>> the fed has a job to do. it is risk managing inflation from well above target. >> they are trying to fight inflation, and inflation has gotten worse, seemingly. >> it is growing faster than sustainable, but they do not want to overdo it. >> reasonable to expect -- expect an acceleration in the fed hiking cycle. >> the fed has to start hiking for credibility. >> this is bloomberg surveillance with tom keene, jonathan ferro, lisa abramowicz. jonathan: from new york city, worldwide, good morning. this is bloomberg surveillance live on tv and radio. alongside tom keene and lisa abramowicz, i am jonathan ferro. what a morning. tom: a really full morning, and it is all serious. all that is going on in china,

with the prime minister of japan in an extensive press conference now. very interesting. but that is secondary to what we see this afternoon with the fed meeting and far more what we will observe and witness this morning at 9:00. jonathan: the ukrainian president addressing congress. ukrainian proposes becoming a neutral country but having its own armed sources, and it could be viewed as a certain kind of compromised tom: austria, sweden, another non-nato eu nations, which is read the kremlin leans to, and ukraine, after 15 minutes, says, eh, maybe not. jonathan: our way, not sweden, not austria, our way. lisa: security guarantees have to be the focus of talks. what is the new model? you cannot flip the switch and go back to what was before this engagement. there has been a lot of change and willingness by nato forces

to encroach further upon the borders of russia. jonathan: equity market drifting higher in europe, the u.s., and china. china the government departments should actively introduce policies that benefit markets -- is that verbal intervention or is that verbal intervention? lisa: or is it real intervention and verbal intervention? we saw a freefall yesterday. when you saw a lot of the common out of analysts, they were saying no one wants to get in this. it is like 2008. they do not want this kind of instability. my question is, what is next when it comes to fiscal support? jonathan: a lift in china, follow to europe. up on the s&p. nasdaq up 120%. euro-dollar back to 1.10. crude back to $95, down .6% on wti. bond market, what a change. tom: it is yield lift, a huge

thing. far more than yield lift is curve steepening. keeping score at home, the worry of a flat or inverted curve, we have drifted away from that. jonathan: lisa, your two-year, 1.84. lisa: amazing what people have already priced in today head of the fed. we're watching february retail sales today at 8:30 a.m., and at 10:00 a.m., we have housing data. i am curious, two sides of the same coin. how much inflation can consumers in the u.s. feel before they start to reduce their purchases? how much do we see gasoline prices near the highly -- highest levels of 2008? rents are surging at the fastest pace on record on the heels of this massive gain in home prices, and when does that lead to dampening in the consumer sentiment? does not seem to be happening yet. and :00 a.m., the ukrainian

president is addressing both chambers of congress -- at 9:00 a.m.. people are looking for no-fly zone discussions. how much are people going to say, ok, let's go a little further? and how much does he doubled down on some kind of negotiating docs we're hanging about from the kremlin and from -- negotiating talks we're hearing about from the kremlin and ukrainian negotiators? and there is said to be the first rate hike going back to 2015, at a time when longer-term inflation expectations are going up, longer-term benchmark rate expectations are going up, 10-year gilts at the highest level back to 2019. do they give indication about that? and has the market actually priced in line seven rate hikes? this is supposed to dampen economic activity, so why will that not slow the rate hiking cycle? does that had have any control at all? jonathan: same story on repeat over the past 10 years.

the fed ultimately has to back away because of the price action in credit and equities. 7.9% cpi prints, does that change the game? lisa: how much momentum is behind that? and a titian to inflation and growth. feels like the market is saying things can be manageable with seven rate hikes per we will see. jonathan: lisa, thank you your that time of the year, march madness. tom: the news flow is extraordinary. last year my color was like blue, and this year -- light blue, but this year i think my bracket will have a red tinge o ff of the gentleman from texas tech. jonathan: you sound like me when it comes to football. i just like gonzaga because of the name. tom: 99 out of 100 americans do

not know work in saga is on the map. good morning on the pacific rim of america. texas tech is a cultural thing. i go with steph davis with the allete -- athletics. maybe that is my team to watch. jonathan: i do not do my bracket. tom: here is how it works in america, and lisa knows this. whoever signs the paycheck, that is who wins your brecon. boiler up, go perdue. jonathan: perdue, i am with you. fiscal management. tom: we will be doing the show from west lafayette if perdue takes it all. from a chocolate shop. jonathan: let's go down to washington -- let's get more on washington. maria tadeo is in brussels. maria: it is difficult to

decipher where we are. the criminal and saying there could be an option of neutrality -- the kremlin saying there could be an option of new quality. it means ukraine does not enter an military alliance with nato, would stay neutral. there are many details that would be pending. with they have an army? would they have to pledge additional set -- sanctions to russia? russia says neutrality could work, but it is enacted by russia, which is serious. they really try to dehumanize the talks here. it is difficult to figure out what is going on here because neutrality can mean anything and everything. ukrainians say it is an option, but it would need serious security guarantees. and not just about russia, about every neighbor around ukraine but also countries like the u.s. and the european union would have to agree on it.

the two sides, over the past 24 hours, have made it clear that it is becoming more realistic, and major reality check for the ukrainian government, now saying openly nato is probably not an option for the country or tom: i have 18 questions on the military, on the map, on this war. but let me go to a bloomberg question. are these sanctions, the financial pressure, the most favored nation pulling away from russia, is it working? maria: when it comes to the european runs -- response to that, it was only announced yesterday. talking about 24 hours in which the european union pulled out the most favored nation status. when i speak to european finance ministers, and had conversations yesterday with the german minister and others, and they said they are working to have a pressure is on.

russia is standing very close to potential he default. so they do feel the pressure on the economic front. but the problem is, tom, for the russian government, this is not an economic story. this is existential, about ukraine and about russia, a political story for them in ways many in the west probably do not understand. for the russians, it is not just about an economic crisis, it is a fundamental question about whether or not ukraine belongs to the russian federation, and for ukrainians, it is about breaking free from the russian federation. lisa: and mary, how much has this become politicized in washington, d.c.? republicans saying democrats are not supplying enough ammunition, not providing enough support to ukraine? annmarie: i think you will hear a lot of that today from president zelensky he will employ -- employer lawmakers to set up a no-fly zone, and that has bipartisan support in terms

of not doing that. a lot of republicans agree that that could be a have a response. but when it comes to polish fighter jets or indigents getting to ukraine, many republicans think this is something that should be delivered, that they should be listening to president zelensky because he knows what is needed. and then you had mcconnell talking about the fact that he thinks the administration has been hesitant on this and dragging its feet. potentially, i think president zelensky will put the biden administration and a difficult place today. and almost immediately after he speaks this morning, president biden is also going to speak and talk about the military aid the u.s. is sending. jonathan: thank you to both of you. tom, did we find out why facilitating the transfer was considered like that? tom: i do not know.

the full explanation is simple, and it was captured perfectly this morning. it is a moment, the emotion we're going to see at 9:00, at 9:20 this morning will be extraordinary, and the adult in the room is at 1600 pennsylvania avenue, and he has one thing on his mind and that is nuclear weapons and the forces on both sides. jonathan: once you have established it is an escalation, ultimately, can you go through with it? lisa: it is a self-fulfilling prophecy. how can we now say we will supply the aircraft but now it is not an escalation? how do they frame that to the kremlin? jonathan: somewhat self-imposed. futures up 1.2% on the s&p. nasdaq up 1.75. your fed decision just around the corner. this is bloomberg. ♪

laura: first word news, the crippling talking about peace talks with ukraine -- the criminal and talking peace talks with ukraine. a russian spokesman says ukraine could become a neutral country without forces could be viewed as a certain kind of compromise. it talks are underway. that is in two hours when ukraine's president will deliver a virtual address to the united states congress. in china, stocks surged off of the government's promise to increase economic growth. hong kong's china stock gauge rose the most in 14 years. china is trying to ease investor fears in the property market, overseas listings, and internet companies. top economic leaders have said there will be appropriate growth. problem for nickel, halted in

trading a minute after it started because of a technical issue with the daily limit. nickel plunged when the market opens. pfizer has asked u.s. regulators to approve a second coronavirus booster shot for senior citizens, and attempt to protect vulnerable adults when immunity decreases. pfizer and its german submitted data from israel which started giving a fourth vexing to older people and health care workers last year. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am laura wright. this is bloomberg. ♪

>> this sends a signal to the world that we remain united in our supportive ukraine and our commitment to nato. our article five commitment is ironclad, and you can expect, as the president has said a number of times, that we will abide by that. jonathan: u.s. secretary of defense lloyd austin there. you choose up about 1%. s&p up 48. nasdaq, one point 6%. yields higher by a couple basis

points going into this fed decision. crude down .4%. just about holding onto $96 on wti. tom: huge news flow today, focused on 9:00 a.m. and the emotion at the capitol. right now, we will focus on your new digital world. we are all getting used to it. what is certain is anthony at goldman sachs has come up with a digital forward strategy. it is sofi. their head of investment strategy liz young joins us right now. liz, how do you do strategy for superduper anthony noto digital world, different from when you were at bny mellon? i am fascinated about how you do true digital iphone strategy. liz: it is a matter of the platforms you are giving people information and education on.

still providing commentary and insights and making sense of the movements that happen in the world, just give it to them in a faster way and on a different platform. tom: i want to give you notices on this. boy, so much of the digital strategy stuff i see is absolute garbage. enlighten us then on what your strategy is to have courage in the equity markets? liz: i think today is a good day to start having more courage because we finally are approaching the moment we have been waiting for for months. this first fed meeting, where we have lift off behind us. a lot of times the anticipation is worse than the actual events. what we heard a couple weeks ago from jerome powell was curiously specific about what he plans to do today. so everybody is expecting 25 basis points. frankly, we need at least 25 basis points to start tackling this inflation problem.

i think we can start to have a little more confidence that we will get an arc on the hiking cycle, and maybe some of the uncertainty can calm down. lisa: so the lead up can be worse than the actual rate hiking cycle, so will the fed be able to reduce inflation enough, materially on an ongoing basis, to lower that as a threat? liz: it is interesting, one of the things about the market this year i keep thinking is nobody has an advantage, because nobody has seen this type of market environment, or if they have, it was many, many, many years ago. they are not a lot of current market participants who have seen a hiking cycle with inflation approaching 8%. the tools that the fed has our rates at this moment, and then eventually the balance sheet. they are trying to affect demand in the economy. you raise rates, hoping demand will slow down and create equilibrium between demand and

supply, and inflation will come down off these hot levels. you do not want demand to come down too much and break the economy. yes, we have had some steepening in the yield curve, but even 30 or 31 basis points between two and 10's is a fragile place to be when we embark on a hiking cycle. the fed do have to hike to tackle inflation, but there is not a lot of room in the market before they will have to look at it and say we need to either pause, we need to be careful that we do not throw things way too far out of allen's on the recessionary side. -- out of balance on the recessionary side. lisa: what are you advising people to do? liz: the vix is still elevated and has been at 30 persistently for a while. that is not a time when i would tell people to sell and luckily losses. this is a time when you have to be careful. on those rally days, if you feel out of balance in certain

sectors or you feel over exposed to things that you wanted to take off the table earlier, you can start to trim on those rally days. right now, especially through today, we want to get this meeting behind us, then i think the market dynamics will shift a bit into the second quarter. obviously, technology has gotten hit. the nasdaq is now in a bear market. i think that is a good enough flush for the first hike. tom: liz, i do not want you get you in the timeout chair, but we are going there. i want to know what liz young thinks about arrogant tech companies finally splitting their stock to appease politics or washington, and it is one of the companies versus fractional share purchase through sofi. amazon kugel -- amazon, google, they're all splitting their stock. but you can buy it with shares. what is the big deal? liz: you can.

but we are one of the only platforms that still offer that opportunity. look at the audience and the user, we knew it was important for our user to be able to access the stocks everybody else was accessing. if you are starting with a smaller dollar amount, it is important to be able to do that in fractional shares. you are right, that is an opportunity on our platform. tom: she nailed is, jonathan. [laughter] jonathan: liz young from sofi, appreciate it. so it is about politics in d.c., why is that? tom: 30 years of west coast arrogance. i had a cocktail party in boston pushing 45 years ago, and there was a company called lotus, and though this finally got fed up with the east coast arrogance, so they went to the west coast. there were tax issues, as well. i am sorry, it has been a

distant west coast arrogance, and now they have to deal with it in washington. so they want to join the dow jones industrial average. do not kid yourself, it is part of the mix. my good friend marc benioff is like salesforce, let's join the dow, let's cope your lisa: does tom know how much he has pushed all your buttons, jon? jonathan: i am calm today. i had therapy recently, did some meditation. tom: i am really having trouble with lsu-iowa state. jonathan: i am with lsu. no worries. lisa: gorgonzola. jonathan: did you just call gonzaga gorgonzola? lisa: [laughs] tom: chicago is in there somewhere. jonathan: coming up, tv on the

radio. bloomberg surveillance: the fed special, we can hardly wait. yields up a couple of basis points, 2.70 -- 2.17. from new york, this is bloomberg. ♪

jonathan: can we make a compromise around a neutral ukraine? that is where russia-ukraine talks are now. they lived in europe and in america. futures up one .2% on the s&p. nasdaq at 1.8%. a bigger lift overnight from china. the chinese government says they will do what they need to do to actively support this market. more than that, the hang seng up more than 9%. csi 300 up 4.32%. verbal intervention from them, the right kind of words we are hearing so far. we have no idea if it sticks in the contracts of what they're saying and what is happening on the ground. that is the story for equities going into that fed decision later. i promised to talk about the

bond market. where we were at the close the last time the fed met and where we are now. before at the close, 1.80 5%, 1.86% on 10's. think about that. 2's were at 1.15%. 1.85% on 2's at the moment. 10's at 2.17 percent. tom: the 10-year real yield, look for that friday on bloomberg television, has moved from a -1.00 to a -0.69, a less negative statistic, the single best news for chairman powell. jonathan: since they met last time around, we have gone from 70 to about 30. january to the march meeting, the curve is flatter, equities

lower, and spreads are wider by almost 100 basis points on high yield. lisa: how much has the market already repriced? they see this as a reason to go ahead or for caution? i am curious about what they say about the balance sheet because it seems to have been written offer something down the line. jonathan: let's hear from romaine. romaine: premarket action in the u.s., top 10 volume movers are all chinese. chinese adr's, all 10 up 20% or more. alibaba shares up about 19% yesterday we were talking about one of the biggest drawdowns in chinese tech stocks we have seen going back to 2008. for today, we're talking about the biggest gains going back to 2008. we talk about the intervention or a signal of intervention by chinese authorities if he knew

bruce to sentiment for some of those names. it is spilling over into the u.s. markets. apple shares started out the week falling below the 200-day moving average, now setting up for a second day of gains, up 2% in the premarket. a lot will depend on what we here at 2:00 p.m. today. a lot of these tech stocks are rate sensitive, including the chipmakers. macron and amd, a lot of the chip stocks, getting a boost. upgrades for some of those names . the idea that some of the demand destruction being priced into this market a couple of days ago is overblown and some of the supply chain disruptions are easing. if the fed does what they have telegraphed and nothing more, that could be a net positive for some of these names. amd up 2.5 percent. micron up 5%. norton lifelock down, and they

made a deal to purchase a cybersecurity company in the u.k., but there are no concerns about the deal. the deal could be blocked. tom: thank you so much. the close after the fed press conference always an important close. romaine bostick this afternoon. vix from 35 comes in at 32, and now an even better statistic of 28. this is well-timed of this day of the federal reserve meeting to speak to someone whose mantle at home has trophies, not losing money and the bond market. gregory peters joins us from pgim fixed income. one statistic in your research report, a model growth two years out of 2.4%. what does yield do, and does this consensus of higher yield do, if we get a pgim economic growth of 2.4% in 2023?

gregory: yes, thanks, time. i think the real narrative is how growth is being altered. so if you think about where the forecast for just a mere several months ago and today and where they are likely to evolve, i think we are in an environment where growth is being cut in the future. so the combination of tighter monetary policy, the geopolitical peace, is slowing down growth. i think bond markets will follow that. so for sure, this has been an inflationary shock to the system that has created more room for rates to move higher. but as we move down the path here, a more aggressive fed, that will equal -- hurts growth in its effort to contain

inflation. so i think growth is being pinched. jonathan: can we talk about what an aggressive fed looks like? will we have positive real rates from this federal reserve anytime soon? deutsche bank put out questions for the fed chair, and the first one is, living real rates negative for a projective time, were there will be enough pressure? inc. about the dynamic. we will get the forecast today. growth down, inflation appeared is the dot plot going to look restrictive? gregory: that is a good question. it has always been hard to read too much into the dot plots. the fed will have to continue to hike as long as inflation creates pressure in the system. so this is a very different federal reserve. we have not been investing in an environment where the fed and central banks globally are focused on fighting inflation. so i think what will occur is

that they will continue to hike, and we know that it lags, until they feel like they get inflation under control. honestly, i think the growth picture is very fragile here because the fed is squarely focused on inflation, and growth is going to be hit. so that is kind of how i see it. lisa: and this is the reason why earlier when we spoke with you and in the past couple of months, you said you like longer dated bonds where there considering the value, considering the slowdown. it seems necessary to get where the fed even wants to get with respect to inflation. now that we have 10-year yields almost at 2.2%, are you buying? gregory: man, i think it is an environment for auction. i do not think we have any real clarity here over the near term. there are so many different

shifts in dynamics that we are more cautious. we are not wading in yet. but there is value being created at the back end of the curve. if our thesis is right, the fed will over tighten and slow down the economy in a major way, i think the back end of the curve will be a direct beneficiary to that. but also, we are seeing lots of weird relative value things happening in the marketplace that really is making us excited about the opportunity set. i just think it is too early to step into the breach and declare this is a great point to enter the market. i just think there is so much and live the way of uncertainty. lisa: i want to get to some of the relative value interesting aspects, but this is a shift for you, isn't it? you had been bullish on the long end. feels like this is different.

is it? gregory: yeah, to a certain degree. honestly, risk is moved much more than we originally anticipated. that is clear. i think the big difference is the geopolitical peace and how it pushes up commodity prices and broad is out inflation, thereby making inflation that much more difficult to contain. so i think our initial expectation is that we start to see inflation start to come down here over the near term. and i just think that is a harder forecast right now. so yeah, i think that does change the narrative over the short term. does it change the narrative over the medium or longer-term? that is less clear. but either way, i think the environment where inflation will be persistent and growth slowing is one that will be with us for the near term. jonathan: what about the credit story? gregory: credit is pretty interesting. i will say though, respective

matters, we are repressing off of the all-time high post-global financial crisis. so that is the benchmark. i don't think so. so i still think there is room for repricing on the credit side. but within credit, we have seen some interesting things. we have seen europe really underperform the u.s., and that goes before the conflict hit. so we are seeing much more value in europe than the u.s. in the credit markets would we think the ecb is going to be much more attuned to the market than the fed, just because the fed has more of an inflation problem. i think investment grade corporate's have been kind of risk-adjusted a lot more than high-yield, so we see more value in investment driven corporate spirit and we see more value in high-yield bonds than levered loans, were levered loans have held in extremely well.

given the desires and the technicals with the floating-rate aspect of it. we see a bunch of value in the marketplace, honestly, that we are excited about from a relative perspective. jonathan: good to catch up with you, as always. gregory peters, pgim fixed-income co. chief investment officer. we're talking about a more active federal reserve. lisa: you are seeing more people in it. yields are now 6.5%, up from a low in 2021 of 3.5%. talking a three percentage point repricing. jonathan: this deutsche bank piece is fantastic. another question from them. what would you look for in the credit to move away from your hiking profile, to spread leveled the rate of change, issuing volumes? what is more important? futures up 2% on the s&p.

this is bloomberg. ♪ laura: keeping you up-to-date with news from around the world. russia is signaling that the idea of swedish or austrian style neutrality is under discussion with ukraine. a kremlin spokesman said a ukrainian proposal to become a neutral country but keep its own armed forces could be viewed as a compromise. ukraine's president, vladimir zelensky, will deliver a virtual address to the u.s. congress. china's ambassador to the u.s. wrote that had they known about russia's plan, they would have tried to prevent it. he says assertions that china supports the war of disinformation.

oil prices have taken a breather today. new york futures rose after giving up most of the gains following russia's invasion of ukraine. there are still concerns that disruptions to russian oil flows will squeeze an already tight market. citigroup is starting to cover travel costs for employees for abortion. several states, including texas, have implement a near full ban on abortions. they will pay for expenses if an employee has to travel in order to receive an abortion. 85 hundred employees in texas. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am laura wright. this is bloomberg. ♪

>> the advantage for china in having a russia alliance is not

so you get grouped with vladimir putin on the global stage, it is so you can buy commodities cheaper. so if china can get a hold of cheaper oil, cheaper gas, cheaper weed, this is a dream come true for xi -- cheaper wheat, this is a dream come true for xi. jonathan: from new york city, good morning. talks seemingly for many heading in the right direction between ukraine and russia over a neutral ukraine. will this move stick? no idea. s&p at one point to 3%. nasdaq up 1.8%. yields up. just excited about gonzaga later. distracted by this headline, too, so allow me to get to it. it is reported that the chicago cubs owners and can griff can are teaming up for bid for

chelsea. tom: it is a chicago bid. i believe this is from td ameritrade on the purchase of the cubs. they team up with another gentleman. maybe they will change the chelsea blue tecumseh blue. jonathan: a range of groups putting together offers. final bids expected friday. tom: pretty good. kriti gupta here to quickly look at brent crude. kriti: there has been so much volatility in oil, but no one is talking about how many people want to trade it appeared here is my chart of the day looking at brent crude. open interest is dropping to the lowest in 2015 -- since 2015. the most notable part is this decline in open interest throughout 2021, and a big part of that is the fact that margins , the cost to trade oil, has increased more and more as prices have increased.

you also have the idea of inventories getting lower and lower. they hold inventories in tankers and hedge it using futures. if you see those inventories disappear in tankers, than open interest in those futures collapses. it is a trend that has been magnified in the last couple of days, the open interest at the lowest since 2015. tom: thank you so much. if you are a gentleman from north carolina state, a you know the distance from i-75 from knoxville to chattanooga. i have knoxville playing chattanooga, going for the romance of the south there in basketball. but the backdrop here in america across our agricultural complexes the planting season. and a serious moment for ukraine and their agriculture, we speak to the younger dennis gartman of the kansas board of trade. i do not want to buy stocks today, do not want to go long

short. i want to talk to you with your view on the kansas board of trade about the planting season. how serious is that for ukraine? dennis: very serious, something we have to pay a lot of attention to. ukraine and russia are about 8% of the world's experts in wheat. the wheat in the ground now is probably deteriorating something fierce, and nobody is taking care of it. it will be a greatly reduced crop. a corn crop of some size but demonstrably smaller than in the past. and what about next year's winter wheat crop when it has to go in the ground? so that has been on a tear in the u.s. it dropped a little in the past several days, but it has been a monstrous bull market. tom: you and i have sat in the boardroom of the u.s. stock exchange and talked about this,

can we monitor the ukraine planting season by weather or are there other factors we cannot observe, including the danger of russian troops? dennis: that is one thing, but the ability to get the crop out of the ground and shipped is something different, whether the facilities will be operative or if the rail facilities that move the crop that run to the ports, those are other questions. one question after another, and there is confusion leading to higher prices under most circumstances, then you suddenly see an increase in the planting acreage here in the united states. taking advantage of the fact that wheat prices have gone so high. it is something people are not paying much attention to. the other thing is that here in the states, how high soybean prices are and the fact -- and

how high fertilizer prices are, which means you are going to have a huge shift, probably up to 5 million acres out of corn and soybeans, because you do not need fertilizer for the being crop but you do for the corn crop. it could be the first time in the 20 years that we plant more acreage of soybeans than we do corn. strange circumstances. lisa: do you feel like the market is underestimating the elasticity of some of these agricultural commodities? dennis: yes. yes, i think the -- the market is underestimating. it will be higher with prices over the next year or two. i tell people to watch the term structures with commodities. when nations widen on updates and downed is also, it tells you the market still wants to go higher. jonathan: good to catch up. dennis gartman on this commodity market. return to that story from this

morning, the ricketts family, which owns the chicago cubs baseball team, and ken griffin with citadel, will table a joint bid for chelsea on friday. they expect final bids for the club on friday. remember the price tax a fee -- price tags a few weeks back? i wonder if the numbers are anywhere near that figure. tom: you and i do not know, but it is far more fluid now than it was seven days ago. if mr. ricketts, and trust me, they can write the check, if they write the check out, who do they make it to? jonathan: tk, i have no idea. i would actually like to speak to the government about that. it says whoever buys the club will require the government's consent.

under the fit and proper ownership test. that will get a lot of scrutiny given what happened with newcastle and saudi arabia recently. no coincidence that some of the buyers are coming out of american sports. are they more easily going to pass that fit and proper test of the premier league for this football club? tom: i have great respect for your knowledge on this. what to the players do? i do not understand how they put on the blue? tom: if i am out of contract, and many of them are, i am already speaking to my agent, doing that must go, ready to leave. if they are out of contract, they are ready to go. the ones on longer-term contracts might be doubtful about the future. that gets more complicated tom: i am sorry, but one thing they can do here to amend this tragedy is higher ted lasso as the coach. from richmond to chelsea.

tom: when his season three out? i think it is soon. i thought i saw a new trailer for that, that and the new kardashians on hulu. are you excited about that? tom called me up last night asking if i so what kim said. ♪

>> there is a lot going on and it is getting easy to be bearish. >> of slowing growth in the second quarter, and at the same time inflation pressures. >> we think there is a strong momentum given 3%. >> i do not think we get out of this mode anytime soon. >> there is a note -- recession in the next 12 months. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. >> good morning. we are on radio and television. and