Bloomberg Daybreak: August 25, 2022 - Hour 1 (Radio)

forgive a portion of student loans held by millions. The NYPD has ordered no unnecessary talking among police officers were allowing in the streets. Plus the Uvaldi, Texas school police chief has been fired. I'm Michael bar Or a hand I'm John stash Shower in sports, a long time giant back at practice the Mets, but get a homestand against Colorado.

The Yankees start a road trip in Oakland. That's all training ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nine Team and around the world Old on Bloomberg Radio dot Com and by the Bloomberg Business app Good morning. I'm Nathan Hagar and I'm Karen Moscow and

US stock index futures are higher this morning. We're coming up to five o one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day. On bloomberg SMP futures up thirty six points this morning, DAL futures have two hundred eight and Nazzack futures have one hundred thirty. Ten year treasury up five thirty seconds, yield three point oh eight percent and a yield on

the two year three point three five percent. Nathan, Karen, it is the event Wall Street has been waiting for all week. The Federal Reserves Annual Jackson Hole Economic Symposium kicks off today. Bloomberg's Tom Keane is in Jackson Hole covering it for us. Nathan and Karen hugely anticipated Jackson Hole. Some of them have been really pretty quiet. But we look out today and into the chairman speech Friday, and

we can say this time is different. We've got markets on the move, we've got foreign exchange in the move, but far more we got this huge transatlantic divide, the difference in the economies of Europe and a beleaguer United Kingdom and a relatively strong United States. All right, Tom, thank you. Please stick with Tom Keene and the rest of the Bloomberg team for complete live coverage of the

Jackson Hole Symposium. Tom, along with Lisa Ramowitz and Jonathan Farroll, will have a special edition of Bloomberg Surveillance beginning at seven am on both Bloomberg Radio and television. Well, Nathan, has Tom mentioned The key event at Jackson Hole takes place tomorrow when Fed Jeerman J. Powell delivers a highly anticipated speech. Charles Schwam, Chief investment strategist Liza Anne Saunders does not think the FED will change course and pivot

to cutting rates. In my mind, the only condition under which the FED would so quickly move to a rate cutting mode would not just be a retreat and inflation. I think that would damage their credibility if they went to rate cutting simply because inflation has started to come down, that would only, I think, be preceded by a much more significant worse in the economy than what we already have here, and or a much more significant ortioning in

the label market. And Charles Schwab, Chief investment strategist LUs Anne Saunders says she could see the FED pivoting to slower, slow rate hikes rather than rate cuts. As you mentioned, Karen, US futures are higher ahead of Jackson Hole. In Asia, stocks rose for the first time in six sessions as investors welcome to NEXTRA hundred forty six billion dollars worth of pledge stimulus from Chinese authorities. Let's get the recap

from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good morning, Karen and Nathan. The m CI Asia Pacific Index jumped the most in two weeks, driven by games across the region, including in Japan, China, Hong Kong, and South Korea. Trade in Hong Kong was shotted in the morning session due to a storm morning, but equities jumped the most in two weeks in the afternoon session on the back of

the China stimulus announcement. The Alsie also roses trade has met the stimulus would boost demand for commodities in Singapore. Juliette Sally Bloomberg daybreak right. Juliette thanked you a couple of stocks you're in the US on the move, and the pre market shares of end Video down three first cent. The chipmaker gave a disappointing forecast for the current quarter. We get the details from Bloomberg's Doug Christner. Just two weeks ago, in Video warned sales for its recent quarter

would come in well below original expectations. A drop in demand for PC gaming chips got the blame, along with challenging market conditions. Well now, guidance for the current quarters suggest the slump is going to last. For Q three, revenue will be about five point nine billion dollars, roughly a billion below the average analyst estimate, and Video is contending with a rapid shift from supply shortages to ballooning

stockpiles of unsold products in New York. On Doug Christner Bloomberg Daybreak, All right, Doug, thanks down the flip side. Shares of Snowflake are surging. They're up almost eighteen per cent. Let's get the reason live from Bloomberg's or Needy Young. Good morning, Grenita, Good morning Nathan. The company which helps businesses organized data in the cloud, projected quarterly products sales

that will top estimates. Snowflake charges customers based on how much they use its data storage and analytics products rather and charging a flat rate subscription. Now, you may recall Snowflake rose to prominence in September with one of the biggest U s I p o s for a software company, but ever since reaching a record share price of almost four and two dollars in November, the stock has tumbled six Live in Washington, I'm reading a young Bloomberg Daybreak,

reny to thank you well. Shares a test slap two percent in early trading, and we get the reason why from bloombergs Jeff Bellinger. Three for one split of Tesla stock went into effect after the markets closed yesterday. The split adjusted shares begin trading today. Tesla said when it proposed the split that it wanted to be able to offer equity options to every employee, but stock in the electric vehicle maker will also be more affordable for retail

investors looking to buy individual shares. Employees who are invested in the company stand to benefit if new investors pushed the stock higher. Jeff Bellinger, Bloomberg Daybreak, All right, Jeff, thanks, let's start to Washington now. Our President Biden's made his

long awaited announcement on student loan forgiveness. He's canceling ten thousand dollars in college debt for Americans who were in less than a hundred twenty five thousand, twenty thousand if they received a pell grand and he's extending the pause on repayments through the end of the year, capping those

payments at five percent of monthly income. All this meets people can start finally crawl off from under that mountain of debt again, on top of the rent and the utilities by President Biden's movies already adding to concerns about inflation. Rick Davis, as a contributor for Bloomberg Politics, it just took a year for Biden to pass the Inflation Reduction Act, which which reduced the national debt by just under three

hundred billion dollars. He just added five hundred billion dollars, including the extension, maybe even more UH to replace that. Bloomberg Politics contributor Rick Davis spoke with our Washington correspondent Joe Matthew on Bloomberg Sound On. You can catch the program weekdays at five pm Eastern on Bloomberg Radio. And again,

futures are higher this morning. S and P futures are up thirty five points down futures up a hundred nine nine and nastagg futures have nine that's up about one percent. The decks in Germany is up sixtensive up percent, and the tenure treasuries up six thirty seconds three point eight percent. They yield on the two year three point three five percent. Traight ahead. Relate us to local headlines plus the check of sports. And this is Bloomberg I, Karen, thank you.

It's five oh seven on Wall Street, worth seventy four degrees in Central Park. Utson delays getting to the upper level of George Washington Bridge from the crossbox in late construction. We'll get to the details in traffic first. Michael Barr with what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. The MTA will hold a meeting today about congestion pricing. The public will get a chance to speak about the controversial plan.

Some drivers could see up to twenty three dollars every time they drive into certain parts of Manhattan. The NYPD ordered officers to stop unnecessary chatting while on the job. The New York Post reports the orders came from a department wide memo. Several weeks ago, Mayor Eric Adams was recorded criticizing officers were standing around talking while working. Adam said they should spread out for better coverage. The school district police chief in Evaldi, Texas was fired last night.

The school board voted unanimously to release police Chief p DA Redondo. The motion was introduced by Trustee Laura Perez and received unanimous support. Finally, I moved to authorize the superintendent to issue written notice to Mr. Rodondo of this board action, including filing any needed reports required by the termination. Trustee Laura Perez and community members slammed Eredondo for what they said was this slow response and all the children

who died as a result of the mass shooting. The widow of the late Kobe Bryant has been awarded sixteen million dollars in a lawsuit against Los Angeles County. Vanessa Bryant had sued the county after pictures taken by a sheriff's deputy and firefighter at the Kobe Bryant helicopter crash site was shared with a number of people. The Biden administration has one in Idaho judges order ensuring women abortions

in medical emergencies. More from Bloomberg's and Baxter. The Idaho law had to find the right to abortion to a woman whose life was in danger. The judge ruled it too narrow and then ruled that there would be no prosecution of doctors who perform abortions in an emergency. Now, just yesterday, a Texas judge ruled the other way. The conflicting ruling show the patchwork of abortion laws on the books, but it does give the bind administration some precedent to

continue to pursue cases in San Francisco. I'm at Baxter, Bloomberg Gay Break Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan. Thank you, Michael five O nine on Wall Street Time for the Bloomberg Sports I've taken ring Johnson Horney Nathan Well earned days off for the Mets and the Yankees

back tonight. Metal of Jacob de Graham on the Mount at City Phil against Colorado. Start of a ten game Rome stand with the Dodgers in Washington to follow the Atlanta Braves one again fourteen to two in Pittsburgh. The Braves were only a game and a half behind the Mets. Yankees are tonight in Oakland. That's a team that is twenty and forty one at home. Yankes have won three in a row. While was the same score of four to two. The Giants just lost a wide receiver and

got one back. Colin Johnson look good in the two preseason games. He had eleven catchers, but he just tore his achilles in practice, just as Sterling Shepherd, entering his seventh season with the Giants, made his first appearance at practice back from his achilles injury suffered late last season. Giants and Jets had their annual preseason games Sunday afternoon, had MetLife. NFL Hall of Famer Lynn Dawson has died at eight seven, quarterback Kansas City to an upset winning

Super Bowl four. PGA Tour. Responding to players leaving for the new Live Tour with new policies and initiative, more bigger events to commit and from top players to play in them, and more prize money at those events, the commissioners Jay Monahan, this is a remarkable time for the Tour. We have and always will be the ultimate platform for a player who wants to compete for the trophies and

the titles that matter most. To now have our top players rally around this organization and commit to a portfolio of tournaments like never before. No lack of prize money on the line this weekend. At the Seasoning Torch Championship that teas opt today in Atlanta, the winner wins eighteen million dollars. John Staward Bloomberg Sports Nathan, thank you John SMP futures are moving on up up thirty three points

right now. Death Future is up a hundred eighty four Nasdack futures on the rise by a hundred twenty points ten. Your treasury is up six thirty seconds. The yield close to three point zero eight percent. Yield on the two year three point three five percent. Some big moves in stocks and treasuries ahead of the Jackson Whole Symposium kicking off later this morning. We get a preview next with Jennifer,

the senior economists at BEMO Capital Markets. This is Bloomberg flo three oh weather, sunny near ninety today, opper eighties tomorrow with a chance for a light day shower, a thunderstorm, sunshine, opper eighties for Saturday will be in the mid eighties by Sunday. Right now seventy four degrees in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg

Quick Take. This is a Bloomberg Business lash and I'm Karen. Moscow songs are rising as China's massive stimulus and better than expected economic data from Germany steady. Some nerves in the anxious way for a key speech by Federal Reserve Chair your own Powell. Treasury yields in the dollar gage or dipping. We checked the markets every fifteen minutes throughout

the trading day. On Bloomberg, SNP futures up twenty nine points down futures have a hundred fifty eight and nasday futures have one the decks in Germany's up four tenths of upper cent, the ten year treasury up seven thirty seconds. He'll three point oh seven percent, yield on the two

year three point three four percent. Nine max screwed oil is up a quarter per cent or twenty six cents, and nine fifteen cents of barrel comex called up nine tenths per cent or fifteen dollars fifty cents is seventeen seventy seven. Announced the euro one point zero zero zero nine against the dollar, British pound one five four and the yen one thirty six point four two and bitcoin this morning lower down a tenth of a percent at twenty one thousand, six hundred sixty dollars. That's a Bloomberg

business flash. Now here's Michael Barr with more on what's going on around the world. Muchel, Good morning, Good morning, Karen. Reaction to President Biden's announcement of ten thousand dollars in student loan forgiveness. Some expected more debt cancelation. Others called it another handout adding to the country's deficit woes. Sent it to Mitch McConnell called it a slap of the face to every family who sacrifice to save for college,

every graduate who paid their debt. Russian this will strike in Ukraine killed at least twenty two people on the day that the nation was celebrating thirty one years of independence from the old Soviet Union. In baseball, the Red Sox and Orioles lost the Nationals, one, the A's beat the Marlins in ten innings, three to the 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 more than a hundred twenty countries. Michael Barrn, This is Bloomberg. Nathan alright, Michael, thank you. It is five nineteen on Wall Street Life from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak on Thursday, August, day one of the Jackson Whole Economic Symposium. It is finally upon us. It's got a preview now. Jennifer Lee

joins as senior economist at BMO Capital Markets. Jen it's great to speak with you this morning. We've been sort of counting down the days until the kickoff of this Federal Reserve event. I'm trying to think back to whether there's been this much anticipation for a Jackson Hole. Has there? I think there is always uh, this this event is always highly anticipated to you know that something will happen um this year. You know, I think I might be wrong.

You know I've happened before, but you know, I don't know how he can change his tone too much from what he has already been saying. Um. You know in the past few months. You know, I think there's so so much debate right now about how devinsh she could possibly be, and at the same time it's also to be about how Hawk and she could be. So you know, it's it's basically playing both sides right now. I think he's going to say, um, say on the Hawk is track.

I don't know why he would change his tone so quickly. Yes, we've had some weaker you know, economic um data, especially on the housing front. We finally saw some pullback on the headline inflation. But you know it's going to be far, far too soon to ring the Dovish spell. Well, what do you think the FED needs to see to ring that dovish Belgian? I think it has to be a few months, at least a few months, you know, like the one of the quotes that there is that officials

have been saying, you know, it's um need more compelling evidence. Um. Someone said last week it's way too soon to ring the victory bell or to do a victory dance. You know, you need to see at least a few months of cooler economic or cooler inflation readings for sure, not just on the headline, but on and but on the core reading as well. You know the fact that energy prices have pulled back, you know, um, maybe not this morning, but you know we're now we're funning back below a

hundred dollars. I think it is important that as all

as they stay down there, that will certainly help. But again you're gonna have to see um at least a few months at least of cooler cool inflation readings UM before and of course, you know, more pulled back on the consumer spending front before they can you know, UM following breathe a little bit easier and when I say, becoming a little bit you know, UM less pulling back, you know, instead of doing seventy five basis point rate heights, you know, seeing more um UM smaller numbers, like smaller

increases like fifties. So we're looking for two more rate hikes this year, UM sorry, at the next two meetings, fifty basis points each and then capping it off with a point in December. Since you brought up energy prices, that's one of those factors that the FED doesn't have a whole lot of control over when it comes to raining in inflation. Do you expect any kind of commentary on what the FED can do as far as getting a handle on inflation outside the core they he's going

to say that, you know that. You know that volunteer policy can only affect the demand side by in terms of the energy front, especially given you know what the the ongoing um, the battle in you know, in Russia and Ukraine. There's not much, as these point out, that he can do. But when it does fall, um, it does have um reverberating effects I guess on other areas. You know, gasoline prices will feel the positive impact from that, and that will ultimately help consumer spending as well, So

that helps saften the blow. So at least, you know, we can't have it both ways. We can't say that they're going to be pulling back and becoming a little bit more dublish. But at the same time worried, worry about recession. I mean, he has to um, you know, we the fact that energe prices are coming down will help again, you know, consumers, consumer pockets, consumers spending, and that will helps off of the blow for the economy itself.

So we won't see that big hard recession that summer calling for ahead of the symposium getting under way here, we've seen some pretty big moves in the stock and particularly the bond markets. How could that potentially affect what we here this week? Um, you know this is going this is the ongoing of all atility that we continue to see when you know, when we see uh, you know, weaker weaker data for example from the housing front, stronger

data from from generable goods orders for example yesterday. So I think he's going to sort of look past all these wiggles you know, with uh, with with with with with both stocks and bonds and continue to focus on the funtlemental data and again continue to look for weaker or weaker demand and subsequently softer inflation readings. In our last thirty seconds here, Jen, just to put you on the spot a little bit, how long do you think it's gonna take for the FED to get down to

the two percent inflation target? Oh? That is going to take. I think it's going to take some time. Um, you know, we still have we're still you know, we we've actually been trimming our inflation forecast a little bit over the past couple of weeks. It was something we haven't done in quite a while, but we're looking for, you know, around three ish UM inflation by the end of three so probably you know, story before we start seeing um,

something that's closer to target on the inflation front. Thanks for this, Jen, great having you on with us this morning. Jennifer Lee, senior economists at BMO Capital Markets. Ahead of the Jackson Whole Symposium kicking off later on this morning, and of course FED Chairman Pale speech tomorrow at ten

am Wall Street Time. We're gonna have full coverage of Jackson all for you, starting with Bloomberg Surveillance, a special edition from Jackson Hole Wyoming with Tom Keene, Jonathan Faroll, and Lisa rom Woods, kicking off right here on Bloomberg Radio and on Bloomberg Television just after this show at seven am Wall Street Time. SFP futures ahead of all that up twenty seven point, Staff futures up a hundred fifty NASTAC futures are higher by nineties seven points. This

is Bloomberg Bloomberg eleven three oh weather. Sunny in your ninety today, probably mostly sunny tomorrow, with a chance for late day shower thunderstorm highs in the upper eighties will be in the mid eighties to around ninety all weekend long. Right now sevent 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 oh six one to San Francisco, Bloomberg nine sixty to the Country, Sirius XM to A one nine, and around the globe the Bloomberg Business app 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 Karen Moscow. 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 at this shower. It's the event Wall Street has been waiting for the Federal Reserves Annual Jackson Hole Economic Symposium, kicking off today. Bloomberg's Lisa Abramowitz is covering it for us in Jackson Hole. Join us at a monumental Jackson Hole Symposium hosted by the

Kansas City Federal Reserve. This is going to be one of the most consequential meetings of FED officials as they digest some of the changes facing the economy, facing inflation, facing monetary policy as we know it. Some of the big questions j Powell will be addressing include where is the terminal rate? Where should rates end up in an economy beset by inflation? And what should we expect an employment market that still is strong it is showing signs

of weakening. And Lisa Abramowitz Bloomberg Day Break at lesa thank you. I'll please stick with Bloomberg for complete live coverage of the Jackson Hole Symposium. Lisa, along with Tom Keene and Jonathan Farrell, will have a special edition of Bloomberg Surveillance beginning at seven am on both Bloomberg Radio and television, and of course, the key event, Karin is

FED Chair j Powell's highly innticipated speech tomorrow morning. Morgan Stanley Chief investment Officer Mike Wilson tells Bloomberg he's not too concerned if Powell signals a rate hike pivot. The big change this time versus a prior periods when markets got excited about a FED pivot is this time they're not going to. So most investors I think are realistic about the FED and inflation, but they're not realistic about is They're not accounting for the negative operating leverage that

we're about to experience. Morgan Stanley, c i OH Mike Wilson says he is bearish on equity markets because of quantitative tightening. Bumall Street Nathan shares of in Video down amost four percent in early trading after the shipmaker relation. A week quarterly forecast, Bloomberg Ray to Young joins US Live with the details. Good morning, ready to Good morning Karen.

It was just a couple of weeks ago that in Video warned sales would come in well below expectations, and yesterday it gave a disappointing forecast for the current period, adding to signs of weakness in the semiconductor industry. Fiscal third quarter revenue will be about five point nine billion dollars. That's compare it with an average analyst estimate of six

point nine two billion dollars. In Video blame's declining demand for chips used in gaming computers, citing challenging market conditions. Live in Washington, I'm really need a Young Bloomberg Daybreak all right, we need to thank you and shares A Tesla could be on the move today. The company's three for one split adjusted shares begin trading today and futures

this morning or higher. SNP futures up about twenty five points and DOWN futures up a hundred thirty one and nasday futures up eighty four straight To had your latest local headlines plus to check of sports him This is Bloomberg, Thank you, Caring three on Mall Street, seventy four degrees in Central Park delays improving getting to the upper level g w B. We'll tell you more in traffic. First, Michael Barr with what else is going on in New

York and around the world. Michael, thank you very much. Nathan. The NYPD ordered officers to stop unnecessary conversation while on the job. The New York Post reports the orders came from a department wide memo. Several weeks ago. Mayor Eric Adams was recorded criticizing officers for standing around talking while working. Adams said they should spread out for better coverage. Last night, Mayor Adams also held a community conversation about public safety.

This city was a mess. Don't catch yourselves it wasn't you. It was a city of just complete dysfunctionality. You couldn't even get a inspection done in time. And the Department of Buildings you you thought that every time someone walked beside your small business from an agency, they came with a fine book instead of saying how do I keep your doors open? Mayor Adams held a meeting on Staten Island.

You've all the school district Police chief Pete Arandondo has been fired following an investigation after the May mass shooting at the town's rob Elementary School. The decision was announced last night by the school board, following months of calls for such a move. Sent A. Salazar's granddaughter, Leila, died that day. The termin nations with lant common. I think it should have been done immediately, but it wasn't. Took

us three months to get this done. Sante Salazar was one of many community members who spoke before the vote to fire at Redondo. The MTA will hold a meeting today about congestion pricing. The public will get a chance to speak about the controversial plan. Some drivers could see up to twenty three dollars every time they drive into certain parts of Manhattan more bus loads of migrants are

expected to arrive today in New York City from Texas. Earlier, migrants were seen wearing would appear to be bracelets from Texas. New York officials cut the bracelets off when they arrived. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts and more than one hundred twenty countries. Michael Barr and this is Bloomberg. Nathan, thanks Michael on Wall Street time for the Bloomberg Sports Update with John

Stashawn saith In. A welcome sight of Giants practice. Veteran white not sterling. Shepard on the field back from achilles injury suffering late last season, but it comes on the same day that another whine out, Colin Johnson heard his achilles, So his season's over before it begins. And Johnson had looked good and the two Giants preseason wins. Giants looked at Cafe three and oh preseason, and they faced the Jets Sunday afternoon and MetLife Hall of Famer Lynn Dawson

died at eighties seven. Grew up in Ohio, one of eleven kids six straight seasons the nineteen sixties in the NFL's highest completion percentage led the Chiefs to two Super Bowls. They'll lost to Green Bay in the first one, the upset win on Super Bowl four. Yankees are in Oakland to night first and four with the A's. It's a ten game road trip that will also see them face the Angels and Rays. Aaron Boone's team seemingly snapped out of its slump with three straight win It's been a

tough stretch. We're grinding. I think, I think these wins can go a long way and and kind of helping you build a little bit of confidence and and get that swagger back a little bit. Hopefully he's gonna return home until September five. Mets off of four and its road trip that saw their l least lead over Atlanta

shrink to a game and a half. Now home for ten straight, beginning tonight against Colorado Jacob to Graham on the Mound, Mats will try to avoid what would be only their third three game losing sprink of the season. MLB at with the three schedule, it has fewer division games, more inter league games. The Yankees actually will start the season against the San Francisco Giants season ending George Ambership Golf.

He's off today in Atlanta. Top twenty nine players vuying for prize money that has the winner collecting eighteen million dollars. This is the PGA is increasing prize money next year in effort to keep players from leaving for the live tour. John stashtoward Bloombergs Toys. Thanks John. It's five thirty seven on Wall Street time for the Tri State Business Report with Bloomberg's one d gilt billions in federal dollars is still heading to small businesses as part of the American

Rescue Plan Act of one. It's a total of ten billion dollars to help small businesses access capital. The goal is to leverage the money into one hundred billion dollars in total investments. In Connecticut, one hundred nineteen million dollars will be used to operate a future Fund and a Tech Fund to support clean energy and environment safe manufacturing companies. A new report from Rutgers shows New Jersey's childcare workforce is struggling to bounce back after the pandemic at the

same pace as other private industries. In the third quarter of last year, the workforce was at pent of pre pandemic levels, compared to ninety percent for overall private employment. Salem County was even lower, just six of pre pandemic levels. And the New York State Fair had a big opening day. Fifty thou people attending yesterday. That's over eleven thousand, seven hundred more than last year. That's the Bloomberg Tri State Business Report. I'm Wendy to Let. Thanks Wendy. It's 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 of filiate radio stations around the world. I'm Joan Doniger telling w h S listeners in Louisville. Amazon is shutting down it's primary care and telehealth service. I'm Steve Podascan on ten ten Wins in New York. We're talking about Oscar Meyer and pop bars hot dog flavored dice pop. I'm wanting to

lead on w w J and Detroy too. I'm reporting on money available to small businesses. I'm Stephen Carol and Bloomberg DAB Digital Radio and London were reporting on the growing calls for immediate action on energy prices to shield consumers and businesses. In the UK, I'm Gina Servetti and for w c CEO in Minneapolis, I'm reporting that the U. S. Supreme Court is being asked to review Minnesota and Nebraska's

tax sale laws. Those are some of the stories our Bloomberg journalists and analysts you're 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. With this week's long away to the announcement of limited student debt forgiveness, President Joe Biden hopes to give Democrats of boost in this

fall's mid term elections. But whatever the short term political gains, the decision is a costly mistake. The policy, which will offer up to twenty thousand dollars in debt cancelation to pell grant recipients and up to ten thousand dollars to others, could white clean the slate for twenty million borrowers. Yet student loan forgiveness is regressive, benefiting those who attended college

at the expense of those who didn't. In one stroke, Biden has undermined his commitment to fiscal discipline and created a significant moral hazard. Canceling these debts may well please parts of Biden's base, but others will be stuck footing the bill. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or ope I n go on the Bloomberg terminal. This has been Bloomberg Opinion to send for Bloomberg opinion

editorials every weekday. At this time, terminal customers can read more at O p I end go ahead of Jackson Hall futures moving higher, SMP futures up twenty two points, staff futures up, NASTACK futures are higher by seventy eight points of the tenure Treasury yield three point zero seven percent. This is Bloomberg Bloomberg eleven three oh Weather sunny, near ninety today, partly the mostly sunny, with a late day shower storm possible tomorrow, upper eighties, mostly sunny, opper eighties

for Saturday, a mid eighties by Sunday. Right now four in central Park, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business at and at Bloomberg Quicktake. This is a Bloomberg Business Flash and I'm Karen Moscow. And stocks are on the rise. So are u S Dunk Index futures. As China's massive stimulus and er than expected economic data from Germany steady some nerves in the anxious wait for a key speech

from Federal Reserve chaired your own Powell. We check the markets every fifteen minutes throughout the trading day on Bloomberg and p Future is up twenty one points this morning. Down futures have a hundred three Nasdack Future is up seventy two The decks in Germany is it'll change. Ten year Treasury up seven thirty seconds. He'll three point oh seven percent yield on the two year three point three five percent. NIMEX screwed oil is it'll change. Is at

ninety four dollars eighty one cents. A barrel comes called up one per cent or sixteen dollars eighty cents. Is seventeen seventy eight thirty announced. The euro is at one against the dollar. British found one point one eight four one and the yen one thirty six point four to I'm looking at a big coin. It is down a tenth of a percent at twenty one thousand, six hundred seventy dollars. That's a Bloomberg business flash. Now here's Michael

bar with more on what's going on around the world. Michael, thank you very much. Karen Uvaldi, Texas School District police chief Pete E. Redondo has been fired following allegations that he made several critical mistakes during a mass shooting that left nineteen students and two teachers dead. A flash flood warning is an effect for much of Mississippi after torrential rains caused evacuations, washed out roads, and led to water rescues.

Air regulators in California are expected to announce today there will be a statewide ban on the sale of new gasoline vehicles by five. In baseball, the Red Sox and Orioles lost the Nationals one. The A's beat the Marlins in ten innings three two. The 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 more than a hundred twenty countries. Michael Barr

and this is Bloomberg. Nathan Okay, Michael, thank you are coming up to five forty nine on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak on a very important day once again for markets. We are joined by Ivy jack this morning, head of equity research at north Star Asset Management. Ivy, It's good to speak with this morning. There's been plenty of volatility ahead of the Jackson Whole Economic Symposium. It kicks off this morning.

What are you looking for? Is we actually get to the event? Thank you first of all, thank you for having me. What are we looking for? UM? I would say right now, I don't know that we're looking for anything in particular, but I can tell you what we're expecting. We are continue Uh. We believe the FED has the mandate to continue fighting inflation, and we believe that, UM, they're going to continue to be probably pretty aggressive, maybe

more aggressive I think than many are anticipating right now. UM. And so what we are expecting is continued volatility and a lot of uncertainty going into the back half of the year. Do you think that means that we could test the June low for the market that we saw then, Oh, most definitely. UM. In fact, I've been a little bit surprised that, UM, you know, that the market has been as positive as it is and is as up as

much as it is right now, So I definitely think so. Look, we're already seeing a slow down UM, several industries coming out of earnings. On top of seeing a slowdown, there's several other things that you just don't know going into the back half of the year, including you know, COVID. Covid is still with us UM to the extent that it continues to pop up, it could present more disruption UM.

And the supply chain we're still dealing with as well, UH, supply chain disruption issues that still haven't been really resolved. On top of that, UM, you know, we've also been watching kind of the movements also in the labor force as well. The labor force continues to be tight UM, and companies are still trying to figure out how to navigate UM, you know, this hybrid remote situation. So, UM,

there's several actors we're looking at. But going into the fall and going into the winner, we're paying close attention to the impacts of COVID and also higher energy crisis. So what does that mean in terms of positioning, How are you looking at different sectors or different factors in

this type of environment. We're continuing to maintain a defensive posture, so you know, we are looking, um, you know, there are certain sectors that are are now historically as being kind of defensive, so I think you know, we're looking at that. But in general, we are staying close to our investment criteria in terms of you know, we only invest in companies that are profitable. We invest in companies that have demonstrated their ability to generate strong and sustainable

free cash flows. And I think importantly, given that we are socially responsible investors, we're very focused on companies that make products that are beneficial to life, things that are not necessary and needed, as opposed to facts that are trendy. So I would say for us, during times with uncertainty, you leave even closer to what we our investment criteria

and what we look for. There's been some discussion that the US may be a little bit better positioned economically than other parts of the world, particularly Europe with the energy crisis that they're facing. Do US stocks look more attractive to you than than stocks outside the US at this point in time. Yes, Um, because of all the factors that you name, so that that is something that we're watching really closely. Um. We're watching, um, you know,

this fall, what happens with covid. Um. We're also watching what UH Europe does in terms of interest rates as well. UM. I think it's a little bit tricky for them in the sense that you have several different countries and so in terms of monetary policy, it's not quite as um easy of a process as it is here in the US. So, yes,

we're definitely watching what's happening in Europe. But I would say you certainly believe that the US is you know, we're in a better in a better position to whether multiple storms that are coming the last thirty seconds here. I V what kind of market reaction do you expect from what Chairman Powell has to say tomorrow. Um. You know, I don't know what kind of reaction to expect, um,

but I can't say this. I think that there are parts of the market that are continuing to underestimate how much work to fit might have to do in order to bring inflation in line. And so um my, my, my hope is that we get to a place where we are a little bit more realistic as opposed to optimistic. Um and you know we'll see that reflected in the market. Thanks Ivy, good having you with us this morning. Ivy jack Had of equity Research at north Star Asset Management.

Karen Nathan, thank you. It is fifty four on Wall Street. Time for the Bloomberg Law Report. Let's get the legal stories we're watching this morning from Bloomberg Jeff Bellinger. The California Supreme Court declined to review in a pellate court ruling that Uber is not liable for assaults by criminals who got victims into their cars by pretending to be

Uber drivers. A federal lawsuit accuses American Express of firing hundreds of white employees so the firm could hire more black workers, and a Texas based farm produced distributor will pay more than eighteen thousand dollars to settle Justice Department charges that it on lawfully hired foreign visa holders over two US citizens. 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. All right, Jeff, thank you. Now another legal story we're watching. Florida Governor Rhonda Santis last week trumpeted the arrest of twenty people who allegedly committed voter fraud by casting ballots even though they were convicted felons. But many of those people say they thought they were entitled to vote. For More on this and the impact of voting rights restoration, Bloomberg's Greg's Store and Kimberly Robinson spoke with Neil Vohle's deputy director

of the Florida Rights Restoration Coalition. This all stems from a balled initiative that your group sponsored. Tell us what that balled initiative did. Yeah. Well, in two thousand eighteen, the voters of Florida past Amendment four, which restored the voting eligibility for nearly one point four million people with past belony convictions, Folks like myself and others in our movement who had passed felony convictions and who up until that point had to deal with a lifetime voting ban

in the state of Florida. So this was there a little bit of history here, because this is kind of at Dickens novel, right, the best of times the worst

of times. On one hand, we saw the largest expansion of democracy in our country in a generation, but we also saw the implementation of that amendment end up requiring people to pay certain financial obligations before they are in fact eligible to vote, which means that there are hundreds of thousands of peak with past convictions who are still not yet able to vote in the state of Florida.

That's right, Yeah, that was one of the questions that I had was, you know, there is this requirement that felons have to pay off all fines and fees before being able to vote. What effect does that have with restoring voting rights? Is there any kind of evidence that most people have been able to get their voting rights back or is this being a really block for that Well one, as far as our organization and this movement,

I mean, we just give up every day. You have kind of put our work boots on and just keep moving forward. And I know according to the voter file last months voter file UM, there but two hundred sixteen thousand people with past convictions who are currently registered in the state of Florida. And that's a lot of people, a lot of families, a lot of voices being heard.

But we know there's still a long way to go, especially when you consider that there are hundreds of thousands of people who have continue to not be eligible because they owe financial obligations. And that's Neil Voles, deputy director of the Florida Rights Restoration Coalitions, speaking with The Bloomberg's Kimberly Robinson and Greg Store. Catch more of that interview, plus analysis of the latest legal news BLU subscribing to the Bloomberg Law podcast are downloading the 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 again, future is higher this morning, still ahead on Bloomberg Daybreak and check on the business headlines and all the news you need to start your day. And this is Bloomberg