alix: this chart shows that., new wind and solar is cheaper than existing natural gas, but not yet existing coal. once against cheaper than existing coal, how quickly will the transformation take place? logan: it depends on the pace of retirement and it depends on policy and major policy shifts. what we are already beginning to see today is utilities and government and policymakers help support renewables in recognition of its economic competitiveness. alix: what does that mean for coal retirements then? logan: coal is the biggest loser in our outlook. we expect the total coal generation, the generation profile for coal to be around half between now and 2050. in the developed world, it is more extreme. alix: i love that perspective. thank you so much. now we turn to commodity and chief, where we focus on one executive in the commodity world. first, a closer look at the company. this is how energy trading works. producers and traders go through thousands of transactions a year. banks tony of loans and there's lots

hoping to help emissions and profit. ♪ alix: i'm alix steel.elcome to "bloomberg: commodities edge." 30 minutes focused on the companies, physical assets, and the trading behind the hottest commodities with the smartest voices in the business. first, we kick it off with spot on, our take on the big story of the week. we want to take a look at tariffs and aluminum premiums. molson coors is among the companies asking the u.s. government to investigate the way aluminum premiums are set. the premium should reflect transportation and handling cost is up 78% since 2018. raising costs for these companies. earlier i spoke to the senior director of global packaging at molson coors, and asked about the problem with premium pricing. >> we cannot pierce the veil here, so to speak. we are paying tens of millions of dollars, seeing others throughout the aluminum supply chain are getting those gains. if you look at can sheets, we buy cans for our beer cans. can sheet is made up of 90% of the aluminum used for can sheet should not carry a tariff. that is becau

lance: thank you, alix. alix: how is the economy? economy or what we pay close attention to. what consumers are buying, the industrial economy, and we think about trade. of those, the consumer still feels like they are healthy, but the industrial side of the economy has pockets of strength. plastics, industrial chemicals, steel. ofan also see a lot customers pulling back on their decision-making from a capital perspective and an inventory perspective. trade is the key element. there is uncertainty in the trade profile and that is causing uncertainty in our businesses. what you said about capital investments reflected more broadly. what about your company? is it affecting your decisions? lance: we are a very old company and we have very long assets. it is not unusual for us to have an investment that is a 50 year plus profile. degree our capital investment goes first to making sure the railroad is healthy and thriving. what is happening in a different quarter or year to year probably does not make a big difference. what makes a big di

alix: totally.ot surprise me, because it is what happens in the snl market when you have the renewable identification numbers. when you blend ethanol integrated gasoline, you get a credit, because the government says, give me 10 credits they get the 10 credits, then they sell 15 on the market and other refiners seldom -- or by them. david: if they actually release, as president trump has talked about, backing off the emissions requirements and then tesla does not make money. alix: what money? david: ok, revenue. but it indicates how dependent they are on the government. alix: that is true, but then you have to wonder, then we are back at tesla not being an automaker, it is a tech company, where a few years ago they were trying to be in automaker. i mean, what happens? if they went under it could be one of the best things that happens for gm. david: the prices getting lower. alix: yes. david: there was a time that could have never happened. it is interesting, because it may end up being a car company

alix: why?ian: first off, i have sensed in the last several weeks, as gold has rallied, our clients are starting to get very uncomfortable with the risk-reward presented by the cost -- or by the receipts, if you are german government -- of long-term money. it is a head scratcher. talk of austria potentially issuing 100 year bonds at 1.2%. it just doesn't make sense from a risk reward perspective. the bond market is telling you that there is the potential for this global recession that we alluded to a few moments ago, which again, reinforces why all of these events are so important. from our point of view, and we saw this at the end of the first quarter, there is likely to be a reset higher. we actually started seeing it in the stock market yesterday, where cyclical shares rallied and defensive shares, there was a lot of profit taking. that is the market telling you that interest rates on the long if the fed isrly successful in stoking info asian expectations, moves higher. david: is inflation co

alix: this is "bloomberg daybreak." i am alix steel.on what is happening in the markets. s&p futures up seven points. in europe, energy one of the upper formers because of oil getting that big surge because of the tanker trouble. is it a safety trade or more central banks inflation is better than most market participants thought? euro-dollar flat, bonds nowhere, oil popping. speak your prices, export prices year on year basis coming down .7%. import basis down 1.5%. i also want to highlight the jobless market. 222,000.obless claims slightly higher than the week before. of thetime indicator jobless market is something will be paying attention to. david: some indication the san francisco fed has a model we will -- we have bottomed out on unemployment. we want to bring in michael mckee. what we read into these numbers? : everyone with think import prices were rising because of the tariffs. they are down more than expected. there is a simple explanation. it is the strong dollar. the dollar has been strengthening and that is weighted against

alix: this is "bloomberg daybreak." i am alix steel.ing over in asia as well as europe. it is all about stimulus and dovish talk from central banks. as an be futures look to be opening in a record intraday high. europe following asian markets higher. more stimulus out of china. the dollar has to watch. the dxy city and its 200 day moving average. have we seen the dollar top? 10 year yields sitting right at two. gold up a whopping 3% as you want up having a safe haven bid front and center as the fed goes on a dovish track. david: now let's find out what is going on outside the business world with viviana hurtado. viviana: tension between the u.s. and iran has gotten worse. command hauling the shooting down of an american drone unprovoked. the military says the drone was shot down by an iranian missile over international airspace. the drone wassays over its airspace when it was shot down. turkey is warning the u.s. not to oppose sanctions for it purchase of a russian missile defense system. president aragon saying turkey will retaliate. e

i'm alix steel. welcome to bloomberg "commodities edge," 30 minutes focused on the companies, physical assets, and the trading behind the hottest commodities with the smartest voices in the business. first, we kick it off with spot on, our take on the big story of the week. today, we want to take a look at tariffs and aluminum premiums. molson coors is among the companies asking the u.s. government to investigate the way aluminum premiums are set. the premium should reflect transportation and handling cost and is up 78% since 2018. raising costs for these companies. earlier, i spoke to the senior director of global packaging at molson coors, and asked about the problem with premium pricing. >> we cannot pierce the veil here, so to speak. we are paying tens of millions of dollars, seeing others throughout the aluminum supply chain are getting those gains. if you look at can sheets, we buy cans for our beer cans. can sheet is made up of 90% of the aluminum used for can sheet should not carry a tariff.

alix: thank you so much.political tensions simmer ahead of the g20 meeting come up bringing a global russian to safe havens. gold rallying to the highest level in six years. dollar-yen dropped below 1.07. -33 basis points in german bunds. joining us in new york is david lebovitz, gp morgan asset management global market strategist, and linda dussel in pittsburgh. before you know how to invest, you have to understand why it is happening. is it happening because of central banks? guest: there's a pretty difficult expedition priced in with what respect to what the fed and ecb will do between now and the end of the year, but despite the dovish pivot we have seen from central bankers, there is still a concern out there that economic activity is softening a little faster than the hard data is leading us to believe. if you look at pmi's and survey-based measures, they have softened up quite quickly. it has not come through in the hard data yet, but the bond market is deftly a little spooked. david w: if you look at

alix: one million.: he could probably do it in his sleep at this point. ♪ alix: you have been watching prince charles and president trump walking through the , and melania trump as well as queen elizabeth and camilla parker bowles there as well watching on as we hear the songs of the u.s. play over a new u.k.. queen elizabeth and president trump will have in for tea and an nice lunch after this. on the market. we are still looking at this risk-tone, equities down 6/10 of 1%. technology down .8%. in other asset classes, it is a risk-off move. we are still seeing money flow into the bond market. german ten-year bund holding steady at -21 basis point. the two tens and the five 30's are steeper. into negativemove territory. for how long wells occur invert before people start to get worried? we have a disruption in were norway due to labor strikes oil.ls affecting david: and today, u.s. businesses are trying to come to terms with the new tariff war with president trump reassessing their plans in a light of n

