1 00:00:02,560 --> 00:00:05,880 Speaker 1: My from the Bloomberg Interacted Burger Studios is Bloomberg day 2 00:00:05,880 --> 00:00:08,959 Speaker 1: Break for two day, September twenty. It's two coming up 3 00:00:09,000 --> 00:00:11,480 Speaker 1: this hour, the Fed kicks off It's two day meeting 4 00:00:11,520 --> 00:00:14,319 Speaker 1: with another seventy five basis point rate hike on the table. 5 00:00:14,480 --> 00:00:16,919 Speaker 1: Treasury two year yields are poised to crack about four 6 00:00:16,960 --> 00:00:19,840 Speaker 1: percent for the first time in fifteen years. British Prime 7 00:00:19,840 --> 00:00:22,680 Speaker 1: Minister Liz trust is pessimistic about a trade deal with 8 00:00:22,720 --> 00:00:25,680 Speaker 1: the US, and four chairs drop on concerns of higher 9 00:00:25,680 --> 00:00:28,560 Speaker 1: supply costs. New York City is looking at legal action 10 00:00:28,600 --> 00:00:31,840 Speaker 1: involving the influx of migrants from Texas. Plus Hurricane Fiona 11 00:00:31,880 --> 00:00:35,760 Speaker 1: strengthens after devastating Puerto Rico. I'm Michael Barr More Ahead, 12 00:00:35,960 --> 00:00:38,440 Speaker 1: I'm John Stashower and sports the Mets cliff to playoff 13 00:00:38,520 --> 00:00:41,000 Speaker 1: Berth Max Scherzer picks them to victory, and Milwaukee Aaron 14 00:00:41,080 --> 00:00:44,520 Speaker 1: judge the Yankees tonight host Big Burg. That's all straight 15 00:00:44,560 --> 00:00:48,760 Speaker 1: Ahead on Bloomberg day Break on Bloomberg eleven, Treeo, New York, 16 00:00:48,920 --> 00:00:53,640 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 17 00:00:53,800 --> 00:00:58,760 Speaker 1: Bloomberg nine, San Francisco, sirius x M one nineteen and 18 00:00:58,840 --> 00:01:01,960 Speaker 1: around the world on Bloomberg Radio dot com and via 19 00:01:02,000 --> 00:01:09,600 Speaker 1: the Bloomberg Business Actor. Good morning, I'm Nathan Hagart and 20 00:01:09,640 --> 00:01:12,880 Speaker 1: I'm Karen Moscow and US dot Index futures are moving 21 00:01:12,920 --> 00:01:15,319 Speaker 1: lower this morning. We are coming up to five oh 22 00:01:15,360 --> 00:01:17,960 Speaker 1: one on Wall Street and we check the markets every 23 00:01:17,959 --> 00:01:20,800 Speaker 1: fifteen minutes throughout the trading day on Bloomberg. Right now, 24 00:01:20,880 --> 00:01:24,480 Speaker 1: SMP futures are down five points down, futures down nineteen, 25 00:01:24,560 --> 00:01:27,399 Speaker 1: NAS day futures down thirty one, and the decks in 26 00:01:27,440 --> 00:01:29,560 Speaker 1: Germany's down a third of u percent. The ten year 27 00:01:29,600 --> 00:01:32,600 Speaker 1: treasury down seven thirty seconds, you know, three point five 28 00:01:32,680 --> 00:01:34,920 Speaker 1: one percent, and they yield on the two year three 29 00:01:34,959 --> 00:01:38,119 Speaker 1: point nine to six percent. Nathan here in the SMP 30 00:01:38,280 --> 00:01:41,240 Speaker 1: five hundred snaffed to two day losing Street guest today. 31 00:01:41,280 --> 00:01:44,200 Speaker 1: But right now futures are falling just a bit. Ten 32 00:01:44,319 --> 00:01:47,319 Speaker 1: year treasury yields are hovering near three and a half percent, 33 00:01:47,319 --> 00:01:49,559 Speaker 1: while the yield on the two years poised to crack 34 00:01:49,680 --> 00:01:53,000 Speaker 1: four percent for the first time since two thousand seven. 35 00:01:53,320 --> 00:01:56,160 Speaker 1: Jake Jolly is a senior investment strategist at B and Y. 36 00:01:56,240 --> 00:01:59,280 Speaker 1: Melon I think it's going to be pretty toppy this week, right, 37 00:01:59,400 --> 00:02:03,760 Speaker 1: We're all waiting for Wednesday. We're all very attentive to 38 00:02:03,960 --> 00:02:06,240 Speaker 1: you know, what's going to be coming. Most notably, I 39 00:02:06,240 --> 00:02:08,720 Speaker 1: think in the summary of economic projections. I think everybody 40 00:02:08,760 --> 00:02:11,200 Speaker 1: feels like a FED watcher these days. But until then, 41 00:02:11,560 --> 00:02:13,519 Speaker 1: I think it's going to be a little bit choppy. 42 00:02:13,639 --> 00:02:15,799 Speaker 1: And the FED meeting mentioned by b n Y Melons 43 00:02:15,880 --> 00:02:19,520 Speaker 1: Jake Jolly, kicks off today. According to economists surveyed by Bloomberg, 44 00:02:19,560 --> 00:02:22,280 Speaker 1: the Central Bank will high grades by three quarters of 45 00:02:22,280 --> 00:02:25,840 Speaker 1: a percentage point for the third straight time. Lori Calvacina's 46 00:02:25,880 --> 00:02:31,000 Speaker 1: head of US equity strategy at RBC Capital Markets, they're 47 00:02:31,040 --> 00:02:33,079 Speaker 1: still in the seventy days this point camp that they've 48 00:02:33,080 --> 00:02:35,280 Speaker 1: certainly said that a hundred is on the table, and 49 00:02:35,440 --> 00:02:37,240 Speaker 1: it does seem like there's been pains to make that 50 00:02:37,280 --> 00:02:40,320 Speaker 1: messaging out there. It was a brutal day last week 51 00:02:40,360 --> 00:02:43,200 Speaker 1: after that CPI print, we had a five percent drop 52 00:02:43,200 --> 00:02:45,720 Speaker 1: in the mastack. So I do think that a lot 53 00:02:45,800 --> 00:02:47,480 Speaker 1: is baked in at this point in time, and I 54 00:02:47,560 --> 00:02:50,320 Speaker 1: think what the market continues to struggle with is not 55 00:02:50,400 --> 00:02:52,600 Speaker 1: just the aggressive action from the FED, but there were 56 00:02:52,720 --> 00:02:57,280 Speaker 1: economic ramification Lourie Calvacina at RBC says more companies could 57 00:02:57,320 --> 00:02:59,959 Speaker 1: downgrade their earnings forecast and that could lead to more 58 00:03:00,080 --> 00:03:03,920 Speaker 1: uncertainty for the markets. In Japan, Karen, inflation accelerated to 59 00:03:03,960 --> 00:03:06,520 Speaker 1: its fastest pace in more than three decades, and that's 60 00:03:06,560 --> 00:03:09,079 Speaker 1: creating headaches for the Bank of Japan. It will try 61 00:03:09,120 --> 00:03:12,600 Speaker 1: to explain why it needs to continue with monetary stimulus 62 00:03:12,600 --> 00:03:15,919 Speaker 1: when inflation is above its two percent goal. Consumer prices 63 00:03:15,960 --> 00:03:18,560 Speaker 1: excluding fresh food rose at an annual rate of two 64 00:03:18,639 --> 00:03:22,320 Speaker 1: point eight percent in August. Meantime, Nathan across Asia stocks 65 00:03:22,320 --> 00:03:25,200 Speaker 1: snapped a five day losing streak. Hopes at Hong Kong 66 00:03:25,320 --> 00:03:29,720 Speaker 1: will ease COVID restrictions helped boost sentiment, and we get 67 00:03:29,720 --> 00:03:33,280 Speaker 1: the recap from Bloomberg's Juliette Sally and Singapore. Good morning, Juliet, 68 00:03:33,400 --> 00:03:35,840 Speaker 1: Good morning, Nathan, and Karen. Indexes in Hong Kong, we're 69 00:03:35,880 --> 00:03:38,360 Speaker 1: up more than one percent one key gauge, climbing from 70 00:03:38,400 --> 00:03:40,800 Speaker 1: the edge of a bear market. As Hong Kong's chief 71 00:03:40,800 --> 00:03:43,960 Speaker 1: executive said, the city wants to relax COVID travel curbs 72 00:03:44,000 --> 00:03:46,920 Speaker 1: after nearly three years of restrictions. They off show you 73 00:03:46,920 --> 00:03:49,560 Speaker 1: one weekend despite the p BOC setting a stronger than 74 00:03:49,600 --> 00:03:53,040 Speaker 1: expected fix for a nineteenth day, and Chinese lenders kept 75 00:03:53,080 --> 00:03:57,880 Speaker 1: their loan prime rates unchanged. In Singapore, Juliet Sally Bloomberg Daybreak. 76 00:03:57,960 --> 00:04:00,480 Speaker 1: All right, Juliet, thank you. Let's turn to gel politics. 77 00:04:00,520 --> 00:04:03,120 Speaker 1: Now there's word this morning a trade deal between the 78 00:04:03,240 --> 00:04:07,000 Speaker 1: UK and the US is not likely anytime soon. Let's 79 00:04:07,040 --> 00:04:09,320 Speaker 1: go live to London and get the details from Bloomberg's 80 00:04:09,360 --> 00:04:12,320 Speaker 1: un Parts. Good morning, Good morning, Nathan and Karen. It's 81 00:04:12,360 --> 00:04:14,880 Speaker 1: the first foreign trip for Liz trust since she became 82 00:04:14,920 --> 00:04:18,359 Speaker 1: British Prime Minister two weeks ago, but touching down in 83 00:04:18,400 --> 00:04:21,279 Speaker 1: New York for the UN General Assembly, she told reporters 84 00:04:21,320 --> 00:04:24,120 Speaker 1: a trade deal between the UK and the US is 85 00:04:24,240 --> 00:04:27,880 Speaker 1: unlikely in the short all the medium term. An agreement 86 00:04:27,960 --> 00:04:30,240 Speaker 1: with the world's biggest economy has been an ambition for 87 00:04:30,279 --> 00:04:33,320 Speaker 1: post Brexit trade policy, but for now the new PM 88 00:04:33,320 --> 00:04:36,479 Speaker 1: accepts it's not going to happen anytime soon. In London, 89 00:04:36,480 --> 00:04:39,040 Speaker 1: Immune Parts in Bag Daybreak, are you and thank you? 90 00:04:39,080 --> 00:04:41,440 Speaker 1: Now to the latest and the war in Ukraine, the 91 00:04:41,480 --> 00:04:45,400 Speaker 1: country's foreign minister dimitro Ko le Bas calling on Western 92 00:04:45,440 --> 00:04:48,279 Speaker 1: allies to send even more weapons to Cement the gains 93 00:04:48,320 --> 00:04:51,760 Speaker 1: from this month's counter offensive against Russia. He says it's 94 00:04:51,760 --> 00:04:55,320 Speaker 1: been successful so far. It wasn't expected for some, but 95 00:04:55,400 --> 00:05:00,560 Speaker 1: it was a thoroughly planned and well thought military operation. 96 00:05:01,520 --> 00:05:05,520 Speaker 1: Um the next phase will be to continue liberating our territories. 97 00:05:05,640 --> 00:05:08,599 Speaker 1: We will continue our counter offensive in the east of 98 00:05:08,640 --> 00:05:12,880 Speaker 1: the country and Ukrainian Foreign Minister Dimitrio Kuleba spoke with 99 00:05:13,000 --> 00:05:15,919 Speaker 1: Bloomberg in New York ahead of the UN General Assembly's 100 00:05:15,920 --> 00:05:19,599 Speaker 1: annual meeting. Last week, President Biden announced another six hundred 101 00:05:19,600 --> 00:05:23,200 Speaker 1: million dollar drawn down from US military stock biles to 102 00:05:23,279 --> 00:05:26,520 Speaker 1: provide aid to Ukraine. In Corporate News this morning, Karen, 103 00:05:26,560 --> 00:05:29,159 Speaker 1: a big legal battle is back in the spotlight. We 104 00:05:29,200 --> 00:05:32,359 Speaker 1: have new developments in the lawsuit found by Twitter against 105 00:05:32,440 --> 00:05:35,719 Speaker 1: Elon Musk. Twitter co founder Jack Dorsey will now be 106 00:05:35,800 --> 00:05:38,240 Speaker 1: questioned under oath as part of the case, and we 107 00:05:38,240 --> 00:05:41,440 Speaker 1: get the story from Bloomberg. Stud prisoner. Dorsey has been 108 00:05:41,440 --> 00:05:44,520 Speaker 1: an energetic booster of Musk's fort four billion dollar bid 109 00:05:44,560 --> 00:05:47,599 Speaker 1: for the company, but in July Musk retreated from his 110 00:05:47,640 --> 00:05:50,960 Speaker 1: offer and accused the company of not providing information to 111 00:05:51,040 --> 00:05:54,320 Speaker 1: assess the prevalence of bots. Twitter is now suing Musk 112 00:05:54,400 --> 00:05:57,880 Speaker 1: to enforce the takeover agreement, even though Dorsey was subpoenaed 113 00:05:58,000 --> 00:06:01,200 Speaker 1: last month by Musk. He will be question by attorneys 114 00:06:01,200 --> 00:06:04,680 Speaker 1: from both sides via zoom. The push to gather information 115 00:06:04,760 --> 00:06:08,320 Speaker 1: and interview key players comes ahead of an expedited schedule 116 00:06:08,400 --> 00:06:11,680 Speaker 1: for a trial. It's lated to begin October sevent and 117 00:06:11,839 --> 00:06:14,440 Speaker 1: last for five days in New York. I'm duck, prisoner 118 00:06:14,480 --> 00:06:16,880 Speaker 1: Bloomberg daybreak, all right, Doug, thank you well for it 119 00:06:17,040 --> 00:06:20,040 Speaker 1: is also front and center this morning. Shares down almost 120 00:06:20,040 --> 00:06:23,920 Speaker 1: five percent in early training after the automaker said inflation 121 00:06:24,120 --> 00:06:28,040 Speaker 1: is pushing supplier costs a billion dollars higher than expected 122 00:06:28,040 --> 00:06:31,200 Speaker 1: in the current quarter. Ford expects adjusted earnings to be 123 00:06:31,320 --> 00:06:34,640 Speaker 1: well below the three point seven billion it reported last quarter, 124 00:06:34,960 --> 00:06:37,680 Speaker 1: and General Motors is getting a vote of confidence this morning. 125 00:06:37,720 --> 00:06:41,360 Speaker 1: Karen from one big investor, Cathy Woods Fund, has scooped 126 00:06:41,440 --> 00:06:43,760 Speaker 1: up shares of GM for the first time in more 127 00:06:43,800 --> 00:06:47,120 Speaker 1: than four months. Following a fifty percent draw down this 128 00:06:47,200 --> 00:06:50,599 Speaker 1: year through July, GM shares have been gradually recovering as 129 00:06:50,640 --> 00:06:54,760 Speaker 1: the company bets on selling affordable electric vehicles, and Apple 130 00:06:54,920 --> 00:06:58,120 Speaker 1: unveiled major increases to its price tiers on apps and 131 00:06:58,279 --> 00:07:01,320 Speaker 1: app purchases from Europe to Asia, protecting its margins as 132 00:07:01,360 --> 00:07:05,120 Speaker 1: major currencies tumble against the US dollar. Customers and nations 133 00:07:05,160 --> 00:07:07,640 Speaker 1: that use the Euro, as well as those in Sweden, Japan, 134 00:07:08,040 --> 00:07:12,280 Speaker 1: South Korea, Chile, Egypt, to Malaysia, Pakistan and Vietnam, we'll 135 00:07:12,320 --> 00:07:15,800 Speaker 1: all see price six as early as October five. Futures 136 00:07:15,840 --> 00:07:23,440 Speaker 1: are lower your local headlines straight ahead. This is Bloomberg, right, Karen, 137 00:07:23,480 --> 00:07:25,320 Speaker 1: Thank you. It's five oh seven on Wall Street. We're 138 00:07:25,320 --> 00:07:27,760 Speaker 1: at sixty nine degrees in Central Park, already dealing with 139 00:07:27,800 --> 00:07:30,600 Speaker 1: an accident on the westbound Cross Bronx Expressway. It's by 140 00:07:30,640 --> 00:07:33,840 Speaker 1: the Shared In Expressway. Details coming up in traffic. First, 141 00:07:33,920 --> 00:07:35,880 Speaker 1: Michael Barr with what else is going on in New 142 00:07:35,960 --> 00:07:38,640 Speaker 1: York and around the world. Good morning, Michael, Good morning Nathan. 143 00:07:38,720 --> 00:07:42,600 Speaker 1: More migrants arrived by bus to New York from Texas yesterday, 144 00:07:42,640 --> 00:07:46,720 Speaker 1: following six additional buses over the weekend. Mayor Eric Adams 145 00:07:46,720 --> 00:07:50,920 Speaker 1: says this city is considering potential legal action. The situation 146 00:07:50,960 --> 00:07:53,840 Speaker 1: in New York at certain tragic, with Mayor Adams confirming 147 00:07:53,880 --> 00:07:56,640 Speaker 1: that an asylum seeker took her own life at a 148 00:07:56,680 --> 00:08:01,880 Speaker 1: facility over the weekend. The failure was the governors that 149 00:08:02,080 --> 00:08:06,640 Speaker 1: sent people on a multi day bus ride without of 150 00:08:07,160 --> 00:08:12,400 Speaker 1: proper food, without medical care, without the basic necessities. Mayor 151 00:08:12,440 --> 00:08:15,920 Speaker 1: Adams says, eleven thousand, six hundred asylum seekers and migrants 152 00:08:15,920 --> 00:08:19,480 Speaker 1: are here in the city. Meanwhile, of Texas Democratic sheriff 153 00:08:19,480 --> 00:08:23,320 Speaker 1: announced the criminal investigation has been opened into who was 154 00:08:23,400 --> 00:08:26,480 Speaker 1: behind the recruitment of dozens of migrants in San Antonio 155 00:08:26,800 --> 00:08:29,320 Speaker 1: to be flown on a charter plane to Florida and 156 00:08:29,400 --> 00:08:33,839 Speaker 1: Martha's Vineyard in Massachusetts. Bear County Sheriff Javier Salazaras says 157 00:08:33,880 --> 00:08:36,840 Speaker 1: they were lured, they were promised work, they were promised 158 00:08:36,880 --> 00:08:39,800 Speaker 1: the solution to several of their problems. They were taken 159 00:08:39,880 --> 00:08:43,720 Speaker 1: to Martha's Vineyard from what from what we can gather 160 00:08:44,480 --> 00:08:48,240 Speaker 1: for nothing, for a little more than a photo video 161 00:08:48,320 --> 00:08:53,120 Speaker 1: op and then they were unceremoniously stranded in Martha's Vineyard. 162 00:08:53,360 --> 00:08:56,960 Speaker 1: Saraff Salazaris says it's believed that a Venezuelan migrant was 163 00:08:57,000 --> 00:09:00,200 Speaker 1: paid what would be called a bird dog fee to 164 00:09:00,240 --> 00:09:03,480 Speaker 1: recruit people from the area around a migrant resource center. 165 00:09:03,880 --> 00:09:07,079 Speaker 1: Fiona strengthened to a Category three hurricane overnight with winds 166 00:09:07,120 --> 00:09:10,000 Speaker 1: of a hundred fifteen miles per hour as it approached 167 00:09:10,000 --> 00:09:13,160 Speaker 1: the Turks and Caicos Islands. In Puerto Rico, more than 168 00:09:13,200 --> 00:09:15,920 Speaker 1: a million people are without power, and officials say roughly 169 00:09:16,120 --> 00:09:18,840 Speaker 1: thirty five inches of rain could fall on some areas. 170 00:09:19,200 --> 00:09:22,080 Speaker 1: In New York, Governor Cathy Hocle says, Puerto Rico needs 171 00:09:22,080 --> 00:09:24,880 Speaker 1: assistance like any other state going through a natural disaster. 172 00:09:25,280 --> 00:09:28,320 Speaker 1: Is our citizens, fellow citizens, and that is why we 173 00:09:28,600 --> 00:09:30,400 Speaker 1: do this mutual late, as we would do if there were, 174 00:09:30,400 --> 00:09:34,480 Speaker 1: you know, the flooding in Kentucky. Governor Hocle says, utility 175 00:09:34,480 --> 00:09:37,559 Speaker 1: crews are ready to go down to help. UN Secretary 176 00:09:37,640 --> 00:09:40,480 Speaker 1: General Antonio Guterres is warning that the world is in 177 00:09:40,559 --> 00:09:43,599 Speaker 1: great peril. He says. World leaders, meeting in person for 178 00:09:43,640 --> 00:09:46,000 Speaker 1: the first time in three years at the UN General 179 00:09:46,040 --> 00:09:50,559 Speaker 1: Assembly in New York, must tackle conflicts and climate catastrophes. 180 00:09:51,000 --> 00:09:53,640 Speaker 1: Global News twenty four hours a day on air and 181 00:09:53,760 --> 00:09:57,000 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 182 00:09:57,040 --> 00:09:59,319 Speaker 1: journalist and analyst and more than a hundred twenty countries. 183 00:09:59,640 --> 00:10:06,800 Speaker 1: Michael Are this is Bloomberg Natham. Thanks. Michael turned up 184 00:10:06,840 --> 00:10:08,680 Speaker 1: to five ten on Wall Street time to the Bloomberg 185 00:10:08,720 --> 00:10:11,199 Speaker 1: Sports Update. Good morning, John Stenshown, Good morning, Nathan. The 186 00:10:11,240 --> 00:10:13,760 Speaker 1: Mets are now officially in the playoffs, and they are 187 00:10:13,760 --> 00:10:16,319 Speaker 1: hoping that next month it's there one two punch that 188 00:10:16,400 --> 00:10:18,839 Speaker 1: will take them for the night. After Jacob mcgraham began 189 00:10:18,920 --> 00:10:22,160 Speaker 1: his start with five perfect innings and thirteen strike ats, 190 00:10:22,280 --> 00:10:25,200 Speaker 1: it was Max Serser's turn. Came off the injured list 191 00:10:25,200 --> 00:10:28,600 Speaker 1: in Milwaukee to hurl six perfect in as nine cages. 