It's five oh seven on Wall Street where fifty six degrees in Central Park. Of course, we're really following subway traffic as the search goes on for the shooter in Brooklyn. Michael Barr is back with us with more on that and what else is happening in New York. Michael's Good morning, Good morning, Nathan. Reaction and information continue from yesterday's mass shooting on a Brooklyn subway. They had left ten people shot.
This man was one of the victims. You see like a smoke, black smoke bomb going off and then and then people bomb rushing to the back. This pregnant woman was in front of me. I was trying a helper. I didn't know they were shots at first. I just thought it was a black smoke bomb. New York City Police Commissioner Keeachin Sewell the suspect is a dark skinned male and was wearing a neon orange vest and a gray colored sweatshirt. We do have a person of interest
in this investigation. Commissioner Sewell says he has identified as sixty two year old Frank James. A motive remains unclear. New York City Mayor Eric Adams says the city is working to ensure the safety of subway writers. Immediately, We're going to double down on our patrol strinth. If I was not here coming from COVID, I would be on that subway system today because I think I said, Mayor, you have to leave from the front. Adams will speak
to Bloomberg at am All Street time. New York Governor Kathy hokel agrees with many of Adams and calling for an end to gun violence. The last time there was a mess shooting on our subway system, I believe, so I don't want to act as if treated to a normal experience on our subway. This is a rarity, but one instant like this is one too many. President Biden echoed what Governor Hocal said, Joe and I and my wife Jill and I are praying for those who are
injured in all those touched by that trauma. We're grateful for all the first responders who jumped into action, including Suvenians suvenions who didn't hesitate to healthy fellow passenger and try to shoot them. President Biden's as his team has been in touch with the Mayor, Adams, the NYPD, the Department of Justice, and the f behind the investigation. New York Lieutenant Governor Brian Benjamin has been resigned and the
wake of his arrest in a federal corruption investigation. Benjamin, a Democrat, was accused in an indictment of participating in the scheme to obtain campaign contributions from a real estate developer when he was a state senator. British opposition politicians are again calling on UK Prime Minister Boris Johnson to resign. Police are finding the Prime Minister for breaking his own
lockdown laws. On COVID Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg Nathan time. Michael, thank you almost five ten of all street time for the Bloomberg Sports I think one', John stash Our Lord and Nathan on what was obviously a very harrowing morning
in Brooklyn. The day ended with an NBA play in game at the Barkleys Center and a victory for the Nets. Reabout affected Lewis Trow's got it again out to Irving Left. Wait, here's the three YT's go the Kyrie. He still hasn't missed. Hey, Cleveland, need's a time out. It's match their largest lead in the game, gets sixty seven of the Cat's forty seven. Kyrie is ten for ten. Had to call Kyrie Irby, we're going to make his first twelve shots. He scored
thirty four points. Kevin Duran had twenty five nets. Never trailed being Cleveland one one oh eight and now it's on the Boston. Game one of the playoff series with the Celtics. Sunday afternoon. Minnesota won the playing game in the West over the Hilly Cliffords the Rangers at the Garden. We're hoping to knock offf Carolina move into a time for first and the Metropolitan Division. Didn't happen. Hurricanes with three in the third, one four two and now lead
by four points. Chris Cryder did score a late goal for the Rangers, became the fourth and team history to score fifty in season. Islanders beat the Penguins by four. Devils won six to in Arizona. Shutout wins for the Mets and Yankees. The Mets to nothing in Philadelphia as Tyler and McGill turned in his second brilliant Auty McGillis two and oh as yet to lower run and over
at tendings on the mound at the stadium. Yankees over Toronto for not being Estra Courtis didn't finish the fifth inting, so we couldn't get credit for the wind, but he was outstanding. Followed by four relievers together, Yankee pitchers allowed only five hits struck out Tenna did not welcome batter Aaron Hickson a two run homer. Garrett Cole starts tonight. Ma back Scherzer will be on the mount of the day game for the Mets in Phillip Johns dash that
Bloomberg's Oh, that'll be fun. Thanks John red Headline cross the Bloomberg terminal moments to go, Perhaps a vote of confidence for the return to office. Google plans to invest nine and a half billion dollars US offices and data centers in two and also plans to create at least twelve thousand new full time jobs by the end of
the year. You're listening to Bloomberg daybreak Bloomberg eleven three oh Weather turning mostly cloudy with a high near seventy today, scattered showers chance for late day, thunderstorm tomorrow, highs near eighty. We'll be back in the mid sixties, mostly sunny by Friday. Right now fifty six in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com,
the Bloomberg Business at and at Bloomberg Quick Tape. He's a Bloomberg Business Flash and I'm Karen Moscow and us knock Index. Future is moving higher this morning. Bonds are falling as investors way inflation risks against the start of the earning season. Check the markets every fifteen minutes throughout the trading day. On Bloomberg U S and P Future is up twenty seven points down Future is up a hundred seventy two and NASDAG Future is up a hundred fifteen.
