Speaker 1: Five from the Bloomberg Interacted Burger Studios. This is Bloomberg
Speaker 1: day Break for Wednesday, January two. Coming up this hour,
Speaker 1: Futures Rise. Following another roller coaster session on Wall Street,
Speaker 1: Microsoft shares readound on optimism over the company's cloud business. Next,
Speaker 1: it's all about the FED as the Central Bank issues
Speaker 1: of policy decision today, and President Biden says he has
Speaker 1: no intention of putting American troops in Ukraine. The second
Speaker 1: NYPD officer, Ambush Friday, has died. Plus there's confusion after
Speaker 1: a higher New York court diverse the ruling banning mask mandates.
Speaker 1: I'm Michael bar More ahead, I'm John stash Our. In sports,
Speaker 1: the next loss to the Lakers a win for the Islanders.
Speaker 1: The Devils lost in David Ortiz voted into the Baseball
Speaker 1: Hall of Fame. That's all straight ahead on Bloomberg day
Speaker 1: Break on Bloomberg Eliming three O New York, Bloomberg, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine six,
Speaker 1: San Francisco, Sirius x M one nineteen and around the
Speaker 1: world going Bloomberg Radio dot Com and via the Bloomberg
Speaker 1: Business at Good Morning I'm Nathan Hagar and I'm Karen Moscow,
Speaker 1: and US futures are rebounding this morning. We're coming up
Speaker 1: to five oh one on Wall Street, and we check
Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Right now, SNP futures are up forty seven points down
Speaker 1: futures up two hundred and sixty five and NASDAG futures
Speaker 1: up two hundred thirty five. Ten year treasury down three
Speaker 1: thirty seconds. You had one point seven eight percent and
Speaker 1: a yield on a two year one point oh three percent. Nathan, Well, Karen,
Speaker 1: as you say, futures are rebounding this morning after another
Speaker 1: roller coaster riding yesterday's session. Let's get the details live
Speaker 1: with Bloomberg's John Tucker. Good morning, John, Nathan. SMP futures
Speaker 1: right now up one percent. The SMP five hundred closed
Speaker 1: yesterday at the lowest level since October. Technology shares were
Speaker 1: the biggest losers. Dip buyers did resurface near the end
Speaker 1: of the day. Well, that wasn't enough to stop the
Speaker 1: SMP five hundred for posting at one point two percent loss.
Speaker 1: The index just shy of a correction, closing more than
Speaker 1: nine percent off it's record high from three weeks ago.
Speaker 1: Where do we go from here? Strategists from Goldman Sachs
Speaker 1: to City Group Now say the time to jump in
Speaker 1: is now. Golden strategists say any further weakness should be
Speaker 1: seen as a buying opportunity. City strategists say their bear
Speaker 1: market checklist checklist suggests it's time to buy the dip.
Speaker 1: Live in New York. I'm John Tucker, Bloomberg Daybreak. All right, John,
Speaker 1: to thank you. The volatiery continued after hours at the
Speaker 1: release of Microsoft earnings, and right now shares are up
Speaker 1: more than three percent in early trading. We get more
Speaker 1: from Bloomberg's Doug Christner. The company reported after the bell,
Speaker 1: and the focus was on the Azure cloud computing business.
Speaker 1: For the last quarter, revenue at the unit decelerated from
Speaker 1: the two prior quarters, and that weekend. Microsoft chairs in
Speaker 1: late trading, but then on the call with analysts, the
Speaker 1: company said the Azure sales growth rate would pick up
Speaker 1: in the current quarter, excluding the pact of currency fluctuations.
Speaker 1: Shares then recovered. Microsoft CEO Sakya Adela has turned the
Speaker 1: Azure business into a solid number two behind Amazon. Alphabet's
Speaker 1: Google ranks third, but it's adding resources to catch up
Speaker 1: in New York. On Doug Chrisener, Bloomberg Daybreak, All right, Doug. Thanks. Meantime,
Speaker 1: shares of Texas Instruments are out more than four percent
Speaker 1: in early trading. The chip maker beat earnings estimates and
Speaker 1: gave an upbeat forecast up next. Earnings continue with about
Speaker 1: three dozen companies reporting today, including Tesla. We get more
Speaker 1: on the electric carmaker from Bloomberg's Tom Busby. The big
Speaker 1: focus will be margins and how many vehicles it expects
Speaker 1: to sell this year. That's after Tesla ramped up production
Speaker 1: in a big way in twenty one at its Premont,
Speaker 1: California plant, also its facilities in Shanghai. It also expanded
Speaker 1: into Austin, Texas, where it's now headquartered, and into Germany.
Speaker 1: Also of interest, the latest on its long awaited cybertruck
Speaker 1: tom Busby Bloomberg Daybreak, Tom, thank you. Onside of earning,
Speaker 1: today's key event for markets comes this afternoon. We get
Speaker 1: a highly anticipated policy decision from the Fed at two PM,
Speaker 1: and Bloomberg's Michael McKee has more Fed officials aren't going
Speaker 1: to be raising the cost of borrowing at this meeting. Instead,
Speaker 1: they'll suggest interest rates will be going up soon. The
Speaker 1: Fed's current target rate is essentially zero. Policymakers will try
Speaker 1: to figure out how much it has to go up
Speaker 1: in order to bring inflation down to their two percent target,
Speaker 1: But don't expect them to publish a roadmap to how
Speaker 1: fast and how far rates will move, and when and
Speaker 1: how and by how much the balance sheet will shrink.
Speaker 1: Expect Chair J Powell to say that with geopolitical tensions,
Speaker 1: supply chain problems, and the COVID virus ever present, the
Speaker 1: FED will have to remain flexible, deciding policy on a
Speaker 1: meeting by meeting basis. Michael McKee Bloomberg Daybreak. All right, Mike, thanks,
Speaker 1: So here's the Fed does have a tough road ahead.
Speaker 1: That's according to Nobel laureate and economist Paul Krugman. He
Speaker 1: says the central bank needs to slow down the economy
Speaker 1: but can't move too fast on rates. It sure looks
Speaker 1: as if the economy has hit the speed limit. Um,
Speaker 1: but it's that's a call for taking your foot off
Speaker 1: the gas pedal. It's not a call for slamming on
Speaker 1: the brakes. And so what they want to do then
Speaker 1: it's the balancing act. How did they sort of, you know,
Speaker 1: get us to level off, to to slow down a
Speaker 1: little bit without throwing us into into a recession. No
Speaker 1: Bell Laureate Paul Krugman made the comments in an interview
Speaker 1: on Bloomberg Television. Stay tuned for live coverage of today's
Speaker 1: FED decision on a special edition of Bloomberg Surveillance. It
Speaker 1: starts at one thirty pm Wall Street Time on Bloomberg
Speaker 1: Radio and Television. Well Nathan Geo Politics also near the
Speaker 1: top of today's agenda's Tensions continue to simmer with Russia
Speaker 1: and Ukraine. President Biden is indicating there is no plan
Speaker 1: to send US troops into the country, and Bloomberg said
Speaker 1: Baxter has the story. President Biden says he may move
Speaker 1: troops around and closer to Ukraine to be prepared for
Speaker 1: any eventuality, but we have no intention of putting American
Speaker 1: forces are native forces in Ukraine. But Well, I said
Speaker 1: they're gonna be serious economic consequences if he moves, and
Speaker 1: also says Russia he believes understands how much of an
Speaker 1: enormous deal this is globally, and says if Russia invades,
Speaker 1: he would favor personal sanctions on Vladimir Putin in San Francisco.
Speaker 1: I'm at Baxter Bloomberg daybreak Man. Later today at at
Speaker 1: the White House, President Biden turns his attention back to
Speaker 1: his economic agenda, hosting ten business leaders who will explain
Speaker 1: how the Build Back Better plan would boost the economy.
Speaker 1: Among those expected to attend are the CEOs of Ford,
Speaker 1: General Motors, Microsoft, and Salesforce, and I'm all Street today, Nathan.
Speaker 1: There's a fresh push to retain talent. Bank of America's
Speaker 1: out with a new plan to keep employees, and we
Speaker 1: get the details live from Bloomberg's rned A Young. Good morning, Nada,
Speaker 1: Good morning Karen. Bank of America is giving almost all
Speaker 1: of its employees their share of a one billion dollar
Speaker 1: stock award. It goes to staff making as much as
Speaker 1: five hundred thousand dollars a year. That makes about nineties
Speaker 1: seven percent of Bank of America's global workforce eligible. CEO
Speaker 1: Brian moynihan says each eligible employee will receive between sixty
Speaker 1: five and six hundred restricted stock units based on compensation.
Speaker 1: Don't get the full value in March, and shares will
Speaker 1: vest in equal payments over four years starting in it's
Speaker 1: the bank's latest move as competition heats up to attract
Speaker 1: and retain top talent. Live in New York I'm Rnita
Speaker 1: Young Bloomberg Daybreak, need to thank you in his five
Speaker 1: oh seven Now on Wall Street where in twenty two
Speaker 1: degrees in Central Park, we gotta crash on southbound Route
Speaker 1: two oh two by First Avenue and rare into tales
Speaker 1: coming up in traffic. First Michael Barr with more on
Speaker 1: what's going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. Flags are flying at
Speaker 1: half staff in New York City after a police officer
Speaker 1: gravely wounded last week in a Harlem shooting that killed
Speaker 1: his partner has also died of his injuries. Officer Robert
Speaker 1: Mora was taken off life support at a Manhattan hospital
Speaker 1: four days after a gunman shot him and officer Jason
Speaker 1: Rivera as they responded to a domestic disturbance called Rivera
Speaker 1: died Friday. Morris family to sided to donate his organs
Speaker 1: just hours after he died. Leonard Agent is president and
Speaker 1: CEO of Live on n Why, responsible for organ donations
Speaker 1: for all of New York City. Their son became a
Speaker 1: NYPD police officer to serve and protect and save lives,
Speaker 1: and they knew that that was true in his life,
Speaker 1: and they knew that he would want in his death
Speaker 1: to be able to save lives. H and with live
Speaker 1: on end wise as people will have a second chance
Speaker 1: of life thanks to officer, more chances are rising a
Speaker 1: powerful storm will sweep the northeast in the US. With
Speaker 1: more on its impact on New York and New Jersey,
Speaker 1: here's Bloomberg meteorologist Rob Carolin. Michael, We're gonna be keeping
Speaker 1: an eye out for a storm system for a late
Speaker 1: Friday into Saturday across the Tri state area. It's going
Speaker 1: to be a coastal storm developing off of North Carolina.
Speaker 1: What's up in the air right now is the track
Speaker 1: of the storm. How close does it come to the coast.
Speaker 1: Right now, the models are suggesting a tract that may
Speaker 1: be too far to the east to dump a major
Speaker 1: storm across the city. It looks like snowfall amounts could
Speaker 1: be on the lighter side, but again that still is
Speaker 1: very much up in the air, and we'll have more
Speaker 1: details on the track of the storm and how much
Speaker 1: we may get later in the week. Michael, Rob thank you, Sir,
Speaker 1: and appeals judge restored New York's mask man date yesterday
Speaker 1: after a judge in a lower court Monday rule that
Speaker 1: Governor Kathy Hokel's administration lacked the constitutional authority to order
Speaker 1: people to wear face coverings during the COVID nineteen pandemic. Meanwhile,
Speaker 1: New York stat has seen in eighty six percent decrease
Speaker 1: in COVID cases since it's January seventh peak. Governor HOCl says,
Speaker 1: though deaths and hospitalizations remain elevated, two weeks ago we
Speaker 1: had over twelve thousand, almost thirteen thousand people hospitalized. Now
Speaker 1: we're down to hundreds, so it's still high, but uh
Speaker 1: and we're also still losing our friends and family and
Speaker 1: our loved ones lost. Governor Hoboken residents rejected a two
Speaker 1: hundred forty one million dollar bond measure to build a
Speaker 1: new high school in a special election yesterday, one of
Speaker 1: the costliest school construction referendums in New Jersey history. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg quick Take, powered by more than ONNY seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael bar.
Speaker 1: This is Bloomberg Naked. Thanks Michael front of five ten
Speaker 1: on Wall Street time for the Bloomberg Sports uptake, good money,
Speaker 1: John stash Rny Nathan and Nets have issues right now.
