Speaker 1: Live from the Bloomberg in Director Brooker Studios. Is Bloomberg
Speaker 1: day Break for Thursday, January two. Coming up this hour,
Speaker 1: the call for higher interest rates from the Fed grows.
Speaker 1: Louder Le Brainerd heads to Capitol Hill for her Senate
Speaker 1: confirmation hearing traders prepare for another reading on inflation this morning,
Speaker 1: and a big name on Wall Street tells staff to
Speaker 1: get booster shots or get out. House Minority Leader McCarthy
Speaker 1: says he will not cooperate with the Capitol Riot panel. Plus,
Speaker 1: New York subways are getting a big chunk of federal
Speaker 1: COVID funds. I'm Michael barr more ahead, I'm John stashweron
Speaker 1: forts the nixt beat Dallas to reach five hundred, The
Speaker 1: nets one big in Chicago. St John's lost at Yukon
Speaker 1: in overtime. That's all straight ahead on Bloomberg day Break
Speaker 1: on Bloomberg Elementaro, New York, Bloomberg nine one, Washington, d C,
Speaker 1: Bloomberg one O six one, Boston, Bloomberg nine sixties, San Francisco,
Speaker 1: Sirius x M one nineteen and around the world Old
Speaker 1: on Bloomberg Radio dot Com and via The Bloomberg Business
Speaker 1: at Good Morning I'm Nathan Hagar and I'm Karen Moscow
Speaker 1: and US Dock Index futures are on the rise this morning.
Speaker 1: We are coming up to six one on Wall Street,
Speaker 1: and we check the markets every fifteen minutes throughout the
Speaker 1: trading day. On Bloomberg right now, SMP futures are up
Speaker 1: five points down, futures up thirty one, nosday futures up, seventeen.
Speaker 1: Ten year Treasury down one thirty second. You at one
Speaker 1: point seven four percent yield on the two year point
Speaker 1: nine pent Nathan, Karen, we begin with more calls for
Speaker 1: higher interest rates this morning. At least four FED officials
Speaker 1: now are calling for liftoff as early as March. Here's
Speaker 1: Minneapolis FED President Neil cash Cary. If you look at
Speaker 1: financial market indicators of where you finisial market stake, inflation
Speaker 1: is going over the long term. Over the long term,
Speaker 1: they're solving the camp and inflation is going back to
Speaker 1: historical levels of arab So that's I mean, I don't
Speaker 1: overweight that. That's one data point that we pay attention to,
Speaker 1: but that at least gives us some confidence. Minneapolis Fed
Speaker 1: President Neil cash Carry made the comments at a town
Speaker 1: hall in Minnesota Other FED presidents are also calling for
Speaker 1: faster tightening. San Francisco's Mary Daily wants to start in March.
Speaker 1: Patrick Harker of Philadelphia wants at least three hikes this year. St.
Speaker 1: Louis chief Jim Bullard sees as many as four increases
Speaker 1: on the calendar. Well, Nathan, the FEDS looking to fight
Speaker 1: the hottest inflation in nearly four decades, and today we
Speaker 1: get more data on prices. Economist forecast the producer price
Speaker 1: index for December will post a record annual increase of
Speaker 1: nine point eight percent. Bloomberg has any Dale Juda's reports
Speaker 1: inflation is rattling main street. The cost of living is
Speaker 1: rising at the fastest pace. Based on December consumer price data.
Speaker 1: November producer prices meantime scored the largest you re or
Speaker 1: increased so far, up nine point six percent. And yet
Speaker 1: Boomberg Economics he's hope forecasting producer prices topping out this
Speaker 1: quarter based on factory data and noting order backlots and
Speaker 1: supplier delivery leaf peaked in May. Vine Jude Bloomberg day
Speaker 1: break right, Vinnie, thank you. As the FED fights inflation,
Speaker 1: the Biden administration is working to fill vacant seats at
Speaker 1: the Central Bank. It looks like it's getting close. We
Speaker 1: get more from Bloomberg's Doug Prisner. The director of the
Speaker 1: National Economic Council, Brian Deese, told reporters the White House
Speaker 1: is working closely with congressional leadership to finalize the list.
Speaker 1: As we previously reported, Sarah bloom Raskin is a leading
Speaker 1: contender for the vice chair of Supervision, but earlier this week,
Speaker 1: the top Republican on the Senate Banking Committee, Pat Toomey,
Speaker 1: said he has serious concerns about the possible nomination of Raskin.
Speaker 1: There are two additional openings, were told. Economist Philip Jefferson
Speaker 1: is a likely nominee, and FED Governor Lyle Brainerd has
Speaker 1: been nominated as FED vice chair. Today she'll have her
Speaker 1: confirmation hearing in New York. I'm Doug Prisoner Bloomberg day break,
Speaker 1: All right, Tyke, thank you. In that confirmation hearing for
Speaker 1: Lyle Brainerd will be front and center this morning. We
Speaker 1: get a preview now from Bloomberg's Michael McKee. Governor Brainerd's
Speaker 1: nomination hearing maybe a bit more contentious than the reception
Speaker 1: Fed Chair Powell got on Tuesday. Banking Committee Senators were
Speaker 1: largely content to get Powell's views on the economy and
Speaker 1: inflation and the implications for interest rates. Brainerd, however, is
Speaker 1: likely to face tougher questions about the future of FED
Speaker 1: policies involving diversity and climate change. She has advocated for
Speaker 1: both positions Republicans don't see as part of the Central
Speaker 1: Banks mandate. She will defend those efforts as vital to
Speaker 1: the feds ability to boost growth and promote financial stability,
Speaker 1: and although the questioning may be tougher, Brainerd, like Powell,
Speaker 1: is expected to win confirmation. Mial McKey, Bloomberg Debreak, Mike thanks,
Speaker 1: Let's turn our attention to the pandemic now. Daily COVID
Speaker 1: cases remain high, but there are signs the omicron wave
Speaker 1: could be easing. The most serious illness continues to be
Speaker 1: among the unvaccinated. The CDC says almost all teenagers that
Speaker 1: need intensive care have not received shots. Bloomberg's Sad Baxter
Speaker 1: has the story. The CDC says this bolsters the research
Speaker 1: that says the fiser regiment of works and preventing severe
Speaker 1: disease and teens. It says venting per cent of the
Speaker 1: i c U visits and nine percent of hospitalizations. The
Speaker 1: sample sizes and teams are too small for the CDC
Speaker 1: to translate it to older populations, but what it does
Speaker 1: say is that having a very sixteen is preventable. CDC
Speaker 1: says the reports of deaths were all unvaccinated in San Francisco.
