Bloomberg Daybreak: January 20, 2022 - Hour 1 (Radio)

has the latest. Michael. The National Weather Service has a winter weather advisory effect for the city in parts of New Jersey this morning. A coal front is going to cross the area. That's gonna change any rain over to some wet snow. Right now, it looks like the accumulations will be limited, according to Mabe, as much as two inches, especially across some of the higher hilltops in northwestern New Jersey.

Precipitation should be done by midday. Temperatures will be falling, so folks need to be careful because there will be some slick spots, especially this afternoon. Michael, Thank you, Rob. New York Mayor Eric Adams has enough is enough after an eleven month old child is in critical condition stable, but she was struck in the face by a stray bullet. The child was in a parked car with her mother while her father went into a grocery store. Police say

a man chasing another ran and opened fire. A bullet struck the child in the bronx. Adams, who campaigned on a pledge to make the city safer, spoke to reporters after meeting with the girl's parents at the hospital. It was a total disregard for the innocent people who are walking into these streets. This is not the city how children should grow up in here. Adam says he's going to stay in the streets until the city is safe. New York City officials want to send drivers and cyclists

a message lacks enforcement of traffic rules is ending. Mayor Adams said the city is launching a multime million dollar ad campaign, the highlight pedestrian safety initiatives, and a new traffic rule requiring cyclists and drivers to come to a complete stop at all intersections. New Jersey Governor Phil Murphy says he will require healthcare workers and employees and nursing homes and prisons to get fully vaccinated and boosted against COVID nineteen, dropping an option to either get the shot

or be tested. This is an unfathomable number. Roughly five thousand New Jersey ands have tested positive for COVID, and overwhelmingly with the omicron variant. Governor Murphy says that healthcare workers who are unvaccinated will have until next Thursday to get their first shot. Global News twenty four hours a day on air and on Bloomberg Quickday, powered by more than twenty journalist and analysts in more than a hundred twenty countries. I'm Michael bar This is Bloomberg. Thanks Michael,

five O nine on Wall Street. Time for the Bloomberg Sports Update. Good morning, John Stan, John all right, Good morning, Nathan. Rangers were on a long road trip one three or five back at the Garden first time in over two weeks. Another win for the Blue Shirts. Chad wins the face off back at the Point Troup, but with a shot, and they beat Toronto six to three. That the UNPN had the call. It's their twenty sixth win of the season, only ten losses. Devils lost their third row beat at

home by Arizona four to one. Nets in Washington, a road game. That means the Kyrie Irving game. Good thing for Brooklyn. He scored thirty points nets hung on top the Wizards one eighteen the Marcus Aldridge at seven, Nick Arrow and two on This home stands to night they take on New Orleans and Philadelphia. Last night the Sixers Joel Embiid played only twenty seven minutes due an injury, still scored fifty points in a win over Orlando. Another center,

Nicola Yokis. He had forty nine and a triple double in Denver's two point win over the l A Clippers. The l A Lakers Keith losing. They fell at home to Indiana lebron and the Lakers have lost four or five. They are under five hundred. They say they have no plans to fire their coach, Frank Vogel. St John's went out to Omaha, got blown out by Creighton eighties seven sixty four. In Villanova was upset at home by Marquette. Rutgers top to Iowa to forty six. Australian Open. Daniel

Medvedev the two seed the Tops. The course was no back Tokovitch. He's doubt and may be had played now against fiance Nick Krios Medvedev won the first setting the tidebreaker, Who's up five four in the second. The Giants don't have a general manager yet. They have received permission to interview a coaching candidate, Dan Quinn, former Atlanta coach now an assistant in Dallas. Johns they actually were Bloomberg Sports Nathan, Thank you John, with the nastac now in correction. Territory

futures are moving a touch higher this morning. SMP futures are up seventeen points, Staff futures up a hundred nine. NaSTA futures are higher by ninety four points. The tenure treasury is up eight thirty seconds, the yield one point eight three percent. President Biden defends his first year record analysis of his end of the year news conference, next with Greg Valier of a GF Investments. This is Bloomberg Bloomberg eleven three oh weather winter weather advisory till this afternoon.

Temperatures falling through the day as we deal with a wintry mess and accumulation of an inch or so. Partly sunny cold tomorrow only low twenties. Markets headlines and breaking news twenty four hours a day at Bloomberg dot com. Of Bloomberg Business out hand at Bloomberg Quick Take. This is a Bloomberg business flash and I'm Karen Moscow. Europeans stocks reversing initial gains as the global sovereign bonds sell off, pauses and investors turn their focus to corporate earnings. US

DOT index futures. Meanwhile, they're moving higher. And we checked the markets every fifteen minutes throughout the trading day on Bloomberg SMP futures of seventeen points down. Futures have a hundred fod NASDAG features of ninety five. The decks in Germany's down to tenths of upper cent. The ten year treasury of nine thirty seconds, he had one point eight three percent yield on the two year one point oh

three per cent. Nimex scrude oils done about two tenths per cent or thirteen cents at eighty six dollars eighty three cents of barrel comex school down two tenths per cent or four dollars ten cents at eighteen forty one forty announced the euro one point one three or nine against the dollar. British found one point three six too white and against at one fourteen point three to bitcoin

this morning at forty one d thirty dollars. Today we are watching for the weekly report on initial jobless claims at eight thirty. Wall Street time. Existing home sales are at it ten. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael,

Good morning, Good morning Karen. President Joe Biden says he thinks Russia will invade Ukraine during his news conference yesterday byt and also warned President Vladimir Putin that his country would pay a dear price in lives lost and a possible cut off from the global banking system if it does. As for NATO, the likelihood that Ukraine is going to join DATA in the near term is not very like. President Biden also said a minor incursion by Russia would

elicit a lesser response. He later sought to clarify that he was referring to a non military action such as a cyber attack. Voting legislation collapsed in the Senate after a raw, emotional debate. Democrats were unable to change Senate rules to push past a Republican filibuster. In the NBA, the Nets beat the Wizards one eighteen, The Celtics lost

in the NHL, the Rangers won the Devil's Lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalists and analysts more than twenty countries. I'm Michael Barr. This is Bloomberg, Nathan. Alright, Michael. Thanks, It's five nineteen on Wall Street Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Day Breaking for more on all that's happening in the nation's capital. We're joined by Greg Valier, chief

US policy strategist at a GF Investments. Greg. Good morning. I think it's safe to say a lot of attention is still on President Biden's comments when it comes to Russia at that long news conference yesterday. What stood out for you from what the President had to say, Well, good morning, Nathan. Obviously, the Russia Ukraine contents were astonishing. It was a decent two hours. In many other respects.

We got some new thinking from Biden on his legislatest strategy, g on the election, but all of that stuff will be forgotten. What people will remember is what he said about Putin and when it comes to Russia, the walk back that we heard from Michael Barr in the News, they're sort of clarifying whether the response would be to a military incursion as opposed to something in the cyber realm or something lesser. What's the difficulty for diplomacy now

after the President's comments? I think it complicates things. And you know, if you're a president and your own people have to issue a clarification a couple of hours after you make a statement, that's never a good thing. And I think that today Lincoln and others are going to have to clarify to our allies what Biden actually meant. But I think Biden revealed what he's thinking, that if it's just a minor incursion, will be just a minor response in his own line. That that I think had

Biden's advisors aghast and they had to clarify it. How will Russian President Vladimir Putin respond? In your estimation, I think Putin must think he died and went to heaven. So now we've got three successive presidents who have not been tough enough. Barack Obama had meek sanctions after Putin went into crimea uh. Donald Trump, of course was a lapdog for Putin, and now you have Joe Biden saying we might just have a modest response. So all three of the last of three presidents I think have not

handled Putin very well. How is it gonna stir NATO? I think NATO has got to be aghast as well. NATO has to worry that Putin will continue to be a threat. And what's next if Putin goes in and take some of eastern Ukraine? Is there a new threat to you know, Lithuania, Latvia, Estonia? Is there a new threat in other parts of Central Europe? I think this has to make our allies in that part of the

world very concerned. Let's move on to the domestic agenda, because you mentioned that we got a little bit more a glimpse into the president's thinking when it comes to strategizing the domestic agenda going forward. It was very interesting to hear the President say that he feels like he's on the right track despite pulling that shows otherwise to a to a great extent. So where do things go

from here now? Well, on this which would have been the big story had it not been for Ukraine, I do think that there's some chance that Biden can get parts of his Build Back Better bill enacted. Joe Manchin would be happy to get pre K stuff expanded Obamacare, even some environmental spending, and even Kristen Cinema I think could come along. So on this front and getting more done,

I think there's a decent chance that Biden can prevail. Well, it's interesting as well to hear the President say that the Build Back Better plan as structured before would do more for inflation, at the same time saying that it's up to the Federal Reserve to get prices under control, and seeming to support the more hawkish turn it's taken. Is the President doing enough to address the concerns that many Americans have about rising price pressures. I don't think

you can do much. I think it will persist with the supply chain story. I think will stay bad for another six or seven months. So we have to show some empathy, and he did. But the idea to build back Better programs would help inflation. When you've got an economy this hot, I'm not sure you need to spend a lot more money. So in our last thirty seconds here, Greg, there was a lot of thinking that the President needed to recalibrate heading into a second year. Did this news

conference do it in parts? Yes, if you listen carefully to the entire two hours of his presentation, But that will all be forgotten. What people will remember is what he said about Ukraine. All right, Greg Value, a chief US policy strategist at a GF Investments. Good to have your thoughts this morning after that long news conference that we are going to be talking about for some time.

Looking ahead to the market, open futures are moving higher with the NASTAC incorrection territory Right now, SMP futures are up twenty one points down futures up a hundred thirty NASTAC futures are higher by a hundred thirteen points. The tenure treasury is up ten thirty seconds, the yield at one point eight two per cent, and NIME ex s crude oil is down two tenths percent at eighty six dollars seventy nine cents of barrel. Just ahead, is this

market relief? And how's the five G rollout affecting airlines. We'll have all that and more as we check your top stories of the morning. This is Bloomberg Bloomberg eleven three oh weather win your weather advisory. Rain for now, but it's gonna change into a wintry mess. Highs in the low forties early by tomorrow will only be in the low twenties upper twenties for Saturday. Currently rain and

forty degrees. Broadcasting wide from the Bloomberg Interactive Broker Studio in New York, Bloomberg E Living Freedom to Washington, d C, Bloomberg nine to Boston, Bloomberg one O six one to San Francisco, Bloomberg N sixteen to the Country Sirius XM Chadle one nineteen, and around the globe the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak, and it's five thirty on Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow, and we're 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 hour of US futures are higher and bond yields are lower following yesterday's sell off. We get more on the market action live with Bloomberg's John Tucker. John Good Morning, Karen Appy yesterday's one percent slide for the nast Act. The index is now down over ten percent from its November high. There may be some relief though.

Bonds are stabilizing today, and earning season has delivered positive results from companies like Morgan Stanley, United Health, and Procter and Gamble. Still, strategist at HSBC are cutting the recommendation on US stocks from overweight to neutral. Live in New York. I'm John Tucker Boomberg Daybreak. Okay, John, thank you. Politics is also a major focus this morning. President Biden's pushed for voting rights legislation has collapsed. Senators Joe Mansion and

Kirsten Cinema broke with Democrats to kill the bill. Still, Vice President Kamala Harris is not giving up. The President and I are not going to give up on this issue. This is fundamental chary democracy and it is non negotiable. Vice President Harris says they'll look to pass a smaller voting plan instead. Meantime, Nathan President Biden held a wide ranging news conference to end his first year in office. The President said he's outperformed expectations, but at misfrustration from

a rising prices and the pandemic. He also says tensions with Russian President Vadimir Putin could come to a head over Ukraine. I'm certain what he's going to do. I guess is he will move in. He has to do something. President Biden says Russia will be held accountable if it invades Ukraine. Outside politics, Karen, We're focused on the controversy will roll out of five G. So far, the country's avoided major airline disruptions tied to the service. Bloomberg Jornita

Young joins US Live with the latest. Good morning, Rinia, Good morning Nathan. The f a A is clearing about sixty two percent of the US aviation fleet to operate at airports without fear of five G interference, and the new safety measures also increased the number of airports where flights can safely operate. While the US avoided major disruptions on the first official day of five to service, the

f a A warns that disruptions are still possible. Live in New York, I'm Nita Young, Bloomberg Day Break, All right, rened to thank you and back to the markets. This morning, the focus remains on earnings. We get results from Netflix after the closing Bell and the company projects a gain of eight and a half million subscribers. Bill Bloomberg Intelligence

expects a lower figure. Futures this morning are high R S and P futures up about eighteen points and Dow futures up ninety eight and NASTAG futures a one make. NASTAG futures are up a hundred and Dow futures up one hundred twelve. Straight to head your latest local headlines plus a check of sports, and this is Bloomberg. Thanks caring. It's thirty three in Wall Street, rain and forty degrees

in Central Park. It is slippery, and we got an accident on the northbound West Side Highway to hundred fifty eight. Details on that and more coming up in traffic. First Michael Barr with what else is going on in New York and around the world. Michael, thank you very much, Nathan. New York Mayor Eric Adams says enough is enough after an eleven month old girl was struck by a stray

bullet last night in the Bronx. The child, who was in critical condition, was with her mother in a parked vehicle while her father was in a nearby grocery store. Police say an undunified man apparently opened fire while chasing another man in the street. Adams, who campaigned on a pledge to make the city safer, said he met with the girl's parents at the hospital. Doesn't matter to me if it's a police officers shot or if it's a

baby shot. I'm going to stay in these streets until this city is safe, Mayor Adams, as the shooter is on the loose. New Jersey Governor Phil Murphy is requiring all workers in healthcare settings and high risk congregate living facilities to be fully COVID nineteen vaccinated and boosted. Murphy also says he is eliminating a test out option and

Omicron tsunami has washed across our state. While it appears at Omicron the that the Omicrons tsunami is finally pulling back, we are in no position to say we're on dry ground. Governor Murphy says. Those in the healthcare community who aren't vaccinated have until January to get their first vaccine does and the second shot by February. Workers in nursing homes and other congregate living facilities, including prisons, we'll have until

March thirty to get their second shot. The U. S. Supreme Court denied a request from former President up to shield as presidential papers from the congressional committee investigating the January sixth attack. There was one vote in discent. Justice Clarence Thomas Delaye. Maxwell formerly asked for a new trial after her lawyers raised concerns that at least one of the jurors who convicted her of sex trafficking didn't disclose during pre trial screenings he was sexually abused as a child.

The British socialite was found guilty last month of helping to sexually abuse underage girls. With Jeffrey Epstein, Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist analysts and more than a hundred twenty countries. I'm Michael bar This is Bloomberg, Nathan Michael. Thank you on Wall Street time for the Bloomberg Sports Update with John Stetshew. Thanks. Faith

In the criticism of Kyrie Irving continues. The latest away in Hall of Famer Dave Bing, who said Irving is letting his teammates down. One of those teammates, James Harden, recently joked that he's going to in jet Kyrie with the vaccine himself, but there are no indications Kyrie will change his stands, which means will continue to play only on the road. The Nets are playing a lot of road games right now. Last night they were in Washington.

They topped the Wizards one nineteen one eighteen. Irving scored thirty chipping in in the first half. You know it's going being aggressive and then um, you know, kind of pasting myself in the second half, just trying to put too two solid halves together at this point. Um, And I think once I do that, I'll feel a lot more complete. But in terms of where we are as

a teams. Could Stutty win despite Irving playing only part time and now the Kepa Durant injury, that's only a half game out for first in the East, Nick Sun tonight for New Orleans. Last night at the Garden, other Rangers win. They were down three one. They beat Toronto six three, two goals for Adam Pops and two for Ryan Reeves his first two of the season. Devils lost at home to Arizona four to one. St. John's beating soundly by Crate in eighties seven sixty four at Rutgers,

Ron Harper two free throws with two seconds left. Rutgers won a low scoring in affair with Iowa. Andy Murray, trying to make a comeback at age thirty four, Riddled with injuries the last few years, he lost his second round match at the Australian Open, where right now Daniel Medvedev is up two sets on the Austine Nick Terios Battle of Americans Taylor Fritz Pete Francis TFO. Fritz then heard his leg when celebrating the victory, says he'll be

fine for his next match. John Stash, Edward Bloomberg, Sports Lincoln, Thank you John. It's thirty seven on Wall Street time for the Tri State Business Report. Here's Bloomberg's cory. A lot of people quit their jobs last year. A report by Chamber of Commerce dot org shows resignations were at the lowest rate in New York, at one point eight percent. The website reports about one point six million New Yorkers quit their jobs last year. About four and a half

million Americans quit their jobs in November of one. Plug Power is working with New York officials on possibly creating a federally backed hydrogen hub as states by for eight billion dollars in US funding for the cleaning fuel projects. The federal Infrastructure package signed into law last year set aside money for at least four hydrogen hubs nationwide. New York City's transit system is looking to delay fair increases for the second consecutive year thanks to better than expected

state revenue collections. The moves intended to bring riders back to its network of subways, buses, and commuter rail lines. Than your Bloomberg Try State Business Report, I'm in Corey, all right, and thank you. It's five thirty eight on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong. Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations

around the world. I'm Steve Potaskan on Chenchen Wins in New York. We're talking about the pandemics still doing a number on the housing market in parts of the metro area. Um for Nitanaho on w h S and Louisville. Toyota's COVID destructions deepen with more plants had the virus. I'm calihead called BlueBag d a b Dishal radio in London Bobus City for asking London Off to come back to the office three days a week as the government tops what from guided I did? Cory on w o AI

and sant Antonio. I'm reporting Duras software it acquired California based Secure video and those are some of the stories our Bloomberg journalist and analysts are working on this morning around the world. It's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. When he took office one year ago, President Joe Biden faced extraordinary challenges, a global pandemic, a teetering economy, and bitter partisan divisions.

How has he done? The economic recovery during his first twelve months has been impressive. To be sure, output has rebounded and unemployment has fallen to less than four percent, But Biden has also disappointed in important respects. The gravest threat to the nation now is not COVID nineteen, but the possibility that America's creaking machinery of government might break down altogether. The president's most important job is to restore

some semblance of national unity. Unfortunately, Biden hasn't tried hard enough to push Democrats and Republicans to work together. The president needs to remember that he promised to move on from Trump's poisonous politics and start mending the country's divisions. That's why he was elected, and no task is more important. This editorial was written by the Bloomberg Opinion Editorial Board.

I'm David Shipley. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or op and go on the Bloomberg terminal. These has been Bloomberg Opinion. You can hear Bloomberg opinion editorials every weekday at this time. Terminal customers can read more at O, P, I, N GO, and we will have more analysis of President Biden's first year in office. His end of that first year news conference.

Will be speaking live with Wendy Schiller, director of the American Center for Politics and Policy of the Topman Center at Brown University. Right now, SMP futures are of eighteen points, sound futures up a hundred eleven and nastic futures hired by nineties seven points. Bloomberg eleven three oh Weather Winter Weather Advisory RAIN will turn over to snow this morning. Temperatures will fall through the day. By tomorrow, we're only going to get into the low twenties mix of sun

and clouds, upper twenties by Saturday. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business aland at Bloomberg Quicktape's a Bloomberg Business Flash and I'm Karen Moscow. US stock index futures are higher this morning. European stocks are lower as the global sovereign bonds sell off, pauses and investors turn their focus

to corporate earnings. We checked the markets every fifteen minutes throughout the trading day on Bloomberg SMP futures up nineteen points this morning, Down futures up a NASDACK futures up ninety eight. The decks in Germany's down a tenth of upper cent ten. Your Treasury up eight thirty seconds, held one three percent. They yield on the two year one

point oh three per cent. NIMEX Screwed oil is down half per cent, or thirty nine cents at eighty six dollars fifty seven cents of Barrel Comic School down three tenths per cent. Or five dollars eighty cents at eighteen thirty nine, the Euro one point one eight against the dollar, British pound one point three six to one. The ends at one fourteen point to six in bitcoin this morning at forty two dollars. And as a Bloomberg business flash, now here's Michael Barr with more unless going on around

the world. Michael Karen, thank you very much. Despite a last minute attempt from Senate Majority Leader Chuck Schumann or ovalhaul Senate filibuster rules, voting rights legislation is once again failed in the Senate, Republicans of block voting rights legislation. There was Senate debate, but every single Republican went on the record voting against it. The U. S. Supreme Court cleared the way for some of former President Donald Trump's White House papers to be turned over to a congressional

panel investigating the January sixth capital attack. The Justice has rejected Trump's bid to block the release on grounds of the executive privilege. In the NBA, the Nets beat the Wizards one nine eighteen. The Celtics lost. In the NHL, the Rangers won the Devil's Lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalist and analysts more than a hundred twenty countries. I'm Michael Barr, and this

is Bloomberg Nathan. Thanks Michael. It's almost nine on Wall Street. Live from the Bloomberg Intractive Broker Studios. This is Bloomberg Daybreak. I'm Nathan Hager. President Biden enters his second year in office today with a promise to stay on track even with COVID surging, inflation on the rise, and his domestic agenda stalled on Capitol Hill. We have faced some of the biggest challenges that we've ever faced in this country these past few years. Challenges to our public health, challenges

to our economy. We're we're getting through, the president spoke in a wide ranging news conference to mark the end of his first year in office. For more, we're joined this morning by Wendy Schiller, director of the Tobin Center for American Politics and Policy at Brown University. Professor Schill, it's good to have you with us this morning. There is a lot to unpack from the President's news conference yesterday lasted nearly two hours. What stood out for you well, Nathan.

I think it's a good use of term wide ranging. It was nearly two hours helping, an hour and fifty minutes that press conference. I mean, it's a couple of good things. To Biden is one, as he showed command of everything, all these issues, all these difficulties, all these crazies, and he was on top of his game. Um, you know,

he knew what he was talking about. In fact, that that may be one of the problems the President Biden is that he's so experienced that when reporters pushed him on will you change anything, will you do anything different? Will you will you fire anybody? Or they said up more nicely than I did, um, will you make his staff? Changing? In terms of messaging, for example, your messaging is not getting out and he just seemed really resistant to that.

So I think there are pluses for him, but I think that's a big minus because when things are bad, people want to see government tivot or to make a change or respond in some way, and even just shuffling people around in terms of messaging would be a signal all But he acknowledges that there's some work to do, and the President seemed to think that his agenda the way he's framed it is the right way to go. At the same time, though, as you mentioned, he is

facing uh, pretty significantly low poll numbers here. Is it enough, as the President said that to go out and talk to people more about what's working and where he wants to take the country or does he need to do more? Well, I mean it's I don't know. It's it's certainly a component of what he thinks he needs to do in terms of getting out of Washington and explaining, but it's

it's endemic to the entire Democratic Party. You know, there are things that he's gotten done that are very very important, like infrastructure for example, like like the beginnings of COVID relief and vaccinations, and there's lots of things to tout to say, we're trying to make your individual life better and get through this and his party and he they're not doing it. They're they're really playing to an inside

Washington kind of atmosphere. You know, he tried to blame the Republicans, which actually is an effective campaign platform, which is, you know, what do you stand for? What will you do? And that's the big Achilles deal for the Republicans that Biden. You know he's trying to get to, which is, once the COVID pandemic eases, eases, it doesn't go away, but eases. What the Republicans going to do? What are they going to run on? No more mask mandates, no more vaccine fights,

you know what's left? And um, I think that's a pivot the Democrats haven't made yet. Even I'm killing voting rights, Well, what are you going to do to protect our electoral system? So I think that in that sense he needs different people. Uh. He himself said, I need to pivot more from being

a senator senator president to a president. I thought I could be the same kind of negotiator I was in the Senate, but I'm president now and we need to see him using those executive powers and that's executive um vantage point to sell his program better. And I think he understands he needs to do it. Whether he does and he has the right people around him, that's a

big question mark. It seems like we got a glimpse of that negotiating style yesterday when the President was asked about Russia, the tensions with Ukraine and seeming to open up some of the divisions or differences of opinion within NATO about how to respond depending on what Russia does against Ukraine. Did the President make diplomacy more difficult after

his comments about Russia yesterday. I think he did. And I think this is the shadow of President Obama's red line with Syria on chemical weapons, when he sort of said there's a red line in the sand, you can't cross it, and then of course I saw did use chemical weapons and United State didn't do anything really of note, and I think Biden was it's just laboring under that shadow, which is, don't promise what you can't deliver, which is exactly what reporters were sort of not beating up on

him on, but asking him about in terms of his campaign promises to the American people. So if you say, if you do this, we will do that to to putin UM and you can't or you won't and you don't have the NATO support for it, then you're back or you started from and it damages your credibility going forward. So I think that he was trying to avoid that yesterday, but I think he obviously slipped up by insinuating that

we'd be okay with a minor incursion into Ukraine. UM so unfortunately that I don't think it went well for him. So in our last minute here, Wendy, where do you see the president taking his second year? Did he do enough at the news conference yesterday to sort of recalibrate? Well, you can't, you know, Nathan, we all know he can't recalibrate in a single day. But I think one thing that if you watch the whole thing, you realize is these sort of attacks on his mental fitness. So he

doesn't know what's going on. I mean that that's just empirically not true when you look at how he performed yesterday. Um, whether he can actually make the changes he needs to do to bring people in that can tell him how to use executive power and executive messaging rather than the way he was used to in the Senate, that's going to be the big test of his presidential management style. And at the moment we don't see any signs of that.

But you know, all presidents make changes in their second year, typically, particularly if it's not going well. So we'll have to see a president Biden decides to do something, all right. Wendy Scholler, the director of the Todman Center for American Politics and Policy, at Brown University. As always, thanks, thank you for your insights on what's happening in the nation's capital.

Karen all Ry Nathan thank you. At its five fifty four on Wall Street time for our daily Bloomberg Law Brief exploring legal issues in the news, and today we're looking at a Supreme Court decision tied to the First Amendment. Justices seem prime to rule against Boston for refusing to allow a conservative Christian organization to fly a flag in front of city Hall. It's part of a program that allows third parties to temporarily fly flags at the location

during oral arguments. Justices across the ideological spectrum seemed to think Boston had created a quote public forum for more in the case, Bloomberg's Jon Grasso speaks to First Amendment expert Eugene Vloka, professor at u c l A Law School. You can explain the main issue here, The question that the court is facing is doesn't have to at that point except really all proposed flags on the theory that it's created a limited public forum where it can't exclude flags,

for example, because they're religious. The particular claimant here wanted to put up a Christian flag, or whether there's no public forum and it is all government speech. Even when the government puts up other people's flags, it's endorsing them. And then it gets that they can choose and it could say, you know, we don't want to endorse Christian flag, we don't want to endorse some other flag and the like.

So that's the question of the court is facing. Is this a limited public forum where viewpoint discrimination is unconstitutional? Or is this government speech in which the government can can choose which viewpoints And it turns out at least from the argument, but I think also from the briefing that very much turns on just how in particular the

city has organized this particular program. I say, because all the justices agreed that the city could say, look, we're going to be really choosing about which flags we fly. You know, both cities are only choose to fly flags of the United States of the state in the city. So everybody agrees the city could do that. The question is whether the city did do that here or whether it took such a lot of their attitudes, like we put up pretty much everything the cremently that never rejected

some other flag before that. It shows that between that and the way that it framed its policies, it shows that it deliberately opened up a limited public form. So the way the City of Boston has it set up right now, would they have to fly a flag with a swastika on it? If the answer is that the city set up a limited public form, the answer is definitely. In a limited public form, the city can't discriminate based

on the viewpoint. It can't discriminate against pro Nazi views, it can't discriminate against pro Communist views, it can't discriminate against pro jo hottest views. So if the city set up this limited public forum, then then that kid would have to fly the flag. And as you see, l A law professor Eugene Viloks begin with the Bloomberg's during Grasso. Catch more of that interview plus analysis of the latest legal news by listening to The Bloomberg Law Show at

ten pm Eastern Time. Are subscribing to the Bloomberg Law Podcast, and attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com. And futures this morning are on the rise. Right now, SNP futures are up twenty points down. Futures of a hundred twenty four and Nasdag futures have one hundred seven and 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.