it is low credit risk, low duration risk.ven if recession is likely or at least a slowdown next year is quite likely, there is a wide range of potential scenarios, so even duration can be a risk in this market, particularly with the inflation story not completely told. but yeah, the short end -- and i agree with peter, there is a good argument for staying higher-quality. you can get healed now in fixed income for the first time without taking excessive duration risk or excessive credit risk area katie: cameron, we only have about 30 seconds but something unusual so far about this cycle is we really have not seen that wave of downgrades, the wave of defaults that usually comes in a downturn. do you think that is next? katie: it is next but it will take time. it usually lags, usually we see defaults peak after the peak of spreads so we would expect downgrades, expect defaults to, but just in time, meaning it is likely more of a late 23/early 2024 event. katie: just-in-time, defaults. cameron dawson, erica williams, francis rodi

we are doing this of adding duration to portfolios. think one interesting things, and it; picking ups on what marie -- it's picking up on maureen said, you have a lot of issuers that have long dated bonds at 60, 70, $.80 on the dollar. we are finding a very interesting. they give you nice portfolio characteristics as long as you are comfortable with the underlying credit. that will end up being one of the opportunities we saw come out of the 2008-2090 syrians. we sit -- 2009 experience. katie: you said something interesting. as long as you are comfortable with the underlying credit. for much of this year the selloff you have seen in the debt market, the corporate credit market, it is mostly interest rate-driven right now. not necessarily credit concerns. do you see that shifting anytime soon? ashok: not anytime soon. i think the market really picked up on this. in october we saw high yield spreads tighten to 80 basis points while investment grade spreads were unchanged. i think the market is recognizing improvements in some of the belo

investors chased duration. duration was gillette and coca-cola.hen we have low interest rates and then they chase dot-com. same story in 2010 you had lbj great society in '68. china in '02 and covid stimulus in 2020. then the revenge of the old economy. inflation starts to rise then you have interest rates go up and higher interest rates do what they cause investors to bring that duration in oil companies and industrials and old economy is short duration tech and growth is long duration think about the idea of low inflation in 2010. now higher inflation and shorter dur duration that is a dynamic. we can go back to '60s to '70s and '90s to 2000s. >> and we are hoping for more of the same we think it is time. we know the fed is telling us the pace of rate rise is going forward or perhaps not at 75 we are looking at pce this week. if things are changing and the interest rate scenario, what does it mean for the oil majors? >> when we look at the longer term story, the core problem with the old economy is the idea of under invesinvestment this is what

i love the note, gaming out the duration that we will see.f we see some form of jay powell terminal rate, what is the length of the people be there for? kelsey: historically, when the fed reaches the terminal rate, they keep policy rate at that level for about seven to 12 months. it is reasonable to expect a similar duration this time around. we expect the fed to get to at least 24.75, if not five, and then to hold their. the reason they need to hold there, they need to see inflation come down so they see a significantly positive real funds rate. that is what our historical analysis shows us. the fed does not stop hiking until the real fed funds rate, which is the fed funds rate minus current inflation, is positive. lisa: what does that mean for investing in riskier assets? people have been talking about how this will kill a lot of momentum in equities and credit. we are looking at high-yield that has rallied sharply. double line came out and said they saw a negative tilt to high-yield. would you agree, this is a no go, because it has not app

of 450 calendar days and the original duration contingency is 45-days. as of now the estimated project completion today is more than 77%. however, the project team has identified a potentially 7-month delay due to material shortages, supply chain issues, and unforeseen conditions encountered during construction plus the upcoming holiday moratorium observance. we would like to request approval to extend all regional construction duration to allow us to reach final completion no later than april of 2023. earlier, i have highlighted the causes of delays and i would like to further discuss each of them. first of all, the schedule was impacted due to material shortages and supply chain issues. about one month into construction, contractor notified the city that the procurement of the grand ice stone curb would be delayed by more than four months due to shortages and delivery and because of that, we had to reschedule the delivery several times. the project team attempted to mitigate the delay by obtaining necessary materials either through other contractors or

i will look at the situation we anticipate that in the duration, the return to normal situation will be rather in 2024 or 2025. >>> and uniper with a 40 billion euro net loss and talking about a negative for the full year as it deals with disruption in the russian gas supplies >>> just an update on the central bank comments we talked about the need to carry on hiking interest rates to deal with inflation we now have the portuguese central bank governor also out there talking about interest rates. this is quote from the portuguese number "publico." a good part of the rate increase should already have been doing inflation in the euro zone should reach this quarter which is fascinating it gives you perspective on the view from the south and view from the orth. we had the conversation earlier where he was given his perspective and also acknowledging there is a difference of opinion now with many of those central bank governors saying maybe we're done here. maybe it is time for the ecb to be more relaxed going forward and in the north, you've got people like the baltic central bank govern

