Speaker 1: My from the Bloomberg Interacted Burger Studios is Bloomberg day
Speaker 1: Break for two day, September twenty. It's two coming up
Speaker 1: this hour, the Fed kicks off It's two day meeting
Speaker 1: with another seventy five basis point rate hike on the table.
Speaker 1: Treasury two year yields are poised to crack about four
Speaker 1: percent for the first time in fifteen years. British Prime
Speaker 1: Minister Liz trust is pessimistic about a trade deal with
Speaker 1: the US, and four chairs drop on concerns of higher
Speaker 1: supply costs. New York City is looking at legal action
Speaker 1: involving the influx of migrants from Texas. Plus Hurricane Fiona
Speaker 1: strengthens after devastating Puerto Rico. I'm Michael Barr More Ahead,
Speaker 1: I'm John Stashower and sports the Mets cliff to playoff
Speaker 1: Berth Max Scherzer picks them to victory, and Milwaukee Aaron
Speaker 1: judge the Yankees tonight host Big Burg. That's all straight
Speaker 1: Ahead on Bloomberg day Break on Bloomberg eleven, Treeo, New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine, San Francisco, sirius x M one nineteen and
Speaker 1: around the world on Bloomberg Radio dot com and via
Speaker 1: the Bloomberg Business Actor. Good morning, I'm Nathan Hagart and
Speaker 1: I'm Karen Moscow and US dot Index futures are moving
Speaker 1: lower this morning. We are coming up to five oh
Speaker 1: one on Wall Street and we check the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg. Right now,
Speaker 1: SMP futures are down five points down, futures down nineteen,
Speaker 1: NAS day futures down thirty one, and the decks in
Speaker 1: Germany's down a third of u percent. The ten year
Speaker 1: treasury down seven thirty seconds, you know, three point five
Speaker 1: one percent, and they yield on the two year three
Speaker 1: point nine to six percent. Nathan here in the SMP
Speaker 1: five hundred snaffed to two day losing Street guest today.
Speaker 1: But right now futures are falling just a bit. Ten
Speaker 1: year treasury yields are hovering near three and a half percent,
Speaker 1: while the yield on the two years poised to crack
Speaker 1: four percent for the first time since two thousand seven.
Speaker 1: Jake Jolly is a senior investment strategist at B and Y.
Speaker 1: Melon I think it's going to be pretty toppy this week, right,
Speaker 1: We're all waiting for Wednesday. We're all very attentive to
Speaker 1: you know, what's going to be coming. Most notably, I
Speaker 1: think in the summary of economic projections. I think everybody
Speaker 1: feels like a FED watcher these days. But until then,
Speaker 1: I think it's going to be a little bit choppy.
Speaker 1: And the FED meeting mentioned by b n Y Melons
Speaker 1: Jake Jolly, kicks off today. According to economists surveyed by Bloomberg,
Speaker 1: the Central Bank will high grades by three quarters of
Speaker 1: a percentage point for the third straight time. Lori Calvacina's
Speaker 1: head of US equity strategy at RBC Capital Markets, they're
Speaker 1: still in the seventy days this point camp that they've
Speaker 1: certainly said that a hundred is on the table, and
Speaker 1: it does seem like there's been pains to make that
Speaker 1: messaging out there. It was a brutal day last week
Speaker 1: after that CPI print, we had a five percent drop
Speaker 1: in the mastack. So I do think that a lot
Speaker 1: is baked in at this point in time, and I
Speaker 1: think what the market continues to struggle with is not
Speaker 1: just the aggressive action from the FED, but there were
Speaker 1: economic ramification Lourie Calvacina at RBC says more companies could
Speaker 1: downgrade their earnings forecast and that could lead to more
Speaker 1: uncertainty for the markets. In Japan, Karen, inflation accelerated to
Speaker 1: its fastest pace in more than three decades, and that's
Speaker 1: creating headaches for the Bank of Japan. It will try
Speaker 1: to explain why it needs to continue with monetary stimulus
Speaker 1: when inflation is above its two percent goal. Consumer prices
Speaker 1: excluding fresh food rose at an annual rate of two
Speaker 1: point eight percent in August. Meantime, Nathan across Asia stocks
Speaker 1: snapped a five day losing streak. Hopes at Hong Kong
Speaker 1: will ease COVID restrictions helped boost sentiment, and we get
Speaker 1: the recap from Bloomberg's Juliette Sally and Singapore. Good morning, Juliet,
Speaker 1: Good morning, Nathan, and Karen. Indexes in Hong Kong, we're
Speaker 1: up more than one percent one key gauge, climbing from
Speaker 1: the edge of a bear market. As Hong Kong's chief
Speaker 1: executive said, the city wants to relax COVID travel curbs
Speaker 1: after nearly three years of restrictions. They off show you
Speaker 1: one weekend despite the p BOC setting a stronger than
Speaker 1: expected fix for a nineteenth day, and Chinese lenders kept
Speaker 1: their loan prime rates unchanged. In Singapore, Juliet Sally Bloomberg Daybreak.
Speaker 1: All right, Juliet, thank you. Let's turn to gel politics.
Speaker 1: Now there's word this morning a trade deal between the
Speaker 1: UK and the US is not likely anytime soon. Let's
Speaker 1: go live to London and get the details from Bloomberg's
Speaker 1: un Parts. Good morning, Good morning, Nathan and Karen. It's
Speaker 1: the first foreign trip for Liz trust since she became
Speaker 1: British Prime Minister two weeks ago, but touching down in
Speaker 1: New York for the UN General Assembly, she told reporters
Speaker 1: a trade deal between the UK and the US is
Speaker 1: unlikely in the short all the medium term. An agreement
Speaker 1: with the world's biggest economy has been an ambition for
Speaker 1: post Brexit trade policy, but for now the new PM
Speaker 1: accepts it's not going to happen anytime soon. In London,
Speaker 1: Immune Parts in Bag Daybreak, are you and thank you?
Speaker 1: Now to the latest and the war in Ukraine, the
Speaker 1: country's foreign minister dimitro Ko le Bas calling on Western
Speaker 1: allies to send even more weapons to Cement the gains
Speaker 1: from this month's counter offensive against Russia. He says it's
Speaker 1: been successful so far. It wasn't expected for some, but
Speaker 1: it was a thoroughly planned and well thought military operation.
