>> inflation in some places is continuing to accelerate or get i don't look we have felt the full implications. >> companies are having difficulty managing the inflation environment. >> i still think this is a year or two where the u.s. is going to continue to outperform the rest of the world. >> the fed is tightening interest rates and that means equities are lightly to go down as they have been. >> everybody is worried about a global slowdown. i am too. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. lisa: a moment of calm in markets. the world's elite joining us at the world economic forum, where we are broadcasting live in davos, switzerland. good morning to all of you back in new york, to london, to those of you in switzerland. this is "bloomberg surveillance ," live on bloomberg television and radio. jon ferro on assignment in capri.

we will perhaps be heading there next. i digress for a moment. we reassessed the landscape we are in after crisis after crisis. tom: we are reassessing the green behind us. it is gorgeous here in switzerland. that is not news, but really a first for the world economic forum. 51 years. with the pandemic and all, they are trying to get it going again from january 2020. what stuns me is how this is such a different davos, even from 2008 and the shock of 2009. lisa: it is not cold, for one. but besides that, there is a recapitulation of what it means to solve problems at a time when you have food prices that are spiraling. you have conflict in ukraine and you are dealing with this frustration with markets. i keep going back to seven straight weeks of losses on the s&p on the nasdaq come of the longest stretch since 2001 for the dow -- since 2001.

for the dow, the longest stretch of losses going back to 1923. tom: i remember that well. lisa: so there is a feeling of calm today. tom: as we mentioned with david rubenstein, the bond market gets equal treatment. the carnage in the bond market is tangible. you can rationalize it all you want. the fact is it is tangible. lisa: strategists have a belief, a lot of them, that the fed will come in and save the market by not raising rates too much. tom: i did not hear that from jason furman. lisa: i did not hear that from a lot of individuals we are speaking with here at the world economic forum. that i think is the tension underpinning the people who are bulls and the people who are bears at this moment. tom: the feeling is to the first day here, it is a much more international audience on a percentage basis. fewer americans, maybe fewer from the united kingdom. but even with that, there's a heated conversation we will dive

into on economics, on international relations. but we are not going to forget the market turmoil we are in. we will get to matt brill in a moment. it is a quiescent screen was equities up today. i don't know what dow futures are. jon ferro says it does not matter. the yield is up a little bit. dollar comes and weaker. i got brent crude near $113. west texas intermediate, $111. this is to me the most interesting guest of the day. we've got lots of good guests, great guests like joe stiglitz on globalization, but interesting is the bond market. this is lisa's wheelhouse. i'll begin and she will take over. matt brill joins us out of north america, investment grade credit at invesco. i look at the bloomberg total return investment grade index, and i want to know how do i begin to make money back? how do i begin to recover from

those double-digit losses? matt: good morning, tom. wish i was with you there. it looks great. you are down roughly 13%, the worse start to a year. it would be the worst year if it ended today. we are seeing some stabilization now. we're starting to see negative correlation between treasury yields and credit spreads for the first time all year. that is a good thing. we are starting to see investors come in. you are looking at 12 your highs on the investment grade yields, so the valuations are there. you are starting to see negative correlations, which is good, but you are still seeing people very apprehensive to invest. i think you write a decent point where you clawback some of the losses, but you are obviously not going to get them all back this year. you should at least start with the ability to not lose money from this point, which is the first step to making money. lisa: how much conviction do you

and the people you speak with have at a time when a lot of it is contingent upon the fed backing away from the plan that everybody else says they will continue with? matt: i think the fed is going to continue to plow through this. i think if you are relying on that, you are mistaking this market. the cost of debt has gone up significantly already, so the fed has done its job by talking up rates than across the curve. i know they are not much up out the curve is much as the front end, but it is expensive to borrow and that will slow the economy. i think you are already starting to see the impact of that. i don't think the fed has to back away for this to already be effective. i think you are seeing the effective fed margins are getting hit. you are seeing a slowdown here and there. it's the first sign of things slowing down, which should lead to inflation slowing down the third or fourth quarter of this year which enables the fed to back away. the fed is not want to back away

because the market is tough. the fed is going to back away because inflation starts to slow. lisa: it has gotten more expensive to borrow, but in reality, a lot of companies don't have to borrow because they have so much cash on hand. when does it matter that costs so much to borrow money? matt: right now you only have 2% of the investment grade market that matures in 2022, 5% in 2023, and 5% in 2024. it is very similar in the high-yield market. we saw carnival come in the high-yield market last week, but generally markets are not going to be forced to come to the market to pay up. you're going to see is them opportunistically do it. earlier in the year it seemed like free money, so they were borrowing as much as possible. that was a very negative technical. now it is getting expensive so they are not going to borrow as much, which should improve technicals going forward, which i think will help improve total returns as well. tom: i speak of invesco managing

serious money like pension funds and insurance company money. what happens to the actuarial assumption? if rates move upcoming -- move up, does the actuarial assumption move higher? matt: actuarial assumptions are based on a lot of formulas that are to complicate it for me to understand or get into on this show, but they can basically immunize their long-term liabilities when rates go higher. so if you want to own stocks and bonds, when bond yields go up, you're going to buy more bonds. this is great for them right now. we are seeing a huge shift. tom: this is the heart of the matter. you used the pro word immunize. if you immunize within a new higher rate environment, how do you account for the price decline that you have enjoyed in bills, notes and bonds? sam: -- matt: you get to close your eyes and don't have to deal

with market accounting. just get the book yield, the book price they bought it at. as long as they don't think there's a fundamental problem, which is a key point, as long as there's not a fundamental credit issue, they continue to mark those bonds where they bought them. so on paper they have not lost any money thus far. in fact, if they buy bonds at higher yields going forward, they are better off or get so the retail investor takes the market lost. the pension plan does not. they have much clearer ability to ride this out, which makes it more attractive to them. tom: if frank for buzzing was watching right now, young brill would have gotten an a+. that is the smartest discussion of this i have heard from anybody. that was brilliant. lisa: i will say, i have a much more basic and less academic question. have we reached peak bearishness? has a capitulation been baked in at this point? matt: i think we have hit the

highs for corporate credit yields from this point. somebody summed it up last week on the call. they said my stomach hurts to go buy a bond right now. that means it's got to be the worst time, or got to be the opportune time to start buying. tom: go away on talk to retail right now. enjoy taking the losses. matt brill with investment. on radio you are missing all the drama here. we've got winds like the hurricane from years ago. do you see what it's done to my hairpiece? i get haircare for men and the whole thing, and it went down in flames. lisa: i think it looks really off on guard. i think you look great. [laughter] my hair is flying as well. it is a moment that is definitely memorable here in davos give we have a lot of incredible guests coming up to give us a sense of the political moment. this to me, i think we have been a bit remiss given the conversation coming out of china with president biden. tom: i think the politics, we

didn't even bring up iran and iraq and all of the political turmoil he faced as secretary of state with president obama, but at the heart of this is the political debate that is going on right now. after the primaries. lisa: something we have not talked about is if the democrats do lose the primaries, what that does. right now we are looking at losing momentum from earlier as we head towards the opening bell, but it does seem to be a sigh of the moment. right now here, it is to: 30. tom: i'm going to look at the foreign-exchange market, which does plan to the politics of the moment. some fragility's here and there, but win thin mentioned earlier the plaza accord worry out there, the doom, the gloom.

we are miles away from the currency targets people are looking at. we are miles away from 135, ¥140. that will be one thing we will continue to monitor here in davos. coming up, about fractious politics. pat toomey of pennsylvania of the senate banking committee. stay with us. this is bloomberg. ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. ukraine's president a lot of ms. zelenskyy said russia's economy should be -- president volodymyr zelenskyy said russia's economy should be shut off. he addressed the road i come davos and said this is the moment -- the world economic forum in davos and said this is

the moment where it is decided if brute force can rule the world. president biden said the u.s. would defend taiwan from any attack from china. that appeared to break the long-standing strategic ambiguity. the white house said the president simply meant that the u.s. would provide military assistance to taiwan, not send troops. i doesn't countries will join the u.s. in a sweeping economic initiative to counter china's influence. australia, india, japan, south korea are included, along with several southeast asian countries. it is unclear which parts are binding. chipmaker broadcom is in talks to acquire cloud computing company vmware and what could be a massive deal. vmware currently has a market valuation of about $40 billion. acquisition would put broadcom into a highly specialized area of software. pfizer and biontech say their covid vaccine punted strong

immune response in children under the age of five. that is likely to pave the way for toddlers to finally get immunized. they say the regimen was 80% effective in children six months through four years old. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪

>> over the next year, i am not that worried. i'm always have 15% for a recession. maybe i am at 20% now for the next year, but not much higher. when you look after this year, that is when i get more worried. that is when more of rate hikes start to kick in and affect the economy. tom: we welcome all of you to our windy performance here at

the world economic forum. the wind is going this way right now, lisa. here's the wind coming off the mountains. we are making it up as we go, as are all at the world economic forum. very sober about how this is different. it is a mixture of international relations and of course, these markets challenged, ukraine, and we have barely touched on the food crisis today. lisa: particularly for nations that are reliant on ukraine, particularly for nations running out of supplies. how do you deal with that at a time when a lot of the developed world is dealing with their own crises? this is really a reluctance to spend. tom: what we are going to do now is drive forward the conversation. we've been to latin america, but

we do so with the financial acuity of general atlantic, a storied name. there copresident, thank you for joining us here in the windy city. >> thank you for having me. tom: i feel it we are on a deck in chicago today. i want you to talk to me on how you use foreign-exchange in latin america as a litmus paper how government systems are doing there. you are doing finance. you are doing long-term investment in latin america, and yet is within fragile economies fragile foreign-exchange. how do you use foreign-exchange to study latin america? >> it is a great question. we have been in latin america with $82 billion in assets. we've been in emerging markets for 20, including latin america. latin america has been tough for most investors because they got it wrong. what we tried to do is bet on

digital companies growing 30 percent, 60%, 70%, so even if we get the fx wrong, we still meet the required returns. it is really easy to get the fx wrong. lisa: has there been the same reset, just not priced and yet, in the private world? martin: i heard you use the word carnage. there's been carnage in public growth stocks from 70% to 80%. it has been brought across good companies, great companies. the private markets of not trying's acted as much. when we looked at previous corrections, it takes six to nine months before the public market comes because good markets need not transact in the middle of the storm, and we are in the middle of a storm. lisa: does that mean you are extending less money, less financing at this moment, and perforation for what is to come,

the follow on the private world? martin: in the short term we are seeing terrific opportunities in the public markets. we are not typically a public market investor. in the private markets we are slowing down. what is beginning to happen is consolidation. asked year, 60,000 companies got funded. half of them won't make it through the correction. the strong will get stronger and the weaker will be consolidated, so we are getting to at capital. lisa: just to follow on, you are pulling back from the private sphere and go to public companies because of the opportunity to see. do you think we are not prepared for the selling, for the lack of investment on the private side that will trickle out in the next few months? martin: in the short-term, the best opportunity is in the public gets -- the public markets, and the macro forces overwhelm the micro.

even overall, if you look at the growth of the entire market, it is at 0.7%. the last time it was the slow with the great financial crisis, and it was 2008. there is so much liquidity in the private markets, able to kawai before this phenomena begins to affect companies, but it will. our guess is six to nine months. tom: within a decades long autocracy, and i mean that in a very loose phrase, of south america a greater respect and understanding for capitalization, for contract, for rule of law. as a -- is it easier to do business now? martin: it is a step change in a number of ways. first there is something we call the globalization of entrepreneurship. great minds are born everywhere, but they don't have access to funding in the old world. in the new world they have access to ideas and funding you just to give you essence of the magnitude, last year in latin america, the growth invention or

capital -- in venture capital invested more than the previous years combined. if you are latin america entrepreneur -- tom: what was the catalyst to do that? martin: because we are catching up, and there were enough proof points. we invested in a company that saw 100x appreciation. it is a $20 billion company trading at a pe multiple. tom: it's a gamestop? [laughter] jonathan: it is in real profit, ash martin: isn't -- martin: it is in real profit, not speculative. so there's been a step change in the axis of funding to the best hundred been orders, and economies have formalized. you can't evade taxes anymore. all of a sudden, 80% of companies who were formerly half informal couldn't do it. lisa: does general atlantic think that latin america will

emerge stronger or weaker from the current inclusionary pulse that is allowing their experts to be that much more valuable? martin: latin america is about 10% to 15% of what we do globally. in the next three years, brazil will benefit from the commodity cycle. it is a net exporter of commodities. that is a great tailwind. mexico will benefit from near shoring. these global macro tendencies will benefit the two largest economies represent six to percent of the gdp, so i think in this storm, latin america is not such a risky place. tom: i've got 14 more questions. can you visit us in new york? martin: any time. tom: thank you so much. to me, what is so important here, and i have been guilty of this through everything i've done at bloomberg, is latin america is sort of over there. it is just one big misstep by me and to many others. martin: there -- lisa: there have been a series of crises, so

there have been so many issues that a lot of people have written the region off. could there be unexpected strength as a result of the import prices going up? tom: i got a message from jon and capri. thanks for watching. ask martin about name are and what he's going to do in brazil soccer. lisa: do we have time? tom: we don't have time. [laughter] luckily for our team, we are out of time on that. we have an extremely important conversation coming up for all of you across america and frankly, worldwide area he's more than senator pat toomey. he's a student of his truly fractured pennsylvania. stunning primaries in pennsylvania. it is truly now a bellwether for america. stay with us. it is not january. it is made. it is "bloomberg surveillance" from davos. ♪

♪♪

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♪ tom: "bloomberg surveillance,"

we welcome all of you to the world economic forum. january 2020, a couple of tough years. i'm really unsure, that they do it quickly in january or tested and find out what people wanted lisa: the summer? lisa:my guess is if they take a quick poll after this, a lot of people might suggest the summer months, kindly suggest the summer months may be preferable. tom: right now, it is a shock to the war and total corporate system. lisa: one man said he is surprised more people are not asking him about that. he is seeing a complete focus on ukraine', china. tom: right now, we have a really interesting guests. he ended up in pennsylvania where he did the worst job in the world which is own a

restaurant. and he survived. got into politics and as a republican, we welcome someone in the news, senator pat toomey. >> it did not exactly work that way, but i get the reference. tom: with the red sox. -- that is the people of america. what is the pat toomey solution for republicans who take the house, maybe take the senate, maybe take the white house? >> two things. when we had the shutdown in 2020 from the pandemic, i think it is fair to say we lost about $2 trillion of economic activity. we dug a 2 trillion dollar hole

and filled it with $6 trillion spending. meanwhile, the fed was throwing gasoline on this fire. ever since the pandemic lockdowns, continued with emergency policies long after the emergency past. i think the fed has gotten the joke and has made a big pivot. what we have got to do is stop the wild spending. tom: i am most certain that you are the most supple, dynamic mind on economic dynamics, financial dynamics, currency swaps and derivatives. how do you explain the curve -- republicans who have a static vision back to the 1950's that they need to be more subtle, more dynamic to build and grow this country. >> i think you need to give my republican colleagues a little more credit than that. tom: but they are pressured by a

president who desperately wants to go back to another time and place. >> i think he wants to invent a new time altogether and he is not the president now and i think the party should not take economic advice from him as long as we acknowledge there were some tremendous successes. i think the tax reform gave us the best economy of my lifetime before the pandemic hit. but i think the president has been dead wrong on trade from the beginning. it is a mixed bag. i don't look to him. i don't think most of my colleagues do. lisa: you said you think he is dead wrong on trade. do you then agree with president biden that they should remove tariffs on china? >> president biden has been a complete extension of the trump administration considering the only free-trade agreement under trump was to renegotiate nafta in a way that would diminish trade.

president biden, not a single free-trade negotiation underway a year-and-a-half into his administration. he has not lifted all of the tariffs. he is resisting a corporate exception process on 301 tariffs. i think the biden administration has been an extension on trade. lisa: d think your republican colleagues would agree with you that some of these trump era tariffs need to be removed? >> some do and some don't. that has diminished in all candor. we have got friction on the others. previously, democratic presidents were pro-trade. tom: you go out and take the road near altoona where the road turns 360 degrees around the

train track and you end up in latrobe. explained to the people in rolling rocks that that bar, how the new republican party is going to make them prosper with foreign trade. >> i would point out -- the best economy in their lifetime was also the best in mind which was 2019. strong growth, low inflation. diminishing income gap between hiring coming lower. it was really hard to find anything not to like about where the economy was. that was in response to republican policy. it is true president trump was pushing back on trade but he had hardly moved the needle. we still have roughly the freest trade environment and 100 years. that guy at the bar with me, his wages were going up faster than inflation. that is not a bad place to be. tom: right now, he is the only guy i can talk to from washington that will get this. the integration of a negative

real wage, the thickness of our relative real wage is frightening. what is the to me -- pat toomey prescription? >> the fed has to do its job. i don't think we get there, but the market is doing a lot to help. the backup in the bond market, the strength of the dollar in the currency markets. meanwhile, we have started to see flight declines in consumer purchases. big retailers have seen and caps nominal growth but not real growth. tom: should we break the rules? is the fact going to blink? >> i don't think so. lisa: do you think it is worth it for the fed to not blink and keep going. >> the fed has to stay the course even if it means recession. they had a paradigm that guaranteed they would be behind

the curve and they were. now they get it. i don't think this fed wants to be the fed that brings back and arm asleep automatic inflation. lisa: how much to your colleagues agree with you. do people in washington agree that right now, it is preferable to have a recession than to allow prices to continue to climb at this pace? >> if it has to be. i don't think a recession is inevitable. i think it could be mild in brief, unemployment could rise very modestly from quite low levels there at right now, but we never get back to really strong growth and really good opportunity unless we get stability in the dollar. that has got to be exercise number one for our medium and long-term prosperity. lisa: do you think the banks under your pure review are prepared for a fed that is not going to blink as so many people

seem to believe? >> i think so. a rising interest rate environment is actually helpful for a lot of banks. i'm not sure which ones you are referring to. those based more on securities trading, hard to say. they may do well for volume purposes. that cannot be the consideration. we have got to get back to normal lies in interest rates, normalizing the inflation level and then we can have strong growth again. tom: -- build a school building at carnegie mellon and he built it with a slanted floor so that if it failed, if carnegie mellon university failedouldn it into a factory. that was the entrepreneurial spirit of pittsburgh of long ago and far away. you and i lived the 1974-1975 crater that was pittsburgh. do we need some humility still

about manufacturing in america or have we now become service sectors so much? >> i do think it is worth repeating, america manufacturing , will manufacture more this year than any other year in history. it happens with different products, less labor-intensive, but we are a great manufacturing powerhouse and we will retain that in my view and pittsburgh should be great. lisa: who do you hope replaces you in the senate? >> either one of these guys. i've never made an endorsement. there are two great candidates. they are dead tired. i think this ends within a few hundred votes and either one wins the election in the fall. lisa: spoken like a true politician. tom: is it going to be a fair recount? >> it is. they have taken the view that it is probably a good idea to actually count all the votes. >> these people nationwide are

being abused. my mother was an election canvasser or whatever it was called. how many people are involved in the recount? >> let me just tell you i think some of our great heroes have been the people that did their job of whatever party counted the votes and went with the outcome they got. that is how the system is supposed to work. it will work that way in 20 -- that is how it worked in 2020. tom: pat toomey is the senator from pennsylvania. lots more to talk about here. i think was in the politics era, the one thing we have ignored is the war in ukraine. i am doing a panel on thursday with sir lawrence friedman among others on this horrific war. lisa: it is hard to quantify the graph for some sort of democratic excellence and i think that seems to be the way it is being painted, this idea of trying to extol a democracy rather than an authoritarian dictatorship which is basically how this is being framed right

now i markets. that it is actually forcing the central banks to tighten to the point of possibly crimping growth to the downturn. tom: that will be part of this worried recession. we will continue to look at the markets as well. the five basis point back up 10 year yield, that is enough for pat toomey to finance a world champion pittsburgh pirates. this is bloomberg. ♪ ritika: the biden administration has maintained most of the tariffs imposed by his predecessor about the president has come under pressure from some lawmakers and economists and the u.s. chamber of congress to reduce or

eliminate them. president biden is seeking to reassure americans about the current monkeypox pan -- epidemic. beijing has reported a record number of new covid cases for its current up great -- outbreak. that is after concerns the capital could face a lock down as authorities try to stamp out this part the virus. china's covid zero approach has become increasingly controversial. nearly police are searching for a man who shot and killed a goldman sachs employee. goldman calls the death a senseless tragedy. an increase in assaults on new york subway's has prompted the mayor to boost the number of officers on patrol. j.p. morgan chase says it met interest income should rise, that is $3 billion more than the previous estimate.

j.p. morgan's top execs are set to kick off a high-stakes invest today. i am could group do, this is bloomberg. ♪

>> raising interest rates is not going to stop the problem of inflation. we can do a lot more than we are doing. so at least trying to do everything we can locally to increase the supply is going to do more. tom: i said he was the most

important person in this valley because people here are in shellshocked over the new globalization where that is popping around, deglobalization. i'm not sure about it but joe is the one whether you love him or hate him, who got this debate going. the john from gary, indiana won't let up. lisa: although he does see benefits to trade and looks to shore up some of those elements to avoid some of the inflationary spiral. pat toomey of the senate just coming on saying the exact opposite, that the fed needs to get this under control and the fed put is not going to come under play until we do that. tom: we welcome all of you to davos. lisa and i will perhaps land in oz. we have been doing a lot on politics and international american politics.

ed mills joining us now. we just had on the retiring senator from pennsylvania, pat toomey. you suggested he is a lonely senator critical of former president trump's trade strategy and also critical that president biden has not turned it around. you suggest there is a lot of people that like our presidents trade strategy. >> i think if you were to pull all 435 members of congress, that would probably only be a handful of pat toomey's out there. you highlighted at the beginning the additive you was retiring senator. it is because he is no longer necessarily within the middle of his party. and what you have seen on the hill through the trump years is the most perilous position was to be in favor of china. part of the reason why biden has

not removed those tariffs and has kept most of the trump policies in place is that you don't want anyone on the easy on china side to blast you. the most bipartisan thing in d.c. right now is getting tough on china. i think that is exactly why biden in his comments this morning highlighted military support potentially for taiwan. tom: is free-trade dead? >> i think it is not dead but different. instead of having a conversation about the globalization, a deglobalization, we are more focused on supply chains versus on free trade. the president is in asia talking about this new pan-indonesian kind of partnership. they are clearly not calling it an economic commitment, not a free-trade agreement. you cannot get a free trade

agreement passed through a democratic congress and it is very difficult to get it done through a republican congress. free-trade is a bit of a four letter word in d.c. right now and i think that is why we see what the president is doing. lisa: to that point, this mornings, is from president biden were notable and have already been walked back with respect to the u.s. providing military support in some sort of concrete on the ground way to taiwan. they have walked that back sticking with tradition but people are really honing in on this idea of removing tariffs on chinese goods by the u.s. do you think that will fly given the sentiment that you just put out there? >> i think i always go back to what is the definition of a gap? it is telling the truth in d.c. while they might be walked back, i do think the president really wants to send a message to china

that they would be a significant price to pay if they were to intend to invade taiwan. what i get from almost anyone around the biden administration is they don't anticipate that is something that is close but they want to send a message of strength. they do think the invasion of ukraine and how poorly that has gone for russia and how much the world has been unified is a warning sign to china but they want to ramp it up one more level. i think that is where the biden administration is focused on versus trying to send any sort of conciliatory message we have seen in the past. tom: thank you so much. something surprising we are spending so much time with the president and china and all that, but the disconnect between an international relations discussion of what is next

within the history of free trade in america and the reality that mr. -- is painting is stunning. lisa: basically, free-trade does not sell in the american population right now. it is political death in the water if you start to argue for free-trade and that is the reason president biden has picked up on president trump's trade policies. so then how do you really free up some of the momentum between countries where you get some of the connections that people are talking about? tom: am i wrong to say that we need someone on either party to take a stand and risk losing an election? lisa: i'm not going to argue one side or another, i think it shows the elite in some of the academic thoughts has shifted away from the population in terms of what they would like to see and how do you bring that back. i think that is a question.

tom: we are getting an international claim to the wind here. i have to admit, you look really put together here. i did not know the band, but i ran so far away. i ran all night and day. lisa: thank you. it could have been the sound of music. instead, it was flock of seagulls. tom: i got to work on my hair. radio, you are lucky. lisa: although they are hearing everything. we just lost something due to the wind. tom: the bottle of tang broke. lisa: we are seeing reprieve after the longest streak of losses. tom: nice data check. lisa: this is bloomberg. ♪

>> welcome back to a special rule on garros update. two teenagers advanced to the second round on day one in the city of lights. carlos alcaraz's into round two with an impressive opening win. he has many peoples picked to live the trophy after his recent victories on the clay in barcelona and madrid. earlier, coco golf also got off to the perfect start against rebecca marino. after taking a tight first set, the american totally dominated the second closing out the canadian after one hour 20 minutes on court. the impressive victory sets up a meeting in the second round and don't forget, you can watch all the action -- another crazy day?

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