1 00:00:02,120 --> 00:00:05,480 Speaker 1: Live from the Bloomberg Interacted Burgers Studios. This is Bloomberg 2 00:00:05,559 --> 00:00:09,760 Speaker 1: Daybreak for Monday, January one two. Coming up this hour, 3 00:00:09,960 --> 00:00:12,840 Speaker 1: Traders Way the chance of a half percentage point rate 4 00:00:12,880 --> 00:00:15,480 Speaker 1: hike in March. The labor market comes into focus for 5 00:00:15,600 --> 00:00:18,279 Speaker 1: this week's Key Johns report. Oil is on track for 6 00:00:18,360 --> 00:00:22,400 Speaker 1: its mast January in three decades, and Joe Rogan apologizes 7 00:00:22,440 --> 00:00:26,000 Speaker 1: after billions of dollars getting wiped from Spotify's market value. 8 00:00:26,200 --> 00:00:29,520 Speaker 1: New York City will home deliver free Covalenta viral pills blows. 9 00:00:29,600 --> 00:00:32,680 Speaker 1: North Korea confirms the test fire, a mid range ballistic missile. 10 00:00:32,720 --> 00:00:35,479 Speaker 1: Over the weekend on Like Lablar More AHLF, I'm down, 11 00:00:35,520 --> 00:00:38,320 Speaker 1: Statstower and sports on the the Bengals and Rams playing 12 00:00:38,360 --> 00:00:40,440 Speaker 1: Super Bowl fifty six in l a I win for 13 00:00:40,479 --> 00:00:45,440 Speaker 1: the Rangers, the Islanders locked. That's all straight ahead on 14 00:00:45,640 --> 00:00:49,120 Speaker 1: Bloomberg day Break on Bloomberg eleven three oh New York, 15 00:00:49,240 --> 00:00:54,000 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 16 00:00:54,160 --> 00:00:59,120 Speaker 1: Bloomberg nine sixty, San Francisco, Syrius Hexham one nineteen and 17 00:00:59,160 --> 00:01:02,320 Speaker 1: around the world Long Bloomberg Radio dot Com and via 18 00:01:02,360 --> 00:01:09,679 Speaker 1: the Bloomberg Business Set. Good Morning, I'm Nathan Hager and 19 00:01:09,720 --> 00:01:13,479 Speaker 1: I'm Karen Moscow and US futures are mixed to start 20 00:01:13,560 --> 00:01:15,280 Speaker 1: the week. We're coming up to five oh one on 21 00:01:15,319 --> 00:01:17,440 Speaker 1: Wall Street, and we check the markets every fifteen minutes 22 00:01:17,440 --> 00:01:20,280 Speaker 1: throughout the trading day. On bloomberg S and P futures 23 00:01:20,600 --> 00:01:22,280 Speaker 1: up less than a tenth of upper cent up three 24 00:01:22,280 --> 00:01:25,479 Speaker 1: points now, dwal Future is down fifty and Nastack Future 25 00:01:25,520 --> 00:01:27,920 Speaker 1: is up eighties seven. The ten year treasury down two 26 00:01:27,920 --> 00:01:31,200 Speaker 1: thirty seconds. He had one point seven seven percent. They 27 00:01:31,240 --> 00:01:34,960 Speaker 1: yield on the two year one point one and nine percent. Nathan, Karen, 28 00:01:34,959 --> 00:01:37,760 Speaker 1: we begin with the Fed this morning in speculation about 29 00:01:37,800 --> 00:01:40,039 Speaker 1: whether a rate hike in March could be bigger than 30 00:01:40,080 --> 00:01:43,360 Speaker 1: initially expected. Let's get the latest live from Bloomberg's rned 31 00:01:43,400 --> 00:01:45,560 Speaker 1: A Young. Good morning, Da, Good morning Nathan. The FIT 32 00:01:45,720 --> 00:01:48,760 Speaker 1: could raise the benchmark rate by fifty basis points if 33 00:01:48,840 --> 00:01:51,880 Speaker 1: there's a need to be more aggressive when inflation. That's 34 00:01:51,880 --> 00:01:55,360 Speaker 1: what Atlanta FIT president Raphael Bostick told The Financial Times, 35 00:01:55,680 --> 00:01:58,600 Speaker 1: adding that all options are on the table for every 36 00:01:58,680 --> 00:02:01,320 Speaker 1: FIT meeting this year if needed, but he stuck to 37 00:02:01,360 --> 00:02:04,640 Speaker 1: his prediction that three quarter point increases starting in March 38 00:02:05,040 --> 00:02:08,520 Speaker 1: is the most likely scenario this year. Meantime, Goldman Sachs 39 00:02:08,639 --> 00:02:12,560 Speaker 1: Presents predicts the Fed will raise interest rates by twenty 40 00:02:12,600 --> 00:02:16,480 Speaker 1: five basis points five times this year. Live in New York, 41 00:02:16,520 --> 00:02:19,960 Speaker 1: I'm Gornita Young Bloomberg Debreak, Thanks Nita. As we spend 42 00:02:19,960 --> 00:02:22,400 Speaker 1: the next six weeks reading tea leaves from the Fed, 43 00:02:22,520 --> 00:02:25,800 Speaker 1: will get a concrete look at the labor market. This Friday, 44 00:02:25,840 --> 00:02:28,680 Speaker 1: the Fed and investors will be paying close attention to 45 00:02:28,760 --> 00:02:31,320 Speaker 1: the January Johns are Board. We get a preview from 46 00:02:31,320 --> 00:02:34,760 Speaker 1: Bloomberg's Vinny down judas the data could provide insight on 47 00:02:34,840 --> 00:02:38,960 Speaker 1: the highly contagious Armicron variants impact on the economy. Economists 48 00:02:38,960 --> 00:02:42,240 Speaker 1: are forecasting a temp at December increase one hundred seventy 49 00:02:42,240 --> 00:02:46,080 Speaker 1: five thousand or so after November's weeker than forecast, showing 50 00:02:46,520 --> 00:02:50,160 Speaker 1: jobless claims jumped last month as COVID nineteen four business 51 00:02:50,280 --> 00:02:53,160 Speaker 1: is the closed temporarily. You're throwing the towel after two 52 00:02:53,200 --> 00:02:58,000 Speaker 1: years of pandemic turbulence. Vinny Dolt Judais, Bloomberg Debreak. Okay, Vinny, 53 00:02:58,080 --> 00:03:00,280 Speaker 1: thanks down Asia. Overnight we got a temp in reading 54 00:03:00,280 --> 00:03:04,359 Speaker 1: on the world's second largest economy. China's manufacturing sector expanded 55 00:03:04,400 --> 00:03:08,040 Speaker 1: at a slower pace in January. Bloomberg Daybreak Asia anchor 56 00:03:08,120 --> 00:03:10,880 Speaker 1: Brian Curtis has the details. The official p m I 57 00:03:11,000 --> 00:03:13,960 Speaker 1: declined to fifty point one, that was just above the 58 00:03:14,120 --> 00:03:17,720 Speaker 1: estimate of fifty. The non manufacturing gauge fell to fifty 59 00:03:17,720 --> 00:03:21,320 Speaker 1: one point one, also just above the forecast. A number 60 00:03:21,320 --> 00:03:25,800 Speaker 1: of issues here a seasonal slowdown, COVID nineteen outbreaks and 61 00:03:25,919 --> 00:03:29,960 Speaker 1: a weakening housing market. Also, the government ordered steel plants 62 00:03:29,960 --> 00:03:33,040 Speaker 1: to cut output that's to reduce air pollution ahead of 63 00:03:33,040 --> 00:03:36,120 Speaker 1: the winter Olympics. In the meantime, that taishin pm I 64 00:03:36,360 --> 00:03:38,920 Speaker 1: dropped to forty nine point one, and that was the 65 00:03:38,920 --> 00:03:43,160 Speaker 1: worst in almost two years. Brian Curtis, Bloomberg day Break, Brian, 66 00:03:43,200 --> 00:03:46,000 Speaker 1: thank you. In Europe, central banks and economic data are 67 00:03:46,040 --> 00:03:48,720 Speaker 1: also and focus. This week we get a key rate 68 00:03:48,720 --> 00:03:51,240 Speaker 1: decision by the Bank of England On Thursday, we got 69 00:03:51,280 --> 00:03:53,600 Speaker 1: live to London and get the latest with Bloomberg's You 70 00:03:53,760 --> 00:03:56,640 Speaker 1: and pots You and good morning, Good morning, Karen and Nathan. 71 00:03:56,640 --> 00:03:58,760 Speaker 1: The UK could be heading for its first back to 72 00:03:58,840 --> 00:04:02,680 Speaker 1: bat right high in seventeen years. Economists in Bloomberg's survey 73 00:04:02,680 --> 00:04:04,960 Speaker 1: reckon the Bank of Englam will raise its key industrate 74 00:04:05,240 --> 00:04:08,720 Speaker 1: to no point five percent this week. Forecasters also expect 75 00:04:08,760 --> 00:04:11,400 Speaker 1: the central banks to confirm to confirm it's to stop 76 00:04:11,440 --> 00:04:14,080 Speaker 1: reinvesting in bonds that are matured. This comes to the 77 00:04:14,080 --> 00:04:17,960 Speaker 1: banketting and battles surging inflation now at five point four percent, 78 00:04:18,320 --> 00:04:20,800 Speaker 1: the highest in thirty years in London. I'm you and 79 00:04:20,800 --> 00:04:23,240 Speaker 1: part splom Bog day break, alright you and thanks. Politics 80 00:04:23,279 --> 00:04:25,719 Speaker 1: are also center stage in Europe. After six days of 81 00:04:25,800 --> 00:04:30,279 Speaker 1: voting in Italy's parliament, Sergio Matrella has been re elected president. 82 00:04:30,480 --> 00:04:33,239 Speaker 1: We get the details from Bloomberg's fancying Lakwa. In Rome, 83 00:04:33,440 --> 00:04:35,720 Speaker 1: after almost a week of filmed votes to elect an 84 00:04:35,720 --> 00:04:41,119 Speaker 1: alternative candidate was reelected. As it to these President Mario 85 00:04:41,200 --> 00:04:43,320 Speaker 1: drag the prime minister. It was initially seen as a 86 00:04:43,400 --> 00:04:45,840 Speaker 1: top contender for the job and he made it clear 87 00:04:45,960 --> 00:04:48,200 Speaker 1: he would be keen to become head of state, but 88 00:04:48,320 --> 00:04:51,520 Speaker 1: lawmakers and fear to return to political germ oil without 89 00:04:51,560 --> 00:04:54,480 Speaker 1: drug as prime minister. In the end, it was drawing 90 00:04:54,600 --> 00:04:57,599 Speaker 1: himself whilst Mattreela to remain in office, bringing the week 91 00:04:57,640 --> 00:05:01,839 Speaker 1: long stalemate in Rome. Francine la Well Bloomberg day Break Francine, 92 00:05:02,000 --> 00:05:05,000 Speaker 1: Thank you. Geo political tension in Eastern Europe. Also on 93 00:05:05,040 --> 00:05:08,520 Speaker 1: the agenda this week, the United Nations Security Council meets today. 94 00:05:08,560 --> 00:05:12,800 Speaker 1: Regarding concerns about Russia invading Ukraine, Bloomberg said, Baxter has 95 00:05:12,800 --> 00:05:15,640 Speaker 1: the story. The Pentagon says Russia continues to build up 96 00:05:15,640 --> 00:05:18,560 Speaker 1: troops on a day to day basis. US Ambassador of 97 00:05:18,560 --> 00:05:21,520 Speaker 1: the UN Linda Thomas Greenfield says today is actually a 98 00:05:21,600 --> 00:05:24,719 Speaker 1: chance for Russia. Are the reason we're calling for this 99 00:05:25,200 --> 00:05:29,559 Speaker 1: meeting on Monday. Uh is one more opportunity to find 100 00:05:29,600 --> 00:05:33,240 Speaker 1: the diplomatic way out for for the Russians. But she says, 101 00:05:33,279 --> 00:05:36,320 Speaker 1: the others are to talk further actions from sanctions to 102 00:05:36,400 --> 00:05:39,920 Speaker 1: troop build up and to see where other nations stand. 103 00:05:40,520 --> 00:05:43,600 Speaker 1: In San Francisco, I'm at Baxter Bloomberg day break. All right. 104 00:05:43,800 --> 00:05:46,919 Speaker 1: Thanks to attention over Ukraine, along with sustained global demander 105 00:05:46,960 --> 00:05:49,279 Speaker 1: giving a lift to oil, crude is on course for 106 00:05:49,320 --> 00:05:52,039 Speaker 1: its best January in three decades. In fact, oil has 107 00:05:52,040 --> 00:05:55,279 Speaker 1: been hired for six straight weeks. Checking prices now, West 108 00:05:55,279 --> 00:05:57,919 Speaker 1: Texas intermediate cruds up five tenths per cent, or forty 109 00:05:57,920 --> 00:06:00,359 Speaker 1: eight cents at eighty seven dollars twenty eight cents. Barrel 110 00:06:00,520 --> 00:06:02,800 Speaker 1: Brent is hired by eight tenths per cent at ninety 111 00:06:03,200 --> 00:06:06,400 Speaker 1: seventy four cents. Well on the corporate front, this morning, Nathan, 112 00:06:06,560 --> 00:06:10,000 Speaker 1: Spotify is in a spotlight. It's responding to controversy over 113 00:06:10,080 --> 00:06:14,000 Speaker 1: COVID misinformation from Joe Rogan's podcast We Get the Story 114 00:06:14,040 --> 00:06:18,560 Speaker 1: from Bloomberg's Lisa Mateo. In an Instagram video, Rogan apologized 115 00:06:18,600 --> 00:06:21,920 Speaker 1: and pledged more balanced and better research for his podcasts. 116 00:06:22,080 --> 00:06:25,320 Speaker 1: The comments come after Spotify outline steps it will take 117 00:06:25,360 --> 00:06:28,839 Speaker 1: to halt the spread of misleading information about COVID. Rogan 118 00:06:28,880 --> 00:06:32,480 Speaker 1: has hosted several outspoken skeptics of the vaccine. Last week, 119 00:06:32,560 --> 00:06:35,480 Speaker 1: singers Neil Young and Joni Mitchell pulled their music from 120 00:06:35,480 --> 00:06:39,559 Speaker 1: Spotify to protest Rogan. Almost four billion dollars was wiped 121 00:06:39,600 --> 00:06:44,080 Speaker 1: from Spotify's market value last week. Lisa Mateo, Bloomberg Daybreak, 122 00:06:44,320 --> 00:06:46,720 Speaker 1: Lisa Thanks. Spotify wasn't the only stock to take a 123 00:06:46,760 --> 00:06:49,240 Speaker 1: pounding last week. So did robin Hood. It dropped to 124 00:06:49,279 --> 00:06:52,480 Speaker 1: a record low following earnings. On Friday, Kathy Woods Our 125 00:06:52,560 --> 00:06:55,280 Speaker 1: Investment Management bought nearly two and a half million shares. 126 00:06:55,600 --> 00:06:58,680 Speaker 1: Robin Hood still trades sixty seven percent below its initial 127 00:06:58,720 --> 00:07:01,760 Speaker 1: public offering price, and Nathan, there's also a possible deal. 128 00:07:01,800 --> 00:07:05,000 Speaker 1: This morning, Bloomberg News has learned that Elliott Investment Management 129 00:07:05,040 --> 00:07:07,760 Speaker 1: and Vista Equity are nearing an agreement to buy software 130 00:07:07,800 --> 00:07:11,160 Speaker 1: maker Citrix Systems. They deal with value the company's equity 131 00:07:11,160 --> 00:07:14,640 Speaker 1: at about thirteen billion dollars. Citrics make software that workers 132 00:07:14,720 --> 00:07:18,280 Speaker 1: used to log onto corporate programs in virtually And this 133 00:07:18,560 --> 00:07:24,760 Speaker 1: is Bloomberg. Excaren, It's five oh seven on Wall Street. 134 00:07:24,760 --> 00:07:27,160 Speaker 1: We're twenty one degrees in Central Park heads up for 135 00:07:27,200 --> 00:07:29,640 Speaker 1: an early accident on the bellpark Way near Erskin Street. 136 00:07:29,640 --> 00:07:32,640 Speaker 1: Blot of details and traffic shortly First, Michael Barr is 137 00:07:32,680 --> 00:07:34,200 Speaker 1: back to tell us what else is going on in 138 00:07:34,240 --> 00:07:36,440 Speaker 1: New York and around the world. Good morning, Michael, Good 139 00:07:36,480 --> 00:07:39,680 Speaker 1: morning Nathan. New York City will provide free anti viral 140 00:07:39,800 --> 00:07:43,280 Speaker 1: pills home delivered to people who test positive and are 141 00:07:43,480 --> 00:07:47,960 Speaker 1: higher risk from COVID nineteen Mayor Eric Adams at a 142 00:07:48,000 --> 00:07:50,480 Speaker 1: news conference yesterday and the Bronx as we want to 143 00:07:50,480 --> 00:07:52,960 Speaker 1: make sure that no one with COVID has to move 144 00:07:53,040 --> 00:07:55,840 Speaker 1: throughout the city. New York is one of the only 145 00:07:56,200 --> 00:08:00,880 Speaker 1: places in the nation where we are are doing this. 146 00:08:01,120 --> 00:08:05,040 Speaker 1: Free delivery. Adams also shared the latest data and COVID 147 00:08:05,120 --> 00:08:10,040 Speaker 1: rates in the city. Hospitalizations are down, COVID deaths are down, 148 00:08:10,600 --> 00:08:13,200 Speaker 1: and that is because of the hard work of every 149 00:08:13,240 --> 00:08:15,200 Speaker 1: day in New York is that are doing the right 150 00:08:15,280 --> 00:08:20,800 Speaker 1: thing around vaccine nations and boost the shops. Mayor Adams 151 00:08:20,840 --> 00:08:24,840 Speaker 1: says the pills will be delivered in partnership with Altil Pharmacy. 152 00:08:25,000 --> 00:08:28,600 Speaker 1: North Korea has confirmed it test launched an intermediate range 153 00:08:28,600 --> 00:08:32,600 Speaker 1: ballistic missile capable of reaching the U. S territory of Guam, 154 00:08:32,640 --> 00:08:35,840 Speaker 1: and its most significant launch in almost five years. North 155 00:08:35,920 --> 00:08:39,559 Speaker 1: Korea said the test verify the accuracy of the MASNG 156 00:08:39,679 --> 00:08:44,479 Speaker 1: twelve missile. White House officials said North Korea's escalating provocations 157 00:08:44,640 --> 00:08:49,600 Speaker 1: have become increasingly concerning. Cheslee Christ, the twenty nineteen winner 158 00:08:49,640 --> 00:08:52,640 Speaker 1: of the Miss USA pageant and a correspondent for the 159 00:08:52,720 --> 00:08:56,600 Speaker 1: entertainment news program Extra, has died. New York City police 160 00:08:56,600 --> 00:08:59,720 Speaker 1: said Chris, who was thirty, jumped from a Manhattan apartment. 161 00:08:59,720 --> 00:09:03,000 Speaker 1: Bill It. Senate majority Leader Chuck Schumer of New York 162 00:09:03,040 --> 00:09:05,760 Speaker 1: says he is pledging to push for one point five 163 00:09:05,800 --> 00:09:08,480 Speaker 1: billion dollars of the federal budget to go to the 164 00:09:08,559 --> 00:09:12,040 Speaker 1: eight t f to combat the interstate gun trade. We're 165 00:09:12,040 --> 00:09:15,360 Speaker 1: gonna ask them to direct that money to particularly go 166 00:09:15,520 --> 00:09:20,280 Speaker 1: after gun trafficking, the Iron Pipeline, and a special task 167 00:09:20,320 --> 00:09:22,760 Speaker 1: force that they have set up to deal with states 168 00:09:22,800 --> 00:09:26,000 Speaker 1: that export guns. Senator Schumer says the gun trade is 169 00:09:26,040 --> 00:09:30,120 Speaker 1: responsible for of the gun violence in New York. New 170 00:09:30,200 --> 00:09:34,480 Speaker 1: York Republicans Nikole Meliatakas and Claudia Tenney would have to 171 00:09:34,520 --> 00:09:38,200 Speaker 1: find a way to appeal to opposition party voters under 172 00:09:38,240 --> 00:09:42,200 Speaker 1: a remapped congressional district plan to proposed map re Least 173 00:09:42,200 --> 00:09:45,720 Speaker 1: Sunday is designed to maximize the prospects for Democrats ahead 174 00:09:45,720 --> 00:09:49,160 Speaker 1: of the November election. Global News twenty four hours a 175 00:09:49,280 --> 00:09:51,960 Speaker 1: day on air and on Bloomberg Quick Tank, powered by 176 00:09:52,000 --> 00:09:54,880 Speaker 1: more than twenty seven hundred journalists and analysts more than 177 00:09:54,880 --> 00:09:57,920 Speaker 1: a d twenty countries. Michael Barr, this is Bloomberg, Nathan. 178 00:09:57,960 --> 00:10:04,559 Speaker 1: Thanks Michael. Almost five ten on Wall Street Time with 179 00:10:04,559 --> 00:10:07,560 Speaker 1: the Bloomberg Sports Update. The super Bowl is set, John, 180 00:10:08,120 --> 00:10:11,440 Speaker 1: it is Nathan Bengals Rams super Bowl fifty six in 181 00:10:11,600 --> 00:10:14,040 Speaker 1: l A. And if the game is anything like what 182 00:10:14,080 --> 00:10:16,400 Speaker 1: we've seen the last two weekends, we'll have a close 183 00:10:16,440 --> 00:10:20,320 Speaker 1: Super Bowl. Last six playoff games, five decided by three points, 184 00:10:20,320 --> 00:10:22,640 Speaker 1: on the other by six in overtime, two comebacks and 185 00:10:22,720 --> 00:10:26,800 Speaker 1: another overtime. In the conference championship, Cincinnati came from eighteen 186 00:10:26,880 --> 00:10:30,680 Speaker 1: down to win in Kansas City in ot The Bengals 187 00:10:30,760 --> 00:10:33,480 Speaker 1: led by their young quarterback Joe Burrow and their rookie 188 00:10:33,600 --> 00:10:36,520 Speaker 1: kicker Evan McPherson, who kicked four field goals in all 189 00:10:36,640 --> 00:10:39,520 Speaker 1: three of their playoff wins. He's gone twelve for twelve. 190 00:10:39,559 --> 00:10:41,200 Speaker 1: The one in o t was set up by an 191 00:10:41,240 --> 00:10:44,480 Speaker 1: interception thrown by Patrick Mahomes, who came back to Earth 192 00:10:44,520 --> 00:10:47,080 Speaker 1: after last week's heroics. He had a strong start yesterday, 193 00:10:47,080 --> 00:10:49,640 Speaker 1: but the Homes in the Chiefs denied a third straight 194 00:10:49,720 --> 00:10:52,880 Speaker 1: ANFC championship. The Rams, led by Matthew Stafford rallied from 195 00:10:52,920 --> 00:10:57,320 Speaker 1: ten down in the fourth quarter, second touchdown of the 196 00:10:57,320 --> 00:10:59,360 Speaker 1: game for Cooper Cup and then a couple of field goals. 197 00:10:59,360 --> 00:11:01,200 Speaker 1: They took the lead of the forty niners with under 198 00:11:01,320 --> 00:11:05,520 Speaker 1: two minutes left, and then we're able to seal the victory. 199 00:11:05,840 --> 00:11:10,040 Speaker 1: Dr bow pocket probably, he spins out, he's hit, he's 200 00:11:10,080 --> 00:11:17,640 Speaker 1: wrapped up. He put it forwards, interceptedptedtercepted, very Donald's got 201 00:11:17,720 --> 00:11:22,360 Speaker 1: quite through the rock blow and proving Howard plitches. The 202 00:11:22,640 --> 00:11:26,320 Speaker 1: NFC Championship game, l A had the call. Rams finally 203 00:11:26,320 --> 00:11:28,160 Speaker 1: beat the forty Niners where they lost him sixth raight 204 00:11:28,240 --> 00:11:32,400 Speaker 1: times twenty seventeen. Josh McDaniels, a long time offensive creator 205 00:11:32,400 --> 00:11:33,959 Speaker 1: in New England, leaving to be the head coach of 206 00:11:34,000 --> 00:11:36,160 Speaker 1: the Raiders. Giants will have a press for today for 207 00:11:36,200 --> 00:11:39,080 Speaker 1: new coach Brian dave Hole Rangers. The Garden avoided their 208 00:11:39,120 --> 00:11:41,600 Speaker 1: first three game wising speak scored final minute beat Seattle 209 00:11:41,600 --> 00:11:44,040 Speaker 1: three to two. The Islanders lost in Minnesota four to three. 210 00:11:44,400 --> 00:11:47,880 Speaker 1: John Stashware Bloomberg Sports, Nathan all Right, John, thanks. Futures 211 00:11:47,920 --> 00:11:50,360 Speaker 1: mixed as we get ready to close out this volatile 212 00:11:50,440 --> 00:11:53,079 Speaker 1: month of January. Right now SMP futures little change to 213 00:11:53,200 --> 00:11:57,400 Speaker 1: lower down futures down seventy five points. Nastack futures are higher, 214 00:11:57,880 --> 00:12:01,640 Speaker 1: up sixty two. Dennis Cartman, former publisher of the Gartment Letter, 215 00:12:01,720 --> 00:12:04,679 Speaker 1: joins us on these markets. Next to this is Bloomberg 216 00:12:07,480 --> 00:12:09,760 Speaker 1: Bloomberg eleven three oh. Weather mostly sunny today with a 217 00:12:09,800 --> 00:12:13,640 Speaker 1: higher thirty mid thirties tomorrow, clouds by Wednesday, but milder 218 00:12:13,679 --> 00:12:16,280 Speaker 1: with a higher forty five degrees. Right now, it's clear 219 00:12:16,280 --> 00:12:24,200 Speaker 1: in one in Central Park. Markets. Headlines and breaking news 220 00:12:24,280 --> 00:12:26,920 Speaker 1: twenty four hours a day at Bloomberg dot Com, at 221 00:12:26,960 --> 00:12:30,439 Speaker 1: Bloomberg Business Outland at Bloomberg Quick Take, Chris is a 222 00:12:30,480 --> 00:12:40,080 Speaker 1: Bloomberg Business lash and I'm Karen Moscow. European stocks are 223 00:12:40,200 --> 00:12:42,959 Speaker 1: rising this morning. US Dock index futures are mixed, and 224 00:12:43,000 --> 00:12:45,679 Speaker 1: a gage of global equities are pairing its biggest monthly 225 00:12:45,760 --> 00:12:50,080 Speaker 1: drop since March, as investors vet corporate earnings will continue 226 00:12:50,080 --> 00:12:52,720 Speaker 1: to grow amid aggressive tightening by the Fed. We checked 227 00:12:52,720 --> 00:12:55,040 Speaker 1: the markets every fifteen minutes throughout the trading day on 228 00:12:55,080 --> 00:12:57,800 Speaker 1: Bloomberg Right now, S and P futures are little change now. 229 00:12:57,880 --> 00:13:01,319 Speaker 1: Futures down forty eight nowsday cheers up seventy the decks 230 00:13:01,320 --> 00:13:04,320 Speaker 1: in Germany's up one point one percent ten. Your treasury 231 00:13:04,320 --> 00:13:06,840 Speaker 1: down four thirty seconds. He had one point seven eight percent. 232 00:13:06,840 --> 00:13:09,360 Speaker 1: They yield them a two year one point to zero percent. 233 00:13:09,800 --> 00:13:11,920 Speaker 1: Nimex scured oil is up six tents per cent, or 234 00:13:11,920 --> 00:13:14,360 Speaker 1: fifty five cents at eighty seven dollars thirty seven cents 235 00:13:14,360 --> 00:13:16,760 Speaker 1: of barrel Comex called up two tenths per cent or 236 00:13:16,800 --> 00:13:20,200 Speaker 1: three dollars forty cents. A seventeen ninety announced the euro 237 00:13:20,280 --> 00:13:22,760 Speaker 1: one point one one seven nine against the dollar, British 238 00:13:22,760 --> 00:13:25,280 Speaker 1: pound one point three four four six, and the yuen 239 00:13:25,400 --> 00:13:27,760 Speaker 1: is at one fifteen point four six. And the Euro 240 00:13:27,840 --> 00:13:31,080 Speaker 1: area economy grew modestly in the fourth quarter, admitted another 241 00:13:31,160 --> 00:13:35,000 Speaker 1: wave of surging coronavirus infections and curbs on activity grows. 242 00:13:35,000 --> 00:13:38,599 Speaker 1: Domestic product rose three tenths percent, slightly less than predicted. 243 00:13:38,840 --> 00:13:41,400 Speaker 1: And that's a Bloomberg business flash. Now here's Michael Barrow 244 00:13:41,440 --> 00:13:43,559 Speaker 1: with more on what's going on around the world. Michael, 245 00:13:43,559 --> 00:13:46,720 Speaker 1: good morning, Good morning, Karen. The U n Security Council 246 00:13:46,760 --> 00:13:49,080 Speaker 1: is scheduled to meet today for the first time on 247 00:13:49,280 --> 00:13:52,960 Speaker 1: Russia's troop build up and threatening actions against Ukraine at 248 00:13:52,960 --> 00:13:56,520 Speaker 1: the request of the United States. The US Ambassador, Linda 249 00:13:56,600 --> 00:14:00,600 Speaker 1: Thomas Greenfield, said Russia's actions pose a leear threat to 250 00:14:00,600 --> 00:14:04,480 Speaker 1: international peace and security and the UN Charter. Russia's deputy 251 00:14:04,480 --> 00:14:07,920 Speaker 1: ambassador called the proposed meeting of PR stunt. It will 252 00:14:07,960 --> 00:14:10,640 Speaker 1: be the Bengals versus the Rams and the Super Bowl. 253 00:14:10,720 --> 00:14:14,800 Speaker 1: On February thirteenth, Cincinnati beat the Chief twenty four in 254 00:14:14,920 --> 00:14:18,000 Speaker 1: overtime to win the a f C. The Rams beat 255 00:14:18,040 --> 00:14:21,560 Speaker 1: the forty nine twenty seventeen for the NFC title. In 256 00:14:21,680 --> 00:14:25,000 Speaker 1: the NHL, the Rangers won, the Islanders and Bruins lost. 257 00:14:25,320 --> 00:14:28,280 Speaker 1: In tennis, Raphael and Nadall as one of men's record 258 00:14:28,360 --> 00:14:32,280 Speaker 1: twenty one Grand Slam singles title in the Australian Open Final. 259 00:14:32,640 --> 00:14:35,280 Speaker 1: Global News twenty four hours a day on air and 260 00:14:35,480 --> 00:14:38,920 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 261 00:14:38,960 --> 00:14:42,440 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael Barr, 262 00:14:42,520 --> 00:14:45,800 Speaker 1: This is Bloomberg. Nathan alright, Michael, thank you. It's five 263 00:14:45,880 --> 00:14:49,320 Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Brokers Studios. 264 00:14:49,360 --> 00:14:52,200 Speaker 1: This is Bloomberg Daybreak. As we get set to close 265 00:14:52,200 --> 00:14:55,600 Speaker 1: out a volatile month of January, let's spring in Dennis Cartman, 266 00:14:55,720 --> 00:14:59,000 Speaker 1: chairman of the University of Akron Endowment Investment Committee and 267 00:14:59,080 --> 00:15:01,280 Speaker 1: former publisher of the Gartment Letter, as we get set 268 00:15:01,320 --> 00:15:04,640 Speaker 1: for a new trading week. Dennis, good morning. Very interesting 269 00:15:04,680 --> 00:15:07,920 Speaker 1: to see all the gyrations over the last month and 270 00:15:08,040 --> 00:15:10,640 Speaker 1: just this last week we had the SNP and the 271 00:15:10,720 --> 00:15:14,240 Speaker 1: NASDAC pretty much and where they started. Are you looking 272 00:15:14,320 --> 00:15:18,000 Speaker 1: for more volatility as we continue to price in what 273 00:15:18,160 --> 00:15:21,600 Speaker 1: exactly the FED is going to do. I'm afraid we're 274 00:15:21,600 --> 00:15:24,000 Speaker 1: gonna see a great good deal more of volatility. I 275 00:15:24,000 --> 00:15:26,040 Speaker 1: think we're due for a little bounce here and nothing 276 00:15:26,080 --> 00:15:28,920 Speaker 1: more than that. I like to look at the charts 277 00:15:29,000 --> 00:15:31,280 Speaker 1: from a distance, and I always talk about the markets 278 00:15:31,320 --> 00:15:34,000 Speaker 1: that after they've broken, moved back into what I called 279 00:15:34,040 --> 00:15:37,160 Speaker 1: the box, the fifty to sixty of a tracement of 280 00:15:37,200 --> 00:15:41,160 Speaker 1: what they had traversed and during the decline. And I 281 00:15:41,240 --> 00:15:44,880 Speaker 1: think that takes the now somewhere between thirty five five 282 00:15:45,040 --> 00:15:48,920 Speaker 1: thirty five thousand and thirty four thousand, seven fifty. That'll 283 00:15:48,960 --> 00:15:51,000 Speaker 1: be the box for the Dow. The S and P 284 00:15:51,200 --> 00:15:55,000 Speaker 1: I think can get back to about forty five five, 285 00:15:55,840 --> 00:15:57,640 Speaker 1: and I think the NASDAC can get back to about 286 00:15:57,640 --> 00:16:02,800 Speaker 1: fifteen thousand five between and fifty thousand. We'll probably do 287 00:16:02,880 --> 00:16:05,560 Speaker 1: that this week. Remember at the first of every month 288 00:16:05,600 --> 00:16:08,160 Speaker 1: we always get an inflow of money from uh from 289 00:16:08,160 --> 00:16:10,680 Speaker 1: retirement funds. That will give us a little bit of 290 00:16:10,720 --> 00:16:14,680 Speaker 1: a bounce tomorrow, maybe even into Wednesday. But watch the volume. 291 00:16:14,840 --> 00:16:17,360 Speaker 1: The volume on the for the for months now has 292 00:16:17,800 --> 00:16:20,760 Speaker 1: stronger on the downside and weaker on the upside. And 293 00:16:20,840 --> 00:16:23,000 Speaker 1: I suspect that that's going to continue. So we'll probably 294 00:16:23,000 --> 00:16:25,840 Speaker 1: see a nice little rally between today tomorrow or maybe 295 00:16:25,840 --> 00:16:28,640 Speaker 1: even into Wednesday, but I doubt it will be on 296 00:16:28,800 --> 00:16:31,000 Speaker 1: very strong volume, and I think it will be something 297 00:16:31,040 --> 00:16:32,960 Speaker 1: that should be sold into. I think the bear market 298 00:16:33,000 --> 00:16:35,960 Speaker 1: began eleven weeks ago, and I think we can for 299 00:16:36,000 --> 00:16:38,960 Speaker 1: the next year or two. Well, I shouldn't say that long. 300 00:16:39,040 --> 00:16:41,120 Speaker 1: Let's just say it will continue to break until it 301 00:16:41,200 --> 00:16:44,800 Speaker 1: stops for the next several months. One is to sell 302 00:16:44,840 --> 00:16:47,840 Speaker 1: into strength, not to buy weakness. And as I said 303 00:16:48,080 --> 00:16:50,520 Speaker 1: weeks now, in a bear market, he or she who 304 00:16:50,520 --> 00:16:53,040 Speaker 1: loses the least will do the best. Yeah, I think 305 00:16:53,040 --> 00:16:54,960 Speaker 1: it is safe to say that you've been pretty bearished 306 00:16:55,000 --> 00:16:57,640 Speaker 1: on this market for quite a while now. Is that 307 00:16:57,760 --> 00:17:02,120 Speaker 1: driven by more hawk ish FED? Is that what's driving 308 00:17:02,120 --> 00:17:05,879 Speaker 1: that view? I think that's the predominant circumstance. What had 309 00:17:05,960 --> 00:17:08,679 Speaker 1: driven the bull market was a very expansionary FED, and 310 00:17:08,680 --> 00:17:10,919 Speaker 1: I said, I think has made it abundantly clear that 311 00:17:10,960 --> 00:17:13,600 Speaker 1: they're going to take the fuel away, take the gasoline away, 312 00:17:13,640 --> 00:17:16,720 Speaker 1: take the carostene, take the propane away from the markets 313 00:17:16,760 --> 00:17:19,520 Speaker 1: that had driven the markets higher. And the fact that 314 00:17:19,560 --> 00:17:22,439 Speaker 1: we're taking the the fuel away from the market and 315 00:17:22,440 --> 00:17:26,200 Speaker 1: that's probably gonna be abundantly clear by the middle of 316 00:17:26,320 --> 00:17:27,879 Speaker 1: March when the Fed is said they're going to be 317 00:17:27,920 --> 00:17:31,359 Speaker 1: done with que and it probably begin the process of 318 00:17:31,440 --> 00:17:35,280 Speaker 1: quantitative tightening as they allow their their balance sheet to 319 00:17:35,400 --> 00:17:37,520 Speaker 1: roll off quietly. There won't be a seller or anything. 320 00:17:37,520 --> 00:17:41,320 Speaker 1: They'll just simply allow them uh securities that they've bought 321 00:17:41,320 --> 00:17:43,800 Speaker 1: from the Fed or bought from the Treasury to roll 322 00:17:43,880 --> 00:17:46,560 Speaker 1: off quietly over time. But that's a reduction to the 323 00:17:46,600 --> 00:17:49,040 Speaker 1: amount of fuel that that that has driven the market higher, 324 00:17:49,040 --> 00:17:50,920 Speaker 1: and I think that that's what's driving the bear market 325 00:17:51,000 --> 00:17:54,120 Speaker 1: then will continue to do so for probably at least 326 00:17:54,119 --> 00:17:55,840 Speaker 1: to the end of this year, and I think we're 327 00:17:55,840 --> 00:17:59,440 Speaker 1: gonna see demonstrably weaker prices over that period of time. 328 00:17:59,760 --> 00:18:02,639 Speaker 1: When you take the fuel away that has driven things higher, 329 00:18:03,040 --> 00:18:04,800 Speaker 1: that's it's going to be very difficult to keep things 330 00:18:04,880 --> 00:18:07,520 Speaker 1: going up. Of course, the debate is how much fuel 331 00:18:07,800 --> 00:18:09,639 Speaker 1: is going to be taken away, whether we're going to 332 00:18:09,680 --> 00:18:13,120 Speaker 1: see more aggressive rate hikes early, Just how many rate 333 00:18:13,200 --> 00:18:16,520 Speaker 1: hikes we're going to see this year? What's your what's 334 00:18:16,520 --> 00:18:18,760 Speaker 1: your case on how many hikes? When you could see 335 00:18:18,760 --> 00:18:21,080 Speaker 1: from the Fed two and a half months ago, when 336 00:18:21,080 --> 00:18:23,520 Speaker 1: I said, the FED will probably at least tighten three 337 00:18:23,520 --> 00:18:27,120 Speaker 1: times four times. That seemed to be laughable. Now everybody 338 00:18:27,200 --> 00:18:28,920 Speaker 1: is talking about the fact they'll be at least four, 339 00:18:29,359 --> 00:18:32,240 Speaker 1: so they'll talk to as many as six or seven. 340 00:18:32,280 --> 00:18:34,120 Speaker 1: For the course of the year. I think we'll see 341 00:18:34,160 --> 00:18:36,600 Speaker 1: at least five or six times when the Fed has 342 00:18:36,680 --> 00:18:39,080 Speaker 1: raised the overnight said funds rate, and I think several 343 00:18:39,119 --> 00:18:41,080 Speaker 1: times will take it up by fifty basis points. So 344 00:18:41,080 --> 00:18:42,960 Speaker 1: I think by the end of the year we'll see 345 00:18:42,960 --> 00:18:45,119 Speaker 1: the overnight said funds rate at least to one seventy 346 00:18:45,160 --> 00:18:48,800 Speaker 1: five maybe two, and before it's done, it will probably 347 00:18:48,840 --> 00:18:50,720 Speaker 1: even be stronger than that. So the Fed has a 348 00:18:50,920 --> 00:18:53,720 Speaker 1: a long job ahead of itself and had a long 349 00:18:53,800 --> 00:18:56,760 Speaker 1: job in front of it, but it was allowing the 350 00:18:56,840 --> 00:19:00,000 Speaker 1: monetary aggregates to expand and taking the overnight said funds 351 00:19:00,080 --> 00:19:02,200 Speaker 1: right to zero if they need to get it back 352 00:19:02,200 --> 00:19:04,560 Speaker 1: to something that is more amenable to a longer term 353 00:19:04,840 --> 00:19:07,600 Speaker 1: relationship with the economy. And so I think it's at 354 00:19:07,680 --> 00:19:11,119 Speaker 1: least five maybe six times with the raises the overnight 355 00:19:11,520 --> 00:19:14,960 Speaker 1: funds right basis points most of the times fifty basis 356 00:19:14,960 --> 00:19:17,080 Speaker 1: points probably one of the times this year. All right, 357 00:19:17,119 --> 00:19:20,560 Speaker 1: we'll continue this conversation on monetary policy, the inflation risk, 358 00:19:20,640 --> 00:19:23,719 Speaker 1: and geopolitical risk as well. Dennis Gartman is with us 359 00:19:23,720 --> 00:19:26,560 Speaker 1: for the hour here on Bloomberg Daybreak. He'll be joining 360 00:19:26,640 --> 00:19:29,680 Speaker 1: us for more just ahead, as we take a look 361 00:19:29,720 --> 00:19:32,960 Speaker 1: at the markets right now, mixed action as we get 362 00:19:33,000 --> 00:19:35,239 Speaker 1: set to close out the month of January. Right now, 363 00:19:35,359 --> 00:19:37,840 Speaker 1: S and P futures are little change now futures down 364 00:19:37,880 --> 00:19:41,800 Speaker 1: seventy five points, NASTAC futures moving higher. They are up 365 00:19:41,920 --> 00:19:45,439 Speaker 1: seventy one points. The tenure treasury is down three thirty 366 00:19:45,480 --> 00:19:49,119 Speaker 1: seconds the old one on the tenure note. Yield on 367 00:19:49,160 --> 00:19:51,800 Speaker 1: the two year right now one point one nine percent. 368 00:19:51,920 --> 00:19:54,840 Speaker 1: We'll get much more on the volatility to end this 369 00:19:54,880 --> 00:19:58,880 Speaker 1: first trading month of two and the new president same 370 00:19:58,920 --> 00:20:01,679 Speaker 1: as the old president in Italy. Top stories of the 371 00:20:01,680 --> 00:20:08,520 Speaker 1: morning coming up on Bloomberg Daybreak. Bloomberg day Break brought 372 00:20:08,560 --> 00:20:10,879 Speaker 1: you by The Breakers this winter, a warm welcome awaits 373 00:20:10,880 --> 00:20:13,000 Speaker 1: to the Breakers is committed to making your stay even 374 00:20:13,040 --> 00:20:17,160 Speaker 1: better with exceptional experiences, gracious service, and unparalleled seaside glamorates. 375 00:20:17,200 --> 00:20:23,280 Speaker 1: Learn more. Visit the Breakers dot com today, broadcasting live 376 00:20:23,440 --> 00:20:27,359 Speaker 1: from the Bloomberg Interactive Broker studio in New York, Bloomberg 377 00:20:27,440 --> 00:20:31,480 Speaker 1: E Living Freedom to Washington, d C. Bloomberg on to Boston, 378 00:20:31,600 --> 00:20:35,040 Speaker 1: Bloomberg on A six one to San Francisco, Bloomberg nine 379 00:20:35,080 --> 00:20:38,280 Speaker 1: six to the country Sirius XM Chad A one nine team, 380 00:20:38,280 --> 00:20:41,440 Speaker 1: and around the globe the Bloomberg Business app in Bloomberg 381 00:20:41,520 --> 00:20:51,119 Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty 382 00:20:51,119 --> 00:20:53,480 Speaker 1: on Wall Street. Good morning. I'm Nathan Hagar and I'm 383 00:20:53,520 --> 00:20:56,320 Speaker 1: Kared Moscow. We're just about four hours away from the 384 00:20:56,320 --> 00:20:58,280 Speaker 1: open of US trading. Let's get you up to date 385 00:20:58,320 --> 00:20:59,880 Speaker 1: on the news you need to know at this hour. 386 00:21:00,080 --> 00:21:02,760 Speaker 1: R SNP futures are little change this morning as we 387 00:21:02,800 --> 00:21:06,600 Speaker 1: close out the volatile trading month of January. Despite Friday's rally, 388 00:21:06,640 --> 00:21:09,360 Speaker 1: the SNP five hundred is down seven percent so far 389 00:21:09,480 --> 00:21:12,479 Speaker 1: this month. The tech heavy nastack is off by twelve percent. 390 00:21:12,720 --> 00:21:15,360 Speaker 1: Oil is up sixteen percent and on track for its 391 00:21:15,440 --> 00:21:18,840 Speaker 1: best January in three decades. Karen, they'll pullback in risk 392 00:21:18,880 --> 00:21:22,040 Speaker 1: assets comes as the Fed turns hawkish, and now they're 393 00:21:22,040 --> 00:21:24,760 Speaker 1: speculation about whether a rate hike in March could be 394 00:21:24,800 --> 00:21:27,879 Speaker 1: bigger than initially expected. Let's get the latest five from 395 00:21:27,880 --> 00:21:30,720 Speaker 1: Bloomberg's You Need a Young Na Nathan. The Fed could 396 00:21:30,800 --> 00:21:33,920 Speaker 1: raise the benchmark rate by fifty basis points if there's 397 00:21:33,920 --> 00:21:36,720 Speaker 1: a need to be more aggressive when inflation. That's what 398 00:21:36,880 --> 00:21:40,520 Speaker 1: Atlanta FIT president Raphael Bostick told The Financial Times, and 399 00:21:40,560 --> 00:21:43,920 Speaker 1: he's stuck to his prediction that three quarter point increases 400 00:21:43,960 --> 00:21:47,639 Speaker 1: starting in March is the most likely scenario. Meantime, Goldman 401 00:21:47,720 --> 00:21:51,639 Speaker 1: Sachs predicts the FIT will raise interest rates by twenty 402 00:21:51,640 --> 00:21:55,520 Speaker 1: five basis points five times this year. Live in New York. 403 00:21:55,560 --> 00:21:57,920 Speaker 1: I'm gonna need a young Bloomberg daybreak. I need to 404 00:21:57,960 --> 00:22:00,520 Speaker 1: thank you. Interest rates are also in focus in Europe. 405 00:22:00,520 --> 00:22:03,040 Speaker 1: According to a Bloomberg survey of economists, the Bank of 406 00:22:03,040 --> 00:22:05,840 Speaker 1: England will raise interest rates to one half of one 407 00:22:05,880 --> 00:22:08,720 Speaker 1: percent on Thursday. That would complete the first back to 408 00:22:08,800 --> 00:22:11,920 Speaker 1: back rate hikes in eighteen years. Politics are also front 409 00:22:11,920 --> 00:22:14,399 Speaker 1: and center in Europe. Karen, After six days of voting 410 00:22:14,400 --> 00:22:18,000 Speaker 1: in Italy's parliament, Sergio Montarella has been re elected president 411 00:22:18,040 --> 00:22:20,640 Speaker 1: and will remain in office for another term. We get 412 00:22:20,680 --> 00:22:23,720 Speaker 1: the details from Bloomberg's Francy Laqua. In Rome, Mario Drown, 413 00:22:23,960 --> 00:22:26,360 Speaker 1: the Prime minister, was initially seen as a top contender 414 00:22:26,400 --> 00:22:29,119 Speaker 1: for the job, but lawmakers and feared to return to 415 00:22:29,160 --> 00:22:32,959 Speaker 1: political term oil without draw as Prime Minister. In the end, 416 00:22:33,000 --> 00:22:35,679 Speaker 1: it was drawn himself, whilst Mazuela to remain in office, 417 00:22:36,040 --> 00:22:39,080 Speaker 1: bringing the week long stalemate. The outcome could also provide 418 00:22:39,080 --> 00:22:42,040 Speaker 1: relief to investors because it reduces the chances of early 419 00:22:42,080 --> 00:22:45,399 Speaker 1: elections and will let dragg press ahead with his reform 420 00:22:45,440 --> 00:22:50,280 Speaker 1: agenda until the next election due in Rome. Franci Laqua 421 00:22:50,359 --> 00:22:52,879 Speaker 1: Bloomberg Day Break, Francy, and thank you, and we also 422 00:22:52,920 --> 00:22:54,920 Speaker 1: have a possible deal to tell you about. This morning. 423 00:22:54,960 --> 00:22:58,160 Speaker 1: Bloomberg News has learned that Elliot Investment Management and Vista 424 00:22:58,200 --> 00:23:02,040 Speaker 1: Equity are nearing an agreement debise software maker Citrix Systems. 425 00:23:02,240 --> 00:23:04,720 Speaker 1: They deal would value the company's equity at about thirteen 426 00:23:04,760 --> 00:23:08,680 Speaker 1: billion dollars. The takeover could be announced as soon as 427 00:23:08,720 --> 00:23:11,399 Speaker 1: today and again U s MP futures are little change 428 00:23:11,440 --> 00:23:16,000 Speaker 1: this morning. DAL futures down ninety NASDAC futures up sixty four. 429 00:23:16,119 --> 00:23:18,920 Speaker 1: The decks in Germany's up eight tenths of upper set ten, 430 00:23:18,960 --> 00:23:21,400 Speaker 1: Your treasury down four thirty seconds. You at one point 431 00:23:21,440 --> 00:23:24,000 Speaker 1: seven eight percent. They yield on the two year one 432 00:23:24,000 --> 00:23:26,920 Speaker 1: point to zero percent and non max screwed oil is 433 00:23:27,000 --> 00:23:29,560 Speaker 1: up nine tenths of per cent. Straight to had your 434 00:23:29,600 --> 00:23:33,200 Speaker 1: latest local headlines plus a check of sports, and this 435 00:23:33,760 --> 00:23:39,840 Speaker 1: is Bloomberg all right, Karen. Thanks, It's five thirty three 436 00:23:39,880 --> 00:23:42,280 Speaker 1: in Wall Street, where twenty one degrees in Central Park. 437 00:23:42,320 --> 00:23:45,240 Speaker 1: We've got delays on the Long Island Railroad Fort Jefferson Branch. 438 00:23:45,280 --> 00:23:48,520 Speaker 1: Also c Street service, suspended tales coming up in traffic. 439 00:23:48,560 --> 00:23:50,720 Speaker 1: First Michael Barr with more on what's going on in 440 00:23:50,720 --> 00:23:53,359 Speaker 1: New York and around the world. Michael, thank you very much. Nathan. 441 00:23:53,400 --> 00:23:56,480 Speaker 1: New York City Mayor Eric Adams says free COVID anti 442 00:23:56,640 --> 00:24:01,359 Speaker 1: viral pills are going out in the mail to eligible residents. 443 00:24:01,760 --> 00:24:03,960 Speaker 1: The goal of the new program is to keep sick 444 00:24:04,000 --> 00:24:07,480 Speaker 1: people home rather than inside crowded stores. We have the 445 00:24:07,760 --> 00:24:13,720 Speaker 1: highest vaccination rate in the nation. Also speaking with Mayor 446 00:24:13,760 --> 00:24:17,320 Speaker 1: Adams at the news conference in the Bronx, NYC Health 447 00:24:17,320 --> 00:24:21,439 Speaker 1: Commissioner Dave Chotsky, he says the city already offers free 448 00:24:21,480 --> 00:24:25,119 Speaker 1: at home vaccinations. Taken together, all of these tools help 449 00:24:25,240 --> 00:24:29,240 Speaker 1: us defying the virus, keeping our loved ones out of 450 00:24:29,280 --> 00:24:33,439 Speaker 1: the hospital, and saving lives. Dr Chotsky says the pills 451 00:24:33,440 --> 00:24:37,679 Speaker 1: will be delivered in partnership with alto pharmacy. Foreign Relations 452 00:24:37,720 --> 00:24:40,600 Speaker 1: Committee Chair Bob and Ndez says U S senators are 453 00:24:40,640 --> 00:24:43,880 Speaker 1: closed to agreeing on a Russia sanction bill that could 454 00:24:43,920 --> 00:24:47,679 Speaker 1: include penalties even if President Vladimir Putin doesn't send troops 455 00:24:47,680 --> 00:24:50,800 Speaker 1: into Ukraine. It comes as the UN Security Council is 456 00:24:50,880 --> 00:24:53,560 Speaker 1: scheduled to meet today for the first time on the 457 00:24:53,640 --> 00:24:57,159 Speaker 1: Russian troop build up. The Biden administration reiterated that it 458 00:24:57,240 --> 00:25:00,200 Speaker 1: is ready to hold talks with North Korea without precondition. 459 00:25:00,760 --> 00:25:03,880 Speaker 1: Day after Kim John Huon's regime fired an intermediate range 460 00:25:03,880 --> 00:25:08,240 Speaker 1: ballistic missile for the first time since twenty seventeen, senior 461 00:25:08,240 --> 00:25:12,680 Speaker 1: Administration official described North Korea's recent series of missile launches 462 00:25:12,720 --> 00:25:17,199 Speaker 1: as destabilizing. Republican Senator Susan Collins of Maine says former 463 00:25:17,240 --> 00:25:22,720 Speaker 1: President Donald Trump should not have promised pardon January sixth insurrectionists. 464 00:25:22,720 --> 00:25:25,720 Speaker 1: Collins also was asked whether she would endorse Trump if 465 00:25:25,720 --> 00:25:29,480 Speaker 1: he decided to run again in two Certainly it's not 466 00:25:29,920 --> 00:25:35,200 Speaker 1: likely given the many other qualified candidates that we have 467 00:25:35,400 --> 00:25:40,320 Speaker 1: that have expressed interested in running. Senator Collins spoke on 468 00:25:40,359 --> 00:25:42,359 Speaker 1: a d c S this week, which can be heard 469 00:25:42,400 --> 00:25:46,280 Speaker 1: Sundays on Bloomberg Global News twenty four hours a day 470 00:25:46,440 --> 00:25:49,440 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 471 00:25:49,440 --> 00:25:52,280 Speaker 1: twenty seven hundred journalists analysts in more than a hundred 472 00:25:52,280 --> 00:25:55,480 Speaker 1: twenty countries. On Michael Barr This is Bloomberg, Nathan, thanks 473 00:25:55,560 --> 00:26:03,080 Speaker 1: Michael on Ball Street time for the Bloomberg Sports Update 474 00:26:03,119 --> 00:26:05,720 Speaker 1: with John Stashower snaithan kind of an Unlike the Super 475 00:26:05,760 --> 00:26:08,400 Speaker 1: Bowl matchup, the Bengals until this month had not won 476 00:26:08,400 --> 00:26:10,600 Speaker 1: a playoff game in thirty one years. They had never 477 00:26:10,640 --> 00:26:12,520 Speaker 1: won one on the road, and they've never won a 478 00:26:12,560 --> 00:26:14,359 Speaker 1: Super Bowl. The Rams have only won one. That was 479 00:26:14,359 --> 00:26:16,720 Speaker 1: when they played in St. Louis. Bengals and Ram both 480 00:26:16,760 --> 00:26:19,680 Speaker 1: came from behind, won by three. They'll meet in two 481 00:26:19,680 --> 00:26:22,520 Speaker 1: weeks in l A. So after fifty four Super Bowls 482 00:26:22,560 --> 00:26:24,640 Speaker 1: without a team pointing its home stadium, it will happen 483 00:26:24,680 --> 00:26:26,840 Speaker 1: two years in a row. In l A. The Rams 484 00:26:26,880 --> 00:26:28,920 Speaker 1: trailed the forty Niners by ten, and the fourth quarter 485 00:26:29,040 --> 00:26:33,480 Speaker 1: rallied the win seventeen. Matthew Stafford's third playoff win after 486 00:26:33,560 --> 00:26:36,120 Speaker 1: having not won any first thirteen years of his career. 487 00:26:36,119 --> 00:26:39,600 Speaker 1: Big games catching passes for both Cooper Cup and Odell Beckham. 488 00:26:39,600 --> 00:26:42,520 Speaker 1: The Bengals trailed in Kansas City three, but the Chiefs, 489 00:26:42,680 --> 00:26:45,520 Speaker 1: who scored touchdowns on their first three possessions, did not 490 00:26:45,640 --> 00:26:48,680 Speaker 1: score one in their last eight. Cincinnati went ahead with 491 00:26:48,880 --> 00:26:51,480 Speaker 1: twenty one points to the row Casey forced overtime, but 492 00:26:51,600 --> 00:26:57,320 Speaker 1: Patrick Mahomes's second interception led to the end to the 493 00:26:57,359 --> 00:27:00,200 Speaker 1: Super Bowl. Four years ago, he was a seat. You're 494 00:27:00,240 --> 00:27:03,679 Speaker 1: in high school and tiny Fort Paid, Alabama. Now the 495 00:27:03,720 --> 00:27:09,600 Speaker 1: Bengal Super Bowl chances rest on his right foot to kick. Yeah, yeah, 496 00:27:09,640 --> 00:27:20,440 Speaker 1: good coffins. Bam, bam, bam. That is livable. Vin McPherson. 497 00:27:20,440 --> 00:27:23,920 Speaker 1: Field will go on w LW sincin anyone. Just six 498 00:27:23,920 --> 00:27:26,760 Speaker 1: wins over their previous two seasons, the odds on them 499 00:27:26,800 --> 00:27:29,040 Speaker 1: reaching the Super Bowl, where a d five to one 500 00:27:29,440 --> 00:27:31,960 Speaker 1: Rangers Gotta Go final minute from ke Andre Miller beat 501 00:27:32,000 --> 00:27:34,000 Speaker 1: the Seattle Crafting at the Garden three to two. The 502 00:27:34,000 --> 00:27:36,640 Speaker 1: Islanders lost in Minnesota four to three. College hoop wins 503 00:27:36,680 --> 00:27:41,200 Speaker 1: from Manhattan, Iona Fordham last, John Stashward Bloomberg Sports Nathan, 504 00:27:41,320 --> 00:27:43,440 Speaker 1: Thank you John. It's five thirty seven on Wall Street 505 00:27:43,440 --> 00:27:46,400 Speaker 1: time for the Tri State Business Report. Here's Bloomberg's head 506 00:27:46,400 --> 00:27:49,520 Speaker 1: Corey Since New York State's banned on most evictions ended 507 00:27:49,520 --> 00:27:52,800 Speaker 1: this month. The pace of evictions has been slow tended 508 00:27:52,840 --> 00:27:55,880 Speaker 1: to attorneys have delayed cases, and the governor requested more 509 00:27:55,880 --> 00:27:59,080 Speaker 1: aid for rental assistance. Dow Jones reports New York City 510 00:27:59,160 --> 00:28:02,440 Speaker 1: landlords entered two D thirty one eviction filings the week 511 00:28:02,480 --> 00:28:06,200 Speaker 1: after the moratorium expired. A month after the Fair Chance 512 00:28:06,240 --> 00:28:09,280 Speaker 1: and Housing Act took effect in New Jersey, advocates tell 513 00:28:09,400 --> 00:28:12,880 Speaker 1: NJ Spotlight people with a criminal record still faced discrimination. 514 00:28:13,359 --> 00:28:16,800 Speaker 1: The Fair Chance and Housing Act bands housing providers from 515 00:28:16,800 --> 00:28:21,680 Speaker 1: inquiring about criminal histories on housing applications. Connecticut is encouraging 516 00:28:21,720 --> 00:28:24,399 Speaker 1: consumers to look closer to home for food and milk, 517 00:28:24,720 --> 00:28:28,080 Speaker 1: and supply chain issues and labor shortages cause empty shelves 518 00:28:28,359 --> 00:28:32,160 Speaker 1: and higher prices. The Post reports. The Department of Agriculture 519 00:28:32,200 --> 00:28:35,640 Speaker 1: is promoting local farms and farmers markets is good options 520 00:28:35,640 --> 00:28:39,280 Speaker 1: for residents food sources that your Bloomberg try State Business 521 00:28:39,280 --> 00:28:42,040 Speaker 1: Report I mid Corey and said it's five thirty eight 522 00:28:42,040 --> 00:28:44,200 Speaker 1: on Wall Street. Bloomberg Radio is on the air from 523 00:28:44,200 --> 00:28:47,120 Speaker 1: San Francisco to New York, London to Hong Kong. Let's 524 00:28:47,160 --> 00:28:49,080 Speaker 1: check in with our global news team for some of 525 00:28:49,080 --> 00:28:51,720 Speaker 1: the top stories heard on our three hundred affiliate radio 526 00:28:51,800 --> 00:28:57,960 Speaker 1: stations around the world. I'm Steve Polastan on ten ten 527 00:28:58,040 --> 00:29:00,520 Speaker 1: Winds in New York. We're talking about how ability to 528 00:29:00,560 --> 00:29:03,560 Speaker 1: work from home as some blue collar workers making the 529 00:29:03,640 --> 00:29:08,520 Speaker 1: switch to office job um Corney donahoan ktr H in Houston. 530 00:29:08,680 --> 00:29:11,880 Speaker 1: Boeing has begun the planning process for an all new airplane. 531 00:29:12,240 --> 00:29:14,800 Speaker 1: I'm Caroline Hepp gone Bloomberg d a B Digital Radio 532 00:29:14,840 --> 00:29:18,360 Speaker 1: in London, with reporting or mounting expectations that a rapid 533 00:29:18,440 --> 00:29:21,000 Speaker 1: tightening by the Bank of England purst back to back 534 00:29:21,080 --> 00:29:24,800 Speaker 1: hikes in seventeen years. AMD Corey on w w J 535 00:29:24,920 --> 00:29:27,760 Speaker 1: in Detroit. I'm reporting cruise ships will visit Mostigue in 536 00:29:27,800 --> 00:29:31,680 Speaker 1: Michigan again this summer. And those are some of the 537 00:29:31,720 --> 00:29:35,080 Speaker 1: stories our twenty hundred Bloomberg journalists and analysts are working 538 00:29:35,120 --> 00:29:37,600 Speaker 1: on this morning around the world. It's thirty nine on 539 00:29:37,600 --> 00:29:41,320 Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion. 540 00:29:41,640 --> 00:29:46,000 Speaker 1: This sedatorial was written by the Bloomberg Editorial Board. With 541 00:29:46,200 --> 00:29:50,240 Speaker 1: Democrats unable to advance their comprehensive voting rights bill through 542 00:29:50,280 --> 00:29:53,200 Speaker 1: the Senate, they should now turn their attention to more 543 00:29:53,360 --> 00:29:57,280 Speaker 1: pragmatic concerns. A good place to start would be overhauling 544 00:29:57,360 --> 00:30:02,560 Speaker 1: the Electoral Count Act of eight seven. This outdated law 545 00:30:02,720 --> 00:30:06,640 Speaker 1: opens the door to partisan interference in the electoral count 546 00:30:06,720 --> 00:30:11,479 Speaker 1: certification process. Lawmakers of both parties have already expressed support 547 00:30:11,560 --> 00:30:14,840 Speaker 1: for reforming the e c A, and negotiations on the 548 00:30:14,880 --> 00:30:18,960 Speaker 1: matter are ongoing. Notably, these talks have the approval of 549 00:30:19,040 --> 00:30:24,360 Speaker 1: Senate Republican leader Mitch McConnell. Understandably, Democrats are frustrated that 550 00:30:24,400 --> 00:30:28,640 Speaker 1: their broader electoral reforms aren't going anywhere, but given the 551 00:30:28,640 --> 00:30:32,640 Speaker 1: reality of a sharply split Senate, fixing the Electoral Count 552 00:30:32,640 --> 00:30:35,840 Speaker 1: Act would count as real progress on its own. This 553 00:30:36,080 --> 00:30:39,720 Speaker 1: editorial was written by the Bloomberg Editorial Board. For more 554 00:30:39,760 --> 00:30:43,280 Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash Opinion 555 00:30:43,400 --> 00:30:46,480 Speaker 1: or O P I n go on the Bloomberg terminal. 556 00:30:46,800 --> 00:30:50,600 Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials 557 00:30:50,640 --> 00:30:53,360 Speaker 1: every weekday. At this time, terminal customers can read more 558 00:30:53,440 --> 00:30:56,440 Speaker 1: at O P I n go. SMP futures down down 559 00:30:56,480 --> 00:30:59,240 Speaker 1: six point, staff features down a hundred twenty one points, 560 00:30:59,320 --> 00:31:02,000 Speaker 1: NANA SAT Future. You're still higher by forty six points 561 00:31:02,280 --> 00:31:04,800 Speaker 1: to ten. Your treasury down six thirty seconds. The yield 562 00:31:04,840 --> 00:31:08,720 Speaker 1: one point seven nine Nimex crude now up one point 563 00:31:08,760 --> 00:31:11,360 Speaker 1: one percent, or ninety three cents at eighty seven dollars 564 00:31:11,400 --> 00:31:14,800 Speaker 1: seventy five cents of barrel. Our conversation with Dennis Gartman, 565 00:31:15,200 --> 00:31:18,800 Speaker 1: former publisher of the Gartment letter, continues. Next. This is 566 00:31:18,840 --> 00:31:24,760 Speaker 1: Bloomberg Bloomberg eleven three oh weather. Sunshine and a high 567 00:31:24,760 --> 00:31:27,880 Speaker 1: in your thirty today, mostly sunny Tomorrow mid thirties, will 568 00:31:27,880 --> 00:31:31,560 Speaker 1: be mostly cloudy in in near forty five degrees by Wednesday. 569 00:31:31,640 --> 00:31:39,040 Speaker 1: Right now one in Central Park markets, headlines and breaking 570 00:31:39,080 --> 00:31:41,960 Speaker 1: news twenty four hours a day at Bloomberg dot com, 571 00:31:42,080 --> 00:31:45,680 Speaker 1: the Bloomberg Business at and at Bloomberg quicktape is a 572 00:31:45,720 --> 00:31:54,720 Speaker 1: Bloomberg Business blash and I'm kar at Moscow US dock 573 00:31:54,760 --> 00:31:58,600 Speaker 1: Indix futures are well listen p futures anyway, little change 574 00:31:58,760 --> 00:32:02,320 Speaker 1: Nowsday's futures. They're higher, up about seventy points, and death 575 00:32:02,360 --> 00:32:05,800 Speaker 1: futures are down eighties six. Investors are betting corporate earnings 576 00:32:05,800 --> 00:32:08,440 Speaker 1: will continue to grow amid aggressive tightening by the Fed, 577 00:32:09,000 --> 00:32:11,640 Speaker 1: and right now the ten year treasury is down five 578 00:32:11,640 --> 00:32:13,959 Speaker 1: thirty seconds, you have one point seven eight percent. They 579 00:32:14,040 --> 00:32:16,440 Speaker 1: yield them a two year one point to zero percent. 580 00:32:16,880 --> 00:32:19,240 Speaker 1: Nine Next, Scrude oil is up one percent of eighty 581 00:32:19,240 --> 00:32:21,840 Speaker 1: four cents at eighty seven dollars sixty six cents in barrel. 582 00:32:22,040 --> 00:32:25,440 Speaker 1: Comics called up about three ten percent of four dollars 583 00:32:25,520 --> 00:32:29,120 Speaker 1: ninety cents. Se fifty announced. The euro one point one 584 00:32:29,440 --> 00:32:31,880 Speaker 1: seven three against the dollar, British pound one point three 585 00:32:31,960 --> 00:32:34,600 Speaker 1: four four four, the ns A one fifteen point five 586 00:32:34,680 --> 00:32:37,760 Speaker 1: one Bitcoin this morning, moving lower at thirty seven thousand, 587 00:32:37,800 --> 00:32:40,880 Speaker 1: two hundred fifty dollars. That's a bloomberg business flash. Now 588 00:32:40,880 --> 00:32:43,120 Speaker 1: here's Michael Barr with more on must going on around 589 00:32:43,120 --> 00:32:46,840 Speaker 1: the world. Michael Karen, thank you very much. Russia has 590 00:32:46,880 --> 00:32:49,600 Speaker 1: more than a hundred thousand troops near its border with 591 00:32:49,640 --> 00:32:53,720 Speaker 1: the Ukraine. Today the United Nations Security Council meets to 592 00:32:53,760 --> 00:32:57,400 Speaker 1: discuss the situation and what could happen next. North Korea 593 00:32:57,440 --> 00:33:01,520 Speaker 1: confirms it test fired amid range ballistic sold yesterday. US 594 00:33:01,560 --> 00:33:04,520 Speaker 1: officials are condemning the biggest missile test by North Korea 595 00:33:04,600 --> 00:33:07,840 Speaker 1: since twenty seventeen. It will be the Bengals versus the 596 00:33:07,960 --> 00:33:11,800 Speaker 1: Rams in the Super Bowl on February thirteenth, Cincinnati beat 597 00:33:11,840 --> 00:33:15,160 Speaker 1: the Chiefs twenty seven twenty four in overtime to win 598 00:33:15,240 --> 00:33:17,920 Speaker 1: the a f C. The Rams beat the forty nine 599 00:33:18,160 --> 00:33:21,920 Speaker 1: twenty seventeen for the NFC title. In the NHL, the 600 00:33:22,000 --> 00:33:25,720 Speaker 1: Rangers won, the Islanders and Bruins lost. In tennis, Rafael 601 00:33:25,800 --> 00:33:29,080 Speaker 1: Nadal is one of men's records twenty first Grand Slam 602 00:33:29,200 --> 00:33:33,080 Speaker 1: singles title in the Australian Open Final. Global News twenty 603 00:33:33,080 --> 00:33:36,080 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 604 00:33:36,120 --> 00:33:39,120 Speaker 1: powered by more than twenty seven hundred journalists analysts more 605 00:33:39,120 --> 00:33:42,200 Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg NA. 606 00:33:42,480 --> 00:33:44,800 Speaker 1: Thanks Michael. It's almost five forty nine on Wall Street 607 00:33:44,840 --> 00:33:47,760 Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg 608 00:33:47,840 --> 00:33:49,800 Speaker 1: Day Break in. Dennis Gartman is back with us, now 609 00:33:49,920 --> 00:33:52,120 Speaker 1: former publisher of the Gartment Letter, now chairman of the 610 00:33:52,200 --> 00:33:55,880 Speaker 1: University of Akron Endowment Investment Committee. Dennis, as we continue 611 00:33:55,920 --> 00:33:58,640 Speaker 1: to think about how much tightening to expect from the Fed, 612 00:33:58,800 --> 00:34:01,800 Speaker 1: how much do you think this Friday's jobs report for 613 00:34:02,200 --> 00:34:06,200 Speaker 1: the month of January will factor into the Central Banks 614 00:34:06,280 --> 00:34:10,000 Speaker 1: decision making. Let us hope that they take the monthly 615 00:34:10,200 --> 00:34:12,880 Speaker 1: employment numbers with a great grain assault because they are 616 00:34:12,920 --> 00:34:14,920 Speaker 1: the most erratic of all the numbers that come out. 617 00:34:15,000 --> 00:34:18,839 Speaker 1: The revisions from the next are extraordinary. You can never 618 00:34:18,960 --> 00:34:21,280 Speaker 1: guess what the revision is going to be. The direction 619 00:34:21,400 --> 00:34:24,400 Speaker 1: has been to be slightly better. But on balance, if 620 00:34:24,480 --> 00:34:27,520 Speaker 1: you get the non farm payrolls number within a hundred thousand, 621 00:34:27,600 --> 00:34:29,279 Speaker 1: I think you've done one hell of a good job. 622 00:34:29,920 --> 00:34:31,960 Speaker 1: I think, I hope. I think the Fed will pay 623 00:34:32,080 --> 00:34:34,839 Speaker 1: very little attention to this monthly number, and we'll pay 624 00:34:34,840 --> 00:34:36,680 Speaker 1: attention to the trend over the course of the last 625 00:34:36,719 --> 00:34:39,400 Speaker 1: several months. But let us let us hope that they 626 00:34:39,440 --> 00:34:41,279 Speaker 1: don't pay too much attention to this week's number. It 627 00:34:41,320 --> 00:34:44,839 Speaker 1: will be terribly erratic. And again, the revisions from one 628 00:34:44,920 --> 00:34:46,919 Speaker 1: month in the next of an extraordinary. Over the past 629 00:34:46,960 --> 00:34:49,560 Speaker 1: several years, yeah, it's been very difficult, I think for 630 00:34:49,640 --> 00:34:53,319 Speaker 1: economists to game out how the labor market is looking, 631 00:34:53,400 --> 00:34:57,000 Speaker 1: particularly under a pandemic. Why do you think there has 632 00:34:57,080 --> 00:35:01,319 Speaker 1: been so much difficulty. It's been because you have two 633 00:35:01,360 --> 00:35:05,319 Speaker 1: different groups that that that go into the monthly number, 634 00:35:05,400 --> 00:35:09,240 Speaker 1: the jo the the household report, and the the corporate report. 635 00:35:09,280 --> 00:35:11,719 Speaker 1: For a lack of a better term, and they they 636 00:35:11,840 --> 00:35:15,920 Speaker 1: tend to be a bit uh exogenous and erratic one 637 00:35:15,960 --> 00:35:17,560 Speaker 1: compared to the other. I tend to look at the 638 00:35:18,400 --> 00:35:20,879 Speaker 1: the A d P number as being a more valid number. 639 00:35:20,880 --> 00:35:22,520 Speaker 1: It comes out on Wednesdays, and I tend to look 640 00:35:22,560 --> 00:35:25,160 Speaker 1: at that with a greater degree of certainty than I 641 00:35:25,200 --> 00:35:27,560 Speaker 1: look at the monthly numbers from the federal from the 642 00:35:28,160 --> 00:35:31,440 Speaker 1: from the federal government. So it's been twenty years that 643 00:35:31,480 --> 00:35:33,399 Speaker 1: I've had to learn a hard lesson on that. Forty 644 00:35:33,480 --> 00:35:35,600 Speaker 1: years ago, it used to be an easy number to forecast. 645 00:35:36,040 --> 00:35:37,600 Speaker 1: In the course of the last ten and twenty years, 646 00:35:37,640 --> 00:35:40,239 Speaker 1: it's become more and more difficult. Why that has been 647 00:35:40,400 --> 00:35:42,800 Speaker 1: is quite beyond me. But it's amazing to me and 648 00:35:43,320 --> 00:35:45,840 Speaker 1: almost amusing to me that we pay as much attention 649 00:35:45,880 --> 00:35:48,200 Speaker 1: to it as we do. Just a couple of minutes 650 00:35:48,239 --> 00:35:50,640 Speaker 1: left here in our conversation, Dennis, but the price of 651 00:35:50,719 --> 00:35:54,880 Speaker 1: oil once again is surging. We've got Brent above a 652 00:35:54,920 --> 00:35:59,200 Speaker 1: barrel right now. Geopolitical risk at the forefront here. How 653 00:35:59,440 --> 00:36:04,120 Speaker 1: much do you expect tensions between Russia and the US 654 00:36:04,200 --> 00:36:06,840 Speaker 1: when it comes to the situation in Ukraine to affect markets. 655 00:36:07,560 --> 00:36:10,040 Speaker 1: Let us hope that cooler heads prevail. Let us hope 656 00:36:10,080 --> 00:36:14,040 Speaker 1: that the the attitude taken by the Ukrainians themselves has 657 00:36:14,080 --> 00:36:17,120 Speaker 1: been less concerned, it seems, than has been Washington relative 658 00:36:17,200 --> 00:36:19,640 Speaker 1: to what's going on there. Let us hope that cool 659 00:36:19,680 --> 00:36:22,120 Speaker 1: heads prevailed. This is a nuclear age, This is a 660 00:36:22,640 --> 00:36:25,920 Speaker 1: very disturbing sort. And my guest is that the Russians 661 00:36:26,000 --> 00:36:29,720 Speaker 1: probably shall not incur into Ukraine. I think the United 662 00:36:29,719 --> 00:36:32,080 Speaker 1: States has made it so abundantly clear that there will 663 00:36:32,080 --> 00:36:35,400 Speaker 1: be some sort of serious fact in our saction, sanctions 664 00:36:35,440 --> 00:36:37,640 Speaker 1: that will be put into effect. Let us hope that 665 00:36:37,680 --> 00:36:40,840 Speaker 1: cooler heads prevail. My guesses they probably shall be, and 666 00:36:40,920 --> 00:36:43,719 Speaker 1: that this will probably wind its way towards nothingness over 667 00:36:43,760 --> 00:36:46,040 Speaker 1: the course of the next several weeks and months. Let's 668 00:36:46,040 --> 00:36:49,160 Speaker 1: hope that I'm right well. With crude prices as high 669 00:36:49,200 --> 00:36:52,040 Speaker 1: as they are, Dennis, what impact is that going to 670 00:36:52,200 --> 00:36:59,400 Speaker 1: have on stock prices and the growth trajectory for this economy? 