Speaker 1: Um the next phase will be to continue liberating our territories.
Speaker 1: We will continue our counter offensive in the east of
Speaker 1: the country and Ukrainian Foreign Minister Dimitrio Kuleba spoke with
Speaker 1: Bloomberg in New York ahead of the UN General Assembly's
Speaker 1: annual meeting. Last week, President Biden announced another six hundred
Speaker 1: million dollar drawn down from US military stock biles to
Speaker 1: provide aid to Ukraine. In Corporate News this morning, Karen,
Speaker 1: a big legal battle is back in the spotlight. We
Speaker 1: have new developments in the lawsuit found by Twitter against
Speaker 1: Elon Musk. Twitter co founder Jack Dorsey will now be
Speaker 1: questioned under oath as part of the case, and we
Speaker 1: get the story from Bloomberg. Stud prisoner. Dorsey has been
Speaker 1: an energetic booster of Musk's fort four billion dollar bid
Speaker 1: for the company, but in July Musk retreated from his
Speaker 1: offer and accused the company of not providing information to
Speaker 1: assess the prevalence of bots. Twitter is now suing Musk
Speaker 1: to enforce the takeover agreement, even though Dorsey was subpoenaed
Speaker 1: last month by Musk. He will be question by attorneys
Speaker 1: from both sides via zoom. The push to gather information
Speaker 1: and interview key players comes ahead of an expedited schedule
Speaker 1: for a trial. It's lated to begin October sevent and
Speaker 1: last for five days in New York. I'm duck, prisoner
Speaker 1: Bloomberg daybreak, all right, Doug, thank you well for it
Speaker 1: is also front and center this morning. Shares down almost
Speaker 1: five percent in early training after the automaker said inflation
Speaker 1: is pushing supplier costs a billion dollars higher than expected
Speaker 1: in the current quarter. Ford expects adjusted earnings to be
Speaker 1: well below the three point seven billion it reported last quarter,
Speaker 1: and General Motors is getting a vote of confidence this morning.
Speaker 1: Karen from one big investor, Cathy Woods Fund, has scooped
Speaker 1: up shares of GM for the first time in more
Speaker 1: than four months. Following a fifty percent draw down this
Speaker 1: year through July, GM shares have been gradually recovering as
Speaker 1: the company bets on selling affordable electric vehicles, and Apple
Speaker 1: unveiled major increases to its price tiers on apps and
Speaker 1: app purchases from Europe to Asia, protecting its margins as
Speaker 1: major currencies tumble against the US dollar. Customers and nations
Speaker 1: that use the Euro, as well as those in Sweden, Japan,
Speaker 1: South Korea, Chile, Egypt, to Malaysia, Pakistan and Vietnam, we'll
Speaker 1: all see price six as early as October five. Futures
Speaker 1: are lower your local headlines straight ahead. This is Bloomberg, right, Karen,
Speaker 1: Thank you. It's five oh seven on Wall Street. We're
Speaker 1: at sixty nine degrees in Central Park, already dealing with
Speaker 1: an accident on the westbound Cross Bronx Expressway. It's by
Speaker 1: the Shared In Expressway. Details coming up in traffic. First,
Speaker 1: Michael Barr with what else is going on in New
Speaker 1: York and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: More migrants arrived by bus to New York from Texas yesterday,
Speaker 1: following six additional buses over the weekend. Mayor Eric Adams
Speaker 1: says this city is considering potential legal action. The situation
Speaker 1: in New York at certain tragic, with Mayor Adams confirming
Speaker 1: that an asylum seeker took her own life at a
Speaker 1: facility over the weekend. The failure was the governors that
Speaker 1: sent people on a multi day bus ride without of
Speaker 1: proper food, without medical care, without the basic necessities. Mayor
Speaker 1: Adams says, eleven thousand, six hundred asylum seekers and migrants
Speaker 1: are here in the city. Meanwhile, of Texas Democratic sheriff
Speaker 1: announced the criminal investigation has been opened into who was
Speaker 1: behind the recruitment of dozens of migrants in San Antonio
Speaker 1: to be flown on a charter plane to Florida and
Speaker 1: Martha's Vineyard in Massachusetts. Bear County Sheriff Javier Salazaras says
Speaker 1: they were lured, they were promised work, they were promised
Speaker 1: the solution to several of their problems. They were taken
Speaker 1: to Martha's Vineyard from what from what we can gather
Speaker 1: for nothing, for a little more than a photo video
Speaker 1: op and then they were unceremoniously stranded in Martha's Vineyard.
Speaker 1: Saraff Salazaris says it's believed that a Venezuelan migrant was
Speaker 1: paid what would be called a bird dog fee to
Speaker 1: recruit people from the area around a migrant resource center.
Speaker 1: Fiona strengthened to a Category three hurricane overnight with winds
Speaker 1: of a hundred fifteen miles per hour as it approached
Speaker 1: the Turks and Caicos Islands. In Puerto Rico, more than
Speaker 1: a million people are without power, and officials say roughly
Speaker 1: thirty five inches of rain could fall on some areas.
Speaker 1: In New York, Governor Cathy Hocle says, Puerto Rico needs
Speaker 1: assistance like any other state going through a natural disaster.
Speaker 1: Is our citizens, fellow citizens, and that is why we
Speaker 1: do this mutual late, as we would do if there were,
Speaker 1: you know, the flooding in Kentucky. Governor Hocle says, utility
Speaker 1: crews are ready to go down to help. UN Secretary
Speaker 1: General Antonio Guterres is warning that the world is in
Speaker 1: great peril. He says. World leaders, meeting in person for
Speaker 1: the first time in three years at the UN General
Speaker 1: Assembly in New York, must tackle conflicts and climate catastrophes.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalist and analyst and more than a hundred twenty countries.
Speaker 1: Michael Are this is Bloomberg Natham. Thanks. Michael turned up
Speaker 1: to five ten on Wall Street time to the Bloomberg
Speaker 1: Sports Update. Good morning, John Stenshown, Good morning, Nathan. The
Speaker 1: Mets are now officially in the playoffs, and they are
Speaker 1: hoping that next month it's there one two punch that
Speaker 1: will take them for the night. After Jacob mcgraham began
Speaker 1: his start with five perfect innings and thirteen strike ats,
Speaker 1: it was Max Serser's turn. Came off the injured list
Speaker 1: in Milwaukee to hurl six perfect in as nine cages.
Speaker 1: Jersey has been taken out. Brewers scored twice in the
Speaker 1: seventh off. Tyler McGill, also just back from injury, but
Speaker 1: the Mets one seven to two, ers two hundredth career
Speaker 1: win Peter Alonso at the three run homers thirty six.
Speaker 1: The Braves also won. They remain a game behind even
Speaker 1: in the lost column. Yankees back home tonight to play Pittsburgh,
Speaker 1: and the hot ticket is for a seat in the bleachers,
Speaker 1: a chance to catch a ball hit out by Aaron Judge,
Speaker 1: sitting on fifty nine home runs is next one matches
Speaker 1: Babe Ruth from seven, and then it's on too Roger Marris.
Speaker 1: Judge continues to say it's not on his I'm focus
Speaker 1: to go out there and win a game. Numbers unless
Speaker 1: there is numbers, and you know I'm focused on newing.
Speaker 1: I can to be a good teammate, help the team win.
Speaker 1: That means homer and then it means the homer. But
Speaker 1: never never been more focus, ever been. You know, I
Speaker 1: managed I play this game in the Astros last night
Speaker 1: clinch the a L West. The Guardians won. They leave
Speaker 1: the Ale Central by four games para Monday night blowouts.
Speaker 1: Buffalo forty one to seven over Tennessee. Josh Allen and
Speaker 1: Stefan Diggs hooked up for touchdowns three times. Philadelphia all
Speaker 1: over Minnesota twenty four to seven. Jalen Hurts ran for
Speaker 1: two touchdowns through a fifty three rd TD pass. The
Speaker 1: Bills and Eagles both too and oh Jets go to
Speaker 1: Rob Sala, says Zach Wilson. Looks good in practice, but
Speaker 1: Jets might stick with last Sunday zero Joe Flacco for
Speaker 1: at least one more game Sunday against Cincinnati. John stash
Speaker 1: I Wenter Bloomberg Sports, Nathan Okay, John thanks SMP future
Speaker 1: is moving lower now down ten points, Stown futures down
Speaker 1: fifty four Nance deck futures, adding to their declines down
Speaker 1: fifty two points in the ten year Treasury yield right
Speaker 1: now three point five to per cent. You're listening to
Speaker 1: Bloomberg Day Bread Bloomberg eleven three oh weather. Sunshine today
Speaker 1: and hides in the low eighties, mostly sunny with a
Speaker 1: high near eighty tomorrow. By Thursday showers lightly hides them
Speaker 1: in the upper seventies. Right now sixty nine degrees in
Speaker 1: Central Park Markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot com, the Bloomberg Business at
Speaker 1: and at Bloomberg Brictake. This is a Bloomberg Business flash
Speaker 1: and I'm Karen. Moscow stocks giving up early gains as
Speaker 1: traders gear up for another supersized US rate high, committed
Speaker 1: rising anxiety the Federal Reserve could overtighten and raise the
Speaker 1: odds of a hard landing. Fed policymakers open a two
Speaker 1: day meeting today with a decision on interest rates scheduled
Speaker 1: four tomorrow, and U S Dock index futures are lower.
Speaker 1: We checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bomberg, SNP future is down about twelve points this morning,
Speaker 1: down features down fifty six and NASDAC futures down fifty three.
Speaker 1: The decks in Germany's down half percent. Ten year treasury
Speaker 1: down ten thirty seconds. You have three point five two percent.
Speaker 1: They yield on the two year three point nine seven percent.
Speaker 1: Nine X Screwed oil is up half percent or forty
Speaker 1: six cents at eighty six dollars. Nineteen cents of barrel.
Speaker 1: Comic school is down a tenth of upper cent or
Speaker 1: two dollars at sixteen seventy six twenty an ounce. The
Speaker 1: euro is at one point zero zero one zero against
Speaker 1: the dollar, British pound one point one three two and
Speaker 1: again one forty three point seven. To look at a
Speaker 1: bit coin, it's down one point two percent and nineteen thousand,
Speaker 1: two hundred ninety dollars. And today we are looking for
Speaker 1: reports on housing starts and building permits at a eight
Speaker 1: thirty Wall Street time. That's a bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael, good morning, Good morning, Kerin. Hurricane Fiona
Speaker 1: has strengthened into a Category three storm as it now
Speaker 1: heads towards the Turks and Caicos Islands. It continues to
Speaker 1: cause heavy winds and rain in the Dominican Republic. In
Speaker 1: Puerto Rico, where floodwaters rushed through the streets and many
Speaker 1: are without power. Border Crossing Sword In August, US Customs
Speaker 1: and Border Protections reported an increase in migrants from Venezuela,
Speaker 1: Cuba and Nickarava, stopping about fifty six thousand last month.
Speaker 1: It was a Monday night football doubleheader. The Bills put
Speaker 1: on What four and Why Women on the Titans forty
Speaker 1: one seven. The Eagles beat the Vikings twenty four seven.
Speaker 1: In baseball, the Mats one clinching a playoff birth the
Speaker 1: Nationals and Orioles lost the Giants one. Global news twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael bar this is
Speaker 1: Bloomberg Nager. Okay, Michael, thank you. We're coming up to
Speaker 1: five twenty on Wall Street Live from the Bloomberg Interactive
Speaker 1: Broker Studios. This is Bloomberg Daybreak. We've got sd Dweck
Speaker 1: with us this morning, chief investment officer at Flow Bank,
Speaker 1: with the focus on central banks this week and a
Speaker 1: FED decision tomorrow. See good morning. We're watching futures move
Speaker 1: lower the two year yield getting ever closer to four percent,
Speaker 1: Does this market have more pricing into whatever the Fed's
Speaker 1: gonna do tomorrow? Good morning, Well, it's certainty, certainly seems
Speaker 1: to be the case. I think the market is worried,
Speaker 1: is that the terminal rate in the dot plot that
Speaker 1: we're going to get tomorrow is going to be higher
Speaker 1: than um, you know, four four point five or something
Speaker 1: like that, And so there's a little bit of readjustment,
Speaker 1: especially well a lot of readjustment, especially at at the
Speaker 1: two year yields, waiting for the announcement tomorrow. So how
Speaker 1: much further do you think these this market could go?
Speaker 1: In the stock market, how much further could we see
Speaker 1: treasury yields go? Well, you know, it really depends if
Speaker 1: we get an even more hawkish uh surprise from the
Speaker 1: Fed or something as hawkish as uh Powell was it
Speaker 1: at Jackson Hole, or whether we have a dots plots
Speaker 1: that shows below four and a half, which is already
Speaker 1: basically priced in by the markets. Um, we've broken through
Speaker 1: those June highs on the tenure, so there is some
Speaker 1: room to the upside, but it is starting to feel
Speaker 1: again unless the Fed again resets those terminal rate expectations.
Speaker 1: It is starting to get a little bit stretched on
Speaker 1: the yield front. Now, we did get a hawkish surprise
Speaker 1: this morning from Sweden Central Bank coming in with a
Speaker 1: hundred basis point move. Does that have any impact on
Speaker 1: your expectations for the Fed tomorrow? I don't think so.
Speaker 1: The Fed is most likely going to do seventy five
Speaker 1: at this point again, even if they went a hundred,
Speaker 1: because they are trying to frontload these these rate hikes. UM,
Speaker 1: I think the market might not necessarily see it as
Speaker 1: a negative again, depending on how that terminal rate ends up. Uh,
Speaker 1: it's really a question of how high do we go
Speaker 1: and for how long do we stay there? UM the
Speaker 1: past higher Now we know it's going to be a
Speaker 1: lot of big hikes. We have seventy five basis points
Speaker 1: mostly planned in for November already, so we know a
Speaker 1: few of these are coming. Now, what does that mean
Speaker 1: for corporations going forward? Here we're hearing a number of
Speaker 1: earnings downgrades. Of course, you got that big report from
Speaker 1: FedEx last week and more gloomy picture from Ford as
Speaker 1: well this morning. Are we in uh setting ourselves up
Speaker 1: here for even further earnings downgrades? From companies getting into
Speaker 1: the last quarter. It's something we definitely need to watch.
Speaker 1: The Ford one is more question was more question of
Speaker 1: waiting for UH some parts and then UH they think
Speaker 1: their Q four deliveries are going to be fine. So
Speaker 1: we saw that with some other carmakers a few quarters ago.
Speaker 1: So the full year twenty two wasn't changed. FedEx was
Speaker 1: definitely a warning, but so far it's one of the
Speaker 1: only companies that has been as negative about the rest
Speaker 1: of the year. But we have to watch that and
Speaker 1: if it starts to become very big downgrades to the
Speaker 1: outlook and not just some downward adjustment, then I think
Speaker 1: that can be another worry for markets. So in our
Speaker 1: last minute, here SD what's the risk of economic slowdown
Speaker 1: or even recession given the strongest stance we're seeing from
Speaker 1: the FED, And where do you put your money at
Speaker 1: this point? Well, it's interesting because you you have a
Speaker 1: labor market that's holding up, you have growth data that
Speaker 1: appears to be holding up so far, so it doesn't
Speaker 1: feel like we're sort of stirling towards a recession and
Speaker 1: that's very elusive. Soft landing seems like a possibility at
Speaker 1: this point. Well, it's certainly going to have to watch
Speaker 1: that over the next few months. But in the short term,
Speaker 1: sentiment is negative. I think we probably have at least
Speaker 1: a few more weeks of downside risks. So for now,
Speaker 1: I mean, you know, dollar is still king, cash is
Speaker 1: obviously paying so uh for the Again for the short term,
Speaker 1: certainly more on the cautious side, and certainly are seeing
Speaker 1: even more dollars strength this morning as well. Thanks for this,
Speaker 1: s D. Again, great having you back on with us
Speaker 1: this morning. S D. Dwack, chief investment Officer at Flow Bank.
Speaker 1: As we watched the market this morning, we're seeing futures
Speaker 1: add to their declines. Right now, We've got SMP futures
Speaker 1: lower by fifteen points down, futures down eighty three, and
Speaker 1: Nasdaq future is a drop of six tenths percent sixty
Speaker 1: seven point decline on the tech heavy NASTAC futures. The
Speaker 1: ten year Treasury is down ten thirty seconds, with the
Speaker 1: yield close to three point five three percent, the yield
Speaker 1: on the two year getting ever closer to four percent
Speaker 1: right now at three point nine eight nime X screwed
Speaker 1: is up a half percent, or forty six cents eighty
Speaker 1: six dollars nineteen cents of barrel and looking at that
Speaker 1: dollar strength once again, the euro pretty much at parody
Speaker 1: against the dollar at one point zero zero zero around nine.
Speaker 1: This is Bloomberg and Bloomberg Daybreak is brought to you
Speaker 1: by Peapack Private Wealth Management. Peapack Private Wealth Management knows
Speaker 1: that the portfolio is more than a collection of assets,
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Speaker 1: the Bloomberg Interactive Broker Studio in New York, Bloomberg E
Speaker 1: Loving Freed to Washington, d C, Bloomberg on to Boston,
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Speaker 1: sixteen to the Country Sirius XM to A one nineteen
Speaker 1: and around the globe the Bloomberg Business apt and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty
Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm
Speaker 1: Karen Moscow. We are just about four hours away from
Speaker 1: the open of US trading. Let's get you up to
Speaker 1: date on the news. You need to know what this
Speaker 1: show or US futures are lower following a late day
Speaker 1: rally on Wall Street and US tenure reel yields rose
Speaker 1: to the highest, and the SNP five hundred snapped two
Speaker 1: day losing streak after sledding much of last week. The
Speaker 1: market uncertainty comes as the Fed cakes off it's to
Speaker 1: day policy meeting at The question now is whether the
Speaker 1: Central Bank hikes interest rates by seventy five or a
Speaker 1: hundred basis points. William Houston, as chief investment officer at
Speaker 1: Bay Street Capital, as soon as that trend reversed this course,
Speaker 1: you know, we stopped seeing this inversion in the yield
Speaker 1: curve where investors are being actually rewarded at a higher
Speaker 1: rate on these sorter term yields as opposed to longer
Speaker 1: term reels. As long as that's the case, Yeah, equity,
Speaker 1: they're going to perform poorly. William Houston with Bay Street Capital,
Speaker 1: thanks the Federal raise rates seventy five basis points tomorrow.
Speaker 1: An economists recently surveyed by Bloomberg degree trains for life
Speaker 1: coverage to that Fed decision tomorrow on a special edition
Speaker 1: of Bloomberg Surveillance starting at one thirty pm Wall Street
Speaker 1: time on Bloomberg Radio and television. The Fed is the
Speaker 1: only central bank making policy decisions this week Karen and Europe.
Speaker 1: Sweden central Bank high rates a larger than expected hundred
Speaker 1: basis points. Over in Asia, the Bank of Japan will
Speaker 1: have to decide whether to continue monetary stimulus this week
Speaker 1: after inflation accelerated to the fastest pace in more than
Speaker 1: three decades. We also get a Bank of England decision
Speaker 1: on Thursday. And the geo politics now Nathan where world
Speaker 1: leaders meeting at the u n this week or in
Speaker 1: the spawn line and ahead of her meeting with President
Speaker 1: Joe Biden, UK Prime Minister Liz Trust says she does
Speaker 1: not expect a trade deal between the two countries anytime soon.
Speaker 1: I meantime, the war in Ukraine rages on Karen in
Speaker 1: that country's Foreign Minister to meetro Kuleba, says Ukraine will
Speaker 1: continue its counter offensive against Russia in the East. He's
Speaker 1: calling on Western allies to send more weapons. Sometimes I'm
Speaker 1: being asked whether there is enough of weapons that we
Speaker 1: have received. I always say I will be able to
Speaker 1: say it was enough only after Ukraine wins. Until then
Speaker 1: we will be asking for more. Ukrainian Foreign Minister to
Speaker 1: meetro Kuleba spoke with Bloomberg ahead of the UN General
Speaker 1: Assembly's annual meeting last week, as an in Biden announced
Speaker 1: another six hundred million dollar drawn down from US military
Speaker 1: stockpiles to provide aid to Ukraine. Incorporate News Now, Nathan.
Speaker 1: Twitter co founder Jack Dorsey will be questioned under oath
Speaker 1: today in the lawsuit filed by Twitter against Tesla founder
Speaker 1: Elon Musk and shares a Ford are down five percent
Speaker 1: in early trading, Karen, after the automaker announced inflation is
Speaker 1: pushing supplier costs a billion dollars higher than expected in
Speaker 1: the current quarter. And again futures are lower with US
Speaker 1: and P futures down about ten points. And straight ahead
Speaker 1: your latest local headlines plus a check of sports, and
Speaker 1: this is Bloomberg. Thank you. Caring five thirty three on
Speaker 1: Wall Street, sixty nine degrees in Central Park, still dealing
Speaker 1: with the accident westbound prossproxitly shared an expressway. More coming
Speaker 1: up in traffic first Michael Barr with what else is
Speaker 1: going on in New York and around the world. Michael,
Speaker 1: thank you very much, Nathan. New York Mayor Eric Adam
Speaker 1: says he will soon have a plan to deal with
Speaker 1: the bus loads migrants arriving in the city from the
Speaker 1: southern border. Mayor Adams says he'll first examine the issues
Speaker 1: than to come up with a plan to deal with
Speaker 1: the migrant crisis landing in the city. We are not
Speaker 1: telling anyone that New York can accommodate every migrant in
Speaker 1: the city. We're not encouraging people to send eight nine
Speaker 1: buses a day. That is not what we're doing. Mayor
Speaker 1: Adams says the city has taken in more than eleven
Speaker 1: thousand asylum seekers and migrants, processing undred of them while
Speaker 1: opening twenty three emergency shelters. But Adams says among the
Speaker 1: many next steps could be litigation. We are strongly in
Speaker 1: supportive rights right to shelter, but there's aspects of it
Speaker 1: that we want to look at, and so we're looking
Speaker 1: at our legal options on all of what we are
Speaker 1: seeing how to address this. Mayor Adams also confirms one
Speaker 1: migrants sent to New York committed suicide over the weekend.
Speaker 1: Hurricane Fienna is barreling toward the Turks and Caicos Islands
Speaker 1: as it strengthens into a Category three storm. The intensifying
Speaker 1: storm also kept dropping rain over the Dominican Republican Puerto Rico.
Speaker 1: One person has died and more than a million people
Speaker 1: remain without power in Puerto Rico. In New York, Governor
Speaker 1: Kathy HOCl said, crews are ready to go down to help.
Speaker 1: We are continuing to monitor the situation. We have assets
Speaker 1: ready to be deployed. We are anxious to provide the
Speaker 1: support that the people of Puerto Rico and the Dominican
Speaker 1: Republic need at this time. Governor HOCl says, the people
Speaker 1: in Puerto Rico are our fellow citizens and need aid.
Speaker 1: UN Secretary General Antonio good Terrorist is warning that the
Speaker 1: world is in great peril, he says. World leaders, meeting
Speaker 1: in person for the first time in three years at
Speaker 1: the UN General Assembly in Manhattan, must tackle conflicts and
Speaker 1: climate catastrophes, increasing poverty and inequality, and divisions among major powers.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts more than a hundred twenty countries. I'm
Speaker 1: Michael barn This is Bloomberg. Nathan. Thanks Michael on streetch
Speaker 1: On Stenshire as the bloom Bridge Sports something all right, Nathan?
Speaker 1: After the Yankee he spent this past weekend in Milwaukee.
Speaker 1: The Mets went there. They took Max shows Are off
Speaker 1: the injured list. He went for his two career victory
Speaker 1: of the Mets, seeking one more win to assure them
Speaker 1: a playoff birth. Mets and Brewers scoreless fourth inning. To pitch,
Speaker 1: Alonso tried to deep philipp Field. This bull's fair and
Speaker 1: it's way out of here. Three run shot Pete Alonzo
Speaker 1: and the Mets strike first in Milwaukee. It's three nothing
Speaker 1: at the top of the four pennings. Alonso's thirty six
Speaker 1: w CBS Adam. Mets went on to win seven to two.
Speaker 1: Shots are brilliant, taken out after six perfect hintings. The
Speaker 1: playoff birth is the Mets tenth in team history, first
Speaker 1: in two thousand and sixteen. Of course, they'd like to
Speaker 1: go in as Division champ ear a first round by,
Speaker 1: but Atlanta continues in hot pursuit. The Braves one to
Speaker 1: remain one game behind. The Pirates just lost four times
Speaker 1: with the Mets and City Field. Now they visit the
Speaker 1: Yankees with all eyes on Aaron Judge. The question now
Speaker 1: is not if he breaks Roger Marris's Yankee in American
Speaker 1: League home lun w rep, but when he needs three,
Speaker 1: could he do it? During this sixth game homestand week
Speaker 1: two in the books, impressive home wins for Buffalo and Philadelphia.
Speaker 1: The Bills all over Tennessee one to seven. Josh Allen
Speaker 1: four touchdown passes, three went to Stefon Dick. Titan's loss
Speaker 1: means that in the a f C South, the four
Speaker 1: teams have combined for the one victory. The Eagles easily
Speaker 1: over Minnesota to seven. Jalen hurts in on three filling
Speaker 1: touchdowns just in the first half. Next Monday, it's the
Speaker 1: two and oh Giants hosting Dallas, and that's the night
Speaker 1: after the Jets welcome in Cincinnati. Bengals are owing to
Speaker 1: both of the losses on last second field goals. Johns
Speaker 1: Dashword Bloomberg Sports Nathan thanks John seven on Wall Street
Speaker 1: Time for the Tri State Business Report with Bloomberg's head.
Speaker 1: Cory Investors, led by New York City's pension funds, final
Speaker 1: to shareholder proposal calling for an audit of workers rights
Speaker 1: at Starbucks. The resolution urges Starbucks directors to commission and
Speaker 1: release a third party assessment of the company's compliance with
Speaker 1: commitments to honor workers. Collective bargaining rights. New Jersey teach
Speaker 1: years in the state's school employees health benefits program will
Speaker 1: be paying over fifteen percent more for health coverage in
Speaker 1: three similar though slightly less than the increased imposed on
Speaker 1: municipal and county workers. Teachers did not avoid the big
Speaker 1: hike like state workers did. Connecticut's Attorney General met Monday
Speaker 1: with the M and T Bank executive who oversees the
Speaker 1: New England region. He made a series of demands he
Speaker 1: hopes will resolve problems with a computer system conversion designed
Speaker 1: to combine People's United Bank and the Buffalo based financial institution.
Speaker 1: That your Bloomberg Trying State Business Report. I'm Ed Corey,
Speaker 1: thank you at eight on Wall Street. Bloomberg Radio is
Speaker 1: on the air from San Francisco to New York, London
Speaker 1: to Hong Kong. Let's check in with our global news
Speaker 1: team for some of the top stories heard on our
Speaker 1: three hundred affiliate radio stations around the world. I'm Steve
Speaker 1: Potas Content and Wins in New York. We're talking about
Speaker 1: the Lord and Taylor brand looking to aggressively reintroduce itself
Speaker 1: to consumers. M Cornetana how on ktr H in Houston,
Speaker 1: Halloween spending is expected to hit a record of ten
Speaker 1: point six billion dollars. I'm Gina Servetti in for w
Speaker 1: c c O in Minneapolis. I'm reporting that a Minnesota
Speaker 1: based self storage company has taken its property tax fight
Speaker 1: to the U. S. Supreme Court. I'm Stephen Carol on
Speaker 1: DAB Digital Radio and London. We've been reporting on the
Speaker 1: ricks bank hiking rates by a hundred basis points as
Speaker 1: the Swedish Central Bank kicks off a massive week of
Speaker 1: right to sais. I'm Abe Corey on w w J
Speaker 1: in Detroit. I'm reporting seven Midwestern states are teaming up
Speaker 1: to promote frank regen is, the clean energy alternative. And
Speaker 1: those are some of the stories our twenty seven hundred
Speaker 1: Bloomberg journalists and analysts working on this morning around the world.
Speaker 1: It's five thirty nine on Wall Street. The following is
Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by
Speaker 1: the Bloomberg Editorial Board. Among the many crowd pleasing elements
Speaker 1: of the Inflation Reduction Act, which President Iiden signed into
Speaker 1: law last month is a measure to cap the cost
Speaker 1: of insulin from Medicare recipients. Lawmakers from both parties now
Speaker 1: want to widen that benefit to millions of others who
Speaker 1: rely on the life saving drug Insulin. Affordability is a problem.
Speaker 1: Americans pay roughly eight times more for the century old
Speaker 1: drug than people in the rest of the developed world.
Speaker 1: But while limiting out of pocket costs for insulin has
Speaker 1: obvious political appeal, it does nothing to contain the overall
Speaker 1: price of the drug. Rather than attempting to manipulate prices,
Speaker 1: Congress should marshal the forces of competition to bring down costs.
Speaker 1: That sort of strategy would benefit consumers and taxpayers alike.
Speaker 1: The editorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash
Speaker 1: opinion or OPI n go on the Bloomberg terminal. This
Speaker 1: has been bloom Urg Opinion. Listen for Bloomberg opinion editorials
Speaker 1: every weekday. At this time, terminal customers can read more
Speaker 1: at O P I n go. SMP features down thirteen
Speaker 1: points down, futures down seventy three, Naszac features lower by
Speaker 1: fifty nine points. The tenure Treasury yield three point five
Speaker 1: three percent. This is Bloomberg Bloomberg eleven three oh weather,
Speaker 1: mostly sunny, low eighties today, will get near eighty tomorrow
Speaker 1: under mostly sunny sky by Thursday, showers likely upper seventies.
