annmarie: that is correct.china has seen slower growth than they expected upon opening up from covid. consumer spending has been relatively weak. it looks like consumers are more focused on building back the savings buffers. growth has been slow and as you know, youth unemployment is quite high. i think the chinese are concerned about sluggish growth in their economy. annmarie: what does this mean for u.s. growth and global growth, is the soft landing in the u.s. your base case scenario? janet: maybe countries do depend on strong chinese growth to promote growth in their own economies. particularly companies -- countries in asia. and slow growth in china can have negative spillovers. for the united states, growth is slowed but our labor market continues to be quite strong. i don't expect a recession. i think we are on a good path to bringing inflation down. the most recent inflation data were quite encouraging. we are making progress on getting inflation down. i had hoped and expected that would occur in the co

annmarie: i'm definitely not going on a plane to beijing. set to meet with xi jinping in november that will be in the united states. we will be going all of us to san francisco, waking up early to make sure that we hit the 6 a.m. eastern time for surveillance. that will be happening at the apec summit. tom: see how she does that? jonathan: love it. annmarie: the two others could meet at the g 20 india summit. you might want some more time in november but this is obviously a guessing game and we expect the two to meet and have a phone call. when is that phone call that five keep saying he is planning to have with xi jinping? i don't think that the pathway has changed but there is a lot of curiosity growing within the states and washington, d.c. about what happened to the former ambassador as he was really a rising star in the chinese government apparatus. jonathan: at the moment the president is going into an election year. the status quo between china and the united states, beneficial to the president? annmarie: status quo at the moment is t

annmarie: great question.probably be coming out of this erdogan and biden bilateral meeting. what we know is that erdogan has made it difficult. he wanted to make his voice heard, all the confessions he can get that before he was going to greenlight sweden's ascension , sweden has made a number of reforms at home to make sure they could at least tick some boxes off of what erdogan wanted but at the heart is the f-16s that erdogan wants out of the united states. the issue is that a number of senators could uphold those f-16s going to ankara. overnight, erdogan greenlighted sweden. many are expecting that f-16s will at some point make their way to turkey. alix: do other members feel good about that? annmarie: the president has said for a while he was willing to bring f-16s to turkiye. the fact that they were able to get around turkiye's issues with sweden is being welcomed by all members of nato. they wanted to make sure this summit was a win, make sure that sweden was added to the nato alliance. now what they h

annmarie: the real question will be involving ukraine.aid he agreed with the language put forward for ukraine, regarding their invitation into nato. but there was a strongly worded tweet from zelenskyy saying it is absurd, what he is hearing about the nato summit as he is in route to the summit, he said ukraine is being discussed without ukraine at the table and he thinks it is unprecedented and absurd that there is no specific timeline for ukraine to join the alliance or even for the invitation to join. how the world leaders talk about making sure they are 100% behind ukraine, want to strengthen the alliance, but not have a specific timeframe for ukraine, that is going to be one of the bigger potentially testy moments we will see on the ground. lisa: why is it that probably the most interesting person in this nato meeting is turkey's erdogan and his role in allowing sweden into the membership and his asks for the rest of the union? maria: well, it is involved in the big talks. we know yesterday in sweden, had he not said that political s

annmarie: it's very true, guy. when you have a slowing china, that means commodity prices are going to be lower. and that is likely going to help the u.s. and other countries inflation prospects to come down, because you're not dealing with this, you know, insatiable demand out of china that in other times that we've had, which has really pushed inflation in the united states, in europe, in other countries. we should also note, though, another big development happened today when you look at inflation, so commodity prices potentially are going to be on the down side because of what we're seeing out of the growth numbers in china, but also today, what we had out of russia is the ending of this grain deal. the global south countries are particularly going to be very information about the fact that this has ended. potentially president erdogan of turkey says he's going to get involved, and we can push putin to have an ex-pension of this deal. but remember, that could potentially hit these agricultural commodities and h

annmarie: i think they are replacing those relationships. more of these former soviet union countries, part of nato or wanting to become nato, like ukraine. we just heard from president zelenskyy speaking and what you are seeing is a more fortified, united front in eastern europe. now you have an uninterrupted nato force from the baltics to the black sea which is a concern for the russians and something they do not want to see, especially when you are hearing president zelenskyy have reconciliation compared to his golden yesterday on twitter when it comes to the west. he says of course some are anxious and worried to come out and talk about the fact that ukraine at this moment could be a part of nato. he says for the first time today does feel like he is given recognition that one day it could happen. lisa a: we have seen a couple different threats whether it is the rain or more. european debates and also a question of turkiye and how it has entered the front of everyone's mind. maria, from your vantage point, why is it that president erdoga

tom: janet yellen with our annmarie hordern saying basically the same thing. i agree the hot see news is important. it is rationalization tuesday as everyone, particularly bears, but the bears are rationalizing where they are going. for more important to me john is this partition i have never seen before between big banks today and and the little banks like pnc of pittsburgh and also western whatever it is out in california. jonathan:. western alliance lots of major banks are reporting as well. lisa, lots of retail sales, that will be a focus as well. lisa: the expectation is softening in the discretionary spending. one thing we have forgotten about is as things have gotten more expensive people have been more discerning about where they spend their money so everyone was flying everywhere but they may have not in purchasing the cartier watches. these are the trade-offs people are making. jonathan:jonathan: cruises and not watches. lisa: -- tom: there pretty good, except for the united states -- they are pretty good, except for the united states, a bit softer h

speak with annmarie hordern. and we are going to cut it down to an our and 15 minutes. on china and our trade strategy and a sleepy july into an even more sleepy august, are republicans and democrats on the same page in terms of the trade strategy? annmarie: if you look at some of the controls that are in place you would think they were on the same page. it does not look like they are getting but of the tariffs. you look at some of these items that the former administration did, the current administration did, and what they are going to be unveiling, and you think they would be on the same page. of course, we are heading into an election year and the rhetoric is going to ramp up. we had chris christie in the studio this week, former governor of new jersey, he is a candidate on the republican stage. he was saying he would change his tone and come from a place of strength. but what does that mean? everyone knows once you get into the white house you have to navigate this relationship and also make sure you are not

annmarie: g20 will be in india in september and g7 will be in italy.ns are hosting the g7. tom: are you kidding me? give me a date. annmarie: [laughter] umm, i am not sure the exact dates off the top of my head. tom: ok. annmarie: but -- it is not far, what you need to do is take the train to naples and then take a ferry from naples to ischia. tom: i am tried to get the train to lexington and 59th. jonathan: you have campagna on the others, and then you take the boat, as annmarie suggested. we are going to go to that next year i think. tom:tom: can we on wooden boats? jonathan: you want to go to a reefer boat. tom: i will wear my speedo. jonathan: i will take you back to the ritz. would you like that? tom: i would, seriously. that would be great. jonathan: the romance of it all. futures negative. this is bloomberg. ♪ i was hesitant to get the hearing aids because of my short hair. but nobody even sees them. our nearly invisible hearing aids are just one reason we've been the brand leader for over 75 years. when i finally could hear for the first time,

she spoke in an exclusive interview with annmarie hordern about recession risks. >> growth has slowed but the labor market continues to be quite strong. i don't expect a recession. we are on a good path to bringing inflation down. the most recent data was quite encouraging. we are making progress on getting inflation down. as i had hoped and expected that that would occur in the context of a strong labor market, we continue to see that the labor market, the fact that the labor market has been so strong has encouraged more prime age people to enter the labor force into work. that has helped to take a bit of the heat out of the labor market . the fact that growth overall has slowed after we enjoyed rapid recovery, that's normal. but it's also related to a reduction in the, in the desire of firms to hire still lots of job openings. but always growth is moderating and inflation is subsiding. so i think we are in a good path in the united states. matt: that was u.s. treasury secretary janet yellen speaking exclusively to annmarie hordern from the g20 finance minister meeting. ford, cutting

annmarie: not yet.y will brief today and i imagine that will be one of the top russians to her alongside everything going on with the biden administration and his family. jonathan: 30,000 jobs i believe. it is a big deal. thank you, and annmarie. 30,000 of those team members. lisa: teamsters had been negotiating with them and they cannot come to a resolution they said they would not even come to the table which is a key russian at a time where yellow said they offered them races that they did not negotiate on. jonathan: the more i read about the company the more i believe it was just a yellow [indiscernible] tom: you have to be careful on this. jonathan: maybe not a signal about the broad economy right now. s&p 500 for up put in percent right now. we speak with our next guest coming up next. this is bloomberg. ♪ the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one

annmarie: explains of intimate. when you first had crypto come to the fore, it was supposed to be an answer to finance, another universe. now you have big asset managers stepping in. why believe in the story of traditional financial managers stepping into the crypto space when crypto is supposed to be separate? mike: it was never going to be snap your fingers and we switch from one financial system to another. even galaxies role is bridging traditional finance with the crypto universe, explaining what it is, bringing people into the system and making them uncomfortable. so blackrock is going to help do that. bitcoin is just one part of the crypto universe. it is what i call a decentralized money when you think about it. there is a whole other piece to crypto. decentralized finance. nft's, stablecoins, tokenization which is also making progress. so -- sonali: what role do other assets play? as someone who has been in the world for a long time, where you have inflation starting to ease, how do you view the dollar? are

annmarie: that is a great question.this depends on what congressional district you are looking at. a lot depends on what state you are looking at, and also it comes down on the presidential level. there is a lot of concerns as we gear up for 2024 and the november presidential election about the age of the top candidates on both sides, about both of their age. it is not just that the president is in his 80's and at the end of his second term he would be 86, a lot of people think the former president, donald trump, besides the fact he is dealing with a tremendous amount of legal issues, he is in his late 70's and many would say he is an unhealthy man as well. this is a huge problem on both sides of the aisle, but if you will see a new generation of leaders, potentially it goes to those in their 60's? and then much lower, 40's and 50's. you're seeing them emerge on both sides. jonathan: can we talk about the latest indictment of the former president? what have we learned? annmarie: the president now has fresh charges again

annmarie: that is a great question. i think the american people want it because they want to see exactly how trump will interact with a lot of these individuals. chris christie wants it. potentially, the former president could take the oxygen right out of that debate stage and make it all about himself. that means others struggle to talk about substantive issues. it is an interesting one. the issue becomes, of course, if he doesn't join the debate how would he distract from the debate, because everyone says even if he is not on that stage, he will do something else. there is potentially worry about counter programming. lisa: how much of the message of the former president is resonating? how much is his support among republicans holding strong? annmarie: it is the base. the base continues to stay with him. they will not leave him. that is the stronghold he has on the party. this is very much so what we talked about yesterday, regarding 2016. the former president was able to win a plurality. he was able to maintain a stro

annmarie: this feels like the new normal. she is going at a difficult time, the eye of the storm.e are seeing messages between washington and beijing. washington reported about this trip in early july, and the administration is ramping up work when it comes to the executive order on outbound investment. we could see that as soon as the end of the month. the wall street journal is reporting the united states is going to ratchet out concerns regarding china when it comes to cloud computing services. china is responding in a way, saying due to national security concerns they are also going to limit the ability to get a hold of some critical materials across the technology and defenses space. this is the atmosphere to which the treasury secretary is going into these meetings. in fact that she is going -- she said this was about getting to know each other. she's meeting a new counterpoint -- counterpart as well. that is a topline line of the meeting. alix: maybe the expectation is low. they are saying it has been front and center for those six teen .5 years. when do you think china goe

. >> janet yellen to bloomberg's annmarie hordern. -- janet yellen speaking to bloomberg's annmarie hordern. we have interviews coming up with policymakers including the australian treasurer jim chalmers. >> we will be looking forward to those comments at a time when we have concerns ongoing about the chinese economic recovery. wall street banks cutting their growth forecast for the world's second-largest economy, but they are also seeing less chance of the u.s. recession. chips are in focus with ceos of the top u.s. manufacturers visiting the white house. kathleen hays and stephen engle. kathleen, let me start with you because it is all about chinese economic growth. what are the expectations right now and is beijing's 5% growth target at risk? >> the economy was actually supposed to get stronger in the second quarter and the latest data show you it is losing momentum. it did not get stronger, still growing, but this is an important factor to figure out what is going on next. our quarterly basis, quarter to quarter gdp was up 2% in china but it slowed down to 0.8. base effects, the headlin

annmarie hordern, bloomberg news lithuania.rn, one of my favorites of course, reporting live. we're looking at kiwi assets, the rate decision is hold. they will keep it there for the foreseeable future. that's number one. number two looking at parts of this equity market. goldman sachs updating ev names. what a rip higher, xpeng up 3%. oil prices are breaking out of its nine-week range. oil counters are benefiting from that. across markets this wednesday ahead of cpi is a weak dollar and strong equity market. commodities are mostly bid or in the rally continues on in this part of the world for a second, in some cases a third straight day. let's see what india holds. that opens up in the next hour. stay with us. this is bloomberg. ♪ if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf tra

annmarie: you are right.ntially freeze, he stopped speaking for about 20 seconds and then had to be ushered away. the senator asking him if he is ok. they came back to the mic and said i am fine and i think in a political charge moment about questions surrounding individuals age but it is astute of senator mcconnell to say the president called him and he said i told the president i got sandbagged. also pointing out yes, we are all in this vote together. we are older and we have this moments by raises questions about the older age, the aging elected officials we have when dianne feinstein came back from recovering from shingles, a reporter had this moment with her asking her how it felt to be back and she seemed confused as she had never left. she said what you mean? i have been here. there has been questions about the age of the officials. questions about biden as he seeks reelection and he look at the data and a lot of americans want to see upper age limits on elected officials. but at the same time a lot of

annmarie: great question.y budgets of these countries, what nato is doing at this summit, it used to be a 2% target, something that was aspirational for countries. you have 11 countries hitting the target now. what they have done at this summit is to present is the floor. -- 2% is the floor. if they want to be in nato, they have to spend 2% of their budget on the military. luxembourg is not hitting the target yet. it was important for leaders to set out this path because they realized how much of their equipment, they are now sending over in support of ukraine. overnight, we had france sending fresh missiles. germany sent 700 million euros worth of military support. the u.s. continues to be the biggest backer. guy: pray coverage, thank you. quick look at markets. stocks, massive bid in the bond market. a lot happening with the u.k. two year. brent up 2%. the pound, 130. we are seeing significant dollar weakness today. you see it in the yen, the pound, the euro. it's been there a while. emmanuel will join us fr

treasury secretary janet yellen speaking exclusively to bloomberg's annmarie hordern within the lastple of hours, addressing the issues around what is happening with the chinese economy. we have seen data today confirming the chinese economy is struggling, a series of downgrades from banks today. back down to 5% growth this year, the official target. the market has been working on the assumption we are going to see chinese stimulus. it has yet to appear in a meaningful fashion. it does not appear, if we get 5% growth, if china doesn't slow to that kind of level -- what grows? our question of the day, centered around what you do if we do not get strong chinese growth. let's try to get an answer to that. mark hoefle joins us now. the market has been working under the assumption china is not going to deliver stimulus and -- in size. what happens if that does not take place? mark: the market as investors, i would argue respectfully they have -- foreign direct investment has been down significantly in china this year. equities have not been doing well. we think they are undervalued compar

tomorrow, joe and annmarie hordern will be speaking with candidates and chris christie, that conversationalance of power." coming up, we will be turning over to bloomberg technology. a digital artist joining -- i hope i did not mispronounce that. he is joining caroline hyde and ed ludlow on "bloomberg technology." coming up on 12:30 p.m. new york time. i hope you enjoyed the show, we will turn over to "bloomberg technology." this is bloomberg. ♪ back in the day, sneaker drops meant getting online to wait in line. now with xfinity mobile... ...we get the fastest mobile service and can get the freshest kicks asap. i got this. save hundreds a year over t-mobile, at&t and verizon with the best price for two lines of unlimited. nice job, little sis! they grow up so fast... i'm a fan. from xfinity. >> from the heart of her innovation, money and power collided in silicon valley and beyond, this is bloomberg technology with caroline hyde and ed ludlow. caroline: i am caroline hyde in new york. ed: i am ed ludlow in san francisco, this is bloomberg technology. caroline: microsoft and activision ar

annmarie, 50% of adults 55 and older are extremely proud.hose 18 to 34 say they have pride. >> i guess elected officials have more work to do with youth. it is not just age, it is political party and older individuals are republicans. it is split, amongst age and political party temperature is record lows in how, i think extremely or very proud individuals are to be american. >> shannon: fox news polling talk about this and how people feel about the country and the numbers are negative, too. >> well, a lot is going on, of course. people feel threatened, the economy stinks and people know it. i just came back from kentucky and average income is $55,000 per year. they go to buy food, they have to put things back, because they cannot afford it. only a few people, i think 4% didn't feel proud of their country. as mom of son getting ready to be an army officer and active duty army officer, for those people, recognize people sacrificed for freedom and we need to be appreciative. >> shannon: thanks to a couple people, congressman jake auchencloss a

ukrainian foreign minister speaking with our very own annmarie hordern. he was very diplomatic.ect that from a foreign minister. we talked to ukraine officials. this kenya case and, which says, yes, ukraine will get an invitation when "allies decide -- allies agree and conditions allow." it does not say when this path will open for ukraine. we knew it will be about linguistics, semantics they go into this. there is always a double condition in the sentence. ukraine's are hoping for something that would be immediate, direct. they did not get that yesterday and there is a level of disappointment. that brings up the question, was there a mismatch in the level of expectations? a number of allies suggested that the country was simply not ready for that step. they are fighting a war, there is a real risk of escalation. you can really sense the frustration, especially by that sweet put out by president zelenskyy. he said, these arguments we have heard for years. have gone in a loop. this is absurd. he also said that ukraine is a country that respects allies but wants to be respected. t

bloomberg tv watching and correspondent annmarie hordern. news contributor richard valley. , doug heye and concerned women ceo president penny nance. welcome to all of you. it has many blockbuster week when it comes to the supreme court this is it, the end of june. let's talk at the college admissions case of chief justice writing for the majority said this. the student message treated based on his or her experiences as an individual, not on the basis of race. many universities have for too long on just the opposite. your connection to both of the cases unc and harvard. >> member of the board of visitors in north carolina so obviously a politically important state coming up in 2024. what we see so often their headlines the devil is in the detail for this is much more narrow decision than the blockbuster announcement people running outside the supreme court how this could be interpreted in the months and years ahead is how to the schools handle this? we saw some college verification on we did not see unc chancellors. i want to hear after spen

kathleen: annmarie hordern reporting from the nato summit. plenty more to come on daybreak asia.s is bloomberg. ♪ fabulous surroundings... but everyone's looking at their phones for financial insights from merrill. is he hailing a ride to the concert hall? no. he's making sure his portfolio and retirement plans work in harmony. they want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. haidi: as we spoke earlier about cinema operator at max looking to china out its subsidiary deal of a hundred $24 million the company says it would save and add to earnings immediately. let's bring in bloomberg's media and entertainment coverage. a cost-benefit seem to check out, but what was the motivation and how long has this been in the possibility? >> having a separate china subsidiary was a trendy thing and it made sense. you could

i think annmarie hordern did great job last week. ukraine is not a small matter. there is a war going on in ukraine into the credit of lumber and other news organizations, they are keeping it front and center but i don't see it visibly in the minds of investors or the american public in general. it is out there. jonathan: we need to talk about what is happening with wheat and how concerned the nation should be. tom: it is about mediterranean dynamics coming out of the black sea into the eastern mediterranean. even overnight, there was unrest in the black sea. my one bag for the american networks is the british announcers are so much better. they are looking at the pitstop, 1.9 seconds. if the americans were doing this ,-- jonathan: not weighing in on this. a big week coming up. this is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. >> all three are going to hype by 25 basis points, but that is where the commonality will end. i think the fed will come across as dovish, the back of good will be hawkish in the ecb will be in

tom: the tangible news flow as annmarie hordern briefed us on, i want to emphasize to people off thein ukraine. the force of his language about the to do list for america as ukraine devolves in the south into world war i like or fear is tangible. jonathan: just to squeeze in this headline from moments ago, ships heading to russa -- russia black seaports may be targeted. tom: this is something we will watch today and look for balance of power tonight ryan sure we will be briefed on ukraine and the american response. steve trent is known for writing acutely detailed change notes on the airline business, holding on the dartmouth bubble for four years. he took talk into a six-year program just to hang out with l.l. bean on up in dartmouth. steve trent joins us this morning. you learned that business plans matter and strategic vision matters. which united states airline has the best business plan? steve: thanks for having me on and for the warm welcome, i appreciate that. when we think about u.s. airlines, i am impressed with delta and i think united knows what it is doing in terms of its

i am trying to follow people on threads, i'm trying to follow annmarie hordern.ou are distracted. tom: it is clumsy. jonathan: she is big on instagram. tom: are you on instagram? jonathan: not really. i have the handle, but i've never posted anything. tom: i had to sign up to do it, it is stressful. tom: i have never been a fan. anyway. ♪ hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm