WEBVTT - Bloomberg Daybreak: June 3, 2022 - Hour 1 (Radio) 0:00:04.440 --> 0:00:07.960 By from the Bloomberg Interactive Brooker Studios is Bloomberg day 0:00:07.960 --> 0:00:11.360 Break for Friday, June three, two. Coming up this hour, 0:00:11.840 --> 0:00:14.960 President Biden pleads with Congress to tough and gun laws. 0:00:15.320 --> 0:00:18.720 New York lawmakers raised the h device semi automatic rifles. 0:00:19.120 --> 0:00:22.560 Investors await the May employment report and job cuts may 0:00:22.560 --> 0:00:25.720 be coming at Tesla. Lawmakers agree to a financial boost 0:00:25.720 --> 0:00:28.560 to repair New York City's public housing developments. Plus the 0:00:28.560 --> 0:00:31.840 man Hunt court sexes prisoners gape killed five on the 0:00:31.920 --> 0:00:34.839 Loos is Over, I'm Michael blarm or a half. I'm 0:00:34.920 --> 0:00:37.280 John stash Own Sports. The Mets shut out by the Dodgers, 0:00:37.320 --> 0:00:39.479 the Yankees swept the double letter from the Angels, the 0:00:39.560 --> 0:00:45.080 Celtics one game one of the NBA Final. That's alls 0:00:45.080 --> 0:00:48.720 Training ahead on Bloomberg day Break on Bloomberg eleven three 0:00:48.720 --> 0:00:53.159 on New York, Bloomberg one, Washington, d C, Bloomberg one 0:00:53.200 --> 0:00:57.680 O six one, Boston, Bloomberg nine sixties and Francisco Sirius 0:00:57.720 --> 0:01:00.920 Exam one nine team and around the world Old Bloomberg 0:01:01.000 --> 0:01:08.040 Radio dot Com and via The Bloomberg Business and Good Morning, 0:01:08.040 --> 0:01:11.320 I'm Karen Moscow, Nathan Hagar Bloomberg Daybreak is brought to 0:01:11.360 --> 0:01:14.080 you by Informatica in the cloud. Your data has the 0:01:14.120 --> 0:01:17.319 power to do the extraordinary. Managed data across any location 0:01:17.360 --> 0:01:21.040 in the cloud for accurate and actionable insights. More at Informatica, 0:01:21.200 --> 0:01:24.720 dot Com and US futures are lower this morning. It's 0:01:24.720 --> 0:01:26.639 FABO one on Wall Street and we check the markets 0:01:26.680 --> 0:01:29.440 every fifteen minutes throughout the trading day. On bloomberg S 0:01:29.480 --> 0:01:31.800 and P Future is down about eleven points down. The 0:01:31.840 --> 0:01:35.080 Future is down sixty four. NASDAG Future is down fifty four, 0:01:35.319 --> 0:01:37.400 and the ten year Treasury is down one thirty second 0:01:37.440 --> 0:01:39.959 yield two point nine one percent. They yield on the 0:01:40.000 --> 0:01:43.399 two year two point six three NIMEX Scrude oil is 0:01:43.440 --> 0:01:46.080 down eight tenths of a percent. Nathan Well, Karen, We 0:01:46.120 --> 0:01:48.800 begin this morning with a plea for action from President 0:01:48.840 --> 0:01:52.360 Biden after a wave of deadly mass shootings across the country. 0:01:52.600 --> 0:01:58.240 Do something, Just do something, for God's sake, do something. 0:01:58.600 --> 0:02:00.920 In a primetime address from the Fine House, the President 0:02:00.960 --> 0:02:03.600 called for a ban on assault weapons and high capacity 0:02:03.640 --> 0:02:07.080 magazines and an end to lawsuit protection for gunmakers. He 0:02:07.160 --> 0:02:10.120 said responsible gun owners shouldn't be worried about their rights 0:02:10.200 --> 0:02:14.600 going away. Machine guns have been federally regulated for nearly 0:02:14.680 --> 0:02:19.040 ninety years, and this is still a free country. This 0:02:19.080 --> 0:02:23.679 isn't about taking you anyone's rights shoile protecting children while 0:02:23.680 --> 0:02:28.920 protecting families, while protecting whole communities. As President Biden spoke, 0:02:29.000 --> 0:02:31.480 the House Judiciary Committee approved a bill that would raise 0:02:31.520 --> 0:02:34.280 the minimum age to buy semi automatic rifles and band 0:02:34.400 --> 0:02:37.639 high capacity magazines. That bill is not likely to pass 0:02:37.720 --> 0:02:40.840 in the Senate. Meantime, Nathan lawmakers in New York have 0:02:40.960 --> 0:02:43.680 raised the age to buy semi automatic rifles. The New 0:02:43.760 --> 0:02:47.040 York State Legislature approved increasing the legal age to twenty 0:02:47.120 --> 0:02:49.960 one from eighteen. It also passed a package aimed at 0:02:50.040 --> 0:02:53.280 reducing the likelihood