Speaker 1: Live from the Bloomberg Interactive Burger Studios is Bloomberg day
Speaker 1: Break for Tuesday, December two. Coming up this hour, the
Speaker 1: Bank of Japan shocks markets with a big policy pivot.
Speaker 1: The January six Committee recommends severe punishment for former President Trump.
Speaker 1: F t X co founder Sam Bankman Freed could be
Speaker 1: on his way home from the Bahamas, and Twitter turmoil
Speaker 1: continues after Elon must stay silent over his role at
Speaker 1: the company. Los Angeles jury finds disgraced movie mogul Harvey
Speaker 1: Weinstein guilty of rape. Plus protesters target a New York
Speaker 1: councilman for supporting Drag Story Hour. I'm Michael Lauren Ahead,
Speaker 1: I'm John stash Our Sports, the Factors beat the Rams.
Speaker 1: The Islanders got shot out the Red Hot Necks. So
Speaker 1: it's Golden State Cannet. That's all trading Ahead on Bloomberg
Speaker 1: day Break on Bloomberg eleven three on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Sirius XM one nine Team and around
Speaker 1: the world Old on Bloomberg Radio dot Com and via
Speaker 1: the Bloomberg Business app. Good morning. I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow, and US DOT index futures are little
Speaker 1: change this morning. We check the markets all day long
Speaker 1: here on Bloomberg radios, and p future is little change.
Speaker 1: So are down futures nowsday futures lower down a quarter
Speaker 1: percent or twenty five points that decks in Germany's down
Speaker 1: a quarter percent as well, and a tenure treasury down
Speaker 1: twenty thirty seconds, you know, three point six six percent, Nathan, Karen.
Speaker 1: We begin overseas with the Bank of Japan sparking big
Speaker 1: market moves. This morning. In a hawkish shift, b O
Speaker 1: j Governor Harhiko Coroda doubled the cap on tenure yields,
Speaker 1: paving the way for possible policy normalization under a new governor.
Speaker 1: The yen has strengthened sharply in response, while government bonds slump.
Speaker 1: The Bank of Japan is billing the move as a
Speaker 1: way to enhance monetary easy, but Blue Bay Asset Management
Speaker 1: portfolio manager Russell Matthew says it could be the start
Speaker 1: of an exit from stimulus policy. Do we think that
Speaker 1: this is just an oscillated move asolute not? This is
Speaker 1: the beginning of normalization they've been increasingly struggling to hold uh,
Speaker 1: you know, the the the the their hard policy mixed
Speaker 1: the emergency policy mix that that that's now sort of
Speaker 1: changed and we're on the we're on the pathway to
Speaker 1: normalization um and the market is going to be pretty
Speaker 1: volatile as we progress along that path. Russell Matthews along
Speaker 1: with others that blue they have long predicted the b
Speaker 1: o J's hawk is shift and taking a look at
Speaker 1: the end right now it is stronger against the dollar
Speaker 1: by three and a half percent at one thirty two
Speaker 1: point three two Well Nathan training in the Asia Pacific
Speaker 1: overnight was dominated by the BOJ news and let's get
Speaker 1: the recap from Bloomberg's and abound rulers in Sydney. What
Speaker 1: policy makers are now going to allow is the ten
Speaker 1: year yield to reach point five percent on its trading
Speaker 1: band that had previously been set the upper limited point
Speaker 1: to five percent. So a huge change for US yields
Speaker 1: moving higher. Stocks slumping across the board, particular in those
Speaker 1: sectors that are more sensitive to rising yields like property, texts,
Speaker 1: financials though absolutely jumping with the likes of Mitsubishi UFJ.
Speaker 1: That's a huge lender there in Japan, rising by the
Speaker 1: most in six years. Otherwise, the major story markets today
Speaker 1: with what's happening in China. We are continuing to monitor
Speaker 1: that COVID outbreak there. We did see the cs I
Speaker 1: three hundred trading in the red in Sydney. I'm Annabel
Speaker 1: Rule's Bloombow daybreak. All right, Annabel, thanks, Let's stay overseas
Speaker 1: for another story out of Asia. Social media posts in
Speaker 1: China signal COVID deaths may be much higher than Beijing's
Speaker 1: official count. Now China confirms it has changed the method
Speaker 1: for county fatalities, narrowing the definition of a COVID death.
Speaker 1: China reported just five fatalities tied to the virus today.
Speaker 1: Bon yeels across the glober rising this morning, Nathan, Thanks
Speaker 1: to that policy shift from the Bank of Japan and
Speaker 1: US stock index futures are a little change after four
Speaker 1: days of losses initially propelled by hawkish rhetoric from the FED.
Speaker 1: Optimism about a policy pivot could finally be waning. But
Speaker 1: if not and stocks push higher, Former New York Fed
Speaker 1: President Bill Dudley said that could lead to more tightening.
Speaker 1: The market thinks that the federal blank, what's the umployer
Speaker 1: rate starts going market is basically saying that the Fed
Speaker 1: doesn't mean what it says. That they're saying this to
Speaker 1: try to talk tough, but when the going gets difficult,
Speaker 1: the Fed will fold. I don't believe that. I think
Speaker 1: Paul's going to do what he says. And former New
Speaker 1: York Fed governor and Bloomberg opinion columnist Bill Dudley may
Speaker 1: the comments on Bloomberg Surveillance catch the program weekday mornings
Speaker 1: on Bloomberg radio and television. Are subscribed to the Daily
Speaker 1: Bloomberg Surveillance podcast on Apple's Spotify and anywhere else you
Speaker 1: get your podcasts. Turning to politics, now, Karen, we have
Speaker 1: major development centered on Donald Trump. House Committee has recommended
Speaker 1: the former president be prosecuted for his role in the
Speaker 1: January sixth assault on the U. S. Capital. This marks
Speaker 1: the first ever such referral of a former president. After
Speaker 1: a seventeen month investigation, Democratic Maryland Congressman Jamie Raskin says
Speaker 1: Trump would be disqualified from holding office if convicted. The
Speaker 1: committee has developed significant evidence that President Trump intended to
Speaker 1: disrupt the peaceful transfer transition of power under our constitution.
Speaker 1: Maryland Congressman Jamie Raskin said, as former President Trump failed
Speaker 1: in his constitutional duty, well turning from politics to crypto Now, Nathan,
Speaker 1: it was a wild day in Core for former f
Speaker 1: t X CEO Sam Bankman Freed, who can now be
Speaker 1: headed back to the US sooner than we thought. And
Speaker 1: Bloomberg Steve Rappaport joins US Live with that story. Steve,
Speaker 1: good morning, Good Morning, Karen, and Nathan. Mixed messages took
Speaker 1: center stage in court, with Bankman Freed and his attorney
Speaker 1: not on the same page. SPF said in court he
Speaker 1: was ready to face the music in the US, but
Speaker 1: at the same hearing, his local lawyer said he was
Speaker 1: unaware of the plan. Later in the day, Jarn Roberts
Speaker 1: appeared to reverse himself, telling reporters Bankman Freed would not
Speaker 1: fight extradition to the US, where he faces charges of
Speaker 1: fraud over the sudden collapse of f t X. Last week,
Speaker 1: he vowed to fight extradition, but sources tell Bloomberg the
Speaker 1: change in heart is in part motivated by the expectation
Speaker 1: that he will be able to get bail here in
Speaker 1: the US. Live in New York, I'm Steve Rappaport, Bloomberg Daybreak,
Speaker 1: All right, Steve, thanks, and wouldn't be a day in
Speaker 1: December if we didn't have more news on Twitter. The
Speaker 1: latest development has Elon Musk saying the company will now
Speaker 1: limit voting on Twitter policy matters two Blue members. Bloomberg
Speaker 1: said Baxter has the story. This coming after fifty seven
Speaker 1: percent of the respondents to his poll about whether he
Speaker 1: should step down said yes. Musk does say that this
Speaker 1: was in response to somebody who had messaged him earlier
Speaker 1: in the day. Now there were more than ten million
Speaker 1: votes saying that he should relinquish his role. Musk also
Speaker 1: tweeted that nobody wanted his job and that it would
Speaker 1: be impossible to find a successor, although he didn't directly
Speaker 1: address whether he was going to step down. In San Francisco,
Speaker 1: I'm at Baxter Bloomberg Daybreak, Okay and thanks SMP. Futures
Speaker 1: right now down four points, Stown Future is higher by
Speaker 1: six nas Neck future is lower by thirty points, and
Speaker 1: the tenure treasuries down twenty one thirty seconds now, the
Speaker 1: yield three point six six percent, yield on the two
Speaker 1: year four point seven percent, the en one thirty two
Speaker 1: point four one against the dollars. Straight ahead, your latest
Speaker 1: local headlines, and a check of sports. This is Bloomberg,
Speaker 1: six oh seven on Wall Street, thirty two degrees in
Speaker 1: Central Park, looking for sunshine in a high near forty today,
Speaker 1: getting down to the upper twenties tonight with clear, partly
Speaker 1: cloudy conditions. Let's bring in Michael Barr for a look
Speaker 1: at what else is going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning Nathan. Los
Speaker 1: Angeles jurors found his Grace movie mogul Harvey Weinstein guilty
Speaker 1: of rape and sexual assault of one of the four
Speaker 1: accusers he was charged with abusing. Weinstein was found guilty
Speaker 1: after a woman said he appeared uninvited at her hotel
Speaker 1: room door during a Los Angeles film festival in Weinstein,
Speaker 1: who is two years into a twenty three years sentence
Speaker 1: for a rape and sexual assault conviction in New York,
Speaker 1: could get up to twenty four years in prison in
Speaker 1: California when he's sentenced. New York Council member Eric Mancher
Speaker 1: says he was targeted by a group that calls itself
Speaker 1: Gaze against Groomer's. Bacher says over the weekend they protested
Speaker 1: outside the Drag Story Hour, in which person in drag
Speaker 1: reads children's books to kids at a public library and Chelsea.
Speaker 1: It's a very successful and popular program around the country. Unfortunately,
Speaker 1: on the Internet there are these very dark and unhinged
Speaker 1: of memes that really have convinced some of these people
Speaker 1: that children are being sexually groomed, says two of the
Speaker 1: protesters arrested made it as far as the lobby in
Speaker 1: his apartment building. Congressman elect George Santos of Long Island,
Speaker 1: who helped Republicans flip a House seat, is now in
Speaker 1: the hot seat. The New York Times report is now
Speaker 1: calling into question parts of his resume. On the campaign trail,
Speaker 1: Santos talented his experience as a Wall Street financier, but
Speaker 1: the Times now reports that Santos never worked at Goldman Sacks,
Speaker 1: as he claimed. His opponent in the last month's race,
Speaker 1: Robert Zimmerman, the House Ethics Committee, I got to investigate
Speaker 1: these allegations. An attorney for Santos fired back, saying George
Speaker 1: Santos represents the kind of progress that the left is
Speaker 1: so threatened by. A gay, Latino, immigrant and Republican. A
Speaker 1: dedication ceremony was held in Central Park for a group
Speaker 1: of black and Hispanic men became known as the Central
Speaker 1: Park Five. An entrance to the park was renamed as
Speaker 1: the Gate of Exonerated in honor of the five men
Speaker 1: wrongly convicted for attack and rape in the park. New
Speaker 1: York Mayor Eric Adams, we should be having school trips
Speaker 1: to talk about this story. The men were cleared in
Speaker 1: two thousand two. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake, powered by more than
Speaker 1: twenty seven hundred journalists analysts in more than a hundred
Speaker 1: twenty countries. I'm Michael bar This is Bloomberg, Nathan. Thanks Michael.
Speaker 1: Almost six ten on Wall Street. Time for the Bloomberg
Speaker 1: Sports Update, brought to you by Tri State Aunty with
Speaker 1: John Stashown. All right, Nathan Nixon, Rangers of both ones
Speaker 1: set in a row, look to keep the streets going
Speaker 1: tonight at the Garden. Nixon Warriors always a hot te
Speaker 1: kid when Golden State comes in. Although no Steph Curry
Speaker 1: and the Warriors are under five hundred. The Rangers play
Speaker 1: in Pittsburgh, Islanders where in Colorado. Scoreless through sixty five
Speaker 1: minutes and the only one goal scored in the shootout
Speaker 1: and the Ads won one. Nothing Isles got forty six
Speaker 1: days Fromelia Sorokin, but they now lost four of their
Speaker 1: last five Rams and Packers figured to be two of
Speaker 1: the best of the NFC. They are certainly not Green
Speaker 1: Bay and fifteen degree Weather. On twenty four to twelve,
Speaker 1: the Rams, with their tenth loss, tie the record for
Speaker 1: most defeats by a defending Super Bowl champions short working
Speaker 1: for the Jets. They host Jacksonville Thursday. If Mike White
Speaker 1: can't play, it'll be Zack Wilson against the Jacks Trevor Lawrence.
Speaker 1: They were the first two picks of draft. Lawrence has
Speaker 1: been playing great for Jacksonville, is only game out of
Speaker 1: first place. But Wilson returned Sunday to the Whites injury.
Speaker 1: Wasn't as bad as he was before he got bench,
Speaker 1: when he certainly made some mistakes. His coach was Robert Sala,
Speaker 1: this kid's gonna be a good quarterback. Um, they're the
Speaker 1: the NFL and this this new instant call off the
Speaker 1: world that we're in just does not want to give
Speaker 1: people time and uh, and so we look at him
Speaker 1: and he has just nitpicked with it and just with
Speaker 1: a fine tooth comb. Everything that he does pretty much
Speaker 1: must win for the Jets. Thursday, have they hope to
Speaker 1: make the playoffs and City Field, the Mets introduced their
Speaker 1: new Japanese import, Codai Senga Secligo puts down of the
Speaker 1: Mets bullpen in the past seven years. He signed with
Speaker 1: San Diego. Tom Brownie, who pitched for Cincinnati for eleven years.
Speaker 1: Once to a perfect game has passed away. Brownie was
Speaker 1: sixty two. John Stash, Bloomberg Sports nack all right, John
Speaker 1: Thags and Bloomberg Sports was brought to you by Audie.
