1 00:00:03,080 --> 00:00:06,439 Speaker 1: My from the Bloomberg Interactive Burger Studios. Is this Bloomberg 2 00:00:06,519 --> 00:00:10,320 Speaker 1: day Break for Tuesday, June one. Coming up, This shower 3 00:00:10,600 --> 00:00:13,520 Speaker 1: Stock future surge as we begin this holiday short and 4 00:00:13,560 --> 00:00:16,800 Speaker 1: trading week by speak exclusively with Elon Musk about Twitter, 5 00:00:16,920 --> 00:00:20,240 Speaker 1: Tesla and politics. More calls this morning for a US 6 00:00:20,320 --> 00:00:24,000 Speaker 1: recession m all Street braces for congressional testimony this week 7 00:00:24,079 --> 00:00:28,000 Speaker 1: from FED Chair J Powell. New York passes landmark voting 8 00:00:28,040 --> 00:00:31,800 Speaker 1: rights legislation. Plus hits Day four of January six hearings 9 00:00:32,280 --> 00:00:35,720 Speaker 1: Michael Barr. More ahead, I'm John Stashower. In sports, another 10 00:00:35,840 --> 00:00:38,080 Speaker 1: near no hitter for the Yankees. They get their fiftieth 11 00:00:38,080 --> 00:00:40,640 Speaker 1: win shut out win for the Mets Tampa Baby Colorado 12 00:00:40,720 --> 00:00:45,839 Speaker 1: in the Stanley Cup Final. That's all training ahead on 13 00:00:45,920 --> 00:00:49,320 Speaker 1: Bloomberg day Break on Bloomberg eleven, Free on New York, 14 00:00:49,479 --> 00:00:54,160 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 15 00:00:54,440 --> 00:00:58,880 Speaker 1: Bloomberg nine sixties and Francisco Sirius x AM one nineteen 16 00:00:59,120 --> 00:01:01,760 Speaker 1: and around the world Old on Bloomberg Radio dot Com 17 00:01:01,960 --> 00:01:08,800 Speaker 1: and via the Bloomberg Business App. Good morning, I'm Nathan Hager, 18 00:01:09,040 --> 00:01:11,920 Speaker 1: and I'm Karen Moscow and US DOCK Index futures are 19 00:01:11,959 --> 00:01:14,000 Speaker 1: on the rises morning. We're coming up to six o 20 00:01:14,120 --> 00:01:15,920 Speaker 1: one on Wall Street, and we check the markets every 21 00:01:15,920 --> 00:01:19,680 Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, SNP futures 22 00:01:19,720 --> 00:01:22,600 Speaker 1: have sixty five down. Futures have four hundred eighty one 23 00:01:22,959 --> 00:01:26,360 Speaker 1: NASDAG futures have two hundred five ten year Treasury down 24 00:01:26,360 --> 00:01:29,560 Speaker 1: twelve thirty seconds the three point to seven percent they 25 00:01:29,600 --> 00:01:32,240 Speaker 1: yield on the two year three point to zero percent. 26 00:01:32,840 --> 00:01:35,920 Speaker 1: Nime X screwed oil is up two point two percent, 27 00:01:36,040 --> 00:01:38,280 Speaker 1: up two dollars forty four cents at a hundred twelve 28 00:01:38,360 --> 00:01:41,240 Speaker 1: dollars a barrel. Nathan Karen, we begin with an exclusive 29 00:01:41,280 --> 00:01:44,520 Speaker 1: interview with Elon Musk at the Cutter Economic Forum. The 30 00:01:44,600 --> 00:01:47,680 Speaker 1: Testless CEO sat down for a wide ranging conversation with 31 00:01:47,720 --> 00:01:50,680 Speaker 1: Bloomberg News editor in chief John Michael Fwaite. They discussed 32 00:01:50,720 --> 00:01:54,120 Speaker 1: everything from the economy to politics, of course, Musk's proposed 33 00:01:54,160 --> 00:02:00,160 Speaker 1: acquisition of Twitter, UM a few unresolved matters. Uh, You've 34 00:02:00,320 --> 00:02:04,120 Speaker 1: you've probably read about the question as to whether the 35 00:02:04,240 --> 00:02:07,640 Speaker 1: number of UM fake and spam users on the system 36 00:02:07,960 --> 00:02:09,920 Speaker 1: is best in the fact that sent as for claims 37 00:02:10,480 --> 00:02:13,920 Speaker 1: UM which I think is probably not most people's experience 38 00:02:14,760 --> 00:02:18,160 Speaker 1: on we're using Twitter. UM, so we're still awaiting resolution 39 00:02:18,240 --> 00:02:21,280 Speaker 1: on that matter. UM. And that that is a very 40 00:02:21,280 --> 00:02:27,400 Speaker 1: significant matter. UM. So we're waiting resolution on that um. 41 00:02:27,480 --> 00:02:30,720 Speaker 1: And then of course there is the question of will 42 00:02:30,800 --> 00:02:36,560 Speaker 1: the death portion of the round come together, and then 43 00:02:36,600 --> 00:02:40,080 Speaker 1: will the shareholds in favor the Elon must Speaking with 44 00:02:40,120 --> 00:02:43,480 Speaker 1: Bloomberg from the Counter Economic Forum in Doha, the Tesla 45 00:02:43,639 --> 00:02:47,360 Speaker 1: CEO also talks politics, cryptocurrencies, and the future of Tesla. 46 00:02:47,680 --> 00:02:50,440 Speaker 1: Stay tuned for more of that exclusive interview coming up shortly. 47 00:02:50,440 --> 00:02:53,320 Speaker 1: You're on Bloomberg Day Break. Well again, Nathan. Futures are 48 00:02:53,440 --> 00:02:55,880 Speaker 1: higher as we begin a shortened holiday trading way. The 49 00:02:56,000 --> 00:02:58,880 Speaker 1: rally comes after nearly two trillion dollars in market value 50 00:02:58,880 --> 00:03:01,400 Speaker 1: as a race from the S and P five last week. 51 00:03:01,680 --> 00:03:04,240 Speaker 1: There could be more losses ahead, according to Morgan Stanley 52 00:03:04,240 --> 00:03:07,720 Speaker 1: and Goldman Sachs. Morgan Stanley's Michael Wilson says stocks need 53 00:03:07,760 --> 00:03:11,079 Speaker 1: to drop another fifteen to to the market to fully 54 00:03:11,080 --> 00:03:14,639 Speaker 1: reflect this scale of economic contraction. Perhaps the biggest event 55 00:03:14,680 --> 00:03:17,400 Speaker 1: for markets this week, Karen, will be congressional testimony from 56 00:03:17,480 --> 00:03:20,200 Speaker 1: J Powell, The Fed chair delivers the Central bank semi 57 00:03:20,200 --> 00:03:24,080 Speaker 1: annual report on Monetary Policy tomorrow. Bloomberg's Viney dell Judas 58 00:03:24,160 --> 00:03:27,760 Speaker 1: reports Powell tell Congress the FEDS commitment to battling the 59 00:03:27,800 --> 00:03:31,600 Speaker 1: worst inflation in forty years is unconditional, just days after 60 00:03:31,720 --> 00:03:35,360 Speaker 1: launching the largest FED interest rate increase in twenty years, 61 00:03:35,360 --> 00:03:38,360 Speaker 1: and advanced text of the FEDS report to lawmakers says 62 00:03:38,400 --> 00:03:40,920 Speaker 1: it's committed at doing what's needed to get the job 63 00:03:41,000 --> 00:03:44,200 Speaker 1: done and that price stability is necessary to support a 64 00:03:44,240 --> 00:03:47,800 Speaker 1: strong US labor market. Powell will testify to the Senate 65 00:03:47,800 --> 00:03:51,520 Speaker 1: Banking Committee on Wednesday and the House Financial Services Committee 66 00:03:51,560 --> 00:03:55,600 Speaker 1: on Thursday. Vinny del Judai s Bloomberg Day Break a right, Vinnie, 67 00:03:55,600 --> 00:03:58,440 Speaker 1: thank you, but there are more calls at an impending recession. 68 00:03:58,520 --> 00:04:01,440 Speaker 1: This morning we had the latest I from Bloomberg's Renia 69 00:04:01,520 --> 00:04:04,320 Speaker 1: Young Good morning, Ready to good morning. Karen Elon Musk, 70 00:04:04,400 --> 00:04:07,640 Speaker 1: Norio Roubini, and Goldman Sachs are the latest to warn 71 00:04:07,720 --> 00:04:11,200 Speaker 1: that the US economy could fall into a recession. While 72 00:04:11,280 --> 00:04:15,120 Speaker 1: Musk predicted happening sometime in the near future, Goldman Sachs 73 00:04:15,160 --> 00:04:17,880 Speaker 1: now sees a thirty percent chance of a recession over 74 00:04:17,920 --> 00:04:21,880 Speaker 1: the next year. That's up from fifteen percent previously. At 75 00:04:21,880 --> 00:04:24,520 Speaker 1: a twenty five percent chance of entering a recession in 76 00:04:24,600 --> 00:04:27,440 Speaker 1: the second year if one is avoided in the first, 77 00:04:27,920 --> 00:04:31,280 Speaker 1: Robini expects a US recession by the end of this year. 78 00:04:33,040 --> 00:04:41,080 Speaker 1: Recession getting pretty closely. Robini Macro Associate CEO Norio Robini 79 00:04:41,200 --> 00:04:44,680 Speaker 1: says the US economy is experiencing a number of negative 80 00:04:44,680 --> 00:04:48,599 Speaker 1: aggregate supply shocks. Live in New York. I'm Renita Young 81 00:04:48,640 --> 00:04:51,640 Speaker 1: Bloomberg Daybreak. Al Right, Renita, thank you all. President Biden's 82 00:04:51,680 --> 00:04:55,800 Speaker 1: pushing back on those calls for a recession, talking to 83 00:04:56,200 --> 00:05:00,880 Speaker 1: Summers a swarming. There's nothing in the bother session. And 84 00:05:01,040 --> 00:05:03,600 Speaker 1: President Biden spoke with reporters in Delaware yesterday. He was 85 00:05:03,640 --> 00:05:09,480 Speaker 1: referring to former Treasury secretary and current Bloomberg contributor Larry Summers. Meantime, Nathan. 86 00:05:09,520 --> 00:05:12,599 Speaker 1: President Biden said he is aiming to decide this week 87 00:05:12,600 --> 00:05:15,719 Speaker 1: whether to as spend the federal gasoline checks. Bloomberg said, 88 00:05:15,760 --> 00:05:19,120 Speaker 1: Baxter has that story. The President is being careful at 89 00:05:19,120 --> 00:05:21,800 Speaker 1: this point, saying he is looking for more data, but 90 00:05:21,920 --> 00:05:28,479 Speaker 1: sounds confident hope that I'm looking for by he and 91 00:05:28,520 --> 00:05:30,919 Speaker 1: his administration are trying to find ways to ease the 92 00:05:30,960 --> 00:05:33,960 Speaker 1: soaring prices at the pomp and his. Treasury Secretary Janet 93 00:05:34,000 --> 00:05:37,599 Speaker 1: Yellen also sounds actually likes the idea. I think, well, 94 00:05:37,720 --> 00:05:42,240 Speaker 1: not perfect, it is something that should be under under consideration. 