Speaker 1: My from the Bloomberg Interactive Burger Studios. Is this Bloomberg
Speaker 1: day Break for Tuesday, June one. Coming up, This shower
Speaker 1: Stock future surge as we begin this holiday short and
Speaker 1: trading week by speak exclusively with Elon Musk about Twitter,
Speaker 1: Tesla and politics. More calls this morning for a US
Speaker 1: recession m all Street braces for congressional testimony this week
Speaker 1: from FED Chair J Powell. New York passes landmark voting
Speaker 1: rights legislation. Plus hits Day four of January six hearings
Speaker 1: Michael Barr. More ahead, I'm John Stashower. In sports, another
Speaker 1: near no hitter for the Yankees. They get their fiftieth
Speaker 1: win shut out win for the Mets Tampa Baby Colorado
Speaker 1: in the Stanley Cup Final. That's all training ahead on
Speaker 1: Bloomberg day Break on Bloomberg eleven, Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius x AM one nineteen
Speaker 1: and around the world Old on Bloomberg Radio dot Com
Speaker 1: and via the Bloomberg Business App. Good morning, I'm Nathan Hager,
Speaker 1: and I'm Karen Moscow and US DOCK Index futures are
Speaker 1: on the rises morning. We're coming up to six o
Speaker 1: one on Wall Street, and we check the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, SNP futures
Speaker 1: have sixty five down. Futures have four hundred eighty one
Speaker 1: NASDAG futures have two hundred five ten year Treasury down
Speaker 1: twelve thirty seconds the three point to seven percent they
Speaker 1: yield on the two year three point to zero percent.
Speaker 1: Nime X screwed oil is up two point two percent,
Speaker 1: up two dollars forty four cents at a hundred twelve
Speaker 1: dollars a barrel. Nathan Karen, we begin with an exclusive
Speaker 1: interview with Elon Musk at the Cutter Economic Forum. The
Speaker 1: Testless CEO sat down for a wide ranging conversation with
Speaker 1: Bloomberg News editor in chief John Michael Fwaite. They discussed
Speaker 1: everything from the economy to politics, of course, Musk's proposed
Speaker 1: acquisition of Twitter, UM a few unresolved matters. Uh, You've
Speaker 1: you've probably read about the question as to whether the
Speaker 1: number of UM fake and spam users on the system
Speaker 1: is best in the fact that sent as for claims
Speaker 1: UM which I think is probably not most people's experience
Speaker 1: on we're using Twitter. UM, so we're still awaiting resolution
Speaker 1: on that matter. UM. And that that is a very
Speaker 1: significant matter. UM. So we're waiting resolution on that um.
Speaker 1: And then of course there is the question of will
Speaker 1: the death portion of the round come together, and then
Speaker 1: will the shareholds in favor the Elon must Speaking with
Speaker 1: Bloomberg from the Counter Economic Forum in Doha, the Tesla
Speaker 1: CEO also talks politics, cryptocurrencies, and the future of Tesla.
Speaker 1: Stay tuned for more of that exclusive interview coming up shortly.
Speaker 1: You're on Bloomberg Day Break. Well again, Nathan. Futures are
Speaker 1: higher as we begin a shortened holiday trading way. The
Speaker 1: rally comes after nearly two trillion dollars in market value
Speaker 1: as a race from the S and P five last week.
Speaker 1: There could be more losses ahead, according to Morgan Stanley
Speaker 1: and Goldman Sachs. Morgan Stanley's Michael Wilson says stocks need
Speaker 1: to drop another fifteen to to the market to fully
Speaker 1: reflect this scale of economic contraction. Perhaps the biggest event
Speaker 1: for markets this week, Karen, will be congressional testimony from
Speaker 1: J Powell, The Fed chair delivers the Central bank semi
Speaker 1: annual report on Monetary Policy tomorrow. Bloomberg's Viney dell Judas
Speaker 1: reports Powell tell Congress the FEDS commitment to battling the
Speaker 1: worst inflation in forty years is unconditional, just days after
Speaker 1: launching the largest FED interest rate increase in twenty years,
Speaker 1: and advanced text of the FEDS report to lawmakers says
Speaker 1: it's committed at doing what's needed to get the job
Speaker 1: done and that price stability is necessary to support a
Speaker 1: strong US labor market. Powell will testify to the Senate
Speaker 1: Banking Committee on Wednesday and the House Financial Services Committee
Speaker 1: on Thursday. Vinny del Judai s Bloomberg Day Break a right, Vinnie,
Speaker 1: thank you, but there are more calls at an impending recession.
Speaker 1: This morning we had the latest I from Bloomberg's Renia
Speaker 1: Young Good morning, Ready to good morning. Karen Elon Musk,
Speaker 1: Norio Roubini, and Goldman Sachs are the latest to warn
Speaker 1: that the US economy could fall into a recession. While
Speaker 1: Musk predicted happening sometime in the near future, Goldman Sachs
Speaker 1: now sees a thirty percent chance of a recession over
Speaker 1: the next year. That's up from fifteen percent previously. At
Speaker 1: a twenty five percent chance of entering a recession in
Speaker 1: the second year if one is avoided in the first,
Speaker 1: Robini expects a US recession by the end of this year.
Speaker 1: Recession getting pretty closely. Robini Macro Associate CEO Norio Robini
Speaker 1: says the US economy is experiencing a number of negative
Speaker 1: aggregate supply shocks. Live in New York. I'm Renita Young
Speaker 1: Bloomberg Daybreak. Al Right, Renita, thank you all. President Biden's
Speaker 1: pushing back on those calls for a recession, talking to
Speaker 1: Summers a swarming. There's nothing in the bother session. And
Speaker 1: President Biden spoke with reporters in Delaware yesterday. He was
Speaker 1: referring to former Treasury secretary and current Bloomberg contributor Larry Summers. Meantime, Nathan.
Speaker 1: President Biden said he is aiming to decide this week
Speaker 1: whether to as spend the federal gasoline checks. Bloomberg said,
Speaker 1: Baxter has that story. The President is being careful at
Speaker 1: this point, saying he is looking for more data, but
Speaker 1: sounds confident hope that I'm looking for by he and
Speaker 1: his administration are trying to find ways to ease the
Speaker 1: soaring prices at the pomp and his. Treasury Secretary Janet
Speaker 1: Yellen also sounds actually likes the idea. I think, well,
Speaker 1: not perfect, it is something that should be under under consideration.
Speaker 1: So consideration it is, and we should have an answer
Speaker 1: by the end of the week. In San Francisco. I'm
Speaker 1: at Baxter Bloomberg Gay Break, Thank you. Ed. Secretary Yellen
Speaker 1: says another way to lower gas prices could involve Russian
Speaker 1: oil exports. We are talking about price caps or a
Speaker 1: price exception that would enhance and strengthen recent and proposed
Speaker 1: energy restrictions by Europe, the United States, the UK and
Speaker 1: others that would push down the price of Russian oil
Speaker 1: and to press Putin's revenues while allowing more oil supply
Speaker 1: to reach the global market. Treasury Secretary Janet Yelling spoke
Speaker 1: at a news conference in Toronto alongside Canadian Finance Minister
Speaker 1: Christopher Freeland. Well Nathan, the CEO of ax On Mobiles,
Speaker 1: says global oil markets may remain tight for another three
Speaker 1: to five years, largely because of a lack of investment
Speaker 1: since the pandemic began. Darren Woods says it'll take time
Speaker 1: for oil firms to catch up to ensure there's enough supply.
Speaker 1: Thoughtful conversations about investments across that whole portfolio of solution
Speaker 1: sets needed to provide affordable and reliable energy while reducing
Speaker 1: emissions is the path forwards on Mobile CEO Darren Woods
Speaker 1: made the comments at the Cutter Economic Forum in Doha
Speaker 1: and on the M and A Frontcaren the battle over
Speaker 1: Spirit Airlines is taking off. Jet Blue is raising It's
Speaker 1: offered to buy the bargain carrier, valuing Spirit and about
Speaker 1: three point seven billion dollars. That follows Spirits decision to
Speaker 1: delay a shareholder vote on expending with Frontier Airlines. That
Speaker 1: vote is now set for June. Futures are on the
Speaker 1: rise this morning, and straight ahead, we have your latest
Speaker 1: local headlines into check of sports. This is Bloomberg six
Speaker 1: oh seven on Wall Street. We're at sixty four degrees
Speaker 1: now in Central Park. Still dealing with the overturned tractor
Speaker 1: trailer south boundary at seventeen at Lake Street in Upper
Speaker 1: Saddle River. More coming up in traffic. First Michael Barr
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning, Nathan, New
Speaker 1: York Governor's Kathy Hokel assigned a law intended to prevent
Speaker 1: local officials from enacting rules that might suppress people's voting
Speaker 1: rights because of their race. The John R. Lewis Voting
Speaker 1: Rights Act is named after the late civil rights activists
Speaker 1: who represented Georgia in the U. S. House. Governor Kathy
Speaker 1: open across the country, we're seeing stricter voter i D laws,
Speaker 1: shorter early voting periods, and more burdens when you're trying
Speaker 1: to just vote by mail. We're seeing people purged voter rolls.
Speaker 1: Governor Hokel says we're going to change our election law
Speaker 1: so we no longer hurt minority communities. The House January
Speaker 1: six committee is set to hear from local officials who
Speaker 1: fended off Donald Trump's pressure to overturn the presidential election.
Speaker 1: Representative Adam Schiff, set to lead today's hearing, told CNN
Speaker 1: that Trump campaign scheme unsuccessfully dependent on hopes that state
Speaker 1: legislators would approved the Big Line, and when they didn't,
Speaker 1: Trump turned to pressuring State officials will show evidence of
Speaker 1: the President's involvement in this scheme. Representative Shift and the
Speaker 1: panel's day will hear testimony from Georgia's Secretary of State
Speaker 1: Brad Rafvensburger about Trump's call asking him to find over
Speaker 1: eleven thousand votes to prevent Joe Biden's election victory. Alabama's
Speaker 1: Republican primary is today. Congressman Mo Brooks lost the former
Speaker 1: president's endorsement in part for saying it was time to
Speaker 1: move on from the election. Trump then chose to back
Speaker 1: Katie Britt. Other states conducting elections today our Virginia and
Speaker 1: Georgia and out of control city cab on the Manhattan
Speaker 1: Street struck a bicyclist and penned two Ohio tourists to
Speaker 1: a wall on a sidewalk. It happened yesterday at twenty
Speaker 1: ninth Street and Broadway. Good Samaritans rushed to the scene
Speaker 1: to free them and treat their injuries, including two women
Speaker 1: tenned against the building by the taxi. Deputy Police Chief
Speaker 1: John Chell about fifteen. It's one in New York is
Speaker 1: attempted depict this cab walf these women. Okay, it's total.
Speaker 1: We have six victims at the hospital, including the cab driver.
Speaker 1: Deputy Police Chief Chell. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake powered by more
Speaker 1: than journalist and analysts more than a hundred twenty countries.
Speaker 1: Michael Barr and this is Bloomberg. Nathan Alright, Michael, thanks
Speaker 1: six o nine on All Street time for the Bloomberg
Speaker 1: Sports Something with John Nathan Yanks up the fifty wins,
Speaker 1: and four of them a Yankees starter has flirted with
Speaker 1: a no hitter once with Nester Cortez, also Jamis Sintona,
Speaker 1: now twice with Garrett Cole on the mount. He lost
Speaker 1: the no hitter with a clean single up the middle
Speaker 1: leading off to Tampa Bay eighth. Inn and Clay Holmes
Speaker 1: came in having not a lot of runs. It's opening day,
Speaker 1: and the Rays got to him two hits and a walk.
Speaker 1: They scored twice in the eighth to tie the game.
