>> stocks bonds both in the red as investors try to reprice what a higher terminal rate will look like i am kriti gupta, bloomberg markets starts right now. let's dive right into the price action, read on the screen for the stock market and the bond market the s&p down 0.3%, compare that to the bond market went down 1% earlier, this is a losses being paired, there is good news for sentiment. you had to put in perspective of the bond market that has seen

way more volatility in today's session. we will all -- dive into that theme in today's session. we are looking at a 414 on the 10-year yield, across the curve yield higher prices lower. moving onto the dollar, the dollar falls, the wennberg dollars index strengthening -- the bloomberg number index strengthening. trading at a 95 handle, is it taking its cue from the bond market as it has been for the past couple of months? i do not know we will dive into all of these dynamics in just a little bit this is a market that no doubt seems to be constantly repricing a higher and higher terminal rate, bond volatility is historically high. >> you take a look at the move index, it is almost 100% related with the u.s. 10 year yields. you cannot really tell the rates from volatility apart.

i would argue it has been much more really about the volatility. if you look at the move we are back at the peak of march of 2020. outside of the global financial crisis we were here in russia ltcms this meeting has gone since march and has been running like an emergency meeting now. kriti: federal reserve running like an emergency meeting that will not quit, according to deutsche bank. let's get some insight, i want to start off with you here and talk about the rate volatility we are seeing. what will it take for a little bit more stability in the bond market? it feels like the obvious answer is the federal reserve. when you look at a central bank that does not seem to get peak

hawkishness, how do you reprice the bond market? guest: i think it will take the fed some certainty on fed policy before we start seeing volatility is up a bit. i think also the for a good portion of this year has remained high and will probably stay high for the remainder of the year. probably well into next year. like he was saying earlier on, the move index rarely gets above 140 in the last two decades we are seeing that reach that level several times this year. i think bond volatility is here to stay for the foreseeable router. the other -- future. the other thing i would say is the lack of liquidity in the bond market you seep choppy -- see choppy price action. i think it will lead to volatility in the bond market. kriti: mike mckee, pop in here, there is a quote from chairman

powell that i've been asking a guest about. he says there is no harm in over tightening, because you can simply use the tools to reverse that policy. we have seen two years of scrutiny on the federal reserve, they are looking to, where they eased for too long. is it that easy for the federal reserve to have that u-turn given the scrutiny they have dealt with in the last two years? guest: it would not be as easy, but it would cut rates at any time to do not want to zero. the hard part would be restarting qe, they can start reinvesting, but do they need to cut it off? with interest rates as high as they are they could cut significant without getting close to zero or needing qe. then you create a moral hazard problem, the markets are upset because the fed are raising rates are we going to recession because the fed is raising rates

people expect the dead -- fed to react anytime there is some kind of problem. we are trying to get away from this fed put idea. kriti: when you look at swap pricings going into the fomc reading, did we have 5% going into 2023. the market is looking at 5.1% what is the delay and repricing the higher terminal rate in the short-term what is the bond market looking for? guest: they're looking for clarity for what the endpoint will be for the fed funds rate. chair powell has said higher for longer. they may start to slow down the pace of hikes from here on. that is definitely something the bond market is looking at. broadly speaking i think 50 basis points in december, may be couple more 25 basis point hikes in the first quarter and beyond could easily get us to 5% or i

.25% -- 5.25%. that is what the markets are pricing in for the terminal fed on's rates -- funds rate. they will put out a summary of economic projections. the outlook in the bond market is very short-term. we are looking at how much more the market can price in. the market is seeing 5.25 four the federal funds rate. what is interesting is that the markets really reprice to the path or rate hikes -- for rate hikes. this higher for longer paradigm the fed tried to hone in on the fomc meeting. you will see the dead funds rate at -- fed funds rate at 4.5 for a good course -- portion of 2023

and go into 2024. kriti: you have a lot of companies looking to onshore, a wage price spiral is in play, doesn't endorse the idea of a 2% long-term target? guest: the emphasis on a 2% long-term target early conveys to the broader market is that the fed will stay on point. stay the course and not reverse course very quickly. the expectation in past fed rate hikes you get to a terminal fed funds rate, and then six months later they pivot to lower interest rates. this time around i do nothing jay powell wants to repeat the mistakes of the 70's. he wants to be seen as paul walker. he will probably keep policy higher for longer. that is what the markets are

