for sonali basak, i am jon erlichman.is bloomberg. ♪ the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com romaine: equity quality picks up in what could be the last real trading of the week. i am romaine, and look who's here. katie: i am back! we do have a rally on our hands, about two hours until those bells rang. take a look at the s&p 500, up about 3%. it does not look like much, but those are session highs, really following throug

sonali: i am sonali basak and this is "bloomberg real yield".e we wrap up the month of november ahead into december. we are good start in europe because we saw a revival of at1 bond issuance with the biggest sale level in almost a decade. it was believed to be in trouble after the credit suisse and ubs merger that has not been the case. the u.s., sales this week by the likes of citigroup and home depot helped to drive ig sales to nearly $100 billion. that ranks in the middle of the pack when compared to the past 10 years. looking at high-yield, november sales surpassed $19 billion. while the month saw higher sales volumes compared to last year it ranks second to last in the data going back last five years. laura goodwin is weighing in on the bond market. laura: even if we see recession -- which i expect -- you can still gain meaningful yield uptick. what is interesting about high-yield is we see investors and we are doing the same. -- and we are doing the same, taking high risk. you can still acknowledge fed programs early in the pandemic made t

for sonali basak, i am jon erlichman.s is bloomberg. ♪ a few years ago, ey told me there's no electricity on the island. we always thought that whatever we did here would be an emblem of what small communities can achieve. trying to give a better life to people that don't have the means to do it. si mi papá estuviera vivo, sé que él tuviera orgulloso también de vivir de esta viviendo una vida como la que estamos viviendo ahora. es electricidad aquí es salud. >> score one for the bundles. score five for equities from bonds. i am romaine bostick. katie: i am katie greifeld. the closing bell in the u.s. with two hours to go, looking at a rally. s&p 500 up .4%. big tech hanging on up .1%. all the action is in the bond market. take a look at the 10 year treasury yield, lower by 11 basis points.

ford sonali basak, i am jon erlichman.s is bloomberg. ♪ to finally lose 80 pounds and keep it off with golo is amazing. i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music) romaine: live from studio 2 from bloomberg headquarters in new york, i am romaine bostick. >> i am scarlet fu. the inflation report investors wanted coming through as they hoped. bonds are pre-much mixed. bonds closed for trading at the top of the hour. the record for the s&p 500 is

i'm vonnie quinn with sonali basak.management at horizon investments. it's been a great year for anyone invested in equities or bonds as long as you got out and in at the right time. essentially major indices or -- are close to or hitting records. yet, there is still the possibility of recession in your book. if that happens, do we see a meltdown? zachary: it is great to be here and close out what has been a truly epic year for investors and the economy generally speaking. as we look forward i think there's a couple things. recession is not our base case. we think that in this type of environment with what consumer balance sheets look like, we had a recession in covid and on balance everybody became more wealthy and debt service went down as a percentage of income. that is not typically happen in a recession. typical business psychoanalysis has been challenged. as we look forward we don't see that recession coming. that would be the same -- thing that gets the market to come down next year. we have policy tailwinds for

morgan wealth management. >> i am sonali basak and "bloomberg real yield" starts now.

sonali: this is bloomberg markets and i am sonali basak.ta and ceo of a firm -- affirm says the world of buy now pay later finance from us is to be an alternative to high interest credit cards satellite, debt. here's part of my conversation with him. max: i find it flattering that someone at the top of a bank in america sees us as an important competitor. it's a statement about the idea we are evolving. a cup of coffee that is a model that will go away over the next years. that is good news writ large. sonali: do you think the model creates new risks to an industry that it may be underappreciated from the get-go? max: the model creates risks for credit cards. frankly, that's a good risk that i am happy to add fuel to that particular fire. you should not revolve on a cup of coffee. you should not feel you have no idea when you will be out of debt. by now pay later and affirm are the protectable outcomes product that's an alternative to the complete the unpredictable version that is offered to you by traditional credit card issuers. sonali: y

i'm sonali basak with vonnie quinn.e, 4774 is where we are at. up 20 points today. maybe we just have to wait another couple of days. but it looks like this market wants to go there. the 10 year yield, below 3.90. the vix is just sleeping through all of this. it was higher earlier, but still a level below 13. waiting for that to be replaced or move next year on all this volatility. sonali: the nasdaq 100, the semiconductor index, all the stocks in the green, the russell 2000, getting a lot of love. but no market with more love this year than bitcoin. we are looking at bitcoin having 155% rally on the year after a significant crash into last year. now it is days away from the end of 2023. still no approval on a bitcoin etf. the market has rallied higher here. we will talk about it with no caps on love castle -- nick castle of castle island ventures. when you look at how much bitcoin has rallied, how much is the etf price to net how much more can future catalysts like a having -- a halving add to the price of bitcoin in 2

. >> i'm sonali basak and this is the last show of the year for bloomberg real yield and it starts right now. coming up, fed officials are pushing back against expectations for rate cuts in 2024, and the latest data points to a soft landing for the u.s. economy pushing credit spreads to around two year lows as we enter the new year. we begin with the issue of a goldilocks market heading into 2024. >> we are in a sweet spot. >> inflation has come down rapidly. >> strong economic growth. >> the soft landing opportunity has increased. >> the inflation data support the idea that the fed can start in march. >> the fed has signaled that they are willing to start to ease rates. >> you saw some pushback. >> fed speak pushback on some of the markets. >> it's difficult when you have the chair with a dovish message and members of the committee walking it back. >> the markets are being presumptuous. >> it has been an absolutely enormous rally. >> they have started to trim the tree. they have popped the champagne cork. they have booked a ticket for summer vacation. >> too much easing and financial co

. ♪ sonali: welcome to the "bloomberg markets magazine interview." i am sonali basak.

sonali: welcome to the "bloomberg markets magazine interview." i am sonali basak.very market magazine we go

kailey: that was the founder and ceo of a firm, speaking with sonali basak. she joins us now. later plays into that. how worried should we be about this surge in by now, pay later as everyone is out doing their holiday shopping? sonali: by now, pay later reached new heights in the holiday season according to adobe data. clearly it is a big option. the question is, is it because consumers are stretched or is it because they prefer it to other traditional credit models. what is interesting about this, i talked to max a while about credit underwriting. one major difference for example , they don't really look at the financial health of the consumer. they also look at the financial health of the transactions themselves. how big is the transactions? where is it coming from? are they current with all of their other payments? really, in my financial mind, i think about this not just as a financial product, i think about this as a pull between the way loans should be underwriting in the future and how models win out. one interesting thing about this is you do start having regional ban

vonnie: sonali basak is in d.c. what the latest.hey were constantly harping on the idea that all of these regulations would somehow hurt the consumer. is that what you took from it? sonali: yeah, very specifically, the type of consumers that would feel the pain from this, they were talking about. when tim scott asked how it would impact rural areas and forms, they said it's not just a -- not just the cost of capital but it would also hurt hedging costs as well. another element that could be interesting as the worries the big banks have around how it would impact things like financing markets around treasuries. this is something we've heard jamie dimon talk about in the past and james gorman, but today you had the ceo of goldman sachs david solomon delineate the senators that this would impact the prime financing business that affects the treasury market. is not just about the treasury market, prime financing, especially after goldman has retreated from any of their consumer businesses, is increasingly an important business to goldma

i'm sonali basak outside that alongside vonnie quinn -- sonali basak alongside vonnie quinn. do. we have money on the line. vonnie: if it makes a fresh eye or ins off the high, it -- fresh hi or ends off the high, it is not a big deal. we are seeing the 10-year yield at 3.85%, below where we started the year. a little bit of giveback for bitcoin, above $42,500. we are seeing more punch come out of the oil market with crude trading about $71 a barrel. sonali: interesting to see that move downward in crude and bitcoin. the s&p is where the excitement is but also the other indices that have hit records are not trading at session highs but we are watching the stock still slightly green on the day. the nasdaq 100 at its highest level since the dot-com bubble, which invokes a significant feeling about that particular record high reached today. the nasdaq composite still up almost .2% on the day. the dow jones also hitting a record today, up almost .3% on the day. we will switch gears and talk about cathie wood. one of her funds executed a massive shakeup to its bitcoin-related hold

from new york, i am cinelli basket -- sonali basak.uy: alex is off today, you are here and i'm grateful you are here. for those who don't know, sonali just got off a long-haul flight from the other side of the world. i understand she slipped on the airplane but you're out of the orb airport, gun taxing got here. sonali: 25 hours of traveling just to get here to be with you right before christmas. guy: excellent. if that's not a christmas gift, i don't know what it is. that takes us to her question of the day looking back on the year. what a year it has been. it's been a year that's been dominated by the magnificent seven. we didn't get the recession we all thought we learned a lot about chatgpt and a lot about weight loss drugs. we learned about the banking crisis which you covered fantastically. what was the best gift markets got in 2023? before i bring in our guest, what do you think? sonali: i guess no recession and the fact that everything held up so well, not just the market but the economy. it's a tough christmas time but is not

. >> i'm sonali basak and this is the last show

from new york, sonali basak an guy johnson is in no test is in london.: we had the payrolls number and now we get what i think is a confusing picture out of the university of michigan sentiment , 69 point four and that number jumps traumatically from 61.3. one year inflation number drops to 3.1 from 4.5. these are extraordinary numbers. let's figure out what's happening here. joann shu joins us now for some instant analysis. i got a good headline and i have inflation coming down, how do i connect the two? >> consumers have been apprehensive about whether or not the slowdown in inflation will continue after it stalled earlier this year. after four months of reserving judgment, consumer expectations over inflation have come into focus. they are feeling much more confident that inflation is going to continue slowing down in the year ahead and that is boosting their sentiment. sonali: we saw the job market today but do consumers feel as confident about the direction of jobs moving forward? is that causing the weakness here? >> with jobs, i think consumers kn

. ♪ >> live from world headquarters in new york, i'm sonali basak.berg crypto, look at the people, transactions and technology shaping the world of decentralized finance. bitcoin passes $43,000. we speak to john wu. his market predictions following the expected big coin approval and the retirement of representative patrick mc

sonali basak has been standing by on capitol hill the takeaways you think in terms of actually approaching basel three endgame. sonali: listen, on one hand, lawmakers, some of them have heard their cry. they heard the bank ceos's faces and they would have to go to the regular and make sure the regulators waited to implement these rules and pushed this offer get on the other hand, one senator i spoke to was j.d. vance, the ohio republican who was a venture capitalist himself. i asked him whether the private fund industry would face their own regulation, and he said that it very high likely. he could see things going that way. so the push and pull between the banking industry and their biggest clients are going to be very highly watched because of course we know that of course the meeting is ending now and you are seeing the banks about to walk behind me as well, probably, but you see the push up between the biggest banks and their biggest clients at this point in time given the tension behind the capital rules. caroline: let's talk about ai. the questioning there, crypto, the questioning th

haidi: cities institutional clients group chairman with sonali basak., we have the latest when it comes to cup 28 in dubai. delegates wrangling over a deal to cut fossil fuel consumption. a climate diplomacy expert joins us next. this is. ♪ first time i connected with kim, she told me that her husband had passed. and that he took care of all of the internet connected devices in the home. i told her, “i'm here to take care of you.” connecting with kim... made me reconnect with my mom. it's very important to keep loved ones close. we know that creating memories with loved ones brings so much joy to your life. a family trip to the team usa training facility. i don't know how to thank you. i'm here to thank you. shery: you're watching daybreak: asia. a draft deal calls on countries to cut their consumption and production of fossil fuels. the agreement would be the first to call for the reduced use of all fossil fuels include oil and gas. many countries believe the deal does not go far enough offering loopholes in opt outs. let's bring in the head of researc

haslinda: that was cities institutional client group chairman with bloomberg sonali basak.to release its latest consumer inflation industrial production numbers later tuesday. we will look at what to expect. keep it here with us. this is bloomberg. ♪ the first time you connected your godaddy website the first time you rzed... sto well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh rishaad: you are back with bloomberg markets as we focus in on india. there we go, we got the open for cash market. it's really -- we are seeing slight gains taking place. we are testing these lows against the dollar. 83 rupees, 35 pesos. a lot to be grappling with with not just the econ

if sonali basak joins us. sonali: good morning. happy holidays. manus: the holidays are over.nus: right. the biggest thing this year -- they chose not to have more of a u.k. lien. what sector is going to be hot in 2024 for the market? sonali: farm was supposed to jolt life into the ipo market. since then, we have instacart and flavio. a lot of what went public this year has not done that well. how does that set us up into 2024? there is hope for a rebound in the market, more stability but there is a window. q1, q2 is when you have to see these listings hit the ground. any uncertainty in the market, more geopolitical tensions, u.s. elections at the end of the year. so much uncertainty that that recognition of the window might make it tough for a real revival of the ipo market. katie: who might take advantage of that window? read it has been reported to be thinking about it. kim kardashian, tell us about that. sonali: these are recognizable names. others like sergeant or cvc have been rumored to have been thinking about an ipo next year. some names have considered it for the lon

sonali: welcome back. i am sonali basak alongside vonnie quinn.k highs. good stores under the surface. s&p down about a point right now. i wonder if we will finish the day higher. yields are being locked in substantially. 3.7870 on the 10 year. oil coming up a bit but look at bitcoin. we are reversing yesterday's reversal. we are up 1.9% on spot bitcoin. i guess the institutional community awaits the decision on potential etf's. sonali: he will keep an eye on the bitcoin etf watch and we will switch gears now to talk about a story on and off air. dealmakers are coming to the end of their worst year for mergers and acquisitions in a decade. value down roughly a quarter in 2023. this is according to data compiled by bloomberg earlier this month. we are bringing in rob. one verse five is that middle market where a lot of private equity activity is happening -- happening and expected to rebound year. rob: the pipeline for next year looks improved. the private capital and middle markets are not unscathed by the slowdown or the air coming out of the bal

sonali: not only did you see her but you see the board chair stepping down from pan.ard and m.i.t., you have congress itself and the representative who led a lot of that tough questioning of the university presidents, saying one down, to to go and calling for the removal of the other two presidents as well. you also had a nearly 2000 word letter from bill ackman to the harvard governing board that he believes that clotting gay has done more to damage the reputation of harvard than any other individual in their 500 year history. you have alumni putting on the pressure at the harvard board so a lot of pressure there from congress and alumni. guy: how much support on campus doesgray have? sonali: what's interesting about claudine gray is this recognition that the board of trustees has a lot of power and so to the donors and alumni but at the same time, you have others like the harvard jewish alumni alliance is important to think about. it is concerned the plight on campus will elongate the process of looking for a new president and then you have faculty professors who ha