gupta: yes. they are manufactured in mexico as a production. >> where do they go from there? dr. gupta: they are often traffic. we know that they end up in the hands of unsuspecting americans often times. >> how are they trafficked into the united states. we understand that they are trafficked across all routes, from land border, speed border from a force of entry, air, as we have been discussing. rep. donald: i have another question. what would you say would be better for border control agents to be fully focused on the trafficking of narcotics, as opposed to processing people coming across the border at a illegal point of entry? dr. gupta: i think you're trying to get to the point of resources i guess. the fact of the matter is, we have to be able to do both. when it comes to narcotics bash. rep. donald: resources are finite, you can only put so many resources at your disposal. we know there are so many men and women of a border patrol at the disposal of the united states. -- then processing pe

gupta: thank you. we have had significant progress made. there are now telehealth provisions that allow providers to treat addiction across the country especially in rural areas and behind the walls. telehealth is a crucial aspect of expanding treatment stop we know that less than one out of 10 people today are getting the treatment they need. we have also allowed the dea to have a mobile methadone as well as take it -- take-home methadone. helps us expand treatment when people are dying without treatment. we are also making efforts to make sure everyone can get naloxone which three out of four, almost 80,000 people are dying because of the lack of it. at the same time, we are allowing more and more physicians and providers to be able to write prescriptions and practice guideline changes so they are able to get more treatment. our goal of treating untreated addiction, creating the infrastructure and the american rescue plan has invested for alien dollars which is unprecedented and the president has now

gupta. you can't believe that. as a physician who has served in rural communities, can you describe what should be done to protect rural communities from fentanyl and dangerous opioids? dr. gupta: first we have to get naloxone out there. we can prevent 80,000 deaths, a majority, if we can get naloxone out there and connect with the treatment. we need a robust law-enforcement enforcement drug trafficking program. they are bringing in local, state, federal partners to work collectively and doing a great job. it is a combination of public health and public safety, especially in rural communities. sen. foxx: you seem to know what to do but you are not doing it. thank you, madam chair. sen. maloney: representative lynch? rep. lynch: thank you for joining us, and thank you for your good work. i have been at this for a while and we have had a difficult time in addressing the drug problem in this country. we seem to have gone from a policy where we tried to get people clean and sober toy policy wher

gupta: thank you. the importance of workforce in addiction is important. have 23 million americans in recovery today. we support groups. there is a lot of work happening within nonpartisan groups. people getting to serve in underserved areas, folks with licenses and other workforces needed, making sure we have navigators, all of those will be important. sen. whitehouse: the last question. there are two sides to the business of international drug trafficking. one is that it is producing and distributing the unlawful drugs themselves. the second is collecting the money that you get paid at the sale and bringing it back. and investing it or putting it to use in whatever ways. my experience as a prosecutor has been that we put effort into the first part of the business much less effort into the second part of the business. in my view, the second part of the business, the financing of international narcotics trafficking, is enabled by structure. an international structure of dark economy that can hide the f

gupta, for testifying today. in january, republicans on the oversight, energy, and commerce committee swapped in an investigation into america's fentanyl crisis. we sent letters to the office of drug control policy, customs and border protection, and the dea seeking administration about the biden administration's plan to address the crises at the southern border and overdose of a democrat. we appreciated your response from you, doctor gupta, but many important questions remain unanswered. one of these outstanding questions is how president biden's border crisis, and this administration's open border policy have aided and abetted the import of illicit drugs such as fentanyl into our country. fentanyl is being smuggled across the south of border at unprecedented rates. u.s. customs and border protection seized over 11,000 pounds of fentanyl in fiscal year, 2021. that is more fentanyl seized in one fiscal year than in fiscal year 2020 and 2019 combined. the standard fatal overdose of fentanyl is two milligrams. 11,0

i am kriti gupta with jon erlichman.lobal media executives are gathering in sun valley, idaho for the annual conference. sonali basak joins us for the latest. you got the best assignment because sun valley is gorgeous, although raining. talk about what the theme is like given the market environment we are in. sonali: great question. perfectly sunny right now and you have investors and ceos trying to be sunny about an environment that is getting more difficult. we talked to an investor this morning saying the consumer is strong enough and that is not impacting the company's here or we invest in yet, but that may turn on a dime. for now, they are holding onto the consumer story as a reason to keep investing or believing in the story. another thing i must also mention is despite what is happening in the markets, a lot of the conversation we are hearing here has to do with the political and social environment. behind closed doors there are conversations that involve the supreme court decisions, for example, and what they cal

gupta brought it up as well.ou talk about when it is he got his second booster and how much protection he has now so we know it was march 30th so we're about four months away from march 30th. >> yeah, and that's -- >> go ahead. >> that's when you start to see the decline in the effectiveness of the boosters and this is why the fda and cdc have been wringing their hands about whether we should move towards doing a more variant-specific booster or whether by the time it's ready this ba.5 variant, subvariant will be in the rearview mirror or whether we should switch to a different type of technology to give longer protection. and the question is, should we start advancing to a third immunization, a third booster for the american people and for someone like president biden, the problem is, we're having a lot of trouble convincing americans to take even the first booster only about 30% of americans are doing that. i took the second booster and a lot of my colleagues but very few americans are doing that. so i think th

kriti gupta is about to take on all things airlines.he s&p 500, with a shortened week upon our hands as was celebrate the holiday we celebrate -- -- as we celebrate the holiday of july 4. we are downgrading the outlook for growth on the back of some of the data today, manufacturing coming in less than expected. consumer sentiment, coming in worse. the u.s. dollar, like a haven. pushing higher by .5%. we see the supply side once again under pressure. once again we look at this particular instance, seeing an issue on supply pyramid the bond market is really where the action is today. yields down, crushingly lower, as we see this recession shock. when it's to watch yields and the two-year. down by 11 basis points. the 10 year yield also down by 12 basis points. we are going to be talking about airline stocks. falling more than 20% to start the year as the industry grapples with various disruptions. we will focus on the travel chaos and then some optimism as we go into the u.s. holiday we can. -- u.s. holiday weekend. they said it is easier

i'm ritika gupta. the man was arrested after a brief chase. police believe the attacker open fire from a rooftop. china and the u.s. have discussed tariffs that resident biden is looking to ease. the vice premier told janet yellen that the lifting of tariffs is an area of concern. there are reports that the president may announce a rollback of some tariffs on hundreds of billions dollars of chinese goods which would lower the cost of everyday merchandise. 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 ritika gupta. this is bloomberg. >> we don't think it is highly likely that they go to 4%. we think that will be too much of a catalyst to the economy. right now the market is correct with a 3.35 peak, easing in the second half. we still think the fed will do 75 in july. jonathan:. morning -- good morning. bramo is back next week. future down by 1% on the s&p. on the nasdaq, down 1.3. a lot of talk about th

thank you, doctor gupta, for being here. i want to express my support for the work that senator grassley has been doing. we've been working together on getting fentanyl currently scheduled. it's something we'll have to find a way forward on. doctor it was good to have you in new hampshire recently to see both the problems that we have on the ground? as? the epic derek, substance misuse continues. as long as we were doing in the state to address the drug crisis. i look forward to welcoming back again. i want to start by just talking a little bit about the issue of fentanyl precursors in particular. i work with my colleagues to pressure china to take additional steps to regulate a fentanyl analogues and fentanyl precursors. which are the chemical components that make a fentanyl. well that has been a drop in fentanyl trafficking directly from china to the united states we recently seen a rise in fentanyl precursors coming from china, going to mexico, where fentanyl is now produced. and then it is not going to night and safe tha

for kriti gupta, i am jon erlichman.rg. ♪ i may have did some stupid things even committed some crimes even got shot. but i'm not a criminal. i work for youth advocate programs - yap. i was tumani's advocate helping him stay out of jail, stay in the neighborhood and get a job. as a little kid, i made some mistakes. but i'm not a mistake. as jaylyn's yap advocate, i'm always here for her. [female narrator] yap is a community-based alternative to youth incarceration, congregate placement and neighborhood violence. others talk social change. we make it happen. ♪ [jingle] announcer: the most crucial moments in the trading day. this is "bloomberg markets: the close" with caroline hyde, romaine bostick and taylor riggs. caroline: 2:00 p.m. in new york, 7:00 in london. i am caroline hyde. taylor: i am taylor riggs. katie: and i'm katie greifeld. caroline: worsening global growth. we have got you covered.

