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 rematch is all but set. President Joe Biden and former President Donald Trump have clinched their party's presidential nominations with decisive victories in a slate of low profile primaries in Georgia, Mississippi, Washington State, and Hawaii. Bloomberg White House reporter Stephanie Lai says it's going to be a long race to the vote in November.
What's really notable is just how early it is now that we're just part way through March. This is much earlier than the other candidates, Clinch's nomination when they were in a crowded field and before they were the incumbent
in the race. What it means now that we have eight months before the general election is this might be the longest general election matchup in recent history, and so we should expect many, many attack ads, many rallies, and possibly even voter fatigue with just the sheer amount of back and forth and polarized messaging that we're going to see in the next eight months.
Bloomberg Stephanie Lai notes Trump leads Biden in seven swing states, pulled by Bloomberg News in Morning consult. The former president has repeatedly slammed Biden's immigration policies, as well as his age and memory, even as Trump has faced questions about his own mental acuity well Nathan.
Questions about President Biden's mental fitness took center stage with Special Counsel Robert Hurr on Capitol Hill. He's the prosecutor who declined to charge the President over his handling of classified documents and a report that described Biden as a well meaning elderly man with a poor memory. Her took by partisan fire before the House Judiciary Committee. From Republican at Tom McClintock.
All I have to do when I'm caught taking home classified materials to say, I'm sorry, mister Herbert, but I'm getting old.
My memory is not so great.
Yeah, Congressman, Now, this is the doctrine that you've established in our laws now, and it's frightening.
Congressman, my intent is certainly not to establish any sort of doctrine.
And from Democrat Adam Schiff, you chose.
A general pejorative reference to the president.
You understood when you made that decision.
Didn't mister Herr, that you would ignite a political firestorm with that language, didn't.
You, Congressman, politics played no part whatsoever in my investigative steps.
Special Counsel her says he needed to show his work when it came to deciding not to charge the president. He says he did not sanitize the explanation or disparash the president unfairly.
Staying in Washington, cativity has picked up dramatically in both the House and Senate over the bill that could force China's Byte Dance to sell TikTok Bloomberg's at Baxter has more.
A vote is scheduled for the House today and is expected to get the two thirds majority vote needed. Former Housepeaker Nancy Pelosi on Bloomberg says, they are not attempting to bantick.
We want TikTok to exist. We're not there to ban it. I've said, we want to make it TikTok toe. We want to make it something that is not a fearful social media platform, but one that is very positive. And in order to do that, we have to see the divesting of it from the Chinese government.
Now TikTok Ceo show show has been on Capitol Hall to talk with senators vote. There is expected to be much tighter at Baxter Bloomberg Radio.
All right, ed, thanks well.
Turning to geopolitics, So warning from the President of Poland. In an interview with Bloomberg's Joe Matthew and Kaylee Lines, Andre Dudah said Vladimir Putin would attack other states if Russia wins its war in Ukraine. Here's President Dudah speaking through an interpreter.
We are the nation who was enslaved by Russia several times. If Russia wins the war in New Green wins the worry Ni grant, he will attack one more time. He will attack other states because this is a Russian paralyism being worn, and it is greedy. It will be linked to texture. That is why it has to be stopped. It has to be blocked and it has to be punished. And this is the most important task that is chasing the community of the West today, and this community is led by the United States of America.
And Polish President Andrea Duda's warning lands at a critical moment in the war, with ally Instagram linked to provide Ukraine with more military assistance. For the extended conversation, head over to the Bloomberg Talks podcast feed. Find it on Apple, Spotify, or anywhere else you get your podcasts.
Well, now let's turn to the markets. Karen stocks begin the day once again in record territory. The S and P five hundred rows more than one percent yesterday, as the latest inflation figures did little to alter bets that the Federal Reserve will cut rates this year. Morgan Stanley equity strategist Mike Wilson, though, remains cautious.
People are reaching for risk because you know, there's FOMA. We don't see the justification for higher multiples given that we basically have no earnings growth across the broader economy. A situation is still kind of a difficult operating environment, and so we're going to be very selective. And that's why we think it's you know, you got to be a stock picker here.
You can't just buy the index.
Morgan Stanley's Mike Wilson is sticking with his year end target of forty five hundred for the S and P five hundred. That's about thirteen percent below current levels.
From markets to the economy now, Nathan.
We are officially one week away from the fed's next policy meeting, and another Wall Street titan is speaking out on the direction of interest rates. We get the latest from Bloomberg's John Tucker, John and Karen Ken.
