Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, February sixteen. Coming up this hour, stocks
Speaker 1: rise on the prospects of tensions easing in Ukraine, Investors
Speaker 1: away minutes from the fans latest policy meeting. UK inflation
Speaker 1: unexpectedly accelerates for a fourth straight month, and Disney drops
Speaker 1: its mass mandate for fully vaccinated theme park guests. Sandy
Speaker 1: Hook families win a settlement with Gunbaker Remington, A New
Speaker 1: York state's mass mandate ends today. I'm John Tucker. Those
Speaker 1: stories straight ahead, I'm John stash Our. In sports, the
Speaker 1: Rangers wanted to shoot out the Islanders and Devils both lost,
Speaker 1: so did the US Olympic hockey team. That's all straight
Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven Trio, New York,
Speaker 1: Bloomberg N one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x M one nineteen
Speaker 1: and around the world along Bloomberg Radio dot Com and
Speaker 1: via The Bloomberg Business or Good Morning, I'm Nathan Hager
Speaker 1: and I'm Karen Moscow and Futures are little change this morning.
Speaker 1: We're coming up to five on one on Wall Street,
Speaker 1: and we check the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg. And again, futures are a little
Speaker 1: change to lower this morning to ten year treasury up
Speaker 1: to thirty seconds, the yield two point oh three per cent,
Speaker 1: and they yield on the two year one point five percent. Nathan,
Speaker 1: all right, Karen, we'll have more in the markets in
Speaker 1: a minute. But first, President Biden says a Russian attack
Speaker 1: against Ukraine is still very much a possibility, and he
Speaker 1: is warning that sanctions against Russia will not come without
Speaker 1: pain for Americans. Amy Morris has the latest from our
Speaker 1: Bloomberg newsroom in Washington. President Biden says the sanctions envisioned
Speaker 1: by his administration against Moscow would create long term consequences
Speaker 1: that would undermine Russia's ability to compete economically and strategically. So,
Speaker 1: he says, the administration is also taking steps to alleviate
Speaker 1: pressure own US energy markets and offset rising prices. Russian
Speaker 1: dissizement vague that would also have consequences here at home.
Speaker 1: But the American people understand that defending democracy and liberties
Speaker 1: never without cost. Meanwhile, some Ukrainian banking and government websites
Speaker 1: were hit with a denial of service attack. The US
Speaker 1: has offered to help investigate. Russian officials have repeatedly denied
Speaker 1: any plans to attack Ukraine. In Washington, I maybe Morris
Speaker 1: Bloomberg daybreak, All right, Amy, thank you. Meanwhile, a standoff
Speaker 1: over one of President Biden's nominees to the Federal Reserve
Speaker 1: is putting all of them in limbo. Republicans on the
Speaker 1: Senate Banking Committee are blocking Sarah bloom Morascians confirmation. They
Speaker 1: say they want to know more about a special master
Speaker 1: account that the Kansas City Fed granted to a Colorado
Speaker 1: based fintech while Raskins served on its board. Republican Senator
Speaker 1: Bill HAGGARDA sits on the Banking Committee. They're more than
Speaker 1: thirty five questions where her answers provided were blanket. I
Speaker 1: do not recall or I'm not aware in response to
Speaker 1: questions on this. So we have not gotten to the
Speaker 1: bottom of this, and we need more information, and till
Speaker 1: we do, I'm not prepared to vote on her. Tennessee
Speaker 1: Senator Bell Haggarday spoke with our Washington corresponded Joe Matthew
Speaker 1: on Bloomberg Sound On. Catch the program weekdays at five
Speaker 1: pm Eastern on Bloomberg Radio. The Fed will also be
Speaker 1: in focus today, Karen, with the release of the minutes
Speaker 1: from January's policy meeting. We get more on that from
Speaker 1: Bloomberg's Michael McKee. Tightened Fed concern about inflation led to
Speaker 1: a sell off in bonds when the last minutes were
Speaker 1: released or repeat as possible. Investors want to know just
Speaker 1: how worried that central bankers were at their last meeting
Speaker 1: when they suggested it was almost time to raise interest rates.
Speaker 1: In particular, how far and how fast did they anticipate
Speaker 1: moving bond investors. In particular, we'll be looking for any
Speaker 1: details on when and how FED officials anticipate shrinking their
Speaker 1: balance sheet. Kansas City Fed President Estra George recently warned
Speaker 1: the process could be rocky for the markets. Michael McKee,
Speaker 1: Bloomberg Daybreak, Mike, thank you. In addition to the Fed minutes,
Speaker 1: we also get the retail sales report for the month
Speaker 1: of January that's coming out later this morning. Meanwhile, in
Speaker 1: the UK, inflation unexpectedly accelerated for a fourth straight month.
Speaker 1: They have to London and get the latest live with
Speaker 1: the Bloomberg's You and Parts, good Morning You and Good
Speaker 1: Morning Karen and Nathan. Inflation is now at a thirty
Speaker 1: year high in the UK, hitting five point five percent
Speaker 1: in the year to January. The CPI print has now
Speaker 1: overshot forecast in seven of the past nine months. That's
Speaker 1: putting pressure on the Bank of England, which is already
Speaker 1: highed rates at two of its last meetings. The Baiwese
Speaker 1: current forecast is an inflation is set to reach seven
Speaker 1: and a quarter percent. Live in London, I'm You in Possible,
Speaker 1: Make Daybreak, Okay You and thank You. In Asia, inflation
Speaker 1: eased in China last month, but factory gate prices were
Speaker 1: still elevated. Bloomberg Gaybreak Asia anchor Brian Curtis has more.
Speaker 1: The producer price index rose nine point one percent from
Speaker 1: a year earlier. That was weaker than the estimate of
Speaker 1: nine point five percent, and it was down from December.
Speaker 1: Is reading and the good news for policymakers is that
Speaker 1: it gives them some more room to cut interest rates.
Speaker 1: China shifted to a pro growth bias late last year.
