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.
The big story this morning is in politics. President Biden is barreling closer to a twenty twenty four rematch with former President Donald Trump.
They call it Super Tuesday for a reason.
This is a big one.
And they tell me, the pundits and otherwise that there's never been one like this.
Has never been anything so conclusive.
This was an amazing, an amazing night, an amazing day.
The former president is celebrating after an ear clean sweep of the fifteen states in play on Super Tuesday. Republican Nikki Haley managed to win in Vermont, but it leaves her still far behind Trump in the delegate count. With twelve hundred and fifteen delegates needed to clinch the nomination, Trump now has nine hundred and ninety five to Hayley's eighty nine, and we have the Wall Street Journal reporting Nikki Haley will suspend her campaign in a speech this
morning in the Charleston area. As for President Biden, he cruised to victory in all fifteen states in play on the Democratic.
Side, well, Nathan Wild appears, a Biden Trump a rematch seems inevitable. Attention for many now turns to campaigning for the general election. Bloomberg News Senior editor Bill Ferries talked about strategies for the two front runners, beginning with Donald Trump.
How he runs his campaign still remains to be seen, whether he holds these big rallies like he has traditionally done in the past. He hasn't been out campaigning as much as in the past, partly because he's had a lot of court cases to attend to and partly because he hasn't really needed to. He's been the leading candidate since this race started, and I think on President Biden's side, we're going to see him try to set the terms of this campaign going forward. On Thursday night in the US,
when he gives his annual State of the Union. It's a good chance for him to set out what he thinks are his top accomplishments and the ways that he separates himself from Donald Trump.
According to Bloomberg's Bill Ferries, a Biding campaign memo released this morning, he says reaching disaffected voters who opposed Trump could be a key part of the president's strategy.
Karen super Tuesday also saw high profile Senate primaries in California. It's now down to the man who led the Trump impeachment probes in the House versus a former baseball all star. We get the details from Bloomberg's Ed Baxter. In San Francisco, it.
Will be Democrat Adam Schiff and Republican Steve Garvey. The group had been pretty tightly bunched and pulling a month ago, but Shift pulled out an interesting TV ad campaign portraying Garvey as too conservative for California. It booyed Shift, but also gave Garvey more name recognition. Garvey, of political novice, former star baseball player with the Dodgers and Padres, has stayed pretty low profile during the campaign. Now one of
them will take Diane Feinstein's seat. It'll be a break in decades long history of at least one woman senator from California. Ed Baxter Bloomberg Radio.
All Right, Ed, thank you Now.
With almost half the votes counted, Adam Schiff has thirty three percent to Steve Garvey's thirty two percent.
Taking a look at some other key races, Nathan Democratic Congressman Colin already won the Texas primary to take on Republican Senator Ted Cruz in November, already broke with President Biden over his handling of the Southern border. A Trump back candidate in Texas, Brandon Gill, won the primary for
retiring Congressman Michael Burgess's House seat. Congressman Barry Moore won the Republican primary in an Alabama district that was redrawn to keep the black vote from being diluted, and in California, the vote is still too close to call on a ballot measure that would borrow six point four billion dollars to pay for new housing and treatment programs to fight homelessness.
As former President Trump shifts his focus to the general election, Karen He reportedly met with Elon Musk and other potential donors on Sunday.
We get more on that from Bloomberg stud Prisner.
Trump is urgently seeking new donors to support his presidential campaign. The New York Times reports he is hoping to have a one on one meeting with Musk soon. It's not clear whether Musk plans to give money to the former president's twenty twenty four campaign. Musk has at times been at odds with the Biden administration. Back in twenty twenty two, Musk said he had voted Republican for the first time ever.
Needless to say, last night, Trump and President Biden moved closer to a rematch in November's general election in New York. I'm Doug Prisoner, Bloomberg Radio.
All Right, Doug, thank you well, let's turn to the economy. Now, it's the big event. Wall Street has been waiting for. FED Chair j Powell begins his two day semi annual testimony before Congress. We get a preview from Bloomberg's Michael McKee.
No doubt Powell's hearings will be dominated by the questions of when the Fed will lower interest rates and by how much Democrats would love cuts to kick off soon to better aid President Biden's re election campaign. Republicans have already signaled they'll be warning Powell not to politicize the Central Bank. Expect the chair to his it's the decision will be based on progress on inflation and nothing else. Wall Street won't like it, but he's not going to
tip his hand on timing. Politics will be in the room, however, with the State of the Union address on Thursday night, Poull will likely be asked about the budget deficit, banking regulation and its money losing balance sheet. Michael McKee Bloomberg.
Radio, Okay, Mike. Thanks.
In company news, job cuts are reportedly coming to Morgan Stanley. Reuter's is reporting the bank has laid off about nine percent of its staff at its asset management business unit in China. The report says the headcount reduction began in December and effects about fifteen employees.
While staying in the banking industry Nathan the Citigroup CEO, Jane Fraser says her reorganization, aimed at streamlining the bank and making it more competitive with its peers, has gone faster than expected. And we get the story from Bloomberg's Charlie Pillett.
Her remarks came at the RBC Capital Market's Global Financial Institutions Conference in New York. As she sent out positive guidance for the year ahead. She said, quote, We're not going to make the mistakes we have made in the past. Fraser has been under closed scrutiny after initiating what's built as the largest restructuring of City Group in decades, designed to propel the firm from a banking underdog to one
competitive with its more profitable peers in New York. Charlie Pellett Bloomberg Radio.
All right, Charlie, thanks on another Wall Street giant, Goldman Sachs is zeroing in on Europe, the Middle East, and Africa as it continues building out its private banking operations for the world's wealthy. A senior Goldman executive says the banks recently hired at least six private wealth advisors in the region from rivals including JP Morgan, Chase, Credit, Sweee, and Rothschild In company, Goldman plans to continue looking outside the firm for additional advisors well.
In Tech News, Nathan Apple's troubles and the European Union are just beginning, even after it was hit with the blog's third largest anti trust find ever. Tomorrow. The EU is betting that a sweeping new law will ran in the excesses of Apple and some of the world's most dominant tech firms after decades of market dominance that the bloc has struggled to contain. We spoke with EU Competition chief Margareth Vestigo.
The messaging from the Apple case, of course, is don't do this. Stop What are you doing don't put anything in place that would have the same effect. We see an illegal abuse that has been ongoing for a number of years.
US Competition Chief Margareth, investigator says the new Digital Markets Act will force tech giants to heed a strict list of does and don'ts or face the threat of significant fines.
Now the look at the other stories making news in New York and around the world. We bring in Bloomberg's Michael Barr, Good Morning, Michael.
Good morning, Nathan. More legal trouble for New Jersey Democratic Senator Bob Menendez and his wife. Prosecutors have now added obstructing justice charges to those he already faces. The new accusations appear to result from last week's guilty place of co defended Jose Eribe agreeing to cooperate againstent of Menendez. Euribe has admitted to providing the senator's wife of Mercedes Benz, in exchange for the senator's help. The senator and his
wife claim they thought they were loans. Independent Senator Kirsten Cinema, No of Arizona, says she will not run for a second term. Cinema, who switched to party affiliation from Democrat to Independent in twenty twenty two was trailing in third place and polls. She criticized part of some dysfunction in Congress in announcing her much anticipated decision.
The only political victories that matter these days are symbolic attacking your opponents on cable news or social media. Compromise is a dirty word. We've arrived at that crossroad, and we chose anger and division.
With Cinema out, it now likely leaves it a race between Democrat Reuben Diego and Republican Carrie Lake. A House committee on the coronavirus pandemic has subpoena former New York Governor Andrew Cuomo to testify May twenty fourth about his twenty twenty man date forcing state nursing homes and long term care facilities to admit or readmit potentially contagious and
untested COVID nineteen patients. According to the panel chair, Ohio Republican bad Grad Windscript, he says, not only did the former governor put the elderly in harm's way, but he also attempted to cover up his failures by hiding the true nursing home death rate. Cuomo's lawyer Rita Glavin says that this is pure political theater. No ceasefire agreement yet between Israel and a MOSS. Talks with Mos and Cairo
ended with no breakthrough. White House National Security Communications Advisor John Kirby says, is up to a Moss to make a move.
What we're looking for and what we want temporary cease fire for about six weeks. That'll allow us to get more aid in and more importantly, get all those hostages back with their families where they belong and reduce the violence. That's the deal on the table, and as the President also said today, it's a rational deal. And the Israelis have been cooperating, they have been negotiating in good faith on this. It's time for Hamas to step up to the plate, take a swing, and let's get this thing done.
Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barrn. This is Bloomberg Nather.
Thank you, Michael.
Time out for the Bloomberg Sports Update, brought to you by Trice Date out he with John stash Hoer.
All right, Nathan the next at the garden again without four starters. The MRI on Jalen Brunson's knee came back clean, but they didn't want to rush him back, and the Knicks came out flat. Trailed Atlanta by twenty two in the first half, did rally to tie, but never took the lead. The Hawks, who were without their top scorer Trey Young, pulled away one sixteen to one hundred. Nick shot only thirty eight percent. They took fifty two to
three pointers, also out rebounded by eleven. The coach is Tom Thibodeau.
The rebounding was a problem that was that was a bigger concern for me than you know, like mishots are part of the game. Your rebounding. That's important, and we didn't rebound the ball the way.
You know.
It was one or the few times we got out rebounding.
It's that nine game winning streak. Knicks for four and nine, two and seven at home, they host Orlando Friday at Barkley's Nets beat The Sixers won twelve one oh seven. In Cleveland, Celtics seemed on their way to a twelve in a row, up by twenty two in the fourth quarter. The Cavs, playing without their top scorer Donovan Mitchell rallied to win by one. Phoenix won an overtime at Denver. Kevin Durant scored thirty five the Devil's first game for
new coach Travis Green. They lost at home to Florida five to three, Islanders down to nothing, came back beat Saint Louis four to two. Edmonton a two to one overtime win at Boston easily went for Saint John's one o four to seventy seven at De Paul, who had three and twenty seven as the worst record in the nation, top two in the Big Ten, met third rank Perdue one at Illinois and Fort Saint Lucie. Mets beat the
Yankees five to four. Tyler McGill three scoreless innings. Not a surprise that the Giants are not giving Saquon Barkley the franchise tag as they did last year. It doesn't necessarily mean his Giant's career is over, but he'll be a free agent, will certainly listen to other offers. Also no tag for safety Xavier McKinney. You just at his best season. He'll also be a free agent, and free agency begins in one week. John Stashenawer Bloomberg Sports.
Want to get right back to Super Tuesday and The Aftermath. We're joined by Wendy Schiller, director of the Alfred Talbin Center for American Politics and Policy at Brown University, and Wendy will lead with the new The Aftermath. For Nicki Haley, the Wall Street Journal is reporting that she will suspend her campaign to this morning in a speech in Charleston, South Carolina, and decline to make an endorsement at least at this point.
Your reaction, well.
I mean, I don't think, Maathan, this is unexpected. I think people thought she'd stay until, you know, yesterday, and then the maths is becoming insurmountable. And then you have to ask yourself, you know, why you taking donor dollars and why do not you set yourself up potentially for twenty twenty. You know, the important thing is what Nikki Helly does next? You know, does she you know, support Trump in the end a couple months from now, or does she stay quiet or does she actually try to
undermine the Trump campaign. I mean, if you want to run twenty eight, I don't think that's going to be your strategy necessarily. But on the other hand, she seems to have attracted financial support and voter support from a decent sized wing of the Republican Party. So the question for her is how do I position myself for twenty eight not really what I can do in the remaining months of twenty four.
Well, the reporting that we're seeing is that she's going to encourage the former president to earn the support of the Republican and independent voters who backed her throughout the campaign, and will continue to emphasize advocating conservative domestic and foreign policies that seem to be going against the direction that former President Trump is taking the party.
Well, I mean, I think what we're going to see is that the campaign will rest on a personality of Donald Trump can contain himself. His campaign's death has been much better at keeping him contained since the New Hampshire primary where his speech was not well received, So that's been a turn. Most of the time he can't really contain him, but now he seems to be understanding that the less he says, generally speaking, the better he does.
So that's going to be the big test. And can Joe Biden tomorrow night is the State of the Union give a robust enough speech to persuade you know, unhappy Democrats and also independent voters that he is worth investing
in even you know, in November, given their concerns. So now the general campaign begins, and it's a long way it till November, and if the Trump campaign can keep him contained for a very long period of time, I think that makes the Biden camp much more worried and nervous because reminding everybody what Trump was like and what he said is rhetoric about women, et cetera, et cetera, versus you know, his generally decent record on the economy
before the pandemic. That's going to be the big framing question as we go forward.
Well, keeping Trump contained really is the big wild card, isn't it when you consider all the legal battles that the former president is going to be facing in the next several months leading up to the November election.
Yeah, I mean, I think if the Biden campaign can resuscitate Biden's image as someone who's a productive and successful president and can do it again, then I think, you know, the Democrats, the poll numbers might shift a little bit, but Trump usually goes with what's working, and right now he seems to be persuaded that staying quiet is what's working. The board is still a big issue. I mean, these are the issues besides the pandemic that people worried about
in twenty twenty. The thing is that if inflation continues to be steady, not go up, maybe go down a little bit, and people get used to the idea that we no longer have really massive inflation, although we still
have pretty high grocery bills and smaller packaging. But if that happened and the economy stabilizes, no big layoffs, and this rhetoricat recession fades, by the summer, you're going to have two nominating conventions featuring these candidates, and people will go back to the choice they had in twenty twenty. That's the worry for the Trump campaign that it will revert back to twenty twenty in terms of this comparison, and in that case, Biden came out the winner.
Is there a worry among either of the campaigns?
Do you think that voters are just going to stay home in November when we have so many polls showing that the majority of Americans don't want this Biden Trump rematch that now looks inevitable, and despite the fact that we saw record turn out in twenty twenty. I mean, the dynamics are quite a bit different than they were four years ago, aren't they.
They are, I mean, there's no question about that. But that was remember a pandemic, and we had a lot of mail in voting, and some of the products of that. Some additional states have now gone to all vote by mail. So that's what's interesting about that. So we'll have an election without vote by mail, and for both sides, particularly the Democrats, that presents a different organizational challenge than twenty twenty.
This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond.
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I'm Nathan Hager.
And I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak