Trump Jury Deliberations Resume; South Africa Election Surprise

Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan 0:00:12.119 --> 0:00:15.080 Hager and I'm Karen Moscow. Here are the stories we're 0:00:15.120 --> 0:00:15.920 following today. 0:00:16.079 --> 0:00:18.160 Jaron, we begin with the latest of the criminal hush 0:00:18.160 --> 0:00:21.799 money trial of Donald Trump. Jury deliberations will resume this 0:00:21.880 --> 0:00:24.919 morning in Manhattan. We get the latest from Bloomberg Law 0:00:24.920 --> 0:00:25.960 host June Grosso. 0:00:26.520 --> 0:00:30.080 Before resuming their deliberations, the jury, we'll hear a readback 0:00:30.160 --> 0:00:34.479 of testimony of Michael Cohen, the prosecution star witness, and 0:00:34.680 --> 0:00:38.839 David Pecker, the former publisher of The National Inquirer. The 0:00:38.920 --> 0:00:43.040 testimony concerns at Trump Tower meeting in twenty fifteen that 0:00:43.200 --> 0:00:47.880 prosecutors say was central to a criminal conspiracy to Boosttrump's 0:00:47.920 --> 0:00:52.120 twenty sixteen presidential campaign. The jury has also asked to 0:00:52.159 --> 0:00:56.000 hear the judge's instructions again in New York. June Grosso, 0:00:56.080 --> 0:00:57.000 Bloomberg Radio. 0:00:57.360 --> 0:01:00.880 All Right, June, Thanks Willing. Overseas political news this morning, 0:01:00.960 --> 0:01:05.160 South Africa's ruling party looks set to lose its parliamentary majority. 0:01:05.440 --> 0:01:09.480 According to projections from the Council for Scientific and Industrial Research, 0:01:09.760 --> 0:01:13.160 the African National Congress or ANC, is on course to 0:01:13.200 --> 0:01:15.880 win forty two percent of the votes cast in yesterday's 0:01:15.959 --> 0:01:19.720 national election. The calculations are based on early tallies released 0:01:19.760 --> 0:01:24.160 by the South African Electoral Commission. Bloomberg's Gen Zabasaja says 0:01:24.200 --> 0:01:26.080 it points to a possible coalition. 0:01:26.440 --> 0:01:29.399 There's a lot of uncertainty right now. The worst case scenario, 0:01:29.520 --> 0:01:32.880 in what some people were calling the doomsday scenario, is 0:01:32.920 --> 0:01:37.080 potentially the ANC, the ruling party, having to be in 0:01:37.160 --> 0:01:42.199 partnership with the Populist EFF which is very left leaning party, 0:01:42.319 --> 0:01:45.839 wanting to nationalize banks and also mine. 0:01:46.120 --> 0:01:49.400 And that's Bloomberg's zen Zabazaja, who knows that the ANC 0:01:49.600 --> 0:01:51.920 has held on to power since the end of apartheid 0:01:52.080 --> 0:01:52.960 three decades ago. 0:01:53.200 --> 0:01:55.960 Well, Karen, let's turn back to markets now. Treasury yields 0:01:55.960 --> 0:01:58.800 are in the driver's seat for investors, near their highest 0:01:58.880 --> 0:02:03.400 levels this year. Bloomberg's John Tucker joins us with more, John. 0:02:03.680 --> 0:02:06.000 Nathan, the government's selling its debt and you don't want 0:02:06.040 --> 0:02:09.680 the demand. Isn't all that great. Treasury's final auction of 0:02:09.720 --> 0:02:12.119 the week a forty four billion dollar sale of seven 0:02:12.200 --> 0:02:16.480 year securities that reinforced a trend of lackluster demand that's 0:02:16.480 --> 0:02:20.200 pushing bond prices lower and the yields higher. Those higher 0:02:20.280 --> 0:02:23.480 yields weighing on stocks in fassitors can also throw some 0:02:23.639 --> 0:02:26.320 FED speak in the mix. The Atlanta FED chief Rafae 0:02:26.320 --> 0:02:28.960 Albostik says he looks at the end of the year 0:02:29.000 --> 0:02:31.280 as the time when the FED might actually be prepared 0:02:31.280 --> 0:02:34.200 to reduce interest rates. He was speaking at a conference 0:02:34.240 --> 0:02:36.120 in Atlanta, and we're going to end the week with 0:02:36.160 --> 0:02:38.960 an important piece of economic data. The Fed's preferred the 0:02:39.040 --> 0:02:42.960 inflation gage. Tomorrow's core PCEE deflator expected to show an 0:02:43.000 --> 0:02:46.320 improving trend for for inflation at a two year yield 0:02:46.400 --> 0:02:49.200 right now, down a basis point at Ford to ninety six. 0:02:49.520 --> 0:02:51.400 I'm John Tucker, Bloomberg Radio. 0:02:51.720 --> 0:02:53.919 All right, John, thank you well. Plenty of banking news 0:02:53.919 --> 0:02:57.000 this morning. Management changes coming at UBS, and we go 0:02:57.040 --> 0:02:59.480 to London and get the latest with Bloomberg's U n POS. 0:02:59.520 --> 0:03:01.519 Good morning, Karen and Nathan. 0:03:01.600 --> 0:03:04.960 A management shake up at Switzerland's biggest bank, UBS is 0:03:05.000 --> 0:03:08.239 moving its investment bank head Rob Kurowski to run its 0:03:08.440 --> 0:03:12.160 US operation and with igbow Kahn Hill jointly oversee the 0:03:12.200 --> 0:03:15.600 wealth business. Cohn will also become presidents of the Asia 0:03:15.600 --> 0:03:19.080 Pacific region. The moves reinforced the bank's goal of expanding 0:03:19.160 --> 0:03:21.640 in the United States, and it paves the way for 0:03:21.720 --> 0:03:25.360 an interesting succession race for the UBS top job in London. 0:03:25.360 --> 0:03:26.840 I'm un in pots Bloomberg Radio. 0:03:27.000 --> 0:03:28.480 Thanks you and well the guy who has the top 0:03:28.560 --> 0:03:31.520 job at Wall Street's biggest bank, Jamie Diamond, says he 0:03:31.600 --> 0:03:34.840 anticipates problems emerging in private credit that could lead to 0:03:34.880 --> 0:03:38.600 a political backlash. The warning comes as JP Morgan Chase 0:03:38.640 --> 0:03:41.080 and other lenders look to make increasing inroads into the 0:03:41.080 --> 0:03:44.480 one point seven trillion dollar private credit sector. Speaking in 0:03:44.600 --> 0:03:47.800 the industry conference, Diamond said he is particularly concerned about 0:03:47.800 --> 0:03:50.680 the risk to retail clients as they gain access to 0:03:50.720 --> 0:03:52.040 the booming asset class. 0:03:52.240 --> 0:03:55.360 They have not been stress tested. People really fully understand 0:03:55.400 --> 0:03:57.839 what he said about interest rates affecting what these things 0:03:57.840 --> 0:04:01.440 are worth. Do they And little old lady finds out 0:04:01.480 --> 0:04:03.800 that she can't get her money back and there may 0:04:03.840 --> 0:04:05.920 have been disclosure. They're saying, you know, this money's locked 0:04:05.960 --> 0:04:09.480 up for five years. But you know what, retail clients 0:04:09.480 --> 0:04:12.480 that circle the block and call their centers and congressmen 0:04:12.560 --> 0:04:14.000 and they could be held to pay. 0:04:14.480 --> 0:04:17.440 Those comments from JP Morgan Chase CEO Jamie Diamond come 0:04:17.480 --> 0:04:19.760 after He wrote in his annual shareholder letter that the 0:04:19.760 --> 0:04:23.320 private credit industry has yet to be tested by bad markets. 0:04:23.800 --> 0:04:26.240 Well, Nathan, some of the country's biggest banks may have 0:04:26.279 --> 0:04:28.479 a blind spot when it comes to their exposure to 0:04:28.480 --> 0:04:31.479 commercial real estate. A new study shows the risk to 0:04:31.520 --> 0:04:34.479 their balance sheets grows by about forty percent when you 0:04:34.520 --> 0:04:37.960 include credit lines and term loans to real estate Investment trusts. 0:04:38.360 --> 0:04:41.760 Reads have faced challenges since the pandemic, with high borrowing 0:04:41.839 --> 0:04:44.440 costs and work from home threatening the long term value 0:04:44.440 --> 0:04:47.760 of office buildings. The trusts are obligated to make large 0:04:47.760 --> 0:04:50.480 dividend payments each year, and they tend to draw down 0:04:50.560 --> 0:04:53.760 credit from banks when they're worried about redemptions. That's a 0:04:53.800 --> 0:04:55.360 concern for the researchers. 0:04:55.839 --> 0:04:58.680 In company news, Karen, we're watching shares of Salesforce. They 0:04:58.720 --> 0:05:01.680 are plummeting by six teen percent in early trading. The 0:05:01.720 --> 0:05:04.000 company gave a sales outlook for the current quarter that 0:05:04.120 --> 0:05:07.000 missed estimates. More from Bloomberg's Charlie Pellett. 0:05:07.240 --> 0:05:10.120 The quarter fueled concerns of a growth slowed down of 0:05:10.160 --> 0:05:13.800 the software giant. Salesforce said revenue will increase about eight 0:05:13.839 --> 0:05:16.679 percent to as much as nine point twenty five billion 0:05:17.040 --> 0:05:20.800 in the period ending in July. Analysts, on average estimated 0:05:20.920 --> 0:05:24.000 nine point three to five billion, according to data compiled 0:05:24.000 --> 0:05:28.960 by Bloomberg. Investors have been concerned about Salesforce's sliding sales 0:05:29.040 --> 0:05:31.960 growth over the past year as the company turned its 0:05:32.000 --> 0:05:36.919 attention to improving profit in New York. Charlie Pellett Bloomberg. 0:05:36.600 --> 0:05:39.400 Radio, all Right, Charlie, thank you. On the flip side 0:05:39.400 --> 0:05:41.839 shares a Pellenteer at more than two and a half 0:05:41.880 --> 0:05:44.520 percent this morning. The Army has awarded a four hundred 0:05:44.520 --> 0:05:47.320 and eighty million dollars contract to the company for work 0:05:47.320 --> 0:05:50.200 on a project called the maven A Smart System through 0:05:50.200 --> 0:05:53.960 twenty twenty nine. The deal further extends Pellenteer's relationship with 0:05:54.000 --> 0:05:56.920 the military and makes use of the company's growing suite 0:05:56.920 --> 0:05:58.920 of artificial intelligence offerings. 0:05:59.200 --> 0:06:03.080 In another move, Aaron, the Biden administration's antitrust enforcers are 0:06:03.080 --> 0:06:07.200 hosting a major event on competition in artificial intelligence, but 0:06:07.279 --> 0:06:10.359 some of the biggest names in the industry aren't invited. 0:06:10.680 --> 0:06:12.880 We get the details from Bloomberg's Jeff Bellinger. 0:06:13.480 --> 0:06:17.200 Google, Amazon, Meta, and Microsoft have raced to partner with 0:06:17.320 --> 0:06:20.560 leading AI startups, but they are absent from the workshop, 0:06:20.839 --> 0:06:24.680 so is Nvidia. Its centrality to the global AI supply 0:06:24.839 --> 0:06:28.600 chain has sent its stock soaring Instead, the workshop will 0:06:28.640 --> 0:06:32.240 bring together top venture capital firms along with enforcers from 0:06:32.279 --> 0:06:36.560 the US, the UK, and European Union. Assistant Attorney General 0:06:36.640 --> 0:06:40.080 for Anti Trust Jonathan Canter says the speaker list was 0:06:40.160 --> 0:06:44.000 intentional and the workshop's goal is for a thoughtful conversation 0:06:44.200 --> 0:06:48.719 on AI antitrust. Enforcers across the world have become concerned 0:06:48.960 --> 0:06:52.560 that many of the most promising AI startups depend heavily 0:06:52.640 --> 0:06:56.880 on the dominant tech companies for their financing and infrastructure needs. 0:06:57.200 --> 0:06:59.120 Jeff Bellinger, Bloomberg Radio. 0:06:59.360 --> 0:07:04.320 All right, Jeff, thank you, and it's time now for 0:07:04.360 --> 0:07:06.160 a look at some of the other stories making news 0:07:06.160 --> 0:07:07.839 in New York and around the world. And for that 0:07:07.880 --> 0:07:09.520 we're joined by Bloomberg's Michael Barr. 0:07:09.560 --> 0:07:11.640 Michael, Good Morning, Good morning, Karen Harvey. 