Speaker 1: Don't let someone else drive off in the outie model
Speaker 1: you've always wanted. Visit your local Christ State autie dealer
Speaker 1: to get behind the wheel of yours today, or visit
Speaker 1: outie Offers dot com for more information. Right now, SMP
Speaker 1: futures are down two point, staff futures up twenty two,
Speaker 1: NASTAC futures are lower by twenty four points. The real
Speaker 1: actions in the treasury and currency markets this morning. The
Speaker 1: ten years down twenty one thirty seconds yield three point
Speaker 1: six six per cent. Live from coast to coast, from
Speaker 1: New York to San Francisco, Boston to Washington, d C
Speaker 1: nationwide on Sirius x amp, the Bloomberg Business app, and
Speaker 1: Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm
Speaker 1: Nathan Hagar, continuing to look at the market reaction following
Speaker 1: the surprise announcement from the Bank of Japan raising doubling
Speaker 1: the cap on tenure yields UH in a move that
Speaker 1: was expected after the next governor of the Bank of
Speaker 1: Japan is seated. Let's bring in liz An Saunders to
Speaker 1: get her reaction to this, Chief investment strategist at Charles Schwab,
Speaker 1: Liz Ann, Good morning. We're seeing a big move in
Speaker 1: the yen this morning and a selloff in US treasuries.
Speaker 1: What do you make of this bo j decision? Well,
Speaker 1: it was it was clearly a surprise that you know,
Speaker 1: Japan represented an outlier in terms of tighter monetary policy.
Speaker 1: We saw already the reaction by by the end and
Speaker 1: UH and yields. But I I think that it just
Speaker 1: puts now one last bit of further pressure up on
Speaker 1: global rates. And what a lot of people don't realize
Speaker 1: is if you correlate the US economy, that's my Bailly Wook.
Speaker 1: Obviously two rates. There's a higher correlation between the U
Speaker 1: S economy and global rates than there is between the
Speaker 1: US economy and US rates. So you're just not adding
Speaker 1: another central bank into the mix here. Okay, So what
Speaker 1: kind of pressure could we see on treasury yields going forward?
Speaker 1: What kind of steepening do you think we could be
Speaker 1: in for? Well, and I'm not you guys have had
Speaker 1: on Kathy Jones, my my counterpart, She's are our fixed
Speaker 1: income strategists. I I spend my day mostly in the
Speaker 1: the equity world, but we actually, you know, her group
Speaker 1: has been suggesting lengthen and duration under the view that
Speaker 1: even if and even based on what the fetish said,
Speaker 1: the terminal rate may be slightly higher than what was
Speaker 1: expected prefl and C meeting. I think the market across boats,
Speaker 1: fixed income and equities is now pricing in a weaker
Speaker 1: economy and probably more definitive procession, which event eventually puts
Speaker 1: some maybe further downward pressure on yield. So near term
Speaker 1: we would expect more inversion, but then you'll start to
Speaker 1: see the potential of of the recession get priced in
Speaker 1: across the curve. Well, what are the implications than for equities?
Speaker 1: As you say they are your Bailey Wick. If we
Speaker 1: see further weakness in the dollar, the further flight potentially
Speaker 1: into the yen, What could that potentially mean for US equities. Well,
Speaker 1: we know the impact that the strong dollar has had
Speaker 1: on equities. There's a lot of other factors obviously that
Speaker 1: the trobe equities into the bear market um somewhat related
Speaker 1: to the stronger dollar, with aggressiveness of the Fed, the
Speaker 1: pace at which they've been raising interest rates. The dollar
Speaker 1: strength worked its way into lower corporate earnings, at least
Speaker 1: for multinational companies, because for every one dollar move higher
Speaker 1: in the dollar, you you tend to I mean one
Speaker 1: percent moved higher on the dollar, you tend to get
Speaker 1: about half of that down in terms of earnings estimates.
Speaker 1: A bit of a stability and or weakness in the
Speaker 1: dollar could be a positive feeder into earnings forecast, but
Speaker 1: there are a lot of other downward pressures on earnings
Speaker 1: forecast looking into three. So maybe if we see a
Speaker 1: week er dollar can be at least a marginal benefit
Speaker 1: to corporate earnings. But when you add into the mix
Speaker 1: just the deterioration in the economy, the increasing unit labor cost,
Speaker 1: lower productivity, waning top line growth tied to inflation having
Speaker 1: world over, I think the path of leash resistance for
Speaker 1: forward estimates is still quite a bit down. Does that
Speaker 1: have any effect on the FED to have one more
Speaker 1: or central bank potentially in the hawk ish camp with
Speaker 1: so many other central banks now, I don't think so.
Speaker 1: Maybe on the margin they pay attention to it, but
Speaker 1: there's very little, if any reference typically to what other
Speaker 1: central banks are doing. So no, I would I would not.
Speaker 1: I think the path there on is the path there on,
Speaker 1: and not show this announcement today by Corona really moves
Speaker 1: the needle all that much for the fact. All right, well,
Speaker 1: we do have more data for this data dependent FED.
Speaker 1: We get new housing information later. I was looking at
Speaker 1: your Twitter feed noting that home builder sentiment is near
Speaker 1: its COVID low. What are you expecting from the housing
Speaker 1: starts that we get today? So I don't. I don't
Speaker 1: try to forecast, you know, individual economic numbers, but the
Speaker 1: housing data has been absolutely abysmal. You know, for all
Speaker 1: the debate about recession no recession, there's no question pockets
Speaker 1: of the economy are in recession and the pretty ugly
Speaker 1: recession housing and how many housing related areas being one
Speaker 1: of them. When you look at the plunge in something
Speaker 1: like b h B Housing Market Index, it does start
Speaker 1: to look like, Okay, how much worse can it kept
Speaker 1: from here? Not to try to call a bottom there,
Speaker 1: because that's a sentiment indicator that tends to lead other areas,
Speaker 1: whether it's building permits, whether it's housing starts. So before
Speaker 1: you get any meaningful lift in something like housing starts
Speaker 1: building permits, you probably want or need to see a
Speaker 1: bit more stabilization in that leading indicator of a housing
Speaker 1: market sediment. We're certainly not there yet. Thanks as always, LIZI,
Speaker 1: and great having you on with us this morning. Lizzie Saunders,
Speaker 1: chief investment strategist at Charles Schwab. Right now, SMP futures
Speaker 1: are little changed to the downside. Now futures are still
Speaker 1: highed by thirty two points. That's again of a tenth percent.
Speaker 1: Nasdaq future is still lower, down nineteen points, a decline
Speaker 1: of two tenths per cent. There, the tenure Treasury is
Speaker 1: down twenty one thirty seconds. Yield on the benchmark tenor
Speaker 1: note three point six six percent. This is Bloomberg Markets
Speaker 1: headlines and breaking news twenty four hours a day, at
Speaker 1: Bloomberg dot Com and Bloomberg Business and at Bloomberg Quicktake.
Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow.
Speaker 1: This update brought to you by s E. I imagine
Speaker 1: your asset management firms operational infrastructure as a competitive advantage.
Speaker 1: Let see I show you how at se i C
Speaker 1: dot com slash I M s and futures are a
Speaker 1: little change this morning. The tenure Treasury is down twenty
Speaker 1: one thirty seconds here three point six six percent, yield
Speaker 1: on the two year four point to seven percent. And
Speaker 1: I'm ex scrude oilis' winted at third percent of one
Speaker 1: dollar at seventy six dollars nineteen cents of barrel. The
Speaker 1: yen this morning it is at one thirty two point
Speaker 1: three six jumping against the dollar, up three point four percent.
