Investors Brace for CPI and Fed; Apple Soars to Record

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:10.039 --> 0:00:13.239 Good morning, I'm Nathan Hager and I'm Amy Morris. Here 0:00:13.320 --> 0:00:15.240 are the stories we're following today. 0:00:15.800 --> 0:00:18.439 Amy, we begin with two key economic data points that 0:00:18.480 --> 0:00:21.880 could have a huge impact on trading, and a preview 0:00:22.079 --> 0:00:23.560 from Bloomberg's Michael McKee. 0:00:24.000 --> 0:00:27.400 A long day ahead for investors. First up, consumer prices 0:00:27.400 --> 0:00:30.160 for May. The consensus is for little change to both 0:00:30.160 --> 0:00:33.199 headline and core, leaving inflation still too high for the 0:00:33.280 --> 0:00:37.040 Fed to consider cutting rates. This afternoon, the Fed will 0:00:37.120 --> 0:00:40.479 likely confirm that Central bank policymakers are not going to 0:00:40.600 --> 0:00:43.640 change policy today. What will matter is what signals they 0:00:43.720 --> 0:00:47.000 send about when they might move. For that, Wall Street 0:00:47.040 --> 0:00:49.440 will look to the so called dot plot. Will it 0:00:49.479 --> 0:00:53.120 suggest one cut this year or two? On such data, 0:00:53.440 --> 0:00:56.560 markets will move Michael McKee, Bloomberg Radio. 0:00:56.640 --> 0:00:59.000 Yes, indeed, thank you, Mike. And the economy. 0:00:59.040 --> 0:01:03.360 Also in folks in Europe this morning, Britain's economic recovery 0:01:03.360 --> 0:01:04.920 ground to a halt in the run up to the 0:01:05.000 --> 0:01:08.759 general election. Gross domestic product was flat in April compared 0:01:08.760 --> 0:01:12.440 to the previous month. What weather contributed to slower retail sales. 0:01:12.680 --> 0:01:16.160 Manufacturing and construction also fell more sharply than expected. 0:01:16.280 --> 0:01:18.880 Now we got fresh eco data in Asia as well. 0:01:18.920 --> 0:01:23.160 Amy China's consumer prices rose in May, holding above zero 0:01:23.200 --> 0:01:27.000 for a fourth month. Bloomberg Daybreak Asia anchor Brian Curtis 0:01:27.000 --> 0:01:28.200 has more from Hong Kong. 0:01:28.560 --> 0:01:31.760 The CPI rows zero point three percent from a year earlier, 0:01:31.800 --> 0:01:35.120 compared to a forecast of zero point four percent, but 0:01:35.240 --> 0:01:39.960 deflation persists in wholesale prices, the PPI falling one point 0:01:40.000 --> 0:01:43.040 four percent from a year earlier. It's the twentieth month 0:01:43.080 --> 0:01:45.800 in a row that factory gate prices have been negative. 0:01:46.200 --> 0:01:49.240 Economists had expected a drop of one point five percent. 0:01:49.760 --> 0:01:52.600 The data have fueled calls for more government action to 0:01:52.760 --> 0:01:56.560 support demand in Hong Kong. Brian Curtis, Bloomberg Radio. 0:01:56.440 --> 0:01:59.200 Thank you, Brian, and sticking with China, Bloomberg News has 0:01:59.240 --> 0:02:02.800 learned the Buy and Administration is considering further restrictions on 0:02:02.880 --> 0:02:07.120 China's access to chip technology used for artificial intelligence. Sour 0:02:07.120 --> 0:02:10.119 As to say the administration is targeting new hardware that's 0:02:10.120 --> 0:02:12.880 only now making its way into the market. The US 0:02:12.919 --> 0:02:16.320 has already imposed numerous limits on the sale of advanced 0:02:16.320 --> 0:02:19.400 semiconductors and chip making tools to the acient country. 0:02:19.720 --> 0:02:23.360 Artificial intelligence AMY has helped fuel Apple to a record 0:02:23.440 --> 0:02:26.320 close on Wall Street. The shares soared more than seven 0:02:26.400 --> 0:02:29.880 percent yesterday, adding two hundred and fifteen billion dollars to 0:02:29.919 --> 0:02:33.160 Apple's market capitalization, made for one of the biggest single 0:02:33.200 --> 0:02:37.120 day value adds by any company in history. The record 0:02:37.160 --> 0:02:40.840 came off the back of Apple's annual Worldwide Developers Conference, 0:02:40.840 --> 0:02:43.360 where it showcased a number of features related to AI. 0:02:43.800 --> 0:02:46.280 Van Ives is an analystic White Bush Securities. 0:02:46.480 --> 0:02:49.960 This is going to be an AI brain in your 0:02:50.000 --> 0:02:53.760 phone that's going to understand the user and the owner 0:02:53.800 --> 0:02:54.440 of the phone. 0:02:54.919 --> 0:02:58.000 The more and more that they're together, SOUD. 0:02:58.000 --> 0:03:01.480 They're going to understand your habits, restaurants. 0:03:01.200 --> 0:03:03.440 Which people you like to pick up the phone from 0:03:03.520 --> 0:03:07.000 which you don't, what photos you prioritize over others. 0:03:07.080 --> 0:03:09.359 Weld Bush's dan Ives has a price target of two 0:03:09.400 --> 0:03:12.160 undred and seventy five dollars on Apple. Right now, the 0:03:12.200 --> 0:03:14.880 shares are trading around two oh six, and. 0:03:14.880 --> 0:03:17.400 Apple shares not the only stock on the move. Shares 0:03:17.440 --> 0:03:21.480 of Oracle up almost nine percent in early trading after 0:03:21.520 --> 0:03:24.760 the close yesterday. The company reported better than expected bookings. 0:03:24.960 --> 0:03:29.200 Bloomberg's Charlie Pellett has the numbers from Oracle's latest earnings report. 0:03:29.800 --> 0:03:33.360 It suggests continued momentum for the company's effort to compete 0:03:33.440 --> 0:03:37.760 in cloud computing against its larger tech rivals. Oracle said 0:03:37.840 --> 0:03:42.600 total remaining performance obligations, a measure of future contracted sales, 0:03:42.960 --> 0:03:46.880 increased forty four percent to ninety eight billion dollars in 0:03:46.920 --> 0:03:50.520 the fiscal fourth quarter. Analyst, on average, we're estimating seventy 0:03:50.560 --> 0:03:54.200 three point nine billion dollars. Oracle also announced a new 0:03:54.240 --> 0:03:58.560 agreement to make its namesake database available on Google's cloud 0:03:58.600 --> 0:04:02.800 infrastructure in New York. Charlie Pellet Bloomberg Radio. 0:04:03.000 --> 0:04:06.000 Okay, Charlie, thank you. Now, let's turn to politics. Former 0:04:06.040 --> 0:04:09.640 President Donald Trump's influence on the Republican Party was made 0:04:09.680 --> 0:04:14.720 clear in yesterday's primaries. Republican Maine state lawmaker Austin Terrio, 0:04:14.920 --> 0:04:17.839 endorsed by Trump, won the chance to try to unseat 0:04:17.839 --> 0:04:21.080 one of the most conservative Democrats in the House of Representatives. 0:04:21.160 --> 0:04:24.919 Terrio defeated Mike Sobleski in the Republican primary in a 0:04:24.960 --> 0:04:27.640 district that was rocked by a mass shooting last year. 0:04:27.920 --> 0:04:32.160 Terrio will face three term incumbent Democrat Jared Golden And. 0:04:32.080 --> 0:04:35.000 In South Carolina Representative Nancy Mace, who went from a 0:04:35.040 --> 0:04:38.040 critic to an ally of Donald Trump, also won her 0:04:38.080 --> 0:04:40.839 primary with fifty six point eight percent of the vote. 0:04:41.080 --> 0:04:43.480 Mays had joined seven of the farthest RIDE members to 0:04:43.600 --> 0:04:48.440 oust former House Speaker Kevin McCarthy. McCarthy endorsed Mace's opponent 0:04:48.520 --> 0:04:51.279 and donated to a group called South Carolina Patriots Pack, 0:04:51.440 --> 0:04:54.480 which spent more than two point one million dollars against Mace. 0:04:54.800 --> 0:04:58.560 And in Nevada, Army veteran Sam Brown won the Republican 0:04:58.600 --> 0:05:01.520 primary for the US Senate's seat, receiving fifty nine point 0:05:01.600 --> 0:05:04.520 six percent of the vote. Brown was endorsed by Donald 0:05:04.520 --> 0:05:08.080 Trump shortly before primary day. He will face Democratic incumbent 0:05:08.200 --> 0:05:11.520 Jackie Rosen in November. That sets up a fierce battle 0:05:11.520 --> 0:05:14.680 that could decide control of the Senate. That Nevada seat 0:05:14.839 --> 0:05:18.280 is rated a toss up by the nonpartisan Cook Political Report. 0:05:18.680 --> 0:05:20.880 And well, now the presidential race may have just gotten 0:05:20.880 --> 0:05:23.920 a bit more complicated. The incumbent's son is now a 0:05:23.960 --> 0:05:27.360 convicted felon Hunter. Biden has been found guilty on three 0:05:27.400 --> 0:05:29.880 federal accounts for buying a firearm at the time he 0:05:29.960 --> 0:05:32.880 was using crack cocaine. We get more from Bloomberg Law 0:05:32.880 --> 0:05:33.720 host June Grosso. 0:05:34.320 --> 0:05:37.960 The prosecution just presented a mountain of evidence, including hunter 0:05:38.000 --> 0:05:42.200 Biden's own words in his memoir, including testimony from his 0:05:42.440 --> 0:05:44.320 ex wife and ex lovers. 0:05:45.520 --> 0:05:48.839 Bloomberg's June Grosso knows Hunter Biden chose not to take 0:05:48.839 --> 0:05:51.640 the stand in his own defense. As for the political impact, 0:05:51.680 --> 0:05:55.880 to Bloomberg Politics contributor Genie Sheenzano says, that's still not clear. 0:05:56.480 --> 0:05:58.880 We have seen some polling on this. 0:05:59.320 --> 0:06:03.039 For instance, Emerson did a poll and they found, similar 0:06:03.200 --> 0:06:07.080 to the reaction to Trump's conviction, that about six or 0:06:07.160 --> 0:06:10.080 seven out of ten American voters said it wouldn't impact 0:06:10.160 --> 0:06:13.520 their vote whatsoever. But that left about a quarter of 0:06:13.560 --> 0:06:17.400 Americans saying it might impact them, and in this case, 0:06:17.480 --> 0:06:19.840 about eleven percent of those were Democrats. 0:06:20.000 --> 0:06:23.760 Bloomberg Politics contributor Genie she and Zano says Hunter Biden 0:06:23.839 --> 0:06:27.359 is facing another trial on tax charges even closer to 0:06:27.400 --> 0:06:28.240 the November election. 0:06:28.760 --> 0:06:31.839 As for the presidential race, amy a new poll done 0:06:31.839 --> 0:06:34.520 by the Pew Research Center says the world has more 0:06:34.520 --> 0:06:38.320 confidence in President Biden than it does in former President Trump. 0:06:38.600 --> 0:06:40.560 Bloomberg Zaed Baxter has the numbers. 0:06:41.160 --> 0:06:43.919 Pugh says, this is a poll done in thirty four countries. 0:06:44.000 --> 0:06:46.800 It found a median of forty three percent saying they 0:06:46.839 --> 0:06:49.400 trust Biden to do the right thing in world affairs, 0:06:49.440 --> 0:06:53.120 compared to twenty eight percent from Trump. People had more 0:06:53.279 --> 0:06:56.320 positive assessment of Biden than Trump in twenty four countries, 0:06:56.400 --> 0:06:59.760 while Trump led in Hungary and Tunisia, and the two 0:06:59.760 --> 0:07:03.120 were effectively tired in eight others. But this comes as 0:07:03.160 --> 0:07:06.840 well at a time when global faith in US democracy 0:07:07.240 --> 0:07:10.800 is waning. A median four and ten told posters at 0:07:10.840 --> 0:07:14.120 democracy used to be a good example for other countries 0:07:14.160 --> 0:07:19.200 to follow, but that it no longer is. Ed Baxter Bloomberg. 0:07:18.840 --> 0:07:20.000 Radio, thank you, ed. 0:07:23.440 --> 0:07:25.000 Time out for a look at some of the other 0:07:25.080 --> 0:07:27.680 stories making news in New York and around the world, 0:07:27.680 --> 0:07:30.160 and for that we're joined by Bloomberg's Michael Bard. 0:07:30.200 --> 0:07:32.920 Good morning, Michael, Good morning, Amy. The Full House will 0:07:32.960 --> 0:07:36.520 vote today on whether to hold Attorney General Merrick Garland 0:07:36.600 --> 0:07:40.480 in contempt of Congress. House Republicans had been demanding that 0:07:40.560 --> 0:07:45.000 the Justice Department turnover audio recordings of President Biden's interview 0:07:45.040 --> 0:07:48.400 with Special Counsel Robert hurb. The interview was part of 0:07:48.400 --> 0:07:53.520 HER's investigation of classified documents found in Biden's home and office. 0:07:53.800 --> 0:07:57.520 Garland has provided a transcript of the full interview, but 0:07:57.680 --> 0:08:01.520 not the audio. Some Republicans believe the transcript differs from 0:08:01.520 --> 0:08:05.640 the recording. Democrats say Republicans just want the audio to 0:08:05.840 --> 0:08:10.040 use an anti Biden ads. Atlanta police have arrested a 0:08:10.120 --> 0:08:13.880 suspect in the deadly hijacking of a bus. Police responded 0:08:13.920 --> 0:08:16.560 to a report of gunfire on a bus and a 0:08:16.640 --> 0:08:22.200 possible hostage situation. When police arrived, pursued ensued over two counties. 0:08:22.240 --> 0:08:25.080 Seventeen people, including the driver, were on the bus. A 0:08:25.160 --> 0:08:28.160 victim with the gunshot wound later died at the hospital. 0:08:28.440 --> 0:08:32.960 Atlanta Mayor Andre dickens this individual has held someone to 0:08:33.200 --> 0:08:38.160 a driver at gunpoint across multiple jurisdictions. The suspect with 0:08:38.240 --> 0:08:41.600 multiple arrests, a thirty nine year old man from Stone Mountain, 0:08:42.160 --> 0:08:46.560 was arrested as the bus was disabled by a swat vehicle. 0:08:47.080 --> 0:08:50.439 Hamas says it has given a Katari and Egyptian mediators 0:08:50.480 --> 0:08:54.439 its reply to the US backed proposal for a ceasefire 0:08:54.480 --> 0:08:58.600 in Gaza, seeking some amendments on the deal. Hamas and 0:08:58.640 --> 0:09:02.400 the smaller Islamic g militant group said they were ready 0:09:02.440 --> 0:09:06.000 to deal positively to arrive at an agreement and that 0:09:06.040 --> 0:09:08.760 their priority is to bring a complete stop to the war. 0:09:09.320 --> 0:09:12.560 The foreign ministries of Cutter in Egypt and White House 0:09:12.559 --> 0:09:17.079 officials were examining the response. The care of migrant children 0:09:17.200 --> 0:09:21.160 is drawing concern from those on Capitol Hill. Bloomberg's Nancy 0:09:21.280 --> 0:09:22.680 lyons reports. 0:09:22.760 --> 0:09:26.200 By partisan duo of senators is launching an investigation into 0:09:26.240 --> 0:09:29.520 the care of migrant children being held in federal facilities. 0:09:30.000 --> 0:09:33.840 Senators John Ossoff, a Democrat, and Marsha Blackburn, a Republican, 0:09:34.200 --> 0:09:37.480 are concerned about reports they've received of dangerous conditions for 0:09:37.600 --> 0:09:41.000 children being held by US Customs and Border Protection while 0:09:41.040 --> 0:09:44.200 they await processing at the border. The two are asking 0:09:44.240 --> 0:09:47.760 Homeland Security Secretary Alejandro new york Is to report back 0:09:48.120 --> 0:09:52.480 on facility conditions and protections against labor and sex trafficking 0:09:52.880 --> 0:09:55.960 in Washington. Nancy lyons Bloomberg Radio Global. 0:09:55.679 --> 0:09:58.400 News twenty four hours a day and whenever you want 0:09:58.440 --> 0:10:01.120 it with Bloomberg News Now. I'm Michael Barr, and this 0:10:01.160 --> 0:10:02.160 is Bloomberg Amy. 0:10:02.360 --> 0:10:09.400 All right, thank you, Michael. Time now for our Bloomberg 0:10:09.400 --> 0:10:11.960 Sports update, and for that we bring in John stash Houer. 0:10:12.040 --> 0:10:13.560 Good morning John, Good morning, Amy. 0:10:13.559 --> 0:10:16.600 And the Yankees are rolling season high twenty seven games 0:10:16.600 --> 0:10:19.319 over five hundred. They're twenty six and eleven on the road. 0:10:19.360 --> 0:10:22.839 They're sixteen and one versus the Al Central. A ten 0:10:22.880 --> 0:10:25.080 to one route in Kansas City, Austin Wells built at 0:10:25.080 --> 0:10:26.400 a three run homer and then in the seventh to 0:10:26.480 --> 0:10:29.959 night home runs for both Aaron Judge and John Carlos Stanton. 0:10:30.080 --> 0:10:33.400 Judges traveled four hundred and thirty six feet landed in 0:10:33.400 --> 0:10:36.360 the fountain and then Stanton's win ten feet longer. Yanks 0:10:36.360 --> 0:10:39.040 for thirty nine and four in their history, win both 0:10:39.040 --> 0:10:40.640 of homeward in the same game. Only problem with the 0:10:40.640 --> 0:10:43.440 Thanks right now is Anthony Rizzo. He's one for thirty 0:10:43.480 --> 0:10:46.160 three in June. Also, the Orioles remain right on the Yankees. 0:10:46.200 --> 0:10:46.600 Heels. 0:10:46.840 --> 0:10:49.000 Baltimore shut out Atlanta four nothing, only two and a 0:10:49.040 --> 0:10:50.920 half games behind the Mets back home a couple of 0:10:51.000 --> 0:10:52.120 costs of the errors. 0:10:52.080 --> 0:10:53.679 A four to two loss to the Marlins. 0:10:53.720 --> 0:10:56.240 Philly has got two home runs from Kyle Schwarber beat 0:10:56.280 --> 0:10:58.200 the Red Sox four to one. The National has won 0:10:58.280 --> 0:11:01.760 tie four in Detroit. When last season ended Aaron Rodgers. 0:11:01.800 --> 0:11:03.839 It only took four snaps all year, so the Jets 0:11:03.840 --> 0:11:06.480 need a more winning attitude. And then the star quarterback 0:11:06.960 --> 0:11:09.640 didn't show up for the start of a mandatory offseason 0:11:09.720 --> 0:11:10.319 mini camp. 0:11:10.360 --> 0:11:11.920 The Jets coach is Robert Salmon. 0:11:12.240 --> 0:11:17.160 Aaron and I spoke before OTIA started. He's been very 0:11:17.160 --> 0:11:20.559 good in communication. He's been here the entire time. It's inexcused, 0:11:21.800 --> 0:11:25.440 but he had an event that was very important to him, 0:11:26.559 --> 0:11:27.559 which he communicated. 0:11:27.800 --> 0:11:30.559 Son Reddick, the past rusher the Jets squad from Philadelphia, 0:11:30.600 --> 0:11:32.360 also a no show. He's looking for a new contract. 0:11:32.400 --> 0:11:35.600 Both Rogers and Reddick will get fined. The NBA Finals 0:11:35.600 --> 0:11:37.640 Game three tonight in Dallas. The Celtics are up two. 0:11:37.720 --> 0:11:41.160 Nothing may not have Christaph Porzingis. He missed five weeks 0:11:41.160 --> 0:11:42.840 of the playoffs with an injury to his right leg. 0:11:42.880 --> 0:11:45.000 You know there's an issue with his left one. US 0:11:45.040 --> 0:11:47.760 opened teas off tomorrow without John ram He withdrew with 0:11:47.760 --> 0:11:49.920 a foot injury. Ramow on the Live Tour did not 0:11:49.920 --> 0:11:51.800 play well in the first two majors. Recently missed a 0:11:51.840 --> 0:11:55.440 cut at the PGA. John Stashewack Bloomberg Sports, Jami and Nedan. 0:11:57.720 --> 0:12:01.840 Coast to coast on Bloomberg Radio, wide on Sirius XM, 0:12:01.920 --> 0:12:04.800 and around the world on Bloomberg dot Com and the 0:12:04.880 --> 0:12:09.280 Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm 0:12:09.360 --> 0:12:12.760 Nathan Hagar. A busy Wednesday has finally arrived. 0:12:12.800 --> 0:12:14.600 In just a couple of hours, we get a final 0:12:14.640 --> 0:12:17.880 read on inflation and make consumer prices before the Federal 0:12:17.920 --> 0:12:20.840 Reserve issues a policy decision for the month of June 0:12:20.920 --> 0:12:23.720 later this afternoon, the event investors have been waiting for 0:12:23.880 --> 0:12:26.559 all week ahead of it. We are joined now by 0:12:26.640 --> 0:12:31.440 Yolena Shilyatchev, a senior US economist at BNP Pariba. Yolena, 0:12:31.760 --> 0:12:34.720 Happy double whammy Wednesday. Let's start with what's coming first 0:12:34.720 --> 0:12:37.240 to the consumer price read. Are we back on the 0:12:37.280 --> 0:12:38.800 cooling inflationary trend? 0:12:39.960 --> 0:12:44.240 I think we are on a gredule cooling trend for inflation, 0:12:44.480 --> 0:12:48.080 But is it really good enough for the fit to, 0:12:49.120 --> 0:12:52.000 you know, to start discussing at the start of the 0:12:52.040 --> 0:12:56.199 cutting cycle. I think they're carefully watching, but what they 0:12:56.280 --> 0:13:00.600 need to do is to really gain enough confidence that 0:13:00.679 --> 0:13:04.160 inflation is on the right path. And I think today's 0:13:04.240 --> 0:13:09.040 number will just be one of you know, three readings 0:13:09.160 --> 0:13:12.880 that they will need to see at least three readings 0:13:12.880 --> 0:13:17.360 that they need to see to gain such confidence if 0:13:17.360 --> 0:13:18.400 it's on the right path. 0:13:19.240 --> 0:13:23.160 What do you see coming out of today's CPI print 0:13:23.320 --> 0:13:26.560 that could give the Fed that kind of confidence that 0:13:26.679 --> 0:13:28.240 inflation's back on the right path. 0:13:29.280 --> 0:13:33.280 I mean, we had zero zero point three percent on 0:13:33.440 --> 0:13:37.200 core inflation, and that's a good number, but the key 0:13:37.240 --> 0:13:40.840 point here is that it's just one of a few 0:13:41.360 --> 0:13:45.600 and they will need to see more from that. I think, 0:13:45.840 --> 0:13:48.200 you know, inflation is on the right path. Maybe we're 0:13:48.200 --> 0:13:51.960 not going to see too much desinflation or deflation from 0:13:52.000 --> 0:13:55.560 the good sector anymore. So we really really need to 0:13:55.640 --> 0:14:02.240 see that services sector starting to engage in the disinflationary trend. 0:14:02.360 --> 0:14:05.480 So that's what we're looking for, you know, in a 0:14:05.559 --> 0:14:08.920 few key services sectors. 0:14:09.320 --> 0:14:13.680 Do you see this CPI data having any impact on 0:14:13.800 --> 0:14:16.600 what the Fed produces when it comes to the Summary 0:14:16.600 --> 0:14:19.440 of Economic Projections the dots? 0:14:20.080 --> 0:14:25.520 I think the Summary of Economic Projections will will be 0:14:25.680 --> 0:14:30.040 upgraded to show core inflation at two point eight percent 0:14:30.920 --> 0:14:33.480 for the year as a whole. So you know, the 0:14:33.880 --> 0:14:38.160 first quarter of the year was definitely higher than the 0:14:38.200 --> 0:14:40.960 Fed expected, so they just really need to mark to 0:14:41.040 --> 0:14:46.200 market for that, but I think that as the year progresses, 0:14:46.480 --> 0:14:50.080 we will see a little bit more of this inflation, 0:14:50.360 --> 0:14:53.720 which will allow the FED to start cutting rates by 0:14:53.720 --> 0:14:54.480 the end of the year. 0:14:55.120 --> 0:14:57.440 When do you think we see that first cut. I mean, 0:14:57.440 --> 0:15:00.360 we've only got a few meetings left before the end 0:15:00.360 --> 0:15:00.760 of the year. 0:15:01.880 --> 0:15:06.120 We are projecting the first rate cut in December, and 0:15:06.560 --> 0:15:10.320 the economy may get to the point at which it 0:15:10.480 --> 0:15:16.160 will probably allow the first rate cut to happen in September. 0:15:16.720 --> 0:15:21.480 But I think that that election really matters here. The 0:15:21.560 --> 0:15:25.960 Fed will be faced with too many different scenarios of 0:15:25.960 --> 0:15:30.600 how the economy will evolve in twenty twenty five, so 0:15:30.640 --> 0:15:34.200 for them to choose which way it will go, it 0:15:34.280 --> 0:15:39.120 will really require a little bit more clarity on the 0:15:39.160 --> 0:15:44.640 path for fiscal policy. For other important policies such as 0:15:44.640 --> 0:15:49.240 immigration and tax policy and so on and so forth, 0:15:49.480 --> 0:15:54.640 I think the Fed will be patient to wait until 0:15:54.640 --> 0:15:56.480 they get such clarity after the election. 0:15:59.080 --> 0:16:01.840 This is Bloomberg to day Break Today, your morning brief 0:16:01.920 --> 0:16:04.880 on the stories making news from Wall Street to Washington 0:16:04.920 --> 0:16:05.760 and beyond. 0:16:05.800 --> 0:16:08.800 Look for us on your podcast feed by six am 0:16:08.920 --> 0:16:13.120 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:13.160 --> 0:16:14.280 get your podcasts. 0:16:14.560 --> 0:16:17.240 You can also listen live each morning starting at five 0:16:17.280 --> 0:16:19.880 am Wall Street Time, on Bloomberg eleven three to zero 0:16:19.920 --> 0:16:22.760 in New York, Bloomberg ninety nine to one in Washington, 0:16:22.880 --> 0:16:25.760 Bloomberg one oh six to one in Boston, and Bloomberg 0:16:25.840 --> 0:16:27.520 ninety sixty in San Francisco. 0:16:27.840 --> 0:16:31.400 Our flagship New York station is also available on your 0:16:31.480 --> 0:16:36.880 Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. 0:16:37.000 --> 0:16:40.560 Listen coast to coast on the Bloomberg Business app, SIRIUSXMVI 0:16:40.720 --> 0:16:43.600 iHeartRadio app, and on Bloomberg dot Com. 0:16:43.640 --> 0:16:45.000 I'm Nathan Hager and. 0:16:45.000 --> 0:16:48.680 I'm Amy Morris. Join us again tomorrow morning for all 0:16:48.720 --> 0:16:51.480 the news you need to start your day right here 0:16:51.560 --> 0:17:00.720 on Bloomberg Daybreak