liz: i will try to pull a david rubenstein with you.ould you bet that the fed drops rates by the end of this year? >> i'm not an expert on it but it is unlikely based on job numbers. invite me back. liz: we will q the tape. thank you very much. david rubenstein, from one financial billionaire to another. the co-owner of the nba champion milwaukee box probe all teams is commonplace. the rise to success is a 1-of-a-kind story. this is one that you have got to hear his story, mark is my guest on the latest episode of my everyone talks to lose podcast. wherever you get your podcast. he uses one particular phrase multiple times during the podcast that he says was the key to becoming a self-made billionaire. data is losing million thanks to piles of easy inventory after the european sports apparel giant dumped its relationship with kanye west. we will check how it is doing next, closing bell, 36 minutes away, s&p, nasdaq, moving in opposite directions, the s&p lost its gains down 3 points, the nasdaq by 0.1. this mom's one step closer to thei

there was a lot of cat and mouse between david rubenstein and jay powell with david rubenstein trying to get jay powell to say something new, to commit to stop -- to commit to something new. he threw softball at the beginning. we had a strong jobs report, would you like to add something? would that have changed policy? jay powell laughed and sorted the audience and said it doesn't work that way. steady as she goes. we had a strong response with stocks, the s&p 500 going up as much as 1.2%. david rubenstein kept trying to get more information. at one point he did get him to concede a little bit on something. one thing he got him to concede was on the 2% inflation question. is that something you are expecting toward? jay powell conceded. at the end, there was also the idea where jay powell gave the idea that they are steady as she goes, they're going to be tightening, but that is not new. some market participants want to your something different but that is not new. i would say we did not learn anything new. a great conversation, lots of humor. we have the s&p 500 off of its lows but al

shery: fed chair jay powell with david rubenstein.e saw the moves in the dollar as well, falling for the first time in four sessions in new york. we're seeing it stable at the moment at the 1235 level. let's bring in senior reporter, affects and rates reporter, ruth carson joining us for a look at the fx markets. how are investors taking chair powell's comments? ruth: absolutely. yesterday's session was a good glimpse as to how people are viewing the dollar. what powell said about the interest rate outlook, we did see the dollar swing around, gaining losses we need to keep rising to ensure inflation is under control. the dollar has risen about 2% since the last week. traders have been saying it is time to take some profit, after the recent volatility. investors are turning more bearish on the dollar over the longer-term. the big peak is behind us. at some point, the fed will have to cut rates, leaving room for currencies like the australian dollar, the euro and the yen rally further. haidi: so much uncertainty for it. what are we seei

we wait for powell to speak to david rubenstein. royal caribbean is the best performing stock in the s&p dragging up its peers as well. looking at a record 2023 adjusted forecast. they are also looking march being strong. really interesting read through from royal caribbean. bed bath is different. they are looking at a capital raise. cutting their price target from one dollar to zero dollars. the market getting pummeled. the two year yield is down three basis points. will the markets listen to what powell says. how will he address the disinflation and the financial conditions that are loosening. we will see. the market is waiting for that on a broader level. guy: absolutely it is the big event. i feel we are hearing so much from the ecb and the fed at the moment that if powell feels --, that's good to be a big deal. powell needs to in some ways stick to the script they are delivering. let's talk about what's happening right now. alex was down in arizona yesterday. we have bp out with numbers today. we heard from -- earlier on. in so

we're watching the fed chairman with david rubenstein.g to make of what the president will likely be talking about, including plans for quadrupling this 1% tax on stock buybacks that he wants to see, a further tax on billionaires. in other words, he is going to go there yet again. that is a tough thing to sell right now but your thoughts. >> it is. well you know, i don't think that powell should go there, i don't think he will go there. he made it very clear recently he will stay in his own lane, neil. that means controlling inflation. doing all he can to help the economy. i thought it was really instructive when he said he would not do global warming policy or any of this other stuff. i think he will stay in his loan lane and not mess around with tax policy. what biden is doing with raising taxes on the rich, doing all of this other stuff is just crazy. when ever we raise tax rates on the rich, neil, when we done that, the economy have slowed, the poor have been hurt the most, revenues have fallen. that is the record. that comes out in m

is good be on fox business, david rubenstein denies all of this, what is your take on this story. >>estigate. why is it the national archives has traded joe biden with kid gloves in contrast to the way that they treated trump. the way archives was notified by the white house, the biden white house about this problem they didn't notify the justice department like trump apparently was only after the inspector general the archives all this problem that the justice department was contacted. why this contrasted the way that the treating similar situations they have it answer that question and that is something the committee needs to find out. >> what were seeing the spokesperson for rubenstein says he played no role in this matter buddies giving a lot of money to the national archives, the archives is being accused of inconsistent treatment between president biden and former president trump in the recent political biased at the national archives. recently retired chief archive referred the president, the former president to the d.o.j. for a criminal investigation but silent what was going

hopefully jay powell will tell us more with his interview with david rubenstein later today. but what we heard from the atlanta fed president was quite telling. he seemed to be changing his mindset post u.s. jobs. base case is still 5.1%. haslinda: it could be about how especially this economy is so resilient. i was looking at consumer loans and credit cards. it is amazing. you think higher rates, we would see some depression there. no, we are at records in terms of consumer financing. then you have disinflation coming into it, raphael bostic is looking at this and thinking perhaps we have to go higher to make our policies work. yvonne: maybe there is no soft landing or hard landing. rishaad: no landing. may good altitude. [laughter] david: alright, "knots landing." [laughter] yvonne: mohammed apabhai, white shorts now. mohammed: the mantra for this year has to be that audit will take for equities to fall -- all it'll take for equities to a fault is for the dollar to do nothing. if the dollar rallies, it will be worse for equities. the numbers indicate we have seen a bottomin

to rome powell will speak to david rubenstein -- jerome powell speak to david rubenstein on tuesday. we'll see if he walks back any commentary. bitcoin, trading 24/7, hovering around 20 -- 23,000 u.s. dollars. earnings season in tech continues. pinterest, really missing expectations. fourth-quarter quarter sales softer than expected. down 10% in after hours, offset by buyback programs and users coming in above expectations. activision blizzard up .7%, strong and to 2022. all about call of duty performance. this is a company subject to a $60 billion acquisition by microsoft. we take you to take-two interactive, expectations were missed in the final three months of 2022. another stock that was in focus was alphabet, parent of google shares. paring some of their gain despite after headlines that the company is releasing its rival to chatgpt, called bard. julia, what do we know about bard? julia: bard, we've heard pat -- chat about chatgpt. bard is google's answer to that product. it's a conversational ai service that users will also be able to turn to for simple queries, such as plannin

powell sits down with david rubenstein.omberg. keeping you up-to-date with news from around the world, here is first word. i am lisa mateo. some of the most powerful earthquakes in decades hit the middle east and according to the associated press, more than 2300 people have died in turkey and syria. the first quake measured 7.7 and ripped across the border between the two countries. the second quake hit the southeastern part of turkey and measured 7.5. it forced a halt in crude oil flows to regional export terminal. in france, more strikes and protests are planned by unions opposed to the president's pension reform proposal. the national assembly starts debating the measure today. it includes increasing the minimum retirement age from 60 to to 64. -- 62 to 64. the number of ships that cleared the so-called green corridor in january -- grain corridor in january is the lowest since august. it has raised cost for traders. this is bloomberg. kailey: coming up, we head down to miami for the etf marquee event. stay with us, this

we will bring you jerome powell speaking with david rubenstein live at 12:30 p.m.ur next guest after the break. this is bloomberg. ♪ >> we think about why we have seen the equity rally to start this year and it's because we so real interest rates fall. they started at 1.6% and fell to about 1.1% but now they are backup to 3.5% and we have not seen valuations reflect these higher religious rates. we've got them 23 times to start the year and the nasdaq but now we are trading at 27 times. we think the real risk is again back on the valuation front for equities because we are at the high end of historical ranges. alix: that was from earlier on the risks of the equity rally. will markets listen to jay powell this time? let's talk to a senior investment strategist. we are twin in so do you think the markets will listen today? >> at the press conference last week, jay powell was explicitly asked what do you make of financial conditions easing and he didn't take the opportunity to push back he outline for an -- financial conditions were tightening if you look at mortgage

jay powell speaks exclusively later tuesday with david rubenstein.s prepaid $1.1 billion worth of borrowings backed by stock. the says nearly payment will help release 12 million shares in adani transmission. donnie is seeking to restore confidence after a short seller attack wiped out $118 billion in market value and the flagship to scrap a share sale. india's parliament is in for a third day as the opposition looks to highlight links between narendra modi and go to madani. the life insurance corporation and state bank of india to spotlight the risks to millions of small investors. adani has often aligned's business plans with the prime minister's growth strategy. the south china morning post says central bankers from around the world will attend meetings in hong kong next month. the government says conferences will be hosted by the hong kong monetary authority. dates are not confirmed. the paper says it is the first major financial conference for hong kong since its post-covid reopening. global news powered by more than 2700 journalists and analyst

joining us today, carlyle group's co-founder, david rubenstein it's great to have you thanks for joining us today. >> my pleasure for being here. thank you for having me. >> you've been pretty clear, even when the market sort of doubted it, that inflation would be persistent. do you regard the last few weeks as the market coming down to what chair powell has been trying to get across for months? >> i think the market is finally recognizing that inflation is not going away the fed is resolute. they made it clear several times recently that they really want to get the rate down to -- inflation rate down to 2%, not 3% i think the market takes the fed very seriously but that doesn't mean we're going to have a hard landing or so-called recession. it's too early for anybody to really know whether that's going to happen or not >> do you think the market got too excited just over the last, i don't know, few weeks and month about a fed pause and a fed pivot? you spoke to fed chair powell. i don't think he sounded particularly dovish, do you? >> i don't want to characterize it, but i would just sa

coming up tomorrow, federal reserve chair jay powell sits down with david rubenstein at 12:30 p.m.is is bloomberg. ♪ lisa: keeping you up-to-date with news from around the world, here is the first word. some of the most powerful earthquakes in decades to the middle east today and according to the associated press, more than 2300 people have died in turkey and syria. the first quake measured 7.7 and ripped across the border between the two countries. the second quake hit the southeastern part of turkey and measured 7.5. quakes forced crude oil flows to a region export terminal. in france, more strikes and protests planned by unions opposed to emmanuel macrone's pension proposal. the national sibley starts debating that measure today. it includes increasing the minimum retirement age from 60 to 64. local news powered by more than 2700 journalists and analysts in more than 120 countries. kailey: pressure mounting on president biden to hit back on china after a loon believed to carry spy equipment was spotted over montana last week and shot down by the u.s. military over the weekend. c

he is going to be speaking to david rubenstein right here on bloomberg. next, the auction block.urope's primary market coming to a standstill after a record january. this is real yield on bloomberg. ♪ katie: this is bloomberg real yield. time for the auction block where we kick things off in europe. issuance coming to a standstill on thursday after a record january. sales nearing 300 million euros for the year. in the u.s., high-grade bond sales totaling $18 billion and seeing monster demand with most issuers pricing through their guidance range. the u.s. junk on market pricing its first deal of the month on thursday. unigroup selling $2.6 billion of well-received debt following the busiest month in a year. sticking with credit, jp morgan's bob michele saying is not the time for high yield yet. take a listen. />> we have stayed away from high-yield because our analysis shows us that the peak in high-yield credit spreads always comes during a recession. it could be fast, just like the pecan treasury yields in october happened quickly. but, that is when it happens so we think high-

he is going to be asked questions by david rubenstein a q&a watched closely by the markets and we will watch that as soon as we do see the fed chair emerge there we think it will happen, will hear from him about 12:40. we'll watch that and while we wait, steve weiss, you bought activision this morning, right >> i did frankly, i was hoping to have a big miss and get it cheaper. the stock is keeping some investors at bay because of what's going on at the ftc, against the merger any merger that comes along big or small is going to get the kabosh from the ftc. the ftc is not appealing it. today, and i paid up a little for it, not the high of the day, then when i take a look at the company i just believe they're going to continue to execute they have religion now and so with the microsoft merger happens or not at 95 bucks i think there's value in the share. >> you don't care whether the deal happens or not? it's 20 bucks below the deal price. >> they afraid google, hey, nobody will get in their console. they are going away. if you heard bobby talk it's about the chips. any device will be yo

chair powell and david rubenstein today, noon time. michael darter, good morning to you.ys on the same page. he said look there's a battle as to whether it's 70's inflation or korean war inflation where we went up and we went down. which is it? back to 50-50 one with true eisenhower inflation or is this a more tangible, persistent, higher inflation? michael: tom, i don't think it's either one. this was a milton friedman money supply aided by fiscal policy monetary inflation. essentially a one time shot that has now reversed. you could see it in the explosion of broad money that never happened. the fed ignored it, you could see it when the residential real estate sector took off like a rocket and ignored it and the nominal gdp was booming in that double-digit annualized effort in recovery. so that's the inflation. but it really started to reverse course last year, nominal spending growth in the domestic private sector being under 5%. if that persists, this inflation problem is going to go away over time as figures are exceptionally weak. if that's your framework, i think y

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speaking to david rubenstein at the economic club of washington, the fed chair said borrowing costs mayeach a higher peak than the market anticipates. powell said the u.s. labor market remains extraordinarily tight, warning the battle against inflation won't be quick or easy. bloomberg has learned that credit suisse has to pay some of its junior and mid-level banker some of their bonuses in mid -- three installments. in asia the swiss bank is dialing back some of its stringent anti-money laundering controls. that's after they drew protest from clients and bankers and contributed to staff departures. zoom shares a jump amid news it's cutting 1300 jobs as it looks to restructure, faced with slower post-pandemic growth, the ceo eric says a head count triples into during covid. the cuts amount to 15% of zooms workforce. in a blog force, he called himself accountable and says he will reduce his own pay and forgo his bonus. that's the bloomberg business flash. tom: joe biden has vowed not to allow the u.s. to default on its debt, speaking during his state of the union address, the u.s. reside

and be sure to tune into the david rubenstein show. it will feature a sit down with chair fed jay powell. the question of the day, where is the feds finish line? joining us is margie patel from all spring global investments. this is bloomberg. ♪ our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you. >> i think what was interesting about the january sales number, it was strong. you look at apparel, furniture, they showed strength in addition to an uptick in restaurants. i don't take january a seriously as march, april, may. where is the feds finish line? it looks like we are finally pricing out because for this year. let's get the latest from margie patel, from all spring global investment. where is finish line now? margie: i don't think the fed knows any more than we know. they have indicated that they are looking for signals from the marketplace which is just like the rest of us trying to mark out the rates in the economy. consumers are in good shape but unemployment is

jerome powell took the stage at the economic club of washington to be engaged in a chat with david rubenstein. investors began slicing, deciding, his every word, and the markets rallied hard, the dow spent 278 points, forget over to the s&p which was 55 points at the session highs. the nasdaq popped 170. it popped 217 points but as powell talked markets began swinging lower as powell finished his chat but reversed course again, back in the green. which of his words moved the markets? investors piled into stocks as powell reiterated disinflationary process has begun a good sector, slowing down of inflation but the feds still has a long way to go and it could be a bumpy process. what could do that? not just the reference to the strong january jobs report meaning the economy is hot and rate hikes continue but powell's morning followed. >> we will react to the data. if we continue the strong labor market reports, higher inflation reports, it may be the case we have to raise it more than expected. liz: now the dow is up 200 points. the overall employment picture remains strong, layoffs in the tech

powell has said both he and his news conference at his conversation with david rubenstein on bloomberg he would rather err on over tightening because those tools are more obvious. he's got those tools and he's got disinflationary hard landing credit events. he has got that pivot already. he knows exactly what to do with it. whereas you would not want to see that despite all of the tightening aspects of inflation become entrenched because that also threatens the 60% consumer with higher food costs. >> my next question, how do you feel about the u.s. consumer and how that plays into your strategy? if the risks you have outlined -- if not a likelihood, but something we should be appreciating? >> the economy is completely bifurcated between the loan assets and the 60% who do not have $500 in savings. if the 60% falls off because they are defaulting on their credit cards are they just can't keep up or something has got to give, because even though inflation looks as though it has peaked, it is decelerating now. but those costs are still going up. even though the food commodity prices have f

bankruptcy hearing from ftx that starts at 9:30 a.m we have a conversation with jay powell and david rubensteinf the union address before congress happening this week on wednesday, uber and walt disney reports and awaiting weekly mortgage application numbers. on thursday, credit suisse and lyft is expected to report let's discuss this and what it means for the markets with victoria greene. founding partner and cio and cnbc contributor >> thanks, frank >> we are sandwiched with the blowout jobs report on friday and getting jay powell speaking again tomorrow following his comments just last week. what do you think we see this morning and what do you expect for the day? >> the markets are expecting powell to be hawkish the way the markets reacted to wednesday after the fed rate decision was dovish and bullish. it is all risk on. i would not be surprised to see him come out hawkish and walk back the expectations. every sing tle time he does thi he has to walk it back disinflation is not the end of the rate hikes and higher for longer the markets don't believe it i think the action today is a little

fed chair jay powell speaks exclusively later today with bloomberg tv host david rubenstein.ws, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. tom: thank you very much indeed. francine: last year's south africa power outages spiked to record levels, it has put eskom in focus as the state utility company struggles to maintain the national grid and buckles under growing debt. we are joined by bloomberg's africa correspondent, you did this great interview with the outgoing ceo, what did he lay out as priorities for the company? >> it was great that we were able to speak to him, especially considering a lot of the challenges the company is facing, and will continue to face. a lot of things are expected to be troubling for the country on the 100th day of power cuts, but take a listen to some of his reaction to how investors are reacting to the current situation. >> i look at three things, you need time. you need money, and you need skills. in your introduction, you referenced significant outstandin

chair powell speaks exclusively to bloomberg later today with host david rubenstein.unak is planning to carry out a reshuffle of his cabinet as soon as today, in an effort to reset after a rocky 201st days in office. the prime minister will appoint a new conservative party chair after he sat nadeem zahawi over a tax scandal more than a week ago. a breakup of the department for business, energy and industrial strategy is also expected. the government declined to comment. global news, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. i'm simone foxman, and this is bloomberg. manus: simone foxman in doha. the german economy minister robert haber tells bloomberg europe and the u.s. should join forces on common rules on how to organize the market for critical minerals. this as the european union finds ways to qualify for benefits under the new u.s. green investment plan, reduce its reliance on metals and raw materials from china. all of her corrupt joins dani at myself, -- oliver crook joins d

manus: for charge alarm powell -- jerome powell with david rubenstein in his first interview since thatomc decision last wednesday. we are obsessed with the word disinflation, that is the only thing anybody heard yesterday. 15 times last week. dani: was it 15? we will need a disinflationary jar and put a coin every time someone says it. joining us now is jim cielinski, global head of fixed income at janus henderson investors. are you going to make us rich? disinflation, yes or no? jim: the disconnect between what we hear from powell and what markets are saying is the fact that inflation has already slowed. that inflection point is in the market. you're on your highly misleading. if you look at the last three months, on core or non-core, you are looking at 3%, 2.5% inflation numbers already. it will take until year end see that in the year on year numbers, powell is focused on that because he doesn't want to let up too soon. but if you look at current inflation trends, you are already there, that is why market see the end even though powell is quite consistent in saying we have more to d

lee memorial and it closed in 2017 and for renovations after they got a generous grant from david rubenstein to its presentation of slavery. and if you are up that way i highly recommend that you look at it it opened last summer and lee is still a big part of it, but he's downplayed a little bit the but the the over over examined lee who lived at full time at arlington house just a fraction of the years that custis lived there has also as you all have noted, been subjected to a 21st century demotion. so this presented opportunities. this book that i worked on to come out when it did. so here are george russian parke custis. his parents, john parke custis, known as jackie also raised at mount vernon. he is the son of martha washington from her first marriage and in the mid-seventies he marries calvert, who was descended from the lord baltimore line in suburban maryland, and they were married at mount airy, which is in upper marlboro, maryland. and this is where george washington parke custis was born. he was the fourth, the only boy out of four. and in 1781, this was during covid. so this pla

they wanted him to come back in the interview with david rubenstein. he did not.id not come hard during the fomc meeting, not hard enough. do you think the fed is buying into the notion. i believe jay powell thinks he can get a soft landing. is this oxymoronic? is there such a thing? >> i didn't think there was such a thing. read it, scratched my eyes make sure it a was what i was reading. i don't think it is possible. i'm in the camp i don't think a soft landing is possible. that being said i'm not necessarily saying a long deep one, a deep one, i think more of a long stretched out recession that is going to continue to roll and continue to provide kind of a longer term difficult time for a lot of people. so i don't think it will be shallow but i don't think it will be immaculate disinflation. charles: to that point, lance, the yield curves at 10 and two i think steepening even more. maybe that triggered the selloff today. are you buying this is even possible? >> no. look, here's my thing, and i told you this a year before this even started, i said, the fed faile

[bleep] off, saying no exit, go along with david rubenstein will slide away as i was the street was too optimistic butinstead he what he said . it wascommon sense . we'll go higher. . >> i think wet still haven't forgotten the guy in my opinion right the >> ht the i think the guy has done a good job. neil: charles: help us handicap it. down to 5.0. this is where we were june last year. we're moving in the right direction. to your point. we already know 2% will not happen until maybe 2024. how does the fed adjust. the fed will not be aggr to 204, right? >> they can't be. one thing they look back all the time. how much you spend every day. real inflation number. when you look how much it cost to hire an employee. that has come down three month in a row. most important thing is wages. wages keep coming down. they have been. inflation, interest rates will come down with it. so in other words, scenario with goldilocks moment. wages down, inflation down. interest rates topping off which means a very soft landing. i don't know what more the market can want. perfect opportunity to get engaged.

with david rubenstein, currently of carlisle.ng that state of the union address. curious to see if he announces his run this week. earnings continue, about half of s&p companies reported earnings this week. chipotle, royal caribbean, uber and lyft. what do we see in terms of spending going forward? going through the data we have this week, it is a massive data dump. thursday, we get initial jobless claims. i feel that takes on new importance based on what we saw friday. we get the university of michigan sentiment survey, which you put stock in. the year ahead outlook for inflation. how much do they keep going down? jonathan: i asked tom how he would respond if they called, he took that so seriously. they have never called. lisa: [laughter] they have never called tom, either. tom: who are the people who get called? jonathan: i have always wondered. do they get a range and say, you are looking tens to 20, 1 to 20, pick a number? this is a story we will pick on later. over in europe, deeply distressing and upsetting. two earthquakes

he talks with david rubenstein next tuesday. did he mean it? market watch asked the second to last question in the news conference. it was about financial conditions and whether they are worried about and chairman powell said it's something we monitor carefully and financial conditions didn't change much from december. the reaction was everyone's reaction. lisa: it's just not true, he's just wrong. you're seeing bond yields down in stock prices up. that is by definition easing of financial conditions. financial conditions may not have eased is much as it seems because he sees a deteriorating inflation picture. jonathan: the market is running hard. tom: you really have to look at the text follow-through with the tech derby this afternoon and to central banks want to be involved. the quiet calendar for the next 48 hours. jonathan: looking at meta, of where the 19% in the premarket, it's the year of efficiency. equity futures on the s&p 500 are up 0.4% 0.4%. and the treasury market, yields lower. going into the ecb, euro-dollar is very close to $1

you can catch david rubenstein's interview with the fed chief at the economic washington.conversation at 7 p.m. if you're watching in hong kong. this is bloomberg. ♪ es. i heard about the payroll tax refund that allowed us to keep the people that have been here taking care of us. learn more at getrefunds.com. shery: biden administration says three unidentified objects shot down since last friday serve commercial purposes and were not used for spying. for more let's bring in jodi schneider. i am perplexed. can you have these things floating in the airspace without commercial permits? is this allowed? >> in some ways, there are more questions than answers and senators were complaining about that. they were given a briefing and they did not learn enough. they were told today that while that first balloon the u.s. believes was connected to the chinese government and was a spying device, they said the other ones were probably commercial or business. but nine use. there is a lot of understandable confusion because how does the government not know what these things are in the air

david rubenstein set him up to make some changes from what he said last week versus the job number.an tell from the body language and reading between the lines that there is a change probably. it's uncomfortable for a fed official to make too much out of anyone monthly number but it's not just that. if you look at the pace of job growth prior to the january reading, i think we are close to 300,000 jobs per month so i don't think we will continue to create that. even 300,000 would be enough to keep the unemployment rate from going down. it's a very tight labor market is hard to think that wouldn't create wage pressure. lisa: we are seeing wage pressure declined so what do you make of that? >> that's one of the most interesting things. we have a tight labor market that's tightening further and across a range of measures, we saw softening in wages. goes back to this being a softening from historically rapid wage increases. we were reopening the economy at once in every restaurant was trying to hire workers at the same time. that will create a surge of wage pressure. maybe we have come

did david rubenstein interview all of the? jonathan: no. perhaps he will later this week.green lift. jonathan: lyft sticks. tom: we will get right to it. jim zelter. he will try to keep up. there's a fire sale going on in zurich, switzerland. you have a nodding acquaintance with it. apollo took on assets from a beleaguered swiss bank. jim: good morning to all of you. the transaction you are referring to, we thought for years there is a great theme going on in rate evolution of a lot of assets in the banks that are moving to the alternative side of the business. spg is a tremendous finance company of finance companies. it has a 20-year track record. bringing that team on, 300 origination platforms underneath it, it is our objective of fixed income replacement. getting investment-grade returns but doing it anymore thoughtful and less risky manner. a massive transaction for us. it was very nuanced. we will talk about that on the earnings call today. we think this whole area of credit -- i saw your past gu est -- the economy is doing well. you can get double digit yields. in t

. >> we talked to david rubenstein and others in pe it may take another year or year and a half beforets completely catch up and the public markets with where valuations needs to come buyers are still looking for more than or sellers are looking for higher prices than buyers are willing to pay at that point. would you agree? >> i agree with that although it differs. a lot of the issue was caused by the tech sector and some of the valuations and industrial and non tech are more reasonable this was a semi tech/growth company re-evaluation. that is what is ongoing today. we are actually looking at properties that people want at 9 o $00 million out now $400 million now. it hasn't happened yet >> steve, you pointed out the transition to get away from carbon fuels is going to take longer than some people think. there have been questions raised about financing for the projects and how it has become more difficult. would bain be in position to put financing up for some of the projects >> we are looking at that and there are many offshoots of energy transformation like hydrogen power and wind p

jonathan: before we get that in washington, david rubenstein and chair powell, if you really cared aboute responded, that is the opportunity. that is the stage to say something. lisa: what he could say is the market is not factoring in the pain they think is required to get to inflation. perhaps the market is not paying attention to the deceleration in growth. there is a push-pole. disinflation is happening and growth was going up. that is the green light for the market. jonathan: even if it is a hard landing, it will look like a soft landing first. it will look soft before it is hard. tom: super restrictive. jonathan: interesting conversation this week. tom: he is saying, we are there. he is not alone in that. jonathan: equities down 0.6%, 0.7%. going into payroll in 90 minutes. yield is 3.3849. tom: i have a more accommodative condition. the vix under 19 but this screen is going to light up on payrolls, much more on wage dynamics. hourly wage earnings is what i am looking at. lisa: i am focusing on the same thing as tom. is the payrolls report north of 300,000? the question is whether

david. no. i've never been a public figure before this. it's very different. it's a great honor to serve. but, yeah, when you go in public places you have to be very careful. mr. rubenstein: has the president of the united states call you with any advice or do you not -- did president trump call you or president biden ever call you? chair powell: i think it's a matter of public record that president trump did use to call me from time to time. [laughter] mr. rubenstein: what did he call you? [laughter] chair powell: no. i haven't had that kind of -- i haven't gotten any calls from president biden. mr. rubenstein: ok. so the biggest challenge you have now is being able to keep a straight face, not telling people what you're going to do in the future, and look at the data and then come up with the slight solution, right? that's mostly it? chair powell: i think the biggest challenge we face at the fed is completing the process of getting inflation down to 2%. and what i want to point out is that the -- we're seeing disinflation in the goods sector. we're -- we expect to see it in the housing services sector. that's -- these are the three parts of the core p.c.e. 56% of the e