Bloomberg Daybreak: August 12, 2022 - Hour 1 (Radio)

Mary Daily on the Central Banks. Next move, calls resumed to get rid of horse drawn carriages in New York City. Plus investigators are looking into a man who tried to breach in Ohio FBI office. I'm Michael Barr. More ahead, I'm John Stashon s Forwards, the Giant One, the preseason open right, New England, The Jets, Math and Yankees all

played tonight. That's all's training ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Syrius XM one nine team, and around the world on Bloomberg Radio dot Com and via the Bloomberg Business Shop. Good Friday morning. I'm Nathan Hagar and I'm Karen Moscow and US NOCK index futures are moving higher this morning.

We are coming up to five oh one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg S and P Future is up twenty two points and Down futures up a hundred and fifty four and nastack futures up seventies six. The ten year treasury up five thirty seconds, yield two point eight six percent, and they yield on the two year three

point to zero percent. Nathan, all right, Karen, we'll have more on the markets in a minute, but first, we are learning more this morning about what the FBI was lurking for when it executed a search warrant at the Florida home of former President Donald Trump. Amy Morris has details from our Bloomberg newsroom in Washington. Reportedly, among the

items classified documents related to nuclear weapons. The Washington Post reports it isn't clear if the information involved weapons belonging to the United States or some other nation, and we don't know yet if those documents were recovered in the search. Attorney General Merritt Garland announced the Department of Justice has filed a motion to unseal the search warrant and that

more information is coming. The Department filed the motion to make public the warrant and receipt in light of the former president's public confirmation of the search, the surrounding circumstances, and the substantial public interest in this matter, and the judge immediately ordered d o J to consult with Trump's legal team and notify the court within twenty four hours about whether they would oppose the request laid last night, former President Trump said on social media he agreed that

the search warrant and the list of items taken should be made public in Washington. I'm Amy Moore as Bloomberg Daybreak. All right, Amy, thank you. We're getting more reaction to Attorney General Garland's request to unseat the warrant. Cardozo's School of Law professor Jessica Roth says former President Trump could

release the documents himself. The former president has confirmed publicly that a search was executed on his property um us, essentially eliminating one of the primary reasons why search warrants remain under still at this juncture, which is to protect the privacy of those who were searched. And Cardosa Law Professor Jessica Robb is a former federal prosecutor in the Southern District of New York. She was a guest on Bloomberg Sound On heard weekdays at five pm Eastern on

Bloomberg Radio. Well, one other major political story we're watching this morning, Karen Bloomberg News has learned that President Biden is preparing to launch his re election campaign in the months after November's mid term elections. Those close to the president describe him as upbeat about recent legislative, economic, and foreign policy victories. The Pole's show most Democrats would rather

have a candidate other than Biden. But we also have new developments this morning on the battle against the pandemic Nathan the CDC is loosening guidance for people exposed to COVID nineteen and Bloomberg's Sad Baxter has the story this is the latest loosening of CDC policies that says there is no longer a recommendation to quarantine after exposure and says it more closely aligned with what people are doing anyway. It says will benefit school classrooms and the children themselves.

It does say those people should wear masks indoors while monitoring for symptoms, and it also says people with COVID symptoms should end isolation on the sixth day or later. In San Francisco, I'm at Baxter Bloomberg day break, Okay, and thank you. Turning to markets now, Futures are moving higher as we close out a trading week that's been highlighted by inflation data. Stocks have rallied since they're low for mid June. The SMP five hundreds now trading near

a three month high. JP Morgan Chief Global Strategist David Kelly says stocks could rebound to record highs in the next few years. Look at what the record high would be. Look at the percentage gain you're talking about here. So if you need to go up, you know, if it takes you a year to do that, that's a great game. If it takes you two years to do that with dividends, that's still a great If it takes you three years,

you're still making good money. So only in order to be a bull on stocks, all you have to believe is that you'll get there within say the next three year. JP Morgan's David Kelly says he would be fully invested in equities right now. Well, Nathan. Despite the cooler inflation ratings we've seen this week, the discussion continues on how aggressive the FED will be. San Francisco Fed President Mary Daily says she is flexible when it comes to future policy.

I have a baseline case going into September that is fifty basis points. That's where I've been since the last meeting. But I have an open mind about whether seventy is going to be necessary, and a lot of that will depend on the labor market, inflation and whether we start to uh, we see those things slow enough to say, wow,

we've got the momentum need. San Francisco Fed President Mary Daily made the comments in an interview with Bloomberg's Kathleen Hayes, and catch more of that conversation coming up shortly on Bloomberg Daybreak Right. In Corporate News this morning, Karen Apple is in focus. We're told the company expects to sustain

iPhone sales this year even as the market slows. More from Bloomberg's Charlie Pellett, Apple is asking suppliers to build at least as many of its next generation iPhones this year's in one, counting on an affluent clientele and dwindling competition to whether a global electronics downturn, sources tell Bloomberg, but tech Giant is telling its assemblers to make ninety million of its newest devices on par with last year, despite deteriorating projections for the smartphone market in New York.

Charlie Pellett Bloomberg Daybreak, All right, Charlie, thanks well. Shares of Alumina around the move this morning. The DNA sequencing Giant stock is plunging down fifteen and a half percent of the pre market, as Bloomberg's Krisner reports, the company cut its full year earnings forecast. Illumina blamed the reduction on potential penalties in Europe over its acquisition of cancer

test provider Grail last month. Of two companies were warned of hefty fines after EU regulators said the merger was implemented before regulators reviewed the deal. Illumina now says adjusted earnings will be in the range of two dollar seventy five cents at two nineties share. It's earlier forecast was between four dollars and four twenty in New York. I'm Doug Chrisoner, Bloomberg Daybreak. Okay, Doug, thanks, SMP Future is up twenty two points this morning. Dal Future is up

one fifty five. Nastack Futures are hired by seventy one points straight ahead, your latest local headlines and a check of sports. This is Bloomberg and it's now five oh seven on Wall Street where it's seventy three degrees in Central Park. Still got a little road work southbound Van Wick between Liberty Avenue and Linded Boulevard, But so far, so good on the Friday morning ride. Michael Barr is here with more than what's going on in New York

and around the world. Good morning, Michael, Good morning Nathan. Authorities are investigating the motives of a man armed with an a R fifteen style weapon who tried to breach the FBI Cincinnati office. He fled and was shot and died hours later in a rural standoff with law enforcement. Ohio State Highway Patrol spokesman Lieutenant Nathan Dennis. Throughout the day today, UM law enforcement officers attempted to negotiate with

the suspect. State Patrol Lieutenant Nathan Dennis. The FBI is warning its agents to take extra precautions in an increase in social media threats following Monday search at former President Trump's home. Investigators are examining whether the suspect, identified as forty two year old Ricky Schiffer, may have had ties to far right extremist groups. Activists rallied at City Hall to demand New York City banned the use of horse

drawn carriages. After a horse collapsed in Hell's Kitchen Wednesday evening, the NYPD used water hoses to try to cool down the fourteen year old horse. Demonstrators support a bill the New York City Council is currently considering to replace the horses with electric carriages. About two hundred potential jurors for the trial of a man charged with killing eight people on the New York City bike path and the terror

attack filled out the questionnaires. Eventually, twelve jurors and six altenants will be chosen for the October eleventh trial of Side Polosipov in Manhattan Federal Court. Cipov was charged in the October seventeen attach after prosecutors say he used a truck that hit numerous pedestrians along the West Side Highway. UK officials say children under nine years of age could be eligible for a booster dose to fight polio soon.

It comes as officials in Rockland County, New York, are investigating the country's first polio case identified in decades, leading to some concerns that polio could be coming back to the US. Dr Amy Errington, who specializes in global biological preparedness in Texas, says that while the best protection against polio remains childhood vaccination, Americans can take other precautions to

lower their risk as well. The key to that is really, you know, good hand hygiene, being alert, and surveillance, surveillance like we've done and like they've done in New York to catch this case, but primarily keeping up with your your polio boosters and your your vac seen schedule as

a child. Doctor Arrington Global News twenty four hours a day on the ariand on Bloomberg Quick Take Power about more than twenty seven hundred journalist analists more than a hundred twenty countries and Michael bar this is Bloomberg, Nathan, thank you, Michael. Almost five ten on All Street Time for the Bloomberg Sports Update, Good Friday morning, John Stas Show, Good Morning, Nathan Football's back Giants and Patriots in New England.

The game had six lead changes and the Giants on a Graham Joe field goal is third of the night one twenty one. Daniel Jones played the first quarter six of ten sixty nine yards and then replaced by Tyrod Taylor, and one thing is served and the Giants are much improved at backup quarterback. Giants fans, unfortunately remember the teams struggles after Jones's injury last season. Taylor has started over

fifty NFL games. He was thirteen of twenty one with a touchdown of Giants had four hundred eighteen yards of offense a hundred and seventy seven on the ground. The coach is Brian day Ball. He was asked how it went on the sideline. The coaches did a weird job and we respected. I think like he had his staff really organized. Kafka did a really good job. I think he communicated well throughout the game. Again, we're not making a ton of adjustments here, and um, you know I was.

I was pleased with that again, pleased with the substitutions. I mean, it's our first step, and I'm pleased with the way that compete. A Jets played tonight in Philadelphia. Just just added a veteran tackle, Dwyane Brown's, a five time pro bowler about to turn thirty seven. Jets just lost tackle McKay pecked into a season ending knee and drink baseball Dyersville, Iowa a great setting for the field of Dreams. Game Covers beat the Red sport of two

Yankees and Red Sox tonight in Boston. The Sox one last night, but they're just thirteen and twenty seven their last forty games, and the Yanks are only ten and eighteen in their last twenty eight. And with Houston's win yesterday, Yankees no longer have the best record in the American League. They don't have the best record in New York. That belongs with the Red Hot Mets, who hosts the Phillies tonight.

Extras around the Mounta, the NBA announced the entire league will retire the number six one by the late bial Russell. Johns Dasha were Bloomberg Sports Okay john thanks SMP futures Up twenty two points, Sound Futures Up, wanted Stack Futures are highed by seventy three points. This is Bloomberg Bloomberg eleven three oh weather clouds give way to sunshine today, HIGs in the low eighties, upper sixties tonight, low eighties

again tomorrow and Sunday. What a weekend coming up right now seventy three in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Outland at Bloomberg Quick takes a Bloomberg Business Flash, and I'm Karen Moscow. Stocks in US stock index futures around the rise this morning as investors assess whether signs of cooling inflation will enable to FED to pivot to less aggressive interest rate increases. We checked the

markets every fifteen minutes throughout the trading day. On Bloomberg. SNP futures up twenty two points this morning, DAL futures up on eight and nastack futures up seventy six. The Dacks in jury Many's up half per cent. They can't compare us up three tens percent, and the foot see one hundred is up about six tenths of upper set ten year Treasury up three Third day seconds held two point eight seven percent. They yield on the two year

three point to zero percent. NIMEX screwed oil is done about a tenth of a percent now down twelve cents and nine dollars twenty two cents of barrel comex school down three tents per cent or five dollars eighty cents at eighteen o one forty announced the euro one point oh two nine seven against the dollar, British pound one zero and the end is one thirty three point three zero.

And looking at a bitcoin this morning, it's down more than one percent at twenty three thousand, nine hundred sixty dollars. And today we are looking for reports on the import price and next at eight thirty Wall Street Time, and we get a look at consumer sentiment at ten. That's a Bloomberg business flash. Now here's Michael Barr with more

on what's going on around the world. Muchael, Good morning, Good morning, kar and FBI agents were said to be looking for classified documents related to nuclear weapons in the search of former President Trump's Mara log. Residents of Washington Post reports there were major concerns among government officials that the information could fall into the wrong hands. Meanwhile, former President Trump says he supports the release of documents related

to the FBI search. Trump made the announcement on his social media site Truth Social following a Justice Department request and a Florida court to unseal the documents, and Indiana family friends and lawmakers remembered Republican Congresswoman Jackie Wullorsky at her funeral yesterday. Llorski was killed along with three other

people and a head on crash near South Bend. Earlier this month, in baseball, the Red Sox beat the Orioles for three Globally was twenty four hours a day on air and on Bloomberg Quick Take, powered by more than journalists, analysts and more than one hundred twenty countries. I'm Michael Barb. This is Bloomberg. Nathan. Thanks Michael. We're coming up to five twenty on Wall Street Live from the Bloomberg Interactive

Broker Studios. This is Bloomberg Daybreak. I'm Nathan Hagar. Let's take a look at FED policy now, San franc This girl FED President Mary Daily says the cooler inflation ratings for July are welcoming, but the fight against fast price growth is far from over. In an interview, with Bloomberg's Kathleen Hayes carry On and Heidi Stroud Watts Daily reiterated that her base cases for a half percentage point hike

at the fed's meeting next month. At the same time, she has an open mind about another large increase being necessary. Let's listen to that conversation. Now, fifty or seventy five isn't the qout pivoting. It's not about ending this rate high path. So I'm still kind of curious if you just were looking at those numbers, what would you say, did they support your baseline? For example, so fifty or seventy five, Yeah, I think fifty supports the baseline. Think of more ready to be at the end. I mean

the numbers. We just got the numbers. We scott the numbers. We just got to say that we have enough uncertainty about the path of inflation. It looks a little bit improvement, but we don't want to be head faked, so we want to wait for the next report. We have a reinflation report and unemployment report coming out before the next meeting. Really behooves us to stay daya dependent and not call it but for today. With those numbers in hand, I still think fifty basis points is the case, but I

am open to seventy the data of all differently. So we've got another inflasion report and other jobs we do. Now I want to ask you, I want to I want to hit some of the big points first. And the other one is there's in terms of recession and recession risks, there seems to be frequently a sense in markets that, oh, once there's signs of a recession, of the risk a rising, the FED will pull back. So

it is the Fed. Are you willing to let those risk materialize if you have to to risk a recession, if that's what it's in the end takes to get the inflasion right down, well, I'd like to start with this. We are a long way from evaluating those risks right now. Look at the employment report. The people in the labor market, whether they're a firm trying to find a worker or workers trying to find a job, do not feel like

it's a recession right now? Jobs are plentiful. The main marker for con sumers about a recession is are they finding hard time finding jobs? Is it hard to get a job and other incomes falling? You really don't see that right now, So I don't see the risks of inflation as our pre eminent risk. I see the most important risk we face in the economy as inflation is too high and has been too high for too long,

and we need to bring that down. So when I'm balancing the risks, I'm really balancing how quickly can we bring inflation down without tipping the labor market over. And that's why fifty basis points make sense to me. Right now, Mary, does the stock market bullish is right now? Is that A? Is that challenging to the Federal Reserve? And given that, of course I could relax financial conditions, which is not

what the Fed wants to see at this moment. So we look at a broad range of financial conditions, and the stock market is simply one of them. I'm also looking at mortgage interest rates and borrowing rates for businesses and consumers for a variety of things, and I really do want those to remain tight and tight and heightening as we go, because we don't want financial conditions to relax. We want them to remain tight so that we can

continue to bridle the economy. Some want take the accommodation out remember, financial conditions have been so loose in part because we were adding a lot of accommodation to get us through the pandemic. Now we want to pull that back, and we want the economy to slow, bring demand and supply back in balance, and deliver a sustainable growth path that delivers on price stability and full employment. This is achievable, but it takes some time to work its way through. Mary,

It's not the ideal scenario. But would you ultimately be comfortable or okay with triggering a recession, even if it's a mild one in order to get over inflation? Well, let me just say what What is true is that I think about what I want to achieve, what Americans really are expecting us to achieve, and that is a smoother transition that doesn't require a recession, actually delivers on a slower economy that is still giving people the jobs

they need and the price stability they deserve. That's what I'm looking for, and that's what I'm focused on. Quick final question, sure, is that in a sense of what we've been talking about, then, is why it's so important, no matter what the cost, no matter how painflu it is. In the short term, it's so important for the Federal Reserve to get inflation down. So it is essential we get inflation down. It is a commitment we have made at the Federal Reserve to bring inflation down. People want jobs,

but they also want low and stable inflation. We have to give them both. And that was San Francisco Fed President Mary Daily speaking with Bloomberg's Kathleen Heyes, sherry On and Heidi Stroud Watts. You can catch more of that conversation online at Bloomberg dot com. S ANDP futures up twenty one point. Stou futures are hired by a hundred forty eight points. Stanti stack futures on the rise by

seventy five points. The ten year treasury is up three thirty seconds, the yield two point eight seven and the yield on the two year right now three point two zero percent. You're listening to Bloomberg day Break Bloomberg eleven three oh weather. Any showers this morning to give way to sunshine and low eighties for highs upper sixties. Tonight will be in the low eighties, partly the mostly sunny

tomorrow and Sunday. Right now seventy three degrees in central Park, broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Loving Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one six one to San Francisco, Bloomberg nine sixty to the Country, Sirius XM. Chentle one nine and around the globe the Bloomberg Business at and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street.

Good morning. I'm Nathan Hager and I'm Kared Mosk. Yeah, we are just about four hours away from the open of US trading. Let's get you up to date on the news. You need to know what this show. Where we begin with politics and new details about the FBI executing a search warrant at the Florida home of former President Trump. According to the Washington Post, classified documents related to nuclear weapons were among the items that they were

searching for. Attorney General Merrick Garland says the Department of Justice has filed a motion to unseal the search warrant. More information will be made available in the appropriate way and at the appropriate time. An Attorney General Garland is also defending the integrity of his agents involved in the matter and reactions pouring into the Attorney General's short briefing yesterday. Karen Cardoza School of Law professor Jessica Roth says it

makes sense to unseal the warrant in this circumstance. There's just an enormous public interest in these events, in part because of the former president's statements announcing it and subsequent statements, and by the fact that he's the former president of the United States. Cardoza Law Professor Jessica Roth made the comments on Bloomberg sound On, heard weekdays at five pm

Eastern on Bloomberg Radio. Well, another political story we're following this morning, Nathan, Bloomberg News has learned President Biden is preparing to launch his re election campaign in the months after November's mid term elections. And we have new developments this morning in the battle against COVID nineteen. The CDC is no longer recommending quarantine after exposure to the virus. It says people with symptoms should end isolation on the

sixth day or later. Well, the markets now, Nathan, futures are higher as we close out a trading week highlighted by softer than expected inflation data of Shanna or Ze Sistle, founder of ben Ryan Capital Management, says she's still not jumping to invest in riskier assets. I'm still not willing to dip into some of those areas right now. I want to focus on quality companies with good long term tail whiz and those names are not necessarily those speculative names.

And Shanna or Ze Sistle of ben Ryan Capital Management says the Fed maybe more hawkish than the market's anticipating, and despite this week's CPI and pp I Karen, the Fed expects to be aggressive as it looks to cool inflation. San Francisco FED President Mary Daily says she's flexible when it comes to raising rates at the next FOMC meeting. The scale FIFT doesn't just depend on a data point, even an important one like the cp I. I'd like to say that we're data dependent, not data point dependent.

San Francisco FED President Mary Daily made the comments on Bloomberg TV. Catch more of that conversation shortly here on day break, and futures this morning are higher. SNP future is up twenty one points to down, futures up a hundred forty six NASDAG futures up seventy three try to hand your latest local headlines plus a check up sports. And this is Bloomberg all right, Karen. Thanks. It's five thirty three on Wall Street, seventy three degrees in Central Park.

We have an accent southbound white Stone Expressway at twenty Avenue. We'll get to the details shortly. First, Michael Barr has more on what's going on in New York and around the world. Michael, thank you very much. Nathan the man who led law enforcement officers on the chase after a failed attempt to breach the FBI Cincinnati Field office was shot after an exchange of gunfire. Ohio State Highway Patrol

spokesman Lieutenant Nathan Dennis. The suspect was um deceased. He succumbed to his injuries at the sea and everything remains on investigation at this home. The suspect is identified as forty two year old Rickey Schiffer. Demonstrators converged on the City Hall yesterday to once again call for the end of horse drawn carriages in New York. It comes after

a horse collapsed in Hell's Kitchen on Wednesday. The un Security Council held an emergency meeting to discuss the ongoing crisis to Europe's largest nuclear power plant in Ukraine, which was reportedly struck by missiles. Both countries now blaming one another for the attack on the Russian controlled plant. US Under Secretary of State for Arms Control and International Security, Ambassador Bonnie Denise Jenkins urged Russia to return control of

the plan to Ukraine. We once again call on Russia to cease all military operations at are Ukraine's nuclear facilities and insist that Russia immediately return full control of the Zephysa facility to Ukraine. Ambassador Jenkins says Russia alone created the risks In Indiana, family friends and lawmakers remembered Republican Congresswoman Jackie Relorski at her funeral yesterday. House Minority Leader Kevin McCarthy. The praise that she would have from both

sides is tremendous. Today's world, that's a little difficult. Well Orski was killed along with three other people and a head on car crash near South Bend earlier this month. The spokesperson for Anna Hay says the actor is on life support after suffering a brain injury and a fiery crash a week ago in Los Angeles and is not

suspected inspected to survive. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. Michael Barb, this is Bloomberg tough news there, Thank you, Michael five on Wallster. Let's get the Bloomberg

sports update. Now here's John Sash all right, Nathan Giants took the field for the first time in a new coach, Brian day Ball in New England, where Dave Ball was once an assistant under Bill Belichick, who of course was once a Giants assistant. Dave Ball replaced Joe Judge. He's now back in New England. His second stint as a pass assisted the game at six lead changes the Giants one twenty one on the last second Graham Gano field goal. Giants had four hundred eighteen yards of offense hundred and

seventy seven on the ground. But it's only preseason. Jets in Philadelphia tonight, with the season ending knee injury to tackle on McKay beck to the Jets signed veteran tackle Dwyanne Brown, a five time pro bowler while with Seattle and used in Tom Brady, has left the Bucks to attend to a personal matter. Won't be practicing with Tampa Bay all over next week. The Field of Dreams game Dyersville, Iowa. The Yankees and White Sox did it last year. It was the Cubs and Reds last night, and Joey Vado

help a little like Kevin COSTI watching the movie. Um, you know, it's something my father and I shared and is something I would give anything for. You know, I wish he was here. I wish at the very end of tonight's game, Uh, you know, I could go on the field and do something we did from when I was eight nine years old, and um, you know it's it's it's really eerie how much the movie aligns with my life experience. One quarter two, The Yankees just one in five on this road trip. Now in Boston, Red

Ott and Metzo's the Phillies. They just had a seven game wins to come from an end. The Phills will face The Mets won two ponts Max Churns, which tonight Jacob be drawn Tomorrow. Mets have won six in a row fifteen the last seventeen. Much like what baseball did with Jackie Robinson's number forty two, the entire NBA is retiring the number six worn by the late Bill Russell. John nash Hower, Bloomberg Sports Natho by the move, Thank you John seven on Wall Street Time for Now for

the Tri State Business Report with Bloomberg z Cory. New York Governor Kathy Hocal Thursday green lighted a multibillion dollar corporate tax break to draw a ship manufacturers to the state. The move is aimed at boosting Albany's competitiveness against others buying to build semiconductor plants. Manhattan apartment rents continued their upward climb in July, is the hottest market in decades, hits its busiest leasing season. The median rent on new

leases last month was one hundred and fifty dollars. That's up two and a half percent from June, percent higher than it was a year ago, according to appraiser Miller Samuel and brokerage Douglas Element Real Estate. Four hundred Capital Management, an alternative credit investment firm, assigned a lease at Brookfield Properties,

six sixty fifth Avenue in New York. The company is more than doubling it's Manhattan office footprint with a new lease that adds twenty five thousand, five hundred seventy two square feet. That your Bloomberg Trying State Business Report. I'm Ed Corey. Thanks at 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. Steve Potas got on and ten wins in New York. We're talking about job cuts at warby Parker, as the economy blurs, the outlook for fashion eyeglasses. Corney Donaho on kfeban omahawk, the price of land for crops jumping in the second quarter with demand soaring. I'm Stephen Carol and Bloomberg d AB Digital Radio in London. We've been reporting on the UK economy contracting in the second quarter, but by last

and have been expected. Gory on w w J and Detroit. I'm reporting an appeals court is upheld of ruling that nonst out a racket hearing lawsuit. GM filed against Biat, Kreisler and former executive And those are some of the stories our 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. This editorial was written by the Bloomberg Editorial Board.

Has former President Donald Trump tried to cling to power last year, a number of flaws in the US election system became all too clear. Thankfully, one of them may soon be fixed. After months of negotiations, a bipartisan group of Senators has released a set of reforms to the Electoral count Act of eighteen eighty seven. Trump's multi tiered plot to stay in power despite losing the election hinged

on exploiting ambiguities in this law. If passed, the bill would go a long way toward preventing a repeat of this fiasco, and it would be a significant step toward fixing long term problems in America's electoral machinery. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg Opinion, please go to Bloomberg dot com, Slash Opinion or OPI n Go on the Bloomberg terminal. This has been Bloomberg opinion,

and you can hear Bloomberg opinion editorials every weekday. At this time, terminal customers can read more at OPI n Go. SMP futures are higher by twenty three points right now. Daffew cheers up on sixty eight NASTAC futures on the rise by eighty points. The tenure treasury is up one thirty second. The yield two point eight eight percent, yield on the two year three point two zero percent. The latest on the FBI search of former President Trump's home

in Florida. Bloomberg Government's Emily Wilkins joins us. Next to this is Bloomberg Bloomberg eleven three oh weather clouds give away to sunshine and highs in the low eighties today, up for sixties, clear skies tonight. It will be sunny, low eighties all weekend long. Right now seventy three in Central Park Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at

and at Bloomberg quctape. This is a Bloomberg Business Flash, and I'm Karen Moscow stocks in US stock index futures on the rises morning, investors assessing whether signs of cooling and inflation will enable to fit to pivot a less aggressive interest rate increases. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg Guess and P future is up twenty three points down. Futures have one D sixty three and NAS day future is up seventy nine.

The decks in Germany's up seven tenths of upper cent. The ten year treasury up to thirty seconds yield two point eight eight percent yield on the two year three point to one percent. NIMEX crude oil is up three tens per cent, or thirty cents and ninety four dollars sixty three cents of barrel. Comex school that a quarter percent or four dollars ninety cents. At eighteen o two thirty announced the euro one point oh three oh five against the dollar. British found one point one five zero

and again one thirty three point four zero. And look at a bitcoin, it's down nine tenths of a percent at twenty three thousand, nine hundred and ninety nine dollars. That's of Bloomberg Business Flash. Now, here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. FBI agents were said to be looking for classified documents related to nuclear weapons in the search of former Press than A Trump's Mara Lago residents.

The Washington Post reports there were major concerns among government officials that the information could fall into the wrong hands. We'll have more than that in a few moments. Meanwhile, former President Trump says he supports the release of documents related to the FBI search. Trump made the announcement following a Justice Department request to unsealed the documents. In baseball, the Red Sox beat the Orioles for three Thursday Night

preseason football. The Giants beat the Patriots twenty three twenty one. The Ravens beat the Titans. Global News twenty four hours a day on here and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts and more than a hundred twenty countries. Now, Michael Laren, this is Bloomberg Nathan. Thank you. Michael. Are coming up to five forty nine on Wall Street Live from the Bloomberg Interactive

Brokers Studios. This is Bloomberg Daybreak and has promised we do have more on the FBI search of former President Donald Trump's mart Lago home. Bloomberg Government reporter Emily Wilkins is with us from our nine studios in the nation's capital. Emily, good morning. These reports that classified documents related to nuclear material are part of the search that the FBI was

conducting earlier this week. To call it extraordinary this development maybe understating it absolutely, Nathan, I mean classified documents related to nuclear weapons, that they're one of the highest classified

types of documents. They have major national security implications. I will say that based on the Washington Post reporting and as well as Bloomberg's own reporting, there are still a lot of unanswered questions about exactly what this information was in regard to wasn't in regard to US nuclear weapons? Was it regard to other countries nuclear weapons? What exactly

you know was contained within this documentation? Um, but you know, mishandling the classified information, it's a felony charge and this is very very sensitive information. UM. Yesterday we saw Attorney General Merrick Garland moved to unseal the warrant as well as a list of what was taken from Mara Lago. Now the question the balls in Trump's court. With Trump's lawyers, they also need to agree to unseal that warrant, and Trump said last night on his social media treat social

that he does support on feeling the warrant um. And the interesting wrinkle of course here, Nathan, is that Trump could actually put out the warrant right now if he wanted to, just like he was the one who really initially provided a lot of details that the raid had taken place in mar Lago. So we'll definitely be keeping a very close eye today, do those doesn't does that warrant gon unsealed? Do we see the contents of it?

And then of course what was included? Um clearly with Attorney General Garland making a very rare press conference yesterday announcing he personally approved the warrant, uh kind of just sort of underscores how how big of a deal this is, how completely unprecedented this is. Yeah, before we got that Washington Post reporting, just the fact that Attorney General Garland confirmed that he himself signed off on the warrant sounded like it might have been the most extraordinary development we

would have heard. When are we expecting that we could see that search warrant unsealed? As you mentioned, former President Trump could do it himself. What's the timeline you're looking at here? So we saw reports yesterday that the deadline for Trump to make the decision on whether or not to unseal needed to come by August um. But the judge in the case told the Department of Justice, Hey, you need to get with Trump's lawyers within within the next twenty four hours and see how they want to

move forward. So you Trump announced pretty late last night that you would be open to unsealing the documents. That is obviously pretty early this morning in the US UM. So I would be very keeping it. I'm keeping a very close eye on it this morning to see what, if any action is is going to be taking place. And I know you've been speaking with members of Congress

as well. Republicans have been rallying around the president before we learned all this new information in our last minute, Emily, what are members of Congress that you're speaking to now saying at this point? So it's been a little hard to talk with members just because they have not been in d C. They will be today and we certainly expect to learn more at this point. But initially we saw a lot of concerns about, you know, criticizing the

FBI saying there need to be investigations. We have not heard a lot from Republicans since Merrick Garland's presser yesterday and since the news broke last night. Again, it's early in the US. I would definitely expect that to change by the end of today. What are we likely to

learn if we do get the search warrant released? I mean, could there be read actions, could we see that it gets as specific as what the Washington Post has been reporting that there were, there is the possibility of classified documents rising to the level of nuclear weapons. That that's a really great question, Nathan, as far as exactly what is going to be allowed for the American public to see at this point. Um, you know, we know that there's the search warrant. We know that there's the list

of what the FBI took from Mara Lago. Um, we know that there's a you know, good potential that we could see the probable cause here. You know, why why the Justice Department decided that they needed to have the search warrant for Mara Lago and needed to do it right now. Um, I think there are just a lot of questions percolating right now. Obviously this the Washington Most report, even though it's kind of scarce on exactly the details. I mean, just the fact that it relates to nigular

weapons is absolutely huge. Yeah, lots more questions still to be answered. Thanks for this. Emily will be catching up with you throughout the morning here on Bloomberg Daybreak, That is Bloomberg Government reporter Emily Wilkins with us this morning from the nation's capital. Karen, all right, Nathan, thank you.

It's final fifty three on Wall Street. Now we go to a legal story we're watching this morning, with US Attorney General Merrick Garland making this stunning announcement yesterday that the Justice Department is asking a federal judge to unstal the search warrant executed for former President Donald Trump's and

Marra Lago residents. Garland's comments were a sharp departure from the Department's usual practice of not discussing an ongo investigation, and were intended to rebund the assertions by Trump that his allies and his allies that the search was politically motivated for Maura Bloomberry. Student Grosso speaks to former federal prosecutor Robert Mints, a partner at mcarter in English. What does it tell you that he was put into the

position where he felt he had to unseal the search warrant? Well, it really tells us that a lot has changed in terms of federal law enforcement. I mean, typically if you go back years ago, and he really, up until fairly recently, the FBI was an agency that was revered by the public. The approval rate of the FBI and the Department of Justice was typically extremely high. People held them in extremely

high regard. But there's been so much bashing of the FBI, so much criticism of their investigations and some of their conduct, that now the Attorney General felt compelled in an unprecedented move to defend the FBI and to defend the Department of Justice, and to explain to the American public the basis for the search war. It, at least on a procedural level, we still don't know what the facts were

that led to it. But he was trying to explain to the public exactly how this works and try to reassure them that this was all done by the book and that there was no outside political influence involved whatsoever. So, Bob, I'm wondering. In the motion papers, it says the search warrant signed and improved by the court on August fifth, including attachments A and B. Could that include the affidavit

of the FBI agent and what information would that give us? Well, I was a question that I had in my mind when I listened very carefully to a statement where he talked about on stealing the warrant and the property received. But the face of the warrant, which is typically provided to somebody whose houses search, whose property is search only says that the FBI or law enforcement is authorized to

look for evidence of a violation of certain crimes. And it does stay specifically what potential criminal violations are there, and that's the basis for the search warrant. It does not typically give you the information that was given to the federal judge to establish that probable cause. So the question is will the entire search warrant application be unsealed

and be made public. That would include an affidavid from an FBI agent that would cite the documents that would cite to potentially cooperating witnesses and really explain not only what they were looking for, where they were looking for it, but also the basis for that search, how they established probable cause, and also, and this is really critical, also established why they believe that a less intrusive means was not available to them, because that's something that has to

be established in order to get a search warrant precedented stpths and as a partner at a carter in English speaking at the Bloomberry Student Grosso. Catch more of that interview, plus analysis of the latest legal news by subscribing to the Bloomberg Law Podcast or downloading this show at Bloomberg dot com slash podcasts. Attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and

on the Bloomberg terminal at b law Go. And futures this morning are on the rise, with SMP futures up about twenty five points down, futures up one D seventy three, and nasdag future is up eighty nine. Ten year treasury up to thirties seconds yield two point eight seven percent, and they yield on the two year three point to zero percent, and nimex screwed. Oil is up two tenths of a percent. Still ahead, on Bloomberg Daybreak, can check off the business headlines and all the news you need

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