annmarie: what was the mishap? saying -- jonathan: they were saying she had food and bumped into the seat and push the buttons. that can happen. accidents happen. you do not believe them? lisa: people are trying to investigate the button pushing incident and figure out what led to this and how susceptible it is to hitting that button and going straight down and people going straight to the ceiling. we will have to see. jonathan: amh thinks it was dessert. jonathan: in the bond market, yields lower by a single basis point, 4.2646. it is dangerous. this week's data making the case for the fed to push back cuts. >> we do have forecasts of the pce and if you look at the core, i see forecasts including the fed's own that reinforce the comments i was making earlier on a path down to numbers closer to their target. exactly how that proceeds and how they process that in their monetary policy transmission mechanism, that is up to them. jonathan: here's the latest. ppi and cpi data supporting claims inflation may be more per

annmarie: what next for their phone? they compete with samsung given they are behind on the ai front? jonathan: more fedspeak on deck today. wallace speaks wednesday. markets kicking off a shortened week set to end with personal income and spending data. core pce will come on friday when the market is closed and hopefully no one comes in this room and says "special friday morning program." it is not that important. everyone will be away. they will pick that up monday. annmarie: we already know what it is because jay powell leaked it, so we can carry on. jonathan: dear management, we do not need a show because you told us the number. don't worry, there will not be a show. we love doing shows for you. we really do. the fed will cut sometime this year. with the market on track for the fifth consecutive month of gains, neil dutto. the risk is the january and february inflation data reflect it higher. is more on alert for downside surprises to growth then upside surprises to inflation. neil joins us for more. i remember last

annmarie: a bit of hypocrisy.government phones, if you work in the white house, you cannot have tiktok, but they have decided to put this video out on tiktok. this bill passed a key committee. it is set to go to a floor vote this wednesday. he is saying if it passes congress, i will sign it. the other part of the story, the trump administration, the former president signaling he doesn't want to ban tiktok and we don't like facebook. a lot of this has to come down to potential donors that he is trying to get into his election campaign. lisa: either it is national security or it is not. about this, chips, electric vehicles. either it is national security or has to do with jobs and competition, question around who you want to put your money behind. it is two different things. they have to make it clear, otherwise, it will get caught up in all sorts of legal challenges. jonathan: this is a great example by why many in this country are not happy with the choices they will have this november. you have president donald t

annmarie: what would happen first? because of an issue or mistake that could happen in the bond market? >> it is something that everyone should keep in mind. we sessions make fast friends with politicians. that is almost always the case, yet we do not have one built in right now. we have relatively elevated probability of one. that elevated proposition is because we are acknowledging that maybe there is a risk that the fed does not cut at all. if that risk does come to fruition, you have to acknowledge that no politician, whether democrat or republican likes to endure recession. that could feed the fiscal beast a little bit more. that is the tail risk that i would stress. that is not where we see things shaping out. jonathan: what are you in the team looking for? what should we be focused on? tom: it could be a solid number. it was above consensus, last time i looked. i would stress that i think there are some seasonal perkiness going on. he probably started to scale back. i hate average hourly earnings. it is such an

annmarie: it was held up in courts.en administration came in saying we will do our own review of it and now it's been sitting in review while hardliners in congress said they want to pick up a bill that would give the president the authority without having to deal with potential legal pushback to actually ban it. >> i'm not sure what i think of the former president business model that the white house could just break up companies and charge commissions to american companies to buy them. it was weird then. lisa: we have to talk about it again. jonathan: cpi rising for the first time since august increasing from a year ago. falling 2.7%, the longest streak of decline since 2016. the annual national people's congress comes to a close in beijing. enda curran joins us now from d.c.. it came from this saying it was a target without a plan. a growth target without a plan. do they have a plan? enda: there is skepticism on whether or not they will get what they want this year. if the inflation is coming in a 3% the objective tar

annmarie: he said that yesterday.er senators like ben cardin who says he things congress will step up area a reporter asked about this and it seems the ship is at fault so does the company of liability? the president said that could be but we will not wait around for that. jonathan: the latest out of japan, top currency officials are expected to speak. i meeting earlier this morning between the boj, ministry of finance and financial services agency says the bank of japan will intervene after they pass the $1.51 mark of dollar-yen. we had some comments from officials saying it's a repeat of what we've already heard. the verbal information needs to be credible so there has to be a policy effort behind it. it's not clear what that policy will look like and whether it's enough. lisa: they keep saying we will take bold action if needed. if it's not needed when it falls to a 36 year weakness, where is the line in the sand? one dollar $.50 was the line in the sand and now is $1.51. it's not clear what the policy response is

annmarie: she shifted her language.uary of 23 she said they were more likely to come down in line from where we were before the pandemic. january of 24 she says the jury still out and now she says it is unlikely. she did explain for most people when they think of transitory they think days and months, maybe not years. she has said she regretted it before. from my reporting it was janet yellen who is behind the scenes saying we should be careful on inflation it might not be as quick as you are expecting great she also said the trend in inflation is favorable but might not be smooth. that's what the fed is dealing with. >> deals done in washington at the moment. resid and biden expected to voice concerns over the deal to buy u.s. steel. shares of the company falling by the most in nearly four years. they offered to buy it for $55 a share in cash. the company says the deal would strengthen u.s. jobs and national security. biden hits the campaign trail in rust belt states later on today. if you think it's difficult of the m

annmarie: what is imminent?havior. if they do not there will be fines. jonathan: you are focused on the potential for partnerships, specifically one between apple and google. gemini, the eye partnership we've been talking about. do you think this'll be a huge road -- a huge roadblock to those partnerships? mandeep: how do you allow these companies to share data for trading large language models, to rollout a voice assistant everyone is so excited about on your phone? it will be very hard for apple to make a case it can continue to use google, even though google is paying 20 billion dollars in traffic acquisition costs to apple. that behavior has not changed but you can argue it makes it harder for them to collaborate. jonathan: where would that leave apple in september? mandeep: they have to do things organically. there is no doubt apple has to invest in developing its large language model to implement ai and leverage siri or and more and they are behind. the fact that they were looking to use google is probably

annmarie: it's all about inflation, we should expect a. move?e: i don't know if you would expect a. move because it doesn't have to come now. there are some people who think they might not get there yet but you could do that in june when they get to the next dot thing if inflation can end -- continue to go that way. there is a signal get -- that gets sent through that. they may want to make that decision right now. jonathan: when a measure becomes a target, do you remember that? that's what it feels like four inflation indicators. mutual nationwide insurance points isn't just joins us now. has your base case moved in last few months? >> good morning. the cpi data that we saw for february was confirmation that inflation is not decelerating as quickly as we thought. we have pushed back the timing of the first rate cuts. we said [no audio] we still think that's on the table but clearly, just as you been discussing and lisa mentioned, inflation has been more stubborn than expected. the fed is not -- there is no reason for them to be in a hurry to cu

annmarie: what about an executive order?ill biden be pushed into doing something before the election? greg: he needs to do something. this perception by the public that biden does not have a plan has hurt him. if he loses the election, he may lose because of immigration more than any other issue. he has to do something. i would not rule out an executive order fairly soon. annmarie:: showed -- blamed biden but we are seeing any uptake of individuals blaming republicans as well, those in congress and the trump administration. do you think biden is able to turn this around the way tom's was it did and push it to republicans for not meeting him on a deal? greg: he will try. i read a lot about harry truman who won a surprise reelection based on fighting against a do-nothing congress. if you say -- if you see joe biden say it is a do-nothing congress day after day, it might sink in. lisa: what can biden do single-handedly versus does he need congressional signoff in terms of some preferential -- presidential order to take care of

they have to get in there and fix it from the very beginning, up to annmarie: annmarie: washington.more shifts? >> their job is to build airplanes correctly the first time, all the time. making sure that all the processes are followed. it is not being done right now. annmarie: the crash investigators are accusing boeing of not even cooperating the probe. that fell a massive error at this moment when they should be trying to >> cooperate? >>i would think that they would want to cooperate as well, but there are probably situations where you might have differing opinions on how things should be , but it is a tough spot to be in right now and boeing needs to be more receptive to some of the feedback and trying to manage it. lisa: the debacle seems to be asking a lot of good news under the hood. people are still traveling a lot more than many airlines expected with southwest. they had a greater number of bookings than expected. how much has this blocked out the sun that has been cast over the rest of the travel industry? >> an interesting they will be, if you are a bowling flyer, you may

annmarie: we cannot avoid it.ing but at the very least we know what we are getting with both. there is less uncertainty associated with the selection but the nerves are still there. jonathan: you remember that night in november 2016 and we'll remember the exception speech, and we talk about the trump trade and tariffs. how different will it be? elyse: he's still talking about tariffs and deregulation. thus helping us lay out a scenario analysis and broad brush strokes this could look like something if he wins a potential dollar strength than of for yields. it could be good for small and mid cap equities. either way what we are encouraging investors to focus on is what you can control. let's talk about bigger picture global themes that will play out regardless like security. lisa: you talk about yields being higher. when do you jump the shark when talking about protectionist policies at the same time slowing growth? at what point to higher yields derailed? elyise .5% is what gets us excited about seeing a little mo

annmarie: good question. have we gone over in the since we talked about mid to thousands, what happens then? it is the start of potentially the bubble bursting. interesting what the data shows today and if the fed takes it on board or if they ignore it and say, talking about the fact is a matter for the fed because are they now going to potentially start to move toward targeting an inflation range not pinpoint of 2%? lisa: you think it is contrarian that they are less bearish? that's basically if you have such earnings growth hanging in there, maybe you could be justified tiptoeing away? jonathan: where we are currently. lisa: i thought that was interesting because he has been bears and contrarian and i welcome that feeling but it shows how it is difficult to be a bear right now. jonathan: front page of the financial times this morning, see? i thought of barmo -- bramo who coined that. a high debt america, much harder to fight inflation without dramatically adding to an already unsustainable debt servicing bi

annmarie: that is what he says.resident would not get on a republican debate stage , but now that nikki haley has said she is bowing out he says he is ready to take on president joe biden in a debate. what is interesting is the biden campaign basically said you can see what the president has to say, to in this evening to the state of the union but did not say whether they would accept that debate challenged and let's see how the cycle persists. a lot of people are talking about will we see these two take a debate stage. the former president said he is ready for it. lisa: what are people in d.c. saying about how president biden faces a much higher bar with his state of the union in terms of his delivery, and terms of his policy projections, in terms of every aspect of his performance? ed: people are billing -- annmarie: people are billing this as the most important speech of his presidency and it could be his last state of the union if he is ousted in november. given the polls show americans are concerned about his a

lisa: -- annmarie: the epa, many people say this is a mandate. strongest pollution standards we have seen. you are saying they got it backwards. steven: there is a lot wrong with regulation. you have three different groups regulating the auto industry. we have knit so. you have the epa for exhaust gases. and then you have california's doing from the pack. they are requiring electric vehicles. there are other states that jump on that rule and they are not doing anything about infrastructure. the challenge you have is too many sets of conflicting rules. in the case of electric view was -- electric vehicles, the point is to reduce co2. co2 is not a local problem. when you fly over the country, you don't see the lines on the ground. it is a global problem. california is a big ev market. number three and five are texas and florida. my attitude is let people buy them where they want to buy them and let's get the job done. i tell automakers there is a present of ev's you have to sell for the whole country. don't create these silos, that is killing the i

annmarie: it is the fifth.onathan: the sixth is when everything is no longer national security risk. lisa: there are questions. if the facts are conflated with other things does it money the conversation? jonathan: michael mckee wants to talk about the risk to national security of retail sales. michael: i am shocked politics is going on in washington, d.c. [laughter] politics does play into the retail sales and ppi numbers because it is all about the economy. i don't know there is a national security interest in any of these data but the potential for gdp -- we look at defense spending. we are looking at a strong rebound in ppi. weather affects in january. the ppi is expected to stay about unchanged, but it will be interesting to see the categories that move because some of this feeds into pc which the fed cares about. jonathan: which pieces of ppi are important for pce? michael: portfolio management. we have talked about how much that has added to pce inflation and also insurance. that has come up politically

annmarie: that is not clear. need to do is show this is a proper monopoly which will be difficult. we have seen apple uphold what they do based on security reasons before. this will take years. jonathan: that stock slightly positive. coming up, helane becker. this is bloomberg. ♪ jonathan: four day winning streak on the s&p 500. positive .1% on the s&p. on the nasdaq up .1. yesterday losses on apple down more than 4%. a loss of more than $100 billion on its large market cap and still the nasdaq 100 closed at record highs. in the bond market, two year, 10 year, 30 year. we have been all over the place. 4.61 this morning. down two or three basis points. jonathan: they are just following the direction from the fed. they are not concerned about inflation data. there on the right path and they plan to cut. we have a good sense in the market they are going to cut in june. you have federal funding and monetary policy on the same page. jonathan: you know what has had a good week? what is good for banks? higher rates or l

annmarie: it's hard to say when you have j.d. of the most effective members of the biden administration is the ftc. they say google should be broken up and josh holly agreeing with senator warren and when it comes to capital one and discover. when you look at some facets of the republican party, they may actually be in line from what we are current -- seeing from this current ftc and doj. lisa: we haven't necessarily seen spirit share start to trade again since the halt. people were hoping for some sort of reprieve after a pretty poor performance. jonathan: jetblue announcing the termination of the merger packed. opec-plus extending its supply cutbacks to mid year in an attempt to shore up prices and avert a global surplus. a cut of about 2 million barrels per day will remain in place until june. the opec extension was widely expected but gives room to run. apple supplies -- oil supplies are at about $80 and we look at crude at $83.38. annmarie: i think oh put a serious floor on prices and we have seen the cartel ratcheting back

annmarie: it is very dark. when you look at geopolitics, and it's a good point to bring up because we have secretary blinken in israel, there are two hot wars in the world right now at any of these can have a huge impact on commodities and inflation expectations. of course, you look at the tech darlings of the united states, 90% when they get their chips are exposed to taiwan and that is growing tension in the south china sea with china. lisa: it hasn't worked for the market. it raises the question, are we going to become increasingly fragile as we keep going with the momentum until something happens that we can't predict or plan for? jonathan: right now, not much is happening. annmarie: she is bearish again. [laughter] jonathan: we are getting close. lisa is almost bullish. still in the bunker. lisa: almost. jonathan: yields lower by three basis points. the fx market, the dollar strength against the -- against the euro, negative on the currency pair by .4%. the fed-fueled rally. kim wallace as congress races t

annmarie: always seen is the u.s.healthy, even though people say they are a little bit concerned about where prices are going. they keep going up and spending. jonathan: coming up tomorrow, we will catch up. this was bloomberg surveillance. this was bloomberg surveillance. meet ron. ron eats, sleeps and breathes hoops. and there's not a no look pass, double double, or buzzer beater he won't wax poetic on. ad nauseam. but oh how he can nail a software solution like the best high screen pick and roll you've ever seen. you need ron. ron needs a retirement plan. work with principal so we can help you help ron with a retirement and benefits plan that's right for him. let our expertise round out yours. her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we got him under a new plan. but then they unexpectedly unraveled their "price lock" guarantee. which has made him, a bit... unruly. you called yourself the "un-carrier". you sing about "price lock" on those commercials. "the price lock, the

annmarie: he would cash out that money to become president.rving the great country? jonathan: how many people want to do that now given what is happening in washington? think about the message coming from people who have less the last week. they talked about messaging bills, how they are sick of it. go back and listen to what mike gallagher had to say. that is a sad indictment of how people feel about serving in washington at the moment. lisa: i would like to get back to an era, not necessarily the high level, but rank and file where it is something of an honor and that is what we hope for. jonathan: here, here. next, ev makers facing demand pressures. >> in terms of ev's the growth is in the market. perhaps the consumer moving into the ev's is at a slow pace and what some had dreamed about, but the growth and interest is there. jonathan: that conversation, next. ♪ starting a business is never easy, but starting it eight months pregnant... that's a different story. with the chase ink card, we got up and running in no time. earn unlimited 1.5%

annmarie: does this really matter? >> you have an asset we initially were shocked because it's valentine's day it turns out it was much more of a supply chain story. but coco matters because it's one of those -- it's 27%, its could be pushed on effect through supply chains. there's a huge dispersion. corn is way down and cocoa his way up. so it goes to john's point is you get to pick the narrative you like. things are going up, if its oil, you we don't know yet. annmarie: is this solely a china story developing in the middle east? >> there's been continued volatility in oil prices based on the narrative and geopolitical issues in the middle east. they haven't had a huge impact on prices yet. there continues to be starts and stock's when you see prices get a little bit of momentum. in general they haven't broken out based on political moves. this is quite common in that's one factor that impacts prices. lisa: taking a step back there is a thesis that seems to be underpinning some of the rally we are seeing in equities.

annmarie: i want to get to one point.ead of the 2016 election that hillary clinton could lose to president donald trump, and you are correct to be vocal, warning your democratic colleagues. can biden win without the blue wall? debbie: michigan is critical. there is no road to the white house without michigan. i have said it before and i will say it again, we are a purple state, and will be until election day. the difference between 2016 and now, nobody believed me. they thought i was crazy. i was in those union halls. i knew what they were saying. now we have to turn out women, and i know what the women are saying, and they are not happy about roe having been overturned, now further talk about legislation that will put the government in their individual health decisions, they don't like that. that is a group that we have to turn out. turn out the union votes. we have young people that need to be energized like they were two years ago. people believe me this time. we are working together. we will roll up our sleeves and ge

annmarie: that is a big part of the equation.u have founders looking to enter the space you need an investor that can see the value of that founder and the company itself. a big part of the equation, when we look at the breakdown of gender, are the check writers. these are the people who determine whether a company gets funded. we are looking in another area that is heavily male-dominated. in most cases you will have a situation where as a female founder you are pitching to mostly men investors. there are definitely implications. caroline: thanks for bringing with us. annmarrie donegan. from pitch book. next up we talk with palantir. this is bloomberg technology. ♪ (♪♪) we're lucky to have this team working for us. our therapists give their all each day, by helping those who need it most. we take great pride not just in the job our team does, but in them as people. our people. and while we're in the business of taking care of others... it's important our therapists know that with benefits from principal, they're taken care of too

you will be catching up with me and annmarie.ee lisa, she will be on a ski slope somewhere in the united states of america. lisa: and listening. and parsing through all our data. jonathan: headphones, going down the slope, going down the pce. you doing the live feed of chairman powell as well? lisa: going down the slope? i will verbalize it. jonathan: we wish everyone a very happy long weekend. from new york city, this was "bloomberg surveillance." ♪ >> finalists remain unbeaten against garcia in four meetings, making her first appearance in the semi's since 2018. collins is looking for her first title since lifting the trophy in pao. her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name!

annmarie: absolutely, it is a huge port, a very important waterway. was there with biden who wanted to talk about not just infrastructure, but some of the supply chain pickups we were seeing coming out of the pandemic. the president has been briefed, he will continue to be briefed throughout the day. we heard earlier on that the white house did not see anything the various when it comes to this vessel hitting the bridge. but clearly you are going to see a huge interagency response. we heard that as well from governor wes moore of maryland. jonathan: when we get more details will share them with you immediately and expect regular updates roughly every 25 minutes or so. shaping up as follows, about 87 minutes away from the opening bell, equity futures posited by 0.4%. yields are just a touch lower, the dollar a touch weaker, europe a little stronger. coming up this hour, economy securities and why he thinks stocks are behaving like stocks and he can explain that. looking ahead to fridays inflation data, and former american airlines ceo bob crandall. inv

annmarie: one for you is the labor market breaking? >> i think the market is going to pay attention. a soft landing. hard landing would be printing payrolls. it is actually unfortunate because last you, it would have been a better idea. lisa: what can shake your view that the equity market will keep on rallying and broadening out with an economy that is supposed to be decelerating? what is that awkward yoga pose become problematic? >> fundamentally speaking, margins are what people are really focused on. the logic is you have this very high novel growth. i think it might have surprised some corporate's. the question is if you are only growing 5% nominal, are you able to defend that margin? we saw that margin turning over. for me, it is payrolls and margins. jonathan: we have to to unpack that, how they respond to each other. is that the next step? is that the focus for you? >> you have taken over after million jobs. tier play, these things are interleague. it is a question of how they come together. in a strong economy, it is not an is

annmarie: what is the line in the sand for the bank of japan?was really being marked by more warning against speculative moves in the japanese company, this time from japan's currency chief? >> a little bit of a surprise because they were relatively quiet last week when the yen did weekend quite noticeably, despite the boj actually hiking rates. but doing so in a dovish fashion. even then when the fed stuck with the rate cuts forecast for this year, the yen still stayed weak. i think coming out of that and with the yuan slump on friday, that's got japanese officials worried. i don't think they want to see it go much further than it did if it got to 159.9 or so against the dollar or went to 152. there is some speculation it could go significantly further. while the bank of japan and some extent the government are happy to avoid massive yen strength, because that can hurt the stock market, that can hurt companies, they are also cognizant of the idea that the public doesn't feel particularly comfortable even with the yen at the current levels. a si

annmarie hordern joins us here. i am wondering from your perspective. i heard you talk about this idea of are we better now than four years ago. how do we expect president biden to address the question? annmarie: this very famous line that reagan used in talking about president jimmy carter is something that i've heard from republicans and democrats. and when biden is set to give his speech what he is trying to do, not just give a report of the state of the union to congress and the american people but pivot to the election. and this idea are we better now than four years ago will remind people that four years ago was march 2020 when the world health organization said that covid was a pandemic. he is going to want to frame that the trump administration, in his mind did not put out the correct strategy and policies when it came to covid. he will talk about people going back home. and if he does not go on this directly on the offensive with the former president there will be signals of that as we head towards this kind of rhetoric ramping up when it comes

annmarie: i know your over -- jonathan: i know your overweight u.s.anese stocks. the nikkei is up almost 25%. can you tell me how the bank of japan is relevant to that decision? wei: it is the prerequisite on which the micro story can play out, which is our expectation and rationale behind our japanese call. we upgraded japan twice last year and we continue to like it at this juncture even as it crossed the all-time high from 1989. yesterday was a key event to watch. if they are very hawkish, viewing inflation as a problem, i would be somewhat concerned with our japan call. frankly they hiked rates for the first time in 17 years but they hiked it in the most dovish way possible. they normally dropped the yield curve control but they are still saying in case of a rapid rise in long-term yields they would make meaningful adjustments. if that is not the definition of wait-and-see i do not know what is. they are very supportive and accommodative and that takes away from micro developments to continue to be reflected. jonathan: thank you. we have been aski

. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and annmarie hordern. jonathan: live from new york city, good morning. bloomberg surveillance on tour. home of bank of america here in new york city alongside lisa abramowicz i am jonathan ferro. lisa abramowicz actually going to 731 lexington avenue and just making it in time. good thing brian moynihan does not join for another 60 minutes. lisa: really, that is how we are going to start? i was prepared to be here early. jonathan: you want to trade? this will fill out for the next two or three hours. brian moynihan will join us in 60 minutes. we want to start with the price action. we begin with dollar yen. something truly historic just happened, something since -- not since 2007. the japanese yen is weaker even though we've just seen the first interest rate hike in 17 years. lisa: on one hand people were expecting this. some of the rhetoric out of the central bank was not hawkish. they were indicating they were not prepared to hike again. that is why this currency pair is dead in the water. i do not under

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. >> good morning. this is bloomberg surveillance. the third hour. wrapping up a week of central bank decisions. the snb with a surprising cut, dropping 25 basis points. at the bank of england, that decision crossing. we were looking for two dissenters who previously had their hand up and asked for hikes. no more. >> what we saw is both dropping their votes for higher rates. we were talking about how great it is for the bank of england that they get dissent. no more. eight voted. nobody voted to increase the rate. this is a bank of england that's facing off with cutting rates. >> all about how this sets up the next meeting. when you get a projections, that might be the time they reduce interest rates. in the same way, it feels like the june meeting might be the next time. that might be the meeting they reduce rates. either way, they are taking the time. >> everything seems to be coalescing. when you take a look at some of their projections, they expect inflation to fall below 2%. wage growth ha

. >> this is bloomberg surveillance jonathan ferro, lisa abramowicz and annmarie hordern. jonathan: live from new york city this morning, good morning, good morning, the third hour bloomberg surveillance begins right now. bank of america's home here in midtown manhattan. your equity market is a little bit softer. if i could capture the last two hours on this program in a word, is bullish the word? lisa: i don't know if it's enough, it's quite bullish. it's really quite optimistic. the ultimate question is -- does this challenge the idea of restrictive and can it continue? what will drive the next leg it will not be nvidia which we saw yesterday and that was the. jonathan: let's go through this piece by piece and what it could mean for the bond market. what the bond market is telling you and what the equity market is screaming is the equity market so far is screaming a strong gdp. if you look at the bond market, we are replacing the front end just like that in a couple of months and the equity market is done nothing in the face of that. it feels the stock market so far seem

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. >> the first message i received in the commercial break, i'm going back to bed. which i had a feeling some people would have that feeling. and massive week ahead. a recipe for a big week. nvidia, the investors conference later this morning and a sprinkle of central bank decisions. >> i can't get past this, capitalism will eat itself and all these interesting things. >> becoming more dependent on the state for handouts. lisa: this is the reason why some of these big structural changes matter. the fed and the boj, the central bank decisions are they losing the plot, are they losing the narrative, are they losing the economic trajectory being transformed by other factors including some technological shifts that will lead to perhaps capitalism eating itself. jonathan: the federal reserve losing the plot? not yet. has the market, possibly? the fed was looking for three interest rate cuts this year. we've had to take the bulk of that out and do it really quickly in the space of a couple of months.

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern.onathan: the third hour of bloomberg surveillance begins right now. live from new york city this morning, good morning, good morning. it is fed decision today and going into that decision this afternoon, equities, all-time highs adding some weight to it this morning. credit spreads very tight and trying to work out what chairman powell is going to say in his news conference. lisa: honestly what people are looking for is some perspective market activity as well as maybe some walking back of this desire to cut rates because right now in the market there is this belief that the federal reserve wants to cut rates regardless of data. jonathan: he spoke a couple of weeks ago down on capitol hill in front of the house and then the senate, basically said we only need a little bit more confidence, so what has changed to mark lisa: there hasn't even been a little bit more confident that some people are now saying if you look at the euro per your comps, is going to get complicated to get down to

wade, because of donald trump. >> bloomberg's annmarie hordern, thank you. in anticipation of tonight, we have had a lot of conversations here with politicians, posters and strategist, discussing what exactly bidenomics to accomplish in tonight speech. here is what some of them have told us on "balance of power." >> first is to lay out a clear vision of where he will take this country. that is incredibly important. the second thing is to start to draw the contrast between the men donald trump and the republicans. >>. >> he has to paint the picture of what [chanting "four more years!"] joe biden will be and what the hell for more years of donald trump will be. >> a think he will lay out a contrast of if you want democracy and freedom for american choice and reproductive rights on your person against someone who is not? >> i want to hear the president talk about the issues that are front of mind for so many americans and suddenly that begins with fundamental freedoms. immigration challenges. the need for border security and immigration reforms. >> american peo