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

Governor HOCl says New York COVID rates are plateauing. Plus President Biden makes a pitch to get rid of filibuster rules. I'm Michael larn More Ahead, I'm John stand Shown sports giants, fans gat their wish, the team fired, Joe Judge will be a new coach, and G. M. Nixon nets both

late tonight. That's all straight Ahead on Bloomberg day Break on Bloomberg eleven, Free on New York, Bloomberg on Washington, d C, Bloomberg one oh six one Boston, Bloomberg nine sixties, San Francisco, Sirius XM one nine Team, and around the world. Old on Bloomberg Radio dot Com and via The Bloomberg Business. Good Morning, I'm Nathan Hagar, and I'm Karen, Moscow and US futures are moving higher this morning ahead of today's

inflation data. We're coming up to six o one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day on bloomberg S ANDP futures up about nine points down, futures up sixty two, NASTACK futures up forty nine. The decks in Germany's up half percent. Ten year treasury down to thirty seconds, he at one point seven four percent. They yield on the two year

point nine zero percent. Nim X. Screwed oil is up six tents percent or forty nine cents at eighty one seventy one cents a barrel, and Bitcoin this morning at eight hundred dollars. Nathan, Well, Karen, we're coming up the first game for U S stocks in more than a week. The rebound came after j. Powell's confirmation hearing, where the Fed chair look to reassure senators about the central banks

plans to tackle inflation. If we see inflation persisting at high levels longer than expected, then then we will, you know, then will if we have to raise interest rates more over time, we will. We will use our tools to get inflation back. Powell told senators the Fed is on course to start raising interest rates and reduce its eight point eight trillion dollar balance sheet. Well, Nathan Powell received

a relatively warm reception from the Senate Banking Committee. Arkansas Republican Congressman French Hill was glad to see a heavy focus on inflation. This issue of getting inflation under control UH and taking action from a monetary policy is should be the principal issue, not climate change, not bank regulatory opinions,

but their monetary policy responsibility. Arkansas Congressman French Hills spoke at our Washington corresponded Joe Matthew on Bloomberg Sound on Catch the program weekdays at five pm Eastern on Bloomberg Radio, and inflation will remain in the spotlight today, Karen. When government data on consumer prices comes out this morning, we get a preview from Bloomberg's Viney Dell Judas hang onto

your hacks again. Bloomberg Economics, as forecast a seven percent inflation rate year over year in November hit six point eight percent, the most nineteen two, when Paul Walker was stomping on the brakes at the Federal Reserve COVID nineteen is still an issue today as it has been for two long years. Bloomberg Economics as a Macron related bottlenecks could add further upward pressure through the first quarter. Vinnie

Delnic Bloomberg day Break, Right, Vinnie, thank you. All. Prices were also front and center in Asia over night, with data showing inflation in China East in December, and Bloomberg Daybreak Asia anchor Brian Curtis as the details. The Producer Price Index rose ten point three percent from a year earlier, slowing from November's twelve point nine percent. It was well below forecasts. The government took measures to boost supplies of

commodities and it cracked down on speculation, and food prices fell. Now, the CPI increased one and a half percent. That was lower than the projection of one point seven percent. O Macron is hitting the economy hard, and these softer numbers might give the PBO see more scope for easy Brian Curtis, Bloomberg day Break. All right, Brian, thank you. Let's turn to the pandemic now with a fresh focus on vaccines.

We told you yesterday. Finer and Maderna are working on shots to target the omicron variant, but it looks like Dr Anthony Faucci is not on board with that plan,

Bloomberg said. Baxter has the story. Dr Fauci says he feels that time should be spent developing the vaccine in the protract against the umbrella of variants past and to come, and the interact whost is will play a major role in protecting our population, at least from severe disease in the context of the ongoing massive surge of the omicron variant. He says, the third m RNA dose regiment seems to be working and preventing severe disease at this time in

San Francisco. I'm at Baxter Bloomberg Day Break, All right, and thank you. All important news this morning for those who have gotten Johnson and Johnson's vaccine. We get the latest from Bloomberg's Ranita Young Ranita Karen. The FDA is revising its fact sheet for J and Jay's COVID nineteen shot. It now warns of the risk of a rare bleeding disorder, and it includes recommendations for giving J and J's vaccine

to people with existing medical conditions. The FDA told J and J that reports suggests an increased risk of the bleeding disorder during the forty two days after patients received their shot. Symptoms include bruising or excessive or unusual bleeding. This revision comes a month after the CDC recommended MODERNA and viser vaccines for adults over jan Ja's shot. I'm reneeding young Bloomberg Daybreak, All right, we need to thank you vaccines. They're also in focus in Europe where there's

a warning about getting too many booster shots. Let's go live to London and get the latest from Bloomberg's Max Ramsey. Good morning, Max, Good morning Nathan and Karen. Yes, we have this warning from the European Medicines Agency. It's the key EU regulator that's saying that frequent booster shots could have negative effects on the immune system and tire people out.

