have to have four less than abramowitz. jonathan: bramo is out, we miss her, but matt miller is filling in. crete. from new york, this is bloomberg. ♪ >> keeping you up-to-date from news around the world. in highland park, illinois, a 22-year-old man is being held in connection with the killing of six people at a fourth of july parade. dozens of others were injured. police believe the attacker opened fire from the rooftop of a building near the parade route. china and the u.s. have discussed trump era tariffs president biden is looking to ease. there are reports that the president may announce a rollback of some tariffs on hundreds of billions of worth of chinese goods. the euro sank to a 20 year low against the u.s. dollar and fell below $1.03. it is down more than 9% against the dollar this year. british airways is scrapping more flights from its summer schedule. british airways has now reduced its timetable by 11% through october. the u.k. government has waived rules that require airlines to view takeoff or landing start

. >> this is "bloomberg surveillance" with tom keene, jonathan farrow, and lisa abramowitz. tom: jonathan ferro, lisa abramowitz and tom keene, thrilled to be with you, looking into a critical week next week and for jerome powell and certainly for germany its fragmentation friday. jonathan: i would go further, it is the brink of recession thursday. in looking to the front end of the german bund curve, down 25 basis points is a big move. tom: copper does not come in, i am looking at chicago and copper tells me something different. oil giving the economic slowdown indicator. jonathan: the next talk, pmi's, and the date has not been terrific. down eight basis points on the 10 year periods to 79 on a 10-year yield. tom: again, we saw massive curve in version two -225 basis points. i believe we have a fed meeting coming up on thursday, but the yield dynamics seem so separate after what we missed -- witnessed yesterday, but -- all of us picking up the debris. jonathan: i think we are all confused about that news conference. just getting some numbers from twitter coming in at $1 bi

. -- alisa abramowitz. tom: tuesday looking to thursday and it is real simple. jon, we've got to look to ecb and america has to pay attention. this time it is not a snooze fest. jonathan: not at all. the ecb may be taking a page out of the fed's book by t and up a a few days before the meeting. the fact that president regarding going to recognize that according to the european union, they don't think nord stream one is coming online. you've got a pretty messy recipe for the european economy this year. tom: of course, that folds over to the fragmentation. we need to stop right now and explain the hope of this policy. italy, higher yield. germany, lower yield. some type of manipulation some of europe takes the price change on new estimates. jonathan: basically, ron -- close-ish. kind up with this new tour. they haven't actually put that altogether yet. it is going to be interesting for more reasons than one. tom: philip lane is more than qualified. -- is able to say to christine the garden, who picks up the risk if you give italy a free lunch, right? jonathan: we

abramowitz is back next week. she's not missing much.es unchanged on the s&p 500 but the euro breaking down again, 1.0219. your two year, 284. that is the curve that is inverted. tom: whatever it is, there is an accelerant here. you need to emphasize the second derivative in place here, and acceleration to weaker euro to spread inversions. jonathan: had to support the euro without a turnaround in the european gas market? tom: you have got to get a bid. it is not just about the dollar, you have to get a bid across various other currencies and that is where the euro is up this morning. john, e.m. is evaporating as well. it is a sideshow this morning. 10 downing street, lizzie is there. what is the prime minister doing right now? >> he is probably prepping for prime minister's questions. he had a goal where he focused too much on policy and not personality. what a week it is to focus on policy after the resignations of two of johnson top teams. tom: can you add lizzie from this for us, starting with gladstone and churchill as two fossils wh

i'm jonathan ferro with his abramowitz. tom keene is back on monday. lisa: i know you don't like a bad news is good news but i will throw in another one. how about goldilocks? we are sharing about a new goldilocks where you see slowing in growth but it is not that severe, not allowing the fed to hike too much and we go into a zone where people can be optimistic? you are hearing this with a rally that has been dramatic this month. jonathan: did goldilocks like her breakfast at 200 degrees? 9% inflation, can you call the goldilocks? lisa: i am just wrapping my head around the metaphor. that is the issue, can you even get there if you don't get inflation back to a 3% figure? how can we do that with where it is with the cost of goods going up and projections for oil given that we are at 9.1% for cpi? jonathan: is that what this fed wants to see, the loosening of financial conditions? the fed speaks for me more important than today to. i am not sure what to take from the gdp print and i think they will tell us. lisa: phila. they said something fascinating w

i can't say enough about this, asa abramowitz, larry mcdonald is focused on emerging markets. it is got the characteristics you see in egypt. lisa: i wonder if that will be the story or if it will be a continuation of europe driving down the rest of the world to acting em like in terms of how volatile the inflation backdrop is. i want to build on the gas issue, in addition to what we heard from emmanuel macron, dass storage levels are falling for we get into peak usage months at a time people are worried about the gas supply being cut off raises the specter of germany coming out with something similar and saying stop using so much, put on a sweater, keep temperatures at this level. tom: -27 basis points. in honor of alan greenspan, jon has a headline. jonathan: andrea hall and horse from citibank -- we see a 100 basis point rate hike this month . the committee showed it will react to each monthly meeting, each inflation reading. we expect policy rates to reach 4% by the end of 2022. here's the call from citibank, 100 basis points this month from the fomc and policy rates to re

, this is bloomberg: surveillance wide -- live, once i tom keene --alongside tom keene and lisa abramowitz, i'm jonathan ferro. tom: mobile customers of 11%, the financials are buried in the supplemental report beginning on the attention you're going to hear that the press conference earnings calls or whatever you want to call them, return on assets year-over-year from a 1.29% down to 0.89%. tangible book value, this really says it all about fortress and jp morgan, tangible book value is up 1%. this is basically a big bank flatlining, that is a little harsh but flatlining given the tumultuous times. jonathan: the headline in the last 10 minutes, suspending share buybacks. tom: absolutely. jonathan: the stress test kicking into the big way, we have seen massive directions. tom: i will let ousting williams tell me that it does matter. it is cautious, responsible, and it heats up over what we are going to see from the other banks. jonathan: the other disappointing factor is where you expect the strength to be trading, it did not show up. lisa: that is where people were expecting an offset on