Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, March sixteen two. Coming up this hour,
Speaker 1: negotiations continued between Russia and Ukraine. Ukrainian President Zelinski addresses
Speaker 1: the US converse this morning. FET's interest rate liftoff expected
Speaker 1: to begin today, and we'll tell you why. Hong Kong's
Speaker 1: Hank Sang Index search in nine New York on It
Speaker 1: says nursing home deaths in the state were indeed undercounted,
Speaker 1: lust were another step closer to getting rid of daylight
Speaker 1: saving time on Michael bar More Ahead, I'm John Stan
Speaker 1: sharon'sparts six day points for Tyrie Irving and that's when
Speaker 1: the Rangers won and over time, Anthony Rizzo resigned with
Speaker 1: the Inn. That's all straight ahead on Bloomberg day Break
Speaker 1: on Bloomberg elimn Free on New York, Bloomberge Washington, d C,
Speaker 1: Bloomberg one O six one, Boston, Bloomberg nine sixties, San Francisco,
Speaker 1: Sirius x M one nineteen and around the world. Old
Speaker 1: on Bloomberg Radio dot Com and via The Bloomberg Business.
Speaker 1: And Good Morning on John Tucker and I'm Karen Moscow
Speaker 1: and futures are rising this morning. We're coming up to
Speaker 1: five oh one on Wall Street, and we check the
Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg
Speaker 1: right now, S and P futures up forty four points,
Speaker 1: STOUT futures up two hundred eighty four and NASDAG futures
Speaker 1: up two hundred sixteen. The decks in Germany's up two
Speaker 1: and a half percent. Pen your treasury down five thirty
Speaker 1: seconds here two point one six percent, and they yield
Speaker 1: on the two year one point eight five percent. NIMEX
Speaker 1: screwed oil is up one point seven percent at ninety
Speaker 1: eight dollars three cents of barrel. John and Karen will
Speaker 1: have more of the markets in a minute, but first,
Speaker 1: the US is set to unveil a fresh round of
Speaker 1: security assistance for Ukraine today as President Biden prepares to
Speaker 1: travel to Europe. The latest from Bloomberg's Amy Morris in
Speaker 1: our newsroom in Washington. President Biden is expected to announce
Speaker 1: another eight hundred million dollars in military aid for Ukraine,
Speaker 1: including more anti tank and anti aircraft missiles. That brings
Speaker 1: the total aid package just in the past week to
Speaker 1: a billion dollars. This as the president prepares to travel
Speaker 1: to Brussels next week. Former US Ambassador to NATO Lieutenant
Speaker 1: General Douglas Lute says NATO and the EU are key
Speaker 1: to holding a strategic advantage. I think it's very significant.
Speaker 1: He's going to visit both native and address the security situation.
Speaker 1: But then he's gonna go across town in Brussels and
Speaker 1: address the leaders of the European Union. Meanwhile, officials from
Speaker 1: Ukraine and Russia continue their negotiations today, talks that Ukrainian
Speaker 1: President vladimir's Lensky called difficult but said had room for
Speaker 1: compromise in Washington. I'm any more as Bloomberg daybreak, all right, Amy,
Speaker 1: thank you a while. Ukrainian President Zelenski is giving a
Speaker 1: virtual address before lawmakers in the US later this morning,
Speaker 1: and we get more from a Bloomberg to Joe Matthew.
Speaker 1: He's gonna be speaking to Congress essentially a joint session.
Speaker 1: They're not going to be in the House chamber. They'll
Speaker 1: have an auditorium set aside in the capital complex for
Speaker 1: this because it will be a virtual address. It's supposed
Speaker 1: to be about nine o'clock, and he was gonna say
Speaker 1: thank you, having, by the way, met privately, virtually, but
Speaker 1: privately with lawmakers two weekends ago. This is going to
Speaker 1: be provided to the networks. It's going to be streamed online.
Speaker 1: People are gonna watch this on TV. So his audience
Speaker 1: is very different now as he tries to make the
Speaker 1: case for more military hardware if not a no fly zone,
Speaker 1: and so far the answer from the Pentagon on that
Speaker 1: one has been no. All right, Joe, thank you well.
Speaker 1: Joe Matthew will have analysis of President Zelenski's addressed later
Speaker 1: today on Bloomberg's Sound On at five pm Eastern Plus.
Speaker 1: You can catch President Zelenski's address live this morning at
Speaker 1: nine am on both Bloomberg Radio and television. And another
Speaker 1: major story investors are following this morning, also centered in Washington,
Speaker 1: the Fed widely expected to begin it's interst rate liftoff.
Speaker 1: We get a preview from Bloomberg's Michael McKee the what
Speaker 1: has been priced into markets? The Fed will raise the
Speaker 1: nation's benchmark interest rate by basis points. It's the what
Speaker 1: next that investors want to know, how many rate moves
Speaker 1: and how quickly, When and how do they start reducing
Speaker 1: the size of their balance sheet? Look to the new
Speaker 1: dot plot and economic forecast for clues, and listen to
Speaker 1: Chairman j Powell explain how fast inflation comes down and
Speaker 1: how the Fed avoids recession. Michael mcketh Bloomberg Daybreak. All right,
Speaker 1: Thanks Mike. Full coverage of the Fed decision and J
Speaker 1: Pal's news conference begins at one thirty pm Wall Street
Speaker 1: Time on Bloomberg radially and television. Well, turning to the
Speaker 1: markets now, John Stocks in Hong Kong searched in nine
Speaker 1: per cent amid a pledge from China at a key
Speaker 1: capital market stable. They get the recap from Bloomberg's Juliette
Speaker 1: Sally in Singapore. Good morning, Juliette, Good morning John and Karen.
Speaker 1: The Hang Sang Tech Index rebounded from a brutal sell
Speaker 1: off to jump the most on record, lifting sentiment across
Speaker 1: the Asia Pacific. Hong Kong's Hang Sang Index had its
Speaker 1: biggest one day game since two thousand and eight. China's
Speaker 1: cs I three hundred jumped the most since July twenty.
Speaker 1: Equities in China and Hong Kong had been under pressure,
Speaker 1: treading one and a half trillion dollars combined of the
Speaker 1: first two days of this week on regulatory fears and
Speaker 1: speculation that Beijing's ties with Russian raised the risk of
Speaker 1: the U S backlash in Singapore. Juliet Sally Bloomberg debreak.
Speaker 1: Thanks Julian, there are problems once again with nickel trading
Speaker 1: on the London Metal Exchange. Let's go live but London now.
Speaker 1: I'll get the latest live with Bloomberg's You and Parts
Speaker 1: You want, Good morning, John and Karen. Today was supposed
Speaker 1: to be the day they said Nickel is back, but
Speaker 1: just minutes after nickel trading resumed on the London Metal Exchange,
Speaker 1: it was halted again, the Leemy citing a technical issue
Speaker 1: with its new daily limit. Several trades appeared to be
Speaker 1: at prices below the five cent limits, suggesting they may
Speaker 1: later be canceled by the exchange, not the news the
Speaker 1: element would wanted, more than a week after its suspended trading.
Speaker 1: Live in London, I'm You and Parts Spin, big debreak,
Speaker 1: Thank you and thank you. UK Prime Minister Boris Johnson
Speaker 1: began a visit to the United Arab Emirates in Saudi
Speaker 1: Arabia and hopes of convincing leaders to ramp up oil production,
Speaker 1: and Bloomberg Simon Foxman says it'll take some persuading. We've
Speaker 1: seen both countries a bit resistant to plans to increase
Speaker 1: production by opac opeck plus in the past. The UAE
Speaker 1: has seemed too in recent days become a little bit
Speaker 1: more amenable that there's just not enough oil being produced
Speaker 1: bloombers amount. Foxman says, Johnson helps more production will ease
Speaker 1: energy prices. And checking oil right now, dimax screwed oil
Speaker 1: at one point three percent, it's a ninety seven dollars
Speaker 1: seventy cents a barrel. Brent is of about two percent
Speaker 1: at one dollar ninety cents. And turning to the pandemic,
Speaker 1: Fiser has a s US regulators to approve a second
Speaker 1: coronavirus booster shot for senior citizens. Let's get the latest
Speaker 1: life from boom Bergh. We neither young need the good morning,
Speaker 1: Good morning. John Fiser and BioNTech said Israel had already
Speaker 1: started offering a fourth shot to older people and healthcare
Speaker 1: workers last year, as O Macron circulated, and the data
Speaker 1: shows the fourth shot given at least four days or
Speaker 1: four months rather after the third, reduced the rate of
Speaker 1: infection and severe illness. That's compared to those who were
Speaker 1: given just one booster shot. The analysis for over one
Speaker 1: point one million adults sixty and older with no known
Speaker 1: history of COVID infection live in New York. I'm gonnait
Speaker 1: a young Bloomberg day break, all right, grinned to thank you,
Speaker 1: and again, futures are higher this morning with S and
Speaker 1: P futures up about forty five points. Straight ahead, your
Speaker 1: latest local headlines plus a check of sports, and this
Speaker 1: is Bloomberg. Thanks Karen five O seven on Wall Street.