0:07:11.640 --> 0:07:15.600 Weinstein may face new allegations of rape and sexual assault 0:07:15.640 --> 0:07:18.840 when the former Hollywood movie Mogul is tried again in 0:07:18.920 --> 0:07:21.880 New York. It comes after a state appeals court tossed 0:07:21.920 --> 0:07:25.600 his twenty twenty conviction last month. The Manhattan District Attorney's 0:07:25.640 --> 0:07:29.240 office says, since the last trial, other women have disclosed 0:07:29.320 --> 0:07:33.920 being sexually assaulted by the defendant. Conservative Supreme Court Justice 0:07:33.960 --> 0:07:38.040 Samuel Alito says he can't and won't refuse himself from 0:07:38.160 --> 0:07:42.480 January sixth related cases. It comes after reports about the 0:07:42.560 --> 0:07:46.280 flags that have been seen flying outside his homes. Alito 0:07:46.440 --> 0:07:50.800 so congressional lawmakers his wife is solely responsible for flying 0:07:50.880 --> 0:07:55.320 two flags associated with the baseless Stop the Steel movement 0:07:55.640 --> 0:07:59.000 on two of the family's properties. Loyola Law School professor 0:07:59.080 --> 0:08:00.280 Jessica Levinson. 0:08:00.240 --> 0:08:03.400 These ethics codes are asking whether or not it might 0:08:03.520 --> 0:08:07.760 appear to the public like a judge possesses actual bias. 0:08:07.960 --> 0:08:10.360 You don't need to, in the words of the Supreme 0:08:10.360 --> 0:08:14.000 Court opinions, actually possess the bias, but it has to 0:08:14.160 --> 0:08:17.000 look like you might, just as Alito is saying, that's 0:08:17.040 --> 0:08:17.800 not going to happen. 0:08:18.280 --> 0:08:22.520 Loyola Law School Professor Jessica Levinson. The NYPD arrested and 0:08:22.640 --> 0:08:26.080 charged demand with a slew of hate crimes, including attempted murder, 0:08:26.200 --> 0:08:29.080 after allegedly trying to hit a group of Jewish teens 0:08:29.080 --> 0:08:32.960 with a car outside a yeshiva in Brooklyn. Several of 0:08:32.960 --> 0:08:36.679 them ran inside the yeshiva for safety. Police arrested fifty 0:08:36.720 --> 0:08:40.360 eight year old Ashgar Ali from Brooklyn. A study by 0:08:40.400 --> 0:08:43.680 a group which ranks US metro areas based on pedestrian 0:08:43.720 --> 0:08:48.160 deaths finds that it is at a forty year high. 0:08:48.720 --> 0:08:53.680 The nonprofit Smart Group America blames Rhodes designed to prioritize 0:08:53.800 --> 0:08:58.520 vehicle speed over pedestrian safety. Beth Osborne is the group's 0:08:58.600 --> 0:08:59.920 vice president of Transportation. 0:09:00.400 --> 0:09:04.240 We spent many years trying to speed up automobile traffic. 0:09:04.600 --> 0:09:07.440 The way departments of transportation have tried to do that 0:09:07.520 --> 0:09:11.520 is to make roads ever wider, and that alone creates 0:09:11.920 --> 0:09:12.959 safety challenges. 0:09:13.559 --> 0:09:17.480 Beth Osborne with the SGA also says people of color 0:09:17.600 --> 0:09:22.880 are disproportionately impacted. COVID's after effects may reverberate for more 0:09:22.920 --> 0:09:28.160 than three years, often causing lingering pulmonary and gastro intestinal symptoms. 0:09:28.520 --> 0:09:31.120 That is according to a study of US veterans. It 0:09:31.160 --> 0:09:34.800 is in the journal Nature Medicine. Global News twenty four 0:09:34.800 --> 0:09:37.600 hours a day and whenever you want it with Bloomberg 0:09:37.640 --> 0:09:38.880 News Now. I'm Michael Barn. 0:09:38.960 --> 0:09:46.199 This is Bloomberg Karen right, Michael Barr, thank you, but 0:09:46.320 --> 0:09:49.280 it's time now for the Bloomberg Scores update with John Stanshauer, 0:09:49.360 --> 0:09:50.280 John good morning. 