Michael, Michael Barr, New York discussed on Bloomberg Daybreak
Eastern time. It's recovering from a cyber attack that happened about a week ago. Triggering shortages across the East coast. In a further effort to provide relief. The Biden administration temporarily waived century old shipping restrictions so foreign tankers could transport fueled areas with shortages. Now it's unclear how long it'll take for supplies to come back to normal, but it could take up to a week for foreign flagged tankers. To fill the supply gap in New York. I'm we need a young Bloomberg daybreak are we need a thanks. Meantime, in the Middle East, clashes continue between Israel and Gaza. President Biden has started a diplomatic push to end the violence. I had a conversation for a while with him with the prime minister of Israel, and my hope is that we'll see this coming to conclusions sooner than later. So far more than 60. Palestinians have been reported killed in Gaza, along with at least six people in Israel. Turning to the U. S economy. Now inflation is in focus. Once again. We get the Producer Price Index for April this morning. Bloomberg's Vinnie Down Jude I says more. The U. S economy is reopening after the pandemic, and today's report will reveal the impact of rice and commodity costs, including record lumber prices. Investors are on edge after the government reported April's consumer Price Index posted largest increase in 12 years on broad based gains. Bloomberg Economics points, the snarls and the supply chain. Vinny Del Jude Ice Bloomberg Daybreak, Benny Thank you, economists predict. Today's producer Price Index will show a 3/10 percent gain for April. Bloomberg customers can get more on the estimates that ICO go on the terminal. Bitcoin is down more than 9% this morning. That's after Elon Musk said. Test list suspending car purchases Using the crypto currency, he cited concerns about increasing use of fossil fuels for mining Bitcoins. We get more from Bloomberg's Eric Lamb. There's a lot of questions. The industry over the timing of this and certainly the rationale the concerns about the environmental issues with Bitcoin, they're not new. They've been around for a long time. So there's not really clear indicator. Why must decided today was the kind to spend exceptions of payments. Bloomberg's air Glam says Tesla might consider accepting other crypto currencies that they're less energy intensive. And this headline generous financial is postponed its planned AIPO Oven Act holdings that just crossing the Bloomberg futures lower straight ahead your latest local headlines supposed to check of sports. This is Bloomberg. 6 33 on Wall Street. Michael Barr is here with us once again for a look at what's going on in New York and around the world, Michael thank you very much. Nathan, An NYPD officer, was shot three times after approaching a gun wielding man minutes.