This is Bloomberg day Break Weekend, our global look at the top stories in the coming week from our Daybreak anchors all around the world, and straight ahead on the program gearing up for a highly anticipated Bedrooll Reserve decision. I'm Tom Busby in New York.
I'm Brian Curtis in Hong Kong. We check in with Bloomberg's Kathleen Hayes on the boj Will they or won't They?
I'm Caroline Hepga in London, where we've been speaking to Nigel Fouers about the decision by coops to close his bank accounts.
I'm Kaylee Lyons in Washington, where the Biden family is brison for Hunter Biden to appear in a Delaware court.
That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg Eleve, the three own New York, Bloomberg ninety nine to one, Washington, DC, Bloomberg one O six one, Boston, Bloomberg nine sixty, San Francisco, DAB Digital Radio, London, Sirius XM one nineteen and around the world on Bloomberg Radio dot com and via the Bloomberg Business app.
Good day to you. I'm Tom Busby, and we begin today's program with the FEDS big policy meeting coming up this week, which Bloomberg Radio will be covering live. Now joining me now to talk about what could be a pivotal decision from the Central Bank. Bloomberg's Global Economics and Policy editor Michael mckeep well. The Federal Open Market Committee will wrap up a big two day meeting this Wednesday with a decision on interest rates and a press conference from Chairman J.
Powell.
What do you see happening? Do they pause again? Do they hike by how much? What is Chairman Powell expected to signal for the rest of the year.
You know, they better move or there could be a lot of disappointed people on Wall Street. Futures markets are pricing in at this point a ninety five percent chance that they will raise rates, which is as good as one hundred percent given the complexities of figuring all that out, and so you can expect a rate increase twenty five basis points. Then the question becomes, what does J. Powell
tell us about the future. We do not get a new set of Dot plot projections, and we don't get new economic projections, but in general economists think inflation will continue to fall for a little bit, and unemployment will hang in around the level it is. So does that
mean the FED is done? They did tell us in June they thought they would go two more times, So is that second one still on the table, And if so, would it be in September at the next meeting or would they do another skip and go on to November. So the press conference is going to draw a lot of interest.
Well, let's break down some of the data points that Chairman Palell and the other members of the FED are going to use to determine this decision. CPI.
For June, the CPI numbers were very encouraging because they came in lower than anticipated, and a lot of categories did show some movement in the direction the FED wants, including rents, used cars, things that have been keeping the CPI higher. So if you believe that trend is going to continue, and the FED does believe that rents will continue to go down and use car prices acording to wholesalers are going to continue to go down, then that
could be good news. They'll be watching the services industries to see if wage pressure is driving the service industry inflation higher, but so far in the last couple of months, it hasn't been, so the FED is on track. It just gets to the point where, because we've only got a percentage point to go on the CBI down to two percent, that it takes a little more than you each month to bring it down faster. We get very small moves and that's good news, but it isn't where they want to be.
But the labor market resilient, still strong, the jobless rate last month falling down a three point six percent in June. That's got to be encouraging.
Well, that's an argument that the FED has been considering for a couple of years now. They have felt, and most economists felt, that you have to drive unemployment up because historically that's what you do to bring down demand. But demand seems to be softening and inflation seems to be coming down without unemployment rising. Last month it actually went down a tick. So is this time different? It does seem that way. We had some economists saying you had to go as high as six percent. FED now
thinks that you'll get to four point one percent. But is that even going to be the case. It's not going to matter to them. They'd be very happy to leave unemployment at three point six percent if inflation comes down, because that might show this is a different kind of recovery.
Now, this doesn't impact the Fed's thinking too much, but certainly Wall Street and that is bank earnings have been a lot stronger than forecasts coming off that crisis in March. Everyone on Wall Street expecting the same thing. With tech earnings that are coming up.
Well, you got to think that maybe the same thing will happen. The tech earnings will be a little bit better than anticipated. I was at a conference last week with some tech officials who said the business is pretty good and that the worst is over for the tech industry. There has been a lot of talk that we're still having trouble finding workers, and therefore companies are going more
into automation, which should help boost that sector. And the other thing, of course, obviously, is AI artificial intelligence and what that means and how fast that is expanding.
Let's turn to someone we haven't heard from it in a while, former FED chairman Ben Bernanke. Just last week he said on a webinar organized by Fidelity Investments he thinks the FED will raise rates by another twenty five basis points. This week, As you mentioned, ninety five percent of economists do. But he also said it might be the last one for the year. Now, what are your thoughts on that.
Well, you'd have to parse that and whether he means they'll do something next year. But one assumes that he means that's it, that this is the end of the tightening cycle. Then the question moves on to how long
does the FED leave rates high? Markets think by March or April, the Fed might be cutting rates, not because the economy is in recession, that narrative is starting to change, but because inflation is coming down, so that pushes up real rates if that happens, and they want to keep those from getting too high, So they might be cutting rates in response to a much lower inflation rate. But that's months away. We'll see if ben Berdenke's prognostication is any better than anyone else's now.
In the upcoming months, there's a few things that could really impact the Fed's thinking, the markets, the general economy, and let's break down a few of these. Number one, labor strife. There are things going on right now. Since May second, we've had this writer strike, now a sag after it, But there are a few others you're watching closely.
Yeah, the thing for the FED is that, yes, the data have been going in the right direction, but there is, as you mentioned, a lot that could change that, and of course one of them is the possibility of labor action. Obviously, the the actors and writers are on strike already. The Yellow truck Company Yellow Trucking is looking at a possible strike at the end of July, and that would be about one hundred thousand workers. UPS and the Teamsters are negotiating,
and that's over two hundred thousand workers. So we could see some major issues out there with people being off work. And if you're off work and you're being paid on a strike fund, you're getting less money and so you're spending may go down. Now, the FED would look past that initially to see if these things get settled quickly, and if they do, it really isn't going to have much of an impact. But if those things drag on,
then you could see major problems. Not to mention that bad enough that Yellow Trucking might be down, but if UPS stops delivering packages, that slows the whole economy because so much of it is intermediate good that gets then put into other goods, and so you could have a real roadblock. I guess we go back to this supply chain problems that we've been worried about for years. Those come back and the economy takes a hit.
Well, another thing they come back is food inflation after Russia broke a grain export agreement, which is obviously already having an impact not so much here in the US, but in Africa, in the Middle East, in Europe, and that could really burge in into something really awful.
Yeah, that's a little bit longer term because and let's say we've got good grain supplies. It's gonna be a good harvest year in the Western Hemisphere, and so the grain's going to be out there, be a little more expensive because it has to travel longer distances. But next year you run into a problem. And so the FED can't go to sleep on this and say, well, inflation is going to go away. When this is lurking out there.
They can't do anything about food inflation, but it does influence psychology, and if you're cutting back on spending because you're having to pay more for food, that's a problem. The other issue that comes out of the war is also energy. Energy prices. What's OPEC and OPEC plus which includes Russia going to do? Are they going to keep
cutting rates? So I mean keep raising prices cutting I'm thinking FED keep raising prices so they can make up for some of the lost revenue they've gotten to come more countries start trying to evade the embargoes on oil energy prices could be another wild card for the FED out there.
And another really bump on the horizon, but maybe be more impactful for the fed's next meeting in September. But the resumption of federal student loan payments.
That is going to be an interesting question because we have a lot of numbers, but we don't know exactly how this will play out. In September, they start collecting interest again on the loans, and in October people have to start paying. And so the question is have people been spending all this extra money on other things and that spending goes away and the money goes straight back to the student loan servicers and sort of disappears from
the overall economy. There are some surveys that show a lot of people continued to make their payments even though they didn't have to. So if they did, then you won't see a huge a huge problem, but it is expected to hit a significant number of people, especially at the lower levels of income, who spend pretty much everything they have, and so that could be another problem.
That was Bloomberg's Global Economics and Policy editor Michael McKee, and coming up on Bloomberg day Break weekend, decision day for the Bank of Japan also about to hit us this week. I'm Tom Busby, and this is Bloomberg. This is Bloomberg Daybreak Weekend, our global look ahead at the top stories for investors in the coming week. I'm Tom Busby in New York. As we've been reporting, investors are watching the coming week's Federal Reserve meeting. We're also watching
events in Togyo very closely. And for more, let's go to Hong Kong and Bloomberg Daybreak Asia host Brian Curtis.
Tom, we look forward to the upcoming meeting of the Bank of Japan with more than an ounce of anticipation. Calls abound for change in the boj's ultra loose monetary policy. However, Governor Kazua Ueitas said recently that the central Bank was continuing with easing on the premise, the premise that Japan is still some distance from achieving its two percent inflation goal. Now we set a change in that premise is needed
in order to shift policy. The end weakened as the market appeared to conclude that no change is in the offing. Yet some strategists are saying that they won't rule out a change in yield curve control policy sometime soon.
