Bloomberg Daybreak: January 31, 2022 - Hour 1 (Radio)

North Korea confirms the test fire, a mid range ballistic missile. Over the weekend on Like Lablar More AHLF, I'm down, Statstower and sports on the the Bengals and Rams playing Super Bowl fifty six in l a I win for

the Rangers, the Islanders locked. That's all straight ahead on Bloomberg day Break on Bloomberg eleven three oh New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixty, San Francisco, Syrius Hexham one nineteen and around the world Long Bloomberg Radio dot Com and via the Bloomberg Business Set. Good Morning, I'm Nathan Hager and I'm Karen Moscow and US futures are mixed to start

the week. We're coming up to five oh one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On bloomberg S and P futures up less than a tenth of upper cent up three points now, dwal Future is down fifty and Nastack Future is up eighties seven. The ten year treasury down two thirty seconds. He had one point seven seven percent. They

yield on the two year one point one and nine percent. Nathan, Karen, we begin with the Fed this morning in speculation about whether a rate hike in March could be bigger than initially expected. Let's get the latest live from Bloomberg's rned A Young. Good morning, Da, Good morning Nathan. The FIT could raise the benchmark rate by fifty basis points if

there's a need to be more aggressive when inflation. That's what Atlanta FIT president Raphael Bostick told The Financial Times, adding that all options are on the table for every FIT meeting this year if needed, but he stuck to his prediction that three quarter point increases starting in March is the most likely scenario this year. Meantime, Goldman Sachs Presents predicts the Fed will raise interest rates by twenty five basis points five times this year. Live in New York,

I'm Gornita Young Bloomberg Debreak, Thanks Nita. As we spend the next six weeks reading tea leaves from the Fed, will get a concrete look at the labor market. This Friday, the Fed and investors will be paying close attention to the January Johns are Board. We get a preview from Bloomberg's Vinny down judas the data could provide insight on

the highly contagious Armicron variants impact on the economy. Economists are forecasting a temp at December increase one hundred seventy five thousand or so after November's weeker than forecast, showing jobless claims jumped last month as COVID nineteen four business is the closed temporarily. You're throwing the towel after two years of pandemic turbulence. Vinny Dolt Judais, Bloomberg Debreak. Okay, Vinny, thanks down Asia. Overnight we got a temp in reading

on the world's second largest economy. China's manufacturing sector expanded at a slower pace in January. Bloomberg Daybreak Asia anchor Brian Curtis has the details. The official p m I declined to fifty point one, that was just above the estimate of fifty. The non manufacturing gauge fell to fifty one point one, also just above the forecast. A number of issues here a seasonal slowdown, COVID nineteen outbreaks and

a weakening housing market. Also, the government ordered steel plants to cut output that's to reduce air pollution ahead of the winter Olympics. In the meantime, that taishin pm I dropped to forty nine point one, and that was the worst in almost two years. Brian Curtis, Bloomberg day Break, Brian, thank you. In Europe, central banks and economic data are

also and focus. This week we get a key rate decision by the Bank of England On Thursday, we got live to London and get the latest with Bloomberg's You and pots You and good morning, Good morning, Karen and Nathan. The UK could be heading for its first back to bat right high in seventeen years. Economists in Bloomberg's survey reckon the Bank of Englam will raise its key industrate to no point five percent this week. Forecasters also expect the central banks to confirm to confirm it's to stop

reinvesting in bonds that are matured. This comes to the banketting and battles surging inflation now at five point four percent, the highest in thirty years in London. I'm you and part splom Bog day break, alright you and thanks. Politics are also center stage in Europe. After six days of voting in Italy's parliament, Sergio Matrella has been re elected president. We get the details from Bloomberg's fancying Lakwa. In Rome, after almost a week of filmed votes to elect an

alternative candidate was reelected. As it to these President Mario drag the prime minister. It was initially seen as a top contender for the job and he made it clear he would be keen to become head of state, but lawmakers and fear to return to political germ oil without drug as prime minister. In the end, it was drawing himself whilst Mattreela to remain in office, bringing the week long stalemate in Rome. Francine la Well Bloomberg day Break Francine,

Thank you. Geo political tension in Eastern Europe. Also on the agenda this week, the United Nations Security Council meets today. Regarding concerns about Russia invading Ukraine, Bloomberg said, Baxter has the story. The Pentagon says Russia continues to build up troops on a day to day basis. US Ambassador of the UN Linda Thomas Greenfield says today is actually a chance for Russia. Are the reason we're calling for this meeting on Monday. Uh is one more opportunity to find

the diplomatic way out for for the Russians. But she says, the others are to talk further actions from sanctions to troop build up and to see where other nations stand. In San Francisco, I'm at Baxter Bloomberg day break. All right. Thanks to attention over Ukraine, along with sustained global demander giving a lift to oil, crude is on course for its best January in three decades. In fact, oil has

been hired for six straight weeks. Checking prices now, West Texas intermediate cruds up five tenths per cent, or forty eight cents at eighty seven dollars twenty eight cents. Barrel Brent is hired by eight tenths per cent at ninety seventy four cents. Well on the corporate front, this morning, Nathan, Spotify is in a spotlight. It's responding to controversy over COVID misinformation from Joe Rogan's podcast We Get the Story

from Bloomberg's Lisa Mateo. In an Instagram video, Rogan apologized and pledged more balanced and better research for his podcasts. The comments come after Spotify outline steps it will take to halt the spread of misleading information about COVID. Rogan has hosted several outspoken skeptics of the vaccine. Last week, singers Neil Young and Joni Mitchell pulled their music from Spotify to protest Rogan. Almost four billion dollars was wiped

from Spotify's market value last week. Lisa Mateo, Bloomberg Daybreak, Lisa Thanks. Spotify wasn't the only stock to take a pounding last week. So did robin Hood. It dropped to a record low following earnings. On Friday, Kathy Woods Our Investment Management bought nearly two and a half million shares. Robin Hood still trades sixty seven percent below its initial public offering price, and Nathan, there's also a possible deal.

This morning, Bloomberg News has learned that Elliott Investment Management and Vista Equity are nearing an agreement to buy software maker Citrix Systems. They deal with value the company's equity at about thirteen billion dollars. Citrics make software that workers used to log onto corporate programs in virtually And this is Bloomberg. Excaren, It's five oh seven on Wall Street. We're twenty one degrees in Central Park heads up for an early accident on the bellpark Way near Erskin Street.

Blot of details and traffic shortly First, Michael Barr is back to tell us what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. New York City will provide free anti viral pills home delivered to people who test positive and are higher risk from COVID nineteen Mayor Eric Adams at a news conference yesterday and the Bronx as we want to make sure that no one with COVID has to move

throughout the city. New York is one of the only places in the nation where we are are doing this. Free delivery. Adams also shared the latest data and COVID rates in the city. Hospitalizations are down, COVID deaths are down, and that is because of the hard work of every day in New York is that are doing the right thing around vaccine nations and boost the shops. Mayor Adams says the pills will be delivered in partnership with Altil Pharmacy.

North Korea has confirmed it test launched an intermediate range ballistic missile capable of reaching the U. S territory of Guam, and its most significant launch in almost five years. North Korea said the test verify the accuracy of the MASNG twelve missile. White House officials said North Korea's escalating provocations have become increasingly concerning. Cheslee Christ, the twenty nineteen winner of the Miss USA pageant and a correspondent for the

entertainment news program Extra, has died. New York City police said Chris, who was thirty, jumped from a Manhattan apartment. Bill It. Senate majority Leader Chuck Schumer of New York says he is pledging to push for one point five billion dollars of the federal budget to go to the eight t f to combat the interstate gun trade. We're gonna ask them to direct that money to particularly go after gun trafficking, the Iron Pipeline, and a special task force that they have set up to deal with states

that export guns. Senator Schumer says the gun trade is responsible for of the gun violence in New York. New York Republicans Nikole Meliatakas and Claudia Tenney would have to find a way to appeal to opposition party voters under a remapped congressional district plan to proposed map re Least Sunday is designed to maximize the prospects for Democrats ahead

of the November election. Global News twenty four hours a day on air and on Bloomberg Quick Tank, powered by more than twenty seven hundred journalists and analysts more than a d twenty countries. Michael Barr, this is Bloomberg, Nathan. Thanks Michael. Almost five ten on Wall Street Time with the Bloomberg Sports Update. The super Bowl is set, John, it is Nathan Bengals Rams super Bowl fifty six in l A. And if the game is anything like what we've seen the last two weekends, we'll have a close

Super Bowl. Last six playoff games, five decided by three points, on the other by six in overtime, two comebacks and another overtime. In the conference championship, Cincinnati came from eighteen down to win in Kansas City in ot The Bengals led by their young quarterback Joe Burrow and their rookie kicker Evan McPherson, who kicked four field goals in all three of their playoff wins. He's gone twelve for twelve.

The one in o t was set up by an interception thrown by Patrick Mahomes, who came back to Earth after last week's heroics. He had a strong start yesterday, but the Homes in the Chiefs denied a third straight ANFC championship. The Rams, led by Matthew Stafford rallied from ten down in the fourth quarter, second touchdown of the game for Cooper Cup and then a couple of field goals. They took the lead of the forty niners with under two minutes left, and then we're able to seal the victory.

Dr bow pocket probably, he spins out, he's hit, he's wrapped up. He put it forwards, interceptedptedtercepted, very Donald's got quite through the rock blow and proving Howard plitches. The NFC Championship game, l A had the call. Rams finally beat the forty Niners where they lost him sixth raight times twenty seventeen. Josh McDaniels, a long time offensive creator in New England, leaving to be the head coach of the Raiders. Giants will have a press for today for

new coach Brian dave Hole Rangers. The Garden avoided their first three game wising speak scored final minute beat Seattle three to two. The Islanders lost in Minnesota four to three. John Stashware Bloomberg Sports, Nathan all Right, John, thanks. Futures mixed as we get ready to close out this volatile month of January. Right now SMP futures little change to lower down futures down seventy five points. Nastack futures are higher,

up sixty two. Dennis Cartman, former publisher of the Gartment Letter, joins us on these markets. Next to this is Bloomberg Bloomberg eleven three oh. Weather mostly sunny today with a higher thirty mid thirties tomorrow, clouds by Wednesday, but milder with a higher forty five degrees. Right now, it's clear in one in Central Park. Markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, at Bloomberg Business Outland at Bloomberg Quick Take, Chris is a

Bloomberg Business lash and I'm Karen Moscow. European stocks are rising this morning. US Dock index futures are mixed, and a gage of global equities are pairing its biggest monthly drop since March, as investors vet corporate earnings will continue to grow amid aggressive tightening by the Fed. We checked the markets every fifteen minutes throughout the trading day on Bloomberg Right now, S and P futures are little change now. Futures down forty eight nowsday cheers up seventy the decks

in Germany's up one point one percent ten. Your treasury down four thirty seconds. He had one point seven eight percent. They yield them a two year one point to zero percent. Nimex scured oil is up six tents per cent, or fifty five cents at eighty seven dollars thirty seven cents of barrel Comex called up two tenths per cent or

three dollars forty cents. A seventeen ninety announced the euro one point one one seven nine against the dollar, British pound one point three four four six, and the yuen is at one fifteen point four six. And the Euro area economy grew modestly in the fourth quarter, admitted another wave of surging coronavirus infections and curbs on activity grows. Domestic product rose three tenths percent, slightly less than predicted. And that's a Bloomberg business flash. Now here's Michael Barrow

with more on what's going on around the world. Michael, good morning, Good morning, Karen. The U n Security Council is scheduled to meet today for the first time on Russia's troop build up and threatening actions against Ukraine at the request of the United States. The US Ambassador, Linda Thomas Greenfield, said Russia's actions pose a leear threat to international peace and security and the UN Charter. Russia's deputy

ambassador called the proposed meeting of PR stunt. It will be the Bengals versus the Rams and the Super Bowl. On February thirteenth, Cincinnati beat the Chief twenty four in overtime to win the a f C. The Rams beat the forty nine twenty seventeen for the NFC title. In the NHL, the Rangers won, the Islanders and Bruins lost. In tennis, Raphael and Nadall as one of men's record twenty one Grand Slam singles title in the Australian Open Final.

Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr, This is Bloomberg. Nathan alright, Michael, thank you. It's five nineteen on Wall Street Live from the Bloomberg Interactive Brokers Studios.

This is Bloomberg Daybreak. As we get set to close out a volatile month of January, let's spring in Dennis Cartman, chairman of the University of Akron Endowment Investment Committee and former publisher of the Gartment Letter, as we get set for a new trading week. Dennis, good morning. Very interesting to see all the gyrations over the last month and just this last week we had the SNP and the

NASDAC pretty much and where they started. Are you looking for more volatility as we continue to price in what exactly the FED is going to do. I'm afraid we're gonna see a great good deal more of volatility. I think we're due for a little bounce here and nothing more than that. I like to look at the charts from a distance, and I always talk about the markets that after they've broken, moved back into what I called the box, the fifty to sixty of a tracement of

what they had traversed and during the decline. And I think that takes the now somewhere between thirty five five thirty five thousand and thirty four thousand, seven fifty. That'll be the box for the Dow. The S and P I think can get back to about forty five five, and I think the NASDAC can get back to about fifteen thousand five between and fifty thousand. We'll probably do that this week. Remember at the first of every month we always get an inflow of money from uh from

retirement funds. That will give us a little bit of a bounce tomorrow, maybe even into Wednesday. But watch the volume. The volume on the for the for months now has stronger on the downside and weaker on the upside. And I suspect that that's going to continue. So we'll probably see a nice little rally between today tomorrow or maybe even into Wednesday, but I doubt it will be on very strong volume, and I think it will be something

that should be sold into. I think the bear market began eleven weeks ago, and I think we can for the next year or two. Well, I shouldn't say that long. Let's just say it will continue to break until it stops for the next several months. One is to sell into strength, not to buy weakness. And as I said weeks now, in a bear market, he or she who loses the least will do the best. Yeah, I think it is safe to say that you've been pretty bearished on this market for quite a while now. Is that

driven by more hawk ish FED? Is that what's driving that view? I think that's the predominant circumstance. What had driven the bull market was a very expansionary FED, and I said, I think has made it abundantly clear that they're going to take the fuel away, take the gasoline away, take the carostene, take the propane away from the markets

that had driven the markets higher. And the fact that we're taking the the fuel away from the market and that's probably gonna be abundantly clear by the middle of March when the Fed is said they're going to be done with que and it probably begin the process of quantitative tightening as they allow their their balance sheet to roll off quietly. There won't be a seller or anything. They'll just simply allow them uh securities that they've bought from the Fed or bought from the Treasury to roll

off quietly over time. But that's a reduction to the amount of fuel that that that has driven the market higher, and I think that that's what's driving the bear market then will continue to do so for probably at least to the end of this year, and I think we're gonna see demonstrably weaker prices over that period of time. When you take the fuel away that has driven things higher, that's it's going to be very difficult to keep things

going up. Of course, the debate is how much fuel is going to be taken away, whether we're going to see more aggressive rate hikes early, Just how many rate hikes we're going to see this year? What's your what's your case on how many hikes? When you could see from the Fed two and a half months ago, when I said, the FED will probably at least tighten three

times four times. That seemed to be laughable. Now everybody is talking about the fact they'll be at least four, so they'll talk to as many as six or seven. For the course of the year. I think we'll see at least five or six times when the Fed has raised the overnight said funds rate, and I think several

times will take it up by fifty basis points. So I think by the end of the year we'll see the overnight said funds rate at least to one seventy five maybe two, and before it's done, it will probably even be stronger than that. So the Fed has a a long job ahead of itself and had a long job in front of it, but it was allowing the monetary aggregates to expand and taking the overnight said funds right to zero if they need to get it back to something that is more amenable to a longer term

relationship with the economy. And so I think it's at least five maybe six times with the raises the overnight funds right basis points most of the times fifty basis points probably one of the times this year. All right, we'll continue this conversation on monetary policy, the inflation risk, and geopolitical risk as well. Dennis Gartman is with us for the hour here on Bloomberg Daybreak. He'll be joining us for more just ahead, as we take a look at the markets right now, mixed action as we get

set to close out the month of January. Right now, S and P futures are little change now futures down seventy five points, NASTAC futures moving higher. They are up seventy one points. The tenure treasury is down three thirty seconds the old one on the tenure note. Yield on the two year right now one point one nine percent. We'll get much more on the volatility to end this first trading month of two and the new president same as the old president in Italy. Top stories of the

morning coming up on Bloomberg Daybreak. Bloomberg day Break brought you by The Breakers this winter, a warm welcome awaits to the Breakers is committed to making your stay even better with exceptional experiences, gracious service, and unparalleled seaside glamorates.

Learn more. Visit the Breakers dot com today, broadcasting live from the Bloomberg Interactive Broker studio in New York, Bloomberg E Living Freedom to Washington, d C. Bloomberg on to Boston, Bloomberg on A six one to San Francisco, Bloomberg nine six to the country Sirius XM Chad A one nine team, and around the globe the Bloomberg Business app in Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hagar and I'm

Kared Moscow. 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. R SNP futures are little change this morning as we close out the volatile trading month of January. Despite Friday's rally, the SNP five hundred is down seven percent so far this month. The tech heavy nastack is off by twelve percent. Oil is up sixteen percent and on track for its

best January in three decades. Karen, they'll pullback in risk assets comes as the Fed turns hawkish, and now they're speculation about whether a rate hike in March could be bigger than initially expected. Let's get the latest five from Bloomberg's You Need a Young Na Nathan. The Fed could raise the benchmark rate by fifty basis points if there's

a need to be more aggressive when inflation. That's what Atlanta FIT president Raphael Bostick told The Financial Times, and he's stuck to his prediction that three quarter point increases starting in March is the most likely scenario. Meantime, Goldman Sachs predicts the FIT will raise interest rates by twenty five basis points five times this year. Live in New York. I'm gonna need a young Bloomberg daybreak. I need to thank you. Interest rates are also in focus in Europe.

According to a Bloomberg survey of economists, the Bank of England will raise interest rates to one half of one percent on Thursday. That would complete the first back to back rate hikes in eighteen years. Politics are also front and center in Europe. Karen, After six days of voting in Italy's parliament, Sergio Montarella has been re elected president and will remain in office for another term. We get

the details from Bloomberg's Francy Laqua. In Rome, Mario Drown, the Prime minister, was initially seen as a top contender for the job, but lawmakers and feared to return to political term oil without draw as Prime Minister. In the end, it was drawn himself, whilst Mazuela to remain in office, bringing the week long stalemate. The outcome could also provide relief to investors because it reduces the chances of early elections and will let dragg press ahead with his reform

agenda until the next election due in Rome. Franci Laqua Bloomberg Day Break, Francy, and thank you, and we also have a possible deal to tell you about. This morning. Bloomberg News has learned that Elliot Investment Management and Vista Equity are nearing an agreement debise software maker Citrix Systems. They deal would value the company's equity at about thirteen billion dollars. The takeover could be announced as soon as today and again U s MP futures are little change

this morning. DAL futures down ninety NASDAC futures up sixty four. The decks in Germany's up eight tenths of upper set ten, Your treasury down four thirty seconds. You at one point seven eight percent. They yield on the two year one point to zero percent and non max screwed oil is up nine tenths of per cent. Straight to had your latest local headlines plus a check of sports, and this

is Bloomberg all right, Karen. Thanks, It's five thirty three in Wall Street, where twenty one degrees in Central Park. We've got delays on the Long Island Railroad Fort Jefferson Branch. Also c Street service, suspended tales coming up in traffic. First Michael Barr with more on what's going on in New York and around the world. Michael, thank you very much. Nathan. New York City Mayor Eric Adams says free COVID anti viral pills are going out in the mail to eligible residents.

The goal of the new program is to keep sick people home rather than inside crowded stores. We have the highest vaccination rate in the nation. Also speaking with Mayor Adams at the news conference in the Bronx, NYC Health Commissioner Dave Chotsky, he says the city already offers free at home vaccinations. Taken together, all of these tools help us defying the virus, keeping our loved ones out of the hospital, and saving lives. Dr Chotsky says the pills

will be delivered in partnership with alto pharmacy. Foreign Relations Committee Chair Bob and Ndez says U S senators are closed to agreeing on a Russia sanction bill that could include penalties even if President Vladimir Putin doesn't send troops into Ukraine. It comes as the UN Security Council is scheduled to meet today for the first time on the Russian troop build up. The Biden administration reiterated that it is ready to hold talks with North Korea without precondition.

Day after Kim John Huon's regime fired an intermediate range ballistic missile for the first time since twenty seventeen, senior Administration official described North Korea's recent series of missile launches as destabilizing. Republican Senator Susan Collins of Maine says former President Donald Trump should not have promised pardon January sixth insurrectionists.

Collins also was asked whether she would endorse Trump if he decided to run again in two Certainly it's not likely given the many other qualified candidates that we have that have expressed interested in running. Senator Collins spoke on a d c S this week, which can be heard Sundays on Bloomberg Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists analysts in more than a hundred

twenty countries. On Michael Barr This is Bloomberg, Nathan, thanks Michael on Ball Street time for the Bloomberg Sports Update with John Stashower snaithan kind of an Unlike the Super Bowl matchup, the Bengals until this month had not won a playoff game in thirty one years. They had never won one on the road, and they've never won a Super Bowl. The Rams have only won one. That was when they played in St. Louis. Bengals and Ram both

came from behind, won by three. They'll meet in two weeks in l A. So after fifty four Super Bowls without a team pointing its home stadium, it will happen two years in a row. In l A. The Rams trailed the forty Niners by ten, and the fourth quarter rallied the win seventeen. Matthew Stafford's third playoff win after having not won any first thirteen years of his career. Big games catching passes for both Cooper Cup and Odell Beckham.

The Bengals trailed in Kansas City three, but the Chiefs, who scored touchdowns on their first three possessions, did not score one in their last eight. Cincinnati went ahead with twenty one points to the row Casey forced overtime, but Patrick Mahomes's second interception led to the end to the Super Bowl. Four years ago, he was a seat. You're in high school and tiny Fort Paid, Alabama. Now the Bengal Super Bowl chances rest on his right foot to kick. Yeah, yeah,

good coffins. Bam, bam, bam. That is livable. Vin McPherson. Field will go on w LW sincin anyone. Just six wins over their previous two seasons, the odds on them reaching the Super Bowl, where a d five to one Rangers Gotta Go final minute from ke Andre Miller beat the Seattle Crafting at the Garden three to two. The Islanders lost in Minnesota four to three. College hoop wins from Manhattan, Iona Fordham last, John Stashward Bloomberg Sports Nathan,

Thank you John. It's five thirty seven on Wall Street time for the Tri State Business Report. Here's Bloomberg's head Corey Since New York State's banned on most evictions ended this month. The pace of evictions has been slow tended to attorneys have delayed cases, and the governor requested more aid for rental assistance. Dow Jones reports New York City landlords entered two D thirty one eviction filings the week

after the moratorium expired. A month after the Fair Chance and Housing Act took effect in New Jersey, advocates tell NJ Spotlight people with a criminal record still faced discrimination. The Fair Chance and Housing Act bands housing providers from inquiring about criminal histories on housing applications. Connecticut is encouraging consumers to look closer to home for food and milk, and supply chain issues and labor shortages cause empty shelves

and higher prices. The Post reports. The Department of Agriculture is promoting local farms and farmers markets is good options for residents food sources that your Bloomberg try State Business Report I mid Corey and said 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 Polastan on ten ten Winds in New York. We're talking about how ability to work from home as some blue collar workers making the switch to office job um Corney donahoan ktr H in Houston. Boeing has begun the planning process for an all new airplane. I'm Caroline Hepp gone Bloomberg d a B Digital Radio in London, with reporting or mounting expectations that a rapid tightening by the Bank of England purst back to back hikes in seventeen years. AMD Corey on w w J

in Detroit. I'm reporting cruise ships will visit Mostigue in Michigan again this summer. And those are some of the stories our twenty hundred Bloomberg journalists and analysts are working on this morning around the world. It's thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion.

This sedatorial was written by the Bloomberg Editorial Board. With Democrats unable to advance their comprehensive voting rights bill through the Senate, they should now turn their attention to more pragmatic concerns. A good place to start would be overhauling the Electoral Count Act of eight seven. This outdated law opens the door to partisan interference in the electoral count

certification process. Lawmakers of both parties have already expressed support for reforming the e c A, and negotiations on the matter are ongoing. Notably, these talks have the approval of Senate Republican leader Mitch McConnell. Understandably, Democrats are frustrated that their broader electoral reforms aren't going anywhere, but given the reality of a sharply split Senate, fixing the Electoral Count Act would count as real progress on its own. This

editorial was written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash Opinion or O P I n go on the Bloomberg terminal. This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday. At this time, terminal customers can read more at O P I n go. SMP futures down down six point, staff features down a hundred twenty one points, NANA SAT Future. You're still higher by forty six points

to ten. Your treasury down six thirty seconds. The yield one point seven nine Nimex crude now up one point one percent, or ninety three cents at eighty seven dollars seventy five cents of barrel. Our conversation with Dennis Gartman, former publisher of the Gartment letter, continues. Next. This is Bloomberg Bloomberg eleven three oh weather. Sunshine and a high in your thirty today, mostly sunny Tomorrow mid thirties, will be mostly cloudy in in near forty five degrees by Wednesday.

Right now one in Central Park markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business at and at Bloomberg quicktape is a Bloomberg Business blash and I'm kar at Moscow US dock Indix futures are well listen p futures anyway, little change Nowsday's futures. They're higher, up about seventy points, and death

futures are down eighties six. Investors are betting corporate earnings will continue to grow amid aggressive tightening by the Fed, and right now the ten year treasury is down five thirty seconds, you have one point seven eight percent. They yield them a two year one point to zero percent. Nine Next, Scrude oil is up one percent of eighty four cents at eighty seven dollars sixty six cents in barrel. Comics called up about three ten percent of four dollars

ninety cents. Se fifty announced. The euro one point one seven three against the dollar, British pound one point three four four four, the ns A one fifteen point five one Bitcoin this morning, moving lower at thirty seven thousand, two hundred fifty dollars. That's a bloomberg business flash. Now here's Michael Barr with more on must going on around the world. Michael Karen, thank you very much. Russia has more than a hundred thousand troops near its border with

the Ukraine. Today the United Nations Security Council meets to discuss the situation and what could happen next. North Korea confirms it test fired amid range ballistic sold yesterday. US officials are condemning the biggest missile test by North Korea since twenty seventeen. It will be the Bengals versus the Rams in the Super Bowl on February thirteenth, Cincinnati beat the Chiefs twenty seven twenty four in overtime to win the a f C. The Rams beat the forty nine

twenty seventeen for the NFC title. In the NHL, the Rangers won, the Islanders and Bruins lost. In tennis, Rafael Nadal is one of men's records twenty first Grand Slam singles title in the Australian Open Final. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. Michael Barr, this is Bloomberg NA. Thanks Michael. It's almost five forty nine on Wall Street

Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Day Break in. Dennis Gartman is back with us, now former publisher of the Gartment Letter, now chairman of the University of Akron Endowment Investment Committee. Dennis, as we continue to think about how much tightening to expect from the Fed, how much do you think this Friday's jobs report for the month of January will factor into the Central Banks

decision making. Let us hope that they take the monthly employment numbers with a great grain assault because they are the most erratic of all the numbers that come out. The revisions from the next are extraordinary. You can never guess what the revision is going to be. The direction has been to be slightly better. But on balance, if you get the non farm payrolls number within a hundred thousand, I think you've done one hell of a good job.

I think, I hope. I think the Fed will pay very little attention to this monthly number, and we'll pay attention to the trend over the course of the last several months. But let us let us hope that they don't pay too much attention to this week's number. It will be terribly erratic. And again, the revisions from one month in the next of an extraordinary. Over the past several years, yeah, it's been very difficult, I think for economists to game out how the labor market is looking,

particularly under a pandemic. Why do you think there has been so much difficulty. It's been because you have two different groups that that that go into the monthly number, the jo the the household report, and the the corporate report. For a lack of a better term, and they they tend to be a bit uh exogenous and erratic one compared to the other. I tend to look at the the A d P number as being a more valid number.

It comes out on Wednesdays, and I tend to look at that with a greater degree of certainty than I look at the monthly numbers from the federal from the from the federal government. So it's been twenty years that I've had to learn a hard lesson on that. Forty years ago, it used to be an easy number to forecast. In the course of the last ten and twenty years, it's become more and more difficult. Why that has been

is quite beyond me. But it's amazing to me and almost amusing to me that we pay as much attention to it as we do. Just a couple of minutes left here in our conversation, Dennis, but the price of oil once again is surging. We've got Brent above a barrel right now. Geopolitical risk at the forefront here. How much do you expect tensions between Russia and the US when it comes to the situation in Ukraine to affect markets.

Let us hope that cooler heads prevail. Let us hope that the the attitude taken by the Ukrainians themselves has been less concerned, it seems, than has been Washington relative to what's going on there. Let us hope that cool heads prevailed. This is a nuclear age, This is a very disturbing sort. And my guest is that the Russians probably shall not incur into Ukraine. I think the United States has made it so abundantly clear that there will be some sort of serious fact in our saction, sanctions

that will be put into effect. Let us hope that cooler heads prevail. My guesses they probably shall be, and that this will probably wind its way towards nothingness over the course of the next several weeks and months. Let's hope that I'm right well. With crude prices as high as they are, Dennis, what impact is that going to have on stock prices and the growth trajectory for this economy? In our last it, we forget how much petroleum is

responsible for almost everything we touch. I mean, it's in your deodorant for good for goodness sake, it's in the clothing that we wear, it's it's everywhere beyond just our automobiles, in our in our airplanes that drive driving the air and drive on the road. So higher private prices for petroleum extract a larger inflationary expectation and deconstrued as being supportive of economic activity. It has to be deleterious. I'm I'm somewhat surprised that Brenna has been able to push

above dollars a barrel. I suspect that this the the the best cure for high prices is high prices. I think it will increase the amount of drilling that goes on. But thus far as we've moved from zero prices, what two years ago we went to negative numbers incrude oil, which is still astonishing astonishing event and here we are at these numbers. The fact that we've not seen an increase in drilling has surprised me. All Right, Dennis, as always,

thank you for your insights. Dennis Gartment, former publisher of the Gartment Letter, now Chair of the University of Akron Endowment Investment Committee. Karen Nathan, it is fifty three on Wall Street time for the Bloomberg Law Report, brought to you by American Arbitration Association. Business disputes are inevitable resolve Faster with the American Arbitration Association, the global leader in alternative dispute resolution for over ninety years. More at a

d R dot org. Let's get to the legal stories we're watching this morning from Bloomberg's Jeff Bellinger. President Biden now has six seats to fill on the Ninth Circuit. Judge Andrew Hurwitz announced plans to step down from his role as an active judge on the largest federal appeals court this summer. Several businesses and the retail, travel, food, and home improvement industries have received notices from the California Attorney General's Office. They are accused of operating loyalty programs

that violate the state's Consumer Privacy Act. Shopify denies allegations that it has enabled the copyright infringement of textbooks. Publishers filed a complaint in a Virginia federal court. 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. Thanks you Toff. Now. Another legal story where watching brings us to a case involving former

President Donald Shrump. An investigation is ramping up into whether the former president violated Georgia law by trying to pressure state officials to throw out Joe Biden's presidential election victory. The Fulton County District Attorney has gotten permission to and panel a special grand jury in the investigation. For more in the matter, bloomberg s ju In Gruns speaks to former federal prosecutor Robert Mintz, a partner at Macarter in English.

Why did the prosecutor request a special grand jury? The Fulton County District Attorney made that request because she said that key witnesses and the investigation, including for example, the Georgia's Secretary of State, would not cooperate without being subpoena to testify. So the special grand jury was created to give her the power to bring the individuals before the

grand jury. Interestingly, the special grand jury gives her the power to have a grand jury whose sole focus is this investigation, and they're able to meet on a more regular basis and will move this investigation along at a much quicker pace. Of course, the big question is whether Trump's attempts to reverse the outcome in Georgia were criminal.

What will the prosecute to be looking at the phone Computatrict attorney is going to look at certain key events that occurred on January second, specifically, at three pm on Saturday, there was a phone call which was recorded between President Trump on the Secretary of State in which prosecutors may alleged that President Trump tried to push and coerce this Secretary of State into counting George's presidential votes in a

way that favored President Trump. Specifically, President Trump stating to the Secretary of State, we won very substantially in Georgia. And then the President went on to say, it's more illegal for you than it is for them, because you know what they did and you're not reporting it. That's a criminal offense and you can't let that happen. And then he says, what is probably the key words in that telephone call, I want to find eleven thousand seven

on their native votes. That's going to be the key fact in that investigation, and prosecutors will try to prove that what the President was doing was threatening the Secretary of State that if he did not yield to that request, that he himself could face criminal charges. Most people have heard the saying that a prosecutor can get a grand jury to indict a ham Sandwich. So the question isn't so much whether she can get an indictment, but rather whether she only wants an indictment if she can get

a conviction. While it's relatively easy for prosecutors to get an indictment because of the lower criminal standard probable cause and because the grand jurors only here the prosecutor's side of the case, but a prosecutor never wants to get an indictment that they don't believe they can ultimately prove in court, and particularly in a case like this that would be enormously high profile, with the stakes enormously high.

I don't think we're going to see the prosecutor pursue this case unless she believes that she can ultimately get a conviction. And as Robert Man's a partner and mcarter and English speaking with the Bloomberg Student Garasso. Catch more of that interview plus analysis of the latest legal news by listening to the Bloomberg Law Show at ten pm Eastern Time or subscribing to the Bloomberg Law Podcast. And attorneys can find exceptional legal research and business development tools

at Bloomberg Law dot com. SMP futures. They're lower now down four points down, futures down a hundred eighteen nasdack futures higher up sixty three. Our top stories straight ahead. This is Bloomberg