i am ritika gupta.n monday, former chancellor and commissioner talk -- he was short of the threshold that would guarantee him a spot. -- has been closing the gap. -- told the senate the coalition can be rebuilt. putin has signaled that europe is not getting gas from the nord stream pipeline. he says unless a dispute over sanction is resolved, gas will be close. maintenance on the nord stream pipeline is set --. they say there is a 50% chance of a slump. the trial now set for october. you don't need four days to prove that musk -- on his commitment. 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 am ritika gupta. this is bloomberg. ♪ how will your business adapt to change? you could hire an office full of peyton mannings. what's up, peyton? good morning, peyton. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our inv

i'm ritika gupta. this is bloomberg. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create >> we think the dollar can still arise further. dxy will move up to 1-12 by the third quarter. we think the fed is much more likely to meet or beat implied rate expectations than the ecb. jonathan: the chief cross as its strategist at morgan stanley. 1-12 the dollar index. that currency could get a whole lot stronger. where does that leave the euro? euro-dollar, a little weaker on the euro side of things, going into a big day for the ecb. 1.0196. a big day for european gas supply and politics. i can't keep up. tom: we have been making jokes about

i am kriti gupta with jon erlichman.ne company posting their best profit ever amid surging demand. chevron posted their best quarterly performance in their history, not to mention a 50% increase in buybacks. spectacular numbers from these big oil companies. how are energy reporter for bloomberg intelligence joins us. these numbers are enormous. how long does this last? >> at least until the next quarter. we are seeing a cool off in refining margins. we are seeing an improvement. chevron and exxon saw a five-time improvement versus first-quarter numbers for the u.s. side, figure on the international side. we are starting to see the first cracks in asia, refining margins in singapore drop, hitting both exxon and chevron, but the numbers will still be high and we expect those buyback plans through 2023, which are huge increases versus 2002 anyone levels and even 2019 -- versus 2021 levels and even 2019. jon: let's talk about that in the context of where oil supply is. a tight picture. much of the world looking to north amer

i'm ritika gupta. european central bank is on the verge of doing something it hasn't done in 11 years, raise interest rates. policymakers may deviate from their guidance of a quarter-point hike and increase rates by twice that amount. a biden administration official predicts a price cap on russian oil could take effect by december. the b imposed alongside eu restrictions on insurance for oil before arguing a cap would give moscow a much-needed revenue and would also when the insurance ban takes effect. president biden expects to speak with president xi jinping in the next 10 days. the administration is considering whether to lift some tariffs on imports. at the same time, relations have gotten worse over beijing's refusal to condemn the russian invasion of ukraine. the slow down in the u.s. housing market is now hitting builders. d.r. horton reported weaker than expected quarterly orders. they focus on entry-level buyers, the ones most affordable -- vulnerable to the affordability squeeze. global news

i am ritika gupta.his is bloomberg. ♪ >> i think it's important for us to show support for taiwan. i also think we have -- none of us said we are for independence when it comes to taiwan. that is up to taiwan to decide. jonathan: that was nancy pelosi, u.s. speaker of the house. good morning. futures are negative on the s&p and nasdaq. this is from mohamed el-erian on the fed. it seems to remain the central bank in advanced economies it is most prone to using a phrase in the former chancellor of the exchequer rishi sunak, fairytale economics. it is the most systemically important of the central banks. mohamed firing this morning. tom: an important essay and something we will play off of here, not only today but through the weekend and into next week. jon, we have to set up the fed meeting next week. i have to after the desperation we saw from the ecb yesterday. jonathan: 75 basis point seems to be the story. we could wake up on monday to another rally of 50 to 100. tom: i'm looking at german yield right

i am ritika gupta.n highland park, illinois, a 22-year-old man is being held in custody. police believe the attacker opened fire from the rooftop of a building near the parade route. china and the u.s. have discussed trump era tariffs president biden is looking to ease. the lifting of tariffs and sanctions is an area of concern. there are reports the president may announce a rollback on some tariffs on hundreds of billions of dollars worth of chinese goods. that would help lower the cost of everyday merchandise. the new leader of hong kong is signaling a cautious approach toward the coronavirus. he says they want to balance traveling convenience with limiting the spread of covid. he also warned that people in hong kong should only be allowed to go about normal activities when it is known they are not infected. citigroup warns that oil could collapse to six he five dollars a barrel by the end of the year. analysts say could slumped to $45 by the middle of 2023 if a recession hits. that is based on -- by

vin gupta is standing by. and later, the ruptured political relationship between the former president and vice president enters a new phase today. they are both in arizona tonight, and so are we. the 11th hour, just getting underway on this friday night. is friday night. and looking to buy life insurance on a fixed budget, remember the three ps. what are the three ps? the three ps of life insurance a price that can't increase, and a price that fits your budget. i'm 54, what's my price? you can get coverage for $9.95 a month. i'm 65 and take medications. what's my price? also $9.95 a month. i just turned 80, what's my price? $9.95 a month for you too. if you're age 50 to 85, call now about the #1 most popular whole life insurance plan available through the colonial penn program. it has an affordable rate starting at $9.95 a month. no medical exam, no health questions. your acceptance is guaranteed. and this plan has a guaranteed lifetime rate lock so your rate can never go up for any reason. so call now for fre

i'm ritika gupta.nchor concerns about the global economic slowdown. white house says opec has moved to reproduction if the move to the middle east is any precedent in saudi arabia. candidates to be the next prime minister, 20 members of parliament. nominations will open and close with the first to be held on wednesday. the next prime will be announced september 5. limiting the recent travel chaos at heathrow. they will stop selling tickets to so much trouble, they will limit traffic to 100,000 people through september 11 and new recruits. one of the most dramatic steps, reducing costs. the company will quit building exercise bikes and treadmills at its own factory. the company had nearly 3000 employees this year and shares are down in 2022. human beings have seen distant galaxies more than 4 billion years ago in vivid detail. one of the best -- first full-color images from the james webb space telescope. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalist

doctor vin gupta is standing by. and later, the ruptured political relationship between the former president and vice president enters a new face today. they are both in arizona tonight. and so are we, the 11th hour, just getting underway on this friday night. the 11th hour sensodyne sensitivity & gum gives us the dual action effect that really takes care of both our teeth sensitivity as well as our gum issues. there's no question it's something that i would recommend. just getting underway on thi friday night my active psoriatic arthritis can slow me down. now, skyrizi helps me get going by treating my skin and joints. along with significantly clearer skin, skyrizi helps me move with less joint pain, stiffness, swelling, and fatigue. and skyrizi is just 4 doses a year after two starter doses. skyrizi attaches to and reduces a source of excess inflammation that can lead to skin and joint symptoms. with skyrizi, 90% clearer skin and less joint pain is possible. serious allergic reactions and an increased risk of infec

i am ritika gupta.fficials at the fed may debate a historic 1% rate hike this month. the fed president told reporters everything is in play after consumer prices rose faster than they expected, 9.1% through june. it is more than likely to hike rates by 100 basis points at the next meeting. -- is looking at announcing in september he will one for -- donald is looking to announce in september he will run for president again. before the midterm, he will drive turnout. in israel, president biden committed to extending an agreement that provides billions of dollars to the military, signing a joint declaration with the prime minister. the document says the countries will never allow iran to acquire a nuclear bomb. in the u.k., conservative party balloting continuing in the process to determine the next prime minister. it has been cut to six and trade minister penny morgan has emerged as the frontrunner. a dispute has erected between london's heathrow airport and one of the biggest airlines in the middle east.

i am ritika gupta.o relief for the squeeze of consumers. members are already far -- falling far behind the volume needed right now. the conservative party once the narrow a wide field of candidates to be written's next prime minister. nominations will open and close today with the first ballot held on wednesday. the new leader and next prime minister will be announced september 5. london's heathrow airport is limiting travels -- travel chaos. the biggest airport in the u.k. will limit daily passenger traffic to 100,000 people through september 11. they are struggling to hire new staff. american airlines is sticking with their expectations for a jump in second-quarter sales despite rising cost. total revenue is a specter to be up 12%. meanwhile, -- will also arise about 12%. peloton is taking one of the most dramatic steps yet to symbol phi operations and reduce costs. they will quit building exercise bikes and treadmills at its own factories. partners will no handling -- will now handle the manufacturin

i am ritika gupta. this is bloomberg. ♪ what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create >> i think there misjudging neutral. the 2.5% neutral rate is a rate that exists when inflation was still a 2%. that neutral rate is probably higher and i think the fed has some work to do. tom: really on fire yesterday with brean capital. there is a gap of 2.5%, we heard that from michael collins of pgim earlier, and there is 3%? lisa: 3.7% for an end of the year fed funds rate. tom: brean capital is at 4.5%. lisa: tim reidy at deutsche bank saying 10 year treasuries should be below 2%. talk about bifurcation. tom: there is

pretty group to -- kriti gupta is tracking markets.outperformance is going to be key, but i'm going to be doomsday here and look at the negative sectors. these are the ones actually lower on the day, so you do have the energy indexes coming down. what role energy is actually playing in your portfolio? this has been the commodities hedge of the euro little bit. if you are not doing it through the commodities market itself, through oil contracts, might be buying energy stocks, and that is where the energy sector has been the best performing sector coming into year-to-date, even despite the selloff we have seen in the s&p 500. today that is not the trade that is working. it is down following what is going on in oil. a lot of this has to do with underlying demand in the oil products. things like gasoline, distal as well. that is going to be related to the airline story. this is significant. airlines tend to trade a lot on volatility, so we are expecting more volatility. cruise lines, airlines, those of the proxies you are going to see a lo

vin gupta, as well. dr.our reaction first in hearing the president has now, in fact, tested positive for covid. >> yasmin, good morning. >> it's not unsurprising, despite all the precautions that they're happening. it's happening all across the country. really relieved to hear it's just mild symptoms right now. lots of considerations here. one was the time from his last booster dose. that's going to help us really understand what his risk is for any type of progression. especially at his age, of 79, perhaps the vaccine may not be as effective in this area of omicron at preventing severe pneumonia. so that time to last booster is going to be important to tease out. paxlovid indication, absolutely the right move. we know that early intervention, within that 24 to 48-hour window, yasmin, helps reduce the risk of ending up in the hospital, if he does have vaccine. if he does have any risk of progressions, so he'll further reduce that by starting paxlovid early. and i'm certain his physicians will be looking at o

i'm ritika gupta. this is bloomberg.of america chairman and ceo brian moynihan sees inflation peaking quote we are not quite there yet. he said the fed has more work to do. he spoke to david westin. brian: i think 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 se

i am to take a group to, this is bloomberg -- i am ritika gupta. bloomberg. ♪ >> i am concerned with what is good for this country and what is not good for this country is the government. we have seen the mismanagement of the economy. we have gone from being one of the best-performing economies in the g7 to 19th in the g20. jonathan: that was christine anne jardine. i am a jonathan ferro with kailey leinz and tom keene. the nasdaq 100 down by 0.16. the curve inversion continues. 282 in 10 year. 284 on a 10 year yield, a little higher by a basis point. euro-dollar intraday getting closer to -- handle. euro-dollar, more trouble ahead for people in foreign-exchange. tom: dxy finally vaulting to a 106 .90. a 107 dxy get you back 20 years. we will watch the euro as we get a 101. we are not there yet. we are massively off the script, which we can do before questions to the prime minister which will be in 12 minutes. we hope to bring you the fire of johnson and the labor leader. leslie vinjamuri, with her specialties, we can rip up the script and get a pr