it's painting that kind of a picture which shows you the duration may be the word of the day. we're not getting through this quickly. it doesn't mean that you can't have these enormous trading raerls. >> for more on the impact of rising rates on corporate debts, let's bring in chris white ceo of bond click. chris, always great to get your take just keying off of this notion of higher for longer, how much characteristics do you think that poses, particularly to companies who have gotten bbb ratings and may be in jeopardy of following below investment grade? >> well, it's great to be back and i think that credit is definitely going to be in a lot of people's minds for the foreseeable future, because the actions of the fed are going to have a direct impact on anyone who is holding corporate debt out there, and for a lot of the big corporate debt issuers what we've seen over the past six or seven years is just monstrous growth in overall corporate borrowing with the bbb sector growing to be about 50% of the outstanding debt in the u.s. corporate bond market now as levels are risin

this is a sign that active duration has to be managed. it's not cast in stone where the hiking cycle is going to go. the market is looking for a terminal rate, but the fed itself does not know where it's going to be which is why active duration management is going to be important, rates, think about this. if you have 4.5% in two years, high-quality credit, 150 basis points, with that role down, you have to have rates going up. haslinda: you have to talk about china. property sector getting smacked front and center. with the outlook. what does it take for the government to reverse course? guest: guest: guest: guest: guest: guest: what we are seeing guest: is not going to be the one that's going to drive the macro picture for china. china remains steady but the mix of how they achieve that growth is going to be different. the parity on where they want the government whether they feel they are able and number three, whether the external environment is about with the u.s. and europe, that's going to be very difficult for china to get a boost.

duration ones.e looking at alternatives, the likes of hedge funds. what have you been seeing? what do you look for when you put money into them? james: at this stage we want to help investors get diversification, not just global investment grade bonds but a true alternative like hedge funds that could exploit the current macro situation. whether it is market neutral strategy, macro come along, short, those are where we think people could capitalize on the uncertain environment. rishaad: you look at the dollar and where it is coming. how has that affected the way you have made decisions with the background of a strong dollar? do you sense it will carry on? has it been good to get into emerging markets and local currencies rather than the greenback looking forward? james: at this stage we think the dollar can continue on. lb it -- albeit the increase may be what we have seen -- not be what we have seen over the last 12 months. the dollar may trend higher but the pace may not be as large. clearly, ther

you are talking about cash and then you talk about maybe moving into duration.u tiptoe out of cash, treasuries may be the first port of call. do you go to credit or equities? >> i would say we start with fixed income. i think if i'm right and we enter into a recession, soft landing is a pipe dream so if we are in recession, the fed will likely decrease rates by the end of next year. in the past 14 cycles from the last hike to the first cut, it's not that long, maybe 4.5 months. the fed can swing quicker than people think. they will probably stay higher for longer just not hiking anymore which is like easing so they will have to be careful with that step i think long-duration high-grade and treasuries and corporate paper will be attractive into next year. we haven't seen that wave of difficulties with repayments from high yield or emerging markets from credit, sovereigns, names that took advantage of record low interest rates to lever themselves up and no interest rates have gone up and there will be some inevitable difficulty with repayments. we will feel that a

how long will we live in the period of fan outages, it is quite difficult to predict the actual durationanned outages and why. -e ahead. since we are entering the autumn-winter period, there are a lot of, let's say, uncertain factors, and it is quite difficult to specifically say the duration of the outages, and no one will probably take care of it, because the military the he factor always exists, however, energy workers are in their places. they are working and now, therefore, there is no need to worry about the energy front at all. at the same time , you need to do at least two things, that is, pay bills and, accordingly, be economical and responsible with the consumption of electrical energy, mr. milyavskyi, today is november 11, which is exactly one month . has passed since the very first massive shelling of ukrainian power systems on october 10, during this month these shellings were repeated networks were being repaired we faced beasts outages and so on, speaking in general that these 30 days have shown the stability of the ukrainian energy system and the tactics used by the russi

this is all, you know, this will be much better for me to tell you the quarantine duration for people entering china has also been reduced and the airlines will now not be punished for bringing in dominique or with gifts. is your job or you can? yeah. the authorities see the new rules are a way of optimizing china's corporate response and the 0 corporate policy that aims to isolate every infected person. it's not changing, wash your car, you told on jamar gordon wind corner went, hew funky coffee and will ensure that our prevention and control efforts are montague added and science mist sheila to maximize the protection of people's lives and home laundry and minimize the epidemic impact on socio economic development bodily injury. the new rules were announced. ethical with gifts stopped at $10000.00 mark for the 1st time since april. the increasing number of infections led to the temporary clothing of tourist attractions in beaching. and people sneaked in cues for tests. and on may not be doing or with more is corresponding fabia encroachment. fabi. i'm is this the start of china open

the agent's stocks will be replenished for his hourly sample of roads and sidewalks for the durationf the frost of the season. to date, us, uh, prepared anti-halogen materials, uh, friction materials - this is, uh, the so-called pss. e, sand-salt mixture e, 1.200 t. oe, plus pure salt chloride more than 1000 snow in minsk you will get more for 301x special equipment after respect for the ring road to the frame streets with a wide avenue from oksana exit from the courtyards. in total, everything is filled and orange boxes near the courtyards . there at a time prats-specialists utilities. ay and they are strewn down the walkways and stairs. how to break the movement of pedestrians more than 5.000 writes to us and comfortable or i forge you shtafovich agency. yes, and the minsk region checks for the obviousness of auto winter tires, and the snotty vaga of the contribution of the gums along kolka shoplenia with the road base without pitching the podsharu according to the rules to fix the car before the winter warta to the snowy ale on foot, it’s better to rush to the yards to visit a tir

well, of course, the duration is a completely subjective analysis, because it cannot be determined, therks in a completely different way, if you count the shots fired and the volleys fired by russia on the territory of ukraine, we can see that the maximum they are able to increase is approximately 100 missiles, which they used, and the previous shelling that took place on november 23, it was about 100 missiles, and before that, in principle, it was the maximum. well, i mean, starting from october 10 when there was another escalation of missile terror, then more than 70 missiles and then it lasted on october 17, then on the 31st, then on november 15, finally on the 23rd . from the interval i emphasize from october 10 to november 23 indicates that it is a maximum of 100 for a minimum of a week to two weeks what they can collect this is how we see now this is now the math the second math we can analyze is the number of missiles shot down by ukrainian means of defense, if on october 10 it was approximately 55% of the downed missiles, but then there were also many iranian kamikaze drones use

it is fixed for the entire duration.his allows significantly reduce the sensitivity of the project to macroeconomic fluctuations. for the first 3 years, we provide credit holidays for enterprises that allow them to build production, buy production equipment, they start. in our experience, three years is more than enough to organize even many complex productions. such parameters of the product, they are attractive not only for the enterprises themselves, but more and more often in projects i see a commercial bank as a partner, in the case of the participation of a commercial bank. he can provide additional financing of the project or ensure the return of budgetary funds to the fund by the borrower, in the second case, the rate may be even lower. today, out of more than a thousand funded projects , less than three percent got into claims work. thus the fund's capital. this is approximately 200 billion rubles. saved and increased by interest. today it is already 2 billion rubles. per year, we expect that next year, 23 total

elements of this picture is that the dispersed the effect of the west or counter attack to stop the duration of their positions. they decided to concentrate on russia. them, they're real aim is of course, saving the 500 years of their domination and a mid intermediate aim is that on demand china. now a bunch of domains, china, they have to 1st to take out rush. mm hm. mm hm. oh, ah, i now have an e mail folder called k k k. a referred to your organization as big and what is your response? a big main stand up love god was right in this world. i guess i'm kind of in mississippi writing coalition. what i see just a bunch of homes and i measure your call for a local or state flag. i was, i was big and so being and were stand up for what we believe was what ride in mr. ratin coalition. others did not like it in that's just their problem with the client doing christmas. well, the clamps christian orders, i people need to know the groups like this to still exist that this hate, this ideology is, is in fact behind a lot of the support for the safe i, we must awaken white race a and i was more and mo

when we start doing short duration trips at first and longer ones to the surface of the moon in partialravity focused on science, we will learn again. we will have to reinvent human operations. and then finally, but may make a comment about infrastructure. if we are really going deep into the solar system, we really, if we are wanting to maximize the science and learning we do, humans are going to have to stay. now it is just fine for a test flight for us to send a crew six months to mars, spend 30 days, and in six months back, but one of the reasons why we built the space station is so we could do science 24/7 and maximize the science you can get when a human is involved, so we really need the infrastructure that supports humans for long duration in space. and i would just make a comment about that element. it is critical we do that technological development now to prepare ourselves for the next decade of programs and record that take us to mars, and i am excited and hope you are to about our space technology mission's directorates huge, inflatable decelerate or that will launch on a j

