>> right now, we have an incredibly strong economic outlook. inflation is a concern and i agree with that. >> conflation is a 50-50 bet. the timing is preferred down -- >> sometimes it makes mistakes

on its weight, -- on its way. >> the near-term pain could be so severe that you just cannot look through it. jonathan: live from new york city from our audience worldwide good morning, good morning. , this is "bloomberg surveillance, live on tv and radio." futures up 1% on the s&p, headed for the longest weekly losing streak going back 21 years. tom: that was maybe the gloomiest opening we have had in the history of the show. it is toxic through friday, no other way to put it. the emotion out there, i saw a banner headline on another network, not a financial but it is boom. can i note that the vix, not even into sweat level or gloom.

jonathan: bank of america said true capitulation equals fed capitulation. it goes on to say the bottom line is to take a very vulnerable market but we would sell. it has been buying the dips and this has been more like selling the dips. tom: along the continuum of the summer and target and what we saw at kohl's and the others, these including airlines booming will adapt. jonathan: a tough week for retailers. if you just had the airlines, consumer demand i and tolerant high. lisa: right now, we are looking at a tale of many different industries.

this is really the big question, how much are we seeing a massive compositional shift from goods to services that is not anything in the history books because of the pandemic and how much is a real deceleration and spending momentum? jonathan: it is it wall street problem or for the broader market i think is what you are asking. we are seeing a struggle to find the right balance. they have gone from understaffed to overstaffed and undersupplied to oversupplied in the blink of an eye. lisa: i keep going back to what one said, is how we look at it as glass half empty, companies seeing margins shrink which means they cannot pass that along to the consumers. it could be ready to? prices up more.

can they? we don't know. do we see evidence that they cannot pass along higher prices to consumers or is this a precursor to more inflation? jonathan: what did we say earlier this week, someone said they are struggling to find the liquid in the last. -- in the glass. tom: i have never said this in the modern era, how close are we to double-digit inflation? jonathan:. is, it is not over. it is not the worst of it. it is not like you can say in the u.s., and the u.k. in europe they don't it is. it could get worse before it gets better. futures 1% on the s&p 500. nasdaq of 1.4%. in the fx market, euro-dollar up

-- down by.1%. wti, 112.45. speaking to michael collins of pgim fixed income . michael: i have an old rule of thumb that has worked several times throughout my career when every single headline is negative, it's time to buy. to your point, this morning, every headline except maybe the chinese cut is negative. the pessimism is remarkable and widespread. it typically, that sets up buying opportunities. tom: i love your paragraph on that, you have to catch the falling knife to pick up price going for higher price, lower yield. how do you determine when to

load up on a beleaguered ig? michael: we cut credit risk last year because valuations were tight, spreads were too tight. this year we cut credit risk more because without the tail risks were elevated. and now a lot of the recession risk which is a foregone conclusion, is baked in and getting fully priced in. you look at credit spreads. corporate bond spreads were 80 basis points over treasuries. they have almost doubled. they've gotten into 150 territory, which historically is pressing in a high probability of recession and starts to flash value to us preview get into 160, 170, 180, two are supposed by aggressively. lisa: i remember a couple months ago you said by the dips in bonds and then said wait a minute, we don't know because this is a new circumstance.

where are you, given the fact that there is an inconclusive view on how determined the fed is to go at this hard and commit to that path currently priced in? michael: i just talk about the credit side, and even that is not that who said. there are opportunities emerging and cheap bonds to buy, but it is not time to get all in on credit. on the rate side, you are exactly right. you percent across the curve feels like good value, feels like probably a high watermark or three years from now, you will look back and say i owned more bonds. in the next several quarters, could the fed continue to lead more hawkish. that 3% priced in, could that move to 3.5 or four? talking about inflation in the u.k. come in some places it is continuing to accelerate.

