joining us now is david rosenberg, chief economist. thanks for joining us at post 9.ou saying you know how it's going to turn out? >> i'm saying i don't know. but i've been saying all along if you're laying out the bets, that the main crowd was going to win, that was my view, and here it's got priced in very quickly in the last 48 hours. so i think what's more important for investors is what do you do? the risk right now is we get a surprise. >> the surprise can only go one way. the surprise is a vote to leave. or i guess could there be some sort of period of time where we don't know if it's too close to count? >> the markets have the tendency to shoot first and ask questions later. remember all the questions we had a couple of weeks ago when the polls were going toward the exit camp where you could take all those exit levels whether it's sterling, the gold, sterling, the treasury yields, uk financials, they'll probably go through them. whether it's on the downside or upside, then the question is going to be what happens when we get there? i was saying they could actu

david rosenberg will be here to explain. pop quiz with a ceo's 40% of his stock. first, we start off with a rally that just won't quit. the s&p is just points away from an all-time record. here's the big question. check out this chart. the last four times we've gotten to this level, stocks have tumbled. is this the ultimate fakeout or maybe this time it's the breakout. guy, what do you stay? >> if you want to blast through that level, the high we made last may, it's hard for me to say. i don't think it's a fakeout. the market -- i'm not some raging bull here. i haven't been. i'm still not. but you have to respect the price action. every piece of bad news has been digested and followed by the market going higher. i've got to tell you, friday, the jobs number, the number alone should have had the market sell off. and it didn't. the answer to your question is, i think we absolutely go up and retest the 2135 level in the s&p. >> i don't think you have to respect the price action so much, when you think where the market has been. the bottom off the january, february lo

david rosenberg will be here to explain. pop quiz with a ceo's 40% of his stock.we start off with a rally th j

david rosenberg and roger ult nan will join us in a couple of hours.

david let's bring in rosenberg. joining us from toronto. if the fed raises rates this year are they about to make a policy mistake? that hikingnk interest rates in an environment where growth is still pretty tepid i think would classify as a policy mistake. historians will ultimately have to judge that. i was saying that even before the employment data that came out today. that when you take a look at the underlying trend in growth right to 2%, we have a 2% output gap, there is no big .nflation demand to fight maybe some select parts of credit. there is no big double for the fed to fight. we only see where the growth home is. maybe it is about living office of zero as quickly as possible but if that is really the case the economy is going to end up slowing down from anemic rates of growth. i think it was a policy mistake to begin with. ofn without the benefit seeing today's lousy job number. betty: what do you think happened? almost nobody predicted such a bad jobs report. what happened here? wide: there is a fairly error term in each one o

david: bill gates, cochairman of the bill and melinda gates ."undation is next on " ♪ ♪ alix: this is "bloomberg ." i am alix steel. blackrock chief investment strategist, jeffrey rosenberg hour of "bloomberg ." david: this is blue -- this is "bloomberg ." i am david westin. bill gates has made the mission of his foundation to wipe out disease around the world. vaccines have been the tool that has saved the most lives, and even today, inventing new vaccines for hiv, malaria, tb, number of these diseases that are still out literally killing millions of people, that is a top priority for us because it is a large-scale intervention. >> how much promise gene editing has two easier worked as i hate to say it that way -- but can be done in vaccine development? geneates: jean editing -- editing is such a pervasive tool . those tools, even for diagnosis, knockouts to understand disease models come you cannot understate what a great set of tools they are. our foundation sees them, we see them in the plant and animal work because it will speed up plans and help on animal disease. they are complex, but not as hard as human disease. for mosquitoes, this is a superior system

rosenberg of blackrock. the conversation on the payroll report continues on bloomberg go. ♪ ♪ david: this is bloomberg go.r will be up next. ♪ jonathan: this is bloomberg go. we are 15 minutes into the session. an interesting session to say the least. let's check it out. features were negative going into the open. this is how we stand. the s&p 500 down .5%. the dow down .5%. in the wider market, a real move with yields grinding low. 10 year yields down. a weaker dollar. carl riccadonna from bloomberg intelligence and jeff rosenberg from blackrock. what is your take car of? midyear rate hikes took a big step towards july. i thought june was too soon. there is a lot of uncertainty in the economy. the weakness in this report, we always say one month is not a trend, the labor secretary said as much. the revisions over the prior two or three months start to establish a trend. we see a pronounced deceleration in the labor market that reflects the deceleration we saw over the last couple of quarters. this is not a verizon strike flute. that is not the entire story. this is the labor market downshifting in respon