1 00:00:02,360 --> 00:00:05,600 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:05,640 --> 00:00:09,280 Speaker 1: day Break for Friday, September two two. Coming up this hour, 3 00:00:09,480 --> 00:00:13,240 Speaker 1: global bond slump into a bear market. Investors brace for 4 00:00:13,280 --> 00:00:16,840 Speaker 1: the August jobs report. President Biden takes a McDonald Trump 5 00:00:16,880 --> 00:00:19,720 Speaker 1: and his supporters in a primetime speech, and we'll tell 6 00:00:19,760 --> 00:00:23,040 Speaker 1: you which chipmaker is bucking the trend with a strong forecast. 7 00:00:23,480 --> 00:00:26,480 Speaker 1: A former New York police officer receives the longest sentence 8 00:00:26,560 --> 00:00:29,360 Speaker 1: yet in the January six Capital of Riot Plus. The 9 00:00:29,360 --> 00:00:33,120 Speaker 1: CDC signs off on new COVID booster shops. I'm Michael Blah. 10 00:00:33,360 --> 00:00:36,159 Speaker 1: What we're ahead, I'm John stash Howard. Sports. The Mets 11 00:00:36,200 --> 00:00:38,320 Speaker 1: meet the Dodgers, the Yankees to get a big series 12 00:00:38,360 --> 00:00:41,159 Speaker 1: tonight at Tampa Bay. And Serena Williams play tonight at 13 00:00:41,159 --> 00:00:46,680 Speaker 1: the US Open. That's all's trading ahead on Bloomberg day 14 00:00:46,680 --> 00:00:51,600 Speaker 1: Break on Bloomberg eleven, Free on New York, Bloomberg one, Washington, 15 00:00:51,720 --> 00:00:55,840 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, 16 00:00:55,840 --> 00:00:59,680 Speaker 1: San Francisco, Sirius XM one nine Team and around the 17 00:00:59,720 --> 00:01:03,640 Speaker 1: world Old on Bloomberg Radio dot Com and Bloomberg Business Ship. 18 00:01:07,880 --> 00:01:11,240 Speaker 1: Good Friday morning. I'm Any Morris and I'm Karen Moscow. 19 00:01:11,360 --> 00:01:14,920 Speaker 1: US futures are little change this morning, where coming up 20 00:01:14,920 --> 00:01:16,479 Speaker 1: to five o one on Wall Street, and we check 21 00:01:16,520 --> 00:01:18,920 Speaker 1: the markets every fifteen minutes throughout the trading day on 22 00:01:18,959 --> 00:01:22,039 Speaker 1: Bloomberg and again futures little change. The ten year Treasury 23 00:01:22,080 --> 00:01:24,560 Speaker 1: that will changed as well. The yield is at three 24 00:01:24,600 --> 00:01:26,759 Speaker 1: point to five percent, and they yield on the two 25 00:01:26,840 --> 00:01:30,160 Speaker 1: year three point five zero percent. Nine X screwed oil 26 00:01:30,400 --> 00:01:32,759 Speaker 1: is up two point nine percent or two dollars fifty 27 00:01:32,800 --> 00:01:35,400 Speaker 1: five cents at eighty nine dollars sixteen cents of barrel 28 00:01:35,640 --> 00:01:39,880 Speaker 1: Bitcoin this morning at twenty thousand, ninety dollars. Amy, Well, Karen, 29 00:01:39,959 --> 00:01:42,600 Speaker 1: We begin with some stability in the equity markets this 30 00:01:42,640 --> 00:01:45,080 Speaker 1: morning as we close out the trading week. D S 31 00:01:45,120 --> 00:01:48,200 Speaker 1: and P five hundred in Dow Jones Industrial Average both 32 00:01:48,200 --> 00:01:51,680 Speaker 1: snapped four day losing streaks yesterday. Still, we are in 33 00:01:51,720 --> 00:01:55,160 Speaker 1: a traditionally tough period for stocks. The SNP has average 34 00:01:55,200 --> 00:01:57,520 Speaker 1: declines of six and seven tenths of a percent for 35 00:01:57,560 --> 00:02:01,240 Speaker 1: August and September over the past five years. Liz Young 36 00:02:01,400 --> 00:02:05,600 Speaker 1: is head of investment Strategy at Sophie going into the 37 00:02:05,760 --> 00:02:09,760 Speaker 1: end of August, and now we've started September. Next week, 38 00:02:09,840 --> 00:02:12,799 Speaker 1: everybody sort of comes back into the fold, and that's 39 00:02:12,840 --> 00:02:15,200 Speaker 1: when I would expect volatility to kick back up again. 40 00:02:15,520 --> 00:02:17,639 Speaker 1: We're certainly not out of the woods. I don't think 41 00:02:17,639 --> 00:02:20,040 Speaker 1: that we're going to get out of a trading range 42 00:02:20,120 --> 00:02:22,520 Speaker 1: for a while and until we at least hear that 43 00:02:22,560 --> 00:02:26,639 Speaker 1: inflation has cooled so fis Liz Young puts the odds 44 00:02:26,639 --> 00:02:30,920 Speaker 1: at fifty fifty four recession next year. Meantime, maybe global 45 00:02:30,960 --> 00:02:34,000 Speaker 1: bonds have slumped into their first bear market in a generation. 46 00:02:34,120 --> 00:02:37,560 Speaker 1: The Bloomberg Global Aggregate Total Return Index of government and 47 00:02:37,680 --> 00:02:40,519 Speaker 1: investment grade corporate bonds has following more than twenty first 48 00:02:40,560 --> 00:02:43,320 Speaker 1: cent from its peak last year. Officials from the US 49 00:02:43,360 --> 00:02:46,400 Speaker 1: to Europe have hammered home the importance of higher interest rates, 50 00:02:46,520 --> 00:02:49,400 Speaker 1: building on a hawkish message from Fed share J. Powell 51 00:02:49,400 --> 00:02:52,880 Speaker 1: at the Jackson Hole Symposium last week. The direction of 52 00:02:52,880 --> 00:02:55,760 Speaker 1: today's bonded equity markets may be determined in about three 53 00:02:55,800 --> 00:02:57,960 Speaker 1: and a half hours. That's when we get the US 54 00:02:58,080 --> 00:03:01,240 Speaker 1: jobs report for August that kind mists forecast a gain 55 00:03:01,280 --> 00:03:05,040 Speaker 1: of two thousand jobs. We get a preview from Bloomberg's 56 00:03:05,040 --> 00:03:07,799 Speaker 1: Michael Thankee, the jobs data are something of a one 57 00:03:07,840 --> 00:03:11,080 Speaker 1: way bet for Wall Street. If the number is surprisingly high, 58 00:03:11,120 --> 00:03:13,640 Speaker 1: as it was last month, it probably locks in a 59 00:03:13,680 --> 00:03:15,959 Speaker 1: FED rate hike of seventy five basis points at the 60 00:03:16,000 --> 00:03:20,080 Speaker 1: next meeting. A weaker than expected report won't necessarily guarantee 61 00:03:20,160 --> 00:03:23,000 Speaker 1: only a fifty basis point move. A big increase in 62 00:03:23,040 --> 00:03:26,679 Speaker 1: consumer prices. Data yet to come could change views. After 63 00:03:26,760 --> 00:03:30,200 Speaker 1: financial conditions loosened in August. Payrolls may give a little 64 00:03:30,240 --> 00:03:33,240 Speaker 1: more clarity on how much impact the FEDS tightening has 65 00:03:33,280 --> 00:03:37,000 Speaker 1: already had watched the changes in the unemployment and participation 66 00:03:37,080 --> 00:03:39,640 Speaker 1: rates and in the number of people who lost their 67 00:03:39,720 --> 00:03:43,600 Speaker 1: jobs during the month. Michael McKey, Bloomberg Daybreak. All right, 68 00:03:43,640 --> 00:03:46,280 Speaker 1: Thank you, Mike, and please stick with Bloomberg Radio and 69 00:03:46,360 --> 00:03:49,800 Speaker 1: Television all morning for full coverage of the August jobs report, 70 00:03:49,840 --> 00:03:53,000 Speaker 1: and join us at Wall Street time. We'll speak live 71 00:03:53,040 --> 00:03:56,680 Speaker 1: with Labor Secretary Marty walah Well. Investors look for US 72 00:03:56,720 --> 00:03:59,600 Speaker 1: slowdown in jobs amy Inflation is still front and center 73 00:03:59,600 --> 00:04:02,880 Speaker 1: for the At Atlanta, Fan president Raphael Bostage says the 74 00:04:02,960 --> 00:04:07,120 Speaker 1: US Central Banks campaign to cool inflation is still not complete. 75 00:04:07,160 --> 00:04:09,480 Speaker 1: He told students to Georgia Tech. The current pace of 76 00:04:09,480 --> 00:04:12,480 Speaker 1: inflation was a long way from the fed stupor sent goal. 77 00:04:14,600 --> 00:04:18,160 Speaker 1: Another major story we're following this morning, President Biden taking 78 00:04:18,200 --> 00:04:21,719 Speaker 1: aim at Donald Trump and so called mega Republicans. Last night, 79 00:04:21,720 --> 00:04:25,240 Speaker 1: in a primetime address, the President urged Americans to reject 80 00:04:25,360 --> 00:04:28,880 Speaker 1: any Trump backed candidate in the November midterm elections. Too 81 00:04:29,000 --> 00:04:32,960 Speaker 1: much of what's happening in our country today is not normal. 82 00:04:33,440 --> 00:04:38,839 Speaker 1: Donald Trump and the marga Republicans representative extremism that threatens 83 00:04:38,880 --> 00:04:43,400 Speaker 1: the very foundations of our republic. As President Biden takes 84 00:04:43,520 --> 00:04:47,320 Speaker 1: him on Donald Trump's ideology, House Minority Leader Kevin McCarthy 85 00:04:47,400 --> 00:04:51,039 Speaker 1: is calling on Biden to apologize for invoking fascism when 86 00:04:51,080 --> 00:04:55,400 Speaker 1: describing the former president. In the past two years, Joe 87 00:04:55,480 --> 00:05:00,200 Speaker 1: Biden has launched an assault on the soul of America. 88 00:05:00,760 --> 00:05:04,960 Speaker 1: McCarthy made his remarks before President Biden's speech. So what's 89 00:05:04,960 --> 00:05:08,240 Speaker 1: the potential impact from President Biden's primetime speech? Amy While 90 00:05:08,240 --> 00:05:11,719 Speaker 1: Bloomberg Politics contributor Rick Davis as the President is trying 91 00:05:11,760 --> 00:05:15,440 Speaker 1: to create a wedge between mainstream Republicans and those who 92 00:05:15,520 --> 00:05:20,320 Speaker 1: embrace them make America Great Again ideology, This kind of 93 00:05:20,960 --> 00:05:23,600 Speaker 1: you know, sort of setting up the wedge, you know, independence, 94 00:05:23,640 --> 00:05:26,200 Speaker 1: don't be drawn into that Republican party. These are run 95 00:05:26,200 --> 00:05:28,719 Speaker 1: by MAGA And what he's trying to do is probably 96 00:05:28,760 --> 00:05:31,920 Speaker 1: go that he got in a general election two years ago, 97 00:05:32,000 --> 00:05:36,440 Speaker 1: and he needs that to show up on the midterms. 98 00:05:36,680 --> 00:05:40,599 Speaker 1: And Bloomberg Politics contributor Rick Davis said President Biden traditionally 99 00:05:40,680 --> 00:05:44,160 Speaker 1: tends to avoid wedge politics, as seen by his partisan 100 00:05:44,240 --> 00:05:48,280 Speaker 1: legislative accomplishments over the past few months. Now, let's turn 101 00:05:48,320 --> 00:05:51,239 Speaker 1: from politics to corporate America, where we have a couple 102 00:05:51,240 --> 00:05:54,680 Speaker 1: of changes in the c suite. Starbucks has named Record 103 00:05:54,720 --> 00:05:58,680 Speaker 1: ben Keys their chief executive Lacksman Narrasment to be its 104 00:05:58,720 --> 00:06:02,480 Speaker 1: next CEO. Wisman is a veteran of the consumer industry, 105 00:06:02,480 --> 00:06:06,000 Speaker 1: and he'll joins Starbucks next month while longtime leader Howard 106 00:06:06,000 --> 00:06:11,600 Speaker 1: Schult stays in charge. Narisman will fully take over in April. Meantime, 107 00:06:11,640 --> 00:06:15,440 Speaker 1: Shall is shortlisted candidates to succeed CEO Ben van der Buren. 108 00:06:15,760 --> 00:06:19,119 Speaker 1: He is preparing to step down in three after almost 109 00:06:19,160 --> 00:06:23,080 Speaker 1: a decade at the oil giant. Reuter says. Candidates include 110 00:06:23,160 --> 00:06:26,840 Speaker 1: While Sawan, the company's head of integrated Gas and Renewables, 111 00:06:26,880 --> 00:06:29,719 Speaker 1: as well as hibert v g v No, the head 112 00:06:29,760 --> 00:06:33,640 Speaker 1: of downstream refining operations. And now let's check out some 113 00:06:33,680 --> 00:06:36,320 Speaker 1: stocks on the move this morning. Shares Broadcom or up 114 00:06:36,360 --> 00:06:38,960 Speaker 1: more than two percent. The chip maker gave a strong 115 00:06:39,040 --> 00:06:42,920 Speaker 1: sales forecast for the current quarter. The outlook suggests Broadcom 116 00:06:43,080 --> 00:06:45,880 Speaker 1: is sidestepping a broader decline and ship demand at least 117 00:06:45,880 --> 00:06:50,240 Speaker 1: for now. Other suppliers, including in video, Intel and Micron Technology, 118 00:06:50,279 --> 00:06:54,359 Speaker 1: have predicted a steep sales slowdown, and shares a Lulu 119 00:06:54,440 --> 00:06:57,919 Speaker 1: Lemon are up almost ten percent, the maker of athletic attire, 120 00:06:58,000 --> 00:07:00,560 Speaker 1: raising its full year outlook. The company's seeks to double 121 00:07:00,600 --> 00:07:03,719 Speaker 1: its sales by six by selling more goods to men 122 00:07:04,200 --> 00:07:08,600 Speaker 1: and expanding Lulu Lemon's footprint abroad. Futures this morning they 123 00:07:08,640 --> 00:07:12,400 Speaker 1: are little change, Imax, screwed oil is on the rise, 124 00:07:12,480 --> 00:07:15,480 Speaker 1: and straight ahead, we have your latest local headlines, plus 125 00:07:15,520 --> 00:07:23,440 Speaker 1: a check of sports, and this is Bloomberg. All right, 126 00:07:23,480 --> 00:07:25,600 Speaker 1: thank you, Karen. It's five or seven on Wall Street. 127 00:07:25,640 --> 00:07:27,600 Speaker 1: Let's bring in Michael barn Now with more on what 128 00:07:27,680 --> 00:07:30,280 Speaker 1: else is going on in New York and around the world. 129 00:07:30,320 --> 00:07:33,360 Speaker 1: Good morning, Michael, Good morning Amy. A stiff sentence was 130 00:07:33,400 --> 00:07:36,240 Speaker 1: handed down for a former New York City police officer 131 00:07:36,480 --> 00:07:39,920 Speaker 1: convicted of assaulting a police officer during the January sixth 132 00:07:40,000 --> 00:07:45,200 Speaker 1: capital attack at the during the riot, Thomas Webster faces 133 00:07:45,240 --> 00:07:48,640 Speaker 1: ten years in prison for brutally assaulting a law enforcement 134 00:07:48,680 --> 00:07:52,280 Speaker 1: officer on January six It is the longest prison sentence 135 00:07:52,320 --> 00:07:56,320 Speaker 1: to date for a defendant during the Capitol riot. Webster 136 00:07:56,440 --> 00:07:59,720 Speaker 1: sobbed in court, saying he wishes he never had gone 137 00:07:59,760 --> 00:08:03,200 Speaker 1: to the Capitol. That day, lawyers for the Justice Department 138 00:08:03,200 --> 00:08:05,800 Speaker 1: and former President Trump faced off in the Florida court 139 00:08:05,840 --> 00:08:09,640 Speaker 1: room over whether there should be a special master assigned 140 00:08:09,760 --> 00:08:13,080 Speaker 1: to review top secret documents the FBI sas last month 141 00:08:13,320 --> 00:08:16,600 Speaker 1: at Trump's Mara Lago estate. The judge did not issue 142 00:08:16,640 --> 00:08:20,360 Speaker 1: an immediate ruling. You and inspectors have braved the cross 143 00:08:20,480 --> 00:08:24,200 Speaker 1: fire of Ukraine and Russian forces to get inside Europe's 144 00:08:24,240 --> 00:08:27,320 Speaker 1: largest nuclear plant. The long away to visit to the 145 00:08:27,400 --> 00:08:30,960 Speaker 1: Russian occupied facility comes as one of its reactors was 146 00:08:31,000 --> 00:08:35,160 Speaker 1: shut down temporarily due to the fighting. Raphael Grocy is 147 00:08:35,280 --> 00:08:39,520 Speaker 1: leading the International Atomic Energy Agency team inspecting the plant. 148 00:08:39,920 --> 00:08:43,880 Speaker 1: I have just completed a first tour of the key 149 00:08:43,960 --> 00:08:48,120 Speaker 1: areas that we wanted to see in this first approach 150 00:08:48,720 --> 00:08:51,439 Speaker 1: to the whole facility. The I A E. A. S. 151 00:08:51,520 --> 00:08:55,360 Speaker 1: Raphael Grocy COVID booster shots that are the most common 152 00:08:55,400 --> 00:08:57,920 Speaker 1: new variants of the virus should become available in the 153 00:08:58,000 --> 00:09:01,480 Speaker 1: US within days. The Center There's were Disease Control and 154 00:09:01,600 --> 00:09:05,760 Speaker 1: Prevention signed off on the rollout of updated vaccines. Dr 155 00:09:05,920 --> 00:09:08,160 Speaker 1: David AGAs these are the first time has been a 156 00:09:08,280 --> 00:09:10,800 Speaker 1: change to the COVID nineteen vaccines since they were launched 157 00:09:10,840 --> 00:09:13,880 Speaker 1: in December of twenty and the hope is this booster, 158 00:09:13,920 --> 00:09:16,040 Speaker 1: which includes the B A four and B A five 159 00:09:16,080 --> 00:09:19,200 Speaker 1: spike protein as well as the original Ulhunt spike protein, 160 00:09:19,480 --> 00:09:23,080 Speaker 1: will cause a broader immune response to enable protection from 161 00:09:23,160 --> 00:09:25,600 Speaker 1: the current variants in the United States as well as 162 00:09:25,679 --> 00:09:29,480 Speaker 1: future variants. Dr Vegas spoke to CBS the boosters will 163 00:09:29,440 --> 00:09:32,600 Speaker 1: will be made by Fiser and rival Molderna. A man 164 00:09:32,760 --> 00:09:35,400 Speaker 1: was arrested in Argentina after pointing a gun at Vice 165 00:09:35,440 --> 00:09:39,720 Speaker 1: President Christina Fernandez de Kirchener as she greeted supporters outside 166 00:09:39,720 --> 00:09:42,959 Speaker 1: of residents and Buenos Sary's. The incident comes at a 167 00:09:43,040 --> 00:09:46,440 Speaker 1: time in which Argentina is bitterly polarized after years of 168 00:09:46,480 --> 00:09:50,120 Speaker 1: economic crisis and political in fighting global news twenty four 169 00:09:50,160 --> 00:09:53,520 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 170 00:09:53,559 --> 00:09:56,360 Speaker 1: by more than twenty seven hundred journalists and analysts, are 171 00:09:56,360 --> 00:09:58,920 Speaker 1: more than a hundred twenty countries. Michael Barr and this 172 00:09:59,160 --> 00:10:04,920 Speaker 1: is Bloomberg. Amy, all right, thank you, Michael, five O 173 00:10:05,080 --> 00:10:07,800 Speaker 1: nine on Wall Street Time. Now for the Bloomberg Sports Update. 174 00:10:07,840 --> 00:10:10,480 Speaker 1: Here's John stash Our. Thanks Amy. A trade of Donovan 175 00:10:10,520 --> 00:10:13,520 Speaker 1: Mitchell to the Knicks made perfect sense. The Utah Jazz 176 00:10:13,559 --> 00:10:15,840 Speaker 1: were looking to deal their star guard and the Knicks 177 00:10:15,840 --> 00:10:18,600 Speaker 1: need a big time player. Mitchell's and New Yorker's father 178 00:10:18,679 --> 00:10:21,079 Speaker 1: worked many years for the Mets. Two teams did a 179 00:10:21,120 --> 00:10:23,600 Speaker 1: lot of talking. But when the Jazz traded Mitchell, he 180 00:10:23,640 --> 00:10:27,080 Speaker 1: went to Cleveland. The Calves gave up Colin Sexton Lauri 181 00:10:27,200 --> 00:10:29,640 Speaker 1: Market in three first round draft picks. Good news for 182 00:10:29,679 --> 00:10:32,160 Speaker 1: the Mets. Not only there come from behind five to 183 00:10:32,320 --> 00:10:35,360 Speaker 1: three win over the MLB leading Dodgers to win the series. 184 00:10:35,400 --> 00:10:38,400 Speaker 1: Chris bassonketting the twelve win Mets, winning with two runs 185 00:10:38,400 --> 00:10:40,600 Speaker 1: of the sixth inning, two more in the seventh. The 186 00:10:40,679 --> 00:10:44,000 Speaker 1: Mets next sixteen games, twenty one of their next twenty 187 00:10:44,040 --> 00:10:47,520 Speaker 1: four or all against sub five hundred teams. That starts 188 00:10:47,520 --> 00:10:50,120 Speaker 1: tonight at City Field against Washington and that should help 189 00:10:50,160 --> 00:10:53,000 Speaker 1: them hold off Atlanta in the NL East of Brave 190 00:10:53,040 --> 00:10:55,959 Speaker 1: Skill three games behind. They shut out Colorado three nothing 191 00:10:56,000 --> 00:10:59,959 Speaker 1: for Atlanta rookie Spencer Strider eight scoreless innings, lad On 192 00:11:00,120 --> 00:11:03,080 Speaker 1: two hits, no walks, and he struck out sixteen. A 193 00:11:03,200 --> 00:11:06,320 Speaker 1: month ago, the Yankees led Tampa Bay by fifteen and 194 00:11:06,360 --> 00:11:09,400 Speaker 1: a half games. Their lead is now six, but they 195 00:11:09,400 --> 00:11:11,520 Speaker 1: get swept this weekend. It is down to three. Jam 196 00:11:11,600 --> 00:11:14,840 Speaker 1: leeno Herman faces the race tonight for the third night 197 00:11:14,920 --> 00:11:18,120 Speaker 1: this week. It is Serena Williams Night at the US Open. 198 00:11:18,160 --> 00:11:22,560 Speaker 1: Serena tonight taking on Alja tom Janovitch from Croatia. She's 199 00:11:22,600 --> 00:11:26,600 Speaker 1: ranked forty eight. There'll be another huge pro Serena crowd 200 00:11:26,640 --> 00:11:29,880 Speaker 1: at Arthur S Stadium. Serena and Venus Williams lost their 201 00:11:29,880 --> 00:11:32,760 Speaker 1: first round doubles match last night. Also last night, Raphaela 202 00:11:32,800 --> 00:11:36,959 Speaker 1: daw one in four sets. John stash Award Bloomberg Sports, AM, 203 00:11:37,000 --> 00:11:39,480 Speaker 1: all right, thank you, John. Checking the market's now s 204 00:11:39,520 --> 00:11:42,960 Speaker 1: and P futures up to Dell futures up seven NASDAK 205 00:11:43,040 --> 00:11:46,840 Speaker 1: futures of four and a half ten year Treasury unchanged 206 00:11:46,960 --> 00:11:50,319 Speaker 1: the yield at three point to five the two year 207 00:11:50,400 --> 00:11:54,760 Speaker 1: heels at three point four nine percent. Much more still 208 00:11:54,800 --> 00:11:58,360 Speaker 1: to come. On this Friday morning on Bloomberg Daybreak, This 209 00:11:58,600 --> 00:12:11,319 Speaker 1: is Bloomberg Bloomberg eleven three oh weather today, abundant sunshine 210 00:12:11,320 --> 00:12:13,559 Speaker 1: to start your long holiday weekend, going up to eighty 211 00:12:13,559 --> 00:12:17,280 Speaker 1: degrees eight five tomorrow nine degrees on Sunday, Labor Day, 212 00:12:17,320 --> 00:12:23,400 Speaker 1: a cloudy one flowing up to eight markets, headlines and 213 00:12:23,520 --> 00:12:26,800 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 214 00:12:26,920 --> 00:12:30,520 Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Tape. He's a 215 00:12:30,559 --> 00:12:39,760 Speaker 1: Bloomberg Business Flash and I'm Karen Onscow and US dont 216 00:12:39,800 --> 00:12:43,199 Speaker 1: index futures are little change this morning ahead of a 217 00:12:43,320 --> 00:12:46,880 Speaker 1: key US job support that could stir expectations for another 218 00:12:46,960 --> 00:12:49,760 Speaker 1: sharp Federal Reserve interest rate hike. We check the markets 219 00:12:49,760 --> 00:12:52,760 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg Right now, 220 00:12:53,280 --> 00:12:56,640 Speaker 1: SMP down, nastack futures all little change. The decks in 221 00:12:56,720 --> 00:12:59,720 Speaker 1: Germany is up one and a third percent. Ten your 222 00:12:59,760 --> 00:13:01,719 Speaker 1: trade she read down one thirty second you have three 223 00:13:01,720 --> 00:13:03,880 Speaker 1: point to five percent. They yield on the two year 224 00:13:03,960 --> 00:13:07,240 Speaker 1: three point four nine percent. Nimex screwed oil is up 225 00:13:07,240 --> 00:13:09,480 Speaker 1: two point four percent, up two dollars five cents at 226 00:13:09,480 --> 00:13:12,280 Speaker 1: eighty eight dollars seventy cents a barrel. Comics gold is 227 00:13:12,320 --> 00:13:14,480 Speaker 1: up four tenths per cent, or six dollars forty cents 228 00:13:14,520 --> 00:13:17,600 Speaker 1: at seventeen fifteen seventy an ounce. The euro is at 229 00:13:17,600 --> 00:13:20,920 Speaker 1: point eight against the dollar, British pound one point one 230 00:13:21,120 --> 00:13:24,040 Speaker 1: five five one, and the yen at one forty point 231 00:13:24,120 --> 00:13:28,280 Speaker 1: three three bitcoin. And this morning is Smith's Li'll change 232 00:13:28,320 --> 00:13:31,679 Speaker 1: at twenty thousand, eighty dollars in the August jobs report 233 00:13:31,720 --> 00:13:34,240 Speaker 1: at an eight thirty Wall Street time, factory orders and 234 00:13:34,320 --> 00:13:37,640 Speaker 1: durable goods orders around of ten. That's a Bloomberg business flash. 235 00:13:37,640 --> 00:13:39,720 Speaker 1: Now here's Michael Barr with more on what's going on 236 00:13:39,800 --> 00:13:42,680 Speaker 1: around the world. Michael, good morning, Good morning Karen. President 237 00:13:42,720 --> 00:13:45,880 Speaker 1: Joe Biden stepped up attacks on former President Trump and 238 00:13:46,160 --> 00:13:50,320 Speaker 1: GOP lawmakers during his prime time speech by mccues Trump 239 00:13:50,400 --> 00:13:54,559 Speaker 1: and his supporters of endangering US democracy. The US called 240 00:13:54,559 --> 00:13:58,160 Speaker 1: around response to the latest effort to revive the nuclear 241 00:13:58,200 --> 00:14:02,760 Speaker 1: accord not construct active, raising questions about whether the two 242 00:14:02,800 --> 00:14:05,480 Speaker 1: sides can reach a deal that would free more oil 243 00:14:05,600 --> 00:14:09,120 Speaker 1: for Global Markets. At the US Open, Serena and Venus 244 00:14:09,120 --> 00:14:13,240 Speaker 1: Williams were eliminated after losing their doubles match. Serena Williams 245 00:14:13,240 --> 00:14:16,360 Speaker 1: will play tonight in the third round of singles. In baseball, 246 00:14:16,480 --> 00:14:20,680 Speaker 1: the Mets, Red Sox and Orioles one the Nationals. BTA 247 00:14:21,080 --> 00:14:24,520 Speaker 1: seven five Global News twenty four hours a day on 248 00:14:24,640 --> 00:14:27,440 Speaker 1: air and on Bloomberg Quick Take, powered by more than 249 00:14:27,520 --> 00:14:31,120 Speaker 1: twenty journalists analysts more than a hundred twenty countries. I'm 250 00:14:31,160 --> 00:14:34,520 Speaker 1: Michael bar This is Bloomberg Gaming. All right, Thank you, Michael. 251 00:14:34,560 --> 00:14:36,920 Speaker 1: It is five nineteen on Wall Street. We're live from 252 00:14:36,920 --> 00:14:40,720 Speaker 1: the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak. We're 253 00:14:40,760 --> 00:14:45,360 Speaker 1: joined now by senior economist Jennifer Lee at BEMO Capital Markets. Jennifer, 254 00:14:45,400 --> 00:14:47,000 Speaker 1: thank you for taking the time with us on this 255 00:14:47,120 --> 00:14:49,520 Speaker 1: Friday morning. As you know, we're waiting for this critical 256 00:14:49,640 --> 00:14:52,320 Speaker 1: jobs report. It's just a few hours from now. How 257 00:14:52,400 --> 00:14:55,920 Speaker 1: much is writing on this report? Oh, good morning? UM, 258 00:14:55,960 --> 00:15:01,440 Speaker 1: you know what it's Uh, it's always a market moving report, clearly, 259 00:15:01,440 --> 00:15:03,360 Speaker 1: but in terms of for the Fed, I think it 260 00:15:03,480 --> 00:15:06,440 Speaker 1: holds second place to what is probably more important for 261 00:15:06,440 --> 00:15:10,280 Speaker 1: the Federal Reserve and that will be the September CPI report. 262 00:15:10,760 --> 00:15:13,800 Speaker 1: Having said that, you know, obviously jobs are are are 263 00:15:13,800 --> 00:15:16,200 Speaker 1: super important just for the health of the overall US 264 00:15:16,280 --> 00:15:20,040 Speaker 1: economy and for the consumer. What are you going to 265 00:15:20,040 --> 00:15:24,280 Speaker 1: be looking for today? So obviously the headline we're actually 266 00:15:24,280 --> 00:15:28,280 Speaker 1: a bit below consensus at two UM. I'm actually very 267 00:15:28,320 --> 00:15:31,680 Speaker 1: interested in what happens to the revisions um um. Sometimes 268 00:15:31,720 --> 00:15:33,600 Speaker 1: you know, I think we always have missed what happens 269 00:15:33,600 --> 00:15:39,120 Speaker 1: behind the scenes. But that's studying five increase in July, UM, 270 00:15:39,120 --> 00:15:41,320 Speaker 1: whatever of the not that is going to hold. And 271 00:15:41,640 --> 00:15:43,960 Speaker 1: you know the over three thousand jobs for a few 272 00:15:44,000 --> 00:15:46,560 Speaker 1: months before that as well, So revisions for sure, the 273 00:15:46,640 --> 00:15:49,720 Speaker 1: job was great. Our hourly earnings as a measure of 274 00:15:49,720 --> 00:15:53,720 Speaker 1: inflation would be good news if it's if it's pretty solid, 275 00:15:53,760 --> 00:15:57,600 Speaker 1: because again good news for consumers, for for household spending, 276 00:15:58,000 --> 00:15:59,840 Speaker 1: but of course bad news for the Fed because it 277 00:16:00,240 --> 00:16:02,120 Speaker 1: um suggest that they would have to tighten a bit 278 00:16:02,200 --> 00:16:04,760 Speaker 1: further um and maybe a bit of a bit longer 279 00:16:04,800 --> 00:16:07,600 Speaker 1: as well, depending on how much of the increase will be. 280 00:16:08,480 --> 00:16:10,760 Speaker 1: I've heard you talk about that before. A strong number 281 00:16:10,800 --> 00:16:13,440 Speaker 1: may be good for the economy, Uh, the FED would 282 00:16:13,480 --> 00:16:16,560 Speaker 1: have to keep tightening, though whereas a weak number maybe 283 00:16:16,600 --> 00:16:19,760 Speaker 1: not so delightful. However, the FED maybe not having to 284 00:16:19,800 --> 00:16:23,640 Speaker 1: be so aggressive. So then would the bottom line be 285 00:16:24,240 --> 00:16:30,720 Speaker 1: maybe higher employment not so bad. Higher employment is always 286 00:16:30,800 --> 00:16:33,880 Speaker 1: good for the macro economy. But you know, these days 287 00:16:33,920 --> 00:16:35,880 Speaker 1: it's it's so it's so warped off posts that you know, 288 00:16:35,920 --> 00:16:38,480 Speaker 1: we're you know, we're we're looking for almost hoping for 289 00:16:38,600 --> 00:16:40,040 Speaker 1: us someone. I don't know if I can say that, 290 00:16:40,360 --> 00:16:43,120 Speaker 1: but for a weaker figure, just to suggest that the 291 00:16:43,160 --> 00:16:45,120 Speaker 1: FED will can kind of breathe a little bit easier 292 00:16:45,160 --> 00:16:47,400 Speaker 1: and have a bit more breathing room. But of course, 293 00:16:47,440 --> 00:16:50,200 Speaker 1: you know, nobody wants to see, uh like a very 294 00:16:50,240 --> 00:16:53,400 Speaker 1: negative jobs report. So something you know, almost goldilocks is 295 00:16:53,560 --> 00:16:55,320 Speaker 1: you know something you know, like I said, two or 296 00:16:55,320 --> 00:16:57,440 Speaker 1: fifty thous and you know, for our call is is 297 00:16:57,520 --> 00:16:59,920 Speaker 1: still a strong number, but you know it wouldn't be head. 298 00:17:00,000 --> 00:17:02,160 Speaker 1: It is enough for the FED to, you know, for 299 00:17:02,240 --> 00:17:05,679 Speaker 1: people to start thinking about, you know, anything bigger than right. 300 00:17:05,720 --> 00:17:07,480 Speaker 1: That's a fine line to have to walk. But the 301 00:17:07,480 --> 00:17:10,919 Speaker 1: FED share himself had said that the labor market was imbalanced. 302 00:17:10,920 --> 00:17:14,399 Speaker 1: That's how he had described it, imbalanced. Now people do 303 00:17:14,480 --> 00:17:17,040 Speaker 1: seem to be waiting on the sidelines. But the jobs 304 00:17:17,160 --> 00:17:20,400 Speaker 1: are out there. I mean, we know that, But when 305 00:17:20,440 --> 00:17:24,320 Speaker 1: will things start to loosen up in terms of the 306 00:17:24,440 --> 00:17:27,120 Speaker 1: ventures of monetary policy or in terms of the job market. 307 00:17:27,160 --> 00:17:29,760 Speaker 1: I think for the job market, and once people start, um, 308 00:17:29,800 --> 00:17:32,760 Speaker 1: I mean, there's still eleven million jobs out there, you know, 309 00:17:32,840 --> 00:17:35,720 Speaker 1: waiting for for for takers. It is, it's crazy, and 310 00:17:35,760 --> 00:17:38,600 Speaker 1: you know it's almost um um double the number of 311 00:17:38,800 --> 00:17:41,840 Speaker 1: unemployed Americans, and it's uh, you know, you just need 312 00:17:41,880 --> 00:17:44,200 Speaker 1: to get those people back on, you know, off the sidelines, 313 00:17:44,240 --> 00:17:46,640 Speaker 1: back into the into the job market. You know, people 314 00:17:46,760 --> 00:17:49,280 Speaker 1: have retired early, for example, and you know they might 315 00:17:49,320 --> 00:17:51,119 Speaker 1: have to be enticed, you know too, you know with 316 00:17:51,760 --> 00:17:53,520 Speaker 1: you know, different types of curates to to be brought 317 00:17:53,600 --> 00:17:56,119 Speaker 1: back in. And at some point, you know, you know, 318 00:17:56,160 --> 00:17:58,560 Speaker 1: you can't stay off forever, and at some point you're 319 00:17:58,600 --> 00:18:00,600 Speaker 1: gonna have to come in for what of a reason. 320 00:18:00,720 --> 00:18:05,119 Speaker 1: But you know, once they'll start those jobs opening start declining, 321 00:18:05,119 --> 00:18:07,199 Speaker 1: I think, you know, we'll probably be an indication that 322 00:18:07,280 --> 00:18:08,919 Speaker 1: it's you know, that's not as tight as it used 323 00:18:08,960 --> 00:18:11,520 Speaker 1: to be. Now. When we started this interview, you mentioned 324 00:18:11,600 --> 00:18:14,320 Speaker 1: that even more important than today's jobs report is the 325 00:18:14,359 --> 00:18:17,640 Speaker 1: CPI report coming out in September. Are you already looking 326 00:18:17,680 --> 00:18:21,320 Speaker 1: ahead to September and that CPI report. We are, so 327 00:18:21,440 --> 00:18:23,720 Speaker 1: you know, we're we're looking I mean, we're I don't 328 00:18:23,760 --> 00:18:25,560 Speaker 1: think we're going to go back to that nine point 329 00:18:25,560 --> 00:18:28,640 Speaker 1: one UM peak that we saw a couple of months ago. 330 00:18:28,760 --> 00:18:30,679 Speaker 1: So the fact that we're just pulled away from that 331 00:18:30,800 --> 00:18:34,160 Speaker 1: is is very encouraging news. At the same time, you know, um, 332 00:18:34,320 --> 00:18:37,960 Speaker 1: I think inftation is going to remain elevated, like elevated 333 00:18:38,119 --> 00:18:40,920 Speaker 1: enough so that the Fed will continue to raise rates 334 00:18:41,000 --> 00:18:44,200 Speaker 1: over the course of the rest of So we're looking 335 00:18:44,200 --> 00:18:47,560 Speaker 1: for you know, a fifty basis point hike uh in September, 336 00:18:48,040 --> 00:18:51,879 Speaker 1: um the month after that, and then in December. But 337 00:18:52,160 --> 00:18:53,879 Speaker 1: you know, there's if there's a risk it would be 338 00:18:53,880 --> 00:18:56,280 Speaker 1: that day tighten a bit more. But again, it all 339 00:18:56,760 --> 00:18:59,600 Speaker 1: it will probably settle on whatever happens to the August 340 00:18:59,640 --> 00:19:04,160 Speaker 1: cp Alright, Senior economists Jennifer Lee at BEMO Capital Markets. 341 00:19:04,200 --> 00:19:06,119 Speaker 1: Always a pleasure. Thank you for taking the time with 342 00:19:06,200 --> 00:19:09,119 Speaker 1: us on this Friday morning, as we look ahead to 343 00:19:09,240 --> 00:19:12,080 Speaker 1: the August jobs report that is coming out just a 344 00:19:12,080 --> 00:19:15,119 Speaker 1: couple of hours from now. We're gonna keep you posted 345 00:19:15,359 --> 00:19:18,040 Speaker 1: with those numbers still ahead on Bloomberg Daybreak, we'll be 346 00:19:18,119 --> 00:19:21,000 Speaker 1: checking the markets and bring you the latest news in business, 347 00:19:21,040 --> 00:19:23,560 Speaker 1: economics and finance. Let's do a quick day to check 348 00:19:23,600 --> 00:19:26,320 Speaker 1: for U S and P futures UH down a quarter, 349 00:19:26,440 --> 00:19:30,520 Speaker 1: Dow futures down to NASDAC futures down seven, and a 350 00:19:30,600 --> 00:19:33,919 Speaker 1: quarter of the ten year treasury down one thirty second, 351 00:19:34,000 --> 00:19:37,440 Speaker 1: the yield at three point to six percent, the two 352 00:19:37,520 --> 00:19:41,560 Speaker 1: year yield at three point five percent. Much more still 353 00:19:41,600 --> 00:19:44,440 Speaker 1: to come. On this Friday morning edition of Bloomberg Daybreak, 354 00:19:44,440 --> 00:19:47,280 Speaker 1: We're gonna take a closer look at what President Biden 355 00:19:47,400 --> 00:19:51,280 Speaker 1: said about former President Trump in his primetime speech last night, 356 00:19:51,480 --> 00:19:53,840 Speaker 1: some of the reaction to that, and we'll continue to 357 00:19:53,840 --> 00:19:58,560 Speaker 1: look ahead at today today's August jobs report. Much more 358 00:19:58,560 --> 00:20:00,720 Speaker 1: still to come on Bloomberg Daybreaks with us. This is 359 00:20:00,720 --> 00:20:10,520 Speaker 1: Bloomberg Bloomberg eleven three oh weather. Abundant sunshine today going 360 00:20:10,600 --> 00:20:14,440 Speaker 1: up to eighty degrees, eighty five tomorrow for Sunday, sunshine 361 00:20:14,440 --> 00:20:17,000 Speaker 1: going up to ninety and then eighty degrees on Labor 362 00:20:17,080 --> 00:20:24,960 Speaker 1: Day with Cloudy's Guys, broadcasting live from the Bloomberg Interactive 363 00:20:25,000 --> 00:20:28,040 Speaker 1: Broker Studio in New York. Bloomberg e Living Free on 364 00:20:28,240 --> 00:20:32,800 Speaker 1: to Washington, d C, Bloomberg to Boston, Bloomberg one six 365 00:20:32,840 --> 00:20:36,080 Speaker 1: one to San Francisco, Bloomberg M sixty to the country 366 00:20:36,160 --> 00:20:39,159 Speaker 1: Sirius XM CHADO one nine team and around the globe 367 00:20:39,240 --> 00:20:42,840 Speaker 1: the Bloomberg Business app and Bloomberg Radio dot Com. This 368 00:20:43,160 --> 00:20:52,080 Speaker 1: is Bloomberg Daybreak. It's five thirty on Wall Street. Good 369 00:20:52,119 --> 00:20:55,520 Speaker 1: Friday morning. I'm Any Morris and I'm Karen Most. Were 370 00:20:55,600 --> 00:20:58,159 Speaker 1: just about four hours away from the open of US trading. 