Speaker 1: I'm at Baxter Bloomberg daybreak, all right, and thank you. Well.
Speaker 1: As COVID cases remain high, so does the cost of
Speaker 1: N ninety five mass. The CDC has considered changing its
Speaker 1: guidance to advise using only AND ninety five and k
Speaker 1: N ninety five face coverings, and that sent prices surging
Speaker 1: on sites like Amazon. In one case, a pack of
Speaker 1: forty kN ninety five mass now costs eighty dollars. That's
Speaker 1: sixty bucks higher than it was in November. Well meantime
Speaker 1: on Wall Street, Karen, another firm is requiring booster shots
Speaker 1: for workers to get back to the office. Let's get
Speaker 1: the latest life from Bloomberg's Rnita Young, Good morning, Granita,
Speaker 1: Good morning. Nathan. Blackstone is the latest financial firm telling
Speaker 1: us staff to get at a booster shot as soon
Speaker 1: as possible or get out of the office. The company
Speaker 1: is also requiring staff to be tested on site three
Speaker 1: times a week now. Last year, Blackstone asked employees to
Speaker 1: return to offices full time by June, but when COVID
Speaker 1: cases later skyrocketed across the country, it gave staff the
Speaker 1: green light to work from home. Now, black Stone once
Speaker 1: employees back in the office on January. That's two weeks
Speaker 1: from tomorrow, Live in New York. I'm gonna need a
Speaker 1: Young Bloomberg daybreak, all right, ned to thank you, and
Speaker 1: finally politics is in focus across the pond this morning.
Speaker 1: Boris Johnson has apologized for what's being called party Gate,
Speaker 1: but the UK Prime Minister still remains under heavy pressure.
Speaker 1: We got live to London and get the latest with
Speaker 1: Bloomberg's Max Ramsey. Good morning, Max, Morning to you, Karen
Speaker 1: and Nathan. Yes, it's really been a massive political story here.
Speaker 1: Boris Johnson finally came out and apologized. He said he
Speaker 1: did attend a party during the first pandemic lockdown in Britain.
Speaker 1: He's faced a lot of anger, not only from opposition
Speaker 1: politicians who have called on him to his and but
Speaker 1: also some from his own party. It puts him really
Speaker 1: in a difficult position as we wait for the results
Speaker 1: of an official investigation live in London. I'm Max Ramsey,
Speaker 1: bloom Back daybreak. Okay, Max, thanks, says we await the
Speaker 1: market open. Futures are moving higher with SMP futures up
Speaker 1: four points, NANSTAC futures up twenty. Straight ahead your latest
Speaker 1: local headlines in the check of Sports. This is Bloomberg
Speaker 1: in six o seven on Wall Street where thirty five
Speaker 1: degrees in Central Park. We have an accident in the
Speaker 1: northbound Lew England threw away at Boston Post Road in
Speaker 1: Westchester County. Michael Barr has more on what's going on
Speaker 1: in New York and around the world. The Morning Might Call,
Speaker 1: Good Morning, Nathan. House. Minority leader Kevin McCarthy says he
Speaker 1: will not cooperate with the panel investigating the Capitol riot.
Speaker 1: McCarthy claims the investigation is not legitimate and is accusing
Speaker 1: the panel of abuse of power. The panel asked McCarthy
Speaker 1: to volunteerily testify about his conversations with then President Trump
Speaker 1: as the riot was underway. Senator Mitch McConnell lashed out
Speaker 1: at President Biden after the President in Atlanta spoke strongly
Speaker 1: in favor of voting rights legislation. Senator McConnell has recently
Speaker 1: been called out by the White House for supporting voting
Speaker 1: rights in the past, but more recently refusing to let
Speaker 1: the Senate even debate such bills. The Senate Minority leader
Speaker 1: accused Biden of dividing the country. He promised to unite
Speaker 1: the demon as Americans who disagree with him. He compared,
Speaker 1: listen to this a bipartisan majority of senators too literal traders.
Speaker 1: McConnell says, after knowing Biden for years, he did not
Speaker 1: recognize the man at the podium. Tuesday. President Joe Biden
Speaker 1: is highlighting the federal government's effort to surge medical personnel
Speaker 1: to help overwhelm medical facilities. Starting next week, a thousand
Speaker 1: military medical personnel will begin arriving in six states, including
Speaker 1: New York and New Jersey, to help mitigate staffing crunches
Speaker 1: at hospitals across the country. Senate Majority Leader Chuck Schumer
Speaker 1: says he will try to break a log jam on
Speaker 1: two Democrat drafted voting rights bills and begin to bate
Speaker 1: on the Senate floor this week. Schumer told all Senate
Speaker 1: Democrats he plans to use the procedural gambit to prevent
Speaker 1: Republicans from blocking the beginning of debate. Democratic senators are
Speaker 1: trying to get fellow Senators Joe Manchin and Kirsten Cinema
Speaker 1: on board to vote to abolish the filibuster. Schumers says
Speaker 1: there have been serious, long, intense discussions with the two
Speaker 1: moderate Democrats. We're not there yet. I wouldn't want to
Speaker 1: delude anybody to thinking this is easy, but we're trying
Speaker 1: to come to a place where decty senators can support
Speaker 1: two bills. Senator Schumer also says New York City subways
Speaker 1: and commuter rails are getting a big junk of federal
Speaker 1: COVID nineteen relief funds. Schumers says the m t A
Speaker 1: has received six billion dollars, part of more than fourteen
Speaker 1: point five billion in overall federal relief aid. Global News
Speaker 1: twenty four hours a day on airhand on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven und journalists and analyists
Speaker 1: more than a hundred twenty countries. How Michael bar this
Speaker 1: is Bloomberg. Nathan Thank Smichael coming up to six ten
Speaker 1: on Wall Street time for the Bloomberg Sports Update with
Speaker 1: Johnston shown all right, Nathan. Halfway through the regular season,
Speaker 1: the Knicks were twenty and twenty one. They had the
Speaker 1: same record at that point last year, when they then
Speaker 1: went twenty one and ten finished fourth in the East.
Speaker 1: Knicks began the second half with an easy win at
Speaker 1: the Garden, where they had been struggling, but they've had
Speaker 1: won five in a row at home five hundred overall,
Speaker 1: one oh eighty five win over Dallas, all five Knicks
Speaker 1: starters and double figures, led once again by R. J. Barrett,
Speaker 1: he scored thirty two points. After the Knicks one by
Speaker 1: twenty three, Lenettes in a late start in Chicago one
Speaker 1: by twenty six, one, eight, one twelve. Brooklyn now scored
Speaker 1: the Bulls by twenty just in the third quarter. Kevin
Speaker 1: Rant scored twenty seven. James Harden had twenty five with
Speaker 1: sixteen a six to loss for St. John's fell in
Speaker 1: overtime at Yukon eighties six seventy eight too much. Adamo
Speaker 1: Sagano for the Huskies twenty six points, eighteen rebounds, six
Speaker 1: block shots. Fordham to it ow in the Atlantic ten
Speaker 1: at one point, when at rose Hill over du Kane,
Speaker 1: they announced a draw for the Australian Open which begins Monday.
Speaker 1: Even though Novak Djokovic could still get deported, He's actually
Speaker 1: gonna face a fellow serve in the first round if
Speaker 1: he indeed played. Giants owner John Marra met the media
Speaker 1: the day after he fired coach Joe Judge. Um, there
Speaker 1: is nothing more painful to me than making that long
Speaker 1: walk down the hallway. UH, to tell somebody, particularly a
Speaker 1: good person like Joe Um, that we're making a change.
Speaker 1: It's gut wrenching for me. Um. It's been gut wrenching
Speaker 1: every time I've had to do it. Mara, his brother Chris,
Speaker 1: and co owner Steve Tish began zoom interviews with the
Speaker 1: Giants general manager's job. Met with Buffalo assistant GM Joe Shoon.
Speaker 1: Arian Wilson, who works for Arizona Giants, have seven other
Speaker 1: GM candidates. Hope to have a higher next week, then
Speaker 1: start looking for a new coach John Stash, Award Bloomberg Sports,
Speaker 1: Nathan all Right, John, thanks right now. S and P
Speaker 1: futures are up five point, staff futures up thirty eight.
Speaker 1: Dance act futures are highed by twenty three points. The
Speaker 1: tenure treasury is down to thirty seconds. The yield one
Speaker 1: point seven five on the benchmark tenure. Note you're listening
Speaker 1: to Bloomberg day Break. Bloomberg day Break is brought to
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Speaker 1: markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot com, the Bloomberg Business Outland at Bloomberg
Speaker 1: Quicktake's a Bloomberg business lash and I'm caring Moscow and
Speaker 1: we do this headline crossing the Bloomberg. There's Boeing seven
Speaker 1: thirty seven maxes to resume service in China as soon
Speaker 1: as this month. That just crossing the Bloomberg. And US
Speaker 1: Dock Index futures meanwhile are moving higher this morning. We
Speaker 1: check the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg S and p Future is at five points,
Speaker 1: Dow Future is at fifty five. NAS day futures up
Speaker 1: about eighteen. The decks in Germany is little changed, and
Speaker 1: your treasury down one thirty second. He at one point
Speaker 1: seven four percent yield on the two year point on
Speaker 1: one percent Nomex crude oil is little change at eighty
Speaker 1: two dollar sixty two cents of barrel. Comex school down
Speaker 1: a quarter percent or five dollars at eighteen twenty two
Speaker 1: thirty announced the euro one point one four six two
Speaker 1: against the dollar, British found one point three seven four
Speaker 1: or five, and the YenS at one fourteen point four six.
Speaker 1: Bitcoin this morning is moving lower at forty three thousand,
Speaker 1: six hundred sixty dollars, and today we are watching for
Speaker 1: the producer price indext out at eight thirty Wall Street time,
Speaker 1: along with the weekly report on initial jobless claims. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world, Uncle Karen, thank
Speaker 1: you very much. House Republican leader Kevin McCarthy now says
Speaker 1: he won't cooperate with the committee investigating the Capitol Riot
Speaker 1: piece as the House January sixth investigation is not legitimate.
Speaker 1: The Biden administration says it's seeking new u N sanctions
Speaker 1: against North Korea in response to be Young Yang's latest
Speaker 1: ballistic missile test. It's still up in the air whether
Speaker 1: Novak Djokovic will be able to defend is Australian Open title.
Speaker 1: The Australian Immigration Minister is still considering whether to deport
Speaker 1: the tennis star who was not vaccinated against COVID nineteen.
Speaker 1: In the NBA, the Knicks NAT, Celtics and Wizards all one.
Speaker 1: In the NHL, the Bruins won Global news twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven under journalist and analyst more
Speaker 1: than a hundred twenty countries. I'm Michael bar and this
Speaker 1: is Bloomberg. Thanks Michael. It's six nineteen on Wall Street
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak,
Speaker 1: as we continue to assess this environment of historically high
Speaker 1: inflation and what the FED can do about it. We're
Speaker 1: joined by Sarah Human, Managing director and head of Europe
Speaker 1: and America's Research at Standard Chartered Banks. Sarah, it's great
Speaker 1: to speak with you this morning. The seven percent CPI print,
Speaker 1: does that seal the deal for rate hikes starting in March?
