>> the kind of economic activity we are seeing now is somewhat unprecedented. >> the inflation story, may be at peter did in june. >> isn't possible -- it is impossible to craft a story where inflation comes neatly back down. >> when you think about what is going on in europe, i think the worst case scenario is priced in. >> this is bloomberg

surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: good morning. this is bloomberg surveillance on tv and radio. i am jonathan ferro alongside tom keene together with kailey leinz. equity futures up .8% or .9% on the s&p. the ecb writing its own promo. tom: we are in front two days early because it is important, and the research notes on it are outstanding. i will go to our guest in the last hour, great set of guests. he says this is christine lagarde and she has lost optionality. jonathan: our latest reporting suggests she is doubling down on the effort to come up with that at all, the transmission detection mechanism on top of the fact they are considering a 50 basis point hike. put that together with this one.

this from the european commission on nord stream one. gas supplies into europe, we do not expect it comes back. we were looking for to come back this thursday. tom: that is a wildcard for her. the issue here is the elephant in the room. from day one it has been a different structure than the united states. they do not have a combined fiscal policy and yet on february 24 deutsche bank told us they will need a massive combined fiscal policy. jonathan: that is been the heart of the matter for 10 years. now you have the new ingredients to this mess that they face the dilemma. upside risk to inflation, downside risk to growth. the rest of the year for this comment, setting policy is almost impossible. you have to try to come up with the least worst option. tom: it is wrapped around domestic politics. emmanuel macron has had an

eventful 48 hours including the bailout of edf. i still do not understand that. jonathan: we will let kailey explain that one. the corporate news later, we turn to attack and netflix. kailey: how bad are the subscriber losses? 2 million is what the company has given in its own forecast. how bad is that for the outlook going forward. tom: you channel scarlet fu. can ryan gosling save the franchise with the gray man? kailey: it comes out on friday. i think the narrative is that stranger things and 11 and all of that good stuff will help on the subscriber front. this is just the kickoff of big tech and as we have a narrative these giant companies slowing down hiring if not outright laying people off in the case of microsoft, that speaks to the broader economic environment. we saw the effect that had on equities more brought the yesterday. jonathan: you nail the price

action around netflix. tom: stranger things. jonathan: you were kicking it off the rails. kailey got it back on. down 22% of the report before that. what is in store later? kailey: buckle up is what i would say. jonathan: apple on thursday next week. kailey: they launched a desktop application. tom: she is a font of digital knowledge. kailey: that is what i'm here for. jonathan: is it still on your phone? snapchat? kailey: i have a 1700 days snap streak with my husband. tom: what? i have a 700 date streak with -- i 1700 date streak with mrs. ke ene and shots of tequila. jonathan: and she is not talking to you.

a similar story on the nasdaq. yields in. crude a break of 101, $100.90. you notice a lot of dollar weakness, including against the euro. euro-dollar 102.55. -- 1.0 255. kailey: before we can get the thursday let's run through the events on this tuesday. there is economic data pay attention to. 8:30, housing starts and building permits. this data interesting -- to what extent are we seeing the pulling and housing due to the impact of higher pricing and higher rates. after the bell netflix will be reporting its results. how bad is the subscriber loss? what kind of reaction are we seeing and that we saw 35% plunge in the stock is down 60% on a year-to-date basis.

while tom is taking a surveillance nap i'll be taking an extra long day working on bloomberg crypto at 1:00 p.m. and the bloomberg crypto summit. that is a daylong event. i believe it will kickoff at 8:40 eastern time. jonathan: has he still got that tattoo? kailey: that i do not know. jonathan: you have to ask that. tom: what? jonathan: i will not explain that. the bank of america fund manager survey reads record low profit expectations, equity allocation the lowest since 2008, cash levels the highest since 2001. does it get any worse than that? sebastian page, head of global multi-assets at t. rowe price joins us. you have called it the stop getting worse moment. how close are we to that moment?

