Bloomberg Daybreak: May 5, 2022 - Hour 2 (Radio)

Prime bless sucks every state. Anthony Blincoln test positive for COVID. I'm Michael barn More Ahead, I'm trying Stationwark forwards. The Yankees eleven game win streak came to Aday. The Mets also lost the Rangers in Penguins play Game two with

the Garden Tonight. That's All's train 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 and Francisco Sirius XM one nineteen and around the world on Bloomberg Radio dot Com and bother Bloomberg business app Good Morning, I'm Nathan Hager and I'm Karen Moscow.

In US stock index futures are lower this morning. We're coming up to six o one on Wall Street, and we check the markets every fifteen minutes throughout the trading day on Bloomberg with SNP futures down twenty five points down, futures down one thirty eight, and NAS day futures down one d seven. Ten year Treasury down four thirty seconds yield two point nine five percent. They yield on the two year two point six seven percent call max school there is at one point six percent of twenty eight

dollars ninety cents at eight ninety seven seventy announced. The euro this morning at one point oh five nine six against the dollar, the n one nine point six seven. Nathan, well, Karen. The pullback we're seeing in stock futures this morning follows yesterday's fed field rally. In the news conference after the fifty basis point rate hike from the Central Bank, Chairman j Pal indicated another fifty, not seventy five, was on

the table for the next meeting. Seventy five basis point uh it increases, not something the committee is actively considering, assuming that economic and financial conditions evolve in in ways that are consistent with our expectations. There's a broad sense on the committee that additional fifty basis increases should be on fifty basis point increas should be on the table for the next couple of meetings. Like comment by fed share pal fueled a huge rally in the market's treasury

yields dropped. Stocks rally the most in two years, with the SMP five hundred surging three percent while the tech heavy NASDAC grows three point two percent. Jason Brady is CEO of Thornburg Investment Management. I actually expected seventy five to be on the table. He took it off the table. I think the markets were pricing in very hawkish, and you could now hawk the market. So obviously, the reaction markets has been that this is a little bit more dubbish.

Thornburg Investment Management CEO Jason Brady says he thinks yesterday's rally is not sustainable. Well, reaction is still pouring into Powell pushing back against a larger seventy five basis point increase. Nathan and We get the very latest live with the Bloomberg's John Tucker. John Aaron at Grant Thorpe and the chief account of US there, Diane Schwant, says the FED is operating in a new paradigm. The FED is now in a position where they're focused on inflation and employment

is secondary. That is a very different equation than we've seen the FIT in for a very very long time. Scott Minor, the chief investment officer at Google Hives, is going back to the nineteen thirties, the FED has never been able to reduce inflation by more than two and a half percentage points without inducing a recession. So even if we don't get close to the two percent target, it's very likely that we will have some kind of an economic slowdown well before we get to the desired

inflation target. Scott minors these further hikes of fifty basis points on the table for June and July. Former Philly FED President Charles Plosser also weighing in. He says pal was trying to appease markets and should not have taken a seventy five basis point hike off the table Live in New York on John Tucker Bloomberg Daybreak. All right, John, thanks, Now we're waiting for another are important policy decision this morning in Europe. Let's get the very latest onn that

lie from Bloomberg's Max Ramsey. Good morning, Max, Morning to you, Nathan and Karen. Less than an hour ago until the rate decision from the Bank of England market for pricing in a fourth back to back hike. This would take the benchmark policy rate to one percent. That's the highest since two thousand and nine. But also very much in focus any details of how the BOE intends to unwind more than a decade of bond purchases. Live in London, Max Ramsey, bloom Back day break right, Max, thank you.

There's also an Opaque meeting today. OPEC and his allies are expected to ratify another small increase in oil production. Their meeting comes just one day after the EU announced is planned for a phased ban on Russian crude and checking prices. Right now, Nimex crude oil is higher up to tens of upper cent or sixty and cents at a hundred seven dollars ninety eight cents of barrel Brent is at four tenths percent at a hundred ten dollars

sixty one cents. The oil prices at historic heis Karen ev Lawmakers pointing to anti trust laws at OPEC, A key Senate committees expected to approved legislation that would allow the US to sue the cartel for manipulating energy markets. This vote by the Senate Judiciary Committee today would pave

the way for full Senate consideration. Now, staying in the oil passion, Nathan, we're in Buffet is increasing his bat on one big energy company, and we get the Ladish line from Bloomberg's renied a Young, good morning, Ready down, good morning. Karen Berkshire half Away had already built up a roughly fourteen point six percent holding of Occidental Petroleum's common stock. Now Buffett is snapping up about five point

nine million more shares of the oil giant. Of filing shows the shares were bought this week at prices ranging from about fifty six to fifty eight dollars of peace, and right now it's trading close to sixty two dollars this morning. Accidental was the best performing stock in the SMP five during the first quarter, and it's seen it shares benefit from Buffett's purchases and higher oil prices driven by the war in Ukraine. Live in New York. I'm

renned a young Bloomberg daybreak. All right, Renia, thanks, Let's turn to what's happening on the ground in Ukraine. Now, civilian of avacuations continue out of the war ravaged city of Maryu Poul. In his latest video address, President Vladimir's Lensky says three forty four people have gotten out, even as heavy fighting continues at a steel plant in the city. The Pentagon says Russia is getting bogged down in eastern

and southern Ukraine. And Sweden's Foreign minister met with Secretary of State Antony Blink and she says the US is offering security assurances to Sweden and Finland as they apply to join NATO. Well, the other big political story we continue to follow Nathan is abortion rights. The head of the CDC, Dr Rochelle Wilenski is weighing in and she warns the more deaths if the link Supreme Court rolling on Roe v. Wade stands. Plumbar said Baxter has more.

Dr Wolenski says she fears that there could be an atmosphere where there's much less medical supervision for people taking things into their own hands, and she says it will lead to unequal access to the procedure because people with less funds will not be able to cross state lines.

Tied to that, abortion rights groups took over twelve million dollars over the twenty four hours following the leak of the initial roev Wade decision draft, and Planned Parenthood says it saw a six hundred fifty percent increase in online actions. In San Francisco, I'm at Baxter Bloomberg, Gay break alright ed thanks as futures move lawer. We check your local headlines. Next plus sports. This is Bloomberg at six o seven on Wall Street where fifty eight degrees in Central Park.

Still dealing with that accident Old Country Road in West Very a tractor trailer involved. Detailers 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 majority of New Yorkers say they disapprove of Mayor Eric adams handling of crime in the Five Boroughs, a reversal from three months ago. According to a new Quinnipiac University poll, owning approve of Adam's handling of crime well

fifty four percent disapprove. In February approved of Adam's performance on crime. The news comes as two men were shot and killed in Intown Manhattan Overninth Police is searching for three suspects for the shooting at thirty seven and ninth Avenue. Meanwhile, Mayor Adams is urging New Yorkers to trade the pajamas for lunch near their workplaces. Adams says that's the way

metropolitan economies functioned properly. He spoke during a panel discussion at the Milken Institute Global Conference in Beverly Hills, California. State Department spokesman Ned Price says Secretary of State Anthony Blincoln is quarantining. Secretary Blincoln has tested positive for COVID. The good news is that he is fully vaccinated, he is boosted. He is experiencing only mild symptoms. Spokesman Ned Price says Blincoln will work from home in the coming days.

Blincoln had to postpone a key China policy speech that had been scheduled for today. He attended the White House Correspondents Association dinner on Saturday. No word yet on who leaked the Supreme Court draft opinion on abortion rights. Chief Justice John Roberts has called for an internal investor gaistion. Meanwhile, President Biden is not mincing words about a draft document with the majority voting to overturn Roe V. Wade. What are the next things that are going to be attacked?

Because this MAGA crowd is really the most extreme political organization that's existed in American history, in recent American history. The President spoke to reporters at an event on the economy and the deficit. We're learning Donald Trump Jr. Was interviewed as part of a House Select Committee's investigation of last year's ryan at the US Capital. He is the latest member of former President Trump's family to be questioned. A person familiar with the matters says the private virtual

session lasted between two and three hours. 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 hundred twenty countries. Michael Barr and this is Bloomberg, Nathan, Thanks Michael six o nine on Wall Streets on Stash hours here at the Bloomberg Sports update. All right, anthan the Yankees first loss since April one in Toronto. They had an early home run from Joey Gallo.

Nothing after that. The eleven game winning streak ended two to one. Esther Cortes gave up a Matt Chapman home run, he took his first loss. Michael King and Clay Holmes followed Cortes through four hit listenings of relief. Both those guys have e r a s under one day off today. Yanks back home tomorrow to play Texas Mets. Tonight in Philadelphia. They lost to Atlanta nine to two, scoreless game going to the sixth inning when the Braves erupted for seven runs.

Tyler McGill, his first start since he got the win and the Mets no hitter suffered his first loss, so they split the four game series, the first series this season the Mets of failed to win NBA playoffs. Miami and Phoenix are the top seeds and they both wanted home and both leave their series too nothing. Stanley Cup Playoffs three series are not tied at one. After wins by Tampa Bay, Minnesota and Edmonton. Carolina again beat Boston.

The Hurricanes up to ZIP two nights after the first triple overtime game played at Madison Square Garden in fifty one years Andrews and Penguins. We'll be back at it tonight for Game two, Rangers coach Gerard gout And asked about losing a Game one heartbreaker. It would be heard if we were playing Colorado, who's talking the best game in the league, and you lose five. Nothing like games like that where you know you're saying to your team,

how are we going to get back from this? We play that, we're playing a very good team who I think anybody can win this series. Of better team is going to win this series, and it's going to be a battle. So you know what, it's one game, you get over and you move on. It appears the Pittsburgh goalie tonight will being Louis domin game, who has never started a playoff game before. He came off the bench the other night when the starter Casey to Smith got hurt.

John Stash they were Bloomberg Sports Nick all right, John, thanks right now. SMP futures are lower by twenty two points. Down futures down a hundred eighteen. NASTAC future is lower by nine three points. Some pullback for equity futures after the FED fueld rally sparked by Chairman Powell taking seventy five basis points off the table for now. More on the Fed decision coming up with Bloomberg Economics course on

at Michael McKee, still in Washington. This is Bloomberg Bloomberg eleven three oh weather, sunshine and low seventies today, some scattered showers possible tomorrow. Low sixties will start the weekend with the breezy behind the mid fifties currently fifties seven

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 Tape, She's a Bloomberg business flash and I'm Cameron Moscow and US dot index futures are signaling a pause following me U S and P five hundreds biggest daily advances twenty after jaround Powell East fears at the Federal embark on a more aggressive

pace of tightening. European shares are moving higher, and we checked the markets every fifteen minutes throughout the trading day. On Bloomberg Guess and P future is down twenty three points this morning. Death futures down a hundred five downsday features down nineties seven. The decks in Germany's up one point four percent. Pen your treasury down four thirty seconds, he'll two point nine five percent. They yield on a

two year two point six seven percent. Ninemex screwed oil is up six tents percent or sixty six cents at a hundred eight dollars, forty six cents of barrel, comic school at one point six percent of thirty dollars, ten cents at eight ninety eight ninety announce the euro one point oh six oh two against the dollar, British pound one point five six eight the end at one nine point six four and checking bitcoin this morning, it's lower, down eight ten percent at thirty nine thousand, four hundred

seventy dollars. That's a bloomberg business flash. Now here's Muchael Barr with more on what's going on around the world. Muchel very in Ukrainian forces say they repelled Russian attacks in the east and captured some territory. It comes as Moscow moved to obstruct the flow of Western weapons to Ukraine by bombarding rail stations and other supplying line targets across the country coast to Coast protests continue after the release of a Supreme Court draft opinion that eludes to

a reversal on Roe v. Wade. Fencing has gone up in front of the U S Supreme Court Complex. In baseball, the Yankees, Mets, Red Sox, Nationals, A's, and Giants all lost the Orioles one in the NHL Playoffs. The Rangers play Game two of their series against the Penguins tonight. The Bruins lost to the Hurricanes. Global News twenty four hours a day on air and on Bloomberg Quick to Take, powered by more than twenty seven hundred journalists and analysts

in more than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan Alright, Michael, Thanks at six nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak. Seventy basis point uh and it increases not something the committee is actively considering, assuming that economic and financial conditions evolve in in ways that are

consistent with our expectations. There's a broad sense on the Committee that additional fifty basis increases should be on fifty basis points should be on the table for the next couple of weeks. That was FED Chairman Jerome Powell delivering what markets were expecting in term of interest rate hikes coming this month and potentially down the road, sparking a rally by taking seventy five basis points off the table.

Bloomberg Economics correspondent Michael McKee is back with us this morning from our Bloomberg studios in Washington, d C. This morning after a very consequential FED news conference. My good morning. I guess my question is is the FED fighting inflation at this point or is the FED fighting the market? The Fed is fighting inflation, and that is something the market is trying to digest. Actually, the Fed has been sort of pushing the markets higher. What I say markets,

I mean the bondod market in terms of yield. Uh. They've been pushing that higher, and uh that is kind of helped them in the sense that it tightens financial conditions more than just their rate rises. They're sort of front running themselves here, and if the market got a little ahead of itself with some idea of seventy bases points, were kind of back to reality now and we are going to see rates continue to rise, and that will uh slow the economy at some point? Well, it's slow inflation.

I guess that's the other big question. Yeah, that was the point that j. Powell is making. This isn't easy because much of the inflation that we see is on the supply side, and what the Fed can do is affect demand. But if they can affect demand enough, uh, they would bring demand down to supply uh. And so at that point you would uh get rid of inflation. But that might mean we have to go way down in growth, possibly even into a recession. Paul doesn't think so,

but many analysts do. Where or at least, do we have a better sense of where the Fed is aiming in terms of the inflation rate? Did we get a better indication of that from Chairman Powell on what based on what he had to say yesterday, Well, he did assert they're still trying to reach their target of two said,

but he didn't put a time frame on it. He did suggest they think they can get to neutral, the rate at which they're neither stimulating or holding back the economy, by the end of the year, but he also said he didn't know exactly what neutral rate is, maybe around two and a half. So we could have significantly higher interest rates than we've had over the last three or four years, but not high by historical standards, and what effect that has on the overall economy is gonna be

hard to predict. How important, Mike was it for the FED to have unanimity in this decision. It was a unanimous decision to go for fifty basis points this time around, even after St. Louis President Bullard at least floated the possibility before this meeting of seventy five. Well, you know, he was asked about seventy five and he said, Wow, it's not my base case, but I could. I wouldn't rule it out. And then that became a thing on Wall Street, is Bullard calling for seventy five, but when

he didn't really call for seventy five. So I think the FED was never really in danger of being disunited and on this issue, but Wall Street was sort of hedging its bets and just in case. You could make an argument that if you're going to go up to two and a half percent, you might as well do it as quickly as possible. But the FED seems to think that is too much of a risk to the markets in the economy because it would surprise them and raise questions about how worried the FED might be about

inflation in the future. Yeah, it did seem as though the market took the Chairman's words about seventy five at least not actively considering it at this point as off the table. But do we have some kind of an idea, Mike, of what would need to take place in the economy or market conditions for the FED too actively consider seventy You'd probably have to see a really big rise in

core inflation. The FED knows that we're seeing a lot of headline inflation generated by food problems and oil prices, and oil prices likely to go up again if Europe follows through an embargoes Russian oil, so they can't do anything about that. But core prices if they start to rise considerably, and pressure in the core has been lower than on the headline, so if that turns around and they rise considerably, then the FED might get worried enough

to do something. All right, Michael McKee as always great getting your thoughts, especially the morning after a FED day. Michael McKee, Bloomberg Economics correspondent with us from our studios in Washington d C. As we look at a bit of pullback for futures after the rally, we have SMP futures down twenty one points. Now futures are down a hundred nineteen and NAZDAC futures are lower by eighty eight

points ten. Your treasury yield two point nine. Watching this red headline cross the Bloomberg terminal, Elon Musk has received additional equity commitment letters for his deal to buy Twitter. You know much more on that straight ahead as Bloomberg Daybreak continues. This is Bloomberg and Bloomberg Daybreak is brought to you by the Jewish Communal Fund. J c f's donor advised fund is the smart choice to manage your philanthropy, especially in times of crisis. Make your giving impactful. Visit

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Good morning. I'm Nathan Hager and I'm Karen Moscow. We are just about three hours away from the open of US trading. Time for the five things you need to notice start your day. Brought to you by Interactive Brokers. Investment advisers switched to Interactive Brokers for lowest cost global training and turnkey custody solutions, no ticket charges and no complex of your interests at ibk R dot com slash

r I A up. First, we're seeing a slight pullback in futures this morning after yesterday's rally that followed a press conference from Federal Reserve Chair J Powell. Powell indicated a seventy five basis point hike was not being considered for meetings in June and said he's committed to bringing down inflation. Inflation is much too high, and we understand the hardship it is causing, and we're moving expeditiously to

bring it back down. We have both the tools we need and the resolve that it will take to restore price stability on behalf of American families and businesses, and Chair J. Powell's comments came as the Fed hiked interest rates fifty basis points, and we're still watching reaction pour in Karen from many different quarters. More on that in this live report from bloom Briggs John Tucker, John Nathan.

Former Philadelphia fifth President Charles Plasters has fed your Powell yesterday was trying to appease the markets at bigger rate increases. Should not be dismissed. I don't think he should have taken seventy seven basics points off the table, as many people have been. I don't. I think they need to be still on the table. Uh, And and that they all have that option. Former Philly finn President Charles Plosser.

