1
00:00:01,240 --> 00:00:04,640
Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is is Bloomberg

2
00:00:04,720 --> 00:00:08,680
Speaker 1: day Break for Wednesday, December two. Coming up the shower,

3
00:00:08,920 --> 00:00:12,920
Speaker 1: the CEO of Southwest Airlines apologizes as the carrier keeps

4
00:00:12,960 --> 00:00:15,880
Speaker 1: canceling flights. The White House will comply with the Supreme

5
00:00:15,880 --> 00:00:19,160
Speaker 1: Court decision to keep coronavirus border controls in place, and

6
00:00:19,400 --> 00:00:22,880
Speaker 1: China's decision to abandon its COVID zero policy val has

7
00:00:22,920 --> 00:00:27,280
Speaker 1: the other countries considering restricting entry. Residents in Buffalo continue

8
00:00:27,320 --> 00:00:29,680
Speaker 1: to dig out from the Blizzard of the Century. Plus

9
00:00:29,720 --> 00:00:33,320
Speaker 1: new details from the January six panel on Rudy Giuliani.

10
00:00:33,360 --> 00:00:36,600
Speaker 1: I'm Michael Barre ahead, John dash Howard sports an amazing

11
00:00:36,720 --> 00:00:38,879
Speaker 1: night for Luke and Don since he led Dallas to

12
00:00:38,920 --> 00:00:41,559
Speaker 1: an overtime window of the neck. The Islanders won the

13
00:00:41,680 --> 00:00:48,000
Speaker 1: Rangers long. That's all Strainy Head on Bloomberg Daybreak on Bloomberg.

14
00:00:48,040 --> 00:00:51,560
Speaker 1: He live in Freeo, New York, Bloomberg nine one, Washington,

15
00:00:51,680 --> 00:00:55,000
Speaker 1: d C, Bloomberg One of Those six one, Boston, Bloomberg

16
00:00:55,080 --> 00:00:59,160
Speaker 1: nine sixties and Francisco Syrius x AM one nineteen and

17
00:00:59,240 --> 00:01:02,240
Speaker 1: around the world on Bloomberg Radio dot Com and buy

18
00:01:02,400 --> 00:01:08,720
Speaker 1: the Bloomberg Business app and good morning. I'm John Tucker

19
00:01:09,040 --> 00:01:12,200
Speaker 1: and I'm Karen Moscow. US Dock Index futures are little

20
00:01:12,319 --> 00:01:14,800
Speaker 1: change this morning, and we checked the markets all day

21
00:01:14,840 --> 00:01:18,080
Speaker 1: long year on Bloomberg radios and P futures and nasdack

22
00:01:18,160 --> 00:01:21,000
Speaker 1: future is both little change without futures are higher of

23
00:01:21,080 --> 00:01:23,399
Speaker 1: fifty three points or about two tens of a percent.

24
00:01:23,680 --> 00:01:26,040
Speaker 1: The decks in Germany is down about two tens of

25
00:01:26,120 --> 00:01:29,160
Speaker 1: a percent. Ten year treasury of three thirty seconds three

26
00:01:29,160 --> 00:01:31,640
Speaker 1: point two percent, and the yield on the two year

27
00:01:31,760 --> 00:01:34,760
Speaker 1: four point three three percent. John and Karen, we're gonna

28
00:01:34,800 --> 00:01:38,360
Speaker 1: begin with the latest on Southwest travel woes. The CEO

29
00:01:38,400 --> 00:01:42,160
Speaker 1: of that yourline now issuing a public apology. Bob Jordan's

30
00:01:42,200 --> 00:01:46,160
Speaker 1: released a video statement after Southwest once again canceled flights

31
00:01:46,200 --> 00:01:49,080
Speaker 1: across the country. I want everyone who is dealing with

32
00:01:49,120 --> 00:01:51,760
Speaker 1: the problems we've been facing, whether you haven't been able

33
00:01:51,800 --> 00:01:53,960
Speaker 1: to get to where you need to go or you're

34
00:01:53,960 --> 00:01:56,640
Speaker 1: one of our heroic employees caught up in a a massive

35
00:01:56,680 --> 00:01:59,720
Speaker 1: effort to stabilize the airline to know is that we're

36
00:01:59,760 --> 00:02:03,240
Speaker 1: doing everything we can to return to a normal operation.

37
00:02:03,360 --> 00:02:07,240
Speaker 1: Southwest CEO Bob Jordan's says the airline is optimistic it's

38
00:02:07,280 --> 00:02:10,560
Speaker 1: going to be back on track before next week. Well, John,

39
00:02:10,639 --> 00:02:14,359
Speaker 1: Southwest is responsible for almost three quarters of flight cancelations

40
00:02:14,360 --> 00:02:17,520
Speaker 1: in the US, and that's drawing ire from government officials

41
00:02:17,560 --> 00:02:20,680
Speaker 1: and Bloombury. Steve Rappaport joins US Live with details. Steve,

42
00:02:20,680 --> 00:02:23,600
Speaker 1: good morning, Good morning, Karen, and John's Southwest and the

43
00:02:23,639 --> 00:02:27,280
Speaker 1: White House degree on one thing. The mass disruptions are unacceptable,

44
00:02:27,440 --> 00:02:30,359
Speaker 1: and as the airline attempts to catch up, Transportation Secretary

45
00:02:30,400 --> 00:02:33,400
Speaker 1: Pete Boutagage wonders why the competition had a much easier

46
00:02:33,440 --> 00:02:37,040
Speaker 1: time recovering from last week's storm. This weather event affected everybody,

47
00:02:37,040 --> 00:02:39,240
Speaker 1: and we understand that you can't control the weather, but

48
00:02:39,880 --> 00:02:43,840
Speaker 1: there is no satisfying explanation for why all of the

49
00:02:43,880 --> 00:02:46,400
Speaker 1: other airlines are recovering and moving in the right direction

50
00:02:46,800 --> 00:02:51,080
Speaker 1: while Southwest is still, as we speak, canceling a majority

51
00:02:51,080 --> 00:02:53,680
Speaker 1: of their floods. Today's travel forecast has more of the same.

52
00:02:53,760 --> 00:02:56,399
Speaker 1: The flight tracking site flight Aware show Southwest with over

53
00:02:56,480 --> 00:03:00,080
Speaker 1: twenty cancelations live in New York Times. Steve Rappaport at

54
00:03:00,080 --> 00:03:03,040
Speaker 1: Bloomberg Daybreak, All right, thanks Steve. Another major story we're

55
00:03:03,040 --> 00:03:05,399
Speaker 1: following this morning the White House says he it's going

56
00:03:05,440 --> 00:03:08,960
Speaker 1: to comply with and the enforced the Supreme Court's ruling

57
00:03:08,960 --> 00:03:11,639
Speaker 1: on titled forty two. Let's get more in this report

58
00:03:11,639 --> 00:03:14,560
Speaker 1: from Bloomberg's at Baxter. Title forty two is a Trump

59
00:03:14,639 --> 00:03:17,440
Speaker 1: era control on border immigration. It was due to expire

60
00:03:17,480 --> 00:03:19,560
Speaker 1: when the challenge went all the way to the Supreme Court.

61
00:03:19,960 --> 00:03:22,160
Speaker 1: The court says it will stay in effect while that

62
00:03:22,240 --> 00:03:26,320
Speaker 1: occasion goes forward, potentially into June. So the Biden administration

63
00:03:26,320 --> 00:03:28,720
Speaker 1: now says it will enforce the rule, although it says

64
00:03:29,040 --> 00:03:31,760
Speaker 1: lifting it is way overdue. The White House says it

65
00:03:31,800 --> 00:03:34,760
Speaker 1: will prepare for eventually being able to lift the restrictions

66
00:03:34,760 --> 00:03:38,360
Speaker 1: and in orderly form even as it continues to enforce them.

67
00:03:38,400 --> 00:03:42,160
Speaker 1: Now in San Francisco, I'm at Baxter Bloomberg Daybreak, Great

68
00:03:42,200 --> 00:03:44,400
Speaker 1: and thank you. Will also more details this morning on

69
00:03:44,440 --> 00:03:47,440
Speaker 1: Donald Trump's taxes. Bloomberg News has learned that years of

70
00:03:47,520 --> 00:03:50,280
Speaker 1: the former president's tax or turns will be released Friday.

71
00:03:50,640 --> 00:03:54,360
Speaker 1: Key identifying information, such as account numbers will be blacked out.

72
00:03:54,600 --> 00:03:56,680
Speaker 1: The documents will be the first complete look at the

73
00:03:56,720 --> 00:03:59,800
Speaker 1: former president's tax records. Tax records for the years he

74
00:03:59,920 --> 00:04:02,160
Speaker 1: was running for office and in the White House and

75
00:04:02,240 --> 00:04:04,800
Speaker 1: turning to the markets now Karen Hong Kong was the

76
00:04:05,040 --> 00:04:09,160
Speaker 1: performer in Asia overnight. More easing of COVID restrictions help

77
00:04:09,200 --> 00:04:11,200
Speaker 1: fuel a gain of one and a half percent on

78
00:04:11,240 --> 00:04:14,280
Speaker 1: the Hang Sang index. Hong Kong is scrapping limits of

79
00:04:14,320 --> 00:04:18,559
Speaker 1: public gatherings, no longer requiring proof of vaccination for entry

80
00:04:18,680 --> 00:04:22,320
Speaker 1: to some venues well. John Hong Kong's easing follows China's

81
00:04:22,360 --> 00:04:26,280
Speaker 1: decision to abandon its COVID zero policy and reopen its borders.

82
00:04:26,400 --> 00:04:30,360
Speaker 1: That's now prompting a global response. Countries are considering whether

83
00:04:30,440 --> 00:04:33,440
Speaker 1: to test or restrict travelers from China. Begin more from

84
00:04:33,480 --> 00:04:36,880
Speaker 1: Bloomberg's Allen Juan in Shanghai. Japarent was the first to

85
00:04:36,960 --> 00:04:39,479
Speaker 1: say that it's going to require a negative COVID tests

86
00:04:39,520 --> 00:04:43,360
Speaker 1: upon arrival for mainland Chinese residents, but the US is

87
00:04:43,400 --> 00:04:46,640
Speaker 1: also considering new precortions as well. This is based on

88
00:04:46,720 --> 00:04:51,240
Speaker 1: concern about a new variant emerging out of China that

89
00:04:51,320 --> 00:04:53,320
Speaker 1: ever since the Biking announced that is no longer going

90
00:04:53,360 --> 00:04:56,680
Speaker 1: to quarantine arrivals from January eight, and that's also going

91
00:04:56,720 --> 00:04:59,920
Speaker 1: to start issuing passports again. Bloomberg's Allen one says US

92
00:05:00,000 --> 00:05:03,880
Speaker 1: officials are raising questions about the transparency of China's data

93
00:05:04,000 --> 00:05:06,240
Speaker 1: on the spread of the virus and Karen back here

94
00:05:06,240 --> 00:05:09,080
Speaker 1: in the US, futures are mixed after down the on

95
00:05:09,240 --> 00:05:12,200
Speaker 1: Wall Street, the SMP five hundred has fallen more than

96
00:05:12,320 --> 00:05:15,520
Speaker 1: six percent this month and almost twenty percent of the year.

97
00:05:15,800 --> 00:05:19,120
Speaker 1: Millard te Back equity strategist Matt Mainley says the bear

98
00:05:19,200 --> 00:05:22,680
Speaker 1: market is not over yet. The biggest problem I think

99
00:05:22,680 --> 00:05:25,240
Speaker 1: that we face is that when whenever the market gets

100
00:05:25,279 --> 00:05:28,360
Speaker 1: to an extremely overvalued level like it did at the

101
00:05:28,440 --> 00:05:30,360
Speaker 1: end of two thousands twenty one this time last year,

102
00:05:31,120 --> 00:05:34,560
Speaker 1: the bear market always last longer than just a year

103
00:05:34,640 --> 00:05:37,120
Speaker 1: or so. It's usually eighteen months or even a little

104
00:05:37,120 --> 00:05:40,280
Speaker 1: bit longer. Millard t Back equity strategist Matt Mainley sees

105
00:05:40,320 --> 00:05:43,360
Speaker 1: the SMP five hundred going down to at least thirty

106
00:05:43,400 --> 00:05:46,680
Speaker 1: five hundred. Well so far this year, John Tesla is

107
00:05:46,720 --> 00:05:49,920
Speaker 1: the third worst performing stock in the SNP five hundred,

108
00:05:49,920 --> 00:05:53,320
Speaker 1: and the tailspin and shares shows no sign of abating

109
00:05:53,360 --> 00:05:56,680
Speaker 1: anytime soon. Share has found more than eleven percent yesterday.

110
00:05:56,760 --> 00:05:59,359
Speaker 1: Let me get this story from Bloomberg's Charlie Pellett. So

111
00:05:59,480 --> 00:06:02,760
Speaker 1: far this here the stock is down sixty nine percent,

112
00:06:02,960 --> 00:06:06,520
Speaker 1: and with the latest declines that marks their longest losing

113
00:06:06,560 --> 00:06:09,880
Speaker 1: streak since eighteen. As a report of a plan to

114
00:06:10,040 --> 00:06:14,840
Speaker 1: temporarily halt production at its China factory rekindled fears about

115
00:06:14,960 --> 00:06:19,240
Speaker 1: demand risks. Tesla had its seventh straight decline and its

116
00:06:19,279 --> 00:06:23,359
Speaker 1: steepest one day drops since April. The electric vehicle maker's

117
00:06:23,480 --> 00:06:27,520
Speaker 1: market valuation has shrunk to roughly three D forty five

118
00:06:27,640 --> 00:06:31,440
Speaker 1: billion dollars, below that of Walmart, JP, Morgan Chase and

119
00:06:31,680 --> 00:06:35,880
Speaker 1: in video in New York, Charlie Pellett Bloomberg Day Break.

120
00:06:36,120 --> 00:06:39,320
Speaker 1: Thanks Charlie. Not as hard hit as Tesla, But Apple

121
00:06:39,440 --> 00:06:43,480
Speaker 1: begins trading today. It's loose levels since June of Apple

122
00:06:43,520 --> 00:06:47,320
Speaker 1: has fallen almost seven percent this year on concerns over

123
00:06:47,400 --> 00:06:51,640
Speaker 1: iPhone production issues and futures. This morning are little change

124
00:06:51,680 --> 00:06:54,039
Speaker 1: ten year Treasury up three thirty seconds, You have three

125
00:06:54,480 --> 00:06:57,640
Speaker 1: two percent and straight ahead we have your latest local headlines,

126
00:06:57,680 --> 00:07:03,960
Speaker 1: plus to check a sports Mrs Bloomberg, and it's gonna

127
00:07:04,000 --> 00:07:07,120
Speaker 1: turn partly to mostly Sundays today. High temperatures in New

128
00:07:07,200 --> 00:07:09,960
Speaker 1: York in the mid forties right now, all five o

129
00:07:10,120 --> 00:07:11,760
Speaker 1: seven on Wall Street. Time for a look at some

130
00:07:11,800 --> 00:07:13,760
Speaker 1: of the other stories making news in New York and

131
00:07:14,120 --> 00:07:17,400
Speaker 1: around the world, and for that we're joined by Bloomberg's

132
00:07:17,520 --> 00:07:20,600
Speaker 1: Michael Bart Michael Good Morning, Good Morning John. Officials in

133
00:07:20,640 --> 00:07:23,560
Speaker 1: New York say state and military police were sent to

134
00:07:23,640 --> 00:07:27,120
Speaker 1: keep people from driving and snow choked Buffalo. The Erie

135
00:07:27,120 --> 00:07:30,960
Speaker 1: County executive says that police are being positioned at entrances

136
00:07:31,000 --> 00:07:34,320
Speaker 1: to Buffalo and at major intersections to enforce a ban

137
00:07:34,440 --> 00:07:39,280
Speaker 1: on driving. Buffalo Mayor Byron Brown, we have plowed specifically

138
00:07:39,560 --> 00:07:45,400
Speaker 1: to get people to medical appointments, chemotherapy, uh dialysis. We

139
00:07:45,480 --> 00:07:49,640
Speaker 1: have done welfare checks for senior citizens and families with

140
00:07:49,760 --> 00:07:53,000
Speaker 1: young children. Buffalo Mayor Brown says more than thirty people

141
00:07:53,080 --> 00:07:56,920
Speaker 1: died in the region. The GOP chairman in New York

142
00:07:56,920 --> 00:08:01,280
Speaker 1: Congressman elect George Santos's district is talking after the Long

143
00:08:01,320 --> 00:08:04,720
Speaker 1: Island Republican admitted he lied about his personal and professional

144
00:08:04,760 --> 00:08:09,360
Speaker 1: life during his successful campaign run. Jeremy Joseph Cairos said

145
00:08:09,400 --> 00:08:12,680
Speaker 1: that he was deeply disappointed and Santos may have broken

146
00:08:12,680 --> 00:08:15,360
Speaker 1: the public's trust, but says he will carry out the

147
00:08:15,400 --> 00:08:19,080
Speaker 1: public's will when it comes to tax relief and public safety,

148
00:08:19,480 --> 00:08:22,000
Speaker 1: even if there's an investigation in the House. It would

149
00:08:22,000 --> 00:08:24,760
Speaker 1: take a two thirds majority in the Republican led House

150
00:08:24,920 --> 00:08:28,440
Speaker 1: to expel Santos from office. Meanwhile, a new Congress will

151
00:08:28,440 --> 00:08:32,440
Speaker 1: take power in January. Representative John Katko of New York

152
00:08:32,520 --> 00:08:37,120
Speaker 1: gave his outlook on what to expect from the Congress. Well,

153
00:08:37,160 --> 00:08:39,160
Speaker 1: I think the extremes on both sides. I only know

154
00:08:39,200 --> 00:08:41,800
Speaker 1: how to vote now calling the vote now Hope Yes

155
00:08:41,840 --> 00:08:44,200
Speaker 1: caucus and was a vote over the hope you pass

156
00:08:44,240 --> 00:08:46,560
Speaker 1: it for. But I think that it's going to hit

157
00:08:46,640 --> 00:08:49,079
Speaker 1: natural more give and take with the moderate wing of

158
00:08:49,120 --> 00:08:51,920
Speaker 1: the Democratic Party because we're gonna have to get things done.

159
00:08:52,360 --> 00:08:56,240
Speaker 1: Congressman Kantko spoke with David Weston on Bloomberg's balance of power.

160
00:08:56,600 --> 00:08:59,800
Speaker 1: We're learning more from the transcripts of the January sixth panel.

161
00:09:00,160 --> 00:09:04,319
Speaker 1: The former president's attorney, Rudy Giuliani was in daily contact

162
00:09:04,360 --> 00:09:09,559
Speaker 1: with Donald Trump between November five, twenty and January fife,

163
00:09:09,840 --> 00:09:12,520
Speaker 1: as much as ten times a day. That's according to

164
00:09:12,600 --> 00:09:15,679
Speaker 1: testimony by a former New York police commissioner, Bernard Carrick.

165
00:09:16,120 --> 00:09:19,240
Speaker 1: Kerrick had been police commissioner during former New York Mayor

166
00:09:19,320 --> 00:09:22,760
Speaker 1: Rudy Giuliani's second term Global, who was twenty four hours

167
00:09:22,760 --> 00:09:25,320
Speaker 1: a day on air and on Bloomberg Quick Take, powered

168
00:09:25,320 --> 00:09:28,079
Speaker 1: by more than twenty seven hundred journalists and analyst and

169
00:09:28,080 --> 00:09:31,880
Speaker 1: more than twenty countries. Michael Barr, this is Bloomberg, John, Michael,

170
00:09:31,920 --> 00:09:38,000
Speaker 1: thank you, and it's coming up on five tam. That's

171
00:09:38,000 --> 00:09:40,760
Speaker 1: time for the Sports Report being grunt you by your

172
00:09:40,800 --> 00:09:44,360
Speaker 1: try State Audi Dealer and warring John Stanshower. Good morning.

173
00:09:44,400 --> 00:09:46,680
Speaker 1: John Nicks went down to Dallas, knowing they'd have to

174
00:09:46,720 --> 00:09:49,360
Speaker 1: deal with MAVs star Luca Don Sitch. They didn't know

175
00:09:49,440 --> 00:09:52,240
Speaker 1: Don Sitch would end the night with the greatest triple

176
00:09:52,320 --> 00:09:57,040
Speaker 1: double in NBA history, sixty points one rebounds, tennis its

177
00:09:57,240 --> 00:09:59,199
Speaker 1: and some heroics at the end of regulation when he

178
00:09:59,200 --> 00:10:00,959
Speaker 1: went to the free throw with the mass down to

179
00:10:01,360 --> 00:10:03,680
Speaker 1: four seconds ago, he missed the free throw on purpose,

180
00:10:04,160 --> 00:10:06,839
Speaker 1: got the rebound, scored the tying basket. Dallas went on

181
00:10:06,880 --> 00:10:10,520
Speaker 1: to winning over time once one they had trailed by

182
00:10:10,640 --> 00:10:13,640
Speaker 1: nine with thirty five seconds remain he Nicks were shorthanded

183
00:10:13,840 --> 00:10:16,240
Speaker 1: due to injuries to Jail And Brunston and R. J. Barrett.

184
00:10:16,240 --> 00:10:18,640
Speaker 1: At the Garden Rangers shut out for only the second time.

185
00:10:18,679 --> 00:10:21,640
Speaker 1: Washington won four nothing. The U B. S Areta Islanders

186
00:10:21,679 --> 00:10:24,040
Speaker 1: beat Pittsburgh five to one, two goals for both Andres

187
00:10:24,080 --> 00:10:27,560
Speaker 1: Lee and Matthew Barzel. Marquette beat Seaton Hall eight three

188
00:10:27,640 --> 00:10:30,200
Speaker 1: sixty nine, dropped the Pirates to oh and three in

189
00:10:30,240 --> 00:10:32,720
Speaker 1: the Big East. Big game for the Giants Sunday against

190
00:10:32,760 --> 00:10:35,320
Speaker 1: the Colts, who are again going to start Nick Foles

191
00:10:35,360 --> 00:10:38,600
Speaker 1: at quarterback even though he just threw three interceptions. It's

192
00:10:38,640 --> 00:10:42,040
Speaker 1: the home finale for Brian day Balls. Team worked extremely

193
00:10:42,080 --> 00:10:44,240
Speaker 1: hard each week to to put a good product on

194
00:10:44,360 --> 00:10:46,760
Speaker 1: the field, and um, you know one of the reasons

195
00:10:46,840 --> 00:10:50,840
Speaker 1: is you know, for our fan base. UM so too.

196
00:10:51,320 --> 00:10:54,920
Speaker 1: You know, play at home, Um in late December, an

197
00:10:54,920 --> 00:10:59,000
Speaker 1: important game. Um, you know, it's it's important to us.

198
00:10:59,200 --> 00:11:01,440
Speaker 1: I know it's important to them, and we'll do everything

199
00:11:01,480 --> 00:11:03,280
Speaker 1: we can do to be ready to go from the game.

200
00:11:03,280 --> 00:11:06,240
Speaker 1: Actually not late December, it's January one. The Giants win

201
00:11:06,280 --> 00:11:08,360
Speaker 1: there in the playoffs. J. J. Watt will play two

202
00:11:08,400 --> 00:11:11,760
Speaker 1: more games for Arizona and then retire at age thirty three.

203
00:11:12,240 --> 00:11:14,720
Speaker 1: Three time Defensive Player of the Year with Youthton, Watt

204
00:11:14,760 --> 00:11:17,319
Speaker 1: is a lock someday for the Hall of Fame. On

205
00:11:17,440 --> 00:11:20,280
Speaker 1: stash Our Bloomberg Sports, John all right, John, thanks very much.

206
00:11:20,360 --> 00:11:23,240
Speaker 1: The Bloomberg Sports Report brought to you by Audie. Don't

207
00:11:23,320 --> 00:11:25,560
Speaker 1: let someone else drive off on the Audi model you've

208
00:11:25,600 --> 00:11:28,199
Speaker 1: always wanted. Visit your local try state Audi dealer to

209
00:11:28,240 --> 00:11:31,400
Speaker 1: get behind the wheel of yours today, or visit Audie

210
00:11:31,400 --> 00:11:35,559
Speaker 1: Offers dot com for more information ahead of the cash

211
00:11:35,600 --> 00:11:38,760
Speaker 1: open on walls. Fury futures mixed right now. The Dow

212
00:11:38,920 --> 00:11:41,920
Speaker 1: futures there are up fifty points, that's up two tenths

213
00:11:41,960 --> 00:11:45,760
Speaker 1: of eight percent, smp emny futures up just two points,

214
00:11:45,920 --> 00:11:49,400
Speaker 1: and the nastack emnity futures right now they are down

215
00:11:49,520 --> 00:11:52,640
Speaker 1: ten points. That is down a tenth of a percent.

216
00:11:52,760 --> 00:11:55,559
Speaker 1: Ten year yield that was down one basis points. Right

217
00:11:55,559 --> 00:11:58,920
Speaker 1: now at three eight two, you're listening to Bloomberg Daybreak

218
00:12:02,559 --> 00:12:06,000
Speaker 1: live from coast to coast, from New York to San Francisco,

219
00:12:06,200 --> 00:12:10,000
Speaker 1: buston to Washington, d C nationwide on Sirius x amp,

220
00:12:10,000 --> 00:12:13,600
Speaker 1: the Bloomberg Business app, and Bloomberg dot Com. This is

221
00:12:13,679 --> 00:12:17,760
Speaker 1: Bloomberg Daybreak, and good morning. I'm John Tucker. We heard

222
00:12:17,760 --> 00:12:19,560
Speaker 1: a brief tape at the top of the hour saying

223
00:12:19,600 --> 00:12:22,640
Speaker 1: the bear market in stocks has further to go. Let's

224
00:12:22,679 --> 00:12:24,679
Speaker 1: take a deeper diving into that and get you sent

225
00:12:24,800 --> 00:12:26,960
Speaker 1: up for the market that you had. We're joined now

226
00:12:27,040 --> 00:12:30,520
Speaker 1: by Matt Maylee, the chief market strategist at Miller Ta

227
00:12:30,600 --> 00:12:32,520
Speaker 1: Back always a pleasure math thanks for me with us.

228
00:12:33,000 --> 00:12:35,640
Speaker 1: As we close out the year, the SMP five hundred

229
00:12:35,880 --> 00:12:42,000
Speaker 1: is downw close to in the stock valuations offer anything

230
00:12:42,280 --> 00:12:46,880
Speaker 1: compelling for investors at this point, John, I don't think

231
00:12:47,440 --> 00:12:50,760
Speaker 1: the valuation issues is maybe my biggest concern right now.

232
00:12:51,160 --> 00:12:53,680
Speaker 1: I mean, we we're training at between seventeen and eighteen

233
00:12:53,720 --> 00:12:58,120
Speaker 1: times earnings, but also you look at sales price to sales,

234
00:12:58,160 --> 00:13:02,400
Speaker 1: which is be a more accurate reflection of of what's

235
00:13:02,400 --> 00:13:04,880
Speaker 1: going on in terms of valuations. Is trading in two

236
00:13:04,880 --> 00:13:09,360
Speaker 1: point two times sales? These are very high valuation levels

237
00:13:09,760 --> 00:13:11,880
Speaker 1: and you know, no, they're not as certainly not as

238
00:13:11,880 --> 00:13:13,280
Speaker 1: size as they were at the beginning of the year.

239
00:13:14,000 --> 00:13:15,760
Speaker 1: But if you know, when you're not in a in

240
00:13:15,760 --> 00:13:19,120
Speaker 1: a time frame or a situation where you have uh

241
00:13:19,160 --> 00:13:23,000
Speaker 1: you know, zero interest rates and massive que programs and

242
00:13:23,240 --> 00:13:27,280
Speaker 1: you know massive accommodation. Uh, those kind of uh valuations

243
00:13:27,320 --> 00:13:29,920
Speaker 1: where we're eighteen to twenty times earnings or higher are

244
00:13:30,120 --> 00:13:32,360
Speaker 1: just aren't attainable. And so I think, you know, when

245
00:13:32,400 --> 00:13:34,600
Speaker 1: you go back in times when you don't have those

246
00:13:34,679 --> 00:13:38,280
Speaker 1: kind of a big accommodation situations, you're looking at something

247
00:13:38,320 --> 00:13:41,480
Speaker 1: that's more like sixteen or even less times earnings. And

248
00:13:41,520 --> 00:13:43,440
Speaker 1: if with a lot of people concerned that earnings are

249
00:13:43,480 --> 00:13:46,320
Speaker 1: going to go down next year, that makes it a

250
00:13:46,320 --> 00:13:48,000
Speaker 1: tough head one as we move into the into the

251
00:13:48,000 --> 00:13:49,880
Speaker 1: new year. Well, how much of that earnings risk is

252
00:13:49,920 --> 00:13:53,800
Speaker 1: priced in right now to uh, to the market. Well,

253
00:13:53,840 --> 00:13:55,480
Speaker 1: I mean, if you just look at the numbers, like

254
00:13:55,520 --> 00:13:58,000
Speaker 1: I said, the the if it was already priced in,

255
00:13:58,080 --> 00:14:01,040
Speaker 1: the market would be trading more like fifteen times starnings

256
00:14:01,280 --> 00:14:03,920
Speaker 1: or even less. Excuse me, every bear market since World

257
00:14:03,960 --> 00:14:08,520
Speaker 1: War Two, as seen the the stock market dropped to

258
00:14:09,040 --> 00:14:12,240
Speaker 1: a level of at least fifteen time searnings and and

259
00:14:12,520 --> 00:14:15,920
Speaker 1: usually less than that. And so uh, you know, again

260
00:14:16,160 --> 00:14:18,600
Speaker 1: the bear markets tend to swing to to the other

261
00:14:18,720 --> 00:14:21,120
Speaker 1: the other side. And and the reason why that happens,

262
00:14:21,120 --> 00:14:24,400
Speaker 1: of course, that's not just a a you know, an

263
00:14:24,400 --> 00:14:27,480
Speaker 1: interesting tidbit of statistics, because the reason for is because

264
00:14:27,600 --> 00:14:31,120
Speaker 1: when the market gets built up and becomes extremely overvalued

265
00:14:31,160 --> 00:14:33,440
Speaker 1: like it did this time last year. Uh, there's a

266
00:14:33,440 --> 00:14:35,640
Speaker 1: lot of leverage built into the market, and so when

267
00:14:35,640 --> 00:14:38,800
Speaker 1: that de risking and de leveraging takes place, it swings

268
00:14:38,840 --> 00:14:41,320
Speaker 1: to the other side because people get forced selling and

269
00:14:41,400 --> 00:14:45,120
Speaker 1: margin calls and such as as the bear market plays out.

270
00:14:45,200 --> 00:14:47,920
Speaker 1: So I think that we have further to go. And

271
00:14:48,080 --> 00:14:51,760
Speaker 1: and uh, it's just unless we get something that really

272
00:14:52,120 --> 00:14:54,640
Speaker 1: helps this economy turn around in a major way very quickly.

273
00:14:55,200 --> 00:14:57,520
Speaker 1: We still have a lot of headwines right now. The

274
00:14:57,600 --> 00:15:00,720
Speaker 1: leverage points you point out with a margin numbers, how

275
00:15:00,800 --> 00:15:03,520
Speaker 1: how much leverage has been worked out of the system,

276
00:15:03,720 --> 00:15:06,480
Speaker 1: if any at this point, Well, it certainly has been

277
00:15:06,520 --> 00:15:08,480
Speaker 1: somewhere worked out. The problem is, you know, like you said,

278
00:15:08,480 --> 00:15:11,360
Speaker 1: the margin debt, you look at the finner margin debt numbers. Uh,

279
00:15:11,520 --> 00:15:13,920
Speaker 1: there's still over six hundred billion dollars. I mean these

280
00:15:13,960 --> 00:15:17,680
Speaker 1: are well down from the over eight hundred billion this

281
00:15:17,720 --> 00:15:20,760
Speaker 1: time last year. Put the numbers that still exist is

282
00:15:20,840 --> 00:15:25,840
Speaker 1: still higher than the tops of two thousand seven and

283
00:15:25,880 --> 00:15:29,360
Speaker 1: two thousand forget about being near the bottoms of where

284
00:15:29,400 --> 00:15:32,440
Speaker 1: those bear markets, uh bottom down. And again I'm not

285
00:15:32,440 --> 00:15:34,440
Speaker 1: looking for the same kind of fifty percent decline that

286
00:15:34,480 --> 00:15:37,440
Speaker 1: we saw back then. But I just think that we

287
00:15:37,520 --> 00:15:40,120
Speaker 1: do have further to go because uh, you know, it's

288
00:15:40,160 --> 00:15:43,080
Speaker 1: it's it's the natural pendulum, the way the pendulum swings

289
00:15:43,600 --> 00:15:46,040
Speaker 1: in a bear market. I'm sorry that it's painful. But

290
00:15:46,240 --> 00:15:48,720
Speaker 1: when you have a bear market reached the kind of

291
00:15:48,840 --> 00:15:51,400
Speaker 1: I'm sorry, the bull market, the preceding bull market, the

292
00:15:51,480 --> 00:15:53,960
Speaker 1: reach the kind of exchange in terms of evaluation and

293
00:15:54,040 --> 00:15:57,240
Speaker 1: overbought technical conditions, I'm afraid we do swing to the

294
00:15:57,240 --> 00:15:59,800
Speaker 1: other side, and it takes takes longer than usual when

295
00:15:59,800 --> 00:16:02,200
Speaker 1: we for those kind of extremes, and that does imply

296
00:16:02,400 --> 00:16:07,160
Speaker 1: for selling ahead right Well, it's it should at some point.

297
00:16:07,200 --> 00:16:09,800
Speaker 1: I mean we've already seen some of that, especially in

298
00:16:09,840 --> 00:16:13,600
Speaker 1: certain markets like the cryptocurrency market, etcetera. But you know,

299
00:16:13,640 --> 00:16:15,760
Speaker 1: there's a couple of very interesting articles in the last

300
00:16:15,800 --> 00:16:18,920
Speaker 1: few days, you know, from on Bloomberg talking about how

301
00:16:19,280 --> 00:16:22,920
Speaker 1: credit spreads are becoming a problem. Uh. And you know

302
00:16:22,960 --> 00:16:26,080
Speaker 1: the credit markets we have, you know, the highest level

303
00:16:26,160 --> 00:16:30,080
Speaker 1: of corporate debt and history a dialogue shot uh and uh,

304
00:16:30,160 --> 00:16:32,480
Speaker 1: you know it's a lot of that debt was taken

305
00:16:32,520 --> 00:16:36,280
Speaker 1: on to just a buy back stock. Now. That sounds

306
00:16:36,320 --> 00:16:38,880
Speaker 1: good when it's taking place. The problem is when you're

307
00:16:38,920 --> 00:16:41,960
Speaker 1: when you're taking on debt and you're putting into building

308
00:16:41,960 --> 00:16:44,040
Speaker 1: a new factory. Well that's good, that's a good idea

309
00:16:44,120 --> 00:16:46,920
Speaker 1: because that new factory will help you service that debt,

310
00:16:46,960 --> 00:16:49,640
Speaker 1: help you pay that debt. When you just do it

311
00:16:49,680 --> 00:16:51,360
Speaker 1: to buy back stock, it doesn't help you do that.

312
00:16:51,440 --> 00:16:53,640
Speaker 1: So even the interest rates for low, and of course,

313
00:16:53,720 --> 00:16:56,400
Speaker 1: is that debt comes uh comes up for a renewal,

314
00:16:56,840 --> 00:16:58,160
Speaker 1: you're gonna have to you know, roll it over at

315
00:16:58,200 --> 00:17:00,960
Speaker 1: higher levels. And it puts a stret start earnings and such.

316
00:17:01,000 --> 00:17:04,159
Speaker 1: So uh, you get a stress in the credit markets

317
00:17:04,160 --> 00:17:06,199
Speaker 1: and not just in the stock market. And those are

318
00:17:06,200 --> 00:17:08,160
Speaker 1: the types of things that can cause us and foreshowing

319
00:17:08,200 --> 00:17:10,359
Speaker 1: at some point, Hey, Mac, can you stick with us.

320
00:17:10,400 --> 00:17:12,600
Speaker 1: We're going to take a break and come back and

321
00:17:13,359 --> 00:17:15,840
Speaker 1: take a deeper diving into this as we set you

322
00:17:15,920 --> 00:17:18,240
Speaker 1: up for the trading day. Matt Madeley, the chief market

323
00:17:18,280 --> 00:17:21,640
Speaker 1: strategist at Miller tade back again. We're gonna take a break.

324
00:17:21,680 --> 00:17:25,600
Speaker 1: Continue our conversation is coming up on five eighteen on

325
00:17:25,760 --> 00:17:29,080
Speaker 1: Wall Streaks, still ahead on Bloomberg Day, Breaker in the markets,

326
00:17:29,080 --> 00:17:32,480
Speaker 1: bring you the latest news and business economics and finance.

327
00:17:32,560 --> 00:17:36,080
Speaker 1: I'm John Tucker. This is Bloomberg right now. The down

328
00:17:36,160 --> 00:17:39,760
Speaker 1: futures sixty four points higher. That's up two tenths of

329
00:17:39,880 --> 00:17:43,959
Speaker 1: eight percent. Smp emaniing futures three points higher. That's up

330
00:17:43,960 --> 00:17:47,120
Speaker 1: about a tenth of a percent. The NASTAC futures right now.

331
00:17:47,119 --> 00:17:50,440
Speaker 1: The Many futures are three points lower. Kind of trending

332
00:17:51,000 --> 00:17:54,320
Speaker 1: trading water this morning, you're listening to Bloomberg day Break.

333
00:17:54,400 --> 00:18:04,800
Speaker 1: Stay with US markets headlines and breaking news twenty four

334
00:18:04,840 --> 00:18:07,879
Speaker 1: hours a day. F Bloomberg dot Com, the Bloomberg Business

335
00:18:07,920 --> 00:18:11,080
Speaker 1: Outland at Bloomberg Quick Tape. At least she's a Bloomberg

336
00:18:11,160 --> 00:18:20,800
Speaker 1: Business lash and I'm Karen. Moscow and European stocks are

337
00:18:20,960 --> 00:18:24,520
Speaker 1: moving higher this morning. US Knock index futures. They've been

338
00:18:24,560 --> 00:18:28,040
Speaker 1: struggling for direction as news of further moves by China

339
00:18:28,119 --> 00:18:30,919
Speaker 1: to reopen its economy failed to lift investors sentiment in

340
00:18:30,920 --> 00:18:33,399
Speaker 1: the final week of a dismal year for markets. We

341
00:18:33,520 --> 00:18:35,680
Speaker 1: checked the markets all day long here on Bloomberg. Guess

342
00:18:35,680 --> 00:18:38,159
Speaker 1: and P futures now higher, up about five points or

343
00:18:38,200 --> 00:18:40,439
Speaker 1: a tenth of a percent. Down Future is up two

344
00:18:40,480 --> 00:18:43,080
Speaker 1: tenths per cent, or seventy two points, and nasdack features

345
00:18:43,080 --> 00:18:45,879
Speaker 1: aren't little changed. The decks in Germany's down about a

346
00:18:45,880 --> 00:18:48,800
Speaker 1: tenth of a percent ten your treasury of four thirty seconds,

347
00:18:48,840 --> 00:18:50,720
Speaker 1: you know, three point eight two percent a yield on

348
00:18:50,800 --> 00:18:53,560
Speaker 1: the two year four point three four percent. Night Max

349
00:18:53,600 --> 00:18:56,000
Speaker 1: Filas down three tenths per cent or twenty two cents

350
00:18:56,000 --> 00:18:58,720
Speaker 1: at seventy nine thirty one cents of Barrel Co makes

351
00:18:58,760 --> 00:19:01,400
Speaker 1: Gold down six tenths percent to eleven dollars seventy cents

352
00:19:01,440 --> 00:19:04,720
Speaker 1: at eighteen eleven forty announced the euro one pot six

353
00:19:04,800 --> 00:19:06,800
Speaker 1: three eight against the dollar in British bound one point

354
00:19:07,040 --> 00:19:09,720
Speaker 1: zero four seven. He had one thirty three point nine

355
00:19:09,800 --> 00:19:12,639
Speaker 1: five and bitcoins down to tens of a percent at

356
00:19:12,680 --> 00:19:16,159
Speaker 1: about sixteen thousand and six fifty dollars. And as a

357
00:19:16,200 --> 00:19:18,960
Speaker 1: Bloomberg business flash, now here's Michael Barr with Moore on

358
00:19:19,080 --> 00:19:22,119
Speaker 1: what's going on around the world. Michael, good morning, Good morning, Karen.

359
00:19:22,200 --> 00:19:25,120
Speaker 1: The Supreme Court is keeping pandemic air limits on people

360
00:19:25,200 --> 00:19:28,280
Speaker 1: seeking asylum in place for now. The courts set a

361
00:19:28,320 --> 00:19:31,680
Speaker 1: February timeline for arguments in the title forty two case.

362
00:19:32,200 --> 00:19:36,000
Speaker 1: Southwest CEO says he is optimistic the airline will be

363
00:19:36,080 --> 00:19:39,080
Speaker 1: back on track before next week after it had to

364
00:19:39,119 --> 00:19:42,679
Speaker 1: cancel thousands of flights because of the winter storm Bob

365
00:19:42,760 --> 00:19:45,679
Speaker 1: Jordan's says they will fly and reduce schedule over the

366
00:19:45,720 --> 00:19:49,600
Speaker 1: next few days to reposition crews and planes. In the NBA,

367
00:19:49,720 --> 00:19:53,280
Speaker 1: the next lost in overtime. Celtics, Wizards and Warriors won.

368
00:19:53,600 --> 00:19:56,480
Speaker 1: In the NHL, the Islanders won, The Capitals beat the

369
00:19:56,560 --> 00:20:00,520
Speaker 1: Rangers and a shootout. The Bruins lost in to shootout.

370
00:20:00,600 --> 00:20:02,800
Speaker 1: I should say the Capitals meet the Rangers. For ZIP

371
00:20:03,119 --> 00:20:05,760
Speaker 1: Global News twenty four hours a day on air and

372
00:20:05,920 --> 00:20:08,800
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven

373
00:20:08,840 --> 00:20:12,240
Speaker 1: hundred journalist and analysts more than twenty countries. Michael Barr

374
00:20:12,280 --> 00:20:15,520
Speaker 1: and this is Bloomberg, John, Michael, thank you, five twenty

375
00:20:15,560 --> 00:20:18,119
Speaker 1: three on Wall Straight down, John Soccer and this is

376
00:20:18,119 --> 00:20:21,920
Speaker 1: Bloomberg debreak. As Future seemed to tread water this morning,

377
00:20:21,960 --> 00:20:25,359
Speaker 1: let's continue our conversation with Matt Maylee, the chief market

378
00:20:25,400 --> 00:20:29,800
Speaker 1: stratagist at Miller Tapeck. Matt, will there be indiscriminate selling

379
00:20:29,840 --> 00:20:35,400
Speaker 1: ahead where maybe some great opportunities will arise for investors? Well,

380
00:20:35,440 --> 00:20:38,040
Speaker 1: that is what usually happens in in a bearer market.

381
00:20:38,240 --> 00:20:40,520
Speaker 1: You know, we get that washout move. I mean we've

382
00:20:40,520 --> 00:20:43,000
Speaker 1: heard all year along that from from a lot of

383
00:20:43,000 --> 00:20:45,320
Speaker 1: different areas around the street saying, you know, we haven't

384
00:20:45,320 --> 00:20:49,600
Speaker 1: had that big capitulation move. Like I said, the capitulation.

385
00:20:49,640 --> 00:20:51,480
Speaker 1: Most people think of that as well. People just throw

386
00:20:51,520 --> 00:20:53,640
Speaker 1: in the towel and say, oh, I've had enough, get

387
00:20:53,640 --> 00:20:55,760
Speaker 1: me out. But that that that does play a part.

388
00:20:56,440 --> 00:20:59,480
Speaker 1: But a real, the real capitulation takes place when we

389
00:20:59,520 --> 00:21:01,720
Speaker 1: get the four selling that we were talking about earlier.

390
00:21:02,119 --> 00:21:05,920
Speaker 1: And when that happens, you get some unbelievable buying opportunities.

391
00:21:05,920 --> 00:21:08,960
Speaker 1: Because when people have to sell, uh, whether it be

392
00:21:09,000 --> 00:21:11,960
Speaker 1: a margin call or or what have you. Uh, they're

393
00:21:12,000 --> 00:21:14,200
Speaker 1: willing to sell at any price. Whether if if a

394
00:21:14,240 --> 00:21:16,960
Speaker 1: stock is fairly valued or under value, doesn't matter. They

395
00:21:16,960 --> 00:21:21,160
Speaker 1: have to sell. And uh, those create some unbelievable opportunities.

396
00:21:21,160 --> 00:21:23,000
Speaker 1: I mean. One of the things that I always uh

397
00:21:23,440 --> 00:21:26,679
Speaker 1: uh say is you know one of the that the

398
00:21:26,720 --> 00:21:30,000
Speaker 1: Warren Buffett, I mean, that's how he really became a billionaire.

399
00:21:30,200 --> 00:21:33,720
Speaker 1: He would come in in situations where somebody had to sell.

400
00:21:33,720 --> 00:21:35,800
Speaker 1: It may not be a stock market crash and maybe

401
00:21:36,000 --> 00:21:40,200
Speaker 1: uh an individual company's individual situation, but they find they

402
00:21:40,200 --> 00:21:42,639
Speaker 1: have to finally have to sell, and he comes in

403
00:21:42,680 --> 00:21:46,920
Speaker 1: and scoops up those great situations situations and uh, and

404
00:21:46,960 --> 00:21:48,520
Speaker 1: you know, and then rise to the thing for for

405
00:21:48,600 --> 00:21:51,119
Speaker 1: many years to come. So I mean it seems like

406
00:21:51,160 --> 00:21:53,160
Speaker 1: that happened. It's not just a once in a lifetime

407
00:21:53,600 --> 00:21:56,879
Speaker 1: uh situation. It happens in most bare markets. So it happens,

408
00:21:57,080 --> 00:21:59,040
Speaker 1: but it only happens a couple of times. And so yes,

409
00:21:59,080 --> 00:22:01,920
Speaker 1: it will I think creates some unbelievable opportunities. And you

410
00:22:01,960 --> 00:22:06,040
Speaker 1: look at a stock like Alphabet Google, Um, it's already

411
00:22:06,040 --> 00:22:09,160
Speaker 1: getting you know, inexpensive. I mean, it's below twenty times

412
00:22:09,160 --> 00:22:12,520
Speaker 1: earnings at some point the stock if it's especially if

413
00:22:12,520 --> 00:22:15,679
Speaker 1: it falls any further, you're gonna get a great opportunity

414
00:22:15,720 --> 00:22:18,520
Speaker 1: in some of these names. And so, like anything else.

415
00:22:18,680 --> 00:22:21,879
Speaker 1: And when you talk about barious situations, cycles or cycles,

416
00:22:21,920 --> 00:22:23,439
Speaker 1: then they turned back up at one point and they

417
00:22:23,480 --> 00:22:26,240
Speaker 1: provide unbelievably great opportunities. I think you said that at

418
00:22:26,280 --> 00:22:28,160
Speaker 1: one point in your note that you're like gold. Why

419
00:22:28,200 --> 00:22:31,840
Speaker 1: hasn't gold been the the inflation hedge that it usually

420
00:22:31,920 --> 00:22:36,000
Speaker 1: has been associated with? That that is, you know, one

421
00:22:36,000 --> 00:22:39,160
Speaker 1: of the big conundrums of the last year, because really

422
00:22:39,440 --> 00:22:41,560
Speaker 1: nothing has. I mean, of course everybody was this time

423
00:22:41,640 --> 00:22:44,520
Speaker 1: last year people were saying that that the cryptocurrency market

424
00:22:44,680 --> 00:22:47,720
Speaker 1: would be would be bitcoin or some other cryptos would

425
00:22:47,760 --> 00:22:50,800
Speaker 1: be the the hedge that certainly didn't work out, but

426
00:22:50,920 --> 00:22:54,240
Speaker 1: neither the gold uh. And of course gold didn't work

427
00:22:54,240 --> 00:22:56,840
Speaker 1: really well as a flight to safety trade either. UM.

428
00:22:56,880 --> 00:22:59,200
Speaker 1: But on a technical basis, there's no question that gold

429
00:22:59,320 --> 00:23:02,680
Speaker 1: is has really turned around. UH. It broke above its

430
00:23:02,680 --> 00:23:05,000
Speaker 1: trend line. Will first of all provide a very nice

431
00:23:05,040 --> 00:23:09,320
Speaker 1: base over the summer, trading along the six level one thousands,

432
00:23:09,320 --> 00:23:12,240
Speaker 1: six twenty level, bouncing along that level for a couple

433
00:23:12,280 --> 00:23:14,760
Speaker 1: of months. Uh. Then it broke above its trend line

434
00:23:14,800 --> 00:23:17,359
Speaker 1: going back to March, making a series of higher highs

435
00:23:17,359 --> 00:23:19,440
Speaker 1: and higher low So on a technical basis, goal looks

436
00:23:19,480 --> 00:23:22,879
Speaker 1: very good. Matt, always a pleasure, appreciate it. Matt Miller,

437
00:23:23,080 --> 00:23:27,040
Speaker 1: Matt Mainley rather, the chief markets strategist at Millard tay

438
00:23:27,080 --> 00:23:29,679
Speaker 1: back with this this morning, just to have this morning's

439
00:23:29,720 --> 00:23:33,280
Speaker 1: top stories, plus your local headlines and a check the

440
00:23:33,320 --> 00:23:36,160
Speaker 1: markets ahead of the cash open on Wall Street this morning.

441
00:23:36,520 --> 00:23:39,359
Speaker 1: Futures right now they're mixed, the down futures they're up

442
00:23:39,359 --> 00:23:43,400
Speaker 1: fifty seven, SMP evening futures up three, and the domesday

443
00:23:43,480 --> 00:23:47,680
Speaker 1: futures are down seven points all that straight ahead. But

444
00:23:47,800 --> 00:23:51,600
Speaker 1: first we're gonna get a look at today's Bloomberg weather forecast,

445
00:23:52,280 --> 00:23:55,760
Speaker 1: and to do that, forest in the Weather Center this morning.

446
00:23:55,800 --> 00:24:01,000
Speaker 1: That is where we find Meteorologist Rob Caroline. Any clowning

447
00:24:01,040 --> 00:24:03,400
Speaker 1: this across the Tri state area moves out early this morning.

448
00:24:03,440 --> 00:24:06,040
Speaker 1: It becomes partly the mostly sunny today with highs between

449
00:24:06,080 --> 00:24:09,280
Speaker 1: forty and forty five. Tonight, partly cloudy the city's thirty

450
00:24:09,320 --> 00:24:11,280
Speaker 1: to thirty five lows in the suburbs in the twenties.

451
00:24:11,359 --> 00:24:14,200
Speaker 1: Overnight Tomorrow partly to mostly sunny. We should be around

452
00:24:14,240 --> 00:24:17,720
Speaker 1: forty five tomorrow afternoon. The outlook for Friday partial sunshine

453
00:24:17,960 --> 00:24:20,800
Speaker 1: with highs between forty five and fifty eight. I'm Rob

454
00:24:20,960 --> 00:24:24,160
Speaker 1: Caroline with your three day forecast on Bloomberg eleven three

455
00:24:24,240 --> 00:24:31,040
Speaker 1: oh broadcasting wide from the Bloomberg Interactive Broker Studio in

456
00:24:31,119 --> 00:24:34,840
Speaker 1: New York, Bloomberg Living three to Washington, d C. Bloomberg

457
00:24:35,800 --> 00:24:39,040
Speaker 1: to Boston, Bloomberg one oh six one does San Francisco,

458
00:24:39,119 --> 00:24:42,920
Speaker 1: Bloomberg sixty to the country Sirius XM Cho one ninet

459
00:24:43,200 --> 00:24:46,359
Speaker 1: and around the globe, the Bloomberg Business at and Bloomberg

460
00:24:46,440 --> 00:24:55,920
Speaker 1: Radio dot Com. This is Bloomberg Daybreak and it's coming

461
00:24:55,960 --> 00:24:58,399
Speaker 1: up to five thirty on Wall Street. Good morning, I'm

462
00:24:58,480 --> 00:25:01,680
Speaker 1: Karen Moscow and I'm on Tucker Bloomberg Daybreak being brought

463
00:25:01,720 --> 00:25:05,119
Speaker 1: to you by Innovation Refunds to see if you're small

464
00:25:05,359 --> 00:25:08,600
Speaker 1: or medium sized business could be missing out on an opportunity.

465
00:25:09,119 --> 00:25:14,080
Speaker 1: Was your business impacted by COVID nineteen and it may

466
00:25:14,200 --> 00:25:18,080
Speaker 1: qualify for the employee retention credit the professionals if Innovation

467
00:25:18,200 --> 00:25:21,400
Speaker 1: Refunds can help your business recover from the pandemic. See

468
00:25:21,440 --> 00:25:23,560
Speaker 1: how much you could be could be waiting for your

469
00:25:23,720 --> 00:25:27,560
Speaker 1: business at get refunds dot com. Well, we're just about

470
00:25:27,600 --> 00:25:29,800
Speaker 1: four hours away from the open of US trading and

471
00:25:29,880 --> 00:25:31,200
Speaker 1: let's get you up to date of the news you

472
00:25:31,320 --> 00:25:33,040
Speaker 1: need to know at this hour. We begin with the

473
00:25:33,160 --> 00:25:37,679
Speaker 1: latest on Southwest Travel Loose CEO Bob Jordan is now

474
00:25:37,840 --> 00:25:41,639
Speaker 1: issuing a public apology after the airline canceled thousands of

475
00:25:41,760 --> 00:25:44,760
Speaker 1: flights yet again. Our plan for the next few days

476
00:25:44,840 --> 00:25:48,240
Speaker 1: is to fly a reduced schedule and reposition our people

477
00:25:48,320 --> 00:25:51,600
Speaker 1: and planes, and we're making headway and we're optimistic to

478
00:25:51,680 --> 00:25:55,640
Speaker 1: be back on track before next week. Southwest CEO Bob

479
00:25:55,760 --> 00:25:58,920
Speaker 1: Jordan's says he's doing everything he can to return to

480
00:25:59,040 --> 00:26:02,879
Speaker 1: normal operation, and Karen, Southwest is responsible for almost three

481
00:26:02,960 --> 00:26:05,560
Speaker 1: quarters of flight cancelations of the US that's drawing the

482
00:26:05,640 --> 00:26:09,600
Speaker 1: ire of government officials. Bloomberg Steve Rappaport, Joss Live with

483
00:26:09,720 --> 00:26:13,000
Speaker 1: the latest of that story. Steve, good morning, Good morning, John,

484
00:26:13,080 --> 00:26:15,640
Speaker 1: and Karen. The Department of Transportation, in a tweet, called

485
00:26:15,720 --> 00:26:19,400
Speaker 1: Southwest was unacceptable, adding it will investigate whether the mass

486
00:26:19,440 --> 00:26:22,959
Speaker 1: cancelations were controllable and if Southwest is complying with its

487
00:26:23,000 --> 00:26:26,080
Speaker 1: customer service plan. That's likely little comfort for tens of

488
00:26:26,119 --> 00:26:29,239
Speaker 1: thousands of Southwest passengers not going anywhere today. With more

489
00:26:29,280 --> 00:26:32,800
Speaker 1: than twenty undred flights grounded, the Biden administration wants to

490
00:26:32,880 --> 00:26:35,600
Speaker 1: know why rival airlines had a much easier time recovering

491
00:26:35,640 --> 00:26:38,320
Speaker 1: from last week's storm. Live in New York. I'm Steve Rappaport,

492
00:26:38,359 --> 00:26:41,719
Speaker 1: Bloomberg Daybreak, All right, Steve, Thanks, returning to politics now.

493
00:26:41,800 --> 00:26:45,159
Speaker 1: The Biden administration says it will comply with and in

494
00:26:45,320 --> 00:26:48,520
Speaker 1: force the Supreme Court's ruling on Title forty two. The

495
00:26:48,680 --> 00:26:51,280
Speaker 1: order means thousands of people waiting on the Mexican side

496
00:26:51,280 --> 00:26:53,440
Speaker 1: of the border will stay there for the time being,

497
00:26:54,200 --> 00:26:56,960
Speaker 1: and Bloomberg News has learned that years of Donald Trump's

498
00:26:57,000 --> 00:27:00,440
Speaker 1: tax returns will be released Friday by a House committee.

499
00:27:00,720 --> 00:27:03,360
Speaker 1: It binds the first complete look at the former president's

500
00:27:03,480 --> 00:27:06,280
Speaker 1: tax records since he declared his run for the White

501
00:27:06,359 --> 00:27:10,200
Speaker 1: House in twift Well, let's look at markets now. US

502
00:27:10,320 --> 00:27:13,800
Speaker 1: futures they're little change to higher following a down day

503
00:27:13,840 --> 00:27:16,359
Speaker 1: on Wall Street. The S and P fiveds following more

504
00:27:16,440 --> 00:27:19,480
Speaker 1: than six percent this month and almost twenty percent of

505
00:27:19,520 --> 00:27:22,800
Speaker 1: the year over In Asia, more easing of COVID restrictions

506
00:27:22,840 --> 00:27:25,000
Speaker 1: helped fuel a gain of one and a half percent

507
00:27:25,119 --> 00:27:28,439
Speaker 1: on Hong Kong's Hanging Sang Index overnight, and in Hong

508
00:27:28,520 --> 00:27:31,640
Speaker 1: Kong and China ease COVID restrictions, Some countries are considering

509
00:27:31,680 --> 00:27:34,960
Speaker 1: whether the task or restrict travelers from China. In Hong Kong,

510
00:27:35,119 --> 00:27:38,280
Speaker 1: chief executive John Belize has scrapping COVID rules was not

511
00:27:38,480 --> 00:27:41,800
Speaker 1: a rushed decision. It is not rapid, is not sudden.

512
00:27:42,280 --> 00:27:45,040
Speaker 1: They will always come a day when we have to

513
00:27:45,200 --> 00:27:49,760
Speaker 1: make big decision about normalization. That is actually what we

514
00:27:49,880 --> 00:27:53,040
Speaker 1: are doing now. It's chief executive John Lee says Hong

515
00:27:53,119 --> 00:27:55,960
Speaker 1: Kong has prepared for the easing of COVID restrictions for

516
00:27:56,119 --> 00:28:04,040
Speaker 1: months by vaccinating much of the population, and that brings

517
00:28:04,119 --> 00:28:06,320
Speaker 1: us to five thirties. Well on Wall Street, Left Spring,

518
00:28:06,400 --> 00:28:08,400
Speaker 1: and Michael Barr with more on what else is going

519
00:28:08,440 --> 00:28:11,440
Speaker 1: on in New York and around the world. Michael, good Morning,

520
00:28:11,520 --> 00:28:14,200
Speaker 1: Good morning John. Officials in New York say state and

521
00:28:14,359 --> 00:28:17,080
Speaker 1: military police were sent to keep people from driving and

522
00:28:17,200 --> 00:28:21,000
Speaker 1: snow choked Buffalo. More than thirty people died in the region.

523
00:28:21,320 --> 00:28:24,639
Speaker 1: Buffalo Mayor Byron Brown was asked about reports of looting.

524
00:28:24,920 --> 00:28:27,879
Speaker 1: There was looting that took place in different parts of

525
00:28:28,000 --> 00:28:31,040
Speaker 1: the city. I call the looters the lowest of the low.

526
00:28:31,760 --> 00:28:34,480
Speaker 1: People that shouldn't even be able to look themselves in

527
00:28:34,560 --> 00:28:38,080
Speaker 1: the mirror. They should be ashamed of themselves. Mayor Brown

528
00:28:38,320 --> 00:28:41,600
Speaker 1: and an emergency services commissioner in the Buffalo area say

529
00:28:41,680 --> 00:28:44,040
Speaker 1: cruise are keeping an eye on warmer weather later in

530
00:28:44,080 --> 00:28:46,479
Speaker 1: the week that could bring a threat of flooding as

531
00:28:46,560 --> 00:28:50,240
Speaker 1: the snow melts. More testimony from the January six panel

532
00:28:50,360 --> 00:28:54,280
Speaker 1: is providing more details involving former New York Mayor Rudy Giuliani.

533
00:28:54,720 --> 00:28:58,480
Speaker 1: According to testimony from ex New York Police Commissioner Bernard Carrick,

534
00:28:58,880 --> 00:29:02,080
Speaker 1: Giuliani spoke to former President Donald Trump as much as

535
00:29:02,120 --> 00:29:05,600
Speaker 1: ten times a day about possible litigation. Keric says the

536
00:29:05,640 --> 00:29:11,560
Speaker 1: conversations took place between November five and January fifty one.

537
00:29:12,240 --> 00:29:15,680
Speaker 1: GOP leaders on Capitol Hill are mostly muted. After the

538
00:29:15,760 --> 00:29:19,560
Speaker 1: latest statement from Congressman elect George Santos, the Long Island

539
00:29:19,720 --> 00:29:23,840
Speaker 1: Republican described what he called embellishing large portions of his

540
00:29:24,000 --> 00:29:28,800
Speaker 1: background during his successful congressional run. Santos spoke on Fox

541
00:29:28,920 --> 00:29:31,719
Speaker 1: News last night to Tulsea Gabert. I made a mistake,

542
00:29:31,960 --> 00:29:35,640
Speaker 1: and I think humans are flawed and we all make mistakes. Um.

543
00:29:35,840 --> 00:29:37,320
Speaker 1: I think we can all look at ourselves in the

544
00:29:37,320 --> 00:29:39,400
Speaker 1: mirror and admit that once in life we made a mistake.

545
00:29:39,640 --> 00:29:41,880
Speaker 1: I'm having to submit this in national television for the

546
00:29:41,920 --> 00:29:45,360
Speaker 1: whole country to see. The Republican chairman in his district said,

547
00:29:45,400 --> 00:29:47,920
Speaker 1: Santos may have broken the public trust, but he'll do

548
00:29:48,040 --> 00:29:50,360
Speaker 1: the public's will when it comes to tax relief. In

549
00:29:50,400 --> 00:29:54,400
Speaker 1: public safety, scientists are transforming pig livers to look and

550
00:29:54,560 --> 00:29:56,800
Speaker 1: act like human ones. It's part of a quest to

551
00:29:56,880 --> 00:29:59,920
Speaker 1: ease the nation's organ shortage. Global Needs twenty four hour

552
00:30:00,000 --> 00:30:02,320
Speaker 1: Today on a rand on Bloomberg Quick take powered by

553
00:30:02,360 --> 00:30:05,400
Speaker 1: more than seven journalist analysts more than a hundred, twenty countries.

554
00:30:05,720 --> 00:30:11,840
Speaker 1: Michael bar this is Bloomberg, John Michael, thank you. Yeah,

555
00:30:11,880 --> 00:30:14,400
Speaker 1: that's gonna got five thirty four of Wall Street time

556
00:30:14,440 --> 00:30:16,520
Speaker 1: down for the sports report, brought to you by your

557
00:30:16,560 --> 00:30:19,840
Speaker 1: trying State AUTI Dealers Morning john Stown Shower Morning. John

558
00:30:19,960 --> 00:30:22,840
Speaker 1: Nick started a Texas swing in Dallas. Jalen Brunson missed

559
00:30:22,840 --> 00:30:24,880
Speaker 1: the game against his old team, injured him. Then two

560
00:30:24,920 --> 00:30:27,320
Speaker 1: minutes in r J Barrett heard his finger. So Emmanuel

561
00:30:27,440 --> 00:30:31,400
Speaker 1: quickly and Deuce McBride played fifty one and forty six

562
00:30:31,480 --> 00:30:34,960
Speaker 1: minutes and shot two for nineteen three pointers. Quentin Grimes

563
00:30:35,000 --> 00:30:38,000
Speaker 1: did scored thirty three. Julius Randall at twenty nine eighteen rebounds,

564
00:30:38,040 --> 00:30:41,240
Speaker 1: and the Knicks led by nine with thirty five seconds ago.

565
00:30:41,320 --> 00:30:44,200
Speaker 1: They led by two with four seconds left, and Luca Dunce,

566
00:30:44,280 --> 00:31:05,080
Speaker 1: it's at the free throws, O God time blot my

567
00:31:05,200 --> 00:31:07,760
Speaker 1: green and MSG he missed the free throw on purpose,

568
00:31:07,920 --> 00:31:11,760
Speaker 1: got the rebound tie the game Dallas one one. An

569
00:31:11,760 --> 00:31:16,040
Speaker 1: amazing night for Don Said sixty points, twenty one rebounds. Tennis.

570
00:31:16,200 --> 00:31:19,640
Speaker 1: This greatest triple double in NBA history. Rangers at the

571
00:31:19,640 --> 00:31:22,840
Speaker 1: Garden lost to Washington for not thine Islanders beat Pittsburgh

572
00:31:22,920 --> 00:31:26,080
Speaker 1: five to one. Is Carlos Correa going to be a Met?

573
00:31:26,160 --> 00:31:27,960
Speaker 1: He was gonna be a Giant until the red flag

574
00:31:28,080 --> 00:31:30,400
Speaker 1: arose from his physical and now the Mets are concerned

575
00:31:30,400 --> 00:31:34,120
Speaker 1: about an ankle injury. They reportedly want to restructor the contract.

576
00:31:34,200 --> 00:31:37,360
Speaker 1: There's where Correa is not in agreement with that, and

577
00:31:37,440 --> 00:31:40,120
Speaker 1: now other teams are said to be looking to sign Kreia.

578
00:31:40,440 --> 00:31:42,960
Speaker 1: John Stash of Bloomberg Sports John, all right, thanks John,

579
00:31:42,960 --> 00:31:45,760
Speaker 1: Bloomberg Sports Report. Pross you by Audie. Don't let somebody

580
00:31:45,800 --> 00:31:47,920
Speaker 1: else drive off of the Audi model you've always wanted.

581
00:31:48,040 --> 00:31:51,240
Speaker 1: Visit your local Try State Audie dealer to get behind

582
00:31:51,320 --> 00:31:54,520
Speaker 1: the wheel of viewers today, or visit Audie Offers dot

583
00:31:54,600 --> 00:32:01,280
Speaker 1: com for more information. You're listening to Bloomberg Daybreak. He

584
00:32:01,400 --> 00:32:04,560
Speaker 1: has now Wall Street time for the Try and Say

585
00:32:04,640 --> 00:32:07,720
Speaker 1: Business Report, and here were at that Bloomberg's Gina Servetti.

586
00:32:07,960 --> 00:32:11,280
Speaker 1: Wigman's is recalling some salad ingredients in New York, New

587
00:32:11,360 --> 00:32:14,680
Speaker 1: Jersey and a handful of other states over salmonella concerns.

588
00:32:14,920 --> 00:32:17,800
Speaker 1: The company says the products in question include Wigman's branded

589
00:32:17,880 --> 00:32:21,800
Speaker 1: organic farm and Orchard micro Greens and organic baby kale

590
00:32:21,840 --> 00:32:25,400
Speaker 1: and baby spinach with sweet pea leaves. The Rochester based

591
00:32:25,560 --> 00:32:28,760
Speaker 1: grocery chains has it's received no reports of illnesses. The

592
00:32:28,840 --> 00:32:31,080
Speaker 1: City of Hoboken has given the green light to a

593
00:32:31,120 --> 00:32:34,320
Speaker 1: new mixed use development on Monroe Street. The Hudson Reporter

594
00:32:34,520 --> 00:32:37,320
Speaker 1: reports that the city council approved the six hundred seventy

595
00:32:37,400 --> 00:32:40,560
Speaker 1: five residential unit project for nine thirty Monroe and that

596
00:32:40,640 --> 00:32:44,200
Speaker 1: the deal includes a fifteen million dollar community benefit contribution

597
00:32:44,320 --> 00:32:47,960
Speaker 1: from the developer. And Connecticut based Altas Power has agreed

598
00:32:48,000 --> 00:32:51,040
Speaker 1: to buy a two hundred twenty megawatt solar plant business

599
00:32:51,160 --> 00:32:54,240
Speaker 1: from funds managed by the private equity firm True Green

600
00:32:54,400 --> 00:32:58,040
Speaker 1: Capital Management. Renewables Now reports that Alta said the price

601
00:32:58,160 --> 00:33:01,360
Speaker 1: TAGG is around two hundred ninety three million dollars. That's

602
00:33:01,400 --> 00:33:04,800
Speaker 1: the Bloomberg Tri State Business Report. I'm Gina Servetti. All right,

603
00:33:04,800 --> 00:33:08,120
Speaker 1: thanks Jina, and it is now thirty seven on Wall Street.

604
00:33:08,240 --> 00:33:12,280
Speaker 1: That's time for our daily Bloomberg Small Business Report. That

605
00:33:12,560 --> 00:33:16,360
Speaker 1: here's Bloomberg's Lisa ma Tale. Higher prices will push more

606
00:33:16,440 --> 00:33:20,240
Speaker 1: Americans to jump start their small business dreams in three

607
00:33:20,400 --> 00:33:23,280
Speaker 1: to help boost their income. New research from into it

608
00:33:23,400 --> 00:33:26,880
Speaker 1: QuickBooks shows almost two thirds of those surveys say they'll

609
00:33:26,960 --> 00:33:29,640
Speaker 1: keep their current job while starting their side hustle. The

610
00:33:29,720 --> 00:33:32,640
Speaker 1: majority plan to fund their business with their own savings,

611
00:33:32,840 --> 00:33:36,000
Speaker 1: with others expecting to lean into family and friends as

612
00:33:36,040 --> 00:33:38,520
Speaker 1: well as look to private business loans from banks and

613
00:33:38,720 --> 00:33:43,560
Speaker 1: online lenders. While Delaware led two with the most entrepreneurs

614
00:33:43,600 --> 00:33:46,400
Speaker 1: per capita, New Jersey leads the states set to have

615
00:33:46,520 --> 00:33:54,000
Speaker 1: the majority next year, followed by Florida, Hawaii, California, Louisiana, Maryland, Georgia, Nevada,

616
00:33:54,160 --> 00:33:58,720
Speaker 1: New York, Delaware, and South Carolina. The report also shows

617
00:33:58,840 --> 00:34:01,720
Speaker 1: technology has made it easier than ever for them to

618
00:34:01,800 --> 00:34:05,680
Speaker 1: start a business. E Commerce opportunities and the social media

619
00:34:05,800 --> 00:34:09,680
Speaker 1: creator economy lead their venture choices. And that's the Bloomberg

620
00:34:09,840 --> 00:34:14,320
Speaker 1: Small Business Report. Lisa Thanks a Lot, Lisa Matteo. Salona,

621
00:34:14,400 --> 00:34:19,000
Speaker 1: the cryptocurrency backed by falling cryptomogul Sam Bankman Free, tumbling

622
00:34:19,160 --> 00:34:23,000
Speaker 1: today amid concerns the large holders may be about to

623
00:34:23,080 --> 00:34:27,160
Speaker 1: be offloading the token, Salanta dropping as much as twelve

624
00:34:27,320 --> 00:34:31,439
Speaker 1: percent as training about eight point eight percent lower as

625
00:34:31,800 --> 00:34:36,080
Speaker 1: of this morning in London. Other tokens saw modesty declines

626
00:34:36,680 --> 00:34:38,600
Speaker 1: ahead of the cansh open on Wall Street this morning.

627
00:34:38,640 --> 00:34:41,560
Speaker 1: Down futures there are up fifty four points, that's a

628
00:34:41,640 --> 00:34:43,960
Speaker 1: rise of about two tenths of eight percent. S and

629
00:34:44,000 --> 00:34:47,239
Speaker 1: p Emni futures there are two points higher right now,

630
00:34:47,480 --> 00:34:50,880
Speaker 1: and the NAZZAC futures thirteen points lower. That's down about

631
00:34:51,040 --> 00:34:57,680
Speaker 1: a ten percent. Just ahead will have market update. You're

632
00:34:57,760 --> 00:35:04,600
Speaker 1: listening to Bloomberg Daybreak, markets, headlines and breaking news twenty

633
00:35:04,640 --> 00:35:07,440
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg

634
00:35:07,520 --> 00:35:11,080
Speaker 1: Business Outland at Bloomberg Quick Take. This is a Bloomberg

635
00:35:11,160 --> 00:35:19,920
Speaker 1: business lash. But I'm Karen Moscow and US not Index

636
00:35:19,960 --> 00:35:22,680
Speaker 1: futures are really struggling for direction as news of further

637
00:35:22,760 --> 00:35:25,319
Speaker 1: moves by China to reopen its economy failed to lift

638
00:35:25,400 --> 00:35:28,040
Speaker 1: investor sentiment in the final week of a dismal year

639
00:35:28,120 --> 00:35:30,319
Speaker 1: for markets. They checked the markets all day long here

640
00:35:30,360 --> 00:35:34,120
Speaker 1: on Bloomberg SNP futures they're little changed. Uh doll futures

641
00:35:34,160 --> 00:35:36,760
Speaker 1: are higher up to tens of upper center fifty seven points.

642
00:35:36,800 --> 00:35:39,520
Speaker 1: At NASDACK futures now lowered down a tenth of upper

643
00:35:39,560 --> 00:35:42,840
Speaker 1: center thirteen points. The decks in Germany is little change

644
00:35:42,880 --> 00:35:45,040
Speaker 1: ten Your treasury of four third day seconds, you'll three

645
00:35:45,080 --> 00:35:47,040
Speaker 1: point eight two percent, the yelled on the two year

646
00:35:47,120 --> 00:35:50,279
Speaker 1: four point three four percent. Niemex screwed oil is down

647
00:35:50,320 --> 00:35:52,400
Speaker 1: half per cent or forty three cents at seventy nine

648
00:35:52,440 --> 00:35:54,920
Speaker 1: dollars nine cents. Of barrel co mix school is down

649
00:35:55,000 --> 00:35:57,319
Speaker 1: seven tenths per cent or thirteen dollars twenty cents at

650
00:35:57,360 --> 00:36:00,440
Speaker 1: eighteen o nine nine d announced the euro point oh

651
00:36:00,520 --> 00:36:02,960
Speaker 1: say three seven against the dollar, British bound one point

652
00:36:03,239 --> 00:36:06,080
Speaker 1: zero four seven and again one thirty three point h

653
00:36:06,200 --> 00:36:08,680
Speaker 1: Q and Big Coin this morning down about three tents

654
00:36:08,719 --> 00:36:12,520
Speaker 1: of Upper said it's at about sixteen thousand, six fifty dollars.

655
00:36:12,760 --> 00:36:15,440
Speaker 1: That's a bloomberg business flash. Now here's Michael Barr with

656
00:36:15,600 --> 00:36:18,120
Speaker 1: more on what's going on around the world. Michael Karen

657
00:36:18,280 --> 00:36:21,680
Speaker 1: Over Monday and Tuesday, Southwest Airlines canceled more than five

658
00:36:21,760 --> 00:36:26,439
Speaker 1: thousand flights because of the winter storm. Southwest CEO Bob

659
00:36:26,560 --> 00:36:30,120
Speaker 1: Jordan is apologizing the travelers. President Joe Biden said his

660
00:36:30,160 --> 00:36:33,560
Speaker 1: administration would comply with the Supreme Court's order keeping in

661
00:36:33,640 --> 00:36:38,760
Speaker 1: place sweeping coronavirus border controls. The administration says, though Title

662
00:36:38,840 --> 00:36:41,920
Speaker 1: forty two should be scrapped in the NBA, the Knicks

663
00:36:42,040 --> 00:36:45,719
Speaker 1: lost in overtime. The Celtics, Wizards and Warriors won. In

664
00:36:45,800 --> 00:36:49,320
Speaker 1: the NHL, the Islanders won, the Capitols beat the Rangers

665
00:36:49,440 --> 00:36:52,959
Speaker 1: for ZIP. The Bruins lost in a shootout. Global News

666
00:36:53,040 --> 00:36:55,880
Speaker 1: twenty four hours a day on air and on Bloomberg

667
00:36:55,960 --> 00:36:59,160
Speaker 1: Quick Tank, powered by more than twenty seven hundred journalists

668
00:36:59,160 --> 00:37:01,799
Speaker 1: and analysts, more than how your twenty countries. Michael bar

669
00:37:01,960 --> 00:37:04,880
Speaker 1: This is Bloomberg on Michael. Thanks a lot, and as

670
00:37:04,960 --> 00:37:09,960
Speaker 1: we wind down the training year, the smp F down

671
00:37:10,040 --> 00:37:12,960
Speaker 1: close to let's get you set up for the training

672
00:37:13,080 --> 00:37:16,920
Speaker 1: day right now preview for investors. We are joined by

673
00:37:17,239 --> 00:37:21,680
Speaker 1: Christina Hooper, the chief Global market Strategist at Investo. Christina,

674
00:37:21,680 --> 00:37:24,480
Speaker 1: always a pleasure, Thanks for being with us. I think

675
00:37:24,520 --> 00:37:27,280
Speaker 1: you're taking a page from what the late Queen Elizabeth

676
00:37:27,400 --> 00:37:32,360
Speaker 1: and describing what, what if anything, rises from the ashes

677
00:37:32,440 --> 00:37:36,840
Speaker 1: of this year. Well, I think most major asset classes

678
00:37:37,120 --> 00:37:40,880
Speaker 1: rise from the ashes in I just don't think we

679
00:37:40,960 --> 00:37:46,719
Speaker 1: should expect a very strong rebound. Clearly, the FED will

680
00:37:46,840 --> 00:37:51,799
Speaker 1: continue to dominate the narratives as we enter, so that's

681
00:37:51,800 --> 00:37:54,600
Speaker 1: going to create something of a tug of war between

682
00:37:55,000 --> 00:37:58,640
Speaker 1: a risk on and risk off environment. But the reality

683
00:37:58,880 --> 00:38:01,279
Speaker 1: is that the FED is very likely to hit the

684
00:38:01,360 --> 00:38:06,080
Speaker 1: pause button in the first half of UM, probably in

685
00:38:06,280 --> 00:38:10,200
Speaker 1: the first quarter of three, and we could of course

686
00:38:10,320 --> 00:38:13,600
Speaker 1: get rate cut by the end of next year. UM.

687
00:38:13,719 --> 00:38:17,160
Speaker 1: So that's going to create a far more supportive environment

688
00:38:17,360 --> 00:38:20,759
Speaker 1: for both equities and fixed income. Again, this is not

689
00:38:21,000 --> 00:38:24,200
Speaker 1: going to be a blowout the lights here in my opinion,

690
00:38:24,520 --> 00:38:26,319
Speaker 1: but it's certainly going to be a better year than

691
00:38:27,480 --> 00:38:31,560
Speaker 1: So what are the catalysts for a FED pivot? So

692
00:38:31,680 --> 00:38:37,360
Speaker 1: the catalysts are that inflation has peaked and the situation

693
00:38:37,719 --> 00:38:41,239
Speaker 1: is improving. Now, that doesn't mean that every component of

694
00:38:41,360 --> 00:38:46,680
Speaker 1: inflation is improving materially. I think the FED is rightly

695
00:38:46,800 --> 00:38:51,040
Speaker 1: concerned about services. However, UM, what we're seeing is goods

696
00:38:51,120 --> 00:38:55,840
Speaker 1: inflation UM coming down. UM, what we're seeing is housing

697
00:38:55,920 --> 00:39:03,200
Speaker 1: inflation UM really poised to to materially improved. So so

698
00:39:03,440 --> 00:39:07,640
Speaker 1: the real stubborn issue is services inflation is in particular

699
00:39:07,760 --> 00:39:11,880
Speaker 1: wage growth UM. But as long as inflation is moving

700
00:39:11,880 --> 00:39:15,560
Speaker 1: in the right direction and there's enough progress, I think

701
00:39:15,640 --> 00:39:17,920
Speaker 1: the SET is going to be very likely to hit

702
00:39:17,960 --> 00:39:20,439
Speaker 1: that pause button. And of course, if they've done enough

703
00:39:20,520 --> 00:39:23,239
Speaker 1: damage to the economy UM. Later in the year they're

704
00:39:23,280 --> 00:39:25,840
Speaker 1: likely to start cutting, right, it still seems that the

705
00:39:26,280 --> 00:39:29,759
Speaker 1: labor market is very resilient. Do they have to torpedo

706
00:39:30,160 --> 00:39:33,680
Speaker 1: the labor market in order to move forward? I don't

707
00:39:33,800 --> 00:39:36,640
Speaker 1: think they have to torpedo the labor market. UM. What

708
00:39:36,800 --> 00:39:42,640
Speaker 1: they're talking about is you know, unemployment increasing job losses

709
00:39:42,760 --> 00:39:46,080
Speaker 1: of probably one point two to two point four million.

710
00:39:46,239 --> 00:39:48,680
Speaker 1: But you keep in mind we also have a situation

711
00:39:49,320 --> 00:39:54,320
Speaker 1: where job openings are much higher than normal. Before the pandemic,

712
00:39:54,400 --> 00:39:57,759
Speaker 1: we were running about seven million now well over ten.

713
00:39:58,000 --> 00:40:00,879
Speaker 1: So UM if you saw a job openings come down

714
00:40:00,960 --> 00:40:05,720
Speaker 1: significantly UM, that would reduce labor mobility, and in my opinion,

715
00:40:05,960 --> 00:40:09,839
Speaker 1: that has a much bigger impact on wage growth UM

716
00:40:10,080 --> 00:40:15,440
Speaker 1: than for example, UM just cutting jobs. In fact, I

717
00:40:15,520 --> 00:40:22,799
Speaker 1: think you know job openings versus UM job job layoffs UM,

718
00:40:23,160 --> 00:40:25,680
Speaker 1: it really has the same impact. So if you could

719
00:40:25,760 --> 00:40:28,880
Speaker 1: bring down job openings from over ten down to about

720
00:40:28,960 --> 00:40:31,600
Speaker 1: seven UM, you could be in a situation where we

721
00:40:31,800 --> 00:40:34,919
Speaker 1: just don't see a dramatic wage growth. What we're seeing

722
00:40:34,920 --> 00:40:37,000
Speaker 1: in the Federal Reserve FACEBOOK is a lot of importance.

723
00:40:37,040 --> 00:40:40,680
Speaker 1: Are very reluctant to cut the employee employees they have

724
00:40:41,440 --> 00:40:45,239
Speaker 1: because they're operating UM with a pretty low level of employees.

725
00:40:45,280 --> 00:40:50,320
Speaker 1: They've had difficulty finding more employees, so they're inclined to

726
00:40:50,480 --> 00:40:53,439
Speaker 1: keep what they have even if times get tough. Yeah,

727
00:40:53,480 --> 00:40:54,880
Speaker 1: at the end of the day, it's all about you

728
00:40:54,920 --> 00:40:57,720
Speaker 1: know how much money a companies making. Is the earnings

729
00:40:57,800 --> 00:41:03,319
Speaker 1: picture at this point at quickly priced in? I don't

730
00:41:03,360 --> 00:41:06,080
Speaker 1: think it is. I think that will be Uh. The

731
00:41:06,320 --> 00:41:11,080
Speaker 1: key headlind for is that it hasn't been adequately priced in.

732
00:41:11,239 --> 00:41:14,880
Speaker 1: We haven't seen enough in the way of downward revisions

733
00:41:14,920 --> 00:41:18,960
Speaker 1: to earnings, so that will certainly have an impact on equities,

734
00:41:19,920 --> 00:41:23,160
Speaker 1: especially in the first half of So what do you

735
00:41:23,280 --> 00:41:29,000
Speaker 1: like at this point? Well, I like a diversified portfolio,

736
00:41:29,320 --> 00:41:32,360
Speaker 1: and I like investors thinking for the long term. I

737
00:41:32,440 --> 00:41:35,080
Speaker 1: think the biggest mistake that can be made is getting

738
00:41:35,280 --> 00:41:39,160
Speaker 1: out of the market, especially getting out of equities. I

739
00:41:39,280 --> 00:41:42,520
Speaker 1: think we need to anticipate volatility. I think what we're

740
00:41:42,600 --> 00:41:44,799
Speaker 1: likely to see when we get to a more risk

741
00:41:44,920 --> 00:41:48,680
Speaker 1: on environment, when global risk appetite grows, is that cyclicals

742
00:41:48,800 --> 00:41:52,880
Speaker 1: and smaller caps UM will likely perform better UM and

743
00:41:53,239 --> 00:41:57,560
Speaker 1: also UM markets outside the US are likely to perform better.

744
00:41:58,320 --> 00:42:00,800
Speaker 1: So that to me is is theenvironment we see in

745
00:42:00,840 --> 00:42:02,880
Speaker 1: the short term, but over the longer term, let's be

746
00:42:03,000 --> 00:42:06,160
Speaker 1: well to birth fight um within fixed income UH, investment

747
00:42:06,239 --> 00:42:08,759
Speaker 1: grade credit looks very attractive and is is something that

748
00:42:08,920 --> 00:42:11,960
Speaker 1: can stay with investors, and it's likely to perform well

749
00:42:12,200 --> 00:42:14,920
Speaker 1: as we transition from from risk off to risk on

750
00:42:15,480 --> 00:42:18,480
Speaker 1: UH and as we get as that global risk appetite growth,

751
00:42:18,760 --> 00:42:23,200
Speaker 1: high high yield um will likely look more attractive. How

752
00:42:23,280 --> 00:42:26,040
Speaker 1: sprong of the recession signals at this point, I didn't

753
00:42:26,080 --> 00:42:30,160
Speaker 1: ask you about that. Well, certainly there's a lot of

754
00:42:30,200 --> 00:42:33,040
Speaker 1: concern about recession, right, and that's part of the FED

755
00:42:33,160 --> 00:42:37,279
Speaker 1: dominating the narrative, is that it will send the economy,

756
00:42:37,360 --> 00:42:41,360
Speaker 1: the U S economy into recession. However, I think that

757
00:42:41,560 --> 00:42:45,560
Speaker 1: what we're likely to see is a repricing of recession risks.

758
00:42:45,680 --> 00:42:50,160
Speaker 1: That's where we get an increase in global risk appetite UM.

759
00:42:50,239 --> 00:42:52,560
Speaker 1: So if we do have a recession, it's likely to

760
00:42:52,640 --> 00:42:57,839
Speaker 1: be more shallow and shorter in duration than most are

761
00:42:57,880 --> 00:43:01,760
Speaker 1: expecting at this juncture. You know, it's we always count

762
00:43:01,840 --> 00:43:05,239
Speaker 1: out the American consumer at at our own risk. They

763
00:43:05,320 --> 00:43:10,640
Speaker 1: just keep buying. What's the state of the consumer in Well,

764
00:43:10,719 --> 00:43:13,520
Speaker 1: the American consumer is in much better shape than they

765
00:43:13,560 --> 00:43:17,840
Speaker 1: would be in a true stagslationary environment where you have

766
00:43:18,120 --> 00:43:22,080
Speaker 1: high unemployment and high inflation. UM. As I said, we're

767
00:43:22,120 --> 00:43:27,640
Speaker 1: seeing improvement UM in in areas in different components of inflation,

768
00:43:27,920 --> 00:43:31,480
Speaker 1: like goods UM. So it's a more attractive buying environment.

769
00:43:31,520 --> 00:43:35,480
Speaker 1: And of course consumers buy and large have jobs. It's

770
00:43:35,520 --> 00:43:40,480
Speaker 1: a very tight labor market UM. So that pushions a

771
00:43:40,600 --> 00:43:44,799
Speaker 1: downturn UM that enables consumers to still spend, even if

772
00:43:44,840 --> 00:43:49,280
Speaker 1: they have to be selective in what they're purchasing. Okay,

773
00:43:49,400 --> 00:43:53,000
Speaker 1: time for some unfair questions. Where does and with the

774
00:43:53,200 --> 00:43:56,920
Speaker 1: S and P five and yields on treasuries got about

775
00:43:56,960 --> 00:44:01,000
Speaker 1: thirty seconds. Well, let's just say I try to avoid

776
00:44:01,080 --> 00:44:06,279
Speaker 1: ever giving specific numbers, but you'll give it anyway. Well,

777
00:44:06,640 --> 00:44:08,919
Speaker 1: what I would say is that directionally, what we're likely

778
00:44:08,960 --> 00:44:12,560
Speaker 1: to see is the SMP up from here. UM. I

779
00:44:12,600 --> 00:44:17,839
Speaker 1: would anticipate a single high single digit year and performance

780
00:44:17,960 --> 00:44:23,080
Speaker 1: positive returns UM for UM. When it comes to the tenure,

781
00:44:23,719 --> 00:44:26,880
Speaker 1: I think we'll see the yield lower than where we

782
00:44:26,960 --> 00:44:30,279
Speaker 1: are today. UM. So that's about as specific as i'll

783
00:44:30,400 --> 00:44:32,719
Speaker 1: yet UM. But but usually if you can get it

784
00:44:32,840 --> 00:44:35,959
Speaker 1: right directionally, UM, that's much of the game. We'll thank

785
00:44:36,000 --> 00:44:39,600
Speaker 1: you Christina. Always a pleasure appreciated, Christina Hooper's chief Global

786
00:44:39,680 --> 00:44:44,800
Speaker 1: market strategist at Investco. ASMP futures of four points, the

787
00:44:45,000 --> 00:44:47,600
Speaker 1: down futures right now sixty nine points are and then

788
00:44:47,680 --> 00:44:51,360
Speaker 1: as they given the futures are three points lower, and

789
00:44:51,520 --> 00:44:55,040
Speaker 1: the ten year yield right now two that's down just

790
00:44:55,160 --> 00:44:58,799
Speaker 1: about one basis point. You are listening the Bloomberg Day

791
00:44:58,840 --> 00:45:05,239
Speaker 1: Break markets, headlines and breaking news twenty four hours a

792
00:45:05,320 --> 00:45:08,399
Speaker 1: day at Bloomberg dot com, the Bloomberg Business at Land

793
00:45:08,480 --> 00:45:18,080
Speaker 1: at Bloomberg Quick Take. This is a Bloomberg Business lash. Hi.

794
00:45:18,200 --> 00:45:20,680
Speaker 1: I'm Karen Moscow Future is showing a little more strength

795
00:45:20,760 --> 00:45:22,640
Speaker 1: this morning, and we check the markets all day long

796
00:45:22,719 --> 00:45:25,440
Speaker 1: here on Bloomberg with SMP future is up six points

797
00:45:25,560 --> 00:45:28,200
Speaker 1: or almost two tens of u percent. Now down Future

798
00:45:28,280 --> 00:45:30,680
Speaker 1: is up two tens of uppercent or seventy five points,

799
00:45:30,760 --> 00:45:33,840
Speaker 1: and as DAG futures that will change. Ten year treasury

800
00:45:34,040 --> 00:45:36,520
Speaker 1: is at four thirty seconds, he'll three point eight two percent,

801
00:45:36,600 --> 00:45:38,759
Speaker 1: and they yield on the two year four point three

802
00:45:38,840 --> 00:45:42,960
Speaker 1: four percent. Nine X screwed oil is down seven tenths percent,

803
00:45:43,000 --> 00:45:45,280
Speaker 1: down fifty three cents at seventy nine dollars a barrel

804
00:45:45,600 --> 00:45:48,200
Speaker 1: Comacs gold is down about eight tens of upper cent

805
00:45:48,320 --> 00:45:51,480
Speaker 1: or fourteen dollars at eighteen o nine announced. The euro

806
00:45:51,760 --> 00:45:54,440
Speaker 1: is at one point oh six three three against the dollar,

807
00:45:54,520 --> 00:45:57,520
Speaker 1: British pound one point two zero five four the end

808
00:45:57,560 --> 00:46:00,680
Speaker 1: one thirty three point eight nine, and coin is at

809
00:46:00,719 --> 00:46:03,480
Speaker 1: sixteen thousand, six d fifty dollars, down to tens of

810
00:46:03,560 --> 00:46:06,680
Speaker 1: upper cent. And that's a Bloomberg business Flash. John, all right,

811
00:46:06,719 --> 00:46:09,360
Speaker 1: thanks Garen. It is now five six on Wall Street

812
00:46:09,400 --> 00:46:12,560
Speaker 1: and it's time for our daily Bloomberg Law Breath, exploring

813
00:46:12,680 --> 00:46:15,520
Speaker 1: legal issues in the news. Today, we're looking at the

814
00:46:15,600 --> 00:46:19,680
Speaker 1: Supreme Courts oral arguments on affirmative action and how it's

815
00:46:19,680 --> 00:46:23,520
Speaker 1: going to impact university admissions nationwide. Closer look will be

816
00:46:23,600 --> 00:46:26,600
Speaker 1: given to Titles six of the nineteen sixty four Civil

817
00:46:26,719 --> 00:46:30,880
Speaker 1: Rights Act and whether affirmative action violates this title, but

818
00:46:31,120 --> 00:46:35,120
Speaker 1: justices will also argue over Title seven of the Civil

819
00:46:35,239 --> 00:46:38,000
Speaker 1: Rights Act and whether they're taking race into account for

820
00:46:38,080 --> 00:46:41,440
Speaker 1: employment violates the Constitution as well. And for more in

821
00:46:41,480 --> 00:46:44,879
Speaker 1: the case Bloomberg State at Weston speaks to teroughly grow

822
00:46:45,200 --> 00:46:49,000
Speaker 1: a professor of law at the University of Texas in Austin.

823
00:46:49,560 --> 00:46:52,560
Speaker 1: So there are two cases before the Supreme Court, one

824
00:46:52,640 --> 00:46:56,640
Speaker 1: involving the state of North Carolina and one involving Harvard UM.

825
00:46:56,880 --> 00:47:00,239
Speaker 1: And this is important because whatever the Supreme Court does

826
00:47:00,360 --> 00:47:04,520
Speaker 1: could affect both state universities and private universities. So the

827
00:47:04,640 --> 00:47:08,280
Speaker 1: argument is essentially that affirmative action taking race into account

828
00:47:08,440 --> 00:47:13,280
Speaker 1: in university admissions is unconstitutional under the equal Protection clause

829
00:47:13,400 --> 00:47:15,840
Speaker 1: of the Fourteenth Amendment. That's the part that applies to

830
00:47:16,120 --> 00:47:21,520
Speaker 1: state institutions and is also invalid under Title six of

831
00:47:21,600 --> 00:47:24,520
Speaker 1: the Civil Rights Act. So Title six is important because

832
00:47:24,560 --> 00:47:28,480
Speaker 1: it applies to any institution that receives federal funds um.

833
00:47:28,600 --> 00:47:32,359
Speaker 1: And this is why this this case could get rid

834
00:47:32,400 --> 00:47:36,560
Speaker 1: of race based affirmative action for every academic institution in

835
00:47:36,640 --> 00:47:39,480
Speaker 1: the country. Well, before we talk about the oral argument

836
00:47:39,480 --> 00:47:41,840
Speaker 1: and if we gleaned anything from it, let me pursue

837
00:47:41,840 --> 00:47:45,200
Speaker 1: what you just raised. What about the four Civil Rights Act?

838
00:47:45,320 --> 00:47:47,239
Speaker 1: I mean, if in fact they go that way and

839
00:47:47,360 --> 00:47:50,160
Speaker 1: say that it's unconstitutional and by the way, violates Title six,

840
00:47:50,800 --> 00:47:53,120
Speaker 1: is it a very big step to say also adviolence

841
00:47:53,160 --> 00:47:55,840
Speaker 1: the nineties four Civil Rights Act, which would apply essentially

842
00:47:56,120 --> 00:47:58,640
Speaker 1: all corporations, it would not be a very big step.

843
00:47:58,800 --> 00:48:02,640
Speaker 1: So if Title six of the Civil Rights Act prevents

844
00:48:02,920 --> 00:48:07,440
Speaker 1: private and public universities from taking race into account Um.

845
00:48:07,640 --> 00:48:11,520
Speaker 1: Then probably the same language are very similar. Language Entitles

846
00:48:11,600 --> 00:48:13,880
Speaker 1: seven of the Civil Rights Act, which implies applies to

847
00:48:13,920 --> 00:48:19,080
Speaker 1: employment discrimination, would also prohibit all employers from taking race

848
00:48:19,160 --> 00:48:22,440
Speaker 1: into account. Um. I think it's not going to be immediate.

849
00:48:22,880 --> 00:48:26,040
Speaker 1: This case is just about university admissions, but I think

850
00:48:26,080 --> 00:48:28,759
Speaker 1: employment is the next you to drop. But I could

851
00:48:28,800 --> 00:48:31,360
Speaker 1: have a truly profound effect on employers right through the

852
00:48:31,400 --> 00:48:34,880
Speaker 1: country potentially. Again, as you say, not immediately, what did

853
00:48:34,960 --> 00:48:37,360
Speaker 1: we learn, if anything the oral argument, I'm mindful effect you.

854
00:48:37,440 --> 00:48:39,160
Speaker 1: You've got to be very careful at reading too much

855
00:48:39,200 --> 00:48:41,880
Speaker 1: into oral arguments. It is very hard from the oral

856
00:48:41,960 --> 00:48:44,360
Speaker 1: argument to know from oral arguments in general, to know

857
00:48:44,480 --> 00:48:45,920
Speaker 1: for sure what the Supreme Court is going to do.

858
00:48:46,400 --> 00:48:50,120
Speaker 1: I'd say, going into the oral argument, most professors of

859
00:48:50,160 --> 00:48:52,960
Speaker 1: constitutional law thoughts the Supreme Court was going to overrule

860
00:48:53,080 --> 00:48:55,920
Speaker 1: its past cases on affirmative action, a case called Grid

861
00:48:56,080 --> 00:48:59,560
Speaker 1: versus volunteer Um. After the oral argument, I think most

862
00:48:59,600 --> 00:49:03,160
Speaker 1: professor to their constitutional law continue to believe that it

863
00:49:03,360 --> 00:49:06,239
Speaker 1: is possible the Supreme Court would would find some kind

864
00:49:06,280 --> 00:49:10,120
Speaker 1: of compromise or say we're not going to immediately outlaw

865
00:49:10,239 --> 00:49:13,120
Speaker 1: fromative action, will give it a little more time. I

866
00:49:13,200 --> 00:49:14,960
Speaker 1: don't think that's going to happen. I think the oral

867
00:49:15,040 --> 00:49:18,239
Speaker 1: argument was confirmation at the Supreme Court is in all

868
00:49:18,360 --> 00:49:22,520
Speaker 1: likelihood going to end race based affirmative action at universities,

869
00:49:24,080 --> 00:49:27,120
Speaker 1: and that's terribly Grove, a professor of law of the

870
00:49:27,239 --> 00:49:30,520
Speaker 1: University of Texas in Austin, speaking to David Weston on

871
00:49:30,560 --> 00:49:34,320
Speaker 1: Bloomberg's Balance of Power. You can catch that program weekdays

872
00:49:34,360 --> 00:49:36,800
Speaker 1: at twelve pm Wall Street Time right here on Bloomberg

873
00:49:36,880 --> 00:49:40,960
Speaker 1: Radio and TV plus. Attorneys can find exceptional legal research

874
00:49:41,320 --> 00:49:44,600
Speaker 1: and business development tools at Bloomberg Law dot com and

875
00:49:44,880 --> 00:49:48,600
Speaker 1: on the Bloomberg terminal at the Law Ago. This is

876
00:49:48,680 --> 00:49:49,680
Speaker 1: Bloomberg Dabe Break