. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa abramowicz. jonathan: it is said decision day. good morning. this is "bloomberg surveillance" live on tv and radio, alongside lisa abramowicz and tom keene, i am jonathan ferro. before we discuss the federal reserve, we have to talk big tech in america. tom: i think they are linked together. chairman powell is worried about two americas. there are these extraordinary companies that we will dive into today, we will get into amazon tomorrow. and their impact on america is tangible. jonathan: youtube, ad revenue up 18%. apple, they are warning about decelerating growth. growth. that is a conversation economists are having. tom: i go directly to our you were. i was looking at the earnings after the surveillance nap and the youtube revenue growth speaks volumes about not only google but the whole industry and the media business, as well. youtube's breakout numbers are jaw dropping. jonathan: the stocks tell a slightly different story. lisa: you have to wonder how much this was priced to perfection. app

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city good morning, this is "bloomberg surveillance" alongside tom keene, i am jonathan ferro. lisa is back with us on monday, with taylor riggs. tom: rumor has it that lisa will be back, the rest of us have been slaving away and she has off on a sabbatical and we look forward to seeing her back. taylor's will -- taylor will get to earnings. we have to go to the equity markets, the bears are in retreat. jonathan: up 20. this market looks good. joyce chang spoke to the team an hour ago reiterating this view that has come out of jp morgan in the last couple of weeks and the bulls are still bullish. tom: they have earnings to back that up. there are any number of earnings, but just the covid business blew it out. there is no other way to put it. citigroup went to a 345 price target and you wonder how many dinners will there be? jonathan: the nasdaq 100 record high and twitter snapped, taylor riggs after the close yesterday, they blew it away, and facebook and google

announcer: this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa abramowicz. jonathan: this is ecb day from new york city to our audience worldwide. good morning. this is "bloomberg surveillance" on tv and radio. i am jonathan ferro. lisa will be back with us on monday. equity futures of 8 points on the s&p, advancing .2%. one hour and 45 minutes away from them ecb decision today. tom: a big yield reversal. the carnage in equities and this correction we have had. i just did a careful cancellation on surveillance on thursday on ecb day. we go out to a certain number of digits. how about a -0.6% market drawdown? it is a crisis in equities. jonathan: you will love this quote. "the ecb has set aside a new inflation target to miss an markets want to know how they go about missing it." that is the story going into this new conference later this morning. tom: i just did a survey of nominal gdp for francine lacqua. in finland, i was surprised. germany, not all that good. the bottom line is they are managing a traditionally lethargic growth, trying to give it some form

continue to look for jonathan ferro on "real yield" this afternoon. jonathan: it is tomorrow.om: there's something about the clarity in center street in lower manhattan. if you're lucky, you go into a one which has better air-conditioning than ar two or ar three. those are the arraignment rooms at center street. tina davis is your to give us coverture, our legal executive. what is the emotion when you go in there? this ago in there with handcuffs on? tina: its own like you have been arraigned yourself. >> how did you know that? you read in on this. tina: often indicted, never charged. he surrendered to authorities, there was no handcuffing him at home. prosecutors like to wake you up early in the morning within not on the door. that did not happen in this case as is more common in white-collar crimes. he arranged in a arraignment with his attorneys. actually through a freight entrance. there are photographers and cameras set up outside this building and almost everyone missed it. tom: what is the emotion that changes when your name is in the caption or your name is on the litt

alongside tom keene and lisa abramowicz, i'm jonathan ferro. monday morning, good morning. down 13 on the s&p to 4347. tom: the data is really interesting. we will have guests to give us some clarity. something has to give. i look at this data screen. you wonder what has to give. on much of the dollar, it is static. which way does the dollar cut? jonathan: tell me where this bond market cuts. yields come in another to basis points. lisa: i am struck by the contrast between the s&p estimates and the real yields that keep going more negative. this idea that we are projecting low growth ahead, and at the same time hearing about the highest rate of growth we have seen in decades. it does seem incoherent on some level. at one point is this just free money liquidity tipping the scales? jonathan: we will find that. we get cpi, bank totals, and chair powell testifying. tom: it is a two day testimony. you've got to believe they will be reaffirmed, particularly after the lagarde interview with francine lacqua this weekend. jonathan: michelle meyer expecti

