Stocks Rally on Resilient Economy; Harris Economic Plans

Bloomberg Audio Studios, podcasts, radio news. 0:00:09.800 --> 0:00:12.600 Good morning, I'm Nathan Hager and I'm John Tucker. Here 0:00:12.600 --> 0:00:14.560 are these stories we're following today. 0:00:14.880 --> 0:00:17.439 John, We are seeing stocks rise around the world on 0:00:17.560 --> 0:00:20.800 growing optimism the US will avoid a recession. The latest 0:00:20.880 --> 0:00:24.119 data from inflation to jobless claims and retail sales have 0:00:24.200 --> 0:00:27.240 reassured investors that the world's biggest economy is headed for 0:00:27.360 --> 0:00:32.600 a Goldilock scenario of contained inflation accompanied by resilient growth. 0:00:32.840 --> 0:00:37.199 It's got traders lowering their expectations for aggressive FED rate 0:00:37.280 --> 0:00:39.640 cuts this year. Ian Lincoln is head of US rates 0:00:39.640 --> 0:00:41.479 strategy at Demo Capital Markets. 0:00:42.120 --> 0:00:44.279 I think that what they want to do is they 0:00:44.400 --> 0:00:47.279 want to prepare the market for a series of rate 0:00:47.360 --> 0:00:51.280 cuts that are twenty five basis points each spread out 0:00:51.320 --> 0:00:55.000 over the course of the next eighteen to twenty four months, 0:00:55.160 --> 0:00:57.880 and they are not going to accomplish that by going fifty. 0:00:58.080 --> 0:01:00.440 So we think that twenty five should be the baseline 0:01:00.440 --> 0:01:04.360 assumption unless something goes very awry in the real economy 0:01:04.440 --> 0:01:07.280 between now and the eighteenth of September, which it doesn't 0:01:07.280 --> 0:01:09.320 appear to you, especially given the recent. 0:01:09.160 --> 0:01:13.039 Dataan lingolned bing Mo notes that ninety basis points the 0:01:13.280 --> 0:01:15.080 vising are expected by the end of the year. 0:01:15.360 --> 0:01:15.600 Yeah. 0:01:15.600 --> 0:01:18.759 The economy also in focus in Europe. Yeah, let's get 0:01:18.760 --> 0:01:21.479 the very latest data point with Bloomberg's ew on Pots 0:01:21.480 --> 0:01:23.559 in London here on good morning, Good. 0:01:23.440 --> 0:01:26.119 Morning, John and Nathan. After retail sales came in hot 0:01:26.160 --> 0:01:28.959 in the US, signs of an uptick in consumer spending. 0:01:29.000 --> 0:01:32.400 Here in the UK, retail sales bounced back in July, 0:01:32.520 --> 0:01:36.320 help by summer discounts, the euro Soccer Championship and at 0:01:36.400 --> 0:01:40.200 last some decent weather. Sales climbed zero point five percent 0:01:40.280 --> 0:01:44.280 with June's drop revised shallower. The macro backdrop is one 0:01:44.319 --> 0:01:48.560 of rising real wages and lower inflation, lifting confidence. And 0:01:48.600 --> 0:01:50.760 I can report the sun is still shining as we 0:01:50.800 --> 0:01:53.880 head through August in London. I'm you in Pots Bloomberg Radio, and. 0:01:53.840 --> 0:01:55.480 It gives us something to look forward to here in 0:01:55.520 --> 0:01:57.760 the East Coast. Thank you Ewan. Well. The carry trade 0:01:57.800 --> 0:02:00.240 is making a calmback the MUA holding set as a 0:02:00.320 --> 0:02:03.440 variety of investors have started borrowing the Japanese yen again 0:02:03.880 --> 0:02:07.400 to invest the proceeds elsewhere in higher yielding assets. The 0:02:07.560 --> 0:02:10.840 enkerry trade blew up in spectacular fashion two weeks ago, 0:02:11.240 --> 0:02:15.160 sending global markets tumbling. Traders wagered billions of dollars that 0:02:15.200 --> 0:02:17.400 the end would weaken before the currency jumped. 0:02:17.520 --> 0:02:18.160 Last month. 0:02:18.560 --> 0:02:21.680 One portfolio manager summed up the Kerry trade comeback, saying, 0:02:22.040 --> 0:02:23.880 people have pretty short memories. 