was in late 26? i would say almost certainly not -- 2016? yields are higher in a few places. alix: as we hear the closing bell we are looking at another gain. there is the fall from decline yesterday with the fed driven advance. energy stocks leading the way up better than 2%. telecom services the only want to finish in the red. the s&p closing at a record high. [speaking simultaneously] halliburton, national oil, baker hewitt -- what? joe: they count. romaine: they count but -- is that sustainable to move this market even further up? scarlet: alex is shaking his head no. let's you to alex in a moment. let's get to our reporters to see what we are moving -- what we are watching at the close. >> watching the s&p 500 closing out the all-time high, crossing the 29045.

-- 2945. stocks in 52, 1 of the broadest surges forward since 2019. this shows you the performance of all three majors on a monthly basis. the end we are watching june are in any major reversal looking at three solid weeks for the s&p 500, the nasdaq and the dow jones. may itsee what we saw in is a mirror image of what we saw in may. blip for this year, behind for investors. in onl: let's check back -- this chart that is hanging on by a thread. interesting to see what happens. it is the 10-year yield. much of 2018 hanging out around 3%, even higher but the risk off volatility of the fourth quarter

and investors moving into bonds moving all the way in to the lows here. right now clinging to 2% at the bottom of the trend channel. you can see in the past highs where the support has been there there has been a backup in rates. 2.3% orear could be higher. this is confirmed for even deeper below 2%. right now it looks like there is a chance we could see a backup in rates with the momentum looking to come back up but hanging on by a thread. >> one of the groups not participating in this rally for the s&p 500 are cruise ship companies, led by carnival, down 8% at the close. it was down as much as 13%, its biggest drop in seven years. royal caribbean and norwegian these lines are among

biggest decliners in the s&p 500. higher energy prices like with airlines is part of the story but the big issue is carnival cut its earnings forecast for the second time in three months and there is a few reasons why. the u.s. cracked down on travel to cuba, hurting its cruises, and it had to cancel some from becauseival vista ship of technical problems. overall it is not a good time for cruise line operators according to the carnival ceo arnold donald. he said today in the earnings release recent booking trends have become impacted by ongoing geopolitical and macroeconomic headwinds. that is something to keep an eye on as far as what is getting impacted by this softness in the economy. romaine: let's get back into it here. fromve our reporters hear bloomberg and j.p. morgan. atant to go back to looking

the rally today, eight of the top 10 stocks on the percentage basis or energy stocks. how do you assess the quality of the rally? is it a continuation of relief? >> for the first half of this year the equity rally is told on sand rather than stone. sand rather than stone. there is even of trade tensions on the other, but it is not the best basis for building an equity market rally in a sustainable manner. those could reverse next week depending on how g20 talks go between trump and the premier. >> is there a whole story -- >> there is a growth story in terms of growth as an asset class and style, that is where i would focus energies on. we are beginning to transition toward a slower economic growth world with lower levels of inflation. that will favor investors who

will put more weight on those intake sectors away from the value space. you noticed something interesting which was utilities are actually trading in tight correlation with trades -- with treasuries. luke: they were almost in lockstep and usually we expect negative correlation. the only thing i could think this might reveal is what investors were trying to seek -- when investors were trying to seek safety, it was like a u.s. domestic play and a rate play. well.ational performed you see the fed step up and become a central banker for the world, that takes the shine off a very u.s. focused sector of the economy. scarlet: we haven't talked about iran yet with oil prices. how do you factor that in? on one hand you have damaging

action and on the other president trump is downplaying saying someone might have been making a fix. >> iran is a much bigger geopolitical story. you are starting to see as an investor geopolitical risk in the markets in multiple ways and iran is one of those. one of the challenges we will have over the course of the next year, the polarization of politics and the potential for the rise in populism not just in the united states but globally means it will make it harder for investors to read the pathways of fiscal policy going forward. at the end of the day democracy was built on people meeting in the middle. that becomes difficult in the polarized environment and the lack of transparency on fiscal policy and uncertainty generated by events like iran and stability and financial markets. romaine: cheaper money can compensate? >> a little but not all of it.

there is not a lot of dry powder left for the global central banks. the u.s. has a little but the target fed funds rate at 2.5%, they haven't bought much in terms of asset purchases by the other banks are running out of powder. highlooking at this record , it is easy to talk about euphoria. on the other hand suck markets are up since 2018. -- on the other hand stock markets are up since 2018. from that approach, earnings, what can we say about the stock market? >> you can make a play and valuations on any metric you want. one thing you would look at price to cash flow, not too bad or expensive. priced earnings on the higher level of the range but even bloomberg intelligence has pointed out the bond market affecte the optimistic

class. if stocks were pricing in from a multiple aces, the amount of cuts the market thinks will be be in the it should neighborhood of $3200. saying: you are cautious things are late in the cycle, treasuries at 10%, two-year yield at 2%, does that make stocks no alternative >>? >>it is not just u.s. treasuries. if you look globally you have 33% of global government debt at negative yields. the push into equities is extended. i agree with luke. the price of earnings multiple oruld be close to 17 times 18 times if the equity market really believes those rate cuts would come through. that gives fuel to further equity market rallies but investors need to be cautious about where we are in the cycle. i want to participate in a little bit of this run-up but i am ok leaving a little on the table and having defensive padding in the portfolio.

scarlet: good stuff. that does it for the closing bell. what did you miss is up next, where we will look at stocks trading review. this is bloomberg. ♪ ♪

♪ riggs in forr caroline hyde. romaine: i am romaine bostick. joe: i am joe weisenthal. >> record highs across the board. thank chairman jay

powell. romaine: slack chose the road less traveled to go public. we will look at whether it is paying off. back from the brink, portugal's economy has returned to positive growth figures five years after international bailout. we will speak with the minister. summer school, going through the prestigious harvard business school for an exclusive with providence founder jonathan kneels. ♪ was slack stories shares. they reversed gains. the company still closing above its debut price. joining us now to talk about this is a general partner at institutional venture partners. invested in slack in 2015. ipo for them.h

that is a big number. you saw the direct listing come out to get -- today. it came out well above its reference price and seemed to be fairly orderly. what did you make of it? >> it was a fantastic debut. the true measure of an ipo is in its volatility. you want low volatility. the fact it opened 38.50 and state close to that, it is a great debut. mark forther positive direct listings. i don't think they are for every company, but slack did a fantastic job. one of the striking things about slack, people are excited as software as a service these days, people paying a lot for it. what makes slack interesting is it is one of the few on the enterprise side that people talk about. you think of the other stuff, no one has ever heard of that.

a lot of people have heard of smack. does it make it command some sort of extra special valuation because it has a brand most companies don't have? jules: it is more about how the stress scales. it is teams in an organization and grows throughout the organization. it growsnique is rapidly. it means the business grows organically over 40% every year. that is unusual. you don't see bottoms up going throughout the entire organization. you talked about the direct listing because they don't need to raise cash, but they need to be profitable which now they are not. what do you need to see to them to get to profitability? jules: it is investing in growth, there are slack users in

150 countries, investing in sales and marketing. this is an organization where if you start slack in a small part of the organization it can go rapidly. 65 companies use slack and it is up. we have seen it at a few other companies, almost this rebel alliance that is fighting the traditional software players like microsoft and oracle. these are products that users love. they are growing. romaine: it is a pretty big and growing rebel alliance. i wonder at some point are we going to see consolidation or do we need consolidation in the future? jules: companies today are working together. there is open api where you can connect slack and take a call through slack. you can see it

integrating with hundreds of thousands of applications. it is a more than a single application, it is a platform. because of that interconnectedness, it delivers tremendous value to the user. i don't know if the companies have the combine, they can stay strong independently but they will use technology to connect and make a better user experience. slack is public but your job is to find the next big thing. what are the areas that excite you next, that you are hearing pitches from? jules: one of my favorite .ompanies is called g2 they give ratings and reviews for next generation software companies. if you are trying to decide what to buy, you can go to this website and look for these reviews. they are like levi's jeans during the gold rush. they are something everybody needs and they are powering this gold rush and helping buyers

find the best solution. i love that company. it is really a play on the overall growth and software ecosystem. we hear a lot about these tech companies. there has been a lot of questions about high valuation from your end as an investor, how does this feel relative to the dot-com bubble? jules: it is different in terms of stability. plaque is a business with over hasof revenue, it tremendous economics so i'm not concerned when i see high valuations with those fundamentals. we saw something different in the bubble. valuations in software where there is predictability is high. those companies have performed in the public markets. debutedbeen desk, they at nine dollars. today it is over $90. a lot of these businesses with

software models and subscription models will grow and perform in public investors are rewarding them. -- and public investors are rewarding them. taylor: bloomberg data, the venture capital arm of bloomberg lp, is an investor in slack. regulationsig tech back in the spotlight. more on the biggest questions surrounding the digital currency. this is bloomberg. ♪ rrency. this is bloomberg. ♪

>> we welcome open conversation of regulators to figure out how to drive accountability and transparency for the association. >> we have a lot of people to work with.

this is a heavily regulated space. -- weptocurrencies are scrutinize them in the congress and there are financial regulatory items. >> getting legislation right has been the drawback and slowdown, not opposition from any one particular company. >> we have quite high expectations from safety and regulatory standpoint if they need to go forward with something. u.s. lawmakers how to tackleover cryptocurrency. facebook has announced a digital coin called libra. is a blockchain enthusiast. thank you for joining us. first question, do you think there is a chance this might never launch because there is so much scrutiny already in the u.s., and in europe where they criticize everything?

do you think it is possible we will never see this? >> if all of this pop up on this big assumption it will get the green light for regulators not only in the u.s. globally, even in the past 48 hours, the response has been alarming from some people. we have seen bank of england stateor come out and while he can keep an open mind, if this gets mass adopted there will be need to regulate it at the highest standard possible. jared powell had the same sentiment. all the way down the line to presidential candidate elizabeth warren with statements about data and privacy and the black cloud that hangs around facebook. probable that it sees the light of day for the time being. taylor: you bring a unique analysis because you used to

work on the street. how do you tie in the crypto into the fundamental analysis? what does it mean for the future? >> from facebook's perspective, -- forcing -- g they wanted to take off. there is a lot of questions on how they will monetize, if it will be in their other ip assets, messenger, whatsapp, even instagram. it is a big question now. there is not that many details yet. you brought up issues with the central bank governor, mark carney at the boe, who said this would become instantly systemic should it come out. we have heard rhetoric from lawmakers but right now there is no regulatory mechanism in place, not in the u.s. and europe. i am wondering does facebook have an advantage if they can

get this rolled out quickly enough, they can get ahead of any legislative and regulatory action? rushed.say this looks why did they get this out there? there is much to be figured out. on the other side they are putting this out looking for community feedback, feedback from regulators, been in talks for months. they are still working with the community and looking to implement whatever suggestions come in. there is still a lot on the table to be figured out. joe: let's stipulate a platform comes out, some time in 2020. what you think the biggest opportunity from a market perspective is? it will not go after the same weird whatever use cases traditional cryptocurrencies are used for. the low hanging fruit is with

intermittent says. the only financial inclusion and aspirational bringing in the bank and people in the economy but let's go after the remittance market. the market has taken that as -- taken in in stride. the largest remittance player in , openedd, western union down 3% on the announcement of libra. even with the fomc press conference, markets rising off of that, still haven't recovered. it is aare taking possibility libra could attack the main market. like so manylt people looked at this from the u.s. perspective. there wasn't such a huge issue with africa, asia and these countries, particularly those reliant on something like whatsapp. how much more of it is a play for those types of facebook and whatsapp users as opposed to people like us? >> the world bank estimates that

for $200 transactions the global fee was 7% and banks 11%. termsaid if you read the in the data policy for facebook, it mentions they will not be servicing countries that have [indiscernible] the remittance corridors india and china fall under that category. if you look at the 2018 volumes, it is a quarter of the volumes of the remittance market that will be on their rails. won't be on their rails. there is still opportunity for to invitee community people and other services to develop other types of wallets and things and maybe that could be the entry path to india and china. taylor: very interesting. research analyst at the block. a quick check of the business flash headlines. shares of this french franc fell

to the lowest in three years. morningstar suspended its rating of an investment fund owned by the bank. the set -- the firm cited concerns about holding. and amazon in the latest quarter. profit beat estimates of the grocery chain and get -- digital sales continue to jump. kroger plans to offer pickup or delivery services for all of its u.s. shoppers. the city of austin, texas has a number of selling points for task workers. the cost of living is lower than in bigger cities and paychecks are getting better. paychecks grew faster than any other major u.s. city, rising 3% over three year time frame's averaging $125,000. that is the business flash update. overseasurn our focus and look at the euro area outlook for portugal's economy

minister. minister.

crumpton. mark president trump is downplaying iran's shooting of an american drone, saying it might have been committed by someone being loose and stupid. big mistake.a this was in international waters, we have it documented scientifically not just words. they made a very bad mistake. mark: he made the remarks during a white house meeting with canadian prime minister justin trudeau when he was asked. he said if the u.s. will respond

-- you will find out. debating circumstances of the incident. the u.s. military is calling the downing of the drone an unprovoked attack and said it occurred over international airspace in the street of hormuz. hormuz.traits of mcconnelleader mitch voiced concern of tying the presidents hands by blocking american policy in the middle east. hardly picke could a worse time for clumsy and ill considered revolution that would heat -- hurt gay relationships in the middle east. let's not cut ourselves off from our partners. let's not undercut the administration at a time of delicate diplomacy and tension with iran. the president, as he seems to, gets a bug in his head, something he said in the campaign without thinking, then upends foreign policy.

another example of chaos in his administration, but he has done that. mark: the israeli prime minister is appealing to all peaceloving countries to support american called to calm what he escalate iranian provocations. kim jong-un said it is time for a desired response from the united states before he agrees to resume stalled nuclear talks. he made the comments during a meeting in pyongyang with chinese president xi jinping. of as the first visit chinese president in 14 years. they hope to break an impasse in talks between the u.s. and north korea, home of the north's nuclear weapons. thousands try to storm a building in the georgian capital. they are calling for the government resignation. were sparked by the

appearance of a russian minister as part of the legislation -- orthodox christian countries. they ask for independence from the georgian breakaway region and his supporter, russian president vladimir putin has led to animosity in georgia. police turned back an attempt by the crowd to storm the building. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. mario draghi set on pushing the limits of the central bank firepower's. they formed in central article this week. he preached stimulus for the flagging economy. this could be further asset purchases. for more on the euro area and portugal we are joined by economy minister of portugal -- thank you for joining us. , does the european

central bank have the firepower still, whatever it is, to re-stimulate the euro area economy and your own, with your own central bank? i think the european central bank has proven in the past it has enough firepower to withhold the euro area. but as mario draghi stated, he made also the point that there will be also for governments to push the stimulus and demands and monetary policy has got its limits. i think the push the ecb may be doing is important in supporting the economy in times of uncertainty. in slowingwe filed growth into the interest rate -- i'll most fell off my chair when i looked at your 10%. we talk in the u.s. a big deal

closing below 2%. what have you done to decouple yourself from the worries of referable europe and become -- peripheral europe and become a firehouse for big bond yields? >> the sort of fiscal discipline the country has shown in the last five years has been significant. we have been delivering on a which which is demanding, as we balance the budget this shownthat is consistently the markets we are committed to the reduction of the government impacted that has been by the fact markets are recognizing that. we are completely decoupling from economies such as other european economies. romaine: how important is that decoupling and how fast does it need to happen when we are at a stage where rates are historically low in the major economies and going a lot lower? >> you may be reminded portugal

less thanlout program 10 years ago. we have to make a significant effort. there is a lot of debt in the economy. we believe we took the advantage of this year's expansion to make an effort to reduce, balance the budget and reduce the debt. we are committed to doing so going forward. we think it is time for europe as a whole and the western economies to push for stimulus and support demands, but we believe it is not for the peripheral and debt to the economies themselves to do that heart of the effort so we are working to deliver the budget. i notice half the people on instagram for visiting portugal. your country had a huge tourism boom, but we also know there is no guarantee -- we got news today iceland is slipping into its first recession thanks to

slowing tourism and there is brexit, a major source of tourism to portugal. how concerned are you about the sustainability of what has become an important driver of your growth? the effort and strategy for tourism has been to diversify destinations within portugal and expand offers around the year. the regions which have most increased are outside the traditional lisbon and the south regions, and we are delivering on that. we have made a significant effort in connecting directly the country to other areas. u.s., we have the sink -- we have increased flights from the u.s. which managed one million visitors in portugal. this is more or less the double of what it was three years ago. we think this is an untapped market and there are others like china, korea and brazil, which can provide sustained growth there.

country is athe small country but very diverse in terms of landscape, climate, third most peaceful country in the world. choice ofeferred visitors. we discovered the world 500 years ago, now the world is discovering portugal. you were talking of discovery -- balancing your budget and there were two additions to that, raising revenues in tourism. that has worked. what have you done on the expense side to reduce expenses to make sure the budget is balanced? >> we are making sure government expenditure is below the growth of nominal gdp growth. as a result the level of expenditures and percentage of gdp has been reducing. turning the same time the page of austerity and making

sure people didn't sell contraction on their income tax or salaries and pensions which are being paid by government. we didn't grow the expenditure as much as gdp demanded. that has been the effort. and that being very strong on the growth and employment has helped the income side in the reduction of debt. most significant contribution has been the reduction of interest in debt. the fact you are now going down on that, this has meant significant savings on interest. sure joe is on his way to portugal very soon. that is the portugal economy minister. this is bloomberg. ♪

runnable fells of in today's session. cap their earnings forecast for the second time in three months. they see lower prices in the second half and have been hurt by the u.s. crackdown on travel to cuba. apple is urging the trump administration not to proceed onh tariffs as much as 10% the products from china. they say the move would reduce the company's contribution to the u.s. economy and hurt its global competitiveness. majors would affect all apple products. that is your business update. i saw this earlier today, apple came out with a letter where they said, this is going to hurt us. it was like the first time we have heard from them publicly, kind of attacking these. it is intuitive and they

are a company that is the emblem of globalization and the type of company to get hit, but it is striking to say we have contributed a lot to the real economy. you can impose these but -- sorry to cut you off -- what i liked was the difference in approach they are taking, talking about how it hits their bottom line, that doesn't resonate with consumers. but talking about reducing taxes to the u.s. government and making the case that way, that is one way the economy, that is a better way to tap into that to have consumers revolt here. you have to assume tim cook and the others have been making this privately to the administration but to see it in public is interesting. maybe they think they can sway public opinion. taylor: supply chains take at least two quarters.

here is another one. for me it is all about bonds today and central banks. what really caught my eye is in white we are taking a look at central rate for g10 and that in blue year the -- blue the one year forward. they are pricing in -- central banks cutting by 50 basis points. this is a global story. what the bondis market wants the central banks to do. that was the story yesterday was powell contributed -- capitulating and who is driving volatility now? cuts,ou can think of his because it gives us a green light. they don't want to cut much while the fed is hiking or -- if the fed is easing, green light. taylor: i will make another green light, it is all about and yourhe nba -- mba

masters. bloomberg has ranked in the best business schools. today our radio colleagues are visiting number three, harvard school of business where they are joined by a special guest. carol, jason. welcome on bloomberg television and our listeners at bloomberg radio, a real treat, someone who doesn't talk a lot to the media but we have him here. the harvard business school along, jonathan nelson. thank you for being here. >> thanks for having me. >> do you come back often? responsibilities for the board of dean's advisors, yes. we do not meet in the library. more a long time

i have been in the library. career as opposed to media generally but -- >> we know you are back in 2014 because you were recognized with an alumni achievement award and that was around the values with which you have carried yourself since you have left here. talk about that and what you learned and how do you translate it into your career? award, i was humbled by it and surprise. the dean was clear that it was not because province equity has succeeded, and my role in that as founder. expressedlues i had in life and business. i was so impressed by hbs that they were keeping track of such things and that they were

acknowledging it, rewarding it. for those reasons i was very of the award, particularly when i saw people who had come before me or with me that year, happyope my kids are about it. world whereis people are questioning the values of various individuals, political leaders, corporate leaders, tell us about those values and how it has impacted your investment strategy. neveran: it has probably been a good business strategy to talk about politics, but you are asking in part. carol: asking at large. jonathan: there are some serious issues because ceo's and their boards are wondering -- either

way, how do they fit in? influencers? we have political leaders which without being partisan is tending to more divisive than uniting. that is troublesome. there are other forms of leadership that could be if for for some,hy -- safe were the social causes and companies are figuring out their own path. very large companies are taking divisions on important issues. problematic. these are not easy for big companies. many of them are on the defensive. it is hard, particularly in the areas with media and technology and communications. it is tricky. then i think the vast majority of ceo's are doing it quietly. they are making their mark.

they are doing it in their companies, and how they spend their time out. i subscribedodel to. i am proud of the work of our portfolio companies and my partners. in thefortunate that media business, where we focus and help for 30 years -- this is our 30th anniversary. we have a chance to convene out.e, to get a message we do the ambassador theater group is a good example. this is live theater. that in itself is remarkable and in a world where media is fast-paced and digital, and at the other end of the spectrum, but we regularly every day of the week meet people and look at the causes that we have increased awareness, whether it is refugee camps in europe, a program there, we run one of our

theaters, which has had high impact. whether it is improving and acting on affordability of tickets so younger audiences can go and experience hair, which is very important, affordability of tickets, setting aside tickets for every show in europe so we can increase audience participation. theater, it isa both a modern and time-honored version of community. literally experience it. unlike -- except for sports which we hope to talk about this afternoon as a group. live: talk about entertainment because you see a lot of opportunities. for the first year i went to two shows with my -- i know. you see that as an investment opportunity, live entertainment. have 20 seconds of

background very we started in media and it is one of the three legs in the stool of providence. it was in distribution. there is distribution, satellite, cable television and now telcos and streaming which you can't have a conversation without talking about direct to consumer. then we moved in to content. we are still in both. we are still in distribution which is today mobile. we were in satellite. then content. content for us is a white-hot center. it is not just tv. those definitions really are stretched because you don't watch on a tv. it is a tablet. .ports sports is the most valuable live which is interesting because you can't time shift it. the value of a program drops off

dramatically when you don't air it at the time it is played. many of us have tried to go in a cocoon when you couldn't watch a sport. you don't look at your phone, don't know just don't want to know the score. even if you succeed in isolating yourself, the experience is not the same. you know all the fans you share a passion with already know the answer. it is devalued. we love that about sports. passionof its power, is and is like one of the anecdotes -- like liveause theater, you can pirate it and it is not worth anything. sports is like that. jason: you have invested experientially. iron man, something we have talked about, diving certifications, of great interest to carol massar. what is next? how do you consider this?

there is no such thing as figuring out what is around the corner and go i figured it out, i am done. that has been an unending exercise. we have been good at that. but you can't stand still. and by the way you are leaning in, say we are working on it now. carol: you could. jonathan: live is no secret. and i think that this notion it will belong to only the largest companies, no. what is true and not to confuse with that is franchise, what it takes to be of scale has increased. but there is plenty of room for disruptors because if you ask the ceo of a franchise media

company, their leadership will tell you privately they feel threatened as they have never been before. franchises -- that is good news for folks like us who are starting companies, investing in small companies and need to compete with behemoths. sometimes it is mutualistic. it works well together. that has been true in content and distribution. it is true even in new media. it is pretty exciting for us. that asc thesis is networks get better and better, phones, tablets, it is our life. carol: that is what you mean by network. jonathan: it used to be a tv and a living room going back decades, but to make the point today it is anywhere, doing

anything, commuting, at home. most of viewing at home is now on an untethered tablet. that in our view has to raise the value of content, that it is easier to access them out whenever, wherever, it is convenient, relatively inexpensive. content should increase in value in the same way networks are more valuable. think of it this way. netflix will spend $15 billion on original content this year. that is an astounding number. that number was zero. it is good to be in content creation. in contentou invest or distribution or both? jonathan: both. jason: leaning toward one or the other? jonathan: it has varied over

time. today it is about 50-50. we have been on both sides of this fence for a long time. it is very interesting to talk to participants who historically have only been in content creation, not distribution or vice versa. the grass is always greener on the other side to a ceo. i really want to be doing that, not just what i am doing. differente are disciplines, the relationship is mutualistic. those were our colleagues on radio speaking with jonathan nelson of providence equity. don't miss our interview with the fed vice chairman, 6:30 a.m. eastern. joe: i will be watching economic data. existing home sales coming out. romaine: kraft heinz reports first quarter earnings. taylor: that is all for what did you misstaylor:.

joe: have a great evening. this is bloomberg. ♪ this is bloomberg. ♪

in sanmily chang francisco. coming up, a popular messaging software spikes in its first day as a public company. plus, apple makes simply to the white house, saying new tariffs will hurt its contribution to the u.s. economy.