That's based on repeating boosters every four months. So instead they think countries should leave more time between vaccines and tie them to the start of the cold season, say following in the footsteps of flu vaccine programs. Live in London, I'm Max Ramsey, Bloomberg Daybreak, Right, Max, thank you and finally incorporate news this morning. Shares of Biogenner down more

than ten percent this morning. The federal government is limiting coverage of Biogen's Alzheimer's treatment, and we get more from Bloomberg's Doug Christner. Last June, the FDA granted Biogen's drug adu Helm accelerated approval, despite objections from FDA advisors. Since then, Medicare has been paying for the treatment on a case by case basis. Now, the Centers for Medicare and Medicaid

Services is curbing access. Coverage of Biogen's therapy and other emiloid targeted Alzheimer's therapies will be limited to those participating in qualifying clinical trials. The CMS said the decision was the result of a thorough analysis. It found while ad you Helm could help patients, there is also the potential for harm. In New York, I'm Doug Christner, Bloomberg Daybreak,

All right, Doug, thank you right now. S and P futures up nine points, staff futures up sixty seven, nest at features higher by fifty two points, the tenure treasury is down to thirty seconds, the yield one point seven four percent, and I'm ex screwed up six tenths per cent. Or forty seven cents at eighty one sixty nine cents a barrel straight ahead, your latest local headlines and a

check of sports. This is Bloomberg in six o seven on Wall Street where twenty three degrees in Central Park and still dealing with this overturn tractor trailer on East Found eighty and hack and sack the tails coming up in traffic. First Michael Laher with more on what's going on in New York and around the world. Michael, thank you very much, Nathan. Governor Kathy Oakel says the omicron fueled COVID surgey New York appears to be cresting over

that peak as the rate of increased slows. Ocal says the percentage of New Yorkers that tested positive has dropped to eighteen point six percent from more than two percent in recent days. Cases are slowing down, the rate of increases slowing down, um, but they're still high. They're still high.

It We are not at the end. But I wanted to say that this is to me a glimmer of hope, a glimmer of hope at a time, and we desperately need that, the governor says, in New York, City COVID rates are platte sewing, while upstate figures are tracking behind the city by a couple of weeks. New Jersey Governor Phil Murphy reinstated a public health emergency to respond to the omicron fueled surge in COVID cases. The executive order allows for existing orders, like requiring masking in schools and

daycare settings to remain in effect. Murphy spoke about COVID during his State of the State address yesterday. Just as we thought we had finally gotten ahead of COVID, the omicron variant came along. O. Macron is doing its best to stop us in our tracks and push us back. We will not let it, Governor Murphy says. For now. The health Emergency declaration is effective immediately and will expire

after thirty days. At least fourteen of the seventeen victims from Sunday's deadly high rise apartment fire in the Bronx have now been identified. Victims range in age from five to fifty years old. The Medical Examiners offices all of those killed died from smoke in realation. Last night, a vigil was held outside the building for the victims. President Biden challenge Senators to stand against voter suppression, urging them to end the filibuster rule in order to pass voting

rights legislation. President Biden spoke in Atlanta, Jim Crew two point oh was about two insidious things. Voter suppression an election subversion. It's no longer about who gets to vote, It's about making it harder to vote. Meanwhile, Republicans Senate Leader Mint McConnell is promising to create a log jam for Democrats if they vote to override the filibuster rule. We're ready to have this vote. We think it's time for those who want to break the Senate to stand

up and try to break the Senate. And let's see where everybody stands. Senator McConnell spoke to reporters after a GOP lunch and Global News twenty four hours a day on air. Down Bloomberg Quick Take, powered by more than seven hundred journalist and analysts more than twenty countries. Michael Barr, this is Bloomberg, Nain, Michael, thank you almost six cent on all Street time for the Bloomberg Sports Update with

John Stown. Thanks Nathan. The firing of Joe Judge means the Giants If you include an interim head coach of few years ago. We're about to have their sixth different coach over an eight year span. The Steelers have had three coaches in the last fifty two years. The feeling was the Giants wanted to avoid having to fire a third strange coach who lasted just two seasons, but the six game losing streak to finish the year, plus some bizarre Judge postgame press conferences left them with no choice.

Reaction from one time Giant Ryan Clark now on ESPN NFL animal, if you're going to keep the integrity of what your organization is supposed to be, then Joe Judge can't continue to be the head coach of the New York Giants. This is a team that lost six games by double digits to finish the season. This is the team that kneeled the ball on third and nine from their own five yard and this was a team that was no longer competing. And the one thing that good

scene to do is they reflect coaching. So the Giants down need a coach and general manager, and makes sense to get the GM first. It appears that for both jobs they will look to bring in someone from outside the organization. That's something their fans have wanted. But the strange season with the Islanders first thirteen games all on the road. Team that almost played for the Stanley Cup

last season, had eleven game losing streak. Their last eight games have been postponed due to COVID and now set to play the Devil's tomorrow and Islander coach Barry Trot's test had positive and he just returned from time off after the death of his mother. Next to night go for a fifth grade home win. It would get them back to five hundred. Dallas comes into the Garden righting the six game win streak. The Nets have lost five of their last seven. They visited Chicago. The Bulls won

last night by forty six. They've got the best record in these John Stash, Edward Bloomberg Sports, Nathan Okay, John, thank you, s and p Futures now up almost six points, Stuff features up forty five. Dance that futures are higher by almost thirty eight points. The tenure treasury is gonna down one thirty second, the yield one point seven four. You're listening to Bloomberg day Break and it's brought to you by Autie. Don't let someone else drive off in

the outie model. You've always wanted to visit a tri state area autie dealer to get behind the wheel of yours. Today, markets headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Out and at Bloomberg Quick Tape is a Bloomberg Business Flash, and I'm Karen Moscow. European stocks are moving higher this morning, and treasury yields are steady ahead of that key reading on inflation.

US DOCK Index futures are moving higher, and we check the markets every fifteen minutes throughout the trading day on Bloomberg S and p Future is up seven point to down futures of forty six nasdack futures at forty five the decks in Germany's up a third of percent. Ten year treasury down one thirty second yield one point seven four percent. That yield on the two year point nine

zero percent. Nine X screwed oils up seven tents per cent, or fifty four cents at eighty one seventy six cents of barrel Comic school that will change at eighteen seventeen forty announce the euro one point one three six two against the dollar. British found one point three six three three, the ends in one fifteen point four one, and bitcoin this morning moving higher at two eight hundred dollars. And we do get that CPI report at a thirty Wall Street time at you. The FED releases its page book

and 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. Democratic leaders are pushing for changing the filibuster rule and the Senate to push forward on voting rights legislation. The Senate could vote to change it as early as today. President Biden traveled to Georgia to

voice his support in changing it. Former Senator Harry Reid will ly in state at the US Capitol as colleagues and friends pay tribute to the Democrat who served five terms in the Senate. Read will be honor today in the Capitol Rotunda during a ceremony closed to the public. NFL News the Giants of Cleaned House firing coach Joe

Judge the day after general manager Dave Getleman retired. In the NBA, the Wizards won, the Warriors lost Global news twenty four hours a day on here and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analysts more than a hundred twenty countries. Michael barn This is Bloomberg. Nathan Okay, Michael. Thanks at six nineteen on Wall Street Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg

day Break. Let's get more now on FED share Jerome Powell's inflation fighting message as we await yet another read on consumer prices. Tom Porcelli is with US now, chief US economist at RBC Capital Markets. Of course, Tom, we heard yesterday Powell tell the Senate Banking Committee that the FED will use its tools to get inflation back, that to raise interest rates more over time they will Is

the FED getting ahead of inflation? Uh no, No, I think I think they're they're they're really far behind inflation, which is why now that share Powell has to act or sound so aggressive. So no, I think that this

is sort of playing catch up. Um. Actually, and so you know it's I don't know why anyone is all shocked and bothered when you hear Powell talk about or stated differently, when you don't hear anyone within the set of pushing back on the idea that you're going to see at least four rate hikes this year and start quantitative tightening this year. I mean, you know that. And what's interesting to me about the whole conversation is it's great that the market is, you know, sort of you

know now embraced the idea of four hikes. But I think what people have to bear in mind is that, you know, that's just four hikes this year. I think you can see another four hikes next year. Um. And so I think that this is this is in part that the catch up element that's going on. Do you think the Powell is embracing the idea for hikes? Did

you get to that point yesterday? I you know, it's always hard to get inside someone's mind, but I would say this way, Um, you know, there's he had an opportunity yesterday to push back on it, and they'll have ample opportunity over the coming weeks. I mean, there's an FOMC meeting not too far from now. You know, if if, if you, if they dislike where the markets head is at, they'll push back on it. But just to be clear, We've already heard from quite a number of BEET officials

and I haven't heard any pushing back on it. Good point there. What about the balance sheet unwind pal saying that that could happen sooner and faster. When do you see that's starting to happen. Yeah, so that's another dynamic that all happen this year. We we expect that it could happen even as early as the first half of the year, so it would be sort of after after

the first hyke. Um. You know, I think again, this is just yet another another dynamic that I think is so interesting and so different relative to where we were after the g f C. Right, the FED is acting, and I think this is a really important point for for most people to sort of appreciate or understand. The economic backdrop today is wildly different than the economic backdrop when the FED started. You know, the process of unwanting the balance sheet back then, right like we were still

enduring the jobless recovery. You know, economic activity was you know, sort of not moving along at a at a rapid pace. None of that is true today. Um, you know, we've the labor backdrop is incredibly tight. Um, We've claused that most of the lost output. So again I think no one should be surprised that this entire process is very exhilerated verse post GFC. So then is there a risk if it does get more accelerated, that we could be in line for a policy mistake from the Fed? Yeah?

I think look at any time to adjusting policy, I think there's always a risk. I mean, I don't think that this this time is um uh, well, this time is somewhat unique, and I can talk about that in the moment. But but yes, I think any time the FED is adjusting policy, I think that that is always

the risk. I think that the risk is bigger this time because the FT is so far behind the curve um and so if they feel that, if they feel compelled to have to sort of, you know, accelerate, you know what could have been a gentle hiking cycle, um if they started just sooner than sure, I think that there's probably more elevation. I don't know if more elevated is even the right phrase, but there's there's more risk, uh probably this go around than what we've seen certainly

in recent history. In our last minute, here, Tom, what about today's CPI reading a lot of expectation for that number seven. Is that where you're at? Ye? Yes, so I think in fact, again I think let's look even beyond this report. So, yes, this report will see an acceleration. I think you've see an acceleration in the in the

report thereafter. I think you can potentially see one more acceleration even two months from now, before you finally start to um, you know, sort of stabilize at least to some extent um and then you have the sort of those hard year in your calms start to eat into the year and your page. But again, I think we should brace ourselves for at least two or three more months of acceleration from here. All right, Tom Porcelli, Chief US economist at RBC Capital, thanks for your insights. As always,

as we do await that CPI data. UH, the expectation of seven percent year over year price increases for consumers. Will have full coverage for you here on Bloomberg Radio. Ahead of all that, SMP futures are up almost seven points, staff futures up forty five and NASTAC futures are higher by forty four points. Little change to the tenure. Note Now the yield one point seven three percent, and the yield on the two year is at point nine zero percent.

Nime X Screwed is hired by six tenths per cent or forty seven cents eighty one dollars sixty nine cents of barrel comic Good Little change down seventy cents at eighteen seventeen eighty announce straight ahead on Bloomberg Daybreaker, recession warning to go along with inflation, and a new red flag for Johnson and Johnson's COVID vaccine as we checked the five things you need to know to start your day.

Right here on Bloomberg Daybreak. This is Bloomberg Bloomberg eleven three, a weather mix of sun and clouds and a high near forty today more clouds than sun Tomorrow, low forties probably the mostly sunny, breezy, and mid thirties for Friday. Right now twenty three degrees broadcasting live from the Bloomberg Interactive Brokers Studio in New York. Bloomberg Loving Freedom to Washington, d C, Bloomberg On to Boston, Bloomberg one O six one to San Francisco, Bloomberg Home sixty to the Country.

Sirius XM Chado one ninet and around the globe the Bloomberg Business app in Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six thirty on Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow. We're just about three hours away from the open of US trading. Time for the five things you need to know to start your day. Brought to you by Interactive Brokers and Directed

