Trump, Putin Talk Ukraine; Treasury Secretary Calls Stock Slump 'Healthy'

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:10.280 --> 0:00:10.840 Good morning. 0:00:10.880 --> 0:00:13.680 I'm Nathan Hager and I'm Karen Moscow. Here are the 0:00:13.720 --> 0:00:15.200 stories we're following today. 0:00:15.560 --> 0:00:18.280 Karen, we begin with the latest on the war in Ukraine. 0:00:18.360 --> 0:00:22.000 President Trump says he will speak to Russia's President, Vladimir 0:00:22.040 --> 0:00:25.880 Putin tomorrow. The talks come as European nations rush to 0:00:25.920 --> 0:00:29.200 bolster their support for Kiev. Trump spoke to reporters on 0:00:29.280 --> 0:00:29.920 Air Force one. 0:00:30.960 --> 0:00:35.360 Help me speaking to President Putin on Tuesday. A lot 0:00:35.360 --> 0:00:39.479 of a lot of worksmen done over the weekend. I 0:00:39.560 --> 0:00:41.000 want to see if we can bring that war to 0:00:41.040 --> 0:00:44.120 an end. Maybe we can, maybe we can't, but I 0:00:44.120 --> 0:00:45.280 think we have a murger chance. 0:00:45.640 --> 0:00:49.120 President Trump says his discussions with Russia's president will focus 0:00:49.159 --> 0:00:52.560 on territory, power plants and dividing up certain assets. 0:00:53.040 --> 0:00:55.520 On Nathan, oil is on the rise this morning. It's 0:00:55.560 --> 0:00:58.800 trading at sixty seven dollars seventy seven cents of barrel. 0:00:58.880 --> 0:01:02.240 Brent is at seventy one. That says Defense Secretary Pete 0:01:02.280 --> 0:01:05.679 Haigseth Warrens of unrelenting strikes on Hoo they militants and 0:01:05.800 --> 0:01:08.959 Yemen until the group stops attacking ships in the Red Sea. 0:01:09.319 --> 0:01:11.759 President Trump ordered a new wave of air strikes over 0:01:11.800 --> 0:01:14.839 the weekend. Hag Seth says, sends a clear message. 0:01:15.000 --> 0:01:16.360 President said it in his truth. 0:01:16.720 --> 0:01:17.800 Your support of. 0:01:17.760 --> 0:01:21.160 The Hoothies needs to hend end immediately. 0:01:21.680 --> 0:01:22.640 We will hold you. 0:01:22.560 --> 0:01:25.840 Accountable as the sponsor of this proxy, and I echo 0:01:25.920 --> 0:01:28.640 his statement, we will not be nice about it. This 0:01:28.760 --> 0:01:31.959 is not the Biden administration. The message is clear. We 0:01:32.080 --> 0:01:35.040 will come after the Houthis until they stop shooting in 0:01:35.120 --> 0:01:37.240 our ships, and the Iranians better stay out of it. 0:01:37.520 --> 0:01:41.280 Defense Secretary Pete Haigseth also tells Fox News that strikes 0:01:41.319 --> 0:01:43.960 are a warning to Iran, which backs the Hoothies. 0:01:44.160 --> 0:01:46.560 And over the weekend, Karen, the Trump administration set it 0:01:46.640 --> 0:01:50.920 arrested and expelled hundreds of alleged Venezuelan gang members. The 0:01:51.040 --> 0:01:53.840 US is paying El Salvador to hold them, despite a 0:01:53.880 --> 0:01:57.400 federal judge ordering a fourteen day hold on some deportations. 0:01:57.680 --> 0:02:00.520 President Trump defended the move last night on Air Force One. 0:02:01.640 --> 0:02:02.840 Andrew, when you. 0:02:02.800 --> 0:02:05.000 Look at him, when you look at them, the crimes 0:02:05.000 --> 0:02:08.239 and they have committed to take a look. You don't 0:02:08.240 --> 0:02:10.760 get any counfer, you don't get worse than that. You 0:02:10.919 --> 0:02:13.480 understand that would you'd have to ask theyers. 0:02:13.639 --> 0:02:16.840 Now, the President moved to accelerate deportations under seldom used 0:02:16.919 --> 0:02:19.760 powers in the Alien Enemies Act of seventeen ninety eight. 