1
00:00:00,600 --> 00:00:04,359
Speaker 1: Five from the Bloomberg Interacted Burger Studios. This is Bloomberg

2
00:00:04,440 --> 00:00:08,480
Speaker 1: day Break for Wednesday, January two. Coming up this hour,

3
00:00:08,720 --> 00:00:12,560
Speaker 1: Futures Rise. Following another roller coaster session on Wall Street,

4
00:00:12,640 --> 00:00:17,000
Speaker 1: Microsoft shares readound on optimism over the company's cloud business. Next,

5
00:00:17,040 --> 00:00:19,280
Speaker 1: it's all about the FED as the Central Bank issues

6
00:00:19,280 --> 00:00:22,239
Speaker 1: of policy decision today, and President Biden says he has

7
00:00:22,320 --> 00:00:25,480
Speaker 1: no intention of putting American troops in Ukraine. The second

8
00:00:25,560 --> 00:00:29,760
Speaker 1: NYPD officer, Ambush Friday, has died. Plus there's confusion after

9
00:00:29,800 --> 00:00:33,120
Speaker 1: a higher New York court diverse the ruling banning mask mandates.

10
00:00:33,120 --> 00:00:36,080
Speaker 1: I'm Michael bar More ahead, I'm John stash Our. In sports,

11
00:00:36,080 --> 00:00:38,480
Speaker 1: the next loss to the Lakers a win for the Islanders.

12
00:00:38,520 --> 00:00:41,639
Speaker 1: The Devils lost in David Ortiz voted into the Baseball

13
00:00:41,720 --> 00:00:46,480
Speaker 1: Hall of Fame. That's all straight ahead on Bloomberg day

14
00:00:46,479 --> 00:00:51,440
Speaker 1: Break on Bloomberg Eliming three O New York, Bloomberg, Washington,

15
00:00:51,560 --> 00:00:55,440
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine six,

16
00:00:55,640 --> 00:00:59,640
Speaker 1: San Francisco, Sirius x M one nineteen and around the

17
00:00:59,640 --> 00:01:03,040
Speaker 1: world going Bloomberg Radio dot Com and via the Bloomberg

18
00:01:03,080 --> 00:01:10,440
Speaker 1: Business at Good Morning I'm Nathan Hagar and I'm Karen Moscow,

19
00:01:10,560 --> 00:01:13,920
Speaker 1: and US futures are rebounding this morning. We're coming up

20
00:01:13,920 --> 00:01:15,480
Speaker 1: to five oh one on Wall Street, and we check

21
00:01:15,560 --> 00:01:18,600
Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.

22
00:01:18,680 --> 00:01:22,000
Speaker 1: Right now, SNP futures are up forty seven points down

23
00:01:22,040 --> 00:01:24,920
Speaker 1: futures up two hundred and sixty five and NASDAG futures

24
00:01:24,959 --> 00:01:28,039
Speaker 1: up two hundred thirty five. Ten year treasury down three

25
00:01:28,080 --> 00:01:30,560
Speaker 1: thirty seconds. You had one point seven eight percent and

26
00:01:30,560 --> 00:01:34,720
Speaker 1: a yield on a two year one point oh three percent. Nathan, Well, Karen,

27
00:01:34,760 --> 00:01:37,959
Speaker 1: as you say, futures are rebounding this morning after another

28
00:01:38,200 --> 00:01:42,240
Speaker 1: roller coaster riding yesterday's session. Let's get the details live

29
00:01:42,280 --> 00:01:45,800
Speaker 1: with Bloomberg's John Tucker. Good morning, John, Nathan. SMP futures

30
00:01:45,880 --> 00:01:48,880
Speaker 1: right now up one percent. The SMP five hundred closed

31
00:01:48,920 --> 00:01:53,000
Speaker 1: yesterday at the lowest level since October. Technology shares were

32
00:01:53,000 --> 00:01:56,480
Speaker 1: the biggest losers. Dip buyers did resurface near the end

33
00:01:56,480 --> 00:01:58,800
Speaker 1: of the day. Well, that wasn't enough to stop the

34
00:01:58,960 --> 00:02:02,120
Speaker 1: SMP five hundred for posting at one point two percent loss.

35
00:02:02,400 --> 00:02:05,840
Speaker 1: The index just shy of a correction, closing more than

36
00:02:05,920 --> 00:02:08,440
Speaker 1: nine percent off it's record high from three weeks ago.

37
00:02:08,880 --> 00:02:11,760
Speaker 1: Where do we go from here? Strategists from Goldman Sachs

38
00:02:11,800 --> 00:02:14,799
Speaker 1: to City Group Now say the time to jump in

39
00:02:15,160 --> 00:02:18,880
Speaker 1: is now. Golden strategists say any further weakness should be

40
00:02:18,919 --> 00:02:22,519
Speaker 1: seen as a buying opportunity. City strategists say their bear

41
00:02:22,600 --> 00:02:27,000
Speaker 1: market checklist checklist suggests it's time to buy the dip.

42
00:02:27,400 --> 00:02:30,600
Speaker 1: Live in New York. I'm John Tucker, Bloomberg Daybreak. All right, John,

43
00:02:30,600 --> 00:02:33,600
Speaker 1: to thank you. The volatiery continued after hours at the

44
00:02:33,680 --> 00:02:36,359
Speaker 1: release of Microsoft earnings, and right now shares are up

45
00:02:36,360 --> 00:02:39,000
Speaker 1: more than three percent in early trading. We get more

46
00:02:39,080 --> 00:02:42,880
Speaker 1: from Bloomberg's Doug Christner. The company reported after the bell,

47
00:02:43,040 --> 00:02:45,919
Speaker 1: and the focus was on the Azure cloud computing business.

48
00:02:46,040 --> 00:02:49,160
Speaker 1: For the last quarter, revenue at the unit decelerated from

49
00:02:49,200 --> 00:02:52,440
Speaker 1: the two prior quarters, and that weekend. Microsoft chairs in

50
00:02:52,520 --> 00:02:55,240
Speaker 1: late trading, but then on the call with analysts, the

51
00:02:55,280 --> 00:02:58,000
Speaker 1: company said the Azure sales growth rate would pick up

52
00:02:58,000 --> 00:03:01,920
Speaker 1: in the current quarter, excluding the pact of currency fluctuations.

53
00:03:01,919 --> 00:03:06,160
Speaker 1: Shares then recovered. Microsoft CEO Sakya Adela has turned the

54
00:03:06,200 --> 00:03:10,400
Speaker 1: Azure business into a solid number two behind Amazon. Alphabet's

55
00:03:10,440 --> 00:03:13,480
Speaker 1: Google ranks third, but it's adding resources to catch up

56
00:03:13,639 --> 00:03:16,880
Speaker 1: in New York. On Doug Chrisener, Bloomberg Daybreak, All right, Doug. Thanks. Meantime,

57
00:03:16,919 --> 00:03:19,359
Speaker 1: shares of Texas Instruments are out more than four percent

58
00:03:19,400 --> 00:03:21,880
Speaker 1: in early trading. The chip maker beat earnings estimates and

59
00:03:21,880 --> 00:03:25,240
Speaker 1: gave an upbeat forecast up next. Earnings continue with about

60
00:03:25,280 --> 00:03:29,359
Speaker 1: three dozen companies reporting today, including Tesla. We get more

61
00:03:29,400 --> 00:03:32,480
Speaker 1: on the electric carmaker from Bloomberg's Tom Busby. The big

62
00:03:32,520 --> 00:03:35,760
Speaker 1: focus will be margins and how many vehicles it expects

63
00:03:35,760 --> 00:03:38,920
Speaker 1: to sell this year. That's after Tesla ramped up production

64
00:03:38,960 --> 00:03:41,600
Speaker 1: in a big way in twenty one at its Premont,

65
00:03:41,600 --> 00:03:45,400
Speaker 1: California plant, also its facilities in Shanghai. It also expanded

66
00:03:45,440 --> 00:03:48,920
Speaker 1: into Austin, Texas, where it's now headquartered, and into Germany.

67
00:03:49,160 --> 00:03:52,680
Speaker 1: Also of interest, the latest on its long awaited cybertruck

68
00:03:53,120 --> 00:03:56,640
Speaker 1: tom Busby Bloomberg Daybreak, Tom, thank you. Onside of earning,

69
00:03:56,680 --> 00:03:59,760
Speaker 1: today's key event for markets comes this afternoon. We get

70
00:03:59,760 --> 00:04:03,160
Speaker 1: a highly anticipated policy decision from the Fed at two PM,

71
00:04:03,200 --> 00:04:06,200
Speaker 1: and Bloomberg's Michael McKee has more Fed officials aren't going

72
00:04:06,240 --> 00:04:09,400
Speaker 1: to be raising the cost of borrowing at this meeting. Instead,

73
00:04:09,520 --> 00:04:12,480
Speaker 1: they'll suggest interest rates will be going up soon. The

74
00:04:12,520 --> 00:04:16,200
Speaker 1: Fed's current target rate is essentially zero. Policymakers will try

75
00:04:16,240 --> 00:04:18,000
Speaker 1: to figure out how much it has to go up

76
00:04:18,000 --> 00:04:20,839
Speaker 1: in order to bring inflation down to their two percent target,

77
00:04:20,960 --> 00:04:23,360
Speaker 1: But don't expect them to publish a roadmap to how

78
00:04:23,440 --> 00:04:26,440
Speaker 1: fast and how far rates will move, and when and

79
00:04:26,520 --> 00:04:28,760
Speaker 1: how and by how much the balance sheet will shrink.

80
00:04:29,000 --> 00:04:32,240
Speaker 1: Expect Chair J Powell to say that with geopolitical tensions,

81
00:04:32,520 --> 00:04:36,359
Speaker 1: supply chain problems, and the COVID virus ever present, the

82
00:04:36,400 --> 00:04:39,360
Speaker 1: FED will have to remain flexible, deciding policy on a

83
00:04:39,400 --> 00:04:43,360
Speaker 1: meeting by meeting basis. Michael McKee Bloomberg Daybreak. All right, Mike, thanks,

84
00:04:43,400 --> 00:04:45,520
Speaker 1: So here's the Fed does have a tough road ahead.

85
00:04:45,560 --> 00:04:48,919
Speaker 1: That's according to Nobel laureate and economist Paul Krugman. He

86
00:04:49,000 --> 00:04:51,479
Speaker 1: says the central bank needs to slow down the economy

87
00:04:51,720 --> 00:04:54,760
Speaker 1: but can't move too fast on rates. It sure looks

88
00:04:54,800 --> 00:04:58,599
Speaker 1: as if the economy has hit the speed limit. Um,

89
00:04:58,640 --> 00:05:01,440
Speaker 1: but it's that's a call for taking your foot off

90
00:05:01,440 --> 00:05:03,640
Speaker 1: the gas pedal. It's not a call for slamming on

91
00:05:03,680 --> 00:05:06,320
Speaker 1: the brakes. And so what they want to do then

92
00:05:06,400 --> 00:05:09,440
Speaker 1: it's the balancing act. How did they sort of, you know,

93
00:05:09,600 --> 00:05:12,320
Speaker 1: get us to level off, to to slow down a

94
00:05:12,320 --> 00:05:16,080
Speaker 1: little bit without throwing us into into a recession. No

95
00:05:16,240 --> 00:05:18,880
Speaker 1: Bell Laureate Paul Krugman made the comments in an interview

96
00:05:18,880 --> 00:05:22,200
Speaker 1: on Bloomberg Television. Stay tuned for live coverage of today's

97
00:05:22,200 --> 00:05:25,440
Speaker 1: FED decision on a special edition of Bloomberg Surveillance. It

98
00:05:25,560 --> 00:05:28,240
Speaker 1: starts at one thirty pm Wall Street Time on Bloomberg

99
00:05:28,360 --> 00:05:31,560
Speaker 1: Radio and Television. Well Nathan Geo Politics also near the

100
00:05:31,600 --> 00:05:34,960
Speaker 1: top of today's agenda's Tensions continue to simmer with Russia

101
00:05:35,000 --> 00:05:38,240
Speaker 1: and Ukraine. President Biden is indicating there is no plan

102
00:05:38,360 --> 00:05:41,000
Speaker 1: to send US troops into the country, and Bloomberg said

103
00:05:40,960 --> 00:05:44,200
Speaker 1: Baxter has the story. President Biden says he may move

104
00:05:44,279 --> 00:05:47,200
Speaker 1: troops around and closer to Ukraine to be prepared for

105
00:05:47,240 --> 00:05:50,719
Speaker 1: any eventuality, but we have no intention of putting American

106
00:05:50,760 --> 00:05:56,520
Speaker 1: forces are native forces in Ukraine. But Well, I said

107
00:05:56,640 --> 00:06:00,160
Speaker 1: they're gonna be serious economic consequences if he moves, and

108
00:06:00,200 --> 00:06:03,080
Speaker 1: also says Russia he believes understands how much of an

109
00:06:03,279 --> 00:06:07,239
Speaker 1: enormous deal this is globally, and says if Russia invades,

110
00:06:07,279 --> 00:06:12,080
Speaker 1: he would favor personal sanctions on Vladimir Putin in San Francisco.

111
00:06:12,120 --> 00:06:14,760
Speaker 1: I'm at Baxter Bloomberg daybreak Man. Later today at at

112
00:06:14,760 --> 00:06:17,320
Speaker 1: the White House, President Biden turns his attention back to

113
00:06:17,360 --> 00:06:20,839
Speaker 1: his economic agenda, hosting ten business leaders who will explain

114
00:06:20,920 --> 00:06:23,360
Speaker 1: how the Build Back Better plan would boost the economy.

115
00:06:23,560 --> 00:06:26,200
Speaker 1: Among those expected to attend are the CEOs of Ford,

116
00:06:26,320 --> 00:06:30,239
Speaker 1: General Motors, Microsoft, and Salesforce, and I'm all Street today, Nathan.

117
00:06:30,240 --> 00:06:32,880
Speaker 1: There's a fresh push to retain talent. Bank of America's

118
00:06:32,920 --> 00:06:34,919
Speaker 1: out with a new plan to keep employees, and we

119
00:06:34,960 --> 00:06:38,159
Speaker 1: get the details live from Bloomberg's rned A Young. Good morning, Nada,

120
00:06:38,240 --> 00:06:41,159
Speaker 1: Good morning Karen. Bank of America is giving almost all

121
00:06:41,200 --> 00:06:44,279
Speaker 1: of its employees their share of a one billion dollar

122
00:06:44,400 --> 00:06:47,280
Speaker 1: stock award. It goes to staff making as much as

123
00:06:47,360 --> 00:06:50,799
Speaker 1: five hundred thousand dollars a year. That makes about nineties

124
00:06:50,839 --> 00:06:55,080
Speaker 1: seven percent of Bank of America's global workforce eligible. CEO

125
00:06:55,200 --> 00:06:59,000
Speaker 1: Brian moynihan says each eligible employee will receive between sixty

126
00:06:59,080 --> 00:07:03,039
Speaker 1: five and six hundred restricted stock units based on compensation.

127
00:07:03,440 --> 00:07:05,760
Speaker 1: Don't get the full value in March, and shares will

128
00:07:05,839 --> 00:07:10,680
Speaker 1: vest in equal payments over four years starting in it's

129
00:07:10,720 --> 00:07:13,960
Speaker 1: the bank's latest move as competition heats up to attract

130
00:07:14,080 --> 00:07:17,880
Speaker 1: and retain top talent. Live in New York I'm Rnita

131
00:07:17,920 --> 00:07:24,320
Speaker 1: Young Bloomberg Daybreak, need to thank you in his five

132
00:07:24,320 --> 00:07:27,000
Speaker 1: oh seven Now on Wall Street where in twenty two

133
00:07:27,040 --> 00:07:29,720
Speaker 1: degrees in Central Park, we gotta crash on southbound Route

134
00:07:29,720 --> 00:07:32,040
Speaker 1: two oh two by First Avenue and rare into tales

135
00:07:32,120 --> 00:07:34,640
Speaker 1: coming up in traffic. First Michael Barr with more on

136
00:07:34,720 --> 00:07:36,160
Speaker 1: what's going on in New York and around the world.

137
00:07:36,200 --> 00:07:38,960
Speaker 1: Good morning, Michael, Good morning Nathan. Flags are flying at

138
00:07:39,000 --> 00:07:41,880
Speaker 1: half staff in New York City after a police officer

139
00:07:41,920 --> 00:07:44,480
Speaker 1: gravely wounded last week in a Harlem shooting that killed

140
00:07:44,480 --> 00:07:47,880
Speaker 1: his partner has also died of his injuries. Officer Robert

141
00:07:48,160 --> 00:07:51,120
Speaker 1: Mora was taken off life support at a Manhattan hospital

142
00:07:51,440 --> 00:07:54,400
Speaker 1: four days after a gunman shot him and officer Jason

143
00:07:54,480 --> 00:07:57,720
Speaker 1: Rivera as they responded to a domestic disturbance called Rivera

144
00:07:57,760 --> 00:08:01,400
Speaker 1: died Friday. Morris family to sided to donate his organs

145
00:08:01,480 --> 00:08:05,520
Speaker 1: just hours after he died. Leonard Agent is president and

146
00:08:05,680 --> 00:08:09,440
Speaker 1: CEO of Live on n Why, responsible for organ donations

147
00:08:09,480 --> 00:08:12,080
Speaker 1: for all of New York City. Their son became a

148
00:08:12,400 --> 00:08:16,040
Speaker 1: NYPD police officer to serve and protect and save lives,

149
00:08:16,640 --> 00:08:18,720
Speaker 1: and they knew that that was true in his life,

150
00:08:19,120 --> 00:08:21,320
Speaker 1: and they knew that he would want in his death

151
00:08:21,440 --> 00:08:23,720
Speaker 1: to be able to save lives. H and with live

152
00:08:23,800 --> 00:08:26,200
Speaker 1: on end wise as people will have a second chance

153
00:08:26,280 --> 00:08:29,520
Speaker 1: of life thanks to officer, more chances are rising a

154
00:08:29,520 --> 00:08:33,120
Speaker 1: powerful storm will sweep the northeast in the US. With

155
00:08:33,200 --> 00:08:36,040
Speaker 1: more on its impact on New York and New Jersey,

156
00:08:36,280 --> 00:08:39,760
Speaker 1: here's Bloomberg meteorologist Rob Carolin. Michael, We're gonna be keeping

157
00:08:39,760 --> 00:08:41,920
Speaker 1: an eye out for a storm system for a late

158
00:08:42,000 --> 00:08:44,640
Speaker 1: Friday into Saturday across the Tri state area. It's going

159
00:08:44,679 --> 00:08:47,040
Speaker 1: to be a coastal storm developing off of North Carolina.

160
00:08:47,360 --> 00:08:48,880
Speaker 1: What's up in the air right now is the track

161
00:08:48,920 --> 00:08:50,840
Speaker 1: of the storm. How close does it come to the coast.

162
00:08:51,000 --> 00:08:53,040
Speaker 1: Right now, the models are suggesting a tract that may

163
00:08:53,080 --> 00:08:55,400
Speaker 1: be too far to the east to dump a major

164
00:08:55,480 --> 00:08:58,280
Speaker 1: storm across the city. It looks like snowfall amounts could

165
00:08:58,280 --> 00:09:00,040
Speaker 1: be on the lighter side, but again that still is

166
00:09:00,120 --> 00:09:01,480
Speaker 1: very much up in the air, and we'll have more

167
00:09:01,520 --> 00:09:03,200
Speaker 1: details on the track of the storm and how much

168
00:09:03,280 --> 00:09:05,880
Speaker 1: we may get later in the week. Michael, Rob thank you, Sir,

169
00:09:05,920 --> 00:09:09,720
Speaker 1: and appeals judge restored New York's mask man date yesterday

170
00:09:10,000 --> 00:09:12,439
Speaker 1: after a judge in a lower court Monday rule that

171
00:09:12,600 --> 00:09:16,800
Speaker 1: Governor Kathy Hokel's administration lacked the constitutional authority to order

172
00:09:16,800 --> 00:09:20,680
Speaker 1: people to wear face coverings during the COVID nineteen pandemic. Meanwhile,

173
00:09:20,720 --> 00:09:23,840
Speaker 1: New York stat has seen in eighty six percent decrease

174
00:09:23,920 --> 00:09:28,360
Speaker 1: in COVID cases since it's January seventh peak. Governor HOCl says,

175
00:09:28,360 --> 00:09:31,679
Speaker 1: though deaths and hospitalizations remain elevated, two weeks ago we

176
00:09:31,760 --> 00:09:34,880
Speaker 1: had over twelve thousand, almost thirteen thousand people hospitalized. Now

177
00:09:34,920 --> 00:09:38,320
Speaker 1: we're down to hundreds, so it's still high, but uh

178
00:09:38,360 --> 00:09:41,080
Speaker 1: and we're also still losing our friends and family and

179
00:09:41,080 --> 00:09:46,000
Speaker 1: our loved ones lost. Governor Hoboken residents rejected a two

180
00:09:46,040 --> 00:09:48,360
Speaker 1: hundred forty one million dollar bond measure to build a

181
00:09:48,360 --> 00:09:51,199
Speaker 1: new high school in a special election yesterday, one of

182
00:09:51,240 --> 00:09:55,199
Speaker 1: the costliest school construction referendums in New Jersey history. Global

183
00:09:55,240 --> 00:09:57,680
Speaker 1: News twenty four hours a day on air and on

184
00:09:57,720 --> 00:10:00,800
Speaker 1: Bloomberg quick Take, powered by more than ONNY seven hundred

185
00:10:00,840 --> 00:10:03,960
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael bar.

186
00:10:04,080 --> 00:10:11,199
Speaker 1: This is Bloomberg Naked. Thanks Michael front of five ten

187
00:10:11,240 --> 00:10:13,440
Speaker 1: on Wall Street time for the Bloomberg Sports uptake, good money,

188
00:10:13,520 --> 00:10:16,320
Speaker 1: John stash Rny Nathan and Nets have issues right now.

189
00:10:16,400 --> 00:10:19,240
Speaker 1: Kevin Durant is injured, Kyrie Irving can't play home games,

190
00:10:19,240 --> 00:10:22,280
Speaker 1: and a report that James Harden doesn't like living in

191
00:10:22,360 --> 00:10:24,840
Speaker 1: Brooklyn and we'll opt out and explore signing with a

192
00:10:24,840 --> 00:10:27,160
Speaker 1: different team as a free agent next summer. The Nets

193
00:10:27,160 --> 00:10:29,640
Speaker 1: lost at Barkleys, where their record is just twelve and twelve,

194
00:10:30,000 --> 00:10:32,520
Speaker 1: beaten by the Lakers, who came in under five hundred,

195
00:10:32,520 --> 00:10:35,599
Speaker 1: one of six nineties six Lebron James scored thirty three points,

196
00:10:35,640 --> 00:10:37,400
Speaker 1: so did Harden, who had a triple double, but not

197
00:10:37,520 --> 00:10:40,400
Speaker 1: much help. But Nick's played tonight in Miami the Islanders.