Well.
Joining us now for some insights on all of this is Kathleen Hayes, Bloomberg's Global Economics and Policy editor. Kathleen the boj has a tradition of not liking to be pushed around to a certain degree by the media or the investor community. So it seems like people are expecting something. Does that maybe mean given that that we might see more delay, Well.
People have changed their minds. It's interesting, Brian. If you look at the Bloomberg Eco team survey that they did just in these past few days, you'll see that in they do an April survey, they do a July survey. They do these surveys before the meetings. Anyway, before people were looking forty percent of them thought that there would be some kind of move of this July meeting, and now it's eighty two percent who don't see a move at this meeting. People are now looking to October, nothing
in September, something in October. And if you add up all the people who see a chance of July and the people who see a chance of September and then October, you get over fifty percent. So that's where the market expectation has moved.
The BOJ is a funny institution. It's unlike they're fed in that it does like to surprise markets.
Why is that, Well, it's kind of old fashioned if you ask me. That's what Paul Wolker used to do. And back in the day, back when you had the worst still inflation ever in the US, he wanted to get more impact on the markets. And I expect that the BOJ has that same sense that if you want markets to react, if you want expectations to change, when you surprise people, you have a longer lasting effect potentially.
Yeah, and Alan Greenspan didn't exactly tip his hand.
Much, did he not, like they knew nowadays?
Yeah, absolutely, So how likely is it then, do you think that we might see perhaps something like yield curve control adjusted at the next meeting.
Not too likely. What I has struck me so far has become a very good communicator. He keeps saying that he just wants to be sure that inflation is stably and sustainably at two percent, and he often refers to twenty twenty two when he was back on the board of the BOJ and he dissented against a hike. They went ahead and hiked, and it turned out what was the wrong thing to do. Japan economy fell back. They
had to cut raids. And I've been told there's a lot of BOJ staffers, you know, they've been there since then and they don't want to make that mistake again. And as I recall recently, former Deputy Governor Marca Tabe told me, you know, the BOJ wants to be behind the curve. They don't want to get out front because they want to make sure that they don't mess things up. And they feel that they for now they can wait. The YenS well behaved, the bond market's better behave. There's
just no big pressure on them. And even though inflation is so far over target, and even though they'll probably boost their inflation forecast at the next meeting to just two point three per perhaps is what our survey said. They don't feel in a hurry to move.
It's an interesting environment. Policy makers clearly think that the current levels of inflation are not sticky, and we've seen a lot of sticky inflation everywhere around the world, but the policymakers in Japan think that they will receive One of the main reasons that they think inflation will fall back.
Well, one of the things they're watching very closely is the global economy. And in fact, another thing I was recently told we should be watching for is a change in the GDP outlook to less growth next year. And look what's happening in China, right, I mean, they're a big driver in the Asian economy. Overall, US economy holding up pretty well, but if the FED keeps hiking, what does that mean for demand for Japanese exports. I think
that's a factor. The wage increases this past year were pretty good, and in terms of there's the summer bonuses which would start going out now, which apparently are still expect to be pretty good. But there's just that chance that you know that something will happen that it isn't that inflation they're going to have deflation. It's just not that they're going to have inflation staying so far above
two percent on the core right now. I believe it's at like three point two to three point three percent year over there. That takes out fresh food prices. But they I think they still see not that they're so vulnerable, but the global economy is vulnerable, and that's something that keep an eye on.
So obviously there's a lot of debate about growth, global growth, US growth. If we don't get a recession, if we actually have a little bit stronger growth than expected, I wonder whether or not that counter is the trend of what the boj would be. You know, that inflation would fall back below the target all the way to back below two percent, which is why they would want to keep the loose policy. How does it look for growth in Japan at the moment.
Well, I think there's some there's some clouds over manufacturing. I think investments held up reason well, but that's something else they're looking at. Consumption spend holding up reasonably well. There's no big red flag, and again it's it's it remains to be seen, and what if China does finally take some more steps what if they bring back confidence in their domestic economy to get their their internal demand growing again. There's a lot of ifs there and what
could happen. Just to speak about the FED for a minute, we spoke in the last couple of days with Rob Kaplan, former Dallas FED president, and his point is that what we're seeing in the US economy in this all these are Fed raid hikes in inflation coming down but not
down enough. Potentially, all the fiscal stimulus, all the fiscal stimulus starting in you know, twenty twenty one, that's putting it's that's still flooding through the economy, and that's one reason why services are strong and why we see services inflation. So that could be, yes, a welcome sign for the boj because.
It's really it's really interesting when you look at it in the US and think of the long and variable lag of fiscal policy matched up against the long and variable lag of FED interest rate hikes.
Well, and then what you have to figure out if then you it isn't just the lag from the past, If you're still pouring money into the economy, if the federal government's doing that, out in that lag is going to get out even further right, it's going to continue to continue to continue. But even so people are figuring what to maybe three hikes. I think people figure it'd be a bit much for the Fed at this point
and for getting back to the BOJ. They have also made it clear that if they do a tweak in yield curve control, they will still be easy on monetary policy, because they will not anytime soon be actually taking that negative rate, the key rate at the short end, and pushing it up to zero or higher.
How closely aligned is the Keisha to administration with the BOJ.
Seems it seems that there is a pretty good alignment right now, And of course that's the Keisha administration probably doesn't isn't looking forward to seeing any kind of reduction in monetary stimulus. Number one, because they do want to keep the economy growing, but also because they don't want to see yields rising. They've got a big debt to finance. They're going to be doubling what their defense spending this year.
They don't want to have to raise taxes, so right now, I don't think that's why I don't really think there's any inch of the BOJ that's saying oh, we have to keep rates low to help the government finance its debt. At the same time, they probably realized that it's a nice spot to be in. You don't need to raise rates, you don't need to get in the government's way. So everybody's everybody's on the same page right now.
Kathleen, thanks so much for your insights. Really appreciate it. Kathleen Hayes, Bloomberg Global Economics and Policy Editor. I'm Brian Curtis. You can catch Doug Krisner and me every weekday for Bloomberg day Break Gays at the beginning at six am in Hong Kong and six pm on Wall Street.
Tom, thank you, Brian. And coming up on Bloomberg day Break weekend, we go to the UK and what's happening behind the scenes with an eyebrow raising story unfolding in the banking industry there right now. I'm Tom Busby, and this is.
Bloomberg broadcasting live from the Bloomberg it a active brokers studio in New York. Bloomberg E Lemon free oh to Washington, d C, Bloomberg ninety nine one to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixteen to the country, Sirius XM Channel one nineteen to London DAB Digital radio, and around the globe the Bloomberg Business app in Bloomberg Radio dot com. This is Bloomberg Daybreak weekend.
I'm Tom Busby in New York with your global look ahead at the top stories for investors in the coming week. Nat West will report second quarter earnings next week in the UK after two quarters in which the bank missed on the key metric of net interest income. But the bank and its CEO, Alison Rose, are also under scrutiny for a very different issue, the closure the bank account of Brexit advocate Nigel Farage by Coots. That's a unit
of Newest. Let's head over to our London bureau now and Bloomberg Daybreak anchor Caroline Hepgar.
The former leader of the UK Independence and Brexit Party, Nigel Farage, has called for a parliamentary inquiry into why Coots closed his bank account last month. So the pro exit politician, speaking of Bloomberg Radio, says that the internal documents from the bank, a unit of nat West, show that his account was closed because of his views. Farage published a forty page report from Couts is not limited to Farage's financial position. It also includes analysis of his
public comments and media coverage. And I'm sure you know, but this issue has created a media storm which has drawn in the Prime Minister Johiny Now in studio as Bloomberg's finance reporter Will Shaw, We've been tracking this story and we interviewed Nigel Farage together. How did first of all this route actually all start.
So a few weeks ago, Coots, which is a banker to the wealthy, including the royal family, closed down his bank account. Now, at the time, people familiar with that decision indicated that that was because he hadn't deposited enough money with the firm. Similar stories round in the BBC and the Financial Times. Nigel Farage, however, had put in a subject access request to KUTS, asking documents that would
indicate why the decision was made. Now, these documents appear to suggest that they considered his political views and made an assessment that his values didn't match to Kotz's wider commitment to inclusion.
Well, you and I spoke to the politician and broadcaster Nigel Farag, so I want us to listen to that extensive interview.
Well, it's pretty clear, isn't it that when that decision was taken it was because I do not.
Fit with their agenda.
I do not fit with their policies apparently of diversity and inclusion. I do not represent their values. I am a very very bad person because I happen to hold views which are legal and our majority views in the country that the upper class, upper middle class types than habit coots don't share. So it's pretty clear if you look at the seventeenth of November, it's pretty night that decision was made.
Nigel. Have they lied then, They've.
Lied about the They've lied about the initial reason for closing the account. Yes, I mean what they would say in their defense is that since November twenty twenty two there was a big draw down on the account, a temporary draw down on the account, but it's now back up to the levels that they themselves described as commercially viable. So look, you know they've been absolutely dishonest about this all the way through.
In this document it says that at one point says, it's clear that you project cenophobic, chauvinistic and racist views, although you've done it within the law, and there's also they also say there's a perception of you as a disingenuous grifter. Do you have any plans to sue the bank? Or is it your view that anyone NatWest or cootsort to resign over this?
It is bile, it is poison, It is written with venom. It is prejudiced in a most extraordinary way that only the upper middle classes who live in central London postcodes could possibly do. And I think this is why airing it in public is causing them such a panic.
Look should should someone?
Do you?
Do you think that someone ought to resign over it? And if so, who don't.
Want to think? I don't want to think should happen? I think the bosses of the RBS group should appear before a parliamentary committee to explain why they now make political and moral judgments on customers of THEIRS who meet their financial requirements and who give it opinions that are entirely within the law and our majority views in this country.
In terms of the timing. Then that was the other question I was going to ask you. Obviously, you were leader of u KIT between two thousand and six two thousand and nine Brexit party leader twenty ten to twenty sixteen. Why do you think the bank made the decision now?
I think it's the whole RBS group. I think that the boss of the group now, Alison Rose, has taken Coots and taken nat West into territory that I think is highly political. I think it's been a shift in the way these banks view the world and view their customers. And that is my best guess as to the timing of it. There's nothing I've said or done there's any different to what I've said and done for the previous twenty years.
Bloomberg last year wrote about the performance of an investment advice service that you were promoting, and if people had followed that advice, they would have lost quite a bit of money.
The performance was they'd have been in gold and in sterling terms, gold's been at all time highs. And if you want to talk to me about anything else you can do. What the hell you're like, I'm not interested or I'm.
In terms of Alison Rose, you think that she has questions to answer personally for this situation.
I think she's going to be questioned by I think mainstream media as we speak are asking those questions you know, what have you done? What have you done with this banking group? What direction are you taking it in? Aren't you beginning to behave to behave a bit more like a political organization than a bank. That is that a bank group that is forty percent owned by the taxpayer. So yeah, look, I just hope by coming out in public, I sponsor a very very big debate about what banks
are for. And ultimately, ultimately what I want is for everybody to have the right to a bank account, the right to their own business account. This used to exist in our country before the privatization of the post office. It still exists in comparable countries like France and Germany. And I think this is a very very important and fundamental issue because as we move toward more and more digitized society, whether we like it or not, without a
bank account, you simply can't exist. I mean, you've virtually become a non person.
So that was the politician and broadcaster Nigel Farage talking about the contents of that report. Why Coots made the decision. Now, in response to Farage's comments, a spokesperson for Coots has given us this statement. It's being read here in full by Ablinberg journalist.
We recognize the substantial interest in this case. We cannot comment on the detail given our customer confidentiality obligations. However, it is not Kotz's policy to close customer accounts solely on the basis of legally held political and personal views. Decisions to close an account are not taken lightly and involve a number of factors, including commercial viability, reputational considerations, and legal and regulatory requirements. We recognize the critical importance
of access to banking. When it became clear that our client was unable to secure banking facilities elsewhere, and as he has confirmed publicly, he was offered alternative banking facilities with that West that offer stands. We understand the public concern that the process for ending a customer relationship and
how that is communicated are not sufficiently transparent. We welcome the anticipated HM Treasury recommendations in this area, alongside the ask to prioritize the review of the regulatory rules related to politically exposed persons. We look forward to working with the government, the regulator, and the wider industry to ensure that universal access to banking is maintained.
Okay, so that is the Cootes response. Then to Nigel Farage's comments there in full, Bluebig's finance reporter Will Shaw is still with me, just really go through this story. How significant an issue actually is this idea of closing bank accounts for customers.
I think it would be easy to say, oh, this is just Nigel Farage, this is just something that affects one person. He obviously he has a very unique political standing in UK life. Despite his sort of class war rhetoric. He's for a wealthy background. He's a former trader until very recently he even had an account with coots. However, like there is concern that this might well set a
wider precedent. As you heard in warning there, there are lots of people that share Nigel Farage's views, as he would be he would be quick to point out, and as the Brexit vote demonstrated in twenty sixteen, so he would argue that if he can be targeted on his political values, all kinds of people can be targeted in the same way.
So that was Willshaw and I speaking to Nigel Farage. My thanks to Bloomberg Finance report at Will Shaw. I'm Calline Hepge here in London you can catch us every weekday morning for boom Big day Break here at beginning at six am in London. That's one am on Wall Street.
Tom, Thank you, Caroline. And coming up here on Bloomberg day Break Weekend, Hunter Biden and the challenges Democrats may face on that front. I'm Tom Busby, and this is Bloomberg. This is Bloomberg day Break Weekend, our global look ahead at the top stories for investors in the coming week. I'm Tom Busby in New York. Hunter Biden facing a court date in the coming week, and for more, Let's head to our Bloomberg ninety nine one newsroom in Washington and Bloomberg Sound On. Co host Kaylee Lines.
That's right, Tom. This coming Wednesday, July twenty sixth, Hunter Biden is expected to formally plead guilty in a Delaware court to two misdemeanor tax charges and in theory avoid prosecution on a separate gun related charge. The judge Mary Ellen nor aka, a Trump APPOINTEEPS still has to sign off on the Plea deal that we first learned about last month, a deal that has drawn the ire of
many Republicans. It's a political firestorm, to say the least joining me now to discuss this is Wendy Benjaminson, our Washington senior editor. So Wendy, what exactly do we expect to go down in court this coming week? Is this going to be pretty steamless?
I think that court appearance will be yes, Killy, you know, pretty straightforward. It's what's happening in the courtroom of the House of Representatives, where it is far less seamless, and on the twenty twenty four campaign trail. But in Delaware he's going to plead guilty to gun and tax charges.
He already has made a deal with prosecutors, so there should be no surprises there whatsoever, except the spectacle of a son of the United States President President excuse me, being charged with kind of low level crime.
Well, speaking of spectacles and Whndy, you just mentioned the House of Representatives. Just this past week, Oversight Committee had a hearing with two irs whistleblowers who talked about the investigation into Hunter Biden, and even members of not this committee showed up, including Houseways and Means Committee chairman Jason Smith. Here's a taste of what he had to say about this.
The Department of Justice engaged in a campaign to delay, divulge, and deny that investigation. They delayed investigators for years, leading to the expiration of the Statute of limitations for many of the crimes involved.
So, Wendy, it speaks to just how political this is and how conservatives see this as another example of a two tier justice system where the president and his family are being treated differently than say, the former president.
Well exactly, kay, this is you know, this sort of all goes to the taste of what the campaign is
going to be like through next year. The thing is that the House Republicans are sort of on a revenge tour after the Trump Russia investigation, which consumed the first part of Trump's presidency while he was doing his own you know, sort of unusual actions as president, and then this Trump Russian investigation which turned out to be really nothing, you know, in what Republicans are mad at and what is driving them to pretty much do the same thing
with Hunter Biden. There is a circumstantial case for what the Houseways and Means Chairman there said, the Justice Department did let the statute of limitations expire. What we don't have is motive. What we don't have is whether this is just bureaucracy speed, you know, the flowness of bureaucracy, whether it was incompetence or whether as Republicans seemed to firmly believe, this was a political operation.
And given that we're talking about the president's son, it's worth pointing out, Wendy, that he hasn't had that much to say on this, the President himself, just that he loves his son, that kind of thing, very little comment. How big of a headache is this for him?
It's a pretty big headache because every time, you know, I'm not sure it's pretty big headache, because every time he wants to talk about you know, bid nomics his coined phrase for you know, his economic policies, he wants to talk about that, he wants to talk about his record, and the Republicans respond with Biden crime family.
Definitely something that is going to be difficult for President Biden to escape. But also Biden seeking re election in twenty twenty four, I would imagine if this narrative is going to feature pretty prominently in campaigns against him. Wendy Benjamins in Washington, Senior Editor, thank you so much, and Tom, we'll send it back to you.
Thank you, Kaylee. That was Bloomberg's sound on co host Kaylee Lines, reporting from our Bloomberg ninety nine one newsroom in Washington. And you can hear sound on weekdays one to three pm on Bloomberg Radio. And that does it for this edition of Bloomberg Daybreak Weekend. Join us again Monday morning at five am Wall Street Time for the latest on markets overseas and the news you need to
start your day. I'm Tom Buzzby. Stay with us. Top stories and global business headlines are coming up right now