bond. as you know, well is in the a lot that has changed of all of the scope of work has been completed and we are sort of focusing our attention on the project close out phase. also to recap our accomplishments under this bond. so this bond was 250 million dollars or under. split up between these various programs we have street repaving and reconstruction. had 149 million. street scapes. with 15 million dollars. traffic kig signal and street improvements by stay stay at tent million dollars. sidewalk, 14 million. sidewalk improvements 8 million. the previous was with programs. and also street structures with 7 million dollars. . and for our repaving we compolice 52 protects scombhchlt resurfaced 146 blocks. our street scape projects completed 65, 24 which were capitol street scape and the other 41 were follow the paving where we had some minor scopes we joined paving contracts. the program constructed 1, 563 cogrants. with the sidewalk improve am program, we repaired 646 square blocks. and

bond. james bond.efore we start looking for casting the role. i mean, we have to kind of, you know, reboot the whole series, we have to think about what the storyline is going to be, and the trajectory. and so, it's... we've got a lot of work to do. # and ever! and, of course, there will be another bond song. colin paterson, bbc news. 0h, oh, man! she's just oh, man! she'sjustamazing. i'm joined by... i'm joined now by mat whitcross, director of sound for 007. we were just chattering away. i think everyone is a fan. tell - we were just chattering away. i think everyone is a fan. tell us | think everyone is a fan. tell us more. think everyone is a fan. tell us more- 60 _ think everyone is a fan. tell us more. 60 years _ think everyone is a fan. tell us more. 60 years of _ think everyone is a fan. tell us more. 60 years of bond, - think everyone is a fan. tell us more. 60 years of bond, and i think everyone is a fan. tell us | more. 60 years of bond, and in think everyone is a fan. tell us - more. 60 yea

will be bond council for all 3 bonds. they also will be disclosure council for the special tax refunding bonds. the total amount of the contract is $308 thousand the details are broken down by roll and by bond. as you can see from cfd6 there are separate roles bond council and disclosure council. again, the contract remains in effect until the bonds are issued. the compensation funds will be provided from bond proceeds and the qualifications are experienced and are in depth of oci i portfolio. next slide, please. alex chiu is recommended for disclosure council on the tax allocation bonds. the amount of the contract in total is $121 thousand broken out as you see here, $59 thousand for the transbay bonds and 62 for the refunding mission bay south bonds. the contract is in effect until the bonds close. the source of compensation is bond proceeds and chiu is chosen to do experience knowledge of the portfolio and sbe status. next slide, please. the next steps estimated here, we hope to be back in november with the personal se

ah suave, quick witted james bond. never shies away from danger. women or a vodka martini medium guy martini levin field say cannot st. premiering in 1900? 62. the james bond film franchise had a humble beginning, doctor know, was a low budget flick storing, and then unknown actor sean connery, whose camera presence would make james bond and international sex symbol. unlike the upper crust bond in author, ian fleming's novels, connery came from the working class, a former milkman, and coffin polisher. he brought a new edge to double. 07. alongside swiss actress ursula undress as honey writer. the very 1st bond girl looking for sharon? no, i'm just looking, but reviews were mixed. tie magazine called connery's performance on a slightly silly feel. the vatican had stronger words declaring it a dangerous mixture of violence, vulgarity, sadism, and sex. the kremlin called bonds, the embodiment of capitalist evil was your disregard for human life. he was to working for the east east, west just points of the compass. now, 60

the very 1st bond girl looking for shell. no, i'm just looking but were use were mixed. tie magazine called connery's performance are slightly silly. the vatican had stronger words declaring it a dangerous mixture of violence, vulgarity, sadism, and sex. i'm the kremlin called bonds. the embodiment of capitalist evil was your disregard for human life. he was to working full east, east west, just points of the compass. now, 60 years later, the cold war hero is still making headlines. this aston martin bond mobile from the film. no time to digest, sold at christie's for 3000000 pounds. and with the current bond, daniel craigs retirement from the roll. speculations abound. who will play double? 07 next. bonds producing brother, sister do. oh, michael wilson and barbara broccoli are on the lookout. he's been so able to, to move with the times with the various actors who betrayed them. so who will it be? there was speculation. the next bond could be a woman, but the producer say it will definitely be a man. eater's elbow long cons

bond. james bond. they couldn't take _ teams. bond. james bond. they couldn't take the _ teams.kstage dame shirley was everything you would hope. i’m everything you would hope. i'm read . everything you would hope. i'm ready. refusing _ everything you would hope. i'm ready. refusing to _ everything you would hope. i'm ready. refusing to do _ ready. refusing to do interviews _ ready. refusing to do interviews until- ready. refusing to do interviews until she l ready. refusing to do i interviews until she had ready. refusing to do - interviews until she had a gold cape attached. then gushing about the reception she received. standing ovation, dame shirley? my received. standing ovation, dame shirley?— dame shirley? my musical director had _ dame shirley? my musical director had to _ dame shirley? my musical director had to play - dame shirley? my musical director had to play it - dame shirley? my musical director had to play it four| director had to play it four times instead of two because i could not start to sing because everybody was standing up and applauding. it was so touch

you do not have the same mechanism on the bonsai. -- bond side. think, on the issuers are a lot more insulated from that. they have time to make sure the transition is smoother. >> your take on this? >> that is something we have been looking at, leveraged loans, bank loans, or a key risk right now. with every hike, that is a boost in the interest expense. if you look at where we work to where we are now and love the issuers are seeing the -- double the interest expense they saw nine or 12 month ago. while that is a issue with leveraged loans a concern of ours is not so much contagion. when things go poorly can see that spread into different parts of the market. that is why we are concerned about high-yield. to touch on a point that they made, we agree that the fed hiking rates and keeping it there for a while will be a challenge for companies as we get into 2023. over the past decade or so there has been. -- periods of where the fed rose -- spreads rose. that me not be the case this time around, anyone that needs to issue debt will try as hard as

bond yields calm down. it seems as if european markets closed we didn't have to worry about what is happening with the bank of england now taking pension funds have three days to sort out the exposures and rebalance the funds. the bank of england will no longer be supporting the bond market over there after that period that seemed to just be another excuse for the market to take this leg lower so you see here, we're basically testing that september 30 low level. you can call it a retest you can say that market hasn't accelerated to the down side we're oversold we need to get through the cpi number on thursday clearly, without the bond market really having another bit of a tantrum. take a look at growth versus value. it's been consistent growth stocks way down the mega cap tech stocks have been leaders this is a two year chart that is a good margin. hook at a really long term chart. this is the s&p 500 value index. relative to the s&p 500 itself since all the way back in 2001 that was a bear market they impl

we will talk more about the bond shock in a moment.he next 100 basis points that will matter will be in the bond market. what will be the kind of breaks in the next 50-75 basis points if the fed dare go up that level again? i save dare, what do i know, if they go that trajectory? kit: we are going to get a further, possibly significant inversion in the curve this side of christmas. that's going to make anybody looking at the historical relevance of the inverted yield curve start getting the heebie-jeebies. secondly, we have become incredibly used to the idea that bond yields stay superlow. as that happens, we have leveraged our whole financial system to what we saw in the u.k., or a spike higher in bond yields caused damage in the pension industry. you can get variants of that all across the world just as effectively, because we are not used to the idea of a 5% 10-year yield, or anything like that. you can start creating very unforeseen damage. tom: and maybe some of those heebie-jeebies, not something that manus cranny suffers from. w

or not to buy bonds.f you have funds, buy bonds, you can contribution in fact, it is important at this stage of the development of our country thank you mr. vasyl we are forced to reduce our inclusions because the air alarm is now over this ukraine vasyl furman for the head of the board of the national bank of ukraine was in touch with us, we are doing a short pause to move to a safe place and you do the same, dear ukrainians, as you can see now on the map everything is red, see you soon. literally in a few minutes, to get out of the press is the greatest wisdom of the commander - this is to preserve the life and health of the personnel who are directly performing the task somewhere in the fins at the threshold, i myself will break the devil, somewhere, someone took off with his music, the hetman rules here, the glorious and not the syaderny tsar here, the toastmaster of the ban, the 110th territorial defense brigade is a brigade that includes the city of zaporozhye and the whole zaporizhzhia region is a

all of this was the handiwork of the bond market. really to be more precise, bond vigilantes.ome of you are old enough to remember in 1974 the movie "death wish." took america by storm. charles bronson, was an arc be tech. his wife and daughter were attacked in their home. by the way his wife died because of her wounds he became a vigilante. he uttered a phrase these are the economy bond vigilantes. if fiscal, monetary authorities would not regulate the economy, bond investors do would do the job. joining me yardeni investment, ed yardeni. the bond vigilantes are back. what was the death wish for liz truss? why did they put her out of her misery? >> she was aiming to increase spending, cut taxes, a larger budget deficit over there and the bond markets kind of had it, filled with all the debt so clearly the bond vigilantes acted very aggressively and contributed to her fall. charles: particularly in this country the parallels between the united states and great britain. they had some pension issues which we may have. >> right. charles: the housing market is different, right? 44

the bond buying scheme will still end friday.as confusion after an ft headline saying officials would support the bond market. the market, -- the spokesperson for the bank of england saying the scheme will end friday. tom: the gilt markets focused on that friday deadline that the boe have now reiterated the long end with a move higher 10 basis points on the 30-year, and a move higher up on the 10-year, the pound had been up .6% earlier in the session before that redhead from the bank coming when. let's move back to one of the big corporate stories, lvmh sales have jumped despite fears of global recession thanks to wealthy american tourists shopping for luxury in europe. sales of fashion and leather goods soared 22% on an organic basis, beating analyst expectations. let's bring in our luxury analyst at bloomberg. >> 19% growth in q3 matches q2, beats consensus and double-digit growth in every category in q3. fashion and leather goods prices are higher, louis vuitton and dior we have seen about a 20% price hike, and that will conti

but we will continue to launch new bonds of new partners to connect and develop this project.e first world war and the second world war, citizens throughout the war actively bought bonds, worried about the money invested, they have nothing to say, financiers say. when we talk about the internal debt, this is the internal debt nominated at the level, mostly, there, i don't see any risks that the state won't pay you back, because actually the state itself imitates the hryvnia and defaults on the internal state, the state will never dare, because it actually harms the internal financial system, that's why it's here there is no such risk now, at least as long as the state of ukraine exists, that you will not be paid at the end of the term, the invested funds will be returned to your card, there is support, interest will also be charged there, i am an adviser , ihor levenok, maksym cheblin and gennadiy anikenko details tv channel inter marathon the only news ukrainian day during the autumn the same imf and the world bank the meeting of the world's leading financiers is going on rig

, but already a thousand ukrainians have bought bonds, on average one bond each, but for this we are making it possible, thanks to the scale and support of citizens, to support the armed forces forces, that is, this money is now very important for our victory for rapid deoccupation . the ministry of finance issues a bond and sells it to banks and financial companies. up until now, the bond was sold only in branches or with the help of mobile banking. this money will be used to cover budget expenditures, in particular for the army. the monthly need for the defense security sector is 130. billion hryvnias, the last months of our tax revenues were at the level of 90 billion , therefore the only way to close this need is internal sources of borrowing, i.e. military their bonds were purchased for uah 131 billion, 90% of investors, banks, large businesses, charitable funds , therefore, the cabinet of ministers decided to popularize military bonds, and among the population of the points, all such are on the rise and want to participate even more in supporting the ukrainian army, and such a

myles bradshaw, head of global aggregate bonds at j.p. morgan asset management joins us for his reaction. good morning, do you see the boe having to continue its intervention be on tomorrow? myles: the short answer is probably. the more complicated question is to separate the short-term pressures of market volatility from longer-term dynamics. bigger picture, because of the tax cuts, the u.k. needs to issue more debt and therefore the price onds to be hired to attract new buyers. we are all focused on the accelerator, which is volatility has created leveraging pressure amongst ldi accounts, which has created risks of financial instability and that has brought the boe into the market. i struggle to see how the boe stepping back in a couple of days' time will not put more pressure on the market, and we will not see greater volatility which will then require another policy response from the bank. it doesn't have to take the same form, but it seems like they will have to do something to stabilize the market until you get some confirmation abo

07, next. bond producing brother, sister do. oh michael wilson and barbara broccoli are on the lookout. he's been so able to, to move with the times with the various actors who betrayed them. so who will it be? there was speculation. the next bond could be a woman, but the producer say it will definitely be a man eater's elbow long considered a hot contender says he's out of the running. there have also been rumors around superman star, henry cavil bridget, and act a rakish on page and pop star harry styles. or maybe it'll be another unknown, like sean connery. 60 years ago. you watching d w. c. as a reminder of our top stories. the you has agreed on a noose around of sanctions against russia, of the most cost illegal annexation of 4 regions in ukraine. plant as of about to include a price cap on the russian oil. and that's it from you. the new steam of next eco africa on vitamin magazine. thanks. ah ah, mm. mm. mm mm. mm. mm. mm mm. with oh, eco africa. drought, sorry, hitting rwanda. heard this here. now the government is taki

yeah, i think this is, it's hard to talk about bonds and the importance of the bond market at certaint's just sort of this underlying -- charles: but is it saying the economy is going to go down, the economies in worst shape than we believe? >> i think it is only because of the amount of debt out there, when we're talking about 1.5 trillion of debt coming on, we've already got 350 trillion debt out there, all of these rates are going up, ink across world, right? not just the u.s. , and that means those prices are going down, and i don't see an end to those prices going down anytime soon ink across world and i think that causes a lot of other credit issues, and problems within economic recovery. charles: shah, i know you also pointed out of course nothing has been spared. stocks, bonds and now commodities so is there any place to be safe? is cash the only place really to be safe right now? >> well i think it's good time to be in cash. i'm very comfortable being in mostly cash, but it's also, i think, time to start to nibble, and i like intel down here. why? because you got a 5.6% divid

bets and bond vigilantes continue pressuring politicians. we begin with the big issue, treasury yields keep spiking. >> the story of this year has clearly been higher bond yields -- >> rising bond yields -- >> we are back to a different era and i think we will stay here. >> it really comes down to inflation. >> we keep going back to inflation data. >> we will probably see persistent inflation. >> that keep seals on the upside. >> u.s. data will not provide much leeway for yields to follow. >> the underpinnings of the economy in the u.s. is quite robust. >> the reality is heart activity sectors are still strong. >> what that means ultimately as the fed has to be warm to slow down demand-side. >> the two year yield always peaks above whatever the terminal rate is. >> we've still got about 75 basis points more to discount. >> for a bond investor, it will be about reef. lisa:lisa: -- rates. it is all about rates and pre-much every market. turning us now are our three guests. normally we start this with some sort of specific question to really ho

the bond king of texas joins us. and the bottom -- could it finally kinda sorta be in for the stocks one says we're seeing the technical bottom he is here with why and what he's buying now. let us begin with today's markets. dom, more green on the screen. >> tilden toward session hides give you the idea of the trading range, he highs, we're up 93 points, call it up roughly 106 points, and up 55s at the lows so even the lows of the session still very much to the up side, but we have tilted toward the higher end the things. up 2.5%. the dow is the laggard right now, only up 541 points, or about 1.75%. and the nasdaq composite up a whopping 35 points but bank of america and bny mellon both reporting earnings up solidly, bank of america driven in large part to better results in its bond trading unit jpmorgan chase, citigroup, all take a sympathy bit higher and in the stock moving the day right now, now an s&p company, but roblox, the online virtual reality video game/augmented reality creation platform, if you will, tech

, the 30 year bonds.iday. the former pensions minister who was _ buying scheme on friday. the former pensions minister who was talking i buying scheme on friday. the former pensions minister who was talking to j pensions minister who was talking to me an hour ago said she is slightly baffled by this because of the turmoil is continuing on friday, is it credible that the bank would say sorry, folks, you're pension funds are still in a mess and you might have serious problems but we are going to end anyway.— have serious problems but we are going to end anyway. some economies can look at it — going to end anyway. some economies can look at it in — going to end anyway. some economies can look at it in a _ going to end anyway. some economies can look at it in a different _ going to end anyway. some economies can look at it in a different way - can look at it in a different way and the bank of england can pump in money but there is a limit. they can't keep on doing it because they will lose credibility because

timati dalton pierce brosna and daniel craig the last twenty- fifth bond film was the picture is not time die. it came out last year on october 5, 1988 . chile held a national plebiscite for popular vote has been submitted. the question is whether the president of august pinochet can extend his rule for another 8 years and in march of the ninetieth pinochet left the presidential post, which he held for 16 years, few people expected that pinochet's dictatorial regime would, firstly, lose, and secondly, accept its loss and succumbs to the authorities, it is believed that this was the result of pressure from big business and the international community, as well as dissatisfaction junta after the defeat in the plebiscite, pinochet wanted to send troops to the capital. he called the results of the vote a mistake of the chileans, but the commander-in-chief of the chilean air force, general fernando matter, also a member of the ruling junta refused to do this. he became the first government official to publicly admit the loss of the supporters of the penalchat. russian compound, it was buil

>> bond.ond. >> the concert was organized to coincide with the 60th anniversary of the premier of the first job -- bond movie dr. no. planning is underway for the 26th, the start of the post daniel craig europe. >> how is the search going? >> is not going just yet. >> why not? >> we have a lot of work to do before we start looking for casting the role. we have to reboot the whole series. we had to think about what the storyline will be and the trajectory. we have a lot of work to do. >> of course they will be another bond song -- there will be another bond song. >> there were celebrations in new york city last night, for something else. baseball has a new king of the home run. the yankee star hit is six second home run of the season breaking an american league record that stood for 61 years, at the away game in texas erupted as the ball sailed into the stands. new york's iconic empire state building joined in the celebrations lighting up in yankee pinstripes for 62 seconds in honor of the new

bond markets. currently a modest bid for u.k. debt, 3.59 on the two-year, the five-year 4.24, the benchmark holding a little under by two basis points. let me correct, you are seeing a 22 basis point on the five-year, and on the benchmark 10-year an 18 basis point move. these are big moves lower across the curve in the u.k., the longer end, the 30-year 4.38 in the u.k. as we weigh up again. around 4.6 billion pounds of purchases. francine: these higher interest rates piling pressure are struggling, it is difficult to see where traders go. hopes that the fed will consider dialing back its aggressive rate hikes have been dashed by hotter than expected inflation, core u.s. cpi jumped to a 40-year high of 6.6% in september. president biden april is there is more to do to combat rising prices. >> americans are squeezed by the cost of living, it's been true for years. fighting this battle every day is a key reason why i ran for president of the united states. francine: let's unpack all of this now with bloomberg's kristine aquino and t

we'll send you our exclusive bond guide, free.portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763. neil: dow down about 60 points right now. they're moving right now to find a new prime minister in britain. lots going on, lots for charles payne to help you with. hey, charles. charles: neil, weigh gave away another huge start to the session. neil: amazin

the big problems are in the government bond market. so, what is a bond?m the government. it borrows money and promises to pay it back with interest. they are seen as a very safe investment — it's assumed the government will always pay it back. these bonds are bought and sold — it's a very big market — and it's been unusually volatile — why? well, last month the government promised huge tax cuts without explaining how it would pay for them. this means that meant those ious — those bonds — looked riskier. this means investors want more interest to justify the extra risk. so the cost of government borrowing rose at its fastest rate over a short period ever. pension funds are big buyers of government bonds and hold on to them for years. but some specialist pension fund managers have used them as collateral to borrow cash now from banks to be able to pay out on pension promises. when the value of that collateral started to plummet those banks wanted more cash to make sure they didn't end up out of pocket. the pension managers had to sell more bonds to raise th

these days the stock market is really about the bond market and the bond market is really about the federal reserve, which of course, has empowered every single member of the fomc with the ability to talk the market up or down, especially these days. it's the latter, down. of course, that was the case yesterday when the markets actually came out the gate with a little bit of vigor, right? reacting to better-than-expected results and a number of data points and then philly fed president harker made some remarks and well his comments were picked up by the media and it sparked a major reversal to the downside. the main point that was picked up is this quote. given our frankly disappointing lack of progress and curtailing inflation, i expect we will be well-above 4% by the end of the year. joining me now satori fund founder portfolio manager dan niles and dan, i want to start with the fed because markets up right now at this very moment and scuttlebut, maybe they slow it down a little bit. i'm not sure if that means on a rhetoric which by the way be a welcome relief, but what are your thoughts

people set loan coupons, bond markets set bond yields. okay, it's different. all these lenders are desperately trying to make loans in a declining market because they want to stay in business. but that means they're writing 6.5 and will lose money when they sell out loans. liz: ryan, what's your favorite sectors and what are you avoiding? >> with financials and talking financials, bank stocks trade dirt cheap and repriced a lot this year. they're all very, very attractive here and one place and look at 15 a month and fast growing advisers in the country. liz: nice little one. >> i can't help myself, liz. liz: go for it. >> everyone still overweight with tech. tech was trading in the last ten years with low interest rates and cheep money and higher inflation, higher interest rates and tech is not the place to be and it'll struggle here and have to diverse your portfolio outside of that and that's the biggest mistake. liz: the nasdaq is the biggest laggard. energy, certainly earlier we looked at all sectors and up till the last half hour, they were all green. ve

real quick, bonds, more people are buying bonds? more individual investors?elines clients are calling me, saying what can i do to besides paltry money market rates. what is step outside of cash? look at the two-year treasury yielding over 4%. hard for a client saying not to 4%, two year treasurys yielding cash. lay up decision even though you will not get rich on it. charles: that is how you have to navigate things out of your control. i appreciate it, man. giving us the straight scoop. what it is like dealing with investors real time. thanks so much, my man. >> thanks, charles. >> all right, folks, after the close we'll get earnings results from a bunch of companies, ibm, lam research but really the main focus will be on tesla which has been mired in a serious losing streak here recently. up a little bit today, near a critical must-hold support point. they need a big beat and strong guidance. joining me quote, meet kevin, quote, financial analyst, youtuber, kevin parfrat. kevin, you're known as a tesla bull. the good news is that tesla has been beating conse

07 next bonds producing brother sister do. oh michael wilson and barbara broccoli are on the lookout. he's been so able to, to move with the times with the various actors who betrayed them. so who will it be? there was speculation. the next bond could be a woman, but the producer say it will definitely be a man eaters. elbow long considered a hot contender says he's out of the running. there have also been rumors around superman star, henry cavil bridget, and act a rakish on page and pop star harry styles. or maybe it'll be another unknown, like sean connery, 60 years ago. while i'm writing for harry south is a reminder at the top now. sorry, at this hour you has agreed new round of sanctions against russia after moscow's illegal annexation of 4 regions in ukraine. plant measures are said to include a price cap on russian oil with you now for complex zone. and that area with the senior ukrainian presidential, a horse of polk, got a call for berlin. thank you so much for your company with ah, with who into the conflict. so no s

. ., ., . ., , bonds. trained to - bonds. kind of forcing their hands. | they were just trained to announce how they're going to begin scaling back these purposes. these purchases. does the bank of england risk is quite ability in the current position it finds itself in? —— its credibility stop you we don't think so at thisjuncture.— credibility stop you we don't think so at thisjuncture. so at this “uncture. what you have to see is so at this juncture. what you have to see is there _ so at this juncture. what you have to see is there was _ so at this juncture. what you have to see is there was a _ so at this juncture. what you have to see is there was a lot _ so at this juncture. what you have to see is there was a lot of - to see is there was a lot of nervousness in the market. that is what we saw with the pension funds and some the investment strategy, all of a sudden, when guild prices started coming down. there was a lot of stress in the market. the bank of england, like many central banks, it has a m

bond markets hurt people's bond portfolios.e sandwich generation kids paying for through college, maybe even after graduating supporting, they're also taking care of their ailing parents. and those health care costs attached to it. this sandwich generation, gen x, early baby boomers are caught in a very tough place. charles: right. the good news, there is growing appetite for advice. people do want help. in fact i thought this was kind of funny. only 5% said don't worry about it. i know how to change a muffler. i could do this too. for the 95% want help what exactly are they saying? >> the help is not around investing. it is around what life choices i need to make. charles: okay. >> the reality you can control how much you spend, how much you save, even for people experienced 20% decline in balanced portfolio many have, what happened with bonds, if you work for extra 18 months you can offset that. reduce spending five years 10% in retirement already you can offset that 20% decline the answers come with financial planning. a goo

i was a traitor on the bond desk in municipals. -- i was a trader on the bond desk in municipals.ransitioned over into corporate bonds. from there they said they would put me on commission, which they never did. i got approached by a small boutique firm called smithers, which was known for their bond business. i went over and became a salesman at smithers. david: i often thought to be a good trader you have to be good in your head with numbers. john: that is true, but as a salesman much more so than a trader. that business is a commodity business about relationships. if you can build a relationship with a client so they trust you and they go to you when they have business to do, that is how you become successful. david: how did morgan's deli -- morgan stanley ask you to join what was then white collar firm? john: i met with dix for sure, who was -- dick fisher who was trying to build a secondary bond business. i said " i'm flattered that you would offer me a job, but i do not believe a lebanese heritage from north carolina who went to duke university has a chance at making it at m

when you look at bonds, i don't see any pivot being priced into the bond market. certainly not the u.s. treasury market. the 10 year yield, back to .05%, the 10-year note back up to 4.5%. 75 basis point rate hike this week, already priced in. the question is december. a solid job report on friday. another thing that has the bond market a bit nervous in here. as for oil, an interesting day. oil was up 9% after those big production cuts earlier in the month. now on the day, the weak china pmi's are making people worry about demand. oil demand destruction now is seen, weighing on oil. there are of -- course -- of course, president biden, with a lot to say on it, too. haidi: you are looking at pmi readings for s&p global us really for manufacturing coming in a 52.7. a final reading for october. certainly we are seeing further slippage in other parts of the economy. namely the property market. the housing downturn is extending into october. prices in every major australian city, declining in response to rising rates and expectations of further policy tightening ahead.

issue bonds, they are okay. if you are a corporate rolling over debt, it is difficult to do that because you are having to issue debt for double digits, so that will be challenging. manus: we are showing high-yield investment grade bonds, and we have picked a couple of peaks, one is covid going back retrospectively. then we go back to the sort of debt crisis of europe, explosive up to 2000 basis points over. it's interesting how we are just hovering around those lehman moments. we are at around 533 for high-yield, and 165 for ig, are we anywhere close to a pivotal moment on liquidity, risk and var as we were in 2008? oliver: i think we're getting there, i don't think we will see quite the market calamity we saw because it has been quite an quarterly drawdown. whereas something like covid and the gfc, the market was week for the whole of '08, but it was -- but there was that sharp drawdown times that number october and then the whole lehman brothers fiasco happened, so i think it is more of an aggressive drawdown

bond. james bond.ning's under way for the 26th — the start of the post—daniel craig era. and how is the search going? it's not going just yet. why not? we have a lot of work to do before we start looking for casting the role. i mean, we have to kind of, you know, reboot the whole series, we have to think about what the storyline is going to be, and the trajectory. and so it's... we've got a lot of work to do. # and ever! and, of course, there will be another bond song. colin paterson, bbc news. time for a look at the weather. here's stav daneos. good afternoon. what a wet and windy afternoon, very autumnal across the country. we have low pressure bringing gales and heavy rain. as

bond market -- in the bond market.nufacturing report came out, and it was soft. so what they're saying is bad news for the economy is good news for the potential of lower interest rates or less fed tightening. that's not the game the fed is playing, and i wouldn't betten on lower interest rates at all. i think that 10-year note -- i think all these rates are going to continue to go higher. stuart: now, you don't always usually speak directly to the stock market, but judging from what you've been saying, it seems that you don't hold much store in this 2-day rally that we've got. you don't think it's going to go very far, correct? >> correct. look, it's, again, it's hard to explain these short-term wiggles and wobbles. and i don't think any human being can outplay that. that's why i think stocks for the long run, the s&p index for the long run, is always the best investment. bet on america and american prosperity. we don't have much of it now, but the cavalry's coming, and we'll bin begin to straighten things out soon. i

i think there is a good chance we are nearing the end of the bond market selloff.ani: australia is a much different market and many are pricing the possibility that the fed will cut next year. is there still more adjustment to be done for a fed that has said they will not hiking a -- stop hiking and stay restrictive? christian: those cuts that are priced into 2023 i find them puzzling myself. we do not expect the fed to cut rates, we think they will move to 4.5% then pause. we see the secondary effects of the rate hikes manifesting themselves. you are right to point out the weird shape of the curve with those cuts, i don't think they will come. the same holds for the ecb, once we get above 2.5% it is more difficult to justify further rate hikes in the face of recession in the euro area. manus: the bond traders are going to be throwing things at the screen going just because equities are tanked 22-23%, and we have dipped into the inverted curve. what is it that stops the fed, is it that inflation peaks now that opec is in cutting mode, are we really at peak inflatio

the fact you're interested in high-yield bonds, we love a bond story.will squeeze a little bit and get some calls. you could build a case for a hard landing, do you expect that kind of monster move in yields to the downside in bonds? mads: no, i do not. but what happens with things i don't expect to happen. in the situation, even if we get a slowdown, we could get a very nice move. that rebalancing, what you do not have with that yield we now have when it is close to 4%. they move so much around now. dani: because you put together these systematic investment strategies, what does the profile mean for allocation when all of a sudden these bonds are not moving the same anymore? mads: it was about half as normal and that is what we have now. we are trying to get a balanced portfolio to move towards a normal duration. i am saying, if you have two or three, you want to go back to three or four in the coming months. if you want to buy cash bonds, -- the next thing i'm going to buy before christmas, investment-grade and high-yield but more substantial. what we

it issues treasury bonds, it goes into debt, people buy the bonds, they go pick up the money and they spend it. the question of course is, this is abu tricky part, who buys the bonds? traditionally it's been americans who buy the bonds. in other words, for example, during world war ii we had war debt and people, who was patriotic you would buy the war bonds as you with contributing to the war efforts. that's been c the case where throughout most of history the american citizens bought the debt. we kind of owed it to ourselves. what's happenedof lately is two things. first of all foreign governments are buying a lot of our debt and guess which country vying e most of it. china. that makes me nervous because it don't want to be indebted to our enemy. the other thing going on is the federal reserve board is by the debt. now. that's interesting because what that means is one arm of the government is spending the money, another arm of the government is issuing debt, at another arm of the government is buying the bonds. there is one of the part of this chain. where does the federal reserve

timati dalton pierce cast and daniel craig in the last twenty-fifth bond film was no time to die. it came out last year october 5, 1988 in chile held a national plebiscite on a popular the vote was taken on the question of whether august president pinochet could extend his rule for another 8 years and in march of the ninetieth pinochet left the presidency, which he held for 16 years, few expected that pinochet's dictatorial regime would lose in the first place, eh. secondly, he will accept his loss and give in to power, it is considered that this was the result of pressure from big business and the international community, as well as dissatisfaction with the junta after the defeat in the plebiscite, pinochet wanted to send troops to the capital. voting results. he named mistake of the chileans, but the commander-in-chief of the chilean air force, general fernando materia, also a member of the ruling junta refused to do this, he became the first government official to publicly admit the loss of pinochet supporters october 5, 2008, israel returned to russia a historic building in th

lisa: you need to respect the bonds. respect the bonds.ny up by three or four basis points. your-dollar, -- euro-dollar, .9 699. here is one from bill dudley. the headline of his latest piece, the federal reserve owes the world a mea culpa. the former new york fed president and a good friend of this program joins us right now. let's start there. a mea culpa, what do you want that to look like? bill: the fed needs to explain to the world what went wrong? why are we having basis rates of 400 percentage points? it is evidence the fed was late. the fed made a couple of mistakes. they basically tied their hands and said we cannot raise rates until a whole bunch of things happen. they made some forecasting errors on inflation and on the tightness of the market. doing a mea culpa is important to build the fed's credibility for the future. if you don't want to admit error, how can you be confident the central bank won't make a whole other mistake next time? jonathan: do you think they can do that and do something which you asked them to do a coupl

gilt is another word for uk government bonds, ious. i promise to pay money backin bonds, ious. sells bonds to investors and they can sell them to each other. now, the price on those bombs depends in part on how much faith investors have that their money will be repaid. the uk government has a reliable ball or or and is very likely to pay the steps back. so, the interest rate is charged which would normally be with relatively low. but one event made people look at things a little differently. many budget on the 23rd of september. that budget announced plans to cut taxes financed by borrowing but with little details on how it will be paid for. the government said the measures will boost economic growth and that will increase government revenues and help pay for the tax cuts and that should help to calm the market. but it spooked people who are investing in uk government debt and are worried that the uk has become a less reliable borrower than it used to be in lots of them started selling their bonds, pushing the price down. now, something you need to understand about bonds is, if

gargi: i think they will start behaving like bonds. there will be a balance in your portfolio that will be beneficial in an equity market selloff. that will happen once we get to that level of yields that is very attractive to u.s. and non-us investors. i think that could summer should be somewhere around 4% -- i think that could be somewhere around 4%. i think of treasuries get to 4%, a little higher than 4%, that could be that level just looking at evaluations. i think the macro makes a difference. what would have to happen to the economy? krishna was talking about this, we are seeing some slowing down, the housing market comes to mind. i think we have to see a broader base slowdown. when we see that, and we haven't seen it yet, we will. we see earnings slowing down, and obviously the next couple of weeks are important for that. i believe investors will gravitate towards that steadier curve. we have seen a lot of move into the front end. think about the etf slows into the treasury fh why -- just part of the club. i think we will move