1 00:00:03,400 --> 00:00:06,720 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:06,760 --> 00:00:11,840 Speaker 1: Daybreak for Wednesday, February sixteen. Coming up this hour, stocks 3 00:00:11,920 --> 00:00:15,600 Speaker 1: rise on the prospects of tensions easing in Ukraine, Investors 4 00:00:15,600 --> 00:00:19,200 Speaker 1: away minutes from the fans latest policy meeting. UK inflation 5 00:00:19,320 --> 00:00:23,120 Speaker 1: unexpectedly accelerates for a fourth straight month, and Disney drops 6 00:00:23,120 --> 00:00:27,040 Speaker 1: its mass mandate for fully vaccinated theme park guests. Sandy 7 00:00:27,080 --> 00:00:30,159 Speaker 1: Hook families win a settlement with Gunbaker Remington, A New 8 00:00:30,240 --> 00:00:33,680 Speaker 1: York state's mass mandate ends today. I'm John Tucker. Those 9 00:00:33,720 --> 00:00:36,640 Speaker 1: stories straight ahead, I'm John stash Our. In sports, the 10 00:00:36,760 --> 00:00:39,600 Speaker 1: Rangers wanted to shoot out the Islanders and Devils both lost, 11 00:00:39,640 --> 00:00:45,000 Speaker 1: so did the US Olympic hockey team. That's all straight 12 00:00:45,000 --> 00:00:49,200 Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven Trio, New York, 13 00:00:49,360 --> 00:00:54,080 Speaker 1: Bloomberg N one, Washington, d C, Bloomberg one oh six one, Boston, 14 00:00:54,240 --> 00:00:58,760 Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x M one nineteen 15 00:00:59,120 --> 00:01:02,080 Speaker 1: and around the world along Bloomberg Radio dot Com and 16 00:01:02,200 --> 00:01:08,679 Speaker 1: via The Bloomberg Business or Good Morning, I'm Nathan Hager 17 00:01:08,959 --> 00:01:12,679 Speaker 1: and I'm Karen Moscow and Futures are little change this morning. 18 00:01:12,720 --> 00:01:14,399 Speaker 1: We're coming up to five on one on Wall Street, 19 00:01:14,400 --> 00:01:16,480 Speaker 1: and we check the markets every fifteen minutes throughout the 20 00:01:16,480 --> 00:01:19,480 Speaker 1: trading day on Bloomberg. And again, futures are a little 21 00:01:19,560 --> 00:01:21,960 Speaker 1: change to lower this morning to ten year treasury up 22 00:01:21,959 --> 00:01:24,760 Speaker 1: to thirty seconds, the yield two point oh three per cent, 23 00:01:24,800 --> 00:01:28,000 Speaker 1: and they yield on the two year one point five percent. Nathan, 24 00:01:28,080 --> 00:01:29,720 Speaker 1: all right, Karen, we'll have more in the markets in 25 00:01:29,720 --> 00:01:32,360 Speaker 1: a minute. But first, President Biden says a Russian attack 26 00:01:32,400 --> 00:01:35,440 Speaker 1: against Ukraine is still very much a possibility, and he 27 00:01:35,560 --> 00:01:38,600 Speaker 1: is warning that sanctions against Russia will not come without 28 00:01:38,720 --> 00:01:42,200 Speaker 1: pain for Americans. Amy Morris has the latest from our 29 00:01:42,240 --> 00:01:47,360 Speaker 1: Bloomberg newsroom in Washington. President Biden says the sanctions envisioned 30 00:01:47,400 --> 00:01:51,840 Speaker 1: by his administration against Moscow would create long term consequences 31 00:01:51,880 --> 00:01:56,360 Speaker 1: that would undermine Russia's ability to compete economically and strategically. So, 32 00:01:56,480 --> 00:01:59,480 Speaker 1: he says, the administration is also taking steps to alleviate 33 00:01:59,520 --> 00:02:04,000 Speaker 1: pressure own US energy markets and offset rising prices. Russian 34 00:02:04,040 --> 00:02:07,160 Speaker 1: dissizement vague that would also have consequences here at home. 35 00:02:07,920 --> 00:02:11,440 Speaker 1: But the American people understand that defending democracy and liberties 36 00:02:11,480 --> 00:02:15,160 Speaker 1: never without cost. Meanwhile, some Ukrainian banking and government websites 37 00:02:15,200 --> 00:02:17,600 Speaker 1: were hit with a denial of service attack. The US 38 00:02:17,639 --> 00:02:21,320 Speaker 1: has offered to help investigate. Russian officials have repeatedly denied 39 00:02:21,360 --> 00:02:24,680 Speaker 1: any plans to attack Ukraine. In Washington, I maybe Morris 40 00:02:24,720 --> 00:02:27,519 Speaker 1: Bloomberg daybreak, All right, Amy, thank you. Meanwhile, a standoff 41 00:02:27,560 --> 00:02:30,680 Speaker 1: over one of President Biden's nominees to the Federal Reserve 42 00:02:30,800 --> 00:02:33,639 Speaker 1: is putting all of them in limbo. Republicans on the 43 00:02:33,720 --> 00:02:37,840 Speaker 1: Senate Banking Committee are blocking Sarah bloom Morascians confirmation. They 44 00:02:37,880 --> 00:02:40,320 Speaker 1: say they want to know more about a special master 45 00:02:40,480 --> 00:02:43,280 Speaker 1: account that the Kansas City Fed granted to a Colorado 46 00:02:43,320 --> 00:02:47,200 Speaker 1: based fintech while Raskins served on its board. Republican Senator 47 00:02:47,240 --> 00:02:49,760 Speaker 1: Bill HAGGARDA sits on the Banking Committee. They're more than 48 00:02:49,800 --> 00:02:52,840 Speaker 1: thirty five questions where her answers provided were blanket. I 49 00:02:52,880 --> 00:02:55,760 Speaker 1: do not recall or I'm not aware in response to 50 00:02:55,840 --> 00:02:57,720 Speaker 1: questions on this. So we have not gotten to the 51 00:02:57,760 --> 00:03:00,239 Speaker 1: bottom of this, and we need more information, and till 52 00:03:00,240 --> 00:03:02,320 Speaker 1: we do, I'm not prepared to vote on her. Tennessee 53 00:03:02,360 --> 00:03:05,400 Speaker 1: Senator Bell Haggarday spoke with our Washington corresponded Joe Matthew 54 00:03:05,480 --> 00:03:08,760 Speaker 1: on Bloomberg Sound On. Catch the program weekdays at five 55 00:03:08,760 --> 00:03:11,680 Speaker 1: pm Eastern on Bloomberg Radio. The Fed will also be 56 00:03:11,680 --> 00:03:13,840 Speaker 1: in focus today, Karen, with the release of the minutes 57 00:03:13,880 --> 00:03:16,320 Speaker 1: from January's policy meeting. We get more on that from 58 00:03:16,360 --> 00:03:19,880 Speaker 1: Bloomberg's Michael McKee. Tightened Fed concern about inflation led to 59 00:03:19,919 --> 00:03:22,160 Speaker 1: a sell off in bonds when the last minutes were 60 00:03:22,200 --> 00:03:24,840 Speaker 1: released or repeat as possible. Investors want to know just 61 00:03:24,919 --> 00:03:27,400 Speaker 1: how worried that central bankers were at their last meeting 62 00:03:27,600 --> 00:03:30,880 Speaker 1: when they suggested it was almost time to raise interest rates. 63 00:03:30,919 --> 00:03:34,280 Speaker 1: In particular, how far and how fast did they anticipate 64 00:03:34,360 --> 00:03:37,160 Speaker 1: moving bond investors. In particular, we'll be looking for any 65 00:03:37,160 --> 00:03:40,360 Speaker 1: details on when and how FED officials anticipate shrinking their 66 00:03:40,360 --> 00:03:43,840 Speaker 1: balance sheet. Kansas City Fed President Estra George recently warned 67 00:03:44,080 --> 00:03:47,200 Speaker 1: the process could be rocky for the markets. Michael McKee, 68 00:03:47,200 --> 00:03:50,320 Speaker 1: Bloomberg Daybreak, Mike, thank you. In addition to the Fed minutes, 69 00:03:50,440 --> 00:03:52,640 Speaker 1: we also get the retail sales report for the month 70 00:03:52,640 --> 00:03:55,480 Speaker 1: of January that's coming out later this morning. Meanwhile, in 71 00:03:55,480 --> 00:03:59,400 Speaker 1: the UK, inflation unexpectedly accelerated for a fourth straight month. 72 00:03:59,600 --> 00:04:01,760 Speaker 1: They have to London and get the latest live with 73 00:04:01,840 --> 00:04:04,440 Speaker 1: the Bloomberg's You and Parts, good Morning You and Good 74 00:04:04,440 --> 00:04:07,280 Speaker 1: Morning Karen and Nathan. Inflation is now at a thirty 75 00:04:07,480 --> 00:04:10,200 Speaker 1: year high in the UK, hitting five point five percent 76 00:04:10,360 --> 00:04:12,880 Speaker 1: in the year to January. The CPI print has now 77 00:04:12,960 --> 00:04:17,080 Speaker 1: overshot forecast in seven of the past nine months. That's 78 00:04:17,080 --> 00:04:18,960 Speaker 1: putting pressure on the Bank of England, which is already 79 00:04:19,040 --> 00:04:22,279 Speaker 1: highed rates at two of its last meetings. The Baiwese 80 00:04:22,279 --> 00:04:25,040 Speaker 1: current forecast is an inflation is set to reach seven 81 00:04:25,120 --> 00:04:28,159 Speaker 1: and a quarter percent. Live in London, I'm You in Possible, 82 00:04:28,240 --> 00:04:31,080 Speaker 1: Make Daybreak, Okay You and thank You. In Asia, inflation 83 00:04:31,160 --> 00:04:34,000 Speaker 1: eased in China last month, but factory gate prices were 84 00:04:34,040 --> 00:04:37,599 Speaker 1: still elevated. Bloomberg Gaybreak Asia anchor Brian Curtis has more. 85 00:04:37,800 --> 00:04:40,920 Speaker 1: The producer price index rose nine point one percent from 86 00:04:40,920 --> 00:04:43,440 Speaker 1: a year earlier. That was weaker than the estimate of 87 00:04:43,520 --> 00:04:46,160 Speaker 1: nine point five percent, and it was down from December. 88 00:04:46,240 --> 00:04:48,440 Speaker 1: Is reading and the good news for policymakers is that 89 00:04:48,480 --> 00:04:50,760 Speaker 1: it gives them some more room to cut interest rates. 90 00:04:50,880 --> 00:04:53,800 Speaker 1: China shifted to a pro growth bias late last year. 91 00:04:53,880 --> 00:04:56,520 Speaker 1: It was after the economy was hit by virus outbreaks 92 00:04:56,760 --> 00:05:00,000 Speaker 1: and a slump in the property market. Consumer prices grew 93 00:05:00,000 --> 00:05:02,680 Speaker 1: Who's your point nine percent last month from a year earlier, 94 00:05:02,839 --> 00:05:06,640 Speaker 1: and that was slower than a projected increase. Bryan Curtis, 95 00:05:06,680 --> 00:05:09,760 Speaker 1: Bloomberg day Break, Brian, thank you. Turning to the pandemic, 96 00:05:09,839 --> 00:05:13,040 Speaker 1: Disney is dropping its masked mandate for a fully vaccinated 97 00:05:13,120 --> 00:05:16,880 Speaker 1: guests at its US theme parks starting tomorrow. Face coverings 98 00:05:16,880 --> 00:05:19,960 Speaker 1: will be optional both indoors and out at Walt disney 99 00:05:19,960 --> 00:05:23,680 Speaker 1: World in Florida and Disneyland in California. Mass will still 100 00:05:23,720 --> 00:05:26,880 Speaker 1: be mandatory if you're not fully vaccinated. A major Wall 101 00:05:26,920 --> 00:05:29,200 Speaker 1: Street firms are still grappling with how to bring employees 102 00:05:29,200 --> 00:05:31,320 Speaker 1: back to the office as we come out of the pandemic. 103 00:05:31,520 --> 00:05:34,480 Speaker 1: For Goldman Sax CEO David Solomon, he says an in 104 00:05:34,560 --> 00:05:37,159 Speaker 1: person office will always be an important part of the 105 00:05:37,160 --> 00:05:40,279 Speaker 1: bank's identity. We get that story from Bloomberg's Charlie Hellett. 106 00:05:40,680 --> 00:05:44,160 Speaker 1: Speaking from the Pivot m I A conference in Miami Beach, 107 00:05:44,160 --> 00:05:48,080 Speaker 1: Solomon said the office was particularly valuable for the development 108 00:05:48,120 --> 00:05:51,080 Speaker 1: of employees in their twenties, who make up about half 109 00:05:51,200 --> 00:05:54,040 Speaker 1: of the firm. He noted that Goldman has established a 110 00:05:54,120 --> 00:05:57,599 Speaker 1: presence in cities across the US, including in South Florida, 111 00:05:57,920 --> 00:06:00,400 Speaker 1: but he said the pandemic will not up the Wall 112 00:06:00,440 --> 00:06:03,320 Speaker 1: Street Giant to provide jobs that can be done from 113 00:06:03,400 --> 00:06:08,000 Speaker 1: remote locations, such as Jackson Hole, Wyoming in New York. 114 00:06:08,080 --> 00:06:11,320 Speaker 1: Charlie Pellett bloom Bird Daybreak, Charlie, thank you. As the 115 00:06:11,320 --> 00:06:14,520 Speaker 1: debate continues over how on how many days workers should 116 00:06:14,520 --> 00:06:17,479 Speaker 1: spend in the office, Airbnb is looking to capitalize on 117 00:06:17,520 --> 00:06:20,599 Speaker 1: the work from home trend. We spoke with Airbnb CEO 118 00:06:20,760 --> 00:06:23,440 Speaker 1: Brian Chesky, but we do think more and more people 119 00:06:23,480 --> 00:06:26,159 Speaker 1: are gonna work remotely over the summer with family. They 120 00:06:26,240 --> 00:06:28,599 Speaker 1: might take them somewhere, get a summer rental. But we 121 00:06:28,680 --> 00:06:31,000 Speaker 1: also just think that we're gonna have three day weekends 122 00:06:31,040 --> 00:06:33,560 Speaker 1: a lot more frequently for people where they might work 123 00:06:33,600 --> 00:06:35,640 Speaker 1: from an Airbnb on a Friday or Monday and go 124 00:06:35,680 --> 00:06:38,920 Speaker 1: away for that weekend. And Airbnb's Brian Chesky says his 125 00:06:39,000 --> 00:06:41,880 Speaker 1: company's fourth quarter earnings, where it's best ever, shares her 126 00:06:41,960 --> 00:06:44,919 Speaker 1: up more than three percent in early trading. Finally, Karen, 127 00:06:44,960 --> 00:06:48,360 Speaker 1: we have a new big money maker on campus. Stanford 128 00:06:48,440 --> 00:06:52,320 Speaker 1: University has edged out Harvard as the country's biggest college fundraiser. 129 00:06:52,560 --> 00:06:56,560 Speaker 1: The California Institution raised one point three nine billion dollars 130 00:06:56,640 --> 00:06:59,840 Speaker 1: last fiscal year. That was about ten million more than 131 00:06:59,880 --> 00:07:02,200 Speaker 1: the Ivy League are Those are the only two schools, 132 00:07:02,360 --> 00:07:05,080 Speaker 1: Stanford and Harvard, that raked in more than a billion dollars. 133 00:07:05,600 --> 00:07:10,080 Speaker 1: Rising stock markets helped to drive donations last year. Futures 134 00:07:10,080 --> 00:07:12,920 Speaker 1: are moving lower right now. SMP futures down four points down, 135 00:07:12,960 --> 00:07:15,960 Speaker 1: futures down thirty one, Nasdaq futures down eleven. Straight ahead 136 00:07:16,040 --> 00:07:19,680 Speaker 1: local headlines in the check of sports. This is Bloomberg 137 00:07:23,160 --> 00:07:25,160 Speaker 1: and it's tout five oh seven on Wall Street. We're 138 00:07:25,160 --> 00:07:28,200 Speaker 1: dealing with big problems on the Sunrise Parkway. It's closed 139 00:07:28,240 --> 00:07:30,880 Speaker 1: both ways between Center and Valley Avenues. The tails coming 140 00:07:30,920 --> 00:07:33,080 Speaker 1: up in traffic. First. John Tucker's here with more on 141 00:07:33,120 --> 00:07:35,160 Speaker 1: what's going on in New York and around the world. 142 00:07:35,160 --> 00:07:38,680 Speaker 1: Good morning, John, Nathan Remington Arms will pay seventy three 143 00:07:38,680 --> 00:07:41,240 Speaker 1: billion dollars to families who lost loved ones in the 144 00:07:41,280 --> 00:07:45,040 Speaker 1: Sandy Hook Elementary School shooting. More the Landmark settlement this 145 00:07:45,080 --> 00:07:48,240 Speaker 1: morning from Bloomberg's Jeff Bellinger. It is a settlement that 146 00:07:48,280 --> 00:07:50,920 Speaker 1: could open the door to more lawsuits seeking to hold 147 00:07:51,000 --> 00:07:54,200 Speaker 1: gun companies liable for mass shootings. The money will be 148 00:07:54,240 --> 00:07:57,160 Speaker 1: divided among nine families who lost loved ones in the 149 00:07:57,200 --> 00:08:01,480 Speaker 1: twelve shooting in Newtown, Connecticut that twenty children and six 150 00:08:01,480 --> 00:08:05,520 Speaker 1: staff members dead. Remington did not admit liability in the settlement. 151 00:08:05,760 --> 00:08:08,760 Speaker 1: Adam Lanza, the twenty year old Sandy Hook gunman, used 152 00:08:08,760 --> 00:08:12,320 Speaker 1: an a R fifteen style rifle made by Bushmaster, a 153 00:08:12,400 --> 00:08:16,440 Speaker 1: company that was owned by Remington. Jeff Bullinger Bloomberg Day 154 00:08:16,480 --> 00:08:18,840 Speaker 1: breaks starting today in New York State will end its 155 00:08:18,920 --> 00:08:22,480 Speaker 1: requirement that people entering businesses must wear masks or show 156 00:08:22,640 --> 00:08:25,920 Speaker 1: proof of full vaccination. In New York City, masks are 157 00:08:26,000 --> 00:08:29,480 Speaker 1: still required at schools and public health care facilities. Owners 158 00:08:29,560 --> 00:08:33,320 Speaker 1: of stores, restaurants, theaters, or other public spaces can still 159 00:08:33,360 --> 00:08:37,880 Speaker 1: require masks. Boeing seven eight seven Dreamliners suffering a new blow, 160 00:08:38,360 --> 00:08:41,720 Speaker 1: US regulators say they'll step up inspections of each jet 161 00:08:41,800 --> 00:08:46,920 Speaker 1: before delivery since the companies grappled with structural glitches that 162 00:08:46,960 --> 00:08:49,520 Speaker 1: have turned its popular wide body jet into a drain 163 00:08:49,600 --> 00:08:52,640 Speaker 1: on cash. More than one ten of the carbon fiber 164 00:08:52,679 --> 00:08:56,360 Speaker 1: aircraft have been built but left undelivered while the issues 165 00:08:56,640 --> 00:09:00,840 Speaker 1: are resolved. New York Democratic Representative Kathleen says she won't 166 00:09:00,920 --> 00:09:03,920 Speaker 1: run for re election after nearly eight years in office. 167 00:09:04,400 --> 00:09:07,640 Speaker 1: The fifty seven year old Rice represents parts of Long Island. 168 00:09:07,679 --> 00:09:10,360 Speaker 1: Didn't say what she planned to do next, and she's 169 00:09:10,440 --> 00:09:13,440 Speaker 1: joining dozens of her colleagues that are retiring or running 170 00:09:13,440 --> 00:09:16,480 Speaker 1: for other public office ahead of the twenty twenty two 171 00:09:16,480 --> 00:09:19,840 Speaker 1: mid term elections where Democrats fear they could lose control 172 00:09:19,920 --> 00:09:23,480 Speaker 1: of the House. New Jersey Better has waged a record 173 00:09:23,559 --> 00:09:27,120 Speaker 1: one forty three point seven million dollars on the Super 174 00:09:27,120 --> 00:09:31,319 Speaker 1: Bowl that's up for the prior year. It comes even 175 00:09:31,400 --> 00:09:33,880 Speaker 1: with bets being taken in neighboring New York for the 176 00:09:33,920 --> 00:09:37,320 Speaker 1: first time. Sports betting is exploded across the U S 177 00:09:37,320 --> 00:09:40,520 Speaker 1: since the Supreme Court of Lound states outside of Nevada 178 00:09:40,600 --> 00:09:44,440 Speaker 1: to offer it in t eighteen. And P. J. O'Rourke, 179 00:09:44,559 --> 00:09:48,000 Speaker 1: the prolific author and satirist, has died at the age 180 00:09:48,000 --> 00:09:51,040 Speaker 1: of seventy four. He started out writing for such underground 181 00:09:51,080 --> 00:09:54,760 Speaker 1: publications as The New York Case. He joined National Lampoon 182 00:09:54,840 --> 00:09:57,959 Speaker 1: in nineteen seventy three. Global News twenty four hours a 183 00:09:58,040 --> 00:10:00,480 Speaker 1: day on air and on Blueberry Quicktake were binding more 184 00:10:00,480 --> 00:10:02,600 Speaker 1: than twenty seventh hunter of journalists and analysts and more 185 00:10:02,640 --> 00:10:06,240 Speaker 1: than one twenty countries. I'm John Tucker. This is Bloomberg Nathan. 186 00:10:06,400 --> 00:10:12,960 Speaker 1: All right, John, thank you, coming up to five ten 187 00:10:13,040 --> 00:10:15,160 Speaker 1: on All Street time for the Bloomberg Sports Upday. Good morning, 188 00:10:15,200 --> 00:10:17,440 Speaker 1: John stans Showner, A good morning, Nathan. Couple of hockey 189 00:10:17,480 --> 00:10:20,520 Speaker 1: shootouts the Rangers and Bruins at the Garden, the US 190 00:10:20,600 --> 00:10:23,960 Speaker 1: and Slovakia in Beijing. Rangers won There's they scored on 191 00:10:24,000 --> 00:10:26,840 Speaker 1: their first two attempts to the shootout make his advantage, 192 00:10:26,920 --> 00:10:30,080 Speaker 1: and then Artemi Panaer and then sixth straight misses before 193 00:10:30,160 --> 00:10:32,959 Speaker 1: KeAndre Miller scored given the Rangers a thrilling two to 194 00:10:33,040 --> 00:10:34,880 Speaker 1: one win in their first game in two weeks. At 195 00:10:34,880 --> 00:10:37,880 Speaker 1: the Olympics, the US, led to one on the final minutes, 196 00:10:37,920 --> 00:10:41,280 Speaker 1: seemed ready to advance to the semifinals. Slovakia scored in 197 00:10:41,280 --> 00:10:43,280 Speaker 1: the U s went over for five of the shootout, 198 00:10:43,520 --> 00:10:46,520 Speaker 1: gets eliminated after going three and oh in the preliminary round. 199 00:10:46,520 --> 00:10:49,320 Speaker 1: Back in the NHL, the Islanders and Devils both lost 200 00:10:49,320 --> 00:10:51,360 Speaker 1: by the same six to three score. Both gave up 201 00:10:51,400 --> 00:10:53,360 Speaker 1: three goals in the third period of the Isles in Buffalo, 202 00:10:53,679 --> 00:10:56,160 Speaker 1: where the Sabers scored three times in the last three 203 00:10:56,200 --> 00:10:58,600 Speaker 1: minutes and the Devil's blew a three one lead felt 204 00:10:58,600 --> 00:11:01,000 Speaker 1: the Tampa Bay and NBA blow out Red Hot Celtics, 205 00:11:01,000 --> 00:11:03,160 Speaker 1: one of the ninth in a row in Philadelphia by 206 00:11:03,280 --> 00:11:06,400 Speaker 1: forty eight. James Harden watched the game on the Philly bench. 207 00:11:06,480 --> 00:11:08,319 Speaker 1: He has an injured hamstring, but said he was happy 208 00:11:08,360 --> 00:11:11,480 Speaker 1: to lead Brooklyn. Harden was after that playing with Tyrie, 209 00:11:11,440 --> 00:11:14,360 Speaker 1: Irving and Knew has refused to get vaccinated, only recently 210 00:11:14,360 --> 00:11:18,760 Speaker 1: started playing and only in road games. Really good friends. Uh, 211 00:11:18,840 --> 00:11:21,040 Speaker 1: you know, whatever he was going through, he's still going 212 00:11:21,040 --> 00:11:24,800 Speaker 1: through as his personal preference. But it definitely didn't impact 213 00:11:24,800 --> 00:11:28,160 Speaker 1: the team because originally, you know, obviously me, Kyrie and 214 00:11:28,200 --> 00:11:31,440 Speaker 1: Katie in the court, you know, and winning covers up 215 00:11:31,440 --> 00:11:33,360 Speaker 1: a lot of that stuff. And Net's big three ended 216 00:11:33,440 --> 00:11:36,320 Speaker 1: up playing together only sixteen times. Nets play a road 217 00:11:36,360 --> 00:11:38,720 Speaker 1: game tonight, but it's in New York against the Knicks, 218 00:11:38,720 --> 00:11:42,079 Speaker 1: and the vaccine mandate means Irving cannot play. College hopes 219 00:11:42,120 --> 00:11:44,520 Speaker 1: Fordham lost I own a one. The gals are one 220 00:11:44,520 --> 00:11:47,240 Speaker 1: and five at the Olympics. The disappointment at hockey, but 221 00:11:47,320 --> 00:11:50,720 Speaker 1: the US won gold and silver in freestyle scheme. John 222 00:11:50,760 --> 00:11:53,880 Speaker 1: Stash Award Bloomberg Sports Nathan Okay, John, thanks right now. 223 00:11:53,960 --> 00:11:56,960 Speaker 1: SMP futures are down three point STOUT futures down nineteen 224 00:11:57,040 --> 00:12:00,880 Speaker 1: nastack futures down. For the latest on the Russia Ukraine 225 00:12:00,920 --> 00:12:04,240 Speaker 1: tensions with Greg Valiat of AGF Investments. Next, this is 226 00:12:04,280 --> 00:12:10,319 Speaker 1: Bloomberg Bloomberg eleven three O. Weather increasing cloudiness today with 227 00:12:10,360 --> 00:12:12,920 Speaker 1: a high and near fifty degrees. We could get sixty 228 00:12:12,960 --> 00:12:16,480 Speaker 1: tomorrow with late day showers. Highs early in the mid 229 00:12:16,520 --> 00:12:22,600 Speaker 1: fifties by Friday, but temperatures will fall through the day. Markets, 230 00:12:22,679 --> 00:12:25,760 Speaker 1: headlines and breaking news twenty four hours a day at 231 00:12:25,800 --> 00:12:29,199 Speaker 1: Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg 232 00:12:29,240 --> 00:12:39,800 Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Karen Moscow. 233 00:12:40,000 --> 00:12:44,240 Speaker 1: Stocks are higher as traders way the prospect of diminishing 234 00:12:44,320 --> 00:12:47,280 Speaker 1: tension over Ukraine and the impact are rising inflation on 235 00:12:47,320 --> 00:12:50,240 Speaker 1: central bank policies. They have been giving up some of 236 00:12:50,280 --> 00:12:53,000 Speaker 1: their gains though in Europe this morning. US dot Index 237 00:12:53,120 --> 00:12:56,000 Speaker 1: futures they're little change this morning, and we checked the 238 00:12:56,000 --> 00:12:59,480 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg 239 00:12:59,480 --> 00:13:02,079 Speaker 1: and again futures are a little change. The ten year 240 00:13:02,120 --> 00:13:04,880 Speaker 1: treasury up to thirty seconds, the yield two point oh 241 00:13:04,880 --> 00:13:07,080 Speaker 1: three percent. They yield on the two year one point 242 00:13:07,080 --> 00:13:10,600 Speaker 1: five five percent. Nine x scrude oil is up seven 243 00:13:10,679 --> 00:13:13,360 Speaker 1: ten percent, up sixty one cents and ninety two dollars 244 00:13:13,400 --> 00:13:15,600 Speaker 1: sixty eight cents of barrel comex S gold is up 245 00:13:15,640 --> 00:13:17,640 Speaker 1: tenth of upper cent or two dollars thirty cents at 246 00:13:17,640 --> 00:13:20,640 Speaker 1: eighteen fifty eight. Forty announced. The euro one point one 247 00:13:20,679 --> 00:13:22,920 Speaker 1: three eight one against the dollar, British found one point 248 00:13:22,960 --> 00:13:26,440 Speaker 1: three eight, the yen is at one fifteen point six seven, 249 00:13:26,480 --> 00:13:30,240 Speaker 1: and bitcoins higher at forty four thousand, seventy dollars. Today, 250 00:13:30,280 --> 00:13:32,800 Speaker 1: we are watching for a report on January retail sales 251 00:13:32,840 --> 00:13:35,400 Speaker 1: at eight thirty Wall Street time, along with the import 252 00:13:35,440 --> 00:13:38,760 Speaker 1: price index, industrial productions at at nine fifteen, and its 253 00:13:38,760 --> 00:13:42,079 Speaker 1: business inventories at ten in. The Federal Reserve releases minutes 254 00:13:42,120 --> 00:13:45,440 Speaker 1: from its latest meeting at two. That's a Bloomberg business flash. 255 00:13:45,440 --> 00:13:47,600 Speaker 1: Now here's John Tucker with more on what's going on 256 00:13:47,640 --> 00:13:50,600 Speaker 1: around the world. John, Good morning, Karen. President Biden says 257 00:13:50,760 --> 00:13:54,480 Speaker 1: it's still possible that Russia will invade Ukraine because its 258 00:13:54,520 --> 00:13:58,079 Speaker 1: troops remain in a threatening position. Well Disney dropping a 259 00:13:58,160 --> 00:14:01,000 Speaker 1: mask man date for fully vaccinated guests to its theme 260 00:14:01,080 --> 00:14:04,199 Speaker 1: parks in the US, and US regulators say those step 261 00:14:04,240 --> 00:14:09,000 Speaker 1: up inspections of every Boeing seven eighties seven Dreamliner before delivery. 262 00:14:09,559 --> 00:14:12,400 Speaker 1: In sports, Rangers beat the Bruins and the shootout Islanders 263 00:14:12,400 --> 00:14:15,840 Speaker 1: and Devils lose, the Capital's win and the Penguins. Sydney 264 00:14:15,840 --> 00:14:20,200 Speaker 1: cross We scores his five NHL goal. In basketball, the 265 00:14:20,200 --> 00:14:23,400 Speaker 1: Celtics beat the seventies six years by forty eight points. 266 00:14:23,680 --> 00:14:25,920 Speaker 1: Global News twenty four hours a day on Aaron on 267 00:14:25,920 --> 00:14:29,440 Speaker 1: Bloomberg Quicksache, powered by more than twenty seven hundred journalists 268 00:14:29,440 --> 00:14:32,840 Speaker 1: and analysts and more than one countries. I'm John Tucker, 269 00:14:32,960 --> 00:14:36,000 Speaker 1: DC's Bloomberg Nathan. That's a lot of points. Thank you, John. 270 00:14:36,000 --> 00:14:38,360 Speaker 1: It's five nineteen on Wall Street Line from the Bloomberg 271 00:14:38,400 --> 00:14:41,640 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak as we continue 272 00:14:41,680 --> 00:14:45,040 Speaker 1: to follow developments around tensions towards Ukraine. Were joined by 273 00:14:45,040 --> 00:14:49,760 Speaker 1: Greg Valier, chief US policy strategist at a g F Investments. Greg, 274 00:14:49,800 --> 00:14:51,320 Speaker 1: it's good to have you with us. As we just 275 00:14:51,400 --> 00:14:54,040 Speaker 1: heard from John, the President is warning that there's still 276 00:14:54,080 --> 00:14:56,240 Speaker 1: the threat of a Russian attack on Ukraine, and now 277 00:14:56,240 --> 00:14:59,760 Speaker 1: we're watching headlines this morning that belying what Russia is. 278 00:15:00,320 --> 00:15:03,840 Speaker 1: NATO says that it's now seeing more troops building up 279 00:15:03,920 --> 00:15:06,840 Speaker 1: near the Ukraine border. How do you assess the situation 280 00:15:06,960 --> 00:15:10,880 Speaker 1: right now, Well, it's obviously very fluid, Nathan, and I 281 00:15:10,920 --> 00:15:14,080 Speaker 1: think that you can't dismiss the threat of an invasion. 282 00:15:14,160 --> 00:15:16,920 Speaker 1: But as you know, I've said for the last few weeks, 283 00:15:16,960 --> 00:15:19,840 Speaker 1: I think it's unlikely. I think that Putin does not 284 00:15:20,000 --> 00:15:22,760 Speaker 1: want to be a pariah. I think he has to 285 00:15:22,760 --> 00:15:27,400 Speaker 1: worry about casualties for his own troops as the Ukrainian 286 00:15:27,480 --> 00:15:30,480 Speaker 1: citizens take up arms, and I think Putin has to 287 00:15:30,520 --> 00:15:34,040 Speaker 1: worry about his own economy suffering from big sanctions. So 288 00:15:34,600 --> 00:15:38,120 Speaker 1: it's it's high stakes. I think that Putin may be 289 00:15:38,280 --> 00:15:41,920 Speaker 1: content to come up with an exit strategy. He's still 290 00:15:42,120 --> 00:15:46,640 Speaker 1: using cyber warfare against the Ukrainians, still stirring up trouble 291 00:15:46,720 --> 00:15:49,880 Speaker 1: at the border, but not with a full fledged invasion. 