Pressure Grows on Biden to Drop Out; Key Inflation Reading

Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Amy 0:00:10.840 --> 0:00:13.720 Morris and I'm Karen Moscow. Here are the stories we're 0:00:13.760 --> 0:00:14.560 following today. 0:00:14.920 --> 0:00:17.119 Karen, we begin with the race for the White House 0:00:17.160 --> 0:00:20.000 and the growing pressure on President Biden to step away 0:00:20.040 --> 0:00:24.239 from the campaign. Axios reports Senate Majority Leader Chuck Schumer 0:00:24.320 --> 0:00:28.080 is privately signaling his concerns to donors, indicating that he 0:00:28.160 --> 0:00:31.760 may be open to replacing Biden as the Democrats nominee. 0:00:31.920 --> 0:00:35.320 Senator Peter Welch of Vermont is the first Democratic senator 0:00:35.320 --> 0:00:38.080 to call for Biden to exit the race. Welch wrote 0:00:38.080 --> 0:00:40.440 in a Washington Post op ed that while he has 0:00:40.479 --> 0:00:43.080 great respect for President Biden, it's time for him to 0:00:43.080 --> 0:00:45.120 step out of the race for the good of the country. 0:00:45.440 --> 0:00:48.760 This after former House Speaker Nancy Pelosi told MSNBC that 0:00:48.880 --> 0:00:52.040 only Biden could make that decision, but that the clock 0:00:52.200 --> 0:00:52.800 is ticking. 0:00:53.280 --> 0:00:59.000 We're all encouraging him to make that decision because time 0:00:59.080 --> 0:01:00.360 is running short. 0:01:01.000 --> 0:01:03.280 Top officials from the campaign are set to meet Senate 0:01:03.320 --> 0:01:06.600 Party members today, and now I made it a peerce. 0:01:06.640 --> 0:01:11.000 Hollywood has turned on Biden heavy hitters, including Netflix chairman 0:01:11.120 --> 0:01:16.160 Reed Hastings, superagent Ari Emmanuel Airis, Abigail Disney, and author 0:01:16.319 --> 0:01:19.120 Stephen king Of joined the chorus calling on Biden to 0:01:19.240 --> 0:01:23.399 drop his reelection bid. Actor and lifelong Democrat George Clooney 0:01:23.480 --> 0:01:26.960 weighed in with an opinion piece in The New York Times, saying, quote, 0:01:27.040 --> 0:01:30.319 the damn has broken after he helped raise thirty million 0:01:30.360 --> 0:01:33.960 dollars for Biden's re election campaign. Last month. Actor and 0:01:34.040 --> 0:01:37.520 director Rob Reiner chimed in on X saying that democracy 0:01:37.600 --> 0:01:42.399 faces an existential threat and Democrats need someone younger on 0:01:42.480 --> 0:01:45.960 the ticket to find back. We get inside from Henrietta Trace, 0:01:46.080 --> 0:01:48.200 a managing partner at Veda Partners. 0:01:48.560 --> 0:01:52.400 The rank and file Democrats across the country, Independence moderates 0:01:52.440 --> 0:01:56.120 and particularly female voters have said repeatedly all year long 0:01:56.480 --> 0:01:58.320 they do not want another term. 0:01:58.200 --> 0:01:58.919 For Joe Biden. 0:01:59.040 --> 0:02:01.279 They do not believe that he is up to the task. 0:02:01.560 --> 0:02:03.760 And it's been the elites who have said, you know what, 0:02:03.760 --> 0:02:05.640 We're going to stick with this guy. The senators are 0:02:05.640 --> 0:02:07.720 behind in the House, members behind him, and now both 0:02:07.840 --> 0:02:12.040 tides are shifting, and I'm really just watching which senators, 0:02:12.120 --> 0:02:15.280 you know, from an office or a chamber where Biden 0:02:15.520 --> 0:02:18.280 operated for thirty six years, is going to make the 0:02:18.320 --> 0:02:20.400 decision to say, hey, you know what, thank you so 0:02:20.480 --> 0:02:21.960 much for your service, It's time to move on. 0:02:22.400 --> 0:02:25.799 Henrietta Trece at Veda Partners thinks a final decision will 0:02:25.800 --> 0:02:27.760 be made on Biden in the next week. 0:02:28.280 --> 0:02:32.240 As for the presumptive Republican presidential nominee, Donald Trump is 0:02:32.280 --> 0:02:35.400 scheduled to speak at a bitcoin conference later this month. 0:02:35.639 --> 0:02:39.440 Event organizer BTC Media says Trump will deliver the speech 0:02:39.480 --> 0:02:41.600 on July twenty seventh on the main stage of the 0:02:41.639 --> 0:02:44.959 Bitcoin twenty twenty four event in Nashville. The former president 0:02:45.000 --> 0:02:49.120 has increasingly highlighted Bitcoin on his campaign trail well. 0:02:49.040 --> 0:02:52.200 Amy The NATO summit wraps up in Washington today. Last night, 0:02:52.280 --> 0:02:56.240 leaders use their strongest ever language to criticize China's military 0:02:56.280 --> 0:02:59.840 support for Russia in the Ukraine War. They called Beijing 0:03:00.080 --> 0:03:04.880 a decisive enabler that poses systemic challenges to euro Atlantic security. 0:03:05.240 --> 0:03:08.480 Again more from Bloomberg Managing editor Ben Sills. 0:03:08.800 --> 0:03:11.200 This is pretty much in line with what we heard 0:03:11.200 --> 0:03:15.359 from the G seven in Italy last month. I think 0:03:15.400 --> 0:03:18.680 it reflects the fact that the intelligence that the Western 0:03:18.720 --> 0:03:23.519 allies are getting now and exactly the way Chinese suppliers 0:03:23.600 --> 0:03:26.839 are helping to equip the Russian war machine. I think 0:03:26.840 --> 0:03:29.560 that intelligence has become a lot clearer, a lot firmer, 0:03:29.840 --> 0:03:32.839 and as a result, the allies are becoming much more 0:03:32.840 --> 0:03:34.640 direct in their criticism of Beijing. 0:03:35.120 --> 0:03:38.640 Bloomberg's Ben Sills or porest that a Chinese embassy spokesperson 0:03:38.720 --> 0:03:41.680 said China does not provide weapons to the parties in 0:03:41.720 --> 0:03:42.360 the conflict. 0:03:42.920 --> 0:03:46.000 Let's turn now to the markets. Another day, another record 0:03:46.040 --> 0:03:48.920 for stocks. In fact, the world's biggest tech companies fueled 0:03:48.920 --> 0:03:50.720 the S and P five hundred and above fifty six 0:03:50.840 --> 0:03:53.640 hundred for the first time ever. Amy Wu Silverman is 0:03:53.680 --> 0:03:56.440 head of Derivative Strategy at RBC Capital Markets. 0:03:56.880 --> 0:03:59.600 Historically, if you had said to investor, look where all 0:03:59.680 --> 0:04:03.840 time highs, this one secular theme is driving everything, and 0:04:03.920 --> 0:04:07.000 your cost of protection is at historical lows, that would 0:04:07.080 --> 0:04:10.720 certainly be compelling reasons to hedge. But what we're also 0:04:10.840 --> 0:04:13.280 not seeing is a lot of hedging, you know. So 0:04:13.360 --> 0:04:16.680 investors not only are not diversified in what they have 0:04:16.760 --> 0:04:19.279 in the market, they're also not using protection either. 0:04:19.800 --> 0:04:22.480 Capital MARKETSA Amy Wu Silverman notes the S and B 0:04:22.560 --> 0:04:25.760 five hundred rows for a seventh straight data not thirty 0:04:25.760 --> 0:04:28.080 seventh record this year well. 0:04:27.960 --> 0:04:30.360 I mean, the big event for markets comes later this morning, 0:04:30.480 --> 0:04:34.480 the release of a key inflation rapport. Economists are forecasting 0:04:34.520 --> 0:04:37.400 the core CPI to rise two tenths of a percent 0:04:37.520 --> 0:04:40.080 in June for a second month. Now would mark the 0:04:40.160 --> 0:04:43.520 smallest back to back gain since August. Feder Reserve Governor 0:04:43.560 --> 0:04:46.640 Lisa Cooke predictions inflation will cool with little damage to 0:04:46.680 --> 0:04:47.440 the labor market. 0:04:47.960 --> 0:04:52.760 My baseline forecast, and that of many outside observers is 0:04:52.760 --> 0:04:56.000 that inflation will continue to move toward target over time 0:04:56.480 --> 0:04:59.240 without much further rise and unemployment. 0:05:00.080 --> 0:05:03.320 Reserve Governor Lisa Cook made the comments. In Australia this morning. 0:05:03.400 --> 0:05:06.440 Swamps are pricing in two FED cuts this year, with 0:05:06.520 --> 0:05:09.400 a strong chance of the first coming in September. 0:05:09.920 --> 0:05:12.800 The economy is also in focus overseas. In fact, the 0:05:12.880 --> 0:05:15.640 UK economy grew at double the pace expected in the 0:05:15.680 --> 0:05:18.479 month of May. GDP expanded by four tenths of a 0:05:18.520 --> 0:05:21.400 percent for the month. The economy was boosted by stronger 0:05:21.400 --> 0:05:24.280 than expected performance in construction and services. 0:05:24.800 --> 0:05:28.599 On other news this morning, Amy Arcangos Capital Management founder 0:05:28.640 --> 0:05:32.520 Bill Huang has been found guilty of fraud and market manipulation. 0:05:32.640 --> 0:05:35.880 We get the details from Bloomberg Law host June Grosso. 0:05:35.880 --> 0:05:39.960 A jury found Arcago's Capital Management founder Bill Huang guilty 0:05:40.000 --> 0:05:43.520 of ten criminal counts stepping from his firm's twenty twenty 0:05:43.560 --> 0:05:48.080 one collapse. Concluding a two month trial that captivated Wall Street, 0:05:48.440 --> 0:05:52.320 Huang was convicted of securities and market manipulation fraud in 0:05:52.360 --> 0:05:56.640 a scheme that prosecutors say cost global investment banks billions 0:05:56.640 --> 0:06:00.479 of dollars. He'll be sentenced on October twenty eighth. In 0:06:00.560 --> 0:06:03.360 New York, June Grosso, Bloomberg Radio. 0:06:03.200 --> 0:06:06.400 Thank You June and in Company News City Group gets fined. 0:06:06.440 --> 0:06:08.320 The bank will pay one hundred and thirty six million 0:06:08.400 --> 0:06:11.680 dollars to US bank regulators over issues related to data 0:06:11.760 --> 0:06:15.000 quality management and risk controls. The Federal Reserve says the 0:06:15.040 --> 0:06:18.680 fines stem from back to back regulatory actions in October 0:06:18.720 --> 0:06:19.480 of twenty twenty. 0:06:20.120 --> 0:06:23.440 Well Amy, Apple's biggest new product in years, is not 0:06:23.480 --> 0:06:26.240 expected to shake off its slow sales start into the 0:06:26.240 --> 0:06:29.040 release of a cheaper model next year. According to market 0:06:29.040 --> 0:06:32.880 tracker IDC, the thirty five hundred dollars Vision Pro mixed 0:06:32.920 --> 0:06:35.960 reality headset has yet to sell ten one hundred thousand 0:06:36.040 --> 0:06:38.559 units in a quarter since its launch in the US 0:06:38.600 --> 0:06:42.240 and February. The IDC also says Apple faces US seventy 0:06:42.240 --> 0:06:45.400 five percent drop in domestic sales him the current quarter. 0:06:45.520 --> 0:06:48.680 And we are getting this headline crossing the Bloomberg on Apple, 0:06:48.720 --> 0:06:53.760 It's settled its EU antitrust probe over tap and pay technology. 0:06:57.800 --> 0:06:59.480 How we have a time now for a look at 0:06:59.480 --> 0:07:01.360 some of the other stories making news in New York 0:07:01.400 --> 0:07:03.360 and around the world. For that, we're joined by Bloomberg's 0:07:03.440 --> 0:07:05.440 Michael Barr Michael, good morning, Good. 0:07:05.200 --> 0:07:10.800 Morning, Karen. Democratic Representative Alexandria Ocassio Cortes has filed separate 0:07:10.920 --> 0:07:15.360 articles of impeachment against Supreme Court Justices Clarence Thomas and 0:07:15.560 --> 0:07:19.960 Samuel Alito. The separate articles refer to conflicts of interest. 