Speaker 1: Fly from the Bloomberg Interactive Burger Studios. This is Bloomberg
Speaker 1: day Break for Thursday, September twenty nine two. Coming up
Speaker 1: this hour, Hurricane Ian rips across Florida as one of
Speaker 1: the strongest storms ever to hit the US mainland. The
Speaker 1: Pound resumes its fall as the UK holds firm on
Speaker 1: its fiscal plans, US future slide. Treasury yields rise following
Speaker 1: yesterday's Wall Street rally, and thousands of Amazon workers are
Speaker 1: getting races. The New York City Council is deciding whether
Speaker 1: the bands solitary confinement in jails. Plus, the US Senate
Speaker 1: is ready to pass the bill that will keep the
Speaker 1: government open. I'm Michael barn More Ahead, I'm John Stash
Speaker 1: Hour and sports Aaron Judge hit his record time sixty
Speaker 1: first abroad and Yankee went in Toronto, a big comeback
Speaker 1: win for the men. That's all trendy Ahead on Bloomberg
Speaker 1: Daybreak on Bloomberg E Live in Treo, New York, Bloomberg
Speaker 1: on Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Syrius XM one nineteen and
Speaker 1: around the World Old on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business. Good morning, I'm Nathan Hagar and
Speaker 1: I'm pared Moscow. US Dock Index futures are lower this morning.
Speaker 1: We are coming up to five o one on Wall Street,
Speaker 1: and we checked the markets every fifteen minutes throughout the
Speaker 1: trading day. On Bloomberg. SNP futures down forty four points
Speaker 1: this morning, Down futures down three hundred twenty six and
Speaker 1: Nastack future is following one hundred sixty two decks in
Speaker 1: Germany's down one point seven percent. Ten year treasury down
Speaker 1: thirty seconds, yell three point eight four percent, and they
Speaker 1: yield on the two year four point two zero percent. Nathan,
Speaker 1: all right, Karen, we'll have one of the markets in
Speaker 1: a minute, but we want to get you the latest
Speaker 1: on Hurricane Ian. First, it crashed into Florida yesterday, bringing
Speaker 1: massive storm search and knocking out power to more than
Speaker 1: two million homes and businesses. President Biden says the federal
Speaker 1: government stands ready to help. That includes dis fashion hundreds
Speaker 1: of female personnel and activating thousands of National Guard members.
Speaker 1: I've also developed the searching risk the team and deploy
Speaker 1: them Mulbible federalisy season, and then they're already on the
Speaker 1: ground and ready to hillp President Biden is also urging
Speaker 1: Florida residents to follow all mornings from local officials. Ian
Speaker 1: has weakened since it hit landed is now a tropical
Speaker 1: storm with top wind speeds currently around sixty five miles
Speaker 1: per hour. Let's get more on the track now with
Speaker 1: Bloomberg meteorologist Robed Caroline, Nathan Karen and Ian now affecting
Speaker 1: central and northeastern Florida. It is moving off towards the
Speaker 1: north and east. This morning. It will bring wind gus
Speaker 1: over sixty miles an hour two portions of northeastern Florida. Now,
Speaker 1: the system is forecast to move out over the waters
Speaker 1: of the Atlantic and it may actually regain some strength
Speaker 1: before moving back inland over Georgia and the Carolinas in
Speaker 1: the next thirty six hours. Again, it continues to produce
Speaker 1: prodigious rainfall. We're expect anywhere from five to ten inches
Speaker 1: of rain north of the storm today, with additional rainfall
Speaker 1: into the weekend. Yesterday, it went ashore in southwestern Florida
Speaker 1: with winds of over a hundred and fifty miles an
Speaker 1: hour and a storm surge that costs some historic flooding
Speaker 1: in the Naples area. Also are around Fort Myers, Fort
Speaker 1: Myers Beach, Vanita Beach, all those areas for a significant flooding.
Speaker 1: Nathan and Karen, All right, grab, thank you, and of
Speaker 1: course I'll be checking in with Bloomberg meteorologists Robbed Caroline
Speaker 1: throughout the morning right here on Bloomberg Radio. And now
Speaker 1: back to the volatile markets. We're seeing the pound snap
Speaker 1: a two day gain following that historic bond buying program
Speaker 1: from the Bank of England. They get the very latest
Speaker 1: live from London with the Bloomberg's hun parts. Good morning, En,
Speaker 1: Good morning Karen, Nathan. After yesterday's central bank driven rally,
Speaker 1: UK stock, sovereign bonds and the pounds all lower this morning.
Speaker 1: Prominister Liz Trust today defending her government's huge fiscal stimulus package,
Speaker 1: blaming global economic pressures for the market fallout from her
Speaker 1: announcement last week. She says the tax cuts, the biggest
Speaker 1: in fifty years, are the right plan for the UK.
Speaker 1: Today's slide puts the pounds on track for its worst
Speaker 1: month since Britain voted to leave the European Union more
Speaker 1: than six years ago. In London. I'm you and part
Speaker 1: Sploomboo Daybreak, Are you and thank you? Former US Treasury
Speaker 1: Secretary Larry Summers the weighing in on the turmoil and markets.
Speaker 1: He's welcoming intervention from the Bank of England, but says
Speaker 1: the UK is still facing serious issues. I think it
Speaker 1: was the right thing to do given the technical factors
Speaker 1: that are that had arisen UH in the market, and
Speaker 1: it's obviously brought some important stability to the guilt market.
Speaker 1: It does not resolve any of the fundamental contradictions in
Speaker 1: UH British policy. Former Treasury Secretary Larry Summer spoke with
Speaker 1: Bloomberg hours after the Bank of England pledged unlimited purchases
Speaker 1: of long dated government bonds. Well, Nathan back here in
Speaker 1: the US, the White House is alarmed over the market
Speaker 1: turmoil triggered by the new UK Now it's encouraging Prime
Speaker 1: Minister list Trust to dial back or economic plans to
Speaker 1: get details now from Bloomberg's Amy Morris from our ninety
Speaker 1: nine one newsroom in Washington. The plunge in UK assets
Speaker 1: earlier this week contributed to declines in US treasuries, sources
Speaker 1: tell Bloomberg News. Treasury officials are concerned at the volatility
Speaker 1: in the markets, and they're working through the I m
Speaker 1: F to put more pressure on Trust's government. Treasury Secretary
Speaker 1: Janet Yellen downplay the turbulence, but Commerce Secretary Gina Raimondo
Speaker 1: called Trust's approach of cutting taxes while increasing spending misguided.
Speaker 1: Trust's government argues it's program will boost long term growth
Speaker 1: in Washington, I'm maybe more as Bloomberg day break, Okamy,
Speaker 1: thank you. We have some personnel news coming out of Washington.
Speaker 1: Sources say Treasury Secretary Janet Yellen has told the White
Speaker 1: House she will stay past the November elections. Her desire
Speaker 1: to stay comes as the Biden administration prepares for potential
Speaker 1: cabinet and other senior personnel changes. Those decisions may depend
Speaker 1: on how well or poorly Democrats do in the elections. Meantime,
Speaker 1: a House proposal to restrict stock trading by government officials
Speaker 1: has hit a snag. Nathan the bill Woodker tail stock
Speaker 1: ownership and trading by members of Congress, the president, vice president,
Speaker 1: Supreme Court justices, and other high ranking officials, but it's
Speaker 1: currently being held up by Democratic in fighting. The bill's
Speaker 1: sponsors introduced the legislation yesterday, but multiple House officials familiar
Speaker 1: with discussions said any floor action on the measure has
Speaker 1: been shelved, at least for now. Lawmakers are scheduled to
Speaker 1: leave Washington this week until after the November election. Now,
Speaker 1: let's turn to geopolitics, now, Karen, the US wants to
Speaker 1: resume talks with China. Ambassador Nicholas Burns is calling on
Speaker 1: the nation to reopen discussions that were halted after how
Speaker 1: Speaker Nancy Pelosi's visit to Taiwan. We do not seek conflict,
Speaker 1: and we're gonna try to compete with China vigorously and
Speaker 1: then work with China where we can, and we hope
Speaker 1: the Chinese will reciprocate. They've frozen a lot of our
Speaker 1: dialogues since Speaker Pelosi's visit. Our message to the Chinese is,
Speaker 1: let's talk, open these dialogues and let's move forward. Ambassador
Speaker 1: Nicholas burn spoke of the Bilking Institute Asia Summit in Singapore.
Speaker 1: He says the US needs store to China on issues
Speaker 1: like climate change, in health, and incorporate news. Nathan. Amazon
Speaker 1: is boosting pay for hourly workers in the US. The
Speaker 1: online retailing giants said the move O raised the average
Speaker 1: starting wage for most frontline employees and warehousing and transportation
Speaker 1: to nineteen dollars an hour. Bloomberg Day Breaks brought to
Speaker 1: you by SEI Asset managers don't get results that are
Speaker 1: off the charts when their solutions are off the shelf.
Speaker 1: Learned how SEI is operating platform can turn infrastructure into
Speaker 1: a competitive advantage at se i C, dot Com, slash Tech.
Speaker 1: This is Bloomberg and it's now five oh seven on
Speaker 1: Wall Street. We're see twenty minute delays on the New
Speaker 1: Jersey Transit Northeast Quarter and it's fifty five degrees in
Speaker 1: Central Park. Michael Barr has more on what's going on
Speaker 1: in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The New York City Council is deciding
Speaker 1: whether the band solitary confinement in jails. Demonstrators on both
Speaker 1: sides clashed on the steps of City Hall ahead of
Speaker 1: a hearing on the bill. Any Bosco of the Correction
Speaker 1: Officers Benevolent Association says the notion that we're torturing individuals
Speaker 1: in our system is not the case. However, Democratic City
Speaker 1: Council member Tiffany Common argued we need to know what
Speaker 1: is the route of the violence. A New Jersey bank
Speaker 1: agreed to pay thirteen million dollars to resolve claims of
Speaker 1: discriminatory lending practices. Lakeland Bank has been ranked best bank
Speaker 1: in New Jersey, but U S Attorney Phillips so Lingers
Speaker 1: says that's not the case for people of color and
Speaker 1: at least three counties. If you lived in a black
Speaker 1: or Hispanic neighborhood in these counties, you likely have little
Speaker 1: opportunity to apply for, let alone obtain a mortgage from
Speaker 1: Lakeland Bank. U S Attorney Phillips Lingers said Lakeland Bank
Speaker 1: red line these neighborhoods refused to service them in violation
Speaker 1: of the Fair Housing Act. The U. S. Senate is
Speaker 1: ready to pass the bill that will keep the government
Speaker 1: open and spending until that least the middle of December.
Speaker 1: Democratic Representative Jim mcgovernor of Massachusetts, thinks the government funding
Speaker 1: bill will pass by tomorrow. We're gonna do everything we
Speaker 1: can to make sure we don't have a government shutdown.
Speaker 1: Remember the last time we had a government shutdown, the
Speaker 1: Republicans controlled the White House, the House, and the Senate.
Speaker 1: I mean that was irresponsible. We would we would We
Speaker 1: would not do that. And the fact of the matter
Speaker 1: is there's a lot of stuff that we I would
Speaker 1: like to see in a cr and there's a lot
Speaker 1: of stuff, you know, that I would like to add on,
Speaker 1: and I know I can't get it best to Senate.
Speaker 1: So we have to do the best we can working
Speaker 1: with the people that we we have to deal with.
Speaker 1: Representative McGovern spoke on sound On, which airs at five
Speaker 1: pm weekdays on Bloomberg. Both parties agreed to a temporary
Speaker 1: continuing spending bill that will include disaster raid for whether
Speaker 1: batter to Kentucky, Alabama, Texas, Alaska, and Puerto Rico. Vice
Speaker 1: President Kamala Harris is in South Korea. Harris met with
Speaker 1: the South Korean president to reinforce the US South Korean Alliance.
Speaker 1: For seven decades, the alliance between the United States and
Speaker 1: the Republic of Korea has been a lynchpin of security
Speaker 1: and prosperity. Vice President Harris later traveled to the demilitarized
Speaker 1: zone that separates North and South Korea. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than dred journalists and analysts. More than
Speaker 1: a hundred twenty countries. Michael barn This is Bloomberg Nather.
Speaker 1: Thanks Michael. Up to five ten on All Street Time
Speaker 1: for the Bloomberg Sports Update. Good morning, John stash Our,
Speaker 1: Good Marrian Nathan. Perhaps you've heard Aaron Judge has been
Speaker 1: trying to hit his sixty feet over run of the
Speaker 1: season seven straight games where networks broke into programming. The
Speaker 1: show is that Fats his mother and Roger Marris's son
Speaker 1: crossed borders to watch his at bats and in Toronto
Speaker 1: seventh any Tim masa on the mound? John Stirling w
Speaker 1: F there goes did he loved to a time? Till
Speaker 1: Us far Good has gone number sixty one. He times
Speaker 1: Roger Maris for the American League single season record, who
Speaker 1: with sixty one home run hits a two run Judge
Speaker 1: and Black Yankee and American League record. Of course, the
Speaker 1: reason this has gotten so much attention it's the so
Speaker 1: called clean record. The only ones that hit more in
Speaker 1: the season Barry Bonds, Bark McGuire, Sammy Sosa, all of
Speaker 1: their seasons tainted by steroid youth. Judge has seven games
Speaker 1: left try and hit his sixty second. The outcome the
Speaker 1: game fairly meaningless. That's why Aaron Brune had Anthony Rizzo
Speaker 1: managed the game. Yankees beat the Blue Jays eight to three. Meanwhile,
Speaker 1: want to win for the Mets, this game very meaningful
Speaker 1: as the Mets try to win the nl East. That
Speaker 1: means to buy avoiding the Dodgers until the NLCS. They
Speaker 1: trailed Miami for nothing seventh any Edwardo Escobar to the
Speaker 1: rescue two run omer, seventh any game time two run
Speaker 1: single on the eighth game winning rb I hit in
Speaker 1: the tenth Mets won five four, just as Atlanta lost
Speaker 1: in Tennings and Washington. So the three game series that
Speaker 1: begins tomorrow in Atlanta starts with the Mets one game ahead.
Speaker 1: Whether it could be a real issue for the series Saturday,
Speaker 1: especially jetsonated officials. Zach Wilson will return from his knee
Speaker 1: injury and starts Sunday in Pittsburgh. John Scash at whar
Speaker 1: Bloomberg Sports, Nathan, thank you, john S andp futures are
Speaker 1: down thirty four point Stouth futures down two undred forty seven,
Speaker 1: nest At futures down a hundred twenty eight points. The
Speaker 1: pound at one point zero eight to one against the dollar.
Speaker 1: We look at the market volatile city Next with Patrick Armstrong,
Speaker 1: chief investment Officer at Gloury Mewell. Bloomberg day Break is
Speaker 1: brought to you by the New York Community Trust. Your
Speaker 1: name will live on as a champion of the causes
Speaker 1: you care about for years to come through a charitable
Speaker 1: bequest to the New York Community Trust. Learn more at
Speaker 1: Philanthropists dot n y C. Markets headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, the
Speaker 1: Bloomberg Business Out and at Bloomberg Quick Take, He's a
Speaker 1: Bloomberg Business Lash and I'm Carrod Moscow and risk off.
Speaker 1: Sentiment is returning to markets as concerns about inflation and
Speaker 1: the risk of the global recession over shadows the Bank
Speaker 1: of Englet's move to restore calm. You check the markets
Speaker 1: every fifteen minutes throughout the trading day on Bloomberg Right
Speaker 1: NEWSNP future is down thirty one points down, futures down
Speaker 1: two twenty four, nasty, futures down one hundred seventeen, and
Speaker 1: the decks in Germany's down one point to first at ten.
Speaker 1: Your treasury down twenty thirty seconds, You three point eight
Speaker 1: five percent. They yield on the two year four point
Speaker 1: to zero percent. Nimex screwed oil is down a quarter
Speaker 1: percent or twenty one cents at eighty one cents of barrel.
Speaker 1: Comex school down nine tenths per cent or fifteen dollars
Speaker 1: twenty cents at sixteen fifty four eight announce the euro
Speaker 1: point zero against the dollar, British pound one point zero
Speaker 1: eight three one, and the yen at one forty four
Speaker 1: point seven zero. Looking at bitcoin, it's down seven tenths
Speaker 1: percent at nineteen thousand, four hundred dollars. And as a
Speaker 1: Bloomberg business flash, now here's Michael Barr with more. I'm
Speaker 1: what's going on around the world, Muddle, good morning, Good morning, Karen.
Speaker 1: Hurricane Ian has left the path of destruction in southwest Florida,
Speaker 1: trapping people and flooded homes, damaging the roof of a
Speaker 1: hospital intensive care unit, and knocking out power to about
Speaker 1: two million people. I now a tropical storm is now
Speaker 1: aiming for the Atlantic coast. The Biden administration blasted Russia's
Speaker 1: attempt to legitimize its control of Ukrainian territories through what
Speaker 1: they're calling a stay age vote to appear as if
Speaker 1: there is Russian loyalty in these towns. In baseball, the
Speaker 1: Yankees beat the Blue Jays eight three, but more importantly,
Speaker 1: Aaron Judge hit his sixty first home run, tying Roger
Speaker 1: Merris for the a L record. The Mets, Nationals and
Speaker 1: Giants one. The Red Sox beat the Orioles three one.
Speaker 1: The A's lost. Global news twenty four hours a day
Speaker 1: on here and on Bloomberg Quick Tank, powered by more
Speaker 1: than twenty seven hundred journalist and analysts more than a
Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg. Nathan alright, Michael,
Speaker 1: thank you. It is five nineteen on Wall Street Live
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak,
Speaker 1: and we're joined this morning by Patrick Armstrong, chief investment
Speaker 1: officer at PLUIMI Wealth. As we see a risk off
Speaker 1: mood return to this market, particularly given the crisis happening
Speaker 1: in the u K. How deep is this crisis of
Speaker 1: confidence in Liz Trust's financial plan, Patrick, um, I think
Speaker 1: you've seen it in the currency. You've seen it in
Speaker 1: the guilt market and populous policies, which are basically promising
Speaker 1: things that you can't afford. Worked very well when interest
Speaker 1: rates were zero. Um, we're getting into an environment now
Speaker 1: where the Bank of England is going to be probably
Speaker 1: up to five three. So promising unfunded tax cuts and
Speaker 1: promising spending, Um, it just doesn't make sense anymore, and
Speaker 1: the markets reacting to that. So there's absolutely no confidence
Speaker 1: in these policies right now. Is there contagion risk for
Speaker 1: the broader economy? Is there contagious risk for the US
Speaker 1: market with what's happening in the UK? Limited? Um, there's some,
Speaker 1: but I don't think it's significant for the U S economy. Um.
Speaker 1: The US market is impacted by the overall global interest
Speaker 1: rate environment and the Bank of England basically buying longer
Speaker 1: duration guilt seemed to push down treasury yields even yesterday
Speaker 1: a little bit. So, Um, what the UK does, it's
Speaker 1: pretty much it's bailing out its pension systems that basically
Speaker 1: have a lot of liabilities they match with long duration guilt,
Speaker 1: and some of those guilts fell thirty to fifty in
Speaker 1: the last few days as a higher long term interest
Speaker 1: rates are now discounted in their prices. Now we're seeing
Speaker 1: a lot of selling in benchmark and long dated US
Speaker 1: treasuries this morning what's driving that? Do you think, Um, well,
Speaker 1: you've got persistent inflation, you've got big debts, you've got deficits,
Speaker 1: and populism is still the policy that's working for most
Speaker 1: Western governments. So the UK is had an extreme but
Speaker 1: I think all Western governments are at risk basically with
Speaker 1: their policies and the spending a lot and not really
Speaker 1: wanting to increase taxes. Austerity never is mentioned anywhere, and
Speaker 1: I think higher yields are probably a consequence of that.
Speaker 1: That being said, I have closed my tenure shorts on
Speaker 1: treasuries yesterday. So we've been short treasuries now for well
Speaker 1: over a year, and we did close them as they
Speaker 1: moved past three point date they got all the way
Speaker 1: up to four percent yields, but we've closed that position
Speaker 1: now because really yields at one point six percent, So, um,
Speaker 1: that's very different from where we were a year ago
Speaker 1: when we had negative real yields of Yeah, we have
Speaker 1: the tenure yield right now is sitting at three point
Speaker 1: five as you mentioned, it did breach four percent earlier
Speaker 1: this week. Where do you see US treasury yields headed
Speaker 1: at this point now that you've covered that short? Yeah,
Speaker 1: I actually think it's going to I wouldn't be surprised
Speaker 1: if it does gravitate up towards four, but I think
Speaker 1: the bulk of the move has happened now. UM, So
Speaker 1: I wouldn't be surprised if yields do move higher from here,
Speaker 1: But I don't think you're going to have the sharp
Speaker 1: move that we've had. Um. You are being compensated with
Speaker 1: returns above inflation to invest in treasuries now, and for
Speaker 1: years now, the only buyer of treasuries has been the FED.
Speaker 1: The FED selling treasuries. But I think a real yields
Speaker 1: where they are now, you will be enticing natural investment
Speaker 1: demand as well. It's interesting because we keep hearing from
Speaker 1: FED speakers doubling down on the need for higher for
Speaker 1: longer interest rates to tamp down inflation. Are you looking
Speaker 1: for a Fed pivot away from that stance anytime soon?
Speaker 1: Not anytime soon. I think the market's perfectly discounted what
Speaker 1: the Fed has said they're going to do, and I
Speaker 1: actually think we've probably passed peak hawkishness from the Fed.
Speaker 1: I think Powell's last press conference, he and the dots
Speaker 1: that came out really showed a hawkish FED. The market
Speaker 1: totally bought into it, and I don't think there's going
Speaker 1: to be another move more hawkish than those dots are implying.
Speaker 1: But I don't think they're going to move away from
Speaker 1: them quickly either. So if the economy does deteriorate, or
Speaker 1: if there is some sort of systemic risk coming from
Speaker 1: a geopolitical event or a financial crisis in another country,
Speaker 1: that the federal change course. But I think as as
Speaker 1: things stand, they do intend to meet the dots. But
Speaker 1: I don't think those dots will be revised higher. Not
Speaker 1: about thirty seconds left here, Patrick, we keep hearing from
Speaker 1: more banks raising their odds for the probability of a
Speaker 1: recession of sparked by this FED. What's your call on that? Yeah,
Speaker 1: I think it's probably tipped into likelihood now. So I
Speaker 1: think UK and Europe we're in a recession now in
Speaker 1: fourth quarter is going to be recession. Um the United States,
Speaker 1: the employment situation is going to deteriorate. The higher interest
Speaker 1: rates probably will start to have some impact unemployment. And
Speaker 1: you see I see the U S flirting with a recession.
Speaker 1: I don't think it will be significant, but it's definite
Speaker 1: possibility and probably a slight probability, but I think it'll
Speaker 1: be shallow flirting with recession. We'll leave it there. Thanks
Speaker 1: as always, Patrick, great to get your thoughts. Patrick Armstrong
Speaker 1: with us this morning, chief investment officer at Player Gramy Wealth.
Speaker 1: As we take a look at the market slide continuing
Speaker 1: this morning. We have SMP futures right now down thirty
Speaker 1: two points down, futures down two or twenty eight. Nasdaq
Speaker 1: futures are lower by a hundred twenty five points ten.
Speaker 1: Your treasury is down twenty nine thirty seconds now, the
Speaker 1: yield three point eight four percent, yield on the two
Speaker 1: year four point to zero, and I'm excrude moving a
Speaker 1: bit lower now down two tenths percent at eighty one
Speaker 1: ninety six cents of barrel and the British pound one
Speaker 1: point zero eight three nine against the dollar. You're listening
Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh weather, sunshine today,
Speaker 1: upper sixties of increasing clouds tomorrow, upper sixties, light rain
Speaker 1: from Ian moves in Saturday. It's going to be rain
Speaker 1: all day Sunday as well. Fifty five degrees. Currently broadcasting
Speaker 1: live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg elov In freed to Washington, d C. Bloomberg to Boston, Bloomberg,
Speaker 1: what All six one to San Francisco, Bloomberg sixty to
Speaker 1: the country, Sirius XM to the one nineteen and around
Speaker 1: the globe the Bloomberg Business at and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street.
Speaker 1: Good morning. I'm Nathan Hager and I'm Karen Moscow. We
Speaker 1: are just about four hours away from the open of
Speaker 1: US trading. Let's get you up to date on the
Speaker 1: news you need to know at this hour. Again. Ian
Speaker 1: as week into a tropical storm after hitting Florida with
Speaker 1: a deadly surge of water and catastrophic winds. About two
Speaker 1: point three million homes are without power. They get the
Speaker 1: very latest on the storm from Bloomberg meteorologist Rob Caroline,
Speaker 1: Karen and Nathan. Ian tied for the fourth strongest tropical
Speaker 1: weather system to ever strike the continental United States, made
Speaker 1: landfall yesterday in southwestern Florida, with winds at a hundred
Speaker 1: and fifty miles an hour and an extensive storm surge
Speaker 1: that caused very significant flooding across portions of southwestern Florida
Speaker 1: from Naples to Venice. The storm is now well inland,
Speaker 1: headed into a northeastern Florida. Big problem will be wind
Speaker 1: gus today in excessive sixty miles and some torrential rain,
Speaker 1: particularly on the northern side of the system into North Florida.
Speaker 1: Karen and Nathan. All right, Rob, thank you. Will continue
Speaker 1: checking in with Bloomberg meteorologist Dropped Carolin throughout the morning
Speaker 1: here on Bloomberg Radio. Now, let's talk markets. The pound
Speaker 1: is resuming its slide after the Bank of England's emergency
Speaker 1: bond buying program temporarily soothed concerns. This morning, UK Prime
Speaker 1: Minister Liz Trust once again to did a giant package
Speaker 1: of unfunded tax cuts. We're seeing both stocks and bonds
Speaker 1: in Europe fall this morning. Well here in the US, Nathan,
Speaker 1: futures are lower following yesterday's Wall Street rally, which saw
Speaker 1: the SNP five hundred snap of five day losing street.
Speaker 1: Mac Mainley, as chief market strategist at Miller tay Back,
Speaker 1: although we could get one big wash out here in
Speaker 1: the next few days, I think we're gonna see a
Speaker 1: bounce of the last for a week or two or
Speaker 1: maybe even three, but that will find another opportunity to
Speaker 1: raise some cash. And Miller Tayback Chief market strategist Matt
Speaker 1: Mainlee said the sn P five hundred could go as
Speaker 1: low as three thousand. It closed just about thirty seven
Speaker 1: hundred yesterday. We got some personnel news out of Washington.
Speaker 1: Karen Bloomberg News has learned Treasury Secretary Janet Yellen plans
Speaker 1: to stay on after the November elections. Her desire to
Speaker 1: stay comes as the Biden administration prepares for potential cabinet
Speaker 1: and other senior personnel changes and incorporate news Nathan. Amazon
Speaker 1: is boosting pay for hourly workers in the US. The
Speaker 1: company said the move will raise the average starting wage
Speaker 1: for most frontline employees and warehousing and transportation to nineteen
Speaker 1: dollars an hour. Futures this morning, again, as we said,
Speaker 1: are moving lower. S ANDP Future is down thirty four
Speaker 1: points down, Futures down two hundred forty Nasdack Future is
Speaker 1: falling down one two. That's down about one point one
Speaker 1: per cent. The decks in Germany is down one point
Speaker 1: two percent, the ten year Treasury down twenty thirty seconds,
Speaker 1: Yell three point eight three percent, and the yield on
Speaker 1: the two year four point one nine percent, and Nimex
Speaker 1: screwed oil is down to tens per cent or fifteen
Speaker 1: cents and eighty two dollars of barrel. Straight ahead, your
Speaker 1: latest local headlines, plus a check of sports and this
Speaker 1: is Bloomberg. Thanks ting three on Wall Street, fifty four
Speaker 1: degrees in Central Park, heads up, New Jersey transit writers
Speaker 1: twenty minute delays on the Northeast Corridor, saying more in
Speaker 1: traffic shortly, First Michael Barr with what else is going
Speaker 1: on in New York and around the world. Michael Nathan,
Speaker 1: thank you very much. The New York City Council is
Speaker 1: deciding whether the band solitary confinement in jails. Many buss
Speaker 1: Ago of the Correction Officers Anevolent Association says the notion
Speaker 1: that we're torturing individuals in our system is not the case. However,
Speaker 1: Democratic City Council member Tiffany Common argued, we need to
Speaker 1: know what is the root of the violence. The ban
Speaker 1: is opposed by Mayor Eric Adams. It looks like the
Speaker 1: Senate will pass a bill to fund the government through
Speaker 1: mid December. Democratic Representative Jim mcgovernor of Massachusetts, was asked
Speaker 1: about the odds of the measure passing by Friday. I
Speaker 1: believe it will. I believe it will. I mean, I
Speaker 1: think it will pass the Senate either today or tomorrow,
Speaker 1: and then it will come right to the House, and
Speaker 1: you know, and we're prop to bring it to the
Speaker 1: floor immediately. And my hope is that after the election,
Speaker 1: we can you know, I know, some of the differences
Speaker 1: and get an omnibus budget pass so that we can
Speaker 1: have fundy for the for all of next year and
Speaker 1: we can we can move on. Representative McGovern spoke on
Speaker 1: sound On, which airs weekdays at five pm on Bloomberg.
Speaker 1: In a rare show of unity, both parties and the
Speaker 1: Senate agreed to a temporary continuing spending bill that will
Speaker 1: include disaster aid for whether battery can Tucky, Alabama, Texas, Alaska,
Speaker 1: and Puerto Rico. Vice President Kamala Harris is capping a
Speaker 1: trip to Asia with a stop at the Demilitarized Zone
Speaker 1: dividing the Korean Peninsula. Harris thank us personnel at the
Speaker 1: DMZ for their service. How grateful than what you do.
Speaker 1: Before going to the d MZ, Harris met with South
Speaker 1: Korean President yunsk Yole and praised the alliance between the countries.
Speaker 1: One of hip hop's biggest names has died. Rapper Coulio
Speaker 1: with heads including Gangs to Paradise, died at the Los
Speaker 1: Angeles home of a friend. The cause was not immediately clear.
Speaker 1: Grammy winner Coolio was fifty nine Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than journalist and analysts more than a hundred
Speaker 1: twenty countries. Michael Bard, this is Bloomberg, Nathan, thanks Michael
Speaker 1: on Wall Streets and for the Bloomberg Sports update. He
Speaker 1: finally did it. John Ston Shower and Athan in a
Speaker 1: symmetry is kind of remarkable. Roger Marri's at sixty one
Speaker 1: home runs in X one and now sixty one years later,
Speaker 1: Aaron Judge has joined him Yankee number ninety nine with
Speaker 1: Yankee number nine, only two in American League history with
Speaker 1: that many home run That's one thing that's so special
Speaker 1: about the Yankees organization is called the guys that came
Speaker 1: before us and kind of paved the way, and you know,
Speaker 1: played the game the right way, to do things the
Speaker 1: right way, did a lot of great things in this game.
Speaker 1: And getting a chance of me, you know, mentioned with
Speaker 1: those guys now as I can't even describe it. It's
Speaker 1: it's it's uh incredible honor, that's for sure. Judge, of course,
Speaker 1: went seven games without a homer, but seventh inning in Toronto,
Speaker 1: facing the Blue Jays, Tim masa a liner the left.
Speaker 1: The ball dropped down into the Blue Jay's bullpen, fought
Speaker 1: by Toronto coach Matt Bushman. Yankee reliever Zach Brittain went
Speaker 1: into the Jay's pen in Toronto's Jordan Romano handed written
Speaker 1: the ball. Britain gave it the judge, who has seven
Speaker 1: games left try and hit number sixty two. Starting tomorrow
Speaker 1: the Baltimore at the Stadium, Yankees beat the Blue Jays
Speaker 1: eight to three the Mets with a huge City field
Speaker 1: victory comes courtesy of Eduardo Escobar over the last four innings.
Speaker 1: Escobar had three hits and drove in all five met
Speaker 1: rons as they came back from afore nothing deficit beat
Speaker 1: Miami five four intendants, just as Atlanta lost intent at
Speaker 1: Washington to the Met's back and sole possession of first
Speaker 1: game ahead of the Braves, and now comes the three
Speaker 1: game series starting tomorrow, weather permitting in Atlanta. One met
Speaker 1: win in the series means they owned the type writer.
Speaker 1: When the Jets place Sunday in Pittsburgh, Zac Wilson will
Speaker 1: make his season debut at quarterback, returning from his knee
Speaker 1: injuryym Stashward Bloomberg Sports Nathan thanks John seven on Wall
Speaker 1: Street Time for the Tri State Business Report. Here's Bloomberg
Speaker 1: zed Corey. Several states, including New Jersey, have projected a
Speaker 1: slowdown in sales tax growth in the next fiscal year
Speaker 1: due to shift in consumer spending patterns. States are likely
Speaker 1: to see drops and income tax collections as stock market
Speaker 1: volatility threatens to wipe out games and places like New
Speaker 1: York and California, About two hundred union employees at the
Speaker 1: Central New York distribution center for the food suppliers Cisco
Speaker 1: walked off the job Tuesday night. The strike effects applies
Speaker 1: to local restaurants as well as big institutions like schools, hospitals,
Speaker 1: and nursing homes. Jet fuel premiums are skyrocketing in New
Speaker 1: York and Houston as low inventories stoke concerns of a
Speaker 1: supplying pinch. The premiums for barrels of New York Harbord
Speaker 1: jet fuel has jumped nearly twentyfold since the start of
Speaker 1: the week. On the Gulf Coast, the premium over futures
Speaker 1: nearly doubled to the highest and fourteen years. At your
Speaker 1: Bloomberg Dry State Business Report, I'm Ed Corey on Wall Street.
Speaker 1: Bloomberg Radio is on the air from San Francisco to
Speaker 1: New York, London to Hong Kong. Let's check in with
Speaker 1: our global news team for some of the top stories
Speaker 1: heard on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Steve podascon w f L A, Tampa Bay. We're
Speaker 1: talking about the billions of dollars lost to Florida's tourism
Speaker 1: industry in the wake of Hurricane Ian. I'm Corney donahoan
Speaker 1: ktr H in Houston. Boile is heading for its first
Speaker 1: quarterly decline in more than two years. I'm Stephen Carol
Speaker 1: and Bloomberg d A B Digical Radio in London. We've
Speaker 1: been reporting on Prime Minister list Trust saying her plan
Speaker 1: is the right one for the UK despite the turmoil
Speaker 1: and financial markets. I'm Ad Cory on w w J
Speaker 1: in Detroit. I'm reporting Ship the same day delivery service
Speaker 1: is launching an accelerator to support local redmailers in Detroit,
Speaker 1: and those are some of the stories our twenty seven
Speaker 1: hundred Bloomberg journalists and analysts are working on this morning
Speaker 1: around the world. It's five nine on Wall Street. The
Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. Treasury securities play a
Speaker 1: crucial role in global finance, so it's troubling that the
Speaker 1: treasury market has faltered several times over the past decade.
Speaker 1: The market's challenges stem from a fundamental imbalance. As deficit
Speaker 1: spending has driven up the US government's debt, the value
Speaker 1: of publicly traded treasuries has ballooned, far outpacing the financial
Speaker 1: resources of the large dealer banks that are supposed to
Speaker 1: facilitate orderly trade in this market. As a result, the
Speaker 1: dealers are occasionally unable or unwilling to handle the volume
Speaker 1: of trades that investors want to make. Given the US
Speaker 1: government debt isn't likely to shrink anytime soon, the best
Speaker 1: solution is to get more institutions involved that would relieve
Speaker 1: pressure on dealer's balance sheets. As of now, most people
Speaker 1: have no reason to worry about the treasury market Let's
Speaker 1: keep it that way. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to
Speaker 1: Bloomberg dot com, slash opinion or O P I n
Speaker 1: go on the Bloomberg terminal. This has been Bloomberg Opinion.
Speaker 1: Listen for Bloomberg opinion editorials every weekday. At this time,
Speaker 1: terminal customers can read more at OPI n go. SMP
Speaker 1: futures are moving lower by thirty four points now TOAL
Speaker 1: futures down two hundred forty three, NASDAC futures down a
Speaker 1: hundred twenty five points. The tenure Treasury is down twenty
Speaker 1: thirty seconds. Yield three British pound one point zero eight
Speaker 1: five seven against the dollar. Sam Stove balls with us
Speaker 1: next on this market, Chief investment strategist at c f
Speaker 1: R A Bloomberg eleven three oh weather sunshine up for
Speaker 1: sixties today, increasing high cloudiness tomorrow, upper sixties. Light rain
Speaker 1: moves in from Ian's Saturday afternoon high Your sixty five
Speaker 1: with rain on Sunday in the mid sixties fifty four.
Speaker 1: Right now, markets headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com. The Bloomberg Business atand
Speaker 1: at Bloomberg Quick takes a Bloomberg Business Flash, But I'm
Speaker 1: Karen Moscow and it's Flash brought to you by SEI.
Speaker 1: Built on advanced technologies and fifty years of innovation. SEI
Speaker 1: off as non said managers, a comprehensive and flexible operations
Speaker 1: outsourcing platform. Go to s C I C dot com
Speaker 1: slash managers. Risk off sentiment returning to markets as concerned
Speaker 1: about inflation and the risk of global recession over shadows
Speaker 1: the Bank of England's move to restore calm, the pound
Speaker 1: snapping a two day gain, and stocks in US stock
Speaker 1: index futures are falling as Hong Kong's Hang Sing Tech
Speaker 1: index touched its lowest since inception. You check the markets
Speaker 1: over fifteen minutes throughout the trading day on Bloomberg, SMP
Speaker 1: future is down about twenty six points now futures down
Speaker 1: a hundred seventy eight and NASDAG futures down one hundred.
Speaker 1: The decks in Germany's down nine tenths of upper sent
Speaker 1: ten year treasury down twenty six thirty seconds. You know
Speaker 1: three point three percent they yield on the two year
Speaker 1: four point to zero percent. NIMEX screwed oil is up
Speaker 1: about two tenths percent now of twelve cents at eighty
Speaker 1: two dollars. Twenty seven cents of arrel Co makes goal
Speaker 1: down seven tenths per cent, or twelve dollars fifty cents
Speaker 1: at sixteen fifty seven sixty ounce. The euro point nine
Speaker 1: seven oh two against the dollar, British found one point
Speaker 1: eight eight one and again one point six five. Bitcoin
Speaker 1: is down four ten percent at nineteen thousand, five hundred dollars.
Speaker 1: That's a bloomberg business flash. Now here's Michael Barr with
Speaker 1: Moore on what's going on around the world. Michael, Karen,
Speaker 1: thank you very much. Floridians are awaiting daylight to see
Speaker 1: the extent of the damage still being caused by Hurricanean.
Speaker 1: More than two million customers across Florida have lost electricity.
Speaker 1: I is now a tropical storm. A new filing by
Speaker 1: former President Trump's lawyers say that's it's not eleven thousand
Speaker 1: documents or pages that were seized by the FBI at
Speaker 1: the Mara Logo estate. They say it's more like two
Speaker 1: hundred thousand. Because of that, his attorneys argue they need
Speaker 1: more time to declare what documents they believe are covered
Speaker 1: by attorney, client or executive privilege. In baseball, the Yankees
Speaker 1: beat the Blue Jays eight three, but more importantly Aaron Judge,
Speaker 1: it is sixty first home run tying Roger Merris for
Speaker 1: the a L record. The Mets, Nationals and Giants won.
Speaker 1: The Sucks meet the Orioles three one, The A's lost.
Speaker 1: Global news twenty four hours a day on airrand on
Speaker 1: Bloomberg Quickdake, powered by more than journalist and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg
Speaker 1: nather Nor Michael. Thanks, It's five forty nine on Wall
Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg Daybreak, and Sam Stovall is with US now chief
Speaker 1: investment Strategist at CFR. A. Sam, it's great to speak
Speaker 1: with you, and it's been amazing to see some of
Speaker 1: the day to day moves in the market. We got
Speaker 1: a two percent jump in the SMP five hundred yesterday
Speaker 1: after the Bank of England announced it was going to
Speaker 1: go ahead and buy long dated bonds. Now we're back
Speaker 1: in selling mode. I know it's uh probably risky to
Speaker 1: focus on day to day. But what do you make
Speaker 1: of these jumps and drops in the market each and
Speaker 1: every day. Well, they're certainly surprising because even though September
Speaker 1: does have a reputation of being volatile, of the trading
Speaker 1: days in September typically see a one percent move either
Speaker 1: up or down, but we've had two and a half
Speaker 1: times that number this year. And if you think September
Speaker 1: is bad, just wait till October because that traditionally sees
Speaker 1: thirty six more volatility than the average for the other
Speaker 1: eleven months of the year. So what's driving the volatility
Speaker 1: right now? Obviously we've got a lot of turmoil going
Speaker 1: on in the UK. Is that the focus right now
Speaker 1: or is it more about the FED? Well, I think
Speaker 1: it's a combination of items. But the real longer term
Speaker 1: worry is whether the US and the globe will be
Speaker 1: slipping into a recession, and if so, how deeply History
Speaker 1: tells us that yes, will probably be in recession here
Speaker 1: in the US because every time we've had cp I
Speaker 1: rise above six and a half percent we were at
Speaker 1: nine point one in June, we have had a bear
Speaker 1: market with a recession. So the question is will it
Speaker 1: end up being a mild one or a deep one.
Speaker 1: So what's your calling that. Obviously we've reached a technical
Speaker 1: recession with two trade quarters of declines in growth, But
Speaker 1: what do you think is going to happen with the economy. Well,
Speaker 1: I think that it will end up at least being
Speaker 1: a mild one. Our economists are projecting only as a
Speaker 1: point one percent fourth quarter over fourth quarter gain in
Speaker 1: GDP this year and then only eking out a one
Speaker 1: point move in three but that number has been coming
Speaker 1: down over the last several periods. So I would tend
Speaker 1: to say that we fall into probably a mild recession,
Speaker 1: with the Fed keeping a very close eye on what's
Speaker 1: going on and possibly responding the way the Bank of
Speaker 1: England did recently. Interesting that you would think that perhaps
Speaker 1: the Fed could make that kind of intervention. There's been
Speaker 1: a lot of focus obviously, not just on interest rates,
Speaker 1: but on the winding down of the balance sheets, some
Speaker 1: quantitative tightening as well. Are you looking for the possibility
Speaker 1: that the Fed could start to ease up on on
Speaker 1: the dial back of the balance sheet. Well, I think
Speaker 1: it's always a possibility. I mean, when you've already seen
Speaker 1: a precedent occur overseas. Uh, if the financial markets do
Speaker 1: get out of hand, then the FED does have to
Speaker 1: step in. In fact, we're expecting the yield or the
Speaker 1: FED funds rate to be peaking by the first quarter
Speaker 1: of UH and then actually see the FED start to
Speaker 1: come down in the second half of next year. So
Speaker 1: while the FED probably won't be UH starting and stopping
Speaker 1: and starting and stopping as it did in the nineteen seventies,
Speaker 1: we do believe that a year from now the FED
Speaker 1: will be have paused and will probably be working its
Speaker 1: way toward easing rates to OH about between four and
Speaker 1: a half and four and three quarter percent. In the meantime,
Speaker 1: where do you see treasury yields going at this point, Well,
Speaker 1: we have the tenure yield at four percent for the
Speaker 1: end of this year, but then coming down on to
Speaker 1: a three point nine percent by the end of next year.
Speaker 1: Um Our feeling also is that the US stock market
Speaker 1: is likely to continue to be under pressure. The typical
Speaker 1: bear market accompanied by recession tends to be deepfall more deeper,
Speaker 1: and last longer than those without recession. Average decline is
Speaker 1: about thirty over a fifteen month period, which would put
Speaker 1: us to a Fibonacci level of about thirty two on
Speaker 1: the smp UH and probably see the market bottom out
Speaker 1: sometime in the late first quarter of next year. It's
Speaker 1: got about thirty seconds left here, Sam, But we've seen
Speaker 1: so much strength of the dollar, it's almost as though
Speaker 1: investors think there's no alternative to the dollar at this point.
Speaker 1: How much dollar strength do you think the FED will tolerate? Well, um,
Speaker 1: we're looking at ten point nine UM Federal Reserve Board
Speaker 1: Major Dollar Index increase in much of that has already
Speaker 1: occurred obviously, but then continued strength into UM. So I
Speaker 1: think again that's one of the factors that they said
Speaker 1: will be looking at it. And if we find that
Speaker 1: the dollar continues to sore and pretty much strangled demand
Speaker 1: U whether it's for energy or other products around the globe,
Speaker 1: emerging markets into challenging environments, then I think the Fed
Speaker 1: probably will look to scale back. Thanks Sam, as always
Speaker 1: good speaking with you. Sam Stovall of c f R
Speaker 1: A Karen great, Nathan, thank you, And it is five
Speaker 1: fifty four on Wall Street right now. It's time for
Speaker 1: a legal story we're watching this morning. It brings us
Speaker 1: to the biggest penalties ever against US banks for record
Speaker 1: keeping lapses, more than two billion dollars. US regulators reached
Speaker 1: settlements for a dozen banks in a sprawling investigation into
Speaker 1: how global financial firms failed to monitor employees communications on
Speaker 1: an authorized messaging apps. For more in the case Bloomberg's
Speaker 1: doing grosso speeches, securities law attorney Robert him a partner
Speaker 1: at Tarter, Krinsky and drow In, this is a stunning
Speaker 1: amount of fines. What do these banks do that was illegal?
Speaker 1: It really is. June it's a very big announcement from
Speaker 1: the SEC and its centers around the bank's failure to
Speaker 1: preserve electronic communications that their employees engaged in that related
Speaker 1: to work. And under the federal securities laws of broker
Speaker 1: dealers and other regulated entities have obligations to preserve all
Speaker 1: business related to communications. And what the SEC found was that,
Speaker 1: according to their settlement papers, there was widespread ignoring of
Speaker 1: that rule by these sixteen firms that settled with the SEC.
Speaker 1: The SEC categorized their conduct as pervasive, and not only
Speaker 1: that it wasn't just regular line employees that were using
Speaker 1: personal devices for business communications, but it was senior executives,
Speaker 1: the very people that were responsible for implementing these policies
Speaker 1: were also ignoring them. In some cases, managers even texted
Speaker 1: with employees in charge of ensuring that banks comply with
Speaker 1: the law, So it could be that none of these
Speaker 1: texts were over improper conduct. It was just record keeping.
Speaker 1: According to the SEC settlement documents, it really was just
Speaker 1: record keeping. In some instances. The SEC says that the
Speaker 1: failure of the firms to preserve the employees business related
Speaker 1: communications hampered their investigations, but they don't really say any
Speaker 1: specifics about how it was hampered or whether any sort
Speaker 1: of key evidence was lost as a result of the
Speaker 1: firm's misconduct, and so it's hard to judge really whether
Speaker 1: any critical evidence may have been lost. But it just
Speaker 1: reinforces the SEC's position that proper record keeping as required
Speaker 1: the law is something that they're going to take very seriously.
Speaker 1: And really what this settlement focuses on is employees who
Speaker 1: in this day and age, working remotely, and many firms
Speaker 1: have bring your own device policies to work. Under the
Speaker 1: securities law, sperms have an obligation to capture and save
Speaker 1: any business related to communications, which you know, can be
Speaker 1: very challenging in this environment because you have apps like
Speaker 1: Snapchat that delete messages shortly after their scent. We have Telegram,
Speaker 1: we have WhatsApp, and there's many, many different devices, and
Speaker 1: they often are not very easy to sync with an
Speaker 1: employer's main brain computer and standard compliance systems. And as
Speaker 1: Robert time, a partner at Turner, Krinsky and Rogan speaking
Speaker 1: with Bloomberg sjun Grosso, it's more of that interview plus
Speaker 1: analysis of the latest legal news by listening to the
Speaker 1: Bloomberg Law Show at ten pm Eastern Time or subscribing
Speaker 1: to the Bloomberg Law Podcast, and attorneys can find exceptional
Speaker 1: legal research and business development tools at Bloomberg Law dot com.
Speaker 1: And this is Bloomberg