95 00:05:42,480 --> 00:05:45,200 Speaker 1: So consideration it is, and we should have an answer 96 00:05:45,240 --> 00:05:48,080 Speaker 1: by the end of the week. In San Francisco. I'm 97 00:05:48,080 --> 00:05:50,920 Speaker 1: at Baxter Bloomberg Gay Break, Thank you. Ed. Secretary Yellen 98 00:05:50,960 --> 00:05:53,719 Speaker 1: says another way to lower gas prices could involve Russian 99 00:05:53,720 --> 00:05:57,920 Speaker 1: oil exports. We are talking about price caps or a 100 00:05:58,000 --> 00:06:03,719 Speaker 1: price exception that would enhance and strengthen recent and proposed 101 00:06:03,920 --> 00:06:08,320 Speaker 1: energy restrictions by Europe, the United States, the UK and 102 00:06:08,360 --> 00:06:12,160 Speaker 1: others that would push down the price of Russian oil 103 00:06:12,640 --> 00:06:17,279 Speaker 1: and to press Putin's revenues while allowing more oil supply 104 00:06:17,440 --> 00:06:21,040 Speaker 1: to reach the global market. Treasury Secretary Janet Yelling spoke 105 00:06:21,040 --> 00:06:24,240 Speaker 1: at a news conference in Toronto alongside Canadian Finance Minister 106 00:06:24,279 --> 00:06:27,360 Speaker 1: Christopher Freeland. Well Nathan, the CEO of ax On Mobiles, 107 00:06:27,400 --> 00:06:30,360 Speaker 1: says global oil markets may remain tight for another three 108 00:06:30,360 --> 00:06:33,000 Speaker 1: to five years, largely because of a lack of investment 109 00:06:33,040 --> 00:06:36,279 Speaker 1: since the pandemic began. Darren Woods says it'll take time 110 00:06:36,320 --> 00:06:39,000 Speaker 1: for oil firms to catch up to ensure there's enough supply. 111 00:06:39,440 --> 00:06:44,520 Speaker 1: Thoughtful conversations about investments across that whole portfolio of solution 112 00:06:44,600 --> 00:06:48,600 Speaker 1: sets needed to provide affordable and reliable energy while reducing 113 00:06:48,600 --> 00:06:52,479 Speaker 1: emissions is the path forwards on Mobile CEO Darren Woods 114 00:06:52,480 --> 00:06:55,280 Speaker 1: made the comments at the Cutter Economic Forum in Doha 115 00:06:55,440 --> 00:06:57,360 Speaker 1: and on the M and A Frontcaren the battle over 116 00:06:57,440 --> 00:07:00,680 Speaker 1: Spirit Airlines is taking off. Jet Blue is raising It's 117 00:07:00,680 --> 00:07:03,279 Speaker 1: offered to buy the bargain carrier, valuing Spirit and about 118 00:07:03,320 --> 00:07:06,919 Speaker 1: three point seven billion dollars. That follows Spirits decision to 119 00:07:07,040 --> 00:07:09,920 Speaker 1: delay a shareholder vote on expending with Frontier Airlines. That 120 00:07:10,000 --> 00:07:13,960 Speaker 1: vote is now set for June. Futures are on the 121 00:07:14,040 --> 00:07:16,080 Speaker 1: rise this morning, and straight ahead, we have your latest 122 00:07:16,120 --> 00:07:23,360 Speaker 1: local headlines into check of sports. This is Bloomberg six 123 00:07:23,400 --> 00:07:25,760 Speaker 1: oh seven on Wall Street. We're at sixty four degrees 124 00:07:25,800 --> 00:07:28,200 Speaker 1: now in Central Park. Still dealing with the overturned tractor 125 00:07:28,240 --> 00:07:30,960 Speaker 1: trailer south boundary at seventeen at Lake Street in Upper 126 00:07:31,040 --> 00:07:34,200 Speaker 1: Saddle River. More coming up in traffic. First Michael Barr 127 00:07:34,200 --> 00:07:35,760 Speaker 1: with more on what's going on in New York and 128 00:07:35,880 --> 00:07:38,160 Speaker 1: around the world. Good morning, Michael, Good morning, Nathan, New 129 00:07:38,240 --> 00:07:42,000 Speaker 1: York Governor's Kathy Hokel assigned a law intended to prevent 130 00:07:42,120 --> 00:07:46,320 Speaker 1: local officials from enacting rules that might suppress people's voting 131 00:07:46,400 --> 00:07:49,800 Speaker 1: rights because of their race. The John R. Lewis Voting 132 00:07:49,880 --> 00:07:52,800 Speaker 1: Rights Act is named after the late civil rights activists 133 00:07:52,880 --> 00:07:55,720 Speaker 1: who represented Georgia in the U. S. House. Governor Kathy 134 00:07:55,800 --> 00:07:59,240 Speaker 1: open across the country, we're seeing stricter voter i D laws, 135 00:07:59,600 --> 00:08:03,720 Speaker 1: shorter early voting periods, and more burdens when you're trying 136 00:08:03,720 --> 00:08:07,200 Speaker 1: to just vote by mail. We're seeing people purged voter rolls. 137 00:08:07,400 --> 00:08:10,720 Speaker 1: Governor Hokel says we're going to change our election law 138 00:08:10,840 --> 00:08:14,480 Speaker 1: so we no longer hurt minority communities. The House January 139 00:08:14,520 --> 00:08:16,880 Speaker 1: six committee is set to hear from local officials who 140 00:08:16,880 --> 00:08:21,280 Speaker 1: fended off Donald Trump's pressure to overturn the presidential election. 141 00:08:21,640 --> 00:08:26,160 Speaker 1: Representative Adam Schiff, set to lead today's hearing, told CNN 142 00:08:26,240 --> 00:08:31,280 Speaker 1: that Trump campaign scheme unsuccessfully dependent on hopes that state 143 00:08:31,360 --> 00:08:34,520 Speaker 1: legislators would approved the Big Line, and when they didn't, 144 00:08:34,880 --> 00:08:38,640 Speaker 1: Trump turned to pressuring State officials will show evidence of 145 00:08:38,679 --> 00:08:42,280 Speaker 1: the President's involvement in this scheme. Representative Shift and the 146 00:08:42,280 --> 00:08:45,880 Speaker 1: panel's day will hear testimony from Georgia's Secretary of State 147 00:08:45,920 --> 00:08:50,199 Speaker 1: Brad Rafvensburger about Trump's call asking him to find over 148 00:08:50,280 --> 00:08:54,960 Speaker 1: eleven thousand votes to prevent Joe Biden's election victory. Alabama's 149 00:08:55,000 --> 00:08:58,640 Speaker 1: Republican primary is today. Congressman Mo Brooks lost the former 150 00:08:58,679 --> 00:09:02,400 Speaker 1: president's endorsement in part for saying it was time to 151 00:09:02,440 --> 00:09:06,000 Speaker 1: move on from the election. Trump then chose to back 152 00:09:06,080 --> 00:09:09,959 Speaker 1: Katie Britt. Other states conducting elections today our Virginia and 153 00:09:10,000 --> 00:09:13,920 Speaker 1: Georgia and out of control city cab on the Manhattan 154 00:09:13,960 --> 00:09:17,600 Speaker 1: Street struck a bicyclist and penned two Ohio tourists to 155 00:09:17,640 --> 00:09:20,679 Speaker 1: a wall on a sidewalk. It happened yesterday at twenty 156 00:09:20,760 --> 00:09:24,520 Speaker 1: ninth Street and Broadway. Good Samaritans rushed to the scene 157 00:09:24,520 --> 00:09:27,520 Speaker 1: to free them and treat their injuries, including two women 158 00:09:27,600 --> 00:09:30,960 Speaker 1: tenned against the building by the taxi. Deputy Police Chief 159 00:09:31,040 --> 00:09:33,760 Speaker 1: John Chell about fifteen. It's one in New York is 160 00:09:33,800 --> 00:09:37,840 Speaker 1: attempted depict this cab walf these women. Okay, it's total. 161 00:09:38,160 --> 00:09:42,120 Speaker 1: We have six victims at the hospital, including the cab driver. 162 00:09:42,600 --> 00:09:45,760 Speaker 1: Deputy Police Chief Chell. Global News twenty four hours a 163 00:09:45,840 --> 00:09:48,560 Speaker 1: day on air and on Bloomberg Quicktake powered by more 164 00:09:48,559 --> 00:09:52,040 Speaker 1: than journalist and analysts more than a hundred twenty countries. 165 00:09:52,400 --> 00:09:55,400 Speaker 1: Michael Barr and this is Bloomberg. Nathan Alright, Michael, thanks 166 00:10:00,320 --> 00:10:02,160 Speaker 1: six o nine on All Street time for the Bloomberg 167 00:10:02,200 --> 00:10:05,559 Speaker 1: Sports Something with John Nathan Yanks up the fifty wins, 168 00:10:05,600 --> 00:10:07,880 Speaker 1: and four of them a Yankees starter has flirted with 169 00:10:07,920 --> 00:10:10,840 Speaker 1: a no hitter once with Nester Cortez, also Jamis Sintona, 170 00:10:10,880 --> 00:10:13,160 Speaker 1: now twice with Garrett Cole on the mount. He lost 171 00:10:13,160 --> 00:10:15,640 Speaker 1: the no hitter with a clean single up the middle 172 00:10:15,720 --> 00:10:18,240 Speaker 1: leading off to Tampa Bay eighth. Inn and Clay Holmes 173 00:10:18,280 --> 00:10:20,400 Speaker 1: came in having not a lot of runs. It's opening day, 174 00:10:20,760 --> 00:10:22,480 Speaker 1: and the Rays got to him two hits and a walk. 175 00:10:22,520 --> 00:10:24,720 Speaker 1: They scored twice in the eighth to tie the game. 176 00:10:25,120 --> 00:10:27,400 Speaker 1: Yanks then scored twice in the ninth. Aaron Hicks the 177 00:10:27,400 --> 00:10:30,120 Speaker 1: big hit a triple. Wanda per Alta worked out of 178 00:10:30,160 --> 00:10:33,320 Speaker 1: a jam bottom. The night Aaron Boone's team won four 179 00:10:33,400 --> 00:10:35,160 Speaker 1: to two. They put a couple of balls and play 180 00:10:35,200 --> 00:10:37,160 Speaker 1: on us. You were able to tie the game, and 181 00:10:37,200 --> 00:10:39,520 Speaker 1: it's it's it's right fact that let's go find a 182 00:10:39,559 --> 00:10:43,240 Speaker 1: way to get this thing done. And um, you know 183 00:10:43,640 --> 00:10:45,960 Speaker 1: we talked about keep playing. You know, there's things that 184 00:10:46,000 --> 00:10:47,920 Speaker 1: happen over the course of the game, over the course 185 00:10:47,920 --> 00:10:52,320 Speaker 1: of the season that are you know, sometimes out of 186 00:10:52,360 --> 00:10:55,120 Speaker 1: your control. He just keep playing. Nanke's won ten of eleven, 187 00:10:55,200 --> 00:10:57,640 Speaker 1: Rays have lost six and seven. Red Sox have moved 188 00:10:57,640 --> 00:10:59,600 Speaker 1: ahead of them in the third place. Matt Nyan City 189 00:10:59,640 --> 00:11:01,880 Speaker 1: field these you went to the Mets six nothing over 190 00:11:01,920 --> 00:11:03,960 Speaker 1: the Marlins. Three hits for Brandon Nimo, three rb I 