refinancing their mortgages. they have lower mortgage rates. there is no evidence at this point that the market is having a hard time absorbing the supply of mortgages. the supply of new mortgages is very low. it has to be right, when we are no longer buying mortgages -- and we will not be, we are not now. we don't buy individual. we buy mortgage backed securities. i hope you don't have to do that anytime soon. we only do that in severe situations. fixed income markets are gigantic. there are a lot of buyers out there. where there is yield, there will be buyers. i expect that is the case. not that it would not have some upward pressure on rates for us not to be a buyer anymore, but we were not a buyer for a very long time. we thought we would never go

back and after the financial global crisis but we had to after the financial pandemic crisis. now we have stopped again. rep. fitzgerald: thank you very much. i yield back. chairman henry: jim and yields back. noteworthy. i want to thank our members, mr. fitzgerald, ms. williams, for their additional minutes back to the fed chair. in a rate environment like this, time is money, and that is much more valuable these days. i want to thank the chair for his testimony. without objection, all members have five legislative days to submit additional written questions for the witness, which will be forwarded to the witness for his response. chair powell, please respond as probably as you are able. with that, the hearing is adjourned. >> we have been listening to chairman powell testifying on capitol hill in front of the u.s. house of representatives committee on financial services, covering the gambit of

inflation. he has established what the message was in yesterday's senate testimony. they are going hard on inflation. the big headline now is he has not actually said there is not any mind made up speeding up the rate hikes, something priced into the market. which rings me to what the markets are doing. the s&p 500 unchanged on the day. the 10-year yield at 3.95. i want to check in with michael mckee about what is new here. walk us through what we learned today that differs from yesterday. mike: i think what jay powell wanted to do today is throw up a yellow caution light to the markets which had immediately priced in a 50 basis point move following his comments yesterday. he wants to make sure there is data coming out, job support on friday, cpi next week, that could change the fed's mind about what it wants to do. when he was reading his statement, he kept most of it

the same but added a line. if, and i stress no decision has been made on this, but if the totality of the data were to indicate faster tightening is warranted, we would be prepared to increase that pace of rate hikes. just that additional phrase which he elaborated on a little bit, is enough to maybe caution before you go too far in pricing and what the fed will do two weeks from now. kriti: even with that yellow light, the markets have the idea of a 50 basis point increase in march. i have to ask, chairman powell has been very vocal about saying, one data point does not make a trend. the jobs numbers, cpi data, will it really make a dent in what the markets are pricing? mike: it certainly could. you look at the month of february, we got a lot of numbers from january, but not on data point.

a series of numbers on jobs, cpi, retail sales that have been slowing down, suddenly accelerated. that is what scared the markets, what made the fed more cautious about how high they have to go. is that going to reverse? we will get the numbers for the month of february on friday with jobs, next week, cpi and retail sales. that will go a long way to informing the fed of whether or not this has been a turning point or whether it was a one-off month of strength plus some seasonal revisions that changed the outlook for the economy for a short period of time. kriti: let's talk about the bond market reaction specifically. we are getting close to 4% on the 10-year yield. the two year yield sustainably about 5%, coming off of that 50 basis point hike priced into the market. is the federal reserve paying attention to these market moves?

and the 210 inversion, which is now at -110, something we have not seen since 1981. mike: they see what has happened with bond yields, and to a certain extent, not unhappy about that because it tightens financial conditions. the inversion, they cannot do a whole lot about it. it is basically a side that at some point, the market thinks longer rates will get cut. will they get cut because inflation comes down or because a recession is more likely? it seems like recession is the story of the day. that would be caused, in the market's view, by the fed raising rates too far. but since the fed has not raised any rates yet in the last month, since they are still looking to see what the economy is doing, they will not react to what is happening to the yield curve over the last couple days. they will wait and see what we get in the numbers coming up. kriti: michael mckee walking us through the highlights of that

two-day testimony from chair powell. investors looking for clues on the right path. let's take a listen on what exactly jay powell had to say. chair powell: we have not made any decision on the march meeting. we will not do that until we see the additional data. larger point is we are not on a preset path and will be guided by the incoming data and the involving outlook. if the totality of the data were to indicate that faster tightening ispared to increase the rate of hikes. kriti: joining us now for more perspective is marilyn watson at blackrock. a pleasure to have you on the show. we are looking at a 71% probability of 50 in march. what do you make of it? >> what we have seen from chair powell is that he was crystal clear that the door is open to potentially higher step ups than the markets were anticipating.

also they could raise rates higher for longer. given the strong data we have seen this year, whether it is the pce deflator, inflation data, very strong labor market, then i think chair powell has just reiterated that it's really important that they are still focused on inflation, getting inflation down. he was sort of hawkish, but at the same time, did not commit to any size. it could be 25 or 50 at the next meeting, but i think it is a live meeting. i think that that is currently very data dependent. as mike said, a lot of data coming out between now and march 22. jobs data today, other data, more labor market data coming out on friday. i think there are a huge number of important information points that the fed will be looking at between now and their next

meeting. kriti: do your point, you start to see a lot of the trades simply become flat nurse -- flatteners. -110 on the spread, what does that mean to you? marilyn: markets are pricing in the expect more rates. they expect they will remain higher for longer. when you look further out on the curve, in terms of maturity, as mike alluded to, we expect to see that that probably start to cut rates in 2024. we think the economy will gradually slow down. , further out in the curve the bond market is pricing that they do think economic activity will get down to his lower level. they think inflation will come down to much lower levels than now. at the moment, the bond market thinks that over the longer-term interest rates and the natural

rate is lower than it is now, lower than what they expected turmeric to be. kriti: let's push ahead to the jobs report. 10 hot jobs reports. chairman powell famously said one data point does not make a trend. if we were to get hypothetically a softer labor print, immediately we would get a market reaction that would support that. is that really going to change the federal reserve's thinking given the trend right now, 10 hot jock prints? marilyn: i think as chair powell alluded to, they are looking at the totality of the data. i jobs report is one thing but the labor market still remains extremely hard. unemployment is at historically low levels still. it is one report. one softer report, i don't think that will influence the fed that much. next week when we get the cpi, more economic data, that will have a meaningful impact on the fed and its trajectory.

but one report will not necessarily change outlook. we are looking at a slew of economic data. i think that that is really focused on this higher inflation, trying to bring that down. it is having an impact particularly on lower income demographics. kriti: let's bring it back to the bond markets. it is not just the federal reserve driving action. you have easy monetary policy at the boj, pboc, even the bank of canada. hocking by much more than expected. 4.5 today. walk us through the international aspect of the bond market. marilyn: when you look at the international central-bank landscape, we have seen tightening. the fed is certainly ahead of the curve compared to other central banks. when you look at the bank of japan, this friday, we are positioned with short duration. we think at some stage, the bank

of japan will start to move away from its incredibly loose monetary policy. but they have a different economic situation. inflation is increasing but nowhere near as high as in the u.s. and elsewhere. it will also be the last meeting for the bank of japan before the current governor. when you look at other central banks -- you mentioned canada, we also have the ecb coming up next week. we are seeing a more hawkish tone even the data has been resilient. it is hard with the ecb at the moment to really look at where they might signal a pause. in terms of the ecb, that's incredibly important. we have seen the market revise where they think interest rates will be. the bank of england coming up. they are any different situation. inflation is incredibly high but are also facing a much weaker backdrop in terms of economic data. kriti: i'm glad you mentioned

the bank of england. starting to see that more hawkish tone coming out of europe, arguably more hawkish than stateside. does that create a ceiling when it comes to u.s. yields? marilyn: not necessarily. there is a certain impact, but in terms of u.s. yields, the driving factor is more from the u.s. globally and vice versa. of course, there is an impact with the ecb and other central banks. but if you are looking at the bank of england, for example, their focus is on the u.k. economy. the mortgage market plays hugely important role there. there is a very high sensitivity to short-term interest rates. also struggling with a lot of factors with the economy slowing down, still reparations from brexit and other things. there is a certain interconnectivity between banks,

different rates, but at this time, relatively muted. i think of yields in the u.s. and the fed, it is all about the u.s. data at the moment. kriti: marilyn watson walking us through a lot of different dynamics in the bond market. thank you as always. we will have you again. coming up, after the collapse of its partnership with rapper ye, adidas tries to offset some of the huge financial hit. this is bloomberg. ♪

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kriti: this is bloomberg markets. i want to focus on some

individual stock movers in the session. adidas shares higher after an upbeat conference call helping to reverse some of the earlier losses in the session caused by its full-year results. the company try to offset some of the huge banjo hit on the collapse of the alliance with ye. joining us to discuss adidas' fourth quarter results is our analyst. one number stood out to me, $1.3 billion of inventory. what does adidas do with that? >> it has to get rid of it. that is the only way. that is why you are seeing margins get crushed this year, a strategy to reset in 2024. they can repurpose some of it. how they will do that is still a question, hence the 500 million euros write-down possibly this year. it is a lot of inventory. they did over a billion dollars in sales, was a significant piece of their profit margin, so

they have to find another way to make up for that business and move forward. kriti: the ceo specifically said be ready for markdowns. that was a theme in retailers broadly in 2022, continuing into 2023, perhaps excel the rating for adidas. does this then disincentivize partnerships with creators like? poonam: i don't think it disincentivizes it. this is a unique relationship where the lines are being discontinued for particular reasons. how they deal with the promotions will be different from other clearing inventories because there will be pretty drastic discounts to get rid of it, which will affect their peers, as well. if you think about retail, if you have adidas marking down the ye line by 60%, you are not going to go out and buy nike. so there will be repercussions from the aggressive discounting,

even in companies that may be getting leaner on inventory. a lot of the inventory situation has been worked down across retail as of the end of the fourth quarter. kriti: what about the china piece of the equation here? poonam: china was a huge piece. china is recovering. from everything that we are hearing year to date, things are getting better. it is a big opportunity for adidas, too, but it is not just the covid policies that led to the china declined. there were a lot of execution missteps. the recovery will not be as simple or linear as it may be for others. they really need to improve the inventory they have, the execution they have, the marketing which they have. but we do see an opportunity for china to turn. it is recovering and adidas should be able to pick up some of that recovery at least starting in the back half.

that is where their guidance could prove to be a little conservative. they have not really baked in a china recovery, nor have they baked in the ability to repurpose much of the yeezy inventory. maybe sell at a less steeper discount than they originally envisioned. kriti: certainly seeing a lot of the retailers recover this year. adidas stuffing in the same way. thank you as always for your perspective. i want to go to the tech sector. business investment has been marching profits thanks to ai and cybersecurity. sound hound and crowd strike are two of the poster child for those things. for more, let's bring in jess m enton. we have been talking about how ai is driving the gains. before that it was cybersecurity. counterstrike is saying that

business is doing well. sound hound saying that it may go away. how do you square the two? >> cybersecurity company shares are up more than 2% today, on pace for their best day since march 2. what is driving this, looking at the earnings results and the forecast, it is revenue forecast. it is still seeing strong demand for cybersecurity products spike these ongoing concerns about where the trajectory of the economy is heading. a key focus is tech budgets have shrunk this year in the face of rising interest rates and what is happening with inflation but there still has been a series of high-profile hacks that have ensured a demand for these cybersecurity services. crowdstrike is not alone. palo alto networks, their arrival, raise their profit forecast recently. that stock is getting a bit of a boost, up half a percent today. kriti: let's broaden this out. is ai still leading the bids

into microsoft, alphabet, arguably apple as well? or is it the other way around? i felt like for a second soundhound was the poster child we the tech space. >> when you look at what is happening with soundhound stop today, it is down 20%. that comes after its fourth-quarter earnings results that puts them at a loss wider than expected. that stock is down close to 20%, but it is actually up close to 60% this year. that gets to your point about all of this excitement geared toward ai stocks. even though you are seeing it under pressure today, analysts are still positive on the stock. wedbush has an outperform on the stock with a price target around five dollars. right now it is trading below three dollars. cantor fitzgerald is another one, they are overweight with a

price target of a little bit about three dollars. when you look at that dollar amount, not very high, but analysts are still positive on the ai space. when you think about all of the excitement around chat gpt, other things that have happened this year, there still could be some excitement on the analyst side, on the sell side specifically. kriti: a jury is still out on whether that is a temporary thing or really has some legs. thank you as always for walking us through the tech dynamic. now that chairman powell has wrapped up his testimony, investors are looking ahead to fridays jobs report. we dig into those numbers next. stay with us. this is bloomberg. ♪ - [mo] if you're thinking about going back to school, this is for you. ♪ - i ended up spending less money my entire time at snhu

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>> we are coming from a position of strength. we post agree earnings. we are growing profitably. how we are managing is to be prudent about our investments. the prudent about hiring. we are committed not having companywide layoffs. kriti: this is bloomberg markets. you were listening to the adobe chief people officer discussing how the company is going to deal with the layoff trend in big tech. the sector has a massive layoffs. that brings us to what has caught my eye, jobs and focus after chairman powell's testimony. u.s. payrolls report seems to be the game changer for equities and bonds. but i want to show you just how much pressure there is. something chairman powell has said over and over again is one data point does not make a trend. the fed is data dependent.

what happens if you see a soft jobs report on friday? how does that change relative to 10 consecutive payroll beats? that will be a really important story. by now the estimate is to her 25,000. the last time was 517,000. interesting to see whether the market will take a dovish or in-line jobs report in stride. something to watch given the context of this trend. coming up, we are going to go from the federal reserve to the bank of canada, announcing it is holding rates. tiffany wilding of pimco joins us next to walk us through. it will be a really important story as they talk about specifically what is happening in the currency market. the stock market is lower on the day, not a ton of conviction. you are seeing light volume but that could change on friday with payrolls report. the 10-year yield inching closer to 4%.

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>> buckham to "bloomberg markets ," and i am kriti gupta. we have a selloff on hand but it is on light volume come after chairman powell's testimony. s&p lower by four 10s 1%, the bond market is where it is. -107, the two tens and version. speaking to the fact that the two-year yield is inching higher and higher as people view the federal reserve more hawkish than previously expected. the bloomberg dollar unchanged on the day despite the bond yields being higher.

international pressures on the greenback and you cannot forget about cryptocurrencies. lower by .4% -- i want to pass along a headline. u.s. thinking powerhouse -- banking powerhouse jp morgan ending its leadership with gemini. >> we continue to track that story and will have more on the crypto market coming up. as for other movers we are watching right now we see noticeable weakness and tesla. a couple of factors out there, the safety regulators looking into steering wheel complaints as well as bearish comments. a 12 punch, crowd strike with beverly than expected quarterly results. campbell soup, steady as she goes, occidental petroleum up about 1%. berkshire hathaway continued to add to its stake in the energy company.

we watch market reaction to more central bank speak this time coming out of canada. where the bank of canada decided it would hold interest rates at 4.5%. after 8 consecutive rate hikes by the central bank. a large concern about the possibility for weakness for the economy after the rate tightening cycle. this is a different path, at least for now than what we have seen from the u.s. federal reserve. let's get more perspective on the bank's decision for now. walk us through the reasoning. the limited reasoning shared in the statement from the bank of canada today. guest: overall takeaway is the benchmark rate can pause. the data before the bank of canada and is officials show that inflationary pressures are easing over off of the ink -- the canadian economy. when a look at what is coming ahead for the q1 period, they

continue to see the entrenchment in terms of the pressures for the canadian economy. they have also added a silver lining, wage growth pressures remain intact. that could indeed be with spurs on future rate hikes. for the near term they feel comfortable enough they can keep it at these current levels and see what happens. is that waiting approach that is allowing them to decide that this is the right time to pause, take that six to 12 month lag into consideration before moving forward. >> obviously the collected

global markets react to these kinds -- on the currency front what is the buzz around -- what does this mean? >> the defining narrative of 2022 was dollar dominance, this week alone we have seen how g seven currencies including canada feeling the pressure as we get the hawkish narrative coming across over on stateside. what we focus on now is what does that mean for the big picture view? already we saw hawkish commentary yesterday bring down the canadian dollar, today as we get more news of the rate pause in canada. that is also a concern for the marketplace. leading to further pressure for canada's -- going forward economists are

concerned that if indeed we continue to see this policy divergence between the u.s., fed as well as the boc, but that will mean for the long-term growth, really throws a wrench into that expectation that we could come out of this post-pandemic narrative stronger. kriti: what is than the game changer for the bacon canada? -- anka of canada? stateside seems to be the jobs report, we can change that for the boc? >> the boc is taking a wait approach they want to see just how hot -- how high inflation is going to remain.

they are willing to acquiesce that there is elevated levels in terms of in terms of wage growth overall, the overall data for them right now shows them that the inflation i pressures are coming down they are confident in their outlook. according to a number of economists including bank of america may the rate hiking trajectory for the boc, they said in the near term yes. the next decision to include yet another pause. moving forward if we see greater divergence impacting the canadian economy there is no other decision for the bank of canada but to increase rates. jon: thank you so much, helpful context on today's's decision. we are getting more reaction.

