Trump Urges Prosecutors to Drop Case; Fed Cause for Pause?

From the Bloomberg Interactive Groger's Studios. This is Bloomberg Daybreak or Wednesday, June fourteenth.

Coming up today, Former President Trump calls it a day that will go down in infamy after pleading not guilty to federal charges.

All eyes are on the Fed as the Central Bank prepares to issue its latest policy decision.

Shell gets a boost, the oil Giant ups its dividend and pivots back to fossil fuels, and more.

Legal trouble hits Microsoft's bid poor activision Blizzard.

Russian President Putin admits shortcomings fighting Ukraine's counter refensive, plus a federal judge reconsider as a takeover of New York's Bankers Island un like lebar.

More, John Stash errands Worth, the Yankees meet the Mets, a new code for the Rangers, and the Vegas Golden Knights have won the Stanley Cup.

That's all straight ahead on Bloomberg day Break, the Business news you need to sturn your day in just one fifteen minute podcast each morning on Apples, Spotify, the Bloomberg Business Appen everywhere you get your podcasts.

Good morning, I'm Nathan Hager and I'm Amy Morris. Here are the stories we're following today.

We begin with the major story in politics this morning, the arraignment of former President Donald Trump. The Republican front runner, pleaded not guilty to thirty seven federal counts accusing him of willfully retaining top secret documents. After court, he flew from Miami to Bedminster, New Jersey, where he told supporters he had every right to keep those records.

Threatening me with four hundred years in prison for possessing my own presidential papers, which just about every other president has done, is one of the most outrageous and vicious legal theories ever put forward in an American court of law.

The former president spoke at a fundraiser that was planned before the indictment.

And it was a historic day, making Trump the first ex president to face federal charges. It all started at a courthouse in Miami. That's where we find Bloomberg's at Kaylee Lines.

There were hundreds of pro Trump supporters that were at the courthouse. Police that I spoke with indicated that they're there had been no violent incidents that they were aware of, and President Trump, after leaving the court house, went to a popular Cuban restaurant here in Miami, cafe verside to speak with some of the reporters, ask for where the legal proceedings go from here. This case will move from Miami to West Palm Beach, Florida, where Judge Eileen Cannon,

Names Okay, Kaylee, thank you.

No.

Legal analysts say drawing out the case could have benefits for the former president. We caught up with Palm Beach County State Attorney Dave Ehrenberg.

The one advantage for Trump is that it gives him a chance to delay matters further. He can challenge the ruling down here, but he's not going to succeed. But in a way, he wins by losing, because by losing in court, he's going to have those delays that he loves, because it can push this case beyond the twenty twenty four life.

Palm Beach State Attorney Dave Ehrenberg spoke with Joe Matthew on Bloomberg's Sound On. You can catch the program at one pm Eastern on Bloomberg Radio or listen on demand wherever you get your podcasts.

We'll have more on Donald Trump's case in just a few minutes. But now it's turned to Wall Street traders looking to today's policy decision from the Federal Reserve. The majority of economists expect the FED to pause and not raise rates for the first time since March of last year. Let's get those details from Bloomberg's Michael McKee.

Fed officials went into their two day meeting divided over whether inflation remains so stubborn that additional rate increases are necessary. Tuesday's benign CPI report likely tips the balance of the argument to those who would put a further move on hold. The central Bank has raised the nation's benchmark borrowing rate by more than five percentage points and inflation is coming down.

Okay, Mike, thanks to join us for live coverage of the FED decision on a special edition of Bloomberg Surveillance. It starts at one thirty pm Eastern on Bloomberg Radio and Television Plus. Stay tuned for another reading on inflation. We get that latest Street on US producer prices at eight thirty this morning.

And turning overseas, the economy is also in focus in the UK today. Growth in Britain bounced back in April. Bloomberg's U and Pots joins us from London with the details.

Good morning Ewan, Good morning Amyen Nathan.

A strong start to the second quarter for the UK economy GDP group by zero point two percent in April, following a negative reading in the previous month. The positive data in Lime and estimates means the British economy dodges the risk of recession. But after hot employment numbers this week, traders have been ramping up bets at the Bank of England will be forced to continue hiking rates throughout the summer. In London, I'm your pult Spinbecte break.

Okay, you and thanks.

Let's stay in Europe where big oil is making news. This morning, Shell says it will increase its dividend by fifteen percent. It's also pivoting back to oil and gas. It's part of Shell's pivot to expand the most profitable parts of its business, even if they are carbon intensive.

And oil demand is set to slow dramatically. That's the word from the International Energy Agency. The IEA says consumption in twenty twenty four will grow at half the rate scene in the prior two years. The agency says high prices and Rush's invasion of Ukraine will speed up the transition away from fossil fuels.

Ok amy. Thanks.

Back here in the US, Microsoft is in the spotlight. The company's acquisition of Activision Blizzard has been temporarily blocked by a federal judge, and we get the story from Bloomberg's John Tucker.

The Judji issued a temporary restraining order to maintain what he called the status quo while the Federal Trade Commission challenges the deal. The FTC itself filed that emergency motion to halt a merger on Monday. This ruling holds the two companies apart until five days after the Cork rule on a more permanent pause in the deal and evidentiary hearing on the longer term injunction is set to be held in San Francisco later this month. US authorities are

Time Now to take a look at some of the other stories making news in New York and around the world.

For that were joined by Bloomberg's Michael Barr, Good Morning, Michael.

Good Morning, Nathan. President Vladimir Putin acknowledged that Russian forces fighting in Ukraine lacks efficient advanced weapons. Despite a tripling of arms output, Kieves forces pressed to counter offensive. However, regional authorities say Russian forces fired cruise missiles at the southern Ukrainian city of Odessa overnight, killing three people. Meanwhile, President Biden met yesterday with the NATO Secretary General Jen

Thank you for your leadership, for your strong personal commitment to the Transatlantic Bond, to Europe and North American standing together. And then may also thank the US Congress and the people of America for the strong support to Ukraine.

Monday scheduled meeting with Stoltenberg was postponed to Tuesday because the President had to get treatment for a root canal. A. Federal judges once again weighing a takeover of New York City's troubled Rikers Island Jail complex. Judge Laura Taylor described her faith in its leadership as shaken following recent reports of violence, grewsome injuries, and a lack of cooperation that has thwarted court oversight. Travelers are catching a break as

There is a white hot demand for travel, and travelers saw the lowest prices for airline tickets and rental cars since March of twenty twenty one. Prices in May fell thirteen percent year over year. Prices for rental cars and trucks sank twelve percent. The most since May of twenty twenty, when the pandemic drastically curtailed travel. United CEO Scott Kirby says flight costs are now comparable to what consumers paid a decade ago. He says, we're just coming back to

House, Republicans passed legislation to preemptively block future attempts to restrict gas stoves after overcoming a revolt by the party's conservative members. The bill would prohibit the Independent Consumer Product Safety Commission from using federal funds to ban the appliances as hazardous products. Global News twenty four hours a day, powered by more than twenty seven hundred journalists, nanilists and over one hundred and twenty countries. I'm Michael Barren. This is Bloomberg, Nathan.

Thanks Michael.

Time out for the Bloomberg Sports Upteate FRONTI by Tri State Out.

He here's John Stanshauer.

All right, Nathan Wild started the Subway series. The second batter was John Carlos Stanton his twenty fourth home run at City Field. That's ten more than any other opposing player. Luis Severino's second pitch was a Brandon Neimo homer seven. Reno gave up two runs in the first inning, two more in the second, an other than the third, but the Yankees with five runs in the fourth off Max schurz Or, who got booed by the City field crowd when he was taken out. They Yanks sent the Mets

First Stanley Cup championship in Golden Knights.

His story comes in their sixth season.

The Silver State is home to the greatest silver trophy at all of sports.

JK GK the call Game five and a Cup Final, a blowout win for Vegas nine to three over Florida. Though the game was only two to one midway through the second period. The next thing you knew was seven to one hat trick for Vegas captain Mark Stone. Jonathan marsh So won the consul Mic Trophy, a playoff MVP, and the surprising run by the Panthers as the eighth seed comes to an end. They had to play without

He's the eighth winningest coach in NHL history. John Stashiewe Bloomberg Sports.

From coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on siriusxam, the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. He is calling it a day that will go down in infamy.

But rather than a sneak attack, former President Donald Trump is going after the Justice Department head on hinting at his defense after pleading not guilty yesterday to federal charges over his handling of classified documents at mar Lago.

For more, we are joined live this morning by.

Greg Valiere, the chief US policy strategist at AGF Investments.

Greg, good morning.

It's not every day that you see a defendant in a criminal trial of speaking out as forcefully as former President Trump did last night at Bedminster. But of course this is no ordinary criminal defendant.

Yeah, good morning, Nathan. I make two quick points. Initially, First of all, good editorial lead editorial in this morning's Wall Street Journal talking about how Trump is his own worst enemy, saying and doing reckless things that come back to bite him. And then I think you've got to say I watched the whole talk he gave last night from Bedminster. He didn't say anything new. I mean, it's the same old stuff, like my detractors are deranged, there

But some of the words that he also used sounded like he was reading directly from the Presidential Records Act, which, as you allude to, he's talked about before that would potentially be his defense if he does go to trial here, what does that say about how the former president is going to be pursuing this and the potential political impact.

Yeah, very aggressively, but at the same time, not in any great rush. I think he'd love to see this coincide with the election campaign of next year, even though people like Bill Barr, the former Attorney General, has said that this is outrageous. Even Nicky Haley said that it endangers national security. Trump's conviction in Florida is not certain. I mean, you've got a state where it's going to be difficult to get a jury where everybody agrees that Trump does something wrong.

Does this put an onus on Justice Department or even President Biden to put out more of a public response since the former president is coming out so publicly like this.

That's a really interesting angle, Nathan. All of a sudden, there's focus on why the Biden Whitehouse has been so passive instructing Democrats not to go after Trump, not inciting him, not leading to suspicion that there's a collusion between the White House and the Justice Department. But there are a lot of Democrats in this town who I think will very soon begin to really rip into Trump for what he's done.

Interesting, are you thinking of any names in particular, I wouldn't think that President Biden would be coming out, at least in the short term, more forcefully than he has.

Yeah, I don't see Joe Biden. Actually, Jill Biden last night had a fairly critical comment about Trump. But I do think there'll be other Democrats, Democrats would like to run for president in four years who start to talk pretty aggressive.

Okay, what about the former president's primary opponents who started to see a little bit of a shift for them as well, particularly Nikki Haley and Tim Scott, both out of South Carolina, getting a little bit more forceful in their rhetoric.

Do you see that continuing?

But maybe I think a lot of these politicians will carefully read the polls, and the poll show, at least initially, the American public, not just Republicans, feel that this is a political you know, they're ganging up on Donald Trump. I think the key politician to watch, obviously is Ron DeSantis. If Desandas starts to move away, and their signs that he might, that would be significant.

Now it goes back to the point I guess that you were making earlier about the former president's words sort of losing their luster a little bit. As he continues to hammer out a lot of the same forceful points.

He has before.

How do you see the long term effects of this case playing out as it does get closer to November twenty twenty four election and potentially the case bleeding even after election day.

Yeah, you got to sustain the momentum. How many times can you call someone a deranged lunatic before it starts to lose its impact? And I do think that while Trump will maintain his base, there's no question in my mind on that. I just don't see Donald Trump having enough support among moderates to win in a general election.

Does this case sustain itself even with some of the other legal pressure that the former president is facing and potential further charges not just from this Special Council, but from Georgia as well.

A good point. There are still two huge cases to go. I think Georgia maybe in the news by later in the summer. It looks like that case will be brought. And of course the big one of all is January sixth, And I do think that Trump is quite vulnerable because of an extensive record that shows that he encouraged the riots and did nothing to stop the them.

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 Maybe Morris. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak