>> if you look at the midterms, the market generally does better after that. i just don't think that this time it is going to carry much weight. >> it doesn't change the near term picture. it is about the fed, it is about inflation. >> i think inflation has peaked and it is going to gradually fall. >> where racing ahead on an incredibly strong jobs market. announcer: this is bloomberg surveillance with jonathan king -- with tom, jonathan ferro, and

an upper molex. -- lisa abramowicz. jonathon: equity futures just about positive, the data just a couple hours away. tom: i think everyone we had in the opening said the election doesn't matter, let's move on. we are not going to move on. but you are right, it is cpi thursday. it really matters to get to the next cpi and that important fed meeting. jonathon: i was just going through the data. it's amazing. tom: i am off for three days. jonathon: just take off everyday for those data points. tom: we will get a data check but it takes important tension that we have today. we will start with michael pond, and expert -- an expert on the

market. jonathon: we have our annual cpi will drop and then looking at what crypto is doing the last couple of days. lisa: really? i can tell you're being sarcastic. [crosstalking] we don't normally cover the crypto markets. as much as we are not covering crypto, the bleed through to the rest of the markets is significant. what you are seeing right now is a crypto meltdown that is taking all of the speculative money out of an asset class that really grew up in the zero rate industry, in a zero rate environment. how much are we seeing that trigger breaking some of the areas that were really fostered by the environment we have been in? tom: i will talk to her about sequoia.

they take it down to zero. i am fascinated how someone as venerable as sequoia is caught up in this. if you are james dimon this morning and you are down 5% from the glow, what do you do? jonathon: can we reclaim a couple years ago when i said i told you so? tom: we don't need to hate mail this morning, folks. washington agrees on china, the three of us agree on good dog. we are all suspect. jonathon: you lost just as much money on facebook, to be fair. tom: facedog, will call that. jonathon: it's brutal, a lot of tom: pain out there. tom:to me, there is no technical chart. jonathon: an out of body experience again, like midterms for you. tom: i want to send matt miller

a bouquet of tulips. i feel like that would be appropriate. jonathon: equity futures up .25%. euro-dollar .9944. negative .7%. back in the 80's, down 1%. tom: playing off of the china story, which we don't have much information on this morning, but i would go to the bloomberg terminal and say the two-year yield is my proxy for what we see at 8:30. it's an easy number to grab outside the 10-year and the 30-year. that is my barometer for what we see after that inflation report. jonathon: the data is two hours away. lisa: october cpi and jobless claims. that is going to take a major backseat. how much do we see a slow down and how significant is that? are we going to be looking at

the headline number? the expectation is for her to go down to 7.9% year-over-year. how much are we looking for core cpi to decelerate month over month and how much comfort can we actually get from this? i am curious to see, particularly even the gas prices we have seen. yesterday, you laughed at me when i raised the 10-year markets. people don't know. some people are even blaming crypto, saying the meltdown in ftx was causing people to liquidate to meet margin calls. so, there wasn't the same kind of bid behind the 10-year. today at 1 p.m., we get the u.s. 30-your notes. i am interested to see if there is the same kind of risk aversion in this market as

yesterday. philadelphia fed president and dallas fed president, sandford -- san francisco fed president, several others among those speakers. what can we actually say, given the inflation data we have seen? election data didn't matter, according to the intro. how much are they ready for a step down at a time when markets are not being overly disrupted by the somewhat hawkish prognostications today? jonathon: they should just are a life blog. tom: that's not a bad idea. what will be the chemo to voice today of the fed? are they going to dress -- to address commutative? jonathon: we have michael pond with us. you expecting today? >> we are expecting a strong cpi

, but a little less strong than the september reading. core cpi was 0.6. we are looking for 0.4. that is still a 5% rate. that is much stronger than the fed would like it to be. tom: michael pond, you are truly an expert at this. how long is 5% inflation? >> when you are working in more than two dimensions, not just x and y, we have to look at the shelter component. that is going to drive today's print. the shelter component should be very strong, rising another 0.7 0.8 on a month over month basis. that is well above the normal rate. what we know is the rental market in real time has slowed quite significantly.