. ♪ >> keeping you up-to-date with news from around the world, i'm ritika gupta.ulf producers, optimistic on increased output after the visit to saudi arabia by president biden. confident that there will be a few more steps in the coming week and that any decisions to pump more would be made within opec. in the u.k., sky news canceled the final debate in conservative party candidate, saying that two of the five pulled out of the event after last night's debate turned personal where soon act -- rishi sunak accused others of borrowing and conservative mps are illuminating one candidate today. the international monetary fund that they would other global out substantially in the next update after the g20 finance ministers ended their meeting in bali without agreeing on a communique and the imf downgrading their outlooks by 3.6 percent after russia in graded ukraine -- invaded ukraine. international airshow outside london, delta airlines purchasing 100 other 737 max 10 jetliners with a value of $7.6 billion overall, usually there are big discounts on big orders in augu

i am ritika gupta.his is bloomberg. this is bloomberg. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create >> inflation is too high, but we are starting to see especially in commodities, prices come down. we have seen that in terms of oil and gas, but other commodities as well. we're going to keep taking action to make sure prescription drugs, people are paying less going forward. jonathan: that was the u.s. treasury deputy secretary, good morning. price action lower by 1.25% of the s&p, down about 48. on the nasdaq 100, about .9%, 101. yields up three basis points, crude lower by 2.9%, 9350. decimate 3.50. she call

her to help us understand is msnbc medical contributor, doctor vin gupta. you for being here this morning, again. when the w.h.o. announced their decision this week, you wrote on twitter that it was equally important to make sure the people pay attention, no so it affects them, and take proper precautions. so please do that for us now. let us know what precautions people should be taking, and how a monkeypox may ultimately affect them. >> katie, good morning, thank you for having me. the message was inspired by the fact that this is not the same threat to the general public as covid-19 has posed for the last two and a half years. i thought it was important that if the w.h.o. is going to make this move, a pretty bold move that gets a lot of attention, it confused a lot of people and worried a lot of people, causing some anxiety. what should people be worried about? is this the same level of threat? it is not. for the general public it is important to realize that the vast, 99% of the cases right now, are primarily being a defied in communities of many of sex

i'm ritika gupta.r putin has a europe will start getting gas through a key pipeline, but the russian leader has some conditions. says unless a dispute over sanctioned parts is resolved, that gas flow will be curbed. europe has proposed cutting gas use over 50%. in the u.k. the largest trade union has threatened to strike after the government offer below inflation rate pay raises. they cover about 2.5 million doctors, teachers, and other public sector workers. one worker called another kick in the teeth for the national health service. in italy prime minister mario draghi had a message for those in his coalition. they have to decide whether to get behind him and allow him to govern the country. >> if you want to stay together, build this pact right from the beginning. ritika: the former ecb chief was drafted to lead the country some 17 months ago. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta.

i'm ritika gupta. this is bloomberg. guy: thank you very much, andy. americans -- indeed.ns hosting independence day cookouts this year will pay a lot more good food prices are up as much is 36% from this time last year. let's talk about the options. eric jenkusky, ceo and founder at matrix food technologies, is with us. matrix is a maker of cultivated meat products. what is on the menu this weekend? eric: unfortunately in the u.s. just yet, we are not able to sell cultivated meat because the fda and the usda are developing the regulations around those products. folks in singapore, maybe some ex-pats, will be able to enjoy some chicken based products over there. guy: just describe what cultivated meat is because there's a lot of different technologies being used in this space right now. talk me through what matrix food technologies does because the matrix is important there. eric: and every living organism there's what is known as the extracellular matrix. if you have seen the body exhibit in museums around the world, you would have noticed a cheesecloth-like fibrous mesh.

i'm kriti gupta up.e will get to the fed's latest decision in less than an hour, but first, let's bring in michael mckee who is at the federal reserve. we also know we wait for mike mckee's final question to chairman powell in the press room but first thank you as always for joining us. let's start with a question on gdp. tomorrow we get numbers, do we had a technical recession? michael: that is a good question. obviously we have talked about this wherefore -- before where with economists there is no such thing as a technical recession but contraction is certainly in the markets are in the forecast of bloomberg economists is for a 4/10 percent rise in the fourth quarter so it may not be but when you get down that low, it does not matter because you are so close, it is rounding error and it comes down to a question of how people feel about the economy. do they think it is so bad that they stop spending? have not seen indications of that yet. we will find out more friday when we get the personal spending n

i'm ritika gupta. this is bloomberg. ♪ >> we are moving toward a 29% with the neutral rate. my belief is we need to go beyond that, well beyond that because inflation expectations are higher than 2% now. we are going to have to keep moving. jonathan: the cleveland fed president weighing in after the cpi report yesterday evening. good morning, here is your price action. down 39 on the s&p, negative 1.4% on the nasdaq, 9/10--.9%. yields a bit higher, curve inversion the story. the euro-dollar breaking parody yesterday, a break of 139, munster moves in foreign exchange. big moves in crude, too. 93 handle on wti. down 2% on the day. we are down more than 20% on wti. quite a move. tom: i'm glad you mentioned it. we are down almost $30 on brent crude. an extraordinary move. what do you see in europe? gas, has it really pullback? it is still a crisis of germany. jonathan: it comes down to the ecb and italian politics for good measure, it is messy. it is really messy. tom: were going to go to emory during dutc

i'm ritika gupta. the ecb is expected to raise interest rates for the first time in 11 years. it may consider an increase in double the plant quarter-point .i'm ritika gupta. the bank of japan leaves its rock-bottom interest rates unchanged. the central bank is wary of boosting rates and hitting the economy. it now sees inflation averaging 2.3% for the current fiscal year. that is the first time they expect price gains above its 2% target. russia has resumed said the gas through its biggest pipeline in europe after a 10-day maintenance period. some have thought that it would stay out longer in response to the retaliation of russia's invasion of ukraine. american airlines expects third-quarter revenue to be as much as 12% higher versus third quarter of 2019 despite capacity running 10% or less. american reported earnings matching their rivals. the world's largest alternative asset manager, blackstone, cashed out on big deals this past quarter. that was driven by $29 billion generated in deal sales. mean

that's made wildfires in california, more common and unpredictable. bianca gupta odyssey how many of fiji rugby players have gone on to achieve international stardom? but much of the sand they once trained on has since disappeared because of climate change. shooting wolf has this report by me to jail. well, really, these children listen intently to what the head man, no matter cooler village has to say. jose bought on august, the coolest says he fear is, the next generation won't be able to call this place their home, the hub as being a you for you move to another, say it color, it is going to be a do from lifestyle altogether. maybe when we moved to another said, maybe we want to move with a new culture. so we're going to lose our culture. fiji declare to climate emergency last year with a small village on the islands, coral coast deemed at risk. rising sea levels mean the 600 people who live here may have to relocate inland or to a higher ground, but the community is determined to stay put to protect their homes, ancestral history and culture which has produced an unprecedented num

sanjay gupta has more on getting your work life balance, if there is one?it right. >> i am dr. sanjay gupta. everyone is talking about burnout. maybe this hits home for you personally? the first things first, we are not just talking about occasional stress. burnout expert says, burnout is the chronic nonstop stress without having the ability to fully recover. we all need stress to get out of bed, to do our work. to study for an exam. we also need time to recover. think of it as your body keeping score. if you don't, your brain physically changes. becoming less efficient and able to maintain a positive mood balance. what can you do to reduce burnout kurt? figure out what drains and replenishes your energy. some social activities might actually not help reduce your stress. you need brakes when you're exhausted. make sure you're taking regular breaks while you work. something as simple as a quick walk or stretch. most importantly, remember to have fun. really take the time to do things that give you some joy in life. you can hear much more about how to optimiz

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sanjay gupta with this week's chasing life. >> i am dr.e podcast, social media can help us connect with others. it can also lead to endless problems with mental health. because there is more going on in the brain than you may realize. this is our brain's reward system, it makes you happy, it makes you feel good, many social media apps are designed to continuously activate that circuit got over and over again. if you find yourself constantly thinking about social media you are not using it or you are scrolling more and more just to get to the same level of satisfaction, those can be important warning signs. but there are a number of ways that you can cut back and use these apps in moderation. for example, leave your phone behind when you are enjoying activities. really be in the moment, reduce or reschedule your notifications, you may be able to batch them together so you get fewer paintings throughout the day. if you are on social media, avoid what is called doom scrolling and just engage. it is that engagement allows you to get the most b

. ♪ i am ritika gupta.is bloomberg. ♪ ♪ >> this prime minister who thinks he's the president has caused untold damage. the brexit situation but doing brinksmanship with the eu over northern ireland was huge. it undermines trust, it undermines certainty for investment, it shows how damaging brexit is. jonathan:jonathan: that was adam posen, the peterson institute president. an hour ago, we heard from the british prime minister, boris johnson, prime minister no more. in our future, a new prime minister. we don't know the timeline for this leadership handover, if you want to call it that. the prime minister suggested in the last 45 minutes we will find out next week. tom: he said we will find out next week, we got to get to the weekend. they don't do sunday talk shows in london. how do you get to next week? what are they going to talk about? how do you get to next week? i don't see it. jonathan: we've got to game out for the next prime minister is, when, if we get an election this year, next year, no idea when

sanjay gupta, joins us now. so dr. gupta, there is an antiviral available against monkeypox, vaccine, as well. how effective is it, and how broad a danger do you see monkeypox in this country right now? >> well, i mean, with regard to the second question, it is hard to know because we -- like we've heard with covid for the past couple of years, we still probably don't have enough testing here. when you cite these numbers just under 5,000, those are confirmed cases. there's a lot of people who still probably have not been tested. so this is sort of the nature of trying to keep track of these outbreaks in terms of the overall numbers. a lot of people don't realize that this antiviral t-pox exists, and from what we're hearing, it can be very effective. if you take a look at some of the lesions that are associated with monkeypox, these pox lesions, i saw this in pittsburgh, this is what they look like. what this patient told subcommime is in within three doses of the medication the lesions started to go away. they were in

gupta, thank you for being here. at one level, we've not had the level of tension that we've had in march and april and may in 2020. on the other hand, we have this new strain. and we are a little confused as to what we are supposed to do about it. >> ali, it's great to see you, good evening. it's true. and the fact that really worries me is that three in four adult americans that are eligible for the next booster shot -- number three, that next booster shot -- have decided that they are not going to get it. or in some cases if they are eligible for that fourth shot they are not going to get it. that is concerning in this era of a more transmissible variant. because, ali, come the wintertime, if we are not up to date with our vaccines, those individuals who are high-risk are going to be -- end up in the hospital because, while we focus so much on antibodies, blocking the virus from causing us to test positive, blocking the onset of a sore throat, the really key component here is something called t cells that harbor,

let's get insights from our chief medical correspondent, sanjay gupta.resident, it's the president of the united states, the leader of the free world, a 79-year-old man. he's immediately on paxlovid. i want to read you a memo from the white house physician, dr. kevin o'connor says, this morning, as part of our routine screening program for the president, the -- the covid virus was detected by antigen testing and then confirmed by a pcr test. on questioning, dr. o'connor says the president told him, he's experiencing minor symptoms, mostly runny nose, fatigue, and an occasional dry cough. does that sound normal, if you will, for someone who is double-dose vaccined, double boos boosted? >> yeah, when you look at the overall efficacy or effectiveness of the vaccines, the idea is that it could have turned otherwise more severe symptoms into something more mild, is what you would expect. and it is important to note when exactly his symptoms started. that's going to give you some idea, at least, of how long they're likely to last. >> and one of the things we'v