Bloomberg Daybreak: September 21, 2022 - Hour 2 (Radio)

President Biden headlines a Democratic fundraiser in New York City lost a special Master expresses skepticism about Donald Trump's legal arguments. I'm Michael Barr. More ahead, I'm h Stashown Sports, Aaron Judge in his sixty home RHMA Yankees. Then one on a walk off Grand Slam the met for the dramatic

comeback victory. That's all straight ahead on Bloomberg day Break on Bloomberg eleven, Trio, New York, Bloomberg Washington, d C, Bloomberg one O six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x M one nineteen and around the world on Bloomberg Radio dot Com and via the Bloomberg Business Act. Good morning, I'm Nathan Hagar, and I'm Karen Moscow when

US Dock Index futures are rising. 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, Guess and P futures now up about twelve points now futures of one one and NOUNCEDAY futures up seventeen. The decks in Germany is up about a tenth of upper cent and at ten your treasury of eight thirty seconds yell three point five three percent. They yield on the two year is at three point nine four percent,

and Bitcoin this morning is at nineteen thousand dollars. Nathan Karen, we begin with the key meeting Wall Street's been waiting for all week. This afternoon we find out just how much the Federal Reserve raises interest rates. Let's get 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 quarters 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 well ahead of that decision, one former FED official is calling for the Central Bank to continue aggressive policy. Be caught up with former Atlanta Fed president Dennis Lonkheart. 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. Farmer Atlanta Fed President Dennis Lockhart made the comments in an interview with Bloomberg's Kathleen Hayes. Well. One top economists think the Fed is going too far and raising rates, Karen David Rosenberg Rosenberg Research, says the

negative impact will be felt next year. Everybody applauding Power right now for doing what he's doing to cruss 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 Rosenberg Research made those comments on Bloomberg Surveillance. Join us for a special edition of Bloomberg Surveillance of live coverage of

the FED decision. It's coming up at one thirty pm Wall Street Time on Bloomberg Radio and Television. Hell 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. To 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 in the medium 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 right now nine nights screwed oil is up two and a half percent, up two dollars sixteen cents and eighty six dollars ten cents of barrel. Brent is also up two and a half percent and ninety two cents Lakaren. Russia's invasion of Ukraine is also dominating talks at the United Nations General Assembly in New

York City. Bloomberg's and Marie Hordern is there and filed this report. HUINE will be holding sham votes as soon as this weekend to absorb four regions into Russia that are part of Ukraine. We spoke to NATO Secretary of General Again Sultenberg, who says this does not change the facts on the ground. Such some votes referendums do not have any legitims and therefore they don't change the nature of the conflict. This remains a war aggression by or

shy against the independent sovereign 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. Henry Hardern Bloomberg News New York and Marie thank you back in the nation's capital. The country's biggest

banks are also in focus today. Top executives had to Capital Hill for two days of testimony on the banking industry. To get that story from Bloomberg's Jeff Bellinger. 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 Moore 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. Another note this morning on Wall Street Banks they're likely to lose about six hundred million dollars after unloading debt for the biout 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 another major corporation is making hiring changes.

Nathan Boeing is cutting accountants and hiring more engineers. The airplane maker plans to outsource about a hundred fifty accounting and finance jobs as it shrinks its corporate structure. At the same time, it'll increase hiring to support engineering, manufacturing, and product development. Again, future is moving higher this morning, and straight ahead, we have your latest local headlines, plus

a check of sports. And this is Bloomberg Scaring six o seven on Wall Street sixty four degrees in Central Park. Still dealing with that accident clean up on the southbound Major League in New Yankee Stadium. Michael Barr is here with what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. President Joe Biden headlined a fundraiser in New York last night. It raised about two million dollars for Democratic Party organizations.

It featured celebrity guests, including actor Robert de Niro and Mayor Eric Adams. The event, on the night before Biden's addressed to the U n General Assembly, was held at the Manhattan home of designer and Democratic activists Henry Munio's Venezuela migrants flown to Marthas Vineyard in Massachusetts sued Florida Governor Around des Santis and as 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,

and 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 to end up in Florida's much less. Governor Dessant has hinted of more flights. New York Mayor Eric Adams announced another sign of the city's gradual return to the pre pandemic norms, who 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 its imperative. They were asking them to continue to encourage their employees to get their vaccines and boost shots. Mayor Adams says they will continue to require its own workers to be inoculated. New York will install surveillance cameras and in subway train cars and it push the crackdown on crime underground. Governor Hokel 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 Mara Longo 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 that 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 Islands. It was forecast to squeeze pass Permuda later this week. Global News twenty four hours a day on air and on Bloomberg Quicktech, powered by more than journalis finanalyist more than twenty countries. Michael Barr, this is Bloomberg, Nathan. Thanks Michael, coming up to six ten on All Street Time for the Bloomberg Sports Upday with John SANSJN Yathan. A memorable

night at Yankee Stadium. Didn't look like it would be Yanks came up out of the night. That ain't trailing the fire. It's eight to four, errand judge of going over for three with a walk when he let off the ninth. So one more chance to join a very exclusive club. There goes deep that is hot. Cull Us funds gone. He's tied up. Baby. It's a judge and Glass this sixtieth home run of the year, and the

Calso Judge matches Babe Ruth from nineteen seven. Next up, of course, Roger Maris is sixty one in sixty one. The homer made at eight to five. Yankees were hardly done against the Pirates will Crow. They loaded the bases, will still nobody out John Carlos. Stanton Houston's coming off the injured list last month was nine for seventy two with thirty strikeouts delivered a walk off grand slam laser down the left field line, 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 four and up in sixth in Ain't Pete Alonzo with his second three and overed as many nights, and an inning later Francisco Lindor with a game winning grand slam of his own that's won seven five to day game ahead of Atlanta. Moriy Wills has died at eighty nine, a long time Dodgers short stop. The n L m v P in nineteen sixty two when he

stole a then record one hundred and four basses. A couple of Norris Trophy went in defenseman of retired P K. Suban. Only thirty three, he played for three teams, including the Devils and the Dano Chara, who's forty five one time islander has been most of his career in Boston. The six ft nine inch Jarra tallest player in NHL history. John Stash Award Bloomberg Sports Nathan Thanks john SMP futures up eight point, staff futures have seventy eight nastack futures

up six points. Ten year treasury up six thirty seconds yield three point five three percent. Ahead of the FED decision, we previewed X Live with Bloomberg's Michael McKee in Washington. This is Bloomberg Bloomberg eleven three oh weather mix of sun and clouds behind your eighty today and he showers will end early tomorrow. Turned partly sunny, little cooler up for seventies only, mid sixties, sunny breezy for Friday. Right

now sixty four 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 Take, He's a Bloomberg business flash and I'm Karen Moscow. And the stocks are higher along with US stock index futures ahead of another expected ray hike from the Federal Reserve, and treasuries, Golden the dollar are jumping after Russian President of Vladimir

pulin And stepped up his roar against Ukraine. We checked the markets every fifteen minutes throughout the trading day on Bloomberg S and P futures of about eleven points down, futures of ninety two and nastatic features up thirteen. The decks in Germany is little changed. CAC in Paris up a quarter percent, in the foot Sea one hundred up three quarters of a percent. Ten year Treasury up seven

thirty seconds. You have three point five three percent. They yield on the two year three point nine five percent. NIMEX for oil is up two point four percent of two dollars four cents at eighty five dollars ninety eight cents of arrol Co makes gold up seven tenths per cent,

or two dollars ten cents at sixteen eighty three. Ten announced the euro point nine one two five against the dollar, British pound one point one three four two and again one forty three point nine five and bitcoin is up about two tents of a percent at nineteen thousand dollars. And as a Bloomberg business flash, now here's Michael Barre with more on what's going on around the world. Michael Hearin, thank you very much. 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. Amid recent battle field losses for the Kremlins forces, Resident Biden speaks to the UN General Assembly later this morning, ad say the President will accuse Russia, a permanent member of the Security Council, of striking at the very heart of the u N Charter for innovading Ukraine. Of course, we

will carry President Biden's address live. In baseball, the Yankees beat the Pirates nine eight. Aaron Judge it is sixty at home run this season, one away from Roger Mara's American League record. The Mets and Red Sox one the Orioles Nationals loss A's and Giants were winners. Global News sixty one hours a day on air and on Bloomberg Quickday Howard by more than sixty one journalists and analysts in more than sixty one countries. I'm Michael bar One.

This is Bloomberg back to what number is? This broadcast brought to us by Michael. Thank you. It is a six nineteen on Wall Street, Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Day Break. Let's turn from the number sixty one to seventy five. That's the number a lot of market participants have been bandying about as we await a Federal Reserve decision in just a few

hours time. Lets springing. Bloomberg Economics correspondent Michael McKee joining us live from our Bloomberg studios in Washington, d C. On this FED decision day. As the war on inflation continues, Mike, we'll get to see just what kind of weaponry the Fed is going to deploy. Yeah, I'm tempted to keep the analogy going with the Michael barre but uh and no asterisk for Aaron Judge. Anyway, the Fed's going to be raising rates and the consensuses for seventy five bases

points three quarters of a percentage point. That would take the rate to the highest in two thousand and eight. Of course, at that time rates were coming down, but they were the Fed was looking to UH tighten as much as possible UH in the this time, so they're going up and the question is going to be not so much what they do today, but what they do down the road, which takes us to the infamous dot plot, and and how high they think the terminal rate is

going to be now and the term. The commentary we've heard from Sherman Poal, particularly at Jackson Hole last month, is that rates are gonna stay higher for longer, could be elevated for some time here, and market participants are looking for that pivot to slower rates. I guess we find out perhaps today when that pivot could happen, or at least get some signal of what the Fed is going to be looking for. I suspect there will be

no signal on timing for a pivot UH. What gets lost in the confusion in the markets is UH a pivot to whether it's a pivot to a smaller monthly rate increase, UH say fifty basis points or twenty five basis points or a hold. You get to a level and keep it there. And then the idea that the Fed will be cutting rates, And if you look at the w I r P function on the Bloomberg, you'll see that investors think the Fed is going to start

cutting rates as soon as May of next year. And j P, I'm fairly certain today, will push back strongly against that idea. They will probably show us in the dot plot that they don't expect any changes until two thousand twenty four, and he'll reinforce that message. And what kind of reinforcement are we expecting then from the new economic projections we're expecting from the Federal Reserve. Well, it's really gonna be interesting there is how high they forecast

unemployment in the next two years. It'll give us some idea of what they think is tolerable in terms of how high it could go. I don't think there'll be anything outrageous, but it will be over four percent. So how high do they think they need to take unemployment or need Monetary policy is likely to influence unemployment to at inflation starting to come down, and I suspect that we will see the inflation forecasts trimmed a bit. Uh, inflation will come down more slowly than it has been

forecast in the previous projections. At about a minute left here, we know Chairman Powell's listening, so let's give him my heads up on the question you're gonna be asking him

when you participate in the news conference Atwotuh. Well, I could ask him if Aaron Judge should have an asterisker Harris, but I think I will probably give something about how surprised the Fed was by the strength of the economy and the strength of inflation, because they've been raising rates significantly for about six months now and we're not seeing a whole lot of impact other than in housing. Yeah, and not seeing it much in the core either. And uh,

we've seen where rates have gone at this point. Do we are are we expecting that we're going to get any idea Mike about what the Fed thinks restrictive is. Well, that's a good question, because restrictive means different things to different people. Long run, they think neutral is two and a half percent, But at this point, because inflation is so high, they have to go higher. How much higher?

That's a bit of a disagreement among them, but you know, everybody's a hawk at this point, so it's somewhere in the fours. That's a question of how close you get to five, or if there's anybody who thinks you need to go over five. Thanks for this, Mike good having on with us this morning. Michael McKee, Bloomberg Economics and Policy correspondent ahead of the FED decision two pm, Wall Street Time, Michael B there for the news conference with

Chairman Pallett two thirty. Our coverage begins at one thirty pm with a special edition of Bloomberg Surveillance across Bloomberg Radio and Bloomberg Television. Right now, SMP futures are up seven points down, futures up sixty five nastat futures little change to the upside. The ten year treasury is up five thirty seconds, yield three point five four per cent. This is Bloomberg six Bloomberg eleven three oh weather mix of sun and clouds behind your eighty today, upper seventies, Tomorrow,

mid sixties Friday with sunshine in a breeze. Right now sixty four in Central Park, broadcasting live from the Bloomberg Interactive Broker studio in New York, Bloomberg E Living Freedom to Washington, d C, Bloomberg nine nine one to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine six to the country, Sirius XM chto one nine team, and around the globe the Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg Daybreak six thirty on

Wall Street. Good morning, I'm Nathan Hagar and I'm Karen Moscow. We're just about three hours away from the open of you s training. Time to the five things that you

need to know to start your day. Brought to you by Interactive Brokers ibk OUR Investment Advisors, which to interactive brokers for lowest cost global trading and turnkey custody solutions, no ticket charges and no complex of your interests at ib k R dot com slash r i A. First, you find out how much the feder reserved race interest race. This afternoon. Former Atlanta FED President Dennis Lockhart says he expects his seventy five basis point hike, and he thinks

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 hawkish 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. Former 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 coverage of the FED decision and a special edition of Bloomberg's Your Van Lands beginning at one thirty pm Wall Street Time on Bloomberg Radio and television. Well caring another major story where following involves an escalation by Russia in the war with Ukraine. Vladimir Putin's value

to mobilized troops. He is renewing nuclear threats and occupation authorities installed by Russia have announced referendum votes aimed at annexing Ukrainian territory. 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 territory.

The boundaries of Ukraine have been identified clearly and 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 correspondent Joe Matthew on Bloomberg Sound on Catch the program weekdays at five pm Eastern on Bloomberg Radio. Well Nathan, the country's top bank executives, are set to spend two days testifying on Capitol Hill.

JP Morgan, ce O Jamie Diamond is expected to tell lawmakers hire capital requirements are bad for America. Follow the hearing Life on Bloomberg Radio and the ten Am Hour and a note from Boeing this morning Karen the airplane makers cutting accountant jobs and hiring more engineers, bowing plans to outsource some finance jobs while increasing hiring for engineering,

manufacturing and product development. And as the five things you need to notice start your day, brought to you by Interactive Brokers on a day when SMP futures are up about seven points now futures up sixty three and nast day futures are little changed. Straight ahead your latest local headlines, plus a check of sports. This is Bloomberg. He's scaring sixty three on Wall Street, sixty four degrees in Central Park. The traffic is who continues to be the accident clean

up southbound Deagan New Yankee Stadium. Michael Barr is here with what else is going on in New York and around the world. Good morning, Michael, Good morning Nathan. President Biden to look bart in a Democratic fundraiser in New York City last night. The event featured Mayor Eric Adams an actor Robert de Niro. Every used 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 vaccinatd Brooks 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 will participate in after school activities be vaccinated. New York City used to be known as the city that Never sleeps, and then came the pandemic. Now restaurants that used to be open seven and no longer open around the clock. Catherine Wilde with the Partnership for New York. We've seen difficulties in getting employees and customers to come to work seven. People are more nervous about security conditions overnight.

Katherine wild with the Partnership for New York is optimistic the city will turn around. Hurricane Fiona is now a Category four storm as it approaches Bermuda on Frinday. Philippe Pappens with the National Hurricane Center, the system is going to be growing in size over the next couple of days, and that's going to produce some significant sees across the Eastern seaboard, and so there's going to be a significant wave and rip current threat for the eastern United States coast.

The National Hurricane Centers. Philippe Pappen says Fiona blasted the Turks and Caicos Islands after devastating Puerto Rico. The special Master task with inspecting the document seized and an FBI search at Mara Lago met with lawyers from the Trump team and Justice Department. Raymond Derry says he intends to push briskly through the review process. He appeared skeptical of the Trump team's reluctant 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 twenty seven hundred journalists and analysts more than a hundred twenty countries. Michael Barr and this is Bloomberg. Nick, Thanks Michael. Almost six thirty six on Wall Street, John stash Hour has the Bloomberg Sports update all right, Nathan Yankee fans went to the stadium to see some history.

Four times Aaron Judge had come to the plate. Everyone took after cell phones, but Judge was over three with a walk and then bottom of the ninth thinning against the Pirates. Will Crow, who's a relative of Babe Ruth's teammate Red Ruffie in a patented Judge Homer Fott the left field number sixty, equaling what the Babe did in nineteen twenty seven, joining the sixty home run club and includes Barry Bonds, Mark Maguire, Sammy Sosa, and Roger Marris.

He of course hit sixty one. Marris's two sons were at the stadium last night, will be back there tonight. Mike Kessler, who's on the CCNY baseball team, caught the ball in the bleachers and gave it to judge after the game. The judge homer left the Yankees still behind eight to five, but they loaded the bases and with Crow still on the mound, still nobody out up step Giant Carlos Stanton cutball is gonna be God a Grand

Slam to win the game. No One, how bases loaded Grand Slam bottom of the night and the Yankees have come back in the ninth inning with five runs to win the game nine eights and the carl Stanton had been struggling mightily since coming off the injured list last month. Matt's had a big Grand Slam of their own Francisco Lindors seventh inn giving them a seven five win at Milwaukee. Atlanta one again Braids Clinton playoffs spot. They stay a game behind the Mets there. Even in the lost column.

Cleveland took a big step towards winning the Al Central five in the eleventh to beat the White Sox and go up by five Toronto, moving closer to release a wild card playoffs spot in eighteen to eleven win at Philadelphia.

John Stashwar Bloomberg Sports, Nathan, Okay, John, thank you at six thirty seven on Wall Street Time now to take a look at stock some of the names moving in the pre market with Bloomberg Radio and TV Markets correspondent Created Gupta on this FED decision day, it looks like the broader markets and kind of wait and see mode creaty, But we have seen a big surge in the commodity space with this partial mobilization announcement overnight from Vladimir Putin.

We absolutely have. I mean, there's so much going on today, Nathan. I'm gonna start with that FED day that you just mentioned, simply that we have this kind of sell the rumor by the news dynamic in the market. The last two days have been sell offs, pretty normal ahead of FMC decisions. If you look at the past FED meetings, This year,

they've all actually had rallies on the day. The idea here simply being that the market is already kind of pricing in exactly what the Federal Reserve is going to tell us, and and right now they're pricing in seventy five basis points on the table for today. Um. The question is going to be what they indicate about the next meeting is seventy five base points on the table for November. Nevertheless, to your point, features are up about two tenths of one percent. But you're all right. All

the action is in the commodity space. Check this out. You actually have oil features Brent contracts at ninety two handle eighty six. But the read through into the stock market is the names like x on Mobile x O M is your taker up one point three percent, a similar story which Chevron sev X as your taker? There

those shares up one point three percent. Once again, the idea here being that if you start to have this kind of amping up of of of forces in the Ukrainian Russian War at the moment, then that is going to further delay any sort of progress on the natural gas front, on the oil front, et cetera. UM, and that of course creates a little bit more demand, pushing those prices just a little bit higher. What I will say, those they've kind of been in that range all week though,

the eighties, early nineties, UM kind of range. So I wouldn't be too worried about it just yet, but you can still see that there are some nerves built into the market, Nathan. The other place that a lot of people don't think to look is defense stocks. So think Lockheed Martin for example. LM T is your taker, up a whopping two point six percent today. UM. A similar story when Extenter will come to Boeing shares b A is your ticker bill They're actually down three tense of

one percent. But keep an eye on that because it tends to move in tandem with Lockeed Martin. And when we talk about defense, it's not just about things like artillery or military equipment. It's also things about cyber security. Remember, Russia has a major UM edge in terms of cybersecurity. So names like Paulo Alto Networks is going to be a name that comes to mind. P A. N W. The shares are about one tenth of one percent today, A tiny bump there. You're gonna see similar one with

a company like Data Dog for example. Once again, these are all cyber security companies, also up one tenth of one percent, so keep an eye on that. We might see a little bit of an acceleration as we go into the US market open. Yeah, it could be interesting to see whether we get any more movement with the UN General Assembly underway as well, whether we get the reaction to Putin's comments from President Biden when he addresses

the gathering in New York later this morning. We'll have that for you live the President speaking at the UN General Assembly just around ten thirty Wall Street time, so keep it right here on Bloomberg Radio for that. Bloomberg Radio and TV. Market scores spotted Krety Gupta. As always, thanks for the pre market update looking at stocks as a whole ahead of the open and the Fed decision. SMP futures up seven points down, futures up seventy two,

Nasdaq features up one point. If you're listening to Bloomberg day Break, Bloomberg eleven three oh weather mix of sun and clouds of a high near eighty today, upper seventies tomorrow, with a partly sunny sky, mostly sunny, breezy, cooler Friday highs in the mid sixties right now sixty four 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. This is a Bloomberg Business

lash and I'm Karen Moscow. And futures are higher this morning. We had the first word breaking news dance for today's morning call. And here's Bill Maloney built Good morning and good morning, Karen. That's right. Modest gains in the US futures right now at Death futures up eighty six points, SIPES game ten will Nezda futures are higher by eight. The US ten yel at three point five four percent, Gold is up ten. Oil is also trading higher, and

Bigtoin is little changed. Hong Kong dropped one point eight percent overnight, while up markets are also quiet this morning. And back in the US on the economic front, at ten o'clock existing home sales and at two o'clock that eight that f o MC rate decision regarding earnings, look for general Millster report in the pre market and in other news. Wall Street banks face six hundred million in losses on citrics debt wrapping things up. St latter was

raised to buy over at Goldman Sex. Micron was good to neutral over at MIZOOO Live from the first Breaking News tescom Bill Maloney, care all right, Bill, thank you to hear like breaking news over your Bloomberg type squawk on your terminal squ a w u K and that's a Bloomberg business flash. Now here's Michael Barr with Moore and what's going on around the world. Michael Karen, thank you very much. 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. Of course, will carry President Biden's address live. In baseball, the Yankees beat the Pirates nine eight.

Aaron Judge here his sixty at home run of the season, one away from Roger Mara's American League record. The Mets and Red Sox won the Orioles and nationals lost, the A's and Giants are winners. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty seven hundred journalist and analysts more than a hundred twenty countries. I'm Michael Barn. This is Bloomberg, Karen Harry, Michael Barr, Thank you. It is sixty nine

on Wall Street. We turned to news and science and technology now at the Bloomberg and j I T. Stammer Report brought to you by New Jersey Institute of Technology, and j I T is ranked top ten nationally on Money's Best Engineering Colleges list. What will You make It? N j I T. Learn more at n j I T dot E d U. And Here's what's making news

and science, technology, engineering and math. The United Nations Secretary General says rich energy companies should be forced to fork over some windfall profits to aid victims of climate change. In his opening remarks at the UN General Assembly in New York and Tonio gu Terras urged richer countries to tax the profits of energy companies and redirect the funds to both countries suffering loss and damage caused by the climate crisis and those struggling with the rising cost of living.

The United Arab Emirates says it will launch its first lunar rover in November. The lunar mission is part of the U A E. S broader strategy to become a major player in the field of space exploration. If the Moon mission succeeds, the UA East and Japan would join the ranks of only the US, Russia, and China as the nations that have put a spacecraft on the lunar surface. And Amazon's one point seven billion dollar deal that by rumba vacuum maker i Robot, will face an in depth

review by the Federal Trade Commission. I Robot disclosed and a regulatory filing that both companies received a so called the second request seeking additional information on the deal. The request lengthens a deal's antitrust review by months or years, depending on the complexity of the transaction. That's a Bloomberg n J I T Stem report. Nathan, Thank you, Karen.

We are live from the Bloomberg Interactive Brokers studios were at a six fifty 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 President Biden preparing to address the UN General Assembly this morning, President with a star studded fundraiser in New York City ahead of

the speech. Trump lawyer's arguments met with skepticism at the first Special Master hearing over documents at marl Lago, and Consumer Bank CEO's head to Capitol Hill with a warning to lawmakers about inflation. Let's bring in Bloomberg government reporter Emily Wilkins for more on all these stories. Emily, I want to how much revision President Biden is making to his address to the UN General Assembly After Russian President

Putin's warning about a partial mobilization in Ukraine. We knew that Putin I was going to be talking a little bit in his speech about trying to annexperious regions of Ukrainian territory um that Russia has overtaken. But now he has also called up to three thousand reservists. It's a major political escalation which he is now really portrayed as

a fight to the death with the US and its allies. Um. And you do have to wonder, you know, how is this going to impact Biden's speech that he's planned on making later today. He was already going to really call out Russia's naked aggression in Ukraine and call it an affront to the heart of the United Nations, kind of imply that that Russia isn't really doing what it needs to do to to to be a member, to be

in the spirit of the United Nations. It's going was already knew it was going to be a firm rebuke UM. But this might wind up even amping up the rhetoric that Biden is bringing to the United Nations when he gives that speech later today. This is of course the first time that the UN is having UH in person meetings and this in person UH gathering UH since in

the last two years due to the pandemic. Now we've seen and heard a lot of rhetoric against Russia from the leaders we've heard from so far at this gathering. What are you gonna be watching for as the President makes those remarks later today and continues to interact with global leaders. I mean, I think one of the big questions is exactly what Biden pledges as far as US support,

If there's any more indication about what's coming next. Certainly we've seen plenty of headlines about the US UH, it's continuing to send aid to Ukraine in terms of financial aid, in terms of weapons and missiles and machinery. UM. But I think another big thing that Biden has been lauded for is really being able to keep everyone to other UH to continue to ensure UM that Europe is still going to be pushing against Russia, even though obviously that the stakes are a little higher for a number of

European countries. Also, we are coming up on winter. Gas is still very high. There's lots of questions about how folks are gonna be able to heat their homes, if they're able to be if they're going to be able to heat their homes um. And I think this is going to potentially present a bit of a breaking point where European leaders might say, you know, we are now in the six seventh eighth month of this war UH, we need to make sure that we're looking out for

our own citizens. I think there's a big question on whether Biden is going to be able to keep his allies and keep the block pushing against Russia together. Now long with the intensifying geopolitics, we're seeing that the president also has a mid term domestic politics in mind with this Democratic a fundraiser last night that I had some big names attached. Yeah, Joe Biden, he is up in New York anyway for the Fund for the United Nations,

figured that he'd do a fundraiser as well. Uh, featured celebrity guests, including Robert de Niro as well as New York Mayor Eric Adams. Um, you know this is it's part of the fund, the president's job to go to these fundraisers to raise money for his party. Uh. We're still, you know, very much in an era where candidates are raising a lot of money. Um, and they need that money to remain competitive at this point. But it also

addressed the group in several remarks. He really emphasized that this was this raison is not about it's about two It's about the mid terms. It's about control of Congress and what Biden is going to be able to do in the last two years of his presidency. He also tried to clarify those remarks that he made over the weekend in that sixteen minutes interview when he said that COVID was over. Biden reminded folks there that they needed to get their boosters and said that basically the pandemic

is not now where it was previously. Well, let's get an update on the a Special Master situation. There was a hearing yesterday, the first one on the Moral Lago documents. It sounds like the Special Master has really been poking at former President Trump's case. Yeah, even though that Trump was the one who put the Special Master's name forward. This is former US District Judge Riemon diary. Uh, he

did you know. He hasn't been lenient on Trump. He's pushing back on the fact that some of these records aren't highly classified sensitive information. But it seems like the Special Master is is a green but with the Justice Department that some of these are are absolutely classified. Um and that you know, there is reason for the Justice Department to be able to have some of these documents.

Of course, what Trump is trying to make sure is that you know, any document that he could possibly get back in in in his possession back in maral Lago is able to do so. And of course that the Justice Department, meanwhile, is worried that the Special Master review is going to hold up fair investigation in UM. So, I think you know we're we're beginning to see the

judge do his work on this. I think it's it's just another delay point really in sort of the overall question of what, if anything, the Justice Department is going to wind up charging UH former President Donald Trump with UH or revealing about their investigation into him and his possession of this these highly sensitive, highly classified documents. Just thirty seconds left here, I'm only get a set for this hearing later this morning on Capitol Hill with consumer

bank CEOs. Yes, so we're gonna be seeing a number of the CEO City Group JP Morgan. UH, they're gonna be warning on economic risks when they head to the Hell today to appear in front of panels of lawmakers. UM, they're going to say that, yes, even though COVID is behind us and the market is getting better, there's still a number of really daunting challenges that face everyone. Uh. Even though consumer spending is strong, Um, there are also

Americans are being hurt by high flation. And they're also going to highlight how they will be trying to help consumers in the next couple of months. And we'll have live coverage of that hearing from the House Financial Services Committee this morning just after ten am. Wall Street time here on Bloomberg Radio, along with the President's addressed to the UN General Assembly, and of course, the FED decision this afternoon in a special edition of Bloomberg Surveillance, lots

coming up in the nation's capital today. In our thanks to Bloomberg government reporter Emily Wilkins for bringing us the update ahead of all that. Right now, SMP futures are up ten points, STOW futures up ninety and NASDAC futures up ten points. Bloomberg Surveillance the Morning edition comes up next with Tom Keene, Jonathan Faroll, and Lisa Brahmowitz for Karen Moscow. I'm Nathan Hagar. This is Bloomberg