this is evgeny tishkovets' first truly summer day, so what is happening now at the central elevators.yes , vera welcomes, unfortunately, i did not hear your question. there are very loud on stage concerts. the boys are getting ready for the march. they will soon pass along the central alley of vdnkh here to the festival. schoolchildren came for a big change because of all regions of russia, including from the donetsk people's republic, while they were here they were preparing for a performance. we warmed up and sang, we saw. how many talented children we have in our country, and by the way, today the issue of creating the all-russian children's youth society and one of the values ​​​​of this society will be discussed. it's just mutual help. so we saw that if someone, for example, does not know how to sing in italian, as other girls can, then they will definitely teach you it doesn’t work with physics help out, help prompt, this is the most important thing. russia will we believe with the soul cannot be measured, dear friends, until it has turned out very well. so now friends. for the

with bonds that have had a tough quarter but are coming back recently, and that is elevated inflation that means centralanks are hiking like nobody's business. and that is putting a real, making for a real graham economic outlook. you have yields coming back down from recent peaks. some thought that the fed might slow the pace of tightening in the not-too-distant future. meanwhile, not a lot of good news for equities, as the best they can manage is hoping that they have hit the bottom. hoping that this is about as bad as it gets. and even if -- and then the question becomes, how robust can you be about a bounceback for equities, bonds are rallying because of recession. shery: yes, the s&p 500 is headed for the worst quarter since march of 2020. garfield reynolds, chief correspondent for rates in asia. nato has agreed to upgrade its military presence in europe, redrawing the continent's security in response to russia's invasion of ukraine. bloomberg's political news director jodi schneider joins us with more. what do we know about this agreement so far, and how impactful will it be for the region? >> the

wants to know about, which is basically what is the scale of tightening given that elevated inflation and how do centralanks react to that? we will have more on that, but first let's get the bloomberg business flash with laura wright. laura: dws group says that the ceo, asoka woehrmann, has resigned and will be replaced by stefan hoops. this comes hours after police raided deutsche bank and dws. prosecutors say the search was related to allegations that dws was inflating at csg credentials. dws says it is cooperating fully. fidelity has valuations for several companies including reddit and stripe. fidelity fund marks down reddit by more than a third from april and stripe by 13% according to findings compiled by bloomberg. fidelity also cut valuations for the tiktok owner and instacart. singapore airlines says it is coming to the strategy of working with international partners after covid exposed the financial dangers of not having a domestic aviation market. the ceo told us exclusively that the airline is open to opportunities and will evaluate potential synergies. >> from day one, singapore airlines do

. >> we're in soda springs almost at the peak of elevation here in the central sierra.ow whatsoever. in fact, if you want to see the snow that remains and there's just a little bit of it, you have to go of donner pass road a couple of miles and you're not going to able to see a whole lot. >> these are the last patches of the central sierra snow pack. >> it's it's those little aspects that are contributing some water to the soil and maybe a little bit to the streams. essentially there is no more help up here when it comes our state's water woes. >> this graph from the u.s. drought monitor released today. colorfully illustrating are bad weather conditions. those living in that maroon colored area or in the worst category exceptional drought. while our current drought is obviously not good, it has been much worse in california right now. 48 1% of california is in what's considered extreme drought. but if you go back to the summer of 2014, 58% of the state was in that exceptional category, that maroon color that we showed you, although we're far from it at the moment, the f

the central bank saying inflation risks continues to stay elevated. the economy cooling and slower than expected, giving a nod to the world bank report that came out today. stagflation or pressures rising around the world. they lowered their growth forecast from 4.1% earlier this year. really above average inflation, below average growth seems to be a key risk worldwide. let's get more analysis on the world bank's forecast cut. let's bring in kathleen hays and our chief rates correspondence editor, garfield reynolds. let's start with you and the revised outlook. again another cut. >> when the president of the world bank released the report and spoke to bloomberg television in particular talking about the danger he sees to the global economy, those are strong words and it has a lot to do with stagflation. he says the pain of stagflation could last for many years. if stagflation stays high for a long time, that's a lot of pain on many people. the 2022 forecast is 2.9%. it started at 4.1% in january and as recently as april, it keeps getting smaller beca

we're in soda springs almost at the peak of elevation here in the central sierra.s you can tell, there is no snow whatsoever. in fact, if you want to see the snow that remains and there's just a little bit of it. >> you have to go of donner pass road a couple of miles and you're not going to able to see a whole lot. >> these are the last patches of the central sierra snow pack. >> it's it's those little aspects that are contributing some water to the soil and maybe a little bit to the streams. essentially there is no more help up here when it comes to our state's water woes. >> this graph from the u.s. drought monitor released today. colorfully illustrating are bad weather conditions. those living in that maroon colored area or in the worst category exceptional drought. while our current drought is obviously not good, it has been much worse in california right now. 48 1% of california is in what's considered extreme drought. but if you go back to the summer of 2014, 58% of the state was in that exceptional category, that maroon color that we showed you, although we

about the gop lawmakers who sought a pardon, including scott perry who played a central role pushing for clark to be elevated in the justice department. eric hersh man saying he believs matt gaetz also was seeking a pardon. >> a pardon that he was discussing, requesting, was as broad as you could design. i remember from the beginning of time up until today. he had mentioned nixon and i said nixon's pardon was never nearly that wood. broad. >> only reason i know to ask for a pardon is because you think you've committed a crime. >> reporter: in addition to perry and gaetz, other republican members apparently also asked for pardons, that includes louie gohmert, mo brooks, andy biggs and marjorie taylor greene. greene has denied the testimony that the committee showed was s secondhand testimony saying that they had heard that greene had asked for a pardon through the white house counsel's office. she's denied that. others though have confirmed it including mo brooks, the congressman from alabama who said that he had asked for a pardon, a blanket pardon, for all republicans who sought to challenge the election re

central bank policy. then the question is, if the wages and the services prices stay elevated, so that a drop in those otherrices don't really get the overall in patient numbers down that much, then the central bank is going to do the heavy lifting and really get tight. don't forget, we are talking about the fed having overdone it for how many months? they've been hiking for a couple of months. that's the discussion already. the tricky bit will be if they have to go to three and considering going to five and that's when the pain will be severe. right now, we're discussing about getting to neutral and a little above but not really tight. it's not a paul volcker cycle yet. lisa: to your point, laura master said the fed is just beginning raising rates. if they go a little above 4% next year, has the market adequately priced that in? >> no, especially last week and we got to extreme went where the market was pricing significant cuts in 2023. essentially, the price would have a nine-month tightening cycle and then we will start cutting. obviously, the hikes are priced bigger than normal. nevertheless, we were pr

central valley. the best chance of showers or thunderstorms in the higher elevations of the sierra. but there's an outside chance that maybe a shower or storm would pop up closer to the bay area. it's a 10% or lower chance. something we'll keep an eye on wednesday and thursday, not something to be overly worried on. focus on the heat for tomorrow. it's going to be toasty out there. 90 in oakland, 100 in san jose. temperatures back down wednesday and thursday, even into friday, but still above average. around 70 in san francisco friday and over the weekend. mid 70s for oakland with near 90 degree high temperatures in san jose. some of the hotter spots are still going to be above 90 degrees, even the coolest days in the seven-day forecast above 90 for inland parts of the east bay. north bay well into the 80s by the end of the work week. we'll look at tomorrow's forecast high temperatures, compare them to tomorrow's record high temperatures coming up at 6:00. >> also new at 6:00, more on the warriors parade of champions. and the economic boost it's bringing to small businesses. >> plus

elevated. here is the excessive heat warning in the central valley in the heat advisory for parts of the bay area away from the bay and away from the coast that will be friday. temperatures on this day will in the bay area could get up to the low one hundreds, and then temperatures around the bay operators and low nineties so it's gonna be a warm one. but then it cools off pretty quickly. fog at the coast. you can see some. maybe you can see a little bit of fog in this shot here coming over. twin peaks like i think you probably pick it out right in there. the fog is going to be minimized tomorrow and obviously on friday when it really heats up, so there's a high pressure. there is the winds are there are the winds going onshore? they'll continue on shore throughout much of the evening, and then they're going to start to clock around like this model shows and by clocking around i mean this is the forecast for tomorrow afternoon. you see, that's sort of a northerly wind a little bit of the east in it, and then recurrent wind conditions are onshore. so that's the difference right now. you can alread

gop lawmakers who saw a pardon including congressman scott perry who played a central role pushing for clark to be elevated in the justice department. attorney eric hirstman saying gates, he believes, was also seeking a parten. >> the pardon he was requesting was as broad as you can describe, frunl the beginning of time up until today. mentioned nixon and i said nixoners pardon was never nearly that broad. >> the only reason i know to ask for a barden is because you thinks you kmitded a crime. >> reporter: in tigaddition to perry and gates, other members sought a pardon, mel brooks, andy biggs, marjorie taylor greene. now greene was a second-hand witness, her her say this. she has denied asking for a parted, others will to get it, mo brooks, but anybody overturning the election, he was concerned democrats would niez the justice farmt against political enemies. >> thank you very much, i want to go to the january 6th committee which congressman, i appreciate you taking the time back in the show. it was rifting to watch this today. we heard ton hew say today and i quote him, there were a lot of people whisper

as the fed hikes rates and global central banks hike rates, the risk of recession is elevated we don't think we're there yesterday. >> we are have seen a price refocus already. let's focus in the u.s how do you see treasury markets reacting as the fed begins to tighten? the pre-tightening phase where markets brace for what is to come what about more treasuries in the market and buyers compared to what we have seen over the last several years >> it is interesting you have seen policy tightening happen already as the fed discuss bhas tes what they plan. that is evident in the mortgage market the market is not fully priced for what the fed has to do to get inflation under control. we look at measures and what the market expects and the fed to do over the next year they have the policy topping out at 3.15% we think it needs to be 3.50% to 4% to get inflation under control. we expect the market to converge with our view. that will have a bigger impact on the front end of the curve and bring 2-year yield up to 3.75%. we think therates rise more slowly and we think the 10-year is somewhere be

more importantly, it looks like central banks have warned about those expectations. the problem is, if that is elevatedconfidence will be low. i'm not sure a lot of them are ready to do so. i think it will take time to draw the most risk adverse investors. between now and the third, we will see a peak in inflation and central banks will remain hawkish. there will still be that volatility. the ones with the most risk appetite will be the ones willing to jump at these levels. manus: since we are dealing with peaks, francine has the pleasure of having a panel later today. fragmentation and what comes out of that narrative will be critically important. i think you are brave. you are calling the top and spread. that is a big call. why are you so confident in what will be in the anti-fragmentation? antoine: that is the theme. the ecb is behind that call. ultimately, the first want to warn about many of the problems, the devil is in the details. there are limitations to what they can do. they will turn around the announcement and this is not the sort of debate they want. that being said, ecb has a lot of expe

not provoke an international conflict, but this strategy cannot be elevated to the absolute, it is from 30. and in this second, the centralank makes a decision already adopted on anna lazareva is the key contact with our studio and we learn the latest news from her, a very important indicator for the economy anna hello. what's the news, how much are the rates now? hello so, the center bank lowered the rate by 1.5% points to 9.5%. moreover, the central bank gave a signal that it is possible to reduce the key rate at the next meetings. so, those who are going to take a loan and are looking forward to this news. and, of course, the population of business representatives. many of them service loans at floating rates. and, of course, all of them. and they were waiting for the central bank to lower the rate, and this time i will remind you that since the end of february, when the rate was 20%, 20%, the central bank has already reduced it three times. each time on e, 3% of a point. this time, of course. the most optimistic forecasts were 2% points, but the central bank turned out to be cautious and reduced it by one and a half p

central heating. well, how do you like it? if the elevatores, of course it will fix it, where will they go. oh, you are a goldfish, hold on, you are my happiness. hello hello do not be afraid, my neighbors are your housewarming you, come in. thank you chinese or what? you yourself are china japan, yes, where there, where it is written that japan yes, look, you see, a man is doing hara-kiri. well, where is it written that japan brought liza from japan? why did you buy here? well, that's exactly how japan is, but they learned how to do lidochka and what do you do? i'm an unemployed joke. yes? okay, that's true unemployed. have you bought an apartment? did you buy an apartment? and sold the house? yes, why did you also have a house lidochka lidochka that you sold the house, did you want to be closer to the people? but this is correct. we have an entrance. you know how friendly we have everything everything about everyone you are a lonely woman. but after all, you are a lonely woman, really, after all, for example, an intellectual teacher of a un

remain elevated. countries across the world out facing inflation at decay. dhl, eyes and persistent demand supply imbalances. the wall has lit do globalization of inflation. not surprisingly, central banks are reorienting and recalibrating. their monetary policies are correspondent, tara cartoon. chaos joins us now from delhi charo. russia's war is hitting india's economy. india has famously adopted a neutral stands on the war. how are people there receiving india's policy on russia given that it is linked to their own lives getting harder? well, you know, there are mixed reactions. you know, the opinion is divided. there are many who feel that india should have taken a model stand and called out russia for its aggression. but then there are many others will feel that in as doing the right thing by condemning the war, calling for an end to all violence, and yet not jeopardizing india's own dies with russia, you know, in yellow shot days of a lot of context. there's a lot of history and there is a lot of future as well. so there are many who feel that in years doing the right thing. in fact, there are some supporters of the ruling party b j. b, who have become admirers of a russian

military danger in central asia, the activation of international regional terrorist organizations on the territory of afghanistan, primarily the islamic state of iraq, the elevatorsational terrorists considers afghan territory as a base for penetration of neighboring countries and the creation an extensive network, jihadi underground, replenished, including through the transfer of militants from hot spots, the ideology of religious radicalism is spreading drug trafficking and cross-border crime. the solidarity of the eu will be under attack without solving problems with gas supplies, the ceo of the german energy company said, as the german authorities inform the german authorities, gas prices for german consumers may triple, the tariffs are forced to raise, to avoid the bankruptcy of the importing company, and the head of the german ministry of economics robert habik warned that in the event of a shortage of gases in the country, it would be necessary to suspend the work of industrial enterprises, which, according to him, would return disasters for a number of industries, habik called on the germans to make the economy economical by example in order to save energ

thailand's central bank keeping policy unchained after its latest meeting. inflation expected to increase and remain elevateds a split decision. policymakers voting to keep rates at their record lows, half of 1%. free point lng saying it is under investigation after a fire broke out at its terminal in texas. there were no injuries or risks to the surrounding communities. the blaze could have a significant impact on global supplies. that is a look at our first word news. yvonne: taking a look at state right now. a report that it may be looking to acquire credit suites. su keenan joining us with the latest. su: state street which is a firm that manages more than 4 trillion in asset size stocks falls. what it said was we are not going to respond to an earlier news report. that was a swift blog which said state street could make a bid for credit suisse citing a single individual. state street went on to say we are focused on our pending acquisition. you have got a lot of analysts skeptical about a possible bid. one analyst from jeffries said a combination is highly unlikely. the pending deal with brown brothers

will be likely, because of how dovish the central bank is, and the factors of all the's different economies. they are looking at core inflation not is elevated as the headline inflation print. tom: marcus, what will you be looking for from the ecb, inflation or guidance? marcus: it will be where the ecb sees inflation settling. there is a cadence. everyone is aware we will see a rate hike in july and september, the question is is it 25 or 50 basis points? the market is in the middle of the moment. lagarde has kept the door open for 50 basis point hikes, so we will be waiting eagerly to see what happens. tom: and on a sector by sector basis, which sector is most vulnerable or exposed to that increase, whether it is 25 or 50 basis across the euro zone? marcus: the banking sector the obvious one in terms of rate hikes, they have clearly struggled with negative zero rates in europe for much of the last decade. the other issue is inflation, it is what tames rate hikes. the sector that is most exposed consumer discretionary. consumer discretionary sector as being the weakest sector in europe this year. some stocks are down 60-70%. the market is ve

elevations in the mountains tend to weaken thunderstorm activity. we will have a close eye on this. off to the north, we are also seeing shower activity over the central valley. that would continue to push toward the bay area. we could see light showers as we go through the next couple of hours. the good news, no lightning strikes with. there is instability. you can track this on our app. it does look like we could see more activity as we go to tomorrow. it will slowly linger, pushing toward the east. we might see a bit of that activity as we roll through the forecast. we will have full coverage as the weather continues to develop. as we move into morning, we were starting in the 70s. a bit more comfortable. in san francisco, 63. daytime high temperatures tomorrow drop off a couple of degrees. back in concord in livermore, 96 in san jose 90. oakland in san francisco and then chilly 60s returning to half moon bay. the pride parade. on sunday at 71. then 60s rolling in next week. through the valleys, we will step it off with a weather, friday, saturday and sunday and a chance for 80s as we go through next week. over the next 24 hours, the weather will b

it, but we are going through a period of elevated inflation and that takes its -- takes a while to work through the pipeline. it takes aggressive steps by centralks, columbia liquid to raise more than 100 basis points. we are seeing emerging markets to that and you heard yesterday in portugal all of the developed market. such a banks are also on the case. we have been through hiking cycles, but none that are so focused on inflation for a long time. that's why we are moving from a macro reset in the first half of this year into more of a micro recent in the second half of the year. once we get to the microbe reset, you will see a more normalized market and the fed is going to moderate. lisa: when does the dollar stop being haven? mark: there is a lot that goes into that, lisa. obviously currency relationships are central, but as you mentioned and we have heard from nato, there is a lot of political and budgetary and other dynamics within different countries that could cause the central bank in one country or another -- but i think the dollar is on massive moves. we think we will see a gradual reversal but not a dramatic one. the dollar is still

up with about 14 years of extraordinarily elevated inflation, that just away at and comes and living standards. the fed does not want to repeat that. every centralnker, it is like the stephen king novel for central bankers. it is the thing that keeps them up at night terrified. you read between the lines, it means they are going to go hard on trying to bring down inflation. they will raise rates. tom: fenway use to sit in front of lynch, what frightened stephen king was the release of the boston red sox. call it eight to seven, verses from five to four. those are two different worlds. michael: those will be two different worlds. they did talk in the session yesterday about the idea that will see a slower return to a lower rate. they need to keep going to that lower rate. they could adjust their rate levels, because they know they could come down relatively quickly to the 5% or 4% range. it will take a while to get it back down to 2%. i have talked to a number of fed officials, they say we have got to get back to 2%. we promised 2%. if we live with more, people are not going to trust us anymore. lisa: it is hard to make the argument that they are

elevations on the peninsula and the north bay in pink. those are your excessive heat warnings out to the central valley and solano county where we have a lotle digits right now. it's 60's out there for alameda oakland and berkeley, pittsburgh. brett, what you're in the 70's pacifica in petaluma in the 50's as we move into the afternoon, temperatures will waste no time rising by noontime. we're already approaching 90 inland and triple digits this afternoon will be fun for nobody. i'll be talking more about what it looks like, right where you're at in your full forecast. rain. >> the that okay. some issues in the city northbound want to want at key avenue. we've got an accident there. so you are seeing delays also looks like a slight delay on to 80's. well, so traffic building both alone to 81. 0, one head into the city right now. meter lights on 10 minute drive, though. so still pretty light. what you do hit the metering lights. 13 minutes heading across towards the peninsula in the san mateo bridge when the south bay one, 0 one. 85 up to the low part. 29 minutes to 37 82 into a t no major issues. there. let's check on 8.80, san leandro dow

elevations on the peninsula. also in effect at 10:00am an excessive heat warning for solano county out into the central valley. temperatures out that way rising well into the triple digits. san francisco today, tolerable, 70's and 80's feeling really nice compared to inland 60's and 70's at the coast will be our most comfortable weather. where is our bayshore cities will be well into the 80's. even 90's saying carlos in redwood city at 92 each south bay temperatures in the mid 90's while the east bay anywhere from the 80's to the 90's. livermore at 97 oakland at 87 degrees, concord, pittsburgh, antioch, fairfield, vacaville, napa and the on bill, our cities in the triple digits today. santa rosa getting close at 99 head over to point rays are stinson beach will be a lot more comfortable for you. tomorrow's highs still hot, not record breakers like today's likely about to be though sunday will be the most comfortable of the weekend highs as much as 20 degrees cooler for inland and bay shore cities and staying nice and cool on into monday of next week. rain. john, thank you for that. let's start in the south bay

bay inland east bay, south bay and upper elevations on the peninsula in heat advisories and peach at 10:00am and those pink areas up in solano county and the centraling in those spots. we can expect some triple digits right now. temperatures are mostly back into the 60's and 70's. brett, what you're already a 82 degrees, though. warming up oakland and alameda right on the cusp of 70 berkeley at 70 degrees right now. it won't take long for temperatures to climb by noontime. we're already nearing the 90's inland. and by the afternoon, a range of 80's 90's and triple digits for most of the bay. more details about this very hot forecast are still to come, tom, thank you for that will in mountain view, we do have an accident down there. >> northbound one. 0, one south of north shoreline boulevard. so just a slight delay as you're traveling. 82, i don't see any issues. and as you can see, 2.80. >> moving along really nicely on the northbound and southbound side. 11 minute drive traveling into the city right now, maze to that fremont street exit. they have turned the metering lights off. they were on for about 3 hours. 13 minutes heading for a across tow

central bank open to sudden moves. the yen has definitely been a volatile one when you look at implied volatility. it has come off slightly after the boj risks being priced out. it remains elevated. you look at the one week level, markets are priced in, moving three points either way. even after that is priced out. moving forward to next week, we have jerome powell speaking. it will be a big driver for dollar-yen in the near term. dani: thank you very much. our fx and rates strategist in singapore. it's been a crazy week for markets. juliette saly is standing by in singapore. not going anywhere on friday. juliette: that is both tom and dan alluded to, -- whether or not we are going to see verbal moves to suggest they are going to look at that yield curve control because you have seen the 10 year yield dropped from the 2016 highs after the decision. we have been looking as well very closely at what the moves have been in the yen and it initially fluctuated and rebounded somewhat from the 24 year lows. weaker dollar-yen, 133.93 against the dollar. we have not seen the boj change their policy. a lot more downward momentum on the yen. hsbc's paul telling us the yen will recover. loo

central banks. where do we see the most volatility? >> one area we would be most concerned about is the broader credit markets. if we are into a period where inflation pressures are building and remain elevated for a considerably longer period of time, then maybe the doves will hold. we can certainly see pressures in the credit markets. the world has moved toward the greenspan arrow toward a period of risk parity regimes. that means substantial exposure to credit rates in many areas around the world. and facilitation capital is not available to execute the credit markets. if there is the need to for an exit is, it will be a very large stampede headed toward a small lull. anna: you said ecb policy is inappropriate. we started showing market is pricing in a half-point ecb break -- rate hike hike in september following rate hikes in september. with that sound like where we need to get to? or do we need to new more? barrington: i think forward rates are telling you the ecb needs to become far more aggressive in the rate hiking regime. just to put it into perspective, the posit rate versus nominal gdp, in the euro area today, stans -14%. in other words, monetary policy is absurdly, and if you com

central bank. e has already been implemented, yes, and today we already have, among other things, branches in different countries and in china and india, kazakhstan, we can erase scores without an elevatorneed him. well, of course, digital technologies. another chance is there to expand this scope. we are already planning 123 , it is already possible to launch this year more now the dough is going, as if promacy, but next year the digital ruble. it may well start to circulate. the russian economy, as the president noted, should be an operation on entrepreneurial freedoms. and here, too, a large number of sessions were devoted to this particular topic . these are good results, but barriers still remain. definitely positive points this is all about control and oversight . today, another step in this sense has been taken, that indeed, from checking women have become not the most effective way to fight for it means that there is no damage to life and health, food safety or environmental safety, there are other ways that have proven their effectiveness in the number of checks. during this time, it has already decreased three times, and fines six times in 10 years. you dwelled in detail on th

the higher elevations, but it's a surface onshore flow is pushing a cool breeze in lebanon on the mild side is going to be hot tomorrow. it'll be a few degrees. sheep though, stays in the centralley purple's one hundred's stay there. so the where's the fire? danger right? where's the real fire? anywhere you're seeing those reds and purples and that's covering winters up to reading south from and that's our summer and we're lucky. we're fortunate we didn't have any really massive lightning strikes in our area with that monsoonal moisture very fortunate, because again with the tinder dry conditions three years ago, and so on. so again, just kind of a dry run for what is fire season and this is this is the kind of thing we can see. and we'll see. the other thing is it wasn't these were lightning starts right? these were fires. we don't know what they were starting a lot of times. it's an automobile. it could be playing with fireworks. it can be somebody smoking a cigarette. there are millions of people in this area. get hot inland. you have millions of touchpoints. millions of metrics people can be involved in starting a fire. so it is up to each and every one of us as happened t