Speaker 1: Yanks then scored twice in the ninth. Aaron Hicks the
Speaker 1: big hit a triple. Wanda per Alta worked out of
Speaker 1: a jam bottom. The night Aaron Boone's team won four
Speaker 1: to two. They put a couple of balls and play
Speaker 1: on us. You were able to tie the game, and
Speaker 1: it's it's it's right fact that let's go find a
Speaker 1: way to get this thing done. And um, you know
Speaker 1: we talked about keep playing. You know, there's things that
Speaker 1: happen over the course of the game, over the course
Speaker 1: of the season that are you know, sometimes out of
Speaker 1: your control. He just keep playing. Nanke's won ten of eleven,
Speaker 1: Rays have lost six and seven. Red Sox have moved
Speaker 1: ahead of them in the third place. Matt Nyan City
Speaker 1: field these you went to the Mets six nothing over
Speaker 1: the Marlins. Three hits for Brandon Nimo, three rb I
Speaker 1: spread water, Escu bar David Peterson got the way. Mets
Speaker 1: win another series. They played twenty one series, They've only
Speaker 1: lost three of them, Atlanta one at the bottom of
Speaker 1: ninth thening. They stay five and a half games behind
Speaker 1: the Mets. Home ice has met a lot throughout the
Speaker 1: Stanley Cup without that was certainly true for the Rangers
Speaker 1: and now in the Cup Bottle home team three and
Speaker 1: oh after Colorado won in overtime and then seven up
Speaker 1: day in Tampa Bay one game three, six to two,
Speaker 1: the lightning of one eight in a row at home.
Speaker 1: The Athletic reports Kyrie Irving likely to turn down his
Speaker 1: thirty seven million dollar options with the Nets become a
Speaker 1: free agent, and that the Knicks could be interested. John
Speaker 1: Stash Award boom Bird Sports All Right, John, thanks SMP
Speaker 1: futures right now up sixty six point, STUN futures up
Speaker 1: funer eighty seven. NASAC futures are higher by two hundred
Speaker 1: four points. The ten year treasury is down eleven thirty seconds,
Speaker 1: the yield three point to six percent, yield on the
Speaker 1: two year three point two zero percent. Much more from
Speaker 1: our exclusive one on one conversation with test thess CEO
Speaker 1: Elon Musk from the contreec Nomic Forum. Straight ahead on
Speaker 1: Bloomberg day Break. Good morning. Bloomog day Break is brought
Speaker 1: to you by Hofstra University's Frank gs R School of Business,
Speaker 1: top ranked online NBA program with a real world foundation.
Speaker 1: Learn more at Hofstra dot e d U slash go
Speaker 1: grat markets, headlines and breaking news twenty four hours a day,
Speaker 1: at Bloomberg dot Com, the Bloomberg Business Out and at
Speaker 1: Bloomberg Quick Take. This is a Bloomberg Business slash and
Speaker 1: I'm Karen Moscow. Socks are rising in Europe and Asia.
Speaker 1: US stock index futures pointing higher, treasuries are at treating.
Speaker 1: This all comes in an improved investors sentiment compared with
Speaker 1: last week. Surrounding global shares. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg Guess and
Speaker 1: p future is up about sixty seven points down, futures
Speaker 1: up and nast day jeers of two hundred eight. The
Speaker 1: decks in Germany's of one percent. Can't in Paris at
Speaker 1: one point six percent of the foot scene one hundred
Speaker 1: up nine tenths of up percent. Ten year Treasury down
Speaker 1: eleven thirty seconds. You have three point to six percent.
Speaker 1: They yield on the two year three point to zero percent.
Speaker 1: Nim Ex screwed oils on the rise, up two point
Speaker 1: three percent of two dollars fifty two cents at a
Speaker 1: hundred twelve dollars eight cents of barrel Comex schoold is
Speaker 1: down about two tenths per cent or two dollars ninety
Speaker 1: cents and one thousand, eight hundred thirty seven dollars seventy
Speaker 1: cents announced. The euro one point seven against a dollar,
Speaker 1: British found one point to two nine six and the
Speaker 1: en at one thirty five point three eight. And look
Speaker 1: at it Bitcoin this morning. It is higher of three
Speaker 1: and a half percent at twenty one thousand, one hundred
Speaker 1: fifty dollars. Today, we are watching for our report on
Speaker 1: existing home sales. It's at at ten o'clock Wall Street time,
Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael Karen,
Speaker 1: thank you kindly aids to the January six Committee. States.
Speaker 1: Day's public hearing will focus on that it's by former
Speaker 1: President Trump and his allies to pressure state level officials
Speaker 1: to overturn the results of the presidential election. Key witnesses
Speaker 1: include George's Republican Secretary of State Brad Raffensberger. President Joe
Speaker 1: Biden said he is aiming to decide this week whether
Speaker 1: to move to suspend the federal gas lane tax in
Speaker 1: a bid to ease the impact of staring prices at
Speaker 1: the pump. Russian President Vladimir Putin's spokesman said two US
Speaker 1: veterans captured in Ukraine could face the death penalty. They
Speaker 1: say that the Geneva Conventions likely don't apply, as Moscow
Speaker 1: doesn't consider the man part of the national army. In baseball,
Speaker 1: the Yankees and Mets one. Other winners include the Red
Speaker 1: Sox the Giants they lost in the NHL Stanley Cup Final.
Speaker 1: The Lightning one Game three over the Avalanche six to
Speaker 1: Colorado still leads the series two games to one. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenties seven hundred journalist
Speaker 1: and analysts in more than one twenty countries. Michael barr In,
Speaker 1: this is Bloomberg. Alright, Michael, thanks very much. It is
Speaker 1: six twenty now on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg day Break. Good morning,
Speaker 1: I'm Nathan Hager. We now bring you a special interview
Speaker 1: with the CEO of Tesla and SpaceX, Elon Musk. He
Speaker 1: spoke about reducing Tesla's salaried workforce and who he could
Speaker 1: support in the US presidential election. Elon Musk spoke with
Speaker 1: Bloomberg News Editor in chief John Michael Fwaite from the
Speaker 1: Cutter Economic Forum in Doha, powered by Bloomberg. Can you
Speaker 1: set the record straight on one thing, which is this
Speaker 1: issue about the layoffs. I think you said initially that
Speaker 1: Tesla ten percent of the workforce would be cut, then
Speaker 1: ten percent of salaried would be cut, then salaried would
Speaker 1: stay flat and overall headcount would go up. What what
Speaker 1: what is the number? I know there's already I think
Speaker 1: being a lawsuit about the ten percent? Is is ten
Speaker 1: percent the goal to reduce the workforce? Or what is
Speaker 1: the number that we should think about? Well that you're planning? Yes,
Speaker 1: so it TESLA is reducing the salary workforce. Are roughly
Speaker 1: ten percent over the next probably three months or so. UM.
Speaker 1: The uh we expect to grow out our hourly workforce.
Speaker 1: Actual quite clear that we expected to grow our hourly workforce,
Speaker 1: but we uh, we grew very fast with on the
Speaker 1: on the salary side, um, and we grew a little
Speaker 1: too fast in some areas, and so it requires reduction
Speaker 1: in salary workforce. And we're about two thirds hourly and
Speaker 1: one third salary. So I guess technically a temp said
Speaker 1: reduction in the salary workforce is only properly a three
Speaker 1: three and a half percent reduction in total headcount. Now,
Speaker 1: I think I think that number is important legally, isn't it?
Speaker 1: Because I think people are trying to say, if you
Speaker 1: if you're going to lay off ten percent of your workforce,
Speaker 1: you have even in America to make an announcement about that.
Speaker 1: We did make an announcement. UM. Yes, um, let let's
Speaker 1: not read too much into a preemptive lawsuit that has
Speaker 1: no standing. Um that that that that is a small
Speaker 1: as a lawsuit of minor class points that just anything
Speaker 1: that related to Tesla gets big headlines. But it is
Speaker 1: whether it is, um, you know, a bicycle accident or
Speaker 1: something much more serious. It's it seems like anything reslated
Speaker 1: it Tesla gets a lot of cliques, whether whether it
Speaker 1: is trivial or significant. I would put that lawsuit referring
Speaker 1: to in the trivial category. Um. So you have now,
Speaker 1: I think our headcount will be higher in both salary
Speaker 1: and obviously in hourly um. But in the short term
Speaker 1: of the next few months, we expect to see, like
Speaker 1: I said, off the attempt stated reduction in UH salary
Speaker 1: salaried workforce, which is actually just really only three or
Speaker 1: three and a half a cent reduction in total headcount
Speaker 1: and not a super material should we jump to that
Speaker 1: law that That third elon Musk the uncontroversial one. In politics,
Speaker 1: you've indicated that the Florida Governor Ronda Santis is someone
Speaker 1: you could get behind if he ran for president. I wondered,
Speaker 1: if you're still in that position, and whether you would,
Speaker 1: for instance, think about supporting Donald Trump if he were
Speaker 1: to run. Well, I was simply asked if there was
Speaker 1: if I had decided on who I would be supporting
Speaker 1: in the next presidential race, and I said I had
Speaker 1: not decided if I would support. Then I was asked, well,
Speaker 1: who might you be leaning towards. I said, possibly to Stantus.
Speaker 1: And now and now I'm asking you about Trump whether
Speaker 1: you would consider him. Um, I think I'm undersided at
Speaker 1: this point on that election. I wanted you talked about
Speaker 1: putting money behind a supermoderate super fact in the US,
Speaker 1: and I wondered, how much money do you think you're
Speaker 1: going to put into that? What kind of support would
Speaker 1: you push? I have not decided on an amount, but
Speaker 1: it would be something some non trobrial figure I think. Um,
Speaker 1: I mean at least non trivial could mean a lot. Sorry,
Speaker 1: non trivial could mean a lot of money. With you,
Speaker 1: I was guessing, well, I don't know. I'm not decided
Speaker 1: on the exact amount, but um past to be twenty
Speaker 1: or twenty five million dollars just on that issue. I mean, again,
Speaker 1: you look at the sans what the Santon says m
Speaker 1: you look at what Trump says, Um and those sort
Speaker 1: of policies. They again the people who make a large
Speaker 1: noise about China, And I wondered whether you thought that
Speaker 1: was also an issue few in terms of business in China. Um. Well, no,
Speaker 1: I don't think so. Straight. Good morning. I'm Karen Moscow
Speaker 1: along with the Nathan Hangar. This is Bloomberg daybreak and
Speaker 1: we're about three hours away from the open of US trading.
Speaker 1: Time for the fine things you need to notice start
Speaker 1: your day. Brought to you by Interactive Brokers. Indirective Brokers
Speaker 1: Global Analysts helps you find new global investment opportunities. To
Speaker 1: diversify your portfolio and discover undervalued companies that may have
Speaker 1: greater growth potential. Try i VC our Global Analysts today
Speaker 1: at i v k R dot com slash g A
Speaker 1: first US futures are searching this morning. Last week, to
Speaker 1: trillion dollars in market value was a raised from the
Speaker 1: S and P five hundred. This week, markets react to
Speaker 1: congressional testimony from fitchare J. Powell, who delivers a set
Speaker 1: Trombank semi annual report at Monetary Policy tomorrow. Well ahead
Speaker 1: of that, Karen calls for appending recession are growing Louder
Speaker 1: Bloomberg's Rnda Young joins US Live with the details. Good morning, Nina,
Speaker 1: Good morning Nathan. Elon Musk and Goldman Sachs are the
Speaker 1: latest to warn that the US economy could fall into
Speaker 1: a recession. While Musk predicted happening sometime in the near future,
Speaker 1: Goldman Sachs now sees a thirty percent chance of entering
Speaker 1: a recession over the next year. That's up from previously
Speaker 1: and Robini Macroe Associate CEO Norio Robini expects a US
Speaker 1: recession by the end of this year and says the
Speaker 1: economy is experiencing a number of negative aggregate supply shocks.
Speaker 1: Live in New York, I'm Renita Young, Bloomberg Daybreak, all right,
Speaker 1: we need to thank you. Over the weekend of Delaware,
Speaker 1: President Biden pushed back on those recession calls. He said
Speaker 1: a contraction is not inevitable. Following a conversation with former
Speaker 1: Treasury Secretary and current Bloomberg contributor Larry Summers, I think
Speaker 1: overall the picture is still a very stretched UH economy.
Speaker 1: Summers made their remarks on Bloomberg's Wall Street Week with
Speaker 1: David weston Catch the program. Every weekend on Bloomberg Radio
Speaker 1: and television, those prices rise at the gas pump. President
Speaker 1: Biden's deciding whether to suspend the federal gasoline tax i
Speaker 1: hope looking for a President Biden says he's looking for
Speaker 1: more data ahead of that decision he expects to make
Speaker 1: later this week. Treasury Secretary Janet Yellen says she supports
Speaker 1: the idea meantime x on Mobile says global oil markets
Speaker 1: may remain tight for another three to five years. CEO
Speaker 1: Darren Woods made the comments at the Guitar Economic Forums,
Speaker 1: saying it's largely due to a lack of investment since
Speaker 1: the pandemic began. We have some emine news this morning.
Speaker 1: Karen Jet Blue is raising it's offer to buy bargain
Speaker 1: carrier Spirit Airlines. The new bid values of the company
Speaker 1: at about three point seven billion dollars. And that's the
Speaker 1: five things you need to notice start your day. Brought
Speaker 1: to you by Interactive Brokers. And right now, futures are higher.
Speaker 1: US in P futures up sixty seven points down futures
Speaker 1: up four hundred ninety seven, and nasday futures up two
Speaker 1: hundred nine. Ten year Treasury done eleven thirty seconds the
Speaker 1: three point to six percent, and they yield on the
Speaker 1: two year three point to zero percent. Nine X Screwed
Speaker 1: oil is up two point three percent, up two dollars
Speaker 1: fifty two cents at a hundred twelve dollars eight cents
Speaker 1: of barrel. The Euro one point oh five six five
Speaker 1: against the dollar, and bitcoin this morning is higher, up
Speaker 1: twenty one one hundred eighty dollars. Straight ahead your latest
Speaker 1: local headlines plus a check of sports, and this is
Speaker 1: Bloomberg Exparen sixty three on Wall Street, sixty five degrees
Speaker 1: in Central Park. Starting to see a volume build up
Speaker 1: in the Hudson River crossings. Will get the details for
Speaker 1: you in traffic. First, Michael Barr has more on what's
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. New York Governor Kathy hoc Will signed
Speaker 1: a state law protecting voting rights at a signing ceremony,
Speaker 1: and Brooklyn Governor Hocal said me, you work is preserving
Speaker 1: voting rights while they are under attack around the country.
Speaker 1: The shocking revelation that there are people out there who
Speaker 1: are so firm and their belief that Donald Trump should
Speaker 1: remained their president fostered by him that they literally attacked
Speaker 1: our capital. Governor Hokel says the John Lewis Voting Rights
Speaker 1: of New York is named after federal legislation that had
Speaker 1: passed the House last year but has not yet passed
Speaker 1: the Senate. The householct Committee investigating the January sixth insurrection
Speaker 1: convenes again later today for its fourth public hearing. This time,
Speaker 1: the hearing is from mostly Republican officials on how former
Speaker 1: President Donald Trump and his allies try to convince them
Speaker 1: to break the law and turn the Trump election losses
Speaker 1: into wins. New York City police are still investigating what
Speaker 1: caused a yellow cab the jump a curb in Midtown Manhattan,
Speaker 1: injuring six people. Police say the cab struck a cyclist
Speaker 1: on Broadway, then veered off the road, jumped the sidewalk,
Speaker 1: and struct two em in on the sidewalk, pinning them
Speaker 1: against the wall of a building. Up to twenty passers
Speaker 1: by immediately jumped into action, trying to lift the cab
Speaker 1: off the two women. New York Mayor Eric Adams, they
Speaker 1: clearly responded to help those who were injured. They didn't
Speaker 1: know they were tourists or not they just responded a
Speaker 1: normal way to New York. Mayor Adams says two of
Speaker 1: the injured were tourists from Ohio. Two more we're visiting
Speaker 1: from Mexico. All of the victims are expected to recover.
Speaker 1: Anguish sorrow, tears and questions. Last night, during the first
Speaker 1: school board meeting after the horrific massacre inside the rob
Speaker 1: Elementary School in Yuvaldi, Texas, several investigations are underway trying
Speaker 1: to find out why the school system's police chief waited
Speaker 1: for over an hour to stom the classroom and end
Speaker 1: the shooting rampage. At the school board meeting, this man
Speaker 1: asked for the chief, Pete Arodondo, to be fired. Send
Speaker 1: them on disuti, call it whatever you want to call it,
Speaker 1: Suspend them, penny termination, It's an insult. Two injury, nineteen
Speaker 1: children and two teachers died. Tens of thousands of railway
Speaker 1: workers have walked off the job in Britain, bringing the
Speaker 1: train network to a crawl in the country's biggest transit
Speaker 1: strike in three decades. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take power by
Speaker 1: more than twenty seven hundred journalists and analysts in more
Speaker 1: than a hundred twenty countries on Michael Barner, this is Bloomberg, Nathan,
Speaker 1: thank you, Michael, almost six thirty six on Wall Street.
Speaker 1: John Stasher has the Bloomberg sports up there all right, Nathan,
Speaker 1: Yankees stopped when number fifty Sunday in Toronto, bhud. They
Speaker 1: suddenly scored seven runs over the seventh and Eighthittienes and one,
Speaker 1: ten and nine and eighthen in struggle for the Yanks
Speaker 1: again at Tampa Bay, the Rais didn't have a hit off.
Speaker 1: Garrett called for the first seven. They broke up the
Speaker 1: no hitter, and then they got the Clay Holmes, who
Speaker 1: had not a lot of runs its opening day. They
Speaker 1: scored twice. The game was tied in the ninth inning
Speaker 1: and runner goes on and hit in the air to
Speaker 1: right Jeep Margo back against the wall. That ball is
Speaker 1: off the wall and Margo is down. The center fielder
Speaker 1: has to go retrieve the ball. Donald symbols score, Higgs
Speaker 1: will stop at third, and the Eggies take a three
Speaker 1: to two lead on a triple figs and X one
Speaker 1: four to two. So they've won ten of eleven seventeen
Speaker 1: of the last nineteen. Mets won a day game at
Speaker 1: the Marlon six. Not think David Peterson got to winn
Speaker 1: as the Mexic proved the twenty four and ten at
Speaker 1: City Field. They've called up Don Smith. He's coming back
Speaker 1: to the minors. They'll find out today about Jeff McNeil's
Speaker 1: hamstring injury. Headed for an m r I McNeil batting
Speaker 1: three seven Sanley Cup final of Tampa Bay. The Lightning
Speaker 1: bounced back from that seven nothing loss in Game two,
Speaker 1: scored four time second period Beach Colorado six to two
Speaker 1: with six different goal scores. The ass now leave the
Speaker 1: series two and one. A report in The Athletic that
Speaker 1: there is an impass between the Nets and Kyrie Irving
Speaker 1: and the writing was on the wall with comments made
Speaker 1: by Nets GM Shawn Marx. He said he wants players
Speaker 1: who are selfless and available, and that's not Kyrie, who
Speaker 1: thinks he and Kevin ranchhould have a managerial with the team.
