Speaker 1: Live from the Bloomberg Interacted Burger Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, May eleven two. Coming up this hour,
Speaker 1: investors brace for this morning's reading on inflation. President Biden
Speaker 1: plans to announce new measures to combat rising food costs.
Speaker 1: Lisa Cook will be the first black woman on the
Speaker 1: Fed's Board of Governors, and Elon Musk says he would
Speaker 1: reverse Twitter's van of Donald Trump New York City, boost
Speaker 1: police presence on subways as assaults increase. Plus the Senate
Speaker 1: votes today on an abortion rights bill. I'm Michael Blarner.
Speaker 1: More ahead, I'm John Stash, Aaron Sports, Aaron Judge, the
Speaker 1: ninth Inning Hero and a thrilling Yankee win over the
Speaker 1: Blue Jays the Mets one in Washington. That's all trended
Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties, San Francisco, Syrius Exam one nineteen and
Speaker 1: around the world. Old on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business App. Good Morning, I'm Nathan Hager,
Speaker 1: and I'm Karin Moscow. US DOT Index future is on
Speaker 1: the rise this morning. We're coming up to six o
Speaker 1: one on Wall Street, and we check the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg. Right now,
Speaker 1: SNP futures are at forty four points down futures have
Speaker 1: two hundred eighty eight and Nastack futures have one hundred
Speaker 1: sixty two. The decks in Germany's have one percent. The
Speaker 1: ten year treasury of fourteen thirty seconds held two point
Speaker 1: nine three percent. That yield on a two year two
Speaker 1: point five nine percent. Nine X Screwed oil is up
Speaker 1: three and a quarter percent of three dollars twenty five
Speaker 1: cents at a hundred two dollars ninety six cents a
Speaker 1: barrel call makes gold up half percent or ten dollars
Speaker 1: at eighteen fifty one and ounce. The euro one point
Speaker 1: oh five six one against the dollar, and the British
Speaker 1: pound is at one point to three seven four. Nathan
Speaker 1: Countdown is on Karen for the latest reading on inflation.
Speaker 1: In less than two and a half hours, the government
Speaker 1: issues the consumer price index for April, with inflation running
Speaker 1: at its fastest pace in decades, and Kates has a
Speaker 1: preview from our Bloomberg newsroom in Washington. In March, the
Speaker 1: CPI rose eight point five percent year over year, the
Speaker 1: most since nineteen eighty and yet Bloomberg Economics says the
Speaker 1: run up probably slowed in April, reflecting a drop and
Speaker 1: seasonally adjusted gasoline prices, but the climb down from the
Speaker 1: forty year high inflation will be stubbornly slow. Bloomberg says
Speaker 1: the inflation rate won't dip below seven percent until late
Speaker 1: in the year, keeping the Federal Reserve committed to higher
Speaker 1: interest rates. In Washington and Kate's Bloomberg Daybreak, right and
Speaker 1: thank you all, That inflation report could have a major
Speaker 1: impact on Fed policy, but for now, Cleveland FED President
Speaker 1: Larettamester says she favors steady fifty basis point rate increases.
Speaker 1: We don't go out seven five forever, right. I mean,
Speaker 1: what I'm gonna do is I think fifty the caves
Speaker 1: were going now seems about right to me. We're going
Speaker 1: to have to assess whether inflation is actually moving down,
Speaker 1: and then we'll be able to get more information after
Speaker 1: we do a couple of those to see. Cleveland Fed
Speaker 1: President Loretta Master made the comments in an interview with
Speaker 1: Bloomberg's Michael McKee and Karen Mester is soon going to
Speaker 1: have help in the battle against inflation. The Fed is
Speaker 1: now welcoming its first black woman to the Board of Governors.
Speaker 1: We get more on that from Bloomberg Stug Prisoner economist
Speaker 1: Lisa Cook. One Senate confirmation by the narrowest possible margin
Speaker 1: vote reflects a tie breaking appearance by Vice President Kamala Harris.
Speaker 1: The vote had been delayed by virus cases among Democrats.
Speaker 1: Cook had faced a United Gop campaign against her. The
Speaker 1: top Republican on the Senate Banking Committee, Pat Toomey of Pennsylvania,
Speaker 1: dismissed her record as thin on monetary policy, and he
Speaker 1: charged her withholding far left political views that risk politicizing
Speaker 1: the Central Bank. In New York Time, Doug Prisoner Bloomberg
Speaker 1: day break. All right, Doug, thank you all at the
Speaker 1: White House today, new measures are coming to help cut costs,
Speaker 1: specifically for farmers and Bloombergs. Amy Morris explains from our
Speaker 1: newsroom in Washington. President Biden wants to undercut the rising
Speaker 1: cost of food. Ukraine has twenty million tons of grain
Speaker 1: in stories and silos right now to try and figure
Speaker 1: out how to get out of the country into market,
Speaker 1: which would reduce prices around the world. Among the new
Speaker 1: initiatives double cropping insurance, which gives farmers more coverage if
Speaker 1: they plant more than one crop. The US will double
Speaker 1: its investment and domestic fertilizer production to a half billion dollars,
Speaker 1: and tools used by the USDA to reduce the use
Speaker 1: of fertilizer will be extended to more farms In Washington,
Speaker 1: I'm anymore as Bloomberg Daybreak, All right, Amy, thanks, Let's
Speaker 1: turn to Asia now. Our inflation is also in focus.
Speaker 1: China's factory gate prices rose faster than expected in April,
Speaker 1: and factory prices aren't the only ones on the rise,
Speaker 1: as we hear from Bloomberg Daybreak Asia anchor Brian Curtis,
Speaker 1: and consumer prices rose again. The CPI accelerated two point
Speaker 1: one percent, faster than a projected one point eight percent gain.
Speaker 1: The COVID lockdowns drove food and fuel costs higher. In
Speaker 1: the meantime, producer prices gained eight percent from a year earlier,
Speaker 1: compared to eight point three percent in March. It two
Speaker 1: was a little hotter than the estimate. Brian Curtis, Bloomberg Daybreak,
Speaker 1: Hey Brian, thank you all back here in the US.
Speaker 1: Earnings will also be in the spotlight when Disney reports
Speaker 1: this afternoon, and we get a preview from Bloombery's Tom Busby.
Speaker 1: Although the Entertainment Giants theme park division has been firing
Speaker 1: on all cylinders, along with most of its media businesses,
Speaker 1: analysts are a little concerned that the just completed second
Speaker 1: quarter maybe the slowest of the year for subscriber growth
Speaker 1: at the Disney Plus TV streaming service. Still forecast call
Speaker 1: for a solid one hundred thirty four point four million subscribers.
Speaker 1: Bloomberg consensus goals were just at earnings per share of
Speaker 1: a dollar eighteen revenues of just over twenty point one
Speaker 1: billion dollars. Tom Busby, Bloomberg Daybreak, All right, Tom, Thanks.
Speaker 1: Let's take a look at some stocks on the move
Speaker 1: following yesterday's earning. Shares of coin Base are down seventeen
Speaker 1: percent in early trading. Revenue at the cryptocurrency exchange missed estimates,
Speaker 1: and coin Bases also warning trading volume in the current
Speaker 1: quarter will be lower. Roadblocks shares are now a little changed.
Speaker 1: They did fall as much as four percent earlier. The
Speaker 1: video game platform aimed at preteens and teenagers that surged
Speaker 1: during the pandemic reported bookings that missed estimates well. Twitter
Speaker 1: also front and center Nathan Afer comments from Elon Musk,
Speaker 1: the world's richest man, says he would reverse former President
Speaker 1: Donald Trump's permanent ban if he takes control of the company.
Speaker 1: Panning Trump from Twitter didn't end Trump Voice, it will
Speaker 1: amplify it among the rights and this is why it
Speaker 1: is morally wrung and flat out stupid, Elon Musk said,
Speaker 1: as he believes Twitter has overstepped policing users speech and
Speaker 1: wants to push it toward a more free speech focused approach.
Speaker 1: And finally, Karen, let's fill you in on the latest
Speaker 1: on the war in Ukraine. The fighting is now starting
Speaker 1: to affect physical gas supplies. Ukraine's gas network operator says
Speaker 1: it will stop receiving fuel at one of its main
Speaker 1: metering stations because it can't control the infrastructure and territories
Speaker 1: occupied by Russia. Meantime, in Washington, the House has passed
Speaker 1: more than forty billion dollars in emergency aid to Ukraine.
Speaker 1: The Senate is likely to approve the measure next week.
Speaker 1: Looking ahead to the market. Open futures are moving higher,
Speaker 1: with SMP futures up thirty eight points, Staff futures up
Speaker 1: tun in fifty five, NASTAC futures higher by a hundred
Speaker 1: forty points again at one point one percent. The tenure
Speaker 1: Treasury is up fourteen thirty seconds. Yield on the tenure
Speaker 1: two point nine Straight ahead your latest local headlines, plus
Speaker 1: a check of sports. This is Bloomberg. That's now six
Speaker 1: oh seven on Wall Street. Were fifty five degrees in
Speaker 1: Central Park. Got an accident on the eastbound belt Parkway
Speaker 1: at Springfield Road. To keep that in mind if you're
Speaker 1: headed to Kennedy Airport. Michael Barr has more on what's
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The Senate is expected to vote on
Speaker 1: protecting abortion rights. It comes in the wake of elite
Speaker 1: Supreme Court opinion suggesting the majority would overturn Roe v. Wade.
Speaker 1: Today's vote is almost certain to fail, but Majority Leader
Speaker 1: Chuck Schumer wants to put senators on the record about it.
Speaker 1: Senate Minority Leader Mitch McConnell, Mr. Preme Court. If this
Speaker 1: becomes the decision, as obviously said, this is ripe for
Speaker 1: discussion in democratic bodies. We happen to be a democratic body.
Speaker 1: Shumer is proving that by having us quote on it.
Speaker 1: Senator Mitch McConnell. Governor Kathy Local has announced that New
Speaker 1: York will make thirty five million dollars available to help
Speaker 1: abortion providers boost services and security. In Connecticut, Governor Ed
Speaker 1: Lamont signed a new abortion bill into law that he
Speaker 1: says expands abortion access. When you're ready to be pregnant,
Speaker 1: whether you're ready to have that baby, we're doing everything
Speaker 1: we can to support you. That means we're providing pre
Speaker 1: natal support and support after birth. Governor Lamont called it
Speaker 1: a fundamental freedom issue that is being challenged by the
Speaker 1: Supreme Court. It's a split for Donald Trump. Back to
Speaker 1: candidates and yesterday's primaries, Representative Alex Mooney, endorsed by Trump,
Speaker 1: defeated Representative David McKinley in the GLP primary for West
Speaker 1: Virginia's second congressional district. When he spoke to his supporters
Speaker 1: in Charleston, Donald trumps West Virginia and West Virginia loves
Speaker 1: Mooney one to thirty eight percent. Republican voters in Nebraska
Speaker 1: picked Jim Pillen as their nominee for governor. Pilling beat
Speaker 1: eight other rivals, including businessman Charles Herbster, who faced groping
Speaker 1: allegations from several women. An NYPD officer was released from
Speaker 1: the hospital after he was shot last night in the
Speaker 1: Claremont section of the Bronx. The suspected gunman was killed.
Speaker 1: New York City subway writers will see more uniform police
Speaker 1: officers on the trains overnight and for longer stretches of
Speaker 1: time to find an increase in crime. Police say seventy
Speaker 1: percent of subway crimes are happening on trains and platforms.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts and more than one hundred twenty countries.
Speaker 1: I'm Michael Barren. This is Bloomberg, Nathan. Thanks Michael. Six
Speaker 1: o nine on Wall Street. Time for the Bloomberg Sports
Speaker 1: Update with Johns A shower, All right, Nathan, High drama
Speaker 1: and the Bronx. Yankees had to come from behind twice.
Speaker 1: They trailed the Blue Jay's three nothing. In the sixth
Speaker 1: Todaint John Carlos Stanton tied the game of the three
Speaker 1: run homer down the line in right field, Toronto went
Speaker 1: back ahead five three Yanks had two on one out.
Speaker 1: Bottom of the night. Here's a hit here to deep glintfield.
Speaker 1: C goes high. It is far, it is gone. It's
Speaker 1: a game. Winnings book up three run home run by
Speaker 1: Aaron Judge. He hitted a mile and a half in
Speaker 1: the look field seat on w f A n Yanks
Speaker 1: one six spots and they go to twenty one and eight,
Speaker 1: just as the Mets and proved of twenty one and ten.
Speaker 1: They trailed sixty. The Washington scored three times, beat the
Speaker 1: Nationals for to two, the Angels with their twenty one
Speaker 1: when there was a no hitter by twenty two year
Speaker 1: old rookie Read Debtoner's against Tampa Bay just is eleventh
Speaker 1: career start his career e r A entry. The game
Speaker 1: was over six and a near no hitter for thirty
Speaker 1: nine year old Justin Verland if he lost it with
Speaker 1: one out. In the eighth blowout to the NBA, Phoenix
Speaker 1: beat Dallas by thirty Miami be in Philadelphia by thirty five.
Speaker 1: Both teams go up three to Both series has seen
Speaker 1: the home team win every game NBA Hall of Famer
Speaker 1: Bob Lanier has died at seventy three and eight time
Speaker 1: All Star with the Detroit Pistons goors. Just Durkin named
Speaker 1: a finalist for the Vesana Trophy that goes to the
Speaker 1: NHL's best goalie. He may very well win the award,
Speaker 1: but will he play like a Bezana winner tonight at
Speaker 1: the Garden. Just played three periods in Pittsburgh and gave
Speaker 1: up ten goals as Durkin and the Rangers now faced elimination,
Speaker 1: trailing the Penguins three to one. Gave five wins last
Speaker 1: night for Carolina, Toronto, St. Louis and Los Angeles. John
Speaker 1: stash Award Bloomberg Sports, Nathan all Right, John Thanks p
Speaker 1: future is now up thirty eight points, Staff futures up
Speaker 1: two undred fifty seven, nastack futures higher by one thirty
Speaker 1: seven points. The tenure Treasury's up fourteen thirty seconds, the
Speaker 1: yield two point nine three per cent. As we await
Speaker 1: the release of the April Consumer Price Index, it's expected
Speaker 1: to show us slow down in inflation. We have a
Speaker 1: Bloomberg big take coming up on the city in the
Speaker 1: US that is dealing with double agent inflation. Right now,
Speaker 1: you're listening to Bloomberg day Break Bloomberg eleven three oh
Speaker 1: weather sunny, upper sixties today, mostly sunny with a high
Speaker 1: near seventy tomorrow will be near seventy by Friday with
Speaker 1: a chance for showers. Right now fifty five degrees in
Speaker 1: Central Park. Markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business apt
Speaker 1: and at Bloomberg Quick Take. He's a Bloomberg Business Flash
Speaker 1: and I'm Karen Moscow. US stock index futures and European
Speaker 1: shares are rising as investors a way to key inflation
Speaker 1: or for engage whether the Fed's efforts attainment inflation and
Speaker 1: the world's largest economy are working. We check the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg SMP
Speaker 1: future is up thirty eight points down futures of two
Speaker 1: hundred forty seven nodsday futures of one forty one The
Speaker 1: decks in Germany's up eight tenths of percent. To tend
Speaker 1: your treasury up thirteen thirty seconds, yield two point nine
Speaker 1: three percent. Yield on a two year two point five
Speaker 1: nine percent, nine x screwed oil is up three point
Speaker 1: one percent of three dollars thirteen cents and a hundred
Speaker 1: two dollars eighty nine cents of barrel callmics gold up
Speaker 1: six cents per cent or ten dollars fifty cents at
Speaker 1: eighteen fifty one fifty announced. The Euro one point five
Speaker 1: seven against the dollar, British pound one point to three
Speaker 1: six five, the n is at one point eight five,
Speaker 1: and Bigcoin this morning of three percent at thirty one thousand,
Speaker 1: nine hundred dollars. Today we are watching for the consumer
Speaker 1: press and nex is at eight thirty Wall Street time,
Speaker 1: and disease among companies go to report earnings today. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barrow with more
Speaker 1: on what's going on around the world. Michael Karen, thank
Speaker 1: you very much. It's a split decision for Trump backed
Speaker 1: candidates and two GOP primaries. Yesterday, Representative Alex Mooney, endorsed
Speaker 1: by the former president, won the primary to represent West
Speaker 1: Virginia's second district for Congress. In Nebraska, Jim pill And
Speaker 1: beat eight other candidates in the Republican Mary for governor.
Speaker 1: Pilling beat Trump candidate Charles Herbster who is accused of
Speaker 1: groping several women. In a rare bipartisan moment, the House
Speaker 1: has passed a nearly forty billion dollar military and humanitarian
Speaker 1: aid package for Ukraine. In baseball, the Yankees, Red Sox,
Speaker 1: Orioles and Giants won. The Mets beat the Nationals. The
Speaker 1: A split a double header with the Tigers. Angels. Rookie
Speaker 1: Read Detmer's pitched a no hitter. In the NHL Playoffs,
Speaker 1: the Bruins lost to the Hurricanes. Now Boston is behind
Speaker 1: in that series three games to two. Global News twenty
Speaker 1: four hours a day on airand on Bloomberg Quick Take
Speaker 1: Power by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberg.
Speaker 1: This is the Big Take, the best of Bloomberg's in
Speaker 1: depth original reporting from around the globe. This is a
Speaker 1: really fascinating story that has caused a lot of outrage
Speaker 1: among investors. This is so fascinating. A market shutdown in
Speaker 1: a way it's never done before. That's gonna have consequences
Speaker 1: for years to come. The Big Take on Bloomberg Radio,
Speaker 1: Oh It's next twenty On Wall Street Life from the
Speaker 1: Bloomberg Interacted Broker Studios. This is Bloomberg Daybreak, and our
Speaker 1: big Take story this morning is on inflation, not just
Speaker 1: the Consumer Price Index coming out in just about two hours.
Speaker 1: But even if cp I falls, it's going to be
Speaker 1: cold comfort for the residents of the city with the
Speaker 1: highest inflation in the country, Midland, Texas. Catcha. Dmitrieva is
Speaker 1: with us now for more on this big Take story.
Speaker 1: She wrote it on the Bloomberg Terminal, US economics reporter
Speaker 1: for Bloomberg News. Catchya, good morning. I think a lot
Speaker 1: of listeners might remember Midland, Texas best as a former
Speaker 1: president George W. Bush's hometown, but the people who live
Speaker 1: there now are dealing with price pressures the likes of
Speaker 1: which the rest of the country doesn't even know why.
Speaker 1: That's right. I think the big takeaway here is that
Speaker 1: Midland is quite remote, so it's about a four hour
Speaker 1: drive to Dallas, for example, or the next major city,
Speaker 1: and so because of them more remote nature, it's just
Speaker 1: harder to get stuff. It's harder to get goods, there
Speaker 1: are fewer options to get those goods, and so all
Speaker 1: of these issues that you know across the country, and
Speaker 1: really the globe have contributed to inflation. Supply chain shortages, UH,
Speaker 1: factory closures and just um a kind of shortage of
Speaker 1: workers and key industries. All of those things are just
Speaker 1: exacerbated in Midland. And so you have situation where Midland
Speaker 1: has had around ten percent sometimes higher UH consumer price
Speaker 1: index locally every month. That's compared to about eight percent
Speaker 1: and eight point one percent according to the data we're
Speaker 1: going to get today UM for April. So this is UH.
Speaker 1: This is a town that has really been living with
Speaker 1: this high inflation for the past two years. UM, not
Speaker 1: just the past two months, not just the past year
Speaker 1: or since the economy starts to reopen post pandemic UM.
Speaker 1: It really has experienced it for the past two years.
Speaker 1: And that everything from groceries to UM electricity bills. I
Speaker 1: spoke with some folks who had their uptrust see bill
Speaker 1: either double or triple. Grocery bills are are more expensive
Speaker 1: no matter where you go, no matter the grocery store, UM,
Speaker 1: you know, at the gas station. Things are more expensive.
Speaker 1: So it really hits them in all all all parts
Speaker 1: of their lives. Yeah, it really hits home. In the story.
Speaker 1: When you talk about sticky notes getting put up at
Speaker 1: grocery store aisles because the prices changed seemingly from day
Speaker 1: to day. I mean, what is it like for the people,
Speaker 1: not just who are living under these kind of price pressures,
Speaker 1: but the businesses that have to deal with it. I
Speaker 1: know you talked with some business owners as well. Yeah,
Speaker 1: it's um, it's sort of like the sticky note in
Speaker 1: the menu, but just with a lot more zeros out
Speaker 1: of do it Jesus. So you know, I spoke with
Speaker 1: one UM one business owner, Bo Garrison, who owns the
Speaker 1: dirt works companies, so he basically relies on big equipment trucks. UM,
Speaker 1: and he talked to his representative from Caterpillar. They said, listen,
Speaker 1: this one type of equipment you need, we're not going
Speaker 1: to have it. We can put you on a waiting list,
Speaker 1: and we're making a wish list for our top clients,
Speaker 1: but we're sorry, we just can't get to you. UM.
Speaker 1: And then you talked to another rep and at a
Speaker 1: Mexican restaurant, of course, and you know they were talking
Speaker 1: about how they don't have any four DUP two fifties
Speaker 1: for him until three So these are things that will
Speaker 1: contribute to higher costs, you know. Now he has to
Speaker 1: rent equipment. If it breaks down, he needs to maybe
Speaker 1: buy a second hand somewhere else and get it, get
Speaker 1: it trucked in or something like. These are things that
Speaker 1: businesses are dealing with on a constant, moving daily basis,
Speaker 1: having these conversations, and that sometimes means passing on contract.
Speaker 1: So you're presented with a piece of work and if
Speaker 1: a tall Ot oil company or the company you're working with, no,
Speaker 1: I'm sorry, I can't because you know what, either don't
Speaker 1: have the people, no matter how high my wages are,
Speaker 1: or I just don't have the equipment to do it.
Speaker 1: We only were about thirty seconds left here caught you.
Speaker 1: But I guess this points to the limitations of FED
Speaker 1: policy to turn these kinds of pressures around. And that's
Speaker 1: exactly it. There's a there's a huge disconnect. I mean,
Speaker 1: the FED has high interest rates, they are planning on
Speaker 1: continuing on that pace for future meetings, but that is
Speaker 1: not going to do very much for supply chain shortages
Speaker 1: um And it's really enough to address the underlying causes
Speaker 1: UM and it's not going to change prices, most likely
Speaker 1: for places like Midlands. Well, it's good to have you
Speaker 1: on to talk more about this thanks for coming on
Speaker 1: with us. Cotta Dmitrieva, us economics reporter for Bloomberg News,
Speaker 1: with the Big Take story on Midland, Texas, the hardest
Speaker 1: hit town when it comes to inflation, dealing with nearly
Speaker 1: ten percent. You're over your inflation over the last six months.
Speaker 1: Read much more about it at Bloomberg Big Take. It's
Speaker 1: a Bloomberg dot Com slash, Big Take Online or NI
Speaker 1: Big Take go on the Bloomberg terminal. S ANDP futures
Speaker 1: right now are up thirty eight points, Staff futures up
Speaker 1: two forty four and nastac features highed by a hundred
Speaker 1: forty points. This is Bloomberg. Bloomberg eleven three oh weather sunny,
Speaker 1: upper sixties today, mostly sunny with a high near seventy tomorrow,
Speaker 1: will be near seventy on Friday with a chance for showers.
Speaker 1: Right now, it's fifty five and clear in Central Park.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living Freedom to Washington, d C. Bloomberg ninety
Speaker 1: nine one to Boston, Bloomberg one O six one to
Speaker 1: San Francisco, Bloomberg nine sixteen to the Country, Sirius XM
Speaker 1: Chento one nineteen and around the globe, the Bloomberg Business
Speaker 1: and Bloomberg Radio dot com. This is Bloomberg Daybreak. It's
Speaker 1: six thirty on Wall Street. Good morning. I'm Nathan Hager
Speaker 1: and I'm Karen Moscow, and we are about three hours
Speaker 1: away from the open of US trading time for the
Speaker 1: five things you need to know to start your day.
Speaker 1: Out to you by Interactive Brokers. Global Analysts helps you
Speaker 1: find you global investment opportunities to diversify your portfolio and
Speaker 1: discover undervalued companies that they have greater growth potential. Try
Speaker 1: ibk our Global Analysts today at ibkr dot com slash
Speaker 1: g A. First, we soon get the latest reading on inflation.
Speaker 1: The April Consumer Price Index will be released at eight
Speaker 1: thirty Wall Street time. Nathan Sheets, chief Global Economists with
Speaker 1: City Group, says high commodity prices and supply chain pressures
Speaker 1: could lead to more persistent inflation. Looking under the hood
Speaker 1: is going to be critical. We're expecting a zero point
Speaker 1: four percent month to month read for core, somewhat lower
Speaker 1: for headline, but when I look at underlying components, I
Speaker 1: just have a hard time being too optimistic about the
Speaker 1: inflation outlook. City Group Chief Global Economists Nathan Sheets expects
Speaker 1: inflation to gradually decline this year, even if it hasn't
Speaker 1: peaked yet. Well April CPI numbers caring to likely to
Speaker 1: affect how the Fed titans monetary policy. Cleveland FED President
Speaker 1: Loretta Mester says the path to two percent inflation will
Speaker 1: be painful, that unemploying may have to rise. We make
Speaker 1: it another quarter of or two of negative growth, but
Speaker 1: that has to happen in order to get inflation down.
Speaker 1: So we are tightening financial conditions and we're going to
Speaker 1: continue doing that until we see inflation moving back down.
Speaker 1: Cleveland FED President Loretta Mester tells Bloomberg's Michael McKee she
Speaker 1: would not rule out a hike of seventy five basis
Speaker 1: points this year. Well. In Asia, Nathan, inflation is also
Speaker 1: in focus. China's factory gate prices rose faster than expected
Speaker 1: in April and cp I exceeded projections. COVID lockdowns are
Speaker 1: blamed for higher food and fuel prices, and earning season
Speaker 1: is and over just Jet Karen Disney reports this afternoon.
Speaker 1: Bloomberg Intelligence expects streaming subscriber growth will slow, but it
Speaker 1: also expects strong performance from Disney's domestic parks well Now,
Speaker 1: turning to Twitter and Elon Musk, speaking at a conference yesterday,
Speaker 1: the world's richest man says he would reverse for President
Speaker 1: Donald Trump's permanent ban if he takes control of a company.
Speaker 1: Musk also said he is not sure Trump would even
Speaker 1: return to the platform. He has publicly stated that he
Speaker 1: will not be coming back to Twitter um and that
Speaker 1: he will only be on truth Social and Elon Musk
Speaker 1: called Trump's band morally wrong and quote flat out stupid
Speaker 1: and as the five things you need to notice start
Speaker 1: your day. Brought to you by Interactive Brokers. Future is
Speaker 1: Higher this morning, s and P futures at forty four
Speaker 1: points and straight ahead your latest local headlines plus a
Speaker 1: check of sports and this is Bloomberg. Thanks Karen. Six
Speaker 1: Wall Street fifty five degrees in Central Park. Still dealing
Speaker 1: with the accident on the eastbound Belt Parkway at Springfield Boulevard.
Speaker 1: Heads up if you're heading to JFK. Michael Barr has
Speaker 1: more on what's going on in New York and around
Speaker 1: the world. Michael, Good morning, Good morning, Nathan. The Senate
Speaker 1: is expected to vote today on a bill that would
Speaker 1: qunify abortion rights into federal law. Bloomberg's and Baxter as
Speaker 1: the story. Passage is a long shot, but sent up.
Speaker 1: Majority Leader Chuck Schumer says he wants every Senator on
Speaker 1: the record for all to see. Sent up. Minority Leader
Speaker 1: Mitch McConnell says, actually, that's exactly what the leak Supreme
Speaker 1: Court opinion suggested a vote. But historically there have been
Speaker 1: abortion votes on the floor of the Senate, none of
Speaker 1: them have achieved six vote. McConnell says, go ahead, take
Speaker 1: the vote. Schumer says, if by some chance Republicans take
Speaker 1: control of the Congress, it could mean a total federal
Speaker 1: ban on the table in San Francisco, I'm at Baxter
Speaker 1: Bloomberg day Break. New York Governor Kathy Okol has announced
Speaker 1: that the state will make thirty five million dollars available
Speaker 1: to help abortion providers boost services and security. In Connecticut,
Speaker 1: Governor Need Lamott signed a new abortion building the law
Speaker 1: that he says expands abortion access. Everybody talking about freedom.
Speaker 1: This is a fundamental freedom issue is being challenged by
Speaker 1: the Supreme Court. Fundamental Governor Lamont also says the state
Speaker 1: is providing pre native will support and support after birth.
Speaker 1: It's a split decision for Donald Trump candidates and to
Speaker 1: GOP primaries. Yesterday, Representative Alex Mooney endorsed by the former
Speaker 1: president one over fellow Representative David McKinley in West Virginia.
Speaker 1: Mooney is now poised to represent the state's second district
Speaker 1: in the next Congress. Republican voters in Nebraska picked Jim
Speaker 1: Pillin as their nominee for governor. Pillin beat eight rivals,
Speaker 1: including Charles Herbster, who was supported by former President Trump
Speaker 1: and accused of groping multiple women. New York Congressman Tom
Speaker 1: Reid is resigning, leaving an office more than seven months
Speaker 1: before the end of his term. Reid said last year
Speaker 1: that he would not seek re election after he was
Speaker 1: accused of sexual misconduct, but he announced in a speech
Speaker 1: on the floor of the U. S House yesterday and
Speaker 1: that he was stepping down. New Yorkers will have to
Speaker 1: wait until August of vote in the primary elections for
Speaker 1: US representatives rather than June. A federal judge proved it.
Speaker 1: The congressional primaries being put back after new Democrat drawn
Speaker 1: district maps were deemed unconstitutional by New York High Court
Speaker 1: and look for more police officers in New York City
Speaker 1: subways overnight and for longer stretchers of time to find crime.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists analysts more than a hundred twenty countries. I'm
Speaker 1: Michael Barb. This is Bloomberg, Nathan. Thanks Michael. Almost six
Speaker 1: thirty six on Wall Street. Time for the Bloomberg Sports
Speaker 1: Day with John Stashow. All right, Nathan. The Yankees keith winning.
Speaker 1: They made it fourteen the last sixteen, even when trailing
Speaker 1: by two runs and down to their last two outs.
Speaker 1: Aaron Judge with a game winning walk off three run
Speaker 1: homer a bottom of the night, the thrilling six five
Speaker 1: win over the Blue Jays at Stadium. John Carlos Stanton
Speaker 1: had hit a three run shot in the sixth. Then
Speaker 1: the Yankster now a Major League best twenty one and eighth.
Speaker 1: They've got a twelve thirties start with the Blue Jays today.
Speaker 1: The Mets are National League best one and ten. They
Speaker 1: trailed in Washington Rally. They went for to two behind
Speaker 1: Carlos Carrasco. The Mets may needed five pitchers for their
Speaker 1: no hitter last month, and Angels rookie last night it
Speaker 1: had all by himself. And here's the next delivery. It's
Speaker 1: chapter short. This should do it. The throw the first
Speaker 1: no hitter. It's a no hitter. Thread divers in justice.
Speaker 1: You haven't major league start. It's is a new hitter.
Speaker 1: That's the third chief in Angels history. He la Hey
Speaker 1: Toy called twelve nothing over Tampa Bay. The Angels out
Speaker 1: hit the Raise eighteen to nothing. Debt verses twenty two,
Speaker 1: youngest to throw a no hitter since two thousand six.
Speaker 1: Home Cooking in the NBA To Series, where the home
Speaker 1: teams won every game and the game five were blowouts.
Speaker 1: Phoenix bet Dallas by thirty Miami be Philadelphia by thirty five.
Speaker 1: The winners go up three to four game fives. In
Speaker 1: the NHL Carolina B Foston home teams won every game
Speaker 1: there Toronto in the late Austin Matthews go rallied past
Speaker 1: Tampa Bay St. Louis three and the third to win
Speaker 1: in Minnesota in l a and overtime at Edmonton. The
Speaker 1: winning teams all up three to two. The Penguins lead
Speaker 1: the Rangers three one game five tonight at the Garden.
Speaker 1: Does the Ranger season end or can they at least
Speaker 1: force the game six? Back in pitch arter John stashually
Speaker 1: were bloombirds are? John thinks sixty seven on Wall Street
Speaker 1: Time to take a look at stocks and some of
Speaker 1: the names moving in the pre market. Bloomberg Radio and
Speaker 1: TV Markets correspondent Crety Gupta is with us this morning
Speaker 1: taking a look at stocks on the move on earnings, creating, Yeah,
Speaker 1: it's been a pretty rough couple of months, but earnings
Speaker 1: do still matter, Nathan in. A great example of that
Speaker 1: is coin Based. This morning, CEO I n is your
Speaker 1: taker down a whopping almost fifteen percent. It was actually
Speaker 1: down way more earlier in the in the pre market
Speaker 1: trading session. This is important to keep in mind because
Speaker 1: coin base actually warned that the total trading volume in
Speaker 1: the current quarter would be lower than in the first quarter.
Speaker 1: And this is important because they also missed their first
Speaker 1: quarter revenue estimate. So they're saying not only did they
Speaker 1: have a bad quarter, but they're also expecting this to
Speaker 1: be a bad quarter as well. And now put this
Speaker 1: into context with what you're seeing in terms of Bitcoin,
Speaker 1: for example, and you are starting to see a lot
Speaker 1: of people say, well, we're not actually needed uh to uh,
Speaker 1: you're not actually needing a lot or seeing a lot
Speaker 1: of open interest excuse me in some of these cryptocurrencies,
Speaker 1: at least to the extent that we saw in one,
Speaker 1: and that's really leading to perhaps the collapse. It's a
Speaker 1: similar dynamic we're seeing in commodity markets. In stock markets,
Speaker 1: the volatility is so intense, Nathan, that a lot of
Speaker 1: people are saying there's just no uh, there's just no
Speaker 1: way that they want to have that exposure and really
Speaker 1: create that those trades, and that's really hitting coin bases
Speaker 1: at bottom line. C O I n is your taker.
Speaker 1: The CEO also, by the way, say that there's no
Speaker 1: risk of bankruptcy amid the black Swan event, of course,
Speaker 1: referring to some of the stuff that's going on with
Speaker 1: the stable coins over the last couple of days. Speaking
Speaker 1: of earnings, we should also talk about Occidental O x
Speaker 1: Y is your tiger. They actually beat earnings this morning.
Speaker 1: And it's really important to talk about oil companies because
Speaker 1: we know Nathan have come on over and over again
Speaker 1: onto the show and said oil is the new defensive stock,
Speaker 1: and it kind of is, and it looks like the
Speaker 1: earnings are coming in pretty strong as well. They did
Speaker 1: beat their estimates. O x y s R taker up one. Yeah,
Speaker 1: it certainly seems that way given how commodity price is
Speaker 1: have gone. But on the complete other side of the coin,
Speaker 1: you can't call Peloton defensive, not by any stretch. No,
Speaker 1: you really can't. But you know it's ironic because there
Speaker 1: was an air about two years ago when we could
Speaker 1: call them a total defensive stock, back in pandemic days. Yeah,
Speaker 1: back in back in the day. Um, now you certainly can.
Speaker 1: The Peloton is having a little bit of a rebounded,
Speaker 1: did drop to its lowest level since I p O
Speaker 1: ng um and yesterday. But now because of that extreme
Speaker 1: move you are seeing now bounds a little bit up
Speaker 1: too and a half percent. No real reason, they're really
Speaker 1: just becomes a matter of technicals. If you have an
Speaker 1: over sold stock, it will bounce back. The p t
Speaker 1: O N up about two and a half percent. And Nathan,
Speaker 1: let's spend this forward Disney earnings after the well d
Speaker 1: I S is your ticker. They're actually up one point
Speaker 1: two percent in the pre market a lot. When it
Speaker 1: comes to a gauge there the text there they're tech
Speaker 1: player in terms of streaming. They're also a park and
Speaker 1: cruise lines. Um, they have both sides of the coin. Yeah,
Speaker 1: they're right, broad based entertainment giant. Thanks as always Boom
Speaker 1: Regrade and TV Markets corresponding Creedy Gupta with us this morning,
Speaker 1: looking ahead to the open, futures are moving higher ahead
Speaker 1: the CPI data have SMP futures right now forty six points,
Speaker 1: TOW futures up to eight, and NASDAC futures higher by
Speaker 1: one eighty two points tenor Treasury yield two. You're listening
Speaker 1: to Bloomberg day Break Bloomber eleven, three oh Weather. Sunshine,
Speaker 1: upper sixties today, mostly sunny with a high near seventy tomorrow,
Speaker 1: and we can see showers by Friday with a high
Speaker 1: still near seventy degrees. The current temperature in Central Park
Speaker 1: fifty five degrees. Markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: at and at Bloomberg Quick Tape. He's a Bloomberg Business
Speaker 1: Flash and I'm Karen Moscow. And futures are on the rise.
Speaker 1: This morning, we get to the first word breaking news.
Speaker 1: Dask for today's morning call, and here's Bill Maloney. Bill,
Speaker 1: good morning, and good morning Can. That's right. US futures
Speaker 1: are in the green right now at Down futures up
Speaker 1: nine points, Supes gained forty six well, Nastick futures are
Speaker 1: up by seven. The US ten year old at two
Speaker 1: point nine four percent, Gold is up fourteen. Oil is
Speaker 1: also climbing, and Bigcoin is hired by two point four percent.
Speaker 1: Japan was a little changed overnight, while Up and markets
Speaker 1: are in the green this morning and back in the
Speaker 1: US on the economic Frinday thirty, the Consumer Price Index
Speaker 1: after the bellis night Coin based missed on revenue and
Speaker 1: trading volume, shares it on fourteen percent in the pre market,
Speaker 1: and Unity Software revenue forecast missedestimates, those shares plunging twenty
Speaker 1: two percent pre market. Regarding earnings today, Disney reports after
Speaker 1: the Bell and A deal lose, Philip Morris agrees to
Speaker 1: buy Swedish Match for sixteen billion. Rapid Things up. Corning
Speaker 1: was cut to equate at Barkley's Carbon and cut to
Speaker 1: hold over at Stifold Live from the First Breaking News
Speaker 1: Desk on Bill Maloney, care all right, Bill, thank you,
Speaker 1: and to hear live breaking news of your Bloomberg type
Speaker 1: squawk on your terminal s q U A w K.
Speaker 1: That's a Bloomberg business faction. Now here's Michael Barrow with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. It was a split primary decision
Speaker 1: yesterday for former President Trump supported candidates in West Virginia.
Speaker 1: Representative Alex Mooney, endorsed by Trump, won over fellow Representative
Speaker 1: David McKinley for the state second congressional district. Republican voters
Speaker 1: in Nebraska picked Jim Pillen as their nominee for governor.
Speaker 1: He beat eight rivals, including Trump supported Charles Herbster, who
Speaker 1: was accused of groping multiple women. In baseball, the Yankees,
Speaker 1: Red Sox, Orioles and Giants one. The Mets beat the
Speaker 1: Nationals four to the a split a doubleheader with the Tigers. Angels.
Speaker 1: Rookie Reid Detmer's pitched a no hitter. In the NHL Playoffs,
Speaker 1: the Bruins lost to the Hurricanes and are now behind
Speaker 1: in the series three games to two. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Tank,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: are more than a hundred twenty countries. I'm Michael Barr,
Speaker 1: and this is Bloomberg. Cameron, all right, Michael, thank you.
Speaker 1: Sixty nine on Wall Street returned to news and science
Speaker 1: and Technology Now. But the Bloomberg and j I T
Speaker 1: STEM Report brought to you by New Jersey Institute of Technology,
Speaker 1: ranked a top fifty national public university by u S
Speaker 1: News and World Report, and j I T is future
Speaker 1: in the making. Learn more at n j I T
Speaker 1: DOT E d U and now here's It's making News
Speaker 1: and science, Technology, engineering, and math Researchers in Shanghai State,
Speaker 1: China faces a tsunami of coronavirus infections if the government
Speaker 1: abandons its long held COVID zero policy. They were and
Speaker 1: that could lead to one point six million deaths to
Speaker 1: study published in the journal Nature Medicine says that China's
Speaker 1: vaccination campaign would be insufficient to prevent an omicron wave
Speaker 1: that would swamp hospitals. Disappointing earnings from the largest US
Speaker 1: cryptocurrency exchange coin Bases first quarter revenue missed analysts estimates.
Speaker 1: The company also warned that total trading volume in the
Speaker 1: current quarter will be lower than in the first competitive
Speaker 1: pressure and the crypto market are growing. Blockchain dot Com
Speaker 1: they consider going public as early as this year. And
Speaker 1: it's the end of an era. Apple's iPod, a groundbreaking
Speaker 1: device that upended the music and electronics industries more than
Speaker 1: two decades ago, is no more. The company said it
Speaker 1: will discontinue the iPod touch the touchscreen model, or remain
Speaker 1: on sale until supplies run out. And as a Bloomberg
Speaker 1: and j I t Stem report naked as long as
Speaker 1: we still have our walkman's thank you, Karen, you're really
Speaker 1: from the Bloomberg Interactive Brokers studios or at six fifty
Speaker 1: on Wall Street. I'm now to check what's going on
Speaker 1: in d C. Some of the top stories in our
Speaker 1: nation's capital include the House approving forty billion dollars in
Speaker 1: Ukraine aid, President Biden seeking to ease rising food inflation
Speaker 1: with a new program for farmers, and the Senate holding
Speaker 1: a vote to codify abortion rights that is likely to
Speaker 1: go down in defeat. Let's get more on all these stories,
Speaker 1: Bloomberg government reporter Emily Wilkins joins us. Now, Emily, let's
Speaker 1: start with the Ukraine Aid. This past with overwhelming support
Speaker 1: in the House it did. Um. Not everyone voted for
Speaker 1: this aid because there were some concerns about how large
Speaker 1: it was, as well as other language on provisions dealing
Speaker 1: with refugees from Ukraine. But this didn't really get a
Speaker 1: lot of bipartisan support. This is the message that leaders
Speaker 1: were hoping to send that the US and law makers
Speaker 1: are still really united on this issue. And Nathan, this
Speaker 1: is the four billion dollar package, absolutely huge compared to
Speaker 1: what we've seen before, and a real signal of both
Speaker 1: from the Biden administration that requested it that they expect
Speaker 1: this war to go on for some time, and by
Speaker 1: Congress or of showing that yes, they are willing to
Speaker 1: continue to support Ukraine, UM, even as this war continues
Speaker 1: to stretch out. You also saw UH Ukrainian a ambassador
Speaker 1: meeting yesterday with senators over their lunch, talking with them
Speaker 1: a little bit about what they were using this funding for,
Speaker 1: what they needed to do, how was helping them in
Speaker 1: this war against Russia. And you had Senator Rob Portman
Speaker 1: read leave the lunch UH and say that he really
Speaker 1: felt like it was well explained as far as how
Speaker 1: Ukraine was spending that funding. So we're gonna see this UH.
Speaker 1: This legislation head over to the Senate. We're looking for
Speaker 1: a vote what next week. What's the likelihood of this
Speaker 1: moving forward in the Senate. Well, definitely seems to have
Speaker 1: the support in the Senate. Said, of course, things usually
Speaker 1: do take a little bit longer, just because often you're
Speaker 1: not able to get everyone to consent to moving a
Speaker 1: spending package of this size quickly. So I think at
Speaker 1: this point people are thinking about moving that bill early
Speaker 1: next week. Although there seems to be less of a
Speaker 1: question whether it will pass, there definitely seems to be
Speaker 1: the sixty votes here needed to get it through. Now.
Speaker 1: President Biden, at least in the last couple of days,
Speaker 1: particularly with the CPI data coming out this morning, has
Speaker 1: been focused on inflation, sort of positioning his policies against Republicans,
Speaker 1: and now he's coming out with this new program aimed
Speaker 1: at farmers. Tell us more about that. Yeah, So Biden
Speaker 1: is going to be um actually heading to Illinois, uh
Speaker 1: and talking about ways that he's going to be helping
Speaker 1: farmers with food initiatives. The idea is that if you
Speaker 1: help out farmers, you might lower the cost of food.
Speaker 1: So it's different things. Uh, some of them is into
Speaker 1: involving insurance kind of giving coverage to lawmakers who grow
Speaker 1: more than one crop. US investment in domestic fertilizer production
Speaker 1: is also going to be double to five hundred million,
Speaker 1: and usb A programs that use technology other tools to
Speaker 1: reduce the use of fertilizer are going to be extended
Speaker 1: to more farms. So lots of different components out there
Speaker 1: really trying to assist farmers here. How does this feed
Speaker 1: into what the President had to say yesterday about his
Speaker 1: inflation approach, to this idea that Republicans are pursuing what
Speaker 1: he calls an ultra mega agenda. I mean, this is
Speaker 1: a replay and that's really hurt the Biden administration. That's
Speaker 1: high inflation numbers. It's something they have trying to address
Speaker 1: in a number of ways. Um, the numbers so far
Speaker 1: have remained high at this point, and they are expecting
Speaker 1: to really remain high at least into the summer, if
Speaker 1: not longer. And Biden is sort of stuck in this
Speaker 1: position of trying to assure Americans that he is doing
Speaker 1: things on this particular particular area while also trying to
Speaker 1: empathize with the pain Americans are feeling, while also you know,
Speaker 1: having to take the front of it. He is the president,
Speaker 1: and that means that he is the one who is
Speaker 1: getting blamed for the inflation and the economics in the US.
Speaker 1: So I think this effort that we are seeing with farmers, um,
Speaker 1: I imagine to other efforts that we're going to be
Speaker 1: seen with upcoming legislation on US manufacturing and development. Those
Speaker 1: are all things the administration is going to point to
Speaker 1: and try and say we are addressed in this issue.
Speaker 1: We do know it's important. Um. You know, we are
Speaker 1: working trying to lower prices for Americans using though to
Speaker 1: hear the President focusing on the economic challenges while on
Speaker 1: Capitol Hill. We're waiting for this vote later today in
Speaker 1: the Senate on the other big politically fraught issue that's
Speaker 1: come to the four over the last week or so,
Speaker 1: abortion rights. Yeah, the vote on that is expected today. UM.
Speaker 1: It'll be a procedural vote because that's kind of how
Speaker 1: the Senate works. Got to get the process through before
Speaker 1: you actually vote on the bill. It's gonna need sixty
Speaker 1: votes and and Nathan, and it's all but guaranteed to fail.
Speaker 1: We've seen a very similar vote, UM back in February
Speaker 1: that not only was unable to clear the sixty vote threshold.
Speaker 1: It didn't clear the fifty vote threshold because he had
Speaker 1: senators like Joe Manchin who voted against it. UM. And
Speaker 1: so even some senators Republicans who you know are more
Speaker 1: open to the idea of abortion rights, like Lisa Marikowski
Speaker 1: and Susan Collins, there are just they haven't voted for
Speaker 1: these measures on the recent past UM. And there's certainly
Speaker 1: not ten Republicans at this point to join Democrats. UM.
Speaker 1: So this is very much a vote about messaging. It's
Speaker 1: very much a vote about getting people on the record
Speaker 1: before this November UM. It's a it's kind of a
Speaker 1: vote that signals just how important Democrats expect this issue
Speaker 1: to be UH as we get more and more into
Speaker 1: election season. UM, and just sort of showing that, you
Speaker 1: know that they're not able with their current majorities to
Speaker 1: do anything. And only about thirty seconds left here. Speaking
Speaker 1: of UH election season, we had a couple of key
Speaker 1: Republican primaries last night. Yeah, I would say that to
Speaker 1: highlight one, we had a two of Republican incumbents in
Speaker 1: the House go a head to head. This is Alex
Speaker 1: Mooney and David McKinley in West Virginia. This was a
Speaker 1: big race because Trump head backed Mooney. He'd really use
Speaker 1: that endorsement, has a centerpiece of his campaign, and it
Speaker 1: was kind of seen as a test of how powerful
Speaker 1: Trump's endorsement is. And the answer from last night is
Speaker 1: it's still pretty powerful. Uh. Mooney was emerged pretty early
Speaker 1: on in the evening as the clear winner of the race.
Speaker 1: I've gotten a ton of support. I mean this, McKinley
Speaker 1: had a number of items he was running on and
Speaker 1: it seems like Trump's endorsement has just overpowered them all
Speaker 1: in terms of voters minds. And just to note, of course,
Speaker 1: this is a deep red district, so obviously things might
Speaker 1: played differently in some of the more swing districts, just
Speaker 1: like we saw in the West Virginia governor's race last year.
Speaker 1: All right, thanks as always, Bloomberg. Government reporter Emily Wilkins
Speaker 1: with us from Washington, v C. Right now, SMP futures
Speaker 1: are up forty five point, staff futures up tune to
Speaker 1: eighty two. NASTAC futures up a hundred eighty six points.
Speaker 1: Ahead of the release of April CPI coming out in
Speaker 1: just about an hour and a half. Much more to
Speaker 1: come on Bloomberg Surveillance Straight Ahead for Karen Moscow. I'm
Speaker 1: Nathan Hagar, and this is Bloomberg