we here with the chairman and ceo told caroline hyde.s is bloomberg. ♪ kriti: this is "bloomberg markets." macy's has cut its forecast with a glut of inventory leading to bigger markdowns. shares are higher today after the retailer's second-quarter earnings beat estimates. joining us is coanchor caroline hyde. she spoke with macy's chairman and ceo jeff kennett. what was striking was the retail story when it comes to the consumer disparity. you have this massive income disparity. higher inflation. is macy's worried about that? caroline: he said that consumers are stronger than you might think. he did think about the headwinds affecting macy's purchases. let's talk but how you can see the consumer. they are wearing about the pressures. gas prices, food prices, wages. it is not keeping up with the pace of inflation. nevertheless, we are seeing disparity between the consumer that is purchasing at macy's still wanting to come and spend. that is why they are lowering their full year guidance, whether it is for sales, inventory back up. he spo

i'm caroline hyde and this is "bloomberg markets." caroline: halfway through the trading day and what a day it is. after the cpi print came in slightly cooler than expected, we see the s&p 500 level search up one point 9% thinking perhaps the federal reserve will not need to go as hard as the market previously had been basing in. yields dropping significantly on the short end. two year yields down some 11 basis points meaning the inverted yield curve gets a little less inverted on the twos, tens, dollar index selling off 1.2% lower. we expect a less hawk's federal reserve. bitcoin in general play that much higher, 3.5% on, the white house economic advisor reacted to the latest inflation numbers. take a listen. >> what we need to do right now is we need to help bring prices down in a way that sustains their economic progress we have made. we saw 500,000 jobs created last month while the inflation print was zero. we can keep making progress on that front. caroline: let's get more analysis on the jobs, cpi, what it means. the president an

caroline: i'm caroline hyde.eck on the markets because halfway through the training day we are saying risk on tones with the market. the s&p 500 up 5%. today we got the back of it but we are still holding onto degrees of 12 points overall on the nasdaq. we question how far this run up on the tech space has gone ever since inflationary pace starting to look better. we saw cpi, the 10 year yield bouncing back after we saw an option that may did not get quite as much as we used to. but a lot of indirect investments coming in and we saw a decent takedown from the bond market -- bond option. i seeing -- we are seeing a steepening of the yield curve. it's more in the fx space. jonathan: on -- jon: on the stock, disney an obvious one, streaming numbers and part performance. up more than 5%. we've seen bumble under pressure on its outlook. pfizer impacted by litigation worries right now and a canadian player with stronger than expected sales. they are out of their chief fall and winter period but sticking with canada, i

caroline hyde spoke about the situation and how they could be using the commodities as a weapon. >> he worked out that he can use energy, especially gas, as a way of getting back at us, the british people, germany and the rest of europe, through the use of gas supply. that is something that he is wanting to weaponize. we had to remain resilient. the ukrainian people are facing a tough time, and illegal invasion of their country, so we have to make sure that back home come in the u.k., people have the help that they need to. everybody there is an increase in is come through in energy price. by december and into next year, those bills will go further. christ we are looking at the average going up about 3.5 thousand. looking at that amount that has increased, this is still a consumer that is incredibly painful. quest there is a lot to come. but also, the moment i walked in, we know that that are meant putin will continue to use this. we have to get the message back to mr. putin that this will not work, so we have to look at every option, at what we need to do, come december and january co

still ahead, the blackrock ceo has doubts on digital assets like caroline hyde should be here but a newove says maybe the winds have changed. that conversation is next. this is bloomberg. ♪ taylor: this is bloomberg markets and i'm taylor riggs. blackrock partnering with coinbase to make it easier for institutional investors to manage and trade bitcoin. but remember, blackrock and wall street were not always in favor of dope. back in 2017, the ceo and jp morgan's ceo, jamie dimon, heather doubts about digital assets. take a listen. >> bitcoin just shows you how much demand for money laundering there is in the world. [laughter] that's all it is. it is an index. it is an index of money laundering. [applause] >> i could care less what bitcoin traits were, how it trades, why trades. if you are stupid enough to buy. i told people it could trade at $100,000 before trading to zero. toilet bowls traded for $75,000 or something like that. the only value of bitcoin is when the other guy -- what the other guy will pay for. taylor: the other guy will pay for its. we have migrated from maybe 60,000

with caroline hyde, romaine bostick, and taylor riggs. >> it is 2:00 p.m.. 7:00 p.m. in london. we are live. this is bloomberg markets the close. >> i'm katie. >> the stocks are sending a clear message that rates will stay high. that's on top of a market expecting a caucus ecb. taylor has the latest on

caroline: i'm caroline hyde.y from the latest release of the minutes and the fomc, of course, how hawkish are the sentiments going to be? we have seen bond yields creep higher, all of this as we await to digest the nuances in the previous meeting and how it pushes us forward. let's get to bloomberg's international economic correspondent michael mckee. michael: well, you preview the minutes and you have to feel it is a

bloomberg's sonali basak and caroline hyde spoke with them about the state of the crypto winter.ake a listen. >> we have had one credit loss in the history of our company and i disclosed the name today. it is a manageable loss relative to our balance sheet and our credit business. our credit business was actually profitable on the quarter. i feel pretty good about that. but what we saw away from us was huge concentration in this, which created a lot of systemic risk that we saw in the cascading of over 18,000. i do not have a crystal ball. when i add up the total claims that people filed, it does not feel like there will be a lot that comes back in that case. you know, you've got celsius, you got voyager, lots of other places where both institutions and retail lost a lot of money. and they will be a business for that. sonali: i want to double down on retail because you brought it up. you mentioned earlier that you're skeptical of a soft landing. to the extent that you mean that there is a recession coming, it will be hard landing, how much money will be on the sidelines to put in