671 00:36:59,400 --> 00:37:03,560 Speaker 1: In our last it, we forget how much petroleum is 672 00:37:04,520 --> 00:37:06,759 Speaker 1: responsible for almost everything we touch. I mean, it's in 673 00:37:06,880 --> 00:37:09,400 Speaker 1: your deodorant for good for goodness sake, it's in the 674 00:37:09,960 --> 00:37:13,640 Speaker 1: clothing that we wear, it's it's everywhere beyond just our automobiles, 675 00:37:13,680 --> 00:37:15,960 Speaker 1: in our in our airplanes that drive driving the air 676 00:37:16,040 --> 00:37:19,239 Speaker 1: and drive on the road. So higher private prices for 677 00:37:19,400 --> 00:37:25,560 Speaker 1: petroleum extract a larger inflationary expectation and deconstrued as being 678 00:37:25,800 --> 00:37:29,239 Speaker 1: supportive of economic activity. It has to be deleterious. I'm 679 00:37:29,360 --> 00:37:31,359 Speaker 1: I'm somewhat surprised that Brenna has been able to push 680 00:37:31,400 --> 00:37:35,880 Speaker 1: above dollars a barrel. I suspect that this the the 681 00:37:36,520 --> 00:37:39,279 Speaker 1: the best cure for high prices is high prices. I 682 00:37:39,360 --> 00:37:41,600 Speaker 1: think it will increase the amount of drilling that goes on. 683 00:37:41,719 --> 00:37:45,000 Speaker 1: But thus far as we've moved from zero prices, what 684 00:37:45,120 --> 00:37:47,759 Speaker 1: two years ago we went to negative numbers incrude oil, 685 00:37:47,760 --> 00:37:51,520 Speaker 1: which is still astonishing astonishing event and here we are 686 00:37:51,520 --> 00:37:53,480 Speaker 1: at these numbers. The fact that we've not seen an 687 00:37:53,520 --> 00:37:57,120 Speaker 1: increase in drilling has surprised me. All Right, Dennis, as always, 688 00:37:57,160 --> 00:37:59,560 Speaker 1: thank you for your insights. Dennis Gartment, former publisher of 689 00:37:59,600 --> 00:38:01,840 Speaker 1: the Gartment Letter, now Chair of the University of Akron 690 00:38:01,920 --> 00:38:05,320 Speaker 1: Endowment Investment Committee. Karen Nathan, it is fifty three on 691 00:38:05,400 --> 00:38:07,840 Speaker 1: Wall Street time for the Bloomberg Law Report, brought to 692 00:38:07,920 --> 00:38:12,560 Speaker 1: you by American Arbitration Association. Business disputes are inevitable resolve 693 00:38:12,640 --> 00:38:15,800 Speaker 1: Faster with the American Arbitration Association, the global leader in 694 00:38:15,840 --> 00:38:19,440 Speaker 1: alternative dispute resolution for over ninety years. More at a 695 00:38:19,640 --> 00:38:22,000 Speaker 1: d R dot org. Let's get to the legal stories 696 00:38:22,040 --> 00:38:28,880 Speaker 1: we're watching this morning from Bloomberg's Jeff Bellinger. President Biden 697 00:38:28,960 --> 00:38:31,320 Speaker 1: now has six seats to fill on the Ninth Circuit. 698 00:38:31,480 --> 00:38:34,560 Speaker 1: Judge Andrew Hurwitz announced plans to step down from his 699 00:38:34,760 --> 00:38:37,360 Speaker 1: role as an active judge on the largest federal appeals 700 00:38:37,400 --> 00:38:40,600 Speaker 1: court this summer. Several businesses and the retail, travel, food, 701 00:38:40,640 --> 00:38:44,200 Speaker 1: and home improvement industries have received notices from the California 702 00:38:44,239 --> 00:38:48,000 Speaker 1: Attorney General's Office. They are accused of operating loyalty programs 703 00:38:48,080 --> 00:38:52,560 Speaker 1: that violate the state's Consumer Privacy Act. Shopify denies allegations 704 00:38:52,680 --> 00:38:56,440 Speaker 1: that it has enabled the copyright infringement of textbooks. Publishers 705 00:38:56,520 --> 00:38:59,879 Speaker 1: filed a complaint in a Virginia federal court. Bloomberg Law 706 00:39:00,280 --> 00:39:04,400 Speaker 1: everything you need, all on one legal research platform, including 707 00:39:04,480 --> 00:39:08,759 Speaker 1: guidance analysis and Bloomberg Market Intelligence. Find out more at 708 00:39:08,800 --> 00:39:12,399 Speaker 1: Bloomberg law dot com. Thanks you Toff. Now. Another legal 709 00:39:12,480 --> 00:39:15,120 Speaker 1: story where watching brings us to a case involving former 710 00:39:15,200 --> 00:39:18,319 Speaker 1: President Donald Shrump. An investigation is ramping up into whether 711 00:39:18,360 --> 00:39:21,880 Speaker 1: the former president violated Georgia law by trying to pressure 712 00:39:21,920 --> 00:39:25,480 Speaker 1: state officials to throw out Joe Biden's presidential election victory. 713 00:39:25,840 --> 00:39:28,640 Speaker 1: The Fulton County District Attorney has gotten permission to and 714 00:39:28,760 --> 00:39:32,040 Speaker 1: panel a special grand jury in the investigation. For more 715 00:39:32,080 --> 00:39:34,080 Speaker 1: in the matter, bloomberg s ju In Gruns speaks to 716 00:39:34,120 --> 00:39:37,880 Speaker 1: former federal prosecutor Robert Mintz, a partner at Macarter in English. 717 00:39:38,200 --> 00:39:42,160 Speaker 1: Why did the prosecutor request a special grand jury? The 718 00:39:42,239 --> 00:39:45,520 Speaker 1: Fulton County District Attorney made that request because she said 719 00:39:45,560 --> 00:39:49,480 Speaker 1: that key witnesses and the investigation, including for example, the 720 00:39:49,520 --> 00:39:53,760 Speaker 1: Georgia's Secretary of State, would not cooperate without being subpoena 721 00:39:53,840 --> 00:39:57,120 Speaker 1: to testify. So the special grand jury was created to 722 00:39:57,360 --> 00:40:01,440 Speaker 1: give her the power to bring the individuals before the 723 00:40:01,560 --> 00:40:05,480 Speaker 1: grand jury. Interestingly, the special grand jury gives her the 724 00:40:05,600 --> 00:40:08,800 Speaker 1: power to have a grand jury whose sole focus is 725 00:40:08,920 --> 00:40:11,600 Speaker 1: this investigation, and they're able to meet on a more 726 00:40:11,680 --> 00:40:15,120 Speaker 1: regular basis and will move this investigation along at a 727 00:40:15,200 --> 00:40:18,160 Speaker 1: much quicker pace. Of course, the big question is whether 728 00:40:18,280 --> 00:40:22,160 Speaker 1: Trump's attempts to reverse the outcome in Georgia were criminal. 729 00:40:22,560 --> 00:40:25,520 Speaker 1: What will the prosecute to be looking at the phone 730 00:40:25,560 --> 00:40:29,320 Speaker 1: Computatrict attorney is going to look at certain key events 731 00:40:29,360 --> 00:40:35,000 Speaker 1: that occurred on January second, specifically, at three pm on Saturday, 732 00:40:35,200 --> 00:40:38,160 Speaker 1: there was a phone call which was recorded between President 733 00:40:38,200 --> 00:40:42,279 Speaker 1: Trump on the Secretary of State in which prosecutors may 734 00:40:42,320 --> 00:40:46,360 Speaker 1: alleged that President Trump tried to push and coerce this 735 00:40:46,640 --> 00:40:50,560 Speaker 1: Secretary of State into counting George's presidential votes in a 736 00:40:50,680 --> 00:40:55,800 Speaker 1: way that favored President Trump. Specifically, President Trump stating to 737 00:40:55,880 --> 00:40:59,680 Speaker 1: the Secretary of State, we won very substantially in Georgia. 738 00:41:00,040 --> 00:41:03,000 Speaker 1: And then the President went on to say, it's more 739 00:41:03,120 --> 00:41:06,080 Speaker 1: illegal for you than it is for them, because you 740 00:41:06,200 --> 00:41:09,000 Speaker 1: know what they did and you're not reporting it. That's 741 00:41:09,000 --> 00:41:12,120 Speaker 1: a criminal offense and you can't let that happen. And 742 00:41:12,239 --> 00:41:14,400 Speaker 1: then he says, what is probably the key words in 743 00:41:14,440 --> 00:41:18,440 Speaker 1: that telephone call, I want to find eleven thousand seven 744 00:41:18,480 --> 00:41:21,000 Speaker 1: on their native votes. That's going to be the key 745 00:41:21,480 --> 00:41:25,480 Speaker 1: fact in that investigation, and prosecutors will try to prove 746 00:41:25,960 --> 00:41:29,000 Speaker 1: that what the President was doing was threatening the Secretary 747 00:41:29,040 --> 00:41:31,840 Speaker 1: of State that if he did not yield to that request, 748 00:41:31,920 --> 00:41:35,320 Speaker 1: that he himself could face criminal charges. Most people have 749 00:41:35,480 --> 00:41:38,359 Speaker 1: heard the saying that a prosecutor can get a grand 750 00:41:38,440 --> 00:41:41,799 Speaker 1: jury to indict a ham Sandwich. So the question isn't 751 00:41:41,840 --> 00:41:44,759 Speaker 1: so much whether she can get an indictment, but rather 752 00:41:44,960 --> 00:41:47,839 Speaker 1: whether she only wants an indictment if she can get 753 00:41:47,880 --> 00:41:51,359 Speaker 1: a conviction. While it's relatively easy for prosecutors to get 754 00:41:51,400 --> 00:41:55,400 Speaker 1: an indictment because of the lower criminal standard probable cause 755 00:41:55,800 --> 00:41:59,640 Speaker 1: and because the grand jurors only here the prosecutor's side 756 00:41:59,680 --> 00:42:02,200 Speaker 1: of the case, but a prosecutor never wants to get 757 00:42:02,200 --> 00:42:04,719 Speaker 1: an indictment that they don't believe they can ultimately prove 758 00:42:04,840 --> 00:42:07,239 Speaker 1: in court, and particularly in a case like this that 759 00:42:07,320 --> 00:42:11,520 Speaker 1: would be enormously high profile, with the stakes enormously high. 760 00:42:11,840 --> 00:42:14,440 Speaker 1: I don't think we're going to see the prosecutor pursue 761 00:42:14,520 --> 00:42:17,560 Speaker 1: this case unless she believes that she can ultimately get 762 00:42:17,560 --> 00:42:20,760 Speaker 1: a conviction. And as Robert Man's a partner and mcarter 763 00:42:20,880 --> 00:42:23,680 Speaker 1: and English speaking with the Bloomberg Student Garasso. Catch more 764 00:42:23,760 --> 00:42:26,640 Speaker 1: of that interview plus analysis of the latest legal news 765 00:42:26,760 --> 00:42:29,560 Speaker 1: by listening to the Bloomberg Law Show at ten pm 766 00:42:29,640 --> 00:42:32,960 Speaker 1: Eastern Time or subscribing to the Bloomberg Law Podcast. And 767 00:42:33,000 --> 00:42:36,200 Speaker 1: attorneys can find exceptional legal research and business development tools 768 00:42:36,239 --> 00:42:40,480 Speaker 1: at Bloomberg Law dot com. SMP futures. They're lower now 769 00:42:40,560 --> 00:42:43,520 Speaker 1: down four points down, futures down a hundred eighteen nasdack 770 00:42:43,560 --> 00:42:46,680 Speaker 1: futures higher up sixty three. Our top stories straight ahead. 771 00:42:46,760 --> 00:42:47,799 Speaker 1: This is Bloomberg