Brokers Global Analysts. Global Analysts helps you find new global investment opportunities, to diversify your portfolio and discover undervalued companies. Try Global Analysts today at ib k R dot com. Slash g a up first. US futures are moving higher after yesterday's rebound on Wall Street. The S and P five hundred gained almost one percent and the NASDAC grows one point four percent after J. Powell reassured senators about

the Central Bank's plans to tackle inflation. Will be normalizing policy, meaning we're gonna end er asset purchases in March, meaning will be raising rates over the course of the year. At some point, perhaps later this year, we will start to allow the balance sheet to run off. J. Powell made the comments during his confirmation hearing for another term

as FED share. He also made the case that inflation will slow on its own as supply chain issues ease and prices of the main focus again todaycare and the government releases its consumer price index for December. This morning, economists predict a year over your gain of seven percent. Meantime, Jeffrey Gunlock warns that recessionary pressure is building along with inflation. Nathan and the webcast the billionaire bond fund manager said

the FED is pretty far behind the curve. He also thinks the Central Bank and only raised rates to just one and a half percent before it starts inflicting economic pain. Returning to the pandemic, now, vaccines are front and center, and there's important news for those who have gotten Johnson and Johnson's shot. Let's get it from Bloomberg's RNDA Young Granita Nathan. The FDA is revising its fact sheet for

J and J's COVID nineteen vaccine. It warns of the risk of a rare bleeding disorder, and it includes recommendations for giving Jane J shot to people with existing medical conditions. The FDA told J and J that reports suggests an increased risk of the bleeding disorder during the forty two days after patients received their vaccine. So far, about seventeen

million Americans have taken the shot. I'm rened a young Blomberg Daybreak, Bernita, thank you, and incorporate news this morning shares a bio Jenner down almost ten percent in early trading. The US government is limiting Medicare coverage of the company's Alzheimer's treatment. It will now only cover patients enrolled in clinical trials. It's a highly unusual move that will curb access to the controversial treatment approved last year. And that's

the five things you need to notice. Start your day. Brought to you by Interactive Brokers again US and P Future is up six points this morning, down futures of forty seven, NASDAK futures of thirty five, and attend your treasury little change yield one point seven three per cent. Straight ahead your latest local headlines plus a check of sports. This is Bloomberg sixty three on Wall Street where twenty four degrees in central property of an accident on the

southbound west Side Highway two hundred twenty five. Details coming up from Peter Van in a few minutes. First, Michael Barr with what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. Governor Kathy Oakele says in New York City, COVID rates are plant towing while upstate figures are cracking behind the city by a couple of weeks. Looks like we might

be crusting that peak. The governor, during her virus briefing says the percentage of New Yorkers that tested positive has dropped to eighteen point six percent from more than in recent days. Local says more than twelve thousand, five hundred of people were hospitalized in the state on Monday. New Jersey Governor Hill Murphy reinstated the public health emergency to respond to the omicron fueled surge in COVID cases. Murphy spoke about COVID during a State of the State address yesterday.

We are seeing new case counts that dwarf anything would seem to this point upwards of four times as many New Jersey ins have COVID today that did one year ago. The governor says. The executive order allows for existing orders like requiring masking in schools, to remain in effect. At least fourteen of The seventeen victims from Sunday's deadly high rise apartment fire in the Bronx have now been identified.

Last night of vigil was held for the victims, who ranged an age from five to fifty years old the Medical Examiner's offices, although those killed died from smoke inhalation. President Joe Biden is challenging Senators to stand against voter suppression, urging them to change Senate rules in order to pass voting rights legislation. Republicans are blocking it from debate and votes. Biden spoke in Atlanta, I will not yield, I will not fledge. I will defend the right to vote our

democracy against all enemies. For and Yes, Domestic to voting rights bills are currently stalled. Republicans say the bills aren't aimed at fairness, but at giving Democrats election advantages. GOP Senate leader Mitch McConnell was promising to create a log jam for Democrats if they vote to nuke the filibuster rule to advance voting rights. It takes anonimous consent to turning the lights on, so in a post nuclear snate, it's appropriate to ask how usually would it be to

get consent to turning the lights on. Accountell spoke to reporters after Republican luncheon shortages at US grocery stores have grown in recent weeks. New problems like the omicron variant intervere whether they're piling on to the supply chain struggles and labor shortages that have plague retailers since the coronavirus

pandemic began. Global News twenty four hours a day on air and on Bloomberg Quittake, powered by more than twenty seven hundred journalists, analysts and more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg, Nathan. Okay, Michael, Thanks coming up to the sixty six on Wall Street temper for the Bloomberg Sports Outday with John Stenshaw. All right, Nathan. Joe Judge was a surprise higher by the Giants two years ago and then thirty eight year old, relatively unknown

special teams coach in New England. The Giants under Judge did finish last season strong, but this season a nightmare, a club record tying thirteen losses, including an embarrassing six game Louis and straight down the stretch with the Giants struggle to even get a first down. The Giants fired Judge with aunor John Marrow, who met with Judge both Monday and Yesterday's, saying in a statement it was his desire at the start of the season to have the team going in the right direction at the end and