0:02:24.120 --> 0:02:26.040 Yeah, and now to the latest time of Middle East 0:02:26.080 --> 0:02:29.959 Nathan International mediators holding a second day of negotiations with 0:02:30.240 --> 0:02:33.959 Israel to pause the war with Hamas and Ganza. Let's 0:02:33.960 --> 0:02:36.200 get more from Bloomberg's Ronsalin Matheson. 0:02:36.600 --> 0:02:39.160 We know the sticking points are significant. It's a bit 0:02:39.160 --> 0:02:40.799 hard to know what to make of the fact that 0:02:40.880 --> 0:02:43.200 talks are going on today and they're were scheduled to 0:02:43.200 --> 0:02:45.639 potentially do so. That could either mean that things are 0:02:45.639 --> 0:02:48.360 really really stuck but they're trying really hard to find 0:02:48.360 --> 0:02:50.919 a way through. Could also mean that they are seeing 0:02:50.960 --> 0:02:53.680 little signs a progress. But we do know about those 0:02:53.720 --> 0:02:56.239 fundamental sticking points. I mean, most broadly, the biggest one 0:02:56.280 --> 0:02:58.720 is what does the ceasefire aim to achieve? Is it 0:02:58.760 --> 0:02:59.919 a pathway to end the war? 0:03:00.600 --> 0:03:05.000 Bloomberg's Ronsolin Matheson reports some months representatives are not expected 0:03:05.040 --> 0:03:08.000 to be president of the talks, but mediators will briefly 0:03:08.080 --> 0:03:11.160 r inback group on the latest developments. 0:03:10.800 --> 0:03:13.000 And out of politics here in the US. John Vice 0:03:13.040 --> 0:03:15.600 President Kamala Harris will give voters a better idea of 0:03:15.639 --> 0:03:19.440 her economic policy during his speech later today in North Carolina. 0:03:19.480 --> 0:03:22.120 Bloomberg Zamy Morris brings us a preview from Washington. 0:03:22.639 --> 0:03:25.240 The Harris campaign is zeroing in on high food prices, 0:03:25.240 --> 0:03:28.200 as inflation remains a big issue in the presidential race, 0:03:28.440 --> 0:03:31.200 and she's expected to push for a federal ban on 0:03:31.280 --> 0:03:35.840 price gouging on groceries. Harris is putting particular emphasis on 0:03:35.960 --> 0:03:39.280 rising meat prices, which she says account for a large 0:03:39.280 --> 0:03:42.480 part of rising grocery bills. Harris says she would aim 0:03:42.520 --> 0:03:44.840 to enact the ban within her first one hundred days, 0:03:45.080 --> 0:03:48.240 in part by directing the Federal Trade Commission to impose 0:03:48.280 --> 0:03:51.200 harsh penalties on any firms that break new limits on 0:03:51.280 --> 0:03:54.480 price gouging. In Washington, Amy Morris Bloomberg Radio, all. 0:03:54.400 --> 0:03:56.240 Right, Amy, thank you. In the Harris campaign also says 0:03:56.280 --> 0:03:58.640 the vice president will propose a benefit for first time 0:03:58.680 --> 0:04:01.360 home buyers up to twenty five thousand dollars in down 0:04:01.400 --> 0:04:04.600 payment support that builds on a proposal from President Biden 0:04:04.640 --> 0:04:06.280 in his State of the Union address for a ten 0:04:06.320 --> 0:04:09.000 thousand dollars tax credit for first time buyers. 0:04:08.840 --> 0:04:12.040 And on the Republican side. Former President Donald Trump held 0:04:12.120 --> 0:04:15.720 another news conference at his golf club in Bedminster, New Jersey, 0:04:16.120 --> 0:04:19.320 trying to counter Harris's momentum. He says his strategy of 0:04:19.640 --> 0:04:22.679 personal attacks against the vice president is working. 0:04:23.520 --> 0:04:26.279 I think I'm entitled to personal attacks. I don't have 0:04:26.320 --> 0:04:28.240 a lot of respect for I don't have a lot 0:04:28.240 --> 0:04:31.640 of respect for her intelligence, and I think she'll be 0:04:31.680 --> 0:04:34.840 a terrible president. And I think it's very important that 0:04:34.880 --> 0:04:35.240 we win. 0:04:35.960 --> 0:04:38.880 The former president to find critics in some allies who 0:04:38.920 --> 0:04:43.240 say his rhetoric delves into racist and sexist sift stereotypes. 0:04:43.600 --> 0:04:46.600 Trump supporters have urged him to focus on policy and 0:04:46.680 --> 0:04:50.320 ty Harris to President Biden's unpocket record on the economy. 0:04:50.560 --> 0:04:54.200 Meantime, John the former President's opening his records on his finances. 0:04:54.320 --> 0:04:57.799 A two hundred and sixty five page financial disclosure includes 0:04:57.839 --> 0:05:00.160 more than a half billion dollars in income from his 0:05:00.200 --> 0:05:03.520 resorts and residential properties, and tens of millions in debts 0:05:03.600 --> 0:05:07.640 and liabilities from his legal challenges. The document also lists 0:05:07.680 --> 0:05:11.000 more than fifty million dollars from Trump's social media company, 0:05:11.040 --> 0:05:13.920 more than seven million from licensing his image on non 0:05:13.960 --> 0:05:17.680 fungible tokens and more than five million dollars in book sales. 0:05:17.520 --> 0:05:20.440 And the White Houses walk back President Biden's comment on 0:05:20.480 --> 0:05:23.760 the potential of a new Venezuelan election. That story this 0:05:23.800 --> 0:05:25.679 morning from Bloomberg's Ed Baxter. 0:05:26.680 --> 0:05:29.239 The president asked by reporters as he walked to board 0:05:29.320 --> 0:05:33.640 his Marine Juan helicopter whether he supported new elections in Venezuela, 0:05:33.680 --> 0:05:36.679 and he responded, I do well. There have been charges, 0:05:36.720 --> 0:05:39.560 of course, that the Nicholas Madua election was rigged, but 0:05:39.680 --> 0:05:42.840 now a spokesman for the National Security Council said Biden 0:05:42.880 --> 0:05:46.440 intended to speak on the absurdity of Maduro failing to 0:05:46.480 --> 0:05:50.480 come clean after claiming victory, spokesman of Sean Sabat saying 0:05:50.720 --> 0:05:55.000 it is clear Maduro did not win. Maduro responded, the 0:05:55.120 --> 0:05:59.400 US should not interfere that Venezuelans are in charge in 0:05:59.480 --> 0:06:02.680 their home head. Baxter Bloomberg Radio, All. 0:06:02.680 --> 0:06:04.960 Right, Ed, thanks, you've just gotten word. The Biden administration 0:06:05.320 --> 0:06:08.919 is awarding Texas instruments, one point six billion dollars in 0:06:09.040 --> 0:06:12.960 Chipack grants and three billion in loans. It's the latest 0:06:12.960 --> 0:06:16.440 major award from a program designed to boost. American semiconductor 0:06:16.480 --> 0:06:19.359 manufacturing and Texas Instruments stock is up one percent in 0:06:19.400 --> 0:06:20.400 early trading, and on. 0:06:20.360 --> 0:06:23.520 The flip side, shares of applied Materials down three percent 0:06:23.720 --> 0:06:27.080 in early trading. The largest US maker of chip manufacturing 0:06:27.120 --> 0:06:30.680 equipment delivered an inline sales for a cast. But that's 0:06:30.720 --> 0:06:34.160 disappointing investors who've been looking for a bigger payoff from 0:06:34.279 --> 0:06:40.479 AI spending. Yeah, that brings us to five h seven 0:06:40.560 --> 0:06:42.280 All Wall Street toimedown for a look at some of 0:06:42.320 --> 0:06:44.960 the other stories making news in New York and around 0:06:45.040 --> 0:06:48.320 the world. For that, we're joined by Bloomberg's Michael Barr. Michael, 0:06:48.360 --> 0:06:49.760 good morning, Good morning John. 0:06:49.800 --> 0:06:52.600 We're learning New York City Mayor Eric Adams has been 0:06:52.680 --> 0:06:56.520 hit with more federal subpoenas in a corruption probe. The 0:06:56.600 --> 0:06:59.680 mayor telling ABC seven he is vowing to cooperate. 0:07:00.440 --> 0:07:05.000 I hold myself beyond a reproach and when you receive 0:07:05.080 --> 0:07:06.280 a subpoena, you respond. 