sebastian: i think we are getting there. we still remain a small underweight in stocks relative to cash. we are neutral on bonds. we like to lead into bearishness. we like to lean against the wind and we have started the debate about when will be the time, we are not trying to time the bottom but when will be a good time to start buying. the big issue is that while inflation is on the way down, recession risk is on the way up. to add to the gloom and doom, and i tend to be an optimist, to add to that gloom and doom you have to think of the history of fed hiking cycles, 10 out of 13 of the fed hiking cycles have ended in recession. the fed is never brought inflation down 4% or more without triggering a recession risk. jonathan: what is important -- tom: t. rowe price invented the buy side debate down in baltimore. it is a stop getting worse

moment as you debate this. it folds in on the equity side. julian emanuel at evercore isi saying his trend number is a positive 4.8% earning statistic. that is not that bad and that is how you stop getting worse. jonathan: it is remarkable. -- sebastien: it is remarkable. jonathan golub said earnings estimates are down since march but down less than historical patterns. think with all of the recession talk earnings estimates are down less than they would be historically. revenues for companies are pretty good. you're talking about plus 10% estimates for q2 that speaks to stocks and corporations having some inflation hedging properties and generating those revenues. margins are coming down. going back to the bank of america survey, i agree sentiment is low and sooner

rather than later it will be time to start talking about leaning in. if you look at the history of selloffs, you have 17 selloffs of 50% or more historically and the hit ratio in leaning in after those selloffs is quite high if you look when you're forward and you make a lot of money by doing this, just given rising recession risks and still the stickiness in inflation, that we are not quite there yet. kailey: if we break it down regionally the bank of america survey showed among equity investors they are the eurozone given all of the things john and tom were outlining at the top of the hour, as well as japan. is there any pocket of the world in which it is safe to get into equities, in which you feel comfortable taking more risk? sebastien: is a great question. i like to describe our positioning as playing aggressive defense. we are playing defense because

we have been underweight stocks all year, it is not a big underweight. these are long-term portfolios. within stocks we have started to build in optionality. we are long emerging market stocks from a valuation perspective. the risks are not as big as they are in europe. in europe the consumer is getting crushed. i am a big fan of the show. there is a narrow path for the ecb. the consumer is getting crushed in europe with lower nominal wage growth than in the u.s. and a still rising energy prices and you talk about the heatwave today. it is not a good mix and it is priced in. we lean international on the margin but mainly towards emerging markets to build optionality to build this rebound from the bottom that should happen at some point.

jonathan: thank you. sebastian page of t. rowe price. i think i finished every segment over the last two days by saying what a tough situation in europe. i cannot emphasize that enough that this could get harder for the continent as the year grows older. tom: i will steal from microeconomics. this strange word, ambiguity. christine lagarde has to synthesize the politics, the economics, the estimates, knowing in summary discussion points it can cut either way depending on other discussion points, and that is where you get this economic word ambiguity, they are drowning in it right now. jonathan: forward guidance is dead and we mentioned it. the post 2008 framework of predictable communication has broken down. the fact we are waking up to another story after months of communication about the first

rate hike in the last 10 years, that tells you something. tom: all central banks are x posted every moment. maybe now they are more. jonathan: from new york city, this is bloomberg. ritika: keeping up-to-date with news from around the world with the first word, i am ritika gupta. temperatures in the u.k. hit a record. the chappatta reached 39.1 degrees celsius in england, 102.4 degrees fahrenheit. the heatwave is disrupting life across the country. schools have closed early and workers have been stranded at home. the field is narrowing in the battle to replace boris johnson as british prime minister. rishi sunak and penny morton where the top two candidates. another vote will whittle the

field from four to two. senate democrats are urging president biden to declare a climate emergency that could give the president broad authority to redirect funds for clean energy products or offshore oil drilling. democrats are shooting down the prospect of swift congressional action on climate change. china will find ride-hailing china -- ride-hailing giant didi global before allowing them to restore their apps to stores. china launched an investigation last year into potential violations of data security. twitter has dismissed elon musk's complaint he does not have enough information about spam and robot accounts. the company called it in a relevant sideshow and urged the judge to hold a trial as soon as possible. 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.

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>> right now there is this concern that no matter how

mental -- no matter how troubled the u.s. is other countries are in worse shape. other countries are having to react because inflation goes up when the dollar strengthened. jonathan: ken rogoff touching on the heart of the issue right now for many countries, many economies including europe. the euro has been a lot weaker through this year. today some dollar weakness in euro strength. euro-dollar 1.0 264, positive more than 1%. fruit down 2%, just about holding on to 100, $100 point -- $100.55. in about an hour we will have housing starts and building permits for june. it is netflix after the close later. tom: curve inversion pretty static. pre-much where we were

yesterday. it is tuesday, two days from the ecb. emily wilkins is focused on one of the most interesting states from east to west. maryland is different, from the pennsylvania border to the evils of washington, maryland is different. what is so different is a republican state that isn't. it is fascinating how big it was for joe biden and yet republicans are involved in the debate. what does that say of the uniqueness of these votes today? emily: part of it, look at what governor larry hogan, his popularity in the state, he has consistently pointed to the type of republican a lot of democrats can get behind. he is backing one of the two candidates in the republican primary for governor. the other is backed by former president donald trump and it has become a proxy war for the

future of the republican party. democrats have a competitive primary for governor today. we think this will be one of the closely watched races in part because we do not have a lot of primary is going on in july. this is the big one. certainly a governors race to keep an eye on that will tell us about the future of both political parties. tom: how is the trump pixie dust in maryland versus across the south? emily: one trend we seem to be seeing is in deep red areas, trump candidates do really well. look at the south carolina primary between tom rice, where he lost to a primary challenger, mostly because tom rice voted to impeach trump. he has otherwise solid conservative credentials but that was up to lose him in this deep red state. you saw similar things with republican on republican match ups. then going back to south

carolina, you had a district that lead republican. it still have a lot of moderates and independents. this is the district congresswoman nancy mays currently holds despite the fact she was running against a challenger backed by trump. it shows you in these more moderate areas republicans can pull out a win even if they do not have trump's backing. kailey: the question is whether or not democrats can pull off 20 mins -- many wins and keep old in november. i am wondering how realistically these representatives and senators will be able to get done between now and the midterms that can sway any minds? emily: it is a lot less than what they were looking for. you will see the senate move ahead with the procedural vote that would allow more than $50 billion to go for semiconductor manufacturing in the u.s.. that is one big thing both democrats and republicans want to get done.

democrats are still hoping to pass the reconciliation package that only needs democratic votes. it has gotten much slimmer but includes two important health care pieces of legislation. one for lowering health care prices, one for expanding medicare. that leaves the bigger issues, which are currently the price of everything, the price of gas. the price of inflation is hurting a lot of americans. that is the number one issue right now. it is not clear at this point what congress is going to be able to do to bring that back down. there are a lot of questions now , even if they do wind up passing these bills about how much of an impact that will have in november? kailey: one bill they are not likely to pass is anything relating to funding for climate initiatives and green projects. now there is some pressure from democrats on president biden to declare a climate emergency. what kind of power without give him?

emily: senate democrats have been pushing biden to declare this emergency. that would open them up to be able to use funding and bring them towards clean energy. it could also wind up blocking exports of crude oil and ban offshore drilling. it would give president biden more power than he might have through just an executive order. at this point it is also a signal democrats are saying we cannot pass anything more through the legislative process. we are done dealing with joe manchin, biden, this is completely in your court and you should go as far as you need to show americans as well as democratic party voters that democrats are trying to address climate change despite the fact they have this 50/50 senate that has proved very difficult to move anything through. jonathan: emily wilkins in washington, d.c.. tom keene, i'm pretty sure you've been calling it maryland. tom: i have been watching pull

dark reruns. jonathan: is that why you have picked up the accent? identifying the big dollar reversal in moment. three days of this and a 2% move on the dollar index. i know we've had a big year for the u.s. dollar but it is quite a move. tom: it is. we had a big figure move. i look at the trading envelope. we are not even back to the center tendency after being out two standard deviation. i call it an elegant pullback and i am wait and see. i would defer to mr. rochester and the others for getting more fancy. jonathan: i am in wait and see mode for the ecb on thursday. we have had two stories already this morning. people familiar with the matter the ecb is considering a 50 basis point hike, not just a 25 basis point hike, that president

lagarde is doubling down efforts to come up with a new bond tool. at the same time we have to do with the news. nord stream one was meant to come back on in the european commission is leading us to believe that will not be the case. tom: back to economic growth. with the nord stream 2 uncertainty, with the heat and the forest fires in france and others, are they going to really raise bake into this uncertainty? it is unimaginable. jonathan: what would it achieve on the inflation front if gas supplies were held back by russia? tom: can you get me cheaper fares to europe? jonathan: is that all you care about? kailey: road trip on the brain. jonathan: that is all he ever cares about. this is bloomberg. ♪

jonathan: waking up to the global bank of america fund survey, and it is pretty bearish. then you've got the likes of equity allocation, the lowest since 2008. the cash allocation, the highest since 2001. bank of america saying it is so

bearish, maybe i'm bullish. tom: you've got to step in -- jonathan: the question i'm asking is whether you want to leave me all the way? maybe we are getting closer to that moment. futures this morning elevated by 9/10 of 1%. yields, basically unchanged. i will tell you where to look if you don't want to find a snoozing market. europe. just this morning, we have reports of a 50 basis point rate hike. christine mcgarr doubling down on her effort. and the european commission, do not expect nord stream one to come back online. if it comes back online at all.

we've got a problem in italy on the political side, the bond market side. you are trying to make a call on the single count. it doesn't just come down to rates. some people might argue the rates are nowhere near the most working thing. tom: that is the bigger picture. she is going to have a prepared statement, she is going to look down at it and say something about nord stream or natural gas. i think she is going to focus on economic growth the lack thereof and she is going to focus on this fragmentation. tell me were that is going to lead. jonathan: you tell me how this works. what are your working assumptions on growth and inflation? tom: this is really important. you've got to take the inflation dynamic last than the united states may be.

jonathan: it is going to get worse, not better. some single names. kailey: we actually have some single names that are related to foreign-exchange as well. yes, they topped expectations on the top line but they cut their cash flow outlook. the other part, due to the stronger --, down 6% before the bell. a similar story for johnson & johnson. yes, they had to cut their four your outlooks again. clearly, this is a theme we are going to be hearing a lot about this earnings season. earnings will continue after the bell today when netflix reports. remember, the day after last quarter's report, it fell 45%.

subscribers absolutely crucial for this company. crypto-related equities, a nice one happening for bitcoin. there is a little bit of deal- related option here on digital. up 20%, marathon digital up about 7.7%. tom: where will we drive forward the conversation on these future dow components? kailey: dow components? tom: they are going to enter the dow year in five or six years. kailey: we will see, it is an evolving state, that is for sure. tom: yes, 1:00, crypto. this is a really important conversation right now. financial media and its invention became something to worry about, netflix may be.

credit sites know that bonds have a price. i'm not going to mention a name, but a blended toothpaste company enjoying a 12 year piece that has gone 117 down to a lovely 90. i think that is called a bear market in bonds. how do you step into ig after it is called 117.90? kailey: if you like it at 117, you should absolutely love it. tom: there you go. kailey: especially with what we have seen in the broader treasury markets. those expectations for inflation. every step closer that we get to the potential ending in duration, the better the investment-grade looks. tom: how long should viewers

consider to climb out of the bond-bear market hole? is this a question of quarters or years? kailey: i do think that is going to be relatively quickly in the near term, but in order to climb out, it is going to take some time. as expected, the fed is going to dramatically reduce rates. we are looking for some pretty aggressive near-term hikes. and then i think that the fed is going to relax a little bit, relatively steady to see how the market shakes out. that means that is going to be a pretty good carry trade, but not necessarily where you see that massive reconstruction alpha- generating trade that perhaps investors would go for after the dramatic overturn losses we have seen. kailey: morgan stanley was on the show yesterday. we have spread more than 500 basis points on high yields. is that accurately pressing the kind of environment we are cutting into? he said no, i am looking for

north of 700. what do you seek? -- see? >> the quality composition is just totally different than any other segment. the great financial crisis, the early 2000's when we saw psycho, we estimate that spread which is higher-quality now would have been 100-300 basis points tighter in those peaks. if you assume that that higher quality composition is the tailwind or that benefits from high yields, the 525 is actually not too shabby, even heading into the economic deceleration. kailey: if default risk broadly is lower, are there still sectors -- is there going to be a problem sector this time around? winnie: there's always a problem sector and we always look to

where has there been access to --? where have we seen the most amount of bond issuance? where have we seen leverage really tick up> there's a lot of idiosyncratic factors that drove in consumer. palatine was another factor that has been aggressively issuing that. that is one of the reasons we have been very cautious on high yield telecom is because of overall buildup in investment. really over the past five years. tom: to be clear, you are saying a three year more measured approach, are you suggesting bonds are a legit total return vehicle? click the coupon, take the gain? winnie: at this point, it looks like a much more -- trade than where we were. you getting very good duration-

adjusted yields and spread, you're getting compensated by certain credit risks heading into an economic deceleration. this is happening from day to day equity volatility. kailey: and as we just kind of think about the fed's reaction and whatnot, if it is going to get worried about any aspect of the financial markets this time around, how high is the threshold for the fed to kick back in? winnie: i think the fed has a really hard time amid equity volatility so long as inflation -- if the other has-been. that being said, if the debt capital markets will be drives up. so far, we have continued to see investment grades, but that is

where i think the fed conversation would have to start to come into play again. jonathan: awesome to hear from you. some of the big issues in credit right now. pushing ahead to some big central-bank decisions, the federal bank next wednesday, this thursday, we will hear from both the ecb and the doj. just want to go through this european story. we don't expect that it comes back, nord stream one, that with the message this morning. this might have been missed by many of you. the commission is on wednesday planning for coordinated gas production to mitigate the impact of potential curse by

moscow. it is considering a set of recommendations to member states including voluntary reductions to heating and cooling queues. the commission may also seek the right to force consumption cuts if needed later on. not saying it is the base case at the moment, but the commission right now, tom, is certainly planning for some of the worst of it to take place later this year. tom: i would say culturally, it is hugely different than america and as one of our guests an hour ago said, look for protests. there has got to be a traditional european response which is protest. i would suggested that the shortest path. jonathan: you can see why some people might be nervous about buying a single currency with this as the backdrop if you do face the prospect of social unrest at a time with little instability in the cards in a place like italy as well. growth is already getting hammered potentially later this year, that is the call from a lot of people. we still have upside risks to

inflation. tom: i don't know where the clock is on this, but one of the likelihood of five-star running italy? jonathan: don't know, tom. they are not doing well in the polls, let's put it that way. that might be because they have been part of this coalition, i don't know. tom: then this is cooling. the canals of venice can be cooling. jonathan: i'm talking about serious issues and you are planning a vacation. tom: surveillance in venice? jonathan: how expensive is that? tom: it is like motel 6. jonathan: from new york, this is bloomberg. >> keeping you up-to-date with news from around the world with the first word. the european central bank may go big when it raises interest rates this week the first time in more than a decade.

policymakers may boost rates by double the quarter-point that outlined last month. the latest report should prices surging to an all-time high at 8.6%. two of the world's largest miners are warning for tougher times for commodity nooses. an overall slowing of growth will -- global growth in the midst of the war in ukraine. europe's energy crisis and monetary tightening. the commentary echoed last week. china is denying a report that president jinping invited top european leaders to meet him in beijing and is still waiting for that response. he called the report fake news. the newspaper said the invitation had gone to the leaders of germany, france and italy. nancy pelosi reportedly plans to visit taiwan next month according to the financial times which says there are divisions in the biden administration over whether she should make the trip. that it would be a malicious provocation.

and bloomberg has learned that anthony scaramucci suspended redemptions in one of its fundings with sharp declines in stocks and cryptocurrencies. a suspended redemptions because private companies which are hard to sell now make up about 20%. 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. this is bloomberg. ♪

>> the fundamental backdrop remains entirely intact. that is really what is going to drive us higher toward our target. jonathan: 4300 the price target from credit suisse. looking for a better market in

the second half. equity futures, up seven tens of 1%. the s&p and the nasdaq up. you saw this movie yesterday and it didn't end well with the news out of apple that they are slowing some hiring. all of the above maybe next year. tom: of course, one of our great assets. on the patrick thing. what is the bull case now? it is going to surprise, it is going to be ok. this jonathan: idea that we've seen the worst of it with inflation, the fed doesn't have to do as much. tom: lisa is the same way. this time around is different. netflix has created 72%. maybe it is still. expert on netflix, she is a u.s. media analyst at bloomberg intelligence.

they are still addicted to a $200 million cost for the ryan gosling vehicle "the gray man" which wikipedia has launched out in limited release with a 52% rotten tomato. kailey leinz tells me 52% rotten tomato doesn't get it done. how big of a train wreck is this going to be. do we know yet? >> this has always been the big question for netflix. the quality of some of its film content. but we see is that they have some really, really tremendous viewership numbers for a lot of these budget films. you look at films like "extraction" for "red notice," they pulled in 90 million to 100 million viewers. that is comparable to any big-budget release. i think when "the gray man"

comes out, the most expensive film that netflix has ever made, is still going to attract a lot of viewers on the platform. the question is how much does it get in its theatrical release? it is only being released in about 450 theaters. kailey: it is also a question of how many viewers are even left if we are talking about potentially 2 million subscribers being lost in the second quarter. obviously, a lot of that is going to come from the u.s. there is a sense that the u.s., europe is a more saturated market when it comes to streaming. is there anywhere else netflix is going to be able to tap into to continue growing? geetha: this is really a tale of two regions, if you will. the u.s. and europe, and then you have the developing countries, asia is one of those. with the u.s. and with some of these more mature markets, obviously they are going to have to take a little bit of a different approach. one of the things has been will

they go after ad-supported streaming and i think yes, they are. we just got some news that they are in a microsoft. we don't have much details about when they are going to introduce that plan. it is probably going to be later this year which means it is not going to have any material impact for another 12-18 months. i think with this continued downward pressure -- tom: i don't mean to interrupt, but i'm looking at the screen which you are in charge of and the bottom line is netflix has gone from a double-digit high flyer down to a single digit. is this a new single growth technology company? that is the heart of the matter, right? geetha: that is what it looks like for the foreseeable future, you are absolutely right. subscribers pre-pandemic was about 25%. this year we are looking at about 3% subscriber growth. revenue growth rate pandemic was about 35% year after year and even in 2021 after all of the

headwinds from the pandemic and all of that happening, we still got 19% revenue growth. we have 8% forecast for this year. yes, it is looking like it is going to be a high single-digit growth story for the foreseeable future. tom: are there multiples on the screen? geetha: the multiples have come down tremendously, tom. if you look at it like how we are looking at most of the media landscape, they are pretty much below disney on a forward multiple basis. i would say valuation is a trap. look at it from a longer story. look at it from the long-term story, we are still in the early innings of this transition from tv to streaming and netflix is the dominant platform still. they still have 220 million users across the globe. they have two hours plus

engagement on a daily basis. this is still a pretty dominant force in the media ecosystem. kailey: you talk about all the different subscribers that they have and of course, those are actual accounts, but we know that a lot of those passwords are shared and we know that in latin america, netflix is trying in the thing where if you want to add a household, you charge a fee. we are talking maybe three dollars per account. are those the kind of numbers that are going to fundamentally change the equation for netflix? is that enough monetization? geetha: realistically, i don't think so. yes, it is going to have some effect on the margin, but is this going to be a game changer? i don't think so. that is really not a way to drive subscribers, and is more to keep that revenue number growing as much as possible. ultimately, we really need to get more details on this whole ad-supported idea. that can definitely result in moving the needle pretty significantly over the long term

because it does open up the market for a lot of these developing economies where they are really price-sensitive. and could work even immature economies like the u.s. where people are getting more and more sensitive to price. jonathan: do we trust their guidance on subscribers? have we given up on that? please tell me we have, based on recent experience. geetha: yes, i think most of the stream is really looking for them to kind of match that 2 million loss, but i think what they are really worried about is more downside pressure for the second half. seasonally, the second half is much stronger but everybody is worried about some really downbeat items. jonathan: always great to catch up with you. you know the numbers, tom. 100 million households use accounts paid for by other people. that is what they are trying to

do something about. tom: can't they fix that in one day? jonathan: you would think so. a big number, isn't it? 100 million households. tom: i look at the impact of this and i look up "peaky blind ers, the boston linkage into birmingham, it is a cultural thing. you have to watch netflix to really understand the accent. jonathan: my cousin spoke with that accent. tom: i just watch for gina. jonathan: do you watch "peaky blinders?" tom: no, i don't. jon. jonathan: are you still going, tom? are you going to practice the accent? tom: i just don't get it. jonathan: i feel that way, too. microsoft announces tuesday, facebook wednesday.

busy week next week. from new york, this is bloomberg ♪

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