good morning, miss order in. -- miss annmarie hordern. annmarie: why is the bond market acting like this given the fact that even just this week, there have been data points, not just in the united states, but around the world, showing growing concerns of inflation, but you have to think, where i sit here in london, what the boe is talking about. he said central bankers are on the cusp, warning that this could be a moment of making a very risky judgment and mistake. quite a warning coming from the chief economist of a major central bank. manus: he said we are at a dangerous moment. i put it to you that there are a number of other soundboards coming out. a person at the pboc saying inflation will be below 2% this year. ben bernanke -- he says 5.5 on the top peak and then it will come back but of course, what is the risk of the ecb? there's a number of different voices which are really driving the narrative to the transitory camp. annmarie: i had of that crucial u.s. cpi data this afternoon, bond bulls taking the u.s. 10 year yield below 1.5

i am anna edwards in london with annmarie hordern.rossing overnight about the g7, including talks between boris johnson and joe biden in cornwall at the summit. guy johnson brings us all the details. what came out of this bilateral meeting as we build up to the book of the -- bulk of the g7? >> it was incredibly friendly. boris johnson and joe biden got exactly what they wanted. it was the signing of the atlantic charter. there was history involved. boris johnson did not get to have tea on a remote island. unfortunately, the weather was a little inclement. it's a little chilly again today. maybe that's an indication of what we've got going forward. it was a good start certainly for boris johnson. he got what he wanted. he wanted the optics to be right and he got exactly that from joe biden. mrs. biden wearing a jacket that had "love" on it. it was exactly what boris johnson wanted. annmarie: i am told you are wearing a -- guy, but covid front and center, and not just about vaccine distributions. this could derail or impact the securit

i am annmarie hordern.h in the united kingdom with 11,000 daily infections, the most since february. 80% of adults have now had their first vaccine dose. investors unwind reflation bets with a rally in u.s. tech shares. the treasury curve sees its biggest two day flattening since march of 2020. futures higher. iran goes to the polls. a hard-line conservative complicating efforts returned to the nuclear deal. good morning. 90 minutes away from the start of european equity trading. this is where we trade this morning. all the action yesterday with the long end of the u.s. treasury curve in the 30 year. the yield dropped to the lowest we have since february. is the reflation trade over? you saw a lot of money move into the nasdaq. euro-dollar rose. it did drop after five days of gains. everybody was throwing everything out of the window, except for u.s. dollar. that has been part of the commodities story as well. we are seeing a divergence in the super cycle trend, but also the fact that we have a higher dolla

annmarie hordern is beside me in london. >> on the evidence i can see right now, i'm confident we will not need more than four weeks and we will not need to go beyond july the 19th. manus: a reopening delayed for england as infections mount. the delta variant accounts for 90% of the u.k. cases. president biden's visit to europe continues with an eu-us summit, as nato warns of china's military power. jamie by -- jamie dimon says the trading boom could come to an end, signaling a big drop in trading revenue at jp morgan. the hunkering down in washington. the fed meeting begins. and marie, are we ready for a hawkish tilt echo a dereliction of duty is what martin malone warned us of yesterday if the fed is not a knowledge that conversation has started on tapering. and you know what, annmarie, as we go into it, inflation expeditions in the medium-term are in -- are added eight year high. >> the question i have, do inflation expeditions become a self-fulfilling prophecy? meeting if you have expectations, i will point our consumers getting into the fact that prices will go higher and start to

annmarie hordern, great to have you back at london hq. was the g-7 as united front and it did biden deliver everything he wanted? good morning. annmarie: i think on a covid and china they got close to what the u.s. wanted but did not go far enough. josh has been all over this in terms of the numbers. if they want a billion doses, you have to calculate that from february, truly new doses, some 700 million. and on china, there were some pushback from countries like germany. they are saying they don't want the g-7 to be a hostile group, do they? manus: not at all, but you think about the foreign policy, biden meeting erdogan and putin and nato. this is a piece of global theater for this distraction and biden is keen they coalesce overseas, not conflict, but coalesce on their view on china. that was not bought into by angela merkel. we can talk about the nuances in a moment. to the market. it is about the fed and the dots could move. >> we will have putin on wednesday, but we will hear with jay powell, the biggest market story this week. 10 y

i'm annmarie hordern with manus cranny, live from dubai.alk on tapering begins as of the fed moves up its forecast for a rate hike, predicting two increases by the end of 2023. president biden touts the prospect of better relations with russia. significant tensions remain from cyberattacks to human rights. china's intervention in the markets except steam, beijing asked to maintain financial stability, targeting commodities, currencies, and stock indices. 90 minutes from the start of european equity trading. what a meeting it was from jay powell, quite a different tone. inflation not so transitory, and finally talking about the dots being moved up. manus: you have to take those with a grain of salt. annmarie: you are right. manus: i think the headline, two hikes penciled in for 2023. for me, it is about we are live every meeting. we are live every meeting, that is what they are telling us. that has a big implication in terms of tapering, and what is the consequence, the belly of the curve, the spike in 5's, but well behaved 30's. eric lonerg

bloomberg's, reordering -- bloomberg's annmarie hordern is with us. he wall street journal" looking at a potential meeting between xi jinping and joe biden. we know that xi jinping did take a video call with resident vladimir putin -- with president vladimir putin. so with the meeting be virtually, or potential in rome if the chinese decide to go in person? one thing that stood out from this report is that the chinese seem to be a bit worried about alienating the united states and other western countries from their economy. this is on the heels of president biden's european tour, where he was cajoling european you leaders to take a tougher line on china. in d.c., there's debate on whether they should have a sit down meeting if the chinese were to go in person. would it be something that is a proper sit down or something on the sidelines, or potentially virtual? finally, i would say there is support broadly in washington, d.c., this should be part of broader legislations to boost r&d spending to really tackle chinese supremacy. guy: great stuff. thank y

. -- we will catch up with annmarie hordern this hour. let's bring in chris verrone. top line in your research, it is a trend, not momentum. what you mean by that? chris: the trend of the market is clearly up. whether you look at the s&p or the nasdaq. what i want to focus on is as we start to approach one of the weaker seasonal stretches of the year, july through mid october, when you look under the surface of the market there are fewer stocks -- we start this morning with only 45% of the s&p above the 50 day moving average. that is something we need to be mindful of as we approach this weaker period. we have been calling the market frustrating, not fatal. i think that is atoned likely to continue as we move through summer. tom: link your technical analysis to how unloved this bull market is. the numbers are extraordinary. been lately or reemphasizes -- ben laidler emphasizes our first half we have not seen in nine years. is it everybody is on board or is it unloved? chris: it is somewhere in between. i want to be careful when we talk to people, there is clearly a se

annmarie hordern joins us. ignatius talks about a hugely difficult thing to do, and we have seen this way back, i would say back into the early 19th century, this shift from a senatorial tone, the happy, the backslapping, the smiling, over to a presidential tone, what that might be. how is president biden doing in making the shift from senatorial over to presidential? >> if you read the opinion piece by david ignatius, it sounds like, at least from his perspective, a little more needs to be done by the president. he talked about the fact that he was so giddy to announce his infrastructure bipartisan deal with senators, but he says he needs to take that backslapping, that giddiness and really hone his skills in the senate but to achieve it and become presidential. that's the only way he will be able to get is legislation through. right now, they are able to have his bipartisan infrastructure bill but the president and this adventist ration wants to work in tandem -- this administration wants to work in tandem to

we know and what we don't know about this new tactic technique, bloomberg politics reporter annmarie hordern. annmarie: you mentioned technology. i would also say agriculture and the pharmaceutical space. that is where we could see brought in legations if we were to see this executive order. what this would really do is try to enhance competition. the administration would require the federal agencies that they have control over to address competition on the industries they oversee. very reminiscent of an executive order we saw from the obama administration in 2016 that did a similar thing. some of that was rolled back during the trump era. this was first reported by reuters, saying we could see this as soon as next week. to something we want to keep and i out for. here in washington, it is hard to get bipartisan support for many things. but when it comes to potential antitrust measures when it comes to the tech space, this is something digitally congress can get on board with, and this would be welcomed because just last week, they sent through six antitrust bills, and that was widely target

annmarie hordern joining us from washington. that was victory, but he is trying just to another bill as well. walk us through the mechanics of what is about to happen. annmarie: good afternoon, guy. he wants his cake and eat it, too. they were able to nail down this bipartisan deal for infrastructure -- pipes, bridges, those lights. but what the president said yesterday, he will not sign the bipartisan deal unless it is also alongside the more democratic-focused bill which is via reconciliation to the reconciliation budget, and these are all the bells and whistles, nod to the progressives, that the democrats want. social spending, health care, a little more infrastructure when it comes to things regarding climate change. this is very gets really tough in washington, d.c., because that is something the republicans just do not want to spend a lot of money on, but the democrats do. ansi plus he put the line in the sand, a redline cup -- nancy pelosi put the line in the sand, a red line, saying that unless the reconciliation bill get

tom: no, we heard that from annmarie hordern. the democratic party has to sort this out. after the quiet of the clinton years, the quiet of the obama years, the democratic party many would say is reverting to what it has always been, which is fractious. jonathan: we welcome now become balloon advisors cio st cumberland advisors cio -- the cumberland advisors cio. >> it looks like we will have some type of infrastructure plan. they have to deliver a plan. it won't be as big as anticipated. biden wants to complete something. the republicans don't want to be the obstacle. so it looks as if something happened, and whether it is $1 billion or $900 billion or $1 trillion, whatever number it will be, we will find out. tom: everybody follows your allocations at cumberland advisors. you are sitting on cash. what are you going to do with it? what does your research on sectors tell you right now? david: the largest sector is the health care sector. we have maintained that as a strategic is a sure and. -- as a strategic position. we believe the covid shock is a strategic shock that w

i thought anne-marie horton -- i thought annmarie hordern captured the color down there. it is obviously a fractured, credit already. do we know what this is going to look like? i don't think so. jonathan: it's going to be big, the other bill. it could be, what, $6 trillion? lisa: yes, bernie sanders crafting that one. jonathan: joining us now is mona mahajan, allianz global investors senior investment strategist. the cyclical trade has seen some cracks. do you want to stick with it? mona: generally, obviously we've had a phenomenal run in the value trade. we have talked about in's november. -- we have talked about it since november. people were anticipating some of the recovery that we are now seeing in the economy. but as we are sitting here today with the 10 year again under 1.50%, when you think about the upside, downside on the yield profile, if you think yields have much more downside to go, then perhaps you step back from the value trade. but if you think yields may start to either stabilize or grind higher given both technical and fundamental factors, then i is on

that is what annmarie hordern was telling me yesterday afternoon.s surprised by how swamp like it is. tom: president trump called it a swamp. jonathan: i think anne-marie was talking about the weather, not so much the people down there, tom. lisa: i do wonder how much president biden is going to use that to sell infrastructure. tom: oh, come on. it is summer. lisa: it is not to summer. it was 118 in the northwest. this is unheard of. tom: i put a chart out of the weather in seattle. the mathematics of getting to the last three days in seattle is truly unimaginable. it is a mathematical framework that you say that can't happen. jonathan: just one final line on new york, politico going with this line, "not so in new york," after 130,000 dummy ballots were counted. tom: your grandmother was on the board of elections, right? lisa: for the record, my grandmother was not on the board of elections. but i will say, this has really created a problem for ranked voting. if this is the protocol going forward, how confusing it is, and if eric adams is not the wi

rafael grossi, international atomic energy agency director, joining us now, as is bloomberg's annmarie hordern us here on set. director general, thank you for your time today. we greatly appreciate it. i want to pick up on what ros was just talking about. it looks like things are falling on the more hardline of the political spectrum. i wonder if using that makes a deal significant less likely. what is your assessment of how the politics are going to change and what it is going to mean for the prospect of an agreement? rafael: it is good to be with you. i would say this is an ongoing process. as you know, negotiation has been ongoing for quite some time now. it should also be remembered that the iea is not a party to the negotiation -- the iaea is not a party to the negotiation. we are the guarantors of the agreement. we are the ones who are going to be verifying it when it happens, but we are not sitting at the negotiating table. what i can tell you is that the negotiation is a complex one, but a good outcome would not be impossible. so i would not say it is more or less likely that the elect

annmarie hordern joining the team in d.c. that is a big dose of new york and washington.be ok. josh wingrove looking a little bit worried about how much new york has just gone down to d.c. lisa: oh come on. we are not that bad. jonathan: using they can take that? -- do you think they can take that? lisa: of course they can. do you think they are lightweights in washington, d.c. ? jonathan: compare to up here, don't you? lisa: i mean, i think it is a different kind of gloves coming off in washington, d.c. than here. jonathan: looking up at 8:30 compared to getting up at 6:00. it is a different world. taylor: i am still trying to recall the governor replaced with a movie star, you guys. lisa: i think new york is tough, but there's a soft underneath that. jonathan: we will take your word for it. we will catch up with peter tchir on what it means for new york in the markets on wall street. we need to catch up with bill dudley, the former new york fed president. looking forward to that. equity futures up 21 on the s&p, 4252, up 0.5%. yields unchanged, 1.4868%. i'm with new yor

anna: that was annmarie hordern on what to expect from the g7.cial meeting in the southwest of england throughout the show. let's get back to the markets. u.s. futures are a little more negative than they were. nasdaq futures down a couple of tenths of a percent. let's get to the individual movers in europe, where european equity markets are flat this morning. bt group up by just over 1%. stella and to's -- stellantis down by 1.9%. they are facing charges over diesels, joining vw and renault in the probe led by french authorities. juliette: the u.s. plans to buy 500 million doses of pfizer's coronavirus vaccine to share internationally. the word came as president biden plans to join other g7 leaders in a campaign to end the pandemic by distributive shots worldwide. the leaders have gathered for their summit in the u.k. president biden and british prime minister boris johnson will commit today to resume travel between the two countries as soon as possible. it is not clear how soon that will be. the leaders are meeting ahead of the g7 summit and wi