191 00:11:04,000 --> 00:11:06,680 Speaker 1: spread water, Escu bar David Peterson got the way. Mets 192 00:11:06,720 --> 00:11:09,160 Speaker 1: win another series. They played twenty one series, They've only 193 00:11:09,200 --> 00:11:11,439 Speaker 1: lost three of them, Atlanta one at the bottom of 194 00:11:11,480 --> 00:11:13,400 Speaker 1: ninth thening. They stay five and a half games behind 195 00:11:13,440 --> 00:11:15,520 Speaker 1: the Mets. Home ice has met a lot throughout the 196 00:11:15,600 --> 00:11:18,280 Speaker 1: Stanley Cup without that was certainly true for the Rangers 197 00:11:18,280 --> 00:11:20,120 Speaker 1: and now in the Cup Bottle home team three and 198 00:11:20,200 --> 00:11:23,320 Speaker 1: oh after Colorado won in overtime and then seven up 199 00:11:23,360 --> 00:11:25,680 Speaker 1: day in Tampa Bay one game three, six to two, 200 00:11:26,120 --> 00:11:27,560 Speaker 1: the lightning of one eight in a row at home. 201 00:11:27,600 --> 00:11:30,959 Speaker 1: The Athletic reports Kyrie Irving likely to turn down his 202 00:11:31,040 --> 00:11:33,640 Speaker 1: thirty seven million dollar options with the Nets become a 203 00:11:33,720 --> 00:11:36,680 Speaker 1: free agent, and that the Knicks could be interested. John 204 00:11:36,720 --> 00:11:40,320 Speaker 1: Stash Award boom Bird Sports All Right, John, thanks SMP 205 00:11:40,480 --> 00:11:43,320 Speaker 1: futures right now up sixty six point, STUN futures up 206 00:11:43,320 --> 00:11:46,560 Speaker 1: funer eighty seven. NASAC futures are higher by two hundred 207 00:11:46,559 --> 00:11:49,360 Speaker 1: four points. The ten year treasury is down eleven thirty seconds, 208 00:11:49,360 --> 00:11:52,240 Speaker 1: the yield three point to six percent, yield on the 209 00:11:52,240 --> 00:11:55,439 Speaker 1: two year three point two zero percent. Much more from 210 00:11:55,440 --> 00:11:58,560 Speaker 1: our exclusive one on one conversation with test thess CEO 211 00:11:58,640 --> 00:12:02,280 Speaker 1: Elon Musk from the contreec Nomic Forum. Straight ahead on 212 00:12:02,520 --> 00:12:08,880 Speaker 1: Bloomberg day Break. Good morning. Bloomog day Break is brought 213 00:12:08,880 --> 00:12:11,680 Speaker 1: to you by Hofstra University's Frank gs R School of Business, 214 00:12:11,760 --> 00:12:14,880 Speaker 1: top ranked online NBA program with a real world foundation. 215 00:12:15,120 --> 00:12:17,959 Speaker 1: Learn more at Hofstra dot e d U slash go 216 00:12:18,160 --> 00:12:25,360 Speaker 1: grat markets, headlines and breaking news twenty four hours a day, 217 00:12:25,480 --> 00:12:28,480 Speaker 1: at Bloomberg dot Com, the Bloomberg Business Out and at 218 00:12:28,480 --> 00:12:38,079 Speaker 1: Bloomberg Quick Take. This is a Bloomberg Business slash and 219 00:12:38,200 --> 00:12:41,280 Speaker 1: I'm Karen Moscow. Socks are rising in Europe and Asia. 220 00:12:41,440 --> 00:12:45,360 Speaker 1: US stock index futures pointing higher, treasuries are at treating. 221 00:12:45,360 --> 00:12:48,079 Speaker 1: This all comes in an improved investors sentiment compared with 222 00:12:48,200 --> 00:12:51,360 Speaker 1: last week. Surrounding global shares. We checked the markets every 223 00:12:51,360 --> 00:12:54,439 Speaker 1: fifteen minutes throughout the trading day. On Bloomberg Guess and 224 00:12:54,480 --> 00:12:57,440 Speaker 1: p future is up about sixty seven points down, futures 225 00:12:57,520 --> 00:13:01,760 Speaker 1: up and nast day jeers of two hundred eight. The 226 00:13:01,840 --> 00:13:04,720 Speaker 1: decks in Germany's of one percent. Can't in Paris at 227 00:13:04,760 --> 00:13:06,920 Speaker 1: one point six percent of the foot scene one hundred 228 00:13:07,000 --> 00:13:09,760 Speaker 1: up nine tenths of up percent. Ten year Treasury down 229 00:13:09,760 --> 00:13:12,480 Speaker 1: eleven thirty seconds. You have three point to six percent. 230 00:13:12,520 --> 00:13:15,080 Speaker 1: They yield on the two year three point to zero percent. 231 00:13:15,600 --> 00:13:17,880 Speaker 1: Nim Ex screwed oils on the rise, up two point 232 00:13:17,880 --> 00:13:19,920 Speaker 1: three percent of two dollars fifty two cents at a 233 00:13:20,000 --> 00:13:22,920 Speaker 1: hundred twelve dollars eight cents of barrel Comex schoold is 234 00:13:22,920 --> 00:13:25,160 Speaker 1: down about two tenths per cent or two dollars ninety 235 00:13:25,240 --> 00:13:27,840 Speaker 1: cents and one thousand, eight hundred thirty seven dollars seventy 236 00:13:27,880 --> 00:13:31,760 Speaker 1: cents announced. The euro one point seven against a dollar, 237 00:13:31,800 --> 00:13:34,439 Speaker 1: British found one point to two nine six and the 238 00:13:34,600 --> 00:13:36,800 Speaker 1: en at one thirty five point three eight. And look 239 00:13:36,800 --> 00:13:39,600 Speaker 1: at it Bitcoin this morning. It is higher of three 240 00:13:39,640 --> 00:13:42,160 Speaker 1: and a half percent at twenty one thousand, one hundred 241 00:13:42,160 --> 00:13:44,839 Speaker 1: fifty dollars. Today, we are watching for our report on 242 00:13:44,960 --> 00:13:47,840 Speaker 1: existing home sales. It's at at ten o'clock Wall Street time, 243 00:13:48,120 --> 00:13:50,720 Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr 244 00:13:50,800 --> 00:13:54,439 Speaker 1: with more on what's going on around the world. Michael Karen, 245 00:13:54,520 --> 00:13:57,880 Speaker 1: thank you kindly aids to the January six Committee. States. 246 00:13:57,960 --> 00:14:00,880 Speaker 1: Day's public hearing will focus on that it's by former 247 00:14:00,880 --> 00:14:04,600 Speaker 1: President Trump and his allies to pressure state level officials 248 00:14:04,640 --> 00:14:09,280 Speaker 1: to overturn the results of the presidential election. Key witnesses 249 00:14:09,320 --> 00:14:14,480 Speaker 1: include George's Republican Secretary of State Brad Raffensberger. President Joe 250 00:14:14,520 --> 00:14:17,040 Speaker 1: Biden said he is aiming to decide this week whether 251 00:14:17,080 --> 00:14:20,200 Speaker 1: to move to suspend the federal gas lane tax in 252 00:14:20,240 --> 00:14:22,960 Speaker 1: a bid to ease the impact of staring prices at 253 00:14:23,000 --> 00:14:27,680 Speaker 1: the pump. Russian President Vladimir Putin's spokesman said two US 254 00:14:27,800 --> 00:14:31,640 Speaker 1: veterans captured in Ukraine could face the death penalty. They 255 00:14:31,680 --> 00:14:35,680 Speaker 1: say that the Geneva Conventions likely don't apply, as Moscow 256 00:14:35,760 --> 00:14:39,520 Speaker 1: doesn't consider the man part of the national army. In baseball, 257 00:14:39,560 --> 00:14:42,920 Speaker 1: the Yankees and Mets one. Other winners include the Red 258 00:14:43,000 --> 00:14:47,200 Speaker 1: Sox the Giants they lost in the NHL Stanley Cup Final. 259 00:14:47,280 --> 00:14:49,960 Speaker 1: The Lightning one Game three over the Avalanche six to 260 00:14:50,480 --> 00:14:54,520 Speaker 1: Colorado still leads the series two games to one. Global 261 00:14:54,560 --> 00:14:57,160 Speaker 1: News twenty four hours a day on air and on 262 00:14:57,200 --> 00:15:01,120 Speaker 1: Bloomberg Quicktake, powered by more than twenties seven hundred journalist 263 00:15:01,200 --> 00:15:05,200 Speaker 1: and analysts in more than one twenty countries. Michael barr In, 264 00:15:05,280 --> 00:15:08,480 Speaker 1: this is Bloomberg. Alright, Michael, thanks very much. It is 265 00:15:08,520 --> 00:15:11,840 Speaker 1: six twenty now on Wall Street Live from the Bloomberg 266 00:15:11,920 --> 00:15:15,000 Speaker 1: Interactive Broker Studios. This is Bloomberg day Break. Good morning, 267 00:15:15,040 --> 00:15:18,360 Speaker 1: I'm Nathan Hager. We now bring you a special interview 268 00:15:18,400 --> 00:15:22,280 Speaker 1: with the CEO of Tesla and SpaceX, Elon Musk. He 269 00:15:22,560 --> 00:15:26,440 Speaker 1: spoke about reducing Tesla's salaried workforce and who he could 270 00:15:26,440 --> 00:15:31,120 Speaker 1: support in the US presidential election. Elon Musk spoke with 271 00:15:31,120 --> 00:15:34,040 Speaker 1: Bloomberg News Editor in chief John Michael Fwaite from the 272 00:15:34,080 --> 00:15:38,640 Speaker 1: Cutter Economic Forum in Doha, powered by Bloomberg. Can you 273 00:15:38,680 --> 00:15:40,880 Speaker 1: set the record straight on one thing, which is this 274 00:15:41,000 --> 00:15:44,160 Speaker 1: issue about the layoffs. I think you said initially that 275 00:15:44,280 --> 00:15:47,600 Speaker 1: Tesla ten percent of the workforce would be cut, then 276 00:15:47,680 --> 00:15:51,040 Speaker 1: ten percent of salaried would be cut, then salaried would 277 00:15:51,080 --> 00:15:55,360 Speaker 1: stay flat and overall headcount would go up. What what 278 00:15:55,360 --> 00:15:57,280 Speaker 1: what is the number? I know there's already I think 279 00:15:57,320 --> 00:16:00,360 Speaker 1: being a lawsuit about the ten percent? Is is ten 280 00:16:00,400 --> 00:16:03,360 Speaker 1: percent the goal to reduce the workforce? Or what is 281 00:16:03,360 --> 00:16:08,520 Speaker 1: the number that we should think about? Well that you're planning? Yes, 282 00:16:09,480 --> 00:16:14,760 Speaker 1: so it TESLA is reducing the salary workforce. Are roughly 283 00:16:14,800 --> 00:16:20,800 Speaker 1: ten percent over the next probably three months or so. UM. 284 00:16:20,880 --> 00:16:26,840 Speaker 1: The uh we expect to grow out our hourly workforce. 