Speaker 1: Live from the Bloomberg Interact at Berger Studios. This is
Speaker 1: Bloomberg day Break for Wednesday, December seven two. Coming up
Speaker 1: this hour, people will have spoken. Democratic Rockfield Warnock wins
Speaker 1: the Senate runoff race in Georgia. Two of Donald Trump's
Speaker 1: companies are convicted in a criminal tax fraud trial, and
Speaker 1: Morgan Stanley is the latest company to slash jobs. New
Speaker 1: York Mayor Eric Adams welcome's new top of pointees in
Speaker 1: his administration. Plus an iconic New York City comedy club
Speaker 1: will close its doors. I'm Michael barr More Ahead, I'm
Speaker 1: John Stashower in sports to shut out, win for the Devil's,
Speaker 1: the Islanders lost, met and Yankee free Agent pictures are
Speaker 1: moving on. That's all strad Ahead on Bloomberg day Break
Speaker 1: on Bloomberg, Eleving Free on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine, SIXTI,
Speaker 1: San Francisco, Sirius x M one nine Team and around
Speaker 1: the world Old on Bloomberg Radio Dot Carmen viother Bloomberg
Speaker 1: Business Good Wednesday Morning. I'm Any Morris and I'm Karen
Speaker 1: Moscow and US Dock Index futures are lower this morning.
Speaker 1: It is five o one on Wall Street, and we
Speaker 1: checked the markets all day here on Bloomberg radios and
Speaker 1: P futures down about eight points. At own futures down
Speaker 1: forty one and as day futures down thirty six, are
Speaker 1: down about three tenths of a percent. Can your treasury
Speaker 1: up to thirty seconds? You have three point five two
Speaker 1: percent and they yield on the two year four point
Speaker 1: three four percent and nine next screwed oil is down
Speaker 1: one point seven percent. Amy and Karen will have more
Speaker 1: on the markets in just a minute. But first, Democrats
Speaker 1: have one control of the Senate after a victory in
Speaker 1: Georgia's runoff election. Incumbent Democratic Raphael Warnock defeated Republican challenger
Speaker 1: Herschel Walker fifty one point four percent forty eight point
Speaker 1: six percent that you voted from that every single day,
Speaker 1: I am going to keep working for you. Walker has
Speaker 1: conceded to war Knock, encouraging his supporters to stay engaged
Speaker 1: in politics. I'm not gonna make an excuses now because
Speaker 1: we put up one hick of a fight and I
Speaker 1: do that's what That's what we gotta do, because this
Speaker 1: is much bigger. This is much bigger than herschel Walker.
Speaker 1: When for Warnock means Democrats have a forty one fifty
Speaker 1: one to forty nine Senate majority, there will be divided government, however,
Speaker 1: with Republicans having narrowly gained House control, but with Warna's
Speaker 1: decisive victory, Amy, Georgia's Secretary of Stayed, Brad Raefensberger, defended
Speaker 1: the integrity of the race, calling it honest and fair.
Speaker 1: You remember, Raethensberger was pressured by former President Trump after
Speaker 1: the election. We want everyone to know at your vote counts,
Speaker 1: it's gonna be safe, it's gonna be secure, it's gonna
Speaker 1: be accurate, and we're gonna actually audit this race. We're
Speaker 1: gonna do a wrestling of this race so we can
Speaker 1: verify the voters. Piers what the results were on the machines.
Speaker 1: Here's what they are. Afterward the hand help honor. Secretary
Speaker 1: of State Raffensberger spoke at their Washington correspondent Joe Matthew
Speaker 1: on Bloomberg's sound on Catch the Show weeknights at five
Speaker 1: pm Eastern on Bloomberg Radio. It was not a good
Speaker 1: day for Donald Trump. Karen. He was a prominent backer
Speaker 1: of herschel Walker. And at the same time, there's news
Speaker 1: the former president suffered another defeat in court. We get
Speaker 1: that story from Bloomberg's Sad Baxter. Donald Trump's company has
Speaker 1: been found guilty of engaging in tax fraud for more
Speaker 1: than a decade. This is the first time a Trump
Speaker 1: business has been convicted of criminal conduct. Executives, including Allen Wiselbery,
Speaker 1: convicted of evading taxes on company paid perks, including free
Speaker 1: apartments and luxury cars. The conviction may make it harder
Speaker 1: for the Trump companies to do business. Trump himself was
Speaker 1: not charged in San Francisco. I'm at Baxter Bloomberg Daybreak,
Speaker 1: All right, and thank you. We'll have more reaction on
Speaker 1: the political news coming up in a few minutes. But
Speaker 1: first let's turn to Wall Street, where the view on
Speaker 1: the economy is getting gloomy. Now. Morgan Stanley is cutting jobs,
Speaker 1: and we get the details live at the Bloomberg Steve Rappaport,
Speaker 1: Good morning, Steve, Good morning, Karen and Amy. Morgan Stanley
Speaker 1: will reduce about two percent of its global workforce as
Speaker 1: the bank braces for a possible recession. Sources tell Bloomberg
Speaker 1: roughly six d jobs are on the chopping block. CEO
Speaker 1: James Gorman hinted layoffs work coming when the bank reported
Speaker 1: earnings in October, saying they learned some things during COVID
Speaker 1: about operating more efficiently and that's something the management team
Speaker 1: is working on for the rest of this year. Live
Speaker 1: in New York, I'm Steve Rappaport, Bloomberg Daybreak. All right,
Speaker 1: thank you, Steve. Goldman saxes out with a downbeat view
Speaker 1: on the economy. We spoke with CEO David Solomon at
Speaker 1: Goldman's Financial Services conference. He says smaller bonuses and job
Speaker 1: cuts shouldn't come as a surprise. We always look at
Speaker 1: the environment and we always size the firm to the environment.
Speaker 1: If the environment gets tougher, we will obviously make decisions
Speaker 1: to size the footpront of the firm appropriately. That can
Speaker 1: come from slowing down higher in which we've already done
Speaker 1: considerably in the second half of the year. Um in
Speaker 1: that would also come from pruning in certain areas. Golden
Speaker 1: Sex CEO David Solomon spoke with Bloomberg's Sinali Bassik, and
Speaker 1: you can stay tuned for more of that interview coming
Speaker 1: up shortly. Well. Another Wall Street CEO is also weighing
Speaker 1: in on the economy amy and its impact on his firm.
Speaker 1: Bank of Americas Brian moynahan says there are signs of
Speaker 1: consumer weakness with spending starting to slow. The evidence shows it. Yes,
Speaker 1: the economy is being slowed by the higher interest rates,
Speaker 1: by the fact that the inflation is eating up more
Speaker 1: of a person savings. They need to get that under control.
Speaker 1: That means higher interest rates. From the other hand, you've
Speaker 1: seen them slow down, which had to put less price pressure.
Speaker 1: That means they could slow down. So that's going to
Speaker 1: be the debate. I think we need a few more
Speaker 1: months to see whether it's just a trend or not.
Speaker 1: Bank of Americas Brian Monahan says consumers spending at the
Speaker 1: bank rose five percent in November. That's a lower rate
Speaker 1: than prior periods. In Asia, China continues to relax COVID restrictions.