i don't think we have felt the full implications of the supply problems in russia and ukraine and the lockdowns in china will still work their way to the system. you will have more supply imbalances. i worry there is a risk in the near term that the funds rate placed in goes higher and that yield higher. we are neutral on duration. lisa: how you engage in this market with that uncertainty? what does it mean to be neutral and how do you stay fully invested or do you go to cash and wait for a trigger to reemerge? michael: we are neutral, you have a benchmark that has a duration of five. if you are benchmark that has a duration of 15, you are at 15. we are making sure our clients who define their duration profile based on their needs, is met. getting long duration means with the rates are going to come down

or at least they are cheap. over the long-term, you are supposed to be covering that. if you are short duration, this is a good time to act. tom: speak to people who are not buying the spread market but buying a managed park it and the price in stocks and bonds has never been seen in history, down three years however you want to measure it. how do they reposition in fixed income to begin to make up the horrific damage? michael: you start adding fixed income now here there is no doubt about it. the yield on a lot of these folios have five handles on them. high-yield are in the upper single digits. the bond starts to become compelling when you start with mid single-digit coupons. even if rates go up another hundred basis points in the next 12 months from three to four,

downside in this portfolio is you lose a percent or so. if it falls under basis points over the next 12 months, you can make low teens. the bond math, upside, downside becomes compelling at higher levels of coupon and yield in the forward-looking returns are attractive in fixed income. jonathan: earlier this week tom said the stocks guys are smarter than the bond guys and what would you like to say. tom: bonds are the center of the universe. we all know that. lisa: we all know that. jonathan: i like how the said that with a serious face. tom: when he did there is important because described normal distribution. what that means is the return is wildly asymmetric. you can lose on the downside, but it is a double-digit homerun

trade if you get it right price up, yield down. jonathan: this is the center of our universe. -- lisa is the center of our universe. we started to talk about this. lisa: this interesting take with a wide and of uncertainty that you have to stay neutral. right now, it is so hard to call what the fed is going to do in the ramification longer terms -- longer-term. a much cannick it controlled if you see the inflation people are talking about in the economy question mark -- economy? jonathan: the fed is going to back away but it is the threshold we need to see before they back away and that is the call and it is much harder. lisa: right now, why would they back away? i looked at their balance sheet total and it has been increasing over the past three weeks,

marginally, what we are talking about tightening, no liquid in the glass. there is plenty of liquid in the glass. tom: do you know what lisa asked me? she said to they play oscar peterson at the piano bar. jonathan: i know exactly what you are focused on. tom: i didn't know what to say. jonathan: your public crawl next week -- your pub call next week. tom: it is more like sweet caroline. would you like me to do it? jonathan: what's on have you got? tom: i don't know. jonathan: from new york, this is bloomberg. ♪ ritika: keeping you up-to-date. joe biden is on his first trip to asia, touring a samsung semiconductor facility. he is pushing to achieve

alliance with china and the supply chain. later on the trip, meeting with regional leaders to build support to counter security threats by china and north korea. speculation that kim jong-un's regime may conduct their first attacks -- their first tests in a while with the president there seven finance ministers meeting . in germany to guarantee aid to ukraine. the u.s. senate has passed an aid package for ukraine of more than $40 billion. they have sent it to president for his signature. the administration said it would provide ukraine with another 100 million in military assistance. the third european country to be cut off from russia is finland. finland refusing to pay for fuel in ruble. it will likely not have impact.

china sticking -- taking steps at boosting the economy, cutting key interest rates, during the five-year loans. it could help counter week demand. global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta. this is bloomberg. ♪

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pres. biden: the global

semiconductor shortage has caused higher prices around the world. and now put in's brutal war -- putin's brutal war has caused this -- have caused us to be -- jonathan: futures positive by 1% on the s&p 500. on the nasdaq, of 1.4%. yield high. tom: markets on the move. the vix 28.70. and reordering and mario today -- maria taddeo -- annmarie hordern and maria taddeo join

us. this is not just about schroeder with perks taken away and finally 15 minutes ago resigning, but also about warning they are joined at the hip with nord stream. warning was an acquaintance of the stasi with putin. brief the international audience on what a mess this is for germany. maria: it is a real-time implosion of 25 years of russia policy when it comes to germany. this is something that for the german establishment is an embarrassment. now is to the former chancellor trying to break away ties with russia. for many, the damage and credibility, particularly when it comes to the eastern european countries, the damage has been

done. this is a long time coming and for the germans, the host country for the g7, this is incredibly uncomfortable and embarrassing and a signal of the policy for russia. tom: what does it mean for germany? is scholes -- shulz history? maria: the issue here is the problem is not just the socialists and angela merkel, it is almost the entire political system of this country that has become incredibly connected for russia. you could argue a lot of this is war guilt. the germans did feel a lot of horrible things in the war with russia. this country was separated and

divided, but also the money. germany is a very energy reliant industry with cheap russian energy they were making a killing this was good business. combination is coming with the situation in ukraine and becoming unsustainable. lisa: how much are we into the fire with the alliances being drawn up to shore up oil and gas supplies? i'm not just talking about europe but also with the united states? annmarie: we still have russia delivering oil to china or do i believe there is a story out on the bloomberg terminal that more than $6 billion worth of crude the chinese are buying from russia and india, which is an ally of the united states, these two countries are still buying russian oil at the same time the

rest of the world has been shunning it. it is difficult line for the administration to walk while they want penalties against the kremlin, it is hard to want them see all of russian oil come off at the market, even if they don't say it, because higher oil prices mean it will trickle down to higher gasoline costs for consumers. there been -- biggest domestic challenge is gasoline and groceries and the like. lisa: the talk of a meeting with mohammed bin salaam and president biden, this isn't really an oil story, this is a refined goods story, gasoline story. can you bridge that gap in terms of what that can do, even if they get more oil and bring the price of crude lower?

annmarie: it was put yesterday when you look at spare capacity in crude oil, that goes down to the kingdom. saudi arabia has it and they can pump more. when you look at spare capacity in refined products, that is china. china is the only one who has more capacity to turn the crude into the products we use every day, jet fuel, gasoline, diesel. even if there was more oil to come on the market, it is going to be very difficult to have the refining capacity to turn it into actual products. that is a nuance that no one in washington is talking about. it is too difficult to get a grasp on it or do we have the gasoline and oil or do we not. jonathan: difficult to reconcile what they are doing on the foreign policy front and that has been destroyed for 12 months. annmarie: the president speaking

at the beginning of this, he is touring a samsung facility. part of the foreign policy he is going to try to bring of what he calls the american middle class. he is looking at the mega facility for chip manufacturing and as semiconductors and he will talk about the one they are trying to build in texas and will point the finger at congress that for months has been dragging its feet and now and a congress with members of the house and senate trying to come to an agreement for this broad-based package on the chinese competition bill and has more than $50 billion for semiconductors. the president was direct with congress saying to pass the bill. that will be part of his foreign-policy. it is tricky on foreign policy and domestic and how the two intertwine. jonathan: thank you. the president's first trip to asia continues through tuesday.

he will go to japan later this weekend. tom: we were told yesterday that there is a collapse of tpp by the democrats, republicans, he is trying to pick up the pieces plus deal with the new china at the same time. jonathan: and tpp has a massive branding issue for this president and white house the ultimate goal still holds. tom: they have gone past malaysian into india. jonathan: futures up 1% on the nasdaq 100, up by 1.34% and then as -- on the s&p 500. jonathan golub joins us. this is bloomberg surveillance. ♪ something must be done. my son romeo has sought counsel with some strategic advisors.

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>> bank of america, he would sell any ribs. even though he acknowledges the market is very vulnerable to a bear market rally, futures are positive about 1% on the s&p, on

the nasdaq 1.3 six on the week. seven straight weeks of losses. the longest weekly losing streak back to 2001. in the bond market, we do that briefly. equities and bonds, inverse correlation, is stakes again this weekend happened last week. yields were lower on a tenure by 21 basis points lower this week as well by five or six on the session. we had higher by two or three by 200-8641. 10 year yield to yield up now. yields with just a little bit of a lift. let's get you some movers. let's check in with romaine bostick for more. remain: -- romaine: good morning. we talk about sums tech stocks and some are getting bids. some fell on the back of fundamentals including palo alto. shares higher by more than 12% in the market after a beef raised corridor. then apple higher by 1.5%, no real reason, they may be buying

into the depths. a little caution even with that 1.5% in the premarket, apple setting up for an eighth straight weekly decline. a streak we have not seen since back to 2018. dan eyes out here defending the position, not only reiterating the outperform rating but making the case a lot of babies are being thrown out with the bathwater. i'm not sure that matters right now. investor sentiment is driving this market and it remains dour. dear is emblematic of that, shares down 4% in premarket. just a few minutes ago, the shares camped out around 3 48. retailers have been all over the map all week long. some issues we have heard for walmart, target, and other big retailers. there seeing decent foot traffic but the inflationary pressures are just too much. on 27% and they talk about raising prices in the most recent quarter but a sickly admitted they were not able to raise them enough primarily

because they are a low-priced retailer and there is only so much you can do, so much you can pass on to the consumer. rilling to soares down 10% which also competes in the same space in seeing pressure on kohl's, ttx, and other names of the bottom rung if you will of that retail spectrum. all told, looking at the screen now with regards to the retail stocks, that is driving sentiment and i would keep an eye on them as we get deeper into the day. tom: thank you so much. wrapping up the close, look for that friday afternoon. that is on after the real yield. look for that as well. right now, and this is grit a clear important, the 2020 hindsight, to look back at somebody who nailed the last great moment of the bull market, john gelman of credit suisse has the courage to come out with a ball bro -- barbell strategy which was blah blah and don't give up on the big techs? he was a genius -- techs. he was a genius and the genius joins us now.

now, john? if i had amazon, apple, whatever, and i will hold them, what is the prescription to recover? john: john: we actually think that in high inflation environment that attack just does not do as well. we have been on tech for the last couple years but as we roll into this year, wednesday we said based on the good and neutral, because as long as the cycle continues to be inflationary, they struggle a little more and what we actually see and we have done bunch of cloth work around this is when inflation is high, stubbornly high, you actually want to be in stuff more cyclical, beneficiaries. energy stocks, mysterio stocks -- material stocks, not like the best stocks forever but for the moment. tom: will the tech stocks continue to have revenue growth? jonathan: yeah, but if you take

a look in the last most recent earnings season, tech names grew about 7% but cyclic groups grew something like 30% to 40% because they did it better, they had more operating leverage in more physical infrastructure in the old economy, cyclical, and therefore more upside. if you look at this earnings season, those tech companies, the mega caps were lackluster. it is not just a sentiment issue. they are having a harder time but also they went into the year very expensive. run we were predicting in tech played a beautiful and -- beautifully and sometimes you have to know when to take your foot off the pedal. lisa: where do retail earnings fit into your thesis? jonathan g.: well i think everybody starting really last friday thought the worst was

behind us and with walmart and target, people felt like they got kicked in the stomach and that maybe consumers would roll over and companies would have margin problems. then if you look, we had a lot of companies like t.j. maxx and home depot and lowe's and they did fine. they had high single digits and it was a couple prominent names like home depot. a lowe's had a hard time, and a lot of those were really what i would call a mixed issue. people were buying groceries but they did not want to buy furniture and tv sets, and in many cases, these were merchandising problems. they were kind of the wrong product as people were rotating towards experiences and hotels and getting back out. i'm not sure we should be over extrapolating some of the bad news from those retails but i will tell you it surely shook the market in the middle part of this week. lisa: that is a glass half-full

view of these retail earnings that's basically it is a mixed issue and not a consumer health issue and some people would agree with you, but does that give you a sense the fed is going to raise rates all the more so to try to stave off some inflationary pressure? but consumer has more momentum and that prevents evaluation problem from stocks we were hearing earlier this morning? jonathan g.: i'm not sure the fed responds to the retail earnings -- lisa: i mean generally the trend. jonathan g.: wage inflation is really high, but a year ago when we had 3% inflation, people were saying there is no it could get to 4% and now we are over 8%. i don't want to say the fed was on aot for a while but they will have to push rates at least to 3% which is what the market discounting and next year we may be closer to 4% on fed funding if they need to --

lisa: hold on a second, in all honesty, how can stocks keep rallying? how can you get to near 5000 and by the end of the year on the s&p if you get three or 4% -- 3% or 4% fed funds rate? jonathan g.: the most important thing is corporate profits are holding up really well. take a look at this earnings season. revenues are running on the s&p 14% this quarter, earnings of 12, so the margin pressure is tiny. but we have this weird thing going on with reserve releases and if you took that, the revenues were 15% and eps was 20. so the earnings are a super powerful and stocks are cheap at this point. tom: that is the most intelligent thing i've heard this week on equity optimism. that differential equation is linked at the hip with nominal gdp and the decline. are you suggesting within all of the credit suisse work that the

great myth here is that nominal gdp will sustain longer which will allow companies to adapt into the gloom lisa mentioned? jonathan g.: i think that is the only story. my favorite, the one screen i look the most on my number terminal is ecfc. where's the consensus view on what the economy is going to do over the next quarter and year end two years? what it tells you is nominal gdp this year should run 9%. normal is 3.5%. for all of those folks that say we are going into recession, economists all over are saying this this is a riproaring economy. tom: i will tear up. jon ferro, jonathan golub really has drunk the kool-aid. he is on the edge of tom galvin here with a self centric view. jonathan f.: i will try to be

polite here. ecfc. has that ever been a leading indicator for anything? jonathan g.: you have to use some framework to say directionally where do we think the economy is going. if you are looking at where inflation is going, you could look at the tips market. if you are looking at where gdp is, there is no tradable instrument on your bloomberg. you have no choice but to use either your own economists, and our economists are pretty bullish, or you can say where is the whole gang thinking the growth will be and that is what you find on the terminal. not only can you do it but i could see it here and say what are the biggest shops, what are people defending? they are all on the same direction, the underlying economic growth measured in nominal dollars, including inflation, will be strong.

here's the most important thing, and really strong next year as well. jonathan f.: i'm with you. jonathan g.: that is golub's view. jonathan f.: when did the fed ever forecast a recession? it's just not there business. jonathan g.: they do it with a year delay, they do it after the fact. [laughter] i get that, but you have to use some framework to say where you think the world is going? if u.s. me with the most important issue is on inflation and growth, we have incredibly tight labor markets, which is leaving the consumer really confident in their ability to find work and that leads people to be willing to go out and overextend themselves on credit and also means you have high wage inflation. you add those two things together and it is all about the labor market and that is my take independent of what the forecasting says. jonathan f.: it's good to catch up. as always, jonathan golub of credit suisse. i will give john this, the

retail store this week, far more nuanced than first look. lisa: absolutely, especially because of home depot. and to a lesser extent lows as he was saying. there is clearly a margin issue we have to get our hands around and understand. lisa: i like the ecfc function. not sure if it is a forecast and how accurate that has been over the years. futures on the s&p up a little more than 1%. this is bloomberg. ♪ ritika: keeping up-to-date from news from around the world, president biden arrived in south korea and immediately underscored the importance of resolving the global semiconductor shortage. the president toward a trip factory that is a model for one though company plans to build in texas. this will be good paying jobs and more resilient in the supply chain. bloomberg learn president biden is considering immediate with saudi arabia's money how big bun salmon next week -- mohammad bin

salman over the murder of jamaal khashoggi. firms are start to start talks -- sri lanka fell into default this week for the first time in its history and an economic meltdown led to protest and a crisis. the largest maker of agricultural machinery were below estimates. they set high costs had an impact for -- that could lead to farmers pulling investments in machinery. a spacex reportedly pay 250,000 dollars to settle and employees cleaned that she was sexually harassed by you en masse. according to the online news site insider, the rocket launch company made a payment to work as a contract employee on a space jet. must cause the accusations

utterly untrue. global news, 24 hours a day, on air and on "bloomberg quicktake," powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪ ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations.

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>> what we're seeing is a rotation from growth stocks, earnings far in the future, toward stocks much more value stocks and the present, and this reflect real rates for the first time in a long time are likely to go positive in 2023. lisa: a great conversation with ken griffin of citadel there alongside francine lacqua. good morning to you. futures are positive a little more than 1% on the s&p. yields traveling north heading

up higher by three basis points. the euro is just a little negative, backing away from 1.06. tom: it will be interesting to see. what you thing about ken griffin's comments? i know you were studying that carefully. jonathan f.: he has something interesting to say about retail traders and wall street bets going after a certain hedge funds. and how that was not nice because it was after teachers pensions. tom: which lit up twitter. jonathan f.: i did not fully resonate with me. tom: it was so political. thank you to francine lacqua for bringing up that third rail. jonathan f.: just to get them to go deeper on that. i thought she'd had done a brilliant job. tom: i one stay out of that because we would like to work monday. this is really important, the gentlelady from the massachusetts institute of technology is with us, katie kaminski, research strategist at alpha simplex. she and i will drag ourselves

back in years to what mattered the last time commodities really lifted. katie kaminski, you and i will not turn this into a nerd fast, but let's be honest, the reason the commodity game exists as jon ferro mentioned, copper is staggering a little bit here is commodities trend like nothing else. are commodities going to trend into 2023 where i can find alpha? katie: i would have to agree yes and let me give you a couple of pointers for this. tom: please. katie: inflation first of all is something that is very positive for commodity returns. investors have forgotten about commodities because they have not worked in a low-inflation environment. let's take oil as an example. oil prices have remained high despite very negative things like a strong dollar, weakening demand in china, yet we are still at high oil prices. what that tells me is there is

still very much a commodity story that is left and i think investors have forgotten about the values commodity and a low-inflation environment. tom: i will go back to a lot of the people that invented this and the whole cta valley trout and all. do you by individual commodities as jonathan ferro does? you should see farrow over on commercial break looking at elementia him in the whole thing. do by individual commodities -- aluminum and the whole thing. do by individual commodities or do you by etf? katie: this is a good question. different commodities react differently to different environments, so let's take last year or during covid, we saw very different moves in energies then we saw in the precious metals. certain commodities are more linked to inflation and are affected by different supply demand cycles. so you should think a little bit about what you are buying, what it is linked to, what type of

cycles are going on the market, and which ones might be favorable given the current macro conditions. i'm also a fan of thinking about long and short. the reason is this is that over the long-term, statistically, long and short indices and strategies and commodities have done better than long only but i still suggest you can have long only exposure during cycles which might help off at -- offset some of these difficult moves in equities and bonds. lisa: that is why wanted to go, that we are talking about the move in commodities and betting potential commodity producers and the like at a time were nothing else is working. is commodities the only bright spot or do you see other pockets starting to work again like bonds? katie: the interesting thing about that connection, if you look back in the 1970's, and i know it is a long time ago it seems, we had a very -- it is an

interesting. -- interesting period to compare with. we saw bond and stock volatility being higher. does that sound like we have seen this month? secondly we set up a -- we saw positive correlation between stocks and bonds and we saw commodities occasionally having different correlations with equity. that is sounding like this month and this year. so what that tells me is that there will be time bearing interesting opportunities. i say from now i stay away from lung bonds as you wait for rates to rise but there could be opportunities eventually if you see more yields but commodities is still the asset that will move the most inflation and still has the highest potential to provide offsetting return to what is a challenging market environment. lisa: what would you say to the jonathan got of the world that's a people have gotten to bearish on stocks because on a nominal basis you get growth, on a nominal basis you get revenues

come on a nominal basis you have these companies also providing inflation hedge. katie: that is good at a point but that is not a short-term view. i think the problem is we have to navigate the next few months, we need to navigate the rising rate environment, so i think even for bond investors, bonds give you a positive yield over time, but when yields are going up, it hurts. so i think the point he is right is you want to hold stocks over the long run but you can also try to find ways to protect your portfolio in the short run as inflation and rising rates and growth are a real challenge in more uncertain environments. jonathan: thank you as always. katie kaminski of alpha simplex. i can find a lot of people bullish into year end, i can find few bullish into the end of the summer, i can hardly find any. lisa: if you look six months after that, they start to get more bullish which raises an interesting question on what

triggers that. what triggers capitulation. right now there is so much pessimism based on this idea the fed's hiking into weakness. we talk about it with the ecb but it is what the fed is committing to. how do they deal with it this time when valuations are still stretched, you at least -- stretched, at least in certain areas. jonathan: you get inflation data and hopefully it is getting lower and tour the summer and the fed backs away. what backing away means i will find interesting, is it 25 basis point hikes? what is backing away? tom: it is nonlinear and let me get this calendar up here, i'm distracted by the wonderful trent-based discussion on commodities. jonathan: what are you looking for? tom: did you pay for my terminal this week? jonathan: it's paid for. tom: june 15 is a meeting and wrapped around the ecb meeting as well. those are really not analyzable,

fine, whatever they do. july 27, september to anyone, november 2, massively data dependent, massively nonlinear effects. jonathan: september, that is the want to look for an icy jackson hole head that in august. lisa: i was just talking about jackson hole with someone on how they would position given the fact they will get that data. how can they say they are data dependent, continually, if the data is in and it shows a decisive trend. jonathan: based on the data over the last 12 months, i don't think the fed is data dependent. tom: the biggest problem we have is the pioneer those it jackson hole lodge, they don't do a full english, is not a bigger breakfast it is better. i can see you there in a cowboy how with leathers on. pioneer grow, jon ferro. jonathan: i will do my best to get there. ♪

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