Trump Found Guilty; Inflation Data on Wall Street

Bloomberg Audio Studios, Podcasts, radio News. 0:00:10.039 --> 0:00:11.960 Good morning, I'm Nathan Hager and. 0:00:11.880 --> 0:00:14.960 I'm Karen Moscow. Here are the stories we're following today. 0:00:15.280 --> 0:00:19.560 Karen, we begin with the unprecedented, historic moment in American politics. 0:00:19.720 --> 0:00:22.840 Donald Trump has been found guilty in the first criminal 0:00:22.880 --> 0:00:26.239 trial of a former US president in the nation's history. 0:00:26.400 --> 0:00:30.840 Five months before this year's presidential election, twelve New York 0:00:30.920 --> 0:00:34.040 jurors found Trump guilty on all thirty four counts of 0:00:34.080 --> 0:00:37.199 falsifying business records to conceal a hush money payment to 0:00:37.240 --> 0:00:41.160 adult film actress Stormy Daniels ahead of the twenty sixteen election. 0:00:41.640 --> 0:00:45.239 Prosecutors argued it was a conspiracy that deprived voters of 0:00:45.320 --> 0:00:49.080 vital information before they cast their votes. In twenty sixteen, 0:00:49.360 --> 0:00:52.879 Trump spoke after the verdict came down, this was a. 0:00:52.720 --> 0:00:56.880 Rigged, disgraceful trial that the real verdict is going to 0:00:56.920 --> 0:00:59.320 be November fifth. 0:00:58.960 --> 0:00:59.640 By the people. 0:01:00.040 --> 0:01:03.720 And Donald Trump criticized Manhattan District Attorney Alvin Bragg, who 0:01:03.880 --> 0:01:04.960 led the charges. 0:01:05.520 --> 0:01:05.959 You have a so. 0:01:06.160 --> 0:01:10.560 Respect DA and the whole thing. We didn't do any 0:01:10.640 --> 0:01:11.920 thing wrong. 0:01:12.000 --> 0:01:13.839 I'm a very innocent man. 0:01:14.040 --> 0:01:16.839 And now former President Donald Trump is due for sentencing 0:01:16.920 --> 0:01:19.960 on July eleventh, after which he plans to appeal. 0:01:20.480 --> 0:01:24.119 Well Nathan Manhattan dished Attorney Alvin Bragg also spoke after 0:01:24.160 --> 0:01:27.200 the verdict, saying his office handled in this case like 0:01:27.280 --> 0:01:27.760 any other. 0:01:28.080 --> 0:01:33.240 Well, this defendant may be unlike any other in American history. 0:01:33.840 --> 0:01:36.760 We arrived at this trial and ultimately today at this 0:01:36.920 --> 0:01:40.840 verdict in the same manner as every other case that 0:01:40.920 --> 0:01:42.199 comes to the courtroom doors. 0:01:42.560 --> 0:01:45.639 Manhattan DA Alvin Bragg called the case a white collar 0:01:45.720 --> 0:01:48.960 prosecution core to the mission of his office. Bragg thanked 0:01:49.000 --> 0:01:52.280 the jury for their deliberations after the five week trial. 0:01:52.080 --> 0:01:52.480 Well Karen. 0:01:52.520 --> 0:01:55.480 One of the key questions following the verdict is whether 0:01:55.560 --> 0:01:58.080 or not Donald Trump will become the first US president 0:01:58.200 --> 0:02:02.360 sentenced to prison. Ramifications are unclear at the moment, but 0:02:02.560 --> 0:02:05.840 Bloomberg Law host June Grosso explains the likely next steps. 0:02:06.280 --> 0:02:09.920 Donald Trump will be sentenced on July eleventh. Each of 0:02:09.960 --> 0:02:12.919 the thirty four counts is a Class E felony, which 0:02:12.960 --> 0:02:15.600 can carry a prison term of up to four years. 0:02:15.800 --> 0:02:19.440 A typical defendant convicted of a felony charged is sentenced 0:02:19.480 --> 0:02:22.000 to serve some prison time, but there's nothing in the 0:02:22.080 --> 0:02:26.280 law that requires it. Judge Wanmershan could instead sentence Trump 0:02:26.360 --> 0:02:30.720 to probation, especially if he decides that leniency is warranted 0:02:30.960 --> 0:02:34.400 because the former president is seventy seven years old and 0:02:34.440 --> 0:02:38.000 a first time offender with no criminal record. In New York, 0:02:38.080 --> 0:02:40.360 June Grosso Bloomberg Radio, all right. 0:02:40.320 --> 0:02:43.440 June, thank you. So, how will the conviction impact Donald 0:02:43.440 --> 0:02:47.880 Trump's presidential run? Republican strategist Man Gorman tells Bloomberg's Balance 0:02:47.919 --> 0:02:50.320 of Power things will stay status quo. 0:02:50.680 --> 0:02:52.520 It's gonna be a typical Trump news cycle in this 0:02:52.600 --> 0:02:54.760 respect that there's gonna be a lot of noise. I 0:02:54.760 --> 0:02:57.520 don't think at the end it changes anything back dramatic. 0:02:57.720 --> 0:03:00.560 This is going to be competitive presidential election at today, 0:03:00.760 --> 0:03:01.720 it'll be tomorrow it. 0:03:01.720 --> 0:03:04.960 Was yesterday, Republican strategist Matt Gorman. And on the other 0:03:05.040 --> 0:03:09.160 side of the aisle, Democratic strategist Kristin Hahn says President 0:03:09.200 --> 0:03:12.119 Biden needs to capitalize on the convictions. 0:03:12.120 --> 0:03:15.280 Still going to be a tight race, but President Trump 0:03:15.520 --> 0:03:17.600 has laid the groundwork here. I think it's going to 0:03:17.639 --> 0:03:20.240 be up to the Biden campaign to figure out where 0:03:20.280 --> 0:03:22.519 and when they need to push back on this now 0:03:22.520 --> 0:03:23.919 that he's finally been convicted. 0:03:23.960 --> 0:03:25.560 Because it really is a huge deal. 0:03:26.000 --> 0:03:29.359 Democratic strategist Kristin Hahn added that Democrats need to focus 0:03:29.400 --> 0:03:31.839 on fundraising between now and the conventions. 0:03:31.880 --> 0:03:34.840 Well, Karen, President Biden's twenty twenty four campaign has already 0:03:34.880 --> 0:03:37.560 put out fundraising appeals following the verdict. Then it released 0:03:37.560 --> 0:03:40.200 a statement in response saying it showed no one is 0:03:40.240 --> 0:03:43.120 above the law, adding that quote, there is still only 0:03:43.200 --> 0:03:45.160 one way to keep Donald Trump out of the Oval 0:03:45.160 --> 0:03:47.560 office at the ballot box, Nathan. 0:03:47.600 --> 0:03:51.200 We also heard from Trump and Biden's political rival, Independent 0:03:51.240 --> 0:03:52.800 presidential candidate Robert F. 0:03:52.880 --> 0:03:53.720 Kennedy Junior. 0:03:54.000 --> 0:03:56.560 He told it crowdon Austin last night, the outcome will 0:03:56.600 --> 0:03:58.800 actually benefit the former president. 0:03:59.240 --> 0:04:02.760 My belief that it will end up helping President Trump 0:04:03.800 --> 0:04:07.640 among America a large part of American public. 0:04:08.160 --> 0:04:09.040 Who believes that. 0:04:10.520 --> 0:04:15.480 The judicial system and the enforcement system have been weaponized. 0:04:15.960 --> 0:04:19.120 Independent Robert F. Kennedy Junior also called the verdict amos 0:04:19.160 --> 0:04:22.760 steak that will politically backfire on Democrats and Karen. 0:04:22.800 --> 0:04:25.960 We continue to watch the political fallout in the nation's capital. 0:04:26.080 --> 0:04:28.599 We get that part of the story from Bloomberg's Amy Morris. 0:04:28.640 --> 0:04:29.479 In Washington. 0:04:29.760 --> 0:04:32.760 The Biden Harris campaign released a statement saying, quote, we 0:04:32.880 --> 0:04:35.640 saw that no one is above the law. House Speaker 0:04:35.680 --> 0:04:38.359 Mike Johnson posted on x that quote. Today is a 0:04:38.400 --> 0:04:42.800 shameful day in American history. Bloomberg's Megan Scully says, lawmakers 0:04:42.800 --> 0:04:46.040 on Capitol Hill are all in campaign mode, and this 0:04:46.200 --> 0:04:47.720 guilty verdict is a factor. 0:04:47.800 --> 0:04:50.800 We have tons of legislation coming to the floor that 0:04:50.839 --> 0:04:53.359 are messaging votes, things that are never going. 0:04:53.200 --> 0:04:55.760 To become law, but that are good. 0:04:55.600 --> 0:04:58.599 For their candidates to vote on. And I think that 0:04:58.760 --> 0:05:03.840 there will certainly be some messaging legislation targeted at supporting 0:05:03.839 --> 0:05:04.480 Donald Trump. 0:05:04.520 --> 0:05:07.880 Bloomberg's Megan's Gully on Bloomberg's balance of power in Washington. 0:05:07.920 --> 0:05:09.440 Amy Morris, Bloomberg Radio. 0:05:09.480 --> 0:05:11.600 All right, Amy, thank you well. We do also have 0:05:11.640 --> 0:05:14.760 some important news in the markets today. All eyes are 0:05:14.800 --> 0:05:16.880 on a key data point. It's at an eight thirty 0:05:16.920 --> 0:05:20.039 am Wall Street time. The PCE deflator, the Fed's preferred 0:05:20.080 --> 0:05:23.520 inflation gauge, and Bloomberg's Michael McKee has a preview for 0:05:23.560 --> 0:05:23.920 the Fed. 0:05:24.000 --> 0:05:27.760 PCE inflation is the number. They're two percent inflation target 0:05:27.800 --> 0:05:30.760 is based on the PCE. The good news is this 0:05:30.880 --> 0:05:33.360 measure of inflation is expected to tick down at least 0:05:33.400 --> 0:05:36.320 on a year over year basis, suggesting the central Bank 0:05:36.440 --> 0:05:39.760 is still making progress on its goal. Some analysts think 0:05:39.839 --> 0:05:42.880 the core rate could even come in lower month over month, 0:05:43.040 --> 0:05:46.359 which might lead to a strong market reaction. What it 0:05:46.400 --> 0:05:49.159 won't do up or down is change forecasts. For the 0:05:49.160 --> 0:05:52.479 fed's next meeting on June twelfth, Policymakers have made it 0:05:52.520 --> 0:05:55.360 clear they'll need more than one good report to start 0:05:55.400 --> 0:05:58.920 considering any change in rates. Michael McKee, Bloomberg Radio. 0:05:59.000 --> 0:05:59.479 Mike, thank you. 0:05:59.520 --> 0:06:02.080 We are all so following more Fed speak, this time 0:06:02.120 --> 0:06:05.680 from New York President John Williams. He says inflation is 0:06:05.720 --> 0:06:07.920 headed in the right direction. More in this report from 0:06:07.920 --> 0:06:09.600 Bloomberg's John Tucker, John and. 0:06:09.600 --> 0:06:12.080 Nate Williams telling the Economic Club of New York Hey 0:06:12.160 --> 0:06:15.400 expects inflation to continue falling in the second half of 0:06:15.440 --> 0:06:19.320 this year and that higher borrowing costs are restraining the 0:06:19.400 --> 0:06:21.200 economy just the way they want. 0:06:21.680 --> 0:06:24.479 The behavior of the economy of the past year provides 0:06:24.560 --> 0:06:28.520 ample evidence that MANTE policy is restrictive in a way 0:06:28.520 --> 0:06:31.960 that helps achieve our goals. We're seeing clear and consistent 0:06:32.040 --> 0:06:34.719 signs of the imbalances between supply and demand in the 0:06:34.760 --> 0:06:38.239 economy are receiving and we've seen a broad based declient 0:06:38.400 --> 0:06:39.000 in inflation. 0:06:39.360 --> 0:06:42.279 Williams can't say winning support a rate cut and that 0:06:42.440 --> 0:06:46.840 any rate increases unlikely. He sees inflation as measured by 0:06:46.880 --> 0:06:49.640 the PCEE Price Index, falling to about two and a 0:06:49.680 --> 0:06:52.920 half percent by year and before moving closer to their 0:06:52.960 --> 0:06:56.520 two percent target next year. I'm John Tucker, Bloomberg Radio. 0:06:56.680 --> 0:06:58.960 All right, John, thank you, and again repeating our top 0:06:59.040 --> 0:07:01.640 story of the morning. Donald Trump is the first US 0:07:01.800 --> 0:07:04.839 president to be found guilty in a criminal trial. We 0:07:04.920 --> 0:07:07.159 will have coverage for you of this historic moment in 0:07:07.200 --> 0:07:09.560 American politics. All morning, long. 0:07:12.720 --> 0:07:14.440 Time now for look at some of the other stories 0:07:14.480 --> 0:07:16.280 making news in New York and around the world. And 0:07:16.280 --> 0:07:18.679 for that we're joined by Bloomberg. So Michael Barr, Michael, 0:07:18.720 --> 0:07:19.520 good morning. 0:07:19.280 --> 0:07:22.400 Good morning, Karen. Local reaction continues to come in after 0:07:22.480 --> 0:07:26.080 former President Donald Trump was found guilty on all thirty 0:07:26.080 --> 0:07:29.280 four counts in his hush money trial. People outside the 0:07:29.360 --> 0:07:31.440 Manhattan court House had mixed views. 0:07:31.840 --> 0:07:34.040 It just seems to me like the fix was in, 0:07:34.120 --> 0:07:36.640 that they were out to get Trump. But I think 0:07:36.640 --> 0:07:39.240 he's going to get more popular with the American people. 0:07:39.480 --> 0:07:43.480 I am feeling emotional because I have six grandchildren and 0:07:43.920 --> 0:07:45.960 I want the United States to be for them what 0:07:46.080 --> 0:07:49.240 it was for me, which you know is a baby boomer, 0:07:49.480 --> 0:07:51.920 which is growing up with presidents that you can admire 0:07:52.360 --> 0:07:54.000 and feel safe with and look up to. 0:07:54.800 --> 0:07:58.520 Democratic Governor Kathy Okles said in a statement, Today's verdict 0:07:58.680 --> 0:08:02.720 reaffirms that no one is above the law. Republican Representative 0:08:02.800 --> 0:08:07.240 Nicole Meliatakis, who represents New York's eleventh congressional districts, at 0:08:07.240 --> 0:08:11.480 in a statement, Today's verdict is a complete but sadly 0:08:11.600 --> 0:08:16.240 unsurprising miscarriage of justice. In Connecticut, flags are being flown 0:08:16.280 --> 0:08:19.320 at half staff after a state trooper was killed by 0:08:19.360 --> 0:08:23.000 a hit and run driver on Interstate eighty four yesterday afternoon. 0:08:23.400 --> 0:08:28.120 Trooper Aaron Pellieteer was performing a traffic stop when police 0:08:28.200 --> 0:08:32.440 say another vehicle crossed into the right shoulder, striking and 0:08:32.559 --> 0:08:37.000 killing Pellioteer. That driver later taken into custody after their 0:08:37.080 --> 0:08:41.800 vehicle became disabled. Connecticut State Police Colonel Daniel Lackman, he. 0:08:41.840 --> 0:08:44.120 Was a role model to younger troopers, and he set 0:08:44.160 --> 0:08:46.800 a high standard for them to follow, but he was 0:08:46.880 --> 0:08:47.559 much more than that. 0:08:47.840 --> 0:08:50.160 Aaron was a loving husband and a father of two 0:08:50.200 --> 0:08:50.800 young children. 0:08:51.400 --> 0:08:53.600 Lieutenant Governor Susan Biswitz. 0:08:53.880 --> 0:08:59.480 He was trying to reduce highway crashes and fatalities when 0:08:59.520 --> 0:08:59.960 he died. 0:09:01.040 --> 0:09:04.400 So far, charges against the driver who hit Trooper Pelletier 0:09:04.800 --> 0:09:08.480 have not been revealed. A Minnesota police officer was killed 0:09:08.520 --> 0:09:11.680 when he responded to a shooting call and was providing 0:09:11.720 --> 0:09:14.920 medical attention to a man who shot him in what 0:09:15.000 --> 0:09:20.520 authorities are calling an ambush. Minneapolis Assistant Police Chief Katie Blackwell, this. 0:09:20.480 --> 0:09:22.640 Has been a terrible day for our agency and in 0:09:22.720 --> 0:09:26.040 law enforcement, and it's happening all too. 0:09:25.920 --> 0:09:28.880 Frequently, and it affects so many. 0:09:29.040 --> 0:09:32.000 The suspected gunmen and another person were also killed in 0:09:32.040 --> 0:09:35.679 the shooting. Truckers have joined in the fight against congestion 0:09:35.800 --> 0:09:39.200 pricing in Manhattan. The Trucking Association of New York file 0:09:39.280 --> 0:09:42.760 to federal lawsuit against the MTA. They argue the toll 0:09:42.840 --> 0:09:47.720 plan unconstitutionally targets the trucking industry. Under the MTA plan, 0:09:48.040 --> 0:09:50.800 set to start in late June, trucks will be charged 0:09:50.840 --> 0:09:54.920 between twenty four to thirty six dollars per trip. Drivers 0:09:55.000 --> 0:09:58.400 or passenger cars will pay about fifteen dollars. Global News 0:09:58.440 --> 0:10:00.800 twenty four hours a day, and when you want it 0:10:00.840 --> 0:10:03.840 with the Bloomberg News Now, Michael Barn, This is Bloomberg Karen. 0:10:04.040 --> 0:10:10.640 All right, Michael Barr, thank you time now for the 0:10:10.679 --> 0:10:13.000 Bloomberg Sports Update with John stash Hour. 0:10:13.160 --> 0:10:14.720 John, Good morning, A right, Good morning Karen. 0:10:14.760 --> 0:10:17.120 Now they're close one between the Rangers and Panthers after 0:10:17.200 --> 0:10:20.280 three straight overtime games, scoreless first period in Game five 0:10:20.320 --> 0:10:22.160 of the Garden, Chris Crider got his first goal of 0:10:22.160 --> 0:10:25.200 the series, I short handed breakaway two minutes into the second. 0:10:25.240 --> 0:10:27.920 Panthers tied it, took the lead midway through the third. 0:10:28.000 --> 0:10:30.439 They added an empty netter. Alexis La Frontier scored in 0:10:30.480 --> 0:10:33.200 the final minute, but Florida won three to two and 0:10:33.280 --> 0:10:35.000 now leading the series three to two. 0:10:35.120 --> 0:10:37.800 The Rangers coach is Peter Lobolette. 0:10:37.520 --> 0:10:39.560 Wasn't going to be wide open and we were going 0:10:39.600 --> 0:10:41.680 to have forty chances a night, so we need to 0:10:41.679 --> 0:10:45.360 capitalize on some of the ones that we did generate, 0:10:45.520 --> 0:10:47.600 and you know, we were unable to do that tonight. 0:10:47.640 --> 0:10:50.240 It was like I said, it was, it was tight. 0:10:51.120 --> 0:10:54.160 The game was tight. I thought we had looks. I 0:10:54.160 --> 0:10:57.440 thought we had chances. They didn't go in. It came 0:10:57.480 --> 0:10:57.839 down to. 0:10:57.760 --> 0:11:00.679 One goal Game six tomorrow and South order. The NBA 0:11:00.720 --> 0:11:04.319 Finals are set Boston against Dallas. The Celtics top seeds 0:11:04.320 --> 0:11:06.040 in the East, the MAVs with a five seed in 0:11:06.080 --> 0:11:09.680 the West. They dismantled Minnesota in Game five one twenty 0:11:09.720 --> 0:11:11.840 four to one oh three. Wasn't that close. Maps shot 0:11:11.920 --> 0:11:15.000 sixty one percent, led by twenty nine had halftime. Both 0:11:15.120 --> 0:11:18.000 Luca Donson's and Kyrie Irving scored thirty six points. It's 0:11:18.040 --> 0:11:19.920 the MAVs first trip of the Finals since winning the 0:11:19.960 --> 0:11:23.880 championship in twenty eleven. Yankees moved twenty games over five hundred. 0:11:23.880 --> 0:11:26.559 At the Angels in Anaheim eight to three, Aaron Judge 0:11:26.559 --> 0:11:29.320 homerd Yanks broke it open with a five run seventh 0:11:29.320 --> 0:11:31.880 thitting that included a three run triple by Juan Soto. 0:11:32.040 --> 0:11:34.920 Much needed win for the Mets after losing fifteen of nineteen. 0:11:34.960 --> 0:11:37.280 They rallied the top Arizona City Field three to two. 0:11:37.559 --> 0:11:39.760 Francisco Lindora had four hits, including. 0:11:39.480 --> 0:11:39.880 The home run. 0:11:39.960 --> 0:11:40.120 J D. 0:11:40.280 --> 0:11:43.199 Martinez's homer in the eighth put the Mets ahead. Red 0:11:43.240 --> 0:11:45.400 Sox held the two hits, lost to Detroit five nothing. 0:11:45.480 --> 0:11:48.400 Nationals won three to one. In Atlanta, the French Opendovak 0:11:48.440 --> 0:11:51.520 Djokovic advanced sod the Americans Taylor Fritz and Tommy Paul 0:11:51.840 --> 0:11:55.000 At the US Women's Open Golf Lancaster. Pia Nelly cord 0:11:55.000 --> 0:11:56.800 of the big favorites. She's won six of her last 0:11:56.800 --> 0:11:59.960 seven tournaments, but in opening round eighty because Corda had 0:12:00.640 --> 0:12:02.440 on the par three third holes, you put it in 0:12:02.440 --> 0:12:03.959 the water three times. 0:12:04.240 --> 0:12:06.880 John staff Shell or Bloomberg Sports. 0:12:08.360 --> 0:12:12.480 Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, 0:12:12.559 --> 0:12:15.480 and around the world on Bloomberg dot Com and the 0:12:15.520 --> 0:12:18.920 Bloomberg Business app. This is Bloomberg Daybreak. 0:12:19.120 --> 0:12:19.600 Good Morning. 0:12:19.600 --> 0:12:22.840 I'm Nathan Hager on a morning after a former president 0:12:22.880 --> 0:12:26.000 and a major party candidate in the next president audential 0:12:26.120 --> 0:12:29.840 election became a convicted felon for the first time in 0:12:29.880 --> 0:12:33.520 American history. The guilty verdicts for Donald Trump come with 0:12:33.600 --> 0:12:36.320 legal and political implications, so let's get right to it. 0:12:36.400 --> 0:12:39.600 Joining us now, Bloomberg News legal reporter Eric Larson, who 0:12:39.720 --> 0:12:43.160 was in the Manhattan courthouse as those verdicts came down. 0:12:43.720 --> 0:12:46.640 Eric Good Morning, paid a picture for us because listening 0:12:46.640 --> 0:12:49.000 from the outside, we heard the verdicts come down like 0:12:49.120 --> 0:12:50.680 Domino's one after the other. 0:12:51.240 --> 0:12:53.240 Guilty on count one, two, three, etc. 0:12:53.920 --> 0:12:56.960 What was it like inside the courtroom as the jury 0:12:57.000 --> 0:12:58.400 foreman read out those verdicts. 0:13:00.160 --> 0:13:02.760 It was a very solemn moment. There was quite a 0:13:02.800 --> 0:13:06.680 bit of tension, you know. The former president was there 0:13:06.720 --> 0:13:11.360 with his entire legal team and many supporters, including his son. 0:13:12.240 --> 0:13:15.400 The district attorney was there with many of his prosecutors, 0:13:15.440 --> 0:13:17.920 and of course there was a lot of press passed 0:13:17.960 --> 0:13:23.000 into that courtroom. The jury filed out, and the jury 0:13:23.040 --> 0:13:25.600 foreman was asked to stand up and read out the 0:13:25.760 --> 0:13:28.560 finding for each of the thirty four counts, and he 0:13:28.760 --> 0:13:33.000 just read out guilty thirty four times in a row. 0:13:33.920 --> 0:13:39.160 It was pretty unexpected. Actually, everyone in the court courtroom 0:13:39.480 --> 0:13:41.559 believed that they were about to be excused for the 0:13:41.640 --> 0:13:45.080 day around four point thirty in the afternoon, because that's 0:13:45.080 --> 0:13:48.199 when the jury was supposed to wrap up, and there 0:13:48.240 --> 0:13:51.040 was no indication they were going to stay late. The 0:13:51.160 --> 0:13:54.480 judge had everyone gather, said he was about to dismiss 0:13:54.520 --> 0:13:57.720 the jury, left the courtroom for a few minutes and 0:13:57.800 --> 0:14:00.400 came back and said, well, actually they have a verdict. 0:14:00.960 --> 0:14:05.760 So it was quite a surprise. Trump had a very solemn, 0:14:07.640 --> 0:14:10.960 you could say, potentially angry look, on his face more 0:14:11.000 --> 0:14:14.079 so than during most of the trial, and walked out 0:14:14.120 --> 0:14:18.200 of the courtroom without glancing at anyone anyone, any members 0:14:18.200 --> 0:14:20.440 of the press, as he had done many times throughout 0:14:20.440 --> 0:14:23.800 the trial. He just had a stoic look on his 0:14:23.840 --> 0:14:25.000 face and walked out. 0:14:25.360 --> 0:14:28.840 Oh he certainly saw and heard that anger and frustration 0:14:29.240 --> 0:14:31.920 following the verdict as he came out to address reporters 0:14:32.640 --> 0:14:36.960 last evening, and he's promising to fight on all the way. 0:14:37.120 --> 0:14:38.840 What could that fight look like? 0:14:39.200 --> 0:14:42.480 What could the appeals process look like for the former president? 0:14:44.520 --> 0:14:48.360 You know, it's an appealed process that can't technically start 0:14:48.480 --> 0:14:53.560 until he is sentenced. That's on July eleventh, So it's 0:14:53.640 --> 0:14:57.000 not until he finds out how much time he'll spend 0:14:57.160 --> 0:15:00.800 in prison, if any not until then will he actually 0:15:00.840 --> 0:15:04.600 be able to start his appeal. That could drag on 0:15:04.760 --> 0:15:05.600 for a while. 0:15:05.760 --> 0:15:10.480 I've been told by legal experts though, that in many cases, 0:15:10.960 --> 0:15:15.440 individuals who are convicted for crimes like this are sent 0:15:16.080 --> 0:15:19.760 to jail if there is a prison term while they appeal. 0:15:20.640 --> 0:15:24.000 You know, because the idea being that just because someone 0:15:24.080 --> 0:15:26.880 is appealing, they shouldn't be able to drag out the 0:15:26.960 --> 0:15:32.640 consequences of a jury's verdict by simply appealing and dragging 0:15:32.680 --> 0:15:35.440 that out as long as possible. So it remains to 0:15:35.480 --> 0:15:37.960 be seen whether or not he would be allowed to 0:15:38.000 --> 0:15:40.640 remain free during the appeal. It also remains to be 0:15:40.680 --> 0:15:43.560 seen if the judge will even sentence him to any 0:15:43.600 --> 0:15:46.680 time behind bars. Of course, probation is an option. There's 0:15:46.680 --> 0:15:50.880 no mandatory sentence, and for prison here, the maximum, of 0:15:50.920 --> 0:15:56.560 course is four years, But experts have said that even 0:15:56.600 --> 0:15:59.720 if he is sentenced to an incarceory period, that have 0:15:59.840 --> 0:16:04.760 been nothing near that. Trump is a first time offender here. 0:16:05.400 --> 0:16:08.120 This isn't a kind of crime that involved traditional types 0:16:08.160 --> 0:16:11.200 of victims, so the judge has some leeway if he 0:16:11.240 --> 0:16:13.800 wants to give him a sentence that does not involve 0:16:13.880 --> 0:16:14.920 time behind bars. 0:16:15.640 --> 0:16:18.480 Are we expecting to hear from the jury. 0:16:19.760 --> 0:16:23.320 Yeah, that's a million dollar question here. Obviously, the jury 0:16:23.560 --> 0:16:28.200 was an anonymous jury, very rare, usually reserved for cases 0:16:28.240 --> 0:16:31.480 involving you know, the mafia, or terrorism cases, something where 0:16:31.520 --> 0:16:35.440 the jury is in real danger. And the prosecutors argued, 0:16:35.480 --> 0:16:37.840 and the judge agreed that this jury should be anonymous 0:16:37.880 --> 0:16:42.239 for their own safety. Given Trump's track record of attacking 0:16:42.280 --> 0:16:47.440 people involved in the cases against him, and as he 0:16:47.480 --> 0:16:50.920 did throughout the case. Of course, Trump was threatened with 0:16:51.080 --> 0:16:55.000 jail during the trial for violating a gag order multiple 0:16:55.040 --> 0:16:57.640 times that was intended to protect the safety of the 0:16:57.720 --> 0:17:02.160 jury and the witnesses. On the judge made it very 0:17:02.200 --> 0:17:05.000 clear to Trump that if he violated that gag order 0:17:05.119 --> 0:17:08.399 again he would put him in jail, even if it 0:17:08.480 --> 0:17:12.320 meant having his Secret Service, you know, in there with him. 0:17:12.560 --> 0:17:16.240 He said, I will do this, uh, and that that 0:17:16.240 --> 0:17:19.439 that blocked, that stops Trump from doing that. So you 0:17:19.480 --> 0:17:21.960 can see that how serious it was. But on the 0:17:22.359 --> 0:17:24.920 after the verdict was handed down, the judge told the 0:17:25.000 --> 0:17:28.160 jury everything all the rules that I've told you about 0:17:28.200 --> 0:17:30.879 not talking to anyone, you know, including the press or 0:17:30.880 --> 0:17:33.800 your family, that's all lifted. Now you can do what 0:17:33.840 --> 0:17:37.280 you want. But you can imagine some of the jurors 0:17:37.359 --> 0:17:40.040 might be torn here. Some would want to protect their safety, 0:17:40.040 --> 0:17:43.600 the safety of their families. It's no uh, it's no surprise. 0:17:43.720 --> 0:17:43.879 You know. 0:17:43.960 --> 0:17:46.600 Trump has a lot of supporters and some of them 0:17:46.760 --> 0:17:50.360 have resorted in violence in the past, and they're very 0:17:50.480 --> 0:17:53.000 going to be very upset about this conviction. But there 0:17:53.080 --> 0:17:55.480 might be other jurors who are willing to take that 0:17:55.640 --> 0:17:58.840 risk and want to, you know, tell America what they 0:17:58.840 --> 0:18:03.480 were thinking and when they came to this verdict. Why. 0:18:04.600 --> 0:18:06.639 One more thing to watch is we continue to follow 0:18:06.680 --> 0:18:10.280 the ramifications of these guilty verdicts for the former president. Eric, 0:18:10.320 --> 0:18:13.280 thank you for this. Eric Larson, legal reporter for Bloomberg News, 0:18:13.320 --> 0:18:15.880 who was in the courtroom as those verdicts came down. 0:18:16.240 --> 0:18:18.159 We want to look at the political impact now with 0:18:18.200 --> 0:18:22.000 Greg Valier joining US now chief US policy strategist at 0:18:22.040 --> 0:18:25.600 AGF Investments, Greg, good morning. When I heard those verdicts 0:18:25.680 --> 0:18:28.439 came down last evening, the image that came to my 0:18:28.560 --> 0:18:32.040 mind was from actually several years ago when former President 0:18:32.080 --> 0:18:33.800 Trump was in the White House and he held up 0:18:33.840 --> 0:18:38.480 the newspaper after he was acquitted an impeachment. Obviously, he's 0:18:38.520 --> 0:18:42.040 not holding up any newspapers this morning. What are the 0:18:42.040 --> 0:18:46.280 political impacts of a criminal conviction, a felony conviction for 0:18:46.359 --> 0:18:47.200 a former president? 0:18:47.840 --> 0:18:51.400 Well, good morning, Nathan. We're really in uncharted waters right now. 0:18:51.480 --> 0:18:54.960 Obviously nothing like this has ever happened in the US, 0:18:55.320 --> 0:18:59.639 so it may be a few weeks before public opinion shells. 0:19:00.000 --> 0:19:02.000 Will the public say this is just a witch hunt 0:19:02.040 --> 0:19:05.639 against Trump, or will the public say we got Trump fatigue. 0:19:05.640 --> 0:19:08.040 We need to get rid of this guy. So I 0:19:08.080 --> 0:19:12.440 don't think that the public has really solidified its opinion 0:19:12.640 --> 0:19:13.359 just yet. 0:19:13.560 --> 0:19:16.560 Well, we did get some snap polls from you gov 0:19:16.720 --> 0:19:20.560 moments after the verdicts came down. Whether Trump got a 0:19:20.600 --> 0:19:23.600 fair trial yes by ten points. Whether they agree that 0:19:23.640 --> 0:19:27.439 he's guilty yes by twenty points. Obviously get very different 0:19:27.440 --> 0:19:31.000 margins when you break it down by party. Could that 0:19:31.240 --> 0:19:34.240 translate into how Americans vote in November? 0:19:34.800 --> 0:19:37.320 It could? And I've been making the point for the 0:19:37.400 --> 0:19:40.919 last few days that the biggest, next biggest story is 0:19:40.960 --> 0:19:44.399 on June twenty seventh. That's the first debate between Biden 0:19:44.480 --> 0:19:47.040 and Trump. I think that's going to be pivotal. If 0:19:47.280 --> 0:19:50.880 Trump looks rusty and stumbles at all, that could hurt him. 0:19:51.160 --> 0:19:53.600 If Biden has a gaff which he's been known to do, 0:19:53.960 --> 0:19:55.760 that could hurt him. I think the rest of the 0:19:55.760 --> 0:19:59.480 election the tone will be set on June twenty seventh. 0:20:00.000 --> 0:20:02.400 I'm so glad you mentioned the debate. It's coming up 0:20:02.400 --> 0:20:04.879 in less than four weeks, and you have to think 0:20:04.960 --> 0:20:08.800 that even several weeks after the verdict, this is going 0:20:08.840 --> 0:20:10.880 to overshadow everything, isn't it. 0:20:11.440 --> 0:20:15.240 Yeah, the first debate four years ago got thirteen million people. 0:20:15.280 --> 0:20:17.840 I think they could get twenty million. This is going 0:20:17.880 --> 0:20:20.960 to be such a highly anticipated debate, so with twenty 0:20:20.960 --> 0:20:24.760 million people, there's an opportunity for either candidate to gain 0:20:25.119 --> 0:20:28.960 a point or two and that could sort of set 0:20:29.000 --> 0:20:30.520 the tone for the rest of the fault. 0:20:31.000 --> 0:20:35.200 How does the political punditry handle something like this when 0:20:35.440 --> 0:20:38.679 the major party candidate on one side of the aisle 0:20:39.240 --> 0:20:40.440 is a convicted felon. 0:20:41.720 --> 0:20:45.240 Yeah, I know it's awkward for people, but it's worth 0:20:45.320 --> 0:20:50.200 noting that the Republicans are, in my opinion, extraordinarily well unified. 0:20:50.800 --> 0:20:54.040 Maybe twenty percent of the Republicans have some doubts, but 0:20:54.520 --> 0:20:57.320 I think Trump has really strong support in his own party, 0:20:57.680 --> 0:20:59.920 and I think the overwhelming view is that he hasn't 0:21:00.040 --> 0:21:01.080 been treated failure. 0:21:01.400 --> 0:21:06.560 Core support from core voters obviously, and we've seen Republican 0:21:07.560 --> 0:21:12.000 elected officials pretty much all in all lineup behind not 0:21:12.119 --> 0:21:14.159 just supporting the president, but adopting a lot of his 0:21:14.280 --> 0:21:18.639 rhetoric about the rigged nature as the former president puts it. 0:21:19.119 --> 0:21:22.880 Of this case, is there a risk for Republicans if 0:21:22.880 --> 0:21:27.480 they continue to criticize the system that it could backfire 0:21:27.520 --> 0:21:27.840 on them. 0:21:28.240 --> 0:21:31.680 Absolutely, great point, Nathan. I think there are other issues too, 0:21:31.760 --> 0:21:35.399 like abortions. So I think it's still way premature to 0:21:35.480 --> 0:21:38.600 write off Joe Biden. I realize he has many flaws 0:21:38.800 --> 0:21:41.560 and a lot of the issues are broken against him, 0:21:41.960 --> 0:21:45.720 but I think that Biden still has a shot if 0:21:45.720 --> 0:21:49.400 the Republicans are playing this incorrectly and just quickly. 0:21:49.520 --> 0:21:52.280 How do you see the Biden campaign handling this. We've 0:21:52.359 --> 0:21:55.119 seen a kind of a tepid statement up to this point. 0:21:55.160 --> 0:21:58.520 But do you see whether the Biden campaign can sort 0:21:58.560 --> 0:22:01.560 of shift the advantage that former President Trump has managed 0:22:01.600 --> 0:22:04.440 to make from pretty much all the legal issues he's had. 0:22:04.880 --> 0:22:08.560 Yeah, they can, But my lord, you look at Biden 0:22:08.720 --> 0:22:12.639 only ahead modestly in New York State. You look at 0:22:12.680 --> 0:22:16.600 Biden groveling for support among black voters. These are things 0:22:16.600 --> 0:22:19.359 that a Democrat shouldn't even have to worry about. So 0:22:19.440 --> 0:22:22.160 Biden still has a lot of ground to make up. 0:22:22.520 --> 0:22:25.040 But I do think there's a chance that the Republicans 0:22:25.280 --> 0:22:28.080 could overplay their hand with Donald Trump. 0:22:28.760 --> 0:22:33.800 Thanks Greg, as always, Greg VALUERCHIFS Policy Strategist, AGF Investments. 0:22:35.480 --> 0:22:38.320 Now a look at the front pages. What's making news 0:22:38.359 --> 0:22:41.880 around the world, Your daily roundup of today's headlines from 0:22:41.960 --> 0:22:43.000 major publications. 0:22:43.080 --> 0:22:45.480 Sen Bloomberg's Lisa Mateo is here with the front page 0:22:45.560 --> 0:22:48.159 round up. Obviously, every front page around the world is 0:22:48.200 --> 0:22:51.080 focused on the Trump verdicts, but we had a big 0:22:51.119 --> 0:22:53.800 take story from Bloomberg News as well that says, despite 0:22:53.840 --> 0:22:57.119 the guilty verdicts, Lisa wall Street, billionaires are rushing to 0:22:57.160 --> 0:22:58.240 back the former president. 0:22:58.280 --> 0:22:59.159 Good morning, Yeah they are. 0:22:59.200 --> 0:23:02.040 Good morning. Nathan's so Amid Malik. He's president of seventeen 0:23:02.080 --> 0:23:04.760 eighty nine Capital. He co hosted a fundraiser for Trump 0:23:04.760 --> 0:23:07.640 at the Pierre Hotel on Fifth Avenue before the verdict, 0:23:07.840 --> 0:23:09.560 and he said that the outcome would have less than 0:23:09.680 --> 0:23:11.600 zero impact on his support. 0:23:11.640 --> 0:23:11.800 Now. 0:23:11.800 --> 0:23:16.359 The fundraiser also hosted by billionaire Howard Lutnick. Hours before 0:23:16.359 --> 0:23:19.199 the verdict, hedge fund investor Bill Ackman was said to 0:23:19.240 --> 0:23:21.800 be leaning toward backing the former president. Then you have 0:23:21.960 --> 0:23:25.679 private equity Mogel. Longtime Republican donor Steven Schwarzman said he 0:23:25.840 --> 0:23:28.280 was getting behind Trump again. I mean a big reason 0:23:28.320 --> 0:23:30.520 for the support that you'll see through this article. It 0:23:30.560 --> 0:23:32.920 says that it's money. Trump has promised to cut taxes 0:23:32.920 --> 0:23:37.080 for the wealthy, eliminate regulations. President Joe Biden wants the opposite. 0:23:37.280 --> 0:23:39.200 Yeah. Also an article here in the New York Post 0:23:39.280 --> 0:23:43.840 Lisa about Trump's campaign donation page which crashed after the verdict. 0:23:44.080 --> 0:23:46.280 Yeah, it did less than an hour after he was convicted. 0:23:46.320 --> 0:23:49.400 His campaign wrote on x that the wind red pages 0:23:49.720 --> 0:23:52.960 it went down trumpetviter Chris Lasavida. He said the outage 0:23:52.960 --> 0:23:55.800 was due to quote millions of American patriots wanting to 0:23:55.840 --> 0:23:59.280 donate to Donald Trump's campaign. Then you had Lee Zelden, 0:23:59.280 --> 0:24:02.480 a Trump campaign sarrogate. He's also a former Long Island congressman. 0:24:02.800 --> 0:24:05.600 He posted on X that one of Trump's campaign committees 0:24:05.680 --> 0:24:10.240 reportedly secured an eight hundred thousand dollars donation shortly after 0:24:10.280 --> 0:24:12.960 the verdict. What might have overwhelmed the site? Well, the 0:24:13.359 --> 0:24:15.359 juries after the jury's decision, there was a post on 0:24:15.400 --> 0:24:18.960 Truth social from the Trump National Committee. It said that 0:24:19.040 --> 0:24:21.440 it called him a political prisoner. It said that your 0:24:21.480 --> 0:24:23.800 support is the only thing sitting between us and the 0:24:23.840 --> 0:24:26.400 total tyranny. But that website, it was back online about 0:24:26.400 --> 0:24:28.080 a half hour after it went down. 0:24:28.160 --> 0:24:30.600 And speaking of true socially, so the post is also 0:24:30.640 --> 0:24:34.240 pointing out that shares of that social media apps parent 0:24:34.320 --> 0:24:35.960 company tumbled after the verdict. 0:24:36.040 --> 0:24:38.560 Yeah, so this morning, shares of Trump Median Technology Group 0:24:38.600 --> 0:24:41.600 that's the owner of Yes Truth Social still lower before 0:24:41.640 --> 0:24:43.919 the bell. They're down about seven percent right now. The 0:24:43.960 --> 0:24:46.880 stock was down about nine percent after hours trading after 0:24:46.920 --> 0:24:50.440 the news of the verdict. Trades undertaker DJT And it's 0:24:50.480 --> 0:24:53.600 been really extremely volatile since it's debut in late March. 0:24:53.640 --> 0:24:56.359 It peaked at nearly eighty dollars in inter day trading 0:24:56.359 --> 0:24:58.840 on March twenty six, and then early this month, Trump 0:24:58.840 --> 0:25:00.960 Media reported that had lost more more than three hundred 0:25:01.040 --> 0:25:02.119 million last quarter. 0:25:03.840 --> 0:25:06.919 This is Bloomberg Daybreak Today, your morning brief on the 0:25:06.960 --> 0:25:10.360 stories making news from Wall Street to Washington and beyond. 0:25:10.640 --> 0:25:13.399 Look for us on your podcast feed at six am 0:25:13.480 --> 0:25:17.159 Eastern each morning, on Apple, Spotify, and anywhere else you 0:25:17.200 --> 0:25:18.399 get your podcasts. 0:25:18.520 --> 0:25:21.200 You can also listen live each morning starting at five 0:25:21.240 --> 0:25:23.840 am Wall Street time, on Bloomberg eleven three to zero 0:25:23.880 --> 0:25:27.359 in New York, Bloomberg ninety nine one in Washington, Bloomberg 0:25:27.400 --> 0:25:30.399 one oh sixty one in Boston, and Bloomberg ninety sixty 0:25:30.520 --> 0:25:31.480 in San Francisco. 0:25:31.840 --> 0:25:35.000 Our flagship New York station is also available on your 0:25:35.080 --> 0:25:40.520 Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus. 0:25:40.520 --> 0:25:44.080 Listen coast to coast on the Bloomberg Business app, serriusxmb 0:25:44.280 --> 0:25:47.159 iHeartRadio app, and on Bloomberg dot Com. 0:25:47.160 --> 0:25:49.280 I'm Nathan Hager and I'm Karen Moscow. 0:25:49.480 --> 0:25:52.240 Join us again tomorrow morning for all the news you 0:25:52.359 --> 0:26:04.560 need to start your day right here on Bloomberg Daybreak