>> welcome to bloomberg markets. evidence of a resilient u.s. economy have made traders lower their rate cuts. how is that showing up? risk on. you have big cap and tech stocks and small caps all advancing thanks to the bigger than expected gain. you could see the nasdaq leading up to percent but small caps doing better by 2.5%. we have the retail sales report lifting oil for the first time in three days. nymex crude gaining almost 2%.

as part of this risk on trade, treasuries are declining pushing yields up. shorter duration leading the way. you are looking at the two year yield which is very sensitive to fed policy. at one point it rose 15 to almost 16 basis. macro to micro here are a couple of the big equity movers. cisco shares surging for their best day and almost four years after the company gave a bullish revenue forecast and announced plans to cut thousands of jobs as part of a larger strategy ship. meanwhile walmart stock is perched at a record high up 6.5% which is not a daily move after raising its four year sales guidance despite warnings from economists and investors that consumer strength is starting to slow. if you look at e-commerce sales in the u.s. not grow 22%. sticking with retail, nike higher by 4%. ackman disclosed that

pershing holds 3 million shares worth $230 million. outside of retail company news the government said that u.s. retail sales accelerated in july. we talk up -- we caught up with tom who still sees weakness even with the positive headlines. tom: you are seeing delinquency rates on the rise and you are seeing the unemployment rate rise. it is relatively low but up .7%. i think you are starting to see the type policy showing through. scarlet: nonetheless the headline retail sales number came in stronger than expected and markets are recalibrating expectations without the fed proceeds. putting this altogether we would like to bring in the global chief market strategist, victoria fernandez. good to see you. let us take a step back. what does this data and here we

are referring to ppi and cpi and retail sales mean for the growth scare narrative starting to take hold after last monday? victoria: thank you. when you see the reaction can tell that it is taking a little bit of a breather and saying that maybe we are not headed for the recession were hard landing anticipated a week ago, more of a soft landing. a lot of it has to do with the repricing of what the fed will do. you have a lot of people calling for emergency meetings to lower the fed funds rate asking for 50 basis points in september. we had priced into the market for .5 cuts from now until the end of the year. some of that has been repriced as cpi was a good number but there were elements to say that there is some sticky inflation. the fed needs to walk before they run. retail sales are strong, so the

consumer is still there. the fed will not want to lower rates quickly and stoke demand to keep inflation high. i think they are saying a 25 basis point cut is probably what the market is rallying around, assuming that there is a first in a few steps. we will see if the fed delivers on that. scarlet: i am glad that you mentioned that the market was pricing four or five rate cuts for the year. right now it is about 92 basis points just under four cuts. i know that before the inflation data you were anticipating two rate cuts. so talk to us about how you see them playing out because the market seems to think that there might be a supersized rate cut in there for 2024. victoria: the market does and i am surprised because there are some pushing and pulling in the markets with some of the data. you do have things that are saying that the economy is doing

well, the atlanta fed gdp at 2.9% and equity markets doing well on the rebound. they had a quick route -- a quick reversal. there are some warning signs. the jones report is reporting some weakness in the labor market as you start digging down. regional said surveys were negative and manufacturing was negative and industrial production is poor. i think the fed will go slowly. i anticipate two rate cuts and i think we will get the first basis cut in september and the market will be ok with that because i anticipate that next friday at jackson hole, powell will lay the groundwork so it will not be a surprise and we get the next one in december. scarlet: i am glad you bring that up because that is what everyone is watching. what do you think will be the catalyst in between that speech from jay powell at jackson hole. is it going to be fed speak?

that feels less important given that powell will be speaking or nvidia's earnings report? victoria: obviously the earning report will be key. it is the driver of the market in the first part of the year. they have had a huge pullback. i will anticipate that if they have strong earnings we will see the names rally again. i think nvidia is up 10% this week already. i would anticipate that that could be something to continue to drive some of those tech names and the risk on elements. but we still have to look at some of the things that are telling you to be guarded. you have high versus low beta and bitcoin. both of the charts are reneged are cross, the 50 day moving below and that is very risk off and less liquidity. so, if you are looking at triggers, nvidia could be important and you do need to watch liquidity elements and what is happening.

earnings is coming to a close but we get another jobs report and more inflation before the next fed meeting and all of that plays into the decision. scarlet: what is your take away thus far. you say it is pretty much over and big tech did not deliver highflying expectations placed on them. but what about the industrials complex and the company is exposed to the consumer so far? victoria: it is interesting because if you look last week sumer discretionary was the worst performing sector which did not surprise anyone and we were concerned about the consumer and the labor market and wages. industrials which are the best performing sector, he would not expect that if you are expecting a slowdown but they seem to be doing very well. deere's report was strong and cat was ok. i think there are parts that are giving conflicting stories but saying that with some of the names on the runs i have had you

should go in and trim some names and get a little bit of defensiveness in your portfolio from now until the end of the year and look at the stables and health care names and even the financials. we have seen them come back and that might be an opportunity. scarlet: we are seeing stocks rally and bonds fall. this was i dynamic that was clearly missing in 2022 and both asset classes tumbled. what is your confidence that we have returned to this traditional relationship between stocks and bonds? victoria: i am not sure i would say with 100% confidence that we are here and we will stay this way because of all the things we are talking about and some of the red flags there could be a lot of turning and volatility from now through the end of the year. it is not just what the fed and other central banks are doing. you have geopolitical issues. we have a presidential election that could be controversial from now through the end of the year.

there are a lot of elements that could cause choppiness. as long as we stay with good news is good news and bad news is bad news we will have this relationship. if it starts to revert back because we have concerns that the fed will not cut rates quickly enough we will start to see the relationship change. scarlet: good news is good news for now that we have seen that get scrambled. the chief market strategist, victoria fernandez. thank you so much. a closer look at china as the country reports mixed economic data and alibaba disappoints. this is bloomberg. ♪

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scarlet: this is bloomberg

markets, i am scarlet fu. we got fresh data on china's economy. number shows that the economic malaise extended into the third quarter. tom orlik joins us from washington. it was pretty much a data dump out of the country that spans the industrial economy to the consumer economy. what did we learn overall? tom o.: not an impressive set of numbers out of china, scarlet. we had industrial output missing expectations. we had investment missing expectations. we had retail sales slightly beating expectations but still coming in at a pretty dismal pace. what does this all tell us? it tells us that the drag from property, slow-motion collapse remains considerable. property sales are down more than 20% year on year.

and the steady drip of stimulus which the ministry of finance are injecting into the economy, that is staving off an outright collapse, but it is far from sufficient to restore robust growth momentum. scarlet: far from sufficient is pretty telling. when it comes to government response for anyone looking for any kind of big shelley fiscal stimulus is that waiting for good? -- goddot? tom o.: there is no bazooka. the hope is that there is a lot of water pistols. so the people's bank of cut interest rates by 20 basis points. we think they will do another 10 basis points by the end of the year. there are some fiscal deficit spending still to come, enough to finance a bit more infrastructure spending.

and the pboc has said it will flex its balance sheets to finance loans from state and banks to buy those enormous inventory of unsold property. so, they have done a bit. there is a bit more that they can still do. what the impact of that? ? if they succeed it is maintaining a tepid pace of growth into 2025 which is the upside. if they do not do enough we can be concerned about a renewed slide. scarlet: if you take a step back it strikes me as curious that the rest of the world emerged from the pandemic dealing with inflation and rising prices and china came out on a different timeline than everyone else and there is talk of deflation. why is there such a start difference? tom o.: that is a great question and i would point to a couple of factors. so the first is the pandemic

kind of really put an exclamation mark on some of china's biggest problems, among them oversupply. when you have an economy that is oversupplied as we saw in japan over the past decades that really weighs on pricing is. that is the first factor. the second factor is why did the u.s. come out of the pandemic pretty strong? well because they put a lot of stimulus into the economy. huge fiscal stimulus starting with trump and through biden which lit a fire under prices. because china had a problem of high debt did not do a lot on stimulus which is why there challenge is not soaring but slumping prices. scarlet: bloomberg economics chief economist tom orlik. thank you. we will hone in on one part of

the chinese economy and focus on retail. alibaba reported that its chinese commerce business strong. peter joins us from london. i mean when i was looking at these numbers what really jumped out at me was 4% revenue increase. that is the slowest pace in more than one year. does that tell us more about alibaba's struggles or the chinese consumer's struggles? peter: that is a good question, alibaba is something like a bell water -- bellwether because it gives us an insight on how the chinese consumers are spending. we had results from tencent. but today we have and that was a pretty poor result and disappointing for investors. the topline line grew to 4% because of some strength in business as including the cloud

computing business where they do have growth and the international operations are growing more rapidly. the sign of weakness in chinese consumer spending is a bit of a concern and more broadly for the economy. scarlet: you cannot talk about the cloud in the u.s. without pivoting to ai. to what extent can ai products save alibaba's business in terms of really becoming a driver for growth. in a way that is maybe not priced in yet? peter: these are early days. the chinese companies are a little bit behind them. alibaba is putting a lot of capabilities. they are trying to incorporate some of that into various businesses around the company. the cloud computing business is a little bit of a bed. overall operating margin shrank

going from 18% to 15% and that is partly because they are investing so much money in the ai. on the conference call, we were asked the question will you invested this kind of play -- at this kind of pace. we are determined to make progress and that is also a cause for concern unless they can find some sort of payoff at the end of these investments. scarlet: we have seen that game play out. you mentioned eddie wu is the new ceo. alibaba is an organization. does it differ significantly from its predecessor? peter: daniel was focused on expanding in a number of and -- areas in the core of the business and made adequate -- acquisitions in brick-and-mortar retail and retail ventures in particular.

they expanded abroad also. eddie wu and the chairman of the company are focused on the traditional businesses that matter. e-commerce in china is the heart of the business and they have to make that successful. in addition they see a lot of opportunity in cloud computing. if they are at -- if they are able to add corporate customers they might benefit. beyond that they are selling off some of their assets and holdings and looking at spinoffs. they talk about how they want to focus on core businesses and get value out of that going forward. that is the plan anyways. scarlet: clearly a company in translation. peter is usually based in tokyo but in london for the week. thank you so much. coming up, flexible work arrangements are getting changed up. this is bloomberg. ♪

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scarlet: this is bloomberg markets and i am scarlet fu. chalk up a win from -- for the work from home crowd. and starbucks had a new ceo when he takes over he will not be in seattle but working from california where chipotle is base. so beth, starbucks is letting its incoming ceo work from home. it is the one thing if you are running a tech company with a lot of software programmers working from home so this is starbucks and i am shocked. beth: he is not relocating from california, he will be working out of seattle. part of it is commuting regularly. but the terms are unclear. i do not know how often he will be in seattle even though they say that will be his main

office. scarlet: exactly. apparently he will be commuting to seattle and travel as needed. that leaves a lot to the imagination. we do not have the details. that is an awful lot of flexibility as we know most companies are not offering that to rank-and-file employees. beth: it shows how much starbucks wanted to get him to join the company. it was one of a couple of concessions. he joined chiptole, they were willing to relocate the headquarters from denver. i think it is one of those aspects if you are that desirable you can make any arrangement that you want. scarlet: this is just a him thing rather than a starbucks thing. can call the shots in terms of where he wants to work in the company's move to him. and as you point out it speaks to how desperately or urgently starbucks wanted him. in the meantime you look at another big household name

company and the remote work debate got extricated when eric schmidt who formerly ran alphabet and i think it was called google back then, said that his former company is the ai brace because of the remote work policy. can you highlight what he said and who we was saying it to? beth: this one -- this was not a conversation at stanford, a talker lecture. i do not think he meant for it to go public like that. since his comments have come out the video has been taken down and he has walked them back. he was saying that the company is struggling to compete in ai because it has the flexible work arrangements and his argument is how can you behave and compete with a start up if people are not willing to work that hard. he is equating willingness to work hard with remote, which is sort of really pretty reductionist. and i think it made a lot of people angry.

scarlet: it may be alphabet workers union which represents about 1000 employees in the u.s. and canada upset because they put out a statement saying that "flexible work arrangements do not slow down our work. understaffing, shifting priorities, constant layouts, stagnant real -- wages, and lack of follow-through for management on projects, these factors slow down google workers every day." they have a laundry list of issues. alphabet is no longer a startup so how can you put those expectations on employees if that is the case? beth: it is such an important point and it is worth noting that a couple of the most successful ai startups have hybrid work arrangements. i think that using remote, flexible or hybrid as an excuse for deeper cultural problems that the company might be having and to your point is is not a startup anymore and expecting it to behave that way sets it up for failure. scarlet: a lot of tech companies

have hybrid work policies. i believe alphabet itself has a policy of working three days a week. it is not like people are never in the office they are following the rules. beth: i do think that there seems to be a generational divide and i think a certain segment of the population wants a return to the way things were and seems to think that any issue that arises is an easy fall back. it will be interesting to see what happens at starbucks. if the company struggles and he cannot turn things around people might turn to this and blame his work arrangement. scarlet: it did not happen at chipotle. always a pleasure speaking with you. our bloomberg opinion columnist who works about working culture issues at companies. coming up, dana tells a follows

the unexpected jump in u.s. retail sales. we will get her read up next. this is bloomberg. ♪ just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management with so much entertainment out there wouldn't it be great...

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scarlet: welcome to bloomberg markets, i am scarlet fu. it is midday in the u.s. and we had a retail sales report that is much better than expected and good news was interpreted as good news. equities at session highs with the s&p 500 gaining 1.5% and big tech doing better with the nasdaq 100. and we see bonds tumbling which is pushing yields up. the two year is more sensitive to what the fed does next which is what everyone is pricing in a 25 basis point rate cut. the two year 4.09% under 4.10%.

and the 10-year yield at 3.92%. let us go back to equities because there are a couple of notable movers and abigail doolittle has him for the -- for us. abigail: this is one not sting the indexes. up more than 1.5%. sega down and this is one of the worst days for the antiviral maker. down 40% that was the worst day ever since the company traded publicly going back to 1997 as their mpox study failed to meet the goal. there were some unusual circumstances such as folks enrolled already being one week into their case and within a hospital but investors are not liking this. a piece could be that the stock was up 129% on the year and clearly expectations were meant to go the other way that it went this way. this could be bad news for siga.

but let us look in another antiviral maker, geovax up on the negative news for siga. the stock had been up 30% and they are also working on an mpox vaccine. looking at some of those indexes, looking at the shares of walmart up 6.6%. the stock had been closer to nine or 10% and the best day going all the way back to 2020, the degree of the buying power this of course after they put up a good quarter and raised the full-year view to as much of four point 7% growth as much of the prior review and it is a case of consumers hunting for bargains and even high end consumers. people focusing on necessities and groceries. e-commerce is a big point of the story and then we have some of these others, target and bj's reporting and home depot hanging onto the gains.

overall retail is doing well. scarlet: thank you. you mentioned retail and walmart and here is how executives are responding to potential weakness that we are seeing in the consumer. >> pricing has been going up and we are guiding in three and four. >> as we taken new bookings, the willingness for guests to pay more for the experiences. >> prices will go up in both corridors and it looks that way for 2025. >> they are willing to pay it and book further ahead. >> the u.s. economy is stronger than people are giving it credit for and the consumer will come back as the economy strengthens. scarlet: as abigail was telling us walmart shares are at an all-time high as the company boosted sales and profit outlook pretty much a bullish call as peers have been more -- looking at a consumer. what was the most encouraging part of walmart results.

how much can we read into this being a walmart versus a broader consumer story? >> some of the most encouraging things is that it is the second quarter in a row they of talked about hiring consumers coming into walmart but more importantly that they feel like they now have the framework to keep the customers even after the economy starts to get a little bit better. historically when people are challenged they flood into walmart and then they leave. if they are able to hold onto this know -- this new cohort of consumers. this is good for the long-term growth. scarlet: they want to reduce the chart. it is like the cable provider not wanting to give up that because of the noose new -- scarlet: walmart is trying to leverage its customer base into something that can smooth out its earnings as the revenue and earnings over time.

jennifer: the advertising business as well. walmart connect continues to grow and the low 20% and it is really a sign that they are able to engage with their partners to bring advertising and revenue into the company. from the profit perspective that is great because they are looking at multiple business as with higher mart -- with higher margin. that changes with the mix of the company to make it more profitable. dana: do we know -- scarlet: do we know the breakdown as we have much thinner margins? jennifer: the margin can be up to 80% and when we are talking about the retail business and on an operating margin you are in the low to mid single digits. it is a very important component of the long-term strategy.

other businesses like fulfillment services which are increasingly important with e-commerce are also higher margin. when you bring multiple businesses with high-margin profiles it does change the entire framework. scarlet: i guess we go back to the main point that as the world's biggest retailer will mart has access in a window that no other company does. the key comment in the earnings release was that we are not seeing any criminal for a. you mentioned a little bit earlier that they are attracting more customers in times when things are a little bit tougher and it is harder for the consumer. who is the consumer right now and how much trading down is taking place and something that we will see in the coming months? jennifer: walmart's kohler customer was the middle to low income for sumer.

that is a bigger threat to companies like target. it seems to have a hiring core consumer. it was interesting because it is not about credit -- price but convenience. the uptake of having it ordered or pick up at the curb, that growth is showing that regardless of your income level zoomers are looking for more than just price. -- consumers are looking for more than just price. that looks at a long time story. when the economy gets better they do not need the cheap price but there are things i keep them engaged. scarlet: jennifer, thank you so much. we'll stay with retail because big picture the july sales rose above estimates by 1% highlighting consumer resilience in the face of still elevated prices and borrowing costs. joining us now for more is dana, the founder and ceo of tllsey

advisory group. i know we were talking about walmart do not cover walmart specifically but i am curious to get your take because the ceo says that "we are not experiencing a weaker consumer, they want a value and a broad assortment of items and services. is walmart an outlier given what other retailers have shared with us? dana: you mentioned that walmart is the biggest retailer out there and i think they are gaining share and given the extensive reach that they have into many different income cohorts, plus the fact about ticket and traffic both showed gains. i think they are gaining share from others. the value pricing and the convenience whether it is in-store or online coupled with the broad category assortment and look what he said about back to school which is strong for them. i do not think the words and frankly the picture that we are seeing from walmart we are going

to hear from other retailers. it feels like they are stronger than others because of their offering, price, value and convenience relationship. scarlet: we were just hearing it is not about price but convenience and the value proposition that they offer overall. is this something that other retailers can present themselves as offering or are certain brands in a better position to benefit where consumers are fatigued of high prices and are looking to seek out better pricing and better value? dana: overall you are seeing that shift and the off prices that will report their earnings. and other types of shopping, there is intentional shopping done by consumers focused on particular brands that have innovation and offer something new and different that consumers are willing to open their pocketbook board. it is value and differentiation

that leads to the shopping. scarlet: the one thing that the cfo mentioned are the upcoming elections and the unrest in the middle east. how does this affect consumer behavior and is there anyway for the retailers and merchants to get ahead of that? dana: one thing that we are seeing in response to an uncertain political or geopolitical environment that is out there, look how they are managing inventory. you are not hearing of increases but of moderation. so leaner inventories allow you to manage your margin and you see more confidence than you have in some sales given the volatility. going into election season we did a look at the past sort -- 13 elections and what is best for consumer stocks is incumbents and democrats. we will have to see what that brings through the election cycle. scarlet: what are the skills

needed for a retail ceo in this kind of environment where a consumer is seeking value and differentiation and convenience but someone who is capable of managing inventory in a fast-changing world? dana: when you think about what drive success and rebrands, -- and fir brands the markers change. it is what delivers successful brand. to have a successful concept is about innovation. to drive educate -- execution it is about speed. for management to have a vision it is data. to have a you like -- a product that utilizes speed and enhancements and day that leads to growth and that is what usc not of walmart today. scarlet: dana telsey will stay with us as we take a look at shares of old tub beauty trading at the highest --ulta

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scarlet: this is bloomberg markets and i am scarlet fu, time for the stock of the hour and we are watching shares of volta which is --of ulta which is on pace for its biggest rally because berkshire hathaway disclosed a stake valued at $266 million. dana is still with us and she has an outperform rating on the shares. warren buffett likes ulta, and

what about the stock screams discount in value in the buffett sense? dana: look at where the valuation of the stock is. it had been at $600 and today it is trading around 368 or $369. i think the category is still solid when you think about ulta, it offers goods in the mid to prestige price points. they just relaunched their ulta beauty line and investor day is coming up on october 16 where they will give out their long-term algorithm, footprint and physical locations are convenient. and now with a smaller box size of 5000 square feet we will have to see what the expanded potential should reach and the digital channel as an opportunity for them. it captures a grandmother, mother and daughter with services included like hair

salons that brings people back. and let us not forget about the target partnership which has room to expand. it is and just in 500 stores. scarlet: that is a laundry list to light. warren buffett does not time his stock purchases because seeks out value. as we are headed for a period of uncertainty, you by the idea that when times gets tough they buy small luxuries like cosmetics? dana: overall what is happening with cosmetics remain strong. during the pandemic it was a crazy zoom cosmetics category because the growth rate was up double digits. it is normalizing to around single digits. you look at that in comparison and it is still strong growth. one thing to note, there are expanded distribution points whether you have companies like sephora and kohls, ulta and

target there have been more distribution points. even the off-pricers having more beauty assortment. that is the competitive force and with ulta's beauty -- loyalty program they need to be defining. scarlet: tapestry is up by 3.3%. you have the lower end that could argue is cosmetics and then you have the higher end. it gives weight to the idea that we are in a k shaped economy where high-end stuff and low end stuff does well. tapestry earnings came in better than analysts anticipated despite warnings from other luxury purveyors that things were slowing down. what is tapestry doing right? dana: remember product innovation. the coach brand is working and the price points are not at the upper end. even some newer product

innovations were placed into some of the outlet stores at full price and exceeded the plan. the gross margin was up 600 basis points. what everyone wants to know is what is going to happen with the potential tapestry and capri combination. tapestry said that it continues to remain fully embraced in the acquisition and they see the opportunity for it to be accretive to the baseline with the high operating margins even into press sales and more than $200 million of synergy. if it does not go through you have an excess cash flow generator of around $800 million and the potential for a share buyback exists. so the strength of the coach brand along with the potential buyback. keep in mind, kate spade and stuart weitzman are not performing at the same levels as coach. scarlet: i know that coach was

able to raise prices and hold onto customers and boost sales. you mentioned capri, the seventh straight decline in annual sales. even if tapestry wants to move forward is it in a position to get a lower price and renegotiate the price point? dana: that has been asked millions of times and they have not made comments on it. it will be interesting if the deal will be approved and then we will know more. we have -- they have the financing in place so let us see what is changing. scarlet: thank you so much for an extended conversation. she has a founder and ceo of telsey advisory group. we will move onto the world of higher education because a third ivy league college president resigned as a part of the campus protest over the war in gaza. this is bloomberg. ♪

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scarlet: this is bloomberg markets. columbia university president is the third ivy league leader resign as universities grapple with protests over the war in gaza. we reported on this and she joins us now. it has been a quiet summer without any protest, even the protesters need to do their internships. why is she stepping down now? >> i think a lot of us are wondering that. it does not seem to be a sudden reason and it seems to be a surprise. her resignation was a surprise. but, we know that school is about to start in three weeks and columbia has not agreed out a plan. there is talk about giving their public safety officers more powers to arrest students. right now they cannot touch students. we know that they have cap -- clamped down on access to

campus and there are threats from the protesters to bring it back harder. one protester said an encampment is a baseline so we know that things will heat up soon and columbia does not have a path forward to buckle down in terms of protecting student safety or also catering to the free-speech wishes of some protesters. scarlet: the october 7 anniversary is coming up so that will be something that people are on the lookout for. i mentioned that she has the third president to do so. you had upenn and harvard. coincidence or conspiracy that these are all women? katia: i do not know. there are people who testified in front of congress and said things that were not well received. with minutia -- with president shafik, she had a much better time in front of congress but

still dealing with a lot of accusations that it has gotten out of control on campus in terms of anti-semitism. the antisemitism task force did an analysis and they found hundreds of cases of people who have had or felt discrimination and also professors that have told their students that they would get extra credit if they participated in the protest, and if you are a jewish or israeli student that is probably not a great feeling. scarlet: you mentioned the congressional hearings and how all three of them spoke. the congresswoman who led the charge on this has been very vocal about wanting to bring down a lot of these university presidents and i think she tweeted after shafik stepped down that there is more to come. this is part of a bigger culture war, but what is she looking for from the schools? katia: i think it is hard to say what exactly she is looking for

that is not politically motivated. i think there are political motivations to a certain degree. in general, strong stances against -- against not only protesters but general discontent on campus is is making a lot of jewish students feel unwelcome. you are also talking about civil rights violations in some cases. dunes unable to participate in campus activities, and a judge that said ucla that they need to protect the jewish students blocked from accessing campus at all. you are talking about federal funds. and congress is in charge of making sure that the schools are abiding by civil rights allegations. scarlet: otherwise they close the spigot. always a pleasure. katia with us on the resignation of lumbee university's president.

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announcer: from the world of politics to the world of business. this is "balance of power." ♪ live from washington, d.c.

♪ joe: it's the passing of the baton. . welcome to the faster show and politics as the president appears on stage today with kamala harris for the first time since biden dropped out of the race. i am joe mathieu alongside kailey leinz in washington. welcome to the thursday edition of "balance of power" on bloomberg tv and radio. kailey they will take the stage to do in maryland. breaking news debates, looks like we will get one vice-presidential and one presidential in the coming months. kailey: yes, we all knew both harris and trump would be sharing the stage on september 10. we learned today october 1 is when you would see j.d. vance and tim walz share a stage, and according to the harris campaign suck they will be another debate in october. no news on what date, who would be hosting it and whether or not

trump is also signinu