the cpi only picks up with a lag. beyond that, we do expect to see some weakness. last month, the core commodity reading, the core goods reading, actually came in fairly soft, rising almost nothing. that could continue to come in soft. we are seeing commodities a lot of their peaks, futures, shipping rates are down. you mentioned the dollar. it has flattened out a bit, but it is much stronger than it has been. there's a lot of reasons to expect that core goods prices, especially used cars, could actually be in deflationary territory in the new -- in the near term. that is likely to remain strong for the next several months at least. lisa: regardless of the readings come the derivatives of how people treat it is interesting. how are you thinking about how

you will use the input of this data to determine a call, to figure out what is valuable and what's not? >> that's a very good question. we are looking at the overall reading, but an off consensus print is due to one category that is a big outlier. last month, for example, we had a 5% month-to-month increase in food and schools. that was all because the free lunch that was offered during the pandemic was gone. we get an outlier like that, the markets should dismiss it, because the fed is not really going to care. but if we get a strong shelter reading, what that means is that the next several prints will be strong as well, at least the market will expect it to be so. we are looking for another 50 basis points in december.

there is a lot of data yet to be seen. this downplays a little bit the cpi because we get another one ahead of the december f1 see. but no doubt about it, this is a really important cpi report. jonathon: michael pond with barclays. always say it's important until the next one. tom: but to not make fun of it, the accumulative set of data here is important. what i am noticing in terms of inflation is how much stuff is on sale right now. all the stuff in retail is coming down. at the grocery store, there was a bigger sale than i have ever seen. they were on yesterday with david rosenberg saying it is here. jonathon: now we have a new problem. isn't that the shift?

that is the problem, it has shifted in the last 12 months. tom: i could talk about geography and a sphere, but let's go back to real estate. how do we treat that with rent and mortgage? jonathon: we had redfin yesterday. what did they cut, 13% of their staff? tom: what are they doing? seriously. lisa: and they closed their home flipping business. but from a larger perspective [crosstalking] [crosstalking] tom: you flip a home, how long do you own it? lisa: what they normally do is they will offer to buy your home on the spot, but for a lower price. the bigger point that i was trying to make his the fed speak will be interesting from this perspective after this. what do they do?

it is a softer print. do they back away from rate hiking calls and does that lead people to thinking inflation will be more entrenched for longer? how do people trade? what will potentially get unleashed at 8:30? jonathon: the risk for the fed is that you get the next print firmer and you reset the conversation again going into the fed. tom: it's good. it keeps us employed. jonathon: futures up 0.25%. equities up by 0.25%. one eye is on crypto, the other is on cpi data. two hours 20 minutes away. lisa m: keeping up-to-date with news from around the world. control of the u.s. senate comes down to three races, where votes are still being counted. each party needs to win two of those states to secure the majority. arizona, georgia, and yvonne are

still in the play. georgia is headed into a runoff next month. neither the incumbent nor the opponent received the majority of the vote. hurricane nicole has hit the east coast of florida today. it is the first hurricane to hit in the past decade. forecasters worn it could dump update eight inches of rain. ftx co-founder said the company faced a shortfall of up to $8 million and needed $4 billion to rib solve it. the head had agreed to by the company, but walked away after conducting due diligence. investigating regulars -- regulators are investing. elon musk has warned twitter of " difficult times ahead."

he said it remote work will no longer be allowed and employees are expected to be in the office for at least 40 hours per week. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am lisa mateo. this is bloomberg. ♪

pres. biden: our intention is to run again. that has been our intention, regardless of what the outcome of this election was. i think everybody wants me to run, but we are going to have discussions about it. i don't feel any hurry one way or another. jonathon: the president of the united states. the votes are still being counted. equities going into the cpi shaping up as follows. s&p 500 positive by 0.3%. 10-year yield up not even a basis point. euro-dollar .9945. heavy seen the cover of the "new york post" this morning? "don, who could not build a wall, had a great fall. can all the gop's men put the party back together again?" [crosstalking] tom: when i flew back, the

gulfstream is down. when i flew back, a pilot was hitching a ride trying to get to orlando. jonathon: a lot of people tried to have him delayed the announcement. the president announced himself yesterday in the news conference , if he were to announce he was going to run, he would wait until the new year. maybe we have to reset things until the new year. tom: we want to say thank you to amory, who was best to anne-marie, who was very generous with her time. let me cut to the reality here. it goes back to the song seared in our brain from that famous broadway play. what will be accomplished in bali, coming up here in the coming days? annmarie: the big ticket item for the g20 is going to be the

fact that we are expecting president biden to sit down with xi jinping. she paying is off the heels of his precedent breaking term. he has all these loyalists behind him. president biden is going into this meeting much stronger than many were anticipating. last night, he said he also plans to run for reelection. but the deliverables is going to be challenging, because this relationship is really straining , whether it is taiwan or chips. that is going to be interesting. one thing that might start to cool down the temperature a bit between china and the united states is the fact that president vladimir putin is not showing up to this g20. so potentially this issue with ukraine and the united states will be discussed, but not as much concern around it with president putin not showing his face. tom: this is a president who travels 1000 miles from singapore happy, happy, happy.