0:07:06.880 --> 0:07:10.600 Last November, the FBI served search warrants, including at the 0:07:10.640 --> 0:07:15.560 Brooklyn home of Adam's fundraiser, Brianna Suggs, and agents also 0:07:15.600 --> 0:07:19.080 approached the mayor on the streets using his electronic devices. 0:07:19.520 --> 0:07:22.400 It is unclear what prompted the new subpoenas, which were 0:07:22.480 --> 0:07:26.400 actually served last month, and Adam's attorney repeated the mayor 0:07:26.680 --> 0:07:30.400 had done nothing wrong. Ernesto strengthened to a Category two 0:07:30.480 --> 0:07:34.720 hurricane as implowed northward toward Bermuda, threatening to drench the 0:07:34.840 --> 0:07:39.080 territory with heavy rain and unleashed flash floods. Its top 0:07:39.160 --> 0:07:42.840 winds reached one hundred miles per hour. Ernesto is expected 0:07:42.840 --> 0:07:46.640 to become a major Category three hurricane later today as 0:07:46.680 --> 0:07:50.720 it approaches Bermuda. The track currently shows the storm passing 0:07:50.760 --> 0:07:53.880 to the west of the island. Two California doctors are 0:07:53.880 --> 0:07:56.680 among the five people charged in the overdose death of 0:07:56.760 --> 0:08:00.880 actor Matthew Perry last year. Prosecutors at the center of 0:08:00.920 --> 0:08:05.520 the case our doctor Salvador Placentia and Jazzvin Sega, An, 0:08:05.560 --> 0:08:10.040 a leed prathicker known as the Ketamine Queen. US attorney 0:08:10.200 --> 0:08:11.240 Martina Strata. 0:08:11.880 --> 0:08:15.960 Defendant Placentia saw this as an opportunity to profit off 0:08:16.000 --> 0:08:19.120 of mister Perry. He wrote in a text message in 0:08:19.160 --> 0:08:23.160 September twenty twenty three, quote, I wonder how much this 0:08:23.360 --> 0:08:24.920 moron will pay. 0:08:25.200 --> 0:08:29.040 US attorney Martina Strata says if convicted Both Senga and 0:08:29.120 --> 0:08:32.400 Placentia could spend the rest of their lives in prison. 0:08:32.480 --> 0:08:36.520 Perry's assistant and two other suspects have pleaded guilty. The 0:08:36.720 --> 0:08:39.320 New York City Council has approved a plan to allocate 0:08:39.360 --> 0:08:42.400 five hundred million dollars to rezone parts of the Bronx 0:08:42.720 --> 0:08:46.440 to facilitate construction of thousands of new homes as the 0:08:46.440 --> 0:08:50.000 city struggles to address a shortage of affordable housing. The 0:08:50.040 --> 0:08:54.280 decision will allow for approximately seven thousand new units across 0:08:54.400 --> 0:08:58.600 dozens of blocks around new Metro North rail stations coming 0:08:58.640 --> 0:09:01.840 to the East Bronx, including seventeen hundred that will have 0:09:01.920 --> 0:09:06.200 income limits in place to keep them permanently affordable. Global 0:09:06.240 --> 0:09:08.600 News twenty four hours a day and whenever you want 0:09:08.600 --> 0:09:11.200 it with the Bloomberg News. Now, I'm Michael Barr, and 0:09:11.240 --> 0:09:13.240 this is Bloomberg John Michael. 0:09:13.280 --> 0:09:15.559 Thanks. 0:09:18.679 --> 0:09:18.880 Yeah. 0:09:19.000 --> 0:09:21.240 That brings us to five tenth off Bolsleet tests. Time 0:09:21.280 --> 0:09:25.559 for the Bloomberg Sports Sunday man managers Don Stshower. 0:09:26.040 --> 0:09:28.760 I'm mets of Ben streaky all season lately, not so 0:09:28.840 --> 0:09:31.200 good A five losses the last six games. Thirty eight 0:09:31.280 --> 0:09:34.040 runs allowed in those five losses at Cityfield, Mets had 0:09:34.080 --> 0:09:37.640 a five to nothing lead before Oakland's JJ Bledet hit 0:09:37.640 --> 0:09:39.880 a grand slam of Jose Quinton, and the A's went 0:09:39.920 --> 0:09:42.240 on to win seven six to take the series. Mets 0:09:42.280 --> 0:09:45.040 home tonight from Miami. Yankees will play the Tigers tonight 0:09:45.080 --> 0:09:48.960 and tomorrow in Detroit and then Sunday night in Williamsport, Pennsylvania, 0:09:48.960 --> 0:09:50.880 where the Little League World Series is going on. Yanks 0:09:50.880 --> 0:09:53.440 tied for first with Baltimore. The Orioles beat the Red 0:09:53.440 --> 0:09:56.720 Sox five to one. The Phillies crushed the Nationals thirteen 0:09:56.800 --> 0:10:00.480 to three, as rookie Weston Wilson became the ninth Phil's 0:10:00.480 --> 0:10:02.240 history to hit for the cycle and what would be 0:10:02.360 --> 0:10:06.120 quite a rule change. MLB is reportedly at least discussing 0:10:06.160 --> 0:10:08.480 the idea of making a starting pitcher go at least 0:10:08.559 --> 0:10:11.439 six innings unless they get hurt, throw one hundred pitchers, 0:10:11.520 --> 0:10:13.520 or allow four and more earned runs. The goal is 0:10:13.559 --> 0:10:16.000 to make the starting picture more important like it used 0:10:16.000 --> 0:10:18.079 to be. This is said to not be something that 0:10:18.120 --> 0:10:21.320 would happen anytime soon. Giants play a preseason game tomorrow 0:10:21.400 --> 0:10:24.440 afternoon in Houston and Daniel Jones will be the starting quarterback. 0:10:24.480 --> 0:10:27.160 Went down last year with a torn acl update on 0:10:27.200 --> 0:10:29.520 his training camp from Giants coach Bryan Dabo. 0:10:29.920 --> 0:10:31.800 I think he's made he's made strides every day and 0:10:31.840 --> 0:10:34.520 again it's some new guys that were thrown to It's 0:10:34.720 --> 0:10:36.679 its first time he's been in team, so it's a 0:10:36.800 --> 0:10:40.040 it's been a steady at stay, steady improvement from when 0:10:40.080 --> 0:10:42.040 we started, when he had first go through team and 0:10:42.040 --> 0:10:45.800 have people around his legs. You know, there's new things, 0:10:45.840 --> 0:10:50.040 new pieces, new tight ends, new receiver, so that's always 0:10:50.160 --> 0:10:51.440 that's always a work in progress. 0:10:51.520 --> 0:10:54.359 Yet's played tomorrow night at Carolina. Last by in Foxborough 0:10:54.400 --> 0:10:57.040 Patriots with the second straight game Who's four quarterbacks Drake 0:10:57.120 --> 0:10:59.240 May who they took with the third pick of the draft, 0:10:59.240 --> 0:11:01.400 win six for eleven to TD run. The Pats lost 0:11:01.400 --> 0:11:04.920 to the Eagles fourteen thirteen. Jalen Herds and Sakuon Barkley 0:11:05.000 --> 0:11:05.600 did not play. 0:11:05.760 --> 0:11:06.280 WNBA. 0:11:06.360 --> 0:11:08.199 The liberty back of the Olympic Break went to LA 0:11:08.280 --> 0:11:10.640 one by thirty five and now twenty two and four. 0:11:11.120 --> 0:11:13.240 Chris Kirk had a whole in one shot sixty four 0:11:13.320 --> 0:11:17.240 Leeds West shot in Memphis. John Stashaway Bloomberg Sport. 0:11:18.840 --> 0:11:23.000 Coast to Coast on Bloomberg Radio nationwide on Sirius XM 0:11:23.080 --> 0:11:26.000 and around the world on Bloomberg dot Com and the 0:11:26.040 --> 0:11:29.400 Bloomberg Business app. This is Bloomberg day Break. 0:11:29.440 --> 0:11:29.840 Good morning. 0:11:29.880 --> 0:11:33.520 I'm Nathan Hager, and the presidential race is really off 0:11:33.559 --> 0:11:36.600 and running now, but not before one last symbolic passing 0:11:36.679 --> 0:11:39.920 of the torch from President Biden to Vice President Kamala Harris. 0:11:40.080 --> 0:11:43.479 I'm an incredible partner the progress we've made. 0:11:44.040 --> 0:11:46.080 She's gonna make one hell of a president. 0:11:46.640 --> 0:11:48.920 And the President shared a stage for the first time 0:11:48.920 --> 0:11:51.679 with the new Democratic nominee since he ended his reelection 0:11:51.760 --> 0:11:55.120 bid last month. Now Harris heads to swing state North 0:11:55.160 --> 0:11:58.000 Carolina to talk about her plans to make her own 0:11:58.080 --> 0:12:00.480 progress and joining us now for more in the is 0:12:00.600 --> 0:12:03.720 Jennifer Wallace, Professor and chair of the Politics Department at 0:12:03.720 --> 0:12:06.560 the University of Virginia. Jennifer, Good Morning. Is there a 0:12:06.640 --> 0:12:09.360 challenge for Vice President Harris to sort of strike out 0:12:09.400 --> 0:12:12.360 on her own, make her own economic policies without being 0:12:12.440 --> 0:12:16.040 tied too much to some of the more unpopular policies 0:12:16.120 --> 0:12:17.080 under President Biden? 0:12:17.120 --> 0:12:19.000 Good morning, Good morning. 0:12:19.360 --> 0:12:22.040 While that's certainly going to be what she tries to 0:12:22.080 --> 0:12:24.360 do over the course of the next couple of months, 0:12:24.720 --> 0:12:26.920 it's difficult because she wants to take credit for the 0:12:26.960 --> 0:12:30.840 successes of the Biden administration but not be saddled by 0:12:30.880 --> 0:12:33.959 the failures or the challenges. And I think that's why 0:12:34.080 --> 0:12:37.000 it was before her economic speech that we saw her 0:12:37.080 --> 0:12:40.160 with the current president on the campaign trail. At this point, 0:12:40.280 --> 0:12:43.280 she'll begin to demonstrate that she's her own person. 0:12:43.400 --> 0:12:46.520 And from what we've heard so far from the Harris campaign, 0:12:46.520 --> 0:12:49.960 that demonstration will include ideas like a federal ban on 0:12:50.040 --> 0:12:53.360 food price gounging twenty five thousand dollars in first time 0:12:53.400 --> 0:12:56.839 home buyer assistance. Is that enough to assuage voters who 0:12:56.840 --> 0:13:00.559 may still be feeling some pain from elevated rices over 0:13:00.600 --> 0:13:01.600 the last several years. 0:13:02.760 --> 0:13:06.000 It's something For those voters that are really going to 0:13:06.040 --> 0:13:08.840 be voting exclusively on the economy and who feel like 0:13:08.880 --> 0:13:11.840 the Biden administration failed, it's going to be difficult for 0:13:11.880 --> 0:13:14.439 her to win them back anyway. It's not Those are 0:13:14.440 --> 0:13:17.120 not the suburban voters with whom she's going to have sway. 0:13:17.559 --> 0:13:19.600 So I think she just needs to put something out there. 0:13:19.679 --> 0:13:22.640 She has to demonstrate some level of specificity, but she 0:13:22.679 --> 0:13:24.040 doesn't have to do the impossible. 0:13:24.480 --> 0:13:27.880 So what is the challenge then for Vice President Harris 0:13:27.960 --> 0:13:31.360 to show that she, I guess, sort of feels the 0:13:31.400 --> 0:13:36.640 pain of many voters still while still touting some of 0:13:36.679 --> 0:13:39.120 the successes that President Biden has had. I mean, the 0:13:39.160 --> 0:13:42.360 White House just put out a notice that it's been 0:13:42.400 --> 0:13:44.840 two years since they passed the Inflation Reduction Act. 0:13:46.320 --> 0:13:49.600 This is what's really difficult, because the Biden administration has 0:13:49.760 --> 0:13:52.520 done quite a bit for the economy, and their messaging 0:13:52.920 --> 0:13:55.280 just hasn't caught up with their actions, and so the 0:13:55.320 --> 0:13:59.520 American people aren't feeling the broader macroeconomic improvement that the 0:13:59.520 --> 0:14:03.400 country's experiencing. So what Kamala Harris needs to do first 0:14:03.480 --> 0:14:05.880 is highlight that she grew up middle class, that she 0:14:06.000 --> 0:14:10.520 understands the average pain that a typical family is experiencing, 0:14:10.920 --> 0:14:12.960 and that she wants to put into policy. She wants 0:14:12.960 --> 0:14:14.880 to put into effect policies that will help grow the 0:14:14.880 --> 0:14:15.560 middle class. 