371 00:20:58,200 --> 00:20:59,679 Speaker 1: Let's get you up to date on the news you 372 00:20:59,680 --> 00:21:01,679 Speaker 1: need to know at this hour. We begin with some 373 00:21:01,800 --> 00:21:04,879 Speaker 1: stability and equity markets to close the trading week. The 374 00:21:05,080 --> 00:21:09,040 Speaker 1: SNP and DAB both snapping four day losing streaks yesterday. 375 00:21:09,240 --> 00:21:12,719 Speaker 1: Still August in September are traditionally tough months for investors. 376 00:21:12,920 --> 00:21:17,040 Speaker 1: Ther pandit is Global Market Strategist with JP Morgan Asset Management. 377 00:21:17,359 --> 00:21:19,520 Speaker 1: We need to be really careful about how we're looking 378 00:21:19,560 --> 00:21:22,160 Speaker 1: at stocks and very much looking at the bottoms up basis, 379 00:21:22,200 --> 00:21:26,040 Speaker 1: being selective about earnings, being selective about valuations. There are 380 00:21:26,080 --> 00:21:28,320 Speaker 1: still areas of froth in the market that we need 381 00:21:28,359 --> 00:21:30,320 Speaker 1: to to see come down, but a lot of that 382 00:21:30,359 --> 00:21:32,920 Speaker 1: has taken place already, so I do think we don't 383 00:21:32,920 --> 00:21:36,240 Speaker 1: want to be overly defensive or overly cautious JP morgan'st 384 00:21:36,240 --> 00:21:41,440 Speaker 1: Mirra Pandit says investors should be focusing on high quality companies. Meantime, 385 00:21:41,480 --> 00:21:44,600 Speaker 1: global bonds have slumped into their first bear market in 386 00:21:44,640 --> 00:21:48,679 Speaker 1: a generation. The Bloomberg Global Aggregate Total Return Index of 387 00:21:48,760 --> 00:21:52,080 Speaker 1: Government and Investment GREG corporate bonds has fallen more than 388 00:21:52,960 --> 00:21:56,920 Speaker 1: from its peak. The direction of today's bond and equity 389 00:21:57,080 --> 00:21:59,800 Speaker 1: session may be determined by the August two jobs your 390 00:22:00,080 --> 00:22:02,040 Speaker 1: or game even get the reading at eight thirty Wall 391 00:22:02,119 --> 00:22:06,080 Speaker 1: Street time. Nila Richardson is a DPS Chief Economist. I'm 392 00:22:06,080 --> 00:22:09,880 Speaker 1: looking at two hundred and ninety thousand jobs. The key 393 00:22:09,960 --> 00:22:13,600 Speaker 1: numbers to watch within that report is the wage gains, 394 00:22:13,720 --> 00:22:16,639 Speaker 1: because that's what's important to the Fed and whether or 395 00:22:16,680 --> 00:22:20,119 Speaker 1: not the tightness of the labor market is actually leading 396 00:22:20,160 --> 00:22:23,000 Speaker 1: to a wage price spiral that the FED has to 397 00:22:23,000 --> 00:22:26,879 Speaker 1: take control. Hey, DPS Nila Richardson says, their softness in 398 00:22:26,920 --> 00:22:30,000 Speaker 1: the labor market and some sectors, specifically those sensitive to 399 00:22:30,119 --> 00:22:32,800 Speaker 1: interest rates. And please do stick with Bloomberg Radio and 400 00:22:32,800 --> 00:22:35,399 Speaker 1: television all morning for full coverage of the August jobs 401 00:22:35,440 --> 00:22:38,560 Speaker 1: report and join us at Wall Street time when we 402 00:22:38,600 --> 00:22:42,720 Speaker 1: speak live with US Labor Secretary Marty Walsh. Let's turn 403 00:22:42,720 --> 00:22:45,880 Speaker 1: to politics now, where President Biden is taking aim at 404 00:22:45,920 --> 00:22:49,720 Speaker 1: Donald Trump and so called maga Republicans, and last night's 405 00:22:49,760 --> 00:22:53,879 Speaker 1: primetime TV address, he urged Americans to fight Trump backed 406 00:22:53,920 --> 00:22:57,320 Speaker 1: candidates in the November midterms and reject those who deny 407 00:22:57,480 --> 00:23:02,399 Speaker 1: the election results. They're working right now as I speak, 408 00:23:02,480 --> 00:23:06,639 Speaker 1: and state after state to give power to decide elections 409 00:23:06,640 --> 00:23:10,680 Speaker 1: in America to partisans and cronies, and powering election to 410 00:23:10,800 --> 00:23:15,639 Speaker 1: niers to undermine democracy itself. President Biden also said the 411 00:23:15,680 --> 00:23:19,760 Speaker 1: majority of Republicans are not so called extreme mega Republicans. 412 00:23:20,040 --> 00:23:22,760 Speaker 1: And a quick note Amy on corporate leadership this morning, 413 00:23:22,800 --> 00:23:26,480 Speaker 1: Starbucks has named a luxman Nerrassment as its next CEO. 414 00:23:26,760 --> 00:23:28,960 Speaker 1: Futures this morning are little Chaine straight. I had your 415 00:23:29,000 --> 00:23:32,919 Speaker 1: latest local headlines, plus a check of sports, and this 416 00:23:33,280 --> 00:23:39,840 Speaker 1: is Bloomberg. Thank you care, and it's by thirty three 417 00:23:39,840 --> 00:23:42,360 Speaker 1: on Wall Street. Let's bring in Michael bar with more 418 00:23:42,359 --> 00:23:44,119 Speaker 1: on what else is going on in New York and 419 00:23:44,160 --> 00:23:46,520 Speaker 1: around the world. Thank you very much. Amy. A former 420 00:23:46,560 --> 00:23:49,680 Speaker 1: New York City police officer, says he wishes he had 421 00:23:49,800 --> 00:23:53,160 Speaker 1: never gone to the Capitol. On January six, a court 422 00:23:53,240 --> 00:23:56,840 Speaker 1: gave Thomas Webster the longest prison sentence yet for that attack. 423 00:23:57,200 --> 00:23:59,720 Speaker 1: Webster will spend the next ten years in prison, three 424 00:23:59,760 --> 00:24:03,240 Speaker 1: years longer than the most severe punishment given any of 425 00:24:03,280 --> 00:24:07,280 Speaker 1: the January six Capital rioters. Webster, sobbing and Chords, says 426 00:24:07,359 --> 00:24:11,200 Speaker 1: that he was overwhelmed and frustrated by the false stolen 427 00:24:11,240 --> 00:24:15,119 Speaker 1: election claims. A u N inspection team has arrived at 428 00:24:15,240 --> 00:24:19,160 Speaker 1: Ukraine's nuclear power plant that is occupied by Russian troops. 429 00:24:19,520 --> 00:24:22,959 Speaker 1: The team from the International Atomic Energy Agency reached the 430 00:24:23,040 --> 00:24:27,280 Speaker 1: site amid fighting between Russian and Ukrainian forces that prompted 431 00:24:27,320 --> 00:24:30,480 Speaker 1: the shutdown of one reactor. I a e H. Chief 432 00:24:30,560 --> 00:24:34,040 Speaker 1: Raffael Grossy. Of course there's a lot more to do. 433 00:24:34,720 --> 00:24:38,920 Speaker 1: My team is staying on and more importantly and most importantly, 434 00:24:39,080 --> 00:24:42,479 Speaker 1: we are establishing a continued presence by the from the 435 00:24:42,560 --> 00:24:47,000 Speaker 1: i e A i a e H Chief Raffael Groscy. 436 00:24:47,280 --> 00:24:52,160 Speaker 1: The CDC endorsed updated COVID nineteen boosters that tweaked shots 437 00:24:52,200 --> 00:24:55,359 Speaker 1: made by Fiser and rival Moderna offer Americans a chance 438 00:24:55,400 --> 00:24:57,760 Speaker 1: to get the most up to date protection. Dr A. 439 00:24:57,840 --> 00:25:00,320 Speaker 1: Lock Patel. We're not going to eradicate COVID night a team, 440 00:25:00,480 --> 00:25:02,040 Speaker 1: but we have to do what we can to hedge 441 00:25:02,080 --> 00:25:06,400 Speaker 1: our behavior against any potential infections. False surgeon also long 442 00:25:06,480 --> 00:25:09,359 Speaker 1: COVID and all these other complications. Dr and Lock Patel 443 00:25:09,520 --> 00:25:12,639 Speaker 1: spoke to ABC. The pandemic has taken a toll on 444 00:25:12,760 --> 00:25:16,560 Speaker 1: public education. A new federal study shows declines in the 445 00:25:16,600 --> 00:25:19,040 Speaker 1: reading and math scores of nine year olds compared to 446 00:25:20,200 --> 00:25:22,960 Speaker 1: Dr Peggy Carr with the U. S Department of Education 447 00:25:23,000 --> 00:25:26,280 Speaker 1: says access to instructors could be part of the problem. 448 00:25:26,520 --> 00:25:31,800 Speaker 1: Lower income students and students who are already struggling academically 449 00:25:31,840 --> 00:25:35,480 Speaker 1: said they were less likely to say they had access 450 00:25:35,520 --> 00:25:39,520 Speaker 1: to teachers. This is not good. Dr Carr says the 451 00:25:39,560 --> 00:25:42,600 Speaker 1: average math score fell seven points while the average reading 452 00:25:42,640 --> 00:25:46,640 Speaker 1: score fell five points. To Level's last scene two decades ago. 453 00:25:47,040 --> 00:25:49,480 Speaker 1: Global News twenty four hours a day on air and 454 00:25:49,560 --> 00:25:52,320 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 455 00:25:52,359 --> 00:25:55,040 Speaker 1: journalists and analysts in more than a hundred twenty countries. 456 00:25:55,080 --> 00:25:58,040 Speaker 1: How Michael bar this is Bloomberg Gaming? All right? Thank you, 457 00:25:58,080 --> 00:26:05,359 Speaker 1: Michael on Wall Street Time now for the Bloomberg Sports update. 458 00:26:05,400 --> 00:26:08,440 Speaker 1: Here's John stash Our. Thanks Amy. When Knicks fans see 459 00:26:08,480 --> 00:26:11,600 Speaker 1: their team play Cleveland, and they watched Donovan Mitchell playing 460 00:26:11,640 --> 00:26:13,600 Speaker 1: for the Cavs. They're gonna wonder why he's not wearing 461 00:26:13,600 --> 00:26:16,320 Speaker 1: a Knicks uniform instead. Mitchell's New York native wanted to 462 00:26:16,320 --> 00:26:18,800 Speaker 1: come home. The Knicks clearly wanted to acquire him, but 463 00:26:18,840 --> 00:26:22,119 Speaker 1: they kept filling Utah was asking for too much in return, 464 00:26:22,119 --> 00:26:24,479 Speaker 1: and now he's off to the cast the Jazz instead 465 00:26:24,560 --> 00:26:28,040 Speaker 1: taking the Cleveland offer. Colin Sexton Larry Market in first 466 00:26:28,080 --> 00:26:30,800 Speaker 1: round draft picks in two thousand, twenty five, seven, and 467 00:26:30,920 --> 00:26:33,919 Speaker 1: twenty nine in City Field, Mets facing Clayton kerschar just 468 00:26:33,960 --> 00:26:35,840 Speaker 1: came off the injury list. They trailed at Dodgers three 469 00:26:35,880 --> 00:26:37,520 Speaker 1: to one, but they got to the l a bullpen 470 00:26:37,840 --> 00:26:39,480 Speaker 1: two runs in the sixth in ain't two more in 471 00:26:39,560 --> 00:26:42,560 Speaker 1: the seventh, the five three win for Chris Passon's twelve victory. 472 00:26:42,960 --> 00:26:45,359 Speaker 1: Let's take two of three from a Dodger team whose 473 00:26:45,359 --> 00:26:49,159 Speaker 1: record is ninety and forty. Mets her home tonight for Washington. 474 00:26:49,200 --> 00:26:51,840 Speaker 1: The Nationals are the MLB's worst team, and the let's 475 00:26:51,840 --> 00:26:54,680 Speaker 1: play sixteen games in a row now versus sub five 476 00:26:54,760 --> 00:26:58,280 Speaker 1: hundred teams. Atlanta still three games behind Frays. Rookie Spencer 477 00:26:58,480 --> 00:27:01,320 Speaker 1: Strider shut out Colorado when eight only two hits and 478 00:27:01,320 --> 00:27:05,439 Speaker 1: he struck out sixteen meserable month of August over for 479 00:27:05,440 --> 00:27:07,479 Speaker 1: the Yankees, they went ten and eighteen. It was their 480 00:27:07,520 --> 00:27:11,280 Speaker 1: worst months since nineteen and they're a last leaders, down 481 00:27:11,280 --> 00:27:13,960 Speaker 1: to six over Tampa Bay and they visit the Rays 482 00:27:14,080 --> 00:27:17,960 Speaker 1: this weekend. At the US Open, Raphael Nadal playing last night, 483 00:27:18,040 --> 00:27:21,199 Speaker 1: his racquet hit his nose on his follow through. His 484 00:27:21,320 --> 00:27:24,120 Speaker 1: nose was bloody and it all felt dizzy. He said 485 00:27:24,200 --> 00:27:26,399 Speaker 1: later that had never happened before. He was able to 486 00:27:26,400 --> 00:27:28,639 Speaker 1: finish the match and winning fours. That's the third seedon 487 00:27:28,680 --> 00:27:32,520 Speaker 1: Spaniard Carlos Alcarez won his Master to the American Frances Tfo. 488 00:27:32,880 --> 00:27:36,159 Speaker 1: On the women's side, Danielle Collins, Jesspergua Venus and Serena 489 00:27:36,160 --> 00:27:38,960 Speaker 1: Williams lost their doubles match. Serena back at Arthur Ashe 490 00:27:39,000 --> 00:27:43,480 Speaker 1: Stadium tonight. John Stashward Bloomberg Sports. All right, thank you, John, 491 00:27:43,520 --> 00:27:46,040 Speaker 1: It's five thirty seven on Wall Street Time now for 492 00:27:46,080 --> 00:27:49,280 Speaker 1: the Tri State Business Report. Here with that is Bloomberg's 493 00:27:49,359 --> 00:27:52,720 Speaker 1: Ed Corey the Amazon Labor Union's victory at the Staten 494 00:27:52,760 --> 00:27:55,600 Speaker 1: Island Warehouse should be upheld, according to the US Labor 495 00:27:55,640 --> 00:27:59,160 Speaker 1: Board official. That deals a major setback to Amazon's efforts 496 00:27:59,160 --> 00:28:02,160 Speaker 1: to have the vote over turned. A hearing officers says 497 00:28:02,200 --> 00:28:05,360 Speaker 1: the company has not shown any objectionable conduct that affected 498 00:28:05,400 --> 00:28:09,879 Speaker 1: the results of the election. Casanovia College, a small private 499 00:28:10,040 --> 00:28:13,199 Speaker 1: school in New York, missed a bond payment to Thursday. 500 00:28:13,680 --> 00:28:16,960 Speaker 1: The college entered into a forbearance agreement with a trustee. 501 00:28:16,960 --> 00:28:19,720 Speaker 1: On the bond sale, the college sold twenty five million 502 00:28:19,760 --> 00:28:24,120 Speaker 1: dollars worth of tax exempt and taxable bonds. In New 503 00:28:24,200 --> 00:28:28,080 Speaker 1: Jersey's Economic Development Authority want to jump start the redevelopment 504 00:28:28,119 --> 00:28:32,119 Speaker 1: of underused government buildings and other publicly owned properties. A 505 00:28:32,119 --> 00:28:35,480 Speaker 1: new program offers grants worth up to fifty thou dollars, 506 00:28:35,680 --> 00:28:39,360 Speaker 1: which are being offered to pay for things like feasibilities studies, 507 00:28:39,480 --> 00:28:43,520 Speaker 1: market analysis, and other programs at your Bloomberg Try and 508 00:28:43,600 --> 00:28:47,360 Speaker 1: State Business Report. I'm Ed Corey. All right, thank you, Ed. 509 00:28:47,440 --> 00:28:50,920 Speaker 1: It is on Wall Street. Bloomberg Radio is on the 510 00:28:50,960 --> 00:28:54,120 Speaker 1: air from San Francisco to New York, London to Hong Kong. 511 00:28:54,480 --> 00:28:56,800 Speaker 1: Let's check in with our global news team for some 512 00:28:56,880 --> 00:28:59,480 Speaker 1: of the top stories heard on our three hundred affiliate 513 00:28:59,600 --> 00:29:05,760 Speaker 1: radio stations around the world. I'm Steve podas Gan on 514 00:29:05,880 --> 00:29:08,640 Speaker 1: K and X in Los Angeles. We're talking about NBC 515 00:29:08,920 --> 00:29:13,960 Speaker 1: Universal exploring massive television budget cuts. I'm Corney Donahuan k 516 00:29:14,160 --> 00:29:16,800 Speaker 1: Fabian Omaha. The cost of growing food in the US 517 00:29:16,880 --> 00:29:19,160 Speaker 1: is set to rise by the most ever this year. 518 00:29:19,400 --> 00:29:22,720 Speaker 1: I'm Stephen Carroll on DAB Digital Radio and London. We've 519 00:29:22,720 --> 00:29:25,560 Speaker 1: been reporting on hopes that gas flows will return through 520 00:29:25,560 --> 00:29:28,880 Speaker 1: the North Stream pipeline from Russia on Saturday, and Lisa 521 00:29:28,920 --> 00:29:31,440 Speaker 1: Matteo and on w b Z in Boston, I'll be 522 00:29:31,520 --> 00:29:35,400 Speaker 1: reporting on Starbucks naming a new chief. I'm a Gory 523 00:29:35,480 --> 00:29:39,200 Speaker 1: on w w J in Detroit. I'm reporting Myers launching 524 00:29:39,240 --> 00:29:44,680 Speaker 1: a neo small format grocery store. And those are some 525 00:29:44,760 --> 00:29:48,560 Speaker 1: of the stories our Bloomberg journalists and analysts are working 526 00:29:48,600 --> 00:29:51,760 Speaker 1: on this morning around the world. It's five thirty nine 527 00:29:51,800 --> 00:29:55,960 Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion. 528 00:29:56,240 --> 00:30:00,760 Speaker 1: This editorial was written by the Bloomberg Editorial Board. Federal 529 00:30:00,840 --> 00:30:04,600 Speaker 1: Reserve Chair Jerome Powell's speech at last week's Central Banking 530 00:30:04,640 --> 00:30:09,160 Speaker 1: Conference in Wyoming was brief, but financial markets took notice. 531 00:30:09,560 --> 00:30:13,760 Speaker 1: The SMP five hundred fell sharply as investors adjusted their 532 00:30:13,800 --> 00:30:16,800 Speaker 1: thinking on how tough the Fed is willing to be 533 00:30:17,000 --> 00:30:21,160 Speaker 1: to reign in inflation. Powell said that restoring price stability 534 00:30:21,280 --> 00:30:25,280 Speaker 1: is the Fed's over arching focus, which investors saw as 535 00:30:25,320 --> 00:30:28,760 Speaker 1: a new message. Yet the central Bank still has work 536 00:30:28,840 --> 00:30:33,400 Speaker 1: to do and explaining itself intelligibly, particularly since last week's 537 00:30:33,440 --> 00:30:36,600 Speaker 1: speech contained hints of a commitment to keeping rates high 538 00:30:36,840 --> 00:30:41,600 Speaker 1: regardless of circumstances. The fact remains the Fed can do 539 00:30:41,800 --> 00:30:45,520 Speaker 1: forward guidance or it can be nimble, but not both. 540 00:30:45,920 --> 00:30:48,680 Speaker 1: With the economy so hard to read, it should not 541 00:30:48,880 --> 00:30:52,560 Speaker 1: suggest that there's any set path high or low for 542 00:30:52,680 --> 00:30:57,200 Speaker 1: interest rates. The editorial was written by the Bloomberg Editorial Board. 543 00:30:57,440 --> 00:31:00,880 Speaker 1: For more Bloomberg opinion, please go to Bloomberg Calm Slash 544 00:31:00,880 --> 00:31:04,719 Speaker 1: Opinion or ope I n Go on the Bloomberg terminal. 545 00:31:05,040 --> 00:31:09,320 Speaker 1: This has been Bloomberg Opinion. Bloomberg Opinion editorials can be 546 00:31:09,360 --> 00:31:12,440 Speaker 1: heard every weekday at this time, and terminal customers can 547 00:31:12,440 --> 00:31:15,720 Speaker 1: read more at Opie I n go. What's more still 548 00:31:15,760 --> 00:31:17,880 Speaker 1: to com stay with us on Bloomberg Daybreak. This is 549 00:31:17,920 --> 00:31:25,400 Speaker 1: Bloomberg Bloomberg eleven three oh weather, abundant sunshine, We're going 550 00:31:25,480 --> 00:31:28,440 Speaker 1: up to eighty degrees today, sunshine tomorrow going up to 551 00:31:28,520 --> 00:31:31,240 Speaker 1: eighty five. It will be nithe on Sunday and Labor 552 00:31:31,320 --> 00:31:39,360 Speaker 1: Day eighty degrees with clouds, markets, headlines and breaking news 553 00:31:39,440 --> 00:31:42,040 Speaker 1: twenty four hours a day at Bloomberg dot Com, the 554 00:31:42,120 --> 00:31:52,640 Speaker 1: Bloomberg Business Outland at Bloomberg Quick Takes a Bloomberg Business Flash, 555 00:31:53,240 --> 00:31:56,600 Speaker 1: and I'm Karen Moscow. US Dock Index futures are little 556 00:31:56,720 --> 00:32:00,520 Speaker 1: change this morning ahead of key US john data that 557 00:32:00,560 --> 00:32:04,640 Speaker 1: could stir expectations for another sharp Federal Reserve interest rate hike. 558 00:32:04,720 --> 00:32:07,080 Speaker 1: We checked the markets every fifteen minutes throughout the trading 559 00:32:07,160 --> 00:32:10,760 Speaker 1: day on Bloomberg SNP and down futures about little change 560 00:32:10,840 --> 00:32:14,040 Speaker 1: nowasday futures are now moving a bit lower, down about 561 00:32:14,040 --> 00:32:16,800 Speaker 1: thirteen points. The decks in Germany is higher of one 562 00:32:16,800 --> 00:32:19,280 Speaker 1: point three percent, The ten year Treasury down one thirty 563 00:32:19,360 --> 00:32:21,960 Speaker 1: second yield three point to five percent. The yield on 564 00:32:22,040 --> 00:32:24,760 Speaker 1: the two year three point four nine percent. Nine X 565 00:32:24,760 --> 00:32:27,440 Speaker 1: Screwed oil is up two percent of a dollar seventy 566 00:32:27,480 --> 00:32:29,640 Speaker 1: seven at eighty eight dollars thirty eight cents of barrel 567 00:32:29,840 --> 00:32:32,720 Speaker 1: comes gold a half percent or seven dollar seventy cents 568 00:32:32,760 --> 00:32:35,800 Speaker 1: is seventeen seventeen ten an ounce, the euro is at 569 00:32:35,800 --> 00:32:39,080 Speaker 1: point against the dollar, British found one point one five 570 00:32:39,160 --> 00:32:41,920 Speaker 1: six two, the yen one forty point three four and 571 00:32:42,000 --> 00:32:45,880 Speaker 1: Bitcoin this morning is higher up three ten percent to 572 00:32:45,920 --> 00:32:49,560 Speaker 1: twenty thousand, one thirty dollars and as of Bloomberg Business Flash. Now, 573 00:32:49,600 --> 00:32:51,840 Speaker 1: here's Michael Barr with more on what's going on around 574 00:32:51,840 --> 00:32:54,360 Speaker 1: the world. Michael Karen, thank you very much. Holding back 575 00:32:54,480 --> 00:32:57,360 Speaker 1: little President Joe Biden is sounding an alarm about what 576 00:32:57,440 --> 00:33:01,440 Speaker 1: he views as extremist threats to the names democracy from 577 00:33:01,480 --> 00:33:05,760 Speaker 1: former President Trump and maga Republicans. In a primetime speech 578 00:33:05,840 --> 00:33:09,040 Speaker 1: last night, Biden frame the November elections as part of 579 00:33:09,080 --> 00:33:12,200 Speaker 1: an ongoing battle for the soul of the nation. A 580 00:33:12,280 --> 00:33:15,280 Speaker 1: man was arrested after pointing a gun at Argentina's vice 581 00:33:15,280 --> 00:33:18,280 Speaker 1: president and Buenos Aires. The man pulled the trigger, but 582 00:33:18,280 --> 00:33:21,480 Speaker 1: the gun did not fire. In tennis, Serena and Venus 583 00:33:21,520 --> 00:33:24,560 Speaker 1: Williams were eliminated after losing their doubles match in round 584 00:33:24,600 --> 00:33:27,720 Speaker 1: one at the US Open last night. Serena Williams will 585 00:33:27,720 --> 00:33:31,280 Speaker 1: play tonight in the third round of singles. In baseball, 586 00:33:31,280 --> 00:33:34,640 Speaker 1: the Mets, Red Sox and Orioles one the Nationals Beat, 587 00:33:34,680 --> 00:33:38,040 Speaker 1: the A seven five Global News twenty four hours a 588 00:33:38,160 --> 00:33:41,560 Speaker 1: day on air and on Bloomberg Quicktake Power about more 589 00:33:41,600 --> 00:33:45,360 Speaker 1: than hundred journalists and analysts more than a hundred twenty countries. 590 00:33:45,560 --> 00:33:48,760 Speaker 1: I'm Michael Barr, and this is Bloomberg Gaming. All right, 591 00:33:48,760 --> 00:33:52,440 Speaker 1: Thank you, Michael. It is on Wall Street. We're live 592 00:33:52,480 --> 00:33:56,440 Speaker 1: from the Bloomberg Interactive Brokers studios on Bloomberg Daybreak. President 593 00:33:56,480 --> 00:33:59,600 Speaker 1: Biden's primetime addressed to the nation last night sounded in 594 00:33:59,680 --> 00:34:02,640 Speaker 1: a law about what he viewsed as extremist threats to 595 00:34:02,680 --> 00:34:06,520 Speaker 1: the nation's democracy. We're joined live now by Bloomberg Government 596 00:34:06,520 --> 00:34:10,080 Speaker 1: reporter Jack Fitzpatrick and Jack. President Biden seems to want 597 00:34:10,080 --> 00:34:12,759 Speaker 1: to make voters angry, for lack of a better word, 598 00:34:12,840 --> 00:34:15,480 Speaker 1: over extremism, kind of take their frustration out at the 599 00:34:15,480 --> 00:34:18,960 Speaker 1: ballot box. What struck you about the president's speech last night? 600 00:34:19,440 --> 00:34:21,719 Speaker 1: You know, I I didn't go into it expecting any 601 00:34:21,800 --> 00:34:24,920 Speaker 1: huge surprises because he had given a similar speech two 602 00:34:25,040 --> 00:34:28,480 Speaker 1: days before, and I actually think that the main takeaway 603 00:34:28,560 --> 00:34:30,760 Speaker 1: here is just the fact that the President is trying 604 00:34:30,800 --> 00:34:35,480 Speaker 1: to use the most high profile, means possible prime time 605 00:34:35,560 --> 00:34:38,960 Speaker 1: speech at the site of the signing of the Constitution 606 00:34:39,000 --> 00:34:42,520 Speaker 1: in Philadelphia to emphasize this. But I will say the 607 00:34:42,560 --> 00:34:46,319 Speaker 1: fact that he named former President Donald Trump early on 608 00:34:46,600 --> 00:34:51,320 Speaker 1: directly in the speech, whereas President Biden previously had talked about, 609 00:34:51,560 --> 00:34:57,200 Speaker 1: you know, mega Republicans extremists January six without invoking Trump's name, 610 00:34:57,320 --> 00:34:59,680 Speaker 1: kind of trying to sidestep the idea that this is 611 00:34:59,680 --> 00:35:04,000 Speaker 1: a personal battle. In this case, he almost immediately mentioned 612 00:35:04,040 --> 00:35:06,960 Speaker 1: Donald Trump by name and said, that's the issue, That's 613 00:35:07,000 --> 00:35:10,640 Speaker 1: who I'm talking about. I don't know if it's possible 614 00:35:10,719 --> 00:35:15,120 Speaker 1: for him to, I guess metaphorically put Trump on the 615 00:35:15,160 --> 00:35:18,200 Speaker 1: ballot box, but he wants to communicate to people, Uh, 616 00:35:18,239 --> 00:35:22,439 Speaker 1: the centrality that Trump has in the Republican Party right now, 617 00:35:22,480 --> 00:35:25,960 Speaker 1: the influence he has on their primaries. Uh, and the 618 00:35:26,000 --> 00:35:30,080 Speaker 1: fact that the legal issues around Trump and his his 619 00:35:30,200 --> 00:35:34,319 Speaker 1: role on January six are are very relevant still. And 620 00:35:34,360 --> 00:35:36,880 Speaker 1: that stood out to me that he he almost immediately 621 00:35:36,880 --> 00:35:39,719 Speaker 1: mentioned Trump by name. We heard some concerns about this 622 00:35:39,800 --> 00:35:43,799 Speaker 1: possibly creating even deeper divisions within the country. Have you 623 00:35:43,880 --> 00:35:48,200 Speaker 1: been hearing similar reactions, Well, that's the Republican reaction. Uh, 624 00:35:48,239 --> 00:35:51,280 Speaker 1: you know, at this point, heading towards uh, the November 625 00:35:51,360 --> 00:35:56,560 Speaker 1: mid terms, I don't think you're going to get anything 626 00:35:56,600 --> 00:36:01,160 Speaker 1: but a pretty partisan response to a president's speech. And 627 00:36:01,200 --> 00:36:05,200 Speaker 1: the president's speech was fairly partisan. He was criticizing an 628 00:36:05,239 --> 00:36:08,719 Speaker 1: aspect of the Republican Party that he thinks is a 629 00:36:08,840 --> 00:36:12,480 Speaker 1: threat to democracy, and that's his argument. So we can't 630 00:36:12,480 --> 00:36:16,279 Speaker 1: exactly predict how will the general public respond to this, 631 00:36:16,320 --> 00:36:20,080 Speaker 1: Will it deepen divisions or not? But clearly the president 632 00:36:20,160 --> 00:36:25,320 Speaker 1: wanted to get the American people to focus more on 633 00:36:25,760 --> 00:36:29,600 Speaker 1: the threat of political violence. Uh, the remind people of 634 00:36:29,719 --> 00:36:33,560 Speaker 1: January six and uh And I guess it just flagged 635 00:36:33,640 --> 00:36:38,719 Speaker 1: that concern that it didn't go away with the election. Jack, 636 00:36:38,760 --> 00:36:40,359 Speaker 1: we only have about a minute here, but I wanted 637 00:36:40,360 --> 00:36:42,600 Speaker 1: to ask if he's trying to widen the tent. He 638 00:36:42,680 --> 00:36:46,640 Speaker 1: mentioned the difference between mainstream Republicans and MAGA Republicans. Is 639 00:36:46,680 --> 00:36:49,080 Speaker 1: he trying to get them in the democratic tent if 640 00:36:49,080 --> 00:36:51,960 Speaker 1: only for an election cycle? Yeah, this did seem to 641 00:36:52,000 --> 00:36:56,840 Speaker 1: be a speech focused not just on the Democratic core voters, 642 00:36:56,880 --> 00:36:59,960 Speaker 1: but maybe Republicans who don't like the direction of the 643 00:37:00,080 --> 00:37:03,520 Speaker 1: party in the last six years or so. Uh and 644 00:37:03,520 --> 00:37:07,759 Speaker 1: and probably any persuadable independence this this was a bit 645 00:37:07,800 --> 00:37:13,000 Speaker 1: of a very enthusiastic speech, but it was a speech 646 00:37:13,320 --> 00:37:17,920 Speaker 1: focused on persuading whoever might be persuadable on these issues, 647 00:37:18,040 --> 00:37:21,440 Speaker 1: rather than just speaking to Democrats. So he's making an 648 00:37:21,440 --> 00:37:25,560 Speaker 1: attempt in that regard. Alright, Bloomberg Government reporter Jack Fitzpatrick, 649 00:37:25,640 --> 00:37:27,440 Speaker 1: want to thank you for joining us, taking the time 650 00:37:27,480 --> 00:37:30,000 Speaker 1: with us on this Friday morning, talking to us about 651 00:37:30,000 --> 00:37:32,759 Speaker 1: President Biden's primetime address to the nation that last night. 652 00:37:33,040 --> 00:37:36,440 Speaker 1: Karen Amy, it is five fifty two on Wall Street. 653 00:37:36,480 --> 00:37:38,880 Speaker 1: It's time now for the Bloomberg Law Report. Let's get 654 00:37:38,920 --> 00:37:41,480 Speaker 1: to the legal stories we're launching this morning from Bloomberg. 655 00:37:41,600 --> 00:37:48,080 Speaker 1: Jeff Bellinger. A federal lawsuit a munch as Wells Fargo 656 00:37:48,320 --> 00:37:52,799 Speaker 1: is responsible for a one data breach that exposed sensitive data, 657 00:37:52,920 --> 00:37:57,120 Speaker 1: including social security numbers of thousands of customers. A Florida 658 00:37:57,200 --> 00:38:01,279 Speaker 1: pension fund issuing Avid Laboratories claiming company hid problems that 659 00:38:01,360 --> 00:38:04,120 Speaker 1: a baby formula plant that led to a recall, and 660 00:38:04,280 --> 00:38:08,120 Speaker 1: the nationwide formula shortage the music and streaming industries will 661 00:38:08,160 --> 00:38:11,239 Speaker 1: skip further legal wrangling. The two sides have a deal 662 00:38:11,320 --> 00:38:14,960 Speaker 1: that locks in streaming royalty rates for the next five years. 663 00:38:15,080 --> 00:38:19,920 Speaker 1: Bloomberg Law everything you need, all on one legal research platform, 664 00:38:20,080 --> 00:38:24,719 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 665 00:38:24,760 --> 00:38:28,520 Speaker 1: at Bloomberg Law dot com. All right, Jeff, thanks Now, 666 00:38:28,560 --> 00:38:31,600 Speaker 1: another legal news that we're watching this morning brings us 667 00:38:31,640 --> 00:38:35,160 Speaker 1: to investigations centered on Donald Trump. The former president is 668 00:38:35,520 --> 00:38:38,719 Speaker 1: fighting legal battle so the government on several fronts, and 669 00:38:38,760 --> 00:38:41,520 Speaker 1: we're learning those fights will not be resolved before the 670 00:38:41,560 --> 00:38:44,200 Speaker 1: midterm elections. For more of the reasons why and what 671 00:38:44,239 --> 00:38:47,120 Speaker 1: it could mean in November, Kimberly Robinson and Lydia Wheeler 672 00:38:47,160 --> 00:38:51,520 Speaker 1: speak with Bloomberg News reporter Chris Strom. There's two primary 673 00:38:51,719 --> 00:38:56,440 Speaker 1: reasons that we're not likely to see charges anytime soon. 674 00:38:56,760 --> 00:39:00,280 Speaker 1: The first one is that there's still a extensive amount 675 00:39:00,320 --> 00:39:03,000 Speaker 1: of work that needs to be done. Um. The government 676 00:39:03,160 --> 00:39:07,680 Speaker 1: has said in court filings just recently that with regard 677 00:39:07,719 --> 00:39:10,400 Speaker 1: to the investigations of the classified documents, they are in 678 00:39:10,440 --> 00:39:14,840 Speaker 1: the early stages of their investigation and new information continues 679 00:39:14,880 --> 00:39:19,720 Speaker 1: to come forward. The government is still collecting evidence, reviewing 680 00:39:19,760 --> 00:39:25,440 Speaker 1: evidence to determine the scope of any breaches, and there's 681 00:39:25,520 --> 00:39:29,239 Speaker 1: just not um uh, there's there's still a lot of 682 00:39:29,239 --> 00:39:32,200 Speaker 1: work for them to do in in both the Classified 683 00:39:32,200 --> 00:39:36,160 Speaker 1: Documents investigation, in the January six investigation, the second reason 684 00:39:36,400 --> 00:39:40,200 Speaker 1: is that UM, the Justice Department also has a policy 685 00:39:41,040 --> 00:39:46,600 Speaker 1: that no public actions should be taken in high profile 686 00:39:46,640 --> 00:39:51,600 Speaker 1: cases UM right before an election. UM that could be 687 00:39:51,640 --> 00:39:57,840 Speaker 1: seen as influencing the outcome of that election, and the 688 00:39:57,920 --> 00:40:02,560 Speaker 1: November elections are just around the corner. Traditionally, UM prosecutors 689 00:40:02,600 --> 00:40:06,680 Speaker 1: have looked at that policy as taking place sixty days 690 00:40:06,760 --> 00:40:10,480 Speaker 1: before an election, which in this case would be September ten. Now, 691 00:40:10,480 --> 00:40:13,759 Speaker 1: Trump is not on the ballot, but Trump's candidates are 692 00:40:13,800 --> 00:40:17,520 Speaker 1: on the ballot, and Trump represents a very significant political 693 00:40:17,520 --> 00:40:21,320 Speaker 1: force in this country, under which people in the Justice 694 00:40:21,360 --> 00:40:25,680 Speaker 1: Department UM believe that the policy applies to Trump in 695 00:40:25,680 --> 00:40:29,759 Speaker 1: this case. So you mentioned this policy that the DOJ has, 696 00:40:30,160 --> 00:40:33,360 Speaker 1: haven't There been some pretty high profile times though in 697 00:40:33,400 --> 00:40:38,440 Speaker 1: the past of the Department has ignored that policy. Yes, uh, 698 00:40:38,440 --> 00:40:42,840 Speaker 1: and department officials have come under criticism for doing so. 699 00:40:43,000 --> 00:40:45,839 Speaker 1: The most one of the most notable ones was when 700 00:40:45,920 --> 00:40:49,680 Speaker 1: James Coby, the former head of the FBI, UM, revealed 701 00:40:49,719 --> 00:40:53,080 Speaker 1: that the FBI was reopening the investigation into Hillary Clinton 702 00:40:53,760 --> 00:40:58,160 Speaker 1: h ten days before the two thousand and sixteen election. UM. 703 00:40:58,400 --> 00:41:04,000 Speaker 1: And so uh uh Comey was criticized UM really from 704 00:41:04,000 --> 00:41:08,600 Speaker 1: all corners or um making that decision in a lot 705 00:41:08,760 --> 00:41:11,160 Speaker 1: and doing it in a way that it became public 706 00:41:11,640 --> 00:41:15,960 Speaker 1: um and then um also in the election UM, the 707 00:41:16,200 --> 00:41:20,560 Speaker 1: former Attorney General Bill barr Uh came out right in 708 00:41:20,840 --> 00:41:23,479 Speaker 1: the in the days right before that election and said 709 00:41:23,480 --> 00:41:28,200 Speaker 1: that it would be okay for uh US prosecutors to 710 00:41:28,880 --> 00:41:33,000 Speaker 1: begin to talk publicly about investigations into election fraud and 711 00:41:33,360 --> 00:41:37,040 Speaker 1: their finding. And as Bloomberg News reporter Chris Strom speaking 712 00:41:37,040 --> 00:41:41,040 Speaker 1: with the Bloomberg's Kimberly Robinson and Lydia Wheeler. Catch more 713 00:41:41,040 --> 00:41:43,879 Speaker 1: in that interview plus analysis of the latest legal news 714 00:41:43,920 --> 00:41:46,719 Speaker 1: by subscribing to the Bloomberg Law Podcast or downloading the 715 00:41:46,800 --> 00:41:50,440 Speaker 1: show at Bloomberg dot com slash podcast. Attorneys can find 716 00:41:50,480 --> 00:41:53,960 Speaker 1: exceptional legal research and business development tools at Bloomberg Law 717 00:41:54,040 --> 00:41:57,320 Speaker 1: dot com and on the Bloomberg terminal at the Law Go. 718 00:41:58,000 --> 00:42:00,960 Speaker 1: And we're watching futures this morning. They are little change 719 00:42:01,040 --> 00:42:04,600 Speaker 1: that ahead of the Augusted jobs report. And if you're 720 00:42:04,600 --> 00:42:07,280 Speaker 1: looking at Europe, stocks are higher. The decks in Germany 721 00:42:07,360 --> 00:42:09,000 Speaker 1: is a one in a third percent to Cack and 722 00:42:09,040 --> 00:42:11,320 Speaker 1: baris a half percent. In the foot Sea one hundred 723 00:42:11,480 --> 00:42:14,080 Speaker 1: is up seven tenths of a percent n K to 724 00:42:14,200 --> 00:42:17,400 Speaker 1: twenty five in Japan. Little change today. The tenure treasury 725 00:42:17,440 --> 00:42:19,400 Speaker 1: down to two thirties seconds. You have three point to 726 00:42:19,560 --> 00:42:22,359 Speaker 1: six percent They yield on the two year three point 727 00:42:22,440 --> 00:42:25,200 Speaker 1: four and nine percent nine max Screwed oil is up 728 00:42:25,200 --> 00:42:27,440 Speaker 1: two point one percent, up a dollar eighty three at 729 00:42:27,480 --> 00:42:30,160 Speaker 1: eighty eight dollars forty four cents of barrel coll mex 730 00:42:30,200 --> 00:42:32,719 Speaker 1: schooled up half percent or eight dollars thirty cents at 731 00:42:32,719 --> 00:42:36,120 Speaker 1: one thousand and seven hundred seventeen dollars sixty cents. Announced 732 00:42:36,400 --> 00:42:39,200 Speaker 1: Bitcoin this morning is a twenty thousand, one hundred forty 733 00:42:39,239 --> 00:42:41,600 Speaker 1: dollars and still ahead on Bloomberg day break and check 734 00:42:41,640 --> 00:42:44,080 Speaker 1: on the business headlines and all the news you need 735 00:42:44,120 --> 00:42:46,759 Speaker 1: to start your day. And this is Bloomberg