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Speaker 1: Live from the Bloomberg Interacted Burger Studios. This is Bloomberg

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Speaker 1: Daybreak for Wednesday, May eleven two. Coming up this hour,

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Speaker 1: investors brace for this morning's reading on inflation. President Biden

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Speaker 1: plans to announce new measures to combat rising food costs.

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Speaker 1: Lisa Cook will be the first black woman on the

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Speaker 1: Fed's Board of Governors, and Elon Musk says he would

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Speaker 1: reverse Twitter's van of Donald Trump New York City, boost

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Speaker 1: police presence on subways as assaults increase. Plus the Senate

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Speaker 1: votes today on an abortion rights bill. I'm Michael Blarner.

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Speaker 1: More ahead, I'm John Stash, Aaron Sports, Aaron Judge, the

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Speaker 1: ninth Inning Hero and a thrilling Yankee win over the

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Speaker 1: Blue Jays the Mets one in Washington. That's all trended

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

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

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Speaker 1: Bloomberg nine sixties, San Francisco, Syrius Exam one nineteen and

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

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Speaker 1: via the Bloomberg Business App. Good Morning, I'm Nathan Hager,

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Speaker 1: and I'm Karin Moscow. US DOT Index future is on

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Speaker 1: the rise this morning. We're coming up to six o

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

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Speaker 1: fifteen minutes throughout the trading day. On Bloomberg. Right now,

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Speaker 1: SNP futures are at forty four points down futures have

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Speaker 1: two hundred eighty eight and Nastack futures have one hundred

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Speaker 1: sixty two. The decks in Germany's have one percent. The

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Speaker 1: ten year treasury of fourteen thirty seconds held two point

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Speaker 1: nine three percent. That yield on a two year two

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Speaker 1: point five nine percent. Nine X Screwed oil is up

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Speaker 1: three and a quarter percent of three dollars twenty five

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Speaker 1: cents at a hundred two dollars ninety six cents a

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Speaker 1: barrel call makes gold up half percent or ten dollars

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Speaker 1: at eighteen fifty one and ounce. The euro one point

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Speaker 1: oh five six one against the dollar, and the British

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Speaker 1: pound is at one point to three seven four. Nathan

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Speaker 1: Countdown is on Karen for the latest reading on inflation.

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Speaker 1: In less than two and a half hours, the government

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Speaker 1: issues the consumer price index for April, with inflation running

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Speaker 1: at its fastest pace in decades, and Kates has a

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Speaker 1: preview from our Bloomberg newsroom in Washington. In March, the

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Speaker 1: CPI rose eight point five percent year over year, the

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Speaker 1: most since nineteen eighty and yet Bloomberg Economics says the

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Speaker 1: run up probably slowed in April, reflecting a drop and

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Speaker 1: seasonally adjusted gasoline prices, but the climb down from the

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Speaker 1: forty year high inflation will be stubbornly slow. Bloomberg says

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Speaker 1: the inflation rate won't dip below seven percent until late

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Speaker 1: in the year, keeping the Federal Reserve committed to higher

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Speaker 1: interest rates. In Washington and Kate's Bloomberg Daybreak, right and

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Speaker 1: thank you all, That inflation report could have a major

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Speaker 1: impact on Fed policy, but for now, Cleveland FED President

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Speaker 1: Larettamester says she favors steady fifty basis point rate increases.

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Speaker 1: We don't go out seven five forever, right. I mean,

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Speaker 1: what I'm gonna do is I think fifty the caves

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Speaker 1: were going now seems about right to me. We're going

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Speaker 1: to have to assess whether inflation is actually moving down,

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Speaker 1: and then we'll be able to get more information after

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Speaker 1: we do a couple of those to see. Cleveland Fed

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Speaker 1: President Loretta Master made the comments in an interview with

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Speaker 1: Bloomberg's Michael McKee and Karen Mester is soon going to

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Speaker 1: have help in the battle against inflation. The Fed is

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Speaker 1: now welcoming its first black woman to the Board of Governors.

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Speaker 1: We get more on that from Bloomberg Stug Prisoner economist

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Speaker 1: Lisa Cook. One Senate confirmation by the narrowest possible margin

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Speaker 1: vote reflects a tie breaking appearance by Vice President Kamala Harris.

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Speaker 1: The vote had been delayed by virus cases among Democrats.

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Speaker 1: Cook had faced a United Gop campaign against her. The

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Speaker 1: top Republican on the Senate Banking Committee, Pat Toomey of Pennsylvania,

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Speaker 1: dismissed her record as thin on monetary policy, and he

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Speaker 1: charged her withholding far left political views that risk politicizing

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Speaker 1: the Central Bank. In New York Time, Doug Prisoner Bloomberg

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Speaker 1: day break. All right, Doug, thank you all at the

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Speaker 1: White House today, new measures are coming to help cut costs,

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Speaker 1: specifically for farmers and Bloombergs. Amy Morris explains from our

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Speaker 1: newsroom in Washington. President Biden wants to undercut the rising

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Speaker 1: cost of food. Ukraine has twenty million tons of grain

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Speaker 1: in stories and silos right now to try and figure

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Speaker 1: out how to get out of the country into market,

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Speaker 1: which would reduce prices around the world. Among the new

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Speaker 1: initiatives double cropping insurance, which gives farmers more coverage if

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Speaker 1: they plant more than one crop. The US will double

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Speaker 1: its investment and domestic fertilizer production to a half billion dollars,

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Speaker 1: and tools used by the USDA to reduce the use

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Speaker 1: of fertilizer will be extended to more farms In Washington,

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Speaker 1: I'm anymore as Bloomberg Daybreak, All right, Amy, thanks, Let's

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Speaker 1: turn to Asia now. Our inflation is also in focus.

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Speaker 1: China's factory gate prices rose faster than expected in April,

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Speaker 1: and factory prices aren't the only ones on the rise,

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Speaker 1: as we hear from Bloomberg Daybreak Asia anchor Brian Curtis,

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Speaker 1: and consumer prices rose again. The CPI accelerated two point

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Speaker 1: one percent, faster than a projected one point eight percent gain.

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Speaker 1: The COVID lockdowns drove food and fuel costs higher. In

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Speaker 1: the meantime, producer prices gained eight percent from a year earlier,

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Speaker 1: compared to eight point three percent in March. It two

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Speaker 1: was a little hotter than the estimate. Brian Curtis, Bloomberg Daybreak,

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Speaker 1: Hey Brian, thank you all back here in the US.

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Speaker 1: Earnings will also be in the spotlight when Disney reports

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Speaker 1: this afternoon, and we get a preview from Bloombery's Tom Busby.

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Speaker 1: Although the Entertainment Giants theme park division has been firing

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Speaker 1: on all cylinders, along with most of its media businesses,

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Speaker 1: analysts are a little concerned that the just completed second

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Speaker 1: quarter maybe the slowest of the year for subscriber growth

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Speaker 1: at the Disney Plus TV streaming service. Still forecast call

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Speaker 1: for a solid one hundred thirty four point four million subscribers.

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Speaker 1: Bloomberg consensus goals were just at earnings per share of

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Speaker 1: a dollar eighteen revenues of just over twenty point one

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Speaker 1: billion dollars. Tom Busby, Bloomberg Daybreak, All right, Tom, Thanks.

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Speaker 1: Let's take a look at some stocks on the move

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Speaker 1: following yesterday's earning. Shares of coin Base are down seventeen

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Speaker 1: percent in early trading. Revenue at the cryptocurrency exchange missed estimates,

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Speaker 1: and coin Bases also warning trading volume in the current

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Speaker 1: quarter will be lower. Roadblocks shares are now a little changed.

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Speaker 1: They did fall as much as four percent earlier. The

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Speaker 1: video game platform aimed at preteens and teenagers that surged

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Speaker 1: during the pandemic reported bookings that missed estimates well. Twitter

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Speaker 1: also front and center Nathan Afer comments from Elon Musk,

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Speaker 1: the world's richest man, says he would reverse former President

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Speaker 1: Donald Trump's permanent ban if he takes control of the company.

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Speaker 1: Panning Trump from Twitter didn't end Trump Voice, it will

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Speaker 1: amplify it among the rights and this is why it

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Speaker 1: is morally wrung and flat out stupid, Elon Musk said,

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Speaker 1: as he believes Twitter has overstepped policing users speech and

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Speaker 1: wants to push it toward a more free speech focused approach.

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Speaker 1: And finally, Karen, let's fill you in on the latest

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Speaker 1: on the war in Ukraine. The fighting is now starting

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Speaker 1: to affect physical gas supplies. Ukraine's gas network operator says

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Speaker 1: it will stop receiving fuel at one of its main

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Speaker 1: metering stations because it can't control the infrastructure and territories

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Speaker 1: occupied by Russia. Meantime, in Washington, the House has passed

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Speaker 1: more than forty billion dollars in emergency aid to Ukraine.

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Speaker 1: The Senate is likely to approve the measure next week.

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Speaker 1: Looking ahead to the market. Open futures are moving higher,

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Speaker 1: with SMP futures up thirty eight points, Staff futures up

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Speaker 1: tun in fifty five, NASTAC futures higher by a hundred

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Speaker 1: forty points again at one point one percent. The tenure

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Speaker 1: Treasury is up fourteen thirty seconds. Yield on the tenure

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Speaker 1: two point nine Straight ahead your latest local headlines, plus

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Speaker 1: a check of sports. This is Bloomberg. That's now six

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Speaker 1: oh seven on Wall Street. Were fifty five degrees in

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Speaker 1: Central Park. Got an accident on the eastbound belt Parkway

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Speaker 1: at Springfield Road. To keep that in mind if you're

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Speaker 1: headed to Kennedy Airport. Michael Barr has more on what's

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Speaker 1: going on in New York and around the world. Good morning, Michael,

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Speaker 1: Good morning Nathan. The Senate is expected to vote on

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Speaker 1: protecting abortion rights. It comes in the wake of elite

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Speaker 1: Supreme Court opinion suggesting the majority would overturn Roe v. Wade.

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Speaker 1: Today's vote is almost certain to fail, but Majority Leader

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Speaker 1: Chuck Schumer wants to put senators on the record about it.

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Speaker 1: Senate Minority Leader Mitch McConnell, Mr. Preme Court. If this

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Speaker 1: becomes the decision, as obviously said, this is ripe for

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Speaker 1: discussion in democratic bodies. We happen to be a democratic body.

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Speaker 1: Shumer is proving that by having us quote on it.

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Speaker 1: Senator Mitch McConnell. Governor Kathy Local has announced that New

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Speaker 1: York will make thirty five million dollars available to help

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Speaker 1: abortion providers boost services and security. In Connecticut, Governor Ed

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Speaker 1: Lamont signed a new abortion bill into law that he

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Speaker 1: says expands abortion access. When you're ready to be pregnant,

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Speaker 1: whether you're ready to have that baby, we're doing everything

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Speaker 1: we can to support you. That means we're providing pre

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Speaker 1: natal support and support after birth. Governor Lamont called it

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Speaker 1: a fundamental freedom issue that is being challenged by the

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Speaker 1: Supreme Court. It's a split for Donald Trump. Back to

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Speaker 1: candidates and yesterday's primaries, Representative Alex Mooney, endorsed by Trump,

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Speaker 1: defeated Representative David McKinley in the GLP primary for West

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Speaker 1: Virginia's second congressional district. When he spoke to his supporters

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Speaker 1: in Charleston, Donald trumps West Virginia and West Virginia loves

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Speaker 1: Mooney one to thirty eight percent. Republican voters in Nebraska

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Speaker 1: picked Jim Pillen as their nominee for governor. Pilling beat

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Speaker 1: eight other rivals, including businessman Charles Herbster, who faced groping

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Speaker 1: allegations from several women. An NYPD officer was released from

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Speaker 1: the hospital after he was shot last night in the

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Speaker 1: Claremont section of the Bronx. The suspected gunman was killed.

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Speaker 1: New York City subway writers will see more uniform police

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Speaker 1: officers on the trains overnight and for longer stretches of

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Speaker 1: time to find an increase in crime. Police say seventy

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Speaker 1: percent of subway crimes are happening on trains and platforms.

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

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Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

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Speaker 1: journalists and analysts and more than one hundred twenty countries.

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Speaker 1: I'm Michael Barren. This is Bloomberg, Nathan. Thanks Michael. Six

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Speaker 1: o nine on Wall Street. Time for the Bloomberg Sports

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Speaker 1: Update with Johns A shower, All right, Nathan, High drama

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Speaker 1: and the Bronx. Yankees had to come from behind twice.

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Speaker 1: They trailed the Blue Jay's three nothing. In the sixth

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Speaker 1: Todaint John Carlos Stanton tied the game of the three

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Speaker 1: run homer down the line in right field, Toronto went

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Speaker 1: back ahead five three Yanks had two on one out.

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Speaker 1: Bottom of the night. Here's a hit here to deep glintfield.

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Speaker 1: C goes high. It is far, it is gone. It's

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Speaker 1: a game. Winnings book up three run home run by

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Speaker 1: Aaron Judge. He hitted a mile and a half in

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Speaker 1: the look field seat on w f A n Yanks

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Speaker 1: one six spots and they go to twenty one and eight,

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Speaker 1: just as the Mets and proved of twenty one and ten.

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Speaker 1: They trailed sixty. The Washington scored three times, beat the

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Speaker 1: Nationals for to two, the Angels with their twenty one

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Speaker 1: when there was a no hitter by twenty two year

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Speaker 1: old rookie Read Debtoner's against Tampa Bay just is eleventh

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Speaker 1: career start his career e r A entry. The game

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Speaker 1: was over six and a near no hitter for thirty

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Speaker 1: nine year old Justin Verland if he lost it with

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Speaker 1: one out. In the eighth blowout to the NBA, Phoenix

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Speaker 1: beat Dallas by thirty Miami be in Philadelphia by thirty five.

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Speaker 1: Both teams go up three to Both series has seen

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Speaker 1: the home team win every game NBA Hall of Famer

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Speaker 1: Bob Lanier has died at seventy three and eight time

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Speaker 1: All Star with the Detroit Pistons goors. Just Durkin named

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Speaker 1: a finalist for the Vesana Trophy that goes to the

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Speaker 1: NHL's best goalie. He may very well win the award,

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Speaker 1: but will he play like a Bezana winner tonight at

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Speaker 1: the Garden. Just played three periods in Pittsburgh and gave

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Speaker 1: up ten goals as Durkin and the Rangers now faced elimination,

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Speaker 1: trailing the Penguins three to one. Gave five wins last

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Speaker 1: night for Carolina, Toronto, St. Louis and Los Angeles. John

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Speaker 1: stash Award Bloomberg Sports, Nathan all Right, John Thanks p

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Speaker 1: future is now up thirty eight points, Staff futures up

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Speaker 1: two undred fifty seven, nastack futures higher by one thirty

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Speaker 1: the release of the April Consumer Price Index, it's expected

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Speaker 1: to show us slow down in inflation. We have a

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Speaker 1: Bloomberg big take coming up on the city in the

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Speaker 1: US that is dealing with double agent inflation. Right now,

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Speaker 1: and I'm Karen Moscow. US stock index futures and European

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Speaker 1: shares are rising as investors a way to key inflation

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Speaker 1: or for engage whether the Fed's efforts attainment inflation and

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Speaker 1: the world's largest economy are working. We check the markets

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Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg SMP

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Speaker 1: future is up thirty eight points down futures of two

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Speaker 1: hundred forty seven nodsday futures of one forty one The

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Speaker 1: your treasury up thirteen thirty seconds, yield two point nine

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Speaker 1: three percent. Yield on a two year two point five

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Speaker 1: nine percent, nine x screwed oil is up three point

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Speaker 1: one percent of three dollars thirteen cents and a hundred

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Speaker 1: two dollars eighty nine cents of barrel callmics gold up

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Speaker 1: eighteen fifty one fifty announced. The Euro one point five

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Speaker 1: six five, the n is at one point eight five,

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Speaker 1: and Bigcoin this morning of three percent at thirty one thousand,

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Speaker 1: nine hundred dollars. Today we are watching for the consumer

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Speaker 1: press and nex is at eight thirty Wall Street time,

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Speaker 1: and disease among companies go to report earnings today. That's

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Speaker 1: a Bloomberg business flash. Now here's Michael Barrow with more

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Speaker 1: on what's going on around the world. Michael Karen, thank

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Speaker 1: you very much. It's a split decision for Trump backed

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Speaker 1: candidates and two GOP primaries. Yesterday, Representative Alex Mooney, endorsed

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Speaker 1: by the former president, won the primary to represent West

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Speaker 1: Virginia's second district for Congress. In Nebraska, Jim pill And

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Speaker 1: beat eight other candidates in the Republican Mary for governor.

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Speaker 1: Pilling beat Trump candidate Charles Herbster who is accused of

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Speaker 1: groping several women. In a rare bipartisan moment, the House

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Speaker 1: has passed a nearly forty billion dollar military and humanitarian

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Speaker 1: aid package for Ukraine. In baseball, the Yankees, Red Sox,

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Speaker 1: Orioles and Giants won. The Mets beat the Nationals. The

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Speaker 1: A split a double header with the Tigers. Angels. Rookie

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Speaker 1: Read Detmer's pitched a no hitter. In the NHL Playoffs,

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Speaker 1: the Bruins lost to the Hurricanes. Now Boston is behind

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Speaker 1: in that series three games to two. Global News twenty

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Speaker 1: four hours a day on airand on Bloomberg Quick Take

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Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberg.

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Speaker 1: This is the Big Take, the best of Bloomberg's in

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Speaker 1: depth original reporting from around the globe. This is a

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Speaker 1: really fascinating story that has caused a lot of outrage

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Speaker 1: among investors. This is so fascinating. A market shutdown in

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Speaker 1: a way it's never done before. That's gonna have consequences

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Speaker 1: for years to come. The Big Take on Bloomberg Radio,

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Speaker 1: Oh It's next twenty On Wall Street Life from the

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Speaker 1: Bloomberg Interacted Broker Studios. This is Bloomberg Daybreak, and our

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Speaker 1: big Take story this morning is on inflation, not just

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Speaker 1: the Consumer Price Index coming out in just about two hours.

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Speaker 1: But even if cp I falls, it's going to be

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Speaker 1: cold comfort for the residents of the city with the

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Speaker 1: highest inflation in the country, Midland, Texas. Catcha. Dmitrieva is

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Speaker 1: with us now for more on this big Take story.

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Speaker 1: She wrote it on the Bloomberg Terminal, US economics reporter

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Speaker 1: for Bloomberg News. Catchya, good morning. I think a lot

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Speaker 1: of listeners might remember Midland, Texas best as a former

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Speaker 1: president George W. Bush's hometown, but the people who live

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Speaker 1: there now are dealing with price pressures the likes of

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Speaker 1: which the rest of the country doesn't even know why.

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Speaker 1: That's right. I think the big takeaway here is that

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Speaker 1: Midland is quite remote, so it's about a four hour

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Speaker 1: drive to Dallas, for example, or the next major city,

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Speaker 1: and so because of them more remote nature, it's just

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Speaker 1: harder to get stuff. It's harder to get goods, there

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Speaker 1: are fewer options to get those goods, and so all

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Speaker 1: of these issues that you know across the country, and

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Speaker 1: really the globe have contributed to inflation. Supply chain shortages, UH,

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Speaker 1: factory closures and just um a kind of shortage of

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Speaker 1: workers and key industries. All of those things are just

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Speaker 1: exacerbated in Midland. And so you have situation where Midland

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Speaker 1: has had around ten percent sometimes higher UH consumer price

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Speaker 1: index locally every month. That's compared to about eight percent

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Speaker 1: and eight point one percent according to the data we're

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Speaker 1: going to get today UM for April. So this is UH.

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Speaker 1: This is a town that has really been living with

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Speaker 1: this high inflation for the past two years. UM, not

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Speaker 1: just the past two months, not just the past year

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Speaker 1: or since the economy starts to reopen post pandemic UM.

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Speaker 1: It really has experienced it for the past two years.

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Speaker 1: And that everything from groceries to UM electricity bills. I

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Speaker 1: spoke with some folks who had their uptrust see bill

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Speaker 1: either double or triple. Grocery bills are are more expensive

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Speaker 1: no matter where you go, no matter the grocery store, UM,

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Speaker 1: you know, at the gas station. Things are more expensive.

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Speaker 1: So it really hits them in all all all parts

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Speaker 1: of their lives. Yeah, it really hits home. In the story.

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Speaker 1: When you talk about sticky notes getting put up at

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Speaker 1: grocery store aisles because the prices changed seemingly from day

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Speaker 1: to day. I mean, what is it like for the people,

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Speaker 1: not just who are living under these kind of price pressures,

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Speaker 1: but the businesses that have to deal with it. I

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Speaker 1: know you talked with some business owners as well. Yeah,

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Speaker 1: it's um, it's sort of like the sticky note in

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Speaker 1: the menu, but just with a lot more zeros out

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Speaker 1: of do it Jesus. So you know, I spoke with

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Speaker 1: one UM one business owner, Bo Garrison, who owns the

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Speaker 1: dirt works companies, so he basically relies on big equipment trucks. UM,

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Speaker 1: and he talked to his representative from Caterpillar. They said, listen,

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Speaker 1: this one type of equipment you need, we're not going

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Speaker 1: to have it. We can put you on a waiting list,

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Speaker 1: and we're making a wish list for our top clients,

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Speaker 1: but we're sorry, we just can't get to you. UM.

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Speaker 1: And then you talked to another rep and at a

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Speaker 1: Mexican restaurant, of course, and you know they were talking

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Speaker 1: about how they don't have any four DUP two fifties

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Speaker 1: for him until three So these are things that will

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Speaker 1: contribute to higher costs, you know. Now he has to

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Speaker 1: rent equipment. If it breaks down, he needs to maybe

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Speaker 1: buy a second hand somewhere else and get it, get

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Speaker 1: it trucked in or something like. These are things that

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Speaker 1: businesses are dealing with on a constant, moving daily basis,

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Speaker 1: having these conversations, and that sometimes means passing on contract.

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Speaker 1: So you're presented with a piece of work and if

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Speaker 1: a tall Ot oil company or the company you're working with, no,

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Speaker 1: I'm sorry, I can't because you know what, either don't

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Speaker 1: have the people, no matter how high my wages are,

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Speaker 1: or I just don't have the equipment to do it.

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Speaker 1: We only were about thirty seconds left here caught you.

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Speaker 1: But I guess this points to the limitations of FED

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Speaker 1: policy to turn these kinds of pressures around. And that's

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Speaker 1: exactly it. There's a there's a huge disconnect. I mean,

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Speaker 1: the FED has high interest rates, they are planning on

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Speaker 1: continuing on that pace for future meetings, but that is

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Speaker 1: not going to do very much for supply chain shortages

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Speaker 1: um And it's really enough to address the underlying causes

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Speaker 1: UM and it's not going to change prices, most likely

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Speaker 1: for places like Midlands. Well, it's good to have you

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Speaker 1: on to talk more about this thanks for coming on

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Speaker 1: with us. Cotta Dmitrieva, us economics reporter for Bloomberg News,

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Speaker 1: with the Big Take story on Midland, Texas, the hardest

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Speaker 1: hit town when it comes to inflation, dealing with nearly

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Speaker 1: ten percent. You're over your inflation over the last six months.

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Speaker 1: Read much more about it at Bloomberg Big Take. It's

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Speaker 1: a Bloomberg dot Com slash, Big Take Online or NI

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Speaker 1: Big Take go on the Bloomberg terminal. S ANDP futures

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Speaker 1: right now are up thirty eight points, Staff futures up

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Speaker 1: two forty four and nastac features highed by a hundred

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Speaker 1: forty points. This is Bloomberg. Bloomberg eleven three oh weather sunny,

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Speaker 1: upper sixties today, mostly sunny with a high near seventy tomorrow,

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Speaker 1: will be near seventy on Friday with a chance for showers.

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Speaker 1: Right now, it's fifty five and clear in Central Park.

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Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.

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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 Hager

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

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Speaker 1: away from the open of US trading time for the

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Speaker 1: five things you need to know to start your day.

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Speaker 1: Out to you by Interactive Brokers. Global Analysts helps you

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Speaker 1: find you global investment opportunities to diversify your portfolio and

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Speaker 1: discover undervalued companies that they have greater growth potential. Try

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Speaker 1: ibk our Global Analysts today at ibkr dot com slash

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Speaker 1: g A. First, we soon get the latest reading on inflation.

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Speaker 1: The April Consumer Price Index will be released at eight

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Speaker 1: thirty Wall Street time. Nathan Sheets, chief Global Economists with

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Speaker 1: City Group, says high commodity prices and supply chain pressures

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Speaker 1: could lead to more persistent inflation. Looking under the hood

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Speaker 1: is going to be critical. We're expecting a zero point

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Speaker 1: four percent month to month read for core, somewhat lower

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Speaker 1: for headline, but when I look at underlying components, I

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Speaker 1: just have a hard time being too optimistic about the

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Speaker 1: inflation outlook. City Group Chief Global Economists Nathan Sheets expects

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Speaker 1: inflation to gradually decline this year, even if it hasn't

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Speaker 1: peaked yet. Well April CPI numbers caring to likely to

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Speaker 1: affect how the Fed titans monetary policy. Cleveland FED President

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Speaker 1: Loretta Mester says the path to two percent inflation will

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Speaker 1: be painful, that unemploying may have to rise. We make

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Speaker 1: it another quarter of or two of negative growth, but

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Speaker 1: that has to happen in order to get inflation down.

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Speaker 1: So we are tightening financial conditions and we're going to

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Speaker 1: continue doing that until we see inflation moving back down.

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Speaker 1: Cleveland FED President Loretta Mester tells Bloomberg's Michael McKee she

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Speaker 1: would not rule out a hike of seventy five basis

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Speaker 1: points this year. Well. In Asia, Nathan, inflation is also

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Speaker 1: in focus. China's factory gate prices rose faster than expected

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Speaker 1: in April and cp I exceeded projections. COVID lockdowns are

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Speaker 1: blamed for higher food and fuel prices, and earning season

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Speaker 1: is and over just Jet Karen Disney reports this afternoon.

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Speaker 1: Bloomberg Intelligence expects streaming subscriber growth will slow, but it

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Speaker 1: also expects strong performance from Disney's domestic parks well Now,

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Speaker 1: turning to Twitter and Elon Musk, speaking at a conference yesterday,

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Speaker 1: the world's richest man says he would reverse for President

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Speaker 1: Donald Trump's permanent ban if he takes control of a company.

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Speaker 1: Musk also said he is not sure Trump would even

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Speaker 1: return to the platform. He has publicly stated that he

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Speaker 1: will not be coming back to Twitter um and that

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Speaker 1: he will only be on truth Social and Elon Musk

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Speaker 1: called Trump's band morally wrong and quote flat out stupid

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Speaker 1: and as the five things you need to notice start

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

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Speaker 1: Higher this morning, s and P futures at forty four

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Speaker 1: points and straight ahead your latest local headlines plus a

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Speaker 1: check of sports and this is Bloomberg. Thanks Karen. Six

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Speaker 1: Wall Street fifty five degrees in Central Park. Still dealing

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Speaker 1: with the accident on the eastbound Belt Parkway at Springfield Boulevard.

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Speaker 1: Heads up if you're heading to JFK. Michael Barr has

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Speaker 1: more on what's going on in New York and around

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Speaker 1: the world. Michael, Good morning, Good morning, Nathan. The Senate

430
00:23:53,040 --> 00:23:55,120
Speaker 1: is expected to vote today on a bill that would

431
00:23:55,160 --> 00:23:59,320
Speaker 1: qunify abortion rights into federal law. Bloomberg's and Baxter as

432
00:23:59,359 --> 00:24:02,320
Speaker 1: the story. Passage is a long shot, but sent up.

433
00:24:02,359 --> 00:24:05,280
Speaker 1: Majority Leader Chuck Schumer says he wants every Senator on

434
00:24:05,320 --> 00:24:08,240
Speaker 1: the record for all to see. Sent up. Minority Leader

435
00:24:08,240 --> 00:24:11,440
Speaker 1: Mitch McConnell says, actually, that's exactly what the leak Supreme

436
00:24:11,440 --> 00:24:15,680
Speaker 1: Court opinion suggested a vote. But historically there have been

437
00:24:16,400 --> 00:24:20,040
Speaker 1: abortion votes on the floor of the Senate, none of

438
00:24:20,080 --> 00:24:23,680
Speaker 1: them have achieved six vote. McConnell says, go ahead, take

439
00:24:23,680 --> 00:24:26,920
Speaker 1: the vote. Schumer says, if by some chance Republicans take

440
00:24:26,960 --> 00:24:29,360
Speaker 1: control of the Congress, it could mean a total federal

441
00:24:29,440 --> 00:24:32,879
Speaker 1: ban on the table in San Francisco, I'm at Baxter

442
00:24:32,880 --> 00:24:35,960
Speaker 1: Bloomberg day Break. New York Governor Kathy Okol has announced

443
00:24:36,000 --> 00:24:39,359
Speaker 1: that the state will make thirty five million dollars available

444
00:24:39,520 --> 00:24:44,440
Speaker 1: to help abortion providers boost services and security. In Connecticut,

445
00:24:44,480 --> 00:24:47,080
Speaker 1: Governor Need Lamott signed a new abortion building the law

446
00:24:47,160 --> 00:24:51,359
Speaker 1: that he says expands abortion access. Everybody talking about freedom.

447
00:24:51,440 --> 00:24:54,480
Speaker 1: This is a fundamental freedom issue is being challenged by

448
00:24:54,520 --> 00:24:58,600
Speaker 1: the Supreme Court. Fundamental Governor Lamont also says the state

449
00:24:58,680 --> 00:25:02,000
Speaker 1: is providing pre native will support and support after birth.

450
00:25:02,480 --> 00:25:05,040
Speaker 1: It's a split decision for Donald Trump candidates and to

451
00:25:05,240 --> 00:25:10,520
Speaker 1: GOP primaries. Yesterday, Representative Alex Mooney endorsed by the former

452
00:25:10,560 --> 00:25:15,440
Speaker 1: president one over fellow Representative David McKinley in West Virginia.

453
00:25:15,880 --> 00:25:19,040
Speaker 1: Mooney is now poised to represent the state's second district

454
00:25:19,160 --> 00:25:22,560
Speaker 1: in the next Congress. Republican voters in Nebraska picked Jim

455
00:25:22,600 --> 00:25:25,800
Speaker 1: Pillin as their nominee for governor. Pillin beat eight rivals,

456
00:25:25,840 --> 00:25:29,480
Speaker 1: including Charles Herbster, who was supported by former President Trump

457
00:25:29,560 --> 00:25:33,280
Speaker 1: and accused of groping multiple women. New York Congressman Tom

458
00:25:33,320 --> 00:25:36,480
Speaker 1: Reid is resigning, leaving an office more than seven months

459
00:25:36,680 --> 00:25:39,840
Speaker 1: before the end of his term. Reid said last year

460
00:25:39,880 --> 00:25:42,560
Speaker 1: that he would not seek re election after he was

461
00:25:42,600 --> 00:25:46,280
Speaker 1: accused of sexual misconduct, but he announced in a speech

462
00:25:46,320 --> 00:25:48,080
Speaker 1: on the floor of the U. S House yesterday and

463
00:25:48,080 --> 00:25:50,480
Speaker 1: that he was stepping down. New Yorkers will have to

464
00:25:50,480 --> 00:25:53,479
Speaker 1: wait until August of vote in the primary elections for

465
00:25:53,640 --> 00:25:57,879
Speaker 1: US representatives rather than June. A federal judge proved it.

466
00:25:58,200 --> 00:26:02,200
Speaker 1: The congressional primaries being put back after new Democrat drawn

467
00:26:02,280 --> 00:26:06,560
Speaker 1: district maps were deemed unconstitutional by New York High Court

468
00:26:06,840 --> 00:26:09,400
Speaker 1: and look for more police officers in New York City

469
00:26:09,440 --> 00:26:13,520
Speaker 1: subways overnight and for longer stretchers of time to find crime.

470
00:26:13,840 --> 00:26:16,040
Speaker 1: Global News twenty four hours a day on air and

471
00:26:16,160 --> 00:26:18,680
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven

472
00:26:18,760 --> 00:26:21,280
Speaker 1: hundred journalists analysts more than a hundred twenty countries. I'm

473
00:26:21,320 --> 00:26:28,600
Speaker 1: Michael Barb. This is Bloomberg, Nathan. Thanks Michael. Almost six

474
00:26:28,640 --> 00:26:30,960
Speaker 1: thirty six on Wall Street. Time for the Bloomberg Sports

475
00:26:31,080 --> 00:26:33,639
Speaker 1: Day with John Stashow. All right, Nathan. The Yankees keith winning.

476
00:26:33,640 --> 00:26:36,479
Speaker 1: They made it fourteen the last sixteen, even when trailing

477
00:26:36,560 --> 00:26:39,040
Speaker 1: by two runs and down to their last two outs.

478
00:26:39,080 --> 00:26:42,080
Speaker 1: Aaron Judge with a game winning walk off three run

479
00:26:42,119 --> 00:26:44,400
Speaker 1: homer a bottom of the night, the thrilling six five

480
00:26:44,440 --> 00:26:46,640
Speaker 1: win over the Blue Jays at Stadium. John Carlos Stanton

481
00:26:46,880 --> 00:26:48,520
Speaker 1: had hit a three run shot in the sixth. Then

482
00:26:48,640 --> 00:26:51,040
Speaker 1: the Yankster now a Major League best twenty one and eighth.

483
00:26:51,040 --> 00:26:53,480
Speaker 1: They've got a twelve thirties start with the Blue Jays today.

484
00:26:53,520 --> 00:26:55,800
Speaker 1: The Mets are National League best one and ten. They

485
00:26:55,840 --> 00:26:58,480
Speaker 1: trailed in Washington Rally. They went for to two behind

486
00:26:58,480 --> 00:27:01,520
Speaker 1: Carlos Carrasco. The Mets may needed five pitchers for their

487
00:27:01,520 --> 00:27:04,119
Speaker 1: no hitter last month, and Angels rookie last night it

488
00:27:04,240 --> 00:27:07,280
Speaker 1: had all by himself. And here's the next delivery. It's

489
00:27:07,359 --> 00:27:10,399
Speaker 1: chapter short. This should do it. The throw the first

490
00:27:11,040 --> 00:27:16,560
Speaker 1: no hitter. It's a no hitter. Thread divers in justice.

491
00:27:16,800 --> 00:27:20,600
Speaker 1: You haven't major league start. It's is a new hitter.

492
00:27:21,000 --> 00:27:24,360
Speaker 1: That's the third chief in Angels history. He la Hey

493
00:27:24,400 --> 00:27:27,000
Speaker 1: Toy called twelve nothing over Tampa Bay. The Angels out

494
00:27:27,080 --> 00:27:30,320
Speaker 1: hit the Raise eighteen to nothing. Debt verses twenty two,

495
00:27:30,400 --> 00:27:32,359
Speaker 1: youngest to throw a no hitter since two thousand six.

496
00:27:32,680 --> 00:27:35,160
Speaker 1: Home Cooking in the NBA To Series, where the home

497
00:27:35,160 --> 00:27:37,919
Speaker 1: teams won every game and the game five were blowouts.

498
00:27:37,920 --> 00:27:41,800
Speaker 1: Phoenix bet Dallas by thirty Miami be Philadelphia by thirty five.

499
00:27:41,880 --> 00:27:44,639
Speaker 1: The winners go up three to four game fives. In

500
00:27:44,640 --> 00:27:47,640
Speaker 1: the NHL Carolina B Foston home teams won every game

501
00:27:47,640 --> 00:27:50,480
Speaker 1: there Toronto in the late Austin Matthews go rallied past

502
00:27:50,600 --> 00:27:52,600
Speaker 1: Tampa Bay St. Louis three and the third to win

503
00:27:52,600 --> 00:27:55,359
Speaker 1: in Minnesota in l a and overtime at Edmonton. The

504
00:27:55,400 --> 00:27:58,240
Speaker 1: winning teams all up three to two. The Penguins lead

505
00:27:58,280 --> 00:28:01,280
Speaker 1: the Rangers three one game five tonight at the Garden.

506
00:28:01,320 --> 00:28:03,920
Speaker 1: Does the Ranger season end or can they at least

507
00:28:03,920 --> 00:28:06,440
Speaker 1: force the game six? Back in pitch arter John stashually

508
00:28:06,480 --> 00:28:10,680
Speaker 1: were bloombirds are? John thinks sixty seven on Wall Street

509
00:28:10,680 --> 00:28:12,199
Speaker 1: Time to take a look at stocks and some of

510
00:28:12,200 --> 00:28:14,960
Speaker 1: the names moving in the pre market. Bloomberg Radio and

511
00:28:15,000 --> 00:28:18,440
Speaker 1: TV Markets correspondent Crety Gupta is with us this morning

512
00:28:18,480 --> 00:28:22,480
Speaker 1: taking a look at stocks on the move on earnings, creating, Yeah,

513
00:28:22,480 --> 00:28:24,920
Speaker 1: it's been a pretty rough couple of months, but earnings

514
00:28:24,960 --> 00:28:27,199
Speaker 1: do still matter, Nathan in. A great example of that

515
00:28:27,320 --> 00:28:29,800
Speaker 1: is coin Based. This morning, CEO I n is your

516
00:28:29,840 --> 00:28:33,000
Speaker 1: taker down a whopping almost fifteen percent. It was actually

517
00:28:33,040 --> 00:28:35,200
Speaker 1: down way more earlier in the in the pre market

518
00:28:35,200 --> 00:28:37,520
Speaker 1: trading session. This is important to keep in mind because

519
00:28:37,560 --> 00:28:40,200
Speaker 1: coin base actually warned that the total trading volume in

520
00:28:40,240 --> 00:28:43,320
Speaker 1: the current quarter would be lower than in the first quarter.

521
00:28:43,360 --> 00:28:45,920
Speaker 1: And this is important because they also missed their first

522
00:28:46,000 --> 00:28:49,239
Speaker 1: quarter revenue estimate. So they're saying not only did they

523
00:28:49,280 --> 00:28:51,240
Speaker 1: have a bad quarter, but they're also expecting this to

524
00:28:51,280 --> 00:28:52,680
Speaker 1: be a bad quarter as well. And now put this

525
00:28:52,720 --> 00:28:55,200
Speaker 1: into context with what you're seeing in terms of Bitcoin,

526
00:28:55,240 --> 00:28:57,360
Speaker 1: for example, and you are starting to see a lot

527
00:28:57,440 --> 00:29:01,640
Speaker 1: of people say, well, we're not actually needed uh to uh,

528
00:29:01,720 --> 00:29:03,880
Speaker 1: you're not actually needing a lot or seeing a lot

529
00:29:03,880 --> 00:29:07,360
Speaker 1: of open interest excuse me in some of these cryptocurrencies,

530
00:29:07,400 --> 00:29:10,800
Speaker 1: at least to the extent that we saw in one,

531
00:29:11,040 --> 00:29:12,840
Speaker 1: and that's really leading to perhaps the collapse. It's a

532
00:29:12,840 --> 00:29:16,000
Speaker 1: similar dynamic we're seeing in commodity markets. In stock markets,

533
00:29:16,080 --> 00:29:18,600
Speaker 1: the volatility is so intense, Nathan, that a lot of

534
00:29:18,640 --> 00:29:21,240
Speaker 1: people are saying there's just no uh, there's just no

535
00:29:21,360 --> 00:29:23,840
Speaker 1: way that they want to have that exposure and really

536
00:29:24,360 --> 00:29:27,280
Speaker 1: create that those trades, and that's really hitting coin bases

537
00:29:27,320 --> 00:29:29,120
Speaker 1: at bottom line. C O I n is your taker.

538
00:29:29,200 --> 00:29:30,800
Speaker 1: The CEO also, by the way, say that there's no

539
00:29:30,920 --> 00:29:33,880
Speaker 1: risk of bankruptcy amid the black Swan event, of course,

540
00:29:33,920 --> 00:29:35,440
Speaker 1: referring to some of the stuff that's going on with

541
00:29:35,440 --> 00:29:38,240
Speaker 1: the stable coins over the last couple of days. Speaking

542
00:29:38,240 --> 00:29:40,320
Speaker 1: of earnings, we should also talk about Occidental O x

543
00:29:40,520 --> 00:29:43,000
Speaker 1: Y is your tiger. They actually beat earnings this morning.

544
00:29:43,000 --> 00:29:44,960
Speaker 1: And it's really important to talk about oil companies because

545
00:29:45,000 --> 00:29:47,080
Speaker 1: we know Nathan have come on over and over again

546
00:29:47,120 --> 00:29:50,200
Speaker 1: onto the show and said oil is the new defensive stock,

547
00:29:50,280 --> 00:29:51,880
Speaker 1: and it kind of is, and it looks like the

548
00:29:51,880 --> 00:29:54,040
Speaker 1: earnings are coming in pretty strong as well. They did

549
00:29:54,080 --> 00:29:57,680
Speaker 1: beat their estimates. O x y s R taker up one. Yeah,

550
00:29:57,680 --> 00:30:00,080
Speaker 1: it certainly seems that way given how commodity price is

551
00:30:00,120 --> 00:30:02,320
Speaker 1: have gone. But on the complete other side of the coin,

552
00:30:02,400 --> 00:30:06,080
Speaker 1: you can't call Peloton defensive, not by any stretch. No,

553
00:30:06,200 --> 00:30:08,040
Speaker 1: you really can't. But you know it's ironic because there

554
00:30:08,080 --> 00:30:10,080
Speaker 1: was an air about two years ago when we could

555
00:30:10,080 --> 00:30:13,960
Speaker 1: call them a total defensive stock, back in pandemic days. Yeah,

556
00:30:14,040 --> 00:30:16,800
Speaker 1: back in back in the day. Um, now you certainly can.

557
00:30:16,880 --> 00:30:18,800
Speaker 1: The Peloton is having a little bit of a rebounded,

558
00:30:18,840 --> 00:30:21,000
Speaker 1: did drop to its lowest level since I p O

559
00:30:21,120 --> 00:30:24,560
Speaker 1: ng um and yesterday. But now because of that extreme

560
00:30:24,600 --> 00:30:26,480
Speaker 1: move you are seeing now bounds a little bit up

561
00:30:26,520 --> 00:30:28,880
Speaker 1: too and a half percent. No real reason, they're really

562
00:30:28,920 --> 00:30:30,719
Speaker 1: just becomes a matter of technicals. If you have an

563
00:30:30,760 --> 00:30:33,120
Speaker 1: over sold stock, it will bounce back. The p t

564
00:30:33,280 --> 00:30:35,520
Speaker 1: O N up about two and a half percent. And Nathan,

565
00:30:35,560 --> 00:30:38,040
Speaker 1: let's spend this forward Disney earnings after the well d

566
00:30:38,280 --> 00:30:40,880
Speaker 1: I S is your ticker. They're actually up one point

567
00:30:40,880 --> 00:30:42,840
Speaker 1: two percent in the pre market a lot. When it

568
00:30:42,840 --> 00:30:45,720
Speaker 1: comes to a gauge there the text there they're tech

569
00:30:45,720 --> 00:30:47,560
Speaker 1: player in terms of streaming. They're also a park and

570
00:30:47,640 --> 00:30:50,480
Speaker 1: cruise lines. Um, they have both sides of the coin. Yeah,

571
00:30:50,480 --> 00:30:55,960
Speaker 1: they're right, broad based entertainment giant. Thanks as always Boom

572
00:30:55,960 --> 00:30:58,880
Speaker 1: Regrade and TV Markets corresponding Creedy Gupta with us this morning,

573
00:30:58,920 --> 00:31:02,760
Speaker 1: looking ahead to the open, futures are moving higher ahead

574
00:31:02,840 --> 00:31:06,120
Speaker 1: the CPI data have SMP futures right now forty six points,

575
00:31:06,360 --> 00:31:10,000
Speaker 1: TOW futures up to eight, and NASDAC futures higher by

576
00:31:10,120 --> 00:31:15,960
Speaker 1: one eighty two points tenor Treasury yield two. You're listening

577
00:31:15,960 --> 00:31:24,400
Speaker 1: to Bloomberg day Break Bloomber eleven, three oh Weather. Sunshine,

578
00:31:24,440 --> 00:31:27,440
Speaker 1: upper sixties today, mostly sunny with a high near seventy tomorrow,

579
00:31:27,600 --> 00:31:29,760
Speaker 1: and we can see showers by Friday with a high

580
00:31:29,760 --> 00:31:32,720
Speaker 1: still near seventy degrees. The current temperature in Central Park

581
00:31:33,240 --> 00:31:39,920
Speaker 1: fifty five degrees. Markets, headlines and breaking news twenty four

582
00:31:39,960 --> 00:31:43,000
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business

583
00:31:43,000 --> 00:31:46,640
Speaker 1: at and at Bloomberg Quick Tape. He's a Bloomberg Business

584
00:31:46,680 --> 00:31:55,800
Speaker 1: Flash and I'm Karen Moscow. And futures are on the rise.

585
00:31:55,920 --> 00:31:57,960
Speaker 1: This morning, we get to the first word breaking news.

586
00:31:58,040 --> 00:32:00,600
Speaker 1: Dask for today's morning call, and here's Bill Maloney. Bill,

587
00:32:00,640 --> 00:32:04,240
Speaker 1: good morning, and good morning Can. That's right. US futures

588
00:32:04,240 --> 00:32:06,040
Speaker 1: are in the green right now at Down futures up

589
00:32:06,800 --> 00:32:09,920
Speaker 1: nine points, Supes gained forty six well, Nastick futures are

590
00:32:10,000 --> 00:32:13,080
Speaker 1: up by seven. The US ten year old at two

591
00:32:13,120 --> 00:32:15,800
Speaker 1: point nine four percent, Gold is up fourteen. Oil is

592
00:32:15,840 --> 00:32:19,400
Speaker 1: also climbing, and Bigcoin is hired by two point four percent.

593
00:32:19,760 --> 00:32:22,240
Speaker 1: Japan was a little changed overnight, while Up and markets

594
00:32:22,240 --> 00:32:24,120
Speaker 1: are in the green this morning and back in the

595
00:32:24,200 --> 00:32:27,680
Speaker 1: US on the economic Frinday thirty, the Consumer Price Index

596
00:32:27,960 --> 00:32:30,360
Speaker 1: after the bellis night Coin based missed on revenue and

597
00:32:30,400 --> 00:32:33,560
Speaker 1: trading volume, shares it on fourteen percent in the pre market,

598
00:32:33,880 --> 00:32:38,200
Speaker 1: and Unity Software revenue forecast missedestimates, those shares plunging twenty

599
00:32:38,240 --> 00:32:42,320
Speaker 1: two percent pre market. Regarding earnings today, Disney reports after

600
00:32:42,320 --> 00:32:44,880
Speaker 1: the Bell and A deal lose, Philip Morris agrees to

601
00:32:44,880 --> 00:32:48,800
Speaker 1: buy Swedish Match for sixteen billion. Rapid Things up. Corning

602
00:32:48,880 --> 00:32:50,920
Speaker 1: was cut to equate at Barkley's Carbon and cut to

603
00:32:51,000 --> 00:32:54,480
Speaker 1: hold over at Stifold Live from the First Breaking News

604
00:32:54,560 --> 00:32:56,800
Speaker 1: Desk on Bill Maloney, care all right, Bill, thank you,

605
00:32:56,840 --> 00:32:58,920
Speaker 1: and to hear live breaking news of your Bloomberg type

606
00:32:58,920 --> 00:33:01,320
Speaker 1: squawk on your terminal s q U A w K.

607
00:33:01,480 --> 00:33:04,040
Speaker 1: That's a Bloomberg business faction. Now here's Michael Barrow with

608
00:33:04,080 --> 00:33:06,920
Speaker 1: more on what's going on around the world. Michael Karen,

609
00:33:06,960 --> 00:33:09,680
Speaker 1: thank you very much. It was a split primary decision

610
00:33:09,760 --> 00:33:14,080
Speaker 1: yesterday for former President Trump supported candidates in West Virginia.

611
00:33:14,200 --> 00:33:18,440
Speaker 1: Representative Alex Mooney, endorsed by Trump, won over fellow Representative

612
00:33:18,840 --> 00:33:23,360
Speaker 1: David McKinley for the state second congressional district. Republican voters

613
00:33:23,360 --> 00:33:26,440
Speaker 1: in Nebraska picked Jim Pillen as their nominee for governor.

614
00:33:26,720 --> 00:33:30,760
Speaker 1: He beat eight rivals, including Trump supported Charles Herbster, who

615
00:33:30,800 --> 00:33:34,240
Speaker 1: was accused of groping multiple women. In baseball, the Yankees,

616
00:33:34,280 --> 00:33:36,760
Speaker 1: Red Sox, Orioles and Giants one. The Mets beat the

617
00:33:36,840 --> 00:33:41,320
Speaker 1: Nationals four to the a split a doubleheader with the Tigers. Angels.

618
00:33:41,360 --> 00:33:45,880
Speaker 1: Rookie Reid Detmer's pitched a no hitter. In the NHL Playoffs,

619
00:33:45,880 --> 00:33:48,160
Speaker 1: the Bruins lost to the Hurricanes and are now behind

620
00:33:48,200 --> 00:33:51,040
Speaker 1: in the series three games to two. Global News twenty

621
00:33:51,040 --> 00:33:53,800
Speaker 1: four hours a day on air and on Bloomberg Quick Tank,

622
00:33:54,040 --> 00:33:56,800
Speaker 1: powered by more than twenty seven hundred journalists and analysts

623
00:33:56,800 --> 00:33:59,200
Speaker 1: are more than a hundred twenty countries. I'm Michael Barr,

624
00:33:59,240 --> 00:34:02,080
Speaker 1: and this is Bloomberg. Cameron, all right, Michael, thank you.

625
00:34:02,160 --> 00:34:04,920
Speaker 1: Sixty nine on Wall Street returned to news and science

626
00:34:04,920 --> 00:34:07,520
Speaker 1: and Technology Now. But the Bloomberg and j I T

627
00:34:07,720 --> 00:34:11,640
Speaker 1: STEM Report brought to you by New Jersey Institute of Technology,

628
00:34:11,719 --> 00:34:14,520
Speaker 1: ranked a top fifty national public university by u S

629
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Speaker 1: News and World Report, and j I T is future

630
00:34:17,600 --> 00:34:19,560
Speaker 1: in the making. Learn more at n j I T

631
00:34:19,760 --> 00:34:22,200
Speaker 1: DOT E d U and now here's It's making News

632
00:34:22,200 --> 00:34:26,399
Speaker 1: and science, Technology, engineering, and math Researchers in Shanghai State,

633
00:34:26,560 --> 00:34:30,720
Speaker 1: China faces a tsunami of coronavirus infections if the government

634
00:34:30,760 --> 00:34:34,480
Speaker 1: abandons its long held COVID zero policy. They were and

635
00:34:34,520 --> 00:34:36,960
Speaker 1: that could lead to one point six million deaths to

636
00:34:37,000 --> 00:34:40,400
Speaker 1: study published in the journal Nature Medicine says that China's

637
00:34:40,440 --> 00:34:44,640
Speaker 1: vaccination campaign would be insufficient to prevent an omicron wave

638
00:34:44,960 --> 00:34:48,759
Speaker 1: that would swamp hospitals. Disappointing earnings from the largest US

639
00:34:48,800 --> 00:34:53,400
Speaker 1: cryptocurrency exchange coin Bases first quarter revenue missed analysts estimates.

640
00:34:53,600 --> 00:34:56,360
Speaker 1: The company also warned that total trading volume in the

641
00:34:56,440 --> 00:34:59,640
Speaker 1: current quarter will be lower than in the first competitive

642
00:34:59,640 --> 00:35:02,719
Speaker 1: pressure and the crypto market are growing. Blockchain dot Com

643
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Speaker 1: they consider going public as early as this year. And

644
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Speaker 1: it's the end of an era. Apple's iPod, a groundbreaking

645
00:35:09,560 --> 00:35:12,839
Speaker 1: device that upended the music and electronics industries more than

646
00:35:12,880 --> 00:35:16,120
Speaker 1: two decades ago, is no more. The company said it

647
00:35:16,160 --> 00:35:19,839
Speaker 1: will discontinue the iPod touch the touchscreen model, or remain

648
00:35:19,960 --> 00:35:23,000
Speaker 1: on sale until supplies run out. And as a Bloomberg

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00:35:23,040 --> 00:35:25,719
Speaker 1: and j I t Stem report naked as long as

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Speaker 1: we still have our walkman's thank you, Karen, you're really

651
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Speaker 1: from the Bloomberg Interactive Brokers studios or at six fifty

652
00:35:31,280 --> 00:35:32,960
Speaker 1: on Wall Street. I'm now to check what's going on

653
00:35:33,000 --> 00:35:35,160
Speaker 1: in d C. Some of the top stories in our

654
00:35:35,239 --> 00:35:38,279
Speaker 1: nation's capital include the House approving forty billion dollars in

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00:35:38,360 --> 00:35:42,319
Speaker 1: Ukraine aid, President Biden seeking to ease rising food inflation

656
00:35:42,560 --> 00:35:46,480
Speaker 1: with a new program for farmers, and the Senate holding

657
00:35:46,480 --> 00:35:49,239
Speaker 1: a vote to codify abortion rights that is likely to

658
00:35:49,280 --> 00:35:51,279
Speaker 1: go down in defeat. Let's get more on all these stories,

659
00:35:51,320 --> 00:35:55,040
Speaker 1: Bloomberg government reporter Emily Wilkins joins us. Now, Emily, let's

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00:35:55,040 --> 00:35:58,840
Speaker 1: start with the Ukraine Aid. This past with overwhelming support

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00:35:58,880 --> 00:36:03,520
Speaker 1: in the House it did. Um. Not everyone voted for

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00:36:03,560 --> 00:36:06,320
Speaker 1: this aid because there were some concerns about how large

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00:36:06,360 --> 00:36:09,680
Speaker 1: it was, as well as other language on provisions dealing

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Speaker 1: with refugees from Ukraine. But this didn't really get a

665
00:36:13,360 --> 00:36:16,640
Speaker 1: lot of bipartisan support. This is the message that leaders

666
00:36:16,640 --> 00:36:19,120
Speaker 1: were hoping to send that the US and law makers

667
00:36:19,160 --> 00:36:22,480
Speaker 1: are still really united on this issue. And Nathan, this

668
00:36:22,560 --> 00:36:26,360
Speaker 1: is the four billion dollar package, absolutely huge compared to

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Speaker 1: what we've seen before, and a real signal of both

670
00:36:29,640 --> 00:36:32,520
Speaker 1: from the Biden administration that requested it that they expect

671
00:36:32,560 --> 00:36:35,480
Speaker 1: this war to go on for some time, and by

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00:36:35,480 --> 00:36:38,600
Speaker 1: Congress or of showing that yes, they are willing to

673
00:36:38,640 --> 00:36:43,080
Speaker 1: continue to support Ukraine, UM, even as this war continues

674
00:36:43,160 --> 00:36:47,920
Speaker 1: to stretch out. You also saw UH Ukrainian a ambassador

675
00:36:48,080 --> 00:36:52,360
Speaker 1: meeting yesterday with senators over their lunch, talking with them

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00:36:52,400 --> 00:36:57,000
Speaker 1: a little bit about what they were using this funding for,

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00:36:57,280 --> 00:37:01,239
Speaker 1: what they needed to do, how was helping them in

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00:37:01,360 --> 00:37:04,920
Speaker 1: this war against Russia. And you had Senator Rob Portman

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00:37:05,000 --> 00:37:08,319
Speaker 1: read leave the lunch UH and say that he really

680
00:37:08,360 --> 00:37:10,640
Speaker 1: felt like it was well explained as far as how

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00:37:10,760 --> 00:37:14,080
Speaker 1: Ukraine was spending that funding. So we're gonna see this UH.

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00:37:14,920 --> 00:37:17,440
Speaker 1: This legislation head over to the Senate. We're looking for

683
00:37:17,480 --> 00:37:20,439
Speaker 1: a vote what next week. What's the likelihood of this

684
00:37:20,880 --> 00:37:24,239
Speaker 1: moving forward in the Senate. Well, definitely seems to have

685
00:37:24,280 --> 00:37:26,960
Speaker 1: the support in the Senate. Said, of course, things usually

686
00:37:27,000 --> 00:37:30,600
Speaker 1: do take a little bit longer, just because often you're

687
00:37:30,640 --> 00:37:33,160
Speaker 1: not able to get everyone to consent to moving a

688
00:37:33,239 --> 00:37:36,279
Speaker 1: spending package of this size quickly. So I think at

689
00:37:36,280 --> 00:37:39,360
Speaker 1: this point people are thinking about moving that bill early

690
00:37:39,440 --> 00:37:42,799
Speaker 1: next week. Although there seems to be less of a

691
00:37:42,880 --> 00:37:45,040
Speaker 1: question whether it will pass, there definitely seems to be

692
00:37:45,080 --> 00:37:48,879
Speaker 1: the sixty votes here needed to get it through. Now.

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Speaker 1: President Biden, at least in the last couple of days,

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00:37:51,800 --> 00:37:54,640
Speaker 1: particularly with the CPI data coming out this morning, has

695
00:37:54,640 --> 00:38:00,759
Speaker 1: been focused on inflation, sort of positioning his policies against Republicans,

696
00:38:00,800 --> 00:38:03,640
Speaker 1: and now he's coming out with this new program aimed

697
00:38:03,640 --> 00:38:06,720
Speaker 1: at farmers. Tell us more about that. Yeah, So Biden

698
00:38:06,800 --> 00:38:10,439
Speaker 1: is going to be um actually heading to Illinois, uh

699
00:38:10,480 --> 00:38:13,080
Speaker 1: and talking about ways that he's going to be helping

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00:38:13,120 --> 00:38:16,400
Speaker 1: farmers with food initiatives. The idea is that if you

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00:38:16,640 --> 00:38:19,400
Speaker 1: help out farmers, you might lower the cost of food.

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00:38:19,719 --> 00:38:22,279
Speaker 1: So it's different things. Uh, some of them is into

703
00:38:22,560 --> 00:38:26,120
Speaker 1: involving insurance kind of giving coverage to lawmakers who grow

704
00:38:26,320 --> 00:38:30,480
Speaker 1: more than one crop. US investment in domestic fertilizer production

705
00:38:30,560 --> 00:38:33,360
Speaker 1: is also going to be double to five hundred million,

706
00:38:33,760 --> 00:38:37,160
Speaker 1: and usb A programs that use technology other tools to

707
00:38:37,239 --> 00:38:40,000
Speaker 1: reduce the use of fertilizer are going to be extended

708
00:38:40,040 --> 00:38:42,959
Speaker 1: to more farms. So lots of different components out there

709
00:38:42,960 --> 00:38:46,280
Speaker 1: really trying to assist farmers here. How does this feed

710
00:38:46,320 --> 00:38:49,440
Speaker 1: into what the President had to say yesterday about his

711
00:38:49,560 --> 00:38:54,600
Speaker 1: inflation approach, to this idea that Republicans are pursuing what

712
00:38:54,760 --> 00:38:59,480
Speaker 1: he calls an ultra mega agenda. I mean, this is

713
00:38:59,520 --> 00:39:03,279
Speaker 1: a replay and that's really hurt the Biden administration. That's

714
00:39:03,320 --> 00:39:06,600
Speaker 1: high inflation numbers. It's something they have trying to address

715
00:39:06,640 --> 00:39:09,399
Speaker 1: in a number of ways. Um, the numbers so far

716
00:39:09,520 --> 00:39:13,160
Speaker 1: have remained high at this point, and they are expecting

717
00:39:13,200 --> 00:39:15,719
Speaker 1: to really remain high at least into the summer, if

718
00:39:15,760 --> 00:39:18,920
Speaker 1: not longer. And Biden is sort of stuck in this

719
00:39:18,960 --> 00:39:22,480
Speaker 1: position of trying to assure Americans that he is doing

720
00:39:22,520 --> 00:39:27,120
Speaker 1: things on this particular particular area while also trying to

721
00:39:27,160 --> 00:39:30,360
Speaker 1: empathize with the pain Americans are feeling, while also you know,

722
00:39:30,440 --> 00:39:32,800
Speaker 1: having to take the front of it. He is the president,

723
00:39:33,120 --> 00:39:34,840
Speaker 1: and that means that he is the one who is

724
00:39:34,880 --> 00:39:38,360
Speaker 1: getting blamed for the inflation and the economics in the US.

725
00:39:38,440 --> 00:39:41,640
Speaker 1: So I think this effort that we are seeing with farmers, um,

726
00:39:41,680 --> 00:39:43,920
Speaker 1: I imagine to other efforts that we're going to be

727
00:39:43,960 --> 00:39:48,879
Speaker 1: seen with upcoming legislation on US manufacturing and development. Those

728
00:39:48,880 --> 00:39:50,960
Speaker 1: are all things the administration is going to point to

729
00:39:51,080 --> 00:39:53,200
Speaker 1: and try and say we are addressed in this issue.

730
00:39:53,320 --> 00:39:55,839
Speaker 1: We do know it's important. Um. You know, we are

731
00:39:55,920 --> 00:40:00,520
Speaker 1: working trying to lower prices for Americans using though to

732
00:40:00,560 --> 00:40:05,359
Speaker 1: hear the President focusing on the economic challenges while on

733
00:40:05,560 --> 00:40:08,279
Speaker 1: Capitol Hill. We're waiting for this vote later today in

734
00:40:08,280 --> 00:40:12,200
Speaker 1: the Senate on the other big politically fraught issue that's

735
00:40:12,440 --> 00:40:14,000
Speaker 1: come to the four over the last week or so,

736
00:40:14,120 --> 00:40:18,359
Speaker 1: abortion rights. Yeah, the vote on that is expected today. UM.

737
00:40:18,400 --> 00:40:21,080
Speaker 1: It'll be a procedural vote because that's kind of how

738
00:40:21,120 --> 00:40:23,080
Speaker 1: the Senate works. Got to get the process through before

739
00:40:23,080 --> 00:40:25,560
Speaker 1: you actually vote on the bill. It's gonna need sixty

740
00:40:25,640 --> 00:40:28,360
Speaker 1: votes and and Nathan, and it's all but guaranteed to fail.

741
00:40:28,480 --> 00:40:33,360
Speaker 1: We've seen a very similar vote, UM back in February

742
00:40:33,400 --> 00:40:36,719
Speaker 1: that not only was unable to clear the sixty vote threshold.

743
00:40:36,880 --> 00:40:39,480
Speaker 1: It didn't clear the fifty vote threshold because he had

744
00:40:39,520 --> 00:40:43,000
Speaker 1: senators like Joe Manchin who voted against it. UM. And

745
00:40:43,040 --> 00:40:46,960
Speaker 1: so even some senators Republicans who you know are more

746
00:40:47,080 --> 00:40:50,080
Speaker 1: open to the idea of abortion rights, like Lisa Marikowski

747
00:40:50,160 --> 00:40:53,960
Speaker 1: and Susan Collins, there are just they haven't voted for

748
00:40:54,040 --> 00:40:57,280
Speaker 1: these measures on the recent past UM. And there's certainly

749
00:40:57,320 --> 00:41:01,200
Speaker 1: not ten Republicans at this point to join Democrats. UM.

750
00:41:01,280 --> 00:41:04,080
Speaker 1: So this is very much a vote about messaging. It's

751
00:41:04,200 --> 00:41:07,640
Speaker 1: very much a vote about getting people on the record

752
00:41:07,760 --> 00:41:10,799
Speaker 1: before this November UM. It's a it's kind of a

753
00:41:10,840 --> 00:41:14,680
Speaker 1: vote that signals just how important Democrats expect this issue

754
00:41:14,719 --> 00:41:18,000
Speaker 1: to be UH as we get more and more into

755
00:41:18,080 --> 00:41:21,160
Speaker 1: election season. UM, and just sort of showing that, you

756
00:41:21,200 --> 00:41:23,799
Speaker 1: know that they're not able with their current majorities to

757
00:41:23,920 --> 00:41:27,240
Speaker 1: do anything. And only about thirty seconds left here. Speaking

758
00:41:27,280 --> 00:41:30,799
Speaker 1: of UH election season, we had a couple of key

759
00:41:30,840 --> 00:41:35,520
Speaker 1: Republican primaries last night. Yeah, I would say that to

760
00:41:35,840 --> 00:41:39,759
Speaker 1: highlight one, we had a two of Republican incumbents in

761
00:41:39,760 --> 00:41:41,880
Speaker 1: the House go a head to head. This is Alex

762
00:41:41,920 --> 00:41:45,480
Speaker 1: Mooney and David McKinley in West Virginia. This was a

763
00:41:45,480 --> 00:41:48,400
Speaker 1: big race because Trump head backed Mooney. He'd really use

764
00:41:48,480 --> 00:41:51,200
Speaker 1: that endorsement, has a centerpiece of his campaign, and it

765
00:41:51,280 --> 00:41:53,680
Speaker 1: was kind of seen as a test of how powerful

766
00:41:53,719 --> 00:41:56,719
Speaker 1: Trump's endorsement is. And the answer from last night is

767
00:41:56,840 --> 00:42:01,399
Speaker 1: it's still pretty powerful. Uh. Mooney was emerged pretty early

768
00:42:01,440 --> 00:42:03,839
Speaker 1: on in the evening as the clear winner of the race.

769
00:42:04,239 --> 00:42:07,239
Speaker 1: I've gotten a ton of support. I mean this, McKinley

770
00:42:07,320 --> 00:42:09,680
Speaker 1: had a number of items he was running on and

771
00:42:09,719 --> 00:42:13,279
Speaker 1: it seems like Trump's endorsement has just overpowered them all

772
00:42:13,320 --> 00:42:16,399
Speaker 1: in terms of voters minds. And just to note, of course,

773
00:42:16,400 --> 00:42:19,080
Speaker 1: this is a deep red district, so obviously things might

774
00:42:19,160 --> 00:42:21,640
Speaker 1: played differently in some of the more swing districts, just

775
00:42:21,719 --> 00:42:24,359
Speaker 1: like we saw in the West Virginia governor's race last year.

776
00:42:24,440 --> 00:42:27,720
Speaker 1: All right, thanks as always, Bloomberg. Government reporter Emily Wilkins

777
00:42:27,800 --> 00:42:31,719
Speaker 1: with us from Washington, v C. Right now, SMP futures

778
00:42:31,800 --> 00:42:34,360
Speaker 1: are up forty five point, staff futures up tune to

779
00:42:34,440 --> 00:42:37,480
Speaker 1: eighty two. NASTAC futures up a hundred eighty six points.

780
00:42:37,480 --> 00:42:40,839
Speaker 1: Ahead of the release of April CPI coming out in

781
00:42:40,880 --> 00:42:42,520
Speaker 1: just about an hour and a half. Much more to

782
00:42:42,600 --> 00:42:46,640
Speaker 1: come on Bloomberg Surveillance Straight Ahead for Karen Moscow. I'm

783
00:42:46,719 --> 00:42:49,040
Speaker 1: Nathan Hagar, and this is Bloomberg