1 00:00:03,560 --> 00:00:06,800 Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is Bloomberg 2 00:00:06,840 --> 00:00:10,559 Speaker 1: Daybreak for Wednesday, March sixteen two. Coming up this hour, 3 00:00:10,760 --> 00:00:15,880 Speaker 1: negotiations continued between Russia and Ukraine. Ukrainian President Zelinski addresses 4 00:00:15,920 --> 00:00:19,840 Speaker 1: the US converse this morning. FET's interest rate liftoff expected 5 00:00:19,920 --> 00:00:22,560 Speaker 1: to begin today, and we'll tell you why. Hong Kong's 6 00:00:22,600 --> 00:00:26,360 Speaker 1: Hank Sang Index search in nine New York on It 7 00:00:26,440 --> 00:00:29,560 Speaker 1: says nursing home deaths in the state were indeed undercounted, 8 00:00:29,880 --> 00:00:32,280 Speaker 1: lust were another step closer to getting rid of daylight 9 00:00:32,360 --> 00:00:35,839 Speaker 1: saving time on Michael bar More Ahead, I'm John Stan 10 00:00:35,920 --> 00:00:39,040 Speaker 1: sharon'sparts six day points for Tyrie Irving and that's when 11 00:00:39,080 --> 00:00:41,760 Speaker 1: the Rangers won and over time, Anthony Rizzo resigned with 12 00:00:41,840 --> 00:00:46,800 Speaker 1: the Inn. That's all straight ahead on Bloomberg day Break 13 00:00:47,000 --> 00:00:51,880 Speaker 1: on Bloomberg elimn Free on New York, Bloomberge Washington, d C, 14 00:00:52,240 --> 00:00:56,640 Speaker 1: Bloomberg one O six one, Boston, Bloomberg nine sixties, San Francisco, 15 00:00:57,000 --> 00:01:00,200 Speaker 1: Sirius x M one nineteen and around the world. Old 16 00:01:00,200 --> 00:01:04,000 Speaker 1: on Bloomberg Radio dot Com and via The Bloomberg Business. 17 00:01:07,760 --> 00:01:10,759 Speaker 1: And Good Morning on John Tucker and I'm Karen Moscow 18 00:01:10,800 --> 00:01:13,920 Speaker 1: and futures are rising this morning. We're coming up to 19 00:01:13,959 --> 00:01:15,480 Speaker 1: five oh one on Wall Street, and we check the 20 00:01:15,480 --> 00:01:18,480 Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg 21 00:01:18,560 --> 00:01:21,480 Speaker 1: right now, S and P futures up forty four points, 22 00:01:21,480 --> 00:01:25,200 Speaker 1: STOUT futures up two hundred eighty four and NASDAG futures 23 00:01:25,280 --> 00:01:28,119 Speaker 1: up two hundred sixteen. The decks in Germany's up two 24 00:01:28,200 --> 00:01:31,160 Speaker 1: and a half percent. Pen your treasury down five thirty 25 00:01:31,240 --> 00:01:34,160 Speaker 1: seconds here two point one six percent, and they yield 26 00:01:34,200 --> 00:01:37,319 Speaker 1: on the two year one point eight five percent. NIMEX 27 00:01:37,360 --> 00:01:40,400 Speaker 1: screwed oil is up one point seven percent at ninety 28 00:01:40,400 --> 00:01:43,360 Speaker 1: eight dollars three cents of barrel. John and Karen will 29 00:01:43,360 --> 00:01:45,319 Speaker 1: have more of the markets in a minute, but first, 30 00:01:45,600 --> 00:01:47,880 Speaker 1: the US is set to unveil a fresh round of 31 00:01:47,920 --> 00:01:51,840 Speaker 1: security assistance for Ukraine today as President Biden prepares to 32 00:01:51,880 --> 00:01:55,080 Speaker 1: travel to Europe. The latest from Bloomberg's Amy Morris in 33 00:01:55,120 --> 00:01:59,280 Speaker 1: our newsroom in Washington. President Biden is expected to announce 34 00:01:59,320 --> 00:02:02,560 Speaker 1: another eight hundred million dollars in military aid for Ukraine, 35 00:02:02,760 --> 00:02:06,400 Speaker 1: including more anti tank and anti aircraft missiles. That brings 36 00:02:06,440 --> 00:02:08,679 Speaker 1: the total aid package just in the past week to 37 00:02:08,840 --> 00:02:12,320 Speaker 1: a billion dollars. This as the president prepares to travel 38 00:02:12,360 --> 00:02:16,160 Speaker 1: to Brussels next week. Former US Ambassador to NATO Lieutenant 39 00:02:16,160 --> 00:02:19,239 Speaker 1: General Douglas Lute says NATO and the EU are key 40 00:02:19,320 --> 00:02:22,480 Speaker 1: to holding a strategic advantage. I think it's very significant. 41 00:02:22,520 --> 00:02:26,080 Speaker 1: He's going to visit both native and address the security situation. 42 00:02:26,280 --> 00:02:29,000 Speaker 1: But then he's gonna go across town in Brussels and 43 00:02:29,040 --> 00:02:32,320 Speaker 1: address the leaders of the European Union. Meanwhile, officials from 44 00:02:32,400 --> 00:02:36,120 Speaker 1: Ukraine and Russia continue their negotiations today, talks that Ukrainian 45 00:02:36,120 --> 00:02:40,000 Speaker 1: President vladimir's Lensky called difficult but said had room for 46 00:02:40,080 --> 00:02:44,000 Speaker 1: compromise in Washington. I'm any more as Bloomberg daybreak, all right, Amy, 47 00:02:44,040 --> 00:02:46,840 Speaker 1: thank you a while. Ukrainian President Zelenski is giving a 48 00:02:46,919 --> 00:02:50,560 Speaker 1: virtual address before lawmakers in the US later this morning, 49 00:02:50,560 --> 00:02:53,000 Speaker 1: and we get more from a Bloomberg to Joe Matthew. 50 00:02:53,280 --> 00:02:56,240 Speaker 1: He's gonna be speaking to Congress essentially a joint session. 51 00:02:56,240 --> 00:02:57,760 Speaker 1: They're not going to be in the House chamber. They'll 52 00:02:57,760 --> 00:03:00,840 Speaker 1: have an auditorium set aside in the capital complex for 53 00:03:00,840 --> 00:03:02,880 Speaker 1: this because it will be a virtual address. It's supposed 54 00:03:02,880 --> 00:03:04,720 Speaker 1: to be about nine o'clock, and he was gonna say 55 00:03:04,720 --> 00:03:07,440 Speaker 1: thank you, having, by the way, met privately, virtually, but 56 00:03:07,520 --> 00:03:10,679 Speaker 1: privately with lawmakers two weekends ago. This is going to 57 00:03:10,760 --> 00:03:13,120 Speaker 1: be provided to the networks. It's going to be streamed online. 58 00:03:13,120 --> 00:03:15,440 Speaker 1: People are gonna watch this on TV. So his audience 59 00:03:15,480 --> 00:03:17,560 Speaker 1: is very different now as he tries to make the 60 00:03:17,600 --> 00:03:21,200 Speaker 1: case for more military hardware if not a no fly zone, 61 00:03:21,200 --> 00:03:23,600 Speaker 1: and so far the answer from the Pentagon on that 62 00:03:23,639 --> 00:03:25,680 Speaker 1: one has been no. All right, Joe, thank you well. 63 00:03:25,720 --> 00:03:29,000 Speaker 1: Joe Matthew will have analysis of President Zelenski's addressed later 64 00:03:29,040 --> 00:03:32,400 Speaker 1: today on Bloomberg's Sound On at five pm Eastern Plus. 65 00:03:32,680 --> 00:03:35,600 Speaker 1: You can catch President Zelenski's address live this morning at 66 00:03:35,680 --> 00:03:39,200 Speaker 1: nine am on both Bloomberg Radio and television. And another 67 00:03:39,240 --> 00:03:43,400 Speaker 1: major story investors are following this morning, also centered in Washington, 68 00:03:43,880 --> 00:03:47,640 Speaker 1: the Fed widely expected to begin it's interst rate liftoff. 69 00:03:47,880 --> 00:03:50,760 Speaker 1: We get a preview from Bloomberg's Michael McKee the what 70 00:03:50,960 --> 00:03:53,440 Speaker 1: has been priced into markets? The Fed will raise the 71 00:03:53,520 --> 00:03:57,360 Speaker 1: nation's benchmark interest rate by basis points. It's the what 72 00:03:57,600 --> 00:04:00,560 Speaker 1: next that investors want to know, how many rate moves 73 00:04:00,560 --> 00:04:03,280 Speaker 1: and how quickly, When and how do they start reducing 74 00:04:03,280 --> 00:04:05,320 Speaker 1: the size of their balance sheet? Look to the new 75 00:04:05,400 --> 00:04:09,080 Speaker 1: dot plot and economic forecast for clues, and listen to 76 00:04:09,120 --> 00:04:12,800 Speaker 1: Chairman j Powell explain how fast inflation comes down and 77 00:04:12,840 --> 00:04:16,640 Speaker 1: how the Fed avoids recession. Michael mcketh Bloomberg Daybreak. All right, 78 00:04:16,680 --> 00:04:18,800 Speaker 1: Thanks Mike. Full coverage of the Fed decision and J 79 00:04:18,960 --> 00:04:22,360 Speaker 1: Pal's news conference begins at one thirty pm Wall Street 80 00:04:22,360 --> 00:04:25,880 Speaker 1: Time on Bloomberg radially and television. Well, turning to the 81 00:04:25,880 --> 00:04:28,880 Speaker 1: markets now, John Stocks in Hong Kong searched in nine 82 00:04:28,960 --> 00:04:31,240 Speaker 1: per cent amid a pledge from China at a key 83 00:04:31,320 --> 00:04:34,760 Speaker 1: capital market stable. They get the recap from Bloomberg's Juliette 84 00:04:34,800 --> 00:04:37,800 Speaker 1: Sally in Singapore. Good morning, Juliette, Good morning John and Karen. 85 00:04:37,839 --> 00:04:40,640 Speaker 1: The Hang Sang Tech Index rebounded from a brutal sell 86 00:04:40,680 --> 00:04:44,160 Speaker 1: off to jump the most on record, lifting sentiment across 87 00:04:44,200 --> 00:04:47,200 Speaker 1: the Asia Pacific. Hong Kong's Hang Sang Index had its 88 00:04:47,200 --> 00:04:50,160 Speaker 1: biggest one day game since two thousand and eight. China's 89 00:04:50,160 --> 00:04:53,080 Speaker 1: cs I three hundred jumped the most since July twenty. 90 00:04:53,400 --> 00:04:56,000 Speaker 1: Equities in China and Hong Kong had been under pressure, 91 00:04:56,200 --> 00:04:58,719 Speaker 1: treading one and a half trillion dollars combined of the 92 00:04:58,760 --> 00:05:01,479 Speaker 1: first two days of this week on regulatory fears and 93 00:05:01,520 --> 00:05:04,919 Speaker 1: speculation that Beijing's ties with Russian raised the risk of 94 00:05:04,920 --> 00:05:08,479 Speaker 1: the U S backlash in Singapore. Juliet Sally Bloomberg debreak. 95 00:05:08,520 --> 00:05:11,679 Speaker 1: Thanks Julian, there are problems once again with nickel trading 96 00:05:11,800 --> 00:05:15,000 Speaker 1: on the London Metal Exchange. Let's go live but London now. 97 00:05:15,000 --> 00:05:17,640 Speaker 1: I'll get the latest live with Bloomberg's You and Parts 98 00:05:17,680 --> 00:05:20,520 Speaker 1: You want, Good morning, John and Karen. Today was supposed 99 00:05:20,520 --> 00:05:23,039 Speaker 1: to be the day they said Nickel is back, but 100 00:05:23,160 --> 00:05:26,279 Speaker 1: just minutes after nickel trading resumed on the London Metal Exchange, 101 00:05:26,320 --> 00:05:30,000 Speaker 1: it was halted again, the Leemy citing a technical issue 102 00:05:30,000 --> 00:05:32,760 Speaker 1: with its new daily limit. Several trades appeared to be 103 00:05:32,800 --> 00:05:35,880 Speaker 1: at prices below the five cent limits, suggesting they may 104 00:05:35,960 --> 00:05:39,000 Speaker 1: later be canceled by the exchange, not the news the 105 00:05:39,000 --> 00:05:41,960 Speaker 1: element would wanted, more than a week after its suspended trading. 106 00:05:42,240 --> 00:05:44,520 Speaker 1: Live in London, I'm You and Parts Spin, big debreak, 107 00:05:44,720 --> 00:05:47,600 Speaker 1: Thank you and thank you. UK Prime Minister Boris Johnson 108 00:05:47,640 --> 00:05:50,440 Speaker 1: began a visit to the United Arab Emirates in Saudi 109 00:05:50,480 --> 00:05:54,000 Speaker 1: Arabia and hopes of convincing leaders to ramp up oil production, 110 00:05:54,000 --> 00:05:57,719 Speaker 1: and Bloomberg Simon Foxman says it'll take some persuading. We've 111 00:05:57,720 --> 00:06:02,080 Speaker 1: seen both countries a bit resistant to plans to increase 112 00:06:02,200 --> 00:06:05,919 Speaker 1: production by opac opeck plus in the past. The UAE 113 00:06:06,040 --> 00:06:08,160 Speaker 1: has seemed too in recent days become a little bit 114 00:06:08,200 --> 00:06:11,240 Speaker 1: more amenable that there's just not enough oil being produced 115 00:06:11,360 --> 00:06:14,600 Speaker 1: bloombers amount. Foxman says, Johnson helps more production will ease 116 00:06:14,720 --> 00:06:17,679 Speaker 1: energy prices. And checking oil right now, dimax screwed oil 117 00:06:17,720 --> 00:06:20,359 Speaker 1: at one point three percent, it's a ninety seven dollars 118 00:06:20,400 --> 00:06:23,279 Speaker 1: seventy cents a barrel. Brent is of about two percent 119 00:06:23,360 --> 00:06:26,760 Speaker 1: at one dollar ninety cents. And turning to the pandemic, 120 00:06:26,800 --> 00:06:30,280 Speaker 1: Fiser has a s US regulators to approve a second 121 00:06:30,320 --> 00:06:34,400 Speaker 1: coronavirus booster shot for senior citizens. Let's get the latest 122 00:06:34,400 --> 00:06:36,960 Speaker 1: life from boom Bergh. We neither young need the good morning, 123 00:06:37,040 --> 00:06:40,600 Speaker 1: Good morning. John Fiser and BioNTech said Israel had already 124 00:06:40,640 --> 00:06:43,560 Speaker 1: started offering a fourth shot to older people and healthcare 125 00:06:43,560 --> 00:06:47,239 Speaker 1: workers last year, as O Macron circulated, and the data 126 00:06:47,320 --> 00:06:50,320 Speaker 1: shows the fourth shot given at least four days or 127 00:06:50,320 --> 00:06:53,599 Speaker 1: four months rather after the third, reduced the rate of 128 00:06:53,640 --> 00:06:56,920 Speaker 1: infection and severe illness. That's compared to those who were 129 00:06:56,960 --> 00:07:00,719 Speaker 1: given just one booster shot. The analysis for over one 130 00:07:00,760 --> 00:07:04,200 Speaker 1: point one million adults sixty and older with no known 131 00:07:04,320 --> 00:07:08,000 Speaker 1: history of COVID infection live in New York. I'm gonnait 132 00:07:08,040 --> 00:07:10,400 Speaker 1: a young Bloomberg day break, all right, grinned to thank you, 133 00:07:10,440 --> 00:07:12,720 Speaker 1: and again, futures are higher this morning with S and 134 00:07:12,760 --> 00:07:15,480 Speaker 1: P futures up about forty five points. Straight ahead, your 135 00:07:15,520 --> 00:07:18,560 Speaker 1: latest local headlines plus a check of sports, and this 136 00:07:18,920 --> 00:07:25,239 Speaker 1: is Bloomberg. Thanks Karen five O seven on Wall Street. 137 00:07:25,280 --> 00:07:27,360 Speaker 1: Hand Let's bring in Michael barn Now with more on 138 00:07:27,520 --> 00:07:30,240 Speaker 1: what else is going on in New York and around 139 00:07:30,240 --> 00:07:32,880 Speaker 1: the world. John, Thank you, Sarah. New York's Department of 140 00:07:32,960 --> 00:07:36,040 Speaker 1: Health under reported the number of nursing home deaths by 141 00:07:36,080 --> 00:07:39,440 Speaker 1: as much as fifty percent during certain periods of the 142 00:07:39,440 --> 00:07:43,360 Speaker 1: COVID nineteen pandemic. That's according to an audit that criticized 143 00:07:43,400 --> 00:07:47,720 Speaker 1: former Governor Andrew Cuomo's administration for faulty data collection and 144 00:07:47,800 --> 00:07:51,480 Speaker 1: miss leading statistics. The audit from the state comptroller says 145 00:07:51,480 --> 00:07:55,520 Speaker 1: at least forty nursing home deaths weren't accounted for from 146 00:07:55,560 --> 00:07:59,720 Speaker 1: April twenty twenty to February one. The findings of firm 147 00:07:59,760 --> 00:08:03,680 Speaker 1: early air reports, including one from one conducted by New 148 00:08:03,760 --> 00:08:07,800 Speaker 1: York Attorney General Letitia James. Americans would no longer need 149 00:08:07,800 --> 00:08:11,120 Speaker 1: to change their clocks twice a year under a bipartisan 150 00:08:11,120 --> 00:08:15,000 Speaker 1: proposal that passed the Senate. Legislation introduced by Senator z 151 00:08:15,080 --> 00:08:18,720 Speaker 1: Ed Markey and Marco Rubio would make daylight saving time, 152 00:08:19,040 --> 00:08:21,800 Speaker 1: which most states observed for eight months out of twelve, 153 00:08:21,840 --> 00:08:26,080 Speaker 1: permanent across the country. Senator Marco Rubio noted its appeal. 154 00:08:26,360 --> 00:08:29,400 Speaker 1: It's an eclectic collection of members of the United States 155 00:08:29,480 --> 00:08:31,800 Speaker 1: Senate in favor of what we've just done here in 156 00:08:31,840 --> 00:08:33,680 Speaker 1: the Senate, and that's the pass a bill to make 157 00:08:33,960 --> 00:08:37,000 Speaker 1: a daylight savings time permanent. The measure still needs approval 158 00:08:37,040 --> 00:08:40,040 Speaker 1: from the House. South Korea says North Korea fired and 159 00:08:40,240 --> 00:08:44,800 Speaker 1: unidentified projectile, but it is presumed that it failed immediately 160 00:08:44,840 --> 00:08:48,480 Speaker 1: after launch. It was the tenth such weapons test this year. 161 00:08:49,080 --> 00:08:52,880 Speaker 1: Second Gentleman Doug Emov tested positive for COVID nineteen. It 162 00:08:53,000 --> 00:08:56,360 Speaker 1: prompted Vice President Kamala Harris to cancel her appearance at 163 00:08:56,360 --> 00:08:58,800 Speaker 1: an equal pay event last night at the White House. 164 00:08:59,040 --> 00:09:02,880 Speaker 1: Harris tested getive for the virus. President by Combla chose 165 00:09:03,120 --> 00:09:06,880 Speaker 1: not to take a chance since her husband had contracted COVID. 166 00:09:06,880 --> 00:09:11,320 Speaker 1: Always feeling very well. I'm told by the way when 167 00:09:11,320 --> 00:09:13,520 Speaker 1: he touched he's fine. But out of a month, it's 168 00:09:13,559 --> 00:09:17,319 Speaker 1: a caution. She decided she wasn't going to join us today, 169 00:09:17,400 --> 00:09:20,160 Speaker 1: but let's send her our love because she's something else. 170 00:09:20,960 --> 00:09:24,320 Speaker 1: President died and also said during the event, Women's History 171 00:09:24,400 --> 00:09:27,480 Speaker 1: Month is an opportunity to honor the vision and the 172 00:09:27,520 --> 00:09:31,160 Speaker 1: achievements of trailblazing women and girls who built the very 173 00:09:31,240 --> 00:09:34,160 Speaker 1: character of this nation. Global News twenty four hours a 174 00:09:34,240 --> 00:09:37,360 Speaker 1: day on air and on Bloomberg Quick Take, powered by 175 00:09:37,440 --> 00:09:40,640 Speaker 1: more than seven hundred journalists and analysts in more than 176 00:09:40,640 --> 00:09:43,880 Speaker 1: a hundred twenty countries. I'm Michael bar this is Bloomberg, 177 00:09:43,960 --> 00:09:51,440 Speaker 1: John Michael, thank you, and it is now us on 178 00:09:51,480 --> 00:09:53,640 Speaker 1: Wall Street. At the top of the Bloomberg Sports Update, 179 00:09:53,920 --> 00:09:57,240 Speaker 1: it's thanks John Onen caring. Irving isn't making news for 180 00:09:57,360 --> 00:10:00,280 Speaker 1: not getting the vaccine and the controversy over him not 181 00:10:00,280 --> 00:10:02,360 Speaker 1: being allowed to play home games. He's playing at least 182 00:10:02,400 --> 00:10:04,960 Speaker 1: on the road, and last night Kyrie put on a shirt. 183 00:10:04,960 --> 00:10:10,720 Speaker 1: Irvy left Week three. God, they're sixty for Kyrie Irvy, 184 00:10:11,080 --> 00:10:16,559 Speaker 1: a franchise record a career high. Kyrie Irvy puts the 185 00:10:16,640 --> 00:10:19,439 Speaker 1: Necks up ninety four with eight and a half to 186 00:10:19,480 --> 00:10:23,080 Speaker 1: go on the fourth quarter a time out Orlando adn't added. 187 00:10:23,120 --> 00:10:24,960 Speaker 1: Irvy then got taken out so he could have scored 188 00:10:24,960 --> 00:10:27,520 Speaker 1: a lot more. He had forty one points at halftime, 189 00:10:27,840 --> 00:10:29,959 Speaker 1: first NBA player to do that in five years. The 190 00:10:30,040 --> 00:10:32,640 Speaker 1: Nets walloped the Magic one fifty two one oh eight. 191 00:10:32,679 --> 00:10:35,440 Speaker 1: But tonight's game is at home, so Irving can sit 192 00:10:35,480 --> 00:10:37,640 Speaker 1: in the stands, but he can't play. And now there 193 00:10:37,640 --> 00:10:40,480 Speaker 1: are questions about met and Yankee players who haven't gotten 194 00:10:40,520 --> 00:10:43,200 Speaker 1: the vaccine. Apparently it's the scene for outdoor sporting events, 195 00:10:43,200 --> 00:10:46,040 Speaker 1: and when Aaron Judge was asked if he's vaccinated, he's 196 00:10:46,080 --> 00:10:49,000 Speaker 1: sidestepped the question. The Yankees are bringing back Anthony Rizzo 197 00:10:49,080 --> 00:10:51,920 Speaker 1: to play first base, acquired last summer after a decade 198 00:10:51,960 --> 00:10:54,439 Speaker 1: with the Cubs. The Yanks hat now added three infielders 199 00:10:54,480 --> 00:10:58,400 Speaker 1: in three days. Someone like Luke Voight and or Labor 200 00:10:58,440 --> 00:11:01,120 Speaker 1: Torres may now have to go at the Garden Rangers 201 00:11:01,120 --> 00:11:04,000 Speaker 1: fourth three overtime went over Anaheim Adam Fox the game winner. 202 00:11:04,040 --> 00:11:05,800 Speaker 1: He also had two as says Chris cry to the 203 00:11:05,800 --> 00:11:08,280 Speaker 1: game tying goal. His thirty ninth three assists for our 204 00:11:08,320 --> 00:11:11,960 Speaker 1: Timmy panerin Devils lost in Vancouver six three. Islanders lost 205 00:11:11,960 --> 00:11:14,160 Speaker 1: in Washington fourth three in the shootout. The Giants have 206 00:11:14,240 --> 00:11:17,880 Speaker 1: signed vetterman Tyrod Taylor, so unlike last year when Daniel 207 00:11:17,960 --> 00:11:20,640 Speaker 1: Jones got hurt, the Giants now have a dependable backup 208 00:11:20,720 --> 00:11:24,280 Speaker 1: quarterback that Jet signed to free agent defensive backs Aphy 209 00:11:24,360 --> 00:11:27,280 Speaker 1: Jordan Whitehead had been to Tampa Bay. Cornerback d J 210 00:11:27,480 --> 00:11:31,160 Speaker 1: Read comes from Seattle down stash Award Bloomberg Sports, John 211 00:11:31,480 --> 00:11:33,559 Speaker 1: all Right, John, thanks very much ahead of the cashholdon 212 00:11:33,720 --> 00:11:37,280 Speaker 1: um Wall Street Singer rally. At least as futures are concerned. 213 00:11:37,280 --> 00:11:40,160 Speaker 1: The down futures right now they are up two hundred 214 00:11:40,200 --> 00:11:44,000 Speaker 1: d and mightty eight points. That's a ninth percent, SMP 215 00:11:44,240 --> 00:11:47,360 Speaker 1: emanate futures forty five points higher. That's the RNs of 216 00:11:47,440 --> 00:11:50,800 Speaker 1: one percent, and the dnsday futures up one point six 217 00:11:51,040 --> 00:11:54,240 Speaker 1: six percent. That's up two hundred twenty three points. In 218 00:11:54,280 --> 00:11:56,920 Speaker 1: German trading right now, the backs up two point six percent, 219 00:11:57,320 --> 00:11:59,559 Speaker 1: and in London in the foot seed one hundred one 220 00:11:59,640 --> 00:12:07,320 Speaker 1: point percent higher. Listening the Bloomberg day Break Bloomberg Weather 221 00:12:07,360 --> 00:12:10,439 Speaker 1: forts today from ron Caroline, sunny and bile behind tamperture 222 00:12:10,440 --> 00:12:14,880 Speaker 1: about sixty five degrees tomorrow, occasional light rain behind temperature 223 00:12:14,960 --> 00:12:22,680 Speaker 1: topping out in the mid fifties. Yes, is Bloomberg Markets 224 00:12:22,760 --> 00:12:25,840 Speaker 1: headlines and breaking news twenty four hours a day at 225 00:12:25,840 --> 00:12:29,800 Speaker 1: Bloomberg dot com. For the Bloomberg Business outland at Bloomberg Quicktake. 226 00:12:30,040 --> 00:12:39,520 Speaker 1: This is a Bloomberg Business flash and I'm Karen Moscow 227 00:12:39,559 --> 00:12:42,800 Speaker 1: and stocks are surging along with US stock index futures 228 00:12:42,800 --> 00:12:46,440 Speaker 1: as China's vound as stabilized Battered markets lifts sentiment after 229 00:12:46,520 --> 00:12:50,360 Speaker 1: weeks of worries about war and high inflation. Treasury yields 230 00:12:50,360 --> 00:12:52,680 Speaker 1: are rising ahead of the Federal reserve rate decision, and 231 00:12:52,720 --> 00:12:55,079 Speaker 1: we checked the markets every fifteen minutes throughout the trading 232 00:12:55,200 --> 00:12:58,000 Speaker 1: day on Bloomberg s and P futures at fourty eight 233 00:12:58,040 --> 00:13:01,600 Speaker 1: points of down futures of three nazack futures of two 234 00:13:01,679 --> 00:13:04,839 Speaker 1: hundred thirty two. The decks in Germany's have two point 235 00:13:04,920 --> 00:13:07,960 Speaker 1: six percent. The ten year treasury down seven thirty seconds 236 00:13:08,160 --> 00:13:10,560 Speaker 1: yield two point one six percent. The yield on the 237 00:13:10,559 --> 00:13:13,480 Speaker 1: two year one point eight five percent. Nine X screwede 238 00:13:13,480 --> 00:13:15,680 Speaker 1: oil is at one point eight percent of a dollar 239 00:13:15,760 --> 00:13:18,400 Speaker 1: seventy one at ninety eight dollars thirteen cents of barrel 240 00:13:18,640 --> 00:13:21,120 Speaker 1: comics gold on a half percent or nine dollars fifty 241 00:13:21,120 --> 00:13:24,600 Speaker 1: cents at nineteen twenty announced the euro one point oh 242 00:13:24,720 --> 00:13:27,280 Speaker 1: nine nine three against the dollar, British found one point 243 00:13:27,320 --> 00:13:29,920 Speaker 1: three zero six nine, the yen at one eighteen point 244 00:13:29,960 --> 00:13:33,000 Speaker 1: three one, and bitcoin this morning of two point six 245 00:13:33,000 --> 00:13:36,440 Speaker 1: percent at forty thousand, four hundred fifty dollars, and the 246 00:13:36,480 --> 00:13:40,360 Speaker 1: International Energy Agency saying Russia's oil output may slump by 247 00:13:40,360 --> 00:13:43,679 Speaker 1: about a quarter next month, inflicting the biggest supply shock 248 00:13:43,720 --> 00:13:46,880 Speaker 1: in decades. As Buyer shown the nation's exports following its 249 00:13:46,880 --> 00:13:49,960 Speaker 1: invasion of Ukraine. And that's a Bloomberg business flash. Now 250 00:13:50,040 --> 00:13:52,320 Speaker 1: here's Michael Barr with more on what's going on around 251 00:13:52,320 --> 00:13:55,920 Speaker 1: the world. Muncle, Good morning, Good morning, Karen. Ukraine's president 252 00:13:56,000 --> 00:13:58,440 Speaker 1: is preparing to make a direct appeal for more help 253 00:13:58,480 --> 00:14:01,400 Speaker 1: and a rare speech by a four leader to the U. S. 254 00:14:01,440 --> 00:14:06,120 Speaker 1: Congress even as Russia continued its bombardments of the Ukrainian capital. 255 00:14:06,440 --> 00:14:10,720 Speaker 1: Previewing a speech to Congress, President Volodamir Zelenski thanked President 256 00:14:10,800 --> 00:14:14,280 Speaker 1: Joe Biden and all the friends of Ukraine for thirteen 257 00:14:14,360 --> 00:14:18,040 Speaker 1: point six billion dollars in new support. Meanwhile, officials from 258 00:14:18,120 --> 00:14:21,560 Speaker 1: Ukraine and Russia are set for further talks today. In 259 00:14:21,600 --> 00:14:23,920 Speaker 1: the NBA, the Nets on the Road beat the Magic 260 00:14:23,960 --> 00:14:26,160 Speaker 1: one fifty one oh eight. Kyrie, You're being put up 261 00:14:26,160 --> 00:14:28,880 Speaker 1: a sixty spot. In the NHL, the Rangers beat the 262 00:14:28,920 --> 00:14:31,320 Speaker 1: Ducks in overtime for three. The Islanders lost in a 263 00:14:31,400 --> 00:14:34,320 Speaker 1: shootout to the Capitals for three. The Devil's lost the 264 00:14:34,360 --> 00:14:38,040 Speaker 1: Bruins one in ot against the Blackhawks to one. Global 265 00:14:38,040 --> 00:14:40,440 Speaker 1: News twenty four hours a day on air and on 266 00:14:40,520 --> 00:14:44,160 Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundre journalists 267 00:14:44,160 --> 00:14:46,920 Speaker 1: and analysts more than a d twenty countries. I'm Michael Barr, 268 00:14:46,960 --> 00:14:49,720 Speaker 1: and this is Bloomberg John, Michael, thank you. It is 269 00:14:49,720 --> 00:14:51,720 Speaker 1: coming up on Fine twenty on a little streep whee 270 00:14:51,760 --> 00:14:55,040 Speaker 1: yard line from the Bloomberg Contract to Broker Studios. This 271 00:14:55,280 --> 00:14:58,680 Speaker 1: is Bloomberg Tay Break. Russia and Ukraine are scheduled for 272 00:14:58,720 --> 00:15:02,080 Speaker 1: another round of negoti asians today. That's got an update 273 00:15:02,160 --> 00:15:04,440 Speaker 1: on the war in Ukraine. We're joined now by Bloomberg 274 00:15:04,800 --> 00:15:09,000 Speaker 1: Executive editor for International Government, Rosalind Matheson. Ros Thanks for 275 00:15:09,040 --> 00:15:13,200 Speaker 1: being with us this morning, What exactly are the negotiating positions? 276 00:15:13,480 --> 00:15:17,920 Speaker 1: And I'm just parenthetically, can anybody even be sure that 277 00:15:18,000 --> 00:15:22,480 Speaker 1: Russia is negotiating a good faith Well, these are the 278 00:15:22,520 --> 00:15:26,760 Speaker 1: ongoing conversations that are at a lower official level. These 279 00:15:26,800 --> 00:15:30,040 Speaker 1: are not ministers or above who are having these conversations, 280 00:15:30,040 --> 00:15:33,280 Speaker 1: so there's limits to what they can actually discuss and negotiate, 281 00:15:33,360 --> 00:15:35,800 Speaker 1: because of course the biggest stuff would only be approved 282 00:15:36,480 --> 00:15:40,080 Speaker 1: by the Russian President Vladimir Putin himself. So these talk 283 00:15:40,120 --> 00:15:43,000 Speaker 1: seem to be focusing on getting a broader potential cea 284 00:15:43,080 --> 00:15:47,800 Speaker 1: spy in Ukraine, widening humanitarian corridors that only seem to 285 00:15:47,840 --> 00:15:50,920 Speaker 1: be opening for a few hours at a time to 286 00:15:51,040 --> 00:15:53,600 Speaker 1: let people leave areas that are really in the in 287 00:15:53,600 --> 00:15:56,360 Speaker 1: the thick of the conflict, and so on, and so 288 00:15:56,440 --> 00:15:59,080 Speaker 1: that seems to be where they are being concentrated. And 289 00:15:59,120 --> 00:16:02,880 Speaker 1: that's where you see some initial sounds from either side 290 00:16:02,920 --> 00:16:06,160 Speaker 1: that there could be prospects for some sort of progress, 291 00:16:06,200 --> 00:16:10,200 Speaker 1: even if they say that the overall conversation remains quite difficult. 292 00:16:10,440 --> 00:16:14,480 Speaker 1: Um and obviously any negotiations in this environment are very fraught, 293 00:16:14,560 --> 00:16:17,840 Speaker 1: but they're really contained to focusing on those things the 294 00:16:17,880 --> 00:16:20,680 Speaker 1: broader questions of how do you end this conflict, including 295 00:16:21,000 --> 00:16:23,920 Speaker 1: the issue of Ukrainian neutrality and so on, that's probably 296 00:16:24,400 --> 00:16:26,920 Speaker 1: being left at officials at a much higher level than 297 00:16:26,960 --> 00:16:30,480 Speaker 1: these conversations. Can we pierce through the fog right now 298 00:16:30,480 --> 00:16:34,920 Speaker 1: and get an accurate picture of what's happening on the ground, Well, 299 00:16:34,960 --> 00:16:38,200 Speaker 1: it seems like the attacks on infrastructure and on cities 300 00:16:38,240 --> 00:16:41,440 Speaker 1: are continuing from the air, so you're seeing shelling that's 301 00:16:41,440 --> 00:16:45,360 Speaker 1: going on. Still, it looks like the Russian forces are 302 00:16:45,400 --> 00:16:49,120 Speaker 1: making further progress in areas in the south. Certainly they've 303 00:16:49,160 --> 00:16:54,360 Speaker 1: got the city of Mariopool under continuous siege at this point. However, 304 00:16:54,400 --> 00:16:58,960 Speaker 1: their advance continues to be fairly slow outside Kiev, and 305 00:16:59,000 --> 00:17:02,000 Speaker 1: the intelligence near Cranian side is that they're really focusing 306 00:17:02,000 --> 00:17:06,760 Speaker 1: on reinforcing their positions existing positions right now outside Kia, 307 00:17:06,920 --> 00:17:11,000 Speaker 1: rather than moving their forces forward. That said, the government 308 00:17:11,000 --> 00:17:14,640 Speaker 1: in Kiev is taking every precaution. They've announced a curfew 309 00:17:14,720 --> 00:17:17,600 Speaker 1: rather for that city that will run through till Thursday. 310 00:17:17,640 --> 00:17:20,480 Speaker 1: That's suggesting it's not just Russian troops that they're worried about. 311 00:17:20,520 --> 00:17:22,439 Speaker 1: It's perhaps some of the other elements that might be 312 00:17:22,520 --> 00:17:25,439 Speaker 1: in this fight. Mercenary groups and others coming into the 313 00:17:25,480 --> 00:17:28,760 Speaker 1: capital and trying to cause havoc at all hours. So 314 00:17:28,800 --> 00:17:31,560 Speaker 1: that's what that curfew is probably about. Because more broadly, 315 00:17:31,880 --> 00:17:34,520 Speaker 1: the Russian forces outside Kiev seemed to not be moving 316 00:17:34,640 --> 00:17:38,280 Speaker 1: very far. Do we know what's getting into Ukraine from 317 00:17:38,320 --> 00:17:43,760 Speaker 1: the west in terms of support, Well, certainly both humanitarian 318 00:17:43,880 --> 00:17:46,639 Speaker 1: aid to some extent seems to be moving in, particularly 319 00:17:47,040 --> 00:17:51,200 Speaker 1: across the Polish border, so that's reaching areas in western Ukraine, 320 00:17:51,480 --> 00:17:54,240 Speaker 1: but very difficult to get aid into areas of southern 321 00:17:54,400 --> 00:17:58,360 Speaker 1: Ukraine and those cities again that are under siege. Convoys 322 00:17:58,359 --> 00:18:01,720 Speaker 1: are struggling to get through, getting stopped at roadblocks, and 323 00:18:01,760 --> 00:18:04,359 Speaker 1: some one says some humanitarian aid is getting in. Obviously, 324 00:18:04,440 --> 00:18:07,800 Speaker 1: military aid is also continuing to flow. Countries have been 325 00:18:07,800 --> 00:18:11,240 Speaker 1: sending a lot of anti tank weaponry in particular that's 326 00:18:11,280 --> 00:18:14,520 Speaker 1: pretty very effective against the Russian forces so far, and 327 00:18:14,520 --> 00:18:17,840 Speaker 1: there's the reason again why they've struggled in places near Kiev. 328 00:18:17,960 --> 00:18:21,240 Speaker 1: So that military stuff is continuing. Ukraine is obviously asking 329 00:18:21,280 --> 00:18:23,439 Speaker 1: for a lot more, including fighter jets and someone that 330 00:18:23,560 --> 00:18:27,159 Speaker 1: Western nations say right now isn't really feasible, um, so 331 00:18:27,160 --> 00:18:29,520 Speaker 1: you can expect more of those requests, for example, to 332 00:18:29,560 --> 00:18:33,600 Speaker 1: come today when the Ukrainian President addresses the US Congress. 333 00:18:33,760 --> 00:18:35,720 Speaker 1: What do you expect from that speech to the Congress 334 00:18:35,720 --> 00:18:40,199 Speaker 1: from Zolinski. You can expect a lot of thanks for 335 00:18:40,320 --> 00:18:44,280 Speaker 1: what's been support that's come so far, and he's addressed 336 00:18:44,320 --> 00:18:47,000 Speaker 1: different separate groups of lawmakers in the US of course 337 00:18:47,000 --> 00:18:49,479 Speaker 1: in the past few weeks. But as he goes around 338 00:18:49,560 --> 00:18:52,399 Speaker 1: parliaments around the world and gives these speeches, there's also 339 00:18:52,480 --> 00:18:56,119 Speaker 1: an air of frustration that is evident in how he talks. 340 00:18:56,200 --> 00:18:58,760 Speaker 1: He says that he's grateful for the support, but really 341 00:18:58,840 --> 00:19:01,200 Speaker 1: NATO and the West to do much more. They need 342 00:19:01,240 --> 00:19:03,919 Speaker 1: to actually send fighter jets in. They need to do 343 00:19:03,960 --> 00:19:06,360 Speaker 1: a no fly zone over Ukraine, which is obviously very 344 00:19:06,359 --> 00:19:09,399 Speaker 1: difficult for NATO to do. They need to get in 345 00:19:09,440 --> 00:19:12,240 Speaker 1: a way involved militarily to the extent that they're not 346 00:19:12,320 --> 00:19:15,199 Speaker 1: comfortable about. So you can expect him to press on 347 00:19:15,320 --> 00:19:17,840 Speaker 1: those points again. Of course, the US and the US 348 00:19:17,880 --> 00:19:20,840 Speaker 1: President has made clear that doing so would probably create 349 00:19:21,000 --> 00:19:23,159 Speaker 1: a broader conflict, and then certainly NATO is not going 350 00:19:23,200 --> 00:19:26,800 Speaker 1: to get involved to that extent, but certainly the Ukrainian 351 00:19:26,800 --> 00:19:29,840 Speaker 1: president will make those points again publicly. Okay, and of 352 00:19:29,840 --> 00:19:32,640 Speaker 1: course the world will be topic one when the President 353 00:19:32,680 --> 00:19:36,680 Speaker 1: Biden travels to Europe next week. Rose, thanks very much, 354 00:19:36,680 --> 00:19:40,199 Speaker 1: appreciate it. To Rosalind Matheson, the Bloomberg Executive editor for 355 00:19:40,320 --> 00:19:45,160 Speaker 1: International Government Programming. No starting at ian o'clock are proctimately 356 00:19:45,240 --> 00:19:48,840 Speaker 1: will you bring you live the speech from Ukrainian President 357 00:19:48,880 --> 00:19:53,880 Speaker 1: Vladimir's Zelinsky right here on Bloomberg Radio and Bloomberg Television 358 00:19:54,840 --> 00:19:57,640 Speaker 1: right now. Futures indicate a higher overenaud Wall Street down 359 00:19:57,680 --> 00:20:00,080 Speaker 1: futures of two hundred ninety eight points s and be 360 00:20:00,240 --> 00:20:04,080 Speaker 1: e many futures there are forty seven points. This is Bloomberg. 361 00:20:07,080 --> 00:20:10,160 Speaker 1: Nice day on tap in the forecast sunny in miles today, 362 00:20:10,200 --> 00:20:15,120 Speaker 1: the high temperature sixty five degrees and tomorrow's outlook occasional 363 00:20:15,160 --> 00:20:18,240 Speaker 1: life Larry the high temperature in the mid fifties. This 364 00:20:18,560 --> 00:20:25,160 Speaker 1: is Daybreak, Markets, headlines and breaking news twenty four hours 365 00:20:25,160 --> 00:20:28,359 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Outland, 366 00:20:28,480 --> 00:20:38,080 Speaker 1: at Bloomberg Quick Tape. He's a Bloomberg Business Flash and 367 00:20:38,119 --> 00:20:41,359 Speaker 1: I'm Karin Moscow stocks are surging and US Dot Index 368 00:20:41,480 --> 00:20:45,040 Speaker 1: futures are climbing. As China's vow to stabilize battered markets, 369 00:20:45,119 --> 00:20:48,280 Speaker 1: lift sentiment after weeks of worries about war and high inflation. 370 00:20:48,680 --> 00:20:51,680 Speaker 1: Treasury yields rising ahead of the federal reserve rate decision. 371 00:20:51,920 --> 00:20:54,240 Speaker 1: We checked the markets every fifteen minutes throughout the trading 372 00:20:54,320 --> 00:20:56,360 Speaker 1: day on Bloomberg. U S and P future is at 373 00:20:56,400 --> 00:20:59,719 Speaker 1: forty five points down, futures up two eight two NAS day, 374 00:20:59,800 --> 00:21:01,960 Speaker 1: few years up two hundred thirty one. The Dacks in 375 00:21:02,000 --> 00:21:05,120 Speaker 1: Germany's up two point one percent, ten, your treasury down 376 00:21:05,160 --> 00:21:08,120 Speaker 1: three thirty seconds. He'll two point one and a yield 377 00:21:08,200 --> 00:21:11,639 Speaker 1: on a two year one point eight four percent. And 378 00:21:11,720 --> 00:21:14,119 Speaker 1: that's a Bloomberg Business flash Show. Here's Michael Barr with 379 00:21:14,200 --> 00:21:17,080 Speaker 1: more unless going on around the world. Michael Parin, thank 380 00:21:17,080 --> 00:21:20,040 Speaker 1: you very much. Training and President Voladimir z Lensky said 381 00:21:20,119 --> 00:21:24,560 Speaker 1: Russia's positions in the negotiations sound more realistic as the 382 00:21:24,600 --> 00:21:28,400 Speaker 1: two signs are scheduled for another round of talks today. Meanwhile, 383 00:21:28,480 --> 00:21:31,800 Speaker 1: President's Lenski will make a rare wartime address by a 384 00:21:31,840 --> 00:21:35,000 Speaker 1: foreign leader to both chambers of Congress. You will plead 385 00:21:35,080 --> 00:21:38,359 Speaker 1: with US lawmakers by video conference for more aid as 386 00:21:38,440 --> 00:21:41,520 Speaker 1: Russia invades his country in the NBA, the nets on 387 00:21:41,560 --> 00:21:43,800 Speaker 1: the Road be the Magic one fifty one oh Lay 388 00:21:43,880 --> 00:21:46,760 Speaker 1: Kyrie Irving put up a sixty spot in the NHL. 389 00:21:46,800 --> 00:21:49,080 Speaker 1: The Rangers beat the Ducks in overtime for three. The 390 00:21:49,080 --> 00:21:52,080 Speaker 1: Islanders lost in the shoot out to the Capitals for three. 391 00:21:52,160 --> 00:21:54,560 Speaker 1: The Devil's lost the Bruins one an ot against the 392 00:21:54,600 --> 00:21:57,399 Speaker 1: black Hawks to one. Global News twenty four hours a 393 00:21:57,480 --> 00:22:00,840 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 394 00:22:00,880 --> 00:22:04,960 Speaker 1: than journalists analysts in more than one twenty countries. I'm 395 00:22:04,960 --> 00:22:07,760 Speaker 1: Michael bar This is Bloomberg Johns. Michael, thank you fine 396 00:22:07,880 --> 00:22:10,040 Speaker 1: forty eight on one Street. We're lying for the Bloomberg 397 00:22:10,040 --> 00:22:14,320 Speaker 1: inturant to Brokers Studios. This is Bloomberg Daybreak. It is 398 00:22:14,480 --> 00:22:17,520 Speaker 1: lift off. The Federal Reserve concludes a two day meeting 399 00:22:17,520 --> 00:22:21,040 Speaker 1: today with the expended start of an interest rate hiking cycle. 400 00:22:21,200 --> 00:22:24,119 Speaker 1: Let's get a preview now. Sarah House is senior economist 401 00:22:24,480 --> 00:22:26,920 Speaker 1: at Wells Fargo. Hi, Sarah, thanks for being with us 402 00:22:27,119 --> 00:22:31,040 Speaker 1: this morning. Quarter points seems to be baked into the 403 00:22:31,119 --> 00:22:34,720 Speaker 1: cake today. So that leaves, at least for me wondering 404 00:22:34,760 --> 00:22:38,280 Speaker 1: about the future path. What do you suppose we're going 405 00:22:38,320 --> 00:22:42,800 Speaker 1: to see with the dot plots? Right? So the basis 406 00:22:42,840 --> 00:22:45,160 Speaker 1: point hike is pretty much a done deal, we think, 407 00:22:45,200 --> 00:22:48,639 Speaker 1: based on Pal's testimony the other week, right before the blackout. 408 00:22:48,960 --> 00:22:52,080 Speaker 1: But you're right, it really comes down to the path ahead. 409 00:22:52,359 --> 00:22:55,640 Speaker 1: So we will get an update via the dot plot 410 00:22:55,720 --> 00:22:58,320 Speaker 1: in terms of what the FED thinks that the most 411 00:22:58,400 --> 00:23:01,119 Speaker 1: likely path of Paul se is. But we have to 412 00:23:01,160 --> 00:23:04,960 Speaker 1: remember that there's heightened uncertainty in this environment. So not 413 00:23:05,080 --> 00:23:07,560 Speaker 1: only do we have the highest inflation in forty years, 414 00:23:07,840 --> 00:23:10,879 Speaker 1: but of course now we've got layered on this Russian 415 00:23:11,440 --> 00:23:14,400 Speaker 1: invasion of Ukraine. And we also have to remember it's 416 00:23:14,400 --> 00:23:18,000 Speaker 1: only March, So even if we see the dot plot 417 00:23:18,040 --> 00:23:22,040 Speaker 1: shift higher, there's there's still questions over when those additional 418 00:23:22,160 --> 00:23:25,400 Speaker 1: rate hikes get get played out. So is fifty basis points, 419 00:23:25,440 --> 00:23:30,400 Speaker 1: for example, still on the table at some point. I'm 420 00:23:30,440 --> 00:23:34,480 Speaker 1: sorry going to sound a little bit like Paul Vulkari 421 00:23:34,520 --> 00:23:37,520 Speaker 1: in the messaging that he delivers today. What do you 422 00:23:37,560 --> 00:23:40,760 Speaker 1: expect from the Fed here? I think he will be 423 00:23:40,800 --> 00:23:44,439 Speaker 1: really firm in that the FED does have that the 424 00:23:44,480 --> 00:23:47,760 Speaker 1: FED is very serious about their objective of obtaining inflation, 425 00:23:47,840 --> 00:23:50,600 Speaker 1: that that's good for growth, it's ultimately good for the 426 00:23:50,720 --> 00:23:53,680 Speaker 1: labor market. So I think he will talk pretty tough 427 00:23:53,760 --> 00:23:55,879 Speaker 1: on on that, but I think he will acknowledge that 428 00:23:56,359 --> 00:23:58,680 Speaker 1: there's there's still a lot that they that they don't 429 00:23:58,720 --> 00:24:01,359 Speaker 1: know in terms of how all this is going to unfold. 430 00:24:01,480 --> 00:24:05,280 Speaker 1: But they want to be better positioned around curtailing that inflation, 431 00:24:05,359 --> 00:24:07,639 Speaker 1: which is why I think the dot plot and what 432 00:24:07,800 --> 00:24:10,800 Speaker 1: he will indicate will will signal a series of great 433 00:24:10,880 --> 00:24:13,359 Speaker 1: hikes in the coming meetings. So the shot that we 434 00:24:13,440 --> 00:24:17,280 Speaker 1: got from the war in Ukraine, does that mean a 435 00:24:17,320 --> 00:24:24,080 Speaker 1: more dubbish hiking cycle. Not necessarily, because I think overall, 436 00:24:24,160 --> 00:24:28,440 Speaker 1: the typical playbook of looking through commodity shocks still applies 437 00:24:28,520 --> 00:24:31,160 Speaker 1: for for the FED. And when you strip out what's 438 00:24:31,160 --> 00:24:35,840 Speaker 1: happening headline inflation, via and via growth, you're still left 439 00:24:35,880 --> 00:24:39,600 Speaker 1: with core inflation, which is exceptionally strong. So back in December, 440 00:24:39,640 --> 00:24:42,160 Speaker 1: the FED was looking for core inflation to be two 441 00:24:42,160 --> 00:24:45,840 Speaker 1: point seven percent by the end of next year. Bloomber 442 00:24:45,880 --> 00:24:50,040 Speaker 1: consensus right now is estimating that's three six. We think 443 00:24:50,040 --> 00:24:52,720 Speaker 1: it will be even higher above four percent, and so 444 00:24:52,760 --> 00:24:55,400 Speaker 1: I think they still have to tackle this inflation problem. 445 00:24:55,440 --> 00:24:57,240 Speaker 1: And while there is going to be a growth hit, 446 00:24:57,640 --> 00:25:00,080 Speaker 1: we think it's manageable. Given the starting point of the 447 00:25:00,119 --> 00:25:02,800 Speaker 1: US economy, so we think they're still very much tied 448 00:25:02,840 --> 00:25:06,320 Speaker 1: too tackling inflation. We often hear that the cure for 449 00:25:06,440 --> 00:25:10,080 Speaker 1: higher prices is in fact higher prices. Is there any 450 00:25:10,119 --> 00:25:14,760 Speaker 1: demand destruction out there that you will see? Well, I 451 00:25:14,800 --> 00:25:18,000 Speaker 1: think we will see some some curtailment, and we look at, 452 00:25:18,119 --> 00:25:22,200 Speaker 1: for example, things like how much perhaps some consumers are 453 00:25:22,240 --> 00:25:24,640 Speaker 1: are driving. But this is coming at a point when 454 00:25:24,720 --> 00:25:28,080 Speaker 1: consumers are in really strong financial shape. So we've talked 455 00:25:28,119 --> 00:25:30,760 Speaker 1: lots about the excess savings over the past year and 456 00:25:30,800 --> 00:25:33,320 Speaker 1: a half as well as the strong balance sheet, and 457 00:25:33,359 --> 00:25:35,800 Speaker 1: so I think there's there's still some room to withstand 458 00:25:36,240 --> 00:25:39,720 Speaker 1: this for for consumers. And so we're not quite at 459 00:25:39,720 --> 00:25:42,639 Speaker 1: the point where, um where I think we'll see, you know, 460 00:25:42,720 --> 00:25:45,199 Speaker 1: massive demand destruction, but I think we will see some 461 00:25:45,280 --> 00:25:47,520 Speaker 1: pulling back leading to slower growth. But again, this is 462 00:25:47,560 --> 00:25:50,720 Speaker 1: all very manageable given the starting point of the US economy, 463 00:25:51,119 --> 00:25:54,240 Speaker 1: and has the rate of inflation peaked at this point 464 00:25:54,320 --> 00:25:58,960 Speaker 1: where the expect it to go this year, it's it's going, 465 00:25:59,119 --> 00:26:01,760 Speaker 1: it's close to peak, and if it hasn't already, so 466 00:26:01,800 --> 00:26:03,800 Speaker 1: I think in part it will come down to the 467 00:26:03,840 --> 00:26:07,040 Speaker 1: path of oil. So obviously with the moves we've seen recently. 468 00:26:07,080 --> 00:26:09,199 Speaker 1: I think that does support that the peak is is 469 00:26:09,240 --> 00:26:12,720 Speaker 1: probably close here in terms of the March data. But 470 00:26:13,160 --> 00:26:15,879 Speaker 1: again there's a lot of uncertainty, and we've seen how 471 00:26:15,960 --> 00:26:18,280 Speaker 1: quickly things and markets can change, so it's hard to 472 00:26:18,280 --> 00:26:22,600 Speaker 1: say for for certain if if inflation has peach. But 473 00:26:22,720 --> 00:26:24,960 Speaker 1: I think we are getting to a point where not 474 00:26:25,040 --> 00:26:27,160 Speaker 1: only our base effects getting harder, but of course we've 475 00:26:27,160 --> 00:26:30,439 Speaker 1: had this tightening in financial conditions blowing demand, and so 476 00:26:30,560 --> 00:26:34,240 Speaker 1: that should help bring inflation down. Sara, Always a pleasure appreciated, 477 00:26:34,280 --> 00:26:38,800 Speaker 1: Sarah Housing, your economist at Wells Fargo. Karen, all right, John, 478 00:26:38,880 --> 00:26:40,960 Speaker 1: thank you. It is five fifty three on Wall Street. 479 00:26:41,000 --> 00:26:43,360 Speaker 1: Time for the Bloomberg Law Report, brought to you by 480 00:26:43,400 --> 00:26:48,080 Speaker 1: American Arbitration Association. Business disputes are inevitable, resolve faster or 481 00:26:48,119 --> 00:26:51,960 Speaker 1: with the American Arbitration Association, the global leader in alternative 482 00:26:52,000 --> 00:26:55,040 Speaker 1: dispute resolution for over ninety years. More at a dr 483 00:26:55,160 --> 00:26:57,600 Speaker 1: dot org. Now, let's get to the legal stories we're 484 00:26:57,600 --> 00:27:04,880 Speaker 1: watching this morning. From Bloomberg's Jeff Bellinger, Forty lawyers who 485 00:27:04,880 --> 00:27:07,440 Speaker 1: have argued before the Supreme Court signed a letter to 486 00:27:07,560 --> 00:27:10,840 Speaker 1: Chief Justice Robert's urging that the live audio feeds of 487 00:27:10,960 --> 00:27:14,480 Speaker 1: oral arguments that began during the pandemic be made permanent. 488 00:27:15,000 --> 00:27:18,159 Speaker 1: Witnesses told a Senate panel that backlogs in the processing 489 00:27:18,200 --> 00:27:22,359 Speaker 1: of Green card applications have employers struggling to retain top 490 00:27:22,400 --> 00:27:25,480 Speaker 1: foreign talent. The e p A says it is being 491 00:27:25,480 --> 00:27:29,120 Speaker 1: cautious about rules on some risky chemicals and it may 492 00:27:29,160 --> 00:27:34,400 Speaker 1: not start regulating the chemicals until five or later. Bloomberg 493 00:27:34,480 --> 00:27:38,600 Speaker 1: Law everything you need, all on one legal research platform, 494 00:27:38,760 --> 00:27:43,400 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 495 00:27:43,440 --> 00:27:46,639 Speaker 1: at Bloomberg Law dot com. All right, John, thank you, 496 00:27:46,640 --> 00:27:49,280 Speaker 1: and now another legal story we're watching. W n D 497 00:27:49,440 --> 00:27:52,760 Speaker 1: A star Brittney Griner has been detained in Russia for 498 00:27:52,760 --> 00:27:55,760 Speaker 1: almost a month after Russian authorities say they found vape 499 00:27:55,760 --> 00:27:59,480 Speaker 1: cartridges containing cannabis oil in her luggage during a search 500 00:27:59,520 --> 00:28:02,680 Speaker 1: at an air or near Moscow. Grinder has been assigned 501 00:28:02,720 --> 00:28:05,600 Speaker 1: a Russian attorney, but very little else is known about 502 00:28:05,600 --> 00:28:08,800 Speaker 1: her case. The Russian system of justice is very different 503 00:28:08,840 --> 00:28:12,080 Speaker 1: from our adversarial system, and the acquittal rate is less 504 00:28:12,080 --> 00:28:15,440 Speaker 1: than one per cent. For more, Bloomberg's doing Grosso speak 505 00:28:15,520 --> 00:28:18,200 Speaker 1: to Jeffrey Kahn, a professor of law at s m U. 506 00:28:18,840 --> 00:28:23,680 Speaker 1: I've heard experts say that once someone gets arrested in Russia, 507 00:28:23,920 --> 00:28:28,320 Speaker 1: it's nearly impossible to get them out from behind bars. 508 00:28:28,400 --> 00:28:30,679 Speaker 1: But I will say that a lot of experts on 509 00:28:30,760 --> 00:28:34,640 Speaker 1: the Russian criminal justice system and the Russian legal system 510 00:28:34,760 --> 00:28:37,320 Speaker 1: I have come to a conclusion that Russia operates what 511 00:28:37,400 --> 00:28:40,240 Speaker 1: you could call a dual state. On the one hand, 512 00:28:40,360 --> 00:28:44,640 Speaker 1: the criminal justice system and the entire judicial system is 513 00:28:44,680 --> 00:28:49,640 Speaker 1: staffed with very competent, well educated professional men and women 514 00:28:49,840 --> 00:28:53,000 Speaker 1: in the form of judges and prosecutors and defense attorneys 515 00:28:53,000 --> 00:28:56,720 Speaker 1: and investigators. And the system has gotten much much better 516 00:28:57,120 --> 00:29:01,720 Speaker 1: to the point where it can perform professional efficiently and 517 00:29:01,800 --> 00:29:05,760 Speaker 1: even fairly in the mind run of cases, ordinary cases 518 00:29:05,760 --> 00:29:09,160 Speaker 1: of no concern to the state. But when the state 519 00:29:09,200 --> 00:29:13,360 Speaker 1: takes an interest in a particular case, or in a 520 00:29:13,400 --> 00:29:17,560 Speaker 1: more corrupt manner, individual oligarchs or people with power taken 521 00:29:17,600 --> 00:29:21,840 Speaker 1: interest in a particular case, that case can metaphorically move 522 00:29:21,960 --> 00:29:25,160 Speaker 1: over to a political side of the docket, where it's 523 00:29:25,320 --> 00:29:29,080 Speaker 1: very very difficult to get a result that's solely based 524 00:29:29,120 --> 00:29:32,800 Speaker 1: on law. There is much more concern for political influence 525 00:29:33,040 --> 00:29:36,400 Speaker 1: in particular cases. There is a heavy thumb on the 526 00:29:36,520 --> 00:29:40,440 Speaker 1: scales of justice that is placed there by the state, 527 00:29:40,480 --> 00:29:42,920 Speaker 1: which is in control of the case file, when the 528 00:29:43,080 --> 00:29:46,560 Speaker 1: state or people of power in that system have an 529 00:29:46,600 --> 00:29:49,480 Speaker 1: interest in those cases. Do we know what's happening now? 530 00:29:49,680 --> 00:29:53,520 Speaker 1: Should we assume that the Russian investigator is building the 531 00:29:53,600 --> 00:29:56,560 Speaker 1: case against S. Griner and then when he or she 532 00:29:56,760 --> 00:30:00,360 Speaker 1: is done, will know what the charges are. Yes, under 533 00:30:00,400 --> 00:30:04,000 Speaker 1: the theory of an includatorial system, it's not that the 534 00:30:04,040 --> 00:30:07,560 Speaker 1: investigator is building the case against Grinder, but the idea 535 00:30:07,600 --> 00:30:11,240 Speaker 1: would be that the investigator is gathering all of the evidence. Now, 536 00:30:11,320 --> 00:30:14,160 Speaker 1: under the Russian Criminal Procedure Code, a defense attorney now 537 00:30:14,280 --> 00:30:17,920 Speaker 1: has the opportunity to do his or her own direct 538 00:30:18,000 --> 00:30:20,880 Speaker 1: investigation as well as to try to be involved in 539 00:30:20,960 --> 00:30:25,560 Speaker 1: immediate way in the investigator's work. But yes, what's happening 540 00:30:25,600 --> 00:30:29,480 Speaker 1: now is the development of the case file, and there 541 00:30:29,520 --> 00:30:32,280 Speaker 1: are time limits on that. The initial time limit is 542 00:30:32,320 --> 00:30:35,200 Speaker 1: two months, but that can be extended by a court 543 00:30:35,400 --> 00:30:38,920 Speaker 1: if more time is needed. Likewise, that time limit is 544 00:30:39,000 --> 00:30:43,120 Speaker 1: pretty closely tied to the limits on pre trial detention. 545 00:30:43,600 --> 00:30:46,240 Speaker 1: So if MS Grinder is in pre trial detention now, 546 00:30:46,600 --> 00:30:49,640 Speaker 1: the next stage that has to be completed is the 547 00:30:49,680 --> 00:30:52,440 Speaker 1: completion of the case file. And that's Jeffrey Kahn, a 548 00:30:52,480 --> 00:30:55,040 Speaker 1: professor of Law s m U, speaking at the Bloomberg 549 00:30:55,080 --> 00:30:58,080 Speaker 1: Student Gross. So catch more of that interview plus analysis 550 00:30:58,120 --> 00:31:00,600 Speaker 1: of the latest legal news, but subscribing to the Bloomberg 551 00:31:00,680 --> 00:31:03,880 Speaker 1: Law podcast are downloading this show at Bloomberg dot com 552 00:31:03,920 --> 00:31:07,760 Speaker 1: slash podcasts. Attorneys can find exceptional legal research and business 553 00:31:07,800 --> 00:31:10,480 Speaker 1: development tools at Bloomberg Law dot com and on the 554 00:31:10,520 --> 00:31:14,520 Speaker 1: Bloomberg terminal at v law Go. And futures this morning 555 00:31:14,600 --> 00:31:17,760 Speaker 1: are on the rise. SNP futures up forty three points, 556 00:31:17,920 --> 00:31:21,239 Speaker 1: Dow futures up two hundred seventy, NASDACK futures up two 557 00:31:21,320 --> 00:31:24,200 Speaker 1: hundred eighteen and NIMEX screwed oil up seven tenths per 558 00:31:24,200 --> 00:31:27,080 Speaker 1: cent or sixty seven cents. It's at ninety seven dollars 559 00:31:27,080 --> 00:31:31,080 Speaker 1: thirteen cents of barrel and Bloomberg Day Break continues. This 560 00:31:31,320 --> 00:31:32,000 Speaker 1: is Bloomberg