tv Bloomberg Surveillance Bloomberg January 24, 2022 7:00am-8:00am EST
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♪ >> the fed has been very clear that one way or another, they are going to bring inflation down. >> what they want to do is not raise rates too soon and slow down the economy. >> the economy is not quite as good as we thought. >> i very much agree that the labor market is tight. i very much disagree that the labor market is strong. >> we are seeing a slowing down in the economy. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: another big week coming up. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. on the nasdaq, off 0.2 5%. the s&p down a little more than 0.1%. tom: a little more constructive an hour and a half ago, and that
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has vaporized. it is going to be a movable feast through this week, staggering to a fed meeting. one idea just to get you going, the recent peak about eight or 12 hours ago, 80 $8.90 on brent crude -- $88.90 on brent crude. jonathan: at what point do you start to lean the other way? tom: exactly. there are some people out there saying maybe we don't have peak catharsis right now, but we have certainly got a lot of fear in some of the behavioral, confidence statistics as well. tech earnings this week, are they going to be netflix-like or not? jonathan: apple later this week. lisa: deutsche bank also having a similar call. you have to question earlier -- you asked a question earlier, is
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this market concerned about the fed over reacting to inflation or inflation curtailing growth? is it the policy or inflation itself? people wonder whether the fed moves quickly or inflation picks up as it has been. either one is going to curtail growth over the longer-term. jonathan: we've got to talk about geopolitics and the situation between ukraine and russia. we have seen reports over the weekend the president is said to be considering boosting a troop residence in some baltic countries. tom: he will be briefed this morning by his nsa. what i would suggest is just a huge news flow, what have we seen in the last hour? russia speaks through their press agent. journey we -- germany with some headlines. we will see a lot more of that, exuding our conversation with the french ambassador to the united states in about two hours. jonathan: hoping to hear more
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from secretary blinken as well. futures this morning down 0.25% on the s&p come on the nasdaq down 0.4%. in the bond market, this curve is flatter. yields lower by two or three basis point on tends to 1.73%. prude unchanged now at $85.17, and euro-dollar down 0.3%, 1.1303. lisa: you asked the question about whether people have gotten ahead of themselves with all of these rate hiking calls, and perhaps people will start to go the other way. at 1:00 p.m. eastern time, and auction of 50 $4 billion of two-year notes from the u.s. treasury. how much are people buying the story of four or more rate hikes , and how much are people going to start to say there's value here, all of a sudden when it makes since to be nimble? we are seeing the yield curve
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flattening as people expect longer-term growth to slow. after market, kadant off this week of tech earnings, ibm reporting their fourth-quarter results. how much do we see growth in the crowd -- the cloud business? you have seen a 12% decline in the nasdaq, just south of 3% for ipm. -- for ibm. president biden is discussing ways to lower costs for families. how much can they do that at a time when they do have this work relating ukrainian crisis with russia, and how much can they dovetail some of the concerns about commodity costs that are going up and that they can't really do that much about? jonathan: thank you. we've heard from goldman about the risk of doing more. andrew hallman horst of citi publishing, "a combination of
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geopolitical tensions and tightening monetary policy has equities continuing their decline this morning. markets are pricing a base case of 25 basis point hikes in 2022. risks remain balanced towards a more aggressive path, potentially including consecutive hikes in march, may and june. we see hawkish risk in details of the upcoming fomc meeting. tom: i will wait for the data. it is amazing, the dispersion of the different opinions in the sequence of opinions. extraordinary. jonathan: let's get to victoria fernandez, the chief strategist at cross mark. i do believe they were trying to follow the data, at least their interpretation of the data. what does that last bit mean? victoria: when we look, everyone has a different opinion of what the data means. even just talking about the inflation components a moment go when people were concerned about the inflation number or the
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response to inflation. i think that is what it means. what is the fed interpretation of what we are seeing? are they still seeing a transitory component even though they took that word way because the market did not like it? they anticipate the inflation number is going to come down, probably starting in the second quarter, and perhaps they want to buy themselves a little bit of time, so maybe we get one rate hike in march. i think originally they probably wanted to wait until june, so maybe they will give the market the first rate hike and then hold off until the middle of the year when inflation has come back down. we need to see how the fed interprets what is going on with inflation. tom: what is the sweat level out there when you talk to crossmark clients. how afraid are people? is there any sense of catharsis out there, and abrupt change in portfolios? victoria: when we have seen some of the volatility over the last couple of weeks, that has made clients nervous. but there is a lot going on right now for the market to
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digest. we have a decently strong economy. hopefully earnings is going to continue to support that. we do have some high inflation numbers. we have monetary policy we are trying to get through. i think what is important and what we tell our clients is look at the oversold condition we are in and the longer-term upward trend the market is still in and combine that with the fact that credit spreads, we talked about this on "real yield" about a week ago, there is still some support for the equity markets. there's just going to be quite a bit of volatility. lisa: i love that you have jon has embedded a plug for his "real yield" show when his guests come on this property. it is a fantastic show. i do recommend you watch it when a clock p.m. on fridays.
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how much going forward you think we have priced in some of the potential margin compression as we deal with the inflation you talk about? victoria: this is what everyone is going to be looking at in these earnings reports that come out. this week is jampacked. we are naming some of the companies we will see. the biggest issue we think is going to be margin pressure when it comes to wages and employment cost index. look at the eci and how high that number has run. i think the fed is watching that very closely. jp morgan is an excellent example, talking about the issue they had in regards to wages going higher and what that means for their earnings. i thing is going to be key when we are looking at what the earnings reports telus and the guidance. i think there's going to be supply chain issues that will cause the margin compression as well. i thing it's going to be the employment cost people are going to be watching. that could make it different when we are looking at the volatility throughout the rest of earnings season. lisa: given this whole backdrop,
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the fact that you would said -- you had said you were looking at oversold conditions, what aspects of the market right now are oversold and look attract given all of these respect as he put out there right now. victoria: the average stock is down about 15% right now from its 52 week high, tech names around 20%, so we think people need to pull out their shopping lists. we like financials as a sector for 2022. we like jp morgan, we like bank of america, but look at some of the pullbacks you have seen in other names, some of the more cyclical value names. lowe's is down 11% over the last months. regions financial is another name. tractor supply down about 10% over the last month. i think individual names you can add to your portfolio that have had that pullback, start checking them off your shopping list. jonathan: victoria, thank you for joining us, and of course, for the plug as well. i appreciate it. thank you very much.
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come on, lisa. it is just a great show. this is the theme of this morning so far. what is the biggest risk right now, inflation or the response to it? last year was clear, it was inflation. once you identify the biggest risk, you can think about how to hedge it. last year, inflation, people flooded into tips. this year, bob miller a blackrock talked to me about hedges for 2022. i said, what is the hedge right now? we are short tips. real yields are going higher. what does that tell you about what the risk is right now? last year it was inflation. this year it is the response to it. that seems to be where people are leaning. tom: we are three or four weeks into this exhausting year. how much of the move has already occurred? i'm glad to tory a brought this up. i just looked at the decline of home depot from the peak, and it is down 16%. i don't think a lot of people, she mentioned lowe's, i don't and a lot of people understand
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that. do you like that, depot drawdown? jonathan: i will borrow that for the 9:00 hour. you mentioned how much of the moves we have seen. 10-year will rates have gone from -1.1% to -1.60% very quickly. lisa: what is driving that? it is the fact that longer-term inflation expectations are coming down. is that the policy response or is that inflation? that is the best way to kill inflation, by slowing growth. tom: we will talk about that -- jonathan: we will talk about that in about 20 minutes. tom is going to love it. the nasdaq down 0.5%. are you having vintage tang? tom: it is aged. jonathan: aged tang. from new york, this is bloomberg. ♪ ritika: with the first word
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news, i'm ritika gupta. president biden reportedly may drop the u.s. stance on russia and ukraine. according to "the new york times," the president is considering deploying naval craft and troops to ukraine. u.k. prime minister boris johnson is facing the outcome of an investigation into reports that he allowed rinks parties in downing street which broke pandemic rules. the result of that probe could lead his conservative party colleagues to force him out. in israel, a new study says it's fourth dose of vaccine for adults leaves people better protected than those with three shots. the great majority of people in israel have received the pfizer vaccine. an activist investor is added to
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the pressure on unilever's ceo, who failed in his bid to buy a conserver help -- a consumer health unit from glasser smith kline. he has built up a stake in unilever. it is unclear what his intentions are. he has a history of pushing for changes at consumer companies. 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. ♪
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>> i think our work in the senate and president biden's work to strengthen deterrence is going to succeed, but i think president putin will once again show aggression and moving to ukraine in the coming weeks. jonathan: your equity market has a bit of a bounce on the s&p, but not much of one. the nasdaq still lower by 0.5%. the s&p 500 is down 0.3%. yields lower by a couple of basis points on tends to 1.73 51%. the focus of the moment, we are counting down to that fed decision, also focusing on what happens now between ukraine and russia. last week in the news conference, the president gave the impression it was inevitable that russian president vladimir
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putin would do something. what, we don't know. u.k. prime minister boris johnson in the last couple of moments seeing a russian invasion of ukraine is not inevitable. i think that it's an important line from the prime minister this morning. an invasion of ukraine by the russians is not inevitable. tom: certainly mr. johnson is not giving a two hour press conference where you get into trouble. what do we make of ukraine? could be the new chechnya, over by the caspian sea, for russia. ukraine could be the new chechnya for russia. jonathan: something you get bogged down in and you get in for a long time? tom: i think so. emily wilkins with a brief from washington, and joining us in the last hour, maria tadeo in brussels as well. the distance of key have -- of key have -- of kiev to chechnya,
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i don't know, but to me, it is another time and place. what is the memory that mr. boudin has other than crimea, where he was successful? cash mr. putin has other than crimea, where he was successful -- mr. putin has other than crimea, where he was successful? maria: if he is thinking i did in crimea, i can do it and ukraine, since crimea, there is this national sentiment and ukraine that this is a country that they want to protect and they want to really push away from the russians sphere of influence. the reporting we have done behind the scenes also speaking to ukrainian officials, to me it is crystal clear that ukraine will put up a fight, and the country is really prepping for war. ukraine tried five times in its history to break away from
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russia. they were able to do it after the berlin wall. sometimes i do wonder if this is something we are not factoring enough in the conversation. ukrainians will fight in this more. tom: how do the french and the germans respond to the idea that esther putin would put in a new government in kiev -- that mr. putin would put in a new government in kiev? maria: that is the big question right now, the paris and berlin are not on the same page. what i would say is that this really is decision time for germany. we know whether there is an invasion that is military, whether we see cyber hacking or any other form of political deceleration happening in ukraine, and he will now tell you the issues we are seeing right now is the failure of the politics of appeasement angela merkel carried out for 10 years. lisa: from the united states'
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standpoint, what is the main motivation for being involved, for countering russia if that redline for invading ukraine is crossed? annmarie: the conversation in washington right now --emily: the conversation and motion right now is more about what should be done, not waiting for putin to make the first move, but showing that the u.s. is willing to act by starting that action. you heard from senator chris coons in that early clip. he's a democrat. but you also heard similar sentiments from republicans. last week before they broke for recess, they were talking about having legislation, moving forward a package that could contain potential sanctions. you have seen the house also take an interest in that. the only thing now is that they are gone for this week. they are back in their district, talking with their constituents.
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they are not in washington getting something done, which means that if putin moves within the next week, the u.s. might wind up getting caught flat-footed. lisa: is it to fortify the alliance with europe, to fortify access to certain resources, whether it is natural gas or lithium, which is in the region? or is it to counter this nexus of china and russia that seems to be increasingly close as they try to go after the same resources? emily: i think you have hit the nail on the head in all of those instances. these are all things that are really motivating the u.s., as well as simply standing up for other democracies, trying to limit russia's influence in various sectors of the world, and trying to send a signal to countries such as china that if you try to invade other democracies, we will stand up. there will be a response. it is not something the u.s. is just going to sit back and let
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happen. jonathan: team effort, transatlantic. thank you very much for joining us. things wrapped up over the weekend. you saw the removal of family members and staff from ukraine, preparing for tensions to ramp up again. tom: the tape moments ago giving way here, the nasdaq down 0.7%. i go back to the blinken press conference, the reaffirmation of nato and the open-door policy, with all of that baggage of 20th century foreign relations. i don't know how europe, there's not a debate, open-door policy means complete support of ukraine. jonathan: even if it is open, can ukraine walk through it? i think we have to talk about
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the likelihood of that actually happening. when you listen to the reporting on the ground in europe, the likelihood of that happening anytime soon, pretty low. tom: it goes back to the hydrocarbon story. i don't care if it is july or january, there's always going to be in the back of the reliance on russia for the marginal barrel of -- barrel or btu of gas. lisa: that is why i kept focusing on the resources rather than democracy building because frankly, this administration and the previous one we moved away from that. how does that cater to u.s. voters, this idea of intervention internationally that kind of lost favor? how do you dovetail the afghanistani policy with this one if you take more aggressive actions? jonathan: hard to get through this week. this is a huge focus worldwide. and we have a fed decision on wednesday. some apple earnings in the mix, too. tom: on pound-sterling, jordan
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jonathan: live from new york city, this is "bloomberg surveillance." from last week into this week, the pain continues. futures -0.6% on the nasdaq 100. it has been ugly come of the worst weekly loss going all the depths of the pandemic. yields on the year still up by a little more than 20 basis points on a nominal yield. i will get into why and just a moment. tenure nominal yields now down to basis points to 1.7333%. up on the year. last week, they did not do much at all. you had all of that pain in big tech, but numeral yields did not do much at all.
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switch up the board. we are going to have a sneak peek of a chart of breakevens. you subtract the yield on the inflation linked curve from the nominal yield. look at real yields, and then you get the implied inflation rate of the market, so called breakevens. breakevens have been rolling over, and they rolled over last week even though nominal's did not do much. so what happened? real yields were pushing higher. this is really important when we talk about the biggest risks. last year was inflation. this year, people are starting to think about the response to it. last week wasn't a move on nominal's. it was a move on reels, and breakevens rolled over. that is important to bear in mind when we think about the dynamics underpinning this big tech. tom: yes, we got tech earnings this week, but maybe that is history, and the real issue is going to be economic growth. jonathan: the eci taking on some renewed importance after what
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chairman powell said in the last news conference. lisa: especially at a time of earnings were margin compression seems to be the big question. they could sell long past the prices to consumers. jonathan: the eci and focus at the back end of this week. i will get to the fed first. that's your cross asset price action. we can say good morning to romaine. romaine: tech spots are weaker in the premarket. gold shares up about 26% based on bloomberg reporting that at least a $9 billion offer is on the table, and a second offer apparently in the works now from sycamore. we don't quite know what that is worth, but -- but kohl's is in play here. they have been kicking the tires on this. baking of activist investors,
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the knives are out right now for peloton. blackwell put out a pretty extensive letter for why they should consider selling the company. no response yet, but we've got an 8% drawdown on shares right now. we should point out fully, who was the cofounder of the company, has it inordinate amount of voting power. we are keeping an eye on tech stocks after that massive loss on friday. that is the risk sentiment right now, at least as far as it comes to tech stocks. apple down a couple of percentage points. snap heading towards its fifth straight day of losses. bitcoin right now down about 50% from that $67,000 peak we saw in november. basically every stock tied to the crypto sphere lower in the premarket.
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tom: we will have team coverage on bloomberg radio, 10:00 a.m. matthew malik -- matthew miller and tom sweeney will dive into the crypto morass. swiss franc got the new strength. nasdaq futures, -0.7% is something i am looking at as well. it is a most wonderful time to speak to thierry wizman, global interest rate and currency strategist asthma quarry. -- at macquarie. what i want to do right now is take the really important comment in your recent research that the fed is far more important than omicron and the ukraine as well. if that is the case, what does e.m. want from central banker to the world? thierry: emerging markets once
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what they always want, which is cheap liquidity flowing into the emerging markets, to help sustain their asset prices and sustain their growth in the financial system. unfortunately we are probably not going to get that that easy when the fed is retracting liquidity. when the fed starts into tightening policy from accommodative policy, as we signed 2013 with the taper tantrum, as we saw in 2015 in anticipation of the first rate hike, there's always a class of assets that does poorly. there's always an asset class that suffers. it may not be emerging markets this year. it may be that the class of assets that has done well in the previous regime of easy monetary policy and the pandemic are seeing money coming out of the
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nasdaq 100 and cryptocurrencies right now. tom: the arch theory is that e.m. is stronger, more resilient than they were 20 or 30 years ago. you buy that? thierry: i would have bought it if you had asked me that two years ago. the problem is that the pandemic has introduced certain structural weaknesses into emerging markets, including debt levels. markets were no less shy and trying to spend their way out of the problems of the pendant. that is left them with a high level of debt, a high debt burden, so it might have been valid two years ago, but it is hardly valid these days. jonathan: why have we -- lisa: why have we not see more of what you expect to be priced in at the fed, 25 rate hikes or possibly more? thierry: for the emerging markets, it's because they were
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never a beneficiary of what happened over the last two years . so because their sups more value -- there is such more value, they should be rotating into, i mentioned that some of these emerging markets to have structural issues now, but some of the issues burdening the world and the sentiment of traders right now are stemming from emerging markets. there are tensions with regard to taiwan, and latin america is confronting a lot of political issues this year, including two major elections. if it weren't for the structural issues, latin america and emerging markets generally would look cheap right now. i agree. lisa: given this -- give us the
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scope of dollar strength you are expecting. thierry: we are expecting a little more dollar strengthening over the next few weeks and months. until we get resolution from the fed what it is going to do, it feels very difficult to imagine traders jumping back into foreign-exchange. i think we will continue to see the strong, sturdy dollar theme we have been calling for. i think if we get through if you hurdles, we get through the french elections, maybe through the russia-ukraine issues, then maybe we can expect some dollar weakness, but it probably won't happen until well into the second quarter. tom: tell me of china and the state of it now going into the olympics, days away, and then out of the olympics. what happens when we go home? thierry: i don't know.
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are they going to invade taiwan? are they going to pump more liquidity into the system? is there property to limit sector going to crash as a result of the burden of debt? tom: this is your wheelhouse. this is too important. do you suggest that the government can balance out the real estate sector in the way they bailed out things over the last decades? thierry: there's enough domestic liquidity created by this and the that cannot solve, let's be very clear here. they control a lot of the economy, so i think the tools at their disposal are greater and the tools in the u.s. and the global financial crisis. so i think if you have to bet whether or not they will be able to solve it, it may not be an
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abrupt solution, but over time i don't think it will lead to the kind of disturbance 11 or 12 years ago. jonathan: thank you. some really important points. the message is clear, china has space to move. tom: not that we are up to speed on the olympics -- we are not going to beijing, are we? jonathan: i can confirm that you and i are not going to the winter olympics. tom: i am like, ok, there x number of days, and then what? it's javier blas. he's the one who does it. lisa and i are oblivious to this. how they blast moments ago out with a spectacular chart showing energy prices in europe led by france and germany, with very high prices. jonathan: this raises the
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question, just how united nato members are on any response to russia. tom: it's got to come together. , wrong to say that united will happen under crisis events. jonathan: there's been this talk for a while that this german franco leadership will emerge on foreign policy it, and it has not happened yet. it is still the u.k. leading the way. tom: stronger swiss franc. jonathan: it is out there. [laughter] if you are on radio, you needed to tk count. you just did. if you get back into the office, you know where we are. yields up to 1.73% on tens. from new york, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta.
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the u.s. state department is warning of what it calls a continued threat of russian military action in ukraine, it is ordered family members to leave the country, and says conditions could get worse. "the new york times" says the president is considering deploying forces to the border and the baltics. anthony found she told abc news the surge that has post-covid hospitalizations to a record will peak soon, but that define will not -- that coin fell below the $34,000 threshold, down more than 50% from its all-time high in november. crypto has come under widespread pressure in recent days. people traded on hawkish
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rhetoric from the fed. xl shares have more than tripled in the last two years. bloomberg has learned activist investor will push peloton to fire its ceo and try to sell itself. that grant capital has left and a 5% stake in the fitness company. that is concerned that the easing of pandemics will slow because of these growth. 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. ♪
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the labor market is shrinking for the first time since world war ii and you exclude durable goods. so i take issue with this idea that it is all about strong demand, looming demand. that is why the fed is hiking. the fed will have to hike, but there's also bad things happening in the background. jonathan: do you from george sarah milos -- from george saravelos of deutsche bank. over the weekend, wall street's big payday makes the fed's job harder. you quoted him in that piece. lisa: it seems like there was a narrative early in the pandemic that the lowest income individuals were seeing the biggest pay gains, which was true, and that has shifted. we really saw that in relief over the bank earnings last week. how much does this shift the narrative? we are also seeing that an anecdotal and hard data. the biggest real wage -- if we are really suffering the biggest
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real wage losses, how much does this complicate the things for the federal reserve will not come look at things for president biden? jonathan: you can find lisa's writing on bloomberg opinion and on the bloomberg terminal, and i was not paid to do that. lisa: i will do a "real yield" promo. jonathan: you've done that already. [laughter] let's whip through this together. the nasdaq 100 rolling over. it is -0.8%. last week on the nasdaq 100 was ugly, down 7.5%, and we only needed a four day week. in the bond market, this curve is a little flatter. yields are higher by a basis point, and on the long end, down to 1.73%. that spread is getting there over. the curve is getting flatter. in the commodity market we are down 0.25%. in the fx market, a ton to get
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through. tom: euro just broke down off of switzerland. switzerland out to new strength. this is what people do with the bloomberg terminal when they are in crisis. i'm not saying this is crisis, but i am looking on the screen at new weakness. you are swissie, dollar ruble moving towards $80. oil has come back a little, but we are at a point now where the deepest market is foreign-exchange. jonathan: what do you make of the ruble move? over the last five or six years, it has been difficult for that currency pair. very close to breaching it again. tom: russia is a much smaller economy than people think. there's three things people look at, you are ruble, a ruble basket, and dollar ruble. time after time in crisis, people go back to the relation to the u.s. dollar, and it shows a new weakness.
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swiss franc is stunning. jonathan: that chart is unreal over the last 12 months. it is just rolling over. i caught up with -- of jp morgan. i asked, and the ecb sit up the rate hiking cycle from the federal reserve this time around? she does not think so. works alongside michael -- alongside bob michele. i imagine the swiss would love to see it. tom: right now, to advance over the forward exchange discussion amid all of the news flow we have this morning, could -- craig -- kriti gupta. kriti: if you look at the last three or four corrections in the last three years, two of them were spurred by apple hitting those $1 trillion milestones. but what reverses those big
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corrections? i did some digging, and those buy moments tend to be driven when you start to see a weaker dollar. it really tells you that those foreign investors tend to buy the debt first before domestic investors. this is kind of in to with what you have been hearing, especially in the last quarter of 2021, when you did see that growth taper off a little bit, and a lot of it has to do with the buyers, they simply weren't there. tom: in your weekend reading, what stood out? kriti: i am always going to stick to commodities. i think the commodity story when it comes to the middle east is fascinating. you're talking about the uae, saudi arabia being the only two countries to be able to ramp up oil capacity, and yet there are reports that the uae is already dealing with those attacks from rebels. lisa: goldman sachs had a note over the weekend about wargaming $150 a barrel with perspective
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brent. what would that look like in terms of the global economic hit? do you hear more analyses from analysts who are getting increasingly concerned about the upward pressure? kriti: prayer perhaps -- perhaps they are not getting concerned enough. yet some said that it is built into the market is that there will continue to be this oil supply. i don't think a ton of people have priced into the market what happens if you do see oil hit not only $100 a barrel, but cross that. that is not the consensus on wall street yet, but it could very quickly. factor in the russian-ukrainian conflict where you have natural gas flows actually affecting geopolitics and affecting the currency. that is really where the issue lies. so you don't have rush on your side. you're starting to have uae output. you don't have u.s. shale producers on your side either,
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so where you get supply at a time when the global economy is really growing? jonathan: thank you. i have to say, going back to early 2020, in january at one point we were going to war. it felt that way at one point. this start of 2022, this is the longest month in quite a while. tom: i will agree with that. we get the vix out to 31. the spike down in strong swiss franc against euro, a lower statistic, is a stronger swiss franc. i don't know if we've got the granular bloomberg chart here, but it has really come down on sudden movement. i am usually not a fan of measuring by cvs because it is not nearly as deep a market, but from ruble to go to new weakness would be something.
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jonathan: it is basically the same chart, rolling over. for the swiss national bank, get a 75 basis points. they can't do anything about this. lisa: if you talk to courtesy strategist -- the currency strategists, it seems like it is really more economic momentum, and given the fact that you've got this dual threat of the pandemic, but also the russian potential invasion, it is concerning. tom: i misspoke, ruble has just gone to new intraday weakness. we are at 79.48. jonathan: if you take that chart back to 2015, you will see the spike through $80. very difficult to stay above those levels in recent history. tom: that is what we are going to do here, including on the open. we will continue this discussion. jonathan: david riley will continue the discussion as well, of bluebay asset management.
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>> the market is near oversold territory. >> even as we are in a pandemic, we are still seeing an extraordinarily strong picture. >> i think multiples matter a lot. balanced against that, growth matters a lot. >> it is going to be a market where people have to have a slightly long-term view and rise through. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. markets on the move
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