annmarie: i think the u.s.till sees long term china being this mega powerhouse in the economy that they need to compete with, even though obviously this covid zero policy and what you are seeing in china right now in terms of the economics digit that and during their growth long-term. the united states certainly sees china as the country mating to compete within the end of pacific, and secretary blinken today is going to make that point. even though there's been a lot of time and energy in this administration used towards making sure are focused on ukraine, they still want to make sure they are communicating, that they are still very much focused on what is going on in the end of pacific and in china. -- the indo pacific and in china. a lot of capital in asia is going to be focused on this. singapore is saying don't want bifurcated policy. the premier saying if the u.s. and china continue on this path, they could get there. they want more integration of china. we did not see that on the president's trip. tom: t

mike, annmarie, thanks for joining us. coming up, we'll continue this conversation and how the fed can avoid a hard landing. our next guest says probably. a landing will be bumpy. we'll talk to john hayden solt /* /* soltes fuss -- so -- stoltzfus. this is bloomberg. ♪ alix: all right. the last trading day of the month of may and we're picking up a downside here. the s&p looks to be off by 1 1/2%. abigail has been tracking that for us. abigail: prior to the start there was green. we have declines that's weighing. obviously on the index. the s&p 500 is looking for the second down month in a row after a very difficult april. you have the nasdaq down 2.8%. it would have been down irrespective of the action today unless there had been a huge rally. you can see this is a big one, the msci down .6%. snapping what had been a four-month losing streak but now looking at the fifth down month for the world equity index. the bearish tone is continuing right here in may even though it looks like there's a little bit of hope. as for a b

annmarie: i you and say it is to early to tell.beat six other individuals to win this primary election. everyone is speculating and wondering if juan trump can maintain this cane maker like status at the gop and his idea of flirting with running for president again. that is a part of the conversation, but really, bigger part of the conversation, talking about any kind of election today and what would be the main driver of the next couple of weeks is how it plays into the upcoming election. that will now be a hot topic item. whether or not that it's going to include stings of inflation and what we care about. tom: you always drift back to the senator of west virginia. the president speaks today and chairman powell speak separately today. how will the gentleman from west virginia treat that angle? that new attack from president biden? annmarie: dueling press conferences, both talking about the economy. potentially, president biden is going to be offering an olive branch to senator manchin when he talks about deficit reduction. and th

annmarie: at the moment, tom, nothing.ot been a ban on assault weapons since it expired in 2004. it depends on who you ask in washington what the strategy should be going forward. there is wide support in the public making sure there a stronger legislation for background checks but when you talk republicans, they say a lot of it has to do with mental health issues. democrats and the president say we should not be giving ar-15's and assault weapons to 18-year-olds. they should not be able to purchase them. there is legislation they have worked hard to try to pass on a bipartisan line but it was blocked by republicans after sandy hook. there is potential for red flag laws to be expanded. 19 states ndc have endured parents, an officer can go to a court and say this individual is not stable enough to own a gun or we need to take the gun away. lisa: how much -- left to deal with this issue versus some of the economic challenges that are dominating the polls? annmarie: there is a lot of outrage in america that there was another

annmarie hordern joins us now.ou are too young to remember olivia newton john "let's get physical." the president does and remembers the politics of the time and place which is the repeat show on inflation we will see. what is ron klain doing? what is the white house doing? you have the president come out clumsy two days in a row on inflation. annmarie: the president said at the top of his speech yesterday i will give a speech on inflation and will likely not be my last one. he will talk about it again today in illinois talking to farmers. his chief of staff ron klain and the strategy you can see in the tone and the shift when the president is talking about price hikes, it is no longer about his policies that he thinks could help, even if it is not in the short term, to reduce the inflationary impact on american families. now they are taking aim at the republican party. the president said yesterday i will show you two paths. one is my plan and one is the ultra maga, and taking aim at the plants some of these republ

annmarie: we do not know.ecretary blinken decided to go to abu dhabi because he was joining with the vice president and high-profile u.s. officials including bill burns, secretary austin and climate envoy john kerry. he then did meet with his emirate counterpart. this was a closed-door session. we do not know what the ask was. we know the united states has been asking opec producers to pump more. the issue is less oil and more refining capacity. you have the saudi oil minister talking about it does not matter if we pump more oil. the issue is we cannot turn the crude quicken up into the products consumers use every day. that is a major issue into the summer months. lisa: as we have been talking about for months, nuance does not sell in washington, d.c., but what kind of nuanced policies could be implemented to bridge this gap? annmarie: it is difficult. you cannot build a refinery overnight. we have had refinery shut down before the pandemic. there is not a lot of investment in this industry. this is not justi

annmarie: we don't know.ee an interview this morning with a reporter from politico talking about the fact that he does believe this is authentic. he did make the point that this is from a fluid document, this is from february, this was circulating among the justices, they were adding in their opinions. we also don't know if the document has changed since february. we don't know who the leaker is. but devon of that part of the story is incredibly unprecedented. guy: annmarie hordern outside the supreme court, thank you. exploring how this debate could reshape the midterm elections toward the end of the year. we are joined by terry haines. your first thoughts when you saw the story, what impact could it have? terry: my first thought is, it is appalling. it is an attack on the supreme court itself as an institution. annmarie did a fine job of covering the rest of it. any person interested in making sure that the institutions in this country are as strong as possible should be appalled by this. it is unprecedente

annmarie: he is also probably likely going to speak about it today.e will talk about a lot of eligibility -- a lot of eligible americans getting high-speed internet access. tomorrow, this is another curious timing on behalf of the administration, cpi is due on wednesday and i guess the president wants to get ahead of it. the white house official says he will detail his plan for working families in contrast to the approach of republicans to raise taxes on american families and threaten to sunset programs like social security, medicare, and medicaid. clearly the administration wants to get ahead of the data. it is curious he would not just begun wednesday. jonathan: can you tell us what ultra maga means? ahead of the midterms. annmarie: that is individuals 100% in the camp of make america great again, which is former president trump's side of the republican party. tom: john, would you say goodbye to maria. jonathan: i was going to check in with maria quickly and see if she was ok. can you tell us what tom has been saying and what are you meant to say? m

and reordering and mario today -- maria taddeo -- annmarie hordern and maria taddeo join us.ot just about schroeder with perks taken away and finally 15 minutes ago resigning, but also about warning they are joined at the hip with nord stream. warning was an acquaintance of the stasi with putin. brief the international audience on what a mess this is for germany. maria: it is a real-time implosion of 25 years of russia policy when it comes to germany. this is something that for the german establishment is an embarrassment. now is to the former chancellor trying to break away ties with russia. for many, the damage and credibility, particularly when it comes to the eastern european countries, the damage has been done. this is a long time coming and for the germans, the host country for the g7, this is incredibly uncomfortable and embarrassing and a signal of the policy for russia. tom: what does it mean for germany? is scholes -- shulz history? maria: the issue here is the problem is not just the socialists and angela merkel, it is almost the entire political system of this cou

annmarie: absolutely.omen's reproductive rights is going to be a massive voting issue, the democratic party as well as the right come out and galvanize. very much so a partisan issue around the country, you are likely going to see democrats really want to target women. while inflation is going to be a key voting issue when it comes to higher grocery bills for individuals, higher gas bills, higher rent, now, there is a serious likelihood abortion and women's rights to choose, which has been the law of the land since 1973, is going to eclipse consumer prices rising over the past couple months. jon: thank you very much for your reporting, we will continue to watch headlines coming out of washington. coming up, higher food prices are benefiting more than farmers. as you can see from the stock, earnings have been on quite a roll. we will get more on that stock story next, this is bloomberg. ♪ jon: this is bloomberg markets, i am jon erlichman with kriti gupta. time for the stock of the hour, the biggest fertili

joining us is annmarie hordern. also maria tadeo.now channeling all the way over to seoul korea and looking for permission to dance, no question about it, what is the real ask that the president is doing besides meeting with those at bts? annmarie: for those who don't know, bts is a very famous k pop band which have gone viral to the pandemic. the first step off the president about face plane is the samsung factory they are building. he will make this a domestic -- the first step off of the president's plane is the samsung factory they are building. they are trying to have a new economic framework, something that could fill in for the tpp since amerco pulled out. the u.s. ambassador to japan said this to reporters, asian governments don't know what they are signing up for. is it negotiations are a framework to start negotiations, but the point is too tight -- try to counter china's point. tom: the president in asia and everyone will be in davos looking at, history of it all. close schwab has talked about this moment in history is a t

michael mckee joining us to discuss as is annmarie hordern. let's talk a little bit about those biden comments on paris. is this -- tariffs. is this a recognition we have a supply-side problem and one of the ways of resolving that would be to reduce tariffs? is this effectively signaling globalization is going forward? annmarie: i think the first thing is when you look at the supply side we are talking about inflation and that's their biggest domestic hurdle right now. american families will be heading to the polls soon for the midterm election but this also is not new. the president said a few weeks ago this was under discussion. now saying he will sit down with janet yellen to discuss this. he wanted to make clear to the audience that we did not impose these tariffs. they have come under pressure because of inflation thanks so high. you have the likes of the peterson institute saying if you remove those tariffs, one .7 percentage points could be shaved off of inflation. the question is how much will hit the end consumer as they are under pre

tomorrow -- alongside annmarie hordern.omorrow we reportedly hear from the president on inflation. tom: he has to manage that message. we will see what it does for oil. maria mentioned the german elections. i know it is belief -- i know it is beneath the radar. this is up by denmark. olaf scholz was absolutely crushed. there is no other way to put it. another important election this sunday and i think maria is dead on. it is about micro data. jonathan: she is always dead on. the tory a bitter is the most popular -- victoria bitter is the most popular australian beer. they will tell you they do not drink fosters. [laughter] tom: in perth they drink victoria bitter. ♪ jonathan: live from new york city, good morning. once again, we head south. on the s&p, down 1.7%. on the nasdaq, down 2%. five weeks of losses on the s&p, the longest losing streak back to 2011. five weeks of gains on the 10 year yields. your tenure, 3.1866. have to go back to 2018 when we saw something north of 3.23. once you take that out you are going back t

annmarie: many thought, as you say, he was going to label this a war.re could have been a mass mobilization. he did not even mention the country ukraine. it does look like he's really trying to focus on the donbass region. we should note that these 10 weeks of this invasion, russia still has not been able to fully capture a single city. their biggest triumph is mariupol, and yet it is still not fully in russian hands. so what you saw from president vladimir putin is a very different speech than what he would've likely wanted to give preinvasion, when he thought it was going to be a very swift capture of ukraine, but we should note this is a really important day for not just put but the russian people. they celebrate it every year and mark it every year because 27 million soviets died during world war ii. he's using this rhetoric to try to make this comparison, which we know was not true, between world war ii and what is going on ukraine. guy: and as president zelenskyy made clear in his address today, many of those were ukrainians. the view from washing

annmarie hordern is traveling with the team. she joins us now from abu dhabi. we are looking at pictures of them dissenting from the plane. this entourage sends a clear foreign policy message as we go through succession and asession here in the uae. >> the united states is sending an extensive delegation, very high level. it will be led by the vice president. they are en route. i came with antony blinken, the secretary of state, they had an earlier meeting in berlin alongside his eu partners. he got diverted to join the delegation in abu dhabi. alongside harris will be the secretary of defense, the cia's bil burns, john kerry, brett mcgurk. it is clear this is a diplomatic foreign policy and security alliance, and an energy climate alliance in terms of who the united states is sending. they are clearly sending a strong message that they want to make sure this relationship endures, and strengthen this relationship. manus, you will note that there has been some hurdles, how the iraqis feel about the united states negotiating with iran to back at potential nuclear

annmarie: this is a little of a preview here.icit recovery is occurring because there is increase in revenue and the administration is winding down emergency spending. they go on to talk about the fact that the president will also speak to his commitment of reducing a deficit going forward and making critical investments for the american family. prescription drugs, etc.. parlaying that to the president's agenda which he only has a few months left to try to get past before the midterm elections. tom: lisa mentioned yesterday is josie. jonathan: i find this ridiculous the president scheduled a speech just before we hear from the fed chair. tom: what are they going to do, like sports where we show a game? lisa: it is clear there's tightness in the labor market. how can he point that and see some slack? you're seeing a backdrop of rising cause. oil and how it is going to fichter into the discussion, and what president biden talks about. jonathan: the oil situation and what the europeans are set to do, this is a plan. walk us through

annmarie: president biden made a number of comments.irst a written statement and then he breathed reporters on his way to alabama. he is talking about the fact that this would go against basic fairness given the fact that this is about a 50-year-old law. take a listen to what he had to say. pres. biden: it goes far beyond in my view, if it becomes the law and what it is written is what remains, it goes far beyond the concern of whether or not this is a right to choose. it goes to other rights. annmarie: biden also points to the fact that he did get a phone call saying this draft document was authentic and the supreme court also said that, they said this draft document is real, but that does not mean that opinion will be upheld. this is basically how we are going into potentially to get that opinion finalized in june. the president clearly pointed to the fact that if this was to be overruled, that now it is up to elected officials and also voters in america in november to go to the polls, so now this has become a hot button election issu

annmarie: this was solidifying america's support for ukraine, especially now that we are getting thef the war. the highest-ranking u.s. official to set foot in ukraine since the invasion. she

annmarie, we have seen this before. what will change in the east room this afternoon? >> the president in the eastern will talk about public safety and signing a law about it. what will change across america is very little in the sense that we have been here before. this is the deadliest attack on a school since the sandy hook elementary school shooting in 2012. there is parkland, there was santa fe and there is also mass shootings in las vegas, san bernardino. there is so many that i can't even explain how many there have been. while there is lots of debate in america about the right to own guns, there is public support about making sure that everyone goes through universal background checks. there has been legislation passed in the house to do this stuff last march, the issue is that they didn't think they could get it through the senate given that only 60 votes were needed and that made it 50-50. lisa: has there been any soul-searching in the loosest gun laws in the nation? >> there are some states, nine or 12 of them including the district of columbia that have the

annmarie i think: -- marie: it will be a mix.resident will want to address gasoline prices head on, but we have seen them take a turn. when you look at the preview of the speech on the president's agenda for the day, it talks about the maga policies. and he will take him at rick scott of florida. he will say that even those in the lowest income brackets should pay taxes. what the president will talk about, what is part of his build back agenda, is those on the higher level income, the wealthiest americans it should be paying more taxes. basically going back to the pre-trump area tax cuts. alix: we appreciate that. ok, coming up we will stay with the inflation theme and look at it from a business angle. we' break itl down withl -- we'll the ceo of godiva. that looks good. that's next. ♪ ritika: this is the principal room. the good rx co-founder is coming up. this is bloomberg. ♪ keeping you up-to-date with news from around the world, this is first word. boris johnson is vowing to ramp up pressure on putin's cronies by driving dirt

annmarie hordern. keeping my voice. let's start with you.ia, the germans open to doing something on crude how quickly can they do it? >> i think they want to do it quickly. if it was up to them they would agree to it this week. i would note the details, it doesn't mean the implementation will happen immediately but the germans say they would drop the veto if they get a transition phase for this so the german industry is able to adjust in a phaseout that's gradual from now till the end of the year. there really is a key to this move in this change of heart from the germans is that they are already doing a lot of structural changes to the dependency from russia. yesterday they put out data in which the number should speak for themselves. oil imports from russia to germany has dropped from 35% to 15%. when you look at gas it's more. but you're seeing huge changes already from germany. for them dropping from 12 by the end of the year going to zero it does seem feasible at this point. >> where they getting their gas from? >> i think oil and again

you know him from cnn, but far more is his public service to republicans and democrats in annmarie hordern'shite house. gergen out. with an important book on leadership. you are the youngest person in washington. the problem is the next youngest person is 78 years old. how did we get to a washington that you cover where 80 is a normal age for leadership? >> i can assure you i'm certainly not the youngest person in washington, but you are right. i am on the younger scale especially when you look at our elected leaders. this washington post article is the fact that all of our elected leaders when you look at the leadership, senator mcconnell, speaker pelosi, the president of the united states. the former president who wants to take on the current president in 2024 are all in their 70's and 80's and this is the world we live in where the leadership is at the upper end, i'm not trying to be in a just, but they are aging. -- an ageist, but they are aging. lisa: are we getting a sense of how that leadership is changing based on the primary results we have gotten out of places like north carolina a

annmarie hordern is at the white house. of note in the markets today is oil at $115. a very different visit as he has recovered, chuck robbins, chief executive officer at cisco, over what the tar heels did in basketball last year. how did that go down? chuck: i was very proud of them, don't you think? tom: i think so. chuck: i actually went to the game in new orleans and cheered them on, and they did a great job. they had a wonderful season. tom: you were there in mathematics. you go in your freshman year, calculus of one or two or three levels, and the talk about the first derivative and the second derivative or get i would say this to john chambers as well. you are leading the third directive -- the third derivative at cisco right now. what is your day like, trying to figure out where the stuff is coming from and where it is leaving from cisco to your valued clients? chuck: first of all, thanks for having me. it is good to be here. we have an incredible team on the supply chain side. before this crisis we are currently facing in the components world, the endless fir

tom: the only one on the planet that will care is annmarie hordern and what does she know?onathan: we will catch up with her later. lori heinel joins us now. you've got that big cash position. what are you waiting for to deploy it? lori: first of all, there's a lot of uncertainty so i would say the biggest theme around our portfolio is less about the directional trade and more about the relative value. we've been trading around different markets, deploying capital into the u.s. which we thought was a safe haven relative to other regions but also looking at places like commodities and gold. and as you say, holding a 5% cash position. tom: you the perfect one to talk about right now -- and this is the esteemed chairman of bloomberg telling me in times of stress you see transactions in combinations. kohl's is flat on their back. they have just announced within all the troubles over decades, board thoroughly testing standalone strategic plan. will we see one big roll up of american finance and corporations out of these risks and challenges? lori: every situation is idiosyncrati