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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Amy Morris. Here are the

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Speaker 3: stories we're following today.

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Speaker 4: Amy.

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Speaker 5: Stocks begin this day at all time highs following yesterday's

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Speaker 5: double dose of economic news. Inflation came in softer than expected,

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Speaker 5: and the Federal Reserve did little to offset Wall Street's

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Speaker 5: bets that interest rates will drop at least twice in

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Speaker 5: twenty twenty four. Gina Martin Adams is chief US Equity

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Speaker 5: analyst at Bloomberg Intelligence.

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Speaker 6: I think that equities are experiencing a bit of inflation relief,

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Speaker 6: so as long as CPI is continuing to accelerate, equities

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Speaker 6: feel a lot better that at the very least, the

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Speaker 6: Fed is on hold. And frankly, the Fed on hold

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Speaker 6: is the best possible outcome for stocks. At this moment,

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Speaker 6: we weren't contending with the notion that maybe the Fed

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Speaker 6: would even have to tighten again.

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Speaker 5: Bloomberg Intelligence is Gina Martin Adams notes the S and

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Speaker 5: P five hundred top to fifty four hundred for the

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Speaker 5: first time in its history. Yes marked the twenty month

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Speaker 5: anniversary of this bullmarket, and.

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Speaker 3: Nathan asked for the Fed officials dialed back their expectations

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Speaker 3: for interest rate cuts this year, although they did keep

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Speaker 3: the door open for more. Jay Powell and company also

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Speaker 3: raising their forecasts for inflation, even after better data on

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Speaker 3: consumer prizes published earlier in the day provided cause for optimism.

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Speaker 7: We don't make decisions about future meetings until we get there.

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Speaker 7: I think in terms of what we need to see,

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Speaker 7: we want to gain further confidence. Certainly, more good inflation

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Speaker 7: readings will help with that. I'm not going to be

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Speaker 7: specific about how many, because you know, really it's going

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Speaker 7: to be not just the inflationing readings, It's going to

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Speaker 7: be the totality.

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Speaker 4: Of the data.

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Speaker 3: Jay Powell and the Fed yesterday left the benchmark federal

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Speaker 3: funds right in a range of five and a quarter

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Speaker 3: percent to five.

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Speaker 5: And a half percent, and reaction is still pouring in

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Speaker 5: to that decision, along with the inflation data. Amy Jeffrey

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Speaker 5: Rosenberg is a senior portfolio manager at black Rock.

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Speaker 8: What is clear here is that having been a little

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Speaker 8: bit burned by the enthusiasm at the end of last

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Speaker 8: year and then the reversal on inflation, they're not going

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Speaker 8: to want to reverse so quickly with just one good print.

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Speaker 8: And he stated again and again.

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Speaker 5: They'll need more than just one blackrocks. Jeffrey Rosenberg says

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Speaker 5: investors risk losing out on income by staying in cash.

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Speaker 5: He says treasuries maturing in two to five years are

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Speaker 5: more attractive investment.

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Speaker 3: And it looks like the tech rally is set to

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Speaker 3: continue Today and Nasdaq futures are up three quarters of

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Speaker 3: a percent, helping fuel gains. Broadcom those shares are up

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Speaker 3: fourteen percent. The chip supplier reported quarterly results in an

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Speaker 3: annual forecast, topping estimates, lifted by robust demand for artificial

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Speaker 3: intelligence products. We get more on that from Bloomberg's Charlie Pellett.

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Speaker 2: Broadcom is a chip supplier to Apple and other big

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Speaker 2: tech companies. It said sales in the full fiscal year,

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Speaker 2: which runs through October, will be about fifty one billion dollars.

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Speaker 2: Analysts had projected about fifty point six billion. In the

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Speaker 2: race to build artificial intelligence systems has benefited semiconductor companies

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Speaker 2: like Broadcom, even though they don't sell the highly prized

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Speaker 2: AI chips that are made by Nvidia in New York.

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Speaker 2: Charlie Pellett Bloomberg.

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Speaker 5: Radio, All right, Charlie, thanks On top of that, Broadcom

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Speaker 5: also announced a ten for one stock split, and sticking

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Speaker 5: with tech, Bloomberg News has learned open Ai is on

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Speaker 5: pace for three point four billion dollars of annual revenue,

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Speaker 5: sources say CEO Sam Altman told company staff the vast

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Speaker 5: majority of that is coming from open ais products and services, and.

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Speaker 3: Shares of Tesla up almost seven percent now to key

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Speaker 3: proposals to reratify Elon Musk's pay package and to make

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Speaker 3: Texas the legal home for Tesla appear to be on

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Speaker 3: the way to passing, according to a preliminary shareholder vote.

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Speaker 3: This all started in January, when a judge in Delaware

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Speaker 3: struck down Musk's fifty six billion dollar pay package after

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Speaker 3: a shareholder challenged it as excessive. That's what Musk said

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Speaker 3: he would move the company's legal home to Texas, but

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Speaker 3: both proposals require investor support. Tesla's shareholder meeting is today

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Speaker 3: at the company's headquarters in Austin.

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Speaker 5: Turning back to Washington, Amy, it's going to be a

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Speaker 5: day to watch on Capitol Hill. Former President Donald Trump

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Speaker 5: is coming back to the nation's capital for the first

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Speaker 5: time since his felony convictions in New York last month.

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Speaker 5: Trump will be meeting with GOP lawmakers for a show

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Speaker 5: of their support. We get more from Bloomberg's Wendy Benjaminson

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Speaker 5: in Washington, he is meeting with the House Republicans and

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Speaker 5: Senate Republicans to set the policy for the rest of this.

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Speaker 9: Year and then if they win after that. I think

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Speaker 9: even if he loses, he's still and Biden as president.

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Speaker 9: Republicans in Congress will still be pushed and pulled by

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Speaker 9: Donald Trump in terms of the policy that they're going

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Speaker 9: to talk about. Right before he goes and meets with

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Speaker 9: the most powerful CEOs in the.

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Speaker 5: Country, Bloomberg's Wendy Benjamin Sin says ceo is expected to

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Speaker 5: meet with the former president today include JP Morgan, Chases,

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Speaker 5: Jamie Diamond, Jane Fraser of City Group, Bank of Americas,

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Speaker 5: Brian moynihan, and Apple CEO Tim Cook. They'll be appearing

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Speaker 5: at an event hosted by the Business Roundtable.

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Speaker 3: And crucial talks are getting underway this morning in Barry, Italy.

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Speaker 3: That is where leaders of the Group of Seven Nations

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Speaker 3: are gathering to discuss a range of issues, from confronting

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Speaker 3: China to supporting Ukraine. And there's already progress on one

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Speaker 3: score Bloomberg News has learned the G seven has agreed

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Speaker 3: on a loan structure for Ukraine using the profits from

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Speaker 3: frozen Russian assets. More on this with Bloomberg's Oliver Crook

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Speaker 3: at the summit in Bari.

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Speaker 10: We've been talking about sums at about fifty billion dollars

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Speaker 10: and what it's looking like now. The agreement that's coalescing

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Speaker 10: is will be done in the sort of form of

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Speaker 10: a loan that's going to be backed by a number

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Speaker 10: of the G seven nations, mostly by the United States,

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Speaker 10: but topped up by others, and that gets sort of

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Speaker 10: pushed out to Ukraine, and then that loan gets eventually

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Speaker 10: repaid over time with the profits from those frozen assets

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Speaker 10: that sit mostly here in Europe.

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Speaker 3: But Bloomberg's Oliver Krik reports the final technical details on

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Speaker 3: the loan structure will be ironed out after this weekend summit.

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Speaker 5: Back to markets now, Amy and a focus on short

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Speaker 5: selling amid the resurgence of the Meme stock craze. Legendary

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Speaker 5: short seller Jim Chano says a relentless bull market leaves

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Speaker 5: many companies with bloated valuations that's made it harder to

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Speaker 5: raise capital for short sellers. Still, he tells Bloomberg, short

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Speaker 5: selling could help investors in the current environment.

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Speaker 2: I've called this the golden age of fraud. So there's

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Speaker 2: just so many companies, so many companies now that are

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Speaker 2: playing games that are to try and take advantage of investors.

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Speaker 2: So we need short sellers more than ever.

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Speaker 3: Jim Chano tells us.

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Speaker 5: Even though there are opportunities to expose corporate fraud, he

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Speaker 5: does not see short selling attracting big pools of capital

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Speaker 5: anytime soon.

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Speaker 3: And frankly, we hope you don't have a beef with

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Speaker 3: this final story. And Netflix says it will air a

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Speaker 3: live hot dog eating competition on Labor Day. I know

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Speaker 3: main combatants will be Joey Chestnut and rival to Karo Kobyashi. Now,

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Speaker 3: the announcement comes just a day after Chestnut was banned

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Speaker 3: from the annual Fourth of July Nathan's famous hot dog

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Speaker 3: eating contest in Coney Island. He signed up marketing deal

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Speaker 3: with Impossible Foods. That's a plant based food company that

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Speaker 3: sells meatless hot dogs. Time out for a look at

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Speaker 3: some of the other stories making news in New York

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Speaker 3: and around the world, and for that we're joined by

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Speaker 3: Bloomberg's Michael bar Good morning, Michael.

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Speaker 11: Good morning Amy. A man in New York City is

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Speaker 11: under arrest after police pulled him over for a traffic

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Speaker 11: stop and found a cache of weapons in his vehicle.

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Speaker 11: In MYPD, Chief Jeffrey Madrid members of.

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Speaker 12: Disapartment macgun arrest, weapons arrest arrest for knives every day,

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Speaker 12: but arrest of this magnitude the amount of ammunition, NYPD

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Speaker 12: paraphernalia in the car was significant.

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Speaker 11: Chief Madre says during their search, police found a handgun,

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Speaker 11: nine loaded magazines, body armor, handcuffs, NYPD uniform items, two axes,

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Speaker 11: a stun gun, multiple knives, a weighted whip, and an

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Speaker 11: expandable baton. A tropical disturbance has brought a rare flash

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Speaker 11: flood emergency to much of southern Florida. The downpours and

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Speaker 11: subsequent flooding blocked roads and floated vehicles. Dania Beach received

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Speaker 11: about a foot of rain. According to Mayor A. J.

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Speaker 13: Ryan, I've definitely seen residents in kayaks and rafts trying

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Speaker 13: to help other residents and you know, getting outside and

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Speaker 13: assisting others, so that that's really a great thing to see.

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Speaker 11: Floridians are preparing to weather more heavy rainfall today and tomorrow.

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Speaker 11: House Republicans voted to hold Attorney General Merrick Garland in

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Speaker 11: contempt of Congress. It was for refusing to turnover audio

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Speaker 11: recordings of President Biden's interview with a Special Console during

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Speaker 11: the Classified Documents investigation. The transcripts of that interview have

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Speaker 11: already been made public, and the Special Council declined to prosecute.

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Speaker 11: Republican James Comer of Kentucky explained why he was seeking

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Speaker 11: the contempt charge against Garland.

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Speaker 1: The House of Representatives cannot serve as a necessary check

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Speaker 1: on the presidency if the executive branch is free to

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Speaker 1: ignore the House is subpoenis.

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Speaker 11: However, Democrat Jamie Raskin said the effort was the latest

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Speaker 11: in a series of unfounded Republican attacks on the Biden administration.

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Speaker 14: Holding the Attorney JOm the United States in contempt is

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Speaker 14: one more useful distraction from the complete and devastating implosion

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Speaker 14: of the Biden impeachment probe, which, of course, was the

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Speaker 14: number one priority of these talented leaders.

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Speaker 11: The vote was mostly along party lines. The Southern Baptist

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Speaker 11: Convention voted to oppose the use of in vitro fertilization.

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Speaker 11: Southern Baptists, the country's largest Protestant denomination, has almost thirteen

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Speaker 11: million church members across the US. Global news twenty four

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Speaker 11: hours a day and whenever you want it with the

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Speaker 11: Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg Gaming.

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Speaker 3: All right, Thank you, Michael. Time now for our Bloomberg

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Speaker 3: Sports Update. For that, we bring in John's Dash Hour.

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Speaker 15: Our good Morning Amy. Unless the Dallas mavericke do something

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Speaker 15: never before done in the NBA playoffs, the Boston Celtics

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Speaker 15: are gonna be NBA champs for the eighteenth time no

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Speaker 15: teams come back from a three to nothing definit of

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Speaker 15: The Celtics lead the finals three zip in Dallas. They

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Speaker 15: won the third quarter thirty five to nineteen, and they

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Speaker 15: won Game three one oh six to ninety nine, and

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Speaker 15: they can finish the final sweep tomorrow. And the Celts

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Speaker 15: are now seven seven to zero on the road. In

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Speaker 15: the playoffs. They were led by their stars. Jason Tatum

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Speaker 15: scored thirty one points, Jalen Brown scored thirty. He was

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Speaker 15: happier about what he did at the other end of

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Speaker 15: the court.

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Speaker 16: That's to be in these moments and so your defensive versatility,

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Speaker 16: I mean picking guys up guard and GUYZ in the post,

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Speaker 16: switching on blocking contested threes. It's been big for us,

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Speaker 16: but we got a lot of great defenders on this team,

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Speaker 16: so it has been a four team effort.

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Speaker 15: The four tip off a moment of silence for an

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Speaker 15: NBA legend, Jerry West, passed away at eighty six. You

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Speaker 15: can make the argument no one in sports history combine

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Speaker 15: excellence as both a player and then as a front

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Speaker 15: office executive. West played fourteen years with the Lakers, who

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Speaker 15: was an All Star in all of them, ented by

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Speaker 15: playoff disappointments. He lost eight times in the finals, but

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Speaker 15: he still ended up part of nine championship teams. Yankees

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Speaker 15: finished the sway in Kansas City. This went over very early,

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Speaker 15: a six run first inning. Yanks went on to win

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Speaker 15: eleven to five, three run homers for Jose Travino and

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Speaker 15: Glaber Torres, and the Yanks had won twelve with our

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Speaker 15: last fourteen. While they were scoring eleven runs, the Mets

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Speaker 15: put up ten a ten to four city field route

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Speaker 15: of Miami. Mets had fourteen hits, hit three homers. US

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Speaker 15: opened teas off this morning at Pinehurst number two in

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Speaker 15: North Carolina. There have been three previous opens at this course,

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Speaker 15: and only four have ever finished with the score under par.

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Speaker 15: Sixty thousand Patriots fans at Gillette Stadium for the Tom

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Speaker 15: Brady ceremony a lot different than that roast they recently

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Speaker 15: had for him. Over one hundred of its former teammates

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Speaker 15: on hands. So is Bill Belichick for the three hour

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Speaker 15: long tribute. John Stashenware Bloomberg Sports.

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Speaker 16: Amy and Nick.

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Speaker 4: Coast to coast on Bloomberg Radio nationwide on Sirius XM,

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Speaker 4: and around the world on Bloomberg dot Com and the

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Speaker 4: Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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Speaker 4: Nathan Hager. Where to bet on rates now?

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Speaker 5: When the Federal Reserve is dialing back its own expectations

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Speaker 5: on cuts this year, but Chairman Jerome Powell maybe leaving

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Speaker 5: the door open for more after the latest reading on

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Speaker 5: inflation came in cooler than expected, a one two economic

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Speaker 5: punch that investors are still sorting out. Let's get some

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Speaker 5: clarity if we can now from Jennifer Lee, senior economist

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Speaker 5: at BEMO Capital Markets. Jen always great to speak with you.

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Speaker 5: So the median dots up a bit, but there's a

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Speaker 5: lot of wiggle room in there. What's the signal you're

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Speaker 5: seeing from this Federal Reserve now, well, good.

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Speaker 17: Morning and thanks for having me on. It was a

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Speaker 17: very mixed signal, but clearly I think all the set

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Speaker 17: officials are being very cautious, you know, and again I'm

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Speaker 17: going to point to all those keywords that have been

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Speaker 17: used by every central bank around the world and certainly

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Speaker 17: buy it said to your Powell yesterday about the hotel,

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Speaker 17: looking at the totality of the data, how everything is

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Speaker 17: going to be dependent on the data, and how every

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Speaker 17: decision is going to be made on a meeting by

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Speaker 17: meeting basis. I thought it's quite interesting, by the way,

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Speaker 17: when he was talking about how they had this decision

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Speaker 17: actually reflected that great that or that very encouraging macp

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Speaker 17: I figured that was released earlier in the morning, but

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Speaker 17: only like I think a couple of them or a

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Speaker 17: few of them made some tweets to their to their diets.

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Speaker 17: I think everyone wants to be very cautious before they

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Speaker 17: get too excited about rate cuts.

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Speaker 5: So you don't think that the door is open then

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Speaker 5: for a rate cut in July. I mean, we do

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Speaker 5: get a fair amount of data between now and then.

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Speaker 17: Yeah, I think, I know, I don't think it's a

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Speaker 17: I think that would be far too see like so

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Speaker 17: far for being where we have September and December and

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Speaker 17: so far we're pretty comfortable with that. I mean, certainly,

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Speaker 17: you know, we saw yesterday market. You know, there's so

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Speaker 17: much joy in who will after that? After that very

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Speaker 17: encouraging report, But there's you know, that was only two

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Speaker 17: in a row. Arguably the first one last month was

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Speaker 17: encouraging as well, but I had a very low bar

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Speaker 17: to beat, so you know, that's only really one about half.

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Speaker 17: We'll say, these CPI reports, you're going to need a

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Speaker 17: lot more than that. So I think by the time

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Speaker 17: September rolls around, and plus I should also mentioned that

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Speaker 17: we're going to have the Jackson Hole meeting as well

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Speaker 17: in August to two over as well, so I think

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Speaker 17: that will hold a little bit more importance at that

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Speaker 17: point in time, which I guess time's going to fly

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Speaker 17: by as alone in a couple of months. So I

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Speaker 17: think July is far far too early, but I think

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Speaker 17: September is still quite doable.

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Speaker 5: We also saw the FED raise its projections for where

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Speaker 5: inflation is going to come down in the next few years.

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Speaker 5: Do those projections match with what you're seeing over Bemo.

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Speaker 17: Yes, I think, you know, he sort of downplayed it.

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Speaker 17: I think you know he's saying that they're being very conservative.

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Speaker 17: I think they would rather It would be very strange

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Speaker 17: if their dots came in, you know, as they did

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Speaker 17: with only one the median, seeing only one rate cut

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Speaker 17: this year, and yet having inflation forecast coming lower. So

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Speaker 17: I think, you know, I think it would be a

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Speaker 17: very mixed message at that point. So not too shocked

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Speaker 17: to see higher inflation factoring in, and then, of course,

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Speaker 17: you know, only one rate cut this year instead of three.

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Speaker 5: What's the risk in kicking off the rate cycle sooner

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Speaker 5: than the Fed is signaling?

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Speaker 4: Now?

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Speaker 5: Why not go ahead with rate cuts sooner than the

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Speaker 5: Fed's been saying.

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Speaker 17: I think there is a risk because right now the economy,

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Speaker 17: although we have it's only been very recent that we

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Speaker 17: started seeing some slower economic figures over the last say,

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Speaker 17: a couple of weeks. So I think it's too soon,

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Speaker 17: and it's going to be it's going to appear like

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Speaker 17: they're jumping in the gun and the last thing they

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Speaker 17: want to do is put in a rate cut say,

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Speaker 17: you know, in July, for example, have the economy turn

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Speaker 17: around and reaccelerate and have inflation accelerate again, and then

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Speaker 17: the set's going to have a huge, bigger issue on

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Speaker 17: their hands, which is credibility. So I think they're going

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Speaker 17: to be very patient. Take this meeting by meeting, watch

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Speaker 17: every piece of data that's coming out, and we'll see

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Speaker 17: what happened to the full.

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Speaker 1: This is Bloomberg Daybreak Today, your morning brief on the

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