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>> THIS IS "BLOOMBERG BUSINESSWEEK DAILY," REPORTING FROM THE MAGAZINE THAT HELPS GLOBAL LEADERS STAY HAD WITH INSIGHT ON THE PEOPLE, COMPANIES AND TRENDS SHAPING TODAY'S COMPLEX ECONOMY. GLOBAL BUSINESS, FINANCE AMTECH NEWS AS IT HAPPENS. "BLOOMBERG BUSINESSWEEK DAILY" WITH CAROL MASSAR AND TIM STENOVEC LIVE ON BLOOMBERG RADIO, TELEVISION AND BLOOMBERG ORIGINALS. CAROL: GOOD AFTERNOON. IT IS A FED WEDNESDAY FOR A COUPLE REASONS. IT IS JULY 15, 2026. CAROL MASSAR WITH TIM STENOVEC. TIM: IS IT HARD ENOUGH FOR YOU?

CAROL: [LAUGHTER] I HAVE NOT BEEN OUTSIDE SINCE I WALKED IN THIS MORNING. IT IS ON OUR MIND AND IS THE AIR QUALITY. IN TERMS OF IT BEING A FED WEDNESDAY, KEVIN WARSH ON A CAPITOL HILL FOR A SECOND DAY. WE ARE ALSO AWAITING THE RELEASE OF THE FED'S BEIGE BOOK. I AM THAT YOU ARE GLUED TO THE FED'S WEBSITE. TIM: AND THE TERMINAL. IT COMES LITTLE AFTER 2:00. WE WILL BRING YOU THAT AS SOON AS WE GET IT. MIKE MCKEE WILL BE JOINING US. HE IS IN IDAHO. WE LOOK FORWARD TO TALKING TO HIM. CAROL: SOME ANNOUNCEMENTS FROM HIM ON INFLATION. WE GOT THE PPI THIS MORNING. A CHIEF INVESTMENT STRATEGIST WILL TALK ABOUT WHY TECH REMAINS THE SECULAR BULL MARKET SECTOR. SHE WILL TALK EARNINGS BACKDROP. SHE LIKES SEMI CONDUCTORS. TIM: OPENAI, FRESH OFF A LAWSUIT ACCUSING IT OF STEALING TRADE SECRETS. MARK WILL BE STOPPING BY. CAROL: TALK ABOUT TIMING. TIM: A BLOOMBERG EXCLUSIVE. CAROL: WE WILL GET A READ ON THE CONSUMER, THE BAR AND PUB SPACE AND THE WORLD CUP WAS SOMEONE WHO HAS BEEN IN THE FOOD SERVICE INDUSTRY. WE WILL TALK WITH THE PRESIDENT OF SILVERCHEF U.S., JON JACOBS. TIM: I HAVE SOME BEIGE BOOK HEADLINES. ECONOMIC ACTIVITY INCREASING AT A SLIGHT TO MODERATE PACE. ONE DISTRICT REPORTED NO CHANGE. THE PACE OF GROWTH WAS CLOSE TO THAT OF LAST PERIOD. IT WAS FLAT IN ONE AND DOWN IN ONE. HIGHER PRICES FOR A FEW DAMPEN SALES IN OTHER CATEGORIES SO PEOPLE SPENDING MORE ON GAS AND LESS ON OTHER THINGS. SEVERAL DISTRICTS NOTED DECLINES. TOURISM WAS UP WITH SOME DISTRICTS RECEIVING BOOSTS FROM WORLD CUP VISITORS. AUTO DEALERS REPORTED LITTLE CHANGE IN SALES. CAROL: IT IS ANECDOTAL EVIDENCE, A SNAPSHOT OF ECONOMIC CONDITIONS ACROSS THE 12 FED DISTRICTS. WE WILL DIG INTO WHAT TIM JUST READ WITH MIKE MCKEE. WE WANT TO GET YOU CAUGHT UP ON THE MARKET ON THIS WEDNESDAY. WE HAVE SEEN STOCKS BOUNCE OFF OF THEIR LOWS. STILL DOWN ON THE NASDAQ 100. CHARLIE: HERE IS WHAT IS GOING ON. A LOT OF MOVING PARTS TO THE MARKET. I HAVE YOU COVERED WITH THE S&P UP 26. A GAIN OF JUST ABOUT .3%. THE INDUSTRIALS UP 164 POINTS. NASDAQ HIGHER BY 156 POINTS, .6%. TECH STOCKS, THE NASDAQ 100 TUMBLING BY .3%. ALL OF THIS WITH ANOTHER ROUND FOR SEMIS. THE SEMICONDUCTOR INDEX IS DOWN 2.4%. 10 YEAR WITH KEVIN WARSH ON CAPITOL HILL, 4.54%. GOLD UP $13 THE OUNCE. UP .3%. WEST TEXAS INTERMEDIATE CRUDE DOWN .6%. $78.90 A BARREL FOR WTI. WE HEARD FROM MORGAN STANLEY THIS MORNING. STOCK TRADESRS SET ANOTHER QUARTERLY RECORD. A 69 PERCENT JUMP FROM ITS PREVIOUS ALL-TIME HIGH. MORGAN STANLEY SHARES UP 20%. GOLDMAN SACHS UP .2%. OTHER HEADLINES. ANTHROPIC PLANNING AND IPO INVESTOR MEETING AS IS MEGA LISTING YEARS. SPACEX TRADING AROUND ITS IPO PRICE. FOR MUCH OF THE DATE WAS TRADING BELOW THE $135 LEVEL. SOURCES TELL THE YANKEES ARE IN ADVANCED TALKS TO RAISE $3 BILLION OF FINANCING FOR APOLLO GLOBAL MANAGEMENT. IN THE NORTHEAST, IT IS HOT AND THE AIR IS BAD. EXTREME HEAT TESTING POWER GRIDS AS AIR QUALITY DROPS FROM WILDFIRE SMOKE DRIFTING IN FROM CANADA. NEW YORK CITY'S AIR QUALITY INDEX HAS A RATING OF UNHEALTHY FOR EVERYONE. S&P UP .4%. THAT IS A BLOOMBERG BUSINESS/. CAROL: APPRECIATE THAT. CHARLIE PELLETT. WE WANT TO GET BACK TO WHAT WE HAVE IN TERMS OF THE BEIGE BOOK. TIM READING SOME HIGHLIGHTS. IT IS AN ANECDOTAL READ FROM REGIONAL BANKS. PART OF THE FEDERAL RESERVE. ON LABOR MARKETS, PRICES, ECONOMIC ACTIVITY. TIM: PRICES INCREASE MARTYRED FAIRLY -- PRICES INCREASED MODERATELY. ON THE LABOR MARKET, EMPLOYMENT ROSE. SEVEN DISTRICTS EXPERIENCED LITTLE TO NO CHANGE. THE OVERALL ECONOMIC ACTIVITY IS ONE I'M FOCUSED ON. IT DOES SAY ECONOMIC ACTIVITY INCREASED AT A SLIGHT TO MODERATE PACE IN 11 OF 12 DISTRICTS IN LATE MAY AND JUNE. CAROL: LET'S GET TO IT. THIS IS COMING ON A DAY WHERE FED CHAIR KEVIN WARSH IS ON CAPITOL HILL BEFORE THE SENATE BANKING COMMITTEE. A BROAD-BASED COOLING IN SOME KEY CATEGORIES THAT WERE BOOSTED IN RECENT MONTHS BY THE FALLOUT FROM THE WAR. IN TERMS OF KEVIN WARSH, WE WANT TO GIVE YOU WILL HIGHLIGHT. HE WAS PRESSED BY DEMOCRATIC SENATOR CHRIS VAN HOLLEN. CHAIR WARSH SAID BEFORE I RAISED MY RIGHT HAND HE HAS NOT TRY TO INFLUENCE THE CONDUCT OF MONETARY POLICY. >> HAVE YOU OR HAVE YOU NOT HAD PR -- COMMUNICATIONS WITH PRESIDENT TRUMP. I DO NOT WANT TO BE IN THE >>. THEY CHOSE AN INDEPENDENT GUIDE TO DO AN INDEPENDENT JOB AND THAT IS WHAT I PLAN ON DOING. OVER THE LAST SEVEN WEEKS, GIVEN THE DECISIONS WE HAVE MADE, IT IS NOT JUST WORDS, IT IS ACTIONS. CAROL: THAT' IS FED CHAIR KEVIN WARSH. BLOOMBERG TV AND RADIO CORRESPONDENT MICHAEL MCKEE IS AT THE 13TH ANNUAL ROCKY MOUNTAINS SUMMIT. HE IS IN VICTOR, IDAHO. SHOULD WE START WITH BEIGE BOOK?

ANYTHING HELPFUL? MIKE: NOTHING REALLY HELPFUL. THE AIR HERE IS A LOT BETTER THAN IN NEW YORK CITY FROM WHAT I UNDERSTAND. THE BEIGE BOOK TELLS YOU ABOUT WHAT PEOPLE WERE THINKING BEFORE JULY 6. THAT IS THE CLOSING DATE FOR THIS BEIGE BOOK, PREPARED BY THE FEDERAL RESERVE BANK OF CHICAGO. WHAT IS INTERESTING TO ME IS IN THE SECTION ON PRICES, THEY TALK ABOUT BUSINESS THIS THING PRICES ARE STILL GOING UP IN THOSE AREAS. THAT WAS ABOUT A WEEK OR SO AFTER, IN THEORY, THE MEMORANDUM OF UNDERSTANDING STARTED PUSHING OIL PRICES DOWN. THERE IS A LAG. THE INFLATION WARNING IN THE BEIGE BOOK COULD BE A LITTLE OUT OF DATE. I WOULD SAY IT IS OUT OF DATE OTHER THAN THE FACT WE ARE SEEING PRICES RISE AGAIN FOR ENERGY. CAROL: REMIND US WHEN THIS DATA SET WAS TAKEN. MIKE: THEY BASICALLY COLLECT DATA BETWEEN THE TWO FED MEETINGS. THE LAST FED MEETING IN JUNE WAS ON THE 17TH. BETWEEN THE 17TH AND JULY 6 WAS WHEN THE DATA WERE COLLECTED. THE BANK GOT INFORMATION FROM OTHER BANKS AROUND THE NATION. AS TIM WAS POINTING OUT, A WIDE VARIETY OF THEM WERE SEEING INCREASES IN PRICES. THE LAG EFFECT OF THE WAR IS DEFINITELY ON VIEW IN THIS REPORT. TIM: CONSUMER SPENDING RELATED TO OIL PRICES. CONSUMER SPENDING HAS HIGHER PRICES FOR FUEL DAMPENING SALES AND OTHER CATEGORIES. SEVERAL DISTRICTS HAD DECLINES IN SPENDING ON DISCRETIONARY ITEMS. IS THAT MORE OF THE SAME?

IS THERE ANYTHING NEW IN THAT WITH REGARD TO DISCRETIONARY SPENDING? MIKE: ESSENTIALLY IT IS THE SAME THING WE ARE HEARING FROM ALL THE RETAILERS. WHAT WE HAVE BEEN EXPECTING TO HEAR. PEOPLE TRADE DOWN, MORE MONEY GOES INTO GASOLINE AND LESS MONEY GOES INTO OTHER DISCRETIONARY PURPOSES. TOMORROW WE GET THE RETAIL SALES REPORT FOR JUNE. WE WILL SEE IF THAT PLAYS OUT. I WOULD EXPECT TO SEE A BIG INCREASE IN GASOLINE STATION SALES. THE LAG EFFECTS OF THE PRICE LYNN INCREASES WERE STILL IN GAS PRICES. YOU WILL PROBABLY SEE SOME OF THAT TOMORROW. THE QUESTION IS WHAT HAPPENS GOING FORWARD?

JULY AND AUGUST RETAIL REPORTS WILL BE MORE IMPORTANT TO THE FED. THAT IS BACK-TO-SCHOOL SEASON. WE WILL SEE IF PEOPLE ARE REALLY CUTTING BACK OR THEY FEEL LIKE THEY CAN KEEP SPENDING. CAROL: I DO NOT KNOW WHAT IT IS ABOUT YOUR ECONOMIC AND FED TYPES BUT WHEN YOU DO A SUMMIT YOU ARE IN COOL PLACES. [LAUGHTER] TIM: PORTUGAL, IDAHO, JACKSON HOLE. CAROL: WHAT IS REALLY GOING ON?

MIKE: WHAT IS REALLY GOING ON IS BUSINESS PEOPLE AND ECONOMISTS ARE COMING TOGETHER. THERE IS NO FISHING GOING ON, NO HORSEBACK RIDING. IT IS ALL TALK ABOUT THE ECONOMY. I WAS SITTING WITH PAUL, THE FORMER PIMCO ECONOMIST AT BREAKFAST AND WE WERE TALKING ABOUT KEVIN WARSH. CAROL: WHAT DID HE SAY?

REAL QUICKLY. MIKE: THE FEELING IS WARSH HAS TO EARN HIS CREDIBILITY. HE DID SAY HE THOUGHT THE ECONOMY COULD USE LOWER RATES WHEN HE WAS TRYING TO GET THE JOB. HE IS BUILDING THE CREDIBILITY WITH THE MARKETS. HE SAID THE MARKETS ARE UPSET WITH HIM. I DO NOT