25 Burst results for "David Westin"
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"On Bloomberg television radio. I'm David Westin. Well, it's potentially a big week in politics, believe it or not, because we are told that Nikki Haley of South Carolina may well be throwing her hat in the ring. The second person in the Republican side to run for president states against the former president Donald Trump to bring us up to speed on where the Republican field sits, we welcome now Bloomberg political contributor Genie Chan xeno of iona university jeanie. Great to have you here. And here we go to Washington together. We got a New York together. It's terrific. It is. Post Super Bowl day. Nikki Haley. I mean, she's been around for a while. It's been speculated. She would run former ambassador United Nations governor as accomplished a lot. Does she have a chance? I think she does. She brings to the race obviously. She's only the second person to enter the race on the Republican side, but she brings an awful lot to it. She was governor of South Carolina at 38. She is somebody who served as UN ambassador. She may attract more moderates in the Republican Party to support her. And of course, she's somebody who I think it's important to say had the best response to Donald Trump if we remember when she endorsed Marco Rubio and came out and said to Donald Trump release your taxes, he attacked her on Twitter, and she came back with a great southern response, even though I'm not southern. She said bless your heart and it was a great comeback or blesses her. It was a great comeback to Donald Trump. So if it's about taking Donald Trump on, Nikki Haley, a woman, a minority, somebody who has been in this position of being the only woman the only minority in races, she knows how to do that to a large extent. So the Donald Trump we saw in 2016, you'd be a little reluctant to take on. Is this a different Donald Trump? I mean, is she being courageous or is she being foolhardy? Because a lot of people thought the next person in the race, he's going to focus on you. And he can be pretty nasty. He can be pretty nasty as we've seen with this continuing attacks on governor desantis. I mean, they have been brutal in governor desantis trying to stay above the fray, of course he's not in the race yet. You know, I think Donald Trump will continue being Donald Trump, and this is the big question that hangs over the Republican Party at this point, you know, how do you respond? We look at the Monmouth poll, desantis is the only one with numbers against Donald Trump he remains a leading figure in the party the leading figure. And you know, I'm struck by the fact we have Nikki Haley coming in this week. Tim Scott, testing the waters, both bring a lot of diversity to the race, but look at Donald Trump goes out to South Carolina and he gets the endorsement of the governor and the senior senator. So he has some real support, even if it's not in the establishment of the national political party at this point or maybe the funders, he still has it on the ground and in some of these key states. At the same time, in that Monmouth poll, desantis has come from very, very alone, or to come up and catch up with Donald Trump. He's the only one who's really showing it on a lift. If you go through Mike Pence, you go through any network Mike Pompeo, Nikki Haley and they're in really small single digits. Small digits if I remember correctly, a Mike Pence was at 2% and it's an interesting poll because they allowed the respondents to select people. So they didn't say, you know, do you support or not support Mike Pence? They said, who do you see as a leading contender and desantis was on the top of the list in addition to Trump? So he does have a lot of name recognition nationally a lot of support. I still think he is an untested character outside of Florida and that's the big question. And the brutality of the attacks that Donald Trump has levied against him just in the last week or so, you have to imagine those will only intensify he's trying to stay above the fray in his responses, but how long can that last as we've seen in 2016 awfully hard to do when you're in that one on one with Donald Trump? Briefly going to the other side of the aisle. Joe Biden does not have a name recognition problem. I daresay. He's out there on the stump talking about all the things he's accomplished. There's no rush for him to say anything, is there because there's nobody even close to putting their hat in the ring against him, unlike Donald Trump. Yeah, you know, Joe Biden sort of has this clear field. He is battling with something he can't control, which is his own party members Democrats concerned about his age if he is to announce, but he is out there and they are feeling very, very strong following his State of the Union performance. If age is an issue, he showed in the State of the Union, he can be very agile in his responses. So that may be of quelled that, but of course it raises questions about his vice president who remains questionable. We saw The New York Times piece last week, even Democrats saying, can they see her being president, there's a lot of questions on that front for Democrats to consider as he announces, or we assume it's going to announce in the next few months. Jeannie, so great to have you here on Jeannie's going to stay with us is we're going to turn to the question of the politics. If there are politics of those Chinese balloons or whatever
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"Forecast now for 2023 as much as $2 a share. That was a little below what the street was expecting. The company is optimistic about its jet engine business given strong demand for air travel, even so lingering worries about the renewable business. And this is the first year that GE is going to be working without its healthcare division. That unit was spun off earlier this month by CEO Larry culp. Here is mister kulp and conversation with Bloomberg's David Westin. First of all, help us as we consume this information. How do we sort out healthcare from not healthcare? Well, we try to make it very easy, David. Very simply, healthcare left the fold, first week of January. So our fourth quarter results include what was a very strong fourth quarter in healthcare, but as we look for forward to the 2023 guide, what we try to do is really adjust everything out. So when we talk about 23, talk about a high single digit top line projection, earnings in the one 60 to $2 range, that's coming off a 77 cent equivalent last year adjusting for healthcare no longer being part of the company, free cash, similarly last year was 3.1 billion without healthcare coming into this year. We anticipate landing somewhere between 3.4 and $4.2 billion. So nice step ups and earnings and cash, despite healthcare being off on its own now. You're going in the right direction, clearly going up as far as I can tell, free cash flow as well as profitability. At the same time, the street had a little hesitancy because the forward guidance on the earnings per share was a little less than they had hoped for. What's constraining you right now earnings per share? Would you say, what's the biggest constraint for GE? Well, I think we exited 2022, David, what tremendous momentum. The fourth quarter print for the end of 22 had us, I think, at an exceptionally strong revenue level up 11%. As you well know, led by our aerospace business, earnings were up 51% cash up 16%. So it's really that momentum that we bring into 2023, given what's happening with healthcare, given the balance sheet improvements. We're now down over a $100 billion of debt since 2018, I'm sure models are adjusting, but we come into this year feeling very good about where we are from an aerospace perspective. We expect the top line to be up, mid teens, to high teens, with services and new units, continuing to improve given the aerospace recovery. We also anticipate better performance in our business. We know we've got challenges in renewables, but we think we're going to have a better year in 23, and that just sets us up overall. I think not only for good results this year, but in turn, the second step of the transformation whereby we take GE brno public is we did healthcare earlier this month. Larry culp there, he
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"This is balance of power on Bloomberg television radio. I'm David Westin. President Biden, of course, is in Mexico City for that three way summit with the leaders of Canada, Mexico, as well as President Biden. And there will be a lot of things to discuss in general about the USMCA. But specifically, we're focused right now on the bilateral relations between the United States and Mexico. And we have in Mexico City, our Washington correspondent, she's Anne Marie horde and reporting from there. Henry, thank you so much for being there for your reporting on this. Give us your sense as we're having as I understand it, bilateral meetings today before Justin Trudeau arrives. What other big issues between the United States and Mexico that they want to try to at least address? Well, good afternoon, David. Thanks for having me. So there's going to be this bilateral as you mentioned between President Biden and his Mexican counterpart colloquially known here in Mexico City as amlo. And really the three points of tension are going to be on migration, drug trafficking, and when it comes to trade about energy policy. So this is on the heels of the president visiting the border just yesterday. He was in El Paso and also on the heels of the administration announcing a new migration program alongside Mexican officials. They will bring in from four specific countries that had a very high number of migrants, including Venezuela and Nicaragua, 30,000 more of those individuals a month from those countries if they go through the correct provisions on the mobile app through the United States and they have financial backing or family members in the U.S., but if those individuals go to cross the border between the U.S. and Mexico, they will be sent back into Mexico, and this is a deal that the U.S. was able to have more out with the Mexican officials, even though it's drawing sharp criticism at home. And then when it comes to drugs smuggling, there's been a lot of pressure on the Mexican government from the U.S. to really crack down on the cartels, especially when you look at the amount of fentanyl coming into the United States. Admiral Kirby on Friday talked about that since August, there's been 20,000 pounds seas of just fentanyl at the border. And this is something that Mexico is obviously going to point to, something that they're trying to work on, and they have something to show for when they kidnap into custody, the son of El Chapo. And then finally, on energy policy, David, this is going to be a bit testy between Canada and the U.S. coming down on Mexico saying that they have a nationalist energy policy. Jake Sullivan was just briefing reporters about it saying he's not going to give too much of those details. You're not going to negotiate in public, but this will definitely be at the forefront because what they say is this is nationalists to policy and potential we could see at the end of this if there isn't an agreement is tariffs being put on Mexico. Okay, thank you so much to Bloomberg's and rihard who will be in Mexico City reporting for us throughout this summit will be coming back to our frequently. In the meantime, we want to turn to somebody who knows the situation between the United States and Mexico terribly well. Tony Garza, he's counsel to white and case in Mexico City. He served as U.S. ambassador to Mexico under president George W. Bush. So, mister and master, thanks so much for being with us. Go to the question of immigration, particularly because obviously it's a big issue here in the United States. There is a new approach as Anne Marie just described. How is that going down in Mexico? Well, I think it's obviously one of the big contentious issues. I have been encouraged quite frankly coming into this summit, President Biden pierce to want to have wanted to take the issue a bit off the table, announcing the changes to the immigration policy that Anne Marie covered very well. His visit to El Paso yesterday, some coordination with Mexico on the Mexico immigrant protocols where those that don't go through the formal process that I'm recovered in their own country will be deported to Mexico and held in Mexico. And they're still the use of title 42 for the expulsion of those seeking asylum. So I think while these that there was a sense that immigration might as a typically does dominate the bilateral discussions, I think President Biden by having teeth those up and discuss them in the lead up to the summit may have allowed for a little more discussion around the security and the trade issues which are also very important in these bilateral discussions. Well, let's talk about the trade issue specifically. I mean, it's not a coincidence that these three leaders are getting together. They're the participants in the USMCA that was negotiated under president Trump. What are the issues outstanding and specifically I understand energy is a big bone of contention between the United States and Mexico right now. Well, energy is a big bone of contention between the United States and Mexico, but don't forget that Canada has joined the United States requesting the consultations under USMCA, MCA, and if this moves to arbitration, Canada will be a party to that as well. So it really involves the three countries. Really, the point of contention is very, very ideological in the sense of Lopez over the order has a very nationalist and a very traditional view of the role of the state in the production of the energy resources in production in particular oil oil and gas. And that is at odds with both USMCA and Mexico's energy reform of a couple of years ago. So he stepped away from commitments that were made to the country under the legislation and then to the partners under USMCA. I don't see a lot of wiggle room on this issue, but my guess is at the end of the bilateral they will simply announce a continued commitment to discussions, consultations and a desire to resolve. But this is perhaps the thorniest of the trade issues. And David, listen, under naft over a period of nearly 20 years over 70 some odd disputes that went to consultation or some sort of arbitration under USMCA in since 2021, I believe they're already 17. We tend to focus on energy, the generally modified corn and the rules of origin. But there's a lot more kind of right under the surface that's going on on trade that I think really has to be discussed and we have to find mechanisms for the more efficient resolution of these issues. Mister investors, some people are remarking in the United States about the fact that the vice president says Kamala Harris is not very prominent in all these discussions. She was early designated as the person who really take on this issue for President Biden. What do you see in that? Well, you know, you're right, David. She has not been terribly visible. Initially appeared less than sure footed on the issues. And seems to have taken a
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"By our Bloomberg television radio. I'm David Westin for Wall Street week. We talked earlier today with former treasury secretary Larry summers about his reaction to the eco numbers out this week and fed chair J Paul's response. The chairman is in about the right place. He's recognizing that we can't forecast the economy with precision. He's recognizing that it would be a terrible error if we were to fail to stop inflation in this episode. For action from The White House now he turned to doctor Jared Bernstein, he's a member of course of The White House council of economic advisers. So Jared, you've always been very careful and appropriately so to say, you're going to stay with you agree with Jay Powell, disagree with your doing a good job or bad job. Let me ask you a different question. They came out with a statement of economic projections that some people on Wall Street are really taking issue with saying that they think inflation is higher according to the fed, then it's really going to be and that as a result, the rates are going to have to go higher. What are you telling the president is the right number? Well, the president really wants a sense of where we think things are headed. And probably most importantly, since he's very focused on how inflation is playing out in household budgets, what can we tell him about how these things are evolving in real time? And there, there's answers to both of those questions. Starting with the latter, in real time, we know that we've seen slower inflation in some key areas in not just one, but in a couple of recent prints. So we have some slowing, some deceleration in top line. And even in the CPI in core inflation, we know that core goods inflation seems to be responding pretty well to improvements in the supply chain. We know that while housing inflation is still quite strong, we expect that in the back half of next year it's going to start reflecting some of the price declines we're seeing now in that sector. And we know and this is something that chair Powell talks about that non housing services inflation is tied to the labor market and still creating pressure. So we reflect that to the president. Over the longer term, the question is, and without getting into precision, Larry's right, there's big confidence intervals around these forecasts. Without getting into any level of precision, we explain that the trend has been our friend here. And if getting under the hood and that kind of decomposition of your shared with you, we expect those trends to largely continue. And so that's probably what we're communicating to him. So I'm going to get way out over my skis here and actually look at some numbers, even though I'm a liberal arts guy. I understand the numbers out, particularly the CPI numbers look like it's the inflation slowing down. But the SEP and as I understand it, Jay Powell said, they took the CPI numbers into account, actually showed it going up. They had been in September projecting 4.5 that projecting 4.8 now for 2022. And that resulted in taking up their numbers for 2023 as well. This is core PCE inflation to 3.5. So are they mistaken, then in fact it's accelerating here at the end of the year? Well, I mean, I think there's some questions as to whether the updates reflected whether there were updates that reflected the most recent prints. I know there's been some back and forth on that today. Let me just be very clear about this. What we're focused on and in terms of the SEP where I think our projection with large confidence intervals a la Larry are similar to those that you'll see pretty much from market forecasters is that at the end of next year we expect inflation to be considerably lower than it is now. That's the forecast. But look, we've seen head fakes before. We recognize that we have to really keep a close eye on these trends. The war in Ukraine and its pressures on commodities are still out there. But again, the thing to do to understand this is to not just have free flowing anxiety about it or even focus too carefully on any particular point estimate. But to think about the decomposition and the dynamics in play, core goods inflation seems to us to be responding to improvements in supply chains. Housing inflation as we discussed. And then the non housing services part of inflation with the fed talks about as an area of continuing pressure, that that's pretty linked up to the pressures in the job market. Now we have seen those pressures come down to some degree. We're seeing slower but still very solid job gains. We've seen some deceleration and nominal wage growth. So I think kind of steady as she goes. I mean, this is a lot like what the president wrote about back in March of this year in an op-ed where he talked about transitioning to slower, steady, stable growth. And I think
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"Listening to balance and power with David Westin on Bloomberg radio. I'm Joe Matthew in for David Weston this week. I caught up with congressman Jim Clyburn of South Carolina, the house, majority whip on his thoughts about the new generation of leaders, emerging in the Democratic Party in Congress. First got his reaction to the recent deadly mass shootings across the country, including the most recent in Virginia, along with President Biden's pledge to enact an assault weapons ban. We did pass that law and that through there have been or it seems that would have been operative in Colorado Springs. But local state laws there seem to have almost nullified that law or made it an operative. So a lot has to be done. A lot from the federal level, which we have done in addition to this bill that we pass safer communities act. It serves a lot of purposes for the first time we were able to do some things with gun laws that have not been done in 30 years, additional background checks. And we also pass in the house and assault weapons ban, which really would have been operative in Colorado Springs. Because all of the studies indicate that these assault weapons bans drive down mass shooters by 7% in Northern California. So we have done a lot we can still do more, but it must be corporation between the federal laws and the state laws to be effective when they're being implemented at the local levels. And that seems to let me ask you about that assault weapons ban congressman President Biden is out with a statement following the shooting, calling for greater action. And he specifically talks about this, having repeated promises on the campaign trail in this midterm cycle for actually getting this done. Listen to what he said on November 3rd
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"This is balance of power on Bloomberg television and radio. I'm David Westin. We're into day two after those CPI numbers and although it isn't quite like day one. It is still nonetheless vaguely positive and to take us through it. Here's pretty Gupta. So what's going on? Well, you know, David, it's interesting. In the last ten months or so, one of the, I want to say Achilles heels of the markets is of course been the tech sector, this idea of rates continue to go higher. The dollar continues to get stronger. Why would you invest in some of these mega cap tech stocks in the last, I want to say 48 hours, the dynamic has really changed here where you are starting to see some of these tech bowls kind of emerge out of the woodwork. It's interesting today that even with some of the crypto news coming out of FTX, you did see that initial slide in the NASDAQ just kind of think contagion sentiment only for it to flip around. The S&P 500 now up about three tenths of 1%, but the NASDAQ really outperforming big up over 1%. Of course, we know the bond market is closed, so that's probably adding some fuel to that rally, but nevertheless, you are starting to see the NASDAQ really add some value. In fact, $1 trillion added in value and really leading, by the way, the rally coming off of that inflation data. I think that's pretty significant because just given that some of these big cap tech names, I think, 26% of the S&P 500, you really can't have a sustainable bull rally without actually having tech on your side and it starts to feel like the early signs that that is actually happening. So creating one of the things I'm fascinated about is everybody keeps saying there's so much volatility. It's so valid. It's going to even be more volatile. Yet if I look at the fix right now, we're down like a 22. I'm so glad you mentioned that because it's interesting. When people talk about the volatility, it kind of feels like they're referring more to the bond market that kind of has these ripple effects, but to your point, the volatility on the stock market is actually fairly muted and it's because we've been going in one direction nonstop and when you have that kind of slide, it means that there's no swings. Think about what you saw in March or April of 2020, this idea of you were in the green by 5, 6% one day in the red the next day by the same margin, you're not quite seeing that. Even on the heels of a 5.3% rally yesterday, the biggest since April of 2020, day two, the S&P 500 is only up three tenths of 1%. To me, you want that lower volatility to signal a little bit more healthiness. So one thing that was on the march for the longest time is the dollar. You've got up close to record levels as I understand it. Where is it now? Well, the dynamic is really changing on the dollar. And if you'll remember going into the midterms, you have this three day slide on the dollar and the narrative around that was simply that this was the conversation about the debt ceiling, the idea that a gridlock in Congress would bring the debt ceiling back into focus by Republicans and that in itself would affect the fundamentals of the United States and therefore weigh on the dollar and create kind of a bare case for it, post CPI that bear case has widened and accelerated. The idea here being that interest rate differentials, the idea of the fed just hiking, hiking, hiking by these massive margins. That's all going to slow down, if not next month, and certainly in 2023. And what that does is say that the dollar strength that you've been seeing year to date, it's been pricing in everything from the Federal Reserve. It's priced in the strength of the U.S. economy
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"Nuclear saber rattling. From the Bloomberg interactive broker studio in New York, welcome to the second hour of balance of power. I'm David Westin. Will North Korea now claim that it is launched a new ballistic missile in a simulated tactical nuclear strikes. And as a part of literally two dozen different weapons that were missiles were fired over the last two weeks. So what is this all amount to? What is the strategic significance of it? For answers to those questions, we turned out a Sue Kim. She's policy analyst at the Rand corporation. Thanks so much for being back with us. So what do we make of this flurry of missile launches? You know, it's been an unusual couple weeks. I would say that, but it's not really anything that we would not see from North Korea, especially taking into consideration that Kim has been quite good in terms of restraining itself for the past couple years. So as not to destroy any momentum for talks with the Trump administration. What we're seeing now, of course, is can be coming much more emboldened and perhaps even more confident in the fact that his missiles and his nuclear weapons system is becoming a growing threat to the United States and I would say importantly to the region focusing on South Korea and Japan. He's not he's probably not looking to engage the Biden administration and talks right now. He has expressed very clearly that he has no appetite for that. So what he's looking for, I would say, is to gain recognition as nuclear weapons state and so doing that gives North Korea much more power and even a greater say in the dynamics of the region. And of course, in his dealings with the United States down the road. As you say, the leader of North Korea has indicated he's not interested in talking right now. My understanding is to administration the United States administration has said they still are open to talks. Is there anything talks could really accomplish at this point? What would be the goal of talks? I am highly doubtful that entering into talks or even trying to convince the North Koreans to come to talks right now is going to actually lead to anything that is going to substantially decrease the tension in the region. North Korea, of course, is not expressed the intent. The Biden administration has continued to signal willingness to talks, but of course, in order for the two parties to come together to negotiations to dialog, one side has to take that first step and it clearly is not going to be North Korea. So the ball is basically in Biden's court in terms of wanting to engage in the North Koreans back. But I also don't think that we have the appetite right now for talks. One because we know clearly that negotiations right now is not going to lead to a reduced North Korean nuclear threat. And two, you know, this is not to downplay the North Korean threat, but there are other pressing regional and global contingency that are really vying for the attention of so many countries that to deal with North Korea right now. I think we're just put the United States in a much more difficult position if we don't have a game plan. I think you make a very powerful point that various of the major powers are distracted. By the way, I think we see a version that perhaps with Armenian Azerbaijan with respect to Russia, certainly China right now is we're about to go into the 20th party Congress has got its attention elsewhere in part with Taiwan because there's been a lot going on in Taiwan. Does that mean it's actually a more dangerous period where countries like North Korea may feel that you know what they can get away with something? You know, that I think is something that we can not discount. When it comes to Kim Jong-un's calculations because of course, this is happening in the region, it involves two countries that are pretty important to his own vision for his country and for the Korean Peninsula. So any movement by the United States, any decisions that are made or how the United States is responding to potential contingencies in the region is certainly going to be of concentration. But I think he's also savvy, and I think he would look out for his own best interests that he would not be so rash into so that he would be jumping into action before actually realizing that should he cause a disruption of the region. It might not really yield the type of response that he was that he would hope to see. So it's an interesting, I think, observation for Kim, but I'm a little bit skeptical that he would be motivated or compelled to take action at this moment. But of course, there's also great. Go ahead, please. I was just going to say there's also that the long awaited North Korean nuclear test that still hasn't happened yet. Well, what about that? Because some experts say that because of this missile launches, it's more likely we'll have one sooner rather than later. Right. So I think that if Kim was not serious about one escalation and to basically following through with these series of short-range missile tests of differing intensities and ranges of capabilities, potential for an ICBM and now nuclear weapons test, if he was not, you know, if he didn't see a nuclear test or something of greater intensity down the road, I don't think we would have seen this, the cycle of provocations over the past couple of weeks. Of course, the two important dates are the party the CCP party Congress on the 16th of this month. And the midterm elections in the United States. So again, prime windows of opportunity and the question is, who does Kim Jong-un want to upset more as with the Chinese or the Americans? And the main thing is I think he wants a lot of attention when she's getting by firing these things. For sure. He likes attention. Okay, thank you so much to Sue Kim. She's policy analyst at the Rand corporation. Coming up, we're going to get to hear from Connecticut governor Ned Lamont. Interview the game earlier today about the state of the state of Connecticut, and in particular why it is trying to be as friendly as it can be to business. That's coming up next on balance of power on Bloomberg radio. Your first in depth look at global market and business news. We have one big item of corporate news to tell you about this morning. In Europe, equities are falling hard. Nathan Hager, the Federal Reserve may have to unleash even further tightening Bloomberg daybreak.
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"This is balance of power on Bloomberg television and radio. I'm David Westin, who there was ever a day to check on the markets. It is today. It is not pretty out there if you own stocks or bonds. So we get a report now from kitty Gupta boy critique. Yeah, everything is just selling off. And I think it's because there's such an anticipation baked into this report. I mean, this is something you're hearing from equity strategists across Wall Street. The idea that the stock market is really trading on these macro events, earnings risk. Isn't really a factor here instead, it's essentially this kind of wash rinse repeat cycle of the CPI report, the F one C, payrolls, and then repeat. And today, of course, was that CPI report, the expectation going into this data was a year over year increase of 8.1%. It came in hotter than that at 8.3%. What's significant here is the deceleration that is priced into the markets. And that's why you see this disappointment. The S&P 500 down about 3%, the NASDAQ down almost 4% at its session lows just a few moments ago. Seeing a tiny bit of a bounce back right now, but still 3.8% declines, nothing to scoff at when it comes to that $1 trillion club. Go cross asset and the story doesn't get anywhere. If your bonds, take a look at the two year. Yes, the two year volatility is crucial here. Let's start with a ten year though, the ten year yield at three point four three, the two year yield, we're looking at 3.77 and just for some context here, that is a 20 basis point move that happened really within seconds if you are looking at that chart. And then for the ten year yield, we are seeing a little less volatility only up about 8 basis points, but what this means when you see that move in the front end of the curve is simply the fact that the market is now pricing in 75 basis points next week as their base case scenario. Any doubt that they were going to hike by 50 next week, well, let's throw out the window now. And the dollar, the dollar is up. The dollar is following that yield story. It is much, much stronger, but remember, it's been down for a couple of days. So it has that little bit of a spring effect. And then the ripple effect there is kind of the double whammy on stocks because we know that inverse correlation remains there, as well as the dollars effect on commodities broadly, which also are down. Yeah, it's quite a day. It really shattered expectations because we were really hoping for it to slow down the inflation. It's not slowing down. No, it's not slowing down. I mean, a lot of this was coming supposed to be coming from commodities, food, shelter, those are actually up. And we get PPI tomorrow. Thank you so much, could you really great to have you with us as always, it's pretty good to you. You can catch her again at 1 p.m. Eastern Time on Bloomberg markets where she will be anchoring. Coming up, former U.S. Secretary of Defense William Cohen on what the Ukrainian counteroffensive in the east means for Russia and for the United States. This
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"Bar on Bloomberg television and radio. I'm David Westin, the big story of the day, perhaps, is that Supreme Court decisions striking down New York's restrictions on concealed carry. And to take us through it a bit and we welcome now Bloomberg's Tina Davis. Thanks for being with us. What jumped at you out at you? Well, look, it's a very, very long opinion. It's more than a hundred pages. It is a 6 three decision. So receiving, we're seeing the conservative majority now really flex its muscle a bit on this topic that is of course a paramount interest to a lot of conservative Americans. New York has one of the strictest gun laws in existence. And there are lots of places where you're not even allowed to carry a gun. But what's happening now is the Supreme Court is essentially struck that down asked it to go back to the lower courts for some more discussion. As we heard at the top of the hour, New York City is not taking that standing down New York State is not taking that standing down. They're going to look for other options. They have to come back and try to still restrict movement. We've talked to professors and other folks who say you could create essentially a safe zone where no guns are allowed much as we see in airports and other places. That could encompass potentially the entire entirety of New York City. That will obviously be a spec subject to a court challenge as well. The other thing that the city is talking about in the state is talking about is added training. So making the permitting process even harder. And we saw in the decision today, there was concurrence there were concurrences by two of the conservative justices that talked about. They're still being the ability to put in place training requirements to put in place potentially red flag, requirements and other sort of state measures to limit permit access. What's interesting is that this is happening on the same day that the Senate is taking up gun control measures. Yeah, deeply ironic, that's right, exactly. Thank you so much, Tina, it's really appreciative of what you've done there. That's Tina Davis, of Bloomberg. In the meantime, let's go to one of those professors Rick pills. He's a true expert on constitutional law. He teaches at NYU. So professor, thanks for being with us. What about those two concurring opinions that Tina Davis just referred to? Yes, I think this is a very important part of the decision that is likely to be overlooked. So the kind of law New York had was a law that only 6 states altogether had. And the key thing about the New York law is in the view of the court, it left officials too much discretion to decide whether someone had a good enough reason to be able to carry a concealed weapon. But what the separate concurrence from chief justice chief justice Roberts and justice Kavanaugh say very clearly is there are 43 states that regulate concealed carry with objective requirements and those laws are fine under this decision in their view. And these laws in various states require things like showing you've met various training requirements. Showing that you meet various objective requirements that make you not a risk. So what's key here is that the New York law in the view of the majority left officials too much discretion, but the decision definitely leaves open. The ability of states and local governments to regulate concealed carry if they use legitimate objective criteria for doing so. And that's the direction I would assume that New York is going to take going forward, given the reactions to the decision so far. And we heard actually from mayor Adams Eric Adams of New York City earlier today as well as his corporation council saying they're taking a hard look at those permitting requirements what they could do about it. But do we have any sense at this point? How far they could take it and specifically going back to the opinion. They seem to put a real reliance on the notion of self defense that that was a central value of the Second Amendment. Do you think we could put whatever objective required to want? It provided us consistent with being able to have a weapon for self defense. I don't know about whatever objective criteria. So if the criteria are sort of a pretext to try to in effect prevent concealed carry, I would imagine the court might strike that down. But the separate opinions from justice Roberts and justice Kavanaugh chief justice Roberts say that the laws on the books that do things that require our mental health check that require a background check that require you to undergo fingerprinting for concealed carry, that require you to have training and firearms handling, the use of force. Those kinds of objective measures are ones that are available to states to use to determine whether an application for concealed carry should be granted or not. One other area that was intriguing was the idea of sensitive areas. They specifically mentioned things like schools and government buildings. What could that imply for a legislatures if they were inclined to do so to have some gun regulation despite this opinion? Yes, that's absolutely an important point to court recognized here that there is a history in the United States of preventing possession of guns in sensitive areas like legislative assemblies, courts, other kinds of places, presumably airports, and similar places. We don't know what the scope of that sensitive area will be. Justice Thomas does say the entire island of Manhattan can not be treated as a sensitive area under the analogies to the areas that historically were singled out as sensitive areas for gun regulation. But that's an area for sure that states and local governments are going to explore, and we'll have to see what exactly the scope of the boundaries are on the kinds of sensitive areas that can be specially singled out for prohibitions on concealed carry. For example, universities, classrooms, will those be considered appropriately sensitive areas for restrictions on concealed carry. Since a lot more litigation and legislation, thank you so much to constitutional law professor from NYU, professor Rick pildes. And this is Bloomberg.
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"The U.S. and some of these developing countries In the U.S. actually up through the summer we actually as part of the pandemic relief have made it much easier for kids to get free lunches reduce price lunches and schools throughout the country That's going to change next autumn because that money is going to run out and you can go back to the way it was before where you have to qualify individually for free lunches and reduce priced meals and that can be cumbersome and difficult school districts are going to start to face higher food costs which the U.S. government was kind of making up for those increases this year although next year they will also have your typical prior pandemic aid In some of these other countries they're actually school meals have also been a big part of the way that developing countries support families there And then some of those countries they've already cut back on school meals For instance in some parts of Kyrgyzstan they used to be giving out school meals 5 days a week They've cut it back to two or three days a week In other parts of Kyrgyzstan where they used to give hot meals they're giving like tea and tea and buns for school And meals And you're seeing the same things getting cut back There was one country in Africa where they haven't paid any of the vendors for months for school meals So that's going to be a problem Okay we're going to keep in touch with you We're going to keep watching it with you and see how this plays out Thank you so much Mike for taking the time with us Happy to do it Bloomberg's Mike dorning and that's what's going on in the nation's capital for more of our political news coverage tune in to balance of power with David Westin weekdays at noon Wall Street time and sound on with Joe Matthew weekdays at 5 p.m. Wall Street time right here on Bloomberg radio.
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"Separate data indicate business activity software Gita gopinath IMS IMF first deputy managing director tells Bloomberg the fed has its hands full with climbing costs Inflation in the U.S. is broad based So this is not necessarily supply story There's an important demand component to it I think it's very important for the fed draining inflation as soon as possible And even at the rates that we should start getting right now for some time we're going to be low real interest rates territories and negative real interest rates in many cases So that's still a common data for the economy So I do think they should not take the eye off the ball in terms of bringing in down inflation The S&P 500 is now down 1.9% down 75 The Dow is down 1% down 315 and the NASDAQ is down 3.1% down 354 The ten years up one and one 32nd with the yield of 2.73% West Texas intermediate crude is now down one half of 1% at one O 9 77 a barrel Comics gold is up 1% in 1872 40 ounce The dollar Jan one 26 51 The Euro a dollar 7 33 the British found the dollar 25 35 Silver's up 1.4% at 22 ten per ounce That's a Bloomberg business flash now more balance of power with David Westin On Bloomberg radio This is balance of power on.
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"It's the cover story of the upcoming issue Bloomberg businessweek Weekday afternoons at two eastern These are retailers that have been on everybody's radar Those Apple numbers continuing to come in On Bloomberg radio the Bloomberg business app and Bloomberg radio dot com This is balance of power on Bloomberg television and radio I'm David Westin Big news in the social media and the corporate world today as reports are that Elon Musk may actually be getting close to buying Twitter which he said he wants to do For a report we turn to our colleague now Ed ludlow who's really our specialist in this area So what's the latest Yeah sources telling us that the board and Elon Musk representatives worked the early hours of the morning to get a deal hashed out and that we're on track potentially for a deal to be reached as soon as today You look at Twitter shares are up 3.3 and a half percent to $50 62 cents a share That's a slight discount to the $54 20 cents per share offer that's on the table from Elon Musk It would value Twitter at around $43 billion The key piece of reporting is that Elon Musk is still receiving outreach and himself vetting potential co investors for the equity portion of this deal David Do you remember it split between $25.5 billion of debt including a $12.5 billion margin loan backed by $62 billion of Elon Musk Tesla stock but the remaining $21 billion is equity financing so Elon Musk has a choice either to front the money himself out of his own pocket or find co investors to get in on that portion of the deal but all signs are that Twitter's board is taking this seriously and something could come today So that's a lot of money $43 billion No question about it And at the same time how does the board know that that's the price that they should be selling at Because one of the issues for a board is you know they have to do shared duty to make sure they get the best price they can And I'm sorry I'm here to be better if he could hear it So I'm sorry so sorry Thank you so much for that report though It's a fascinating story And it's moved very very quickly obviously because there was a lot of question about whether he could get the financing for it We heard about that on Friday Now apparently the reports according to adar that they are getting close to a deal that could come as soon as today with Elon Musk and one of the interesting questions is how would Twitter be different if Elon Musk owned it It would be a private company of course which would be different on itself but he's made it clear that he wants to be absolutely open and free speech He tweeted just before we were on the air here saying that he hopes that his worst critics remain on Twitter because that's the purpose of free speech So Elon Musk apparently moving closer than perhaps we thought to buying Twitter Coming up.
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"Bloomberg television and radio I'm David Westin President Biden has traveled to Poland today to get an update both on the military situation as well as the humanitarian situation because over 2 million refugees now have fled Ukraine into Poland We turn now to our Bloomberg reporter she is Aggie cantrill and she is at Cheshire Poland just across the border from Ukraine So thank you so much for being with us Give us your update on the state of play with the refugees Yes so over 3 million people have crossed the border into various European Union countries and a huge amount of them over 2 million of them have come to Poland That is because of the huge land border that Poland shares with Ukraine And when we started reporting from here several weeks ago there were huge amounts of people crossing the border often with waiting times of over 60 hours in order to make that journey Now we're seeing it to have sped up significantly We're seeing the system here has become a lot more streamlined in the last month since the war began But we're now looking at what that means going forward These refugees have been able to cross the border but now it's a question of what isn't happening next for them how they're able to access the labor market and because many of them are minors many of whom are unaccompanied minors It's also a question of how they can be integrated into the education system whether they remain in Poland or whether they go to other European Union countries Is there a process for moving them beyond Poland or are the overwhelming number remaining in Poland for now A great deal of the refugees that I speak to want to remain relatively close to Ukraine with the hope that they will be able to return at some point soon However I'm also hearing from a lot of people who are looking elsewhere especially if they already know people in other parts of Europe I was speaking to a woman a couple of days ago whose mother is in Prague And so that's where she was going to go was going to visit her mother in Prague and remain with her I've also spoken to people who want to make the trip to Germany which is as you know taken in many refugees in the last several years also from Syria And so there is a lot of a sense from people that maybe they would be able to find something more in Germany potentially more job prospects or more access to education Thank you so much for being with us today but also all your terrific reporting for Bloomberg over there It's agron trill On the border between Poland and Ukraine We talked earlier with former treasury secretary Larry summers about the humanitarian toll in Ukraine And while not wanting to minimize in any way the suffering of the Ukrainian people he warned that that may just be the start of things I.
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"This is balance of power on Bloomberg television and radio I'm David Westin U.S. jobs numbers out today continue to paint a cloudy picture A lot of jobs openings but disappointing results and getting people to take the jobs available To get the view from a CEO dealing with the jobs market we welcome back now Nick pinchuk He is CEO of snap on Nick always great to talk with you particularly I want to know somebody who's doing the hiring and dealing with a lot of customers doing the hiring How do you see the labor situation in the United States today Well good to be with you David Do you know the labor situation for us as bad because you know I think one of the things that happened to us is during the recession we didn't lay anybody off We just kept our people on board We said we were going to keep investing in people and they were there The factories and the sort of warehouses were at their posts throughout the recession So there hasn't been any pause any singularity for the people in the offices They came back They all came back for us For us it isn't a problem Manufacturers in general have 900,000 jobs open So that's kind of a puzzle You know when we see the economy when I go out to the economy and I talk to people of work you know the people in factories the people in the mechanics in the garages they are primed and pumped We used to say that you know in fact we say that the COVID worked its way out in shock People were people didn't know what to do for the first few weeks Accommodation They said we're going to figure out how to do what we do our essential jobs while dealing with the virus Psychological recovery they came back and said we have confidence in the future but there's another phase exhilaration we're finding now People are so confident at the grassroots level because they got over the virus They were at their posts you know a lot of these people that I deal with we're at their posts when we could even give them masks And then there's that confidence that whatever happens they're not going to get shocked again And then there's the kind of collective collector thrill about being back together You know if you think back you know last time we had the flu it was the followed by the roaring 20s I think we're gonna see the roaring 20s again and that lasted for 9 years So I think an economy is terrific Yeah as long as it doesn't end the way it did in 1929 That was true It was 9 years later though you know That's right Good 9 years But Nick talk about those 900,000 manufacturing jobs What's the deal there Are those skilled jobs Are the people just not trained to do them Why are we having problems filling those 900,000 There's a couple of things One is is that it is there is a skills gap People aren't trained You got a lot of people I think you know one of the great opportunities these days is that there's been a kind of disintermediation in the service sector People aren't going back to the service sector because they see it as unreliable And so if we could train them we have a tremendous engine of training That is the community colleges all over this country and step on kind of works with them to try to match one thing is to match the curriculum to what you need in the jobs People are working on that And I think we can do that And there's a need for that But the second thing is manufacturing jobs and a lot of jobs in docs and on railroads and in trucking have a PR problem People view them generally as a consolation prize of our society They think if you settle when you take those jobs but those jobs are great jobs They keep they allow you to keep your family warm and safe and dry.
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"With David Westin from Bloomberg Radio. Apples, 10 Year relationship with epic games is unraveling in court this week. It's all about epics claim that Apple is using its market power to charge it too much for selling its games and apples claim that epic just doesn't want to play by the rules, Apple says. If you vote in at for a platform for school, you can only distributed through their store. They don't allow competing stores that's totally un American and uncompetitive in 2011, Tim Cook used epics Game Infinity blade to to show off Apple's new and powerful iPhone for S But apples relationship with the gamemaker went even deeper. In legal documents, Apple said it spent more than $1 million marketing games for epic and even provided round the clock tech support for the gamemaker way. Ask court isn't just a store. It's like a studio stocked with canvasses, brushes and paint the tools that artists need to create their works, and it's a gallery where they could display and sell their creations. Relationship began souring in 2017 with the release of ethics blockbuster hit Fortnight After that, epic CEO and founder Tim Sweeney began publicly criticizing apples payment system in which the company took as much as 30% of sales and blocked many developers from using other payment methods to avoid the feed. You can't have a tech monopoly dominating all all interactions between consumers and businesses on a scale of millions of users. The final blow to the relationship came with Apple removed fortnight from its APP store last year after ethic activated its own payment system analytics firm Sensor Tower estimates the APP store generated $22 billion in commissions last year for Apple from the $72 billion user spent on their devices for absolutely going to see some form of legislation.
Bloomberg Daybreak
J&J Looks for Partners to Ramp Up Supply of Covid-19 Vaccine
"And Johnson is looking for manufacturing partners to increase supply of its covert 19 vaccine. Johnson and Johnson CEO Alex Gorsky tells Bloomberg. He wants enough shots for 20 million Americans. By the end of the month. Korsky spoke with Bloomberg's David Westin, Let's listen into some of that conversation now. You've got eyes understand About four million doses ready to go. They came out of your Dutch facility are their manufacturing issues in Baltimore? Are you concerned at all about that? Now Look where we're on track with our plans. We do have approximately 4,000,003 40.9 that are literally on trucks right now being rolled out in the United States. We expect to do 20 million in March. On Look over the next several weeks. We've got to go through regulatory approvals on a few other processes. But then will you expect to hit a very strong cadenzas? I mentioned earlier so that we could be doing We will have done 100 million doses by the end of June and near a billion by the end of 2021 in route to a path of almost two billion by 2022.
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"Bloomberg Television and radio. I'm David Westin for Bloomberg. First word news. We go now to Mark Crumpton, David. Thank you. Republican senators are countering what they call the Democrats go it alone Stimulus plan How with a flurry of mostly nonbinding votes on Thursday, Gemzar boys to pass President Biden's nearly $2 trillion pandemic relief plan. Without GOP support. The president's stimulus plan includes sending $1400 checks to millions of Americans. Minority Leader Mitch McConnell says the votes will get senators on record on issues such as raising taxes on small business. House Democrats air heading into his showdown with Republicans over representative Marjorie Taylor Greene, the Democrats want to remove her from the two committees because of incendiary comments and her past promotion of conspiracies. Some Republicans have spoken out against Green, but the House Republican leader Kevin McCarthy, rejected calls for punishment. Manhattan saw Coop and condos double in comparison to last January, and this is the second month of contracts growth, according to Douglas Element, reports, buyers are sensing opportunities Cellar's open to negotiate price and mortgage rates hovering near record lows. The covert 19 pandemic pummeled New York City residential real estate. His buyers shuns city living for homes in the suburbs and other U. S regions. Global News 24 hours a day on Aaron on Bloomberg quick take powered by more than 2700, journalists and analysts. Over 120 countries. I'm or Crumpton, This is member thanks very much Mark. The Bank of England announced its rate decision this morning, leaving things pretty much as they were. But Governor Andrew Bailey tried to have it both ways when it came to positive possible negative interest rates on the horizon. We have said many times that we're not getting any signal on whether we would or indeed when we worked use negative interest rates. What we said, is that we think it's appropriate to Complements the tool that we could use so tool in the toolbox form or on the state of the British economy and beyond. We welcome now Jacob Kirkegaard from the Peterson Institute for International Economics, where he's a senior fellow. So Jacob, always good to have you with us. Let's start with England with Great Britain. The U. K What's going on with the economy? What did we learn today? It looks like they're not expecting growth they had hoped for this year. But maybe next year it gets better. Yeah. I mean, basically the central bank there is in the same has the same issues as most central banks in the advanced economies, namely, that they basically had to stay have done a lot already. And they had to sit back and wait now for to see how the pandemic place out to say, basically calibrate their policy responses. Fortunately for the Bank of England, they have a very successful vaccine rollout going on in the UK so they should therefore have I Thing, And they also said that they expect a fairly strong rebound to begin in the second half of this year continuing into next year. But at the same time, it's very clear that recent month and certainly the first quarter for the UK economy will be very tough on we are looking at a possible you know, contraction the first quarter of a double dip recession. What would negative rates do for them? How would that help them? Well, I mean, it's you know, to be perfectly honest. My my view is that it would be predominantly are arrive you negative rates, whether it's done by the TB, or anybody else. Uh, very much has to do with an exchange rate play because I am yet to be convinced that it has a huge impact on how you know banks calibrate their lending decisions or investors take decisions. Uh, so if you if you do it, it's typically to try to drive down your exchange rate, which may or may not have in effect in the U. K. A. I I don't know. But certainly you know, Governor Bailey was if you like to the passive aggressive about it, he said. Well, we're keeping our options open. But we're not. We really don't want to go there. But If you force us, eh? So let's move over to Italy, where there's a drama playing out yet again with government. We have Mara dragging the former president of the E. C. B now attempting to put together a government there, give us a sense of what he's facing, if, in fact he succeeds in pretty together a government Well. His is basic problem is that he's a technocrat and currently the biggest party in the Italian parliament, which is also currently in the government. The five star movement basically rose to its prominence in protest against the repeated technocratic government, led by You know other Marios Mary munchie during the euro crisis some years ago s o. They are going to faze. You know they're gonna have a very hard time supporting yet another technocrat on and obviously you have other parties, particularly on the right and the far right in Italy that are currently in opposition. They would love to have an election. Because they are going to. I used to going to the polls are going to be winning those elections. Then you have the traditional center right party, the PD party in Italy. Their main concern is to remain in power to be in a position to help pick the next Italian president, which, actually in my opinion, may very well turn out to be Mario Draghi. But that president is only the next president is only selected early next year s O. What I think we're looking at here is a sort of temporary technocratic government under the leadership of Mario Draghi that will probably be able to Competent the handle and begin the implementation of the EU's big recovery fund. That basically is a big fiscal stimulus. Also, it's silly, but I strongly doubt that Mario Draghi will be able to put together a governing majority in both houses of parliament. That's really going to be able to implement many of the economic reforms that Italy needs. And that indeed Mario Draghi when he was at the BB was advocating for countries like Italy. Well, that's what I wanted to ask. I mean, we all like fiscal stimulus. It gets us over. Ties is over. But you have to have structural reform. At some point, I think what is the structural form that he would have to try to pursue in Italy if in fact, Mario Draghi were to form a government Well, I think there are several been fundamentally eateries. Problem is it's low growth..
Bloomberg Businessweek
Johnson and Johnson says single-shot COVID-19 vaccine is 85 percent effective
"What's going on. When it comes to Cove in 19, and more specifically, Pursuit for more vaccines because we've got some big news from J and J Today. In fact, it's our top story on the Bloomberg In the past hour, Johnson and Johnson's one shot vaccine generating strong protection Against covered 19. They did him a large late stage trials, raising hopes that it can rapidly reshape US stumbling immunization campaign. We know the role. It has been really tough, but you've been pointing to the numbers preventing 66% Moderate to severe cases of covert 19, according to the company. Particularly effective stopping severe disease is preventing 85% of severe infections and 100% of hospitalizations and deaths. That's the number you've been focusing on. And it's a big one. All right, let's bring in our guest post op pulls his vice chairman of the executive committee, a change a also chief scientific officer at J and J and he joins us on the phone or actions should say Zoom. From New Brunswick, New Jersey. We also do want to welcome our Bloomberg TV audience. Who is joining who are joining us at this time? Um, Paul, it is so nice to have you here with us. First of all, Thank you so much and welcome. Talk to us about the findings. There's some difference statistics in terms of the efficacy. What is it that we need to zero and in on and what's really the most significant your view? So we did a very large study of 45,000 people in the US South America in Latin America in a totally different environment, where now huge transmission but also many variants or presence, and what we saw is that in the high in the severe disease We got a very high protection 85% against severe disease as well as 100% for death and hospitalization, and that across the entire study, including the South African study, and why is that important? That's 6000 people in South Africa, and we found that 90% of this train spread inside African strains, and we got even a better we got from 89% perfection in South Africa against the severe disease that 100% against hospitalization and other begins percent against that, so that shows that the vaccine is applications in in severe disease. Smell us against significant new strains. Given the results of this study, do you expect new and even more powerful variants to emerge in the future? Yeah, we have to stay very vigilant. There's so much fire a virus replication in the world. And now new vaccines being used and the virus is following the Darwin principles. The fittest survive, and they will take over as in in that race, And so you will see probably more variants. But strong immunity, antibody immunity and so immunity probably can overcome that. But we have to stay very vigilant and we have been able to do that with a single does, and I think that is going to be very effective in faster allowed as we are making a billion dollars in the course of the year. Well, let's talk about that. Because when you talked with our David Westin last fall, Paul, that's exactly what you talked about A billion doses you anticipated for 2021. So that's a real number. You expect it And can you give us an idea? That billion dose roll out. What does it look like over the next few months? So at the moment we are, we are setting up many of manufacturing plants in late stage. We are getting approval from different regulators in the world on that, so it's in full upscaling. And as we will deliver a billion over the year, it will be region by region, country by country. We work with the government to discuss on how much will be available when it will come in equivocator, but we are confident that we will be able to make Provide a billion in the course of the year. But what does that mean that? I mean, obviously, you've got get the emergency approval. So give me an idea of what the timeline is. I think we're all kind of Fixated on getting the vaccine so that our life can get back to normal. So what does the emergency approval process look like? And then when you actually anticipate getting vaccines into arms, and then at what rate Them so we will submit a filing next week. So we know that the data now for three days, we We worked on it that we finalized. That's what we published today. Next week will submit And then the FDA and Emma will have to do their work. The European fella to use a U. S agency will start their work and most likely towards the end of February will have an advisory panel bending of course decision off the FDA and then we'll see getting approval. Emergency use approve. Full and then in March will be able to start living vaccine. So you think a realistic timeline for us to actually receive Johnson and Johnson single dose vaccine would be March? It will start in the month of March, but they're also with US government. We have made an agreement over this off for several for 400 million vaccines to start with, I will keep up to that agreement to be able to deliver that. I'm wondering how you see this shot being used in the context of this is you call Pandemic Recovery tool kit, you know, especially fitting in with the Amarna vaccines that we see from during a and Fizer As well. The rollout of those has has been really tough here in the United States. There's been a lot of speed bumps, but you don't have to keep this one at a temperature for very, very cold temperature for a significant period of time. I mean, they're a lot of differences here. How do you see the rollout working in the context of these other vaccines? Well, it's it your point of the right thing. It's a single dose. So it one shot. You get this protection starting day 14 and and if you know, mature, said 28 even lot longer, so that goes fast. And then it It has to do it Celsius, which is normal refrigeration temperature for stability for three months so we can distribute in the country at normal refrigeration, which allows to get fractionated almost in every health care center pharmacy in a very simple way s O and that that will help and the single shot combined with that. And a high efficacy poor for severe disease. That hospitalization can have a very important effect. In addition, very short, very clean safety profile we have. We have not observed serious adverse events. No, an electric shock so further to be evaluated by the regulators. But that will also be an attractive feature with the very favorable safety profile. So that means that people who perhaps have not been in who had been advised against getting Marnie vaccine, This could be an option for them. Be an option, but it will be determined by the authorities who will get access first as this is emergency use application. It's ah, it will be distributed by the government. Hey,
Bloomberg Radio New York
"david westin" Discussed on Bloomberg Radio New York
"Is Bloomberg Wall Street Week with David Westin from Bloomberg Radio. President Biden wants to raise the federal minimum wage to $15 an hour a measure he included in his day one priority of passing a stimulus bill to support the economy people. Both parties now recognize it's time to raise the minimum wage. So hard working people aren't at least $15 an hour minimum. Moved to $15 an hour would be more than double the current minimum wage of $7.25, which hasn't been changed since 2009. If passed, it would provide a pay hike to nearly 400,000 Americans who are earning minimum wage Here's ever Corps co chairman and co CEO Ralph Last time I mean, a $15. Minimum wage basically gets you to the poverty line for a family of four. Until now, it's been the state's leading the charge in raising minimum wages, with 29 States and the District of Columbia already taking action here's former Massachusetts governor Deval Patrick, All of the evidence historically is that the economy grows after the minimum wage has been raised. It is not the burden that it is that It has been sort of told. Critics say that raising the minimum wage could come at the cost of millions of jobs like South Carolina Senator Tim Scott. But one thing that even the Congressional Budget Office recognizes its that by increasing the minimum wage to $15 an hour it could shatter. Somewhere around 3.7 million jobs on the high end minimum of 1.3 million jobs in our economy. One of those critics is Wal Mart CEO Doug McMillon. At a business roundtable event this week. The CEO agreed that $7.25 an hour is too low but called for a higher wage that takes into account geographic differences. And small businesses. Well, flash Stein again. Well, I think that the CEO of Wal Mart is making a sensible statement that one size fits all Isn't perfect. Some CEOs like some states are not waiting for the federal government to raise wages for workers, no matter what happens in the government level and federal level or the state level we have companies and I see the science and and I see companies are coming forward. We have to do what's right, which is bringing the minimum this new mission, these $15 to stop it. That was true. Bonnie CEO Hamdi, who Luca regional differences in the cost of living, and the timing of a potential hike in the minimum wage raises concerns with some economists. Here's Doug Holtz Eakin, the president of American Action Forum. I don't think it belongs in here. It's it's not stimulus is not relief. It gets in the way of recovery in the labor market on so I expect that to drop out our roundtable reaction to a rise in the room wage. Welcome now Wall Street. We contributors Larry Summers, who served as Treasury secretary under President Clinton, and then as director of the National Economic Council under President Obama. And Glenn Hubbard, who chaired the Council of Economic Advisers under President George W. Bush. Welcome to both you Lehman's So let's start with you what would be the effects on the economy? Overall of a rise to $15 an hour for the minimum wage? I reach Miss CBL from the question Whether Officer on the one hand you'd lose 1.3 million jobs. On the other hand, you take a lot of people out of poverty. You would take a lot of people out of poverty. I think I'm bounce. It's probably positive. I worry less about job destruction. And I worry that employers will stop paying benefits when they have to pay higher wages. Worried that employers will shift away from the most vulnerable and in experienced workers towards workers with more experience and more education. And so I think I probably prefer to see a more gradual approach and um, or differentiated approach to a meter minimum wage increase. But if we're gonna have a major, we're gonna have a minimum with the questions whether to do this or to do nothing. I would on balance favorite doing this. So glad Is there a third alternative to address perhaps some of what Larry is concerned about? I've heard it suggested that the problem with him in wages is essentially access attacks on the employer. Ah, better way would be to get money into the hands of people who need it. Through increasing the earned income tax credit because that's a tax on all of us is shared equally. It doesn't penalize you for employing people. I think that's right. I think President Biden got it right when he said people who work 40 hours a week should not be poor. That's a moral statement. It's an economic statement. But it's not a common on the minimum wage per se. I would think that the Yo TC and increase, particularly for child was workers. We have not received much work support from 90 Sea, and President Biden has talked about that and also big government support for training for community colleges. These are the kinds of things that could help raise the wages of low wage workers. So a gradual increase in the minimum wage may on balance. Be fine if it's gradual and not not all the way so fast. I think of building bridges to the future for workers is a much better idea. That's.
10% Happier with Dan Harris
Tara Brach: Making it RAIN
"Tar. Brock is a giant in the meditation. World and deservedly so she's got a PhD HD in clinical psychology. She treats people one on one and in psychological or a therapy setting. She also has done deep Buddhist teacher training and has gone on to found the insight meditation community of Washington which is an immensely popular community center in Washington has extremely popular podcast. And she's got a new book. It's called radical compassion so that's her bio but before we dive into the actual discussion. I want to read you a little bit of what I wrote about her. In my first I book ten percent happier because it's going to be up a lot of what is interesting about what follows in this conversation so I I encountered her when I went to a this is before I even and really started meditating that much I went to a meditation event here New York City and she was up on stage. I had a bit of a negative reaction. Here's what I wrote. The opening opening speaker was a woman in her fifties named Tara Brach. She had long brown hair and pleasant Semitic features. She was holding forth in a creamy clawing tone. The style was astonishingly effected artificially soft and slow as if she were trying to give you a rocky massage with her voice she exhorted us to love ourselves. Quote Unquote invited us to close our eyes and trust in the Oceanus in the vastness in the mystery in the awareness in the love so that you could really really sense. Nothing is wrong with me. I couldn't bear to look over at Jason. That was the friend I brought to. The event who I imagined must be silently cursing my name Brock. It closed with a poem that dramatic pause and finally a self serious Soto. voce thank you. So that's what my first impression of her was. I then ended up going back to the event the next day and to my surprise Tara ended up explaining something that was deeply useful so to me. I was aware of the basic theory of how mindfulness could work that. You could view your feelings non-judgmental but they didn't really understand how to apply it in my life and she explained it in a way that knocked it out of the park so when we read that section to my profound surprised. The person who unlock this mystery for me was Tara Brock driven by some unfathomable masochistic urge. And even though I knew mark my friend Mark Epstein wouldn't be speaking I had dragged myself self back to the ballroom for the second day of the conference at First Brock was driving me nuts with all of her ostentatious head bowing bell ringing and Nama stay saying but then she redeemed herself. She nailed the method for applying mindfulness in acute situations albeit with somewhat dopey acronym rain are Dr for recognize a for allow I for investigate and for non identification recognize self explanatory using my David Westin example. Sample David West and was my boss at the time in those moments after are even in the best light quite ambivalent meeting job number one was simply to recognize my my feelings by the way I had recently in this in. This story had a meeting with my boss that was my then. Boss was semi successful. Jabber one was simply to acknowledge my feelings. It's like agreeing to pause in the face of what's here and just acknowledge. The actuality said Brock. The first step is admitting it allow is where you lean in the Buddhist. Were always talking about how you had to let go but what they really meant is let it be or as brock put it in her inimitable. Way offer the inner whisper of Yes. The third step investigate is where things got truly practical sticking with the Western example sample again he was my boss at the time after. I've acknowledged my feelings and let them be the next move. would be to check out how they're affecting my body. Is it making my face. Hot My chest buzzy my head throb. This strategy sounded intuitively correct to me especially given that I was a guy who's been diagnosed post war. Depression had manifest itself in flu like like symptoms. The final step not identification meant seeing that just because I was feeling angry or jealous or fearful that did not render me a permanently. I angry or jealous person. Those were just passing states of mind. The Brock plans seemed eminently workable to me at as grading as she had seemed at first I now found on something comforting about her manner. She was after all a trained professional in both Buddhism psychotherapy that's Connor who had spent her life helping people? I realize is with a hot blast of self directed opprobrium that yet again I had been unfair. Okay so you're going to hear me. Talk to Tara about her. Her feelings about what I wrote. Yes kinda almost done. I promise you're going to hear me. Talk to Tara about her feelings about what I wrote and then over the course of the interview we're GonNa come back and ways they were very meaningful eating. I think to both of us to how I reacted to her feelings. And we're also GONNA talk about a lot more including her new book about how to use this rain technique in your own life so now to the delight of Connor. I'm GonNa shut up and here. Is Our Brooke. Nice to see you and you. I think this is the second time we've met. The first time we met in. My memory was backstage at some meditation event. And I remember being a little hesitant because I saw you there and I thought I made fun of her a little bit in my book and I didn't know how it was going to go but then you gave me a big hug. So a where are we with that are you. Are You mad at me for the little. It was actually a really great experience for me. Because you know everyb- it's fame and disrepute and you know and you made fun of me some and you also appreciated the thing that most matter to me. Which is the practice of rain and I figured you know I can survive this well? I've talked about this a lot a lot on the show. So my apologies to folks had to hear me hold forth on this too much but I got a three. Do you know what a three sixty review is. If you've ever heard I got one and it basically all the people in our many of the people in my life anonymously commented on my strengths and weaknesses and one of the weaknesses was being judgmental. It'll actually called myself out for that. I just read the passage where I described you in the book and at the end of the passage I basically say we. She's introducing reducing me to this incredible technique. Which is called rain which will dive into and look at me? What a judgmental jerk I am but you I think were really an early victim victim of mine On the score in the meditation world and there was a message for me in it too. Because I'm basically out to wake up and be able to to present things in a way that are going to reach people and I suspected for you my way was had too much of a A A kind of Louis to sweet flavor and I realized. Oh there's going to be a message. People like Dan that that's the way they receive it and I think as we keep ingrowing we just get more flexible ways. We present things so there was room for that. Yes I agree I think yeah you have a way of talking about this that works for hundreds of thousands of people my way of talking about it or thinking about it or acting it out in the world is very different and that's the importance of having many folks out there talking about the Dharma land on this new to me too. It's really it's really exciting to me. Actually and it's exciting when the dialogues happen because basically we're free when we all stretch say more go. Yeah the more first of all as a teacher. The more flexibility I have in how I present things in the more sensitive. I am to the different ways. People receive things the more effective I can be and as a practitioner For instance this morning I was talking to my husband about a book that right now. I'm Reading For the twentieth time. And it's I am that by three nurse Saga Datta and it's a book about non dual reality about seeing how it really constantly looking at. How am I getting identified right in this moment like really seeing past The coagulation of self often recognizing okay. I'm not this particular personality. I'm not this body and recognizing a larger sense of being and so we were talking about at that and I then I just said you know that is fantastic when my mind is quiet enough but if I'm caught in some anxiety for me to say oh I'm not this. Anxiety actually is a subtle way of pushing it away and what's more important as for me to feel the wave of anxiety and in some way I say okay this belongs this is part of this is a wave in the ocean you know and to actually feel it an opening to it and not resisting the identification actually dissolves so the pathway taught in the book that I'm riveted by right. This moment isn't the pathway at any given moment Qatar will at work for many people when they're stuck in a certain way so it just having that Keeping the whole domain of practice actes fresh though in any given moment. There's a an intuitive way to respond to what's arising now that actually deepens freedom and not going by road really is is actually what works in the most deep ways
Bloomberg Daybreak: Asia
Tesla's Elon Musk may be in contempt over tweet
"Well, some more drama at tesla today with the SEC facing a new round of fines on or punishments for allegedly. No, this is actually from the SEC on tesla, which is facing the fines or punishments for allegedly violating Elon Musk's agreement about what he does on social media shares. However didn't fall much on the news less than half a percent. Here are the views of David Westin. An analyst at MorningStar if you're cracked down too hard on them. He might just say I'm out of here. And you don't want that. It's a very tricky balancing act, and you've got a lot of friends family and very strong cheerleaders now on the board and people like Larry Ellison. They're not going to tell the on what to do they believe any long long-term, even so not so good to have your CEO facing, a contempt action from the
Bloomberg Best
China's economy grew 6.6% in 2018, the lowest pace in 28 years
"On that from Bloomberg's Ramy Inocencio. Economists who have studied the US China trade gap say it will be hard to eliminate since. It's caused in large part by US demand. For Chinese products is also not clear how quickly US farmers and companies would be able to meet the increased Chinese demand. Exporting more US liquefied natural gas to China. Could also be tricky because new export terminals could be needed to growth, South Korea's January. First twenty days of export numbers down fourteen point six percent. And there was a twenty three percent drop in shipments to China. Let's check the markets. The Hang Seng index is up a third of one percent. Shanghai composite is up seven tenths of one percent. Stocks are flat in Seoul. And the Nikkei is now four tenths of a percent in Tokyo. Global news twenty four hours a day live in talk on Twitter, powered by twenty seven hundred journalists and analysts in one hundred twenty countries. In Hong Kong, I'm Bryan Curtis. This is Bloomberg. You're listening to Bloomberg best on Bloomberg radio. I'm June Grosso. And I'm Ed Baxter. Volkswagen of America. Ceo, Scott, Keough sees a major growth opportunity incidents and says it's still a segment worth pursuing. Bloomberg's David Westin spoke with Keough. So let's talk about your relatively new job. You had a lot of
Bloomberg Daybreak: Europe
Welcome to China, Tesla
"Television here's david westin tesla electric automaker is said to be planning on building a plant in china with a five hundred thousand cars per year for more we're joined now by bloomberg opinion collins alex webb from one so alex is this a surprise the texture is going to start making their cars over janet it's actually been telegraph for the wild that they've got they've got something coming in china the thing particularly interesting is the kind of the trend in this is sort of in in the western hemisphere that you know they are struggling to meet production numbers they finally met them in in the last week of june but they also say they don't need more capital building a factory is clearly not a cheap enterprise and it doesn't just they will need more capital in some form how realistic is that they can actually build a plant in the foreseeable future will make five hundred thousand cars they have trouble making cars back here in the united states i mean some slack might say that lessons they've learned from the mistakes they made with the with the park plot in fremont how they can apply those going forwards it might be easier but yes it's very very valid question they you know they not met pretty much any of that targets until very very recently so going from fourteen thousand vehicles which is what they currently sold in china last year to making five hundred thousand that is a huge huge jump hear more interviews like this one on bloomberg television streaming live on bloomberg dot com and on the bloomberg mobile app or check your local cable listings this is big global business news twenty four hours a day bloomberg dot com ticked off on twitter this is a bloomberg business.
Bloomberg Best
Scaramucci says trade war, bad
"A four point seven five billion dollar venture with longtime industrial partner embraer a move that will bolster its arsenal in the newest battlefront with airbus and that is the market for smaller jetliners boeing shares up today by one tenth of one percent stocks returned from holiday break with a strong advance led by technology shares even as markets prepare for tomorrow's jobs report and the implementation of fresh tariffs tonight between the us and china s and p five hundred index best day in more than a month of twenty three points up by nine tenths of one percent the dow up one hundred eighty two points up about eight tenths of one percent nasdaq up eighty four pop one point one percent and that's a bloomberg business flash bloomberg best through june grasso and ed baxter vinci a trade war will be very bad for the american worker and for republicans going into the midterm elections that is the thought of former white house communications director anthony scaramucci he joined bloomberg's david westin discussed the trump administration's trade policies tell us about your views on the trade policy the white house because you've been pretty outspoken say you think they'd gone too far okay so listen it's not very clear it's not critical as much as it is a i like the direction of the policy because we've had it balances fifty or sixty years that has to be addressed what i'm questioning or the tactics because they betrayed initiating even a trade battle if you will i think it's going to be very worker former potentially bad for the republican party going into the election so there's a number of different tactics at the president could deploy now that can help achieve the goal all american businesses a great for all americans on concerned about the bellicosity the rhetoric and i'm concerned about putting other politicians in a spot where they can't do anything other than retaliate because they have to look to their various constituencies as well so so i'm hoping that under the surface here david there's a hardcore negotiations going on right now and hopefully it'll be forty eight or seventy two hours that we're going to a potential trade battles flash war the president taken on canada and mexico nafta also taken on europe at the same time what about those tactics of china is really the problem why not marshall all those people together to turn on china and deal with the other issues later well i said as much on twitter i said as much on actually writing a piece on this right now the the president be well served to go to our traditional allies who have same problem with china if you read any of the speeches many the trade representatives eu trade representative say the same issue with china the combined forces of the eu and the united states over a billion people at roughly forty six percent of the world cdp that would be a better topic oh that's a good example another another tactic is to resolve the situation i think the president is close up express last week of reluctance he decided to deal but he's there signing the deal with strengthen the stock market it would fortify our closest neighbours it would come down that system that rhetoric then he could switch gears at focus on china i think the end of the day even the chinese recognize that they've taken advantage of the system and the world trade organization to the world trade organization the country since the year two thousand there now the second largest economy and so they recognize it there has to be a ratchet put it place to to the position that they deserve today so thing that can happen the rhetoric causes a brief flex if you will reflect city on the part of other leaders so hard at the top level at twitter fair jerk reaction if they hit back even though that the president is right as it relates to the balances and so two very good course corrections in the last ten days one was the child separation policy was on lowering the flag as a result of the of the tragedy that took place with the people that were were killed fortunately and so he did adaptive guy he's an entrepreneur and i'm hoping he uses all the tools in his gearbox here shifted to the white ear where he could avoid a problem for the market economy data you watch the market every day and you don't wanna lose the psychological benefits the.
U.S. top trade diplomat says 'nobody wins' trade war but readies China action
"Global breaking news network for twitter in the oil market wti crew jumped more than two percent in new york that was on reports of an unexpected decline in inventories last week the api data was said to show the largest drop since early january wti crude right now sixty three eighty three we check markets every fifteen minutes here on bloomberg no trading at the cash market in tokyo given a market holiday there it is the first day of spring in hong kong hang sang better by one and a quarter percent shanghai composite is ahead six tenths of one percent the kospi higher by less than one tenth of one percent and in sydney the asx two hundred is ahead one tenth of one percent us ten year treasury last quoted in new york at yield just under two point nine zero percent global news twenty four hours a day powered by more than twenty seven hundred journalists and analysts back to bloomberg best as the us considers tariffs of up to sixty billion dollars of chinese goods investors are going word of a trade war bloomberg's david westin and alix steel spoke with equity group investments founder sam zell for his views how concerned are you today that we could end up in a trade war with china well thank the good news is the china is done so well off of us that they have real motivation maybe greater than we do not have a trade war when china was admitted to the wto the assumption was that the concessions that were made to make that happen would encourage china to become more profitable more middle class and therefore more like the developed world unfortunately that hasn't happened.