jon: coming up, abby joseph cohen of goldman sachs.y conversation on what feels like for many of you an inflection point in this market. 10-year gilts down a basis point. from new york, on tv and radio, this is bloomberg. ♪ ♪ [ "me and you" by barry louis polisar ] ♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪ ♪ jon: live from new york city, on tv and radio, here's the price action this wednesday morning. good morning. equity futures advancing a little more than 0.1%. you will notice where the performances come on the nasdaq 100, up 0.6%. the why, we need to go to the bond market for the why for everything at the moment. that is the epicenter of all the price action. start with nominal's. just south of 1.34% on tens. 40 basis points to go to the top of the year. i keep going back to the end of the first quarter. that is when yi

tom: we will have a guest in a moment on the heels of abby joseph cohen when with a very different viewlet's go to the bond market for a moment. nominal yield, less inflation expectations, that stunning larger negative real yield. on inflation expectations, it is jump ball, isn't it? jon: a negative one for you yields -- for real yields. that was the story of yesterday. it was a drift lower in real yields. what we have to grapple is why. why did that happen? is it really about the deceleration you are expecting it to next year in the year after? i didn't see de-risking. i just saw the rotation and the equity market. feels like a negative growth shock, a reversal of what we saw in the first quarter. all of those stories one by one have topped, and it started with the bond market. it started with nominal speaking at the end of the first quarter. it started with breakevens in may peeking, and then started to chop through the equity market a little bit more. energy and financials started to underperform. big tech outperforming. you see that on the nasdaq this morning. they are up by 89 poin

tom: you heard from abby joseph cohen yesterday.dea we would not see wage inflation as we see employed america. we get lucky on bloomberg surveillance. one thing we've done when built this platform is get us to guess and we've done it. lee massively locked out by saying we need to speak to rob carnell of ing. they have abandoned him to singapore but for years out of london for acute monetary analysis, worked with treasury, and iconic work. we are thrilled rob would join us this morning. with your expertise on the ecb, why don't you bring in -- bring him in? jonathan: the price mandate at the ecb, it is close to 2%. that set to change today reportedly to 2% with a tolerance for an overshoot. does that change anything whatsoever for central banks? rob: what it does is get rid of low but close to. it gets rid of that horrible lack of certainty over what the actual mandate was. they replaced something close to the low with effectively to and you can perhaps go over for a bit. what we are doing is what the bank of japan did when it moved

jonathan: nice to catch up with abby joseph cohen. from new york city this morning, good morning.side tom keene, i am jonathan ferro, together with romaine bostick. equity futures down 62. this bond market is firm, particularly over the last couple of weeks. yields are lower by just three or four basis points to 128 after a break of 1.25 a couple of hours ago. tom: there is some calmness in the last hour. it is not a comb time for our secretary of transportation. mr. buttigieg, of course, we all know from south bend, indiana. sterling academics. could we write an essay on john f. kennedy's profiles and courage. we want to talk about transportation, international travel, but yes, right now on infrastructure, mr. secretary, thank you so much for joining bloomberg. i lived the last infrastructure disaster. as you drove out indiana west and there was a point where i-80 died and you had a two lane highway west. we are going back to that on the condition of our infrastructure and we are doing it because we cannot figure out how to do a gas tax. can't you do a gas tax that will repave th