Speaker 1: Today brought another round of announcements from the government. To
Speaker 1: Bloomberg's John lu reports from Beijing, new measures were announced
Speaker 1: dated that allow people infected with COVID to quarantine at
Speaker 1: home as a nationwide policy. Authorities are also trying to
Speaker 1: rent it unnecessary PCR testing by scrapping the need to
Speaker 1: show a negative test result for most public venues. Those
Speaker 1: news are the latest sign of the government is trying
Speaker 1: to ease its zero tolerance COVID strategy and that growing
Speaker 1: public discontent. The actions also suggest that China's most senior
Speaker 1: leaders are willing to tolerate higher case numbers to avoid
Speaker 1: more social and economic terminin in Beijing. I'm John lou Bloomberg. Daybreak.
Speaker 1: All right, John, thank you all back here in the US.
Speaker 1: We have an ominous forecast from an iPhone supplier in Asia.
Speaker 1: Urada Manufacturing expects Apple to further reduce iPhone fourteen production plans.
Speaker 1: It sites week demand. The Japanese company is a lynch
Speaker 1: pin of the smartphone industry and providing components to Apple,
Speaker 1: Samsung and many others. Again, futures are moving lower this morning,
Speaker 1: and straight ahead, we have our latest local headlines plus
Speaker 1: the check of sports, and this is Bloomberg. Take you
Speaker 1: care in five oh seven on Wall Street, fifty seven
Speaker 1: degrees now in New York with scattered showers, We're going
Speaker 1: up to sixty today. Let's bring in Michael Barr with
Speaker 1: more than what else is going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning a mean.
Speaker 1: New York. Mayor Eric Adams will fill two top appointed
Speaker 1: posts at City Hall with two women from inside his administration.
Speaker 1: Mill Varlac, Senior Adviser to the Mayor, will become chief
Speaker 1: of Staff, replacing retiring Frank Corone. Gina Right, now Deputy
Speaker 1: Mayor of Strategic Initiatives, will become first Deputy Mayor, replace
Speaker 1: and retiring Lorraine Grillo. Mayor Adams says they will have
Speaker 1: big shoes to fill Sheena Camille. All continue to tradition
Speaker 1: a strong women in this administration, especially strong women of color.
Speaker 1: The appointments will be effective in January. Former Broome County,
Speaker 1: New York, District Attorney Stephen Cornwell has pleaded guilty to
Speaker 1: grand larceny. Cornwell admitted to stealing felony case records of
Speaker 1: his prior criminal conviction. Current DA Michael Kortcha says that
Speaker 1: Cornwell stole case files and county records that documented his conviction,
Speaker 1: including for d U I and assault on an officer.
Speaker 1: He also went is the computer files of the district
Speaker 1: attorney and altered his name and deleted his date of
Speaker 1: birth from that prior criminal conviction. D A Cortchack says
Speaker 1: Cornwell was sentenced to a three year conditional discharge and
Speaker 1: find five thousand dollars. Today marks America's eighty one years
Speaker 1: after the Pearl Harbor attack. The number of World War
Speaker 1: Two survivors from that day are dwindling. One one year
Speaker 1: old Lou Counter in Grass Valley, California, regrets, due to
Speaker 1: his eighth that he will not be able to attend
Speaker 1: today's remembrance events. He was a sailor on board the
Speaker 1: ill fated USS Arizona. I'd love to be there because
Speaker 1: there's only two of us still living there. More than
Speaker 1: two hundred Americans were killed in the surprise Japanese attack.
Speaker 1: And iconic New York City comedy club is closing up shop.
Speaker 1: Carolines on Broadway will close its doors after forty years.
Speaker 1: The final day will be on December thirty one. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred
Speaker 1: journalist and analysts in more than a hundred twenty countries.
Speaker 1: On Michael barn this is Bloomberg Gaming. All right, thank you, Michael.
Speaker 1: It's five oh nine on Wall Street. Time Now for
Speaker 1: the Sports were four brought to you by Try State Audie.
Speaker 1: Here's John's dash our alright, Ammy Jacob Graham was not
Speaker 1: the Mets only free agent pitcher Taiwan Walker was an
Speaker 1: All Star had a solid season in two, going twelve
Speaker 1: and five three and a half of r A. Walker
Speaker 1: is not only leaving the Mats, he is joining the Phillies,
Speaker 1: who continue to spend, having already had a trade turner,
Speaker 1: Jamison Tayon leaving the Yankees heading to the Cubs. Tayon
Speaker 1: came to New York with a history of injuries and illness,
Speaker 1: but he was dependable this fast season, making thirty two
Speaker 1: starts he led the team and wins with fourteen. The
Speaker 1: Cubs also signed Cody Bellinger, who was the two thousand
Speaker 1: nineteen n L m v P with the Dodgers. The
Speaker 1: Yanks have signed free agent reliever Tommy Keenley. He was
Speaker 1: with them before. As for Aaron Judge, Yankee gentle manager
Speaker 1: of Bryan Cashman, was on the Yes Network hopeful, but
Speaker 1: if we're not driving this bus, obviously, Mr Judges, and
Speaker 1: you know, he put himself in a great position clearly
Speaker 1: with a historic season and he's had an amazing career
Speaker 1: thus far, and you know one that if he continues
Speaker 1: to take him all the way to Cooper's town. But
Speaker 1: we want every stop along the way between now and
Speaker 1: and hopefully that final destination to be here in the
Speaker 1: Brocks for us. Yashman and Mitzi has to wait for us,
Speaker 1: he says, the judge, Domino to fall before he knows
Speaker 1: what to do next. On the ice, Devil's three Nothings
Speaker 1: shut out of Chicago defenseman Dougie Hamilton's in on all
Speaker 1: three goals. Islanders lost to St. Louis seven four. A
Speaker 1: couple of locals met college hoops at rose Hill, Fordham
Speaker 1: beat Wagner and the Rams are nine and one double
Speaker 1: letter at the Garden. Duke beat Iowa after Illinois beat
Speaker 1: second right Texas in overtime. Two days off the World Cup,
Speaker 1: after Portugal routed Switzerland six to one in Morocco, upset
Speaker 1: Spain on penalty kicks quarterfinals Friday and Saturday. In guitar,
Speaker 1: quarterback Baker Mayfield released by Carolina, claimed on waivers by
Speaker 1: the l A. Rams. John stash Holler Bloomberg Sports Team,
Speaker 1: All right, thank you, John. The Bloomberg Sports Report was
Speaker 1: brought to you by Audie. Don't let someone else drive
Speaker 1: off in the Audi model you've always wanted. Visit your local,
Speaker 1: try state Audie dealer to get behind the wheel of
Speaker 1: yours today, or visit Autie offers dot com for more information.
Speaker 1: Checking the futures now. S and P futures down eight points,
Speaker 1: Dell futures down forty three, NASTAC futures down thirty nine points.
Speaker 1: The ten year treasury up three thirty seconds to yield
Speaker 1: at three point five percent, the two year yield at
Speaker 1: four point three percent. Nimex crewed down one point eight percent.
Speaker 1: That's about a buck thirty seven trading now at seventy
Speaker 1: two dollars eighty eight cents. Much more still to come
Speaker 1: on Bloomberg Daybreak. This is Bloomberg. Good Wednesday morning. It's
Speaker 1: five twelve on Wall Street. This is Bloomberg Daybreak. Democrats
Speaker 1: have one outright control of the Senate after a victory
Speaker 1: in the runoff election in Georgia last night. We're joined
Speaker 1: now by Terry Hayes, founder of Pangia Policy. Terry, good morning,
Speaker 1: Thank you for taking the time with us this morning. Now,
Speaker 1: we got the results of that runoff election a lot
Speaker 1: sooner than expected. A lot of pundits have been saying
Speaker 1: that this might take days to figure out. What's that
Speaker 1: tell you? It tells me that pundits are usually wrong,
Speaker 1: among other things. But it's uh, you know that Georgia
Speaker 1: was really after was very committed to wanting to put
Speaker 1: it put together a good and seamless process. They did
Speaker 1: very well in the general election, and you know this
Speaker 1: time out with with one race to do, Uh, they
Speaker 1: got the results in very quickly and good for them.
Speaker 1: Was voter turnout a factor in this race? Oh, it's
Speaker 1: the rooter turn out. It's always a factor. But uh,
Speaker 1: I think that it is a situation where you know,
Speaker 1: neither side can really take away much uh overwhelmingly positive
Speaker 1: from all this. Uh. You know, Reverend Warnock scraped through
Speaker 1: the first time he's did. He pretty much scraped through
Speaker 1: this time. Uh. You had a situation where where Walker
Speaker 1: was trailing the field, uh further Republicans in a lot
Speaker 1: of ways and continued to do that. And you know
Speaker 1: that that goes back to the old candidate quality. Uh,
Speaker 1: the statement that Senator McConnell made a few months ago,
Speaker 1: and you know that's quite correct, and you know Walker
Speaker 1: was a relatively weak candidate and pretty much fought the
Speaker 1: Democrats to a standstill. So I don't think either party
Speaker 1: can take away much a much positive from this, except
Speaker 1: that you know, Georgia is going to be a bell
Speaker 1: weather state for some time to come. Yeah. I wanted
Speaker 1: to ask you if either candidate could see or even
Speaker 1: if other republic can candidate specifically and Georgia could see
Speaker 1: this as some sort of mandate, some sort of message,
Speaker 1: but the margin was so tight. Maybe not, yeah, maybe not.
Speaker 1: I you know, the way I would look at Georgia
Speaker 1: frankly is that uh, you know, part of candidates have
Speaker 1: either party can do well uh if they are if
Speaker 1: they have a compelling message, if they're very focused. Uh.
Speaker 1: And and frankly, they are seen as as a safe
Speaker 1: pair of hands, as the British would say, good candidates
Speaker 1: that uh that that have some quality attached to the governor.
Speaker 1: Brian Camp of Georgia clearly is that down there. And uh,
Speaker 1: you know, somebody like Mr Walker could not get over
Speaker 1: that particular hump. Uh. And you know that, as much
Speaker 1: as anything else, is the reason why if he's not
Speaker 1: the senator today. Well, let's talk a little bit about
Speaker 1: the Trump effect. Are we seeing that change. Now, this
Speaker 1: is another defeat on the national stage where a Trump
Speaker 1: supported candidate. Oh sure you I had written after after
Speaker 1: the president's former president's UH announcement a week or so ago,
Speaker 1: that I thought he really jumped the shark and uh
Speaker 1: on this and you know, this is the moment where
Speaker 1: the decline is visible. Uh. But you know, and that's
Speaker 1: been accentuated with the whole business about suspending the constitution,
Speaker 1: which is ludicrous at best. But when you look at
Speaker 1: the electoral evidence, which is what you're asking about, he's
Speaker 1: definitely passed his political cell by date. He's he's now
Speaker 1: a serial political loser in nationally, one in Georgia, two
Speaker 1: in the mid terms, and now in the Senate runoff.
Speaker 1: In a practical sense, that that spells the end of
Speaker 1: a viable Trump candidacy within the Republican Party. Oh well, okay,
Speaker 1: So do you then anticipate not only he's going to
Speaker 1: face some resistance when he as he's running for president again,
Speaker 1: or do you also see other candidates now distancing themselves? Well,
Speaker 1: I think the uh, I think other candidates have been
Speaker 1: out there for a while. It's uh, you know, people
Speaker 1: like UH, people like former governor Haley h former Secretary
Speaker 1: of State, Pompeio UH Florida governor to Sandi's many others
Speaker 1: have been positioning themselves in a particular run for a
Speaker 1: while UM, and I think the I think the party
Speaker 1: has been frankly distancing themselves from him increasingly over the
Speaker 1: past two years. The the the the the task for
Speaker 1: the Republican Party over the past two years has been that,
Speaker 1: you know, how do we get channel we how do
Speaker 1: we get past this particular speed bump. And you know,
Speaker 1: that process I think has greatly accelerated since the UH,
Speaker 1: since the mid terms. But between the mid term results,
Speaker 1: Trump's tone deaf announcement and UH and then the whole
Speaker 1: business about suspending the constitution, which is UH, I really
Speaker 1: think is beyond the pale for for a great number
Speaker 1: of the party leaders. They're gonna look now to try
Speaker 1: to make sure he's fenced out and very quickly about
Speaker 1: thirty seconds here. Do you expect more grid luck or
Speaker 1: do they find a way to cooperate? Well, what I
Speaker 1: expect is I expect domestic grid luck. I expect grudging
Speaker 1: consensus on basic fiscal matters. In other words, the governor,
Speaker 1: the government keeps getting funded at current levels and all that,
Speaker 1: and I expect by partisan unanimity on foreign policy, particularly Russia,
Speaker 1: Ukraine in China. As a practical matter, it's the same
Speaker 1: as it has been for the last two years, all right, Terry,
Speaker 1: Thank you, Terry Haynes, founder of Pangea Policy. Checking the
Speaker 1: markets now, SMP futures down seven, DEL futures down thirty four,
Speaker 1: NASDAK futures down thirty five points. Still ahead on Bloomberg
Speaker 1: daybreak Wheel here from Goldman Sachs Chief executive Officer David Solomon,
Speaker 1: and check the markets and bring you the latest business headlines.
Speaker 1: Much more still to come on this Wednesday morning. This
Speaker 1: is Bloomberg Markets headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, of Bloomberg Business at
Speaker 1: and at Bloomberg Quick Tape. This is a Bloomberg Business
Speaker 1: lash and I'm Karen Moscow and European stocks are falling
Speaker 1: along with US stock index futures, while bonds extend a
Speaker 1: rally as Chinese trade data adds to fears about the
Speaker 1: health of the global economy. To check the markets all
Speaker 1: day here at Bloomberg Radios and p futures down eight
Speaker 1: points or two tents of a percent. Nasdack futures down
Speaker 1: to thirty nine points or a third of a percent,
Speaker 1: and down futures down forty four or a tenth of
Speaker 1: a percent. Ten year treasury up to thirty seconds. You
Speaker 1: have three point five two percent in a yield and
Speaker 1: the two year four point three four percent. Ninemex screwed
Speaker 1: oils down one on eighty six cents at seventy three
Speaker 1: dollars thirty eight cents in barrel. Comex called up two
Speaker 1: tens percent or three dollars sixty cents at seventeen eighty
Speaker 1: six an ounce. And that's a Bloomberg business flash. Now
Speaker 1: here's Mick bar with more on what's going on around
Speaker 1: the world. Michael, Good morning, Good morning, Karen. Senator Raphael
Speaker 1: Warnock defeated Republican challenge Herschel Walker and their runoff for
Speaker 1: Georgia's Senate seat, giving Democrats a fifty one forty nine
Speaker 1: edge and the Upper Chamber. Warnock beat Walker with fifty
Speaker 1: one point four percent of the vote and a sharp reversal.
Speaker 1: China has announced a series of measures rolling back some
Speaker 1: of its most draconian anti COVID nineteen restrictions. The National
Speaker 1: Health Commission announced that COVID nineteen test and a clean
Speaker 1: bill of health display it on a smartphone app would
Speaker 1: no longer be required apart from vulnerable areas in the NHL.
Speaker 1: The Devil's won, the Islanders lost. 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 and
Speaker 1: more than one hundred twenty countries. I'm Michael Barr, and
Speaker 1: this is Bloomberg Amy. All right, thank you, Michael. It's
Speaker 1: five three on Wall Street. I'm Any Morris. This is
Speaker 1: Bloomberg Daybreak. Goldman Sachs Chief executive Officer David Solomon is
Speaker 1: striking a down beat note on the economic outlook, saying
Speaker 1: smaller bonuses in potential job cuts should come as no
Speaker 1: surprise to the finance industry. Solomon spoke with Bloomberg's Shannelly
Speaker 1: Bassik at the Goldman Sex Financial Services Conference. Let's listen
Speaker 1: to that conversation. Now, we're at a very uncertain time
Speaker 1: and uncertain time given we're changing monetary and economic conditions
Speaker 1: very very quickly, and that's certainly having an impact of
Speaker 1: slowing down economic activity. And so if you're running a
Speaker 1: big financial services firm, I think you have to assume
Speaker 1: that we have some bumpy times ahead, and you have
Speaker 1: to be a little bit more cautious with your financial resources,
Speaker 1: with your sizing and the footprint of the organization. I
Speaker 1: think you have to expect that activity levels are going
Speaker 1: to be more constrained in a tougher economic environment. So
Speaker 1: we have businesses that are very, very correlated to economic
Speaker 1: growth in the world, and we're predicting economic growth will slow.
Speaker 1: Our Our economists predict one point nine percent economic growth
Speaker 1: around the world uhe, which is obviously slowing growth. And
Speaker 1: the big question is as central banks tighten monetary conditions
Speaker 1: and try to control inflation, can they do that more
Speaker 1: con straight orchestrate some sort of a soft landing? And I,
Speaker 1: you know, I think that's still uncertain. I think there's
Speaker 1: a possibility of that, but I certainly think we could
Speaker 1: see a recession in also, and so I think you've
Speaker 1: got to be cautious and prepare. How then do you
Speaker 1: prepare your staff around all of this. It's December, stand
Speaker 1: the year people are worried about jobs. People are thinking
Speaker 1: about jobs, they're thinking about pay as well. It's bonus
Speaker 1: season coming up. We've reported that you are even thinking
Speaker 1: about having lower bonuses at businesses that will have rising
Speaker 1: revenue this year. How are you thinking about this? Bring
Speaker 1: us inside your decision making process and what you're telling
Speaker 1: your staff right now. Well, we we operate a business.
Speaker 1: For every single year, UM, we have to pay our
Speaker 1: most important asset, which is our people. It shouldn't be
Speaker 1: surprising to people watching the performance of the business this
Speaker 1: year that one was an exceptional year. It was a
Speaker 1: record year for the firm, was the highest revenue year
Speaker 1: ever for the firm. Two is a different year, and
Speaker 1: so naturally compensation will be lower. We're still early in
Speaker 1: the process of making those decisions. But just like every year,
Speaker 1: we pay for performance, and we will pay people based
Speaker 1: on the overall performance of the firm and especially for
Speaker 1: our senior people. UM. You know, we we consider the
Speaker 1: overall performance of the firm as we go through our
Speaker 1: compensation process. How do you balance also, you know this
Speaker 1: year you've been we introduced the you know, the natural
Speaker 1: calling of headcount. The bonus discussion is not just here,
Speaker 1: it's obviously everywhere on Wall Street. How do you balance
Speaker 1: that with kind of the story that we saw just
Speaker 1: a year ago this talent war that we saw this
Speaker 1: booming market for people, and what's happening this year going
Speaker 1: into next gent of tougher times. How do you balance
Speaker 1: retention as well as those more difficult conversations. Well, we
Speaker 1: take a very long term view with with everything we do,
Speaker 1: and you have to adjust to the environment and so
Speaker 1: you make changes around the margin. But at the same point,
Speaker 1: you know, you take a long term view and you
Speaker 1: try to think about your business over time. We're extremely
Speaker 1: focused on serving our clients and our core businesses. Our
Speaker 1: clients have been active, and so it's important for us
Speaker 1: to strike the right balance in protecting our franchise and
Speaker 1: making sure um that are people are paid for performance.
Speaker 1: On the other hand, we're in an environment that's a
Speaker 1: tougher environment. Broadly performance is not as strong, and so
Speaker 1: we balance stuff. We take a long term view, our
Speaker 1: people take a long term view. That was Goldman Sax
Speaker 1: CEO David Solomon speaking with Bloomberg Shnalli Bassek, and you
Speaker 1: can catch that full interview online at Bloomberg dot com
Speaker 1: and on our daily Bloomberg Surveillance podcast, Checking the Futures
Speaker 1: Markets Now SMP futures down eleven Dall futures down sixty three,
Speaker 1: Nasdaq futures down forty six. Ten year Treasury up to
Speaker 1: thirty seconds, the yield at three point five two percent,
Speaker 1: the two year yield at four point three Nimex Crewe
Speaker 1: trading now May down eighty one cents, trading at seventy
Speaker 1: three dollars forty five cents a barrel. We'll have the
Speaker 1: rest of this morning's top stories, plus your local headlines,
Speaker 1: and a check on markets. But first let's get a
Speaker 1: look at today's Bloomberg weather forecast. Scattered showers are possible
Speaker 1: today as we remain a bit unsettled. It will be
Speaker 1: mild temperatures across the region fifty five to sixty of
Speaker 1: this afternoon. We will start to see some clearing overnight.
Speaker 1: Those forty five to fifty high pressious north of the
Speaker 1: Tri State area. Tomorrow, we'll have a partly sunny day
Speaker 1: with highs of fifty to fifty five. Clouds will be
Speaker 1: increasing on Friday, highs near forty five. 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 Studio. In New York,
Speaker 1: Bloomberg E Living Free to Washington, d C, Bloomberg nine
Speaker 1: nine one to Boston, Bloomberg on A six one does
Speaker 1: San Francisco, Bloomberg sixty to the country Sirius XM CHO
Speaker 1: one nine and around the globe the Bloomberg Business and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's coming
Speaker 1: up on five thirty on Wall Street. Good Wednesday morning.
Speaker 1: I'm Amy Morris and I Karen Moscow, and we're nearly
Speaker 1: four hours away from the open of US trading. Let's
Speaker 1: get you have to day on the news. You need
Speaker 1: to know at this hour. We begin with a runoff
Speaker 1: Senate race in Georgia, and come in. Raphael Warnock defeated
Speaker 1: Republican challenger herschel Walker fifty one point four percent to
Speaker 1: forty eight point six percent, securing outright control of the
Speaker 1: Senate for Democrats. If we have value, we ought to
Speaker 1: have a voice. And the way to have a voice
Speaker 1: is to have a vote to determine the direction of
Speaker 1: your country and your destiny within it. And herschel Walker
Speaker 1: conceded to Warnock, encouraging supporters to stay engaged in the
Speaker 1: political process. We can't blame the one because I want
Speaker 1: you to continue to believe in this country, believe in
Speaker 1: our elected of Fish, and most of all, stay together
Speaker 1: to win for Warnock. Means Democrats have a fifty one
Speaker 1: to forty nine Senate majority with Warnock decisive victory. Georgia
Speaker 1: Secretary of State Brad Raefensberger defended the integrity of the race,
Speaker 1: calling it honest and fair. You'll remember Ravensburger was pressured
Speaker 1: by former President Trump after the election. Now, not just
Speaker 1: in Georgia, but all of the country. In Georgia, we
Speaker 1: have honest, bair elections. They're secure and they rove smooth.
Speaker 1: Georgias Secretary of State Brad Rathensberger spoke with our Washington
Speaker 1: correspondent Joe Matthew on Bloomberg Sound On Catch the show
Speaker 1: weeknights at five pm Eastern on Bloomberg Radio. Well, Amy,
Speaker 1: it was not a great day for Donald Trump. The
Speaker 1: former president. In fact herschel Walker and also suffered a
Speaker 1: defeat in court two of his companies who found guilty
Speaker 1: of engaging a tax fraud for over a decade. Trump
Speaker 1: himself was not charged. Let's turn to Wall Street now,
Speaker 1: where news of job cut signal concerns for the broader economy.
Speaker 1: Bloomberg Steve Rappaport joins US Live with the latest. Good morning, Steve,
Speaker 1: Good morning. Well, it's actually a morning of uncertainty at
Speaker 1: Morgan Stanley, where roughly six hundred employees are heading for
Speaker 1: an early exit. Sources tell Bloomberg. The bank is cutting
Speaker 1: about two percent of its global workforce. Morgan added more
Speaker 1: than twenty thousand jobs since the pandemic began, but with
Speaker 1: COVID in the rear view mirror for many, CEO James
Speaker 1: Corman says it's time to apply some of the lessons
Speaker 1: learned during the pandemic about operating more efficiently. Live in
Speaker 1: New York. I'm Steve Rappaport, Bloomberg Daybreak, all right, Steve. Thanks.
Speaker 1: Bank of America CEO Brian Monahan also wearing in on
Speaker 1: the economy, saying there's signs of consumer weakness. Economy is
Speaker 1: being slowed by the higher interest rates, by the fact
Speaker 1: that the inflation is eating more of a person savings.
Speaker 1: They need to get down under control. That means higher
Speaker 1: interest rates. On the other hand, you've seen them slow down,
Speaker 1: which hard to put less price pressure and Bank of
Speaker 1: America as Brian moynahan says, it's unclear at this point
Speaker 1: if slower consumer spending will become a broader trend. Futures
Speaker 1: this morning are lower s ANDP Future is down to
Speaker 1: eleven points and down Future is down sixty two and
Speaker 1: as day futures down four seven tenure Treasury little change
Speaker 1: the year three point five two percent, in the yield
Speaker 1: on the two year four point three four percent. The
Speaker 1: euro at one point of four eight six against the dollar.
Speaker 1: This morning, straight ahead, your latest local headlines, plus a
Speaker 1: check of sports, and this is Bloomberg. Well, I thank
Speaker 1: you caring one on Wall Street. Now let's bring in
Speaker 1: Michael Barr with more on what else is going on
Speaker 1: in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Amy. Funeral services will be held today for
Speaker 1: the Yonkers police sergeant who was killed in a car
Speaker 1: crash last week. Family and friends will say goodbye to
Speaker 1: Frank Goldeno at Sacred Heart Church and Yonkers. The fifty
Speaker 1: three year old was killed when policey, a teenage driver
Speaker 1: with just a learners permit, lost control of his BMW
Speaker 1: and slammed head on into Goldeno's unmarked police car on
Speaker 1: Tuckahole Road. New York City Mayor Eric Adams is filling
Speaker 1: the top two appointed posts at City Hall after recent retirements.
Speaker 1: Mayor Adams says Camille Varlac, senior advisor to the Mayor,
Speaker 1: will become chief of Staff, and Sheina right now Deputy
Speaker 1: Mayor of Strategic Initiatives, will become first Deputy Mayor. These
Speaker 1: are huge shoes to Phil but these two ladies in
Speaker 1: their red bottoms, they're going to bring their own pair.
Speaker 1: They're going to bring their own uniqueness, their own flair
Speaker 1: to these jobs. The appointments will be effective in January.
Speaker 1: A gay bar that was the side of the nineteen
Speaker 1: sixties six sip In has been given landmark status by
Speaker 1: New York City. Back then, the demonstration was held at
Speaker 1: Julius near the historic Stone Wall in They were protesting
Speaker 1: the closure of other bars in the city for serving
Speaker 1: people who identified as l g B t Q. Andrew
Speaker 1: Berman is the executive director of Village Preservation. Three years
Speaker 1: before Stonewall, a couple of brave individuals got together and said,
Speaker 1: we're going to challenge the rules that basically make gay
Speaker 1: bars illegal. We're gonna sit at a bar, We're gonna
Speaker 1: say we are gay and we demand to be served
Speaker 1: to drink. Andrew Burman and it's the end of an
Speaker 1: era for New York City comedy club. After forty years,
Speaker 1: Carolines on Broadway will close its doors on January one.
Speaker 1: Global name is twenty four hours a day on the
Speaker 1: air and on Bloomberg Quick take were about more than
Speaker 1: the twenty seven hundred journalist analysts more than a hundred
Speaker 1: twenty countries. Michael bar this is Bloomberg Baby, all right,
Speaker 1: thank you, Michael, six thirty four on Wall Street Time Now.
Speaker 1: But the sports report brought to you by Trice State
Speaker 1: out he here's John dash Our, Thanks Amy. It'll be
Speaker 1: a different Mets rotation in three. Justin Verlander in, Jacob
Speaker 1: Degram now Taiwan Walker both out. Walker just signed with
Speaker 1: the Phillies. Still not known about Chris Bassett. He's also
Speaker 1: a free agent. At the winter meetings in San Diego,
Speaker 1: Mets manager Buck show Walter asked for the first time
Speaker 1: his reaction to the Graham's departures to Texas. He's moving
Speaker 1: a good situation and you know, contrary with a lot
Speaker 1: of people try to you know, it wasn't something that
Speaker 1: he had pre ordained. You know, it's something that kind
Speaker 1: of played itself out and it was one of those
Speaker 1: offers he couldn't afford to pass up, and you know,
Speaker 1: we wish him well. Yankees with a free agent signing
Speaker 1: bringing back reliever Tommy Kingley was had some injuries. The
Speaker 1: answer said to want to bring back outfielder Andrew benintended,
Speaker 1: but the Mets could be interested in him as well.
Speaker 1: Jamison hi Own, who led the Yankees and wins last season,
Speaker 1: just signed with the Cubs four years, sixty eight million.
Speaker 1: Cubs also signed Cody Bellinger the two thousand nineteen m
Speaker 1: v P with the Dodgers. Nix and that's both all
Speaker 1: Tonight Nix against Atlanta. Nets take on Charlotte Rangers are
Speaker 1: in Vegas. Last night, Devils shutout Chicago three opting. Devils
Speaker 1: have forty three points most of the NHL. Islanders got
Speaker 1: a five one deficit to five four, lost at home
Speaker 1: to St. Louis seven four. They've dropped three of the
Speaker 1: last four. Odell Beckham has visited the Giants and Cowboys.
Speaker 1: Still not known where he's going to sign, but there
Speaker 1: are now reports that Beckham still hasn't recovered from the
Speaker 1: torn a c L suffered in the Super Bowl with
Speaker 1: the Rams, and he may not be able to play
Speaker 1: until the playoffs. John Stashward, Bloomberg Sports Amy, All right,
Speaker 1: thank you, John. Futures are lower, SMP down down twelve points,
Speaker 1: DAL futures down seventy NASDAC features down. Ten year treasury
Speaker 1: up one thirty second, the yield at three point five
Speaker 1: two percent, the two year yield at four point three
Speaker 1: four percent. Much more still to come on this Wednesday
Speaker 1: morning on Bloomberg Daybreak. This is Bloomberg. The Bloomberg Sports
Speaker 1: Report was brought to you by Audie. Don't let someone
Speaker 1: else drive off in the Audi model you've always wanted.
Speaker 1: Visit your local Tri State autie dealer to get behind
Speaker 1: the wheel of yours today, or visit outie Offers dot
Speaker 1: com for more information. It's five thirty six on Wall Street.
Speaker 1: Time Now for the Tri State Business Report. Here's Bloomberg's
Speaker 1: ed Corey bill working its way through New York City
Speaker 1: Council with ban private landlords from doing background checks on
Speaker 1: prospective tenants. Some landlords say tenants don't want to share
Speaker 1: buildings with former criminals, but at least thirty of the
Speaker 1: Council's fifty one members have reportedly agreed to back the measure.
Speaker 1: CMA CGM IS agreed to buy a couple of major
Speaker 1: U S shipping terminals owned by Global Container Terminals to
Speaker 1: boost the French logistic company's presence in the US. The
Speaker 1: company says the purchase of terminals in New York and
Speaker 1: New Jersey gives it a gateway on the U S.
Speaker 1: East Coast. Stomp the percuss of Off Broadway Staple that's
Speaker 1: straw on tourists and locals to its East Village Theater
Speaker 1: for thirty years or so. We'll closed January eighth. The show,
Speaker 1: which combines percussion, movement, comedy, and everyday objects transformed into
Speaker 1: musical instruments, will continue with the North American and European tours.
Speaker 1: That's your Bloomberg twic State Business Report, My bed Corey,
Speaker 1: thank you. Add It's five seven on Wall Street. The
Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. Progress can be painfully
Speaker 1: slow in the American constitutional system. That makes it all
Speaker 1: the more important to recognize when the process works as
Speaker 1: it should. Last week, the Senate passed the Bipartisan Respect
Speaker 1: for Marriage Act, which enshrines federal protection for same sex marriages.
Speaker 1: Should the pill pass the House, is expected, President Joe
Speaker 1: Biden has said he'll promptly sign it. This stands as
Speaker 1: a landmark, as recently the US was solidly opposed to
Speaker 1: gay marriage. Today, thanks in large parts of decades of
Speaker 1: hard work and political pressure by advocates for marriage equality,
Speaker 1: lawmakers in both parties have fashion to bargain, reflecting a
Speaker 1: new national consensus. That's how the democratic process is supposed
Speaker 1: to work. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,
Speaker 1: slash opinion or O P I n go on the
Speaker 1: Bloomberg terminal. This has been Bloomberg Opinion. Bloomberg Opinion editorials
Speaker 1: can be heard every weekday at this time, and terminal
Speaker 1: customers can read more at O P I n go.
Speaker 1: Checking the futures now SMP futures down eleven points down,
Speaker 1: futures down sixty NASDAD futures down forty one. Ten year
Speaker 1: treasury up one thirty second, the yield at three point
Speaker 1: five two percent, the two year yield at four point
Speaker 1: three four percent. NIMEX crude eight tenths lower. Now that's
Speaker 1: down sixty five cents, trading at sixty three dollars fifty
Speaker 1: nine cents of barrel. We're gonna talk ahead with Bloomberg
Speaker 1: Senior Washington correspondent Joe Matthew about those election results in Georgia,
Speaker 1: what it's gonna mean on Capitol Hill. Stay with us.
Speaker 1: Much more still to come. This is Bloomberg Markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, The Bloomberg Business at Land at Bloomberg Quick Take,
Speaker 1: This is a Bloomberg business lash and I'm Karen. Moscow
Speaker 1: and European stocks are falling. So are US stock index
Speaker 1: futures as China's trade data adds to fears about the
Speaker 1: health of the global economy. We check the markets every
Speaker 1: all day here on Bloomberg Radio with SMP future is
Speaker 1: down twelve points or three tents of uppercent. A future
Speaker 1: is down sixty eight or two tenths of uppercent. Nasday
Speaker 1: futures down forties six or four tenths of uppercent. The
Speaker 1: decks in Germany's down half percent ten, Your treasury up
Speaker 1: one thirties. Second you have three point five two percent,
Speaker 1: and they yield on the two year four point three
Speaker 1: four percent. Nine max Screwed oil is down nine ten
Speaker 1: percent or sixty seven cents at seventy three dollars fifty
Speaker 1: nine cents of barrel call makes gold of a tenth
Speaker 1: of a percent or two dollars thirty cents at seventeen
Speaker 1: eighty four. Seventy announced the euro one point oh four
Speaker 1: nine four were against the dollar, British pound one point
Speaker 1: two one six eight, the one thirty seven point four seven,
Speaker 1: and bitcoins down one point one percent at sixteen thousand,
Speaker 1: eight hundred dollars. That's a bloomberg business flash. Nowers Michael
Speaker 1: Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Democrat Raphael Warnock defeated
Speaker 1: Republican challenger Herschel Walker in Georgia's Senate race. His victory
Speaker 1: will increase Democrats edge in the chamber fifty one forty nine.
Speaker 1: Warnock beat Walker with fifty one point four percent of
Speaker 1: the vote. More on the Georgia race in a minute.
Speaker 1: Two of Donald Trump's companies were found guilty of engaging
Speaker 1: in the scheme that allowed executives such as former chief
Speaker 1: financial officer Alan Weisselberg to evade taxes on company paid
Speaker 1: perks in the NHL. The Devil's won, the Islanders lost.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analysts more than a hundred twenty countries. Hi,
Speaker 1: Michael Barr, and this is Bloomberg Amy All right, Thank you, Michael.
Speaker 1: It is by two on All Street, and this is
Speaker 1: Bloomberg Daybreak. We continue to follow the news out of
Speaker 1: Georgia and on Capitol Hill. Democrats gaining outright control of
Speaker 1: the Senate. Now that Rafael Warnock has won the runoff
Speaker 1: election in Georgia, defeating Trump backed Republican challenge herschel Walker
Speaker 1: forty eight point six percent. Now earlier this hour, we
Speaker 1: heard from Terry Haines of Pangaea Policy, who believes that
Speaker 1: this could be the final straw for the former president
Speaker 1: and the Republican Party. The task for the Republican Party
Speaker 1: over the past two years has been that, you know,
Speaker 1: how do we get channel we how do we get
Speaker 1: past this particular speed bump? And you know that process
Speaker 1: I think has greatly accelerated since the UH, since the
Speaker 1: mid terms, but between the mid term results, Trump's tone
Speaker 1: deaf announcement and UH, and then the whole business about
Speaker 1: suspending the constitution, which is UH. I really think is
Speaker 1: beyond the pale for h For a great number of
Speaker 1: the party leaders, they're gonna look now to try to
Speaker 1: make sure he's fenced out and joining us. How to
Speaker 1: talk about what last night's Georgia runoff means for Democrats
Speaker 1: and for the GOP. Bloomberg, Senior Washington correspondent and host
Speaker 1: of Sound On, Joe Matthew, Well, Joe, you heard Terry.
Speaker 1: They're talking about that this could mean the end of
Speaker 1: Donald Trump and the GOP. What say you? Well, it's
Speaker 1: difficult for me to weigh in on that one. I
Speaker 1: look just like you, Amy, I covered the Access Hollywood tapes.
Speaker 1: We've seen Donald Trump's political career called dead so many
Speaker 1: times we can't count it. But Republicans are waking up
Speaker 1: angry this morning. Republicans went to bed angry last night.
Speaker 1: This was a wider margin than what we saw in
Speaker 1: the This had been a different candidate, potentially, this is
Speaker 1: a conversation here, a different candidate without Donald Trump's fingerprints.
Speaker 1: This could be a Republican seat this morning, And there
Speaker 1: were moments last night when this was so close. People
Speaker 1: didn't know exactly how this was going to turn out.
Speaker 1: And it really speaks to all of the outside factors,
Speaker 1: candidate quality, the included in this race in Georgia. Now,
Speaker 1: every statewide race in Georgia in the mid terms went
Speaker 1: for the Republicans, all of them did, except for this one.
Speaker 1: It was a red wave in Georgia except this one.
Speaker 1: What does that say? I think it just reflects on
Speaker 1: what we just said. Donald Trump is not popular cated
Speaker 1: relationship here and it's the reason why Brian Kemp, the
Speaker 1: Republican governor in Georgia, did not endorse or campaign with
Speaker 1: herschel Walker during the mid term cycle here during the
Speaker 1: weeks leading up to the general election. So look, if
Speaker 1: if you if you had a different candidate without Donald
Speaker 1: Trump again, it could be a different conversation this morning.
Speaker 1: Raphael Warnock ran a strong campaign, but my goodness, he
Speaker 1: was clearly beatable under certain circumstances. At least this is
Speaker 1: how Republican strategists look at it this morning. Now all
Speaker 1: of this is happening as two of Donald Trump's companies
Speaker 1: were found guilty of criminal tax brought. I'm shifting gears
Speaker 1: just a second, getting right back to politics, but I
Speaker 1: want to know what that might mean for the man
Speaker 1: who was once president and he's running again, he wants
Speaker 1: to be president again, and his companies are facing these
Speaker 1: criminal charges. I think that though he was not personally,
Speaker 1: you know, he's running far away from this, suggesting that
Speaker 1: you know, the wool was pulled over his eyes or
Speaker 1: something to this extent, but that he had nothing to
Speaker 1: do with it. Some of the other instances, though, yesterday,
Speaker 1: could have a much greater impact, like the Special Counsel
Speaker 1: uh sending out subpoenas to states like Michigan and Wisconsin
Speaker 1: to see all in the weeks leading up to and
Speaker 1: following the election campaign. You've got so many legal issues
Speaker 1: facing Donald Trump right now that I'm not sure his
Speaker 1: company is actually the worst one. Okay, let's shift gears
Speaker 1: back then to politics. We talked a little bit about
Speaker 1: the Trump effect and whether this might mean other candidates
Speaker 1: are going to start distancing themselves. Now, what would it
Speaker 1: take for candidates to be able to say, you know,
Speaker 1: you don't have to campaign for me. And the reason
Speaker 1: I ask is because when we were watching him campaign
Speaker 1: for herschel Walker, he didn't show up. He wasn't there
Speaker 1: in person. He did it by phone. He was sort
Speaker 1: of trying to split the difference there so that he
Speaker 1: didn't take the blame for the mid term elections, and
Speaker 1: at the same time he was able to throw his
Speaker 1: support behind the candidate that he recruited. Right. Well, that's
Speaker 1: we've seen this happen repeatedly with Donald Trump, asked Glenn
Speaker 1: Youngcan in Virginia. It was the same exact deal. It
Speaker 1: was a tell a rally the night before the election,
Speaker 1: and they never were seen on stage together. That was
Speaker 1: very when you're talking about so called Trump candidates, in
Speaker 1: many cases they were hands selected by Trump and would
Speaker 1: not be in the race without Trump. You could call
Speaker 1: herschell Walker one of those candidates, and so in that
Speaker 1: case they kind of owe their entire situation to Donald Trump.
Speaker 1: So it's a little difficult to tell him not to come. Uh,
Speaker 1: this will bear twenty four election. We get into the
Speaker 1: new year and the twenty four elections starts to take
Speaker 1: hold of it. Joe Biden's going to announce his intentions
Speaker 1: were told after the holidays. It is widely expected that
Speaker 1: he is going to run for re election, and then
Speaker 1: you'll see Donald Trump in TrueColor. I suspect in the
Speaker 1: beginning of the new year, whether candidates want him on
Speaker 1: the stump. We'll see about. Let's talk a little bit
Speaker 1: about what's going on with the race itself. You and
Speaker 1: I had talked earlier about getting those results, and we
Speaker 1: kind of figured we wouldn't be seeing these results to
Speaker 1: this race until you know, later this week. We got
Speaker 1: those results much sooner than expected. Does that tell you anything?
Speaker 1: Really was a major factor in this campaign. I spoke
Speaker 1: with Brad Raefnsburger yesterday right before the polls closed. He
Speaker 1: joined us on sound on the Secretary of State of
Speaker 1: Georgia and and starting at seven am, they were beginning
Speaker 1: to tabulate early voting results. By seven pm they had
Speaker 1: all of the counties involved. It's just kind of the
Speaker 1: way this one worked out in a fairly cut and
Speaker 1: dry fashion. You had a head start counting early ballots,
Speaker 1: and then as you saw herschel Walker actually take the
Speaker 1: lead at one point last evening. Then it was the
Speaker 1: northern suburbs of Atlanta that finished their counting. Fulton County,
Speaker 1: Cobb County, and others where it was an overwhelming result
Speaker 1: for Raphael Warnock in their networks. The Associated Press took
Speaker 1: that moment to call the race Forum. There's still technically
Speaker 1: counting ballots. But when these projections go into place, you know,
Speaker 1: they're looking at a lot of different mathematical paths here
Speaker 1: and he just herschel Walker by the end of the
Speaker 1: evening didn't have one, and all right, blooming go ahead, Sorry, Joe,
Speaker 1: it's all yours. All right, thank you, Bloomberg Si, you're
Speaker 1: Washington corresponded to Matthew, host of Bloomberg Sound on which
Speaker 1: you can hear weekday afternoons at five here on Bloomberg Radio,
Speaker 1: once again looking at the impact of that Georgia runoff,
Speaker 1: what it means for Democrats, and what it could mean
Speaker 1: for the GOP, and how it might have an impact
Speaker 1: on the Trump effect, what that might mean for future
Speaker 1: candidates who might want to court the support from the
Speaker 1: former president. Much more still to come on Bloomberg Daybreak. Karen, Yeah, Amy,
Speaker 1: thank you. And we're still watching a sell off here
Speaker 1: with US stock index futures moving lower this morning. Checking
Speaker 1: the markets now with SMP futures down about ten points
Speaker 1: or a quarter percent, DEL futures down fifty one or
Speaker 1: about two tens of a percent, and NAS day futures
Speaker 1: down thirty eight or a third of a percent. The
Speaker 1: decks in Germany this morning is down about six tens
Speaker 1: of uppercent, so is the cach in Paris and the
Speaker 1: flitt See one down two tens of a percent. Ten
Speaker 1: year Treasury up one thirties second deal three point five
Speaker 1: two percent, and they yield on the two year is
Speaker 1: at four point three or four percent up. Next on
Speaker 1: Bloomberg Daybreak, we have the legal stories making a news today,
Speaker 1: as stay tuned for our daily Bloomberg lab reef from
Speaker 1: Bloomberg Law. We also have a check of your local weather.
Speaker 1: And this is Bloomberg Markets headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business at and at Bloomberg Quicktake. This is a Bloomberg
Speaker 1: Business Flash and I'm Karen Moscow. And US stock index
Speaker 1: futures are lower this morning, with SMP futures down about
Speaker 1: eleven points or a quarter per cent, DAL futures down
Speaker 1: to ten percent or fifty eight points, and NASDAG futures
Speaker 1: down four tents of upper cent or forty four points
Speaker 1: and a tenure treasury little change you had three point
Speaker 1: five three percent. They yield on the two year four
Speaker 1: point three four nine X Screwed oil is down one
Speaker 1: percent at seventy three dollars fifty four cents of barrel.
Speaker 1: That's down seventy one cents, and that's a Bloomberg business flash,
Speaker 1: Shamy Karen. It is five fifty six on Wall Street
Speaker 1: Tom for our daily Bloomberg Law Brief, exploring legal issues
Speaker 1: in the news. Today, we're looking at a high stakes
Speaker 1: clash at the Supreme Court. The conservative justices appeared ready
Speaker 1: to rule boy Christian website designer who says her religious
Speaker 1: beliefs preclude her from creating pages for same sex marriages,
Speaker 1: as Colorado law would require. The designer claims that Colorado's
Speaker 1: anti discrimination law violates her First Amendment free speech rights.
Speaker 1: For more on the case, Bloomberg's June Grosso speaks to
Speaker 1: constitutional law professor Michael Dorff of Cornell Law School. What
Speaker 1: was the justices reaction to the website designers claim that
Speaker 1: her websites are protected free speech. Some of them were
Speaker 1: skeptical of whether there really was any expression at all here.
Speaker 1: I think Justice Sonia Sada Mayor was the most skeptical.
Speaker 1: She wanted to know how this is speech by the
Speaker 1: owner of the web design company, given that it's essentially
Speaker 1: for the couple. Right, part of the point is that
Speaker 1: it's not speech endorsing same sex marriage at all. It's
Speaker 1: at the other end of the spectrum. You had Justice
Speaker 1: Alito and some of the other justices who seemed to
Speaker 1: just accept that, of course this is expressive, and they
Speaker 1: gave some hypothetical examples where you pretty clearly would have expression.
Speaker 1: For example, you know, if you had to put on
Speaker 1: the website, God blesses this marriage. I think some of
Speaker 1: the justice has had the view that there certainly is
Speaker 1: expression here and it could be understood as expression endorsing
Speaker 1: same sex marriage. And then the question is does the
Speaker 1: state get to override that because they have a public
Speaker 1: accommodations law. Justice Soda Mayor said, ruling for the web
Speaker 1: designer here would be the first time in Supreme Court
Speaker 1: history to allow a business open to the general public
Speaker 1: to refuse to serve a customer based on race, sex, religion,
Speaker 1: or sexual orientation. So how did the conservatives make a
Speaker 1: carve out that doesn't characterize this as inviting business to
Speaker 1: be exempt from civil rights laws. I mean, she's right,
Speaker 1: but only because we just fine, you know that narrowly.
Speaker 1: After all, in the hobby law the case, the court
Speaker 1: gave a carve out from statute and regulations requiring the
Speaker 1: provision of health insurance that covers contraception to religiously motivated
Speaker 1: business owners. And now that was in the context of
Speaker 1: employment rather than public accommodations, but it's also a carve
Speaker 1: out from anti discrimination law, also based in sort of
Speaker 1: conservative religious principles. Although I do think Justice Sodamora is
Speaker 1: right marketing back to those cases from the nineties, sixties,
Speaker 1: and seventies in which they dismiss the proposed exceptions with
Speaker 1: respect to race. But I think the answer to the
Speaker 1: question of how does the court prevent people from perceiving
Speaker 1: this as them, you know, taking sides against anti discrimination law,
Speaker 1: is that they can't. They can't control how their decisions
Speaker 1: are perceived. But I think this court has shown that
Speaker 1: they're not all that attuned to or concerned about how
Speaker 1: the public perceives them. Chief Justice Roberts seemed more concerned
Speaker 1: about that early in his career, and maybe still is,
Speaker 1: but he's laws of control of this court. That's Professor
Speaker 1: Michael Dorff of Cornell Law School speaking with Bloomberg Jean Grosso.
Speaker 1: Catch more of that interview, plus analysis of the latest
Speaker 1: legal news, by subscribing to the Bloomberg Law Podcast or
Speaker 1: downloading the show at Bloomberg dot com slash podcasts. Attorneys
Speaker 1: can find exceptional legal research and business development tools at
Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at
Speaker 1: b Law dot Go. Futures a lower SMP down eight
Speaker 1: points down, futures down thirty eight, NASDAC futures down thirty six.
Speaker 1: Ten year treasury down one thirty second to yield at
Speaker 1: three point five the two year yield at four point
Speaker 1: three four straight. I had a check on the business
Speaker 1: headlines in all the news you need to start your day.
Speaker 1: Hour two of Bloomberg Daybreak starts right now.