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

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Speaker 1: Tape right for Thursday, December fifteen two. Coming up, The

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Speaker 1: Shower stocks continue their sell off following j. Powell's hawkish tone.

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Speaker 1: Now it's the E C D and Bank of England's

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Speaker 1: turn to make great decisions. China's economy weekend before the

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Speaker 1: government dropped COVID zero and Elon Muska dumps more shares

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Speaker 1: of Tesla. I'm maybe Morris. New Jersey Transit will spend

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Speaker 1: ninety seven million dollars for new transportation, and investigators are

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Speaker 1: searching for the cause of that NYPD warehouse fire in Brooklyn.

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Speaker 1: I'm John Stave Shower and sports the next made it

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Speaker 1: five straight wins. They beat the Bowls in overtime. The

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Speaker 1: Rangers seek a fifth straight win tonight. That's all train

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Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York,

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Speaker 1: Bloomberg one, Washington d C, Bloomberg one oh six one, Boston,

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Speaker 1: Bloomberg nine sixties and Francisco Sirius XM one nineteen and

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Speaker 1: around the world Old on Bloomberg Radio dot Com and

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Speaker 1: via the Bloomberg Business app. Good morning, I'm Nathan Hagrim

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Speaker 1: and I'm Kared Moscow. US Dock Index futures are lower

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Speaker 1: this morning. We checked the markets all day longing here

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Speaker 1: on Bloomberg radios, and P futures down forty three points.

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Speaker 1: That's down one point one percent. Down Future is down

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Speaker 1: eight tens of upper cent or two hundred sixty seven points,

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Speaker 1: and NASTAC future is falling down a hundred seventy three

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Speaker 1: points or one and a half percent. The decks in

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Speaker 1: Germany's down one point two percent, and the ten year

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Speaker 1: treasury down three thirty seconds here three point four nine

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Speaker 1: percent Nathan Karen. This sell off continues after the Fed's

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Speaker 1: final policy decision of the year. As expected, the Central

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Speaker 1: Bank raised interest rates another fifty basis points, but German J.

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Speaker 1: Powell is pushing back at market hopes for a pivot

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Speaker 1: to lower rates anytime soon. Price stability is the responsibility

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Speaker 1: of the Federal Reserve and serves as the bedrock of

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Speaker 1: our economy. Without price stability, the economy doesn't work for anyone.

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Speaker 1: In particular, Without price stability, we will not achieve a

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Speaker 1: sustained period of strong labor market conditions that benefit all.

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Speaker 1: Jair J. Pal says the FED plans to stay the

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Speaker 1: course until the job is done well stocks and after

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Speaker 1: two day winning streak after Powell's or marks Nathan but

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Speaker 1: Guggenheim Chief investment officer Scott Miner says Powell's tone should

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Speaker 1: not have come as a surprise. We knew they had

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Speaker 1: to be very hawkish, and the reason they had to

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Speaker 1: be hawk issues that you know, financial conditions have loosened

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Speaker 1: pretty dramatically over the last six weeks. Uh, you know,

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Speaker 1: the stock markets up substantially, rates her down meaningfully and

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Speaker 1: so um. You know, the FED I think felt that

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Speaker 1: it needs to lean into that. And those are marks

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Speaker 1: from Scott Minored at Guggenheim are being echoed by KPMG

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Speaker 1: chief economist Dianne Swunk. They are more than willing to

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Speaker 1: start coming rights if inflation comes down more rapidly. They

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Speaker 1: have to send this message right now, and I think

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Speaker 1: that's what they stand. They will be a political Panada.

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Speaker 1: I have no doubt about j. Powell's ability to handle

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Speaker 1: the politics, give what he's already been through. KPMGES, Diane

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Speaker 1: Swank and Scott Minor joined us on a special edition

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Speaker 1: of Bloomberg Surveillance following the FED decision, and we have

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Speaker 1: even more policy decisions scaring two big ones on the

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Speaker 1: way out of Europe. We begin our team coverage with

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Speaker 1: Bloomberg's Lizzie Burden in London, where the Bank of England

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Speaker 1: is expected to follow the FED with its own fifty

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Speaker 1: basis point hike. For me, what's the most interesting thing

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Speaker 1: today will be the vote split, because potentially it's going

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Speaker 1: to see a lot about where we had from here

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Speaker 1: in terms of tightening. Bank of America JP Morgan and

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Speaker 1: Nomura have pointed to the possibility of a four way

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Speaker 1: split between seventy five fifty twenty five and no hike

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Speaker 1: at all. It would be the first time in the

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Speaker 1: bank's independent history and that might seem chaotic, but really

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Speaker 1: some welcome it as a confirmation that there's no groupthink

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Speaker 1: on thread Needle Street. Bloomberg's Lizzie Burden reports the BOE

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Speaker 1: decision comes down less than one hour from now, and

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Speaker 1: just over an hour after the BOE announcement, Nathan will

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Speaker 1: hear from the European Central Bank and Bloomberg's Ria Today.

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Speaker 1: O continues our team coverage with details on that from Frankfurt,

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Speaker 1: there was this debate, would it be fifty would it

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Speaker 1: be seventy five, But of course we can't ignore that

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Speaker 1: this is coming off the back of the Fed going

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Speaker 1: for fifty. The animal spirits also in Frankfort suggesting this

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Speaker 1: is now inclined towards fifty basis points that would take

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Speaker 1: the deposit rate to two percent, and of course signal

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Speaker 1: discontinuation of hikes from the central bank. And Bloomber's Maria

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Speaker 1: today O says all but three of the fifty one

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Speaker 1: economist surveyed by Bloomberg predict a fifty basis point move

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Speaker 1: from the e c B. Fifty basis points seems to

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Speaker 1: be a theme for central banks. Karen, We've heard from

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Speaker 1: the Swiss National Bank this morning as well, and they

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Speaker 1: raised rates, you guessed at fifty basis points, bringing the

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Speaker 1: benchmark in Switzerland to one percent. All right, let's turn

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Speaker 1: to Asia now, Nathan, We're economic data are in focus.

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Speaker 1: Fresh data out of Beijing shows growth slow to November.

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Speaker 1: That's before the government dropped as COVID zero policy. Bloomberg

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Speaker 1: Dabrick Asia anchor Brian Curtis has more from Hong Kong

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Speaker 1: re hail sales contracted five point nine percent in November

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Speaker 1: from a year ago, and that was worse than the

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Speaker 1: four percent to climb. In a Bloomberg survey, industrial output

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Speaker 1: grew two point two percent from a year ago. That

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Speaker 1: also missed the estimate. COVID outbreaks across the country meant

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Speaker 1: the people went out less and spent less money. Economists

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Speaker 1: expect more disruption in the coming months. Brian Curtis, Bloomberg Radio. Okay, Brian,

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Speaker 1: thank you. In corporate news this morning, we're watching shares

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Speaker 1: of Tesla. They're down another two point six percent in

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Speaker 1: the pre market after Elon Musk sold another chunk of

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Speaker 1: his steak. It's the latest Live with Bloomberg. Steve Rappaport.

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Speaker 1: Good morning, Steve, Good morning Nathan and Karen. Well, it

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Speaker 1: wouldn't be a newsday without a mention of Musk and

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Speaker 1: his latest move. The Tesla founder unloading another three point

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Speaker 1: six billion dollars in company shares. Musk already sold off

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Speaker 1: eighteen billion in stock this year to finance his acquisition

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Speaker 1: of Twitter. The electric automaker. Stock plummeted fifty five percent

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Speaker 1: this year as investors grow concerned about Musk purchasing the platform,

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Speaker 1: and with this year's sell off, Tesla's valuation dropped below

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Speaker 1: five hundred billion for the time since November. Live in

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Speaker 1: New York, I'm Steve Rappaport, Bloomberg Day Break, Right, Steve,

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Speaker 1: thank you. In the fallow up continues in the crypto

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Speaker 1: space after the collapse of f t X, Democratic Senator

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Speaker 1: Elizabeth Moore and is announcing you by partisan bill aimed

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Speaker 1: to crack down on digital currencies used in money laundering.

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Speaker 1: This is all about what we need to do right now,

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Speaker 1: and we need to stop the money laundering. We need

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Speaker 1: to stop the cheating that's going on in crypto, and

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Speaker 1: that means just getting a set of rules in place.

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Speaker 1: Same kind of transaction, same kind of risk, means we've

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Speaker 1: got to have the same rules, and it also means

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Speaker 1: we've got to have a cop on the beat who

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Speaker 1: was well enough financed. And if Senator Wawren's bill becomes law,

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Speaker 1: crypto exchanges would be required to verify customer identities the

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Speaker 1: way banks and other financial institutions already do, and futures

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Speaker 1: are lower. This morning, straight ahead, we have your latest

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Speaker 1: local headlines, plus a check of sports, and this is Bloomberg.

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Speaker 1: Thank you. Karen at six oh seven on Wall Street,

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Speaker 1: thirty four degrees in Central Park. Grab that umbrella. We

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Speaker 1: got rain moving in this afternoon. We're head to the

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Speaker 1: mid forties, low forties early tonight, but temperatures are gonna

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Speaker 1: rise through the overnight hours of the rain continues. Amy

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Speaker 1: Morris is here with what else is going on in

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Speaker 1: wet New York City. At least the'll be wet later, Amy,

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Speaker 1: Oh yes it will, Nathan, thanks so much. The courts

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Speaker 1: also will not be stepping into immediately stopped New York

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Speaker 1: Mayor Eric Adams plans to force mentally ill people from

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Speaker 1: the streets and into treatment. The judge found no evidence

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Speaker 1: that irreparable harm would occur before he issues his final

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Speaker 1: ruling on the practice in a couple of weeks. Advocates

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Speaker 1: for people with mental illnesses want that plan stopped. They

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Speaker 1: say police officers should not be first responders for those

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Speaker 1: who need healthcare. Crews are still looking for hot spots.

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Speaker 1: Investigators still looking for the cause of a huge fire

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Speaker 1: at an NYPD evidence warehouse in Brooklyn. Former police Chief

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Speaker 1: Terry Monahan says everything has been destroyed. They really don't

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Speaker 1: even expect anything to be salvage going there. Obviously, they're

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Speaker 1: not going to oversaw until they get inside and start

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Speaker 1: looking around on Hansas items in the warehouse. We're going

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Speaker 1: to be destroyed before the blaze, but some of the

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Speaker 1: eleven thousand barrels in the facility are related to cold cases.

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Speaker 1: New Jersey Transit spending ninety seven million dollars to buy

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Speaker 1: a new ferry, sixty new busses, and rebuild thirty five locomotives,

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Speaker 1: and jay dot Com reports the board exercised an option

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Speaker 1: with New Flyer to buy sixty more articulated buses. They

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Speaker 1: awarded a seven million dollar contract for a new ferry

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Speaker 1: from Hornblower Yacht, and they agreed to a thirty four

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Speaker 1: million dollar contract with Caterpillar for the new locomotives. New

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Speaker 1: Jersey Governor Phil Murphy is urging parents to get their

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Speaker 1: young children updated coronavirus boosters. Murphy says children ages six

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Speaker 1: months to five years old are eligible now to receive

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Speaker 1: the updated vibulent vaccine, but only five and a half

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Speaker 1: percent of New Jersey children between six months and four

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Speaker 1: years old have completed their primary series. Russian cosmonauts canceled

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Speaker 1: air spacewalk yesterday they noticed a leak outside their spacecraft.

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Speaker 1: NASA officials talked about it We noticed a visible stream

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Speaker 1: of flakes coming from the aft of the SOYUS near

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Speaker 1: the instrumentation and Propulsion module that was indicatives of the leak.

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Speaker 1: The SOYUS spacecraft is ducked at the International Space Station

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Speaker 1: and Russia's trying to figure out what is the leak

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Speaker 1: and what caused the leak. The Global News twenty four

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Speaker 1: hours a day on air end on Bloomberg Quick Take,

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Speaker 1: powered by more than twenty journalists and analysts and more

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Speaker 1: than one hundred twenty countries. I'm Amy Morris. This is

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Speaker 1: Bloomberg Nathan. Thanks Amy, six o nine on Wall Street

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Speaker 1: Time for the Bloomberg Sports Update, brought to you by

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Speaker 1: Price State Out. Here's John stash Our. Thanks today to

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Speaker 1: the next with the start of an unusual two games

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Speaker 1: series in Chicago. They played the Bulls last night and

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Speaker 1: they'll be there again tomorrow. Last night went over time

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Speaker 1: Nicks pulled out the wine fifth win in a row,

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Speaker 1: and Julius Randall has had a lot to do with

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Speaker 1: that plane, much more like you did too years ago.

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Speaker 1: Then last season when Randall struggled thirty one points, thirteen rebounds,

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Speaker 1: seven assists, thirty points for Jalen Brunson. The Warriors lost

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Speaker 1: at Indiana if any the NBA Jamps can't win on

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Speaker 1: the road there two and thirteen, and Steph Curry left

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Speaker 1: last night with an injured shoulder. Rangers host Toronto tonight.

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Speaker 1: Blue Shirts have won their last four college hoops easy

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Speaker 1: went for Seaton Hall over at Drexel Battle of top

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Speaker 1: twenty teams. U C l A went to Maryland one easily.

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Speaker 1: The Bruins were up by twenty night at halftime. Sunday's

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Speaker 1: World Cup Final promises to be a classic Argentina, with

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Speaker 1: Lionel Messi looking for his elusive first championship taking on France,

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Speaker 1: Who's got a chance to win back to back World

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Speaker 1: Cups That's only happened once Brazil sixty years ago. As

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Speaker 1: the Jets get ready to host the Lions, Sunday, coach

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Speaker 1: Rob salast about quarterback Zack Wilson, who lost his starting job,

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Speaker 1: been doing a great job. He he has, He's been

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Speaker 1: deliberate in his approach over the last three weeks. Um,

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Speaker 1: he's been holding himself accountable with regards to how he

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Speaker 1: wants to attack practice. Uh, how has been performing in

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Speaker 1: practice going against our defense, which I think is a

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Speaker 1: pretty good defensive goal against Salah has moved Wilson from

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Speaker 1: third spring up to second behind Mike White. Forty Niners

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Speaker 1: bring their six game win string tonight into Seattle, chance

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Speaker 1: of the Niners to clinch the NFC West. The x

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Speaker 1: met Noah Synderguard signed a one year deal with the Dodgers.

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Speaker 1: John Stash awards Bloomberg Sports, Nathan and the Bloomberg Sports Support.

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Speaker 1: John was brought to you by Audie. Don't let someone

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Speaker 1: else drive off in the Autie model. You've always wanted

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Speaker 1: to visit your local Tri state Audie dealer to get

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Speaker 1: behind the wheel of yours today, or visit Autie Offers

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Speaker 1: dot com for more information. Right now, SMP futures are

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Speaker 1: down forty points, staff futures down two forty one, and

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Speaker 1: nastack futures are lower by a hundred fifty eight points

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Speaker 1: at decline of one and a third percent. As the

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Speaker 1: equity sell off continues. Following the FED decision and the

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Speaker 1: hawkish tone from Chairman Pale, We're going to get more

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Speaker 1: insights on the path for the FED. Danielle di Martino

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Speaker 1: Booth of Quill Intelligence joins us with her thoughts. Next

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Speaker 1: this is Bloomberg Live from coast to coast, from New

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Speaker 1: York to San Francisco, Boston to Washington, d C. Nationwide

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Speaker 1: on Sirius, xamp, the Bloomberg Business App, and Bloomberg dot Com.

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Speaker 1: This is Bloomberg Daybreak. Good morning, I'm Nathan Hegerl. Let's

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Speaker 1: getch you back to our top story of the morning,

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Speaker 1: the Federal Reserve delivering that widely expected fifty basis point

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Speaker 1: rate high and its final policy meeting of two. But

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Speaker 1: if markets were expecting a pivot to lower rates anytime soon,

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Speaker 1: the message from Chairman J Powell basically is don't hold

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Speaker 1: your breath. Let's bring in Danielle DiMartino Booth for more

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Speaker 1: insights on this. The CEO, chief strategist at Quill Intelligence

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Speaker 1: joins us Live this morning. Of course, Danielle as a

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Speaker 1: former advisor as well to the President of the Federal

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Speaker 1: Reserve Bank of Dallas. It's great to speak with you

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Speaker 1: this morning from our Interactive Broker studios. Danielle, what was

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Speaker 1: your takeaway from this hawkish tone that we continue to

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Speaker 1: get from this Federal Reserve? Well, uh, my biggest takeaway

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Speaker 1: was the consensus um factor, the fact that there was

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Speaker 1: so much agreement, despite the fact that everybody who submitted

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Speaker 1: their dots could have changed their dot by by Tuesday night,

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Speaker 1: according to the Fed's website. So they maintained that they

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Speaker 1: feel that inflation is going to be problematic, even though

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Speaker 1: we did see breaking that the markets celebrated UH in

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Speaker 1: the consumer price index. Do you expect that consensus to hold?

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Speaker 1: It looks like the market is continuing to place it's

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Speaker 1: bet that the Fed is gonna blak Indeed, it does.

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Speaker 1: You initially saw kind of a violent reaction in the

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Speaker 1: bond market, and then yields backed off, indicating that they

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Speaker 1: still the bond market still believes that the Fed is

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Speaker 1: going to be forced to pivot. I would say that

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Speaker 1: the particular form of inflation that that your pals cited,

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Speaker 1: that would be the core services UH CPI X shelter

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Speaker 1: UH that that has ticked down for two months in

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Speaker 1: a row. My experience at the Fed tells me once

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Speaker 1: they get to that third month in a row, a

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Speaker 1: trend has been established, and that that will be a

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Speaker 1: takeaway for the doves. And we're also going to see

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Speaker 1: a rotation too much more dovish federals or of district presidents.

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Speaker 1: In three cash car is coming on Lorie Logan, who's

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Speaker 1: a career economist from the New York FED. She's also

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Speaker 1: considered to be a dove. She's coming on as well

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Speaker 1: as Austin Goulsby, and we're going to roll off some

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Speaker 1: known hawks. So I think that I think that chair

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Speaker 1: Powell might be seeing descent in interesting how much descent

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Speaker 1: do you think that Chairman Powell is going to be

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Speaker 1: in for Do you think that the Chairman Powell himself

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Speaker 1: starts to waiver a bit if we do get that

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Speaker 1: sign that inflation is starting to go on the path

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Speaker 1: that the Fed is looking for. Well, I certainly think

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Speaker 1: that's going to be the case. At least he will

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Speaker 1: continue to not to the effects of of higher interest rates.

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Speaker 1: In fact, at the at the presser yesterday afternoon, Powell

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Speaker 1: actually said, you know, we expect, we can we can

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Speaker 1: foresee that shelter inflation that is problematically sticky, we can

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Speaker 1: foresee that that's going to turn in. He still looked

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Speaker 1: through that, however, and bear in mind, given the FEDS

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Speaker 1: unemployment forecast that we saw in in the Summary Economic

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Speaker 1: projections yesterday, there's every chance, I mean, we've never not

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Speaker 1: gone into recession with that level of an increase in

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Speaker 1: the unemployment rate that is part of the FEDS forecast.

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Speaker 1: So the FED is as close as it's possibly ever

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Speaker 1: been to acknowledging and saying we're going to continue tightening

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Speaker 1: into recession. Yeah, and one of the big messages we

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Speaker 1: heard yesterday from Chairman Powell is that there's a bigger

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Speaker 1: risk from under tightening than there is from overtightening. It

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Speaker 1: seems like he has history in mind here, Danielle. What

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Speaker 1: is the history that the chairman is looking at and

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Speaker 1: does that really inform the kind of inflation that we're

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Speaker 1: seeing in this economy. Well, you know, that's what the

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Speaker 1: critical question is because when the policy error was first

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Speaker 1: made when lb J was president and William mc chesney

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Speaker 1: Martin blinked and was softer on the rate path than

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Speaker 1: he should than he should have been, and then he

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Speaker 1: was followed by mega doves who were politically malleable his

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Speaker 1: you know, his nemesis, Arthur Burns uh, and they couldn't

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Speaker 1: get really control of inflation at the time. That was

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Speaker 1: a time when unions were extremely powerful, uh in the

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Speaker 1: United States, when labor had more sway as opposed to

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Speaker 1: where we are today. And as we see one company

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Speaker 1: after another after another announcing layoffs, despite the fact that

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Speaker 1: we're this close to the holidays, only about thirty seconds

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Speaker 1: left here. Danielle, as we mentioned, you're a former advisor

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Speaker 1: to the Dallas FED President. If you were in that

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Speaker 1: role now, what would you be advising? Well, I would

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Speaker 1: be trying to communicate a little bit better that I

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Speaker 1: want to get inflation down. And but I am more

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Speaker 1: sympathetic than what I sound like. I am to the

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Speaker 1: fact that somebody losing their job is a heck of

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Speaker 1: a lot worse than somebody battling inflation. But they're gonna

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Speaker 1: try and look past that for the long term prosperity

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Speaker 1: of the U. S. Economy, for the common good. Yeah,

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Speaker 1: I'm gonna be really interesting to see the messaging going

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Speaker 1: into three and the potential impact of policy on this

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Speaker 1: UH persistent inflation. We continue to see, Danielle di Martino

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Speaker 1: Booth of Quill Intelligence as always, great to have you

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Speaker 1: on with us this morning here on Daybreak, daniel d.

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Speaker 1: Martino Booth, the CEO, Chief Strategist over at Quill Intelligence.

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Speaker 1: Right now, SMP futures are down thirty nine points. Staff

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Speaker 1: futures down two thirty seven, NASTAC futures are lower by

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Speaker 1: a hundred fifty seven points, The ten your treasury is

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Speaker 1: down to thirty seconds, yield three point four eight percent,

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Speaker 1: and the yield on the two year right now four

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Speaker 1: point to three percent. This is Bloomberg Good Morning, Markets,

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Speaker 1: headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot Com, the Bloomberg Business at Land at Bloomberg Victap.

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Speaker 1: This is a Bloomberg Business Flash, and I'm Karen Moscow.

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Speaker 1: This update brought to you by b and Why Mellin's

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Speaker 1: And futures are lower this morning, with S and P

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Speaker 1: futures down forty points down, futures down two two NASDAG

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Speaker 1: futures are down one hundred sixty and the ten year

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Speaker 1: treasuries down to thirty seconds, held three point four eight percent,

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Speaker 1: yield on the two year four point to three percent.

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Speaker 1: And as a Bloomberg Business Flash. Now, here's Amy Morris

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Speaker 1: with Moore on what's going on around the world. Amy,

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Speaker 1: thank you. Karen Biser has an agreement to sell its

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Speaker 1: anti viral medication patchle of It in China. This has

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Speaker 1: sources tell Bloomberg the White House will reopen a program

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Speaker 1: today allowing people in the US to order batches of

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Speaker 1: at home COVID tests for free. The intruder accused of

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Speaker 1: attacking how speaker Nancy Pelosi's husband was ordered to stand

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Speaker 1: trial for attempted murder. Prosecutors say David de Pep has

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Speaker 1: a list of other targets, including California Governor Gavin Newsom

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Speaker 1: and actor Tom Hanks. And sports in the NBA, the

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Speaker 1: Wizards and Warriors lose the NIXT win the World Cup Finals,

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Speaker 1: set for Sunday, Argentina will be taking on France Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Bloomberg Quick Take, powered by more than journalists and analysts

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Speaker 1: in more than one d twenty countries. I'm Amy Morris,

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Speaker 1: This is Bloomberg. Nathan Thanks Amy six three. Now on

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Speaker 1: Wall Street, I'm Nathan Hagar. This is Bloomberg Daybreak, and

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Speaker 1: we turn again to the collapse of the cryptocurrency exchange

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Speaker 1: f t X and what it means for the outlook

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Speaker 1: for digital currencies. This week on Capitol Hill, the new

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Speaker 1: CEO of f t X, John J. Ray, testified about

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Speaker 1: the practices inside the company that he found disturbing that

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Speaker 1: the absence of record keeping, employees would communicate invoicing and

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Speaker 1: expenses on on slack, which is, you know, essentially a uh,

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Speaker 1: you know, a way of communicating for chat rooms. And

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Speaker 1: after John Ray testified to the House and the Senate,

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Speaker 1: Bloomberg Shinali Basset spoke with Oklahoma Republican Congressman Frank Lucas

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Speaker 1: about steps Congress can take to protect investors. Something I

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Speaker 1: wonder about is when you listen to the hearing testimony

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Speaker 1: of John Ray, the new CEO of f t X,

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Speaker 1: are you finding that you can find any closure for

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Speaker 1: your constituents or any path forward? I wish I could

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Speaker 1: say that, but clearly this is a multi bid indollar

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Speaker 1: mess that's going to continue. When Mr Ray pointed out

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Speaker 1: to us that the bookkeeping system was rudimentary off the

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Speaker 1: shelf small business software being used to manage a multi

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Speaker 1: billion dollar enterprise. When you discussed the lack of strong

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Speaker 1: board management and the various enterprises, the ability of the

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Speaker 1: CEO to loan himself money out of the company. Uh,

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Speaker 1: it was horrified. But that's what this rings about. Get

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Speaker 1: to the to the bottom of the mess so we

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Speaker 1: can figure out how to make sure from Congress's perspective,

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Speaker 1: this doesn't happen again. Has it changed your view of

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Speaker 1: the entire crypto industry or do you view this as

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Speaker 1: a one off of that. Well, I've always been a

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Speaker 1: little suspicious of crypto, Not so much from the perspective

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Speaker 1: of the professional investors, but there are a lot of

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Speaker 1: little people out there who put their money into this

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Speaker 1: who've been pulled in. I said in thirty two of

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Speaker 1: my town meetings this summer, only invest the money you

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Speaker 1: don't need. It's the wild West right now in crypto. Unfortunately,

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Speaker 1: there was a gunfight and the investors may have lost.

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Speaker 1: You asked him the hearing also why certain assets were

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Speaker 1: left out of the bankruptcy. Do you feel that those

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Speaker 1: assets should have been included. Well, ultimately, the investors will

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Speaker 1: want as much of their money back as they can

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Speaker 1: possibly get. And when Mr Ray could identify a billion

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Speaker 1: dollars that they had pretty well tied down. But if

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Speaker 1: public reports are really that needs six or seven billion

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Speaker 1: may not be accounted for you. I'm very unnerved, and

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Speaker 1: I also wanted to know because is the international nature

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Speaker 1: hundreds some enterprises scattered around the world in ft X,

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Speaker 1: how how that would act. Would would prudent regulators perhaps

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Speaker 1: in the United States and other countries have assets and

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Speaker 1: countries where perhaps the regulation one suppertinent they want to

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Speaker 1: draw up on that. Those are all questions that ultimately

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Speaker 1: will be answered. But it's important to people who put

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Speaker 1: some maybe their life savings I hope not, but put

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Speaker 1: real money into this what now appears to be a fraud.

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Speaker 1: Among your peers on this committee, there seems to be

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Speaker 1: a debate here about the role of the SEC when

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Speaker 1: it comes to enforcement of the crypto industry and laying

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Speaker 1: out the rules of the land here. What do you

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Speaker 1: feel is the right role for the SEC versus the CFTC.

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Speaker 1: As you've also previously spent time on the Agriculture Committee,

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Speaker 1: chaired the Egg Committee. When we head Mr former Senator

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Speaker 1: Corsign under Oath about his debaucle CFTC is a proactive entity.

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Speaker 1: You come to them with ideas and concepts. They proactively

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Speaker 1: make rules and regulations. Securities Exchange Commissioners are reactive. They

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Speaker 1: come in after the fact. It's two different cultures, two

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Speaker 1: different perspectives. We'll see when all this sorts out. The

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Speaker 1: incoming chair amount of the Financial Services Committee, Pafrid McHenry,

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Speaker 1: is very focused on bringing order to the crypto industry. Uh,

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Speaker 1: we'll see what form that takes, but it will involve

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Speaker 1: both and financial services. And we've got to make sure

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Speaker 1: that this kind of a mess can't happen again. And

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Speaker 1: that was Republican Congressman Frank Lucas of Oklahoma speaking with

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Speaker 1: Bloomberg shin Alli Bassik. You can catch the full interview

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Speaker 1: on Bloomberg dot com and on the Bloomberg terminal. Checking

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Speaker 1: bitcoin right now, It's down eight tenths percent on the session.

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Speaker 1: Just shove seventeen thousand, seven hundred. Bloomberg Daybreak is brought

430
00:23:39,640 --> 00:23:41,920
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431
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Speaker 1: two tax deduction. Visit j CF and why dot org.

434
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Speaker 1: We have your top stories of the morning, plus local

435
00:23:54,600 --> 00:23:57,760
Speaker 1: headlines and a full checker market straight ahead. First, Bloomberg

436
00:23:57,800 --> 00:24:02,200
Speaker 1: Meteorologist Rob Caroline Claudian dry this morning. Can't say that

437
00:24:02,320 --> 00:24:04,359
Speaker 1: for the ride home this afternoon, with dealing with rain

438
00:24:04,480 --> 00:24:08,080
Speaker 1: later in the city. Today, temperatures up to about forty five, rainy, breezy,

439
00:24:08,119 --> 00:24:11,159
Speaker 1: Tonight forty five. Tomorrow rainy and breezy. The rain may

440
00:24:11,200 --> 00:24:14,119
Speaker 1: be heavier time, especially Tomorrow morning high forty five to fifty.

441
00:24:14,680 --> 00:24:18,639
Speaker 1: Sunshine returns on Saturday, high forty five. Sunday chilly Sunday

442
00:24:18,640 --> 00:24:21,639
Speaker 1: with a higher thirty five to forty Rob Caroline with

443
00:24:21,720 --> 00:24:28,200
Speaker 1: your weekend forecast on Bloomberg eleven three oh broadcasting live

444
00:24:28,359 --> 00:24:32,280
Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg

445
00:24:32,320 --> 00:24:35,639
Speaker 1: Elving Freedom to Washington, d C, Bloomberg ninety nine one

446
00:24:35,800 --> 00:24:39,000
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,

447
00:24:39,119 --> 00:24:42,320
Speaker 1: Bloomberg nine sixty to the Country, Sirius XM to A

448
00:24:42,400 --> 00:24:45,720
Speaker 1: one nineteen and around the globe the Bloomberg Business and

449
00:24:45,840 --> 00:24:55,399
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak coming up

450
00:24:55,440 --> 00:24:57,560
Speaker 1: on six thirty on Wall Street. Good morning, I'm Nathan

451
00:24:57,600 --> 00:25:00,560
Speaker 1: Hagger and I'm Karen Moscow. We're just about three hours

452
00:25:00,640 --> 00:25:02,639
Speaker 1: away from the open of US trading. Time to the

453
00:25:02,680 --> 00:25:04,640
Speaker 1: Five Things that you need to notice start your day.

454
00:25:04,680 --> 00:25:07,760
Speaker 1: Brought to you by I v k R Investment Advisers

455
00:25:07,760 --> 00:25:11,240
Speaker 1: switched to Interactive Brokers for lowest cause, global trading and

456
00:25:11,359 --> 00:25:14,879
Speaker 1: turnkey custody solutions, no ticket charges and no conflicts of

457
00:25:14,960 --> 00:25:17,480
Speaker 1: your interests at ib k R dot com slash r

458
00:25:17,560 --> 00:25:20,960
Speaker 1: i a first. The sell off continues this morning after

459
00:25:21,040 --> 00:25:24,000
Speaker 1: the FED raised interest rates by another fifty basis points.

460
00:25:24,200 --> 00:25:26,760
Speaker 1: At the same time, Chairman j. Powell is dampening hopes

461
00:25:26,800 --> 00:25:30,040
Speaker 1: were a pivot to lower rates anytime soon. The inflation

462
00:25:30,160 --> 00:25:32,879
Speaker 1: data received so far from October and November show a

463
00:25:32,960 --> 00:25:36,520
Speaker 1: welcome reduction in the monthly pace of price increases, but

464
00:25:37,400 --> 00:25:40,520
Speaker 1: it will take substantially more evidence to give confidence that

465
00:25:40,600 --> 00:25:44,639
Speaker 1: inflation is on a sustained downward path. Chair Powell says

466
00:25:44,680 --> 00:25:47,160
Speaker 1: the Fed will stay the course until the job is done.

467
00:25:47,400 --> 00:25:50,439
Speaker 1: Mel Stocks stamp the two day winning Street Karen. Following

468
00:25:50,480 --> 00:25:53,320
Speaker 1: those remarks from Chairman pal Sylvia Jablansi, the CEO of

469
00:25:53,400 --> 00:25:56,359
Speaker 1: Defiance ct F, says, for investors, the FED share knocked

470
00:25:56,400 --> 00:25:58,760
Speaker 1: the wind out of their sales. The market I think

471
00:25:58,880 --> 00:26:01,879
Speaker 1: was disappointed by of Fed rhetoric because he talked a

472
00:26:01,960 --> 00:26:04,640
Speaker 1: lot about moving that terminal right up to five point

473
00:26:04,680 --> 00:26:08,040
Speaker 1: one per cent, but also downplaying the success that we're

474
00:26:08,080 --> 00:26:10,760
Speaker 1: already seeing on the impacts of the work that they've done.

475
00:26:10,960 --> 00:26:14,119
Speaker 1: Sylvia Jablonski with defined CTF says she was more optimistic

476
00:26:14,160 --> 00:26:18,240
Speaker 1: about a Santa Claus rally before Powell's news conference. Well, Nathan,

477
00:26:18,320 --> 00:26:20,919
Speaker 1: we have more policy decisions on the way. In Europe,

478
00:26:21,000 --> 00:26:23,200
Speaker 1: the Bank of England has expected to follow the Fed

479
00:26:23,280 --> 00:26:25,359
Speaker 1: with a half a point rate hike this morning, and

480
00:26:25,440 --> 00:26:28,600
Speaker 1: in Switzerland, the Swiss National Bank also raised his benchmark

481
00:26:28,680 --> 00:26:31,199
Speaker 1: rate by fifty basis points. In Asia, we're looking at

482
00:26:31,240 --> 00:26:34,960
Speaker 1: week economic data, Karen, China's economy worsened in November before

483
00:26:35,040 --> 00:26:38,680
Speaker 1: Beijing dropped its COVID zero policy. Retail sales contracted and

484
00:26:38,920 --> 00:26:42,399
Speaker 1: industrial output missed estimates. And to Corporate News. Now, Nathan,

485
00:26:42,440 --> 00:26:44,960
Speaker 1: we're Twitter owner Elon Muski is selling more shares of

486
00:26:45,040 --> 00:26:48,000
Speaker 1: Tesla Bloomberg Steve Rappaport joins US Live with that story.

487
00:26:48,080 --> 00:26:50,880
Speaker 1: Good morning, Steve, Good morning, Karen, and Nathan. The yupp.

488
00:26:50,920 --> 00:26:54,159
Speaker 1: Elon Musk is offloading three point five billion dollars in

489
00:26:54,240 --> 00:26:56,760
Speaker 1: Tesla shares this week, his latest sell off to raise

490
00:26:56,840 --> 00:27:00,359
Speaker 1: cash for Twitter. Tesla stock is down this year as

491
00:27:00,440 --> 00:27:03,240
Speaker 1: investors grow concerned about his purchase of the social media

492
00:27:03,280 --> 00:27:07,320
Speaker 1: platform The Electric Automakers, valuation dropping below five hundred billion

493
00:27:07,400 --> 00:27:09,480
Speaker 1: dollars for the first time in more than two years.

494
00:27:09,760 --> 00:27:12,760
Speaker 1: Testla's troubles are costing Musk more than just money. He

495
00:27:12,880 --> 00:27:15,840
Speaker 1: also lost his title as the richest person in the world.

496
00:27:16,080 --> 00:27:19,800
Speaker 1: Live in New York. I'm Steve Rappaport, Bloomberg Daybreak. Okay, Steve, thanks.

497
00:27:19,840 --> 00:27:22,960
Speaker 1: In a note on politics now, Senator Elizabeth Warren is

498
00:27:22,960 --> 00:27:26,439
Speaker 1: announcing a bipartisan billing to cracking down on cryptocurrencies used

499
00:27:26,480 --> 00:27:29,920
Speaker 1: in money laundering. The legislation would require crypto exchanges to

500
00:27:30,080 --> 00:27:34,160
Speaker 1: verify customer identities as other financial institutions do. And that's

501
00:27:34,200 --> 00:27:35,959
Speaker 1: the fine things you need to notice start your day.

502
00:27:36,040 --> 00:27:38,960
Speaker 1: Brought to you I Interactive Brokers. We are watching shares

503
00:27:39,000 --> 00:27:41,880
Speaker 1: of Tesla this morning. They're down one point eight percent

504
00:27:42,000 --> 00:27:45,400
Speaker 1: in early trading. S ANDP futures also lower, down thirty

505
00:27:45,440 --> 00:27:47,720
Speaker 1: eight points. That's down about nine tenths of upper sent

506
00:27:48,040 --> 00:27:50,399
Speaker 1: Down futures down seven tenths of upper cent or two

507
00:27:50,440 --> 00:27:53,359
Speaker 1: hundred thirty four points, and ASDAC futures down one and

508
00:27:53,440 --> 00:27:56,240
Speaker 1: a quarter percent down a hundred fifty points straight ahead,

509
00:27:56,240 --> 00:27:58,320
Speaker 1: your latest local headlines at a check a sports and

510
00:27:58,520 --> 00:28:04,960
Speaker 1: this is Bloomberg. Thanks caring at sixty one on Wall Street.

511
00:28:05,000 --> 00:28:06,639
Speaker 1: Let's bring an Amy Morris for look at what's going

512
00:28:06,680 --> 00:28:08,880
Speaker 1: on in New York and around the world. Good morning Amy,

513
00:28:09,200 --> 00:28:12,040
Speaker 1: Good morning Nathan. Investigators still trying to figure out what

514
00:28:12,160 --> 00:28:15,760
Speaker 1: sparked that major fire at an NYPD warehouse in Brooklyn.

515
00:28:16,040 --> 00:28:20,200
Speaker 1: Former NYPD Chief Terry Monahan says they don't expect anything

516
00:28:20,240 --> 00:28:22,679
Speaker 1: to be salvageable, but they do still have some records.

517
00:28:22,800 --> 00:28:26,800
Speaker 1: Everything to be documented in databases. At least what the

518
00:28:26,920 --> 00:28:30,399
Speaker 1: evidence showed should be documented somewhere. It's just that physical

519
00:28:30,440 --> 00:28:33,359
Speaker 1: evidence CRUs continue to look for hot spots, more than

520
00:28:33,440 --> 00:28:37,200
Speaker 1: a day after the raging fire destroyed Biological Evidence Department

521
00:28:37,320 --> 00:28:41,280
Speaker 1: vehicles and hundreds of confiscated e bikes. Uber drivers in

522
00:28:41,400 --> 00:28:43,920
Speaker 1: New York will not be getting higher pay, and at

523
00:28:43,960 --> 00:28:46,840
Speaker 1: least not yet. A judge has blocked the Taxi and

524
00:28:46,920 --> 00:28:49,840
Speaker 1: Limousine Commission from raising the pay of ride hailed drivers,

525
00:28:50,120 --> 00:28:53,680
Speaker 1: while a lawsuit by Uber is pending. Uper argues the

526
00:28:53,760 --> 00:28:57,200
Speaker 1: pay raise would force them to raise fares. Driver advocates

527
00:28:57,240 --> 00:28:59,640
Speaker 1: tell the New York times they're stunned, the court would

528
00:28:59,680 --> 00:29:04,040
Speaker 1: temper rarely blocked those races. New Jersey Transit officials developing

529
00:29:04,120 --> 00:29:08,240
Speaker 1: a no ride list for violent passengers who assault transit workers.

530
00:29:08,600 --> 00:29:12,120
Speaker 1: A year ago, passengers who assaulted employees would face steep fines,

531
00:29:12,440 --> 00:29:14,800
Speaker 1: but now the agency is working on a policy to

532
00:29:15,040 --> 00:29:18,680
Speaker 1: ban disorderly writers from the transit system, including a permanent

533
00:29:18,760 --> 00:29:22,320
Speaker 1: band for any passengers who use deadly weapons. The House

534
00:29:22,360 --> 00:29:25,200
Speaker 1: has passed short term government funding bill to push a

535
00:29:25,280 --> 00:29:28,400
Speaker 1: government shutdown deadline back a week. On this vote, the

536
00:29:28,560 --> 00:29:31,120
Speaker 1: yeas are two hundred and twenty four and the nays

537
00:29:31,160 --> 00:29:34,480
Speaker 1: are two hundred and one. The motion is adopted. It

538
00:29:34,600 --> 00:29:37,360
Speaker 1: funds the government until December twenty three. The short term

539
00:29:37,400 --> 00:29:39,880
Speaker 1: bill now goes to the Senate. The FBA says there's

540
00:29:39,920 --> 00:29:43,600
Speaker 1: a nationwide shortage of amasa sillin. The popular antibiotic is

541
00:29:43,680 --> 00:29:47,240
Speaker 1: in high demand because of more respiratory viruses in the US.

542
00:29:47,560 --> 00:29:50,920
Speaker 1: Officials a part of the problem supply chain issues. Global

543
00:29:50,960 --> 00:29:53,720
Speaker 1: News twenty four hours a day on errand on Bloomberg Quicktake,

544
00:29:53,960 --> 00:29:56,960
Speaker 1: powered by more than twenty seven hundred journalists and analysts

545
00:29:57,000 --> 00:29:59,480
Speaker 1: in more than one hundred twenty countries. I'm any more

546
00:29:59,520 --> 00:30:07,200
Speaker 1: as this is Bloomberg, Nathan, thanks Amy six thirty three

547
00:30:07,240 --> 00:30:09,400
Speaker 1: on Wall Street time for the Bloomberg Sports upthing. Bront

548
00:30:09,600 --> 00:30:11,720
Speaker 1: By try stayed out of here again as John Stanshower

549
00:30:11,760 --> 00:30:13,680
Speaker 1: All right, Nathan, slow start to the next season, but

550
00:30:13,840 --> 00:30:16,560
Speaker 1: coming on now in Chicago, looking for a fifth win

551
00:30:16,600 --> 00:30:19,400
Speaker 1: in a row. The game went to overtown. Brusset high

552
00:30:19,520 --> 00:30:24,640
Speaker 1: left against Caruso, certainly to the quarter crossover ocle breakers

553
00:30:24,720 --> 00:30:28,840
Speaker 1: Town the three Shilen brunt Si puts takes up by nine,

554
00:30:29,240 --> 00:30:32,920
Speaker 1: which twenty seven point nine ago in overtime, and that

555
00:30:33,120 --> 00:30:36,120
Speaker 1: should be it. In the Windy City Wow ESPN New

556
00:30:36,160 --> 00:30:40,040
Speaker 1: York nixt beat the Balls on one point for Julius

557
00:30:40,160 --> 00:30:43,040
Speaker 1: Randall and Brunson scored thirty r J Barrett at it

558
00:30:43,120 --> 00:30:45,640
Speaker 1: twenty two. The Knicks of the worst three point shooting

559
00:30:45,680 --> 00:30:47,400
Speaker 1: team in the NBA, and yet last night they made

560
00:30:47,480 --> 00:30:50,240
Speaker 1: eighteen of thirty four. They're up to sixth place in

561
00:30:50,280 --> 00:30:53,280
Speaker 1: the East as they oddly play the Bulls again tomorrow,

562
00:30:53,480 --> 00:30:56,240
Speaker 1: also in Chicago, the night after the Knicks one or

563
00:30:56,280 --> 00:30:58,480
Speaker 1: fifth in a row, the Rangers will try to do likewise,

564
00:30:58,520 --> 00:31:00,600
Speaker 1: they host Toronto the Devil's Night try to end a

565
00:31:00,640 --> 00:31:03,960
Speaker 1: three game, losing Street the host Philadelphia NFL Tonight forty

566
00:31:04,080 --> 00:31:06,239
Speaker 1: Niners in Seattle nin there's one six in a row.

567
00:31:06,600 --> 00:31:09,440
Speaker 1: A win tonight clinches them the NFC West. The Jets

568
00:31:09,480 --> 00:31:12,760
Speaker 1: have made a change in their quarterback depth chard Zack Wilson,

569
00:31:12,800 --> 00:31:14,520
Speaker 1: who went from first string all the way down to third,

570
00:31:14,640 --> 00:31:17,560
Speaker 1: is now at least up to second, ahead of Joe Flacco,

571
00:31:17,640 --> 00:31:19,760
Speaker 1: still behind Mike White, who will lead the Jets into

572
00:31:19,800 --> 00:31:22,640
Speaker 1: a home game Sunday with Detroit. The Giants play the

573
00:31:22,720 --> 00:31:26,120
Speaker 1: primetime game in Washington. The Commander is playing well despite

574
00:31:26,160 --> 00:31:29,640
Speaker 1: all the turmoil surrounding their owner, Dan Snyder. Washington Post

575
00:31:29,720 --> 00:31:33,880
Speaker 1: reports Snyder is moving towards moving forward with receiving offers

576
00:31:34,400 --> 00:31:37,000
Speaker 1: from those interested in buying the team from him. At

577
00:31:37,040 --> 00:31:40,800
Speaker 1: the World Cup France ended Moroccos Cinderella, Ron's a Sunday's

578
00:31:40,840 --> 00:31:44,920
Speaker 1: final France against Argentina. John stashiell or Bloomberg Sports nap

579
00:31:45,200 --> 00:31:47,720
Speaker 1: all right, John, Thanks and Bloomberg Sports was brought to

580
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Speaker 1: you by Audie. Don't let someone else drive off in

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Speaker 1: state outie dealer to get behind the wheel of yours

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Speaker 1: today or Visit outie Offers dot com for more information

584
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Speaker 1: on Wall Street. Bloomberg Radio is on the air from

585
00:32:04,320 --> 00:32:07,760
Speaker 1: San Francisco to New York, London to Hong Kong. Let's

586
00:32:07,800 --> 00:32:09,720
Speaker 1: check in with our global news team for some of

587
00:32:09,760 --> 00:32:13,160
Speaker 1: the top stories heard on our three hundred affiliate radio

588
00:32:13,240 --> 00:32:19,560
Speaker 1: stations around the world. I'm Steve Potus got kN X

589
00:32:19,680 --> 00:32:22,960
Speaker 1: in Los Angeles. We're talking about the rising cost of

590
00:32:23,120 --> 00:32:27,400
Speaker 1: write downs at Water Brothers Discovery. I'm Corney Donahoe on

591
00:32:27,520 --> 00:32:31,320
Speaker 1: ktr H in Houston. Grocer say Plycross, gravy and butter

592
00:32:31,440 --> 00:32:34,960
Speaker 1: are in short supplied this holiday season. I'm Gina Servetti

593
00:32:35,040 --> 00:32:37,800
Speaker 1: and for k CBS and San Francisco, I'm reporting that

594
00:32:37,920 --> 00:32:41,560
Speaker 1: Twitter has updated its private information policy, saying it will

595
00:32:41,600 --> 00:32:44,960
Speaker 1: remove any tweets or accounts that share someone's live location

596
00:32:45,240 --> 00:32:48,680
Speaker 1: going forward. I'm Kimberly Adams and on WBC in Boston.

597
00:32:48,720 --> 00:32:52,160
Speaker 1: I'll be reporting on elon Musk selling more testing staff.

598
00:32:52,400 --> 00:32:55,120
Speaker 1: I'm Stephen Carol and Bloomberg d a B Radio in London.

599
00:32:55,160 --> 00:32:57,680
Speaker 1: We've been reporting on a bumper day of Central Bank

600
00:32:57,800 --> 00:33:01,560
Speaker 1: decisions in Europe from Switzerland, Norway, the UK. On the Eurozone,

601
00:33:01,960 --> 00:33:04,800
Speaker 1: I made Cory on ww w J in Detroit. I'm

602
00:33:04,840 --> 00:33:07,960
Speaker 1: rewarding Ford in a Chinese company. You're thinking about building

603
00:33:08,000 --> 00:33:12,040
Speaker 1: up batter required in Michigan. Those are some of the stories.

604
00:33:12,040 --> 00:33:15,200
Speaker 1: Are hundred Bloomberg journalists and analysts are working on this

605
00:33:15,400 --> 00:33:18,360
Speaker 1: morning around the world. It's almost six thirty seven on

606
00:33:18,480 --> 00:33:22,479
Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion.

607
00:33:22,760 --> 00:33:26,040
Speaker 1: This editorial was written by the Bloomberg Editorial Board. In

608
00:33:26,080 --> 00:33:30,560
Speaker 1: announcing plans to massively increase defense spending, Japan has embarked

609
00:33:30,600 --> 00:33:34,240
Speaker 1: on a military transformation. The budget increases proposed by Prime

610
00:33:34,280 --> 00:33:37,760
Speaker 1: Minister of Fumio Kashita last week would provide Japan's self

611
00:33:37,800 --> 00:33:42,200
Speaker 1: defense forces with unprecedented resources around forty three trillion yen

612
00:33:42,640 --> 00:33:46,160
Speaker 1: or fifteen billion dollars over the next five years. Given

613
00:33:46,280 --> 00:33:49,880
Speaker 1: rising security challenges in the Pacific, Japan's ambition is bold

614
00:33:49,920 --> 00:33:53,000
Speaker 1: and welcome. For the new spending to be truly effective, though,

615
00:33:53,320 --> 00:33:56,720
Speaker 1: the government will need to make hard choices. While flashy

616
00:33:56,760 --> 00:34:01,000
Speaker 1: weapons systems have appeal, purchases of emerging local technologies would

617
00:34:01,000 --> 00:34:03,240
Speaker 1: allow the military to get more bang for its end.

618
00:34:03,880 --> 00:34:07,160
Speaker 1: Maintaining military spending at this level will likely require higher

619
00:34:07,240 --> 00:34:10,120
Speaker 1: taxes and painful spending cuts. The government must be able

620
00:34:10,160 --> 00:34:13,400
Speaker 1: to assure citizens their money is being spent wisely. This

621
00:34:13,640 --> 00:34:16,960
Speaker 1: editorial was written by the Bloomberg Editorial Board. For more

622
00:34:17,000 --> 00:34:20,080
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, Slash Opinion

623
00:34:20,360 --> 00:34:22,640
Speaker 1: or O P I N. Go on the Bloomberg Terminal.

624
00:34:22,880 --> 00:34:26,800
Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials

625
00:34:26,800 --> 00:34:29,799
Speaker 1: every weekday. At this time, terminal customers can read more

626
00:34:30,320 --> 00:34:32,560
Speaker 1: at O P I N and go. It is six

627
00:34:32,640 --> 00:34:35,280
Speaker 1: thirty eight on Wall Street. Just a head on Bloomberg Daybreak,

628
00:34:35,320 --> 00:34:37,799
Speaker 1: We'll take a look at the ft X fallout after

629
00:34:37,920 --> 00:34:43,239
Speaker 1: two days on Capitol Hill. How are lawmakers feeling about cryptocurrency,

630
00:34:43,360 --> 00:34:47,239
Speaker 1: if any minds changed. Plus, we'll get an update on

631
00:34:47,400 --> 00:34:50,839
Speaker 1: efforts to avoid a government shut down on Capitol Hill

632
00:34:51,440 --> 00:34:55,960
Speaker 1: and a new crackdown on TikTok in the Senate. Bloomberg

633
00:34:56,000 --> 00:34:59,480
Speaker 1: Government Congressional Border. Jack Fitzpatrick joins us. Next. This is

634
00:34:59,520 --> 00:35:05,160
Speaker 1: Bloomberg Markets, headlines and breaking news twenty four hours a

635
00:35:05,239 --> 00:35:08,239
Speaker 1: day at Bloomberg dot Com, the Bloomberg Business at and

636
00:35:08,440 --> 00:35:17,880
Speaker 1: at Bloomberg Picktake. This is a Bloomberg Business Flash, and

637
00:35:17,960 --> 00:35:21,120
Speaker 1: I'm Karen Moscow stops following this morning following the Federal

638
00:35:21,160 --> 00:35:23,040
Speaker 1: Reserve rate decision and make it to the First Word

639
00:35:23,080 --> 00:35:26,480
Speaker 1: Breaking news desk for today's morning call. Here's Bill Maloney Doll,

640
00:35:26,520 --> 00:35:30,000
Speaker 1: good morning, and good morning, Karen. That's right. US futures

641
00:35:30,040 --> 00:35:32,239
Speaker 1: are under pressure right now as the Fed set will

642
00:35:32,280 --> 00:35:37,200
Speaker 1: go higher for longer. Yesterday, deaf Future Crontaly down two points,

643
00:35:37,320 --> 00:35:39,480
Speaker 1: s to b Strop forty and and Nasdak features are

644
00:35:39,520 --> 00:35:42,920
Speaker 1: lower by one five. The US ten year old at

645
00:35:42,960 --> 00:35:45,600
Speaker 1: three point four nine percent, Gold is down twenty nine

646
00:35:45,680 --> 00:35:48,920
Speaker 1: Oil is little changed, and bitcoin is trading lower by

647
00:35:49,000 --> 00:35:52,480
Speaker 1: point percent. Hong Kong fell one point six percent overnight,

648
00:35:52,520 --> 00:35:54,520
Speaker 1: while up markets are also trading in the red this

649
00:35:54,680 --> 00:35:57,120
Speaker 1: morning and back in the US on the economic Frinday

650
00:35:57,280 --> 00:36:02,040
Speaker 1: thirty jobs claims, retail sales, Empire Manufacturing, and the Philly Fed.

651
00:36:02,480 --> 00:36:05,120
Speaker 1: In other news, according to a filing, Elon Musk sold

652
00:36:05,160 --> 00:36:08,000
Speaker 1: it as much as twenty two million shares of Tesla

653
00:36:08,160 --> 00:36:10,880
Speaker 1: this week and wrapping things up, Marriott was cut to

654
00:36:10,920 --> 00:36:13,960
Speaker 1: equate over at Barkley's, Cognisant cuts underweight to JP Morgan,

655
00:36:14,239 --> 00:36:15,920
Speaker 1: and A T and T was cut to equal weight

656
00:36:16,360 --> 00:36:19,520
Speaker 1: over at Morgan Stanley Live from the first breaking news

657
00:36:19,600 --> 00:36:21,880
Speaker 1: discom Bill Maloney care right, Bill, thank you to hear

658
00:36:21,920 --> 00:36:24,680
Speaker 1: live breaking news over your Bloomberg type squawk on your terminal,

659
00:36:24,760 --> 00:36:27,640
Speaker 1: A s U, A w K. That's a Bloomberg business flash.

660
00:36:27,719 --> 00:36:30,160
Speaker 1: Now here's Amy Morris with Moore unless going on around

661
00:36:30,160 --> 00:36:33,040
Speaker 1: the world. Amy, thank you, Karen. The Senate wants to

662
00:36:33,120 --> 00:36:35,840
Speaker 1: ban the use of TikTok on government bones and devices.

663
00:36:35,920 --> 00:36:38,879
Speaker 1: A bill passed with no objections last night still needs

664
00:36:38,920 --> 00:36:41,480
Speaker 1: to be passed by the House and signed by President Biden.

665
00:36:41,840 --> 00:36:44,719
Speaker 1: Chances are dimming that Congress will take up a multibillion

666
00:36:44,760 --> 00:36:47,600
Speaker 1: dollar package to renew a cluster of business tax breaks

667
00:36:47,840 --> 00:36:51,840
Speaker 1: and provide a more generous child tax credit before lawmakers

668
00:36:51,920 --> 00:36:54,560
Speaker 1: leave for the holidays. And sports in the NBA, the

669
00:36:54,600 --> 00:36:57,799
Speaker 1: Wizards and Warriors lose the Knicks when the World Cup

670
00:36:57,880 --> 00:37:01,600
Speaker 1: Finals set for Sunday Argentina. Take and on France Global

671
00:37:01,640 --> 00:37:03,840
Speaker 1: News twenty four hours a day on Errand on Bloomberg

672
00:37:03,920 --> 00:37:07,280
Speaker 1: Quick Take, powered by more than twent journalists and analysts

673
00:37:07,480 --> 00:37:10,200
Speaker 1: in more than one d twenty countries. I'm Amy Moore,

674
00:37:10,200 --> 00:37:13,120
Speaker 1: as this is Bloomberg. Karen right, Amy, thank you, And

675
00:37:13,239 --> 00:37:15,480
Speaker 1: it is six forty two on Wall Street. Let's turn

676
00:37:15,560 --> 00:37:18,239
Speaker 1: to news and science and technology now with the Bloomberg

677
00:37:18,280 --> 00:37:20,960
Speaker 1: and j I T STEM Report. It is brought to

678
00:37:21,040 --> 00:37:23,920
Speaker 1: you by New Jersey Institute of Technology and j I

679
00:37:24,000 --> 00:37:27,719
Speaker 1: T offers New Jersey's first undergraduate degree in fintech, tech

680
00:37:27,840 --> 00:37:30,320
Speaker 1: driven finance focused. What will you make at n j

681
00:37:30,520 --> 00:37:32,759
Speaker 1: I T. Learn more at n j I T dot

682
00:37:32,840 --> 00:37:35,640
Speaker 1: E d U slash fintech and here's just making news

683
00:37:35,719 --> 00:37:39,280
Speaker 1: and science, technology, engineering, and math. The Department of Justice

684
00:37:39,320 --> 00:37:42,080
Speaker 1: as the US has seized dozens of Internet domains and

685
00:37:42,239 --> 00:37:45,279
Speaker 1: charge six people in a sting intended to bring down

686
00:37:45,320 --> 00:37:48,920
Speaker 1: a network of cyber attack for higher services. The websites

687
00:37:48,960 --> 00:37:51,080
Speaker 1: were used to launch or attempt to launch millions of

688
00:37:51,160 --> 00:37:53,440
Speaker 1: so called d d o S attacks around the world,

689
00:37:53,840 --> 00:37:57,400
Speaker 1: short for distributed denial of service d d o S

690
00:37:57,440 --> 00:38:00,160
Speaker 1: attacks direct huge amounts of junk Internet track if I

691
00:38:00,239 --> 00:38:03,040
Speaker 1: had a website or computer network, to knock it offline.

692
00:38:03,600 --> 00:38:06,000
Speaker 1: For the fourth time this year, Elon musk Is unloaded

693
00:38:06,080 --> 00:38:09,799
Speaker 1: Tesla stock. The Electric Carmakers CEO sold almost three point

694
00:38:09,840 --> 00:38:12,480
Speaker 1: six billion dollars worth of shares this week. That stock

695
00:38:12,480 --> 00:38:16,160
Speaker 1: has sponged this year. Investors are concerned that musk forty

696
00:38:16,440 --> 00:38:18,960
Speaker 1: billion dollar purchase of Twitter could have an impact on

697
00:38:19,080 --> 00:38:22,200
Speaker 1: Tesla and Forward, and a Chinese company may build a

698
00:38:22,239 --> 00:38:26,200
Speaker 1: battery factory in Michigan despite current US China tensions. The

699
00:38:26,239 --> 00:38:29,320
Speaker 1: automaker and c at L are trying to take advantage

700
00:38:29,360 --> 00:38:32,920
Speaker 1: of a complex arrangement to read new tax benefits. Bloomberg

701
00:38:33,000 --> 00:38:35,399
Speaker 1: News has learned that Virginia is also a possible home

702
00:38:35,480 --> 00:38:38,520
Speaker 1: for the multibillion dollar facility, and as the Bloomberg n

703
00:38:38,600 --> 00:38:41,040
Speaker 1: j I t STEM report Nathan, Well, that'll be one

704
00:38:41,080 --> 00:38:44,239
Speaker 1: to watch. Thank you, Karen. We're coming up to on

705
00:38:44,360 --> 00:38:46,080
Speaker 1: Wall Street and it's some time to check what's going

706
00:38:46,120 --> 00:38:47,640
Speaker 1: on in d C. Some of the top stories in

707
00:38:47,680 --> 00:38:51,080
Speaker 1: our nation's capital include the ongoing fallout on Capitol Hill

708
00:38:51,440 --> 00:38:54,440
Speaker 1: over f t X, the Senate voting to band TikTok

709
00:38:54,520 --> 00:38:57,719
Speaker 1: on government owned phones, the House passing a one week

710
00:38:57,960 --> 00:39:01,040
Speaker 1: stop gap to avoid a government shutdown, and President Biden

711
00:39:01,400 --> 00:39:04,920
Speaker 1: encouraging fair elections in a meeting with African leaders. Let's

712
00:39:04,960 --> 00:39:08,680
Speaker 1: bring in Bloomberg Government congressional reporter Jack Fitzpatrick's for more

713
00:39:08,840 --> 00:39:11,040
Speaker 1: on some of these stories. Of course, Jack, we've been

714
00:39:11,080 --> 00:39:14,279
Speaker 1: following the f t X hearings very closely over the

715
00:39:14,400 --> 00:39:17,200
Speaker 1: last two days on Capitol Hill, have you heard any

716
00:39:17,320 --> 00:39:24,000
Speaker 1: minds change from lawmakers about crypto? Not really among the enthusiasts,

717
00:39:24,560 --> 00:39:27,759
Speaker 1: the enthusiasm is still there. It may be the case

718
00:39:27,920 --> 00:39:33,440
Speaker 1: that some Democrats who had concerns see those concerns as

719
00:39:33,600 --> 00:39:39,400
Speaker 1: ramped up. Brad Sherman, the Democrat from California, described crypto

720
00:39:39,560 --> 00:39:42,120
Speaker 1: as a garden of snakes. But some of the people

721
00:39:42,120 --> 00:39:44,480
Speaker 1: who work on these issues on the Republican side are

722
00:39:45,000 --> 00:39:48,760
Speaker 1: still seemed to be pretty enthusiastic. The Senator Cynthia Lummis

723
00:39:49,280 --> 00:39:51,960
Speaker 1: uh sort of went on defense and said, you know,

724
00:39:52,040 --> 00:39:56,480
Speaker 1: there's a separate conversation about f t X versus broadly

725
00:39:56,640 --> 00:40:02,200
Speaker 1: about cryptocurrencies. She's worked on a bill regulating cryptocurrency. Um

726
00:40:03,000 --> 00:40:06,320
Speaker 1: Patrick McHenry, who's in line to be the Financial Services

727
00:40:06,360 --> 00:40:09,719
Speaker 1: Committee chair in the House next year, Republican from North Carolina,

728
00:40:10,040 --> 00:40:13,480
Speaker 1: that he's still a believer in digital assets. So it

729
00:40:13,560 --> 00:40:16,720
Speaker 1: doesn't seem like the kind of situation that's fundamentally changed,

730
00:40:17,040 --> 00:40:19,800
Speaker 1: you know, where the support and where the concern is.

731
00:40:19,920 --> 00:40:24,080
Speaker 1: Maybe it just uh ramped up the pressure for those

732
00:40:24,120 --> 00:40:27,640
Speaker 1: who already had concerns. Well, where does this leave the

733
00:40:27,719 --> 00:40:32,040
Speaker 1: possibility for further regulation around crypto. Are we saying that

734
00:40:32,200 --> 00:40:36,400
Speaker 1: same kind of bipartisan split when it comes to that. Uh,

735
00:40:36,719 --> 00:40:41,560
Speaker 1: you know, there has been some bipartisan work on regulation. Uh.

736
00:40:41,719 --> 00:40:45,600
Speaker 1: Senator Lamas has worked with and and proposed a bill

737
00:40:45,800 --> 00:40:51,440
Speaker 1: with Senator Kristen gillibrand, a Democrat uh to set up

738
00:40:51,440 --> 00:40:55,239
Speaker 1: a regulatory framework. Um. That that's one of a few

739
00:40:55,360 --> 00:40:59,839
Speaker 1: things that have been proposed. It's not the simplest conversation

740
00:41:00,040 --> 00:41:04,080
Speaker 1: to get into, and it's difficult to see exactly how

741
00:41:04,200 --> 00:41:07,879
Speaker 1: Congress works together with very narrow majorities in the House

742
00:41:07,920 --> 00:41:11,360
Speaker 1: and Senate with different parties in the next Congress, So

743
00:41:11,480 --> 00:41:13,840
Speaker 1: you can't exactly guarantee a lot of progress on this

744
00:41:14,000 --> 00:41:17,560
Speaker 1: issue going forward. But there definitely are still key lawmakers

745
00:41:17,640 --> 00:41:20,600
Speaker 1: who are interested in taking this up. They're not just

746
00:41:20,800 --> 00:41:23,759
Speaker 1: trying to wash their hands of it and say, well,

747
00:41:24,239 --> 00:41:28,239
Speaker 1: clearly crypto is terrible, we have to simply crack down. Uh.

748
00:41:28,320 --> 00:41:32,040
Speaker 1: There there probably is some bipartisan interest still in in

749
00:41:32,400 --> 00:41:36,480
Speaker 1: creating that kind of regulatory framework. Speaking of bipartisan jack,

750
00:41:36,960 --> 00:41:40,520
Speaker 1: we don't often get to say bipartisan passage in the Senate,

751
00:41:40,640 --> 00:41:46,160
Speaker 1: but man, did we see that when it comes to TikTok. Yes. Uh. So,

752
00:41:46,719 --> 00:41:50,600
Speaker 1: you know, on unimportant bills, usually they managed to pass

753
00:41:50,680 --> 00:41:53,839
Speaker 1: things by unanimous consent in the Senate. Uh. That might

754
00:41:53,920 --> 00:41:57,319
Speaker 1: be renaming a post office or something along those lines.

755
00:41:57,520 --> 00:42:02,160
Speaker 1: They actually took up and read too, by unanimous consent,

756
00:42:02,640 --> 00:42:09,120
Speaker 1: pass a bill to ban TikTok on government owned phones. Uh.

757
00:42:09,239 --> 00:42:14,920
Speaker 1: Clearly a bipartisan and unanimous reflection of the concerns about

758
00:42:15,600 --> 00:42:21,320
Speaker 1: the Chinese owned app being on government phones. The security

759
00:42:21,400 --> 00:42:24,840
Speaker 1: concerns about that pretty significant. Uh. So that that was

760
00:42:25,320 --> 00:42:28,120
Speaker 1: relatively sudden in terms of it coming up to the

761
00:42:28,200 --> 00:42:30,719
Speaker 1: Senate floor and being passed, but clearly that that at

762
00:42:30,800 --> 00:42:34,040
Speaker 1: least that limited measure on government owned phones was something

763
00:42:34,080 --> 00:42:36,160
Speaker 1: there's a lot of support for. And it looks like

764
00:42:36,200 --> 00:42:38,680
Speaker 1: where you've got a limited measure when it comes to

765
00:42:39,160 --> 00:42:42,279
Speaker 1: keeping the government funded. What's the update on averting a

766
00:42:42,360 --> 00:42:47,399
Speaker 1: government shutdown? Well, they're buying an extra week. Tomorrow night,

767
00:42:47,600 --> 00:42:51,759
Speaker 1: Friday night is the deadline currently they are. The House

768
00:42:51,920 --> 00:42:54,880
Speaker 1: just passed a week long stop gap. The Senate is

769
00:42:54,880 --> 00:42:57,759
Speaker 1: supposed to take that up probably today, unless they want

770
00:42:57,800 --> 00:43:00,040
Speaker 1: to work late and wait until the last minute do

771
00:43:00,120 --> 00:43:04,879
Speaker 1: it Friday, but likely today. Uh. They have a framework

772
00:43:05,040 --> 00:43:09,000
Speaker 1: agreement on how to do a real government funding bill. UH.

773
00:43:09,080 --> 00:43:11,759
Speaker 1: And so now they essentially just need to finish writing it,

774
00:43:11,840 --> 00:43:14,040
Speaker 1: which takes a little bit of time, but the goal

775
00:43:14,280 --> 00:43:17,239
Speaker 1: is to be able to do that and enacted by

776
00:43:17,760 --> 00:43:22,239
Speaker 1: December twenty three, next Friday. UH. And lately it's been

777
00:43:22,320 --> 00:43:24,320
Speaker 1: good news in terms of the progress on that. So

778
00:43:24,400 --> 00:43:28,160
Speaker 1: they're buying an extra week and crossing their fingers that

779
00:43:28,239 --> 00:43:30,440
Speaker 1: they can finish what I'm sure would be more than

780
00:43:30,480 --> 00:43:33,640
Speaker 1: a two thousand page bill by them about a minute

781
00:43:33,719 --> 00:43:36,160
Speaker 1: left here, Jack. President Biden has been focused the last

782
00:43:36,200 --> 00:43:39,640
Speaker 1: couple of days on Africa, the Leader's Summit. What's some

783
00:43:39,760 --> 00:43:45,080
Speaker 1: of the highlights from that, Well, they emphasized fair elections.

784
00:43:45,840 --> 00:43:48,520
Speaker 1: Jake Sullivan brought this up and said that it's not

785
00:43:48,680 --> 00:43:53,920
Speaker 1: about a specific warning, but they wanted to express that

786
00:43:54,040 --> 00:43:56,880
Speaker 1: there are elections coming up and they want to emphasize

787
00:43:56,920 --> 00:44:00,840
Speaker 1: the importance of free and fair elections. A lot of

788
00:44:00,920 --> 00:44:04,560
Speaker 1: talk about investment, about more than fifty billion dollars in

789
00:44:04,719 --> 00:44:08,600
Speaker 1: US investment in Africa over the next three years. UH.

790
00:44:08,800 --> 00:44:11,680
Speaker 1: And of course you you saw the presidents stay at

791
00:44:11,760 --> 00:44:15,400
Speaker 1: the hotel where this happened to watch the Morocco France

792
00:44:15,480 --> 00:44:19,000
Speaker 1: World Cup game. Uh not not exactly the most important part,

793
00:44:19,080 --> 00:44:22,680
Speaker 1: but investment and free and fair elections really the big

794
00:44:22,800 --> 00:44:26,759
Speaker 1: two prongs there. Yeah, and you know, Morocco is part

795
00:44:26,840 --> 00:44:30,080
Speaker 1: of Africa, of course, so the focus certainly there as well.

796
00:44:30,120 --> 00:44:34,600
Speaker 1: Bloomberg Government Congressional reporter Jack Fitzpatrick joining us live from

797
00:44:34,680 --> 00:44:38,000
Speaker 1: the nation's capital. Read more on all these stories at

798
00:44:38,000 --> 00:44:40,960
Speaker 1: Bloomberg dot com or on the Bloomberg terminal, and follow

799
00:44:41,000 --> 00:44:44,920
Speaker 1: all the latest on Bloomberg Radio in Washington, Bloomberg and

800
00:44:45,120 --> 00:44:49,160
Speaker 1: one oh five point seven FM, HD two S ANDP

801
00:44:49,360 --> 00:44:52,920
Speaker 1: futures right now down thirty eight points, Staff futures down

802
00:44:52,920 --> 00:44:55,080
Speaker 1: two hundred forty one and nastack futures while we're by

803
00:44:55,080 --> 00:45:02,680
Speaker 1: a hundred forty nine points. You're listening to Bloomberg Daybreak, Markets,

804
00:45:02,800 --> 00:45:05,880
Speaker 1: headlines and breaking news twenty four hours a day at

805
00:45:05,920 --> 00:45:09,880
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktape.

806
00:45:10,080 --> 00:45:19,240
Speaker 1: This is a Bloomberg Business Flash, but I'm Karen Moscow.

807
00:45:19,400 --> 00:45:23,080
Speaker 1: Futures are lower this morning following the Federal Reserve interest

808
00:45:23,160 --> 00:45:25,120
Speaker 1: rate decision, and we check the markets all day long

809
00:45:25,160 --> 00:45:28,000
Speaker 1: here on Bloomberg Radio. S and P futures. They're done

810
00:45:28,000 --> 00:45:30,480
Speaker 1: about nine tens of percent, down about thirty eight points.

811
00:45:30,600 --> 00:45:33,000
Speaker 1: Down features down seven tenths of upper center two hundred

812
00:45:33,040 --> 00:45:35,840
Speaker 1: thirty four points. And Nasdack future is really leading to

813
00:45:35,880 --> 00:45:38,120
Speaker 1: declines here, down one at a quarter percent. They're down

814
00:45:38,440 --> 00:45:41,239
Speaker 1: about one forty eight points. The attacks in Germany is

815
00:45:41,239 --> 00:45:43,719
Speaker 1: down one point one percent. Ten year treasury up two

816
00:45:43,760 --> 00:45:45,880
Speaker 1: thirty seconds, you know, three point four six percent, and

817
00:45:45,920 --> 00:45:48,400
Speaker 1: they yield on the two year four point to two percent.

818
00:45:48,880 --> 00:45:50,799
Speaker 1: Nine Max scrude oil is up tenth of per cent,

819
00:45:50,920 --> 00:45:53,239
Speaker 1: or eleven cents at seventy seven dollars, thirty nine cents

820
00:45:53,280 --> 00:45:55,720
Speaker 1: of barrel co MIxS goal down one point six percent,

821
00:45:55,760 --> 00:45:58,399
Speaker 1: down twenty nine dollars seventy cents a seventeen eighty nine

822
00:45:58,440 --> 00:46:01,520
Speaker 1: twenty announced the Euro one point six to one against

823
00:46:01,560 --> 00:46:04,560
Speaker 1: a dollar, British pound one point to three four three. Again,

824
00:46:04,600 --> 00:46:07,680
Speaker 1: it's at one thirties six point six zero. Bitcoin is

825
00:46:07,760 --> 00:46:11,560
Speaker 1: down six tenths. It's said about seventeen thousand, seven hundred dollars,

826
00:46:11,800 --> 00:46:14,759
Speaker 1: and that said Bloomberg Business Flash Nathan, all right, Karen,

827
00:46:14,760 --> 00:46:17,080
Speaker 1: thank you to six fifty six on Wall Street. Bloomberg

828
00:46:17,120 --> 00:46:18,719
Speaker 1: Surveillance is up next. First, we want to take a

829
00:46:18,760 --> 00:46:20,920
Speaker 1: look at some of the stocks moving in the pre

830
00:46:21,120 --> 00:46:25,560
Speaker 1: market with Bloomberg Radio and TV Markets correspondent Pretty Gupta

831
00:46:25,680 --> 00:46:29,640
Speaker 1: with a fed driven sell off this morning. Creedy still though,

832
00:46:29,680 --> 00:46:32,600
Speaker 1: we got to talk about Tesla and the sell off

833
00:46:32,800 --> 00:46:36,160
Speaker 1: from once again from Elon Musk. Some individual stories, Nathan.

834
00:46:36,200 --> 00:46:38,080
Speaker 1: They say that this holiday time things are going to

835
00:46:38,120 --> 00:46:40,480
Speaker 1: slow down. That's kind of when something sneak past us

836
00:46:41,080 --> 00:46:43,839
Speaker 1: or attempt to. Nevertheless, Tesla shares t s L as

837
00:46:43,880 --> 00:46:46,759
Speaker 1: your ticker down one point six percent in the pre market.

838
00:46:46,840 --> 00:46:49,520
Speaker 1: This comes after the CEO Elon Musk, still three point

839
00:46:49,640 --> 00:46:53,160
Speaker 1: six billion dollars worth of Tesla stock. This is fourth

840
00:46:53,239 --> 00:46:55,719
Speaker 1: time selling shares this year. And on top of that,

841
00:46:56,040 --> 00:46:58,760
Speaker 1: Cathy would also bought some shares in the e V makers.

842
00:46:58,800 --> 00:47:01,279
Speaker 1: I remember we've been talking law about how Elon Musk

843
00:47:01,280 --> 00:47:03,200
Speaker 1: is going to be financing some of the Twitter debt.

844
00:47:03,320 --> 00:47:05,080
Speaker 1: Perhaps this is a part of his one of his moves,

845
00:47:05,280 --> 00:47:08,400
Speaker 1: but nevertheless, his personal wealth is certainly taking a hit

846
00:47:08,440 --> 00:47:11,000
Speaker 1: and he is looking for that cash and Tesla NEP

847
00:47:11,040 --> 00:47:13,920
Speaker 1: shares as a result taking that hit this morning down

848
00:47:13,960 --> 00:47:16,440
Speaker 1: at one point six percent. Another mover you want to

849
00:47:16,520 --> 00:47:19,040
Speaker 1: keep an eye on is Novavax n V a X

850
00:47:19,120 --> 00:47:21,800
Speaker 1: shares down about ten percent in the pre market. This

851
00:47:21,880 --> 00:47:24,439
Speaker 1: is a biotech firm offering a hundred and twenty five

852
00:47:24,560 --> 00:47:27,839
Speaker 1: million dollars worth of shares and on hive million dollars

853
00:47:27,880 --> 00:47:31,000
Speaker 1: worth of convertible bonds, saying it's agreement to supply COVID

854
00:47:31,120 --> 00:47:33,759
Speaker 1: vaccines to the UK have been halves a little bit

855
00:47:33,760 --> 00:47:36,759
Speaker 1: of share dilution there in addition to some of the

856
00:47:36,960 --> 00:47:39,400
Speaker 1: UK covid news as well that you are starting to remember.

857
00:47:39,440 --> 00:47:42,680
Speaker 1: Novavax was one of the more later contenders to get

858
00:47:42,760 --> 00:47:46,400
Speaker 1: approved for the COVID vaccine, including out after I say,

859
00:47:46,440 --> 00:47:48,880
Speaker 1: the fives vaccine and the Maderna vaccine as well as Johnson.

860
00:47:49,040 --> 00:47:52,279
Speaker 1: Johnson's Novavac didn't quite get in on that boom that

861
00:47:52,480 --> 00:47:56,279
Speaker 1: others did as well. Nathan, we can't uh start the morning.

862
00:47:56,360 --> 00:48:00,239
Speaker 1: We'll talking about bitcoin in some capacity. Twenty for me

863
00:48:00,400 --> 00:48:03,680
Speaker 1: to the bitcoin minor Core Scientific CEO r z is

864
00:48:03,760 --> 00:48:07,400
Speaker 1: your taker. Up about thirty four percent in the pre market.

865
00:48:07,480 --> 00:48:10,759
Speaker 1: A massive move here for one of its largest creditors,

866
00:48:10,840 --> 00:48:14,479
Speaker 1: be Riley Financial issued an open letter on Wednesday laying

867
00:48:14,520 --> 00:48:17,760
Speaker 1: out a proposal for the company to avoid bankruptcy, basically

868
00:48:17,800 --> 00:48:20,840
Speaker 1: giving them a lifeline after the chaos of f t

869
00:48:21,160 --> 00:48:23,360
Speaker 1: X and all the ripple effects there, so some massive

870
00:48:23,440 --> 00:48:25,840
Speaker 1: news on that front. Nathan, I'm gonna leave you with

871
00:48:25,880 --> 00:48:29,680
Speaker 1: this last one. Verizon VZ is your Taker shares popping

872
00:48:29,680 --> 00:48:33,160
Speaker 1: about one point four percent. Morgan Stanley is the winner here,

873
00:48:33,280 --> 00:48:35,920
Speaker 1: upgrading it to overweight and downgrading A T and T

874
00:48:36,160 --> 00:48:38,239
Speaker 1: on the other hand, to equal weight, saying in a

875
00:48:38,320 --> 00:48:41,640
Speaker 1: note that North American telecom services sector faces a bounced

876
00:48:41,680 --> 00:48:44,960
Speaker 1: outlook heading into next year. But Verizon is very clearly

877
00:48:44,960 --> 00:48:47,759
Speaker 1: their picks. So VZ up one point two percent, and

878
00:48:47,800 --> 00:48:49,440
Speaker 1: then you have to look at A T and T

879
00:48:49,680 --> 00:48:52,480
Speaker 1: as well, and those shows actually down one seven percent.

880
00:48:52,560 --> 00:48:55,320
Speaker 1: The taker is just the letter T. Some Morgan Stanley

881
00:48:55,400 --> 00:48:58,200
Speaker 1: moving the market this morning. Yeah, interesting to see some

882
00:48:58,480 --> 00:49:03,479
Speaker 1: analyst moves uh under the hood of the broad sell

883
00:49:03,520 --> 00:49:06,719
Speaker 1: off that we've got after the FED decision. Bloomberg Radio

884
00:49:06,760 --> 00:49:10,120
Speaker 1: and TV Markets correspondent Credy Gupta with us as always

885
00:49:10,360 --> 00:49:13,360
Speaker 1: this morning, futures as a whole down thirty six points

886
00:49:13,400 --> 00:49:15,520
Speaker 1: for the SMP futures down. Futures are lower by two

887
00:49:15,680 --> 00:49:18,840
Speaker 1: or twenty four points. NASSECT futures down one hundred forty

888
00:49:18,920 --> 00:49:22,839
Speaker 1: two points. This is Bloomberg Daybreak. I'm Nathan Hager alongside

889
00:49:22,920 --> 00:49:26,120
Speaker 1: Karen Moscow. It is six fifty nine on Wall Street.

890
00:49:26,200 --> 00:49:32,280
Speaker 1: Bloomberg Surveillance starts right now by from the financial capital

891
00:49:32,360 --> 00:49:35,640
Speaker 1: of the world, broadcasting across the globe. This is w

892
00:49:35,840 --> 00:49:45,080
Speaker 1: b b R, New York Bloomberg. He living Frio. I

893
00:49:45,120 --> 00:49:48,239
Speaker 1: wouldn't see us considering RAID cuts until the committee is

894
00:49:48,320 --> 00:49:50,399
Speaker 1: confident that inflation is moving