are beginning to see some slowing. >> it is a rare occurrence, but it does happen, where both the equity and bond markets retreat. >> risk on-risk off does not exist anymore. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: live from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance" on tv and radio. he's back, tk, alongside lisa abramowicz. i'm jonathan ferro. the fed's today meeting begin. tom:tom: huge close yesterday. what a moonshot up. i don't know if it sets us up for tomorrow, but i guess preordained to a half a point rate increase, which in itself is history making, and the markets adapt and adjust. where will be friday? where will we be in the jobs report coming up? jonathan: let's look at the

battle on the sale side between jp morgan and morgan stanley. they want, get clear this bear market is far from complete. jp morgan and the team saying we continue to find too much negativity in equity and credit markets. tom: it is a battle. i don't have a strong opinion either way. i'm looking at the correlations of the market. it is great that can rogoff will be with us today with -- that can rogoff -- that ken rogoff will be with us today. jonathan: before we get to that, we need to talk about this market. in the united states, a three year 10 year treasury briefly for the first time since 2018. big moves for the rba and australia as well. lisa: they are expected to raise rates by only 50 basis points and the raise rates by a quarter of a percentage point. what i'm looking at now is people are starting to bottom feed in stocks because bonds are doing so badly and because

people see them as potentially doing that much worse. basically, how do we normalize at a time when inflation is at a pace we have not seen going back decades? that really seems to be the theme is people bring forward expeditions of inflation at 3% yield on the 10 year. that does not seem to be the ending point for a lot of people in their belief in the market. jonathan: and they bring growth expectations down. fitch the latest this morning. nomura the way a couple of weeks ago. lisa: still with the four handle, which is sort of shocking when you give out what is going on in hong kong and the shutdowns still going on in places like shanghai. honestly, this is the dilemma, and decide in the manufacturing ism's that came out. the prices were still incredible he high and inflation clearly persistent. jonathan: i want to be clear, these are the lead stories in global markets. wicking up in america this morning, this will not be the lead story. there will not be a conversation about financial markets and the economy. there will be a conversation

about the controversy emerging from politico and the super court. tom: huge event here. for our global audience, you can't scale this league, the historic moment of a leak from the supreme court of the united states. joe mathieu will be with us in both hours driving this forward. noah feldman of harvard university publishing within the hour, and he makes clear, unprecedented is the only word for this moment. jonathan: the leak is unprecedented. the timing is controversial, and the substance massively controversial. lisa: basically, the supreme court set to overturn roe v. wade. this is the pivotal decision that made abortion legal in the united states, that will now be a state-by-state decision in terms of whether abortion will be legal. this moves in a different direction than the rest of the nation, but a lot of people pointing to what gives the democrats ahead of elections, given the fact that you will end up with perhaps greater turnout for people who really want to get this shift the other way.

jonathan: let's start with the price action briefly. a really strong finish into the close yesterday and the equity market, bouncing back from the biggest one-day drop going all the way back to 2020. futures positive 0.1% on the s&p 500. on the nasdaq, up 0.1% also. that move in yields through 3% was a brief one. lisa: it does come before that today meeting starts of the fmc in washington, -- of the fomc in washington, d.c. i'm watching ahead of the decision what is going on in the real yields space. if you look at inflation adjusted yields, they have spiked higher, decidedly in positive territory. this to me is telling. people are expecting higher yields. people continue to bring forward a hawkish this on the federal reserve as you see these inflationary pressures persist.

related to that, at tenant lucky, we get the u.s. dabo openings data, expected to come in around the record highs we have seen. more openings than there are people who are unemployed, at least based on the numbers. this is basically feeding into the idea that there's probably more momentum in the labor market then the employment rate does it suggest. how far does the fed have to go? this data point may give some indication or fuel to that sentiment. today we have to keep a focus on what is going on in europe. this has to do with gas prices. this has to do with some sort of cohesion in the european union. the nesters are meeting in brussels to discuss additional responses to russia, and putin's insistence on paying in rubles. this comes as bp reported earnings, and they reported a doubling of the profits even though they reported a $25 billion right off for their share in rosneft. this shows how much oil companies have gotten above this simply because the prices have

gone up as much as they have over the past six months. jonathan: let's talk about this equity market more broadly. jp morgan and the investment bank think we are being too negative. "we feel that a per risk stance is reinforced by more infrastructure stimulus and regulatory easing in china, and the positive news from the q1 reporting season." join us now is run temple -- is ron temple, cohead of multi-asset strategy at lazard asset management. using we have reached peak fear -- do you think we have reached peak fear? ron: i think we are approaching peak fear. no one can call the absolute bottom or absolute top. i season very high quality companies that have traded down 20%, 30%. the critical guide for investors has to be quality and valuation. if you look at the tech market, if you divide the stocks into

quintiles, the most expensive quintile of tech stocks are down 47% since november versus the broad group, down 22%, so you have to focus on what you get on what you are paying for it. tom: i want to talk about quality, and i want to make sure we understand it is a financial ratio. when you are looking at the favored income statement, which ratio or relationship do you use to measure quality? ron:ron: we look at -- ron: we look at return on invested capital. we have found that the level and trajectory really does drive performance in the stock relative to the broader market. there's a couple of sectors where that does not work as well, like financials. generally, we really want to understand how does a company use its capital and what does it generate for you from that capital. i think that has been part of what is driving detect part of the market for quite some time. i want to be clear, not anti-tech. i think you have to be careful within that part of the market

that you are getting company generating free cash flow now or in the near future because as discount rates go up, those cash flows 5, 10 years from now are less than they were at zero interest rates. lisa: i want to start with his idea of peak fear, dueling fears in an uncomfortable relationship with each other. there's the fear of inflation, and then there is the fear of recession. which is the bigger fear at a time when there's a question of how fast the fed will raise rates? ron: that is about the toughest question out there, and it is one of the reasons i am flat i'm not chair powell right now. the fed needs to deliver is a bit of shock and awe. they recognize there is a recession risk and and inflation risk, but i do believe when we look at the labor market, the key driver of inflation, we are either at full employment or one to two months away from it. if i were giving advice to the fed, i would say go for 75 basis points tomorrow, send a strong signal to the market, and then watch and see what happens.

i think the biggest challenge for the fed is there not only raising interest rates, they're going to start shrinking an enormous balance sheet. if we look at what the big central banks around the world have done in the last two years, they have grown their balance sheets by $625 million every hour of every day for two years. a huge amount of financial asset purchases. tom: as i sat at home yesterday, i had to take the day off the red sox are doing so poorly, i was sitting in my head going i've got to long extrapolate 10 year yield just to see where we are going with institutional money. a long extrapolation done very carefully of the 10 year yield gives me a 4% yield next year. literally a year from now. do you envision a 4% 10 year if these trends continue? ron: i think a 4% 10 year is unlikely. i think we might be nearing a top in the 10 year yield. could we get to 3.75%, 3.5%?

yes. but if the fed does what it needs to do, i think that will go a long way to solving some of the sphere around inflation and bring it down. the key things i am watching our wages, and the other key factor is rent because if you think about it, when you sign a one to two year lease, if your landlord raises the rent 15%, you're going to the boss pretty quickie to ask for a raise. so we need to make sure we don't get a wage price spiral which is why the fed to deliver some shock and awe. jonathan: great to catch up with you. that seems to be the consensus view, that we will get this frontloading from the federal reserve that a lot of people are considering. lisa: i found it fascinating that if the fed needs to do what they need to do, we will not see that 4% plus kind of 10-year gilts. we won't see rates rise to levels that could torpedo the economy. then the argument becomes what does the fed actually need to

do. jonathan: the question that ken griffin of citadel was asking in california at the milton conference -- the mocon conference -- the milken conference. tom: there's two things going on here. the x-axis, i spent a lot of time talking about the x-axis duration, which clearly we are extending out, but what about the level of the crew that say we need to frame a higher yield? not many people are there with them. jonathan: we will catch up with one of the best. looking for to speaking with mark cabana of bank of america in the next hour. futures unchanged on the s&p. yields unchanged on the 10 year. on radio, on tv, this is "bloomberg surveillance." ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. there's a report that the u.s. supreme court is poised to overturn the landmark roe v. wade decision protecting the

constitutional right to abortion. that pronto demonstrators to head into the court monday night -- that pronto demonstrators to head to the court monday night. the opinion was said to have been written by justice samuel alito. the court is scheduled to rule on the case by july. bridge prime minister boris johnson will evoke his country's wartime history today when he delivers an address to ukraine's parliament. johnson will echo the words of winston churchill, san, "this is ukraine's finest hour." the u.k. government has announced a new military aid program for ukraine. ken griffin told bloomberg that if inflation stays near the current 8.5% handle, the fed would have to "hit the brakes pretty hard," tipping the economy into recession. the fed is expected to raise rates this week. beijing is going to extreme

lengths to avoid the coronavirus woes suffered by beijing. the chinese capital has ordered repeat testing and halted indoor dining without a negative result. ep saw its cash flow -- bp sides cash flow surge and boosted share buybacks. that may offset some of the discomfort caused by a charge linked to its planned exit from regular. -- from russia. the british energy come but he said its oil and gas trading business had an exceptional three months. global news 24 hours a day, on bloomberg and on bloomberg quicktake. this is bloomberg. ♪ ♪

>> if inflation is transitory, if we are heading towards a 4% rate by the end of the year, he has a lot more room to maneuver rates in 2023. if inflation does not break soon, he's going to have to hit the brakes pretty hard. that will put us into a recession. jonathan: that sums up the fear. that was can griffin -- that was ken griffin speaking at the milken conference. that is a decision most people in this market do not want them to have to make. futures on the s&p 500 unchanged . the nasdaq 100 unchanged as well. everything unchanged, seemly. crude -0.7%. euro-dollar has had a look at 1.04 over the last couple of

days. hanging on to 1.5 now. tom: i think the vix still shows a tension out there even with that recovery inequities -- recovery in equities. i can't do a thing with my bowtie today. jonathan: what are you trying to do with it? tom: i just want to get it on an even keel. lisa: biden struggled with that as well biden struggled with that as well. tom: did you see the president? jonathan: did you get home ok? i never heard from you. tom: well, what stays in washington stays in washington. joe mathieu with us now, at the dinner this saturday, 14 tables away from me, front and center

with the president. an equally divided washington, fractured this morning by this story from politico. to be clear, the media, while they are poised, they indicate there is something about the draft language. the uncertainty of washington this morning. joe mathieu, i want to go to noah feldman, the great harvard scholar of this supreme court, publishing for bloomberg within i think the last hour. professor feldman makes very clear this is about an unprecedented action of the supreme court. waiting to get noah feldman up right now. there is. "it hardly matters whether it was leaked by liberals trying to shock the nation's conscience, by conservatives trying to bolster the confidence of potentially wavering justices, or by some disgruntled employee looking for a thrill or money or some thing else. whatever the leaker's motive,

the result is very bad." how bad is it? joe: in the wake of the kevin mccarthy leaked taping, it is unprecedented. people are waking up and flipping through a pdf, reading the actual draft. this is not a leak of some information, sources tell politico, a source close to the matter tells bloomberg. it is just a 98 page document. we've never seen anything like that. we have had leaks from the court before, including in its reporting this morning, from roe v. wade itself in 1970 two. "the washington post" had indications of infighting over this. we do want to remind people, it is very important to remember, this is not a ruling. this could change meaningfully, although my goodness, we are talking about the third rail here of politics. i can't imagine that justices are going to be floundering

searching for their own opinions when it comes to something like roe v. wade. we have a pretty good sense of where this court lies right now. but you start singing back to those confirmation hearings, and now you know why nominees try not to answer questions about matters that could come before the court yet. all of them said that this was being pushed by lawmakers, the law of the land, yet here we are this morning talking about roe v. wade being invalidated. lisa: there are two issues here. there's the legal procedural issue, that this is a first draft and the supreme court wants to act with finality when it gets released. the idea that it is being parsed through and that people are undecided is the issue of could justices be politically motivated or swayed one way or another. then there's the issue of the midterm elections, how it will affect them even the fact that this is the third rail. it will galvanize voters. how much does this really help democrats going into those midterms because it will get some of those suburban women

into the voting booth? joe: you just had the word there, suburban. that is where control of washington is likely to be decided. that is where the story is truly going to resonate. it is very difficult to tell, when you consider everything else in the air right now. how exactly this might land and peoples minds. it does have the promise of changing the calculus when you start talking about single issue voters. this is one of those issues that will bring people to the polls in one way or another. you also used the term turnout i think. that is the point here. it is the malaise democrats have been feeling, a lot of them might have just decided not to show up. this is the kind of in that gets them to show up. i would expect a march on washington this summer the likes of which we maybe have never seen. lisa: there's also issue of what this ruling would you, basically overturn the federal right to get and abortion and give it

at the state level. do we have any sense of how many states would reverse the laws and ban abortions? joe: this is an important question. he's essentially saying that roe is flawed in concept because states hold the authority to regulate or prohibit abortion. the actual quote, "we now return that authority to the people and their elected representatives." we have seen six states make that move to enact abortion bans. 26 could follow if this does happen. but i would also point you to a number of other states, 16 of them, that already have enacted preemptive laws. this goes back to donald trump nominating conservatives, changing the balance of the court. states got involved in this. 16 of them have laws on the books to protect the right to an abortion. in connecticut we have seen them go even further than this.

in vermont they have gone to the point of offering an amendment to the state constitution to guarantee the right to an abortion. so in the coming weeks and months, as we learn the fine i lily of this ruling -- the finality of this ruling, you will see a lot of action at the states. state races are suddenly going to become priorities. jonathan: we look forward to your coverage through the rest of this week. do not miss "sound on," bloomberg radio, 5:00 would base -- 5:00 weekdays. tom: for our international audience, we will talk about this in the next hour with joe, who is really expert on this, but it is years and years of the mix of the court. what it is about to me is not the left and the right, but the definition of the court in the middle. that is what is open to question. jonathan: right now it is hugely controversial. with tom keene, lisa abramowicz,

and jennifer -- and jonathan ferro, yields unchanged on the u.s. 10 year. heard on radio, seen on tv, this is "bloomberg surveillance." ♪

xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon, so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets.

this phone? more concert tickets. and not just for my shows. get $400 off an eligible samsung device with xfinity mobile. take the savings challenge at xfinitymobile.com/mysavings or visit your xfinity store and talk to our switch squad today.

jonathan: strong finish into the close yesterday on the s&p 500 we pull back just a little bit today. it federal reserve decision tomorrow but let's look at the bond market. we pull back from that level, breaching 297. globally, we are breaching some important levels for the first time going back to 2015. 3% on the three year at the front and, the first time in 10 years. yields are up by almost 20 basis points. the aussie dollar is stronger up the back of that 25 basis point hike, the first -- the first

interest rate hike going back to 2010. tom: we don't do this on to be that much aussie-yen and what a surge that is of australian strength. jonathan: central banks have been high for a long time in the one central bank we are not talking about enough as the bank of japan. tom: 130.09 on the yen right now. with ken rogoff coming up, we can reframe what this says about what the central banks can do. is this conversation about frontloading rate hikes? federal reserve, the ecb is the one for me. that one will be fascinating.

what will be interesting is how we picture what happens after this fed meeting on wednesday. there is the jobs report and part of the labor e, me as we heard earlier is a 3.5% jobs rate, that is stunning of a near fully employed america. i want to go back to the analogy of the putting green of 10 years ago. it's a new golf course, where is the putting green right now for next year? how many strokes away am i? >> the putting green was actually 20 years ago, that was the analogy we used then when the fed was trying to get the funds rate to a nominal neutral rate around 5%.

at the time, we had governor bernanke talking about fine tuning the rate where it needed to be. that's a lot of great hiking that needs to be done. it's not fine tuning, it was analogy we use a long time ago. it's a different environment where the fed is trying to get to neutral much more quickly. with their assessment, is where neutral is. nominal neutral rate of interest is 2.5%. that's the view of the privately, musts. the problem we have is that's where people thought that's where it was during pre-covid. you if we are looking at further , we have 10 year inflation at

three, consumer expectations of inflation a little over 2-3. we have five year inflation that's 2.3%. tom: what's important in this discussion is the political mandate of the fed which is anathema, will politics intrude again and keep us at 2.5% instead of where you think we should be? >> politics are probably on the side of getting the fund rate up because what the fed has learned and what they've been told when they were doing their analysis is that people hate inflation. the political side is pushing to get this right do with they can to raise the rates. does the fed just as the fed

admit there is some monetary side to this moving inflation or do they continue to deal with the supply chain. our argument is that the supply chains and those problems in oil prices affect the cost side of the fed has created a monetary environment that has allowed those costs to go up and i don't think there will be a lot of pushback from the political side and trying to get policy on a more appropriate setting with the inflation backdrop. jonathan: this is pulling out the driver with a five degrees loft. i want to know where you think the federal reserve has to reach for the potter? >> that's getting back to the neutral rate argument.

in the near term, the market is probably too aggressive in looking for 50 basis point rate hikes and that's not to say that i think the fed doesn't have a lot of work to do to get to neutral. i think the neutral rate is probably higher in the funds rate is higher. where i differ from what market expectations are is a don't think they will be cutting rates in 2024. the nominal neutral funds rate is probably coasted -- close to 3.5%. i don't think they get there until 2024 but it's higher than

with the fed is telling us and what private economists are responding to in terms of being surveyed. lisa: great uncertainty is how much inflation does come down. it was said yesterday that it if inflation does not get down to 4% this year, that will be bad scenario for the fed and they will have to go much faster and much harder and that will lead to a recession. do you see that there is a threshold for how much inflation has to wane to give the fed the leeway to get things under control? >> that's another good question. it brings in this notion of the focus on peak inflation. i don't think that's important, what's important is what you just brought up. how much does inflation come down? getting below 3% next year and i

think that's a very aggressive forecast in terms of the moderation of inflation. we are likely to see inflation still at five this year and i don't we get low 3% inflation next year. even on the aggressive path markets have priced in, because i don't see the fed getting to neutral until perhaps 2024, i don't see how inflation comes down with the fed funds rate on an accommodative setting. the neutral rate of interest is 2.5%. they are assuming a 2% inflation rate and assuming that the inflation problem has resolved and trying to determine the interest rate required to resolve the inflation problem. i don't see how we get there with accommodative policy.

i think inflation remains quite high. jonathan: thank you very much. the next couple of fed meetings might be boring. i think it gets more interesting once you get to may 11 and june 10. that will be fascinating. tom: we will be fully engaged on this. july 27 will be a huge deal anyway you slice it stop we can barely concentrate on the liverpool tots. everybody is readjusting the scope and scale of the price targets, the vix up to 32.5. apple's of 27%, that's a big

number. jonathan: maybe we should talk about baseball as well. tom: two weeks into the premier li, deciding liverpool and whoever it will be, dan ives out with a tweet screaming about a subway series with the mets and yankees. this is extraordinary. jonathan: baseball goes october into november. they start too early in the end too late. there will be snow at yankee stadium when they get going. jonathan: the only time i was impressed with baseball is when i saw aaron judge. lisa: you guys missed the lead.

the mets normally are terrible. they've been crushing it and they had a no-hitter which is incredibly rare. nobody got a hit off their picture friday night step they have an incredible record and they are saying this could be something unusual because normally they fall apart. that's what this is all about . jonathan: it's amazing to suggest they will be there at the end of the year. if you get that far, you've done pretty well. jonathan: i got there, i just took it further. are we done with baseball? tom: we are done with baseball until june. jonathan: futures are down a

third on the s&p 500, this is bloomberg. ritika: keeping you up-to-date with news around the world will step there is a report that the u.s. supreme court is on the verge of overturning roe versus way that legalized the warsh and. politico says it tamed a majority opinion from justice samuel alito. he wrote that rope was egregiously wrong from the start. they could overturn roe and good overturn the composition of congress. the fed is expected to raise interest rates to the highest level in 13 years. that would take the u.k. central bank into uncharted territory.

president biden's top trade negotiator signal that really from u.s. tariffs on china could be on the way. the tariff should be examined as part of policy as soon as this weekend. they may review the first group of tariffs on more than 300 lien dollars of chinese imports. amazon workers in new york voted not to join an upstart union. it was a resounding victory at a warehouse. the labor union lost. global news, 24 hours a day, this is bloomberg. ♪

>> it is simply unfeasible for economies in their livelihood

and well-being to shutdown the fossil fuel industry. it would be a catastrophe today in the goal from all of us is how we accelerate the transition in a responsible manner that doesn't ring on a major economic crisis. jonathan: the citigroup ceo, just futures are negative a half a percent step the nasdaq 100 down a half a percent. your 10 year yield is 296.53. tom: we will watch that and i thought it was interesting before about the push through. where is the 10 year yield going to be monday? jonathan: later this year, the fed has a decision to make between supporting growth or containing inflation.

the hope is they don't have to make that call. tom: absolutely. we are going to get to this in a moment but we need to reappraise our soccer talk and the mets-yankees verbiage. we have a listener in cambridge, mohamed el-erian who says he wants more mets talk. the red six -- the red sox are going against the los angeles angels tonight. jonathan: i met that guy wants, he's huge. the people i was with were looking at him.

a lovely guy. that was like seven years ago. tom: i'm worse than he is. right now, we digressed to commodities and there's only one commodity that matters. when the head of research talks, we talked about egbert culture, i want to talk about the smart people at jp morgan who are modeling out the demand forward. if we get through lockdown in china and we get china demand back, what exactly does rent crude do? >> that is the big question ahead of us. markets are under pressure because of the chinese lockdown but what happens when we come out of that? on top of that, there was a announcement about more monetary

stimulus. at a time when the u.s. driving season starts, we know russian oil is coming off in the markets are types today. there could be quite a bullish impact. tom: give us scope and scale with rent crude at $106. if a demand thrust comes on, is it a $20 move or a $50 move? >> at this point it's a $20 move and the reason is we have to understand that there is an impact on global growth. you might have a sudden burst of demand in china but you are seeing slowing demand. i'm not saying there is

recession but there are strains on parts of the economy and there will have to be some restriction on energy. lisa: we focus on the price of oil and focus on food prices to a lesser degree. even though oil prices have been pouncing around pretty aggressively, corn prices, soybean prices, you are seeing the price of fertilizer continue to rise. should we be concerned about the the trajectory that has slowed a bit but still seems to be up? >> it is up and next week we will have the united nations food prices and i'm expecting another record high. for most of the developing world, food costs way more than consumer prices can handle including energy. on the political front it is massive.

it will affect important exports. ukraine cannot produce their own oil, this will cause so much volatility. i fear that high food prices we will have to live with for another year. the u.s. is going through a rocky patch. lisa: looking into the future and getting a timeline, when do you thing -- wendy think people will see peak concerns about food disruption?

>> that's a tough one. i would say we are getting to it now. i think we are maybe we will stop seeing more action by the government by the end of the year almost at a crisis level. jonathan: good to catch up with you but it's really worrying stuff. the numbers out of europe today, ppi year-over-year, 36.8% step tom: what does that number mean? jonathan: it's absolutely surging in europe. tom: i don't know what to do with that number. jonathan: it's just massive and that's the problem, what do you do with that number? tom: here's my answer, you wait,

they will be massively data dependent. no-brainer and easier to do but the data dependent kicks in for christian lagarde stop jonathan: when do you think that kicks in? they are so far behind. tom: my reading of all of them is there always data dependent. jonathan: the problem has been that they haven't been over the last year or so. they hoped the data would get better and it hasn't. lisa: so now what they do considering that a big component is oil and gas prices and how much does this affect the political backdrop? the reason there has been reluctance to go hard against russia and how much that plays into this rather than being overly aggressive. jonathan: it's very difficult to

do this transition away from fossil fuels without generating an economic crisis and not enough thought was put into that over the last few years when we had all this happy talk. futures are down 4/10 of 1% on the s&p 500. this is bloomberg. ♪

as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts... saving you up to $500 a year.

and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™

>> the fed right now sets the stage for the financial markets and for the economy. >> because of the economy, we are beginning to see some slowing. >> it's a rare occurrence that it does happen. >> there is a lot priced in here. risk on risk off does not exist anymore. >> this is bloomberg surveillance. jonathan: what a week we've got coming up from new york city this morning, good morning, this is bloomberg surveillance live on tv and radio. futures are turning a little bit lower, big one tomorrow, the fed and payrolls. tom: as we were told, people are screaming about a fully