Bloomberg Daybreak: August 18, 2022 - Hour 2 (Radio)

Governor Rabbitt. Plus the CDC wants to hit the reset button. Michael blar More Ahead, I'm John Stashdown spots dramatic win for the Yankees. They beat the Rays on a tenth inning grand slamb the metfield on to win in Atlanta.

That's all's training. Ahead on Bloomberg day Break on Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty, San Francisco, Sirius x M one nineteen and around the world on Bloomberg Radio dot com and via the Bloomberg Business app. Good morning. I'm John Tucker and I'm Karen. Moscow and US Dock index futures are moving higher. It is six oh one on Wall Street. We checked the markets every

fifteen minutes throughout the trading day. On Bloomberg, again, futures have erased their losses. The SNP future is now up six points in OWN futures up thirty seven, nasdack futures up twenty two. The decks in Germany's up eight tens of a percent. Ten your treasury of five thirty seconds, heal two point eight seven percent yield on the two year three point to seven percent. John and US futures are higher this morning. Karen minutes from the Fed help

boosting centiment. Traders found some dovish elements from the Central banks. July and meeting. Lauren Gilbert's CEO of Wealthwise Financial says there's uncertainly but still a chance for solid returns information technology services. We see that as an opportunity because unlike goods that have had the pricing pressures, with good prices continue to go up while you have wage pressure as well.

In services, you don't have the cost goods issue. Lauren Gilbert with Wealthwise as technically indicator show markets could sustain a bull run in the months ahead. When it comes to the Fed minutes, John wall Street focused on Central Bank officials discussing the need to eventually dial back the pace of interest rate hikes. Eric Lund, principal economists with the Conference Board, said, the important takeaway is that the

Fed will remain a data dependent in its approach. We all kind of figured they're going to at some point half to dial back the pace of the increases. It matter at what rate and when. So with the next meeting a little over a month off, we still have a quite a bit of data points that are going to be coming out, and it's been known and they're

we're gonna have to watch. Eric Lund with the Conference Board says if inflation continues to fall, the Fed will be well positioned to ease rate hikes, and Karen, we're also going to be watching for more economic data. It's a thirty Well Street time the Labor Department releases fully. This figures on jobless games economy was predicted new hime for the year, with claims rising to two hundred sixty four thousand. We're also going to get existing home sales

for the month of July. The National Association of Realtors, it's going to release those figures at ten Turning overseas now John Stocks in Asia fell overnight as further downgrades to China's growth outlooks sour and sentiment. Bloomberg's Juliett Sally joins US from Singapore with the latest Good Morning Juliette,

Good Morning John, and Karen Goldman. Sacks lowered its projection for China's GDP to three percent from three point three percent, citing weaker than expected July economic data as well as new term energy constraints. Noamora slashed their forecast to two point eight from three point three percent. The Bloomberg median forecast from economists is now at three point nine percent.

Stokes fell in Japan, China, and Hong Kong, and the Aussie was lower for a fourth session after almost forty one thousand jobs were lost in the nation last month, versus expectations of a twenty five thousand job gain in Singapore. Juliette Sally, Bloomberg Deybreak Julia thanks now to geopol takes Tensions with China remain front and center. The US and Taiwan now are set to start a start formal negotiations on a bilateral trade agreement. That story from Bloomberg's and Baxter.

This is the next step in what has become a very heated and very sensitive issue for China. The statement says the two have already started formal negotiations, but the first sit down round will begin an early fall. They say it will cover trade facilitation, regulatory practices, and a corruption standards and deepening agriculture trade, among others. The statement says it will promote innovation and will deepen the relationship in San Francisco. I'm at Baxter Bloomberg Daybreak. All right,

thank you. Returned to Corporate News Now, where news from Apple as front end center. The company is aiming to unveil its new iPhone next month, and bloombergs we need young joins us Live with the details. We need a good morning, Good morning, Karen Bloomberg. Sources say Apple's big reveal of the iPhone fourteen is expected to come on

September seven. The flagship product generates more than half of Apples sales, and the update comes at a time when smartphone sales more broadly have started to slump, as consumers cope with inflation and a shaky economy. The launch kicks off with busy fall products season for the tech giant, which will include multiple new max low end and high

end iPads and three Apple Watch models. Live in New York, I'm rend a young Bloomberg daybreak needed thanks and sticking with corporate news Walmarts see then s Walgreen's theory getting hit with a big fine. The pharmacy chains were ordered to pay a total of six fifty million dollars over failure to properly monitor opioid prescriptions in the state of Ohio. It's the drug industry's latest setback in litigation over the pain killers Well john and the earnings. Francisco Systems came

out with results that beat analyst estimate. Shares her up almost five per cent in the free market after the company gave a bullish forecast again more from Bloomberg Charlie Pellet. Cisco is the biggest maker of machines that run the Internet and corporate computer networks, had said revenue will grow two to four percent in the fiscal first quarter from a year earlier. Analysts had predicted that sales will be roughly flat from a year ago when revenue was twelve

point nine billion dollars. For fiscal three, the company expects sales to expand as much as six percent. The outlook suggests Cisco can weather a shaky economy and tech spending slowdown, helped by better access to supply in New York. Charlie Pellett Bloomberg Debris alright, thanks, Charlie. Bad Bath and Beyond another stock on the move this morning. Shares are down right now fourteen percent in the pre market as a

big investors sours on the stock. Ryan Cohen's RC Adventures says, you know filing that it might sell as much as seven point seven million shares of Bad Bathroom Beyond r C, the retailers second largest shareholder after Black Rock Well. On the flip side, John shares at Bluebird Bio are up more than thirteen percent in early trading. The company's team therapy for a rare blood disorder was cleared by US regulators.

Blue and said it plans to charge two point eight million dollars for the first ever one time treatment and coming up today more earning something you docket this morning, retail and focus. Once again, we're gonna get results from b j's Coles and Steve Lauter. Right now, del Future is up sixty nine. You're listening to Blueberg Daybreak and it brings us to six or seven at Wall Street time to bring in Michael barn to find out what else is going on to New York and around the world. John,

thank you very much. The war of words continues between New York Mayor Eric Adams and Texas Governor Greg Abbott, with the Texas governor is doing it's just so anti American. Mayor Adams has four more bus loads of migrants who had crossed the border into Texas arrived in New York City yesterday. Abbott says he has been sending migrants to New York and Washington, d C. To ease pressure on

the state, blaming the Biden administration for the crisis. Mayor Adams said, Governor Rabbit is using, to my grins, ask political pawns to strike out against democratic run cities. Those buses are leave in Texas and passing through the states and of the cities, how about speaking to those mayors of course, those cities and other governors state how do we do this together? Governor Rabbit responded, to Adams, calling

him a hypocrite. Why he's ever complaining for one moment about these people being busted into a city goes against his own self declaration of being a sanctuary city. Governor Rabbit and Mayor Adams appeared on ABC's Nightline. Donald Trump's CFO is expected to plead guilty today to tax violations in a deal that would require him to testify about business practices at the former president's company. Alan Weisselberg, is charged with taking more than one point seven million dollars

an untaxed compensation from the Trump organization. Rudy Giuliani says he has satisfied his obli ation after facing hours of questioning before special grand jury in Atlanta. His appearance was part of an investigation into attempts by former President Donald Trump and others to overturn his twenty election defeat in Georgia. The CDC director is planning a major overhaul of the agency after an internal review acknowledge missteps in its response

to the COVID nineteen pandemic. Dr Rochelle Willinski, who ordered the internal review, is calling for a recept. We were operating with a frail public health infrastructure. Nationally, and we made some pretty public mistakes and we need to own them.

Dr Wilinsky says the agency review found the CDC's COVID guidelines on masks, vaccines, and more have been confusing and overwhelming, echoing public criticism globally twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg Jump Michael, Thank you man.

That brings us to six ten of Wall Street time down for the Bloomberg Sports Update to Morning John Stancheward AFOD Morning John. Mets and Yankees had both lost the last two nights. Both teams last night to sit through a rain delay. Both teams gave up seven runs and still one, and both debuted brand new rookie third baseman. For the Mets, it was twenty two year old Brett Batty. He was their first round draft pick in two thousand nineteen. He's been tearing it up in the minors and what

a start to his big league career. High in the here the light feel pretty deep. Back to Cecoonia at the track at the wall is gone. Brett Batty, with his first major league swing, hits a whole run off the top of the six team foot high wall in right field. He salutes his parents on his way around third base. This kid is living the dream w CBS. Mets also got two on runs with Sterling Marte. They let Atlanta six to one, nine to five of the

ninth inning. They held on beat the Braves nine to seven to go back up by four and a half games. In Jacob de Graham pitchers. Tonight, Yankees, of course, in a deep slump, called up twenty three year old as Waldo Cabrere. He went over four in his first game. Certainly looked like the Yanks are gonna lose yet again. They trailed Tampa Bay four to nothing. They did catch up on home runs by Glaver Torres and Anthony Rizzo,

but then they fell behind again. The raised Francisco Mehia three run double with two out in the tenth up our oldest Chapman and it was seven four. Bottom of the tenth, Josh Donaldson hit a came winning opposite field walk off grand slam Yanks one eight seven. The upcoming US Open, It's gonna be dominating at least early on by it being Serena Williams last tournament. Her sister Venus has won the Open over twenty years ago, as excepted a wild card spot. Johns dash, We're Bloomberg Sports, don't

all right? John Texas a lot ahead of the Open. On Wall Street, futures right now are in the green. The down futures of fifty one points. That's up about two tenths per cent. He has somepe many futures of eight points and the nansday futures twenty two points higher. You're listening to Bloomberg day Break and just ahead the Fed minutes were they devish. We're gonna speak with Jennifer Lee,

senior economists at Bemal Capital Markets. This is Bloomberg day Break, Markets headlines and breaking news twenty four hours a day, at Bloomberg dot Com, the Bloomberg Business Out and at Bloomberg Victape. She's a Bloomberg Business Flash and I'm Karin Moscow. US Dock index futures have reversed losses in a volatile session after the Federal Reserve signal the Delicate Balancing Act I would see inflation busting rate hikes. Continued despite a

weekending economy. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg A S and P future is up five points this morning, down Future is up thirty two and as day futures up twelve. The decks in Germany's up eight tense of upper set ten. Your treasury up four thirty seconds, yield two point eight eight percent. They yield on the two year three point to eight percent.

NIMEX s crude oil is up one point one percent of ninety eight cents at eighty nine dollars nine cents of barrel comic schoold is at four tens percent or seven dollars ten cents a seventeen eighty three eight n ounce, the Euro one point one seven two against the dollar, the British pound one point to zero six five and again one thirty five point to one, and Bitcoin this morning is up four tens percent at twenty three thousand,

five hundred dollars. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. Accord is expected to decide today whether to make public the full aff of David used to justify the FBI raid at President Trump's Mora Lago home. The Justice Department has objected to the aff of David's release, saying it would compromise the investigation.

CDC Director Dr Rochelle Wolinski is calling for a reset of the agency after an internal review fault at the CDC's response to the OVID pandemic. She wants the agency to share information faster and in plain language. In baseball, the Yankees one with a dramatic Grand Slam against the Raise eight seven and ten innings. The Mets beat the Braves nine seven, The Red Sox and Ace won the

Nationals Orioles and Giants lost. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty countries. I'm Michael Barr, and this is Bloomberg, John Michael, thank you six twenty on Wall Street and rely for the Bloomberg Interact and Brokers Studios.

This is Bloomberg Day Right. Minutes from their last meetings show the Federal Reserve officials agreed last month on they need to eventually dial back on the pace of the industrate hikes. Let's take a deeper time this morning, joining us at BEMO Capital Markets Managing Director senior economist Jennifer Lee. Hey, Jen, what is your takeaway? Oh? Good morning? Um, you know what the particule is that I think that said, much like most of the other central banks to s, you're

on that whole there, biding by that whole. We're not on a preset course kind of view. Um. You know, they continue to see that there's little evidence of inflation pressure is cooling off, and that's going to take a while for this to happen, but you know, at some point they're you know, they're also looking for GDP to be revised upward, which was which I thought was quite

interesting as well. But it basically sounds like, you know, we we that seventy five basis points are probably not in play, and it just supports our call for another fifty basis point like UM in September and the meeting afterwards. But I think they're just going to be very data dependent, wait and see what happens, and I think that's definitely the right UM mindset to be in. We you say, a little evidence of cooling off on the inflation front.

So why would the expectations go down to fifty basis points at the next meeting, Because if you know, I mean, we're not back, We're not at nine point one percent anymore.

And again you continue to you know, you have seen one month of data and inflation port last week that sally some cooling off, um, But you're going to need a lot more than that, So I think to that, you know, And plus at that point, they didn't have the inflation report anyway, So I think they're they're going to see they didn't need to see at least, you know, a few months of of downward pressure on inflation before

they start dialing back even further than that. But seventy five basis points was already an aggressive move, and I don't think that's necessary at this point. Do they have to torpedo other stuff like a full employment to get there? Oh? Man, I hope it's not. I hope nobody has to torpedo anything. But you know, all of these moves, um, whether it's seventy five or fifty, you know, a series of them were supposed to have that intended effect of slowing economic growth,

and it's already we're already seeing that. We saw that in you know, for example, this week, that big nine point in housing starts. We're already going to see another you know, setback as well as existing home sales. So the whole impact of this is just too cool demand and we're starting to see that and hopefully it's not going to torpedo um employment although you know, you know the big games that we saw in payrolls, you know, it's definitely a thing of the past. Okay, Jackson Hole

meeting more important than usual, this FED symposium. You know, Um, I've been treading lately on this lab. I have to say yes because we're sending a lot of people there. I heard, you know, it's it's obviously it's you know, it's it's like the who's who uh in the world of finance. That will that will that will always be an attendance, although I think I missed my invitation again

for the you know, year in a row. Um. But you know, at the same time, I have to think, you know, I don't know what more he could add to what they've already been saying. You know, they're trying to be as clear as they can with their communications and being as compelling as they as they can possibly be. You know, they just look for they just continue to look for more evidence U and you know they might ask,

you know, what what is it going to take? And that might be the more interesting thing to talk about it Maybe we even talk about, you know, when they're

actually gonna start seeing rate cuts. Also that thing that for us is not until probably move okay, Adding to the difficulties and all this remind everybody there is a there's a period between implementation and when you actually see if the policy is working in that right, Um, a little bit of a leg but you know, I mean we're seeing, you know, as soon as you start raising rates, you know that the banks start raising rates as well. Um.

It does filter through fairly quickly. So that's why you're seeing, especially on the housing front, and that's why you're seeing you know, such a big dramatic um UM decline right now in some of the housing data. Although at some point, of course, at some point, you know, there's also going to be that impact of high prices as well, at

which buyers were already dealing with UM. So this added increase in boring costs is just gonna make things a little bit more difficult for the who're trying to get back into the housing market. Okay, so from the market participant perspective, was this dovish not dovish? Or I mean, how do you give me the bottom line here? For me? If I had to take, if I was back into the corner, I would say it's a little bit um more slightly more dovish. I think um than one would

expect it. Again, they're going to keep raising rates. They're just not going to go sending five basis points. So instead if you're going, if you're gonna say from SENTI five, if we want to call that duvish, you know that's the leaning I would take. But you know they're still going and you know we still have them raising rates for the last three meetings of this year. Are we going to avoid recession? Technical recession? However you wanted to find it? About twenty seconds. We we have a negative

quarter priced in a pencilvan for early next year. It's going to be it's going to feel like recession, but maybe not the true definition that the n d e R would would lean on. BMO Capital Markets Managing Director's senior accounts Jennifer Lee with this this morning, always the pleasure, appreciate it. And ahead of that, you can show up on Wall Street down futures right now there are thirty four points higher, that's the tenth of a percent. S and p emanate futures there are five points that's of

the tenth of a percent. The Nanzac futures of fifteen right now a tenth of a percent higher. And as we look at the Wall Street fear gage slightly elevated the vix at twenty point one f work. You're listening to Bloomberg Daybreak, the Bloomberg Weather from Rob Caroline Parler. Mostly sunny, the high temperature eighty five in New York today Tomorrow morning sun increasing afternoon clouds. High temperature eighty five to ninety degrees. This is Bloomberg broadcasting live from

the Bloomberg Interactive Broker Studio in New York. Bloomberg e Living Freedom to Washington, d C. Bloomberg ninety one to Boston, Bloomberg one O six one to San Francisco, Bloomberg sixteen to the country, Sirius XM to A one nineteen and around the globe. The Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg Daybreak, the six thirty on Wall Street. Good morning, I'm John Tucker and I'm Cameron Moscow. We're just about three hours away from the open of

US trading. It's time for the five things you need to know to start your day. Brought to you by Interactive Brokers. Interactive Brokers Simple, ib k our Global Trader app, deposit in your local currency and trade stocks in the US, Europe and Asia. Sharn't your free trial at ibk R dot com Slash Global Trader First. US futures are higher this morning, after the first down day for stocks in nearly a week. Markets are still digesting minutes from the

latest FED meeting. Lorene Gilbert's CEO of Wealthwise Financial, says, there's uncertainty, but still a chance for solid returns. We do like small cap across the way growth in value because if you do believe that this is a bull market run, then we have the opportunity for small cap to continue to outpace. Lorrene Gilbert with Wealthwise says technical indicators show markets could sustain a bull run in the

months ahead, and traders are waiting fresh economic data. Today A thirty am, All Street Time, Labor Department releases the latest figures on jobless claims. We're also going to get existing home sales for July. That's at ten and we turned to corporate News Now John, where tech giants Apple front and center. The company is aiming to unveil it's new iPhone next month. Bloomberg's we need a young joins us live with the details or need a good morning,

Good morning, Karen, Bloomberg. Sources say Apple's big reveal of the iPhone fourteen is expected to come on September seven. The flagship product generates more than half of Apple's sales, and the update comes at a time when smartphone sales more broadly have started to slump as consumers cope with inflation and a shaky economy. The launch kicks off a busy fall product season for the tech giant, which will include multiple new Max low end and high end iPads

and three Apple Watch models. Live in New York, I'm renned a young Bloomberg day breaks. Thanks. We're getting more earnings reports today that will give us a sense of consumer strength. We're gonna hear from big box retailer b J's Coles and st Lauder. Now to geopolitics, John, where attentions with China remain front end center. The U s and Taiwan are set to start formal negotiations on a bilateral trade agreement. Bloomberg News corresponding Bruce ein Horn says

talks are expected to start this fall. Where these go I think it's a big question because on the one hand, there's really strong bipartisan support for Taiwan and the US Congress. On the other hand, there's really not strong bipartisan support for any sort of trade deals in the US Congress. What comes out of this remains to be seen. And Bloomberg Spruce eyn Horn says a villa in Congress that would upgrade US relations with Taiwan could further inflame tensions.

That's the fine things that you need to notice. Start your day. Brought to you by Interactive Brokers. Again, futures are higher this morning. Straight to head your latest local headlines plus the check of sports, and this is Bloomberg. Thanks, it's thirty three Young Wolves. Time to bring in Michael barn It tell us what else is going on to New York hand around the world. John, thank you very much. Sir. Four bus loads of migrants who had crossed the border

into Texas arrived in New York City yesterday. Texas Governor Greg Abbott has been sending migrants to New York and Washington d C, saying it's a crisis caused by the Biden The Minister Ration. New York Mayor Eric Adams says Abbot is using the migrants as political pawns. Our team reached out to him when we first discovered what he was doing, and we asked less cognate because crisis calls

for coordination. Governor Rabbit responded to Adams when the mayor began complaining about just getting a small trickle of what Texas has to do with all the time, I said, I'm a letter and I invited him to come down to the border and see firsthand the chaos that exists in Texas. Governor Rabbit and Mayor Adams appeared on ABC's Nightline. The head of the CDC acknowledged that her agency made mistakes in its response to COVID. Dr Rochelle Wilenski says

it's time for an internal reorganization. She says it's a response to the notion that the agency is too focused on academic work and not nimble enough to respond to fast emerging diseases. We as an agency cannon, should move faster with our data. Dr Wilensky also says the agency needs to communicate better with the public. Rutgers University in New Jersey says face coverings will continue to be required in most indoor settings for the new school year. All

students and employees are required to be fully vaccinated. The university cites the ongoing spread of the B A five omicron subvariant. A few days ago, New Jersey Governor Phil Murphy announced the state will no longer require weekly testing for unvaccinated schools. However, yesterday Murphy said that he has no issue with the university's mandates. That's Rutger's call, and we said that school districts that choose to want to be to keep the vaccine test in place are welcome to.

My gut tells me there won't be many that do that, Governor Phil Murphy. Former Trump Organizations CFO Allen Weisselberg is expected to plead guilty today in the New York City courtroom, according to The New York Times, as part of his plead deal. Weisselberg will admit to all fifteen felonies he's accused of and may have to testify about his role in the scheme if the Trump organization goes on trial.

Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg, John, Michael, thank you. It is now six thirty six on Wall Street. Time for the Bloomberg Sports Update. Good Morning John, Stann Showard Morning John. Only twice in Yankee history had they won a game on an extra hitting grand Slam when they were trailing

by three runs. Jason Giambie did so did Babe Route And it happened tent any last night. And Donaldson swing hot hit of there to write toward the line that ball has gonna bear. It's a grand slam, a walk up grand slam to win the game. Josh Donaldson powered one down the right pel line into the seat. It's a grand plan. Had to call Donaldson's eighth ear walk off homer, but first since two thousand fifteen. And talk about a much needed eight seven win. Yankees, of course,

have been struggling mightily. They trailed Tampa Bay for to nothing. After rallying the tie, they fell behind seven to four in the Tom Donaldson but at disappointment this season. That's one reason why the Yanks just called up twenty three year old as Waldo Cabrera. He played third base, went over four in his debut. Donaldson was the d H. Yanks also called up Estevan Floria all the place center fields, so they had two guys in the lineup with Jersey

numbers ninety and ninety five. The Mets also just called up in the third basement and twenty two year old Brett Batty homer in Atlanta, first time he had swung the bat in the Major's fifth met the homer in his first at bat. Mets went on beat the Brays nine to seven to home runs for Starling Marte. Max Jerser got the win. He's nine and two and J. K. Pigraham goes tonight as the Mets try to get a split of the series. W NBA Playoffs, the Liberty One

Game one from Chicago NBA schedule is out. The Nick's opened up October nineteenth to Memphis, the Nets will host New Orleans. Venus Williams hasn't one of the US Open over twenty years. She stepted a wild card to play and with gonna be the final tournament for her sister. Bloomberg Sports don all right, John, thanks very much. That

brings us to On Wall Street. Let's wrap up yesterday's Fed minutes, the release of those fanmats, take a look at the day ahead for markets, and for that we're joined by Bloomberg International Economics and Policy correspondent Michael McKay. What's gonna happen markets today? I'm just kidding. They're gonna go up or they're gonna go down, So the Fed can't be wrong, right, I'm trying to assess whether they're

dubbish or otherwise uh hawkish the five minutes from yesterday. Um, this is not gonna be a popular view, but I'm gonna argue that it doesn't really matter because let me take you back in to them through the mists of history, all the way back to July when the Fed met and j Pal came out in his news comforts afterwards and said that the FED was really worried about inflation and would keep to raising interest rates and get above new drill probably by the end of the year, and that, uh, yeah,

there was a concern that they might go too far, but they're a long way from that. Uh. Basically, he was saying what the minutes said. And so three weeks later, the fact that the minutes confirmed that don't tell us a whole lot, because, uh, the minutes say, the Fed officials were worried, we're we're seeing signs that the economy was slowing down and some tentative slignes that the labor

market was finally starting to ease. And then after that we had that blowout jobs report for the month of July. They were worried that inflation was out of control and really really high. And then we had the uh, the CPI report that showed inflation had cooled in the month of July. So the data have changed the situation on the ground since the minutes came out. And I don't think you can make a whole lot in terms of

a trading decision on what the minutes say. You have to look at where we are right now and uh, what Fed officials are saying right now. If only there were some opportunity for them to come out and speak between now and the September twenty one meeting. What you just said, well, and that is more true than ever in the within the context of whether we're talking about a fifty basis point move or a seventy five basis

point move. I don't think there's any question that they are going to raise rates in September, and I don't think there's really any debate about whether it should be twenty five basis points and those we've got some sort of uh, really terrible jobs report coming up the first week of September. But fifty or seventy five. A lot's going to depend on the data between now and then, and whether they feel the economy needs another sharp jolt or whether they just need to sort of keep the

pressure on. All Right, Um, what is it? Week after Friday? Is um, Jackson Hole get ten seconds left banks all times? Jackson Hole is a week from tomorrow? Yeah, And the something's gonna happen there, Something's gonna happen there will stocks will go up, for stocks will go down. Bloomberg International. You heard it here first Economics and Policy, corresponded Michael McKee. You're listening to Bloomberg Daybreak and futures right now they're

in the green. The Dow futures of points, that's up a tenth of a percent, smp emny futures seven points higher, and the Nanstak futures right now nineteen points higher. You're listening to Bloomberg Daybreak, markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Out and at Bloomberg Quick Tape. He's a Bloomberg Business lash. And I'm Karen Moscow and you want stock

index futures, they are a little changed to hire. This morning, we go to the first word breaking news to us for today's morning call. Here's Bill Maloney. Bill, good morning, and good morning, Karen. That's right. US futures are quiet right now with Dow futures up twenty seven points, sesames gained three well mats that futures are up by five, the US ten year old at two point eight eight percent, Gold is up eight oils in the green, and bitcoin

is trading higher by half percent. Japan fell one percent overnight, while up of markets are trading in the green and back in the US on the economic Frinday, thirty initial jobs claims and Philly Fed at ten o'clock look for existing home sales and after the bell last night, Cisco gave an upbeat outlook. Stock is up five percent in the pre market and regarding some of the earnings this morning, s Day Lauder beat estimates and look for Cole's to report in the pre market, rapping things up for Solo

was raised to equate. Over at Morgan Stanley Live from the First Breakings Desk on Bill Maloney, Kerra, all right, well, thanks to here live breaking news over your Bloombery Times. Squawk on your terminal. I'll ask you a w u K. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Karon,

thank you very much. A group of media organizations urge to Florida judge to release most of an FBI affidavit that helped the Justice Department obtained the search warrant for former President Donald Trump Smorrow Logal Resort. D o J says the document must remain sealed to protect the investigation. The U S And Taiwan will start formal talks on a trade and economic initiative, following through on a long planed promise to deepen ties and mid opposition from China

and baseball. The Yankees one with a dramatic grand slam against the Raise eight seven and ten innings. The Mets beat the Braves nine seven, the Red Sox and A's one, the Nationals, Orioles and Giants lost. 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. I'm Michael bar and this

is Bloomberg, Karen Ray, Michael, thank you. Sixty nine on Wall Street, we turned to news and science and technology Now with the Bloomberg and j I T. Stammer Report, brought to you by New Jersey Institute of Technology and j I T makes industry ready engineers and more than twenty fields. If it's engineering is a n j I T. Learn more at n j I T dot E d U and Here's just making news and science, Technology, Engineering,

and math. COVID nineteen survivors remained at higher risk of ongoing psychotic disorders and dementia for at least two years. According to a study in Lancet Psychiatry. It found cognitive deficits like brain fog, seizures and epilepsy remained elevated twenty four months later. More than four point eight billion dollars has been pumped into the electric vehicle charging industry this year.

Some of the biggest rollouts this year include a one billion dollar announcement by VP and ivor Drolla for eleven thousand fast charters across Europe, and a six fifty million dollar investment across the US by black Rock, Diameler Truck and next Era Energy Resources. And Johannesburg based food maker Tiger Brands will install solar power at four manufacturing sites

by early next year. It's part of a rollout to reduce the company's dependence on South Africa's state owned electricity firm, which has subjected the country to rolling blackout since two thousand eight. Tiger Brands also hopes to reach at zero greenhouse gas emissions by that's the Bloomberg and J. I. T.

Stamm Report. John, Thanks Karen, We're live for the Bloomberg Interact to Broker's Studios, where it is now six fifty one on Wall Street at its time to check what's going on at d C. Some of the top stories in our nation's capital include the Trump warrant, judge being urged to release most of the FBI aid David Rudy Giuliani appears before the Georgia grand jury in the election probe, US Taiwan trade talks they kick off in a long plant counter to China, the Biden freeze on oil and

gas leasing reinstated for now, and finally, how a Bloomberg reporters family escaped the Taliban. Let's take a deeper dive into these stories this morning with Bloomberg Washington corresponded Amory Hordern, who joins, is now, what's the latest in the Trump warrant for the search warrant for Mara Lago, Whether or not the details are going to be released right, So we're waiting for the affid David. Potentially there's going to be a hearing about this in Florida today, This Florida

judge who released the warrant. There's been a number of media organizations filing these requests to have them released. The FBI affidavit that then helped the Justice Department obtained that search warrant. We've also heard from the Trump camp. Trump on Truth Social said, yes, released the affidavit, but they had not signed a request. But we do know from last week that the d o J feels that this is not the appropriate step forward. They think, uh, it

could potentially hurt the investigation. Um and if there was to be even one that was redacted, it wouldn't even be worth sending. But really, media companies say that the public has a clear and powerful interest. So all eyes are gonna be on this hearing at one pm to find out potentially if this document will remain under seal and protection of investigation or we get more info. This is the roadmap to why they went in to mar

Lago to retrieve those documents. And there are two important things at stake here that whether or not you could jeopardize an actual investigation and then the public's right to know the transparency surrounding. Difficult line. Yeah, um, the former mayor um of New York City appearing before a grand jury in the election probe. What don't we know out of that? I mean grand jury proceedings their secret right, so we don't know A lot hours behind being questioned yesterday,

part of this grand jury proceeding UM. The New York Times and report that the lawyer for Giuliani, though declined to say whether he answered any of the questions, so you don't actually know much of what was asked and what the former mayor was willing to give. UM. Let's move on to Taiwan trade talks with the United States. I get the sense that somebody's just really trying to get China really angry here. But these are probably nothing new. I mean, we knew this was gonna happen, right, It's

not nothing. It isn't anything new. We knew this was coming out. This is official now talking about when they're going to start UM the formal talks on this trade and economic initiative. They have been long planned, so we know that we'll have the first talks in earlier this fall. The timing, though, as you say, is interesting, because obviously

China is very upset with the United States. The United States has what China would say, provoked Beijing given what we have seen in terms of Speaker Pelosi's visit and then Senator and Marky's visit. So the Ministry of China Affairs is now warning the US against doing any deal that could imply Tawan the sovereignty. So what they're saying is that even these talks or how they handle any

trade relations, they must respect China's core interests. So potentially this fuel some of the fire and rhetoric we've seen between Washington and and and Beijing. But all in all, these talks they're not very substitutive in the sense that very much so in Washington you have Congress, the White House. Um, there is a lot of talk about wanting to support Taiwan, but there's not a lot of talk of people wanting lots of free trade deals. And let me wrap up

with this story. Um, I think it was in Business Week how a Bloomberg reporters family escape the Talmiband Amory, you wrote this story, and uh, it's an emotional read. Um, just in the two minutes we have something's up for everybody. Yeah, well, I would love everyone went and read the story. Um

it is. It was emotional to when we were doing this, but I and a group of other individuals at Bloomberg really with this pent with the support of Bloomberg, were able to help a friend and colleague based in London. One of our colleagues family escape Afghanistan, and this was after, of course the Fall of Cobble, which the US is

marking one year this week. And for me really to write this piece, so much of it was because even though this family had a tremendous amount of support, it was so obvious that I witness firsthand how difficult it is to be a refugee. And the crisis just continues to get worse worldwide, especially now with Ukraine. We've passed over a hundred million refugees. It's more than one percent

of the global population. And there's lots of nose. There's lots of false hopes um as you go through this process, and many Afghans are still living in limbo, not sure if they're going to be able to start a life, because what is going on in Afghanistan now since the fall of the country is just very dark. Women are being sent back home. Girls after the grade six cannot go to school anymore. They have to dress like they did in the nine nineties when the Taliban was in charge,

just head to toe burker's burker's. They cannot go out to the market or anywhere in public without a male chaperone. So for women and girls. It's I've realized it's such the central issue talking to experts who even think that maybe the Taliban could even get some of their funds unlocked or international aid more support if they were too start to change in terms of how they are ruling.

And many say that has to do with human rights, and at the core of that is women's rights, and our colleague, we should say it's safe and sound with this family. At this point, our colleague is still working in London and he works for Boomberg Television and his

family is in Greece. But yes, they reunited. I watched them reunite, which was incredibly emotional but also uh amazing to watch that all this work the company put into reuniting them, that it was able to happen and come to fruition because there's many times that you're going through this process that you really doubt that you're going to get there in the end. Everybody should read that story How a Bloomberg Reporters family escaped the Taliban Emory, great job,

Thanks a lot, appreciated it, um, Emory Hordern. You can read more about these stories again on the Bloomberg Bloomberg dot Com Bloomberg terminal reminder. You can follow all the latest Bloomberg Radio and Washington. That's Bloomberg nine and one of five point seven FM HD two ahead of the open. On Wall Street, futures in the green, the DAL future is up thirty one. Smp E Mini futures four points higher than as DANG futures, they were up five points.

The VIX, the volatility index just slightly elevated back over one. The ten year yield at two eighties seven, down two basis points. Even listening to Bloomberg Daybreak, I'm John Tucker along with Karen Moscown just ahead Bloomberg Surveillance