: i'm alix steel.elcome to bloomberg "commodities edge," 30 minutes focused on the companies, the physical assets, and the trading behind the hottest commodities with the smartest voices in the business. first, we kick it off with spot on, our take on the big story. joining me is the senior fellow at the atlantic council. today, we focus on geopolitical risk, u.s. versus iran. national security advisor john bolton says the point is to make it clear to iran and its surrogates and that these kinds of actions risk a strong response from the united states. at the same time, the undersecretary for terrorism says "i urge you to carefully consider the potential sanctions exposure of insects. engaging in activity that run fell of u.s. sanctions can result in severe consequences including a loss of access to the u.s. financial system." what did you make of the rhetoric heating up? does the u.s. have to deliver? guest: what we are looking at right now is the u.s. having to take the evidence of this sabotage even

alix: that's true. this morning we will get market pois for the month of june -- market pmi's for the month of june, then existing home sales for the month of may. today is quadruple witching day, when options and futures expire, with a rebalancing of the s&p 500. ,inally, today is the solstice marking the first day of summer in the northern hemisphere and the first day of winter in the southern hemisphere. alix: happy summer, then. that's great. it is only a torrent of rain outside in new york. nguyen inined by lanan nguyen andee -- michael mckee. gold spiked back up to 1400, and now below that level. do you see a safe haven bid in the market continuing in asset classes, and where? gold is a perfect example of the federal reserve signaling potential cuts, so rallying above 1400. if you need more uncertainty to push brent higher, looking ahead, there's going to be an opec meeting next month. tensions in the straits of hormuz and around iran are not going to help markets in terms of feeling the risks. if

alix: no. speaking of, i was covering oil during the arab spring, and i am shocked we are seeing oil at $65. mark: oil is still down over the last month, despite the fact that u.s. equities are at record highs. many other financial assets are expecting a slowdown in growth from g20. oil and commodities markets aren't. commodities markets are where the real demand is. this is a great reason for a little bit of a bounce, but no one thinks this will lead to a sustainable bounce unless there is an escalation in the middle east. alix: or unless you get a good deal out of the g20, which is our next story. a compromise will be a two-way street. is it a two-way risk? mark: i think the main thing i would say is the perspective going into g20 is very different depending on what side of the globe you are on. over here it is assumed trump will decide whether there will be a deal. in asia, people think china will not find a deal unless there is complete capitulation by trump. in asia, everyone is expecting

alix: exactly.tant question is, who is going to replace sarah sanders, and who is going to nl?" him or her on "s up, the huge rally in the bond market. where do you go to safety? don't fight the fed, don't fight the bonds. this is bloomberg. ♪ ♪ alix: u.s. accuses iran of attacks. american officials release video they say proves iran was involved in attacks on oil tankers in the gulf. the 10 year yield falls to a two-year low and the curve steepen's as the market tries to push the fed into a rate cut. and broadcom wounded by trade. the semiconductor cuts its revenue forecast, dragging down the chip sector as demand, trade uncertainties, and huawei force a weakened outlook. david: pictures are really dramatic, that grainy footage. one of the questions i have is what comes next. by the way, this is the second time. a month ago this happened similarly. alix: we are right in this time of the 60 day deadline that europe has to decide what to do, if they are going to keep eyeing iranian goods -- keep buyi

alix: i'd hum of companies -- alix: a ton of companies are in d.c. trying to persuade the president not to. thank you. for the trucks we used and more, go to gdp terminal -- go to gtv on your terminal. coming up, more on the hong kong protests and hedging geopolitical risk. we will talk with ian harnett, absolute strategy research she strategist. this is bloomberg -- research chief strategist. this is bloomberg. ♪ ♪ viviana: this is "bloomberg daybreak." a takeover in big pharma today. array.has agreed to buy the deal has a total enterprise value of about $11.4 billion. that price represents a 62% premium to array's close on friday. deutsche bank may exit its u.s. equities business. bloomberg learning that is all part of a broader overhaul to be announced next month. the bank could hold up to $56 billion of risk-weighted assets. ubs still feeling the aftershocks from its chief economist's use of the phrase "chinese big." the chinese railway construction deciding against bond sale.or a alix: i find that story to be totally fascinating in that, re

