ahead of wall street week is our very own david westin, anchor of that show, anchor of the politics show and a man who knows a lot about the law. and this is going to the courts. david: the one clear winner are the lawyers. there will be a lot of lawyers charging a lot of money that will pay a lot of billable hours as a result. i think there is so much we don't know. we know that elon musk says he will not go forward with a deal. we have to take him at his word. he has some legal obligations that he has to address. the twitter board has been steadfast, saying we are holding you to your deal. you have to ask, is he getting out of it or is this a negotiation? this is a negotiation over the breakup fee, or a lower price, as katie suggested? he would not have offered $44 billion a month after he offered it. there was no longer a sensible price. he is saying, i'm not sure i wanted it at that price. i guarantee there is a lot of legal action coming. caroline: it is a fiduciary duty of the board to fight for the highest possible price. it is also went to be costly for the board's of twitter and

for the full interview, tune into wall street week with david westin at 6 p.m. wall street time. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. >> i am jon erlichman. welcome to bloomberg markets. >> i am kriti gupta. green on the screen when it comes to the s&p. visit earnings, other data? perhaps a combination of both. the s&p up on a friday. a little bit of a risk off day but still up and on higher volume. good news there. at the same time you are seeing a weaker dollar. the nasdaq outperforming and a little bit of a bid to treasuries. a defensive rally but a rally nonetheless. >> to your point about a risk on friday, it has been a risk on month. the nasdaq 100 up 12% roughly, and that's continued in part because of the input of apple at amazon, the broader market getting -- of apple and amazon, the broader market getting support. we will hear from the ceo of intel because their concerns are front and center with chairs down more than 8%. >> speaking

he spoke with david westin.jay powell said things that, to be blunt, were analytically indefensible. he claimed twice in his press conference that the fed was now at the neutral interest-rate, calling it 2.5. alix: the fed's current target outlook is now 2.25% between 2.5%. larry summers says a neutral setting would be higher because it has to take into account where inflation is. for the full interview, tune in to "wall street week" at 6:00 p.m. wall street time. nancy pelosi is set to leave on a trip today and the question is whether she still plans to stop in taiwan. yesterday, there was a conversation between joe biden and xi jinping. we want to go to annmarie hordern for the latest. if you going to go? annmarie: we don't know yet. she says she does not talk about foreign travel because of security concerns. we know she will likely stop in singapore, malaysia, japan, but all eyes are on whether she lands in taipei or not, and this was the issue on the call yesterday. we got more details on the china side fro

balance of power with david westin.loomberg world headquarters, welcome to balance of power. later this hour, we expect to hear from president biden who wants to tell us all about that new deal that has been struck i joe manchin and the majority leader senator schumer.

. >> from the world of politics, to the world of business, this is "balance of power" with david westinm bloomberg world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power" i am joe mathieu in for david westin. it was over a year ago that president biden said we were close to declaring our independence from covid. a lot has happened and now today, as we

david westin will be joined by jane harman.omberg. ♪ millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. hi, i'm denise. i've lost over 22 pounds with golo in six months and i've kept it off for over a year. i was skeptical about golo in the beginning because i've tried so many different types of diet products before. i've tried detox, i've tried teas, i've tried all different types of pills, so i was skeptical about anything working because it never did. but look what golo has done. look what it has done. i'm in a size 4 pair of pants. go golo. (soft music) >> from the world of politics -- >> i think it is a question o

he spoke to david westin.ink the fed is raising rates quickly which is the tool they have and telling people what they are doing and being transparent and you see some adjustments being made. there is still work to do. in a day, the fed's toughest job is a fed that it is trying to slow down an economy which has strong employment and wage growth and a strong spending. that is an unusual case to see that all going at once. and with the u.s. being one of the strongest economies in the world, they have a top job ahead of them -- a tough job ahead of them but they are using the tools and telling people what they are doing and you are seeing the markets adjust. alix: one of the big -- david: when the big questions is, do you think inflation has peaked? what would you say? brian: it would be different for different areas. in some areas you are seeing it slowdown and tip over but other areas, wage growth is strong. economists would say it is peaking. our team basically says that the fed will continue to raise rates an

announcer: from the world of politics to the world of business, this is balance of power with david westinrom bloomberg world headquarters in new york to our television and radio audiences worldwide, welcome to balance of power. friday, and agreement

joining us is david westin. thank you for doing this. was this a lowered expectations? d: it is aerospace, aerospace. everything did better but aerospace shut the lights out, 46% up in aftermarket. this is what they would say is a resurgence of aerospace. new units were down a little bit. it was all the aftermarket. anna: good to see you. supply chain issues and the stock goes up. we have spoken to other businesses where supply chain issues have been dominant and they told a much worse story. how does ge tell the story? david: i don't know if it is better but they would say they have real supply chain issues and aerospace and power and health care, the other two major lines. they are trying to actually send 20% of the engineering staff out to suppliers and suppliers to suppliers to take care of this. they also are using up a lot of cash. although they had cash flow they took down the estimate for the rest of the year because they are putting cash into things like building up inventories to deal with supply chain issues. alix: how long do they think that will have to last

for now though, balance of power with david westin, former british abbasid to the united states joinspower on bloomberg television and radio, a crucial conversation in terms of what this means for that special relationship. this is bloomberg. ♪ this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. >> from the world of politics -- >> it is clearly now the will of the parliamentary conservative party that there should be a new leader of that party and therefore a new prime minister. >> to the world of business -- >> i think the biden administration would like to find a way to raise tariffs on most items from a high-tech area and transportation area where this could help us her china. >> this is balance of power westin. -- power with david westin. david:

announcer: this is "balance of power" with david westin. ♪ kriti: from bluebird road headquarters inur television and radio

coming up, stephen stanley will be joining david westin. i'm headed to radio as well.rnings coming out after the bell in europe. we will break those down. this is bloomberg. ♪ millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today. >> from the world of politics to the world of business, this is balance of power with david westin. david: from bloomberg world headquarters in new york to our television and radio audiences worldwide, welcome to balance of power. the big issue for markets in business today is the federal reserve. we will from them in two hours from now what their latest decision is and after that we will hear from jay powell, the chair of the

david westin spoke with the council about whether this new deal will last. >> in this war, it often comesown to one person, vladimir putin. he will decide whether this agreement holds. the u.n., turkey, ukraine going to to hold the but it comes down to russia, how important it is for them to get sanctions exemptions for their own grain exports, how they are perceived in the developing world -- obviously out to a bad start. it is too soon to write it off but so far it does not make sense why the russians would have signed it and 24 hours later violated it. kriti: that was the president of the foreign counsel of relations. it is such a crucial time to talk about this. we are waiting for more supply on the market when there are fewer and fewer people who can provide that supply. jon: we saw wheat moving higher on that news. there is one part of the equation about where the economy goes. the other part is tied to geopolitics hard to know where things go on that front. kriti: stick with us. this is bloomberg. millions have made the switch from the big three to xfinity mobile. that means millio

i don't think it has peaked yet. >> this is balance of power with david westin.ent biden has tested positive for covid-19 and is reported to have mild symptoms.

. ♪ >> from the world of politics to the world of business, this is balance of power with david westin from bloomberg world headquarters in new york, welcome to balance of power. there is one big story for us today and that's those inflation numbers. the cpi numbers came up this morning and to give us a sense of how bad they were, we turn to michael mckee. as far as i can tell, they

the past few months that inflation has started to come down like this is balance of power with david westinm bloomberg world headquarters and new york tower television and radio audiences

he spoke to david westin and this is what he said, jay powell said things but to be blunt, we are analytically indefensible. he went on to say there is no conceivable way to .5 interest rate in an economy inflating like this is anywhere new neutral. can you speak to that? kelsey: we don't know where neutral is and i'm not sure why powell has stated we are near it when it is not clear we are. what we did is we looked back at tightening cycle, the last four, when did the fed stop? on average, they stopped when inflation was 2.5%, the unemployment rate was 2.5% and then they kept the rate at the terminal rate for 10 to 12 months. the market right now, it is pricing in fed rate cuts and a terminal rate, they will stop at the end of the year while inflation is above five, where the un-implement rate is below four, and air also pricing in rate cuts after just three months. i just really do not think this is consistent with an economy that -- a policy rate at neutral and really what they need to be doing is moving the policy rate higher and higher. it is not clear we are at neutral. jonathan: where a

. ♪ >> from the world of politics to the world of business, this is balance of david westin. ledet -- we return from the long holiday weekend and we may already be in a recession. >> people say it's a recession when you have

. ♪ >> from the world of politics to the world of business, this is balance of power with david westing] david: from bloomberg world headquarters in new york to our television and radio audiences worldwide, welcome. as we speak, president biden is meeting with the president of mexico with the white house and we welcome eric martin who covers and america for bloomberg and he is also at the white house. i do

. >> from the world of politics to the world of business, this is "balance of power with david westin david: from bloomberg world headquarters in new york to our tv audiences worldwide, welcome to "balance of power." as we come to air we're waiting for president joe biden to come on air, he was dealing orders connected to abortion and

. ♪ >> from the world politics to the world is this, this is "balance of power" with david westin. ♪ bloomberg world headquarters in new york to our television and radio audience worldwide, welcome to "balance of power." president biden has returned from the middle east where he went over to discuss a number of subjects, one of which, of course, was oi

announcer: this is balance of power with david westin. david: welcome to balance of power.

kriti: that was brian moynihan speaking with david westin.get to a bloomberg business flash. ford has secured enough battery supply to build more than half a million electric cars annually by late next year. that is a huge increase over 2021. it has -- that has become a key competitive battleground in the ev market. boxed stone cashed out of big deals in the second quarter -- blackstone cashed out of the deals in the second quarter. that was driven by 29 million dollars in real sales. blackstone, net loss of $29.4 billion. amazon's move into the health care market -- it will buy primary care company one medical. they operaten182 medical offices in 25 markets in the u.s. it was green on the screen, the s&p 500 was up almost .5%. it is up only .3% now. the psx for our bnn audience is down quite a bit, does not have that tech advantage the way nasdaq does. nasdaq is up .6%. 10 year yield hovering around 3% , down about nine basis wanes. almost a sigh of relief. a plot of that is the reaction going -- a lot of that is the reaction going from the

wishful thinking about bringing inflation down from a four decade high as he spoke to bloomberg's david westine latest edition of wall street week. larry: we were not sure what was going to be happening with wage inflation. we hoped the indications in some of the monthly surveys that earnings growth was slowing and that might slow the whole inflation process would materialize. that is not happen. looks like inflation is running at a stable rate. still 2.5 points above where it was before that whole episode started. it depends on how you look at the figures but no evidence of a significant decline. if you look at the private sector and take out benefits, then it is going up a bit. if you look at 12 month figures going up a bit, those may be the wrong things to do. it may be better to look at the overall figure but it's showing what i have been saying for quite some time now. which is we are an ingrained moderate to high inflation economy, nothing like 9% inflation is built in, but inflation above for looks to be pretty securely built in. if productivity growth doesn't accelerate, it could be wo

as well as a bloomberg bowel -- balance of power host david westin. flux is a bipartisan bill focused on boosting the competitiveness of the united states. including semiconductor manufacturing. thank you very much for being here. i feel you, david, and i have spoken about this subject on a number of occasions. we are wondering whether or not we are actually going to continue to see progress. is this going to happen? >> yes. good morning. good to be with you both. it will happen. it is taking much too long and what is at stake is our national security. it would be on the economy. every piece of military equipment requires chips. if you talk to the head of national defense contractors, working with ranking officials, they are all very worried. it will get done. at this point in the negotiations, politicians go for leverage and while it is not right to play politics with national security, that is what i think is happening. in the past two weeks we have made huge progress. we are closing down issues and finding compromise. i think everybody needs to com

. >> from the world of politics to the world of business, balance of power with david westin has analysissight jonathan: from new york city this morning, good morning. equities lower by .5%, s&p 500 down by .4%. a jp morgan, from max bullish to about 95% max bullish. tom: a rough change. jonathan: in the bond market, looks like this going into cpi tomorrow. the headline is about 8.8% and maybe higher. we will build on that with yields coming in ahead of cpi. a lot of you are a focus on what is happening with the euro-dollar, let's talk about problems behind the single currency. all about energy, gas in what happened with energy supplies into winter. 11 or 12 months away. what goldman did with copper is worthy of more attention. the price target comes out about 8650 down to 5700. we are softer by about 1.5%. if you are looking for big global growth resurgence in the second half, goldman is not involved. tom: it is drifting away. when you look at the summation of the coal and copper charts, the forecast of four or five months ago of 2.8% global, we left. guess what, we are there. jonathan:

. >> this is "balance of power" with david westin.

ramo: speaking specifically with david westin and guy johnson.g up, australia is setting up its corporate treatments to combat a search of an omicron subvariant. we will get more on that with deakin university's catherine bennett. this is bloomberg. ♪ shery: oil prices continue to for in the asian session, under pressure in this risk-off environment that we saw in the new york session. and the haven flows towards the strong dollar did not help, not helping oil prices. so that is really making crude more expensive. a russian court allowed a crucial export booth for kazakh oil to keep flowing. but covid cases rising in china and elsewhere and that is not helping. haidi: it really is a global issue at the moment, this renewed surge in cases, including in china and here in australia, elevated cases in australia and the u.k. as well, the omicron subvariant making its way through two different populations. deakin university's chair of epidemiology, catherine bennett, joins us. always good to have you with us, albeit always under this circumstance. case

jonathan: the chairman and ceo of bank of america catching up with david westin.utures down .1% on the s&p and the nasdaq 100 down 30 points. yields are lower this morning down six basis points on a 10 year and even lower over in germany. we have to talk about that data out of europe, taylor, sub 50 on the pmi and yields lower in germany on a two year. tom: i have been missing this, he had the french bailout last week of energy and this you have the germany uniper the modern utility if you can call it that, and i calculate that the bailout is 1.3 3 million per employee, which is one metric of 11,000 employees as well, but it is government to the rescue. jonathan: mind you, they take a stake in 30%, that holding gives him a big enough holding to have rights on strategic decisions. tom: i do not know. jonathan: later this year there will be big decisions to make. tom: it is a new capitalism that speaks to the crisis at hand. it has been hard to get to them to talk because he has different hours at bloomberg. damien, i am watching malaysia unwind. maybe the bank has

commerce secretary gina with david westin and guy johnson. coming this is xfinity rewards.ay of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit. it features textured surfaces, convenient handrails for more stability, and a wide door for easier mobility. kohler® walk-in baths include two hydrotherapies— whirlpool jets and our patented bubblemassage™ to help soothe sore muscles in your feet, legs, and back. a kohler-certified installer will install everything quickly and conveniently in as little as a day. they made us feel completely comforta

commerce secretary gina with david westin and guy johnson.ing up, cuts are coming for the ev maker that has grown too big to quickly. we have more on the bloomberg scoop next. this is bloomberg. ♪ as a main street bank, pnc has helped over 7 million kids develop their passion for learning. and now we're providing 88 billion dollars to support underserved communities... ...helping us all move forward financially. pnc bank: see how we can make a difference for you. -hi, i'm smokey bear and i made an assistant to help you out. because only you can prevent wildfires. -hey assistant smokey bear, call me papa bear because i'm "grrr-illing" up dinner. haha, do you get it? -yes. good job. -so, what should i do with all of these coals? -don't just toss them out. put them in a metal container because those embers can start a wildfire. -i understand, the stakes are high. assistant smokey vo: ha-ha, ha-ha. -see, smokey think's im funny! caroline: this is bloomberg technology, i am caroline in for emily chang. rivian is cutting its workforce by 5%. shares

click there was larry summers speaking with david westin.y have become somewhat of a pariah for global investors but some are turning bullish. this is bloomberg. ♪ >> india's number two software service has re-forecasted its sales forecast. the company says the revenue will grow 14 to 16%. the new revenue projection alleviates concerns that a slowing global economy will stifle technology spending. india's second largest private sector lender beats estimates for the second quarter on robust loan demands and widening interest margins. net income rose 49% to $864 million in the quarter compared with a year ago and they have ramped up lending in response to higher demand for consumer credit. some money managers betting on chinese stocks taking a july selloff in stride. july has not been a good month for chinese stocks. whether you're talking about maine that stocks or hong kong. there are those that say it is just a blip and they are expecting that policy diversions to start playing out. >> yes. the csi 300 was about 5% to 6% down. some of the b

he spoke in an interview with david westin. >> we are seeing that inflation, the end of the fiscal stimuluspeople a lot of cash last year, higher interest rates discouraging housing spending. generalized increase in uncertainty and a bit more feeling of insecurity, all of that is taking a toll on spending. my guess is that will continue for some time. i think you have to say that whatever you thought about recession risks a month ago, the recession risks through the year 2022 have to have gone up in a material way. i have felt for a long time that we are not going to have inflation return near target without a significant economic downturn. that downturn could happen either because interest rates set by the fed rise very sharply , or it could happen because of a self-fulfilling process coming out of the high inflation and reduction to people's incomes. the later possibility is looking more likely today than it was. if the economy did go into recession in the next six to nine months, then you would probably see a reduction in inflationary pressures and you would see the fed fielded to push r