0:02:20.120 --> 0:02:23.600 The federal judge ordered any deportation flights carried out under 0:02:23.639 --> 0:02:26.160 Trump's order to be returned mid flight, but the White 0:02:26.160 --> 0:02:28.480 House says this flight did not conflict with that ruling 0:02:28.720 --> 0:02:30.480 because it had already left the country. 0:02:31.200 --> 0:02:34.000 Well, Nathan, President Trump maybe opening the door to new 0:02:34.040 --> 0:02:37.920 investigations at the committee that investigated the January sixth attack 0:02:38.000 --> 0:02:41.639 on the US Capitol. In a truth social post overnight, 0:02:41.720 --> 0:02:45.080 the President declared former President Joe Biden's pardons for the 0:02:45.080 --> 0:02:48.960 committee members Voyd, because he says Biden signed them with 0:02:49.040 --> 0:02:52.600 an auto pen. Still, the President admits the move might 0:02:52.639 --> 0:02:55.959 face legal action, but my decision that'll. 0:02:55.760 --> 0:02:58.600 Be up to accord. But I would say that, Danella, 0:02:58.919 --> 0:03:01.919 because I'm sure Biden have any idea that it was 0:03:02.000 --> 0:03:02.640 taking place. 0:03:03.040 --> 0:03:05.959 The President spoke on board Air Force one last night. 0:03:06.120 --> 0:03:08.760 Pardon power has long been considered one of the most 0:03:08.800 --> 0:03:12.720 absolute powers a president has. Last year, a federal appeals 0:03:12.720 --> 0:03:16.160 court found a pardon doesn't even have to be in writing. 0:03:16.120 --> 0:03:19.160 Certain of markets. Now, Karen futures are lower to start 0:03:19.200 --> 0:03:21.880 a new trading week. Despite Friday's rally on Wall Street, 0:03:21.919 --> 0:03:23.960 the S and P five hundred has now dropped for 0:03:24.000 --> 0:03:28.000 four straight weeks. Treasury Secretary Scott Besson's he says he's 0:03:28.040 --> 0:03:30.240 not concerned about the recent market downturn. 0:03:30.880 --> 0:03:33.600 I'm not worried about the markets over the long term. 0:03:33.840 --> 0:03:38.040 If we put good text policy in place, deregulation and 0:03:38.400 --> 0:03:41.560 energy security, the markets will do break. 0:03:42.160 --> 0:03:45.640 Treasury Secretary Scott Besson says corrections are healthy and normal. 0:03:45.680 --> 0:03:47.760 He spoke on NBC's Meet the Press, which can be 0:03:47.800 --> 0:03:49.400 heard Sundays on Bloomberg Radio. 0:03:49.800 --> 0:03:52.640 Well Nathan. All three major indexes hit six month lows 0:03:52.720 --> 0:03:56.000 during the last trading week. Matt Mayley, Chief market strategistic 0:03:56.080 --> 0:03:58.920 miller Taybac believes stocks are heading even lower. 0:03:59.120 --> 0:04:01.720 I do think that the the correction we've seen so 0:04:01.760 --> 0:04:04.240 far probably has further to run. I mean, we call 0:04:04.320 --> 0:04:06.040 for a correction at the very beginning of the year 0:04:06.080 --> 0:04:09.440 and saying we thought it would be something a deep 0:04:09.480 --> 0:04:12.560 one in the fifteen to twenty percent range. And we 0:04:12.600 --> 0:04:14.480 have to remember right now is what's going on with 0:04:14.600 --> 0:04:18.279 these tariffs and what's going on with the DOGE Committee. 0:04:18.279 --> 0:04:21.040 I mean that's certainly having a big impact in terms 0:04:21.040 --> 0:04:22.080 of uncertainty. 0:04:22.600 --> 0:04:25.039 Miller Tabacx mad Maine. Thanks the S and P, five 0:04:25.120 --> 0:04:27.640 hundred may fall as low as five thousand, about ten 0:04:27.720 --> 0:04:30.280 percent lower than current levels in Asia. 0:04:30.360 --> 0:04:34.480 Karen consumption, investment, and industrial production in China all exceeded 0:04:34.640 --> 0:04:37.800 estimates to start the year. Retail sales increased four percent 0:04:37.880 --> 0:04:40.240 in the first two months from a year earlier, industrial 0:04:40.320 --> 0:04:43.480 output rows five point nine percent. Growth in fixed asset 0:04:43.520 --> 0:04:47.080 investment picked up to four point one percent. Economists say 0:04:47.120 --> 0:04:49.719 the data point to resilience for a Chinese economy that 0:04:49.800 --> 0:04:52.560 is still in need of more stimulus as US tariffs 0:04:52.600 --> 0:04:53.840 threaten growth well. 0:04:53.920 --> 0:04:57.520 Nathan Warren Buffett is bullish on Japan. His Berkshire Hathaway 0:04:57.600 --> 0:05:01.200 is increasing its stake in Japan's biggest trading houses, which 0:05:01.200 --> 0:05:06.039 include Mitsubishi and Sumitomo. Last month, Buffett told shareholders and 0:05:06.080 --> 0:05:09.000 his annual letter that Berkshire was looking to increase ownership 0:05:09.279 --> 0:05:11.120 in the trading houses and back. 0:05:10.920 --> 0:05:13.760 Here in the US, Karen fashion retailer Forever twenty one 0:05:13.920 --> 0:05:17.320 is filing for bankruptcy. The brand once attracted droves of 0:05:17.360 --> 0:05:20.400 young women and girls to shop for cheap, trendy clothing. 0:05:20.680 --> 0:05:24.200 This is Forever twenty one's second stint with bankruptcy. At 0:05:24.200 --> 0:05:26.640 its height, it had more than five hundred locations in 0:05:26.640 --> 0:05:29.440 the US. It's down to about three hundred and fifty now. 0:05:30.080 --> 0:05:32.720 Finally, Nathan, those two astronauts who have been stuck in 0:05:32.760 --> 0:05:35.520 this space since this summer maybe home as early as 0:05:35.560 --> 0:05:40.200 tomorrow night. SpaceX's Dragon capsule successfully docked at the International 0:05:40.240 --> 0:05:43.520 Space Station last night. The vessel carried a new crew, 0:05:43.720 --> 0:05:47.640 allowing marooned astronauts Butch Wilmore and Sonny Williams to return 0:05:47.680 --> 0:05:51.080 home after around ten months. One member of the arriving crew, 0:05:51.160 --> 0:05:54.320 ten said the journey ran smoothly. Kurw Ten has had 0:05:54.320 --> 0:05:56.599 a great journey up here, about twenty eight hours to 0:05:57.080 --> 0:05:59.359 get back up to the space station. And I cannot 0:05:59.360 --> 0:06:03.159 tell you the immense joy of our crew when we 0:06:03.160 --> 0:06:05.080 looked out the window and we saw the space station. 0:06:05.640 --> 0:06:08.719 The two stranded astronauts who board a capsule already docked 0:06:08.720 --> 0:06:10.600 at the station and head back to Earth after a 0:06:10.680 --> 0:06:17.000 roughly two day handover period. Time Now for a look 0:06:17.000 --> 0:06:18.760 at some of the other stories making news in New 0:06:18.839 --> 0:06:20.719 York and around the world, and for that were joined 0:06:20.760 --> 0:06:23.479 by Bloomberg's Michael Barr Michael, Good Morning. 0:06:23.279 --> 0:06:28.120 Good Morning Karen. A dynamic storm spawned tornadoes, dust storms, 0:06:28.160 --> 0:06:31.440 and wildfires that killed more than three dozen people in 0:06:31.480 --> 0:06:35.479 the South and Midwest. Hundreds of homes and businesses were destroyed. 0:06:35.680 --> 0:06:38.080 Mississippi Governor Tate Reeves. 0:06:37.880 --> 0:06:45.200 Weather prognosticators indicated a tough weekend. Unfortunately they were accurate. 0:06:45.720 --> 0:06:49.720 In Alabama, Anita Owen's mother died when a twister tore 0:06:49.839 --> 0:06:52.960 up her mobile home in Plantersville early Sunday morning. 