Speaker 1: It was after the economy was hit by virus outbreaks
Speaker 1: and a slump in the property market. Consumer prices grew
Speaker 1: Who's your point nine percent last month from a year earlier,
Speaker 1: and that was slower than a projected increase. Bryan Curtis,
Speaker 1: Bloomberg day Break, Brian, thank you. Turning to the pandemic,
Speaker 1: Disney is dropping its masked mandate for a fully vaccinated
Speaker 1: guests at its US theme parks starting tomorrow. Face coverings
Speaker 1: will be optional both indoors and out at Walt disney
Speaker 1: World in Florida and Disneyland in California. Mass will still
Speaker 1: be mandatory if you're not fully vaccinated. A major Wall
Speaker 1: Street firms are still grappling with how to bring employees
Speaker 1: back to the office as we come out of the pandemic.
Speaker 1: For Goldman Sax CEO David Solomon, he says an in
Speaker 1: person office will always be an important part of the
Speaker 1: bank's identity. We get that story from Bloomberg's Charlie Hellett.
Speaker 1: Speaking from the Pivot m I A conference in Miami Beach,
Speaker 1: Solomon said the office was particularly valuable for the development
Speaker 1: of employees in their twenties, who make up about half
Speaker 1: of the firm. He noted that Goldman has established a
Speaker 1: presence in cities across the US, including in South Florida,
Speaker 1: but he said the pandemic will not up the Wall
Speaker 1: Street Giant to provide jobs that can be done from
Speaker 1: remote locations, such as Jackson Hole, Wyoming in New York.
Speaker 1: Charlie Pellett bloom Bird Daybreak, Charlie, thank you. As the
Speaker 1: debate continues over how on how many days workers should
Speaker 1: spend in the office, Airbnb is looking to capitalize on
Speaker 1: the work from home trend. We spoke with Airbnb CEO
Speaker 1: Brian Chesky, but we do think more and more people
Speaker 1: are gonna work remotely over the summer with family. They
Speaker 1: might take them somewhere, get a summer rental. But we
Speaker 1: also just think that we're gonna have three day weekends
Speaker 1: a lot more frequently for people where they might work
Speaker 1: from an Airbnb on a Friday or Monday and go
Speaker 1: away for that weekend. And Airbnb's Brian Chesky says his
Speaker 1: company's fourth quarter earnings, where it's best ever, shares her
Speaker 1: up more than three percent in early trading. Finally, Karen,
Speaker 1: we have a new big money maker on campus. Stanford
Speaker 1: University has edged out Harvard as the country's biggest college fundraiser.
Speaker 1: The California Institution raised one point three nine billion dollars
Speaker 1: last fiscal year. That was about ten million more than
Speaker 1: the Ivy League are Those are the only two schools,
Speaker 1: Stanford and Harvard, that raked in more than a billion dollars.
Speaker 1: Rising stock markets helped to drive donations last year. Futures
Speaker 1: are moving lower right now. SMP futures down four points down,
Speaker 1: futures down thirty one, Nasdaq futures down eleven. Straight ahead
Speaker 1: local headlines in the check of sports. This is Bloomberg
Speaker 1: and it's tout five oh seven on Wall Street. We're
Speaker 1: dealing with big problems on the Sunrise Parkway. It's closed
Speaker 1: both ways between Center and Valley Avenues. The tails coming
Speaker 1: up in traffic. First. John Tucker's here with more on
Speaker 1: what's going on in New York and around the world.
Speaker 1: Good morning, John, Nathan Remington Arms will pay seventy three
Speaker 1: billion dollars to families who lost loved ones in the
Speaker 1: Sandy Hook Elementary School shooting. More the Landmark settlement this
Speaker 1: morning from Bloomberg's Jeff Bellinger. It is a settlement that
Speaker 1: could open the door to more lawsuits seeking to hold
Speaker 1: gun companies liable for mass shootings. The money will be
Speaker 1: divided among nine families who lost loved ones in the
Speaker 1: twelve shooting in Newtown, Connecticut that twenty children and six
Speaker 1: staff members dead. Remington did not admit liability in the settlement.
Speaker 1: Adam Lanza, the twenty year old Sandy Hook gunman, used
Speaker 1: an a R fifteen style rifle made by Bushmaster, a
Speaker 1: company that was owned by Remington. Jeff Bullinger Bloomberg Day
Speaker 1: breaks starting today in New York State will end its
Speaker 1: requirement that people entering businesses must wear masks or show
Speaker 1: proof of full vaccination. In New York City, masks are
Speaker 1: still required at schools and public health care facilities. Owners
Speaker 1: of stores, restaurants, theaters, or other public spaces can still
Speaker 1: require masks. Boeing seven eight seven Dreamliners suffering a new blow,
Speaker 1: US regulators say they'll step up inspections of each jet
Speaker 1: before delivery since the companies grappled with structural glitches that
Speaker 1: have turned its popular wide body jet into a drain
Speaker 1: on cash. More than one ten of the carbon fiber
Speaker 1: aircraft have been built but left undelivered while the issues
Speaker 1: are resolved. New York Democratic Representative Kathleen says she won't
Speaker 1: run for re election after nearly eight years in office.
Speaker 1: The fifty seven year old Rice represents parts of Long Island.
Speaker 1: Didn't say what she planned to do next, and she's
Speaker 1: joining dozens of her colleagues that are retiring or running
Speaker 1: for other public office ahead of the twenty twenty two
Speaker 1: mid term elections where Democrats fear they could lose control
Speaker 1: of the House. New Jersey Better has waged a record
Speaker 1: one forty three point seven million dollars on the Super
Speaker 1: Bowl that's up for the prior year. It comes even
Speaker 1: with bets being taken in neighboring New York for the
Speaker 1: first time. Sports betting is exploded across the U S
Speaker 1: since the Supreme Court of Lound states outside of Nevada
Speaker 1: to offer it in t eighteen. And P. J. O'Rourke,
Speaker 1: the prolific author and satirist, has died at the age
Speaker 1: of seventy four. He started out writing for such underground
Speaker 1: publications as The New York Case. He joined National Lampoon
Speaker 1: in nineteen seventy three. Global News twenty four hours a
Speaker 1: day on air and on Blueberry Quicktake were binding more
Speaker 1: than twenty seventh hunter of journalists and analysts and more
Speaker 1: than one twenty countries. I'm John Tucker. This is Bloomberg Nathan.
