>> the fed is looking at the dining conditions and saying it hurts, it is painful, but this is a feature, it is not a bug. >> central bankers are finally being upfront about what they are having to deal with. >> we are saved momentum or central banks have to go big because all of the big ones are going bake. >> the markets are starting to

smell an economic slowdown, which i think is premature. >> this is "bloomberg surveillance." jonathan: futures -.4%. good morning. this is bloomberg surveillance live on tv and radio alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures deeply negative. the quote of the week from mike schumacher, it is a feature and not a bug. tom: that extends the timeline. what i see in foreign-exchange, particularly week em. 10 year yield a roads further. i will go off jane foley, who was brilliant yesterday, have to go big. this goes to language, they beat is frontload july. jonathan: the pain is coming up in the estimates. your come the downgrades on the economy. building off the work from the

european team a recession. they are not looking for a recession base case but they are looking for real weakness in the economy. tom: did you speak with david costin this week? jonathan: i did. tom: i am more interested in what the strategists say and how they adjust to the economists out there. it is a mix of opinion. i know o'rourke is coming on and he goes back to 2002. this is why i am in triple leveraged cash, i never made it as a wise man, i cannot cut it as a poor man stealing. i cannot cut it as a poor man investing. jonathan: bramo is going on vacation. she cannot wait. tom: this is not as bad as 2002. jonathan: what are the benchmarks? early 2000? 1989. tom: i am -- to the next ecb

meeting analysis and tried to stretch it out to see when the actions calm the market and give us a lift. lisa: there is a difference between remaining calm, nobody is saying panic, a versus being realistic about how volatile and how deep the pain might be, whether you want to stay invested. long-term advice. from what i have seen, we have seen a regime shift. we saw the fed in the ecb. we saw major central banks come out. the foremost concern is inflation. they will be aggressive. they are hiking into weakness. that is what we are seeing. jonathan: i am not here to provide therapy. i will give you a range of views. you have the views of jonathan golub at credit suisse, who believe you can get a robust second-half turnaround, maybe even reverse the losses of the

first half because i think earnings will remain robust. you've mike wilson of morgan stanley saying that will not be the case. it is the earnings picture we will get a flavor of and the next couple of weeks that will take center stage. lisa: restoration hardware, micron. the tea leaves are coming up in the forward forecast. i'm not saying people should panic, but you are seeing the downgrades the companies themselves are giving with the visibility they have. jonathan: near-term next couple of months this fed does not want an easing of financial conditions. 12 months out, over at goldman thinks things can improve. near-term it is a big call to get comfortable taking risk given what the fed will do. tom: i will push against bramo gloom and 2002 this is how you

remind me, the index is -- it always goes down. the institutions solve the tightening. we are seeing major tightening by the market. jonathan: the pushback is that has been validated by the federal reserve. they wanted there. they are comfortable with what it is that it's an important part of the selloff. tom: in 2002, i got hammered like everybody else. you have to look out for the recovery and the recovery came in the middle to thousands. jonathan: i hear you out -- i hear you loud and clear. on the nasdaq 100 we are down .4%. yields in six basis points on the 10 year. it speaks to the weakening of the data. look out for the ism later. lisa will go through the data in just a moment. 2.95 on the 10 year. lisa: this has been the big

move. today i am watching the ecb's net bond buying program is set to end. this is from the pandemic. amazing it has been going until now. i am watching the 10 year tally in yields. how much do they continue to come in with the faith european central banks can calibrate reinvestment into the peripheral regions in order to suppress some of the capping out we have seen? 10:00 is the data dump we are all watching. how much do we see manufacturing start to roll over in line with some of those regional reports we have been getting highlighting the ongoing weakness and what is that mean in light of the input prices? today we get a host of u.s. auto sales including general motors at 9:00, toyota at 10:30. the expectation is for the number to stabilize around 13

million, which is well below the 17 million we saw in 2018 and 2019. jonathan: let's get straight into it with michael o'rourke, chief market strategist at jones trading. your words, i am getting worried about energy and materials. talk to me about energy. michael: i've been on the value trade and i see the key components are financials, banks, energy. we have had a great run in energy. the energy policy in this country has worked to the advantage of investors and oil prices have shot up with the war in ukraine. now we are starting to see this economy slow. we are getting clear signs of slowing. the downside volatility could become tied to energy needs if we see a real slow down or a recession it will be trouble. tom: can you buy quality? if you have a one year or three year perspective, stocks have

revenue stability, they persistent free cash flows, can you begin to acquire those shares are you have to be as gloomy as lisa? michael: this 2000 or 2002 episode of everything repricing. micron is a good example. micron trading five or six times earnings, awful guidance last night, but the shares are down $1.5 two dollars. they are digesting bad guidance pretty well. i would look for valuations have corrected significantly and those are the types of names i would be looking for. a lot of quality name still have lofty pes. lisa: there is a distinction between long-term faith the u.s. economy can recover, which a lot of people share, and there will be an entry point, and disbelief

there will be near-term pain. where is the pivot point? michael: that is a great question because you touched on the issues as you are talking in the intro. the next pain will be the news headline battle between earnings and inflation. i think we will see the inflation data -- it will pivot in the right direction. the rest of the year we will see decelerating inflation growth. it will still be high but heading in the right direction. the earnings data is where the problems will be. you mentioned our hr earlier. those are companies -- you mentioned rh earlier. we have not seen analysts reset their forecast yet. everyone has been hoping for the back end of the year and now we have to see a real adjustment in the summer. jonathan: looking ahead to earnings with you and the

worries. michael o'rourke of jones trading. this was the week where credit started to take over in a more material way. the additional yield, the corporations have to compensate investors. that was for you. spreads are wider. you missed yesterday's program. never mind. we are through 550. it is not just high-yield. it is not just triple c's, it is investment grade. we are straight to see movement we have not seen in a while. lisa: suddenly investors to actually get that yield. it is 9% all in yield. this would be great for people who had faith we were not entering a new credit cycle. what does it look like if you start to see a fed that does not use that as a linchpin to step back in? i think that lack of liquidity has been underestimated by a lot of people until now. tom: i have a bunch of teepees

and i am watching -- i have a bunch of tv's and i am watching emmanuel macron. he is welcoming a couple that took air france and they paid 22,000 dollars for two business class tickets. they are getting a greeting from the president of france. jonathan: i am thinking of lot of a lot of people going to the airports. lisa, this is not aimed at you. can you imagine how much people have paid for flights this weekend. it is a question we have to ask from an economic perspective, whether you will see this repeated for the rest of the year. i am not sure we will have such a robust consumer, this revenge spend, can that continue through the rest of this year? lisa: i cannot believe it will because people have got it out of their system. what i keep hearing from strategists as they expected to be a lot softer when they realize what the reality will look like. jonathan: amanda stein from the

new jersey devils, 45 minutes on the runways. 20 minutes and one of those date vehicles. jonathan: bramo, that was not aimed at you. who else is spending $20,000 from jfk? it is always about tom. you forget that? it is not personal. tom: i've been to the bottom of every market since 2002. nickelback. nickelback is a band from canada. jonathan: i did not know that. what else did they sing. tom: chad was dating averil and it was great. jonathan: we are negative. this is bloomberg. ritika: inflation in the euro zone rose higher than expected. prices jumped higher-than-expected. they were soaring by a higher

cost of food and energy. global food inflation looks set to slow down. he commodity such as wheat and corn and cooking oils are extending their slumped to the lowest levels in months. the latest catalyst is a report from the u.s. department of agriculture that raise the estimate of area in the world's biggest producer this year. i ran says it is ready for new indirect talks with the u.s. to revive the 2015 nuclear deal. the statement came after the latest round of discussions failed to mix a give you progress. donald trump pulled the u.s. out the agreement in 2018. the biden ministration wants to renew the deal. and russia tribe begins today for u.s. basketball star brittney griner who was jailed more than four months ago on cannabis possession charges. the olympic gold medalist could face up to 10 years in prison. the biden administration called

her lump -- wrongfully detained. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪

>> it get worse. if it comes to full-scale war between russia and nato then we

will see suffering, damage, destruction at a scale that is much worse than what we see in ukraine today. jonathan: that was the nato secretary-general wrapping up the summit in madrid. i am jonathan ferro. kicking off q3 and the second half of 2022 on a negative note on the s&p and the nasdaq. yields now in seven basis points, almost eight. rounded down to 2.93. 70 on the 10 year. tom: we are having a festive moment, the friday before a lovely summer weekend. seriously, all of you traveling by airline in plain, our thoughts are with you. logistic chaos. in europe it is baby not the festive week -- in europe it is maybe not the festive weekend in america. joining us is in murray or dern

-- is maria tadeo and annmarie hordern. the fact is there is a war going on. it came home to me how subdued christine lagarde was in addressing war. maria tadeo, as we begin july, what is the distinctive debate about all of the players you know and zelenskyy in kyiv? maria: there are two big things. one is the energy situation. for the germans they worry about the potential,. once you do that you will unleash forces nobody can model or control. the other one is how will this end? they are in a difficult situation because they do not want to pressure the ukrainians. that is what we hear all the time.

president zelenskyy is democraticly elected. when will it end and how long will it go on? the ukrainians would rather keep fighting and not concede an inch to russia. tom: what is the end game for president biden who must commit u.s. troops to the finnish border? annmarie: i think he made it clear when he was asked how much longer can americans expect the premium on gasoline would be crucial for this upcoming weekend where you have a mass amount of americans taking to their cars to get to barbecues, he said for as long as it takes. you have seen american officials say nothing about ukraine without ukraine, really leaving it to him. what maria is getting at is a lot of european leaders in germany and france have hinted they would be more open to

pushing for a negotiated cease-fire. when you look at what is going on at home domestically for every leader that has gathered, whether it is the bavarian alps or here in nato, it is inflation. spain, 10%, france going up. these are issues that are affecting all these leaders. lisa: to that point, we talked about this yesterday about the potential gas crisis facing germany, particularly into late july when we learn how much of the gas supply will be brought back online from russia through nord stream one. how much is there discussion about spending money to offset some of the higher oil and gas prices for german citizens? how much willingness is there for some of the frugality the nation has been famous for? maria: that is a very good point. that was the real take away from the g7. they cannot agree on the oil price cap. they talk about it for weeks and

weeks, but when it comes to delivering they are not able to do it. emmanuel macron was trying to get a global coalition. we have pictures of him with the indian leader. americans were not able to get it done, either. for the europeans what they are focused on is the stories. they say we have two months. this is a fight against the clock, to get this done by september. you have two months in which your storage is full, and you hear from deutsche bank, we are clear on this. if this gets, for a week ray month, the impact it would have on the german industry would be huge. the economy goes into recession by the end of the year. jonathan: let's get to the important stuff. how is the nightlife in madrid? who wants to answer? maria: i will leave it to the host. annmarie: i have pictures that

can make or break your career. i keep them for myself. jonathan: you mentioned late last night. i got a load of messages from you. i got a load -- should i play the music from the club? annmarie: i do not want to open that conversation? ♪ jonathan: what song is that? how much is that worth? tom: i want to cut in. madrid is a cool place to go. everybody is talking about what is madrid like now versus 10 years ago? what has changed? maria: it is a very good question. it has changed as a result of all of the political drama we have seen play out in barcelona. barcelona was the international capital for spain. a lot of that had shifted because of the political tensions we have seen play out.

madrid has become what barcelona wanted to be 10 years ago and i wonder is that going to be rebalanced? i think it should be because it will help this country rebalance the power between them. it is extremely important for this country to get to a point where we are both on the same page. jonathan: your some of my paired people in the world. you have crested this week. -- you are some of my favorite people in the world. you have crushed it this week. tom: francine lacqua made global headlines with that panel. this is about going to all of the countries. annmarie hordern did this before she was relocated to washington. it is not just one story. you have to visit them all. to be the focus is the baltic states and scandinavia and maybe that is just to get away from all the other agonies. jonathan: i am jealous they get such great gigs because back in

my day i had to go to frankfurt and zurich. lisa: not exactly the same incentive. tom: lisa is going to whole foods foods on the upper west side. lisa: let's not get too ambitious. we will see how it goes. jonathan: with lisa abramowicz and tom keene, i'm jonathan ferro. negative one third of 1%. bonds down eight basis points on the 10 year to 2.9354. almost to 3.50 a couple of weeks ago and since then we have backed away. the data is starting to come in weaker. stateside from new york, this is bloomberg. ♪

jonathan: kicking off the second half of q3 with your equity market lower. on the s&p down one third of 1%. on the nasdaq down one third of 1%. the official compensation corporations did to offer to investors, credit spreads a lot wider. we are through the wide of late 2018, pushing 570 basis points.

the most important part of that is this federal reserve is not returning compared what was doing in late 2018. does that mean there's more pain in store for the equity market? the russell down .4%. here is the move that gets my attention. we have talked about pain in equities, pain in bonds. bonds rallying. at the front end, down nine basis points. on tends down to 2.94. do we start to get comfortable with this idea that the fed cannot do as much as people think? p amid zahra -- priya misra is pushing back. she thinks this fed can go to 4%. that is a big change for priya misra and the team. tom: is a big change for priya misra. i would like to think over this long weekend in america we will

publish into next week all sorts of changes, particularly after the jobs report. if we do not see a crack in the labor economy how will that change the mix? jonathan: look out for the ism later. we look coiled for an upside surprise. not seeing we will get one. what we have seen stateside from the regional fed print has been ugly. tom mentioned the resilient dollar. euro-dollar sing the biggest move to the downside since late 2016. remember the trump affect, all of that talk about the strong dollar, all of that stuff? it is different this time around. about euro weakness a monster way. upside surprise on inflation the idea the ecb might have to do more. maybe it is not change things too much but this is the story for me. recession is becoming the base case, not in america but in europe. for that reason ellen zentner call recession for america and

europe and they have to downgrade their growth forecast. we saw that from the gdp numbers at morgan stanley and from goldman. tom: my issue is you have the u.s. 10 year of 3%, the italian 10 year pretty much the same. you have eight dollars a gallon gas in italy. the math does not work. jonathan: it hurts. the labor market is a different story compared to the united states. tom: brilliant. jonathan: let's move on. we can get you movers and single names with lisa. lisa: i want to talk to that coil you are talking about with respect to whether the fed will push back against the market, pushing against it, saying we do not believe you will be able to go that far because of the disinflation forces from the likes of micron with the concern of an oversupply rather than an under supply of computer chips. this is amazing considering how

undersupplied the market was two years ago. everyone was going out and buying devices to stay home and watch programs. not doing that anymore. you've heard that from the taiwan semiconductor company. you are getting fewer orders from some of their biggest clients because people will not buy as many smartphones. this is a concern and you are seeing shares down more than 4%. taiwan semiconductor down nearly 4%. nvidia down 1.3%. i am watching the space closely as potential tea leaves for the rest of the earnings season. i am also watching the airline industry because i am personally invested and because we are talking about the incredible amounts of travel this weekend it incredible amount of turmoil we can expect if we were so wise to decide to head to the airport this weekend. delta airlines up 2% after a pretty unwelcome first half of the year. united basically flat.

american air up .4%. how much can they continue to gain given what we have seen. you raise this question earlier. i think is a good one. jonathan: you are living it with delta. we are talking about the same thing. can you repeat the act through the year? the revenge travel, the revenge spending, connect go on through the rest of the year? lisa: i've heard anecdotally that it is softening. tom, perhaps you have another take? tom: i saw the headline and i think it is american airlines offering pilots a 70% pay increase. that is the only way they will fix this. they have to pay people more. jonathan: it is not just about the price. the onboarding process for this industry for things like security passes and training, it is a big deal and takes a long time. tom: i did a short flight. i think the pilot was 18 years

old. jonathan: what flight was that? tom: they are making a cocktail waitress salary. jonathan: you want to share what flight that was? one of the private islands in hawaii. it is a different world to us. tom: head of taxable fixed income strategy at ubs global joining us. leslie, what a brutal first half. you know total return, bloomberg index down 15%. what do we do now? you have clients come institutional and high net worth, they have a negative monthly statement, a negative quarterly statement. what is the to do right now to reallocate? leslie: most of the negative total returns are headwinds from rising interest rates. for the second half of the year we are looking for the headwind to be much less. we think growth will slow.

we have been more on the cautious side and taking the cash liquidity and putting it into things like corporate mortgages, going up in quality, now you are in a position where it has been very painful but you have the ability to earn yields plus spreads have widened. we think the second half of the year will be much better than the first. tom: is a once-in-a-lifetime opportunity? leslie: when you look at some of these prices, particularly in the long end, i think it is too early to say once-in-a-lifetime opportunity. given the fact volatility is so high and liquidity is so low, we are cautious with extending too much interest rate risk. with dollar prices we have seen in some of the long end

corporate, and obviously as you move that is a huge tail end. we think the second half will be better, whether it is -- lisa: how much of your call is pinned on this idea the fed cannot go as far as people think or as far as they are saying they're able to go and this is edified what we are seeing in the bond market saying we do not buy it based on the economic fundamentals? is that your call? leslie: the market has shifted from inflation to recession. we do not think it is highly likely they go to 4%. we think there will be a little bit too much of a catalyst to the economy, but right now the market is corrected with the 3.5 march peak and all of the basis points easing in the second half. we think the fed will most likely do 75 in july. we do not know what will happen over the next several months. we are less than what the

terminal rate the fed is pricing in around 3.8%. lisa: how much would that change your call if the market is not right in the fed does get to 4% as priya misra thinks. how would that change your belief in a firmer second half? leslie: it would change in the sense that the yield curve would invert. we do think the economy slows in the second half. that is the key. up in quality in terms of agency mbs. that scenario -- i think it depends on how sustained that is. jonathan: wonderful to hear from you. leslie falconio of ubs global wealth management. one of the big issues has been in the credit market. we started the show by asking where is the tipping point in this credit market? if it is not 550, where to

credit spreads get to that it starts to bite and the conversation begins to change? tom: how do you know when to buy the dip on price in bonds. i do not know the answer. it is wrapped up in economics. you say where you buy the bottom at amazon, down 85%, we can go on all day. jonathan: is at the fed that turns around or the investor that turns around and say they will buy? what you make of that, lisa? we have reached a tipping point where the fed has to make a pipit or is there enough money that has been waiting for spreads to widen, waiting for interest rates to get back up in line with fundamentals and want to start buying? lisa: i am smiling because i do not know the answer and i've been struggling with this myself. if the economy slows sufficiently, that prevent -- that presents a credit risk to

companies to refinance themselves but also allows the fed to take its foot off the pedal in terms of how much it raises rates. if you have the opposite where the economy is strong, then the fed keeps going and you have to reprice the entire structure. either way it will be a rocky pace which is why so many people are going into investment grade, saying that will hold it tight a matter what. jonathan: you think part of the reason we are seeing renewed weakness is any knowledge meant of what is developing in the credit market? lisa: is two sides of the same story. people are worried about growth. when you start to worry about growth there is a fundamental reason people have to charge more in terms of a premium from companies that may not pay them back. the risk of not getting paid back becomes that much more real. jonathan: i should probably rephrase what i said. what is not happening. tom: i was looking at delta airlines.

they offered passengers $10,000 to delay their flight. today i think bramo on to hold out $15,000. jonathan: you have a number in mind? lisa: let's double at. jonathan: $20,000. that is how important this vacation is? lisa: absolutely. jonathan: is more important than money. a nice position to be in. beautiful. i like that. tom: why did she get three weeks off and we do not? jonathan: she only has a week. she will be back. i will make sure of that. futures down. this is bloomberg. ritika: the stage is set for the european central bank to raise interest rates for the first time in more than a decade. inflation rose higher than expected last month.

prices jumped 8.4% from a year ago, driven by soaring costs for both food and energy. china's president xi jinping dependent -- defended his crackdown on hong kong's flow democracy movement. president xi said the former british colony should focus on its economic development. a labor contract for 22,000 u.s. west coast dockworkers is on the verge of expiring but there are signs -- willing to avoid strikes or work stoppages during the busiest week of the year. the current agreement in more than 70 employers ends today. a deal before the deadline is unlikely. the college sports world has been rocked and it may be only the start. ucla in southern california have agreed to leave the pac-10 conference and join the big ten. the big ten is about to sign a

giant tv contract. the shakeup could lead to more movement in schools in the power conferences. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪

today's challenges require real insights, to get to tomorrow's opportunities. ( ♪♪ ) what can we expect in the coming year? this has been a record- shattering year for m&a. five trillion dollars in deal value. and we're still very bullish on the deal market for 2022. in this kind of climate, what are you advising clients to focus on? we really think companies need to elevate their risk management processes

and also scenario planning. what's your outlook, kim, for the 2022 labor market? organizations really do need to take a pivot on their lens of their people and talent from a cost center to make that a value creation center. for key insights into what matters today and what lies ahead for business, this is real time business with ey.

>> to bring down oil and gasoline prices we might be able to avert some of the worst parts of the recession because people would be extremely relieved if prices went down, if oil went down to $80 a barrel would be a huge relief for many. jonathan: that was ellen wald, senior fellow at the atlantic council. $80 feels like a long way away. crude positive 2.6%. back in way from the highs of close to $120 earlier in the spring. futures -.5%.

euro-dollar is -.4%. upside surprise on cpi. 8.6%. the ecb beating july 21. yes mnu battering, 10:00 eastern time. tom: i do not think we have said enough about inflation has not come down. so-called breakevens, we are starting to see them roll over. jonathan: for those that survived 4:00 yesterday in new york, futures down, the vix is down of the 28 level. nine basis points in two year yield, 2.85%. jonathan: it gets your attention. four days of it. the data not terrific. tom: bramo website is a toxic view of recession worry. will kennedy joints now.

i want to do copper. copper is malleable and there is a thing called copper ore china brings in in droves. if lme copper goes under 8000, how does that relate to china rolling over? will: i think lme copper's price is late to china's economy and it tells you something about the outlook for the chinese economy. one of the single biggest drivers of copper demands. it is fascinating what happened to the copper market. we are down 18% this year. copper is pricing a recession. it has,. the one thing i would draw is the contrast between copper and oversupply, and energy remains incredibly strong. copper is down, oil is still up

44%. tom: explain coppers ubiquity versus nickel. we all got upset about nickel six months ago with a busted trade on lme. copper is completely different, isn't it? will: copper equals electricity. as we head for a more electrified world, as we use more electricity, that means billions of tons of copper into the power grid and electric cars and all sorts of appliances. people are very bullish about the long-term outlook for copper. they see more demand than supply and rising prices. that makes all the more striking we've seen the recent selloff. all said, it is a pretty good price historically. how much will you take a look at the gap you've been talking

about between metals who just other worst quarterback to 2008, and oil now coming down from some of the highs but not full onions much. what is the correlation and what is the message? will: the messages oil and gas and coal remain extremely supply constrained. everyone will have to keep driving. i think what it is saying is there is a lot of concern about supply. we have very tight spreads at the front of the oil curve. to date we have oil production down severely. we have a lot of talk about how much extra oil saudi arabia and the uae can produce and we have a lot of concern about energy demand going into the winter, will europe have enough gas, --

that means a lot of concern about demand and a real worry about the world's ability to make it. session will help but it will not have the dramatic affect you will see in metals markets. that is what the spread between oil and copper is telling us. lisa: that is an important point. when we start to see the price of oil go down perhaps that is premature based on the physical market sending a different message. is that correct? will: that is right. recession fears are keeping us from being at $141.40. the headline numbers have been range bound. it was bit in the $110 to $125 range. when we take under the european market and look at how hard refineries are working in the u.s.. this week they were going at 95%. they are running as hard as they can.

you assume the underlying demands for oil. at times when both the ability of the crew to illustrate a punk melville and their refining it remains extremely tight. jonathan: i thought you were done. we have to go. will kennedy of bloomberg. i love you. it has been too long. i missed my moment, didn't die? forgive me. neil dutta of renaissance macro put this on twitter about flights. he said all of the news about flight cancellations the head of july 4 has not kept people from searching for flights. search interest is flat relative to the same day three years ago and the year national search story has been strong of late. the international search story has taken off over the last months. jonathan: i will go to -- tom: i will go to jan hatzius saying it

is a fully employed a economy. chariman powell saying it is a strong labor market in front of the senate. claudia sahm saying how you have the gloom and a fully employed america? jonathan: the problem with that is if you wait for labor to crack in the market, it is too late. lisa: let's put this in the context of neil dutta who has been a bull. he came out and said i have turned cautious on the economic outlook, place i do not normally find myself. on twitter he said this is a tough one professionally, but if there is a time to hit the alarm on the economy, perhaps this is the time. jonathan: notable to see neil dutta and lisa abramowicz on the same page. lisa: i am on the same page with tom that longer term there will be of -- there will be a pivot

point back towards normalcy. i'm talking about what we are seeing. tom: work from home, work from the beach. what is damian sassower doing? jonathan: i haven't spoken to him. tom: we are not doing this today. em is unraveling. that is what will talk about in july. jonathan: a note moment ago, short sterling towards 118. tom: he never sends me emails. jonathan: cable 120. you have to sign up for his research. tom: copper is not nickelback. jonathan: from new york, this is bloomberg. ♪

this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. psst. girl. you can do better.

ok. wow. i'm right here. and you can do better, too. at least with your big name wireless carrier. with xfinity mobile, you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill, over t-mobile, at&t and verizon. wow. i can do better. yes, you can. i can do better, too. break free from the big three and switch to xfinity mobile.

>> ♪ companies are not just talking about supply chains and higher inflation impacts on margin but they're talking about