292 00:15:50,480 --> 00:15:54,160 Speaker 1: Interesting that you see the possibility of a cyber attack 293 00:15:54,240 --> 00:15:56,720 Speaker 1: as a potential off ramp. I mean the President has 294 00:15:56,760 --> 00:16:02,360 Speaker 1: warned that cybers CyberSecure purity issues would be met with 295 00:16:02,440 --> 00:16:05,760 Speaker 1: a tough response as well. I mean couldn't that further 296 00:16:06,200 --> 00:16:11,360 Speaker 1: intensify the situation if there is that kind of development, 297 00:16:12,640 --> 00:16:15,239 Speaker 1: it sure could. But I think it would be preferable 298 00:16:15,280 --> 00:16:18,680 Speaker 1: to a shooting war that would involve an enormous amount 299 00:16:18,760 --> 00:16:23,360 Speaker 1: of casualties. You know. I think Dave Macrone of France 300 00:16:23,920 --> 00:16:28,440 Speaker 1: has set up an exit strategy, a so called off ramp. 301 00:16:29,040 --> 00:16:32,520 Speaker 1: I think that this would involve some security assurances to 302 00:16:32,560 --> 00:16:36,920 Speaker 1: the Ressians without a promise on natal membership. I do 303 00:16:37,000 --> 00:16:41,960 Speaker 1: think there are negotiated plans that are getting closer. What 304 00:16:42,040 --> 00:16:45,480 Speaker 1: about the sanctions debate on Capitol Hill, It seems like 305 00:16:45,640 --> 00:16:48,160 Speaker 1: the lawmakers have really been at logger heads as to 306 00:16:48,760 --> 00:16:51,640 Speaker 1: when to impose sanctions, what they would look like. Do 307 00:16:51,680 --> 00:16:55,400 Speaker 1: you see any kind of agreement coming forward on Capitol Hill? No, 308 00:16:56,080 --> 00:16:58,280 Speaker 1: if it turns out in the last twenty four hours, 309 00:16:58,600 --> 00:17:01,120 Speaker 1: the Senators just thrown up its hands. They can't come 310 00:17:01,160 --> 00:17:04,600 Speaker 1: up with an agreement. It's like a bad satire. Uh. 311 00:17:04,640 --> 00:17:09,399 Speaker 1: They're now going to send a strongly worded message to Putin, 312 00:17:09,520 --> 00:17:12,560 Speaker 1: as if that would have any impact whatsoever. So no, 313 00:17:12,760 --> 00:17:16,159 Speaker 1: congressional sanctions look like they're dead well, given where the 314 00:17:16,200 --> 00:17:20,879 Speaker 1: situation stands with international diplomacy, the work that's going on 315 00:17:21,000 --> 00:17:24,120 Speaker 1: with the US and allies. What do you see the 316 00:17:24,160 --> 00:17:28,480 Speaker 1: market reaction being, particularly in the energy space, if if 317 00:17:28,520 --> 00:17:32,600 Speaker 1: things were to go forward really volatile. I think the 318 00:17:32,640 --> 00:17:36,360 Speaker 1: markets for the next few weeks will be UH erratic. 319 00:17:36,880 --> 00:17:40,320 Speaker 1: I think if this crisis passes, you're going to see 320 00:17:40,680 --> 00:17:45,760 Speaker 1: UH yields in the bond market go even higher based 321 00:17:45,760 --> 00:17:49,280 Speaker 1: on a belief that the global economy will be okay. Obviously, 322 00:17:49,440 --> 00:17:52,280 Speaker 1: if there's a conflict, will be a huge impact on grain, 323 00:17:52,760 --> 00:17:57,119 Speaker 1: natural gas, oil. So it's a very volatile situation that 324 00:17:57,200 --> 00:18:00,560 Speaker 1: I think will persist. On top of the standoff between 325 00:18:00,800 --> 00:18:04,080 Speaker 1: the US and Russia, we have this standoff on Capitol 326 00:18:04,160 --> 00:18:08,800 Speaker 1: Hill over President Biden's Federal Reserve nominees, particularly Sarah Bloom Raskin. 327 00:18:08,920 --> 00:18:11,280 Speaker 1: What do you make of the questions that Republicans have 328 00:18:11,400 --> 00:18:14,800 Speaker 1: for her, Well, they've got two big issues. Number One, 329 00:18:15,119 --> 00:18:17,879 Speaker 1: the FETE has a mandate to only look at a 330 00:18:18,000 --> 00:18:22,000 Speaker 1: stable prices and full employment. She has talked repeatedly over 331 00:18:22,040 --> 00:18:25,040 Speaker 1: the years about another mandate to get very involved in 332 00:18:25,240 --> 00:18:30,040 Speaker 1: environmental policies. That is angrid Republicans. Plus, she had she 333 00:18:30,160 --> 00:18:32,119 Speaker 1: was on the board of directors of the company in 334 00:18:32,160 --> 00:18:36,800 Speaker 1: Colorado that got access to the FETs banking system that 335 00:18:37,119 --> 00:18:41,120 Speaker 1: uh many people feel it was not appropriate for her. 336 00:18:41,560 --> 00:18:45,480 Speaker 1: So those issues are going to stay complicating everything. You've 337 00:18:45,480 --> 00:18:47,800 Speaker 1: got one Democrat in the Senate who has been ill, 338 00:18:48,160 --> 00:18:50,760 Speaker 1: who's not going to be back for another several weeks. 339 00:18:51,040 --> 00:18:54,440 Speaker 1: So I think her nomination is in trouble. The other ones, Powell, 340 00:18:54,560 --> 00:18:57,000 Speaker 1: Leo Brainer, I think they'll all make it, but I 341 00:18:57,000 --> 00:19:00,320 Speaker 1: think the Raskan nomination is in real trouble. Do you 342 00:19:00,359 --> 00:19:05,800 Speaker 1: think the President will stand by Sarah Bloom Raskin, Oh 343 00:19:05,840 --> 00:19:09,800 Speaker 1: for now, I'm sure he will, And she still could 344 00:19:09,960 --> 00:19:13,080 Speaker 1: make it. She indeeds to produce more documents that might 345 00:19:14,440 --> 00:19:18,439 Speaker 1: absolve her of any involvement in this Colorado company. But 346 00:19:19,040 --> 00:19:22,240 Speaker 1: I do think you can't have an impasse for links 347 00:19:22,240 --> 00:19:24,879 Speaker 1: in leeks and leaks. You've got to get people like Wale, 348 00:19:24,880 --> 00:19:28,919 Speaker 1: Brandard and Powell confirmed, and they will be eventually all right. 349 00:19:28,960 --> 00:19:31,800 Speaker 1: Gregg Value as always great to get your insights. Gregg 350 00:19:31,840 --> 00:19:36,359 Speaker 1: Valuer is a Chief US policy strategist at a GF Investments. 351 00:19:36,480 --> 00:19:40,240 Speaker 1: As we watch futures continue to slide on the latest 352 00:19:40,320 --> 00:19:43,520 Speaker 1: Ukraine headlines, S ANDP futures are now down fourteen points down. 353 00:19:43,560 --> 00:19:46,800 Speaker 1: Futures down a hundred fifteen. NASDAC futures are lower by 354 00:19:46,920 --> 00:19:49,720 Speaker 1: forty one points. The tenure Treasury is up one thirty 355 00:19:49,720 --> 00:19:52,080 Speaker 1: second with the yield two point zero three percent. The 356 00:19:52,160 --> 00:19:54,640 Speaker 1: yield on the two year right now one point five 357 00:19:55,400 --> 00:19:57,680 Speaker 1: and nim X screwed is hired by seven tenths percent 358 00:19:57,680 --> 00:20:01,320 Speaker 1: at ninety two dollars sixty cent the barrel. Stay with us. 359 00:20:01,359 --> 00:20:08,600 Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather 360 00:20:08,680 --> 00:20:11,120 Speaker 1: increasing cloudiness with highs in the upper forties Today, will 361 00:20:11,119 --> 00:20:14,000 Speaker 1: be in the upper fifties tomorrow with late day showers possible. 362 00:20:14,000 --> 00:20:16,920 Speaker 1: Those will end in the morning. Friday early highs in 363 00:20:16,960 --> 00:20:21,840 Speaker 1: the mid fifties, but temperatures will fall through the day. 364 00:20:22,160 --> 00:20:26,680 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York, 365 00:20:26,800 --> 00:20:30,119 Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg nine 366 00:20:30,880 --> 00:20:34,080 Speaker 1: to Boston, Bloomberg what a six one does? San Francisco, 367 00:20:34,160 --> 00:20:37,640 Speaker 1: Bloomberg Not sixteen to the country, Sirius XM Cho one 368 00:20:37,680 --> 00:20:40,800 Speaker 1: nineteen and around the globe, the Bloomberg Business app and 369 00:20:40,880 --> 00:20:50,520 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak, and it's 370 00:20:50,560 --> 00:20:53,480 Speaker 1: five thirty on Wall Street. Good morning, I'm Karen Moscow, 371 00:20:53,640 --> 00:20:55,960 Speaker 1: I'm Nathan Hagar. Bloomberg. Daybreak is brought to you by 372 00:20:56,119 --> 00:21:00,080 Speaker 1: SEI Challenges highlight one's character, partnership and resilience at s E. 373 00:21:00,240 --> 00:21:02,480 Speaker 1: The act is one community with their clients. Go to 374 00:21:02,640 --> 00:21:05,520 Speaker 1: se i C dot com slash banks and we're just 375 00:21:05,560 --> 00:21:08,200 Speaker 1: about four hours away from the open of US trading. 376 00:21:08,240 --> 00:21:09,600 Speaker 1: Let's get you have to date in the news you 377 00:21:09,640 --> 00:21:12,280 Speaker 1: need to know at this hour. The situation in Ukraine 378 00:21:12,359 --> 00:21:15,920 Speaker 1: remains front and center this morning. President Biden says it's 379 00:21:15,960 --> 00:21:18,840 Speaker 1: not verified that Russia's pulled the troops back from the 380 00:21:18,880 --> 00:21:22,199 Speaker 1: border with Ukraine, and Bloomberg's aid Baxter has the story. 381 00:21:22,520 --> 00:21:25,800 Speaker 1: President Biden says, so far intelligence is not showing it 382 00:21:25,920 --> 00:21:28,320 Speaker 1: and the fact remains right now Russia has more than 383 00:21:28,320 --> 00:21:31,520 Speaker 1: a hundred and fifty thousand troops and circling Ukraine and 384 00:21:31,600 --> 00:21:37,960 Speaker 1: Belarus along Ukraine's border. An invasion remains distinctly possible. Biden 385 00:21:38,040 --> 00:21:40,919 Speaker 1: says if that happens, russiall be held responsible globally for 386 00:21:41,040 --> 00:21:44,440 Speaker 1: death and destruction. He says sanctioned packages are in place 387 00:21:44,480 --> 00:21:47,560 Speaker 1: and that the overriding issue that governments have is the 388 00:21:47,680 --> 00:21:51,199 Speaker 1: right to plot their own destinies in San Francisco. I'm 389 00:21:51,240 --> 00:21:54,000 Speaker 1: at Baxter Bloomberg, Gay break, okay, and thank you. Meantime, 390 00:21:54,040 --> 00:21:57,160 Speaker 1: there's a standoff on Capitol Hill over President Biden's five 391 00:21:57,200 --> 00:22:00,560 Speaker 1: Federal Reserve nominees. Republicans on the Senate Banking Committee have 392 00:22:00,640 --> 00:22:03,399 Speaker 1: questions about one of them, Sarah Bloom Raskin, and her 393 00:22:03,480 --> 00:22:05,879 Speaker 1: role on the board of a fintech company. Raskin is 394 00:22:05,920 --> 00:22:09,639 Speaker 1: President Biden's choice for FED Vice Chair for Supervision Well Nathan. 395 00:22:09,640 --> 00:22:12,600 Speaker 1: This afternoon, the FED releases minutes of January's meeting on 396 00:22:12,720 --> 00:22:16,320 Speaker 1: monetary policy. We get the story from Bloomberg's Vinny Del Judais. 397 00:22:16,400 --> 00:22:19,840 Speaker 1: Bloomberg Economics says the minutes could reveal whether the FED 398 00:22:19,960 --> 00:22:22,720 Speaker 1: has an appetite for a half point march rate increased 399 00:22:22,720 --> 00:22:26,760 Speaker 1: the battle inflation. Such sentiment could explain hawkish comments by 400 00:22:26,800 --> 00:22:31,879 Speaker 1: FED Chair Jerome Powell following January's policy meeting. Recent speeches 401 00:22:31,920 --> 00:22:35,439 Speaker 1: by FED officials have also been hawkish and signal central 402 00:22:35,480 --> 00:22:39,320 Speaker 1: bankers are open or aggressive action. With inflation running at 403 00:22:39,359 --> 00:22:42,800 Speaker 1: the fastest pace ins to early nineteen eighties. The feds 404 00:22:42,840 --> 00:22:46,080 Speaker 1: March meeting is set for the fifteenth and sixteenth Ni 405 00:22:46,200 --> 00:22:49,280 Speaker 1: Del Judais bloom Birthday break, Okayvinny. Thanks. In the UK, 406 00:22:49,560 --> 00:22:53,000 Speaker 1: inflation unexpectedly accelerated for the fourth month in a row. 407 00:22:53,119 --> 00:22:55,560 Speaker 1: Annual price growth in January rose to five and a 408 00:22:55,600 --> 00:22:58,720 Speaker 1: half percent, a new thirty year high. And Nathan on 409 00:22:58,800 --> 00:23:02,119 Speaker 1: the earnings front, shares Airbnb at more than three percent 410 00:23:02,240 --> 00:23:05,320 Speaker 1: in early trading, the San Francisco based travel company beating 411 00:23:05,440 --> 00:23:09,440 Speaker 1: revenue and profit estimates in the fourth quarter. Futures this 412 00:23:09,720 --> 00:23:13,960 Speaker 1: morning are moving lower. SNP Future is down eleven points. 413 00:23:14,040 --> 00:23:17,320 Speaker 1: Now Down Future is down ninety two, nasdack futures down 414 00:23:17,359 --> 00:23:19,760 Speaker 1: twenty six. The decks in Germany's down a tenth of 415 00:23:19,840 --> 00:23:22,760 Speaker 1: upper set ten year treasury of two thirty seconds, the 416 00:23:22,840 --> 00:23:25,399 Speaker 1: yeld two point oh three, and the yield on the 417 00:23:25,480 --> 00:23:29,240 Speaker 1: two year one point five five. Straight ahead, your latest 418 00:23:29,359 --> 00:23:34,040 Speaker 1: local headlines plus a check of sports, and this is Bloomberg. 419 00:23:38,280 --> 00:23:41,120 Speaker 1: Thanks three on Wall Street, thirty degrees in Central Park, 420 00:23:41,200 --> 00:23:44,320 Speaker 1: Sunrise Highways closed in Rockville Center, and John Tucker is 421 00:23:44,359 --> 00:23:45,720 Speaker 1: here with more on what's going on in New York 422 00:23:45,760 --> 00:23:48,800 Speaker 1: and around the world. John Nathan another side, the US 423 00:23:49,080 --> 00:23:53,080 Speaker 1: is increasingly seeking to live alongside the coronavirus. Details of 424 00:23:53,160 --> 00:23:56,720 Speaker 1: this report from Bloomberg's Lisaa Tale. New York State today 425 00:23:56,840 --> 00:24:00,119 Speaker 1: will end its requirement that people entering businesses must to 426 00:24:00,200 --> 00:24:03,600 Speaker 1: wear masks or show proof of full vaccination and beyond 427 00:24:03,680 --> 00:24:06,320 Speaker 1: New York, Walt Disney is dropping a mask mandate for 428 00:24:06,480 --> 00:24:09,600 Speaker 1: fully vaccinated guests to its theme parks in the US. 429 00:24:09,800 --> 00:24:13,240 Speaker 1: Face coverings will become optional for inoculated visitors in both 430 00:24:13,320 --> 00:24:16,919 Speaker 1: outdoor and indoor locations from Thursday, according to a statement 431 00:24:16,960 --> 00:24:20,320 Speaker 1: posted on the Disney World website. Masks will remain mandatory 432 00:24:20,440 --> 00:24:23,360 Speaker 1: for those who are not fully vaccinated. The decision comes 433 00:24:23,480 --> 00:24:27,600 Speaker 1: just days after Universal Orlando ditched its mask requirement. Lise 434 00:24:27,640 --> 00:24:31,480 Speaker 1: Matteo Bloomberg Daybreak. A discovery under a stairwell and off 435 00:24:31,520 --> 00:24:34,040 Speaker 1: state New York, a little girl reported missing more than 436 00:24:34,119 --> 00:24:36,679 Speaker 1: two years ago when she was just four, has been 437 00:24:36,720 --> 00:24:39,680 Speaker 1: found alive more than one hundred fifty miles from where 438 00:24:39,720 --> 00:24:42,240 Speaker 1: she disappeared. Please say they found the six year old 439 00:24:42,320 --> 00:24:45,479 Speaker 1: Paisley Shults in a house and Socrates, New York, huddled 440 00:24:45,560 --> 00:24:48,760 Speaker 1: in a cold web space under the stairs. Socrates police 441 00:24:48,840 --> 00:24:53,560 Speaker 1: Chief Joseph Sanagara, nobody was leaving without that child. They 442 00:24:53,680 --> 00:24:57,080 Speaker 1: we honestly believed that that child was there and of course, 443 00:24:57,160 --> 00:24:59,040 Speaker 1: at the end of the day, that's exactly what the 444 00:24:59,080 --> 00:25:02,399 Speaker 1: case was. Days she was abducted by her biological parents, 445 00:25:02,440 --> 00:25:07,440 Speaker 1: who lost custody in Stanford University raised one point three 446 00:25:07,600 --> 00:25:11,120 Speaker 1: nine billion dollars in the last fiscal year, the most 447 00:25:11,160 --> 00:25:15,359 Speaker 1: among US colleges, narrowly edging out Harvard for the top spot. 448 00:25:15,760 --> 00:25:18,960 Speaker 1: The parental fundraising rivals were the only schools to raise 449 00:25:19,000 --> 00:25:21,800 Speaker 1: more than a billion dollars in that twelve months. JOHNS. 450 00:25:21,880 --> 00:25:25,280 Speaker 1: Hopkins University in Baltimore ranked third, with nine hundred and 451 00:25:25,480 --> 00:25:29,439 Speaker 1: thirty million dollars raised. Former Alaska Governor Sarah Palin has 452 00:25:29,480 --> 00:25:32,280 Speaker 1: lost her defamation case against The New York Times for 453 00:25:32,400 --> 00:25:35,200 Speaker 1: a second time, with the jury in Manhattan feltal court 454 00:25:35,480 --> 00:25:37,920 Speaker 1: finding for the newspaper. It comes a day after the 455 00:25:38,000 --> 00:25:40,440 Speaker 1: judge said he throw out the case anyway because of 456 00:25:40,640 --> 00:25:44,320 Speaker 1: weak evidence and record gun seizures last year at US 457 00:25:44,359 --> 00:25:47,880 Speaker 1: airports coming under scrutiny and Congress t s A officers 458 00:25:48,000 --> 00:25:51,800 Speaker 1: found almost six thousand firearms at two hundred sixty eight 459 00:25:51,880 --> 00:25:55,680 Speaker 1: airport security checkpoints across the country, about an eighty three 460 00:25:55,760 --> 00:25:59,320 Speaker 1: percent spike for the year before Global News twenty four 461 00:25:59,359 --> 00:26:02,399 Speaker 1: hours a day, or Anna Bloomberg Quicktake Power Bud, more 462 00:26:02,440 --> 00:26:04,919 Speaker 1: than twenty seven hundred journalists and analysts and more than 463 00:26:05,000 --> 00:26:09,000 Speaker 1: one hundred twenty countries. I'm John Tucker Bases Bloomberg. Nathan 464 00:26:09,119 --> 00:26:16,840 Speaker 1: thanks John on wall Street, Johnson showers at the Bloomberg 465 00:26:16,880 --> 00:26:20,200 Speaker 1: Sports Update. Nathan is scheduling Quirk. The Rangers had their 466 00:26:20,280 --> 00:26:22,119 Speaker 1: bye week right after the All Star breaks, so they 467 00:26:22,119 --> 00:26:24,040 Speaker 1: went two weeks without a game. At the Garden, they 468 00:26:24,119 --> 00:26:26,359 Speaker 1: fell behind the Bruins early, tie the game third period. 469 00:26:26,400 --> 00:26:28,600 Speaker 1: I went to a shootout and in the ninth round 470 00:26:28,680 --> 00:26:31,719 Speaker 1: at Kandre Miller goal gave the Blue Shirts thrilling two 471 00:26:31,760 --> 00:26:34,399 Speaker 1: to one victory over Boston Islanders and Buffalo. Game was 472 00:26:34,440 --> 00:26:37,080 Speaker 1: tied with three minutes left. The Savers scored three times 473 00:26:37,160 --> 00:26:39,040 Speaker 1: in the last three minutes and one six to three. 474 00:26:39,080 --> 00:26:41,840 Speaker 1: The Devil's led three to one. Tampa Bay also three 475 00:26:41,880 --> 00:26:45,120 Speaker 1: and the third also won six three. NBA Celtics ninth 476 00:26:45,160 --> 00:26:47,800 Speaker 1: win in a row by forty eight in Philadelphia just 477 00:26:47,840 --> 00:26:49,760 Speaker 1: made the big trade with the Nets. James Harden won't 478 00:26:49,800 --> 00:26:52,600 Speaker 1: debut for the Sixers until next week. Has an injured hamstring. 479 00:26:52,680 --> 00:26:55,440 Speaker 1: It's not known when Ben Simmons will start playing for Brooklyn. 480 00:26:55,800 --> 00:26:58,760 Speaker 1: He hasn't played all season. Simmons played poorly in last 481 00:26:58,840 --> 00:27:02,080 Speaker 1: year's playoffs, Critics eyes heavily. He admits he's been dealing 482 00:27:02,160 --> 00:27:04,320 Speaker 1: with mental health issues. There was a bunch of things 483 00:27:04,359 --> 00:27:06,040 Speaker 1: that I was dealing with as a person and my 484 00:27:06,119 --> 00:27:07,760 Speaker 1: personal left that don't really when he went to death 485 00:27:07,920 --> 00:27:11,800 Speaker 1: to death with um. But yeah, I'm here now, so 486 00:27:12,160 --> 00:27:14,000 Speaker 1: you know, it's a blessing to be, you know, in 487 00:27:14,080 --> 00:27:16,600 Speaker 1: an organization like this, and you know, I'm just looking 488 00:27:17,359 --> 00:27:19,600 Speaker 1: forward to get back on the floor and and building 489 00:27:19,640 --> 00:27:21,639 Speaker 1: something great here. Nets played the Knicks tonight at the 490 00:27:21,680 --> 00:27:24,080 Speaker 1: Garden at the Olympics the Young US hockey squad and 491 00:27:24,119 --> 00:27:26,359 Speaker 1: won three and oh in the preliminary round. Upset in 492 00:27:26,440 --> 00:27:29,480 Speaker 1: the quarter finals by Slovakia, who tied the game with 493 00:27:29,600 --> 00:27:31,840 Speaker 1: forty four seconds left and then won three to and 494 00:27:31,880 --> 00:27:34,800 Speaker 1: a shootout. Americans Alex Hall and Nick Kepper won gold 495 00:27:34,840 --> 00:27:38,000 Speaker 1: and silver. Feet style skiing ex metz as Matt Harvey 496 00:27:38,040 --> 00:27:40,479 Speaker 1: on the witness stand, a former employee of the Angels 497 00:27:40,520 --> 00:27:43,320 Speaker 1: on trial for providing the drugs that killed Angels picture 498 00:27:43,600 --> 00:27:47,040 Speaker 1: Tyler's Skaggs. Harvey was Skaggs, his teammates teammate. He admitted 499 00:27:47,080 --> 00:27:49,680 Speaker 1: they both used opioids. Harvey said he used them in 500 00:27:49,680 --> 00:27:51,960 Speaker 1: the clubhouse, even the dugout. He also admitted to having 501 00:27:52,040 --> 00:27:55,439 Speaker 1: had a problem with cocaine. John stashot Wear Bloomberg says 502 00:27:55,520 --> 00:27:58,400 Speaker 1: Nathan Okay, John, thank you seven on Wall Street time 503 00:27:58,440 --> 00:28:00,920 Speaker 1: for the Tri State Business Report with Bloomberg Sad Cory. 504 00:28:01,440 --> 00:28:04,720 Speaker 1: New York State's retirement plant once Tesla to disclose how 505 00:28:04,800 --> 00:28:09,440 Speaker 1: much it spends on settling sexual harassment and racial discrimination complaints. 506 00:28:09,640 --> 00:28:12,040 Speaker 1: The New York State Common Retirement Fund, one of the 507 00:28:12,080 --> 00:28:16,640 Speaker 1: country's biggest public pension plans, filed its shareholder proposal last week. 508 00:28:17,000 --> 00:28:20,920 Speaker 1: A fifteen room condo in Manhattan, where exiled Chinese tycoon 509 00:28:21,040 --> 00:28:24,119 Speaker 1: Gua when Gay has lived for years, is on sale 510 00:28:24,200 --> 00:28:27,440 Speaker 1: for forty five million dollars, about twenty three million less 511 00:28:27,440 --> 00:28:31,120 Speaker 1: than it was purchased for in a former bankruptcy. Judge 512 00:28:31,200 --> 00:28:34,119 Speaker 1: was installed to handle this sale process. For the apartment 513 00:28:34,400 --> 00:28:38,120 Speaker 1: manufacturing activity in New York State barely improved in February 514 00:28:38,240 --> 00:28:41,400 Speaker 1: from a month earlier, falling short of expectations were a 515 00:28:41,480 --> 00:28:44,920 Speaker 1: more robust rebound, while a measure of selling prices surged 516 00:28:44,960 --> 00:28:47,640 Speaker 1: to a record high. The Federal Reserve Bank of New 517 00:28:47,720 --> 00:28:51,520 Speaker 1: York's General Business Conditions Index increased to three point one, 518 00:28:52,040 --> 00:28:55,160 Speaker 1: up from minus seven tenths a month before. At your 519 00:28:55,160 --> 00:28:59,239 Speaker 1: Bloomberg Trying State Business Report. I'm d Coreys on Wall 520 00:28:59,280 --> 00:29:01,600 Speaker 1: Street Bloomberg Videos on the air from San Francisco to 521 00:29:01,680 --> 00:29:03,880 Speaker 1: New York, London to Hong Kong. Let's check in with 522 00:29:03,920 --> 00:29:05,800 Speaker 1: our global news team for some of the top stories 523 00:29:05,840 --> 00:29:08,560 Speaker 1: heard on our three hundred affiliate radio stations around the world. 524 00:29:11,480 --> 00:29:14,600 Speaker 1: M pornys Anaho on ktr H in Houston. Permian basin 525 00:29:14,680 --> 00:29:18,480 Speaker 1: oil producers are facing headwinds from labor shortages. I'm Gina 526 00:29:18,560 --> 00:29:22,360 Speaker 1: Servettian for w BBM in Chicago. I'm talking about a 527 00:29:22,440 --> 00:29:26,360 Speaker 1: new blow for Boeing's AT seven Dreamliner as the FAA 528 00:29:26,480 --> 00:29:30,000 Speaker 1: steps up inspections of each jet before delivery. I'm John 529 00:29:30,080 --> 00:29:33,120 Speaker 1: Donneger telling K and X listeners in Los Angeles that 530 00:29:33,280 --> 00:29:37,880 Speaker 1: Disneyland will no longer require masks for vaccinated visitors. I'm 531 00:29:37,920 --> 00:29:41,080 Speaker 1: Caroline Heppie Blue Bag DAB Digital Radio in London. Womportne 532 00:29:41,080 --> 00:29:44,080 Speaker 1: PU in Sanrew's private settlement he avoids a court room 533 00:29:44,240 --> 00:29:48,200 Speaker 1: battle over allegations of sexual abuse by Virginiji friends. I'm 534 00:29:48,360 --> 00:29:50,400 Speaker 1: Ed Gory on w A f a m in Cleveland. 535 00:29:50,680 --> 00:29:53,360 Speaker 1: I'm reporting Sea World scause it will not be buying 536 00:29:53,480 --> 00:29:55,680 Speaker 1: Cedar Fair. And those are some of the stories our 537 00:29:55,720 --> 00:29:58,640 Speaker 1: twenty hundred Bloomberg journalists analysts are working on. It's five 538 00:29:58,760 --> 00:30:01,680 Speaker 1: thirty nine on Wall Street. The following is an editorial 539 00:30:01,840 --> 00:30:06,200 Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg 540 00:30:06,400 --> 00:30:10,760 Speaker 1: Editorial Board. US immigration policy should be guided by two 541 00:30:11,080 --> 00:30:15,760 Speaker 1: basic principles. The first is that immigrants are indispensable to 542 00:30:15,880 --> 00:30:19,880 Speaker 1: America's long term economic growth. The second is that laws 543 00:30:20,000 --> 00:30:24,640 Speaker 1: to secure the country's borders must be enforced. A system 544 00:30:24,720 --> 00:30:28,640 Speaker 1: built on these ideas would promote economic dynamism and prevent 545 00:30:28,800 --> 00:30:34,160 Speaker 1: population decline. Unfortunately, President Joe Biden's approach to immigration has 546 00:30:34,240 --> 00:30:38,600 Speaker 1: so far been lacking. For example, the current system shuts 547 00:30:38,640 --> 00:30:42,320 Speaker 1: out far too many highly skilled immigrants. To fix this, 548 00:30:42,680 --> 00:30:45,959 Speaker 1: the U s could adopt a points based immigration system, 549 00:30:46,320 --> 00:30:50,760 Speaker 1: similar to those in Canada and Australia. Few policies would 550 00:30:50,800 --> 00:30:54,840 Speaker 1: do more to bolster American leadership in science and technology. 551 00:30:55,240 --> 00:30:59,280 Speaker 1: Welcoming more highly skilled immigrants should be a top priority. 552 00:30:59,400 --> 00:31:03,640 Speaker 1: For the illustration. This sedatorial was written by the Bloomberg 553 00:31:03,800 --> 00:31:07,840 Speaker 1: Editorial Board. For more Bloomberg Opinion. Please go to Bloomberg 554 00:31:07,920 --> 00:31:10,920 Speaker 1: dot com slash Opinion or O P I N go 555 00:31:11,480 --> 00:31:15,600 Speaker 1: on the Bloomberg terminal. This has been Bloomberg Opinion. Listen 556 00:31:15,640 --> 00:31:18,600 Speaker 1: for Bloomberg opinion editorials every weekday. At this time, this 557 00:31:19,200 --> 00:31:24,520 Speaker 1: is Bloomberg Bloomberg eleven three oh weather. Clouds will increase 558 00:31:24,560 --> 00:31:26,560 Speaker 1: today with high in the upper forties. Late day showers 559 00:31:26,600 --> 00:31:29,880 Speaker 1: possible Tomorrow. Upper fifties will get into the mid fifties 560 00:31:29,960 --> 00:31:33,040 Speaker 1: early Friday, temperatures falling through the day. Right now thirty 561 00:31:33,280 --> 00:31:40,080 Speaker 1: in Central Park markets, headlines and breaking news twenty four 562 00:31:40,160 --> 00:31:43,160 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 563 00:31:43,200 --> 00:31:47,280 Speaker 1: attend at Bloomberg Quicktake, This is a Bloomberg Business flash 564 00:31:53,200 --> 00:31:56,280 Speaker 1: and I'm Karen Moscow. Stocks are versing gains as traders 565 00:31:56,320 --> 00:31:59,160 Speaker 1: with the prospect of diminishing tension over Ukraine and the 566 00:31:59,240 --> 00:32:03,000 Speaker 1: impact you're sing inflation on central bank policies. US DOCK 567 00:32:03,040 --> 00:32:06,280 Speaker 1: index futures are lower, with SNP futures down seven points, 568 00:32:06,400 --> 00:32:09,800 Speaker 1: NOW futures down fifty five, NASDAC futures down twenty four. 569 00:32:09,920 --> 00:32:12,760 Speaker 1: The decks in Germany little changed ten Your treasury up 570 00:32:12,800 --> 00:32:15,600 Speaker 1: to thirty seconds he'ld two point three per cent yield 571 00:32:15,640 --> 00:32:17,720 Speaker 1: on the two year one point five six per set. 572 00:32:18,120 --> 00:32:20,480 Speaker 1: Nivex screwed oil is at one point one percent of 573 00:32:20,600 --> 00:32:23,000 Speaker 1: ninety nine cents and ninety three dollars eight cents of barrel. 574 00:32:23,280 --> 00:32:26,240 Speaker 1: Comics called a little change at eighteen fifty six thirty 575 00:32:26,240 --> 00:32:29,080 Speaker 1: announced the euro one point one three eight one against 576 00:32:29,120 --> 00:32:31,440 Speaker 1: the dollar, British found one point three five six three, 577 00:32:31,760 --> 00:32:34,680 Speaker 1: the ns at one fifteen point seven one, and Bitcoin 578 00:32:34,800 --> 00:32:37,640 Speaker 1: this morning moving higher at forty four thousand, ninety dollars. 579 00:32:37,960 --> 00:32:40,440 Speaker 1: And that's at Bloomberg Business Flash. Now here's John Tucker 580 00:32:40,560 --> 00:32:42,920 Speaker 1: with Moore on what's going on around the world. John 581 00:32:43,360 --> 00:32:46,320 Speaker 1: and Karen. President Vines says he is still possible Russia 582 00:32:46,400 --> 00:32:50,600 Speaker 1: will invade Ukraine because its troops remain in a threatening position. 583 00:32:51,160 --> 00:32:54,080 Speaker 1: US regulators say those step up with factions of every 584 00:32:54,240 --> 00:32:58,320 Speaker 1: Boeing seven eighties seven Dreamliner Before delivery of Walt Disney 585 00:32:58,440 --> 00:33:01,680 Speaker 1: dropping a mass mandate for fully vaccinated guests to its 586 00:33:01,760 --> 00:33:05,640 Speaker 1: theme parks. In the US sports Rangers beat the Bruins 587 00:33:05,680 --> 00:33:09,240 Speaker 1: and the Shootout, the Islanders and Devil's Lose, Capital's win 588 00:33:09,440 --> 00:33:13,000 Speaker 1: and the Penguins. Sydney Crosby scores is five hundred nh 589 00:33:13,400 --> 00:33:17,120 Speaker 1: goal basketball. The Celtics beat the seventies sixers by forty 590 00:33:17,160 --> 00:33:19,720 Speaker 1: eight points. Global news twenty four hours a day on 591 00:33:19,760 --> 00:33:22,360 Speaker 1: here on Bloomberg Quicktake. We're powered by a more than 592 00:33:22,440 --> 00:33:25,440 Speaker 1: twenty seven hundred journalists and analysts in more than one 593 00:33:25,560 --> 00:33:29,920 Speaker 1: hundred twenty countries. I'm John Tucker. This is Bloomberg. Nathan. Okay, John, Thanks, 594 00:33:29,960 --> 00:33:32,400 Speaker 1: It's fine eight on Wall Street Live from the Bloomberg 595 00:33:32,480 --> 00:33:35,760 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and we're joined 596 00:33:35,760 --> 00:33:38,880 Speaker 1: now by Joe Quinland, head of Market and Thematic Strategy 597 00:33:39,000 --> 00:33:41,560 Speaker 1: at Bank of America Global Wealth and Investment. It's great 598 00:33:41,560 --> 00:33:43,160 Speaker 1: to speak with you, Joe. Thanks so much for being 599 00:33:43,200 --> 00:33:47,040 Speaker 1: with us as we watch these market fluctuations on Ukraine headlines. 600 00:33:47,320 --> 00:33:49,560 Speaker 1: Is there more volatility to come or does there need 601 00:33:49,640 --> 00:33:53,800 Speaker 1: to be further pricing in of geopolitical risk here? I think, Nathan, 602 00:33:53,840 --> 00:33:56,680 Speaker 1: there's gonna be more volatility until we see clearly that 603 00:33:56,800 --> 00:33:59,760 Speaker 1: there's a pull back in an easy and atensions. We've 604 00:33:59,840 --> 00:34:03,000 Speaker 1: got the Munich Summit Security summit this weekend. Let's see 605 00:34:03,080 --> 00:34:05,400 Speaker 1: comes out of there. But I think volatility is kind 606 00:34:05,400 --> 00:34:07,080 Speaker 1: of the norm here until we get some all clear 607 00:34:07,200 --> 00:34:09,440 Speaker 1: and when it comes to what Putin is actually up to, 608 00:34:09,760 --> 00:34:11,560 Speaker 1: do you think we could be headed for a correction 609 00:34:13,280 --> 00:34:15,440 Speaker 1: anymore than we've seen already. I don't think we put 610 00:34:15,480 --> 00:34:17,799 Speaker 1: in the lows just yet, whether it's a NAS deck 611 00:34:17,920 --> 00:34:20,440 Speaker 1: or the SMP. So we're gonna grind lower. I think 612 00:34:20,480 --> 00:34:23,759 Speaker 1: here the bigger ishes inflation. It's everywhere. It's eating away 613 00:34:23,800 --> 00:34:26,560 Speaker 1: at margin. So and we're getting past the earning season, 614 00:34:26,640 --> 00:34:28,680 Speaker 1: all eyes will be on the March FED meeting is 615 00:34:28,719 --> 00:34:31,400 Speaker 1: a five or fifty, So I think the focus just 616 00:34:31,600 --> 00:34:34,200 Speaker 1: back to, like the problems here right at home, What 617 00:34:34,320 --> 00:34:35,800 Speaker 1: do you think the FED is going to do? What 618 00:34:35,920 --> 00:34:37,480 Speaker 1: kind of clues do you think we'll get from the 619 00:34:37,520 --> 00:34:42,160 Speaker 1: minutes later on this afternoon. Well, hopefully not more descent 620 00:34:42,360 --> 00:34:44,920 Speaker 1: in terms of fifty or twenty five, you know, hopefully 621 00:34:44,960 --> 00:34:47,160 Speaker 1: no sense of panic. We're not looking for that. But 622 00:34:47,239 --> 00:34:49,759 Speaker 1: we're still in the base case. We do twenty five 623 00:34:49,880 --> 00:34:52,960 Speaker 1: basis points in March, and then thereafter every meeting they 624 00:34:53,080 --> 00:34:55,839 Speaker 1: keep raising rates. The question from the markets is how 625 00:34:55,920 --> 00:34:58,759 Speaker 1: hot is inflation and will that galvanize or able to 626 00:34:58,840 --> 00:35:01,279 Speaker 1: put more pressure on the FED to go faster? They 627 00:35:01,320 --> 00:35:05,439 Speaker 1: go faster. Increases the risk of recession. In two, that'll 628 00:35:05,440 --> 00:35:07,800 Speaker 1: be the worry. You don't see the risk of recession 629 00:35:07,880 --> 00:35:09,719 Speaker 1: if the Fed keeps on a path where they do 630 00:35:10,120 --> 00:35:15,840 Speaker 1: raise interest rates after every meeting, if they go gradually Nathan, 631 00:35:15,960 --> 00:35:18,680 Speaker 1: and then we've got quantitative tightening um you know, soft 632 00:35:18,760 --> 00:35:21,560 Speaker 1: hard landing, maybe we can avoid a recession. But let's 633 00:35:21,560 --> 00:35:25,960 Speaker 1: face it. Three, the growth outlook is coming down dramatically. 634 00:35:26,000 --> 00:35:28,640 Speaker 1: So will earnings as they raise rates as we fight 635 00:35:28,840 --> 00:35:31,080 Speaker 1: try to put that inflation genie back in the bottle. 636 00:35:31,160 --> 00:35:33,520 Speaker 1: So you know, we're still looking for like earnings to 637 00:35:33,680 --> 00:35:36,759 Speaker 1: kind of soften over the second half in the twenty three. 638 00:35:36,920 --> 00:35:39,520 Speaker 1: That's going to weigh on the markets for sure. Yeah, 639 00:35:39,520 --> 00:35:41,120 Speaker 1: I wanted to ask you a little bit more about 640 00:35:41,239 --> 00:35:44,880 Speaker 1: the earnings outlook. How does that affect your price target 641 00:35:45,239 --> 00:35:47,600 Speaker 1: for the SMP five hundred at the end of this year. 642 00:35:48,160 --> 00:35:51,920 Speaker 1: What's the impact of earnings on valuations? I mean, that's 643 00:35:51,960 --> 00:35:54,680 Speaker 1: a great question. We're doing like sector by sector, company 644 00:35:54,760 --> 00:35:57,400 Speaker 1: by company, because that is the challenge. How can companies 645 00:35:57,520 --> 00:36:01,800 Speaker 1: manage these price increases not to inputs or bottled global 646 00:36:01,800 --> 00:36:05,319 Speaker 1: supply chains, but really wages across the board. So we're 647 00:36:05,360 --> 00:36:07,880 Speaker 1: still we're seeing pricing power and some of these consumer 648 00:36:07,920 --> 00:36:11,040 Speaker 1: product groups. We still like energy, so the financials, so 649 00:36:11,200 --> 00:36:13,759 Speaker 1: our portfolios are tilted still towards the value and the 650 00:36:13,800 --> 00:36:16,880 Speaker 1: cyclical side of the equation and their US bias. We're 651 00:36:16,920 --> 00:36:20,120 Speaker 1: still looking for opportunities overseas, but really US focused here. 652 00:36:20,719 --> 00:36:22,279 Speaker 1: What do you think we'll start to see more of 653 00:36:22,320 --> 00:36:27,560 Speaker 1: a rotation uh into value stocks uh and away from 654 00:36:27,880 --> 00:36:31,360 Speaker 1: sort of these tech names that really flew high in 655 00:36:31,400 --> 00:36:34,560 Speaker 1: the last year. Well, Nathan, believe it or not, we're 656 00:36:34,560 --> 00:36:37,040 Speaker 1: seeing some clients because of the tech pullback, you know, 657 00:36:37,120 --> 00:36:39,520 Speaker 1: they want to jump in the tech now thinking thinking 658 00:36:39,640 --> 00:36:44,120 Speaker 1: long term digitalization, a lot of upside demand still cloud computing. 659 00:36:44,160 --> 00:36:46,120 Speaker 1: So we're starting to see some clients want to go 660 00:36:46,239 --> 00:36:48,400 Speaker 1: back into tech add you know, not double down, but 661 00:36:48,480 --> 00:36:51,360 Speaker 1: add to their exposure. But I think in general, not 662 00:36:51,520 --> 00:36:54,280 Speaker 1: until we get you know, not we see a benign 663 00:36:54,440 --> 00:36:57,600 Speaker 1: inflation reading um is, are we gonna peak? So to 664 00:36:57,640 --> 00:36:59,880 Speaker 1: speaking inflation? Your here do we see tech in the 665 00:37:00,000 --> 00:37:02,359 Speaker 1: growth names come roaring back? So we're not there yet. 666 00:37:02,760 --> 00:37:08,000 Speaker 1: Are you looking for effect of rising interest rates, rising 667 00:37:08,080 --> 00:37:12,279 Speaker 1: treasury yields on stock valuations. We've seen a pretty big 668 00:37:12,640 --> 00:37:17,520 Speaker 1: spikes in yield of laid pretty big, and we're still looking. 669 00:37:17,600 --> 00:37:20,960 Speaker 1: You're in target for Bank of America's to five on 670 00:37:21,040 --> 00:37:24,800 Speaker 1: the ten year. That's very manageable for earnings and equities 671 00:37:24,840 --> 00:37:27,759 Speaker 1: in general. So that's that's the call right now. And 672 00:37:27,800 --> 00:37:30,000 Speaker 1: if we stick to that call, that true call comes true. 673 00:37:30,280 --> 00:37:32,879 Speaker 1: We can see equity still grinding higher or not really 674 00:37:33,080 --> 00:37:36,239 Speaker 1: rolling over because of the backup and tenure yield. If 675 00:37:36,280 --> 00:37:38,040 Speaker 1: we go. If we're wrong, it goes two and a half, 676 00:37:38,080 --> 00:37:40,560 Speaker 1: you know, two seventy five three handle. We got a 677 00:37:40,640 --> 00:37:42,480 Speaker 1: reset for sure, but we don't see that as time 678 00:37:42,520 --> 00:37:45,640 Speaker 1: the base case. Are you looking for a reaction from 679 00:37:45,680 --> 00:37:50,040 Speaker 1: the FED to the elevated producer prices we got yesterday? 680 00:37:50,120 --> 00:37:55,000 Speaker 1: It does seem like inflation. You can't really put the 681 00:37:55,320 --> 00:37:59,880 Speaker 1: transitory term on it anymore, for sure. Yeah, I mean 682 00:38:00,000 --> 00:38:02,120 Speaker 1: in it's the front end or the back end, you know, 683 00:38:02,239 --> 00:38:04,759 Speaker 1: the user inputs of the final product. It's it's all 684 00:38:04,840 --> 00:38:08,000 Speaker 1: through the pipeline, the producer producer prices. I you know, 685 00:38:08,120 --> 00:38:09,600 Speaker 1: I don't. I don't think the feed is going to 686 00:38:09,680 --> 00:38:12,000 Speaker 1: be surprised by that number, but it could add to 687 00:38:12,120 --> 00:38:15,160 Speaker 1: that urgency. And I think it's gonna be clear that 688 00:38:15,239 --> 00:38:17,759 Speaker 1: maybe twenty five basis points might not be enough, but 689 00:38:17,880 --> 00:38:20,200 Speaker 1: we're still looking for twenty five. But you're right, whether 690 00:38:20,280 --> 00:38:22,040 Speaker 1: it's the front end or the back end, it's it's 691 00:38:22,120 --> 00:38:25,279 Speaker 1: throughout the whole pipeline. When it comes to inflation. And 692 00:38:25,360 --> 00:38:28,320 Speaker 1: when it comes to the US bias that you mentioned, 693 00:38:28,880 --> 00:38:31,640 Speaker 1: what what's your feeling on large cap versus small cap 694 00:38:32,040 --> 00:38:35,920 Speaker 1: in your estimation, still have a bias, I mean, you know, 695 00:38:36,200 --> 00:38:38,480 Speaker 1: large large cap, we still have our bias tours. You know, 696 00:38:38,640 --> 00:38:40,960 Speaker 1: the small caps them pretty beaten up here, so there's 697 00:38:41,000 --> 00:38:43,480 Speaker 1: some value there. But really, at the end of the day, 698 00:38:43,560 --> 00:38:46,919 Speaker 1: the large cap companies good core competence, these three cash flow, 699 00:38:47,320 --> 00:38:50,600 Speaker 1: They have the wherewithal to absorb these prices, whether it's wages, 700 00:38:50,680 --> 00:38:53,360 Speaker 1: whether it's inputs, So smaller companies don't have that. And 701 00:38:53,400 --> 00:38:55,640 Speaker 1: when you have the cost of capital rising, that creates 702 00:38:55,640 --> 00:38:58,320 Speaker 1: some problems for small caps as well. So our bias 703 00:38:58,440 --> 00:39:01,560 Speaker 1: is still towards these large cap companies multinationals. We see 704 00:39:01,600 --> 00:39:04,600 Speaker 1: global growth rebounding. You know, if we get a reset 705 00:39:04,640 --> 00:39:08,280 Speaker 1: in Ukraine, then Europeans avoided recession and that's hugely important 706 00:39:08,280 --> 00:39:10,680 Speaker 1: for a lot of US companies. Good to get your thoughts, Joe. 707 00:39:10,760 --> 00:39:12,640 Speaker 1: Thanks for being with us Joe Quinlin with a Bank 708 00:39:12,719 --> 00:39:16,400 Speaker 1: of American Global Wealth and Investment. Karen, thank you. It 709 00:39:16,640 --> 00:39:19,000 Speaker 1: is five fifty four on Wall Street. It's time for 710 00:39:19,040 --> 00:39:21,560 Speaker 1: the Bloomberg Law Report. It's brought to you by American 711 00:39:21,640 --> 00:39:25,640 Speaker 1: Arbitration Association. Business disputes are inevitable, resolve faster with the 712 00:39:25,680 --> 00:39:30,080 Speaker 1: American Arbitration Association, the global leader in alternative dispute resolution 713 00:39:30,120 --> 00:39:33,080 Speaker 1: for over ninety years. More at a dr dot org. 714 00:39:33,719 --> 00:39:37,400 Speaker 1: The Trump organization's accounting firms said a decade of financial 715 00:39:37,480 --> 00:39:40,360 Speaker 1: statements for Donald Trump cannot be relied upon and that 716 00:39:40,480 --> 00:39:43,120 Speaker 1: it won't do any new work for the company. The 717 00:39:43,160 --> 00:39:46,480 Speaker 1: New York Attorney General, Letitia James is investigating what she 718 00:39:46,640 --> 00:39:50,000 Speaker 1: says was a pattern of potential fraud involving the manipulation 719 00:39:50,080 --> 00:39:52,960 Speaker 1: of valuations of key Trump properties. The letter from the 720 00:39:53,000 --> 00:39:55,680 Speaker 1: accounting firm to the Trump organization was included in the 721 00:39:55,680 --> 00:39:59,000 Speaker 1: Attorney General's latest court filing urging a judge to order 722 00:39:59,040 --> 00:40:02,879 Speaker 1: Trump to comply with their subpoena and document requests. For more. 723 00:40:03,000 --> 00:40:06,640 Speaker 1: Bloomberg's June Gronso speaks to Bloomberg. Legal reporter Greg Farrell 724 00:40:06,920 --> 00:40:09,960 Speaker 1: tell us about this letter from the accountants, saying that 725 00:40:10,080 --> 00:40:13,880 Speaker 1: a decade of the financial statements they've prepared can't be 726 00:40:14,000 --> 00:40:18,720 Speaker 1: relied upon. The letter is kind of squishy. It doesn't 727 00:40:18,800 --> 00:40:22,440 Speaker 1: say last ten years of statements on the financial condition 728 00:40:22,480 --> 00:40:25,280 Speaker 1: of the Trump Organization, doesn't say that the information is false, 729 00:40:25,719 --> 00:40:29,279 Speaker 1: but it does say that basically, we believe that the 730 00:40:29,320 --> 00:40:32,320 Speaker 1: people you send it to, for example, banks, insurance companies, 731 00:40:32,480 --> 00:40:36,759 Speaker 1: or government overseers, these statements should not be relied upon. This, 732 00:40:37,040 --> 00:40:41,080 Speaker 1: I think is a direct result of the massive filing 733 00:40:41,160 --> 00:40:44,040 Speaker 1: that the New York Attorney General submitted to court a 734 00:40:44,120 --> 00:40:46,880 Speaker 1: month ago as part of our ongoing battle. So I 735 00:40:46,960 --> 00:40:49,520 Speaker 1: think they were stuck in this place that they realized, 736 00:40:49,800 --> 00:40:53,040 Speaker 1: especially now that charges have been filed against the Trump 737 00:40:53,120 --> 00:40:56,560 Speaker 1: Organization and more charges civil charges are being considered by 738 00:40:56,560 --> 00:40:58,680 Speaker 1: the New York Attorney General. It's like they don't want 739 00:40:58,680 --> 00:41:01,200 Speaker 1: to be there anymore. So I think they probably formed 740 00:41:01,200 --> 00:41:04,239 Speaker 1: the Trump Organization last year. They want out, and now 741 00:41:04,360 --> 00:41:06,799 Speaker 1: this is finally just surfacing in the public domain. Now, 742 00:41:07,160 --> 00:41:12,880 Speaker 1: despite all the squishiness and optimistic valuations, if they prepared 743 00:41:12,960 --> 00:41:15,919 Speaker 1: them and those statements can't be relied on, it's hard 744 00:41:15,960 --> 00:41:20,080 Speaker 1: to escape the conclusion that they did something wrong somewhere 745 00:41:21,120 --> 00:41:23,440 Speaker 1: right and and I think miss OURS is concerned that 746 00:41:23,480 --> 00:41:25,600 Speaker 1: they will be held viable if there's any sort of 747 00:41:25,640 --> 00:41:31,160 Speaker 1: regulatory action or litigation against the Trump organization for basically 748 00:41:31,239 --> 00:41:34,640 Speaker 1: misrepresenting its financial position to banks and insurance companies. I 749 00:41:34,680 --> 00:41:36,640 Speaker 1: think miss OURS is trying to take a step to 750 00:41:36,760 --> 00:41:38,239 Speaker 1: like not be on the hook or as much on 751 00:41:38,320 --> 00:41:41,080 Speaker 1: the hook as they could otherwise be. This is bad 752 00:41:41,120 --> 00:41:43,440 Speaker 1: for Trump because you know, he's fond of saying, why 753 00:41:43,480 --> 00:41:45,080 Speaker 1: have the best lawyers? I have the best accounts, I 754 00:41:45,080 --> 00:41:47,040 Speaker 1: have the best you know whatever until they turn on 755 00:41:47,239 --> 00:41:49,760 Speaker 1: Michael Cohen. Used to be like the best until Michael 756 00:41:49,800 --> 00:41:52,320 Speaker 1: Cohen decided to cooperate with the government. Then Cohen became 757 00:41:52,840 --> 00:41:55,760 Speaker 1: very different character. But Trump has said in the past 758 00:41:56,080 --> 00:41:58,480 Speaker 1: that he has the best account and so he's not 759 00:41:58,560 --> 00:42:01,600 Speaker 1: gonna be saying that anymore. And Letitia James used that 760 00:42:01,880 --> 00:42:05,759 Speaker 1: in her investigation or in her case. I think it 761 00:42:05,800 --> 00:42:08,799 Speaker 1: could be used as supporting evidence, right, it's not. It's 762 00:42:08,840 --> 00:42:11,759 Speaker 1: not like a witness for the defense. Something becomes a 763 00:42:11,800 --> 00:42:14,520 Speaker 1: witness for the prosecution as much as a witness for 764 00:42:14,560 --> 00:42:17,200 Speaker 1: the defense basically starts easing away from it. It's like, 765 00:42:17,360 --> 00:42:20,240 Speaker 1: we're not comfortable anymore. This were a publicly traded company 766 00:42:20,360 --> 00:42:23,879 Speaker 1: that would be like shareholder lawsuits and the stark price 767 00:42:24,000 --> 00:42:27,520 Speaker 1: dive at that sort of thing. That's Bloomberg Legal reporter 768 00:42:27,680 --> 00:42:30,440 Speaker 1: Greg Farrell speaking at the Bloomberg Student Grosso. Catch more 769 00:42:30,480 --> 00:42:33,120 Speaker 1: of that interview plus analysis of the latest legal news 770 00:42:33,400 --> 00:42:35,960 Speaker 1: by listening to the Bloomberg Law Show at enpm Eastern 771 00:42:36,080 --> 00:42:39,240 Speaker 1: Time or subscribing to the Bloomberg Law Podcasts. And attorneys 772 00:42:39,280 --> 00:42:42,560 Speaker 1: can find exceptional legal research and business development tools at 773 00:42:42,600 --> 00:42:46,880 Speaker 1: Bloomberg law dot com and Bloomberg Daybreak continues. This is 774 00:42:46,960 --> 00:42:47,520 Speaker 1: Bloomberg