Speaker 1: All right, John, thank you, coming up to five ten
Speaker 1: on All Street time for the Bloomberg Sports Upday. Good morning,
Speaker 1: John stans Showner, A good morning, Nathan. Couple of hockey
Speaker 1: shootouts the Rangers and Bruins at the Garden, the US
Speaker 1: and Slovakia in Beijing. Rangers won There's they scored on
Speaker 1: their first two attempts to the shootout make his advantage,
Speaker 1: and then Artemi Panaer and then sixth straight misses before
Speaker 1: KeAndre Miller scored given the Rangers a thrilling two to
Speaker 1: one win in their first game in two weeks. At
Speaker 1: the Olympics, the US, led to one on the final minutes,
Speaker 1: seemed ready to advance to the semifinals. Slovakia scored in
Speaker 1: the U s went over for five of the shootout,
Speaker 1: gets eliminated after going three and oh in the preliminary round.
Speaker 1: Back in the NHL, the Islanders and Devils both lost
Speaker 1: by the same six to three score. Both gave up
Speaker 1: three goals in the third period of the Isles in Buffalo,
Speaker 1: where the Sabers scored three times in the last three
Speaker 1: minutes and the Devil's blew a three one lead felt
Speaker 1: the Tampa Bay and NBA blow out Red Hot Celtics,
Speaker 1: one of the ninth in a row in Philadelphia by
Speaker 1: forty eight. James Harden watched the game on the Philly bench.
Speaker 1: He has an injured hamstring, but said he was happy
Speaker 1: to lead Brooklyn. Harden was after that playing with Tyrie,
Speaker 1: Irving and Knew has refused to get vaccinated, only recently
Speaker 1: started playing and only in road games. Really good friends. Uh,
Speaker 1: you know, whatever he was going through, he's still going
Speaker 1: through as his personal preference. But it definitely didn't impact
Speaker 1: the team because originally, you know, obviously me, Kyrie and
Speaker 1: Katie in the court, you know, and winning covers up
Speaker 1: a lot of that stuff. And Net's big three ended
Speaker 1: up playing together only sixteen times. Nets play a road
Speaker 1: game tonight, but it's in New York against the Knicks,
Speaker 1: and the vaccine mandate means Irving cannot play. College hopes
Speaker 1: Fordham lost I own a one. The gals are one
Speaker 1: and five at the Olympics. The disappointment at hockey, but
Speaker 1: the US won gold and silver in freestyle scheme. John
Speaker 1: Stash Award Bloomberg Sports Nathan Okay, John, thanks right now.
Speaker 1: SMP futures are down three point STOUT futures down nineteen
Speaker 1: nastack futures down. For the latest on the Russia Ukraine
Speaker 1: tensions with Greg Valiat of AGF Investments. Next, this is
Speaker 1: Bloomberg Bloomberg eleven three O. Weather increasing cloudiness today with
Speaker 1: a high and near fifty degrees. We could get sixty
Speaker 1: tomorrow with late day showers. Highs early in the mid
Speaker 1: fifties by Friday, but temperatures will fall through the day. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg
Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Karen Moscow.
Speaker 1: Stocks are higher as traders way the prospect of diminishing
Speaker 1: tension over Ukraine and the impact are rising inflation on
Speaker 1: central bank policies. They have been giving up some of
Speaker 1: their gains though in Europe this morning. US dot Index
Speaker 1: futures they're little change this morning, and we checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: and again futures are a little change. The ten year
Speaker 1: treasury up to thirty seconds, the yield two point oh
Speaker 1: three percent. They yield on the two year one point
Speaker 1: five five percent. Nine x scrude oil is up seven
Speaker 1: ten percent, up sixty one cents and ninety two dollars
Speaker 1: sixty eight cents of barrel comex S gold is up
Speaker 1: tenth of upper cent or two dollars thirty cents at
Speaker 1: eighteen fifty eight. Forty announced. The euro one point one
Speaker 1: three eight one against the dollar, British found one point
Speaker 1: three eight, the yen is at one fifteen point six seven,
Speaker 1: and bitcoins higher at forty four thousand, seventy dollars. Today,
Speaker 1: we are watching for a report on January retail sales
Speaker 1: at eight thirty Wall Street time, along with the import
Speaker 1: price index, industrial productions at at nine fifteen, and its
Speaker 1: business inventories at ten in. The Federal Reserve releases minutes
Speaker 1: from its latest meeting at two. That's a Bloomberg business flash.
Speaker 1: Now here's John Tucker with more on what's going on
Speaker 1: around the world. John, Good morning, Karen. President Biden says
Speaker 1: it's still possible that Russia will invade Ukraine because its
Speaker 1: troops remain in a threatening position. Well Disney dropping a
Speaker 1: mask man date for fully vaccinated guests to its theme
Speaker 1: parks in the US, and US regulators say those step
Speaker 1: up inspections of every Boeing seven eighties seven Dreamliner before delivery.
Speaker 1: In sports, Rangers beat the Bruins and the shootout Islanders
Speaker 1: and Devils lose, the Capital's win and the Penguins. Sydney
Speaker 1: cross We scores his five NHL goal. In basketball, the
Speaker 1: Celtics beat the seventies six years by forty eight points.
Speaker 1: Global News twenty four hours a day on Aaron on
Speaker 1: Bloomberg Quicksache, powered by more than twenty seven hundred journalists
Speaker 1: and analysts and more than one countries. I'm John Tucker,
Speaker 1: DC's Bloomberg Nathan. That's a lot of points. Thank you, John.
Speaker 1: It's five nineteen on Wall Street Line from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak as we continue
Speaker 1: to follow developments around tensions towards Ukraine. Were joined by
Speaker 1: Greg Valier, chief US policy strategist at a g F Investments. Greg,
Speaker 1: it's good to have you with us. As we just
Speaker 1: heard from John, the President is warning that there's still
Speaker 1: the threat of a Russian attack on Ukraine, and now
Speaker 1: we're watching headlines this morning that belying what Russia is.
Speaker 1: NATO says that it's now seeing more troops building up
Speaker 1: near the Ukraine border. How do you assess the situation
Speaker 1: right now, Well, it's obviously very fluid, Nathan, and I
Speaker 1: think that you can't dismiss the threat of an invasion.
Speaker 1: But as you know, I've said for the last few weeks,
Speaker 1: I think it's unlikely. I think that Putin does not
Speaker 1: want to be a pariah. I think he has to
Speaker 1: worry about casualties for his own troops as the Ukrainian
Speaker 1: citizens take up arms, and I think Putin has to
Speaker 1: worry about his own economy suffering from big sanctions. So
Speaker 1: it's it's high stakes. I think that Putin may be
Speaker 1: content to come up with an exit strategy. He's still
Speaker 1: using cyber warfare against the Ukrainians, still stirring up trouble
Speaker 1: at the border, but not with a full fledged invasion.
Speaker 1: Interesting that you see the possibility of a cyber attack
Speaker 1: as a potential off ramp. I mean the President has
Speaker 1: warned that cybers CyberSecure purity issues would be met with
Speaker 1: a tough response as well. I mean couldn't that further
Speaker 1: intensify the situation if there is that kind of development,
Speaker 1: it sure could. But I think it would be preferable
Speaker 1: to a shooting war that would involve an enormous amount
Speaker 1: of casualties. You know. I think Dave Macrone of France
Speaker 1: has set up an exit strategy, a so called off ramp.
Speaker 1: I think that this would involve some security assurances to
Speaker 1: the Ressians without a promise on natal membership. I do
Speaker 1: think there are negotiated plans that are getting closer. What
Speaker 1: about the sanctions debate on Capitol Hill, It seems like
Speaker 1: the lawmakers have really been at logger heads as to
Speaker 1: when to impose sanctions, what they would look like. Do
Speaker 1: you see any kind of agreement coming forward on Capitol Hill? No,
Speaker 1: if it turns out in the last twenty four hours,
Speaker 1: the Senators just thrown up its hands. They can't come
Speaker 1: up with an agreement. It's like a bad satire. Uh.
Speaker 1: They're now going to send a strongly worded message to Putin,
Speaker 1: as if that would have any impact whatsoever. So no,
Speaker 1: congressional sanctions look like they're dead well, given where the
Speaker 1: situation stands with international diplomacy, the work that's going on
Speaker 1: with the US and allies. What do you see the
Speaker 1: market reaction being, particularly in the energy space, if if
Speaker 1: things were to go forward really volatile. I think the
Speaker 1: markets for the next few weeks will be UH erratic.
Speaker 1: I think if this crisis passes, you're going to see
Speaker 1: UH yields in the bond market go even higher based
Speaker 1: on a belief that the global economy will be okay. Obviously,
Speaker 1: if there's a conflict, will be a huge impact on grain,
Speaker 1: natural gas, oil. So it's a very volatile situation that
Speaker 1: I think will persist. On top of the standoff between
Speaker 1: the US and Russia, we have this standoff on Capitol
Speaker 1: Hill over President Biden's Federal Reserve nominees, particularly Sarah Bloom Raskin.
Speaker 1: What do you make of the questions that Republicans have
Speaker 1: for her, Well, they've got two big issues. Number One,
Speaker 1: the FETE has a mandate to only look at a
Speaker 1: stable prices and full employment. She has talked repeatedly over
Speaker 1: the years about another mandate to get very involved in
Speaker 1: environmental policies. That is angrid Republicans. Plus, she had she
Speaker 1: was on the board of directors of the company in
Speaker 1: Colorado that got access to the FETs banking system that
Speaker 1: uh many people feel it was not appropriate for her.
Speaker 1: So those issues are going to stay complicating everything. You've
Speaker 1: got one Democrat in the Senate who has been ill,
Speaker 1: who's not going to be back for another several weeks.
Speaker 1: So I think her nomination is in trouble. The other ones, Powell,
Speaker 1: Leo Brainer, I think they'll all make it, but I
Speaker 1: think the Raskan nomination is in real trouble. Do you
Speaker 1: think the President will stand by Sarah Bloom Raskin, Oh
Speaker 1: for now, I'm sure he will, And she still could
Speaker 1: make it. She indeeds to produce more documents that might
Speaker 1: absolve her of any involvement in this Colorado company. But
Speaker 1: I do think you can't have an impasse for links
Speaker 1: in leeks and leaks. You've got to get people like Wale,
Speaker 1: Brandard and Powell confirmed, and they will be eventually all right.
Speaker 1: Gregg Value as always great to get your insights. Gregg
Speaker 1: Valuer is a Chief US policy strategist at a GF Investments.
Speaker 1: As we watch futures continue to slide on the latest
Speaker 1: Ukraine headlines, S ANDP futures are now down fourteen points down.
Speaker 1: Futures down a hundred fifteen. NASDAC futures are lower by
Speaker 1: forty one points. The tenure Treasury is up one thirty
Speaker 1: second with the yield two point zero three percent. The
Speaker 1: yield on the two year right now one point five
Speaker 1: and nim X screwed is hired by seven tenths percent
Speaker 1: at ninety two dollars sixty cent the barrel. Stay with us.
Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather
Speaker 1: increasing cloudiness with highs in the upper forties Today, will
Speaker 1: be in the upper fifties tomorrow with late day showers possible.
Speaker 1: Those will end in the morning. Friday early highs in
Speaker 1: the mid fifties, but temperatures will fall through the day.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg nine
Speaker 1: to Boston, Bloomberg what a six one does? San Francisco,
Speaker 1: Bloomberg Not sixteen to the country, Sirius XM Cho one
Speaker 1: nineteen and around the globe, the Bloomberg Business app and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak, and it's
Speaker 1: five thirty on Wall Street. Good morning, I'm Karen Moscow,
Speaker 1: I'm Nathan Hagar. Bloomberg. Daybreak is brought to you by
Speaker 1: SEI Challenges highlight one's character, partnership and resilience at s E.
Speaker 1: The act is one community with their clients. Go to
Speaker 1: se i C dot com slash banks and we're just
Speaker 1: about four hours away from the open of US trading.
Speaker 1: Let's get you have to date in the news you
Speaker 1: need to know at this hour. The situation in Ukraine
Speaker 1: remains front and center this morning. President Biden says it's
Speaker 1: not verified that Russia's pulled the troops back from the
Speaker 1: border with Ukraine, and Bloomberg's aid Baxter has the story.
Speaker 1: President Biden says, so far intelligence is not showing it
Speaker 1: and the fact remains right now Russia has more than
Speaker 1: a hundred and fifty thousand troops and circling Ukraine and
Speaker 1: Belarus along Ukraine's border. An invasion remains distinctly possible. Biden
Speaker 1: says if that happens, russiall be held responsible globally for
Speaker 1: death and destruction. He says sanctioned packages are in place
Speaker 1: and that the overriding issue that governments have is the
Speaker 1: right to plot their own destinies in San Francisco. I'm
Speaker 1: at Baxter Bloomberg, Gay break, okay, and thank you. Meantime,
Speaker 1: there's a standoff on Capitol Hill over President Biden's five
Speaker 1: Federal Reserve nominees. Republicans on the Senate Banking Committee have
Speaker 1: questions about one of them, Sarah Bloom Raskin, and her
Speaker 1: role on the board of a fintech company. Raskin is
Speaker 1: President Biden's choice for FED Vice Chair for Supervision Well Nathan.
Speaker 1: This afternoon, the FED releases minutes of January's meeting on
Speaker 1: monetary policy. We get the story from Bloomberg's Vinny Del Judais.
Speaker 1: Bloomberg Economics says the minutes could reveal whether the FED
Speaker 1: has an appetite for a half point march rate increased
Speaker 1: the battle inflation. Such sentiment could explain hawkish comments by
Speaker 1: FED Chair Jerome Powell following January's policy meeting. Recent speeches
Speaker 1: by FED officials have also been hawkish and signal central
Speaker 1: bankers are open or aggressive action. With inflation running at
Speaker 1: the fastest pace ins to early nineteen eighties. The feds
Speaker 1: March meeting is set for the fifteenth and sixteenth Ni
Speaker 1: Del Judais bloom Birthday break, Okayvinny. Thanks. In the UK,
Speaker 1: inflation unexpectedly accelerated for the fourth month in a row.
Speaker 1: Annual price growth in January rose to five and a
Speaker 1: half percent, a new thirty year high. And Nathan on
Speaker 1: the earnings front, shares Airbnb at more than three percent
Speaker 1: in early trading, the San Francisco based travel company beating
Speaker 1: revenue and profit estimates in the fourth quarter. Futures this
Speaker 1: morning are moving lower. SNP Future is down eleven points.
Speaker 1: Now Down Future is down ninety two, nasdack futures down
Speaker 1: twenty six. The decks in Germany's down a tenth of
Speaker 1: upper set ten year treasury of two thirty seconds, the
Speaker 1: yeld two point oh three, and the yield on the
Speaker 1: two year one point five five. Straight ahead, your latest
Speaker 1: local headlines plus a check of sports, and this is Bloomberg.
Speaker 1: Thanks three on Wall Street, thirty degrees in Central Park,
Speaker 1: Sunrise Highways closed in Rockville Center, and John Tucker is
Speaker 1: here with more on what's going on in New York
Speaker 1: and around the world. John Nathan another side, the US
Speaker 1: is increasingly seeking to live alongside the coronavirus. Details of
Speaker 1: this report from Bloomberg's Lisaa Tale. New York State today
Speaker 1: will end its requirement that people entering businesses must to
Speaker 1: wear masks or show proof of full vaccination and beyond
Speaker 1: New York, Walt Disney is dropping a mask mandate for
Speaker 1: fully vaccinated guests to its theme parks in the US.
Speaker 1: Face coverings will become optional for inoculated visitors in both
Speaker 1: outdoor and indoor locations from Thursday, according to a statement
Speaker 1: posted on the Disney World website. Masks will remain mandatory
Speaker 1: for those who are not fully vaccinated. The decision comes
Speaker 1: just days after Universal Orlando ditched its mask requirement. Lise
Speaker 1: Matteo Bloomberg Daybreak. A discovery under a stairwell and off
Speaker 1: state New York, a little girl reported missing more than
Speaker 1: two years ago when she was just four, has been
Speaker 1: found alive more than one hundred fifty miles from where
Speaker 1: she disappeared. Please say they found the six year old
Speaker 1: Paisley Shults in a house and Socrates, New York, huddled
Speaker 1: in a cold web space under the stairs. Socrates police
Speaker 1: Chief Joseph Sanagara, nobody was leaving without that child. They
Speaker 1: we honestly believed that that child was there and of course,
Speaker 1: at the end of the day, that's exactly what the
Speaker 1: case was. Days she was abducted by her biological parents,
Speaker 1: who lost custody in Stanford University raised one point three
Speaker 1: nine billion dollars in the last fiscal year, the most
Speaker 1: among US colleges, narrowly edging out Harvard for the top spot.
Speaker 1: The parental fundraising rivals were the only schools to raise
Speaker 1: more than a billion dollars in that twelve months. JOHNS.
Speaker 1: Hopkins University in Baltimore ranked third, with nine hundred and
Speaker 1: thirty million dollars raised. Former Alaska Governor Sarah Palin has
Speaker 1: lost her defamation case against The New York Times for
Speaker 1: a second time, with the jury in Manhattan feltal court
Speaker 1: finding for the newspaper. It comes a day after the
Speaker 1: judge said he throw out the case anyway because of
Speaker 1: weak evidence and record gun seizures last year at US
Speaker 1: airports coming under scrutiny and Congress t s A officers
Speaker 1: found almost six thousand firearms at two hundred sixty eight
Speaker 1: airport security checkpoints across the country, about an eighty three
Speaker 1: percent spike for the year before Global News twenty four
Speaker 1: hours a day, or Anna Bloomberg Quicktake Power Bud, more
Speaker 1: than twenty seven hundred journalists and analysts and more than
Speaker 1: one hundred twenty countries. I'm John Tucker Bases Bloomberg. Nathan
Speaker 1: thanks John on wall Street, Johnson showers at the Bloomberg
Speaker 1: Sports Update. Nathan is scheduling Quirk. The Rangers had their
Speaker 1: bye week right after the All Star breaks, so they
Speaker 1: went two weeks without a game. At the Garden, they
Speaker 1: fell behind the Bruins early, tie the game third period.
Speaker 1: I went to a shootout and in the ninth round
Speaker 1: at Kandre Miller goal gave the Blue Shirts thrilling two
Speaker 1: to one victory over Boston Islanders and Buffalo. Game was
Speaker 1: tied with three minutes left. The Savers scored three times
Speaker 1: in the last three minutes and one six to three.
Speaker 1: The Devil's led three to one. Tampa Bay also three
Speaker 1: and the third also won six three. NBA Celtics ninth
Speaker 1: win in a row by forty eight in Philadelphia just
Speaker 1: made the big trade with the Nets. James Harden won't
Speaker 1: debut for the Sixers until next week. Has an injured hamstring.
Speaker 1: It's not known when Ben Simmons will start playing for Brooklyn.
Speaker 1: He hasn't played all season. Simmons played poorly in last
Speaker 1: year's playoffs, Critics eyes heavily. He admits he's been dealing
Speaker 1: with mental health issues. There was a bunch of things
Speaker 1: that I was dealing with as a person and my
Speaker 1: personal left that don't really when he went to death
Speaker 1: to death with um. But yeah, I'm here now, so
Speaker 1: you know, it's a blessing to be, you know, in
Speaker 1: an organization like this, and you know, I'm just looking
Speaker 1: forward to get back on the floor and and building
Speaker 1: something great here. Nets played the Knicks tonight at the
Speaker 1: Garden at the Olympics the Young US hockey squad and
Speaker 1: won three and oh in the preliminary round. Upset in
Speaker 1: the quarter finals by Slovakia, who tied the game with
Speaker 1: forty four seconds left and then won three to and
Speaker 1: a shootout. Americans Alex Hall and Nick Kepper won gold
Speaker 1: and silver. Feet style skiing ex metz as Matt Harvey
Speaker 1: on the witness stand, a former employee of the Angels
Speaker 1: on trial for providing the drugs that killed Angels picture
Speaker 1: Tyler's Skaggs. Harvey was Skaggs, his teammates teammate. He admitted
Speaker 1: they both used opioids. Harvey said he used them in
Speaker 1: the clubhouse, even the dugout. He also admitted to having
Speaker 1: had a problem with cocaine. John stashot Wear Bloomberg says
Speaker 1: Nathan Okay, John, thank you seven on Wall Street time
Speaker 1: for the Tri State Business Report with Bloomberg Sad Cory.
Speaker 1: New York State's retirement plant once Tesla to disclose how
Speaker 1: much it spends on settling sexual harassment and racial discrimination complaints.
Speaker 1: The New York State Common Retirement Fund, one of the
Speaker 1: country's biggest public pension plans, filed its shareholder proposal last week.
Speaker 1: A fifteen room condo in Manhattan, where exiled Chinese tycoon
Speaker 1: Gua when Gay has lived for years, is on sale
Speaker 1: for forty five million dollars, about twenty three million less
Speaker 1: than it was purchased for in a former bankruptcy. Judge
Speaker 1: was installed to handle this sale process. For the apartment
Speaker 1: manufacturing activity in New York State barely improved in February
Speaker 1: from a month earlier, falling short of expectations were a
Speaker 1: more robust rebound, while a measure of selling prices surged
Speaker 1: to a record high. The Federal Reserve Bank of New
Speaker 1: York's General Business Conditions Index increased to three point one,
Speaker 1: up from minus seven tenths a month before. At your
Speaker 1: Bloomberg Trying State Business Report. I'm d Coreys on Wall
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Speaker 1: our global news team for some of the top stories
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Speaker 1: M pornys Anaho on ktr H in Houston. Permian basin
Speaker 1: oil producers are facing headwinds from labor shortages. I'm Gina
Speaker 1: Servettian for w BBM in Chicago. I'm talking about a
Speaker 1: new blow for Boeing's AT seven Dreamliner as the FAA
Speaker 1: steps up inspections of each jet before delivery. I'm John
Speaker 1: Donneger telling K and X listeners in Los Angeles that
Speaker 1: Disneyland will no longer require masks for vaccinated visitors. I'm
Speaker 1: Caroline Heppie Blue Bag DAB Digital Radio in London. Womportne
Speaker 1: PU in Sanrew's private settlement he avoids a court room
Speaker 1: battle over allegations of sexual abuse by Virginiji friends. I'm
Speaker 1: Ed Gory on w A f a m in Cleveland.
Speaker 1: I'm reporting Sea World scause it will not be buying
Speaker 1: Cedar Fair. And those are some of the stories our
Speaker 1: twenty hundred Bloomberg journalists analysts are working on. It's five
Speaker 1: thirty nine on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. US immigration policy should be guided by two
Speaker 1: basic principles. The first is that immigrants are indispensable to
Speaker 1: America's long term economic growth. The second is that laws
Speaker 1: to secure the country's borders must be enforced. A system
Speaker 1: built on these ideas would promote economic dynamism and prevent
Speaker 1: population decline. Unfortunately, President Joe Biden's approach to immigration has
Speaker 1: so far been lacking. For example, the current system shuts
Speaker 1: out far too many highly skilled immigrants. To fix this,
Speaker 1: the U s could adopt a points based immigration system,
Speaker 1: similar to those in Canada and Australia. Few policies would
Speaker 1: do more to bolster American leadership in science and technology.
Speaker 1: Welcoming more highly skilled immigrants should be a top priority.
Speaker 1: For the illustration. This sedatorial was written by the Bloomberg
Speaker 1: Editorial Board. For more Bloomberg Opinion. Please go to Bloomberg
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Speaker 1: is Bloomberg Bloomberg eleven three oh weather. Clouds will increase
Speaker 1: today with high in the upper forties. Late day showers
Speaker 1: possible Tomorrow. Upper fifties will get into the mid fifties
Speaker 1: early Friday, temperatures falling through the day. Right now thirty
Speaker 1: in Central Park markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: attend at Bloomberg Quicktake, This is a Bloomberg Business flash
Speaker 1: and I'm Karen Moscow. Stocks are versing gains as traders
Speaker 1: with the prospect of diminishing tension over Ukraine and the
Speaker 1: impact you're sing inflation on central bank policies. US DOCK
Speaker 1: index futures are lower, with SNP futures down seven points,
Speaker 1: NOW futures down fifty five, NASDAC futures down twenty four.
Speaker 1: The decks in Germany little changed ten Your treasury up
Speaker 1: to thirty seconds he'ld two point three per cent yield
Speaker 1: on the two year one point five six per set.
Speaker 1: Nivex screwed oil is at one point one percent of
Speaker 1: ninety nine cents and ninety three dollars eight cents of barrel.
Speaker 1: Comics called a little change at eighteen fifty six thirty
Speaker 1: announced the euro one point one three eight one against
Speaker 1: the dollar, British found one point three five six three,
Speaker 1: the ns at one fifteen point seven one, and Bitcoin
Speaker 1: this morning moving higher at forty four thousand, ninety dollars.
