Middle East Tensions Escalate; Campus Protests During Graduations

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:09.680 --> 0:00:10.240 Good morning. 0:00:10.240 --> 0:00:13.080 I'm Nathan Hager and I'm Karen Moscow. Here are the 0:00:13.119 --> 0:00:14.960 stories we're following today. 0:00:14.800 --> 0:00:18.639 Karen, Oil is on the rise as Middle East tensions escalate. 0:00:18.880 --> 0:00:22.840 Israel's military has begun moving civilians out of Rafa. It 0:00:22.960 --> 0:00:26.520 is a potential prelude to a long expected attack on 0:00:26.600 --> 0:00:29.600 the Gaza city. We get more from Bloomberg senior reporter 0:00:29.720 --> 0:00:30.319 Henry Mayer. 0:00:30.840 --> 0:00:32.919 What we know is that the Israeli army has been 0:00:32.960 --> 0:00:36.239 dropping leaflets to residents. In total, we're talking about one 0:00:36.280 --> 0:00:41.600 hundred thousand people, also sending text messages, recorded voice messages 0:00:41.920 --> 0:00:45.559 and through media announcements telling these people that they have 0:00:45.640 --> 0:00:49.960 to evacuate from this area eastern part of Rafa. And 0:00:50.240 --> 0:00:55.360 obviously this is the long, long expected, long anticipated announcement 0:00:55.440 --> 0:00:58.760 by Israel which could lead to an actual offensive on 0:00:58.800 --> 0:00:59.280 this city. 0:00:59.480 --> 0:01:02.440 Bloomberg's Henry Mayor says the move comes after ceasefire talks 0:01:02.440 --> 0:01:05.360 between Hamas and Israel in Cairo over the weekend seem 0:01:05.440 --> 0:01:08.119 to stall. As we mentioned, oil is on the rise 0:01:08.120 --> 0:01:11.200 and checking crud right now, West Texas Intermediate is up 0:01:11.240 --> 0:01:14.119 one point one percent. Trading just shy of seventy nine 0:01:14.160 --> 0:01:15.720 dollars a barrel well. 0:01:15.640 --> 0:01:18.480 Nathan will Israel moves closer to an attack on RAFA. 0:01:18.600 --> 0:01:26.199 Protests continue on college campuses as commencement ceremonies begin. About 0:01:26.200 --> 0:01:30.240 seventy five demonstrators wave Palestinian flags and enchanted a slogans 0:01:30.240 --> 0:01:33.720 at the University of Michigan ceremony in New York. Columbia 0:01:33.880 --> 0:01:37.440 University has cleared out protesters ahead of its graduation on 0:01:37.480 --> 0:01:40.840 May fifteenth. Mayor Eric Adams is promising to keep things 0:01:40.840 --> 0:01:42.040 safe for the ceremony. 0:01:42.160 --> 0:01:45.959 If the institutions decide to graduate their students to celebrate 0:01:46.400 --> 0:01:48.960 a beautiful experience with their families, we'll make. 0:01:48.880 --> 0:01:50.640 Sure it is done in a peaceful manner. 0:01:50.840 --> 0:01:53.960 Mayor Adams spoke on ABC's This Week Heard Sundays on 0:01:54.040 --> 0:01:55.520 Bloomberg Radio and Karen. 0:01:55.520 --> 0:01:58.640 Members of Congress are weighing in as well. Democratic Senator 0:01:58.760 --> 0:02:02.680 John Fetterman says the protesters should be demonstrating against Tomas. 0:02:03.000 --> 0:02:06.440 These kind of protests haven't been helpful and ironically they 0:02:06.440 --> 0:02:08.560 are actually working against peace. 0:02:08.840 --> 0:02:13.160 But Democratic Congressman Rocana says the demonstrator's message deserves to 0:02:13.160 --> 0:02:13.600 be heard. 0:02:13.760 --> 0:02:17.320 They're telling us that over thirty thousand people have died. 0:02:17.639 --> 0:02:19.920 It's time for this war to end. It's time for 0:02:19.960 --> 0:02:22.760 the hostages to be released that AMAS has, and they 0:02:22.760 --> 0:02:25.880 want to see leadership in America and around the world. 0:02:25.919 --> 0:02:27.520 This is not the world that they want. 0:02:27.760 --> 0:02:31.120 Congressman Conna and Senator Fetterman where guests on CBS's Face 0:02:31.200 --> 0:02:34.080 the Nation, which can also be heard Sundays on Bloomberg Radio. 0:02:34.520 --> 0:02:37.640 Well, turning to markets, now, Nathan Cash is king for 0:02:37.680 --> 0:02:41.040 the Oracle of Omaha. We're in Buffett's Berkshire Hathaway's cash 0:02:41.080 --> 0:02:43.399 pile increased to our record one hundred and eighty nine 0:02:43.480 --> 0:02:46.799 billion dollars at the end of the first quarter. Now 0:02:46.800 --> 0:02:49.800 on the equity side, Buffett trimmed his holdings of Apple. 0:02:50.120 --> 0:02:52.880 Berkshire reported a one hundred and thirty five billion dollars 0:02:52.919 --> 0:02:54.800 stake in the iPhone maker at the end of the 0:02:54.800 --> 0:02:58.560 first quarter. That's almost forty billion dollars less than the 0:02:58.639 --> 0:02:59.520 end of last year. 0:03:00.040 --> 0:03:05.080 We will have Apple as our largest investment. But I 0:03:05.120 --> 0:03:14.639 don't mind at all under current conditions building the cash position. 0:03:14.720 --> 0:03:18.799 I think when I look at the alternative what's available 0:03:18.840 --> 0:03:22.519 in the equity markets, and I look at the composition 0:03:22.560 --> 0:03:27.360 of what's going on in the world. We find it 0:03:27.400 --> 0:03:28.160 quite attractive. 0:03:28.560 --> 0:03:32.200 Warren Buffett says, unless something changes dramatically, Apple will remain 0:03:32.240 --> 0:03:35.600 it's the largest investment. Berkshire also sold its position in 0:03:35.640 --> 0:03:37.600 Paramount Global at a loss. 0:03:37.520 --> 0:03:40.480 And this week Karen wall Street is looking at lots 0:03:40.560 --> 0:03:43.880 more earnings and fed speak. We get a preview from 0:03:43.920 --> 0:03:45.400 Bloomberg's Charlie Pellett. 0:03:45.600 --> 0:03:47.840 We've heard from eighty percent of S and P five 0:03:47.920 --> 0:03:51.119 hundred companies. Stocks of reclaim the fifty one hundred mark 0:03:51.400 --> 0:03:55.160 after a batch of bettle than expected earnings. Dan Suzuki 0:03:55.280 --> 0:03:59.400 is Deputy Chief investment Officer at Richard Bernstein Advisors. I 0:03:59.440 --> 0:04:02.600 think it's really earnings growth and fundamentals, kind of plain 0:04:02.680 --> 0:04:04.520 old boring stuff, and that's what's improving. 0:04:04.680 --> 0:04:07.720 That's what Scott long momentum. And importantly, it's not that 0:04:07.800 --> 0:04:09.960 it's just improving, but it's broadening out. 0:04:10.080 --> 0:04:13.120 Disney and Uber will be in focus this week, along 0:04:13.160 --> 0:04:19.800 with Airbnb, Anheuser Busch, InBev, Armholdings, Occidental Petroleum, and Ubs 0:04:19.800 --> 0:04:23.080 in New York. Charlie Pellet, Bloomberg Radio, All right. 0:04:23.040 --> 0:04:26.240 Charlie, thanks well. Next week's US inflation print looms is 0:04:26.400 --> 0:04:30.120 key for the trajectory of equities and wagers on FED 0:04:30.200 --> 0:04:33.680 interest rate cuts is according to Morgan Stanley strategist Mike 0:04:33.720 --> 0:04:36.159 Wilson says the price reaction on the back of the 0:04:36.240 --> 0:04:39.240 release may be more important than the data itself. 0:04:39.440 --> 0:04:41.360 Well, this morning, Karen, We've got plenty of c suite 0:04:41.440 --> 0:04:43.360 news to get you caught up on. Bloomberg News has 0:04:43.400 --> 0:04:46.520 learned Credit Swiss CEO Olrick Kerner is set to leave 0:04:46.880 --> 0:04:50.120 Ubs in the coming weeks after the completion of the 0:04:50.160 --> 0:04:53.200 merger of the two former Swiss rivals. Kerner had been 0:04:53.200 --> 0:04:55.680 brought into CEO in July of twenty twenty two to 0:04:55.720 --> 0:04:58.839 try to turn the ailing firm around. Combination of the 0:04:58.880 --> 0:05:02.039 two banks holding company these means the Credit Swie chief 0:05:02.080 --> 0:05:04.280 executive role will become obsolete. 0:05:05.160 --> 0:05:05.320 Well. 0:05:05.400 --> 0:05:09.239 Former Starbucks chief executive Howard Schultz is urging the coffee 0:05:09.279 --> 0:05:12.960 chain to own its shortcomings and fixed operations following its 0:05:13.000 --> 0:05:16.080 biggest sales miss in years. In a post on the LinkedIn, 0:05:16.360 --> 0:05:19.720 Schultz wrote, quote, at any company that missus badly, there 0:05:19.760 --> 0:05:23.599 must be contrition and renewed focus and discipline on the core. 0:05:24.000 --> 0:05:26.719 Starbucks shares plummeted after sales dropped this month for the 0:05:26.760 --> 0:05:30.080 first time since the early days of Covid in twenty twenty, and. 0:05:30.200 --> 0:05:33.159 Karen, Twitter founder Jack Dorsey has left the board of 0:05:33.240 --> 0:05:36.679 Blue Sky. That's the social networking service that he helped 0:05:36.680 --> 0:05:39.039 fund and popularize a year ago. In the wake of 0:05:39.080 --> 0:05:42.839 regret over the sale of Twitter to Elon Musk. Relations 0:05:42.880 --> 0:05:46.680 may be warming between Dorsey and Musk. Dorsey calls the 0:05:46.920 --> 0:05:50.960 company now known as x Freedom Technology. 0:05:50.640 --> 0:05:53.600 And Nathan that price of Morning Joe may keep going up. 0:05:53.720 --> 0:05:56.560 Robust to coffee prices have climbed to the highest level 0:05:56.560 --> 0:05:59.880 in forty five years. A supply crunch has intensified for 0:05:59.920 --> 0:06:08.840 the variety used in espresso, blends and instant drinks. When 0:06:08.880 --> 0:06:10.040 it's time now for a look at some of the 0:06:10.080 --> 0:06:12.440 other stories making news in New York and around the world, 0:06:12.520 --> 0:06:15.000 and for that we're joined by Bloomberg's Michael Barr Michael, 0:06:15.000 --> 0:06:15.800 Good Morning. 0:06:15.560 --> 0:06:19.200 Good Morning, Karen. After multiple bomb threats at synagogues across 0:06:19.279 --> 0:06:24.160 Manhattan over the weekend, Senate majority lever Chuck Schumer announced 0:06:24.320 --> 0:06:27.719 the new four hundred million dollar funding package he says 0:06:28.160 --> 0:06:32.760 is now available to boost security and safety at synagogues, mosques, 0:06:32.839 --> 0:06:33.600 and churches. 0:06:34.080 --> 0:06:36.640 The second I heard about the threats, your heart sinks. 0:06:37.200 --> 0:06:40.200 You hope it's a hoax, and in this case, thank 0:06:40.240 --> 0:06:45.080 god it was, but that doesn't negativize the fear, the 0:06:45.160 --> 0:06:48.800 trauma when synagogues and other houses of worship have to 0:06:50.240 --> 0:06:51.200 be evacuated. 0:06:51.560 --> 0:06:55.480 Three New York City synagogues and the Brooklyn Museum received 0:06:55.640 --> 0:06:59.880 bomb threats. Former President Donald Trump's criminal hush money trying 0:07:00.200 --> 0:07:03.600 resumes today in New York. Prosecutors alleged Trump tried to 0:07:03.640 --> 0:07:07.320 suppress negative news coverage to influence the outcome of the 0:07:07.320 --> 0:07:11.160 twenty sixteen election. Hope Hicks will probably return to the 0:07:11.160 --> 0:07:15.600 witness stand today for further cross examination. House Minority Leader 0:07:15.680 --> 0:07:20.200 Hakim Jeffries says Democrats effectively have been governing as if 0:07:20.240 --> 0:07:23.680 we were in the majority. After Republican OWL Speaker Mike 0:07:23.760 --> 0:07:26.960 Johnson worked with Democrats to pass a foreign aid bill, 0:07:27.480 --> 0:07:32.120 GOP Representative Marjorie Taylor Green announced plans to remove Johnson 0:07:32.280 --> 0:07:36.760 as speaker. Jeffries says our view would traditionally be let 0:07:36.840 --> 0:07:39.880 the other side work out its own mess, but the 0:07:39.920 --> 0:07:42.600 New York Democrat went on to say, when that mess 0:07:42.600 --> 0:07:45.400 starts to impact the ability to do the job on 0:07:45.480 --> 0:07:48.720 behalf of the American people, then the responsible thing at 0:07:48.720 --> 0:07:51.480 that moment might be for us to make clear that 0:07:51.560 --> 0:07:54.440 we will not allow the extremists to throw the Congress 0:07:54.720 --> 0:07:56.160 and the country in the chaos. 0:07:56.400 --> 0:07:58.560 It's a difficult situation on the other side of the 0:07:58.560 --> 0:08:03.000 aisle because many of my Republican colleagues are more interested 0:08:03.440 --> 0:08:09.320 in creating chaos, dysfunction, and extremism for what purpose. That's 0:08:09.360 --> 0:08:11.600 a good question that has to be asked of them. 0:08:11.920 --> 0:08:15.280 Jeffrey spoke on CBS's sixty Minutes, which can be heard 0:08:15.320 --> 0:08:17.880 Sunday nights. I'm Bloomberg. Ninety nine to one in Washington. 0:08:18.400 --> 0:08:21.920 Interstate ninety five in Norwalk, Connecticut fully reopened the traffic 0:08:21.960 --> 0:08:25.320 in both the directions after a gasoline tanker truck burst 0:08:25.360 --> 0:08:28.920 into flames during a three vehicle crash last week. The 0:08:28.960 --> 0:08:33.400 fire damaged and overpass bridge, causing a complete shutdown. Global 0:08:33.400 --> 0:08:36.120 News twenty four hours a day and whenever you want 0:08:36.120 --> 0:08:38.679 it with the Bloomberg News Now. I'm Michael Barr, and 0:08:38.880 --> 0:08:39.760 this is Bloomberg. 0:08:39.840 --> 0:08:47.000 Karen sor Ry, Michael Barry, thank you time now for 0:08:47.040 --> 0:08:49.400 the Bloomberg Sports Update with John stash Hour. 0:08:49.520 --> 0:08:51.079 John, good morning, Good morning, Karen. 0:08:51.120 --> 0:08:53.880 Thirty years ago, the Rangers won the President's Trophy, won 0:08:53.920 --> 0:08:56.359 their first seven playoff games. 0:08:56.320 --> 0:08:57.480 And then won the Stanley Cup. 0:08:57.520 --> 0:09:00.560 This Rangers team also best regular season and they have 0:09:00.640 --> 0:09:02.400 now started the playoffs five and zero. 0:09:02.679 --> 0:09:04.440 We'll see about the Cup. Long way to go for that. 0:09:04.520 --> 0:09:06.559 But Game one at the Guarden with Carolina two early 0:09:06.640 --> 0:09:09.360 goals for me Becazavana Jet and the first period still 0:09:09.840 --> 0:09:10.480 wasn't over. 0:09:11.200 --> 0:09:13.839 Right point Paderen were to the head for Kriider in 0:09:14.080 --> 0:09:18.160 the middle, chut Check to Savanna Jeck tut Chick scores 0:09:18.960 --> 0:09:24.600 fit to tout Check hit top power play goal as 0:09:24.640 --> 0:09:27.040 a Rangers lead three to one. 0:09:27.080 --> 0:09:30.040 Sam roses with the call WEPN. Rangers hung on beight 0:09:30.120 --> 0:09:32.640 the Hurricanes four to three. The first round ended with 0:09:32.760 --> 0:09:35.720 Dallas's two to one Game seven win over Vegas. The 0:09:35.720 --> 0:09:39.040 defending Cup champs Blue two to nothing series lead. NBA 0:09:39.120 --> 0:09:41.800 first Round is now over Cleveland b Orlando one O 0:09:41.960 --> 0:09:42.880 six ninety four. 0:09:42.920 --> 0:09:44.480 Cans were down eleven at the half. 0:09:44.480 --> 0:09:48.280 Donovan Mitchell, who scored fifty points in the game six loss, 0:09:48.280 --> 0:09:51.600 scored thirty nine in the Game seven win. Nixon Pacers 0:09:51.640 --> 0:09:54.840 start their Round two series tonight. MSG Indiana won the 0:09:54.840 --> 0:09:57.480 regular season series two to one. Both the wins were 0:09:57.520 --> 0:10:00.120 by fourteen points. Sparse crowd at the stadium rainey Da 0:10:00.200 --> 0:10:03.320 game was shortened. Yankees beat Detroit five to two. Juan 0:10:03.440 --> 0:10:06.080 Soto once again the Big hit three run, go ahead 0:10:06.080 --> 0:10:08.360 double seventh and Ain't Aaron Judge homer in the first 0:10:08.679 --> 0:10:11.400 Yanks sweep the series. Met Scott swept at Tampa. Bay 0:10:11.440 --> 0:10:13.800 Rays walked it off bottom of the tenth, one, seven, sixth. 0:10:13.800 --> 0:10:17.040 They stole seven bases they wanted on Johnny de Luca 0:10:17.080 --> 0:10:20.360 two run triple after Randy or Rose Arena tied the 0:10:20.440 --> 0:10:22.760 game with a ninth inning two out homer off Edwin 0:10:22.800 --> 0:10:25.360 Diaz his first blown save. Red Sox won nine to 0:10:25.360 --> 0:10:28.520 two at Minnesota and in the Twins twelve game win streak. 0:10:28.559 --> 0:10:31.360 Giants last night lost five fourth Philadelphia. The Nationals beat. 0:10:31.240 --> 0:10:32.440 Toronto eleven nine. 0:10:32.640 --> 0:10:35.040 Dodgers beat the Brave Showy how Tony had four hits, 0:10:35.080 --> 0:10:38.199 two home runs. Taylor Pendrith took to Nelson Golf in 0:10:38.280 --> 0:10:39.719 Dallas his first PGA win. 0:10:40.160 --> 0:10:42.719 John stash I went Bloomberg Sports Kenny Nathan. 0:10:44.640 --> 0:10:48.760 Coast to coast on Bloomberg Radio, nationwide on Sirius XM, 0:10:48.840 --> 0:10:51.760 and around the world on Bloomberg dot Com. And the 0:10:51.800 --> 0:10:56.400 Bloomberg Business app. This is Bloomberg day Break. Good morning, 0:10:56.400 --> 0:10:58.959 I'm Nathan Hager. We are getting ready for another busy 0:10:59.000 --> 0:11:02.520 week for earning. It's pretty light on the economic data 0:11:02.559 --> 0:11:05.080 calendar this week, but there is a raft of FED 0:11:05.160 --> 0:11:08.400 speakers that could keep investors busy as well. 0:11:08.440 --> 0:11:10.800 So let's get you set for this trading week ahead. 0:11:10.800 --> 0:11:13.959 We are joined now by Dennis Gartman, the chairman of 0:11:14.000 --> 0:11:16.720 the University of Akron and Doowment Investment Committee and the 0:11:16.760 --> 0:11:20.520 former publisher of the Gartment Letter. Dennis, Good morning, great 0:11:20.559 --> 0:11:23.400 to speak with you. I wonder if you think investors 0:11:23.400 --> 0:11:26.320 should be pricing geopolitical risk back into the market given 0:11:26.559 --> 0:11:29.280 the reports we're hearing about civilians getting cleared out of 0:11:29.320 --> 0:11:32.600 the southern Gaza city of Rafa and now Russian President 0:11:32.679 --> 0:11:37.400 Vladimir Putin ordering tactical nuclear drills the day before is inauguration. 0:11:38.160 --> 0:11:40.800 Very scary times. I'm afraid, and yes, I think you 0:11:40.840 --> 0:11:43.320 have to be pricing in geopolitical risk on a rather 0:11:43.600 --> 0:11:47.160 swift basis. There was talk over the weekend or ahead 0:11:47.160 --> 0:11:50.079 of the weekend that there would be a ceasefire talks, 0:11:50.120 --> 0:11:52.920 but they seem to have broken down in regarding Gaza 0:11:53.559 --> 0:11:55.920 and now we have gold breaking out to the upside. 0:11:56.120 --> 0:11:57.760 I think you have to be a long of the 0:11:57.800 --> 0:11:59.800 gold market, no question about that. And I think you 0:11:59.840 --> 0:12:04.280 have price in geopolitical risks. So that's the major topic 0:12:04.320 --> 0:12:06.480 of the day. We'll be talking later this week about 0:12:06.480 --> 0:12:09.160 the Bank of England, but for right now, geopolitical risk 0:12:09.280 --> 0:12:11.800 is the topic to jure, no question about that. 0:12:12.160 --> 0:12:14.440 What are you looking at in terms of a price 0:12:14.600 --> 0:12:15.520 level for gold? 0:12:15.600 --> 0:12:15.959 Right now? 0:12:15.960 --> 0:12:19.000 It's trading around twenty three hundred at the moment. There 0:12:19.000 --> 0:12:22.000 had been talking the past about three thousand as a 0:12:22.120 --> 0:12:25.240 potential gold level. Is that something you're looking at. 0:12:25.720 --> 0:12:27.679 I've been very bullish of gold for quite some period 0:12:27.720 --> 0:12:29.360 of time. Now, I'm not a gold bug. There are 0:12:29.360 --> 0:12:31.040 times when you are to be long of gold, there 0:12:31.080 --> 0:12:33.200 are times when you to be short of gold. There 0:12:33.200 --> 0:12:34.959 are times when you are to be neutral of gold. 0:12:35.000 --> 0:12:36.920 But this is a time you are to be bullish 0:12:36.960 --> 0:12:39.320 of gold, no question about it. And I think that 0:12:39.360 --> 0:12:43.000 one should be bullish of gold, predominantly in non US 0:12:43.120 --> 0:12:46.360 dollar terms, and particularly in terms of the dollar yen. 0:12:46.920 --> 0:12:49.800 I think we've got spot gold now going I think 0:12:50.200 --> 0:12:52.960 eventually to three thousand dollars an ounce, and I think 0:12:53.000 --> 0:12:56.760 that we've had intervention to stem the weakness of the 0:12:56.800 --> 0:12:59.600 dollar yen. But I think that's going to be proved 0:12:59.600 --> 0:13:01.920 to be fallacious. I've learned it when I traded for 0:13:01.960 --> 0:13:04.480 an exchange back in the nineteen seventies. The one thing 0:13:04.520 --> 0:13:07.360 I learned was that intervention to support a currency is 0:13:07.440 --> 0:13:12.960 usually usually fails. Intervention two weekend currency usually is. It works. 0:13:13.320 --> 0:13:15.400 The fact that the Bank of Japan came in two 0:13:15.400 --> 0:13:18.640 weeks ago to intervene against the dollar yen at one sixty, 0:13:18.720 --> 0:13:20.559 I think the next time we trade through one sixty, 0:13:20.600 --> 0:13:22.840 we're going to two hundred end of the dollar, maybe 0:13:22.840 --> 0:13:25.000 two d twenty five end of the dollar, which is 0:13:25.000 --> 0:13:27.280 where we traded dollar yen when I first began trading 0:13:27.320 --> 0:13:30.040 yen back in the nineteen seventies. So I think the 0:13:30.120 --> 0:13:33.079 dollar yen and you should be short of the end, 0:13:33.200 --> 0:13:35.360 long of dollars, you should be long of gold, short 0:13:35.400 --> 0:13:38.560 of dollars. That leaves you long of gold in yen terms. 0:13:38.800 --> 0:13:42.640 And we're now trading about thirty six three hundred and 0:13:42.679 --> 0:13:44.439 sixty nine thousand the end of the dollar. I think 0:13:44.440 --> 0:13:46.120 it's going to six hundred thousand the end of the 0:13:46.120 --> 0:13:47.559 dollar over the course of the next two or three 0:13:47.600 --> 0:13:48.319 years now. 0:13:48.360 --> 0:13:51.200 We haven't heard any confirmation from the Japanese government that 0:13:51.240 --> 0:13:55.040 there was intervention last week, but we've seen some comparisons 0:13:55.080 --> 0:13:57.800 of Bank of Japan accounts that indicated are you thinking 0:13:57.840 --> 0:14:00.319 that the Bank of Japan could intervene once again? 0:14:01.040 --> 0:14:03.320 They'll try to stop it at one sixty one more time, 0:14:03.640 --> 0:14:05.199 but I think they'll give up at that point, and 0:14:05.240 --> 0:14:07.920 once we trade one sixty ten and go through the 0:14:07.960 --> 0:14:10.840 one sixty level, that that frees you up to take 0:14:10.920 --> 0:14:13.680 to go to dramatically new lower levels for the end, 0:14:13.720 --> 0:14:16.319 new higher levels for the dollars. So I think they'll 0:14:16.320 --> 0:14:19.160 be intervening one more time to prove that they're there. 0:14:19.400 --> 0:14:22.120 But as I said, if I've learned anything in fifty 0:14:22.200 --> 0:14:25.760 years or trading, it's that intervention to support a currency 0:14:25.880 --> 0:14:29.560 usually fails. Intervention to weakener currency almost always succeeds. They'll 0:14:29.600 --> 0:14:32.400 try once more to stem the ends of weakness, but 0:14:32.800 --> 0:14:36.600 they will fail very badly at that attempt, No question about. 0:14:36.400 --> 0:14:39.160 It now, last minute or so. Dennis is the chairman 0:14:39.200 --> 0:14:42.000 of a university endowment. I wonder what you make of 0:14:42.080 --> 0:14:46.880 these growing campus protests and calls for universities to divest 0:14:46.920 --> 0:14:50.520 from Israel. Given what's going on in Gaza, your comments 0:14:50.560 --> 0:14:50.880 on that. 0:14:51.360 --> 0:14:53.160 As long as I remain the chairman of the University 0:14:53.160 --> 0:14:57.000 of Acrons Endowment, we will avoid doing anything that protesters 0:14:57.000 --> 0:15:00.160 demand of us. And I think that we should pay 0:15:00.200 --> 0:15:03.440 attention to what Ben Sasse, the President of the University 0:15:03.440 --> 0:15:06.400 of Florida said, adults are back in the room, and 0:15:07.200 --> 0:15:09.920 we need to prove that we are stronger than the protesters. 0:15:09.960 --> 0:15:12.720 So free speech is important, but free speech that goes 0:15:12.720 --> 0:15:15.520 across the line should be avoided at all costs. And 0:15:15.800 --> 0:15:17.440 like I said, as long as I remaina chairman of 0:15:17.440 --> 0:15:20.600 the University of Akrons Endowment, I will argue against disinvestment, 0:15:20.680 --> 0:15:21.560 no question about that. 0:15:22.040 --> 0:15:25.840 And just quickly, is it possible to divest from Israeli 0:15:25.880 --> 0:15:29.440 interests in terms of a university endowment? 0:15:30.240 --> 0:15:34.720 I think it's nigh upon impossible. The far reaches of 0:15:35.160 --> 0:15:39.520 international capitalism make it difficult to divest. I think it's 0:15:39.520 --> 0:15:44.120 a and ill advised and naive expectation on the part 0:15:44.120 --> 0:15:45.640 of the protesters. It just won't happen. 0:15:45.840 --> 0:15:48.760 This is Bloomberg day Break Today, your morning brief on 0:15:48.800 --> 0:15:52.479 the stories making news from Wall Street to Washington and beyond. 0:15:52.640 --> 0:15:55.400 Look for us on your podcast feed at six am 0:15:55.480 --> 0:15:59.160 Eastern each morning on Apple, Spotify, and anywhere else you 0:15:59.200 --> 0:15:59.960 get your podcast. 0:16:00.480 --> 0:16:03.200 You can also listen live each morning starting at five 0:16:03.240 --> 0:16:05.880 am Wall Street Time on Bloomberg eleven three to zero 0:16:05.880 --> 0:16:09.320 in New York, Bloomberg ninety nine one in Washington, Bloomberg 0:16:09.360 --> 0:16:12.360 one oh sixty one in Boston, and Bloomberg ninety sixty 0:16:12.520 --> 0:16:13.480 in San Francisco. 0:16:13.840 --> 0:16:17.000 Our flagship New York station is also available on your 0:16:17.040 --> 0:16:22.360 Amazon Alexa devices. 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