198
00:10:40,440 --> 00:10:42,280
Speaker 1: After the slow start, I've moved over five hundred. They

199
00:10:42,320 --> 00:10:44,439
Speaker 1: beat the Flyers for three and a Zach Parisse a goal.

200
00:10:44,440 --> 00:10:46,839
Speaker 1: They won seven of the last nine. The Devils have

201
00:10:46,960 --> 00:10:49,160
Speaker 1: lost five of six, feeting at home by Dallas five

202
00:10:49,200 --> 00:10:52,880
Speaker 1: to one. College Who's Rick Pettino's Iona Gales are seven

203
00:10:52,920 --> 00:10:55,760
Speaker 1: seen and three with a win at Sienna. Rutgers, Fordham

204
00:10:55,800 --> 00:10:58,720
Speaker 1: in Columbia all lost Australian Open, They'll be an American

205
00:10:58,760 --> 00:11:02,240
Speaker 1: in each of tomorrow mornings two women's semifinal matches. Madison

206
00:11:02,320 --> 00:11:04,280
Speaker 1: Keys will play the top seed Ash Party, who has

207
00:11:04,679 --> 00:11:08,240
Speaker 1: not yet lost the set, and Danielle Collins Advance will

208
00:11:08,320 --> 00:11:10,959
Speaker 1: take on Egis swyrettext you won her quarterfinal match in

209
00:11:11,040 --> 00:11:14,560
Speaker 1: three sets. It took three hours in nineties seven degree heat,

210
00:11:15,040 --> 00:11:32,720
Speaker 1: A phone call plays to the Dominican Republic New York. Yeah.

211
00:11:34,200 --> 00:11:36,440
Speaker 1: Poppy voted in on the first ballot, while Barry Bonds,

212
00:11:36,520 --> 00:11:39,360
Speaker 1: Roger Clemens and Kirk Schilling all felt short in their

213
00:11:39,400 --> 00:11:42,800
Speaker 1: final year on the ballot. Sean Payton resigned after sixteen

214
00:11:42,880 --> 00:11:45,600
Speaker 1: years as coach of the New Orleans Saints. John stash

215
00:11:45,600 --> 00:11:48,480
Speaker 1: Elly Bloomberg Sports all right, John, Thanks, has and P

216
00:11:48,640 --> 00:11:51,320
Speaker 1: futures are higher now by forty nine point. Staff futures

217
00:11:51,360 --> 00:11:53,840
Speaker 1: up two hundred seventy nine, NASTAC futures up two hundred

218
00:11:53,880 --> 00:11:56,960
Speaker 1: forty nine points. The tenure treasury down three thirty seconds

219
00:11:57,320 --> 00:12:00,760
Speaker 1: yield one point seven eight percent ahead of FED decision day.

220
00:12:01,080 --> 00:12:08,199
Speaker 1: A preview next at Bloomberg's Michael McKee Bloomberg eleven three

221
00:12:08,200 --> 00:12:10,640
Speaker 1: oh weather sunshine but cold today, highs in the upper

222
00:12:10,640 --> 00:12:14,800
Speaker 1: twenties will be near thirty tomorrow, chance for afternoon snow

223
00:12:14,840 --> 00:12:17,960
Speaker 1: flurries on Friday, with behind the low thirties currently twenty

224
00:12:18,000 --> 00:12:24,360
Speaker 1: two degrees in Central Park markets. Headlines and breaking news

225
00:12:24,440 --> 00:12:27,040
Speaker 1: twenty four hours a day at Bloomberg dot Com, The

226
00:12:27,120 --> 00:12:30,599
Speaker 1: Bloomberg Business at Land at Bloomberg Quick Take, He's a

227
00:12:30,640 --> 00:12:40,240
Speaker 1: Bloomberg Business Flash and I'm Karen Moscow. Nastack futures are

228
00:12:40,280 --> 00:12:43,760
Speaker 1: signaling a sharp rebound as investors return to risk assets

229
00:12:43,840 --> 00:12:47,200
Speaker 1: and strategists recommended buying the dip following the sell off.

230
00:12:47,240 --> 00:12:49,199
Speaker 1: And this is all ahead of a Federal Reserve interest

231
00:12:49,280 --> 00:12:51,800
Speaker 1: rate decision as well. We checked the markets every fifteen

232
00:12:51,840 --> 00:12:54,360
Speaker 1: minutes throughout the trading day on Bloomberg Guess and P

233
00:12:54,559 --> 00:12:56,960
Speaker 1: futures are up fifty points this morning. Down futures up

234
00:12:56,960 --> 00:13:00,000
Speaker 1: two hundred seventy seven and Astack futures up two hundred

235
00:13:00,040 --> 00:13:02,800
Speaker 1: to fifty three, or one point eight percent. The decks

236
00:13:02,800 --> 00:13:05,720
Speaker 1: in Germany's up two point two percent, ten year treasury

237
00:13:05,720 --> 00:13:08,440
Speaker 1: down three thirties seconds. You have one point seven seven percent.

238
00:13:08,520 --> 00:13:10,760
Speaker 1: The yield on the two year one point oh three percent.

239
00:13:11,160 --> 00:13:13,559
Speaker 1: Non ex screwed oils up six tents percent or fifty

240
00:13:13,559 --> 00:13:15,960
Speaker 1: two cents at eighty six dollars thirteen cents of barrel

241
00:13:16,200 --> 00:13:18,400
Speaker 1: comic schold at down three tenths per cent or five

242
00:13:18,400 --> 00:13:21,680
Speaker 1: dollars forty cents at eighteen forty nine sixty announced the

243
00:13:21,720 --> 00:13:24,040
Speaker 1: euro one point one to eight one against the dollar,

244
00:13:24,080 --> 00:13:26,400
Speaker 1: British pound one point three four nine eight and the

245
00:13:26,480 --> 00:13:29,440
Speaker 1: ends at one fourteen point one seven bitcoin this morning,

246
00:13:29,440 --> 00:13:33,480
Speaker 1: moving higher at thirty seven thousand, six hundred and ninety dollars.

247
00:13:33,679 --> 00:13:36,400
Speaker 1: Today we are watching for reports on wholesale inventories at

248
00:13:36,520 --> 00:13:39,000
Speaker 1: eight thirty Wall Street time at tenants new home sales,

249
00:13:39,240 --> 00:13:41,600
Speaker 1: and we get the fence interest rate decision at two.

250
00:13:41,760 --> 00:13:44,240
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with

251
00:13:44,320 --> 00:13:46,720
Speaker 1: more on months going on around the world. Michael, good morning,

252
00:13:47,200 --> 00:13:50,440
Speaker 1: Good morning, Karen. Fearful of a Russian invasion into Ukraine,

253
00:13:50,440 --> 00:13:53,120
Speaker 1: the US and NATO allies are ramping up efforts for

254
00:13:53,160 --> 00:13:57,600
Speaker 1: a diplomatic solution. Today France will hold high level meetings

255
00:13:57,720 --> 00:14:01,560
Speaker 1: aimed at easing tensions between the two countries, but President

256
00:14:01,600 --> 00:14:04,959
Speaker 1: Biden is warning the U S troops on standby to

257
00:14:05,080 --> 00:14:08,160
Speaker 1: Europe may be deployed sooner than later. Russia deny as

258
00:14:08,160 --> 00:14:11,240
Speaker 1: it plans to invade Ukraine. In the NBA, the Nets

259
00:14:11,280 --> 00:14:14,000
Speaker 1: and Wizards lost the Celtics in far Riors one. In

260
00:14:14,040 --> 00:14:17,360
Speaker 1: the NHL, the Islanders won the Devil's Lost Red Sox.

261
00:14:17,400 --> 00:14:20,200
Speaker 1: Great David Ortiz was elected to the Baseball Hall of

262
00:14:20,200 --> 00:14:22,960
Speaker 1: Fame in his first turn on the ballot. Steroid taint

263
00:14:23,000 --> 00:14:25,920
Speaker 1: at Stars, Barry Bonds and Roger Clemens were denied entry

264
00:14:25,920 --> 00:14:30,440
Speaker 1: into Cooper's Town in their final year under consideration. Global

265
00:14:30,480 --> 00:14:32,640
Speaker 1: News twenty four hours a day on air and on

266
00:14:32,760 --> 00:14:35,800
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred

267
00:14:35,840 --> 00:14:39,000
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael Barr,

268
00:14:39,040 --> 00:14:41,800
Speaker 1: this is Bloomberg. Nathan Okay, Michael. Thanks, It's five nineteen

269
00:14:41,800 --> 00:14:44,880
Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers studios.

270
00:14:44,920 --> 00:14:47,360
Speaker 1: This is Bloomberg Daybreak as we look ahead to a

271
00:14:47,440 --> 00:14:50,720
Speaker 1: federal reserve policy decision coming down to two pm Wall

272
00:14:50,760 --> 00:14:54,440
Speaker 1: Street Time. Let's get a preview now. Bloomberg Global Economics

273
00:14:54,480 --> 00:14:58,240
Speaker 1: correspondent Michael McKee is with us in our studios this morning. Mike,

274
00:14:58,760 --> 00:15:01,520
Speaker 1: good to have you with us. With all the volatility

275
00:15:01,640 --> 00:15:03,880
Speaker 1: we've seen in the lead up to this meeting. You've

276
00:15:03,880 --> 00:15:06,360
Speaker 1: got to wonder what, if anything, the FED is going

277
00:15:06,400 --> 00:15:10,000
Speaker 1: to do or say to address it. Probably nothing. I

278
00:15:10,040 --> 00:15:12,880
Speaker 1: would imagine that J. Powell will be asked about it

279
00:15:12,880 --> 00:15:16,880
Speaker 1: in use news conference. However, when markets go up, markets

280
00:15:16,880 --> 00:15:18,800
Speaker 1: go down, the fact that you can't do a whole

281
00:15:18,840 --> 00:15:23,000
Speaker 1: lot about that. They only worry if the markets are disrupted,

282
00:15:23,120 --> 00:15:25,520
Speaker 1: as they were in March of twenty when they cut

283
00:15:25,600 --> 00:15:29,560
Speaker 1: rates and nothing was moving. People couldn't sell, people couldn't buy.

284
00:15:29,760 --> 00:15:31,720
Speaker 1: But as long as you can buy and sell, they

285
00:15:31,800 --> 00:15:34,680
Speaker 1: leave you to your own devices. But it's very interesting

286
00:15:34,720 --> 00:15:37,520
Speaker 1: as well to hear from a number of economists who

287
00:15:37,560 --> 00:15:39,840
Speaker 1: are trying to prod the FED one way or the other.

288
00:15:39,880 --> 00:15:42,600
Speaker 1: On the one hand, you've got the likes of Nobel

289
00:15:42,680 --> 00:15:45,360
Speaker 1: Laureate Paul Krugman saying, you know, maybe don't put the

290
00:15:45,400 --> 00:15:48,560
Speaker 1: brakes on too fast here, And then you have Muhammad

291
00:15:48,560 --> 00:15:51,320
Speaker 1: al Arian Bloomberg opinion columnists writing in the Financial Times

292
00:15:51,400 --> 00:15:54,520
Speaker 1: yesterday the FED should stop asset purchases now. I mean,

293
00:15:54,520 --> 00:15:57,400
Speaker 1: what's the balance the Central Bank's gotta strike here? Well,

294
00:15:57,440 --> 00:15:59,520
Speaker 1: that's the question that they're gonna be answering around the

295
00:15:59,520 --> 00:16:03,480
Speaker 1: big table today. I think that the idea of stopping

296
00:16:04,080 --> 00:16:08,720
Speaker 1: the tapering right now is probably a non starter for

297
00:16:08,760 --> 00:16:11,080
Speaker 1: a couple of reasons. One because they've prepped the markets

298
00:16:11,120 --> 00:16:13,160
Speaker 1: for it, and people have taken positions in terms of

299
00:16:13,640 --> 00:16:16,560
Speaker 1: what they have to absorb into. Because the amount of

300
00:16:16,560 --> 00:16:19,560
Speaker 1: money that's still left for the Fed to buy is

301
00:16:19,600 --> 00:16:23,560
Speaker 1: so small compare it's like about fifty billion dollars compared

302
00:16:23,600 --> 00:16:27,760
Speaker 1: to their almost nine trillion dollar balance sheet, that it

303
00:16:27,800 --> 00:16:30,200
Speaker 1: really doesn't make a difference, and they'd rather be predictable,

304
00:16:30,720 --> 00:16:34,200
Speaker 1: and so I would expect them to go ahead finish

305
00:16:34,240 --> 00:16:36,360
Speaker 1: the taper, and all eyes will be on the March

306
00:16:36,440 --> 00:16:40,680
Speaker 1: meeting for a rate announcement, and what is the expectation

307
00:16:41,040 --> 00:16:44,560
Speaker 1: going in on what the Fed could say about that

308
00:16:44,880 --> 00:16:48,000
Speaker 1: March meeting. There's a lot of pricing in at this

309
00:16:48,040 --> 00:16:50,280
Speaker 1: point about whether there's going to be a twenty five

310
00:16:50,360 --> 00:16:54,520
Speaker 1: basis point hike, even a fifty basis point hike. Could

311
00:16:54,560 --> 00:16:57,560
Speaker 1: we get some kind of signal from Sherman Powem what

312
00:16:57,640 --> 00:17:00,600
Speaker 1: they're thinking, Well, no question, that's a question that he

313
00:17:00,640 --> 00:17:04,080
Speaker 1: will be asked about Verses fifty. But the fifty basis

314
00:17:04,160 --> 00:17:07,920
Speaker 1: point idea has sort of faded from people's minds over

315
00:17:07,920 --> 00:17:11,760
Speaker 1: the last week as they consider why the FED might

316
00:17:11,840 --> 00:17:14,959
Speaker 1: do it. There are still a lot of potential weaknesses

317
00:17:15,040 --> 00:17:18,679
Speaker 1: out there, what happens with China and supply chains because

318
00:17:18,680 --> 00:17:21,560
Speaker 1: of the COVID variant there, the possibility of a new variant,

319
00:17:21,720 --> 00:17:25,560
Speaker 1: and the geopolitical tensions in Ukraine. All that could mean

320
00:17:25,680 --> 00:17:27,919
Speaker 1: that the FED is going to be faced with an

321
00:17:27,920 --> 00:17:30,639
Speaker 1: economy that is really slowing and the numbers for this

322
00:17:30,720 --> 00:17:34,080
Speaker 1: quarter are already not great. Sow basis points has become

323
00:17:34,160 --> 00:17:37,240
Speaker 1: the consensus for what they're going to do. The statement

324
00:17:37,359 --> 00:17:40,199
Speaker 1: has said for months and months, Uh, we're going to

325
00:17:40,240 --> 00:17:43,560
Speaker 1: wait until there's substantial progress towards our twin mandates of

326
00:17:43,920 --> 00:17:49,000
Speaker 1: full employment and price stability. And now we've got full appointment,

327
00:17:49,320 --> 00:17:52,320
Speaker 1: but we're way above the two percent price stability target.

328
00:17:52,640 --> 00:17:56,160
Speaker 1: So expect them to say something like conditions have evolved

329
00:17:56,200 --> 00:18:02,880
Speaker 1: to make a move towards tighter can tighter monetary conditions? Uh,

330
00:18:03,080 --> 00:18:07,320
Speaker 1: possible in the next few meetings or sometimes soon a

331
00:18:07,359 --> 00:18:10,760
Speaker 1: euphemism for march in our last minute here, Mike, you

332
00:18:10,760 --> 00:18:13,280
Speaker 1: know you're gonna be taking part in the news conference.

333
00:18:13,280 --> 00:18:16,880
Speaker 1: What are you wanting to ask Chairman Pal today? Well,

334
00:18:16,920 --> 00:18:19,240
Speaker 1: one of the questions is, uh, what is it going

335
00:18:19,280 --> 00:18:22,320
Speaker 1: to take because for the for the FED to get

336
00:18:22,400 --> 00:18:24,720
Speaker 1: this done, if they're going to do it, because most

337
00:18:24,720 --> 00:18:26,639
Speaker 1: of the problem, according to the FED, is on the

338
00:18:26,680 --> 00:18:30,640
Speaker 1: supply side, and the FED and its interest rates effect demand,

339
00:18:31,160 --> 00:18:35,239
Speaker 1: and so it isn't clear that raising interest rates is

340
00:18:35,280 --> 00:18:37,800
Speaker 1: going to cut off inflation, or at least it's going

341
00:18:37,840 --> 00:18:41,920
Speaker 1: to cut it off without a noticeable effect on the economy.

342
00:18:41,960 --> 00:18:44,399
Speaker 1: So we'd like to know how they think they're going

343
00:18:44,440 --> 00:18:48,119
Speaker 1: to do this, alright. Michael McKee, are Global economics correspondent

344
00:18:48,160 --> 00:18:51,080
Speaker 1: for Bloomberg News, will be taking part in the news

345
00:18:51,119 --> 00:18:55,080
Speaker 1: conference to following the FED Open Market Committee policy decision

346
00:18:55,160 --> 00:18:59,119
Speaker 1: coming down at two pm Wall Street Time. Chairman Powell

347
00:18:59,119 --> 00:19:02,080
Speaker 1: will be addressed reporters at to thirty. We will have

348
00:19:02,280 --> 00:19:05,520
Speaker 1: full coverage on this FED decision day in a special

349
00:19:05,640 --> 00:19:08,800
Speaker 1: edition of Bloomberg Surveillance that starts at one thirty this

350
00:19:08,920 --> 00:19:11,760
Speaker 1: afternoon Wall Street Time. You can catch it on Bloomberg

351
00:19:11,840 --> 00:19:16,440
Speaker 1: Radio and on Bloomberg Television. Ahead of that, Futures moving

352
00:19:16,520 --> 00:19:19,160
Speaker 1: higher midst of all the volatility we've seen this week.

353
00:19:19,240 --> 00:19:21,679
Speaker 1: Right now, SMP futures are up fifty two points now,

354
00:19:21,800 --> 00:19:25,760
Speaker 1: futures up two nine three NASDAC futures leading the gains

355
00:19:25,880 --> 00:19:28,359
Speaker 1: this morning, up one point nine percent or two hundred

356
00:19:28,440 --> 00:19:31,320
Speaker 1: sixty seven points. The tenure treasury right now is down

357
00:19:31,800 --> 00:19:35,280
Speaker 1: four thirty seconds, the yield one point seven eight percent,

358
00:19:35,359 --> 00:19:37,600
Speaker 1: and the yield on the two year right now one

359
00:19:37,640 --> 00:19:41,640
Speaker 1: point zero three percent. Checking European stocks right now, they're

360
00:19:41,680 --> 00:19:44,240
Speaker 1: surging as well, with the German decks up two point

361
00:19:44,280 --> 00:19:46,960
Speaker 1: two percent, so is the Cat in Paris a gain

362
00:19:47,000 --> 00:19:49,680
Speaker 1: of two point two percent, and looking at Bitcoin it's

363
00:19:49,680 --> 00:19:53,160
Speaker 1: on the rise as well, close to thirty eight thousand dollars.

364
00:19:53,160 --> 00:19:55,119
Speaker 1: We'll have much more on the market action ahead of

365
00:19:55,119 --> 00:19:58,879
Speaker 1: the Fed decision, plus a big stock award to retain

366
00:19:59,080 --> 00:20:01,760
Speaker 1: talent at Bank of America. Check your top stories of

367
00:20:01,760 --> 00:20:08,439
Speaker 1: the morning. Next, this is Bloomberg Bloomberg eleven three oh

368
00:20:08,440 --> 00:20:10,920
Speaker 1: weather sunshine up or twenties Today will be in the

369
00:20:11,480 --> 00:20:15,400
Speaker 1: round thirty degrees tomorrow, chance of snow flurries. Friday afternoon

370
00:20:15,560 --> 00:20:18,159
Speaker 1: highes in the low thirties. Right now twenty two in

371
00:20:18,240 --> 00:20:25,880
Speaker 1: Central Park, broadcasting live from the Bloomberg Interactive Broker Studio

372
00:20:26,000 --> 00:20:29,159
Speaker 1: in New York. Bloomberg e Living Freedom to Washington, d C.

373
00:20:29,359 --> 00:20:34,080
Speaker 1: Bloomberg to Boston. Bloomberg one O six one to San Francisco,

374
00:20:34,160 --> 00:20:38,000
Speaker 1: Bloomberg NOME sixteen to the country, Sirius XM Chado one

375
00:20:37,680 --> 00:20:40,760
Speaker 1: nine and around the globe, the Bloomberg Business APT and

376
00:20:40,840 --> 00:20:50,760
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five

377
00:20:50,800 --> 00:20:53,359
Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hagar and

378
00:20:53,359 --> 00:20:56,200
Speaker 1: I'm Karen Moscow. We're just about four hours away from

379
00:20:56,240 --> 00:20:58,040
Speaker 1: the open of US trading. Let's get you have to

380
00:20:58,080 --> 00:20:59,800
Speaker 1: day to the news you need to know at this hour.

381
00:21:00,080 --> 00:21:02,919
Speaker 1: US futures are higher following another roller coaster ride on

382
00:21:02,920 --> 00:21:05,639
Speaker 1: Wall Street. We get the details live with the Bloomberg's

383
00:21:05,720 --> 00:21:08,240
Speaker 1: John Tucker, John and Karen n s and P futures

384
00:21:08,320 --> 00:21:11,760
Speaker 1: right now up one point two percent, but global stocks

385
00:21:11,800 --> 00:21:14,720
Speaker 1: still on course for their worst months since the start

386
00:21:14,720 --> 00:21:18,959
Speaker 1: of the pandemic, heading for its worst January on record

387
00:21:19,040 --> 00:21:22,960
Speaker 1: after yesterday's one point two percent decline. But as the

388
00:21:23,080 --> 00:21:26,359
Speaker 1: Composite Index filled two point three percent bi there are

389
00:21:26,440 --> 00:21:29,439
Speaker 1: science to sell off good ease, Wall Streets fear gage.

390
00:21:29,560 --> 00:21:32,560
Speaker 1: The vix fell from a one year high, snapping six

391
00:21:32,640 --> 00:21:35,800
Speaker 1: days of games, and now strategists from Goldman Sacks the

392
00:21:35,840 --> 00:21:38,719
Speaker 1: City Group say it's time to buy Live in New

393
00:21:38,800 --> 00:21:41,639
Speaker 1: York on John Tucker Bloomberg daybreak Man. JOHNA was a

394
00:21:41,720 --> 00:21:45,440
Speaker 1: roller coaster ride from Microsoft investors as well. After the bell,

395
00:21:45,520 --> 00:21:48,640
Speaker 1: the stock fell six percent on a revenue decline from

396
00:21:48,640 --> 00:21:51,879
Speaker 1: its cloud computing business, but on the conference call, Microsoft

397
00:21:51,920 --> 00:21:54,800
Speaker 1: executive said the Azure business can still drive growth and

398
00:21:54,840 --> 00:21:58,160
Speaker 1: that soothed concerns. Right now, Microsoft shares are up nearly

399
00:21:58,200 --> 00:22:01,200
Speaker 1: four percent in the pre market. Shares the Texas Instruments

400
00:22:01,240 --> 00:22:04,040
Speaker 1: up in early trading. The chipmakers earnings and forecasts being

401
00:22:04,119 --> 00:22:06,600
Speaker 1: estimates up. Next, we get results from about three dozen

402
00:22:06,680 --> 00:22:10,840
Speaker 1: customers companies rather including Tesla, analysts predict year every year

403
00:22:10,880 --> 00:22:15,000
Speaker 1: growth approaching for Tesla. Today's big agenda item Karen is

404
00:22:15,040 --> 00:22:17,880
Speaker 1: certainly the Federal Reserve. The Central Bank issues of policy

405
00:22:17,920 --> 00:22:20,760
Speaker 1: decision and is expected to signal a March rate hike.

406
00:22:20,920 --> 00:22:24,240
Speaker 1: We get more from Bloomberg's Viney Tell. Judace Bloomberg Economics

407
00:22:24,240 --> 00:22:27,600
Speaker 1: says the Fed's goal is telegraphing a March rate increase

408
00:22:27,920 --> 00:22:30,600
Speaker 1: as well as the balance sheet runoff in the aftermath

409
00:22:30,640 --> 00:22:34,159
Speaker 1: of the COVID nineteen economic rescue. Look for the Central

410
00:22:34,200 --> 00:22:38,359
Speaker 1: Bank to do so cautiously, noting uncertainty and downside risks

411
00:22:38,359 --> 00:22:41,639
Speaker 1: to the economic outlook given the impact of the omicron

412
00:22:41,760 --> 00:22:45,959
Speaker 1: wave and whatever may lie next for the coronavirus. Judace

413
00:22:46,000 --> 00:22:48,879
Speaker 1: Bloomberg Day Break, Finny, thank you, And on Wall Street today,

414
00:22:48,880 --> 00:22:51,400
Speaker 1: there's a fresh push to retain talent, this time from

415
00:22:51,400 --> 00:22:54,000
Speaker 1: Bank of America. We get the details live from Bloomberg's

416
00:22:54,040 --> 00:22:56,200
Speaker 1: rand A Young, Good morning, Rady to good morning, Karen.

417
00:22:56,280 --> 00:22:59,159
Speaker 1: Bank of America is giving almost all of its employees

418
00:22:59,240 --> 00:23:02,520
Speaker 1: their share of a one billion dollar stock award. It

419
00:23:02,600 --> 00:23:05,080
Speaker 1: goes to staff making as much as five hundred thousand

420
00:23:05,080 --> 00:23:08,560
Speaker 1: dollars a year. That makes about nine seven percent of

421
00:23:08,560 --> 00:23:13,000
Speaker 1: Bank of America's global workforce eligible. CEO Brian moynihan says

422
00:23:13,040 --> 00:23:16,359
Speaker 1: each eligible employee will receive between sixty five and six

423
00:23:16,440 --> 00:23:20,640
Speaker 1: hundred restricted stock units based on compensation, and they'll get

424
00:23:20,640 --> 00:23:23,240
Speaker 1: the full value in March, and shares will vest in

425
00:23:23,359 --> 00:23:26,920
Speaker 1: equal payments over four years. Live in New York, I'm

426
00:23:27,000 --> 00:23:30,960
Speaker 1: Ranita Young Bloomberg Daybreak. Okay, Ranita, thank you. Straight ahead,

427
00:23:30,960 --> 00:23:34,320
Speaker 1: we'll check your latest local headlines and sports. This is

428
00:23:34,400 --> 00:23:40,320
Speaker 1: Bloomberg five thirty three on Wall Street. It's twenty two

429
00:23:40,359 --> 00:23:44,199
Speaker 1: degrees in Central Park northbound. Root fifteen is closed at

430
00:23:44,240 --> 00:23:46,920
Speaker 1: White Lake Road and Lafayette. Details coming up in traffic.

431
00:23:46,960 --> 00:23:49,199
Speaker 1: First Michael Barr with what else is going on in

432
00:23:49,200 --> 00:23:51,560
Speaker 1: New York and around the world. Michael Nathan, Thank you, sir.

433
00:23:51,760 --> 00:23:55,480
Speaker 1: President Joe Biden said he would consider personally sanctioning Vladimir

434
00:23:55,480 --> 00:23:58,000
Speaker 1: Putin if he order is an invasion of Ukraine, escalating

435
00:23:58,040 --> 00:24:00,720
Speaker 1: the US effort to deter the rush leader from more.

436
00:24:01,160 --> 00:24:04,359
Speaker 1: President Biden told reporters that there will be actions should

437
00:24:04,480 --> 00:24:08,760
Speaker 1: Russia's president decide to escalate things, not only in terms

438
00:24:08,800 --> 00:24:15,320
Speaker 1: of economic consequences and political consequences, but the enormous consequences worldwide.

439
00:24:16,320 --> 00:24:18,320
Speaker 1: This would be the largest if he were to move in,

440
00:24:18,520 --> 00:24:20,760
Speaker 1: will all those forced to be the largest invasives since

441
00:24:20,760 --> 00:24:23,879
Speaker 1: World War Two. Russia denies it has any intentions of

442
00:24:23,920 --> 00:24:27,600
Speaker 1: an invasion. Congressman Shawn Caston of Illinois spoke about the

443
00:24:27,680 --> 00:24:31,080
Speaker 1: Ukraine crisis and supporting Congress for sanctions. What we're talking

444
00:24:31,119 --> 00:24:34,520
Speaker 1: about right now is putting um, you know, putting defensive

445
00:24:34,520 --> 00:24:38,240
Speaker 1: weapons in place, putting defensive troops in place, and and

446
00:24:38,240 --> 00:24:41,760
Speaker 1: and not not declaring war, but making it clear to

447
00:24:41,880 --> 00:24:44,800
Speaker 1: Putin that there are consequences if he casses a Line.

448
00:24:44,920 --> 00:24:49,159
Speaker 1: Congressman Caston spoke with Bloomberg's Joe Matthew. Tributes are pouring

449
00:24:49,200 --> 00:24:53,000
Speaker 1: in for fallen NYPD officer Wilbert Mora. He died yesterday,

450
00:24:53,119 --> 00:24:56,520
Speaker 1: the second NYPD officer to die in Friday's Harlem shooting.

451
00:24:56,720 --> 00:24:59,680
Speaker 1: The twenty seven year olds organs were donated just hours

452
00:24:59,720 --> 00:25:03,480
Speaker 1: after he died. Leonard Ancient is the president and CEO

453
00:25:03,640 --> 00:25:07,320
Speaker 1: of Live on in Why, responsible for organ donations for

454
00:25:07,359 --> 00:25:10,240
Speaker 1: all of New York City. In such a tragic um,

455
00:25:10,440 --> 00:25:13,679
Speaker 1: tragic story from New York Um, but people will have

456
00:25:13,760 --> 00:25:17,200
Speaker 1: a second chance of life thanks to the generosity of

457
00:25:17,280 --> 00:25:21,159
Speaker 1: the More family and Officer More. Leonard Ancient, President and

458
00:25:21,240 --> 00:25:24,600
Speaker 1: CEO of Live on in Why, The chances are rising.

459
00:25:24,600 --> 00:25:27,639
Speaker 1: A powerful storm will sweep the northeast of the US

460
00:25:27,800 --> 00:25:31,040
Speaker 1: late Friday and Saturday, bringing heavy snow, rain, and winds.

461
00:25:31,480 --> 00:25:35,320
Speaker 1: It could potentially disrupt air, rail and road transportation as

462
00:25:35,320 --> 00:25:37,960
Speaker 1: far as south as New York and New Jersey. A

463
00:25:38,080 --> 00:25:40,920
Speaker 1: bok and residents turn thumbs down on a two forty

464
00:25:40,960 --> 00:25:43,320
Speaker 1: one million dollar bond measure to build a new high

465
00:25:43,320 --> 00:25:46,240
Speaker 1: school and a special election Tuesday, one of the costliest

466
00:25:46,240 --> 00:25:49,840
Speaker 1: school construction referendums in New Jersey history. The Bond failed

467
00:25:49,880 --> 00:25:53,840
Speaker 1: sixty six Global news twenty four hours a day on

468
00:25:53,920 --> 00:25:56,359
Speaker 1: air and on Bloomberg Quick Take, powered by more than

469
00:25:56,440 --> 00:25:59,760
Speaker 1: twenty seven hundred journalists analyists more than a dred twenty countries.

470
00:26:00,160 --> 00:26:08,520
Speaker 1: Michael Barrn this is Bloomberg, Nathan, Okay, Michael, thanks five

471
00:26:08,600 --> 00:26:10,480
Speaker 1: on Wall Street time for the Bloomberg Sports that Think

472
00:26:10,520 --> 00:26:12,600
Speaker 1: with John Sesshire. Alright, Nathan. There had been a debate

473
00:26:12,680 --> 00:26:14,520
Speaker 1: over whether David Ortiz would make you to the Hall

474
00:26:14,520 --> 00:26:16,280
Speaker 1: of Fame. He rarely played in the field. He was

475
00:26:16,320 --> 00:26:18,840
Speaker 1: an average hitter his first six seasons in Minnesota, and

476
00:26:18,880 --> 00:26:21,080
Speaker 1: he reportedly once failed a test for p DS. But

477
00:26:21,160 --> 00:26:24,280
Speaker 1: Big Poppy ends up getting voted in on the first ballot,

478
00:26:24,280 --> 00:26:26,440
Speaker 1: and fourteen years in Boston he was a ten time

479
00:26:26,480 --> 00:26:29,320
Speaker 1: All starlett the Red Sox to three World Championships. No

480
00:26:29,320 --> 00:26:31,960
Speaker 1: one else got in. Barry Bonds, Roger Clemens, Kirch Schilling

481
00:26:32,000 --> 00:26:34,360
Speaker 1: all fell short, all in their final year on the ballot,

482
00:26:34,640 --> 00:26:37,040
Speaker 1: Bonds and Clemens due to the p D. Shilling got

483
00:26:37,160 --> 00:26:39,840
Speaker 1: seventy one percent last year. When he said he didn't

484
00:26:39,840 --> 00:26:42,679
Speaker 1: want the writers to vote him in, so they didn't,

485
00:26:42,720 --> 00:26:45,760
Speaker 1: he dropped the fifty nets loss of the Lakers at

486
00:26:45,800 --> 00:26:48,639
Speaker 1: Barkley's one of six nineties six Lebron James scored thirty

487
00:26:48,680 --> 00:26:50,480
Speaker 1: three points, so did James Harden. He had a triple

488
00:26:50,560 --> 00:26:52,840
Speaker 1: double for not much help with the ub s Arena

489
00:26:52,880 --> 00:26:55,200
Speaker 1: Islanders and Flyers s free three in the third last

490
00:26:55,240 --> 00:27:13,520
Speaker 1: rush for the Elanders dying second line, give me in

491
00:27:13,560 --> 00:27:15,720
Speaker 1: the fourth three win. Loves the Islanders over five hundred.

492
00:27:15,760 --> 00:27:18,760
Speaker 1: The Flyers have lost thirteen in a row. Devil has

493
00:27:18,800 --> 00:27:22,399
Speaker 1: lost to Dallas five one. American Danielle Collins has reached

494
00:27:22,400 --> 00:27:25,160
Speaker 1: the semi finals in Australian Open. Stefano sits a fass

495
00:27:25,240 --> 00:27:28,600
Speaker 1: into the men's semis, but an upset brewing now. Danil

496
00:27:28,720 --> 00:27:31,760
Speaker 1: Medvedev has lost the first two sets to the Canadian

497
00:27:32,119 --> 00:27:34,960
Speaker 1: Felix Lagier aliasa me busy week for new Giants to

498
00:27:35,040 --> 00:27:37,399
Speaker 1: the manager Joe Shane, He's already interviewed Dan Quinn and

499
00:27:37,440 --> 00:27:41,160
Speaker 1: Bryan Dable for the coaching job. Patrick Graham today, Brian

500
00:27:41,200 --> 00:27:43,479
Speaker 1: Flores tomorrow. The Saints for the first time since two

501
00:27:43,520 --> 00:27:47,000
Speaker 1: thousand six, need a new coach. Sean Payton resigned. John

502
00:27:47,000 --> 00:27:50,360
Speaker 1: stash Ellet Bloomberg Sports. Okay, John, thank you. It's five

503
00:27:50,400 --> 00:27:52,520
Speaker 1: thirty seven on Wall Street time for the Tri State

504
00:27:52,560 --> 00:27:56,399
Speaker 1: Business Report with Bloomberg's d Cory. Park Avenue's office towers

505
00:27:56,440 --> 00:28:00,360
Speaker 1: are undergoing renovations in an effort to retain tenants. Lever

506
00:28:00,440 --> 00:28:03,200
Speaker 1: House is embarking on a one hundred million dollar overhaul.

507
00:28:03,560 --> 00:28:06,440
Speaker 1: Dal Jones reports of the Secret Building is also undergoing

508
00:28:06,480 --> 00:28:09,879
Speaker 1: major renovations in the Park Avenue, headquarters of JP Morgan

509
00:28:10,000 --> 00:28:14,679
Speaker 1: Chase is being rebuilt. New York City will not investigate ELO's,

510
00:28:14,720 --> 00:28:18,199
Speaker 1: an Upper East Side restaurant, for allowing Sarah Palin to

511
00:28:18,280 --> 00:28:21,280
Speaker 1: dine indoors Saturday without asking for proof that she had

512
00:28:21,280 --> 00:28:24,639
Speaker 1: a COVID vaccination. A spokesman for the city tells The

513
00:28:24,680 --> 00:28:28,040
Speaker 1: Times the incident was not observed by a city inspector.

514
00:28:29,119 --> 00:28:32,360
Speaker 1: Last year, Philip Morris relocated its headquarters from New York

515
00:28:32,400 --> 00:28:36,040
Speaker 1: City to Stamford. Anti tobacco activist said the move would

516
00:28:36,040 --> 00:28:38,400
Speaker 1: be a test of Governor Ned lamont support for a

517
00:28:38,440 --> 00:28:42,240
Speaker 1: ban on flavored vaping products. Lamont says he's still committed

518
00:28:42,280 --> 00:28:45,080
Speaker 1: to that won't guarantee the proposal will be in his

519
00:28:45,160 --> 00:28:49,080
Speaker 1: mid term budget plan. That your Bloomberg Try State Business Report.

520
00:28:49,240 --> 00:28:51,600
Speaker 1: I'm Ed Corey. Thanks that It's five thirty eight on

521
00:28:51,640 --> 00:28:53,760
Speaker 1: Wall Street. Bloomberg Radio is on the air from San

522
00:28:53,800 --> 00:28:56,520
Speaker 1: Francisco to New York, London to Hong Kong. Let's check

523
00:28:56,560 --> 00:28:58,280
Speaker 1: in with our global news team for some of the

524
00:28:58,320 --> 00:29:01,160
Speaker 1: top stories heard on our three hundred filiate radio stations

525
00:29:01,160 --> 00:29:06,440
Speaker 1: around the world. Um Corney's Donahoe on k g r

526
00:29:06,600 --> 00:29:10,440
Speaker 1: H in Houston. Almost eight percent of Americans expect ironflation

527
00:29:10,520 --> 00:29:13,600
Speaker 1: in the next six months. I'm Steve Potas got on

528
00:29:13,720 --> 00:29:16,480
Speaker 1: k of X and Los Angeles. We're talking about Activision

529
00:29:16,520 --> 00:29:19,400
Speaker 1: Blizzards next three Call of Duty games going to both

530
00:29:19,480 --> 00:29:24,680
Speaker 1: future owner Microsoft's Xbox and Sony's PlayStation. I'm can i

531
00:29:24,760 --> 00:29:27,600
Speaker 1: Head Film, BlueBag, Dab Digital Radio and Logs of boompolting

532
00:29:27,640 --> 00:29:30,920
Speaker 1: that most global finance firms are planning to establish or

533
00:29:31,000 --> 00:29:33,840
Speaker 1: expand in the UK this year. That's according to Evoy.

534
00:29:34,520 --> 00:29:37,320
Speaker 1: I'm a Glory on w w J and Detroit. I'm

535
00:29:37,400 --> 00:29:40,400
Speaker 1: reporting online used guard sailed tools are hot in the

536
00:29:40,480 --> 00:29:44,400
Speaker 1: autow Street. Those are some of the stories are Bloomberg

537
00:29:44,480 --> 00:29:47,200
Speaker 1: journalists and analysts are working on this morning around the world.

538
00:29:47,280 --> 00:29:50,160
Speaker 1: It's five thirty nine on Wall Street. The following is

539
00:29:50,240 --> 00:29:54,880
Speaker 1: an editorial from Bloomberg opinion. The democrats ambitious Build Back

540
00:29:54,960 --> 00:29:58,320
Speaker 1: Better package has stalled in Congress with little hope of recovery.

541
00:29:58,520 --> 00:30:00,960
Speaker 1: But the most valuable parts of the plan could still

542
00:30:01,080 --> 00:30:03,760
Speaker 1: be salvaged. They just need to be recast in a

543
00:30:03,840 --> 00:30:07,960
Speaker 1: more fiscally responsible form. After all, the most important parts

544
00:30:08,000 --> 00:30:10,960
Speaker 1: of Build Back Better, its proposals to fight climate change,

545
00:30:11,200 --> 00:30:15,520
Speaker 1: reduced child poverty, and expand preschool and childcare are valuable

546
00:30:15,720 --> 00:30:19,000
Speaker 1: on the merits. The problem is that funding them appropriately

547
00:30:19,080 --> 00:30:22,120
Speaker 1: demands more revenue than the plan originally called for. To

548
00:30:22,240 --> 00:30:25,400
Speaker 1: bridge the gap, Biden should suggest trimming some outlays and

549
00:30:25,480 --> 00:30:29,520
Speaker 1: looking elsewhere for additional funds. A plan revised along these

550
00:30:29,600 --> 00:30:32,360
Speaker 1: lines would still be ambitious, but it would also look

551
00:30:32,440 --> 00:30:35,880
Speaker 1: better to moderate Democrats and perhaps to a few open

552
00:30:35,960 --> 00:30:39,280
Speaker 1: minded Republicans as well. Only then would it stand a

553
00:30:39,400 --> 00:30:42,520
Speaker 1: chance of actually becoming law. This editorial was written by

554
00:30:42,520 --> 00:30:45,920
Speaker 1: the Bloomberg Opinion editorial Board. I'm David Shipley. For more

555
00:30:45,920 --> 00:30:48,920
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash opinion

556
00:30:49,160 --> 00:30:51,720
Speaker 1: or op i and go on the Bloomberg terminal. These

557
00:30:51,840 --> 00:30:54,640
Speaker 1: has been Bloomberg opinion, and you can hear Bloomberg opinion

558
00:30:54,760 --> 00:30:57,760
Speaker 1: editorials every week. At this time, terminal customers can read

559
00:30:57,840 --> 00:31:00,880
Speaker 1: more at O p I n GO future is rebounding.

560
00:31:01,040 --> 00:31:03,160
Speaker 1: SP futures up fifty six points right now, the OW

561
00:31:03,200 --> 00:31:05,280
Speaker 1: future is up three D twenty three points, and NASTAC

562
00:31:05,360 --> 00:31:08,440
Speaker 1: futures are higher by two seventy seven points. The Tenure

563
00:31:08,440 --> 00:31:11,280
Speaker 1: Treasury is down four thirty seconds. The yield one point

564
00:31:11,400 --> 00:31:14,560
Speaker 1: seven eight percent on this Fed decision day. Will preview

565
00:31:14,600 --> 00:31:17,800
Speaker 1: it next with BEMO Senior economist Jennifer Lee. Stay with us.

566
00:31:18,000 --> 00:31:24,480
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather sunny and

567
00:31:24,520 --> 00:31:27,600
Speaker 1: cold today. Upper twenties will be near thirty tomorrow under sunshine.

568
00:31:27,640 --> 00:31:31,760
Speaker 1: By Friday afternoon snow showers possible, low thirties. Currently clear

569
00:31:31,960 --> 00:31:38,600
Speaker 1: and twenty two degrees in central Park markets. Headlines and

570
00:31:38,800 --> 00:31:41,760
Speaker 1: breaking news twenty four hours a day at Bloomberg dot

571
00:31:41,800 --> 00:31:45,720
Speaker 1: Com and Bloomberg Business Autland at Bloomberg Quick Tape. He's

572
00:31:45,720 --> 00:31:54,920
Speaker 1: a Bloomberg Business lash and I'm pared. Moscow US dot

573
00:31:54,960 --> 00:31:57,840
Speaker 1: index futures on the rise this morning, along with European

574
00:31:57,960 --> 00:32:00,600
Speaker 1: shares ahead of a feeder reserved decision at which officials

575
00:32:00,640 --> 00:32:03,640
Speaker 1: are expected to sig no plans for tightening policy. We

576
00:32:03,760 --> 00:32:06,240
Speaker 1: checked the markets every fifteen minutes throughout the trading day.

577
00:32:06,320 --> 00:32:09,959
Speaker 1: On Bloomberg SNP futures of fifty six points down, futures

578
00:32:10,000 --> 00:32:13,600
Speaker 1: have three hundred twenty nasday futures up two hundred seventy two.

579
00:32:13,720 --> 00:32:16,600
Speaker 1: That's up one point nine percent. The dacks in Germany's

580
00:32:16,640 --> 00:32:19,200
Speaker 1: up two percent. The ten year treasury down five thirty seconds.

581
00:32:19,240 --> 00:32:21,560
Speaker 1: He had one point seven eight percent yield on the

582
00:32:21,640 --> 00:32:24,720
Speaker 1: two year one point oh three percent. Nimex screwed oil

583
00:32:24,840 --> 00:32:26,840
Speaker 1: is up six tents percent or forty eight cents at

584
00:32:26,880 --> 00:32:29,600
Speaker 1: eighty six dollars eight cents of barrel. Comex school down

585
00:32:29,640 --> 00:32:31,800
Speaker 1: three tenths per cent or five dollars fifty cents at

586
00:32:31,840 --> 00:32:34,920
Speaker 1: eighteen forty nine fifty announced. The euro one point one

587
00:32:35,000 --> 00:32:37,320
Speaker 1: two seven nine against the dollar, British found one point

588
00:32:37,360 --> 00:32:39,920
Speaker 1: three eight and the ends at one four teen point

589
00:32:40,000 --> 00:32:43,800
Speaker 1: one nine. Bitcoin this morning also moving higher at thirty

590
00:32:43,840 --> 00:32:46,600
Speaker 1: seven thousand, eight hundred dollars. That's a Bloomberg business flash.

591
00:32:46,680 --> 00:32:48,640
Speaker 1: Now here's Michael Barr with more on what's going on

592
00:32:48,760 --> 00:32:51,960
Speaker 1: around the world. Michael Karen, thank you very much. The

593
00:32:52,120 --> 00:32:55,440
Speaker 1: US and NATO are increasing military commitments to the Baltics

594
00:32:55,680 --> 00:33:01,600
Speaker 1: and Eastern Europs. Fears over Russia invading Ukraine continue to rhy. Denmark, France,

595
00:33:01,640 --> 00:33:04,560
Speaker 1: and Spain are all sending or offering to send military

596
00:33:04,640 --> 00:33:09,480
Speaker 1: assistance the various parts of the continent. Meanwhile, European negotiators

597
00:33:09,680 --> 00:33:13,120
Speaker 1: meet in Paris today. Russia denies it has any intention

598
00:33:13,200 --> 00:33:15,880
Speaker 1: to invade, even though one hundred thousand of its troops

599
00:33:16,160 --> 00:33:18,960
Speaker 1: are at Ukraine's border. In the NBA, the Nets and

600
00:33:19,040 --> 00:33:22,480
Speaker 1: Wizards lost the Celtics and Warriors one. In the NHL,

601
00:33:22,560 --> 00:33:26,000
Speaker 1: the Islanders won the Devil's Lost Red Sox. Great David

602
00:33:26,160 --> 00:33:28,640
Speaker 1: Ortiz was elected to the Baseball Hall of Fame and

603
00:33:28,680 --> 00:33:32,080
Speaker 1: its first turn on the ballot. Steroid tainted stars Barry

604
00:33:32,160 --> 00:33:35,080
Speaker 1: Bonds and Roger Clemens were denied entry to Cooper's Town

605
00:33:35,120 --> 00:33:38,320
Speaker 1: in their final year under consideration by the Baseball Writers

606
00:33:38,400 --> 00:33:41,760
Speaker 1: Association of America. Global News twenty four hours a day

607
00:33:41,880 --> 00:33:44,880
Speaker 1: on air and on Bloomberg Quick Take, powered by more

608
00:33:44,960 --> 00:33:47,440
Speaker 1: than twenty seven hundred journalists and analyist more than a

609
00:33:47,560 --> 00:33:51,800
Speaker 1: hundred twenty countries. I'm Michael Barr. This is Bloomberg. Nathan Okay, Michael. Thanks.

610
00:33:51,840 --> 00:33:53,680
Speaker 1: It's five forty nine on Wall Street Life from the

611
00:33:53,720 --> 00:33:57,120
Speaker 1: Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak as we

612
00:33:57,160 --> 00:34:00,600
Speaker 1: continue our coverage on this Fed decision day. We're joined

613
00:34:00,680 --> 00:34:04,880
Speaker 1: this morning by Jennifer Lee, senior economist at Demo Capital Markets,

614
00:34:04,920 --> 00:34:08,320
Speaker 1: as we look ahead to the Open Market Committee's decision

615
00:34:08,360 --> 00:34:10,960
Speaker 1: at two pm Wall Street time. Jen, Good morning. A

616
00:34:11,040 --> 00:34:13,879
Speaker 1: lot of expectation, of course in the markets for rate

617
00:34:13,960 --> 00:34:16,680
Speaker 1: hikes and balance sheet tightening this year. What are you

618
00:34:16,800 --> 00:34:20,399
Speaker 1: looking for from the Fed today? Oh, good morning. You know, Okay,

619
00:34:20,480 --> 00:34:22,800
Speaker 1: I will have to say I love all this central

620
00:34:22,840 --> 00:34:24,440
Speaker 1: bank stuff as much as the next guy, but I

621
00:34:24,560 --> 00:34:27,239
Speaker 1: love very glad when all of this is uh in

622
00:34:27,320 --> 00:34:29,520
Speaker 1: the open at two pm Easter. And you know, our

623
00:34:29,560 --> 00:34:32,279
Speaker 1: base case scenario right now as it stands, is for

624
00:34:32,719 --> 00:34:34,840
Speaker 1: the Fed to sort of change the forward guys a

625
00:34:34,880 --> 00:34:37,200
Speaker 1: little bit and lay the groundwork for rate heis to

626
00:34:37,320 --> 00:34:41,200
Speaker 1: start in mark, you know, using different language that they

627
00:34:41,280 --> 00:34:42,880
Speaker 1: probably used in the past, like how they're going to

628
00:34:42,920 --> 00:34:46,200
Speaker 1: assess progress and you know and feel that you know

629
00:34:46,320 --> 00:34:48,759
Speaker 1: the case we're an increase in the FED funds rate

630
00:34:48,800 --> 00:34:51,160
Speaker 1: has continued to strengthen, so we're looking for that to

631
00:34:51,320 --> 00:34:54,920
Speaker 1: happen and U and signal that asset purchases will be

632
00:34:55,120 --> 00:34:57,480
Speaker 1: ending by mid March, and it would be very interesting,

633
00:34:57,520 --> 00:35:00,480
Speaker 1: by the way, to think, are to hear what they're

634
00:35:00,520 --> 00:35:02,640
Speaker 1: going to talk about in terms of q T as

635
00:35:02,680 --> 00:35:06,280
Speaker 1: well and finally reducing the balance sheet. Yeah, certainly there's

636
00:35:06,560 --> 00:35:10,560
Speaker 1: been some discussion about starting the unwind as soon as July.

637
00:35:10,920 --> 00:35:12,719
Speaker 1: Do you think we could get further clarity on that

638
00:35:13,960 --> 00:35:16,799
Speaker 1: we should? Um? I think it was at the last meeting,

639
00:35:16,880 --> 00:35:19,240
Speaker 1: or maybe it was as a nomination not hearing in January,

640
00:35:19,320 --> 00:35:21,840
Speaker 1: but he did say that we will start discussing it

641
00:35:22,600 --> 00:35:25,560
Speaker 1: at the next meeting, so you know, um, I'm sure

642
00:35:25,640 --> 00:35:28,080
Speaker 1: this is this is going to be discussed and he

643
00:35:28,080 --> 00:35:30,399
Speaker 1: will hopefully give a some hints about what their plans

644
00:35:30,440 --> 00:35:31,680
Speaker 1: are going to be. But I think he said it's

645
00:35:31,680 --> 00:35:34,840
Speaker 1: going to take a number of meetings to sort of

646
00:35:35,080 --> 00:35:36,800
Speaker 1: hammer at all the details because it's probably going to

647
00:35:36,840 --> 00:35:39,319
Speaker 1: be complicated. Do you think the market is getting this right?

648
00:35:39,400 --> 00:35:42,160
Speaker 1: The expectation for four rate hikes this year when the

649
00:35:42,200 --> 00:35:48,160
Speaker 1: dot plots still penciling in three. I don't completely trust

650
00:35:48,320 --> 00:35:51,279
Speaker 1: dot plot. Remember a long time ago, Jett Yell, I'm saying,

651
00:35:51,280 --> 00:35:53,200
Speaker 1: you know, don't don't put too much, too many of

652
00:35:53,239 --> 00:35:56,719
Speaker 1: your hikes in the dog pot. Blast basket. Um, But

653
00:35:56,880 --> 00:35:58,960
Speaker 1: I think four rate hikes is the sort of the

654
00:35:59,040 --> 00:36:01,319
Speaker 1: consensus view. It certainly our view right now. But it's

655
00:36:01,320 --> 00:36:03,879
Speaker 1: interesting how you know, everyone has been, uh, the market

656
00:36:03,960 --> 00:36:07,160
Speaker 1: has been rushing almost adding it going in from like

657
00:36:07,280 --> 00:36:09,640
Speaker 1: two hikes to three to four, and there's even chatter

658
00:36:09,680 --> 00:36:11,880
Speaker 1: about five right now. But I think four it sounds

659
00:36:11,880 --> 00:36:14,399
Speaker 1: like a very reasonable, um number of times to hike.

660
00:36:15,600 --> 00:36:17,680
Speaker 1: Why do you think the FED needs to do, if anything,

661
00:36:17,880 --> 00:36:20,680
Speaker 1: to address the volatility we've seen in markets this week?

662
00:36:20,760 --> 00:36:23,840
Speaker 1: It seems as though market participants are really trying to

663
00:36:23,920 --> 00:36:25,880
Speaker 1: prod the FED here. Do you think we're going to

664
00:36:25,920 --> 00:36:29,120
Speaker 1: get any discussion of that from Chairman Foul today? UM?

665
00:36:29,200 --> 00:36:31,200
Speaker 1: I think that's a great question, and I've asked myself

666
00:36:31,320 --> 00:36:35,319
Speaker 1: that and uh, being by myself here in my whole office. UM.

667
00:36:35,640 --> 00:36:38,320
Speaker 1: I think because of the volatility, because of all this

668
00:36:39,000 --> 00:36:42,080
Speaker 1: new geopolitical risk that you know, that's that's that's that's

669
00:36:42,600 --> 00:36:45,200
Speaker 1: heating up, you know, as if each day goes by,

670
00:36:45,920 --> 00:36:49,320
Speaker 1: I think because of that, he will probably um, you know,

671
00:36:49,440 --> 00:36:52,680
Speaker 1: again not pushed back against the market's expectations of about

672
00:36:53,000 --> 00:36:55,520
Speaker 1: you know, three or four rate hikes this year. Um,

673
00:36:55,760 --> 00:36:57,919
Speaker 1: but at least he will sort of downplay anything that's

674
00:36:58,000 --> 00:37:00,640
Speaker 1: even more aggressive. So that's why I sort of, you know,

675
00:37:00,680 --> 00:37:03,520
Speaker 1: I don't take um, some of the chatter about a

676
00:37:03,560 --> 00:37:07,239
Speaker 1: fifty basis point rate height two seriously because almost it'll

677
00:37:07,239 --> 00:37:09,880
Speaker 1: almost be reading a panic. I think, what do you

678
00:37:09,920 --> 00:37:12,880
Speaker 1: think the FED is really focused on right now? Is

679
00:37:12,960 --> 00:37:16,719
Speaker 1: it just price pressures? The risk of further inflation, is

680
00:37:16,840 --> 00:37:20,560
Speaker 1: a further support for the labor market. What's really driving

681
00:37:20,600 --> 00:37:22,719
Speaker 1: the FED right now? In your view? Can I say

682
00:37:22,760 --> 00:37:24,320
Speaker 1: all of the above. I think it's got to be

683
00:37:24,360 --> 00:37:26,640
Speaker 1: inflation first and foremomst. I think it's got to be

684
00:37:26,719 --> 00:37:29,600
Speaker 1: an inflation. It's just been. They have a very unwavering

685
00:37:29,640 --> 00:37:32,320
Speaker 1: focus right now on inflation. And after being accused of

686
00:37:32,480 --> 00:37:34,920
Speaker 1: being you know, um asleep up the wheel, I think

687
00:37:34,960 --> 00:37:36,640
Speaker 1: they're trying to sort of catch up right now. And

688
00:37:36,800 --> 00:37:39,640
Speaker 1: especially when you had CPI hit what was a seven

689
00:37:39,680 --> 00:37:43,960
Speaker 1: percent in December the highest and since since two, um,

690
00:37:44,320 --> 00:37:46,600
Speaker 1: you know, and you saw the price pressures hit you know,

691
00:37:46,920 --> 00:37:51,120
Speaker 1: a broad range of of of of products. UM. So

692
00:37:51,440 --> 00:37:53,520
Speaker 1: the supply ball x are still making it worse and

693
00:37:53,680 --> 00:37:56,000
Speaker 1: and even though but the good news I would say

694
00:37:56,080 --> 00:37:58,680
Speaker 1: is that at least we are seeing some little glimmers

695
00:37:58,920 --> 00:38:01,799
Speaker 1: of a little signs that they are starting to ease

696
00:38:01,800 --> 00:38:03,520
Speaker 1: a little bit we're seeing in some of the surveys

697
00:38:03,600 --> 00:38:05,960
Speaker 1: as well, So that's you know, that's that's good news.

698
00:38:06,040 --> 00:38:07,880
Speaker 1: But of course, as you're mentioning, the job market is

699
00:38:07,920 --> 00:38:11,440
Speaker 1: still super super tight, unemployment rate, you know, near a

700
00:38:11,480 --> 00:38:13,759
Speaker 1: two year low at three point nine percent, and we're

701
00:38:13,800 --> 00:38:15,880
Speaker 1: trying to we're in we're probably prosper pine starting to

702
00:38:15,880 --> 00:38:18,160
Speaker 1: see some of the second round effects by showing up

703
00:38:18,200 --> 00:38:21,280
Speaker 1: on the wages, with employers basically rolling out the red carpet,

704
00:38:21,320 --> 00:38:24,920
Speaker 1: you know, throwing up rules pedals, lower workers with higher pay,

705
00:38:25,000 --> 00:38:27,560
Speaker 1: and that's going to cause inflation to even rising further.

706
00:38:27,719 --> 00:38:30,840
Speaker 1: So I think that's the big focus is just basically

707
00:38:30,880 --> 00:38:34,200
Speaker 1: inflation and the job market lots to unpack. As Chairman

708
00:38:34,239 --> 00:38:37,080
Speaker 1: Powell addresses reporters at two thirty this afternoon after the

709
00:38:37,120 --> 00:38:39,600
Speaker 1: Fed policy decision at two pam Wall Street Time, full

710
00:38:39,640 --> 00:38:42,920
Speaker 1: coverage coming up Bloomberg Surveillance, a special edition one thirty

711
00:38:43,040 --> 00:38:46,239
Speaker 1: Wall Street Time Today on Bloomberg Radio and Television. Ahead

712
00:38:46,280 --> 00:38:49,080
Speaker 1: of that, Jennifer Lee of BEMO, thanks for the preview,

713
00:38:49,520 --> 00:38:52,520
Speaker 1: Karen Nathan. It is five fifty four on Wall Street.

714
00:38:52,560 --> 00:38:54,640
Speaker 1: It's time for the Bloomberg Law Report brought to you

715
00:38:54,760 --> 00:38:59,359
Speaker 1: buy American Arbitration Association. Business disfus are inevitable, resil faster

716
00:38:59,480 --> 00:39:02,480
Speaker 1: with the American in Arbitration Association, the global leader in

717
00:39:02,520 --> 00:39:05,880
Speaker 1: alternative dispute resolution for over ninety years. More at a

718
00:39:06,040 --> 00:39:08,280
Speaker 1: dr dot org. And let's get to the legal stories

719
00:39:08,320 --> 00:39:14,200
Speaker 1: we're watching this morning. From Bloomberg's Jeff Bellinger, the Biden

720
00:39:14,239 --> 00:39:17,879
Speaker 1: administration is withdrawing its COVID nineteen shop or Test rule

721
00:39:18,000 --> 00:39:21,200
Speaker 1: for workers at large employers after the Supreme Court blocked

722
00:39:21,239 --> 00:39:24,520
Speaker 1: the measure from taking effect. City Bank, South Dakota based

723
00:39:24,560 --> 00:39:27,959
Speaker 1: credit card division is asking a Washington state trial court

724
00:39:28,080 --> 00:39:31,880
Speaker 1: to overturn administrative rulings that it owes business and occupation

725
00:39:32,000 --> 00:39:35,600
Speaker 1: taxes on revenue from activities in Washington. A state judge

726
00:39:35,680 --> 00:39:38,440
Speaker 1: in Arizona rejected a bid by Google to end the

727
00:39:38,520 --> 00:39:42,640
Speaker 1: lawsuit by Arizona's attorney general that claims the company's location

728
00:39:42,719 --> 00:39:47,800
Speaker 1: tracking misleads consumers. Bloomberg Law everything you need, all on

729
00:39:48,000 --> 00:39:53,480
Speaker 1: one legal research platform, including guidance analysis and Bloomberg Market Intelligence.

730
00:39:53,680 --> 00:39:57,200
Speaker 1: Find out more at Bloomberg Law dot com. All right, Jeff,

731
00:39:57,239 --> 00:39:59,680
Speaker 1: thank you. Now, another legal story we're watching more than

732
00:39:59,760 --> 00:40:02,880
Speaker 1: four of years after first considering affirmative action, the Supreme

733
00:40:02,920 --> 00:40:05,200
Speaker 1: Court has agreed to hear two cases that could mean

734
00:40:05,280 --> 00:40:09,120
Speaker 1: the end of race conscious admissions. In cases challenge admissions

735
00:40:09,160 --> 00:40:12,160
Speaker 1: policies at Harvard College and the University of North Carolina.

736
00:40:12,480 --> 00:40:15,160
Speaker 1: They want to overturn decades of Supreme Court president that

737
00:40:15,200 --> 00:40:18,560
Speaker 1: allow universities to consider race to help create a diverse

738
00:40:18,600 --> 00:40:21,560
Speaker 1: student body. For more in the legal battle, Bloomberg student

739
00:40:21,560 --> 00:40:24,880
Speaker 1: Grosso speaks to Audrey Anderson, who heads the higher education

740
00:40:25,000 --> 00:40:29,320
Speaker 1: practice at Massberry and Sims. What was your reaction to

741
00:40:29,560 --> 00:40:35,719
Speaker 1: the Court taking up affirmative action? Where you surprised, concerned, unfazed. Well,

742
00:40:35,840 --> 00:40:40,160
Speaker 1: you know, I wasn't surprised that they granted review of

743
00:40:40,280 --> 00:40:42,720
Speaker 1: the cases because some of the steps they've taken along

744
00:40:42,760 --> 00:40:45,920
Speaker 1: the way. They asked for the views of the Solicitor General,

745
00:40:46,280 --> 00:40:48,879
Speaker 1: wanted to know the United States governments views in the case,

746
00:40:49,040 --> 00:40:52,160
Speaker 1: which is one clue that they're interested in the issue.

747
00:40:52,600 --> 00:40:55,600
Speaker 1: And then they had actually looked at the petition at

748
00:40:55,680 --> 00:40:58,400
Speaker 1: more than one of their conferences, so for two weeks

749
00:40:58,440 --> 00:41:01,759
Speaker 1: in a row they had considered the petitions. So when

750
00:41:01,800 --> 00:41:05,719
Speaker 1: they granted it, I was not at all surprised. I

751
00:41:05,800 --> 00:41:11,200
Speaker 1: am concerned for the longevity of affirmative action in college

752
00:41:11,239 --> 00:41:14,000
Speaker 1: admission given that they have now granted review of the case.

753
00:41:14,239 --> 00:41:18,280
Speaker 1: But we will see what happens. So the first circuit

754
00:41:18,400 --> 00:41:22,480
Speaker 1: affirmed the decision for Harvard's admissions process, and the fourth

755
00:41:22,600 --> 00:41:26,879
Speaker 1: Circuit hasn't decided the University of North Carolina case yet,

756
00:41:27,680 --> 00:41:30,400
Speaker 1: so there was no split in the circuits, which often

757
00:41:30,520 --> 00:41:33,800
Speaker 1: leads the Supreme Court to step in. Is the Supreme

758
00:41:33,840 --> 00:41:37,280
Speaker 1: Court sort of jumping the gun? This is an unusual

759
00:41:37,920 --> 00:41:41,800
Speaker 1: circumstance for them to be granting review of the case.

760
00:41:42,400 --> 00:41:45,480
Speaker 1: Usually the Court would not grant review where there was

761
00:41:45,520 --> 00:41:48,400
Speaker 1: no split in authority, and that's one of the reasons

762
00:41:48,480 --> 00:41:51,920
Speaker 1: why I'm concerned about the longevity of affirmative action. There

763
00:41:51,960 --> 00:41:56,120
Speaker 1: really is no good reason to grant review here unless

764
00:41:56,560 --> 00:41:59,759
Speaker 1: at least four members and likely five members of the

765
00:42:00,120 --> 00:42:04,200
Speaker 1: or I think that the decisions below are incorrect and

766
00:42:04,280 --> 00:42:07,520
Speaker 1: they want to overturn them. That's the only reason that

767
00:42:07,640 --> 00:42:11,960
Speaker 1: they would grant review of these cases. Sassandre Anderson, who

768
00:42:12,080 --> 00:42:15,400
Speaker 1: has the higher education practice at Bassberry and sim speaking

769
00:42:15,440 --> 00:42:18,040
Speaker 1: at the Bloomberg June Grosso. Catch more of that interview,

770
00:42:18,080 --> 00:42:20,840
Speaker 1: plus analysis of the latest legal news by listening to

771
00:42:20,840 --> 00:42:23,480
Speaker 1: the Bloomberg Law Show at ten pm Eastern Time or

772
00:42:23,520 --> 00:42:26,440
Speaker 1: subscribing to the Bloomberg Law Podcast, and attorneys can find

773
00:42:26,480 --> 00:42:30,200
Speaker 1: exceptional legal research and business development tools at Bloomberg Law

774
00:42:30,400 --> 00:42:33,239
Speaker 1: dot com. Futures are higher this morning, s and P

775
00:42:33,440 --> 00:42:36,360
Speaker 1: futures of fifty nine, boints NOW futures of three hundred

776
00:42:36,440 --> 00:42:39,000
Speaker 1: thirty eight, and as the futures have two hundred and

777
00:42:39,080 --> 00:42:42,320
Speaker 1: seventy five and still ahead of Bloomberg day Break, a

778
00:42:42,400 --> 00:42:44,160
Speaker 1: check on the business headlines and all the news you

779
00:42:44,239 --> 00:42:46,719
Speaker 1: need to start your day. This is Bloomberg