-- legal immigration that we are seeing in the united states. for all those reasons it is fine for the bank of america go on hold. i do think there will probably be some currency implications of that. you probably will see a weakening canadian dollar as a result. i think is about how much the canadian dollar is weakening in terms of how much inflationary pressure that can put on canada into the back half of the year. >> i want to talk about that the lag the reporter mentioned. stateside, what is that lag we see in terms of monetary policy mean for the economy? something that chairman powell says he is not seen the effects of, what is the lag look like north of the border? >> i think the lags are much shorter in canada than the u.s.. again because of the different

structure of the mortgage markets. the fact that canadians consumers, on example, do hold more debt relative to gdp, to the u.s. consumer counterparts. for those reasons and make sense that we start to see the effects of title policy really slowing things down in canada. we do not see that in the united states. historical analysis would suggest that monetary policy lags in the u.s., 18 months to two years or longer. it is definitely much shorter in canada. that is why see the bank of canada feel more comfortable with going on hold. jon: as much as there might be a perceived dovish tilt for the bank of canada, you go back a month ago there are some of the month -- market who feel there may be a change in direction of rates. in other words a so-called pivot

by the end of the year. we increasingly see economist and market participants who expect we will see possibly at least another rate hike by the bank of canada at some point this year. that get us back to the inflation realities, not to mention the fact that clearly there must be a bit of a risk if there is too much of a gap between what the fed is doing and the bank of canada is doing. guest: again i think this is really difficult to forecast in a sense. it is all about magnitudes. the interest rate increases we have seen to date in canada, how much are they actually really slowing down consumption? versus any sort of currency depreciation we see as a result of divergence between the fed and the bank of canada policy. how do those things offset each other and do they? that will be the interplay throughout this year. are we seeing more inflationary pressures because the currency effects are higher in magnitude than the interest rate affects?

there is a lot of uncertainty around estimating these things. it is possible you can see the bank of canada start to increase rates again. keep in mind, the canadian economy is more sensitive to energy markets. there is a lot of uncertainty around what those markets could do as well. obviously we have the chinese economy that is reopening. geopolitical risks and tensions that could pressure on energy markets. there are a lot of unknowns we have to deal with. nevertheless, believing what the bank of canada says, that they are going on hold is reasonable. because the canadian economy is interest rate sensitive, they'll probably be the first to cut when it is clear inflation is coming down. jon: kriti: as you speak of currency fluctuations, we see dollar cad high, putting the loonie at its weakest levels

since october 21. we thank you for your time and perspective. bitcoin trust -- grace going -- grayscale bitcoin trust, a conversation with michael is next. this is bloomberg. ♪

kriti: this is "bloomberg markets," i am kriti gupta alongside of john. ray mcguire to join lazard as president in wall street return. talk about this ignition's of this move. >> a pretty historic iconic banker, ken jacobs ceo of lazard told me.

he spent 40 years on wall street, morgan stanley, merrill lynch. his latest act as president of lazard, a new cycle on wall street, a very interesting time were a lot of independent firms are attracting bankers that high levels as they look to the future. kriti: as we speak of bankers, going to a different type of anchor, silver gate, regulators have been sent to the headquarters of the crypto friendly bank to avoid a shutdown. walk us through the story and the updates. >> this is important. there is a lot of worries about silver gate and in the crypto community. we have heard officials have gone to the bank, not necessarily the case that the government would take over any sort of receivership or shepherd the future of this bank necessarily. but they did get approval from federal reserve overseers to

work with the bank at this time as there are concerns about the bank's path toward. there are questions moving forward about how they turned the course around with such pressure on deposits a loss of confidence among big players in the industry. kriti: a lot to digest and a lot of this is a ripple effect of what we are seeing from three arrows capital and ftx and the news we got from gemini early in our. and other part of the crypto universe coming grayscale fighting the f -- they say the probability of the wind is tilted in grayscale's favor, joining us is michael and we're not letting go sonali basak. >> thank you for joining us there a lot of surprising things that happened in the opening argan -- argument yesterday. a lot of trader confidence, and price movement upwards. what gives you confidence?

what evidence do you have you can win this lawsuit? >> it comes down to consistency. yesterday's oral argument were a continuation of this best in class legal team we have put together. we are appreciative as an organization of the opportunity to have this case heard in the d.c. circuit. the arguments have remained the same. when we filed the etf application, or lawsuit, and the oral arguments. receptivity has been positive from investors. throughout the rest of this year it be by q3 will get an answer on the case. >> unit you get an answer there is a question of if the conversion to an etf will happen or if the ftc will push back if you refile. what confidence do you have they will be able to do in the near future? >> there is no question this is number one priority for the firm and my entire team. if it is something able to be done after a positive outcome in the lawsuit, working through

certain measures with the sec to convert it. we will make sure that the full resources of the firm are behind this initiative and investors get the resources they want to what they deserve. jon: let me dig deeper into that. is there a possible scenario where the court since you back to the sec and the obligation -- application process against again? can you clarify what your expectations are? guest: it depends on the outcome of the case. there are opportunities to appeal the case in the event the courts do not rule in our favor. ultimately this case could be appealed all the way to the supreme court if necessary. coming out of oral arguments yesterday our team was encouraged by the way oral arguments transpired. we remain hopeful the courts will be ruling in our favor. >> can we talk about your fee structure? extremely high fees, you charged

2% on the net assets, you compete with products for 3%, walk is why the three-part -- 2% is worth it. >> the business model was a little bit before it's time. the product goes back to 2013. the fees have remained consistent throughout time. i what i will say to you and -- before and again today, we are committed to rib -- lowering the fees when it is converted to an etf. >> given that gtpc be trading at a discount for so long, when this just take a lot of problems away given the lawsuit you base from investors to lower fee structure? guest: what i can say is that when we look at other asset classes, other access products. gold, oil, certain subsets of

the market there is competitive pressure amongst products that offer the same types of exposure. we expect the same will happen only whengptpc converts to an etf, but when more products come to market as well. jon: the conversation around fees euro well-versed on the conversation -- you are well versed the conversation around that front. redemptions come up as well, can you clarify your longer-term position allowing for redemptions? guest: it is a great question is the core of our lawsuit. in converting to the etf we are litigating to the sec for is relief from regulate -- reg m. we keep the shares in line with the underlying bitcoin that it holds. any investor calling for redemptions that is what the core of what we are advocating for. >> i want to double down on that. have you had conversations about

redeeming the current form given the delay in the etf approval? >> what we have committed to, if we are unsuccessful in the etf format. if we ultimately exhaust all of our options we will discuss with the sec the possibility of getting relief from tender offer rules. reg m applies to etf's, were tender offer rules are a different set of relief to offer -- >> bring us back your comments to lowering fees, by how much? >> it remains to be seen. i am not ready to commit with that number looks like. what i can say is i am sure that the pressure will exist as more products coming to market. committed to lowering the fee, not sure where it will end up. >> i am curious what we think what happens when you do become an etf. when you heard about potential investors want to redo human

recouping the value of what they think their bitcoin -- is worth, what you do to moderate the price and the reduction pressure in the event of an etf? >> this opens the opportunity to a much larger audience than there is today. we have done surveys that grayscale working with third parties. there is a lot of data supports many investors are waiting to get into bitcoin until they have the protections of the etf wrapper. we have seen etf's for crypto, bitcoin, other assets as well and jurisdictions around the world be very successful. here if the investors in the u.s. are individual investors, advisor investors, there is opportunity to ask tate -- obtained that exposure in a wrapper they trust. >> the lawsuit is a key priority, there are other lawsuits, alameda trying to get money back to investors in the bankruptcy. what progress he making on those

lawsuits and what does this lawsuit mean for how you are handling those other lawsuits? guest: i appreciate the question. two pieces of that. piece number when we look at the sec lawsuit the judges in the case should be looking at the facts and circumstances as they are presented in written briefs and oral arguments. other factors in the crypto space such as lawsuits or bankruptcies should not affect the outcome of the case itself. at the same time some of the other lawsuits that have presented themselves, these are in many cases misguided and not things our team is getting distracted with. as always we will continue to work to have these losses either dismissed or addressed how we need to. these are not things that will take away resources from the goal at hand. advocating for investors in getting gdpc to the etf state. >> thank you for the clarifications and we appreciate your time today, thanks to

sonali basak for her triple duty as well. we will be hearing from dan juergen about how the fed is affecting the price of oil. this is bloomberg. ♪

>> this is bloomberg markets, time for today's for what it is worth. 1.69 billion, the number of bills accrued inventories that soy decline last week. -- saw a decline last week. while that might be bullish for the energy market there is a gloom cast from the jay powell commentary today. kriti: you can see, it following tick by tick the sentiment you see in the markets. s&p 500 lower in the day by .3%, i wonder how much oil is driven by demand and supply versus

actual sentiment. more market coverage ahead, that doesn't for me and -- that does it for me and jon. this is bloomberg. ♪ ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh so many people are overweight now and asking themselves, ahhhhhh "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets

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romaine: the struggle is real. jay powell leaving the capitol hill after two days of testimony on the market. making it known how they felt about what they heard. romaine bostick kicking you off on the close this market afternoon -- monday afternoon. >> he was pleased -- displeased with what he heard yesterday, he would have made some kind of change and corrected his path. romaine: do you think he is looking at what is going on the stocks? >> i think he is looking at what is going on with the bloomberg app. romaine: