Speaker 1: Good morning.
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 1: We begin with the first major winter storm to hit
Speaker 1: the East Coast so far this season. Let's get the
Speaker 1: very latest on that with Bloomberg meteorologist Rob Carol and
Speaker 1: Rob Nathan.
Speaker 3: The weekend storm is going to be worse to the
Speaker 3: north and west of the district in Baltimore, and also
Speaker 3: north and west of New York City and north and
Speaker 3: west of Boston. The major cities are going to see
Speaker 3: some mixing with rain that that's going to hold down
Speaker 3: the accumulations. But it's the areas to the north and
Speaker 3: west that are going to do quite well where it
Speaker 3: stays all snow. Three to five inches possible north and
Speaker 3: west of the district in Baltimore, while north and west
Speaker 3: of New York City as much as five to eight
Speaker 3: inches will fall. We could see as much as five
Speaker 3: to ten inches of snow north and west of Boston
Speaker 3: during the storm.
Speaker 1: Okay, Rob, So when do you expect this wintry weather
Speaker 1: is going to end.
Speaker 3: Storm's going to wind down during the evening and overnight
Speaker 3: hours in the district in Baltimore. In New York city.
Speaker 3: It comes to an end Sunday afternoon the Boston area.
Speaker 3: I will see it ending late Sunday night early Monday morning,
Speaker 3: and we should see quite a bit of an improvement
Speaker 3: weatherwise into Monday of next week.
Speaker 1: Okay, Rob, Carolyn, thanks for that. We'll be checking back
Speaker 1: with you for more on this East coast winter storm
Speaker 1: throughout the day.
Speaker 2: Mowe now turned to the crucial jobs are poored for
Speaker 2: the month of December. Nathan It's forecast a show one
Speaker 2: hundred and seventy five thousand jobs were added a last month,
Speaker 2: and we get more from Bloomberg's Michael McKee.
Speaker 4: Wall Street goes into today's jobs report expecting strength in
Speaker 4: hiring and wages. That was not what the Fed was
Speaker 4: expecting a few months ago. The central bankers want job
Speaker 4: growth of about one hundred thousand a month and unemployment
Speaker 4: in the fours to signal an easing of labor market
Speaker 4: inflation pressures. Instead, they're likely to get a continuing conundrum,
Speaker 4: a strong labor market but falling inflation, making it hard
Speaker 4: to know the best path for interest rates. They will
Speaker 4: probably focus on the composition of jobs. Some analysts say
Speaker 4: job growth should be concentrated in low wage sectors like healthcare,
Speaker 4: assistants and restaurants, and that will be the sign the
Speaker 4: Fed wants that the economy is slowing. McKee, Bloomberg Radio.
Speaker 1: All right, Mike, thanks for the options market. It's been
Speaker 1: a buzz ahead of the jobs report. There is a
Speaker 1: large parish wager underway on yields rising to four point
Speaker 1: one five percent by the end of the day. That
Speaker 1: would mark the biggest one day rise in tenure yields
Speaker 1: since late March. It would be a further retrenchment for
Speaker 1: treasuries following last year's furious two month rally. In checking
Speaker 1: the tenure right now, it is at four point zero
Speaker 1: three percent.
Speaker 4: Well, Nathan.
Speaker 2: Rates are also in focus overseas. Traders are pairing bets
Speaker 2: on cuts from the European Central Bank. Let's go to
Speaker 2: London and get the latest from Bloomberg's Ewen pots Hore Youwen.
Speaker 5: Karen, and Nathan. It's the first time since mid December
Speaker 5: that traders are betting on fewer than six quarter point
Speaker 5: rate reductions from the ECB. At the end of last year,
Speaker 5: the market was pricing as much as one hundred and
Speaker 5: seventy four basis points of cuts. That number has now
Speaker 5: slipped blow one hundred and fifty basis points and key
Speaker 5: data this morning, shining more lights on the inflation pitcher.
Speaker 5: You're area CPI coming in at two point nine percent
Speaker 5: in the year to December. That's a higher number than
Speaker 5: the previous month as energy subsidies expire in a number
Speaker 5: of countries. In London, you and pot Splomberg Radio.
Speaker 1: All right, you and thank you. Now we turned to
Speaker 1: the latest developments in the Middle East. Secretary of State
Speaker 1: Antony Blincoln is returning to the region, his fourth trip
Speaker 1: since the October seventh attack on Israel. Bloomberg Zamie Morris
Speaker 1: reports from Washington.
Speaker 6: There is a risk the war between Israel and Hamas
Speaker 6: can spread into a broader regional conflict. This trip is
Speaker 6: part of US efforts to prevent that. Secretary Blincoln will
Speaker 6: travel to Turkey, Jordan, Cotter, the United Arab Emirates, Saudi Arabia, Egypt,
Speaker 6: and Israel. State Department spokesman Matthew Miller says they don't
Speaker 6: expect some of these conversations to be easy.
Speaker 7: We want to prevent the conflict from spreading, but part
Speaker 7: of that means that people need to stop taking strikes
Speaker 7: against our soldiers, and if they take strikes against our soldiers,
Speaker 7: we're going to do what we need to protect ourselves.
Speaker 6: Groups backed by Iran have escalated attacks across Iraq, Syria, Lebanon,
Speaker 6: and Yemen and armed forces in a rocker also warning
Speaker 6: of a quote dangerous escalation after a US right killed
Speaker 6: a senior commander in an Iran backed militia in Washington,
Speaker 6: Amy Morris, Bloomberg Radio.
Speaker 2: All right, Amy, thanks. Meanwhile, the Islamic State group has
Speaker 2: claimed responsibility for the two explosions that killed almost one
Speaker 2: hundred people in Iran. The attacks risked inflaming tensions further
Speaker 2: in the Middle East, with Iran saying it had been
Speaker 2: targeted because of its stands on Israel. Bloomberg Henry Meyer
Speaker 2: looks at the impact of the Islamic State taking responsibility
Speaker 2: for the attacks.
Speaker 8: It's significant in the sense that it reduces the risks
Speaker 8: of a more confrontation between Israel and Iran. Iran had
Speaker 8: said that the bloss with the work of people who
Speaker 8: were trying to punish it for its stance on the
Speaker 8: Israeli offensive in Gaza. And you know, obviously any suspicion
Speaker 8: of Israeli involvement could have proved extremely explosive.
Speaker 2: And Bloomberg Henry Meyer notes US officials said from the
Speaker 2: start the attacks had the hallmark of a group such
Speaker 2: as Islamic State.
Speaker 1: Back here in the US, Karen, there's more fallout over
Speaker 1: the resignation of former Harvard president Claudine Gay. The Reverend
Speaker 1: Al sharped and led a protest at Bill Ackman's Manhattan
Speaker 1: offices yesterday. The civil rights activist says the billionaire investors
Speaker 1: campaign against Gay is a blow to the diversity, equity
Speaker 1: and inclusion movement. Gay stepped down as Harvard's first black
Speaker 1: president this week in a backlash over her handling of
Speaker 1: campus antisemitism and accusations of plagiarism.
Speaker 2: Meantime, Nathan Business Insider is reporting Bill Lackman's wife, Nary Auxman,
Speaker 2: plagiarized multiple sections of her doctoral dissertation at MIT. Acman
Speaker 2: responded to the report in a post on X, writing,
Speaker 2: you know you struck a chord when they go after
Speaker 2: your wife. Time now for a look at some of
Speaker 2: the other stories making news around the world. For that,
Speaker 2: we're joined by Bloomberg's Amy Morris. Amy, Good morning, Good morning, Karen.
Speaker 6: Residents in the small town of Perry, Iowa, held a
Speaker 6: vigil last night, hours after a gunman opened fire at
Speaker 6: the local high school, killing a sixth grader and wounding
Speaker 6: four other students in the school's principal, Andrea Meyer, is
Speaker 6: a two thousand and four alumna at the school, and
Speaker 6: she spoke at last night's vigil green rally around our survivors,
Speaker 6: our community, our teachers, our first responders, and we're going
Speaker 6: to show them what we've shown them every day for
Speaker 6: as long as I have.
Speaker 9: Known that we appreciate them, enjoy them, respect them, and
Speaker 9: dare I say love them.
Speaker 6: The suspect, identified as seventeen year old Dylan Butler, a
Speaker 6: student at Perry High School, also died of an apparent
Speaker 6: self inflicted gunshot wound. Classes are canceled throughout the school
Speaker 6: district for today. Florida Governor Ronda Santis and former UN
Speaker 6: Ambassador Nicky Haley held back to back CNN town halls
Speaker 6: in Iowa last night as they fight to be primary
Speaker 6: GOP presidential challenger to Donald Trump, who already has a
Speaker 6: huge lead in the polls. DeSantis called Haley a phony
Speaker 6: who is quote playing for voters who are not even
Speaker 6: core Republicans. I'm the only one that has a chance
Speaker 6: to beat Trump and win the general election.
Speaker 1: Nicki Haley can't get conservative voters. She's the darling of
Speaker 1: the never trumpers.
Speaker 6: While in New Hampshire, Nikki Haley said of the primary process, quote,
Speaker 6: Iowa starts at New Hampshire corrects it. So she responded
Speaker 6: to criticism about that comment during CNN's town hall in Iowa.
Speaker 2: We're going to continue to be here.
Speaker 1: I mean, I've told people get used to this face,
Speaker 1: and I've been here.
Speaker 10: Over and over again.
Speaker 1: But if I didn't love Iowa, I wouldn't keep coming
Speaker 1: to Iowa.
Speaker 6: While they did take jabs at each other, Haley and
Speaker 6: Desantas also focused their attacks on front runner Donald Trump,
Speaker 6: and next week will be a busy one for Trump.
Speaker 6: Bloomberg's Nancy Lyons.
Speaker 10: Reports Donald Trump has two major court hearings next week.
Speaker 10: One of them is in Washington on his claim of
Speaker 10: immunity from charges he overturned the twenty twenty election that's
Speaker 10: set for January ninth, Then two days later, planning to
Speaker 10: attend the closing arguments in Manhattan that's for the New
Speaker 10: York civil trial against him and his sprawling real estate company.
Speaker 10: Days after that, the nominating process begins with the January
Speaker 10: fifteenth Iowa CAUCUSUS. Then a day after that, a civil
Speaker 10: defamation case against Trump begins in New York in which
Speaker 10: Ejing Carroll is seeking to million dollars in damages. It's
Speaker 10: unknown if Trump will be attending that trial in Washington.
Speaker 10: Nancy lyons Bloomberg Radio Global.
Speaker 6: News twenty four hours a day and whenever you want
Speaker 6: it with Bloomberg News Now. I'm Amy Morris, and this
Speaker 6: is Bloomberg Karen.
Speaker 2: All right, Amy, thanks soby to bring in news throughout
Speaker 2: the day right here on Bloomberg Radio. But now, as
Speaker 2: Amy said, you can get the latest news on demand
Speaker 2: whenever you want it. Subscribe to Bloomberg News Now. You
Speaker 2: can get the latest headlines right at the click of
Speaker 2: a button. Get informed on your schedule. You can listen
Speaker 2: and subscribe to Bloomberg News Now on the Bloomberg Business
Speaker 2: app Bloomberg dot Com, but also apples, Spotify, and anywhere
Speaker 2: else you get your podcasts. Time now for the Bloomberg
Speaker 2: Sports update. Here's John stash Hour John Karn.
Speaker 11: What a game in San Francisco, battle of the last
Speaker 11: two NBA champions. The Warriors had an eighteen point lead
Speaker 11: on the fourth quarter on the Nuggets, and then Denver
Speaker 11: closed the game on a twenty five to four run
Speaker 11: and he won at one thirty to one twenty seven
Speaker 11: thanks to Kolo Jokins thirty four points, ten assists, nine rebounds.
Speaker 11: He hit the game tying shot and then after a
Speaker 11: Steph Curry turnover, he hit the game winner, a forty
Speaker 11: footer that he banked in at the buzzer. Milwaukee won
Speaker 11: at San Antonio won twenty five to one twenty one.
Speaker 11: This was the first time that Jannis, sent to the
Speaker 11: Compo won against the guy that many field plays like,
Speaker 11: Giannis Victor Wembinama. Yanna scored forty four points. Wem bin
Speaker 11: Yama scored twenty seven. Ricky Rubio, retiring at age thirty three,
Speaker 11: twelve years and the NBA, played for four teams, most
Speaker 11: recently Cleveland, who bought out his contract. He was a
Speaker 11: professional player in Spain at the age of fourteen. Bruins
Speaker 11: lost at home to Pittsburgh six to five. Sydney Crosby
Speaker 11: wont it for the Penguin the power play goal in
Speaker 11: the third period. The Red Sox traded Chris Sale to Atlanta.
Speaker 11: He just got a two year extension with the Braves
Speaker 11: for thirty eight million dollars, despite all the injuries he's
Speaker 11: had in recent years. Week eighteen in the NFL starts tomorrow.
Speaker 11: Nine teams have Clint playoff spots. Five spots still up
Speaker 11: for drafts. Buffalo, Jacksonville, Tampa Bay, and Green Bay are
Speaker 11: in with Week eighteen victories. The winner tomorrow night, patried Houston,
Speaker 11: and Indianapolis is in the playoffs. Pittsburgh tomorrow needs a
Speaker 11: win and then a Buffalo loss on Sunday night. John
Speaker 11: Stashwer Bloomberg Sports.
Speaker 3: From coast to coast, from New York to San Francisco,
Speaker 3: Boston to Washington, DC, nationwide on Syrias Exam.
Speaker 1: The Bloomberg Business app, and Bloomberg dot Com. This is
Speaker 1: Bloomberg Daybreak. Good morning, I'm Nathan Hager.
Speaker 6: Well.
Speaker 1: The first weekend of twenty twenty four is going to
Speaker 1: bring the East Coast the first major winter storm we've
Speaker 1: seen in quite a while, actually, so let's bring in
Speaker 1: Bloomberg beedrologist Rob Carolyn to help us get set for
Speaker 1: what's coming. What you're looking at, Rob, the first accumulating
Speaker 1: snow of the season for lots of us.
Speaker 3: It's taken a time for winter to get going, but
Speaker 3: it's going to get going now with Gangbusters Nathan storm
Speaker 3: coming out of the lower Mississippi River Valley is going
Speaker 3: to come up the along the East coast during the weekend,
Speaker 3: and it's going to bring us eisenble snowfall to many
Speaker 3: of the suburban locations around the major cities in the
Speaker 3: mid Atlantic and Northeast. This isn't a huge snowstorm for
Speaker 3: the District of Baltimore, for New York City or Boston
Speaker 3: because the ocean is still fairly warm water temperatures than
Speaker 3: in the forties. That influence is going to mean that
Speaker 3: we see Boston and New York City, and especially Washington
Speaker 3: and Baltimore mixing with and changing the rain at times.
Speaker 3: But once you get inland away from that influence to
Speaker 3: the ocean, there's going to be some sizeable snowfalls from
Speaker 3: say Frederick, Maryland, all the way on up through the
Speaker 3: suburbs north and west of New York City, and then
Speaker 3: well north and west of Boston. There could be some
Speaker 3: spots to get over ten inches of snow from this storm.
Speaker 1: No kidding. So, like you said, it's been a while
Speaker 1: since we've had a major winter storm along the East coast.
Speaker 1: I mean, or are we ready for this? I think
Speaker 1: we're ready. I mean we've had a lot of practice.
Speaker 3: Anybody over the age of fifteen has seen, you know,
Speaker 3: a number of snowstorms in their lifetime. But yeah, last winter,
Speaker 3: I think the deepest snow we saw in the Boston
Speaker 3: area was like three and a half inches in February.
Speaker 3: So I think the big problem is going to be
Speaker 3: pe will not used to driving in it because it's
Speaker 3: been over a year. The good news is it's falling
Speaker 3: on a Saturday night and a Sunday in many areas,
Speaker 3: so their traffic won't be as bad. We don't have
Speaker 3: school in session, so that'll be helpful. But people are
Speaker 3: definitely going to have to take some time, particularly in
Speaker 3: those areas where there's going to be that transition from
Speaker 3: a mixture of rain and snow to snow, because that
Speaker 3: snow will be heavier and wetter. Therefore it's more slippery,
Speaker 3: it's greasy. So those areas just north and west of Boston,
Speaker 3: New York City, Washington, and Baltimore really need to be
Speaker 3: careful when the precipitation's falling during Saturday afternoon through Sunday.
Speaker 1: Well, a lot of people who live along the Interstate
Speaker 1: ninety five quarriter know that that freeway is often right
Speaker 1: along the boundary between where rain and snow happens. I mean,
Speaker 1: if this system sticks around for a little bit longer
Speaker 1: than expected, could we be in for a pretty dicey
Speaker 1: Monday morning commute.
Speaker 3: I think Monday morning is going to be okay, particularly
Speaker 3: in the district in Baltimore, because it dries out Sunday afternoon,
Speaker 3: So I think the roadways are going to be okay.
Speaker 3: York City Boston different story. Those areas where they don't
Speaker 3: get a chance to clean up the slush along the
Speaker 3: I ninety five corridor. Temperatures are going to be going
Speaker 3: down Sunday night, and that's going to have the tendency
Speaker 3: allow those surfaces to refree. So it could be a
Speaker 3: little bit more dicey New York City on up in
Speaker 3: the Boston Monday than it is around the district in
Speaker 3: Baltimore since it.
Speaker 1: Is on the weekend. We think in good skiing.
Speaker 3: Well, you know, the ski areas in northern New England
Speaker 3: and northern New York State really aren't going to see
Speaker 3: much from this storm. At all too far out to see.
Speaker 3: It'll be cold enough so they can make some snow.
Speaker 3: Where this is going to help out is the resorts
Speaker 3: in West Virginia and on up into Pennsylvania. They'll do
Speaker 3: fairly well. The Poconos are going to do great. This
Speaker 3: is going to be their best snowfall in a while,
Speaker 3: and they'll have real good conditions come Monday and Tuesday
Speaker 3: in the Poconos. But for northern New England northern New
Speaker 3: York State, I think the snowfall amounts are probably going
Speaker 3: to be under two inches.
Speaker 1: Well anyway, I guess this couldn't have come in a
Speaker 1: better time, happening on the weekend. But thanks for this, Rob. Again,
Speaker 1: that was Bloomberg meteorologist Rob Carolyn getting us ready for
Speaker 1: the first winter storm for the East Coast of twenty
Speaker 1: twenty four. Well, let's move on from watching the weather
Speaker 1: to watching the data. Investors have their eyes out for
Speaker 1: the last look at the US labor market in twenty
Speaker 1: twenty three with the December non farm payrolls report. Do
Speaker 1: out an eight thirty am Wall Street time here to
Speaker 1: get a set for those numbers. Simon French, chief economist
Speaker 1: at panmir Gordon Simon. Great to speak with you this morning. Now,
Speaker 1: the consensus on the Bloomberg terminal, it calls for more moderation,
Speaker 1: one hundred and seventy five thousand new jobs expected, a
Speaker 1: tick up for the unemployment rate to three point eight percent.
Speaker 1: What's your expectation, I think.
Speaker 9: A little bit stronger. Good morning, Nathan. I think the
Speaker 9: big question for me is US labor market participation appeared
Speaker 9: to peak during the summer and come back down, but
Speaker 9: there's conflicting data points as to whether that labor supply
Speaker 9: pictures is true. And if we start a season more
Speaker 9: people coming back into the labor market, I think there's
Speaker 9: potential to still add more jobs than than that estimate. Yes,
Speaker 9: I think the big influence though for futures on interest
Speaker 9: rate expectations will be the unemployment rate rather than the
Speaker 9: number of jobs added, and that I think when you're
Speaker 9: looking at the kind of rules of thumb we sort
Speaker 9: of saw the Federal Reserve and moved to in their
Speaker 9: recent minutes, anything three point eight three point nine will
Speaker 9: start to firm expectations of the rate cutting cycle this
Speaker 9: side of the mid year.
Speaker 1: There's been a lot of talk about four percent potentially
Speaker 1: being the trigger point for the Federal Reserve to think
Speaker 1: about cutting interest rates further. Could we see an upside surprise?
Speaker 1: What's the potential for that?
Speaker 9: Well, I think four percent is being focused in on
Speaker 9: by a lot of analysts because of the Palm rule.
Speaker 9: This is the if you like, the equivalent in the
Speaker 9: labor market for what we know in the bondom market
Speaker 9: from a Yeald curb and version is a decent signal
Speaker 9: of a recession. The Psalm rule looking at er point
Speaker 9: five five percent increase on the twelve month low point
Speaker 9: for unemployment, and that would something like four percent would
Speaker 9: take you there, But you have to get there on
Speaker 9: a three month average, and we're not going to get
Speaker 9: that even if we get that print today. But what
Speaker 9: it would do is it would suggest that by February,
Speaker 9: the time of the February report, you potentially hit that
Speaker 9: farm or threshold, which could prepare the ground for rate
Speaker 9: cutting cycling Q two. So that is why I think
Speaker 9: analysts are focusing on four percent.
Speaker 1: Of course, we're going to be keeping an eye out
Speaker 1: for average hourly earnings as well. Labor force participation feeds
Speaker 1: into that as well. Where do you see wages going
Speaker 1: If we find evidence that companies are holding on to employees,
Speaker 1: or perhaps more people are coming off the sidelines.
Speaker 9: Yeah, so I think there's I think one of the
Speaker 9: failures actually of the economics profession in the last couple
Speaker 9: of years, it's been an inability to recognize that nominal
Speaker 9: pay awards take their queue from overall price inflation, and
Speaker 9: therefore I think the helpful price dynamics from gasoline prices,
Speaker 9: from overall prices coming down in the US economy or
Speaker 9: the rate of increase coming down, should ever a spillover
Speaker 9: effect into nominal wage awards. I think there's an over focus,
Speaker 9: perhaps two model driven from the way central banks model
Speaker 9: this stuff to look purely at participation in capacity rather
Speaker 9: than the signals coming from the overall price level. So
Speaker 9: I actually expect a continued moderation in nominal pay awards.
Speaker 1: With the quits rate and job openings falling as well.
Speaker 1: What does that tell us, Simon about the state of
Speaker 1: the US economy. Are you still thinking that we could
Speaker 1: be in for a soft landing given where labor dynamics
Speaker 1: are right now?
Speaker 9: Nathan, I think you know I'm not a fan particularly
Speaker 9: of the soft landing hard landing descriptor, mainly because lists. Economists,
Speaker 9: they tend to define it that they see fits reverse
Speaker 9: fit their narrative. But if you're looking at a moderation
Speaker 9: of those jolt data points on quits on hires from
Speaker 9: some very very extreme levels and a moderation without overshooting,
Speaker 9: then actually that's the message we got from the Joltz
Speaker 9: data I felt, which is you are starting to hone
Speaker 9: in on more normalized levels of labor market churn, and
Speaker 9: that has to be a positive thing, whether it's a
Speaker 9: soft landing or hard landing in terms of the hard
Speaker 9: data of economic activity pass but on those metrics, it's
Speaker 9: quite encouraging. From the Federal Reserve, they've been able to
Speaker 9: engineer this.
Speaker 1: We've seen a lot of activity in the options market
Speaker 1: ahead of this report, a pretty big bet that we
Speaker 1: could see ten year yields rise more than ten basis
Speaker 1: points by the end of the day. What kind of
Speaker 1: volatility are you expecting off the back of this jobs
Speaker 1: report in the bond mar.
Speaker 9: So, I think that's that would be my whether it's
Speaker 9: an hourly end of day expectation, some more medium term
Speaker 9: view from my perspective is the bomb mark has got
Speaker 9: over excited by the pace of potential rate cups. In
Speaker 9: my view, I think pricing in five to six for
Speaker 9: the year when it's unlikely the first pirmacy you're going
Speaker 9: to have enough data to start cutting before the middle
Speaker 9: towards the back end of Q two, that becomes a
Speaker 9: really difficult thing to do with only four better reserve
Speaker 9: meetings in the second half of the year. So I
Speaker 9: think that expectation that you allude to of slightly firming
Speaker 9: yield is consistent with perhaps a reassessment of quite how
Speaker 9: aggressive the FED can be in the data have in
Speaker 9: front of them.
Speaker 1: Got about a minute left here, Simon. Not only is
Speaker 1: the FED going to be focused on the labor market,
Speaker 1: but we've got inflation data, more inflation data coming out
Speaker 1: next week as well.
Speaker 9: Well.
Speaker 1: What's your expectation on where we could see consumer prices headed.
Speaker 9: Well, a lot of the base effects that have been
Speaker 9: driving US inflation lower over the last twelve months, and
Speaker 9: this is simply some very exceptional numbers leaving leaving the
Speaker 9: annual comparison. That does mean we're in for a period
Speaker 9: where the data is going to bounce around in a
Speaker 9: sort of stubborn stubborn range around three percent. And the question,
Speaker 9: I guess the Federal Reserve need to ask themselves not
Speaker 9: all just based on the data, but their understanding of
Speaker 9: how price setting is going on at district level as well.
Speaker 9: Is the degree to which that can over an eighteen
Speaker 9: month two year of you moderate back towards two percent
Speaker 9: of their central forecast suggest But actually the real economy
Speaker 9: is not necessarily showing those signs. So I think we're
Speaker 9: in for a period where month to month will dot
Speaker 9: around very uncomfortably higher levels than the two percent targets,
Speaker 9: and is consistently all be seeing in terms of commodity
Speaker 9: imple prices shipping rates providing less of a down with
Speaker 9: base effect push than the single last one month.
Speaker 1: This is Bloomberg day Break Today, your morning brief on
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