Speaker 1: We think so, yes, we were looking for twenty basis
Speaker 1: points in March. If you look at said commentary, it's
Speaker 1: become increasingly hawkish. Um you've had several FED speakers yesterday
Speaker 1: and overnight talking specifically about a March lift off the rates,
Speaker 1: and I think that the you know, CPI data are
Speaker 1: the key driver there. The narrative has has really shifted
Speaker 1: as we know, the transitory comment has has disappeared, long
Speaker 1: since disappeared, and there's a real concern about inflation becoming embedded,
Speaker 1: but also recognition about the risks that it brings for
Speaker 1: economic recovery and the squeeze on wages. What's your view
Speaker 1: on whether inflation is becoming embedded? Is it could we
Speaker 1: see even more price pressures as we go through the
Speaker 1: early part of this year. I think certainly the headline
Speaker 1: numbers are likely to stay elevated, and probably year on
Speaker 1: year readings will rise further. That's partly because of base effects,
Speaker 1: partly because we asked still seeing the impact of supply
Speaker 1: side disruptions feeding through to the general price index. But
Speaker 1: over the course of the next few months, particularly once
Speaker 1: we get into the second half of the year, I
Speaker 1: think a number of these pressures are going to ease
Speaker 1: and we will see inflation moving back down towards the
Speaker 1: Fed's target. I mean, indeed, for next year, we think
Speaker 1: that we will see core PCE back at at or
Speaker 1: even below two percent here on yees, So that would
Speaker 1: suggest to us that the Fed can proceed cautiously. We're
Speaker 1: expecting a rate hike in March, another in June, but
Speaker 1: then we think the Fed will pause to see how
Speaker 1: the economy evolves. What's your expectation for producer prices when
Speaker 1: we get that coming out later this morning, there's a
Speaker 1: median estimate of nine percent. That would be a record, Yeah,
Speaker 1: it would. I mean, it's it's just about feasible that
Speaker 1: we could even see double figures year on year. But
Speaker 1: I think what's important is that the monthly reading is
Speaker 1: likely to be lower than we've we've had over recent months,
Speaker 1: and we are starting to see some very tentative signs
Speaker 1: of those um input prices fading. For example, China's producer
Speaker 1: price index, which have been extremely high, has been down
Speaker 1: for the last couple of months. We think we've seen
Speaker 1: a peak in energy prices, although of course prices you know,
Speaker 1: picking up again more recently. Freight costs still very elevated,
Speaker 1: but off where they were back in September October. So
Speaker 1: the year on year reading today is going to be
Speaker 1: very high, but we would expect that the trend over
Speaker 1: the course of the coming months is going to be
Speaker 1: for a gradual decline. Does a more hawk is turn
Speaker 1: from the FED risk dampening US growth or do you
Speaker 1: think the central bank can bring this in for a
Speaker 1: soft landing. I mean, it's the big challenge for central
Speaker 1: bankers facing these sorts of inflation shan pressures, trying to
Speaker 1: assess how far the risk, you know, how far wages
Speaker 1: start to pick up in response, and to what extent.
Speaker 1: Actually these costs are a major headwind to activity. So
Speaker 1: that's why we think that they will, you know, raise
Speaker 1: rates soon um for this first half of the year,
Speaker 1: but we'll then take a breather to see how the
Speaker 1: economy is evolving and also importantly how quickly invitation is
Speaker 1: coming down our last minute here, Do you expect Lyle
Speaker 1: Brainer to support that view when she goes before the
Speaker 1: Senate Banking Committee later this morning? What are you going
Speaker 1: to be listening for from the vice chair nominee, Yeah,
Speaker 1: I mean, certainly, I think it's all eyes on what
Speaker 1: she says regarding the inflation risks, and her recent comments
Speaker 1: have taken a more hawkish turn. So I think that
Speaker 1: you know that the surprise would be um if there
Speaker 1: were the sort reversively dubish comments. Um. I mean it's
Speaker 1: not all one way for sure. There are some reasons
Speaker 1: to believe that perhaps the peak pressure is over, but
Speaker 1: I'm not sure that that's the message that that Bernard
Speaker 1: is going to be giving it today's session. All right,
Speaker 1: As always, Sarah, thanks for the insights. Sarah Human is
Speaker 1: Managing director and head of Europe and America's Research at
Speaker 1: Standard Chartered Bank. As we await the Producer Price Index
Speaker 1: out at eight thirty Wall Street time and Lyle Brainerd's
Speaker 1: testimony before the Senate Banking Committee that begins around ten
Speaker 1: am on Capitol Hill, we'll have continuing coverage throughout the
Speaker 1: day for you here on Bloomberg Radio. Right now, SMP
Speaker 1: futures are up three points, STOUT futures up forty nine.
Speaker 1: Nasdaq futures are higher by eight points. Just ahead, more
Speaker 1: calls for March rate lift off, and another big bank
Speaker 1: puts out a booster mandate. It's all coming up, as
Speaker 1: we checked the five things you need to notice start
Speaker 1: your day on Bloomberg Daybreak Bloomberg eleven three oh weather, clouds,
Speaker 1: some sun today, low forties for highs, clearing and breezy tomorrow.
Speaker 1: Up for thirties a mix of sun and clouds and
Speaker 1: highs only in the low twenties on Saturday. Currently thirty
Speaker 1: five degrees broadcasting live from the Bloomberg Interacted Broker's studio
Speaker 1: in New York, Bloomberg E Living Tree to Washington, d C,
Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg N sixty to the country Sirius XM Cho one
Speaker 1: nine and around the globe the Bloomberg Business app in
Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak and at
Speaker 1: six thirty on Wall Street Coup Morning. I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow, and we're just about three hours
Speaker 1: away from the open of US trading. Time for the
Speaker 1: five things you need to note start your day. Brought
Speaker 1: to you by Interacted Broker's Global Analysts. Global Analysts helps
Speaker 1: you find new global investment opportunities, to diversify your portfolio
Speaker 1: and discover undervalued companies. Try Global Analysts today at ib
Speaker 1: k R dot com. Slash g A up first, the
Speaker 1: FED and inflation as front and center. San Francisco President
Speaker 1: Mary Daily and Philadelphia Fed chief Patrick Harker are publicly
Speaker 1: discussing a rate hike in March. The Central Bank is
Speaker 1: looking to fight the hottest inflation in a generation, and
Speaker 1: they'll need increase to increase rates aggressively to do so.
Speaker 1: That's according to Bridgewater Associates Investment Research Director Rebecca Patterson.
Speaker 1: We think inflation is likely to be significantly above what's
Speaker 1: discounted and of course the fence target, unless they decide
Speaker 1: they're going to hike a lot more aggressively than once priced.
Speaker 1: Rebecca Patterson at Bridgewater Associate says markets are not prepared
Speaker 1: for just how sticky high inflation could be. And up next, Karen,
Speaker 1: there's more inflation data. We'll get the producer price index
Speaker 1: for December Today. An economists forecast a record or over
Speaker 1: your increase of nine point eight percent, and the report
Speaker 1: comes at eight thirty am Wall Street time, Nathan. Then
Speaker 1: ninety minutes later, their Senate Banking Committee holds a confirmation
Speaker 1: hearing for Lyle Brainerd. She's been tapped to serve as
Speaker 1: vice chair of the Fed. At Bloomberg's The New Judas reports,
Speaker 1: brainerdition economist and current member the Federal Reserve Board. She
Speaker 1: also held the top post at the Treasury. Her nomination
Speaker 1: preserves continuity at the Central Bank, along with the renomination
Speaker 1: of FED chairs Rome Powell to a second term. Brainert
Speaker 1: and Powell have similar views on monetary policy stamping out inflation,
Speaker 1: but different bank regulation. She wants to maintain tough curbs
Speaker 1: imposed after the two thousand and eight financial crisis. Bene
Speaker 1: Judas Sloomberg Daybreak. Al Right, Vinnie, thank you. Let's turn
Speaker 1: our attention to the pandemic now. Daily COVID cases remain high,
Speaker 1: but there are signs the omicron wave could be easing.
Speaker 1: The most serious illness continues to be among the unvaccinated,
Speaker 1: and when it comes to teenagers, the CDC says almost
Speaker 1: all of them that need intensive care have not received shots. Well.
Speaker 1: Nathan on Wall Street and their finding cho firm is
Speaker 1: requiring booster shots to get back to the office. We
Speaker 1: get the details live from Bloomberg's I Need a Young
Speaker 1: Good Morning Rindy to Good Morning Karen. Blackstone is the
Speaker 1: latest firm telling us staff to get a booster shot
Speaker 1: as soon as possible or get out of the office.
Speaker 1: It's also requiring staff to be tested on site. Three
Speaker 1: times a week black Stone once employees back in the
Speaker 1: office on January that's two weeks from tomorrow. Live in
Speaker 1: New York. I'm gonna need a young Bloomberg day break.
Speaker 1: We need to thank you and s F five things
Speaker 1: you need to notice start your day. Brought to you
Speaker 1: by Interactive Brokers, and this is Bloomberg. Thanks Karen. Six
Speaker 1: thirty three on Wall Street, thirty six degrees in Central Parker.
Speaker 1: Starting to see some volume build on the GWB and
Speaker 1: the Lincoln in Holland Tunnels. Details coming up in traffic. First,
Speaker 1: Michael Barn with Morrow. What's going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: The House Bental investigating the US Capital ryant has requested
Speaker 1: an interview and records from House Minority Leader Kevin McCarthy. However,
Speaker 1: mccarth he says he will not cooperate, claiming the investigation
Speaker 1: is not legitimate and is accusing the panel of abuse
Speaker 1: of power. Meanwhile, former White House spokesperson Kaylee mcinaney is
Speaker 1: said to have answered questions from the committee investigators. President
Speaker 1: Biden is expected to travel to Capitol Hill today to
Speaker 1: make an in person plea directly to those Senators and
Speaker 1: Majority Leader Chuck Schumer still hoping for vote on those
Speaker 1: rule changes by the end of the week. On the filibuster,
Speaker 1: Schumer told reporters there have been quote serious, long and
Speaker 1: intense discussions with moderate Democrats Joe Manchin and Kirsten Cinema
Speaker 1: to join other Democrats in changing the filibuster rules. We're
Speaker 1: trying to come to a place where fifty Senators can
Speaker 1: support two bills, the Freedom to Vote Act and UH
Speaker 1: the John Lewis Act, and with a change in the
Speaker 1: rules so we can get the votes to um pass
Speaker 1: these bills into world. Meanwhile, Schumer also says New York
Speaker 1: City subways and commuter rails are getting big chunk of
Speaker 1: federal COVID nineteen relief funds. Senator says the m t
Speaker 1: A has received six billion dollars, part of more than
Speaker 1: fourteen point five billion in overall federal relief fate. The U.
Speaker 1: S Military would deploy new help to hospitals in New
Speaker 1: York and New Jersey as they grappled with a wave
Speaker 1: of hospitalizations driven by the omicron variant. The White House
Speaker 1: says President Joe Biden will announce that his administration is
Speaker 1: deploying military doctors and nurses and others to six hospitals
Speaker 1: in six states, including Coney Island Hospital in Brooklyn and
Speaker 1: University Hospital in Newark. The workers are relief teams dispatched
Speaker 1: to east pressures on overwhelmed health centers. Britain's Prince Charles
Speaker 1: is one step closer, or Prince Andrew is one step
Speaker 1: closer to facing civil charges in court. Federal judge rejected
Speaker 1: arguments to dismiss a case by Virginia Duffrey, an alleged
Speaker 1: victim of Jeffrey Epstein. Guffrey claims Epstein trafficked her to Andrew,
Speaker 1: who was accused of sexually abusing her when she was
Speaker 1: just seventeen. What's next for the Prince, the lawyer Mark Stevens,
Speaker 1: is the only thing that he's worse than having Prince
Speaker 1: Andrew in the odia that he is in already is
Speaker 1: actually to have him start to deal with the allegations
Speaker 1: in public. Prince Andrew has repeatedly denied the allegations. Global
Speaker 1: News twenty four hours a day on airand on Bloomberg Quickday,
Speaker 1: powered by more than twenty seven hundred journalists and analysts,
Speaker 1: in more than a hundred twenty countries. I'm Michael Barr.
Speaker 1: This is Bloomberg Nathan. Thank you, Michael. Six thirty six
Speaker 1: on Wall Street. Time for the Bloomberg Sports Update. Here's
Speaker 1: John Stasha Nathan. Finally some home cooking for the Next Man.
Speaker 1: Had one just six of their first seventeen at the
Speaker 1: Garden last night, their fifth home win in a row.
Speaker 1: It was easy over Dallas to manager without the X
Speaker 1: Nick Christoph Prozingis as well as their coach Jason Kidd,
Speaker 1: both on the COVID list. They had won their last
Speaker 1: six for the nixt role one oh eight to eighty five.
Speaker 1: R J. Barrett's days red hot thirty two points. Three
Speaker 1: of his last five games he has scored over thirty.