The decks in Germany's down four tenths of Upper set ten. Your Treasury down n thirty seconds held two point seven five percent. They yield on the two year two point
four one percent. Nim X screwde oil is up four tenths percent, or thirty eight cents at a hundred dollars and ninety nine cents of barrel comex School There's up a tenth of Upper cent or two dollars fifty cents in nineteen seventy eight sixty an ounce the euro one point eight to nine against the dollar British pound one point three zero zero two and they get at one twenty six point one seven. Bitcoin is higher up on and a half percent at forty thousand, one d twenty dollars.
And today we're looking for another report on inflation with the producer price. And next Saturday thirty Wall Street Time, JP, Morgan Chase, black Rock and Delta I'M companies schedule to report earnings today. That's a Bloomberg business flash. Now here's Michael Barrow with Moore on what's going on around the world. Muchael, good morning, Good morning Karen. The Biden administration is preparing a military assistance package of roughly seven hundred fifty million
dollars for Ukraine and his battles against Russian invaders. People familiar with the matter said the types of weapons and the package are still being discussed. The New York City Police say the gunmen in yesterday's subway shooting in Brooklyn is still on the loose. Police are looking for a person of interest in the NBA. The NETS beat the Calves in the Eastern Conference, playing an opener. Brooklyn now faces the Celtics on Sunday. In MLB, the Yankees Mets
Red Sox one. The Giants also one and made history. Lissa Nakin became the first female coach on the field and the regular season game after the original first base coach was ejected. The Nationals Orioles and As lost in the NHL, the Islanders wanting to shootout with the Penguins five four, the Rangers lost, Devils and Capitals one. Global News twenty four hours a day on here and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists
and analysts more than a hundred twenty countries. Ow Michael bar this is Bloomberg. Alright, Michael, thank you. It is uh five nineteen on Wall Street, Live from the Bloomberg Intractive Brokers Studios. This is Bloomberg Daybreak. We want to go right now to Gregg Valier, chief US policy strategist at a GF Investments. Lots to get to with you, Greg this morning, not the least of which is a subway attack in Brooklyn. The search still ongoing for the suspect.
We're actually gonna be speaking with New York City Mayor Eric Adams on Bloomberg Radio and Television later on this morning. Is there a political dimension to this attack given the rise in violent crime we've seen in many cities and Congress seem le uh having difficulties acting on violent crime. Yeah, I think it's a factor. Nathan, Good morning. I think that everything, of course in Washington is politicized. That's the
nature of this city. And with crime statistics looking really horrible in New York City, crime statistics getting worse, it's a political factor. I mean, Biden has a lot to worry about, illegal immigration Ukraine Hunter. Biden a long, long list of things to him to be concerned about, and I would have to say crime is high on the list. How would you expect President Biden to react to this incident in New York City? We had the announcement just
this week on ghost guns. Is there more that the President can or should be doing to respond to this? There's not a lot. But at the same time, he has to refute the idea that Democrats are soft on crime, wanted to fund the police. That's not really quite fair. Not the politics is ever fair, But I don't think Biden has ever embraced defund the police. He's got to make a stronger case that he wants to spend more
fun police. And we've seen a strong statement, certainly the strongest yet from President Biden when it comes to the war in Ukraine now labeling Russia's actions, particularly in northern Ukraine a genocide. Why the shift, Well, the facts. I mean, they're finding so many bodies, people who have been tortured and killed. I mean, just when you think this couldn't get any more depressing, you hear Putin yesterday totally rejecting any any possibility of negotiation, saying he's going to fight
on and you see these these atrocities continuing. I do worry that the next phase that's now beginning on flat ground is different from a phase that would be guerilla warfare in the hills. And I do think the next couple of weeks could be uh unnerving for the rest of the world seeing the Russian troops continue to advance. Yeah, certainly the images out of Bouscha at other cities in northern Ukraine have been horrifying, and now we have these
unverified claims of chemical potential strikes in Mariopol. But the President in the past has been reticent to use the word genocide. He's called it war crimes. Is this a label that the White House is going to back up. I think they're gonna send a lot more sophisticated arms, Nathan.
I think there will be even tougher sanctions. But it's it's awfully hard to see how that's gonna stop a Russian advanced The idea that the US could retaliate with chemical weapons or even send troops into Ukraine is out of the question. I don't see that happening. Well, what kind of military assistance do you expect that we will
see from the White House and the Pentagon. We've heard reports that there's gonna be another surge of seven fifty million dollars in equipment, but we've all heard from President Zelinski what he's really looking for, what he has been looking for for weeks now. Is it no fly zone at least fighter jets. Do you think it goes to that point? Fighter jets? Maybe no fly zone I think
would be really provocative. I wouldn't see that. Also, I'd like to see that some of our allies talk a little tougher or do things tougher Germany in particular, good story on that and this morning's New York Times. In countries like India or even Israel that haven't shown the support one would expect, got about thirty seconds left here, Greg.
We're expecting the presidents of Poland and the three Baltic states to go to Key of today, and we have, of course saw last weekend UK Prime Minister Boris Johnson head to the Ukraine capital as well. Do you think President Biden is or should go there at some point? He might. I don't think he's there yet, but looking out over the next few weeks, one of the big wild cards is much more blatant involvement by NATO. As always,
Greg value great to get your insights. Thanks again for being with us, Greg Valuers, chief US policy strategist at a GF Investments. Right now, SMP futures are higher by twenty five point staff futures up a hundred sixty eight, NASTACK futures on the rise by a hundred nine points ten. Your treasuries down ten thirty seconds with a yield two
point seven five almost two point seven six percent. The yield on the two year right now two point four one percent looking at nimex screwed back up a hundred dollars a barrel. Above that, up a quarter percent, up twenty five cents at a hundred dollars eighty four cents a barrel. Stay with us. You're listening to Bloomberg day Break.
Bloomberg day Break brought to you by New Jersey Institute of Technology, ranked to top fifty national public university by US News and World Report and top ten for best career placement among public schools by the Princeton Review. More at n j I, T dot E d U broadcasting live from the Bloomberg Interactive Brokery Studio in New York, Bloomberg E Living free to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine
sixty to the country. Sirius XM had a one nine team and around the globe the Bloomberg business in Bloomberg Radio dot com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. Are just about four hours away from the open of US trading. Let's get you have to date in the news you need to know at this hour. The New York City Police Department has identified a person
of interest in yesterday's subway shooting. Ten people were wounded and thirteen were injured in the attack, and YPD Chief James essex As officials are looking for sixty two year old Frank and James. We are endeavoring to locate him to determine his connection to the subway shooting if any. Chief Essay says James is a person of interest in the incident. More in the manhunt coming up shortly in
local news. Meantime, in Washington, Carr in the US is preparing to send roughly seven hundred fifty million dollars in new military aid to Ukraine as it battles Russia. President Biden has some strong words for Russian President Vladimir Putin. Bloomberg said, Baxter has the latest. This is the first clear declaration without equivocation. I'd call the genocide because it's
become clearer and clear. But prudeness is trying to wipe out the idea of hedn't be able to be in Ukrainian and says it affects the rest of the free world in a number of different ways. Your family budget, your ability to fill up your tank. None of us should hinge on whether a dictator Declaire's war commits genocide half the world away, the use of the words showing a major shift in verbiage. In San Francisco, I'm at
Baxter Bloomberg daybreak, All right, thank you. Turning to the economy now, the Fed's keeping a close eye on inflation. As a couple of central bankers speak out about interest to rate. We get the latest life from Bloomberg's Ready to Young Good Morning, Ready to Good Morning, Karen's Lewis. FED President Jim Bullard tells the Financial Times that US monetary policy needs to be tightened to a point that it curtails economic growth or policy makers will risk their credibility.
He supports a half a percentage point increase next month and says the rate should move up sharply after that. Richmond FED President Thomas Barkin says the Central Bank should raised interest rates to the neutral range as quickly as possible, and can move above that price if pressures continue. Live in New York, I'm gonna need a Young Bloomberg day Thanks on Wall Street Today, JP Morgan releases first quarter earnings.
Bloomberg's Lisa Matteo has a preview. JP Morgan's performance will offer a first look at banking fees for the second quarter. Bloomberg Intelligence expects loan should be a strength, while seasonal
weakness will likely drag on the credit card business. Will also be watching for JP Morgan's comments on client demand plus full year loan growth targets and economic risks, and he remarks from Jamie Diamond are short of garner attention that JP Morgan CEO will likely be asked about geopolitical risk and monetary policy the company's conference call in New York.
I'm Lisa Matteio Bloomberg Daybreak. At least thank you, SMP Future is a twenty five points this morning and straight to hand your latest local headlines plus the check of sports. And this is Bloomberg. All right, Karen, Thanks, It's on Wall Street, fifty five degrees in Central Park. We got a truck fire. He's found seventy eight Express lanes at
exit forty nine and union details coming up in traffic. First, let's get the latest on the man hunt and more than what's going on in New York and around the world. Here's Michael bar Good morning, Michael, Good morning, Nathan. Police continued to search for the gunmen who opened fire on a subway train in Brooklyn Tuesday mornings. Attack left ten people wounded by gunfire. In yp D Chief of Detectives
James brandishes a Glock nine millimeter handgun. He then fired that weapon at least thirty three times, striking ten people. Chief Essex says the search is focused partly on man said to have rented a van possibly connected to the violence. Investigators stress they weren't sure whether the man, Frank James, was responsible for the shooting, but authorities say of the sixty two year old is a person of interest. Victims
from yesterday's shooting on the Brooklyn subway are talking. This man says he was trying to help a pregnant woman after smoke bombs went off. She said, I'm pregnant with a baby. I hugged her and then the bomb. Marsh continued, I got pushed and that's when it got shot on the back of the my knee. New York Mayor Eric Adams, we're telling anyone that's approaching anyone that they believe is suspicious, so notified the police department, but at this time the
person is not apprehended. There's no reason for us to believe that he's not still on are Adams will speak with Bloomberg later this morning, starting at eight thirty am Wall Street Time. New York Governor Kathy Oakel says this gun violence has to end now. It has to end. It ends now, and we are sick and tired of reading headlines about front. Governor Huco visited the hospital where
some of the victims were admitted. New York Lieutenant Governor Brian Benjamin resigned from office after being charged with funneling illicit donations to one of his past campaigns when he was a state senator. British opposition politicians are calling on Boris Johnson to resign after it was revealed the police are finding the Prime Minister for breaking his own lockdown laws. Over COVID and sad news. In the comedy world, we've lost Gilbert Gottfried. He got yesterday at age sixty seven.
Global News twenty four hours a day on air and on Bloomberg quick Take, powered by more than twenty seven hundred journalist and analyists. More than a hundred twenty countries. I'm Michael bar This is Bloomberg Nathan. Okay, Michael, thank you on Wall Street. Time for the Bloomberg Sports Update with John Stasher. All right, if we're talking about a busy sports night in the Big Apple, Rangers were at the Garden, Nets played in Brooklyn, Yankees in the Bronze
Islanders were home as well. The next through the new NBA play in system, at a winning game to gain entry of the NBA Playoffs. They got it, although a twenty two point leader was cut to six. Nets beat the Calves one fifteen one away. Kyrie Irving scored thirty four points against the team he used to play for, and now he's going to face another team he used to play for, Boston. I'm grateful to play against one of the top teams in the Eastern Conference that have
been playing well all the year. It's it's another challenge for us, another test um. But I think we've answered a few questions towards the end of the season where we were in the tenth spot and you know, all of a sudden, one day later we were in the seven spot, and we had the opportunity to win some games in a row. Nets Celtics should be a great series. The Celtics finished the season going twenty six and six.
Game one Sunday after in Boston, Minnesota beat the l A Clippers in the West play in game losers last night play again on Friday, Rangers lost the first place Carolina for to two, but Chris Tryder did score a late goal. He joins Vic Hatfield, Adam Graves and Yarmer Yaga are only Rangers to score fifty goals in the season.
Islanders be Pittsburgh five four, The Devil's won six two and ever is one of the Mets rotation already with Matchers hopefully Jacob to grow on back from injury at some point and Tyler Miguel two starts, two wins, yet to allow a run. McGill and the Mets want to nothing in Philadelphia. Home run for Brandon Nemo. Yankees also with a shutout, Nestor Cortez and four relievers teaming up for five hit or a four nothing shut out of the Blue Jayson and Hicks. That's you run home, John
Stash went Bloomberg Sports Nap. Thank you John. It's thirty seven on Wall Street. Time for the Tri State Business report with Bloomberg's Ed Corey. More New York businesses may be able to get a tax break after policy makers agreed to make a technical fix and a budget deal signed by Governor Kathy Hokel tucked inside the spending plan is an adjustment to tax laws. It will allow more New York residents to receive the full benefit of assault
cap workaround, sources tell Bloomberg. Facebook is adding more offices in Manhattan. The company, known formally as Meta Platforms, will take nearly three hundred thousand square feet at seven seventy Broadway. It's a property near Astor Place where it already has space. With a new lease, Face Spook will have nearly the entire building. We'll get your golf butters out and party
hats ready. In June, London based Swingers will introduce New York to its alcohol and music fueled mini golf experience, which it calls Crazy Golf. The club's located below the upcoming Virgin Hotel in Manhattan's increasingly busy Nomad neighborhood. That you, Bloomberg crying, State Business Report, I'm Ed Corey crazy. Thank you, Ed. It's five thirty eight on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London
to Hong Kong. Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I'm Steve photo Scant on ten ten Wins in New York. We're talking about how hybrid work plans close a big threat to office landlords. I'm John Sucker for kaz r AG in Houston. I'm reporting on a truck blockade at the Mexican border. I'm Scott Carr w p M in Chicago. I'm reporting on millions bore being invested in the Chicago's
software startup for Mayra Wanted Dispensary. I made gory on w w J and Detroy time reporting. JEEP has announced plans for figure versions of its Upscale Wagoneer and Grand Wagoneer. If you leave those are some of the stories are twenty seven hundred Bloomberg journalists and analysts are working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion.
After resisting for decades, China may soon agree to let American regulators see the audit work papers of Chinese companies listed on US exchanges, potentially sparing those firms from being delisted. While some Hawks would no doubt prefer to block all Chinese companies from access to US financing, this climb down should be welcomed. Having China played by the same rules as everyone else would represent a victory for transparency and
would strengthen confidence in US markets. It would also slow the loss of business to Chinese exchanges while giving US investors greater opportunity to benefit from China's growth, and it would be a win for China as well by allowing Chinese companies continued access to crucial US markets. Friction in the U S China relationship may be inevitable. That's all the more reason for both sides disease on this opportunity for cooperation. This editorial was written by the Bloomberg Opinion
editorial Board. I'm David Shipley. For more Bloomberg Opinion, please go to Bloomberg dot com, slash opinion or opia and go on the Bloomberg terminal. These has been Bloomberg Opinion. You can hear Bloomberg Opinion editorials every weekday. At this time, terminal customers can read more at O P I, n GO, SMP futures up eighteen points right now down futures up a hundred twenty one, NASTAC futures higher by eighty two points. The tenure treasury is down eight thirty seconds with a
yield two point seven five percent. Yield on the two year right now two point four two percent as we await the kickoff first quarter earning season from JP Morgan Chase. Get a preview next with Bloomberg Shinali Bassik. This is Bloomberg Blumber eleven three oh Weather becoming mostly cloudy with a high near seventy today, scattered showers tomorrow, maybe a late day thunderstorm, highs near eighty. We'll be back in the mid sixties by Friday. Fifty five is the current
temperature in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business atand at Bloomberg Quick Take. This is a Bloomberg Business lash when I'm Cameron Moscow. US dot index future is on the rise. Bonds are falling as investors way inflation risks against the start of earning season. We checked
the markets every fifteen minutes throughout the trading day. On Bloomberg, SNP futures up about eighteen polloids, death futures of a hundred and sixteen NASDACK futures up seventy eight the decks in Germany's down nine tenths of upper cent ten year treasury down seven thirty seconds yield two point seven four percent. They yield on the two year two point four two percent.
Not x screwed oil is up third of per cent, or thirty three cents at a hundred dollars nine four cents of barrel comic schoold is up three ten percent or five dollars forty cents at sixty announced. The Euro one point eight to eight against the dollar, British bound one point to nine and nine nine, the un is at one point one three, and Bitcoin this morning is at one point four percent at forty thousand, one hundred dollars. That's a Bloomberg business flash. Now here's Michael Barrow with
more on what's going on around the world. Michael Karen, thank you very much. The New York City Police Department has identified a person of interest in yesterday's chaotic shooting at a Brooklyn subway station that left twenty three people injured, including ten shot. The shooter remains at large. NYPD Commissioner keeaching Seoul. At this time, we still do not know the suspects motivation. Commissioner Sewell says. Keys found at the scene of the attack belonged to a U haul van
rented by sixty two year old Frank James. In the NBA, the Nets be the Calves in the Eastern Conference play an opener Brooklyn, Now face, there's the Celtics on Sunday. In MLB, the Yankees, Men's Red Sox and Giants won the Nationals Orioles and As lost. In the NHL, the Islanders wanting to shootout with the Penguins five four, the
Rangers lost, the Devil's and Javenls won. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than journalists and analyists more than a hundred twenty countries. Michael bar this is Bloomberg NA, all right, Michael, thanks, just about five forty nine now on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Day Break and is Karen mentioned we are getting set for
the kickoff at first quarter earning season. It must really be here because Bloomberg Global Finance correspondent Shanelli Bassik is with me here in the studio getting ready for the first of the Big six Wall Street banks. JP Morgan Chase to open up the first quarter books. Channelly, Great to see you this morning. So there's so much volatility in this market right now, and of course JP Morgan is going to set the tone for what we see from the rest of the Big six. What are you
really keeping an eye on? Well, Number one is Jamie Diamonds outlook for the economy this year and how that might impact operations. As we know, we know that costs are going up at the banks, but what we have not accounted for is our provisions for loan losses going to come back because the economy might be in a tougher space in the next year or even two years.
So while Jamie Diamond and JP Morgan said that reserve releases were made really helping earnings last year, they may start to get tighter on underwriting standards and if they do that, then everybody does there's a big worry out there about what underwriting standards will look like. And I'm sure a lot of analysts, folks like yourself are watching not just what's the deal, but where are the deals right now because there's been quite a lot less m
and A activity than there was leading into this year. Yeah, the overall corporate and investment banking business does not have the same tail winds as it does did last year, so trading is expected to go down. And remember JP Morgan had an exposed sure to that commodities that nickel trader uh that we saw really hit a lot of trouble this year. So are they going to say anything
about nickel? What about inflation? Other commodities, Investment banking, advisory, debt equity all down on the year, but their pipeline will be important this month after the quarter ended. There's about a hundred billion dollars worth of debt underwriting expected in this month alone, so some of that could come back. But when it comes to the trading, there's been so much volatility, especially given all that's going on in the war in Ukraine, a lot of ups and downs, particularly
in the stock market. Could we see a bit of a tailwind there for the trading debt. That's a great question because equity and debt underwriting are very closely linked to underwriting. So if underwriting drops off, which we know it has, it really does hurt equities. What's more is
that the volatility was so high in the quarter. Usually high volatility means more trading, but this quarter tons of hedge funds lost tons of money, and so the buy side is not as robust coming into this quarter as it was earlier last year when they were doing much better. And thinking about the outlook, Chinale, obviously we're in a FED tightening cycle right now. We're seeing interest rates already going up to levels that we haven't seen in a
couple of years here. How could that potentially affect the bottom line for jpmrek. Yeah, The thing is the net interest income, the money they make off of loans. The fact that that might rise is a very exciting thing for most of the industry. However, the yield curve is still very flat, and so banks you know, they lend long, they borrow short. If they yield curve is still flat, then the money they make from those loans will not
be as profitable as they otherwise would be. They gotta wonder as well, what kind of demand we see for loans when rates are starting to go up, and particularly on the corporate side, a lot of companies are sitting on huge piles of cash from all the stimulus we've gotten during the pandemic. Yeah, that's a great question. What is the demand for loans, especially as interest rates rise. You saw so much mortgage refinancing that's really started to
taper off. And then also remember just prices of things are higher. People don't want to borrow necessarily to make big purchases right now. So there is a demand question when it comes to loans, and also are these healthy loans. When we saw the pandemic really take off, people started to save money, people started to shore up their balance sheets. But are people borrowing now because they're trying to stave off inflation? Are they borrowing now because they need to
borrow to afford basic goods. That's a big question that the banks are going to face. Yeah, it goes back to the outlook, the health of the consumer, whether they're feeling squeezed by all this inflation. Shinelli Basak Bloomberg Global Finance corresponded with us getting ready for those JP Morgan Chase earnings. Are expecting them sometime around seven am Wall Street time. As those headlines cross, the Bloomberg terminal will be bringing them right to you here on Bloomberg Radio. Karen,
all right, Nathan, thank you. It is five three on Wall Straight time for the Bloomberg Law Report. We get to the legal stories we're watching this morning from Bloomberg's Jeff Bellinger. Nuclear Regulatory Commission staffers recommend that the agency improve its environmental justice strategy to better define the outreach to tribes and other communities that bear the brunt of
nuclear industry development. North Rumans Systems agreed to pay thirty five million dollars to the government in connection with clean up costs the former Naval Weapons Industrial Reserve plant in New York. A Pennsylvania appeals court ruled that the state does not have to prove that the cannabis and a driver's bloodstream was non medical when prosecuting him for driving
under the influence. Bloomberg Law everything you need, all on one legal research platform, including guidance analysis and Bloomberg market intelligence. Find out more at Bloomberg Law dot com. Right, Jeff, thank you. Another legal story we're watching a Texas district attorney has dropped his murder prosecut o shoan of a woman for allegedly causing the death of an individual by
a self induced abortion. The twenty six year old woman was indicted on murder charges at the end of March and spent three days in jail before being released on a half million dollars bond. The district attorney admitted this week that it was clear she could not be prosecuted under Texas law, and a judge dismissed the charges. For more, Bloomberg's jung Grassa speaks to Mary Ziegler, a professor at the Florida State University College of Law and an expert
and reproductive rights. The Star County district attorney got a grand jury to sign off on a murder indictment on March thirty, but this week the district attorney admitted the woman had not committed a crime and dropped the charges. Do you have any understanding of why he charged her in the first place. It's hard to say. I mean, there's no legal explanation, obviously, because it's worth emphasizing right that it's not just the case that there was no
statute that authorized this prosecution. Texas pumicide law actually explicitly spells out that you cannot then women for having abortion. So this was a case where this was expressly prohibited by law, not just that there was still a way
this was authorized. It was expressly prohibited. I think the best way you can understand it is as part of a kind of general fragmentation of authority in the anti abortion movement and a kind of shift away from healing limited by what the law is now, because I mean, historically the anti aborsition movement would have had to work within the confines of Roe v. Wade and would wait until the Supreme Court said that it was changing the
rules before adjusting. And now, of course we within a world where legislators routinely passed laws they know are unconstitutional. Now because they no longer care about what the laws now, they care about what they expect the Supreme Court will
do soon. And the only way I can understand what happened in Texas is that's it's sort of part of the same phenomenon right where prosecutors are saying that we're going to act as if the law is the way we wanted to be or act as if we can predict what the law will be soon, rather than actually paying attention to the rule of laws that currently stands. The district attorney admitted she hadn't committed a crime. Only after the case got national attention. She spent three days
in prison. Her name and mug shot have been published across media nationwide. Is this a case for a malicious prosecution lawsuit? I think there's definitely an argument for that, Yeah, because it's really hard to see what basis there was for this. So there's no good faith argument that you can prosecute a woman in Texas for inducing her own divortion at all, much less for murder. So I'm not a Texas expert particularly, but I mean all you need to do is read texas As Homicide Statute to know
the answer to this. So, um, it would not be a bad idea to establish that this was a malicious prosecution so that people don't follow the same path. And as Mary Ziegler, a professor at the Florida State University College of Low speaking at the Bloomberg Student Grosso, it's more of that interview plus analysis of the latest legal news.
By listening to the Bloomberg Law Show at ten pm Eastern Time, or subscribing to the Bloomberg Law podcast, and attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com. Futures moving higher this morning, with SMP futures of twelve points down, futures have A eight and Nasdaq futures have fifty two ten. Your Treasury down six thirties seconds, the l two point seven four per cent, and straight ahead our top stories and check
on the business headlines. And this is Bloomberg