from new york city, i'm jonathan ferro counting you down to payrolls.ne hour and about 12 minutes away. looking for something like $250,000 on the headline number. futures down on the s&p. the nasdaq still heading towards a third week of gains. yields just a little bit higher by a basis point. i keep going back to crude. $87 now, down .7%. keep an eye on that. we heard from secretary blinken earlier. his words, china has chosen to overreact to speaker pelosi's visit to taiwan. tom: it is a simplistic analysis, and that is what we are seeing right now. to help us through the complexity of taiwan and china, emily wilkins joins now, bloomberg government reported. i will cut to the chase. i am vamping here off the expertise of an admiral with all of this experience. there are 166 islands of taiwan. the complexity here for the uss ronald reagan, the navy, and secretary blinken is exceptional, isn't it? emily: it really is at this point, tom. what we are seeing right now, it seems to be escalation of tensions. the fact that now beijing has halted conversation

tom keene, jonathan ferro, lisa abramowicz. jobs report tomorrow. all eyes on the united kingdom. history made this morning as governor bailey speaks now. jonathan: what a moment to see a central bank forecasting a recession that starts in 4q and goes through the whole of next year together with 13% inflation. that is a pretty original moment. tom: i go back to 1995, john major is prime minister, coming off of the 1992 chaos. that is when arsenal acquired bergkamp. it harkens back -- seriously -- it harkens back to the early 1990's certainty. jonathan: i would go further. this is the biggest rate hike of the central bank since it became independent. people forget, 1990's. the last 10 years we were talking about this independent central bank story. that has changed over the last several years, and there is political pressure building on the bank of england and the federal reserve. tom: the governors saying, not for the independent bank of england to get involved in leadership election. maloney. -- baloney. they did this morning.

alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures down three quarters of 1% on the s&p. the main event is in taiwan. tom: it is. we will get to the markets. in my right, mike is with us later? jonathan: in a few hours time. tom: right now it is about nancy pelosi and the history being made in taiwan. absolutely stunning. i am not sure that the chinese quite see it that way this morning. tom: i would say not. there is a lot of reading to be had about what is different, but what it does come down to is the ability to make a mistake. when i talked to military experts, something like bloomberg in that regard. jonathan: we make a ton of mistakes on a daily basis. a visit we all anticipate in the next couple of hours. lisa: and everyone is trying to figure out what the response could potentially be. this is risk off, a pretty significant market ramification that leaves you with a 10 year yield going into that to 5% and projecting further. how much are people perhaps looking past some of the longer-term implications of the share bet

this is bloomberg the open with jonathan ferro. jonathan: we begin with the big issue, the fed has a lot more work to do. >>

i'm jonathan ferro. we are here with kailey leinz. this is bloomberg. >> keep you up-to-date with news from around the world, with first word news, i'm we in. china is warning the united states is not sent their warships. the ambassador to beijing views those actions as in escalations by americans. they will send that through the straight. that is after responding to nancy pelosi's trip to taiwan. there was a series of military exercises. goldman sachs says they have a deal to revive the nuclear agreement between iran, the eu, and the u.s. is unlikely to be reached in the near term. they predicted that even if there is a breakthrough, additional oil from iran will not start of low, until wes year. they are drafting a proposal for that agreement. singapore is looking for a compromise while reviewing a colonial errand. that is according to the deputy prime minister. he spoke to bloomberg's editor-in-chief in his first interview since being endorsed as the next prime minister. >> he cares about society. it is not about the law, but these

i believe some of the ferro clan was there.han: remember half the family was incessantly down in the mines. futures are higher. it's a great day for it. an opec-plus meeting wrapping up soon. this is bloomberg. ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. nancy pelosi has reaffirmed the u.s. commitment to taiwan. house speaker ended her visit after pledging the u.s. would not abandon its commitment to the democratically elected government. china reacted by announcing a series of military exercises. beijing also imposed trade sanctions on taiwan. the coalition -- at today's virtual meeting. it would be a small hike, 100,000 barrels in september, after president biden visited saudi arabia to ask for more oil to be pumped. in turkey, inflation was almost 80% in july. the central bank is sticking with its ultra-loose monetary course. it has already forced economists to rewrite forecasts multiple times this year. france is likely to curb some nuclear power energy. the reducti

jon ferro, we are unsure where he is going to be tomorrow.is stuck at the naples airport, but we have kailey leinz in today, at least right now. i do want to mention something we have been remiss on the last 90 minutes, and that is dollar dynamics with acute resiliency to the dollar in the jobs report . the turkish lira holding at 18 per dollar, 17.96. i think that was enough of an aggregate. >> can i offer up a little bit of a backtrack? that is going to be stuck all the. we have the privilege of having kailey with us for the whole week unless she runs away. >>>> i thought he was out for one day. lisa: american holiday. he is european. let's take a look at some of these stocks. it is merger monday, which is fascinating, because it hasn't been merger monday for quite a while. you can see signify shares popping more than 60% ahead of the open, a little change, down about a quarter of a percent. and really, the emerson story is that whirlpool is going to buy this company. the story is that tom keene has a garbage disposal unit in his apartment

i'm taylor riggs in for jonathan ferro. time for the auction block.e will be kicking things off in europe. with the summer slow, issuers across all sectors facing come back, pushing weekly sales about 30 billion. in the u.s., high-grade bond sales ending a busy month on a quiet note. august issuance popping $110 billion with three small deals this week. one of my favorites, junk bond market, those issuance said to remain closed through a monsoon. i want to stick with credits. jp morgan, bond markets are still mispriced. take a listen. >> i'm looking now at credit spreads in the mid-for hundreds, and they just looked too expensive to me. they do not seem to adequately price in recession risk. i think we, by year end, will go back up to the old highs of around 600 over. i also do not think the market is adequately pricing in quantitative tightening. i would like to see a couple months of that's, see what the up the appetite for the market did i just bonds when they are coming out of the fed left right and center. taylor: kelsey berro, matthew hornbach,

jonathan ferro is going off to another property.imed on a friday in august where you need to recalibrate for september and beyond. barry ritholtz joins us, with master in business, a wonderful podcast. barry, i give you the greatest credit for writing about the agony i faced a few years ago, 1975 and 1981, which was a comedy of defining, beginning of a bull market out of her -- of a horror of 1973 in 1974. you write really really -- write brilliantly. it secular a long term view of the market. barry: secular means there are massive forces at work in society, in the economy, in the markets, in the labor will, in the consumer spending world, and history shows us that, day today , it's very noisy. the world moves in big ways. my favorite examples, post-world war ii from 1946 to the mid-1960's. the build of suburbia, the rise of civilian aviation, the electronics industry, on and on, 40 million gis returning home with the g.i. bill and getting educated and getting good jobs. that does not last a quarter or year, that goes for decades. t

jonathan ferro, lisa abramowicz and tom keene. just stocks, it is bonds, currencies, oil, they move. jonathan: the dollar is the strongest going on the way back to 2002. the two year yield the highest since 2007. we i taking out the 2014 highs. two basis points away from having a little look at 350. tom: what is interesting is the calendar, we have got to get out. out is not to next jerome powell press conference, it is to september 8, because europe matters to america. jonathan: the ecb, they have one priority, to get inflation down and they are willing to tolerate is low down in the economy. how much are they willing to tolerate that? i think they wanted to communicate their hurdle, the pause, it is a lot higher than you think it is. tom: 1939, 1912, whatever. how do you raise rates into a war? jonathan: how do you raise rates into a recession? tom: lisa, what did you read about this weekend that matters to you after jackson hole? lisa: the discrepancy is people who believe the economy can withstand a 4% interest rate for a long

kailey leinz in for jon ferro.ould suggest what we have seen here today in the last couple days is flows and a lot of doubt about the persistency of the flows into equities. paul: and you've seen that in -- kailey: and you've seen the and the bank of america data put together. global can be funds fuld in through august 10 was the cpi day. $11.7 billion for the flows into bonds as well. 4.3 billion dollars polled out of cash. if you are triple leveraged all-cash, seems like you might be the only one because a lot of people are putting money to work. tom: i would say that is right, it is a lonely position. drew matus joins us to sort this out. he is the chief market strategist at metlife but that barely describes what he and maury harris did at ubs years ago and the depths of the great financial crisis -- in the depths of the great financial crisis where they suggested the american economy would pieced together and would be resilient and move forward over the coming decade. i look at the moment we are in right now an

kailey leinz in for jon ferro today.ow, gas under four dollars a gallon, there is no one in america who writes a more detailed report across hydrocarbons then stephen short. he is principal of the short group and his report is absolutely definitive. let me go to one sentence of your report. new york harbor has the lowest inventory of hydrocarbons in a decade. why is that? >> it is the lack of refinery capacity. i'm in philadelphia, 13 miles down the road from office. we used to produce enough gasoline each day to provide more than -- that was a key supplier. why is new york harbor so important? we certainly have the ingredients. tom: that is a window, schork is a genius on the details of supply and flow. what you see in your madness about demand? stephen: right now it is to keep lower oil prices. we're looking at demand destruction year-over-year, more than 400,000 barrels lower a-day, 5%. we look at demand relative to seasonal norms, we looking at demand destruction that is nearly 200,000 barrels a day, 2% below normal.

this is bloomberg, the open with jonathan ferro.th the big issue. >> i look at inflation expect

kailey leinz and for jonathan ferro.a and i were talking about it over breakfast at the saint regis yesterday. lisa, ferro has gone full european. this is not a one-day holiday. it's a substantial -- lisa: someone on twitter saying it is so european. tom: do we expect him on monday? kailey leinz with the short straw and joins us today. right now as usually anticipated for november book. when stephen roach writes a book on china, it has a focus and intent on the economics and politics like the weather. " accidental conflict: america, china and the clash of false narratives." it is hugely anticipated by the chinese watching community. the china center at yield law school. -- yale law school. why is this one different? mr. xi is going to the party congress. stephen: in the past five years we have gone from a trade war to tech wharton now -- war now. conflict is escalating. there is no real framework to manage this conflict effectively, let alone conceive of the slight assemblage of revolution -- resolution. the smallest spa

kailey leinz in for jon ferro. talked to him yesterday, stuck in rome off of the train from naples. he is trying to get back home. he is coming out of fco and it looks to be a struggle. let's get to it on inflation. your observation to 8:30 this morning? lisa: it will be about the headline cpi number, about the course to get numbers, and the readthrough to the real economy, real wages, which we also get at 8:30 a.m. how negative two they go -- do they go? most negative on the margins with disposable income of operating. tom: i agree with you. real wages underplayed and important. i like what alan ruskin says at deutsche bank. we will give you the research done in the last 12 hours which is what surveillance does and he has december cpi above 4%. thank you for bringing this to my attention, bank of america with four glide past, we have inflation back in the second quarter. lisa: this is the issue any raise this many times, and your right to do that. at what point does the fed signal we are done or we can start movin

. >> this is bloomberg surveillance with tom keene, jonathan ferro, lisa abramowicz. tom: welcome to the gloom our. what a set of gloom at the opening of the program. the caution out there, it is extraordinary what we are hearing. jonathan: there is a worry we are going into recession, that we have to cut estimates more than we have seen. question from rbc about whether the june low was the ultimate low for the selloff. tom: equities are up this morning but it's about fed speak. 14 speakers yesterday, 12 today. what are they saying about september? jonathan: we have more work to do seems to be the bottom line. we heard that from mary daly yesterday. it unlocked a big move on the front end of the curve. right now we are super focused on the opec speak. started about 15 minutes ago, according to a delegate. they are going to boost output by 100,000 barrels a day. that will come down like a lead balloon in washington. tom: brent crude breaching out, 101.70. jonathan: we have gone from losses to gains. tom: lisa, with a bond volatility, we are talking about what have we s

with tom keene come and jonathan ferro. jonathan: good morning, alongside lisa abramowicz and tom keene i'm jonathan ferro. .9% higher on the s&p this morning. tom: the fallout from jackson hole last night, my body got back to normal. jonathan: new cash cow. tracy alloway and joe on the podcast they were happy to see objection from jackson hole. he was not excited, rallying after the market committee. tom: i will keep my mouth shut on that. it is august and that is ok. it is one of the oddest market days we have seen in the season. we have a great guest deposit reset for september 8. jonathan: something to say about neel kashkari. lisa: he said outside what everyone was thinking. fed officials probably look to the terminal app, to hear jay powell speak a month or so ago and say this is not what we want to see. it seems like markets got the message. it seems like jay powell was trying to make things brief and direct enough that there was no other way to go. it is stating the obvious. jonathan: is quiet, nice to finally say.