Speaker 1: The next get to twenty one and twenty one on
Speaker 1: the season. The Nets in Chicago, top two teams in
Speaker 1: the East. Surprisingly easy win for Brooklyn one thirty eight
Speaker 1: to one twelve. St. John's went to overtime at Yukon
Speaker 1: Huskies had an eleven nothing run They won eighties six
Speaker 1: seventy eight. Julian Tim Pagany scored twenty seven for the
Speaker 1: Red Storm. Rangers continue the roadship tonight in San Jose,
Speaker 1: Islanders host. The Devil's Islands have played just two games
Speaker 1: the last three and a half weeks. The Australian Open
Speaker 1: begins Monday. They delay the announcement of the draw they
Speaker 1: finally did with Novak Djokovic. He's actually facing a fellow
Speaker 1: Serb in the first round, but Djokovic could still be
Speaker 1: deported to the no vaccine controversy. Just a few weeks ago,
Speaker 1: the report was that the Giant we're not going to
Speaker 1: fire coach Joe Judge and then owner John Mara did.
Speaker 1: We just got to a point where I where I
Speaker 1: thought we had dug ourselves a whole so deep that
Speaker 1: I didn't see a clear path to getting out of
Speaker 1: it unless we completely blew it up and it started
Speaker 1: all over again with a new general manager to the
Speaker 1: new head coach. Era has begun interviews for the general
Speaker 1: manager's job and then they'll hire a new coach. May
Speaker 1: admitted that this season left him more embarrassed than ever before.
Speaker 1: He said every time he thought they hit rock bottom,
Speaker 1: it got worse. He admits he has to earn the
Speaker 1: trust of Giants fans, specially where Bloomberg Sports Stephen John
Speaker 1: thank you at his six thirty seven on Wall Street
Speaker 1: Time to take a look at stocks and some of
Speaker 1: the names moving in the pre market with Bloomberg Radio
Speaker 1: and TV Markets correspondent Creedy Goopta starting off with some
Speaker 1: breaking earnings news, pulling into the arrival gate. Cready, Yeah, absolutely,
Speaker 1: we're getting Delta numbers is crossing the wire here, d
Speaker 1: a ls your taker. The share is spiking two point
Speaker 1: nine percent to shive three percent. This comes after they
Speaker 1: report a law thanks that Omicron surge, but expecting to
Speaker 1: make a recovery. Ordinarily, Nathan, that would mean that the
Speaker 1: stock is supposed to drop, right, That's the gut instinct.
Speaker 1: But the EPs actually came in at twenty two cents.
Speaker 1: The consensus estimate on the lower end was about fourteen cents.
Speaker 1: So the fact that they were able to do that,
Speaker 1: plus the keeping in mind that Omicron is kind of
Speaker 1: the cases are dropping. So you are seeing this idea
Speaker 1: that perhaps investors are looking through what they see as
Speaker 1: a temporary setback up being said, there was also upgraded
Speaker 1: to a positive by Susquehanna before the earnings came out,
Speaker 1: saying in the note that the base case now assumes
Speaker 1: a fuller unlocking of high marchin businesses and long haul
Speaker 1: into the back half of so once again, Delta shares
Speaker 1: d a L actually now crossing three percent in the
Speaker 1: pre market. Nathan, Let's just stick with airlines, and I
Speaker 1: should say the aerospace industry here because Boeing as well
Speaker 1: is also thriving. This morning, Bowing b A is your taker,
Speaker 1: up also about three percent in the pre market as
Speaker 1: comes after the seven thirty seven max. It looks to
Speaker 1: be resuming service in China as soon as this month.
Speaker 1: This has been a major driver for the stock. Bow
Speaker 1: And gets a good chunk of their business from China,
Speaker 1: and that seven seven max has actually been grounded since
Speaker 1: the So good news over there at Bowing. Let's move
Speaker 1: over to the biotech space. So Verbiotechnology v i R
Speaker 1: getting a boost this morning up to shrive seven percent
Speaker 1: following a series of analyst notes that have said shed
Speaker 1: some positive optimism on the stock. This, of course follows
Speaker 1: news from yesterday that the US government said it would
Speaker 1: buy six hundred thousand additional doses of Verbia technology, these
Speaker 1: covid antibody treatment that they've developed with Glaxo smith Klin. Nathan. Now,
Speaker 1: of course, earning season really kicks off tomorrow how are
Speaker 1: those bank stocks doing this morning. They're actually up quite
Speaker 1: a bit, and it tells you there's a little bit
Speaker 1: of optimism here going into those earnings. Of course, JP,
Speaker 1: Morgan and City among others also reporting first thing in
Speaker 1: the morning tomorrow. But take a look at what BAK
Speaker 1: America shares are doing. B a C for example, as
Speaker 1: the proxy I'm gonna use for bank stocks widely up
Speaker 1: seven tenths of a percent. And remember banks were actually
Speaker 1: the underperformer of yesterday session, So seeing a little bit
Speaker 1: of reversing those losses from yesterday, but also perhaps a
Speaker 1: little bit of optimism ahead of smorrow's earnings. All right,
Speaker 1: Bloomberg Radio on TV, markets correspondent Credy gooped, were they're
Speaker 1: going to be very busy tomorrow when we get those
Speaker 1: bank earnings starting to roll in. As we take a
Speaker 1: look at stocks as a whole ahead of this morning's
Speaker 1: open and the release of producer prices, futures are giving
Speaker 1: back some of their gains. SMP futures right now are
Speaker 1: up just about two points down. Futures of forty NASAC
Speaker 1: futures still hanging in there, but only by about four
Speaker 1: points ten. Your treasury down one thirty second the yield
Speaker 1: one point seven four yield on the two year point
Speaker 1: nine bitcoin forty thousand seven dollars. You're listening to Bloomberg
Speaker 1: day Break, Bloomberg eleven three oh others, some clouds, some
Speaker 1: sun today, little forties, clearing, breezy, upper thirties Tomorrow Saturday,
Speaker 1: it's gonna be cold, low twenties. To start MLK right now,
Speaker 1: thirty six degrees. Markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot com, Blo Bloomberg Business Outland.
Speaker 1: At Bloomberg Quick Tape, this is a Bloomberg business lash
Speaker 1: and I'm camerin Moscow and SMP futures are little change
Speaker 1: this morning. Let's go to the first word breaking news
Speaker 1: dash for today's morning call. Here's Bill Maloney, Bill, good morning,
Speaker 1: and good morning, Karen. That's right. US teachers are quiet
Speaker 1: right now with the futures hired by forty three points,
Speaker 1: S and B S game two. Well, the NASTAC futures
Speaker 1: are hired by five The US ten u ye old
Speaker 1: at one point seven five percent, Gold is down to
Speaker 1: oil is little changed, and bitcoin is also trading little changed.
