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Speaker 1: Live from the Bloomberg Interactor Burger Studios is Bloomberg Daybreak

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Speaker 1: for Friday, January fourteen two. Coming up this hour. US

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Speaker 1: futures stabilize after yesterday sell off. Tech is under pressure

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Speaker 1: as fedeficials build the case for higher interest rates. Banks

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Speaker 1: are in focus. Is JP Morgan's City Group in Wells

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Speaker 1: Fargo report earnings at a major setback for President Biden's

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Speaker 1: vaccine mandate. New Jersey Governor Murphy signs an abortion rights

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Speaker 1: bill in the state, plus a push to eliminate the

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Speaker 1: Philippus to rule is all but dead in the Senate.

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Speaker 1: Michael barn more ahead, I'm done stas Sharon sports the

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Speaker 1: next lost the Rangers one, the Islanders beat the Devils

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Speaker 1: that in Australia, Novak Djokovic had as visa taken away again.

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Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg

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Speaker 1: Elimen Rio, New York, Bloomberg one, Washington, d C, Bloomberg one,

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Speaker 1: O six one, Boston, Bloomberg nine sixty, San Francisco, Syrius

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Speaker 1: x M one nineteen and around the world along Bloomberg

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

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Speaker 1: Friday morning, I'm Nathan Hagar and I'm fair in Moscow,

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Speaker 1: and US futures are higher. This morning, I had a

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Speaker 1: big bank earnings. We're coming up to six o one

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Speaker 1: on Wall Street, and we check the markets every fifteen

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Speaker 1: minutes throughout the trading day on Bloomberg. Right now, SNP

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Speaker 1: futures or upper body points down futures up ninety two.

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Speaker 1: Nasdack futures are that will change the decks in Germany's

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Speaker 1: down sixtentsive upper set ten. Your treasury down eleven thirty seconds,

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Speaker 1: yield one point seven four percent, and they yield on

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Speaker 1: the two year point nine three percent. Nathan Karen, We're

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Speaker 1: coming off another day of declines on Wall Street. The

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Speaker 1: tech heavy NASDACK posted a loss of two and a

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Speaker 1: half percent after several FETE officials beat the drum for

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Speaker 1: higher interest rates. It all started with Governor Lyle Brainerd,

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Speaker 1: as part of her Senate confirmation hearing, our monetary policy

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Speaker 1: is focused on getting inflation back down to two percent

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Speaker 1: while sustaining a recovery that includes everyone. This is our

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Speaker 1: most important task. Lole Branard says the Fed could raise

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Speaker 1: rates as soon as March. Consensus calls for three or

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Speaker 1: four hikes from the FED this year. Governor Christopher Waller

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Speaker 1: calls three increases a good baseline at least for now.

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Speaker 1: We'll have to wait and see what inflation looks like

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Speaker 1: in the second half of the year. If it continues

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Speaker 1: to be high, the case will be made for four,

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Speaker 1: maybe five hikes. Governor Chris Waller made the comments in

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Speaker 1: an interview with Bloombergs Kathleen Hayes. He joins FED chiefs

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Speaker 1: Patrick Harker and Jim Bullard, who have also floated the

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Speaker 1: idea of four increases. Chicago Fed President Charles Evans is

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Speaker 1: more conscious he wants more inflation data before committing to

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Speaker 1: a March liftoff. We need to get inflation back down

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Speaker 1: in the ballpark of our two percent objective. UM. I

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Speaker 1: think it's probably going to be UM at the end

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Speaker 1: of this year. It's going to be elevated. It's UM.

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Speaker 1: I don't think it's gonna be three percent at the

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Speaker 1: end of this year, and I think it's more likely

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Speaker 1: to be two and a half as measured by the

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Speaker 1: personal consumption expenditure. So Charles Evans will be watching that

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Speaker 1: PC inflation data closely. We get the next reading on

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Speaker 1: that at the end of this month. While Nakan, the

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Speaker 1: White House has set to add some new faces at

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Speaker 1: the FED. Now, President Biden as selected as picks to

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Speaker 1: fill open sea to the Central Bank, and Bloomberg's Rneda

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Speaker 1: Young joins us live with the lightest Good Morning Renda,

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Speaker 1: Good morning Karen Bloomberg. Sources say President Biden is planning

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Speaker 1: to nominate Sarah bloom Raskin to the fits top banking

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Speaker 1: regulator spot. He'll also announce economists Fellow Philip Jefferson and

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Speaker 1: Lisa Cook as picks for governors. Cook would be the

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Speaker 1: first black woman on the Fed's board and Jefferson would

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Speaker 1: be the fourth black man. The picks would help Biden

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Speaker 1: keep his promise to improve diversity at the Central Bank.

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Speaker 1: His nominations would also add experts focused on a broad

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Speaker 1: job market recovery as they seek to tame the hottest

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Speaker 1: inflation in a generation. Live in New York, i'm re

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Speaker 1: need a Young Bloomberg daybreak, and we need a thanks.

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Speaker 1: We get more data for the FED to didjust this morning.

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Speaker 1: Retail sales figures for December or due out at eight

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Speaker 1: thirty am all Street time. Let's get a preview now

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Speaker 1: from Bloomberg's Michael McKee. The o Macron variant will weigh

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Speaker 1: on the retail sales numbers as many ours and restaurants

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Speaker 1: were forced to close during the holiday season. Gasoline prices

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Speaker 1: and auto sales also decline dealers struggling to get cars,

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Speaker 1: but it does appear core sales were strong, everything from

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Speaker 1: toys to sporting goods and clothing. Americans incomes were bolstered

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Speaker 1: by government fiscal aid and rising wages, particularly at the

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Speaker 1: lower end of the income spectrum. Then not so necessarily

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Speaker 1: good news is retail sales will also benefit from soaring inflation,

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Speaker 1: as sales are reported in dollar figures. Michael McKee, Bloomberg Daybreak, Michael,

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Speaker 1: thank you. Earnings also come into focus today. Big banks

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Speaker 1: kick off the season with results droughout. This morning Bloomberg

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Speaker 1: Global Finance Correspondence and Ali Bousak has more. JP Morgan

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Speaker 1: is kicking off earnings and expectations are high that consumer

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Speaker 1: loan growth is coming back and that trading will hold

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Speaker 1: up even as it starts to moderate and even decline

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Speaker 1: in many places on Wall Street. With that said, we're

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Speaker 1: also looking at Citigroup and Wells Fargo earnings, not only

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Speaker 1: to see that the consumer is returning, but also to

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Speaker 1: make sure that those banks can keep costs down as

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Speaker 1: they are more under pressure with wages rising and more

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Speaker 1: investment in technology. Well as Fargo in City Group have

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Speaker 1: regulatory risks as well that investors will want updates on.

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Speaker 1: In New York, Sali Basic Bloomberg Day Break, Shinali thanks

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Speaker 1: now untill the latest on the pandemic and a major

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Speaker 1: legal setback for President Biden. The Supreme Court has blocked

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Speaker 1: his rule that would have required large companies to mandate

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Speaker 1: vaccines or weekly testing for employees. We got reaction from

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Speaker 1: Labor Secretary Marty Walsh. We just have to continue our

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Speaker 1: efforts with the President laid out. You know, is this

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Speaker 1: a setback. I wouldn't take the step back if it

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Speaker 1: should be. A disappointment is what it is. But we're

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Speaker 1: going to continue to do everything we can. I'm going

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Speaker 1: to continue everything I can as Secretary of Labor to

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Speaker 1: the ninth States of America to make sure every single

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Speaker 1: worker in America is safe. Labor Secretary Marty Walsh spoke

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Speaker 1: with our Washington correspondent Joe Matthew on Bloomberg Sound on

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Speaker 1: Catch the program weekdays at five pm Eastern on Bloomberg Radio. Well,

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Speaker 1: when it comes to action NATed employees, Nathan City Group

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Speaker 1: is out with it to data the banks. It's US

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Speaker 1: employees have complied with its vaccine mandate, and the bank

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Speaker 1: expects more workers to comply with its order before today's deadline.

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Speaker 1: Cities mandate is one of the strictest on Wall Street,

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Speaker 1: making COVID vaccines a condition of employment. Meantime, Karen the

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Speaker 1: White House is ramping up other plans to tackle the pandemic.

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Speaker 1: President Biden is doubling his order of rapid COVID tests

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Speaker 1: to send to Americans. He says he'll also distribute high

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Speaker 1: quality masks. Where I'm making high quality masks available to

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Speaker 1: American people in the American people for free. You know,

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Speaker 1: I know we all wish that we could finally be

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Speaker 1: done with wearing masks. I get it, but they're they're

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Speaker 1: in a really important tool. President Biden says, I'll have

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Speaker 1: a formal announcement on distributing masks next week. Turning to

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Speaker 1: the markets now, Nathan Crypto is in focus today. Doage

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Speaker 1: coin searched as much as fifteen percent this morning after

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Speaker 1: Elon Musk said it can be used to buy Tesla Merchandise.

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Speaker 1: Musk is a frequent booster of doge coin on social

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Speaker 1: media and as hinted at the move for some time.

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Speaker 1: And Tiger Woods is in financial news this morning. Karen,

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Speaker 1: a blank check company backed by the golf Stars, filed

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Speaker 1: to raise a hundred fifty million dollars in an I

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Speaker 1: p O. The company plans to seek a merger target

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Speaker 1: in the sports or health tech sectors with an enterprise

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Speaker 1: value of as much as a billion dollars. Tiger Woods

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Speaker 1: is the lead investor in the special purpose acquisition company.

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

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Speaker 1: This is Bloomberg. And at six oh seven on Wall

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Speaker 1: Street where forty degrees in Central Park, we had a

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Speaker 1: broken down vehicle on the way to Kennedy Airport westbound

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Speaker 1: Belt Parkway under the Van Wick. Details coming up from

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Speaker 1: Peter Van First. Michael Barr is here with more on

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Speaker 1: what's going on in New York and around the world.

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Speaker 1: Come Michael, Good morning, Nathan. New York City Mayor Eric

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Speaker 1: Adams said he is considering a temporary remote option for

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Speaker 1: the city's public schools and a stark reversal of his

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Speaker 1: position to keep kids learning in person. Despite a surge

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Speaker 1: in COVID cases. We want to provide the safest place

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Speaker 1: for our children, and we want to have our children

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Speaker 1: in school, Adam says, though a substantial number of Chill

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Speaker 1: Dren's parents aren't bringing their kids to school. According to

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Speaker 1: city data, only about of the city's one million students

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Speaker 1: have been attending classes since schools reopened after the winter break.

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Speaker 1: On January three, New Jersey Democratic Governor Phil Murphy, anticipating

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Speaker 1: possible changes to the Roe v. Wade ruling from the U. S.

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Speaker 1: Supreme Court, signed an abortion rights bill into state law.

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Speaker 1: Murphy signed a measure fulfilling a campaign pledge made in

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Speaker 1: the lead up to his re election victory in November.

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Speaker 1: On Twitter, Murphy posted his comments during a signing ceremony

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Speaker 1: in te Neck. Regardless of whether or not the Supreme

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Speaker 1: Court overturns Roe v. Wade, New Jersey's position and supporting

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Speaker 1: the right to reproductive autonomy will remain clear and unchanged.

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Speaker 1: Governor Murphy also says, in addition to abortion rights, the

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Speaker 1: bill also specifically outlines the right to access contraception as

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Speaker 1: well as to carry a pregnancy to term. President Biden

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Speaker 1: is now casting some doubt on whether his voting rights

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Speaker 1: bill can get done, Bloomberg said. Baxter reports, if it

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Speaker 1: can be done, it will have to be approached in

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Speaker 1: a different way. After weeks of talks with senators, Cinema

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Speaker 1: and Mansion both say that changing the filibuster rule is

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Speaker 1: not an option changes to make the Senate work better,

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Speaker 1: But the President says the fight is not over. As

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Speaker 1: long as I have a breath in me, as long

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Speaker 1: as I'm in the White House, as long as I'm

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Speaker 1: engaged at all, I'm going to be fighting to change

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Speaker 1: the way these legislatures have moving. The President did meet

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Speaker 1: with both before decisions were made in San Francisco. I'm

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Speaker 1: at Baxter Bloomberg Gay Break. Leaders of the far rank

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Speaker 1: group the oath Keepers, were charged for conspiring to prevent

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Speaker 1: the certification of Joe Biden as president by joining in

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Speaker 1: the attack on the Capitol last year. The indictment charges

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Speaker 1: Elmer Stewart Rhodes, described as the founder of the group,

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Speaker 1: and ten other individuals with seditious conspiracy and other charges.

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Speaker 1: Global News twenty four hours a day on here and

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Speaker 1: on Bloomberg quick Take, powered by more than twenty seven

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Speaker 1: under journalists and analysts. More than twenty countries. I'm Michael Barr.

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Speaker 1: This is Bloomberg Nathan. Thanks Michael, coming up to a

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Speaker 1: six ten on Wall Street. Time for the Bloomberg Sports

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Speaker 1: Update with John Statshop acts Dathan. This Novak Djokovic story

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Speaker 1: is like when fans watch him play tennis. In their

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Speaker 1: head goes back and forth. Last week, Djokovic, despite being unvaccinated,

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Speaker 1: received a medical exempt you to play the Australian Open.

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Speaker 1: He flew to Melbourne and promptly had his visa taken away.

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Speaker 1: There was a mistake in the pay for work. Monday

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Speaker 1: had Judge reinstated it. Now the Immigration Minister, acting in

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Speaker 1: what he called the public interest, removed the visa again,

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Speaker 1: and now Djokovic's lawyers are said to be planning another appeal.

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Speaker 1: The tournament that Djokovic has won nine times against Monday,

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Speaker 1: nets off the Big One in Chicago, gave Kevin Durant

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Speaker 1: the night off. Kyrie Irvan can't play home games show enough.

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Speaker 1: Nets lost Oklahoma City one to one. On nine, Nicks

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Speaker 1: made a trade set to seldom used Kevin Knox to

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Speaker 1: the first round draft pick that originally belonged to Charlotte

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Speaker 1: to Atlanta for Cam Reddish who the Hawks touff with

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Speaker 1: a tenth overall pick a few years ago. He's only

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Speaker 1: twenty two. Will be reunited with r J Barrett. They

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Speaker 1: were teammates and Duke Nick's play in a lamp top

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Speaker 1: Tomorrow Rangers in San Jose. The newest Ranger helped outfid

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Speaker 1: Eric keeps it alive, slodes it over to Headle Eatle

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Speaker 1: for strong strolling all the goal live back out for

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Speaker 1: a shot score. The Rangers get the first at h

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Speaker 1: the Devils three two. Seaton Hall lost nineties ninety two

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Speaker 1: Big East John Dash down were Bloomberg's spots all right, John,

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Speaker 1: thank you right now. S and P futures are up

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Speaker 1: higher by five points now, the taging your treasury down

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Speaker 1: eleven thirty seconds, the yield one point seven four per cent.

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Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three O. Weather.

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Speaker 1: It'll turn partly sunny and breezy today with highs in

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Speaker 1: in Central Park Markets. Headlines and breaking news twenty four

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Speaker 1: Out and at Bloomberg Quicktake. This is a Bloomberg Business

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Speaker 1: flash and I'm Karen Moscow. European stocks are following Asian

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Speaker 1: shares lower after a slew of Federal Reserve officials signal

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Speaker 1: they'll combat inflation aggressively. Uh SMP futures are moving higher.

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Speaker 1: its lowest level since October. We checked the markets every

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Speaker 1: down sixtensive upper cent ten year treasury down twelve thirties seconds.

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Speaker 1: He had one point seven four percent. They yield on

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Speaker 1: fourteen at eighty three dollars twenty six cents of barrel

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Speaker 1: at one thirteen point nine too. And Bitcoin this morning

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Speaker 1: moving lower. It's just under forty two dollars right now.

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Speaker 1: Earnings today, we're watching for JP Morgan, Chase, City Group

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Speaker 1: and whilst Fargo, and we're gonna look at December retail

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Speaker 1: sales at eight thirty Wall Street time. That's a Bloomberg

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Speaker 1: business flash. Now here's Michael Barr with Moore un what's

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Speaker 1: going on around the world, Clachael, thank you very much, Karen.

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Speaker 1: President Joe Biden is all but conceding defeat for this

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Speaker 1: year on the Democrats big elections and voting rights legislation.

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Speaker 1: Biden spoke at the Capitol after a key fellow Democrats

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Speaker 1: Senator Kristen Cinema of Arizona dramatically announced to reap usal

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Speaker 1: to go, along with changing Senate rules to muscle pass

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Speaker 1: the Republican filibuster. Tennis star Novak Djokovic faces deportation again

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Speaker 1: after the Australian the government revoked his visa for a

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Speaker 1: second time. Immigration Minister Alex Hawks said today that he

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Speaker 1: used his ministerial discretion to revoke Djokovic's visa on public

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Speaker 1: interest grounds, three days before the Australian Open is to begin.

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Speaker 1: Djokovic's lawyers aren't expected to appeal. In the NBA, the

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Speaker 1: Nets and Warriors lost. In the NHL, the Islanders beat

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Speaker 1: the Devils, the Rangers and Bruins. One Global News twenty

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Speaker 1: four hours a day on here and on Bloomberg Quick Take,

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Speaker 1: powered by more than twenty seven under journalist and analyst

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Speaker 1: and more than one hundred twenty countries. I'm Michael bar

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Speaker 1: This is Bloomberg. Nathan all right, Michael. Thanks at six

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Speaker 1: nineteen on Wall Street Live from the Bloomberg interract of

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Speaker 1: Broker Studios. This is Bloomberg Daybreak. We want to get

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Speaker 1: to the latest on the pandemic now and check in

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Speaker 1: with Dr Andy Peckosh, Professor of Molecular Microbiology and Immunology

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Speaker 1: at the Johns Hopkins Bloomberg School of Public Health. Dr.

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Speaker 1: There's a lot of research into the O macron variant

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Speaker 1: that I want to get to this morning. But first

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Speaker 1: i'd like to get your reaction to the Supreme Court

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Speaker 1: ruling against President Biden's vaccine mandate for large businesses. What's

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Speaker 1: the effect that this uh legal setback for the president

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Speaker 1: could have. Well, you know, we know here in the

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Speaker 1: US we've been struggling to get vaccine acceptance up to

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Speaker 1: levels that would you know, really make a big impact

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Speaker 1: in terms of the surges and hospitalizations that we're seeing

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Speaker 1: every time a variant comes through the population. So you know,

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Speaker 1: from a purely sort of public health standpoint, it's, uh,

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Speaker 1: it's a disappointing decision. You know, these vaccines are safe,

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Speaker 1: these vaccines are effective, and they are an incredibly important,

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Speaker 1: i'd say critical tool to get us through this pandemic.

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Speaker 1: And again to to to to take something off the

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Speaker 1: table that would help us get more people vaccinated, it's

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Speaker 1: just not the right thing to do from a public

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Speaker 1: health perspective, at least it's not entirely off the table though, right,

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Speaker 1: I mean businesses can still mandate vaccines on their own.

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Speaker 1: Can that get us to enough of a level where

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Speaker 1: we can start to feel like we're getting ahead of

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Speaker 1: the pandemic? Absolutely? I think this now sort of puts

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Speaker 1: the onus on the particular business, and depending on which

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Speaker 1: state you're in and what kind of business you are,

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Speaker 1: there will be varying rates of of of moving this

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Speaker 1: into into applications. So you know, a government mandate would

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Speaker 1: allow for a larger, more widespread utilization of the vaccines.

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Speaker 1: It now puts things back into the individual businesses um responsibility,

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Speaker 1: and therefore we're probably not going to see as much

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Speaker 1: of an uptake of this policy as we would if

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Speaker 1: it was a government mandate. And the time we have,

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Speaker 1: I want to get to some of this research there.

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Speaker 1: Like I said, there has been a lot into a macron.

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Speaker 1: There's a loose study out of South Africa which has

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Speaker 1: put out so much of the research over the last

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Speaker 1: several weeks that this drain is less severe even for

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Speaker 1: unvaccinated people or people who have never been infected with

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Speaker 1: COVID before. Can we say now that, oh, macron is

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Speaker 1: indeed less severe. I would be very careful in terms

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Speaker 1: of how we view less severe. Remember, we're starting from

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Speaker 1: a disease that's pretty severe, so coming down a little

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Speaker 1: bit from a less from a severe disease doesn't put

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Speaker 1: us in the category of things like the common cold

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Speaker 1: or something like that. And UM, I guess the counter

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Speaker 1: to that is the vast majority of people who are

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Speaker 1: being hospitalized are people who haven't been vaccinated. So if

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Speaker 1: you're not vaccinated, I wouldn't view a macron as being

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Speaker 1: a easy way to get some immunity. Um, it's still

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Speaker 1: a very severe disease in terms of its potential, but

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Speaker 1: again the positive side is it's not as severe as

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Speaker 1: other variants that have come through. Um. The vaccines are

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Speaker 1: working well against preventing severe disease, so certainly, UM, we're

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Speaker 1: in a better situation now in terms of preventing that

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Speaker 1: severe disease. You know, the problem, of course, is just

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Speaker 1: a number of mild or less severe cases are just

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Speaker 1: swamping our systems and affecting our economy in a very

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Speaker 1: adverse way. Now we've seen related to that just how

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Speaker 1: fast O macron spreads. There's also a study out of

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Speaker 1: the UK that talks about how COVID can become less

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Speaker 1: infectious the longer it stays in the air up to

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Speaker 1: less effective after twenty minutes. What's your reaction to that. Yeah,

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Speaker 1: this is such an important point because we know that

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Speaker 1: all macron in particular UM is spreading more effectively. So

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Speaker 1: anything we can do to study how we can limit

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Speaker 1: that transmission is really important. And understanding airflow, how long

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Speaker 1: these virus particles stay in the air and how long

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Speaker 1: they're infectious, is really going to feed into things like

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Speaker 1: air flowing rooms and how quickly you need to turn

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Speaker 1: airflow over in order to limit transmission. If another tool

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Speaker 1: in our battery to prevent transmission that allows us to

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Speaker 1: go back to things like work in school with a

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Speaker 1: higher level of safety. So really important work and needs

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Speaker 1: to be implemented more broadly. Thank you as always, Dr

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Speaker 1: good having you on with us this morning. Andy Pecos

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Speaker 1: is Professor of molecular Microbiology and Immunology at the Johns

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Speaker 1: Hopkins Bloomberg School of Public Health, which is supported by

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Speaker 1: Michael Bloomberg, the founder and majority owner of Bloomberg LP,

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Speaker 1: the parent company of Bloomberg Radio. Right now, SMP futures

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Speaker 1: are up six point STAFF futures up ninety NASDAQ futures

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Speaker 1: swinging between gains and losses after the two and a

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Speaker 1: half percent dropped for the NASDAC yesterday. NASTAC futures right

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Speaker 1: now are down four points, the tenure treasury is down

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Speaker 1: eleven thirty seconds, the yield one point seven four percent,

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

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Speaker 1: point nine three percent. Just ahead, more calls for faster

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Speaker 1: rate hikes and a preview of bank earnings as we

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Speaker 1: check the five things you need to know to start

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Speaker 1: your day. You're listening to Bloomberg Daybreak Bloomberg eleven three

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Speaker 1: oh weather partly sunny, breezy, low forties for highs today,

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Speaker 1: will have a mix of sunning clouds tomorrow, with highs

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Speaker 1: only in the low twenties. Late arriving snow on Sunday.

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Speaker 1: Right now forty degrees in Central Park. Broadcasting live from

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Speaker 1: and Bloomberg Radio dot com. This is Bloomberg Daybreak. It's

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Speaker 1: six thirty on Wall Street. Good morning. I'm Nathan Hacker

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Speaker 1: and I'm Karen Moscow, and we are just about three

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Speaker 1: hours away from the open of US trading. It is

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Speaker 1: time for the five things you need to notice start

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Speaker 1: your day, brought to you by Interactive Brokers Global Analyst.

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Speaker 1: today at ib k R dot com. Slash g a

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Speaker 1: up first futures, while S and P futures are higher

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Speaker 1: following yesterday's sell off. The feds push for higher interest

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Speaker 1: rates is growing louder. Governor Christopher Waller tells us at

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Speaker 1: least three hikes this year is a good baseline. It

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Speaker 1: really depends on what happens with inflation. I mean, if

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Speaker 1: inflation just is stubbornly high to the first part of

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Speaker 1: this year, first half of this year, we're gonna have

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Speaker 1: to do a lot more. But that's what that's our job,

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Speaker 1: and that that's what we're committed to do. And if

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Speaker 1: we have to do more rate hikes, will do it.

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Speaker 1: FED Governor Chris Waller tells Our Kathleen Hayes he sees

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Speaker 1: a scenario where the FED raises rates as many as

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Speaker 1: five times this year. Let meantime, Karen, the White House

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Speaker 1: is set to add some new faces to the FED.

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Speaker 1: Bloomberg's Renia Young joins us Live with the latest. Good morning, Rinina,

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Speaker 1: Good morning, Nathan Bloomberg. Sources say President Biden is planning

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Speaker 1: to nominate Sarah bloom Raskin to the FITS top banking

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Speaker 1: regulator spot. He'll also announce economist Philip Jefferson and Lisa

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Speaker 1: Cook as picks for governors. Cook would be the first

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Speaker 1: black woman on the FENS board and Jefferson would be

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Speaker 1: the fourth black man. The picks would help Biden keep

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Speaker 1: his promise to improve diversity at the Central Bank. Live

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Speaker 1: in New York. I'm gonna need a Young Bloomberg day break,

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Speaker 1: All right, Reneda, thank you. We get more data from

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Speaker 1: the FED to digest this morning. With retail sales figures

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Speaker 1: for December, Economists forecast a monthly decline of one tenth

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Speaker 1: of upper cent. Today also marks the unofficial start of

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Speaker 1: earning season. Karen, we get results from three major banks

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Speaker 1: this morning, Bloomberg's Larry Kowsky has a preview. Loan growth,

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Speaker 1: eluded large US banks for most of twenty one, is

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Speaker 1: expected to make an appearance sign that the economy is recovering.

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Speaker 1: JP Morgan Chase reports first, followed by Wells Fargo and

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Speaker 1: City Group. Investment banking fees may be a highlight for

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Speaker 1: JP Morgan. According to Bloomberg Intelligence, Wells Fargo is expected

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Speaker 1: to show a modest rise in net interest income borrowing growth.

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Speaker 1: Its card business will be in focus at City Larry

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Speaker 1: Kowsky Bloomberg Day brick Hery, Larry, thank you, and turning

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Speaker 1: to politics now is a major setback for President Biden's

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Speaker 1: vaccine mandate. The Supreme Court has blocked a rule that

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Speaker 1: would require large companies to require vaccines or weekly testing

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Speaker 1: for employees. And that's the five things you need to

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Speaker 1: notice start your day. Brought to you by Interact your brokers.

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Speaker 1: Also this headline crossing the Bloomberg a black rock reporting

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Speaker 1: assets under management that beat analysts estimates. And a straight

430
00:23:28,840 --> 00:23:32,720
Speaker 1: ahead your latest local headlines, plus a check of sports.

431
00:23:33,119 --> 00:23:40,000
Speaker 1: And this is Bloomberg sixty three on Wall Street, thirty

432
00:23:40,040 --> 00:23:42,520
Speaker 1: nine degrees in Central Park and slow getting to Kennedy

433
00:23:42,560 --> 00:23:45,280
Speaker 1: Airport with a broken down vehicle on the westbound Belt Parkway.

434
00:23:45,760 --> 00:23:47,840
Speaker 1: Michael Barr has more on what's going on in New

435
00:23:47,920 --> 00:23:51,080
Speaker 1: York and around the world. Good morning, Michael, Good morning Nathan.

436
00:23:51,080 --> 00:23:54,000
Speaker 1: New York City Mayor Eric Adams is considering allowing the

437
00:23:54,080 --> 00:23:57,399
Speaker 1: nation's largest school district to return to some form of

438
00:23:57,520 --> 00:24:00,639
Speaker 1: virtual instruction as the city whether is a wave of

439
00:24:00,680 --> 00:24:03,959
Speaker 1: coronavirus cases. That would be a reversal from his pledge

440
00:24:04,000 --> 00:24:07,399
Speaker 1: a week ago to keep children in schools. Adams says

441
00:24:07,440 --> 00:24:10,000
Speaker 1: that he still believes the safest place for children to

442
00:24:10,080 --> 00:24:13,080
Speaker 1: be is in school, but that there are a number

443
00:24:13,080 --> 00:24:18,720
Speaker 1: of substantial children missing classes. I am working closely with

444
00:24:19,320 --> 00:24:24,080
Speaker 1: the UH President of the UFT. I think that people

445
00:24:24,080 --> 00:24:27,400
Speaker 1: that's surprised to see how well we're doing. Uh. This

446
00:24:27,480 --> 00:24:30,840
Speaker 1: is not Chicago. This is New York. Mayor Adams was

447
00:24:30,920 --> 00:24:34,320
Speaker 1: referencing Chicago, where the nation's third largest school district canceled

448
00:24:34,359 --> 00:24:37,640
Speaker 1: five days of classes because of disagreements with the teachers

449
00:24:37,720 --> 00:24:41,919
Speaker 1: union over COVID nineteen safety protocols. A communal funeral for

450
00:24:42,119 --> 00:24:45,879
Speaker 1: seventeen victims of New York City's deadliest fire in years

451
00:24:45,880 --> 00:24:48,600
Speaker 1: has been planned for Sunday, the week after the blaze

452
00:24:48,640 --> 00:24:51,320
Speaker 1: and the Bronx high rise. The services to be held

453
00:24:51,400 --> 00:24:54,680
Speaker 1: at the Islamic Cultural Center in the Bronx. Funerals began

454
00:24:54,760 --> 00:24:57,560
Speaker 1: Wednesday with the service at a Harlem mosque for two children,

455
00:24:57,600 --> 00:25:01,800
Speaker 1: both for two victims, both children. New Jersey Democratic Governor

456
00:25:01,800 --> 00:25:04,199
Speaker 1: Phil Murphy signed a bill in shrining the right to

457
00:25:04,240 --> 00:25:08,479
Speaker 1: an abortion into state law. Murphy on his government Twitter

458
00:25:08,520 --> 00:25:12,120
Speaker 1: post says New Jersey's position in support of the right

459
00:25:12,200 --> 00:25:17,080
Speaker 1: to reproductive autonomy will remain clear and unchanged. This is

460
00:25:17,119 --> 00:25:21,720
Speaker 1: a victory, yes, but not necessarily a conclusion. Under our

461
00:25:21,800 --> 00:25:25,720
Speaker 1: states laws, you folks now have the statutory right to

462
00:25:25,760 --> 00:25:29,720
Speaker 1: reproductive freedom. Murphy signed the bill as a Supreme Court

463
00:25:29,800 --> 00:25:32,639
Speaker 1: ruling could come in June in a case which the

464
00:25:32,680 --> 00:25:35,920
Speaker 1: Court was asked to overturn Roe v. Wade. President Joe

465
00:25:35,920 --> 00:25:38,320
Speaker 1: Biden is all but conceding defeat for this year on

466
00:25:38,359 --> 00:25:42,240
Speaker 1: the Democrats big elections and voting rights legislation pushed back

467
00:25:42,280 --> 00:25:45,520
Speaker 1: involved the President trying to change the filibuster rule, including

468
00:25:45,560 --> 00:25:49,119
Speaker 1: from within his own party. Moderate Democrats like Arizona Senator

469
00:25:49,200 --> 00:25:52,719
Speaker 1: Kristen Cinema, disagree on changing it. What is the legislative

470
00:25:52,720 --> 00:25:57,400
Speaker 1: filibuster other than a tool that requires new federal policy

471
00:25:57,440 --> 00:26:00,439
Speaker 1: to be broadly supported by Senators. Rep were sending a

472
00:26:00,520 --> 00:26:05,800
Speaker 1: broader cross section of Americans. Senator Cinema says the current

473
00:26:05,800 --> 00:26:08,880
Speaker 1: filibuster rule lessens the chances of one party to get

474
00:26:08,920 --> 00:26:12,320
Speaker 1: complete control. Global News twenty four hours a day on

475
00:26:12,400 --> 00:26:15,400
Speaker 1: air and on Bloomberg Quick Take, powered by more than

476
00:26:15,520 --> 00:26:18,160
Speaker 1: twenty seven under journalist and analysts more than a hundred

477
00:26:18,240 --> 00:26:21,480
Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg Nathan. Thanks Michael.

478
00:26:26,160 --> 00:26:27,960
Speaker 1: Almost six thirty six on Wall Street time for the

479
00:26:28,000 --> 00:26:31,679
Speaker 1: Bloomberg Sports outdate with John Stashunathan Novak. Djokovic was in

480
00:26:31,720 --> 00:26:34,720
Speaker 1: the Australian Opening, got a medical exemption to play despite

481
00:26:34,760 --> 00:26:37,840
Speaker 1: being unvaccinated. Then he was out, then back in. As

482
00:26:37,880 --> 00:26:42,280
Speaker 1: of now he's again out. The Immigration Minister, using personal powers,

483
00:26:42,720 --> 00:26:45,760
Speaker 1: canceled Djokovic's visa and what he called the public interest,

484
00:26:45,800 --> 00:26:49,919
Speaker 1: but Djokovic's lawyers say they will appeal again. And then

485
00:26:49,960 --> 00:26:51,840
Speaker 1: that's had to win at Chicago and they had the

486
00:26:51,880 --> 00:26:54,280
Speaker 1: Big three all on the floor for just the second time,

487
00:26:54,280 --> 00:26:56,960
Speaker 1: but in Brooklyn it was only James Harten Kevin Durank

488
00:26:56,960 --> 00:26:59,240
Speaker 1: got to night off Kyrie Irving can't play home games

489
00:26:59,280 --> 00:27:02,119
Speaker 1: hard and scored six. No one else had more than thirteen.

490
00:27:02,160 --> 00:27:04,920
Speaker 1: Then that's lost to Oklahoma City one thirty till one

491
00:27:04,920 --> 00:27:07,360
Speaker 1: oh nine. Next played tomorrow in Atlanta. They just made

492
00:27:07,359 --> 00:27:09,760
Speaker 1: a trade with the Hawks. They sent Kevin Knox in

493
00:27:09,800 --> 00:27:12,520
Speaker 1: the first round draft pick for Can Reddish. The Rangers

494
00:27:12,520 --> 00:27:15,040
Speaker 1: won three nothing at San Jose. Two more goals for

495
00:27:15,119 --> 00:27:17,280
Speaker 1: Chris Cork criter, who, along with Adam Fox, was just

496
00:27:17,359 --> 00:27:19,520
Speaker 1: named to play in the All Star Game. The shutout

497
00:27:19,520 --> 00:27:22,480
Speaker 1: for Igors to Skein in his return from Covid. Islanders

498
00:27:22,480 --> 00:27:25,040
Speaker 1: beat the Devil three to two. Seaton Hall upset by

499
00:27:25,080 --> 00:27:28,800
Speaker 1: De Paul. First ever NFL playoff weekend with six games

500
00:27:28,840 --> 00:27:31,760
Speaker 1: spanning three days. It starts tomorrow with Derek Carr and

501
00:27:31,760 --> 00:27:38,560
Speaker 1: the Raiders in Cincinnati. It's an exciting time. Um, obviously,

502
00:27:38,720 --> 00:27:41,960
Speaker 1: you know something I've dreamed of, um since I was drafted.

503
00:27:42,000 --> 00:27:43,639
Speaker 1: That's all I want to do is get to the playoffs,

504
00:27:43,760 --> 00:27:46,800
Speaker 1: try and win a championship, you know, and uh, you

505
00:27:46,800 --> 00:27:50,119
Speaker 1: know the fact that we're in the tournament is uh,

506
00:27:50,160 --> 00:27:52,360
Speaker 1: it's really cool. The Raiders have not won a playoff

507
00:27:52,400 --> 00:27:54,440
Speaker 1: games in two thousand two of the Bengals last playoff

508
00:27:54,440 --> 00:27:57,200
Speaker 1: win was in nine nine Tomorrow night in New England

509
00:27:57,280 --> 00:28:00,720
Speaker 1: at Buffalo, expected to be bitterly called their first beating

510
00:28:00,720 --> 00:28:03,879
Speaker 1: in the playoffs. Inst three three and more games Sunday

511
00:28:03,920 --> 00:28:07,320
Speaker 1: another one Monday night, John stat were Bluebird Sports. Nathan

512
00:28:07,560 --> 00:28:10,080
Speaker 1: all Right, John, thanks six thirty seven on Wall Street.

513
00:28:10,080 --> 00:28:11,600
Speaker 1: Time to take a look at stocks and some of

514
00:28:11,600 --> 00:28:14,080
Speaker 1: the names moving in the pre market with Bloomberg Radio

515
00:28:14,119 --> 00:28:18,760
Speaker 1: and TV markets corresponded Creedy Goofta on this bank earnings Friday. Creedy,

516
00:28:18,840 --> 00:28:21,840
Speaker 1: you're starting us off with casino stocks. A little bit

517
00:28:21,920 --> 00:28:25,639
Speaker 1: of a gamble, Nathan. One and last, my one and

518
00:28:25,720 --> 00:28:29,560
Speaker 1: only punt of the day. I promise, yeah, they I promise.

519
00:28:29,600 --> 00:28:32,879
Speaker 1: I promise for the sake of our listeners. US listed

520
00:28:32,880 --> 00:28:35,440
Speaker 1: casino stocks. They are rising in the pre market. This

521
00:28:35,560 --> 00:28:39,640
Speaker 1: coming after the ones operations in Macau have looking are

522
00:28:39,640 --> 00:28:42,680
Speaker 1: looking good after the announcement of much anticipated changes to

523
00:28:42,760 --> 00:28:46,080
Speaker 1: the local casino law that was being aimed at tightening

524
00:28:46,120 --> 00:28:48,920
Speaker 1: government oversight at the world's largest gaming market. So now

525
00:28:48,960 --> 00:28:51,600
Speaker 1: it looks like there's gonna be a little less regulation

526
00:28:51,640 --> 00:28:53,880
Speaker 1: when it comes to those operations, and for that reason,

527
00:28:54,040 --> 00:28:56,480
Speaker 1: you're seeing the likes of Win Resource w y n

528
00:28:56,680 --> 00:28:59,280
Speaker 1: N is your ticker up eight percent. Same story with

529
00:28:59,400 --> 00:29:02,480
Speaker 1: Las Vegas AND's LVS up inst tune of a nine

530
00:29:02,520 --> 00:29:04,960
Speaker 1: point four percent. Melco as well, m l c o

531
00:29:05,080 --> 00:29:08,320
Speaker 1: s ticker up over ten percent. The question is doesn't

532
00:29:08,320 --> 00:29:10,320
Speaker 1: say that way throughout the day. It's not confirmed yet.

533
00:29:10,320 --> 00:29:12,520
Speaker 1: These are only expectations that are driving the stock up,

534
00:29:12,720 --> 00:29:15,760
Speaker 1: but we are waiting to see those developments. Of course,

535
00:29:15,760 --> 00:29:17,480
Speaker 1: we know they have been under a lot of pressure

536
00:29:17,680 --> 00:29:21,320
Speaker 1: given that regulatory stance from Beijing. Moving on to some

537
00:29:21,320 --> 00:29:23,120
Speaker 1: of the banks, because that's really the big story of today,

538
00:29:23,120 --> 00:29:25,200
Speaker 1: It's gonna be those earnings coming out from JP Morgan

539
00:29:25,320 --> 00:29:27,480
Speaker 1: at the top of the hour, City and Wills Fargo

540
00:29:27,560 --> 00:29:30,160
Speaker 1: also looking to report, and they those docks are higher

541
00:29:30,160 --> 00:29:32,440
Speaker 1: in the pre market ahead of those numbers, and they

542
00:29:32,480 --> 00:29:34,600
Speaker 1: have been higher Nathan for a while now. A lot

543
00:29:34,640 --> 00:29:37,920
Speaker 1: of the expectation of higher lending growth, higher volatility that

544
00:29:37,960 --> 00:29:40,280
Speaker 1: will help those trading us and of course the rate

545
00:29:40,360 --> 00:29:42,880
Speaker 1: high bests that are pushing yields higher, which means that

546
00:29:42,920 --> 00:29:44,880
Speaker 1: those banks are gonna be making more on the loans

547
00:29:45,280 --> 00:29:47,680
Speaker 1: that they give out. So JP Morgan, for example, JPM

548
00:29:47,720 --> 00:29:49,719
Speaker 1: is your taker up one percent, in the pre market.

549
00:29:50,000 --> 00:29:52,360
Speaker 1: City and Wells Fargo up by about the same amount.

550
00:29:52,400 --> 00:29:55,520
Speaker 1: C and w f C are those two tickers, Nathan, Yeah,

551
00:29:55,520 --> 00:29:58,680
Speaker 1: we'll see if the earnings bolster the investors sentiment there.

552
00:29:58,720 --> 00:30:01,200
Speaker 1: What about some downside movers this morning? Yeah, Well, let's

553
00:30:01,200 --> 00:30:03,760
Speaker 1: talk about Corning here. This is a communications equipment make here,

554
00:30:03,840 --> 00:30:06,800
Speaker 1: dropping after Deutsche Main cut its recommendation on the stock

555
00:30:07,000 --> 00:30:10,440
Speaker 1: to a hold from a bye, citing overly optimistic Wall

556
00:30:10,480 --> 00:30:13,040
Speaker 1: Street estimates. Nathan, that seems like a reason that could

557
00:30:13,040 --> 00:30:15,080
Speaker 1: apply to a lot of different stocks, but this one

558
00:30:15,160 --> 00:30:18,360
Speaker 1: chose Corning. G l W used the taker down two percent.

559
00:30:18,560 --> 00:30:20,760
Speaker 1: And I'll wrap it up here with data processing company

560
00:30:20,840 --> 00:30:23,880
Speaker 1: five Serve f I s V, down one percent in

561
00:30:23,920 --> 00:30:26,200
Speaker 1: the pre market after it's being was downgraded to a

562
00:30:26,280 --> 00:30:29,040
Speaker 1: sector weight from overweight over at key Bank Capital, the

563
00:30:29,120 --> 00:30:32,280
Speaker 1: analysts saying that despite optimism around the management team and

564
00:30:32,360 --> 00:30:36,280
Speaker 1: general strategy, he's looking for improved visibility into sustained high

565
00:30:36,320 --> 00:30:39,479
Speaker 1: single digit organic growth. Essentially, he's just waiting to see

566
00:30:39,520 --> 00:30:41,720
Speaker 1: that the company makes more money before he gets more

567
00:30:41,800 --> 00:30:44,680
Speaker 1: constructive on those shares, all right. Bloomberg Radio and TV

568
00:30:44,760 --> 00:30:48,560
Speaker 1: Markets correspondent Crety Gupta with the pre market update, and

569
00:30:48,640 --> 00:30:50,160
Speaker 1: as we take a look at stocks as a whole

570
00:30:50,200 --> 00:30:54,160
Speaker 1: ahead of the open. Futures are mixed. SMP futures up

571
00:30:54,160 --> 00:30:58,040
Speaker 1: three points right now down futures up, NASTAC futures are

572
00:30:58,200 --> 00:31:01,360
Speaker 1: lower now by twenty two points. The tenure Treasury down

573
00:31:01,400 --> 00:31:05,600
Speaker 1: twelve thirty seconds, the yield one point seven. Watching shares

574
00:31:05,640 --> 00:31:08,520
Speaker 1: of black Rock this morning, they're down seven tenths per

575
00:31:08,520 --> 00:31:12,240
Speaker 1: cent after reported assets under management that beat the average

576
00:31:12,280 --> 00:31:15,000
Speaker 1: analyst estimate. Stay with us for an update from the

577
00:31:15,040 --> 00:31:19,200
Speaker 1: nation's capital with Bloomberg Government's Emily Wilkins. This is Bloomberg

578
00:31:22,400 --> 00:31:25,720
Speaker 1: Bloomberg eleven three oh weather partly sunny, breezy, low forties today.

579
00:31:25,720 --> 00:31:27,560
Speaker 1: We'll have a mix of sun and clouds and highs

580
00:31:27,640 --> 00:31:31,280
Speaker 1: only in the low twenties Tomorrow later arriving snow Sunday

581
00:31:31,320 --> 00:31:37,680
Speaker 1: with a high your thirty five currently thirty nine degrees. Markets,

582
00:31:37,760 --> 00:31:40,840
Speaker 1: headlines and breaking news twenty four hours a day at

583
00:31:40,880 --> 00:31:44,840
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktape.

584
00:31:45,000 --> 00:31:54,360
Speaker 1: He's a Bloomberg Business Flash and I'm Karen Moscow and

585
00:31:54,440 --> 00:31:57,680
Speaker 1: JP Morgan earnings are crossing the Bloomberg We're gonna have

586
00:31:57,720 --> 00:32:00,720
Speaker 1: full details in just a moment, but first we go

587
00:32:00,760 --> 00:32:03,320
Speaker 1: to the first word, breaking news. Dask for today's morning call.

588
00:32:03,480 --> 00:32:07,480
Speaker 1: Here's Bill Maloney, Bill, good morning, Hey, good morning, Karen.

589
00:32:07,600 --> 00:32:10,200
Speaker 1: US features are mixed right now. Is those bank earnings

590
00:32:10,240 --> 00:32:13,000
Speaker 1: do begin if you just currently up seventy five points? Says,

591
00:32:13,040 --> 00:32:14,280
Speaker 1: it means are up two and a half. Well, the

592
00:32:14,360 --> 00:32:17,640
Speaker 1: nasdec features are down by twenties six. The US chen

593
00:32:17,760 --> 00:32:20,280
Speaker 1: yield at one point seven five percent, Gold is down

594
00:32:20,280 --> 00:32:23,080
Speaker 1: to oil is trading higher, and bitcoin is down by

595
00:32:23,120 --> 00:32:26,560
Speaker 1: two point one percent. Japan fell one point three percent overnight,

596
00:32:26,560 --> 00:32:29,080
Speaker 1: while up markets are also in the red this morning

597
00:32:29,320 --> 00:32:31,640
Speaker 1: and back in the US. On the economic Funday thirty

598
00:32:31,640 --> 00:32:35,640
Speaker 1: retail sales and at ten o'clock business inventories and Michigan sentiment.

599
00:32:36,000 --> 00:32:39,080
Speaker 1: After about last night, SAP cloud sales beat estimates and

600
00:32:39,120 --> 00:32:42,480
Speaker 1: regarding those earnings this morning, black Rock EPs beat estimates.

601
00:32:42,480 --> 00:32:45,440
Speaker 1: You mentioned JP Morgan the digits report Q four adjusted

602
00:32:45,480 --> 00:32:48,600
Speaker 1: revenue was thirty point three five billion estimate there was

603
00:32:48,760 --> 00:32:51,560
Speaker 1: thirty point oh one billion. Also look for City Group

604
00:32:51,560 --> 00:32:54,479
Speaker 1: and Wells Fargo to report in the pre market. Wrapping

605
00:32:54,520 --> 00:32:57,080
Speaker 1: things up, BJ's wholesale cut to underweight at JP Morgan,

606
00:32:57,240 --> 00:32:59,800
Speaker 1: Chipotle was raised to overweight at Morgan Stanley and four

607
00:33:00,160 --> 00:33:03,680
Speaker 1: who has cut the sector perform over at RBC Live

608
00:33:03,760 --> 00:33:06,080
Speaker 1: from the First Breaking News Desk on bo Maloney. Karen,

609
00:33:06,600 --> 00:33:08,400
Speaker 1: all right, Bill, thank you, and here live breaking news

610
00:33:08,400 --> 00:33:10,880
Speaker 1: of her Bloomberg type squawk on your termin I'll ascue

611
00:33:10,960 --> 00:33:13,520
Speaker 1: you a w K and that's a Bloomberg business flash. Now,

612
00:33:13,560 --> 00:33:15,760
Speaker 1: here's Michael Barrow with Moore on what's going on around

613
00:33:15,800 --> 00:33:18,480
Speaker 1: the world. Michael, Karen, thank you very much. President Joe

614
00:33:18,520 --> 00:33:21,160
Speaker 1: Biden is all but conceding defeat for this year on

615
00:33:21,280 --> 00:33:25,400
Speaker 1: the Democrats big elections and voting rights legislation. Biden spoke

616
00:33:25,440 --> 00:33:28,600
Speaker 1: at the Capitol after a key fellow Democrats, Senator Kristen

617
00:33:28,720 --> 00:33:32,360
Speaker 1: Cinema of Arizona, dramatically announced a refusal to go along

618
00:33:32,400 --> 00:33:36,240
Speaker 1: with changing Senate rules to muscle past a Republican filibuster.

619
00:33:36,640 --> 00:33:41,400
Speaker 1: Tennis star Novak Djokovic faces deportation again after the Australian

620
00:33:41,440 --> 00:33:45,320
Speaker 1: government revoked his visa for a second time. Immigration Minister

621
00:33:45,440 --> 00:33:49,000
Speaker 1: Alex Hawk said today he used his ministerial discretion to

622
00:33:49,040 --> 00:33:53,080
Speaker 1: revoke Djokovic's visa on public interest grounds three days before

623
00:33:53,120 --> 00:33:56,720
Speaker 1: the Australian open is to begin. Djokovic's lawyers are expected

624
00:33:56,760 --> 00:34:00,000
Speaker 1: to appeal. In the NBA, the Nets and Warriors long

625
00:34:00,160 --> 00:34:03,440
Speaker 1: in the NHL, the Islanders beat the Devil's, the Rangers

626
00:34:03,440 --> 00:34:06,320
Speaker 1: and Bruins. One Global News twenty four hours a day

627
00:34:06,360 --> 00:34:08,799
Speaker 1: on air and on Bloomberg Quick Take, powered by more

628
00:34:09,080 --> 00:34:12,960
Speaker 1: than undred journalists and analysts more than twenty countries. I'm

629
00:34:13,000 --> 00:34:15,600
Speaker 1: Michael Barr. This is Bloomberg. Karen, all right, Michael Barr,

630
00:34:15,640 --> 00:34:17,759
Speaker 1: thank you. We're also hearing from Wells Fargo with fourth

631
00:34:17,840 --> 00:34:20,560
Speaker 1: quarter revenue beating analysts estimates, and we're going to get

632
00:34:20,560 --> 00:34:23,320
Speaker 1: more and those bank earnings in just a moment. First

633
00:34:23,640 --> 00:34:26,480
Speaker 1: sixty nine on Wall Street returned to News and science

634
00:34:26,480 --> 00:34:28,759
Speaker 1: and Technology Now with the Bloomberg n j I T

635
00:34:28,960 --> 00:34:31,640
Speaker 1: STEM Report. It has brought to you by New Jersey

636
00:34:31,680 --> 00:34:35,240
Speaker 1: Institute of Technology, which announced that renowned scholar and educational

637
00:34:35,320 --> 00:34:37,600
Speaker 1: leader Dr Tech Lam will join the university as n

638
00:34:37,640 --> 00:34:39,839
Speaker 1: j I T S nine the President. Learn more at

639
00:34:39,920 --> 00:34:42,160
Speaker 1: n j I T dot E d U. Now Here's

640
00:34:42,160 --> 00:34:45,960
Speaker 1: what's making news and science, Technology, Engineering, and math. City

641
00:34:45,960 --> 00:34:49,239
Speaker 1: Group says that its U S employees have complied with

642
00:34:49,280 --> 00:34:52,200
Speaker 1: its vaccine mandate, and the bank expects more workers to

643
00:34:52,239 --> 00:34:55,560
Speaker 1: comply with the order before today's deadline. City's mandate is

644
00:34:55,600 --> 00:34:57,960
Speaker 1: one of the strictest on Wall Street and makes getting

645
00:34:57,960 --> 00:35:02,399
Speaker 1: the coronavirus vaccine at condition of employment. Google is making

646
00:35:02,400 --> 00:35:04,839
Speaker 1: a bet on hybrid work. The company said it will

647
00:35:04,840 --> 00:35:08,840
Speaker 1: spend one billion dollars to buy up its own London offices.

648
00:35:09,120 --> 00:35:11,560
Speaker 1: The purchases a bet by Google that tech workers who

649
00:35:11,600 --> 00:35:13,800
Speaker 1: have been among the keenest to work from home but

650
00:35:13,920 --> 00:35:16,279
Speaker 1: want to move back into the office, at least temporarily.

651
00:35:17,200 --> 00:35:20,000
Speaker 1: And scientists say a four billion year old meteor ride

652
00:35:20,000 --> 00:35:22,720
Speaker 1: from Mars that caused us splash here on Earth decades

653
00:35:22,760 --> 00:35:27,120
Speaker 1: ago contains no evidence of ancient primitive Martian life after all.

654
00:35:27,560 --> 00:35:30,320
Speaker 1: Researchers say tiny samples from the meteor rides show that

655
00:35:30,360 --> 00:35:33,960
Speaker 1: carbon rich compounds are actually the result of water, most

656
00:35:34,000 --> 00:35:37,360
Speaker 1: likely salty or briny water, flowing over the rock for

657
00:35:37,400 --> 00:35:41,080
Speaker 1: a prolonged period. The findings appear in the journal Science.

658
00:35:41,080 --> 00:35:43,560
Speaker 1: And that's the Bloomberg n j I t STEM Report.

659
00:35:43,680 --> 00:35:46,600
Speaker 1: Nathan Okay, Karen, thanks for live from the Bloomberg Interactive

660
00:35:46,600 --> 00:35:48,799
Speaker 1: Brokers studios, where it's coming up to six fifty one

661
00:35:48,800 --> 00:35:50,880
Speaker 1: on Wall Street. As we continue to watch Bank earnings

662
00:35:50,880 --> 00:35:53,319
Speaker 1: across the Bloomberg terminal. It's time now to check what's

663
00:35:53,320 --> 00:35:55,600
Speaker 1: going on in d C, where some of the top

664
00:35:55,640 --> 00:35:58,680
Speaker 1: stories include President Biden casting down on his own push

665
00:35:58,719 --> 00:36:01,360
Speaker 1: for a voting rights bill, the vaccine on is shifting

666
00:36:01,400 --> 00:36:04,400
Speaker 1: to businesses after the Supreme Court block the president's mandate,

667
00:36:04,760 --> 00:36:07,400
Speaker 1: and the final three pieces of the president's federal reserve

668
00:36:07,480 --> 00:36:11,480
Speaker 1: overhaul apparently falling into place. Also making news, the President's

669
00:36:11,480 --> 00:36:13,560
Speaker 1: about to mark sixty days since he signed the bi

670
00:36:13,640 --> 00:36:17,160
Speaker 1: partisan infrastructure law. Let's bring in Bloomberg Government reporter Emily

671
00:36:17,200 --> 00:36:20,880
Speaker 1: Wilkins for the update from Washington, d C. So, Emily,

672
00:36:20,880 --> 00:36:22,480
Speaker 1: it looks like the President is going to be ending

673
00:36:22,480 --> 00:36:25,960
Speaker 1: another tough week politically with a pivot back to infrastructure

674
00:36:26,000 --> 00:36:28,560
Speaker 1: this morning. Yeah, this has probably been the toughest week

675
00:36:28,640 --> 00:36:32,400
Speaker 1: for Biden of his presidency. Um, just so many things

676
00:36:32,920 --> 00:36:35,279
Speaker 1: that that are just not looking good for him and

677
00:36:35,400 --> 00:36:38,520
Speaker 1: leading to a pretty low approval rating. So Biden is

678
00:36:38,520 --> 00:36:41,080
Speaker 1: gonna pivot back to one of his few victories, that

679
00:36:41,200 --> 00:36:45,160
Speaker 1: infrastructure bill. He's expected to announce today that the administration

680
00:36:45,200 --> 00:36:48,480
Speaker 1: will distribute more than five billion dollars to repair or

681
00:36:48,520 --> 00:36:51,520
Speaker 1: a place where does across the US that's funding that's

682
00:36:51,520 --> 00:36:53,719
Speaker 1: gonna wind up going to states and tribes who will

683
00:36:53,760 --> 00:36:57,319
Speaker 1: then be allocating it to specific projects. But it's one

684
00:36:57,560 --> 00:37:00,120
Speaker 1: way for the White House to try and highlight something

685
00:37:00,200 --> 00:37:02,960
Speaker 1: positive in a week that saw the Supreme Court rule

686
00:37:03,000 --> 00:37:06,960
Speaker 1: against Biden's vaccine mandate, that saw you know, COVID cases

687
00:37:07,000 --> 00:37:12,160
Speaker 1: continue to rise, inflation continue to rise, and uh, and

688
00:37:12,200 --> 00:37:15,839
Speaker 1: the Voting Rights Act hit a wall in the Senate. Yeah,

689
00:37:15,920 --> 00:37:18,520
Speaker 1: let's talk about that wall that got hit in the Senate.

690
00:37:18,600 --> 00:37:20,479
Speaker 1: I think we can put a name on that wall.

691
00:37:20,719 --> 00:37:24,799
Speaker 1: Kirsten Cinema, I mean Kirsten Cinema and Joe Mansion. I mean,

692
00:37:24,840 --> 00:37:28,000
Speaker 1: if they want to pass this rule, they need sixty votes.

693
00:37:28,120 --> 00:37:31,440
Speaker 1: Even with this legislative maneuvering that they've done that allows

694
00:37:31,480 --> 00:37:34,319
Speaker 1: Senators to actually start debate on the bill, something that

695
00:37:34,400 --> 00:37:38,560
Speaker 1: hasn't happened with previous voting rights legislation that Chuck Schumer's

696
00:37:38,600 --> 00:37:40,600
Speaker 1: tried to bring up. They're still not going to find

697
00:37:40,600 --> 00:37:43,200
Speaker 1: a way to passage. And and last night Schumer scrapped

698
00:37:43,239 --> 00:37:45,399
Speaker 1: the plan to have them stay in on Monday and

699
00:37:45,440 --> 00:37:48,560
Speaker 1: do this debates that everyone can go home until Tuesday

700
00:37:48,800 --> 00:37:51,960
Speaker 1: when they come back. And so at this point, yeah,

701
00:37:52,000 --> 00:37:54,800
Speaker 1: there's there's really doesn't look like a path forward. Biden

702
00:37:54,920 --> 00:37:58,160
Speaker 1: even said yesterday admitted so much, saying telling reporters that

703
00:37:58,200 --> 00:38:00,239
Speaker 1: he just wasn't certain that it would be able to

704
00:38:00,280 --> 00:38:03,080
Speaker 1: get done and just quickly. Emily. The other big setback

705
00:38:03,280 --> 00:38:05,680
Speaker 1: yesterday for the president came at the Supreme Court on

706
00:38:05,800 --> 00:38:09,319
Speaker 1: vaccine mandates. Yes, Supreme Court they blocked with one of

707
00:38:09,320 --> 00:38:11,719
Speaker 1: the center pieces for Joe Biden's push to get more

708
00:38:11,760 --> 00:38:14,759
Speaker 1: people vaccinated. This was the mandate on businesses with a

709
00:38:14,840 --> 00:38:17,319
Speaker 1: hundred or more employees, saying that they would have to

710
00:38:17,360 --> 00:38:21,320
Speaker 1: require their employees to either vaccinate or get tested regularly.

711
00:38:21,560 --> 00:38:24,279
Speaker 1: The court struck that that down. They did let a

712
00:38:24,360 --> 00:38:29,440
Speaker 1: separate rule stand that requires vaccinations for workers in nursing homes, hospitals,

713
00:38:29,480 --> 00:38:33,880
Speaker 1: and other areas that receive Medicare and Medicare Medicaid funding

714
00:38:34,000 --> 00:38:36,880
Speaker 1: from the federal government. All right, Bloomberg Government reporter Emily

715
00:38:36,920 --> 00:38:39,440
Speaker 1: Wilkins with us from Washington, d C. Go to Bloomberg

716
00:38:39,440 --> 00:38:41,600
Speaker 1: dot com or the Bloomberg terminal to read more about

717
00:38:41,640 --> 00:38:44,399
Speaker 1: all these stories from the nation's capital. But we want

718
00:38:44,400 --> 00:38:47,480
Speaker 1: to pivot back now to bank earnings, because we've gotten

719
00:38:47,560 --> 00:38:51,160
Speaker 1: couple two of this Big six reporting their fourth quarter results.

720
00:38:51,239 --> 00:38:54,720
Speaker 1: Let's break them down now with Bloomberg Intelligence Senior banking

721
00:38:54,760 --> 00:38:58,840
Speaker 1: analyst Alison Williams. Very interesting to see the divergence in

722
00:38:58,880 --> 00:39:02,040
Speaker 1: the stock now with j AP Morgan falling in the

723
00:39:02,040 --> 00:39:05,200
Speaker 1: pre market after reporting an earnings beat, while Wells Fargo

724
00:39:05,400 --> 00:39:10,120
Speaker 1: is really getting rewarded right now. Allison, Yeah, and we're

725
00:39:10,120 --> 00:39:14,120
Speaker 1: trying to access the numbers as quickly as we can

726
00:39:14,880 --> 00:39:17,400
Speaker 1: because I do think that lone growth is an area

727
00:39:17,480 --> 00:39:21,720
Speaker 1: that we were looking for in the quarter. We're wondering if, um,

728
00:39:21,760 --> 00:39:24,879
Speaker 1: if there was some disappointment in the JP Morgan numbers.

729
00:39:24,920 --> 00:39:27,480
Speaker 1: We haven't been able to get them yet. But we

730
00:39:27,640 --> 00:39:31,320
Speaker 1: do see that the investment bank looks strong. That's something

731
00:39:31,360 --> 00:39:34,400
Speaker 1: that we expected. They did beat the revenue estimates there,

732
00:39:35,040 --> 00:39:38,920
Speaker 1: equity trading coming in about in line, sick trading coming

733
00:39:38,920 --> 00:39:43,200
Speaker 1: in about in line, so it looks healthy. Charge us

734
00:39:43,560 --> 00:39:47,840
Speaker 1: credit also looks healthy. We also reserve releases in the quarter.

735
00:39:47,920 --> 00:39:51,080
Speaker 1: That's something that we've seen throughout the year, the bank

736
00:39:51,280 --> 00:39:55,880
Speaker 1: continuing to beat those estimates. UM. So overall, the headline

737
00:39:55,920 --> 00:39:59,600
Speaker 1: numbers look good, but we're wondering if the if they

738
00:40:00,040 --> 00:40:02,479
Speaker 1: um the guidance is a little bit disappointing. We haven't

739
00:40:02,480 --> 00:40:05,680
Speaker 1: been able to pull that up yet. JP Morgan's CEO,

740
00:40:05,840 --> 00:40:09,680
Speaker 1: Jamie Diamond is reacting saying the economy continues to do

741
00:40:09,760 --> 00:40:14,879
Speaker 1: well despite O macron headwinds, credit continues to be healthy. Uh.

742
00:40:14,960 --> 00:40:17,759
Speaker 1: The outlook for the banks, what are you going to

743
00:40:17,840 --> 00:40:22,240
Speaker 1: be looking for when the calls come around later this morning. Well,

744
00:40:22,440 --> 00:40:25,480
Speaker 1: the one of the key things we're looking for is

745
00:40:26,040 --> 00:40:29,359
Speaker 1: expenses and what the expense guidance is for this year.

746
00:40:29,400 --> 00:40:33,160
Speaker 1: We've had a lot of clues into the positive macro environment,

747
00:40:33,960 --> 00:40:38,520
Speaker 1: so interest rates is something that's going to help the banks, Uh,

748
00:40:38,719 --> 00:40:41,239
Speaker 1: coming in with the increases that we expect from the

749
00:40:41,280 --> 00:40:44,799
Speaker 1: said this year and next year. UM, but we don't

750
00:40:44,880 --> 00:40:48,719
Speaker 1: know yet how the bank is planning to invest in

751
00:40:48,760 --> 00:40:51,640
Speaker 1: its business. We think that's a long term trend, but

752
00:40:51,719 --> 00:40:55,919
Speaker 1: obviously higher expenses mean less profitability in the near term.

753
00:40:56,080 --> 00:40:59,600
Speaker 1: What interesting red headline generated by JP Morgan's results one

754
00:40:59,600 --> 00:41:03,040
Speaker 1: point billion dollar net credit reserve release, is that something

755
00:41:03,040 --> 00:41:07,919
Speaker 1: that was expected. Well, it's much bigger than I expected. UM. So,

756
00:41:08,000 --> 00:41:13,040
Speaker 1: as you recall in when the pandemic hit in just

757
00:41:13,120 --> 00:41:17,439
Speaker 1: given the massive amount of uncertainty around the expectations of

758
00:41:17,480 --> 00:41:19,720
Speaker 1: what that would mean for credit, we saw the banks

759
00:41:19,760 --> 00:41:26,920
Speaker 1: take really sizeable provisions and now we've seen those released

760
00:41:26,920 --> 00:41:29,279
Speaker 1: and so that's that's a bigger number than we had

761
00:41:29,280 --> 00:41:32,360
Speaker 1: expected for the fourth quarter. Um Again, a lot of

762
00:41:32,360 --> 00:41:35,440
Speaker 1: that relates to accounting, but it is a positive signal

763
00:41:35,880 --> 00:41:38,880
Speaker 1: that the economy is good and that their customers are healthy.

764
00:41:39,000 --> 00:41:41,880
Speaker 1: So so that's a good thing, all right. Bloomberg Intelligence

765
00:41:41,880 --> 00:41:44,480
Speaker 1: Senior analyst Alison Williams will let you get back to

766
00:41:44,600 --> 00:41:48,560
Speaker 1: parsing those headlines from JP Morgan, Chase and Wells Fargo

767
00:41:48,920 --> 00:41:52,760
Speaker 1: as they continue across the Bloomberg terminal. Also stick around

768
00:41:52,800 --> 00:41:55,719
Speaker 1: with Bloomberg Radio throughout the day. We're expecting results from

769
00:41:55,719 --> 00:41:57,839
Speaker 1: City Group in just about an hour, as well as

770
00:41:57,920 --> 00:42:01,520
Speaker 1: fourth quarter bank earning season and really gets rolling here

771
00:42:01,800 --> 00:42:05,240
Speaker 1: and just checking the shares ahead of the open. Wells

772
00:42:05,239 --> 00:42:08,160
Speaker 1: Fargo being rewarded with a gain of one point six

773
00:42:08,239 --> 00:42:12,600
Speaker 1: percent in early trading, while JP Morgan is lower after

774
00:42:12,680 --> 00:42:16,800
Speaker 1: its results just beat analyst estimates on the top line,

775
00:42:17,160 --> 00:42:20,120
Speaker 1: but fixed sales and trading came in with a miss.

776
00:42:20,200 --> 00:42:23,720
Speaker 1: JP Morgan shares down right now one in the third percent.

777
00:42:24,120 --> 00:42:26,959
Speaker 1: As for the broader market, SMP futures are little change

778
00:42:27,040 --> 00:42:30,480
Speaker 1: Dow futures up thirty five points. Danstack futures are down

779
00:42:30,960 --> 00:42:34,120
Speaker 1: twenty points. The tenure Treasury is down ten thirty seconds,

780
00:42:34,160 --> 00:42:38,720
Speaker 1: the yield one point seven three percent. Much more analysis

781
00:42:38,760 --> 00:42:41,440
Speaker 1: of the bank earnings and more coming up on Bloomberg

782
00:42:41,520 --> 00:42:46,719
Speaker 1: Surveillance straight Ahead for Karen Moscow. I'm Nathan Hagar, Happy Friday.

783
00:42:47,719 --> 00:42:48,719
Speaker 1: This is Bloomberg