0:07:20.320 --> 0:07:25.000 Ocassio Cortes says Thomas and Alito should have disclosed gifts 0:07:25.000 --> 0:07:28.920 from individuals with business before the Court, and she says 0:07:29.000 --> 0:07:32.920 they have failed to recuse themselves from cases where they 0:07:33.240 --> 0:07:36.720 or family members have ties which quote would be worthy 0:07:36.760 --> 0:07:39.320 of standard removal in any lower court. 0:07:39.920 --> 0:07:46.680 The Constitution rightfully and explicitly holds justices to even higher 0:07:46.720 --> 0:07:50.680 standards than members of Congress or even the President. 0:07:51.160 --> 0:07:54.280 The articles are not expected to advance in the Republican 0:07:54.360 --> 0:07:58.240 controlled House. Closing arguments will extend into a fourth day 0:07:58.240 --> 0:08:01.840 in the corruption trial of Senator Bob Menendez. Yesterday, a 0:08:01.960 --> 0:08:05.000 lawyer for the New Jersey Democrat told a federal jury 0:08:05.040 --> 0:08:08.120 in Manhattan that it would be a win for this 0:08:08.280 --> 0:08:12.320 country if it rejects the government's bribery case against his client. 0:08:12.880 --> 0:08:16.679 Attorney Adam Fee told the jury, this case it dies 0:08:16.720 --> 0:08:20.680 here today. Prosecutor say Menendez and his wife used his 0:08:20.760 --> 0:08:25.000 political influence to benefit foreign governments and assisted three New 0:08:25.080 --> 0:08:30.080 Jersey businessmen in return four bribes. Testimony resumed today in 0:08:30.160 --> 0:08:34.600 Alec Baldwin's involuntary manslaughter trial. Baldwin is charged in the 0:08:34.679 --> 0:08:38.560 death of cinematographer Helena Hutchins, who was killed during a 0:08:38.600 --> 0:08:41.960 rehearsal on the set of Rust when prosecutors say Baldwin 0:08:42.080 --> 0:08:46.720 fired a prop gun loaded with live ammunition. Prosecutor Alinda 0:08:46.800 --> 0:08:51.600 Johnson questioned crime scene technician Marissa Poppel, who was part 0:08:51.600 --> 0:08:55.120 of the investigation into the shooting and found live bullets 0:08:55.240 --> 0:08:56.080 at the movie set. 0:08:56.480 --> 0:09:01.120 How many rounds altogether did you discover that you thought 0:09:01.240 --> 0:09:04.240 were suspected live rounds on the set? 0:09:04.280 --> 0:09:08.280 Abreast five and the spent casing so. 0:09:08.320 --> 0:09:09.000 Six in total. 0:09:09.559 --> 0:09:15.080 Prosecutors argued Baldwin behaved recklessly, Baldwin's lawyer calling the deadly 0:09:15.160 --> 0:09:18.160 shooting a tragic accident, but arguing that Baldwin did not 0:09:18.320 --> 0:09:21.120 commit a crime, saying the actor never pulled the trigger. 0:09:21.840 --> 0:09:25.240 The current stretch of historic heat is doing more than 0:09:25.320 --> 0:09:28.280 just smashing records in the US. It is resulting in 0:09:28.360 --> 0:09:32.360 more Americans getting infected with dengay fever. States as far 0:09:32.480 --> 0:09:35.920 north as New York announcing cases of the tropical disease. 0:09:36.360 --> 0:09:39.760 Nearly two hundred infections now confirmed in New York and 0:09:39.880 --> 0:09:44.480 New Jersey alone, usually spread by infected mosquitoes. Global News 0:09:44.480 --> 0:09:46.600 twenty four hours a day and whenever you want it 0:09:46.640 --> 0:09:50.280 with Bloomberg News Now, Michael Barn, This is Bloomberg Karen. 0:09:50.400 --> 0:09:57.360 All right, Michael Barr, thank you time now for the 0:09:57.400 --> 0:09:59.920 Bloomberg Sports Update with John Stashauer. 0:10:00.120 --> 0:10:02.120 Jan Good morning, Give morning, Karen. Is the All Star 0:10:02.160 --> 0:10:05.400 break approaches, the Mets find themselves over five hundreds, very 0:10:05.480 --> 0:10:07.760 much in the race for a wildcard playoff spots. Since 0:10:07.840 --> 0:10:10.360 June second, the Mets are twenty two and ten. Beat 0:10:10.400 --> 0:10:12.920 the Nationals at City Field sixty two one up with 0:10:12.960 --> 0:10:15.080 a four runs, six didn't. That included the Jose I 0:10:15.080 --> 0:10:18.560 Glaciers two run single the Mets rookie manager Carlos Mendoza. 0:10:19.000 --> 0:10:22.120 We know where we at, you know, but still July, 0:10:22.960 --> 0:10:25.559 and I think the mindset here is, you know, okay, 0:10:26.480 --> 0:10:28.680 take care one day at a time, you know, take 0:10:28.720 --> 0:10:32.840 care of business today, take care business winning series, and 0:10:33.080 --> 0:10:36.319 let the team play out, you know, Let's continue to prepare, 0:10:36.400 --> 0:10:38.840 Let's continue to go out there and compete, Let's continue 0:10:38.840 --> 0:10:39.360 to have fun. 0:10:39.720 --> 0:10:40.600 And that's what they're doing. 0:10:40.679 --> 0:10:42.160 I mean, well, the Yankees a two to one win 0:10:42.240 --> 0:10:45.319 at Tampa Bay thanks to the bullpen. Four relievers Tim Hill, 0:10:45.400 --> 0:10:48.240 Luke Weaver, Tommy Cainley Clay Holmes combined for four and 0:10:48.320 --> 0:10:50.719 two thirds innings of scoreless relief with not only one hit. 0:10:50.840 --> 0:10:53.840 Just the Yanks seventh win in their last twenty four games. 0:10:53.840 --> 0:10:55.360 And now we'll see they can win two in a row, 0:10:55.440 --> 0:10:57.920 asn't happened since a four game wins streak ended On 0:10:58.000 --> 0:11:00.440 June twelve, Oakland cooled off the Red Size five to 0:11:00.480 --> 0:11:02.280 two of the Orioles were shut out by the Cubs 0:11:02.559 --> 0:11:05.000 four nothing, sixtieth win for the Phillies four to three 0:11:05.000 --> 0:11:08.240 over the Dodgers, and Wimbledon. No Americans remains. Taylor Fritz 0:11:08.320 --> 0:11:10.439 was hoping to get to his first Grand stam semifinal. 0:11:10.480 --> 0:11:13.400 He had upset Alex Zaverevin. Now Fritz was the favorite, 0:11:13.440 --> 0:11:16.720 but he lost in five sets to the Italian Lorenzo Mussetti. 0:11:16.760 --> 0:11:19.440 He'll now play Novak Djokovic or the Semis. Djokovic is 0:11:19.720 --> 0:11:22.400 fifteen years older and he'll be well rested. Didn't have 0:11:22.480 --> 0:11:25.160 to play his quarterfinal match. Alex de Minir had to 0:11:25.160 --> 0:11:26.880 pull out with a hip injury. They'll play the women's 0:11:26.920 --> 0:11:29.920 semifinals today in Las Vegas. First look at the US 0:11:29.960 --> 0:11:32.600 Olympic basketball team in eighty six to seventy two tune 0:11:32.679 --> 0:11:35.240 up win over Canada. The now off to Abu Dhabi 0:11:35.320 --> 0:11:37.920 for two more exhibition games. A change on the US 0:11:38.000 --> 0:11:40.640 roster Kawhi Leonard no longer on the squad, replaced by 0:11:40.679 --> 0:11:43.920 Derek White, joining his Celtic teammates Jason Tatum. 0:11:43.600 --> 0:11:44.200 And Drew Holliday. 0:11:44.200 --> 0:11:47.079 There's news with the new NBA media deal. Reportedly it 0:11:47.080 --> 0:11:50.480 will last eleven years. It'll bring in seventy six billion dollars. 0:11:50.760 --> 0:11:54.760 Copa America semifinals and Charlotte Columbia top Uruguay one nil 0:11:54.800 --> 0:11:59.120 will play Argentina in the final. John Stashedwar Bloomberg Sports Kennedy. 0:12:01.040 --> 0:12:05.200 Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, 0:12:05.280 --> 0:12:08.160 and around the world on Bloomberg dot Com and the 0:12:08.200 --> 0:12:11.600 Bloomberg Business app. This is Bloomberg Daybreak. 0:12:12.440 --> 0:12:15.720 Good morning, I'm Amy Morris. President Biden continues to face 0:12:15.800 --> 0:12:19.120 mounting opposition within his own party as a Senate Democrat 0:12:19.120 --> 0:12:22.160 has now joined a growing number of House lawmakers in 0:12:22.240 --> 0:12:25.000 calling on Biden to step aside from the campaign. And 0:12:25.040 --> 0:12:27.720 that's not all. We're joined now by the founder of 0:12:27.760 --> 0:12:30.840 Panjie Apology, Terry Haynes. Terry, good morning to you. Thanks 0:12:30.840 --> 0:12:34.480 for joining us. We know Vermont Senator Peter Welch has 0:12:34.520 --> 0:12:36.880 called for Biden to exit the race. He did that 0:12:36.920 --> 0:12:40.120 in an op ed, But now we're hearing Axios is 0:12:40.160 --> 0:12:44.120 reporting that Senator Schumer, the Senate majority leader, may also 0:12:44.240 --> 0:12:45.240 be having some doubts. 0:12:46.240 --> 0:12:50.199 Good morning, Amy. You know, I'm gonna take issue a 0:12:50.240 --> 0:12:54.560 little bit with the with the premise. You know, there's 0:12:55.080 --> 0:12:59.480 Biden certainly under some pressure from the party, But is 0:12:59.520 --> 0:13:02.280 he feeling a lot of pressure today? I doubt it. 0:13:02.360 --> 0:13:04.400 I mean, I'm sure they're all one, full alert and 0:13:04.440 --> 0:13:06.320 all that. But I doubt he's feeling a lot of 0:13:06.320 --> 0:13:11.800 pressure from one Senator and a handful of House members 0:13:11.800 --> 0:13:16.480 saying that he should go the and and a lot 0:13:16.520 --> 0:13:18.679 of the swirling around that's happening. I mean, you got 0:13:18.679 --> 0:13:20.920 to say, a gentleman here who's the President of the 0:13:21.000 --> 0:13:24.000 United States and the presumptive nominee of his party and 0:13:24.520 --> 0:13:27.160 has said a week ago he's not going anywhere. So 0:13:27.760 --> 0:13:30.320 this is not an easy task. It's not a quick task, 0:13:30.400 --> 0:13:33.840 it's not a clean task for Democrats, and they're doing this, frankly, 0:13:33.880 --> 0:13:35.800 at the worst possible time, and in a way that 0:13:35.880 --> 0:13:39.000 calls into their own credibility as a party. 0:13:39.880 --> 0:13:42.480 But the pressure is also coming from Hollywood, George Clooney, 0:13:42.559 --> 0:13:45.280 Rob Reiner and others. When you lose Hollywood, especially if 0:13:45.280 --> 0:13:47.640 you're a Democrat, that's not good. 0:13:48.520 --> 0:13:52.760 Well, they've got some problems with fundraisers. But you know, 0:13:52.920 --> 0:13:56.120 I think I want you to look at the how 0:13:56.160 --> 0:13:59.160 the White House might push back on that. Essentially, I'm 0:13:59.160 --> 0:14:02.000 the leader of the free world, and a bunch of 0:14:02.000 --> 0:14:04.199 guys who thought I was great two weeks ago now 0:14:04.240 --> 0:14:07.400 want me to go. Well, you know, you know, they'll 0:14:07.400 --> 0:14:10.480 get over this and I'll ride it out. And Biden's 0:14:10.480 --> 0:14:12.400 given every indication he is going to ride it out 0:14:12.480 --> 0:14:13.719 for a while, for good or ill. 0:14:14.120 --> 0:14:16.440 What are you looking for from the Democratic National Convention 0:14:16.559 --> 0:14:17.000 next month? 0:14:17.840 --> 0:14:22.160 Well, you know, it's interesting. My view most recently expressed 0:14:22.160 --> 0:14:24.920 to clients last night was that they did they'd be 0:14:24.920 --> 0:14:28.880 better off not worrying about so much about this kind 0:14:28.880 --> 0:14:32.280 of dog chasing the fire truck stuff that's going on 0:14:32.400 --> 0:14:35.760 with the National Democrats right now. And look at what's 0:14:36.000 --> 0:14:38.600 likely to happen in the convention in two ways. One, 0:14:39.320 --> 0:14:43.000 this virtual convention that originally was supposed to be held 0:14:43.000 --> 0:14:45.720 for later this month to pre nominate Biden and Harris. 0:14:46.520 --> 0:14:50.960 If delegates aided and abetted by by the National Party 0:14:51.360 --> 0:14:54.080 want to stop that, they can do it. And there 0:14:54.080 --> 0:14:56.880 are certainly lots of ways to stop Biden from being 0:14:56.960 --> 0:15:00.560 nominated at the real convention in August. And I'd be 0:15:00.600 --> 0:15:04.200 looking at both of those, because if Democrats are serious 0:15:04.320 --> 0:15:07.600 about stopping Biden, that's where they go, and that's probably 0:15:07.640 --> 0:15:10.320 where they can apply the greatest amount of pressure on Biden. 0:15:10.680 --> 0:15:13.240 Got about a minute left here, Terry Natal leaders in DC, 0:15:13.520 --> 0:15:15.880 how is this all bound to impact them? 0:15:16.880 --> 0:15:20.400 Well, you know, we're at a point where we're already 0:15:20.800 --> 0:15:23.600 at the highest geopolitical risk in over fifty years, and 0:15:23.680 --> 0:15:27.960 there was already bound to be increased US political risk. It's, 0:15:28.240 --> 0:15:30.160 you know, in the middle of the NATO seventy fifth 0:15:30.200 --> 0:15:34.480 anniversary celebration and at a time where they're ramping up 0:15:34.520 --> 0:15:38.680 security inside and outside the region. It's a bad look 0:15:38.720 --> 0:15:43.600 for the United States. It undermines Biden, it undermines the presidency, 0:15:43.640 --> 0:15:47.840 it undermines the United States seriousness in the world, and 0:15:47.960 --> 0:15:50.840 leaves NATO allies scratching their heads a little bit. 0:15:50.840 --> 0:15:54.760 Frankly, you're listening to Bloomberg Daybreak today, your morning brief 0:15:54.800 --> 0:15:58.000 on the stories making news from Wall Street to Washington 0:15:58.160 --> 0:15:58.880 and beyond. 0:15:58.920 --> 0:16:01.640 Look for us on your podcast feed at six am 0:16:01.760 --> 0:16:05.440 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:05.480 --> 0:16:06.680 get your podcasts. 0:16:06.840 --> 0:16:10.080 You can also listen live each morning starting at five 0:16:10.160 --> 0:16:13.360 am Wall Street time, on Bloomberg eleven three to zero 0:16:13.360 --> 0:16:16.560 in New York, Bloomberg ninety nine to one in Washington, 0:16:16.920 --> 0:16:20.440 Bloomberg one oh sixty one in Boston, and Bloomberg nine 0:16:20.600 --> 0:16:22.160 sixty in San Francisco. 0:16:22.480 --> 0:16:25.640 Our flagship New York station is also available on your 0:16:25.680 --> 0:16:31.000 Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. 0:16:31.240 --> 0:16:34.720 Listen coast to coast on the Bloomberg Business app, Sirius 0:16:34.880 --> 0:16:39.200 XM Channel one nineteen, the iHeartRadio app, and on Bloomberg 0:16:39.320 --> 0:16:41.640 dot Com. I'm Amy Morris. 0:16:41.360 --> 0:16:44.520 And I'm Karen Moscow. Join us again tomorrow morning for 0:16:44.640 --> 0:16:47.160 all the news you need to start your day right 0:16:47.200 --> 0:16:48.720 here on Bloomberg Daybreak