its accommodation, which will not be easy, you will see market disruption. >> inflation will run higher and longer than the fed anticipates. >> could we have several years of higher inflation? yes. >> i think the fed is committed to the mandate and that looks different now. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. jonathan ferro, lisa abramowicz, and tom keene. we welcome you to new york. lisa abramowicz, tom keene, sleepless in new york and matt miller joining us after a good eight hours sleep and berlin. mr. farrow, we await his return. what we do know, when you think of this news fast, it is not. lisa, that was something yesterday. lisa: humility, and you know what? markets don't get complacent and the fact we will never move. those were the two messages the fed was sending. they are watching the data but

at the same time, they are willing to move potentially even twice in 2023, which is a big surprise to markets. tom: it's really interesting. we will have a substantial surveillance today and it does to the pendulum of ffp. let's bring it out now. lisa, what is -- does substantial further progress mean? lisa: substantial further progress, frankly, is a question mark whether they are looking to the inflation which they raised yesterday. it was clear they were more worried about inflation than people thought. with respect to the labor market, are they talking about a headline number or composition of jobs? especially given jay powell's comments on how things are changing, why there are people out of the workforce and what it will take to get them back. tom: we have a terrific set of conversations, brian moynihan and david westin stops by. david rosenberg in moments, the interview of the day on inflation. alan ruskin will be with us from

deutsche bank. matt miller, speaking of deutsche bank, the euro speaks volumes. what did we learn this morning on bloomberg? matt: what i think is interesting is the euro move against the dollar, because the deutsche bank cuts because of goldman sachs's cut in terms of the dollar continuing to gain, the euro being held back a little bit. i do not think the philip lane story is as interesting as bill roy a couple days ago when he said look, we will focus on the currency. that is our only focal point right now. it is keeping the currency together, and if you don't, you end up like argentina. i don't hear central bankers too often talking that explicitly about the currency. tom: i'm on the same page. a representative from deutsche bank saying they skew to a stronger dollar as well. let's move to the dollar, a

radically different bloomberg terminal. we will not spend all of the time on this, to get to mr. rosenberg. so we are up to 0.77, hi norma's move. -- hi norma's move. matt: that is u.s. -- a chai norm miss -- ginormous move. matt: you are not just taking core cpi out of there, you are looking at -- tom: we have a full ticker, but negative -- futures -13, dow futures are -98. the vix goes back to 15 or 18. lisa: this is what we are looking at, 8:00 a.m., brian moynihan joining bloomberg television and david westin swooping into do that. interested to hear what he has to say about the yield dynamics you are talking about. we saw huge moves in the curve yesterday, the 5-year note in particular, two year notes

surged there, coming down a little bit. the question for banks, how much can they increase lending, what does it mean for their outlook if the fed does take a more hawkish tilt. 8:30 a.m., the fed will be wat ching and so will markets. i have been saying week after week, not necessarily this time noisy, yes noisy, but we will get a sense of how much more people go back into the labor force as a result of the reduced initial jobless benefits. the idea several states have started to bareback enhanced benefits. tom: we will see of claims makes substantial further progress. lisa: ok. you can be the judge of that. is that our new drinking game? tom: no. although, mimosas, maybe i should make substantial further progress. lisa: let's just say sfp and you drink. matt: isn't there a rule in the nfl? lisa: ok, 10 -- 10:00, moving

on, janet yellen testifying before house committee on budgets. basically yesterday, the big takeaway was taxes, very much on the forefront, talking about capital gain taxes possibly, even being aggressive, going back to april if they pass it this year. this is key for people trying to figure out how to position and whether they can avoid paying for the higher taxes. tom: we start strong with david rosenberg joining us from rosenberg research. thrilled you can join us. david rosenberg slices and ices inflation dynamics like no one i know. we had someone from goldman sachs on and you are on the same page on the slide of gdp back to something normal at some point. if we get sub 3% gdp, what does that do to rosenberg inflation? david: will look, if the economy slows down -- well, look, if the economy slows down, especially

with fiscal withdrawal we see in the second half of the year, i think what happens is the output gap starts to widen again. it will bring this inflation run-up we have seen reverse course, and it could be very good news for a long duration asset. this is what the story there is. it was really about -- less about the dots. they have no weight historical. when you look at what is baked in already for the first half of the year, the fed is telling you they are expecting fourth-quarter growth to be close to 5%, which is up from what their forecast was before. tom: what do you have into 2022? they've got to get to two rate increases the year on, and so much of it depends on that level of gdp. do we get back to a potential gdp under 2%? do we go under 3%? what is your guesstimate? oystein: the fed is over 3% -- david: the fed is over 3%.

a lot of it depends on the fiscal backdrop, but i think the fiscal withdrawal is so enormous that you will have to have -- the fed is assuming private sector demand will be over 6% next year. i'm nowhere close to that. i thing the economy will slow below trend, starting probably in the third or fourth quarter this year. i am back below potential growth for next year, and as a result, that reinforces my view inflation will come down more than people think area lisa: do you think the fed -- think. lisa: do you think the fed is committing an error? david: i think it is too early to say that. it is situational and everything is about moving from 2023, and it is still a few years down the road to say a fed will make -- the fed will make a mistake now. they are talking about tapering, but they haven't done anything. lisa: will it be a mistake if

they follow through on the median. lot projection of hiking -- median dot plot of hiking rates for 2023? david: i think it will be, but that is based on my amps -- my assumptions. look at the fomc, people look at the median dot plot and not everyone is settled on the median. they have not made a mistake at. i thought it was surprisingly less dovish -- yet. i thought it was surprisingly less dovish than i was thinking about, but they have not done anything yet. when you look at the dots first introduced in early 2012, the funds rate was pressing against zero. for the next two years, the dot plot fell .75. they would hike rates three times. with hindsight, they never did that. i guess if they raise rates three times, it would have made a mistake, but they never carry through with the dot. to say they made a mistake is too premature right now. matt: if you don't see the

inflation, right? -- you don't see the inflation, right? you talk about 20% of cpi gets attention but 80% is not accelerating. if the fed is thinking about raising rates, why would you like gold here? david: i have not been banking on gold for months. i got dramatically oversold at the lows several months ago. now, it is going over again. a lot of the gold analysts say we can correct down to 1600. in the context of what could be a market in gold, nothing moves in a straight line. but you folks were talking earlier about the backup or nest -- less negative results in real rates. so there's a relationship with real rates and if they back up here and the dollar continues to strengthen, it is not just gold. anything priced in u.s. dollars will take it on the chin, including commodity prices. for the time being, as long as real rates backup, the dollar broke above the 200 a moving

average. gold will remain under downward pressure. to say i'm bullish on gold, because i have been able on gold, right now i would be saying the near-term risks are more to the downside. tom: david rosenberg, thank you so much. rosenberg research, and we will hear much more from him in the coming days as he writes on inflation. lisa, we need to frame where we are. the wheel yield i think people do not understand the trend it has. for those on radio, it is simple, it has been a massive disinflation coming off of 2007. a 20 or chart of the 10 inflation-adjusted yield speaks volumes. down we go to a negative number, and i my right that we are sort of like teen sweets made it back -- teensy weans made it back? lisa: i would say we did teensy weans made it back. the belly of the curve, that is the 10 year real yield and it did not pick up that much

yesterday relative to history, and it is going back down today. with the five-year real yield, yesterday was a massive move. the idea the fed may not be sitting on yields, they might be doing the opposite and pushing yields higher, really a dramatic development. in that, you did see the biggest move since april. frankly, you saw a real yields go to the highest since december. tom: we have got to talk about the president of the united states. usually, it is a quiet return to washington. after all we saw yesterday, and matt miller, let me start with you in berlin, because it was usually continental yesterday. the tour de force press conference in the 80 degree heat , and the president at 78 years old, 79 in november. what was the spin in berlin this morning on the president of the united states? matt: that the outcome was pretty positive. of course they're not going to be best friends and give each

other hugs at the end, beau biden gave putin some ray-ban aviators. tom: matt is so international relations. lisa: [laughter] you know what -- tom: we will continue with our bilateral. lisa: [laughter] tom: we will make substantial further progress. good morning. ritika: with the first word news, i'm ritika gupta. for months, fed officials said price increases are temporary and now they do not seem so sure. they expect to make two increases to interest rates in 2023, surprising financial markets. jerome powell said there's a risk inflation would be higher than the central bank thinks. a bipartisan deal on u.s. infrastructure, and it is improving. at 20 structures -- 20 democrats including republicans have signed on for the package. that is the biggest in decades,

though a lot less than what biden wants. it also includes a plan to index the gasoline tax to inflation. executives are also arrested. they are accused of breaches at this we mean national security laws. jimmy lines is already in prison , pretending unauthorized protests. the securities and exchange commission has delayed a ruling on a bitcoin etf. regulators said it would seek more public comments on a proposal to lift a product on the global market. a bitcoin etf could catapult the

world's largest digital token into the mainstream among institutional investors. global news -- global news, 24 hours a day, on air and on "bloomberg quicktake," powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪

>> the housing sector is strong,

and business investment is increasing at a solid pace. as the reopening continues, shifting demand can be large and rapid. bottlenecks, hiring difficulties, and other constraints could continue to limit how quickly supply can adjust, raising the possibility inflation could turn out to be higher and more persistent than we expect. it is not a time to try to reach conclusions about the labor market, inflation, the path of policy. we need to see more data and be a little bit more patient. tom: whatever your thoughts, the chairman of the federal reserve yesterday, -300 on the dow, and he single-handedly stopped the decline and turned the markets around and even green on the screen on nasdaq there. have we answer the question of why michael mckee always goes last? lisa: because his question tends to be thorny. he asks the hard questions. tom: i think it's an unusual punishment. i'm just going to write michelle at the fed a notice saying have him go first. let's make substantial progress,

getting mckee higher in the process. right now, jack fitzpatrick, a tired president biden did not stagger down the stairs last night. andrews came in very nicely, elegant, had the aviator thing going, dressed all in black. he comes home to a gloomy gridlock. what kind of gridlock does the president enjoy this morning. -- this morning? >> right now, it is a two track issue where it is not entirely gridlock on his legislative proposal. there are still bipartisan talks on infrastructure, there was an announcement by a bipartisan group of senators yesterday that they agree at least on the basic bullet points of the proposal that appears to be almost $600 billion, but they did not put out details. meanwhile, democrats are preparing to go their own way

and are starting discussions about the budget documents they have to do without republican support. they are simultaneously trying to get bipartisan support on whatever they can get in infrastructure, but also looking for a partisan plane that goes for infrastructure, the family plan, they had a brief conversation about immigration legislation. tom: you are just circling the infield of policy. ? , what is the president's most difficult first call on his return to washington? >> his most difficult first call may relate to those issues. particularly as it relates to taxes. everything happening in congress. there is movement on infrastructure spending, but trying to get any bipartisan support, anything on taxes really hasn't seen much movement. tom: lisa, summer camp is paid

for. lisa: summercamp needs to get paid for. we are living the cpi of that. i want to bring you some of the developments from what we got out of the putin/biden summit. vladimir putin telling biden he sees cyberattacks as unacceptable, this according to the kremlin. kremlin also saying biden did not accuse the russian government of a cyberattack. that is the russian perspective. back at home, when we talk about domestic policy, what kind of bru ha ha will there be over janet yellen's taxes, a hot button topic, saying they could be regressive. they won't be considered regressive, but they could go back to april if past even later this year. what is your view on potential pushback ofpushback of that? >> there was significant pushback from republicans on the capital gains proposal biden put out. that is not going to go away.

it is one of the top issues to look for, as she testifies today. this is supposed to be a hearing on the budget proposal. the tax item is likely to get a lot of attention from the biden budget proposal. it will be a tough issue. the relevant question for turning that into legislation and biden following through is, do they work that into a partisan package the democrats try to get through into the senate. can be used as a pay for and the next package besides infrastructure and the democrat-only catch all? lisa: having moved beyond recovery from the pandemic and moved towards furthering president biden's agenda in a way that might lead to more pushback? jack: yes. when you follow the discussions on infrastructure, the so-called

family plan, the insistence by the president's needs to be offset, not necessarily over the same number of years but paying for it over 15, he's not trying to inject more money into the economy. you look at his spending proposals, it's a greater amount of government spending but also a significant tax increase. it appears to be more of a redistributive approach than what we saw in the immediate stimulus biden pushed. it is a significantly different approach than tax rather than stimulus approach, the emergency response to get the economy going. matt: are we going to see more pork in the next few bills when it comes to earmarks? jack: the debate will be

interesting to watch. they emphasized so much for the infrastructure earmarks and the regular earmarks and government funding bills. this has to be limited. this has to be very transparent. i have noticed they got fewer requests in terms of the dollar amount than they thought they would get. that is one site it might not be as porky as you might think. it is something where the political motivation is defined anything that could be controversial and hammer away at that. that is something to look for from conservatives in the debate, and any government funding debate going forward. tom: jack fitzpatrick nailing the porky debate in washington. porky, lisa. lisa: the rest of the morning will be porky. a porky report. all morning long. tom: of major chastisement.

you and i have to talk about the appropriated the management of event this -- uventus. lisa: i have about as much to say about it as you did four years ago. john will be back. you can talk all about that. matt: can i just say, even if the number of no-hitters in baseball triples this year, i would still rather watch mlb than soccer. so boring. tom: matt miller, thank you so much. cleveland indians struggling this year. we will continue with wonderful conversations. alan ruskin of deutsche bank. shifting to a skewed struggle of

you. brian moynahan with david westin coming up later as well. futures at -12. vix at 18.27. this is bloomberg. ♪

in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity

to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds.

tom: "bloomberg surveillance." major shout out. professor blanchflower. they got run over by the president's press conference. we appreciate their time taken yesterday. we will get them again in short order. wonderful guests this morning. nancy miller in for john f arrow. the 10-year yield, the nominal yield, it is in between-y. we did not break out the new 10-year yield highs, did we? lisa: no, but we were talking about a sub 1.5% 10-year yield yesterday. gallic has shifted. we are seeing a little buying after yesterday's selloff. the trajectory is higher.

i wonder how much people will reprice after the fed meeting yesterday. tom: matt miller, did you see the repricing and the negative yields across continental europe? matt: yes, we did. getting closer and closer to positive in terms of the blue and yield --bund yield. only -17 basis points now. we saw yields client and the u.k., france, italy, everywhere across fixed income. tom: alan ruskin with us now, deutsche bank chief international strategist. i look where we are right now. an interesting press conference yesterday. i have to ask about this phrase "substantial further progress." on a theoretical basis, out of the textbooks, what is substantial for their progress? alan: what you saw yesterday was

that the yield mandate is so important. that is both the progress you make on inflation and also the progress unemployment and labor market. the market has been emphasizing the labor market and the lack of progress. what you finally saw was recognition on the importance on the other side of the dual mandate, the inflation side. it depends on what you're looking at. on the labor market side, chairman powell was optimistic when he started to speak about the longer-term view on the labor market. you look at the forecast on the labor market, including an unappointed rate of 3.8% by the end of 2022, those are consistent with substantial progress. tom: the substantial progress could be a green they for other central banks. did he greenlight other central

banks yesterday to begin to notice rates up as they choose -- nudge rates up as they choose? alan: certainly not in a religious way that the fed seems to be up until yesterday. there is no green lighting. the fed was standing out as looking like the ultra dovish central bank in the g 10 group. i don't think it changes things materially. some of these central banks leaning to be on the hawkish side, signaling they will raise rates. not just taper but actually raise rates in september. matt: we have seen more central banks start to raise rates then cut rates. there have been 84 central bank

actions globally this year. there were more cuts and now we are seeing that skewed towards spikes. whenever going to see the big ones follow? or is that the way is going to be? will the ecb wait until after the fed? alan: i think the big ones are holding back for the most part. the ecb said they will not taper through q3. there is an attempt to look at things and see how things are going to change. the bank of japan is not looking at things for the next three or four years. they are very much on hold. the bank of england is a little more hawkish than the other central banks. when you look at global markets, we saw yesterday, it is what the federal reserve does that

dictates all asset prices. matt: lisa had a piece yesterday on bloomberg opinion about the financial risk we are seeing. rate risk intertwined with credit risk. i saw a story on private equity. they have been pumping more leveraged loans on the books of their companies than they have in the last 14 years because of these low rates. is it a dangerous situation? alan: certainly for someone like myself who emphasizes the asset cycle is ultimately driving the business cycle. there is plenty of signs of affiliates. the fed has been very restrained to put it charitably how they speak about bubbles, etc. the example you cite on the leverage loan side, looking in terms of the more orthodox measures, the obvious

being equity/p ratios. yes, there are danger signs. and now when consumer prices. danger is upon us in a sense. that behooves action. i think the fed did the minimum yesterday. lisa: i want to talk about the market reaction. we got a knee-jerk increase in rates as the fed took a more hawkish tone. today you're getting buying, people seeing opportunity. at what point does the international aspect of the bond market, that if the u.s. does tighten, they look better on a relative basis, the yields are higher, the dollar strength. how much, without the rest of the world moving, is the balance of motion go to the lower when it comes to bond yields, even with a more hawkish fed? alan: we have to think back to q1 where the bond market was in the frame.

the bears were very much taking up the running. quarter 2 has been very different because on the supply side the federal reserve has been holding huge treasury balances. the net issuance in the last couple of months will be negative. that supply side has been very helpful for the bond market. the demand side, the fed taking down close to 60% of issuance quarter by quarter. on top of that, over the last few months we have good data for march and april. they stepped up their game. they do seem to be interested in u.s. bonds, treasury bonds in particular when you see yields above 1.5%. previously i thought the 10-year could get to 2.5%. 250 basis points is not unusual.

in this low yield environment they will restrain the bond market. quarter 2 has been special because of the issuance side. there is a danger want to get past this rundown of treasury tax balances bond yields will start backing up in a more material way. lisa: basically waiting for the taper to actually begin. just about this altogether, did anything --did anything change in your thesis about the meeting? alan: the fed has been ultra, ultra dovish. i still think they are dovish. there is an argument they should be finishing tapering. we are still dealing with an ultra dovish fed. i think they are catching up with the market. is the fed behind the curve are or not, or behind the market? in the fx arena, the dollar will

tend to be weak. if they are ahead of the market, the dollar is strong. we are at the cusp where we are making up our minds where the fed sits in relation to the marketplace. tom: alan ruskin, greatly appreciate it this morning with deutsche bank. we have a lot to cover. an important headline coming out. a gentleman we will speak to in a bit. we are thrilled to bring you for the most interesting central bankers in the world. he's with norgesbank. thank you to bloomberg for picking of these headlines. lisa, don't give signals on possible interim meeting changes. it really shows the unsettled nature of all the central banks joined at the hip with the fed. lisa: the idea of the potential ramifications. people think this is the central

bank that could move first. the international quality, the fact that alan ruskin sees a limit to how high bond yields can go given the international buyers coming in, at least until the fed starts to taper, a fascinating observation. tom: you look at euro. 119.37. is the world prepared for strong dollar, 118 euro? i don't see it. matt: it's a real shift. because of the analysts and investors i have spoken to, i was going to go the other way. more like 125. tom: take the point, yeah. matt: it's interesting we've had this shift on the ecb's side as well. you can see the put some real weight behind the trade. tom: lisa, i want to get in front of this conversation with brian moynahan. we have heard from j.p. morgan,

citigroup, a little bit of saw guinness -- sogginess. you wonder how this carries over to mr. moynahan's shop. lisa: the expectation is for it to continue. trading volumes have been a lot lower. there was not the same kind of disruption. it was supposed to slow down. jamie diamond saying this is normal. i am mortgagors -- more curious to hear what he has to say about consumer lending. also about interest rates. about whether the message from the federal reserve yesterday was good for them are bad for them. tom: don't we understand the loan demand is not there? isn't that a given? lisa: is it not there because of all the stimulus being worked down, and will then pick up? is that the case? tom: this goes back to sell 3%

-- sub 3%. i am focused on what gdp is going to be for q3. one of our themes in the summer at bloomberg's surveillance. stay with us. the governor of norge's bank, next. ♪ ritika: officials at the fed now signaled they may raise interest rates from near zero faster than they had forecast. policymakers expect rate hikes by the end of 2023. jerome powell acknowledged a lot of uncertainty. he said there is a risk inflation will be higher than the central bank thanks. congress has given final approval to a new federal holiday. juneteenth will be the 12 federal holiday. it marks the day in 1865 when union soldiers brought word of freedom to enslaved people in

texas. president biden sign the bill today. it's a milestone for china's space program. the spaceship carrying three auster not stocked with the country's new space station. the crew will be on the space station for three month and carry out experiments, test equipment and conduct maintenance. a warning from switzerland's central bank. potential for substantial losses in case of a u.s. or euro area recession. the country's biggest banks are proving resilient and credit losses remain low with international peers. banks in asia have a huge problem. they are struggling to hold onto junior investment bankers. anywhere between 13% to 50% of banking analysts and associates left their roles this year. that is roughly double the average in recent years.

global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪

>> can we do something to

redirect acr's from countries getting it but don't need it to those that desperately need more help? i'm so very pleased how we at the g7 are coming up a support for $100 billion redirected from countries and reserve physicians to countries that need help. tom: the international monetary fund getting their wish, which is action by the g7 which she mentioned yesterday. lisa and matt, we have a good set of gas coming up on a bombshell of a fed meeting yesterday. this is an important conversation. we do this with futures. a little quiet at -15. norway is different. not only is no way always out front with transparency and wonderful statistics, but also

out front in terms of the largest sovereign wealth fund, the linkage to oil and leadership in the monetary theory. driving that is a statistician. he joins us from the statistics wing, the best part of the bank of norway. he is now governor of norge's bank. you have taken a hawkish shift. is that a luxury you can take because of your sovereign wealth fund? >> no. our monetary policy stands. we are seeking seriously to make signals for the future. provide a good balance for the economy. our mandates drives towards

robert ability and for activity and employment. tom: with your work in leadership and statistics -- i can't say enough about the world-class effort over 30 years -- it seems a measured approach, almost greenspanian. consensual bankers take a measured approach in rate increases given the recovery from a natural disaster as is this pandemic? oystein: well, let's start by saying if we take a broader look towards the special features of the economy with oil activities, also the sovereign wealth fund as a significant bumper, we have been lucky over the years.

also we have politicians that have handled it in a good way. in the present crisis and pandemic it is striking we are all in the same boat around the world. we are all hit by the pandemic. in relative terms, the outcome and the health area and yes, it has been mired compared to many others. -- minor compared to many others. especially in health. this is where we are now. good to see a clear recovery of the economy. the authorities are opening up the society. we are on our way to reaching

normal levels with regards to activity and capacity elevation. unemployment is coming down. it is time to start raising rates from a very low and normal low level. matt: i'm curious on the asset side how you are allocated right now, how liquid you are and exposed you are to the shifting interest rate environment. oystein: if you referring to the sovereign wealth fund, the asset? matt: yes. oystein: knock on wood, so far the development, even throughout the year 2020 was positive. the equity markets went down for some time, but then markets have turned around.

the return results for the 2020 are quite positive. this has continued so far. if markets are turning around, as a nation we should be prepared to opposite developments in equity markets and the value of the sovereign wealth fund. policy is directed to manage that. lisa: governor, you talk about raising rates in the near future. inflation is not necessarily running hot. it is not an elevated fashion in norway. does that give you pause about raising rates? oystein: there is pressure in

the economy just now. you are correct in stating that. price and weight inflation. on the other side growth is quite strong. we are all approaching normal levels with regards to activity and employment and unemployment. it's important to add we have vulnerability in our economy. the housing sector. debt has continued during the pandemic. housing prices did not fall. they went the other way around. housing prices and property prices have continued to go up during the crisis. there is no doubt that when credit is cheap and with zero rates, the borrowing and housing

market. financial stability, we are concerned on that as well as the central bank. that kind of consideration is part of the mandate as well. tom: mr. olson, thank you so much. governor olson with norge's bank. i wonder for them and their sovereign wealth fund clocking in at nearly 250,000 per person, you edit what $74 does -- he wonder what $74 does. lisa: the idea they have a lot of income that comes directly to their coffers. they don't do worry about financing their deficit in any kind of way. tom: we are moving. i can see the us from oslo. "surveillance" from oslo. lisa: i don't know, tom keene.

you think you can get in? matt: very nice. very nice. tom: i see is doing a july show from the. john gala on the equity markets. good morning. ♪

>> it is going to be easy. you will see market disruptions. it could go hotter and longer than the fed anticipates. >> i think the fed is committed to the mandate, and the mandate will look somewhat different now. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. a post fed simulcast on radio come on television. it was not a snooze fest. powell moves the markets big time, with the fed finally moving towards -- i don't know what they are moving towards. jonathan ferro is off. romaine bostick in. what an interesting moment yesterday. i think all three of us came into this fed meeting like,

yeah