Hurricane Milton Hits Florida; Biden on Israel's Looming Retaliation

Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan 0:00:10.880 --> 0:00:13.840 Hager and I'm Karen Moscow. Here are the stories we're 0:00:13.880 --> 0:00:14.640 following today. 0:00:14.840 --> 0:00:17.840 Karen, we begin with the latest on Hurricane Milton, which 0:00:17.880 --> 0:00:22.280 plowed into Florida's west coast overnight. Is a Category three storm. 0:00:22.400 --> 0:00:25.759 Let's get the very latest track now with Bloomberg meteorologist 0:00:25.880 --> 0:00:26.480 Rob Carolyn. 0:00:26.560 --> 0:00:29.240 Good morning, Rob, Good morning Nathan. The good news is 0:00:29.360 --> 0:00:33.040 hurricane and Milton is moving off shorts now located about 0:00:33.080 --> 0:00:36.000 ten miles northeast of Cape Canaveral, moving off towards the 0:00:36.040 --> 0:00:39.160 northeast at about eighteen miles an hour. It's now category 0:00:39.200 --> 0:00:42.159 one hurricane. Winds are eighty five miles an hour. Recently, 0:00:42.240 --> 0:00:44.640 Marine land on the east coast of Florida reported sustained 0:00:44.680 --> 0:00:47.040 winds of seventy five miles an hour, gusting to eighty 0:00:47.080 --> 0:00:49.720 three miles an hour. All of the warnings on the 0:00:49.720 --> 0:00:52.600 west coast of Florida for tropical storms have been discontinued, 0:00:52.640 --> 0:00:55.520 as has the hurricane warning in West Florida. South Florida. 0:00:55.600 --> 0:00:58.279 We've seen all the warnings discontinued. Big problem now this 0:00:58.320 --> 0:01:00.520 morning is going to be wins on the East Coast 0:01:00.520 --> 0:01:02.840 from Vua Beach to the Georgia Porter and a storm 0:01:02.840 --> 0:01:04.360 search of three to six feet. 0:01:04.640 --> 0:01:06.920 So now that it is moving off shore, Rob, should 0:01:06.920 --> 0:01:10.160 we expect relatively quick improvement to the weather in Florida. 0:01:10.600 --> 0:01:13.119 Especially across the West Florida This morning, Nathan, the winds 0:01:13.160 --> 0:01:15.240 there have diminished quite a bit. The big problem now 0:01:15.319 --> 0:01:18.200 is many areas had over ten inches of rainfall from 0:01:18.200 --> 0:01:21.720 Milton overnight, so we've got residual freshwater flooding issues this 0:01:21.760 --> 0:01:23.240 morning in western central Florida. 0:01:23.600 --> 0:01:24.440 Okay, Rob, thank you. 0:01:24.480 --> 0:01:26.600 We're going to be checking back with Bloomberg Media religist 0:01:26.720 --> 0:01:29.160 Rob Carolyn on Milton throughout the morning. 0:01:29.640 --> 0:01:32.039 Well, Nathan, mis storm has knocked out power to more 0:01:32.080 --> 0:01:35.520 than three million homes and businesses in Florida. It also 0:01:35.600 --> 0:01:39.160 shredded the roof of Tropicana Field in Saint Petersburg, the 0:01:39.200 --> 0:01:42.400 home of Major League Baseball team Tampa Bay Rays. Florida 0:01:42.440 --> 0:01:45.679 Governor Ronda Santis is urging residents to be cautious. 0:01:45.600 --> 0:01:49.000 Stay inside and stay off the roads. Floodwaters and rushing 0:01:49.040 --> 0:01:52.360 storm surge are very dangerous, and I would say that's 0:01:52.440 --> 0:01:55.280 even more so in spite of everything the state did 0:01:55.280 --> 0:01:57.920 to help these local communities hit by Helene remove a 0:01:57.920 --> 0:01:58.680 lot of debris. 0:01:59.040 --> 0:02:02.360 And Florida Governor and DeSantis was speaking last night before 0:02:02.400 --> 0:02:06.440 the storm made a landfall. Andankey Research estimated Milton could 0:02:06.440 --> 0:02:09.640 cause damages and losses and arrange from sixty billion to 0:02:09.800 --> 0:02:11.760 seventy five billion dollars. 