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

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Speaker 1: day Break for Wednesday, February eight. Coming up today, Let's

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Speaker 1: finish the job. President Biden toaut's economic progress and digs

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Speaker 1: into Republicans in his State of the Union address. Fedgier J.

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Speaker 1: Powell doubles down on more rate hikes to quash inflation.

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Speaker 1: Credit Sweez moves to pay banker bonuses in installments, and

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Speaker 1: Zoom becomes the latest company to cut jobs. I'm Amy Morris,

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Speaker 1: an off duty police officer shot over the weekend, has died,

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Speaker 1: and the Depth tool l across Turkey and Syria has

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Speaker 1: now topped to eight thousand. John Stastward sports the Knicks

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Speaker 1: one in Orlando, the Nets lost to Phoenix, and Lebron

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Speaker 1: James has become the NBA's all time leading scorer. That's

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Speaker 1: all s train ahead on Bloomberg Daybreak on Bloomberg eleven

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Speaker 1: three on New York, Bloomberg Washington, d C, Bloomberg one

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

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Speaker 1: x M one nineteen and around the world Old on

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Speaker 1: Bloomberg Radio dot Com and via the Bloomberg Business. Good Morning,

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Speaker 1: I'm Nathan Hagar and I'm Cameron Moscow. Here are the

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Speaker 1: stories we're following today. We begin with an address to

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Speaker 1: Congress that could serve as the kickoff to a four

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Speaker 1: presidential campaign. President Biden used his State of the Union

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Speaker 1: address to argue that the economy is getting better under

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Speaker 1: his watch. He's urging Congress to help him finish the job.

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Speaker 1: We're gonna put thousands of people to work rebuilding. Our

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Speaker 1: highways are bridges, Our railroads are tunnels, ports, airports, clean water,

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Speaker 1: high speed internet, all across America, urban, rural, tribal, and folks,

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Speaker 1: We're just getting started. President Biden touted record job creation

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Speaker 1: and bipartisan progress on infrastructure and manufacturing, but the President

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Speaker 1: drew cat calls from Republicans over the dead limit and spending.

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Speaker 1: Instead of making the wealthy pay their fair share, some

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Speaker 1: Republicans some Republicans want Medicare and so security sunset. I'm

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Speaker 1: not saying it's a majority of President Biden also took

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Speaker 1: a tough line on China after last week's suspected spy

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Speaker 1: balloon incident. Make nor mistake about it, as we made

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Speaker 1: clear last week, if China threatens our sovereignty, we will

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Speaker 1: act to protect our country, and we did. The President

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Speaker 1: also called on lawmakers to work with him on police reform,

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Speaker 1: protecting kids online, and appeared down immigration bill. Well. Arkansas

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Speaker 1: Governor Sarah Huckabee Sanders delivered the Republican response to the

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Speaker 1: State of the Union. Nathan and Sanders, who spent more

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Speaker 1: than two years and the Trump administration, says the White

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Speaker 1: House has been quote hijacked by the radical left. President

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Speaker 1: Biden is unwilling to defend our border, defend our skies,

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Speaker 1: and defend our people. He is simply unfit to serve

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Speaker 1: as commander in chief. Arkansas Governor Sarah Huckabee Sanders says

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Speaker 1: the dividing line in America is not between right and

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Speaker 1: left anymore, It's between normal and crazy. Well Karen. Reaction

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Speaker 1: in Congress to the President's remarks was loud. Bloomberg Washington

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Speaker 1: correspondent Joe Matthew said things got unruly in the House chamber.

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Speaker 1: There was a real chill in the room when he

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Speaker 1: started going through economic policies, for instance, when he touched

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Speaker 1: the debt ceiling, and by then when we heard Marjorie

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Speaker 1: Taylor Green yelling liar along with a couple of other

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Speaker 1: members of the Republican caucus from the very back of

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Speaker 1: the room. Things got pretty unruly here as he worked

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Speaker 1: through climate change and even the gun issue. Speaker McCarthy

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Speaker 1: had to repeatedly shush his caucus. And while the nature

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Speaker 1: of the GOP reaction was unusual, Bloomberg Politics contributor Jeanie

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Speaker 1: she in Zano was surprised that the President didn't go

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Speaker 1: into specifics on one topic. He had an opportunity here

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Speaker 1: to explain the balloon. I never heard once and was

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Speaker 1: I wrong the word balloon come up? And you know

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Speaker 1: that surprised me because this has been a vacuum in

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Speaker 1: the American public's mind for a few days now, Bloomberg

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Speaker 1: Politics contributor Jeanie Schanzano said, as Republicans interrupting the speech

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Speaker 1: played into the president's hand as he looked to cast

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Speaker 1: part of the party as fringe extremists. Well, let's turn

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Speaker 1: to the markets now, Nathan, specifically, the FED chair j

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Speaker 1: Powell is sticking to his message that interest rates and

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Speaker 1: need to keep rising to fight inflation. He spoke with

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Speaker 1: David Rubinstein at the Economic Club of Washington, and an

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Speaker 1: interview heard here on Bloomberg Radio this process is likely

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Speaker 1: to take quite a bit of time. It's not going

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Speaker 1: to be we don't think smooth. It's probably gonna be bumpy.

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Speaker 1: And so we think that we're gonna need to do

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Speaker 1: further rate increases, as we said, and we think that

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Speaker 1: will need to hold policy at a restrictive level for

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Speaker 1: a period of time. Chair Powell also says he does

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Speaker 1: not think inflation will get close to two percent until

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Speaker 1: at least next year. Next on the calendar, Karen More

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Speaker 1: earnings today. Walt Disney post its results this afternoon, and

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Speaker 1: Bloomberg's Jeff Bellinger reports the news is expected to be mixed.

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Speaker 1: Anna Lyssay Disney's revenue likely rose, whild profit declined Bloomberg

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Speaker 1: Intelligence as the loss of Indian Premier League cricket may

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Speaker 1: have resulted in a slight decline in total streaming customers.

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Speaker 1: Cable network ad sales may have declined, while affiliate fees

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Speaker 1: were hurt by cord cutting. Film has turned in a

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Speaker 1: strong performance thanks mainly to the Blockbuster Avatar sequel, and

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Speaker 1: theme park should be another bright spot. Demand has been

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Speaker 1: strong Jeff Bullinger, Bloomberg, Debris Right, Jeff thanks well in

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Speaker 1: Europe Today, Associate A Generral fell short of a pledge

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Speaker 1: to pay out half of its profit to shareholders. That's

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Speaker 1: despite a bigger than expected profit from fixed income trading.

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Speaker 1: The French bank suffered a multibillion dollar hit when it

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Speaker 1: exited Russia, so it's holdings onto a so it's holding

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Speaker 1: rather onto a larger proportion of earnings to boost capital.

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Speaker 1: Gen shares are up a third of a percent. In Paris.

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Speaker 1: Credit Suice is making waves of its bonus payouts. Bloomberg

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Speaker 1: News has learned the Swiss lander will pay bonuses in

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Speaker 1: installments to some bankers instead of one lump song we

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Speaker 1: get more. From Bloomberg Finance reporter Tom Metcalfe, the bank

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Speaker 1: seems were doing is best to sort of suck the

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Speaker 1: fun bonus season at Credit swisp to anywhere. Hearing that

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Speaker 1: for more sort of mid level junior bankers their plans

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Speaker 1: to sort of spread any payouts across three payments, where

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Speaker 1: you know it's not entirely unsort seen in the sector,

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Speaker 1: but it's normally you just get one big payout. Bloomberg's

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Speaker 1: Tom metcalf says, credits we will pay some bonuses in

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Speaker 1: three installments coming in May, August and November we'll back

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Speaker 1: here in the US and Nathan, more job cuts are

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Speaker 1: coming into focus. Zoom Video Communications, which skyrocketed during the pandemic,

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Speaker 1: is eliminating fift of its workers. It's about thirteen hundred jobs.

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Speaker 1: The reductions come after Zoom said it had tripled head

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Speaker 1: count over the past two years, and Ebays cutting about

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Speaker 1: five its employees careen, or four percent of the workforce.

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Speaker 1: That move comes as eBay faces slower consumer spending after

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Speaker 1: a brief pandemic. Boom straight ahead your latest local headlines

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Speaker 1: in the check of sports. This is Bloomberg. It is

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Speaker 1: thirty nine degrees in Central Park. We are heading up

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Speaker 1: to the near fifty degrees today. It'll turn partly mostly

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Speaker 1: sunny with some patchy fog this morning. Lows in the

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Speaker 1: mid thirties tonight. Time now to take a look at

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Speaker 1: some of the other stories making news in New York

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Speaker 1: and around the world with Ploomberg's Amy Morris. Good morning, Amy,

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Speaker 1: Good morning Nathan. The death toll across Turkey and neighboring

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Speaker 1: Syria has now topped nine thousand. More than eleven thousand

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Speaker 1: buildings have been damaged from the quakes. That's hitch struck

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Speaker 1: on Monday, trapping many people inside and freezing temperatures. Dozens

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Speaker 1: of countries are sending help, including the U S. Secretary

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Speaker 1: of State Anthony Lincoln's as The U S is also

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Speaker 1: helping Syrian rescue efforts. In Syria itself. We have US

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Speaker 1: funded Monitorian partners that are coordinating life saving assistance. Turkey

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Speaker 1: is deploying thousands of soldiers to the region. Turkey's President

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Speaker 1: Air Duan plans to visit that area today. Meanwhile, Turkey's

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Speaker 1: stock exchange has suspended trading of equities for the first

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Speaker 1: time in twenty four years. The twenty six year old

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Speaker 1: nyp D officer who was shot in a botched Brooklyn

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Speaker 1: robbery over the weekend has died. Police s a Adid

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Speaker 1: Fayez died last night, hours after NYPD Commissioner Kegency Well

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Speaker 1: had announced the arrest of thirty eight year old Randy Jones. PLI.

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Speaker 1: Safaiez had met with Jones after arranging to buy a

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Speaker 1: car from him over Facebook marketplace, but when he arrived,

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Speaker 1: Jones tried to rob him as was shot in the head.

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Speaker 1: That investigation is ongoing. New York City's newest emergency shelter

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Speaker 1: for asylum seekers will be located very near Wall Street.

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Speaker 1: That story from Bloomberg's Charlie Pellett. The city's opening up

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Speaker 1: four hundred ninety two rooms at the Holiday in Manhattan

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Speaker 1: in the Financial District to house families and single women

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Speaker 1: who have arrived as part of a mess migration from

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Speaker 1: the southern border. The hotel is a few blocks from

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Speaker 1: the New York Stock Exchange and the World Trade Center.

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Speaker 1: It is the sixth humanitarian emergency relief shelter the city

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Speaker 1: is opened since more than forty four thousand migrants began

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Speaker 1: arriving in the city last year. In New York Charlie Pellett, Bloomberg,

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Speaker 1: Debria and New York City is escalating. It's cracked down

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Speaker 1: on illegal marijuana stores. The city says it will force

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Speaker 1: landlords to evict the unlicensed shops that have popped up

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Speaker 1: across the city as state sanctioned brijuana retailers start operating.

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Speaker 1: The city has also fild nuisance abatement lawsuits against four

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Speaker 1: stores that it says sold cannabis products to underage police informants.

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Speaker 1: It's a new phase in New York's efforts to shut

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Speaker 1: down and estimated fourteen hundred illegal cannabis shops. Global News

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Speaker 1: powered by more than seven hundred journalists and analysts in

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Speaker 1: over one hundred twenty countries. I maybe Morris, this is Bloomberg, Nathan,

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Speaker 1: Thanks Amy. Time for a Bloomberg Sports update, brought to

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Speaker 1: you by Trice stay Downie. Good morning, John stash Owen,

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Speaker 1: Good morning eight. And it's likely the two players who

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Speaker 1: have come into the NBA with the most amount of

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Speaker 1: hyper Kareem Abdul Jabbar back in eighteen sixty nine after

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Speaker 1: his brilliant career at u C l A, and Lebron

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Speaker 1: James thirty four years later, right out of high school.

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Speaker 1: Both more than lived up to the hype. Kareem had

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Speaker 1: been the NBA's leading score since nineteen eighty four, no

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Speaker 1: longer Lebron one on one against Kenrick Williams backing him

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Speaker 1: in terms shoot cham Tone Kerts Lakers radio step back

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Speaker 1: jumper late third quarter gave Lebron thirty eight thousand and

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Speaker 1: three eighty eight points. Kareem was at the game. He

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Speaker 1: was part of a ten minute ceremony that followed the milestone.

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Speaker 1: As for the next they trailed most of the night

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Speaker 1: in Orlando, but some Jalen brunts and heroics down the stretch,

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Speaker 1: he scored to put the Knicks ahead. He set up

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Speaker 1: Jericho Sims for another basket and then made four free

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Speaker 1: throws to clinch the Nick victory. One sixteen and eleven

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Speaker 1: on the road, and they'll be in Philadelphia on Friday.

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Speaker 1: At Barkley is another home loss for the Nets despite

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Speaker 1: another big game from Cam Thomas averages nine points a game,

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Speaker 1: but scored forty three and the twenty one year old

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Speaker 1: Thomas becomes the youngest in NBA history to have three

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Speaker 1: straight games of four or more. But Phoenix beat the

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Speaker 1: Nets one sixteen, one twelve. Kyrie Irving, expected the debut

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Speaker 1: for Dallas tonight, took a shot at the Nets that

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Speaker 1: he always felt very disrespected during his time in Brooklyn.

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Speaker 1: For the Islanders, the debut the recently acquired bo Horvat

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Speaker 1: his goal cap the scoring before nothing to went over Seattle.

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Speaker 1: Another disappointing loss for St. John's felled by two at Butler,

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Speaker 1: now just four and ten of the Big East Ructors

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Speaker 1: lost at Indiana sixties six to sixty. John Stashwar and

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Speaker 1: Bloomberg Sports live from coast to coast from New York

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

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Speaker 1: 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 Hagar, and

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Speaker 1: we continue to get reaction this morning to a State

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Speaker 1: of the Union address last night that saw President Biden

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Speaker 1: mixed appeals for bi partisanship with some digs at the

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Speaker 1: new Republican majority in the House. Yes, we disagreed plenty,

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Speaker 1: and yes there are times and Democrats went alone, but

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Speaker 1: time and again Democrats Republicans came together. Let's bring in

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Speaker 1: Julie Norman for some analysis this morning, co director of

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Speaker 1: the Center on US Politics at University College London. Julie,

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Speaker 1: it's great to have you back on with us, particularly

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Speaker 1: the morning after to the Union address, and the phrase

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Speaker 1: we kept hearing from the President last night was let's

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Speaker 1: finish the job. I wonder what you made of the

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Speaker 1: case he's made for the job he's done as president

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Speaker 1: so far. Yeah. Well, good morning, Nathan. You know, Biden

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Speaker 1: really had to come out in the State of the Union. Specifically,

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Speaker 1: I think strong and both substance and style as he

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Speaker 1: most likely looks ahead to run and this theme of

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Speaker 1: his get the job done. I think really will set

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Speaker 1: the agenda I think for the next two years of

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Speaker 1: what will likely be his campaign. And I think he

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Speaker 1: did what most of us expected him to do. He

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Speaker 1: touted some of the big wins, especially from this last year,

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Speaker 1: including bipartisan wins like the Infrastructure Bill of course, UM

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Speaker 1: as well as the Chips Act. You know, veterans aid

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Speaker 1: these kinds of things. So he did seem to say, look,

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Speaker 1: I'm well aware that there's these divisions in Washington. Of

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Speaker 1: course those polarization, but we can still do things and

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Speaker 1: let's keep doing them. And I do think that message

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Speaker 1: came across. And I think he hit his stride with

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Speaker 1: the speech as well. He started out a little bit rocky,

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Speaker 1: but seemed to um to kind of get into more

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Speaker 1: of his comfort zone as he went UM. And I

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Speaker 1: think again, for for those looking for him to run,

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Speaker 1: this was probably the goodest speech from Bidens as one

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Speaker 1: could be looking for. I don't know if you could

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Speaker 1: call it rocky necessarily, but we certainly saw things got

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Speaker 1: a little bit raucous last night when the President touched

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Speaker 1: on the debt ceiling and spending reform. I want to

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Speaker 1: play a little bit of part of that exchange. Now,

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Speaker 1: some Republicans want medicare and so security Sunset. I'm not

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Speaker 1: saying there's a majority. Let me give you anybody adoption

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Speaker 1: contact office. Yeah, we heard republicans from the back benches

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Speaker 1: calling the president a liar. Julie, I wonder what you

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Speaker 1: made of that moment. Yeah, I mean there were several

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Speaker 1: moments like this throughout the speech, you know, of these

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Speaker 1: kind of callbacks and engeering and whatnot, um, which again

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Speaker 1: some years ago, I think would have been almost unthinkable.

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Speaker 1: And two things. I think one, this is somewhat expected.

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Speaker 1: Biden seemed to be somewhat prepared for it, and I

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Speaker 1: think the way he handled it um was was more

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Speaker 1: it was more of a strength for him, Like he

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Speaker 1: he kind of rolled with some of it. He bantered

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Speaker 1: that he last some of it off, and so in

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Speaker 1: a way it made it um. It kind of cooled

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Speaker 1: it a little bit. And I would say even some

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Speaker 1: of the years, if I'm honest, like it was a

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Speaker 1: little bit more um. It didn't seem quite as as

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Speaker 1: negative and too harsh as maybe some comments that we've

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Speaker 1: seen in the past several years in US politics. Like

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Speaker 1: even even the liar comment was was said with a smile,

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Speaker 1: not to not to excuse that in any kind of way,

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Speaker 1: but it seemed a little bit more of a banter

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Speaker 1: ish And again I think Biden came out looking quite

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Speaker 1: strong and how he handled it, and so in some

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Speaker 1: ways I think that played to his favor. Does this

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Speaker 1: play into the stakes to come for a presidential race?

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Speaker 1: Does this kind of show the contrast between the Republicans

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Speaker 1: and Democrats. Certainly Biden will be hoping it will, and

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Speaker 1: I think that's why he was prepped to deal with

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Speaker 1: those kinds of things as as he was. And if

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Speaker 1: he and keep that model going that he can stay cool,

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Speaker 1: collected and let other people, you know, look like they're

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Speaker 1: on the more the more wild and crazy side. That's

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Speaker 1: exactly what Democrats are going to be wanting to do

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Speaker 1: for the next two years. And again he's combining that

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Speaker 1: with a message that I think he hopes will resonate

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Speaker 1: with you. Definitely a lot of independence, leaning in more

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Speaker 1: to um you know, blue collar jobs, you know, kind

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Speaker 1: of pushing back at some of the big industries, big tech,

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Speaker 1: big pharma, so things that kind of resonate across the aisle,

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Speaker 1: but um but without some of the uh, you know,

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Speaker 1: some of the comments that we've seen in the past,

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Speaker 1: and even Biden, I think pivoting away from some of

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Speaker 1: the more um progressive left wing issues that he was

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Speaker 1: a bit more i think pressured to speak to in

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Speaker 1: the past. So I think that combination of style and

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Speaker 1: substance is again what he wanted to hit going into

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Speaker 1: these next two years. Just about thirty seconds left here,

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Speaker 1: but even before the next two years, you have a

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Speaker 1: debt ceiling fight to come. I'm wonder what this kind

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Speaker 1: of partisanship on display means for the negotiations that are

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Speaker 1: gonna have to get done in the next few months here. Yeah,

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Speaker 1: I mean that's going to be the hardest thing between

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Speaker 1: the parties in this next little while, no doubt. And

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Speaker 1: we've seen this kind of showdown before, obviously both saying

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Speaker 1: that they're not going to negotiate. At the end of

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Speaker 1: the day. As we've seen in the past, someone usually

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Speaker 1: has to. Biden is no stranger to this. I imagine

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Speaker 1: that the White House as well as McCarthy know that

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Speaker 1: there's going to need to be some negotiations done, and

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Speaker 1: everyone's just trying to get their positions. That's kind of

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Speaker 1: going into this next little period, but they I send

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Speaker 1: it will be tense, but at the end of the

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Speaker 1: day they're gonna have to work it out. This is

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Speaker 1: Bloomberg day Break Today, your morning brief on the story

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