Bloomberg Daybreak: March 17, 2022 - Hour 1 (Radio)

workplace erassment protection for all public employees. Plus preparations continue for today's St. Patrick's Day Parade in Manhattan. I'm Michael bar More Ahead, I'm John stas Shower and sports easy wins for the nixt Nets loss at the Buzzer, Rutgers in the n C double As lost in double overtime. That's all straight ahead on Bloomberg day Break on Bloomberg Elementary on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco,

Sirius x M one nineteen and around the world. Old on Bloomberg Radio dot Com and via The Bloomberg Business And Good Morning. I'm Nathan Hager and I'm Karen Moscow, and futures are little change this morning. We are coming up to five go one on Wall Street, and we check the markets every fifteen minutes throughout the trading day. On Bloomberg right now SNB futures again little change, down three points down. Future is also that will change and

now has that future is down about fifteen. The ten year treasury is a fifteen thirty seconds cel two point one three percent, and a yield on the two year at one point nine two percent, and the euro one point one zero five one against the dollar. Nathan, right, Karen, We begin this morning with the latest developments on the war. Group of seven FIGM ministers meet virtually today to discuss the crisis, while Ukrainian President Vladimir z Leinski addresses the

lower house of the German Parliament. This comes as Russian strikes continue on infrastructure sites in Ukraine. The Ukrainian military says a Russian plane bomba theater where hundreds were sheltering. Bloomberg's said Baxter has this story this adding to the concern about Russia purposely bombing civilians. The max Are satellite firm collected images showing the word children in writing in white letters in front of and behind the theater. Meanwhile,

President Joe Biden has promised new munitions to Ukraine. We have identified and are helping Ukraine acquire additional longer range anti aircraft systems, along with shoulder rockets, Stinger and javelin launchers, twenty million rounds of AMMO, and one hundred diving switchblade drones in San Francisco, I'm at Baxter, Bloomberg Daybreak, All right, and thank you. In all, President Biden has offered eight hundred million dollars worth of new weaponry to Ukraine. He

also branded Russian President Vladimir Putin a war criminal. Later today, House land makers are set to revoke normal trained relations with Russia. Amy Morris as the latest from our Bloomberg newsroom in Washington. Removing Russia's most Favored Nation trade status allows the US to impose higher tariffs on goods, sources tell Bloomberg News. It also expands the Magnetsky Act, opening up the possibility of more sanctions on Russian officials for

human rights violations. It would take Congress and the President together to re establish any trade relationship with Russia. House majority leader Stanny Hoyer says the vote will come later today, putting Russia in the same category as Cuba and North Korea in Washington. I'm any more as Bloomberg Daybreak, okam,

thank you meantime. In a chilling thread, Vladimir Putin is warning he will cleanse Russia of traitors, but any people, and even more so, the Russian people will always be able to distinguish true patriots from scum and traders and simply spit them out like a fly that accidentally flew into the mouth, spit them out. I am convinced that such a natural and necessary cleansing of society will only strengthen our country. Putin is accusing the West of wanting

to destroy Russia. The finance ministry in Moscow says a ten million dollar interest payment that's due on two dollar bonds has been made to City Bank in London. It comes amid mounting speculation that Rush has headed for a default. Well, Nathan. Another major story we're watching this morning is the continued reaction to the feds liftoff of interest rates, and Bloomberg's

John Tucker joins US Live with the latest. John, Good Morning, Karen, Stock and bond investors had completely different reactions to the feds quarter point rate increase. Stocks rallied bonds sold off. The five tenure treasury yield curve inverted for the first time since early That's a recessionary signal. At Googgenheim Partners chief investment Officers, Scott Minored isn't all that impressed with how the FED is doing its job trying to tackle inflation.

I think that the FED has largely abandoned monetary orthodoxy. It's trying to be too cute in how it's it's managing this. Guggenheim Scott Minor says they're in an inflation panic. The Central Bank also published forecasts from the authority's various officials, the so called dark plot that indicated a steeper hiking path than before. Live in New York. I'm John Tucker, Bloomberg Debris All right, John, thank you. Interest rates are also in focus in Europe. Let's get the very latest

done that Live with Bloomberg's You and Parts. Good Morning, you went, Good morning, Nathan and Karen. The Bank of England was the first major central bank to titan policy after the pandemic, and today you committee members look all but certain to high rates for a third successive time. If they do, that would take the UK benchmark back to its pre COVID level as the bank battles soaring inflation.

That decision at eight m Eastern Time, Live in London, I'm you and parts been both daybreak and thank you. Turning to the market started in Asia jumped once again on a certain Chinese technology shares. We get the recount from Bloomberg's Julietts Sally and Singapore Good morning, Juliet, Good morning Nathan and Karen. China's effort to stabilize market saw the Hang Saying Index post it's best two day gains since the Hang Saying Tech Index added to Wednesday's dizzy

and twenty two percent gain. However, the Indo exist still down more than fifty pc from its February one peak, owing to a year long crackdown on the sectum. The lift in Hong Kong and Chinese equities or the m c I Asia Pacific Index rise over three pc and the yan Hovadna six CLO boost nick to to five by three and a half percent. That was its best to day games since April twenty. In Singapore, Juliette Sally,

Bloomberg day break. All right, Juliet, thank you know. Despite the recent pullback, one Wall Street firm says oil prices are heading a lot higher. Let's get more on that live from Bloomberg's Rnita Young. Good morning, Na, Good morning, Nathan. Morgan Stanley is raising its Brent oil price forecast for the third quarter from one hundred dollars to one twenty dollars a barrel. Analysts they're are citing tighter supply demand

balances worldwide. Morgan Stanley says the US import ban and self sanctioning in Europe that would mean Russian crewe production will drop by one million barrels a day, which would be visible from April onwards. Analysts are raising their estimate for three from ninety five dollar is two hundred dollars of barrel. Live in New York. I'm gonna need a young Bloomberg papery. Okay rened to thanks in checking oil now. West Texas Intermediate's at ninety eight dollars fifty nine cents

of barrel. That's a gain of three and three quarters per cent on the session. Brent is at a hundred one dollars fifty nine cents. Straight ahead. Your latest local headlines in the check of sports. This is Bloomberg South, five oh seven on Wall Street. Take some time this morning, foggy out, forty five degrees in Central Park and Michael Barr is here with more on what's going on in New York and around the world on this St. Patrick's Day. Top of the Morning, Michael, Top of the morning to you.

Nathan St. Patrick's Day. Celebrations in New York City and across the country are back after a two year hiatus. New York's Parade, the nation's largest and oldest. We'll go up Fifth Avenue starting around eleven am. New York Mayor Eric Adams says today you can call him oh. Adams resents it in the spirit of the Irish Americans who played the mayor jerow in this city, built in a

Brooklyn Bridge, our mt A system law enforcement. You look at the success of New York, you see the Irish contribution to it, and you should be proud to be Irish today and proud to be New Yorker is and proud to be America's Mayor, Adam says. In twenty twenty, the parade was canceled as the virus hit the U. S. White House Medical adviser Dr Anthony Fauci says Americans need to be ready to respond to another potential COVID surge if one occurs. Dr Fauci says older individuals may need

another vaccine booster. I don't think there's any doubt that sooner or later, particularly among the elderly, who have less of a robust immune response than a normal younger population, that sooner or later they will need a boost of

a fourth shot. Dr Fauci says as more than a thousand people a day are still dying of COVID in the un US, it looks like the pandemic has led to the closing of the nine eleven Tribute Museum in Lower Manhattan, according to The Ball Street Journal, Museum officials say will likely close permanently after running up too much debt.

The Tribute Museum, with the staff of about ten, was designed to serve the survivor community, while the nearby, better known National September eleventh Memorial Museum honors those lost in the attack. New York has expanded workplace harassment protection for all public employees and has banned the release of anyone's employment records in retaliation for speaking up about alleged abuse. New York Governor Kathy Hokel signed the new laws yesterday.

Actor Jesse small Lett has been released from jail in Chicago after an appeals court agreed with his lawyers that he should be free, penning the appeal of his conviction for lying to police about racist and homophobic attack. Global News twenty four hours a day on air and on Bloomberg quick Take, powered by more than twenty seven hundred journalists and analysts more than a d twenty countries. Michael Barr, this is Bloomberg, Nathan, Thank you, Michael. Almost five town

Wall Street. Time for the Bloomberg Sports Uptake Morning, John Stanshown right in morning, Nathan. The n C Double A Tournament begins in Earnest today sixteen game sixteen more tomorrow. By late last night and Dayton, Ohio. Notre Dame could Mike Gray suggested that will not be a game an attorney better than the one his team had just won. In the first four Notre Dame eighty nine Rutgers eighty seven double overtime, both teams shot over fift Paul Atkinson

wanted with a putback with one second left. It came just after midnight, so technically the Irish won the game on St. Patrick's Day. I ownA lost its first round n I T game in Florida, seventy four easy one for the next at the Guard over a Portland team that started three guys who weren't even drafted. R J. Barrett scored thirty one nets and MAV's in Brooklyn. Dallas had the ball trailing by one's on that left side as it crosses the front court with five up to

the top with three. Dontch with two gives it up to Dinwoody for three of the winnity ferries it. He former Net comes back and Spencer den Witty on a game winning three. The Mavericks have defeated the Nets one thirteen to one eleven. He has been out the call. Lukea dons its thirty one point for Dallas. Devils lost at Calgary six to three. The Rangers swung the trade with Florida, the team with the best record in the East. They send a draft pick to the Panthers for Frank Vetronto.

He gets traded the day after he scored the time and winning goals for the Panthers. Freddie Freeman was a fixture at first base for the Atlanta Braves, big part of winning the World Series last fall, but now he's a Dodger, signed for six years. A hundred and sixty two million of the Dodgers now have four m vps on their roster, with Freeman joining Clayton Kershaw, Coody Billinger and Lukey Betts. John Staff Award Bloomberg Sports Okay, John,

Thanks Right now. SIMP futures are moving lower down almost state point. Staff futures down thirty seven. Nastact futures are lower by thirty four points. The ten your treasury is up sixteen thirty seconds. The yield on the tenure note two point one two. You're listening to Bloomberg Daybreak Bloomberg eleven three. Weather Fogg This morning, showers likely this afternoon, mid fifties for highs will be partly the mostly sunny with a high near seventy Tomorrow, occasional rain low sixties

for Saturday. Right now forty five in Central Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot com. The Bloomberg Business at Land at Bloomberg Quicktape is a Bloomberg Business Clash and I'm kerin Moscow. This update brought to you by SEI. Today's competitive marketplace requires asset managers to become more operationally adept. See how you can transform your business with SEIS Global Platform at sei C dot com, slash i m s US dot

Index futures are now lower. In European shares are little changed as traders digest the federal reserves. Of you that a robust US economy can weather the campaign against high inflation. To check the markets every fifteen minutes throughout the trading day. On Bloomberg, U, S and P futures down about six points down, futures down ten NASDAG features down thirty, the

decks in Germany's down a third of upper cent. The ten year treasury of fifteen thirty seconds yield two point one two percent, The yield on the two year one

point nine three percent. NIMEX screwed oil is at four point one percent of three dollars eighty four cents at ninety eight dollars eighty eight cents of barrel COLLMIC schooled that one point four percent of twenty seven dollars thirty cents at nineteen thirty seven, announced the euro one point one zero four six against the dollar, British band one point three one seven nine and the end at one eighteen point six nine Bitcoin this morning moving lower, down

more than one percent at forty eight hundred thirty dollars. And today we are watching for the weekly report on initial jobless claims at at eight thirty Wall Street Time, along with housing starts and building permits, industrial productions at at nine fifteen, and FedEx is among companies scheduled to report earnings today. That's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world.

My good morning, Good morning. Care In a Russian artillery destroyed a school and a community center in a city, New York arkieve today. That's according to a Ukrainian official. It comes a day after an air strike ripped a part of theater where hundreds of people have been taking shelter in the besieged city of Mariupol. New data released by the Census Bureau shows the US grew wealthier, better educated, and poverty declined during the second half of the last decade.

Get ready for a lot of lost productivity at work, with St Patrick's day and to day start of the nc Double A college basketball tournament. In the playing games yesterday, Right State earned its first men's tournament victory, and Notre Dame needed double overtime to beat Rutgers to advance. And in the NBA the next one, the Nets and Wizards lost, Celtics beat the Warriors. In the NHL, the Devil's and

Bruins lost. Global news twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven hundred journalists and analysts in more than a hundred twenty gun threes. I'm Michael Barr. This is Bloomberg Nier. What a convergence. Okay, Michael, thank you. It is now five twenty on Wall Street Live from the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak as we continue monitoring developments both militarily and diplomatically in the war in Ukraine.

Were joined from our Bloomberg ninety one studios in Washington, d C. By our Bloomberg Government Congressional reporter Jack Fitzpatrick. Jack, good morning, thanks for being with us. We've been monitoring President Zelinski of Ukraine as he address as the lower house of Germany's parliament this morning. Of course, he spoke

virtually to the US Congress yesterday. Given the reaction from lawmakers and the president, uh, is it safe to say that the Ukrainian president's words left an impression with lawmakers in the nation's capital. Yes, definitely, he is admired on a bipartisan basis. The speech was well received. He on a I guess a more substantive, concrete note. He's not gonna get everything he asked for. He really was shooting

for the moon on some of his requests. Obviously, the request for a no fly zone over Ukraine was not received particularly well. There was a lot of polite, uh not not vociferous pushback, but you heard from members in both parties that that really is not an option that's being considered. Uh. And the request for fighter jets also is not something that the administration currently is going for.

What the President announced yesterday in terms of military aid to Ukraine is much more, uh, sort of lightweight handheld a hundred smaller drones, javelins, UH, Stinger anti aircraft uh and and and helmets and body armor and that kind of thing. So it's very well received, but nothing really changed that much in terms of where Congress in the White House draws a line in terms of what they're willing to provide to Ukraine. Well, let's talk a little

bit jack about what the President is off here. Eight hundred million dollars in new military aid for Ukraine. What kind of impact could that have on the battles going forward? And is there a possibility that the President could be leaving open here for further aid down the road. Yes, uh one, it is significant eight hundred million dollars. By comparison recently, in a more normal year, the US might give something like five hundred million or six hundred million

to Ukraine and military aid. Uh. So this, this one batch is a very significant amount of money for a country that it is a defense budget that has peaked around six billion dollars in recent years. So these are again anti aircraft weapons, uh, tank anti tank weapons, a hundred drones that are a bit more short range weapons.

Not exactly patrolling the skies, but it is supposed to be effective for groups that are pinned down by enemy fire grenade launchers five thousand rifles, uh, that kind of thing. But there is a lot of talk in Congress about the likelihood that another spending bill will be needed. They're waiting to see exactly what the defense needs are, but there are already some humanitarian needs the World World Food Program at the u n H and actually the Justice

Department measure targeting Russian oligarchs. According to Lindsay Graham, who is a key member on the subcommittee fund funding these kinds of things that they already need more money. So there's already a conversation about providing more to Ukraine over the next few weeks. They think lawmakers are waiting to see exactly what is needed, but it seems that more eventually will be coming. And in our last minute here, Jack, we're also expecting today that the House is going to

vote to revoke Russia's normal trade status. Is this something we're expecting to get by partisan support? Yes, Actually, the way this is set up by House leadership UH is sort of a speedy process that allows them to skip procedural steps if they can get at least two thirds of a vote in the House, and that's how they've

set it up. So clearly House Democrat leaders are expecting very significant bipartisans support, the kind that would help this probably sail through the House and Senate, where this has been talked about in a bipartisan way, uh for for a little while now, So the expectation is there's going to be a lot of bipartisan support, and that's the kind of thing that could become law, all right, And we're gonna be monitoring that vote as it comes down

later on today, Bloomberg Government Congressional Reporter Jack Fitzpatrick, thanks for being with us from our ninety nine one studios in the nation's capital. Will be checking back with you again, uh later in this program, as Bloomberg Daybreak continues, Looking ahead to the market open, uh slight losses for futures contracts.

We're watching the SMP futures go down by about six points now down futures are lower by twenty nine points, sore Nasdaq Future is actually lower by twenty nine and the tenure Treasury is up sixteen thirty seconds with a yield two point one two per cent. Just ahead, divergent market reaction to the FEDS decision and why oil prices could go higher from here. Your top stories of the morning.

Just ahead on Bloomberg Daybreak, Bloomberg eleven three oh weather areas of fog this morning, showers likely this afternoon with highs in the mid fifties. Will be probably the mostly sunny with a high yr seventy Tomorrow, loose sixties. Occasional rain on Saturday. Right now forty five and fog. Broadcasting live from the Bloomberg Interactive Broker Studio in New York. Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston,

