tom: bridgewater having a much better year with some solid returns. the backdrop is a bond market that only people with the gray hair have experienced. it is extraordinary price down yield up. what are the ramifications if this bond bear market continues? >> the way you have to look at the bond market is that there are really two bond markets according to what's priced in. there the front-end of the bond market which has priced in a tightening and there's the backend that has priced in that everything's going to be fine in the inflation rate is going to go back to 2.7. so the near-term has been priced in. that has passed through to equities and other assets. the second round of tightening hasn't been priced in. it hasn't been priced to breakeven inflation. whether that's actually going to happen really depends on the underlying drivers of the inflation which i think would be good to go into. there's more to go. maybe in the near term we get a little pause because the fed will follow the forward curve up. even as they follow the forward curve, you are

next, rebecca patterson of bridgewater. good morning. >> there is of pervasive fog of negative sentiment out there. >> when every single headline is negative, it's time to buy. >> i still think

karen karmiel tambor -- karen karniol-tambor is at bridgewater associates. how do you fold in the geopolitics of whatever one wants, some better outcome and climate, with this dead serious analysis of geo security? karen: i think what is happening now is there is sort of a tough realization that to make progress on climate, a lot of the letters we have put out there as the most effective are actually pretty inflationary, and that is more difficult to do at a time when inflation is already rising, and of the same time, we can't really thing about energy without also thinking about energy security, so now we have gone from sort of a one dimensional equation to bring carbon down to now i three divisional equation to handle energy inflation at the same time. tom: coal, you can't even do a standard to be asian analysis on australia. it is such a moonshot right now. are you amending the bridgewater esg view, or are you pausing it, waiting for a place to restart the present esg view? karen: for us there's two types of esg views. one is just you can't really analyze

this all according to bob prince of bridgewater.atest warning about the risks that we are seeing for this global economy and the world economic forum. tom keene and lisa abramowicz. bob: we think we are in a monetary inflation, which is a very different animal. we sing inflation has a 6 -- cyclical inflation is when you get a pop, pushes up against capacity constraints, inflation goes up. money and credit are under control. this is a monetary inflation like the 70's. it was triggered at the national -- the massive injection of credit by policy, which has created a self-reinforcing process. very high levels of nominal spending. 10% nominal gdp growth. i mean, it is a long time since we have seen i nominal gdp growth, right? so there is things happening other people are not used to, because we have not seen these dynamics for some time. the result of a monetary inflation is high nominal gdp growth, and then that gets absorbed by prices, so you get low real growth. that produces stagflation, which creates a very difficult policy choice

don't miss my interview with former bridgewater associates ceo and pennsylvania senate candidate david a week, rather. we'll be talking to him next hour on the upcoming pennsylvania primary. joining the conversation all morning long this morning, dagen mcdowell and a liz peek. you are watching "mornings with maria" live on fox business. what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire big game today! everybody ready? alexa, ask buick to start my enclave. starting your buick enclave. i just love our new alexa. dad, it's a buick. i love that new alexa smell. it's a buick. we need snacks for the team. alexa, take us to the nearest grocery store. getting directi

tom: you've got at bridgewater your fancy kitchen. they have the whole subzero thing. >> look who's talking. bloomberg, hello. tom: you have a great pressure cooker. the only reason they hired you is the steam coming out of the cattle is the currency market. to me the conundrum here and you beautifully described the fiscal impulse. what releases the pressure is dollar dynamics. what kind of pressures will we see? >> the most important thing to understand about the dollar right now is how quickly our external need for foreign capital is increasing. if you go on your bloomberg page , are timely estimate suggests that's closer to five or 6% of gdp. for the dollar to stay supported we need to continue getting enough capital to offset that. the dollar we think is vulnerable on a cyclical basis and a structural basis. tom: if we get a twin deficit, do you link those together mathematically or philosophically? are they separate events? >> they are mathematically linked. as you know well. you are being humble. tom: this is a pro surveillance

maria: welcome back former bridgewater ceo david mccormick produce altered the democrats are trying tomo make that a dirty word, ultra- mega. do you consider yourself a candidate who want to make america great again? i knew did not get the presidents endorsement he went mehmet oz. but whatbs are you fighting for? >> i absolutely want to make america great again. somebody asked me the other day if i was america verse by ben america first my whole life in the very first day volunteer to go to west point and serve our great country. so absolutely i will be someone who stands tall and fights for america first policies by think president trump did a great job in bringing that agenda and dealing with the millions of forgotten people across pennsylvania and our country but that agenda is something i will fight for. progrowth economic policy, fair trade, energy dominance, secure borders, these are the conditional building blocks of america. eanother joe biden where very quickly deteriorating. that american dream that great america we all love is slipping away. maria: talk about foreign policy ce

we are back with pennsylvania senate candidate and former bridgewater ceo david the mccormick.rying to take down the maga phrase. they want to make that a dirty word, ultra maga. do you consider yourself a candidate who wants to make america great again? i know you did not get the president's endorsement, he went with mehmet oz, but what about what you're fighting for? >> yeah, i absolutely want to make america great again. someone asked me the other day whether i was america first, and i've been that way my whole life. so, absolutely, i'll be someone that stands tall and fights for america first policies, and i think president trump did a great job many bringing that agenda and dealing with the millions of forgotten people across pennsylvania and our country. and that agenda is something that i'll fight for, pro-growth economic policies, fair trade, energy dominance, secure borders. these are the foundational building blocks of a great america. and under joe biden, we are very quickly deteriorating, and that american dream and that great america we all love is slipping away. m

, also a member of the bridgewater board.he same question of everyone what do you think? what do you think's going to happen to this crazy economy of ours what do you see happening here >> three major theme tass we havthemes too much debt. number two, is the internal conflict populism of the left and the right, and what that is doing both politically and economic considerations and number three is the rising of great powers to challenge the existing great power in the existing world order if you bring those things down, here we are having a monetary policy okay where are we in the monetary policy if you want me to answer that. >> that big question is, account fed effectively reduce demand without breaking the back of the economy? >> okay, and rather than just jumping to the answer, i like to deal with the mechanics of the answer and i think the answer is no, but here's the reason why one man's debts are another man's financial assets, and they have to balance both of those things so they will not be able to raise interest rat

it's where the duke of bridgewater brought canals which cut the price of coal in half, spurring manchester industrial city. and it's where karl marx formed his ideas for the communist manifesto, at this very spot, which happens to be in the world's oldest english—speaking library. even people from manchester don't realise that you can come in here and actually soak up the atmosphere. it's definitely worth booking an appointment and coming here. come on, cat, you ready for part two? you look so excited! i don't know which one i want to start with first! i was thinking about how i could do something different. maybe people were nervous about being in crowds or being in places where there was a lot of people, that the afternoon tea taxi tour would be ideal because you are encapsulated in the back of a taxi. it's proved really popular. i have to pinch myself sometimes. how was it as a taxi driver in lockdown? really, really difficult. as a tour guide as well, there were no tourists, and it's just started to come back again now as restrictions start to end. so, you think this is something you'l

life cycle, like humans have a life cycle in ray dalio, the hedge fund investor are the founder of bridgewater, a very large cesspool, ah, hedge fund, right extensively about this, that if you look at the history of the dutch gilbert, the british pound of new us dollar, you see a period of rise of decline. and this will happen independently of which highland does. regarding the u. n. a. again, we have to see, i think, clearly i think that china has shown a commitment to being responsible stakeholder in the global system. so i think we have that on. the other thing is that i think that the dollar of the grant, i will not replace the dollar, but certainly having an alternative or could be a very valuable and i think will have profound to your for the results of not just dollar had gemini put the dollar becoming pure theat money after $977.00 is that allow the u. s. socially to printers? my things are domestically and globally that had wanted and one of these things that it will military footprint. so does more than $800000000000.00 and now are there in its ability to essentially print io use tha

valeo, the hedge fund investor, the founder bridgewater very large spokes hedge fund right extensively about this. but if you look at the history of the dutch field for the british pound of us dollar, you see a period of rise and decline. and this will happen independently. what does regarding the us again, we have to see, i think clearly i think that china has shown a commitment to being a responsible stakeholder in the global system. so i think we have that because the other thing is that i think that the dollar of the grant will not replace the dollar. ringback but certainly having an alternative, it could be very valuable and i think will have profound geopolitical consequences because one of the results are not just dollar gemini, put the dollar, becoming pure fee money after 971. when the link with gold was severed, is that it allowed us essentially to print as much money as it wanted to buy things domestically and globally that had wanted. and one of these things that it wanted was a global military footprint. so the u. s. i believe the u. s. military budget is more than $800000

ray dalio has built bridgewater, the largest single hedge fund in the world, managing more than $100 billion. he is also an accomplished author and his most recent book, "the changing world order," talks about the rising china and sinking united states. i had a chance to talk to him recently about that book and many other things relating to the investment world. ray, thank you very much for coming and for writing this book. we will talk about this this evening. i wanted to start by asking you this. you are running the largest hedge fund in the world. more than $150 billion. how do you have time to write books when you are running that hedge fund? ray: i didn't write either of those books, really. what i did was, this book was -- in order to understand what was going on today, i needed to do a study. and what i experienced in life many times before is the surprises that happened to me were things that never happened in my lifetime but happened many times in history. david: when you read the book, as i have, and i enjoyed it, it took me a couple sittings to get through because there is

galileo, the hedge fund investor, the founder bridgewater very large spokes hedge fund right extensively about this, that if you look at the history of the dutch field for the british pound of us dollar, you see a period of rise and decline. and this will happen independently. what does regarding the us again, we have to see, i think clearly i think that china has shown a commitment to being a responsible stakeholder in the global system. so i think we have that because the other thing is that i think that the dollar of the grant will not replace the dollar, but certainly having an alternative. it could be very valuable and i think will have profound geopolitical consequences because one of the results are not just dollar gemini, put the dollar, becoming pure fee money after $971.00. when the link with gold was severed, is that it allowed us essentially to print as much money as it wanted to buy things domestically and globally that had wanted. and one of these things that it wanted was a global military footprint. so the u. s. i believe the u. s. military budget is more than $8000000000

police officer painter, bridgewater police department. campus safety officer, bridgewater college police department. police officer caleb d.olgevy. and police officer tray marshall sutton. today, we remember these names on the floor of the united states house of representatives, but they are already forever etched in the hearts of virginia's law enforcement officers, especially the men and women who knew them best and served alongside them and their families who mourn them and miss them. our hearts are with them as they remember their loved ones, reflect on their service, and we honor them. on behalf of a grateful commonwealth and a grateful country, i stand here to thank them for their heroism, the sacrifice, and their service. my hearts with their family as we honor these fallen officers today and every day. madam speaker, i yield back. the speaker pro tempore: the gentlewoman yields. the chair recognizes the gentleman from kansas, mr. mann, for five minutes. mr. mann: madam speaker, in person ration for re-authorizing the farm -- prepa

guests include john kerry, the ceo of qualcomm, bridgewater associates, intel members, a long list.t. coverage for you throughout the week. coming up, libby cantrill, pimco head of public policy, on "balance of power." this is bloomberg. ♪ desig more of what you earn. this is the planning effect. what's it like having xfinity internet? it's beyond gig-speed fast. so gaming with your niece, has never felt more intense. hey what does this button do? no, don't! we're talking supersonic wi-fi. three times the bandwidth and the power to connect hundreds of devices at once. that's powerful. couldn't said it better myself. you just did. unbeatable internet from xfinity. made to do anything so you can do anything. - [announcer] imagine having fuller, thicker, whoa. more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the

lisa: will be speaking with bob prince of bridgewater right now. will be speaking with gita gopinath in a minute. also the chief executive officer of marriott international. tom: this is very important and wonderful day for us to start in davos with gita gopinath of the international monetary fund. she has linked economics into this once-in-a-lifetime event. we are thrilled she could join us. you will be with me on a panel tomorrow on growth which is hugely anticipated because of your attendance. i love what you said to the indian media, where you just pushed back against the recession gloom. how do you respond to market ponderings who wants read a paper and say a recession is coming? how do you respond to that? gita: on a global recession, we are getting that question a lot. our april numbers for global growth were 3.6%. at that level, that is a healthy number for the global economy. there are headwinds, there are many downside risks. to say that the global economy, there is a recession, that is premature. that said i think the regions of the worl

if you look at macros of bridgewater, that is up 16% this year.you look at multi-strategies, you see up about 6% quarter, so there are big questions around equity strategy. manus: thank you very much. so much has happened today as we close that q1. coming up, investors in the credit space, how worried are they? manus: this is "bloomberg daybreak: europe." i am manus cranny in dubai. dani burger in london with the stories that set your agenda. dani: shanghai hits a key milestone. new york city faces a jump in cases that could lead to new mass mandates. elon musk floats a lower offer price for the social network. plus, an apocalyptic warning. andrew bailey says a surge in food costs could hold dire consequences for the world. the doomsayers are out in full force. manus: those darn doomsters. elon musk says we are in the grip of a recession that could last 12 months. there is a real risk. how is it affecting risk this morning? shanghai could be a non-covid community transition. maybe there is normalization risk in china. record high prices. bitcoin d

manus: bridgewater called it stagflation. the rbnz want to get ahead of the curve. darby and said not only raise rates, but they want more with the narrative in terms of where we expect to go and that is toward 4% by the end of 2023. two your paper, the short end of the curve imploded yesterday, down the most since may 2020. that hard data, housing collapsing, richmond fed at a two-year low, we are on the cusp of stagflation. the breakeven, so bill ackman says inflation is out of control and inflation expectations are getting out of control. the euro is down, the dollar is a little bit higher. that is the state of play. breaking headlines. we come back to china conducting military exercises near taiwan to warn the u.s. dani: let's get to our other top stories. details of the fed's path forward. manus: plus we have our bloomberg anchor francine lacqua in davos, no sleep, and a lot of partying, and interviews. juliette saly is in singapore with the rbnz. and investors fleeing. traders are now dialing back the expected pace of fed hikes is the data cools. let's get a l

tom: the economics of bob prince of bridgewater associates come original with rebecca patterson and othersme really interesting talk there about nominal gdp and how it holds into rates. lisa: perhaps it was the goats in the background. al from new jersey road and, they are not goats, they are sheep. -- new jersey road in -- new jersey wrote in, they are not goats, they are sheep. tom: it has become a really interesting and different conversation of europe. we now speak with the prime minister of spain, pedro sanchez joins us this morning. lisa is going to start with the obligatory questions on europe at the moment, t i raine. i want to talk to you about how thunderstruck i was is an uninformed american on this stunning dp pulling -- stunning de-peopleing of spain. the arch american fear is the de-peopling of the planes, the midwest. how do you push against the de -peopling of rural spain? pm sanchez: this is one of our major challenges, and that is why and that is why nr next generation european union funds we are more or less allocating 70 billion euros for the next year's. one of the tra

lisa: i thing we heard that from bridgewater, even the renewables, you have to get the stuff out of therst. why aren't oil prices higher given your thesis? christyan: when you sort of run through the deficits in different fuels, we are effectively fully loaded out apart from oils and oil, there is still pairs -- still spare capacity but that is quickly running dry. oil pressure should be higher. thinking about the marginal cost to reduce the oil, it is getting close to $100 and that is different than the $40 you hear when talking about it on the ground. 1400 is the price cash flow needed to feed the equity and shareholders. now the social tax and windfall, all of these things are inflationary because you have to feed all of these mounds before you put an extra dollar into oil capex and that is around 100. then you add 20 to 30 in terms of what is this spare capacity worth? historically it has been between 30 and $40. in other words, there's a lot of upside to prices from him. lisa: translate $125 per barrel into gasoline prices into the refineries. christyan: our commodities team has do

. >> joining me now, bridgewater's chief investment strategist, rebecca patterson here at the milken investor conference you want to own stocks and bonds. is that still the case for you >> yeah, it is roughly we're neutral equities we have been looking for higher yields so are bearish bonds. we continue to hold that view. with the fed pulling back, the question is who are the other players in the market that are going to come in and right now we simply don't see enough of those folks incentivized folks to buy bonds so we still think yields have room to rise. >> what about recession rising even howard marks, and mark carney, it's going to be tough to avoid if you look at history and what the fed has to do so if we are slowing into a recession, aren't bonds a buy? >> eventually they could be. i think that the question is does the pattern that we're used to over the last 30 years still hold, right? so we're used to seeing you have rising growth, you have falling growth, inflation is low and stable it's secondary focus on growth. today we're in a different regime inflation is the bigger

host: john in bridgewater, new jersey. republican. you are next.aller: it should have been left up to the states. it was never found in the constitution. everyone knew the right to privacy when the 14 amendment was fabricated to fit whatever the liberal agenda was back in 1973 and starting in the 19 60's and 1970's with the civil rights move went. it is a contentious issue. a lot of people believe it is murder. you cannot tell them it is not murder. leave it up to the states on a local level. let them beat it out. california, new york, illinois, new jersey will have it. other states want and that is the way democracy should work. host: texas, another state where these -- where the issue of abortion has taken lace in recent months. this is glenn in corpus christi. caller: i agree with the vote yesterday at the senate. the only ones benefiting out of the abortion business in the medical field. in our area, they encourage young women to get pregnant and they give them free abortions. i don't believe that is right. host: how are they encouraging young

a ceo raextravaganza we have a special chat with bridgewater founder ray dalio.omorrow >> will you tape some of those law & order reruns in german for me so when i get there, maybe in january, i can watch them. >> everybody thinks this is so ritzy here i'm in the worst hotel room you've seen. my bed is for babies i'm in a baby bed. i'm in a hostile here. there's no tv. there's no tv. >> pizza three times a day swiss pizza. >> make sure you join us tomorrow. >> coffee though >> yes >>> "squawk on the street" begins right now >>> good monday morning welcome to "squawk on the street." i'm carl quintanilla got a bounce in store coming off seven weekly declines for the s&p. more discussion about repositioning in the end big week with macro with fed

it's where the duke of bridgewater brought canals which cut the price of coal in half, spurring manchesteribrary. even people from manchester don't realise that you can come in here and actually soak up the atmosphere. it's definitely worth booking an appointment and coming here. come on, you ready for part two? you look so excited! i don't know which one i wanna start with first! i was thinking about how i could do something different. maybe people were nervous about being in crowds or being in places where there was a lot of people, that the afternoon tea taxi tour would be ideal because you are encapsulated in the back of a taxi. it's proved really popular. i have to pinch myself sometimes. how was it as a taxi driver in lockdown? really, really difficult. as a tour guide as well, there were no tourists, and it's just started to come back again now as restrictions start to end. so you think this is something you'll continue then? i'm definitely going to continue it, yes. before the pandemic, manchester was the third most visited city in the uk after london and edinburgh by international

of bunting, this kind of thing is flying off the shelves and contributing to sales here at emma bridgewateredy five years ago. as a result of the fire, 26 recommendations were made by the grenfell inquiry on how to improve firefighting in the capital. the brigade says those recommendations have now been put into place, but that there's still more to do. there has been a root—and—branch look at how we provide high—rise fire fighting. so you have an increased attendance to high—rise buildings. we have smoke blockers and smoke hoods to enable people to evacuate from the building safely. there is always more to learn, there is always more to do, and we'll continue to do that to adapt the service that we need. transport for london staff at tube stations have been subjected to more than 240 incidents of abuse each month during the height of the covid—19 pandemic. thats according to new figures. the data shows a correlation between fare evasion and abusive behaviour, staff at king's cross tube station were the "most abused" during the pandemic, with a total of 147 incidents. people heading to euro