Speaker 1: Life from the Bloomberg Interactive Berger Studios. This is Bloomberg
Speaker 1: day Break for Wednesday, November two, two. Coming up this hour,
Speaker 1: Wall Street prepares for today's FED decision and news conference.
Speaker 1: Amazon Freeze is hiring and one of its profitable businesses,
Speaker 1: three big pharmacy chains reach a multibillion dollar settlement in
Speaker 1: the opioid crisis, and financial leaders take stock at a
Speaker 1: global economy. At a summit in Hong Kong, two Newark
Speaker 1: police officers were shot as the suspect remains on the loose.
Speaker 1: Plus campaigning with only six days until the mid term elections.
Speaker 1: I'm Michael Barr. More ahead, I'm down stage, Shower Sports
Speaker 1: the next Way, that coaching change and then lost. The
Speaker 1: local hockey teams all warned. The Philly shut out the
Speaker 1: Astros in Game three of the World Series. That's all
Speaker 1: training ahead on Bloomberg Daybreak on Bloomberg E Liveing freon
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Syrius Exam
Speaker 1: one nineteen and around the world on Bloomberg Radio dot
Speaker 1: com and via the Bloomberg Business app. Good morning. I'm
Speaker 1: Kared Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought to
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Speaker 1: need to stay ahead. Visit Cone resideck dot com slash
Speaker 1: c suite. Then US Futures Hire this morning six on
Speaker 1: one on Wall Street. We checked the markets every fifteen
Speaker 1: minutes throughout the trading day on bloomberg S and P
Speaker 1: futures at four points down futures that'll change now Stay futures,
Speaker 1: and a ten year treasury that'll change YELD four point
Speaker 1: oh four percent yield on the two year four point
Speaker 1: five one percent. Nathan Karen, We begin with today's Fed
Speaker 1: decision and news conference from Chair J. Powell. Wall Street's
Speaker 1: been waiting for it all week, and we get a
Speaker 1: preview from Bloomberg Economics correspondent Michael McKee. The focus of
Speaker 1: the November FED meeting is going to be the December
Speaker 1: FED meeting once again. Central bankers have told us they
Speaker 1: intend to raise interest rates by three quarters of a
Speaker 1: percentage point to four percent this week, but there have
Speaker 1: also been some hints from some FED officials and some
Speaker 1: data that they might dial back to a half point
Speaker 1: rise in December at a quarter point rise after that.
Speaker 1: Much will depend on how the economy develops, but markets
Speaker 1: would like a better idea of just how high the
Speaker 1: Fed will go. Answering that question without creating more market
Speaker 1: volatility will be Chairman J. Powell's main job after Wednesday's meeting.
Speaker 1: Michael McKay Bloomberg Daybreak. All right, Mike, thanks and stay
Speaker 1: with Bloomberg Radio and Television for live analysis of the
Speaker 1: Fed decision. It all begins at one thirty pm Wall
Speaker 1: Street Time on a special edition of Bloomberg Surveillance. Well
Speaker 1: as we await that policy decision, Nathan, the chorus is
Speaker 1: growing louder that rate hikes will eventually lead to a recession.
Speaker 1: Luke Ellis, as chief executive officer of Man Group, You're
Speaker 1: going to get a recession in the US. That's sort
Speaker 1: of inevitable. They wanted to get rid of inflection. If
Speaker 1: they want to get inflection down to a two percent target,
Speaker 1: then yes, I was sorry. There is a theoretical soft
Speaker 1: banding runway, but it's so thin you wouldn't want to
Speaker 1: try to land a plane in a hurricane. In Man
Speaker 1: Group CEO Luke Ellis sees US inflation slowing to three
Speaker 1: and a half to four percent as soon as next year.
Speaker 1: We Karen m and A on Wall Street has been
Speaker 1: slowing down, but David Solomon expects that to change. The
Speaker 1: Goldman Sax CEO sees a recovery in deal making next year,
Speaker 1: and he's speaking about that and the current state of
Speaker 1: financial markets. Generally speaking, when we've had these periods in
Speaker 1: the past, it takes somewhere between two and four quarters,
Speaker 1: sometimes maybe six quarters, you know, to rebalance. I think
Speaker 1: we're going through that rebalancing period. I think there's still
Speaker 1: a significant amount of uncertainty, but as we get into
Speaker 1: twenty three and we start to have a clear understanding
Speaker 1: of the trajectory of capital markets. Goldman Sax CEO David
Speaker 1: Solomon made the comments at today's Global Financial Investment Summit
Speaker 1: in Hong Kong. Solomon is one of several financial leaders
Speaker 1: attending that summit. Nathan HSBC CEO Noel Quinn is also there,
Speaker 1: and we kind up with him to discuss the impact
Speaker 1: COVID is having on the Chinese economy. The COVID is
Speaker 1: a big story because with with a restriction and movement
Speaker 1: into Ana China. It's very hard for the international community.
Speaker 1: So we can next with third economy, but it will
Speaker 1: rebound and China will open up at some points in time.
Speaker 1: But I think it is important for the economy for
Speaker 1: China eventually to find the solutions of the COVID strategy.
Speaker 1: HSBC's nor quinns use Asia has a strong platform for growth.
Speaker 1: We starks an Asia rose again overnight. Karen on optimism
Speaker 1: COVID restrictions will ease. Let's get the recap from Bloomberg's
Speaker 1: Juliette Sally in Singapore. Good morning, Juliet, Good morning, Nathan
Speaker 1: and Karen. Afternoon trade in Hong Kong was halted due
Speaker 1: to a storm. However, the Hang Sang index steal posted
Speaker 1: its best two day games since March. Mainland shares also
Speaker 1: climbed as investors tried to waste speculation that China may
Speaker 1: scrap its COVID zero policy. In Taipei, on high shares
Speaker 1: rose despite China looking down the Jangel Airport economy zone
Speaker 1: where Fox Colan's iPhone plant is located, to cut the
Speaker 1: COVID spread, and the yen strengthened for a second straight Day,
Speaker 1: with traders considering the risk that a hawk is fed
Speaker 1: may boost the dollar to levels that trigger fresh intervention.
Speaker 1: On a Japanese holiday in Singapore, Juliet Sally Bloomberg Daybreak Right,
Speaker 1: Julie Thankstang and China Now, Bloomberg News has learned that
Speaker 1: Teslash at its flagship showroom in Beijing last month. The
Speaker 1: electric carmaker has a number of showrooms in China's capital,
Speaker 1: and the one now shuttered was in a shopping center
Speaker 1: in a residential area. For the most part, Tesla sales
Speaker 1: cars via an online direct sales model, rather than through
Speaker 1: dealerships or showrooms. And other corporate news Karen, Amazon's taking
Speaker 1: more measures to align its expenses with a slowdown in sales.
Speaker 1: We get the details from Bloomberg's Lisa Mateo. Bloomberg News
Speaker 1: has learned that the world's largest e commerce company is
Speaker 1: freezing staffing levels and its profitable advertising business. The decision
Speaker 1: to keep the advertising unit workforce at its current level
Speaker 1: shows Amazon is looking to squeeze more profit out of
Speaker 1: the fast growing business and the busy holiday quarter. Amazon's
Speaker 1: advertising business, largely sponsored search results on its web store
Speaker 1: generated more than nine and a half billion dollars last quarter.
Speaker 1: Lisa Mateo, Bloomberg, Daybreak at Leasta thanks. Shares of Airbnb
Speaker 1: on the move this morning downward then six percent in
Speaker 1: early trading. That's after a disappointing outlook for bookings on
Speaker 1: the fourth quarter, and we get the need tails from
Speaker 1: Bloombergy's Charlie Pellett. It suggests that consumer preferences are shifting
Speaker 1: away from higher cost rentals that thrive during the pandemic
Speaker 1: and back to urban and cross border destinations. The San
Speaker 1: Francisco based home sharing platform said it expects the pace
Speaker 1: of nights and experiences booked will quote moderate slightly in
Speaker 1: the fourth quarter compared with the third quarters gain of
Speaker 1: twenty five percent. Airbnb reported ninety nine point seven million
Speaker 1: nights and experiences booked in the three months ended in September,
Speaker 1: falling short of analyss estimates of ninety nine point nine million.
Speaker 1: In New York. Charlie Pellett Bloomberg, deybreak, all right, Charlie,
Speaker 1: thank you. Finally, it is one of the last big
Speaker 1: settlements over the opioid epidemic. Sources tell Us, CVS Health,
Speaker 1: Walgreen's Boots Alliance, and Walmart have tentatively agreed to pay
Speaker 1: twelve billion dollars to resolve state and local lawsuits over
Speaker 1: mishandling of addictive painkillers. Were told the deal won't be
Speaker 1: finalized until enough states, cities, and counties agreed to it.
Speaker 1: N S and p futures are little chain in this morning,
Speaker 1: So are down futures, nounsdays, futures up about twenty ten
Speaker 1: year treasury that will change. You had four point oh
Speaker 1: four percent and a yield in the two year four
Speaker 1: point five one percent, and NIMEX screwed oil is down
Speaker 1: to tenth of upper sent straight ahead your latest local
Speaker 1: headlines plus the check of sports. And this is Bloomberg.
Speaker 1: He's staring at six oh seven on Wall Street. We're
Speaker 1: fifty seven degrees in Central Park. We have a service
Speaker 1: suspension on the New Jersey Transits Northeast Corrida between Trent
Speaker 1: and Railway. Tell you more in traffic. First, Michael bar
Speaker 1: with what else is going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning Nathan. To
Speaker 1: Newark police officers were wounded in a shooting in a
Speaker 1: residential neighborhood not far from the city's airport. The Essex
Speaker 1: County Prosecutor's office as the officers were being treated for
Speaker 1: injuries at a nearby hospital. Both are said to be
Speaker 1: in stable condition. Essex County Acting prosecuted Ted Stevens says
Speaker 1: the suspected shooter, Kendall Howard, faces charges and remains on
Speaker 1: the loopse to Council attempted murder on the officers, as
Speaker 1: well as unauthorized possession of a weapon and unauthorized possession
Speaker 1: of a weapon for unlawful purposes. Prosecutor Stephens says the
Speaker 1: gunman opened fire on police as they were serving a
Speaker 1: search warrant. A New York appeals court upheld a new
Speaker 1: state law allowing absentee ballots to be reviewed before election day.
Speaker 1: The court says it would be extremely disruptive to change
Speaker 1: the rules with absentee voting already underway. Republicans challenged the law.
Speaker 1: Former President Obama stump for Democrats last night in Las Vegas,
Speaker 1: with less than a week to go before the midterm elections.
Speaker 1: Obama campaigned for incumbent Catherine Cortez Mastow in Nevada Senate race.
Speaker 1: Obama was critical of Republicans they want to gut social
Speaker 1: Security and Medicare and then give they're Welsley friends and
Speaker 1: big corporations more tax cuts. Polls show a debt heat
Speaker 1: between Mastow and Republican Adam Laxhole. Another closely watched Senate
Speaker 1: races in Pennsylvania between Democrat John Fetterman and Republican Memit Oz.
Speaker 1: Doctor Oz hit the campaign trail in Lower Bucks County,
Speaker 1: speaking at to get out the vote rally in Ben
Speaker 1: Salem Township last night. Washington getting the wrong because of
Speaker 1: the extreme positions that they're accepting of and they need
Speaker 1: a dose of Pennsylvania reality. Cutterman's lead over Oz is shrinking,
Speaker 1: with supporting Fetterman to for Oz. Former Israeli Prime Minister
Speaker 1: Benjamin Netanyah, who appears to be heading towards victory and
Speaker 1: national elections. With about eighty percent of the ballots counted,
Speaker 1: voters gave him and his far right allies what looks
Speaker 1: to be a stable majority in the country's parliament. Brazilian
Speaker 1: President Jayre Bolsonaro vow to respect the constitution and authorized
Speaker 1: the government to start the political transition after his loss
Speaker 1: to Luis Ignatio. Lula de Silva. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg quicktake powered
Speaker 1: by more than the seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. MICHAELA. Barn This is Bloomberg, Nathan.
