Live from the Bloomberg Interacted Brooker Studios. Is Bloomberg day Break for Tuesday one coming up this hour. Oil surges after EU leaders agree to pursue a partial bed on Russian crude. The oil game and hawkish comments from the Fed have treasury yields on the rise. At President Biden holds a rare beating with FED Chair J Powell at the Oval Office. Today, people in Voldi, Texas prepared to
bury the dead from last week's shootings. Plus the Diocese of Brooklyn calls it a brazen crime of disrespect and hate. I'm Michael bar More Ahead, I'm trying stas and sports. The Rangers beat the Hurricanes in Game seven. They're moving on to the East Finals. Easy win for the Mets.
That's all s Trady Ahead on Bloomberg Daybreak on Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco, Syrius XM one nineteen and around the world on Bloomberg Radio dot Com and via The Bloomberg Business. Good Morning, I'm Nathan Hager and I'm Karen Moscow We are coming up to five oh one on Wall Street, and we check the markets every fifteen minutes throughout the trading day.
On Bloomberg right now is in p Futures are little change. DALN features down forty two and NASDAG features have about thirty and the jacks in Germany is down about a third of a percent. The ten year treasury is down thirty seconds, yield two point eight two percent, and the yield on the two year two point five four percent. The euro is at one point oh seven to eight against the dollar, the yen one twenty seven point nine three Bitcoin at thirty one thousand, six hundred dollars. Nathan,
The Karen oil is on the rise this morning. Watching nimex crewde It's up three point three percent to a hundred eighteen dollars eighty seven cents of barrel. Brent is hired by one and a half percent at a hundred twenty three dollars fifty three cents. The gains cob after European Union leaders agreed to seek a ban on imports of most Russian oil. Let's get the details live from bloombergs You and parts joining us from our London bureau you and good morning, Good morning Nathan and Karen. Finally
a deal on Russian oil. European Union leaders agree sanctions blocking the purchase of crude oil and petroleum products from Russia delivered by sea, but there is a temporary exemption for pipeline deliveries to satisfy Hungary, which have been holding up discussions. European Commissioned President Vonderline welcome the agreement. Council should now be able to finalize a van on almost of all Russian oil inputs by the end of the year.
European Commission President Vondeline made the comments out of briefing in Brussels. In London, Ami and part Spoon Bay day break, are you and thank you all? Back here in the US, the followed from last week's school shooting continues to reverberate across the country. There's another push for legislation on guns for President Biden says he is limited on what he can do. He traveled to Vivaldi, Texas for an emotional visitor shul weekend. Any Morris has details from our Bloomberg
newsroom in Washington. I can't outlaw a weapon, I can't change a background check. President Biden, explaining that there is only so much he can do to stop mass shootings in the US. Biden and First Lady Jill Biden visited the Texas elementary school where a gunman killed nineteen children and two teachers. That shooting has increased demands on Congress to do something about gun regulation, and talks in the
Senate now center on red flag laws. They allow police or family members to ask a court to temporarily remove the right to own firearms from someone who may be at risk. In Washington, I may be Morris Bloomberg, daybreak, All right, Amy, thank you on Wall Street today. Inflation continues to be a major focus for markets. Treasury yields our climbing as the Federal Reserve shows no sign of
slowing its hawkish stance. FED Governor Christopher Waller says he wants to keep raising interest rates in half percentage point steps until inflation is under control, support ten policy by another fifty basis points for several meetings. In particular, I am not taking fifty basis points basis point heights off the table. U shall I see inflation coming down closer to FED Governor Christopher Waller spoke at an event hosted
by the Institute for Monetary and Financial Stability. Well, inflation don't be a key topic of discussion when President Biden holds a rare meeting today with its share of the Federal Reserve, and we get more from Bloomberg's Done Chrisner. It'll be the first meeting between the two since November, when the President nominated J. Powell for a second four year term. In the intervening period, soaring inflation has become
a crippling problem. In an opinion piece published late Monday in The Wall Street Journal, the President said he would support the FED in its effort to combat high inflation by reducing demand. The President said the fight was likely to slow the rate of job growth from a monthly pace of five hundred thousand jobs to around a hundred fifty thousand in New York. I'm Doug Chrisner, Bloomberg Day Break.