allowing the games to go across a longer durations if l go across a longer durations if we had a delayedt the storms are on their way. cricket comes in many forms, everything from the ashes, we are well versed in that, five tests, five days on, goes for five weeks, but t20 is a different form of the game and for those who are not fans or experts of cricket, what could and should they expect to see? it's and should they expect to see? it�*s an exciting format. we had two games here already but have exceeded 80,000 fans in the stadium so it�*s a great atmosphere. obviously, big hitting, there is no time to pause and play the ball and just go for singles. it�*s such a great game to watch and particularly one of the biggest stadiums, the mcg, is going to be pretty good tonight, i think. ~ ., , be pretty good tonight, i think. ., ., y be pretty good tonight, i think. ~ ., , ., , ., think. who is your money on? what are _ think. who is your money on? what are the _ think. who is your money on? what are the odds _ think. who is your money on? what are the odds at - think. who is your money on?

, earnings growth normalize, and oh, by the way, the balance sheet normalizes, these longer-term duration assets are still going to be under pressure so it doesn't mean we're not bullish but just means i think we have to be a bit more tempered in how we look at the next six months. >> are you looking at the mirror when you say that? >> i like it better when you say i. >> so i think this no, jim, and i think this. there's so much bearishness out there. i think there's this pent-up demand for any good news >> for sure. >> i think the market is a little skittish heading into tomorrow as well fool me once shame on you, once, twice, three times if this thing comes in hot tomorrow, look out >> let me tell you something there is -- there's a note from a trading desk making the rounds that suggests a, you know, hotter than expected report tomorrow, could mean a really big decline tomorrow in stocks >> well, everybody's been looking -- >> not your garden variety of 1 or 2% decline either >> right so everybody's been looking for this blessed capitulation. maybe that's your capitulation let's wash t

for much of the six months of the year, it was all about duration risk and has been damaging to portfolioswhat we are seeing is spread decompression and much more dispersion across markets in the idiosyncratic risk. if people are concerned about downgrade and default, it leaves a lot of opportunity for those you get right and you have to be much more flexible in your wrist read ahg -- in your strategy. katie: still ahead, the final spread. the week ahead with a host of fed speak on deck. this is real yield on bloomberg. ♪ katie: i'm katie greifeld and for jonathan ferro. this is "bloomberg real yield." a look at the week ahead, we have president biden meeting with president xi at the summit, followed by gdp and gpi out of europe. we have a host of fed speak coming up on thursday and another read on inflation in europe. it is time now for the rapidfire round. we have three questions. i am looking for three quick answers. luke, does the fed hike by 50 basis points next month? luke: yep. easy one. katie: i think we lost you for a second. winnie: yes, they do. katie: lindsay, what is your gues

it is a duration call.ore of that high-grade, high yield is going to be driven by rallying rates and duration, as opposed to credit risk. on the european side it is more credit risk. bottom line is, credit now offers attractive yields. some of that is the move we have seen in government bond yields, but a lot of it is spreads that have repriced. a lot of the market over the long run, do have credit carry that is positive that offsets any negative market to market, and we have global rates rallying next year. those two things help, and the last thing that clients certainly are focused on is just the negative relationship between rates and spreads that many think will reappear next year. we agree with that in the u.s., for example. as the u.s. and spreads wide next year and you reduce the volatility of that position, credit, as we said, is at a really good place in 2023, after a difficult year this year. kailey: matthew mish of ubs, thank you for joining us. we appreciate it. this is bloomberg. ♪ kailey: shar

happy to take duration out after five or six years. for people who do not want to take that degree of inflation risk, look short dated. and if you want to keep it in the one to three year front end of the curve, you can find mid-single digit yields that did not exist 12 months ago that are compelling for a buy and hold strategy. tom: you are more comfortable taking a look at longer duration. fantastic and always wonderful insights. thank you for joining us on site. there is a redhead on the channel right. the hang seng officially enters a bull market. grace peters, head of investment strategy emea at j.p. morgan bank. coming up, we will be live at the bloomberg new economy forum and we will speak about the newest data coming out of china. really fascinating insights from someone who knows the country so well and the data associated with it. stay with us for that conversation. this is bloomberg. ♪ >> i would say we are at the beginning of a bridge building effort. >> countries need to cast aside cold war mentality, reject block confront

do you presume that dis inflation is rapid and suddenly, or will there be a duration?initely think inflation may have peaked, but the descent will be gradual and far from steady. you are looking at key components, the cat is out of the bag, they are significantly higher. you are seeing it across sectors. it is not one area that we could cherry pick, like them was it was on the way out. on the way up, we could pick out clear single drivers. on the way back down the picture is much more uncertain. tom: should the federal reserve care about rent and homeownership statistics? lara: 100%. that is the kind of inflation that make people go to their bosses and say my rent just went up 10%, i'm on a 10% increase. even if that never comes down to 5%, even 3%, that is significantly higher than inflation. increasingly, going forward, while we will still focus very heavily on the cpi numbers, we will start focusing on the wage numbers. that is something people are already watching, but there is no way to declare victory on inflation when wages are at 4%, 5%. that is also much highe

when a human is involved and so we really need the infrastructure that supports humans for long durations in space. and i will make a comment about the development. it's critical that we do that development right now to prepare ourselves for the next decade of programs of records that will take customers. i'm excited and i hope that you are about the mission directoratesis huge inflatable accelerator that is going to launch on the mission on the first of november we opened it up to the public then we had in international collaboration.ab this is so important to us. i love this theme of collaboration because we think a critical part of the political resiliency of what we are going to do is to have those international partnerships, to have everybody consult, come up with a consensus and then go forward. in addition to that, by working on an architecture that goes out more than a decade that allows our international and industry partners to begin to plan for the things we are going to be doing five years from now y and ten years from now and that not only helps our political resiliency but o

the duration of outages may increase. traffic on the crimean bridge was again briefly suspended due to technical work passage for cars today is closed until 4 pm drivers urged to refrain from traveling, but now they are in direct contact with the studio our correspondent yan shcherbataya and it hello tell us how the repair work is going. daktin greetings indeed from 4:00 am today , traffic for cars on the crimean bridge is temporarily closed; now it’s impossible to drive either towards the crimea or towards the krasnodar territory on both sides at the entrances to the bridge there are information boards installed, forbidding signs, a fence, traffic police officers are on duty, they stop drivers and tell them about the current restrictions. those cars are for those motorists who came here to the crimean bridge after the restrictions began to operate, that is, after 4:00 in the morning, specialized parking lots work for them. at these parking lots, people can stop to rest and wait for the launch, and wait for the traffic to

we are seeing that in the short duration bond space and asia as well. let's take a look at what's happening in fx. how the dollar is trading against the g10 peers. we did sort of see that knee-jerk reaction, the drop lower for the dollar. a subsequent move higher as they flagged the peak for rates that is nowhere in sight, looking across the g10 space this morning. kathleen: let's get a little bit more deep into that. i think markets were expecting what they were going to do. 75 basis point hike, they are going to signal 50. they did signal a move down to 50 basis points as soon as the next meeting on december or maybe even after the first of the year. so that was as expected. but then he said it will take into account the cumulative tightening of monetary policy. this is what caught market -- got markets rallying, too. there is the sign, lael brainard talking about having to be careful about what you are doing, that is what they are going to do, but then he went on to say that we have to keep hiking rates until we get sufficiently restrictive. let's li

how much time do i have to make a decision, given the duration of your pregnancy, no more than a monthbe guided by three weeks, then it will be too late, you will have to give birth. relationships are far from the fact that you will be born, why? i at all had this conversation with you? i would in the end because this is his child, too, i think, how to think, this is not a kitten. you can forever deprive yourself of the opportunity to become a mother. and my advice to you, if you quit smoking, it's bad for the fetus. thank you tonight 30 km from the city of murmansk is your task . and most importantly, no eye contact with the enemy before arriving at the group's location. and if it happens, you know what to do, go. another doctor told me that you are smoking again. you know it won't like being free. healthy clean air immediately after the first cleaning of the house, vacuum for health. it seems to me that the prayer has subsided. with 8 years of peter and virtuosity, which in musicality i'm sure the repertoire will expand and grace. we ask an honest brave to join our team. well, i don’

owning duration around that space is becoming more interesting at this point.x: thanks a lot, always oppressed -- a pleasure to get your perspective. still ahead, airbnb disappoints as shares drop in the company suspending habits are changing and is expecting bookings to slow down. this is bloomberg. ♪ guy: shares of airbnb are under pressure today after the company gave a disappointing outlook bookings in the fourth quarter. consumers may be shifting away from. higher cost rentals for more, let's bring back ed ludlow from san francisco. q3 looked good and it beat expectations. q4 looks like a problem so walk me through why the market is reacting like this? ed: airbnb is still set up to be a pandemic success. there's a reliance on long-term rentals and the data shows us the user base for airbnb is moving away from long-term higher value stays. take my word for it but lake tahoe in california were many people work from home decamp from cities like san francisco paid a high rate to live bike -- by a lake for many months, that is now ending step you look across th

we really need the infrastructure that supports humans for long duration in space. i will make a comment about that tech development. it is critical we do that development right now to prepare ourselves for the next decade of programs of record that will take us to mars. i am excited, and i hope you are too, about our mission directorate, which is an inflatable accelerator that will launch on the jpfs mission on january 1 to have human payloads land on mars. one of the big aspects was the consultation. we started with starting in nasa and then reopened it to the workforce. we opened it up to the public. we had an industry academia and nonprofit workshop domestically and then an international collaboration. this is so important to us. i love the theme of collaboration because we think a critical part of the resiliency of what we are going to do is to have those international partnerships. to have everyone consult, come up with a consensus and go forward. in addition, by working on an architecture that goes out more than a decade, that allows our international and ind

and here is the duration of therapy, the duration of therapy should be at least 2 months, or even threending on the degree of severity and, of course, the dose of iron, if you have this prevention of iron deficiency, that is, let's say you have a latent iron deficiency, a decrease in ferritin , for example, then if it is only lattedzhny deficit, you will be enough 100 mg per day, one tablet. but if you have anna's, you will already need to take 200 mg per day, and this is within 2-3 months of supplementation. it's a very small dose. iron should always be looked at. how much elemental iron is there, as a rule, does not exceed its amount of 20-30 mg, that is, in order for you to undergo treatment on the niva, you need 10, respectively, a capsule, so that a daily dose of 200 mhz is easier. well, since we started talking about ferritin, right? let's take a closer look at what it is and why now, yes women? ferritin is a protein that is produced in the oven and reflects the body's supply of iron. you can have normal hemoglobin, by the way, hemoglobin drops in the very last place, because it i

duration and portfolios.o you think longer term we will see an average 10 year yield closer to 3% or 2%? is that the more likely target people are looking at, to give people an understanding of the rate of change in where we may be headed? kathy: we do. i think some basic fundamentals have not changed. a, we've got weakness in the economy coming. cumulative effect of the tightening we have seen globally. we should see economy continue to weaken and inflation come down. we have not changed the demographic profile globally and domestically of an aging population. we have a lot of savings around the world. frankly in the u.s., we have the bonds reserve currency people flock to when things get tough. i do not know why we would not go back. we get inflation down to roughly 3% 10 year yield. tom: ira jersey publishes and talks about a 10-year yield that will be hovering and will be almost a stasis. are you assuming we come out of bond volatility and yield volatility towards a hovering sense of the fixed income mark

i think it will make sense to start to position for duration coming back. the 10-year should not be around 4% if you're heading to recession. lisa: i am not going to let that go. no idea why it rally 30 basis points on friday -- thursday, rather. friday the bond market was closed. how do you understand these types of moves with position and liquidity? what does it mean when it comes with -- to coming up with trade? priya: as governor wallace said, be calm and breathe, that is good advice. there has been volatility. this is the highest we have seen, including the 1970 costs, and just imagine positioning the importance of flows. understanding that the market is not as the grid, leaders have constrained capacity, i think that is important. that is why you are supposed to keep some cash. keep money in the front end to make sure that if the moves are excessive, you do not have to self. you can potentially put money to work. i think all of this -- we should not see this as a one-off, maybe positioning was exaggerated. i see it as a structural issue and something

the quarantine duration for people entering china has also been reduced and the airlines will now not be punished for bringing in dominique or with kisses. your charco? well, you sound yadda authorities fee. the new rules are a way of optimizing china's corporate response and the cedar corporate policy that aims to isolate every infected person. it's not changing what you're told you told on jamar gordon wine corner, went to you funky coffee and will ensure that our prevention and control efforts are montague added. and science based sheila to maximize the protection of people's lives and help me andre. and minimize the epidemic impact on socio economic development. we pardon the injure, the new rules were announced. escal with gifts stopped at 10000 mark for the 1st time since april the increasing number of infections. let's do that in pretty closing of tourist attractions in beaching. and people sneaked in queues for tests . and finally, we go to christmas island, where one of the animal kingdoms most mesmerizing migrations is underway. millions of red crabs are swarming their way a

of the proceedings, that is, the duration of the investigation and the trial. that is, these are the ones that are, well , such systemic ones, let’s say yes, with us, they are classical, yes. what in our country for a very long time, they have existed here, not just there, er, there is some individual approach to each specific cases and here we are already talking about the life of measures of a general nature and the involvement of all branches of government, somewhere to change the law, to change the practice of applying legislation, and somewhere to improve judicial practice. that is, these are complex problems, and the console will not solve the reason, these complaints will be brought to the european court, we will not avoid them, does ukraine continue to pay compensations despite the difficult economic situation, that is, in those complaints in which the court decides in favor of the plaintiff against ukraine yes, we continue to pay these compensations even here is another moment from the moment of the full-scale invasion, the european court assessed the

negotiations will be ready, this kind of thing, they won’t re-prepare it in a week . the average durationrder to carry out a massive attack, moreover, the russians now understand very well that the efficiency coefficient of the dedication of the so- called anti-aircraft defense system is already about 80 targets, that is, even a week ago, a month ago, we had an injection ratio of 5-10 targets to uh , could uh, at the same time, accompany the destruction of the project. less than a task, more than 100 missiles will be launched simultaneously over ukraine in order to somehow bury our defense system, we are again based on the fact that the air defense system is being delivered to us now . i think the coefficient will be brought to the limit 100 destroyed whole single-moment escorts and er destructions. and for a hundred, it is very difficult for the russians to accumulate such a number of missiles, even more so with the technical success of the missiles . er, by the statements of especially the talking heads who sometimes voice such kind of er messages to us, i.e., about negotiations of any

i can defer, i will be here for the duration of the hearing. in interest of your time, if you would, i don't want to rush you, but -- senator blackburn. >> thank you, mister chairman. and i want to say thank you so much to you for being here. one of the things that i wanted to talk with you about, of course, being from tennessee, copyright is terribly important to us. as we like to say, three courts and the truth get you a long way. when it comes to the music industry. we worked on things like the music modernization act and have tried to push forward some of those concepts that. , will strengthen copyright protections. also strengthen against infringements, which, as you know, has become really quite a -- an issue. i don't want you to comment on this case but i do want you to walk through with me how you look at potential implications for a broad fair use standard. and i have filed an amicus in the andy warhol foundation versus goldsmith. that is currently before the supreme court. of course, that really broad fair use standard it is something

and 6 months ago, the girl lived before the war in kropyvnytskyi, but for the duration of distance learning she moved to live with her grandmother in the city of liman, this is kramatorsk district of donetsk region, for the first two months it was more or less calm there and elizaveta even regularly joined online broadcasts for training, the last time she got in touch was on april 25, and it was on this day that she told very disturbing news, she said that enemy shells started flying over their house, she was very scared, and the very next day she lost contact with the girl today there is no news from her. lyman was occupied for several months and there was an active jamming of communication there. i really hoped that this was why elizaveta could not call or write to anyone. but when the city was liberated, there was no news from the missing the girl never appeared, so i really ask everyone who sees me now to look carefully at the photo of elizaveta alyoshina. she wears glasses, she has dark eyes and short dark hair, the girl is thin, her height is about 160 cm. if anyone has seen her after

we've been negative high duration stocks versus short duration frankly generally i think the view was all the way throughout the summer but a decisively much more hawkish fed >> it was an 8-minute speech, if i recall 8 minutes of hawkishness that sort of changed the whole paradigm >> correct, correct. that's where i think you've got to shave off structurally the multiple and again, the reason for our thinking on the fed was because various parts of inflation we don't think are demand driven. i'm afraid even fed doesn't have all the tools in place to tackle that >> are we still at a point where if you didn't think the fed was going to be as aggressive as it was, are some still in denial as to how aggressive they're going to remain? >> yeah, there's definitely -- there's still definitely something i own. they're saying no way it's not going to even get to five. i think the fed it's basically the fed and earnings i think remain sort of the key variables here i do think the fed probably will become less of a headwind in the market but earnings i do think is where we really need to focus w

long-duration assets, fantastic. the discipline of 4%, the threat of 5%.ow at companies we have never seen cuts at five years ago. lisa: 10,000 people cut, and this is corporate and tech jobs, not just necessarily jobs type to warehouse workers or seasonal trends. this is people who work on alexa, people who are in some of the areas that were thought of as some of the more promising ones. jonathan: did you get alexa? lisa: i did. jonathan: what do you do to it? lisa: i talked with. true story, my kids like to tell it joke because they tell it jokes and some of them are good, some of them are really bad and we laugh. and you know, the weather, how it is doing. you can ask lots of questions. jonathan: you have a conversation with a robot? lisa: sometimes. jonathan: amazing. equity futures positive. lisa has got a couple of minutes to pull herself together. we are going to handed over to anne-marie in a just a moment at the g20 with a white house official. looking forward to that conversation. live from new york, this is bloomberg. lisa: alexa actually on my

obviously, you know, any move here that's been a cooler number like we've seen supported to long duration assets. and i think josh makes a good point. the sentiment on tech has really been bad it's been abysmal this year with the nasdaq down almost 30%, and josh already pointed out looking at the dow, you know, below 10 so when i think about a move today which of course the price action has been very solid, you know, in the nasdaq, you have to -- you have to realize and understand that, listen, the fed is going to still remain engaged. yes, i think part of what they're doing is working but we need to see a trend here in the numbers, and i think that's when you can maybe start to look at growth in tech in a more meaningful way than you are today. i think for us we're still relatively defensive there's parts of the market i think still presents some value to you here. and not to abandon growth, but i do think we still need to see a series of grids if we're heading in the right >> he is professor jeremy siegel of the wharton school. professor, your reaction to this precipitate on the cpi and

so the big oil is cold, president buys the investment, the energy, oil, gas duration is clear and we'll get tired. we're in, it's her government's do section to fossil build, so for since so considering mrs. lee and the big oil company are willing to invest and spend a for a, let's say, a, a pre purchase for a debit increase on the other side for 7 buy was sexist. so the come to spend per but also unlikely the majority in congress time to put rapidly for the service, but terms paying his life when any puts from the public. well, overall, or i mean does want is less on 1st. but if the gas price in the united at the pump, the prices on down quite a bit on an average, we were more than 5 gallon early and we're down to put the suite a teen public support. yes. but if point enough at this from the u. s. as it and also the mid term sions. a week for, for credit party, is to be seen one of the word exxon and chef already said, for example, the p. a with texas, end of it. when it is invest, make it even higher for new york stock. it thanks very much. so on the ballot. members, it is an energy p

for the duration of the world cup. 0r for the duration of the world cup. _ some humanitarian corridors. in a country where being homosexual is illegal the us squad have shown their support for the lgbtq community here with a rainbow themed team logo at their base. tonight the squad invited migrant workers to their training session in another gesture that shows how determined some sides are to promote human rights as well as the action. fifa has urged all 32 competing teams here to now focus on the football and traditionally wants the squads arrive and the action begins the narrative shifts toward events on the pitch. but i think such has been a concern during the build—up towards the treatment of migrant workers, as you jostle, but also the discriminatory laws in that tradition will be tested like never before. —— as you just saw. they say all are welcome but there is no doubt all eyes are on cattle and there is a huge amount at stake for there is a huge amount at stake for the hosts. thank you. the family of a british—egyptian activist being held in a pri

one of the areas that we really like our short duration strategy.n the fixed income side, we have a short duration team. >> does that mean that they should be planning back into treasuries given that you expect the pivot to happen sometime soon? we saw optimism soon -- we saw optimism but that didn't seem to last. >> it was a stunning the intraday moves. they were down than up when chair powell said going to go higher as opposed to where the economic projections are. when he says the sep is going to be higher as far as the rate they're going to hold, he might only be talking about 25 basis points or 50 basis points. the market is pricing in the rate is going to be something above 5%. maybe they only need 4.75%. on my multi-asset team, we think we could see a decent rally in the 10 year treasury. 4.5% seems like that's a really good opportunity. right now we are at 4.15%. we would be surprised if we went down to 3.5% by sometime in january or february. >> good to have you with us. we have more to come, this is bloomberg. now to the latest signs of au

limit of 25 years whatever duration lit you think works there. i want to make sure you agree with how i set thaup in other words, race neutral is thbase line, there are two limits. adequate race neutral alternatives would be one. a durationalim of 25 or something else would be the other. ishat you read the president? se: i think you have other requirements as to be flexible, one factor among many, etc., etc.. i agree with your two categorizations with respect to the durational requirement we undeta it to be from justice o'nnor's opinion i quoted before. th narrow tailoring requirement and the race neutral alternative requirement strictly, scrupulously, skeptically applied will tell us went race neutral -- >> yeah, yeah, this one picks up on justice kag a justice gorsuch. onhedequate race neutral alternative question seems that harvar would have to sacfi potentially something else to achieve what you think would be eating fully sufficient -- meaningfully sufficient racial diversity. the question is, why do not have to theifice something else to ai