Bloomberg Daybreak: September 21, 2022 - Hour 1 (Radio)

Plus a special master expresses skepticism about Donald Trump's legal arguments. Michael Barr. More ahead, I'm tryn stashdown sports Aaron Judge. It is six ft home Rama Yankees. Then one on a walk off Grand slamb the met with a dramatic

comeback victory. That's all straight ahead on Bloomberg Day Breake on Bloomberg eleven, Trio, New York, Bloomberg Washington, d C, Bloomberg one, O six one, Boston, Bloomberg nine six, s Francisco, Sirius x M one nineteen and around the world on Bloomberg Radio dot Com and via the Bloomberg business Side. And good Morning, I'm Nathan Hagar, and I'm Karen Moscow and US Dock Index futures are little change this morning.

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 again SNP, NASDACDAL futures, they're all little change. The decks in Germany is down about two tents of upper cent ten year Treasury up nine thirty seconds. You have three point five two percent, and the yield on the two year three point nine to three percent. Bitcoin this morning is lower at eighteen thousand, eight hundred

eighty dollars. Nathan Karen, we begin with the key meeting Wall Street has been waiting for all week. This afternoon we find out just how much the Fed raises interest rates. Let's start with a preview from Bloomberg Economics correspondent Michael McKee. Federal Reserve officials are about to put numbers on the pain they've been warning of in recent weeks. The benchmark US interest rate will go up likely three quarter is

of a percentage point. But most importantly, they will publish new projections for the economy, which are likely to show slower growth and substantial rise in unemployment. Ahead all that will be reflected in higher interest rates, and those interest rates will stay higher for longer, all of which makes the dot plot the most important news out of the meeting. It's not what the Fed does now, but what it signals about what's next. Michael McKee, Bloomberg Daybreak, Right, Michael,

thank you. Ahead of that decision, one former FED official as calling for the Central Bank to continue aggressive policy. We come up with former Atlanta FED president Dennis Lockhard. I believe they'll do seventy five, but I cannot fully rule out a hundred. I can rule out fifty. There's no justification for dialing back at this point, but I think, I really think the highest probability is seventy. Former Atlanta FED President Dennis Lockhard made the comments in an interview

with the Bloomberg's Cantiling Hayes. Meantime, Karen One top Economists thinks the Feds going to far in raising rates. David Rosenberg of Rosenberg Research says the negative impact will be felt next year. Everybody applauding Power right now for doing what he's doing to crouss Yesterday's story, which is called inflation, is going to be ruining the day. Uh twelve months from now, when the recession is going to be deepening and we're not gonna have any idea how we're going

to get out of it. David Rosenberg of Rosenberg Research made the comments on Bloomberg Surveillance. Join us for a special edition of Bloomberg Surveillance with live coverage of the FED decision. It's coming up at one thirty pm Wall Street Time on Bloomberg Radio and television. Well, another major story we're following this morning, Nathan focuses on Russia's ongoing war in Ukraine. Moscow is preparing to escalate the conflict.

Vladimir Putin is vowing to use all means necessary in the war and announced what he calls a partial mobilization. We get more from Bloomberg's Maria today O in Brussels. The war is going to continue for longer. If you thought there was a diplomatic past solution possible to this and the dam term, I mean, I think after this you can really kiss it goodbye because it's not going

to happen. And then the other issue is that it does speak to some extent to the urgency of the Russian army to provide additional manpower to what is now a very messy front line for Russia, especially in the week of that counter offensive from the Ukrainian army last week. It had been an embarrassment. We had been waiting for

the response, and now we have it here. Bloomberg's Maria today O says oil is spiking on news of Russia's mobilization and checking prices now and I make screwed oil up one point nine of a dollar fifty three and eighty five dollars forty eight cents of barrel brand is at one point eight percent and ninety two one cents. The Russian invasion of Ukraine is also dominating talks at the United Nations General Assembly in New York City. Bloomberg's

memory Hordern is there and filed this report. Who's going will be holding sham votes as soon as this weekend to absorb four regions into Russia that are part of Ukraine. We spoke to Secretary General Again Seltenberg, who says this does not change the facts on the ground. Such votes referendums general to any legitims and therefore they don't change the nature of the conflict. This remains a war of aggression by or shy against the independence of the nation

in Europe. Biden will be addressing the Assembly on Wednesday, and according to his National security advisor Jake Sullivan, where he will want to communicate is that he pushes back against aggressors who seek to threaten, coerce and intimidate their members, or to violently attack them and Recordern Bloomberg News New York. All right, and Marie, thank you all back in our nation's capital. The country's biggest banks are also in focus today.

Top executives had the Capitol Hill for two days of testimony on the banking industry, and we get the story from Bloomberg's Jeff Billinger. House Committee hearing on banking accountability is set for today. A Senate panel will hold a hearing on annual oversight of the nation's largest banks tomorrow. The CEO of JP more can Chase plans to tell the lawmakers that increasing capital requirements for big banks is

bad for America. Jamie Diamonds prepared remarks hit on a range of issues, and he says his firm plays an important role in the global economy. He warns of harm from arbitrary increases in capital requirements. The CEOs of Bank of America, Wells Fargo when City Group will also be heard from Jeff Bublinger Bloomberg day Break. All right, Jeff. Thanks. In another note this morning on Wall Street, Banks they're likely to lose about six hundred million dollars after unloading

debt for the buyout of Citric Systems. Investors required significantly higher yields than banks had promised to private equity firms Vista Equity and Elliott Investment Management. That forced Goldman Sachs, Bank of America and others to absorb the losses and Nathan. Another major corporation is making hiring changes. Boeing is cutting accountants and hiring more engineers. The airplane maker plans to outsource about a hundred fifty accounting and finding its jobs

as it shrinks its corporate structure. At the same time, it will increase hiring to support engineering, manufacturing and product development and futures. Again little change this morning, Tenure Treasury up eight thirty seconds. You know, three point five two per cent straight ahead, your latest local headlines plus a check of sports. And this is Bloomberg. Thanks parent. It's five o seven on Wall Street, where at sixty four degrees in Central Park. We got accident clean up on

the southbound Major Diagan near Yankee Stadium. Details coming up in traffic. First Michael Barr with what else is going on in New York and around the world. Good morning, Michael, Good morning, Nathan. President Joe Biden had lined the fundraiser in New York last night that raised about two million dollars for Democratic Party organizations. It featured celebrity guests including

actor Robert de Niro and Mayor Eric Adams. The events on the night before Biden's addressed to the UN General Assembly, was held at the Manhattan home of designer and Democratic activists Henry Munio's Venezuela migrants flown to Martha's Vineyard in Massachusetts sued Florida Governor Around As Santis and its transportation secretary, accusing them of a fraudulent and discriminatory scheme to relocate them. Texas Sheriff has opened an investigation into the flights as well.

Massachusetts Governor Charley Baker. I am very glad that the sheriff chose to open an investigation. I think that's the right thing to do. Meanwhile, Governor de Santis says many of the migrants and asylum seekers want to go to Florida, an he means to stop them. We have to go and figure out, Okay, who are those people likely to be, and if you can do it at the source and divert to sanctuary jurisdictions, the chance they end up in Florida as much less. Governor de Santis hinted of more flanks.

New York Mayor Eric Adams announced another sign of the city's gradual return to the pre pandemic norms. We will also provide additional flexibility to business by lifting the private sector mandate on November first. This put the choice in the hands of New York businesses, and it's imperative that we're asking them to continue to encourage their employees to get their vaccines and boost shots. Mayor Adam says they will continue to require its own workers to be inoculated.

New York will install surveillance cameras and its subway train cars, and a push to crack down on crime underground. Governor HOCl says there will be two cameras per train car. The Special Master requested by Donald Trump to review thousands of documents the FBI ceased from his moral Lago Home express skepticism about some of the former president's arguments at

his first hearing in the matter. U S District Judge Raymond Derry pushed back on the Trump lawyer's position and they didn't need to detail any alleged declassifications of highly sensitive records. Hurricane Fiona is threatening to strengthen into a Category four storm as it lashes the Turks and Caicos Highlands and was forecast to squeeze past Bermuda later this week. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred

journalists and analysts more than a und twenty countries. Michael Barrow, This is Bloomberg, Nathan. Thanks Michael. Coming up to five ten on Wall Street time for the Bloomberg Sports Update. Good morning, John Teshown, Good morning, night than a memorable night at Yankee Stadium. Didn't look like it would be. Yankees came up out of the night. It ain't trailing the Pirates eight to four. Aaron Judge had gone over for three with a walk, putting let off the night.

So one more chance to join a very exclusive club. So we're going at good, there it goes. It is hot, cut is fun goods done. He's tied up. Baby, it's a Judgey and Glass his sixtieth home run of the year. Wow w f A and they call Judge Matches Babe rute from nine seven next up as Roger Morrison's sixty one in sixty one the homermate at eight to five,

Yankees were hardly done against the Pirates Will Crow. They loaded the bases and with still nobody out, John Carlos Stanton Houstin's coming off the injured list last month was nine first. Evan d two with thirty strikeouts, delivered a walk up grand slam the Yanks one, nine to eight. The Yankee debut of Bronxville native Harrison Bader. He drove

in three runs plenty of drama for the Mets. In Milwaukee, they trailed three nothing six to any when Pete Alonzo tied the game with his second three but on home and his many nights and an inning later, Francisco Lindoor did a game winning grand slam of his own and Mets won seven five to stay game ahead of Atlanta. Moriy Wills has died at eighty nine. Long time Dodgers shorts dot the n L m v P in the eighteen sixty two when he stole a hundred four basis.

A couple of Nora's trophy winning defenseman had retired. PK Suban only thirty three, played for three teams, including the Devil's and Zadano Chara, who's forty five one time Islander, spent most of his career in Boston. The six ft nine inch jar a tallest player in NHL history. John Stashward Bloomberg Sports, Nathan John, Thank you. SNP futures little changed right now in Town. Futures are up five points. Nanstack futures down eight. The tenure treasury is up seven

thirty seconds. Heal three point five three percent ahead of the Fed decision this afternoon, we preview next with Jennifer Lee of Bemo Capital Markets. Bloomberg Day 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 Atland at Bloomberg quicktape. This is a Bloomberg business flash and I'm Karen. Moscow markets are muted, with investors mostly sideline before another expected rate hike from the Federal Reserve treasuries, gold and the dollar jumping after Russian President Vladimir Putin stepped up his roar against Ukraine. We checked the markets every fifteen minutes throughout the trading day on Bloomberg again U s m P nasdactal future

is all little change. The decks in Germany's down about a quarter per cent ten your treasury of seven thirty seconds, you have three point five three percent. They yield on the two year three point nine four percent. Nine max screwed oil up two point four percent of two dollars four cents at eighty five dollars ninety eight cents of errol.

Comics called up seven tenths per cent or ten dollars eighty cents at sixteen eighty one nine announced the euro is at point nine nine one three against the dollar. British found one point one three eight and a yen one three point h U look at a bitcoin down six tents of a percent at eighteen thousand, eight hundred sixty dollars. And today we're watching for reports on existing home sales out at ten o'clock Wall Street time, and the Federal Reserve interest rate decision is out at two

as 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. Russian President Vladimir Putin has announced a partial mobilization in Russia. The measure appeared to be an admission that Moscow's war against Ukraine is not going according to plan after nearly seven months of fighting and the mid recent battlefield losses for the Kremlin's force. President Biden

speaks to the UN General Assembly later this morning. Aide say the President will accuse Russia, a permanent member of the Security Council, of striking at the very heart of the UN Charter for invading Ukraine. Will carry President Biden's address live. In baseball, the Yankees beat the Pirates nine eight Aaron Judge. It is sixtieth home run this season, one away from Roger Emeraz's American League record. The Mets and the Red Sox won the Orioles and Nationals lost,

the A's and Giants were winners. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more of than twenty seven hundred journalists and analysts more than a hundred twenty countries. I'm Michael bar This is Bloomberg, Nathan. Thanks Michael. It's five nineteen on Wall Street, Live from the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak on this FED decision day. We are joined live now by Jennifer Lee, senior economist at BMO Capital Markets.

So here we are, jen The markets have fully priced in seventy five basis points. Is a FED going to deliver? I think it will. Good morning, Um, it's kind of funny, not in the haha way, of course, but the fact that you know, we're almost hoping for Sunday five beats, which is, you know, just like half a year ago is considered you know, completely out of out of the ordinary, but seventy five basis points. I think it will be the result today is seventy basis points here to stay.

Is that what we're going to get in the subsequent meetings? What are you looking for in the dot plot? So we are. I mean, the dot pods always important, and I think there is a slight risk now that there that we could see it tipped over to the above four you know, our basics scenarios to end uh the year at three seven five percent, So another seventy five basis points um today and then another fifty in November.

And maybe deer started a slow things down a bit um, but I think it's still like higher for now at least. What's behind that case for a pivot towards slower rate hikes? Why do you think the Fed could move that way? Uh, you know, there's all of course, there's the risk of doing too much, and that's that's always going to be at risk. But they have seen some of the you know, some of the economics slow down that you know from

retail sales. I mean, consumers are starting to feel the bite of higher rates, of higher inflation, the fact that inflation expectations are starting to flicker down a little bit um. Certainly not enough to start dialing back the hawkishness, but it's something that I'm sure that the officials are keeping an eye on. They can't keep doing Sundays five forever. You know, things you have to kind of start slowing down at some point. It's what point do you think

we're going to start to see policy actually affect the inflation? Right? We haven't seen it much at this point, particularly given the hotter than expected inflation. Read we got on consumer prices this month, right, So the fact that energy prices have come down certainly helps a lot in terms of confidence and all that. But the core measure that that they are keeping an eye on, and that last one alway saw a couple weeks ago, or was the last week a couple weeks ago was quite the eye popper,

you know, point six months to month. So I think we're going to have to see at least three months of slower you know, or TA or the fact that you know, of coursep I started to be tamed somewhat. Um it will be the factor I think in getting the fedshare Palace sort of ease up on his hawk is tone and somewhat, But it's going to take a few more months, and you know, just one or two months it's not going to cut it. What's the risk

of economic damage from tighter policy? I mean, we have started to see slign signs of the slowdown is there a risk of tipping this economy into recession with the kind of aggressive moves that the FED has been making over the last few months. That's a great question. I think there's a very risk, real risk of that happening. And it's almost like we've already been seeing quite a

number of hikes, very aggressive hikes already. The fact that the because that the consumer is still spending, the economy is still holding on it. But as you point out, it has been softening. It might have to take I have to say it, it might even take a recession in order to not conflation lower. So there is that risk. It's very real risk if we see the Fed go above seventy. I mean, they're still the pricing of the possibility of a hundred basis point move. What's the market

reaction do you think, Oh, it'll be bad? I think. I mean, although there has been talking about a hundred basis points, I think personally, I think a hundred beeves is just going to recom panic. You know, the hour person is going to be thinking, you know, what's the Fed thinking? Or no, what does the Fed know that I don't know? You know, And I think it would

be it would be too much. Personally, I I do believe that, and I think semi five basis points accompanied by continue to hawk Is talk during the press conference would be I think the base case, and I think that would be the proper move. To make Hunter basis points would be too much, in which is RecA panic. Are you expecting further hawk is talk from Chairman pal? Obviously we did get that at Jackson whole last month.

What are you gonna be listening for the news conference in our last thirty seconds here, I'm gonna be listening for new words, a new descriptive, what words that he's going to be using? And his book HAP has been improving every every every month, it seems. In the last one was the need to act forth rightly I think was the last one he'd made just before the blackout period. But I think the acushness will will be maintained, but

I don't see it being amped up evey further. Thanks Jen, Yeah, thanks to I really appreciate getting your thoughts ahead of the decision two pm Wall Street time, of course, and the news conference with Chairman Powell to follow at two thirty. We will have full coverage for you on a special edition of Bloomberg Surveillance that begins at one thirty across Bloomberg Radio and television ahead of that, thanks again to Jennifer Lee, senior economists at BMO Capital Markets. Futures not

really moving much SMP future is little change. DAL futures up nine NASDAC futures lower by fourteen points in anticipation of the Fed decision. This afternoon actions in the bond space with the ten year up seven thirty seconds. Now with THEE three point five three percent yield on the two year at three point nine four percent. You're listening to Bloomberg day Break on this Fed decision day. Bloomberg day Break brought to you by pe Pack Private Wealth Management.

A portfolio is more than a collection of assets, it's a path to your future. Visit pe Pack Private dot Com Broadcasting Wive from the Bloomberg Interactive Broker Studio in New York, Bloomberg E Living for you to Washington, d C, Bloomberg ninety one to Boston, Bloomberg one O six one to San Francisco, Bloomberg n sixteen to the country Sirius XM to A one nineteen and around the globe to Bloomberg business app in Bloomberg Radio dot Com. This is

Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscale. We're just about four hours away from the open of US trading. Let's get you up to date on the news you need to know at this shower where we begin with this afternoon's FED decision, where we find out how much the

Central Bank will raise interest rates. Former Atlanta Fed President Dennis Lockhart says he expects a seventy five basis point hike and things rates will continue going higher until late next year. It's just very unlikely you're going to see a pivot from one meeting to the other, going from hawk ish to devish overnight. So I would expect that once they get to a point they feel they need to either pause or stop, that rate will be sustained

for probably several meetings fromer. Atlanta Fed President Dennis Lockhart tells us there's no case for anything less than seventy five basis points today. Stick with us for live cover to the Fed decision and a special edition of Bloomberg Surveillance beginning at one thirty pm Wall Street time on Bloomberg Radio and television. Another major story where following Karen, involves an escalation by Russia in the war with Ukraine. Vladimir Putin is vowing to mobilize troops and is also

renewing nuclear threats. Occupation authorities installed Russia announced referendum votes aimed at annexing territory in Ukraine. Former Defense Secretary Mark Esper says that vote should not be recognized. These reasons will vote to join Russia to be an X and that's predictable, and Putin will manipulate in whatever way you can. I don't think we should recognize him. I think the

sovereign charactory. The boundaries of Ukraine have been identified clearly recognized by the UN since the breakup of the Soviet Union in and we should continue to assist Ukraine in restoring their complete sovereignty to include CRIMEA Former Defense Secretary Mark Esper spoke with Our Washington corresponded Joe Matthew on Bloomberg Sound on Catch the program weekdays at five pm

Eastern on Bloomberg Radio, Well Nathan. The country's biggest banks are also in focus this morning, with top executives set to spend two days testifying on Capitol Hill. JP Morgan CEO Jamie Diamond is expected to tell lawmakers higher capital requirements are bad for America. We'll bring you that hearing live on Bloomberg Radio coming up in the ten am hour.

And a note from Boeing this morning, Karen the airplane maker is cutting accountants and hiring more engineers, bowing plans to outsource some finance jobs while increasing hiring for engineering, manufacturing and product development and futures. This morning, well SMP future is starting to show a little more strength. Are about five points now DAL futures as well at forty nine nowsday futures remain little change. Attend your treasury up

six thirties seconds. You have three point five three percent in the yield on the two year three point nine four percent, and straight ahead we have your latest local headlines plus the check of sports, and this is Bloomberg. Thanks Scaring five thirty three on Wall Street, sixty four degrees in Central Park. Still they at the accident clean

up southbound Major Diague in near Yankee Stadium. Michael Barr is here with what else is going on in New York end around the world, Michael, thank you very much, Nathan. President Biden's look partner the Democratic fundraiser in New York City last night. The event, on the eve of his address to the UN General Assembly, featured Mayor Eric Adams and actor Robert and Nero. It raised about two million

dollars for the party. The event, with about a hundred people, was held at the Manhattan home of designer and Democratic activists Henry Munio's. New York Mayor Eric Adams said he is ending the city's COVID nineteen vaccine requirement for private sector workers on November one, one of the last remaining

restrictions of the pandemic. Adams says, though city government workers will still need to be immunized against COVID, vaccinated rooks have carried out their jobs and he stepped up when the city needed them the most, and we think it's imperative to send the right message and lead by example. Mayor Adams also said the city is dropping a requirement that students who participate in after school activities be vaccinated. Hurricane Fiona is likely to strengthen to a Category four

storm as it approaches Bermuda on Friday. Philippe happened with the National Hurricane Center says Viana remains a Category three major hurricane with maximum sustained wins of a hundred twenty five. Bermuda has a tropical st watch. Will be talking with them a little bit later to see if they are going to be potentially upgrading that to a warning. And the storms should be passing by basically just to the west of Bermuda sometime on Thursday night or early Friday morning.

The National Hurricane centators Philip Pappins says for you and a blast at the Turks and Caicos Islands after devastating Puerto Rico. Special Master task with inspecting the document seized in an FBI search at Mara Lago met with lawyers from the Trump team and Justice Department. Raymond Derry said he intends to push briskly through the review process. He appeared skeptical of the Trump James reluctance to say whether

it believed the records had been declassified. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than under journalist and analysts more than a d twenty countries. Michael Barr, this is Bloomberg. Nathan, thanks Michael on Wall Street. Time for the Bloomberg Sports Day with John Stshaw. All right, Nathan, Yankee fans went to the stadium to see some history. Four times Aaron Judge had come to the plate. Everyone took out their

cell phones, but Judge was over three with a walk. Then, in the bottom of the ninth inning against the Pirates, Will Crow, who's a relative of Babe Ruth's teammate Red Roughing of panted Judge Homer four thirty feet to left field, number sixty, equaling what the Babe did in nineteen seven and joining the sixty home run club, but also includes only Barry Bonds, Mark McGwire, Sammy Sosa, and Roger Marris. He of course had sixty one. Marris's two sons were

at the stadium last night. They'll be back there tonight. The Judge Homer left the Yankees still trailing the Pirates eight to five, but they loaded the bases and with Crow Skill on the mound, still nobody out. I'll step Johant Carlos, Stanton, Dr Pabo is gonna be God a Grand Slam to win the game. No one out bases loaded Grand Slam bottom of the ninth and the Yankees have I'm back in the ninth inning with five runs

to win the game nine eight. The car stand had been over three or three strikeouts, and since coming off the injured list last month, he was nine for seventy two with thirties strike Gauts. Mets had a big Grand Slam of their own Francisco indoors seventh inning given the Mets of seven five win in Milwaukee. They had tied the game and in the earlier on a Pee Alonzo three run shot Atlanta one again raise Clinton playoff spot. They stayed one game behind the Mets there. Even in

the lost column. Cleveland took a big step towards winning the Ale Central five runs in the eleventh to beat the White Sox ten seven and go up by five. John Stashwar Bloomberg Sports Nathan John. Thanks, It's five thirty seven on Wall Street. Time for the Tri State Business Report. Here's Bloomberg's ed Corey. As rents in New York City reached new heights, the number of affordable housing units produced

in the last year fell. The Department of Housing Preservation and Development financed about sixteen thousand units in the fiscal year beginning July one, one that's drop from the previous year. New York's Financial regularly their plans to propose guidance to help banks manage risk posed by climate change. New York Superintendent of Financial Services Adrian Harris says it will focus largely on operational resiliency, rising temperatures and increases of extreme

weather events. The Democratic state lawmaker behind New Jersey's plastic bag bands says the law has to be changed after people become inundated with reusable bags from home delivery. Bob Smith says one possible fixes allowing home delivery to once again used paper bags or cardboard boxes. That your Bloomberg Try State Business Report. I'm ed Corey, Thank you had eight on Wall Street. Bloomberg Radio is on the air from San Francisco to New York, London to Hong Kong.

Let's check in with our global news team for some of the top stories heard on our three hundred affiliate radio stations around the world. I'm Steve Polas content Chan Wins in New York. We're talking about how dangerous the Internet and b for kids. I'm cornitanahoan kt r H in Houston. Gap is cutting five corporate jobs as the deals with growing costs. I'm Gina Servetti in for w BBM in Chicago. I'm reporting that the FDA has found new flaws at an Indiana vaccine factory that produces COVID

nineteen vaccines. I'm Stephen Carroll and Bloomberg d a B Digital Radio in London. We've been reporting on Russian President Vlasimir Putin calling up reserve soldiers to bolster his invasion of Ukraine. I'm a Gory on w t a M in Cleveland. I'm reporting great television is moving at three Cleveland TV stations, The Independent. Those are some of the stories our twenty seven hundred Bloomberg journalist and analysts 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. The cryptocurrency market has granted US policymakers the opportunity of a lifetime. Less than a year ago, crypto was on the verge of becoming a systemic threat, gathering disciples, leverage, and political clout faster than regulators could get a grip then the danger dissipated. The market imploded before reaching critical mass, entering

the crypto winter that persists to this day. Since this reprieve might not last long, policy makers should act now to impose much needed rules on the market. The technology underlying crypto may yet yield benefits, but the speculative frenzy surrounding it still has the potential to do a lot of damage. Rarely has history granted authorities a second chance to head off such an obvious hazard to the financial system. They shouldn't let it go to waste. This editorial was

written by the Bloomberg Editorial Board. For more Bloomberg opinion, please go to Bloomberg dot com, slash opinion or opi n go on the Bloomberg terminal. These has been Bloomberg Opinion and listen for Bloomberg Opinion editorials every weekday. At this time, terminal customers can read more at O p I n go. Future is starting to move a touch higher now we have SMP futures up eight points, now futures up seventy four. Nasdaq Future is now in the green,

up nine points. In the tenure Treasury yield now three point five. This is Bloomberg Bloomberg eleven three oh Weather a mix of sun in clouds today with a high near eighty degrees, and he showers will end early Tomorrow, will turn partly sunny up for seventies, mostly sunny breeze the only mid sixties for Friday. Right now sixty four degrees. 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 a Bloomberg Business blash and I'm Karen Moscow. And markets are pretty much muted, with investors mostly sideline before an They're expected rate high from the Federal Reserve Treasuries, Golden the dollar are jumping after Russian President Vladimir Putin stepped up his roar against Ukraine. We checked the markets every fifteen minutes throughout the trading day on Bloomberg and my lesson p Futures are starting to

see a little more strength. They're now up nine points. They're extending their games just a little bit and so are down. Futures up seventy nine. Nowsday Future is now up eleven. The decks in Germany is little changed, and your Treasury up six thirty seconds. You have three point five three percent yield on the two year three point nine four percent. NIMEX screwed oil is up two and a half percent, up two dollars twelve cents at eighty

six dollars six cents a barrel. Comex schooled up seven ten percent or eleven dollars seventy cents at sixteen eighty two eighty announce the euro point nine nine to nine against the dollar British found one point one three four six and the yen one forty three point eight nine. And Bitcoin this morning is now little change at eighteen thousand,

nine hundred eighty dollars. And today we are watching for reports and existing home sales ats at ten o'clock Wall Street time, and the Federal Reserve interest rate decision is out at two as a Bloomberg Business Flash. Now here's Michael Barr with more on what's going on around the world. Michael, thank you very much. Karen. President Biden is in New York City today joining fellow world leaders at the United Nations.

The White House says the President will address a range of issues in his speech later this morning, but his main focus will be the war in Ukraine. While President Biden is expected to deliver a harsh message to President Putin, officials say he will not call for Russia's removal from the UN Security Council. We will carry the President's address live and we'll have more on Russian a few minutes.

In baseball, the Yankees beat the Pirates nine eight. Aaron Judge hit the sixtieth home run of the season, went away from Roger Mara's American League record. The Mets and Red Sox one, the Orioles and Nationals lost, The A's and Giants were winners. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. Michael, this is Bloomberg. Navier, Hi, Michael, thank you.

Forty nine now on Wall Street Life from the Bloomberg Interactive Broker Studios. This is Bloomberg day Break. Let's get more now on Russia. Right now. With President Vladimir Putin announcing a partial mobilization in Ukraine, vowing to use all means necessary in the war, Let's bring in Maria to Dale for more on this or your correspondent for Bloomberg Radio and Television, joining us live from our bureau in Brussels, Maria.

Good morning, a pretty dramatic announcement yesterday overnight from the Russian president. Is this talk of a special military operation now out the window? Well? Is it out the window? What it shows her that it is definitely not going

according to plan just step. Until a few days ago, the Russian said everything was going smoothly, that they had a plan in place and the goals would be achieved in in accordance to that plan, and that there would be no need for anything that would look like conscription

or mobilization. And today you do have a part of one where the Russians, to some extent, not publicly, but if you read between the lines, they concede they need extra men power on the front line, that they need more men to be able to fight this war against Ukraine. And this is coming a week after they suffered a logistics, very embarrassing logistics collapse in the region of hard Gift

and they had to pull back. It also goes back and again it's very connected to some extent with this idea of the referendums that will take place in the next few days in some of the regions that Russias still control, so that means that they would essentially become part of the Russian Federation. We always know that with these referendums, the result is already clear even before you vote, there will be a restanding yes to joining Russia. But if that happens, then that is clearly an escalation in

the war. How is this likely to be received in Russia, Maria, We've seen a lot of reports coming through out of Russia that is that in Putin maybe losing support, particularly

among some of the elites in Moscow. But I think it's always very difficult to see what the Oli girls really think, what the elites around Vladimer put And think, and whether he's supported or not in the Krumlin, just because that place is sealed, and ultimately what happens or next will be decided by Ladomir Putting, at least in

the short term. The key question to meet, beyond the elites or the Oligars or the rich Russians, who of course are losing money as a result of this war, is in fact society is the average of Russian is just going to change the perception. Up until now, this had been something that was going on in a foreign country that was shown on TV, almost like it's reality TV, and you may be happy or proud for your country or not. You may be in favor of the war or not, but it didn't really have an impact on

the everyday lives of people to that extent. Now you're in a situation where if you are in the reserve army for the Russia an army, you may get a letter in your mailbox that says, Okay, pack your things, you have to go fight in Ukraine a professional army. I mean, I guess my question to you as if you get that letter, would you want to go and and fight Ukrainians, who up until a year ago were described as your Slavic brothers, who are people that are

very similar to you. Would you go? What about European cohesion against this Maria? What's the reaction in Europe, particularly now that they're heading into the colder months, of course, and already facing an energy an energy crunch. Well, it's the reaction precisely to the speech is hard to track for the time be emp because uh, there's a time lag between the speech that came out this morning, and the fact that most of European leaders are in fact

in the United States right now. There's a big time difference. So when the speech dropped, they were probably sleeping and getting through our sleep before the next meeting. But but but I would point, however, to the words that we heard yesterday from the French President of under m qun Uh the Chancellor Shocks both said this is a return of imperialism. It's an imperialistic war on Russia to Ukraine.

Is the fact that some nations in the world that believe themselves to be powerful and have powerful weapons, feel they can just scrawl into a country that they deem is a minor power and is weaker, and therefore they have this raid to just rule over the country, and that is not acceptable. In two, Thanks Maria, good having you on with us this morning after this announcement from

the Russian President. Maria Today o europe correspondent for Bloomberg Radio and Television, joining us live this morning from our bureau in Brussels. Karen Nathan, It is five fifty four on Wall Street and it is time now for the Bloomberg The Law Report, brought to you Buy American Arbitration Association business disputes are inevitable, resolve faster with the American Arbitration Association, the global leader in alternative dispute resolution for over ninety years, and more a d r dot org.

Now here's a legal story we're watching this morning. Florida Governor Rondas Santis just defending his decision to send about fifty undocumented Venezuelan immigrants spy plane from San Antonio in Texas to Martha's Vineyard in Massachusetts, even indicating he will repeat the stunt. But in Texas sheriff says the immigrants were lured onto the flight and he's going to investigate for more. Bloomberg's June Grosso speaks to immigration law expert

Jack Chin, a professor at US Davis Law School. The sheriff of Bear County, Texas, says he's starting a criminal investigation, but didn't say what laws were involved. Is what Florida's governor did here illegal? Well, there might be a few things wrong with that legally. One is you can't trick people into going somewhere, even if you're the government. You can't say, for example, if you get on this bus, drive to where it's going there'll be a job waiting

for you. If there isn't a job waiting for you, you can't deceive people, and that seems more like fraud to me. You also can't force people to go where they don't want to go, And so it's really going to depend on what the underlying facts are. How and why did these people get on the plane? What were

they told? And I think they're very well might have been conceivably some deception involved, because I think a lot of people would not want to just get on the plane and go to Martha's vineyard with no place to stay and no job and no reasonable prospect of any sort of settled situation. And so one wonders what those people were told or if they voluntarily went on that

particular journey. But if they did voluntarily go and they were told more or less what was going to happen to them when they got there, then it's not necessarily a criminal offense or a even necessarily a civil violation on the part of the people who organized that particular excursion.

Texas governor has sent something like eleven thousand migrants from Texas to Chicago, New York and Washington and the mayors of those cities have said it's a crisis and asked for the federal government to step in, which it hasn't done so far. I think the federal government is being careful here not to fan the flames of political controversy. And I do think that the federal government should take responsibility for managing people who are here applying for asylum

and refugee status. But I don't think that it's going to go on forever. I really don't. I think there's going to be litigation. I think at some point a state or the federal government is gonna find some way to get involved, and at a minimum, I would bet you know, given the lawyers are involved now, that there's going to be some way to make sure that the people seeking asylum were transported across the United States give

informed consent before they go. As I say, it seems unlikely that they would have given informed consent as the situation is now, because nobody wants to be driven somewhere and dumped off with no support. Ms Jack Chin, a professor at US Davis Law School, speaking with 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 podcast.

Attorneys can find exceptional legal research and business development tools at Bloomberg law dot com and on the Bloomberg terminal at b law Go, and futures are now higher, extending their gains. Still ahead. On Bloomberg day Break, a check on the business headlines and all the news you need to start your day. This is Bloomberg