Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm John Tucker. Here
Speaker 2: are these stories we're following today.
Speaker 1: John, we begin with a conversation with Donald Trump. The
Speaker 1: former president sat down with Bloomberg News editor in chief
Speaker 1: John Mickelthwaite at the Economic Club of Chicago, giving a
Speaker 1: spirited defense of his economic policy, focused heavily on tariffs.
Speaker 3: To me, the most beautiful word in the dictionary is tariff,
Speaker 3: and it's my favorite word. It needs a public relations
Speaker 3: firm to help to miss your most beautiful word.
Speaker 1: And Donald Trump argued that obnoxious tariffs and his words
Speaker 1: would force companies to bring manufacturing to the US to
Speaker 1: avoid levies, and he dismissed the idea they would disrupt
Speaker 1: supply chains or squeeze small business where.
Speaker 2: The former president also discussed the FED and sidestep a
Speaker 2: question about whether he tried to remove Jay Powell as chairman,
Speaker 2: but he'd mocked the job of running the FED.
Speaker 3: I think it's the greatest job in government. You show
Speaker 3: up to the office once a month and you say,
Speaker 3: let's say, flip a coo, and everybody talks about you
Speaker 3: like your god. Oh, what will he do.
Speaker 2: Trump says it's fair game to talk to the Fed
Speaker 2: shairman about where interest rate should be, but that doesn't
Speaker 2: mean the president should mandate the decision.
Speaker 1: And John Former President Trump also declined to confirm a
Speaker 1: report in Washington Post journalist Bob Woodard's new book that
Speaker 1: he has spoken with Russian President Vladimir Putin several times
Speaker 1: since he left office.
Speaker 3: Well, I don't comment on that, but I will tell
Speaker 3: you that if I did, it's a smart thing. If
Speaker 3: I'm friendly with people, If I have a relationship with people,
Speaker 3: that's a good thing, not a bit I think in
Speaker 3: terms of a country.
Speaker 1: And Trump also said he would accept the result of
Speaker 1: next month's election if it's a fair process. He downplayed
Speaker 1: the violence on January sixth, twenty twenty one, saying, quote,
Speaker 1: a lot of strange things happen. You can listen to
Speaker 1: the full sixty minute conversation with Bloomberg editor in chief
Speaker 1: John Mickelwaite on the Bloomberg Talks podcast. We will have
Speaker 1: much more from the interview from the Economic Club of
Speaker 1: Chicago throughout the morning.
Speaker 2: Meanwhile, Katala Harris also too to the airwave. She was
Speaker 2: in Detroit for a town hall with radio hosts Charlemagne
Speaker 2: to God, pressing her case for more black men, especially
Speaker 2: to support her, Harris says it would she would work
Speaker 2: to decriminalize marijuana.
Speaker 4: My pledge is, as president, I will work on decriminalizing
Speaker 4: it because I know exactly how those laws have been
Speaker 4: used to disproportionately impact certain populations and specifically black men.
Speaker 2: Harris also said financial reparations for Black Americans needs to
Speaker 2: be studied.
Speaker 1: And Harris and Trump, meanwhile john remain neck and neck
Speaker 1: in the race with less than three weeks to go.
Speaker 1: The latest nationwide survey conducted by the Marquette Law School
Speaker 1: shows Harris leading Trump forty eight to forty seven percent
Speaker 1: among likely voters. That one point difference is within the
Speaker 1: poll's four point seven percent margin of error.
Speaker 2: Well, Harris may be leading in political donations. Trump has
Speaker 2: picked up some big name support. Elon MSS poured seventy
Speaker 2: five billion dollars into the Super Political Action Committee he
Speaker 2: created earlier this year. Billionaire Miriam adels inpoured ninety five
Speaker 2: million dollars into her super pack supporting Trump. Adventure capitalist
Speaker 2: Mark Andrewsen and Ben Horowitz each donated two and a
Speaker 2: half million dollars to a pro Donald Trump Super Political
Speaker 2: Action Committee. This according to the latest filings with the
Speaker 2: Federal Election Commission.
Speaker 1: Now let's turned to the latest from the Middle East.
Speaker 1: The Biden administration is warning Israel it must improve aid
Speaker 1: to Gaza. We get more from Bloomberg Middle East anchored
Speaker 1: Jimana Borsecci.
Speaker 5: A letter was leaked yesterday and this wasn't actually it
Speaker 5: was intended for the public to see that the Biden
Speaker 5: administration had sent to Israel warning that they would need
Speaker 5: to improve an increasingly dirish humanitarian crisis in the Gaza
Speaker 5: Strip within thirty days, and that if they did not
Speaker 5: do that then they could in theory cut the flow
Speaker 5: of US weapons if the situation didn't improve. Just to
Speaker 5: give you context here, Typically the number that they set
Speaker 5: for trucks entering into Gaza should be three hundred fIF
Speaker 5: trucks a day. In September it was the lowest number
Speaker 5: of trucks recorded for this year.
Speaker 1: Bloomberg's Jamani Barsati says less than one hundred trucks per
Speaker 1: day have been entering Gaza.
Speaker 2: And turning to the markets, Big Banks earnings wrap up
Speaker 2: this morning with Morgan Stanley reporting before the open, Alison
Speaker 2: Williams covers the banks for Bloomberg Intelligence.
Speaker 6: For Morgan Stanley, we expect to see a top line
Speaker 6: boosted by the very robust markets that we've seen in
Speaker 6: the past few months, similar to what we've seen at
Speaker 6: the other large US banks. Strength and equities training especially
Speaker 6: place to Morgan Stanley's business model, as they are more
Speaker 6: skewed toward that business versus fixed income. Trading fee growth
Speaker 6: will also be a highlight. Finally, for Morgan Stanley, the
Speaker 6: key thing we'll be focusing on is the trend in
Speaker 6: their wealth flows. This is a key gauge of business health,
Speaker 6: and the better markets may have helped stoke some interest
Speaker 6: from clients.
Speaker 2: Bloomberg Intelligences Alison Williams says to look for those Morgan
Speaker 2: Stanley earnings around seven thirty Wall Street time.
Speaker 1: Well, we're also looking john at chipstocks this morning after
Speaker 1: a combined four hundred twenty billion dollars in market value
Speaker 1: as erased from that sector. A slower outlook from key
Speaker 1: equipment supplier ASML Holding sparked a global route. The warning
Speaker 1: from the Netherlands based company put an abrupt end to
Speaker 1: the recent tech rally. Invidia sank nearly five percent yesterday,
Speaker 1: after hitting a record close earlier this week, ASML shares
Speaker 1: tumbled the most since nineteen ninety eight in Europe after
Speaker 1: the manufacture of the world's most advanced chip making machines
Speaker 1: cut its outlook on sluggishness in areas beyond AI. This morning,
Speaker 1: shares of Nvidia are higher by about six tens of
Speaker 1: one percent.
Speaker 2: And Nathan, we're also seeing LVMH shares under pressure. They're
Speaker 2: down more than five percent. Shares of the fashion retailer,
Speaker 2: whose brands include Louis Vuitton and Kristin Dior a film
Speaker 2: for the first time since the pandemic.
Speaker 1: And sticking in Europe, John UK inflation has slipped below
Speaker 1: the Bank of England's two percent target for the first
Speaker 1: time in three and a half years, a fall that
Speaker 1: sets the stage for a second interest rate cut from
Speaker 1: the BOE next month. Consumer prices rose one point seven
Speaker 1: percent in September compared to a year prior, and is.
Speaker 2: Now five oos siviled on Wall Street Time for a
Speaker 2: look at some of the other stories making news in
Speaker 2: New York and around the world. And for that we're
Speaker 2: joined by Bloomberg's Michael Barr.
Speaker 7: Michael, good morning, Good morning, John, and Atlanta judge has
Speaker 7: blocked a last minute moved by the Georgia State Election
Speaker 7: Board to require a hand count of ballots across local
Speaker 7: precincts statewide in the November presidential race. Last night, Fulton
Speaker 7: County Superior Court Judge Robert McBurney signed with challengers who
Speaker 7: argued the Republican majority election board risks introducing confusion and
Speaker 7: delays into the process by adopting the handcount rule so
Speaker 7: close to election day. In his ruling, Judge McBurnie wrote,
Speaker 7: it was too much, too late. One person has died
Speaker 7: in the multi state listeria outbreak link to Deli Meets.
Speaker 7: According to the CDC, it brings the total to at
Speaker 7: least ten deaths. The US Department of Agricultures Inspector General
Speaker 7: is launching an internal investigation into the agency's handling of
Speaker 7: the deadly bores Head outbreak. Senator Richard Blumenthal of Connecticut.
Speaker 8: We need a food safety agency, not just a part
Speaker 8: of the FDA, that will guarantee the supply chain, the manufacture,
Speaker 8: the shipping, and everything associated with food, because there are
Speaker 8: literally thousands of contaminated products on the market every year,
Speaker 8: and they can cause sickness and even death.
Speaker 7: A total of fifty nine people have been infacted and
Speaker 7: hospitalized across nineteen states so far. The cleanup and recovery
Speaker 7: efforts continue in parts of Florida that we're hit hard
Speaker 7: by Hurricane Milton. Governor Ron DeSantis and Zephyr Hills said
Speaker 7: power is being restored quickly.
Speaker 9: We've now had over four million accounts restore to power
Speaker 9: since Hurricane Milton came. That is the fastest that's ever
Speaker 9: been done for that many accounts.
Speaker 7: At least twenty three people have died from the storm
Speaker 7: in Florida. Former Clark County Public Administrator Robert Tullis, who
Speaker 7: has found guilty of murdering Las Vegas Review General investigative
Speaker 7: reporter Jeff Jerman, is set to be sentenced today. The
Speaker 7: jury already sentenced tell Us to lifetime in prison at
Speaker 7: wherever the judge could lessen the sentence. Global News twenty
Speaker 7: four hours a day and whenever you want it with
Speaker 7: the Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg.
Speaker 2: John. Michael, thank you, and that brings us to five
Speaker 2: h nine on Wall Street Time down for the Bloomberg
Speaker 2: Sports ub Day, brought to you by Tri State Aldi
Speaker 2: under bad Chris John Stashauer.
Speaker 7: All right John.
Speaker 10: The Yankees halfway towards winning the ALCS would be the
Speaker 10: first time in two thousand and nine's the second since
Speaker 10: oh one at the stadium the RBI doubles and Alex
Speaker 10: Dugos second, and in Anthony Rizzo and the sixth, and
Speaker 10: then in the seventh. Something that usually happens off but
Speaker 10: lately is not.
Speaker 11: Judge.
Speaker 12: It's a high fly at a center Backos Thomas on
Speaker 12: the track near the wall. She's gone, Aaron Judge hit
Speaker 12: the ball so high you wonder it came down in
Speaker 12: Monument Park. HiT's a Judge in glass all rise, Here
Speaker 12: comes the Judge.
Speaker 10: F an had it Judges first home in the moost
Speaker 10: three ways. Yanks beat the Guardian sixty three. Geric cole
Speaker 10: nodded at his best, gave up six hits, four walks
Speaker 10: with the Yankee bullpen's been outstanding. Tim Hill got five outs,
Speaker 10: Tommy Cainley got four of The Yanks go to Cleveland
Speaker 10: up two nothing, Game three Tomorrow, Game three NLCS Tonight
Speaker 10: City Field, Mets and Dodgers died at one. Luis Severino
Speaker 10: against Walker Buehler, the one time Dodger Ace, who's had
Speaker 10: two Tommy John surgeries. Buller only won one game this season,
Speaker 10: he got roughed up by the Padres and his one
Speaker 10: postseason start. The trade of Demonte Adams when the Raiders
Speaker 10: of the Jets, something that's been rumored to take ever
Speaker 10: since Aaron Rodgers joined the Jets. The two worked together
Speaker 10: for eight years in Green Bay. Now a reality, with
Speaker 10: Las Vegas getting a conditional third round draft pick, Adams
Speaker 10: will try to quickly learn the playbook help the Jets.
Speaker 10: Sunday night in Pittsburgh. Sounds like Russell Wilson will be
Speaker 10: the Steelers quarterback they had been using Justin Fields.
Speaker 1: John Stasheware, Bloomberg Sport John.
Speaker 11: Naven Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 11: and around the world on Bloomberg dot Com and the
Speaker 11: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 1: Good morning.
Speaker 7: I'm Nathan Hey.
Speaker 1: You're bringing you more now from our conversation with the
Speaker 1: former President of the United States, Donald Trump, the twenty
Speaker 1: twenty four Republican presidential candidate, spoke with Bloomberg News Editor
Speaker 1: in chief John Mikelfwaite at the Economic Club of Chicago
Speaker 1: in a wide ranging discussion covering a slop of economic topics.
Speaker 1: Let's listen in If you.
Speaker 13: Add up all the promises you've made and your plans
Speaker 13: would add seven point five trillion dollars to the debt.
Speaker 13: It's more than twice the total for Vice President Harris.
Speaker 13: This is a very business like audience. YEA, why should
Speaker 13: they trust you with that?
Speaker 3: Because we're about growth. She's got no growth whatsoever, and
Speaker 3: we're all about growth. We're going to bring companies back
Speaker 3: to our country. You look at even today as I
Speaker 3: was driving over, I see these empty, old, beautiful like
Speaker 3: steel mills and factories that are empty and falling down.
Speaker 3: Some have been converted to senior citizens' homes. But that's
Speaker 3: not going to do the trick. And we're going to
Speaker 3: bring the companies back. We're going to lower taxes still
Speaker 3: further for companies that are going to make their product
Speaker 3: in the USA. We're going to protect those companies with
Speaker 3: strong tariffs. Because I'm a believer in tariffs. I'm not
Speaker 3: sure that you are. I don't think you are, but
Speaker 3: I congratulate you in your career. But to me, the
Speaker 3: most beautiful word in the dictionary is tariff and it's
Speaker 3: my favorite word. It needs a public relations firm to
Speaker 3: help it, but it's to miss the most.
Speaker 13: Beautiful word and the tariffs. Do you think that will
Speaker 13: bring in the revenues to use another bipartisan group, Yeah,
Speaker 13: Peace and Institute. They said, I only bring in two
Speaker 13: hundred billion dollars that is, yeah, only that's barely the
Speaker 13: cost of two of your promises.
Speaker 3: Yeah, but that's like for what company you're talking about. Okay, look,
Speaker 3: I've I've brought in with tariffs and I was just
Speaker 3: getting started. Then COVID came and we had a which
Speaker 3: you know, because I tell you what, I did a
Speaker 3: very good job in COVID. Nobody knew what the hell
Speaker 3: it was. I call it the China virus because I
Speaker 3: like being a little more accurate. But when that came,
Speaker 3: but we got hundreds of billions of dollars just from
Speaker 3: China alone, and I hadn't even started yet. But tariffs
Speaker 3: are two two things if you look at it. Number
Speaker 3: one is for protection of the companies that we have
Speaker 3: here and the new companies that will move in, because
Speaker 3: we're going to have thousands of companies coming into this country.
Speaker 3: We're going to grow it like it's never grown before.
Speaker 13: The markets are looking at the fact you are making
Speaker 13: all these promises. Latest one was Carlo, you're flooding the
Speaker 13: thing with giving giveaways. But I was. I was actually
Speaker 13: quite kind to you. I used seven trillion, the upper
Speaker 13: estimates fifteen trillion. People like a Wall Street Journal who's
Speaker 13: hardly a communist organization, but you don't. They have criticized
Speaker 13: you on this as well. You are running an enormous debt.
Speaker 3: What is the Wall Street Journal? Now I'm meeting with
Speaker 3: them tomorrow. What is the Wall Street Journal? That they've
Speaker 3: been wrong about everything? So have you? By the way,
Speaker 3: you've been wrong.
Speaker 13: You're trying to turn this. You're trying to turn this
Speaker 13: you've been wrong. No, you're trying to turn You're trying
Speaker 13: to turn this into debate.
Speaker 1: There are business people.
Speaker 3: You're wrong. You've been wrong. You've been wrong all your
Speaker 3: life on this stuff. You've been No, let me tell
Speaker 3: you about currency. You're going to You know, you're going
Speaker 3: jumping a lot of a lot of different subjects, sticking
Speaker 3: to the subject back their reserve currency. That's where you start.
Speaker 3: You'll go to third world status in this country. Because
Speaker 3: you take a look at the way things are running.
Speaker 3: If a country tells me, sure, we like you very much,
Speaker 3: but we're going to no longer adhere to being in
Speaker 3: the reserve currency. We're not going to salute the dollar anymore.
Speaker 3: I'll say that's okay. And you're going to pay one
Speaker 3: hundred percent teriff for everything you sell into the United States.
Speaker 3: And we love your product. I help you sell a
Speaker 3: lot of it into the United States, but you're going
Speaker 3: to pay one hundred percent tariff. He will then follow
Speaker 3: it up by saying, sir, it would be an honor
Speaker 3: to stay with the reserve currency.
Speaker 13: You say you don't want interest rates to go higher,
Speaker 13: You've gone backwards and forwards. About depends whether you want
Speaker 13: to keep whether you want to keep your own powerll
Speaker 13: as chair at the Federal Reserve. His term as chair
Speaker 13: runs on to May twenty twenty six. Would you seek
Speaker 13: to remove, remove or demote him.
Speaker 3: I think it's the greatest job in government. You show
Speaker 3: up to the office once a month and you say,
Speaker 3: let's see flip a coal, and everybody talks about you
Speaker 3: like your god, Oh what will he do? I mean,
Speaker 3: before the guy used to walk into my office, he
Speaker 3: was like the beg in host he was.
Speaker 13: Fine, did you did? You talked about removing him once?
Speaker 3: I did, because he was keeping the reads too high
Speaker 3: him and I was right, and you would do that again.
Speaker 3: I was threatening to terminate him. There was a question
Speaker 3: as to whether or not you could. And there was
Speaker 3: an article on the New York Times two half pages
Speaker 3: one page that I can do it by lawyers, one
Speaker 3: half page that I couldn't. And that was enough for him,
Speaker 3: and he dropped the hell out of the rates. He
Speaker 3: dropped them too much, he went. So he dropped them
Speaker 3: actually too much. I think that if you're a very
Speaker 3: good president with good sense, you should be able to
Speaker 3: at least talk to him. I don't say make the
Speaker 3: decision at all, but I mean I've been a very
Speaker 3: successful businessman. I've done really good, much better now people
Speaker 3: are understanding how good I've done because they're seeing it
Speaker 3: much better than the fake news wants to give me
Speaker 3: credit for what I think I have the right to say.
Speaker 3: As a very good businessman and somebody that's used a
Speaker 3: lot of sense, I think I have the right to
Speaker 3: say that. You know, I think I'm better than he
Speaker 3: would be, better than most people would be in that position.
Speaker 3: I think I have the right to say I think
Speaker 3: you should go up or down a little bit.
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