Speaker 1: Japan fell one percent overnight, while Europa markets are trading
Speaker 1: mixed this morning, and back in the US on the
Speaker 1: economic front, at eight thirty, the Producer price indexs and
Speaker 1: initial Java's claims regarding Ernie's This morning, Delta revenue missed estimates.
Speaker 1: And in deal news, Blackstone sweetened its offer to buy
Speaker 1: Crime Resorts for six point five billion, and other news.
Speaker 1: Blackstone tells US staff to get the booster to work
Speaker 1: in the office and the Bowling seven thirty seven Max
Speaker 1: to resume service in China as soon as this month.
Speaker 1: Wrapping things up, Center Point Energy cut to neutral at
Speaker 1: Goldman Sachs. Biker US was cut to neutral over at JP.
Speaker 1: Morgan live from the First Breaking News desk on Bill
Speaker 1: Maloney care all right, Bill, thank you, and here live
Speaker 1: breaking news of your Bloomberg Squawk on your terminal squ
Speaker 1: a w K and that's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael Karen, thank you very much. House minority
Speaker 1: leader Kevin McCarthy says he will not cooperate with the
Speaker 1: panel investigating the US capital riot. McCarthy claims the investigation
Speaker 1: is not legitimate and is accusing the panel of abuse
Speaker 1: of power. Senate Democrats are aiming to launch debate on
Speaker 1: voting rights, even though there is no guarantee the bill
Speaker 1: will come to a vote. Today, President Joe Biden will
Speaker 1: meet with the Democrats at the Capitol, even though the
Speaker 1: legislation is now blocked by a Republican filibuster. It's unclear
Speaker 1: whether no Vak Djokovic will be able to defend his
Speaker 1: Australian Open title. The Australian Immigration Ministry is still considering
Speaker 1: whether to deport the tennis star who is not vaccinated
Speaker 1: against COVID nineteen in the NBA, the next net Celtics
Speaker 1: and Wizards all one in the NHL. The Bruins won
Speaker 1: global news twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journal to analyist more than a hundred twenty countries.
Speaker 1: I'm Michael Barr. This is Bloomberg. The following commentary is
Speaker 1: from Bloomberg Opinion. Biden in Georgia. I'm Jonathan Bernstein, a
Speaker 1: columnist for Bloomberg Opinion. Joe Biden spoke Tuesday on behalf
Speaker 1: of the Democrats Voting and democracy agenda. Presidential speeches rarely
Speaker 1: change minds about anything, Nor is it likely that a
Speaker 1: presidential speech can put pressure on wavering members of Congress
Speaker 1: by activating their constituents. So what's the point. For one thing,
Speaker 1: Presidents have to do a fair amount of coalition management
Speaker 1: that's related to the president's representational relationship with voters, explaining
Speaker 1: what he's doing in terms of campaign promises. That's not all.
Speaker 1: Presidential speeches provide potentially worthwhile signals to those who do
Speaker 1: want to listen. Presidential attention can also have agenda setting effects,
Speaker 1: and for the president's strong supporters, presidential speeches can do
Speaker 1: one more thing. They can signal the party position to
Speaker 1: those who haven't been paying attention. After all, most voters
Speaker 1: do not have strong feelings or any position at all
Speaker 1: on most policy questions. Presidential speeches can furnish ready met
Speaker 1: opinions and even the language to express those opinions and
Speaker 1: the arguments to make on their behalf for those party voters.
Speaker 1: I'm Jonathan Burnstein. For more opinion, please go to Bloomberg
Speaker 1: dot com, slash opinion or opi n go on the
Speaker 1: Bloomberg terminal. These has been Bloomberg Opinion and Bloomberg opinion
Speaker 1: commentaries can be heard every weekday at this time, and
Speaker 1: terminal customers can read more at O P I n go.
Speaker 1: It is six fifty on Wall Street. Let's turn to
Speaker 1: news and science and technology now at the Bloomberg and
Speaker 1: j I T STEM report brought to you by New
Speaker 1: Jersey Institute of Technology, which announced that renowned scholar and
Speaker 1: educational leader Dr tech Limb will join the university as
Speaker 1: n j I T s ninth President. Learn more at
Speaker 1: n j I T dot e DU. Now Here's what's
Speaker 1: making news and science, technology, engineering and math. A new
Speaker 1: study from the CDC bolsters the use of the fighter
Speaker 1: and by on tech coronavirus shot in young people. It
Speaker 1: found that almost all teenagers who needed intensive care for
Speaker 1: COVID were unvaccinated. The vaccine prevented of I SEU visits
Speaker 1: and percent of COVID related hospitalizations. US aviation regulators say
Speaker 1: they've made progress reducing the risk of flight disruptions from
Speaker 1: the new five G service that begins next week. Still,
Speaker 1: the f a A is releasing scores of potential restrictions.
Speaker 1: A T and T and Verizon have agreed to delay
Speaker 1: their five G service for two weeks and limit placement
Speaker 1: of cell towers near fifty airports for at least six months.
Speaker 1: The impact on planes still remains uncertain, and London led
Speaker 1: all other European cities and technology financing. Last year. There
Speaker 1: was a record at twenty five point five billion dollars
Speaker 1: in fresh investment in the British capital. That's according to
Speaker 1: a report from the city's promotional company, London and Partners.
Speaker 1: London ranked fourth globally for venture capital investments in urban areas,
Speaker 1: behind the San Francisco Bay Area, New York and Boston,
Speaker 1: and as a Bloomberg and j I T Stem report. Nathan,
Speaker 1: thanks Karen, We're lying from the Bloomberg Interactive Broker Studios
Speaker 1: were its six fifty two on Wall Street Time Now
Speaker 1: to check what's going on in d C, where some
Speaker 1: of the top stories include Leader Schumer mapping away to
Speaker 1: get voting rights onto the Senate floor, Senator Mansion offering
Speaker 1: nuclear as a potential path for President Biden's green goals,
Speaker 1: and House Republican Leader Kevin McCarthy refusing to cooperate with
Speaker 1: the January six committee. Also making news, President Biden making
Speaker 1: a plan to send military doctors to several states to
Speaker 1: battle O Macron. Let's get more now from Bloomberg Government
Speaker 1: reporter Emily Wilkins as we await the president's latest address
Speaker 1: on his plan to deal with the COVID surge. Emily,
Speaker 1: we're already getting some idea of what he plans to
Speaker 1: say today. Yes, Biden is going to be announcing that
Speaker 1: they's going to deploy military doctors, nurses to how hospitals
Speaker 1: in New York, New Jersey, given a huge wave of
Speaker 1: hospitalizations are facing di Macron variant uh this whole. Those
Speaker 1: are just two of ultimately six states, six hospitals and
Speaker 1: six states that are going to wind up getting this
Speaker 1: military assistance as these hospitals stays an increase of numbers
Speaker 1: due to COVID UM and this is something that the
Speaker 1: Biden administration, to assert extent as has already a continuation
Speaker 1: of what they've already done. Since Thanksgiving, more than three
Speaker 1: D fifteen military doctors, nurses, and medics have been deployed
Speaker 1: to help hospitals UM and the White House says that
Speaker 1: even the six states that are going to be an
Speaker 1: additional help, the ones that they announced today, that will
Speaker 1: be followed by more announcements of more teams. So this
Speaker 1: seems to be an ongoing strategy right now for the
Speaker 1: White House to try and get military personnel into these
Speaker 1: hospitals and really make sure that these kind of critical
Speaker 1: pressure points are being addressed. Also in President Biden's schedule today,
Speaker 1: he's headed the Capitol Hill in the push for voting
Speaker 1: rights legislation. What's the plan to advance a bill? So
Speaker 1: at this point, lawmakers are looking at a bit of
Speaker 1: a wanty legislative maneuver where they're basically going to kind
Speaker 1: of trojan horses, are going to put the voting right
Speaker 1: still into a completely different bill that's already passed the
Speaker 1: Senate once, and that's going to get it over this
Speaker 1: procedural hurdle and allow sunders to actually begin debate on
Speaker 1: a voting right self. And that really hasn't happened yet
Speaker 1: this Congress because everything has been so bogged down in process.
Speaker 1: What remains to be seen what exactly happens when the
Speaker 1: debate begins in the Senate, because they can't pass a
Speaker 1: bill unless ten Republicans join with Democrats in that effort. Uh,
Speaker 1: And so there's still no sign that we're actually going
Speaker 1: to see voting rights legislation paths out of the Senate.
Speaker 1: But we'll see what Schumer has planned when lawmakers begin
Speaker 1: to debate. Uh. Perhaps he's thinking that this conserved serves
Speaker 1: as a messaging opportunity for Senators UM and actually try
Speaker 1: and get Republicans a little more on the record with
Speaker 1: their opposition to going rights and in terms of actually
Speaker 1: getting a vote on voting rights legislation. If you still
Speaker 1: need ten Senators to join along to pass a bill,
Speaker 1: does that put changes to the Senate rules is still
Speaker 1: in play? It does? And I think that's something we're
Speaker 1: going to be expecting Biden to speak up out today
Speaker 1: winning dump the Capitol. Hell, of course, we continue to
Speaker 1: see opposition from Senator's Joe Mansion sendor Sendma on the
Speaker 1: idea of making any sort of rules change in the Senate. UM.
Speaker 1: The pressure has really been high on them, I think,
Speaker 1: are both inside and outside the Capitol. There's been a
Speaker 1: lot of people who are trying to slay the minds
Speaker 1: of Mansion and cinema right now, this has kind of
Speaker 1: been painted by Chuck Schumer as the do or dime
Speaker 1: moment here. Uh, speaking of Senator Mansion, what's his openness
Speaker 1: to uh potential green path for President Biden, so imagine,
Speaker 1: has rejected a lot of the climate proposals that have
Speaker 1: been put in front of him by his fellow Democrats,
Speaker 1: but he didn't indicate that there might be some pass
Speaker 1: forward to do a provision devolving nucular. This would be
Speaker 1: a tax credit for nuclear plants. It's currently included in
Speaker 1: Biden's social UH sending and tax plan to build back better,
Speaker 1: and currently the credit only goes for six years in
Speaker 1: Manson said he would be open to see that credit
Speaker 1: going for ten years. UH. It's certainly not the biggest
Speaker 1: item on Democrats climate agenda, but it's a pass forward
Speaker 1: for them to get potentially something passed. There are still
Speaker 1: discussions going on in the Capital about what if anything
Speaker 1: from that social spending and tax plan could actually reach
Speaker 1: the finish line and get mansion support. The focus right
Speaker 1: now really has been on voting rights, but in the background,
Speaker 1: conversations are still happening on that social tax and spending
Speaker 1: plan and if any parts of it are salvageable. After
Speaker 1: Manson said last year that he could not support the
Speaker 1: entire package all right, Bloomberg Government reporter Emily Wilkins with
Speaker 1: us from the nation's capital, giving us an update on
Speaker 1: all that's happening there, and you can read more about
Speaker 1: all these stories on Bloomberg dot com or on the
Speaker 1: Bloomberg terminal and listen to Bloomberg Radio in Washington. The
Speaker 1: Bloomberg and one oh five point seven FM HD two
Speaker 1: is where to tune in for Bloomberg Radio in d C.
Speaker 1: Continuing to watch shares of Delta Airlines in the pre market.
Speaker 1: After coming in with earnings that missed the average analyst estimate,
Speaker 1: investors seemed focused on the broader outlook. The shares right
Speaker 1: now are higher by two point four percent in early trading.
Speaker 1: Futures turning a bit mixed right now. S and P
Speaker 1: future is a little change. DAL futures up thirty two points,
Speaker 1: DANSDAK futures have turned to touch flower now they are
Speaker 1: down almost four points. The tenure treasury is down to
Speaker 1: thirty seconds, the yield one point seven five percent, and
Speaker 1: the yield on the two year right now is point
Speaker 1: nine one percent. Bloomberg Surveillance up next with Tom Keene,
Speaker 1: Jonathan Farrell, and Lisa A. Brahmoitz for Karen Moscow. I'm
Speaker 1: Nathan Hagar, and this is Bloomberg