192 00:10:28,679 --> 00:10:31,439 Speaker 1: Jersey has been taken out. Brewers scored twice in the 193 00:10:31,520 --> 00:10:34,000 Speaker 1: seventh off. Tyler McGill, also just back from injury, but 194 00:10:34,000 --> 00:10:36,800 Speaker 1: the Mets one seven to two, ers two hundredth career 195 00:10:36,840 --> 00:10:39,040 Speaker 1: win Peter Alonso at the three run homers thirty six. 196 00:10:39,120 --> 00:10:42,360 Speaker 1: The Braves also won. They remain a game behind even 197 00:10:42,440 --> 00:10:45,240 Speaker 1: in the lost column. Yankees back home tonight to play Pittsburgh, 198 00:10:45,600 --> 00:10:48,040 Speaker 1: and the hot ticket is for a seat in the bleachers, 199 00:10:48,080 --> 00:10:50,600 Speaker 1: a chance to catch a ball hit out by Aaron Judge, 200 00:10:50,600 --> 00:10:53,400 Speaker 1: sitting on fifty nine home runs is next one matches 201 00:10:53,800 --> 00:10:57,400 Speaker 1: Babe Ruth from seven, and then it's on too Roger Marris. 202 00:10:57,800 --> 00:11:01,120 Speaker 1: Judge continues to say it's not on his I'm focus 203 00:11:01,360 --> 00:11:05,560 Speaker 1: to go out there and win a game. Numbers unless 204 00:11:05,960 --> 00:11:08,320 Speaker 1: there is numbers, and you know I'm focused on newing. 205 00:11:08,360 --> 00:11:10,079 Speaker 1: I can to be a good teammate, help the team win. 206 00:11:11,200 --> 00:11:13,920 Speaker 1: That means homer and then it means the homer. But 207 00:11:14,960 --> 00:11:17,400 Speaker 1: never never been more focus, ever been. You know, I 208 00:11:17,520 --> 00:11:19,720 Speaker 1: managed I play this game in the Astros last night 209 00:11:19,760 --> 00:11:21,959 Speaker 1: clinch the a L West. The Guardians won. They leave 210 00:11:21,960 --> 00:11:24,439 Speaker 1: the Ale Central by four games para Monday night blowouts. 211 00:11:24,440 --> 00:11:27,839 Speaker 1: Buffalo forty one to seven over Tennessee. Josh Allen and 212 00:11:27,880 --> 00:11:31,160 Speaker 1: Stefan Diggs hooked up for touchdowns three times. Philadelphia all 213 00:11:31,160 --> 00:11:33,800 Speaker 1: over Minnesota twenty four to seven. Jalen Hurts ran for 214 00:11:33,880 --> 00:11:36,199 Speaker 1: two touchdowns through a fifty three rd TD pass. The 215 00:11:36,200 --> 00:11:38,319 Speaker 1: Bills and Eagles both too and oh Jets go to 216 00:11:38,360 --> 00:11:40,839 Speaker 1: Rob Sala, says Zach Wilson. Looks good in practice, but 217 00:11:41,320 --> 00:11:43,640 Speaker 1: Jets might stick with last Sunday zero Joe Flacco for 218 00:11:43,679 --> 00:11:46,600 Speaker 1: at least one more game Sunday against Cincinnati. John stash 219 00:11:46,679 --> 00:11:49,959 Speaker 1: I Wenter Bloomberg Sports, Nathan Okay, John thanks SMP future 220 00:11:50,000 --> 00:11:52,439 Speaker 1: is moving lower now down ten points, Stown futures down 221 00:11:52,480 --> 00:11:55,080 Speaker 1: fifty four Nance deck futures, adding to their declines down 222 00:11:55,200 --> 00:11:57,880 Speaker 1: fifty two points in the ten year Treasury yield right 223 00:11:57,920 --> 00:12:01,920 Speaker 1: now three point five to per cent. You're listening to 224 00:12:02,040 --> 00:12:09,360 Speaker 1: Bloomberg Day Bread Bloomberg eleven three oh weather. Sunshine today 225 00:12:09,360 --> 00:12:11,319 Speaker 1: and hides in the low eighties, mostly sunny with a 226 00:12:11,400 --> 00:12:15,160 Speaker 1: high near eighty tomorrow. By Thursday showers lightly hides them 227 00:12:15,200 --> 00:12:17,839 Speaker 1: in the upper seventies. Right now sixty nine degrees in 228 00:12:17,920 --> 00:12:25,400 Speaker 1: Central Park Markets, headlines and breaking news twenty four hours 229 00:12:25,440 --> 00:12:28,400 Speaker 1: a day at Bloomberg dot com, the Bloomberg Business at 230 00:12:28,520 --> 00:12:32,280 Speaker 1: and at Bloomberg Brictake. This is a Bloomberg Business flash 231 00:12:38,160 --> 00:12:40,920 Speaker 1: and I'm Karen. Moscow stocks giving up early gains as 232 00:12:40,960 --> 00:12:44,439 Speaker 1: traders gear up for another supersized US rate high, committed 233 00:12:44,559 --> 00:12:47,839 Speaker 1: rising anxiety the Federal Reserve could overtighten and raise the 234 00:12:47,920 --> 00:12:50,760 Speaker 1: odds of a hard landing. Fed policymakers open a two 235 00:12:50,840 --> 00:12:53,439 Speaker 1: day meeting today with a decision on interest rates scheduled 236 00:12:53,480 --> 00:12:56,800 Speaker 1: four tomorrow, and U S Dock index futures are lower. 237 00:12:56,880 --> 00:12:59,520 Speaker 1: We checked the markets every fifteen minutes throughout the trading day. 238 00:12:59,640 --> 00:13:03,080 Speaker 1: On Bomberg, SNP future is down about twelve points this morning, 239 00:13:03,120 --> 00:13:06,360 Speaker 1: down features down fifty six and NASDAC futures down fifty three. 240 00:13:06,800 --> 00:13:10,000 Speaker 1: The decks in Germany's down half percent. Ten year treasury 241 00:13:10,080 --> 00:13:12,600 Speaker 1: down ten thirty seconds. You have three point five two percent. 242 00:13:12,679 --> 00:13:15,240 Speaker 1: They yield on the two year three point nine seven percent. 243 00:13:15,760 --> 00:13:18,240 Speaker 1: Nine X Screwed oil is up half percent or forty 244 00:13:18,280 --> 00:13:20,760 Speaker 1: six cents at eighty six dollars. Nineteen cents of barrel. 245 00:13:21,080 --> 00:13:23,000 Speaker 1: Comic school is down a tenth of upper cent or 246 00:13:23,000 --> 00:13:26,000 Speaker 1: two dollars at sixteen seventy six twenty an ounce. The 247 00:13:26,080 --> 00:13:29,480 Speaker 1: euro is at one point zero zero one zero against 248 00:13:29,480 --> 00:13:31,880 Speaker 1: the dollar, British pound one point one three two and 249 00:13:31,960 --> 00:13:34,800 Speaker 1: again one forty three point seven. To look at a 250 00:13:34,840 --> 00:13:37,520 Speaker 1: bit coin, it's down one point two percent and nineteen thousand, 251 00:13:37,600 --> 00:13:40,199 Speaker 1: two hundred ninety dollars. And today we are looking for 252 00:13:40,280 --> 00:13:42,720 Speaker 1: reports on housing starts and building permits at a eight 253 00:13:42,760 --> 00:13:45,680 Speaker 1: thirty Wall Street time. That's a bloomberg business flash. Now 254 00:13:45,720 --> 00:13:48,000 Speaker 1: here's Michael Barr with more on what's going on around 255 00:13:48,000 --> 00:13:51,000 Speaker 1: the world. Michael, good morning, Good morning, Kerin. Hurricane Fiona 256 00:13:51,080 --> 00:13:53,839 Speaker 1: has strengthened into a Category three storm as it now 257 00:13:54,040 --> 00:13:58,360 Speaker 1: heads towards the Turks and Caicos Islands. It continues to 258 00:13:58,400 --> 00:14:01,360 Speaker 1: cause heavy winds and rain in the Dominican Republic. In 259 00:14:01,400 --> 00:14:05,000 Speaker 1: Puerto Rico, where floodwaters rushed through the streets and many 260 00:14:05,040 --> 00:14:09,480 Speaker 1: are without power. Border Crossing Sword In August, US Customs 261 00:14:09,559 --> 00:14:13,480 Speaker 1: and Border Protections reported an increase in migrants from Venezuela, 262 00:14:13,720 --> 00:14:18,400 Speaker 1: Cuba and Nickarava, stopping about fifty six thousand last month. 263 00:14:19,000 --> 00:14:22,240 Speaker 1: It was a Monday night football doubleheader. The Bills put 264 00:14:22,320 --> 00:14:25,120 Speaker 1: on What four and Why Women on the Titans forty 265 00:14:25,200 --> 00:14:28,360 Speaker 1: one seven. The Eagles beat the Vikings twenty four seven. 266 00:14:28,720 --> 00:14:31,680 Speaker 1: In baseball, the Mats one clinching a playoff birth the 267 00:14:31,760 --> 00:14:34,960 Speaker 1: Nationals and Orioles lost the Giants one. Global news twenty 268 00:14:35,000 --> 00:14:37,360 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 269 00:14:37,440 --> 00:14:40,040 Speaker 1: powered by more than twenty seven hundred journalists and analysts 270 00:14:40,080 --> 00:14:42,320 Speaker 1: more than a hundred twenty countries. Michael bar this is 271 00:14:42,400 --> 00:14:44,920 Speaker 1: Bloomberg Nager. Okay, Michael, thank you. We're coming up to 272 00:14:45,000 --> 00:14:47,640 Speaker 1: five twenty on Wall Street Live from the Bloomberg Interactive 273 00:14:47,680 --> 00:14:51,640 Speaker 1: Broker Studios. This is Bloomberg Daybreak. We've got sd Dweck 274 00:14:51,760 --> 00:14:54,840 Speaker 1: with us this morning, chief investment officer at Flow Bank, 275 00:14:55,200 --> 00:14:58,320 Speaker 1: with the focus on central banks this week and a 276 00:14:58,440 --> 00:15:02,280 Speaker 1: FED decision tomorrow. See good morning. We're watching futures move 277 00:15:02,400 --> 00:15:06,080 Speaker 1: lower the two year yield getting ever closer to four percent, 278 00:15:06,520 --> 00:15:09,920 Speaker 1: Does this market have more pricing into whatever the Fed's 279 00:15:09,960 --> 00:15:14,960 Speaker 1: gonna do tomorrow? Good morning, Well, it's certainty, certainly seems 280 00:15:15,000 --> 00:15:18,320 Speaker 1: to be the case. I think the market is worried, 281 00:15:18,560 --> 00:15:21,520 Speaker 1: is that the terminal rate in the dot plot that 282 00:15:21,600 --> 00:15:23,720 Speaker 1: we're going to get tomorrow is going to be higher 283 00:15:23,840 --> 00:15:28,160 Speaker 1: than um, you know, four four point five or something 284 00:15:28,280 --> 00:15:30,320 Speaker 1: like that, And so there's a little bit of readjustment, 285 00:15:30,440 --> 00:15:34,160 Speaker 1: especially well a lot of readjustment, especially at at the 286 00:15:34,240 --> 00:15:37,720 Speaker 1: two year yields, waiting for the announcement tomorrow. So how 287 00:15:37,800 --> 00:15:40,960 Speaker 1: much further do you think these this market could go? 288 00:15:41,040 --> 00:15:43,960 Speaker 1: In the stock market, how much further could we see 289 00:15:44,440 --> 00:15:49,640 Speaker 1: treasury yields go? Well, you know, it really depends if 290 00:15:49,680 --> 00:15:53,160 Speaker 1: we get an even more hawkish uh surprise from the 291 00:15:53,240 --> 00:15:57,800 Speaker 1: Fed or something as hawkish as uh Powell was it 292 00:15:58,160 --> 00:16:01,720 Speaker 1: at Jackson Hole, or whether we have a dots plots 293 00:16:01,800 --> 00:16:04,240 Speaker 1: that shows below four and a half, which is already 294 00:16:04,320 --> 00:16:07,840 Speaker 1: basically priced in by the markets. Um, we've broken through 295 00:16:08,040 --> 00:16:11,960 Speaker 1: those June highs on the tenure, so there is some 296 00:16:12,200 --> 00:16:14,720 Speaker 1: room to the upside, but it is starting to feel 297 00:16:15,560 --> 00:16:21,080 Speaker 1: again unless the Fed again resets those terminal rate expectations. 298 00:16:21,960 --> 00:16:23,840 Speaker 1: It is starting to get a little bit stretched on 299 00:16:23,880 --> 00:16:26,760 Speaker 1: the yield front. Now, we did get a hawkish surprise 300 00:16:26,880 --> 00:16:29,680 Speaker 1: this morning from Sweden Central Bank coming in with a 301 00:16:29,800 --> 00:16:32,640 Speaker 1: hundred basis point move. Does that have any impact on 302 00:16:33,160 --> 00:16:37,680 Speaker 1: your expectations for the Fed tomorrow? I don't think so. 303 00:16:37,960 --> 00:16:41,240 Speaker 1: The Fed is most likely going to do seventy five 304 00:16:41,480 --> 00:16:44,920 Speaker 1: at this point again, even if they went a hundred, 305 00:16:45,920 --> 00:16:50,160 Speaker 1: because they are trying to frontload these these rate hikes. UM, 306 00:16:50,440 --> 00:16:52,680 Speaker 1: I think the market might not necessarily see it as 307 00:16:52,680 --> 00:16:57,400 Speaker 1: a negative again, depending on how that terminal rate ends up. Uh, 308 00:16:57,520 --> 00:16:59,680 Speaker 1: it's really a question of how high do we go 309 00:17:00,160 --> 00:17:03,200 Speaker 1: and for how long do we stay there? UM the 310 00:17:03,280 --> 00:17:05,200 Speaker 1: past higher Now we know it's going to be a 311 00:17:05,280 --> 00:17:08,520 Speaker 1: lot of big hikes. We have seventy five basis points 312 00:17:09,760 --> 00:17:13,040 Speaker 1: mostly planned in for November already, so we know a 313 00:17:13,160 --> 00:17:15,760 Speaker 1: few of these are coming. Now, what does that mean 314 00:17:16,200 --> 00:17:20,399 Speaker 1: for corporations going forward? Here we're hearing a number of 315 00:17:20,440 --> 00:17:23,400 Speaker 1: earnings downgrades. Of course, you got that big report from 316 00:17:23,480 --> 00:17:27,880 Speaker 1: FedEx last week and more gloomy picture from Ford as 317 00:17:27,920 --> 00:17:31,719 Speaker 1: well this morning. Are we in uh setting ourselves up 318 00:17:31,760 --> 00:17:35,120 Speaker 1: here for even further earnings downgrades? From companies getting into 319 00:17:35,160 --> 00:17:39,480 Speaker 1: the last quarter. It's something we definitely need to watch. 320 00:17:39,680 --> 00:17:42,359 Speaker 1: The Ford one is more question was more question of 321 00:17:42,440 --> 00:17:46,800 Speaker 1: waiting for UH some parts and then UH they think 322 00:17:46,840 --> 00:17:49,080 Speaker 1: their Q four deliveries are going to be fine. So 323 00:17:49,359 --> 00:17:52,160 Speaker 1: we saw that with some other carmakers a few quarters ago. 324 00:17:52,240 --> 00:17:55,359 Speaker 1: So the full year twenty two wasn't changed. FedEx was 325 00:17:55,480 --> 00:17:58,520 Speaker 1: definitely a warning, but so far it's one of the 326 00:17:58,680 --> 00:18:01,960 Speaker 1: only companies that has been as negative about the rest 327 00:18:02,040 --> 00:18:05,200 Speaker 1: of the year. But we have to watch that and 328 00:18:05,280 --> 00:18:08,720 Speaker 1: if it starts to become very big downgrades to the 329 00:18:08,840 --> 00:18:12,840 Speaker 1: outlook and not just some downward adjustment, then I think 330 00:18:12,920 --> 00:18:15,280 Speaker 1: that can be another worry for markets. So in our 331 00:18:15,359 --> 00:18:19,280 Speaker 1: last minute, here SD what's the risk of economic slowdown 332 00:18:19,400 --> 00:18:23,479 Speaker 1: or even recession given the strongest stance we're seeing from 333 00:18:23,560 --> 00:18:25,959 Speaker 1: the FED, And where do you put your money at 334 00:18:26,000 --> 00:18:31,359 Speaker 1: this point? Well, it's interesting because you you have a 335 00:18:31,480 --> 00:18:35,359 Speaker 1: labor market that's holding up, you have growth data that 336 00:18:35,640 --> 00:18:38,240 Speaker 1: appears to be holding up so far, so it doesn't 337 00:18:38,280 --> 00:18:41,520 Speaker 1: feel like we're sort of stirling towards a recession and 338 00:18:41,640 --> 00:18:45,800 Speaker 1: that's very elusive. Soft landing seems like a possibility at 339 00:18:45,840 --> 00:18:48,120 Speaker 1: this point. Well, it's certainly going to have to watch 340 00:18:48,240 --> 00:18:50,920 Speaker 1: that over the next few months. But in the short term, 341 00:18:51,000 --> 00:18:54,520 Speaker 1: sentiment is negative. I think we probably have at least 342 00:18:54,560 --> 00:18:58,479 Speaker 1: a few more weeks of downside risks. So for now, 343 00:18:58,640 --> 00:19:02,240 Speaker 1: I mean, you know, dollar is still king, cash is 344 00:19:02,680 --> 00:19:06,680 Speaker 1: obviously paying so uh for the Again for the short term, 345 00:19:07,200 --> 00:19:09,960 Speaker 1: certainly more on the cautious side, and certainly are seeing 346 00:19:10,240 --> 00:19:13,520 Speaker 1: even more dollars strength this morning as well. Thanks for this, 347 00:19:13,760 --> 00:19:15,959 Speaker 1: s D. Again, great having you back on with us 348 00:19:16,040 --> 00:19:20,200 Speaker 1: this morning. S D. Dwack, chief investment Officer at Flow Bank. 349 00:19:20,440 --> 00:19:23,640 Speaker 1: As we watched the market this morning, we're seeing futures 350 00:19:23,720 --> 00:19:26,439 Speaker 1: add to their declines. Right now, We've got SMP futures 351 00:19:26,480 --> 00:19:30,280 Speaker 1: lower by fifteen points down, futures down eighty three, and 352 00:19:30,640 --> 00:19:33,719 Speaker 1: Nasdaq future is a drop of six tenths percent sixty 353 00:19:33,840 --> 00:19:36,920 Speaker 1: seven point decline on the tech heavy NASTAC futures. The 354 00:19:37,000 --> 00:19:39,800 Speaker 1: ten year Treasury is down ten thirty seconds, with the 355 00:19:39,880 --> 00:19:42,480 Speaker 1: yield close to three point five three percent, the yield 356 00:19:42,560 --> 00:19:44,800 Speaker 1: on the two year getting ever closer to four percent 357 00:19:45,000 --> 00:19:48,600 Speaker 1: right now at three point nine eight nime X screwed 358 00:19:48,720 --> 00:19:51,160 Speaker 1: is up a half percent, or forty six cents eighty 359 00:19:51,240 --> 00:19:54,480 Speaker 1: six dollars nineteen cents of barrel and looking at that 360 00:19:54,600 --> 00:19:57,520 Speaker 1: dollar strength once again, the euro pretty much at parody 361 00:19:57,560 --> 00:20:00,600 Speaker 1: against the dollar at one point zero zero zero around nine. 362 00:20:01,320 --> 00:20:08,480 Speaker 1: This is Bloomberg and Bloomberg Daybreak is brought to you 363 00:20:08,560 --> 00:20:11,760 Speaker 1: by Peapack Private Wealth Management. Peapack Private Wealth Management knows 364 00:20:11,800 --> 00:20:14,120 Speaker 1: that the portfolio is more than a collection of assets, 365 00:20:14,160 --> 00:20:16,679 Speaker 1: It's a path to your future. Visit Peapack Private dot 366 00:20:16,760 --> 00:20:23,760 Speaker 1: com and begin your financial legacy today. Broadcasting live from 367 00:20:23,840 --> 00:20:27,639 Speaker 1: the Bloomberg Interactive Broker Studio in New York, Bloomberg E 368 00:20:27,720 --> 00:20:31,639 Speaker 1: Loving Freed to Washington, d C, Bloomberg on to Boston, 369 00:20:31,760 --> 00:20:35,160 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg non 370 00:20:35,240 --> 00:20:38,320 Speaker 1: sixteen to the Country Sirius XM to A one nineteen 371 00:20:38,480 --> 00:20:41,600 Speaker 1: and around the globe the Bloomberg Business apt and Bloomberg 372 00:20:41,680 --> 00:20:50,840 Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty 373 00:20:50,880 --> 00:20:53,120 Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm 374 00:20:53,160 --> 00:20:56,080 Speaker 1: Karen Moscow. We are just about four hours away from 375 00:20:56,080 --> 00:20:58,040 Speaker 1: the open of US trading. Let's get you up to 376 00:20:58,119 --> 00:20:59,560 Speaker 1: date on the news. You need to know what this 377 00:20:59,600 --> 00:21:03,000 Speaker 1: show or US futures are lower following a late day 378 00:21:03,119 --> 00:21:06,040 Speaker 1: rally on Wall Street and US tenure reel yields rose 379 00:21:06,119 --> 00:21:09,520 Speaker 1: to the highest, and the SNP five hundred snapped two 380 00:21:09,560 --> 00:21:12,320 Speaker 1: day losing streak after sledding much of last week. The 381 00:21:12,400 --> 00:21:15,000 Speaker 1: market uncertainty comes as the Fed cakes off it's to 382 00:21:15,280 --> 00:21:18,080 Speaker 1: day policy meeting at The question now is whether the 383 00:21:18,160 --> 00:21:20,720 Speaker 1: Central Bank hikes interest rates by seventy five or a 384 00:21:20,840 --> 00:21:24,479 Speaker 1: hundred basis points. William Houston, as chief investment officer at 385 00:21:24,560 --> 00:21:28,560 Speaker 1: Bay Street Capital, as soon as that trend reversed this course, 386 00:21:28,800 --> 00:21:31,280 Speaker 1: you know, we stopped seeing this inversion in the yield 387 00:21:31,359 --> 00:21:34,800 Speaker 1: curve where investors are being actually rewarded at a higher 388 00:21:34,920 --> 00:21:38,160 Speaker 1: rate on these sorter term yields as opposed to longer 389 00:21:38,320 --> 00:21:40,560 Speaker 1: term reels. As long as that's the case, Yeah, equity, 390 00:21:40,560 --> 00:21:44,320 Speaker 1: they're going to perform poorly. William Houston with Bay Street Capital, 391 00:21:44,480 --> 00:21:47,520 Speaker 1: thanks the Federal raise rates seventy five basis points tomorrow. 392 00:21:47,640 --> 00:21:51,200 Speaker 1: An economists recently surveyed by Bloomberg degree trains for life 393 00:21:51,240 --> 00:21:53,760 Speaker 1: coverage to that Fed decision tomorrow on a special edition 394 00:21:53,800 --> 00:21:56,800 Speaker 1: of Bloomberg Surveillance starting at one thirty pm Wall Street 395 00:21:56,840 --> 00:21:59,760 Speaker 1: time on Bloomberg Radio and television. The Fed is the 396 00:21:59,800 --> 00:22:03,040 Speaker 1: only central bank making policy decisions this week Karen and Europe. 397 00:22:03,080 --> 00:22:06,359 Speaker 1: Sweden central Bank high rates a larger than expected hundred 398 00:22:06,440 --> 00:22:09,040 Speaker 1: basis points. Over in Asia, the Bank of Japan will 399 00:22:09,040 --> 00:22:11,880 Speaker 1: have to decide whether to continue monetary stimulus this week 400 00:22:11,920 --> 00:22:14,479 Speaker 1: after inflation accelerated to the fastest pace in more than 401 00:22:14,560 --> 00:22:17,680 Speaker 1: three decades. We also get a Bank of England decision 402 00:22:17,800 --> 00:22:21,359 Speaker 1: on Thursday. And the geo politics now Nathan where world 403 00:22:21,480 --> 00:22:23,399 Speaker 1: leaders meeting at the u n this week or in 404 00:22:23,440 --> 00:22:25,720 Speaker 1: the spawn line and ahead of her meeting with President 405 00:22:25,800 --> 00:22:29,040 Speaker 1: Joe Biden, UK Prime Minister Liz Trust says she does 406 00:22:29,160 --> 00:22:32,360 Speaker 1: not expect a trade deal between the two countries anytime soon. 407 00:22:32,560 --> 00:22:34,840 Speaker 1: I meantime, the war in Ukraine rages on Karen in 408 00:22:34,880 --> 00:22:37,560 Speaker 1: that country's Foreign Minister to meetro Kuleba, says Ukraine will 409 00:22:37,560 --> 00:22:40,440 Speaker 1: continue its counter offensive against Russia in the East. He's 410 00:22:40,480 --> 00:22:43,880 Speaker 1: calling on Western allies to send more weapons. Sometimes I'm 411 00:22:43,920 --> 00:22:46,480 Speaker 1: being asked whether there is enough of weapons that we 412 00:22:46,560 --> 00:22:49,359 Speaker 1: have received. I always say I will be able to 413 00:22:49,440 --> 00:22:52,800 Speaker 1: say it was enough only after Ukraine wins. Until then 414 00:22:52,960 --> 00:22:55,560 Speaker 1: we will be asking for more. Ukrainian Foreign Minister to 415 00:22:55,600 --> 00:22:58,040 Speaker 1: meetro Kuleba spoke with Bloomberg ahead of the UN General 416 00:22:58,080 --> 00:23:01,000 Speaker 1: Assembly's annual meeting last week, as an in Biden announced 417 00:23:01,040 --> 00:23:03,720 Speaker 1: another six hundred million dollar drawn down from US military 418 00:23:03,800 --> 00:23:07,480 Speaker 1: stockpiles to provide aid to Ukraine. Incorporate News Now, Nathan. 419 00:23:07,520 --> 00:23:10,640 Speaker 1: Twitter co founder Jack Dorsey will be questioned under oath 420 00:23:10,720 --> 00:23:14,119 Speaker 1: today in the lawsuit filed by Twitter against Tesla founder 421 00:23:14,200 --> 00:23:17,359 Speaker 1: Elon Musk and shares a Ford are down five percent 422 00:23:17,480 --> 00:23:20,200 Speaker 1: in early trading, Karen, after the automaker announced inflation is 423 00:23:20,240 --> 00:23:23,159 Speaker 1: pushing supplier costs a billion dollars higher than expected in 424 00:23:23,200 --> 00:23:25,760 Speaker 1: the current quarter. And again futures are lower with US 425 00:23:25,800 --> 00:23:28,680 Speaker 1: and P futures down about ten points. And straight ahead 426 00:23:28,720 --> 00:23:32,520 Speaker 1: your latest local headlines plus a check of sports, and 427 00:23:32,920 --> 00:23:39,080 Speaker 1: this is Bloomberg. Thank you. Caring five thirty three on 428 00:23:39,119 --> 00:23:41,520 Speaker 1: Wall Street, sixty nine degrees in Central Park, still dealing 429 00:23:41,560 --> 00:23:45,080 Speaker 1: with the accident westbound prossproxitly shared an expressway. More coming 430 00:23:45,160 --> 00:23:47,119 Speaker 1: up in traffic first Michael Barr with what else is 431 00:23:47,160 --> 00:23:48,879 Speaker 1: going on in New York and around the world. Michael, 432 00:23:48,920 --> 00:23:51,280 Speaker 1: thank you very much, Nathan. New York Mayor Eric Adam 433 00:23:51,320 --> 00:23:53,320 Speaker 1: says he will soon have a plan to deal with 434 00:23:53,440 --> 00:23:55,800 Speaker 1: the bus loads migrants arriving in the city from the 435 00:23:55,880 --> 00:23:59,719 Speaker 1: southern border. Mayor Adams says he'll first examine the issues 436 00:23:59,800 --> 00:24:01,520 Speaker 1: than to come up with a plan to deal with 437 00:24:01,600 --> 00:24:05,359 Speaker 1: the migrant crisis landing in the city. We are not 438 00:24:05,720 --> 00:24:10,840 Speaker 1: telling anyone that New York can accommodate every migrant in 439 00:24:10,880 --> 00:24:14,400 Speaker 1: the city. We're not encouraging people to send eight nine 440 00:24:14,480 --> 00:24:16,840 Speaker 1: buses a day. That is not what we're doing. Mayor 441 00:24:16,880 --> 00:24:19,200 Speaker 1: Adams says the city has taken in more than eleven 442 00:24:19,280 --> 00:24:23,600 Speaker 1: thousand asylum seekers and migrants, processing undred of them while 443 00:24:23,760 --> 00:24:27,680 Speaker 1: opening twenty three emergency shelters. But Adams says among the 444 00:24:27,760 --> 00:24:31,720 Speaker 1: many next steps could be litigation. We are strongly in 445 00:24:31,800 --> 00:24:34,320 Speaker 1: supportive rights right to shelter, but there's aspects of it 446 00:24:34,560 --> 00:24:36,080 Speaker 1: that we want to look at, and so we're looking 447 00:24:36,119 --> 00:24:38,879 Speaker 1: at our legal options on all of what we are 448 00:24:38,920 --> 00:24:43,159 Speaker 1: seeing how to address this. Mayor Adams also confirms one 449 00:24:43,240 --> 00:24:46,119 Speaker 1: migrants sent to New York committed suicide over the weekend. 450 00:24:46,800 --> 00:24:50,040 Speaker 1: Hurricane Fienna is barreling toward the Turks and Caicos Islands 451 00:24:50,280 --> 00:24:54,160 Speaker 1: as it strengthens into a Category three storm. The intensifying 452 00:24:54,240 --> 00:24:58,200 Speaker 1: storm also kept dropping rain over the Dominican Republican Puerto Rico. 453 00:24:58,640 --> 00:25:00,720 Speaker 1: One person has died and more than a million people 454 00:25:00,800 --> 00:25:03,760 Speaker 1: remain without power in Puerto Rico. In New York, Governor 455 00:25:03,840 --> 00:25:06,400 Speaker 1: Kathy HOCl said, crews are ready to go down to help. 456 00:25:06,840 --> 00:25:10,360 Speaker 1: We are continuing to monitor the situation. We have assets 457 00:25:10,640 --> 00:25:14,520 Speaker 1: ready to be deployed. We are anxious to provide the 458 00:25:14,600 --> 00:25:17,520 Speaker 1: support that the people of Puerto Rico and the Dominican 459 00:25:17,520 --> 00:25:20,400 Speaker 1: Republic need at this time. Governor HOCl says, the people 460 00:25:20,440 --> 00:25:23,960 Speaker 1: in Puerto Rico are our fellow citizens and need aid. 461 00:25:24,480 --> 00:25:27,520 Speaker 1: UN Secretary General Antonio good Terrorist is warning that the 462 00:25:27,600 --> 00:25:30,720 Speaker 1: world is in great peril, he says. World leaders, meeting 463 00:25:30,760 --> 00:25:32,800 Speaker 1: in person for the first time in three years at 464 00:25:32,840 --> 00:25:36,520 Speaker 1: the UN General Assembly in Manhattan, must tackle conflicts and 465 00:25:36,600 --> 00:25:42,520 Speaker 1: climate catastrophes, increasing poverty and inequality, and divisions among major powers. 466 00:25:42,920 --> 00:25:45,440 Speaker 1: Global News twenty four hours a day on air and 467 00:25:45,640 --> 00:25:48,960 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 468 00:25:49,000 --> 00:25:51,720 Speaker 1: journalists and analysts more than a hundred twenty countries. I'm 469 00:25:51,760 --> 00:26:00,320 Speaker 1: Michael barn This is Bloomberg. Nathan. Thanks Michael on streetch 470 00:26:00,359 --> 00:26:02,840 Speaker 1: On Stenshire as the bloom Bridge Sports something all right, Nathan? 471 00:26:02,840 --> 00:26:05,320 Speaker 1: After the Yankee he spent this past weekend in Milwaukee. 472 00:26:05,480 --> 00:26:07,520 Speaker 1: The Mets went there. They took Max shows Are off 473 00:26:07,560 --> 00:26:10,160 Speaker 1: the injured list. He went for his two career victory 474 00:26:10,200 --> 00:26:13,000 Speaker 1: of the Mets, seeking one more win to assure them 475 00:26:13,000 --> 00:26:16,200 Speaker 1: a playoff birth. Mets and Brewers scoreless fourth inning. To pitch, 476 00:26:16,840 --> 00:26:20,440 Speaker 1: Alonso tried to deep philipp Field. This bull's fair and 477 00:26:20,600 --> 00:26:24,280 Speaker 1: it's way out of here. Three run shot Pete Alonzo 478 00:26:24,880 --> 00:26:29,280 Speaker 1: and the Mets strike first in Milwaukee. It's three nothing 479 00:26:29,359 --> 00:26:31,880 Speaker 1: at the top of the four pennings. Alonso's thirty six 480 00:26:32,119 --> 00:26:34,560 Speaker 1: w CBS Adam. Mets went on to win seven to two. 481 00:26:34,760 --> 00:26:38,040 Speaker 1: Shots are brilliant, taken out after six perfect hintings. The 482 00:26:38,080 --> 00:26:41,240 Speaker 1: playoff birth is the Mets tenth in team history, first 483 00:26:41,280 --> 00:26:43,000 Speaker 1: in two thousand and sixteen. Of course, they'd like to 484 00:26:43,040 --> 00:26:45,600 Speaker 1: go in as Division champ ear a first round by, 485 00:26:45,720 --> 00:26:48,879 Speaker 1: but Atlanta continues in hot pursuit. The Braves one to 486 00:26:49,000 --> 00:26:51,560 Speaker 1: remain one game behind. The Pirates just lost four times 487 00:26:51,600 --> 00:26:53,320 Speaker 1: with the Mets and City Field. Now they visit the 488 00:26:53,400 --> 00:26:56,399 Speaker 1: Yankees with all eyes on Aaron Judge. The question now 489 00:26:56,560 --> 00:26:59,200 Speaker 1: is not if he breaks Roger Marris's Yankee in American 490 00:26:59,280 --> 00:27:01,440 Speaker 1: League home lun w rep, but when he needs three, 491 00:27:02,040 --> 00:27:04,440 Speaker 1: could he do it? During this sixth game homestand week 492 00:27:04,480 --> 00:27:07,679 Speaker 1: two in the books, impressive home wins for Buffalo and Philadelphia. 493 00:27:07,720 --> 00:27:10,480 Speaker 1: The Bills all over Tennessee one to seven. Josh Allen 494 00:27:10,520 --> 00:27:14,160 Speaker 1: four touchdown passes, three went to Stefon Dick. Titan's loss 495 00:27:14,200 --> 00:27:16,360 Speaker 1: means that in the a f C South, the four 496 00:27:16,440 --> 00:27:19,120 Speaker 1: teams have combined for the one victory. The Eagles easily 497 00:27:19,200 --> 00:27:22,920 Speaker 1: over Minnesota to seven. Jalen hurts in on three filling 498 00:27:23,000 --> 00:27:25,639 Speaker 1: touchdowns just in the first half. Next Monday, it's the 499 00:27:25,720 --> 00:27:28,040 Speaker 1: two and oh Giants hosting Dallas, and that's the night 500 00:27:28,080 --> 00:27:31,240 Speaker 1: after the Jets welcome in Cincinnati. Bengals are owing to 501 00:27:31,480 --> 00:27:34,440 Speaker 1: both of the losses on last second field goals. Johns 502 00:27:34,520 --> 00:27:38,119 Speaker 1: Dashword Bloomberg Sports Nathan thanks John seven on Wall Street 503 00:27:38,160 --> 00:27:40,719 Speaker 1: Time for the Tri State Business Report with Bloomberg's head. 504 00:27:40,760 --> 00:27:44,240 Speaker 1: Cory Investors, led by New York City's pension funds, final 505 00:27:44,320 --> 00:27:48,000 Speaker 1: to shareholder proposal calling for an audit of workers rights 506 00:27:48,040 --> 00:27:52,480 Speaker 1: at Starbucks. The resolution urges Starbucks directors to commission and 507 00:27:52,600 --> 00:27:55,800 Speaker 1: release a third party assessment of the company's compliance with 508 00:27:55,880 --> 00:27:59,960 Speaker 1: commitments to honor workers. Collective bargaining rights. New Jersey teach 509 00:28:00,040 --> 00:28:03,240 Speaker 1: years in the state's school employees health benefits program will 510 00:28:03,280 --> 00:28:06,639 Speaker 1: be paying over fifteen percent more for health coverage in 511 00:28:07,520 --> 00:28:11,040 Speaker 1: three similar though slightly less than the increased imposed on 512 00:28:11,200 --> 00:28:14,840 Speaker 1: municipal and county workers. Teachers did not avoid the big 513 00:28:15,000 --> 00:28:19,119 Speaker 1: hike like state workers did. Connecticut's Attorney General met Monday 514 00:28:19,200 --> 00:28:22,200 Speaker 1: with the M and T Bank executive who oversees the 515 00:28:22,240 --> 00:28:24,879 Speaker 1: New England region. He made a series of demands he 516 00:28:24,960 --> 00:28:29,040 Speaker 1: hopes will resolve problems with a computer system conversion designed 517 00:28:29,080 --> 00:28:33,240 Speaker 1: to combine People's United Bank and the Buffalo based financial institution. 518 00:28:33,880 --> 00:28:37,080 Speaker 1: That your Bloomberg Trying State Business Report. I'm Ed Corey, 519 00:28:37,240 --> 00:28:40,000 Speaker 1: thank you at eight on Wall Street. Bloomberg Radio is 520 00:28:40,040 --> 00:28:42,240 Speaker 1: on the air from San Francisco to New York, London 521 00:28:42,280 --> 00:28:44,520 Speaker 1: to Hong Kong. Let's check in with our global news 522 00:28:44,560 --> 00:28:46,239 Speaker 1: team for some of the top stories heard on our 523 00:28:46,280 --> 00:28:52,560 Speaker 1: three hundred affiliate radio stations around the world. I'm Steve 524 00:28:52,640 --> 00:28:56,000 Speaker 1: Potas Content and Wins in New York. We're talking about 525 00:28:56,080 --> 00:29:00,479 Speaker 1: the Lord and Taylor brand looking to aggressively reintroduce itself 526 00:29:00,560 --> 00:29:04,520 Speaker 1: to consumers. M Cornetana how on ktr H in Houston, 527 00:29:04,640 --> 00:29:07,400 Speaker 1: Halloween spending is expected to hit a record of ten 528 00:29:07,480 --> 00:29:10,960 Speaker 1: point six billion dollars. I'm Gina Servetti in for w 529 00:29:11,280 --> 00:29:14,240 Speaker 1: c c O in Minneapolis. I'm reporting that a Minnesota 530 00:29:14,320 --> 00:29:17,920 Speaker 1: based self storage company has taken its property tax fight 531 00:29:18,040 --> 00:29:20,720 Speaker 1: to the U. S. Supreme Court. I'm Stephen Carol on 532 00:29:20,840 --> 00:29:23,600 Speaker 1: DAB Digital Radio and London. We've been reporting on the 533 00:29:23,720 --> 00:29:26,719 Speaker 1: ricks bank hiking rates by a hundred basis points as 534 00:29:26,760 --> 00:29:29,280 Speaker 1: the Swedish Central Bank kicks off a massive week of 535 00:29:29,400 --> 00:29:32,640 Speaker 1: right to sais. I'm Abe Corey on w w J 536 00:29:32,800 --> 00:29:36,680 Speaker 1: in Detroit. I'm reporting seven Midwestern states are teaming up 537 00:29:36,720 --> 00:29:40,240 Speaker 1: to promote frank regen is, the clean energy alternative. And 538 00:29:40,360 --> 00:29:42,480 Speaker 1: those are some of the stories our twenty seven hundred 539 00:29:42,480 --> 00:29:45,440 Speaker 1: Bloomberg journalists and analysts working on this morning around the world. 540 00:29:45,520 --> 00:29:48,160 Speaker 1: It's five thirty nine on Wall Street. The following is 541 00:29:48,200 --> 00:29:52,520 Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by 542 00:29:52,600 --> 00:29:57,240 Speaker 1: the Bloomberg Editorial Board. Among the many crowd pleasing elements 543 00:29:57,400 --> 00:30:00,880 Speaker 1: of the Inflation Reduction Act, which President Iiden signed into 544 00:30:00,960 --> 00:30:04,200 Speaker 1: law last month is a measure to cap the cost 545 00:30:04,320 --> 00:30:09,239 Speaker 1: of insulin from Medicare recipients. Lawmakers from both parties now 546 00:30:09,360 --> 00:30:12,520 Speaker 1: want to widen that benefit to millions of others who 547 00:30:12,640 --> 00:30:17,800 Speaker 1: rely on the life saving drug Insulin. Affordability is a problem. 548 00:30:18,200 --> 00:30:21,680 Speaker 1: Americans pay roughly eight times more for the century old 549 00:30:21,760 --> 00:30:25,200 Speaker 1: drug than people in the rest of the developed world. 550 00:30:25,600 --> 00:30:28,560 Speaker 1: But while limiting out of pocket costs for insulin has 551 00:30:28,640 --> 00:30:32,920 Speaker 1: obvious political appeal, it does nothing to contain the overall 552 00:30:33,080 --> 00:30:37,240 Speaker 1: price of the drug. Rather than attempting to manipulate prices, 553 00:30:37,600 --> 00:30:42,200 Speaker 1: Congress should marshal the forces of competition to bring down costs. 554 00:30:42,680 --> 00:30:47,160 Speaker 1: That sort of strategy would benefit consumers and taxpayers alike. 555 00:30:47,960 --> 00:30:51,600 Speaker 1: The editorial was written by the Bloomberg Editorial Board. For 556 00:30:51,720 --> 00:30:55,080 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 557 00:30:55,160 --> 00:30:58,840 Speaker 1: opinion or OPI n go on the Bloomberg terminal. This 558 00:30:59,080 --> 00:31:02,680 Speaker 1: has been bloom Urg Opinion. Listen for Bloomberg opinion editorials 559 00:31:02,720 --> 00:31:05,640 Speaker 1: every weekday. At this time, terminal customers can read more 560 00:31:05,920 --> 00:31:09,440 Speaker 1: at O P I n go. SMP features down thirteen 561 00:31:09,520 --> 00:31:12,600 Speaker 1: points down, futures down seventy three, Naszac features lower by 562 00:31:12,840 --> 00:31:16,240 Speaker 1: fifty nine points. The tenure Treasury yield three point five 563 00:31:16,360 --> 00:31:23,680 Speaker 1: three percent. This is Bloomberg Bloomberg eleven three oh weather, 564 00:31:23,800 --> 00:31:26,840 Speaker 1: mostly sunny, low eighties today, will get near eighty tomorrow 565 00:31:26,920 --> 00:31:30,960 Speaker 1: under mostly sunny sky by Thursday, showers likely upper seventies. 566 00:31:31,440 --> 00:31:38,920 Speaker 1: Right now sixty nine degrees in Central Park markets. Headlines 567 00:31:39,000 --> 00:31:41,960 Speaker 1: and breaking news twenty four hours a day at Bloomberg 568 00:31:42,040 --> 00:31:45,360 Speaker 1: dot Com, of Bloomberg Business at and at Bloomberg Tricktap, 569 00:31:45,960 --> 00:31:55,080 Speaker 1: He's a Bloomberg Business flash and I'm Karen Moscow. And 570 00:31:55,200 --> 00:31:57,920 Speaker 1: stocks giving up early gains as traders gear up for 571 00:31:58,000 --> 00:32:01,800 Speaker 1: another supersized US rate high commid rising anxiety the Federal 572 00:32:01,880 --> 00:32:04,840 Speaker 1: Reserve could overtighten and raise the odds of a hard landing. 573 00:32:04,920 --> 00:32:08,600 Speaker 1: FED policymakers opening up a two day meeting today. US 574 00:32:08,680 --> 00:32:12,360 Speaker 1: dock index futures they're extending their declines, and we checked 575 00:32:12,400 --> 00:32:14,760 Speaker 1: the markets every fifteen minutes throughout the trading day on 576 00:32:14,840 --> 00:32:17,360 Speaker 1: Bloomberg s and P Future is now down about eighteen 577 00:32:17,400 --> 00:32:20,640 Speaker 1: points down, futures down a hundred six, and NASTAC futures 578 00:32:20,680 --> 00:32:23,560 Speaker 1: down sixties seven. The decks in Germany's down eight tenths 579 00:32:23,560 --> 00:32:26,480 Speaker 1: of a percent, ten, Your treasury down twelve thirty seconds, 580 00:32:26,520 --> 00:32:28,560 Speaker 1: you'll three point five three percent, and they yield on 581 00:32:28,640 --> 00:32:31,600 Speaker 1: the two year three point nine seven percent. Ni Max 582 00:32:31,640 --> 00:32:33,880 Speaker 1: screwed oil is up tenth of a percent or twelve 583 00:32:33,960 --> 00:32:36,240 Speaker 1: cents at eighty five dollars eighty five cents of barrel 584 00:32:36,520 --> 00:32:38,440 Speaker 1: call Max School down two tenths per cent or two 585 00:32:38,480 --> 00:32:41,400 Speaker 1: dollars ninety cents at sixteen seventy five thirty an ounce. 586 00:32:41,840 --> 00:32:44,960 Speaker 1: The Euro one point zero zero zero four against the dollar, 587 00:32:45,000 --> 00:32:47,400 Speaker 1: British found one point one four one five and again 588 00:32:47,480 --> 00:32:51,080 Speaker 1: one forty three point seven four and Bitcoin this morning 589 00:32:51,240 --> 00:32:53,400 Speaker 1: is down one and a half percent in nineteen thousand, 590 00:32:53,440 --> 00:32:56,760 Speaker 1: two hundred twenty dollars. And as a Bloomberg Business flash down, 591 00:32:56,800 --> 00:32:59,160 Speaker 1: here's Michael Barre with more on what's going on around 592 00:32:59,160 --> 00:33:01,600 Speaker 1: the world. Muchaele Karen, thank you very much. Every Tame 593 00:33:01,640 --> 00:33:04,800 Speaker 1: Fiona's strengthened to a category three storm with winds of 594 00:33:04,800 --> 00:33:08,320 Speaker 1: a hundred fifteen miles per hour as it barrels towards 595 00:33:08,440 --> 00:33:11,800 Speaker 1: the Turks and Caicos Islands in Puerto Rico, more than 596 00:33:11,840 --> 00:33:15,280 Speaker 1: a million people are in the dark. Former President Donald 597 00:33:15,280 --> 00:33:18,680 Speaker 1: Trump's legal team appears before the new Special Master Raymond 598 00:33:18,720 --> 00:33:22,560 Speaker 1: Deary today, but they are opposing one of Deery's requests. 599 00:33:23,000 --> 00:33:25,960 Speaker 1: Trump's legal team has refused a request by Derry to 600 00:33:26,280 --> 00:33:30,720 Speaker 1: clarify actions taken to declassify material sees at the former 601 00:33:30,760 --> 00:33:34,160 Speaker 1: presidents of our Lango State. It was a Monday night 602 00:33:34,240 --> 00:33:37,640 Speaker 1: football doubleheader. The Bills put on What four and Why, 603 00:33:37,720 --> 00:33:41,400 Speaker 1: whipping on the Titans seven. The Eagles beat the Vikings seven. 604 00:33:41,760 --> 00:33:44,960 Speaker 1: In baseball, the Mets one, clinching of playoff birth the 605 00:33:45,080 --> 00:33:48,520 Speaker 1: Nationals and Orioles lost the Giants. One. Global News twenty 606 00:33:48,520 --> 00:33:51,320 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 607 00:33:51,360 --> 00:33:54,480 Speaker 1: powered by more than twenty seven hundred journalists and analysts 608 00:33:54,560 --> 00:33:57,000 Speaker 1: more than a hundred twenty countries. Michael Barr And this 609 00:33:57,200 --> 00:33:59,960 Speaker 1: is Bloomberg. Nathan, Okay, Michael, thank you. It's five forty 610 00:34:00,080 --> 00:34:03,960 Speaker 1: nine on Wall Street Live from the Bloomberg Interactive Broker Studios. 611 00:34:04,120 --> 00:34:07,440 Speaker 1: This is a Bloomberg daybreak. And the Federal Reserve is 612 00:34:07,840 --> 00:34:11,719 Speaker 1: beginning it's two day policy meeting for September this morning. 613 00:34:11,800 --> 00:34:15,080 Speaker 1: Determined to put a whipping on inflation second, I mean 614 00:34:15,320 --> 00:34:19,200 Speaker 1: yet more supersized rate hikes. Let's bringing Carl Ricka Donna 615 00:34:19,239 --> 00:34:22,320 Speaker 1: for more on this. Chief US economist at BNP party 616 00:34:22,360 --> 00:34:24,800 Speaker 1: BA Carl Good to speak with you again ahead of 617 00:34:24,840 --> 00:34:28,080 Speaker 1: the FED decision. The markets pricing in seventy five basis points. 618 00:34:28,120 --> 00:34:31,319 Speaker 1: We just heard from Sweden's central bank they went ahead 619 00:34:31,320 --> 00:34:34,919 Speaker 1: and did a hundred what's the chance of a FED 620 00:34:35,200 --> 00:34:39,680 Speaker 1: surprise tomorrow, Carl, Well, good morning. There's there's about a 621 00:34:39,719 --> 00:34:44,400 Speaker 1: fifteen chance of a hundred basis point moved from the 622 00:34:44,520 --> 00:34:48,879 Speaker 1: FED that priced into FED plus futures. However, I think 623 00:34:48,960 --> 00:34:52,320 Speaker 1: that this is more of a hedging US footprint in 624 00:34:52,360 --> 00:34:54,640 Speaker 1: the markets, and I think there's a pretty clear cut 625 00:34:54,719 --> 00:34:58,080 Speaker 1: case to continue with more of the same. These what 626 00:34:58,280 --> 00:35:01,719 Speaker 1: we'll call jumbo sized seventy five basis point moves. That 627 00:35:01,920 --> 00:35:05,040 Speaker 1: is still an exceptional pace of tightening. Even if they 628 00:35:05,120 --> 00:35:08,520 Speaker 1: downshifted to fifty, this is still an exceptional pace of tightening. 629 00:35:08,600 --> 00:35:12,320 Speaker 1: So we should not view another seventy move is some 630 00:35:12,560 --> 00:35:16,359 Speaker 1: kind of indication that the FED is not making herculean 631 00:35:16,480 --> 00:35:19,680 Speaker 1: efforts to combat the inflation problem in the economy at 632 00:35:19,680 --> 00:35:23,879 Speaker 1: the moment. So our seventy five basis point moves here 633 00:35:23,920 --> 00:35:27,200 Speaker 1: to stay. Do you think we see a pivot toward 634 00:35:27,719 --> 00:35:32,680 Speaker 1: slower jumbo size moves this year? Well, the FED has 635 00:35:33,120 --> 00:35:36,680 Speaker 1: tested some of the language or or maybe laid the 636 00:35:36,800 --> 00:35:43,320 Speaker 1: groundwork for a downshift. Chair Powell talked about the appropriateness 637 00:35:43,440 --> 00:35:47,839 Speaker 1: of downshifting policy once monetary policy tightened a bit further 638 00:35:48,000 --> 00:35:52,080 Speaker 1: and financial conditions of tightened further. That's not this meeting. Clearly, 639 00:35:52,680 --> 00:35:55,200 Speaker 1: it could have been this meeting if the cc I 640 00:35:55,360 --> 00:35:59,239 Speaker 1: data showed some signs of cooperating or responding to the 641 00:35:59,640 --> 00:36:02,400 Speaker 1: tightening of financial conditions we've seen over the course of 642 00:36:02,440 --> 00:36:06,320 Speaker 1: the year. That certainly was not the case. November remains 643 00:36:06,400 --> 00:36:08,960 Speaker 1: an open question. Now you can make the case that 644 00:36:09,600 --> 00:36:12,920 Speaker 1: there's a limited supply of data between now and the 645 00:36:12,960 --> 00:36:16,360 Speaker 1: November rate decision. That would be one more jobs report, 646 00:36:16,560 --> 00:36:19,919 Speaker 1: one more inflation report, So that sounds like not too much. 647 00:36:20,520 --> 00:36:23,680 Speaker 1: But if we if we look at the totality of data, 648 00:36:23,960 --> 00:36:27,000 Speaker 1: as Chairpel describes it, that will have another g DP 649 00:36:27,200 --> 00:36:29,719 Speaker 1: princes or the first look at Q three the e 650 00:36:29,880 --> 00:36:32,839 Speaker 1: c i UH. We'll have a lot of corporate earnings data, 651 00:36:33,040 --> 00:36:35,480 Speaker 1: and then a lot of other data points that inform 652 00:36:35,560 --> 00:36:38,760 Speaker 1: our decision making, like the I S M surveys for instance, 653 00:36:38,800 --> 00:36:41,360 Speaker 1: and industrial production. So there really is a lot of 654 00:36:41,480 --> 00:36:44,840 Speaker 1: data to digest between now and November. That said, given 655 00:36:44,920 --> 00:36:48,160 Speaker 1: the momentum that the heat we're seeing in the economic data, 656 00:36:48,680 --> 00:36:51,360 Speaker 1: it will be hard to make that turn unless we 657 00:36:51,680 --> 00:36:55,360 Speaker 1: really do see a pronounced downshift in the data. That said, 658 00:36:56,000 --> 00:36:59,400 Speaker 1: we know from the macro landscape that growth is de 659 00:36:59,560 --> 00:37:03,719 Speaker 1: seller rating very aggressively, and this ultimately will take a 660 00:37:03,840 --> 00:37:07,279 Speaker 1: toll in all of those indicators I mentioned, including the 661 00:37:07,360 --> 00:37:11,160 Speaker 1: inflation numbers. We're talking about. Last year, at this time, 662 00:37:11,480 --> 00:37:16,000 Speaker 1: growth registering twelve percent as it was last reported, So 663 00:37:16,160 --> 00:37:20,759 Speaker 1: one year later, growth decelerating to below two UH, and 664 00:37:20,840 --> 00:37:23,680 Speaker 1: our forecast by year end is something below even a 665 00:37:23,800 --> 00:37:27,600 Speaker 1: half a percent on GDP. That is a very dramatic slowdown. 666 00:37:28,200 --> 00:37:30,160 Speaker 1: And so as that becomes more evident in the data, 667 00:37:30,440 --> 00:37:33,960 Speaker 1: I think both policy makers and market participants will be 668 00:37:34,160 --> 00:37:38,279 Speaker 1: more comfortable UH proceeding at a slower pace. Carl, just 669 00:37:38,400 --> 00:37:40,560 Speaker 1: thirty seconds left here, But are you expecting any big 670 00:37:40,680 --> 00:37:44,600 Speaker 1: changes from the FEDS economic projections this week? We will 671 00:37:44,640 --> 00:37:47,680 Speaker 1: see some pretty substantial changes to the forecast. So we'll 672 00:37:47,719 --> 00:37:51,000 Speaker 1: we'll see growth marked down. UH. Looks like policy makers 673 00:37:51,040 --> 00:37:54,120 Speaker 1: are going to lean harder on the brake pedal, so 674 00:37:54,239 --> 00:37:57,680 Speaker 1: we'll see UH. You know, a higher interest rate that trajectory, 675 00:37:58,360 --> 00:38:01,120 Speaker 1: this should create more slack in the economy, So UH 676 00:38:01,440 --> 00:38:05,600 Speaker 1: slightly marked up trajectory for the unemployment rate. UH, and 677 00:38:05,680 --> 00:38:09,120 Speaker 1: of course an acknowledgement that we're seeing more inflation uh 678 00:38:09,200 --> 00:38:12,040 Speaker 1: and less improvement in the inflation than what they were 679 00:38:12,080 --> 00:38:15,719 Speaker 1: previously anticipating. So you'll see a lot of markups in 680 00:38:15,840 --> 00:38:18,240 Speaker 1: that summary of economic projections if they will be releasing 681 00:38:18,239 --> 00:38:22,560 Speaker 1: alongside with the meeting statement. Thanks Carl, always good talking 682 00:38:22,640 --> 00:38:24,880 Speaker 1: with you. Carl Ricka don and out, chief US economist 683 00:38:24,960 --> 00:38:28,480 Speaker 1: at BNP Party, Karen Very Nathan, thank you. At five 684 00:38:28,840 --> 00:38:31,400 Speaker 1: three on Wall Street, time for the Bloomberg The Law Report, 685 00:38:31,480 --> 00:38:36,000 Speaker 1: brought to you by American Arbitration Association. Business disputes are inevitable, 686 00:38:36,239 --> 00:38:39,960 Speaker 1: resolve faster with the American Arbitration Association, the global leader 687 00:38:40,040 --> 00:38:43,560 Speaker 1: and alternative dispute resolution for over ninety years. More at 688 00:38:43,640 --> 00:38:45,719 Speaker 1: a d R downt Org. Let's get to the legal 689 00:38:45,800 --> 00:38:51,719 Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Bellinger, the 690 00:38:51,800 --> 00:38:55,560 Speaker 1: Internal Revenue Service is extending some filing and payment deadlines 691 00:38:55,680 --> 00:38:58,920 Speaker 1: for individuals and businesses in Puerto Rico that have been 692 00:38:58,960 --> 00:39:01,960 Speaker 1: affected by Hurricane in Fiona. A bill passed by Congress 693 00:39:02,120 --> 00:39:05,200 Speaker 1: directs the Labor Department to look into the obstacles facing 694 00:39:05,239 --> 00:39:08,640 Speaker 1: skilled immigrants who seek employment in the US. A federal 695 00:39:08,760 --> 00:39:11,200 Speaker 1: judge in New York rule that Jeff bloom must face 696 00:39:11,320 --> 00:39:15,920 Speaker 1: disability discrimination claims from an asthmatic former groundworker. The workers 697 00:39:15,960 --> 00:39:19,240 Speaker 1: says the carrier refused to administer a saliva test instead 698 00:39:19,280 --> 00:39:23,200 Speaker 1: of a breathalyzer test after a luggage vehicle accident. Bloomberg 699 00:39:23,320 --> 00:39:27,400 Speaker 1: Law everything you need, all on one legal research platform, 700 00:39:27,600 --> 00:39:32,200 Speaker 1: including guidance analysis and Bloomberg market Intelligence. Find out more 701 00:39:32,280 --> 00:39:35,400 Speaker 1: at Bloomberg Law dot com. All right, Jeff, Thanks, Now 702 00:39:35,440 --> 00:39:39,000 Speaker 1: another legal story we're watching. Yeshiva University has decided to 703 00:39:39,040 --> 00:39:42,800 Speaker 1: temporarily suspend all undergraduate club activities after the U. S. 704 00:39:42,840 --> 00:39:46,120 Speaker 1: Supreme Court refused to step into a legal fight over 705 00:39:46,280 --> 00:39:50,520 Speaker 1: its refusal to recognize a campus LGBTQ student group. The 706 00:39:50,680 --> 00:39:53,560 Speaker 1: ruling split the justices five to four, but the descent 707 00:39:53,680 --> 00:39:56,239 Speaker 1: appears to indicate that the win for the student group 708 00:39:56,320 --> 00:39:59,800 Speaker 1: may just be a temporary one for more Bloomberg student grasses. 709 00:40:00,000 --> 00:40:03,200 Speaker 1: East Richard Garnett a professor at the University of Notre 710 00:40:03,280 --> 00:40:08,000 Speaker 1: Dame Law School. So the descent written by Justice Samuel Alito, 711 00:40:08,600 --> 00:40:10,320 Speaker 1: at least four of us are likely to vote to 712 00:40:10,400 --> 00:40:14,640 Speaker 1: grant Sir Sharrari if Yeshiva's first amendment arguments are rejected 713 00:40:14,719 --> 00:40:17,959 Speaker 1: on appeal, and Yeshiva would likely win if its case 714 00:40:18,120 --> 00:40:21,719 Speaker 1: came before us. Isn't he deciding the case before it's 715 00:40:21,840 --> 00:40:24,880 Speaker 1: even been argued? Well, you only need four justices to 716 00:40:25,000 --> 00:40:27,920 Speaker 1: grant sirt, you know, and there were four justices on 717 00:40:28,040 --> 00:40:30,880 Speaker 1: the descent there. But it was interesting that extra bit 718 00:40:31,080 --> 00:40:34,240 Speaker 1: where Justice Leader does pretty clearly suggest to the parties 719 00:40:34,320 --> 00:40:36,759 Speaker 1: below that he thinks it wouldn't just be the four 720 00:40:36,920 --> 00:40:39,279 Speaker 1: on Yeshiva side. And I think he's probably right about that. 721 00:40:39,400 --> 00:40:41,160 Speaker 1: I mean, I suspect that it wouldn't even be just 722 00:40:41,560 --> 00:40:44,640 Speaker 1: five or even six, that if the case were to 723 00:40:44,680 --> 00:40:48,000 Speaker 1: actually get to the Supreme Court, that Yeshiva would win. 724 00:40:48,400 --> 00:40:50,920 Speaker 1: But for you know, whatever reason, a majority of the 725 00:40:51,000 --> 00:40:54,319 Speaker 1: justices wanted to have this thing sort of play out 726 00:40:54,920 --> 00:40:58,200 Speaker 1: more slowly and to play out fully in the state 727 00:40:58,239 --> 00:41:00,960 Speaker 1: court system before the Supreme Court comes in on the 728 00:41:01,040 --> 00:41:04,839 Speaker 1: ultimate merits questions, Why do you think that it's such 729 00:41:04,880 --> 00:41:09,080 Speaker 1: a clear cut case on the merits? So the doctrine 730 00:41:09,080 --> 00:41:11,800 Speaker 1: that the Supreme courts settled on in recent years is 731 00:41:11,880 --> 00:41:14,800 Speaker 1: that a law that is not generally applicable, but that 732 00:41:14,960 --> 00:41:17,800 Speaker 1: Burden's religion is subject to what's called strict scrutiny, and 733 00:41:17,840 --> 00:41:20,640 Speaker 1: that's a very demanding standard. And it seems pretty clear 734 00:41:20,800 --> 00:41:24,160 Speaker 1: that the New York anti discrimination regulation that's being applied 735 00:41:24,239 --> 00:41:27,680 Speaker 1: here has lots of exceptions. There's all kinds of civic 736 00:41:27,800 --> 00:41:31,920 Speaker 1: groups and clubs and other organizations that are not subject 737 00:41:32,120 --> 00:41:35,520 Speaker 1: to this particular anti discrimination norm, but Yeshiva is, and 738 00:41:35,640 --> 00:41:37,680 Speaker 1: so Yeshiva is going to be able to say the 739 00:41:37,719 --> 00:41:41,160 Speaker 1: application of this law is a burden on our religious 740 00:41:41,200 --> 00:41:45,000 Speaker 1: freedom rights. And because it's a burden that's being imposed 741 00:41:45,080 --> 00:41:48,279 Speaker 1: by a law that's not general, then that burden has 742 00:41:48,360 --> 00:41:52,040 Speaker 1: to be evaluated under this very demanding standard. And generally speaking, 743 00:41:52,080 --> 00:41:55,560 Speaker 1: when strict scrutiny is applied to a law, the law loses. 744 00:41:55,760 --> 00:41:57,520 Speaker 1: And I think it'd be again more than just Bob 745 00:41:57,600 --> 00:41:59,680 Speaker 1: or even six justices who would think that that was true. 746 00:41:59,680 --> 00:42:03,359 Speaker 1: Because if New York is willing to allow various other 747 00:42:03,840 --> 00:42:08,960 Speaker 1: nonprofits to have internal rules that reflect their values and 748 00:42:09,000 --> 00:42:11,279 Speaker 1: their missions on I think the Court's going to say 749 00:42:11,320 --> 00:42:15,520 Speaker 1: that they can't deny that to Yeshiva. And that's Richard Garnett, 750 00:42:15,560 --> 00:42:18,440 Speaker 1: a professor at the University of Notre Dame Law School, 751 00:42:18,520 --> 00:42:21,279 Speaker 1: speaking at the Bloomberg Student Grosso catch more of that 752 00:42:21,520 --> 00:42:25,160 Speaker 1: interview plus analysis of the latest legal news by subscribing 753 00:42:25,200 --> 00:42:28,000 Speaker 1: to the Bloomberg Law Podcast or downloading this show at 754 00:42:28,040 --> 00:42:32,440 Speaker 1: Bloomberg dot com, slash Podcasts, Attorneys Confined, exceptional legal research 755 00:42:32,480 --> 00:42:35,600 Speaker 1: and business development tools at Bloomberg Law dot com and 756 00:42:35,680 --> 00:42:40,440 Speaker 1: on the Bloomberg terminal at b law Go. And coming 757 00:42:40,520 --> 00:42:44,120 Speaker 1: up straight ahead, we have check on the business headlines 758 00:42:44,160 --> 00:42:46,399 Speaker 1: and all the news you need to start your day. 759 00:42:46,560 --> 00:42:48,000 Speaker 1: And this is Bloomberg