Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin with the latest on Hurricane Milton, which plowed into Florida's west coast overnight. Is a Category three storm. Let's get the very latest track now with Bloomberg meteorologist Rob Carolyn.
Good morning, Rob, Good morning Nathan. The good news is hurricane and Milton is moving off shorts now located about ten miles northeast of Cape Canaveral, moving off towards the northeast at about eighteen miles an hour. It's now category one hurricane. Winds are eighty five miles an hour. Recently, Marine land on the east coast of Florida reported sustained winds of seventy five miles an hour, gusting to eighty
three miles an hour. All of the warnings on the west coast of Florida for tropical storms have been discontinued, as has the hurricane warning in West Florida. South Florida. We've seen all the warnings discontinued. Big problem now this morning is going to be wins on the East Coast from Vua Beach to the Georgia Porter and a storm search of three to six feet.
So now that it is moving off shore, Rob, should we expect relatively quick improvement to the weather in Florida.
Especially across the West Florida This morning, Nathan, the winds there have diminished quite a bit. The big problem now is many areas had over ten inches of rainfall from Milton overnight, so we've got residual freshwater flooding issues this morning in western central Florida.
Okay, Rob, thank you.
We're going to be checking back with Bloomberg Media religist Rob Carolyn on Milton throughout the morning.
Well, Nathan, mis storm has knocked out power to more than three million homes and businesses in Florida. It also shredded the roof of Tropicana Field in Saint Petersburg, the home of Major League Baseball team Tampa Bay Rays. Florida Governor Ronda Santis is urging residents to be cautious.
Stay inside and stay off the roads. Floodwaters and rushing storm surge are very dangerous, and I would say that's even more so in spite of everything the state did to help these local communities hit by Helene remove a lot of debris.
And Florida Governor and DeSantis was speaking last night before the storm made a landfall. Andankey Research estimated Milton could cause damages and losses and arrange from sixty billion to seventy five billion dollars.
And Karen, former President Donald Trump had the storm victims in mind as he returned to the campaign trail last night in Pennsylvania.
We just pray for everybody.
We want them all to be good, and we're going to be there, hopefully soon, and we're going to help them rebuild and get it all back together.
And we hope that God will.
Keep them safe.
And the former president has overseas Americans in mind. And his latest tax proposal, Trump says he wants to eliminate income taxes on Americans who live abroad. The move could cut irs paperwork in potentially tax bills for roughly nine million Americans who live in other countries. Those who earn up to one hundred and twenty six five hundred dollars don't have to pay US taxes, so the move could allow wealthy Americans to move to low tax countries and avoid many obligations well.
Nathan Donald, Trump's opponent. Vice President Kamala Harris also spoke about the hurricane, joining a briefing at the White House yesterday, saying people should listen to local officials.
Many of you, I know are tough, and you've ridden out these hurricanes before. This one's going to be different, and so we ask you that by every measure, understand it's going to be more dangerous, more deadly, and more catastrophic.
Vice President Harris added that the Biden administration is sending thousands of federal officials to Florida to help in any way they.
Can, and Karen before Hurricane Milton Madland fall. Vice President Harris joined President Biden on his first call in weeks with Israeli Prime Minister Benjamin Netanyahu. They're trying to temper Israel's response to last week's missile attack from Iran. Bloomberg's Dan Williams has more from Jerusalem.
Israel is intent on retaliating for Iran's ballistic missile attack on it last week. The Americans have openly said that they would be in support of some kind of retaliation, although they've expressed misgivings about certain types of retaliation. Specifically, we hear retaliation aainst Iran's nuclear facilities or oil sector.
Bloomberg's Dan Williams reports the White House is urging Israel to limit its retaliation to military targets and impose new economic sanctions on Iran rather than going after sites that could disrupt the global economy.
Well. Turning to the markets now, Nathan and futures are lower this morning, a day after the S and P five hundred notched its forty fourth record of the year, and ahead of this morning's key report on inflation. The consumer price index is forecast to rise at tenth of upper sent with the core up two tenths begin more with Bloomberg's Michael McKee.
Economists and investors expect no surprises from the latest report on consumer prices. Headline and core inflation once again rising a tenth of a percentage point more slowly than the prior month. While that brings the annual headline rate down even closer to the Fed's two percent target, core inflation will remain above three percent. The Fed is getting there, but very slowly. Think of the report as something of
a permission slip as long as inflation keeps falling. The FED has permission to move interest rates based on employment data. Michael McKee Bloomberg Radio.
Okay, Mike, thank you, and as we await that report. A former FED official is speaking out about the economy and the future of monetary policy. Former Kansas City Fed President Esther George says the central Bank faces a delicate balancing act.
I've always been among those that believe this last mile can be the most difficult, because now you're trying to get from something in the neighborhood of three percent inflation to two and over what period of time can you do that and still ensure that the public believes you will get back there, that those inflation expectations stay anchored. So I remain pretty focused on where we are with the current inflation dynamics.
Former Kansas City Fed President Esther George spoke with Bloomberg yesterday. The minutes from the FED September meeting show Chair j Powell is unlikely to get support for another big interest rate cut as long as the labor market holds up well.
Nathan in company news this morning, Eli Lilly is ramping up its legal campaign against companies that were temporarily allowed to make and sell copycat versions of its blockbuster weight loss drugs. The drug maker is sending hundreds of cease and assist letters to telehealth companies, pharmacies, and medical spas, demanding that they stop making, selling, and promoting products that
mimic Lilies, Munjaro and zep Bound. The FDA had deemed Lily's drugs in short supply about two years ago, allowing compounding pharmacies to mass produce copies often sold through telehealth firms and weight loss spas. When the FDA removed the shortage designation earlier this month, compounders lost that permission in Europe.
This morning, Karen's shares of GSK are hire by five and a half percent. The UK pharma company has agreed to pay as much as two point two billion dollars to resolve about eighty thousand US court cases alleging that its old reflex medication, Zantac, was contaminated with a suspected carcinogen. GSK says settling the cases is not an admission of flybles.
When it's time now, we're look at some of the other stories making news in New York and around the world, and for that we're joined by Bloomberg's Michael Barr.
Michael, good morning, Good morning Karen. It is a positive for Ukraine in its war against Russia. Ukrainian President Vladimir Zelensky has signed an agreement with Croatia for desperately needed humanitarian aid. It happened at the Ukraine Southeast Europe summit, where Zelenski warned leaders of the Balkans about what Russia could do after its invasion of Ukraine.
Russia must accept that Europe has orders, independent nations and each nation had the right to choose its future.
Zelenski says he intends to present his victory plan to Western leaders this week, but a weekend meeting with President Biden has been postponed because of Hurricane Milton. Meanwhile, Russia is recruiting young African women to work at a factory producing drones for use in Ukraine amid a labor shortage. The Africans say they were duped lure it to Russia by a massive social media campaign that promised them free airfare and a work study program. And airline pilot is
dead after he went unconscious in flight. The plane made in emergency landing in New York. Turkish Airlines Flight two oh four was flying from Seattle to Istanbul when the captain had what the FAA is calling a medical emergency, went unconscious and died.
Air Traffic control Juliki, I just want to verify that the aircraft being single pilot right now. Is there any other assistants in the continent.
Initially we have three pilots, but we lost one of our jobpen.
The audio from liveatc dot net. The captain died before the plane made an emergency landing in New York. A new startling study sheds light on sexual violence against children. Unic afrew's Caveani Johnson says that the study shows three hundred and seventy million girls have been raped or sexually assaulted before the age of eighteen.
It's not just something happening in a faraway place. It's something happening in every part of the world and every community. You know, almost in every neighborhood. If we really think about what these figures mean.
Unic afrew's Cavenanni Johnson says, Tomorrow, October eleventh, is Day of the Girl. There's a recall for almost ten million meat and poultry products that may have listeria. The US Department of Agriculture announced the recalls, saying the Bruce Pack products out of Oklahoma included ready to eat items including dice, chicken breasts and top chicken white meat. They were produced from June nineteenth through October eighth. Global News twenty four hours a day and whenever you want it with the
Bloomberg News. Now Michael Barr, and this is Bloomberg.
Karen.
All right, Michael Barr, thank you time now for the Bloomberg Sports Update, brought to you by try and stank Oudi. Here's John Stashour, John, good morning.
Good morning, Karen. Here the world be a Subway series playoff wins for the Mets and Yankees. Mets are in the league Championship Series. Yanks are one win away. Both Rode clutch home runs for the Mets at Game sixth and in at City Field, they trailed the Phillies one to nothing.
Two and one to Lindor.
Now the Picks swinging the drive towards the Capitol like seta hunts pretty deep.
It's back near the wall. It's gone, it's gone. Francisco indoor. He may have just out dead himself. He has hit a ground slam. End of the Phillies bullpettan right center field. The Mets are leading by a score of four to one.
You ate j just cut It's how he rose. He's had quite a past week and a half calling all these dramatic home runs. Mets one four to one, won the series three to one. In the NLCS, they'll play the Dodgers or Padres La. Without a healthy starting pitcher, used eight relievers in an eight nothing went at San Diego to force the decisive game five back in La tomorrow. Yankees Game three at Kansas City tied two too Ethany.
Here's the three to one to Jean Carlo swing.
On a high fly to low, Ba goes Melenda's on the track, He's at.
The wall and sheeez god, I see hey Stantonian home run.
He drove a high fly deep left.
Into the Yankee bullpen to give the Yankees a three to two.
League on WFAN three to two the final. Stanton had quite a night. The homer came after a single, a run scoring double, and most surprisingly, a stolen base. Yanks up to to one in for tonight in KC. The Detroit Cleveland series has started with three shutouts that hadn't happened in any series since nineteen oh five. Tigers have won the last two, both by three nothing scores. They're up two games to ones, making a shutout squad a season opener for the Rangers, a six to nothing rump
in Pittsburgh. John Stashaw were Bloomberg Sports Kennedy.
Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. As we continue to track Hurricane Milton barreling across central Florida, snapping trees, power lines, construction cranes, bringing deadly storm search to much.
Of the state's Gulf Coast. President Biden is assuring Floridians he's got their back.
Once the storm hits. We're going to work with state officials to clear debris, restore power, and as to it as fast as.
Possible, President Biden in the hours ahead of landfall this morning, we are joined by Bloomberg News Executive Editor for Energy and Commodities, Will Kennedy. He's part of our team providing minute by minute updates on Milton on our top live blog tliv go on the Bloomberg Terminal. Appreciate the time this morning, will what is the latest track on Milton and do we have a sense of the extent of the damage.
The storm is now passed over Florida. It's headed out into the Atlantic, so it has wrought its destruction on Florida, but it's still dark. It won't get light in Florida for a couple of hours, so it's a little hard to its us exactly how bad the damage was. It was clearly severe. Some of the things that we do know is that when it hit, it was a Category three caracane, which was a little less than had been feared.
And the extent of the storm, the flooding, the storm surge was perhaps lower than had been feared earlier on. So there's some hope that it may not be quite as destructive as people had feared, but it's still going to be bad. Right now. We know more than three million people in Florida are without power. We know that the baseball stadium in Tampa had its roof blown off. There were widespread pictures of flooding throughout the state, and rainfall has been really very heavy indeed across that belt
the storm tract across central Florida. So we won't know until it gets light and we really see, but it is going to be a storm with real, really bad impacts.
Well, given what we do know so far, will in terms of the storm surge and the continuing flooding, the risk of continued flooding even after the storm passes. What could this mean in terms of the economic impact.
The economic impact of these storms will be are always big. You know, it closes down economic activity for some time. Three million people out power for a start is a huge economic impact, and then there's a huge amount to be spent cleaning up that's time consuming, roads a blocked people can't get to work, and that all takes time to sort out. And then they are very very big insurance claims. Will this be one hundred billion dollars storm?
I don't think we know that yet, but clearly the economic impact and the economic losses will run into tens of billions of dollars. And this of course just comes after a couple of weeks after Hurricane Helene hit another part of Florida and then did enormous damage through its rainfall, across swaves of the southeastern United States.
I'm glad you brought that up because it raises the question that's been brought up a and time again about whether there is enough resources to handle the recovery from a one to two punch in Florida. Do we have a sense of whether there are the resources coming from the federal or state governments to recover from this storm.
Well, the trouble is this has become a real political football during the election campaign, as you know, and people arguing about whether the federal response is adequate, so it's very hard to get a It's often very hard to get a clear picture. I mean clearly, we heard from the President earlier in this segment that they will use full resources of FEMA to help those impacted by the hurricane in Florida, and the Governor of Florida has said
similar things. So the resources will be there. Whether FEMA has the resources to deal with two such big hurricanes hot on the heels of each other is an important question that we'll know in the days ahead.
This is Bloombergy Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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I'm Karen Moscow.
And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak