Bloomberg Daybreak: May 13, 2022 - Hour 1 (Radio)

Happy Friday to you, Nathan. More than seventy gas stations in New Jersey are offering lower prices today as part of an effort to educate people about what might happen of self serve gas pumps are allowed in the state. Bill has also been introduced in the state legislature're calling for self service at stations with more than four pumps as gas prices rise because of inflation and the war

in Ukraine. Advocacy group Fuel Your Way and J said Today's Self Served Day of Awareness aims to let drivers know that self serve could help them say between one hundred and four hundred dollars per year. What do New Jersey drivers think about self serve? Phillips, It's a major cover because you don't have to deal with the elements. The elements are the wars is better and safer if they come to you and uh the gas. New Jersey is the only state that does not allow any one

other than gas station attendance to pump gas. New York households power bills are poised to surge twelve percent this summer, and they had higher electrical demand and soaring natural gas prices, according to the State Public Service Commission, that would exceed

the eleven increases of the two previous summers. The new White House COVID nineteen coordinator is issuing a dire warning the US will be increasingly vulnerable to the coronavirus this fall and winter if Congress does not swiftly approve new funding for more vaccines and treatments. Dr rashist Jah says that americans immune protection from the virus is waning, the virus is adapting to be more contagious, and booster doses

for most people will be necessary. When I think out to the future the rest of the country, as his virus spreads, there are places in country that have far lower levels of vaccination. I worry about what's going to happen there. Dr Rashi's job. President Biden sent a letter to the Federal Trade Commission asking the agency to look into cases of price gouging, as there's a national shortage of baby formula. The supply disruptions are due in part

to a February recall of some popular brands. New York Republican at least Steponi is among members of Congress criticizing the Biden administration's handling of the crisis. This is not a third world country. This should never happen in the United States America. Representative Steponic as the FDA is now

considering loosening import restrictions. Global News twenty four hours a day on air and on Bloomberg Quickday, powered by more than seven hundred journalists analysts more than a hundred twenty countries. Michael bar this is Bloomberg, Nathan. Thank you, Michael. Almost five ten on Wall Street, time for the Bloomberg Sports Update. Good morning, John Stah, Good morning Nathan. The Yankees keep winning. The pitching, as for the most part, carried them, and

last night the pitching wasn't great. Hitting was a fifteen to seven win over the White Sox in Chicago to home run six RBIs for Johant Carlos Stanton, home run for Aaron Judge, he drove in four Josh Donaldson, Caffie seven run eighth inning for the three run shot. Yanks have won sixteen of their last eight teen. The Mets with a four one win in Washington, so they win another series. They've played ten, they've won nine with one split.

Mets home tonight for Seattle. Rangers are in Pittsburgh for Game six, and it's not known if Penguin stars Sydney Crosby will play. An upper body injury suffering Game five courtesy of a high hit by Ranger defenseman Jacob Trueba, Penn's coach Mike Sullivan clearly anchored by the hit. The Ranger coaches Gerard Glenn. I don't think you bothers him one bit. And me and he plays his game the way he plays his game. And you know, again, Troupe Jane hurt Sidney Closby. You know that's not the goal.

Their goals to play physical hockey. And he was an unfortunate play, you know, So, I mean, there's no intend to hurt anybody over igor, says Durkin, back in Pittsburgh, where he gave up ten goals in three periods over

games three and fources. Sturk already a finalist to win the Vezina Trophy for Best Cooley now named the finalists to win the Heart as NHL m v P three teams one of one Game six is the force of Game seven Boston Edmonton and Tampa Bay one in over time, NBA Miami one in Philadelphia to win that series, Dallas Blue out Phoenix. That series going seven. NFL schedule out Giants will open up at Tennessee and Jets will be

home for Baltimore. Rich strike off. That miraculous one at the Kentucky Derby will not be in next week's Preakness. John Stashward Bloomberg Sports than thank John SMP future is now forty seven point staff futures of two D seventy eight. Nastack futures higher by two hundred fourteen points. The ten year Treasury down fifteen thirty seconds, yield two point nine zero percent. This is Bloomberg Bloomberg j Break brought to

you by Peapack Private Wealth Management. Pepack Private Wealth Management knows that a portfolio is more than a collection of assets. It's a path to your future. Visit Peapack Private dot com and begin your financial legacy. Today, Markets headlines and breaking news twenty four hours a day at Bloomberg dot com, the Bloomberg Business Out and at Bloomberg Quick Take, this

is a Bloombern business lash, and I'm Karen Moscow. Stocks in US stock index futures are rising after federal reserve charge. Your Ome Powell pushed back against speculation of steeper interest rate hikes. Risk sentiment is getting a boost by your rebounding cryptocurrencies. And we checked the markets every fifteen minutes throughout the trading day. On Bloomberg Guess and p Future is at forty five boys and down Future is up two hundred sixty five. Nasdack futures up two hundred five

that's up one point seven percent. The decks in Germany's at one point three percent ten. Your Treasury down sixteen thirty seconds, yield two point nine zero percent, yield on the two year two point five nine percent. Nimex screwed oils up one percent or a dollar four at a hundred seven dollars, seventeen cents of barrel comex called down two tenths per cent, or four dollars at eighteen twenty sixty an ounce. The euro one point oh three nine

one against the dollar. The British found is at one point to one nine and again is at one point eight seven, and bitcoin is of seven point three percent, up thirty thousand, six 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, Good morning, Good morning, Karen. The Kremlin has warned it would retaliate after Finland's leaders

said they favored joining NATO. Sweden could do the same within days, and a historic realignment triggered by Russia's invasion of Ukraine. House Minority Leader Kevin McCarthy and four other Congressional Republicans have been subpoena by House investigators. It comes as the January sixth Committee begins public hearings next month, but the final report due out this fall. In baseball, the Yankees were winners. The Mets beat the Nationals for one,

the Orioles and A's one. In the NHL playoffs, there will be a deciding Game seven after the Bruins beat the Hurricanes five to the Rangers will try to avoid elimination in Game six to night against the Penguins. Global News twenty four hours a day on airand on Bloomberg Quick Take Power by more than twenty hundred journalists antalists more than a hundred twenty countries. Michael Barr, this is Bloomberg. Nathan alright, Michael, thank you. It is five nineteen on

Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and as we get ready to close the books on a wild trading week, we're very pleased to be joined this morning by Matt Maylee, chief market strategist at Miller tay Back. Several days of slides of course, Matt, now we're seeing a lift for equities. Is this capitulation? Well, we certainly seem to be seeing something that that will or have seen something this week that could be viewest capitulation.

And what really happened was we saw this big decline, of course in the cryptocurrencies Bitcoin and and the others out of this whole all this news about terror et cetera, and these stable coins, and what that what that cause was, you know, was margin calls. It was just four were selling margin calls. A complete capitulation in that market. The problem is that many of these UH cryptocurrencies are not particularly liquid. UH even bitcoins a lot less liquid than

it used to be. So what what happens is that people are like, oh my gosh, I've got a margin call. I'm not i can't raise enough money selling this cryptocurrency. I've got to sell what I can sell. And what these these people on the cryptocurrencies don't old own old you know, old economy stocks like a General Electric or U S. Steel. They own Apple and Microsoft and the video and they were just dumping those stocks to meet

their margin calls. Now that these they see that, uh that this sorry, the cryptocurrencies are bouncing back and the stabilizing and bouncing back, that forced selling is over and now that's what's causing the stock market to bounce back nicely. And this could last for a little while. So where do you see this bounce going? Then? Well, I mean, you know, nothing will comes comes in a straight line.

But I remember back in March, you know, the second half of March, we've bounch know, eight percent was I think it was eight percent or even close to tempercent over to a couple of weeks. Uh, so we could see easily see something that strong. Uh The thing is, I do I'm afraid that it's it's not gonna be. We haven't seen the bottom, but because I just think the headwinds that we're facing right now are are still out there. So it is the the destabilization that we've

seen in the crypto market this week. Do you think it's just driven by market calls or or margin calls? It Does it say something about what the overall stability of cryptocurrency as an asset class is. Could we be in line for more volatility going forward? Oh? Sure, the no question. I mean it's uh, you know, we haven't seen it. It's been basically trading as a risk on, risk off trade, uh for for over a year now, and and nobody really knows exactly what the fair value

on the fundamental side of it is. I mean, I'm a long term bull on the cryptocurrencies, but it's really hard. Is it? Is it? You know? For bitcoin? Is it twenty thousand? It is fifteen thousands, twenty five thousand? We don't know. Because all this liquidity that the Fed provided, you know, that emergency level liquidity that they provided after long after the emergency and the economy had ended, UH took it higher than it should have. And and and

so now it is trying to find a level. It's gonna take a while before it finally finds that little do you think it has some help finding that level? With what the FED Chairman J. Powell had to say yesterday, again taking the idea of seventy five basis points at least actively off the table, that's certainly const things down.

It's kind of funny people go back and forth between saying when you initially took it off the table, it was it was, it was, you know, for about twenty four hours it was positive, then it was negative, now it's positive again. We're kind of all over the map, but I think it does kind of things down for a while. And and uh we again we uh. The problem is inflation is gonna be with us for a while, and in particular because of this issue of the war in Ukraine, it's now become a war of attrition. That

means it's gonna last for a long time. That means the sanctions are gonna be on for a long time, and that means energy prices and food prices are going to remain high for a long time. The supply chain is gonna be disrupted for a long time, etcetera. So we still have some problems, I'm afraid. So are you looking for havens then, or do you see opportunity in this market right now? I mean for short term traders,

I think there's a plenty of opportunity out there. Uh, not only in in some of these big cap names that have been you know, kind of washed out in the last couple of days, but also in the names that have just been absolutely obliterated and are down quite a bit. I mean a stock like Netflix has just been absolutely crushed and it's not like they're going out of business. Uh. But also that however, though, I'm thinking as we get this bounce, people want to use that

to raise a little bit more cash. I still think we have a lot more volatility, uh for the rest of this year, and you know, get defensive playing into the areas with hard assets like the energy sector. Uh. And still you want to play a little bit defensive to don't get sucked in by uh by kind of a sharp rally just like uh, they'll be gotten back in March. Thanks Matt, as always good to talk with you. Matt Mayley, chief market strategist at Miller tay Back. As

we watch stocks rise to close out the week. Right now, SMP futures are up forty six point, Staff futures up two hundred seventy three. NASTACK futures are higher by two hundred twelve points, leading the games this morning with a gain of one ten. You're treasuring now down sixteen thirty seconds, the yield two point nine zero percent, and the yield on the two year right now two point five nine. Looking at Bitcoin back above thirty thousand at thirty thousand,

six hundred dollars just ahead. More on this market volatility and the January six Committee issues subpoenas to lawmakers. Top stories the morning. Just ahead, You're listening to Bloomberg gambleven three oh weather morning Fogg will give way to a few showers today with a high near seventy. More showers possible tomorrow low seventies and will be near eighty degrees with a chance for a few showers sixty two degrees.

Right now, broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg e Living Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one six one to San Francisco, Bloomberg nine sixteen to the country, Sirius XM to the one nine team 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. We're just about four hours away

from the open of US trading. Let's get you up to date of the news you need to know at this hour. US futures are higher as we near the end of a volatile trading week. Yesterday, the S and P five hundred came within spitting distance of a drop that would signal a bear market. Joice Chang, global Research chair at JP Morgan, expects more wild swings in the markets in least in the US could be close to speaking, but it's been going up in the rest of the world.

And even if you've seen the peak for inflation, the question is where does the settle. I think that the volatility is really going to stay with us here and there's still the growth concerns as well in Europe and in China where we're taken down forecast. JP Morgan's Joyce Chang says, even if inflation has peaked, FED policy will remain hawkish and speaking of the FED, Karen J. Powell's latest comments helping the stabilize markets. The FED chair was

confirmed for a second term yesterday. He says the central bank still plans to raise rates by fifty basis points at each of its next two meetings. San Francisco FED President Mary Daly's back in the idea as well, telling Bloomberg the hikes makes sense well, Nathan. Cryptocurrency is also rebounding this morning, and Bloomberg's Rained A Young joins US Live with more. Good morning, Rainy Down, Good morning, Karen. Bitcoin is trading back above the key thirty thousand level

this morning, after falling to nearly twenty five thousand on Wednesday. Tether, the largest stable coin used in crypto markets to facilitate trading, is also recovering from an earlier mini crash. Major cryptos were falling with regular market sentiment, but the osion of the Terra USD stable coin kindled widespread panic, and as of today, terraform Labs has halted its Tarra blockchain and its related Luna tooken twice to come up with a plan to reconstitute the Terra network. It's lost its peg

to the US dollar Live in New York. I'm rened a young Bloomberg Daybreak, All right, rened to thank you. Shares of robin Hood are also on the move this morning. Crypto billionaire Sam Bankman Freed took a nearly eight percent stake in the retail trading company, and that has robin Hood shares higher in early trading. In Washington, Nathan, the House committee investigating the January sixth insurrection is making waves. It's a peanut house GOP leader Kevin McCarthy and four

other Republican lawmakers. Brad Marsh Brad Moss, partner at mark Zade, says it's a key step. This very much crossed sort of an unwritten line about the idea of Congress going after one of their own. We're in a bit of uncharted territory. We don't quite know how this will play out. I mean, we certainly know we're going to see some refusals to cooperate. There's one do some interesting constitutional issue.

And Brad Moss of mark z spoke with our Washington correspondent Joe Matthew on Bloomberry Sound on Catch the program weekdays at five pm Eastern on Bloomberg Radio, try to head your local headlines and this is Bloomberg. Thanks start three on Wall Street fifty nine degrees in Central Park and Michael Barr has more on what's going on in New York end around the world. Michael, thank you very much, Nathan. Today, more than seven to gas stations throughout New Jersey are

lowering their prices. It's part of an effort to demonstrate how allowing self serve at the pump could help lower gas prices. New Jersey is one of two states in the nation that does not allow drivers to pump their own gas. Bill has also been introduced in the state legislature calling for self service at stations with more than four pumps that the cast prices rise thanks to inflation and the war in Ukraine. Assemblywoman Carol Murphy is one

of the sponsors of the bills. He says the measure could solve a workers shortage issue come across is gas stations where there are closed pumps. Why because they don't have enough work force to man those pumps, which creates long lines. Assembly Woman Murphy agrees with advocacy groups that self served gas could save drivers between one hundred to four hundred dollars a year. White House COVID nineteam response coordinator Dr Chi's Jaw renewed his call for Congress to

authorize more funding to find the virus. Dr Jaws warning that many Americans with waning immunity could find themselves vulnerable this fall without more preventive efforts. Obviously, if we don't get those resources, we're gonna have to make some very very difficult choices, right whatever, make difficult choices about vaccines or treatments. What do we do with tests and we really go into a fall and winter search with no testing capability, I mean, that would be a real problem.

Dr John says the twenty two and a half billion dollars in COVID nineteam relief funding requested by the White House is the bare minimum that we need to get through this fall and winter without large loss of life. New York households power bills are poison surge twelve percent this summer over a year earlier, amid higher electrical demand and soaring natural gas prices that would exceed the eleven

percent increases of the two previous summers. North three s s Six people have died in three fifty thousand have been treated a day after it acknowledged its first COVID nineteen cases of the pandemic. Global News twenty four hours a day on air and on Bloomberg Quick Take Power by more than hundred journalists analysts in more than a hundred twenty countries. Michael Barr, this is Bloomberg Nather. Thank you, Michael wall Street. Time for Bloomberg Sports Update with John

stash Ower aany Yankees in Chicago Blue two leads. The game was seven seven going to the eighth inn. The yank scored seven runs in the eighth and they won fifteen to seven to whom run six RB I has been John Carlos Danton, the Yankee manager dar Boom expected throw two touchdowns up there on a night when Dylan sees his pitching, you know the kind of start he's been off too. But a lot of really good at bats off of him, obviously big g getting two big ones, uh to get us to get us rolling, and then

you know we lost, We lost the lead. There's really good to see. Guys, just continue to push ahead. Gangs ever won sixteen the last eight teen. The Mets won four. One of Washington Mark Canneth three hits three RBIs first win for Taiwan Walker. The Miami Heat have advanced to the NBA's East Finals a game six win at Philadelphia Jimmy Butler thirty two points. LUKEA. Donson scored thirty three in Dallas. The MAVs, coming off a thirty point loss

in Phoenix, won by twenties seven. That series going with a seven game will the Rangers in Penguins series goes seven games. Blue Sforts need to win game six tonight in Pittsburgh, were the pen won games three and four, seven to four and seven to two. Not known if the Pencil have Sidney Crosby tonight. He got hurt in Game five Tamma by lightning. Two time depending Stanley Cup champs,

they faced elimination. They stayed a Lot five with an overtime Whatever Toronto, they'll be at least three game sevens. Also Boston and Carolina, Edmonton and l A. The NFL season will pick off with the defending champion l A Rams hosting Buffalo the Jets. Week one home for Baltimore the Giants f Tennessee. The Giants game in Dallas will be on Thanksgiving. John Stashatward Bloomberg Sports, Nathan all Right John Thanks thirty seven on Wall Street Time for the

Tri State Business Report. Here's Bloomberg's d Cory. New York City Mayor Eric Adams has signed to measure delaying a requirement to disclose the minimum and maximum salary ranges and job postings. You signed it just days before the current

salary disclosure law was supposed to take effect. New York City salary disclosure law will now take effect on November one, when New York households power bills are supposed to surge twelve present this summer over a year earlier amid higher electrical demand and soaring natural gas prices that would exceed the eleven present increases of the two previous summers. Would also be a return to price levels lasting in two

thousand fourteen. A shortage of contrast dive for medical imaging caused by COVID lockdowns in Shanghai will force some New Jersey patients to postpone appointments. Physician orders for CT scans and other imaging with contrast are being reviewed to see if they're absolutely necessary or can be postponed. Begew Bloomberg Try State Business Report. I'm ed Corey Okay and thank you. It's five thirty eight on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London

to Hong Kong. Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. John Soccer pretended went to New York. I'm reporting Apples pushing back against unionization efforts at its New York stories um Cornitaaho on w h A S and Louiville, Nissan is considering adding a new plant, and the US on demand for electric vehicles fine Genus Servetti And for w BB, I'm

in Chicago. I'm reporting that Facebook has fuld certain augmented reality to rules for users in Illinois following privacy lawsuits. My kind had gilled Bloomberg D eight Digital inlandon the Chancellor VISI sooner because we're speaking to Blumberg's Tefneie Flanders defending the amount of financial support one off for struggling concesion. And those are some of the stories our Tyred Bloomberg journalists and analyst are working on this morning around the world.

It's five thirty nine on Wall Street. The following is an editorial from Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. US consumer prices rose eight point three percent in the year to April, only a slight decline from eight point five percent in March. Inflation, it seems, has already peaked. Now. The question is how quickly will it return to an acceptable level. At the moment, the answer appears to be not quickly enough. The Federal Reserve

needs to do better. Last week, the Central Bank raised its policy interest rate by fifty basis points and said to expect more hikes, But the schedule that's led investors to anticipate would leave rates substantially negative in real terms for many months. Despite the risk that faster than expected tightening might tip the economy into recession. The Fed needs to weigh the case for firmer action and prepare investors for the possibility. The more clearly it commits itself to

fighting inflation, the easier it will be. This editorial was written by the Bloomberg Editorial Board. For more Bloomberg Opinion, please go to Bloomberg dot com, Slash Opinion or Ope I n go on the Bloomberg terminal. This has been Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday at this time and terminal customers can read more at O P I n go. SP futures right now at forty

one point. Staff futures up two or twenty nine. NASTAT futures are higher by one eight eight points in the tenure treasury yield now two point nine one per cent. This is Bloomberg Bloomberg eleven three oh weather, morning fog. We give way to a few showers today with a

high near seventy degrees. More showers possible tomorrow, low seventies will be near eighty by Sunday, with a mix of sun and clouds and a chance for a few more showers sixty two degrees right now, Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Takes a

Bloomberg Business Flash. And I'm Karen Moscow and we're watching this headline crossing the Bloomberg with Elon Musk is saying that Twitter deal is temporarily on hold, pending details again he's saying the Twitter deal temporarily on hold, and we'll be keeping watch of Twitter shares. They are. We're watching Twitter shares in the early trade. Will be taking a look at those in just a moment right now though.

Futures are higher and they're rising after Federal Reserve charge your own Powell pushed back against specula of steeper interest

rate hikes. We check the markets every fifteen minutes throughout the trading day on Bloomberg Guess and P futures of forty one points down, futures of two hundred twenty five nasdack futures of one hundred ninety eight The decks in Germany's a one point two percent ten year treasury down fourteen thirty seconds, held two point nine zero percent, and they yield on the two year two point five nine percent.

