Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Good morning, I'm Nathan
Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're
Speaker 1: following today.
Speaker 2: The big story this morning is in politics. President Biden
Speaker 2: is barreling closer to a twenty twenty four rematch with
Speaker 2: former President Donald Trump.
Speaker 3: They call it Super Tuesday for a reason.
Speaker 4: This is a big one.
Speaker 1: And they tell me, the pundits and otherwise that there's
Speaker 1: never been one like this.
Speaker 3: Has never been anything so conclusive.
Speaker 5: This was an amazing, an amazing night, an amazing day.
Speaker 2: The former president is celebrating after an ear clean sweep
Speaker 2: of the fifteen states in play on Super Tuesday. Republican
Speaker 2: Nikki Haley managed to win in Vermont, but it leaves
Speaker 2: her still far behind Trump in the delegate count. With
Speaker 2: twelve hundred and fifteen delegates needed to clinch the nomination,
Speaker 2: Trump now has nine hundred and ninety five to Hayley's
Speaker 2: eighty nine, and we have the Wall Street Journal reporting
Speaker 2: Nikki Haley will suspend her campaign in a speech this
Speaker 2: morning in the Charleston area. As for President Biden, he
Speaker 2: cruised to victory in all fifteen states in play on
Speaker 2: the Democratic.
Speaker 1: Side, well, Nathan Wild appears, a Biden Trump a rematch
Speaker 1: seems inevitable. Attention for many now turns to campaigning for
Speaker 1: the general election. Bloomberg News Senior editor Bill Ferries talked
Speaker 1: about strategies for the two front runners, beginning with Donald Trump.
Speaker 6: How he runs his campaign still remains to be seen,
Speaker 6: whether he holds these big rallies like he has traditionally
Speaker 6: done in the past. He hasn't been out campaigning as
Speaker 6: much as in the past, partly because he's had a
Speaker 6: lot of court cases to attend to and partly because
Speaker 6: he hasn't really needed to. He's been the leading candidate
Speaker 6: since this race started, and I think on President Biden's side,
Speaker 6: we're going to see him try to set the terms
Speaker 6: of this campaign going forward. On Thursday night in the US,
Speaker 6: when he gives his annual State of the Union. It's
Speaker 6: a good chance for him to set out what he
Speaker 6: thinks are his top accomplishments and the ways that he
Speaker 6: separates himself from Donald Trump.
Speaker 1: According to Bloomberg's Bill Ferries, a Biding campaign memo released
Speaker 1: this morning, he says reaching disaffected voters who opposed Trump
Speaker 1: could be a key part of the president's strategy.
Speaker 2: Karen super Tuesday also saw high profile Senate primaries in California.
Speaker 2: It's now down to the man who led the Trump
Speaker 2: impeachment probes in the House versus a former baseball all star.
Speaker 2: We get the details from Bloomberg's Ed Baxter. In San Francisco, it.
Speaker 7: Will be Democrat Adam Schiff and Republican Steve Garvey. The
Speaker 7: group had been pretty tightly bunched and pulling a month ago,
Speaker 7: but Shift pulled out an interesting TV ad campaign portraying
Speaker 7: Garvey as too conservative for California. It booyed Shift, but
Speaker 7: also gave Garvey more name recognition. Garvey, of political novice,
Speaker 7: former star baseball player with the Dodgers and Padres, has
Speaker 7: stayed pretty low profile during the campaign. Now one of
Speaker 7: them will take Diane Feinstein's seat. It'll be a break
Speaker 7: in decades long history of at least one woman senator
Speaker 7: from California. Ed Baxter Bloomberg Radio.
Speaker 8: All Right, Ed, thank you Now.
Speaker 2: With almost half the votes counted, Adam Schiff has thirty
Speaker 2: three percent to Steve Garvey's thirty two percent.
Speaker 1: Taking a look at some other key races, Nathan Democratic
Speaker 1: Congressman Colin already won the Texas primary to take on
Speaker 1: Republican Senator Ted Cruz in November, already broke with President
Speaker 1: Biden over his handling of the Southern border. A Trump
Speaker 1: back candidate in Texas, Brandon Gill, won the primary for
Speaker 1: retiring Congressman Michael Burgess's House seat. Congressman Barry Moore won
Speaker 1: the Republican primary in an Alabama district that was redrawn
Speaker 1: to keep the black vote from being diluted, and in California,
Speaker 1: the vote is still too close to call on a
Speaker 1: ballot measure that would borrow six point four billion dollars
Speaker 1: to pay for new housing and treatment programs to fight homelessness.
Speaker 2: As former President Trump shifts his focus to the general election,
Speaker 2: Karen He reportedly met with Elon Musk and other potential
Speaker 2: donors on Sunday.
Speaker 8: We get more on that from Bloomberg stud Prisner.
Speaker 9: Trump is urgently seeking new donors to support his presidential campaign.
Speaker 9: The New York Times reports he is hoping to have
Speaker 9: a one on one meeting with Musk soon. It's not
Speaker 9: clear whether Musk plans to give money to the former
Speaker 9: president's twenty twenty four campaign. Musk has at times been
Speaker 9: at odds with the Biden administration. Back in twenty twenty two,
Speaker 9: Musk said he had voted Republican for the first time ever.
Speaker 9: Needless to say, last night, Trump and President Biden moved
Speaker 9: closer to a rematch in November's general election in New York.
Speaker 9: I'm Doug Prisoner, Bloomberg Radio.
Speaker 1: All Right, Doug, thank you well, let's turn to the economy. Now,
Speaker 1: it's the big event. Wall Street has been waiting for.
Speaker 1: FED Chair j Powell begins his two day semi annual
Speaker 1: testimony before Congress. We get a preview from Bloomberg's Michael McKee.
Speaker 5: No doubt Powell's hearings will be dominated by the questions
Speaker 5: of when the Fed will lower interest rates and by
Speaker 5: how much Democrats would love cuts to kick off soon
Speaker 5: to better aid President Biden's re election campaign. Republicans have
Speaker 5: already signaled they'll be warning Powell not to politicize the
Speaker 5: Central Bank. Expect the chair to his it's the decision
Speaker 5: will be based on progress on inflation and nothing else.
Speaker 5: Wall Street won't like it, but he's not going to
Speaker 5: tip his hand on timing. Politics will be in the room, however,
Speaker 5: with the State of the Union address on Thursday night,
Speaker 5: Poull will likely be asked about the budget deficit, banking
Speaker 5: regulation and its money losing balance sheet. Michael McKee Bloomberg.
Speaker 8: Radio, Okay, Mike. Thanks.
Speaker 2: In company news, job cuts are reportedly coming to Morgan Stanley.
Speaker 2: Reuter's is reporting the bank has laid off about nine
Speaker 2: percent of its staff at its asset management business unit
Speaker 2: in China. The report says the headcount reduction began in
Speaker 2: December and effects about fifteen employees.
Speaker 1: While staying in the banking industry Nathan the Citigroup CEO,
Speaker 1: Jane Fraser says her reorganization, aimed at streamlining the bank
Speaker 1: and making it more competitive with its peers, has gone
Speaker 1: faster than expected. And we get the story from Bloomberg's
Speaker 1: Charlie Pillett.
Speaker 10: Her remarks came at the RBC Capital Market's Global Financial
Speaker 10: Institutions Conference in New York. As she sent out positive
Speaker 10: guidance for the year ahead. She said, quote, We're not
Speaker 10: going to make the mistakes we have made in the past.
Speaker 10: Fraser has been under closed scrutiny after initiating what's built
Speaker 10: as the largest restructuring of City Group in decades, designed
Speaker 10: to propel the firm from a banking underdog to one
Speaker 10: competitive with its more profitable peers in New York. Charlie
Speaker 10: Pellett Bloomberg Radio.
Speaker 2: All right, Charlie, thanks on another Wall Street giant, Goldman
Speaker 2: Sachs is zeroing in on Europe, the Middle East, and
Speaker 2: Africa as it continues building out its private banking operations
Speaker 2: for the world's wealthy. A senior Goldman executive says the
Speaker 2: banks recently hired at least six private wealth advisors in
Speaker 2: the region from rivals including JP Morgan, Chase, Credit, Sweee,
Speaker 2: and Rothschild In company, Goldman plans to continue looking outside
Speaker 2: the firm for additional advisors well.
Speaker 1: In Tech News, Nathan Apple's troubles and the European Union
Speaker 1: are just beginning, even after it was hit with the
Speaker 1: blog's third largest anti trust find ever. Tomorrow. The EU
Speaker 1: is betting that a sweeping new law will ran in
Speaker 1: the excesses of Apple and some of the world's most
Speaker 1: dominant tech firms after decades of market dominance that the
Speaker 1: bloc has struggled to contain. We spoke with EU Competition
Speaker 1: chief Margareth Vestigo.
Speaker 3: The messaging from the Apple case, of course, is don't
Speaker 3: do this. Stop What are you doing don't put anything
Speaker 3: in place that would have the same effect. We see
Speaker 3: an illegal abuse that has been ongoing for a number
Speaker 3: of years.
Speaker 1: US Competition Chief Margareth, investigator says the new Digital Markets
Speaker 1: Act will force tech giants to heed a strict list
Speaker 1: of does and don'ts or face the threat of significant fines.
Speaker 2: Now the look at the other stories making news in
Speaker 2: New York and around the world. We bring in Bloomberg's
Speaker 2: Michael Barr, Good Morning, Michael.
Speaker 4: Good morning, Nathan. More legal trouble for New Jersey Democratic
Speaker 4: Senator Bob Menendez and his wife. Prosecutors have now added
Speaker 4: obstructing justice charges to those he already faces. The new
Speaker 4: accusations appear to result from last week's guilty place of
Speaker 4: co defended Jose Eribe agreeing to cooperate againstent of Menendez.
Speaker 4: Euribe has admitted to providing the senator's wife of Mercedes Benz,
Speaker 4: in exchange for the senator's help. The senator and his
Speaker 4: wife claim they thought they were loans. Independent Senator Kirsten Cinema,
Speaker 4: No of Arizona, says she will not run for a
Speaker 4: second term. Cinema, who switched to party affiliation from Democrat
Speaker 4: to Independent in twenty twenty two was trailing in third
Speaker 4: place and polls. She criticized part of some dysfunction in
Speaker 4: Congress in announcing her much anticipated decision.
Speaker 11: The only political victories that matter these days are symbolic
Speaker 11: attacking your opponents on cable news or social media. Compromise
Speaker 11: is a dirty word. We've arrived at that crossroad, and
Speaker 11: we chose anger and division.
Speaker 4: With Cinema out, it now likely leaves it a race
Speaker 4: between Democrat Reuben Diego and Republican Carrie Lake. A House
Speaker 4: committee on the coronavirus pandemic has subpoena former New York
Speaker 4: Governor Andrew Cuomo to testify May twenty fourth about his
Speaker 4: twenty twenty man date forcing state nursing homes and long
Speaker 4: term care facilities to admit or readmit potentially contagious and
Speaker 4: untested COVID nineteen patients. According to the panel chair, Ohio
Speaker 4: Republican bad Grad Windscript, he says, not only did the
Speaker 4: former governor put the elderly in harm's way, but he
Speaker 4: also attempted to cover up his failures by hiding the
Speaker 4: true nursing home death rate. Cuomo's lawyer Rita Glavin says
Speaker 4: that this is pure political theater. No ceasefire agreement yet
Speaker 4: between Israel and a MOSS. Talks with Mos and Cairo
Speaker 4: ended with no breakthrough. White House National Security Communications Advisor
Speaker 4: John Kirby says, is up to a Moss to make
Speaker 4: a move.
Speaker 12: What we're looking for and what we want temporary cease
Speaker 12: fire for about six weeks. That'll allow us to get
Speaker 12: more aid in and more importantly, get all those hostages
Speaker 12: back with their families where they belong and reduce the violence.
Speaker 12: That's the deal on the table, and as the President
Speaker 12: also said today, it's a rational deal. And the Israelis
Speaker 12: have been cooperating, they have been negotiating in good faith
Speaker 12: on this. It's time for Hamas to step up to
Speaker 12: the plate, take a swing, and let's get this thing done.
Speaker 4: Global News twenty four hours a day and whenever you
Speaker 4: want it with Bloomberg News Now. I'm Michael Barrn. This
Speaker 4: is Bloomberg Nather.
Speaker 8: Thank you, Michael.
Speaker 2: Time out for the Bloomberg Sports Update, brought to you
Speaker 2: by Trice Date out he with John stash Hoer.
Speaker 13: All right, Nathan the next at the garden again without
Speaker 13: four starters. The MRI on Jalen Brunson's knee came back clean,
Speaker 13: but they didn't want to rush him back, and the
Speaker 13: Knicks came out flat. Trailed Atlanta by twenty two in
Speaker 13: the first half, did rally to tie, but never took
Speaker 13: the lead. The Hawks, who were without their top scorer
Speaker 13: Trey Young, pulled away one sixteen to one hundred. Nick
Speaker 13: shot only thirty eight percent. They took fifty two to
Speaker 13: three pointers, also out rebounded by eleven. The coach is
Speaker 13: Tom Thibodeau.
Speaker 14: The rebounding was a problem that was that was a
Speaker 14: bigger concern for me than you know, like mishots are
Speaker 14: part of the game. Your rebounding. That's important, and we
Speaker 14: didn't rebound the ball the way.
Speaker 4: You know.
Speaker 14: It was one or the few times we got out rebounding.
Speaker 13: It's that nine game winning streak. Knicks for four and nine,
Speaker 13: two and seven at home, they host Orlando Friday at
Speaker 13: Barkley's Nets beat The Sixers won twelve one oh seven.
Speaker 13: In Cleveland, Celtics seemed on their way to a twelve
Speaker 13: in a row, up by twenty two in the fourth quarter.
Speaker 13: The Cavs, playing without their top scorer Donovan Mitchell rallied
Speaker 13: to win by one. Phoenix won an overtime at Denver.
Speaker 13: Kevin Durant scored thirty five the Devil's first game for
Speaker 13: new coach Travis Green. They lost at home to Florida
Speaker 13: five to three, Islanders down to nothing, came back beat
Speaker 13: Saint Louis four to two. Edmonton a two to one
Speaker 13: overtime win at Boston easily went for Saint John's one
Speaker 13: o four to seventy seven at De Paul, who had
Speaker 13: three and twenty seven as the worst record in the nation,
Speaker 13: top two in the Big Ten, met third rank Perdue
Speaker 13: one at Illinois and Fort Saint Lucie. Mets beat the
Speaker 13: Yankees five to four. Tyler McGill three scoreless innings. Not
Speaker 13: a surprise that the Giants are not giving Saquon Barkley
Speaker 13: the franchise tag as they did last year. It doesn't
Speaker 13: necessarily mean his Giant's career is over, but he'll be
Speaker 13: a free agent, will certainly listen to other offers. Also
Speaker 13: no tag for safety Xavier McKinney. You just at his
Speaker 13: best season. He'll also be a free agent, and free
Speaker 13: agency begins in one week. John Stashenawer Bloomberg Sports.
Speaker 2: Want to get right back to Super Tuesday and The Aftermath.
Speaker 2: We're joined by Wendy Schiller, director of the Alfred Talbin
Speaker 2: Center for American Politics and Policy at Brown University, and
Speaker 2: Wendy will lead with the new The Aftermath. For Nicki Haley,
Speaker 2: the Wall Street Journal is reporting that she will suspend
Speaker 2: her campaign to this morning in a speech in Charleston,
Speaker 2: South Carolina, and decline to make an endorsement at least
Speaker 2: at this point.
Speaker 8: Your reaction, well.
Speaker 15: I mean, I don't think, Maathan, this is unexpected. I
Speaker 15: think people thought she'd stay until, you know, yesterday, and
Speaker 15: then the maths is becoming insurmountable. And then you have
Speaker 15: to ask yourself, you know, why you taking donor dollars
Speaker 15: and why do not you set yourself up potentially for
Speaker 15: twenty twenty. You know, the important thing is what Nikki
Speaker 15: Helly does next? You know, does she you know, support
Speaker 15: Trump in the end a couple months from now, or
Speaker 15: does she stay quiet or does she actually try to
Speaker 15: undermine the Trump campaign. I mean, if you want to
Speaker 15: run twenty eight, I don't think that's going to be
Speaker 15: your strategy necessarily. But on the other hand, she seems
Speaker 15: to have attracted financial support and voter support from a
Speaker 15: decent sized wing of the Republican Party. So the question
Speaker 15: for her is how do I position myself for twenty
Speaker 15: eight not really what I can do in the remaining
Speaker 15: months of twenty four.
Speaker 2: Well, the reporting that we're seeing is that she's going
Speaker 2: to encourage the former president to earn the support of
Speaker 2: the Republican and independent voters who backed her throughout the campaign,
Speaker 2: and will continue to emphasize advocating conservative domestic and foreign
Speaker 2: policies that seem to be going against the direction that
Speaker 2: former President Trump is taking the party.
Speaker 15: Well, I mean, I think what we're going to see
Speaker 15: is that the campaign will rest on a personality of
Speaker 15: Donald Trump can contain himself. His campaign's death has been
Speaker 15: much better at keeping him contained since the New Hampshire
Speaker 15: primary where his speech was not well received, So that's
Speaker 15: been a turn. Most of the time he can't really
Speaker 15: contain him, but now he seems to be understanding that
Speaker 15: the less he says, generally speaking, the better he does.
Speaker 15: So that's going to be the big test. And can
Speaker 15: Joe Biden tomorrow night is the State of the Union
Speaker 15: give a robust enough speech to persuade you know, unhappy
Speaker 15: Democrats and also independent voters that he is worth investing
Speaker 15: in even you know, in November, given their concerns. So
Speaker 15: now the general campaign begins, and it's a long way
Speaker 15: it till November, and if the Trump campaign can keep
Speaker 15: him contained for a very long period of time, I
Speaker 15: think that makes the Biden camp much more worried and
Speaker 15: nervous because reminding everybody what Trump was like and what
Speaker 15: he said is rhetoric about women, et cetera, et cetera,
Speaker 15: versus you know, his generally decent record on the economy
Speaker 15: before the pandemic. That's going to be the big framing
Speaker 15: question as we go forward.
Speaker 8: Well, keeping Trump contained really is the big wild card,
Speaker 8: isn't it when you consider all the legal battles that
Speaker 8: the former president is going to be facing in the
Speaker 8: next several months leading up to the November election.
Speaker 15: Yeah, I mean, I think if the Biden campaign can
Speaker 15: resuscitate Biden's image as someone who's a productive and successful
Speaker 15: president and can do it again, then I think, you know,
Speaker 15: the Democrats, the poll numbers might shift a little bit,
Speaker 15: but Trump usually goes with what's working, and right now
Speaker 15: he seems to be persuaded that staying quiet is what's working.
Speaker 15: The board is still a big issue. I mean, these
Speaker 15: are the issues besides the pandemic that people worried about
Speaker 15: in twenty twenty. The thing is that if inflation continues
Speaker 15: to be steady, not go up, maybe go down a
Speaker 15: little bit, and people get used to the idea that
Speaker 15: we no longer have really massive inflation, although we still
Speaker 15: have pretty high grocery bills and smaller packaging. But if
Speaker 15: that happened and the economy stabilizes, no big layoffs, and
Speaker 15: this rhetoricat recession fades, by the summer, you're going to
Speaker 15: have two nominating conventions featuring these candidates, and people will
Speaker 15: go back to the choice they had in twenty twenty.
Speaker 15: That's the worry for the Trump campaign that it will
Speaker 15: revert back to twenty twenty in terms of this comparison,
Speaker 15: and in that case, Biden came out the winner.
Speaker 8: Is there a worry among either of the campaigns?
Speaker 2: Do you think that voters are just going to stay
Speaker 2: home in November when we have so many polls showing
Speaker 2: that the majority of Americans don't want this Biden Trump
Speaker 2: rematch that now looks inevitable, and despite the fact that
Speaker 2: we saw record turn out in twenty twenty. I mean,
Speaker 2: the dynamics are quite a bit different than they were
Speaker 2: four years ago, aren't they.
Speaker 15: They are, I mean, there's no question about that. But
Speaker 15: that was remember a pandemic, and we had a lot
Speaker 15: of mail in voting, and some of the products of that.
Speaker 15: Some additional states have now gone to all vote by mail.
Speaker 15: So that's what's interesting about that. So we'll have an
Speaker 15: election without vote by mail, and for both sides, particularly
Speaker 15: the Democrats, that presents a different organizational challenge than twenty twenty.
Speaker 16: This is Bloomberg Daybreak Today, your morning brief on the
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Speaker 8: I'm Nathan Hager.
Speaker 1: And I'm Karen Moscow. Join us again tomorrow morning for
Speaker 1: all the news you need to start your day right
Speaker 1: here on Bloomberg Daybreak