>> good morning and welcome to

"bloomberg daybreak: europe." nvidia reporting blowout earnings. stocks mixed after the earnings story and fed minutes that reiterate the central banks cautious approach. binance and a ceo plead guilty to criminal charges and agree to pay $4.3 billion fine. authorities say the crypto exchange funneled money to hamas and militant groups. israel approves a deal to free 50 hostages in return for a four-day pause in fighting. as well as the release of some palestinian prisoners. first, a quick check on markets. a lot of the trade might have to do with the volumes story. it is thanksgiving in the states tomorrow, so you will see muted trading in united states.

and around the world. that is the story we are seeing in europe and asia. euro stoxx 50 futures virtually unchanged. a similar story in the u.k.. no real momentum or conviction despite conflicting stories. the nvidia earnings, big tech, the geopolitical conflicts seeping into their numbers. how much exposure to you want to the u.s. tech sector given the volatility in the last four days? there is a little underperformance in the nasdaq, down 0.2% you also have this consensus call that the higher for longer narrative, but not as hawkish as before. if chairman powell is trying to reiterate that message, they did not do it through the fomc minutes, saying the cautious approach is what is needed to

reevaluate and move forward based on the data we get. that is where the cross asset picture becomes important. in the bond market, not a ton of movement. only higher one basis point this morning but the 10-year yield, higher by the same margin. across the curve from the two-year to the 30 year, very little movement. that tells you the fx space may have a similar trade. all this could change when we get more volume. let's get a quick check on the asian markets. >> today in the asian region, it is about the fed but more importantly it is about nvidia given how it did not meet the

high expectations. this session we are saying the ai related stocks slumping. as well as the taiwan dollar. we are also seeing and adjusting move in the chinese currency. look at how the yen is faring, it has rallied from a week ago. just to show you how some of these are faring, this is an adjusting move even how the pboc earlier today set the strongest fixing on the daily reference rates since june. it clearly suggests and signals to the market that it is not letting up, it wants strength in the chinese currency. also noting a separate development, reuters reporting the next head of the forex

regulators in the country. this is a finance veteran. that announcement could come as soon as this week. kriti: we are watching that closely. thank you so much. breaking headlines right now. when it comes to openai, sam altman will return to openai as ceo. these negotiations have been going on. it was unclear what that looked like that there is a preliminary agreement in place at the moment. some of the finer details are getting hammered out. it looks like the board is changing up. when you look at previous members, it looks like we will get brett taylor on the board

creating more support for sam altman when it comes to how the company chooses to move forward. i want to get instant analysis. we are joined by bloomberg intelligence and our tech guru. what do you make of this? we knew there was difference whether or not sam would return to the company but what do you think? >> i'm not surprised. particularly in light of the employee revolt over the last few days. i thought he would come back. it is the right place for him to be. the play microsoft made to give him support was helpful. if he had not come back, there was a risk that openai would completely unravel. there is too much skin in the game for that to happen.

now we know he is going back. how significant of a change it will be, it is great he has a supportive board around him more commercially minded. it will be interesting to see if the nonprofit structure changes. there could be a big ticket ipo off the back of this. when will they look to monetize? kriti: we still not know the true story as to what led to the falling out. this is an interesting dynamic as to how the strategy changes. let's go from microsoft to nvidia. a massive blowout earnings yesterday, talk us through these numbers.

their guidance seems to be significant stronger but the stock did not appreciate what they saw. >> 12% beyond revenue, 20% beyond earnings and similar for the next quarter. you feel you deserve a better reaction but the stock has been on a tear. dated 18 billion of revenue, expectations for 16, and now talking about 20 billion. there are a couple issues around the sides. some investors question if they can sustain this amazing momentum. one is that china situation, 25% of sales. those constrained markets. they have guided to a significant slowdown. they are still confident about the midterm outlook.

there is a question mark. at the moment they are the only game in town on ai chips. microsoft and aws are building their own. they talked about the enterprise market as a big source of growth. there will be a two way pole between the bulls and the bears about the earnings update. kriti: it feels like the positioning story is so important. it feels like an unwinding of these positions, a 200% increase in one year for nvidia. i want to go from tech to industrials. thyssenkrupp will be having a 2.1 billion euro impairment loss for the full year of 2022-2023.

as we get more developments, and they are reporting the fourth quarter at a loss, we will bring you the details. at the moment, a little weakness in the numbers but they are having constructive talks. as we get more information, we will bring that to you. binance and it ceo pleaded guilty to anti-money laundering and u.s. sanctions violations. the settlement allows the cryptocurrency exchange to continue operating. emily nicole has been all over this story. walk us through the crimes and accusations and binance's response. >> binance has been accused of quite a few things but in this instance, three charges, money

laundering, operating unlicensed in the u.s., and u.s. sanctions violations. the ceo admitted to criminal charges. the binance exchange will pay $4.3 billion in fines. the ceo will pay 50 million. he is expected to face a jail sentence that will be deferred. it is not rosy at binance. kriti: something we will keep a close eye on. we talk about how much these exchanges are regulated and who they were helping fund, you can see there has been a next to push setting the regulation for the future. thank you for joining us with that update. we come back to the u.k., chancellor hunt will deliver his autumn statement later today. plans for boosting growth in the context of a likely u.k. general

election next year. lizzy burden is all over the story. lizzy: at noon we will have the prime minister questions in parliament. then they autumn statement from the chancellor, jeremy hunt. he is under extreme pressure and in response to that the shadow chancellor will give her arguments. that is the politics. alongside the statement we will have the forecasts for the budget of fiscal responsibility. we will look at the growth forecast and how much leeway the chancellor has to play with for tax cuts in public spending increases before the election you mentioned. today we are expecting a focus on growth, a commitment to make full expensing permanent that allows you to claim back your investment against her corporation tax. then a cut to individual taxes.

national insurance is the one the times reports will be the retail office. some thing to boost long-term investment but something for conservative mps to dangle to their constituents. kriti: something we are watching closely. lizzy burden all over that story, thank you. do not miss our interview with darren jones at 9:00 a.m. london time. we will have special coverage of that statement are today. jeremy hunt is due to speak at 12:30 u.k. time. all the coverage here on bloomberg. stick with us. this is bloomberg. ♪

kriti: welcome back to "bloomberg daybreak: europe." president biden has welcomed an israeli deal with the moss that will free up 50 hostages from the gaza strip. it was mediated by qatar and includes a four day pause in fighting. walk us through what we know about this deal. >> yes, this broke out early in

the morning hours, a statement from israel and hamas, this is the first lull since october 7 when the attacks were launched. we know hamas has agreed to release 50 hostages, women and children. that release will come with a four day cease-fire in the north and the south of gaza as well as six hours per day of halting air traffic in the north of gaza. we know this pause will allow the entry of hundreds of trucks to bring in humanitarian aid, fuel, medicine into the north and south of gaza. it halts air traffic for four days. during this pause, israel has promised not to target or arrest

any civilians in gaza. this is mediated by qatar, and the foreign minister tweeted he is happy about this deal that was arranged with the help of the u.s. and egypt. kriti: is this the moment we have been waiting for in terms of de-escalating the conflict? >> we do not know for sure but we know prime minister netanyahu said it is nonsense to assume this war would stop after this pause. he said the war will not stop until the return of all the israeli hostages kept in gaza at the moment. we do not know if this will de-escalate for the short term but this is the lowest point since early october when hamas launch the attacks against israel. kriti: what do the next 24 hours

look like? >> for the next one he four hours and coming days we expect israel will make public the names of 150 palestinian visitors it plans on releasing. when those names come out, we expect israelis to appeal in courts against the release of those prisoners. we expect the american citizens who have been caught up in gaza will be released. those are things that will happen during the four day pause. we will continue to report on what the expectations are of a broader de-escalation over the next few weeks. kriti: thank you so much for that insight. more people are getting involved with this story. south africa's president has

accused israel of actions tantamount to genocide in gaza. his comments came during a summit where the group called for a cease-fire in gaza. the outcome of this meeting after some powerful language. >> what we have heard is one of many things in terms of criticisms from the president in terms of the conflict in israel. the outcome of this meeting, we can look at it from different lenses, there was the statement with a number of issues they agreed on, a peaceful resolution of the return of hostages. the underlying theme of this meeting seem to be the global south efforts to assert their influence into global c onflicts.

brics plays a vital role in an effort to achieve peace. we did not see any joint declaration from this group but we did hear them continuing to criticize what they believe is on the israeli part but condemning what they see as a lack of diplomacy efforts from the west. that was the overhang with this meeting but going forward we can only expect the criticism to continue. vladimir putin is very critical of the diplomacy efforts. we heard from saudi arabia and we should expect the global south and these brics leaders which encompass 11 nations will continue to assert their voice in these global conflicts because they see their role as being critical to resolving a number of these, even in this situation it may not have had a drastic effect. kriti: we are six weeks out from

the original conflict. it is interesting how many crosscurrents there are around the world. plenty more ahead. stick with us. this is bloomberg. ♪ is $14.63, please. $14 girl, what is you doing? but making smoothies is such a hassle. not with blendjet. what's going on? shhhh. hold that thought. just pour in some milk, throw in some frozen fruit,

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"bloomberg daybreak: europe." i'm kristi gupta. citigroup is in discussions for a direct lending strategy by january, the latest foothold in the booming private credit market. the initiative could include teaming up with one or more outside partners to provide capital for loans which citigroup would originate. private credit funds are providing a record 4.5 billion euro loan to back the buyout of

adevinta. the deal led by blackstone values the norwegian firm backed by ebay at about 14 billion euros, including debt. in sweden north whole has unveiled its first sodium ion product. it does not require lithium, nickel, coble or graphite. north volt says it makes the product more cost-effective and sustainable. the first models are designed for energy storage but coming generations may deliver a higher energy density for vehicles and limit their reliance on the rare earth metals. france's top diplomat is visiting china after european probe into china's ev's are raising fears for european

carmakers who are exposed to rising imports of cheaper ev's from china. france is expected to unveil support for french carmakers. the iconic carmaker, ferrari, is embarking on a new era as it transitions to electric. francine lacqua sat down with the ceo. >> we have a specific and detailed process. we have a prototype. we have the final product that is very much detailed. it takes several quarters. we tested the car in different conditions but it is very interesting. francine: what are you most excited about, the sound? >> the driving emotion, the

performance. they go together. it is like the wheels moving at the right speed altogether, and encompassed by sustainability. kriti: the ferrari ceo speaking to francine lacqua. you can watch the full interview on "leaders with lacqua." a lot to digest but a quick recap on information in the last 30 minutes, when it comes to openai, sam altman and ousted leader is now signaled to come back. the board announced he will come, and he has tweeted saying he is excited to take on the role in return. in terms of what the board looks like, part of the negotiations in terms of his return has been

this idea that not only will he need new supporters in the board but some of the people who voted to oust him might stay. the new board will include adam d'angelo, most well-known for being the cofounder and ceo of cora, he was one of the people who ousted or voted to oust sam altman. brett taylor has a big resume, he was a board number on shopify. and chairman of the board of twitter as well. larry summers, a wall street week contributor and former treasury of the secretary. more analysis ahead. stick with us.

♪

kriti: good morning and welcome back to "bloomberg daybreak: europe." i am am kriti gupta in london. sam altman is to return to openai as ceo in a move supported by microsoft's satya nadella. the board gets a massive shakeup. you could chancellor jeremy hunt set to deliver his autumn statement today with speculation mounting that he will cut taxes. in, the middle east israel approving a deal to free 50 hostages in gaza. a lot of movement in terms of geopolitics, the evolution of this openai story, not to mention all of the angst i had of that u.k. autumn statement. take a look at the euro stoxx 50 futures, virtually unchanged. ftse 100, same story. where you see more of a breather

is in the s&p 500 and nasdaq 100 futures, those are pulling back. we are seeing very light volume. it will be thanksgiving tomorrow in the u.s., which ultimately creates low-volume not just in the u.s. sessions, but in europe and asia as well. we are dealing with the macro, which brings me to the cross asset story. 30 year yield at4.57 higher by two basis points, even though we saw a bit of a dovish doubling down in those fomc minutes. even though you see euro and cable at a very strong great. euro-dollar at about 1.09 we will call it, the pound at about 1.25. i want to bring you some breaking earnings. enel talking about their 2024 adjusted net revenue. the estimate was about 6.8

billion -- the estimate was, excuse me, 6.7 billion. given this earnings season, the focus simply being on margins, pretty significant the fact that it was able to meet that middle range may be actually positive at the european open. i want to get to the top stories. let's start in london. ahead of today's autumn statement, jeremy hunt expected to unveil measures to boost growth. i am joined by dan hanson from bloomberg economics. how closely do we need to be looking at the nitty-gritty within some of these proposals? dan: -- kriti: looks like we are having a couple of technical issues there. i will answer the question for him. when we are talking about some of the issues when it comes to the proposals itself, tax cuts are going to be a really big piece of this equation.

the conservative party has a history, a long history of having these tax cuts be part of their agenda. but of course, we have not action been able to see them in the last couple years. rishi sunak very notably saying that inflation is a tax itself on the economy. that will be a very big issue when it comes to simply whether or not this government can actually hold on to some of the conservative history we talk about. in the meantime, how do you deal with a fiscal deficit? how do you deal with some of the other inflationary issues when even the make of england is not necessarily following the dovish tone that the ecb and federal reserve are starting to take? all of that in discussion with our interview with darren jones coming up at about 9:00 a.m. london time live from westminster. we will have special coverage of u.k.'s autumn statement with the jeremy hunt speaking on bloomberg tv. you can catch that on the

terminal and online. a major european story we are following, german chancellor olaf scholz set to be engaging in near nonstop negotiations to address the political turmoil after a shock budget ruling by the country's top court. i want to bring in a bloomberg's germany bureau chief. we have been watching this very closely. walk us through what we need to know in terms of this judgment call basically. christopher: yes, it is really hard to overestimate the potential impact of the bombshell ruling from last week. it basically called into question the practice of shifting basically billions of euros in funds from an off budget accounting into the federal budget. there are two major things that play here. one is the big question, will the current ruling coalition be able to sort that out within a matter of days? they have been meeting almost

nonstop since the ruling was announced almost a week ago. at the same time also, there is a big question mark whether or not germany will be able to continue its fiscal policy, which has been pretty hawkish in the past, but that's likely the big question now where this is heading. kriti: certainly something we will be watching very closely in terms of if it has a market readthrough as well. mark cudmore making the comment to this morning saying, well, maybe we are seeing a bit of s anguine reaction in the european session because people do not know what those fiscal rules will look like in the long-term. in the meantime, i want to go from germany to the netherlands. the country behind the world's first multinational corporation and europe's biggest stock trading hub is faced with housing shortages and tensions over immigration. voters in the netherlands go to the post today in an election that has candidates competing to close their country of. those include planning to cut

fights, migration numbers, tax breaks, foreign workers after the prime minister left dutch politics. -- has taken over leadership of the party, making immigration central to her campaign. in an interview with me, she explained how she would do that. take a listen to what she had to say. >> if you look at asylum and look at our policies and our laws in the netherlands, you will see that we are way more attractive than the countries around us. we have higher levels of social caring for people, the housing. it is way easier to get to those places than the countries around us. in the netherlands we don't make any distinction between, are you a refugee because of your political beliefs, your identity, or are you a were refugee? we don't make a disk -- war refugee. we don't make a distinction. other european countries do.

before the year 2000, we had that distinction, and i would like to have it back, because then you could have extra measures to make sure that people are not inviting their families and their family members and their family members all the way to come here. and just having a higher number. there are many ways for the netherlands within european law, within the rules we set together, with all the humanitarian impact and issues here to have a better distinction, to have better rules. if you look at our current situation, you will see that we are way more attractive than the countries around us and that is not working for the netherlands. one of the effects is that so many miners are sent to come to the netherlands and they have a very dangerous route to come here, these vulnerable children. when they get here, because of our rules and our laws, it is very easy for them to get their families and their family members and so on and so on to the netherlands. we have created a system which

is also abused by smugglers, which is also abused by people who are willing to have these children in dangerous situations. i really want to change this. for me, this is the way to protect people. not by saying come on and see whoever gets to this point and then we will see, no, we have to protect these people and we have to protect also the people who are already in the netherlands. kriti: the leader of the dutch vvd party speaking to me earlier this month, saying some pretty strong things in terms of her campaign. i want to get more insight on these elections. couple of months ago, she was the front runner. it feels like that has now changed. the far right populist has jumped to first place in the latest dutch polls ahead of today's vote. sarah jacob joins us from amsterdam. this is quite the turnaround given that she was making some

pretty strong comments, given she has a background of being a refugee herself. what are the polls saying now? sarah: hi. yeah, the dutch parliament has won 50 seats. the largest party is only expected secure about 28 of them. a coalition is most likely. she succeeded as member of the center-right. if she wins she would become the first female prime minister of the netherlands and the first who came to the country as a refugee. the former eu climate chief who is leading the combination of the green left and the labour party, and a newly launched a social contract party led by popular lawmaker according to the latest polls, the far right party has jumped to the top. after having not been in the top three. if that is the fact -- in fact the case tonight, focus will really be on whether they can

convince key parties to form a coalition. some of them have ruled out working with the far right lawmaker. yesterday's polls project the vvd and left alliance among the top three. migration has been a key issue. the party campaigning on that topic. voters are concerned about the rising cost of living and a severe housing crisis in the netherlands. we will have to see what happens tonight. voting ends at 5:00 p.m. and the dutch podcaster will publish dutch broadcaster will publish the exit poll at 9:00 p.m. kriti: a lot of investors around wall street saying the netherlands may be a way to play some of that debt. we go from the macro geopolitics of europe to the micro tech story of the united states. nvidia shares slipping in late trade yesterday in the u.s. session, despite blowout

earnings. and a new strategy for chips design for china we discussed, next. this is bloomberg. ♪

♪ kriti: welcome back to "bloomberg daybreak: europe." i am kriti gupta in london. in the last 40 minutes or so, we've got some developments from openai. sam altman, ousted leader and creator, now going to come back and join the company. the negotiations have been going on for the last 24 hours. in terms of what capacity sam altman enjoys after the majority of openai's employees threatened to leave if the board itself did not resign and sam was not brought back in. there was discussion about whether or not he would join microsoft as well. he had a 49% stake in openai --

that had a 49% stake in openai. satya nadella, microsoft ceo, speaking about altman's return, releasing this statement. he does mention the board as well. we should talk about some of the turnaround stories in terms of what the board actually looks like because there are new names. brett taylor, former co-ceo at salesforce, board member of shopify, a real veteran of the silicon valley, not to mention chairman of the board of twitter. we have larry summers, a contributor to bloomberg's "wall street" programming as well. as well as adam d'angelo, most well-known for being the founder and ceo of cora, who voted to have sam altman from leadership altogether. some of that makeup of the board still in conversation. we will bring you more headlines as we get them. let's get some immediate analysis. matt bloxham from bloomberg intelligence right here on set

to walk us through it basically. there are some big names. we will put sam altman aside, but brett taylor, adam d'angelo, larry summers, these are massive names. is this going to add some value? matt: i think so. what's also interesting is this seems like it is an interim board, which is specifically designed to create a new, up to nine person permanent board. we are still waiting to get that completely confirmed. that gives microsoft a reason to have a seat at that permanent board, which completely probably changes the governance. it is currently set up as a not-for-profit with a profit based business underneath. it could be a big change that makes it easier for them to move forward with these kinds of ipo plans. these big hitters that have come in will be seen by the wider market as people that know how to run big, public companies in the tech space. it will create a lot more confidence that this is a

company turning from this not-for-profit into kind of a serious business enterprise. kriti: the fact we are even talking about a nonprofit turning into an ipo, not to mention the cash went it would give microsoft with their 49% stake, is enormous. walk us through that. just given that there has been so many ways to expose yourself to the ai trade. there are ways. it is not as nascent as it used to be. is this the same value add for microsoft that it might have been two years ago? matt: yeah, i think it is. they have been kind of the black horse, if you like, in the ai world. nobody saw them coming here. i think they really changed the perception of their company in the minds of investors. also, they are kind of introducing ai tools to all of their 365 suite. i think this is a big new growth opportunity for them and locking down that openai relationship has been important to keep

investors confident that microsoft is in this ai game for the long term. kriti: certainly something you're watching very closely. matt bloxham bringing us that crucial insight as well in terms of what this actually means for the microsoft story, for the openai story as well. i want to hit some headlines we are getting. elon musk now weighing in on the commentary. he says a semi-independent openai is better than a merger with microsoft. interesting to say that microsoft has a 49% stake in openai as well. elon musk, for some context, has actually been an advocate in terms of slowing down the ai race, something sam altman was really the front runner on. you get comments from emmett scheer, who were supposed to replace some altman in the shakeup. he said he is glad to be part of the solution and this was the pathway that maximized safety and that he himself is deeply pleased by this result, despite the fact that he will no longer be ceo in taking over for sam altman. i want to bring in richard clode , portfolio manager who actually

has a lot of insight over here, he's portfolio manager on the global technology leaders team over at janus henderson. a pleasure to have you. what great timing to have you. . let's talk about your initial take on openai and whether you as an investor would be even interested were it to ipo. richard: well, good morning. as you say, kind of the latest, silicon valley founders ousting and then returning. i think there was ultimately a checkmate where sam altman was hired by microsoft. there was an open offer for everyone from openai to come to microsoft. you heard customers talking to some of the competitors. the investors were agitating. when the anthropic merger talks fell through, there was not really many options left. we felt this was fairly inevitable and probably ultimately the best solution from a microsoft point of view. while they have kind of hedged themselves by creating openai within microsoft, it's probably

better to go back to the original structure with sam at openai, which is what saturn and out had been pushing for -- is what satya nadella had been pushing for all along. kriti: if you see openai come to market, is this attractive to you? richard: it's still very early days. they are ramping up very quickly. i think an important part of this episode that's been highlighted is the governance structure and being very clear as to what this company is and whether there is suitable board oversight for what is a very important story and for what will be i'm sure a very important ipo. we want to see how that board people. what is microsoft's input into that? microsoft did not have a board seat despite their significant investment in the company. we will assess that the time of the ipo. given how pain for the last few days have been, i think it is a bit early to talk about ipo with

this company. it is still a bit of a setback for this company. kriti: it is a setback but to matt bloxham's point, the board at least looks like it's being stacked by people who know how to run a company and taking some of those losing profit companies to the public stock market. let's talk about big tech and talk about microsoft and nvidia. i want to start with microsoft specifically. given they have this 49 percent stake in openai at a time when they are still almost trying to expand cloud services as well, talk to us about the microsoft readthrough here on the headlines some altman might join microsoft -- sam altman might join michael sub destroying microsoft -- sam altman might join microsoft. do they lose money if sam does not join the company? richard: their primary goal was to get sam back at openai. they were kind of ok either way.

obviously, openai has done some fantastic things with chat gpt. microsoft has an incredibly strong offering as well. there would be no impact no matter what happened with open i i to their current roadmap -- openai to their current roadmap. they have a lot of the ip is there's. they felt fairly covered matter what the outcome. i think this is probably the best outcome in terms of stability. there is always a difficult relationship between microsoft and openai, that will continue. i think this episode was going to come in some shape or form at some point. it's probably come earlier than we expected but i think ultimately, it just kind of cuts through what was that complex relationship into something a lot cleaner going forward, which will help that ipo story in the future and i think helps microsoft's take on as well.

kriti: at the same time, bloomberg reporting that microsoft is like you to have an openai board representation of some sort. we will see what that looks like. a final question to you on nvidia. a massive earnings story, from a year ago, third-quarter earnings have tripled. talk to us a little bit about how long that sustains at a time when they are re-strategizing around china. richard: that's the key. i think one important point is that profit growth. this is so different 22020. . we've got ai and i am sure there is some hype around that. a company that's been able to deliver $10 billion of profit in the quarter and have 200% positive earnings revision year to date is the key driver to that stop's again this year -- that stock's gain this year. when you think about kind of the future growth, that is the debate. the debate is on sustainability. everybody expected another beat and raised but the entire results call was based on that spill -- the sustainability of

that. i thought they did a good job of then out the key vectors. big ramp-up in supply to catch up where demand is, the next wave of customers with the regional hyper scalars, enterprises, governments, full stack offerings, grace hopper being multibillion dollars. ultimately, their big hope for china business. that is still to be seen. kriti: something we will keep a very close eye on. richard clode, i am so sorry, we have to leave it there, portfolio manager of the team at janus henderson. plenty more ahead. this is bloomberg. ♪ oducing the limited edition disney collection from blendjet. nine exciting designs

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♪ kriti: welcome back to "daybreak: europe." i am am kriti gupta in london.

i want to leave you with a final thought and talk a little bit about what the macro story of all this. we've talked about the growth of ai, we have also talked about this i did that the fed minutes may have a dovish tilt in it. . this idea that they are doubling down on this really cautious approach, which is exactly the way the markets interpreted the last story. i think this chart encompasses it out. you're looking at inflation expectations for a year out. they are all significantly declining. it is the fact that the fed itself is talking about actually having a data point by data point approach, something you see more in the boe than the federal reserve. more analysis ahead. the markets today program begins right now. this is bloomberg. ♪

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