All right, Doug, thank you. The labor market will also be front and center this week when we get the May jobs report on Friday. Let's get a preview of that from Bloomberg's Vinny del Judaicce economists a payroll growth probably exceeded three hundred thousand and May. So far this year, the economy has added more than two million jobs, with labor shortages at record levels. A slowdown could imply a shortage of qualified workers rather than sudden weakness. Job cuts
have been running it half century lows. Also in this week's US data calendar, I s M Factory Data, the Conference Sports Consumer Confidence Index, and the Federal Reserves bag Book Economic Survey, Benny Dell, Judace bloom Birthday break All right, Vinnie, thank you. We're also getting key inflation data out of Europe. The numbers crossed just a few minutes ago, showing Eurozone
inflation accelerated to a fresh all time high. Consumer prices jumped eight point one percent from a year earlier in May, exceeding the seven point eight percent median estimate in a Bloomberg survey. The acceleration was driven by food and energy after Russia's invasion of Ukraine sent commodity prices soaring. But back here in the US, care and stocks are coming their first winning week and nearly a month. As we returned to this holiday shortened trading week. We get more
on the days ahead from Bloomberg's Charlie Pellet. Analysts remain split on whether equities have found a bottom amid ongoing questions about the strength of corporate earnings. Alicia Levine's head of Equities and Capital Markets Advisory at Bank of New York, Melon, margins are going to come down. And what the market has really been grappling with the last couple of weeks is the E on the pe their earnings component. And
it's likely that earnings have to soften from here. Among the names scheduled to report this week, Broadcom, CrowdStrike, Hormel, Foods, HP and Ko, Lulu, Lemon, and Salesforce dot Com in New York. Charlie Pellet, Bloomberg day Break. All right, Charlie, thank you well overseas this morning, Shares a UNI lever of more than six percent. Activist investor and Nelson Pellets has been appointed as a non executive director on the company, and his tri And Fund Management has taken at one
point five percent. Steak Annal Labor All right. Looking ahead of the market open, Karen futures are little changed. Mostly SMP futures down eight point, STOUT futures down seventy five. Nasdaq futures little change. They're higher by nine points. The tenure Treasury yield two point eight two percent. Straight ahead your latest local headlines in the check of sports. This is Bloomberg at south five oh seven on Wall Street.
Where's seventy four degrees in Central Park already and already dealing with an accident northbound Daku Turnpike on the exit thirteen off ramp. We'll get the details for you in traffic shortly. First, Michael Bars here with more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan. Police say someone busted into the altar at a New York City church, stole a two million dollar gold relic, and remove the head of a statue
of an angel. The incident happened between Thursday and Saturday at St. Augustine's Roman Catholic Church in Brooklyn Spark Slope neighborhood. The church was closed for construction at the time. The church's pastors had the camera. Recordings from the security system were also stolen. The Diocese of Brooklyn called it a
brazen crime of disrespect and hate. New York Governor Kathy Hokol delivered comments yesterday at the commemoration of the twentieth anniversary of the formal end of recovery operations at Ground zero, Local referred to those who quote showed up unprompted to help the common denominator from most as they were New Yorkers, because it's in our DNA. When we get knocked down, we fight back and we come back, and we must never ever forget that lesson. That is the story of
this hellowed ground. Governor hocol also says we're going to come back after this pandemic because we showed we did it twenty years ago. Funerals take place this week for the nineteen children and two teachers killed last week in Uvaldi, Texas. The town's mayor Don mclockman says the site of the shooting rob Elementary School should be torn down. McLoughlin says, though people in the community will get through it. That's one of the things I love about you about it.
This community will come together and we will come together on this. I mean, this is something that we will never get over, but we'll get through it. Mayor McLaughlin says he supports the construction of a mental health hospital in Uvalde and that would serve dozens of nearby counties and possibly prevent future massacres. Canadian Preme Minister Justin Trudeau
announced an effort to ban handguns. Canada already has an assault weapons van and a news conference in Ottawa, Trudeau said the legislation would prohibit the purchase, sale, transfer, or import of handguns across Canada. We've seen far too many tragedies across this country, far too many incidents of gun violence, particularly with handguns. You know, streets in our communities, Devastating families, devastating communities. Trudeau also announced mandatory buybacks for assault weapons.
Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than listen analysts in more than twenty countries. I'm Michael Bard. This is Bloomberg, Nathan. Okay, Michael, Thanks coming up to five ten on Wall Streets. Time for the Bloomberg Sports update. Can reach on stash our. Good morning, Nathan. It's a good morning to a New
York Rangers fan. What a postseason they are having. It's hardly over, but already five wins now and faced with elimination two game seven victories, two Series one, both when they never led the series until Game seven, and ROLEI last man a Hurricanes penalty and a Ranger lead and seconds to go all the Rangers power play. Rangers go back in top right side feed up for a year, back past the clock, scars out of Fox. It's a
power play goal. Racheers lead Wonder not playing ro WPN Later in the first another power play goal of Chris tried to deflection. Crider scored again. In the third. Rangers beat the Hurricane six to two. Carolina had been seven and oh at home in the postseason. Rangers now coming home game one of the East Final with two time to find in Stanley Cup champion Tampa Bay tomorrow at the Garden City Field. Washington scored three runs first, seating
the met score the next twelve. All twelve scored over the first four at ains Mets beat and that's thirteen to five, Starling Marte, Nick Plumber, both of home runs. Four RBI Detroit Tigers called up infielder Cody Clemens Rogers Sun expected to make his major league debut tonight. A couple of fourth round upsets the French Open the second and fourth scenes were ousted Danial Medvedev eaten by Marian Schilich straight sets, and Medvedev as it now not allowed
to play Wimbledon, who has banned all Russians. Stefinal sits Aposs also lost big match today quarterfinals, Rafael and the dal Versus Novak Djokovic, John Stashward Bloomberg Sports, All right, John, thank you. Futures churning lower at the moment right now, S and P futures are down thirteen points, Staff futures down a hundred twelve, Nastact futures twelve points ten. Your treasury yield almost two point eight three percent. Lori Calvicina
had a US equity r VC joins US. Next. This is Bloomberg Bloomberg day Break, brought to you by Pepack 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 Pepack 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 At and at Bloomberg Quick Take, He's a
Bloombern Business lash and I'm caered. Moscow stocks are slipping, Treasury is selling off across the curve as oil jump setting to worries about how aggressive central banks will need to be to rein and inflation without derailing growth. If we check the markets every fifteen minutes throughout the trading day on Bloomberg right now, U S and P futures are down fifteen points, dowal futures down a hundred fifteen Nastack futures down twenty three the dacks and remany is
down half percent. To tend your treasury down twenty four thirty seconds held two point two percent. The yield on the two year two point five four percent nine max screwed oil is up three at a quarter percent, up three dollars seventy three cents at a hundred eighteen dollars eighty one cents of barrel comex s Gold is down a tenth of a percent on a dollar eighty at
eighteen fifty five fifty announced. The euro one point oh seven three three against the dollar, British pound one point two six one four and again one seven point nine five. Bitcoin this morning higher up nine ten percent at thirty one thousand, five forty dollars. That's a Bloomberg business flash. Now here's Michael Barrow with more on what's going on
around the World, Muchael, Good morning, Good morning Karen. Today will mark one week when nineteen children and two teachers were gunned down at a Robb Elementary school in Uvaldi, Texas. The first of one final farewells now beginning in Uvaldi. The w h o's top monkey box expert is skeptical the virus will become a global pandemic. W h OS Dr Rosemund Lewis says anyone can be at potential risk. However that is that they're not exactly sure how it's
been spreading. In the NHL Playoffs, the Rangers are headed to the Eastern Finals after beating the Hurricanes in Game seven, six two. In baseball, the Mets to beat the Nationals thirteen five. The Orioles beat the Red Sox ten zip. The Giants won the A's lost. Global news twenty four hours a day on here and on Bloomberg Quicktech, powered by more than hundred journalists analysts more than a hundred
twenty countries. Michael barn This is Bloomberg. Nathan, Okay, Michael. Thanks, It's five nineteen on Wall Street Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. As we get ready to kick off a holiday short and trading week and a brand new month. We're very pleased to be joined this morning by Lori Calvasin ahead of US Equity
Strategy at RBC Capital Markets. Lori, welcome back. Good to have you back with us as we start off this week with law US is for futures at the moment. What does that tell you about last week's rally coming after all those weeks of losses. Hi, well, thanks for having me. As always, look, I'm not reading too much into the futures action this morning, it does look like the nasdack is on futures are actually up a little bit,
even though the SMP is down. And I do think the important thing is the rally that we saw last
week being so strong and so decisive. You know, we had been talking about the drawdown that we've been seeing since January as when within the framework of a growth scare, and we've seen a number of those since the financial crisis, which have total fourteen UM and we had told people if we sort of broke out of that growth scare range, the market would be telling us it was anticipating a recession while it held it right at about eighteen point
seven percent to the downside before rebounding. So I think you know that that price action we got last week was extraordinarily important and really told us that the market is not ready to price in a recession yet. Well, we did get a note this morning from Mike Wilson over Morgan Stanley. Obviously he's pretty bearish generally, but his argument is that the relief rally has limited scope with
risks to growth still out there. Is he wrong? So our economists don't think that we're necessarily going to have a recession. They've lowered their GDP forecast down to trend like numbers, and if you look across the street, I would say, you know that the forecast that you just
mentioned is an outlier. I think that the people who are calling for recession, who are calling for more dire times, they're getting a pretty disproportionate share um of you know, sort of the mind share out there right now, and the voices are pretty loud. But if you actually look at the Bloomberg Survey in terms of where consensus expectations are for this year, I think the last number I think I checked this on Friday was about two point seven percent GDP for this year and about one point
nine percent for next year. So what we're seeing generally, uh, the economics community amound around the street is calling for a return to trend like growth and hasn't made that recession call, and that is what stocks are pivoting on as opposed to anyone voice out there. Do you think that growth is going to be driven by whatever the Fed does in terms of interest rate hikes going forward? Here?
I mean, we just heard from Governor Waller saying he's at least in favor of keeping half percentage point increases
going until inflation gets to target. I think one of the things that really powered stocks last week was a shift in tone from the FED and really just this idea that they will be flexible later on in the year and that that was one of the reasons why they wanted to bring the sort of these big chunky hikes forward so far early into this year, and I think the market really took some reassurance off of that.
One of the things that we've seen from talking to investors and talk and looking at our survey work, frankly, is that there has been a real those who have been afraid that the FED was going to choke off growth, have outnumbered those who felt like they weren't going to do a good job of fighting inflation. And so I think what we got last week where a couple of comments that said that the FED does continue to care
about growth. And I think at the end of the day, this labor market is so incredibly tight and so incredibly strong, you know, I think it's very difficult to see how a recession emerges in the context of all that, and I think that's something that markets are continuing to digest as well. It's just the strength of that labor backdrop. So where do you see the momentum for markets as we get ready to head into the month of June. Here,
what's the trajectory for you? So look, we never try to make any calls, you know, just sort of on a one one month basis, on a very short term basis, but we do think that this market is in the process of pivoting back towards the growth trade and really looking for areas that will do well in a slow and growth environment, which traditionally ends up being growth stocks. Um, I do think you need tenure yields to cooperate before you can really see um that that shift are really
cement um. But we do think that in particular is a defensive trade. If you look at things like stable
healthcare utilities, that's defensive. Bucket of the market is as expensive as we tend to see it get relative to secular oh theories like consumer discretionary communication services or technology, and so I think at a minimum, I think the market is sort of exhausting this fascination with defensive sectors, and I think you can look for a pivot away from those as always great to get your thoughts, Lorie, thanks again for being with us. Lori Calvacina as head
of US Equity Strategy at RBC Capital Markets. Looking at the futures ahead of the final open the month of May, futures are moving a touch lower right now. S and P futures are down eighteen points, STAFF futures down a
hundred thirty five, Nasdaq futures down thirty points. UH. The tenure Treasury is down twenty three thirty seconds now with the yield two point two percent yield on the two year two point five four NIMEX crude continues its surge, up three point two per cent or three dollar sixty five cents at a hundred eighteen dollar seventy two cents a barrel. Onward from the European Union that an agreement has been reached for a partial ban on Russian oil.
More to come, stay with us your list day to Bloomberg day Break, Good morning, Bloomberg eleven three oh weather hot today, low nineties, will be in the low seventies again tomorrow with a chance for a shower. Showers of thundershowers possible late Thursday with a high near eighty degrees.
Right now seventy four broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg Living Free on to Washington, d C. Bloomberg to Boston, Bloomberg one O six one, to San Francisco, Bloomberg nun sixteen to the Country, Sirius XM Chado one nineteen and around the globe the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hager and I'm kerin mos Galley. Are just about four
hours away from the open of US training. Let's get you up to date on the news. You need to know at this show, where we begin with oil, which is on the rise this morning, it is up three point two percent. The game comes after European Union leaders agreed to seek a ban on imports of most Russian oil.