Speaker 1: If Irving rejects his thirty seven million dollar option, he
Speaker 1: becomes a free agent. I'm stactually that wear Bloomberg Sports Okay,
Speaker 1: John thanks six thirty seven on Wall Street. Time to
Speaker 1: take a look at stock. Some of the names moving
Speaker 1: in the pre market. For that, We're joined by Bloomberg
Speaker 1: Radio and TV markets correspondent Creedy Gupta on a risk
Speaker 1: on return to a holiday short and week. Good morning, Crety,
Speaker 1: what's your ry? You decided a very good day to
Speaker 1: come back. The dream team is back here. I want
Speaker 1: to start off with Leonard, you did have a or
Speaker 1: I've been told to pronounced Lenar. I've heard it both ways,
Speaker 1: but let's go Lenar. Okay, Ellie, And as your taker
Speaker 1: up one, of course, this is the home builders Company.
Speaker 1: This is really important here because as we talk about
Speaker 1: the cracks in the economy, Leonard or Lenar, I'm gonna
Speaker 1: I'm gonna make a mistake all day long. I can
Speaker 1: already tell that you're coming out with earnings. They beat
Speaker 1: their earnings or purchase contracts rose four percent from a
Speaker 1: year earlier. But get this, Nathan, this really speaks to
Speaker 1: the strength of the green back. Here the dollar value
Speaker 1: of its seals increased twenty percent. So per just contracts
Speaker 1: up four percent, the dollar value increased once again, it
Speaker 1: speaks to the strength of the dollar. And I think
Speaker 1: this quote is really interesting here from their CEO. They
Speaker 1: said the weight of a rapid dupling of interest rates
Speaker 1: over six months, together with accelerated price appreciation, began to
Speaker 1: drive buyers in many markets to pause and reconsider. We
Speaker 1: began to see these effects after the quarter end. So
Speaker 1: basically he's going on, he's warning, well, some of these
Speaker 1: interest rate hikes that we've seen, um the fifty basis
Speaker 1: points in in June, and may E sees me in
Speaker 1: seventy five basis points that we saw last week as well,
Speaker 1: those are going to have effects, perhaps delayed effects, but
Speaker 1: effects nonetheless on the housing market. Yeah. Really interesting macro
Speaker 1: perspective there. I wonder if you're looking at some of
Speaker 1: the stocks related to Elon Musk after his interview overnight
Speaker 1: with our John Nicklethwaite. Yeah, I mean, how can you
Speaker 1: start a week without talking about Elon Musk. You have to.
Speaker 1: So let's start with Tesla and Twitter. I'll give you
Speaker 1: the share action first. T s l A up about
Speaker 1: three point four percent in the pre market, Twitter as well,
Speaker 1: about two point seven percent in the pre market. This
Speaker 1: comes after, of course, Elon must beats with our very
Speaker 1: own John Michael with the Waiter, editor in chief over
Speaker 1: at the Cutter Economic Forum, saying that the CEO label
Speaker 1: at the Social media firm was less important than driving
Speaker 1: the product, something he has said before, and that Tesla
Speaker 1: will cut its salaried workforce by about ten percent over
Speaker 1: the next three months. So the takeaway here for both
Speaker 1: markets because remember Twitter and Tesla, they tend to have
Speaker 1: that inverse relationship when one goes up, the other goes down. Um.
Speaker 1: The idea here is that he is still actively talking
Speaker 1: about this deal, So anytime he suggests any sort of
Speaker 1: interest or plans or anything like that, it does boost
Speaker 1: Twitter shares, and that's kind of the at least the
Speaker 1: mindset in the pre market that Twitter shares or Twitter
Speaker 1: investors are really pushing the stock higher. The Tesla part
Speaker 1: is interesting because they're talking about cutting costs, and remember
Speaker 1: they've already hiked their prices as well, for thinking for
Speaker 1: the third time last week this year. So really they're
Speaker 1: dealing with macroeconomic issues and investors seeing, well, look, they're
Speaker 1: working even harder to uh to get those costs under control.
Speaker 1: And he keeps saying he sees a recession coming pretty soon.
Speaker 1: Thanks for this. Creedy has always been Radio and TV
Speaker 1: Markets correspondent Creedy Gupta. Right now, SMP futures are higher,
Speaker 1: up sixty six points. Staff futures up for under ninety
Speaker 1: das deck futures higher by two d seven points, the
Speaker 1: tenure treasury down thirteen thirty seconds, yield three point to
Speaker 1: seven per cent. You're listening to Bloomberg Day Break Bloomberg
Speaker 1: eleven three oh weather chance or afternoon showers today with
Speaker 1: a high near eighty degrees and can't last the rule
Speaker 1: out the shower and storm risk tomorrow or the next day.
Speaker 1: Right now, clear sky sixty five degrees in Central Park Markets,
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Speaker 1: Quick Take, He's a Bloomberg Business Flash and I'm Karen
Speaker 1: Moscow Futures on the rise. This morning we get to
Speaker 1: the first word breaking news dash for today's morning call
Speaker 1: in here South Na Daria, Tatiana, Good morning, Good morning, Karen.
Speaker 1: Like you said, it's green on the screen. For US
Speaker 1: jocks today, five hundred points s and ps up seventeen
Speaker 1: nas jack up two hundred. Treasuries are struggling, however, the
Speaker 1: US tenure yield higher by five basis points to two
Speaker 1: to three point at twenty seven percent. A looking cross
Speaker 1: as said, Oil is up two percent and Bitcoin is higher,
Speaker 1: holding above twenty one thousand. On the economic front, today,
Speaker 1: existing home sales for May at ten o'clock and in
Speaker 1: early trading, test Play is up three percent after CEO
Speaker 1: Mask said the company will be cutting its salaried workforce
Speaker 1: by about ten percent, and Revlon extending last week's rally
Speaker 1: after filing for bankruptcy. Those years are up fourteen percent
Speaker 1: this morning. Regarding earnings, home builder lanar bit revenue estimates,
Speaker 1: and in deal news, Spirit Airlines is rallying after Jet
Speaker 1: Blue raised this offer to thirty three fifty from thirty
Speaker 1: one fifty and wrapping things up, International Paper and Restaurant
Speaker 1: cutt to neutral at City and the w was gung
Speaker 1: graded to eco weight by Morgan Stanley. Lie from the
Speaker 1: First and Breaking News Desk. I'm Tatiana, Daria Karen, Sorry, Tantiana,
Speaker 1: thank you, and here Lie breaking news of your Bloomberg
Speaker 1: type squawk on your terminal scue. You a w K
Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. Today's January six Committee hearing on
Speaker 1: Capitol Hill will focus on what panel members say was
Speaker 1: former President Trump's unpresidented push to get states to reject
Speaker 1: the election results. Former Vice President Pennce called January six
Speaker 1: the Tragic Day while blasting Democrats for the hearings. The
Speaker 1: Supreme Court has a number of cases to finish that
Speaker 1: could come today. After Elite Draft opinion, Court watchers expect
Speaker 1: the Supreme Court will overturn part of all of Roe v.
Speaker 1: Wade's decision guaranteeing women the right to an abortion. In baseball,
Speaker 1: the Yankees, Mets, and Red Sox won. The Giants lost
Speaker 1: in the NHL Stanley Cup Final. The Lightning one game
Speaker 1: three over the Avalanche. On this first day of summer,
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven under
Speaker 1: journalist and analysts more than a hundred twenty countries. Michael
Speaker 1: Varn this is Bloomberg. The following commentary is from Bloomberg Opinion.
Speaker 1: Big boxy apartment buildings are multiplying faster than ever. I'm
Speaker 1: Justin Fox, the columnist for Bloomberg Opinion. Amid the materials shortages,
Speaker 1: price hikes and other craziness, of the housing market. Last year,
Speaker 1: something remarkable happened. US builders completed more apartments in large
Speaker 1: buildings than ever before. They didn't build more apartments overall.
Speaker 1: The multifamily construction records set in the early nineteen seventies
Speaker 1: appeared to be safe for all time. But back then
Speaker 1: most new apartments were in buildings of less than twenty units.
Speaker 1: Now five percent are in buildings of twenty units or more,
Speaker 1: in fifty seven percent in buildings of fifty units are more.
Speaker 1: What's striving this mainly the economics of building. Getting permission
Speaker 1: to build is harder than it used to be an
Speaker 1: institutional investors and other big players increasingly dominate multifamily development,
Speaker 1: so projects have to be substantial to be worth the effort.
Speaker 1: I'm justin Fox. For more opinion, please go to Bloomberg
Speaker 1: dot com, Slash Opinion or O P I n go
Speaker 1: on the Bloomberg terminal. These has been Bloomberg Opinion and
Speaker 1: Bloomberg Opinion commentaries can be heard every weekday at this
Speaker 1: time and terminal customers can read more at O P
Speaker 1: I n go. It is says fifty on Wall Street.
Speaker 1: Return to news and science and technology now at the
Speaker 1: Bloomberg and j I T STEM Report. It has brought
Speaker 1: to you by New Jersey Institute of Technology, ranked to
Speaker 1: top fifty national public university by US News and World
Speaker 1: Report and at top ten for best career placement among
Speaker 1: public schools by the Princeton Review. More at n j
Speaker 1: I T DOT e DU and Here's What's making news
Speaker 1: Now and Science, Technology, Engineering and Math and China, the
Speaker 1: coronavirus outbreak is shifting to its south coast. A flare
Speaker 1: up in Shenzen has triggered Mouse to staying in a
Speaker 1: lockdown of some neighborhoods. Meanwhile, gambling how Macaw is racing
Speaker 1: to stop its first outbreak in eight months until seeking
Speaker 1: six five million dollars in interest from the European Commission.
Speaker 1: Following a historic court victory that overturned a billion dollar
Speaker 1: any Trust fund earlier this year. In a challenge at
Speaker 1: the US General Court, Intel asked the Luxembourg based Tribunal
Speaker 1: to order the EU to pay the sum save The
Speaker 1: amount consists of default interests on the main fine minus
Speaker 1: the interest that Commission had already paid back. And now
Speaker 1: so a fuel that's huge. Moon rocket for the first
Speaker 1: time yesterday and went ahead with a critical countdown test
Speaker 1: despite a fuel line leak. This was NASA's fourth crack
Speaker 1: at the all important dress rehearsal, the last major milestone
Speaker 1: before the New Moon Rockets long awaited launch debut. The
Speaker 1: testing delays that pushed the actual launch with an empty
Speaker 1: Orion capsule flying around the Moon and back to the
Speaker 1: end of August at the earliest. And that's a Bloomberg
Speaker 1: and j I t Stem report. Nathan Okay, Karen, thank you.
Speaker 1: We are I from the Bloomberg Interactive Brokers studios where
Speaker 1: it's six fifty two on Wall Street. Time now to
Speaker 1: check what's going on in DC. Some of the top
Speaker 1: stories in our nation's capital include President Biden saying recession
Speaker 1: is avoidable after a talk over the weekend with former
Speaker 1: Treasury Secretary Larry Summers, President saying he's close to decisions
Speaker 1: on a gas tax holiday and student debt. And the
Speaker 1: January six Committee returns with a focus on Georgia and
Speaker 1: Mark Meadows role. For more on all these stories, we
Speaker 1: are joined this morning by Bloomberg Washington correspondent host of
Speaker 1: sound On on Bloomberg Radio, Joe Matthew. Joe, good morning, Well,
Speaker 1: the President may be downplaying the risk of recession, but
Speaker 1: Wall Street certainly is not. You know, and it's interesting
Speaker 1: when you hear the president talk you after remember, well,
Speaker 1: this is the president of the United States who goes
Speaker 1: out of his or her way in the future to
Speaker 1: not talk down the economy. For starters, If you're the president,
Speaker 1: you're not going to say that in a recession is guaranteed.
Speaker 1: But I would encourage people to listen to the full
Speaker 1: remarks that the President made on the beach. Nothing is
Speaker 1: a vitable as the headline, but he went on to
Speaker 1: say that I think we're gonna be able to get
Speaker 1: a change in Medicare and a reduction of the cost
Speaker 1: of insulin. As he's talking about this package of legislation
Speaker 1: that may or may not see the light of day,
Speaker 1: Nathan aimed at lowering costs. It's kind of a rebuild
Speaker 1: of the Build Back Better plan that failed to pass
Speaker 1: last year. It's a much smaller version. There was a
Speaker 1: meeting on this last week with congressional leaders. This is real.
Speaker 1: It could pass through reconciliation. If you remember this stuff
Speaker 1: from last year. As we all learned Schoolhouse Rock, that
Speaker 1: would be Democrats only voting. But we don't know if
Speaker 1: Joe Mansion is on board with this. There's no legislation
Speaker 1: to vote on yet and no guarantee that it could pass.
Speaker 1: So if you take that off the table, I wonder
Speaker 1: what the President might say about a recession. In that case,
Speaker 1: it could be a bit more likely. Yeah, And when
Speaker 1: he's talking about things like bringing down insulin prices and
Speaker 1: prescription drugs, I mean, those are really things on the
Speaker 1: margins compared to the big package that he had been
Speaker 1: looking for before those talks broke down. Is there any
Speaker 1: reason at this point Joe to think that the new talks,
Speaker 1: the talks that are still underway, will have any better
Speaker 1: chance of success. Well, I think you could argue that,
Speaker 1: in principle, they'd have a better chance because it's smaller.
Speaker 1: If you remember all the time we've spent hashing out
Speaker 1: what the final price tag would be for Joe Mansion's appetite.
Speaker 1: Would it be one point five trillion, as he said
Speaker 1: that was his top line number. Could it be more
Speaker 1: or less than that? There are a lot of things
Speaker 1: that we learned during that experience that I don't think
Speaker 1: the White House and Democratic leaders on Capitol Hill, UH
Speaker 1: will be looking to relive if this happens it's going
Speaker 1: to be something much more stripped down, but also therefore
Speaker 1: could have less impact. They're also talking about a couple
Speaker 1: of other ideas, though Nathan. A gas tax holiday is
Speaker 1: still on the table, they say, and even rebate cards
Speaker 1: that you'd use at the gas pump. The President was
Speaker 1: asked about this on his beach walk as well. All
Speaker 1: on the table, he says, But these would require Congressional approval.
Speaker 1: They are not new ideas, and in some cases, including
Speaker 1: the gas tax holiday, legislation is already out there. It's
Speaker 1: really not for Joe Biden to decide, as Congress need
Speaker 1: to vote on it. Yeah. And one other thing that
Speaker 1: the President mentioned is that he plans to meet with
Speaker 1: oil industry executives. This meean he has been really harsh
Speaker 1: on the oil industry over the last couple of weeks. Yeah,
Speaker 1: and interesting, he's not going to be in that meeting himself.
Speaker 1: He was asked by reporters there, said no, my team
Speaker 1: is going to be doing that, remembering that x on Mobile,
Speaker 1: Chevron and others responded to take issue with the letter
Speaker 1: that the White House sent last week, saying that they
Speaker 1: were not investing, they were simply taking these massive profits
Speaker 1: more money than God, I think is how he put
Speaker 1: it in terms of x on and sending it back
Speaker 1: to shareholders either by by way of dividends stock repurchases,
Speaker 1: as opposed to putting it into the ground. We have
Speaker 1: a major refining bottleneck here that also needs to be acknowledged.
Speaker 1: We haven't built a new refinery in this country since
Speaker 1: the nineteen seventies, and more of them are slated to close.
Speaker 1: So this is a complicated conversation and it's one that
Speaker 1: apparently the President will not be in the room for
Speaker 1: himself in our last minute here, Joe, can you see
Speaker 1: up the next round of January six hearings coming up
Speaker 1: this afternoon for yeah, this is it's an afternoon session
Speaker 1: starts one o'clock Washington time, not in prime time. And
Speaker 1: today it's gonna be focusing on the pressure, uh that
Speaker 1: Donald Trump and and his associates put on state legislatures
Speaker 1: and state lawmakers, including Georgia's Secretary of State Brad Raethinsburger,
Speaker 1: who just uh survived a primary challenge from a Trump
Speaker 1: endorsed candidate. We're gonna be hearing from Arizona, Georgia and
Speaker 1: other states that we're getting the phone calls and getting
Speaker 1: the pressure from Donald Trump and Mark Meadows in that time.
Speaker 1: We also expect to have new video today. Nathan Political
Speaker 1: just reporting now from a documentary maker who was embedded
Speaker 1: with Trump himself on the campaign trail and in the
Speaker 1: White House the days leading up to and after January six.
Speaker 1: Much more to watch from the January six hearings this afternoon.
Speaker 1: I imagine we'll have much more analysis coming up on Bloomberg.
Speaker 1: Sound On with Joe Matthew weekdays five pm. Wall Street
Speaker 1: Time right here on Bloomberg Radio. Joe, as always, thanks
Speaker 1: for being with us this morning, and you can read
Speaker 1: much more about these stories on Bloomberg dot com or
Speaker 1: on the Bloomberg terminal, and follow all the latest on
Speaker 1: Bloomberg Radio in Washington, Bloomberg N one and one oh
Speaker 1: five point seven FM h D two. Heading into a
Speaker 1: holiday short and training week, we're starting off with gains
Speaker 1: for risk assets. We have SMP futures right now up
Speaker 1: sixty five point, staff futures of four hundred seventy six,
Speaker 1: NAZDAC futures higher by two hundred eight points. The tenure
Speaker 1: treasury is down thirteen thirty seconds for a yield of
Speaker 1: three point to seven percent yield on the two year
Speaker 1: close to three point to one percent. Nim x screwed
Speaker 1: up two point three percent or two dollars fifty two
Speaker 1: cents a hundred twelve dollars eight cents of barrel. Comex
Speaker 1: golled down two tenths per cent or four dollars ten
Speaker 1: cents eighteen thirty six fifty announced Bitcoin right around twenty
Speaker 1: one thousand dollars Bloomberg surveillances. Next for Karen Moscow. I'm
Speaker 1: Nathan Hagar, and this is Bloomberg