with that happening, i think we start to see more displacement of hedges. think people have learned that if you are going to do any positioning with hedges, there has to be a catalyst, and we are going to get that with the september fomc and the midterm elections. kriti: we have a massive risk event coming up, the u.s. payrolls. a lot of people thinking maybe we will see signs of a loosening labor market. is this a pivot point where we are starting to see bad news in the economy as good news for stocks? amy: it is funny. if we rewind to this point last week, i think people felt the same way about jackson hole and hoping for that is bad news good news. at least last friday it was just bad news. we get that positioning point again. it is tough to say how these moves are with the air pockets. when you look at the derivatives rocket, people aren't placing any hedges against the payrolls number and i think part of it is because even with the moves you are seeing, investors were not necessarily all that long and didn't benefit from the june rally and it doesn't p

now we have hedge in place, a rolling 12 month hedge, we don't get that benefit or negative, wheneverrice moves. next year we should see a tailwind on raw material, one of the big costs. freight costs are up, we airfreight everything. our products are small and don't weigh a lot. it is manageable. those are the main components, which means on the totality, we are not very affected by the inflationary pressures on the input side. francine: i understand you do hedge with silver. silver prices have come down. they were quite high historically, have you seen that -- how do you see that involving in the next two to three years? >> before the pandemic, it was cruising around $16 an ounce. it was flat as a pancake. then it rushed up to almost $28 an ounce. now it has come down to around 20. during the summer we were down around 17. my forecast for the future on that basis is that it is going to continue to come down versus today's levels. >> i know you're switching to more recycled silver. is this for conscious reasons or price reasons? do consumers like that? >> the reason we have for quite

his life outside the hedge fund world.aising all these tiger cubs who went through a rigorous process over at tiger management to become what they are today. kriti: that's the crucial point you make. he is known for stockpicking. it is ventures into the macro space and did not necessarily pan out. sonali basak, thank you was always for the report. time for first word news. mark: the united states is urging citizens to leave ukraine. officials believe russia is preparing to target civilian and government structures as the war reaches the six month mark. the warning follows a ban by the ukrainian government on celebrations in the capital on the verge of independence from soviet rule. that was due to fears of attack. western leaders warned russia against annexing other parts of crimean territory after crimea amid rumors russia is planning to do so. in videos to the platform conference, the prime minister justin trudeau. >> vladimir putin would launch a full-scale unprovoked invasion of the rest of ukraine. today on the eve of

where the opportunities to hedge these higher prices?estate petra: is a good hedge against inflation. but not always and not in every place. it depends on how supply and demand is. ultimately, the markets, which are heavily undersupplied, or the buildings in a great location, that is where we see growth, and to go back to your original question, residential is a very good hedge in europe, especially in u.k.. tom: some opportunities in terms of hedging for inflation in the property sector in the u.k.. petra, managing director and -- at lasalle. coming up, american business confidence in china comes to record low. is xi jinping's covid zero policy at fault? this is bloomberg. ♪ tom: welcome back to the open. 45 minutes into the european trading day, gains of .7% across these markets. a bit of relief now, futures in the u.s. up the nasdaq up .8% as well. let's get what's happening in china, a new survey suggests america's optimism about the second largest economy has bonds will record low with the covid zero policy now the number one concer

hedge funds had delivered the first half of the year.hat is clearly attractive to the clients who think the turmoil in markets will carry on. francine: how long do you think the market turmoil will carry on? you talked about a number of years. luke: it is more likely it is a matter of years rather than a matter of weeks. it does not mean that we will go down a straight lines in that period, but one of the things that you look through the inflation driven. in history -- inflation driven periods in history, they had never seen inflation. you have to go back to the 1970's and you have to go to earlier periods to get where early inflation to people happened. it is possible that central banks have it in them to do the things it would take to get rid of inflation now. the trouble is it takes a significant recession and i do not see central banks being driven to call. if they don't, then inflation might come down to 3.5% next year. francine: it seems that the central banks had also seen this coming. are we reaching the end of monetary policy an

senate colleagues including some democrats went for chipping out the 15% minimum corporate tax on hedgeds. the argument coming from the arizona chamber of commerce was it would be passed onto small businesses that the these hedge funds own. the strong pushback was the finance committee had fixed that and made sure it would be the lead partners in these hedge funds that would pay out of their own income tax rather than any of the small businesses, that the small businesses were completely protected from that impact. she went forward together with john thune and some republicans and democrats from some states and they did that. they had to crash a fix to come up with the alleged pay fors. >> this political sausage making looks grubby when you see what was held over her head to get her to insist on this carveout. this is the kind of thing that makes voters disgusted with washington and can only conclude there's a lot of donations coming from the private equity sector. yes, it is pretty grubby. the big picture as far as the white house is concerned that they got the bill through. there's a

everything is being dealt a hedge so if you are hedging, you're offsetting that trading to be equityts. there's -- they making that market maker flat. so that activity is actually, the option makers translating that due to the hedging of the stocks. alix: we really appreciate it. s3 head of predictive analytics. crazy time for mean guys. this is bloomberg. ♪ alix: stocks are mixed trying to inch up higher. >> we've moved into the green out of the red, small gains but nonetheless we are looking at these off the lows we had yesterday. we now have s&p 500 up for out of the last five days trying to go back above 4300. the energy indexes higher up 2.1% in line with crude oil. this could be why we have yields down on the day. yields are down, stocks are higher. as for some of the earnings removers -- the earnings movers. cisco up 6.5 percent. more importantly the outlook for the fiscal first quarter, of the current quarter we are in right now looking for revenue growth of two to 4% versus last. investors are cheering that. estee lauder up 2.5%, they also have a solid second half outlook ,

we know the purists and the hedge funds they're steaming mad, put it that way, right?n part because the shorts are doing very well. also in part because retail investors just wouldn't blink. adding insult to injury look at the real big winners. biotech stocks. these are up 48%. most hedge funds don't own these things, hit or miss really. what about the non-profit tech stocks? you know the cathie wood type stocks? up 41%. meanwhile where the big money went they were short big time. then they had the barbell approach on the other side they said you know what? hedge the shorts with large cap value up 10%, s&p up 14%. underperforming everything. now i will say, there was a little bit of caution though so far in the last couple months that hasn't been picked up by a whole lot of folks. utility sector, this is a pretty big move in. fact its biggest moves, you have to go way, way back, maybe four or five decades. there is, or let's say there has not, not been a dull summer, the key now what do we expect for the fall and winter? joining me to discuss laffer tengler ceo cio nan

when you look at microsoft, you saw some hedge funds, the same hedge funds picking up amazon dumping microsoft. d1 capital and maverick. we also cite some -- saw some defensive plays. the mood was recession concerned. berkshire hathaway, not a hedge fund, but picking up a lot of occidental petroleum. very recession preparation mode, picking up a significant chunk of colgate-palmolive. dani: charlie wells breaking down those filings. the corporate news for bhp, the world's biggest miner, posted its biggest ever profit. the producer plans to push ahead with growth options on a stronger demand outlook on china. >> we think china will be a tailwind on growth. we can see positive growth support of policy settings in china as they come out of covid lockdowns. we think over the next six to 12 months, china if anything will provide stimulus to global growth that will offset what we see elsewhere. dani: let's bring in our asia energy team leader. the string of record profits for the mining and metals companies continues. what does the outlook look like for bhp and its peers? david: full of su

exempt from that would be some hedge fund and investment firms.a 1% tax on stock buybacks, which companies use to increase their stock price. what will all that mean in reality? for more i'm joined by michael , graetz professor of tax law at columbia university and co-author of the wolf at the door: the menace of economic insecurity and how to fight it. let's talk about the corporate tax change. here's what we know about it. this 15% minimum tax would be for businesses and can over $1 billion a year on an average over three years. the joint committee on taxation says that will affect about 150 companies and raise well over $200 billion. that's a lot of numbers. how significant do you think this is? >> well, in some sense it is important. it is not earthshaking, this minimum tax raises about the sa amount of money is raising the corporate rate from 21% to 23%. so it is less than many people had heard, although as you know, kyrsten sinema was not prepared to raise the corporate rate at all. the problem here is there are many companies that have very

remembering a titan on wall street and the generation of hedge fund managers that he helped, fast moneyes. (cool guy) $30...that's awesome. (dad) yeah, and it's from the most reliable 5g network in america. (woman) for $30 a line, i'm switching now. (mom) yeah, it's easy and you get $960 when you switch the whole family. (geek) wow... i've got to let my buddies know. (geek friend) we're already here! (vo) the network you want. the price you love. only from verizon. space. the boundary of human achievement. the new frontier. ♪♪ eh. ♪♪ it's not time to escape. it's time to engage. it's time to plant more trees. hoo! ♪♪ time to build more trust. time to make more space for all of us. so while the others look to the metaverse and mars, let's stay here and restore ours. yeah, it's time to blaze our trail. 'cause the new frontier? it ain't rocket science. ♪♪ it's right here. ♪♪ >>> we mark the passing of a legendary figure on wall street, we all knew this guy, to come on the squawk box, hedge fund titan julian robertson, dying at the age of 90, or two decades he that one of the largest funds,

hedge funds looking at separate data from goldman sachs, how they had been ramping up. the highest since the start of the pandemic. that is due to their excepting that if there is weaker growth, you look at mega cap technology stocks. maybe there is signs of that unwinding. if you are looking at how hedge funds are potentially shorting these and the rally we have seen since june, have been served by how conditions have played. that will be a key focus in coming weeks. alix: thanks a lot. really appreciate it. coming up, more of a question of the day. we put the question to catherine avery, next. as we head to break, more fed speakers coming out reaffirming central banks commitment to fighting inflation at any cost. >> we have likely seen over the last four meetings, we have started shrinking our balance sheet. we think there are more rate increases to come. we are committed to returning inflation to our 2% target and whatever it takes to get there. ♪ >> i was not excited to see the stockmarket rally after our last meeting because i know how committed we are all committe

david: nothing can be higher in life than working for hedge funds.ou feel there was a higher calling than working for hedge funds? [laughter] anne: my best friend's father used to call me ill each on society. i took it fondly. [laughter] the reality for me is, i was learning. there was no better education about -- it was like getting a phd. i went to medical meetings every week, i was speaking with experts every day. i knew the health care system so well, but i felt like after 10 years, i was investing in a system that was fundamentally not really a system i wanted to be a part of and, i wanted to do something. if you are going to complain about a problem, you should figure out how to fix it. david:. david: what year did you decide to start 23andme? anne: i started thinking about it a lot in 2005, then it was 2006 that we actually started. david: for people who haven't paid attention to the genome world, in the year 2000, the federal government said two researchers, francis collins working at nih and, crag who had a private company, had basically dis

within a fence colors, we're starting to see this hedge starting to spell out into the, into the field, a billowing out and having a chance to breathe more easily. and overtime, this is gonna be much better for biodiversity much better for nature. when bushes and flowers spread out, the posture becomes a more attractive habitat for insects, which also means more food for birds. nature's resources are finite. global farming needs a large part of the world's fresh water supply and some 40 percent of its land surface area. as millions starve around the world, how can smart farming help us to use resources more efficiently? we need to grow more, but we also need to grow good food, nutritious food, and we need to grow that food without harming the climate. that is, the water level sort of seating the soil start getting a new teacher. so how will be going to grow more good food? one of the most promising approaches to get there is data, data driven agriculture. that is, if you could use data and e, i along with that and coupled with the bombers knowledge about the farm, you have a good shot

for a hedge fund that needs to worry about performance.ever be able to get back in if that happens. i think the big strategist might be a piece today saying too many people are jumping the gun and making a false pipit as though the feds are almost done tightening. that was rigorous work. we have two pieces of terrific from a morgan stanley. they are calling defensive names at a time it does pay to be defensive. we've got texaco in the open the other day. all of the pieces have raised price targets for john deere, emphasizing how what they could be looking at multiple years of success. it also helps with infrastructure. i like these types of pieces because they are not hedge fund calls. there is no hurry. you can use this to build positions as long as you recognize that the fed isn't finished hitting the brakes on the economy. you need to be more defensive going forward. there is nothing wrong with using these research reports but you need to be able to distinguish between the hedge funds and the long term called that work for everything. i

i'm overweight energy as a hedge. energy is up 7% in the last five days everything down -- hold on everything is -- >> you're taking investor -- 8.2% in oil on as a hedge. double the s&p >> do you know how everyone is talking about the 200 day moving average? guess what oil did this morning at 11:00 oil went up to the 200 day moving average at 95.33 and failed look at where oil is right now 92.91. guess what the s&p and nasdaq has done it has rallied oil is the indicator >> let me ask you guys since we got talking about talk, whether salesforce, snowflake, et cetera, we started by saying that we're caught in in between here ahead of powell on friday, farmer jim, is technology the place that you really have to watch over the next couple days, the most critical area, the most susceptible, if you will to a more hawkish powell 1350e67? >> i speech? >> i think it is 25% of the s&p 500. so you have to pay attention to it they are such a big part of the market and also the perception that technology is long duration stocks i

we are looking for hedges, merck, we think health care is a great hedge. pessimistic of the market, merck we think is the best-of-breed when it comes to health care. paypal, aday. if you asked me what my favorite stock today, put to work adyey. cash king, digit call payments out of europe. some customers are the biggest names, facebook, microsoft. that is a name we feel very strongly with. like the levels and we put money to work. charles: man, you have been so spot on. really everyone is saying this kid david is on the money. i like you made a bold move. you're sharing it with us. we're in it together. david, we'll be watching appreciate it so much. >> thank you, brother. charles: my take away on the true cost of the green utopia and really be careful what you wish for. ♪. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco

i said that energy in my portfolio is a hedge it's a hedge against everything going wrong.o, if you think about the month of august, i was happy to have energy in my portfolio because energy was the one sector that was higher i think fundamentally everything points towards higher prices for energy but the real reason it's in the portfolio because it's hedging against if something goes wrong. i don't think energy and technology are going to work in concert in my portfolio at the same time. i think august was indicative of that when energy equities were really the only sector that will hire. >> that's exactly where i was going. shannon, you own eog and voe la valero. >> sure. don't own enough energy for sure, scott. i don't disagree with joe and a pretty hefty technology exposure in our portfolio we're lighter here in energy this is an area that if you have a very constructive view, to joe's point, you can get overweight to the benchmark. i personally would love to see oil come down from a consumer perspective. i do think over time, though, for the next several years, we will

hedge funds gorge on big tech.s far as the goldman sachs narrative, they are using the and -- the mliv function. did you hedge risk taking it as an opportunity to trim back? fabiana: we started the summer of love, as you describe it in a position of equities and were much more focused from about a week ago the strategies started to take some profit from the position it leads to a more neutral standpoint and i think that markets will probably retrace what we are seeing in june and july this from what we witnessed in the last few weeks or so and we need to taper off. i don't see much more of that in terms of a neutral position. that is regarding a trend to come. manus: say you're seeing some outperformance automotive basis to the u.s.. orders that stand for you. i ask everyone how they are living without china. does that stand on its own? fabiana: if we look at the markets, they have shown [indiscernible] it is in india, brazil, the s&p 500. the commodity overall asset class. these art with markets that have alr

i actually was playing not a a tree, but a hedge. [ laughter ] >> jimmy: wow.o go out on that incredible stage but dressed as a hedge. so no one was seeing me, but i was seeing them through the leaves >> jimmy: at the met opera >> at the met opera. >> jimmy: i was thinking this was like a childhood, if you're going back to that, but you actually made it -- that's big time >> i was a grown man when i was doing it [ laughter ] i know it sounds childlike but -- >> jimmy: wow. did the hedge move >> yes, i was one of six [ light laughter ] and we were -- i think it was "cosi fan tutti," or something like that. something that had a garden scene, obviuously. and we were choreographed, and we had to sway to the music. [ cheers and applause >> jimmy: congratualtions. i didn't even know -- i did not know that, i just assumed every actor plays a tree >> it's not on my resume >> jimmy: yeah, yeah here you go from there to emmy nominee. man, you crushed it with "the white lotus," crushed it [ cheers and applause that was honestly -- i could not wait -- every time you were o

one of the things though, dom, that i want to point out that i find telling in the hedge fund reportsu don't see any of these hedge funds loading up on utilities or consumer staples, and, i mean, real consumer staples like a kimberly clark. you don't see them hunkering down for some huge recession that they see in the offing that to mesa pretty positive sign yes, i understand that large-cap tech faang is looked at as today's defensives, but if you really thought were you going into a recession, if these hedge funds thought this, they would be in utility and staples, that's not what we're seeing. >> josh, what do you think, this idea that you don't see a lot of these funds wholesale going into the straight-up defensive plays? utilities may not have been the play in the past but consumer staples have been at points in history when you're trying to avoid a recession. is there anything that you're seeing that makes you think it's a defensive tilt in any way, shape or snowstorm. >> i think what large hedge funds get defensive they are not going lung utilities, they are shorting stuff or pu

go higher h than people expect, we also profit, and that's kind of a hedge against the hedge.ickly, inflation's going to become very persistent and affect how people think about, you know, long-term interest rates. i think we're headed toward a period of persistently higher rates. you know, i mentioned in one of my tweet, one of our companies, i had a board meeting recently, and the accounting firm which will remain nameless upped their rates year on year, this is for a global business, 6%. and i've never seen actually seen this in my years of serving on boards of directors. it deserve described as due to inflation. wage and otherwise. so if you think about accounting firms, contractually building in 5% for inflation, another 1% for scope and agreement and assignment, that's certainly going to persist for year of contract. but you've seen this in wage agreements, in union agreements. chipotle seeing a price they have to pay for their workers. so we think the wage inflation spiral is under way. and we think you couldn't have it more in the mind of every consumer in america, of

those calls, how do you hedge that? go buy and you're caught it's a brilliant strategy. it's clear this is well orchestrated check the wall street bets -- okay not a fan of mine but lot of people are not fans of mine, doesn't bother me -- >> they're not a fan of fundamental analysis >> why has the company issued -- >> put out 20 -- they should issue 20 million shares. it would make it so their credit line, i would feel better about it, give time to sell, buy buy baby, which was the plan remember they did -- >> excellent store. >> the way you want to look at this it's jc penney they tried to do a major change. the public didn't eat it they had to do it because the thing was falling. while at the same time buying back a ton of stock. that was ill-advised now, they should call a board meeting and issue stock, which would then, of course, unfortunately, the short squeeze and the wall street bets would blame me as if she's my puppet not true. >> what gamestop did and amc did. took advantage of the situation. the fact that we

and certainly in areas that have short-term leases that can provide that hedge. then on the private equity side, mark downs are expected. that is the nature of the way that private equity works, the lag between public and private markets. sometimes they are slowlier on the way up than they would be slower on the way down. that said in talking to our private equity managers across the industry, there is an increased focus on the strengths of what they are investing in and categories and cash flows. so given where we are today to continue to generate return. there is a lot of volatility on the market and risk on the down side but we are focused on the long-term, not on the short-term and putting together a portfolio that will take advantage of these opportunities in totality and within each class. >> unless there are any questions on the market overview, i can go into the total asset value and the deals we have approved in closed session that have since closed. >> any questions? comments? >> i have one question, but it goes to the performance numbers and the curren

what is a new twitter investment by a top hedge fund manager say about market sentiment on musk's odds of winning in court? charlie gasparino is getting in the chair and will break that story next, 14 minutes before the closing bell rings. dow is down 35 points and we have s&p in the red by 12 points and nasdaq lower by 26. russell tiny little gain. we're coming right back. psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist elizabeth: we need to punch up twitter shares. this is the not they're moving in a dramatic fashion. they're down about 1

they are also inspiring some hedge fund positioning as well. the pressure that we saw and different moves in bonds. the ftse 100 is down 0.2% and we continue to watch fx as well. the sterling that came through yesterday on the back of king dollar. over in spain, losses of 28 points and that energy picture as well. we saw that in germany. 700 euros per megawatt hour. the most levels ever in germany compared to 45 euros per megawatt hour last year. u.s. futures building on the downside of yesterday. euro-dollar again below parity and we saw that level yesterday. the u.s. 10 year currently at 2.99. it is currently just off by one basis point. brent back on focus after those comments from saudi. currently up 0.7%. we watch what is happening abroad as well. the u.s. saying there is some movement in conversations with officials in tehran. francine: this is what i am looking at for the sectors on the move. i love this bloomberg function. you can type it on your bloomberg terminal and energy is the only one seeing gains on the back of what we heard fro

fund -- it's all hedge fund talk. yesterday there was a downgrade of ups because it was 850 basis points better than the s&p that's just hedge fund talk. i don't want to be involved in that dialogue. i think there's opportunity everywhere and that you should be buying stocks into the weakness >> now you're referring to some of the cftc data we got that hedge funds are putting on some shorts in advance of jackson home >> they're not up for the year >> hedge funds have been horrible throughout, most of them >> yes, and they're horrible again. >> they were caught on the wrong side during this rally, short a lot of those names that we saw skyrocket as a result of course of short covering. a lot of them took their nets down, meaning their overall exposure, way down to very high cash levels as a result and therefore did not benefit from the rally. and by the way, we're not looking good prior to that those that have private investments, we know have had to mark them down significantly if they've chosen to do so. >> except fo

andrew: e qt hedged most of their production which means it will not benefit much but next year the hedges rolloff. earnings are higher. carleton: the fed fights to bring down inflation, david kelly, what to expect for the rest of the year next. carleton: fed officials met to discuss the state of the economy. jerome powell predicted more pain for households and businesses until inflation is brought down. what does that mean for the economy? jpmorgan strategist david kelly, we are thrilled to have you in the studio, thank you for joining us. got to talk about what happened friday. in the span of 10 minutes the market tanked. what are investors making of the fed's more hawkish stance? >> jerome powell's speech is what we expected it to be, he wants to sound tough on inflation. he will bring inflation down. that's what the speech was about. don't think it changed the odds in terms of september but broadly speaking they are saying they want to fight inflation and that's the market reaction. carleton: what will happen in terms of the rate hike, 50, 75 basis points? >> it's a close call. sounds

it's a great way for them to hedge, but you have to watch it and it's a great way to get hedging instruments. and the market is volatile and the market they represent are great opportunities to pick them up off the bottom. or if you are not happy about them, on the you can apply the short side without margeins in when you talk about hedging, you are not talking about using the leverage products, because the leverage products you wouldn't -- you really shouldn't hold them for more than a day. am i right. >> no you shouldn't. you are right. so you were talking about chips and earnings and things like that. so, if these products like they represent in v dia if you feelers are going south, go in for a given day, and on the access invidia bear 1.25 to the negative, you can get that leverage to the down side and in short by using ultimately a long deal. >> tom, these trading vehicles to mel's question or are they vehicles for professionals that are you know, they can funds trying to get that leverage, because it sounds like for the average every day investor, these could be dangerous for lack of a

hedge funds are betting against them big time and losing big time. they are champing at the bit at open. as you can see they are rocking. should you be chasing? democrats are making a 80 billion-dollar wager a bigger irs will be a better irs. tweet me @cvpayne. what are odds monster of an irs will only go after rich folks? don luskin at 2:35 to sound off on that. appears janet yellen is gaining more power how to tell businesses to pay taxes. another worry that big government is out of control. all that and so much more on "making money". ♪. charles: you know, to me the most impressive rallies are the moves that go against the grain, right? that ignore the experts, that rip up the script. these are moves that engender deep disdain on wall street, which makes them more delicious. making the current move right now more complicated is the debate oaf recession. nobody watching needs an economist to tell them whether or not their own circumstances are bad or not but as far as an official call, i don't know, maybe it is too early. i don't know the mber stuf

nancy davis runs a firm of interest-rate volatility and inflation hedge eat yet.ancy, welcome back to the show, welcome back to the judeo. we had a chance to chat in the green room, so it's not necessarily a privet, what sort of the notion that the feds could ease off of full hawk a little earlier than what we think? >> exactly. the fed has been so hawkish, and so they moved the rate hike expectations. so right now, with only four months left to '22, we have 122 basis points priced in. the fed has to hike 122 basis points just to meet expectation. if they hike 75 or 50 and then another 25, that would actually be perceived as less than what's priced in right now. >> what you make of the extreme -- maybe extreme is too extreme of a word -- the elevated interest-rate volatility. interest-rate volatility has been high, and i'm wondering, you know, and past periods, have you seen this? what is the sort of forecast? >> i can make sense, because we have wanted to. just starting tomorrow, we will be up to september already, and the fed is going to be doubling their caps a

bloomberg news had more out today about the hedge fund space. the question now is as that expectation for pal to come out and say they are going to raise interest rates, has that already been priced into the equity market or are the next few days going to see some volatility down ahead? >> with his most recent rally, we saw the meme money chasing moments. is that seeing a reversal? >> to no one's surprise as the benchmark equity indices have come off, the speculative areas of the market have come down. i'm looking at bed, bath & beyond after that. an incredible rally that the company had. it was not just bed, bath & beyond, it was stock. we are definitely seeing those sensitive areas of the market start to come off. the traders have been shorting those funds and making a lot of money. there is the goldman sachs basket shorting the market. when shorted stocks fall, short-sellers make money. >> we have seen the bond space surpassing that 3% level but we have what is happening in china with the economic uncertainties as well. how is this all playin