Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: Daybreak for Tuesday May third, two. Coming up this hour,
Speaker 1: a report says the Supreme Court is poised to overturn
Speaker 1: the landmark ruling on a portioned team coverage Straight ahead,
Speaker 1: British Prime Minister Boris Johnson delivers a virtual address to
Speaker 1: Ukraine's Parliament and Treasury. Yields rise ahead of the Fed beating.
Speaker 1: New York City raises its COVID level to medium plus.
Speaker 1: Eyes aren Ohio for today's important GOP Senate primary race.
Speaker 1: I'm Michael Barr. More ahead, I'm John stash Award Sports
Speaker 1: making ten straight win for the Yankees, the Mets lost.
Speaker 1: The Rangers begin their playoff series with Pittsburgh tonight. That's
Speaker 1: all straining Ahead on Bloomberg Daybreak on Bloomberg eleven three,
Speaker 1: on New York, Bloomberg one, Washington, d C, Bloomberg one
Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco Sirius
Speaker 1: x M one nineteen and around the world on Bloomberg
Speaker 1: Radio dot Com and via The Bloomberg Business. Good Morning,
Speaker 1: I'm Nathan Hager, and I'm Karen Moscow and US stock
Speaker 1: index futures are little change this morning. We're coming up
Speaker 1: to six o one on Wall Street, and we check
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg Guess and P Futures again little change. The decks
Speaker 1: in Germany is up six ten sive Upper sent the
Speaker 1: ten year treasury up one thirty second ye two point
Speaker 1: nine seven percent, in the yield of the two year
Speaker 1: two point seven six percent, and nim X screwed oil
Speaker 1: is down one point to percent. Nathan Karen, we'll have
Speaker 1: more on markets in a minute. First, though, protesters gathered
Speaker 1: outside the Supreme Court overnight in response to a leaked
Speaker 1: draft opinion published in Politico. It suggests the High Court
Speaker 1: is preparing to overturn Roe v. Wade. Amy Morris begins
Speaker 1: our team coverage from our Bloomberg ninety nine one newsroom
Speaker 1: in Washington. Barricades went up as demonstrators came out to
Speaker 1: protest the opinion, and then i'd eight page draft. Justice
Speaker 1: Samuel Alito writes Roe was egregiously wrong from the start.
Speaker 1: It also references Planned Parenthood v. Casey. Justice Alito writes, quote,
Speaker 1: we hold that Roe and Casey must be overruled. This
Speaker 1: woman says she joined the demonstrations when she heard the
Speaker 1: High Court may plan to overturn Roe v. Wade. You know,
Speaker 1: it really just feels like every all the work we
Speaker 1: put into was just torn up and thrown in the garbage.
Speaker 1: And it's honestly ridiculous to me because of how far
Speaker 1: we've come forrit to just be set back in the time.
Speaker 1: Senate Majority Leader Chuck Schumer and how Speaker Nancy Pelosi
Speaker 1: issued a joint statement referencing justices like Brett Kavanaugh and
Speaker 1: Neil Gorst who have said that Roe is settled law, writing,
Speaker 1: the conservative justices quote, have lied to the U. S.
Speaker 1: Senate and ripped up the constitution. In Washington, I'm Amy Morris,
Speaker 1: Bloomberg Daybreak. All right, Amy, thank you. Al Abortion rights
Speaker 1: is now an issue that could reshape the mid term elections,
Speaker 1: and Bloomberg Law reporter Jun Gruns continues our team coverage
Speaker 1: in New York. It would become a huge issue for
Speaker 1: the mid term. People say that it would for perhaps
Speaker 1: invigorate the Democratic base to get out there, because this
Speaker 1: is really one of the social issues of our time,
Speaker 1: and you know, women fought for so long to get
Speaker 1: the right to an abortion, and now, in pretty short
Speaker 1: measure in the history of our rights, it's being overturned.
Speaker 1: Bloomberg's durn Grosso says the leaking of the Supreme Court
Speaker 1: draft decision is perhaps more surprising than the apparent ruling.
Speaker 1: And we'll have more details and analysis carrying on that
Speaker 1: apparent Supreme Court decision coming up shortly. First, we want
Speaker 1: to get you the latest on the war in Eastern Europe.
Speaker 1: Boris Johnson weighs in on the conflict. Today, the British
Speaker 1: Prime Minister will evoke his own country's wartime history in
Speaker 1: a virtual address to Ukraine's parliament. Let's get the latest
Speaker 1: from Bloomberg's You and Potts in London. Good morning, Good morning,
Speaker 1: Nathan and Karen. Brother Johnson is addressing Ukraine's parliament today,
Speaker 1: becoming the first world leader to do so. He's expected
Speaker 1: to say that the bravery demonstrated by Ukrainian fighters means
Speaker 1: the war will come to be known as the country's
Speaker 1: finest our, echoing the words of British leader Winston Churchill.
Speaker 1: In addition, the UK has announced the new package of
Speaker 1: some three hundred and seventy five million dollars in military
Speaker 1: eight for Ukraine. In London, Immu and pots Big Daybreak,
Speaker 1: y do and thank you well in Ukraine. Today, more
Speaker 1: civilian evacuations are expected from Maria, pol and other cities
Speaker 1: in Russian hands as the conflict drags on. Former CIA
Speaker 1: director David Petrea says it's slowly grinding Russia down. The
Speaker 1: Russians are running out of troops and material. They cannot
Speaker 1: replace what has been lost, at least not in the
Speaker 1: short term. It's possible that Flatter and Putin on nine
Speaker 1: May during the World War two Victory Day celebration in
Speaker 1: Moscow could announce general mobilization or something like that. Retired
Speaker 1: General David Petrayus is now chairman of the KKR Global Institute.
Speaker 1: He spoke with David Weston on Bloomberg's Balance of Power.
Speaker 1: Catch the show weekdays at noon Eastern on Bloomberg Radio
Speaker 1: and television many time. Karen's City Group is still seeking
Speaker 1: potential buyer sports operations in Russia. We spoke with CEO
Speaker 1: Jane Fraser about the effort we're selling our consumer and
Speaker 1: our commercial banking franchise on ground there and we're in
Speaker 1: active dialogue around that um and then what we've also
Speaker 1: been doing is focusing on helping the multinationals on the
Speaker 1: ground because a lot of our client base of the
Speaker 1: fortune and five hundred um their names that we all know,
Speaker 1: and some of many of those are looking at exiting.
Speaker 1: You can't exit if you don't have your bank on
Speaker 1: the ground there. City Group CEO Jane Fraser made the
Speaker 1: comments in an interview with Bloomberg at the Milk and
Speaker 1: Institute Global Conference in California. Let's turn to the Fed now, Nathan,
Speaker 1: we're central bankers begin their two day policy meeting today.
Speaker 1: They're widely expected to raise rates by fifty basis points
Speaker 1: at tomorrow's decision, and we get the very latest life
Speaker 1: with Bloomberg's John Tucker, John and Karrently. It would be
Speaker 1: the biggest US rate hikes since two thousand. Bloomberg Economics
Speaker 1: says what happens after that is highly uncertain, and Citadel
Speaker 1: founder Ken Griffin says FED cheer j pal will actually
Speaker 1: be able to ease off monetary tightening if inflation drops quickly,
Speaker 1: if the inflation is transitory, If we are heading towards
Speaker 1: a four percent rate by the end of the year,
Speaker 1: here's a lot more room to maneuver rates in Ken
Speaker 1: Griffin spoke to Bloomberg at the Milk and Global Conference
Speaker 1: in Beverly Hills. He added, if inflation doesn't break soon,
Speaker 1: the federill then have to hit the brakes pretty hard.
Speaker 1: At that will put us into recession. Live in New
Speaker 1: York on John Tucker Bloomberg Daybreak, I think John, let's
Speaker 1: turn to Amazon now and a labor victory in the
Speaker 1: company's favor in New York. Bloomberg's Rinia Young joins us
Speaker 1: live at that. Good Morning, Nina, Good morning, Nathan. Workers
Speaker 1: at a Staten Island Amazon facility voted not to join
Speaker 1: an upstart union. This comes just weeks after the group
Speaker 1: won a resounding victory had a warehouse across the street.
Speaker 1: The most recent election at a sorting center was not
Speaker 1: even close. The Amazon labor union got just three and
Speaker 1: eight yes votes to six eighteen knows. It's welcome news
Speaker 1: for Amazon, which reported online sales slowed and acknowledged it
Speaker 1: has too many workers. Live in New York. I'm Nita Young,
Speaker 1: Bloomberg Daybreak. Al Right, Nita, thank you, and burg day
Speaker 1: Break is brought to you by b n y Melon's
Speaker 1: Pershing learned why the world's most sophisticated wealth management and
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Speaker 1: Straight Ahead, your latest local headlines and a check of sports.
Speaker 1: This is Bloomberg six o seven on Wall Street, fifty
Speaker 1: two degrees in Central Park. Still dealing with an accident
Speaker 1: on the northbound FDR Drive at seventy nights. Details coming
Speaker 1: up in traffic. First Michael bar with more on what's
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The spread of the ovid O macron
Speaker 1: variant has pushed up infection rates in New York City.
Speaker 1: It has now moved into the medium risk alert level
Speaker 1: and that means masking in public indoor areas is recommended.
Speaker 1: New York City Health Commissioner Dr Ashwin Vassan on hospitalizations,
Speaker 1: we see a slight increase on that occupancy were relatively stable.
Speaker 1: Both of those would have to jump up to a
Speaker 1: higher a significantly higher level for us to move into
Speaker 1: a higher risk category. New York Mayor Eric Adams agreed
Speaker 1: with the doctor of a son, We're gonna pivot this
Speaker 1: ship and be honest when New Yorkers. As we move forward,
Speaker 1: we're not there yet, um of a based on what
Speaker 1: evident analysis with the medical team, we're gonna make the
Speaker 1: decision to keep our sitting up and operated. Mayor Adams
Speaker 1: recently recovered from COVID and said his symptoms were very
Speaker 1: mild because he was vaccinated. Meanwhile, Mayor Adams channeled AOC
Speaker 1: at this year's met Galla in a tuxedo jacket that
Speaker 1: read end gun Violence. The jacket featured icons like the
Speaker 1: Brooklyn Bridge, as well as a large handgun with a
Speaker 1: red slash through it. The mayor was asked what message
Speaker 1: he was sending attending the met Galla. The division between
Speaker 1: affluent New Yorker is and those who are low wage employees.
Speaker 1: It should not be a division. We're all part of
Speaker 1: the same ecosystem. We need at fluent New Yorkers, we
Speaker 1: need our low wage employees. Together, we can celebrate each other.
Speaker 1: Mayor Adams also says the goal is to end gun
Speaker 1: violence and save our children. Lawyers for Donald Trump say
Speaker 1: it is unconscionable and indefensible for the acts President to
Speaker 1: be held in contempt and find ten thousand dollars a
Speaker 1: day for failing to turn over documents he doesn't possess.
Speaker 1: The lawyers made the argument and a submission to a
Speaker 1: New York State appeals court came a week after a
Speaker 1: state Supreme Court judge said Trump and his lawyers failed
Speaker 1: to show they conducted a proper search for records sought
Speaker 1: by the state's attorney general in a civil probe of
Speaker 1: his business dealings. Voters in Ohio head to the polls today,
Speaker 1: and the state's hotly contested Senate primary Jade Vans, endorsed
Speaker 1: by Trump, is surging, but he faces stiff competition, including
Speaker 1: Trump allied Josh Mandel and Trump critic Matt Dolan. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven under journalist
Speaker 1: and analyist more than twenty countries. Michael bar This is Bloomberg.
Speaker 1: Thank you, Michael. Almost six ten on Wall Street time
Speaker 1: for the Bloomberg Sports Update with John Sanschallen. Thanks day.
Speaker 1: Another night, another Yankee victory, this one in Toronto or Glabor.
Speaker 1: Torres gave the Yanks to leave with a two on
Speaker 1: Homer and then Torres broke it two to tie with
Speaker 1: the run scoring hit of the ninth inning. Aaron Boone's
Speaker 1: team won three to two, and I won ten games
Speaker 1: in a row. Big night for Glabor the homer and
Speaker 1: and a a clutch hit there with two outs. Um
Speaker 1: you know, big steel off the bench from Locastro pitching
Speaker 1: did their thing to limit them enough. Um defense. Once again,
Speaker 1: they're hard to find anything not going well right now
Speaker 1: for the team with the best record the Major seventh
Speaker 1: seen and six Yankees best start since two thousand three.
Speaker 1: Met said at too not the lead at City Field,
Speaker 1: Mark Canna hit a home run, but Atlanta came back
Speaker 1: to win five to two. The X met Travis Darnel
Speaker 1: with a big two un double light in the game.
Speaker 1: The Mets, like all teams that had Depair, their roster
Speaker 1: down at twenty six, so they released Robinson Canoe despite
Speaker 1: still owing him about forty million dollars. Cano is now
Speaker 1: thirty nine years old, nowhere near the player he was
Speaker 1: back in his days with a Yankees served a year
Speaker 1: long pe D suspension. One. There was such an impressive
Speaker 1: regular season for the Rangers, fifty two wins, great productions
Speaker 1: and the likes of Chris Pryder are Timmy Panair and
Speaker 1: the goalie Egors histeric, and we'll see if it translates
Speaker 1: to the postseason Rangers in Pittsburgh tonight Game one at
Speaker 1: the Garden. The Rangers played the Penguins three times in
Speaker 1: a fairly recent two weeks stretch, and the Rangers won
Speaker 1: all three game one wins. Last night for Toronto, Carolina St.
Speaker 1: Louis and Los Angeles, and in the NBA Miami beat
Speaker 1: Philadelphia Sixers had to play without the injured Joel Mbid.
Speaker 1: Phoenix took Game one from Dallas despite forty five point
Speaker 1: by the Madais Luca Dunson's John Stashloomberg Sports Nathan all Right, John, Thanks,
Speaker 1: Futures little changed ahead of the FEDS to day May meeting.
Speaker 1: We have SMP futures up almost to point down, futures
Speaker 1: down four point, Stan Stack futures up one ten, your
Speaker 1: treasury up one thirty second, the yield two point nine
Speaker 1: seven per cent. You're listing to Bloomberg Daybreak. Bloomberg Daybreak
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Speaker 1: is a Bloomberg Business flash. And I'm Karen Moscow and
Speaker 1: futures this morning are little changed. Investors racing for the
Speaker 1: biggest US rate high since two thousand and a wave
Speaker 1: of policy tightening by other central banks. Again, futures that
Speaker 1: will change the acts in Germany's up four tents of
Speaker 1: upper cent ten your treasury, that'll change yield two point
Speaker 1: on eight percent, yield on the two year two point
Speaker 1: seven seven percent. And I'm ex Scrude oil is down
Speaker 1: seven tenths per cent, or seventy six cents at a
Speaker 1: hundred four dollars forty one cents a barrel. And Bitcoin
Speaker 1: this morning is up four ten percent at thirty eight thousand,
Speaker 1: four hundred sixty dollars. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael, Karen, thank you very much. A draft
Speaker 1: opinions suggests the U s Supreme Court could be poised
Speaker 1: overturn the landmark seventy three Roe v. Wade case that
Speaker 1: legalized abortion nationwide. That's according to a political report, a
Speaker 1: mass of fire is burning at that steel plan in Maryupol.
Speaker 1: Potentially hundreds of people remain trapped there as the Russians
Speaker 1: bombard the area. Baseball, the Yankees one, the Mats lost,
Speaker 1: along with the Orioles and A's that the NHL Playoffs,
Speaker 1: the Urricanes skated past the Bruins and game one of
Speaker 1: their Series five one. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quickday, powered by more
Speaker 1: than twenty seven hundred journalists and analysts more than a
Speaker 1: hundred twenty countries. Michael Barn this is Bloomberg, Nathan. Thanks Michael.
Speaker 1: We're coming up to six nineteen on Wall Street Life
Speaker 1: from the Bloomberg Interacted Broker Studios. This is Bloomberg Daybreak
Speaker 1: and bloom and Bloomberg's June Grosso is with us, host
Speaker 1: of Bloomberg Law here on Bloomberg Radio, as we continue
Speaker 1: our coverage of this leaked draft opinion on the Supreme
Speaker 1: Court obtained by Politico that appears to show the High
Speaker 1: Court is poised to overturn Roe v. Wade. June, Good morning.
Speaker 1: This is not something we have seen from a Supreme
Speaker 1: Court in I can't think of a time where you've
Speaker 1: seen a leak like this this soon before we were
Speaker 1: expecting the decision. It is so shocking that I've been
Speaker 1: getting texts all night as soon as it happened, because
Speaker 1: people are aware that the Supreme Court is an institution
Speaker 1: that is very guarded about about its inner workings, that
Speaker 1: we really rarely find out what happened until after a
Speaker 1: justice dies and their papers are published. So to have
Speaker 1: a leak like this is just extraordinary. And you have
Speaker 1: to think that the justices, and particularly Chief Justice Roberts,
Speaker 1: are outraged that this has happened and wondering just how.
Speaker 1: And I, of course I have no idea except I
Speaker 1: would say that the political nature of this decision, you know,
Speaker 1: the overturning of Road Wade, may be one reason why
Speaker 1: it was leaked from someone inside the court. What what
Speaker 1: does this due June to the integrity of the Supreme Court,
Speaker 1: not just for a decision like this to come to
Speaker 1: light before it's official, but for the overall politicization of
Speaker 1: this court. I think it's safe to say that the
Speaker 1: Supreme Court has become much more politicized in recent years.
Speaker 1: I think it has, and particularly of late with the
Speaker 1: six very conservative justices on the Court. You know, I
Speaker 1: think you have to go back to what Justice Cilia
Speaker 1: so To Mayor said during the oral arguments in this case,
Speaker 1: and she said that if this happened, the Court will
Speaker 1: be seen as political. She said, how will this stitution
Speaker 1: survives the stench that this creates in the public perception
Speaker 1: that the Constitution and its readings are just political acts.
Speaker 1: She said, if people actually believe this is all political,
Speaker 1: how will we survive? And we've seen more and more
Speaker 1: politics in some of the Supreme Court's decisions. This really,
Speaker 1: I think, would you know, would take it over the top,
Speaker 1: And especially if you look at the draft. I mean,
Speaker 1: it's so caustically written, um, and you know, the it's
Speaker 1: just I have to remind you that when we listen
Speaker 1: to the justices in a confirmation hearings, you hear over
Speaker 1: and over again Roe v. Wade accepted precedent from every
Speaker 1: one of them that has that is obviously that's signed
Speaker 1: on to this draft allegedly, and even Justice Alito, And
Speaker 1: now we're hearing them say that from the beginning, this
Speaker 1: was bad law. It's not. It's not established precedent, or
Speaker 1: but its established. President, we're going to overturn it. So
Speaker 1: I can't imagine the kind of implication just will have. Well,
Speaker 1: I want to ask what kind of implications could this
Speaker 1: have for future Supreme Court confirmations when presidents nominate judges
Speaker 1: to become justices and they go before the Senators to
Speaker 1: face questions about case law and Supreme Court precedent. How
Speaker 1: does this affect that? Well, I have to say I
Speaker 1: haven't put much stock in Supreme Court confirmation hearings in
Speaker 1: sometime because the justices will go there and talk about
Speaker 1: how precedent is so important. And then lately we've seen
Speaker 1: them undoing a lot of cases where they're president. I
Speaker 1: mean a few years ago we had them undo a
Speaker 1: thirty year old precedent about union rights. It's it's happening
Speaker 1: more and more, and I think that a lot of
Speaker 1: the justices, particularly Lena Kagan, have expressed, you know, distress
Speaker 1: about this happening, about precedent not really being president anymore. Know,
Speaker 1: when Justice Amy Cody Barrett had her confirmation here and
Speaker 1: since she was asked a lot of questions about Roe v. Waite.
Speaker 1: She had something that she calls super precedent, which I've
Speaker 1: never heard of. Uh, certainly didn't teach it in law school.
Speaker 1: Super president were cases that were really well established, but
Speaker 1: other cases like Roe v. Wade, she said, we're not
Speaker 1: super precedent because it wasn't clearly established that everyone was
Speaker 1: on board with them, which sounded very political to me.
Speaker 1: And so you know, now we have this where many
Speaker 1: of the justices who said that Roe was precedent, and
Speaker 1: of course you think about Justice Kavanaugh, he said it
Speaker 1: over and over again. Roe was president, Roe was established
Speaker 1: law are now saying that no was wrong from the beginning,
Speaker 1: and we're going to overturn it. We're not going to
Speaker 1: We're not going to respect precedent. So the question becomes,
Speaker 1: which precedent are they going to respect once they're sworn in?
Speaker 1: Which aren't they? I think it really leaves us with
Speaker 1: questions about the court. Well, we should note that this
Speaker 1: is a draft opinion apparently written by Justice Alito. We
Speaker 1: don't know at this point who, if any justices will
Speaker 1: sign on in support of this decision, which begs the question.
Speaker 1: June with a leak like this coming out what nearly
Speaker 1: two months or so before this decision was expected to
Speaker 1: become official. Does this cause justices to think about where
Speaker 1: they stand on this issue when we start to see
Speaker 1: the reaction among voters in this country to the draft Well,
Speaker 1: I think that the justices say or pretend that they're
Speaker 1: not influenced by what the public says. That they're on
Speaker 1: the court to to to uh analyze the law, to
Speaker 1: figure out what the constitution says and to bye by it. However,
Speaker 1: I think that some of them are affected by what
Speaker 1: the public says. I just want to point out one thing, Nathan.
Speaker 1: This is a draft opinion. It's being circulated among the justices.
Speaker 1: This is not the final opinion. So once it gets
Speaker 1: circulated among the justices, the justices make comments. Currency and
Speaker 1: trade stocks in the US, Europe and Asia. Start your
Speaker 1: free trial at ibkr dot com slash Global Trader up. First,
Speaker 1: we go to Washington protesters outside the Supreme Court overnight
Speaker 1: reacting to that elite draft opinion published by Politico that
Speaker 1: we've been reporting on all morning and suggests the High
Speaker 1: Court is preparing to overturn Roe v. Wade and Bloomberg
Speaker 1: Law reporter During Grosso is saying the leak itself is unprecedented.
Speaker 1: Anyone who listened to the oral arguments knew that Roe v.
Speaker 1: Wade was either going to be severely limited or overturned.
Speaker 1: So it's not so shocking what Justice Alito is say here.
Speaker 1: What is shocking is that this was this draft was reliefed.
Speaker 1: This has never happened in the history of the Court,
Speaker 1: despite so many, you know, different opinions that were really
Speaker 1: politically can you with and Bloomberry Staron Grasso says this
Speaker 1: could become a major issue for the mid term elections.
Speaker 1: And turning overseas now, Karen French. President Emmanuel mccron's office
Speaker 1: says McCrone will speak today with Russian President Vladimir Putin
Speaker 1: by phone. It will be their first conversation since late March,
Speaker 1: while British Prime Minister Boris Johnson plans to address Ukraine's parliament.
Speaker 1: That's as the UK announces more military aid to Ukraine,
Speaker 1: and on Wall Street City Group says it is an
Speaker 1: active dialogue to sell its banking operations in Russia. Right, Nathan,
Speaker 1: Let's turn to the Fed now, which begins it's today
Speaker 1: policy meeting. Today, the Central Bank is widely expected to
Speaker 1: hike interest rates at tomorrow's decision, and Bloomberry Shahn Tucker
Speaker 1: joins us live with the latest. Good morning, John Karen.
Speaker 1: The Central Banks at the hike half a percentage point.
Speaker 1: What happens after that is highly uncertain. Bloomberg Economics says,
Speaker 1: recently we have seen glimmers of disinflationary forces working through
Speaker 1: the economy, and if they accelerate, we could see the
Speaker 1: Fed making only a few more measured hikes. Tomorrow's guidance
Speaker 1: from chair J. Powe will be key for global rates.
Speaker 1: Live in New York, I'm John Tucker, Bloomberg Daybreak, John,
Speaker 1: Thanks in New York this morning. A labor victory for Amazon.
Speaker 1: Let's get the latest on that. Live from Bloomberg's You
Speaker 1: Need a Young Good morning, Good morning, Nathan. Workers at
Speaker 1: a Staten Island Amazon facility voted not to join an
Speaker 1: upstart union, just weeks after the group won a resounding
Speaker 1: victory had a warehouse across the street. In its most
Speaker 1: recent election, the Amazon labor union got just three yes
Speaker 1: votes to six hundred and eighteen knows. It's welcome news
Speaker 1: for Amazon, which just reported slowed online sales and acknowledged
Speaker 1: it has too many workers. Live in New York. I'm
Speaker 1: Ranita Young Bloomberg daybreak. All right, rand to thank you,
Speaker 1: and futures this morning are now moving lower. SNP futures
Speaker 1: down fourteen points now futures down one ten and NASDAG
Speaker 1: futures down fifty ten year treasury up one thirty second
Speaker 1: yeld two point nine seven percent, and they yield on
Speaker 1: the two year two point seven six percent. Ninemex screwed
Speaker 1: oil is down nine ten percent, or ninety three cents
Speaker 1: at a hundred four dollars twenty five cents of barrel.
Speaker 1: COMEX school down the third of upper cent or six
Speaker 1: dollars twenty cents at eighteen fifty seven forty announce. And
Speaker 1: that's the five things you need to notice start your day.
Speaker 1: Brought to you by Interactive Brokers, and this is Bloomberg.
Speaker 1: Thank you. Karen. Six thirty three on Wall Street, fifty
Speaker 1: two degrees in Central Park. I've been dealing with an
Speaker 1: accent this morning, northbound FDR Drive at seventy nine. We'll
Speaker 1: get the details the latest for you in traffic shortly.
Speaker 1: First Michael Barr with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good morning, Nathan.
Speaker 1: New York City has now moved into the medium risk
Speaker 1: alert level for COVID nineteen. That means masking in public
Speaker 1: indoor areas is commended, though not required. New York Governor
Speaker 1: Kathy Huckles had despite the city moving to medium, there
Speaker 1: are no plans for shutdowns. I'm not here to stand
Speaker 1: here and say we're looking at shutdowns. I have said
Speaker 1: I'm going to protect the health of New Yorkers partly,
Speaker 1: get vaccinated, could boosting, get lots of test supplies. New
Speaker 1: York Mayor Eric Adams agrees with Governor Hunkle. Let's stay
Speaker 1: necessary precaution every step when you're mask of, get vaccinated,
Speaker 1: get boosted, and we can weather it is storm later.
Speaker 1: Mayor Eric Adams attended last night's met galen the tuxedo
Speaker 1: jacket that read end gun Violence. The jacket featured architectural
Speaker 1: icons like to Brooklyn Bridge and Chrysler Building along with
Speaker 1: the M t A logo, as well as a large
Speaker 1: handgun with a red slash through it. And I want
Speaker 1: to say as we celebrate tonight, to stay focused that
Speaker 1: we have a lot of rook to do tomorrow. Today
Speaker 1: to celebrate, but tomorrow we get together and fill out
Speaker 1: returning our city to the prosperity. That this that's my
Speaker 1: role as a city mayor. Adam says, our goal is
Speaker 1: to end gun violence and save our children. Ohio Republicans
Speaker 1: will vote today and one of the most closely watched
Speaker 1: Senate primaries in the nation. Author and venture capitalist Jade
Speaker 1: Vance is seen as the GOP front runner in the
Speaker 1: race to replace retiring Senator Rob Portman after receiving former
Speaker 1: President Donald Trump's endorsement. The winner is likely to face
Speaker 1: ten term Democratic Congressman Tim Ryan in November. And Alabama
Speaker 1: corrections officer fifty six year old Vicky White is wanted
Speaker 1: for allegedly helping a convicted murderer, Casey White escape. The
Speaker 1: two were not related. Her mother says Vicky White called
Speaker 1: her that morning to check on her dog. I doubt
Speaker 1: she did, making head a spading ticket, but I mean
Speaker 1: she's always been what i'd say, a good person, and
Speaker 1: like I said, this is all a shock. Pat Davis
Speaker 1: later learned her daughter had disappeared. Vicky White was a
Speaker 1: seventeen year Corrections Department of veteran. The nation's Transportation Secretary
Speaker 1: will answer question from Congress today about supply chain disruptions
Speaker 1: still slowing delivery of products in some cities. Secretary Pete
Speaker 1: Boutigi will testify before the Senate Commerce Committee. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg. Nathan.
Speaker 1: All right, Michael, thank you. Come up to six thirty
Speaker 1: six on Wall Street. Time for the Bloomberg Sports Update.
Speaker 1: Here again is John Stann shown. All right. It in
Speaker 1: ten straight wins with the Yankees, and while the first
Speaker 1: nine were against somewhat subpart teams, Toronto again this series
Speaker 1: right on the Yanks heels this game and a half
Speaker 1: behind the Yanks able to beat the Blue Jays three
Speaker 1: to two. Labor Torres the hero to run homer and
Speaker 1: then a tie breaking RBI single with two outs of
Speaker 1: the ninth that named the bullpen again outstanding and the
Speaker 1: Yanks seventeen and six record is the best of the majors.
Speaker 1: It's their best start since two thousand three. Mets lost
Speaker 1: in City field of Atlanta five to two. They made
Speaker 1: the decision to release Robinson Canoe despite having two years
Speaker 1: and about forty million dollars left on that ten year
Speaker 1: contract that cannot signed with Seattle when he left the Yankees.
Speaker 1: Brody van Wagen negotiated that contract as Keno's agent, and
Speaker 1: then he brought him to New York when he was
Speaker 1: the Mets general manager. Now he's back as Cano's agent,
Speaker 1: and we'll try to get Canoe another job. A team
Speaker 1: that claims him only has to pay him the minimum salary.
Speaker 1: Opening night in the Stanley Cup Playoffs, Tampa Bay has
Speaker 1: won the last two Cups, but lost Game one in
Speaker 1: Toronto five nothing. Carolina beat bostonim St. Louis shut out
Speaker 1: Minnesota l A with a late goal one In Edmonton
Speaker 1: Rangers and Penguins Game one tonight at the Garden, Rangers
Speaker 1: coach Gerard Gallant asked about Pittsburgh star players. We don't
Speaker 1: know what kind of player he is, but we're gonna
Speaker 1: worry about Cindy that Sydney, then we're gonna have a
Speaker 1: tough time. I mean, Sydney is gonna be a great
Speaker 1: player's gonna do his thing. But they got a good
Speaker 1: team over there, so there's a lot more than Sydney
Speaker 1: Closby and we don't look at one one one player
Speaker 1: and identify that. Maybe we'll look at the line and
Speaker 1: identify that as a really important line. But uh, you know,
Speaker 1: they're a good team, and I want us to keep
Speaker 1: playing the way the New York Rangers play the Rangers,
Speaker 1: and not one a playoff series or even games. It's
Speaker 1: two past in seventeen and a playoff wins at home
Speaker 1: from Miami and Phoenix. John Bloomberg Sports, Right, John, thank you.
Speaker 1: It is six thirty seven on Wall Street. Time to
Speaker 1: take a look at stock, some of the names moving
Speaker 1: in the pre market. Bloomberg Radio and TV Markets correspondent
Speaker 1: Krety Gupta is with me this morning. Crety looks like
Speaker 1: stocks as a whole or moving a bit lower. On's
Speaker 1: scot your eye this morning, moving a bit lower, But
Speaker 1: Nathan remembers this is totally normal. The day before the
Speaker 1: FMC meeting, investors tend to go risk off into those
Speaker 1: FED meetings. At least that's been the trend in the
Speaker 1: last two years or so. And that's just an impact
Speaker 1: of simply the expectation of the removal of stimulus. So
Speaker 1: we'll see if that continues. That makes it underneath the hood,
Speaker 1: there is some action here. Kellogg for example, the letter
Speaker 1: or the ticker is just the letter K is moving
Speaker 1: down one point two percent. Tyson tc T s N
Speaker 1: excuse me, is the other ticker up one point four percent.
Speaker 1: Both stocks cut to underweight from a neutral overt Piper
Speaker 1: Sandler uh the analyst sighting shifting consumer habits caused by
Speaker 1: inflation pressures and valuations ahead of their historical which is nevertheless,
Speaker 1: you are seeing a divergence in those two stocks this morning.
Speaker 1: Nathan Kellogg, like I said, down about one point two
Speaker 1: percent and Tyson up one point four percent. I'm gonna
Speaker 1: stick with this kind of spending theme here and look
Speaker 1: at an earning story this morning. MGM Resorts. The ticker
Speaker 1: is MGM up three point six percent this morning and
Speaker 1: earnings beat. Analysts have been expecting the company to report
Speaker 1: an adjusted loss per share for the period. Instead they
Speaker 1: reported a beat, So good news there for MGM. Remember
Speaker 1: we've been talking about the travel space a lot. Even
Speaker 1: airlines have come in and said, well, there are seeing
Speaker 1: a lot of demand resumption, but also that they're able
Speaker 1: to turn that and turn it into profit, turn it
Speaker 1: into margin, and those that those hotels aren't exempt from
Speaker 1: that theme. As speaking of earnings, we're talking about Clorox
Speaker 1: here and very quickly see LX unchanged this morning. But
Speaker 1: keep an eye on this because the company lowered its
Speaker 1: outlook for full year earnings amid stubbornly rise and costs.
Speaker 1: So once again we're coming down to the margin story
Speaker 1: showing up in Chlorox earnings. Yeah, I see created the
Speaker 1: analysts are keeping an eye on a major tech name
Speaker 1: as well, and video the heavyweight down three tenths of
Speaker 1: one percent n v d A. Keep an eye on
Speaker 1: this one as well, because, like I said, it is
Speaker 1: a heavyweight, so we can move the market. Morgan Stanley
Speaker 1: resuming their coverage with the recommendation of equal weight. That
Speaker 1: isn't exactly the vote of confidence that you might be
Speaker 1: looking more from a major bank decided concerns about a
Speaker 1: deceleration in gaming and the company's high valuation. And Nathan,
Speaker 1: we should mention when we're talking about valuations for these
Speaker 1: tech names, they're actually back to pre pandemic level. So
Speaker 1: that is for the bulls out there, that is the
Speaker 1: case to say, well, maybe the sell off is overdone.
Speaker 1: But for the bears out there, what were the conversations
Speaker 1: we were having in early overdone tech? Uh? Stimulus, UH
Speaker 1: growth slow down. A lot of the same concerns that
Speaker 1: but right now, so is the sell off enough? Is
Speaker 1: going to be the question for a lot of the bears. Yeah,
Speaker 1: it has been a huge debate in recent days. Bloomberg
Speaker 1: Radio on TV. Markets correspondent Pretty Coopta with us this morning,
Speaker 1: and as we take a look at stocks as a
Speaker 1: whole before the open and before the Fed meets in May,
Speaker 1: futures taking a leg lower. We got us some P
Speaker 1: futures down twelve points down, futures down down a hundred four.
Speaker 1: NASTAC futures are lower by forty two points ten. Your
Speaker 1: treasury with a bid up to thirty seconds, you'ld two
Speaker 1: point nine seven percent. You'ld on the two year right
Speaker 1: now to seven five. You're listening to Bloomberg day Break,
Speaker 1: Bloomberg eleven three oh other party and mostly cloudy mid
Speaker 1: sixties today, periods of rain tomorrow with the high your
Speaker 1: sixty five and it will be mostly sunny again by
Speaker 1: Thursday with a high near seventy. Right now fifty two
Speaker 1: in Central Park 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 US DOT Index futures
Speaker 1: are following this morning, we got at the First Word
Speaker 1: breaking news desk for today's morning call and is Bill
Speaker 1: Maloney and Bill, good morning and good morning can that's right.
Speaker 1: US features are in the red right now at DOWN
Speaker 1: futures down a hundred and fifty five point dropped twenty one.
Speaker 1: NASA futures are lower by sixties six the US ten
Speaker 1: year old at two point nine seven percent. Gold is
Speaker 1: down five. Oil is also in the red, but bitcoin
Speaker 1: is trading higher by point three percent. Japan was a
Speaker 1: little changed overnight, while your markets are mostly in the
Speaker 1: green this morning and back in the US. On the
Speaker 1: economic front, a tentaclog droble goods orders and factory orders
Speaker 1: after develous night Clorox. But it's fiscally your adjust EPs
Speaker 1: forecast and regarding some of the earnings this morning, Eaton
Speaker 1: Corp boosted fiscally, you're adjust at EPs forecast and fiser
Speaker 1: revenue FEAT estimates. Wrapping things up, Vertex was raised to
Speaker 1: equate at Morgan Stanley Cott had cut the underweight it
Speaker 1: wills Fargo and Kellog was cut to underweight. Overhead Piper
Speaker 1: Live from the first to Breaking News doscom Bill Maloney
Speaker 1: can all right, Bill, thank you, and we're watching Fiser
Speaker 1: shares in the early trade. They are moving lower. They're
Speaker 1: down almost seven percent right now. And to hear line
Speaker 1: Breaking News, are your Bloomberg have squawk on your terminal
Speaker 1: squ a w K. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barrow with more on what's going on around
Speaker 1: the world. Michael Karen, thank you very much. Barricades are
Speaker 1: up in Protesters have been gathering outside the U. S.
Speaker 1: Supreme Court. It is in response to elite draft opinion
Speaker 1: published by Politico s adjusting the conservative leaning court is
Speaker 1: ready to overturn a Roe v. Way, the landmark ruling
Speaker 1: that legalized abortion overnight planned parenthood, tweeting, Let's be clear,
Speaker 1: this is a draft opinion. It's outrageous, it's unprecedented, but
Speaker 1: it is not final. Abortion is your right and it
Speaker 1: is still legal. But the anti abortion rights group Susan B.
Speaker 1: Anthony List wrote, if the draft opinion made public tonight
Speaker 1: is the final opinion of the court, we wholeheartedly applaud
Speaker 1: the decision. In baseball, the Yankees one, the Mets lost
Speaker 1: along with the Orioles and A's and the NHL playoffs.
Speaker 1: The Hurricanes skated past the Bruins and game one of
Speaker 1: their Series five one. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Tank, powered by
Speaker 1: more than seven hundred journalist and analysts more than a
Speaker 1: hundred twenty countries. Michael bar this is Bloomberg hereing all right, Michael,
Speaker 1: thank you. While at six forty nine on Wall Street
Speaker 1: returned to news and science and Technology now with a
Speaker 1: Bloomberg and j I T Stem report. Ronzi U Bain,
Speaker 1: New Jersey Institute of Technology and j I T is
Speaker 1: dedicated to bolstering support for female and minority students pursuing
Speaker 1: careers and high paying STEM industries. Learn more at n
Speaker 1: j I T dot E d U and now Here's
Speaker 1: just making news and science, Technology, engineering and math. Beijing
Speaker 1: is going to extreme lengths to avoid the coronavirus woes
Speaker 1: suffered by Beijing. China's capital has ordered repeated testing of
Speaker 1: most residents, halted dining in at restaurants, and barred access
Speaker 1: to public clovs without a negative result. I would say
Speaker 1: that was public places without a negative result. Authorities are
Speaker 1: trying to avoid the lockdowns that have led to chaos
Speaker 1: in Shanghai, and unusually early and brutal heat wave is
Speaker 1: scorching parts of India with acute power shortages affecting millions.
Speaker 1: As demand for electricity surges direct levels, supplies of coal
Speaker 1: and many thermal power plants are running perilously low, spawning
Speaker 1: daily power outages in several states. The shortages are sparking
Speaker 1: scrutiny of India's long reliance on coal, which produces seventy
Speaker 1: of the country's electricity, and bipartisan group of Senators wants
Speaker 1: to loosen Google's grip on the digital ad market. Bloomberger
Speaker 1: has learned they plan to introduce legislation that would force
Speaker 1: Google to sell off parts of it's a lucrative advertising
Speaker 1: technology business. The measure could also have implications for Amazon
Speaker 1: and Facebook parent meta platforms. That's the Bloomberg and j
Speaker 1: I t Stem Report. Nathan, Thanks Karen. We are live
Speaker 1: from the Bloomberg Interactive Brokers studios, where it's coming up
Speaker 1: to six fifty one on Wall Street Time Now to
Speaker 1: check what's going on in d C, where some of
Speaker 1: the top stories include a leaked Supreme Court ruling obtained
Speaker 1: by Politico, a draft opinion that threatens to overturn abortion rights,
Speaker 1: former President Donald Trump's grip on the GOP tested today
Speaker 1: in Ohio, and President Biden planning to tout Javelins on
Speaker 1: a trip today to Alabama. Joe Matthew is back with
Speaker 1: US now Bloomberg Washington correspondent, host of Sound On Here
Speaker 1: on Bloomberg Radio. Obviously, Joe the big story overnight into
Speaker 1: this morning and probably for the days and maybe weeks
Speaker 1: to come. This draft opinion obtained by Politico on Roe v. Wade.
Speaker 1: It is pretty remarkable here, and and we do want
Speaker 1: to remind our listeners that it is a draft opinion,
Speaker 1: it's not a ruling. Uh And and typically you do
Speaker 1: see significant changes from the draft to a final ruling. Here,
Speaker 1: Justices can change their votes, although with something uh so significant,
Speaker 1: so stark, something they're questioned about in every confirmation hearing.
Speaker 1: We don't think that justices are undecided when it comes
Speaker 1: to Roe v. Wade. Nathan, No, certainly not. We've heard
Speaker 1: a number of justices in their confirmation hearing is way
Speaker 1: in on the Roe v. Wade decision. Many of them
Speaker 1: have said it's settled precedent. But if a number of justices,
Speaker 1: if enough justices signed on to this ruling, if it
Speaker 1: us become the official opinion of the Supreme Court, that
Speaker 1: changes things. Well, it's your I mean, would effectively ban
Speaker 1: abortion in about half the country. Twenty six states would
Speaker 1: be expected UH to follow UH, And we've this is
Speaker 1: also why we've seen a number of states, sixteen go
Speaker 1: to the extent of passing preemptive laws, if you will,
Speaker 1: to protect the right to an abortion. Sixteen states, UH.
Speaker 1: Even though we tend to hear more about the Florida's,
Speaker 1: the Oklahoma's, the Texas is. Six states this year have
Speaker 1: enacted abortion bands. And it's it's really something to imagine
Speaker 1: the divide that we're gonna see here, states like Connecticut
Speaker 1: approving a bill that would actually expand the pool of
Speaker 1: people who can perform some abortions. Vermont is moving on
Speaker 1: an amendment to its state constitution to guarantee the right
Speaker 1: to an abortion. So when you consider stories like these
Speaker 1: California UH seeking to make it a refuge for women
Speaker 1: seeking abortions from other states, we're driving in two different
Speaker 1: directions here, Nathan. It's not just about the split, the
Speaker 1: fracture in this country, but the fact that it is
Speaker 1: continuing to get wider, and something else we've seen overnight
Speaker 1: Joe barricade set up outside the Supreme Court, hundreds if
Speaker 1: not thousands of protesters for and against abortion rights. How
Speaker 1: does this potentially change the political landscape heading into a
Speaker 1: mid term election with primary of votes happening at least
Speaker 1: two states today, that's right, You've got Ohio and Indiana
Speaker 1: with primaries. I can't imagine that this will in fact
Speaker 1: have a huge role in that because people have largely
Speaker 1: made up their minds and these are primaries, right, this
Speaker 1: will likely impact general election votes. Uh and and it
Speaker 1: could impact them on a significant level. It's very difficult
Speaker 1: to gauge that exactly this morning, but this is clearly
Speaker 1: a huge motivator and could have a major impact on
Speaker 1: democratic turnout. You know, before we had this leak, before
Speaker 1: we were even aware of this, Senator Elizabeth Warren had said,
Speaker 1: you want to see a red volution overturn Roe v. Wade,
Speaker 1: and there is some truth to that. I would expect
Speaker 1: to see a massive march on Washington. This is going
Speaker 1: to be a motivator with not just people voting, but
Speaker 1: also with dollars campaign contributions. We know the wide majority
Speaker 1: of Americans opposed revoking Roe v. Wade. Only one in
Speaker 1: five voters support making abortion illegal in any circumstances, and
Speaker 1: this is why it's the third rail and politics, Nathan uh.
Speaker 1: It may challenge issues like inflation, jobs, COVID everything at
Speaker 1: the polls this year. I wanted to ask about that
Speaker 1: that does this turn into a base election in November
Speaker 1: or does this supersede other issues for swing voters, particularly inflation. Yeah,
Speaker 1: it's a great question, and it's very hard for us
Speaker 1: to know now where we will be. Then. Of course,
Speaker 1: we expect an actual ruling by July, so we will
Speaker 1: know along in advance of November where we stand here.
Speaker 1: But it could put more attention. It's not just you know,
Speaker 1: the kind of headline that you're imagining here. It could
Speaker 1: put more attention on gubernatorial races, on state legislative races
Speaker 1: as abortion rights returns to the states in this case,
Speaker 1: and he could have a big impact in suburban congressional districts,
Speaker 1: particularly in the battleground states that we're already looking at,
Speaker 1: like Pennsylvania, Georgia, Arizona. That will help the side control
Speaker 1: of the Senate and the time we have left Joe.
Speaker 1: Let's talk about the races that are happening today, the
Speaker 1: votes happening, particularly in Ohio, where the Trump endorsement is
Speaker 1: as much on the ballot as the candidates themselves. Yeah.
Speaker 1: I don't know if Donald Trump ever read the Hillbilly
Speaker 1: Elegy by J. D Vance, But that's the man he
Speaker 1: has taken from the back of the pack, uh, to
Speaker 1: turn him into the front run of the venture capitalist
Speaker 1: who at one time didn't always have a lot of
Speaker 1: nice things to say about Donald Trump. But when we
Speaker 1: saw Donald Trump on Saturday at a rally there, he
Speaker 1: actually couldn't get J. D Vance his name out quite right.
Speaker 1: He called him JP. Vans were said, JP Mandel is
Speaker 1: referring to Josh Mandel, who is uh likely Uh. J
Speaker 1: d Vance is most significant opponent here. They've been within
Speaker 1: a couple the points of each other, and he's also
Speaker 1: wrapping himself in Trump. The potential for confusion has been
Speaker 1: remarkable here, not only with Trump kind of biff in
Speaker 1: the name at the podium over the weekend, but Josh
Speaker 1: Mandel in every reference has a picture of himself with
Speaker 1: Trump and his literature, he says he's the only candidate
Speaker 1: in the race who believes that Trump won the presidential election. Uh,
Speaker 1: and that Joe Biden lost, even though that's not really
Speaker 1: true based on what we've heard. Uh and I think
Speaker 1: a lot of Uh. If you ask a lot of
Speaker 1: voters there, they might not be sure who is closer
Speaker 1: to Trump, the one that Trump nominated or the others
Speaker 1: who are trying to get closer to him. In the
Speaker 1: thirty seconds, Joe, get us ready for President Biden's trip
Speaker 1: to Alabama today. He's going to a Lockheed plant where
Speaker 1: they make the Javelin anti tank missile. You might remember
Speaker 1: the President saying speak softly and carry along Javelin when
Speaker 1: he was announcing the most recent shipment of weapons. This
Speaker 1: is the anti tank system that has been pivotal to
Speaker 1: the battle in Ukraine for for the Ukrainian military to
Speaker 1: hold off Russian forces picunally an urban warfare. Uh. This
Speaker 1: is gonna be an opportunity for the President to say
Speaker 1: thank you to the plants employees, two hundred and sixty
Speaker 1: five of them support this anti tank system. That facility
Speaker 1: cranks out about two thousand of them a year. And Nathan,
Speaker 1: we need more, not just for Ukraine, but to replenish
Speaker 1: our stocks here. Thanks as always, Joe Matthew, Bloomberg Washington correspondent,
Speaker 1: host of Sound On much more on all these stories
Speaker 1: five pm. Wall Street Time here on Bloomberg Radio. Meantime,
Speaker 1: you can read more Bloomberg dot com or on the
Speaker 1: Bloomberg Terminal. Listen to Bloomberg Radio in Washington and Bloomberg
Speaker 1: one oh five point seven FM, HD two SMP Future
Speaker 1: is now lower by sixteen points. Staff futures down a
Speaker 1: hundred forty one, Nastack futures down fifty two points. Bloomberg
Speaker 1: Surveillance is next for Karen Moscow. I'm Nathan Hager. This
Speaker 1: is Bloomberg