WEBVTT - Bloomberg Daybreak: June 21, 2022 - Hour 2 (Radio) 0:00:03.080 --> 0:00:06.439 My from the Bloomberg Interactive Burger Studios. Is this Bloomberg 0:00:06.519 --> 0:00:10.320 day Break for Tuesday, June one. Coming up, This shower 0:00:10.600 --> 0:00:13.520 Stock future surge as we begin this holiday short and 0:00:13.560 --> 0:00:16.800 trading week by speak exclusively with Elon Musk about Twitter, 0:00:16.920 --> 0:00:20.240 Tesla and politics. More calls this morning for a US 0:00:20.320 --> 0:00:24.000 recession m all Street braces for congressional testimony this week 0:00:24.079 --> 0:00:28.000 from FED Chair J Powell. New York passes landmark voting 0:00:28.040 --> 0:00:31.800 rights legislation. Plus hits Day four of January six hearings 0:00:32.280 --> 0:00:35.720 Michael Barr. More ahead, I'm John Stashower. In sports, another 0:00:35.840 --> 0:00:38.080 near no hitter for the Yankees. They get their fiftieth 0:00:38.080 --> 0:00:40.640 win shut out win for the Mets Tampa Baby Colorado 0:00:40.720 --> 0:00:45.839 in the Stanley Cup Final. That's all training ahead on 0:00:45.920 --> 0:00:49.320 Bloomberg day Break on Bloomberg eleven, Free on New York, 0:00:49.479 --> 0:00:54.160 Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 0:00:54.440 --> 0:00:58.880 Bloomberg nine sixties and Francisco Sirius x AM one nineteen 0:00:59.120 --> 0:01:01.760 and around the world Old on Bloomberg Radio dot Com 0:01:01.960 --> 0:01:08.800 and via the Bloomberg Business App. Good morning, I'm Nathan Hager, 0:01:09.040 --> 0:01:11.920 and I'm Karen Moscow and US DOCK Index futures are 0:01:11.959 --> 0:01:14.000 on the rises morning. We're coming up to six o 0:01:14.120 --> 0:01:15.920 one on Wall Street, and we check the markets every 0:01:15.920 --> 0:01:19.680 fifteen minutes throughout the trading day. On Bloomberg, SNP futures 0:01:19.720 --> 0:01:22.600 have sixty five down. Futures have four hundred eighty one 0:01:22.959 --> 0:01:26.360 NASDAG futures have two hundred five ten year Treasury down 0:01:26.360 --> 0:01:29.560 twelve thirty seconds the three point to seven percent they 0:01:29.600 --> 0:01:32.240 yield on the two year three point to zero percent. 0:01:32.840 --> 0:01:35.920 Nime X screwed oil is up two point two percent, 0:01:36.040 --> 0:01:38.280 up two dollars forty four cents at a hundred twelve 0:01:38.360 --> 0:01:41.240 dollars a barrel. Nathan Karen, we begin with an exclusive 0:01:41.280 --> 0:01:44.520 interview with Elon Musk at the Cutter Economic Forum. The 0:01:44.600 --> 0:01:47.680 Testless CEO sat down for a wide ranging conversation with 0:01:47.720 --> 0:01:50.680 Bloomberg News editor in chief John Michael Fwaite. They discussed 0:01:50.720 --> 0:01:54.120 everything from the economy to politics, of course, Musk's proposed 0:01:54.160 --> 0:02:00.160 acquisition of Twitter, UM a few unresolved matters. Uh, You've 0:02:00.320 --> 0:02:04.120 you've probably read about the question as to whether the 0:02:04.240 --> 0:02:07.640 number of UM fake and spam users on the system 0:02:07.960 --> 0:02:09.920 is best in the fact that sent as for claims 0:02:10.480 --> 0:02:13.920 UM which I think is probably not most people's experience 0:02:14.760 --> 0:02:18.160 on we're using Twitter. UM, so we're still awaiting resolution 0:02:18.240 --> 0:02:21.280 on that matter. UM. And that that is a very 0:02:21.280 --> 0:02:27.400 significant matter. UM. So we're waiting resolution on that um. 0:02:27.480 --> 0:02:30.720 And then of course there is the question of will 0:02:30.800 --> 0:02:36.560 the death portion of the round come together, and then 0:02:36.600 --> 0:02:40.080 will the shareholds in favor the Elon must Speaking with 0:02:40.120 --> 0:02:43.480 Bloomberg from the Counter Economic Forum in Doha, the Tesla 0:02:43.639 --> 0:02:47.360 CEO also talks politics, cryptocurrencies, and the future of Tesla. 0:02:47.680 --> 0:02:50.440 Stay tuned for more of that exclusive interview coming up shortly. 0:02:50.440 --> 0:02:53.320 You're on Bloomberg Day Break. Well again, Nathan. Futures are 0:02:53.440 --> 0:02:55.880 higher as we begin a shortened holiday trading way. The 0:02:56.000 --> 0:02:58.880 rally comes after nearly two trillion dollars in market value 0:02:58.880 --> 0:03:01.400 as a race from the S and P five last week. 0:03:01.680 --> 0:03:04.240 There could be more losses ahead, according to Morgan Stanley 0:03:04.240 --> 0:03:07.720 and Goldman Sachs. Morgan Stanley's Michael Wilson says stocks need 0:03:07.760 --> 0:03:11.079 to drop another fifteen to to the market to fully 0:03:11.080 --> 0:03:14.639 reflect this scale of economic contraction. Perhaps the biggest event 0:03:14.680 --> 0:03:17.400 for markets this week, Karen, will be congressional testimony from 0:03:17.480 --> 0:03:20.200 J Powell, The Fed chair delivers the Central bank semi 0:03:20.200 --> 0:03:24.080 annual report on Monetary Policy tomorrow. Bloomberg's Viney dell Judas 0:03:24.160 --> 0:03:27.760 reports Powell tell Congress the FEDS commitment to battling the 0:03:27.800 --> 0:03:31.600 worst inflation in forty years is unconditional, just days after 0:03:31.720 --> 0:03:35.360 launching the largest FED interest rate increase in twenty years, 0:03:35.360 --> 0:03:38.360 and advanced text of the FEDS report to lawmakers says 0:03:38.400 --> 0:03:40.920 it's committed at doing what's needed to get the job 0:03:41.000 --> 0:03:44.200 done and that price stability is necessary to support a 0:03:44.240 --> 0:03:47.800 strong US labor market. Powell will testify to the Senate 0:03:47.800 --> 0:03:51.520 Banking Committee on Wednesday and the House Financial Services Committee 0:03:51.560 --> 0:03:55.600 on Thursday. Vinny del Judai s Bloomberg Day Break a right, Vinnie, 0:03:55.600 --> 0:03:58.440 thank you, but there are more calls at an impending recession. 0:03:58.520 --> 0:04:01.440 This morning we had the latest I from Bloomberg's Renia 0:04:01.520 --> 0:04:04.320 Young Good morning, Ready to good morning. Karen Elon Musk, 0:04:04.400 --> 0:04:07.640 Norio Roubini, and Goldman Sachs are the latest to warn 0:04:07.720 --> 0:04:11.200 that the US economy could fall into a recession. While 0:04:11.280 --> 0:04:15.120 Musk predicted happening sometime in the near future, Goldman Sachs 0:04:15.160 --> 0:04:17.880 now sees a thirty percent chance of a recession over 0:04:17.920 --> 0:04:21.880 the next year. That's up from fifteen percent previously. At 0:04:21.880 --> 0:04:24.520 a twenty five percent chance of entering a recession in 0:04:24.600 --> 0:04:27.440 the second year if one is avoided in the first, 0:04:27.920 --> 0:04:31.280 Robini expects a US recession by the end of this year. 0:04:33.040 --> 0:04:41.080 Recession getting pretty closely. Robini Macro Associate CEO Norio Robini 0:04:41.200 --> 0:04:44.680 says the US economy is experiencing a number of negative 0:04:44.680 --> 0:04:48.599 aggregate supply shocks. Live in New York. I'm Renita Young 0:04:48.640 --> 0:04:51.640 Bloomberg Daybreak. Al Right, Renita, thank you all. President Biden's 0:04:51.680 --> 0:04:55.800 pushing back on those calls for a recession, talking to 0:04:56.200 --> 0:05:00.880 Summers a swarming. There's nothing in the bother session. And 0:05:01.040 --> 0:05:03.600 President Biden spoke with reporters in Delaware yesterday. He was 0:05:03.640 --> 0:05:09.480 referring to former Treasury secretary and current Bloomberg contributor Larry Summers. Meantime, Nathan. 0:05:09.520 --> 0:05:12.599 President Biden said he is aiming to decide this week 0:05:12.600 --> 0:05:15.719 whether to as spend the federal gasoline checks. Bloomberg said, 0:05:15.760 --> 0:05:19.120 Baxter has that story. The President is being careful at 0:05:19.120 --> 0:05:21.800 this point, saying he is looking for more data, but 0:05:21.920 --> 0:05:28.479 sounds confident hope that I'm looking for by he and 0:05:28.520 --> 0:05:30.919 his administration are trying to find ways to ease the 0:05:30.960 --> 0:05:33.960 soaring prices at the pomp and his. Treasury Secretary Janet 0:05:34.000 --> 0:05:37.599 Yellen also sounds actually likes the idea. I think, well, 0:05:37.720 --> 0:05:42.240 not perfect, it is something that should be under under consideration. 0:05:42.480 --> 0:05:45.200 So consideration it is, and we should have an answer 0:05:45.240 --> 0:05:48.080 by the end of the week. In San Francisco. I'm 0:05:48.080 --> 0:05:50.920 at Baxter Bloomberg Gay Break, Thank you. Ed. Secretary Yellen 0:05:50.960 --> 0:05:53.719 says another way to lower gas prices could involve Russian 0:05:53.720 --> 0:05:57.920 oil exports. We are talking about price caps or a 0:05:58.000 --> 0:06:03.719 price exception that would enhance and strengthen recent and proposed 0:06:03.920 --> 0:06:08.320 energy restrictions by Europe, the United States, the UK and 0:06:08.360 --> 0:06:12.160 others that would push down the price of Russian oil 0:06:12.640 --> 0:06:17.279 and to press Putin's revenues while allowing more oil supply 0:06:17.440 --> 0:06:21.040 to reach the global market. Treasury Secretary Janet Yelling spoke 0:06:21.040 --> 0:06:24.240 at a news conference in Toronto alongside Canadian Finance Minister 0:06:24.279 --> 0:06:27.360 Christopher Freeland. Well Nathan, the CEO of ax On Mobiles, 0:06:27.400 --> 0:06:30.360 says global oil markets may remain tight for another three 0:06:30.360 --> 0:06:33.000 to five years, largely because of a lack of investment 0:06:33.040 --> 0:06:36.279 since the pandemic began. Darren Woods says it'll take time 0:06:36.320 --> 0:06:39.000 for oil firms to catch up to ensure there's enough supply. 0:06:39.440 --> 0:06:44.520 Thoughtful conversations about investments across that whole portfolio of solution 0:06:44.600 --> 0:06:48.600 sets needed to provide affordable and reliable energy while reducing 0:06:48.600 --> 0:06:52.479 emissions is the path forwards on Mobile CEO Darren Woods 0:06:52.480 --> 0:06:55.280 made the comments at the Cutter Economic Forum in Doha 0:06:55.440 --> 0:06:57.360 and on the M and A Frontcaren the battle over 0:06:57.440 --> 0:07:00.680 Spirit Airlines is taking off. Jet Blue is raising It's 0:07:00.680 --> 0:07:03.279 offered to buy the bargain carrier, valuing Spirit and about 0:07:03.320 --> 0:07:06.919 three point seven billion dollars. That follows Spirits decision to 0:07:07.040 --> 0:07:09.920 delay a shareholder vote on expending with Frontier Airlines. That 0:07:10.000 --> 0:07:13.960 vote is now set for June. Futures are on the 0:07:14.040 --> 0:07:16.080 rise this morning, and straight ahead, we have your latest 0:07:16.120 --> 0:07:23.360 local headlines into check of sports. This is Bloomberg six 0:07:23.400 --> 0:07:25.760 oh seven on Wall Street. We're at sixty four degrees 0:07:25.800 --> 0:07:28.200 now in Central Park. Still dealing with the overturned tractor 0:07:28.240 --> 0:07:30.960 trailer south boundary at seventeen at Lake Street in Upper 0:07:31.040 --> 0:07:34.200 Saddle River. More coming up in traffic. First Michael Barr 0:07:34.200 --> 0:07:35.760 with more on what's going on in New York and 0:07:35.880 --> 0:07:38.160 around the world. Good morning, Michael, Good morning, Nathan, New 0:07:38.240 --> 0:07:42.000 York Governor's Kathy Hokel assigned a law intended to prevent 0:07:42.120 --> 0:07:46.320 local officials from enacting rules that might suppress people's voting 0:07:46.400 --> 0:07:49.800 rights because of their race. The John R. Lewis Voting 0:07:49.880 --> 0:07:52.800 Rights Act is named after the late civil rights activists 0:07:52.880 --> 0:07:55.720 who represented Georgia in the U. S. House. Governor Kathy 0:07:55.800 --> 0:07:59.240 open across the country, we're seeing stricter voter i D laws, 0:07:59.600 --> 0:08:03.720 shorter early voting periods, and more burdens when you're trying 0:08:03.720 --> 0:08:07.200 to just vote by mail. We're seeing people purged voter rolls. 0:08:07.400 --> 0:08:10.720 Governor Hokel says we're going to change our election law 0:08:10.840 --> 0:08:14.480 so we no longer hurt minority communities. The House January 0:08:14.520 --> 0:08:16.880 six committee is set to hear from local officials who 0:08:16.880 --> 0:08:21.280 fended off Donald Trump's pressure to overturn the presidential election. 0:08:21.640 --> 0:08:26.160 Representative Adam Schiff, set to lead today's hearing, told CNN 0:08:26.240 --> 0:08:31.280 that Trump campaign scheme unsuccessfully dependent on hopes that state 0:08:31.360 --> 0:08:34.520 legislators would approved the Big Line, and when they didn't, 0:08:34.880 --> 0:08:38.640 Trump turned to pressuring State officials will show evidence of 0:08:38.679 --> 0:08:42.280 the President's involvement in this scheme. Representative Shift and the 0:08:42.280 --> 0:08:45.880 panel's day will hear testimony from Georgia's Secretary of State 0:08:45.920 --> 0:08:50.199 Brad Rafvensburger about Trump's call asking him to find over 0:08:50.280 --> 0:08:54.960 eleven thousand votes to prevent Joe Biden's election victory. Alabama's 0:08:55.000 --> 0:08:58.640 Republican primary is today. Congressman Mo Brooks lost the former 0:08:58.679 --> 0:09:02.400 president's endorsement in part for saying it was time to 0:09:02.440 --> 0:09:06.000 move on from the election. Trump then chose to back 0:09:06.080 --> 0:09:09.959 Katie Britt. Other states conducting elections today our Virginia and 0:09:10.000 --> 0:09:13.920 Georgia and out of control city cab on the Manhattan 0:09:13.960 --> 0:09:17.600 Street struck a bicyclist and penned two Ohio tourists to 0:09:17.640 --> 0:09:20.679 a wall on a sidewalk. It happened yesterday at twenty 0:09:20.760 --> 0:09:24.520 ninth Street and Broadway. Good Samaritans rushed to the scene 0:09:24.520 --> 0:09:27.520 to free them and treat their injuries, including two women 0:09:27.600 --> 0:09:30.960 tenned against the building by the taxi. Deputy Police Chief 0:09:31.040 --> 0:09:33.760 John Chell about fifteen. It's one in New York is 0:09:33.800 --> 0:09:37.840 attempted depict this cab walf these women. Okay, it's total. 0:09:38.160 --> 0:09:42.120 We have six victims at the hospital, including the cab driver. 0:09:42.600 --> 0:09:45.760 Deputy Police Chief Chell. Global News twenty four hours a 0:09:45.840 --> 0:09:48.560 day on air and on Bloomberg Quicktake powered by more 0:09:48.559 --> 0:09:52.040 than journalist and analysts more than a hundred twenty countries. 0:09:52.400 --> 0:09:55.400 Michael Barr and this is Bloomberg. Nathan Alright, Michael, thanks 0:10:00.320 --> 0:10:02.160 six o nine on All Street time for the Bloomberg 0:10:02.200 --> 0:10:05.559 Sports Something with John Nathan Yanks up the fifty wins, 0:10:05.600 --> 0:10:07.880 and four of them a Yankees starter has flirted with 0:10:07.920 --> 0:10:10.840 a no hitter once with Nester Cortez, also Jamis Sintona, 0:10:10.880 --> 0:10:13.160 now twice with Garrett Cole on the mount. He lost 0:10:13.160 --> 0:10:15.640 the no hitter with a clean single up the middle 0:10:15.720 --> 0:10:18.240 leading off to Tampa Bay eighth. Inn and Clay Holmes 0:10:18.280 --> 0:10:20.400 came in having not a lot of runs. It's opening day, 0:10:20.760 --> 0:10:22.480 and the Rays got to him two hits and a walk. 0:10:22.520 --> 0:10:24.720 They scored twice in the eighth to tie the game. 0:10:25.120 --> 0:10:27.400 Yanks then scored twice in the ninth. Aaron Hicks the 0:10:27.400 --> 0:10:30.120 big hit a triple. Wanda per Alta worked out of 0:10:30.160 --> 0:10:33.320 a jam bottom. The night Aaron Boone's team won four 0:10:33.400 --> 0:10:35.160 to two. They put a couple of balls and play 0:10:35.200 --> 0:10:37.160 on us. You were able to tie the game, and 0:10:37.200 --> 0:10:39.520 it's it's it's right fact that let's go find a 0:10:39.559 --> 0:10:43.240 way to get this thing done. And um, you know 0:10:43.640 --> 0:10:45.960 we talked about keep playing. You know, there's things that 0:10:46.000 --> 0:10:47.920 happen over the course of the game, over the course 0:10:47.920 --> 0:10:52.320 of the season that are you know, sometimes out of 0:10:52.360 --> 0:10:55.120 your control. He just keep playing. Nanke's won ten of eleven, 0:10:55.200 --> 0:10:57.640 Rays have lost six and seven. Red Sox have moved 0:10:57.640 --> 0:10:59.600 ahead of them in the third place. Matt Nyan City 0:10:59.640 --> 0:11:01.880 field these you went to the Mets six nothing over 0:11:01.920 --> 0:11:03.960 the Marlins. Three hits for Brandon Nimo, three rb I 0:11:04.000 --> 0:11:06.680 spread water, Escu bar David Peterson got the way. Mets 0:11:06.720 --> 0:11:09.160 win another series. They played twenty one series, They've only 0:11:09.200 --> 0:11:11.439 lost three of them, Atlanta one at the bottom of 0:11:11.480 --> 0:11:13.400 ninth thening. They stay five and a half games behind 0:11:13.440 --> 0:11:15.520 the Mets. Home ice has met a lot throughout the 0:11:15.600 --> 0:11:18.280 Stanley Cup without that was certainly true for the Rangers 0:11:18.280 --> 0:11:20.120 and now in the Cup Bottle home team three and 0:11:20.200 --> 0:11:23.320 oh after Colorado won in overtime and then seven up 0:11:23.360 --> 0:11:25.680 day in Tampa Bay one game three, six to two, 0:11:26.120 --> 0:11:27.560 the lightning of one eight in a row at home. 0:11:27.600 --> 0:11:30.959 The Athletic reports Kyrie Irving likely to turn down his 0:11:31.040 --> 0:11:33.640 thirty seven million dollar options with the Nets become a 0:11:33.720 --> 0:11:36.680 free agent, and that the Knicks could be interested. John 0:11:36.720 --> 0:11:40.320 Stash Award boom Bird Sports All Right, John, thanks SMP 0:11:40.480 --> 0:11:43.320 futures right now up sixty six point, STUN futures up 0:11:43.320 --> 0:11:46.560 funer eighty seven. NASAC futures are higher by two hundred 0:11:46.559 --> 0:11:49.360 four points. The ten year treasury is down eleven thirty seconds, 0:11:49.360 --> 0:11:52.240 the yield three point to six percent, yield on the 0:11:52.240 --> 0:11:55.439 two year three point two zero percent. Much more from 0:11:55.440 --> 0:11:58.560 our exclusive one on one conversation with test thess CEO 0:11:58.640 --> 0:12:02.280 Elon Musk from the contreec Nomic Forum. Straight ahead on 0:12:02.520 --> 0:12:08.880 Bloomberg day Break. Good morning. Bloomog day Break is brought 0:12:08.880 --> 0:12:11.680 to you by Hofstra University's Frank gs R School of Business, 0:12:11.760 --> 0:12:14.880 top ranked online NBA program with a real world foundation. 0:12:15.120 --> 0:12:17.959 Learn more at Hofstra dot e d U slash go 0:12:18.160 --> 0:12:25.360 grat markets, headlines and breaking news twenty four hours a day, 0:12:25.480 --> 0:12:28.480 at Bloomberg dot Com, the Bloomberg Business Out and at 0:12:28.480 --> 0:12:38.079 Bloomberg Quick Take. This is a Bloomberg Business slash and 0:12:38.200 --> 0:12:41.280 I'm Karen Moscow. Socks are rising in Europe and Asia. 0:12:41.440 --> 0:12:45.360 US stock index futures pointing higher, treasuries are at treating. 0:12:45.360 --> 0:12:48.079 This all comes in an improved investors sentiment compared with 0:12:48.200 --> 0:12:51.360 last week. Surrounding global shares. We checked the markets every 0:12:51.360 --> 0:12:54.439 fifteen minutes throughout the trading day. On Bloomberg Guess and 0:12:54.480 --> 0:12:57.440 p future is up about sixty seven points down, futures 0:12:57.520 --> 0:13:01.760 up and nast day jeers of two hundred eight. The 0:13:01.840 --> 0:13:04.720 decks in Germany's of one percent. Can't in Paris at 0:13:04.760 --> 0:13:06.920 one point six percent of the foot scene one hundred 0:13:07.000 --> 0:13:09.760 up nine tenths of up percent. Ten year Treasury down 0:13:09.760 --> 0:13:12.480 eleven thirty seconds. You have three point to six percent. 0:13:12.520 --> 0:13:15.080 They yield on the two year three point to zero percent. 0:13:15.600 --> 0:13:17.880 Nim Ex screwed oils on the rise, up two point 0:13:17.880 --> 0:13:19.920 three percent of two dollars fifty two cents at a 0:13:20.000 --> 0:13:22.920 hundred twelve dollars eight cents of barrel Comex schoold is 0:13:22.920 --> 0:13:25.160 down about two tenths per cent or two dollars ninety 0:13:25.240 --> 0:13:27.840 cents and one thousand, eight hundred thirty seven dollars seventy 0:13:27.880 --> 0:13:31.760 cents announced. The euro one point seven against a dollar, 0:13:31.800 --> 0:13:34.439 British found one point to two nine six and the 0:13:34.600 --> 0:13:36.800 en at one thirty five point three eight. And look 0:13:36.800 --> 0:13:39.600 at it Bitcoin this morning. It is higher of three 0:13:39.640 --> 0:13:42.160 and a half percent at twenty one thousand, one hundred 0:13:42.160 --> 0:13:44.839 fifty dollars. Today, we are watching for our report on 0:13:44.960 --> 0:13:47.840 existing home sales. It's at at ten o'clock Wall Street time, 0:13:48.120 --> 0:13:50.720 and that's a Bloomberg business flash. Now here's Michael Barr 0:13:50.800 --> 0:13:54.439 with more on what's going on around the world. Michael Karen, 0:13:54.520 --> 0:13:57.880 thank you kindly aids to the January six Committee. States. 0:13:57.960 --> 0:14:00.880 Day's public hearing will focus on that it's by former 0:14:00.880 --> 0:14:04.600 President Trump and his allies to pressure state level officials 0:14:04.640 --> 0:14:09.280 to overturn the results of the presidential election. Key witnesses 0:14:09.320 --> 0:14:14.480 include George's Republican Secretary of State Brad Raffensberger. President Joe 0:14:14.520 --> 0:14:17.040 Biden said he is aiming to decide this week whether 0:14:17.080 --> 0:14:20.200 to move to suspend the federal gas lane tax in 0:14:20.240 --> 0:14:22.960 a bid to ease the impact of staring prices at 0:14:23.000 --> 0:14:27.680 the pump. Russian President Vladimir Putin's spokesman said two US 0:14:27.800 --> 0:14:31.640 veterans captured in Ukraine could face the death penalty. They 0:14:31.680 --> 0:14:35.680 say that the Geneva Conventions likely don't apply, as Moscow 0:14:35.760 --> 0:14:39.520 doesn't consider the man part of the national army. In baseball, 0:14:39.560 --> 0:14:42.920 the Yankees and Mets one. Other winners include the Red 0:14:43.000 --> 0:14:47.200 Sox the Giants they lost in the NHL Stanley Cup Final. 0:14:47.280 --> 0:14:49.960 The Lightning one Game three over the Avalanche six to 0:14:50.480 --> 0:14:54.520 Colorado still leads the series two games to one. Global 0:14:54.560 --> 0:14:57.160 News twenty four hours a day on air and on 0:14:57.200 --> 0:15:01.120 Bloomberg Quicktake, powered by more than twenties seven hundred journalist 0:15:01.200 --> 0:15:05.200 and analysts in more than one twenty countries. Michael barr In, 0:15:05.280 --> 0:15:08.480 this is Bloomberg. Alright, Michael, thanks very much. It is 0:15:08.520 --> 0:15:11.840 six twenty now on Wall Street Live from the Bloomberg 0:15:11.920 --> 0:15:15.000 Interactive Broker Studios. This is Bloomberg day Break. Good morning, 0:15:15.040 --> 0:15:18.360 I'm Nathan Hager. We now bring you a special interview 0:15:18.400 --> 0:15:22.280 with the CEO of Tesla and SpaceX, Elon Musk. He 0:15:22.560 --> 0:15:26.440 spoke about reducing Tesla's salaried workforce and who he could 0:15:26.440 --> 0:15:31.120 support in the US presidential election. Elon Musk spoke with 0:15:31.120 --> 0:15:34.040 Bloomberg News Editor in chief John Michael Fwaite from the 0:15:34.080 --> 0:15:38.640 Cutter Economic Forum in Doha, powered by Bloomberg. Can you 0:15:38.680 --> 0:15:40.880 set the record straight on one thing, which is this 0:15:41.000 --> 0:15:44.160 issue about the layoffs. I think you said initially that 0:15:44.280 --> 0:15:47.600 Tesla ten percent of the workforce would be cut, then 0:15:47.680 --> 0:15:51.040 ten percent of salaried would be cut, then salaried would 0:15:51.080 --> 0:15:55.360 stay flat and overall headcount would go up. What what 0:15:55.360 --> 0:15:57.280 what is the number? I know there's already I think 0:15:57.320 --> 0:16:00.360 being a lawsuit about the ten percent? Is is ten 0:16:00.400 --> 0:16:03.360 percent the goal to reduce the workforce? Or what is 0:16:03.360 --> 0:16:08.520 the number that we should think about? Well that you're planning? Yes, 0:16:09.480 --> 0:16:14.760 so it TESLA is reducing the salary workforce. Are roughly 0:16:14.800 --> 0:16:20.800 ten percent over the next probably three months or so. UM. 0:16:20.880 --> 0:16:26.840 The uh we expect to grow out our hourly workforce. 0:16:27.320 --> 0:16:31.080 Actual quite clear that we expected to grow our hourly workforce, 0:16:31.760 --> 0:16:36.280 but we uh, we grew very fast with on the 0:16:36.360 --> 0:16:40.640 on the salary side, um, and we grew a little 0:16:40.640 --> 0:16:44.760 too fast in some areas, and so it requires reduction 0:16:44.880 --> 0:16:50.360 in salary workforce. And we're about two thirds hourly and 0:16:50.400 --> 0:16:53.080 one third salary. So I guess technically a temp said 0:16:53.120 --> 0:16:56.480 reduction in the salary workforce is only properly a three 0:16:56.640 --> 0:17:01.000 three and a half percent reduction in total headcount. Now, 0:17:01.200 --> 0:17:04.159 I think I think that number is important legally, isn't it? 0:17:04.200 --> 0:17:06.800 Because I think people are trying to say, if you 0:17:07.000 --> 0:17:09.160 if you're going to lay off ten percent of your workforce, 0:17:09.240 --> 0:17:12.520 you have even in America to make an announcement about that. 0:17:13.880 --> 0:17:19.240 We did make an announcement. UM. Yes, um, let let's 0:17:19.240 --> 0:17:23.280 not read too much into a preemptive lawsuit that has 0:17:23.359 --> 0:17:27.120 no standing. Um that that that that is a small 0:17:27.200 --> 0:17:29.800 as a lawsuit of minor class points that just anything 0:17:29.800 --> 0:17:32.080 that related to Tesla gets big headlines. But it is 0:17:32.560 --> 0:17:36.520 whether it is, um, you know, a bicycle accident or 0:17:36.560 --> 0:17:41.920 something much more serious. It's it seems like anything reslated 0:17:41.960 --> 0:17:45.679 it Tesla gets a lot of cliques, whether whether it 0:17:45.760 --> 0:17:50.080 is trivial or significant. I would put that lawsuit referring 0:17:50.080 --> 0:17:54.280 to in the trivial category. Um. So you have now, 0:17:54.359 --> 0:17:57.560 I think our headcount will be higher in both salary 0:17:57.800 --> 0:18:02.360 and obviously in hourly um. But in the short term 0:18:02.359 --> 0:18:05.520 of the next few months, we expect to see, like 0:18:05.520 --> 0:18:08.760 I said, off the attempt stated reduction in UH salary 0:18:09.040 --> 0:18:13.080 salaried workforce, which is actually just really only three or 0:18:13.080 --> 0:18:14.960 three and a half a cent reduction in total headcount 0:18:15.440 --> 0:18:20.200 and not a super material should we jump to that 0:18:20.320 --> 0:18:24.600 law that That third elon Musk the uncontroversial one. In politics, 0:18:25.359 --> 0:18:28.920 you've indicated that the Florida Governor Ronda Santis is someone 0:18:29.400 --> 0:18:32.440 you could get behind if he ran for president. I wondered, 0:18:32.440 --> 0:18:34.600 if you're still in that position, and whether you would, 0:18:34.880 --> 0:18:38.520 for instance, think about supporting Donald Trump if he were 0:18:38.560 --> 0:18:43.720 to run. Well, I was simply asked if there was 0:18:45.280 --> 0:18:47.480 if I had decided on who I would be supporting 0:18:47.520 --> 0:18:50.880 in the next presidential race, and I said I had 0:18:50.880 --> 0:18:55.800 not decided if I would support. Then I was asked, well, 0:18:55.840 --> 0:18:59.240 who might you be leaning towards. I said, possibly to Stantus. 0:19:01.160 --> 0:19:03.400 And now and now I'm asking you about Trump whether 0:19:03.440 --> 0:19:09.680 you would consider him. Um, I think I'm undersided at 0:19:09.680 --> 0:19:14.040 this point on that election. I wanted you talked about 0:19:14.080 --> 0:19:18.760 putting money behind a supermoderate super fact in the US, 0:19:18.960 --> 0:19:20.760 and I wondered, how much money do you think you're 0:19:20.800 --> 0:19:23.040 going to put into that? What kind of support would 0:19:23.040 --> 0:19:27.280 you push? I have not decided on an amount, but 0:19:27.359 --> 0:19:31.600 it would be something some non trobrial figure I think. Um, 0:19:32.040 --> 0:19:36.560 I mean at least non trivial could mean a lot. Sorry, 0:19:37.359 --> 0:19:39.320 non trivial could mean a lot of money. With you, 0:19:39.440 --> 0:19:44.200 I was guessing, well, I don't know. I'm not decided 0:19:44.240 --> 0:19:48.680 on the exact amount, but um past to be twenty 0:19:48.880 --> 0:19:53.240 or twenty five million dollars just on that issue. I mean, again, 0:19:53.720 --> 0:19:56.040 you look at the sans what the Santon says m 0:19:56.280 --> 0:19:59.520 you look at what Trump says, Um and those sort 0:19:59.560 --> 0:20:02.119 of policies. They again the people who make a large 0:20:02.160 --> 0:20:05.280 noise about China, And I wondered whether you thought that 0:20:05.400 --> 0:20:16.960 was also an issue few in terms of business in China. Um. Well, no, 0:20:17.400 --> 0:20:22.320 I don't think so. Straight. Good morning. I'm Karen Moscow 0:20:22.440 --> 0:20:25.080 along with the Nathan Hangar. This is Bloomberg daybreak and 0:20:25.080 --> 0:20:28.159 we're about three hours away from the open of US trading. 0:20:28.200 --> 0:20:30.160 Time for the fine things you need to notice start 0:20:30.160 --> 0:20:34.000 your day. Brought to you by Interactive Brokers. Indirective Brokers 0:20:34.000 --> 0:20:37.359 Global Analysts helps you find new global investment opportunities. To 0:20:37.440 --> 0:20:41.199 diversify your portfolio and discover undervalued companies that may have 0:20:41.280 --> 0:20:44.560 greater growth potential. Try i VC our Global Analysts today 0:20:44.600 --> 0:20:46.840 at i v k R dot com slash g A 0:20:47.720 --> 0:20:50.760 first US futures are searching this morning. Last week, to 0:20:50.920 --> 0:20:53.280 trillion dollars in market value was a raised from the 0:20:53.440 --> 0:20:56.240 S and P five hundred. This week, markets react to 0:20:56.320 --> 0:20:59.960 congressional testimony from fitchare J. Powell, who delivers a set 0:21:00.040 --> 0:21:03.840 Trombank semi annual report at Monetary Policy tomorrow. Well ahead 0:21:03.880 --> 0:21:06.879 of that, Karen calls for appending recession are growing Louder 0:21:06.960 --> 0:21:10.120 Bloomberg's Rnda Young joins US Live with the details. Good morning, Nina, 0:21:10.200 --> 0:21:12.760 Good morning Nathan. Elon Musk and Goldman Sachs are the 0:21:12.880 --> 0:21:15.800 latest to warn that the US economy could fall into 0:21:15.880 --> 0:21:19.919 a recession. While Musk predicted happening sometime in the near future, 0:21:20.240 --> 0:21:23.400 Goldman Sachs now sees a thirty percent chance of entering 0:21:23.440 --> 0:21:27.800 a recession over the next year. That's up from previously 0:21:28.280 --> 0:21:32.600 and Robini Macroe Associate CEO Norio Robini expects a US 0:21:32.680 --> 0:21:35.320 recession by the end of this year and says the 0:21:35.400 --> 0:21:39.520 economy is experiencing a number of negative aggregate supply shocks. 0:21:40.160 --> 0:21:43.399 Live in New York, I'm Renita Young, Bloomberg Daybreak, all right, 0:21:43.440 --> 0:21:45.440 we need to thank you. Over the weekend of Delaware, 0:21:45.560 --> 0:21:48.480 President Biden pushed back on those recession calls. He said 0:21:48.520 --> 0:21:52.399 a contraction is not inevitable. Following a conversation with former 0:21:52.440 --> 0:21:56.600 Treasury Secretary and current Bloomberg contributor Larry Summers, I think 0:21:56.800 --> 0:22:04.040 overall the picture is still a very stretched UH economy. 0:22:04.359 --> 0:22:07.280 Summers made their remarks on Bloomberg's Wall Street Week with 0:22:07.400 --> 0:22:10.680 David weston Catch the program. Every weekend on Bloomberg Radio 0:22:10.760 --> 0:22:13.679 and television, those prices rise at the gas pump. President 0:22:13.760 --> 0:22:17.480 Biden's deciding whether to suspend the federal gasoline tax i 0:22:17.560 --> 0:22:24.280 hope looking for a President Biden says he's looking for 0:22:24.359 --> 0:22:26.359 more data ahead of that decision he expects to make 0:22:26.440 --> 0:22:29.800 later this week. Treasury Secretary Janet Yellen says she supports 0:22:29.840 --> 0:22:33.199 the idea meantime x on Mobile says global oil markets 0:22:33.240 --> 0:22:36.080 may remain tight for another three to five years. CEO 0:22:36.240 --> 0:22:39.400 Darren Woods made the comments at the Guitar Economic Forums, 0:22:39.440 --> 0:22:41.680 saying it's largely due to a lack of investment since 0:22:41.720 --> 0:22:44.359 the pandemic began. We have some emine news this morning. 0:22:44.440 --> 0:22:47.200 Karen Jet Blue is raising it's offer to buy bargain 0:22:47.320 --> 0:22:50.359 carrier Spirit Airlines. The new bid values of the company 0:22:50.400 --> 0:22:53.280 at about three point seven billion dollars. And that's the 0:22:53.320 --> 0:22:55.680 five things you need to notice start your day. Brought 0:22:55.680 --> 0:22:59.639 to you by Interactive Brokers. And right now, futures are higher. 0:22:59.720 --> 0:23:03.320 US in P futures up sixty seven points down futures 0:23:03.400 --> 0:23:06.160 up four hundred ninety seven, and nasday futures up two 0:23:06.240 --> 0:23:09.520 hundred nine. Ten year Treasury done eleven thirty seconds the 0:23:09.840 --> 0:23:12.119 three point to six percent, and they yield on the 0:23:12.200 --> 0:23:15.399 two year three point to zero percent. Nine X Screwed 0:23:15.480 --> 0:23:17.760 oil is up two point three percent, up two dollars 0:23:17.840 --> 0:23:20.240 fifty two cents at a hundred twelve dollars eight cents 0:23:20.240 --> 0:23:23.200 of barrel. The Euro one point oh five six five 0:23:23.240 --> 0:23:27.040 against the dollar, and bitcoin this morning is higher, up 0:23:27.080 --> 0:23:30.080 twenty one one hundred eighty dollars. Straight ahead your latest 0:23:30.160 --> 0:23:33.520 local headlines plus a check of sports, and this is 0:23:33.600 --> 0:23:41.159 Bloomberg Exparen sixty three on Wall Street, sixty five degrees 0:23:41.280 --> 0:23:43.639