Speaker 1: Kevin Durant is injured, Kyrie Irving can't play home games,
Speaker 1: and a report that James Harden doesn't like living in
Speaker 1: Brooklyn and we'll opt out and explore signing with a
Speaker 1: different team as a free agent next summer. The Nets
Speaker 1: lost at Barkleys, where their record is just twelve and twelve,
Speaker 1: beaten by the Lakers, who came in under five hundred,
Speaker 1: one of six nineties six Lebron James scored thirty three points,
Speaker 1: so did Harden, who had a triple double, but not
Speaker 1: much help. But Nick's played tonight in Miami the Islanders.
Speaker 1: After the slow start, I've moved over five hundred. They
Speaker 1: beat the Flyers for three and a Zach Parisse a goal.
Speaker 1: They won seven of the last nine. The Devils have
Speaker 1: lost five of six, feeting at home by Dallas five
Speaker 1: to one. College Who's Rick Pettino's Iona Gales are seven
Speaker 1: seen and three with a win at Sienna. Rutgers, Fordham
Speaker 1: in Columbia all lost Australian Open, They'll be an American
Speaker 1: in each of tomorrow mornings two women's semifinal matches. Madison
Speaker 1: Keys will play the top seed Ash Party, who has
Speaker 1: not yet lost the set, and Danielle Collins Advance will
Speaker 1: take on Egis swyrettext you won her quarterfinal match in
Speaker 1: three sets. It took three hours in nineties seven degree heat,
Speaker 1: A phone call plays to the Dominican Republic New York. Yeah.
Speaker 1: Poppy voted in on the first ballot, while Barry Bonds,
Speaker 1: Roger Clemens and Kirk Schilling all felt short in their
Speaker 1: final year on the ballot. Sean Payton resigned after sixteen
Speaker 1: years as coach of the New Orleans Saints. John stash
Speaker 1: Elly Bloomberg Sports all right, John, Thanks, has and P
Speaker 1: futures are higher now by forty nine point. Staff futures
Speaker 1: up two hundred seventy nine, NASTAC futures up two hundred
Speaker 1: forty nine points. The tenure treasury down three thirty seconds
Speaker 1: yield one point seven eight percent ahead of FED decision day.
Speaker 1: A preview next at Bloomberg's Michael McKee Bloomberg eleven three
Speaker 1: oh weather sunshine but cold today, highs in the upper
Speaker 1: twenties will be near thirty tomorrow, chance for afternoon snow
Speaker 1: flurries on Friday, with behind the low thirties currently twenty
Speaker 1: two degrees in Central Park markets. Headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, The
Speaker 1: Bloomberg Business at Land at Bloomberg Quick Take, He's a
Speaker 1: Bloomberg Business Flash and I'm Karen Moscow. Nastack futures are
Speaker 1: signaling a sharp rebound as investors return to risk assets
Speaker 1: and strategists recommended buying the dip following the sell off.
Speaker 1: And this is all ahead of a Federal Reserve interest
Speaker 1: rate decision as well. We checked the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg Guess and P
Speaker 1: futures are up fifty points this morning. Down futures up
Speaker 1: two hundred seventy seven and Astack futures up two hundred
Speaker 1: to fifty three, or one point eight percent. The decks
Speaker 1: in Germany's up two point two percent, ten year treasury
Speaker 1: down three thirties seconds. You have one point seven seven percent.
Speaker 1: The yield on the two year one point oh three percent.
Speaker 1: Non ex screwed oils up six tents percent or fifty
Speaker 1: two cents at eighty six dollars thirteen cents of barrel
Speaker 1: comic schold at down three tenths per cent or five
Speaker 1: dollars forty cents at eighteen forty nine sixty announced the
Speaker 1: euro one point one to eight one against the dollar,
Speaker 1: British pound one point three four nine eight and the
Speaker 1: ends at one fourteen point one seven bitcoin this morning,
Speaker 1: moving higher at thirty seven thousand, six hundred and ninety dollars.
Speaker 1: Today we are watching for reports on wholesale inventories at
Speaker 1: eight thirty Wall Street time at tenants new home sales,
Speaker 1: and we get the fence interest rate decision at two.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on months going on around the world. Michael, good morning,
Speaker 1: Good morning, Karen. Fearful of a Russian invasion into Ukraine,
Speaker 1: the US and NATO allies are ramping up efforts for
Speaker 1: a diplomatic solution. Today France will hold high level meetings
Speaker 1: aimed at easing tensions between the two countries, but President
Speaker 1: Biden is warning the U S troops on standby to
Speaker 1: Europe may be deployed sooner than later. Russia deny as
Speaker 1: it plans to invade Ukraine. In the NBA, the Nets
Speaker 1: and Wizards lost the Celtics in far Riors one. In
Speaker 1: the NHL, the Islanders won the Devil's Lost Red Sox.
Speaker 1: Great David Ortiz was elected to the Baseball Hall of
Speaker 1: Fame in his first turn on the ballot. Steroid taint
Speaker 1: at Stars, Barry Bonds and Roger Clemens were denied entry
Speaker 1: into Cooper's Town in their final year under consideration. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg. Nathan Okay, Michael. Thanks, It's five nineteen
Speaker 1: on Wall Street Live from the Bloomberg Interactive Brokers studios.
Speaker 1: This is Bloomberg Daybreak as we look ahead to a
Speaker 1: federal reserve policy decision coming down to two pm Wall
Speaker 1: Street Time. Let's get a preview now. Bloomberg Global Economics
Speaker 1: correspondent Michael McKee is with us in our studios this morning. Mike,
Speaker 1: good to have you with us. With all the volatility
Speaker 1: we've seen in the lead up to this meeting. You've
Speaker 1: got to wonder what, if anything, the FED is going
Speaker 1: to do or say to address it. Probably nothing. I
Speaker 1: would imagine that J. Powell will be asked about it
Speaker 1: in use news conference. However, when markets go up, markets
Speaker 1: go down, the fact that you can't do a whole
Speaker 1: lot about that. They only worry if the markets are disrupted,
Speaker 1: as they were in March of twenty when they cut
Speaker 1: rates and nothing was moving. People couldn't sell, people couldn't buy.
Speaker 1: But as long as you can buy and sell, they
Speaker 1: leave you to your own devices. But it's very interesting
Speaker 1: as well to hear from a number of economists who
Speaker 1: are trying to prod the FED one way or the other.
Speaker 1: On the one hand, you've got the likes of Nobel
Speaker 1: Laureate Paul Krugman saying, you know, maybe don't put the
Speaker 1: brakes on too fast here, And then you have Muhammad
Speaker 1: al Arian Bloomberg opinion columnists writing in the Financial Times
Speaker 1: yesterday the FED should stop asset purchases now. I mean,
Speaker 1: what's the balance the Central Bank's gotta strike here? Well,
Speaker 1: that's the question that they're gonna be answering around the
Speaker 1: big table today. I think that the idea of stopping
Speaker 1: the tapering right now is probably a non starter for
Speaker 1: a couple of reasons. One because they've prepped the markets
Speaker 1: for it, and people have taken positions in terms of
Speaker 1: what they have to absorb into. Because the amount of
Speaker 1: money that's still left for the Fed to buy is
Speaker 1: so small compare it's like about fifty billion dollars compared
Speaker 1: to their almost nine trillion dollar balance sheet, that it
Speaker 1: really doesn't make a difference, and they'd rather be predictable,
Speaker 1: and so I would expect them to go ahead finish
Speaker 1: the taper, and all eyes will be on the March
Speaker 1: meeting for a rate announcement, and what is the expectation
Speaker 1: going in on what the Fed could say about that
Speaker 1: March meeting. There's a lot of pricing in at this
Speaker 1: point about whether there's going to be a twenty five
Speaker 1: basis point hike, even a fifty basis point hike. Could
Speaker 1: we get some kind of signal from Sherman Powem what
Speaker 1: they're thinking, Well, no question, that's a question that he
Speaker 1: will be asked about Verses fifty. But the fifty basis
Speaker 1: point idea has sort of faded from people's minds over
Speaker 1: the last week as they consider why the FED might
Speaker 1: do it. There are still a lot of potential weaknesses
Speaker 1: out there, what happens with China and supply chains because
Speaker 1: of the COVID variant there, the possibility of a new variant,
Speaker 1: and the geopolitical tensions in Ukraine. All that could mean
Speaker 1: that the FED is going to be faced with an
Speaker 1: economy that is really slowing and the numbers for this
Speaker 1: quarter are already not great. Sow basis points has become
Speaker 1: the consensus for what they're going to do. The statement
Speaker 1: has said for months and months, Uh, we're going to
Speaker 1: wait until there's substantial progress towards our twin mandates of
Speaker 1: full employment and price stability. And now we've got full appointment,
Speaker 1: but we're way above the two percent price stability target.
Speaker 1: So expect them to say something like conditions have evolved
Speaker 1: to make a move towards tighter can tighter monetary conditions? Uh,
Speaker 1: possible in the next few meetings or sometimes soon a
Speaker 1: euphemism for march in our last minute here, Mike, you
Speaker 1: know you're gonna be taking part in the news conference.
Speaker 1: What are you wanting to ask Chairman Pal today? Well,
Speaker 1: one of the questions is, uh, what is it going
Speaker 1: to take because for the for the FED to get
Speaker 1: this done, if they're going to do it, because most
Speaker 1: of the problem, according to the FED, is on the
Speaker 1: supply side, and the FED and its interest rates effect demand,
Speaker 1: and so it isn't clear that raising interest rates is
Speaker 1: going to cut off inflation, or at least it's going
Speaker 1: to cut it off without a noticeable effect on the economy.
Speaker 1: So we'd like to know how they think they're going
Speaker 1: to do this, alright. Michael McKee, are Global economics correspondent
Speaker 1: for Bloomberg News, will be taking part in the news
Speaker 1: conference to following the FED Open Market Committee policy decision
Speaker 1: coming down at two pm Wall Street Time. Chairman Powell
Speaker 1: will be addressed reporters at to thirty. We will have
Speaker 1: full coverage on this FED decision day in a special
Speaker 1: edition of Bloomberg Surveillance that starts at one thirty this
Speaker 1: afternoon Wall Street Time. You can catch it on Bloomberg
Speaker 1: Radio and on Bloomberg Television. Ahead of that, Futures moving
Speaker 1: higher midst of all the volatility we've seen this week.
Speaker 1: Right now, SMP futures are up fifty two points now,
Speaker 1: futures up two nine three NASDAC futures leading the gains
Speaker 1: this morning, up one point nine percent or two hundred
Speaker 1: sixty seven points. The tenure treasury right now is down
Speaker 1: four thirty seconds, the yield one point seven eight percent,
Speaker 1: and the yield on the two year right now one
Speaker 1: point zero three percent. Checking European stocks right now, they're
Speaker 1: surging as well, with the German decks up two point
Speaker 1: two percent, so is the Cat in Paris a gain
Speaker 1: of two point two percent, and looking at Bitcoin it's
Speaker 1: on the rise as well, close to thirty eight thousand dollars.
Speaker 1: We'll have much more on the market action ahead of
Speaker 1: the Fed decision, plus a big stock award to retain
Speaker 1: talent at Bank of America. Check your top stories of
Speaker 1: the morning. Next, this is Bloomberg Bloomberg eleven three oh
Speaker 1: weather sunshine up or twenties Today will be in the
Speaker 1: round thirty degrees tomorrow, chance of snow flurries. Friday afternoon
Speaker 1: highes in the low thirties. Right now twenty two in
Speaker 1: Central Park, broadcasting live from the Bloomberg Interactive Broker Studio
Speaker 1: in New York. Bloomberg e Living Freedom to Washington, d C.
Speaker 1: Bloomberg to Boston. Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg NOME sixteen to the country, Sirius XM Chado one
Speaker 1: nine and around the globe, the Bloomberg Business APT and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five
Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow. We're just about four hours away from
Speaker 1: the open of US trading. Let's get you have to
Speaker 1: day to the news you need to know at this hour.
Speaker 1: US futures are higher following another roller coaster ride on
Speaker 1: Wall Street. We get the details live with the Bloomberg's
Speaker 1: John Tucker, John and Karen n s and P futures
Speaker 1: right now up one point two percent, but global stocks
Speaker 1: still on course for their worst months since the start
Speaker 1: of the pandemic, heading for its worst January on record
Speaker 1: after yesterday's one point two percent decline. But as the
Speaker 1: Composite Index filled two point three percent bi there are
Speaker 1: science to sell off good ease, Wall Streets fear gage.
Speaker 1: The vix fell from a one year high, snapping six
Speaker 1: days of games, and now strategists from Goldman Sacks the
Speaker 1: City Group say it's time to buy Live in New
Speaker 1: York on John Tucker Bloomberg daybreak Man. JOHNA was a
Speaker 1: roller coaster ride from Microsoft investors as well. After the bell,
Speaker 1: the stock fell six percent on a revenue decline from
Speaker 1: its cloud computing business, but on the conference call, Microsoft
Speaker 1: executive said the Azure business can still drive growth and
Speaker 1: that soothed concerns. Right now, Microsoft shares are up nearly
Speaker 1: four percent in the pre market. Shares the Texas Instruments
Speaker 1: up in early trading. The chipmakers earnings and forecasts being
Speaker 1: estimates up. Next, we get results from about three dozen
Speaker 1: customers companies rather including Tesla, analysts predict year every year
Speaker 1: growth approaching for Tesla. Today's big agenda item Karen is
Speaker 1: certainly the Federal Reserve. The Central Bank issues of policy
Speaker 1: decision and is expected to signal a March rate hike.
Speaker 1: We get more from Bloomberg's Viney Tell. Judace Bloomberg Economics
Speaker 1: says the Fed's goal is telegraphing a March rate increase
Speaker 1: as well as the balance sheet runoff in the aftermath
Speaker 1: of the COVID nineteen economic rescue. Look for the Central
Speaker 1: Bank to do so cautiously, noting uncertainty and downside risks
Speaker 1: to the economic outlook given the impact of the omicron
Speaker 1: wave and whatever may lie next for the coronavirus. Judace
Speaker 1: Bloomberg Day Break, Finny, thank you, And on Wall Street today,
Speaker 1: there's a fresh push to retain talent, this time from
Speaker 1: Bank of America. We get the details live from Bloomberg's
Speaker 1: rand A Young, Good morning, Rady to good morning, Karen.
Speaker 1: Bank of America is giving almost all of its employees
Speaker 1: their share of a one billion dollar stock award. It
Speaker 1: goes to staff making as much as five hundred thousand
Speaker 1: dollars a year. That makes about nine seven percent of
Speaker 1: Bank of America's global workforce eligible. CEO Brian moynihan says
Speaker 1: each eligible employee will receive between sixty five and six
Speaker 1: hundred restricted stock units based on compensation, and they'll get
Speaker 1: the full value in March, and shares will vest in
Speaker 1: equal payments over four years. Live in New York, I'm
Speaker 1: Ranita Young Bloomberg Daybreak. Okay, Ranita, thank you. Straight ahead,
Speaker 1: we'll check your latest local headlines and sports. This is
Speaker 1: Bloomberg five thirty three on Wall Street. It's twenty two
Speaker 1: degrees in Central Park northbound. Root fifteen is closed at
Speaker 1: White Lake Road and Lafayette. Details coming up in traffic.
Speaker 1: First Michael Barr with what else is going on in
Speaker 1: New York and around the world. Michael Nathan, Thank you, sir.
Speaker 1: President Joe Biden said he would consider personally sanctioning Vladimir
Speaker 1: Putin if he order is an invasion of Ukraine, escalating
Speaker 1: the US effort to deter the rush leader from more.
Speaker 1: President Biden told reporters that there will be actions should
Speaker 1: Russia's president decide to escalate things, not only in terms
Speaker 1: of economic consequences and political consequences, but the enormous consequences worldwide.
Speaker 1: This would be the largest if he were to move in,
Speaker 1: will all those forced to be the largest invasives since
Speaker 1: World War Two. Russia denies it has any intentions of
Speaker 1: an invasion. Congressman Shawn Caston of Illinois spoke about the
Speaker 1: Ukraine crisis and supporting Congress for sanctions. What we're talking
Speaker 1: about right now is putting um, you know, putting defensive
Speaker 1: weapons in place, putting defensive troops in place, and and
Speaker 1: and not not declaring war, but making it clear to
Speaker 1: Putin that there are consequences if he casses a Line.
Speaker 1: Congressman Caston spoke with Bloomberg's Joe Matthew. Tributes are pouring
Speaker 1: in for fallen NYPD officer Wilbert Mora. He died yesterday,
Speaker 1: the second NYPD officer to die in Friday's Harlem shooting.
Speaker 1: The twenty seven year olds organs were donated just hours
Speaker 1: after he died. Leonard Ancient is the president and CEO
Speaker 1: of Live on in Why, responsible for organ donations for
Speaker 1: all of New York City. In such a tragic um,
Speaker 1: tragic story from New York Um, but people will have
Speaker 1: a second chance of life thanks to the generosity of
Speaker 1: the More family and Officer More. Leonard Ancient, President and
Speaker 1: CEO of Live on in Why, The chances are rising.
Speaker 1: A powerful storm will sweep the northeast of the US
Speaker 1: late Friday and Saturday, bringing heavy snow, rain, and winds.
Speaker 1: It could potentially disrupt air, rail and road transportation as
Speaker 1: far as south as New York and New Jersey. A
Speaker 1: bok and residents turn thumbs down on a two forty
Speaker 1: one million dollar bond measure to build a new high
Speaker 1: school and a special election Tuesday, one of the costliest
Speaker 1: school construction referendums in New Jersey history. The Bond failed
Speaker 1: sixty six Global news twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalists analyists more than a dred twenty countries.
Speaker 1: Michael Barrn this is Bloomberg, Nathan, Okay, Michael, thanks five
Speaker 1: on Wall Street time for the Bloomberg Sports that Think
Speaker 1: with John Sesshire. Alright, Nathan. There had been a debate
Speaker 1: over whether David Ortiz would make you to the Hall
Speaker 1: of Fame. He rarely played in the field. He was
Speaker 1: an average hitter his first six seasons in Minnesota, and
Speaker 1: he reportedly once failed a test for p DS. But
Speaker 1: Big Poppy ends up getting voted in on the first ballot,
Speaker 1: and fourteen years in Boston he was a ten time
Speaker 1: All starlett the Red Sox to three World Championships. No
Speaker 1: one else got in. Barry Bonds, Roger Clemens, Kirch Schilling
Speaker 1: all fell short, all in their final year on the ballot,
Speaker 1: Bonds and Clemens due to the p D. Shilling got
Speaker 1: seventy one percent last year. When he said he didn't
Speaker 1: want the writers to vote him in, so they didn't,
Speaker 1: he dropped the fifty nets loss of the Lakers at
Speaker 1: Barkley's one of six nineties six Lebron James scored thirty
Speaker 1: three points, so did James Harden. He had a triple
Speaker 1: double for not much help with the ub s Arena
Speaker 1: Islanders and Flyers s free three in the third last
Speaker 1: rush for the Elanders dying second line, give me in
Speaker 1: the fourth three win. Loves the Islanders over five hundred.
Speaker 1: The Flyers have lost thirteen in a row. Devil has
Speaker 1: lost to Dallas five one. American Danielle Collins has reached
Speaker 1: the semi finals in Australian Open. Stefano sits a fass
Speaker 1: into the men's semis, but an upset brewing now. Danil
Speaker 1: Medvedev has lost the first two sets to the Canadian
Speaker 1: Felix Lagier aliasa me busy week for new Giants to
Speaker 1: the manager Joe Shane, He's already interviewed Dan Quinn and
Speaker 1: Bryan Dable for the coaching job. Patrick Graham today, Brian
Speaker 1: Flores tomorrow. The Saints for the first time since two
Speaker 1: thousand six, need a new coach. Sean Payton resigned. John
Speaker 1: stash Ellet Bloomberg Sports. Okay, John, thank you. It's five
Speaker 1: thirty seven on Wall Street time for the Tri State
Speaker 1: Business Report with Bloomberg's d Cory. Park Avenue's office towers
Speaker 1: are undergoing renovations in an effort to retain tenants. Lever
Speaker 1: House is embarking on a one hundred million dollar overhaul.
Speaker 1: Dal Jones reports of the Secret Building is also undergoing
Speaker 1: major renovations in the Park Avenue, headquarters of JP Morgan
Speaker 1: Chase is being rebuilt. New York City will not investigate ELO's,
Speaker 1: an Upper East Side restaurant, for allowing Sarah Palin to
Speaker 1: dine indoors Saturday without asking for proof that she had
Speaker 1: a COVID vaccination. A spokesman for the city tells The
Speaker 1: Times the incident was not observed by a city inspector.
Speaker 1: Last year, Philip Morris relocated its headquarters from New York
Speaker 1: City to Stamford. Anti tobacco activist said the move would
Speaker 1: be a test of Governor Ned lamont support for a
Speaker 1: ban on flavored vaping products. Lamont says he's still committed
Speaker 1: to that won't guarantee the proposal will be in his
Speaker 1: mid term budget plan. That your Bloomberg Try State Business Report.
Speaker 1: I'm Ed Corey. Thanks that It's five thirty eight on
Speaker 1: Wall Street. Bloomberg Radio is on the air from San
Speaker 1: Francisco to New York, London to Hong Kong. Let's check
Speaker 1: in with our global news team for some of the
Speaker 1: top stories heard on our three hundred filiate radio stations
Speaker 1: around the world. Um Corney's Donahoe on k g r
Speaker 1: H in Houston. Almost eight percent of Americans expect ironflation
Speaker 1: in the next six months. I'm Steve Potas got on
Speaker 1: k of X and Los Angeles. We're talking about Activision
Speaker 1: Blizzards next three Call of Duty games going to both
Speaker 1: future owner Microsoft's Xbox and Sony's PlayStation. I'm can i
Speaker 1: Head Film, BlueBag, Dab Digital Radio and Logs of boompolting
Speaker 1: that most global finance firms are planning to establish or
Speaker 1: expand in the UK this year. That's according to Evoy.
Speaker 1: I'm a Glory on w w J and Detroit. I'm
Speaker 1: reporting online used guard sailed tools are hot in the
Speaker 1: autow Street. Those are some of the stories are Bloomberg
Speaker 1: journalists and analysts are working on this morning around the world.
Speaker 1: It's five thirty nine on Wall Street. The following is
Speaker 1: an editorial from Bloomberg opinion. The democrats ambitious Build Back
Speaker 1: Better package has stalled in Congress with little hope of recovery.
Speaker 1: But the most valuable parts of the plan could still
Speaker 1: be salvaged. They just need to be recast in a
Speaker 1: more fiscally responsible form. After all, the most important parts
Speaker 1: of Build Back Better, its proposals to fight climate change,
Speaker 1: reduced child poverty, and expand preschool and childcare are valuable
Speaker 1: on the merits. The problem is that funding them appropriately
Speaker 1: demands more revenue than the plan originally called for. To
Speaker 1: bridge the gap, Biden should suggest trimming some outlays and
Speaker 1: looking elsewhere for additional funds. A plan revised along these
Speaker 1: lines would still be ambitious, but it would also look
Speaker 1: better to moderate Democrats and perhaps to a few open
Speaker 1: minded Republicans as well. Only then would it stand a
Speaker 1: chance of actually becoming law. This editorial was written by
Speaker 1: the Bloomberg Opinion editorial Board. I'm David Shipley. For more
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash opinion
Speaker 1: or op i and go on the Bloomberg terminal. These
Speaker 1: has been Bloomberg opinion, and you can hear Bloomberg opinion
Speaker 1: editorials every week. At this time, terminal customers can read
Speaker 1: more at O p I n GO future is rebounding.
Speaker 1: SP futures up fifty six points right now, the OW
Speaker 1: future is up three D twenty three points, and NASTAC
Speaker 1: futures are higher by two seventy seven points. The Tenure
Speaker 1: Treasury is down four thirty seconds. The yield one point
Speaker 1: seven eight percent on this Fed decision day. Will preview
Speaker 1: it next with BEMO Senior economist Jennifer Lee. Stay with us.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather sunny and
Speaker 1: cold today. Upper twenties will be near thirty tomorrow under sunshine.
Speaker 1: By Friday afternoon snow showers possible, low thirties. Currently clear
Speaker 1: and twenty two degrees in central Park markets. Headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot
Speaker 1: Com and Bloomberg Business Autland at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business lash and I'm pared. Moscow US dot
Speaker 1: index futures on the rise this morning, along with European
Speaker 1: shares ahead of a feeder reserved decision at which officials
Speaker 1: are expected to sig no plans for tightening policy. We
Speaker 1: checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg SNP futures of fifty six points down, futures
Speaker 1: have three hundred twenty nasday futures up two hundred seventy two.
Speaker 1: That's up one point nine percent. The dacks in Germany's
Speaker 1: up two percent. The ten year treasury down five thirty seconds.
Speaker 1: He had one point seven eight percent yield on the
Speaker 1: two year one point oh three percent. Nimex screwed oil
Speaker 1: is up six tents percent or forty eight cents at
Speaker 1: eighty six dollars eight cents of barrel. Comex school down
Speaker 1: three tenths per cent or five dollars fifty cents at
Speaker 1: eighteen forty nine fifty announced. The euro one point one
Speaker 1: two seven nine against the dollar, British found one point
Speaker 1: three eight and the ends at one four teen point
Speaker 1: one nine. Bitcoin this morning also moving higher at thirty
Speaker 1: seven thousand, eight hundred dollars. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael Karen, thank you very much. The
Speaker 1: US and NATO are increasing military commitments to the Baltics
Speaker 1: and Eastern Europs. Fears over Russia invading Ukraine continue to rhy. Denmark, France,
Speaker 1: and Spain are all sending or offering to send military
Speaker 1: assistance the various parts of the continent. Meanwhile, European negotiators
Speaker 1: meet in Paris today. Russia denies it has any intention
Speaker 1: to invade, even though one hundred thousand of its troops
Speaker 1: are at Ukraine's border. In the NBA, the Nets and
Speaker 1: Wizards lost the Celtics and Warriors one. In the NHL,
Speaker 1: the Islanders won the Devil's Lost Red Sox. Great David
Speaker 1: Ortiz was elected to the Baseball Hall of Fame and
Speaker 1: its first turn on the ballot. Steroid tainted stars Barry
Speaker 1: Bonds and Roger Clemens were denied entry to Cooper's Town
Speaker 1: in their final year under consideration by the Baseball Writers
Speaker 1: Association of America. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than twenty seven hundred journalists and analyist more than a
Speaker 1: hundred twenty countries. I'm Michael Barr. This is Bloomberg. Nathan Okay, Michael. Thanks.
Speaker 1: It's five forty nine on Wall Street Life from the
Speaker 1: Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak as we
Speaker 1: continue our coverage on this Fed decision day. We're joined
Speaker 1: this morning by Jennifer Lee, senior economist at Demo Capital Markets,
Speaker 1: as we look ahead to the Open Market Committee's decision
Speaker 1: at two pm Wall Street time. Jen, Good morning. A
Speaker 1: lot of expectation, of course in the markets for rate
Speaker 1: hikes and balance sheet tightening this year. What are you
Speaker 1: looking for from the Fed today? Oh, good morning. You know, Okay,
Speaker 1: I will have to say I love all this central
Speaker 1: bank stuff as much as the next guy, but I
Speaker 1: love very glad when all of this is uh in
Speaker 1: the open at two pm Easter. And you know, our
Speaker 1: base case scenario right now as it stands, is for
Speaker 1: the Fed to sort of change the forward guys a
Speaker 1: little bit and lay the groundwork for rate heis to
Speaker 1: start in mark, you know, using different language that they
Speaker 1: probably used in the past, like how they're going to
Speaker 1: assess progress and you know and feel that you know
Speaker 1: the case we're an increase in the FED funds rate
Speaker 1: has continued to strengthen, so we're looking for that to
Speaker 1: happen and U and signal that asset purchases will be
Speaker 1: ending by mid March, and it would be very interesting,
Speaker 1: by the way, to think, are to hear what they're
Speaker 1: going to talk about in terms of q T as
Speaker 1: well and finally reducing the balance sheet. Yeah, certainly there's
Speaker 1: been some discussion about starting the unwind as soon as July.
Speaker 1: Do you think we could get further clarity on that
Speaker 1: we should? Um? I think it was at the last meeting,
Speaker 1: or maybe it was as a nomination not hearing in January,
Speaker 1: but he did say that we will start discussing it
Speaker 1: at the next meeting, so you know, um, I'm sure
Speaker 1: this is this is going to be discussed and he
Speaker 1: will hopefully give a some hints about what their plans
Speaker 1: are going to be. But I think he said it's
Speaker 1: going to take a number of meetings to sort of
Speaker 1: hammer at all the details because it's probably going to
Speaker 1: be complicated. Do you think the market is getting this right?
Speaker 1: The expectation for four rate hikes this year when the
Speaker 1: dot plots still penciling in three. I don't completely trust
Speaker 1: dot plot. Remember a long time ago, Jett Yell, I'm saying,
Speaker 1: you know, don't don't put too much, too many of
Speaker 1: your hikes in the dog pot. Blast basket. Um, But
Speaker 1: I think four rate hikes is the sort of the
Speaker 1: consensus view. It certainly our view right now. But it's
Speaker 1: interesting how you know, everyone has been, uh, the market
Speaker 1: has been rushing almost adding it going in from like
Speaker 1: two hikes to three to four, and there's even chatter
Speaker 1: about five right now. But I think four it sounds
Speaker 1: like a very reasonable, um number of times to hike.
Speaker 1: Why do you think the FED needs to do, if anything,
Speaker 1: to address the volatility we've seen in markets this week?
Speaker 1: It seems as though market participants are really trying to
Speaker 1: prod the FED here. Do you think we're going to
Speaker 1: get any discussion of that from Chairman Foul today? UM?
Speaker 1: I think that's a great question, and I've asked myself
Speaker 1: that and uh, being by myself here in my whole office. UM.
Speaker 1: I think because of the volatility, because of all this
Speaker 1: new geopolitical risk that you know, that's that's that's that's
Speaker 1: heating up, you know, as if each day goes by,
Speaker 1: I think because of that, he will probably um, you know,
Speaker 1: again not pushed back against the market's expectations of about
Speaker 1: you know, three or four rate hikes this year. Um,
Speaker 1: but at least he will sort of downplay anything that's
Speaker 1: even more aggressive. So that's why I sort of, you know,
Speaker 1: I don't take um, some of the chatter about a
Speaker 1: fifty basis point rate height two seriously because almost it'll
Speaker 1: almost be reading a panic. I think, what do you
Speaker 1: think the FED is really focused on right now? Is
Speaker 1: it just price pressures? The risk of further inflation, is
Speaker 1: a further support for the labor market. What's really driving
Speaker 1: the FED right now? In your view? Can I say
Speaker 1: all of the above. I think it's got to be
Speaker 1: inflation first and foremomst. I think it's got to be
Speaker 1: an inflation. It's just been. They have a very unwavering
Speaker 1: focus right now on inflation. And after being accused of
Speaker 1: being you know, um asleep up the wheel, I think
Speaker 1: they're trying to sort of catch up right now. And
Speaker 1: especially when you had CPI hit what was a seven
Speaker 1: percent in December the highest and since since two, um,
Speaker 1: you know, and you saw the price pressures hit you know,
Speaker 1: a broad range of of of of products. UM. So
Speaker 1: the supply ball x are still making it worse and
Speaker 1: and even though but the good news I would say
Speaker 1: is that at least we are seeing some little glimmers
Speaker 1: of a little signs that they are starting to ease
Speaker 1: a little bit we're seeing in some of the surveys
Speaker 1: as well, So that's you know, that's that's good news.
Speaker 1: But of course, as you're mentioning, the job market is
Speaker 1: still super super tight, unemployment rate, you know, near a
Speaker 1: two year low at three point nine percent, and we're
Speaker 1: trying to we're in we're probably prosper pine starting to
Speaker 1: see some of the second round effects by showing up
Speaker 1: on the wages, with employers basically rolling out the red carpet,
Speaker 1: you know, throwing up rules pedals, lower workers with higher pay,
Speaker 1: and that's going to cause inflation to even rising further.
Speaker 1: So I think that's the big focus is just basically
Speaker 1: inflation and the job market lots to unpack. As Chairman
Speaker 1: Powell addresses reporters at two thirty this afternoon after the
Speaker 1: Fed policy decision at two pam Wall Street Time, full
Speaker 1: coverage coming up Bloomberg Surveillance, a special edition one thirty
Speaker 1: Wall Street Time Today on Bloomberg Radio and Television. Ahead
Speaker 1: of that, Jennifer Lee of BEMO, thanks for the preview,
Speaker 1: Karen Nathan. It is five fifty four on Wall Street.
Speaker 1: It's time for the Bloomberg Law Report brought to you
Speaker 1: buy American Arbitration Association. Business disfus are inevitable, resil faster
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Speaker 1: alternative dispute resolution for over ninety years. More at a
Speaker 1: dr dot org. And let's get to the legal stories
Speaker 1: we're watching this morning. From Bloomberg's Jeff Bellinger, the Biden
Speaker 1: administration is withdrawing its COVID nineteen shop or Test rule
Speaker 1: for workers at large employers after the Supreme Court blocked
Speaker 1: the measure from taking effect. City Bank, South Dakota based
Speaker 1: credit card division is asking a Washington state trial court
Speaker 1: to overturn administrative rulings that it owes business and occupation
Speaker 1: taxes on revenue from activities in Washington. A state judge
Speaker 1: in Arizona rejected a bid by Google to end the
Speaker 1: lawsuit by Arizona's attorney general that claims the company's location
Speaker 1: tracking misleads consumers. Bloomberg Law everything you need, all on
Speaker 1: one legal research platform, including guidance analysis and Bloomberg Market Intelligence.
Speaker 1: Find out more at Bloomberg Law dot com. All right, Jeff,
Speaker 1: thank you. Now, another legal story we're watching more than
Speaker 1: four of years after first considering affirmative action, the Supreme
Speaker 1: Court has agreed to hear two cases that could mean
Speaker 1: the end of race conscious admissions. In cases challenge admissions
Speaker 1: policies at Harvard College and the University of North Carolina.
Speaker 1: They want to overturn decades of Supreme Court president that
Speaker 1: allow universities to consider race to help create a diverse
Speaker 1: student body. For more in the legal battle, Bloomberg student
Speaker 1: Grosso speaks to Audrey Anderson, who heads the higher education
Speaker 1: practice at Massberry and Sims. What was your reaction to
Speaker 1: the Court taking up affirmative action? Where you surprised, concerned, unfazed. Well,
Speaker 1: you know, I wasn't surprised that they granted review of
Speaker 1: the cases because some of the steps they've taken along
Speaker 1: the way. They asked for the views of the Solicitor General,
Speaker 1: wanted to know the United States governments views in the case,
Speaker 1: which is one clue that they're interested in the issue.
Speaker 1: And then they had actually looked at the petition at
Speaker 1: more than one of their conferences, so for two weeks
Speaker 1: in a row they had considered the petitions. So when
Speaker 1: they granted it, I was not at all surprised. I
Speaker 1: am concerned for the longevity of affirmative action in college
Speaker 1: admission given that they have now granted review of the case.
Speaker 1: But we will see what happens. So the first circuit
Speaker 1: affirmed the decision for Harvard's admissions process, and the fourth
Speaker 1: Circuit hasn't decided the University of North Carolina case yet,
Speaker 1: so there was no split in the circuits, which often
Speaker 1: leads the Supreme Court to step in. Is the Supreme
Speaker 1: Court sort of jumping the gun? This is an unusual
Speaker 1: circumstance for them to be granting review of the case.
Speaker 1: Usually the Court would not grant review where there was
Speaker 1: no split in authority, and that's one of the reasons
Speaker 1: why I'm concerned about the longevity of affirmative action. There
Speaker 1: really is no good reason to grant review here unless
Speaker 1: at least four members and likely five members of the
Speaker 1: or I think that the decisions below are incorrect and
Speaker 1: they want to overturn them. That's the only reason that
Speaker 1: they would grant review of these cases. Sassandre Anderson, who
Speaker 1: has the higher education practice at Bassberry and sim speaking
Speaker 1: at the Bloomberg June Grosso. Catch more of that interview,
Speaker 1: plus analysis of the latest legal news by listening to
Speaker 1: the Bloomberg Law Show at ten pm Eastern Time or
Speaker 1: subscribing to the Bloomberg Law Podcast, and attorneys can find
Speaker 1: exceptional legal research and business development tools at Bloomberg Law
Speaker 1: dot com. Futures are higher this morning, s and P
Speaker 1: futures of fifty nine, boints NOW futures of three hundred
Speaker 1: thirty eight, and as the futures have two hundred and
Speaker 1: seventy five and still ahead of Bloomberg day Break, a
Speaker 1: check on the business headlines and all the news you
Speaker 1: need to start your day. This is Bloomberg