what we need is the space and we need investment support. we are the best investment cases for this in the world. jon: welcome to bloomberg markets. sonali: let's get a quick check on the markets. in the stock market, it looks like is fairly muted and it looks like it's unchanged with a flat s&p 500 trying till done to gains in the nasdaq 100 doing the same but the bond market story gets interesting. the two year yield is down about 12 basis points which is at the lowest level it's been in months

and you are seeing the bid back in the bond market ahead of a lot of fed speak this weekend to friday. after big dip lower, we were looking at $74 yesterday on crude oil. we are firmly above 75 a to prove -- a 2.5 percent rise. jon: it seems like central banks because been helping write the oil prices today. within the dow, analyst commentary is helping a boeing witches had a nice run recently. rbc had bullish comments on the demand picture going forward and that stock is up 1.5%. we are also tracking the price of gold recently which has moved from 1850 $2000 per ounce. newmont is up 5.5 percent and

let's talk technology. a busy week for tesla with the release of the first cyber trucks and we are waiting on details on the pricing but analysts are announcing a launch in the next couple of days and tesla shares are up. pdd is up 19% and its arrival of companies like amazon and alibaba. the stock is soaring today. sonali: we heard from a number of fed officials today and that christopher waller who said he is increasingly confident that policy is well-positioned. austan goolsbee said inflation is coming down but not fully on track and michelle bowman says she favors a more tightening if inflation stalls. let's discuss this with molly smith because the market is shrugging off the bowman comments. >> i like to think of it as

selective hearings and stocks always find a reason to go up. why are yields lower on the day and wire stocks higher. yields right now, i don't know what in that fed speak was overly dovish that will signal 12 clicks down on the two-year. there is such widespread expectation that the fed is done and into weeks there will be another hold. we are looking forward to what the pricing cuts will be next year. jon: i wonder if additional data might support the market enthusiasm surrounding a change in rate policy. governor buller talked about the labor market and if you get a weakening jobs report, presumably that would feed into some of the fed speak we are getting now. >> we will see the next jobs report a week from friday and we have the cpi report that comes

out at the beginning of the fed meeting in two weeks so we will see how that can be a factor in the decision if at all. jay powell is speaking on friday so this is the last week we will be hearing from fed speakers before the blackout going into the december meeting. people right now are parsing for whatever clues they can to coalesce whenever optimism is out there now and the expectations that the fed is done. sonali: the story is about potential cuts into next year. how many clues can the market get out of the commentary from this week out of that? >> that will be tough. it's more thinking ahead toward the meeting in two weeks when we get fresh fed projections. i'm curious how jay powell will maintain the optionality for another hike. that was in the september

projections and that's what fed speakers have been saying to say they could hike again if necessary. we will be eager to see if that's still the rhetoric in two weeks time. sonali: molly smith, we thank you for your time. barclays has told staff that hundreds of back office jobs are at risk to boost returns. we had the details. how widespread is this, it looks and feels like 900 but it feels like more when you feel like how many jobs have been cut. >> these are back office jobs we are talking about. this stock has underperformed the last few years and is lower today than five years ago and has been a downward spiral for the last decade. the ceo is only in for two years and now is the time when shareholders and investors want to see change. they want to see a clear

strategy and a pathway to greater profitability and improving share price. the strategy changes, the massive cost reductions they are talking about to take cost out of the system and the job cuts we are talking about are all aimed toward that. it's in service of the stock price that is been language and for far too long. jon: we are getting a flood of banks reporting results in canada this week and we heard from scotia bank which said they have to set aside more money for potentially bad loans. when it comes to cost-cutting measures by barclays, does the economy from here, the state of the economy into next year play a role in what the cost plans are over the next 12 months? if the economy weakens, does that lead them to make tougher choices from here? >> it forces them to take other actions.

even without worrying about what business will be, they have to take a lot of measures just to make sure that they can do up better than what they are doing. if the economy decelerates and if there is a slowdown in a hit to their revenue, that only compounds their problems. sonali: i want to turn to the banks because there is a great story about other folks looking for talent in artificial intelligence are poaching from goldman. how much of an issue does this cost them in the future? they will have to pay up more for these rogue areas. >> is there a talent war for ai focused staff? are banks rating from each other? the report we got today is a moment in time. it catches what is happening but it's a small slice of the big picture. we are only seeing musical chairs from one bank to another

but not necessarily the talent they are getting from universities and other corporations in that total picture will give us a sense of the winners and losers. my argument is that the bank's position to invest in technology that have a deep competitive mode in investment banks and trading, they stand to be in a better position because they can refer to investment technology and goldman falls in that bucket. undoubtedly, everyone is looking at this as a good chance for technology but when it comes to banks, you have to worry that data accuracy and protection. sonali: we are talking about ai talent which is interesting also with private credit talent. the chairman of ubs is warming does is warning that private credit is in trouble. is this a reaction to the private credit guys taking all the banking down? >> it's her reaction from the

growth we've seen recently. this asset classes come from almost nowhere. private credit as a concept as existed for several years but it was $1.6 trillion. on wall street, we also have several good ideas, ideas that work and offer greater return for investors. when there is a frenzy that accompanies a good idea, it tips over into something more worrying, less regulation, not enough transparency. these are the concerns that could lead this asset class into a problem area this is a space that has yet to be tested by a serious crisis. sonali: the bank ceos are taking washington next week. they will talk about how dangerous private credit is. thank you very much. coming up next, bob iger is holding a rare town hall at disney for all employees at

disney. we will discuss details on their streaming business next. this is bloomberg. ♪ i'm going to sell my life insurance cuz i don't need it anymore. my kids are grown, my wife is great, let's settle up the score. it's time to travel to paree, spend retirement happy. call 877-sell-easy. 877-sell-easy. 877-sell-easy, and sell your policy. you can sell all or part, live your life and play it smart. 877-sell-easy, and sell your policy. if you've had a change in health, or you're over 65, and paying for $100,000 or more in a life insurance policy you don't need, get paid for it instead. then take the money that you get, go to live it up, you bet. call 877-sell-easy. 877-sell-easy.

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jon: this is bloomberg markets. time for our stock of the hour. we are keeping tabs on disney stock today. the ceo bob iger is hosting a town hall of what was supposed to be a celebration of disney's 100 birthday has turned into a stressful affair physically for staff would bob iger looking for ways to control costs. we know he has faced activist investor pressure and there were big questions about the disney going forward. sonali: mark douglas joins us,

the ceo of advertising for a mountain. if you were sitting in that town hall, what would you want to hear? >> that's an interesting question. if i was on the receiving side, what i'd want to hear is that disney will go back to its roots. what i would be afraid of is that that might involve staff changes in up let's face it, disney has bombed at the box office movie after movie for the last couple of years. there will have to be changes in terms of people leaving those results. overall, you want disney to be disney, that's what i would want to hear as someone working there. jon: the company has tried to indicate that after all the job cut announcement this year that that isn't necessarily in the cards for them for the rest of the year. what do you think about the legacy businesses?

traditional tv networks were disney, what happens to them? >> on the traditional side,evc and a few of the other networks will probably be sold off. the problem you have is in this world of streaming, you have to have a brand that people know why they go there. disney has that literally with the disney brand. it's obviously family entertainment and they have that with the has p.m. brand but they don't have that with abc. any brand you have where people don't have a clear reason as to why i'm going there to watch content i think potentially will be sold off and it will not really be part of disney. the brands that remain, i think they will invest heavily in so i don't think you will see cost-cutting. bob iger recently said he wants to grow disney and you don't grow through cost-cutting, you grow through investment and i

think that's what will ultimately happen here. sonali: how do you think it works out for disney? this is a stock where it's been under some pressure this year, trailing the s&p and there's clearly a lot of transformative moves happening. of the investments they are making, what will bring in the most money? >> it's ultimately disney, the way to look at this is relative to its performance to the last year or two is probably fairly valued but relative to what bob iger is capable of doing, if they refocus on the brands, it's probably undervalued. i think as an amateur investor, i think disney would be one of the stocks i would buy because you are basically betting on their ability to correct the sins of the past and i think there is no doubt they can do that. i think the future is very bright even though right now, it's quite a problem. jon: on the streaming landscape,

with a number of streaming options we have today, doesn't look the same in five years? >> no, i think it will be consolidated. it looks the same as far as who the leaders are but it's back to the future. when we had cable and there were lots of networks and then they consolidated. everything consolidated under your cable provider which were monopolies. now they have to compete to win but once you win, you will basically consolidate content. people will be focused on five or six big streaming providers which have the majority of the content people watch. it's a little back to the future in that regard for consumers and these media companies. jon: more change to be watching for, thank you for your time. coming up, we will discuss the

investment in the sports education company img academy. this is bloomberg. ♪

sonali: our next guest just announced an investment in sports education company img academy which has stakeholders from athletes. the founder and ceo joins us now to discuss all the kelsey's. >> both of them invested. sonali: travis is in the news now. >> it's a good year to be a kelce. sonali: you work with all of these athletes. why img in particular, given the on ramp we are seeing into these different sports becoming more popular in mainstream media now?

>> we have to look at things from two different angles. one is what would 50 or 100 professional athletes be interested in investing in where they can feel connected to the company and feel as if what they are doing makes some sense for their long-term view of what they want to do with their lives. the long side is a smart, rational investment where we can do well financially. img was appealing from that perspective. i've known the company for a long time from when i was in investment banking. i had some insight into the business and this is the education component of the academy. back when i was a kid, nick voluntary had the academy which evolved into this. i knew the company. the ceo is a phenomenal guy. we've done deals together and i knew his vision and i've been

calling him on occasion over the past couple years to do something. i wanted to take a deep look and one of the athlete partners would find this interesting big easy -- because either they went to the academy or had teammates that went in they see the relevance the business had on their lives. from a long-term perspective, the growth strategy is interesting. there is the camp component that can scale globally and multiple academies that can be built. there is a big international component within international vision and camp education that i think we'll have a real impact on kids whether they are pro at leitz or not. there is a do well and do good component. sonali: the other aspect of this deal that's interesting was not just athletes but when you started this company, how much more interest are you getting from professional athletes to put their money to work into

deals like this? >> i think it's been a good 4.5 years since we started. original challenge was to explain why private equity was a better asset class for them. that way they take less risk and give up some upside for protected downside and tried to double or triple their money. covid has slowed down some of the exits we were hoping for but the portfolio we've invested in is doing very well. we have attracted multiple new investment opportunities in growing our athlete client base with about 200 and 50 of them with us in various ways. with done investments and farmland. we've invested in consumer-products and alcohol brands and have done this education deal. we really tried to think through how to build a portfolio of investments for short and long-term benefits to the

athletes that will generate returns for them but also give them opportunities to get involved in the investments they make. got exciting new things coming forward that we will talk to you about next year. we will do something in the restaurant and music space and look at other categories of things where the athletes can touch something and impact the outcome of the investment but also learn something about the industries that appealed to them during the process. jon: you've talked about a group of individuals who are very talented and motivated who are coming into a large amount of money very early and what would be considered an investing cycle in one's career or life. it seems like the overall salaries that are getting handed out in professional sports are only getting larger so this conversation will only get larger. >> i think it's part of the

thesis i had when i open the company. the current group of athletes -- we sign athletes when they are in college. bryce young came on board when he was finishing his sophomore year at alabama. the likelihood of a bryce young or joe burrow or dac prod get tessera deck prescott, making a million dollars is very high. they are exposed to things early in life. they have developed interests that are outside the sport. you will see a huge wave in investing in ownership from retired professional athletes. j.j. watt bought part of the u.k.. we advised dwayne wade. you will see a trend. it also addresses some of the diversity issues around ownership, finding angles for

athletes. to be owners interested them so they will retire and most will not play till a late age but they will retire in their 30's with $30 million so they have earning potential but relevance and they can do a lot with that and they are learning to do that so our firm is built to empower that thinking process for them now. we want to put in front of them the opportunities to play out for them long-term. jon: we appreciate the insight. thank you for joining us on the latest investment in img, the sports education company and we are tracking markets today. we started this half-hour talking about some of the fed speak and the modest influence because we are looking at a positive day for the s&p 500.

maybe that continued fed speak this week coupled with moving into the next couple of weeks of economic data could be more of an influence after the big run-up for the s&p so far this month. this is bloomberg. ♪

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romaine: u.s. stocks treading water. u.s. treasuries pushing higher. emerging markets getting their mojo back. live in new york, i am romaine bostick. katie: and i am katie greifeld. two hours to go. you are looking at any s&p 500 unchanged at the moment. we had been looking at gains earlier in the day. we had fed speak suggesting maybe the fed is comfortably positioned now. we have a weak treasury auction

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