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00:37:25,719 --> 00:37:29,520
Speaker 1: uh issued with subpoena's here who else is being looked at?

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00:37:29,600 --> 00:37:32,720
Speaker 1: And what does this potentially say about where this investigation

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00:37:32,840 --> 00:37:36,359
Speaker 1: is going? You know, well, along with the subpoenas and

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00:37:36,440 --> 00:37:40,760
Speaker 1: this was, my goodness, half of the Trump campaign uh

686
00:37:41,000 --> 00:37:43,120
Speaker 1: has been getting a knock on the door here. It

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00:37:43,160 --> 00:37:45,080
Speaker 1: seems like from the d O J they sees the

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00:37:45,080 --> 00:37:48,480
Speaker 1: phones last week from a lawyer to Donald Trump and

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00:37:48,600 --> 00:37:53,120
Speaker 1: a former campaign strategist who actually directed election day operations

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00:37:53,560 --> 00:37:56,759
Speaker 1: for And at that point, if you uh follow the

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00:37:56,800 --> 00:38:00,600
Speaker 1: bouncing ball here, they were well underway year with their

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00:38:00,640 --> 00:38:04,120
Speaker 1: efforts even before the election to try to uh follow

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00:38:04,200 --> 00:38:07,560
Speaker 1: up on this concept of fake electors. So to consider

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00:38:07,680 --> 00:38:12,880
Speaker 1: dozens of subpoenas telephones being seized. Uh, this is something

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00:38:12,960 --> 00:38:16,560
Speaker 1: that is clearly this morning larger than anyone realized yesterday.

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00:38:16,680 --> 00:38:19,759
Speaker 1: Are we getting any reaction Joe too, are from some

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00:38:19,840 --> 00:38:24,520
Speaker 1: of the people that have been handed these subpoenas. Uh, well,

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00:38:24,600 --> 00:38:26,440
Speaker 1: you know, yeah, there have been a couple of folks

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00:38:26,480 --> 00:38:29,160
Speaker 1: on Twitter, but there's there's been no uh to my

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00:38:29,320 --> 00:38:32,279
Speaker 1: knowledge at least that I'm not on truth social right now. Uh,

701
00:38:32,320 --> 00:38:35,120
Speaker 1: no bold reply from Donald Trump himself, although he's been

702
00:38:35,160 --> 00:38:38,279
Speaker 1: of course talking for months and years about the d

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00:38:38,400 --> 00:38:43,360
Speaker 1: o j's weaponizing of uh, the or the the Biden

704
00:38:43,360 --> 00:38:46,840
Speaker 1: administrations weaponizing of the d J in this case. Interesting,

705
00:38:46,880 --> 00:38:49,680
Speaker 1: you mentioned weaponization of the d o J because now

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00:38:49,719 --> 00:38:52,760
Speaker 1: we're hearing that the Senate is going to be looking

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00:38:52,840 --> 00:38:57,120
Speaker 1: into claims that the former president himself did just that,

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00:38:57,360 --> 00:39:02,359
Speaker 1: based on new revelations from a book coming out today. John, Yeah. Yeah,

709
00:39:02,480 --> 00:39:04,480
Speaker 1: to think that we've got another book and that it's

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00:39:04,480 --> 00:39:07,640
Speaker 1: actually gotten the attention of Dick Durbin, the Senator from Illinois,

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00:39:08,239 --> 00:39:11,160
Speaker 1: who has sent a letter to Attorney General Merrick Garland

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00:39:11,160 --> 00:39:14,239
Speaker 1: about this, asking for information about these allegations that Donald

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00:39:14,280 --> 00:39:17,480
Speaker 1: Trump's Justice Department in fact demanded that critics of the

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00:39:17,520 --> 00:39:20,399
Speaker 1: president be prosecuted. And it brings us to the case

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00:39:20,400 --> 00:39:25,280
Speaker 1: of Gregory Craig, who was prosecuted for political reasons. According

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00:39:25,400 --> 00:39:29,320
Speaker 1: to this report, Uh, they in fact he was accused

717
00:39:29,320 --> 00:39:31,880
Speaker 1: of lying about work on behalf of the Ukrainian government,

718
00:39:32,600 --> 00:39:35,799
Speaker 1: but in this in fact was acquitted. So it's yet

719
00:39:35,800 --> 00:39:39,560
Speaker 1: another layer here. Whether this actually results in an investigation

720
00:39:39,680 --> 00:39:42,640
Speaker 1: by another Senate committee here along with the Jene six

721
00:39:42,680 --> 00:39:46,200
Speaker 1: Committee has yet to be seen. Sometimes in Washington we

722
00:39:46,239 --> 00:39:48,640
Speaker 1: talk about hearings and investigations that never see the light

723
00:39:48,680 --> 00:39:51,839
Speaker 1: of day. Yeah, and hearings and investigations, as we say,

724
00:39:51,960 --> 00:39:54,399
Speaker 1: kind of run tandem with each other. We'll leave that

725
00:39:54,520 --> 00:39:57,719
Speaker 1: for now. Let's turn to what's happening at the White

726
00:39:57,719 --> 00:40:00,920
Speaker 1: House today. Pretty interesting that President Biden is going to

727
00:40:01,000 --> 00:40:04,920
Speaker 1: be talking about the economy, an issue that maybe just

728
00:40:05,000 --> 00:40:07,200
Speaker 1: a couple of weeks ago might have looked like an

729
00:40:07,200 --> 00:40:09,840
Speaker 1: Achilles seal for him. Well, and you could say that

730
00:40:09,880 --> 00:40:12,360
Speaker 1: it still is. I mean, it depends on the CPI

731
00:40:12,480 --> 00:40:14,840
Speaker 1: print this morning, which makes this kind of tricky timing.

732
00:40:14,880 --> 00:40:18,360
Speaker 1: But they are planning to do essentially a ceremonial signing

733
00:40:18,400 --> 00:40:20,920
Speaker 1: and it comes with a couple of thousand people actually

734
00:40:20,920 --> 00:40:23,600
Speaker 1: on the South law later for what they called the

735
00:40:23,640 --> 00:40:27,040
Speaker 1: Inflation Reduction Acts. Republicans will tell you that it actually

736
00:40:27,160 --> 00:40:30,399
Speaker 1: is going to worsen inflation. But this is the this

737
00:40:30,440 --> 00:40:32,360
Speaker 1: is the bill that the President got done in a

738
00:40:32,520 --> 00:40:34,600
Speaker 1: sort of last minute deal that was considered a very

739
00:40:34,600 --> 00:40:38,239
Speaker 1: big win and includes climate spending. Uh and and of

740
00:40:38,280 --> 00:40:41,480
Speaker 1: course lower drug prices that the President says will lower inflation.

741
00:40:42,080 --> 00:40:44,719
Speaker 1: But look, gas prices have been down for something like

742
00:40:44,840 --> 00:40:46,799
Speaker 1: ninety days in a row, and that has sent the

743
00:40:46,840 --> 00:40:50,600
Speaker 1: President's approval ratings higher. They say that they the strong

744
00:40:50,719 --> 00:40:53,520
Speaker 1: job market, lower gas prices are adding up to an

745
00:40:53,560 --> 00:40:57,560
Speaker 1: economy that is rebounding stronger than almost any in history. Now,

746
00:40:57,560 --> 00:40:59,080
Speaker 1: when you look at the other side of the coin

747
00:40:59,120 --> 00:41:00,920
Speaker 1: here you listen to republic looens, you think that the

748
00:41:00,960 --> 00:41:04,200
Speaker 1: economy is already in a recession, which may be heading

749
00:41:04,200 --> 00:41:07,840
Speaker 1: into one, and that inflation is ruining the lives of families. Uh,

750
00:41:07,880 --> 00:41:09,759
Speaker 1: that's not the story that you will hear today from

751
00:41:09,760 --> 00:41:11,959
Speaker 1: the White House. Obviously, they seem to think that they've

752
00:41:11,960 --> 00:41:13,840
Speaker 1: got some momentum here they want to seize on that

753
00:41:13,880 --> 00:41:16,760
Speaker 1: as they go into November. In our last minute here, Joe,

754
00:41:16,840 --> 00:41:20,000
Speaker 1: we've heard from Republicans saying the Inflation Reduction Act maybe

755
00:41:20,000 --> 00:41:22,480
Speaker 1: a misnomer. How could the president be looking to sort

756
00:41:22,480 --> 00:41:24,600
Speaker 1: of turn the tables on that later today, Well you'll

757
00:41:24,600 --> 00:41:27,000
Speaker 1: hear him talk about, you know, the the rebound, the

758
00:41:27,040 --> 00:41:29,480
Speaker 1: strength and the job market as he likes to point

759
00:41:29,480 --> 00:41:34,040
Speaker 1: out here, uh lower energy prices and billions of dollars

760
00:41:34,080 --> 00:41:36,799
Speaker 1: invested in infrastructure. And now hell as he'll point to

761
00:41:36,840 --> 00:41:40,680
Speaker 1: this plan deficit reduction, which they say will lower inflation.

762
00:41:40,800 --> 00:41:44,359
Speaker 1: So look, this may not be uh kitchen table talk.

763
00:41:44,400 --> 00:41:47,080
Speaker 1: It's actually pretty high level economics that they're trying to

764
00:41:47,120 --> 00:41:49,640
Speaker 1: transmit to voters between now and November. But we'll see

765
00:41:49,640 --> 00:41:51,920
Speaker 1: how he does today. It's gonna it's gonna have the

766
00:41:52,600 --> 00:41:54,800
Speaker 1: feel of a celebration on the South lawn. Whether or

767
00:41:54,840 --> 00:41:57,600
Speaker 1: not people get an economic lesson from it as another matter,

768
00:41:57,760 --> 00:42:00,239
Speaker 1: And I will certainly be watching for bringing up dates

769
00:42:00,239 --> 00:42:02,640
Speaker 1: throughout the day here on Bloomberg Radio, and much more

770
00:42:02,719 --> 00:42:06,480
Speaker 1: on Sound On with Joe Matthew coming up today five pm.

771
00:42:06,520 --> 00:42:11,200
Speaker 1: Wall Street Time, right here on Bloomberg Radio. Looking ahead

772
00:42:11,200 --> 00:42:14,560
Speaker 1: to the market open, ahead of that inflation data coming

773
00:42:14,600 --> 00:42:17,160
Speaker 1: out in just about an hour and a half. We're

774
00:42:17,160 --> 00:42:20,400
Speaker 1: seeing futures add to their gains right now. SMP futures

775
00:42:20,400 --> 00:42:23,280
Speaker 1: are up twenty seven point, Staff futures up two hundred three,

776
00:42:23,600 --> 00:42:26,960
Speaker 1: and NASTAC futures are higher by eighty points. The tenure

777
00:42:27,000 --> 00:42:29,600
Speaker 1: Treasury is up eleven thirty seconds, the YELD three point

778
00:42:29,600 --> 00:42:32,000
Speaker 1: three one percent YELD on the two year three point

779
00:42:32,040 --> 00:42:35,239
Speaker 1: five to Niamex, crudes up by one point four at

780
00:42:35,280 --> 00:42:38,160
Speaker 1: eighty eight dollars cents a barrel, and the Euro one

781
00:42:38,200 --> 00:42:41,920
Speaker 1: point zero one seven eight against the dollar. Bloomberg surveillance

782
00:42:42,040 --> 00:42:46,640
Speaker 1: is straight ahead for Karen Moscow. I'm Nathan Hagar. This

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00:42:46,920 --> 00:42:47,920
Speaker 1: is Bloomberg