. ♪ jonathan: i am jonathan ferro. this is "bloomberg real yield."t is time for the auction block where we kick europe recording its lowest week of the year. in the u.s., high-grade bond sales doubling estimates, offering from apple, meta feeling the busiest weight since march and the dunk -- junk bond market recording its first session since june. weekly sales of stomping the entire month of july. sticking with credit, we caught up with troy of ss investments. he said high yields took higher. >> if the fed can thread the needle, perhaps we see the wise spreads cycle. if you look at what the fed is forecasting for balance sheet drainage, that alone we think should drive wider wide and high yields. we know what happens in recession, high-yield goes to 1000 to 1200 over and we have meetings wider in the gf sees an pandemic but no one is calling for that but in the recessionary outcome, high yields spreads are going higher. jonathan: joining us are kathy jones, gargi chaudhuri, and gershon distenfeld. hundred 40 basis points in timing in a single month.

i am jonathan ferro. this is bloomberg "surveillance." 50 from the boe. tom: that is different from the american economy. i have trouble with the equivalencies of the fed and the bank of eglin. you are an excellent -- you are an expert at this. a little bit weaker off of this historic moment. jonathon: off of expectations, moves off the base of this. 121.80. lisa: this is again a bank that has to hike into weakness. they give some support to the pound. you are seeing a little bit of support. is it enough to be disinflationary at a time in the face of incredibly high inflation, at a time that it's high on its own. jonathon: looking for a 50 basis points, just one looking for a 25 basis point hike. those are the headlines for us. outside the bank of england, it is lizzy burden. good morning. what are your take on things? >> the governor had said 50 basis points were on the table, although he did not say it was locked in. obviously, there's a lot of international pressure. it all hurt consumers. the average first-time homebuyers mortgage payment will rise 5.

jon ferro on assignment. a friday to go into the weekend reading.will be more than interesting on what the equity markets will do. futures up 14. dow futures up 105. still extraordinary given the move from june. two-year yield, 2.31%. less curve inversion than pre-cpi. -34 basis points. moving it from a greatly inverted -49 basis points. brent crude, 98.45. on the individual equity stocks, lisa pulled an all-nighter to give us. lisa: analyzing rivian and electric vehicles. rivian is fascinating. their shares are lower by .2%. they beat expectations with a forecasted bigger than a speck that loss. they have not gotten production up to speed to meet all the demand. they had people making orders two years in advance. in the meantime the costs are going up of raw materials they use for all these goods. how do they deal with that without going back to a lot of these individuals and saying give us more money? that is not what they want to be doing. jessica alba's company reported a worse than expected earnings, but also a bigger than a bigger than effecti

alongside tom keene and lisa abramowicz, i'm jonathan ferro. up .1%, and it is all about the data in europe. tom: looking at the terminal, we are going to review that route the hour and throughout our trip to jackson hole. i want to go to the great divide of america. this is something jan hatzius did years ago. macy's just out, and buried in it is the comp sales. negative point -- -2.9%. bloomingdale's, up 8.8%. that describes the divide in this nation. jonathan: markdown promotions. inventory, aged inventory. these are big problems we were hopeful target had worked their way through. at macy's it seems like they have just started. lisa: they beat expectations when it comes to sales, however when it comes to their forecast they ratcheted things down because of the expectation of consumers slowing down purchases. how do you get ahead of such a quickly moving kind of consumer sentiment and the post-pandemic reality? jonathan: they have had to cut their guidance this morning. futures positive on the s&p. macy's just about positive as well. if you

>> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: jobs tuesday. does that work? it has a ring to it. tom: it jolted me out of my sleep from numbness monday. jonathan: alongside tom keene and lisa abramowicz, jonathan ferro. will she, won't she? she will reportedly go to taiwan, talking about speaker pelosi. tom: international relations are front and center today. i would say that the ante is up. listeners on global wall street, honing in on 10:00 a.m. wall street time. i agree that this is front and center for the global economy. jonathan: the unknown, how will china respond? when she was set to go back in the spring the rhetoric was a little different than the rhetoric we are experiencing now. tom: the answer is that we don't have a clue, it is original thinking. it will be interesting to see some look back, look forward. jonathan: it is not just your politics. we have jobs opening data later on top of all of the fed's becoming through this morning and this week. lisa: so much of the market moves has been that there has be

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning. back together after a lengthy holiday. so much going on. all of it in the jobs report. chairman powell is looking at the labor economy. jonathan: payrolls looking for something like $250,000. a dovish interpretation of what he said last wednesday got a lot of pushback. neel kashkari going into the weekend clear we have more work to do. tom: sodas apple computer. five or six or seven stories on an interesting monday. apple computer with free cash flow model for next year of $110 billion. they are broken need to issue more debt. jonathan: not quite. offering to fund more buybacks and dividends. they usually time it quickly. spreads have tightened a lot over the last month. let's be clear about that. this august i wonder what it will bring for this credit market. tom: lisa, what do you see? lisa: i see people do not understand the rally we have seen. we see companies starting to come back to the market after more deals have been pulled from this market. companies that

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: looking you had retail earnings in america. this is bloomberg surveillance on tv and radio. futures down about .1%. walmart and home depot coming right up. tom: home depot is incredibly important. joe feldman reaffirmed a stunning call of strength at home depot with margin expansion. that is the kind of optimism that speaks to a resilient market. the equity market performance yesterday was critical. lisa: in the face of week -- jonathan: in the face of week data we squeeze out a day of gains. lisa: home depot reporting sales that beat expectations, $43.9 billion, and earnings-per-share beating on the headline figure. how much does this climb to push away the fear of a worst-case scenario, especially in the housing industry that has been beaten up so much? how much does this give faith you can get resurgence in consumer spending with lower gasoline prices? jonathan: the big headline is reaffirming the outlook. we have seen retailer after retailer struggle to do just that. tha

i'm jonathan ferro. futures unchanged on the s&p. tom: anticipation here during a real mystery for jobs. what is interesting, global wall street, dominic konstam to join us here and i'm sorry, it is a theory friday. theory matters today, and that is the guesstimate of where we will be in 12 months. jonathan: he is looking for a soft landing. we are looking at 250,000 for payrolls later this morning. many people are asking the same question, pockets of week is. does it show up in this market report or is it too soon? tom: i believe they clock in at a lesser number, 175,000, and there is angst about where we are going. the dynamic is really squishy. it is the dynamic of jobs, and maybe a lack of jobs with wages -- let's call it wages friday. jonathan: the range is wide. it always is. at the low end is it -- it is about 50,000. lisa: is it wages friday, theory friday or jobs friday? i think right now it is jobs friday, and we are looking to the labor market. tom, you were highlighting this this morning. this is the key question, how muc

jon: with tom keene, lisa abramowicz, i'm jonathan ferro.s is bloomberg. ♪ millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network and most recommended wireless carrier. that's a whole lot of happy campers out there. and it's never too late to join them. get $450 off any new purchase of an eligible samsung device with xfinity mobile. or add a line to your plan today at xfinitymobile.com jon: losses on the s&p 500, small losses. i'd cant even know if you would call them that. features -0.02%, on the nasdaq down 0.05 percent. energy equities making a comeback, crude back through 100 as tom mentioned on brent. close to 95, pushing those levels into the 90's again on wti. here's the bond market story, focus on the front end of the yield curve into jackson hole, wyoming and the chairman powell speech. in and around 330, yields unchanged today. what kind of tenure response for incoming data? the

. >> this is " bloomberg surveillance" with tom keene, jonathan ferro. jonathan: from new york city this morning, good morning. i'm with tom keene, bramo back monday. onto jackson hole, wyoming. tom: it is august. it has that august field. after economic data, the jobs report cpi, the interesting retail sales report, all that matters now is the speech in wyoming. look at this green -- the screen and i find it pretty accommodative but we are looking for the next information to drive us forward. jonathan: allow me to wake you up, for caps on goldman gdp. goldman sachs 3% for 2022. numero down to a two handle, 2.8%, a two handle for chinese growth. tom: number has years and years of pacific rim coverage. those are important numbers because they are all across the pacific rim and that is how you get the global gdp of 3%. we all laughed at 2.8% but now they look smart. jonathan: they are global recession type numbers. not pretty. kailey: we know that china is going to do something to try to support that. we have talk of more fiscal policy with potentially two

alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures -0.2% on the s&p. what a rally through the month of july. tom: it really is. ben laidler is going to give us tone against the bears, and as you know, reaffirming. i thought mike wilson's note with morgan stanley was fascinating. he reaffirms in a slowdown, guess what? at some point the earnings you declines. jonathan: the downgrades should come through fast in a recession. that is his point of view at the moment. we are dreaming, aren't we, going into the data? payrolls this week. tom: it will be a data-dependent fed. forward guidance out the window. we will see payrolls. you've got to pay attention. will the labor economy break? jonathan: over the weekend, neel kashkari of the minneapolis fed spoke twice, pushed back against the euphoria that somehow this fed paul's is coming soon -- fed pause is coming soon. lisa: this really is the key pushback, that fed chair jay powell said we are close to neutral, getting close to getting that rate where it needs to be for this economy. looking at the real yield

i'm jonathan ferro. it is abysmal outside. it was nice of them to bring us inside for a show for you. tom: the weather here in wyoming for chairman powell, this is going to be really, really interesting. there was chaos here at the weather. i haven't had any sleep. i noticed at about 2 a.m., there was chairman howell rewriting his speech. jonathon: we could've talked about this all night -- tom: but that is normal jackson hole. jonathon: it is not. we got back 12 months ago, when chairman powell did his speech right here. updating that speech in the last 24 hours, history has not been kind, sir. lisa: transitory failed. the idea of passing over inflation has not gone out in any way, shape, or form. how do we get ahead of that, especially given the feeling that perhaps some of these inflation aspects are stickier? jonathon: we seen some great articles this morning and throughout the day no doubt. jackson hole should be a central bank. tom: it's true. and avner bailey will show up to give his side. i think it is valid this time

this is bloomberg markets: the open with jonathan ferro. jonathan: live from new york city, we begin with the big issues. looking for speaker pelosi to touchdown in taiwan in the next hour, escalating tensions with china and prompting a swift response from the china's foreign minister

tom keene, lisa abramowicz and jonathan ferro. futures positive.s high yesterday by 18 basis points on a two-year. everyone lying up -- lining up to say this and then the markets responded like they were surprised. if you like the fed speak, you get more of it today. harker, daily, that is your lineup for today. tom: we have to stop here. i thought forward guidance was dead. we did we get that memo -- didn't we get that memo? jonathan: just reestablish the reaction function. based on what happened with markets over the last week, easing of financial conditions, we had guest after guest saying this is an unprecedented easing of conditions. this tweet, speaker pelosi has left taiwan. this is what they have to say. it is fair to assume that the charters of china -- have gone considerably lower. he goes on to say without china you don't have india and without either, you don't have any emerging nation. some people might go on to say without any of that, you don't have an oil price cap on russia. tom: as we mentioned with annmarie hordern, she saw the w

. ♪ jonathan: live from city, i am jonathan ferro, this is "bloomberg real yield."t is time for the auction block where we kick things off in europe. the busiest week since late june. monthly volume of about 100 billion. some life into the junk bond market. sticking with credit, a recent rally in high-yield. >> we are in the camp that you are supposed to really take some chips off the table. credit quality has been sound. we have just started to see the first sign of some downgrades in the high-yield market in some very specific sectors of cruise lines. credit quality is good, companies are flush with cash. they have done a good job managing liquidity and bottom lines. there may not be fully compensated investors. jonathan: back with us, meghan swiber, luke hickmore, troy gayeski. 500-something basis points only a month ago, all the way down to close to 400. what do you make of that? luke: exuberance across risk markets. right now, some protection. alternative assets, if we can do that that would be great. if you are in a credit fund with limited options, layering i

tom keene and lisa abramowicz, i'm jonathan ferro., the longest winning streak of the year so far. tom: we will talk football. we will talk jackson hole. but you are right, it's all about the equity markets. huge differences of opinion starting strong this hour. jonathan: there was a great quote on the program last week. the difference between a fair market rally and something more durable, hindsight, apparently. tom: i agree with that. i am watching the mumbo-jumbo going forward and i think a huge amount of that is how unloved this market was on june 16, june 17, and the easy money has been made. now what? jonathan: and this rally is hated in many places. lisa, she said get real. the risk reward remains unattractive. lisa: how much of this has to do with the fundamental earnings that were not terrible but have crossed the lowest fundamental outcome but not phenomenal and how much is this squarely about the federal reserve, p will piling into longer duration treasuries, yields coming down. easing conditions. completely antithetical to

trading, this is jonathan ferro.n with the fed making a comeback. >> infect percent of people are bearish. -- 85% >> as their markets get older, the rallies got larger. >>

estatal venezolana y comparto todos los ideales de izquierda del presidente chÁvez, el comandante ferro

so lucifer from the latin lux light and ferro i carry it turns out luminiferous in greek, the same willesphorus or phosphorus. i think in biblical christianity lucifer is a synonym for a fallen angel who is identified. the manufactory that produced lucifer matches was created at the beginning of the 19th century in austria and the mortality rate among its workers was colossal, they died. mostly from necrosis jaws well, yes, microparticles of phosphorus on the hands, phosphorus dust in the room , there are cases when people died by swallowing our antiquary saved much more than just one match head, that one was not enough in the conditions. you're no sandra, in fact, red phosphorus is almost harmless. here, when one expert says, i almost understand everything, then at all these matches are poisonous or not, they were poisonous, so that white phosphorus does not oxidize, does not turn into red, the match heads are covered with a thin layer of wax. this protection was enough for several months from the moment of release. and when the expiration date expired, they became non-poisonous? yes,

on 38 pages all over black etush here is one of the available fragments during the investigation, ferroterials contained in 50 boxes were classified documents with markings, which, in my opinion, contain information about national defense and were stored in an unauthorized place. in addition, there is a sufficient basis for wealth. currently. there are additional documents containing classified information. along the way, funny details are revealed. it looks like it 's getting clear in the press. information could have appeared that trump was keeping documents related to nuclear weapons on his estate among the papers that the fbi came for, and there was also trump’s correspondence with kimchin. the us national archives demanded that the president return his letters to the north korean leader, moreover, documents that would later become bogdanov ivanovna and denis sokolov were asked to call assistants top secret and very important news from new york. well, just as a continuation of the topic, the very revelations of mark zuckerberg from censorship, the founder of the extremist company me

reportera: revelÓ si ana ferro quien se casarÁ con fernando en marzo de este aÑo convive con sus hijos de ese tema. >> un departamento que es tuyo lo vas a recuperar? raÚl: una situaciÓn delicada. ayer el "despierta amÉrica" en domingo, lo contamos casi todo para dejar tambiÉn comidilla para hoy, la boda. francisca: vamos estar hablando este el "sin rollo" todo lo que pasÓ y la pregunta del dÍa si creen ustedes que jennifer lÓpez se caso esta vez para siempre? raÚl: llegaron todos de blanco a la boda era como uno de los requisitos, tenÍa todo cerrado porque la gente por tierra, por mar, por aire pero nosotros tenemos imÁgenes aquÍ en "despierta amÉrica". chef: estamos de todas las redes sociales, sÍguenos en twitter, facebook e instagram. mantente informado y revive tu segmento favorito www.despiertaamÉrica.com el app de univisiÓn en nuestra pÁgina de youtube. karla: imagÍnense que hubiera ido juliÓn Álvarez a cantar. imagÍnese que vive una nueva etapa en la que experimenta un renacer en su carrera. reportero: juliÓn alvarez regresÓ a las plataformas digitales como zika nueva despuÉs d

i'm jonathan ferro. price action is shaping up. equities are down on the s&p 500.pushed towards that, and i said to abramowitz, why are you doing this? >> what are you worried about? you can't leave me alone with tom. i need you to be ok for the next couple of hours. >> whatever's in the cup, you can't. >> what is not cup? >> hot tag. >> there was a subscriber who just message me. before we get to our wonderful co-founder investor, a genius has been hidden by a frumpy and disarming demeanor, and with the economy, is turned into a false sense of security, like lumber. >> he was a genius. >> let us begin with something we've really been cognizant of. it is about economic growth. you are providing global leadership and you have screamed don't forget en, don't forget third world and the link inextricably to who we are. how do we respond to the debates, including what is going on? >> i think the fundamental problem is that we are all obsessed about this, and rightly so. we should care about that, but with that, we forget about growth, and this is the fundamental problem

futures down with tom keene and jonathan ferro. good morning. will the speaker of the house visit taiwan? we will catch up, up next. >> keeping you up-to-date with the news from around the world. china has been warning that the military would take action if nancy pelosi makes a landmark visit to taiwan. they said they will not sit idly by if she travels there. the architect of the bill getting on board. the measure does not raise taxes, but they do not divulge whether she will support the bill or not. the bank of england is expected to step up its fight against inflation in the coming weeks. it will join other banks by raising rates by a half percentage point. it's earnings were better than expected. pushing back by its largest shareholder. being remembered as the greatest winner in the history of basketball. 11 nba titles and 13 seasons. two titles at the university of san francisco and an olympic old metal. -- gold-medal. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in ov

with tom keene and lisa at brevets, i'm jonathan ferro. ♪ >> they don't want a recession, but they dogs to slow down for inflation to continue to go lower. >> there is a lot of work yet today. we think inflation will be running at 4% plus. >> what i worry about on the other side is that the fed works too fast and too much. >> i think a big issue we have in the market is that the fed is not about the pivot. >> we have right

this is bloomberg the open with jonathan ferro.ork, would begin with the fed. >> we don't know for the life of this why people believe in the fed. >> i think you are fighting the fed of your bullish. >> i don't

alongside tom keene and lisa abramowicz, i'm jonathan ferro.oments ago we heard from jay powell. >> the federal market committee's overarching focus right now is to bring inflation back down to our 2% goal. price stability is the responsibility of the federal reserve, and serves as the bedrock of our economy. without price stability the economy does not work for everyone in particular without price stability we will not obtain a sustained period of market conditions that benefit all. the burdens fall heaviest on those who are least able to bear them. jonathan: that was chair powell, jay powell, the federal reserve chairman. the market reaction has not been big. lisa: tom picked up on the front end of the yield curve, because that is the most interesting move out there. reaching close to the year highs. at what point do we get that going beyond? with some kind of credence given to what they are saying? jonathan: have you seen what is happening in europe? lisa: that is the story this money. jonathan: the two-year in germany, 17 basis points. we a

be with us the ferro channel will continue program. good morning.s the volga-volga were filmed. for family reasons, dmb is election day and so on. and uh today. we have thursday, august 18th and wonderful wonderful sunny bright money. yes, it's actually very cool that good weather wants to spend more time in the sun, but there is one here. such a nuance. this must be remembered about our health is good to get a vitamin. d of course, the sun, but nobody canceled photoaging, plus such a load on our cells. yes, it just can cause cancer and anything, so the golden rule is to be in the sun, say, until 12 after four, and in general, you don’t need to sunbathe on purpose. enough time is enough while you are just on the street. let's talk about it in more detail in our report. a rested look, hormones of joy , memories of a vacation and 100 more reasons, why we love a tan, and then august keeps hot bar. and although the sun is no longer as high as in june, we still look at the time and the index of ultraviolet radiation in your region. it is advisable, of co