Griffin says the FED should move slowly and lowering right so they don't have to reverse course later. The founder of the hedge fund Empire Citadel, telling the Futures Industry Association pausing and then changing direction back toward higher rates quickly would be the most devastating course of action to pursue. Well, he thinks the FED will be slower than people are
expecting for that very reason. FED Chair j Powell last week suggested the Central Bank is getting close to the confidence it needs to start lowering into rates, and investors are still pricing a June rate cut. That's even after yesterday's hotter than expected CPI. Griffin also said Citadel's participation in this month's rescue of New York Community Bank was the right price. John Tucker, Bloomberg Radio, All.
Right, John. Thanks.
Over Europe, the UK economies rebounded after slipping into a recession. Gross domestic product rows two tenths of one percent in January and followed a tenth of a percent decline in December. Services and construction delivered the gains, offsetting a drop in industrial production.
Well in Asia.
Nathan Bloomberg News has learned Chinese developer Country Garden Holdings has missed a coupon payment on a yuan bond for the first time. Country Gardens crisis entered a new chapter after a Hong Kong court received a creditors petition last month to wind up the company and.
The company News Karen Bloomberg News has learned the Pentagons pulled out of a plan to spend billions on a chip grant to Intel.
We get the story from Bloomberg's Doug Prisner.
The funding was part of a spending package signed into law over the weekend by the President. It allocated three and a half billillion dollars for Intel to produce advanced defense and intelligence related semiconductors. But we're told the Pentagon is pulling as much as two and a half billion dollars, So the onus is on the Commerce Department to make
up for that billion dollar shortfall. Through the Chips Act, lawmakers have directed Commerce to do so, and it could mean a greater share of Intel's funds from the Chips Act are devoted to military uses rather than commercial ones. In New York, I'm Doug Kristner, Bloomberg Radio.
Okay, Doug, thanks and checking shares of Intel right now. They are down more than one percent in early trading.
And it's time now for a look at some of the other stories making news in New York and around the world. For that, we're joined by Bloomberry's Michael Barr Michael, good Morning.
Good morning, Karen. President Vladimir Putin says that Russia is ready to use nuclear weapons if there is a threat to Russian statehood, sovereignty, or independence. Speaking with Russian state television today, Putin said he hoped that the US would avoid any escalation that could trigger a nuclear war, but emphasized that Russia's nuclear forces are ready for it. Asked if he has ever considered using battlefield nuclear weapons in Ukraine,
Putin responded that there has been no need for that. Meanwhile, the Pentagon says that it has found three hundred million dollars in cost of things that will now be used to meet Ukraine's immediate air defense, artillery and anti tank needs, defence Department spokesperson Major General pat Ryder.
It will give them some much needed capability that will likely last in the week's timeframe, but nowhere even close to what they need to be able to continue to sustain this fight.
Major General Riders says longer range missiles are included in the aid package. The US Army's seventh Transportation Brigade has been deployed following President Biden's orders to send troops to create an offshore aid port for Gaza. Their mission to build a giant floating pier off the coast of Gaza where aid and supplies will come before a civilian ship takes it ashore to help Palestinian civilians. Brigadier General Brad Henson, which is.
Really just pontoons that are like legos.
They all fit together, so.
We'll have this roll on, roll on discharge facility that's approximately two to three miles off of the erected pier.
General Henson says this is strictly a humanitarian mission and there will be no US soldiers on the ground. The Transport Workers Union is pushing back on Governor Kathy Hogle's plan to fight crime in the New York City subway system. The Transport Workers Union says it simply falls short of providing a sustainable, long term solution. The governor's plan includes using the National Guard and random bag checks. State troopers as well as police, are also being used to fight crime.
TWU Local one hundred present cident Richard Davis also had strong words for the CEO of the MTA.
General Leba is not working to me, he's not working with integrity or concern about our members, our tw members on the write in.
Public audio courtesy of ABC seven. While President Biden and former President Trump have clinched the nominations to represent their parties in Novembers election, there is a third candidate that could play the role of spoiler. Independent candidate Robert F. Kennedy Junior could influence the election. There's word NFL quarterback Aaron Rodgers is on Kennedy's shortlist of potential running mates. Global News twenty four hours a day, whenever you want
it with the Bloomberg News Now. I'm michae Lebarn This is Bloomberg Roent.
All right, Michael, thank you.
Time now for the Bloomberg Sports Update, brought to you by Tri State Houdy. For that, we bring in John Stashawer, John, Good morning.
Good morning, Karen Nixon.
Sixers at the Garden, just as it was forty eight hours earlier. In that one, Philly won seventy nine seventy three. The Sixers again scored seventy nine. This time, the nick scored thirty three more than they did on Sunday. They won by twenty seven. Welcome back og on anobi Ou. Since January, he scored fourteen points. Jalen Brunson and Josh Hart both at twenty hardhead a triple double. Knicks now hit the road. Four game trip starts tomorrow in Portland, Minnesota.
Got thirty seven from Anthony Edwards and it went over the Clippers, the Timberwolves, Nuggets, and thunder all with forty five wins atop the West. The Celtics with their league leading fifty first win one twenty three one oh seven at Utah Rangers and Hurricanes and Raleigh scoreless late first period.
Pashe leans on him to the near corner with fifteen to go, centering past Savaba, Chad gets it back.
Tolindran flifty for deflection in front of goes off escape.
Short fangals shop by Fox Peace scores.
In New York, olling only goal.
Rangers won one nothing, a second straight shutout for Igors, says Thirk, and first place Rangers have won thirteen to the last sixteen. They're now six points ahead of second place Carolina. Rangers were without their rookie enforcer Matt Remphy, suspended four gear for his hit of the Devils. Jonna Siegenthello, the six foot seven inch Rimpy, has quickly become a fan favorite, spending more time in the penalty box than on the ice College basketball Championship wig and they are celebrated.
On Staten Island. The Wagner Seahawks.
With an upset winn at the Northeast Conference Journey, they'll take a sixteen and fifteen record to.
The NCAA Tournament.
Yankees not saying much about the Garrett Cole elbow injury other than he needs more tests and is unlikely to pitch the season opener two weeks from tomorrow in Houston. More NFL free agent signings like Derrick Henry by Baltimore and the Giants have added a backup quarterback signing Drew Locke formerly with Seattle and Denver John stashieware Bloomberg Sports Kearnon.
Nathan, Okay, John, thank you.
Well, it may be months away till the conventions, not to mention the November election, but the twenty twenty four rematches all but set now. Both President Biden and former President Trump clinched their party's nominations following last night's primary results. And for more where you're joined by Bloomberg News Senior
editor Bill Ferry. You know, Bill, it's amazing to think about the fact that the polls say this is the rematch that most voters don't want, but the voters certainly sealed it early.
Yeah, buckle up, It's going to be quite a long election season, Nathan. We've almost never had an outside candidate
like former President Trump sealed the nomination so quickly. Of course, not a surprise that the president of the incumbent did so, but this is now, this race is now official, and you know it comes I think, let's see you do the math, almost eight months before election day, and so that that means, especially if you're in one of these battleground states, You've got eight months of intense lobbying and commercials coming your way, and it's going to be you know,
not surprisingly probably a very nasty fight. And as you said, it's the fight that voters in surveys for almost a year now said they don't didn't want to see am Actually they didn't want but then they defaulted to those choices when they went into the primaries voting booths. So it's maybe not what they wanted to see, but it's in some weird ways, it's what they've asked for.
Well, it says something about how this process is decided. You have base voters going into primary elections. It raises the question about what general election voters are going to do when we have this long slog into November, raising the question about whether we're going to see voter fatigue along the way.
Yeah.
Absolutely. I mean it's always been the most motivated, hardcore voters in both parties who turn out for these primaries. And you know, when you look you look at the on the Republican side, you did see, interestingly, you know, a fairly notable percentage of voters who went for Nicki Haley there at the end, anywhere from about twenty percent
to forty percent. And some of those primaries we saw from South Carolina, Haley's home state, and including the Super Tuesday States last week, So there is there is definitely a swath even of the people who vote in the primaries, who had some second thoughts about Donald Trump, and that's that's gonna be a big question mark hanging over the Republican side of this campaign is where do those voters go do they do they get back in the fold and go with their nominee Trump, Do they stay home
on election Day? Or do they turn around and go for Biden? You know, it depends on how strongly they felt about Trump in the end, and we just don't know, and that's going to be a lot of attention is
going to be focused on those voters going forward. And on the Democratic side, you have a lot of Democrats themselves who say they're concerned about the president's age and will they you know, will they rally themselves to show up in November, or will they stay home or will they look Will people on both sides look for one of these for a third party candidate like Robert Kennedy And it's a big x X mark in terms of how how he could affect the campaign because if that keeps going.
This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond.
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And I'm Karen Moscow.
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