Speaker 1: Thanks Michael. Almost six ten on Wall Street time for
Speaker 1: the Bloomberg Sports Update, brought to you by Tri State
Speaker 1: Outy with John Stashower. All Right, Anathan, he's are good
Speaker 1: times in Philadelphia. The Eagles are seven and oh. The
Speaker 1: Phillies are two wins from over just their third ever
Speaker 1: World Series title. They took Game three over the heavily
Speaker 1: favored Astros seven and I think Philly's had five home runs.
Speaker 1: Houston only had five hits. The series is to one,
Speaker 1: game four in Philly. Tonight Whorlwood Day in Brooklyn, the
Speaker 1: Nets had a quote parting of the ways with coach
Speaker 1: Steve Nash just seven games in the season, and then
Speaker 1: multiple reports they are on the verge of replacing Nash
Speaker 1: with m Audoka, nash assistant in Brooklyn. He then coached
Speaker 1: the Celtics to the NBA Finals last season. He's now
Speaker 1: serving a team imposed year long suspension for an improper
Speaker 1: relationship with the Celtics employee Jacques Vaughan, coach the Nets.
Speaker 1: Last night at Barkley's. They blew a lead Chicago one
Speaker 1: one O eight to ninety nine. Zach Lavine outscored the
Speaker 1: nets by himself in the fourth quarter. Rough game for
Speaker 1: Kyrie Irvan. He shot two of twelve, missed all six
Speaker 1: of his three pointers, and the nets are two and six.
Speaker 1: That's the Garden. Rangers and Flyers scoreless for sixty four minutes.
Speaker 1: Here's he's into the Rangers should now the right side
Speaker 1: back out connecting shoots. This is it carrots all the
Speaker 1: way around. We're cups about a chat. Please pass break away,
Speaker 1: Chris Protter, oh it over time dates Star Rangers win
Speaker 1: in New York to call the Crier game winner. Rangers
Speaker 1: third straight win after a four game skid. The Devils
Speaker 1: have won four straight seven of eight. They won five
Speaker 1: to at Vancouver and the fourth strade win for the
Speaker 1: Islanders three one in Chicago. First rankings from the College
Speaker 1: Football Playoff Committee. The top four Our Tennessee, Ohio State,
Speaker 1: Georgia and Clemson Tennessee plays George the Saturday John Stashoward
Speaker 1: Bloomberg Sports Nathan all Right, John, Thanks futures trading A
Speaker 1: little change now ahead of the FED decision. We're seeing
Speaker 1: SMP futures highed by three points down, Futures little change now,
Speaker 1: Nastic futures up. This is Bloomberg Bloomberg Sports brought to
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Speaker 1: Moscow and this updates brought to you by Commonwealth, supporting
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Speaker 1: and nasday futures are on the rise this morning, whiles
Speaker 1: and P futures are little changed ahead of the Federal
Speaker 1: Reserves policy meeting. If you check the markets everything fifteen
Speaker 1: minutes throughout the trading day on Bloomberg has A futures
Speaker 1: have twenty points this morning and again SMP futures as
Speaker 1: well as DAL futures are little changed. The decks in
Speaker 1: Germany little changed as well. In the ten year treasury
Speaker 1: down one thirty second yield four point oh four percent
Speaker 1: yield on the two year four point five one per cent.
Speaker 1: NIMEX screwed oil is down a quarter percent or twenty
Speaker 1: four cents at eighty eight dollars twelve cents of barrel
Speaker 1: comes gold up half percent or eight dollars thirty cents
Speaker 1: at sixteen fifty seven eighty and ounce. The euro point
Speaker 1: nine nine o two against the dollar British found one
Speaker 1: point one four nine zero and the end one forty
Speaker 1: seven point one four And looking at Big Coin this morning,
Speaker 1: it is down four ten percent now at twenty thousand,
Speaker 1: four hundred dollars. That's a Bloomberg business flash. Now here's
Speaker 1: Michael bar with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Brazilian President jay Eyre
Speaker 1: Bolsonaro reportedly told members of the country's Supreme Court that
Speaker 1: is election battle against leftist rival Luisa Natio Lula da
Speaker 1: Silva has come to an end, marking one step closer
Speaker 1: toward a concession. After his defeat Israel's fifth election in
Speaker 1: four years looks set to return Benjamin at Yahoo to power,
Speaker 1: with exit polls suggesting its strategy of forming an alliance
Speaker 1: with the nation's far right and succeeded. Game three of
Speaker 1: the World Series, the Philly shut out the Astros seven zip.
Speaker 1: Philadelphia now leads the series two games to one. NBA,
Speaker 1: after the firing of head coach Steve Nash, the Nets
Speaker 1: lost to the Bowls one nine nine, the Warriors lost,
Speaker 1: and NHL the Rangers won in overtime against the Flyers
Speaker 1: one zip, the Islanders, Devils and Capitals all one, the
Speaker 1: Bruins one in OT six five over the Penguins. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. I'm Michael
Speaker 1: barn This is Bloomberg, Nathan. Thank you, Michael. It is
Speaker 1: six nineteen on Wall Street Live from the Bloomberg Interacted
Speaker 1: Brooker Studios. This is Bloomberg day Break, brought to you
Speaker 1: by b and Y Melin's Pershing. When why the world's
Speaker 1: most sophisticated wealth management and institutional firms rely on Pershing
Speaker 1: to at them improve profitability, create efficiency, attract talent, and
Speaker 1: manage risk at pershing dot com. Joining us now live
Speaker 1: from Washington, d C. Ahead of the Federal Reserve decision
Speaker 1: and the J PAL press conference. Bloomberg Global Economics and
Speaker 1: Policy correspondent Michael McKee, who will be there when Powell
Speaker 1: addresses the media this afternoon, Mike, Good morning. Seems like
Speaker 1: seventy five basis points is kind of in the bag,
Speaker 1: and you kind of get this feeling that a lot
Speaker 1: of market participants are already looking ahead to December. That's
Speaker 1: pretty much the case, Nathan. It is all about December
Speaker 1: today because the Fed has pretty much told us it's
Speaker 1: gonna be seventy five basis points today. There are no
Speaker 1: new dot plots or projections for economic indicators. So the
Speaker 1: only thing that Walt really wants to know is what
Speaker 1: do they do next? Because there's talk now of them
Speaker 1: stepping down to maybe a fifty basis point move, and
Speaker 1: there are questions about how high they're eventually going to go.
Speaker 1: So that's gonna be the focus for people, particular when J.
Speaker 1: Paul has his press conference. Yeah, I guess all the
Speaker 1: attention will be on the press conference. But I wonder
Speaker 1: how much the Chairman can or will say about what
Speaker 1: kind of impact the policy tightening is having on the
Speaker 1: economy when we aren't going to get those new economic
Speaker 1: projections from the statement today. That's gonna be a kind
Speaker 1: of key question because if he sounds too devilish, then
Speaker 1: the markets are going to rally and that's gonna work
Speaker 1: against the FED. Financial conditions will ease. So he's got
Speaker 1: to walk a fine line between saying things are still
Speaker 1: terrible and things are getting better. And that fine line
Speaker 1: is this sort of center point of an argument between
Speaker 1: two camps of economists, one that say says the inflation
Speaker 1: is still way too high and the FED must do
Speaker 1: what it can to stomp it out, and others who say, well,
Speaker 1: you know, the policies work with a lag, so maybe
Speaker 1: the FED should slow down, look around and see what
Speaker 1: impact it is already having on the economy. Now, you've
Speaker 1: been talking to a lot of FED governors, a lot
Speaker 1: of Open Market Committee members ahead of this meeting. Given
Speaker 1: what they've been telling you, Mike, is there any possibility
Speaker 1: that we could see a little bit more descent in
Speaker 1: the vote coming out of this meeting? Well, it's always
Speaker 1: a possibility, but given the fact that it's a sort
Speaker 1: of baked in situation with seventy five basis points, it
Speaker 1: doesn't argue that maybe there should be a descent. There
Speaker 1: could be because maybe somebody wants to get it on
Speaker 1: record that they think that it's time for the FED
Speaker 1: to slow down, but that really won't influence what the
Speaker 1: overall FED does, and it really won't influence the markets
Speaker 1: since the Fed has already told us what they're going
Speaker 1: to do, and you know, j. Powell is the one
Speaker 1: who counts, so his news conference will sort of override
Speaker 1: the impact of any descent. Are you looking for any
Speaker 1: clearer signals from Powell today on what kind of impact
Speaker 1: the policy tightening is having on the economy, whether the
Speaker 1: FED is starting to get more open to the idea
Speaker 1: that the slowdown we're seeing could be leading to a recession. Well,
Speaker 1: that's kind of a key question that would lead you
Speaker 1: to the other question of how high rates should go.
Speaker 1: And Paul again doesn't want to talk down the economy,
Speaker 1: but he also doesn't want to say it's too good
Speaker 1: because that will, uh maybe make him seem a little
Speaker 1: too hawkish. So be interesting to see how he describes
Speaker 1: it and how he would describe it some months out.
Speaker 1: The favorite indicator that the FED watches, according to j Powell,
Speaker 1: in terms of the yield curves, is three months and
Speaker 1: three month futures eighteen months out, and that curve is
Speaker 1: just about to invert. And he has said when that inverts,
Speaker 1: it's a signal FED probably needs to cut rates. So
Speaker 1: it's going to be interesting to see how that part
Speaker 1: of the yeoh curve behaves when the FED meeting is
Speaker 1: over today. Okay, so just thirty seconds left here, Mike,
Speaker 1: what are you gonna ask Chairman Powell? I might ask
Speaker 1: him about that yel curve. That's going to be an
Speaker 1: important question for the future. And I'm also curious about
Speaker 1: I think I know what he's gonna say about politics
Speaker 1: and the fact that there's an election in a week.
Speaker 1: But uh, you know, how's all this pressure weighing on him. Yeah,
Speaker 1: it's been interesting when we've started to hear even more
Speaker 1: Democrats ahead of the mid term, uh, signaling that they
Speaker 1: would like to see the FED slowdown on rates. We'll
Speaker 1: leave it there for now, Mike. You know you've got
Speaker 1: a very busy day ahead of course. Michael McKee Bloomberg
Speaker 1: Economics and Policy correspondent with us this morning from our
Speaker 1: Bloomberg Studios in Washington, d C. But later on he's
Speaker 1: gonna be a few blocks west at the Federal Reserve
Speaker 1: for Chairman Powell's news conference two pm. Wall Street Time.
Speaker 1: We get the decision to thirties when the news conference begins.
Speaker 1: Our coverage begins at one thirty on a special edition
Speaker 1: of Bloomberg Surveillance. Across Bloomberg Radio and television, you're listening
Speaker 1: to Bloomberg Daybreak, and Bloomberg Daybreak is brought to you
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Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg
Speaker 1: Living Free to Washington, d C. Bloomberg nine nine one
Speaker 1: to Boston, Bloomberg one O six one does San Francisco,
Speaker 1: Bloomberg nine sixt to the Country, Sirius XM to A
Speaker 1: one nineteen and around the globe. The Bloomberg Business apt
Speaker 1: and Bloomberg Radio dot com. This is Bloomberg Daybreak at
Speaker 1: six thirty on Wall Street. Good morning, I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow, and we are just about three
Speaker 1: hours away from the open of US trading. It is
Speaker 1: time for the five things that you need to know
Speaker 1: to start your day, brought to you by Interactive Brokers.
Speaker 1: Interactive Brokers charges margin loan rates term three point five
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Speaker 1: up first SMP futures are a little change this morning
Speaker 1: ahead of today's feder Reserve decision. Consensus calls for a
Speaker 1: rate hackers seventy five basis points ste fold. Chief Economists
Speaker 1: Lindsay pass says forward guidance will be very important. I
Speaker 1: do expect that given the backdrop of a five decade
Speaker 1: low in the unemployment rate and in your four decade
Speaker 1: high and inflation, the Fed will continue to revive higher
Speaker 1: expectations beyond what the market is anticipating in terms of
Speaker 1: that terminal rate. Come three and that's stefs Lindsay Pisa there.
Speaker 1: Stick with Bloomberg Radio and Television for complete coverage of
Speaker 1: the Fed with a special edition of Bloomberg Surveillance Alive
Speaker 1: at one thirty pm Wall Street Time. Well, recession calls
Speaker 1: are growing a bit aggressive rate hikes, Karen. When it
Speaker 1: comes to earnings, recession signs are likely to creep in
Speaker 1: next quarter. That's according to Mainstake Capital Chief investment officer
Speaker 1: David Couldla, earning is a little more resilient than what
Speaker 1: many had thought. So earnings not being impacted as much
Speaker 1: by the slowdown in the economy the FED action. So
Speaker 1: what's the expectation we'll see that next quarter. We'll get
Speaker 1: our earnings recession next quarter. Main Stake Capitals David Couldla
Speaker 1: says it's unclear exactly when rate hikes will filter into
Speaker 1: the broader economy. Overseas, financial leaders made in Asia and
Speaker 1: share their thoughts on volatile global markets. Here's Goldman Sax
Speaker 1: CEO David Solomon. When we've had these periods in the past,
Speaker 1: it takes somewhere between two and four quarters, sometimes maybe
Speaker 1: six quarters, you know, to rebalance. I think we're going
Speaker 1: through that rebalancing period. And Goldman Sax CEO David Solomon
Speaker 1: made the comments at the Global Financial Investment Summit in
Speaker 1: Hong Kong. HSBC CEO no Quinn is also there, Karen.
Speaker 1: He spoke with us about China's economic outlook and HSBC's
Speaker 1: business there. It's a consumption mafta that no when in
Speaker 1: the world's can afford to just wolf away from. In
Speaker 1: my view and not need a huge Junecy is still
Speaker 1: a very significant supplier to the world as an ex
Speaker 1: world market. So I believe in the economic prospects of China.
Speaker 1: HSPCs nold coinciss China will find a solution to its
Speaker 1: COVID zero strategy. And we've been telling you about this
Speaker 1: tentative pack between CBS, Walmart, and Walgreens. While CBS has
Speaker 1: agreed to pay about five billion dollars over the next
Speaker 1: ten years, beginning in three to substantially resolve i'll opioid
Speaker 1: lawsuits and claims against the company by states, political subdivisions
Speaker 1: and countries. And straight ahead your latest local headlines and
Speaker 1: this is Bloomberg. Thanks Staring at six thirty three on
Speaker 1: Wall Street now fifty six degrees in Central Park. Forty
Speaker 1: five minute delays on the New Jersey Transit Northeast Quarter
Speaker 1: after an early suspension there. Michael Bars here with more
Speaker 1: on what's going on in New York and around the world. Michael,
Speaker 1: thank you very much, Nathan. Police in Newark, New Jersey,
Speaker 1: are looking for the gunman who shot and wounded two
Speaker 1: police officers outside of an apartment building in a residential neighborhood.
Speaker 1: Police believe the man was hiding in an apartment as
Speaker 1: authorities were evacuating residents to safety. New York Mayor ros
Speaker 1: Baraka will bring this guy. It's a custody uh as
Speaker 1: soon as we possibly can, Mayor Baraka says. The wounded
Speaker 1: officers are in stable condition. The Supreme Court has rejected
Speaker 1: Senator Lindsey Graham's request to block a Georgia Grand jury subpoena.
Speaker 1: Bloomberg said Baxter as the story. This clears the way
Speaker 1: for Graham to have to testify in front of the
Speaker 1: Atlanta's Special Grand Jury, which is investigating efforts to overturn
Speaker 1: the presidential election in Georgia. Graham had filed an emergency
Speaker 1: request asking the justices to halt the testimony, which is
Speaker 1: currently scheduled for November seventeen. The Court ruled that Graham's
Speaker 1: attorneys do have the right to object to questions on
Speaker 1: a case by case basis, which could leave substantial room
Speaker 1: for him to challenge questions or request from the Grand
Speaker 1: jury in San Francisco. I'm at Baxter Bloomberg Gay Break.
Speaker 1: Former President Barack Obama, at a campaign last nine in
Speaker 1: Las Vegas, asked voters to support the incumbent Democratic Senator
Speaker 1: Catherine to Cortez Masta in next Tuesday's mid term election.
Speaker 1: He told to get out the vote rally that casting
Speaker 1: a vote is important for democracy. The only way to
Speaker 1: say democracy is if we together four. Masta is in
Speaker 1: a tight race against Republican Adam Laxholt. Brazilian President Janaire
Speaker 1: Bolsonaro vowed to respect the constitution and authorized the government
Speaker 1: to start the political transition after his loss to Luis Ignatio.
Speaker 1: Lula de Silva. Israel's fifth election in four years look
Speaker 1: sent to return Benjamin net and Yahoo to power, with
Speaker 1: exit polls suggesting his strategy of forming an alliance with
Speaker 1: the nation's far right has succeeded. The suspect accused of
Speaker 1: breaking into speaker Nancy Pelosi's home in San Francisco and
Speaker 1: attacking her husband, will remain behind bars without bail. An
Speaker 1: attorney for David the pomp entered a plea of not guilty.
Speaker 1: San Francisco District Attorney Brooke Jenkins said this atten at
Speaker 1: shows the nation's politics have become too heated. We have
Speaker 1: become a society that thinks it's acceptable to incite violent
Speaker 1: acts against our political leaders, and we can't be that
Speaker 1: type of America. B A. Jenkins. Air ate sirens sounded
Speaker 1: in South Korea after the North client about a dozen
Speaker 1: missiles in its direction. Today Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Take, powered
Speaker 1: by more than twenty seven journalists and analysts more than
Speaker 1: a hundred twenty countries. Michael barn this is Bloomberg, Nathan,
Speaker 1: Yes it is. Thank you Michael, six thirty six on
Speaker 1: Wall Street and John Sesshires of Bloomberg. Sports Update brought
Speaker 1: to you by CHRCE State outy all right, Nathan. The
Speaker 1: World Series blowout. The Phillies tied a record with five
Speaker 1: on runs. The Astros had only five hits. The Phils
Speaker 1: won Game three seven to nothing. They leave the series
Speaker 1: to to one. Bryce harpergot him going two runs shot first,
Speaker 1: Danny Alec Bohm, Brandon Marsh both with homers and inning
Speaker 1: later and then in the fifth, Kyle Schwarber, with a
Speaker 1: man on, went back to back Lauise Hoskins. All five
Speaker 1: homers came off Houston's plans of the Colors. The Astros
Speaker 1: were shut down by Rangers Suarez and four Philly relievers.
Speaker 1: Game four is tonight. The soap opera continues in Brooklyn
Speaker 1: as the Nets turn of surprising firing and coach Steve Nash,
Speaker 1: considering how early in the season it is, g M.
Speaker 1: Shawn Marks called it more of a mutual decision. We
Speaker 1: both felt this was this was time. It was certainly
Speaker 1: training in that way, and to be quite frank, the
Speaker 1: team was was not doing what it was supposed to
Speaker 1: be doing. You know, we're we have we've fallen um
Speaker 1: from our goals of meeting our goals, and it was
Speaker 1: it was time now because we still have lofty aspirations
Speaker 1: of where we need to get to. And then came
Speaker 1: the news of who was expected to replace Nash. M Judoka,
Speaker 1: currently suspended by the Celtics. There was a relationship with
Speaker 1: the Celtics employee, reportedly inappropriate text messages. He didn't coach
Speaker 1: the Celts for the NBA Finals last season. Jacque Vaughan
Speaker 1: coach the Nets. Last night they felled up two and
Speaker 1: six lost at Barkleys to Chicago one O eight to
Speaker 1: ninety nine. Is the Bull. Zach Lavine scored twenty fourth
Speaker 1: quarter points. Y out spot the next play himself Local
Speaker 1: hockey all pre teams one the Arrangers one nothing with
Speaker 1: the Flyers on a Chris Cride and breakaway go with
Speaker 1: less than a minute ago with over time, the Islanders
Speaker 1: won three one in Chicago. The Devils won five to
Speaker 1: at Vancouver. Former Giants coach John McVeigh has passed away
Speaker 1: at nineteen one. John Stash Bloomberg Sports thanks John sixty
Speaker 1: seven on Wall Street time to take a look at
Speaker 1: stocks some of the names moving in the pre market
Speaker 1: with Bloomberg Radio and TV Markets correspondent Crety Gupta and
Speaker 1: Crety Karen just mentioned that CVS is confirmed it's part
Speaker 1: of the major opioid settlement that reportedly Walgreens, Boots Lines,
Speaker 1: and Walmart are part of as well. But CVS just
Speaker 1: reported earnings as well. They did just report earnings there
Speaker 1: came out with a very actually kind of beating on
Speaker 1: the EPs front. In the cash flow front, remember, Nathan,
Speaker 1: liquidity is a really important part of the story right now.
Speaker 1: They did, however, lower their full year guidance, so that's
Speaker 1: going to be significant. Nevertheless, it looks like investors kind
Speaker 1: of looking through it. CVS is not only the name
Speaker 1: of the company, it's also the ticker. Shares up about
Speaker 1: five point two percent in the pre market. But I
Speaker 1: guess that they are. They did lower their full yer guidance,
Speaker 1: so I'm curious to see what they certainly say on
Speaker 1: their earnings call. Yeah, and speaking of earnings, also got
Speaker 1: to talk about a m D that's one of the
Speaker 1: biggest movers this morning. It absolutely is a m D.
Speaker 1: Advanced micro Devices as is otherwise known, ships about four
Speaker 1: percent in the pre market now. They came out and
Speaker 1: they actually beat all those profit estimates. Now, this is
Speaker 1: really important because a lot of these chip companies have
Speaker 1: been talking about the global macroeconomic kind of backdrop in
Speaker 1: the slowdown that you're seeing, especially the supply chain issues
Speaker 1: that are really eating into their bottom line. A m
Speaker 1: D is doing something different though, They're diversifying, and that's
Speaker 1: going to be a really key part of the strategy.
Speaker 1: It's something we've seen with N Video as well, for example,
Speaker 1: diversifying not only from graphics chips, but also into things
Speaker 1: like data warehouses that could one day power the metaverse.
Speaker 1: Advanced micro devices is no exception. They're actually looking to
Speaker 1: expand further into server processors and this is going to
Speaker 1: offset some of the slumps that you're seeing in the
Speaker 1: personal computer market. Remember that's something that we heard from
Speaker 1: HP and from Dell as well, that the PC market
Speaker 1: is really slowing down. It looks like a m D
Speaker 1: for now is in the green, Nathan, Like I said,
Speaker 1: the shares up at four point two percent in the
Speaker 1: pre market, and we also got some earnings creaty from
Speaker 1: a company that might be something of a bell weather
Speaker 1: for the pandemic, reopening right a little bit, a b
Speaker 1: n B for Airbnb down about six percent in the
Speaker 1: pre market. Now, their fourth quarter outlook really disappointed those
Speaker 1: forecasts that you were starting to see, is that perhaps
Speaker 1: the consumer isn't actually looking at pursuing baby higher cost rentals.
Speaker 1: That was a big trend during the pandemic where people
Speaker 1: remote working. You could go to Hawaii and did work
Speaker 1: for a company here in New York a lot of
Speaker 1: my friends. So that not better at all, but the
Speaker 1: it looks like that trend is is kind of dropping
Speaker 1: a little bit. A lot of those returned to work.
Speaker 1: Um trends are eating into their bottom line. Is nevertheless
Speaker 1: a b n B is your ticker down six percent? Nathan, Yeah,
Speaker 1: I'm kind of forgotten about that trend now. I'm feeling
Speaker 1: a little bitter is a little this morning. Thanks for that, creatycod,
Speaker 1: the Bloomberg Radio TV Markets correspondent. Creaty grouped of course
Speaker 1: waiting for the market open as well. With the FED
Speaker 1: decision later on this afternoon, could see some more volatility
Speaker 1: there as well. But right now futures are trading little change,
Speaker 1: with SMP futures down to point, Dow futures down forty four,
Speaker 1: naz dec futures higher by twelve points. This is Bloomberg
Speaker 1: and Bloomberg Sports is brought to you by Outing Don't
Speaker 1: let someone else drive off and the Outie Model. You've
Speaker 1: always wanted to visit your local price state autie dealer
Speaker 1: to get behind the wheel of yours today, or visit
Speaker 1: autie Offers dot com for more information, markets headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,
Speaker 1: the Bloomberg Business apt and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business Lash and I'm Karen Moscow and SNP
Speaker 1: and OW futures are little changed to lower. On NASDACK
Speaker 1: futures are still on the rise. Let's go to the
Speaker 1: first We're breaking news desk for today's morning call. Here's
Speaker 1: Bell Maloney, Bill, good morning, Hey, good morning, Can that's right.
Speaker 1: US futures are trading mixed right now at debt futures
Speaker 1: down forty eight points, s sames drop a point, and
Speaker 1: Nasdaq futures are still higher. By twelve, the US ten
Speaker 1: yeeld at four point oh four percent, Gold is up nine,
Speaker 1: oil is in the red, and Bitcoin is trading little changed.
Speaker 1: Hong Kong rose two point four percent overnight, while up
Speaker 1: markets are little changed this morning, and back in the
Speaker 1: US on the economic frondayif ADP employment change, and at
Speaker 1: two o'clock the f O M C rate decision. After
Speaker 1: develous night, A m D toped estimates, Airbnb gave a
Speaker 1: disappointing outlook, and e A cut its forecast and regarding
Speaker 1: some of the earnings. This morning, CBS and s day
Speaker 1: Lauder both beat estimates. In deal news, DuPont scraped the
Speaker 1: five point two billion dollar takeover of Rogers and another
Speaker 1: news credit. Swiss cut to one level above junk status
Speaker 1: by S and P Rabbit figs up. Echo Lab was
Speaker 1: cut to hold over at Deutsche Bank live from the
Speaker 1: first Breaking News Disco Bill Maloney, care all right, Bill,
Speaker 1: thank you, and to hear live breaking news over your
Speaker 1: Bloomberg type squawk on your termin I'll sue you a
Speaker 1: w K and CBS also announced a tentative settlement for
Speaker 1: litigation over its alleged involvement in the opioid crisis. And
Speaker 1: now that's a Bloomberg business flash. Now we go to
Speaker 1: Michael Barr for a check of what's going on around
Speaker 1: the world. Michael Karen, thank you very much. Senior Russian
Speaker 1: military leaders are said to have recently discussed the use
Speaker 1: of nuclear weapons on Ukraine. The New York Times reports
Speaker 1: that's according to senior American officials, US officials saying though
Speaker 1: they had not seen any evidence that Moscow is moving
Speaker 1: nuclear weapons into place. Brazilian President Jayre Bolsonaro val to
Speaker 1: respect the constitution and authorized the government to start the
Speaker 1: political transition after his loss to Luis Ignatio Lula DeSilva
Speaker 1: Game three of the World Series. The Philly shut out
Speaker 1: the Astros seven zip. Philadelphia now leads to the series
Speaker 1: two games to one. In the NBA after firing head
Speaker 1: coach Steve eve Nash, the Nets lost to the Bulls
Speaker 1: on the Warriors lost. N HL. The Rangers won in
Speaker 1: overtime against the Flyers one zip, the Islanders, Devils and
Speaker 1: Capitals all one, the Bruins one in OT six five
Speaker 1: over the Penguins. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than twenty seven hundred journalists and analysts more than a
Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Karen,
Speaker 1: all right, Michael, thank you. It is sixty nine on
Speaker 1: Wall Street, and we turned to news and science and
Speaker 1: technology now with the Bloomberg n j I T STEM Report,
Speaker 1: brought to you by New Jersey Institute of Technology, ranked
Speaker 1: a top one hundred national university by US News and
Speaker 1: World Report and number fourteen in the nation on Money's
Speaker 1: Best Colleges List. Learn more at n j I T
Speaker 1: dot E d U. Now here's just making news and science, technology, engineering,
Speaker 1: and math. Amazon dot com is freezing staffing levels and
Speaker 1: it's profitable advertising business as it takes more measures to
Speaker 1: align expenses with slowing sales. Sources say Amazon will continue
Speaker 1: to fill vacancies and its advertising business, but won't create
Speaker 1: any new positions. Amazon's advertising business, largely sponsored search results
Speaker 1: on its web store, generated more than nine and a
Speaker 1: half billion dollars last quarter. China is ordering steps that
Speaker 1: will severely curtail shipments in and out of the world's
Speaker 1: largest iPhone factory. Beijing is imposing a seven down lockdown
Speaker 1: of the area in sheng Su. That would be a
Speaker 1: seven day lockdown to the area. That's after the number
Speaker 1: of COVID cases in the city almost quadrupled from Monday
Speaker 1: to Tuesday. Hong Kong is fighting to prove it's still
Speaker 1: a dominant financial center. That's despite three years a tough
Speaker 1: COVID restrictions and political upheaval of FIC. You'll say, the
Speaker 1: city's advantage is its super connector role to mainland China.
Speaker 1: To show off its comeback, Hong Kong is holding a
Speaker 1: summit this week that includes top bosses from all of
Speaker 1: the biggest global banks. And that's the Bloomberg n j
Speaker 1: I t Stem Report. Nathan, all right, Karen, thank you.
Speaker 1: We are live from the Bloomberg Interactive Brokers Studios, where
Speaker 1: the six fifty one on Wall Street Time Now to
Speaker 1: check what's going on in d C. Besides today's Fed decisions,
Speaker 1: some of the other top stories in our nation's capital
Speaker 1: include President Biden slamming Florida's governor as Trump incarnate. Also
Speaker 1: making news, US officials saying Russian military leaders discussed using
Speaker 1: nuclear weapons in Ukraine, Saudi Arabia and the US sharing
Speaker 1: intel on a possible attack from Iran, and the Afghanistan
Speaker 1: watchdogs saying the Biden administration is shutting his queries. Let's
Speaker 1: get more on some of these stories now. Bloomberg Government
Speaker 1: reporter Emily Wilkins joins US from the Nation's Capital. So, Emily,
Speaker 1: President Biden's back on the campaign trail, but in his
Speaker 1: latest appearance it almost feels like a preview of coming
Speaker 1: attractions in it absolutely does neat that it was an
Speaker 1: interesting chance for Biden decide to decide to go to
Speaker 1: Florida rather than some other states that you know, voted
Speaker 1: for him and supported him and have a few more
Speaker 1: competitive races. Of course, they have a competitive race for governor.
Speaker 1: Charlie Chris is running against Ron De Santis, who has
Speaker 1: mentioned very often as a potential front runner for the
Speaker 1: Republican presidential nominee in two if Trump doesn't win. And
Speaker 1: part of the reason is that there is a lot
Speaker 1: of overlap between how de Santis uh speaks, the style
Speaker 1: that he uses, and the style that that Trump uses.
Speaker 1: And so you did see Biden go ahead call that out.
Speaker 1: It really a reminder that as soon as midterms are
Speaker 1: done next week, they're definitely going to be people in
Speaker 1: d C who pivot toward the presidential election um. And
Speaker 1: you know, that's also an interesting dynamic just because you
Speaker 1: did see the two of them work pretty closely together
Speaker 1: when Hurricane Ian slammed into Florida. The two Biden into
Speaker 1: Santis had a solid working relationship. They both complimented how
Speaker 1: each other handled everything. But you know, given what we
Speaker 1: saw from Biden on the campaign trail yesterday, it is
Speaker 1: right back to politics as normal. So is this a
Speaker 1: sign that the pivot is happening a little early? Emily
Speaker 1: that Democrats may be acknowledging what we're hearing from a
Speaker 1: lot of analysts that the Democrats are set to lose
Speaker 1: quite a number of seats in the House next week.
Speaker 1: I mean, I think Democrats understand the level of trouble
Speaker 1: that they are in. Uh. Headwinds were always going to
Speaker 1: be against them. The fact that Biden's full numbers were
Speaker 1: low and remains low hurt them. The fact that inflation
Speaker 1: is high and has remained high has hurt them. Uh, Democrats,
Speaker 1: You've seen them really struggle. I mean you have started
Speaker 1: to see seats where Biden one by twenty percentage points
Speaker 1: come into competitive territory. And that is just a huge
Speaker 1: flashing red light for what's going to be happening here
Speaker 1: with with the House. And it's notable that you know,
Speaker 1: when Biden was on the campaign trail, it's not that
Speaker 1: he was out there for the House or for the Senate.
Speaker 1: He was campaigning with Charlie Chris, who is seeking to
Speaker 1: be governor, which you know is is certainly obviously a
Speaker 1: position of power, but not one that Biden's going to
Speaker 1: have to directly interact with every day in d C.
Speaker 1: As he does with members of Congress. Right, ull, let's
Speaker 1: turn into some geopolitical developments this morning. There have been
Speaker 1: quite a few, uh, including this report that Michael mentioned
Speaker 1: from the New York Times that could potentially back some
Speaker 1: of President Biden's earlier warnings about the nuclear threat coming
Speaker 1: out of Russia. Yeah, this is only really going to
Speaker 1: heighten concerns around that threat. The New York Times is
Speaker 1: reporting that senior Russian military officials recently had conversations to
Speaker 1: discuss when and how Moscow might use a tactical nuclear
Speaker 1: weapon in Ukraine. Uh. We know that from reporting that
Speaker 1: President Vladimir Putin was not a part of those conversations,
Speaker 1: but just the fact that you have senior Russian military
Speaker 1: leaders even having discussions was very alarming to the Biden administration.
Speaker 1: American officials are still saying they have no evidence that
Speaker 1: the Russians are moving forward with nuclear weapons, but of
Speaker 1: course this is such a sensitive subject. Tensions are so
Speaker 1: high right now that even the fact that these conversations
Speaker 1: took place, um is really of hike concert. There has
Speaker 1: been a very close watch on Russia, very lots of
Speaker 1: questions about what Russia might do next. Um, given that
Speaker 1: that they are you know, there are plenty of signs
Speaker 1: that they are are losing this war in Ukraine and
Speaker 1: what that's going to mean as far as their next
Speaker 1: move goes. Also, some really interesting reporting from Bloomberg News
Speaker 1: this morning about intel sharing between the US and Saudi
Speaker 1: Arabia about Iran. Very interesting. Yeah, the U s and
Speaker 1: Saudi Arabia of v charring information indicating that Iran my
Speaker 1: attack Saudi Arabia or other nations sometimes soon. And this
Speaker 1: is of course leading a Washington and uh Iran UH
Speaker 1: in Saudi Arabia rather to adjust their military posture. UM.
Speaker 1: Folks who talked with Bloomberg for the story as well
Speaker 1: as for the Wall Street Journal, who also reported similar
Speaker 1: UH said that they are part of the attacks could
Speaker 1: be an effort to distract from nationwide protests UH in
Speaker 1: Iran that have royal the country in recent weeks. UM,
Speaker 1: And I think again, this is just another area where
Speaker 1: there are lots of questions about about what could happen,
Speaker 1: and the US is very much in a position of
Speaker 1: being aware, being alert, UM and and trying to continue
Speaker 1: to gather intel on what might be happening and races
Speaker 1: some questions as well about the U. Saudi relationship, given
Speaker 1: that it's not exactly been warm over the last several
Speaker 1: months following the OPEC decision. It absolutely hasn't. There's definitely
Speaker 1: been a lot of frustration there. President Joe Biden said
Speaker 1: that he plans to recalibrate the two countries relationship with
Speaker 1: OPEC UH and he has a lot of concerns I
Speaker 1: think just in general about Mohammedan Salon Solomon, the leader
Speaker 1: of that country and and what he's done in the past. UM.
Speaker 1: At the same point, I think there is also again UH,
Speaker 1: the U s And and Saudi Arabia are brought together
Speaker 1: by the technical needs of the region, the interests of
Speaker 1: both in the region, UM, and just making sure that
Speaker 1: that going forward their interests are protected. All right, Emily,
Speaker 1: Thanks as always. Bloomberg Government reporter Emily Wilkins with us
Speaker 1: this morning from the nation's capital. Read more on all
Speaker 1: these stories of Bloomberg dot Com or on the Bloomberg terminal.
Speaker 1: Listen to Bloomberg Radio in Washington Bloomberg one and one
Speaker 1: oh five point seven FM h D two. You'll definitely
Speaker 1: want to tune in beginning of one thirty pm Wall
Speaker 1: Street Time on a special edition of Bloomberg Surveillance ahead
Speaker 1: of the FED decision at two Chairman Powell's news conference
Speaker 1: at two thirty. We'll be carrying you along as ever
Speaker 1: when the FED decides later this afternoon, Futures Trading little
Speaker 1: changed ahead of that Bloomberg surveillance. The morning edition is
Speaker 1: next for Karen Moscow. I'm Nathan Hager, and this is
Speaker 1: Bloomberg