Speaker 1: And as a Bloomberg Business Flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael Darn,
Speaker 1: thank you very much. A House Committee record, and did
Speaker 1: that Donald Trump be prosecuted for his role in the
Speaker 1: January sixth assault on the US capital, the first ever
Speaker 1: such referral of a former president. Representative Jamie Raskin said
Speaker 1: it would disqualify Trump from holding office if convicted. The
Speaker 1: Supreme Court granted the temporary stay on the immigration restriction,
Speaker 1: known as Title forty two. It was expiring tomorrow, but
Speaker 1: nineteen Republican led states filed an appeal. Monday night football,
Speaker 1: the Packers beat the Rams twelve in the NHL. The
Speaker 1: Islanders lost in his shootout to the Avalanche one zip.
Speaker 1: The Capitals and Bruins were winners. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan,
Speaker 1: Thanks Michael. At six three on Wall Street. I'm Nathan
Speaker 1: Hagar and this is Bloomberg day Break. Let's get more
Speaker 1: now on that recommendation from the January six Committee that
Speaker 1: Donald Trump, the former president, be prosecuted for alleged crimes
Speaker 1: tied to the insurrection at the Capitol Committee me pres
Speaker 1: voted unanimously that the former president should face four federal
Speaker 1: criminal charges linked to efforts to overturn the election. For
Speaker 1: the legal perspective on this situation, let's hear from former
Speaker 1: federal prosecutor Michael Zelden. As the committee prepares to hand
Speaker 1: over its evidence that they've collected over the past seventeen months,
Speaker 1: Michael Zelden sat down with our Washington correspondent Joe Matthew
Speaker 1: to discuss what comes next. Let's listen in what does
Speaker 1: d o J do when all of this material arrives.
Speaker 1: They read it, and they assess it, and they evaluated
Speaker 1: in relationship to the material that they are themselves independently
Speaker 1: gathering in their grand jury investigation. And then in the
Speaker 1: review process they make determinations as to whether or not
Speaker 1: they believe they have a prosecutable case that they can
Speaker 1: win at trial and sustain on appeal, and if so,
Speaker 1: then they make a decision whether to charge. And do
Speaker 1: you have a gut check after everything you've heard here,
Speaker 1: or give us a sense of the competing cultures between
Speaker 1: d o J and Congress. They've got their own investigation
Speaker 1: going there, eventually learning more than the committee did, except
Speaker 1: that they don't have to prove anything beyond the reasonable doubt.
Speaker 1: They just have to have evidence that they feel is
Speaker 1: sufficient to justify a referral. The Justice Mormon that has
Speaker 1: to be able to marshal that evidence and the facts
Speaker 1: supporting it to have a jury reach a verdict beyond
Speaker 1: the reasonable doubts. So it's a different standard that each has.
Speaker 1: That said, of course, they're looking at the same category
Speaker 1: of witnesses and they're gathering the same types of testimony,
Speaker 1: with the big difference being that d o J, because
Speaker 1: of its subpoena power in the context of a criminal investigation,
Speaker 1: has been able to breach the stone walling of false
Speaker 1: claims of executive privilege. So they've been getting the testimony
Speaker 1: that the Congress could not get. So they've got stuff
Speaker 1: that's additive to what the Congress was not able to get.
Speaker 1: How much of this is about Donald Trump versus his
Speaker 1: co conspirators? John Eastman was named by the committee today,
Speaker 1: Others were listed uh in the summary of the forthcoming report.
Speaker 1: Are they all in really big trouble? Or is this
Speaker 1: a Donald Trump's story? They alleged conspiracies here, and conspiracies
Speaker 1: require more than one person, And so there are people
Speaker 1: here who have jeopardy and you know, I expect are
Speaker 1: represented by hopefully good lawyers, because the system works best
Speaker 1: when everyone has good lawyers. And I think that there
Speaker 1: are a lot of people who are going to be
Speaker 1: facing very difficult decisions about whether to fight this or
Speaker 1: begin now to cooperate. There's a category of crimes here,
Speaker 1: or potential crimes here that hasn't been explicitly set forth
Speaker 1: in the report, but which are implied in the report,
Speaker 1: which is sub suborning, perjury and witness tampering. And that's
Speaker 1: the testimony. Some people like Hopes Hick said that before
Speaker 1: she testified, she got a call which said a sense,
Speaker 1: really he's watching. He can help you. You know, you
Speaker 1: can not recall things. Even if you recall him. That stuff,
Speaker 1: if provable, are very serious charges against lawyers for suborting
Speaker 1: the perjury and for witness tampering for those who gave
Speaker 1: the directions to pass along the will protect you if
Speaker 1: you do the right thing, and if they have evidence
Speaker 1: sufficient uh to that, then I think you're going to
Speaker 1: see a lot of people rushing to cooperate. That's former
Speaker 1: federal prosecutor Michael Zeldin speaking with our Washington correspondent Joe
Speaker 1: Matthew on Bloomberg sound On. Stay with us for more
Speaker 1: legal analysis of this story as it continues to develop
Speaker 1: and catch more conversations like this one on the Daily
Speaker 1: Sound On podcast. Subscribe on Apple, Spotify, or anywhere else
Speaker 1: you get your podcast. We're gonna check in live with
Speaker 1: Joe Matthew to get more on the fallout from that
Speaker 1: January six decision. First, we get a look at today's
Speaker 1: Bloomberg weather forecast. Sunshine will be considerable today thanks the
Speaker 1: high pressure off to our west. Temperatures will be up
Speaker 1: close to forty degrees this afternonal stay in the thirties
Speaker 1: later today in the suburbs, clear tonight to thirty. North
Speaker 1: and west of town. It's probably dropping into the teen's overnight.
Speaker 1: High pressure will bring a sunshine tomorrow to forty. Rain
Speaker 1: arrives Thursday afternoon, highest close to forty. I'm Rob Caroline
Speaker 1: with your three day forecast on Bloomberg eleven three oh
Speaker 1: broadcasting live from the Bloomberg Interactive Broker's studio in New York.
Speaker 1: Bloomberg Eloving Freedom to Washington, d C, Bloomberg nine one
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the Country, Sirius XM H O
Speaker 1: one nine and around the globe. The Bloomberg Business app
Speaker 1: and Bloomberg Radio dot com. This is Bloomberg Daybreak. We're
Speaker 1: coming up to six thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We are just
Speaker 1: about three hours away from the open of US training.
Speaker 1: It's time for the five Things, so you need to
Speaker 1: notice start your day. Brought to you by i v
Speaker 1: k R. Investment Advisers switched to Interactive Brokers for lowest
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Speaker 1: R dot com slash r i a up. First. Bank
Speaker 1: of Japan Governor Howuruhiku Kuroda shocked markets overnight by adjusting
Speaker 1: the central banks yield curve control program, and Bloomberg Daybreak
Speaker 1: Asia anchor Brian Curtis as the details. The shocking move
Speaker 1: sparked a massive jump in the en and a big
Speaker 1: drop in the NICK. The b o J will now
Speaker 1: allow Japan's ten year bond yields to rise to about
Speaker 1: half a percentage point. That's up from the previous upper
Speaker 1: limit of a quarter percentage point. The central Bank kept
Speaker 1: its target on the yield unchanged around zero percent, and
Speaker 1: left it short term interest rate at minus zero point
Speaker 1: one percent. Brian Curtis, Bloomberg Daybreak, Brian, thanks and taking
Speaker 1: a look at the en right now is at one
Speaker 1: thirty two point three five against the dollar. Japan. I'm sorry.
Speaker 1: In China, Karen, social media posts are signaling the COVID
Speaker 1: deaths may be much higher than Beijing's official count, and
Speaker 1: now China confirms it has changed the method for accounting
Speaker 1: its fatalities, narrowing the definition of a COVID death. Just today,
Speaker 1: China reported only five fatalities tied to the virus. Well
Speaker 1: back in the US, Nathan futures are little change after
Speaker 1: forties of losses, initially propelled by hawkish Fed rhetoric that's
Speaker 1: on a recession or ramping up, but former New York
Speaker 1: Fed President Bill Dudley says he expects a downturn to
Speaker 1: be relatively controlled. I don't expect the recession quite yet.
Speaker 1: In the COMMUNI still has considerable Ford momentum. I think
Speaker 1: the recession, when it finally does occur, will be mild.
Speaker 1: This is the recession. If it occurs, it's completely induced
Speaker 1: by the FED to generate more slack in the labor market.
Speaker 1: Former New York Fed Governor and Bloomberg Opinion columnist Bill
Speaker 1: Dudley made the comments on Bloomberg Survey Lance Catch the
Speaker 1: program weekday mornings on Bloomberg Radio and Television, and Politics
Speaker 1: Care in the House Committee has recommended former President Donald
Speaker 1: Trump he prosecuted for his role in the January sixth
Speaker 1: assault on the US capital, marking the first ever such
Speaker 1: referral of a former president on a decision on whether
Speaker 1: the prosecute lies with the Justice Department and from politics.
Speaker 1: To Crypto Nathan, it was a wild day in court
Speaker 1: for Sam bankmunt Free. The former ft X CEO could
Speaker 1: be headed back to the US sooner than we thought of. Bloomberg.
Speaker 1: Steve Rappaport joins US Live with Moore Steve, good morning,
Speaker 1: Good morning, Karen and Nathan. It's never a good sign
Speaker 1: when the attorney and the defendant are not on the
Speaker 1: same page. That scenario unfolded in court yesterday when Bankman
Speaker 1: Fried said he was ready to waive his right to
Speaker 1: fight extradition to the US. The change of heart, though,
Speaker 1: caught his local lawyer off guard, who said he was
Speaker 1: not aware of the plan. Jeron Roberts later in the
Speaker 1: daith Hold Reporters, Bankman Freed would not fight extradition to
Speaker 1: the US, where he's charged with fraud related to the
Speaker 1: collapse of f t X Live in New York. I'm
Speaker 1: Steve Rappaport Bloomberg Daybreak. Okay, Steve, thank you. That's the
Speaker 1: five things you need to know to start your day,
Speaker 1: brought to you by Interactive Brokers and SMP. Futures right
Speaker 1: now are little changed to the upside down. Futures are
Speaker 1: higher by forty points, nastack futures are lower by eleven
Speaker 1: local headlines and a check of sports. Next, this is
Speaker 1: Bloomberg at six one on Wall Street. Now, Michael Barr
Speaker 1: is back with more on what's going on in New
Speaker 1: York and around the world. Good morning, Michael, Good morning
Speaker 1: Nathan Disgrace. Movie mogul Harvey Weinstein has been convicted by
Speaker 1: a Los Angeles jury of three more sexual assault charges
Speaker 1: involving a former Italian actress in The jury could not
Speaker 1: agree on other charges involving other recusers, including one represented
Speaker 1: by attorney Gloria Allred, who says her client, though is
Speaker 1: focused on the guilty verdicts that that was justice, so
Speaker 1: she's thinking of others in addition to herself. Weinstein is
Speaker 1: already serving a twenty three years sentence in New York.
Speaker 1: Drag Story Hour and a New York City council member
Speaker 1: who supports it are the latest targets of protests. Councilman
Speaker 1: Eric Bacher says protesters galvanized by online conspiracy theories trying
Speaker 1: to disrupt the weekend reading event at a New York
Speaker 1: City public library and Chelsea Butcher also says two protesters
Speaker 1: is made it into the lobby of his apartment nearby.
Speaker 1: It's a really disgusting conspiracy theory that people have latched onto,
Speaker 1: and it's they're they're really taking this way too far.
Speaker 1: Police arrested to protesters for trespassing. The Supreme Court is
Speaker 1: temporarily blocking in order that would lift pandemic error restrictions
Speaker 1: on asylum seekers. However, it is leaving open the prospect
Speaker 1: of lifting the restrictions by tomorrow. On titled forty two,
Speaker 1: doctors say more people die from heart attacks between December
Speaker 1: and January one compared to any other week of the year.
Speaker 1: The leading factors include family stress, unhealthy eating, and excess
Speaker 1: of alcohol, which can result in holiday hearts syndrome that's
Speaker 1: when bene drinking causes irregular heartbeats. Dr Eugene Yang is
Speaker 1: a chronologist at UW Medicine. It's not just an issue
Speaker 1: that holiday heart is a benign condition. It actually is
Speaker 1: a very potentially serious condition that causes people to develop
Speaker 1: heart failure symptoms. Dr Yang Global. It was twenty four
Speaker 1: hours a day on airand on Bloomberg Quick Tech Power
Speaker 1: by more than the journalists analysts more than a hundred
Speaker 1: twenty countries. Michael Bard, this is Bloomberg, Nathan. Thanks Michael
Speaker 1: six three on Wall Street Time for the Bloomberg Sports Update,
Speaker 1: brought to you by try stayed out of Here's John
Speaker 1: all right, Nathan Chili. Night in Green Bay and the
Speaker 1: Packers kept their faint playoff hopes a lot beat the
Speaker 1: Rams twelve Aaron Rodgers now one nine straight Monday Night
Speaker 1: as Baker Mayfield, the Rams new quarterback, did better when
Speaker 1: he hadn't practiced with them a week after he debuted
Speaker 1: with a comeback win. May feel through the deception got
Speaker 1: sacked five times. The next game is Thursday, Jets to
Speaker 1: the much improved Jaguars that met life with the Jets
Speaker 1: just lost in Detroit. Lot of criticism of Jets coach
Speaker 1: Robert Sala for faulty clock management during the Jets final drop.
Speaker 1: I was trying to beat New York on a challenge
Speaker 1: and that's the one I overthought. It didn't matter. We're
Speaker 1: not playing for downs at the situation, UM, We're playing
Speaker 1: for time and UM. And when you look at it all,
Speaker 1: I definitely probably cost us one more snap in that
Speaker 1: in that transaction. So I'm uh something that I definitely
Speaker 1: need to be better. I definitely overthought it, and uh,
Speaker 1: I wish I could have that one batter. Had the
Speaker 1: Jets had more time, they could have gained some more
Speaker 1: yards in their game tying field goal attempt might not
Speaker 1: have had to be a fifty eight yard A lot
Speaker 1: of talk also about the end of that Giants went
Speaker 1: at Washington, the commander's upset about an illegal formation penalty
Speaker 1: that wiped out a touchdown and then a non pass
Speaker 1: interference call on their last play. The Giants visit Minnesota Saturday.
Speaker 1: Philadelphia visits Dallas. Eagles. Quarterback jail And Hurts may not
Speaker 1: play got injured shoulder. Islanders lost at Colorado one nothing
Speaker 1: and a shoot at our. Rangers played tonight in Pittsburgh.
Speaker 1: Rangers have won seventh straight, and so have the Knicks.
Speaker 1: They host Golden State. Today's a national holiday in Argentina
Speaker 1: as they honor the World Cup champions down Station Bloomberg
Speaker 1: Sports Nathan and Bloomberg Sports John was brought to you
Speaker 1: by out a don't let someone else drive off in
Speaker 1: the Audi model you've always wanted. Visit your local Tri
Speaker 1: state Audie dealer to get behind the wheel of yours today,
Speaker 1: or visit Autie Offers dot com for more information. In
Speaker 1: six thirty five on Wall Street, Bloomberg Radio is on
Speaker 1: the air from San Francisco to New York, London to
Speaker 1: Hong Kong. Let's check in with our global news team
Speaker 1: for some of the top stories heard on our three
Speaker 1: hundred affiliate radio stations around the world. I'm Corney Donahoan
Speaker 1: Kerl Dan Dallas. The child hair industry is bracing for
Speaker 1: the end of pandemic assistem. I'm Steve Podisc on wf
Speaker 1: L A, Champa Bay. We're talking about local financial services
Speaker 1: from Dynasty Financial Partners nixing its plans to go publish.
Speaker 1: I'm Klin had killed Blomberg, dab Mado and London. We've
Speaker 1: been a pushing on the market pullout from the bank
Speaker 1: in Japan's decision to loosen its meals curve control. D
Speaker 1: Cory on w w J and Detroit. I'm reporting two
Speaker 1: new Amazon Fresh locations in the area have been identified.
Speaker 1: Those are some of the stories our hundred Bloomberg journalists
Speaker 1: and analysts to working on this morning around the world.
Speaker 1: It's sixty six on Wall Street. The following is an
Speaker 1: editorial for Bloomberg Opinion. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. There's no climate security for the world
Speaker 1: without a protected Amazon. Brazil's President elect Louis Nacio Lula
Speaker 1: da Silva told a cheering crowd at climate talks in
Speaker 1: Egypt last month He's right. Limiting global warming requires saving
Speaker 1: the planet's largest rainforest, which shriveled under outgoing President Jayir
Speaker 1: Bolsonado after the previous government's neglect. Lula deserves credit for
Speaker 1: putting the Amazon back on the agenda, but he has
Speaker 1: little time to waste. His first priority should be to
Speaker 1: revive forest oversight agencies, expand protections for indigenous people in lands,
Speaker 1: and crack down on surging violence in the Amazon region.
Speaker 1: That will require Lula to reach beyond his core supporters
Speaker 1: and persuade a broad cross section of Brazilians to embrace
Speaker 1: a greener future. If Brazil's president elect hopes to halt
Speaker 1: deforestation in the Amazon, he can't do it alone. This
Speaker 1: editorial was written by the Bloomberg Editorial Board. For more
Speaker 1: Bloomberg opinion, please go to Bloomberg dot com, slash Opinion
Speaker 1: or O P I N go on the Bloomberg Terminal.
Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials
Speaker 1: every weekday at this time. Terminal customers can read more
Speaker 1: at O P I n go. Another story of imports
Speaker 1: just crossed the Bloomberg Terminal moments to go under regulatory
Speaker 1: pressure and the threat of lawsuits, they could bring billions
Speaker 1: of dollars in damages. Three M just announced that it
Speaker 1: will stop making so called forever chemicals and discontinue their
Speaker 1: use by the end of five. The industrial conglomerate says
Speaker 1: the move will mean pretax charges of one point three
Speaker 1: to two point three billion dollars. Forever chemicals were first
Speaker 1: created in researching the atomic bomb in World War Two.
Speaker 1: They held three M develop hundreds of different products over
Speaker 1: more than seventy years, including Scotch guard, but thou they
Speaker 1: are a potential liability for three M that could reach
Speaker 1: thirty billion dollars. Future is little changed ahead of the open.
Speaker 1: You're listening to Bloomberg Daybreak, m Markets, headlines and breaking
Speaker 1: news twenty four hours a day, at Bloomberg dot Com,
Speaker 1: the Bloomberg Business Out and at Bloomberg Quicktape. This is
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow and SMP
Speaker 1: futures are a little change this morning. We got to
Speaker 1: the First Word breaking news desk for today's morning call,
Speaker 1: and here's Bell Maloney, Bill, good morning, Hey, good morning.
Speaker 1: Can that's right. US futures are quiet right now. A
Speaker 1: depth futures hired by nineteen points, SAPs are down to
Speaker 1: and NAZI futures are lower by twenty three. The US
Speaker 1: ten yield at three point six five percent, Gold is
Speaker 1: up twenty Oil is also in the green, and bitcoin
Speaker 1: is trading higher by one point two percent. Japan fell
Speaker 1: two and a half percent overnight as the b o
Speaker 1: J adjusted its yield curve control program. And here PR
Speaker 1: markets are trading quiet this morning. Back in the US
Speaker 1: on the Economic Frinday thirty House and Stars and building
Speaker 1: permits and regarding earnings. Look for General Mills report in
Speaker 1: the pre market. Nike and FedEx both report after the
Speaker 1: bell rapping things up. Spirit Are was cutshold A Deutsch
Speaker 1: A Maka Siena was raised overweight over at GP. Morgan
Speaker 1: live from the first breaking newsscom Boomloding. Karen, all right, Phil,
Speaker 1: thank you to hear live breaking news over your Bloomberg
Speaker 1: type squalk on your Terminalscue you a w K and
Speaker 1: that's a Bloomberg business flash. Now here's Michael Barb with
Speaker 1: Moore on what's going on around the world. Michael, Karen,
Speaker 1: thank you very much. The House January six Committee is
Speaker 1: urging the Justice Department to bring criminal charges against former
Speaker 1: President Donald Trump for the violent Capitol Riot. The bipartisan
Speaker 1: panel says Trump and his associates helped him launch a
Speaker 1: pressure campaign to try to overturn his twenty election loss.
Speaker 1: A jury in Los Angeles found disgrace film producer Harvey
Speaker 1: Weinstein guilty of three counts of sexual assaults, including rape.
Speaker 1: Monday Night Football, the Packers beat the Rams twelve in
Speaker 1: the NHL, The Islanders Austin to shoot out to the
Speaker 1: Avalanche one ZIP, the Capitols, and Bruins were winners Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than hundred journalists and analysts
Speaker 1: and more than a hundred twenty countries. Michael Bar this
Speaker 1: is Bloomberg, Karen all right, Michael Barr, thank you at
Speaker 1: a six forty two on Wall Street. And let's turn
Speaker 1: to news and science and technology now at the Bloomberg
Speaker 1: and j I T STEM Report. It's fronto U buy.
Speaker 1: New Jersey Institute of Technology n g i T offers
Speaker 1: New Jersey's first undergraduate degree in fintech tech driven finance
Speaker 1: focused What will you make It n j I T.
Speaker 1: Learn more at n j I T dot E d
Speaker 1: U slash Fintech Now, here's just making news and science, technology,
Speaker 1: engineering and math. Ukraine reached a deal with Elon, Musk
Speaker 1: SpaceX to receive thousands more Sterlink and Tennis to help
Speaker 1: counter Russian air attacks. According to a top government official,
Speaker 1: more than ten thousand of the devices which provide internet
Speaker 1: service beamed down from satellites will be sent to Ukraine
Speaker 1: in the coming months. Two people who had Yahoo email
Speaker 1: accounts to gain access to ring home security cameras have
Speaker 1: been charged over a week long swatting spree. They placed
Speaker 1: twelve hoax calls taunting police, and the swatting incidents prompted
Speaker 1: the FBI t issue psc S in late urging users
Speaker 1: of smart home security cameras to use anique passwords with
Speaker 1: two factor authentication. And Mercedes is launching five electric models
Speaker 1: to embed itself at a popular electric vehicle SUV market.
Speaker 1: By the end of next year. The carmaker plans to
Speaker 1: have an all electric version of every model in its portfolio.
Speaker 1: By it aims to sell only e vs and countries
Speaker 1: that have enough chargers to make that feasible. And as
Speaker 1: a Bloomberg n j I t STEM report, Nathan, the
Speaker 1: switch continues, right, Karen, thank you. We're coming up to
Speaker 1: six on Wall Street. Time to switch gears and check
Speaker 1: what's going on in d C, where the top stories
Speaker 1: include a unanimous January six committee recommending criminal charges for
Speaker 1: former President Donald Trump, also making news, a huge spending
Speaker 1: bill just released on Capitol Hill ahead of a year
Speaker 1: in deadline, President Biden condemning anti Semitism is quote violent
Speaker 1: venom at a Hanukah event, and the White House now
Speaker 1: pleading for border cash with migrant limits in limbo. Let's
Speaker 1: bring in Joe Matthew, Now, our Washington correspondent, host of
Speaker 1: sound On on Bloomberg Radio. Joe, Good Morning History was
Speaker 1: made yesterday, and it seems as though the House January
Speaker 1: six committee had that in mind. Well, that's right. They
Speaker 1: completed their work seventeen months and more than a thousand witnesses.
Speaker 1: It's pretty remarkable. And I was in the room for
Speaker 1: this final meeting. It was very brief, Nathan, just about
Speaker 1: an hour long, and you could hear a pin drop
Speaker 1: as this panel rolled out its recommendation for the Department
Speaker 1: of Justice to bring criminal charges against not only Donald Trump.
Speaker 1: That would be unprecedented, of course, an unprecedented referral. It
Speaker 1: would be an unprecedented follow up if they in fact
Speaker 1: did indict either a former or sitting president. We've never
Speaker 1: seen either happen. But there were other names there as well.
Speaker 1: In John Eastman, donald Trump's former lawyer, who who crafted
Speaker 1: the whole plan to include alternate slates of electors. They
Speaker 1: were both named in the room inside the report that
Speaker 1: they dropped. Others, including Rudy Giuliani, were also referred for
Speaker 1: criminal charges. Now, as we've said over the last weeks, Joe,
Speaker 1: this is a recommendation. It's not something that's actually going
Speaker 1: to lead to charges. But what's your sense about whether
Speaker 1: this puts more pressure on the Justice Department? Well, it does.
Speaker 1: I mean the fact that this happened yesterday is important.
Speaker 1: It's not going, to your point, lead to any sort
Speaker 1: of formal indictment or or or formal charges. That was
Speaker 1: not the point of this committee. In fact, they argued
Speaker 1: it at some point internally about whether this should happen.
Speaker 1: The idea of the committee was to lay down for history,
Speaker 1: for posterity, exactly what happened on the sixth, why it happened,
Speaker 1: how it happened, so people a hundred years from now
Speaker 1: it could go back and read this account. But of
Speaker 1: course we've got this new layer are here, and it
Speaker 1: is important as the Justice Department continues its own investigation.
Speaker 1: This is adding essentially to what d o J already
Speaker 1: has And of course, look it's not like this hasn't
Speaker 1: been on television and and and made public here, so
Speaker 1: they've got a good sense of what's going on. But
Speaker 1: it adds pressure to do o J to do something.
Speaker 1: Remembering that this case has a special council attached to it,
Speaker 1: they are well down the road in their own investigation
Speaker 1: and will likely factor in some of what came from
Speaker 1: the committee here. But keep in mind, this special counsel
Speaker 1: could also on earth information that the Committee Nathan never
Speaker 1: had and and potentially adding to the pressure on the
Speaker 1: former president. Not just this report and these referrals, but
Speaker 1: we've got a decision coming from another committee on what
Speaker 1: to do about the former president's tax returns. Yeah, this
Speaker 1: is gonna be a pretty big deal today, in fact
Speaker 1: that it should coincide with the start of sound on.
Speaker 1: So I'll invite everyone to join us around five o'clock
Speaker 1: Washington time, because the House Ways and Means Committee is
Speaker 1: going to gabble into session later in the afternoon, and
Speaker 1: then they're expecting to go behind closed doors to talk
Speaker 1: about and potentially vote on releasing and it is expected
Speaker 1: that they will releasing at least portions of Donald Trump's
Speaker 1: tax returns that that the Supreme Court handed over to
Speaker 1: Ways and Means a couple of weeks ago. Now you
Speaker 1: look at the calendar here, they don't have a lot
Speaker 1: of time, so it was unclear exactly what they were
Speaker 1: going to do with this. The idea originally was that
Speaker 1: they could craft some sort of legislation that would force
Speaker 1: presidential candidates to reveal their tax returns and so forth.
Speaker 1: But now Richie Neal, the chair of Ways and Means,
Speaker 1: is sitting on this pile of information they've been seeking
Speaker 1: for years. It is likely, as I mentioned, that at
Speaker 1: least some of it will be released publicly. Even Nancy Pelosi,
Speaker 1: though when asked about it, couldn't say this is not
Speaker 1: something that she uh, she knew about and or or
Speaker 1: had seen herself. Ways and Means will make that call.
Speaker 1: And my goodness, this is something that Donald Trump has
Speaker 1: been trying to prevent for years, not only because it
Speaker 1: might show he doesn't pay taxes, Nathan, but that he
Speaker 1: is nowhere near as wealthy as he claims to be.
Speaker 1: And speaking of a pile of information, and boy did
Speaker 1: we get one overnight with the release finally of a
Speaker 1: four year spending bill. This thing is a brick joe.
Speaker 1: That's one point seven trillion dollars the omnibus that will
Speaker 1: likely pass and and and as opposed to a short
Speaker 1: term cr that would kick us into the new year. Uh,
Speaker 1: there's a lot of work went into this. Over the weekend.
Speaker 1: We knew that there was a deal on the top line.
Speaker 1: Now we've got the language underneath, and it sets up
Speaker 1: a Senate vote for Thursday. That's likely how this is
Speaker 1: gonna go, Nathan, based on everything we've talked about so far.
Speaker 1: I'll point you to the Electoral Count Act. There is
Speaker 1: an agreement between the leaders to include this in the
Speaker 1: omnibus that would essentially prevent another January six. It's not
Speaker 1: a comprehensive voting reform bill, but it removes the vice
Speaker 1: president from the role that you remember Mike Pence played
Speaker 1: on January six a couple of years ago in certifying
Speaker 1: the election to essentially prevent another coup from happening, and
Speaker 1: streamlining that process to make it much more difficult to
Speaker 1: try to challenge a presidential action. That's going to be
Speaker 1: in this bill as well, which is a big deal. Yeah,
Speaker 1: it is one of those reforms that Democrats, particularly, we're
Speaker 1: pushing for, uh, following the events of January six. Thanks
Speaker 1: for this as always, Joe Matthew, host of Sound On
Speaker 1: which you can catch every weekday afternoon at five pm
Speaker 1: Wall Street Time across Bloomberg Radio. As Joe mentioned, lots
Speaker 1: of reasons to tune in this afternoon, particularly with that
Speaker 1: decision expected from House Ways and Means on the former
Speaker 1: president's tax returns. Read much more about all these stories
Speaker 1: on Bloomberg dot Com or on the Bloomberg terminal. You
Speaker 1: can listen to Bloomberg Radio in Washington and Bloomberg and
Speaker 1: one oh five point seven FM h D two Right now.
Speaker 1: SMP futures little change to lower now, DAL futures eating again,
Speaker 1: up thirty three points or a tenth percent, NAZDAC futures
Speaker 1: down two tenths percent, down twenty one points. The tenure
Speaker 1: Treasury UH down seventeen thirty seconds, so off the session lows.
Speaker 1: The yield now at three point six four percent. You're
Speaker 1: listening to Bloomberg Daybreak, Markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, at Bloomberg
Speaker 1: Business Outland, at Bloomberg Quicktake's a Bloomberg Business Flash and
Speaker 1: I'm Karin Moscow. And SMP futures are lower this morning.
Speaker 1: They're done about a tenth of upper center, about five
Speaker 1: points down. Futures are little change, and NASTACK futures down
Speaker 1: three tenths per cent or thirty three points. The decks
Speaker 1: in Germany's down four tenths of a per cent. We
Speaker 1: checked the markets all day long here on Bloomberg. The
Speaker 1: ten year treasury down seventeen thirty seconds, you have three
Speaker 1: point six four percent, and they yield on the two
Speaker 1: year four point to six percent. Nine excrude oils on
Speaker 1: the rise of what in the third percent of a
Speaker 1: dollar at seventy six dollars nineteen cents of barrel comes
Speaker 1: gold is at one point one percent or twenty dollars
Speaker 1: ten cents at eighteen seventeen eighty announced, the Euro one
Speaker 1: point six four one against the dollar, British pound one
Speaker 1: point to one six eight, the yenni's jumping a three
Speaker 1: point four percent against the dollar at one thirty two
Speaker 1: point three seven, and bitcoin this morning at one point
Speaker 1: two percent at about sixteen eight hundred dollars. And that's
Speaker 1: a Bloomberg business flash. Nathan, all right, Karen, thank you
Speaker 1: to six fifty six on Wall Street. Bloomberg surveillance is
Speaker 1: straight ahead. But first we're plying Bloomberg Radio and TV
Speaker 1: Markets correspondent pretty gooped his eyes away from the move
Speaker 1: in the yenda. Give us a look at what's happening
Speaker 1: in the stock market in the pre market trade are
Speaker 1: we seeing any movement from the Bank of Japan decision
Speaker 1: UH in equities this morning? We absolutely are. And where
Speaker 1: my two worlds collide on FX and stocks, and that's
Speaker 1: the best You actually look at the Japanese equity e
Speaker 1: t F E w J is the taker chairs are
Speaker 1: about one point eight percent in the pre market, So
Speaker 1: you are seeing those Japanese ETFs a really skyrocket here.
Speaker 1: And it's important to keep in mind that the ad
Speaker 1: rs are probably going to as well once the normal
Speaker 1: trading session actually opens. Keep an eye on just how
Speaker 1: big this move is, because what it'll do then is
Speaker 1: disincentivize any kind of funds into the US equity market.
Speaker 1: Because the Japanese equity market is performing so strongly. It's
Speaker 1: kind of a little bit of a tradeoff, similar to
Speaker 1: the way you're going to see a tradeoff in dollar
Speaker 1: yen and the currency pair. Nathan, this is a very
Speaker 1: exciting story for a lot of the folks who who
Speaker 1: bet that at some point the b o J was
Speaker 1: going to crack. Yeah, one more central bank joining the parade,
Speaker 1: maybe a little bit earlier than a lot of economists
Speaker 1: were expecting. And you know, one thing that we've been
Speaker 1: talking about in the last few days. Is Morgan Stanley
Speaker 1: moving individual stocks. They're back at it again this morning.
Speaker 1: They are back at it again this morning. ConAgra Brands
Speaker 1: in the cross hairs and Morgan Stanley c A G
Speaker 1: is the ticker up about three tenths of one percent
Speaker 1: in the free market, which doesn't sound like a lot,
Speaker 1: but given the fact that the market is slightly lower
Speaker 1: and interesting low volume across the board, we'll call it
Speaker 1: a little bit of a win here. Upgraded to overweight
Speaker 1: over at the firm the Morgan Stanley expecting the packaged
Speaker 1: food sector broadly to maintain its relative outperformance through three.
Speaker 1: It's also raising j M Schmucker s. J M is
Speaker 1: your ticker there to eat cool weight. Um, we're not
Speaker 1: seeing a ton of trading in that name just yet,
Speaker 1: but ConAgra Brands already seeing some movement. Nathan, wait till
Speaker 1: lunchtime for the peanut, butter and jelly crowd movement on that.
Speaker 1: What else are you looking at this morning? Critic Lucid
Speaker 1: is one thing that's catching my eye. It's a shame
Speaker 1: ed ludlower Bloomer technology correspondent isn't actually here to talk
Speaker 1: about it this morning. L C I d is your
Speaker 1: taker up about four point eight percent in the pre markets.
Speaker 1: Comes after the company said it's completed it's stock sale
Speaker 1: program and raised get this, Nathan, one point five billion dollars. Yeah,
Speaker 1: and just just enough to cover the bills to pay
Speaker 1: the bills um, just enough in time, by the way,
Speaker 1: I should say, when no one's really doing a ton
Speaker 1: of stock raising right now, especially in this kind of
Speaker 1: market where the equity market is taking such a massive head.
Speaker 1: Lucid Group nevertheless really able to shore up their balance sheet. There.
Speaker 1: I'll leave you with one more. Verona Pharma vr n
Speaker 1: A is your ticker. This is a massive move share
Speaker 1: searching about percent excuse me in u s pre market trading.
Speaker 1: The drug developer achieving positive result in their face three
Speaker 1: trial evaluating nebulized something. I'm just gonna skip right over
Speaker 1: that word for the maintenance treatment of chronic upstremes at
Speaker 1: pulmonary disease. It's a lot of jargon for they got
Speaker 1: positive results on a disease drug. Yeah, very important news
Speaker 1: in the pharmacspace. Thanks as always, Bloomberg Radio and TV
Speaker 1: Markets correspondent creating Groupta looking under a little change stock
Speaker 1: market six fifty nine, on Wall Street on Nathan Hagar
Speaker 1: with Karen Moscow Bloomberg surveillance starts right now by from
Speaker 1: the financial capital of the world, broadcasting across the globe.
Speaker 1: This is WVBR New York Bloomberg. He living three O.
Speaker 1: The market is convinced and won't be dissuaded. And I
Speaker 1: don't thinking to hurry from the idea that the economy