romaine bostick i am romaine bostick -- romaine: i am romaine bostick.ll-important inflation data coming in showing moderation in july prices still rising, but a slower pace than june. that moderation was enough for the markets. u.s. stocks hit a record. the dow at all-time highs. nasdaq 100 declining. big tech on the downside. treasuries extending their again after the 10 year auction met slum demand. lieutenant governor katie -- kathy hochul expect it to speak for the first time since

remain bostick a little -- romaine bostick a little later on on "the close."o to london heathrow airport. bloomberg's guy johnson sitting down with robin hayes, jetblue ceo. guy: it is a critical moment on this north atlantic route that everybody is going to be watching so carefully. in some ways, it is a strange time to be launching a transit lentic service, isn't it? you can fly from -- transatlantic service, isn't it? you can fly from the u.s. to europe. you can't fly the other way around. maybe there is some method to the madness we are seeing from jetblue. it's ceo here, robin hayes. great to see you. how was the flight? robin: the flight was great. we left early and got here early, and we had a wonderful trip over. tom: no stacking --guy: no stacking over he screw -- over heathrow, which used to be something of an experience. let's talk a little bit about heathrow. this is a tough airport to get into, to get slots at. you've got a temporary slot allowance here. other carriers obviously aren't using them. how easy is it going to be to make that permanent?

rossi bostick saying -- rafael bostick saying that they are trying to do just that and see what it means for the future. mark: on the gmm side, it has been a relatively flat session overall. futures have been mixed overall. there are two seems to draw attention to. asian currencies are a little bit weaker. this is a follow-through from what we saw yesterday. yields slightly higher. bostick came out with some hawkish comments. we expect hawkish comments again today from loretta mester and we expect more from george. these are all known hawks. we knew that they would come with these comments. it shows where the vulnerability is in the market. yields drift a little bit higher. we are seeing that site although through in asian currencies. the commodities, it's green right down the line and this is the idea that commodities really suffered on the open on asia morning on the futures open, particularly gold. oil prices obviously very heavy but we are seeing commodities not fully repairing the damage of monday's session that there is a little bit more of a bit in the market in commodities. let's

. >> i am romaine bostick. >> in just a few hours, elon musk and tesla analysts expect this to send on ai applications and advanced manufacturing. fans are discussing how ai will change the supply chain. how we work, how wall street operates. first, we will start with tesla's day. >> it will be a big day. let's take a look at what to expect. we will get both hardware and software. the only thing i want to know about is the top and bottom line going forward. what this means for the company. why don't we break it all down? ed ludlow is doing this. what are the key elements you're looking for? ed: elon musk says it really will focus around autonomous driving. there has been this mission from elon musk recently that the last 1% of getting over the line is breaking down artificial intelligence. we know it is a priority to tesla to hire in that area. they are seeking the best of the best of silicon valley. there are hints that this might involve some prior terry designed around semiconductors. >> what is the general feeling about this? is this the developers day that we get out of apple and

tom: romaine bostick, thank you so much.s a joy to speak to william dudley, former president of the new york federal reserve. the interesting mandate at the new york fed. bloomberg columnist. a virtual jackson hole. you and i have been there. the central bankers go out, they wave at the moose at the split rail fence. they are not going to do that this year. how does it change if jackson hole was virtual? william: it illuminates all of the side conversations at luncheons, on hikes, so there isn't the kind of back channel kind of communication that you might get otherwise. there's a number of things i would love to talk about that have nothing to do with monetary policy, and what do they plan to do on payments and cryptocurrencies and digital currencies, their attitude about climate change. there's a lot of things to talk about. if you don't have those opportunities, you can't talk about those things tom: from the factious fed development -- the fractious fed development in the early 1950's out to now, where is the fed mandate

here's romaine bostick.: you did a good job of summing up the macro picture driving a lot of the individual movers this morning. jp morgan and the rest of the bank stocks are lower in the premarket. the regional banks are even doing worse. the kbw regional bank index down now for five straight days, as of yesterday's close. if it is done for a six straight a come of that will be the longest daily losing streak going back to february. a lot of concerns not only about the yield curve, but about the delta variant and how that feeds into the broader economic picture. everyone still has their eye on what is going on in china. alibaba shares down again in the u.s., down to the lowest levels going back to october of 2019. we should point out that there hong kong shares, which just listed in november of 2019, today hit a record low. keep an eye on robinhood. this was a big story after the bell last night. first earnings is a publicly traded company, the question now is if all of your money is being made up of someth

tom: looking forward to "the close" later on with romaine bostick.you are at 60,000 feet, you've got to keep your eyes on the ground. alan ruskin has made a career of that. working at deutsche bank, publishes the most interesting and twisted literature. in this time of our paranoia come our worries, our angst about inflation and such, good to catch up with the chief international strategist of deutsche bank. the team worry about german inflation. the talk about the tail risk. what is your tail risk into q4? alan: i think inflation globally is very much the tail risk. markets have taken a very sanguine view that, particularly in the u.s., the federal reserve is going to be correct that a lot of the inflation forces are transitory. that the possibility that they are wrong and the consequences if they are wrong are enormous, so i would say that in terms of macro risk, this is one of the most elevated risks out there, and it is much more important as a concern then macro risk you have had for quite some time, certainly since covid has broken. tom: the th

you sound like romaine bostick on "the close." i'm not talking about the magnitude of the move, just the direction. lisa: how's the marriage? jonathan: we are a little bit softer, lower. not the marriage. [laughter] can we do this later? tom: i don't know. go to romaine. jonathan: down 35, it's brutal. tom: there we go. jonathan: down futures down, too. ridiculous. here's romaine bostick with some movers for you. romaine: good morning. retail sales in about an hour. here's your set up. walmart out with earnings area -- out with earnings. comp sales beat the street, which was looking for 3.1%. the company guided to about 6% on the full year. some concerns about e-commerce sales, down from the previous quarter. more importantly, the contribution of e-commerce sales to overall same-store sales growth was only 0.2%. that seems to be where some of the concern is. that's why some of the shares might be down in the premarket. we should point out that cash from operating activities dropped to about $12.4 billion, down from about $19 billi

tom: romaine bostick, thank you.oomberg radio, this played so well, i went into the closet this morning. my closet with my suits in the west wing, lisa, it is a good 30 feet long. they say blue is the only way to go, and i, indian, and lisa has got the blue thing -- to go, and i say lisa has the blue thing going, kailey has the blue thing going, and find a guest in blue, gabriel assigned his joins us in jp morgan blue -- gabriela santos joins us now in jp morgan blue. thank you for joining us on a blue friday. one of the things you talk about is the drawdown. you say, and particularly with china, drawdowns are normal. we should not be afraid of the ferro drawdown. gabriela: this drawdown we are seeing in china is business as usual for investing in chinese equities. every year you should expect a 20% annual correction, and every three years or so, you tend to have an over correction. we had it in 2018, 2015, 2011, unrelated to the economic cycles but related to china's regulatory and reform campaigns that tend to happ

romaine: and i am romaine bostick. coinbase reporting second-quarter earnings with trade volume growing 38% on a sequential basis, this even as bitcoin dropped from that all-time high. institutional trading volume picking up the slack. and as coinbase and its industry matures, so does crypto. lobbyists keep tax reporting rules out of infrastructure bill, there push failed. -- their push failed. remember last week when we had a founder on, we had this great conversation but we had some technical difficulties. he will come back today and we will talk to him. hopefully everything will stay centralized as we talk about the decentralized world of currency. sonali: let's talk about coinbase because shares are pretty much flat wavering after revenue beat estimates trading volume beat estimates. ethereum volumes started surging. they are short on guidance, though. joining us is mark palmer, managing director and fintech analyst at btig. he has a $500 price target on coinbase with a buy rating. bring us your spreadsheet. what i

romaine: i'm remind hide -- i'm romaine bostick. the s&p 500 and nasdaq closing at a record high. joe: the question is, "what'd you miss?" caroline: weekend plans? the contagious delta variant doesn't care, and we are speaking to the ceo of looking so holding about their travel patterns and if the average trip go where is thinking twice before saying it. and we take you to the scene from the executive director of the port of los angeles on the slow and steady to -- improvements and we can't go an entire show without diving into the world of crypto and we close out the show with the head of pantera, preparing for what he calls an epic battle of the crypto world. stay tuned for that. romaine: keeping an eye here on the covid crisis, getting word that the fda, food and drug administration is anticipating having a strategy by september for a booster shot planned, based on reporting out of dow jones. we have been talking a lot here about not only the issues with getting everyone vaccinated, and now if vaccinated if a booster shot is needed and how that will get done. joe: exactly right

romaine: i'm romaine bostick. disney is the biggest entertainment company in the world and right here on the biggest show in the world, we will talk about shares higher in after-hours trading. a lot of this has to do with the return of that parks business. the company is a perfect example of the push and pull of the optimism as everyone talks about the delta variant and the realities of how to deal with that. this reality is ramping back the demand for travel. san francisco is the latest city to require proof of vaccination to go out to restaurants, bars and other things. consumer sentiment is still there. consumer sentiment about spending and travel is wrapped up in the performance of disney. parks, streaming services. we will dive into what is going on with this company. let's get down to it and talk about some of the numbers. ed ludlow is in california. what have we learned? ed: on the top and bottom line, they are adding 12 million or -- or so net subscribers, above expectations. hulu and espn plus also got in

i've got fed -- atlanta fed president bostick on the tape a few moments ago. says he's in favor of going, in his words, relatively fast on the taper. he could back a september taper decision if job growth remains explosive. quote, well, on the road to substantial further progress remember, a metric set by the chairman himself and he sees rate hikes and he's in the 2022 camp that's exactly what we're talking about here the market needs to start assuming now that the taper is going to happen sooner rather than later >> well, i think the fed has done a good job of communicating better this time around. certainly better than in 2013. when the taper actually does start to happen, i don't think it's going to be as much of a surprise now, you know, the bond market has really been the area that hasn't been hinting that there's going to be any sign of taper. it's encouraging to see yields start ticking up over the last few days so we're not in the camp that we're going to see taper happen immediately because we still think we need more time to see more data perhaps. bu

romaine: i'm romaine bostick. taylor: i'm taylor riggs. romaine: stocks in the ready, -- closing about that 100 day moving average, and a lot of the focus now, once the earnings come in, we got those nvidia earnings, we will walk you through that talk about the chip shortage and how that feeds into a lot of other areas of the economy. the crisis showing some signs of easing but times are still lengthy, 20 weeks from the time you order one to when they show up. we will talk about what is going on with pc's and with taylor. taylor: the second quarter margins, even the bottom line looks really good for the second quarter, you push forward to the third quarter, also looking at third-quarter revenue of $6.8 billion, 2%. and a lot of this deals with -- and this deal, cfos still confident in the deal but they are taking longer than we thought. we want to do more with the research analyst, it's interesting when you see data center avenue gaining, visualization revenue outperforming estimates except for automotive revenue which continues to lag. wh

you're watching what'd you miss i'm romaine bostick alongside caroline hyde and joe weisenthal. this is a reminder of the challenges of getting us back out there. he talked about restaurants, theaters, entertainment, there so many challenges that only getting things open but keeping them open. joe: if you guys notice rides are more expensive these days for left? people have observed that. lyft turning an adjusted profit. if you strip out compensation, not on a gap basis. but, still romaine: are you anti-adjusted? joe: i am pro-adjusted the smarter people than be looked on. nonetheless, it looks like the markets agree with me. sending shares up nearly 7% after hours. a new survey takes a deep dive into health professionals are looking into opportunity in the labor market. let's bring in a chief economist adam owes a deck. thank you so much for joining us. there has been so much speculation about what the pandemic work from home would mean. the future of labor, going back to march of 2020, now looking pretty deep into this. what has come true? what can you say would be a permanent

romaine: i am romaine bostick. taylor: i am taylor riggs. caroline: s&p 500 closing at a record high, even as fed chair jay powell gives a stronger signal that the central bank will begin tapering this year. the dovish delivery getting it just right while leaving rates alone. >> the pace of the recovery has exceeded expectations at the fomc's recent july meeting. i was of the view, as were most, that if the economy involved broadly as anticipated, could be appropriate to reduce the pace of asset purchases this year. this intervening month has brought more progress in the form of a strong report for july, but also the further spread of the delta variant. we will carefully assess incoming data and the risks. the timing of case of the coming reduction and asset purchases will not be intended to carry direct signal regarding interest-rate lift off. we have much ground to cover to reach maximum employment, and time will tell if we have reached 2% inflation on a sustainable basis. taylor: it has been all jay powell today. what caught my attention

romaine: i am romaine bostick. we saw that cyclical rotation once again. the s&p 500 closes at a record high. job: the question is "what'd you miss?" caroline: it by joe's favorite day. joe: my desert island indicator. caroline: pretty stellar report. we can come into the details of demographics. are we see more quality in the recovery? how soon will we see the fed focused on seeing a more inclusive jobs market decides progress has been made and we are there? but i am afraid they are looking at the glass half empty. how much is a rise in the delta variant clouding outlook? first of all, let's talk about this data point, joe. is it a data winning debut? joe: exactly right. overall, this was a solid, consistent jobs report. basically every indicator you would expect to see, better than expected, jason furman having tweeted -- one of the purists -- look, we still have very different, you know, uneven recovery. there is an uneven recovery with respect to race, uneven recovery with respect to men and women. you have older folks dropping out of the workforce. em

. ♪ romaine: i'm romaine bostick. this is bloomberg's real yield.e are going to kick things off in europe with on markets ending the week on a busy note. issue is coming to the market. weekly sales under 30 billion euros. investment grade issue when striving to a halt. $3 billion in total sales. the second busiest august on record. jeffrey, i will start with you. we talked about the handwringing that we saw in the weeks prior about what type of demand we would see in these auctions. now that we have more guidance out of powell as to when the taper would start, i wonder if that demand will hold up. >> i think the demand will continue to hold up at least until we get closer to a period of time where the markets get uncomfortable about a potential selloff in the bond market. up until that time, i would expect auctions will continue to go well. pushed along by both foreign investors, as long as you have a dollar doing what it is been doing, as well as u.s. investors. i fully expect the auctions to continue on for some period of time. there is this issue

herein lies the point, which is where you have this narrative from kaplan, a narrative from bostick. you have to differentiate between hiking and taper. if we have it sooner we can do something more later with hiking. it will not be as pressing an issue. dani: we have jackson hole later this month. a lot to digest. i want to bring up lines on deutsche telekom. raising their 2021 adjusted ebi ta. around 37.2 billion euros. previously it was just 37 billion euros. revenue stronger as well for the second quarter. more than 26.5 billion euros and 26 billion euros as well. earnings still coming fast and furious. does anyone care at this point? manus: you say that, you know what is interesting? you look at the earnings upgrades, the most bullish outlook in about 10 years. let's move the agenda along. let's have a look. dani: let's go -- exactly. it comes after that monster auction where we had the lowest amount of primary dealer takes ever. someone really wanted to buy 10 years. we are seeing a touch higher in yields. that was not necessarily the movement yesterday. it was all about bond b

former new york fed president and bloomberg opinion columnist bill dudley, speaking with romaine bostickline hyde, and taylor riggs. now we are looking at what is happening today in kabul. yvonne: this is the situation in the airport. not much going on right now, but marking 20 years with the u.s. and the military presence there as the last two flights took off, trying to evacuate american citizens. they said there are still 100 or so left behind but there is no deadline trying to get them out right now. still a lot of questions on what the next couple of months, years are going to be under the taliban role. david: let's get it over to vonnie quinn with your other top stories around the world. >> chinese regulators estimating their crackdown on the videogame industry. children will be limited to three hours a week of online gaming, including fridays, weekends, and public holidays. the new rules are aimed at protecting the physical and mental health of miners. beijing says it will continue efforts to rain and big tech. -- to rein in big tech. hurricane ida made landfall as a powerful cate

she spoke exclusively with sonali bostick.sten. >> china has made it a priority to invest in innovation if you listen to elon musk, he will tell you, guys, i go to any major city in china, talk to the mayor of that city, he is going to be an expert in technology. a lot of them have engineering degrees. computer science. the whole country is focused on becoming number one in innovation. i am wondering if something is changing there. since november, every month, there has been some new form of increased regulatory oversight, crackdown, nationalizing online education, and i think they are referring to the divide between more wealthy and lower income people. they are definitely responding to that, but they are also clamping down, they seem to be retreating when it comes to allowing any kind of data to come out of the country. it seems like that could be contradictory to their desire to become one of the most innovative countries in the world. sonali: i know you don't have a huge china presence right now, or would you pull out more

jonathan: is romaine bostick with your movers this morning. romaine: let's start off with alibaba.get earnings out of the company. a lot of folks were focused on the come at a because of the regulatory overhang. in the short term, that doesn't appear to be a huge impact. you are talking about a company with $2 billion in revenue here and a company that still seems to be investing in its business longer-term, so whatever regulatory crackdown is going on on alibaba, ant group, and the rest of the chinese tech sector, for this particular company, it doesn't seem to be upending its long-term plans. shares down fractionally this morning. eli lilly taking a little bit harder. they did come out with earnings. those shares down about 2%. mainly this has to do with that covid therapy. sales in the recent quarter dropped to about $150 million, down from $800 million plus in the previous quarter. now the focus is going to be on the company's alzheimer's treatment which is still in development. you are still talking about $27 billion in annual revenue projected for the year ahead, but that is

romaine bostick on "the close" this afternoon.to a one-hour countdown to an important measurement of the price change we are living, jim o'sullivan joins us, td securities' chief u.s. inflation strategist. i guess i've got to go there. let's go to process 101, or specifics one or one -- specifics 101. core, 4%-ish, but what pros look at are a lot lower. what do you look at? topline, core, cleveland, dallas, or the o'sullivan metric? jim: of course, we look at everything to some extent. tom: nice answer. [laughter] jim: for sure within the cpi report, core is more important than the headline for setting the trend. but of course, a lot of details recently raise the debate over how much this is transitory or not. disproportionately, a lot of strength has been in the travel and transportation related art. we have seen a rebound in airfares and lodging, hotel rates. new vehicles have been strong. used vehicle prices have been soaring. so the concentration has been reflected in numbers like the median dallas fed number which has been sh

tom: romaine bostick, thank you have -- thank you as well.a jersey with us of bloomberg intelligence on the bond market. we really wanted to do a one-hour interview with you. we will compress it down. what matters to you in this new low yield environment? ira: realistically, the only thing that matters is the outlook for covid and the effect it is going to have on the economy. i think that is really what has been driving the market for the last couple of months. the delta variant, how pervasive it has been in other parts of the world, and now it is feeding into the u.s. psyche a little bit here. fears about lockdowns, that is really what is going on with the bond market right now. i am sympathetic to that morgan stanley call you mentioned about yields being higher by year-end. i do hope that is going to be the case, but this is all about fear right now, and the bond market is benefiting from flight to quality. tom: jon, why don't you pick it up and frame it around the magnitude of this citigroup call? jonathan: morgan stanley looks for a move

two days ago i did not have the data, and romaine bostick said we need a data check before my data checkwe are with the double dose. take a look at it lift up in the futures as we push forward not only to jackson hole, which is the big news of the day, but some of the geopolitical concerns that we had yesterday, when you had a bigger selloff, and of course, a lift up today, recovering from some of that. you see a lot of stability within the bond market at 1.34%, really well behaved here. that carries through today as we push forward to the chairman's speech at 10:00 a.m. you are really seeing stability within the safe havens as well. typically when we talk about some of these geopolitical events, we are thinking about the swissie, the yen. there was little movement yesterday, little movement today. you get a lot of calm in cross i set areas. there was no calm in peloton, now $1400 cheaper than it was yesterday. tom: remain -- romaine has a peloton in every floor of the house. romaine: i tried to ride that thing into work. it doesn't work that way. [laughter] we had these earnings last ni

he spoke with bloomberg's romaine bostick and matt miller. >> we will hybridize all of our lineup between2024. we will have plug-in hybrids coming out first in 2023. we will have a brand-new v12. a complete new design. and in 2024, we will have a full hybridized vehicle. we will have additional performance so every generation will be more performing than the generation before. and in 2025, we will reduce our co2 emissions by 50%. >> what is the general status of your order book? are you dealing with any supply chain issues particularly regarding the semiconductor shortage? >> it is not affecting lamborghini. the customer order think we have has lasted for 10 months. we arrived in the year 2022 around may. and it is still growing. >> you have incredible margins. i think volkswagen recently said on investor day that your margin past those of ferrari. does that mean we could see lamborghini moving towards independence from the group? >> know, we are very happy inside the group and there are no plans to have any more independence. we are working with all of the platforms we have in the group

of said presidents during the jackson hole symposium and that includes esther george, rothschild bostick- raphael bostic, and loretta mester. our next guest says the key risk to this week's rally are any hawkish commentary from power. joining us is the cio at bluestone wealth advisors. lots of concern over inflation overshooting the fed's expectations so what kind of balancing act is jackson hole for the fed chairs? bryan: all eyes are going to be on fed chair powell's comments with regard to taper talk and inflation commentary. i think what you see in the past few days in there's been a strong. on risk assets and growth assets in particular given a lot of investors are getting ahead of what they believed to be a slightly more dovish tone from said powell, given the delta variant in its resurgence in covid cases. haidi: where are the investment opportunities for you at the moment? we are seeing a return to growth, a return to text. is there a bit more appetite for reopening trades given it does not seem like delta is going to lead to widespread lockdowns again? bryan: here at bluestone,

shery: the chief investment officer speaking with bloomberg's romaine bostick and taylor riggs.ad -- across equity markets. let's see what's moving with those. sophie: tokyo has energy stocks among the biggest of best performers so far, tracking what we have seen in oil with prices looking steady for brent and wti. ubs saying brent could move back above 75 bucks a barrel. we are seeing gains ease 40 minutes into the session. they are losing ground after they signed a deal to sell its controlling stake. over in sydney we are seeing gains of 4/10 of a percent with tech and minors leaving the event. stock movers in sydney, we want to highlight what's going on with after pay, shares are under pressure. focuses on the growth, the higher growth loss rates, which stepped up in the second half and zipped losing ground as well. after reporting a jump in annual losses as the ramp up of investments in global expansion. and it is slipping. that is the biggest jump on its guidance he amid the recovery we see in container volumes. switching off the board for movers in tokyo. nissan still jump

. >> are you surprised by the level of sort of unanimity and commentary from bostick and parker and all the ones we heard yesterday, it's like let's get going. >> obviously we're hearing -- we've mostly been hearing from people who kind of were there already. but yes, i think it is a little bit surprising that given the fact it's been a bit of a split committee or at least people, but they're differing on, i think, some of the shadings of timing why is that? i think there's a window i mean, like things have been good enough. employment has held up well enough that if you project ahead and this takes you six or eight months once you start tapering to get down to where you want to go in terms of sun setting the bond buying program. you want to make sure the economy is not already hitting a lot of headwind. so i think that probably explains part of it. honestly, i think there's another piece of it. i don't think fed officials love having to articulate what the $120 billion a month is supposed to be doing, right >> right. >> we're no longer stoking demand we're no longer trying to calm the

there have been names swimming around, some have floated leo braynard, others planting to rafael bostick. others on wall street are betting that jay powell's going to get a second term, be reappointed to this, platterly because of -- partly because of his relationship with janet yellen. he was in the federal reserve working under janet yell when she was in charge of the federal he serve. he would know what she's thinking, what actions she's taking even without having a conversation about it. back to you. neil: all right. edward, thank you very, very much for that. brandon arnold joins us now, national -- union vice president. brandon, this is kind of an outside the ballpark question for you, but does it matter to your organization who is the chairman of the federal reserve? >> yeah, it absolutely matters. monetary and fiscal policy are very much linked closely together, and the policy that we see coming out of the fed with regard to bond and securities purchasing is having an impact on thed broader economy, on inflation, on employment and so forth. so these are linked together while we f