Speaker 1: Right now sixty nine degrees in Central Park markets. Headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, of Bloomberg Business at and at Bloomberg Tricktap,
Speaker 1: He's a Bloomberg Business flash and I'm Karen Moscow. And
Speaker 1: stocks giving up early gains as traders gear up for
Speaker 1: another supersized US rate high commid rising anxiety the Federal
Speaker 1: Reserve could overtighten and raise the odds of a hard landing.
Speaker 1: FED policymakers opening up a two day meeting today. US
Speaker 1: dock index futures they're extending their declines, and we checked
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg s and P Future is now down about eighteen
Speaker 1: points down, futures down a hundred six, and NASTAC futures
Speaker 1: down sixties seven. The decks in Germany's down eight tenths
Speaker 1: of a percent, ten, Your treasury down twelve thirty seconds,
Speaker 1: you'll three point five three percent, and they yield on
Speaker 1: the two year three point nine seven percent. Ni Max
Speaker 1: screwed oil is up tenth of a percent or twelve
Speaker 1: cents at eighty five dollars eighty five cents of barrel
Speaker 1: call Max School down two tenths per cent or two
Speaker 1: dollars ninety cents at sixteen seventy five thirty an ounce.
Speaker 1: The Euro one point zero zero zero four against the dollar,
Speaker 1: British found one point one four one five and again
Speaker 1: one forty three point seven four and Bitcoin this morning
Speaker 1: is down one and a half percent in nineteen thousand,
Speaker 1: two hundred twenty dollars. And as a Bloomberg Business flash down,
Speaker 1: here's Michael Barre with more on what's going on around
Speaker 1: the world. Muchaele Karen, thank you very much. Every Tame
Speaker 1: Fiona's strengthened to a category three storm with winds of
Speaker 1: a hundred fifteen miles per hour as it barrels towards
Speaker 1: the Turks and Caicos Islands in Puerto Rico, more than
Speaker 1: a million people are in the dark. Former President Donald
Speaker 1: Trump's legal team appears before the new Special Master Raymond
Speaker 1: Deary today, but they are opposing one of Deery's requests.
Speaker 1: Trump's legal team has refused a request by Derry to
Speaker 1: clarify actions taken to declassify material sees at the former
Speaker 1: presidents of our Lango State. It was a Monday night
Speaker 1: football doubleheader. The Bills put on What four and Why,
Speaker 1: whipping on the Titans seven. The Eagles beat the Vikings seven.
Speaker 1: In baseball, the Mets one, clinching of playoff birth the
Speaker 1: Nationals and Orioles lost the Giants. One. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael Barr And this
Speaker 1: is Bloomberg. Nathan, Okay, Michael, thank you. It's five forty
Speaker 1: nine on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is a Bloomberg daybreak. And the Federal Reserve is
Speaker 1: beginning it's two day policy meeting for September this morning.
Speaker 1: Determined to put a whipping on inflation second, I mean
Speaker 1: yet more supersized rate hikes. Let's bringing Carl Ricka Donna
Speaker 1: for more on this. Chief US economist at BNP party
Speaker 1: BA Carl Good to speak with you again ahead of
Speaker 1: the FED decision. The markets pricing in seventy five basis points.
Speaker 1: We just heard from Sweden's central bank they went ahead
Speaker 1: and did a hundred what's the chance of a FED
Speaker 1: surprise tomorrow, Carl, Well, good morning. There's there's about a
Speaker 1: fifteen chance of a hundred basis point moved from the
Speaker 1: FED that priced into FED plus futures. However, I think
Speaker 1: that this is more of a hedging US footprint in
Speaker 1: the markets, and I think there's a pretty clear cut
Speaker 1: case to continue with more of the same. These what
Speaker 1: we'll call jumbo sized seventy five basis point moves. That
Speaker 1: is still an exceptional pace of tightening. Even if they
Speaker 1: downshifted to fifty, this is still an exceptional pace of tightening.
Speaker 1: So we should not view another seventy move is some
Speaker 1: kind of indication that the FED is not making herculean
Speaker 1: efforts to combat the inflation problem in the economy at
Speaker 1: the moment. So our seventy five basis point moves here
Speaker 1: to stay. Do you think we see a pivot toward
Speaker 1: slower jumbo size moves this year? Well, the FED has
Speaker 1: tested some of the language or or maybe laid the
Speaker 1: groundwork for a downshift. Chair Powell talked about the appropriateness
Speaker 1: of downshifting policy once monetary policy tightened a bit further
Speaker 1: and financial conditions of tightened further. That's not this meeting. Clearly,
Speaker 1: it could have been this meeting if the cc I
Speaker 1: data showed some signs of cooperating or responding to the
Speaker 1: tightening of financial conditions we've seen over the course of
Speaker 1: the year. That certainly was not the case. November remains
Speaker 1: an open question. Now you can make the case that
Speaker 1: there's a limited supply of data between now and the
Speaker 1: November rate decision. That would be one more jobs report,
Speaker 1: one more inflation report, So that sounds like not too much.
Speaker 1: But if we if we look at the totality of data,
Speaker 1: as Chairpel describes it, that will have another g DP
Speaker 1: princes or the first look at Q three the e
Speaker 1: c i UH. We'll have a lot of corporate earnings data,
Speaker 1: and then a lot of other data points that inform
Speaker 1: our decision making, like the I S M surveys for instance,
Speaker 1: and industrial production. So there really is a lot of
Speaker 1: data to digest between now and November. That said, given
Speaker 1: the momentum that the heat we're seeing in the economic data,
Speaker 1: it will be hard to make that turn unless we
Speaker 1: really do see a pronounced downshift in the data. That said,
Speaker 1: we know from the macro landscape that growth is de
Speaker 1: seller rating very aggressively, and this ultimately will take a
Speaker 1: toll in all of those indicators I mentioned, including the
Speaker 1: inflation numbers. We're talking about. Last year, at this time,
Speaker 1: growth registering twelve percent as it was last reported, So
Speaker 1: one year later, growth decelerating to below two UH, and
Speaker 1: our forecast by year end is something below even a
Speaker 1: half a percent on GDP. That is a very dramatic slowdown.