Speaker 1: And that's at Bloomberg Business Flash. Now here's John Tucker
Speaker 1: with Moore on what's going on around the world. John
Speaker 1: and Karen. President Vines says he is still possible Russia
Speaker 1: will invade Ukraine because its troops remain in a threatening position.
Speaker 1: US regulators say those step up with factions of every
Speaker 1: Boeing seven eighties seven Dreamliner Before delivery of Walt Disney
Speaker 1: dropping a mass mandate for fully vaccinated guests to its
Speaker 1: theme parks. In the US sports Rangers beat the Bruins
Speaker 1: and the Shootout, the Islanders and Devil's Lose, Capital's win
Speaker 1: and the Penguins. Sydney Crosby scores is five hundred nh
Speaker 1: goal basketball. The Celtics beat the seventies sixers by forty
Speaker 1: eight points. Global news twenty four hours a day on
Speaker 1: here on Bloomberg Quicktake. We're powered by a more than
Speaker 1: twenty seven hundred journalists and analysts in more than one
Speaker 1: hundred twenty countries. I'm John Tucker. This is Bloomberg. Nathan. Okay, John, Thanks,
Speaker 1: It's fine eight on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and we're joined
Speaker 1: now by Joe Quinland, head of Market and Thematic Strategy
Speaker 1: at Bank of America Global Wealth and Investment. It's great
Speaker 1: to speak with you, Joe. Thanks so much for being
Speaker 1: with us as we watch these market fluctuations on Ukraine headlines.
Speaker 1: Is there more volatility to come or does there need
Speaker 1: to be further pricing in of geopolitical risk here? I think, Nathan,
Speaker 1: there's gonna be more volatility until we see clearly that
Speaker 1: there's a pull back in an easy and atensions. We've
Speaker 1: got the Munich Summit Security summit this weekend. Let's see
Speaker 1: comes out of there. But I think volatility is kind
Speaker 1: of the norm here until we get some all clear
Speaker 1: and when it comes to what Putin is actually up to,
Speaker 1: do you think we could be headed for a correction
Speaker 1: anymore than we've seen already. I don't think we put
Speaker 1: in the lows just yet, whether it's a NAS deck
Speaker 1: or the SMP. So we're gonna grind lower. I think
Speaker 1: here the bigger ishes inflation. It's everywhere. It's eating away
Speaker 1: at margin. So and we're getting past the earning season,
Speaker 1: all eyes will be on the March FED meeting is
Speaker 1: a five or fifty, So I think the focus just
Speaker 1: back to, like the problems here right at home, What
Speaker 1: do you think the FED is going to do? What
Speaker 1: kind of clues do you think we'll get from the
Speaker 1: minutes later on this afternoon. Well, hopefully not more descent
Speaker 1: in terms of fifty or twenty five, you know, hopefully
Speaker 1: no sense of panic. We're not looking for that. But
Speaker 1: we're still in the base case. We do twenty five
Speaker 1: basis points in March, and then thereafter every meeting they
Speaker 1: keep raising rates. The question from the markets is how
Speaker 1: hot is inflation and will that galvanize or able to
Speaker 1: put more pressure on the FED to go faster? They
Speaker 1: go faster. Increases the risk of recession. In two, that'll
Speaker 1: be the worry. You don't see the risk of recession
Speaker 1: if the Fed keeps on a path where they do
Speaker 1: raise interest rates after every meeting, if they go gradually Nathan,
Speaker 1: and then we've got quantitative tightening um you know, soft
Speaker 1: hard landing, maybe we can avoid a recession. But let's
Speaker 1: face it. Three, the growth outlook is coming down dramatically.
Speaker 1: So will earnings as they raise rates as we fight
Speaker 1: try to put that inflation genie back in the bottle.
Speaker 1: So you know, we're still looking for like earnings to
Speaker 1: kind of soften over the second half in the twenty three.
Speaker 1: That's going to weigh on the markets for sure. Yeah,
Speaker 1: I wanted to ask you a little bit more about
Speaker 1: the earnings outlook. How does that affect your price target
Speaker 1: for the SMP five hundred at the end of this year.
Speaker 1: What's the impact of earnings on valuations? I mean, that's
Speaker 1: a great question. We're doing like sector by sector, company
Speaker 1: by company, because that is the challenge. How can companies
Speaker 1: manage these price increases not to inputs or bottled global
Speaker 1: supply chains, but really wages across the board. So we're
Speaker 1: still we're seeing pricing power and some of these consumer
Speaker 1: product groups. We still like energy, so the financials, so
Speaker 1: our portfolios are tilted still towards the value and the
Speaker 1: cyclical side of the equation and their US bias. We're
Speaker 1: still looking for opportunities overseas, but really US focused here.
Speaker 1: What do you think we'll start to see more of
Speaker 1: a rotation uh into value stocks uh and away from
Speaker 1: sort of these tech names that really flew high in
Speaker 1: the last year. Well, Nathan, believe it or not, we're
Speaker 1: seeing some clients because of the tech pullback, you know,
Speaker 1: they want to jump in the tech now thinking thinking
Speaker 1: long term digitalization, a lot of upside demand still cloud computing.
Speaker 1: So we're starting to see some clients want to go
Speaker 1: back into tech add you know, not double down, but
Speaker 1: add to their exposure. But I think in general, not
Speaker 1: until we get you know, not we see a benign
Speaker 1: inflation reading um is, are we gonna peak? So to
Speaker 1: speaking inflation? Your here do we see tech in the
Speaker 1: growth names come roaring back? So we're not there yet.
Speaker 1: Are you looking for effect of rising interest rates, rising
Speaker 1: treasury yields on stock valuations. We've seen a pretty big
Speaker 1: spikes in yield of laid pretty big, and we're still looking.
Speaker 1: You're in target for Bank of America's to five on
Speaker 1: the ten year. That's very manageable for earnings and equities
Speaker 1: in general. So that's that's the call right now. And
Speaker 1: if we stick to that call, that true call comes true.