that's not the case. Mara and co owner Steve Tish had begun the process to hire a new general manager to replace the apt going Dave Gentleman, and then the owners with the new GM will hire a new coach. It will be the sixth different coach over the last eight years. The Giants seventeen tied with the Jets for the worst record in football. Novak djokovit practicing to defend his Australian Open title, but still not sure if he'll

be allowed to play. Djokovic now admits that his team made a mistake in his travel documents for his arrival, which led to his visa being taken away. He also admits he was in public last month without a mask, even after learning he attested positive. The Australian Immigration Office said to be deciding whether to deport Djokovic, which could lead to more legal challenges. The tournament begins next Monday.

The Mets on the new owner Steve Cohen, last year retired Jerry Kuzman's number thirty six, and now they will do likewise for another x Met great Keith Hernandez his number seventeen. Of course, a long time Mets podcaster, College Hoops Reapers lost at Pench Day Top rank, Baylor's first lost of the year, beaten by Texas Tech. John Stash Network, Bloomberg Sports Nathan Okay, John thanks at six thirty seven

on Wall Street. Time to take a look at stocks now some of the names moving in the pre market. Bloomberg Radio and TV markets corresponded. Creedy Gupta is with us this morning, starting off with some possible deal news in the communications space. Crety. Yeah, We're gonna start off with Dish Network. How long has it been since we've heard that name in the stock? Mover is Nathan c I s H S Your taker up eight percent in

the pre market. That's coming after The New York Post reported that the pay TV provider is in fresh merger talks with Direct TV, and those new talks being plushed by Direct TV shareholder TPG Capital. Let's put this in some context, though, because They actually had a proposed combination of the two firms two decades ago. Uh it was eventually shot down by the FCC and the US Justice Department. They tried again just about two years ago, and the

d o J quietly warned executives against the deal. So let's see is this time it goes through once again. Dish a Network d I S eight up eight percent in the pre market. Speaking of mergers and deals, we should talk about Microsoft as well. M S f T up half a percent. This comes after the Competition Markets Authority, which is that antitrust regulatory kind of body in the UK, is considering whether Microsoft's acquisition of Nuanced Communications should be

an antitrust issue in the UK. They're actually looking for competitive reasons anything to see that what it would threaten the goods and services kind of provided in the UK. Nevertheless, those shares are up half a percent in the pre market ahead of the start of that reviews. Something to watch in the days and in the weeks ahead. Yeah, and I'm sure Creedy you've been watching shares of Biogen this morning. We've been reporting all morning about the latest

negative news around their Alzheimer's treatment. Right, Well, remember they have. They have tried to get this very controversial Alzheimer's treatment approved around the world. The US FDA is really the only one who approved it. The European Medical Authority the Japanese Medical Authority, which was the big shocker, both denying it,

saying it was too controversial. Well, it looks like Biogen is down again, this time after the US government limited Medicare coverage of that Alzheimer's disease treatment and similar drugs to patients enrolled in clinical trials. It's a pretty unusual move. It curves access to the controversial treatment. But what's interesting is that you're also seeing the impact happen in Eli. Lily Shares l l Y is a taker there, down two point two percent in sympathy, saying that some of

those encroachments might affect them as well. On Biogen b I I B is a taker down ten percent, Nathan, and throw a quick one at you. Hear pet Pal as well, down two and a half percent, getting cut to a hold from a by over at Jeffrey's, the analysts saying paypals multiple is unlikely to expand on a

lack of catalyst. Nathan all Right, a negative analyst call there from Bloomberg Radio and TV Markets correspondent Creany GOOFDA keeping us on top of what's happening in the early trading and as we take a look at stocks as a whole ahead of the Wednesday morning open, modestly higher SMP futures up five points down, futures up forty six stands that futures on the rise by thirty one points.

Attend your treasury right now little changed at one point seven three percent yield for a tenure Treasury note and the yield on the two year right now point nine zero percent. Stay with us. You're listening to Bloomberg Daybreak Bloomberg eleven three. A weather mix of sun and clouds and a high in near forty today, low forties with more clouds than sun Tomorrow. It'll turn sunny and breezy for Friday, with a high near thirty five right now

twenty four degrees in Central Park. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business App, and at Bloomberg Quick Tape. He's a Bloomberg Business lash and I'm Karen Moscow. Future is on the rise. This morning, We had at the first word Breaking news dask for today's morning call. Here's Bill Maloney, Bill morning, and good morning. Can that's right? Modest games

in the US. Futures right now at down, futures hired by fifty four points, simes game seven well then as that futures are higher by thirties six. The US ten year old at one point seven four percent, Gold is down three, Oil trading higher, and bitcoin is little changed. Japan rose one point nine percent overnight, while up markets are also in the green this morning and back in

the US. On the economic Fronday thirty, the consumer price in x and at two o'clock the FED releases it's beige book after the Bellast night, it was reported that Medicare limited the coverage of Bologen's Alzheimer's drug shows a down ten percent in the pre market and regarding urns. This morning, Jeffrey's revenue missed estimates, trapping things up. Snowflake race to overweight at Barkeley's door, Dash raised over at ever Cores, PayPal was put to hold at Jeffreys, and

Boogen was put to neutral over at Piper Live. From the first to Breaking News, dost Gom, Bill Maloney Karen Hery Bail, thank you to hear live breaking news over here at Bloomberg. Type squawk on your terminal. I'll ascue you a w U K and that's a Bloomber business flash. Now here's Michael Barrow with more on what's going on

around the world. Michael, Karen, thank you very much. The Biden administration will increase the amount of COVID nineteen tests available for schools by ten million per month, according to the White House, That more than doubles the amount of testing available for schools compared to testing that took place in November of top NATO and the Russian officials are meeting to try to bridge deep differences over the future

of Ukraine. The meeting comes in a week of high stakes diplomacy and a US led effort to prevent what some fear could be a Russian invasion of Ukraine. Tennis star Novak Djokovic, caught up in visa drama in Australia, admitted that he attended a newspaper interview and a photo shoot when he knew he was infectious with COVID nineteen. NFL news the Giants have fired coach Joe Judge, a day after general manager Dave Gentleman retired. In the NBA,

the Wizards won, the Warriors lost. Global news twenty four hours a day on the air and on Bloomberg Quickdake powered more than twenty seven under journalist and analyist more than a d twenty countries. I'm Michael Barr, and this is Bloomberg. Karen, all right, Michael, thank you. It is six forty nine on Wall Street, and we turned to

news and science and technology now. But the Bloomberg and j I T STEM report brought to you by New Jersey Institute of Technology, which announced the renowned scholar and educational leader, Dr tech Limb will join the university as n j I T S ninth President. Learned more at n j I T dot e DU Now here's this Miking News and Science, Technology, Engineering and math. A federal judge has revived the Federal Trade Commission antitrust can plant

against Facebook. The FDC said the social network have used its dominance and should be broken up. The same judge had dismissed the case in June, but now says the agency has established that Facebook exercises monopoly power. Facebook said the evidence will reveal the weakness of the government's case. Opponents of a planned commercial spaceport on the Georgia coast have asked a judge to stop local officials from buying

land for at the commercial launch pad. They want a special election that will let voters decide whether the deal should happen. Officials have spent years pursuing Spaceport Camden, calling it a once in a generation opportunity that would boost the economy not only by launching satellites into orbit, but also by luring supporting industries and tourists. Opponents say there's

no guarantee the project will deliver economic growth. Sony will keep making PlayStation four consoles this year because the supply chain disruptions that have limited output of the more expensive PlayStation five. The newer version has been in short supply since it was released more than a year ago. The older console uses less advanced ships and is easier to make. And that's the Bloomberg n j I t Stem Report. Nathan,

Thank you, Karen. We're live from the Bloomberg Interactive Brokers studios where it's almost six fifty one on Wall Street and time to check what's going on in d C. Some of the top stories from our nation's capital include FED Chair powells assurances that the FED will curb inflation while doing no harm to the economy, President Biden pitching voting rights as allies call for less talk and more action, and the White House ramping up COVID test production even

after demand fades. Also making news, Democrats considering a way to move voting rights that could be described as out of this world. We'll get to the that story with the reporter who broke it, Bloomberg. Government's Emily Wilkins wanted to get to that story shortly, but first, Emily, we got to talk about Chairman Powell's testimony before the same Banking Committee yesterday. Yes, yes, the term. His main message on inflation was look that that is going to have

this under control. He really did see to reassure lawmaker making going down. The inflation that we've seen rising up over the past month, could see rising up again today when the next CPI numbers dropped. Um. It was a

two and a half hour hearing. There really wasn't any testy exchanges between Powell and lawmakers, even though, of course you kind of have this dividing line where you have Democrats who want Powell to do more to help individuals versus Republicans who are concerned about the amount of simulus

funding that's going into the economy. Um, the power really did tie a lot of what's happening with inflation back to what we're seeing with the supply chaine and suggesting that when the COVID eases again, when the supply chain is able to catch up a little bit, that's and we are going to see inflation going back down. So not a lot of friction for Chairman Powell at the hearing, But could we see more friction when it comes to some of President Biden's other Fed nominees. We're hearing some

blowback around the President's pick for top FED regulator. Yes, Sarah Bloom Raskin, the vice chair supervision over at the Federal Reserve. Her nomination from Biden has been praised by several Democratic centers, mostly due to our records on climate change. But that same record is bringing criticism from Past Tuney,

who's the top Republican on the Senate Banking Committee. Uh, he's concerned, elearned that Sarah gloom Reskin might wind us using her position to really don't push more policy related to climate change rather than say, focused more on the job in and of itself. Uh. He said a letter yesterday that he has serious concerns that she would abuse

the FED narrow statutory mandates on monetary policy. This might not mean anything if enough Democrats are still in favor of resting domination she needs to see to go through. But it's notable that climate is the sticking point here because Senator Joe Manson is one of those fifty Democrats whose votes is needed. Obviously comes from West Virginia are really known for its coal production, and this could wind

up being a problem. I would say that the question mark is not so much around pet to me, Uh, it's much more around Joe Mansions. Interesting you mentioned Senator Mansion because he's also potentially pivotal vote when it comes to voting rights legislation. We're continuing to get the reaction to President Biden's speech in Atlanta yesterday how to do

with the Base. It didn't do very well. Then Double Act really said after the speege that the time to talk was was up and it's now time to act, and that they really want to see action from President Biden. That going to Atlanta and making these speeches. None of that is enough for a lot of Biden's core supporters.

They say that they need more from the president. The difficulty is here is that Democrats hands are pretty much tied at this point unless Mansion Cinema changed their mind about the changing Senate procedure Senate vote for how the Senate vote, which is something loemakers are working on right there, trying to meet with Sema. We had an overra called Mansion Um. They're trying to complete these minds, but it's just not happening at this point. Well. Makers are beginning

to discuss a potential legislative work around UM. Obviously, the Senate, they have a ton of procedural vote. It's on those for mutual votes that other voting rights legislation has died. So there's been discussion now about using a bill that has nothing to do with voting rights. It has to do it with NASA, and the bill has already passed the Senate and went back to the House. The House is potentially going to pass that bill back to the Senate and that would allow it to skip some of

that process. The Senate could then put texts inside that NASA bille that has to do with voting rights, and maybe the engine moved forward on having a debate. It's not guaranteed that it feel like that would pass because it gets some process but not all of it. But it would be a way for Senators to really begin to actually discuss the meat of the voting rights legislation, where in the past they've they've really been signing by process by the process too early to ever actually really

be able to discuss the merits of the bill. Yeah, tucking it into a NASA bill that would be quite the work around. Emily. Finally, in our last minute here, let's look at the COVID response at the White House. You've got a little new more news this morning when

it comes to testing. So the White House, knowing that they're under heavy criticism for what happened with testing uh in the rot thro and the rise of the O macron, they vows that they're going to wind up producing the tests in large numbers even after the omicron variant surge is no longer here um the floods that they want to make sure that they are ready for the next time there's a potential surge. They want to keep Americans

from waiting in long lines. UM. And they've also begun to roll out the plans to ship five hundred million at home testing cats the households that needs them. UM. Details are still coming about that website. We're expecting to see more than this week. But this is really divide administration kind of late to the game here, but trying to respond to the concerns around testing that a lot

of Americans have been experiencing in recent weeks. All right, Boomber Government reporter Emily Wilkins with the exhaustive update this morning from the nation's capital. As always, Emily, thank you. You can read more about these stories on Bloomberg dot com or on the Bloomberg terminal, and listen to Bloomberg Radio in Washington Bloomberg and one oh five point seven fm h D two. Right now, SMP futures are up five point staff futures up forty one, NASTACK futures higher

by thirty three points ten. Your treasury is down to thirty seconds. The yield one point seven four percent yield on the two year right now point nine zero percent. Nim X screwed is hired by eight tenths per cent or sixty six cents at eighty one eighty eight cents of barrel comes gold down to dollar fifty eighteen seventeen, even announced the euro one point one three five nine against the dollar. The end one fifteen point four two

bitcoin just shy of forty three thousand dollars. Bloomberg surveillance is up next for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg