>> welcome to "bloomberg markets ,". >> we are firing in all cylinders in u.s., the s&p right around the highs of the session, all the major sectors in the green. better jobs that is helping energy sector. up by two point8% -- 2.8%. regional bank index up by 3.5%, all this happening despite yields popping after a higher jobs number, selloff, and a --

>> a strong stock market in canada as well, speaking of jobs it is jobs day in north america let's walk you through with what we learned about the latest canadian numbers. more jobs created than expected, 41,000 positions, about double what was expected among the economist crowd. mainly our time worked the unlimited rate around the record low -- unemployment rate around the record low. you have seen the longest stretch of consecutive monthly gains in about six years times. even though we live in his higher rate environment we are seeing a consistent job creation economy. >> it is amazing despite all the interest rate hikes, let's get to the focus on the u.s.. joining us from the d.c., deputy director of the economic council, the job numbers are tremendous, are you surprised is this good after five and a basis

point hikes -- 500 basis point hikes from the fed? >> every time i talk it seems likely be expectations, that is the case several months in a row. the american economy is in good shape come the job market is in good shape. 3.4% unemployment rate the lowest since 19 69, an important part of this is that the black and employment rate is 4.7% come the first time under 5% in the history of the united states. at the same time we see all this progress inflation has come down for nine straight months as well. more jobs and lower inflation is a good picture overall. >> it has sparked a fresh conversation around recessionary risk or maybe something we should push to the side. that is playing on the market today. it is that the you discussed with us during your last appearance as well. i know you had been skeptical on the recessionary narrative. can you give us an updated view of the road ahead? >> each month we get new data

suggesting we are not anywhere close to a recession based on the data that we have now, again some of the underlying numbers are strong. if you look at not only the jobs report, the gdp and other measures that we get, consumer spending remains in strong shape overall. we have a superpowered economy, investment the last several months has been fairly strong as well. all the factors are there for continued academic growth. >> on the flipside the regional banking crisis is not over. stocks are up today, is there risk as the credit crunch of this part of the cycle gets underway and you see more failure of regional banks how quickly could this dent the jobs picture? >> we are monitoring credit availability and other measures like that very carefully. it is something we have to keep an eye on, and something according to chair powell the fed is keeping an eye on as well , if you look to health and safety of the banking system overall, it is written -- it is

in very strong state that shape. banks have proven to be resilient the past two weeks, they should feel confident if they had deposits in the bank they will be there if they need them. jon: obviously the regional bank wildcard for the economy is one talking point. the president today while addressing some questions around the jobs also reiterated his criticism of house republicans when it comes to the debt ceiling standoff. that you have talked about as well, warning about some of the potential job costs of that standoff. can you give us an updated view on where you stand on that front? >> our council of economic advisers put out a report earlier this week that detailed the potential economic implications of a default. no matter what scenario you are looking at it is extremely dire. talking about almost an immediate recession, potentially the cost of millions of jobs.

credit pullback, a spike in interest rates, higher mortgage costs, higher credit card costs. it is completely avoidable. if congress and house republicans would simply pass a clean debt ceiling increase as they have done many times in the past, taking threat of default off the table. as the president has made clear for many weeks, he is perfectly willing to have a conversation with house republicans and the rest of congressional leadership about tax policy, spending policy, and a budget. we put out our budget in march, we are more than ray to have a causation about the economic asian. -- economic vision. >> let's say we get the debt ceiling raised we see some budget cuts somewhere. doesn't a strong jobs number and lower inflation mean the economy could handle some cuts? >> it depends on what you talk about cutting. the president has laid out

hundreds of billions of dollars of cuts of what he believes is wasteful spending. we spend far too much for prescription drugs in this country. costing taxpayers hundreds of billions of dollars. if we would negotiate more drugs to the medicare program we would save money for seniors and bring down taxpayer expenditures as well. the oil and gas companies leading companies make $200 billion last year, they believe is unnecessary for american taxpayers spending already billion dollars subsidizing the industry. that is another -- already billion dollars subsidizing the industry. republicans are proposing a 22% cut to medical care for veterans, pell grant -- pell grant, education, and -- those not the cut the present supports and those are not good for the economy. >> getting back to the economy itself and the consumer that has been resilient to this point.

there are many who are curious what the health of the consumer will look like as a move into the tail end of this year. what we be watching specifically to determine the health of the u.s. consumer? considering it sounds like you don't think that this -- recessionary story is as warranted if we can to have these kinds of jobs report. >> we look at a wide variety of data as we assess the state of the american consumer. we want to look at savings rates, disposable income, the spending number, including on retail and so on, so far what we see in the past several months is that paints a very strong picture of where the american consumer is. a big art of the equation is wages. they -- part of the equation is wages. wages continue go up on a steady clip. ingested for inflation the past 10 month come -- adjusted for

inflation the past 10 months wages or abstention on the lower end of the income spectrum. that helps the consumer. >> we appreciate your time today, deputy director of the u.s. national economic council. coming up, greg will be joining us as a company posted better-than-expected earnings. is the future investment in green that we want to focus on. we keep an eye on regional banks, though stocks surging. is this about shortselling? stocks have been tumbling all week, ice oak with paul -- i spoke with paul about a potential shortselling ban. >> that would be a big mistake for them to do that. in 2008 it was shown to be ineffective. because there are many other ways too short a security, not just by shorting it, through the derivatives market and otherwise, is really sort of a bad policy and it distorts the

market and creates panic. ♪

jon: this is "bloomberg markets ." time now for the stock of the hour, pipeline giant enbridge reported quarterly earnings that topped estimates. playing a key role connected candidate to the gulf coast, they have a new deal tied to the tolls they pay to access the pipeline network that was a huge amount of crude to the midwest. joining us now for an exclusive interview is the company ceo, greg, thank you very much for your time today. let's start with the mainline deal. obviously moving millions of

barrels of oil today, is something that is very crucial to the movement of energy supply. this seem to be an issue wanted to resolve because of capacity concerns. to have more consistency. can you walk us through this develop it? >> thank you for having me, absolutely, this is a deal that had been in the works for a number of years. frankly we are making our customers more competitive by having a lower toll. we believe that will move more volume down to the market they want to get to down near the gulf coast and exiting out of canada. that is a big deal, a win-win for customers and a way for consumers looking for cheap access to energy all the time. it is a win for the shareholders of enbridge. creating more consistency, competitiveness, and rings us nice risk-adjusted returns. >> you are basically the largest pipeline company in north

america, you are a friend seat -- a frontline seat. oil has had an same week, do you see recessionary signs or do you think it is a supply problem? guest: a bit of both. it is pretty clear, nobody can quite figure out what is going on in the economy. it seems like some softening comey saw an adjustment in employment numbers. it seems like inflation is coming down. against that you have the russian situation, and a lot of crude not on the market that is creating volatility. the great thing in the united states and in canada there is great access to supplies of gas and oil. i think you are seeing that in a bit of a sweet spot here that allows for consumers to benefit but still are producing customers to actually make a good buck off the price of those products. we will continue to deliver those products and they are shipping those offshore both on the gulf coast, on the liquid

side and soon to be much more on the lng side that is where enbridge it the pipe, liquid side, gas side, and on storage. we have new storage assets driven around that, lots of volatility but good for consumers, good for producers and we enjoy being that deliver of choice for them. jon: speaking of access, some of the global audience may know the canadian government has acquired trans mountain and over quite -- overseeing the extension. you face a competitive realities of that. >> i think the impact of that is overstated, first and foremost it was supposed to be in-service a number of years ago still not in service. secondly we created a new more competitive toll. they see the toll going up because the cost of going up.

i do not see that is a huge threat to us. we will continue to see our business, use our lines 95%, to 100% that is high. we finished three record months in the first quarter the utilization of our pipes. there is a a lot of discussion on that. the toll settlement today, the more competitive toll our customers incentive to use our systems we are in a good spot. >> you talk about sweet spot of oil and natural gas. however there is a big push to green. ira move -- money, while that flowing and had you keep your business going and capitalize on the billions of dollars flowing out of d.c. for green things? >> interestingly enough i think this energy -- trilemma of security and supply the environmental side of it and consumer side show the benefits

that we need all of it. enbridge is right in that spot where the largest shipper of oil and largest mover of gas north america. we are the largest players in renewable. renewable wind we been in the better part of two decades, when the top developers of solar power in the united states. many people do not realize this, but we are actually in five g-7 countries. beyond canada in the united states, france, germany, the u.k. on the wind side. we were just awarded one gigawatt wind project that will serve normandy or 1.5 million people. new opportunities are coming all the time. we are using solar power to operate compressor stations and pump stations along gas and liquid sides. hydrogen we are when the first companies to start blending hydrogen into gas streams.

renewable natural gas, we made a investment in a company called divert. those opportunities are coming up in early march we announced a joint venture with a large agribusiness to produce blue ammonia off the gulf coast. allow us to do carbon capture and sequestration. ammonia done on a much more sustainable basis and shift that offshore. really we are starting to see the interconnect. we are seeing all parts of our businesses grow. both from conventional business and the unconventional business. not much gets done without energy, as we like to say it, at enbrdige the world rolls on, we are already thinking in those sectors. jon: greg, thank you for your time, the ceo of enbridge. coming up we have the expedia ceo peter kern on the stronger

travel demand despite inflation and spiking airfares. this is bloomberg. ♪

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>> this terrible pandemic cap to a lot of people from traveling at all. certainly restricted their ability to travel. people wanted to do what they wanted to do all their lives. travel. now that people can travel and people saved a lot of money during the pandemic there is a lot of government support programs that enable people to build up their savings. they want to spend those savings and spend on what they want to do. that is travel. >> that was the ceo earlier today, superstrong travel demand that is the take away. expedia very similar story shares higher after the online

travel agency reported first-quarter results. bringing in peter kern, the ceo of ixia media group -- expedia group. booking numbers were huge come up 20%. what is your level of confidence this kind of looking -- booking gain can continue? >> as you heard before there's tons of strength, crusty travel industry -- a crusty travel industry for demand. there is been a certain structural change in how consumers are thinking about spending. travel is the top of the list. it has proven that so far. last year this time, first quarter there was omicron, there is some interesting things we are not that far out of covid. there are interesting comparisons going on, the travel demand is not that strong, -- there are things opening a people cannot do during covid, i was in tokyo or create -- for

business, and the cherry blossom season consumers to go to, all the hotels were full. that drives continuing interest in ongoing travel. >> for context, air canada up here, north with a pretty optimistic outlook for travel activity. does that mean for you, as a big marketer obviously you've been trying to figure out what i just would be, feel confident about spending while people are traveling. >> we have spent into the uptick in demand we are spending different than we used to pre-pandemic. we are much more interested in buying long-term customer value and the right kinds of customers all come back, join the membership program in the bible to us long-term. we are spending and -- and be valuable to us long-term. we are spending into that demand. in terms of travel digital advertising that has been

robust. >> he said they were hiring tech workers, are you completing debts competing with glenn -- competing with glenn in terms of ai? >> i think we are ahead of our competitors. we were doing that for a while, but we cut a lot during covid we invested principally the tech side of our business for the last couple of years. we are in a good spot, we continue to hire, there is great talent out there. we are in a good spot deploying more ai and ml into our products with the goal of personalizing product is much as we cancel depressed -- so the customer experience is really great. showing image how we sort our homepage how we give you filters and other things. even in the service organization we are very invested in deploying ai and ml we have launched tons of new features for consumers in the past few years including flight tracking, smart shopping. we are all in on technology. we think that is our superpower.

we power a lot of the travel industry beyond our own brands in our b2b business through technology. >> while these are important points there is the expedia plug-in for chat gtp. this seems is one of the most logical case studies of influence of ai going for it how much will that change the experience? >> we do not know yet, we are the forefront, we did the plug-in, we took chat gpt and integrated into the ios experience. they can talk to the chatgpt, find properties, save those and compare them. it is early days and people are interested in them. that is one of the use cases, discovery is a great place there is other opportunities in service and other areas were large language models could be impactful. ai is impacting all kinds of --

in small and big ways and you don't really see it. it has the power to really enhance the experience. large language models are super interesting we stand in front of that. those will not be the only things impact the expense. >> peter, thank you, real pleasure speaking to you, ceo of expedia. looking at this market come around the highs of the session, apple having its best day so far this year. jon: i think that combination of a strong apple report, regional bank of stocks rallying today, oil price is higher. crew with a -- crude with the 4% advance. job story suggesting the recession story gets pushed out longer. >> if you are travel guide, you believe that as well, particularly european airlines seeing strong demand the summer. does that hold up? that does it for john and myself. this is bloomberg.

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>> keeping up with news from around the world this is the first word i am john hyland. world health organization says covid-19 no longer qualifies as a global emergency. they point out that the virus is still around. thousands are still dying from the virus every week in the coronavirus has killed at least 7 million people worldwide. global food prices are up for the first time of year, it gained .6103% in april, the u.n. -- six tense of a percent in april. last month's rebound still has concerns over food inflation. in pakistan, they have charged him with