Speaker 1: Live from the Bloomberg Interactive Burger Studios is Bloomberg day
Speaker 1: Break for Tuesday, August two coming up this hour. US
Speaker 1: stocks entered the session coming off their biggest loss in
Speaker 1: two months. Traders are racing from our hawkish talk at
Speaker 1: de FETs Jackson holl Gathering. It's primary day, with key
Speaker 1: races in New York and Florida heading the list, and
Speaker 1: life expectancy in New York plummets in the wake of COVID.
Speaker 1: Tri state area is cleaning up from heavy rains and flooding.
Speaker 1: Plus New York Mayor Adams responds after more bus loads
Speaker 1: of migrants arrived from Texas. I'm Michael Barr. More ahead,
Speaker 1: I'm down stage shower and sports. The Yankees beat Maxters
Speaker 1: are the mets of the Subway series that come from
Speaker 1: Hive preseason win for the Jet. That's All's train ahead
Speaker 1: on Bloomberg day Break on Bloomberg e Living three on
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius XM
Speaker 1: one nineteen and around the world Old on Bloomberg Radio
Speaker 1: dot Com and via the Bloomberg business Side. Good morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow us dock in
Speaker 1: Next Future is on the rise this morning. We're coming
Speaker 1: up to six oh one on Wall Street. IM gonna
Speaker 1: check the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg. S and P futures up eleven points, STOUTH
Speaker 1: futures up eighty three, Nasday Future is up thirty nine,
Speaker 1: and the ten year Treasury that'll change you'll three point
Speaker 1: one percent, Nathan Karen. Stocks are coming off their worst
Speaker 1: one day drop in two months. S and P five
Speaker 1: index fell two point one percent, the tech heavy NASAC
Speaker 1: one hundred sank two point seven percent, and the blue
Speaker 1: Ship down Jones Industrial Average lost sixty three points, or
Speaker 1: one point nine percent. Seabreeze Partners president Doug Cast sees
Speaker 1: more tough times ahead for equities. I think there's a
Speaker 1: non trivial chance that the SMP early last year I
Speaker 1: made a top for the balance of the year um
Speaker 1: to me. After the recent what I described as a
Speaker 1: position east rally. Risk has returned to risk assets as
Speaker 1: the fundamental backdrop as eroding. Seabree's Partner's president, Doug Cast
Speaker 1: made the comments on Bloomberg Surveillance. Catch the program on
Speaker 1: Bloomberg Radio and television beginning at seven am. Wall Street Time, Well, Nathan,
Speaker 1: The Wall Street sell ups built into Asia, with stocks
Speaker 1: in Japan and Hong Kong following around one per cent.
Speaker 1: We get the recount from Bloomberg's Juliette Sally and Singapore.
Speaker 1: Good Morning, Juliet, Good Morning, Nathan, and Karen. The energy
Speaker 1: sector was the only one in the green across the
Speaker 1: m s CI Asia Pacific Index, as crude scaled nine,
Speaker 1: a barrel lifted by the possibility of OPEPE plus output cuts.
Speaker 1: Japanese travel stocks also rose amid a nick A news
Speaker 1: report Japan is considering ending the requirement for negative COVID
Speaker 1: nineteen tests for international arrivals. Stocks in Hong Kong and
Speaker 1: China fell despite further steps to stabilize the property market,
Speaker 1: and the one fluctuated but held near a thirteen year
Speaker 1: low amid verbal intervention from authorities in Singapore. Juliette Sally,
Speaker 1: Bloomberg debreak, Thanks Juliet. The drop in stocks around the
Speaker 1: world comes as investors await signals on the path of
Speaker 1: interest rate hikes at the federal Reserves Annual Jackson Hole
Speaker 1: Economics Symposium later this week. Bloomberg Economics correspondent Michael McKee
Speaker 1: is covering the highly anticipated event. What we'll see is
Speaker 1: a lot of volatility this week is trying to people
Speaker 1: try to read into various economic indicators whether there's good
Speaker 1: news or bad news coming. But Paula's position hasn't changed
Speaker 1: a whole lot, and nor has the Feds. They believe
Speaker 1: they're going to have to keep raising rates to a
Speaker 1: certain point and stay there for a while where the
Speaker 1: market thinks that they'll raise rates a little more and
Speaker 1: start cutting again. Bloomberg Michael McKee. While one noted Fed
Speaker 1: watcher says the Central Bank should not cut rates again.
Speaker 1: In fact, Stanford University economics professor John Taylor thinks rate
Speaker 1: should double from here. I say five more. We should name.
Speaker 1: That's that and that is not high by historical standard,
Speaker 1: that's for sure, remember what it was in the seventies.
Speaker 1: But it's it couldn't be higher. I wouldn't say, I
Speaker 1: wouldn't say absolutely five. If inflation doesn't come down, then
Speaker 1: it may have to be hired. But I think the
Speaker 1: inflation will come down and we you can stick it
Speaker 1: at a level like that. But let's get there first.
Speaker 1: Timford Economics professor John Taylor says the FED should be
Speaker 1: more communicative about where policy has to go. I Meanwhile,
Speaker 1: Karen Hedge funds are unleashing record bets that the FED
Speaker 1: will stick to its hawkish script at Jackson Hole. The
Speaker 1: group has collectively placed a big short across the futures
Speaker 1: for a key overnight rate that moves in line with
Speaker 1: the Fed's benchmark. That position will benefit if FED share
Speaker 1: j Powell effectively rules out a dovish pivot. Please stick
Speaker 1: with Bloomberg for complete live coverage of the Jackson Hole Symposium.
Speaker 1: Bloomberg Surveillance will be their beginning Thursday with Tom Keene,
Speaker 1: Lisa Bramowitz, and Jonathan Pharaoh. I mean, now turn from
Speaker 1: the Fed and the market's to some important political news
Speaker 1: this morning. Nathan. It's an election day, with primaries in
Speaker 1: New York and Florida and a runoff vote in Oklahoma.
Speaker 1: Amy Morris says more on what to watch from our
Speaker 1: Bloomberg newsroom in Washington. In New York, redistricting left too
Speaker 1: Longtime House Democratic colleagues Carol and Maloney and Jerry Nadler
Speaker 1: competing for the same seat in the nineteen district. Democrat
Speaker 1: Pat Ryan is running against Republican Mark mullen Arrow to
Speaker 1: fill this seat that Anthony Delgado vacated to become Lieutenant governor.
Speaker 1: If Mullennaro defeats Ryan, that could be assigned for Democrats
Speaker 1: in November. In Florida, as the pole stand now, Republican
Speaker 1: incumbent Senator Marco Rubio will likely face Democratic Representative val
Speaker 1: Demmings in November. Governor Rohnda Santis will face either former
Speaker 1: of Governor Charlie Kristen November or Nicky Freed, who wants
Speaker 1: to become Florida's first woman governor. In Oklahoma, the marquee
Speaker 1: event will determine the candidates who vie for the unexpired
Speaker 1: Senate seat of Republican Jim Inhoff, who plans to resign
Speaker 1: in January. In Washington, I'm anymore as Bloomberg Daybreak right, Amy,
Speaker 1: thank you. There are also new developments in the FBI
Speaker 1: search of former President Donald Trump's home in mar Lago, Florida,
Speaker 1: including reports of just how much classified material the former
Speaker 1: president may have been holding onto. Bloomberg Z Baxter has
Speaker 1: the latest Mr Trump says he wants a neutral third
Speaker 1: party to look through the documents. In legally's a special master.
Speaker 1: So this is the same judge considering whether to make
Speaker 1: public portions of the documents seized by the FBI to
Speaker 1: look at this now. The New York Times says the
Speaker 1: government has recovered more than three hundred documents now with
Speaker 1: classified marketings. It says one hundred fifty sensitive documents recovered
Speaker 1: earlier May. And the d o J want to know
Speaker 1: what Trump had taken from the White House in San Francisco.
Speaker 1: I'm at Baxter Bloomberg Gay Break, all right, and thank you.
Speaker 1: We are getting more evidence this morning of the toll
Speaker 1: the pandemic has had on our lives, and we get
Speaker 1: the latest line from Bloomberg's Rina Young. Good morning, Ridina,
Speaker 1: Good morning, Karen. The CDC says life expectancy in New
Speaker 1: York State dropped by three years in twenty It's the
Speaker 1: biggest decline among all states during the first year of
Speaker 1: the pandemic. New York State residents are expected to live
Speaker 1: to just under seventy eight years old. That's the fifteenth
Speaker 1: highest life expectancy in the US, a steep drop from
Speaker 1: back in twenty nineteen, when New York State had the
Speaker 1: third highest ranking. The CDC said last year that overall
Speaker 1: you with life expectancy plunged by one point eight years
Speaker 1: in twenty, the biggest drop since World War Two. Live
Speaker 1: in New York, I'm reneed a young Bloomberg day break. Okay,
Speaker 1: we need to thanks. SMP future is now up eight
Speaker 1: points down, futures up sixty three. Nest Act futures are
Speaker 1: higher by twenty seven points. The tenure Treasury is down
Speaker 1: one thirty second, the yield three point zero one per cent.
Speaker 1: Straight ahead your latest local headlines in the check off Sports.
Speaker 1: This is Bloomberg six oh seven on Wall Street, seventy
Speaker 1: two degrees in Central Park. Service suspended on the New
Speaker 1: Jersey Transit Morris X six line between Dover and Summit.
Speaker 1: We'll get to the details shortly. In traffic. First, Michael
Speaker 1: Barr with what else is going on in New York
Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: More than one flights were canceled in the US yesterday.
Speaker 1: Airports around New York City and in Texas were hit
Speaker 1: the hardest, staffing shortages and severe whether we're blamed again. Meanwhile,
Speaker 1: heavy rain fell in parts of the tri state area,
Speaker 1: causing street flooding. Clean Up continues in New Jersey. In
Speaker 1: the Dallas suburb of Mesquite, Vanny was pulled from a
Speaker 1: vehicle after it was found in the receding Bonners and
Speaker 1: East Texas. Severe weather force schools to close early, including
Speaker 1: a suspected tornado. Smith County Constable Josh Joplin. We've had
Speaker 1: several portable buildings that have been picked up and relocated,
Speaker 1: Constable Joplin. New York City officials estimate over the weekend
Speaker 1: about twenty hundred asylum seekers from Central and South America
Speaker 1: have arrived by a bus from Texas. Mayor Eric Adams
Speaker 1: is blaming Republican Governor Abbott, saying his refusal to let
Speaker 1: New York officials know about potential numbers of migrants on
Speaker 1: the buses is driving the city to a crisis level.
Speaker 1: The governor of Texas is not giving any information at all,
Speaker 1: no matter how much we try to coordinate. Crisis calls
Speaker 1: on coordination, and he has been really, uh, just a
Speaker 1: person who's mean spirited in the area of helping people
Speaker 1: near times in a time of need. Mayor Adams says,
Speaker 1: not coordinatings leaving local and state resources and nonprofit struggling.
Speaker 1: New York Governor Kathy Hokel says the state is rolling
Speaker 1: back new COVID right elations for this school year, including
Speaker 1: allowing positive students to stay in class provided they were
Speaker 1: a mask. Hocal is also urging employees in the state
Speaker 1: to consider a return to the office as well. I mean,
Speaker 1: there's a lot of heap, a lot of tourists, restaurants
Speaker 1: are crowded up for coming back and join our social life,
Speaker 1: and we'd love to see everybody back, going back in
Speaker 1: their offices, at least on a hybrid situation. Governor Local
Speaker 1: was promising monkeypox vaccines for New Yorker's Acting New York
Speaker 1: Health Commissioner Dr Mary Bassett is promising that they will
Speaker 1: ensure access for those at risk, including the LGBT two
Speaker 1: community and communities of color. These data show that we
Speaker 1: are right to be very concerned about equity and access
Speaker 1: to vaccination. Dr Bassett says they're preparing to distribute the
Speaker 1: promise one hundred ten thou doses from the Biden administration
Speaker 1: Global News twenty four hours a day on air end
Speaker 1: on Bloomberg Quick Take power by more than twenty seven
Speaker 1: hundred journalists, analysts more than a hundred twenty countries, and
Speaker 1: Michael bar this is Bloomberg. Thank you Michael. Coming up
Speaker 1: to six ten on Wall Street time for the Bloomberg
Speaker 1: Sports Update with John Stenshow and thanks Nathan, But have
Speaker 1: an upset to start the two games Subway series in
Speaker 1: the Bronx. The Mets certainly went in the hotter team
Speaker 1: and with the better pitcher on the Mountaine, Max Scherz,
Speaker 1: are out pitched by Domingo her Mom maybe the best
Speaker 1: game of his career. I shut out through six innings,
Speaker 1: Mets get on the board and the seven the drop
Speaker 1: pop up was followed by a two run homer by
Speaker 1: the Mets. Daniel Vogel back. That's all the Mets gotten
Speaker 1: the Yankees one four to two. Aaron Judge with home
Speaker 1: run number forty seven and in the longest homerless drought
Speaker 1: of his season, and Andrew benn and Tendee, who had
Speaker 1: the game winning home run Sunday, added two run scoring hits.
Speaker 1: His manager Aaron Boom. He's such a good hitter, such
Speaker 1: a good back to ball, controls the strikes on um
Speaker 1: and and it feels like he's really starting to settle
Speaker 1: in now and uh, you know he's come up big
Speaker 1: forest last couple of days obviously, but but feel like
Speaker 1: for the better part of the last week he's he's
Speaker 1: starting to build that momentum boom. Tonight starts. Frankie Mantas
Speaker 1: he has struggled at his first three starts with the
Speaker 1: Yankster mess decided to give Jacob Graham some extra rest,
Speaker 1: so it'll be Taiwan Walker going to them at Mattlive.
Speaker 1: Big preseason come back by the Jets. They trailed Atlanta
Speaker 1: sixteen to nothing. The rally to win twenty four to
Speaker 1: sixteen touchdown pass by fourth spring QB Chris Stravelery then
Speaker 1: engineered a long TV drive and the Jets that at
Speaker 1: a fumble return for touchdown. The Giants got word the
Speaker 1: knee injury suffering Sunday by rookie linebacker Cavan Thibodeau is
Speaker 1: a sprained mcl out three to four weeks. That would
Speaker 1: mean missing the first one or two regular season games.
Speaker 1: Carolina Panthers say Baker Mayfield will be the Week one
Speaker 1: starting QB, beating out Sam Donald. That the Panthers like Donald,
Speaker 1: they wouldn't have traded for Mayfield. Tom Brady back with
Speaker 1: Tampa Bay with a report that he spent the eleven
Speaker 1: days away from training camp in the Bahamas. Get some
Speaker 1: advantages when you're Tom Brady, John Stash, We're Bloomberg Sports, Okay, John,
Speaker 1: thank you. SMP futures now up seven points, South futures
Speaker 1: up fifty five, NASTAC futures up twenty five points. The
Speaker 1: tenure treasury down one thirty second, the yield three point
Speaker 1: zero two per cent. You're listening to Bloomberg at daybreak
Speaker 1: Blomber eleven three O. Weather mix of sun and clouds,
Speaker 1: maybe an afternoon shower, thunderstorm, going to say eighty five
Speaker 1: degrees oper eighties tomorrow with sunshine mainly sunny Thursday with
Speaker 1: a high near ninety right now seventy two in Central
Speaker 1: Park markets, headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot Com, the Bloomberg Business at and
Speaker 1: at Bloomberg Quick Tape. He's a Bloomberg Business Flash and
Speaker 1: I'm Cameron Moscow. US stock index futures are aging higher
Speaker 1: this morning ahead of the Jackson Holes Central Banker Symposium
Speaker 1: later this week. In the morning, after US stocks plunged
Speaker 1: the most in two months. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg guess and
Speaker 1: p futures of six points down, futures of forty four
Speaker 1: nast day futures of nineteen the decks in Germany of
Speaker 1: a tenth of bucker sent to your treasury down one
Speaker 1: thirty second, you know, three point one percent they yield
Speaker 1: on the two year three point three to per cent.
Speaker 1: Night Max screwed oil is up one point eight percent
Speaker 1: of a dollar sixty five at ninety two dollars one
Speaker 1: center barrel coll Max school. That will change that. Seventeen
Speaker 1: forty eight sixty announced the euro point nine nine one
Speaker 1: six against the dollar. British found one point one seven
Speaker 1: five five one thirty seven point four four. I'm looking
Speaker 1: a big coin of one point percent to twenty one thousand,
Speaker 1: three hundred seventy dollars. That's a Bloomberg business flash. Now
Speaker 1: here's Michael Barr with more on what's going on around
Speaker 1: the world. Michael Karen, thank you very much. Key primary
Speaker 1: elections are in three states today. In New York, read
Speaker 1: districting is forcing two top Democrats, Representative Carolyn Maloney and
Speaker 1: Jerry Nattled a run against each other. In the nineteenth district,
Speaker 1: Democrat Pat Ryan is up against Republican Mark Mullinaro. Democrats
Speaker 1: holding Florida's biggest primary race will decide who will run
Speaker 1: against incumbent Republican government Around the sentence, the races between
Speaker 1: Nicki Freed and Democratic cong spin Charlie Christ, who was
Speaker 1: once that state's Republican governor. Florida Republican incumbent Senator Marco
Speaker 1: Rubio will likely face Democratic Representative Val Demmings in November.
Speaker 1: In Oklahoma, candidates are viving for the Senate seat of
Speaker 1: Republican Jim Inhoff. In baseball, the Yankees beat the match
Speaker 1: four to the A's lost NFL preseason The Jets one
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, Power by more hundred journalists analysts
Speaker 1: more than a hundred, twenty countries. Michael Barr and this
Speaker 1: is Bloomberg. Nathan Michael, thank you at his sixth nineteen
Speaker 1: on Wall Street live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg day Break, and we're joined now by
Speaker 1: Drew Maddis, chief markets strategist at MetLife Investment Management. Coming
Speaker 1: off two straight days of losses for stocks ahead of
Speaker 1: the Jackson Whole symposium at the end of this week, Drew,
Speaker 1: good morning. I wonder what message you're expecting to hear
Speaker 1: from Chairman Powell and the rest of the FED speakers
Speaker 1: in Wyoming later this week. Well, it's it's a simple message.
Speaker 1: Rates are going to continue to move higher because inflation
Speaker 1: is still above where the Fed would like to see it. Um.
Speaker 1: You know, in terms of how the market's going to
Speaker 1: take that, you know, I think the market is pretty
Speaker 1: well expecting that, um. And the real question everyone's asking
Speaker 1: now is kind of you know, how much negative news
Speaker 1: is the Fed need to see before it changes that too?
Speaker 1: So where do you see the market going off that message?
Speaker 1: Is there more room for stocks to fall further if
Speaker 1: the Fed sticks to that script? Well, there's I mean,
Speaker 1: as the FED continues to hike interest rates and we
Speaker 1: begin to and we continue to see economic weakness, uh,
Speaker 1: you know, the markets aren't probably gonna like that all
Speaker 1: that much because what they would like to see is
Speaker 1: a soft landing. But what increasingly seems to be um,
Speaker 1: you know, increasing in likelihood is a recession. You know,
Speaker 1: there's a debate whether we're already in one. Now, we're
Speaker 1: not in that camp, but certainly economic weakness is piling up,
Speaker 1: even if you don't see it in the labor market yet. Well,
Speaker 1: what do you think the FED needs to see, uh,
Speaker 1: to move toward that more dovish pivot. Well, so that's
Speaker 1: that's the you know, trillion dollar question. Do they need
Speaker 1: to see lower inflation or do they just need to
Speaker 1: see the economy weakening enough where they can expect lower
Speaker 1: inflation in the future. I think what they're getting right
Speaker 1: now is the you know, economic conditions deteriorating so we
Speaker 1: can expect economic weakness in the future, um, rather than
Speaker 1: kind of the improvement in inflation that they want to
Speaker 1: see right now. Um. And so you know, what we're
Speaker 1: gonna be looking for from pal is really an indication
Speaker 1: of you know what, what are the you know, what
Speaker 1: are the predictive indicators that he's looking at that would
Speaker 1: tell him that maybe the Fed's already done enough. Do
Speaker 1: you see any sign that the tightening of financial conditions,
Speaker 1: the the downturns that we've seen in the market of
Speaker 1: late could move the Fed in any way? Uh? Not yet,
Speaker 1: not yet. So people are watching, you know, are going
Speaker 1: to watch pal carefully for for that kind of for
Speaker 1: that kind of information. You know, we've already seen weakness
Speaker 1: in housing, which is you know, related to the FED
Speaker 1: hiking interest rates. Um. And you know, we haven't seen
Speaker 1: the labor market yet turnover, but we are seeing extraordinarily
Speaker 1: weak productivity numbers which are hurting things like margins, which
Speaker 1: tend to be predictive of hiring in the future. Uh.
Speaker 1: And so I do think the case for an economic
Speaker 1: slowdown is growing um. And you know, the open question remains,
Speaker 1: you know, will the FED acknowledge that that slowdown is
Speaker 1: coming or will they just continue to press ahead with
Speaker 1: rate hikes and act like the economy is surging ahead.
Speaker 1: Do you think the FED is willing to take the
Speaker 1: the economy into a recession in order to get inflation
Speaker 1: under control. I think they're willing to do it. The
Speaker 1: question is, you know, should they be willing to do it?
Speaker 1: I'm not really sure. You know, I still believe that
Speaker 1: there's a supply chain component to the inflation numbers we're seeing.
Speaker 1: UM And I still believe, you know, that some of
Speaker 1: the data will actually be turning. So we you know,
Speaker 1: we continue to expect that the peak and inflation will
Speaker 1: be this year. Um. Now that being said, you know,
Speaker 1: I hadn't anticipated inflation would stay this high for this long. Um.
Speaker 1: But nevertheless, you know, I don't think I'm alone in
Speaker 1: thinking that inflation is beginning to turn uh. And you know,
Speaker 1: maybe instead of waiting for a clear, conclusive proof, UH,
Speaker 1: you can dial back the speed of the rate hikes
Speaker 1: in order to buy yourself a little more time to
Speaker 1: evaluate the situation. Do you think the dial back happens
Speaker 1: this year or does the Fed wait until next year?
Speaker 1: You got about thirty seconds left here. Well, I think,
Speaker 1: you know, I think that they should will slow the
Speaker 1: pace of tightening. Uh. And then you know how quickly
Speaker 1: they actually take it from seventy to fifty to zero.
Speaker 1: Is is really kind of what people are fighting about
Speaker 1: right now in my world. Thanks Dree, good having one
Speaker 1: with us this morning. Drew Madis is chief market strategist
Speaker 1: at MetLife Investment Management. And of course you will have
Speaker 1: full coverage of the Jackson Whole symposium. Bloomberg Surveillance will
Speaker 1: be there beginning on Thursday ahead of Chairman Powell's speech
Speaker 1: ten am Wall Street time. On Friday, we will have
Speaker 1: full coverage of it all for you here on Bloomberg Radio.
Speaker 1: Right now, SMP futures are trimming some of their losses,
Speaker 1: are trimming some of their gains. I should say at
Speaker 1: this point, SMP futures are now two points, TOW futures
Speaker 1: up twenty NASDAC futures up four points. That's a little
Speaker 1: changed across the board in the futures markets. The tenure
Speaker 1: Treasury is now down to thirty seconds the old three
Speaker 1: point zero two percent yield on the two year three
Speaker 1: point three three percent, and NIMEX crude is up one
Speaker 1: right now nine the eight cents of barrel. You're listening
Speaker 1: to Bloomberg day Break Bloomberg eleven three oh weather. Mix
Speaker 1: of sun and clouds. Afternoon showers and storms possible today
Speaker 1: with a high near eighty five degrees. We'll get up
Speaker 1: to near ninety tomorrow and Thursday with sunshine. Right now
Speaker 1: seventy two in Central Park, Broadcasting live from the Bloomberg
Speaker 1: Interactive Broker Studio in New York. Bloomberg E Living Freedom
Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one O
Speaker 1: six one to San Francisco, Bloomberg nun six to the country.
Speaker 1: Sirius XM to A one nine and around the globe,
Speaker 1: the Bloomberg Business and Bloomberg Radio dot com. This is
Speaker 1: Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm
Speaker 1: Nathan Hager and I'm Karen Moscow. We are just about
Speaker 1: three hours away from the open of US trading time
Speaker 1: to the five things so you need to notice. Start
Speaker 1: your day to you by Interactive Brokers. Interactive Brokers Simple,
Speaker 1: ib k R Global Trader app, deposit in your local
Speaker 1: currency and trade stocks in the US, Europe and Asia.
Speaker 1: Start your free trial at ibkr dot com, Slash Global
Speaker 1: Trader up first. Stocks are coming off their worst one
Speaker 1: day drop in two months. The s n P five
Speaker 1: hundred index fell two point one per cent. UBS Managing
Speaker 1: Director Ally McCartney says with increased volatility, investors need to
Speaker 1: be mindful of stock picks. Over the last number of years,
Speaker 1: you've really been rewarded no matter what type of equity
Speaker 1: you have. The concept of security selection and active management
Speaker 1: is really something we're leaning into. Ellie McCartney with u
Speaker 1: B says rising rates and inflation will create uncertainty and
Speaker 1: equity markets. Investors will closely monitor the federal reserves Jackson
Speaker 1: Whole Economics Imposium later this week Karen, where Cher J.
Speaker 1: Powell will speak. Stanford University professor John Taylor says the
Speaker 1: FED should not cut rates again if we let inflation
Speaker 1: build up over time like in the seventies it was
Speaker 1: seven years of fire inflation. If we nipping in the butt,
Speaker 1: then you don't have to have these negative effects. Stanford
Speaker 1: Economics professor John Taylor thinks the Fed should aim to
Speaker 1: raise rates to five percent. Stick with Bloomberg for coverage
Speaker 1: of the Jackson Hole Symposium. Bloomberg Surveillance will be their
Speaker 1: beginning Thursday. Politics Now Nathan It's primary day in New York,
Speaker 1: Florida and a runoff in Oklahoma. Longtime House Democratic colleagues
Speaker 1: Caroline Murphy are, Caroline Maloney Rather and Jerry Nadler are
Speaker 1: competing for the same seat in New York in the
Speaker 1: nineteenth district to Democrat Pat Ryan is running against Republican
Speaker 1: Mark Mullinaro. In Florida, Republican incumbent Senator Marco Rubio more
Speaker 1: likely faced Democratic Representative Val Demming's in November. Republican Governor
Speaker 1: Runda Stantis will finish either Former Governor Charlie Christ or
Speaker 1: Nicky freed. Then we're getting more evidence scaring of the
Speaker 1: toll of the pandemic has taken on our lives. Bloomberg's
Speaker 1: ornitda Young joins us live at that story. Good morning Rinita,
Speaker 1: Good morning Nathan. The CDC says life expectancy in New
Speaker 1: York State dropped by three years in the biggest decline
Speaker 1: among all states during the first year of the COVID
Speaker 1: nineteen pandemic. New York State residents are expected to live
Speaker 1: to just under seventy eight years old, the fifteenth highest
Speaker 1: life expectancy in the US. In New York had the
Speaker 1: third highest ranking, The CDC said last year. Overall US
Speaker 1: life expectancy plunged by one point eight years in twenty twenty,
Speaker 1: the biggest drop since World War Two. Live in New York.
Speaker 1: I'm gonna need a young Bloomberg daybreak, all right, we
Speaker 1: need to thank you. That's the five things you need
Speaker 1: to know to start your day, brought to you by
Speaker 1: Interactive Brokers and straight Ahead, your latest local headlines, plus
Speaker 1: a check of sports, and this is Bloomberg. Thanks here
Speaker 1: in sixty three on Wall Street, seventy two degrees in
Speaker 1: Central Park, still dealing with the service suspension New Jersey
Speaker 1: Transit morriss essex line between Dover and Summit. We'll tell
Speaker 1: you more in traffic First Michael Barr with what else
Speaker 1: is going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. More bus loads of
Speaker 1: migrants arrived in New York City. Mayor Eric Adams estimates
Speaker 1: over the weekend about hundred of side seekers from Central
Speaker 1: and South America have arrived from Texas. Adams says it's
Speaker 1: an obligation for the city to do what they can
Speaker 1: to provide a roof over the hands of these families,
Speaker 1: right to shelter. Whoever comes to this city. If it's
Speaker 1: day one, we are legally and morally responsible for giving
Speaker 1: them houses. Adams criticized Republican Texas Governor Abbot, saying he's
Speaker 1: not coordinating with the city. With schools had to set
Speaker 1: to resume in New York City in a number of weeks.
Speaker 1: New York Governor Kathy Hoco talked about the state's new
Speaker 1: COVID regulations for this school year. Local says schools will
Speaker 1: ease up on several safety plans, including relaxing quarantine protocols
Speaker 1: for class and no longer enforcing the Test to Stay program,
Speaker 1: so no more tests to stay. What that means if
Speaker 1: a classmate test positive for COVID and your child doesn't
Speaker 1: have symptoms, your child can stay in school as long
Speaker 1: as they would wear a mask under those circumstances were recommending. Meanwhile,
Speaker 1: with New York State reporting more than a quarter of
Speaker 1: all the US cases, a monkeypox governor Hocal promises monkeypox
Speaker 1: vaccines and treatment for New Yorkers will remain a priority.
Speaker 1: Most US adults thank gun violence is increasing nationwide and
Speaker 1: want to see gun laws made stricter. That's according to
Speaker 1: a poll from the University of Chicago Harris School of
Speaker 1: Public Policy and the Associated Press Nork Center for Public
Speaker 1: Affairs Research. About of Americans say gun laws should be stricter,
Speaker 1: including about half of Republicans. The tri State areas cleaning
Speaker 1: up after heavy rain fell in the area. Streets in
Speaker 1: New Jersey were among those flooded out. The dangerous flood
Speaker 1: conditions gripped parts of the Southwest and Texas and now
Speaker 1: shifting to Louisiana and Mississippi. Mayor Rachel Moreno of Guindona,
Speaker 1: Texas is thanking volunteers lending a hand Thank you for
Speaker 1: everybody that's coming in helping us um assess in our
Speaker 1: area and helping us try to get things cleaned up
Speaker 1: in East Dallas. More than fifteen inches of rain flooded
Speaker 1: streets and Holmes One woman died in Mesquite, Texas. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take Power by more than twenty seven hundred
Speaker 1: journalists and analyists more than a hundred twenty countries. I'm
Speaker 1: Michael Barr, and this is Bloomberg, Nathan. Thank you, Michael.
Speaker 1: Five on Wall Street, John Stashire has the Bloomberg Sports
Speaker 1: Something Rank, Dathan. The Mets have a better record than
Speaker 1: the Yankees. They've been the far better team than past
Speaker 1: month or so, but the Yanks did beat the Mets
Speaker 1: for two subway series in the Bronx and Atlanta one
Speaker 1: in Pittsburgh to all. The Yankees, despite their recent struggles,
Speaker 1: still have an eight game lead in their division. The
Speaker 1: Mets only three up on the Braves Yankee heroes last night.
Speaker 1: The Mingo Arma and pitched out of the seventh. Then
Speaker 1: he gave up only Warner and run solid relief work
Speaker 1: after him by Ron Baronaccio and Jonathan Loaisaka Andrew ben
Speaker 1: Attendee with a pair of run scoring hits and home
Speaker 1: run number forty seven for Aaron Judge who hopes the
Speaker 1: Yankees slump is over now. You can just feel a
Speaker 1: little different energy in the dug out and you know,
Speaker 1: healing throughout the at bass. You know, guys, just like
Speaker 1: I said earlier, guys one through nine work in the
Speaker 1: count um dinner and they can to you know, waited
Speaker 1: out until you gotta Fisher drive. And you know when
Speaker 1: you do that against one the best in the game,
Speaker 1: and he'sally gonna get good results. You know, one of
Speaker 1: the best of the game is Max Schers or the
Speaker 1: Yanks beat him and don't have to face Jacob de
Speaker 1: grand Metzer instead going to the Taiwan Walker. Tonight given
Speaker 1: to grand extra rest Frankie Mantas on the mat for
Speaker 1: the Yanks in fourteen. In these monthaz Is allowed fourteen runs.
Speaker 1: He took the rotation spot of Jordan Montgomery, who was
Speaker 1: traded in St. Louis. Last night, Montgomery and Chicago through
Speaker 1: a complete game, one hit shutout for the Cardinals. His
Speaker 1: e r A was St. Louis Is zero point three
Speaker 1: five has with all preseason games. It was reserves on
Speaker 1: the field at the end, but the Jets reserves engineered
Speaker 1: a big comeback from sixteen down they beat the Falcons
Speaker 1: to sixteen. The knee injury the Giants rookie linebacker Cavon
Speaker 1: Thibodeaux was a spring mcl thibode would likely missed the
Speaker 1: start of the regular season. New team has emerged in
Speaker 1: the Kevin Durant trade to op the Memphis Grizzlies, who
Speaker 1: do have young players and multiple draft picks to offer
Speaker 1: for the next John Stash went Bloomberg Sports. Okay, John,
Speaker 1: thank you. It is six thirty seven on Wall Street.
Speaker 1: Time to take a look at stocks, some of the
Speaker 1: names moving in the pre market with Bloomberg Radio and
Speaker 1: TV Markets correspondent Credy Gufta. Credy, I know, we got
Speaker 1: some earnings from one of the pandemic winners and it
Speaker 1: looks like the pandemic is moving on. For Zoom Video,
Speaker 1: it really is, and so is some of that perhaps
Speaker 1: the tail when that we were hoping it would help
Speaker 1: U cattle poll to Zoom into a post pandemic era,
Speaker 1: but nevertheless, Zoom shares ZM is your taker down about
Speaker 1: twelve percent of ship twelve percent in the pre market.
Speaker 1: This of course comes after, like you said, Nathan, they
Speaker 1: did come out with their earnings and they end up
Speaker 1: cutting their full year forecasts, analysts noting that the decline
Speaker 1: and it's online segment offset strength and its phone and
Speaker 1: enterprise businesses. So once again becoming cross platform not necessarily
Speaker 1: helping to that extent, not enough to certainly to help
Speaker 1: rescue some of their earnings. Pictures, So Zoom Video to
Speaker 1: your point, one of the pandemic winners, which we should
Speaker 1: note if you actually folks, I know we're on radio,
Speaker 1: but if you have to look at a full year
Speaker 1: chart for example, or two three year chart, it is
Speaker 1: quite literally a round trip stock chart, which is kind
Speaker 1: of interesting. So anyway, ZM is your taker down about
Speaker 1: just shy of twelve. But Nathan is not the only
Speaker 1: earning story um overnight. Paulo Alto Networks is the other
Speaker 1: one you want to keep an eye on. P A
Speaker 1: and W is your ticker. Shares are up eight point
Speaker 1: six percent in the pre market. Now, this is a
Speaker 1: cybersecurity company that we know has been getting a lot
Speaker 1: of momentum post the war in Ukraine. The idea here
Speaker 1: being that Russia uses cyber technology for a lot of
Speaker 1: their kind of war efforts, things like hacking for example,
Speaker 1: which Russia does have an expertise and relative to the
Speaker 1: rest of the world. So you do have a lot
Speaker 1: of companies, for example, think your cloud companies, Apple, Microsoft,
Speaker 1: A lot of your big cap names actually looking to
Speaker 1: invest in their cybersecurity uh specifically and the beneficiaries of that.
Speaker 1: Our companies like Paulo Alto Networks, p A and W.
Speaker 1: This time though they're talking about their earning story. They
Speaker 1: did Resport report fiscal fourth quarter results. They beat x
Speaker 1: actations and on top of that the cherry on top
Speaker 1: of a pretty good Sunday, they gave a full year
Speaker 1: forecast that was ahead of the analyst consensus. Is all
Speaker 1: about that forward guidance. Analysts extremely positive on the strong
Speaker 1: billings and quote prudent forecast for that company. Now, I
Speaker 1: know you've been watching Meme stock so the last few days,
Speaker 1: what's the latest there? We gotta check on bed Bath
Speaker 1: and beyond b b B. Why is your taker shares
Speaker 1: are up six point six percent in the pre market
Speaker 1: is actually ending three days of losses. Now, remember the
Speaker 1: entire market is kind of turning around. A little bit
Speaker 1: futures not seeing that much conviction, but underneath the hood
Speaker 1: some pretty strong reactions on these individual names. Nevertheless, you
Speaker 1: are perhaps seeing retail traders back in it as you
Speaker 1: see the pre market move in this particular stock. The question, though,
Speaker 1: is how much of this is on low volume. Remember,
Speaker 1: the market isn't trading on that much more. We begin
Speaker 1: with as all eyes are on Jackson Hole at the
Speaker 1: end of the week. Indeed, Bloomberg Radio on TV markets
Speaker 1: correspondent Credi Gupta with us this morning looking at stocks
Speaker 1: ahead of the open. As Crety said, not a whole
Speaker 1: lot of conviction. We've got SMP futures up at ten
Speaker 1: percent of four points, style futures of forty two NAS
Speaker 1: deck futures are higher by seventeen points. The tenure Treasury
Speaker 1: is down one thirty second yield three point zero two percent,
Speaker 1: and the yield on the two year right now three
Speaker 1: point three two. You're listening to Bloomberg Daybreak Bloomberg eleven
Speaker 1: three oh weather, sun and clouds, maybe an afternoon shower,
Speaker 1: thunderstorm going up to the eighty five degrees upright these
Speaker 1: with sunshine tomorrow. Pioneer ninety on Thursday right now seventy
Speaker 1: two in Central Park markets. Headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business apt and at Bloomberg Quick Tape. He's a Bloomberg
Speaker 1: Business Flash and I'm Karen Moscow. Future is on the rise.
Speaker 1: This morning, we got to the first Word breaking news
Speaker 1: desk for today's morning call. Here's Bill Maloney. Bill, good morning, Hey,
Speaker 1: Good morning, Karen. That's right. Modest games in the US
Speaker 1: futures FP yesterday sell off, with death futures up seventy
Speaker 1: four points, SYSIPES Game ten and NASDAIC futures are higher
Speaker 1: by thirty five the US ten year old at three
Speaker 1: point two percent. Gold is little change, Oil is climbing,
Speaker 1: and Bitcoin trading higher by one point three percent. Japan
Speaker 1: dropped one point two percent overnight, while up markets are
Speaker 1: quiet this morning. And back in the US on the
Speaker 1: economic front, at night U S P M I S
Speaker 1: and at ten o'clock new home sales after de Bells night,
Speaker 1: Zoom Video cut its sales forecast, and regarding earnings this morning,
Speaker 1: Metronic beat estimates and look for Dick Sporting and Macy's
Speaker 1: to a report in the pre market rabbing things up,
Speaker 1: Denny's was raised to outperform from neutral. Over at wet
Speaker 1: Bush Live from the first to breaking news Descomb, Bill Maloney,
Speaker 1: Ker Gray, Bill, thank you and to hear live breaking
Speaker 1: news over your Bloomberg Time Squawk on your terminal squ
Speaker 1: a w u K and that's a Bloomberg business flash.
Speaker 1: Now here's Michael Barrow with more on what's going on
Speaker 1: around the world. Michael Karen, thank you very much. Key
Speaker 1: primary elections take place today and New York, Florida and Oklahoma.
Speaker 1: More on the primary straight ahead. Lawyers for former President
Speaker 1: Trump have asked a federal judge to prevent the FBI
Speaker 1: from continuing to review documents recovered from his Florida state
Speaker 1: until a neutral special master can be appointed. It comes
Speaker 1: as The New York Times reports more than three hundred
Speaker 1: classified documents were found at maur Lago. In baseball, the
Speaker 1: Yankees beat the Mets four to the A's lost in
Speaker 1: NFL preseason the Jets one Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael bar and this is Bloomberg. Karen Right, Michael Barr,
Speaker 1: thank you. It is sixt on Wall Street. We turned
Speaker 1: to news and science and technology now with a Bloomberg
Speaker 1: n j I T Stammerport brought to you by New
Speaker 1: Jersey Institute of Technology. N j I T makes industry
Speaker 1: ready engineers in more than twenty fields. If it's engineering
Speaker 1: is at nj I T. Learn more at nj I
Speaker 1: T dot E d U And here's just making news
Speaker 1: and science, technology, engineering, and math. Life expectancy in New
Speaker 1: York plummeted by three years in The CDC said that
Speaker 1: was the biggest decline among all states in the first
Speaker 1: year of the COVID pandemic. Residents of New York are
Speaker 1: expected to live to just under seventy eight, the fifteenth
Speaker 1: highest life expectancy in the country. Overall, US life expectancy
Speaker 1: plunged by one point eight years in twenty the biggest
Speaker 1: drops since World War Two. Zoom Video Communications continues to
Speaker 1: have trouble transitioning from an essential COVID era tool to
Speaker 1: an enterprise business platform. The software maker is cutting its
Speaker 1: annual revenue forecast, saying it's losing your sales from consumers
Speaker 1: and small business faster than anticipated, and applehol plans to
Speaker 1: begin making the iPhone fourteen in India about two months
Speaker 1: after the product's initial release out of China. That narrows
Speaker 1: the gap between the two countries, but it doesn't close
Speaker 1: it completely as some had anticipated. Apple has been trying
Speaker 1: to diversify its supply chain, but the company's high standards
Speaker 1: for secrecy complicated its efforts in India. Uh. That's a
Speaker 1: Bloomberg and j I T. Stemp report. Nathan, Thanks Karen.
Speaker 1: We're live from the Bloomberg Interactive Brokers studios, where it
Speaker 1: is six fifty on Wall Street Time Now to check
Speaker 1: what's going on in d C. Some of the top
Speaker 1: stories in our nation's capital include primary elections in New
Speaker 1: York and Florida, President Trump, the former president, suing for
Speaker 1: a neutral review of SEES documents of mar Lago, the
Speaker 1: US seeing progress in a revived around nuclear deal, and
Speaker 1: Anthony Faucci making plans to resign after more than a
Speaker 1: half century in government. Let's bring back Joe Matthew now,
Speaker 1: our Washington correspondent, host of Bloomberg Radios, Sound on and Uh,
Speaker 1: It's an unfortunate circumstance when it comes to redistricting Joe
Speaker 1: Matthew because in the least one race, whoever wins at
Speaker 1: least one congressman, a longtime congress person will lose. Well,
Speaker 1: that is correct, and this is why we're all in
Speaker 1: a New York state of mind here. It's not a
Speaker 1: national race, but it's one that is very compelling because
Speaker 1: they are former allies, I guess former from now on
Speaker 1: and and long time senior members of the Democratic leadership
Speaker 1: in the House. We're talking about Jerry Nadler, chair of
Speaker 1: the Judiciary Committee Upper West Side against Caroline Maloney, representative
Speaker 1: from the Upper East Side, who chairs the Oversight Committee,
Speaker 1: very powerful position, the first woman to have that job,
Speaker 1: as a matter of fact, who has been using the
Speaker 1: line and in advertising and in messaging. You cannot send
Speaker 1: a man to do a woman's job. So these are
Speaker 1: two individuals who were elected at the same time Ino
Speaker 1: Rose into the leadership together, have worked together, and I'll
Speaker 1: find themselves staring across Central Park in what has become
Speaker 1: a bit of a bitter campaign. Yeah, and it's interesting
Speaker 1: because you talked to, or you least listen to these
Speaker 1: candidates in debate saying they didn't want to compete against
Speaker 1: each other. But this is the circumstance you find yourself
Speaker 1: into sometimes every ten years, where oftentimes UH sitting members
Speaker 1: of Congress will find themselves competing against That's true, and
Speaker 1: neither of them wanted to move to another district here
Speaker 1: to to potentially run. So yeah, it's it's been an
Speaker 1: interesting process. It's it's considered that, you know, Jerry Nadler's race,
Speaker 1: it's his to lose. He's endorsed by the New York
Speaker 1: Times editorial board and by Senator Chuck Schumer that really
Speaker 1: helped his bona fides and and pushed him higher in
Speaker 1: UH in polling. He's spent a lot of time criticizing
Speaker 1: Carolyn Maloney's votes for the Iraq war and against the
Speaker 1: Iran nuclear deal, where Maloney has been saying, look look
Speaker 1: at my history working for women's equality. Uh, there's only
Speaker 1: one of me, and I am the first woman to
Speaker 1: to chair the Oversight Committee. You need me in office.
Speaker 1: They're both delivering very compelling messages to New Yorkers, but
Speaker 1: it does seem that Nadler's got the numbers. And speaking
Speaker 1: of chairs, Joe, we have the head of the Democrats
Speaker 1: Congressional campaign arm in New York facing a primary challenge
Speaker 1: from a progressive backed candidate. That's true, and it becomes
Speaker 1: a little bit of a proxy between the establishment and
Speaker 1: the progressive wing of the Democratic Party. You're talking about
Speaker 1: Representative Sean Hatrick Maloney. Uh, not necessarily a household name,
Speaker 1: but a very important member again of the House Democratic
Speaker 1: leadership as he leads the Democratic Campaign Committee in the House.
Speaker 1: It's his job to get Democrats elected. Uh. He's backed
Speaker 1: by Nancy Pelosi, i e Establishment, but is running against
Speaker 1: the state Senator by the name of Alessandra Biaggi, who's
Speaker 1: backed by Alexandria Cassio Cortez. And we find ourselves here
Speaker 1: once again in a battle between Pelosi and the center
Speaker 1: and the Speaker's Rostram and a member of the squad
Speaker 1: pushing a different candidate here, Sean Patrick Maloney has spent
Speaker 1: a lot of time like trying to raise money for
Speaker 1: Democrats get them elected, and it'll be interesting to see
Speaker 1: how he plays. And we also have primary elections in Florida.
Speaker 1: We're gonna find out which Democrat Joe is gonna challenge
Speaker 1: Ron De Santist for governor. Yeah, and you've heard of
Speaker 1: at least one of them remember Charlie christ the former
Speaker 1: governor he had the job, is a representative now and
Speaker 1: is backed by kind of once again the establishment Democratic
Speaker 1: Party as he runs against Nicki Freed, the Commissioner of
Speaker 1: Agriculture in Florida. Uh. They the winner here will face
Speaker 1: Ron de Santis, and that's gonna be a real uphill
Speaker 1: battle for Democrats. He's incredibly popular, not only in Florida
Speaker 1: but across the country, which is why he has been
Speaker 1: raising money for Republicans on the campaign trail the last
Speaker 1: couple of weeks. Nathan, what are the some of the
Speaker 1: big congressional races you're watching in Florida? Well, you know,
Speaker 1: it's it's interesting that they're actually not getting a lot
Speaker 1: of talk with the one that we're really watching here
Speaker 1: with regard to the balance of power in Washington is
Speaker 1: who will face Marco Rubio? Representative Val Demming's uh is
Speaker 1: the front runner has raised an enormous amount of money,
Speaker 1: and Marco Rubio was not considered to be, you know,
Speaker 1: in threat until very recently this conversation has started to say,
Speaker 1: wait a minute, what's going on here in this race?
Speaker 1: Forty eight million dollars for a Senate race is a
Speaker 1: big deal for Val Demming's uh, Ricardo Dela Fuente, Brian
Speaker 1: Rush and William Sanchez also running. So it's it's a
Speaker 1: little bit of a crowded field, and Marco Rubio is
Speaker 1: gonna be watching this pretty closely tonight. Of course, the
Speaker 1: other big political story we've been watching in Florida as
Speaker 1: the fb I search at Mara A Lago. We've got
Speaker 1: a number of major developments there this morning. Yeah, the
Speaker 1: numbers really seem to be the news here. Um. You know,
Speaker 1: there's been so many questions about why the d o
Speaker 1: J chose to pursue a search warrant to begin with.
Speaker 1: Now we're getting a better sense of the scale of
Speaker 1: this whole thing, As The New York Times reports, the
Speaker 1: National Archives actually found more than one hundred fifty classified
Speaker 1: documents in the first batch of material recovered from marl
Speaker 1: Lago back in January. They included, apparently documents from the
Speaker 1: c i A and the n s A, which is
Speaker 1: very very important distinction considering the many levels of of
Speaker 1: security clearances. Uh. The sensitive nature of what they found though,
Speaker 1: and and Donald Trump's resistance to calls to turn over
Speaker 1: more material is why the Archives apparently referred the matter
Speaker 1: to the d o J to begin with that set
Speaker 1: off the you know, the process of getting the search warrant.
Speaker 1: Investigators also seeking access access to surveillance video from mar
Speaker 1: A Lago. They want to see who was going in
Speaker 1: and out of those rooms, who had access to the
Speaker 1: rooms were documents were stored. And to your point, it's
Speaker 1: not the only headline. Donald Trump is asking the court
Speaker 1: and at all point an independent Special Master as it's called,
Speaker 1: to review the materials that were seized on the grounds
Speaker 1: that some could be protected by attorney client privilege. Uh.
Speaker 1: The legal analysts we're speaking with, though Nathan, say this
Speaker 1: may not go very far. The d o J has
Speaker 1: likely already begun going through these documents, and they have
Speaker 1: a special team, a filter team or a taint team
Speaker 1: as they're known, that goes through and removes privileged material
Speaker 1: before prosecutors get to see it. So this may be
Speaker 1: a stalling tactic, a delaying tactic, but it may not
Speaker 1: really change the trajectory of this case. Very interesting and
Speaker 1: plenty of fodder for you to go through on sound
Speaker 1: on later this afternoon, five pm Wall Street Time. You
Speaker 1: can hear it every afternoon right here on Bloomberg Radio
Speaker 1: Bloomberg Washington correspondent Joe Matthew. As always, thanks for being
Speaker 1: with us on this Tuesday morning. You can read more
Speaker 1: about these stories on Bloomberg dot com or on the
Speaker 1: Bloomberg Terminal. Bloomberg nighty nine one one oh five point
Speaker 1: seven FM h D two is the signal to hear
Speaker 1: Bloomberg Radio in Washington. Just getting some headlines crossing the
Speaker 1: Bloomberg terminal. Earnings coming out from Macy's, the department store
Speaker 1: giant is cutting its outlook for the fiscal year. We'll
Speaker 1: be keeping an eye on those shares for you a
Speaker 1: Macy's shares throughout the morning here on Bloomberg Radio. Looking
Speaker 1: ahead to the market. Open futures are moving a bit
Speaker 1: higher now. We've got SMP futures up six points, staff
Speaker 1: futures up fifty, NASTACK futures are higher by twenty one
Speaker 1: points ten. Your treasury little change. The yield three point
Speaker 1: zero one percent. The yield on the two year right
Speaker 1: now three point three two percent. Bloomberg Surveillance is next
Speaker 1: with Tom Keene, Jonathan Farrell, and Lisa abram Witz for
Speaker 1: Karen Moscow. I'm Nathan Hagar. This is Bloomberg