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President Trump’s attacks on Federal Reserve Chair Jerome Powell just keep coming. Today on the Big Take, Bloomberg’s Michael McKee and Saleha Mohsin join Sarah Holder and David Gura to ask: Can the president actually fire Powell? And what impact could his ongoing threats have on the US dollar and global financial markets? Read more: Markets Are Discovering the Real Trump Trade Is ‘Sell America’See omnystudio.com/listener for privacy information.
President Trump’s attacks on Federal Reserve Chair Jerome Powell just keep coming. Today on the Big Take, Bloomberg’s Michael McKee and Saleha Mohsin join Sarah Holder and David Gura to ask: Can the president actually fire Powell? And what impact could his ongoing threats have on the US dollar and global financial markets? Read more: Markets Are Discovering the Real Trump Trade Is ‘Sell America’See omnystudio.com/listener for privacy information.
On this special holiday edition of Bloomberg Daybreak US edition, host John Tucker discusses President Trump recent criticism of Fed Chair Powell with Michael McKee and Stuart Paul. He also talks about ETF inflows with Eric Balchunas and looks at the future of antitrust litigation with Jennifer Rie. See omnystudio.com/listener for privacy information.
On this special holiday edition of Bloomberg Daybreak US edition, host John Tucker discusses President Trump recent criticism of Fed Chair Powell with Michael McKee and Stuart Paul. He also talks about ETF inflows with Eric Balchunas and looks at the future of antitrust litigation with Jennifer Rie. See omnystudio.com/listener for privacy information.
Michael McKee is a veteran at Bloomberg. He talks Tariffs and the roller coaster that is the Stock Market
Welcome to Season 2 of the Orthobullets Podcast.Today's show is Podiums, where we feature expert speakers from live medical events. Today's episode will feature Dr. Michael McKee and is titled My Approach to the Terrible Triad.Follow Orthobullets on Social Media:FacebookInstagram TwitterLinkedInYouTube
On Friday, Feb. 14, the state legislature held the budget hearing on the Governor's housing proposals. The state is in the second year of its Five-Year Housing Plan, a $25 billion dollar investment to create and preserve 100,000 affordable homes across New York, including 10,000 with supportive services. Tenant groups continue to push to prohibit eviction without good cause and to finally enact a Housing Voucher Access Program. In this segment, we hear testimony from Michael McKee of the Tenants Political Action Committee; Rashida Tyler of the Interfaith Affordable Housing Collaborative; Barbara Williams of Community Voices Heard; and Jennifer Hernandez of Make the Road New York. By Mark Dunlea for Hudson Mohawk Magazine.
In this Martin Luther King Jr Holiday special edition of Bloomberg Daybreak with Nathan Hager: Wendy Schiller of Brown University looks ahead to the second Presidential term of Donald Trump Bloomberg Intelligence analysts Geetha Ranganatha and Stephen Flynn break down Netflix earnings Bloomberg's Michael McKee explains how the fed will act under a Trump administration See omnystudio.com/listener for privacy information.
John 2 : 1 - 11, The First of His Signs, Michael McKee by Arbor Dale Church
Federal Reserve Bank of San Francisco President Mary Daly says she is “very comfortable” with policymakers’ median projection of two interest-rate cuts next year, emphasizing the central bank can turn to a slower approach. She spoke about the Fed's path forward with hosts Jonathan Ferro, Lisa Abramowicz and Michael McKee.See omnystudio.com/listener for privacy information.
Federal Reserve Bank Chicago President Austan Goolsbee discusses future of the Fed and the next White House administration with Bloomberg's Michael McKee.See omnystudio.com/listener for privacy information.
Boston Fed Pres Susan Collins joins Bloomberg's Michael McKee live at the Boston Fed's annual economic conference.See omnystudio.com/listener for privacy information.
Join us for content that every resident needs to know about midshaft clavicular fractures. Michael McKee, MD chats with host Jeremy Podolnick, MD about this study and its impact on patient treatment. For additional educational resources visit OTA.org
Chicago Fed President Austan Goolsbee joins Bloomberg's Michael McKee to discuss the jobs report, dropping unemployment rate, US dockworker strike, and possible risks of low inflation.See omnystudio.com/listener for privacy information.
Today on the show: team coverage of the school shooting in Winder with WSB's Austin Eller, Rory O'Neill and CBS News reporter Mark Strassman. What should parents tell their kids about school shootings? We'll talk with a school counselor. Scott MacFarlane live in DC on Russia election interference. Talking tech with Kim Komando. Michael McKee from Bloomberg News updates the Feds latest beige book. Plus, Travel Expert Peter Greenberg live in studio! 9am-noon on 95.5 WSB.
In this Labor Day special edition of Bloomberg Daybreak with Nathan Hager: Bloomberg's Michael McKee and Anna Wong preview the August jobs report Bloomberg's Mike McGlone looks at the biggest stories in the commodities sector NewEdge Wealth's Cameron Dawson gives her market outlook for the rest of 2024 See omnystudio.com/listener for privacy information.
Federal Reserve Bank of San Francisco President Mary Daly says she believes it's appropriate for the US central bank to begin cutting interest rates. In a conversation with Bloomberg's Michael McKee in San Francisco, Daly says “The time to adjust policy is upon us.”See omnystudio.com/listener for privacy information.
Philadelphia Fed President Patrick Harker said it is time for the US central bank to start cutting interest rates and emphasized the path down should be “methodical.” He spoke with Bloomberg's Michael McKee, Tom Keene and Lisa Abramowicz from the sidelines of the Economic Policy Symposium in Jackson Hole, Wyoming.See omnystudio.com/listener for privacy information.
Federal Reserve Bank of Chicago President Austan Goolsbee said it's time to pay more attention to the employment side of the central bank's dual mandate now that inflation is cooling toward the 2% target. He speaks with Bloomberg's Michael McKee from the sidelines of the Economic Policy Symposium in Jackson Hole, Wyoming.See omnystudio.com/listener for privacy information.
Chicago Fed President Austan Goolsbee discusses jobs report and fed decision. Goolsbee speaks with Bloomberg's Sonali Basak and Michael McKee.See omnystudio.com/listener for privacy information.
In this Memorial Day Edition of Bloomberg Daybreak: We take a look at markets and inflation's impact on equities with Alicia Levine of BNY Mellon and Invesco's Brian Levitt We check in on the strength of the US economy with Bloomberg's Michael McKee and Anna Wong. Plus, we get some travel tips for the summer with The Points Guy, Brian Kelly. Hosted by Nathan HagerSee omnystudio.com/listener for privacy information.
Federal Reserve Bank of Cleveland President Loretta Mester says inflation risks remain tilted to the upside and doesn't think three rate cuts this year would be appropriate. She spoke exclusively to Bloomberg's Michael McKee on the sidelines of the Atlanta Fed's Financial Markets Conference in Amelia Island, Florida.See omnystudio.com/listener for privacy information.
Federal Reserve Bank of Atlanta President Raphael Bostic said his outlook is that “inflation will continue to fall this year and into 2025,” and that the new steady state of interest rates “is likely to be higher than what people have known over the last decade, maybe back to where we were in the 1990's and 2000's.” Bostic spoke Monday with Michael McKee from Amelia Island, Florida.See omnystudio.com/listener for privacy information.
Chicago Fed President Austan Goolsbee discusses the jobs report with Bloomberg's Michael McKee from the Hoover Institution's Monetary Policy Conference.See omnystudio.com/listener for privacy information.
Federal Reserve Bank of Boston President Susan Collins explains why she sees no urgency to cut interest rates in the near term, given elevated inflation and the resilience of the labor market. Collins spoke with Bloomberg's Michael McKee.See omnystudio.com/listener for privacy information.
Bloomberg's Nathan Hager and Michael McKee discuss the latest PCE data and reaction from Fed Chair Jerome Powell. Plus, reaction from Wells Fargo Senior Economist Sarah House.See omnystudio.com/listener for privacy information.
Bloomberg's Nathan Hager and Michael McKee discuss the latest PCE data and reaction from Fed Chair Jerome Powell. Plus, reaction from Wells Fargo Senior Economist Sarah House.See omnystudio.com/listener for privacy information.
Bloomberg's Nathan Hager and Michael McKee discuss the latest PCE data and reaction from Fed Chair Jerome Powell. Plus, reaction from Wells Fargo Senior Economist Sarah House.See omnystudio.com/listener for privacy information.
Bloomberg's Nathan Hager and Michael McKee discuss the latest PCE data and reaction from Fed Chair Jerome Powell. Plus, reaction from Wells Fargo Senior Economist Sarah House.See omnystudio.com/listener for privacy information.
Watch Alix and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Mandeep Singh, Bloomberg Intelligence Senior Tech Industry Analyst, joins the program to discuss iPhone shipments falling in China. Michael McKee, Bloomberg International Economics and Policy Correspondent, discusses the economic implications of the Baltimore bridge collapse. Dana Peterson, Chief Economist at the Conference Board, joins to discuss the latest U.S Consumer Confidence data. Carol Schleif, CIO at BMO Family Office, joins to discuss her outlook for the markets. Mark Niquette, Bloomberg Real Economy Team Reporter, talks about the latest Morning Consult Poll.Hosts: Paul Sweeney and Alix SteelSee omnystudio.com/listener for privacy information.
Federal Reserve Bank of Richmond President Thomas Barkin reiterated policymakers have time to be patient about the timing of rate cuts, pointing to a strong labor market and continued disinflation. He speaks with Bloomberg's Jon Ferro, Lisa Abramowicz, Annmarie Hordern and Michael McKee.See omnystudio.com/listener for privacy information.
Federal Reserve Bank of Richmond President Thomas Barkin reiterated policymakers have time to be patient about the timing of rate cuts, pointing to a strong labor market and continued disinflation. He speaks with Bloomberg's Jon Ferro, Lisa Abramowicz, Annmarie Hordern and Michael McKee.See omnystudio.com/listener for privacy information.
On today's podcast: 1) US regulators for the first time approved exchange-traded funds that invest directly in Bitcoin, a move heralded as a landmark event for the roughly $1.7 trillion digital-asset sector that will broaden access to the largest cryptocurrency on Wall Street and beyond. 2) A monthly report on US consumer prices due Thursday will probably show another soft inflation reading thanks in part to more declines in the goods sector, according to Bloomberg Economics. 3) Nikki Haley and Ron DeSantis immediately went on the attack in the final Republican debate before the Iowa caucuses, relentlessly accusing each other of lying and flip-flopping on issues. 4) The judge overseeing New York's $370 million civil fraud trial against Donald Trump derailed the former president's plan to make a statement during closing arguments in the case Thursday, citing Trump's refusal to agree to standard court rules about what he can and cannot say. Full transcript: Good morning. I'm John Tucker and I'm Karen Moscow. Here are the stories we're following today. Bitcoin is trading up seven tenths of a percent to around forty six two hundred and forty dollars. This comes after US regulators for the first time approved exchange traded funds that invest directly in bitcoin. It's a move heralded as a landmark event for the roughly one point seven trillion dollar asset sector, and Bloomberg Crypto editor Anna Aurera says it will broaden access to the largest cryptocurrency the hope. Bitcoin proponents and sort of crypto proponents think it's a big deal because it sort of gives easier access to mainstream investors to investing in crypto. One of the big issues with cryptocurrencies is that you need to self custody it, and that that's exposed is used to hacks and people just stealing your asset. In this case, you would have a custodian like coinbase sort of people that do it professionally holding the underlying bitcoin, and you're just buying shares in it. Bloomberg Santa Rara says the sec authorized funds from industry heavyweights black Rock and Vasco and Fidelity to smaller competitors including Valkyrie, to begin trading today. Well, John, reaction is pouring in after the approval of the bitcoin ETF and we come up with SEC Commissioner hester Purse. I'm delighted that we're at the end of this saga. I know there's still there's still u there's still pieces of it to go, but I think this is a big milestone. The decision by hester Perse and the SEC comes a day after a false post on the SEC's x account claiming that the agency had approved the ETFs. The regulator subsequently said that the account had been compromised and OARC Investment Management. Kathy Woods says the approval of the spot bitcoin ETF will be a price moving event long term. She spoke with Bloomberg's Carol Masser after the SEC decision. I was speaking to Eric belchunis her colleague, and according to his estimates, there's there's four billion dollars waiting, you know, in the wings. And I said to him, well, from your lips to God's ears, that would be amazing. Kathy would also slam the SEC Cherry Gary Gensler. She says Gensler denigrated the whole cryptospace by reiterating the agency does not endorse digital assets. Well, we want to turn to the economy now, John, and Wall Street is bracing for the latest inflation report. Economists are forecasting consumer prices rose two tenths of a percent in December. Let me get a preview from Bloomberg's Michael McKee. The question going into the CPI report is who will care? The Fed is already locked into no change at the January thirty first meeting, so and as expected number won't affect the Central Bank's decision. It's the bond market that matters, at least in the short run. Headline inflation is expected to rise a base effect because inflation printed negative in December of twenty twenty two, but core inflation is forecast to keep falling. That's what the Fed wants to see. Michael McKee, Bloomberg Radio. All right, thanks Mike. The ahead of the New York Federal reserves as the interustrates are now high enough to bring down inflation. But John Williams also suggest that policy makers need more evidence that price rises are slowing before they start easing. My base case is that the current restrictor stance in Monte policy will continue to restore balance and bring inflation back to our two percent longer run goal. I'll expect that we will need to maintain a restricted stance of policy for some time to fully achieve our goals, and it will only be appropriate to dial back the degree of policy restraint when we're confident that inflation is moving towards toward two percent on a sustained basis, as New York Fed President John Williams, adding that any rate cuts would be dependent on the path of inflation and the economy. Turning to politics, the gloves were off during last night's Republican debate in Des Moines, Iowa, between Nicky Haley and Ronda Santis. During the debate on CNN, Hailey accused of Santus of mismanaging his campaign. He has blown through one hundred and fifty million dollars. I do know how you do that through his campaign. He has nothing to show for it. He spent more money on private planes than he has on commercials trying to get islands to vote for him. If you can't manage a campaign, how are you going to manage a country? Disantus accused Haley of making misleading statements about her record as governor. That word salad is the problem. Governor says he's always supported school choice and she failed to deliver. She blames other people. Leadership is about getting things done, stop making expect disantisin. Haley also talked about the border Ukraine, aid and abortion, and two people absent from the debate, Donald Trump and Chris Christie, the former New Jersey given or Chris Christie suspending his Republican presidential bid yesterday. From the moment I got into the race, the decision that I made was really simple. I would rather lose by telling the truth then lie in order to win. Christy also said he was going to make sure that he does not enable Donald Trump to ever be president of the U the United States again. Meanwhile, John Trump did not appear at the debate because he was at a nearby town hall. Today, the GOP front runner set to make an appearance in New York at the civil far on trial against him and Bloomberg's Amy Morris hands the latest. Today's hearing will cap a eleven week long trial in which New York Attorney General Letitia James seeks to ban Trump from the real estate industry within the state. Trump wants to deliver a personal statement while in court his own closing argument, but would not agree to the limits the judge said on what he could say, so he won't be allowed, just as Arthur Engern had already held Trump liable for fraud and is expected to deliver a verdict in coming weeks now. In addition to this case, Trump also faces five other trials, including a defamation suit in less than a week. Amy Morris Bloomberg Radio Time Now for a look at some of the other stories making news around the world, and for that were joined by Bloomberg's Amy Morris Amy Good Morning, Good Morning. Care and Transportation Secretary Pete Buddhajet says Boeing's tax nine airplanes airplanes rather, will remain grounded until regulators say that they are safe to fly. That dashes hopes for a quick return to the skies. Our concern and our fidelity is not to the success of any company. It is to the safety of the traveling public. Secretary Buddha judge did not specify how long it could take, but says the process will not be rushed. He adds Boeing has to demonstrate that every planet delivers to airlines is one hundred percent safe. President Biden's son is scheduled to appear in federal court today in Los Angeles on tax charges. Today's hearing will be an arraignment for Hunter Biden, who was accused of choosing not to pay more than a million dollars in taxes and evading other taxes. House Republicans yesterday conducted a hearing to hold Biden in contempt of Congress for defying a subpoena to sit for a closed door deposition, but Hunter Biden made a surprise visit and said he would only testify in a public forum. Biden's attorney, Abby Lowell Hunter chows a hearing we're Republicans or could not distort, manipulate, or misuse that testimony. And Republicans have tried to tie Hunter Biden's business dealings to his father, but acknowledge they have found no concrete evidence of wrongdoing. And former President Donald Trump is staying quiet on who his choice for a vice president might be. Well, I can't tell you that, really, I mean, I know who it's going to be. Give us a hint. I'll give you. We'll do another show sometime. During last night's Fox Newstown Hall event, Trump said he's open to his vice presidential choice being someone who's currently competing against him for the GOP nomination. Experts who identify and manage global risks say there is a high chance of a global catastrophe happening within a decade. The World Economic Forum survey shows nearly two thirds of respondents expect the higher chance of disaster in the next ten years. About thirty percent expect the same in the next two years. The report sites risks from misinformation, a potential recession, and extreme weather events, and a record number of Americans are signed up for the Affordable Care Act. This year, the Biden administration announced more than twenty million people signed up for health insurance plans under ACA, beating last year's record of sixteen million, and that number is likely to increase as Americans have until January seventeenth to enroll Global News twenty four hours a day and whenever you want with Bloomberg News. Now I may me Morris and this is Bloomberg Karen we Amy. Thank you what we do bring you news throughout the day here on Bloomberg Radio. But now you can get the latest news on demand, and that means whenever you want it. You can just subscribe to Bloomberg and News Now to get the latest headline to the click of a button. You can get informed on your schedule. You can listen and subscribe to Bloomberg and News Now on the Bloomberg Business Now, Bloomberg dot com plus Apples, Spotify, and anywhere else you get your podcasts. And it's time now for the Bloomberg Sports Update. Here's John stash Hour John Ken. To truly appreciate what Nick Saban accomplished as the football coach at Alabama, you have to look at where the program was before he got there. They had a couple of seasons with only four wins, another with three, and he only won seven in his first season on the job. But in his next sixteen years, Saban won one hundred and ninety nine games and lost only twenty three. He won six national championships in a twelve year span, and when you throw in that he also won one at LSU. Saban has to be considered one of the greatest coaches, if not the greatest, in college football history. He's retiring at the age of seventy two. Still at the top of his game. Alabama nearly beat the eventual national champion Michigan in the College Football Playoffs semifinals. Pete Carroll also seventy two years old. He's no longer the coach of the Seahawks. He was great at USC went to Seattle and in fourteen years got the Seahawks to the playoffs nine times, won a Super Bowl. He won fifty one more games than any other coach that the Seahawks have ever had. And now seven NFL teams are looking for a new coach, so that doesn't count. In New England, where seventy one year old Bill Belichick is expected to de park Kawhi Leonard a new deal with the Clippers. He would have been a free agent after the season. It's a three year extension. Ought to make a little under the Supermax Clippers. One last night so to the Celtics in overtime over Minnesota. Boston now eighteen and zero at home, the Wizards dropped to six and thirty one. They lost that Indiana. John stash Aller Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on sirisxam the Bloomberg Business app in Bloomberg dot com. This is Bloomberg Daybreak. Good morning, I'm John Tucker. We want to continue our coverage of the SEC authorization of bitcoin spot ETFs and what the breakthrough means for the broader crypto space. Yesterday, Archie Investment CEO Kathy Wood, longtime Bitchi Bull, joined Bloomberg BusinessWeek host Carol for a conversation on Bloomberg Radio and the platform X discussing the SEC decision and what it means for bitcoin and other digital assets, and the statement afterwards from the SEC Commissioner, Gary Gensler. Let's bring you part of that discussion right now. When you're talking about institutions that you know have been very fearful of this space because of Gary Gensler, and you know all of the drama, I think they're going to tread lightly. I don't know if you saw, but Gary Gensler put out a piece today right as we're about to go effective, and I'm sure we all went effective roughly around the same time, and he just denigrated the whole crypto space, and I was just like, I couldn't believe it. So anyway, it's with that kind of trepidation that institutions are going to have to you know, work through and do all of their due diligence. However, I do think that a lot of investors have considered, you know, have been curious. And you'll see we've been from a marketing campaign. We've been using this tagline, aren't you a bit curious? There are so many people who are curious out there. Of course, a lot of our existing clients know all about bitcoin because we have owned it since twenty fifteen, but there are a lot of people who really have a hunger to know, and we can see that as more and more people read our research, tune into our Bitcoin Brainstorm that we do with Rod and Bitcoin Park in Nashville, Tennessee, read our bitcoin monthlies and you know, read all we have to say about crypto and blogs and in our brainstorm summary. So you know, we are getting all the curiosity. I think that's why we started. So we know a lot of people are waiting and believe it or not, Carol, the curious extend to state pension funds and state treasurers we're talking to, So it's a really broad swap. Well, catch people and I do wonder what you think success will be out of the gate in terms of investment flows. What's your hope, what's your goal or estimate in terms of bringing investors into the fund. Well, it's very interesting. I was we were I was speaking to Eric Beltunis, her colleague, and according to his estimates, there's there's four billion dollars waiting, you know, in the wings. And I said to him, well, from your lips to God's ears, that would be amazing. And you know, we hope we get our fair share of it. I mean, we've certainly, we've certainly done a lot to educate the community, and we experience a lot of gratitude for that too, from from from the innovation communities, including the bitcoin community, but also from the financial community, those who really are trying to find the next big idea. And can I ask you, as you mentioned SEC chair Gary Gensler at the top, and as the headlines crossed the Bloomberg that he the SEC approved all of those proposals for the spoppy coin ets yours included, along with everyone else the eleven. He also said investors should be cautious on crypto. He said SEC's action doesn't imply approval of crypto exchanges. And if you look at all the SEC filings yours included, there's a long list of concerns that there's This is still kind of a new concept and new idea. The old guard, you know, basically throw out there all kinds of risks and you know, some people call it fear uncertainty and doubt. It happens every time, Carol, And I'm not saying it's a bad thing for people to really do their homework. They should do their homework, they should understand the risks. But this is par for the course in disruptive innovation, you know, Everett. And thank you, Carol. You gave us our first interview twenty fifteen when we were barely off the ground. You believed in us back then. And at the time, you remember, we were talking about Tesla, So fear uncertainty and doubt, not even about autonomous which is the next set of fears, but about evs and wouldn't traditional auto manufacturers absolutely choked them to death. This is completely new DNA, and so it's the old DNA as the old car companies were the old DNA, you know, basically bashing the old new DNA. That was Arnick Advesce with Kathy Wood speaking with our Carol Master on Bloomberg Radio and the social media platform x and we continue our coverage of the approval of the Bitcoin ETF with the SEC Commissioner Hester perse Jones are Kelly Lines and Joe Matthew on Bloomberg's Balance of Power to discuss the implications of the SEC's approval of the exchange traded funds that invests directly in bitcoin, as well as the future of crypto regulation and the sec x account hack. Let's go to part of that discussion. I'm delighted that we're at the end of this saga. I know there's still pieces of it to go, but I think this is a big milestone. Well it's a milestone certainly for these bitcoin products, but it also raises a question of what sort of precedent this sets. If you look at the statement from the chairman, Gary Ginsler, he was very specific that this is specific to these bitcoin products, which are non security commodities, and there's a question of what this could mean in the future for essentially everything else. Is that door completely closed? The chair is right to point out that this is specific to a particular set of products. But obviously precedent matters, and so you look at the reasoning and people will do this. They'll look at the reasoning in the in the order, and they'll seek to apply it to other facts and circumstances as appropriate. So I think the only thing I will say is that one of my complaints in this area has been that we haven't always stuck with precedent when when it comes to these kinds of exchange traded products. We haven't necessarily applied the same standards that we do with respect to to other kinds of exchange traded products. But it is a precedent people will point to. That's the question. Of course, we're all asking whether it opens the door for other ETFs backed by other cryptocurrencies. Commissioner, is that in our near future? Again, you know, every application has to be considered on its facts and circumstances. But I one of the things that I think that we have to acknowledge is that when we when we apply a particular rationale to one particular product, people will ask us to apply it to other products as well. What kind of fiduciary responsibilities are there for investment advisors for their clients before allowing them to put money into these products. It's like anything else. A fiduciary is supposed to look out for the interests of the investors that she's working with, and that means taking into account the specific circumstances of that investor, the risk tolerance, the other elements of that investor's portfolio, and so it's not a cookie cutter answer one way or the other. Fiduciaries are paid to make good decisions that are appropriate for that particular investor. There were a few moments yesterday when we thought this had been approved a day earlier Commissioner, as you well know, everything worked out with the Twitter account at the SEC. Well it is, I mean, as there was a statement I think that came out saying that we are going to be looking into this and working with law enforcement at the WORD to figure out how this happened, how yesterday's event happened, and I hope that we get to the bottom of it, and I hope that we're as transparent when we explain what happened as we expect the companies that we regulate to be when they experience a similar event. Well, that certainly has gotten the attention of many on Capitol Hill. Commissioner, there have been many Congressional Republicans who have made their opinions known about the SEC under this chair for some time now. I'd also point to a statement that we got out from that House Financial Services Committee after this. They maintain that will legislatition to provide clarity and certainty for digital assets remain necessary. The steps taken today are a significant improvement over what they call the SEC's track record of regulation by enforcement until that legislation exists. Even with these approvals aside, should we expect that regulation by enforcement to continue? Well, I haven't seen much progress on US as a regulator setting out clear rules of the road when it comes to crypto products and services, and I think that that's been a complaint that I've had, It's been a complaint that others have had. We could just as we changed our tune here, we could change our tune on that, and so I remain hopeful that we will. That said, Congress has expressed an interest in legislating in this area, and I look forward to seeing their work in this area. And they have a clear interest in figuring out which regulatory which regulators should have authority in this area, and I look forward to seeing what comes of that. There are also just questions around fraud and manipulation. The argument initially about what Chairgainstler was so concerned with about these products in the first place. Spot products specifically compared to futures. Obviously, a court has ruled that that distinction was arbitrary and capricious. But do you share any concern if people put out false information about a traditional security, a traditional company, the stock of that company can also the price can also move. So this is not unique to bitcoin or bitcoin exchange traded products. Obviously, we will continue to look at the markets and at the markets for these bitcoin exchange traded products specifically, and if there is bad activity and it's it's within the ETP marketplace, we have authority there to investigate and bring enforcement actions as needed. You're listening to Bloomberg Daybreak today, your morning brief the story's making news from Wall Street to Washington and beyond. Look for us on your podcast beet at six am Eastern each morning on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one O six one in Boston, and Bloomberg nine sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, serious XMVI iHeartRadio app, and on Bloomberg dot Com. I'm John Tucker and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) New York City and Boston are straddling the line between what could be a snowy weekend or just a lot of rainhttps://www.bloomberg.com/news/articles/2024-01-04/us-east-coast-braces-for-weekend-snow-or-rain-weather-watch from a system sweeping up the US East Coast this weekend. 2) A monthly US jobs report due Friday will probably show many industries refrained from hiring as employment gains increasingly concentrated in a handful of sectors, according to Bloomberg Economics. 3) The options market for US Treasuries was abuzz Thursday following the emergence of a large bearish wager that Friday's jobs report will trigger the biggest backup in benchmark yields in more than nine months. 4) Secretary of State Antony Blinken left for his fourth trip to the Middle East since the Oct. 7 attack on Israel, as part of US efforts to counter growing risks of a broader regional conflict. Full Transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the first major winter storm to hit the East Coast so far this season. Let's get the very latest on that with Bloomberg meteorologist Rob Carol and Rob Nathan. The weekend storm is going to be worse to the north and west of the district in Baltimore, and also north and west of New York City and north and west of Boston. The major cities are going to see some mixing with rain that that's going to hold down the accumulations. But it's the areas to the north and west that are going to do quite well where it stays all snow. Three to five inches possible north and west of the district in Baltimore, while north and west of New York City as much as five to eight inches will fall. We could see as much as five to ten inches of snow north and west of Boston during the storm. Okay, Rob, So when do you expect this wintry weather is going to end. Storm's going to wind down during the evening and overnight hours in the district in Baltimore. In New York city. It comes to an end Sunday afternoon the Boston area. I will see it ending late Sunday night early Monday morning, and we should see quite a bit of an improvement weatherwise into Monday of next week. Okay, Rob, Carolyn, thanks for that. We'll be checking back with you for more on this East coast winter storm throughout the day. Mowe now turned to the crucial jobs are poored for the month of December. Nathan It's forecast a show one hundred and seventy five thousand jobs were added a last month, and we get more from Bloomberg's Michael McKee. Wall Street goes into today's jobs report expecting strength in hiring and wages. That was not what the Fed was expecting a few months ago. The central bankers want job growth of about one hundred thousand a month and unemployment in the fours to signal an easing of labor market inflation pressures. Instead, they're likely to get a continuing conundrum, a strong labor market but falling inflation, making it hard to know the best path for interest rates. They will probably focus on the composition of jobs. Some analysts say job growth should be concentrated in low wage sectors like healthcare, assistants and restaurants, and that will be the sign the Fed wants that the economy is slowing. McKee, Bloomberg Radio. All right, Mike, thanks for the options market. It's been a buzz ahead of the jobs report. There is a large parish wager underway on yields rising to four point one five percent by the end of the day. That would mark the biggest one day rise in tenure yields since late March. It would be a further retrenchment for treasuries following last year's furious two month rally. In checking the tenure right now, it is at four point zero three percent. Well, Nathan. Rates are also in focus overseas. Traders are pairing bets on cuts from the European Central Bank. Let's go to London and get the latest from Bloomberg's Ewen pots Hore Youwen, Karen, and Nathan. It's the first time since mid December that traders are betting on fewer than six quarter point rate reductions from the ECB. At the end of last year, the market was pricing as much as one hundred and seventy four basis points of cuts. That number has now slipped blow one hundred and fifty basis points and key data this morning, shining more lights on the inflation pitcher. You're area CPI coming in at two point nine percent in the year to December. That's a higher number than the previous month as energy subsidies expire in a number of countries. In London, you and pot Splomberg Radio, all right, you and thank you. Now we turned to the latest developments in the Middle East. Secretary of State Antony Blincoln is returning to the region, his fourth trip since the October seventh attack on Israel. Bloomberg Zamie Morris reports from Washington, there is a risk the war between Israel and Hamas can spread into a broader regional conflict. This trip is part of US efforts to prevent that. Secretary Blincoln will travel to Turkey, Jordan, Cotter, the United Arab Emirates, Saudi Arabia, Egypt, and Israel. State Department spokesman Matthew Miller says they don't expect some of these conversations to be easy. We want to prevent the conflict from spreading, but part of that means that people need to stop taking strikes against our soldiers, and if they take strikes against our soldiers, we're going to do what we need to protect ourselves. Groups backed by Iran have escalated attacks across Iraq, Syria, Lebanon, and Yemen and armed forces in a rocker also warning of a quote dangerous escalation after a US right killed a senior commander in an Iran backed militia in Washington, Amy Morris, Bloomberg Radio, all right, Amy, thanks. Meanwhile, the Islamic State group has claimed responsibility for the two explosions that killed almost one hundred people in Iran. The attacks risked inflaming tensions further in the Middle East, with Iran saying it had been targeted because of its stands on Israel. Bloomberg Henry Meyer looks at the impact of the Islamic State taking responsibility for the attacks. It's significant in the sense that it reduces the risks of a more confrontation between Israel and Iran. Iran had said that the bloss with the work of people who were trying to punish it for its stance on the Israeli offensive in Gaza. And you know, obviously any suspicion of Israeli involvement could have proved extremely explosive, and Bloomberg Henry Meyer notes US officials said from the start the attacks had the hallmark of a group such as Islamic State. Back here in the US, Karen, there's more fallout over the resignation of former Harvard president Claudine Gay. The Reverend Al sharped and led a protest at Bill Ackman's Manhattan offices yesterday. The civil rights activist says the billionaire investors campaign against Gay is a blow to the diversity, equity and inclusion movement. Gay stepped down as Harvard's first black president this week in a backlash over her handling of campus antisemitism and accusations of plagiarism. Meantime, Nathan Business Insider is reporting Bill Lackman's wife, Nary Auxman, plagiarized multiple sections of her doctoral dissertation at MIT. Acman responded to the report in a post on X, writing, you know you struck a chord when they go after your wife. Time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Amy Morris. Amy, Good morning, Good morning, Karen. Residents in the small town of Perry, Iowa, held a vigil last night, hours after a gunman opened fire at the local high school, killing a sixth grader and wounding four other students in the school's principal, Andrea Meyer, is a two thousand and four alumna at the school, and she spoke at last night's vigil green rally around our survivors, our community, our teachers, our first responders, and we're going to show them what we've shown them every day for as long as I have known that we appreciate them, enjoy them, respect them, and dare I say love them. The suspect, identified as seventeen year old Dylan Butler, a student at Perry High School, also died of an apparent self inflicted gunshot wound. Classes are canceled throughout the school district for today. Florida Governor Ronda Santis and former UN Ambassador Nicky Haley held back to back CNN town halls in Iowa last night as they fight to be primary GOP presidential challenger to Donald Trump, who already has a huge lead in the polls. DeSantis called Haley a phony who is quote playing for voters who are not even core Republicans. I'm the only one that has a chance to beat Trump and win the general election. Nicki Haley can't get conservative voters. She's the darling of the never trumpers. While in New Hampshire, Nikki Haley said of the primary process, quote, Iowa starts at New Hampshire corrects it. So she responded to criticism about that comment during CNN's town hall in Iowa. We're going to continue to be here. I mean, I've told people get used to this face, and I've been here over and over again. But if I didn't love Iowa, I wouldn't keep coming to Iowa. While they did take jabs at each other, Haley and Desantas also focused their attacks on front runner Donald Trump, and next week will be a busy one for Trump. Bloomberg's Nancy Lyons reports Donald Trump has two major court hearings next week. One of them is in Washington on his claim of immunity from charges he overturned the twenty twenty election that's set for January ninth, Then two days later, planning to attend the closing arguments in Manhattan that's for the New York civil trial against him and his sprawling real estate company. Days after that, the nominating process begins with the January fifteenth Iowa CAUCUSUS. Then a day after that, a civil defamation case against Trump begins in New York in which Ejing Carroll is seeking to million dollars in damages. It's unknown if Trump will be attending that trial in Washington. Nancy lyons Bloomberg Radio Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Amy Morris, and this is Bloomberg Karen. All right, Amy, thanks soby to bring in news throughout the day right here on Bloomberg Radio. But now, as Amy said, you can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now. You can get the latest headlines right at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app Bloomberg dot Com, but also apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports update. Here's John stash Hour John Karn. What a game in San Francisco, battle of the last two NBA champions. The Warriors had an eighteen point lead on the fourth quarter on the Nuggets, and then Denver closed the game on a twenty five to four run and he won at one thirty to one twenty seven thanks to Kolo Jokins thirty four points, ten assists, nine rebounds. He hit the game tying shot and then after a Steph Curry turnover, he hit the game winner, a forty footer that he banked in at the buzzer. Milwaukee won at San Antonio won twenty five to one twenty one. This was the first time that Jannis, sent to the Compo won against the guy that many field plays like, Giannis Victor Wembinama. Yanna scored forty four points. Wem bin Yama scored twenty seven. Ricky Rubio, retiring at age thirty three, twelve years and the NBA, played for four teams, most recently Cleveland, who bought out his contract. He was a professional player in Spain at the age of fourteen. Bruins lost at home to Pittsburgh six to five. Sydney Crosby wont it for the Penguin the power play goal in the third period. The Red Sox traded Chris Sale to Atlanta. He just got a two year extension with the Braves for thirty eight million dollars, despite all the injuries he's had in recent years. Week eighteen in the NFL starts tomorrow. Nine teams have Clint playoff spots. Five spots still up for drafts. Buffalo, Jacksonville, Tampa Bay, and Green Bay are in with Week eighteen victories. The winner tomorrow night, patried Houston, and Indianapolis is in the playoffs. Pittsburgh tomorrow needs a win and then a Buffalo loss on Sunday night. John Stashwer Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Well. The first weekend of twenty twenty four is going to bring the East Coast the first major winter storm we've seen in quite a while, actually, so let's bring in Bloomberg beedrologist Rob Carolyn to help us get set for what's coming. What you're looking at, Rob, the first accumulating snow of the season for lots of us. It's taken a time for winter to get going, but it's going to get going now with Gangbusters Nathan storm coming out of the lower Mississippi River Valley is going to come up the along the East coast during the weekend, and it's going to bring us eisenble snowfall to many of the suburban locations around the major cities in the mid Atlantic and Northeast. This isn't a huge snowstorm for the District of Baltimore, for New York City or Boston because the ocean is still fairly warm water temperatures than in the forties. That influence is going to mean that we see Boston and New York City, and especially Washington and Baltimore mixing with and changing the rain at times. But once you get inland away from that influence to the ocean, there's going to be some sizeable snowfalls from say Frederick, Maryland, all the way on up through the suburbs north and west of New York City, and then well north and west of Boston. There could be some spots to get over ten inches of snow from this storm, no kidding. So, like you said, it's been a while since we've had a major winter storm along the East coast. I mean, or are we ready for this? I think we're ready. I mean we've had a lot of practice. Anybody over the age of fifteen has seen, you know, a number of snowstorms in their lifetime. But yeah, last winter, I think the deepest snow we saw in the Boston area was like three and a half inches in February. So I think the big problem is going to be pe will not used to driving in it because it's been over a year. The good news is it's falling on a Saturday night and a Sunday in many areas, so their traffic won't be as bad. We don't have school in session, so that'll be helpful. But people are definitely going to have to take some time, particularly in those areas where there's going to be that transition from a mixture of rain and snow to snow, because that snow will be heavier and wetter. Therefore it's more slippery, it's greasy. So those areas just north and west of Boston, New York City, Washington, and Baltimore really need to be careful when the precipitation's falling during Saturday afternoon through Sunday. Well, a lot of people who live along the Interstate ninety five quarriter know that that freeway is often right along the boundary between where rain and snow happens. I mean, if this system sticks around for a little bit longer than expected, could we be in for a pretty dicey Monday morning commute. I think Monday morning is going to be okay, particularly in the district in Baltimore, because it dries out Sunday afternoon, So I think the roadways are going to be okay. York City Boston different story. Those areas where they don't get a chance to clean up the slush along the I ninety five corridor. Temperatures are going to be going down Sunday night, and that's going to have the tendency allow those surfaces to refree. So it could be a little bit more dicey New York City on up in the Boston Monday than it is around the district in Baltimore since it is on the weekend. We think in good skiing, well, you know, the ski areas in northern New England and northern New York State really aren't going to see much from this storm. At all too far out to see. It'll be cold enough so they can make some snow. Where this is going to help out is the resorts in West Virginia and on up into Pennsylvania. They'll do fairly well. The Poconos are going to do great. This is going to be their best snowfall in a while, and they'll have real good conditions come Monday and Tuesday in the Poconos. But for northern New England northern New York State, I think the snowfall amounts are probably going to be under two inches. Well anyway, I guess this couldn't have come in a better time, happening on the weekend. But thanks for this, Rob. Again, that was Bloomberg meteorologist Rob Carolyn getting us ready for the first winter storm for the East Coast of twenty twenty four. Well, let's move on from watching the weather to watching the data. Investors have their eyes out for the last look at the US labor market in twenty twenty three with the December non farm payrolls report. Do out an eight thirty am Wall Street time here to get a set for those numbers. Simon French, chief economist at panmir Gordon Simon. Great to speak with you this morning. Now, the consensus on the Bloomberg terminal, it calls for more moderation, one hundred and seventy five thousand new jobs expected, a tick up for the unemployment rate to three point eight percent. What's your expectation, I think a little bit stronger. Good morning, Nathan. I think the big question for me is US labor market participation appeared to peak during the summer and come back down, but there's conflicting data points as to whether that labor supply pictures is true. And if we start a season more people coming back into the labor market, I think there's potential to still add more jobs than than that estimate. Yes, I think the big influence though for futures on interest rate expectations will be the unemployment rate rather than the number of jobs added, and that I think when you're looking at the kind of rules of thumb we sort of saw the Federal Reserve and moved to in their recent minutes, anything three point eight three point nine will start to firm expectations of the rate cutting cycle this side of the mid year. There's been a lot of talk about four percent potentially being the trigger point for the Federal Reserve to think about cutting interest rates further. Could we see an upside surprise? What's the potential for that? Well, I think four percent is being focused in on by a lot of analysts because of the Palm rule. This is the if you like, the equivalent in the labor market for what we know in the bondom market from a Yeald curb and version is a decent signal of a recession. The Psalm rule looking at er point five five percent increase on the twelve month low point for unemployment, and that would something like four percent would take you there, But you have to get there on a three month average, and we're not going to get that even if we get that print today. But what it would do is it would suggest that by February, the time of the February report, you potentially hit that farm or threshold, which could prepare the ground for rate cutting cycling Q two. So that is why I think analysts are focusing on four percent. Of course, we're going to be keeping an eye out for average hourly earnings as well. Labor force participation feeds into that as well. Where do you see wages going If we find evidence that companies are holding on to employees, or perhaps more people are coming off the sidelines. Yeah, so I think there's I think one of the failures actually of the economics profession in the last couple of years, it's been an inability to recognize that nominal pay awards take their queue from overall price inflation, and therefore I think the helpful price dynamics from gasoline prices, from overall prices coming down in the US economy or the rate of increase coming down, should ever a spillover effect into nominal wage awards. I think there's an over focus, perhaps two model driven from the way central banks model this stuff to look purely at participation in capacity rather than the signals coming from the overall price level. So I actually expect a continued moderation in nominal pay awards with the quits rate and job openings falling as well. What does that tell us, Simon about the state of the US economy. Are you still thinking that we could be in for a soft landing given where labor dynamics are right now? Nathan, I think you know I'm not a fan particularly of the soft landing hard landing descriptor, mainly because lists. Economists, they tend to define it that they see fits reverse fit their narrative. But if you're looking at a moderation of those jolt data points on quits on hires from some very very extreme levels and a moderation without overshooting, then actually that's the message we got from the Joltz data I felt, which is you are starting to hone in on more normalized levels of labor market churn, and that has to be a positive thing, whether it's a soft landing or hard landing in terms of the hard data of economic activity pass but on those metrics, it's quite encouraging. From the Federal Reserve, they've been able to engineer this. We've seen a lot of activity in the options market ahead of this report, a pretty big bet that we could see ten year yields rise more than ten basis points by the end of the day. What kind of volatility are you expecting off the back of this jobs report in the bond mar So, I think that's that would be my whether it's an hourly end of day expectation, some more medium term view from my perspective is the bomb mark has got over excited by the pace of potential rate cups. In my view, I think pricing in five to six for the year when it's unlikely the first pirmacy you're going to have enough data to start cutting before the middle towards the back end of Q two, that becomes a really difficult thing to do with only four better reserve meetings in the second half of the year. So I think that expectation that you allude to of slightly firming yield is consistent with perhaps a reassessment of quite how aggressive the FED can be in the data have in front of them. Got about a minute left here, Simon. Not only is the FED going to be focused on the labor market, but we've got inflation data, more inflation data coming out next week as well. Well. What's your expectation on where we could see consumer prices headed. Well, a lot of the base effects that have been driving US inflation lower over the last twelve months, and this is simply some very exceptional numbers leaving leaving the annual comparison. That does mean we're in for a period where the data is going to bounce around in a sort of stubborn stubborn range around three percent. And the question, I guess the Federal Reserve need to ask themselves not all just based on the data, but their understanding of how price setting is going on at district level as well. Is the degree to which that can over an eighteen month two year of you moderate back towards two percent of their central forecast suggest But actually the real economy is not necessarily showing those signs. So I think we're in for a period where month to month will dot around very uncomfortably higher levels than the two percent targets, and is consistently all be seeing in terms of commodity imple prices shipping rates providing less of a down with base effect push than the single last one month. This is Bloomberg day Break Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus. 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On today's podcast: 1) The Palestinian Authority is working with US officials on a plan to run Gaza after the ongoing war is over, with one of its top leaders arguing that Israel's aim to fully defeat Hamas is unrealistic and the militant group should instead join it under a new governing structure. 2) President Joe Biden's son Hunter was indicted on nine federal tax charges in a development that will become a political headache for the White House and Democrats as the 2024 campaign ramps up. 3) Treasury yields rose as traders pared expectations for the Federal Reserve to ease monetary policy aggressively next year after a better-than-forecast jobs report. Full Transcript: Good morning. I'm Nathan Hager and I'm Amy Morris. Here are the stories we're following today. This morning, we are learning the Palestinian authority is working with the US on a plan to run Gaza after the fighting ends. Palestinian Prime Minister Mohammad stay I spoke with Bloomberg News. He says his preferred outcome would be to include Hamas as a junior partner in a post war administration, if they are ready to come to ground, to an agreement and really accept the political platform of the PLO, accept the tools of struggle because this is an important point of difference between us and them, and then there will be a room for talk. Otherwise it's just simply things will continue to be the same. Prime Minister Mohammad Staya also tells Bloomberg he does not believe Hamas can be eradicated by Israel. His comments are at odds with the stated aim of Israel's military campaign to wipe out the militant group following the deadly October seventh terrorist attack. The war in Gaza so far has killed more than sixteen thousand Palestinians. That's according to the Hamas run Health Ministry. Now the major legal news breaking overnight in the US that could be a new political headache for President Biden. The president's son Hunter has been indicted on nine new federal tax charges in Los Angeles. That's on top of the federal gun charges he's facing in Delaware. We get more from Bloomberg's David Voriakis. It expands on an earlier agreement in which he would have pleaded guilty in federal court in Delaware and in July and avoided prison. Under this indictment, he could theoretically be sentenced to as much as seventeen years in prison. What government alleges is, I will quote, the defendants spent this money on drugs, escorts and girlfriends, luxury hotels and rental properties, exotic cars, clothing, and other items of a personal nature. In short, everything by his taxi. Bloomberg's David Voriaki says. These new charges come as House Republicans plan to vote next week on formalizing their impeachment inquiry into President. By this latest indictment against Hunter, Biden does not offer evidence that the President benefited from or was involved in his son's activities. Also in the twenty twenty four election, Amy Republican Ron DeSantis's campaign is dealing with more disappointing news, as Bloomberg said, Baxter reports a fundraising event for the Florida governor tend to be canceled. About three thousand donors were invited to a Never Back Down super Pack lunch and to be held before this week's debate. A ten thousand dollars contribution would have given donors access to the lunch where Casey Dessentis was scheduled to speak, as well as a ticket to the debate itself, and an invite to a post debate celebration with a governor. Well, just a couple of days prior to the date, Never Back Down decided to cancel. Scott Wagner, who leads the pack, cited lack of interest. In November, a similar event raised one million dollar dollar, aed Baxter, Bloomberg Radio Right, Thank You ed Elsewhere in politics, more fallout for those IVY League presidents who struggled to denounce campus anti semitism on Capitol Hill this week. The presidents of Harvard and the University of Pennsylvania have issued statements clarifying their positions, but now investment manager Ross Stevens has withdrawn a one hundred million dollar donation that he had planned to give to Pen. Those details from Bloomberg's Charlie Pellett. Stevens is co founder of stone Ridge Asset Management, and he had pledged a stake in the firm to the Ivy League University to fund the Stevens Center for Innovation in Finance. According to a letter to university officials, Lawyers representing the firm said the school had violated anti discrimination and anti harassment policies it had accepted in order to become an investor in New York. Charlie Pellett Bloomberg Radio. Okay, Charlie, thank you. Turning to markets, Investors are waiting for a critical data point this morning, the November jobs report, coming ahead of next week's FED meeting, their last of twenty twenty three. Let's get a preview from Bloomberg's Michael McKee. We should be seeing signs of a slowing economy in the labor market, but economists say not just yet. The consensus forecast is November saw the pace of hiring pick up, while unemployment was unchanged. About thirty thousand jobs won't be new, they will just reflect the return of autoworkers to pay rolls after the UAW strike, but hiring in healthcare, leisure and hospitality and government should keep healthy numbers Beyond manufacturing, markets are pricing a lower than anticipated number. However, so strength could lead to higher rates as investors worry the FED may not yet be done with rate hikes. Michael McKee, Bloomberg Radio, Mike, thank you. Turning overseas, the Japanese yen has surged over the past day. Traders betting the Bank of Japan will scrap the world's last negative interest rate regime sooner than previously thought the advance and Japanese stocks and bonds lower. At one point, the en jumped almost four percent against dollar. Checking Japanese currency right now the end at one forty four to twenty three against the dollar and elsewhere in Asia, Amy top communist leaders in China are promising to strengthen fiscal policy and boost demand while implementing a flexible and targeted monetary policy. China's state run news agency reports officials dropped the word forceful, which was included in previous policy. This came at a meeting chaired by Chinese President Shi Jinping and in corporate news. Back here in the US, the shakeup continues at Spotify. Chief financial officer Paul Vogel is departing after we'd already heard Spotify's head of marketing is heading for the exits. The streaming company announced widespread layoffs earlier this week, totally about fifteen hundred jobs. And now we'll joining us with a look at some of those other stories making news around the world. We bring in Bloomberg's Michael Barr Good Friday morning. Michael, Good morning to you. Nathan. Gunfire outside of Jewish synagogue and upstate New York. It's being investigated as a possible hate crime. Police said shots were fired outside Temple Israel in Albany just hours before the start of Honkkah. The synagogue's preschool was in session and put on lockdown. Nobody was hurt. Very angry and frustrated. Governor Kathy Hochel spoke out last night about the incident. Any act of anti Semitism is unacceptable and undermine the public safety at our synagogue. The first night of Hanukah is even more deplorable. Authorities took a twenty eight year old man in custody for allegedly firing two rounds from a shotgun. Meanwhile, the National Manora on the ellipse by the White House was also lit last night. Since the October seventh start of the Israel Hamas War, law enforcement agencies have warned of a spike in anti Semitic and Islamophobic crimes in the US. Police said gunman who killed three faculty members at the University of Nevada, Las Vegas was an unemployed professor who stuffed his waistband with ammunition before beginning the attack. Authority say sixty seven year old Anthony Polito brought a list of targets, although those shot weren't on that list. Sheriff Kevin mcmahill with the Las Vegas Metropolitan Police Polino was armed with the Taurus nine millimeter handgun. He had brought eleven magazines to the scene with him. Nine loaded magazines were found on his person after the shooting. Polito died in a shootout with police Wednesday, minutes after opening fire inside of building housing a business school. A fourth victim of visiting professor is hospitalized with life threatening injuries. The White House says it is troubled by the Senate's failure to move forward on a supplemental budget request. White House National Security Council spokesman John Kirby says time he is running out to provide more a to Ukraine in its fight against Russia. We've got a few more weeks here and then we're out of Schlitz when it comes to help in Ukraine with this kind of securities systems, so that we've been able to provide, and that's just that that should be unacceptable to everybody, Admiral Kirby says. The emergency request, which also includes funding for Israel and US border securities, being held up by a small number of Republicans demanding what President Biden describes as extreme border policies. Global news twenty four hours a day and whenever you want it with the Bloomberg News Now, I'm Michael Barr, and this is Bloomberg Gaming and Mike, we can get much more Bloomberg News right on your dashboard. The new Bloomberg Business app features Apple Car Play, Android Auto. Get all the offerings that we have on Bloomberg right in your car. Download the Bloomberg Business App from the Apple App Store or Google Plays. Presented by our sponsor Interactive Brokers, time now for the Bloomberg Sports Update, brought to you by Tri State OUTI. Good morning, John stash Hour, Good morning Nathan. When golfers began to leave the PGA Tour for the new Live Tour, John Rahm was outspoken against the idea. He said he doesn't play golf for the money, but for the love of the game. Rom just joined the Live Tour for a deal. It'll get him north of three hundred million dollars. He's ranked third in the world. The reigning Masters champ upset of the AFC Patriots was just their third win of the season, first in six weeks. They built up a twenty one to three lead midway through the second quarter went on to win in Pittsburgh twenty one to eighteen Bailey's zappy through three touchdown passes. It'll be the Pacers and Lakers tomorrow night in Las Vegas Championship game of the NBA's inaugural in season tournament. Indiana beat Milwaukee and the Lakers blew out New Orleans Islanders a seven three home win over Columbus. Devil's won two to one at Seattle. Aaron Judge was on ABC asked his reaction to the acquisition of his new teammate, Juan Soda. I'm excited. I'm excited. You know. It's he's a generational talent. You know. We gave up quite a few, you know, special pitchers in the package. But I think everybody, everybody in Pinchrofts is looking forward to having won Sodo Grissom, you know, for do all those guys, you know, and so it's going to be a fun year. GM Brian Cashman said the Yankees are in it to win it. He says signing having Soto on the team this season could help their chances of signing them to a long term deal. He's due to be a free agent. Cashman on Monday will be in California to meet with Japanese free agent picture Yashinobu Yamamoto, and the Mets also want to sign him. The Orioles have been owned by the Angelos family since nineteen ninety three of Bloomberg report that they could be for sale and in talks with billionaire and Baltimore native David rubenstaff doms dash Ellen. Bloomberg sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Sirisxam, the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. What comes the day after Israel's war with Hamas. The Palestinian authority says it is working with the US on a plan to run the Gaza strip after the fighting ends. One of its top leaders argues Israel's aim to fully defeat the Palestinian militant group Hamas is unrealistic. Palestinian Prime Minister Mohammad Staya says his preferred outcome would be for Hamas to become a junior partner under the Palestine Liberation Organization, helping to build a new independent state that includes the West Bank, Gaza, and East Jerusalem. Mohammed Staya spoke with Bloomberg's Ethan Branner from his office in the West Bank. Gaza is an integral part of the state of Banistlin right, and the Balestinian territory includes Gaza, West Bank and Jerusalem. So when we talk about two states, the geography of the two states is Gaza, Jerusalem and the West Bank. So this integral part of the Balistina territory should always be there is there a fear of going in after this operation by Israel that you're sort of following in on their tanks. We start a concern. We said that we are not going to go there on and Israelian militia what does it mean. It means that for us there has to be an arrangement. Our people are there and we need to put together structure and we need to put together a mechanism. This is something that we are working on with the international community in order for us to make it possible. There were there will be huge needs in terms of relief, reconstruction, to remedy the wounds, and are you ready to take that on? Not by ourselves, I mean, obviously we need international assistance, but this is your plan, your planners that the PA would when this thing ends, be the kind of vehicle for rebuilding Gaza by all means. Look, when Israel encouraged into Gaza in twenty fourteen, who did all the reconstruction, and we were still reconstructing Gaza. Most of the most of aspects of infrastructure has been actually built by the Palatina Authority, and even before the war, I should tell you that there were there under implementation a total value of eight hundred million dollars of infrastructure projects, that is and that has been under implementation by US roads, hospitals, water networks, electricity, desalination plants and so on. So we, as I told you, we never abandoned Gaza. We never left Gaza. So now any day after it should also include a package of assistance with the full engagement of the international community, because ourselves we cannot do it. A lot. The relationship between the PA and Hammas is very complicated. It's been there was after all, civil war, as you said in two thousand and seven. But the Israeli say they want to eradicate Hamas. Is that a goal that is achievable? Can you do it? First of all, you know, we tried four times or more to come to an agreement with Hamas, but it didn't work and correct and we signed four agreements. Unfortunately none of them was ever implemented by them by them, and recently we have had a dialogue in Egypt and an almen and we agreed on certain issues, we did disagree on a number of issues, and we did form a committee to keep them engaged. That was the idea, but unfortunately all these sort of things has happened, and then now things are going in a totally different direction. Now. For Israel to say that they are going to eradicate or eliminate Hamas, I don't think that's a possible goal to achieve simply because Hamas is not in Gaza only Hamas is in Libanon. Hamas in leadership, everybody knows in Kata, and they're here in the Wost Bank and so on and so forth. So what is needed really is a situation in which that Palestinian unity should be be allowed to function on very clear the bonds and agenda. We did put together certain bonds for Hamas to accept, they never accept it, including the recognition of international legitimacy, United National Resolutions, be a LO commitments and so on and so forth. We even invited Hamas to become part of the Ballistini and Balistan Liberation organ They never wanted to. Hamas wanted to take things their own way, either their way or the highway. And it seems that we are on the highway. So that is where the situation is now. As I said, whether Israel will be able to achieve what they are claiming to do, I doubt that. But on the other hand, in no way to say that you are in favor of what's happening. The suppression of Hamas ultimately needs to happen in some way if they're not going to come into the pl of if they're not going to foreswear their armed struggle and join in some international see what needs to happen with Hamas. What can you see happening? Well, I think Hamas before October seven is one thing, and Hamas after is a very good point. And so and therefore, I think if they are ready to come to ground, to an agreement and really accept the political platform of the blow, accept the tools of struggle, because this is an important point of difference between us and them, and then there will be a room for talk. Otherwise it's just simply things will continue to be the same. And even Palestinians should not be divided. We have been divided. Unfortunately, Hamas took over Gaza by force in two thousand and seven, and this should not have lasted for seventeen years. And that was the Prime Minister of the Palestinian Authority, Mohammed Staya, speaking with Bloomberg's Israel Bureau chief Ethan Bronner from his offices in the West Bank, and Ethan is here with us now from Tel Aviv. Much of that conversation, much of what we heard there from the Palestinian Prime Minister Ethan sounds so aspirational at this point in the war. What's it going to take to get those aspirations to become reality the day after? Well, hello, Nathan, I would say that it's going to take something superhuman. There is an incredible amount of bad things ahead. First, it's hard to imagine. I mean, there are several points here. One is that many people argue that when there is a massive catastrophe, it can become an opportunity. That terrible wars do lead to opportunities of rebuilding, and that is essentially what Prime Minister's style was trying to say. He's also repeating the Palestinie Authority on the Palestine Liberation Organization's main contentions of recent years about what needs to happen and why it hasn't happened, And one can understand that. I think the problem is that the Israelis are in complete disagreement. At least this Israeli government under Prime Minister Nitanya, who considers Staya and President Abbas to be unreliable partners. They do not want to see They do not imagine that Hamas could be reformed and come in. They want it destroyed. And also the idea that Hamas after October seventh and after this war will be more modern and more reformed, you know, in some ways as counterintuitive. In some ways, what happened on October seventh has been a revival for those who in the Palestine community who believe in armed struggle and who believe in confronting is remlitarily. So, you know, it's a lot of pie in the sky for a lot of people. But so is the Israeli perspective, which is that we're going to destroy Amas and start over with the technocratic leadership that's going to remind us of the UAE. So we have two very contradictory sets of goals and plans, and the US kind of lending a little bit of support to each side, and we'll see where this goes. Yeah, it points to the idea of mediation when you have this kind of massive gap, and this idea that the Palestinian Prime Minister said to you in this interview that the US is working with them on trying to bridge this divide. How invested do you see the US right now and the counteries, even with some of the hostage negotiations that have happened in recent weeks, What is the role of mediation with this kind of massive gap between the Palestinians and the Israelis. Well, let's leave the hostage negotiation and the countries on one side, because that's an immediate need with people whose lives are at stake at this moment, and that's been going on quite intensely. We can talk about it if you like later in terms of a mediation for the day after the war and what's going to be the future of some kind of state of Palestine and what's going to happen in the Holy Land. I mean, there's been mediation from day one, and it has not especially succeeded. You know. I think it's true that right this moment that Palestinian authority and the Israeli government are not in a position to sit down across the table and talk to one another. They have nothing but to contempt for one another, and so some outside help is needed. Now. I think the question is, you know, how much investment is an American government interested in putting in. It's not an easy task. It's not the only thing President Biden has on his agenda, and not just not just internationally but domestically. It's got an election coming up in a year, so it's a little hard to mention. What the United States has done has put together half a dozen people between State, NSC and White House who are talking to the Palestinian authority and the Israelis about this stuff. It's kind of an attempt to lay out a plan so that the day after doesn't come and we got nothing to talk about. We haven't planned anything, but it's a little bit of an act of academic theoretical work, because we don't know when this war will end, or how it will end, or what Gaza will look like. The Prime Minister also talked about Hamasa's presence outside Gaza and the West Bank, Lebanon and elsewhere. Is that a hint that this war could expand beyond Gaza? So I don't think that was his aim, but you're right that it could. I mean, we have his Belah bearing down from the north and from Lebanon on Israel, and there's always that enormous concern. The reason that the United States has sent to battle ship carriers with aircraft carriers to the Mediterranean to send a message to his belah. But I think also the point he was trying to make is that you know, even if you kill everybody who works for Hamas in Gaza, you still have leaders in Katar and in Beirut, so you know, and that it's some from within the fabric of Palestinian society, so that this is an unrealistic goal. He says. This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus listen coast to coast on the Bloomberg business app, SERRIUSXM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Amy Morris. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
Minneapolis Fed President Neel Kashkari says, “ultimately the economy will tell us how much is needed” to get inflation back to the 2%. He discusses market expectations for rate cuts, the strength of the US economy and more in a roundtable discussion with hosts Michael McKee, Jonathan Ferro and Lisa Abramowicz.See omnystudio.com/listener for privacy information.
Federal Reserve Bank of Atlanta President Raphael Bostic says policymakers have time to watch how the economy is evolving and be patient when it comes to interest-rate moves. He projects rates will stay high into the second half of next year. Bostic spoke with Bloomberg Economics editor Michael McKee.See omnystudio.com/listener for privacy information.
On this edition of Wall Street Week, Rebecca Patterson, Former Bridgewater Chief Investment Strategist tells us why many people might be coming to terms with higher-for-longer rates. Purnima Puri, HPS Head of Liquid Credit, says not all private credit is alike. Michael McKee, Bloomberg International Economics and Policy Correspondent takes us through the history of government shutdowns and the knock-on effects. Zanny Minton Beddoes, The Economist Editor-in-Chief describes the threat of unions trying to stop technological change and Ruchir Sharma, Rockefeller International Chairman shares why the effects of fiscal stimulus has lasted longer than expected and the consequences as it comes to an end. See omnystudio.com/listener for privacy information.
On Thursday, Thursday, Sept 21, United Tenants of Albany celebrated its 50th anniversary. For their work on behalf of tenants, UTA honored the Bleecker Tenants Association, attorney Adriel Colon-Casiano, and longtime statewide tenant rights activist Michael McKee. Canyon Ryan, UTA's Executive Director, talks with Mark Dunlea for Hudson Mohawk Magazine. He also discusses several proposals pending before the Albany City Council to penalize homeless individuals.
Former Federal Reserve Bank of St Louis President/CEO Jim Bullard speaks with Bloomberg's Michael McKee on the Fed's policy decision yesterday and state of the US economy See omnystudio.com/listener for privacy information.
Michael McKee, international economics and policy correspondent with Bloomberg News, and Alyce Andres, US interest rates and FX reporter with Bloomberg News, join to break down the jobs numbers and slew of economic data from this week, and what it all means for the Fed. Ben Emons, Head of Fixed Income at NewEdge Wealth, joins to talk about how markets are responding to the latest jobs report and outlook for investors. Julia Pollak, Chief US Economist at ZipRecruiter, joins to talk about the August jobs report. Tom Gimbel, CEO at LaSalle Network, joins to talk about hiring and jobs day. Jennifer Rie, Senior Litigation Analyst: Antitrust with Bloomberg Intelligence, joins to talk about the FTC's settlement on the Amgen-Horizon deal. Eddie van der Walt, with Bloomberg News, joins to break down the US economy post-jobs numbers, China supporting its economy, and potential European stagflation. Hosted by Jess Menton, John Tucker, and Simone Foxman.See omnystudio.com/listener for privacy information.
On Friday, Federal Reserve Chair Jerome Powell gave his much-anticipated speech at the Kansas City Fed Monetary Policy Symposium in Jackson Hole, Wyoming. While many were expecting some kind of academic or theoretical discussion, the text was straightforwardly about the current path of monetary policy. So what did we learn? What actually happens at Jackson Hole? And how did this year's event fit in with prior years? On this episode, we turn to two of our colleagues, Bloomberg Surveillance co-host Tom Keene as well as Michael McKee, international economics and policy correspondent for Bloomberg Television. We discuss the speech, the whole event, and how 2023 compares and contrasts with previous editions of the event.See omnystudio.com/listener for privacy information.
On Friday, Federal Reserve Chair Jerome Powell gave his much-anticipated speech at the Kansas City Fed Monetary Policy Symposium in Jackson Hole, Wyoming. While many were expecting some kind of academic or theoretical discussion, the text was straightforwardly about the current path of monetary policy. So what did we learn? What actually happens at Jackson Hole? And how did this year's event fit in with prior years? On this bonus episode, Odd Lots turn to Bloomberg Surveillance co-host Tom Keene and Michael McKee, Bloomberg News International Economics and Policy Correspondent.See omnystudio.com/listener for privacy information.
Federal Reserve Bank of Cleveland President Loretta Mester said under-tightening interest rates would be “a worse mistake” than raising them too much. She speaks with Bloomberg's Michael McKee. See omnystudio.com/listener for privacy information.
Federal Reserve Bank of Philadelphia President Patrick Harker signaled he favored holding interest rates at current levels to allow the effects of cumulative tightening to work through the system. He speaks with Bloomberg's Jon Ferro, Michael McKee and Lisa AbramowiczSee omnystudio.com/listener for privacy information.
Liz McCormick, Chief Correspondent of Global Macro Markets with Bloomberg News, and Michael McKee, International Economics and Policy correspondent with Bloomberg News, join to preview the Fed and central bank activity around the globe as well as a potential credit crunch. Dan Ives, Senior Equity Analyst with WedBush Securities, joins to discuss big tech earnings and what we learned from Tesla last week. Brooke Sutherland, Bloomberg Opinion columnist covering industrials, joins to preview 3M and GE earnings as well as stock performance, a manufacturing recession, and outlook for industrials in the US and supply-related issues amid tensions with China. Ann Miletti, Allspring Global Investment's head of active equity, joins to talk about markets and investing strategies. Lindsay Dutch, REITs and Consumer Hardlines Analyst with Bloomberg Intelligence, joins to discuss the Barbie movie hit and how it's supposed to affect Mattel's stock, as well as Mattel stock moves ahead of their 2Q earnings report this week. Mark Gurman, Chief Correspondent – Tech and Apple with Bloomberg News, joins the program to discuss Apple aiming to keep iPhone shipments steady in 2023 and other Apple and tech stories. Hosted by Paul Sweeney and Madison Mills.See omnystudio.com/listener for privacy information.
Michael McKee, International Economics & Policy Correspondent with Bloomberg News, joins us to discuss what we can expect from the Fed next week and whether it will be the last hike of its historic tightening cycle. Wendy Schiller, professor at Brown University, joins us in studio to discuss the outlook for the 2024 presidential race. Cathy Seifert, director of research at CFRA, joins us to discuss Blackstone and BlackRock earnings. Gina Bolvin, President at Bolvin Wealth Management, returns after her January call in which she said the S&P would finish the year +15%, saying it would take all year to get there. She gives her latest market outlook. Evangelos Momios, Equity Analyst with Bloomberg Intelligence, joins us to break down credit card earnings from Capital One, Discover, and American Express. Josh Aviv, CEO at SparkCharge, discusses the competition for electric vehicle charging stations amid Tesla's deal with GM and overall outlook for the market. Hosted by Madison Mills and Simone Foxman.See omnystudio.com/listener for privacy information.
Today we are joined by Bishop Michael McKee! Bishop McKee is the dean of SMU's Perkins School of Theology. He has served as episcopal leader of the North Texas Annual Conference since his election by the South Central Jurisdiction in 2012, and he retired from that position on January 1, 2023. We catch up with Bishop McKee and his involvement at the Texas Annual Conference and about his hopes for the future of The United Methodist Church.
Ira Jersey, Chief US Interest Rate Strategist with Bloomberg Intelligence, and Anna Wong, Chief US Economist with Bloomberg Economics, join the show to discuss the debt ceiling. Michael McKee also joins the discussion. Phillip Colmar, Managing Partner and Global Strategist at MRB Partners, joins the program to talk about investments he likes and outlook for the markets. Liz McCormick, Chief Correspondent: Macro Markets with Bloomberg News, joins to discuss her Big Take story and the debt ceiling. Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group, joins to break down the week in retail, earnings and company picks, and outlook for consumers. Beth Gerstein, CEO at Brilliant Earth (NASDAQ: BRLT), joins to discuss the wedding industry, diamond prices, and outlook for engagement/wedding season and consumer strength. Hosted by Kriti Gupta and Madison Mills.See omnystudio.com/listener for privacy information.
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