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: economic data incoming. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside lisa abramowicz, i'm jonathan ferro. tom keene is back with us next week. with us now is kailey leinz. we advance a little more than 0.1%. 30 minutes away from retail sales. lisa: the key question in my mind, what data matters? does this data actually have significance that other data points including much higher-than-expected prints does not? jonathan: and how much tolerance is there for higher prices that are being passed on to the end consumer? lisa: i think that is a really key point. how much does the inflation we have seen so far lead to slower growth longer-term? we have seen this with lumber prices. with high prices, people buy less of it. how much of that day we see in the data comes out in 30 minutes? jonathan: have we seen scarcity on output? that's one to watch, too. lisa: how much are goods purchases declining si

i'm jonathan ferro. price action in the equity market, we are down 7/10 of 1% and a decent chunk of this is going to amazon. the market is at two or three basis points. we have news from 10 minutes ago from reuters, reporting that the u.s. sec has stopped processing registrations of u.s. ipos and other securities by chinese companies with new guidance for disclosing to investors the risk for new crackdowns by beijing. this is according to people familiar with the matter. kailey: so it's not a wholesale eradication of ipos, but you are seeing the alibaba adr following this 2.5% on the heels of this headline. there is ramped up pressure between the u.s. and china when it comes to ipos, and frankly sharing financing of the biggest and most powerful tech companies. jonathan: some people would say it's pretty slow. kailey: that started a month ago, when this company came to the u.s. company markets. we know that story about it potentially going private or not. and this is obviously for new listings, but what'

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: one more trading day. you've made it. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside lisa abramowicz, i'm jonathan ferro. together this morning with kailey leinz. mr. kenne back with us -- mr. keene back with us on monday. amazon stock down by almost 7% in the premarket. lisa: slowing sales going forward. channeling tom keene as part of his contract, he says that the pendulum, that is what we are facing today. in all honesty, that seems to be the trend, the idea that higher prices is leading to slower growth, and the idea that we are leading to peak growth in what follows, jan hatzius summed it up. how much does this weigh on a host of companies that were thought of as unstoppable? jonathan: gdp growth north of 5%, and we are having a conversation about stagflation. kailey: if you ask jan hatzius, going back down to 1.5% to 2% in the back have a 2022, but whether or not consumers are actually go

. >> this is bloomberg surveillance tom keene, jonathan ferro and lisa abramowicz. jonathan:, let's get the week started. this is bloomberg surveillance, live on tv and radio alongside tom keene, i am jonathan ferro, back again with the wonderful lisa, she is back from her vacation and i believe she has no vacation days left. equity futures coming in a little bit. tom, what a week we have lined up. tom: this is an important market moment. yields breaking down. if you can get to the real yield, see it folks on friday afternoon with food with -- with where we are now. inflation-adjusted yields, it speaks volumes. i would kill jon and talk to laura summers about stagflation. jonathan: the earnings, a huge amount of tech earnings through this week. chairman powell this wednesday. tom: some noise, taiwanese floods, the delta variant playing into all the dynamics in china. it is going to be a bang up earnings week. jonathan: the hang seng over in china, hong kong, getting absolutely battered. lisa: last week, china came out with a crackdown on education companies, saying t

unemployment rate back down to where it was -- >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city, for our audience worldwide, good morning, good morning, this is "bloomberg surveillance." i am jonathan ferro. lisa is back with us next monday. thomas back this morning. -- tom is back this morning. tom: i am going to focus on the bond market. the equity market gives us joy. 21.89. the 10 year yield, it continues ever lower this morning. jonathan: where does it leave the fed? tom: i have not thought much about it. it leaves them ever more dovish. the ecb is the same way. the market is doing for jerome powell all the heavy lifting. jonathan: ecb, coverage right here on tv and radio here at bloomberg. i thought it was interesting to see reporting of a delay to the return to the office. how do policymakers react? what is the reaction from consumers? tom: i do not know if they will wear masks on blue origin today. i thought the federal judge decision on indiana university -- this should have been at the top at every newspaper -- this is

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: here come the downgrades. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance, " live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures down 13. we declined slightly on the s&p 500. goldman sachs first out the gate with a downgrade. tom: morgan stanley going the other way. that if the decision that makes people tune in in august. maybe we will have more than 42 viewers and listeners in august. jonathan: thank you for that, tom. great promotion of this program. [laughter] here's the quote. "in the near term, a complete service sector recovery will likely require return to office work patterns." how many people are in that boat? tom: there's a lot of people in the boat, but i'm sorry, morgan stanley goes completely the other way. jonathan: we will get into it any moment. that's part of the market. that's the debate. i'm with you. tom: i'm in cash. i feel comfortable. jonathan: clearly, given yo

alongside tom keene and lisa abramowicz, i'm jonathan ferro. seven on the s&p, almost 0.2%. a snoozer of a fed

alongside tom keene and lisa abramowicz, i'm jonathan ferro. here are the bank stocks this morning. your bank stocks look like this on goldman, on jp morgan, down 0.9 percent. goldman up 0.6%. investment banking looking really good. outside of that, trading not so much. that is the story for the banks. here's the story for the politics. we understand as reported in "the ft" this morning, the u.s. is to warn companies of growing china influence in hong kong. this has been building for a while now, and we understand the dividend was reported from the financial times a little bit earlier. tom: you just wonder, what does the business pattern look like in hong kong were up north to shanghai, or many hours down to singapore? it is a mrs. -- it is a mystery, right? jonathan: i haven't seen anyone willing to take some kind of moral stand on the back of the allegations of human rights abuses who are moving to move away from hong kong or the mainland. tom: it is going to be interesting to see. this is off of our interview with the sick terry of treasury,

lisa abramowicz, jonathan ferro. where are those shoes from? ust across from mcdonald's on 3rd avenue. jonathan: 10 year yield which 1.3257%. ♪ >> is still have room for positive surprises, but what i am worried about right now is sentiment. >> some of the strength in the consumer that we are seeing in the credit card spending data, that is going to start to shift to the business sector. >> we cannot afford higher rates, and it is very unlikely that we will reach the height of the last cycle. >> this is going to be a very long expansion. >> it is pretty clear that whether it be the september meeting, jackson hole, the fed is going to have to address the tapering need. >> this is "bloomberg surveillance" with tom keene, jo

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene, i'm jonathan ferro, together this morning with kailey leinz. lisa will be back next week. you've got morgan stanley's mike wilson who still believes the index level correction is in front of us, not behind us. tom: different opinions out there, that's what makes the market go. i am going to scientifically say we are 2/3 of the way back from the agony of a few days ago. i'm watching the same thing i was watching and preparing for six weeks ago, which is earnings reports. j&j this morning, they up the forecast. jonathan: the outlook for coca-cola better, too. i'm looking at the rates market, looking at treasuries, and witnessing the consensus view totally break down. the last 24 hours was a contested example of that, just capturing the degree of uncertainty that still exists and persists. one point what he 5% this morning on tens -- 1.25% thi

i'm jonathan ferro.nting down to cpi in america and earnings season. did 10 minutes you will hear from j.p. morgan. 377 on the s&p. tom: nailed it. jon: if i did that with you we would be here all day wouldn't we? tom: we would. jon: yields unchanged. the euro-dollar one decimal point. >> why hasn't it move? >> down 2/10 of 1%. >> it's been a real loose show. >> may it will move more. tom: annmarie hordern with us in washington, she and i getting ready for balance of power at noon. still the morning our in california. the news flow is there and there is a story in the zeitgeist in the washington post of everybody buying up on the new cuba, castro dead five or six years, his brother at 90 is assassinated. fidel is the new leader and faces a nonconventional war. >> they are cutting off people's access to social media which is one of the reasons why people will a -- were able to gather. you are seeing high costs of food and medicine. what happened in washington is that the president has come out and called

alongside tom keene and lisa abramowicz, i'm jonathan ferro. re's the price action this monday morning going into the opening bell, one hour and 12 minutes away. on the lives of the session, -0.15% -- on the lows of the session, -0.15%. euro-dollar positive. it is ugly to kick off the trading week. be hang seng down by more than 4% in hong kong. the csi 300 down by more than 3%. not pretty to kick off the trading week over in asia. tom: the hallmark of "bloomberg surveillance" is to talk to experts. we had that from the professor of the london school of economics, and we are absolutely honored this morning to bring you david goldman, with his tenure at vanke of america, definitive -- at bank of america, definitive uncross cross asset analysis. he is the business editor of the philosophies and realities of china. is president xi redoing mao? david: president xi is not redoing mao, but he is taking a populist turn. if you have massive resources in a situation where the average chinese family already spends a year's pay on tutoring, you have a priv

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: it is a risk off monday morning. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene, i'm jonathan ferro. lisa back with us next week. kailey leinz with us this morning. tom: i don't think she's on crete. i don't know where she is. this is a really important market. bitcoin craters, and we are going to go to that on gold and a moment. this market speaks volumes, and i need to say in the last 60 minutes, there's been a deterioration in the tape. jonathan: a 1.24% handle on tends, -- on tens, down four points. tom: the real yield comes in as well. what i would start with is the dollar rally, as you mentioned earlier, is of a different character than we have seen two times before. jonathan: this is risk aversion. we will talk about that. the united states to attribute the microsoft hack to the chinese government. kailey: it is what seems like a series of escalations. we have them attribute in be

. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: live from new york city, good morning. this is bloomberg surveillance, live on tv and radio. i'm alongside tom keene and lisa abramowicz. equity futures down 13 points. negative one third of 1%. it has the feel of june 2015 where every morning you wake up to see where china closed. the csi 500 down another four percentage points. tom: we have a chart out there somewhere on the hang seng index. i compared it to the pandemic. we are also back to pandemic levels in hang seng. i get the it is correlated but i'm going to suggest there is more going on than china. this is a complex moment. jonathan: i think we've got something. tom: i think for radio it is important. i wore my beige suit for tim cook. jonathan: we will move on. lisa, i think investors are trying to work out what a transmission mechanism is for what we are seeing take place in chinese equities. for the foreign investors, why should they care? lisa: frankly, there is a ceiling -- a feeling that some of these assets a

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issuead to chair powell. >> volatility in both directions. >> an environment where there has so much volatility. >> the most recent move has been more of a general risk off shift. >> what is going on at the long end of the curve. investors need to cs is interest rates continue to rise. >> it has been well fellow -- well telegraphed that the fed will begin to taper probably around year end. >>

>> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. rs away. from york city, for our audience worldwide, good morning. this is "bloomberg surveillance ." alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures, 4364 on the s&p

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: can we just have one quiet morning? from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. lisa abramowicz will be back with us on monday. romaine bostick with us this morning. it is a readout from the white house the gets your attention. an executive order on promoting competition in the american economy. tom: i'm going to get right to this, there's a magical thing in western massachusetts every weekend, the great barrington farmers market. that 72 point executive order is a complaint of the administration over fair pricing and boosting farmers markets. you've got to be kidding me. president biden is going to somehow adjust the great barrington farmers market? jonathan: i've got no idea if that is achievable. the broad strokes are clear, they don't like the broad consolidation that has taken place in this economy. over 70% of industries of the a was economy. they worry it has been pushing down wages and pushing up

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: what a fascinating week. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. tom keene back with us on monday. joining us this morning, kailey leinz. your equity market, 4360 on the s&p. retail sales 90 minutes away. lisa: more of a sense of how people are spending. how much that is affecting people as they are going out and how much the delta variant is slowing things down. jonathan: we've been waiting for the advisory from this administration on doing this is in hong kong. lisa: this has been a steady drumbeat. it has been several weeks of the biden administration taking a particularly hard line against china. you wonder at what this will affect chinese businesses, at what point it will affect u.s. businesses that do a lot of transactions. we spoke with marriott's chief executive officer this week. he said we are monitoring it. basically, it won't

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issuebusy week ahead. >> a lot of deportment -- a lot of important events. >> a lot of growth data. >> we could see a slow down. >> the retail sales support, industrial production. >> we hear from chair powell. >> people questioning the timing of the fed and the tapering. >> how many people would have predicted the 10 year would dip below 1.30 in early july? >> the move down has been very much a global phenomenon. >>

announcer: this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa abramowicz. jonathan: just one more day. from new york city, good morning. this is "bloomberg surveillance" on tv and radio. i am jonathan ferro. tom keene taking a long weekend. good friday morning. equity futures advancing about seven points. retail services around the corner. lisa: we are accepting a decline into that ongoing rotation from goods to services. services perhaps, the biggest wildcard. how much are they peeking up with the delta variant keeping people home more than expected. jonathan: we start this morning, what we are doing at 132.38 on 10? lisa: that is a question that nobody has a good answer for. is it a fed mistake? is it a feeling that we are going back to a low growth environment? the answer to that is unclear and frankly, i am not sure what data points we will get that will give us any answers before five years from now. jonathan: we need to talk about covid, don't wait? we have been talking all week about the delta variant, how would policymakers respond, how would consume

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issued to chairman powell. >> jay powell. >> how does chair powell talk about the discussion around tapering? >> everything points to the fed tapering in 2022. >> i do not think we will get the same amount of fireworks. >> the fed is dealing with fundamental uncertainty. >> i think there is a fine balance. >> very cautious, very centrist. >> low expectations. >> we need the fed

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: the ecb 45 minutes away. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene, i jonathan ferro, together this morning with -- i'm jonathan ferro, together this morning with kailey leinz. lisa back on monday. what a run we've had coming into thursday. tom: buy the dip wins again. i've heard a lot of people recalibrating for caution. we hear about quality portfolios , being defensive, and after what we saw with texas instruments yesterday, you wonder how defensive goes in the next six weeks. jonathan: a bit disappointing on that front, but elsewhere, i think the pricing issue and how they handle the prices, they are seeing consumer price tolerance. that is critical. tom: i agree, but the word i love that you used is tidy. tidy to me means corporations are adapting to the cards they've been dealt, and that is what we are seeing on the bloomberg terminal right now. jonathan: and we are trying to adapt to what comes next in washington, d.c. at

alongside tom keene, i'm jonathan ferro, together with taylor riggs. lisa back with us on monday. your market on the s&p advancing 0.5%. three-day winning streak into friday. we could add some links to it. tom: the 10 year yield, 1.29%. but equities have a mind of their own. i think taylor is better at this than i am. earnings are speaking volumes. jonathan: amex with numbers right now. upside surprise, 10.4 billion revenue. the numbers yesterday afternoon just as good. taylor: unbelievable. k km partners says snap defies gravity, it is a beat and a raise. twitter follows at a slower pace. snap saying it has been set up for a decade-long cycle. jonathan: fast forward to tuesday. apple, microsoft on deck. big tech, big earnings kickoff. tom: bloomberg intelligence walks through the revenue dynamics of microsoft. this is a small company out of washington. they say simply the fourth-quarter revenue mix, if you will, and above consensus view on that. jonathan: that stock year-to-date has absolutely flown to the moon, up almost 30% , on course for a tense co

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. m: good morning, everyone. on radio, on television, a simulcast. for "surveillance," it is a strategy refresh. for citigroup, it is a strategy refresh. jonathan: making progress on that strategy refresh at citi. let's talk about those numbers. investment banking revenue, 1.58 billion dollars. the estimate, 1.63 billion dollars. so a little shy of the estimate there. a miss on fixed income sales and trading revenue at 3.21 billion dollars. the estimate, $3.6 billion. the language is constructive. optimistic about the moment, had come the pace of the global recovery exceeding. for the numbers, downside surprise. a little shy of estimates in the investment bank and for trading revenue at fix them revenue specifically -- trading revenue, and fixed income revenue specifically. tom: citigroup under one on a book value. that is the distance citigroup has to make up. jonathan: equity sales and trading revenue comes in a little north of the estimate at $1.06 billion. i think the investment bank

i'm jonathan ferro. good morning. 43:13 on the s&p, all-time highs into the jobs report. tom: a boom economy, and i think it's important to focus on the labor economy and how it goes into two things, the guesstimate on the economy, the guesstimates have gotten more positive, and constructive, and the other is the inflation dialogue over laying it. maybe that's a mystery but most people see higher inflation, big nominal gdp, that means job formation. ellen: guesstimate -- jonathan: guesstimate, and i think that is what it is going to payrolls. we have 1050 at the high-end. tom: the numbers are there, and if we will look at the headline number, i will go to wages, less what i was talking about, rising inflation. there is a negative real wage in america, that is never good. jonathan: do higher prices fix the problem in the labor market? lisa: not less the higher wages turn into equally a higher -- equally higher wages than higher prices. if you have wages that are lagging behind these other input prices and

. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: wanted: 20 -- 1.25. this is bloomberg surveillance on tv and radio. your equity market, 4295 on the s&p. lisa is out of the building. romaine bostick helping us get through the price action. here is the price action. a little bounce in the equity market. still down 1.2% on the s&p. 1.25 on the 10 year yield. tom: huge news flow this morning and important voices joining us. michael shaoul in moments. the range bound on equities is there. we've not breached the range of the recent moon shot up. a little bit of stability. fixed income should be the point of analysis. jonathan: look at the curve. 1.05. in five basis points. tom: coming in five basis points. it is amazing how the whole inflation easter -- how the whole inflationista thing has been given up. it is a huge surge in repo and the idea of pushing out the yield curve into the price up, you'll down. not talking and i've -- not talking enough about price up. the ecb concerns the inflation goal is raised to 2%. the new infl

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: let's get you to the weekend. live from new york city, for our audience worldwide, this is "bloomberg surveillance." alongside lisa abramowicz, i'm jonathan ferro. together with kailey leinz. tom back with us on monday. front and center through the morning, amazon. lisa: the idea that they were looking forward to revenues suspending due to how much people are going to use their platforms, and came in lower than expectations going forward. the idea is what happens post-pandemic? do people revert to shopping elsewhere? what does that mean for some of the darlings in the market? jonathan: that stock is down by 6.5% on amazon this morning. once amazon is done and we are through the tech week, i'm done with earnings. let's wrap them up. wages, price pressure, that's the story for the year ahead. lisa: these companies set the tone with respect to that. amazon accounting for such a massive portion of the labor market itself, you do think they set the tone, and the tone is a confusin

jonathan ferro, lisa abramowicz off today.led romaine bostick and matt miller could darken the door today. what do you think, remaine -- romaine? will we miss the match? romaine: no, full wall-to-wall coverage. tom: you got the tv feed. talking about didi in china, but i would also point out for the uninitiated like myself, i believe spain back to back scored five goals in two consecutive games, which is sort of cool, right? matt: not counting the penalties, right? tom: i don't know. i tell ferro, they should kick the ball from farther out and make the penalties more exciting. washington always exciting. jack fitzpatrick joins us this morning. i want to talk about jacksonian americans. president trump had a big portrait of andrew jackson in the office. we are migrating away from a jacksonian america, but i huge part of the republican does not. tell us about that tension of the republican primaries in march of 2022. what is the strength right now of mr. trump's jacksonian america? jack: trump really is the force behind the repu

alongside tom keene i am jonathan ferro.e price sections. 43.28 on the s&p 500. treasuries are lower, yields are higher for eight straight sessions. we settled down, settle in. tom: maybe not all the way back but nevertheless a constructive bond market with prices lower. we dive into the pandemic and get back to important biden headlines that have to do with all we do here at bloomberg. andrew pekosz with us of johns hopkins. thrilled we could join us -- thrilled he could join us this morning. the idea is that if i choose to be unvaccinated, how sick is sick when i get the delta variant? what is the level of sick we should expect? andrew: the data is rolling in now that the delta variant is causing disease primarily in unvaccinated populations and the disease it is showing seems to be a bit more severe than the disease we saw in similar age groups at the beginning of the pandemic. if you are unvaccinated, the risk from the delta variant is greater of infection and there will be a greater increase of severe disease from infec

alongside tom, i'm jonathan ferro, together this morning with romaine bostick. believe lisa is back on monday. tom: hard to believe. jonathan: getting some sleep maybe next week, romaine? do you go to the gym? romaine: i used to, before i started doing this show. [laughter] jonathan: this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. jonathan: from new york city for our audience worldwide, live on tv and radio, alongside tom keene i'm jonathan ferro together with romaine bostick. lisa will be back on monday. here is your price action. up went 5% on the s&p 500, we advanced 21 points. yields higher by around three or four basis poi

alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market positive 0.05 dissent -- 0.05%. tom: it is going to be interesting, what he's going to do. i would say it is medical first, do no harm, and that is the thrust of the press conference. what is interesting is the pandemic worry is there versus a corporate america that is adapting and adjusting. mcdonald's out moments ago. the comp sales numbers are really not legitimate, but they are showing the same thing we are seeing company after company. we are seeing margin resilience that is just unreal. jonathan: sales up 40.5%, slight upside surprise. the estimate, 38.7%. put together with the numbers we saw yesterday after the close from big tech, big money in big white. -- in a big way. tom: what is some important here is how do you extrapolate out this corporate excellence within a boom economy, or do you discard that and start worrying about this, worrying about that? that is the debate here. jonathan: i mentioned a little bit earlier. for the likes of apple, it really und

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york we begin with the big issuell shrugging off inflation concerns. >> this is a very consistent message. >> if you look at what the fed will focus on. >> inflation moving materially and persistently above the fed target. >> he does not know how inflation will go. >> this is a fed determined to be patient. >> if they make a policy mistake it is letting inflation run too hot. >> it will obviously be a combination of inflation and unemployment.

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: goldman sachs results 25 minutes away. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. tuesday morning, equity futures unchanged at 4377. jake hidden -- jp morgan behind us. goldman just ahead. tom: you really wonder if it is buy, buy, buy. do you sell on the news today? we got nice bloomberg data on that. what i am looking at is the bank index and what gerard cassidy said about the big tanks, the mid-ask, the small banks -- the big banks, the mid-banks, the small banks. on a technological basis, they have the high ground. jonathan: we've got a high bar for goldman sachs. we understand fixed income trading and sales revenue came in a little lighter. from the investment banks out there, the fees business doing quite well through the first half in a way that we expected. lisa: when you talk about fees, advisory fees on mergers, acquisitions, ipos, ma

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa abramowicz. jonathan: this is bloomberg surveillance live on tv and radio. i am jonathan ferro, lisa is not in. joining us is romaine bostick. a little bit more than a 10th than 1%. we have to kick it up this wednesday morning. 30 south of two tends at 134. tom: we have to remember bond 101, but you have to remember where quoted yield, that is what we do. this is about price, this is a bid price up on bonds, and you saw the condition in equities yesterday in the nasdaq space. absolutely original bond market. jonathan: slice and dice the bond market with me. 10 year yields, -1%. what is the significance? tom: absolutely profound, three things make that up, the nominal yield, the inflation expectation is gyrating a little bit up giving you a residual that is ever more negative. the other thing we are dealing with is the x axis, the duration of the negative yield. swiss 20 year bonds flipped over to a negative yield last night, it is the lengthier of negative yields. jonathan: it is rotation on, rota

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: it's the day after the fed, and all is quiet. for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures up seven on the s&p, almost 0.2%. a snoozer of a fed meeting, for some people at least. tom: i know michael mckee, that was his analysis as we ended the show yesterday. what i see within the week of back and forth, the 10-year gilts, 1.27% -- the 10 year yield, 1.27%. there's just some angst out there, the vix 25 -- out there of vix 25, right now 17.5. jonathan: didi global, let's frame this. didi global now posited by 16.9% after surging 30% of the back of a dow jones story that indicated the company was considering going private. then the company itself coming out and saying no, that's not true. this stock has been all over the place, and it has been the poster child for what is developing in beijing. tom: i don't have a lot of wisdom to put in here other t

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: here come the earnings. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market just a little bit lower ahead of a huge amount of results still to come in america. tom: they are coming in right now. industrial america is reporting. we will have more of that through the morning. jetblue just out with some aviation stress, as we have seen from southwest and the rest. we will go to julian emanuel. i think he's going to tell us to calm down. how about we calm down and look at the vix, 18.51. which of these matters to you? jonathan: record highs on the s&p 500, despite the conversations we seem to be having about record low real yields. this equity market on a five-day winning streak. tom: i was talking to martin schenker about this. china is a huge deal. i get that china is a huge deal. i get that the fed meeting tomorrow with our coverage i

alongside tom keene, i am jonathan ferro together with taylor riggs. it is only wednesday. tom: it feels like friday. jonathan: 16 points, advancing 0.4%. the bond market, 1.2567. into the fx market, euro-dollar, 1.17. tom: heather boucher. i beg to disagree with her. she is wrong. things are not better. it is destroyed this morning, all the happy talk, by dan keating and leslie schapiro in the washington post. have the definitive must-read on the unvaccinated. annmarie hordern is in washington and considers the unvaccinated and core politicians paired one of the politicians going to do? >> they are imploring their constituents to go out and get the vaccine. we heard from mitch mcconnell yesterday, who he had polio and was able to survive as a child. he said he can never imagine a time where there would be a disease spreading and that you have the science but could not get people to get vaccinated. you are seeing a lot of politicians that are going out. some that were skeptical that are now saying they are going to get the vaccine. but it is about mentioning those that have

jonathan: let's see what happens stop tom keene, jonathan ferro. ne minute until you leave, right? taylor: i will be with you friday. jonathan: who is tomorrow? taylor: kailey leinz. jonathan: taylor, c friday. thank you. -- taylor, see you friday. t minus 19. from new york, this is bloomberg. >> the coronavirus has taken a toll on u.s. life expectancy. it dropped the most in more than seven decades last year due to hundreds of thousands of early deaths. the pandemic disproportionate toll on communities of color widened the existing gap of life expectancy between white and black americans. all of this information according to the cdc. widespread flooding in central china has forced the evacuation of 100,000 people from the city known as the world's biggest production base for iphones. the city received 18 inches of rain from monday afternoon through tuesday. that was equivalent to about eight months of average annual rainfall. coca-cola is bouncing back. the soda maker second-quarter sales beat expectations and it raised its revenue forecast for the

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city and our audience worldwide, good morning. this is "bloomberg surveillance." equity futures down 11 on the s&p 500, of the week begins tomorrow. tom: it will be a really exceptional week. with inflation views, of week begins tomorrow and it's good one out of three of us is rested. >> welcome back. if you looked at some of the commentary about this growth scare and then looked at the curb -- price, -- lisa: that was my impression. i could tell he really upset about it. the pendulum of room switched back to gloomy even without me. i will say it doesn't seem coherent to your point, that doesn't seem to be the same concern in equities for the earnings week that's expected to be a blockbuster. i do wonder how much is technical and how much this has to do with overseas buying. they are still calling for that. >> that's positive. people are still optimistic when you look at reports. jonathan: welcome home. tom: i just think romain went down in flames trying to out

i'm jonathan ferro. good morning. 43:13 on the s&p, all-time highs into the jobs report.nomy, and i think it's important to focus on the

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. a simulcast, bloomberg radio, bloomberg television. new slow, extraordinary. earnings this afternoon, the fed tomorrow. jonathan: all-time highs in the equity market. five-day winning streak on the s&p 500 or get record high on the s&p, record high on the nasdaq. about 1/4 of the nasdaq reporting after the close in a grand total of three names, alphabet, apple, microsoft. tom: you and i don't harken back to what people said a long time ago. we don't play the he was right, he was wrong game. can we go back to the brave long ago that said 3700? jonathan: let's go to the first week of november. that's when the headlines around the efficacy of these vaccines first came out. the s&p 500 that morning at 3300. that was around the time you get the banks on wall street getting together, getting around the table and thinking about the year ahead, the outlook, your year-end forecast. i remember when deutsche bank came out at 3950. we thought david kostin was a crazy m

alongside tom keene i'm jonathan ferro. lisa abramowicz is not in crete. und out the gulfstream does not get there. we do not know where she is. jonathan: with us until then, i believe romaine bostick or made with us this morning. 4440 on the s&p 500. on the nasdaq, almost 91. are we really reducing trillions of dollars of equity calls down to what happens in the bond market? is all about this? yields are breaking down another four basis points. we are starting down the barrel of the 1.20's on the 10 year. the curve is flatter, your yields lower. tom: in the last hour israel break down. we have seen an amendment in the bond market. jonathan: this tease us up -- this tees us up for tuesday morning. the reason i say is because anything jp morgan can deliver, can say about the future that will deliver a sustainable rally. romaine: i do not know about the future. when you look at some of the expectations for the double-digit earnings growth, not only for the second quarter and the third quarter, but there was the idea they would sustain that deeper into this ye

jonathan ferro, lisa abramowicz, tom keene. they are off.ding me off, romaine bostick and matt miller. romaine bostick back from massachusetts and matt miller in berlin. very exciting day. i thought it would be a snooze fest. remain, help me with the data. romaine: the nasdaq composite, right now futures up .1%, a similar story for the russell. flat on the day. a lot of the tech names and the nasdaq, a lot of the energy names in the russell, that is why you're getting a pop. what will sway the market, we will see what happens when it opens. what happens with the chinese adrs in the u.s. companies linked. tom: inflation-adjusted yield a stunning -.95. to see a negative 1.00 would be something really pushing against the economy recovery. right now on the american economy, i have to explain this for radio. what we have learned at surveillance that in the pandemic we do work from home shots there are usually stunning bookshelves and we keep track of who is reading what. we cannot do that. let me describe the picture. this is a suburban home, a b

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york we begin with the big issuet tapering. >> the primary objective was legally in terms of tapering. >> take some steps to get them out of the way. >> talking about tapering. >> prepare the ground for tapering. >> the fed was reasonably clear. >> some clarity. >> the markets are fairly stable. >> i did not hear any encouragement to the view of an early tapering decision. >> they will not be doing any tapering.

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: a small bounce in the equity market. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene, i'm jonathan ferro, together this morning with kailey leinz. lisa off this week. there's a small bounce, but this bond market is still firm. 1.16% on tend. -- on tens. tom: you look for higher yields. we will talk spx with michael purves in a moment. instead, the headline today is the bond market safe haven, lower yields. jonathan: and yet it has done nothing to lead the equity bills to throw in -- the equity bulls to throw in the towel. the equity bulls are still bullish. tom: into the tech juggernaut next weekend after that, i would suggest the houses led by purves are getting out front and tweaking higher. maybe we will see a lot more of that. jonathan: after the close, netflix. kailey: second-quarter results, it is all going to be out -- going to be about the subscriber numbers. to what extent has demand bled through, when you thick about the fa