Bloomberg Daybreak: June 15, 2022 - Hour 2 (Radio)

fresh record plus. But look at Trump backed candidates in the latest GOP primaries. I'm Michael blah More ahead, I'm John Stash and sports shutout wins at home for both the Mets and Yankees, a near no hither in St.

Louis the Stanley Cup. Parnel begins. That's all s traded ahead on Bloomberg Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius XM one nineteen and around the world Old on Bloomberg Radio dot Com and by the Bloomberg Business App. Good morning. I'm John Tucker,

I'm Nathan Hagar. Futures are on the rise this morning or coming up to six oh one on Wall Street, and we checked the markets every fifteen minutes during the training day. On Bloomberg. Sp Future is up twenty points. Staff futures up a hundred forty Nastact futures hired by eighty two points. The docks in Germany up one up one point two percent, when the cat in Paris is hired by one percent ten Your treasury is up thirty seconds. The yield three point three eight percent, yield on the

two year three point three two percent. The euro right now at one point zero four nine two against the dollar. John and Nathan, we begin at Europe, where it's all about the European Central Bank, the ECB's governing Council holding an impromptu meeting to quote discussed current market conditions. Let's get more from Bloomberg Markets Live, Edler Locker, Roach Kelly.

DCB meeting is more based about happening markets at home to howl, I'm spreads of boidened, how it neils have moved out and what the market actually the last three or four days has been I'm not going to sure it's going to come over use. I think it's strange that the space hold interactional meeting before the FED decision plume they don't know what the Fed dicisition is good to beat themselves, but the factor having to be in

at all. Jerry Market saying that is at least somewhat positive for euro Asset, Bloomberg's Locker and Roach Kelly's Italian bonds have surged on the notes of the unscheduled meeting. ECB officials may decide to reinvest bond purchases conducted under the bank's Pandemic Emergency Program. Other measures could be considered as well. The meeting expanded at last about two hours. Well. As this meeting continues, John, we are awaiting a highly

anticipated Federal Reserve decision. Question there is how much J. Powell and Company high grades. Michael McKee has more from our Bloomberg newsroom in Washington. The newmarket consensus is the FED will raise the benchmark US lending rate by seventy five basis points, the biggest increase since nine That raises the question of what next markets have already priced in another seventy five basis point move in July. Investors will look to the dot plot rate forecast and Chairman j

Pal's news conference for a ratification of that bet. A new median forecast for unemployment of proxy for growth may suggest whether the central bankers still think they can bring down inflation without causing a recession. Michael McKee Bloomberg, Gay break, all right, thanks Mike? Will it be fifty or seventy five basis points summer? Calling for more? Pershing Square founder Bill Ackman's is how the basis point hyke? Who would be better? The story from Bloomberg's Charlie Pellett. Ackman says

not just today, but in July and thereafter. Instead of the seventy five basis point hike that some economists are expecting, he said the central bank has allowed inflation to quote get out of control and calls for aggressive action that would help restore market confidence. Writing on Twitter, Ackman said, quote, the sooner the Federal Reserve can get to a terminal FF rate and thereafter can begin to ease, the sooner the markets can recover. In New York Charlie pe Bloomberg Daybreak,

al right, Charlie thanks. Jeffrey Gunlocks taking an even more aggressive stance than Bill Ackman. The Double Line Capital CEO says the Fed should raise its target interest right to three percent today. That would be a two hundred basis point hike. But markets are still firmly pricing in seventy and stay tuned for a complete coverage of this critical fin decision on a special edition of Bloomberg Surveillance that is coming up at one on Wall Street time on Booth,

Bloomberg Radio and television. Head of that decision, we get the main reading on retail sales. The economy is forecast a game of just one tenth of a percent. Well, as we mentioned, John Us futures are hired to start this morning. Still, the SMP closed down yesterday for a fifth straight session. That's its longest flight since January. Mark Lassie, CEO of Avenue Capital Management and co owner of the Milwaukee Bucks, says week economic sentiment continues to weigh on

this market. Everybody knows where either getting into a recession or it's going to be close to a recession. So um, I don't think there's a lot more negative news that's gonna come out. You know, the question really is going to be? How long is the recession? Is it three months? Is at six months? Is it a year? I have a new Capital CEO Mark Lazarie says he thinks the

upcoming recession will be short. Well, perhaps no sector has suffered in the sell off as much as cryptocurrencies, and Bitcoin is lower again this morning as it approaches the twenty thousand level. Let's get the latest life from Bloomberg's Ready Too Young Real, Good morning, Good morning John. Cryptocurrencies have become emblematic of a flight from speculative assets strategies that Glass notes say. The bear market for bitcoin has

entered its deepest and darkest phase. Crypto lenders Celsius froze withdrawals on Monday. Coin Based announced widespread laidoffs on Tuesday, and this all comes just a month after the collapse of the terror USD stable coin royal crypto markets. Meantime, Bill Gates is dismissing crypto projects like n f t S as shams, saying they're quote based on the greater fool theory. He spoke at a climate conference yesterday and says he's neither long nor short. The asset class live

in New York I'm rened a young Bloomberg Daybreak. Now, we need to thank you as crypto falls, oil prices remain sky high, and the pain at the pump is palpable, and President Biden is looking to ease the strain. We're learning the Energy Department plans to sell up to forty five million barrels from the Strategic Petroleum Reserve. Amy Morris has more from our Bloomberg newsroom. In Washington, President Biden told oil refiners that unprecedented profit margins are unacceptable. He's

calling for immediate action to improve capacity. He's ordered Energy Secretary Jennifer Granhelm to hold an emergency meeting on the subject in the coming days, and the administration will hold talks with the National Petroleum Council. And he's calling on companies to explain why they've cut capacity. More than a million barrels a day of US oil refining capacity, about five of the total, has been shut since the start of the pandemic in Washington. I'm any Morris, Bloomberg Daybreak.

All right, thanks to me and NIMEX crude right now out of dollars sixty seven of barrel at one seventeen six and I head of today's FED meeting. The NASDAIC futures right now up sixties six points SMP futures, they're up seventeen at the down futures one hundred and sixteen points higher. You're listening to Bloomberg Daybreak. That's now six o seven on Wall Street. Let's bringing Michael Barne out to find out what else is going on to New York hand around the world, John, thank you very much.

US Representative Tom Rice of South Carolina has been outed from Congress and his Republican primary after voting to impeach Donald Trump over the January sixth insurrection. Rice, who only got was defeated Tuesday by Trump back State Congressman Russell Fry, who received. Meanwhile, Representative Nancy Mace cleared the fifty percent threshold to avoid a runoff against Trump backed Katie Errington. New York City Mayor Eric Adams is going to Doris

Governor Kathey Hocold in the New York governor's race. Hocal's campaign and Adam's political advice. You're confirmed that Adams will make the announcement today and a joint appearance with the Democratic governor in New York City. Adams endorsement comes as Hocal has pledged tougher action on gun crimes, including after

the mass shooting in her hometown of Buffalo. Meanwhile, a month after the shooting at the Top supermarket store, survivors, their families and others gathered at the scene to mark the somber event. Buffalo Mayor Byron Brown words will never convey the heartbreak and pain the senseless tragedy has caused. Mayor Brown says. The shootings left ten people dead and three injured. Police in Suffolk County, New York, say at least fourteen school children were injured when an inflatable slide

tipped over at a Long Island park. Some of the six and seven year olds were taken to the hospital, one with a broken leg. This seven year old is glad he wasn't hurt. There's people in the yeah, and didn't the thing over and some people got her and they went to the hospital. The statement from the Yan Dan's School District says the slide deflated while the kids were on it. Two police officers in El Monte, California,

died in the line of duty. Authorities saying the two men were responding to a possible stabbing at a motel and were fired upon by the suspect. El Monty, Mayor Jessica and Kna. These men were dedicated to their careers and even more so as sons, husbands and fathers. Please keep their families in your prayers. Mayoron Kona says the

suspect was also killed. Gas prices in the New York metro area I hit a fresh record according to Triple A. Prices rose to our record five twenty one a gallon overnight for the area and five fifty from Manhattan Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than journalists and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg, John, Michael, thank you. It's six ten wol Street Tamp. It's time

for the Bloomberg Sports Update. Just Johnstown Show. Thanks John. Yankees and Mets. Two best records in baseball, both at home, both one with shutouts, and the Brons Garrett Cole's out in a whole lot better than one last week in Minnesota, when he allowed homebouns to the Twins first three batters and give up five overall, Cole worked out of a basis load of jam sixth inning that ended his night, preserved to shut out Yanks top Tampa Bay to not thing.

Cole is six and one, and Clay Holmes got the same twenty seven straight appearances where Holmes is not allowed to run a city field was Chris Fassett eight scoreless, sitting is allowed just three hits of four nothing met went over in Milwaukee, two runs driven in by Pete Alonzo leads the National League with fifty nine RBIs and St. Louis the Cardinals, Miles Nicholas had nowhere with two outs,

two strikes, ninth inning double by the Pirates. Cal Mitchell on Nicholas is a hundred and twenty ninth pitch most of the majors this season. They dropped puck on the Stanley Cup Final tonight in Denver. It's Tampa Bay lightning off the win over the Angels c q A. Stanley kept three peak game one with Colorado, who's twelve and two in the playoffs. Bruce Cassidy fired by the Bruins.

He's the new coach of the Vegas Golden Night because Shaun Watson, formerly with Houston, now massive contractor quarterback to Cleveland Browns, and he's also facing twenty four accusations of sexual misconduct. Watson met the media in PLA. You know, I've been honest and I've been truthful about my stance. Um, and that's you know. I've never forced anyone, I never

assaulted anyone. So um, that's what you know. I've been saying it from the beginning and I'm going to continue to do that and until all the facts come out on the legal sidefl has been investigating the matter, but still no word on a possible suspension. John Stash Atward bloom Bird Sports John, all right, thanks, John had ahead of the cashow up on Wall Street a hand of the FED meeting today. The down futures of one hundred twenty six points arise at four tens of a percent.

The snp eat many futures, they're up nineteen right now, that's up half a percent, and the night was sad futures seventy two point higher, up six tenths of percent.

You're listening to Bloomberg Daybreak. Day Break brought to you by Hofstra Universities Frank G. S Are School of Business, Top Rank Online mba program with a real world foundation or more at Hofstra dot a, bu slash Go Grand Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg Quick Tape. This is a Bloomberg Business Flash. I'm Nathan Hagar. Futures are on the rise, along with stocks in Europe.

As policymakers on both sides of the Atlantic grapple with soaring inflation, slowing growth, and volatile markets. We check the numbers for you every fifteen minutes during the training day on Bloomberg SMP futures are up seventeen points down futures up a hundred twelve dance Stack futures higher by seventy one points. Germany stacks at one point one percent. The cack in Paris is higher by nine tenths of one percent.

The tenure Treasury is up twenty five thirty seconds with a yell three point three seven percent yield on the two year three point three one percent. Nim X screws down one point six percent, down a dollar eighty four, a hundred seventeen dollars eleven cents of barrel comax called of seven tenths percent or thirteen dollars twenty cents. At eighteen twenty six seventy announced the euro one point zero

four seven eight against the dollar. The end one thirty four point four zero bitcoin right now trading around twenty four hundred fifty dollars. That's a Bloomberg business flash. And now here's Michael Barr with more on what's going on around the world. Michael Nathan, thank you kindly. US Representative Tom Rice of South Carolina has been now stick in Congress and is a Republican primary after voting to impeach

Donald Trump over the January sixth insurrection. The five term congressman was defeated Tuesday by state Representative Russell Fry, who was endorsed by Trump. Fry received fifty one percent. Well Ryce got Britney Grinder's attention in Russia was extended until July seco. The w NBA player is being held on charges of rug smuggling. The baseball scores the Yankees and Mets one, Red Sox beat the A six one Orioles

and Giants were also winners. The Nationals lost Global News twenty four hours a day on here and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael barn This is Bloomberg, John, Michael, thank you. It is six twenty on Wall Street. We are live in the Bloomberg interranton Broker studios and busy is Bloomberg Daybreak. Wall Street firms expect the Federal Open Market Committee today to raise

rates seventy five basis points. The Fed's gonna announce the decision published fresh forecast at two pm of Wall Street time. That'll be followed by a news conference by Chairman Jerome Powell and Bloomberg's Mike McKee. He's gonna be there and he'll try to stump the chairman. Today. Mike joins us now from Washington. Thanks you for being with us. You know, I'll start off with Europe, the European Central Bank, the policy makers there, Mike. They've managed to do the impossible,

making FED policy look simple. Yes. Unfortunately for Christine Le guard Um it is much more difficult for her because she has nineteen countries in the Eurozone and at this point Um they are all in different economic circumstances, particularly Italy and the idea that the ECB had to raise rates quickly to get a handle on inflation, which is over eight percent there as well. UH lead to a

blow out in Italian spreads. In particular, Italy the world's fourth largest bond market, and they also have a significant UM amount of their own debt and so UM trying to keep that spread from from widening even further. They're trying to figure out what to do. Okay, they might even head back to pandemic policy with the extraordinary stimulus. UH,

the United States is nowhere near that, right, No, we're not. UM. There's a belief out there that perhaps we might see the Fed have to start cutting rates in two thousand twenty three if we show signs of going into a recession, But between now and then, there's nothing standing in the Fed's way at the moment. We'll see the law of unintended consequences keeps working here. And we did see some liquidity problems developing in the short end of the market

earlier this week. We'll see if those can be contained and what the market reaction is if the Fed indeed follows up with seventy five today and then gives us a hawk, a shout look for the future. Okay, today it is a case of go big or go home for the Fed. Right, yeah, excuse me. They've pretty much locked themselves in at this point by the Monday articles in the in the press. Um everybody took as a hint by the Fed to the markets that they were

going to do seventy five instead of fifty. And now the markets of price for seventy five, not just this time, but for July as well. So if they didn't do it, if they did fifty, that might cause some market disturbances. It could be that markets shrug if they say fifty but next time. But it's just easier for them to follow through with what they they have led the markets to believe is going to happen. Okay, they delivered their

forecast as well today. I assume what what is that going to show us in terms of where they end up? What the the what is it called the terminal rate? Yeah, the terminal rate, which is not the neutral rate. The terminal rate is basically what we're talking about in terms of how high do they have to go to bring down inflation, And they were looking at something between two and a half and three percent. Now the market says you gotta go have to go well over three percent.

We'll see what the FED ratifies when the dot plot comes out. We'll see what the neutral rate is, the long run rate which neither stimulates inflation or um retards growth, and that they've said is in the two and a half percent range. Last time they said two point four. We'll see if they move that up a little, if the economy has changed in such a way that we need a higher neutral rate to keep the economy on

a level course. And then the final thing people are gonna really want to look at is the forecast for unemployment because that will be essentially what the FED is going to be telling us about the economy going forward and whether or not we have to worry about a recession. Now, they aren't going to say the word recession ever, but if they think that unemployment will rise significantly, Uh, and I wouldn't bet on that, but if they did, then

that would be a worrying sign to the markets. Are you still honing your question for the chairman at the press conference that follows the decision tonight? Yeah, well you have to keep honing till the last minute because things keep changing around. Um I had to laugh John this morning. Kitchuks from Sucken, whom we all know well, have posed a very interesting question. He said, are the gods putting

central anchors back in their place? Now that the Fed is being forced to do seventy five and Christine Leguard has to hold an extraordinary meeting of the e c B H Maybe, uh, maybe the fates are laughing. Don't get too arrogant as a central bank policy maker. I

guess it's the message here from a kid. Mike McKee appreciated, and again the Federal Open Market Committee expected to raise at least the market expectation of seventy five basis points today, the Fed announcing a decision, publishing fresh forecast at two pm Wall Street time, and of course you can join Bloomberg Television and Bloomberg Radio will have live continuing coverage.

You're listening to Bloomberg Daybreak and ahead of the FED decision, ahead of the cash open on Wall Street, futures in the green for now the now futures of one hundred and six points. That's a rise of four tenths of a percent smp E many futures seventeen points higher and the nastatic futures of seventy one points. Your listen in

too Bloomberg Daybreak. Daybreak brought to you by the Jewish Communal Thought and j CPS Donor Advised FA the smart choice to manage your philanthropy, especially in times of crisis, make you're giving impactful visit Chase f n Y dot org. Broadcasting live from the Bloomberg Interactive Broker Studio in New York.

Bloomberg E Living Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one O six one does San Francisco, Bloomberg nine sixty to the Country, Serious XM to the one nine team, and around the globe the Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six thirty on Wall Street. Good morning. I'm John Tucker, I'm Nathan Hager. We're 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 I B k R Investment Advisors switched to Interactive Brokers for lowest costs, global training and turn key custody solutions. No ticket charges and no conflicts of your interests at i b k R dot com slash r i A first, the European Central Bank President Christine Legarde and her colleagues on the Governing Council are holding an emergency meeting to discuss market conditions.

We caught up with the Finance commission or Married McGinnis ahead of the meeting. The ECB is doing its job, so I think that's important. I'm not going to second. Yes, the conversations will take place at this meeting, but clearly since the beginning of this year, and particularly since the invasion, the illegal invasion by Russia of Ukraine, there is uncertainty

in markets. The Youth Finance Commissioner, Married McGinnis says the meeting should last about two hours and the easy B gathering comes on the same day the FED makes interest rate decision. They question now is how much will have FED hike. Let's get the tales from Bloomberg's Vinnydale Judais.

Most economists anticipate another half point rate in priest today, lifting the FEDS target range between one point to five percent and one point five percent, But something say they wouldn't be surprised if the Fed opts for something more a larger move and expense mark interest rate. Bloomberg Economics says the FEDS dot plot, which traces the likely path the US interest rates, could move to three percent or

a bit higher next year. NNA Bloomberg Day, all right, thanks, and while economists predict fifty basis point hike, markets are now pricing in a seventy five point increase. Futures are higher ahead of the FED decision. John, But it's a different story for cryptocurrencies. Bitcoins lower again right now at about twenty five dollars. Let's get the latest line from Bloomberg's Rnita Young. Ronita Nathan strategist that Glass Notes say the bear market for bitcoin is entering its deepest and

darkest fase. Crypto lenders Celsius froze withdrawals on Monday. Coin Base announced widespread layoffs on Tuesday. And this all comes just a month after the collapse of the terror USD stable coin, roiling crypto markets. Meantime, Bill Gates is dismissing crypt projects like n f T S S, shams, saying they're quote based on the greater fool theory. He says he's neither long nor short Fiasset class live in New York.

I'm goned a young Bloomberg paperak, thanks for rene to the International Energy Agency, predicting global oil supply will struggle to meet rising demand next year. Checking oil right now Nymex Crude down to dollar thirty one to barrel at one seventeen sixty. And that's the five things you need to notice start your day. Brought to you by Interactive Brokers, straight Ahead your latest local headlines in the check of sports. This is Bloomberg, all right. Thanks Nathan sixty three on

Wall Street. Time to bring in Michael barn Out to tell us what else is going on in New York hand around the world, John, thank you very much. US Representative Tom Rice of South Carolina has been announced it from Congress in his Republican primary after voting to impeach Donald Trump over the January sixth insurrection. The five term congressman was defeated by Trump backed state Representative Russell Fry. Fry received while Rice got twenty. Meanwhile, Representative Nancy Mace

clear the threshold to avoid a runoff against Trump. Back to Katie Arrington. Republican Jim Margent, who made false claims about the election is advancing to the general election For Nevada, Secretary of State March end wins he would oversee future elections in the state. New York Governor Cathy Hokel is about to get a big endorsement today and the governor's race. New York City Mayor Eric Adams is set to make

the announcement to endorse Hokel. In a joint news conference to police officers in El Monte, California, died after responding to a possible stabbing in a hotel. El Monte Interim police Chief Ben Lowry says the officers were fired upon by the suspect. Heroes paid the ultimate sacrifice. Today. They were murdered by a coward and we are grieving and it hurts. Chief Lowery says the sus fact was also killed. The Senate may have found a formula to get Republicans

on board with a gun safety bill, Bloomberg said. Baxter reports Minority Leader Mitch McConnell is making noises that make it sound like he will support it. Just people who own God, and support for the provisions of the framework is off the charts overwhelming. He says. It's wording. I think if this framework becomes the actual piece of legislation, it's a step forward, a step forward on a bipartisan basis, and majority of Leader Chuck Schumer says it will be

brought to the floor quickly. In San Francisco, I'm at Baxter, Bloomberg, Gabriel. The pain at the gas bump continues for the New York metro area. According to Triple A, prices rose to a record five twenty one overnight and five fifty in Manhattan. Former President Trump's bid to hault depositions next month, and the New York state probe of his family's real estate

business was rejected by the state's highest court. Two lower courts have all ready rejected the claim that the probe by New York Attorney General Latitia James, a Democrat, is politically motivated. Global News twenty four hours a day on air and on Bloomberg Quick Take, cowered by more than twenty seven under journalist and analysts and more than twenty countries. Michael Barr and this is Bloomberg. John all right, Michael,

thank you. It's now six thirty six on Wall Street, this time for the Bloomberg Sports Update and here's John's test show. All right, John, Yankees have watched the low payroll Tampa Bay Rays win the Al East the last two seasons, but this year the Yanks ten games ahead, first of six between these two over ten days at the stadium. A drop fly ball fourth inning put two Yankees on Isaiah Connor Philippa at the plate on the line.

Hard look, Dale, there's a big ten Stanton rounds third, coming home, The throw is gonna be too high, goes back to the stream. Here comes another run home to throw home is is not inn w f A. And those are the only two rounds the Yank score twenties six in their last two games with the Cubs. They won this one to nothing with Garrett Cole going to six and one team with three relievers on the shutout.

Cole very much bouncing back from that night nurse start last week in Minnesota where he gave up five home runs. Tonight it's Nestor Cortes versus the race Shane mcclenahan. Both at the r A s under two and if the Yanks win tonight they will be thirty games over five hundred. Amazing. The Mets have been so good with Max chers or injured. Jacob Degroms still yet to pitch. De gram has thrown four bullpen sessions and shows are will throw a simulated

game Thursday. Meanwhile, Chris Bassett dominant and the Mets for nothing when at City Field over Milwaukee. Bassett went eight and ings allowed only three hits. The Mets state five games ahead of red hot Atlanta. The Braves thirteenth win in a row in Washington. They hit five home runs of the second straight game, a near no hitter in St. Louis the Cardinals Miles Nicholas lost him with two outs of the ninth. They'll start the Stanley Cup Final tonight

Tampa Bay at Colorado. The Lightning may get great and point back from injury. He's missed the last two series, point thirty goals of the last three playoffs. John stash Ellard, Boomberg Sports. All right, thanks to lunch on. It is now sixty seven on Wall Street. Time to take a look at stocks, some of the names that are moving in the pre market. For that, we're joined by Bloomberg Radio and TV corresponded pretty gooped, you know on fed Day. I wonder if it's just like a fool's errant even

like look at stocks before any decision from the five. Yeah, it's it's a wait and c mode. I mean, happy fed day to you John and ours. This is this he should have. Um, I got you stock movers. What'd you get me? Nothing? Uh, this is a super Bowl for financial journalists. Um, and a bonus we get E, C, B and B O J decisions before I nerd out too much. Let's hop right into crypto stocks because to your point, it's hard to kind of mention any specific stocks that are moving because a lot of this is

going to be a wait and see game. A lot of this is going to change as we hear more from the eco stock though a crypto stock is it could be an exchange, it could be a minor, it could be a company that is exposed to crypto in some way. Tesla, for example, had a lot of exposure crypto.

UM when Elon Musk was very pro dochcoin and pro bitcoin, that thing said, let's talk about some of these crypto released docks, because we do know Bitcoin is enteering and I believe has already entered a bear market heading for that twenty handle and the ripple effects. Here is some of the names like micro Strategy MSTR, which by the

way has major investments in bitcoin, down seven percent. Is your Taker their Marathon Digital of course, one of the miner's m a r as your Taker down about four percent in the pre market right blockchain another minor r i o T also down four percent, and coin base c o i N down five percent. Remember yesterday we got the news that they're cutting their workforce by citing

the macroeconomic climate. During the dot com craze, remember back when you were probably born then, but every company in the world was trying to do something dot com ish to booster stock price. And then you at the crypto craze, and every company tried to make some connection with crypto. Well, that blockchain that seemed to be the idea. I mean, people are saying it. It is the crypto, It is the payment mechanism of the future, whether you're buying car

or whether you're investing in the long term. Well, I mean they said that about a variety of other other asset classes. Ets, for example, has gone through a major renovation in terms of how people are looking at these markets. Let's talk about another big mover this morning. Spotify, though is moving on an upgrade. Actually spot or ticker up

two point three percent. Wells Fargo upgrading the stock to an equal weight, saying the music streaming firm's recent investor day laid out a more profitable company than the brokerage has modeled historically, more profitable keywords as we talk about everything.

Really my cretty, thanks appreciate it. Bloomberg Radio Market, TV Market's core spotted Critty Gupta and looking at stocks as a whole ahead of the cash open again, like we say after two o'clock, it probably it's not gonna matter, but down future is at least right now of one and sixteen points of four tens of percent. SMP futures that were on the eighteen points that's up half a percent, and the nasdack of mini futures right now are up

seventy points. Uh. Creative was doing the crypto related stocks, so let's do Bitcoin right now. That's down about seven percent at twenty thousand, five hundred and sixteen dollars per token. This is Bloomberg and the Bloomberg weather. For a meteorologist, Rob Caroline, lots of sunshine today, the high temperature topping out about eighty degrees at tonight, Parkley, Cloudy could see

some showers after midnight. The loads in the mid sixties. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. This is a Bloomberg Business Flash, Nathan Hagar. Futures are moving up on this FED decision day. Let's go live to the first breaking news desk for today's morning oh with film alone. Good morning Bill, Hey, good morning Nathan. That's right. US futures are in the green

right now. Deaf features up a hundred and seven points, Sesames gaining eight team on Nastic futures rise by seventy two US ten year that three point three eight percent, Gold is up sixteen, Oil is falling, and bitcoin is down by another six percent. Japan fell one point one percent overnight, while Europa markets are in the green, led by two point eight percent gains in Italy and back

in the US. On the economic Frontay eight thirty Empire Manufacturing and retail sales at ten o'clock Business inventories, and at two o'clock that FED rate decision. Note that Jeff Gunlocks urges a mega hike to three percent and Goldman, Saxon, Jpe and Morgan see the upper bound rising to one point seven five percent in the steepest tightenings since four.

Wrapping things up, Snowflake was raised to buy a can of chord so no Nos raised to equal weight over at Morgan Stanley and Continental Resources cut to equate over at Wells Fargo Live. I'm the first breaking news desk, Bill Maloney, Nathan Okay, Bill, thanks to get live breaking news over your Bloomberg type squawk on the terminal s q U A go. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around

the world. Good morning, Michael, Good morning Nathan. And South Carolina Congressman Tom Rice is out. The five term incumbent who voted to impeach Donald Trump for the January six tents direction defeated by Trump back Russell Fry. Fry got well Rance. The leaders of seven eight O nations from across Europe ledge to continue their support for Ukraine. They agreed to step up military supplies and provide more heavy

weapons to the war tour in the country. In baseball, the Yankees and Mets one the Red Sox beat the A six one Orioles and Giants were also winners. The Nationals Lost 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 hundred twenty countries. I'm Michael Barr, and this is Bloomberg, Nathan, Michael. Thank you is six forty nine on Wall Street. Let's turn

to news in science and technology now. The Bloomberg n j i T STEM Report is brought to you by New Jersey Institute of Technology, offering New Jersey's first undergraduate degree in fintech. N g i T is Future in the Making, tech driven, finance focused. Learn more at n j i T dot edu, slash fintech and now Here's

what's making news and science, Technology, engineering and math. The World Health Organization will hold an emergency meeting to assess whether the current spread of monkey pox constitutes a public health emergency of international concern. A special committee will meet next week to advise on the spread in non endemic countries. Monkeypox has been afflicting developing countries for years, but it's now spread across Europe and the United States. In recent weeks.

The virus belongs to the orthopox virus genus that includes the very ola virus, the cause of smallpox, but it is less contagious and symptoms are milder. Internet Explorer is finally headed out to pasture. As of today, Microsoft will no longer support the ones dominant browser that legions of web surfers love to hate and a few still claim to a dore. The twenty seven year old application now joins BlackBerry phones, dialobodems, and Palm pilots in the dustbin

of tech history. And Apple has secured the long term rights to stream Major League Soccer, taking another step and it's growing ambitions as a sports broadcaster. Apple will begin streaming the soccer matches next year as part of a decade long deal that is the Bloomberg and j I

T Stem Report. John, all right, thanks Nathan. We are live from the Bloomberg and Tranto Brokers studios where it is six fifty one on Wall Street and time now to check what's going on in d c S. Some of the top stories in our nation's capital include trumpet target of rice loses and May swimming into the South Carolina primaries. The January six panel taking some cues from Netflix with the made for TV hearings, Janet Yelling getting

trapped in the blame game. This comes over inflation, President Biden taking him at oil refinery the record of profits, and Elon must says he's thinking of creating a super moderate superpack. Let's take a deeper dimond at some of these stories this morning with Bloomberg Government reporter Emily Wilkins. Let's start with this wonderfully written story the Trump target Rice loses, Mace wins in South Carolina primaries. Oh look

who's on the mine line? Um? Well, I mean so so at least at least you know you got the right person to talk about it this morning, John, Yeah, what happened? So basically, the big takeaway is that there were sort of two candidates who had incurred the wrath

of Trump. Trump had backed their challengers. This is a Republican Nancy Mace as well as Republican uh Tom Rice, and Rice actually voted to impeach Trump, and then his kind of stuck with that criticism, saying that he did not regret the vote, that he would have voted again had the vote been taken today, and just kind of going ahead and saying you know that that he's going to stand by this. He has a very conservative record. I'll otherwise um and his challenger, Russell Fry, who Trump indoors,

did wind up beating him. But then you go down to the low Country near Charleston, where Nancy Mace is from, and she initially had some very strong criticism of Donald Trump. After January six she made a numerous TV appearances, but since then her rhetoric has really softened a little bit in regards to the President. She's kind of pitched himself

as more as an ally. She actually went to Trump Towers and filmed this video where she reminded people for the years that she had supported Trump worked on his campaign in twentus sixteen, and she was able able actually actually able to defeat her Trump backed challenger, Katie Arrington yesterday.

And so it kind of seems like if there's a takeaway from what we've learned in South Carolina, it's that you can criticize the president, but you do ultimately need to be on his side if you want Republicans, indeed, at least in deep red districts to vacuum. How's the no memor race shaping up on the other side, So I'm in November at least for these two races in South Carolina, we pretty much expect Russell Fry that the challenger who want to now be the one to go

to Washington. It's a very red district. I suppose there's a small chance that that Nancy Mas could wind up losing to a Democrat, but it is unlikely. The district it's it's would lean Republican in a normal year, but this year it's so good for Republicans that there's a good chance that Nancy Needs will return. I think there are going to probably be a couple of races where it will be interesting to see how a stronger Trump

candidate fares against a more moderate Democrat. Um. We've got one of those examples up in Ohio with Kongs and Marcy Captor's race. But for these in particular, UM, you know, it's very very likely now that Russell Fry and Nancy Mays will be returning to Congress in November. Let's get the latest now on the January six, the hearings that

are taking place, they've actually garnered some pretty sizable audiences. Yeah, they've had a good numb or if people really turn in for them, and that embark has been because that the shows have just been our hearings rather have been so well produced, I called them shows. Um. There's a lot of guys over there's a really interesting story on the terminal kind of about how the hearings have been

structured like a Netflix show. If you've ever tuned in take congressional hearing, you know that they are not exactly the height of entertainment. Uh. You see questions being asked repeatedly, you see people kind of going on and trailing off, and that's not what you've been seeing from these January six hearings. They've really been tightly scripted. They're kept a two hours. They're just stilling hours and hours and hours of testimony down into a few seconds for a clip.

There isn't sort of this prolonged grilling of a witness, um. And so in this way they're supposed to a number one, be a little bit more watchable for Americans who want to turn in and be really focused on telling the narrative. You know, usually in other committe hearings you will see people who you know, you'll see Democrats ask certain questions and then Republicans ask questions that kind of you know, conflict with Democrats asked, and this one you really see

everyone just on the same page moving forward. And I think that the Glowball goal is to really be able to tell the story of January six with the new evidence, with the new testimony, with the new information that the committee has gotten in the last year. Okay, so forget to supply chain tie amps, for forget to labor shortages and the like. We need a face to blame for inflation.

Who is it and what's going to happen? Well, Jenny Yellen right now is the one who's been really trapped but in the White House as far as blaming goes. If you remember last month, she went on CNN and said that she was wrong about the path that inflation would take. And this has come as the Biden administration has sort of been very very careful about their messaging

around inflation. They know that it's a huge liability for them and the Democrats come November, and so what they've really tried to do is kind of talk about how, you know, it's based on the supply chain, how they're finding other areas for costs to go down, and so for yelling to kind of come out like that, you know, it kinds of shows exactly how much the Biden administration is really struggling to handle inflation and how there's just not a clear path forward for the Biden administration or

or really anyone who sits in the White House to control inflation when it is at global level as it is, and for higher prices. You can also blame oil refiners where you can try what is President Biden doing on that front? Thirty seconds? Yeah, So Biden as going after a number of oil refiners after they reported really unprecedented margins. Biden said that those are unacceptable and called for immediate action.

He has asked his Energy Secretary, Jennifer Granholm to hold an emergency meeting on the subject in a couple of days, and just really trying to figure out a way how to get refineries producing more. Um really saying, you know, if you guys are braising such high prices, then why are the American people paying five dollars a gallon? A complicated answer, but one that Biden is really trying to show that he's taking action on given how much pain there is at the pump for Americans. Emily, you always

a pleasure, Bloomberg government reporter Emily Wilkins. You can read more about these stories on Bloomberg dot com or the Bloomberg Terminal. And a reminder, you can follow the latest on Bloomberg radially in Washington Bloomberg one and one oh five point seven FM HD two. On this FED day, futures point to a higher cash open up walls, great down futures of one, eight SMB futures of eighteen, the NAS day futures seventy five points higher. For Nathan Hagar.

I'm John Tucker, and you've been listening to Bloomberg Daybreak