Bloomberg What all six one does? San Francisco, Bloomberg nine sixteen to the country, Sirius XM Chado one nineteen and around the globe, the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hagar and I'm Karen. Moscow are just about four hours away from the open of US trading. Let's get you have to date in the news you

need to know at the shower. Ukrainian officials are demanding a cease fire as Russian strikes on cities and infrastructure continue. Ukrainian President vladimir's Lenski speaks to Germany's Bundesto today after addressing US lawmakers yesterday. Afterwards, President Joe Biden announced the US is offering eight hundred million dollars worth of new

weaponry the Ukraine, including armed drones. The American people will be steadfast in our support of the people in Ukraine in the face of Putin's immorl on ethical attacks on civilian populations. Where are united in our abhorrence of pudens depraved onslaught, and We're going to continue to have their backs as they fight for their freedom, their democracy, their very survival. President Biden called Russian President Vladimir Putin a

war criminal in his remarks on Capitol Hill. The House is voting today to revoke Russia's Most Favored Nation trade status. Well meantime, Karen Russia announced it made a hundred seventeen million dollar interest payment due on two dollar bonds to City Bank in London, but didn't comment on if it

was credited. If Russia fails to on her coupons on the two notes, it could reneg on its obligations to foreign creditors for the first time since al Turning to markets, Nathan Stock and bond investors are having very different reaction to yesterday's quarter point right high from the Fed, and Bloomberg. John Tucker joins US Live with the details. John Karen Walls, stocks rallied bonds sold off. Five year treasury yields surged above ten ure yields. That's an inversion that could signal

recession ahead. The Fed officials forecast, the so called dot plot indicated a steeper path of interest rate than before, leading some to suggest the central bank is in an inflation panic. Swaps markets now betting seven or eight hikes for this year, including the one just announced in New York. I'm John Tucker, Bloomberg Radio. All Right, John, Thanks, and despite the recent pullback, one Wall Street firm says oil prices are heading higher. With the latest Live here's Bloomberg's

renned A Young, Good morning or good morning. Nathan. Morgan Stanley is raising its print oil price forecast for the third quarter from a hundred dollars to a hundred twenty dollars of barrel. Analyst there's the tighter supply demand balances worldwide. Morgan Stanley says the US import band and self sanctioning in Europe mean Russian crewe production would drop by a million barrels a day, which will be visible from April onwards. Analysts raised their three estimate from ninety five dollars to

a hundred dollars of barrel live in New York. I'm Gornita Young Bloomberg day Break. All right, Granita, thank you. And futures this morning are lower. SNP Future is down six points to own Future is down thirty two. So are Nasdack Futures and straight Ahead your latest local headlines plus a check of sports. And this is Bloomberg. Thanks turn. It's five thirty three on Wall Street, forty five degrees in Central Park and very figgin the river crossings this morning.

Michael Barr has more on what's going on in New York and around the world. Michael, thank you very much. Nathan, New York. St. Patrick's Day Parade is back in Manhattan. He was canceled in twenty because of the pandemic. Last year was a scaled down version, but this year Fifth Avenue will be packed with marches. New York Mayor Eric Adams it means so much to all of us to see this pit parade a return. When it's paused, we knew we will be back. Mayor Adams says the parade

will begin. At eleven am, New York Governor Kathy Hocal signed legislation expanding the state's anti retaliation protections for people filing discrimination and sexual harassment claims. The law effective immediately makes the public release of an employee's personnel records grounds for retaliation claim. There are new details about that horrific

head On Highway crash in West Texas. Nine people were killed, including six New Mexico College students and their golf coach returning from a tournament to other students around the hospital. The driver of the other vehicle and a thirteen year old passenger were also killed. Eric Weiss with the NTSB says the crash was a quote high energy event. It was a seventy five mile in our speed limit. Um,

so that's the information we have on speed. We don't have the exact speed of the vehicles of their investigators will try to term that. Eric Weiss with the NTSB. It's believed the pickups swerved into the van carrying the golf team. Two British citizens who had been jailed in Iran for more than five years have returned to Britain after the UK settled a decade's old debt to a run. A third detainee was furloughed as part of the same deal.

The breakthrough was reached as world leaders trying to negotiate the return of both Iran and the US to an international agreement designed to limit Tehran's nuclear enrichment program. Actor Jesse small Let was released from a Chicago jail, and appeals court says he can be free while he appeals this conviction for lying about being the victim of a

racist and homophobic attack. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven under journalist and analyst or more than a hundred twenty countries. I'm Michael bar This is Bloomberg Nathan. Thanks Michael. Thirty five on Wall Street Time for the Bloomberg Sports Update with John Stark. Nathan knicks back from a seven game road trip where they did better than

expect you with three wins. They had no trouble at the Garden with Portland on to r J. Barrett scored thirty one. Much closer at the Barkley Center where Spencer Dinwin he used to play his career, flourished with the nets and he came back hit a game winning three at the buzzer to give Dallas a one thirteen, one eleven victory. Devil's lost at Calgary six to three. Rangers made a trade, with the deadline approaching, center draft pick to Florida for veteran forward Frank to Toronto NC double

A tournament. What a game at the first four in Dayton, Ohio went double overtime. Paul Atkinson transferred from Yale, put back with one second left, giving Notre Dame in eight seven win over Rutgers. Atkinson scored twenty six points. One harperd Jr. Had tied the game for the Scarlet Knight for the DP three Ionna season ended with an n I T loss a Florida. NFL free agency coinciding with the recent end of the baseball lockouts, so signings in

both sports. Von Miller to the Buffalo Bills, Freddie Freeman to the Dodgers, Chris Ryant to the Colorado Rockies. Yankees made the trade with the Twins resigned Anthony Rizzo. They steered clear of the really high price guys, but own our house. Steinbrenner have high hopes for the upcoming seas. This is the Championship teliber team. Um, you know, I think the trade the test made was it was it was a great trade. Um. You know, we're gonna we're

gonna miss the guys that that moved on. But um, I think we we addressed one or two of the needs that we had. Um. But look, this team's got a lot of experience. It's a Vetbrian team. They've got a lot of heart and uh, I think we're gonna see great things. It's just Stein Banner said. They will soon get to work in a new contract for a john S bloom Group sports tea. Thank you, John. It's five thirty seven on Wall Street. Time for the Tri

State Business to report with Bloomberg Scott Car. IBM says it will consolidate its New York City offices into one space at one Madison Avenue. New York Business Journal reports the tech giants signed a sixteen year least for three d eight thousand square feet at the tower. IBM is

headquartered north of the city in our Monk nine. IBM offices will be merged in two The Planet Commission in the small Hartford suburb of Toland, Connecticut, has given the go ahead for retail cannabis establishments and most of that town's commercial zones, with some restrictions. Under new rules, Hartford Business reports, a cannabis retailer or a medical marijuana dispensary would be allowed to nearly every commercial zone except one

small area near route. The New Jersey Transit Board of Directors has taken another step in the transition to a zero emissions bus fleet with the awarding of a four million dollar contract to a coom to design the infrastructure required for a limited deployment of electric buses and conduct a survey of current conditions at all sixteen and JAY Transit bus garages statewide. That's the Bloomberg christ State Business Report. I'm Scott Carr. Thank you, Scott. 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 Kotas. Get on ten ten Wins in New York. We're talking about fact Fifth Avenue and Coals possibly one day being under the same ownership Umbrella. I'm Cornetah on wh S and Louisville, searching

use car prices are encouraging owners to chase profits. F'm Ginas Servetti and for w w BBM in Chicago, I'm reporting that burn flu is becoming a problem again in the US, pushing up egg prices just ahead of Easter. Caroline he had killed BlueBag Daby Digital medium and on the wecording on the bank thing Goodwin decision as the boy in Ukraine gives energy prices another jokes upwards. I'm Scott car on w d c H in Washington. I'm

reporting on supply chain services loosening up in Virginia. And those are some of the stories are Bloomberg journalists 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. What can be done to mitigate the short term inflationary pressure for mounting energy costs. The challenge is to moderate the upward pressure on short term

prices without making fossil fuels more attractive in the law term. Ideally, planned supplies would be delivered sooner, not persistently raised. The strategic petroleum reserve can help. On March one, the US announced it would release thirty million barrels of crude from its stock of five and eighty million. Releasing stocks into

the economy. Alleviates the short term disruption, but this can and should be combined with so called exchange agreements advanced commitments to restock later, which would take supplies off the market and reassure producers that until the reserves are replenished, they'll be sufficient demand to justify a temporary increase in output. Such arrangements helped to stabilize both prices and production. The stress is caused by the Russia sanctions will likely be

long lasting and tough to manage. This more ambitious use of the petroleum reserve could make a difference. 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 OPA and 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 futures moving lower, with SMP futures now down ten points down, futures down fifty five danced A futures lower by forty points of the tenure treasury old two point one two per cent. You're listening to Bloomberg Daybreak Bloomberg eleven three oh Weather some fog this morning, showers likely this afternoon, mid fifties for high It's probably the mostly sunny tomorrow with a high

year seventy most sixties. Occasional rain for Saturday. Right now, fog and forty five degrees in Central Park. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Out and at Bloomberg Quick Take, He's a Bloomberg business clash and I'm fair at Moscow and stocks in Europe have been fluctuating their higher again. You mus stock index futures are lower. Traders are digesting the federal reserves of you that are a bust us

economy can weather the campaign against high inflation. We checked the markets every fifteen minutes throughout the trading day on Bloomberg. SMP futures down twelve points this morning. Down, futures down seventy one nasdack futures down forty five. The decks in Germany is down a third of U per cent ten. Your treasury up eighteen thirty seconds, yield two point one one percent, yield on the two year one point one

one percent. Ninemex scrat oil is up four and a third percent of four dollars thirteen cents and ninety nine dollars twenty cents of barrel comic schooled up one point eight percent of thirty three dollars ninety cents at nineteen forty three forty announced, the euro one point one zero five one against the dollar, British bound one point three one eight one and the ends at one eighteen point six two. And Bitcoin this morning lower down one point

one percent at forty thousand, eight hundred dollars. And that's a Bloomberg business flash. Now here's Michael Barr with more on what's going on around the world. Michael Karen, thank you very much. Ukrainian President Voladimir z Olenski addressed German lall may here's a day after an impassioned address to

US Congress about Russia's invasion in Ukraine. Meanwhile, China's foreign Ministry endorsed supportive remarks by its envoy of Ukraine in which Beijing delivered some of his most supportive comments yet toward the war torn country. Today is the start in earnest of the n c Double A college basketball tournament. In the playing games yesterday, Right State has earned its first men's tournament victory, and Notre Dame needed double overtime against Rutgers to advance. In the NBA the nixt one,

the Nets and Wizards lost. The Celtics beat the Warriors. In the NHL, the Devil's and Bruins lost. Global news twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven journalists and analysts, are more than a hundred twenty countries. I'm Michael Barren. This is Bloomberg. Nathan all right, Michael. Thanks, It's five forty nine on Wall Street Now live from the Bloomberg Interactive

Broker Studios. This is Bloomberg Daybreak. And Drew Madis is with us now, chief market strategist at MetLife Investment Management. As we try to get some more reaction now to a federal reserve now really in inflation fighting mode. Drew, good to have you with us this morning. So the market got the quarter percent move that it was expecting, and it looks like just about every meeting is live from here on out for the rest of the year. What do you make of the hawky is turn from

the Potential Bank? Well, you know, I think we have to put it in perspective, which is, you know, they're saying they're going to do this, but if you look at history in the dot plot, they often don't actually follow through and what they say they're they're hoping to achieve. And I think this might be a case where they're using the dot plot as a policy tool rather than actually expecting to go through and do six rate hikes

this year. So then what do you think the FED is going to do, Drew, Well, I I I you know, I think they're gonna do fewer. Um, you know, I think they're gonna do Q two earlier, which I think they already hinted at in the meeting yesterday. He basically said, you know, it's it's about time to be reducing the balance sheet. So he's putting that on par with rate hikes,

and I think that's probably appropriate. Um. I think the main game here, though, is to convince the world that we're serious about fighting inflation, when actually the inflation you're trying to fight is not one that's gonna be solved by rate hikes. So how do you think the FED is going to be able to tackle this kind of inflation? What do you think the driving force is going to be? Is the FED going to be able to pull off

a soft landing? Well, we'll see. I mean if they if they fall through six rate hikes, I think it's gonna be a bumpier and rockier road. Um. I don't see how they do that with the unemployment rate forecast that they're projecting. Um. And you know, I think their growth forecast looks a little robust if they're actually follow through with what they're saying. Um. You know. At the same time, I think the inflation forecast, you know, uh,

you know, that looks more reasonable to me. Um. But it's probably going to happen if supply chains begin to improve and we see some you know, as we've already seen, right, energy prices they're not moving the way they were. So you know, these things are done in advance, and even even from the time they completed the SCP projections to to the time they actually put them out and told us what they all were. Energy prices pretty much did a U turn. So then do you think the dot

plot is sort of managing market expectations? Then what do you think is going to move the FED when it turns when it comes to actual rate hikes for the rest of this year. Well, I guess i'd flip the every meeting is live idea. Right, If every meeting is live,

that means every meeting may not be imply um. And you know, I think for now though, you know, the main message that FED was trying to get across was we're gonna take and we're gonna take rates into restrictive territory, which they've penciled in for three um, in order to get inflation under control. All right, Um, they don't really care why inflation comes down. They just wanted to come down.

And I think, uh, they and most other economists on Wall Street and myself are all looking for inflation to moderate a bit in the second half of this year, Uh, simply because of the way inflation behaved last year. Um. And I think that's what they're counting on in order to kind of signal to the market said hey, you know what, maybe all these rate hikes aren't necessary. Um. They pencil them in at the beginning of the year when everyone was worried about inflation. When people become less

worried about inflation, they can always pull some back. What do you make of the divergent market reaction we saw after the news conference, the stock rally, the bond sell off. Who do you think is getting it right in the market? Uh, well, I mean it could be that the market kind of sees it my way, which is, you know, maybe they'll go ahead and do this. If they go ahead and do this, the bond market is telling you that could

be a problem. Uh, and the equity markets saying, well, you know what, by the time it actually becomes a problem, will stop. Um. And and so you kind of get the best of both worlds. You keep the bond market. I mean, look, they're they're they're they're hiking rates because they don't want the tenure. You're moving up by even more than it would um, you know if inflation is

going to be there, right, um. And so yeah, you know they're they're also keeping an eye on that inversion, right And there's no way in my opinion that you know, if if you're the FED and you're looking at things, uh, and you're having to decide between hiking rates and not hiking rates, and if you high rates the curve inverts that, that you go ahead and do that, I'm not really sure you know what what what you'd be hoping to

achieve policy wise by by forcing that issue? Um And I think if they do force that issue, you're going to see this the equi market behave very differently. Thanks for this, True good having you on with us. True mattis chief market strategist at MetLife Investment Management. Karen Well Nathan, it is coming up to five fifty four on Wall Street. Time for a legal story. We're watching this morning, brought

to you by American Arbitration Association. Business disputes are inevitable, resolve faster, but the American Arbitration Association the global leader alternative dispute resolution for over ninety years. More at a d R dot org. Well. Since Russia invaded Ukraine, more than three million people have fled Ukraine to neighboring countries

like Poland, Hungary, Romania and Slovakia. The EU is allowing Ukrainian nationals to travel visa free in Europe and they can choose the EU country they would like to stay in and apply for temporary protection there. But the United States has only admitted a few hundred Ukrainian refugees, and it is so difficult to get into the US that some Ukrainians are showing up at the Mexico border to

try to get asylum for more. Bloomberg student ground So speaks to Leon Fresco, a partner at Holland and Night and a former immigration official in the Obama administration. Leon tell us about the calls you've been getting trying to

arrange for Ukrainians to come to the US. Plenty of people are thinking to come here on student visas now, on visitor visa, huanitarian parole applications, and it's just going to come down to whether the Biden administration provid items saying that that's okay to let people come here and say during the duration of the crisis, essentially knowing that hopefully some large segment of those individuals would go back if the war word is subsided, or are they going

to take a more doctrinal, dogmatic approach and say, look, you can't come on a visitor visa if you're from Ukraine because we have no evidence you're gonna come back. We can't give you a student visa you're from Ukraine because we have no evidence you're gonna come back, etcetera. The more of those pathways that they cut off, the

harder it's gonna be. And what you'll see, and you're starting to see some matterings of this is actually Ukrainians appearing on the southern border and just applying for asylum on the southern border. And if that's the only way you're gonna let Ukrainians in, that's the way that Ukrainians are gonna use if they have an American family member that's arranging this for them. Let's say someone calls you up and says, my family's in Ukraine now or went

from Ukraine to Poland. I want to get them into this country besides flying to Mexico. What else can you do? Well?

The groth compelling legal options in terms of what you would do doctrinally is something called the humanitarian parole, and you would ask them to put together a pocket that you would assist in baking with their information and why they can't say where they are and why as a humanitarian nature, the United States to give them a one year parole to sort of weather the storm here and then after that one year they can leave, and showing that they have sufficient family ties here, that they have

an economic sponsor here who can take care of them while they're here, which would usually be some very close family member with a pretty decent income, and you would let the chips fall where they may. We're at the beginning stages of this process. U s c I S endeavors to give decisions in ninety days of these parole applications, so we'll know in a few weeks whether U s c I S is treating these claims compassionately or not.

And quite frankly, the state of affairs may be completely different in the next few weeks sanative right now, so we don't know a lot of this is going to be wait and see and as Leon Fresco, a partner at Holland and Nights, speaking at the Bloomberg Student Grosso.

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 and Bloomberg Jay Break continues on a day when futures are trading lower, and this is Bloomberg