Speaker 1: We can see equity still grinding higher or not really
Speaker 1: rolling over because of the backup and tenure yield. If
Speaker 1: we go. If we're wrong, it goes two and a half,
Speaker 1: you know, two seventy five three handle. We got a
Speaker 1: reset for sure, but we don't see that as time
Speaker 1: the base case. Are you looking for a reaction from
Speaker 1: the FED to the elevated producer prices we got yesterday?
Speaker 1: It does seem like inflation. You can't really put the
Speaker 1: transitory term on it anymore, for sure. Yeah, I mean
Speaker 1: in it's the front end or the back end, you know,
Speaker 1: the user inputs of the final product. It's it's all
Speaker 1: through the pipeline, the producer producer prices. I you know,
Speaker 1: I don't. I don't think the feed is going to
Speaker 1: be surprised by that number, but it could add to
Speaker 1: that urgency. And I think it's gonna be clear that
Speaker 1: maybe twenty five basis points might not be enough, but
Speaker 1: we're still looking for twenty five. But you're right, whether
Speaker 1: it's the front end or the back end, it's it's
Speaker 1: throughout the whole pipeline. When it comes to inflation. And
Speaker 1: when it comes to the US bias that you mentioned,
Speaker 1: what what's your feeling on large cap versus small cap
Speaker 1: in your estimation, still have a bias, I mean, you know,
Speaker 1: large large cap, we still have our bias tours. You know,
Speaker 1: the small caps them pretty beaten up here, so there's
Speaker 1: some value there. But really, at the end of the day,
Speaker 1: the large cap companies good core competence, these three cash flow,
Speaker 1: They have the wherewithal to absorb these prices, whether it's wages,
Speaker 1: whether it's inputs, So smaller companies don't have that. And
Speaker 1: when you have the cost of capital rising, that creates
Speaker 1: some problems for small caps as well. So our bias
Speaker 1: is still towards these large cap companies multinationals. We see
Speaker 1: global growth rebounding. You know, if we get a reset
Speaker 1: in Ukraine, then Europeans avoided recession and that's hugely important
Speaker 1: for a lot of US companies. Good to get your thoughts, Joe.
Speaker 1: Thanks for being with us Joe Quinlin with a Bank
Speaker 1: of American Global Wealth and Investment. Karen, thank you. It
Speaker 1: is five fifty four on Wall Street. It's time for
Speaker 1: the Bloomberg Law Report. It's brought to you by American
Speaker 1: Arbitration Association. Business disputes are inevitable, resolve faster with the
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Speaker 1: for over ninety years. More at a dr dot org.
Speaker 1: The Trump organization's accounting firms said a decade of financial
Speaker 1: statements for Donald Trump cannot be relied upon and that
Speaker 1: it won't do any new work for the company. The
Speaker 1: New York Attorney General, Letitia James is investigating what she
Speaker 1: says was a pattern of potential fraud involving the manipulation
Speaker 1: of valuations of key Trump properties. The letter from the
Speaker 1: accounting firm to the Trump organization was included in the
Speaker 1: Attorney General's latest court filing urging a judge to order
Speaker 1: Trump to comply with their subpoena and document requests. For more.
Speaker 1: Bloomberg's June Gronso speaks to Bloomberg. Legal reporter Greg Farrell
Speaker 1: tell us about this letter from the accountants, saying that
Speaker 1: a decade of the financial statements they've prepared can't be
Speaker 1: relied upon. The letter is kind of squishy. It doesn't
Speaker 1: say last ten years of statements on the financial condition
Speaker 1: of the Trump Organization, doesn't say that the information is false,
Speaker 1: but it does say that basically, we believe that the
Speaker 1: people you send it to, for example, banks, insurance companies,
Speaker 1: or government overseers, these statements should not be relied upon. This,
Speaker 1: I think is a direct result of the massive filing
Speaker 1: that the New York Attorney General submitted to court a
Speaker 1: month ago as part of our ongoing battle. So I
Speaker 1: think they were stuck in this place that they realized,
Speaker 1: especially now that charges have been filed against the Trump
Speaker 1: Organization and more charges civil charges are being considered by
Speaker 1: the New York Attorney General. It's like they don't want
Speaker 1: to be there anymore. So I think they probably formed
Speaker 1: the Trump Organization last year. They want out, and now
Speaker 1: this is finally just surfacing in the public domain. Now,
Speaker 1: despite all the squishiness and optimistic valuations, if they prepared
Speaker 1: them and those statements can't be relied on, it's hard
Speaker 1: to escape the conclusion that they did something wrong somewhere
Speaker 1: right and and I think miss OURS is concerned that
Speaker 1: they will be held viable if there's any sort of
Speaker 1: regulatory action or litigation against the Trump organization for basically
Speaker 1: misrepresenting its financial position to banks and insurance companies. I
Speaker 1: think miss OURS is trying to take a step to
Speaker 1: like not be on the hook or as much on
Speaker 1: the hook as they could otherwise be. This is bad
Speaker 1: for Trump because you know, he's fond of saying, why
Speaker 1: have the best lawyers? I have the best accounts, I
Speaker 1: have the best you know whatever until they turn on
Speaker 1: Michael Cohen. Used to be like the best until Michael
Speaker 1: Cohen decided to cooperate with the government. Then Cohen became
Speaker 1: very different character. But Trump has said in the past
Speaker 1: that he has the best account and so he's not
Speaker 1: gonna be saying that anymore. And Letitia James used that
Speaker 1: in her investigation or in her case. I think it
Speaker 1: could be used as supporting evidence, right, it's not. It's
Speaker 1: not like a witness for the defense. Something becomes a
Speaker 1: witness for the prosecution as much as a witness for
Speaker 1: the defense basically starts easing away from it. It's like,
Speaker 1: we're not comfortable anymore. This were a publicly traded company
Speaker 1: that would be like shareholder lawsuits and the stark price
Speaker 1: dive at that sort of thing. That's Bloomberg Legal reporter
Speaker 1: Greg Farrell speaking at the Bloomberg Student Grosso. Catch more
Speaker 1: of that interview plus analysis of the latest legal news
Speaker 1: by listening to the Bloomberg Law Show at enpm Eastern
Speaker 1: Time or subscribing to the Bloomberg Law Podcasts. And attorneys
Speaker 1: can find exceptional legal research and business development tools at
Speaker 1: Bloomberg law dot com and Bloomberg Daybreak continues. This is
Speaker 1: Bloomberg