Speaker 1: Hand Let's bring in Michael barn Now with more on
Speaker 1: what else is going on in New York and around
Speaker 1: the world. John, Thank you, Sarah. New York's Department of
Speaker 1: Health under reported the number of nursing home deaths by
Speaker 1: as much as fifty percent during certain periods of the
Speaker 1: COVID nineteen pandemic. That's according to an audit that criticized
Speaker 1: former Governor Andrew Cuomo's administration for faulty data collection and
Speaker 1: miss leading statistics. The audit from the state comptroller says
Speaker 1: at least forty nursing home deaths weren't accounted for from
Speaker 1: April twenty twenty to February one. The findings of firm
Speaker 1: early air reports, including one from one conducted by New
Speaker 1: York Attorney General Letitia James. Americans would no longer need
Speaker 1: to change their clocks twice a year under a bipartisan
Speaker 1: proposal that passed the Senate. Legislation introduced by Senator z
Speaker 1: Ed Markey and Marco Rubio would make daylight saving time,
Speaker 1: which most states observed for eight months out of twelve,
Speaker 1: permanent across the country. Senator Marco Rubio noted its appeal.
Speaker 1: It's an eclectic collection of members of the United States
Speaker 1: Senate in favor of what we've just done here in
Speaker 1: the Senate, and that's the pass a bill to make
Speaker 1: a daylight savings time permanent. The measure still needs approval
Speaker 1: from the House. South Korea says North Korea fired and
Speaker 1: unidentified projectile, but it is presumed that it failed immediately
Speaker 1: after launch. It was the tenth such weapons test this year.
Speaker 1: Second Gentleman Doug Emov tested positive for COVID nineteen. It
Speaker 1: prompted Vice President Kamala Harris to cancel her appearance at
Speaker 1: an equal pay event last night at the White House.
Speaker 1: Harris tested getive for the virus. President by Combla chose
Speaker 1: not to take a chance since her husband had contracted COVID.
Speaker 1: Always feeling very well. I'm told by the way when
Speaker 1: he touched he's fine. But out of a month, it's
Speaker 1: a caution. She decided she wasn't going to join us today,
Speaker 1: but let's send her our love because she's something else.
Speaker 1: President died and also said during the event, Women's History
Speaker 1: Month is an opportunity to honor the vision and the
Speaker 1: achievements of trailblazing women and girls who built the very
Speaker 1: character of this nation. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more than seven hundred journalists and analysts in more than
Speaker 1: a hundred twenty countries. I'm Michael bar this is Bloomberg,
Speaker 1: John Michael, thank you, and it is now us on
Speaker 1: Wall Street. At the top of the Bloomberg Sports Update,
Speaker 1: it's thanks John Onen caring. Irving isn't making news for
Speaker 1: not getting the vaccine and the controversy over him not
Speaker 1: being allowed to play home games. He's playing at least
Speaker 1: on the road, and last night Kyrie put on a shirt.
Speaker 1: Irvy left Week three. God, they're sixty for Kyrie Irvy,
Speaker 1: a franchise record a career high. Kyrie Irvy puts the
Speaker 1: Necks up ninety four with eight and a half to
Speaker 1: go on the fourth quarter a time out Orlando adn't added.
Speaker 1: Irvy then got taken out so he could have scored
Speaker 1: a lot more. He had forty one points at halftime,
Speaker 1: first NBA player to do that in five years. The
Speaker 1: Nets walloped the Magic one fifty two one oh eight.
Speaker 1: But tonight's game is at home, so Irving can sit
Speaker 1: in the stands, but he can't play. And now there
Speaker 1: are questions about met and Yankee players who haven't gotten
Speaker 1: the vaccine. Apparently it's the scene for outdoor sporting events,
Speaker 1: and when Aaron Judge was asked if he's vaccinated, he's
Speaker 1: sidestepped the question. The Yankees are bringing back Anthony Rizzo
Speaker 1: to play first base, acquired last summer after a decade
Speaker 1: with the Cubs. The Yanks hat now added three infielders
Speaker 1: in three days. Someone like Luke Voight and or Labor
Speaker 1: Torres may now have to go at the Garden Rangers
Speaker 1: fourth three overtime went over Anaheim Adam Fox the game winner.
Speaker 1: He also had two as says Chris cry to the
Speaker 1: game tying goal. His thirty ninth three assists for our
Speaker 1: Timmy panerin Devils lost in Vancouver six three. Islanders lost
Speaker 1: in Washington fourth three in the shootout. The Giants have
Speaker 1: signed vetterman Tyrod Taylor, so unlike last year when Daniel
Speaker 1: Jones got hurt, the Giants now have a dependable backup
Speaker 1: quarterback that Jet signed to free agent defensive backs Aphy
Speaker 1: Jordan Whitehead had been to Tampa Bay. Cornerback d J
Speaker 1: Read comes from Seattle down stash Award Bloomberg Sports, John
Speaker 1: all Right, John, thanks very much ahead of the cashholdon
Speaker 1: um Wall Street Singer rally. At least as futures are concerned.
Speaker 1: The down futures right now they are up two hundred
Speaker 1: d and mightty eight points. That's a ninth percent, SMP
Speaker 1: emanate futures forty five points higher. That's the RNs of
Speaker 1: one percent, and the dnsday futures up one point six
Speaker 1: six percent. That's up two hundred twenty three points. In
Speaker 1: German trading right now, the backs up two point six percent,
Speaker 1: and in London in the foot seed one hundred one
Speaker 1: point percent higher. Listening the Bloomberg day Break Bloomberg Weather
Speaker 1: forts today from ron Caroline, sunny and bile behind tamperture
Speaker 1: about sixty five degrees tomorrow, occasional light rain behind temperature
Speaker 1: topping out in the mid fifties. Yes, is Bloomberg Markets
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com. For the Bloomberg Business outland at Bloomberg Quicktake.
Speaker 1: This is a Bloomberg Business flash and I'm Karen Moscow
Speaker 1: and stocks are surging along with US stock index futures
Speaker 1: as China's vound as stabilized Battered markets lifts sentiment after
Speaker 1: weeks of worries about war and high inflation. Treasury yields
Speaker 1: are rising ahead of the Federal reserve rate decision, and
Speaker 1: we checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg s and P futures at fourty eight
Speaker 1: points of down futures of three nazack futures of two
Speaker 1: hundred thirty two. The decks in Germany's have two point
Speaker 1: six percent. The ten year treasury down seven thirty seconds
Speaker 1: yield two point one six percent. The yield on the
Speaker 1: two year one point eight five percent. Nine X screwede
Speaker 1: oil is at one point eight percent of a dollar
Speaker 1: seventy one at ninety eight dollars thirteen cents of barrel
Speaker 1: comics gold on a half percent or nine dollars fifty
Speaker 1: cents at nineteen twenty announced the euro one point oh
Speaker 1: nine nine three against the dollar, British found one point
Speaker 1: three zero six nine, the yen at one eighteen point
Speaker 1: three one, and bitcoin this morning of two point six
Speaker 1: percent at forty thousand, four hundred fifty dollars, and the
Speaker 1: International Energy Agency saying Russia's oil output may slump by
Speaker 1: about a quarter next month, inflicting the biggest supply shock
Speaker 1: in decades. As Buyer shown the nation's exports following its
Speaker 1: invasion of Ukraine. And that's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Muncle, Good morning, Good morning, Karen. Ukraine's president
Speaker 1: is preparing to make a direct appeal for more help
Speaker 1: and a rare speech by a four leader to the U. S.
Speaker 1: Congress even as Russia continued its bombardments of the Ukrainian capital.
Speaker 1: Previewing a speech to Congress, President Volodamir Zelenski thanked President
Speaker 1: Joe Biden and all the friends of Ukraine for thirteen
Speaker 1: point six billion dollars in new support. Meanwhile, officials from
Speaker 1: Ukraine and Russia are set for further talks today. In
Speaker 1: the NBA, the Nets on the Road beat the Magic
Speaker 1: one fifty one oh eight. Kyrie, You're being put up
Speaker 1: a sixty spot. In the NHL, the Rangers beat the
Speaker 1: Ducks in overtime for three. The Islanders lost in a
Speaker 1: shootout to the Capitals for three. The Devil's lost the
Speaker 1: Bruins one in ot against the Blackhawks to one. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundre journalists
Speaker 1: and analysts more than a d twenty countries. I'm Michael Barr,
Speaker 1: and this is Bloomberg John, Michael, thank you. It is
Speaker 1: coming up on Fine twenty on a little streep whee
Speaker 1: yard line from the Bloomberg Contract to Broker Studios. This
Speaker 1: is Bloomberg Tay Break. Russia and Ukraine are scheduled for
Speaker 1: another round of negoti asians today. That's got an update
Speaker 1: on the war in Ukraine. We're joined now by Bloomberg
Speaker 1: Executive editor for International Government, Rosalind Matheson. Ros Thanks for
Speaker 1: being with us this morning, What exactly are the negotiating positions?
Speaker 1: And I'm just parenthetically, can anybody even be sure that
Speaker 1: Russia is negotiating a good faith Well, these are the
Speaker 1: ongoing conversations that are at a lower official level. These
Speaker 1: are not ministers or above who are having these conversations,
Speaker 1: so there's limits to what they can actually discuss and negotiate,
Speaker 1: because of course the biggest stuff would only be approved
Speaker 1: by the Russian President Vladimir Putin himself. So these talk
Speaker 1: seem to be focusing on getting a broader potential cea
Speaker 1: spy in Ukraine, widening humanitarian corridors that only seem to
Speaker 1: be opening for a few hours at a time to
Speaker 1: let people leave areas that are really in the in
Speaker 1: the thick of the conflict, and so on, and so
Speaker 1: that seems to be where they are being concentrated. And
Speaker 1: that's where you see some initial sounds from either side
Speaker 1: that there could be prospects for some sort of progress,
Speaker 1: even if they say that the overall conversation remains quite difficult.
Speaker 1: Um and obviously any negotiations in this environment are very fraught,
Speaker 1: but they're really contained to focusing on those things the
Speaker 1: broader questions of how do you end this conflict, including
Speaker 1: the issue of Ukrainian neutrality and so on, that's probably
Speaker 1: being left at officials at a much higher level than
Speaker 1: these conversations. Can we pierce through the fog right now
Speaker 1: and get an accurate picture of what's happening on the ground, Well,
Speaker 1: it seems like the attacks on infrastructure and on cities
Speaker 1: are continuing from the air, so you're seeing shelling that's
Speaker 1: going on. Still, it looks like the Russian forces are
Speaker 1: making further progress in areas in the south. Certainly they've
Speaker 1: got the city of Mariopool under continuous siege at this point. However,
Speaker 1: their advance continues to be fairly slow outside Kiev, and
Speaker 1: the intelligence near Cranian side is that they're really focusing
Speaker 1: on reinforcing their positions existing positions right now outside Kia,
Speaker 1: rather than moving their forces forward. That said, the government
Speaker 1: in Kiev is taking every precaution. They've announced a curfew
Speaker 1: rather for that city that will run through till Thursday.
Speaker 1: That's suggesting it's not just Russian troops that they're worried about.
Speaker 1: It's perhaps some of the other elements that might be
Speaker 1: in this fight. Mercenary groups and others coming into the
Speaker 1: capital and trying to cause havoc at all hours. So
Speaker 1: that's what that curfew is probably about. Because more broadly,
Speaker 1: the Russian forces outside Kiev seemed to not be moving
Speaker 1: very far. Do we know what's getting into Ukraine from
Speaker 1: the west in terms of support, Well, certainly both humanitarian
Speaker 1: aid to some extent seems to be moving in, particularly
Speaker 1: across the Polish border, so that's reaching areas in western Ukraine,
Speaker 1: but very difficult to get aid into areas of southern
Speaker 1: Ukraine and those cities again that are under siege. Convoys
Speaker 1: are struggling to get through, getting stopped at roadblocks, and
Speaker 1: some one says some humanitarian aid is getting in. Obviously,
Speaker 1: military aid is also continuing to flow. Countries have been
Speaker 1: sending a lot of anti tank weaponry in particular that's
Speaker 1: pretty very effective against the Russian forces so far, and
Speaker 1: there's the reason again why they've struggled in places near Kiev.
Speaker 1: So that military stuff is continuing. Ukraine is obviously asking
Speaker 1: for a lot more, including fighter jets and someone that
Speaker 1: Western nations say right now isn't really feasible, um, so
Speaker 1: you can expect more of those requests, for example, to
Speaker 1: come today when the Ukrainian President addresses the US Congress.
Speaker 1: What do you expect from that speech to the Congress
Speaker 1: from Zolinski. You can expect a lot of thanks for
Speaker 1: what's been support that's come so far, and he's addressed
Speaker 1: different separate groups of lawmakers in the US of course
Speaker 1: in the past few weeks. But as he goes around
Speaker 1: parliaments around the world and gives these speeches, there's also
Speaker 1: an air of frustration that is evident in how he talks.
Speaker 1: He says that he's grateful for the support, but really
Speaker 1: NATO and the West to do much more. They need
Speaker 1: to actually send fighter jets in. They need to do
Speaker 1: a no fly zone over Ukraine, which is obviously very
Speaker 1: difficult for NATO to do. They need to get in
Speaker 1: a way involved militarily to the extent that they're not
Speaker 1: comfortable about. So you can expect him to press on
Speaker 1: those points again. Of course, the US and the US
Speaker 1: President has made clear that doing so would probably create
Speaker 1: a broader conflict, and then certainly NATO is not going
Speaker 1: to get involved to that extent, but certainly the Ukrainian
Speaker 1: president will make those points again publicly. Okay, and of
Speaker 1: course the world will be topic one when the President
Speaker 1: Biden travels to Europe next week. Rose, thanks very much,
Speaker 1: appreciate it. To Rosalind Matheson, the Bloomberg Executive editor for
Speaker 1: International Government Programming. No starting at ian o'clock are proctimately
Speaker 1: will you bring you live the speech from Ukrainian President
Speaker 1: Vladimir's Zelinsky right here on Bloomberg Radio and Bloomberg Television
Speaker 1: right now. Futures indicate a higher overenaud Wall Street down
Speaker 1: futures of two hundred ninety eight points s and be
Speaker 1: e many futures there are forty seven points. This is Bloomberg.
Speaker 1: Nice day on tap in the forecast sunny in miles today,
Speaker 1: the high temperature sixty five degrees and tomorrow's outlook occasional
Speaker 1: life Larry the high temperature in the mid fifties. This
Speaker 1: is Daybreak, Markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Outland,
Speaker 1: at Bloomberg Quick Tape. He's a Bloomberg Business Flash and
Speaker 1: I'm Karin Moscow stocks are surging and US Dot Index
Speaker 1: futures are climbing. As China's vow to stabilize battered markets,
Speaker 1: lift sentiment after weeks of worries about war and high inflation.
Speaker 1: Treasury yields rising ahead of the federal reserve rate decision.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. U S and P future is at
Speaker 1: forty five points down, futures up two eight two NAS day,
Speaker 1: few years up two hundred thirty one. The Dacks in
Speaker 1: Germany's up two point one percent, ten, your treasury down
Speaker 1: three thirty seconds. He'll two point one and a yield
Speaker 1: on a two year one point eight four percent. And
Speaker 1: that's a Bloomberg Business flash Show. Here's Michael Barr with
Speaker 1: more unless going on around the world. Michael Parin, thank
Speaker 1: you very much. Training and President Voladimir z Lensky said
Speaker 1: Russia's positions in the negotiations sound more realistic as the
Speaker 1: two signs are scheduled for another round of talks today. Meanwhile,
Speaker 1: President's Lenski will make a rare wartime address by a
Speaker 1: foreign leader to both chambers of Congress. You will plead
Speaker 1: with US lawmakers by video conference for more aid as
Speaker 1: Russia invades his country in the NBA, the nets on
Speaker 1: the Road be the Magic one fifty one oh Lay
Speaker 1: Kyrie Irving put up a sixty spot in the NHL.
Speaker 1: The Rangers beat the Ducks in overtime for three. The
Speaker 1: Islanders lost in the shoot out to the Capitals for three.
Speaker 1: The Devil's lost the Bruins one an ot against the
Speaker 1: black Hawks to one. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than journalists analysts in more than one twenty countries. I'm
Speaker 1: Michael bar This is Bloomberg Johns. Michael, thank you fine
Speaker 1: forty eight on one Street. We're lying for the Bloomberg
Speaker 1: inturant to Brokers Studios. This is Bloomberg Daybreak. It is
Speaker 1: lift off. The Federal Reserve concludes a two day meeting
Speaker 1: today with the expended start of an interest rate hiking cycle.
Speaker 1: Let's get a preview now. Sarah House is senior economist
Speaker 1: at Wells Fargo. Hi, Sarah, thanks for being with us
Speaker 1: this morning. Quarter points seems to be baked into the
Speaker 1: cake today. So that leaves, at least for me wondering
Speaker 1: about the future path. What do you suppose we're going
Speaker 1: to see with the dot plots? Right? So the basis
Speaker 1: point hike is pretty much a done deal, we think,
Speaker 1: based on Pal's testimony the other week, right before the blackout.
Speaker 1: But you're right, it really comes down to the path ahead.
Speaker 1: So we will get an update via the dot plot
Speaker 1: in terms of what the FED thinks that the most
Speaker 1: likely path of Paul se is. But we have to
Speaker 1: remember that there's heightened uncertainty in this environment. So not
Speaker 1: only do we have the highest inflation in forty years,
Speaker 1: but of course now we've got layered on this Russian
Speaker 1: invasion of Ukraine. And we also have to remember it's
Speaker 1: only March, So even if we see the dot plot
Speaker 1: shift higher, there's there's still questions over when those additional
Speaker 1: rate hikes get get played out. So is fifty basis points,
Speaker 1: for example, still on the table at some point. I'm
Speaker 1: sorry going to sound a little bit like Paul Vulkari
Speaker 1: in the messaging that he delivers today. What do you
Speaker 1: expect from the Fed here? I think he will be
Speaker 1: really firm in that the FED does have that the
Speaker 1: FED is very serious about their objective of obtaining inflation,
Speaker 1: that that's good for growth, it's ultimately good for the
Speaker 1: labor market. So I think he will talk pretty tough
Speaker 1: on on that, but I think he will acknowledge that
Speaker 1: there's there's still a lot that they that they don't
Speaker 1: know in terms of how all this is going to unfold.
Speaker 1: But they want to be better positioned around curtailing that inflation,
Speaker 1: which is why I think the dot plot and what
Speaker 1: he will indicate will will signal a series of great
Speaker 1: hikes in the coming meetings. So the shot that we
Speaker 1: got from the war in Ukraine, does that mean a
Speaker 1: more dubbish hiking cycle. Not necessarily, because I think overall,
Speaker 1: the typical playbook of looking through commodity shocks still applies
Speaker 1: for for the FED. And when you strip out what's
Speaker 1: happening headline inflation, via and via growth, you're still left
Speaker 1: with core inflation, which is exceptionally strong. So back in December,
Speaker 1: the FED was looking for core inflation to be two
Speaker 1: point seven percent by the end of next year. Bloomber
Speaker 1: consensus right now is estimating that's three six. We think
Speaker 1: it will be even higher above four percent, and so
Speaker 1: I think they still have to tackle this inflation problem.
Speaker 1: And while there is going to be a growth hit,
Speaker 1: we think it's manageable. Given the starting point of the
Speaker 1: US economy, so we think they're still very much tied
Speaker 1: too tackling inflation. We often hear that the cure for
Speaker 1: higher prices is in fact higher prices. Is there any
Speaker 1: demand destruction out there that you will see? Well, I
Speaker 1: think we will see some some curtailment, and we look at,
Speaker 1: for example, things like how much perhaps some consumers are
Speaker 1: are driving. But this is coming at a point when
Speaker 1: consumers are in really strong financial shape. So we've talked
Speaker 1: lots about the excess savings over the past year and
Speaker 1: a half as well as the strong balance sheet, and
Speaker 1: so I think there's there's still some room to withstand
Speaker 1: this for for consumers. And so we're not quite at
Speaker 1: the point where, um where I think we'll see, you know,
Speaker 1: massive demand destruction, but I think we will see some
Speaker 1: pulling back leading to slower growth. But again, this is
Speaker 1: all very manageable given the starting point of the US economy,
Speaker 1: and has the rate of inflation peaked at this point
Speaker 1: where the expect it to go this year, it's it's going,
Speaker 1: it's close to peak, and if it hasn't already, so
Speaker 1: I think in part it will come down to the
Speaker 1: path of oil. So obviously with the moves we've seen recently.
Speaker 1: I think that does support that the peak is is
Speaker 1: probably close here in terms of the March data. But
Speaker 1: again there's a lot of uncertainty, and we've seen how
Speaker 1: quickly things and markets can change, so it's hard to
Speaker 1: say for for certain if if inflation has peach. But
Speaker 1: I think we are getting to a point where not
Speaker 1: only our base effects getting harder, but of course we've
Speaker 1: had this tightening in financial conditions blowing demand, and so
Speaker 1: that should help bring inflation down. Sara, Always a pleasure appreciated,
Speaker 1: Sarah Housing, your economist at Wells Fargo. Karen, all right, John,
Speaker 1: thank you. It is five fifty three on Wall Street.
Speaker 1: Time for the Bloomberg Law Report, brought to you by
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Speaker 1: dispute resolution for over ninety years. More at a dr
Speaker 1: dot org. Now, let's get to the legal stories we're
Speaker 1: watching this morning. From Bloomberg's Jeff Bellinger, Forty lawyers who
Speaker 1: have argued before the Supreme Court signed a letter to
Speaker 1: Chief Justice Robert's urging that the live audio feeds of
Speaker 1: oral arguments that began during the pandemic be made permanent.
Speaker 1: Witnesses told a Senate panel that backlogs in the processing
Speaker 1: of Green card applications have employers struggling to retain top
Speaker 1: foreign talent. The e p A says it is being
Speaker 1: cautious about rules on some risky chemicals and it may
Speaker 1: not start regulating the chemicals until five or later. Bloomberg
Speaker 1: Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: at Bloomberg Law dot com. All right, John, thank you,
Speaker 1: and now another legal story we're watching. W n D
Speaker 1: A star Brittney Griner has been detained in Russia for
Speaker 1: almost a month after Russian authorities say they found vape
Speaker 1: cartridges containing cannabis oil in her luggage during a search
Speaker 1: at an air or near Moscow. Grinder has been assigned
Speaker 1: a Russian attorney, but very little else is known about
Speaker 1: her case. The Russian system of justice is very different
Speaker 1: from our adversarial system, and the acquittal rate is less
Speaker 1: than one per cent. For more, Bloomberg's doing Grosso speak
Speaker 1: to Jeffrey Kahn, a professor of law at s m U.
Speaker 1: I've heard experts say that once someone gets arrested in Russia,
Speaker 1: it's nearly impossible to get them out from behind bars.
Speaker 1: But I will say that a lot of experts on
Speaker 1: the Russian criminal justice system and the Russian legal system
Speaker 1: I have come to a conclusion that Russia operates what
Speaker 1: you could call a dual state. On the one hand,
Speaker 1: the criminal justice system and the entire judicial system is
Speaker 1: staffed with very competent, well educated professional men and women
Speaker 1: in the form of judges and prosecutors and defense attorneys
Speaker 1: and investigators. And the system has gotten much much better
Speaker 1: to the point where it can perform professional efficiently and
Speaker 1: even fairly in the mind run of cases, ordinary cases
Speaker 1: of no concern to the state. But when the state
Speaker 1: takes an interest in a particular case, or in a
Speaker 1: more corrupt manner, individual oligarchs or people with power taken
Speaker 1: interest in a particular case, that case can metaphorically move
Speaker 1: over to a political side of the docket, where it's
Speaker 1: very very difficult to get a result that's solely based
Speaker 1: on law. There is much more concern for political influence
Speaker 1: in particular cases. There is a heavy thumb on the
Speaker 1: scales of justice that is placed there by the state,
Speaker 1: which is in control of the case file, when the
Speaker 1: state or people of power in that system have an
Speaker 1: interest in those cases. Do we know what's happening now?
Speaker 1: Should we assume that the Russian investigator is building the
Speaker 1: case against S. Griner and then when he or she
Speaker 1: is done, will know what the charges are. Yes, under
Speaker 1: the theory of an includatorial system, it's not that the
Speaker 1: investigator is building the case against Grinder, but the idea
Speaker 1: would be that the investigator is gathering all of the evidence. Now,
Speaker 1: under the Russian Criminal Procedure Code, a defense attorney now
Speaker 1: has the opportunity to do his or her own direct
Speaker 1: investigation as well as to try to be involved in
Speaker 1: immediate way in the investigator's work. But yes, what's happening
Speaker 1: now is the development of the case file, and there
Speaker 1: are time limits on that. The initial time limit is
Speaker 1: two months, but that can be extended by a court
Speaker 1: if more time is needed. Likewise, that time limit is
Speaker 1: pretty closely tied to the limits on pre trial detention.
Speaker 1: So if MS Grinder is in pre trial detention now,
Speaker 1: the next stage that has to be completed is the
Speaker 1: completion of the case file. And that's Jeffrey Kahn, a
Speaker 1: professor of Law s m U, speaking at the Bloomberg
Speaker 1: Student Gross. So catch more of that interview plus analysis
Speaker 1: of the latest legal news, but subscribing to the Bloomberg
Speaker 1: Law podcast are downloading this show at Bloomberg dot com
Speaker 1: slash podcasts. Attorneys can find exceptional legal research and business
Speaker 1: development tools at Bloomberg Law dot com and on the
Speaker 1: Bloomberg terminal at v law Go. And futures this morning
Speaker 1: are on the rise. SNP futures up forty three points,
Speaker 1: Dow futures up two hundred seventy, NASDACK futures up two
Speaker 1: hundred eighteen and NIMEX screwed oil up seven tenths per
Speaker 1: cent or sixty seven cents. It's at ninety seven dollars
Speaker 1: thirteen cents of barrel and Bloomberg Day Break continues. This
Speaker 1: is Bloomberg