Nime X Screwed oil is up one point three percent, up a dollar forty at a hundred seven dollars fifty three cents of barrel. Comic School is down a tenth of a per cent, or two dollars twenty cents at eighteen twenty two forty anounts. The Euro one point oh three eight one against the dollar, the en one eight point nine two, and Bitcoin this morning moving higher up six point four percent at thirty thousand, three hundred eighty 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. A new forty billion dollar round of aid Ukraine has wide bipartisan supporting Congress, but it is being held up in the Senate by one senator.

Republican Senator Rand Paul of Kentucky says there should be a watch dog keeping eye on how the money is used in Ukraine, all eyes on House Minority Leader Kevin McCarthy and four of the Congressional Republican and subpoena by House investigators. The January six committee begins public hearings next month, with the final report dueout this fall. In baseball, the Yankees were winners. The Mets beat the Nationals four one,

the Orioles in eighties one. In the NHL playoffs, there will be a deciding Game seven after the Bruins beat the Hurricanes five to the Rangers will try to avoid elimination in Game six tonight against the Penguins. Global News twenty four hours a day on air and on Bloomberg Quicktech, powered by more than twenty seven hundred journalist analysts more than a hundred twenty countries. How Michael Bart, this is Bloomberg. Nathan, Hi, Michael, thank you. It's five forty nine on Wall Street Life

from the Bloomberg intractor Broker's studios. This is Bloomberg Daybreak. When I get you a few more details on this red headline story just crossing the Bloomberg terminal. Elon Musk saying on Twitter that are on Twitter that the deal to buy Twitter is temporarily on hold, pending details supporting his calculation that spam slash fake accounts do indeed represent less than five percent of users. That is, according to a tweet from Elon Musk linking to a Reuter's article

on that story. Twitter shares are slumping as much as eleven percent in the pre market trading, while Tesla shares have jumped as high as four point nine percent. Will continue monitoring all the latest developments on that story. In the meantime, we want to get you to some of what's happening in Washington, not the least of which is j Powell winning a second term at the Federal Reserve to try to turn the hottest inflation in decades around.

Emily Wilkins is with US Now, reporter for Bloomberg Government. Uh, Emily J. Powell did get a bipartisan vote of confidence in the Senate, but as he himself is acknowledging, he has a very tough job ahead. Oh, absolutely, Nathan. I mean he's got to figure out a way to get inflation to come down well also avoiding driving the country into a risk session. And I mean he has the vote of confidence right now, he has that that strong

bipartisan vote that we saw the other day. Um, but it's not going to be expected to be an easy road ahead, but it's also one that's kind of desperately needed, particularly from Democrats who are facing a very difficult um election this November, who, thanks to historical precedent, are likely

to lose the House. And that's exactly how much they lose it by is really going to be determined by how bad inflation is when it's time for Americans to head to the polls and sort of feeding into that inflation story or tell me if I'm wrong, This nationwide baby formulas shortage that Republicans, as we've seen just yes since yesterday, are really trying to capitalize on politically, yes, And I mean, like, let's let's be very clear here.

You're seeing a lot of action both from Democrats and Republicans on this issue, and they're both kind of playing the roles that you would expect Democrats in the majority. You saw Biden meeting with groups yesterday trying to put more money towards trying to figure out ways to make sure that that formulas supply can get a boost. Obviously,

this is not just a supply chain issue. This is also an issue from Abbott Industries needing to recall so many different baby formulas after numerous ones were found to be making babies and infants sick. And so this is a dual pronged issue here. You still have seen Republicans come out, uh introduced legislation and really sort of attack the Abiden administration on this. But you are also seeing

Democrats scheduling hearings. We've got at least one for next week, uh, one for the week after they're going to be speaking with the f D head of the f D A. They want to be speaking with Abbott Industries on this um. And we're also potentially anticipating some additional legislation from Democrats on this that could move even sooner than that. So it's certainly that something that both parties are very focused

on right now. Um. Of course, Republicans don't have the majority at this point, so there's little legislation that they can move, but they're certainly putting pressure on Democrats to address this in a meaningful capacity. Only about thirty seconds left here, Emily, but we were expecting that Ukraine Aid was going to move quickly, but it's on hold now

in the Senate. What's going on? So despite bleeze from the top Democrat Chuck Schumer and the top Recoplican Mitch McConnell, Senator Rampaul stuck to his guns and said, if we don't get additional language that I want in there on an inspector general kind of overseeing this funding, I'm not going to give the okay for this to move quickly. And Nathan, you need all the hundred senators to get this through quickly. So look, Ukrainate, it's still gonna pass.

It's just gonna be the middle of next week and the problem there is that about next Thursday, next Friday, the Biden administration they run out of that funding that Congress allocated for them to use on Ukraine. So that's the big thing. They have to get that funding replenished. This bill is the way to do it, and we're going to see that sometime next week. All right, Boomberg. Government reporter Emily Wilkins with us from Washington. Will be checking back with Emily in the next hour for more

on what's happening in the nation's capital. That Karen, We've had some big breaking news involving the Twitter buyout by Elms. Yeah, and we're watching this tweet here from Elon Musk. He said that the Twitter deal is temporarily on hold. This is pending details supporting calculation that spam or fake accounts

do indeed represent less than five percent of users. This again according to Elon Musk in a tweet just moments ago, and Twitter shares were watching those in the early trade there down about nine right now, while Tesla shares are moving higher around up around five percent. If we want to get to a legal story, we're watching this morning. Celebrity chef Mario Batali was found not guilty of indecent

assault and battery this week. This after a woman accused him of groping her while taking selfies in a Boston bar in but Tally chose to have a judge decide his case rather than a jury, and Boston Municipal Court Judge James Stanton agreed with the defense lawyers that the accuser had credibility issues and acquitted Batali of the charges. There is still the matter of the fifty tho dollar

civil lawsuit the accuser filed against Patali. For more, Bloomberg's June Grasso speaks to Bobby Shamullian, founding attorney of My Law Rights law Group. The vast majority of criminal defendants asked for a jury trial, but Tally wanted a judge to decide his case. What was behind that decision? This case involved a serious gamble by the defense. They bet that a bench trial would be better for the defense side rather than leaving up to a panel of jurors.

That means that the judge was the trier of fact meaningless fact finders in addition to deciding the law. I feel likely this was because he and his team didn't want a jury to lump him in together with other celebrities accused of behaving badly like Bill Cosby, Harvey Weinstein, Cuba Gooding Jr. Who just pled guilty. Of course, the allegations in the Cosby and Weinstein crimes were much worse. It still, let's talk about the defense. The defense attacked

the credibility of the excuser. Explain their argument. This kind of ties into the reason I feel his team went with a bench trial rather than a jury trial. I feel that they felt the text messages that they were going to get into evidence would do far better in the hands of this judge. There was excellent work on

by the defense to challenge the accuser credibility. Mainly she was confronted with her prior text messages with friends joking about the encounter and the nine in question, and they discussed ways to potentially profit from it by selling it to the media like TMZ selling them photos and the story. It didn't end there. It was revealed and cross examination by the defense that the accuser tried to get out

of jury duty by claiming she was a clairvoyance. I've heard some creative ways to get out of jury duty, this one I won't forget. The defense asked her if she made those statements on the stand before. She said she did, than they asked her if it was true. She replied yes to some degree. I really feel the judge hearing this testimony suayed him towards the defense. Now, as far as the civil case, the standard of proof is much lower. Could she actually win the civil case

even though the prosecution lost the criminal case? That's certainly possible. A criminal case deals with a much higher standard. The prosecution in this case how to prove their case that Mr vitally caused an indecent assault and battery beyond a reasonable doubt, And these cases can be difficult for the

prosecution to prove. And as Bobby Shamilian, founding attorney of My Law Rights Law Groups, speaking at the Bloomberge doing Grosso, catching more of that interview plus analysis of the latest legal news my subscribing to the Bloomberg Law podcast or downloading the show at Bloomberg dot com slash podcast. Attorneys can find exceptional legal research and business development tools Bloomberg Law dot com and on the Bloomberg terminal at v

law Go. And they continue to watch Twitter shares there down nine this morning after Elon must said that Twitter deal is temporarily on hold. We're going to continue to watch those shares and have more details on that story straight ahead, as Bloomberg Daybreak continues on a day when futures are on the rise. S and P future is up thirty six points this morning. And this is Bloomberg