Another reaction from Scott Minor, chief investment officer at Guggenheim, says, going back to the nineteen thirties, the pen has never been able to reduce inflation by more than two and a half percentage points without inducing a recession. Live in New York on John Tucker Bloomberg Daybreak, Harry, John, thank you, we when you're up. The Bank of England will also

likely lift interest rates today to combat inflation. Back in Washington, Karen, the Senate Judiciary Committee is expected to approve legislation allowing the US to sue Opeck for manipulating energy markets. Sticking with the whale, Nathan Wren Buffett's increasing his bet on one energy company and Bloomberg's or need a young joint us live with the latest. Good Morning Ray Now, Good morning.

Karen Berkshire. Hathaway had already built up a roughly fourteen point six percent holding of Occidental Petroleums common stock, and now Warren Buffett is snapping up about five point nine million more shares of the oil giant. Of filing shows. The shares were bought this week at prices ranging from about fifty six to fifty eight dollars a piece. That's trading right now just above sixty one dollars. And live in New York. I'm Rinita Young Bloomberg Day break A right, Nita,

thank you. That's the five things you need to notice start your day. Brought to you by Interactive Brokers and straight Ahead your latest local headlines plus a check of sports. And this is Bloomberg. Thank you. Caring six thirty three on Wall Street, fifty seven degrees in Central Park and we got an accident on the north boundary Jersey Turnpike truck planes new or Exit thirteen. More on that coming up in Traffic. First, Michael bar with more on what's

going on in New York and around the world. Michael, thank you very much. Nathan. New York City police are looking for three sauspects and the shooting depths of two men in mid Down, Manhattan. The shooting happen overnight at thirty seventh and ninth Avenue. Meanwhile, a majority of New Yorkers say they disapprove of Mayor Eric adams handling of crime in the Five Boroughs, a reversal from three months ago, according to a new Quinnipia University poll, approved while fifty

percent disapproved. Ukrainian forces say they repelled Russian attacks in the East and recaptured some territory. It comes as Moscow moved to obstruct the flow of Western weapons to Ukraine by bombarding rail stations and other supply line targets. Heavy fighting also raged at the Steel Mill and Merry Uple.

Pentagon Press Secretary John Kirby, commenting in general on Russia's accuracy, their ability to target with precision has been um less than um than advertised throughout this entire war, spokesman John Kirby also says they are not focused on Moscow as it plans it's May Day parade on Monday. The fallout continues over the leak of Supreme Court majority draft opinion from February suggesting Roe v. Wade should be overturned. President Biden says more could be at stake if the abortion

ruling is struck now. Secretary of State Anthony B. Lincoln is said to be experiencing mild symptoms after testing positive for COVID. State Department spokesman Ned Price he will quarantine at home. He will follow CDC guidelines. I know he very much looks forward to returning to the office, returning to his full schedule, and returning to the road just as soon as he is able to do so. Spokesman

Ed Price says Blincoln is fully vaccinated and boosted. And Alabama murder suspect and a corrections official are still on the run after they disappeared last Friday morning. The Lauderdale County Sheriff's Department has released surveillance videos showing fifty six year old jail official Vicky White, leaving the lock up with thirty eight year old inmate Casey White. The two are not related, but had what Sheriff Rick Singleton calls

a special relationship. My master, Ruby, Vicky, You've been in this business for seventeen years. You've seen this scenario play out more than once, and you have always ends. Go ahead and end it now, you know, get get a phone call nine one one, Uh turn yourself in. Sheriff Singleton says, Vicky White had an unblemished record Global News twenty four hours a day on air and on Bloomberg Quick Take Power by more than the twenty seven hundred

journalists analysts more than a hundred twenty countries. Michael bar this is Bloomberg. Nathan, thanks Michael. Just about six thirty six on Wall Street and John stash Ower has the Bloomberg Sports Update, Nathan. Yankees and Mad's both offs of such great starts, but both lost. Yankees in Toronto to the one that ends the eleven game win straight. Yanks

had only five hits, Blue Jays had only four. Aaron Boone not around for the end of the game, ejected after really getting into it with played umpire Marty Foster. The Yanks did not like some of his calls, especially in two of Aaron Judges at bats, Judge led Boone to the argument, you know, get a little I rate and maybe you know from my helmets, say suth him

to him after the fact. But there's no need. You know, we got a lot of ball game off to play, and I know I'm gonna get another at bat and me and tossing up for somebody else at risk, and you know, going there, it's not ready, you know. So that's all we got. Andrew Bony stuck up for us tonight. As for the Mets, they failed to Atlanta nine to two. The Bradins finally got to Tyler McGill with seven runs in the six Deny mcgills first lost the year, the

first series the Mets have failed to win there. In Philadelphia tonight, the Yankees are off NBA philos Phoenix shot sixty five percent, beat Dallas by twenty. Miami me Philadelphias and the Sons and heat I broke up to nothing. Stanley Cup Playoffs, Carolina went up to zip on, Boston, Tampa Bay, Minnesota, and Edmonton all one to tie their series at one. And that's what the Rangers will look

to do tonight. Game two at the Garden after the Penguins Game one win in triple overtime, big comeback in the Premier League semifinal, Real Madrid beat Manchester City will now play Liverpool for the championship. The Giants learning they'll take on Green Bay October nine in London. That's one of three NFL games to be played in London. They'll be one in Mexico City, and for the first time ever a game in Germany. That'll be Tampa Bay Vers

in Seattle. John stash were Bloomberg Sports na All right, John, thanks sixty seven on Wall Street. It's time to take a look down at stocks and some of the names moving in the pre market as we continue following the market reaction to the FED. Let's look under the hood now with Bloomberg Radio and TV Markets correspondent Creating Gooped. What names have your eye this morning, Creaty Nathan. We're gonna stick with a theme that we're talking about yesterday,

Uber Lift really getting punished yesterday. Today it's a different set of growth names. Out of course, is eBay and

Etsy both reporting earnings, both getting punished for it. Let's start with eBay here e b a wiser taker down seven per cent this comes after they had a lackluster sales and profit outlook for the second quarter, really kind of emphasizing the fact that that pandemic driven sales bump, well, it's fading now as you start to see perhaps lack of of continued stimulus, but also this idea that how many people are still shopping online as opposed to perhaps

going more in store. So eBay getting a little bit hurt from that. Analysts though, saying macro head was including the war in Ukraine, inflation, and consumer confidence are all likely to pressure the results in the near term. So not a great vote of confidence for eBay, but and etc. I should say, in the same boat E T. S Y S R taker down this morning, Nathan. Their second

quarter forecast fell short of the average analyst estimate as well. Analysts, I mean, they were positive on the firm's results, but they once again reiterated what they said about eBay as well, saying that the challenges relating to the macro economic backdrop is a real problem. Nathan, we heard about this yesterday, are very youn Michael McKee asking Chare Powell, what is the average American consumer are going to think when they hear about this fifty basis point rate hike, and he said, well,

you know what, we're tackling inflation. But yes, we are concerned about the consumer and the ability to weather the storm. Yeah, and thinking about inflation creatia. Look at oil prices, how gas prices have surged. Interesting that you're keeping an eye this morning on renewable companies. Yeah, they're doing really well. And it's interesting that you connected to the to the

oil stuff because we were talking about oil rising. Perhaps on the back of this new sanctions ban as the you start to look at sanctioning oil and banning imports from Russia by the end of the year. Perhaps that's flowing a little bit into the e V space, the renewable space. But so are the earnings pictures are very clearly a micro fundamental driver as while Sun run, for example, are u n as your taker up nine percent this morning.

This is a solar energy company. They reported first quarter revenue beating expectations and get this, Nathan, they raised their full year outlook. They're expecting more and more solar energy demand. A similar story when it comes to album Moral a LB is your taker up fourteen percent. This is one of the main companies I want to say one of the only companies in the world that makes kind of lithium, and lithium of course is used for the battery business

for e VS. Uh, so this is really seen as kind of in line with that e V renewable kind of trade. So Album Marshall, Albert Marral excuse me a l B A fourteen percent after the company boosted their profit as sales guidance for the signing continued strength in lithium pricing once again off the back of that EV demand. Alright. Bloomberg Radio TV Markets correspondent Crep with us this morning. As we look at the broader picture ahead of the open.

Futures are moving lower with SMP futures down twenty three points, staff futures down a hundred, twenty six down, NASTEC futures down seven points, the tenure treasury down five thirty seconds the yield. This is Bloomberg Bloomber eleven three oh weather. Looking for sunshine today and highs in the low seventies. Scattered showers possible tomorrow, low sixties. It'll be breezy and

cooler Saturday, with a high near fifty five degrees. Right now fifty seven in Central Park, markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. He's

He's a Bloomberg Business Flash and I'm Karen Moscow. This update brought to you by the n Y Mellin's Furishing learned why the world's most sophisticated wealth management and institutional firms rely on Pershing to help them improve profitability, create efficiency, attract talent, and manage risk at Pershing dot Com. US dot index futures are following this morning. Let's go to the First Word Breaking news desk for today's morning call,

and here's Bill Maloney. Bill, Good morning, Hey, good morning, Karen. That's right. US futures are in the red after yesterday's FED induced rally. To futures currently down a hundred and fifty points, SYS to be dropped twenty six. Nastic futures are lower by a hundred and three. The US A ten years at two point nine five percent, Gold is up sixteen, Oil is training higher, but bitcoin is down

by point eight percent. Shanghai rose point seven percent overnight, while up markets are in the green with one percent gains. Across the board. Back in the US on the economic Friday eight thirty initial jobs claims and after the bellast night, eBay gave a week outlook. Shares a down seven percent pre market and deal news people familiar said that Max Linear isn't talks to buy chipmaker Silicon Motion. In other news, Berkshire Hathaway bought more occident All stock, rabbing things up.

A Spirit Therapeutics was raised to neutral over at JP Morgan Live from the first breaking news dist coom to Maloney care right, Bill, thank you to here in live breaking news over your Bloomberg type squawk on your terminal squ a w K 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. Overnight, crews set up security fencing around the U s Supreme

Court complex for demonstrations today. It comes amid tentions after this week's leak of a draft opinion that would likely overturn Roe v. Wade. There are new developments in the war in Ukraine nearing in eleventh week. Russia appears to be targeting key infrastructure to stop the flow of military aid that has been coming into Ukraine. In baseball, the Yankees, Mets, Red Sox, Nationals, A's, and Giants all lost the Orioles one. In the NHL Playoffs, the Rangers play Game two of

their series against the Penguins tonight. The Bruins lost to the Hurricanes. Carolina now leads that series two games to ZIP. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analysts in more than a hundred twenty countries on Michael Barr This is Bloomberg. The following commentary is from Bloomberg Opinion. I'm Jonathan Bernstein, a columnist for Bloomberg Opinion.

Score one for Donald Trump. His endorsed candidate, Jade Vance won the Republican Senate primary in Ohio. This kind of election is where an endorsement is most likely to matter. A large field primary of well funded candidates with little to differentiate them. That's where great ads, debate gaffs, clever attacks, or attention driving endorsements can move lots of voters quickly. Meanwhile, see a pair of House Ohio primaries for further evidence

of party differences. In one, a Democratic can come and soundly defeated a Bernie supporting radical who most party actors considered ill suited for office. In another, Republicans in a competitive district dominated a candidate whose main claim to fame seems to have been that he painted his lawn for Trump over two better known state legislators. Very liberal or

very conservative members of Congress are fine. The problem is politicians who have no interest in governing, opposed compromising principle, and see elected office mainly as a means of catching in, And too many Republican nominees unfortunately fit into one or more of those categories. I'm Jonathan Bernstein. For more opinion, please go to Bloomberg dot com, slash opinion or opi

and go on the Bloomberg terminal. These has been Bloomberg Opinion and Bloomberg Opinion commentaries can be heard every weekday at this time and terminal customers can read more at O P I N go. It is six fifty on Wall Street. We turned to news and science and technology now with the Bloomberg and j I T. STEM Report. It is brought to you by New Jersey Institute of Technology and j i T is dedicated to bolstering support for female and minority students pursuing careers and high paying

STEM industries. Learn more at n j I T dot edu and now Here's just making news in science, Technology, engineering, and math. California, which has an economy larger than all but four countries and where much of the world's technological innovation is born, has become the first state to formally begin examining how to broadly adapt a cryptocurrency and related innovations. Governor Gavin Newsom signed an executive order for state agencies to move in tandem with the federal government to craft

regulations for digital currencies. It also calls for officials to explore incorporating broader blockchain computer coding into the government operations. China's beating up restrictions in Beijing and continuing a punishing lockdown in Shanghai. Officials in Shanghai say they won't ease the restrictions until the number of cases in the community reached zero for three days in a row. The tomp

Us infectious disease. Doctor Anthony Fauci criticized the Chinese approach as ineffective and the price of weed gained the most in more than three weeks. One of the world's largest exporters, India, is considering whether to restrict shipments at a time when there's growing concern about a food crisis. A heat wave is hurt Indian crops this spring. That's the Bloomberg and

j I. T Stem Report. Nathan Okay, Karen Thanks, rely from the Bloomberg Interactive Broker's studios where it's six fifty two on Wall Street Time now to check what's going on in d C. Some of the top stories in our nation's capital include abortion rights groups seeing donation surge after the Supreme Court leak, the US giving security assurances to Sweden and Finland on their road to NATO, and Donald Trump Junior testifying before the January six Committee in

the House. For more, we're joined by Bloomberg Government Congressional reporter Jack Fitzpatrick. Jack, good morning. Obviously, besides the FED move, the abortion rights story continues to unfold in Washington, DC, and now we're starting to see that play out when it comes to advocates getting money. That's right, Yeah, this is the big story in Washington, and yes, it's it's a bit of a confusing story in Congress because there's only so much Democrats can do in response to this

draft ruling out of the Supreme Court. So top Democrats, especially in the Senate, who are in this week, have said a lot of this comes down to November and mobilizing their supporters in the mid of elections. Uh. It is probably a positive sign for them that there's a large amount of money going to advocacy groups. Uh near all. Pro Choice America said it had gotten a one thousand, four hundred three percent increase in donations after the publication

of that draft ruling. There's more money going to Act Blue, the Democratic fundraising platform probably should keep in mind. Uh. You know, there may be limits to how much Democrats can gain. You look at the election and college educated

women came out big four Democrats already. But it is at least uh sort of good news for Democrats looking forward to November, given the the amount of mobilization we've seen among people who are frustrated with this draft ruling, and that really is what Democrats are banking on is

a response in the November midterms. It does really raise the question, though, doesn't it jack whether this issue can continue to be kept up in terms of momentum when for a lot of or as you would imagine that if inflation continues to be an issue, that that could be driving them to the polls as well. Yes, and if you listen to the issues that the President has been speaking on, you get sort of you can take

the temperature of which issues are the most motivating. Uh. President Biden really has talked about the economy, seeking to address concerns that people have with inflation, obviously frustration over the continuation of somewhat of a pandemic mindset, the sort of conflicting responses we've seen from the federal government in terms of mask mandates being pulled away, and exactly what our stances on that it's There is a widespread expectation

in Washington, including among some Democrats I've talked to, that Republicans have a clear advantage heading towards the mid terms. Uh. And really this abortion issue is a hope that Democrats have to mobilize their their voters. But you're right, is a lot of time left between now and November, and I know the war in Ukraine is also a major issue in focus for the Biden administration. There was a meeting between the Secretary of State and the Foreign Minister

of Sweden when came out of that. Yes, so Sweden's foreign minister actually said following that she got assurances. These are not security guarantees, but security assurances in the case of Russian aggression towards Sweden. And really this stands in the context of Sweden and Finland. Finland having those concerns. UH, there's the process of these countries applying for natoship. Finland is expected to apply for natoship May seventeenth. The timing

on Sweden is not exactly the same. UH. That would allow the US to do a lot more. The US is very hesitant, as we've seen in Ukraine, to get involved militarily in response to Russian aggression if it's not a NATO country. But there's still were assurances made that would UH. In the words of Sweden's foreign minister, it would be clear to Russia that if they conduct negative activities towards Sweden. UH, then as she said, the U

S would not let that pass unnoticed. So clearly the US is trying to offer a supportive stance to these countries. In our last minute, here Jack, another member of former President Trump's family has gone before the January six Committee. Yes, this time, Donald Jump Donald Trump Junior has interviewed with the January sixth Committee. UH notable among the many Trump

administration officials and close personal connections to the former president. UH. And keep in mind that his fiance, also, Kimberly Gilfoyle, already had testified last month. The committee has already made clear also that it has texts in which Donald Trump Junior was telling Mark Meadows, then the chief of staff, that there needed to be a stronger response from his father.

He actually called in those text messages for an overall oval address on January six, So in these the testimony may have centered around some of those issues that the committee already had revealed in text messages. Jack Fitzpatrick, Bloomberg Government. Thanks for the update from the nation's capital, and you can read more about these stories on Bloomberg dot com or on the Bloomberg terminal. Listen to Bloomberg Radio in Washington Bloomberg and one oh five point seven FM HD two.

Looking ahead to the market, open futures are moving lower after the rally following the Fed decision. We have SMP futures down twenty nine points down futures down a hundred seventy six Nastack futures down a hundred seventeen points. A Bank of England decision just a few minutes away. More to come on Bloomberg Surveillance with Tom Keene, Jonathan Pharaoh, and Lisa Brahmowitz for Karen Moscow. I'm Nathan Hager. This is Bloomberg