of mass shootings by tightening roles to 0:02:53.320 --> 0:02:56.600 purchase firearms and other military equipment. Then they bring New 0:02:56.680 --> 0:03:00.160 Jersey Karen. Governor Phil Murphy says he's optimistic his date 0:03:00.200 --> 0:03:02.840 will also enact stronger gun laws. New Jersey is one 0:03:02.880 --> 0:03:05.880 of the strongest gun safety states in America. We've got 0:03:05.919 --> 0:03:08.000 a lot of past and signed in our four and 0:03:08.000 --> 0:03:11.120 a half years. Because yet another package of bills that 0:03:11.280 --> 0:03:14.120 we think could make our stadium the safer can. We 0:03:14.280 --> 0:03:16.839 want to get those over the New Jersey Governor Phil 0:03:16.919 --> 0:03:19.880 Murphy spoke with David Weston on Bloomberg's Balance of Power. 0:03:19.919 --> 0:03:22.600 You can catch that program at noon Eastern on Bloomberg 0:03:22.680 --> 0:03:25.440 Radio and Television. In the interest of transparency, we should 0:03:25.480 --> 0:03:27.720 note that Michael Bloomberg, the founder and majority owner of 0:03:27.760 --> 0:03:30.480 Bloomberg LP, the parent company of Bloomberg Radio, is a 0:03:30.520 --> 0:03:33.560 donor to groups that support gun control. Well, another major 0:03:33.720 --> 0:03:37.240 story we're following this morning, Nathan, the House panel investigating 0:03:37.320 --> 0:03:40.360 last year's Capitol Hill insurrection is ready to take its 0:03:40.360 --> 0:03:43.600 findings public, and Bloomberg's Amy Morris has details from our 0:03:44.320 --> 0:03:48.480 newsroom in Washington. After nearly a year of investigation, subpoenas, 0:03:48.480 --> 0:03:51.400 and testimony, the January sixth panel will lay out its 0:03:51.440 --> 0:03:54.000 findings for the public in a series of hearing starting 0:03:54.040 --> 0:03:57.400 next Thursday. Most of their work has been behind closed doors, 0:03:57.520 --> 0:04:00.200 but now members say the panel will present preview the 0:04:00.320 --> 0:04:04.720 unseen material documenting what happened on January six and provide 0:04:04.720 --> 0:04:07.440 a summary of its findings. The first of a series 0:04:07.480 --> 0:04:10.160 of public hearings is set for eight o'clock Thursday night. 0:04:10.440 --> 0:04:13.520 It's prime time in the US to give the investigation 0:04:13.640 --> 0:04:17.560 maximum exposure. In Washington. I'm maybe more as Bloomberg Daybreak. 0:04:17.640 --> 0:04:20.080 All right, Amy, thank you. Also in Washington this morning, 0:04:20.080 --> 0:04:22.839 we get the release of the May jobs report. Economists 0:04:22.839 --> 0:04:25.839 predict three d twenty thousand non farm payrolls are created 0:04:25.960 --> 0:04:29.599 last month. Regardless, Andrew Husby, US and Canada economists for 0:04:29.600 --> 0:04:33.200 Bloomberg Economics, does not think the report will affect Fed policy. 0:04:33.560 --> 0:04:35.560 You know, early signs that labor demand is cooling, But 0:04:35.600 --> 0:04:37.680 certainly there's nothing in this report that's going to shape 0:04:37.680 --> 0:04:40.839 the head off of tightening moves of at least fifty 0:04:40.880 --> 0:04:43.479 basis points at the next couple of meeting. Andrew Husby 0:04:43.480 --> 0:04:46.159 and Bloomberg Economics says, look for that next half point 0:04:46.279 --> 0:04:49.880 rate hike at the FEDS policy decision coming up June. Well, 0:04:49.920 --> 0:04:53.120 the feds major focus right now, of course, is curbing inflation, 0:04:53.200 --> 0:04:55.640 and Black Rock chair and CEO Larry fing is weighing 0:04:55.640 --> 0:04:57.960 in on the matter. He tells Bloomberg the Fed may 0:04:58.000 --> 0:05:00.799 not have the tools right now to deal with higher prices. 0:05:01.080 --> 0:05:06.760 There's greater recognition that inflation is not transitory. It is 0:05:06.760 --> 0:05:09.600 probably with us for a number of years, and at 0:05:09.640 --> 0:05:12.200 the type of inflation that I don't believe the Federal 0:05:12.240 --> 0:05:15.599 Reserve has the policy or the tools to do much 0:05:15.720 --> 0:05:18.440 with it right now. And I'm personally not blaming the 0:05:18.480 --> 0:05:20.760 Federal Reserve for where they where we are right now, 0:05:21.120 --> 0:05:23.680 but I believe most of the problems we're living with 0:05:23.720 --> 0:05:27.279 today are more policy generated and supply generated. When it 0:05:27.320 --> 0:05:29.840 comes to the economy of black Rock, CEO Larry Fink 0:05:29.880 --> 0:05:32.520 tells us he thinks demand is just about back to 0:05:32.640 --> 0:05:35.360 pre COVID levels. All right, let's turn to corporate news now, 0:05:35.440 --> 0:05:38.480 Karen and the latest from Elon Musk. The test Less 0:05:38.480 --> 0:05:41.479 CEO has reportedly told executives the electric car maker needs 0:05:41.520 --> 0:05:44.960 to cut staff by about ten percent. According to Reuters, 0:05:45.040 --> 0:05:48.520 Musk sent out an email titled pause all hiring worldwide. 0:05:48.800 --> 0:05:51.919 The report says Musk has quote a super bad feeling 0:05:51.960 --> 0:05:54.800 about the economy right now. Testless shares her down three 0:05:54.880 --> 0:05:57.560 percent in early trading. Well on the flip side, Nathan 0:05:57.600 --> 0:06:02.120 Walmart is adding employees. That retailer will build four new 0:06:02.160 --> 0:06:05.240 e commerce warehouses and a push to speed deliveries. The 0:06:05.320 --> 0:06:08.119 move will create more than four thousand jobs. It also 0:06:08.200 --> 0:06:11.560 will let Walmart reach of the US population with one 0:06:11.680 --> 0:06:14.440 or two days shipping. That's ut from about seventy five 0:06:14.480 --> 0:06:17.000 percent right now and on the earning stront today Karen. 0:06:17.080 --> 0:06:19.320 Shares of Lulu Lemon are up more than one percent 0:06:19.360 --> 0:06:22.400 in early trading. The company reported results that beat estimates. 0:06:22.480 --> 0:06:25.479 We get the details from Bloomberg's Doug Prisoner. The athletic 0:06:25.480 --> 0:06:29.719 ware retailer reported comp stores sales rose in the first 0:06:29.839 --> 0:06:34.080 quarter and net revenue reached one point six billion dollars. Importantly, 0:06:34.160 --> 0:06:37.480 Lulu Lemon also raised its full year forecast. The company 0:06:37.560 --> 0:06:39.920 is expecting sales to reach as much as seven point 0:06:40.000 --> 0:06:43.080 seven billion in its fiscal year. Lulu Lemon has been 0:06:43.120 --> 0:06:46.719 accelerating deliveries to get products to stores in time to 0:06:46.800 --> 0:06:50.600 meet robust demand. Even so, the company says logistics problems 0:06:50.640 --> 0:06:54.080 that hurt performance since the holiday season haven't yet fully 0:06:54.120 --> 0:06:58.080 been alleviated. In New York, I'm Doug Prisner, Bloomberg Daybreak. Okay, Doug, 0:06:58.120 --> 0:07:00.080 thank you right now. S and P futures are down 0:07:00.080 --> 0:07:03.320 eleven points, Stown futures down sixty nine, Nasdaq futures are 0:07:03.360 --> 0:07:06.719 lower by fifty five points. The Tenure Treasury is down 0:07:06.760 --> 0:07:09.880 one thirty second yield two point nine one, and nim 0:07:10.040 --> 0:07:12.400 X screwed is down seven tenths percent at a hundred 0:07:12.440 --> 0:07:16.120 fifteen cents of barrel straight ahead, your latest local headlines, 0:07:16.160 --> 0:07:23.720 and a check of sports. This is Bloomberg Sound five 0:07:23.720 --> 0:07:26.080 oh seven on Wall Street where at sixty four foggy 0:07:26.120 --> 0:07:28.160 degrees in such a part the deal etting with a 0:07:28.240 --> 0:07:30.760 tractor trailer fire cleaning that up eastbound route to eighty 0:07:30.760 --> 0:07:33.520 by eggs at nine. Details coming up in traffic. First 0:07:33.600 --> 0:07:35.880 Michael Barr with what else is going on in New 0:07:35.960 --> 0:07:38.720 York and around the world. Happy Friday, Michael, Happy Friday 0:07:38.760 --> 0:07:41.480 to you, Nathan. New York lawmakers have approved a new 0:07:41.600 --> 0:07:45.200 entity to help finance much needed renovations at New York 0:07:45.200 --> 0:07:48.680 City's public housing developments. The New York City Public Housing 0:07:48.840 --> 0:07:52.320 Preservation Trust will allow the New York City Housing Authority 0:07:52.640 --> 0:07:56.440 to borrow money by pooling federal housing vouchers. The money 0:07:56.440 --> 0:07:59.239 will be used to make urgent repairs to as many 0:07:59.520 --> 0:08:03.480 as one hundred thousand units, many of them plagued by 0:08:03.520 --> 0:08:07.280 mole leaks and lead paint, and made critical upgrades to 0:08:07.360 --> 0:08:11.520 boilers and elevators. Texas prison officials say a convicted murderer 0:08:11.560 --> 0:08:13.640 on the run since escaping a prison bus on May 0:08:13.720 --> 0:08:16.600 twelve has been killed after he killed a family of 0:08:16.680 --> 0:08:20.000 five and took their truck. Prison spokesman Jason Clark says 0:08:20.040 --> 0:08:23.520 Gonzala Lopez was shot dead by law enforcement south of 0:08:23.560 --> 0:08:30.720 San Antonio late last night. Very saddened that the murders happened, 0:08:31.400 --> 0:08:33.520 but I will tell you that we are breathing a 0:08:33.559 --> 0:08:36.439 sigh of relief that Lopez will not be able to 0:08:36.520 --> 0:08:39.760 hurt anyone else. Prison spokesman Jason Clark says the five 0:08:39.840 --> 0:08:42.760 killed and their residents included an adult and four miners. 0:08:43.120 --> 0:08:46.559 After Lopez broke in. Authorities in Tulsa, Oklahoma, say the 0:08:46.600 --> 0:08:49.839 suspect who killed four people inside a medical building Wednesday 0:08:50.240 --> 0:08:52.960 was a patient to one of the victims. The victims 0:08:52.960 --> 0:08:56.480 have been identified as Dr Preston Phillips, Dr Stephanie Houston, 0:08:57.000 --> 0:09:00.720 Amanda Green, and William Love. The suspect has been identified 0:09:00.760 --> 0:09:04.920 as Michael Lewis. Tulsa Police Chief Windoll Franklin said Dr 0:09:04.960 --> 0:09:09.080 Phillips performed back surgery on Lewis, who was angry about 0:09:09.160 --> 0:09:12.960 lingering pain. Following the operation. We have also found a 0:09:13.040 --> 0:09:17.840 letter on this suspect which made it clear that he 0:09:17.960 --> 0:09:21.560 came in with the intent to kill Dr Phillips and 0:09:21.720 --> 0:09:25.199 anyone who got in his way. Gee Franklin says the 0:09:25.240 --> 0:09:28.600 shooter took his own life when officers closed in Britain 0:09:28.640 --> 0:09:32.880 continues to mark the Queen's platinum jubilee. Today, a service 0:09:32.960 --> 0:09:36.040 of Thanksgiving takes place in St. Paul's Cathedral for the 0:09:36.120 --> 0:09:39.400 Queen's historic seventy years of service. Harry and Megan will 0:09:39.400 --> 0:09:42.840 be there. However, Prince Andrew will not. He tested positive 0:09:42.880 --> 0:09:45.880 for COVID, and the Queen, who was ninety six, decided 0:09:45.920 --> 0:09:48.320 to skip the trip because it will just be too 0:09:48.400 --> 0:09:51.000 much for her. Global News twenty four hours a day 0:09:51.040 --> 0:09:53.560 on air and on Bloomberg Quick Takee, powered by more 0:09:53.840 --> 0:09:57.120 than journalists and analyst more than a hundred twenty countries. 0:09:57.440 --> 0:09:59.920 Michael bar this is Bloomberg. Nathan all right, Michael, thank you, 0:10:00.000 --> 0:10:06.480 oh for count up to five ten on Wall Street. 0:10:06.480 --> 0:10:09.360 Time for the Bloomberg Sports Update. Good morning, John Sesshire, morning, 0:10:09.440 --> 0:10:12.480 Nathan starting. Pitching has carried the Yankees to this great start, 0:10:12.520 --> 0:10:14.280 and it was on display of the Brons and the 0:10:14.280 --> 0:10:17.319 doubleheader sweep of the Angels. Up first was Nestor Cortez, 0:10:17.440 --> 0:10:20.120 arguably the best pitcher of the Major so far. Seven 0:10:20.160 --> 0:10:22.920 more scoreless innings the Yanks at four solo home runs 0:10:23.240 --> 0:10:25.719 three came off Sho hey Otani. They won six to one, 0:10:25.720 --> 0:10:27.600 as Cortes lowered as the r eight to one and 0:10:27.640 --> 0:10:30.440 a half. And then it was Jamison Tyone's turned coming 0:10:30.480 --> 0:10:32.680 off eight scoreless innings when he lowed only two hits. 0:10:32.679 --> 0:10:35.920 Tylon went eight innings again. He had a perfect game going. 0:10:36.120 --> 0:10:38.600 In the eighth, Angels broke it up and broke up 0:10:38.600 --> 0:10:40.640 a scoreless game, but the Yanks came through bottom of 0:10:40.640 --> 0:10:43.000 the eighth inning the two out, two run game winning 0:10:43.040 --> 0:10:45.959 pinch hit single for Anthony Rizzo. Yanks won two to 0:10:46.080 --> 0:10:48.320 one to sweep the twin Bill. Mets started a ten 0:10:48.360 --> 0:10:50.960 game Southern California road trip. They had only three hits, 0:10:50.960 --> 0:10:53.600 lost the Dodgers to nothing. That ends the Mets six 0:10:53.720 --> 0:10:55.880 game winning three. Game one of the NBA Finals, the 0:10:55.880 --> 0:10:59.440 Celtics trailed by fifteen, but then had a big fourth 0:10:59.520 --> 0:11:03.040 quarter take over the shoulder pass Marcus Smart left side three. 0:11:03.320 --> 0:11:07.679 Good night. What's then say bout Parcus ring? What they 0:11:07.800 --> 0:11:13.679 say at the seven Sports Tub in Boston. Celtics won 0:11:13.760 --> 0:11:16.800 that fourth quarter forty to sixteen. That's the most lopsided 0:11:16.880 --> 0:11:20.000 fourth quarter score in Finals history. They beat Golden State 0:11:20.080 --> 0:11:22.839 one to one. Oh eight, first team in finals history 0:11:23.280 --> 0:11:25.440 to come from more than ten down and win by 0:11:25.520 --> 0:11:28.760 more than ten. Salley cuple Haus, Colorado shut out Edmonton 0:11:28.800 --> 0:11:30.600 four nothing to the Ads of a two nothing leading 0:11:30.600 --> 0:11:32.640 in the West. The Rangers go for a two nothing 0:11:32.880 --> 0:11:34.679 in the East. Tonight it's at the Garden with the 0:11:34.760 --> 0:11:37.920 Rangers won seventh straight game two with Tampa Bay Raphael 0:11:38.000 --> 0:11:41.600 the dal versus alex Arabo. Today Frank Copen Semifinal, John 0:11:41.640 --> 0:11:44.640 stash Award Bloomberg scorts stat okay John, Thanks Right now, 0:11:44.760 --> 0:11:48.080 SMP futures are down eleven points, Staff futures down sixty four, 0:11:48.200 --> 0:11:51.920 Nasdaq futures down fifty seven points. The tenure Treasury is 0:11:51.960 --> 0:11:55.520 down one thirty second yield two point nine one per cent. 0:11:56.000 --> 0:11:59.199 Terry Haynes of Pangaea Policy with US next on the 0:11:59.360 --> 0:12:04.600 future for gun restrictions on Capitol Hill. This is Bloomberg 0:12:07.600 --> 0:12:10.439 Bloomberg eleven three oh wather any remaining showers on early 0:12:10.480 --> 0:12:12.599 It'll turn probably mostly sunny today with highs in the 0:12:12.679 --> 0:12:17.200 mid seventies, upper seventies Tomorrow low seventies. Sunshine for Sunday. 0:12:17.320 --> 0:12:22.520 Right now sixty four and foggy in Central Park markets. 0:12:22.640 --> 0:12:25.679 Headlines and breaking news twenty four hours a day at 0:12:25.760 --> 0:12:29.680 Bloomberg dot Com, the Bloomberg Business Outland at Bloomberg Quicktake, 0:12:30.280 --> 0:12:39.040 He's a Bloomberg Business Flash and I'm Karen Moscow. U 0:12:39.160 --> 0:12:42.320 Stock Indix futures are falling after a report that Tesla 0:12:42.480 --> 0:12:45.880 chief executive officer Elon Musk said the electric car maker 0:12:46.000 --> 0:12:49.720 needs to cut staff amid a gloomy economic outlook. Investors 0:12:49.760 --> 0:12:52.959 are also waiting key usp rolls data back they'll study 0:12:53.000 --> 0:12:55.520 for clues on the pace of federal reserve policy tightening. 0:12:55.600 --> 0:12:57.880 We checked the markets every fifteen minutes throughout the trading 0:12:57.960 --> 0:13:00.640 day on Bloomberg S and P Future is down about 0:13:00.640 --> 0:13:04.040 fourteen points this morning. Down features down seventy nine. Nasdack 0:13:04.080 --> 0:13:06.760 futures down sixty nine. The decks in Germany's up a 0:13:06.800 --> 0:13:09.480 third of a percent ten Your Treasury down one thirty 0:13:09.559 --> 0:13:11.800 second deal two point on one percent. They yield on 0:13:11.880 --> 0:13:14.560 the two year two point six three percent. Ni Max 0:13:14.600 --> 0:13:17.080 screwed oils down eight tenths percent or ninety three cents, 0:13:17.120 --> 0:13:19.360 and a hundred fifteen dollars ninety four cents of Barrel 0:13:19.640 --> 0:13:22.120 Comic schol down a quarter percent or four dollars thirty 0:13:22.160 --> 0:13:25.520 cents at eighteen sixty seven ten announced the euro one 0:13:25.559 --> 0:13:28.320 point oh seven five zero against the dollar, British pound 0:13:28.360 --> 0:13:30.840 one point to five seven one, and the ends at 0:13:30.880 --> 0:13:33.920 one thirty point oh five. Look at a bitcoin this morning, 0:13:34.320 --> 0:13:37.160 a tenth of a percent at thirty thousand, two hundred 0:13:37.280 --> 0:13:40.480 sixty dollars as of Bloomberg Business Flash. Now here's Michael 0:13:40.520 --> 0:13:43.240 Barr with more on what's going on around the world. Uncle, 0:13:43.280 --> 0:13:46.199 good morning, Good morning, Karen. President Joe Biden called for 0:13:46.280 --> 0:13:50.199 a ban on sales of assault weapons and high capacity magazines. 0:13:50.679 --> 0:13:54.319 Many more innocent American lives must be taken before we 0:13:54.440 --> 0:13:59.120 say enough enough. Meanwhile, the New York Legislature approved raising 0:13:59.200 --> 0:14:02.199 the legal age buy semi automatic rifles from eighteen to 0:14:02.320 --> 0:14:05.680 twenty one. Game one of the NBA Finals, the Celtics 0:14:05.720 --> 0:14:09.320 beat the Warriors. After Wednesday's win, the Rangers host Game 0:14:09.360 --> 0:14:12.880 two of the NHL East Final tonight against the Lightning. 0:14:13.160 --> 0:14:16.160 In baseball, the Yankees one a double header. The Mets lost, 0:14:16.200 --> 0:14:19.440 along with the Nationals, Orioles and Giants. Global News twenty 0:14:19.480 --> 0:14:22.080 four hours a day on air end on Bloomberg Quicktake, 0:14:22.280 --> 0:14:25.240 powered by more than journalists and analysts more than a 0:14:25.440 --> 0:14:29.000 d twenty countries. Michael Barrn, this is Bloomberg. Nathan. Okay, Michael. Thanks, 0:14:29.040 --> 0:14:31.480 It's five nineteen on Wall Street Line from the Bloomberg 0:14:31.520 --> 0:14:34.880 Intractive Broker Studios. This is Bloomberg day Break. Let's get 0:14:34.960 --> 0:14:39.280 more now on President Biden's primetime golf call for new 0:14:39.360 --> 0:14:43.520 gun regulations following the wave of mass shootings across this country. 0:14:43.680 --> 0:14:48.040 Terry Haynes joins us this morning, the founder of Pangea Policy. Terry, 0:14:48.120 --> 0:14:51.280 it's good to speak with you this morning. The debate 0:14:51.480 --> 0:14:54.400 over what to do about gun violence has become all 0:14:54.560 --> 0:14:57.880 too familiar. I wonder what if any impact you think 0:14:57.920 --> 0:15:04.200 of primetime address has on shifting that debate. Good morning, Nathan. 0:15:04.480 --> 0:15:06.400 Uh you know one thing I would be looking at, 0:15:06.480 --> 0:15:10.200 and I'm kind of the impact. One thing I would 0:15:10.440 --> 0:15:15.680 be looking for is uh not is Twitter response, which 0:15:16.080 --> 0:15:17.960 of course is not perfect, but we'll give you an 0:15:17.960 --> 0:15:20.560 indication of the kind of the heat, if not the light. 0:15:21.360 --> 0:15:25.280 And my quick scan of Twitter this morning on trendings 0:15:25.320 --> 0:15:28.000 and everything else, news and everything else showed it was 0:15:28.080 --> 0:15:30.520 barely a blip. It wasn't the top two among the 0:15:30.600 --> 0:15:35.000 top twenty trending. I think is a bad sign for 0:15:35.080 --> 0:15:37.960 the White House. But you know, bottom line, I think 0:15:38.480 --> 0:15:44.160 I think I'm about something is likely to happen on 0:15:44.320 --> 0:15:49.520 this UM. And that's despite the president's speech because fundamentally, 0:15:49.600 --> 0:15:53.000 I think that senators are working in good faith to 0:15:53.040 --> 0:15:55.920 come up with some common sense reforms that have been 0:15:56.000 --> 0:16:00.200 long overdue. Frankly, UM, and the ability to do that 0:16:00.400 --> 0:16:04.920 for many people will will will function politically as an 0:16:04.960 --> 0:16:08.240 incumbent protection program. Uh. The the ability to say you've 0:16:08.280 --> 0:16:12.680 done something uh in in the basic political mind, you know, 0:16:13.040 --> 0:16:16.240 is a is a good thing. So UH, you know, 0:16:16.480 --> 0:16:19.120 today I think something is very much likely to happen. 0:16:19.240 --> 0:16:21.720 But you know, I think the President did not help 0:16:21.840 --> 0:16:24.880 himself on this last night for a couple of reasons. 0:16:25.400 --> 0:16:28.360 One is, it looks like you're leading from behind. UH. 0:16:28.640 --> 0:16:31.120 Saying you know, we hope something will happen in the 0:16:31.240 --> 0:16:35.720 Congress makes it look like, UH, what you're doing is 0:16:36.200 --> 0:16:40.640 uh is engaging in a political exercise from calling for 0:16:40.760 --> 0:16:43.200 something so you can get credit for it if something happens. 0:16:43.920 --> 0:16:47.280 And uh, you know, and you know, frankly, going out 0:16:47.320 --> 0:16:52.160 of your way to uh to criticize the other party 0:16:52.240 --> 0:16:54.680 is not exactly the best way to get the other 0:16:54.760 --> 0:16:58.560 party's cooperation. So you know, I didn't think he did 0:16:58.640 --> 0:17:01.080 himself any favors, particular after about the first ten or 0:17:01.120 --> 0:17:04.240 fifteen minutes at that speech. But uh, but I do 0:17:04.400 --> 0:17:07.480 think something is likelier than not to happen today. As 0:17:07.520 --> 0:17:10.800 you say, the President has been letting send a negotiations 0:17:10.880 --> 0:17:12.840 sort of go forward without him. Are you implying that 0:17:12.920 --> 0:17:17.960 he should get more directly involved in those discussions. Well, yeah, 0:17:18.080 --> 0:17:20.679 if he's uh you know, put put bluntly, I mean, 0:17:20.720 --> 0:17:24.159 if he if he's serious about about doing something, what 0:17:24.280 --> 0:17:27.560 he ought to be doing is reaching past party, past 0:17:27.640 --> 0:17:31.399 his own political party. And instead what happened last night 0:17:31.520 --> 0:17:35.080 was I think too much about uh, you know, his 0:17:35.160 --> 0:17:39.120 own party's positions and applause lines and and not enough 0:17:39.200 --> 0:17:41.159 about saying, hey, look, you know we're all going to 0:17:41.240 --> 0:17:44.520 get together on this stuff, and I'm gonna jump in. 0:17:45.000 --> 0:17:47.640 I'm going to do what it takes uh to make 0:17:47.760 --> 0:17:51.200 this happen. Uh. And you know that last line in particular, 0:17:51.359 --> 0:17:56.600 wasn't there. Now? I understand you know the the the 0:17:56.760 --> 0:18:01.280 difficulties here uh politically because President was in exactly this 0:18:01.800 --> 0:18:06.520 situation uh nine years ago on the background checks uh 0:18:07.119 --> 0:18:11.399 legislation sponsored by Senator's mansion. And to me and you 0:18:11.480 --> 0:18:15.560 know that didn't get the sixty votes necessary frankly, because 0:18:16.200 --> 0:18:19.320 four votes on the four votes and one party went 0:18:19.680 --> 0:18:21.600 the opposite away, and four votes and the other party 0:18:21.640 --> 0:18:24.560 want the opposite way. Uh. You know, some of those 0:18:24.560 --> 0:18:27.119 people aren't there anymore. But you know, this is not 0:18:27.200 --> 0:18:29.920 a one party problem. It's not a one party solution. 0:18:30.040 --> 0:18:32.720 But if you want to get in and get something done, uh, 0:18:33.320 --> 0:18:35.280 you know, you actually need to do it instead of 0:18:35.400 --> 0:18:38.240 just calling on other people to do it. You only 0:18:38.280 --> 0:18:40.080 have about a minute left here, Terry. You say you're 0:18:41.080 --> 0:18:43.680 something getting done in the Senate. What does that something 0:18:43.800 --> 0:18:46.960 look like? Do you think? Um? I think that's something 0:18:47.160 --> 0:18:49.520 is you know, the people are saying that it's uh, 0:18:50.320 --> 0:18:52.480 that it's pretty modest, and you know, and of course 0:18:52.520 --> 0:18:54.840 I think that's true. I think you're looking at the 0:18:55.600 --> 0:18:58.800 background checks, the age raise, the red flags, all the 0:18:58.920 --> 0:19:02.080 kind of obvious stuff and uh. And you know, frankly, 0:19:02.119 --> 0:19:04.760 I think Washington will do what Washington will do about 0:19:05.520 --> 0:19:09.040 you know, the mental health basket of issues here has 0:19:09.080 --> 0:19:12.159 more to do with throwing money at things than than 0:19:12.200 --> 0:19:15.520 anything else, and Washington certainly proved itself to be good 0:19:15.600 --> 0:19:18.480 at that. Recently, on a bunch of things, so you 0:19:18.520 --> 0:19:21.520 know that that'll probably be a default, but you won't 0:19:21.560 --> 0:19:25.280 see much more than that. Uh and uh, you know, 0:19:25.400 --> 0:19:28.200 I wonder frankly whether you know I start I started 0:19:28.240 --> 0:19:30.639 by saying I think this is a political instinct to 0:19:30.680 --> 0:19:33.240 get something done. I wonder if that doesn't boomerang on 0:19:33.400 --> 0:19:37.359 some people though, because you know, because it is so 0:19:37.600 --> 0:19:41.439 modest compared to the problem. All right, Terry Haynes as 0:19:41.520 --> 0:19:44.520 always good to get your thoughts. Terry Haynes, founder of 0:19:44.720 --> 0:19:48.000 Pangia Policy with us this morning. SFP Future is right 0:19:48.040 --> 0:19:50.680 now down fourteen points. South Future is down one. NASTAC 0:19:50.720 --> 0:19:55.280 Futures down seventy four points. Just ahead, state moves on 0:19:55.440 --> 0:19:57.760 gun safety in New York and New Jersey, and Elon 0:19:57.880 --> 0:20:01.840 Musk says he has a super bad feeling about the economy. 0:20:01.960 --> 0:20:04.360 Top stories of the morning just ahead on Bloomberg Day, 0:20:04.400 --> 0:20:10.399 bright Bloomberg eleven three oh weather partly to mostly sunny 0:20:10.760 --> 0:20:13.160 later today with the high year seventy five degrees upper 0:20:13.240 --> 0:20:16.080 seventy sunshine to start the weekend tomorrow. It'll stay sunny, 0:20:16.160 --> 0:20:19.520 low seventies for Sunday. Right now sixty four in Central Park, 0:20:25.119 --> 0:20:29.640 broadcasting live from the Bloomberg interactive broker studio in New York, 0:20:29.800 --> 0:20:34.399 Bloomberg E Living Free to Washington, d C. Bloomberg to Boston, 0:20:34.560 --> 0:20:37.960 Bloomberg one O six one to San Francisco, Bloomberg nine 0:20:38.040 --> 0:20:41.280 sixty to the country, Sirius XM Chadle one nine and 0:20:41.359 --> 0:20:44.720 around the globe the Bloomberg Business app and Bloomberg Radio 0:20:44.880 --> 0:20:54.159 dot Com. This is Bloomberg Daybreak. It's my thirty on 0:20:54.200 --> 0:20:57.400 Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. 0:20:57.520 --> 0:20:59.680 We're just about four hours away from the open of 0:20:59.720 --> 0:21:01.399 you US trading. Let's get you up to date on 0:21:01.400 --> 0:21:03.080 the news you need to know at this hour. And 0:21:03.160 --> 0:21:05.800 we begin with a plea for action from President Biden 0:21:05.920 --> 0:21:09.000 after a wave of deadly mass shootings across the country, 0:21:09.320 --> 0:21:13.680 more kids and soldiers killed by guns, for God's sake, 0:21:14.400 --> 0:21:16.760 how much more? Carnerge A're we willing to accept? And 0:21:16.800 --> 0:21:19.320 at primetime address from the White House, the President called 0:21:19.400 --> 0:21:22.639 for a ban on assault weapons and high capacity magazines 0:21:22.720 --> 0:21:26.000 and an end to lawsuit protection for gunmakers. He said 0:21:26.040 --> 0:21:28.960 responsible gun owners should not be worried about their rights 0:21:29.080 --> 0:21:31.840 going away. In fact, we believe we should be treating 0:21:31.920 --> 0:21:35.040 responsible gun owners. As an example, of Hower, every gun 0:21:35.080 --> 0:21:38.399 owner should behave. As President Biden spoke, the House Judiciary 0:21:38.480 --> 0:21:41.200 Committee approved a bill that would raise the minimum age 0:21:41.240 --> 0:21:45.159 to buy semi automatic rifles and van high capacity magazines. 0:21:45.520 --> 0:21:48.720 That bill is not likely to pass in the Senate. Well, meantime, 0:21:48.760 --> 0:21:51.040 in New York here and lawmakers, they're raised the legal 0:21:51.080 --> 0:21:53.000 age to buy send me out of back rifles to 0:21:53.600 --> 0:21:57.159 from eighteen. They also passed legislation tightening rules to purchase 0:21:57.200 --> 0:22:00.680 firearms and other military equipment. Well in neighbor New Jersey, 0:22:00.840 --> 0:22:04.359 Nathan Governor Phil Murphy is optimistic his state will enact 0:22:04.440 --> 0:22:07.879 stronger gun laws, but says New Jersey cannot do it alone. 0:22:08.160 --> 0:22:11.399 We're not an island or of the crime guns that 0:22:11.480 --> 0:22:13.840 are recovered in New Jersey from honest state, so we 0:22:13.960 --> 0:22:17.040 need conference to act. New Jersey Governor Phil Murphy spoke 0:22:17.080 --> 0:22:20.120 to David Weston on Bloomberg's Balance of Power, airing noon 0:22:20.280 --> 0:22:23.320 Eastern on Bloomberg Radio and Television. Man. In the interest 0:22:23.400 --> 0:22:26.520 of transparency, we should note that Michael Bloomberg, founder majority 0:22:26.560 --> 0:22:29.120 owner of Bloomberg LP, the parent company of Bloomberg Radio, 0:22:29.240 --> 0:22:31.720 donates to groups that support gun control. One of the 0:22:31.800 --> 0:22:34.560