0:14:15.880 --> 0:14:17.760 But this is a really challenging time. 0:14:17.840 --> 0:14:20.680 If people feel like they're not doing well, there's little 0:14:20.720 --> 0:14:22.360 she can do to tell them that they are. 0:14:22.760 --> 0:14:25.520 And of course, former President Trump held another news conference 0:14:25.520 --> 0:14:29.160 that is Bedminster Golf Club yesterday sort of hammering Harris 0:14:29.240 --> 0:14:32.320 and Biden over high prices. At the same time sort 0:14:32.320 --> 0:14:35.880 of doubling down on the personal attacks, saying he's entitled 0:14:35.920 --> 0:14:38.480 to make personal attacks. What do you make of the 0:14:38.600 --> 0:14:41.600 evolving Trump's strategy against the vice president. 0:14:43.120 --> 0:14:45.560 The idea that he was going to give an economic 0:14:45.640 --> 0:14:48.560 policy speech yesterday seemed like the right idea for the 0:14:48.600 --> 0:14:52.240 Republicans because he was going to preempt anything she would 0:14:52.240 --> 0:14:54.280 say today. He was going to lay out a clear 0:14:54.360 --> 0:14:57.880 plan and tell people what a Trump administration would mean 0:14:57.920 --> 0:15:00.640 for them. The first couple of minutes of the speech 0:15:00.760 --> 0:15:03.160 seemed to go in that direction, but when he doubled 0:15:03.200 --> 0:15:05.680 down on the attacks, when he made it personal, when 0:15:05.720 --> 0:15:08.680 he started talking about all of his grievances again, he 0:15:08.760 --> 0:15:13.640 basically inoculated her from not having specific economic policies because 0:15:13.680 --> 0:15:16.440 no one was talking about his economic plan. They were 0:15:16.480 --> 0:15:18.680 talking about the fact that she's sort of making him 0:15:18.680 --> 0:15:19.560 come undone. 0:15:20.120 --> 0:15:22.880 Just thirty seconds left, Jennifer, how could today's event for 0:15:23.000 --> 0:15:25.640 Vice President Harrison North Carolina set us up for what 0:15:25.680 --> 0:15:27.720 we see at the convention next week? 0:15:28.800 --> 0:15:31.720 My sense is that she will lay out broad contours 0:15:31.720 --> 0:15:34.240 of an economic plan, and then the economy will be 0:15:34.280 --> 0:15:37.040 one of the key themes at the convention next week. 0:15:37.280 --> 0:15:41.360 So She doesn't want to test anything among an audience 0:15:41.480 --> 0:15:42.640 of delegates next week. 0:15:42.800 --> 0:15:44.920 She wants to begin speaking about these issues now. 0:15:44.960 --> 0:15:47.200 She wants to get some coverage of these issues now, 0:15:47.360 --> 0:15:50.040 so there are no surprises next Monday, Tuesday, or Wednesday. 0:15:52.960 --> 0:15:56.040 This is Bloomberg Daybreak Today, your morning brief on the 0:15:56.080 --> 0:15:59.960 stories making news from Wall Street to Washington and beyond. 0:16:00.000 --> 0:16:02.480 Thank us on your podcast feed by six am Eastern 0:16:02.560 --> 0:16:06.120 each morning, on Apples, Spotify, and anywhere else you get 0:16:06.120 --> 0:16:07.080 your podcasts. 0:16:07.280 --> 0:16:09.960 You can also listen live each morning starting at five 0:16:10.040 --> 0:16:12.680 am Wall Street time on Bloomberg eleven three to oho 0:16:12.680 --> 0:16:15.560 in New York, Bloomberg ninety nine to one in Washington, 0:16:15.640 --> 0:16:18.840 Bloomberg one oh sixty one in Boston, and Bloomberg ninety 0:16:18.840 --> 0:16:20.239 sixty in San Francisco. 0:16:20.440 --> 0:16:23.080 Our flagship New York station is also available on your 0:16:23.120 --> 0:16:27.880 Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus. 0:16:27.920 --> 0:16:30.920 Listen coast to coast on the Bloomberg Business app, serious 0:16:31.080 --> 0:16:35.000 XM Channel one nineteen, the iHeartRadio app, and on Bloomberg 0:16:35.120 --> 0:16:36.840 dot Com. I'm Nathan Hager and. 0:16:36.760 --> 0:16:39.120 I'm John Tucker. Join us again tomorrow morning for all 0:16:39.160 --> 0:16:41.200 the news you need to start your day right here 0:16:41.440 --> 0:17:02.440 on Bloomberg day Break