0:09:50.200 --> 0:09:52.000 Morning care of the Yankees are in first place and 0:09:52.080 --> 0:09:54.400 a Cy Young winning pictures yet to take the mound. 0:09:54.520 --> 0:09:57.559 Part of that is because the guy who replaced karrot 0:09:57.600 --> 0:10:00.400 Cole in the rotation. This might be this year, say winner. 0:10:00.440 --> 0:10:04.200 Louis Heel superb again against the Angels. He went eight 0:10:04.200 --> 0:10:06.160 in inings, allowed only two hit, struck out nine. Didn't 0:10:06.160 --> 0:10:08.320 get a lot of support, but gotten off and Alex 0:10:08.360 --> 0:10:10.680 Forgogo home run on the fourth inning, and Anthony Volpi 0:10:10.800 --> 0:10:12.840 came up in the seventh the six. 0:10:12.679 --> 0:10:14.520 Line down the right field line. That's a sair ball. 0:10:14.720 --> 0:10:16.280 He's gonna go all the way to the curved wall 0:10:16.400 --> 0:10:17.640 down the right field line. 0:10:17.760 --> 0:10:20.920 Goopy motors around at a second He's going for three. 0:10:21.000 --> 0:10:23.400 Here comes to throw to third gol pie slide. They 0:10:23.440 --> 0:10:24.600 gets past third pace. 0:10:24.880 --> 0:10:29.559 The throw goes into the camerawells and Boopie is. 0:10:29.480 --> 0:10:32.680 Going to be awarded hole play for Wfan. Yanks tope 0:10:32.679 --> 0:10:35.079 Angels two to one. He is now seven and one. 0:10:35.160 --> 0:10:38.480 His era is under two. At Cityfield, Mets and Dodgers 0:10:38.520 --> 0:10:39.120 were three to three. 0:10:39.120 --> 0:10:39.640 In the eighth inning. 0:10:39.800 --> 0:10:40.800 LA scored six. 0:10:40.679 --> 0:10:43.800 Times, including the show how Tony home run Dodgers finished 0:10:43.800 --> 0:10:46.560 the Swinge ten to three. Mets the Bosts fifteen of 0:10:46.600 --> 0:10:48.960 their last nineteen oils at the Red Sox six to one. 0:10:49.040 --> 0:10:52.240 Grand Slam for Gunner. Henderson Nationals won seven to two. 0:10:52.240 --> 0:10:54.360 In Atlanta, the Phillies get the Giant six to one. 0:10:54.480 --> 0:10:57.760 Salley got playoffs Dallas one game three after Trilling two 0:10:57.760 --> 0:11:01.200 to nothing, Edmonton one game four for Trillion two nothinge 0:11:01.200 --> 0:11:03.320 Oilers won five to two, and the series is tied 0:11:03.320 --> 0:11:06.240 to two. As is the case in the East, set 0:11:06.240 --> 0:11:08.320 in the stage for a big Game five tonight at 0:11:08.360 --> 0:11:11.920 the Garden Rangers and Panthers, the first conference final in twenty. 0:11:11.640 --> 0:11:13.559 Three years that have had three. 0:11:13.440 --> 0:11:16.679 Straight overtime games. O Venegas sion Tics, the top seed 0:11:16.720 --> 0:11:19.440 the two times Defenny Champ, had to play four time 0:11:19.520 --> 0:11:22.720 Grand Slam winner Naomi Osaka in the second round. Osaka 0:11:22.800 --> 0:11:25.600 just background Toura for giving birth. She had a match 0:11:25.640 --> 0:11:28.720 point which Shiontech won seven six one six seven. 0:11:28.800 --> 0:11:32.040 Pops Johns Dash went Bloomberg Sports count of niggas. 0:11:34.240 --> 0:11:38.360 Coast to coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:38.480 --> 0:11:41.360 and around the world on Bloomberg dot Com and the 0:11:41.400 --> 0:11:45.839 Bloomberg Business app. This is Bloomberg Daybreak. Good morning on 0:11:45.960 --> 0:11:46.560 Nathan Hager. 0:11:46.559 --> 0:11:49.600 We're headed to day two of jury deliberations and former 0:11:49.640 --> 0:11:52.559 President Donald Trump's hush money trial in New York accounts. 0:11:52.600 --> 0:11:55.319 Anybody's guess when the jury is going to come out 0:11:55.320 --> 0:11:57.600 with a verdict. But no matter how it turns out, 0:11:58.160 --> 0:12:00.839 this case is having a political enact and for more. 0:12:00.880 --> 0:12:04.680 We are joined by Bloomberg News Senior editor Bill Ferries. Bill, 0:12:04.800 --> 0:12:07.440 Good morning. We did see some developments as the jury 0:12:07.480 --> 0:12:11.920 headed into the deliberation room asking to review testimony about 0:12:11.960 --> 0:12:16.800 the August twenty fifteen Trump Tower meeting with Michael Cohen 0:12:17.040 --> 0:12:20.720 and National Acquirer publisher, the former publisher David Pecker. What 0:12:20.760 --> 0:12:24.120 does that tell you about where these deliberations could go. 0:12:25.320 --> 0:12:28.240 Yeah, Nathan, it's very interesting that that was really the 0:12:28.280 --> 0:12:31.080 first thing that the jury came back to the judge 0:12:31.120 --> 0:12:33.640 asking for a little bit more of a kind of 0:12:33.640 --> 0:12:36.720 a refresher on in terms of what happened. I mean, 0:12:36.720 --> 0:12:41.600 this was the meeting where David Pecker National, the publisher 0:12:41.600 --> 0:12:44.800 of the National Inquirer, said that he agreed to help 0:12:44.880 --> 0:12:50.679 the Trump campaign by boosting Trump and his newspaper criticizing 0:12:50.679 --> 0:12:55.679 his rivals and basically buying and barying accounts of extramarital 0:12:55.720 --> 0:12:59.640 affairs as they came up. So this gets right into 0:12:59.679 --> 0:13:03.000 the heart of the payment to Stormy Daniels and also 0:13:03.160 --> 0:13:08.760 the earlier payment to Karen McDougall, another Playboy playmate. So 0:13:09.200 --> 0:13:11.560 very interesting it was. You know, that was some of 0:13:11.559 --> 0:13:14.800 the earliest testimony in this case. So there's been speculation 0:13:14.960 --> 0:13:18.000 that maybe the jury just kind of wanted to get 0:13:18.040 --> 0:13:21.200 a reminder of what that testimony, what the details of 0:13:21.240 --> 0:13:24.559 that testimony are. But it's also, as the prosecutor said, 0:13:24.880 --> 0:13:28.920 a key event in their case against former President Donald Trump. 0:13:29.679 --> 0:13:32.560 So we could have several more hours, if not several 0:13:32.600 --> 0:13:37.040 more days of jury deliberations. But we did hear something 0:13:37.040 --> 0:13:41.360 of a summation from the former president after the first day. 0:13:41.480 --> 0:13:43.280 Here's a little bit of what he had to say 0:13:43.320 --> 0:13:43.880 to reporters. 0:13:44.000 --> 0:13:46.360 Mothers could not be these judges. 0:13:46.960 --> 0:13:48.880 These charges are reggage to the all. 0:13:48.920 --> 0:13:49.840 The thing is reggage. 0:13:50.280 --> 0:13:53.640 Mother Teresa could not beat the charges. What's the former 0:13:53.679 --> 0:13:54.760 president setting up for? 0:13:56.000 --> 0:13:59.280 Well, you know, he's he on the one hand, will 0:13:59.320 --> 0:14:01.680 say that he thinks he thinks he's doing well. On 0:14:01.720 --> 0:14:04.160 the other hand that he thinks it's a rigged process. 0:14:04.360 --> 0:14:06.560 He has definitely, you know, made the case to his 0:14:06.640 --> 0:14:10.839 core supporters particularly that he thinks not just this case, 0:14:10.880 --> 0:14:13.079 but all of the all of the cases against him 0:14:13.120 --> 0:14:17.000 are part of the you know, a political process. That's 0:14:17.440 --> 0:14:20.480 where the where the Democrats and his opponents have weaponized 0:14:20.520 --> 0:14:23.560 the judicial system. And that's going to be the message 0:14:23.600 --> 0:14:26.440 he takes if he's found guilty on any of these 0:14:26.520 --> 0:14:30.160 charges or if things don't go his way, and it's 0:14:30.160 --> 0:14:32.480 something that quite a few, you know, many people in 0:14:32.480 --> 0:14:35.320 his camp will will agree with and they'll rally around. 0:14:35.400 --> 0:14:37.520 So that's going to be the case. Now if he 0:14:37.640 --> 0:14:39.840 is found guilty of this or any other case, you know, 0:14:39.880 --> 0:14:41.680 there's going to be a big question of how much 0:14:42.000 --> 0:14:44.600 damage that does or doesn't do to him. He's got, 0:14:44.640 --> 0:14:48.240 he's got a strong base that's there. It's with him 0:14:48.240 --> 0:14:51.320 through thick and thin. So the question will be, you know, 0:14:51.360 --> 0:14:53.960 what happens to those independent voters, what happens to those 0:14:53.960 --> 0:14:57.720 people who maybe don't like Joe Biden. Will they you know, 0:14:57.800 --> 0:14:59.880 do they avoid the election or do they do they 0:15:00.160 --> 0:15:03.400 just do they vote for someone else? But yeah, this 0:15:03.480 --> 0:15:06.040 is this is the case that Trump has made throughout 0:15:06.040 --> 0:15:09.200 this process that he is being unfairly targeted. 0:15:09.440 --> 0:15:13.960 And I wonder what the president himself, President Biden, how 0:15:14.000 --> 0:15:17.120 he could react depending on how things go. I mean, 0:15:17.160 --> 0:15:20.120 he's towed a really fine line in really trying to 0:15:20.160 --> 0:15:23.920 avoid speaking pretty directly about what's going on in New York. 0:15:25.080 --> 0:15:27.440 Yeah, it sounds like it's something that he has spoken 0:15:27.520 --> 0:15:31.000 more about in some of these less covered, you know, 0:15:31.160 --> 0:15:35.000 fundraiser events where he's been more openly critical of the 0:15:35.120 --> 0:15:37.040 of the president. I think, you know, from the White 0:15:37.040 --> 0:15:40.080 House perspective, they they don't want to be seen as 0:15:40.240 --> 0:15:42.840 they don't want to play into that argument that Trump 0:15:42.880 --> 0:15:46.400 has made that it's a it's a political process, a 0:15:46.440 --> 0:15:49.920 political persecution. So I think they just want to let 0:15:49.960 --> 0:15:53.640 the court speak for themselves. But on the campaign trail, 0:15:53.760 --> 0:15:56.400 you know, you definitely, you definitely see a president who's 0:15:56.760 --> 0:16:01.000 more interested in raising some of these issues before an 0:16:01.040 --> 0:16:03.840 electorate that is, you know, still seems frustrated with the 0:16:03.960 --> 0:16:05.160 choices it has before it. 0:16:05.680 --> 0:16:08.760 This is Bloomberg Daybreak Today, your morning brief on the 0:16:08.800 --> 0:16:12.200 stories making news from Wall Street to Washington and beyond. 0:16:12.480 --> 0:16:15.240 Look for us on your podcast feed at six am 0:16:15.320 --> 0:16:19.000 Eastern each morning on Apple Spotify, and anywhere else you 0:16:19.040 --> 0:16:20.240 get your podcasts. 0:16:20.360 --> 0:16:23.040 You can also listen live each morning starting at five 0:16:23.080 --> 0:16:25.680 am Wall Street Time on Bloomberg eleven three to zero 0:16:25.720 --> 0:16:29.200 in New York, Bloomberg ninety nine one in Washington, Bloomberg 0:16:29.240 --> 0:16:32.240 one oh six' one in Boston, and Bloomberg ninety sixty 0:16:32.360 --> 0:16:33.320 in San Francisco. 0:16:33.680 --> 0:16:36.840 Our flagship New York station is also available on your 0:16:36.880 --> 0:16:42.320 Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. 0:16:42.360 --> 0:16:45.800 Listen coast to coast on the Bloomberg Business app, SERIUSXM, 0:16:45.880 --> 0:16:49.520 the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan 0:16:49.520 --> 0:16:51.080 Hager and I'm Karen Moscow. 0:16:51.320 --> 0:16:54.080 Join us again tomorrow morning for all the news you 0:16:54.200 --> 0:17:06.520 need to start your day right here on Bloomberg Daybreak