Speaker 1: Live from the Bloomberg in director Berger Studios. Is Bloomberg
Speaker 1: day Break for Tuesday, November two, Coming up this hour,
Speaker 1: A majority of G twenty nations are set to condemn
Speaker 1: Russia's war in Ukraine. Democrat Katie Hobbs, when's the governor's
Speaker 1: race in Arizona? Former President Trump prepares to announce another
Speaker 1: run for the White House. And we'll tell you which
Speaker 1: chip company we're in. Buffett is taking a stake in
Speaker 1: New York. Mayor Adams announced as a plan to provide
Speaker 1: housing for the homeless. Plus federal prosecutors say Rudy Giuliani
Speaker 1: but not face criminal charges over Ukraine. I'm Michael blarn
Speaker 1: Moore Ahead, I'm John stash Ourn Sports Washington upset Philadelphia
Speaker 1: and Monday Night Football. I'll win for the Islanders. The
Speaker 1: Nick Snetts are on the road tonight. That's all's trendy
Speaker 1: Ahead on Bloomberg Daybreak on Bloomberg he Living Free on
Speaker 1: New York Bloomberg one, Washington, d C, Bloomberg one of
Speaker 1: Those Six one, Boston Bloomberg nine sixties and Francisco, Syria's
Speaker 1: XAM one nineteen and around the world. The Bloomberg Radio
Speaker 1: Dot com and via the Bloomberg Business. Good morning. I'm
Speaker 1: Nathan Hager and I'm Karen. Moscow and US Dock index
Speaker 1: futures are on the rise this morning. We are coming
Speaker 1: up to five oh one on Wall Street, and we
Speaker 1: checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg. SNP futures of twenty six points, and OW
Speaker 1: futures have one hundred forty and NASDAG futures have one
Speaker 1: one ten year Treasury up ten thirty seconds, you have
Speaker 1: three point eight one percent, Nathan, all right, Karen, we'll
Speaker 1: have more on the markets in a minute. First we
Speaker 1: want to get you the latest from the G twenty summit.
Speaker 1: A majority of nations are set to condemn Russia's war
Speaker 1: in Ukraine. That's according to a draft statement from the
Speaker 1: event that's been seen by Bloomberg News. It represents a
Speaker 1: compromise designed to get as many signatures as possible. We
Speaker 1: spoke with former UK Ambassador to Russia Tony Brenton about
Speaker 1: the statement. It doesn't direct Russia. It criticizes the war,
Speaker 1: but doesn't blame Russia for it. It's implicitly criticizes Western sanctions.
Speaker 1: If you look at the economic bit of it. It's
Speaker 1: all about disruption of supply chains and hitting the global
Speaker 1: energy markets and so on, which war has something to
Speaker 1: do with it. But the real source of that disruption
Speaker 1: is of course Western sanctions, so it stays around various
Speaker 1: delicate points. Former UK Ambassador to Russia Tony Bretton says
Speaker 1: the statement is expertly crafted to get as many G
Speaker 1: twenty leaders signatures as possible, well, Nathan. The agreement comes
Speaker 1: just hours after President Biden sat face to face with
Speaker 1: shej and Ping in an effort to ease tensions between
Speaker 1: the two countries. US Trade Chief Katherine Tye says the
Speaker 1: meeting sends a powerful message. You can see that there
Speaker 1: is a familiarity between them, a comfort between them in
Speaker 1: terms of relating to each other, and I think that
Speaker 1: that's a really powerful signal to the rest of the world.
Speaker 1: US Trade a Chief Katherine Tye says further discussions will
Speaker 1: continue meantime. A former Secretary of State Henry Kissinger is
Speaker 1: praising the talks as a step to ease tensions. I
Speaker 1: would say there at the beginning of a bridge building effort,
Speaker 1: which it's positives so long as we remember that if
Speaker 1: the Bridge doesn't get billed the Principe. It means both
Speaker 1: former Secretary Kissinger and US Trade Representative Time made the
Speaker 1: comments at the Bloomberg New Economy Forum in Singapore. Back
Speaker 1: here in the US, Karen, the focus is on politics
Speaker 1: and another big win for Democrats as Arizona becomes the
Speaker 1: latest battleground to reject a prominent election denier candidate. Amy
Speaker 1: Morris has details from our Bloomberg newsroom in Washington, Democrat
Speaker 1: Katie Hobbs was elected governor of Arizona, defeating Republican Kerry Lake,
Speaker 1: who embraced former President Trump's baseless claims of widespread fraud
Speaker 1: in the election. The race was called with about percent
Speaker 1: of the ballots counted and Hobbs leading Lake fifty point
Speaker 1: four percent to forty nine point six percent, less than
Speaker 1: twenty one votes. It is the latest instance of mid
Speaker 1: term election voters rejecting election deniers in battlegrounds. It's including Michigan, Pennsylvania, Nevada,
Speaker 1: and Wisconsin. In Washington, I'm Aymy Morris Bloomberg Daybreak Right, Amy,
Speaker 1: thank you about Carry Lakes. Loss in Arizona is unlikely
Speaker 1: to stop a quote very big announcement in Florida. Tonight.
Speaker 1: Former President Trump is said to kick office third run
Speaker 1: for the White House at nine pm Wall Street Time.
Speaker 1: That's despite a growing number of Republicans and donors urging
Speaker 1: him to reconsider. Among those the billionaire founder of Citadel
Speaker 1: Ken Griffin. He lost, We lost Georgia because of his
Speaker 1: behavior in the Senate race in that's a second loss.
Speaker 1: And then this year the Republicans lost the Senate because
Speaker 1: the Trump back Canston Senate races were rejected by American voters.
Speaker 1: That's a three time loser. Ken Griffin made those comments
Speaker 1: at the Bloomberg New Economy Forum in Singapore. Here. More
Speaker 1: of the Citadel founders or marks coming up later in
Speaker 1: our program. Turning to the economy, now, Karen, we're getting
Speaker 1: more signs on policy from the Fed. Another central Bank
Speaker 1: officials saying it could start slowing the pay of rate hikes.
Speaker 1: We caught up with FED Vice Chair law Brainerd. I
Speaker 1: think it will probably be appropriate, um uh soon um
Speaker 1: to move to a flower pace of increases. But I
Speaker 1: think what's really important to emphasize we've done a lot,
Speaker 1: but we have additional work to do, both on raising
Speaker 1: rates and sustaining restraint to bring inflation down to two.
Speaker 1: FED Vice chair law Brainer made those comments in an
Speaker 1: interview with Bloomberg News in Washington. The markets are currently
Speaker 1: pricing in a fifty basis point rate hike in December. Well, Nathan,
Speaker 1: the Fed and Wall Street get another inflation report to
Speaker 1: digest this morning. The producer price indix for October comes
Speaker 1: out before the opening bell, and Bloomberg's Michael McKee has
Speaker 1: a preview. There's no direct link between CPI and PPI
Speaker 1: producer prices. There are middlemen in between. Nevertheless, the big
Speaker 1: drop in consumer prices suggests downside risk to PPI as well.
Speaker 1: In particular, economists are looking for a drop in the
Speaker 1: trade services category. Essentially, it reflects wholesaler and retailer margins.
Speaker 1: Huge pandemic demand for goods led to big margin expansions.
Speaker 1: Now the goods demand is coming down, margins should compress.
Speaker 1: Michael McKee, Bloomberg gaybreak alright, Mike, we also get earnings
Speaker 1: today from big retail. Both Walmart and Home Depot report
Speaker 1: before the opening bell. Meantime, Nathan, Chip stocks are getting
Speaker 1: a Liftists Mooring, a news Berkshire Hathaway has taken a
Speaker 1: stake in Taiwan semiconductor manufacturing. We had more from Bloomberg's
Speaker 1: Doug Chrisoner. For a long while, Berkshire chairman Warren Buffett
Speaker 1: shied away from the tech industry. He has spoken about
Speaker 1: not wanting to invest in businesses he didn't fully understand.
Speaker 1: In recent years, though, the stance has changed, and now
Speaker 1: a filing shows Berkshire acquired about sixty million a d
Speaker 1: R S and t SMC in the third quarter. Assuming
Speaker 1: the average quarterly price, the stake would have cost Buffett
Speaker 1: five point one billion dollars. T SMC has overtaken Intel
Speaker 1: in the cutting edge of chip making. It's also emerged
Speaker 1: as a vital player as the U. S and China
Speaker 1: clash over leadership in global technology industries. In New York
Speaker 1: and Dug Prisoner Bloomberg Daybreak. Okay, Doug, thanks SMP futures
Speaker 1: right now are up twenty nine points down. Futures up
Speaker 1: a hundred sixty one Nastack futures are hired by a
Speaker 1: hundred thirty five points. Straight ahead your latest local headlines
Speaker 1: in the check of sports. This is Bloomberg at Sound
Speaker 1: five oh seven on Wall Street. We're thirty six degrees
Speaker 1: in Central Park, dealing with construction southbound New Jersey Turnpike
Speaker 1: truck lanes at exit nine. Details coming up in Traffic.
Speaker 1: First Michael Barr with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. New York City officials unveiled new plan to
Speaker 1: find homes for the homeless. Mayor Eric Adams says the
Speaker 1: new options include cutting down on red tape and reducing
Speaker 1: requirements for vouchers and other programs. We are changing the
Speaker 1: city FIPPS rental assistance programs so that we can give
Speaker 1: vouchers to more families and make them easier to use.
Speaker 1: We're reducing the number of hours families are required to
Speaker 1: work to become eligible, from thirty to fourteen hours per week.
Speaker 1: Mayor Adams went on to say it doesn't make sense
Speaker 1: for a person making minimum wage to be told they
Speaker 1: made too much money for city assistance. Federal prosecutors in
Speaker 1: Manhattan have declined to file criminal charges against Rudy Giuliani
Speaker 1: over his lobbying activities in Ukraine. Prosecutors had been investigating
Speaker 1: whether the former New York mayor should have registered as
Speaker 1: a foreign agent over his lobbying of the Trump administration
Speaker 1: to house then US Ambassador Marie Ivanovitch from Ukraine. Giuliani
Speaker 1: maintained he had done nothing wrong. Tech entrepreneur Brandon Williams
Speaker 1: has been elected to Congress in a district in central
Speaker 1: New York, becoming the eleventh Republican to win a House
Speaker 1: race this fall. A p finally called it late last night.
Speaker 1: Williams defeated Democrat Francis Kanol in the contest to pick
Speaker 1: a successor to US Representative John Katko, a Republican who
Speaker 1: was retiring from office. Doctors in New Mexico are warning
Speaker 1: of what they are calling the threat of a triple demic.
Speaker 1: Bloomberg's and Baxter reports that is the convergence of the
Speaker 1: flu rs V and COVID at the same time. Dr
Speaker 1: John Peterson, as a pediatric specialist in Albuquerque, not uncommon
Speaker 1: for us to have a very significant respiratory viral season
Speaker 1: for for children. What's different about about this is that
Speaker 1: it's occurring very early. Peterson says. Hospitals nationwide are already
Speaker 1: seeing a large number of cases and infants with rs
Speaker 1: V and fear a very serious season overall. In San Francisco.
Speaker 1: I'm at Baxter Bloomberg Gaybreak, President Joe Biden and Indonesian
Speaker 1: President Joco Widotto will announce a climate finance deal providing
Speaker 1: twenty billion dollars to help Indonesia pivot away from coal power.
Speaker 1: The deal, broken between the U S, Indonesia and Japan,
Speaker 1: came on the sidelines of the G twenty summit in Bali.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake Power. I'm more than twenty seven hundred
Speaker 1: journalists and analysts are more than a hundred twenty countries.
Speaker 1: Michael Barr, This is Bloomberg, Nathan. Thank you. Michael. Count
Speaker 1: up to five ten on Wall Street Time for the
Speaker 1: Bloomberg Sports Update, brought to you by try State Autie.
Speaker 1: Good Morning, John Stansharna, Morning, Nathan. Fifty years ago, Miami
Speaker 1: Dolphins last NFL team to go an entire season undefeated.
Speaker 1: The two thousand seven Patriots came close until their Super
Speaker 1: Bowl loss with the Giants. Nobody really expected the Eagles
Speaker 1: to go twenty and oh, but last night didn't figure
Speaker 1: to be their first loss and eleven point favorite at
Speaker 1: home where the Washington has got all kinds of issues
Speaker 1: going on with our ownership. The Commanders, though, fell fell
Speaker 1: behind early and then dominated had the ball for more
Speaker 1: than forty minutes for four Philly turnovers, three of the
Speaker 1: fourth quarter, one right at the end. Snapta hurts Lashington
Speaker 1: Briggs three. He steps up, throws underneath, caught my walkeets
Speaker 1: thrown to Smith. He tried to throw it backboards. He's
Speaker 1: hit my kid curl that has picked up like Kacy
Speaker 1: two Hill in the end zone. It's a defensive touchdown
Speaker 1: to end the game. Life ten did not undefeated season
Speaker 1: of the Eagles, b I g to call Washington thirty two,
Speaker 1: Philadelphia twenty one. Commanders are five and five, Eagles are
Speaker 1: eight and one, Giants only one game behind. Giants still
Speaker 1: have two games left with Philly and two with Washington.
Speaker 1: Islanders four to win at Ottawa Isles of one nine
Speaker 1: at the last eleven Devils and won all of their
Speaker 1: last nine. They played tonight in Montreal, started a five
Speaker 1: game road trick for the next first off is Utah,
Speaker 1: the Jazz Surprise and the already ten wins. Most in
Speaker 1: the West Nets still without Gymrie irving their trip to
Speaker 1: Tunes tonight in Sacramento. A pair of twenty one year
Speaker 1: old outfielders named rookies of the Year Seattle's Julio Rodriguez
Speaker 1: and the American League. Atlanta's Michael Harris and the NL
Speaker 1: both showed power and speed. They'll name the managers of
Speaker 1: the Year today. The Mets buck show Walter the favorite
Speaker 1: to win in the NL, the Miami Marlins already with
Speaker 1: a female GM, Kim Ang. They promoted New Jersey native
Speaker 1: Caroline O'Connor to be their team president. John Dashaward Bloomberg
Speaker 1: Sports Nathan, Thank you, John SMP futures now at thirty points,
Speaker 1: SA futures of a hundred sixties seven, NASSEXT futures on
Speaker 1: the rise by a hundred thirty four points. The tenure
Speaker 1: treasuries up eleven thirty seconds for a yield of three
Speaker 1: point at one percent. This is Bloomberg. The Bloomberg Sports
Speaker 1: Report was brought to you by aut etl. Let someone
Speaker 1: else drive off in the Outie model. You've always wanted
Speaker 1: to visit your local tri state outietial and you get
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Speaker 1: dot com for more information, markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot com. The
Speaker 1: Bloomberg Business at and at Bloomberg Quick Tape. He's a
Speaker 1: Bloomberg Business Flash, and I'm Karen Moscow. US DOT Index
Speaker 1: futures are higher this morning. I've been growing confidence that
Speaker 1: the Federal Reserve will be able to slow its rate
Speaker 1: hiking pace. And we check the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg Guess and Key futures
Speaker 1: up thirty two points this morning. DEL futures up a
Speaker 1: hundred eighty three Nasdack futures have one thirty nine the
Speaker 1: decks in Germany, it'll change ten. Your treasury up twelve
Speaker 1: thirty seconds, three point eight zero percent yield on the
Speaker 1: two year four point three five percent nine max Screwed
Speaker 1: oil is down one and a half percent at a
Speaker 1: dollar thirty at eighty four dollars fifty eight cents of
Speaker 1: barrel comic schooled up tenth of a percent, or two
Speaker 1: dollars ten cents at seventeen seventy nine an ounce. The
Speaker 1: euro one point oh four oh nine against the dollar,
Speaker 1: British pound one point one eight four two and the
Speaker 1: end one thirty nine point to four, and Bitcoin is
Speaker 1: up two point four percent at sixteen thousand, seven hundred
Speaker 1: eighty dollars. That's a Bloomberg Business flash show. Here's Michael
Speaker 1: Barr with Moore on what's going on around the world. Michael,
Speaker 1: good Mornay, Good morning, Karen. Former President Donald Trump is
Speaker 1: said to be preparing to launch another campaign for the
Speaker 1: White House with an announcement tonight. Some Republicans urge him
Speaker 1: to delay the announcement, blaming Trump for far rant candidates
Speaker 1: losing in the mid term elections. Democrat Katie Hobbs was
Speaker 1: elected governor of Arizona. Hobbs defeated Republican Kerry Lake, who
Speaker 1: embraced former President Trump's false claims of widespread fraud in
Speaker 1: the twenty election. In the narrow victory. In the NF
Speaker 1: fell undefeated no more. The Eagles lost to the Commanders
Speaker 1: thirty one. In the NBA, the Celtics won seventh straight,
Speaker 1: beating the Thunder one two the Warriors also one. In
Speaker 1: the NHL the Islanders one global news twenty four hours
Speaker 1: a day only ran on Bloomberg Quicktake, powered by more
Speaker 1: than twenty seven hundred journalists and an US more than
Speaker 1: twenty countries. I'm Michael Barren. This is Bloomberg Nathan. All Right, Michael,
Speaker 1: thank you. It's five nineteen on Wall Street Live from
Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and
Speaker 1: now we're gonna bring you a conversation with Federal Reserve
Speaker 1: Vice Chair Lyle Brainerd. She joined Bloomberg News in Washington
Speaker 1: to discuss her outlook for the economy, the FEDS rate
Speaker 1: hike path, and the crypto market crash. Vice chair Brainard
Speaker 1: spoke with Bloomberg's Washington Verreau chief Peggy Collins. Here's part
Speaker 1: of that conversation now, so so much of what we
Speaker 1: wrote about here Bloomberg during the pandemic and elsewhere I
Speaker 1: know other journalists too, was about people getting back into
Speaker 1: the labor market and getting jobs. Bloomberg Economics actually is
Speaker 1: forecasting percent chance of our recession in the next twelve months.
Speaker 1: What is your forecast for where we end up in
Speaker 1: terms of unemployment by the end of next year. Yeah,
Speaker 1: so I think, um, it's it's very difficult um to
Speaker 1: give firm projections because this is a very unusual labor market.
Speaker 1: So the pandemic lad to UM a lot of departures
Speaker 1: from in person services in particular, and if you look
Speaker 1: at hiring data, you can still see pretty healthy hiring
Speaker 1: UM in some of those in person services where UM
Speaker 1: some businesses are still trying to catch up to levels
Speaker 1: of employment that may be appropriate for UM the kind
Speaker 1: of the run rate that they're seeing UM. But it
Speaker 1: is the case that as rates move further into restrictive territory,
Speaker 1: you know, and financial conditions remain tight, that does exert
Speaker 1: some restraint on demand UM to bring demand into better
Speaker 1: alignment with supply, and so you will see some reallocation. Now,
Speaker 1: vacancies are unusually high relative to unemployment, and that does suggest,
Speaker 1: for the reasons UM that we're just talking about this
Speaker 1: sort of catch up hiring, there are some chance that
Speaker 1: we'll see more of a diminution in those vacancies rather
Speaker 1: than putting as much emphasis on layoffs. But it's likely
Speaker 1: there'll be a combination of both. Do you think the
Speaker 1: downshift is coming? Yeah, so, UM, I think it will
Speaker 1: probably be appropriate UM uh soon UM to move to
Speaker 1: a flower pace of increases. But I think what's really
Speaker 1: important to emphasize we've done a lot, but we have
Speaker 1: additional work to do, both on raising rates and sustaining
Speaker 1: restraint to bring inflation down to two percent over time.
Speaker 1: So you know, we have raised rates very rapidly by
Speaker 1: nearly for based four percentage points over about nine months,
Speaker 1: and we've been reducing the balance sheet and you can
Speaker 1: see that in financial conditions, UM. You can see it
Speaker 1: in inflation expectations which are quite well anchored. UM. You
Speaker 1: can see it in an interest rate sensitive sectors. But
Speaker 1: as we said last meeting, UM, they're likely to be
Speaker 1: lags UM and it's going to take some time for
Speaker 1: that cumulative tightening to to flow through. And so it
Speaker 1: makes sense to move to a more um, a more deliberate,
Speaker 1: and a more data dependent pace as we continue UH
Speaker 1: to make sure that there's restraint that will bring inflation
Speaker 1: down over time. So I want to turn to another
Speaker 1: big story that we've been covering, which is the implosion
Speaker 1: of another firm in the crypto market, ft X and
Speaker 1: Sam Bankman Freed's empire there and in a speech in July,
Speaker 1: you were looking at the crypto market and at that
Speaker 1: time thought that you know, there weren't signs that there
Speaker 1: were so much interconnectivity yet between crypto firms and the
Speaker 1: broader financial market to imply a systemic risk. How has
Speaker 1: your view changed given what's happened in the past week. Yeah,
Speaker 1: so I don't think my view UM has fundamentally changed.
Speaker 1: First of all, you know, it is UM really concerning
Speaker 1: to see that retail investors are really getting hurt by
Speaker 1: these losses UM. And it is also the case UM
Speaker 1: that despite a lot of hype UM. You know, you've
Speaker 1: heard a lot about how decentralized these markets are and
Speaker 1: how innovative and different UM, it turns out, you know,
Speaker 1: they're highly concentrated, highly interconnected UM, and you're just seeing
Speaker 1: UM a domino effect UM failures from one platform or
Speaker 1: one firm spilling over elsewhere, and it reinforces I think UM,
Speaker 1: this need to make sure UM that crypto finance, because
Speaker 1: it is no different than traditional finance in the risks
Speaker 1: that it exposes investors too, needs to be under the
Speaker 1: regulatory perimeter. There need to be strong regulatory guard rails
Speaker 1: that ensure that like risks are subject to like disclosures
Speaker 1: and like regulatory outcomes. And that was Federal Reserve Vice
Speaker 1: chair Lyle Brainerd speaking with Bloomberg's Peggy Collins in Washington.
Speaker 1: You can catch the full interview online at Bloomberg dot
Speaker 1: com or anytime on the Bloomberg terminal. S ANDP futures
Speaker 1: right now are up twenty nine points. Stown futures up
Speaker 1: a hundred fifty seven. NASAC futures are higher by a
Speaker 1: hundred thirty one points. The ten year treasury is up
Speaker 1: eleven thirty seconds, the yield three point eight one percent,
Speaker 1: and the yield on the two year right now four
Speaker 1: point three five per cent. Just had the latest from
Speaker 1: the G twenty summit and a big blow to another
Speaker 1: action denier in the mid terms. It's coming up. I'm
Speaker 1: Bloomberg Day Break Bloomberg eleven three oh weather increasing cloud
Speaker 1: showers developing late today. Highs only in the upper forties.
Speaker 1: Rain ends early tomorrow, low fifties for highs. There'll be sunny,
Speaker 1: breeze and cool for Thursday. Right now thirty six in
Speaker 1: Central Park, broadcasting live from the Bloomberg Interactive Broker Studio
Speaker 1: in New York. Bloomberg E Living Freo to Washington, d C,
Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg Own sixteen to the country, Sirius XM to the
Speaker 1: one nine and around the globe. The Bloomberg Business and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak and it's
Speaker 1: thirty on Wall Street. Good morning. I'm Karen Moscow and
Speaker 1: I'm Nathan Hagar. Bloomberg Daybreak brought to you by se I.
Speaker 1: Imagine your asset management firms operational infrastructure as a competiti
Speaker 1: the advantage. Let s e I show you how at
Speaker 1: se I C dot com slash I m S and
Speaker 1: we are just about four hours away from the open
Speaker 1: of US training. Let's the idea have to date on
Speaker 1: the news you need to know at this hour. It
Speaker 1: begin with the G twenty summit in Indonesia, where a
Speaker 1: majority of nations are said to condemn Russia's war in Ukraine,
Speaker 1: according to a draft joint statement from the summit that's
Speaker 1: been seen by Bloomberg News. We talked about it with
Speaker 1: former UK Ambassador to Russia Tony Brnton. What I've seen
Speaker 1: is actually rather expertly drafted to scare a dedicate way
Speaker 1: around all sorts of people's obstacles. Um. It doesn't directly
Speaker 1: criticize Russia. It criticizes the war, but not don't blame
Speaker 1: Russia for it. Former UK Ambassador to Russia Tony Brenton
Speaker 1: said the draft represents a compromise designed to get as
Speaker 1: many signatures as possible, and US President Joe Biden announced
Speaker 1: a pact of global infrastructure investments at the summit. Today.
Speaker 1: We're at an inflection point. Investments we make today will
Speaker 1: have far reaching impact on the world for generations to come.
Speaker 1: President By made the comments following yesterday's face to face
Speaker 1: meeting with Chinese leader Shi Jin ping U. S Trade
Speaker 1: Chief Katherine Tye says it was an open discussion designed
Speaker 1: to ease tensions between the nations. He raised with President
Speaker 1: She something that we have raised consistently US concerns about
Speaker 1: the negative economic impacts of China's non market economic policies.
Speaker 1: US Trade Chief Katherine Tye spoke at the Bloomberg New
Speaker 1: Economy Forum in Singapore to Politics at Home Now Nathan
Speaker 1: another blow to former President Trump. Trump ally and election
Speaker 1: denier Carry Lake lost the Arizona governor's race to Democrat
Speaker 1: Katie Hobbs. The former president is making a very big
Speaker 1: announcement at nine pm tonight, likely to be a third
Speaker 1: White House bid. It comes despite many Republicans and donors
Speaker 1: asking him to reconsider, including Citadel founder Ken Griffin. I'd
Speaker 1: like to think that the Republican Party is ready to
Speaker 1: move on from somebody who's been for this party a
Speaker 1: three time loser. Ken Griffin made those comments at the
Speaker 1: Bloomberg New Economy Forum in Singapore, and we'll bring you
Speaker 1: more of our comp station later in our program to
Speaker 1: the Economy Now. Karen FED Vice chair Lle Brainerd tells
Speaker 1: Bloomberg the Central Bank should consider the pace of its
Speaker 1: rate hike path moving forward. We have additional work to
Speaker 1: do both on raising rates and sustaining restraint to bring
Speaker 1: inflation down to two Feddvice chare Laal brainer and the
Speaker 1: Fed will have another inflation report to the jets this morning,
Speaker 1: with October's producer price index due out before the belt
Speaker 1: and futures this morning are on the rise. Straight ahead,
Speaker 1: we have your latest local headlines, plus the check of sports,
Speaker 1: and this is Bloomberg. Thanks On Wall Street thirty six
Speaker 1: degrees in Central Park. Might want to use the car
Speaker 1: lane south end New Jersey Turnpike this morning. We'll tell
Speaker 1: you why. In traffic First, Michael Barr with more on
Speaker 1: what's going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan former New York City Mayor
Speaker 1: Rudy Giuliani will not face criminal charges over his interactions
Speaker 1: with Ukrainian figures in the run up to the presidential election.
Speaker 1: The U. S. Attorney's Office in Manhattan said they made
Speaker 1: the decision after reviewing electronic evidence gathered in raids on
Speaker 1: Giuliani's home and law office. In April of one, Giuliani
Speaker 1: tweeted that it was a complete and total of vindication.
Speaker 1: New York City officials unveiled a new plan to find
Speaker 1: homes for the homeless. Mayor Eric Adams says the new
Speaker 1: options include cutting down on the red tape and reducing
Speaker 1: requirements for vounchers and other programs. It just doesn't make
Speaker 1: sense when you think about it. M Opperson making minimum
Speaker 1: wage told they make too much money for city felt
Speaker 1: FEPS minimum wage, which they're saying you make too much money.
Speaker 1: This just doesn't add up. And what it does add
Speaker 1: up to is a crisis, the housing crisis, and we
Speaker 1: changeing it. Mayor Adams says the new plan would in
Speaker 1: some cases skip temporary housing shelters altogether. There has been
Speaker 1: shock and sadness on the campus of the University of Virginia,
Speaker 1: where a student is accused of killing three members of
Speaker 1: the football team. The players are returning from a class
Speaker 1: trip when authorities say Christopher Darnell Jones Jr. Opened fire,
Speaker 1: killing Devin Chandler, Lavelle Davis Jr. And Deshaun Perry. Jones
Speaker 1: is a former member of the football team. Students are
Speaker 1: in morning. This junior says his friends put up a
Speaker 1: memorial for the victims. I think we're all kind of
Speaker 1: coming to terms with what's going on and just trying
Speaker 1: to support each other to the best of our abilities
Speaker 1: at the moment. Jones will face three counts of second
Speaker 1: degree murder and three counts of using a handgun in
Speaker 1: the commission of a felony. US officials say it's the
Speaker 1: largest climate transaction in history. US President Joe Biden and
Speaker 1: Indonesian President Jocobadoto will announce a climate finance deal providing
Speaker 1: twenty billion dollars to help the Southeast Asian country shift
Speaker 1: away from coal power. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than twenty seven under journalist and analysts, are more than
Speaker 1: a hund twenty countries. Michael Barr and this is Bloomberg An'
Speaker 1: thanks Michael Street. Time for the Bloomberg Sports Sunday brought
Speaker 1: you by tri State out of years John Stat Shout.
Speaker 1: Thanks Nathan. A Monday night upset. Philadelphia was undefeated favored
Speaker 1: by eleven at home against Washington, but the Commanders held
Speaker 1: the ball for more than forty minutes force four Philly turnovers.
Speaker 1: The Eagles had three fumbles in the fourth quarter, and
Speaker 1: Washington won thirty two to one to get to five hundred.
Speaker 1: The Eagles fall to eight and one with beets. The Giants,
Speaker 1: who still have two games left with Philly suddenly only
Speaker 1: one game out of first place. Their coach Brian Babo,
Speaker 1: asked yesterday about the playoffs, you have to focus and
Speaker 1: stay in a moment um because it really doesn't matter
Speaker 1: this there's so much games to be played, and um,
Speaker 1: you know it's it's good to be seven and two,
Speaker 1: but again, it'll home be really quick. Um, when you
Speaker 1: start worrying about the wrong things, they're thinking about the
Speaker 1: wrong things to me in this business by both Giants.
Speaker 1: Very winnable game this Sunday at home against Detroit. Big
Speaker 1: games Sunday for the Jets, coming off the bye, they
Speaker 1: visit New England, who has beating the Jets thirteen straight
Speaker 1: times with the Jets who will help? I mean beating
Speaker 1: Buffalo and then Buffalo losing again yesterday. Jets now suddenly
Speaker 1: just at a first place. Islanders won four to in Ottawa.
Speaker 1: The Devils are in Montreal tonight. They're going for a
Speaker 1: tenth win in a row. That Nick started road trip
Speaker 1: at Utah. The Nets play in Sacramento will The Warriors
Speaker 1: last night blew out San Antonio the Golden State at
Speaker 1: six and six and one at home at Owens seven.
Speaker 1: On the road, Celtics won their seventh row and they're
Speaker 1: now in first place in the East, moving ahead of Milwaukee.
Speaker 1: Caroline O'Connor was working on Wall Street when Derek Jeter
Speaker 1: hired her to work for the Miami and Marlins. Jeter
Speaker 1: has since left the team, but O'Connor was just promoted
Speaker 1: the team president, and Marlins already had baseball's only female
Speaker 1: GM and KIANG rookies of the Year, Seattle's Julio Rodriguez,
Speaker 1: Atlanta's Michael has John Stasheller Bloomberg Sports thank you, John
Speaker 1: seven on Wall Street time for the Tri State Business
Speaker 1: Report with Bloomberg's Joan Doneger. New York City's municipal workforce
Speaker 1: may still be the largest in the nation, but it
Speaker 1: shrank at the fastest rate since the nineteen nineties. Over
Speaker 1: the past two years, thousands of jobs are unfilled. That
Speaker 1: threatens to disrupt an array of critical services. New York
Speaker 1: States Controllers says the city's workforce fell nearly six and
Speaker 1: a half percent from June of losing about nineteen thousand jobs.
Speaker 1: In August, the workforce total two hundred eight one thousand,
Speaker 1: three hundred thirty three people. Energy prices are hitting some
Speaker 1: New Jersey residents so hard they've cut spending on groceries
Speaker 1: and medicine just to pay gas and electric bills. News
Speaker 1: twelve New Jersey reports the Census Bureaus Household Pulse survey
Speaker 1: found a third of those asked having to do that.
Speaker 1: About a quarter were unable to pay part of their bills.
Speaker 1: The Connecticut Department of Public Health is getting a half
Speaker 1: million dollar grant from the Environmental Protection Agency. The money
Speaker 1: will set up air quality monitoring and distressed communities. That's
Speaker 1: the Bloomberg Try State Business Report. I'm Joan Donnager. Thank you, Joan.
Speaker 1: It's five thirty eight on Wall Street. Bloomberg radios 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 of fillion radio stations around the world. I'm Steve
Speaker 1: polis Go on w f L A Tampa Bay. We're
Speaker 1: talking about fire, mortgage rates, discouraging relocation intentions, um Corney
Speaker 1: Donahoe on w h F and Louisville fed excess putting
Speaker 1: workers in its free unit on furlough at demand slows.
Speaker 1: I'm Jeff Bullinger and on w i O D in Miami,
Speaker 1: I'm reporting on a new ranking of the world's best
Speaker 1: cruise lines. I'm Caroline he called Bloomberg d ab Disturbator
Speaker 1: in London. We've been reporting on the new jobs data
Speaker 1: for the UK showing WAG is growing at their fastest
Speaker 1: pace in over a year. I'm John Donnager telling w
Speaker 1: w J listeners in Detroit. Host Atlantis says it's working
Speaker 1: to provide minority on businesses more opportunity in the shift
Speaker 1: to e v S. I'm kimber leads it on w
Speaker 1: b Z in Boston. I'll be reporting on another tech
Speaker 1: giant flashing job. Those are some of the stories our
Speaker 1: twenty Bloomberg journalists and analysts working on this morning around
Speaker 1: the world. It's five thirty nine on Wall Street. The
Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. Incoming Israeli Prime Minister
Speaker 1: of Benjamin Netanyah, who is forming a government that may
Speaker 1: well be the most radical in his reel's history, having
Speaker 1: alienated other frightening figures during his previous stints in power, D'tigyah,
Speaker 1: who is now dependent on a far right block known
Speaker 1: as religious Scionism, yet indulging that block's most extreme demands
Speaker 1: would be deeply corrosive to Israel's democracy and its international standing. d'Artagnan,
Speaker 1: who needs to limit the sway of fire brands in
Speaker 1: his cabinet and condemn inflammatory and bigoted rhetoric. He should
Speaker 1: also attempt to repair relations with more mainstream conservative parties
Speaker 1: so that he might eventually broaden his coalition and dilute
Speaker 1: Religious Scionism his influence. There is no way to preserve
Speaker 1: Israel's Jewish and democratic character without one day establishing a
Speaker 1: viable Palestinian state. However far off that prospect seems now,
Speaker 1: neither side should be taken steps that drive it even
Speaker 1: farther away. 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 opie I n go on the Bloomberg Terminal.
Speaker 1: This has been Bloomberg opinion, and you can hear Bloomberg
Speaker 1: opinion editorials every weekday at this time. Terminal customers can
Speaker 1: read more at O P I n go, SMP Futures
Speaker 1: up twenty eight points down dead features up a hundred
Speaker 1: thirty seven, nest At features up a hundred thirty three.
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Speaker 1: Quick Tape. This is a Bloomberg Business Flash, and I'm
Speaker 1: Karen Moscow and Usnock index futures are on the rise
Speaker 1: this morning, and we check the markets every fifteen minutes
Speaker 1: about the trading day. On Bloomberg S and P future
Speaker 1: is up twenty nine points down. Futures have onety two
Speaker 1: and as deck futures have one d thirty eight. The
Speaker 1: decks in Germany's down two tenths of upper sent the
Speaker 1: ten year treasury of eleven thirty seconds, you have three
Speaker 1: point eight one percent. They yield on the two year
Speaker 1: four point three five percent. NIMEX Scrude oil is down
Speaker 1: eight tenths per center seventy one cents at eighty five
Speaker 1: dollars sixteen cents of barrel comexs golled up two tens
Speaker 1: per cent or two dollars eighties cents at seventeen seventy
Speaker 1: nine sixty ounce. The Euro one point oh four three
Speaker 1: three against a dollar, British pound one point s zero,
Speaker 1: the En one thirty nine point two seven, and big
Speaker 1: coins up two point seven percent at sixteen thousand, eight
Speaker 1: hundred dollars. That's a Bloomberg business clash. Now here's Michael
Speaker 1: Barr with Moore on what's going on around the world. Michael,
Speaker 1: thank you. Very much, Karen Tonight, Former President Trump plans
Speaker 1: to announce another run for the White House. Advisors say
Speaker 1: the new campaign will likely be based in South Florida
Speaker 1: instead of Washington, send a majority. Leader. Chuck Schumert eat
Speaker 1: up a boat to start debate this eek on legislation
Speaker 1: protecting same sex marriage. After the bill's sponsors agreed on
Speaker 1: changes intended to draw enough Republican votes to win passage,
Speaker 1: Schumer says the first procedural vote will be tomorrow. In
Speaker 1: the NFL, undefeated no more. The Eagles lost with the
Speaker 1: Commanders thirty two one in the NBA, and the Celtics
Speaker 1: have won seventh straight, beating the Thunder one two. The
Speaker 1: Warriors also one in the NHL. The Islanders one Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than twenty countries. Michael Barr and this
Speaker 1: is Bloomberg. Nathan. Okay, Michael, thank you. We're coming up
Speaker 1: to five forty nine on Wall Street Live from the
Speaker 1: Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak, and we're
Speaker 1: joined now by Amanda A Gotti, chief investment officer at
Speaker 1: PNC Financial Services Group. It's great to speak with you
Speaker 1: this morning, Amanda. Thanks for being here, especially on a
Speaker 1: morning where we're seeing a pretty nice lift in the
Speaker 1: futures after yesterday is declined. You buy into this rally, well,
Speaker 1: it's nice to be with you. Thanks for having me.
Speaker 1: I would love to buy into it, but I think
Speaker 1: it's a little bit of false hope because I think
Speaker 1: the market is sort of blindly hanging its hat on
Speaker 1: last week's CPI report. Um, and that you know, the
Speaker 1: Fed is ultimately going to use that data point as
Speaker 1: the point to pivot, and I think it's a little
Speaker 1: bit too soon to claim victory and the war on inflation. Yeah,
Speaker 1: and it's going to set us up for the producer
Speaker 1: Price Index that we're going to get later this morning.
Speaker 1: I know that there's some division between consumer and producer
Speaker 1: prices in terms of how they feed into the inflation picture,
Speaker 1: But do you think what we get from the pp
Speaker 1: I today it could be a similar catalyst to that
Speaker 1: huge rally we saw last week. Well, the expectation is
Speaker 1: not certainly to see as much progress as what the
Speaker 1: CPI report showed is very modest in terms of the
Speaker 1: improvement about a tense of a percentage point on both
Speaker 1: headline and core. So you know, we need to see
Speaker 1: some forward progress. We need to get more data behind
Speaker 1: us that suggests that the FED is starting to gain
Speaker 1: some ground against the inflation backdrop. But I don't think
Speaker 1: that the PPI report is going to be the shot
Speaker 1: in the arm for the market that cp I was
Speaker 1: last week. I mean, I think it's important to note
Speaker 1: that um core p p I is already lower than
Speaker 1: core cp I, but in a case of both, they're
Speaker 1: still just much too high to call off the feed
Speaker 1: at this juncture. So you don't think that the CPI
Speaker 1: that we got last week is going to be enough
Speaker 1: for the FED to think about at least slowing down
Speaker 1: rate hikes. I mean, we got those comments yesterday from
Speaker 1: FED Vice chair Lyle Brainer that it may be appropriate
Speaker 1: to start thinking about slowing rate hikes soon. Well, I'm
Speaker 1: hoping and praying and wishing it. At the top of
Speaker 1: my Christmas wish list is actually have said pause. It's
Speaker 1: not even really a pivot. I mean, my definition of
Speaker 1: a pivot is not slowing the pace of rate hikes,
Speaker 1: but market certainly affecting to slow things down. Here fifty
Speaker 1: basis points in December, another fifty and February and then
Speaker 1: twenty five and I think it's March. And so that
Speaker 1: is definitely an improvement relative to these big outside you
Speaker 1: know basis point back to back rate heights, and so
Speaker 1: that is definitely going to be a bit of a
Speaker 1: calming effect for markets. But the reality is one you
Speaker 1: know data point or one FED meeting versus another is
Speaker 1: not really what matters ultimately for the market. It's where
Speaker 1: the end state for monetary policy lands. And we're heading
Speaker 1: into very very restrictive territory. For Yeah, I was gonna
Speaker 1: say that would be the ultimate Christmas surprise if we
Speaker 1: got a pause next month. I what is your path?
Speaker 1: I think you laid out your path for FED hikes.
Speaker 1: What's it gonna mean for the the trajectory for stocks
Speaker 1: as we head into three thinking about at least a
Speaker 1: little bit of a decline in the punch bowl. Well,
Speaker 1: I certainly think that there's some tougher days ahead of us,
Speaker 1: and that feels a strong statement given how challenging two was.
Speaker 1: But uh, I think based on historical tightening cycles, the
Speaker 1: said never raised rates to four point six percent that's
Speaker 1: sort of the terminal rate based on the current DOP
Speaker 1: plot and not tip us into recession. And based on
Speaker 1: the last said meeting, they're hinting at moving that terminal
Speaker 1: rate even higher. And so I think it's starting to
Speaker 1: become maybe not a probability, but pretty darn close to
Speaker 1: a foregone conclusion that if they go all that way
Speaker 1: from a monetary policy perspective, that it's going to tip
Speaker 1: us into recession. And I think what sort of lagging
Speaker 1: behind that story is the earnings recession. It's really the
Speaker 1: last quarter or so we're starting to talk about the
Speaker 1: concept of an earnings recession coming to fruition. So I
Speaker 1: think there's more downside uh to the market if we
Speaker 1: start to see the bottom, you know, meaningfully fall out
Speaker 1: of earnings, we're not price the recessionary valuation levels, So
Speaker 1: I think there could easily be another ten to fifteen
Speaker 1: percent downside at that at both of those recessionary environments
Speaker 1: come to fruition. In twenty three, got about thirty seconds
Speaker 1: left here, Amanda, wonder if I could get your take
Speaker 1: on the meltdown we're seeing in the crypto market with
Speaker 1: the ft X bankruptcy and whether there's any potential contagion
Speaker 1: risk across the market from that, well, I'd love to
Speaker 1: plead the fifth on that one. Okay, we've gotten a
Speaker 1: lot of questions from clients about what's going on there.
Speaker 1: I mean, I think we need to be very close
Speaker 1: to that story and pay close attention to it, given
Speaker 1: you know, what looks like a lot of fraudulent potential
Speaker 1: activity thereby, I don't think that there's necessarily a contagion
Speaker 1: or still over type of effect, which is still early days.
Speaker 1: I think we're learning more day by day, but for
Speaker 1: now we think it's largely contained. It does definitely dampen, uh,
Speaker 1: the outlook for crypto in general. You know, this is
Speaker 1: a big exchange, and so what is the next shoot
Speaker 1: to dropper? Is there a next shoe to drop? I
Speaker 1: think it really rattles the confidence of crypto investors. Really
Speaker 1: appreciate your perspective, Amanda, Thanks again for coming on with
Speaker 1: us early this Amanda Gotti with us this morning. Chief
Speaker 1: investment Officer at p n C. Karen Nathan. It is
Speaker 1: five fifty four on Walla Street. Time for the Bloomberg
Speaker 1: Law Report, brought to you by American Arbitration Association and
Speaker 1: Sam Bankman free It's crypto exchange plunge into bankruptcy last week.
Speaker 1: We're looking at f t X right now. It took
Speaker 1: a large chunk of the digital assets space down with it.
Speaker 1: And again this is upbrought to you by American Arbitration Association.
Speaker 1: Business disputes are inevitable, resolve faster with the American Arbitration Association,
Speaker 1: the global leader in alternative dispute resolution for over ninety years.
Speaker 1: More at a dr dot org. Now we want to
Speaker 1: talk more about this epic collapse at f t X
Speaker 1: and how it began and what comes next. Bloomberg's Carol
Speaker 1: Masser and Tim Stenovic spoke with investigative reporter Annie Massa.
Speaker 1: The main takeaway is, as we saw on the balance sheet,
Speaker 1: it's littered of these tokens that are effectively you know,
Speaker 1: magic ferry dust, that have no kind of inherent value
Speaker 1: in serum. Is one of that that was tied to
Speaker 1: a kind of protocol that had various promises like all
Speaker 1: of these blockchain protocols did and um, but you know,
Speaker 1: it made up something like on the balance sheet two
Speaker 1: point two billion dollars of ft x's assets that are
Speaker 1: you know, of course effectively worth uh nothing now, so
Speaker 1: that was just one piece and and to get a
Speaker 1: grant from that serum um from serum affiliated entities took nothing.
Speaker 1: But you know, sending a slide deck to on an
Speaker 1: on an encrypted messaging chot um with with zero kind
Speaker 1: of accountability. So I mean, you know, this was a
Speaker 1: man who taking money hand over fist from vcs U
Speaker 1: and institutional investors and uh it's it's kind of a
Speaker 1: sobrain thing. So how does this happen? How does he
Speaker 1: get to do this with a lot of smart people
Speaker 1: giving him money? Was this a case of there weren't
Speaker 1: procedures people in place to keep track what happened? End?
Speaker 1: It's a great question. Um. I think that you have
Speaker 1: to think through what questions were being asked. Because Sam
Speaker 1: bankmin Fried put himself out there. He was at every conference,
Speaker 1: he was on every podcast, he was on Twitter. God knows,
Speaker 1: I don't ask the right but people didn't seem to
Speaker 1: be asking the right questions of what actually he was
Speaker 1: using his money for, where was he really getting it,
Speaker 1: or paying attention to the fact that it was all
Speaker 1: coming from an unregulated um, unregulated basically what some would
Speaker 1: call an unregulated casino in the Bahamas. So that's that's
Speaker 1: as much as we knew, but there's a lot more
Speaker 1: to come, and that's Bloomberg investigative reporter Annie Massa staking
Speaker 1: with the Bloomberg's Carol Masster and Tim Stenovic. Catch more
Speaker 1: of that interview, plus analysis of the latest legal news,
Speaker 1: by subscribing to the Bloomberg Law Podcast or downloading this
Speaker 1: show at Bloomberg dot com slash podcast. Attorneys can find
Speaker 1: exceptional legal research and business development tools at Bloomberg Law
Speaker 1: dot com and now the Bloomberg terminal at g law Go.
Speaker 1: Futures this morning are on the rise. SMP futures up
Speaker 1: almost twenty eight points now futures have one hundred thirty
Speaker 1: five and NASDACK futures have one hundred thirty five as well.
Speaker 1: That's up about one point two percent. The docks in
Speaker 1: Germany's down to tens of a percent, while the cack
Speaker 1: in Paris is up three tents of up percent, and
Speaker 1: the foot see one hundred is little changed. Ten year
Speaker 1: Treasury up thirteen thirty seconds you three point eight zero
Speaker 1: percent yield on the two year four point three four percent.
Speaker 1: NIMEX screwed oil is down one percent or eighty three
Speaker 1: cents and eighty five dollars four cents of barrel comes
Speaker 1: gold up to tens per cent or two dollars ninety
Speaker 1: cents at seventeen seventy nine seventy announced. Still ahead on
Speaker 1: Bloomberg day Break and check on the business headlines and
Speaker 1: all the news you need to start your day. And
Speaker 1: this is Bloomberg