285 00:16:27,320 --> 00:16:31,080 Speaker 1: Actual quite clear that we expected to grow our hourly workforce, 286 00:16:31,760 --> 00:16:36,280 Speaker 1: but we uh, we grew very fast with on the 287 00:16:36,360 --> 00:16:40,640 Speaker 1: on the salary side, um, and we grew a little 288 00:16:40,640 --> 00:16:44,760 Speaker 1: too fast in some areas, and so it requires reduction 289 00:16:44,880 --> 00:16:50,360 Speaker 1: in salary workforce. And we're about two thirds hourly and 290 00:16:50,400 --> 00:16:53,080 Speaker 1: one third salary. So I guess technically a temp said 291 00:16:53,120 --> 00:16:56,480 Speaker 1: reduction in the salary workforce is only properly a three 292 00:16:56,640 --> 00:17:01,000 Speaker 1: three and a half percent reduction in total headcount. Now, 293 00:17:01,200 --> 00:17:04,159 Speaker 1: I think I think that number is important legally, isn't it? 294 00:17:04,200 --> 00:17:06,800 Speaker 1: Because I think people are trying to say, if you 295 00:17:07,000 --> 00:17:09,160 Speaker 1: if you're going to lay off ten percent of your workforce, 296 00:17:09,240 --> 00:17:12,520 Speaker 1: you have even in America to make an announcement about that. 297 00:17:13,880 --> 00:17:19,240 Speaker 1: We did make an announcement. UM. Yes, um, let let's 298 00:17:19,240 --> 00:17:23,280 Speaker 1: not read too much into a preemptive lawsuit that has 299 00:17:23,359 --> 00:17:27,120 Speaker 1: no standing. Um that that that that is a small 300 00:17:27,200 --> 00:17:29,800 Speaker 1: as a lawsuit of minor class points that just anything 301 00:17:29,800 --> 00:17:32,080 Speaker 1: that related to Tesla gets big headlines. But it is 302 00:17:32,560 --> 00:17:36,520 Speaker 1: whether it is, um, you know, a bicycle accident or 303 00:17:36,560 --> 00:17:41,920 Speaker 1: something much more serious. It's it seems like anything reslated 304 00:17:41,960 --> 00:17:45,679 Speaker 1: it Tesla gets a lot of cliques, whether whether it 305 00:17:45,760 --> 00:17:50,080 Speaker 1: is trivial or significant. I would put that lawsuit referring 306 00:17:50,080 --> 00:17:54,280 Speaker 1: to in the trivial category. Um. So you have now, 307 00:17:54,359 --> 00:17:57,560 Speaker 1: I think our headcount will be higher in both salary 308 00:17:57,800 --> 00:18:02,360 Speaker 1: and obviously in hourly um. But in the short term 309 00:18:02,359 --> 00:18:05,520 Speaker 1: of the next few months, we expect to see, like 310 00:18:05,520 --> 00:18:08,760 Speaker 1: I said, off the attempt stated reduction in UH salary 311 00:18:09,040 --> 00:18:13,080 Speaker 1: salaried workforce, which is actually just really only three or 312 00:18:13,080 --> 00:18:14,960 Speaker 1: three and a half a cent reduction in total headcount 313 00:18:15,440 --> 00:18:20,200 Speaker 1: and not a super material should we jump to that 314 00:18:20,320 --> 00:18:24,600 Speaker 1: law that That third elon Musk the uncontroversial one. In politics, 315 00:18:25,359 --> 00:18:28,920 Speaker 1: you've indicated that the Florida Governor Ronda Santis is someone 316 00:18:29,400 --> 00:18:32,440 Speaker 1: you could get behind if he ran for president. I wondered, 317 00:18:32,440 --> 00:18:34,600 Speaker 1: if you're still in that position, and whether you would, 318 00:18:34,880 --> 00:18:38,520 Speaker 1: for instance, think about supporting Donald Trump if he were 319 00:18:38,560 --> 00:18:43,720 Speaker 1: to run. Well, I was simply asked if there was 320 00:18:45,280 --> 00:18:47,480 Speaker 1: if I had decided on who I would be supporting 321 00:18:47,520 --> 00:18:50,880 Speaker 1: in the next presidential race, and I said I had 322 00:18:50,880 --> 00:18:55,800 Speaker 1: not decided if I would support. Then I was asked, well, 323 00:18:55,840 --> 00:18:59,240 Speaker 1: who might you be leaning towards. I said, possibly to Stantus. 324 00:19:01,160 --> 00:19:03,400 Speaker 1: And now and now I'm asking you about Trump whether 325 00:19:03,440 --> 00:19:09,680 Speaker 1: you would consider him. Um, I think I'm undersided at 326 00:19:09,680 --> 00:19:14,040 Speaker 1: this point on that election. I wanted you talked about 327 00:19:14,080 --> 00:19:18,760 Speaker 1: putting money behind a supermoderate super fact in the US, 328 00:19:18,960 --> 00:19:20,760 Speaker 1: and I wondered, how much money do you think you're 329 00:19:20,800 --> 00:19:23,040 Speaker 1: going to put into that? What kind of support would 330 00:19:23,040 --> 00:19:27,280 Speaker 1: you push? I have not decided on an amount, but 331 00:19:27,359 --> 00:19:31,600 Speaker 1: it would be something some non trobrial figure I think. Um, 332 00:19:32,040 --> 00:19:36,560 Speaker 1: I mean at least non trivial could mean a lot. Sorry, 333 00:19:37,359 --> 00:19:39,320 Speaker 1: non trivial could mean a lot of money. With you, 334 00:19:39,440 --> 00:19:44,200 Speaker 1: I was guessing, well, I don't know. I'm not decided 335 00:19:44,240 --> 00:19:48,680 Speaker 1: on the exact amount, but um past to be twenty 336 00:19:48,880 --> 00:19:53,240 Speaker 1: or twenty five million dollars just on that issue. I mean, again, 337 00:19:53,720 --> 00:19:56,040 Speaker 1: you look at the sans what the Santon says m 338 00:19:56,280 --> 00:19:59,520 Speaker 1: you look at what Trump says, Um and those sort 339 00:19:59,560 --> 00:20:02,119 Speaker 1: of policies. They again the people who make a large 340 00:20:02,160 --> 00:20:05,280 Speaker 1: noise about China, And I wondered whether you thought that 341 00:20:05,400 --> 00:20:16,960 Speaker 1: was also an issue few in terms of business in China. Um. Well, no, 342 00:20:17,400 --> 00:20:22,320 Speaker 1: I don't think so. Straight. Good morning. I'm Karen Moscow 343 00:20:22,440 --> 00:20:25,080 Speaker 1: along with the Nathan Hangar. This is Bloomberg daybreak and 344 00:20:25,080 --> 00:20:28,159 Speaker 1: we're about three hours away from the open of US trading. 345 00:20:28,200 --> 00:20:30,160 Speaker 1: Time for the fine things you need to notice start 346 00:20:30,160 --> 00:20:34,000 Speaker 1: your day. Brought to you by Interactive Brokers. Indirective Brokers 347 00:20:34,000 --> 00:20:37,359 Speaker 1: Global Analysts helps you find new global investment opportunities. To 348 00:20:37,440 --> 00:20:41,199 Speaker 1: diversify your portfolio and discover undervalued companies that may have 349 00:20:41,280 --> 00:20:44,560 Speaker 1: greater growth potential. Try i VC our Global Analysts today 350 00:20:44,600 --> 00:20:46,840 Speaker 1: at i v k R dot com slash g A 351 00:20:47,720 --> 00:20:50,760 Speaker 1: first US futures are searching this morning. Last week, to 352 00:20:50,920 --> 00:20:53,280 Speaker 1: trillion dollars in market value was a raised from the 353 00:20:53,440 --> 00:20:56,240 Speaker 1: S and P five hundred. This week, markets react to 354 00:20:56,320 --> 00:20:59,960 Speaker 1: congressional testimony from fitchare J. Powell, who delivers a set 355 00:21:00,040 --> 00:21:03,840 Speaker 1: Trombank semi annual report at Monetary Policy tomorrow. Well ahead 356 00:21:03,880 --> 00:21:06,879 Speaker 1: of that, Karen calls for appending recession are growing Louder 357 00:21:06,960 --> 00:21:10,120 Speaker 1: Bloomberg's Rnda Young joins US Live with the details. Good morning, Nina, 358 00:21:10,200 --> 00:21:12,760 Speaker 1: Good morning Nathan. Elon Musk and Goldman Sachs are the 359 00:21:12,880 --> 00:21:15,800 Speaker 1: latest to warn that the US economy could fall into 360 00:21:15,880 --> 00:21:19,919 Speaker 1: a recession. While Musk predicted happening sometime in the near future, 361 00:21:20,240 --> 00:21:23,400 Speaker 1: Goldman Sachs now sees a thirty percent chance of entering 362 00:21:23,440 --> 00:21:27,800 Speaker 1: a recession over the next year. That's up from previously 363 00:21:28,280 --> 00:21:32,600 Speaker 1: and Robini Macroe Associate CEO Norio Robini expects a US 364 00:21:32,680 --> 00:21:35,320 Speaker 1: recession by the end of this year and says the 365 00:21:35,400 --> 00:21:39,520 Speaker 1: economy is experiencing a number of negative aggregate supply shocks. 366 00:21:40,160 --> 00:21:43,399 Speaker 1: Live in New York, I'm Renita Young, Bloomberg Daybreak, all right, 367 00:21:43,440 --> 00:21:45,440 Speaker 1: we need to thank you. Over the weekend of Delaware, 368 00:21:45,560 --> 00:21:48,480 Speaker 1: President Biden pushed back on those recession calls. He said 369 00:21:48,520 --> 00:21:52,399 Speaker 1: a contraction is not inevitable. Following a conversation with former 370 00:21:52,440 --> 00:21:56,600 Speaker 1: Treasury Secretary and current Bloomberg contributor Larry Summers, I think 371 00:21:56,800 --> 00:22:04,040 Speaker 1: overall the picture is still a very stretched UH economy. 372 00:22:04,359 --> 00:22:07,280 Speaker 1: Summers made their remarks on Bloomberg's Wall Street Week with 373 00:22:07,400 --> 00:22:10,680 Speaker 1: David weston Catch the program. Every weekend on Bloomberg Radio 374 00:22:10,760 --> 00:22:13,679 Speaker 1: and television, those prices rise at the gas pump. President 375 00:22:13,760 --> 00:22:17,480 Speaker 1: Biden's deciding whether to suspend the federal gasoline tax i 376 00:22:17,560 --> 00:22:24,280 Speaker 1: hope looking for a President Biden says he's looking for 377 00:22:24,359 --> 00:22:26,359 Speaker 1: more data ahead of that decision he expects to make 378 00:22:26,440 --> 00:22:29,800 Speaker 1: later this week. Treasury Secretary Janet Yellen says she supports 379 00:22:29,840 --> 00:22:33,199 Speaker 1: the idea meantime x on Mobile says global oil markets 380 00:22:33,240 --> 00:22:36,080 Speaker 1: may remain tight for another three to five years. CEO 381 00:22:36,240 --> 00:22:39,400 Speaker 1: Darren Woods made the comments at the Guitar Economic Forums, 382 00:22:39,440 --> 00:22:41,680 Speaker 1: saying it's largely due to a lack of investment since 383 00:22:41,720 --> 00:22:44,359 Speaker 1: the pandemic began. We have some emine news this morning. 384 00:22:44,440 --> 00:22:47,200 Speaker 1: Karen Jet Blue is raising it's offer to buy bargain 385 00:22:47,320 --> 00:22:50,359 Speaker 1: carrier Spirit Airlines. The new bid values of the company 386 00:22:50,400 --> 00:22:53,280 Speaker 1: at about three point seven billion dollars. And that's the 387 00:22:53,320 --> 00:22:55,680 Speaker 1: five things you need to notice start your day. Brought 388 00:22:55,680 --> 00:22:59,639 Speaker 1: to you by Interactive Brokers. And right now, futures are higher. 389 00:22:59,720 --> 00:23:03,320 Speaker 1: US in P futures up sixty seven points down futures 390 00:23:03,400 --> 00:23:06,160 Speaker 1: up four hundred ninety seven, and nasday futures up two 391 00:23:06,240 --> 00:23:09,520 Speaker 1: hundred nine. Ten year Treasury done eleven thirty seconds the 392 00:23:09,840 --> 00:23:12,119 Speaker 1: three point to six percent, and they yield on the 393 00:23:12,200 --> 00:23:15,399 Speaker 1: two year three point to zero percent. Nine X Screwed 394 00:23:15,480 --> 00:23:17,760 Speaker 1: oil is up two point three percent, up two dollars 395 00:23:17,840 --> 00:23:20,240 Speaker 1: fifty two cents at a hundred twelve dollars eight cents 396 00:23:20,240 --> 00:23:23,200 Speaker 1: of barrel. The Euro one point oh five six five 397 00:23:23,240 --> 00:23:27,040 Speaker 1: against the dollar, and bitcoin this morning is higher, up 398 00:23:27,080 --> 00:23:30,080 Speaker 1: twenty one one hundred eighty dollars. Straight ahead your latest 399 00:23:30,160 --> 00:23:33,520 Speaker 1: local headlines plus a check of sports, and this is 400 00:23:33,600 --> 00:23:41,159 Speaker 1: Bloomberg Exparen sixty three on Wall Street, sixty five degrees 401 00:23:41,280 --> 00:23:43,639 Speaker 1: in Central Park. Starting to see a volume build up 402 00:23:43,640 --> 00:23:45,879 Speaker 1: in the Hudson River crossings. Will get the details for 403 00:23:46,000 --> 00:23:48,200 Speaker 1: you in traffic. First, Michael Barr has more on what's 404 00:23:48,200 --> 00:23:51,240 Speaker 1: going on in New York and around the world. Good morning, Michael, 405 00:23:51,320 --> 00:23:54,280 Speaker 1: Good morning Nathan. New York Governor Kathy hoc Will signed 406 00:23:54,280 --> 00:23:58,080 Speaker 1: a state law protecting voting rights at a signing ceremony, 407 00:23:58,160 --> 00:24:01,160 Speaker 1: and Brooklyn Governor Hocal said me, you work is preserving 408 00:24:01,359 --> 00:24:04,399 Speaker 1: voting rights while they are under attack around the country. 409 00:24:04,840 --> 00:24:07,919 Speaker 1: The shocking revelation that there are people out there who 410 00:24:08,000 --> 00:24:10,639 Speaker 1: are so firm and their belief that Donald Trump should 411 00:24:10,640 --> 00:24:15,000 Speaker 1: remained their president fostered by him that they literally attacked 412 00:24:15,240 --> 00:24:19,200 Speaker 1: our capital. Governor Hokel says the John Lewis Voting Rights 413 00:24:19,320 --> 00:24:22,239 Speaker 1: of New York is named after federal legislation that had 414 00:24:22,280 --> 00:24:25,320 Speaker 1: passed the House last year but has not yet passed 415 00:24:25,480 --> 00:24:29,840 Speaker 1: the Senate. The householct Committee investigating the January sixth insurrection 416 00:24:29,960 --> 00:24:34,359 Speaker 1: convenes again later today for its fourth public hearing. This time, 417 00:24:34,480 --> 00:24:38,359 Speaker 1: the hearing is from mostly Republican officials on how former 418 00:24:38,440 --> 00:24:42,199 Speaker 1: President Donald Trump and his allies try to convince them 419 00:24:42,280 --> 00:24:45,200 Speaker 1: to break the law and turn the Trump election losses 420 00:24:45,240 --> 00:24:48,720 Speaker 1: into wins. New York City police are still investigating what 421 00:24:48,880 --> 00:24:51,800 Speaker 1: caused a yellow cab the jump a curb in Midtown Manhattan, 422 00:24:52,119 --> 00:24:55,480 Speaker 1: injuring six people. Police say the cab struck a cyclist 423 00:24:55,640 --> 00:24:59,159 Speaker 1: on Broadway, then veered off the road, jumped the sidewalk, 424 00:24:59,200 --> 00:25:01,800 Speaker 1: and struct two em in on the sidewalk, pinning them 425 00:25:01,840 --> 00:25:04,800 Speaker 1: against the wall of a building. Up to twenty passers 426 00:25:04,920 --> 00:25:08,160 Speaker 1: by immediately jumped into action, trying to lift the cab 427 00:25:08,320 --> 00:25:11,320 Speaker 1: off the two women. New York Mayor Eric Adams, they 428 00:25:11,480 --> 00:25:16,639 Speaker 1: clearly responded to help those who were injured. They didn't 429 00:25:16,920 --> 00:25:19,320 Speaker 1: know they were tourists or not they just responded a 430 00:25:19,400 --> 00:25:22,240 Speaker 1: normal way to New York. Mayor Adams says two of 431 00:25:22,320 --> 00:25:25,280 Speaker 1: the injured were tourists from Ohio. Two more we're visiting 432 00:25:25,320 --> 00:25:27,959 Speaker 1: from Mexico. All of the victims are expected to recover. 433 00:25:28,720 --> 00:25:32,520 Speaker 1: Anguish sorrow, tears and questions. Last night, during the first 434 00:25:32,560 --> 00:25:35,960 Speaker 1: school board meeting after the horrific massacre inside the rob 435 00:25:36,080 --> 00:25:40,480 Speaker 1: Elementary School in Yuvaldi, Texas, several investigations are underway trying 436 00:25:40,520 --> 00:25:43,919 Speaker 1: to find out why the school system's police chief waited 437 00:25:44,040 --> 00:25:47,439 Speaker 1: for over an hour to stom the classroom and end 438 00:25:47,600 --> 00:25:50,760 Speaker 1: the shooting rampage. At the school board meeting, this man 439 00:25:50,920 --> 00:25:53,800 Speaker 1: asked for the chief, Pete Arodondo, to be fired. Send 440 00:25:53,880 --> 00:25:56,000 Speaker 1: them on disuti, call it whatever you want to call it, 441 00:25:56,640 --> 00:26:01,520 Speaker 1: Suspend them, penny termination, It's an insult. Two injury, nineteen 442 00:26:01,600 --> 00:26:05,520 Speaker 1: children and two teachers died. Tens of thousands of railway 443 00:26:05,560 --> 00:26:08,040 Speaker 1: workers have walked off the job in Britain, bringing the 444 00:26:08,080 --> 00:26:10,919 Speaker 1: train network to a crawl in the country's biggest transit 445 00:26:11,000 --> 00:26:13,879 Speaker 1: strike in three decades. Global News twenty four hours a 446 00:26:13,960 --> 00:26:16,199 Speaker 1: day on air and on Bloomberg Quick Take power by 447 00:26:16,240 --> 00:26:18,679 Speaker 1: more than twenty seven hundred journalists and analysts in more 448 00:26:18,680 --> 00:26:21,760 Speaker 1: than a hundred twenty countries on Michael Barner, this is Bloomberg, Nathan, 449 00:26:21,920 --> 00:26:29,000 Speaker 1: thank you, Michael, almost six thirty six on Wall Street. 450 00:26:29,080 --> 00:26:31,800 Speaker 1: John Stasher has the Bloomberg sports up there all right, Nathan, 451 00:26:31,880 --> 00:26:35,080 Speaker 1: Yankees stopped when number fifty Sunday in Toronto, bhud. They 452 00:26:35,119 --> 00:26:38,080 Speaker 1: suddenly scored seven runs over the seventh and Eighthittienes and one, 453 00:26:38,119 --> 00:26:39,960 Speaker 1: ten and nine and eighthen in struggle for the Yanks 454 00:26:40,000 --> 00:26:42,360 Speaker 1: again at Tampa Bay, the Rais didn't have a hit off. 455 00:26:42,440 --> 00:26:44,480 Speaker 1: Garrett called for the first seven. They broke up the 456 00:26:44,560 --> 00:26:46,400 Speaker 1: no hitter, and then they got the Clay Holmes, who 457 00:26:46,440 --> 00:26:48,080 Speaker 1: had not a lot of runs its opening day. They 458 00:26:48,080 --> 00:26:50,960 Speaker 1: scored twice. The game was tied in the ninth inning 459 00:26:51,000 --> 00:26:53,680 Speaker 1: and runner goes on and hit in the air to 460 00:26:53,840 --> 00:26:57,800 Speaker 1: right Jeep Margo back against the wall. That ball is 461 00:26:58,040 --> 00:27:01,200 Speaker 1: off the wall and Margo is down. The center fielder 462 00:27:01,240 --> 00:27:04,840 Speaker 1: has to go retrieve the ball. Donald symbols score, Higgs 463 00:27:04,880 --> 00:27:08,880 Speaker 1: will stop at third, and the Eggies take a three 464 00:27:08,960 --> 00:27:14,679 Speaker 1: to two lead on a triple figs and X one 465 00:27:14,760 --> 00:27:17,200 Speaker 1: four to two. So they've won ten of eleven seventeen 466 00:27:17,280 --> 00:27:19,280 Speaker 1: of the last nineteen. Mets won a day game at 467 00:27:19,320 --> 00:27:21,560 Speaker 1: the Marlon six. Not think David Peterson got to winn 468 00:27:21,560 --> 00:27:24,040 Speaker 1: as the Mexic proved the twenty four and ten at 469 00:27:24,119 --> 00:27:26,600 Speaker 1: City Field. They've called up Don Smith. He's coming back 470 00:27:26,640 --> 00:27:29,080 Speaker 1: to the minors. They'll find out today about Jeff McNeil's 471 00:27:29,119 --> 00:27:31,879 Speaker 1: hamstring injury. Headed for an m r I McNeil batting 472 00:27:31,960 --> 00:27:35,119 Speaker 1: three seven Sanley Cup final of Tampa Bay. The Lightning 473 00:27:35,160 --> 00:27:37,760 Speaker 1: bounced back from that seven nothing loss in Game two, 474 00:27:38,240 --> 00:27:41,120 Speaker 1: scored four time second period Beach Colorado six to two 475 00:27:41,200 --> 00:27:43,200 Speaker 1: with six different goal scores. The ass now leave the 476 00:27:43,240 --> 00:27:45,800 Speaker 1: series two and one. A report in The Athletic that 477 00:27:45,840 --> 00:27:48,679 Speaker 1: there is an impass between the Nets and Kyrie Irving 478 00:27:48,680 --> 00:27:50,760 Speaker 1: and the writing was on the wall with comments made 479 00:27:50,840 --> 00:27:53,720 Speaker 1: by Nets GM Shawn Marx. He said he wants players 480 00:27:53,720 --> 00:27:57,520 Speaker 1: who are selfless and available, and that's not Kyrie, who 481 00:27:57,560 --> 00:28:00,440 Speaker 1: thinks he and Kevin ranchhould have a managerial with the team. 482 00:28:00,480 --> 00:28:03,240 Speaker 1: If Irving rejects his thirty seven million dollar option, he 483 00:28:03,359 --> 00:28:07,359 Speaker 1: becomes a free agent. I'm stactually that wear Bloomberg Sports Okay, 484 00:28:07,480 --> 00:28:09,720 Speaker 1: John thanks six thirty seven on Wall Street. Time to 485 00:28:09,760 --> 00:28:11,680 Speaker 1: take a look at stock. Some of the names moving 486 00:28:11,840 --> 00:28:14,280 Speaker 1: in the pre market. For that, We're joined by Bloomberg 487 00:28:14,359 --> 00:28:18,000 Speaker 1: Radio and TV markets correspondent Creedy Gupta on a risk 488 00:28:18,160 --> 00:28:21,600 Speaker 1: on return to a holiday short and week. Good morning, Crety, 489 00:28:21,640 --> 00:28:24,840 Speaker 1: what's your ry? You decided a very good day to 490 00:28:24,920 --> 00:28:28,280 Speaker 1: come back. The dream team is back here. I want 491 00:28:28,320 --> 00:28:30,359 Speaker 1: to start off with Leonard, you did have a or 492 00:28:30,440 --> 00:28:34,000 Speaker 1: I've been told to pronounced Lenar. I've heard it both ways, 493 00:28:34,040 --> 00:28:36,960 Speaker 1: but let's go Lenar. Okay, Ellie, And as your taker 494 00:28:37,040 --> 00:28:39,320 Speaker 1: up one, of course, this is the home builders Company. 495 00:28:39,400 --> 00:28:41,680 Speaker 1: This is really important here because as we talk about 496 00:28:41,720 --> 00:28:44,960 Speaker 1: the cracks in the economy, Leonard or Lenar, I'm gonna 497 00:28:44,960 --> 00:28:46,600 Speaker 1: I'm gonna make a mistake all day long. I can 498 00:28:46,640 --> 00:28:48,840 Speaker 1: already tell that you're coming out with earnings. They beat 499 00:28:48,880 --> 00:28:51,880 Speaker 1: their earnings or purchase contracts rose four percent from a 500 00:28:52,000 --> 00:28:54,080 Speaker 1: year earlier. But get this, Nathan, this really speaks to 501 00:28:54,120 --> 00:28:56,840 Speaker 1: the strength of the green back. Here the dollar value 502 00:28:56,880 --> 00:29:00,520 Speaker 1: of its seals increased twenty percent. So per just contracts 503 00:29:00,600 --> 00:29:03,840 Speaker 1: up four percent, the dollar value increased once again, it 504 00:29:03,840 --> 00:29:05,800 Speaker 1: speaks to the strength of the dollar. And I think 505 00:29:05,840 --> 00:29:08,480 Speaker 1: this quote is really interesting here from their CEO. They 506 00:29:08,520 --> 00:29:11,160 Speaker 1: said the weight of a rapid dupling of interest rates 507 00:29:11,240 --> 00:29:15,160 Speaker 1: over six months, together with accelerated price appreciation, began to 508 00:29:15,280 --> 00:29:19,400 Speaker 1: drive buyers in many markets to pause and reconsider. We 509 00:29:19,520 --> 00:29:22,000 Speaker 1: began to see these effects after the quarter end. So 510 00:29:22,120 --> 00:29:24,120 Speaker 1: basically he's going on, he's warning, well, some of these 511 00:29:24,160 --> 00:29:27,040 Speaker 1: interest rate hikes that we've seen, um the fifty basis 512 00:29:27,120 --> 00:29:29,000 Speaker 1: points in in June, and may E sees me in 513 00:29:29,040 --> 00:29:31,480 Speaker 1: seventy five basis points that we saw last week as well, 514 00:29:31,520 --> 00:29:34,200 Speaker 1: those are going to have effects, perhaps delayed effects, but 515 00:29:34,320 --> 00:29:37,600 Speaker 1: effects nonetheless on the housing market. Yeah. Really interesting macro 516 00:29:37,760 --> 00:29:40,280 Speaker 1: perspective there. I wonder if you're looking at some of 517 00:29:40,320 --> 00:29:44,480 Speaker 1: the stocks related to Elon Musk after his interview overnight 518 00:29:44,600 --> 00:29:47,640 Speaker 1: with our John Nicklethwaite. Yeah, I mean, how can you 519 00:29:47,920 --> 00:29:50,480 Speaker 1: start a week without talking about Elon Musk. You have to. 520 00:29:50,840 --> 00:29:52,640 Speaker 1: So let's start with Tesla and Twitter. I'll give you 521 00:29:52,640 --> 00:29:54,880 Speaker 1: the share action first. T s l A up about 522 00:29:54,920 --> 00:29:57,200 Speaker 1: three point four percent in the pre market, Twitter as well, 523 00:29:57,280 --> 00:30:00,400 Speaker 1: about two point seven percent in the pre market. This 524 00:30:00,520 --> 00:30:02,680 Speaker 1: comes after, of course, Elon must beats with our very 525 00:30:02,680 --> 00:30:04,440 Speaker 1: own John Michael with the Waiter, editor in chief over 526 00:30:04,520 --> 00:30:08,080 Speaker 1: at the Cutter Economic Forum, saying that the CEO label 527 00:30:08,120 --> 00:30:11,160 Speaker 1: at the Social media firm was less important than driving 528 00:30:11,240 --> 00:30:14,200 Speaker 1: the product, something he has said before, and that Tesla 529 00:30:14,280 --> 00:30:17,400 Speaker 1: will cut its salaried workforce by about ten percent over 530 00:30:17,440 --> 00:30:20,160 Speaker 1: the next three months. So the takeaway here for both 531 00:30:20,240 --> 00:30:22,280 Speaker 1: markets because remember Twitter and Tesla, they tend to have 532 00:30:22,360 --> 00:30:25,840 Speaker 1: that inverse relationship when one goes up, the other goes down. Um. 533 00:30:26,120 --> 00:30:28,440 Speaker 1: The idea here is that he is still actively talking 534 00:30:28,440 --> 00:30:30,760 Speaker 1: about this deal, So anytime he suggests any sort of 535 00:30:30,840 --> 00:30:33,520 Speaker 1: interest or plans or anything like that, it does boost 536 00:30:33,520 --> 00:30:35,640 Speaker 1: Twitter shares, and that's kind of the at least the 537 00:30:35,680 --> 00:30:38,000 Speaker 1: mindset in the pre market that Twitter shares or Twitter 538 00:30:38,080 --> 00:30:40,760 Speaker 1: investors are really pushing the stock higher. The Tesla part 539 00:30:40,840 --> 00:30:43,840 Speaker 1: is interesting because they're talking about cutting costs, and remember 540 00:30:43,880 --> 00:30:46,680 Speaker 1: they've already hiked their prices as well, for thinking for 541 00:30:46,720 --> 00:30:49,840 Speaker 1: the third time last week this year. So really they're 542 00:30:49,840 --> 00:30:52,640 Speaker 1: dealing with macroeconomic issues and investors seeing, well, look, they're 543 00:30:52,680 --> 00:30:55,440 Speaker 1: working even harder to uh to get those costs under control. 544 00:30:55,680 --> 00:30:58,240 Speaker 1: And he keeps saying he sees a recession coming pretty soon. 545 00:30:58,400 --> 00:31:00,800 Speaker 1: Thanks for this. Creedy has always been Radio and TV 546 00:31:00,960 --> 00:31:04,960 Speaker 1: Markets correspondent Creedy Gupta. Right now, SMP futures are higher, 547 00:31:05,320 --> 00:31:08,120 Speaker 1: up sixty six points. Staff futures up for under ninety 548 00:31:08,200 --> 00:31:10,560 Speaker 1: das deck futures higher by two d seven points, the 549 00:31:10,640 --> 00:31:13,720 Speaker 1: tenure treasury down thirteen thirty seconds, yield three point to 550 00:31:14,040 --> 00:31:23,400 Speaker 1: seven per cent. You're listening to Bloomberg Day Break Bloomberg 551 00:31:23,440 --> 00:31:25,800 Speaker 1: eleven three oh weather chance or afternoon showers today with 552 00:31:25,840 --> 00:31:28,640 Speaker 1: a high near eighty degrees and can't last the rule 553 00:31:28,720 --> 00:31:31,280 Speaker 1: out the shower and storm risk tomorrow or the next day. 554 00:31:31,800 --> 00:31:37,680 Speaker 1: Right now, clear sky sixty five degrees in Central Park Markets, 555 00:31:37,800 --> 00:31:40,880 Speaker 1: headlines and breaking news twenty four hours a day at 556 00:31:40,920 --> 00:31:44,320 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 557 00:31:44,400 --> 00:31:53,960 Speaker 1: Quick Take, He's a Bloomberg Business Flash and I'm Karen 558 00:31:54,000 --> 00:31:56,720 Speaker 1: Moscow Futures on the rise. This morning we get to 559 00:31:56,760 --> 00:31:59,360 Speaker 1: the first word breaking news dash for today's morning call 560 00:31:59,440 --> 00:32:03,160 Speaker 1: in here South Na Daria, Tatiana, Good morning, Good morning, Karen. 561 00:32:03,240 --> 00:32:05,560 Speaker 1: Like you said, it's green on the screen. For US 562 00:32:05,640 --> 00:32:09,520 Speaker 1: jocks today, five hundred points s and ps up seventeen 563 00:32:09,600 --> 00:32:13,160 Speaker 1: nas jack up two hundred. Treasuries are struggling, however, the 564 00:32:13,280 --> 00:32:16,240 Speaker 1: US tenure yield higher by five basis points to two 565 00:32:16,600 --> 00:32:19,760 Speaker 1: to three point at twenty seven percent. A looking cross 566 00:32:19,800 --> 00:32:22,800 Speaker 1: as said, Oil is up two percent and Bitcoin is higher, 567 00:32:22,920 --> 00:32:26,320 Speaker 1: holding above twenty one thousand. On the economic front, today, 568 00:32:26,480 --> 00:32:29,360 Speaker 1: existing home sales for May at ten o'clock and in 569 00:32:29,520 --> 00:32:32,400 Speaker 1: early trading, test Play is up three percent after CEO 570 00:32:32,560 --> 00:32:35,400 Speaker 1: Mask said the company will be cutting its salaried workforce 571 00:32:35,560 --> 00:32:39,360 Speaker 1: by about ten percent, and Revlon extending last week's rally 572 00:32:39,480 --> 00:32:43,400 Speaker 1: after filing for bankruptcy. Those years are up fourteen percent 573 00:32:43,520 --> 00:32:47,680 Speaker 1: this morning. Regarding earnings, home builder lanar bit revenue estimates, 574 00:32:47,880 --> 00:32:50,720 Speaker 1: and in deal news, Spirit Airlines is rallying after Jet 575 00:32:50,760 --> 00:32:54,120 Speaker 1: Blue raised this offer to thirty three fifty from thirty 576 00:32:54,200 --> 00:32:58,400 Speaker 1: one fifty and wrapping things up, International Paper and Restaurant 577 00:32:58,560 --> 00:33:00,880 Speaker 1: cutt to neutral at City and the w was gung 578 00:33:00,880 --> 00:33:04,120 Speaker 1: graded to eco weight by Morgan Stanley. Lie from the 579 00:33:04,160 --> 00:33:07,920 Speaker 1: First and Breaking News Desk. I'm Tatiana, Daria Karen, Sorry, Tantiana, 580 00:33:08,000 --> 00:33:10,160 Speaker 1: thank you, and here Lie breaking news of your Bloomberg 581 00:33:10,240 --> 00:33:12,960 Speaker 1: type squawk on your terminal scue. You a w K 582 00:33:13,120 --> 00:33:15,600 Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr 583 00:33:15,720 --> 00:33:18,520 Speaker 1: with more on what's going on around the world. Michael Karen, 584 00:33:18,560 --> 00:33:21,440 Speaker 1: thank you very much. Today's January six Committee hearing on 585 00:33:21,640 --> 00:33:25,120 Speaker 1: Capitol Hill will focus on what panel members say was 586 00:33:25,280 --> 00:33:29,240 Speaker 1: former President Trump's unpresidented push to get states to reject 587 00:33:29,280 --> 00:33:33,960 Speaker 1: the election results. Former Vice President Pennce called January six 588 00:33:34,080 --> 00:33:37,920 Speaker 1: the Tragic Day while blasting Democrats for the hearings. The 589 00:33:38,000 --> 00:33:40,680 Speaker 1: Supreme Court has a number of cases to finish that 590 00:33:40,800 --> 00:33:45,400 Speaker 1: could come today. After Elite Draft opinion, Court watchers expect 591 00:33:45,440 --> 00:33:48,400 Speaker 1: the Supreme Court will overturn part of all of Roe v. 592 00:33:48,600 --> 00:33:52,960 Speaker 1: Wade's decision guaranteeing women the right to an abortion. In baseball, 593 00:33:53,040 --> 00:33:55,920 Speaker 1: the Yankees, Mets, and Red Sox won. The Giants lost 594 00:33:56,240 --> 00:33:59,080 Speaker 1: in the NHL Stanley Cup Final. The Lightning one game 595 00:33:59,200 --> 00:34:02,280 Speaker 1: three over the Avalanche. On this first day of summer, 596 00:34:02,360 --> 00:34:04,880 Speaker 1: Global News twenty four hours a day on air and 597 00:34:05,120 --> 00:34:08,239 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven under 598 00:34:08,280 --> 00:34:11,240 Speaker 1: journalist and analysts more than a hundred twenty countries. Michael 599 00:34:11,280 --> 00:34:16,200 Speaker 1: Varn this is Bloomberg. The following commentary is from Bloomberg Opinion. 600 00:34:16,640 --> 00:34:20,719 Speaker 1: Big boxy apartment buildings are multiplying faster than ever. I'm 601 00:34:20,800 --> 00:34:25,640 Speaker 1: Justin Fox, the columnist for Bloomberg Opinion. Amid the materials shortages, 602 00:34:25,960 --> 00:34:29,000 Speaker 1: price hikes and other craziness, of the housing market. Last year, 603 00:34:29,520 --> 00:34:34,200 Speaker 1: something remarkable happened. US builders completed more apartments in large 604 00:34:34,320 --> 00:34:37,800 Speaker 1: buildings than ever before. They didn't build more apartments overall. 605 00:34:38,040 --> 00:34:41,880 Speaker 1: The multifamily construction records set in the early nineteen seventies 606 00:34:42,200 --> 00:34:44,719 Speaker 1: appeared to be safe for all time. But back then 607 00:34:45,239 --> 00:34:48,160 Speaker 1: most new apartments were in buildings of less than twenty units. 608 00:34:48,400 --> 00:34:51,440 Speaker 1: Now five percent are in buildings of twenty units or more, 609 00:34:51,840 --> 00:34:54,719 Speaker 1: in fifty seven percent in buildings of fifty units are more. 610 00:34:54,960 --> 00:34:59,239 Speaker 1: What's striving this mainly the economics of building. Getting permission 611 00:34:59,280 --> 00:35:01,560 Speaker 1: to build is harder than it used to be an 612 00:35:01,640 --> 00:35:06,320 Speaker 1: institutional investors and other big players increasingly dominate multifamily development, 613 00:35:06,560 --> 00:35:09,560 Speaker 1: so projects have to be substantial to be worth the effort. 614 00:35:09,760 --> 00:35:13,080 Speaker 1: I'm justin Fox. For more opinion, please go to Bloomberg 615 00:35:13,200 --> 00:35:16,080 Speaker 1: dot com, Slash Opinion or O P I n go 616 00:35:16,440 --> 00:35:19,920 Speaker 1: on the Bloomberg terminal. These has been Bloomberg Opinion and 617 00:35:20,000 --> 00:35:23,040 Speaker 1: Bloomberg Opinion commentaries can be heard every weekday at this 618 00:35:23,239 --> 00:35:25,880 Speaker 1: time and terminal customers can read more at O P 619 00:35:26,160 --> 00:35:29,320 Speaker 1: I n go. It is says fifty on Wall Street. 620 00:35:29,360 --> 00:35:32,000 Speaker 1: Return to news and science and technology now at the 621 00:35:32,040 --> 00:35:35,160 Speaker 1: Bloomberg and j I T STEM Report. It has brought 622 00:35:35,200 --> 00:35:37,920 Speaker 1: to you by New Jersey Institute of Technology, ranked to 623 00:35:37,960 --> 00:35:41,080 Speaker 1: top fifty national public university by US News and World 624 00:35:41,200 --> 00:35:44,359 Speaker 1: Report and at top ten for best career placement among 625 00:35:44,440 --> 00:35:47,440 Speaker 1: public schools by the Princeton Review. More at n j 626 00:35:47,600 --> 00:35:49,960 Speaker 1: I T DOT e DU and Here's What's making news 627 00:35:50,040 --> 00:35:53,800 Speaker 1: Now and Science, Technology, Engineering and Math and China, the 628 00:35:53,880 --> 00:35:58,000 Speaker 1: coronavirus outbreak is shifting to its south coast. A flare 629 00:35:58,080 --> 00:36:00,480 Speaker 1: up in Shenzen has triggered Mouse to staying in a 630 00:36:00,560 --> 00:36:04,439 Speaker 1: lockdown of some neighborhoods. Meanwhile, gambling how Macaw is racing 631 00:36:04,520 --> 00:36:08,000 Speaker 1: to stop its first outbreak in eight months until seeking 632 00:36:08,080 --> 00:36:11,760 Speaker 1: six five million dollars in interest from the European Commission. 633 00:36:12,040 --> 00:36:15,360 Speaker 1: Following a historic court victory that overturned a billion dollar 634 00:36:15,400 --> 00:36:18,680 Speaker 1: any Trust fund earlier this year. In a challenge at 635 00:36:18,719 --> 00:36:22,080 Speaker 1: the US General Court, Intel asked the Luxembourg based Tribunal 636 00:36:22,239 --> 00:36:24,759 Speaker 1: to order the EU to pay the sum save The 637 00:36:24,800 --> 00:36:28,760 Speaker 1: amount consists of default interests on the main fine minus 638 00:36:28,840 --> 00:36:31,880 Speaker 1: the interest that Commission had already paid back. And now 639 00:36:32,000 --> 00:36:34,640 Speaker 1: so a fuel that's huge. Moon rocket for the first 640 00:36:34,680 --> 00:36:37,480 Speaker 1: time yesterday and went ahead with a critical countdown test 641 00:36:37,560 --> 00:36:40,680 Speaker 1: despite a fuel line leak. This was NASA's fourth crack 642 00:36:40,760 --> 00:36:43,880 Speaker 1: at the all important dress rehearsal, the last major milestone 643 00:36:43,920 --> 00:36:47,160 Speaker 1: before the New Moon Rockets long awaited launch debut. The 644 00:36:47,239 --> 00:36:50,480 Speaker 1: testing delays that pushed the actual launch with an empty 645 00:36:50,520 --> 00:36:53,400 Speaker 1: Orion capsule flying around the Moon and back to the 646 00:36:53,520 --> 00:36:56,160 Speaker 1: end of August at the earliest. And that's a Bloomberg 647 00:36:56,239 --> 00:36:59,320 Speaker 1: and j I t Stem report. Nathan Okay, Karen, thank you. 648 00:36:59,480 --> 00:37:02,200 Speaker 1: We are I from the Bloomberg Interactive Brokers studios where 649 00:37:02,200 --> 00:37:04,279 Speaker 1: it's six fifty two on Wall Street. Time now to 650 00:37:04,360 --> 00:37:06,399 Speaker 1: check what's going on in DC. Some of the top 651 00:37:06,440 --> 00:37:09,560 Speaker 1: stories in our nation's capital include President Biden saying recession 652 00:37:09,719 --> 00:37:12,080 Speaker 1: is avoidable after a talk over the weekend with former 653 00:37:12,160 --> 00:37:15,800 Speaker 1: Treasury Secretary Larry Summers, President saying he's close to decisions 654 00:37:15,840 --> 00:37:18,520 Speaker 1: on a gas tax holiday and student debt. And the 655 00:37:18,640 --> 00:37:21,480 Speaker 1: January six Committee returns with a focus on Georgia and 656 00:37:21,800 --> 00:37:24,400 Speaker 1: Mark Meadows role. For more on all these stories, we 657 00:37:24,480 --> 00:37:27,279 Speaker 1: are joined this morning by Bloomberg Washington correspondent host of 658 00:37:27,360 --> 00:37:31,399 Speaker 1: sound On on Bloomberg Radio, Joe Matthew. Joe, good morning, Well, 659 00:37:31,440 --> 00:37:34,040 Speaker 1: the President may be downplaying the risk of recession, but 660 00:37:34,239 --> 00:37:38,600 Speaker 1: Wall Street certainly is not. You know, and it's interesting 661 00:37:38,640 --> 00:37:40,839 Speaker 1: when you hear the president talk you after remember, well, 662 00:37:40,920 --> 00:37:43,600 Speaker 1: this is the president of the United States who goes 663 00:37:43,719 --> 00:37:46,520 Speaker 1: out of his or her way in the future to 664 00:37:47,000 --> 00:37:51,000 Speaker 1: not talk down the economy. For starters, If you're the president, 665 00:37:51,040 --> 00:37:53,600 Speaker 1: you're not going to say that in a recession is guaranteed. 666 00:37:53,640 --> 00:37:56,760 Speaker 1: But I would encourage people to listen to the full 667 00:37:57,080 --> 00:37:59,719 Speaker 1: remarks that the President made on the beach. Nothing is 668 00:37:59,760 --> 00:38:02,040 Speaker 1: a vitable as the headline, but he went on to 669 00:38:02,120 --> 00:38:03,440 Speaker 1: say that I think we're gonna be able to get 670 00:38:03,480 --> 00:38:05,879 Speaker 1: a change in Medicare and a reduction of the cost 671 00:38:05,960 --> 00:38:09,560 Speaker 1: of insulin. As he's talking about this package of legislation 672 00:38:10,160 --> 00:38:11,839 Speaker 1: that may or may not see the light of day, 673 00:38:11,880 --> 00:38:14,520 Speaker 1: Nathan aimed at lowering costs. It's kind of a rebuild 674 00:38:14,600 --> 00:38:16,839 Speaker 1: of the Build Back Better plan that failed to pass 675 00:38:16,960 --> 00:38:19,719 Speaker 1: last year. It's a much smaller version. There was a 676 00:38:19,760 --> 00:38:22,640 Speaker 1: meeting on this last week with congressional leaders. This is real. 677 00:38:23,320 --> 00:38:26,200 Speaker 1: It could pass through reconciliation. If you remember this stuff 678 00:38:26,239 --> 00:38:28,520 Speaker 1: from last year. As we all learned Schoolhouse Rock, that 679 00:38:28,560 --> 00:38:31,200 Speaker 1: would be Democrats only voting. But we don't know if 680 00:38:31,280 --> 00:38:34,160 Speaker 1: Joe Mansion is on board with this. There's no legislation 681 00:38:34,200 --> 00:38:36,920 Speaker 1: to vote on yet and no guarantee that it could pass. 682 00:38:37,400 --> 00:38:39,759 Speaker 1: So if you take that off the table, I wonder 683 00:38:39,880 --> 00:38:42,279 Speaker 1: what the President might say about a recession. In that case, 684 00:38:42,360 --> 00:38:44,799 Speaker 1: it could be a bit more likely. Yeah, And when 685 00:38:44,880 --> 00:38:47,600 Speaker 1: he's talking about things like bringing down insulin prices and 686 00:38:47,680 --> 00:38:49,759 Speaker 1: prescription drugs, I mean, those are really things on the 687 00:38:49,880 --> 00:38:52,960 Speaker 1: margins compared to the big package that he had been 688 00:38:53,040 --> 00:38:55,560 Speaker 1: looking for before those talks broke down. Is there any 689 00:38:55,680 --> 00:38:58,040 Speaker 1: reason at this point Joe to think that the new talks, 690 00:38:58,120 --> 00:39:00,600 Speaker 1: the talks that are still underway, will have any better 691 00:39:00,719 --> 00:39:03,560 Speaker 1: chance of success. Well, I think you could argue that, 692 00:39:03,719 --> 00:39:06,160 Speaker 1: in principle, they'd have a better chance because it's smaller. 693 00:39:06,239 --> 00:39:09,040 Speaker 1: If you remember all the time we've spent hashing out 694 00:39:09,120 --> 00:39:12,880 Speaker 1: what the final price tag would be for Joe Mansion's appetite. 695 00:39:12,920 --> 00:39:15,239 Speaker 1: Would it be one point five trillion, as he said 696 00:39:15,320 --> 00:39:17,239 Speaker 1: that was his top line number. Could it be more 697 00:39:17,360 --> 00:39:19,520 Speaker 1: or less than that? There are a lot of things 698 00:39:19,600 --> 00:39:22,279 Speaker 1: that we learned during that experience that I don't think 699 00:39:22,320 --> 00:39:25,960 Speaker 1: the White House and Democratic leaders on Capitol Hill, UH 700 00:39:26,520 --> 00:39:29,880 Speaker 1: will be looking to relive if this happens it's going 701 00:39:29,920 --> 00:39:32,520 Speaker 1: to be something much more stripped down, but also therefore 702 00:39:33,200 --> 00:39:35,719 Speaker 1: could have less impact. They're also talking about a couple 703 00:39:35,760 --> 00:39:38,080 Speaker 1: of other ideas, though Nathan. A gas tax holiday is 704 00:39:38,120 --> 00:39:41,400 Speaker 1: still on the table, they say, and even rebate cards 705 00:39:41,480 --> 00:39:43,400 Speaker 1: that you'd use at the gas pump. The President was 706 00:39:43,400 --> 00:39:45,640 Speaker 1: asked about this on his beach walk as well. All 707 00:39:45,680 --> 00:39:50,719 Speaker 1: on the table, he says, But these would require Congressional approval. 708 00:39:50,800 --> 00:39:53,280 Speaker 1: They are not new ideas, and in some cases, including 709 00:39:53,320 --> 00:39:56,480 Speaker 1: the gas tax holiday, legislation is already out there. It's 710 00:39:56,520 --> 00:40:00,200 Speaker 1: really not for Joe Biden to decide, as Congress need 711 00:40:00,239 --> 00:40:02,000 Speaker 1: to vote on it. Yeah. And one other thing that 712 00:40:02,160 --> 00:40:04,239 Speaker 1: the President mentioned is that he plans to meet with 713 00:40:04,320 --> 00:40:08,240 Speaker 1: oil industry executives. This meean he has been really harsh 714 00:40:08,520 --> 00:40:10,719 Speaker 1: on the oil industry over the last couple of weeks. Yeah, 715 00:40:10,719 --> 00:40:13,120 Speaker 1: and interesting, he's not going to be in that meeting himself. 716 00:40:13,239 --> 00:40:15,279 Speaker 1: He was asked by reporters there, said no, my team 717 00:40:15,400 --> 00:40:17,680 Speaker 1: is going to be doing that, remembering that x on Mobile, 718 00:40:17,760 --> 00:40:21,319 Speaker 1: Chevron and others responded to take issue with the letter 719 00:40:21,440 --> 00:40:23,560 Speaker 1: that the White House sent last week, saying that they 720 00:40:23,600 --> 00:40:27,760 Speaker 1: were not investing, they were simply taking these massive profits 721 00:40:27,840 --> 00:40:29,600 Speaker 1: more money than God, I think is how he put 722 00:40:29,640 --> 00:40:31,799 Speaker 1: it in terms of x on and sending it back 723 00:40:31,840 --> 00:40:35,319 Speaker 1: to shareholders either by by way of dividends stock repurchases, 724 00:40:35,320 --> 00:40:37,800 Speaker 1: as opposed to putting it into the ground. We have 725 00:40:38,360 --> 00:40:42,840 Speaker 1: a major refining bottleneck here that also needs to be acknowledged. 726 00:40:42,880 --> 00:40:45,080 Speaker 1: We haven't built a new refinery in this country since 727 00:40:45,120 --> 00:40:47,800 Speaker 1: the nineteen seventies, and more of them are slated to close. 728 00:40:48,239 --> 00:40:50,640 Speaker 1: So this is a complicated conversation and it's one that 729 00:40:50,719 --> 00:40:52,920 Speaker 1: apparently the President will not be in the room for 730 00:40:53,120 --> 00:40:55,480 Speaker 1: himself in our last minute here, Joe, can you see 731 00:40:55,520 --> 00:40:57,680 Speaker 1: up the next round of January six hearings coming up 732 00:40:57,719 --> 00:41:00,400 Speaker 1: this afternoon for yeah, this is it's an afternoon session 733 00:41:00,480 --> 00:41:04,160 Speaker 1: starts one o'clock Washington time, not in prime time. And 734 00:41:04,239 --> 00:41:07,840 Speaker 1: today it's gonna be focusing on the pressure, uh that 735 00:41:08,080 --> 00:41:12,400 Speaker 1: Donald Trump and and his associates put on state legislatures 736 00:41:12,480 --> 00:41:16,640 Speaker 1: and state lawmakers, including Georgia's Secretary of State Brad Raethinsburger, 737 00:41:16,680 --> 00:41:19,720 Speaker 1: who just uh survived a primary challenge from a Trump 738 00:41:19,920 --> 00:41:23,239 Speaker 1: endorsed candidate. We're gonna be hearing from Arizona, Georgia and 739 00:41:23,320 --> 00:41:26,080 Speaker 1: other states that we're getting the phone calls and getting 740 00:41:26,120 --> 00:41:29,040 Speaker 1: the pressure from Donald Trump and Mark Meadows in that time. 741 00:41:29,160 --> 00:41:33,120 Speaker 1: We also expect to have new video today. Nathan Political 742 00:41:33,280 --> 00:41:36,000 Speaker 1: just reporting now from a documentary maker who was embedded 743 00:41:36,040 --> 00:41:38,719 Speaker 1: with Trump himself on the campaign trail and in the 744 00:41:38,760 --> 00:41:41,399 Speaker 1: White House the days leading up to and after January six. 745 00:41:41,680 --> 00:41:44,440 Speaker 1: Much more to watch from the January six hearings this afternoon. 746 00:41:44,520 --> 00:41:47,440 Speaker 1: I imagine we'll have much more analysis coming up on Bloomberg. 747 00:41:47,520 --> 00:41:50,960 Speaker 1: Sound On with Joe Matthew weekdays five pm. Wall Street 748 00:41:51,040 --> 00:41:54,879 Speaker 1: Time right here on Bloomberg Radio. Joe, as always, thanks 749 00:41:54,920 --> 00:41:56,799 Speaker 1: for being with us this morning, and you can read 750 00:41:56,880 --> 00:41:59,000 Speaker 1: much more about these stories on Bloomberg dot com or 751 00:41:59,000 --> 00:42:01,320 Speaker 1: on the Bloomberg terminal, and follow all the latest on 752 00:42:01,480 --> 00:42:05,160 Speaker 1: Bloomberg Radio in Washington, Bloomberg N one and one oh 753 00:42:05,239 --> 00:42:08,680 Speaker 1: five point seven FM h D two. Heading into a 754 00:42:08,920 --> 00:42:11,760 Speaker 1: holiday short and training week, we're starting off with gains 755 00:42:11,840 --> 00:42:14,239 Speaker 1: for risk assets. We have SMP futures right now up 756 00:42:14,320 --> 00:42:17,040 Speaker 1: sixty five point, staff futures of four hundred seventy six, 757 00:42:17,160 --> 00:42:21,040 Speaker 1: NAZDAC futures higher by two hundred eight points. The tenure 758 00:42:21,120 --> 00:42:23,960 Speaker 1: treasury is down thirteen thirty seconds for a yield of 759 00:42:24,000 --> 00:42:26,239 Speaker 1: three point to seven percent yield on the two year 760 00:42:26,560 --> 00:42:29,280 Speaker 1: close to three point to one percent. Nim x screwed 761 00:42:29,360 --> 00:42:31,480 Speaker 1: up two point three percent or two dollars fifty two 762 00:42:31,560 --> 00:42:35,000 Speaker 1: cents a hundred twelve dollars eight cents of barrel. Comex 763 00:42:35,080 --> 00:42:37,040 Speaker 1: golled down two tenths per cent or four dollars ten 764 00:42:37,080 --> 00:42:40,400 Speaker 1: cents eighteen thirty six fifty announced Bitcoin right around twenty 765 00:42:40,480 --> 00:42:44,920 Speaker 1: one thousand dollars Bloomberg surveillances. Next for Karen Moscow. I'm 766 00:42:45,000 --> 00:42:47,759 Speaker 1: Nathan Hagar, and this is Bloomberg