alix: good point. so you could say there is some confidence coming back in, but it is weak enough to say that their numbers will be down for the quarter. we don't think as much about people trading with the same reaction of, i don't know what is going on. let me hold onto my cash right now. sonali: if your clients aren't doing anything, how are you going to serve them? there's no money going around if people are not trading. david: thank you so much. that is bloomberg's son ali -- bloomberg's sonali basak. coming up, elon musk tells tesla shareholders sales could hit record levels this quarter. this is bloomberg. ♪ >> i think it's basically financially insane to buy anything except an electric car that is upgradable to autonomy. it is just nuts. david: here's what i'm watching. tesla having their shareholder meeting. i'm tempted to say when elon musk talks about financial insanity, you listen to it. but this shareholder meeting was extrude mary. that's was extraordinary. it was just -- meeting was extr

alix: thank you.k you, bloomberg's basak.bo -- sonali coming up, hong kong bracing for protests on an extradition bill. this is bloomberg. ♪ ♪ the situation in hong kong continues to deteriorate. they are trying to pass a new statute to extradite people from hong kong to the mainland. now they will call strikes for wednesday, and the u.s. has gotten involved and issued a statement, which is not that coming. "the u.s. shares the concern of many in hong kong that this threatens hong kong's autonomy." you can imagine they didn't like that that much. they came right back and said, stay out of our business. alix: we've talked about this for years, the intersection between trade and geopolitics and how that winds up playing out. i also love that the company is actually giving their employees half a day, or they can work from home. they are letting them go from the workplace. david: or if you want to stay home, that's fine. alix: i don't think i've ever heard of that. david: it is extremely rare , if precede

alix: this chart shows that., new wind and solar is cheaper than existing natural gas, but not yet existing coal. once against cheaper than existing coal, how quickly will the transformation take place? logan: it depends on the pace of retirement and it depends on policy and major policy shifts. what we are already beginning to see today is utilities and government and policymakers help support renewables in recognition of its economic competitiveness. alix: what does that mean for coal retirements then? logan: coal is the biggest loser in our outlook. we expect the total coal generation, the generation profile for coal to be around half between now and 2050. in the developed world, it is more extreme. alix: i love that perspective. thank you so much. now we turn to commodity and chief, where we focus on one executive in the commodity world. first, a closer look at the company. this is how energy trading works. producers and traders go through thousands of transactions a year. banks tony of loans and there's lots

i'm david westin, here with alix steel. president macron is speaking on the 75thmoration of anniversary of the d-day invasion's. alix: then president trump heads to ireland later on today. he's going to have a short chat with the prime minister of ireland, and they are going to talk maybe a little golf. david: and ultimately he goes to normandy tomorrow, where the invasion happened. earlier the president read from a prayer that franklin delano roosevelt read to the country after the invasion over the radio. are: in the markets, we seeing a rally continue from yesterday. by about 7/10e up of 1%. yesterday was the biggest jump since january 4. tech financials really leading the way. euro-dollar pretty flat, although finally, we get the dollar selloff over the last few days following yields lower. a little bit of buying on the margins, but the question for the markets, have we seen a reversion to the mean, or did chairman powell change the game yesterday? david: markets certainly reacted around that time. alix: for did we just

alix: exactly.t is interesting to see if you end up getting some kind of deal with china in some capacity, does that make trump go a little abe or europe, or is it happy-go-lucky? david: he hasn't made edge much -- he hasn't made as much a deal about japan back home. it's been all about china. president trump is thinking about his position before 2020, and china is front and center. in the meantime, we are going to go back over to osaka now to stephen engle. talk to us a little bit about what is going on with india and japan. that's right. donald trump earlier this morning did mention he expects big trade deals with both of those countries. disputesed various with those two allies come on auto tariffs -- those two allies, on auto tariffs, and to which india has responded with tariffs of its own. both xi jinping and donald trump have both had bilateral today with india and japan, with the russians. it is all setting up the stage for the big meeting tomorrow. that is what everybody's looking at. we ar

alix: yes.tion, when you have a market pricing and potentially four rate cuts through 2020 for the fed, and just can basis points for the ecb in 2020, how does that equitythrough to the market? guest: those cuts have to come. pricing and cuts without delivering them, it is only a temporary solution. so we need to see, if the fed does deliver those rate cuts , it is timeit is time to see se cuts being materialized. to prevent the downside risk to the economy. david: you made an important point. we are nearing the end of mario draghi's term. is it too early to start talking about what his legacy will be. or did he the game play a bad hand well but ultimately did not deliver what he needed to deliver? alessio: i think is right as he has been set, -- i think his legacy has been set, the books have been written. months have been about keeping the lights on. his legacy was set in 2011 and 2012 and 2015. alix: the legacy of the u.s. in terms of its jobless rate continuing to be awesome when you talk to

alix: this is "bloomberg daybreak." i am alix steel.g made in the bond market. futures reacting to potentially more easing from the ecb as mario draghi says he has tools in his toolbox and ecb officials saying a rate cut as their primary tool. european bank stocks are actually up .2%. i would assume they would be totally hammered as we're seeing unbelievably moves in the gilt market. -32 basis points for germany. france at zero. sweden at zero as well. the curve continuing to flatten. off the lows, but still flattening is the word of the day. it seems like the currency market is somewhat more stable. we are in a two we glow, but we're president trump saying i do not like what you are doing with your currency. mario draghi props it up and that is not fair for us. not sure the markets are paying attention to president trump on the currency. alix: i mean it will be range bound. you wind up having the rhetoric coming out with a push and pull between the fed and the ecb and that is putting a crimp on any kind of big selloff in the euro. davi

alix: this is "bloomberg daybreak." i am alix steel. the moving average, the best day since 2009. .4%.utures up european stocks modestly higher. the industrial sector in europe flat. who when united tech and raytheon join forces? --lar down .3% pure the dollar down .3%. dollar-yen higher. that dynamic playing out. selling on the bond market, yields up by five basis points. it feels like the unwind, money into yen, money into gold, treasuries reversing after yesterday's -- after last week's crazy week. bank of america is out with its latest survey which saw a record surge in the zero to three month demand indicator. here to explain is can hector, bank of america, merrill lynch transportation analyst. it is a nice window into the u.s. economy. we saw that rebound. sustainable? we saw the greatest rebound since the start of our survey, up 19%, which is odd, because we solid the celebrating. -- we saw it decelerating. seeing this rebound, a couple of reasons we think. there was truck overhauls, inspectors were looking at the trucks, that co

alix steel is still here. news about the tankers, we also have news out of the white house, where president trump said there is a problem with north stream to and we will impose sanctions. >> we are protecting germany from russia and russia is getting billions and billions of dollars of money from germany. david: this came out of the blue for me. we knew there was a nord stream problem, he does not like the idea of the pipeline, but what can the united states due to prevent germany buying gas from russia? alix: i have no idea. it is pure market pricing. if russian gas is competitive, they will buy it. this is critical in the energy world. there was and 60% surge in lng imports in 2018. storage is more than 60% full. they do not need it. if they are buying it, which has some analysts europe to back out u.s. lng exports to europe for exporters. david: we are a map up that says they do not need nord stream 2 to get that done. alix: obviously ignored stream to will be more efficient -- obviously nord stream 2 will

kicking things off his alix steel. alix: you can see this chart on the bloomberg.y to wrap it in with economic data. yesterday's slide 4% was harsh and it was because of global demand. that has big implications for the fed. for like to back out because they like to back out even -- back out oil. this is two-year breakevens versus oil. it is at .67. the closest you get to one, the tighter the correlation is, meaning oil prices go up and breakeven expectations go down -- go up. part of the issue central banks are fighting for is the entrenched low expectation. volatile, itues will influence that expectation. there are economics. vonnie: i thought that was masterfully presented. it will be a formidable competitor for our next guest, jessica summers. jessica: i want to take a look at how hedge funds arguing the oils face. although we have a bullish day, they are quite bearish. total positioning on wti crude declining at the lowest level since march. if we take a look at the bottom panel, you can see funds are short, the short positions rising for six straight weeks. th

i like that chart, alix steel. alix: there is a but here.so agree that had the advantage by bring the sound. win, if you'rehe feeling generous. guy: absolutely. vonnie: you can watch "commodities edge" at 1:00 new york time with alix steel. coming up, balance of power. south dakota senator mike brown discusses whether tariffs -- whether republicans will block tariffs. we are probably holding on to gains. the nasdaq cannot make up its mind. that is a deal -- weighing on the nasdaq. department stores weighing on things, too. this is bloomberg. ♪ david: from bloomberg world headquarters in new york, i'm david westin. welcome to "balance of power," where the world of politics meets the world of business. on the brief today, president trump and president macron's meeting. from mexico city, the u.s. mexico negotiations. and maria tadeo on what the ecb did and why president draghi says they did it. view,resident's point of did he get out of this -- from president macron's point of view did he get out what he wanted to? greg: i think so. when you sa

clean energy looks like big oil dominated by white men. ♪ alix: i'm alix steel. to "bloomberg commodities edge." 30 minutes focused on the companies, physical assets and

hoping to help emissions and profit. ♪ alix: i'm alix steel. welcome

we speak to the president of the nuclear energy institute. ♪ ♪ alix: i'm alix steel.

hoping to help emissions and profit. ♪ alix: i'm alix steel. welcome to bloomberg

i'm alix steel.

it used to be if you do not have alix: middle east turmoil. the u.s.ore troops into the region. oil prices care more about trade geopolitics. gold bugs rejoice. prices spike as jay powell delivers a flock full of doubts. you are hired. just maybe not if you are a woman. clean energy looks like big oil dominated by white men. ♪ i'm alix steel. welcome to "bloomberg

kicking things off is alix steel.hree lines for , all of which tell an interesting story. the white line is global negative yielding debt. we reached 13 this week. the yellow line is gold price which had a significant break out to the upside, over $1400 an ounce common and then you have purple, which is bitcoin. if you take a look at recently, it feels like as we had the run-up to negative yields over $12 trillion, gold shop higher but so did bitcoin. i am wondering if part of that story is bitcoin is taking some demand away from gold. i was covering gold in 2009 and trillion if we had $12 in debt it would not have been even up for discussion or is bitcoin taking away from silver which is not possibility -- participating in the same kind of rally. we'll break that down on "commodities edge." guy: i have a chart that might augment that argument. what we have is whether or not lower rates be coming towards us and the expectation is they are. the white line is the g10 average central bank rates which have been trending l

clean energy looks like big oil dominated by white men. ♪ i'm alix steel.omberg commodities edge." 30 minutes focused on the companies, physical assets and the trading behind the hottest commodities with the smartest

as women miss out on the jobs. ♪ i'm alix steel.omberg commodities edge." 30 minutes focused on the companies, physical assets and the trading behind the hottest commodities with the smartest voices in the business. we kick it of s

alix steel is off today. the thing i sort of missed yesterday is that mr. mueller is going to testify after all. that sort of came in under the radar. carol: this will probably be one of the most well televised events in terms of politics this year. what is fascinating is he was subpoenaed. he has to appear before this hearing. but there are some sensitive issues that may ultimately go behind closed doors. i think this is going to be fascinating and important how the republicans and democrats? questionmocrats mueller. david: turns out he's going to do a little more talking. carol: just before they all go out on recess. we are also walking the markets -- also watching the markets on this wednesday morning. s&p 500 futures had a bunch of selling yesterday. s&p down three consecutive days. a little bit of support here, up just about 12 point. the euro-dollar 1.13. crude seeing some support. concerns over the tensions continuing with iran. you got new york crude up about 1.8%. david: general mills breaking their earnings right now, which is a bit of a puzzle to

matt is going head-to-head with alix longley.i am covering oil partially, at least. i am looking at the sector in general as we prepare to listen to the ecb meeting. bloombergng at commodity index over the last year -- the bloomberg commodity index over the last year, it has come down substantially. we are almost at the level we were at the end of 2015, back down to december. the difference this time is that the expectations for fed cuts are coming down as well. you did not have that last time. what it shows is that president trump is kind of getting his way. he has been calling for the fed cut rates, they were holding independently fast at the end of last year. asy now seem to be weakening he wages trade wars against china and mexico. anna: fascinating to see where the story goes next. we have got these ongoing talks happening in washington, the mexicans are there making no progress, president trump calling for faster progress. will there be progress today? we understand the conversation is ongoing. let's get to alex longley. wh

. ♪ alix: sell-off like it is 1990. oil prices crater as inventories surge.owth demand ripple through the market. aluminum market manipulation. how premiums are set after they cost the company $40 million last year. we talked to the head of procurement. occidental, bigger and better. we speak to the ceo about how she will squeeze more oil out of shale using co2. hoping to help emissions and profit.

. ♪ alix: sell off like it is 1990. oil prices crater as inventories surge.hf slowing demand ripple through the market. aluminum market manipulation. how premiums are set after they cost the company $40 million last year. we talked to the head of procurement. occidental, bigger and better. we speak to the ceo about how she will squeeze more oil out of shale using co2. hoping to help emissions and profit.

i'm david westin, here with alix steel.the d-day invasion's. alix: then president trump heads to ireland later on today. he's going to have a

alix: unbelievable move in the yield. record low y

david: welcome to "bloomberg thursday, juneis 27, back with alix steel. there was a lot of policy. it was not just zingers. alix: and not really attacking each other. and you know who was watching? president trump. david:

alix: this gets to the heart --morgan: this gets to the heart of risk management. as interest rates have come down, you see those interest rate sensitive assets go up. you have the very careful not to double down or lever up on treasuries. you can be getting double exposure to the same risk without realizing it. an integrated approach is critical at a time like this. guy: can i ask you a slightly strange christian? -- a slightly strange question? if i look at the euro-dollar curve, we've got the fed restarting its hiking process. does that sound right to you? morgan: growth in the united reset.hasn't completely interest rates drifting back up into the 2% range is totally possible. vonnie: we are at 2% here on the 10 year. where does it go on the summer? we had one of the legendary bond fund managers on saturday, seeing he is looking at 150 by fall.d of the summer and morgan: it is likely that will feed through into other points in the curve. vonnie: what do you have in your portfolio? obviously the u.s. ten-year is the benchmark globally. where do local currency bo

alix: as we hear the closing bell we are looking at another gain. there is the fall from decline yesterday with the fed driven advance. energy stocks leading the way up better than 2%. telecom services the only want to finish in the red. the s&p closing at a record high. [speaking simultaneously] halliburton, national oil, baker hewitt -- what? joe: they count. romaine: they count but -- is that sustainable to move this market even further up? scarlet: alex is shaking his head no. let's you to alex in a moment. let's get to our reporters to see what we are moving -- what we are watching at the close. >> watching the s&p 500 closing out the all-time high, crossing the 29045. -- 2945. stocks in 52, 1 of the broadest surges forward since 2019. this shows you the performance of all three majors on a monthly basis. the end we are watching june are in any major reversal looking at three solid weeks for the s&p 500, the nasdaq and the dow jones. may itsee what we saw in is a mirror image of what we saw in may. blip for this year, behind for investors. in o