Speaker 1: My from the Bloomberg Interactive Berger Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, August two. Coming up, the shower key
Speaker 1: primary results across the country. Jerry Nadler beats Carolyn Maloney
Speaker 1: in New York and Florida. Charlie christ will challenge incumbent
Speaker 1: Governor Rhonda Santis. A top FED official calls for higher
Speaker 1: rates on the eve of the Jackson Volts Imposium, and
Speaker 1: millions of Americans await President Biden's decision on student loans.
Speaker 1: It has been six months since Russia invaded Ukraine. Plus
Speaker 1: guilty verdicts were two men accused of trying to kidnap
Speaker 1: Michigan's governor. I'm Michael blaher bore ahead, I'm John Stas
Speaker 1: Shower and sports a second straight Yankee Ford to two
Speaker 1: wind over the Mets of the Subway series. Kevin Durant
Speaker 1: is staying with the Brooklyn Nets. That's all s traded
Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven three on
Speaker 1: New York, Bloomberg nine one, Washington, d C Bloomberg one
Speaker 1: oh six one, Boston, Bloomberg nine sixties and Francisco Sirius
Speaker 1: XAM one nine team and around the world on Bloomberg
Speaker 1: Radio dot com and via the Bloomberg Business App. Good morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow and US Dock
Speaker 1: Index futures are little change this morning. We're coming up
Speaker 1: to five oh one on Wall Street, and we checked
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg U S and P and down. Future's little change
Speaker 1: this morning, nowsday futures are higher, up about fourteen and
Speaker 1: attend your treasury up four thirty seconds here three point oh.
Speaker 1: Ch Per sent Nathan. All Right, Karen, we'll have one
Speaker 1: of the markets in a minute, but first you want
Speaker 1: to get you caught up on some key primary results
Speaker 1: across the country. We begin our team coverage in New
Speaker 1: York with Bloomberg's Michael Barr. Good morning, Michael, Good morning, Nathan.
Speaker 1: In New York's key Congressional twelve district Representative Jerry Nedler
Speaker 1: be Democratic Committee Chair Carol and Maloney, the two long
Speaker 1: time allies, became opponents that year due to redistricting. Maloney
Speaker 1: spoke during her concession speech, I'm really sad that we
Speaker 1: no longer have a woman for precent in Manhattan last night, Nadler,
Speaker 1: thank Maloney, and I will return to Congress with a
Speaker 1: mandate to fight for the causes so many of us
Speaker 1: know to be right. Nat Liberal face Republican Mike Zabluskas.
Speaker 1: In another key congressional race, Daniel Goldman one in the
Speaker 1: tenth district over fellow Democrat Ulne New twenty six to
Speaker 1: four percent. Goldman faces Republican Benny Hampden in November. In
Speaker 1: the seventeenth district, Sean Patrick Maloney, EA, chair of the
Speaker 1: House Democrats campaign arm one with sixty seven percent. He
Speaker 1: will face Republican Michael Lawler, who got seventies six percent
Speaker 1: in a special election in the nineteenth district to replace
Speaker 1: Democrat Antonio Delgado who became New York's Lieutenant governor. Democrat
Speaker 1: Pat Ryan with beat Republican Mark Mulinaro, who got forty
Speaker 1: eight percent. More in other New York races. Later, I'm
Speaker 1: Michael Barr and now over to Bloomberg's Anymore. It's with
Speaker 1: key results in Florida, any thank you, Michael. Representative Charlie
Speaker 1: Chris has won the Democratic nomination for governor of Florida,
Speaker 1: beating out the state Agriculture Commissioner and more progressive Nicky
Speaker 1: Freed with nearly sixty of the vote. Chris, a former
Speaker 1: Republican governor himself, will challenge Republican incumbent Ron De Santis.
Speaker 1: If we work together stand up to this bully, we
Speaker 1: will defeat him in November. Meanwhile, val Demmings won the
Speaker 1: Democratic primary for Senate with more than four percent of
Speaker 1: the vote, and she will challenge Republican incoment Senator Marco
Speaker 1: Rubio in Florida. In Washington, I'm Ammy Morris, Bloomberg Daybreak right, Amy,
Speaker 1: thank you well. One other statehold election yesterday in Oklahoma,
Speaker 1: trump back Congressman Mark Wayne Mullen defeated former Statehouse Speaker
Speaker 1: T W. Shenn And in a special runoff of the
Speaker 1: Senate seat now held by retiring Republican Jim Inhoff. Mullen
Speaker 1: will face former Democratic Congressman Kendra Horne in November. And
Speaker 1: of course we'll have much more on the primaries throughout
Speaker 1: the morning, Karen. But another story we are following this morning.
Speaker 1: President Biden expected to make his long awaited announcement on
Speaker 1: student debt relief. Later today. We get the latest from
Speaker 1: Bloomberg's head Baxter. It has been something the President has
Speaker 1: been planning for quite a while now, and the White
Speaker 1: House is keeping the cars very close to the vest.
Speaker 1: The President has been grappling with targeted relief while at
Speaker 1: the same time counteracting any fallout such as contributing to inflation. Now,
Speaker 1: advocates and allies expect expect a pause on loans for
Speaker 1: an additional four months through the end of the year,
Speaker 1: as well as some form of partial forgiveness. We should
Speaker 1: know today in San Francisco, I'm at Baxter Bloomberg Daybreak,
Speaker 1: all right, and thank you. Meanwhile, Minneapolis Fed President Neil
Speaker 1: cash Gari is saying it's very clear that the central
Speaker 1: bank we're talking about, the FED here needs to tighten
Speaker 1: monetary policy with inflation this high. I'm for me, I'm
Speaker 1: in the mode of we need to air on making
Speaker 1: sure we're getting inflation down and only relax when we
Speaker 1: see compelling evidence that, in asition, a is well on
Speaker 1: us way back down to two Minneapolis Fed President Neil
Speaker 1: cash Cary and please stick with Bloomberg for a complete
Speaker 1: live coverage of the Jackson Whole Symposium. It begins tomorrow.
Speaker 1: Bloomberg surveillors will be there beginning tomorrow with Tom Keene,
Speaker 1: Lisa Abramo, It's and Jonathan Farrell. You're looking forward to
Speaker 1: that with the FED Chairman J Powell giving the keynote
Speaker 1: speech ten am Wall Street Time on Friday. Let's turn
Speaker 1: to corporate news now, Karen. We continue to see major
Speaker 1: retailers struggle. Shares of Nordstrom down nearly thirteen percent following
Speaker 1: its latest earnings report. We get more live from Bloomberg's
Speaker 1: Rnda Young. Good morning, Rnita, Good morning Nathan. Investors initially
Speaker 1: saw Nordstrom as insulated by its affluent customer base, but
Speaker 1: its outlook tells a different story as the retailer's rack
Speaker 1: business slows on lower demand and inventory build up, the
Speaker 1: department store Operators lowering its full year forecast just three
Speaker 1: months after raising its outlook earlier. This week, Macy's also
Speaker 1: cut its full year forecast, and now both retailers are
Speaker 1: moving a ass ofly to clear out inventory. Other high
Speaker 1: end US consumer companies such as Ralph Lauren and S. D.
Speaker 1: Lauder have also trimmed forecasts. Live in New York, I'm
Speaker 1: rened a Young Bloomberg Daybreak a right reneeded thank you.
Speaker 1: On the flip side. Shares a bad bath and beyond
Speaker 1: about fourteen percent. In early trading, The Wall Street Journal
Speaker 1: is reporting the home goods retailer has selected a lender
Speaker 1: to provide financing as it seeks to boush liquidity and
Speaker 1: pair down dead. Finally, Karen. Tributes continue to pour in
Speaker 1: this morning for Julian Robertson, the billionaire founder of Tiger
Speaker 1: Management who's died at the age of ninety. Robertson became
Speaker 1: one of his generation's most successful hedge fund managers. He
Speaker 1: was a mentor to a wave of investors known as
Speaker 1: Tiger cubs. Robertson started Tiger Management in night which just
Speaker 1: under nine million dollars. By the late nineties, his funds
Speaker 1: had twenty two billion in assets and annual returns averaging
Speaker 1: thirty Well. Nathan again futures this morning. They're little change.
Speaker 1: The ten year treasury is a five thirty sec and
Speaker 1: SIEL three point two percent, and they yield on the
Speaker 1: two year three point to nine percent and nine NX.
Speaker 1: Screwed oil is higher up one point four percent of
Speaker 1: a dollar thirty three at ninety five seven cents of barrel.
Speaker 1: The euro point nine eight against the dollar straight ahead.
Speaker 1: Your latest local headlines plus a check of sports. And
Speaker 1: this is Bloomberg. Thank you, Karen. It is five oh
Speaker 1: seven on Wall Street where it's seventy two degrees in
Speaker 1: Central Park. Abivitle slow the outbound upper level of George
Speaker 1: Washington Bridge. There was some late construction picking up. We'll
Speaker 1: see if that's still the case in traffic shortly. But
Speaker 1: Michael Barr is back now with some more of those
Speaker 1: New York primary results and what else is going on
Speaker 1: around the world. What's you got, Michael, Thank you very much. Nathan.
Speaker 1: And as we mentioned, redistricting led to Jerry Nadler beating
Speaker 1: a longtime ally, Carol and Maloney in New York's most
Speaker 1: watched congressional Democratic primary race. Bloomberg National political correspondent Gregor recording.
Speaker 1: There are in every after every redistricting cycle, after the
Speaker 1: maps get redrawn every decade, the are a number of
Speaker 1: these incumbent versus incumbent matchups, but I can't remember any
Speaker 1: ever that have been as big as this one. In
Speaker 1: other contests. In a Republican race in Western New York
Speaker 1: to replace GOP Representative Chris Jacobs, Nick Landworthy won the
Speaker 1: primary in New York's redrawn twenty third District, Langworthy, new
Speaker 1: York's Republican Party chair, beat Buffalo businessman Carl Palladino to percent.
Speaker 1: Palladino has said controversial comments, including the Adolf Hitler was
Speaker 1: the kind of leader we need today because of his
Speaker 1: ability to rally around crowds. In Western New York, Republican
Speaker 1: Joe sim Polinski beat Democrat Max Delapia to serve out
Speaker 1: the rest of the year. In New York's twenty third
Speaker 1: district fifty three percent to is to replace GOP representative
Speaker 1: Tom Reid, resigned after he was accused of sexual misconduct.
Speaker 1: It has been six months since the Russian invasion began
Speaker 1: in Ukraine. Yesterday, Russia are called for an emergency meeting
Speaker 1: of the u N Security Council voice and concerns over
Speaker 1: the situation at Ukraine's occupied nuclear power plant. There are
Speaker 1: major worries that a nuclear disaster could take place due
Speaker 1: to the fighting. UN Under Secretary Rosemary de Carlo. Any
Speaker 1: potential damage to the plant or any other nuclear facilities
Speaker 1: in Ukraine leading to a possible nuclear incident, would have
Speaker 1: catastrophic consequences not only for the immediate vicinity, but for
Speaker 1: the region and beyond. The u NS Rose Mary to Carlo.
Speaker 1: A jury returned guilty verdicts for two men accused of
Speaker 1: trying to carry out a kidnapping plot against Michigan Governor
Speaker 1: Gretchen Whitmer. Jury and Grand Rapids handed down the verdicts
Speaker 1: against Adam Fox and Barry Croft Jr. U S. Attorney
Speaker 1: Andrew Burge, Governor. No public officials should have to contend
Speaker 1: with what Governor Whitmer contended with here, all of our
Speaker 1: elected officials, every one deserves to be able to live
Speaker 1: in safety, not in fear. US Attorney Andrew Burge. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. On Michael Bard,
Speaker 1: this is Bloomberg, Nathan, Thank you, Michael. Just about five
Speaker 1: ten on Wall Street, time for the Bloomberg Sports up
Speaker 1: Take by John Stetcher. Morning Nathan and Yankees went into
Speaker 1: Sunday's game four and fourteen in the August no team
Speaker 1: in baseball had a works record. They have, apparently right
Speaker 1: in this ship beat the Blue Jays. Sunday beat the
Speaker 1: Mets Monday. Aaron Judge at a home run, and last
Speaker 1: night at the stadium, ten as hot, not us far gone.
Speaker 1: Oh what a judge and glove. It went over the
Speaker 1: grandstand and way up in the blee trouts All rise,
Speaker 1: here comes the June forty eight times. Now we've heard
Speaker 1: that on w f an Yanks, let's do nothing. That's
Speaker 1: tied the game. Yanks went back ahead a one four
Speaker 1: to two, same scorers Monday, Yanks held on in the
Speaker 1: ninth inning that the Mets had the base is loaded.
Speaker 1: Both teams off tonight. Yanks to Marvin a West coast
Speaker 1: trip in Oakland, and Mets will start a pen game.
Speaker 1: Homes Family played Colorado the Atlanta Braves one again last night.
Speaker 1: They won thirteen and fifteen, the only two games behind
Speaker 1: the met But Kevin durant saga is over? Or is it?
Speaker 1: The Nets announced Katie has let go of his trade demand,
Speaker 1: so he's staying in Brooklyn. But how's that going to
Speaker 1: play out with this coach Steve Nash. Durrant was willing
Speaker 1: to stay in Brooklyn, but only if the Nets fired.
Speaker 1: Nash and the general managers Sean mark the season over
Speaker 1: for the Liberty loss to the Sites of Dane. Three
Speaker 1: of the w NBA Playoffs with defending week champ Chicago,
Speaker 1: John stash Award, Bloombrook Spooks, Nathan, thank you, john S,
Speaker 1: andp Futures right now up four point Stown Futures up fourteen,
Speaker 1: NASTAC futures are hired by seventeen points uh the actions
Speaker 1: in the bond space this morning. The ten year Treasury
Speaker 1: is up seven thirty seconds for yield of three point
Speaker 1: zero two percent. Yield on the two year three point
Speaker 1: to eight nine x crewed up one point three percent
Speaker 1: at ninety five dollars even a barrel, and the euro
Speaker 1: right now zero point two against the dollar. You're listening
Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh weather. Sunshine today
Speaker 1: in a high near ninety degrees, sunshine tomorrow and a
Speaker 1: high near ninety. We'll have a chance for a late
Speaker 1: day shower storm on Friday, but once again the hile
Speaker 1: being near ninety right now seventy two in Central Park Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com. The Bloomberg Business Atland at Bloomberg Quicktape
Speaker 1: is a Bloomberg Business flash and I'm pared Moscow and
Speaker 1: European stocks as well as US stock index futures are
Speaker 1: struggling for direction. This morning is investors digest the latest
Speaker 1: hawkish noises from the Federal Reserve. I'm in mounting signs
Speaker 1: of a global economic slowdown. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg, and again
Speaker 1: futures are little change. The decks in Germany's down about
Speaker 1: two tents of upper set ten. Your treasury up six
Speaker 1: thirty seconds, you three point two percent. They yield on
Speaker 1: the two year three point to eight percent. Ni Max
Speaker 1: Screwed oil is up one point two percent of a
Speaker 1: dollar twelve and ninety four dollars eighty six cents of
Speaker 1: Barrel Comic School up a quarter percent or four dollars
Speaker 1: ten cents is seventeen sixty announced. The euro is at
Speaker 1: point nine one against the dollar, British found one point
Speaker 1: one eight one three, and the yenis at one thirty
Speaker 1: six point to nine. Looking at Bitcoin this morning, down
Speaker 1: about six tens of a percent at twenty one three
Speaker 1: hundred fifty dollars. That's a Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the
Speaker 1: world Muggleton Morning, Good morning, Karen. US Representative Charley Chris
Speaker 1: has one the Democratic nomination for governor in Florida, putting
Speaker 1: him in position to challenge Republican incumbent governor Ron Descents.
Speaker 1: This fall, Chris defeated Nikki Free, the state agriculture commissioner,
Speaker 1: to thirty five percent. In New York Congressional primaries, Representative
Speaker 1: Jerry Nadler being another powerful Democratic Committee chair Carolyn Maloney
Speaker 1: fifty five. While the two worked as allies for the
Speaker 1: last thirty years, they became opponents this year due to redistricting.
Speaker 1: In baseball, the Yankees be the Met's four two for
Speaker 1: two games sweep of the series, the Red Sox Nationals
Speaker 1: and A's lost the Orioles and Giants. One Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael bar
Speaker 1: this is Bloomberg NA. Thanks Michael. It's five nineteen on
Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This
Speaker 1: is a Bloomberg Daybreak. Let's get more on some of
Speaker 1: these results from the last of the big state primaries
Speaker 1: in New York and Florida. For that, we're joined right
Speaker 1: now by Greg Valier, chief US policy strategist at a
Speaker 1: g F Investments. Greg, good morning. Obviously, the marquee race
Speaker 1: was that battle in the Upper west Side and the
Speaker 1: Upper east Side and the newly redrawn twelfth Congressional district
Speaker 1: of overwhelming victory for Jerry Nadler over Carolin Maloney. What
Speaker 1: do you make of that? Well, good morning. They said
Speaker 1: it was a pretty ugly race. Obviously, uh Nadler won
Speaker 1: by more than I thought he would win. He won
Speaker 1: uh handily. But I would say the biggest race of
Speaker 1: all last night was an upstate in New York that
Speaker 1: a Democrat want to to kill out a few months
Speaker 1: of a term that expired. But this revolved around abortion,
Speaker 1: and I think that sends a signal to both parties.
Speaker 1: How So, we've seen the abortion issue crop up as
Speaker 1: something that could potentially be a driver for not just
Speaker 1: the Democratic base, but potentially some more of those suburban voters.
Speaker 1: Is that kind of what you're getting at? Exactly? So,
Speaker 1: we now have two races of one in Kansas about
Speaker 1: six weeks ago, and then last night in which abortion
Speaker 1: drove turnout, and I think for Republicans who feel they're
Speaker 1: going to take the House and they probably will, uh
Speaker 1: that this is a concern. It's certainly a concern and
Speaker 1: Senate races as well, because I think turnout is going
Speaker 1: to revolve around the issue of these very strident laws
Speaker 1: that ban abortion under virtually any circumstances. Is this the
Speaker 1: kind of issue that could supplant concerns about the economy
Speaker 1: more broadly among voters. We have seen some signs of
Speaker 1: economics slow down. At the same time, we've started to
Speaker 1: see some signs as well that inflation is starting to
Speaker 1: ease up, at least just a little bit. A little bit.
Speaker 1: I still think that probably the economy and the inflation
Speaker 1: will be dominant. But now you do have another issue.
Speaker 1: You have the issue of abortion, and if that races
Speaker 1: turnout by pen or twelve, it could make a big
Speaker 1: difference in a lot of races. And there's another issue
Speaker 1: that may begin to emerge today in that student loans. Right,
Speaker 1: we're going to get the announcement from President Biden later on,
Speaker 1: I guess sometime either this morning or this afternoon, once
Speaker 1: he gets back from a White House. I don't think
Speaker 1: it's officially on the schedule at this point. How do
Speaker 1: you think that's going to shake out? Are are you
Speaker 1: making a call on what president is going to decide
Speaker 1: on student loans? Well, they've leaked. They've leaked it for
Speaker 1: days and days and days, Nathan, And it looks like
Speaker 1: for people who earn less than a D twenty five
Speaker 1: thousand a year, there will be a forgiveness of ten
Speaker 1: thousand dollars and loans and a probably a continued moratorium
Speaker 1: on the payment of loans, maybe through the end of
Speaker 1: the year. The problem for Joe Biden is that it
Speaker 1: could be a lose lose. He could upset progressives and
Speaker 1: liberals because it's not enough, and he could upset Republicans
Speaker 1: who are going to say it's inflationary and discriminates against
Speaker 1: people who paid all their loans. Is that part of
Speaker 1: the reason why we've seen the President sort of mall
Speaker 1: this issue over. It seems like for months he's been
Speaker 1: facing pressure, particularly from progressives, on making some kind of
Speaker 1: decision around extending the student loan relief. Is that part
Speaker 1: of the reason why it's taken a while for the
Speaker 1: President to finally come down with an announcement. I think so,
Speaker 1: and he's ex aspirated a lot of his aids who
Speaker 1: would hope to get this done with before the end
Speaker 1: of August. The deadline is August thirty one, and I
Speaker 1: think they were hoping for something this summer. Now you're
Speaker 1: going to have some disappointed UH people in this debate.
Speaker 1: You're gonna have disappointed liberals. You're gonna have disappointed Republicans.
Speaker 1: I think by dragging this out it just invited more criticism.
Speaker 1: So in our last minute here, Greg, we're pretty much
Speaker 1: toward the end now of the primary election season. How
Speaker 1: do you see these general election races shaping up here?
Speaker 1: What are the issues that are going to drive voters
Speaker 1: to the polls? Well, again, I think the economy is
Speaker 1: going to be huge. I think geopolitics, whether it's Ukraine
Speaker 1: or the Iranian nuclear deal or China could could be
Speaker 1: a big deal. I do think the big change this
Speaker 1: summer is that the Democrats now have a decent shot
Speaker 1: to keep the Senate, maybe only by a seat or two,
Speaker 1: or maybe in a tie, which we have now, but
Speaker 1: I still think the Republicans take the House. Is it
Speaker 1: going to be by a wide margin? Is it? Or
Speaker 1: is that starting to narrow in the house. It's it's
Speaker 1: narrowed in the house, and again this racing. I've stayed
Speaker 1: in New York. Uh, the returns last night were quite
Speaker 1: interesting and I think that portends a pretty close November.
Speaker 1: Thanks so much, Greg, Always great to get your thoughts,
Speaker 1: Greg Value, your chief US policy strategist at a GF Investments.
Speaker 1: Of course, we're going to have a more analysis breakdown
Speaker 1: of the election results in New York and in Florida.
Speaker 1: Our team of Bloomberg News reporters will be covering it
Speaker 1: all for you this morning after so stay with us
Speaker 1: here on Bloomberg day Break. Looking ahead to the market,
Speaker 1: open futures are looking for some direction now with SMP
Speaker 1: futures up a point one point game for SMP futures down,
Speaker 1: futures down nine, NASDAC futures are higher by seven points.
Speaker 1: The tenure treasury is up four thirty seconds, the yield
Speaker 1: close to three point zero three percent, and the yield
Speaker 1: on the two year right now right around three point
Speaker 1: to nine percent. You're listening to Bloomberg Daybreak Bloomberg eleven
Speaker 1: three oh other. Sunshine and highs in the upper eighties today, sunny,
Speaker 1: near ninety tomorrow, chance for a late day shower storm
Speaker 1: Friday with a high near ninety degrees. Right now seventy
Speaker 1: two in Central Park, broadcasting live from the Bloomberg Interacted
Speaker 1: Broker Studio in New York. Bloomberg E Living Freedom to Washington,
Speaker 1: d C, Bloomberg to Boston, Bloomberg one six one to
Speaker 1: San Francisco, Bloomberg N sixty to the Country Sirius XM
Speaker 1: chto one nineteen and around the globe of Bloomberg Business
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's
Speaker 1: five thirty on Wall Street. Good morning. I'm Nathan Hager
Speaker 1: and I'm Karen Moscow. We are just about four hours
Speaker 1: away from the open of US trading less yet you
Speaker 1: have to date on the news you need to know
Speaker 1: at this shower. Bookie primary results from last night to
Speaker 1: start us off, New York Representative Jerry Nadler one in
Speaker 1: New York's Congressional twelfth district. Over Ally, Caroline Maloney and
Speaker 1: Charlie Cryst will face Rhonda Santas in November after securing
Speaker 1: Florida's Democratic nomination for governor. And we'll bring you more
Speaker 1: primary results in a couple of minutes, Karen, But let's
Speaker 1: turn to the Federal Reserves Annual Jackson Whole Economics Symposium.
Speaker 1: It begins tomorrow and culminates with the speech from j
Speaker 1: Powell on Friday. Cities Mohammed Appabi tells us what he
Speaker 1: expects from the FED chair. I think we're expecting something
Speaker 1: to be hawkish. Clearly, what the Fed is telling us
Speaker 1: is very different to what the market is expecting. And
Speaker 1: you know, the market is saying rate cuts in three
Speaker 1: and the Fed is saying not yet. Cities Mohammed Appleby
Speaker 1: says he's not sure Iff we'll learn anything new from
Speaker 1: Powell this week, well, Nathan. Ahead of Jackson Home, Minneapolis
Speaker 1: FED President Neil cash Kari is continuing his hawkish pivot,
Speaker 1: saying the central Bank should tighten monetary policy what inflation is,
Speaker 1: or we run the risk of un anchoring inflation expectations
Speaker 1: and leading to very bad outcomes that would cause us
Speaker 1: to have to be very aggressive vulcar esque to then
Speaker 1: re anchor them. We definitely want to avoid allowing that
Speaker 1: situation to develop. Minneapolis Fan President Al cash car Age
Speaker 1: and a fad much reduced inflation to two per cent,
Speaker 1: and please stick with the Bloomberg this week for live
Speaker 1: coverage of the Jackson Hole Symposium. Plumberg Surveillance will be
Speaker 1: their beginning tomorrow, and to corporate news now Karen. Shares
Speaker 1: of nord Strom are down fourteen percent following its latest
Speaker 1: earnings report. We get more live from Bloomberg's Rinita Young.
Speaker 1: Good morning, Rinia, Good morning Nathan. Investors initially saw Nordstrom
Speaker 1: mass insulated by its affluent customer base, but its outlook
Speaker 1: tells a different story. As the retailers rack business slows
Speaker 1: on lower demand and inventory build up. The department store
Speaker 1: operator is lowering its full year forecast, just three months
Speaker 1: after raising its outlook earlier this week, Macy's also cut
Speaker 1: its full year forecast. Now both retailers are moving aggressively
Speaker 1: to clear out inventory. Other high end US consumer companies
Speaker 1: like Ralph Lareen and as Day Lauder have also trimmed forecasts.
Speaker 1: Live in New York, I'm really need a Young Bloomberg
Speaker 1: day break, I really need to thank you. And one
Speaker 1: other political note where following this morning is President Biden's
Speaker 1: long awaited announcement on student dead relief, which is expected
Speaker 1: later today. Again, futures this morning, they are little change now.
Speaker 1: Futures are now down about thirty eight points. The decks
Speaker 1: in Germany is down about four tents of a per cent,
Speaker 1: so things beginning to deteriorate. Just a bit. Straight ahead,
Speaker 1: your latest local headlines, plus a check of sports, and
Speaker 1: this is Bloomberg. Thanks Harring. It's five thirty three on
Speaker 1: Wall Street, seventy two degrees in Central Park. Got an accident,
Speaker 1: headed to Kennedy Airport. Eas found Nassau Expressway at the
Speaker 1: Van Wick More coming up in traffic first, Michael Barr
Speaker 1: with more of those primary results. Michael, thank you very much.
Speaker 1: Nathan and New York's key congressional twelfth district, as we've
Speaker 1: talked about this morning, Representative Jerry Nadler beat another powerful
Speaker 1: Democratic Committee chair, Carolyn Maloney fifty five percent. Too long
Speaker 1: time allies became opponents this year due to redistricting. Gregory Corty, Bloomberg,
Speaker 1: National political correspondent. New York is a good barometer of
Speaker 1: the heart of the Democratic Party is where we've seen,
Speaker 1: for example, Alexandria Casio Cortez a few years ago take
Speaker 1: on the number four Democrat in the House Representatives and
Speaker 1: beat him. As a progressive and so it really is
Speaker 1: sort of looked at as a fellweather of sort of
Speaker 1: the Democratic Party. In another key congressional race, Daniel Goldman
Speaker 1: one in District ten over fellow Democrat You Line New
Speaker 1: twenty six to two percent. Goldman and faces Republican Benny
Speaker 1: Hampden in November. In the seventeenth district, Sean Patrick Maloney,
Speaker 1: chair of the House Democrats campaign arm one with sixty
Speaker 1: seven percent. He'll faced Republican Michael Lawler, who got seventy
Speaker 1: six percent. Pat Ryan, a Democratic county executive in New
Speaker 1: York Hudson Valley, has won a special House of Action
Speaker 1: in the contest that was seen as a litmus test
Speaker 1: of the impact that the recent Supreme Court decision on
Speaker 1: abortion might have on the midterm elections, and the special
Speaker 1: election in the nineteenth district to replace Democrat Antonio Delgado,
Speaker 1: who became New York's Lieutenant governor. Ryan with beat Republican
Speaker 1: Mark Molinaro, who got forty eight percent. It has been
Speaker 1: six months since the Russian invasion began in Ukraine. Yesterday,
Speaker 1: Russia called for an emergency meeting of the U n.
Speaker 1: Security Council, voicing concerns over the situation at Ukraine's occupied
Speaker 1: nuclear power plant. There are major worries that a nuclear
Speaker 1: disaster could take place due to the fighting. UN Under
Speaker 1: Secretary Rosemary to Carlo that any potential damage to the
Speaker 1: plant or any other nuclear facilities in Ukraine leading to
Speaker 1: a possible nuclear incident would have catastrophic consequences not only
Speaker 1: for the immediate vicinity, but for the region and beyond.
Speaker 1: The u n S rose Mary to Carlo Russias says
Speaker 1: their forces are there to protect the site. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: quick Take, powered by more than twenty seven hundred journalists
Speaker 1: and analyist more than a hundred twenty countries. Michael barn
Speaker 1: this is Bloomberg NA. Thank you, Michael. On Wall Street,
Speaker 1: John stash Are has the Bloomberg Sports update. All right
Speaker 1: of the Subway series is over. Mets beat the Yankees
Speaker 1: twice last month in City Field. Yanks just beat the
Speaker 1: Mets twice in the Bronx Club. They play again in
Speaker 1: the World Series. Second straight four to win for the Yanks.
Speaker 1: Home run number forty eight for Aaron Judge. He's faced
Speaker 1: Taiwan Walker now eleven times in his career. He's homeward
Speaker 1: off from four times judge later with an RBI single
Speaker 1: that came after one by Andrew Benintenni that snapped the
Speaker 1: tie in the seventh name Frankie Manta said, far and
Speaker 1: away his best start with the Yanks. And then game
Speaker 1: Clark Schmidt just back up from the minor Schmitt with
Speaker 1: a sixty pitch relief outing. Wandy Peralta got the final
Speaker 1: out as the Mets had the bases loaded the ninth.
Speaker 1: They stranded ten runners and the Mets are the inn
Speaker 1: el East lead shrinked a two games, red hot Atlanta
Speaker 1: one again. Arnie Moreno, who bought the l A Angels
Speaker 1: in two thousand three, said to be considering selling them.
Speaker 1: And let's say they're moving forward with Kevin Durant, who
Speaker 1: met with the team, came off his trade demand the
Speaker 1: Liberty looking for a w n B A playoff upset
Speaker 1: for Chicago with the late one to win for the
Speaker 1: site of Game three. College football. New contract for seventy
Speaker 1: year old Alabama coaching legend Nick Saban eight years, ninety
Speaker 1: four million dollars. John stash Allard, Bloomberg Sport. Thank you, John,
Speaker 1: almost thirty seven on Wall Street time for the Tri
Speaker 1: State Business or fort Here's Bloombergs why did July. The
Speaker 1: new report shows New Jersey is among the highest states
Speaker 1: in the nation for the largest gap between millennial wages
Speaker 1: and rent. The researchers from the Joint Center for Housing
Speaker 1: Studies at Harvard University the median wage for millennials in
Speaker 1: the Garden State is just under forty one dollars. The
Speaker 1: median one bedroom rental is around fourteen hundred dollars. The
Speaker 1: annual wage needed to afford that rent has figured at
Speaker 1: fifty seven thousand, so the wage gap is twenty, ranking
Speaker 1: New Jersey six in the country. The new labor relations
Speaker 1: director in Bridgepoort, Connecticut, is out less than two months
Speaker 1: after he started. Andre Ford left Monday. It's unclear if
Speaker 1: he quit or was fired. According to the Connecticut Post,
Speaker 1: KPMG is pairing its New York City office space by
Speaker 1: the latest big company to cut back and the new
Speaker 1: era of hybrid work. The global audit and consulting firm
Speaker 1: is vacating the eight hundred thousand square feet it currently
Speaker 1: occupies in three Midtown Manhattan office buildings and signing a
Speaker 1: new lease. That's the Bloomberg Tri State Business Report I'm
Speaker 1: waiting to let thank you, Wendy. It's just about five
Speaker 1: thirty eight on Wall Street. Bloomberg Radio is on the
Speaker 1: air from San Francisco to New York, London to Hong Kong.
Speaker 1: Let's check in with our global news team for some
Speaker 1: of the top stories heard on our three hundred affiliate
Speaker 1: radio stations around the world. I'm Steve Podiscan on ten
Speaker 1: ten Wins in New York. We're talking about more price
Speaker 1: pressures on your morning cup of Joe. I wanted to let.
Speaker 1: On w w J in Detroit, I'm reporting on the
Speaker 1: gap between millennial wages and rent. I'm Carlin hit called
Speaker 1: bloom Bag Dab Digital Radio. In London. We've been reporting
Speaker 1: on Ukraine's muted celebrations of its Independence Day, six months
Speaker 1: after Russia's invasion began. I'm Lisa Matteo and MWBZ in Boston.
Speaker 1: I'll be reporting on retailers coming up with new ways
Speaker 1: to store their inventory n Genas Servetti and for w
Speaker 1: BBM in Chicago, I'm reporting that diesel prices at the
Speaker 1: pump are up for the first time in two months,
Speaker 1: as farmers and truckers compete for a shrinking stockpile of supplies,
Speaker 1: and those are some of the stories are twenty hundred
Speaker 1: Bloomberg journalists and analysts are 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 List. Editorial was
Speaker 1: written by the Bloomberg Editorial Board. With a new school
Speaker 1: year getting underway, districts in the US are sounding alarms
Speaker 1: about a looming teacher shortage. In response, some states of
Speaker 1: loosened rules to bring more workers into the profession. These
Speaker 1: efforts are worthwhile, but they're only addressing half the problem.
Speaker 1: To attract better candidates, school districts should pay teachers what
Speaker 1: they're worth. For example, more districts should offer performance based
Speaker 1: bonuses to educators. Linking teachers compensation to their performance would
Speaker 1: draw more skilled workers to the profession while also helping
Speaker 1: to raise academic achievement. Both of these steps, expanding programs
Speaker 1: to recruit new teachers and paying educators appropriately, are necessary
Speaker 1: to end the teacher shortage. This editorial was written by
Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go
Speaker 1: to Bloomberg dot com, Slash Opinion or ope I n
Speaker 1: Go on the Bloomberg terminal. This has been Bloomberg Opinion,
Speaker 1: and you can hear Bloomberg opinion editorials every weekday at
Speaker 1: this time. Terminal customers can read more at op i
Speaker 1: n Go features a start um of just a little
Speaker 1: bit lower. Now. We have SMP futures down two points down,
Speaker 1: futures down thirty NASDACK futures down four points ten. Your
Speaker 1: treasury is up one thirty second now with the yield
Speaker 1: of three point zero four percent yield on the two
Speaker 1: year three point to nine percent. You're listening to Bloomberg
Speaker 1: Daybreak Bloomberg eleven three o other Sunshine with HIGs in
Speaker 1: the upper eighties today, sunny near ninety tomorrow, mostly sunny Friday,
Speaker 1: but can't rule out a late day shower of storm.
Speaker 1: Friday's high in ner ninety degrees right now seventy two
Speaker 1: in Central Park Markets. Headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: at and at Bloomberg Quicktape. This is a Bloomberg Business Flash.
Speaker 1: But I'm Karen Moscow. European stocks in US stock index
Speaker 1: futures are really struggling for direction this morning, as investor
Speaker 1: digest the latest hawkish noises from the Federal Reserve and
Speaker 1: mounting signs of a global economic slowdown. They check the
Speaker 1: markets every fifteen minutes throughout the trading day on bloombergues
Speaker 1: and p futures. Again little change, so we're nasdack futures
Speaker 1: and own futures are lower down about thirty five. The
Speaker 1: decks in Germany is down four tenths of up percent.
Speaker 1: Now ten your treasury, that'll change the yell three point
Speaker 1: four percent. The yield on the two year is at
Speaker 1: three points to nine per cent. Nimex screwed oil up
Speaker 1: one per cent, or ninety two cents at ninety four dollars,
Speaker 1: sixty six cents of barrel Cox schooled the tenth of
Speaker 1: upper cent up a dollar sixty at seventeen sixty two
Speaker 1: seventy ounce. The euro is at one against the dollar,
Speaker 1: British found one point one eight oh six and a
Speaker 1: yen one thirty six point four six. And look at
Speaker 1: a big cooin this morning. It is down about seven
Speaker 1: tenths percent at twenty one thousand, three hundred dollars. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world, Uncle Karen, thank
Speaker 1: you kindly. US Representative Charlie christ has one the Democratic
Speaker 1: nomination for governor in Florida, putting him in position the
Speaker 1: challenge republican incumbent governor round descent. As this fall, Chris
Speaker 1: defeated Nicky Free, the state agriculture commissioner. In New York
Speaker 1: congressional primaries, Representative Jerry nad would be another powerful Democratic
Speaker 1: Committee Chair Carolyn Maloney fifty five percent. While the two
Speaker 1: worked as allies for the last thirty years, that became
Speaker 1: opponents this year due to redistricting. In the litmus test
Speaker 1: of the overturning of Roe v. Way, Democrat Pat Ryan
Speaker 1: won a special election in the nineteenth district to replace
Speaker 1: Democrat Antonio Delgado, who became New York's Lieutenant Governor. Ryan
Speaker 1: with fifty two percent beat Republican Mark Mulinaro, who got
Speaker 1: forty eight percent. In baseball, the Yankees beat the Mets
Speaker 1: four two for a two games sweep of the series.
Speaker 1: The Red Sox, Nationals and A's lost. The Orioles and
Speaker 1: Giants won Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists and analysts more than twenty countries. Michael
Speaker 1: barn this is Bloomberg Nath Michael, thank you. It's five
Speaker 1: forty nine on Wall Street Line from the Bloomberg Interactive
Speaker 1: Broker Studios. This is Bloomberg Daybreak and for more on
Speaker 1: last night's primary results and the last of the big
Speaker 1: states to hold elections before November. We're joined from our
Speaker 1: Bloomberg studios in Washington, d C. By Bloomberg Washington correspondent
Speaker 1: Amrie Hordern. It's great to have you with us and
Speaker 1: Marie this morning after the marquee elections in New York
Speaker 1: State and in Florida. Interestingly, I spoke with Gregg Valier
Speaker 1: earlier this hour. He pointed out that that race, that
Speaker 1: runoff and the Pat Ryan victory could be a harbinger
Speaker 1: potentially for Republicans with a focus on the abortion issue.
Speaker 1: What hall stood out to you from last night's results, Yeah,
Speaker 1: to be honest, that one actually is the first one
Speaker 1: to focus on when I woke up, because it's one
Speaker 1: of the last elections under the old map. It was
Speaker 1: a special election, and it was so obvious that the
Speaker 1: Democratic candidate Pat Ryan who won and was able to
Speaker 1: defeat Mark mulnaro in this Hudson Valley cat Skills district
Speaker 1: in New York, which you don't talk about every day.
Speaker 1: It was so interesting because Ryan focused so much on
Speaker 1: abortion rights, while the opponent really went after those big
Speaker 1: ticket items Republicans around the country are focused on, which
Speaker 1: is inflation and crime, but notably the abortion tactic one
Speaker 1: and he was able to win that special election. Obviously,
Speaker 1: the other big one out of New York which everyone
Speaker 1: is talking about, which had so much debate and also
Speaker 1: got a little bit I would say hostile. Maybe Some
Speaker 1: of the rhetoric leading up to the election was of
Speaker 1: course Representative Jerry Nadler and facing off against Caroline Maloney.
Speaker 1: These are thirty year veterans. They worked together for years
Speaker 1: and now they were facing off against each other. And
Speaker 1: of course Jerry Nadler was able to win. Some Maloney
Speaker 1: will likely be retiring, probably not in the way she
Speaker 1: she had wanted to. Yeah, certainly not. We'll look at
Speaker 1: more broadly at New York State. It seemed like in
Speaker 1: a lot of these races that helped to have an
Speaker 1: endorsement from the New York Times and established and backing.
Speaker 1: In terms of the uh, the fight between establishment Democrats
Speaker 1: and progressives, it looks like there was a pretty clear
Speaker 1: winner last night. Yeah, look like the establishment one, depending
Speaker 1: on whether or not they got a endorsement from the
Speaker 1: former President Bill Clinton or Senate Majority Leader Chuck Schumer,
Speaker 1: as you're saying, established institutionalized venues like the New York Times.
Speaker 1: There was a push obviously in their especially in a
Speaker 1: place like New York, for these progressive candidates, but more
Speaker 1: of the mainstream Democrats were able to turn it out
Speaker 1: and win. And let's talk about Florida just a little bit,
Speaker 1: because we have this pretty big name matchup between former governor,
Speaker 1: former Republican governor Charlie cris now Democrat taking on the
Speaker 1: Republican incumbent run De Santis. And we've also got Val
Speaker 1: Demming's scaring off now against Marco Rubio. Some very interesting
Speaker 1: races here, very interesting, especially that Senate race that's going
Speaker 1: to be one of the most hotly washed races because
Speaker 1: a recent poll had actually saw Demming's ahead of Rubio. Obviously,
Speaker 1: the governor race is also going to draw a lot
Speaker 1: of eyes because Rhonda Santis, the Republican incumbent, has a
Speaker 1: huge war chest and also has his eye potentially on
Speaker 1: running for the Polls show that the former president Trump
Speaker 1: would be ahead in that, but De Santis has a
Speaker 1: lot of backing and a lot of money going towards him.
Speaker 1: And then of course for Charlie Chris, who as you said,
Speaker 1: was a former Republican governor, looks like he wants his
Speaker 1: old job back. He really made this about making sure
Speaker 1: people come out and vote for him because this is
Speaker 1: a way they could stop De Santis from running in
Speaker 1: he said in his speech, this guy wants to be president.
Speaker 1: Everybody knows it. If we defeat him on November eighth,
Speaker 1: that show is over. But the issue Chris has is
Speaker 1: that he is way behind in terms of the financing
Speaker 1: that De Santis has, so he is really the underdog
Speaker 1: in this race. But Florida, as you said, would be
Speaker 1: it's just such a huge one to watch going into
Speaker 1: November eight. What kind of issues are going to resonate there.
Speaker 1: Historically it's been purple, probably leaning more read these days.
Speaker 1: But for also the Senate raises a big deal because
Speaker 1: val Demmings would be the first black Senator from Florida
Speaker 1: if she was to make it, and right now she's
Speaker 1: not doing too bad in the polls. Lots to watch
Speaker 1: heading to Florida, Florida, Florida. It's like a throwback. Thanks
Speaker 1: for this and May great having on with Us Boomberg,
Speaker 1: Washington correspondent and Marie Horde during part of our team
Speaker 1: covering the primaries. I want to turn back to the
Speaker 1: markets now, and for that we're joined by Patrick Palfrey,
Speaker 1: co head of Quantitative Research, senior equity strategist at Credit Sueez. Patrick,
Speaker 1: Good morning. We've seen sort of back and forth in
Speaker 1: the futures contracts this morning. Seems like investors are kind
Speaker 1: of just wait and see mode all week long ahead
Speaker 1: of Jackson Hole. Is that how you see things? I
Speaker 1: think it's playing a big role in how investors are
Speaker 1: looking at position themselves, and I think it all comes
Speaker 1: back down to inflation in what that means for FED policy.
Speaker 1: We saw a rollover in many of the key inputs
Speaker 1: and inflation commodity crisis, for example, beginning in May, and
Speaker 1: then the market began it's a sent higher. But in
Speaker 1: recent weeks we've seen inflation expectations, particularly in the longer
Speaker 1: dated tenor so. I'm talking about a tenure break even
Speaker 1: for those in front of a bloomberg, those are actually
Speaker 1: starting to pick up incrementally and that's why we're seeing
Speaker 1: the market cell operate. But that's the key question, and
Speaker 1: what the responses from the Fed. What's your call on
Speaker 1: whether we have seen peak inflation and whether it's going
Speaker 1: to move the Fed? Given that we're hearing from some
Speaker 1: people who used to be doves, likes of Neil cash
Speaker 1: Cary saying it's very clear they need to do more
Speaker 1: against inflation, need to be sure that inflation is on
Speaker 1: the downward slope. Well, I think what the FED is
Speaker 1: ultimately grappling with is how do they position themselves. And
Speaker 1: when you look back historically at past red hike cycles,
Speaker 1: there is a little bit of volatility and how um
Speaker 1: the policy gets set there there tends to be fits
Speaker 1: and starts, And right now I think we've probably seen
Speaker 1: the peaking inflations, it's not the most recent reading. I
Speaker 1: think that will give the Fed a little bit of
Speaker 1: room to say that we are winning. As inflation begins
Speaker 1: to decline, I think what happens is we get to
Speaker 1: a level of four or five and the question becomes
Speaker 1: more difficult as we bump up against wage inflation because
Speaker 1: of a tail labor market, and then housing inflation, and
Speaker 1: those are the key inputs in the longer term issues
Speaker 1: with inflations. So where do you think that leaves the
Speaker 1: FED when it comes to deciding the pace of rate hikes.
Speaker 1: Are relooking for more aggressive moves or does the FED
Speaker 1: have potentially have room to start pulling back sooner. I
Speaker 1: think we have this upcoming meeting and what I think
Speaker 1: they're gonna do is they're gonna they're gonna move probably
Speaker 1: something that looks like seventy five basis points to continue
Speaker 1: to show UM a strong position against inflation, and then
Speaker 1: ultimately we're going to have a deceleration at least in
Speaker 1: the elevated levels the really of the levels of inflation.
Speaker 1: I think at that point they will probably begin to
Speaker 1: um pivot incrementally, assuming inflation continues to fall. If it doesn't,
Speaker 1: then then I think we're going to see a re
Speaker 1: engagement from the Fed. Where do you think the Fed
Speaker 1: is going to end the year uh and rate hikes? Well,
Speaker 1: I I think I think between now and the end
Speaker 1: of the year, we're we're probably looking at four, potentially
Speaker 1: five rate hikes between now and the end of the year,
Speaker 1: and I mean that's really what the markets expecting. Anything
Speaker 1: more than that um will will be problematic for risk assets.
Speaker 1: If we see something less, I think we're gonna see
Speaker 1: continuation of the probley In our last thirty seconds here, Patrick,
Speaker 1: how do you position around the FED and the potential
Speaker 1: for further economic weakness? So I think right now the
Speaker 1: focus is on the FED and not the economic weakness.
Speaker 1: You've got to play the game near term. In that instance,
Speaker 1: look at risk assets. I think there's room for them
Speaker 1: to continue to run here, particularly with valuations that haven't
Speaker 1: fallen so much into being in the year for many
Speaker 1: of those names, uh technology stocks, some the secular growth teams,
Speaker 1: names like that. Okay, Patrick has always great to get
Speaker 1: your thoughts. Thanks for being with us. Patrick Palfrey, cohead
Speaker 1: of Quantitative Research senior equity strategist at Credit Suite, says,
Speaker 1: we continue counting down to Jackson Hole. Bloomberg Surveillance will
Speaker 1: be there when the symposium kicks off tomorrow. Of course,
Speaker 1: we will have full coverage of FED Chairman Powell's speech
Speaker 1: Friday ten am Wall Street Time. We'll have it all
Speaker 1: for your right here on Bloomberg Radio. Looking ahead to
Speaker 1: the market open this morning, a little changed to the downside.
Speaker 1: SMP futures down a point down, futures down twenty six,
Speaker 1: nest AT futures are lower by five points ten. Your
Speaker 1: Treasury is up one thirty second now a yield of
Speaker 1: three point zero four per cent. Bloomberg daybreak continues. This
Speaker 1: is Bloomberg.