how does the election change in bali? annmarie: it's not just bali. it will be egypt, talking about climate change. what we saw from this election is that the youth vote is still incredibly important. those are the individuals who voted for him for president. i think that is going to give his administration a little bit more umph to lean into this because they are more concerned about energy prices. this puts biden and a much strong a position to talk about these types of subjects and also meet with adversarial leaders. jonathon: but this new more moderate congress that we're looking at with the likelihood in washington, there is one area that everyone seems to agree on, and that is china. heading into this meeting with xi jinping, how much pressure is there from congress to not only crackdown on some of the trade relationships, but u.s. companies that do business in

that nation and set perimeters -- set perimeters for that? annmarie: this is a wide topic in washington, d.c. you will not find a politician that does not want to go after china. there is a big consensus with this administration, i think speaking for the united states as a whole, going into this meeting. this is why it is very difficult for them to have any big deliverables. the president said last night about china and this meeting, he said there will be no fundamental concessions. so, what can they really come out with? may be joint statement or statements that they want to see peace on the european continent. maybe something about climate change and how they are still going to put those negotiations back on the table. remember, when how speaker pelosi went over to taiwan, china ripped the carpet from

under the united states when it came to climate talks and also some military talks. now, we have kevin mccarthy, who is poised to be the new speaker, also telling reporters that he would love to lead a delegation there. there's not much that could come out of it because of where the relationship is right now. jonathon: how difficult is it -- lisa: how difficult is it for this administration to take a leadership role when they are also not opposed to the fossil fuel? annmarie: president biden campaign on the fact that he wants to get rid of fossil fuels, he wants to be a climate president. at the same time, he also cannot have gasoline prices north of five dollars per gallon, which is what we saw in june, which is when his polls really precipitously dropped. this is something very difficult for the administration to swear, because they really want to lean into the renewable story and transition, but at the same time, they recognize they need these fossil fuels and they need them now more than ever.

after this g20, december 5 is a key date to watch. if this oil price cap is not done, it could potentially be challenging for buyers to buy russian crude. we could see shut ins. if covid starts to ease up and china, we are going to see crude prices spiked. jonathon: tremendous work over the last couple of days, as always. thank you. there are two potential meetings tomorrow. -- next week. one of them is president biden and the chinese president. i think shots going to beijing was controversial. europeans have been complaining about the inflation reduction act. for the ira, for europe, it is something else. it is about state aid. i wonder what's going happen between europeans and the americans. tom: the other foreign policy to watch is the one that you

mentioned with donald trump and the "new york post." what kind of tone can biden set with the democrats to say, hey, we got this right, where did we get it wrong? that introspection there. jonathon: i did not have that in the news conference. tom: there's an article today that is brilliant on what the democrats got wrong. brilliant. jonathon: we just kind of got over the finish line and rested in. right? tom: i think it's complex. we wait for december. do we have a date in december? jonathon: i think it is to simmer six. from new york, this is bloomberg. ♪

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jonathon: live from new york, cpi dated two hours away. price action of .75 percent. a decent day of losses yesterday.

on the nasdaq, we try to bounce back. in the bond market, two-year yields to basis points below last week. yields trying to bounce back as well. euro-dollar, the pain is still to come and you are. how may times have we talked about this? with a tightening cycle, let's talk about the consequences. .9953. tom: scope and skill, magnitude, but joan, over there, it is a magnitude more urgent, given the active were in ukraine. what can they do about it? the answer is nothing. jonathon: what can they do about it? tom: i go back to the headline of the month. we don't have time now to recapitulate it, but governor bailey out with a two-year recession. i have never seen that ever. jonathon: if they deliver what

is priced in the race market. i think there turned do more of a delicate dance than the federal reserve. i think you can really sense they are worried about growth the way the federal reserve is not. next year will change when the federal reserve is in conflict. when that starts, i think we have a different kind of tension over the fed. lisa: did you see what they said over at the chicago fed? in the exit interview, he is going to give up his post in january. he came out yesterday in a speech where he talked about the fear that the fed was going too fast and that if the fed is too aggressive and overshoot, they could struggle to get inflation above 2% over the long-term, like it had been. going back to the same regime. don't hear this from anyone else. i think it is interesting as he exits the fed that he sounds this note of incredible dovishness that is more sensitive to these balance risks. tom: sophisticated and freshwater, but what is

important there is the history in the 1940's and into the 1950's, or you went from rampant world war ii inflation, then true deflation with eisenhower. jonathon: yes to ask them for their policy around -- the risks around policy. when they tell you the risks of doing too little over too much shows the risk of tightening. that is a commitment to up cycling. tom: it is there in the history, but also to the bank of japan, i'm going to say 15 years or 20 years ago as well. a good conversation to have with sarah house, with wells fargo. michael pond of barclays talk to us about the fixed income report. we are really going to draw down. what part of headline inflation will you study first? >> what i'm looking at in terms of where it comes in versus the overall consensus is looking at a few pockets where i think we see some dish inflationary

forces gathering. i think autos will be a big one today. we have seen inventories pick up there. i think a lot of pricing constraints on part of the consumer, too. also, shelter. that sets the tone for not just what inflation does in october, but what it will do in the months ahead. i think those are two of the key categories to dissect. tom: will the fed dissect or partition, or do they just look at the statistics that come out? >> they will partition it. in addition to the headline and core, they like to look at various slices and dices of data. whether that is the median cpi, which i think gives you a nice, clean look at an alternative look at the core, whether it is sticky, flexible, the cpi's we get. i think what we have seen is a lot of questions over, do they discount shelter, given that we do see rental price pressures are certainly coming down?

we saw powell's press conference after the last meeting that, no, he is absolutely looking at shelter. that is important as we look at what this means for near-term fed policy. lisa: if they had a life blog and were discussing cpi print as in terms of how may speakers we have today, what would you be looking to understand from them after the cpi print? >> i think i'll be looking at some of the short-term versus a more persistent forces of inflation. what we are seeing in areas that can move pretty quickly, so things like travel services, prices, those reset. the autos, which we already mention. but some more persistent ones. whether that it shelter, but also more mundane services. what we have seen in medical care, like physicians or hospital services, tuition and childcare, home insurance, auto insurance. i think some of that dissection of which of these categories have longer momentum and more

scope for catch up, and which ones move and reprice more quickly. lisa: with been talking about how the election doesn't matter and we are beyond that. it is all about cpi. when you completely agree on this? yesterday, i elicited groans for myself when i started talking about debt ceilings and the potential for risk and default. but i'm seeing more and more note that this is actually hugely concerning a could tip the scales in terms of how deep the recession is, simply because of's bending cuts -- of spending cuts and it yields in the 10-year. what is your view of the importance of this type of tit-for-tat ndc? >> i think we will have very divided government, with republicans at least taking the house. it does not mean there will not be any major fiscal packages here in the near term. but i think that does mean that the potential depth of an upcoming recession, it could be even deeper because you might not have that agreement over fiscal support.

if it is deep enough, he might see some bipartisan help, but i think particularly given that inflationary backdrop, some of the fears of how much policy contributed to that, i think overall we get a pretty muted spot from the fiscal policy sector come the next downturn. which leaves monetary policy as once again the main lever for supporting the economy. tom: 99.827% -- 825% on audience on radio and tv look at inflation data. there is no core or trimming. walk us through again why animals like you, the chairman of the federal reserve, don't look at headline inflation. it is nonsensical. >> we do look at headline inflation, both us and the federal reserve. it does have a meaningful impact on consumer ability to spend in real terms. at the core and various cuts of it are so important because it

gives you a better sense of where inflation is going, how quickly it might come down. while it is fairly likely we will see directional improvement in inflation, one has to be careful about losing sight that it still remains a long way back to 2%. tom: a long way back to 2%. where are you modeling that we pause, if you will, on a core inflation basis. do we pause at 3%, do we get stuck at 4%? >> we believe you can get core cpi down to roughly 3.5% by the end of next year. that that is still well above the fed's target, even adjusted for their 2% being really focused on the pc deflator. we focus out to 2024 and even then we don't get core inflation moving down to 2% insists -- consistent levels.

there is a lot of disinflationary forces here. i think we are likely to see some market improvement over the next 12 months or so, but squeezing out that last little bit of inflation to get all the way back to 2%, that is going to be a much harder asked. it is not just about supply chains, but also what we are seeing in terms of the labor market, the wage cost pressures we continue to see in the fact that inflation expectations have not necessarily broken out of historical pages, but they are at the upper end of that. i think overall, we are in a very elevated inflationary environment. jonathon: does the conversation change when we get down to 4%? do they tolerate something different? [crosstalking] tom: i hope the governor of the bank of england was listening to that. i would say the u.s. zeitgeist now is all focused on one month now, three months now three meetings out. in sara house and andrew bailey are way out. jonathon: sarah house of wells

fargo. i've been asking this question and i know you have as well. we have to ask ourselves, what is the optimal policy mix now and what we think the optimal policy mix should be in 12 months time? do you want a federal reserve to deal with inflation and just a out-of-the-way, so we don't have a u.k. situation here in america? is that the optimal policy mix in 12 months? lisa: that is the gridlock you are going to see ndc, going to cause a deeper receipt should -- a deeper recession. the lack of fiscal response and also the fact that you're going to get cuts in spending, because in order to not default, in order to meet that debt ceiling limit, and because of the aversion to raise it, people are going to cut costs, which is going to lead to an even less

fiscal -- tom: the politicians are going to cut costs? there are going to be budget cuts? i don't believe it. humpty dumpty. i don't believe it. jonathon: tom is referencing the front page of the "new york post" this morning. lisa has raised an important question, tom. it is short and shallow if we get a recession. when it comes to policy mix, it comes to inflation, maybe not depth so much. if you don't have that second breaker from fiscal policy or monetary policy, this down curve could go on for maybe longer than you think. tom: surveillance has said that all year. lisa: i will give you this not for me, but from robert dent, a former fed economist, who wrote that instead of fiscal report, we are looking at volatility and potential spending cuts. it is the reason why he sees the unemployment rate going up to 6.4%, and a recession lasting

about 15 months, so just to give you a sense of how people are shifting this. tom: is someone going to vote against a crime bill right now? jonathon: i think so. what kind of crime bill with a duty? tom: they will make it up. jonathon: the state-level finances are very different situation. lisa: they have got the cash for now. jonathon: futures up 0.4% on the s&p. that was fun, wasn't it? it's good, tom. tom: are you ok there? election central. jonathon: from new york, this is bloomberg. lisa m: always a good time. keeping up-to-date with news from around the world. figureheads today are likely to show that u.s. inflation moderated only slightly last month. that is keeping a fixed rate 75 basis point rate hike on the

table for the fed's meeting next month. economists forecast that the consumer price index will show a 7.9% increase on an annual basis. cpi comes out at 8:30 a.m. new york time. president biden says he still plans to seek reelection and will likely make it official early next year. the president spoke after democrats avoided worst case scenario congressional losses in midterm elections he said the final decision on running again depends on his health and discussions with his family. meanwhile, the british chancellor jeremy hunt is considering whether to impose the top income tax rate on more britain's. bloomberg has learned that hunt is learning -- is sticking about lowering the threshold at which the 45% tax rate is paid. rishi sunak is looking for more than 57 billion dollars on spending cuts and tax hikes. it was the largest single owner art auction in history. in just 2.5 hours wednesday

night, the sale of just over 60 artworks for an unprecedented 1.5 billion dollars paid they came from the collection of late microsoft cofounder paul allen. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am lisa mateo. this is bloomberg. ♪

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>> right now, we are in a higher interest rate environment, trying to bring the interest rates down. financial markets seem to believe that inflation should fall back down toward our 2% target over the next couple of years. i hope they are right. i know that we are going to do what we need to do to bring inflation back down. jonathon: the minneapolis fed president. any talk of a pivot is entirely premature. equity futures positive 0.4%. positive on cpi data that is

about one hour 40 team and its way. yields unchanged on the 10 year. in and around parity over the last couple of days. .9948 for the euro-dollar. crude back to the 80's again. 85.37, down .5%. chinese officials seem to be pushing back against this idea they are going to reopen and drop covid restrictions. tom: that's where we are right now. really don't know where we are as we go to bali. will the president of china be there? it is anticipated. jonathon: anticipated is the right word, i think. tom: a long ways away. one of the themes in bali with g20 will be climate. it was one of the things in the election below the radar of

crime, immigration, inflation, the economy of america. nevertheless, it is always with us. michael regan joins us, the admin a straight or of the environment protection agency, but far more from the backbone in the fields of north carolina. he has an understanding of the value of climate to our south. thank you so much for joining us from cop27. the issue with these interviews as we go big and bright. i want to go nara. it goes to the president's back and forth on hydro carmen, and methane emissions from oil. take us to that little narrow window of methane emissions and what can be accomplished. >> inc. you for having me. the president has pledged that we will continue to move forward to reduce global warming, to reduce these emissions that cause global warming.

he never pledged that we would get out of it immediately overnight, but he pledged that we could work our way out of this. i think when we talk about nothing in particular, the conversations that i am having with the oil and gas sector, with technology providers, with the u.s. chamber of commerce, is that we see an opportunity to deploy technology to reduce methane and actually save the loss of gas and gas products while saving the planet and protecting public health. we know the technology exists. we know that there are advanced technologies and business models dedicated just to reducing methane. the epa's job is to put some rules of engagement on the road so companies can make these longer-term investments. tom: how does this change with the election, including the big republican win in north carolina? i am fascinated with how the oil and gas industry, with a gop

bend, will change and mend coming off of the selection. >> the president has had a historic two years in passing historic laws. they will help with and enhance the regulations we are required to put in place by law. i don't think the elections will change the fact that the epa has legislative authority or authority provided by the legislature, or congress, to pursue the reduction of greenhouse gas emissions to protect public health and the planet. we are going to continue to move forward and do our job. but the resources that flow from the inflation reduction act is help with that product partnership to pursue these reductions. we are not solely reliant on regulations alone. lisa: how complicated is it right now to be with this mandate, to reduce emissions at a time when people are prioritizing fossil fuels in

light of other shortages in light of the war in ukraine? is it perhaps taking energy away and making it more difficult to argue your cause? >> it's a speedbump. i think we find ourselves in this position where many countries are overly reliant on fossil fuels provided by countries like russia, at a time where it is inconvenient. we are seeing that this unprovoked war with ukraine is causing pain locally. if we were not so dependent on these fossil fuels, if we had made proper investments in clean technologies and energy efficiency, and more domestic opportunities, we would not see the price volatility we are seeing internationally. so, it is a wake-up call. it is very inconvenient, obviously. but number two, it is really forcing all of us here at cop to

continue to think about how we double down and invest in alternatives to fossil fuels. jonathon: michael regan, thank you, sir. michael regan with the epa. what a busy schedule for the president over the next week. tom: i don't care how cushy air force one is, this is exhausting. cambodia i think is also on the schedule. he is going to come back to a georgia election. he is going to celebrate the holidays, which is a good and wonderful thing. but i agree, it is an exhausting trip. jonathon: we will see how important that georgia election might be. another thing i want to draw your attention to is elon musk and his first email to his staff. ending remote work. one year ago, 18 months ago, we were talking about the death of the office.

with been speaking to people in the market who run a training desk, a bank, and asset manager, who have all said that people are starting to come back to work. why? let's just say job security has been replaced with insecurity over the last few months. lisa: how much is a economy that isn't as hot one to drive people back to the office to drive that face time and make sure they are seen as essentially? also, it is the bosses who want to see them there. now they can exercise that power little bit more when the balance of power has changed. elon musk is not making friends there. he comes in, because half the staff, don't work from home anymore, throws everything up in the air. can you imagine the morale there? jonathon: he does those spacious things. he was being interviewed about advertising on the platform and changes we could get. you could see on spaces who is

listening. i can tell you that just about everyone was there listening to the conversation with elon musk yesterday. there is a ton of uncertainty about where these advertisers where -- one their brains to be and where there is still a platform for them. tom: i remember when tesla was a failure and everybody marked this guy down as a buffoon. all of a sudden, it was a success. can he do that pixie dust with twitter? lisa: the problem is that his message is now cohesive. it's not clear what his ultimate goal is. was it giving a better sense advertisers yesterday? jonathon: i think it was confusing. live from new york, cpi one hour 34 minutes away. this is bloomberg. ♪

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>> if you look at the midterms, the market generally does better after that. i just don't think that at this time it is going to carry much weight. >> doesn't change the near-term future. the near-term future and risks it is about fed and the inflation. >> i think it is going to gradually fall. >> we are still racing