adjusting too. kriti: we have a very exciting jobs report tomorrow that could potentially change the entire game, that could be the catalyst of what the bond market is looking for. guest: we have a lot of indicators that indicate we are sales -- still seeing a strong labor market. the cpi inflation reports prefer the next fed meeting will have the most influence on what the market thinks the fed will need to do to bring down inflation. we are looking for a downshift the number of jobs created and a tick up in an implement. that is what the fed wants to see. as long as the numbers are in the range of what the bloomberg, survey is showing it will not give us any kind of hint that the fed will be close to the terminal rate yet. kriti: we think you both so much

or your -- thank you both for so much for your time. we will have more central-bank chatter later on in this hour, andrew bailey delivered it biggest interest rate hike in more than three decades. for now it is time or bloomberg's first word news with mark crumpton. >> donald trump's former senior counselor kellyanne conway says she expects the ex-president to announce a widely anticipated come back did for the -- bid for the white house soon. she advised launching another run until after the midterms the decision was an effort to avoid distracting from republican efforts to take control of congress. big job cuts on the wait at twitter, new owner elon musk plans to a lemonade about half of the social media company's workforce. 3700 jobs.

muska tends to inform the affected staffers on friday. remaining employees will be asked to return to the office. the reopening of china is the dominant the them for overseas traders the last few days chinese equities rallying tuesday and wednesday following unverified social media post signaling beijing is set to move away from the strict covid zero strategy. stocks slumped again after china's top health strategy -- body recommitted to the strategy. 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 mark from 10, this is -- i am mark crumpton, this is bloomberg. ♪

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kriti: this is "bloomberg markets," i am kriti group took, shares of qualcomm are falling today come the biggest maker of smartphones is issuing a weaker forecast than expected, punished by the economic slowdown around the world and the china lockdowns.

joining us is ian, thank you for joining us. let's start with simply when the bottom might be in given that this is a theme we have heard from qualcomm, md, everyone is worried about the -- amd, everyone is worried about the slowdown. guest: it is no secret that smartphone demand is going off, everyone wants to know how far. there is a lot of inventory out there that customers have to work through, that will be going on in the fiscal first quarter for them in the next quarter after that. they did not give a specific date. they said basically this current quarter is going to be the worst for that inventory correction. even so there was a fair amount of uncertainty around that. kriti: a theme that i see in the chip sector is diversification, qualcomm cut its outlook for the smartphone outlook -- market three month ago. at the same time the ceo talked

about diversifying into other places it products ago, what did that not healthy earnings -- healthy earnings? guest: it has helped over time and they are making progress, the problem is the size of the miss and the speed of which the cell phone market is coming down. three months ago they said single-digit percentage, now they are saying double-digit percentage range that is a significant worsening of the situation. in the short-term it is difficult to make up for that. kriti: a lot of people know qualcomm for its association for apple, it being in the apple supply chain, this time around indicating difficulties in that relationship shed some light on that dynamic. guest: kind of the reverse, there has been a lot of difficulties in the relationship in the past, yesterday we had an announcement that was a victory lap or qualcomm -- for qualcomm.

as my colleague has a reported extensively, apple has to use qualcomm right now. they do not want to they have been working to replace qualcomm modems with their own. what they confirmed yesterday, that we reported earlier, that they cannot do it, the next iphone that will debut this time next year will also be majorly dependent on qualcomm modems. that is a win for qualcomm technology and a bit of a black eye for apple. kriti: 30 seconds, will put you on the spot, i believe qualcomm has a hiring freeze, walk us through the implications of that. guest: here in san francisco there are those that say, on times are over, we see twitter, lots of the social media and e-commerce related companies already being aggressive. that is the concern here, that, you know, silicon valley will

steeply reduce hiring. probably going the reverse direction pretty aggressively. kriti: something we will keep an eye on, bloomberg's ian king we think you always. still ahead we will hear from the earlyer interview with the bank of england governor, andrew bailey. they raise by the biggest hike in 33 years, that conversation next. this is bloomberg. ♪

kriti: this is "bloomberg markets," i am kriti gupta, wednesday was the fed raising the rates today's the bank of england. we talked with the bank of england governor andrew daily if the reason for the move was tied

to the pound. >> we do not target the exchange rate. we take into account in our setting of terry policy -- monetary policy. it features in our forecast. >> is there a point where it comes -- becomes problematic? guest: no, problematic has certain implications we do not see it like that, we look at things that are causing it. there is a standard way you can look at it, a range of angles you can come at it from. in doing so we seek to understand what is particularly causing it. >> there is nothing that would warrant an intervention? it actually hurts with your inflation probably are trying to target. guest: in the precise meaning of the word intervention that is a term, we have not used that approach cents the early 1990's -- sense the early 1990's. we all know that history we do not discuss in terms of talking.

>> is it on top of your mind? guest: it is part of the things we discussed. i do not want to give it more status than that to be honest. >> you say the market is not right to expect rates to peek at 4.75 percent. guest: the point that we made today, we thought the market curve had overdone it. we spent a lot of hours preparing our decisions, going as a committee, we really found, not just very hard, but not possible to square our own reading of the economy and what was to come in the economy and the inflation outlook with the pricing of interest rate, markets. >> why give such a clear guidance, who is a hurting? mortgage holders, people to have houses -- that have houses? guest: certainly for mortgage

holders, u.k. market has shifted to a fixed rate market, not the same as the u.s. but it is more of a fixed rate market now. it is priced off of the swap curve come what is happened to the rate curve over the last two months, has had directly -- has fed directly into mortgage pricing. >> do you think you will hold back in raising rates to where they need to be to take care of mortgage owners? guest: no, our reason is very clear, it is inflation, priced ability, to percent inflation market -- target. the mortgage market and housing market teacher in our assessment -- feature in our assessments. >> is 75 basis point hikes the new normal? is that the new thing?

we have a story on bloomberg saying how different you are from jay powell in your view on the economy. guest: the u.s. and u.k. are teaching -- facing different situations in terms of shocks. we face a huge sock in terms of energy and -- shock in terms of energy and gas. people should not be surprised when we in the fed are looking at different things when it comes to different conclusions. i resist when people say should do the same as this other central bank. >> should you be more aggressive and tightening quicker? guest: the fact that we did 75 basis points today, no one should read into it that that these -- that is the new norm. >> at some point you will step away from the timing spree, one of the indicators that you will cool off? guest: we look at the profile of inflation going forwards.

as i said earlier on today we look very carefully at the labor market. we have a very tight labor market in this country. it is interesting there is a lot of evidence the economy is slowing. there is some evidence now that labor demand is beginning to slow. we still have a very tight labor market. a smaller labor force today than we had been duly before covid. >> are there specific surveys or indicators caring awake than others? -- guest: we have always avoided that sort of debate. individual pieces of the beta -- data given too much significance. it changes over time. the things we look at the economy more particularly than others depend on the situation. the labor market has a very close focus because it is so tight. >> we had a column, i am sure you have read, saying it was the

bank of england lack of pension fund oversight that ousted liz trust. what do you say? guest: i did read it, we are not a pension fund regulator, we did organize a stress test back in 2018, 2019, we assumed a interest rate stress as you have to. it was a bigger stress than the history of the last quarter-century of what we experienced in september was substantially bigger than that. of course you have to think about, that poses a question to any central bank. how do you react to that? what is the right place at the stress? i would say that is the -- it is off the scale of history. the second part where i fundamentally disagree with the conclusion of that article is the suggestion that we stopped our intervention and should have

continued in for financial stability purposes. that is wrong. we stopped and we concluded, the evidence supports it, the precise financial stability problem we were seeking to deal with we felt had been dealt with. if we had been going long that we would've created a moral hazard problem. that would had a detrimental effect over time. kriti: bank of england governor andrew speaking with our own bloomberg. the pound is still sliding we're taking a look at the cable rate here, 1.11, that is closer and closer to parity, the weakest levels for the pound going back to september 23. as you start to see the new hiking regime, jumbo hikes hitting the banking -- bank of england, how it's weaker can the sterling did against the dollar

and the euro as well? the stock market in the u.s., the s&p down six tens to 1%, the nasdaq down 1%, the russell 2000 taking on the chin. more markets ahead stick with us. this is bloomberg. ♪

>> welcome to bloomberg markets. kriti: i'm kriti gupta. got kind of a major decision from the fomc, not on the rate hike, but they said the higher and higher terminal rate the market is pricing in might go higher yet. hitting sentiment, the s&p 500 down .6% but well off session lows. i wonder by the of the day if you will see stocks dip, already seeing that in the russell 2000

but not essentially the nasdaq. it is not just the stock market, the bond market as well. across the curve, yields higher. 4.13 on the 10 year yield, move about three basis points. but as yields move up the dollar follows. bloomberg dollar index strengthening by .7%. the ripple effects will be in the commodity space. brent crude trading with a 95 handle. jon: along with digesting the message from jay powell, we are digesting a host of earnings stories. there are different flavors today. on the tv advertising story we have talked about challenges for the media industry or the new media industry. the message from roku weighing on the stock earlier. it has paired some of those losses on the day. what is interesting is sentiment around technology stocks has not been strong and that is uncertain in a higher rate environment. the lower expectations on wall street for some technology

companies are helping out. ebay performing well after quarterly results. etsy up 14% but still hit quite hard this year. we are also watching the story of lyft, currently down about half a percent. kriti: something to be watching. we see those numbers roll out. centered on a terminal rate expectations dolling out and now it is getting harder to be bullish according to dominic. take a listen to what he had to say. >> people should not do anything to be honest, bonds or equities. the issue is down to a hard landing or a soft landing. if there is a hard landing you cannot be bullish on equities. have a good downside in earnings and they suggest another 10 or 20% downside in price on the hard landing. the other problem is even with a soft landing, the roads to a --

routes to a soft-ish leading us through market compression. it is coming down. you have to have a -- this on top of it which is setting down businesses. jon: it can make your head spin. let's bring in our guest, she has spent the whole day digesting a new strategy, bear market rally, what is the general takeaway today? >> we did get another reaction from j.p. morgan saudi technical strategy we heard from hunter. this man has typically been until recently one of the most bullish voices on wall street but they are thinking we are going to see a rebound in the fourth quarter based on seasonality. we have talked a lot in the past about midterm seasonality. there are different tax laws,

mutual funds have to do that at the end of october's are typically you do see a balance. vanke of america pointed that out recently. new -- usually january for those stocks. in looking at more of the technicals, is what jason hunter and marco are getting at. we saw the s&p 500 pullback from around 3900 in late october. now they think we will see potential support along 3700. s&p 500 trading a little about that today. i think potentially because of these different factors it could propel the s&p 500 to even around 4100 by the end of the year. they still think that potentially this could be a bear bracket -- orchid truck. that is a different tone from we have heard from marco for most of the year. he still has his price target on the s&p 500, over 25% above where the s&p 500 closed yesterday. still he maintains that outlook but has warned that a lot of the things going on with central

banks and the tightening with the inflation question mark that could put their price target at a risk for the s&p 500. kriti: the battle between their earnings and the federal reserve for what drives the stock market. just mentioned, thank you. laurie joins us, managing director and head of u.s. equity strategy at rbc capital markets. i felt like that consensus on wall street going into this fed meeting was jay powell's turn is up, it is no earnings that are driving the story. is that still true? >> as much as we would all like the fed to fade into the background i don't think that is likely to happen anytime soon. the fed has still been an important undercurrent. we said coming into yesterday that the market had kind of already done the typical rally it see is coming off of the october volume -- bottom in a midterm election year. we felt there were some dovishness baked in.

earnings are a bigger part of the story than they have been good there is going to be a lot of uncertainty over that outlook until february and march of next year. i have been reading a lot of transcripts. i'm astounded you are seeing analysts say what do you think about 2023, maybe not on overall outlook, but companies are like come back in february, we are not talking about it now. earnings are dragging in the short-term but there is still massive uncertainty on earnings headed our way for a while. jon: i want to stay on the theme and build on what she was just telling us, what does history tell us about the ability for the market to outperform or increase when you are seeing lower profit expectations, because at least today you got a couple of examples where lower expectations have netted stocks moving higher in intraday trading, but whether those are real long-term gains remains to be seen.

lori: it is fascinating. i was getting a lot of invest -- a lot of questions about this over the summer and we had questions of if earnings are supposed to come down, is it possible to put it in the bottom? that is a question we were getting after the temporary low was made. if you go back and look at the rate per desperate provisions, we are seeing more positives on the negative provisions on the individual stock level. you typically see the s&p 500 index bottom about three to six months before we get into the downward revision cycle. it does not mean we take off like a rocket but you can put in that low. there is an idea in the back of a lot of investors minds, they want to know that the last cut or something close to the last cut has been made. as i have talked to investors they are saying i don't need to pay a supercheap multiple, i just need to pay a reasonable multiple but i need to know which one it is unpaid.

the closer we get to the idea that there is some uncertainty in that, the more comfortable people are going to be. kriti: what about the era of liquidity where it felt like a lot of these tech companies specifically and your other s&p 500 numbers were rewarded almost four extra liquidity, whether that was issuance, having more cash on the balance sheet? in 2021 it was almost like they were punished for it, given the new regime. what happens next with cash on the balance? lori: so it is a fascinating conversation. we have been tracking transfers to see how companies are talking about how they are going to use that cash. i will say there is a lot of concern about balance sheets with the idea of higher rates, a lot of questions about companies with variable-rate debt exposure. the companies that do this themselves, there was a

tremendous payout. even with the big paydown that has already happened we are charted to see companies talk about doing even more. the buyback commentary has been mixed. some companies are saying we are going to be optimistic -- opportunistic and others saying we're going to slow down and focus on debt paydown. but it does seem like the overall in terms of cash diplomat, there is caution for quite some time. kriti: lori, thank you for your time. restaurant brands moving higher in today's session, we hear from the ceo next for his company as well as others deal with inflation. this is bloomberg. ♪ ♪ - in the last two years, we quadrupled our team

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jon: this is "bloomberg: markets" i'm jon erlichman with kriti gupta. the latest results today, topping estimates, tim horton sales jumping more than 9%, working more than 10% for some insight on the numbers and recovery sorry for the restaurant sector, let's bring in the ceo. it is nice to have you with us, getting the soft spot from tim horton. there has been a transition for over the past couple of years. you have a campaign you talked about on the call today. the other big issue with tim hortons have been relations with the franchisees. things did get difficult for a period. can you tell me what has been working with the business?

jose: glad to be here. tim hortons is an amazing brand, we have respect for all of our restaurants that we have worked with over the years. community activations are a key part of the success of the brand in canada and it is something we have leaned into heavily over the last several years with our leadership team leading the brand in canada, working with franchise owners throughout. our focus has always been about having great tasting products at a great value. and working closely with owners to execute this and ensure that we have a profitable business for them as well. the progress that we are making in the business in canada speaks to the relationships we have as -- with the owners. it is challenging today in canada. the volatility with inflation and commodities and wage inflation we have seen, the interest rate environment, the macro environment is making it difficult and putting a lot of pressure on margins and we are aware of that.

we're working closely with the owners to ensure that we have a long-term plan that drives a lot of benefits for the consumer also tends for the franchise owners as well. that is our focus. the good news is the results in the business are moving in the right direction. we have seen the back to basics plan driving topline growth which is critical. it is bringing customers into the -- we have driven growth in pm food and growth in 2022, top 5% versus 2019. sequential improvement over the last several quarters. it means we are moving in the right direction. by no means are we doing a victory lap or thinking we are done with the work in front of us. we've got to have that flow and that is the work we are doing with the franchisees. but i'm encouraged with the progress we are making and how we are doing it with the owners. kriti: some of the sales growth

you point out was driven by price hikes you saw across some of these. where did all that man destruction, at what point are those price hikes met with families, customers saying we don't want to eat out today? jose: we don't make any decisions related to price increases without careful consideration. we look at cpi, which in canada has been just south of 7% over the last several quarters. we also look at inflation for food at home versus away from home. meaning that whatever the customers are paying for, groceries or retail, which is their food at home, how does that compare to food away from home. we have seen there is a divergence in food at home, retail prices and grocery prices are much higher than in restaurants. so we are providing even with this inflationary environment, even with price increases, we have had to adjust the input

cost we are dealing with and maintain a competitive price relative to food at home, relative to our competitors and other segments of the restaurant space. so we are still a very good value for money in beverages, in food, breakfast, lunch, sacking and dinner. it is a priority, making sure the prices that we have taken our mindful of the impact they can have on the consumer and we are working closely with our franchisees as well as our research teams to make sure we do the right thing for the customer and for the franchisee to make sure ultimately we are driving the business forward together and in hand -- hand-in-hand with our owners. i want to -- jon: i want to dig deeper into burger king specifically. some on wall street thought the sales number would be stronger. can you give us more color on what you are seeing firsthand right now? jose: the burger king

u.s. business was positive in the third quarter which we believe was an exciting step forward. it is not where we want to be. we can continue to grow the business. we are closing the gap relative to our peers in the u.s. which was quite wide a year ago. we have made progress with our plan and we have made significant plan adjustments over the last several months. we announced in september to all of our franchisees in the u.s. a plan that is focused on operations, marketing, investment behind media and also investments in the restaurants, technology operations, equipment as well as remodels. it is a $400 million investment that we are making in partnership with franchisees. they are one to two x that number to be able to do what we

want in the u.s. and we have engagement with our franchise owners in the u.s.. we look forward to keeping everyone informed on the steps we take to reclaim the flame and get back to a significant market share growth and profitability growth in the u.s.. jon: before we let you go, since most of this is centered around north america, i want to go global. with the tim's business and the chinese market, at a time of great uncertainty in china, what can you tell us about what is happening on the ground? jose: the business in china has been super exciting. in february 2019 we opened our first restaurant. i was there for that opening in shanghai. today we count more than 500 locations in china. we have grown at an incredible rate and the reason it is growing is because consumers locally in china are connecting well with the brand come of the product is resonating well.

we have made adjustments in terms of food offerings. locally we have an image that resonates well with the consumer and we think there is a path for growth over the long term. we have an exciting international business with tim hortons that we have opened as well as china, we have opened in the u.k., we now have 60 locations there. mostly freestanding drive-through is similar to canada. have restaurants in mexico also growing. we have an exciting international business and more to share in the months and quarters to come. jon: great to get your perspective. we will keep wrapping there, because if we keep talking about donuts and burgers we will get too hungry. jose of the restaurant brands international ceo joining us, coming up, lyft cutting 13% of its staff as a deal with economic uncertainty. this is bloomberg. ♪

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kriti: this is "bloomberg: markets", i'm kriti gupta alongside jon erlichman. lyft and twitter to cut staff. ed ludlow is here, you do the reporting on the strikes and now we are hearing from lyft. we have seen this pattern across the board in the tech space which was ahead of the game in hiring. is this an early macro signal we should be paying attention to? ed: and happening very quickly. thursday was astonishing from a layoffs perspective. twitter is slightly anomalous in the sense that elon musk we are told is going to cut 50% of had cut -- headcount but that is a

unique situation where he is coming in. brought painting is -- the broad picture is macro. -- by extension, weaker times in the payments processing business means fewer payments from consumers. we are trying to get there reaction and the battening down of the hatches from corporate america in anticipation of what is a slowdown in the broader economy. jon: i imagine, because we are talking about a mix of private and public companies, at the end of the day there are some subtle differences and certainly some more notable differences with twitter, but this might be the new norm i guess in silicon valley, the bigger focus on bottom-line performance? ed: yeah, striped is one of the most valuable companies, start up is a strange word to use for a company of that size. every venture capitalist and private group equity investor i

speak to, whether at the lower end of the curve or participating in the growth rounds pre-ipo, they are all urging caution to the founders and startups they are investing in. now is not the time to be risky with capital to appointment. it is a time to conserve cash, be disciplined with hiring. they are seeing that in the private sector. but frankly what we have seen from this earnings season so far is concerned there will be a deceleration of growth in the final three months of this year into 2023 and that there are other headwinds impacting the bottom line across a broad range of sectors. the only reaction to that is cost discipline and how punished have those companies been? meta-the prime example because they have not been given the same evidence that they had when it comes to cost. kriti: it is interesting you mention cost discipline at the time a lot of these companies have a lot of cash on their balance sheet.

why are they not using it? ed: a lot of it has to deal with your rate of cash burned, it is a lot until it is not. to talk about cost discipline, many of the companies at the growth end of the specter the spectrum are revenue-generating and many of them are not pre-ipo. you need to balance the need to grow and grow against the need to protect the runway you've got from a capital perspective. that is what i'm talking about with the guidance from venture capitalists. they are saying it make your money go as far as possible. kriti: week thank you as always. across all of the tech stories we have thrown at him today, thank you. the s&p 500 down about .6%, still seeing pain and the equity market that has not abated at all. the 10 year yield 412 -- 4.12, but yields up across the curve. the bond selloff, the equity selloff, there is nowhere to hide except for the dollar which is up by .6%.

i would argue that is more a result of what you saw from the boe. a lot going on. more markets coverage ahead, stick with me, jon erlichman and kriti gupta, this is bloomberg. ♪ xfinity rewards is a program whose sole purpose is to say

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mark: keeping you up-to-date with news from around the world come out here is the first word, i'm mark crumpton. a protest in pakistan's southern city karachi broke out today after the former prime minister was shot and slightly wounded in and arrested following a shooting that killed one of his supporters according to police. nine others were also hurt. the government was arrested at the rally. police later released a video of him, saying he acted alone. it is not clear under what conditions he made his statement. in brazil, president bolsonaro