0:06:53.200 --> 0:06:56.560 To be honest, you wouldn't think just a wind and 0:06:56.720 --> 0:07:04.520 tornadoes would do this much devastation, but my mom. They 0:07:04.600 --> 0:07:08.800 actually founded around four o'clock this morning, about three hundred 0:07:08.800 --> 0:07:10.800 and fifty yards that way. 0:07:11.560 --> 0:07:14.760 The weather system is moving east, with forecasters warning of 0:07:14.880 --> 0:07:18.679 dangerous winds from Florida to New Jersey today, while heavy 0:07:18.760 --> 0:07:22.120 rain hits New York and New England. More protests were 0:07:22.160 --> 0:07:26.080 held over the weekend after Columbia grad student Mackmoud Khalil 0:07:26.440 --> 0:07:28.680 was taken into custody and is being held in the 0:07:28.720 --> 0:07:32.560 state of Louisiana. Secretary of Saint Marco Rubio says more 0:07:32.640 --> 0:07:36.160 student visas and green cards will be revoked as the 0:07:36.200 --> 0:07:40.080 federal government makes the case to remove Khalil, the Columbia 0:07:40.200 --> 0:07:44.680 University grad students. Attorney Brad Parker says the only basis 0:07:44.720 --> 0:07:48.320 for the removal action is the determination solely by the 0:07:48.360 --> 0:07:49.320 Secretary of State. 0:07:49.600 --> 0:07:50.040 That's it. 0:07:50.080 --> 0:07:53.480 There's no criminal charges, there's no unlawful activity that's even 0:07:53.480 --> 0:07:54.480 alleged by the government. 0:07:54.480 --> 0:07:57.680 At this point, Attorney Brad Parker says they are challenging 0:07:57.720 --> 0:08:00.880 the basis for his detention, insisting again that he does 0:08:01.000 --> 0:08:04.920 not support Hamas Saint Patrick's Day is being marked in 0:08:05.000 --> 0:08:09.200 cities across the country with boisterous parades and celebrations. New 0:08:09.280 --> 0:08:12.040 York City host one of the largest and oldest parades 0:08:12.080 --> 0:08:14.920 in the US. It steps off later this morning along 0:08:14.960 --> 0:08:18.320 Manhattan's Fifth Avenue with about one hundred and fifty thousand 0:08:18.400 --> 0:08:23.120 participants and two million spectators. Expected Global news twenty four 0:08:23.120 --> 0:08:26.400 hours a day and whenever with Bloomberg News. Now. I'm 0:08:26.440 --> 0:08:28.480 Michael Barr, and this is Bloomberg Karen. 0:08:28.600 --> 0:08:35.280 All right, Michael Barr, thank you time now for the 0:08:35.320 --> 0:08:38.640 Bloomberg Sports Update, brought to you by Tri State Houdie. 0:08:38.640 --> 0:08:41.520 Here's John stash Hour. John, Good morning, Good morning, Karen. 0:08:41.600 --> 0:08:44.520 Thirty eight years ago, Rick Patino coached Providence to the 0:08:44.600 --> 0:08:48.240 NCAA Final Four. Patino is now heading to Providence, where 0:08:48.320 --> 0:08:50.760 Thursday night he'll coach Saint John's in its first round 0:08:50.760 --> 0:08:51.720 game against Omaha. 0:08:52.320 --> 0:08:53.800 In first I have to study Omaha. 0:08:54.000 --> 0:08:55.280 I don't know much about them. 0:08:55.480 --> 0:08:57.160 They probably don't know a whole lot about us. 0:08:57.200 --> 0:09:00.000 But we'll study them, they'll study us, and we'll see 0:09:00.080 --> 0:09:00.960 who comes out on top. 0:09:01.080 --> 0:09:03.880 Comments made on sn why Patino taking a record six 0:09:03.920 --> 0:09:06.680 different school to the NCAA's The Red Storm the two 0:09:06.760 --> 0:09:09.480 seed in the West after thirty wins Big East regular 0:09:09.520 --> 0:09:13.080 season and tourney champs. The one seeds are Duke, Houston, 0:09:13.160 --> 0:09:15.960 Florida and Auburn, who's still got the top overall seed 0:09:16.000 --> 0:09:18.440 despite three losses in the last four games. At the Garden, 0:09:18.840 --> 0:09:21.800 Edmonton's Victor Arvidson scored six minutes into the third period. 0:09:21.840 --> 0:09:24.880 Connor McDavid add an empty dender. Oilers beat the Rangers 0:09:24.880 --> 0:09:27.400 three to one at Islanders at Ubs four to two 0:09:27.440 --> 0:09:30.120 win over Florida. The Nets of Barkley's beat Atlanta one 0:09:30.240 --> 0:09:32.400 twenty two to one. Fourteen Lakers ended the four game 0:09:32.440 --> 0:09:35.480 losing streak. They beat Phoenix Luther Gonsis scored thirty three. 0:09:35.559 --> 0:09:39.240 The players Championship not over yet. Rory McIlroy started yesterday 0:09:39.240 --> 0:09:42.680 four shots behind, then led by two, finished tied with 0:09:42.800 --> 0:09:45.520 JJ Spahn, and because they had had a weather delay, 0:09:45.520 --> 0:09:47.320 they couldn't play the three hole aggregate playoff. 0:09:47.320 --> 0:09:48.439 They'll do that this morning. 0:09:48.800 --> 0:09:51.880 Nattle Roy and Spawn are close in age, but Spawn 0:09:51.920 --> 0:09:54.440 has one career victory, Rory has forty two. 0:09:55.080 --> 0:09:57.520 I'd like to think that I can fall back on 0:09:57.559 --> 0:09:59.760 my experience and maybe have a little bit more than JJ. 0:09:59.880 --> 0:10:02.880 But then at the same time, tomorrow is all just 0:10:02.920 --> 0:10:06.360 about execution, and I'm getting up there and, as I said, 0:10:06.360 --> 0:10:07.400 making five good swings. 0:10:07.480 --> 0:10:10.199 Tannis said Indian Wells. The Canadian Jack Draper won the 0:10:10.240 --> 0:10:13.720 men's single, seventeen year old Russian Mira Andreva the women's. 0:10:13.720 --> 0:10:16.800 The Yankees were going to start Clark Schmidt yesterday got 0:10:16.840 --> 0:10:19.040 scratched for the sore shoulder of the Yanks. We're running 0:10:19.080 --> 0:10:21.280 out of healthy starting pitchers already with the injuries to 0:10:21.360 --> 0:10:24.719 Garrett Cole and Luis Heel. John stashiew Are Bloomberg Spoint. 0:10:27.160 --> 0:10:31.360 Coast to Coast on Bloomberg Radio, nationwide, on Sirius Exam 0:10:31.480 --> 0:10:34.320 and around the World on Bloomberg dot Com and the 0:10:34.360 --> 0:10:37.439 Bloomberg Business app. This is Bloomberg Daybreak. 0:10:37.600 --> 0:10:40.520 Good morning, I'm Nathan Hager. President Donald Trump says he 0:10:40.640 --> 0:10:43.560 will have a lot to discuss with Russian President Vladimir 0:10:43.600 --> 0:10:46.960 Putin when he speaks with him tomorrow about the prospect 0:10:46.960 --> 0:10:48.560 for a ceasefire with Ukraine. 0:10:48.720 --> 0:10:51.439 Will be talking about land, We'll be talking about power plaids. 0:10:52.960 --> 0:10:56.440 That's a it's a big question, but I think we 0:10:56.520 --> 0:10:58.920 have a lot of it already discussed. 0:10:59.160 --> 0:11:01.839 President Trump's spoke with reporters of bard Air Force one 0:11:01.960 --> 0:11:04.600 last night. Joining us this morning is Bloomberg News Senior 0:11:04.679 --> 0:11:07.040 editor Bill Ferries and Bill. One thing we did not 0:11:07.240 --> 0:11:10.000 hear the President say he plans to discuss with Russias 0:11:10.040 --> 0:11:15.080 Vladimir Putin is security guarantees for Ukraine. How significant is that? 0:11:15.120 --> 0:11:19.479 Good morning, Good morning, Nathan. Well, that's from Ukraine's perspective 0:11:19.520 --> 0:11:24.679 and from the perspective of most of US's traditional European allies. 0:11:24.760 --> 0:11:28.200 That's the big question. Donald Trump saying he will speak 0:11:28.280 --> 0:11:34.480 with Vladimir Putin on Tuesday, and European allies have been 0:11:34.559 --> 0:11:37.920 kind of scrambling to present something to Trump that would 0:11:38.000 --> 0:11:41.720 perhaps get his buy in for a security guarantee. This 0:11:41.800 --> 0:11:44.559 is all This process has obviously been moving very quickly, 0:11:45.320 --> 0:11:47.520 and there's a lot of questions, a lot of angst, 0:11:47.559 --> 0:11:51.040 I think in European capitals about what President Trump might 0:11:51.080 --> 0:11:55.080 promise or agree to on that call when European allies 0:11:55.240 --> 0:11:59.200 and the Ukrainian government itself are not also taking part 0:11:59.240 --> 0:11:59.960 in the negotiation. 0:12:00.320 --> 0:12:02.679 And certainly there's been a question about what kind of 0:12:02.720 --> 0:12:07.720 concessions the President might try to extract from Vladimir Putin. 0:12:07.840 --> 0:12:10.120 Have we gotten a sense of whether he plans to 0:12:10.840 --> 0:12:13.439 go that far to try to get any concessions from 0:12:13.440 --> 0:12:14.480 the Russian side. 0:12:14.960 --> 0:12:18.840 He made some vague comments about the situation on the ground, 0:12:18.880 --> 0:12:21.560 how the territory has shifted hands and there will be 0:12:21.640 --> 0:12:26.320 some dividing up of a territory, he suggested, but no 0:12:26.360 --> 0:12:29.720 one has any kind of specific details. We do know 0:12:29.760 --> 0:12:32.719 that Vladimir Putin has pushed back on the idea of 0:12:32.760 --> 0:12:36.760 an immediate ceasefire. He wants more guarantees that Ukraine will 0:12:36.800 --> 0:12:40.040 be a neutral country, that there will not be NATO 0:12:40.160 --> 0:12:44.400 troops based in the country during or after a ceasefire agreement, 0:12:45.040 --> 0:12:49.120 and just he basically wants to see what he says 0:12:49.240 --> 0:12:53.640 is a threat that prompted his invasion to be removed. 0:12:54.280 --> 0:12:58.120 That's basically in complete conflict with what particularly Kiev and 0:12:58.400 --> 0:13:00.560 European powers are trying to organ now. 0:13:00.840 --> 0:13:04.959 And while we see this extended push for a quick 0:13:05.040 --> 0:13:09.680 ceasefire in the Russia Ukraine conflict, we're seeing this new 0:13:09.720 --> 0:13:14.040 operation that the president has ordered against the Houthy militants 0:13:14.200 --> 0:13:18.400 in Yemen. Could this be an extended campaign against this 0:13:18.440 --> 0:13:21.000 group that's really been going after Red Sea shipping for 0:13:21.080 --> 0:13:21.720 quite some time. 0:13:22.720 --> 0:13:25.479 Yeah, they've been going after the Red Sea shipping basically 0:13:25.559 --> 0:13:31.600 since Israel counterattacked against Hamas in Gaza. Defense Secretary Pete 0:13:31.600 --> 0:13:35.160 Hegseth saying on Fox News on Sunday that this is 0:13:35.240 --> 0:13:39.800 going to be an unrelenting campaign against the Huti rebels 0:13:39.880 --> 0:13:43.640 until they stop firing at civilian and military vessels in 0:13:43.679 --> 0:13:47.560 the Red Sea's We've already seen the Huti's saying that 0:13:47.600 --> 0:13:49.960 they are not going to back down. That they claim 0:13:50.040 --> 0:13:53.800 to have made separate attacks on the USS Harry S. 0:13:53.840 --> 0:13:57.200 Truman aircraft carrier in the last twenty four hours. It's 0:13:57.320 --> 0:14:01.240 a very divided fight. You've got major military power in 0:14:01.280 --> 0:14:05.560 the US trying to go after a smaller more mobile 0:14:06.559 --> 0:14:09.680 rebel group essentially that is very hard to target. In 0:14:09.720 --> 0:14:12.120 the past, the US has had a hard time finding 0:14:12.240 --> 0:14:14.480 enough targets and Yemen to hit. So we'll have to 0:14:14.480 --> 0:14:16.280 see how this plays out. But it does sound like 0:14:16.320 --> 0:14:18.400 the administration is in this for the longer haul. 0:14:18.640 --> 0:14:20.720 I mean, how could this play out for the ceasefire? 0:14:20.800 --> 0:14:24.960 That's really a tenuous situation between Israel and Hamas. 0:14:25.600 --> 0:14:28.120 It is. What the Uti rebels are saying is that 0:14:28.200 --> 0:14:31.440 they basically have restarted their attacks in the Red Sea 0:14:31.880 --> 0:14:36.720 because Israel has blocked the delivery of aid shipments into Gaza. 0:14:36.840 --> 0:14:39.600 If there could be a breakthrough perhaps in the Israel 0:14:39.800 --> 0:14:44.200 Hamas disagreement over aid flows and the return of hostages 0:14:44.440 --> 0:14:47.800 and other parts of that conflict, the Hutis are suggesting 0:14:47.880 --> 0:14:50.720 that they would stop their attacks on the Red Sea, 0:14:50.800 --> 0:14:53.720 but of course no ships have been going through there. Really, 0:14:53.760 --> 0:14:57.280 by and large, it's a big risk for a global 0:14:57.320 --> 0:15:00.560 trade and until there's a longer term piece think it's 0:15:00.560 --> 0:15:02.480 going to be hard to see the Suez and the 0:15:02.480 --> 0:15:03.680 Red Sea being used again. 0:15:03.760 --> 0:15:06.200 Apart from all these geopolitical developments, Bill, we got this 0:15:06.240 --> 0:15:09.800 pretty remarkable truth social post from the President overnight declaring 0:15:09.880 --> 0:15:13.840 former President Joe Biden's pardons for the January sixth Committee 0:15:13.920 --> 0:15:17.240 void and vacant. Can he do that? 0:15:19.560 --> 0:15:22.480 There's really no precedent for that. He's saying that these 0:15:22.560 --> 0:15:27.200 pardons are void because he believes that Joe Biden used 0:15:27.200 --> 0:15:30.920 an auto pen to sign the pardons. That's something we've 0:15:30.920 --> 0:15:35.760 that's an argument we've seen previously from the Heritage Foundation. Obviously, 0:15:35.960 --> 0:15:38.720 if first of all, nobody knows if an autopen was 0:15:38.840 --> 0:15:41.680 used or not. Judges have ruled in the past that 0:15:41.720 --> 0:15:43.640 you don't need to have a written pardon for a 0:15:43.680 --> 0:15:47.080 pardon to be effective. But more broadly, if auto pens 0:15:47.080 --> 0:15:49.600 weren't allowed, there would be a whole lot of legislation 0:15:49.760 --> 0:15:52.400 and every letter from Congress back to a constituent that 0:15:52.440 --> 0:15:55.600 would be void. It's just a widely used tool. I 0:15:55.600 --> 0:15:58.000 think this is probably going to be seen as a distraction, 0:15:58.200 --> 0:16:01.560 but Donald Trump, if he has the Justice Department behind it, 0:16:01.640 --> 0:16:06.280 may try to pursue this claim. 0:16:06.320 --> 0:16:09.760 This is Bloomberg Daybreak, your morning podcast on the stories 0:16:09.840 --> 0:16:12.840 making news from Wall Street to Washington and beyond. 0:16:13.120 --> 0:16:15.520 Look for us on your podcast feed by six am 0:16:15.560 --> 0:16:18.960 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:16:19.160 --> 0:16:22.000 You can also listen live each morning starting at five 0:16:22.040 --> 0:16:24.760 am Wall Street Time on Bloomberg eleven three to zero 0:16:24.760 --> 0:16:27.680 in New York, Bloomberg ninety nine to one in Washington, 0:16:27.720 --> 0:16:31.680 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:31.880 --> 0:16:33.440 XM Channel one twenty one. 0:16:33.840 --> 0:16:36.560 Plus listen coast to coast on the Bloomberg Business app 0:16:36.600 --> 0:16:39.440 now with Applecarplay and Android Atto interfaces. 0:16:39.640 --> 0:16:42.640 And don't forget to subscribe to Bloomberg News Now. It's 0:16:42.680 --> 0:16:45.400 the latest news whenever you want it in five minutes 0:16:45.520 --> 0:16:48.640 or less. Search Bloomberg News Now on your favorite podcast 0:16:48.640 --> 0:16:52.800 platform to stay informed all day long. I'm Karen Moscow. 0:16:52.600 --> 0:16:55.120 And I'm Nathan Hager. Join us again tomorrow morning for 0:16:55.200 --> 0:16:57.120 all the news you need to start your day right 0:16:57.120 --> 0:16:58.600 here on Bloomberg Day Bray