he is george magnus of u.b.s.s and jim glassman will join us later am but first, we get started with citigroup, arguably the best short sharp note in support of negative interest rates. and then a conversation with ellen zentner of morgan stanley, her call on the fed. stay with us. "bloomberg surveillance." ♪ tom: it is jobs day in america. the backdrop's global slowdown at negative interest rates. later, bill gross and jim glassman. next, willem buiter of citigroup. ellen zentner of morgan stanley on janet yellen and stanley fischer's uncertainty. buiter, american football. money will be mentioned. good morning, everyone. this is "bloomberg surveillance ," live from our world headquarters in new york. it is friday, february 5. i am tom keene with caroline hyde. are you into the super bowl at al? caroline: there is a big ballgame, but for us it is rugby. tom: you are into six nations rugby? caroline: i have to say, who wouldn't be? now, someone who knows a little bit more about , ramyper bowl than me inocencio. in

francine: we picked up something, george magnus writes about china.have come up with the problem known as the impossible trinity. it is impossible to market ously pursue a policy of mixed exchange rates and free capital movements. when you look around the world, it is hard being an fx because there are more risks than opportunities out there. what do you make of china? we're talking about it is almost impossible. they don't want to cooperate in this cycle in the growth model. >> china has debt risk. there are policy is going to remain loose for the foreseeable future. that is at odds at the moment with fed policy overall broadly speaking. we see continued downward r.n.b.e on the r francine: we heard from the blackrock chief investment officer saying actually bond traders are underestimating the appetite of the fed to hike rates. are they wrong? >> we see the fed moving twice in 2016, once in june and once in december. we think these are good levels to be looking to start to buy dollars. if risk appetite continues to improve, u.s. rates should continue

and george magnus among the assembled. ♪ from london tos moment from now, the bank of london is out withand blues. credit suisse posted its biggest loss in seven years, and shares fall to the lowest in a quarter century. we will be hearing from the bank's ceo. and it is the end of an era in media. sumner redstone calls it quits at cbs. ♪ welcome. you are watching "bloomberg ." i am stephanie ruhle. my partner, david westin, is out this week. corey johnson joins me. johnson joins me. cory: yes.

later, bill gross, jim glassman in this hour, george magnus of u.b.s. the dollar weakens this week.eaders meet at the plaza hotel sometime this decade? and there is a football game this weekend. did you know that? money will be minted. good morning, everyone. "bloomberg surveillance." it's friday, february 5. i'm tom keene with caroline hyde in london. jobs day in america, but after the week a

i'm good you tell you something the george magnus said on bloomberg surveillance this warning. generally, he is an optimist, but you did point out weaknesses in the economy. let's have a listen. >> there are lots of soft passes -- patches. business investment in the united states is not that great. images being built up high. sales have not kept pace. there is a correction going on with the dollar. all recessions that we have had before have been preceded by a surge in oil prices. vonnie: the point is that he doesn't see a recession coming, but he listed a lot of weaknesses. mohammed: remember that the difference between economic liftoff and escape velocity, which we haven't had yet, and the slow growth economy am a which is what we are getting, what he is citing is the other side of the low growth equation. this is an economy in the u.s. that is growing at 2-2 .5%. it is battling to headwinds. he had one from a weak global economy and the had one from a volatile commercial market. it is still managing to grow it to point to 5%. it is not as escape velocity and that is frustrat

jon: george magnus, thank you, very much for joining in this program.ing, stephen, the -- bnp paribas. thiss isi a market that ism very fearful of almost everythingp. we are oil, the fed, high yield. on china, the fear is around an outright the valuation. they will pull the floor out of s&p euro swiss. is that possible? >> i would say that there are two key themes to focus on in china. firstly, renminbi. we think they will only allow modest appreciation. member the point i made before that the fact that the bullish dollar trend may be mitigating helps them play into their hand. hereecond point i focus on are commodity prices. we are all used to it being the last big demand or of commodities. that has changed and is changing and we think that even if chinese growth is ok, china is not going to lead its commodity price down. we think we are stuck with low commodity prices for quite some time. jon: you said they will allow modest depreciation. it infers they will have control as they leak fx reserves and quite a direct way. b ined to talk about s and the w

george magnus, and ellen zentner of morgan stanley. the screen, stay with us. "bloomberg surveillance." ♪ stephanie: stocks are down around the world again. oil is rebounding after its worst two-day drop in almost seven years. is this marissa mayer's final flip-flop? the yahoo! ceo has unveiled another turnaround plan, this one involving the possible sale of the company. and the zero option. jim grant says interest rates may have to go down again because we may be on the verge of a recession. we will speak with him and david's are most in just a moment. zervos inid just a moment. stephanie: it is wednesday morning. we are in new york city at bloomberg world headquarters. you are watching "bloomberg . david westin is off this week. matt: i am excited to be here on hump day. to ring in jim grant and david servo

george king hit a three at the buzzer to tie it at the end of o.t. the game is currently at 78 a piece now in two o.t.s, wow. at magnus arena the denver pioneers shocked by last place western illinois. the fighting leathernecks beat them. i'm all about the preps. denver school of science and technology student matthew young chosen out of a crowd. and three pointer and then the half court shot all under a minute for $100. that's what i'm talking about! stormed the court. matthew young you're on 9news. raptors beat denver 55-49. >>> pop quiz time for tonight's drew or false question. drew or false bronco's quarterback peyton manning who lost the game of egg russian roulette, the basketball hall of famer irvin johnson on the tonight show with jimmy fallon monday has won more valuable player awards than magic johnson did. drew or false manning may have more egg on his face, but he also has more mvp trophies. the correct answer is drew. magic johnson won that award three times. don't be fooled by the trophies, those are five

george king hit a three at the buzzer to tie it at the end of o.t. the game is currently at 78 a piece now in two o.t.s, wow. at magnus arena the denver pioneers shocked by last place western illinois. the fighting leathernecks beat them. i'm all about the preps. denver school of science and technology student matthew young chosen out of a crowd. had to make a layup free throw and three pointer and then the half court shot all under a minute for $100. that's what i'm talking about! matthew young you're on 9news. raptors beat denver 55-49. >>> pop quiz time for tonight's drew or false question. drew or false bronco's quarterback peyton manning who lost the game of egg russian roulette, the basketball hall of famer irvin johnson on the tonight show with jimmy fallon monday has won more valuable player awards than magic johnson did. drew or false manning may have more egg on his face, but he also has more mvp trophies. the correct answer is drew. manning is a five-time nfl most valuable player. magic johnson won that award three times. >>> that's it for us. >>> new video, khloe and lamar hopping on a private jet. are the