Bloombergus Maria Today OH has the latest from Brussels. When you look at the actual content, the Europeans say that on the best case scenario, if this deal is fully applied by the end of the year, of Russian oil exports coming into the European Union will essentially be shut off. Bloombergrus Maria Today O says EU leaders offered Hungary a guarantee that it will receive replacement supplies if pipelines were disrupted. Hungary have been blocking an embargo and will continue receiving
Russian oil via pipeline. In response to that jump in oil, Karen stocks in Asia fluctuated and treasury sold off across the curve here in the US, Federal Reserve Governor Christopher Waller says he wants to keep raising interest rates and half percentage points steps until inflation is under control. He also believes reducing the balance sheet could curb inflation. Estimates are highly as certain using a variety of mobs and assumptions.
The overall reduction in the balance sheet is estimated to be equivalent to a couple of point by based points federales are. Governor Christopher Waller caution those estimates were uncertain. He's spoken an event hosted by the Institute for Monetary and Financial Stability Well this morning, Karen. Eurozone inflation accelerated to a fresh all time high. Consumer prices jumped eight point one percent from a year earlier in May that exceeded this seven point eight percent media estimate in a
Bloomberg survey. Well inflation will be a key topic of discussion when President Biden holds a rare meeting today with the share of the Federal Reserve. Fresh off a visit to Yvaldi, Texas, where a gunman killed nineteen children and two teachers last week, the President said there are limits what he can do when it comes to gun regulation. I can outlaw or wherever I could you know, changed the back Dutch. I can do that. President Biden made the comments over a Memorial Day weekend as he renewed
calls for Congress to crackdown on gun violence. Man turning to markets, Karen. Wall Street snapped a seven week losing streak last week, but Morgan Stanley Chief investment Officer Michael Wilson says the relief maybe short lived. Wilson wrote in a recent note that the last week will prove to be another bear market rally, and he believes with growth slowing,
earnings estimates are too high. Alright, Nathan, Future is lower this morning with SMP Future is down sixteen points down, Futures down a hundred twenty two, and nousday Futures down on eleven. Trying to head your latest local headlines plus a check of sports. This is Bloomberg Party. Karen. Thanks, It's five thirty three on Wall Street where seventy four degrees in Central Park is still dealing with an accident of the North Parknetica Turnpike. The exit thirteen off ramp
is closed. Were coming up in traffic First Michael Barr with more on what's going on in New York and around the world. Michael, thank you very much, Nathan. A brazen theft desecrated a New York City church. An irreplaceable part of an altar was stolen from a Brooklyn church. Police say someone broke into St. Augustine's Roman Catholic Church and apparently used a power assaul to steal the eighteen carrot gold tabernacle. Marble angel statues flanking the tabernacle were
decapitated and destroyed. Recordings from the church's security system were stolen. The Diocese of Brooklyn called it a brazen crime of disrespect and hate. The residents of Vivaldi Taxes will bury their dead this week. Last week, a gunman killed nineteen children and two teachers, victims of a shooting rampage at the Broad Elementary School. Unimaginable grief is gripping the small town. The town's mayor, Don McLaughlin says the school building should
be raised. It needs to be torn down. I would never ask expect a child had to ever walk in those doors, ever and ever again. The building needs to be gone. Mayor McLaughlin says though the community is strong and they will get through it. Canadian Prime Minister Justin Trudeau announced an effort to ban handguns across the country. The legislation have passed prohibits the purchase, sale, transfer, and import of handguns and all provinces. Canada already has an
assault weapons ban. Speaking in Ottawa. Trudeau also announce mandatory buy backs for assault weapons. In the situations where someone chooses to keep that weapon, it needs to be permanently and irrevocably disabled by the government or by experts to make sure that it could never again be used as a fire. Prime Minister Trudeau says those involved in domestic
violence or stalking would lose their guns. It's now Tropical storm uh Hurricane Agatha made landfall in Mexico and what's expected to be the strongest May storm to hit the Eastern Pacific. On the record, Agatha was already raking the Pacific coastline with damaging gusts and heavy rain. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven journalists and antoly smre than countries. I'm Michael Barr. This is Bloomberg, Nathan, Michael.
Thank you on All Street time for the Bloomberg Sports Update with John Stas Show. Thanks Nathan. The Rangers have certainly not made things easy on themselves. Around one of Pittsburgh down three games the one they won three in the row, including games seven and overtime Round two with Carolina down two games than none and then three two, but another game seven win, and this one was easier. Adam Fox score of power play goal and later in
the first another man advantage. It's up sports outside the five again flashbad Frocks car Chris Kreider on a defliction on the Meets abantage head shot pass Chris Kreider. It's top power play goal and the EPN Crider would score again. Ryan Stone, Philipedo, Andrew cop All scores advantage that had three assists, Igor Sisterkin rock solid again and goal and the Rangers beat the Hurricanes six to two and they will play Tampa Bay in the East Final game one
tomorrow at Big Garden. The Mets in their history have never had this bigger division lead. In the month of May. They meet the Nationals in City Field thirteen to five. Peter Alonzo Homard so that's Starling Marte and Nick Plumber,
the hero on Sunday drove in four more. The Mets are ahead by nine and a half games in the n L. E Yankee said that first day off in three weeks, they'll host the x Met Noah Syndergarden, the Angels Tonight Stadium French Open fourth round to deal medved Evans to final sepast The two and four seeds both lost.
American Jeff Pelucas in the women's quarter finals marquee match today as Raphael the Dalvers is no bank joker, John station Ella Bloomberg sports Net Big one, Thank you John, five thirty seven on Wall Street Time for the Tri State Business Report. Here's Bloomberg's Lisa Matteo. Ridership in the New York City subways fell last week. New York City's MTA says twelve point four million people entered the subway.
That's down one eight percent from the previous week. While ridership is almost ten percent higher than the average for the past year, it's still down fifty seven sent from two thousand nineteen before COVID hit. New York Governor Kathy Hokele is widening our lead in donations. The New York Times is reporting HOCO pulled in more than ten million dollars from mid January to late May. The paper says that outpaces Democratic competitor Representative Thomas Swazi by about a
three to one margin. The Time says HOCAL received millions from lobbyists, wealthy New Yorkers and special interest groups, and Consumer Reports is coming to Manhattan. The New York Post is reporting the Product and Services testing company has signed a two year least at the Durst Organization's six hundred seventy five third Avenue. The paper says it will be the first time Consumer Reports has ever held in Manhattan office.
That's your Bloomberg Try State Business Report. I'm Lisa Mateo. Alright, Lisa, 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, Like
Steve Koda Scott kN X in Los Angeles. We're talking about shipping operators trying to add millions of new containers as they try to solve supply James Norrell um Bernita Naho on w h A F and Louisville, Toyota's output took a hit last month on mounting supply chain issues. I'm carrying that called blue bag d a B dish they do in London. We've been speaking to the chairman of the energy firm Utilitor, who says that half of the company's customers are having difficulty pay for electricity and
not many are cutting back on their energy use. Alisa Matteo and on KYW in Philadelphia, I'll be reporting on inflation hitting your car insurance bill sooner than you think. I'm Gina Servetti and for w B b M in Chicago, I'm reporting that Norwegian Air Shuttle has reached a deal with Boeing on an order for fifty seven thirty seven Max jets. Okay, those are some of the stories. Are twenty seven hundred 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. The White House deserves credit for getting at least thirteen other countries, including trade skeptic India, to join and launching the Indo Pacific Economic Framework this month. Members of the pact represent more than two point five billion people and roughly of global GDP. But the deal is hardly a rethink of what trade policy can be in the twenty
one century. As US Trade Representative Katherine Tie put it, it would be wiser to view it more modestly as a small step forward for an administration that has so far all but ignored free trade. Ideally, it will be a prelude to the US joining the Comprehensive and Progressive Agreement for Transpacific Partnership or cp TPP. If nothing else, the new framework is a sign that the administration recognizes the importance of trade in the region. But it's just
a beginning. This editorial was written by the Bloomberg Opinion editorial Board. I'm David Chipley. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion, or opiang on the Bloomberg terminal. These has been Bloomberg Opinion. Then you can hear Bloomberg opinion editorials every weekday. At this time, terminal customers can read more at O, P I, n GO. Futures are adding to their losses right now. We have SMP futures down twenty nine point, staff futures down two
to thirty two, NASTACK futures lower by fifty points. Tend your treasury yield two point eight one per cent. This is Bloomberg Bloomberg eleven three oh weather one more hot one today with a higher ninety five degrees, will be back in the low seventies tomorrow, with a chance for a shower because some late day thundershowers Thursday with a high near eighty right now seventy four degrees in central
Park markets. Headlines and breaking news twenty four hours a day at Bloomberg dot Com, fort the Bloomberg Business apt and at Bloomberg Quick Tape, He's a Bloombern Business Flash and I'm Karen Moscow. Stocks are slippering, Treasuries selling off across the curve today as zeros on inflation accelerates to a fresh altar time high, intensifying the debate at the European Central Bank about how rapidly to raise interest rates.
To check markets every fifteen minutes throughout the trading day on bloomberg SMP future is down twenty five points this morning, down, futures down a hundred ninety eight nasdack features down thirty the decks in Germany's down three quarters of a percent. Ten year treasury down twenty two thirty seconds yield two point eight one percent. They yield on the two year
two point five three percent. Non max Scrude oil is U three and a third percent of three dollars eighty one cents at a hundred eighteen dollars eighty seven cents of barrel comes goal down three tens per cent or five dollars fifty cents at eighteen fifty one eighty announced the euro one point oh seven three eight against the dollar, British found one point six one seven again one twenty seven point eight seven and checking bitcoin this morning it
is higher, up eight ten percent at thirty one thousand, five 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. The first of funerals begins this week in Uvaldi, Texas. Zack's officials say, you Voldies schools. Police Chief Pete Aredondo wrongly believe that they were dealing with a barricaded subject, not an active shooter.
Valdis mayor announced Erandondo's scheduled city council swearing in some ceremony is canceled for now as the city grieves amid the ongoing invasion of Ukraine. European Union leaders have agreed to be of Russian oil imports by the end of the year. In the NHL Playoffs, the Rangers are heading to the Eastern Finals after beating the Hurricanes in Game seven, six two. In baseball, the Mets beat the Nationals thirteen five. The Orioles beat the Red Sox ten zip. The Giants
won in the A's Lost. Global News twenty four hours a day on air and on Bloomberg Quick Take, powered by more than twenty seven under journalists and analysts more than twenty countries. Michael bar this is Bloomberg missing the close games? Are you? Michael? All right? Thank you. It's five forty nine on Wall Street Life from the Bloomberg in Tractive Broker Studios. This is Bloomberg day Break. Let's turn out to what's happening in Washington. Congress is out,
but the White House is not. And guns and inflation are going to be front and center today for President Biden. Is he confronts potentially his limitations on both those issues. Joe Matthew is with us from Washington this morning, our Washington correspondent, host of Sound on Here on Bloomberg Radio. Joe, good morning. I can't help but think of the old, dirty,
hairy line. Man's got to know his limitations, and it seems like that's what President Biden at least is admitting that he's dealing with is, particularly when it comes to the issue of gun legislation. You know, maybe if he squinted his eyes and talked like that as Ruber Williams might go up a little bit. But you're right, Look, Joe Biden doesn't have a lot of options right now. He needs to work with Congress to make any real
changes to gun laws. You might remember he did sign an executive order a few weeks ago, and at the time, this is before Buffalo, before Valdi, people said, what's going on, why is he even doing this? But it was to regulate so called ghost guns, which in retrospect looks like it was pretty well time. But as the President said himself over the weekend, he doesn't have the power to outlaw a weapon. He doesn't have the power to change rules for background checks. So there's not a lot that
he can do other than wait. Talks are underway kind of behind the scenes. Lawmakers are not in town right now, uh Nathan, but they've been on the phone, they've been on zoom, uh Led by Democrat Chris Murphy Senator Murphy along with Republican John Corny in the Senate, But it sees from Texas, it's unclear what these might lead to. They appear to be focusing on possible red flag laws or a red flag law that could have national implications.
Some states have done this on their own already that would allow authorities basically to take guns away from people who are deemed a danger to themselves. John Cornyn said, by the way, that's no panacea, and creating the language for that could give Second Amendment absolutists a lot of concern here, But there's a short window. Nathan Chuck Schumer says, if there's no compromise by the time lawmakers come back to Washington, he's moving forward with a Democrat bill on
gun control that would not pass. But once again, and you and I have seen this a few times over the last year, it's Schumer's opportunity to call everyone to the carpet, everyone votes up or down, and then you know your views will be public on this for the mid terms, and that kind of puts people on the record, but it doesn't do much when it comes for when it comes to momentum to actually get something past, does it? I mean, what is the momentum to actually try to
get action on gun legislation? Like I Like I mentioned there, there does seem to be a possible common ground here when it comes to red flag laws. Mitch McConnell signed off on these talks. He gave John corn In the green light to sit down with Chris Murphy. We know there are a lot different combinations of lawmakers who are
talking here. The leadership basically, Nathan took their hands off the reins and said, look, I'm gonna give you guys two weeks and in the White Houses standing by for this as Schumer and McConnell watched their respective lawmakers in this case, Cornin and Murphy try to hammer something out. I'm not sure there's a lot of optimism. I couldn't possibly put a very positive spin on this, Nathan. But we're gonna watch the clock tick for a minute. If
nothing happens here, you'll see Democrats move forward. And again that's gonna be to your point, putting people on the record, not necessarily making new laws. Yeah, and I know you're gonna be watching closely when the President invites fed Chair j Powell to the Oval Office, rare sit down as
inflation continues to be a major issue for this president. Yeah, we clearly know what they're going to be discussing, right, not not everyone, though Nathan is as plugged into the financial markets as the Bloomberg audience that I think you've got a mainstream news audience. Uh. In in the target here. Uh And look no further than the front page of the Washington Post today. US policymakers misjudged inflation threat. That's
the story that they're trying to get around here. Their first meeting between Powell and and Biden since they sat down together in November to talk about Powell's renomination. Uh. And the White House likes to remind us that the Fed is independent. That's why we don't see a lot of meetings in the Oval. You don't see the president tweeting ideas on monetary policy like the former president here. But clearly this president wants to talk about inflation, wants
to be caught in the act. There'll be a pool spray, as they call it. Reporters will be allowed into the Oval for a couple of moments. Take some pictures. You'll see the three of them on the couches. A couple of questions will be shouted. I would look for reporters today to be shouting questions about whether inflation has peaked. This again mainstream headlines. This is not about fifty versus seventy five basis points likely today, Nathan. This is speaking
to people who don't normally obsess over this kind of stuff. Yeah, and it'll be interesting as well to see the President sitting down face to face. Yeah, Man Powell, given that he said that you know, when it comes to dealing with inflation, that it's pretty much in the fence court. So we know you'll be watching that very closely. Joe Biden Our, Joe Matthew the Sound Dot, no promotions for you, Joe host of Sound Dot here on Bloomberg Radio. And we'll be checking back with Joe in the next hour
here on Bloomberg Daybreak. Karen, all right, Nathan, thank you. It is five fifty four on Wall Street. Not to a legal story we're watching this morning. The U. S. Supreme Court broke with a long line of cases in favor of employers and arbitration cases, striking down a ruling in favor of a taco Bell franchise and a fast
food workers overtime case. The Court held unanimously that a federal appeals court overstepped its authority and creating a rule that required the worker to show prejudice or harm to get out of arbitration. For more Bloomberg's Doom Grosso space to Richard Silberberg, a partner with Dorsey and Whitney, is it surprising that this was a unanimous decision because the Court is often divided in arbitration cases. I don't think it was surprising because I actually think the ruling is
fairly narrow. What the Court held in an opinion that was written by Justice Kagan is that there is no requirement to show harm in order to establish that a party waved a contractual right to arbitrary But it is not that surprising because what the lower federal courts had been doing was creating a special rule of contract interpretation that only applied to arbitration. And what the Court's pointed out is that the lower federal courts generally had misapplied
prior Supreme Court president. So what the Supreme Court did in this case is it reminded the lower federal courts that when it said there was a strong federal policy favoring arbitration, it did not mean that the lower federal court should adopt and this is Justice Kagan's language arbitration preferring procedural rule. In other words, the fact that there's a strong federal policy favoring arbitration does not mean that
the court should adopt rules that favor arbitration litigation. To put it in Layman's terms, where the circuit courts basically bending over backwards to facilitate arbitration, you know, to push
arbitration forward. Yes, that's what the Supreme Court in Justice Cagan's opinion pointed out that the lower federal courts had in effect sent over backwards to enforce an arbitration agreement by creating this requirement that in order to show a waiver of arbitration, the other side had to have been harmed or prejudiced by the delay in enforcing the arbitration rights. And what Justice Cagan said is that, uh, that should
not have been permitted. There should have been no special requirement that the employee in this case needed to show in order to establish Weaver and as Richard Silberberg, a partner at Dorsey and Whitney speaking at the Bloomberg Student Grosso. Catch more of that interview, plus analysis of the latest legal news, by subscribing to the Bloomberg Law Podcast or
downloading the show at Bloomberg dot com slash podcasts. Attorneys can find exceptional legal research and business development tools at Bloomberg Law dot com and on the Bloomberg terminal at the Law go SNP. Futures down twenty eight points this morning. Down. Futures down two two nowaday Futures down seven and still ahead on Bloomberg day Break and check on the business headlines and all the news you need to start your day. This is Bloomberg