Nikki Haley Exits GOP Race; Jay Powell Testifies

Bloomberg Audio Studios, Podcasts, radio news. Good morning, I'm Nathan 0:00:11.119 --> 0:00:14.080 Hager and I'm Karen Moscow. Here are the stories we're 0:00:14.120 --> 0:00:14.960 following today. 0:00:15.280 --> 0:00:18.560 The big story this morning is in politics. President Biden 0:00:18.640 --> 0:00:21.479 is barreling closer to a twenty twenty four rematch with 0:00:21.600 --> 0:00:23.239 former President Donald Trump. 0:00:23.480 --> 0:00:26.599 They call it Super Tuesday for a reason. 0:00:27.120 --> 0:00:29.840 This is a big one. 0:00:30.040 --> 0:00:33.360 And they tell me, the pundits and otherwise that there's 0:00:33.400 --> 0:00:34.640 never been one like this. 0:00:34.479 --> 0:00:37.320 Has never been anything so conclusive. 0:00:37.400 --> 0:00:41.320 This was an amazing, an amazing night, an amazing day. 0:00:41.560 --> 0:00:44.360 The former president is celebrating after an ear clean sweep 0:00:44.400 --> 0:00:47.880 of the fifteen states in play on Super Tuesday. Republican 0:00:47.960 --> 0:00:50.280 Nikki Haley managed to win in Vermont, but it leaves 0:00:50.320 --> 0:00:52.920 her still far behind Trump in the delegate count. With 0:00:52.960 --> 0:00:55.600 twelve hundred and fifteen delegates needed to clinch the nomination, 0:00:56.040 --> 0:00:58.680 Trump now has nine hundred and ninety five to Hayley's 0:00:58.720 --> 0:01:01.120 eighty nine, and we have the Wall Street Journal reporting 0:01:01.200 --> 0:01:05.360 Nikki Haley will suspend her campaign in a speech this 0:01:05.520 --> 0:01:09.319 morning in the Charleston area. As for President Biden, he 0:01:09.400 --> 0:01:12.200 cruised to victory in all fifteen states in play on 0:01:12.240 --> 0:01:13.560 the Democratic. 0:01:13.080 --> 0:01:16.240 Side, well, Nathan Wild appears, a Biden Trump a rematch 0:01:16.280 --> 0:01:19.880 seems inevitable. Attention for many now turns to campaigning for 0:01:19.920 --> 0:01:23.360 the general election. Bloomberg News Senior editor Bill Ferries talked 0:01:23.360 --> 0:01:26.720 about strategies for the two front runners, beginning with Donald Trump. 0:01:26.840 --> 0:01:29.320 How he runs his campaign still remains to be seen, 0:01:29.400 --> 0:01:32.200 whether he holds these big rallies like he has traditionally 0:01:32.280 --> 0:01:35.320 done in the past. He hasn't been out campaigning as 0:01:35.400 --> 0:01:37.640 much as in the past, partly because he's had a 0:01:37.640 --> 0:01:40.200 lot of court cases to attend to and partly because 0:01:40.200 --> 0:01:42.760 he hasn't really needed to. He's been the leading candidate 0:01:42.840 --> 0:01:45.920 since this race started, and I think on President Biden's side, 0:01:45.959 --> 0:01:48.120 we're going to see him try to set the terms 0:01:48.160 --> 0:01:52.120 of this campaign going forward. On Thursday night in the US, 0:01:52.200 --> 0:01:54.800 when he gives his annual State of the Union. It's 0:01:54.840 --> 0:01:56.640 a good chance for him to set out what he 0:01:56.720 --> 0:01:59.440 thinks are his top accomplishments and the ways that he 0:01:59.520 --> 0:02:01.240 separates himself from Donald Trump. 0:02:01.440 --> 0:02:04.760 According to Bloomberg's Bill Ferries, a Biding campaign memo released 0:02:04.800 --> 0:02:08.080 this morning, he says reaching disaffected voters who opposed Trump 0:02:08.080 --> 0:02:11.079 could be a key part of the president's strategy. 0:02:10.919 --> 0:02:15.079 Karen super Tuesday also saw high profile Senate primaries in California. 0:02:15.240 --> 0:02:17.120 It's now down to the man who led the Trump 0:02:17.160 --> 0:02:21.400 impeachment probes in the House versus a former baseball all star. 0:02:21.680 --> 0:02:25.480 We get the details from Bloomberg's Ed Baxter. In San Francisco, it. 0:02:25.440 --> 0:02:29.080 Will be Democrat Adam Schiff and Republican Steve Garvey. The 0:02:29.120 --> 0:02:31.639 group had been pretty tightly bunched and pulling a month ago, 0:02:31.680 --> 0:02:35.080 but Shift pulled out an interesting TV ad campaign portraying 0:02:35.120 --> 0:02:39.080 Garvey as too conservative for California. It booyed Shift, but 0:02:39.160 --> 0:02:43.720 also gave Garvey more name recognition. Garvey, of political novice, 0:02:43.840 --> 0:02:47.120 former star baseball player with the Dodgers and Padres, has 0:02:47.160 --> 0:02:50.520 stayed pretty low profile during the campaign. Now one of 0:02:50.560 --> 0:02:53.160 them will take Diane Feinstein's seat. It'll be a break 0:02:53.160 --> 0:02:57.000 in decades long history of at least one woman senator 0:02:57.040 --> 0:03:00.040 from California. Ed Baxter Bloomberg Radio. 0:03:00.000 --> 0:03:01.359 All Right, Ed, thank you Now. 0:03:01.400 --> 0:03:04.920 With almost half the votes counted, Adam Schiff has thirty 0:03:04.960 --> 0:03:08.120 three percent to Steve Garvey's thirty two percent. 0:03:08.639 --> 0:03:11.320 Taking a look at some other key races, Nathan Democratic 0:03:11.360 --> 0:03:14.560 Congressman Colin already won the Texas primary to take on 0:03:14.639 --> 0:03:18.919 Republican Senator Ted Cruz in November, already broke with President 0:03:18.960 --> 0:03:22.000 Biden over his handling of the Southern border. A Trump 0:03:22.080 --> 0:03:25.639 back candidate in Texas, Brandon Gill, won the primary for 0:03:25.760 --> 0:03:30.120 retiring Congressman Michael Burgess's House seat. Congressman Barry Moore won 0:03:30.120 --> 0:03:33.120 the Republican primary in an Alabama district that was redrawn 0:03:33.200 --> 0:03:36.440 to keep the black vote from being diluted, and in California, 0:03:36.480 --> 0:03:38.880 the vote is still too close to call on a 0:03:38.960 --> 0:03:42.080 ballot measure that would borrow six point four billion dollars 0:03:42.120 --> 0:03:45.720 to pay for new housing and treatment programs to fight homelessness. 0:03:46.000 --> 0:03:49.400 As former President Trump shifts his focus to the general election, 0:03:49.600 --> 0:03:53.160 Karen He reportedly met with Elon Musk and other potential 0:03:53.280 --> 0:03:54.640 donors on Sunday. 0:03:54.720 --> 0:03:56.880 We get more on that from Bloomberg stud Prisner. 0:03:57.200 --> 0:04:01.200 Trump is urgently seeking new donors to support his presidential campaign. 0:04:01.560 --> 0:04:03.680 The New York Times reports he is hoping to have 0:04:03.720 --> 0:04:06.320 a one on one meeting with Musk soon. It's not 0:04:06.440 --> 0:04:08.760 clear whether Musk plans to give money to the former 0:04:08.800 --> 0:04:12.600 president's twenty twenty four campaign. Musk has at times been 0:04:12.640 --> 0:04:16.040 at odds with the Biden administration. Back in twenty twenty two, 0:04:16.200 --> 0:04:19.200 Musk said he had voted Republican for the first time ever. 0:04:19.600 --> 0:04:22.960 Needless to say, last night, Trump and President Biden moved 0:04:22.960 --> 0:04:26.800 closer to a rematch in November's general election in New York. 0:04:26.800 --> 0:04:28.280 I'm Doug Prisoner, Bloomberg Radio. 0:04:28.520 --> 0:04:31.200 All Right, Doug, thank you well, let's turn to the economy. Now, 0:04:31.240 --> 0:04:34.040 it's the big event. Wall Street has been waiting for. 0:04:34.160 --> 0:04:37.359 FED Chair j Powell begins his two day semi annual 0:04:37.440 --> 0:04:41.599 testimony before Congress. We get a preview from Bloomberg's Michael McKee. 0:04:41.760 --> 0:04:44.520 No doubt Powell's hearings will be dominated by the questions 0:04:44.560 --> 0:04:47.320 of when the Fed will lower interest rates and by 0:04:47.400 --> 0:04:50.600 how much Democrats would love cuts to kick off soon 0:04:50.680 --> 0:04:54.479 to better aid President Biden's re election campaign. Republicans have 0:04:54.520 --> 0:04:57.919 already signaled they'll be warning Powell not to politicize the 0:04:57.960 --> 0:05:01.080 Central Bank. Expect the chair to his it's the decision 0:05:01.080 --> 0:05:04.440 will be based on progress on inflation and nothing else. 0:05:04.839 --> 0:05:06.680 Wall Street won't like it, but he's not going to 0:05:06.680 --> 0:05:10.200 tip his hand on timing. Politics will be in the room, however, 0:05:10.760 --> 0:05:13.040 with the State of the Union address on Thursday night, 0:05:13.120 --> 0:05:16.200 Poull will likely be asked about the budget deficit, banking 0:05:16.240 --> 0:05:21.039 regulation and its money losing balance sheet. Michael McKee Bloomberg. 0:05:20.640 --> 0:05:22.000 Radio, Okay, Mike. Thanks. 0:05:22.000 --> 0:05:25.760 In company news, job cuts are reportedly coming to Morgan Stanley. 0:05:25.800 --> 0:05:28.560 Reuter's is reporting the bank has laid off about nine 0:05:28.640 --> 0:05:31.560 percent of its staff at its asset management business unit 0:05:31.640 --> 0:05:34.640 in China. The report says the headcount reduction began in 0:05:34.680 --> 0:05:36.880 December and effects about fifteen employees. 0:05:37.520 --> 0:05:40.440 While staying in the banking industry Nathan the Citigroup CEO, 0:05:40.560 --> 0:05:44.640 Jane Fraser says her reorganization, aimed at streamlining the bank 0:05:44.720 --> 0:05:47.800 and making it more competitive with its peers, has gone 0:05:47.839 --> 0:05:50.159 faster than expected. And we get the story from Bloomberg's 0:05:50.240 --> 0:05:51.000 Charlie Pillett. 0:05:51.360 --> 0:05:55.160 Her remarks came at the RBC Capital Market's Global Financial 0:05:55.200 --> 0:05:59.039 Institutions Conference in New York. As she sent out positive 0:05:59.040 --> 0:06:01.400 guidance for the year ahead. She said, quote, We're not 0:06:01.520 --> 0:06:04.160 going to make the mistakes we have made in the past. 0:06:04.520 --> 0:06:07.960 Fraser has been under closed scrutiny after initiating what's built 0:06:08.240 --> 0:06:12.320 as the largest restructuring of City Group in decades, designed 0:06:12.320 --> 0:06:15.559 to propel the firm from a banking underdog to one 0:06:15.640 --> 0:06:19.680 competitive with its more profitable peers in New York. Charlie 0:06:19.720 --> 0:06:21.479 Pellett Bloomberg Radio. 0:06:21.279 --> 0:06:23.919 All right, Charlie, thanks on another Wall Street giant, Goldman 0:06:24.120 --> 0:06:26.240 Sachs is zeroing in on Europe, the Middle East, and 0:06:26.360 --> 0:06:29.600 Africa as it continues building out its private banking operations 0:06:29.600 --> 0:06:32.400 for the world's wealthy. A senior Goldman executive says the 0:06:32.400 --> 0:06:35.279 banks recently hired at least six private wealth advisors in 0:06:35.279 --> 0:06:38.400 the region from rivals including JP Morgan, Chase, Credit, Sweee, 0:06:38.440 --> 0:06:41.800 and Rothschild In company, Goldman plans to continue looking outside 0:06:41.800 --> 0:06:44.040 the firm for additional advisors well. 0:06:44.080 --> 0:06:47.279 In Tech News, Nathan Apple's troubles and the European Union 0:06:47.320 --> 0:06:49.440 are just beginning, even after it was hit with the 0:06:49.440 --> 0:06:53.360 blog's third largest anti trust find ever. Tomorrow. The EU 0:06:53.520 --> 0:06:55.640 is betting that a sweeping new law will ran in 0:06:55.680 --> 0:06:58.479 the excesses of Apple and some of the world's most 0:06:58.480 --> 0:07:01.960 dominant tech firms after decades of market dominance that the 0:07:01.960 --> 0:07:05.640 bloc has struggled to contain. We spoke with EU Competition 0:07:05.760 --> 0:07:07.320 chief Margareth Vestigo. 0:07:07.760 --> 0:07:12.600 The messaging from the Apple case, of course, is don't 0:07:12.640 --> 0:07:16.960 do this. Stop What are you doing don't put anything 0:07:16.960 --> 0:07:19.920 in place that would have the same effect. We see 0:07:19.960 --> 0:07:23.840 an illegal abuse that has been ongoing for a number 0:07:23.880 --> 0:07:24.360 of years. 0:07:25.160 --> 0:07:28.600 US Competition Chief Margareth, investigator says the new Digital Markets 0:07:28.640 --> 0:07:32.280 Act will force tech giants to heed a strict list 0:07:32.400 --> 0:07:36.800 of does and don'ts or face the threat of significant fines. 0:07:39.040 --> 0:07:41.200 Now the look at the other stories making news in 0:07:41.240 --> 0:07:43.480 New York and around the world. We bring in Bloomberg's 0:07:43.520 --> 0:07:45.080 Michael Barr, Good Morning, Michael. 0:07:44.880 --> 0:07:48.080 Good morning, Nathan. More legal trouble for New Jersey Democratic 0:07:48.120 --> 0:07:52.080 Senator Bob Menendez and his wife. Prosecutors have now added 0:07:52.240 --> 0:07:56.840 obstructing justice charges to those he already faces. The new 0:07:56.920 --> 0:08:00.600 accusations appear to result from last week's guilty place of 0:08:00.720 --> 0:08:06.000 co defended Jose Eribe agreeing to cooperate againstent of Menendez. 0:08:06.240 --> 0:08:10.640 Euribe has admitted to providing the senator's wife of Mercedes Benz, 0:08:10.960 --> 0:08:14.520 in exchange for the senator's help. The senator and his 0:08:14.560 --> 0:08:19.240 wife claim they thought they were loans. Independent Senator Kirsten Cinema, 0:08:19.240 --> 0:08:21.800 No of Arizona, says she will not run for a 0:08:21.840 --> 0:08:25.840 second term. Cinema, who switched to party affiliation from Democrat 0:08:25.880 --> 0:08:29.680 to Independent in twenty twenty two was trailing in third 0:08:29.760 --> 0:08:33.240 place and polls. She criticized part of some dysfunction in 0:08:33.280 --> 0:08:36.560 Congress in announcing her much anticipated decision. 0:08:36.960 --> 0:08:39.679 The only political victories that matter these days are symbolic 0:08:40.200 --> 0:08:44.160 attacking your opponents on cable news or social media. Compromise 0:08:44.400 --> 0:08:48.720 is a dirty word. We've arrived at that crossroad, and 0:08:48.760 --> 0:08:50.520 we chose anger and division. 0:08:51.320 --> 0:08:54.520 With Cinema out, it now likely leaves it a race 0:08:54.600 --> 0:08:59.360 between Democrat Reuben Diego and Republican Carrie Lake. A House 0:08:59.360 --> 0:09:03.040 committee on the coronavirus pandemic has subpoena former New York 0:09:03.040 --> 0:09:06.920 Governor Andrew Cuomo to testify May twenty fourth about his 0:09:07.040 --> 0:09:10.480 twenty twenty man date forcing state nursing homes and long 0:09:10.600 --> 0:09:15.400 term care facilities to admit or readmit potentially contagious and 0:09:15.480 --> 0:09:19.760 untested COVID nineteen patients. According to the panel chair, Ohio 0:09:19.800 --> 0:09:23.480 Republican bad Grad Windscript, he says, not only did the 0:09:23.520 --> 0:09:26.520 former governor put the elderly in harm's way, but he 0:09:26.559 --> 0:09:29.520 also attempted to cover up his failures by hiding the 0:09:29.559 --> 0:09:35.080 true nursing home death rate. Cuomo's lawyer Rita Glavin says 0:09:35.400 --> 0:09:39.080 that this is pure political theater. No ceasefire agreement yet 0:09:39.120 --> 0:09:42.000 between Israel and a MOSS. Talks with Mos and Cairo 0:09:42.200 --> 0:09:46.520 ended with no breakthrough. White House National Security Communications Advisor 0:09:46.600 --> 0:09:48.840 John Kirby says, is up to a Moss to make 0:09:48.880 --> 0:09:49.240 a move. 0:09:49.720 --> 0:09:52.160 What we're looking for and what we want temporary cease 0:09:52.200 --> 0:09:54.280 fire for about six weeks. That'll allow us to get 0:09:54.320 --> 0:09:56.680 more aid in and more importantly, get all those hostages 0:09:56.720 --> 0:09:59.720 back with their families where they belong and reduce the violence. 0:09:59.760 --> 0:10:02.160 That's the deal on the table, and as the President 0:10:02.200 --> 0:10:05.400 also said today, it's a rational deal. And the Israelis 0:10:05.400 --> 0:10:07.720 have been cooperating, they have been negotiating in good faith 0:10:07.760 --> 0:10:10.240 on this. It's time for Hamas to step up to 0:10:10.280 --> 0:10:12.880 the plate, take a swing, and let's get this thing done. 0:10:13.040 --> 0:10:15.600 Global News twenty four hours a day and whenever you 0:10:15.640 --> 0:10:18.160 want it with Bloomberg News Now. I'm Michael Barrn. This 0:10:18.200 --> 0:10:18.959 is Bloomberg Nather. 0:10:19.120 --> 0:10:19.679 Thank you, Michael. 0:10:24.240 --> 0:10:26.120 Time out for the Bloomberg Sports Update, brought to you 0:10:26.200 --> 0:10:28.000 by Trice Date out he with John stash Hoer. 0:10:28.040 --> 0:10:30.160 All right, Nathan the next at the garden again without 0:10:30.200 --> 0:10:33.839 four starters. The MRI on Jalen Brunson's knee came back clean, 0:10:33.880 --> 0:10:35.079 but they didn't want to rush him back, and the 0:10:35.160 --> 0:10:38.160 Knicks came out flat. Trailed Atlanta by twenty two in 0:10:38.200 --> 0:10:40.400 the first half, did rally to tie, but never took 0:10:40.400 --> 0:10:43.000 the lead. The Hawks, who were without their top scorer 0:10:43.040 --> 0:10:45.880 Trey Young, pulled away one sixteen to one hundred. Nick 0:10:45.920 --> 0:10:48.679 shot only thirty eight percent. They took fifty two to 0:10:48.840 --> 0:10:52.079 three pointers, also out rebounded by eleven. The coach is 0:10:52.120 --> 0:10:52.760 Tom Thibodeau. 0:10:53.120 --> 0:10:55.960 The rebounding was a problem that was that was a 0:10:55.960 --> 0:10:59.320 bigger concern for me than you know, like mishots are 0:10:59.360 --> 0:11:05.520 part of the game. Your rebounding. That's important, and we 0:11:05.559 --> 0:11:07.040 didn't rebound the ball the way. 0:11:07.360 --> 0:11:07.560 You know. 0:11:07.600 --> 0:11:09.360 It was one or the few times we got out rebounding. 0:11:09.640 --> 0:11:12.200 It's that nine game winning streak. Knicks for four and nine, 0:11:12.240 --> 0:11:14.760 two and seven at home, they host Orlando Friday at 0:11:14.760 --> 0:11:17.560 Barkley's Nets beat The Sixers won twelve one oh seven. 0:11:17.600 --> 0:11:20.160 In Cleveland, Celtics seemed on their way to a twelve 0:11:20.280 --> 0:11:22.440 in a row, up by twenty two in the fourth quarter. 0:11:22.559 --> 0:11:26.080 The Cavs, playing without their top scorer Donovan Mitchell rallied 0:11:26.080 --> 0:11:28.280 to win by one. Phoenix won an overtime at Denver. 0:11:28.400 --> 0:11:30.720 Kevin Durant scored thirty five the Devil's first game for 0:11:30.800 --> 0:11:33.160 new coach Travis Green. They lost at home to Florida 0:11:33.200 --> 0:11:36.280 five to three, Islanders down to nothing, came back beat 0:11:36.280 --> 0:11:38.199 Saint Louis four to two. Edmonton a two to one 0:11:38.200 --> 0:11:41.320 overtime win at Boston easily went for Saint John's one 0:11:41.360 --> 0:11:44.240 o four to seventy seven at De Paul, who had 0:11:44.320 --> 0:11:46.840 three and twenty seven as the worst record in the nation, 0:11:47.000 --> 0:11:49.640 top two in the Big Ten, met third rank Perdue 0:11:49.640 --> 0:11:52.079 one at Illinois and Fort Saint Lucie. Mets beat the 0:11:52.160 --> 0:11:55.320 Yankees five to four. Tyler McGill three scoreless innings. Not 0:11:55.440 --> 0:11:58.200 a surprise that the Giants are not giving Saquon Barkley 0:11:58.200 --> 0:12:00.800 the franchise tag as they did last year. It doesn't 0:12:00.800 --> 0:12:03.599 necessarily mean his Giant's career is over, but he'll be 0:12:03.640 --> 0:12:06.640 a free agent, will certainly listen to other offers. Also 0:12:06.720 --> 0:12:09.080 no tag for safety Xavier McKinney. You just at his 0:12:09.160 --> 0:12:11.440 best season. He'll also be a free agent, and free 0:12:11.440 --> 0:12:15.319 agency begins in one week. John Stashenawer Bloomberg Sports. 0:12:15.520 --> 0:12:19.559 Want to get right back to Super Tuesday and The Aftermath. 0:12:19.640 --> 0:12:22.720 We're joined by Wendy Schiller, director of the Alfred Talbin 0:12:22.800 --> 0:12:26.760 Center for American Politics and Policy at Brown University, and 0:12:26.840 --> 0:12:30.520 Wendy will lead with the new The Aftermath. For Nicki Haley, 0:12:30.559 --> 0:12:33.439 the Wall Street Journal is reporting that she will suspend 0:12:33.480 --> 0:12:36.760 her campaign to this morning in a speech in Charleston, 0:12:36.840 --> 0:12:40.640 South Carolina, and decline to make an endorsement at least 0:12:40.760 --> 0:12:41.960 at this point. 0:12:42.000 --> 0:12:44.200 Your reaction, well. 0:12:44.080 --> 0:12:47.040 I mean, I don't think, Maathan, this is unexpected. I 0:12:47.040 --> 0:12:50.520 think people thought she'd stay until, you know, yesterday, and 0:12:50.600 --> 0:12:53.600 then the maths is becoming insurmountable. And then you have 0:12:53.640 --> 0:12:56.560 to ask yourself, you know, why you taking donor dollars 0:12:56.720 --> 0:12:59.320 and why do not you set yourself up potentially for 0:12:59.400 --> 0:13:02.320 twenty twenty. You know, the important thing is what Nikki 0:13:02.400 --> 0:13:05.439 Helly does next? You know, does she you know, support 0:13:05.440 --> 0:13:07.920 Trump in the end a couple months from now, or 0:13:07.960 --> 0:13:10.800 does she stay quiet or does she actually try to 0:13:10.880 --> 0:13:13.160 undermine the Trump campaign. I mean, if you want to 0:13:13.200 --> 0:13:14.920 run twenty eight, I don't think that's going to be 0:13:14.960 --> 0:13:17.680 your strategy necessarily. But on the other hand, she seems 0:13:17.679 --> 0:13:21.679 to have attracted financial support and voter support from a 0:13:21.760 --> 0:13:25.720 decent sized wing of the Republican Party. So the question 0:13:25.720 --> 0:13:27.800 for her is how do I position myself for twenty 0:13:27.840 --> 0:13:30.440 eight not really what I can do in the remaining 0:13:30.480 --> 0:13:31.280 months of twenty four. 0:13:31.480 --> 0:13:34.080 Well, the reporting that we're seeing is that she's going 0:13:34.120 --> 0:13:37.240 to encourage the former president to earn the support of 0:13:37.280 --> 0:13:41.320 the Republican and independent voters who backed her throughout the campaign, 0:13:41.480 --> 0:13:46.360 and will continue to emphasize advocating conservative domestic and foreign 0:13:46.400 --> 0:13:50.320 policies that seem to be going against the direction that 0:13:50.400 --> 0:13:53.000 former President Trump is taking the party. 0:13:53.240 --> 0:13:54.880 Well, I mean, I think what we're going to see 0:13:55.320 --> 0:13:58.880 is that the campaign will rest on a personality of 0:13:58.920 --> 0:14:02.520 Donald Trump can contain himself. His campaign's death has been 0:14:02.600 --> 0:14:05.240 much better at keeping him contained since the New Hampshire 0:14:05.280 --> 0:14:09.400 primary where his speech was not well received, So that's 0:14:09.480 --> 0:14:11.839 been a turn. Most of the time he can't really 0:14:11.880 --> 0:14:14.240 contain him, but now he seems to be understanding that 0:14:14.320 --> 0:14:17.760 the less he says, generally speaking, the better he does. 0:14:18.520 --> 0:14:20.760 So that's going to be the big test. And can 0:14:20.880 --> 0:14:23.480 Joe Biden tomorrow night is the State of the Union 0:14:23.880 --> 0:14:28.720 give a robust enough speech to persuade you know, unhappy 0:14:28.760 --> 0:14:32.800 Democrats and also independent voters that he is worth investing 0:14:32.880 --> 0:14:37.480 in even you know, in November, given their concerns. So 0:14:37.880 --> 0:14:41.360 now the general campaign begins, and it's a long way 0:14:41.400 --> 0:14:45.040 it till November, and if the Trump campaign can keep 0:14:45.160 --> 0:14:48.480 him contained for a very long period of time, I 0:14:48.520 --> 0:14:52.080 think that makes the Biden camp much more worried and 0:14:52.200 --> 0:14:56.640 nervous because reminding everybody what Trump was like and what 0:14:56.720 --> 0:14:59.160 he said is rhetoric about women, et cetera, et cetera, 0:14:59.560 --> 0:15:02.880 versus you know, his generally decent record on the economy 0:15:03.160 --> 0:15:05.880 before the pandemic. That's going to be the big framing 0:15:05.960 --> 0:15:07.000 question as we go forward. 0:15:07.160 --> 0:15:10.160 Well, keeping Trump contained really is the big wild card, 0:15:10.240 --> 0:15:12.680 isn't it when you consider all the legal battles that 0:15:12.720 --> 0:15:15.200 the former president is going to be facing in the 0:15:15.200 --> 0:15:18.000 next several months leading up to the November election. 0:15:19.320 --> 0:15:22.040 Yeah, I mean, I think if the Biden campaign can 0:15:22.920 --> 0:15:27.240 resuscitate Biden's image as someone who's a productive and successful 0:15:27.280 --> 0:15:30.360 president and can do it again, then I think, you know, 0:15:30.480 --> 0:15:32.840 the Democrats, the poll numbers might shift a little bit, 0:15:33.520 --> 0:15:36.880 but Trump usually goes with what's working, and right now 0:15:36.960 --> 0:15:40.200 he seems to be persuaded that staying quiet is what's working. 0:15:40.280 --> 0:15:41.880 The board is still a big issue. I mean, these 0:15:41.880 --> 0:15:44.520 are the issues besides the pandemic that people worried about 0:15:44.520 --> 0:15:47.480 in twenty twenty. The thing is that if inflation continues 0:15:47.520 --> 0:15:50.360 to be steady, not go up, maybe go down a 0:15:50.400 --> 0:15:52.720 little bit, and people get used to the idea that 0:15:52.760 --> 0:15:55.440 we no longer have really massive inflation, although we still 0:15:55.480 --> 0:15:59.280 have pretty high grocery bills and smaller packaging. But if 0:15:59.320 --> 0:16:03.160 that happened and the economy stabilizes, no big layoffs, and 0:16:03.200 --> 0:16:06.640 this rhetoricat recession fades, by the summer, you're going to 0:16:06.720 --> 0:16:10.880 have two nominating conventions featuring these candidates, and people will 0:16:10.920 --> 0:16:13.160 go back to the choice they had in twenty twenty. 0:16:13.480 --> 0:16:15.960 That's the worry for the Trump campaign that it will 0:16:16.000 --> 0:16:18.560 revert back to twenty twenty in terms of this comparison, 0:16:18.800 --> 0:16:20.600 and in that case, Biden came out the winner. 0:16:20.960 --> 0:16:23.200 Is there a worry among either of the campaigns? 0:16:23.200 --> 0:16:25.880 Do you think that voters are just going to stay 0:16:25.960 --> 0:16:29.000 home in November when we have so many polls showing 0:16:29.000 --> 0:16:32.760 that the majority of Americans don't want this Biden Trump 0:16:32.800 --> 0:16:37.120 rematch that now looks inevitable, and despite the fact that 0:16:37.160 --> 0:16:39.960 we saw record turn out in twenty twenty. I mean, 0:16:40.000 --> 0:16:42.440 the dynamics are quite a bit different than they were 0:16:42.480 --> 0:16:43.560 four years ago, aren't they. 0:16:44.680 --> 0:16:46.840 They are, I mean, there's no question about that. But 0:16:46.920 --> 0:16:49.000 that was remember a pandemic, and we had a lot 0:16:49.000 --> 0:16:51.000 of mail in voting, and some of the products of that. 0:16:51.240 --> 0:16:53.720 Some additional states have now gone to all vote by mail. 0:16:53.960 --> 0:16:56.920 So that's what's interesting about that. So we'll have an 0:16:56.960 --> 0:17:00.000 election without vote by mail, and for both sides, particularly 0:17:00.040 --> 0:17:03.560 the Democrats, that presents a different organizational challenge than twenty twenty. 0:17:05.040 --> 0:17:08.080 This is Bloomberg Daybreak Today, your morning brief on the 0:17:08.119 --> 0:17:11.560 stories making news from Wall Street to Washington and beyond. 0:17:11.800 --> 0:17:14.600 Look for us on your podcast feed at six am 0:17:14.680 --> 0:17:18.320 Eastern each morning, on Apple, Spotify, and anywhere else you 0:17:18.400 --> 0:17:19.560 get your podcasts. 0:17:19.680 --> 0:17:22.400 You can also listen live each morning starting at five 0:17:22.440 --> 0:17:25.080 am Wall Street Time on Bloomberg eleven three to zero 0:17:25.080 --> 0:17:27.960 in New York, Bloomberg ninety nine to one in Washington, 0:17:28.040 --> 0:17:30.920 Bloomberg one oh six to one in Boston, and Bloomberg 0:17:30.960 --> 0:17:32.680 ninety sixty in San Francisco. 0:17:33.040 --> 0:17:36.200 Our flagship New York station is also available on your 0:17:36.240 --> 0:17:42.000 Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. 0:17:41.720 --> 0:17:45.159 Listen coast to coast on the Bloomberg Business app, SERIUSXM, 0:17:45.240 --> 0:17:48.320 the iHeartRadio app, and on Bloomberg dot Com. 0:17:48.359 --> 0:17:49.520 I'm Nathan Hager. 0:17:49.280 --> 0:17:52.399 And I'm Karen Moscow. Join us again tomorrow morning for 0:17:52.560 --> 0:17:55.040 all the news you need to start your day right 0:17:55.080 --> 0:18:05.880 here on Bloomberg Daybreak