Speaker 1: And so as that becomes more evident in the data,
Speaker 1: I think both policy makers and market participants will be
Speaker 1: more comfortable UH proceeding at a slower pace. Carl, just
Speaker 1: thirty seconds left here, But are you expecting any big
Speaker 1: changes from the FEDS economic projections this week? We will
Speaker 1: see some pretty substantial changes to the forecast. So we'll
Speaker 1: we'll see growth marked down. UH. Looks like policy makers
Speaker 1: are going to lean harder on the brake pedal, so
Speaker 1: we'll see UH. You know, a higher interest rate that trajectory,
Speaker 1: this should create more slack in the economy, So UH
Speaker 1: slightly marked up trajectory for the unemployment rate. UH, and
Speaker 1: of course an acknowledgement that we're seeing more inflation uh
Speaker 1: and less improvement in the inflation than what they were
Speaker 1: previously anticipating. So you'll see a lot of markups in
Speaker 1: that summary of economic projections if they will be releasing
Speaker 1: alongside with the meeting statement. Thanks Carl, always good talking
Speaker 1: with you. Carl Ricka don and out, chief US economist
Speaker 1: at BNP Party, Karen Very Nathan, thank you. At five
Speaker 1: three on Wall Street, time for the Bloomberg The Law Report,
Speaker 1: brought to you by American Arbitration Association. Business disputes are inevitable,
Speaker 1: resolve faster with the American Arbitration Association, the global leader
Speaker 1: and alternative dispute resolution for over ninety years. More at
Speaker 1: a d R downt Org. Let's get to the legal
Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Bellinger, the
Speaker 1: Internal Revenue Service is extending some filing and payment deadlines
Speaker 1: for individuals and businesses in Puerto Rico that have been
Speaker 1: affected by Hurricane in Fiona. A bill passed by Congress
Speaker 1: directs the Labor Department to look into the obstacles facing
Speaker 1: skilled immigrants who seek employment in the US. A federal
Speaker 1: judge in New York rule that Jeff bloom must face
Speaker 1: disability discrimination claims from an asthmatic former groundworker. The workers
Speaker 1: says the carrier refused to administer a saliva test instead
Speaker 1: of a breathalyzer test after a luggage vehicle accident. Bloomberg
Speaker 1: Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg market Intelligence. Find out more
Speaker 1: at Bloomberg Law dot com. All right, Jeff, Thanks, Now
Speaker 1: another legal story we're watching. Yeshiva University has decided to
Speaker 1: temporarily suspend all undergraduate club activities after the U. S.
Speaker 1: Supreme Court refused to step into a legal fight over
Speaker 1: its refusal to recognize a campus LGBTQ student group. The
Speaker 1: ruling split the justices five to four, but the descent
Speaker 1: appears to indicate that the win for the student group
Speaker 1: may just be a temporary one for more Bloomberg student grasses.
Speaker 1: East Richard Garnett a professor at the University of Notre
Speaker 1: Dame Law School. So the descent written by Justice Samuel Alito,
Speaker 1: at least four of us are likely to vote to
Speaker 1: grant Sir Sharrari if Yeshiva's first amendment arguments are rejected
Speaker 1: on appeal, and Yeshiva would likely win if its case
Speaker 1: came before us. Isn't he deciding the case before it's
Speaker 1: even been argued? Well, you only need four justices to
Speaker 1: grant sirt, you know, and there were four justices on
Speaker 1: the descent there. But it was interesting that extra bit
Speaker 1: where Justice Leader does pretty clearly suggest to the parties
Speaker 1: below that he thinks it wouldn't just be the four
Speaker 1: on Yeshiva side. And I think he's probably right about that.
Speaker 1: I mean, I suspect that it wouldn't even be just
Speaker 1: five or even six, that if the case were to
Speaker 1: actually get to the Supreme Court, that Yeshiva would win.
Speaker 1: But for you know, whatever reason, a majority of the
Speaker 1: justices wanted to have this thing sort of play out
Speaker 1: more slowly and to play out fully in the state
Speaker 1: court system before the Supreme Court comes in on the
Speaker 1: ultimate merits questions, Why do you think that it's such
Speaker 1: a clear cut case on the merits? So the doctrine
Speaker 1: that the Supreme courts settled on in recent years is
Speaker 1: that a law that is not generally applicable, but that
Speaker 1: Burden's religion is subject to what's called strict scrutiny, and
Speaker 1: that's a very demanding standard. And it seems pretty clear
Speaker 1: that the New York anti discrimination regulation that's being applied
Speaker 1: here has lots of exceptions. There's all kinds of civic
Speaker 1: groups and clubs and other organizations that are not subject
Speaker 1: to this particular anti discrimination norm, but Yeshiva is, and
Speaker 1: so Yeshiva is going to be able to say the
Speaker 1: application of this law is a burden on our religious
Speaker 1: freedom rights. And because it's a burden that's being imposed
Speaker 1: by a law that's not general, then that burden has
Speaker 1: to be evaluated under this very demanding standard. And generally speaking,
Speaker 1: when strict scrutiny is applied to a law, the law loses.
Speaker 1: And I think it'd be again more than just Bob
Speaker 1: or even six justices who would think that that was true.
Speaker 1: Because if New York is willing to allow various other
Speaker 1: nonprofits to have internal rules that reflect their values and
Speaker 1: their missions on I think the Court's going to say
Speaker 1: that they can't deny that to Yeshiva. And that's Richard Garnett,
Speaker 1: a professor at the University of Notre Dame Law School,
Speaker 1: speaking at the Bloomberg Student Grosso catch more of that
Speaker 1: interview plus analysis of the latest legal news by subscribing
Speaker 1: to the Bloomberg Law Podcast or downloading this show at
Speaker 1: Bloomberg dot com, slash Podcasts, Attorneys Confined, exceptional legal research
Speaker 1: and business development tools at Bloomberg Law dot com and
Speaker 1: on the Bloomberg terminal at b law Go. And coming
Speaker 1: up straight ahead, we have check on the business headlines
Speaker 1: and all the news you need to start your day.
Speaker 1: And this is Bloomberg