/ hi, welcome to "bloomberg markets." matt: let's get check on the markets at this hour. gains on the s&p 500 about .25 percent, more than that to 4518. still working at the highest levels have been in over a year. take a look at the 10 year yield right now, coming down 2.5 basis points as investors buy the bonds and stocks. not the bloomberg dollar, that

index is unchanged right now but last week we saw it snap a five day winning streak. nymex crude is down and holding. $74.12, we are seeing more supply come on from libya, for example, weighing on crude across the globe. amber? amber: taking a look at those telcos trading lower. this is the lowest level we have seen for the stock in 30 years. verizon is hitting a 12 year low and there continues to be concerned about what their liability is for the cables they laid about a decade ago. more than a decade ago, that could contain lead. you saw a number of downgrades, particularly on at&t. at&t trading at five times earnings but clearly no one is willing to step in front of this one at this point. on the flipside on tracking the financials the united dates.

financials are broadly higher with earnings on friday. most of them trading up except for state street. friday they warned they would take a hit to their net interest income and we have counted at least three downgrades on the stock. no recommendation that you buy on the dips, matt. matt: fascinating stuff, watching at&t today as well. digging into the regional banking industry, many of which reporting second-quarter earnings. rebecca romero is the president and ceo of independent community bankers of america. first i want to ask if we are out of the woods yet regards to assets marked to market worth a lot less than they are on the balance sheet. how do you see regional banks across the u.s.? >> i have the opportunity to represent independent community banks

across the united states who have a long history of managing through varying economic cycles so as i look at where we are today and we look at what is to come and at future fed fund movement, community banks are well-positioned to manage that balance sheet risk and continue forward with a strong foster. matt: as they raise rates, we do expect them to do it again at the end of this month. you are not worried about duration mismatches, the likes of which we saw at the failing banks back in march? rebecca: no, when i look at community bank balance sheet's that are structured over time to take into account future upward rate movements knowing that the decisions they make are for the longer term, that's very different to the balance sheets we saw in the failures a few months ago. amber: it's interesting that you

say they are well-positioned because a lot said they are challenged on a number of fronts, either exposure to commercial real estate, the expense of deposit base, and general lack of diversification with capital markets and wealth to lean on. where is this source of resiliency coming from? 0 rebecca: rebecca: it's based on a long-term approach to balance sheet management. the majority of community banks are banking and lending on properties that are owner occupied, that continue to show very strong performance and it is playing out in the numbers. looking at past due noncurrent loans, it's almost historical loans that we continue to see that comes from this perspective that those managers of community banks are making decisions not for the short term return, but over the long term and for a duration that really allows them

to create a stable balance sheet that manages some of these challenging times. matt: are you worried about more regulation, rebecca schumer worried about more compliance costs for the banks that you represent? rebecca: i do. the regulatory burden, as they make 60% of all small business loans and 80% of agricultural loans, they are a vital source and supplier of capital for small businesses and entrepreneurs across the country . increased costs of compliance and regulatory burdens are a response to what has happened in a couple of institutions in it doesn't help them serve those communities any better. amber: do you think the chaotic times of bank failures are a thing of the past or even though the sector is resilient we might see consolidations with problem

spots emerging? rebecca: what we saw a few months ago was an extraordinary situation as we look at what is going on with those individual banks being different from what we see across the financial services sector. while we are still managing through, whether it is this interest rate environment or whatever the economic challenges may be, we really are coming from a position of strength in the community banking industry and that's what we have to member -- remember as we think about the sheets built to manage challenges over time. matt: you don't think we are going to see a big wave of consolidation with smaller community banks, it will be difficult for them to pay at 5% right on deposits. people moving money out left and right as they see the offers from other banks. doesn't make sense to put them together? rebecca: absolutely not.

it's not about solving for scale . it's about ensuring access to credit and that local communities have local financial institutions within their market. so again i think about the time that we are in is just another ointment in the cycle. we have been here before, community banks have managed through challenging times. yes there are challenges as we think about the costs of deposits and ones that have risen significantly, but community banks are figuring that out and continuing to lend in their communities and are a source of strength. amber: where are they sector taking a hard look at artificial intelligence and to what degree? rebecca: we are a sector looking at innovation from every angle. it's about, one of the things i love about community banking is we bring a high, high level of service with a high tech approach to what we do.

so it is looking at innovation. whether it is in the front customer facing application or in the back room operation of continuing to find scale and efficiencies. i think that size of unity banks, their structure is well-positioned to leverage some of the in -- innovation we have available to us today. matt: rebecca, think you for joining us. that was the president and ceo of independent thinkers america. one person with her i on the banks is the u.s. treasury secretary, janet yellen. currently at the g20 meeting in india. she spoke in an exclusive interview with annmarie hordern about recession risks. >> growth has slowed but the labor market continues to be quite strong.

i don't expect a recession. we are on a good path to bringing inflation down. the most recent data was quite encouraging. we are making progress on getting inflation down. as i had hoped and expected that that would occur in the context of a strong labor market, we continue to see that the labor market, the fact that the labor market has been so strong has encouraged more prime age people to enter the labor force into work. that has helped to take a bit of the heat out of the labor market . the fact that growth overall has slowed after we enjoyed rapid recovery, that's normal. but it's also related to a reduction in the, in the desire

of firms to hire still lots of job openings. but always growth is moderating and inflation is subsiding. so i think we are in a good path in the united states. matt: that was u.s. treasury secretary janet yellen speaking exclusively to annmarie hordern from the g20 finance minister meeting. ford, cutting prices on the electric version of the f-150. this is the truck that saw prices raised 50% at the bottom of the barrel. so they are going back around again and cutting them. forward is the stock of the hour, and. this is bloomberg. ♪ rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989!

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amber: this is "bloomberg markets," i'm amber kanwar with matt miller. time for the stock of the hour. ford slashing prices on the electric version of its best-selling f-150 pickup by as much as 17%. shares are falling on the news, bringing the truck i still below the $50,000 threshold. matt: shares down because people are concerned they didn't have the same kind of pricing power they did have one it was the only one in the market. keith is our expert on the ford motor company and has been covering the news for us this morning out of detroit. very interesting move for ford, considering the prices on the vehicles have gone up by so much and now it looks like they are going to start to come down. keith: that's absolutely right. they drove the prices up on the vehicle 50% since it launched. it was up to starting at 60000

and they have parroted back by 10 grand and it starts at $50,000 for the pro version, the contractors version. the consumer one now starts at $55,000. amber: is the concern in the stock reaction that ford, even though the increased prices and this is still higher, they don't necessarily have the margin space that tesla does? keith: ford click -- says they expect to lose $3 billion on the ev business this year but they want to reach 8% even by the end of 2026 and investors are worried that it it's in the way of getting to that tall walk to that margin by the end of 2026. but they also need to get volume to get there in the way that you get volume is you price your product in an affordable fashion. matt: interesting to me as we always say the f series is the

best-selling pickup truck in america but it goes across the gamut from the 150 to the 750, right? i've always wondered how it would do if chevy and gmc and cadillac all had their pickup trucks on the same platform. i mean they do have the same platform but the same kind of commercial model. we will see that battle in the ev because the silverado will go up against the f-150. keith: silverado is coming, it's already here, actually. the consumer version is in production. next year there will be an electric ram scheduled to go into production called the revolution. the cyber truck now finally coming on line years after introduction. there is the rivian truck already out there. competition is really heating up in the electric pickup truck space which is why you will see more discounting and price cutting. amber: this is as the tesla

cyber truck came off the production line. how proven is the demand of electric vehicles in this kind of car? in some ways these are kind of the last holdouts for those interested in electric vehicles. keith: yeah it's big and takes a huge battery and that drives the costa but the f-150 lightning has proven very popular. food -- ford is expanding capacity at the plant, tripling production. building 150,000 of them a year. definitely demand for electric pickup trucks. people like them, they like the acceleration. they like the clean footprint. but it will get to be much more of a pitched battle, like the gas versions, once everyone is in the market. matt: i like the front on this vehicle. by the way i know they shut production of the rouge to make a lot more of these in detroit,

but they have a factory that they broke ground on in tennessee and they are going to build kind of the next generation of electric pickup trucks and three row suvs. what do we know about those products? keith: that is their first brand-new factory and half a century and it will be massive, capable of producing half a million electric trucks each year, so they are clearly expecting a lot of demand that the next pickup will be fully digital, fully connected. the lightning that they have right now is basically a conversion of the gasoline version of their pickup. a bad -- battery beneath it with cool features, but it's a conversion of an existing truck. the next one will be all new. matt: looking forward to that end we will be interviewing you when that comes out. keith covers ford for us out of detroit. billionaires are trying to make

the world's most second popular sport, which you might not even have heard of, cricket, popular in the u.s.. we talk about their chances of success and how they are doing so far. this is bloomberg. ♪ somebody would ask her something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair. but nobody even sees them. our nearly invisible hearing aids are just one reason we've been the brand leader for over 75 years. when i finally could hear for the first time, i started crying. i could hear everything. call 1-800-miracle and schedule your free hearing evaluation today.

matt: this is "bloomberg markets ." cricket is the second most popular sport in the world, played by 3.5 billion people globally, steadily growing in popularity in the u.s. for years. billionaires are backing a league in the u.s. and honor jane is the cofounder and managing pat -- partner. they have a stake in one of the big teams that we are hoping to watch more of these -- this year. thank you for joining us here on

bloomberg. tell us about your team, the super kings, and how it all came about. >> thank you for having me on. i want to go tell you a story. i grew up 35 years ago seven thousand miles away. i grew up playing street cricket and for a couple of years i was pretty good. but in those days they made $.10 a day and my dad sat down with me and told me my cricket days are done and i had to get out of it. get on with it. my seed was in -- there was a seed in my brain. i watched the leaves grow and i wanted to bring it to the u.s. and i'm super excited that i can bring it back with a joint league. matt: very cool. you got the chance to bring it back with, as we said, ross perot junior, your partner in business. there are some other people,

soft-ella, suffer con, also excited to bring cricket. we have seen some real success with soccer. do you think you will be able to get the same kind of trajectory? >> great question. stocker -- soccer started in 1992 and it took 30 years to get here. today without having a local league we have almost 7 million followers and cricket falls in the top four or five in terms of volume of people who watch it and the cash generated off the media rights in the u.s. looking at that market, the number of people here, the south asian population and the popularity growing, it's a three our game, something americans don't know. given the global popularity we think it's a great bet. amber: in canada we have a whole channel dedicated to broadcasting nhl games input job

he -- in punjabi. it's a huge success in canada. is what you are trying to do in the u.s. a play on immigration, people interested in a thing because they are from another place or are they trying to get americans who are second, third generation interested in a sport they've never heard of. >> that's a great question. i think we have built-in population with the population growth of immigrants but that's a springboard. we really need to make it work for all of us, for all of the americans. soccer took 30 years and we are patient. but we have to make investments in the kids playing cricket. yesterday and my sweet we had a bunch of creek -- kids who had never seen the game and were excited by the constant action. our future is treating the american people to a new sport, getting the kids excited, growing up with cricket and it

becoming a household name like soccer has. amber: what about pickle ball? the fastest growing sport in the u.s. you already have cricket with a long history. for some people it might be just as fresh as pickle ball. anything from their playbook that you might be looking to copy? >> we are like a san francisco silicon valley startup, right? we spent a lot of time doing a bunch of the things they said they would do differently in the most important one is quality of product. putting in great infrastructure to get the top players to come play and what the fans have seen is an amazing quality product. the most important way to get anything going. pickle ball, rugby, or cricket. it's all working and we are looking at all the leagues around the world, successes and failures, hopefully we learn from that success and replicate some of it.

matt: is bloomberg so i have to ask if you are in the process of raising money for expansion. >> there's a lot of infrastructure required. we have put a lot money into the league and for some time we are going to put more money because this is a high olive product and fans will catch up over time in which we can earn more money. matt: very interesting we will be watching or at least i will be watching for sure. very exciting development. anurag they are talking about the foundation of what they hope to be a popular new sport in america and his team, the super kings. all right, for amber kanwar, i'm matt miller. continue to watch markets rally in terms of bonds and equities and we will keep you up to date throughout the day.

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the idea that we have saved five million people's lives, it's overwhelming. it's everything. >> modest gains on this mid-monday afternoon from studio two at bloomberg headquarters. romaine bostick here. katie: and i'm katie. i saw it in the prompter. let's talk about what this market is doing right now because we are officially in a holding pattern ahead of next week's fed report. we are seeing modest gains at the s&p 500, up .4% on pretty healthy volume. take a look at big tech in the races, about 20% once again in charge. take a look at the bond market, things are much