0:02:11.560 --> 0:02:14.400 And Karen, former President Donald Trump had the storm victims 0:02:14.400 --> 0:02:16.840 in mind as he returned to the campaign trail last 0:02:16.919 --> 0:02:18.040 night in Pennsylvania. 0:02:18.600 --> 0:02:19.919 We just pray for everybody. 0:02:20.040 --> 0:02:21.720 We want them all to be good, and we're going 0:02:21.760 --> 0:02:23.760 to be there, hopefully soon, and we're going to help 0:02:23.840 --> 0:02:26.360 them rebuild and get it all back together. 0:02:26.000 --> 0:02:28.799 And we hope that God will. 0:02:28.720 --> 0:02:29.720 Keep them safe. 0:02:29.880 --> 0:02:32.880 And the former president has overseas Americans in mind. And 0:02:32.960 --> 0:02:35.960 his latest tax proposal, Trump says he wants to eliminate 0:02:36.040 --> 0:02:39.480 income taxes on Americans who live abroad. The move could 0:02:39.480 --> 0:02:43.000 cut irs paperwork in potentially tax bills for roughly nine 0:02:43.080 --> 0:02:45.560 million Americans who live in other countries. Those who earn 0:02:45.639 --> 0:02:48.160 up to one hundred and twenty six five hundred dollars 0:02:48.240 --> 0:02:50.799 don't have to pay US taxes, so the move could 0:02:50.840 --> 0:02:53.600 allow wealthy Americans to move to low tax countries and 0:02:53.680 --> 0:02:55.600 avoid many obligations well. 0:02:55.680 --> 0:02:59.440 Nathan Donald, Trump's opponent. Vice President Kamala Harris also spoke 0:02:59.480 --> 0:03:02.600 about the hurricane, joining a briefing at the White House yesterday, 0:03:02.760 --> 0:03:05.480 saying people should listen to local officials. 0:03:05.840 --> 0:03:08.080 Many of you, I know are tough, and you've ridden 0:03:08.080 --> 0:03:11.040 out these hurricanes before. This one's going to be different, 0:03:11.800 --> 0:03:15.120 and so we ask you that by every measure, understand 0:03:15.160 --> 0:03:19.240 it's going to be more dangerous, more deadly, and more catastrophic. 0:03:19.760 --> 0:03:22.760 Vice President Harris added that the Biden administration is sending 0:03:22.800 --> 0:03:25.560 thousands of federal officials to Florida to help in any 0:03:25.600 --> 0:03:26.160 way they. 0:03:26.040 --> 0:03:29.320 Can, and Karen before Hurricane Milton Madland fall. Vice President 0:03:29.400 --> 0:03:32.680 Harris joined President Biden on his first call in weeks 0:03:32.720 --> 0:03:36.600 with Israeli Prime Minister Benjamin Netanyahu. They're trying to temper 0:03:36.640 --> 0:03:40.200 Israel's response to last week's missile attack from Iran. Bloomberg's 0:03:40.240 --> 0:03:42.000 Dan Williams has more from Jerusalem. 0:03:42.240 --> 0:03:47.040 Israel is intent on retaliating for Iran's ballistic missile attack 0:03:47.080 --> 0:03:50.240 on it last week. The Americans have openly said that 0:03:50.280 --> 0:03:52.480 they would be in support of some kind of retaliation, 0:03:52.840 --> 0:03:57.520 although they've expressed misgivings about certain types of retaliation. Specifically, 0:03:58.160 --> 0:04:03.720 we hear retaliation aainst Iran's nuclear facilities or oil sector. 0:04:03.880 --> 0:04:06.720 Bloomberg's Dan Williams reports the White House is urging Israel 0:04:06.800 --> 0:04:10.040 to limit its retaliation to military targets and impose new 0:04:10.080 --> 0:04:13.680 economic sanctions on Iran rather than going after sites that 0:04:13.800 --> 0:04:15.360 could disrupt the global economy. 0:04:15.800 --> 0:04:18.360 Well. Turning to the markets now, Nathan and futures are 0:04:18.440 --> 0:04:20.320 lower this morning, a day after the S and P 0:04:20.440 --> 0:04:23.120 five hundred notched its forty fourth record of the year, 0:04:23.560 --> 0:04:26.159 and ahead of this morning's key report on inflation. The 0:04:26.160 --> 0:04:28.919 consumer price index is forecast to rise at tenth of 0:04:28.960 --> 0:04:31.520 upper sent with the core up two tenths begin more 0:04:31.520 --> 0:04:33.040 with Bloomberg's Michael McKee. 0:04:33.279 --> 0:04:36.839 Economists and investors expect no surprises from the latest report 0:04:36.839 --> 0:04:40.960 on consumer prices. Headline and core inflation once again rising 0:04:41.040 --> 0:04:43.440 a tenth of a percentage point more slowly than the 0:04:43.480 --> 0:04:46.800 prior month. While that brings the annual headline rate down 0:04:46.880 --> 0:04:50.240 even closer to the Fed's two percent target, core inflation 0:04:50.440 --> 0:04:53.599 will remain above three percent. The Fed is getting there, 0:04:53.680 --> 0:04:56.280 but very slowly. Think of the report as something of 0:04:56.320 --> 0:05:00.120 a permission slip as long as inflation keeps falling. The 0:05:00.160 --> 0:05:03.719 FED has permission to move interest rates based on employment data. 0:05:04.160 --> 0:05:05.599 Michael McKee Bloomberg Radio. 0:05:05.800 --> 0:05:07.839 Okay, Mike, thank you, and as we await that report. 0:05:07.839 --> 0:05:10.599 A former FED official is speaking out about the economy 0:05:10.640 --> 0:05:13.920 and the future of monetary policy. Former Kansas City Fed 0:05:13.960 --> 0:05:17.720 President Esther George says the central Bank faces a delicate 0:05:17.800 --> 0:05:18.600 balancing act. 0:05:19.080 --> 0:05:22.159 I've always been among those that believe this last mile 0:05:22.440 --> 0:05:25.200 can be the most difficult, because now you're trying to 0:05:25.240 --> 0:05:28.520 get from something in the neighborhood of three percent inflation 0:05:28.720 --> 0:05:31.839 to two and over what period of time can you 0:05:31.960 --> 0:05:34.800 do that and still ensure that the public believes you 0:05:34.839 --> 0:05:38.320 will get back there, that those inflation expectations stay anchored. 0:05:38.760 --> 0:05:42.000 So I remain pretty focused on where we are with 0:05:42.120 --> 0:05:43.680 the current inflation dynamics. 0:05:43.880 --> 0:05:47.480 Former Kansas City Fed President Esther George spoke with Bloomberg yesterday. 0:05:47.520 --> 0:05:50.400 The minutes from the FED September meeting show Chair j 0:05:50.600 --> 0:05:53.599 Powell is unlikely to get support for another big interest 0:05:53.680 --> 0:05:56.800 rate cut as long as the labor market holds up well. 0:05:56.880 --> 0:05:59.600 Nathan in company news this morning, Eli Lilly is ramping 0:05:59.680 --> 0:06:03.159 up its legal campaign against companies that were temporarily allowed 0:06:03.160 --> 0:06:06.080 to make and sell copycat versions of its blockbuster weight 0:06:06.080 --> 0:06:09.359 loss drugs. The drug maker is sending hundreds of cease 0:06:09.400 --> 0:06:13.560 and assist letters to telehealth companies, pharmacies, and medical spas, 0:06:13.600 --> 0:06:17.160 demanding that they stop making, selling, and promoting products that 0:06:17.320 --> 0:06:21.360 mimic Lilies, Munjaro and zep Bound. The FDA had deemed 0:06:21.360 --> 0:06:24.520 Lily's drugs in short supply about two years ago, allowing 0:06:24.560 --> 0:06:29.000 compounding pharmacies to mass produce copies often sold through telehealth 0:06:29.040 --> 0:06:31.960 firms and weight loss spas. When the FDA removed the 0:06:32.040 --> 0:06:37.719 shortage designation earlier this month, compounders lost that permission in Europe. 0:06:37.800 --> 0:06:41.000 This morning, Karen's shares of GSK are hire by five 0:06:41.040 --> 0:06:44.200 and a half percent. The UK pharma company has agreed 0:06:44.240 --> 0:06:46.440 to pay as much as two point two billion dollars 0:06:46.720 --> 0:06:50.160 to resolve about eighty thousand US court cases alleging that 0:06:50.200 --> 0:06:55.440 its old reflex medication, Zantac, was contaminated with a suspected carcinogen. 0:06:55.800 --> 0:07:00.000 GSK says settling the cases is not an admission of flybles. 0:07:03.520 --> 0:07:04.919 When it's time now, we're look at some of the 0:07:04.920 --> 0:07:07.440 other stories making news in New York and around the world, 0:07:07.440 --> 0:07:09.479 and for that we're joined by Bloomberg's Michael Barr. 0:07:09.520 --> 0:07:12.280 Michael, good morning, Good morning Karen. It is a positive 0:07:12.280 --> 0:07:16.360 for Ukraine in its war against Russia. Ukrainian President Vladimir 0:07:16.440 --> 0:07:20.720 Zelensky has signed an agreement with Croatia for desperately needed 0:07:20.800 --> 0:07:25.200 humanitarian aid. It happened at the Ukraine Southeast Europe summit, 0:07:25.320 --> 0:07:28.760 where Zelenski warned leaders of the Balkans about what Russia 0:07:28.800 --> 0:07:31.240 could do after its invasion of Ukraine. 0:07:31.560 --> 0:07:37.720 Russia must accept that Europe has orders, independent nations and 0:07:37.800 --> 0:07:40.800 each nation had the right to choose its future. 0:07:41.120 --> 0:07:44.360 Zelenski says he intends to present his victory plan to 0:07:44.640 --> 0:07:48.000 Western leaders this week, but a weekend meeting with President 0:07:48.040 --> 0:07:52.000 Biden has been postponed because of Hurricane Milton. Meanwhile, Russia 0:07:52.040 --> 0:07:54.960 is recruiting young African women to work at a factory 0:07:55.240 --> 0:07:58.840 producing drones for use in Ukraine amid a labor shortage. 0:07:59.120 --> 0:08:01.920 The Africans say they were duped lure it to Russia 0:08:02.040 --> 0:08:05.960 by a massive social media campaign that promised them free 0:08:06.000 --> 0:08:10.480 airfare and a work study program. And airline pilot is 0:08:10.560 --> 0:08:14.280 dead after he went unconscious in flight. The plane made 0:08:14.320 --> 0:08:17.960 in emergency landing in New York. Turkish Airlines Flight two 0:08:17.960 --> 0:08:21.480 oh four was flying from Seattle to Istanbul when the 0:08:21.520 --> 0:08:24.840 captain had what the FAA is calling a medical emergency, 0:08:25.280 --> 0:08:27.040 went unconscious and died. 0:08:27.600 --> 0:08:31.000 Air Traffic control Juliki, I just want to verify that 0:08:31.080 --> 0:08:33.680 the aircraft being single pilot right now. Is there any 0:08:33.679 --> 0:08:34.720 other assistants in the continent. 0:08:34.800 --> 0:08:38.880 Initially we have three pilots, but we lost one of 0:08:38.920 --> 0:08:39.840 our jobpen. 0:08:40.240 --> 0:08:44.240 The audio from liveatc dot net. The captain died before 0:08:44.240 --> 0:08:47.120 the plane made an emergency landing in New York. A 0:08:47.160 --> 0:08:51.200 new startling study sheds light on sexual violence against children. 0:08:51.679 --> 0:08:56.640 Unic afrew's Caveani Johnson says that the study shows three 0:08:56.720 --> 0:08:59.480 hundred and seventy million girls have been raped or sexually 0:08:59.520 --> 0:09:02.000 assaulted before the age of eighteen. 0:09:02.600 --> 0:09:05.680 It's not just something happening in a faraway place. It's 0:09:05.679 --> 0:09:09.559 something happening in every part of the world and every community. 0:09:09.679 --> 0:09:12.120 You know, almost in every neighborhood. If we really think 0:09:12.120 --> 0:09:13.360 about what these figures mean. 0:09:14.040 --> 0:09:19.160 Unic afrew's Cavenanni Johnson says, Tomorrow, October eleventh, is Day 0:09:19.200 --> 0:09:22.040 of the Girl. There's a recall for almost ten million 0:09:22.080 --> 0:09:25.559 meat and poultry products that may have listeria. The US 0:09:25.640 --> 0:09:29.080 Department of Agriculture announced the recalls, saying the Bruce Pack 0:09:29.200 --> 0:09:33.440 products out of Oklahoma included ready to eat items including dice, 0:09:33.559 --> 0:09:37.559 chicken breasts and top chicken white meat. They were produced 0:09:37.600 --> 0:09:41.120 from June nineteenth through October eighth. Global News twenty four 0:09:41.120 --> 0:09:43.120 hours a day and whenever you want it with the 0:09:43.160 --> 0:09:46.439 Bloomberg News. Now Michael Barr, and this is Bloomberg. 0:09:46.480 --> 0:09:46.720 Karen. 0:09:46.880 --> 0:09:53.360 All right, Michael Barr, thank you time now for the 0:09:53.400 --> 0:09:56.000 Bloomberg Sports Update, brought to you by try and stank Oudi. 0:09:56.080 --> 0:09:58.360 Here's John Stashour, John, good morning. 0:09:58.080 --> 0:10:01.360 Good morning, Karen. Here the world be a Subway series 0:10:01.400 --> 0:10:03.920 playoff wins for the Mets and Yankees. Mets are in 0:10:04.000 --> 0:10:07.120 the league Championship Series. Yanks are one win away. Both 0:10:07.200 --> 0:10:09.920 Rode clutch home runs for the Mets at Game sixth 0:10:09.960 --> 0:10:12.240 and in at City Field, they trailed the Phillies one 0:10:12.280 --> 0:10:12.920 to nothing. 0:10:13.000 --> 0:10:14.160 Two and one to Lindor. 0:10:15.840 --> 0:10:18.520 Now the Picks swinging the drive towards the Capitol like 0:10:18.600 --> 0:10:19.600 seta hunts pretty deep. 0:10:19.760 --> 0:10:24.960 It's back near the wall. It's gone, it's gone. Francisco indoor. 0:10:25.280 --> 0:10:28.400 He may have just out dead himself. He has hit 0:10:28.480 --> 0:10:33.320 a ground slam. End of the Phillies bullpettan right center field. 0:10:33.840 --> 0:10:36.640 The Mets are leading by a score of four to one. 0:10:37.040 --> 0:10:38.800 You ate j just cut It's how he rose. He's 0:10:38.800 --> 0:10:40.640 had quite a past week and a half calling all 0:10:40.640 --> 0:10:42.880 these dramatic home runs. Mets one four to one, won 0:10:42.920 --> 0:10:45.520 the series three to one. In the NLCS, they'll play 0:10:45.559 --> 0:10:49.240 the Dodgers or Padres La. Without a healthy starting pitcher, 0:10:49.320 --> 0:10:51.760 used eight relievers in an eight nothing went at San 0:10:51.760 --> 0:10:55.160 Diego to force the decisive game five back in La tomorrow. 0:10:55.280 --> 0:10:59.200 Yankees Game three at Kansas City tied two too Ethany. 0:10:59.480 --> 0:11:04.600 Here's the three to one to Jean Carlo swing. 0:11:04.320 --> 0:11:07.320 On a high fly to low, Ba goes Melenda's on 0:11:07.360 --> 0:11:08.440 the track, He's at. 0:11:08.280 --> 0:11:15.680 The wall and sheeez god, I see hey Stantonian home run. 0:11:16.679 --> 0:11:19.760 He drove a high fly deep left. 0:11:19.440 --> 0:11:22.719 Into the Yankee bullpen to give the Yankees a three 0:11:22.800 --> 0:11:23.280 to two. 0:11:23.200 --> 0:11:26.200 League on WFAN three to two the final. Stanton had 0:11:26.280 --> 0:11:28.480 quite a night. The homer came after a single, a 0:11:28.559 --> 0:11:31.720 run scoring double, and most surprisingly, a stolen base. Yanks 0:11:31.840 --> 0:11:34.320 up to to one in for tonight in KC. The 0:11:34.360 --> 0:11:37.840 Detroit Cleveland series has started with three shutouts that hadn't 0:11:37.880 --> 0:11:40.480 happened in any series since nineteen oh five. Tigers have 0:11:40.520 --> 0:11:42.960 won the last two, both by three nothing scores. They're 0:11:43.080 --> 0:11:45.200 up two games to ones, making a shutout squad a 0:11:45.200 --> 0:11:47.959 season opener for the Rangers, a six to nothing rump 0:11:48.000 --> 0:11:51.360 in Pittsburgh. John Stashaw were Bloomberg Sports Kennedy. 0:11:53.480 --> 0:11:57.640 Coast to coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:57.720 --> 0:12:00.600 and around the world on Bloomberg dot Com and the 0:12:00.640 --> 0:12:05.000 Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm 0:12:05.040 --> 0:12:08.120 Nathan Hager. As we continue to track Hurricane Milton barreling 0:12:08.120 --> 0:12:12.320 across central Florida, snapping trees, power lines, construction cranes, bringing 0:12:12.360 --> 0:12:14.000 deadly storm search to much. 0:12:13.840 --> 0:12:17.280 Of the state's Gulf Coast. President Biden is assuring Floridians 0:12:17.280 --> 0:12:18.320 he's got their back. 0:12:18.679 --> 0:12:21.360 Once the storm hits. We're going to work with state 0:12:21.400 --> 0:12:24.280 officials to clear debris, restore power, and as to it 0:12:24.320 --> 0:12:25.120 as fast as. 0:12:24.960 --> 0:12:28.079 Possible, President Biden in the hours ahead of landfall this morning, 0:12:28.080 --> 0:12:30.520 we are joined by Bloomberg News Executive Editor for Energy 0:12:30.520 --> 0:12:33.160 and Commodities, Will Kennedy. He's part of our team providing 0:12:33.200 --> 0:12:35.920 minute by minute updates on Milton on our top live 0:12:35.960 --> 0:12:40.199 blog tliv go on the Bloomberg Terminal. Appreciate the time 0:12:40.280 --> 0:12:43.400 this morning, will what is the latest track on Milton 0:12:43.440 --> 0:12:45.040 and do we have a sense of the extent of 0:12:45.080 --> 0:12:45.800 the damage. 0:12:46.760 --> 0:12:50.040 The storm is now passed over Florida. It's headed out 0:12:50.080 --> 0:12:54.560 into the Atlantic, so it has wrought its destruction on Florida, 0:12:54.640 --> 0:12:57.520 but it's still dark. It won't get light in Florida 0:12:57.559 --> 0:12:59.600 for a couple of hours, so it's a little hard 0:12:59.640 --> 0:13:02.640 to its us exactly how bad the damage was. It 0:13:02.679 --> 0:13:06.160 was clearly severe. Some of the things that we do 0:13:06.280 --> 0:13:08.440 know is that when it hit, it was a Category 0:13:08.520 --> 0:13:12.160 three caracane, which was a little less than had been feared. 0:13:12.480 --> 0:13:17.200 And the extent of the storm, the flooding, the storm 0:13:17.240 --> 0:13:20.440 surge was perhaps lower than had been feared earlier on. 0:13:20.559 --> 0:13:22.280 So there's some hope that it may not be quite 0:13:22.280 --> 0:13:26.240 as destructive as people had feared, but it's still going 0:13:26.280 --> 0:13:28.560 to be bad. Right now. We know more than three 0:13:28.559 --> 0:13:32.320 million people in Florida are without power. We know that 0:13:32.360 --> 0:13:36.280 the baseball stadium in Tampa had its roof blown off. 0:13:36.840 --> 0:13:40.520 There were widespread pictures of flooding throughout the state, and 0:13:40.679 --> 0:13:44.560 rainfall has been really very heavy indeed across that belt 0:13:44.840 --> 0:13:48.360 the storm tract across central Florida. So we won't know 0:13:48.440 --> 0:13:50.640 until it gets light and we really see, but it 0:13:50.720 --> 0:13:54.360 is going to be a storm with real, really bad impacts. 0:13:54.640 --> 0:13:56.800 Well, given what we do know so far, will in 0:13:56.880 --> 0:14:00.040 terms of the storm surge and the continuing flooding, the 0:14:00.080 --> 0:14:03.360 risk of continued flooding even after the storm passes. What 0:14:03.480 --> 0:14:06.880 could this mean in terms of the economic impact. 0:14:07.280 --> 0:14:11.360 The economic impact of these storms will be are always big. 0:14:11.559 --> 0:14:14.840 You know, it closes down economic activity for some time. 0:14:14.920 --> 0:14:17.400 Three million people out power for a start is a 0:14:17.480 --> 0:14:21.120 huge economic impact, and then there's a huge amount to 0:14:21.160 --> 0:14:24.360 be spent cleaning up that's time consuming, roads a blocked 0:14:24.400 --> 0:14:28.200 people can't get to work, and that all takes time 0:14:28.200 --> 0:14:30.160 to sort out. And then they are very very big 0:14:32.880 --> 0:14:35.840 insurance claims. Will this be one hundred billion dollars storm? 0:14:35.880 --> 0:14:39.040 I don't think we know that yet, but clearly the 0:14:39.200 --> 0:14:41.960 economic impact and the economic losses will run into tens 0:14:41.960 --> 0:14:44.440 of billions of dollars. And this of course just comes 0:14:44.480 --> 0:14:49.040 after a couple of weeks after Hurricane Helene hit another 0:14:49.080 --> 0:14:52.840 part of Florida and then did enormous damage through its rainfall, 0:14:53.360 --> 0:14:55.760 across swaves of the southeastern United States. 0:14:55.880 --> 0:14:58.000 I'm glad you brought that up because it raises the 0:14:58.080 --> 0:15:01.120 question that's been brought up a and time again about 0:15:01.160 --> 0:15:06.040 whether there is enough resources to handle the recovery from 0:15:06.120 --> 0:15:08.960 a one to two punch in Florida. Do we have 0:15:09.040 --> 0:15:13.200 a sense of whether there are the resources coming from 0:15:13.280 --> 0:15:16.560 the federal or state governments to recover from this storm. 0:15:16.920 --> 0:15:19.320 Well, the trouble is this has become a real political 0:15:19.320 --> 0:15:22.600 football during the election campaign, as you know, and people 0:15:22.760 --> 0:15:27.280 arguing about whether the federal response is adequate, so it's 0:15:27.360 --> 0:15:29.280 very hard to get a It's often very hard to 0:15:29.280 --> 0:15:31.360 get a clear picture. I mean clearly, we heard from 0:15:31.360 --> 0:15:33.960 the President earlier in this segment that they will use 0:15:34.240 --> 0:15:37.520 full resources of FEMA to help those impacted by the 0:15:37.600 --> 0:15:40.800 hurricane in Florida, and the Governor of Florida has said 0:15:41.080 --> 0:15:44.720 similar things. So the resources will be there. Whether FEMA 0:15:44.920 --> 0:15:48.640 has the resources to deal with two such big hurricanes 0:15:48.680 --> 0:15:50.800 hot on the heels of each other is an important 0:15:50.880 --> 0:15:52.760 question that we'll know in the days ahead. 0:15:52.920 --> 0:15:56.320 This is Bloombergy Daybreak, your morning podcast on the stories 0:15:56.400 --> 0:15:59.400 making news from Wall Street to Washington and beyond. 0:15:59.600 --> 0:16:02.080 Look for us on your podcast feed by six am 0:16:02.080 --> 0:16:05.520 Eastern each morning on Apple, Spotify, or anywhere else you listen. 0:16:05.720 --> 0:16:08.560 You can also listen live each morning starting at five 0:16:08.600 --> 0:16:11.320 am Wall Street Time on Bloomberg eleven three to zero 0:16:11.320 --> 0:16:14.240 in New York, Bloomberg in ninety nine to one in Washington, 0:16:14.280 --> 0:16:18.240 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:18.440 --> 0:16:20.000 XM Channel one twenty one. 0:16:20.400 --> 0:16:23.120 Plus listen coast to coast on the Bloomberg Business app 0:16:23.160 --> 0:16:25.960 now with Apple CarPlay and Android Atto interfaces. 0:16:26.200 --> 0:16:28.920 And don't forget to subscribe to Bloomberg and News Now. 0:16:29.040 --> 0:16:31.640 It's the latest news whenever you want it in five 0:16:31.680 --> 0:16:34.680 minutes or less. Search Bloomberg News Now and your favorite 0:16:34.680 --> 0:16:37.440 podcast platform to stay informed all day long. 0:16:37.760 --> 0:16:39.360 I'm Karen Moscow. 0:16:39.160 --> 0:16:41.680 And I'm Nathan Hager. Join us again tomorrow morning for 0:16:41.760 --> 0:16:43.680 all the news you need to start your day right 0:16:43.680 --> 0:16:45.160 here on Bloomberg Daybreak