them versus the dhs ig. they're now lashing out at the ig and accusing him of obstruction. this all goes back to the ig's alleged failure to notify congress for what they say is 14 months after the secret service had wiped its phones of all those text messages surrounding january 6th. secret service had said it was part of a phone replacement program. so after this was finally revealed, they say too late to thompson and maloney, they demanded that the ig reconuse himself from any investigation. now they're saying he's not cooperating with them in the past several weeks. they sent this letter, they say in response to the committee's requests, you have refused to produce responsive documents and blocked employees in your office from appearing for transcribed interviews. your obstruction of the committee's investigations is unacceptable and your justifications for this noncompliance appear to reflect a fundamental misunderstanding of congress's authority and your duties as an inspector general. so this is a long letter, eight pages, it does reveal that the ig here wrote these

and now they're cuesiaccusing the ig of obstruction. is this goes back to the claim that the ig failed to notify congress that these texts were gone from the secret service from that period around january 6th. right after that, thompson and maloney demanded he recuse himself from any investigation into the secret service. now they're taking it a step further, saying he really hasn't cooperated with them in the past several weeks so they're writing this in the letter they just sent today. they're saying, in response to the committee's requests, you have refused to produce responsive documents and blocked employees in your office from appearing for transcribed interviews. your obstruction of the committee's investigations is unacceptable, and your justifications for this noncompliance appear to reflect a fundamental misunderstanding of congress's authority and your duties as an inspector general. and we learned today, actually, in this letter, that the ig wrote maloney and thompson on august 8th and he explained his perspective, saying th

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so we have reached out to the ig's office. no response just yet. part of this escalating feud and back and forth between these two committees, january 6th and oversight, and the potentially embattled ig here. john? >> embattled to say the least. appreciate the latest there. thanks so much. let's move on to the white house and right now president biden heading back to the nation's capitol for historic pit stop. he will sign a sweeping health, tax, and climate bill into law this afternoon. what democrats call the inflation reduction act cleared congress last week on two party-line votes. the measure includes something democrats have wanted to do for years, allowing medicare to negotiate prices for prescription drugs and it includes billions in new climate investments. let's get to mj lee at the white house. a celebration for the president. >> reporter: absolutely. this is going to be a huge moment for this white house and this president after months and months of negotiations, including some periods when people thought that this bill was dead altoget

it was making any ig findings in 2020 in the rapid portal borrowers were allowed to switch their bank accounts. that is a red flag for any financial service company. it is not something that is necessary for speed and we restored preventing that from happening. you see that actually in the comments regarding the disbursements going over to treasure and some of the challenges with banks flagging suspicious activity. in addition, we restored the rule of two and manual refuse for all false, for all fraud flags related to individual loan files. this is particularly important because the ig referenced in the covid eidl program that was both filings where despite having fraud flags on those particular loan applications, they were waved through in 2020. with specific to the ppp program and the challenges that were highlighted in 2020 there, specifically the secretary of the treasure at the time required sba to process each and authorizations in real time for any bank or financial service company or payments company that is near impossible. there is three core accounting systems of planet ear

it was making any ig findings in 2020 in the rapid portal borrowers were allowed to switch their bank accounts. that is a red flag for any financial service company. it is not something that is necessary for speed and we restored preventing that from happening. you see that actually in the comments regarding the disbursements going over to treasure and some of the challenges with banks flagging suspicious activity. in addition, we restored the rule of two and manual refuse for all false, for all fraud flags related to individual loan files. this is particularly important because the ig referenced in the covid eidl program that was both filings where despite having fraud flags on those particular loan applications, they were waved through in 2020. with specific to the ppp program and the challenges that were highlighted in 2020 there, specifically the secretary of the treasure at the time required sba to process each and authorizations in real time for any bank or financial service company or payments company that is near impossible. there is three core accounting systems of planet ear

i am seeing ig and the distressed people, how they interpret full faith and credit, how do you attributehe price declines, the giant, historic air market of corporate paper, and a little bit of a rally recently, how do you interpret the losses we have seen in the ig market? what does that signal to you? priya: i think most of it is an interest-rate story. inherent interest rates risk bonds. it is not as much the default risk. default risk is only just started to get repriced higher. it is the fact that interest rates have risen, and funds have seen outflows, so it is a supply-demand issue for ig corporate that has resulted in those higher rates, or lower prices, as you talk about. i don't think recession is being priced in. if growth starts to falter, which is our call, and we start heading into a recession and we see the fed not responding because they are worried about inflation, i think that is when default risk starts to price. for me to be positive on credit here, even though the interest rates -- we talked about, the 10 year is probably fair around 3%. but that default risk premium

that was another roadblock that the ig investigators were running into and they did not tell congress what is not clear is why these detailed descriptions of all of these roadblocks were not included in the final report that he sent to congress and the timing is so significant, wolf, because the situation was approved in april and the report went out in june and a month later he had a dramatic about face and raised these very issues to congresses and question was what precipitated his decision to go to congress in the end. in a statement to cnn a spokesperson for the secret service said the agency is cooperating fully with all inquiries into the events that occurred on january 6th. the dhs inspector general did not respond to requests, wolf. >> excellent reporting opinion thank you very, very much. >> presidential historian doris kerns joins me life and will discuss the unprecedented search of donald trump's mar-a-lago estate. estate. that's next. versus 16 grgrams in ensure high protein. boost® high protein also has key nutrients for immune support. boost® high protein. my mental hea

tom: you saw it in your space, yesterday the ig of ig was apple, and the 40 year piece was ruined, 150 basis points over treasury, and they got much, much more attractive terms on that, down to 118 basis points. what does it say about quality and the fixed income space? lisa: some people have said this could be a peak if they are trying to get in and borrow money at this point. what i will say is that you are starting to see the market revived in force. companies borrowing after the rallies we saw in july. how much is it trying to get in while the getting is good? tom: listed data and then i want you to bring in mark wilson. jonathan: equities down 6/10 on the s&p and nasdaq. you see it in the bond market, yields lower by a couple of basis points. a stronger japanese yen. joining us now is mike wilson, the chief u.s. equity strategist over at morgan stanley. over the weekend, you used the word dream. why is that dream misplaced? >> i don't know exactly if it is dreaming, but the phrase we used was really just trying to imply that we have this window of opportunity for equity investors,

so one of the big projects we've been working on with igs is around optimising basil growth. love basil for that kind of italian pizza flavour. so we're looking at how can you actually control different wavelengths of light to make basil taste even better and have the tastiest basil you've ever had? you can actually look at those characteristics and say these particular signals will look like a basil that will taste and smell really strong. so which one do you think will taste the best, and should we try it? i think this guy is looking pretty good up here. yeah? right, let's give it a go. have you had enough, basil? we've eaten a fair amount of basil, yeah. i'm going to give it a try. it's very flavourful. in many ways, though, this tech isn't that new. there's a lot of technology can do something fairly similar, - but it takes a lot of that technology and it's not i very cost—effective. so the beauty of this particular i sensor is that it can really help us drive down the cost of the overall sensor loads, focus _ in on the important aspects, but in a very controlled, - very

the ig has been scrutinized for failing to notify congress about missing texts from the secret serviceome house democrats are accusing him also of secretly abandoning efforts to get the texts more than a year ago. cnn law enforcement correspondent whitney wild is breaking the details. get us up to date. >> reporter: well this comes after cnn reported just how long investigators at the department of homeland security inspector general office knew that they were lost to a data migration. cnn reported that office knew in may. the house over sight committee chairman want more answers after that cnn report and today they are reiterating they're call for the inspector general joseph cuffari to step aside. here is a quote. we're writing with great new concerns over your lack of transparency and independence and they say the committees have obtained new evidence that your office may have secretly abandoned efforts to collect text messages from the secret service more than a year ago. these documents also indicate that your office may have taken steps to cover up the extent of missing records r

as ig is starting back emmanuel mosle. emmanuel mosley. the seventh your pro is competing with rookie -- at the safety net. considering his local ties, earning a secures spot on the 20's roster is a dream come true. >> was born in santa clara which clara which is kind of mind blo. mind blowing. that i grew up in modesto which is like an hour and a half away and i went from preschool to high school there but i was always a 49er fan. >> let's get to our top five plays of the weekend. best or worst depending on how you see them. roll the tape. let's get to it. number 5, premier league, league, soccer, look at the pressure from american brendan n brendan aronson. you snooze, you you lose. that will get you fired up. it takes it away and . and scores. number 4, giants and and rockies yesterday. routine chopper to third. ryan mcmahon can't handle but look at this, straight to the wickets. number three back, hockey is as good as as it gets on the ice. team canada's mason mctavish an incredible stick save that shot would've won the game and he sla

look on the ig market, cash on balance sheets has never been higher. that will help.e wouldn't expect a default cycle similar to the last several cycles. it would not shock me if you got a 7% peak, which is quite different than the past. there will be great opportunity in credit, private and public market. just not today. maybe three months, six months, nine months. you always get the baby thrown out with the bathwater. you always get people who expect the worst. we haven't had capitulation yet. everyone is asking whether, when are we going to buy? that is not capitulation. capitulation is not when you ask. capitulation is when you hide under your desk and refuse to buy anything. whenever we have that moment, that will create an opportunity because it will not be that bad for all the reasons you mentioned. lisa: if people are not hiding, there are people raising money. are they doing so opportunistically or because they don't have other options? kristina: a mix. issuers that have a nine-month funding need on the horizon have been waiting for pockets of opportunity, li

are there multiple investigations going on even before potentially an ig might be appointed?the inspector general is investigating the missing secret service text. now we know there are issues with the inspector general and congress is calling on him to be removed and the merrick garland attorney general to take over. he is saying he has been compromised, that he hit evidence and did not investigate the problem for months at a time and did not relay the concerns to congress in a timely fashion. it is getting very complex. in the most simple version we know the secret service, homeland security officials and the department of defense officials all had text messages go missing. that is very concerning to the january 6th committee. >> so much has come out of this. i don't think lately we've heard much about the civil investigation, but now we know that ivanka trump and don jr. testified, although we do not know what they said nbc news has confirmed they do not plead the fifth. where is that investigation going? what does this new development potentially tell us? >> i think what

oakland ig the $50 million fund to support 30,000 oakland children from low low income families through ther 2035. it provide $500 savings accounts for babies that grow or time. it includes $1000 yearly scholarships for students pursuing a college degree or trade certificate. >> this will help our nation by example to do what we must do to to close the wealth gap in our country, the education gap in our country and opportunity gap that still exists in far too many communities. >> the goal is to make college more accessible for oakland's most underserved students. > >> let's take a look at our u.s. u.s. stocks. dow up in the green green 345 points on this fridaye democrats are expected to pass a a sweeping package to fight climate change, raise taxes on large companies. inflation reduction act could be passed this afternoon and comes as inflation rages near the highest the highest level in four decades. it includes the largesr single invest to the battle clie change $370 billion. >> we've never done anything like this before. we know this is totally needed in a way that we will not solve

in each of us, and that it is univ, and that there is no difference, no difference, but the spirit ig us to be humane towards one another so that we can have a conversation about our differen, but our similarities, so we can greet the light and the hope of god in us. we can stop warring against one another. especially in the african american communities. we need to see thet of god. and the presence of the holy spirit moving in each and e so we can stop doing harm a ourselves. >> >> very good. thank you. >> the spirit is about both truh and reconciliation. and we have to start with the truth. the spitspirus of really harsh and awful realities, the racial disparities that continue to exist in our communities. dispas of opportunity and education, ultimately disparities of hope and the spirit starts first by g us of these. and then moves us forward to reconciliation and hope, but boy, there's no justice without some truth. >> exactly. >> and we have to start with th. and one of the things we see ine scriptures that the spirit somes convicts and says this is not r. and this is not right at

. >> >> as max darrow explains, it ig more than 100 bay area schools. >> reporter: families here just learned the district's food sere the district's food service vendor has to temporarily stop serving meals because of extremn capacity issues. we have just learned that the problem isn't y for this school district. is affecting school districts across the bay area. whether foe area. whether for convenience -- -- >> we try to do five days a week. >> a lot of parents depend on school lunches. >> reporter: many families opt for school-provided meals. a major mill provider id provider is overwhelmed and will will suspend service for the time being. >> i was kind of surprised. it't the beginning of the school yea. of the school year. >> reporter: the company is cald the company is called the lunchmaster. the spokesperson says the move is because of increased demand and supply chan demand and supply chain issues. the plan is to temporarily suspend delivery at all 120 schs it serves from august 25th to sr 5th. this will allow us to rio were nice our workflow, says a spokesperson. we will be r

. > >> moving on, a federal judge ig the green light for the bay area's largest homeless encampment to be cleared. judge william orrick is dissolving the the temporary restraining order he issued in july against caltrans. that order asked for a for a plan to shelter residents. . the city of oakland submitted that plan last night, proposingg at the location about 50 people at a time. about 300 people in r in their. caltrans says it poses poses major safety risks after nearly 60 fires this year alone, caltrans can start clearing people out a week from monday. then, other local agencies can remove the remaining campers a w weeks later. > >> let's get a check on our friday forecast with first alert alert meteorologist darren peck. >> we are looking at they cloudy they cloudy golden gate bridge. we have had quite the show this morning with the marine layer. it is still hanging on here. for for most of us, we are already seeing blue sky. that is the scene from the top of mount dia. mount diablo. another vantage point from the top of salesforc. salesforce tower. we are seeing a lot more blue

the new policy will take effect in silicon valley and spread to heces glal lookinminor at ig. last week ai were down 27% on average since may. now, we are glad to tell you they have dropped even furt. ev anne makovec talked to senior travel advisors advisors about the falling prices. >> it is wnanotr 10% and it it will go down another 10% next next week. it will drop 47% over over the period of a month during the fourth quarter. this this is across the board on domestic and international tickets. >> reporter: let's start with domestic airlines. they are still canceling some flights, especially smaller markets. how does that affect things? >> in a big way. today alone, american airlines announced a 31% cut in its november schedule schedule one. letter small communities are getting less air air service or losing it entirely. what are the airlines doing? their doubling and tripling down on long-haul international routes. from seattle to cape town or from los los angeles to tahiti. the big double down airline is united. they have become the largest transatlantic carrier in the wor

is ig to happen? >> i get there. >> my advice to parents is, it's it's okay. let them take their .ext, breathtaking imagesf jupiter. scientists say they never expected to see this. wants some are calling an intergalactic photo bomb. ♪♪ ♪♪ ♪♪ ♪♪ >> out of this world pictures of jupiter. >> a science test from uc berkey uc berkeley is working on these. these. these are the latest pictures from the telescope. the the composite images put giant storms on display. nasa says you you can also see bank rain and r of galax s here at city of refuge, we house up to 26 families. we reduce homelessness, address mental health, provide spaces for addiction to be broken, create spaces of healing and restoration. for the first time ever, prop 27 will provide permanent funding for organizations like ours. saying yes to prop 27 means more people get the assistance that they nee they get someone to partner in such a way to see transformation come to them. yes on prop 27, because there's no place like home. to see transformation come to them. captioning sponsored by cbs >> o'donnell: tonight, the new d

this ig to compass. san francisco count, just over $1.8 million. the median price in san mateo counts exactly 1.8. in marin, $1.5 million. > >> the fans have been facing tough criticism to the slow response to the monkeypox outbreak. almost 600 cases in the city of san francisco. and mecca because honoring a virtuan hall meeting. >> reporter: let's start with good news. things are better when it comes to supplies of the the monkeypox vaccine, but there there is still a lot of frustran a lot of frustration that has been made painfully obviously during this telephone town hall. a doctor with aids foundation just said they have a waiting list right now of almost 12,000e of almost 12,000 people wanting to get the vaccine. there are sl some available at sf general. as as pelosi just said, it comes down to medication. >> i believe that each of us has has a responsibility for the ou. this has been a challenge. everything we have ever done, no no matter how good it is, that e cannot avail themselves of it. it is a problem for us. that's y for us. that's wh

joining us live with the answer to that is the uc berkeley igs director. thank you for your time. this is interesting. a whopping 61% of californians do not want president biden to seek reelection. that is in true blue california where democrats outnumber republican to the one. it can't just be a longer party lines. you break it down for us? >> obviously republicans overwhelmingly oppose biden running for reelection. what is interesting is looking at the democratic party they are evenly split. even no party preference voters who are eligible to vote in the democratic presidential primary, they are opposed to the president running. even though it is quite unusual for an incumbent president not to run, given biden's hi think that might be factoring into a number of voters opinions. kristen: does your survey ask why is it job performance, what is it that they cite? >> i don't think so. the economic times usually govern quite a bit when it comes there were the reelection of the president, economic hard times that is often the case of the presidents job reading suffer. in california, b

. >> >> as max darrow explains, it ig more than 100 bay area schools. >> reporter: families here just sere the district's food service vendor has to temporarily stop serving meals because of extremn capacity issues. we have just learned that the problem isn't y for this school district. is affecting school districts across the bay area. whether foe area. whether for convenience -- -- >> we try to do five days a week. >> a lot of parents depend on school lunches. >> reporter: many families opt for school-provided meals. a major mill provider id provider is overwhelmed and will will suspend service for the time being. >> i was kind of surprised. it't the beginning of the school yea. of the school year. >> reporter: the company is cald the company is called the lunchmaster. e

. > >> let's take a live look at san francisco's city hall, where the district attorney's race ig is heating up tonight. two new candidates. >> reporter: this race is really starting to take shape, and it could boil down to some very important issues -- the approah the approach to crime and safety in the city. on thursday after, thursday afternoon, two more pee more people threw their hat into the ring, former san francisco police commissioner john hamasaki has criticized jenkinh jenkins approach to crack down on drugs in the city. hamasaki had a contentious relationship with sfpd and fashions himself a progressive who's all in on criminal justice reform. joe is a civil rights attorney, former police and fire commissioner, and former police officer who insists he brings the right experience to the table. >> this is actually getting down and doing the work and holding the system accountable on both sides, on the criminal justice side and the safe city side. im side. i'm confident i can do iti do it. i can make people feel safe again in 60 days in san francisco. at the same time we can

so one of the big projects we've been working on with igs is around optimising basil growth. love basil for that kind of italian pizza flavour. so we're looking at how can you actually control different wavelengths of light to make basil taste even better and have the tastiest basil you've ever had? you can actually look at those characteristics and say these particular signals will look like a basil that will taste and smell really strong. so which one do you think will taste the best, and should we try it? i think this guy is looking pretty good up here. yeah? right, let's give it a go. have you had enough, basil? we've eaten a fair amount of basil, yeah. i'm going to give it a try. it's very flavourful. yeah. this one up here has had a lot of fire red light. and that's caused it to be very leggy, it'll probably be very watery. whereas this one down here, you can see there's a much richer colour. and that's with a very different lighting recipe. and hopefully you should be able to taste the difference. yeah, we can see the difference. let me see if i can taste it. instantly

too keen on president joe biden seeking a second term or a second donald trump presidency a berkeley igspoll found that 61% of registered voters opposed biden running again. republicans overwhelmingly oppose it democrats are evenly split at 46% now trump does not far better 71% overall oppose of presidential run as far as who else should run governor gavin newsom leads a field of potential alternative candidates followed by vermont senator bernie sanders vice president, kamala harris comes out third. all right. now, let's check on our weather because the weekend has arrived. yeah, i think something can all agree on summers. not over sandia. that's right. not over at all. amma and dion we're talking about triple digits inland tomorrow for our hotspots. i want to show you some live views right now. here's why not. everyone's going to have to deal th the h the golden gate bridge and sutro tower you can see fog in both of those shots that along with the sea breeze will keep the temperatures in the comfort zone right near the coast, but we will definitely feel the heat like we are right now i

aren't too keen on president biden seeking a second term or a second donald trump presidency a berkeley igs poll found 61% of registered voters opposed by the running again, republicans overwhelmingly oppose. it democrats are evenly split at 46% trump doesn't fare better 71% overall oppose a presidential run as far as who else should run governor newsom leads a field of potential alternative candidates followed by vermont senator bernie sanders. vice president. kamala harris is third. this is a story you will see here only on abc 7 news biotech corporation. genentech is celebrating the grand opening of its 250 million dollar lab facility in south san francisco the new facility guarantees to develop medicine at a faster rate and make smaller batches of drugs according to demand. it's modular design allows multiple drugs to be made simultaneously while using less water and energy compared to other biotech labs. where we're making medicines for clinical trials that are targeted to an individual patient's needs and that allows us to make just the right medicine for the patient when they need it

our state ig our state is reporting more than than 2600 cases of the virus. the cdc is sharing details on ae of surprising cases. one involvs two roommates getting the virus without any close contact. reses any close contact. researchers are looking at how the phone needed to be swabbed for infection. this is important. the cdc says more research is needed to really figure out the degree of transmission in the c. that said, this is new video from the monkeypox vaccine clinc the monkeypox vaccine clinic in san jose. santa clara county is using the fda approved intraderl the fda approved intradermal vaccine method. what is it? it allows for vaccinating up to five times more people. >> that study showed that the immune response was just as strong, this new adn , this new administration method. the scientific behind that is that the skin itself has has a lot of immune cells. the skin is well prepared to createn immune response to the substance substance in the vaccine. >> the walk in monkeypox vaccine vaccine clinic at san franciscol stayed open until 4:00 p.m. i

aren't too keen on president biden seeking a second term or a second donald trump presidency a berkeley igsoll found 61% of registered voters opposed by the running again, republicans overwhelmingly oppose. it democrats are evenly split at 46% trump doesn't fare better 71% overall oppose a presidential run as far as who else should run governor newsom leads a field of potential alternative candidates followed by vermont senator bernie sanders. vice president. kamala harris is third. this is a story you will see here only on abc 7 news biotech corporation. genentech is celebrating the grand opening of its 250 million dollar lab facility in south san francisco the new facility guarantees to develop medicine at a faster rate and make smaller batches of drugs according to demand. it's modular design allows multiple drugs to be made simultaneously while using less water and energy compared to other biotech labs. where we're making medicines for clinical trials that are targeted to an individual patient's needs and that allows us to make just the right medicine for the patient when they need it.

tom: lisa, with a bond volatility, we are talking about what have we seen in ig and high-yield? lisa: one thing that is fascinating, companies have enjoyed the rally, have been selling bonds at the fastest pace that anyone would have expected. investment great have already sold all of the bonds for the entire month of august in two days. is that how people feel based on this put back from fed officials? we have more work to do. we are nowhere close to where we need to be to fight inflation. tom: i want to get back to the general gloom that is out there. caution into a jobs report. do we presume job report will be negative? jonathan: we are looking for a number of 250k. the question is will we see the weakness spill out into other places of the market when the consumer is struggling with high prices? energy has come down over the last few months. gasoline has declined every day since june. we need help, but we are not getting it from opec. agreeing on a small increase in september oil production, just 100,000 barrels a day. this after a meeting between the president of the united

. > >> how a winemaker in ukraine ig to stay in business. > californians have a choice between two initiativesllions every year to permanently fund getting people off the streets a prop 26? not a dime to solve homelessness prop 27 has strong protections to prevent minors from betting. prop 26? no protections for minors. prop 27 helps every tribe, including disadvantaged tribes. prop 26? nothing for disadvantaged tribes vote yes on 27. get bacon, sausage, gs, vote yes on 27. hashbrowns andtees f$6 give youwall a break and send it on a summer slamcation. the hottest deals are at denny's, america's value destination. with an invisalign smile, everything clicks. and that class reunion becomes... are at denny's, is that anna?! invis is the #1 doctor recommended clear aligner and more predictable results. invisalign >> live from the cbs bay studios, this is kpix5 news. >> welcome back. the time now i. i am devin fehely. . let's take a look at our weather. >> there will be a big difference in the way that it feels front today to tomorrow. tomorrow will be noticeably cooler. sunrise happened about fou

we are learning the lessers from pip -- lessons from the ig report. those are a few things we have to. i will tell you we have adopted every single one of inspector general horwitz's recommendations and gone above and beyond. >> i am concerned about the rise in gun purchases, especially since the fbi is required to abandon any background check that is not completed in 88 days. this is a loophole that is dangerous and would be addressed by a bill i have introduced coffee -- called the -- data integrity act. what has the fbi done to ensure the background checks system remains effective during this spike of sales in the -- guns and do you need additional authority to make sure he checks are done officially? >> we have done it -- have a significant increase in volume of checks. with some of the recent legislation, i suspect we will have more. we have resources to keep up with the volume. we will need more. congress has been helpful in giving us some additional resources my expectation is we will continue to need more, not just personnel resources but syst

ig over high-yield, that is the call from j.p. morgan, next. this is bloomberg. ♪ >> this data allows us to breathe a sigh of relief. >> it is nothing that we are out of the woods. >> the fed still has plenty more work to do. >> we don't expect that we are finished. >> the fed is still going to hike in september. >> perhaps for 75. >> our goal is 50. >> 50 basis points. >> 50 basis points. >> looks like it'll be 50, 25, 25, which is a more motivated pace. >> still a ton of tightening. >> the end of this year, the federal funds range will be 3.25% to 3.5%. >> the market's not believing that the fed has yet done enough to bring inflation down anytime soon. >> this is just the first hint that may be inflation is starting to move in the right direction, but it doesn't change my path. rishaad: just a few of our guests reacting to the u.s. inflation read. let's get to the head of ajax corporate research at j.p. morgan. a lot of debate over all. we look at what has been happening on the yield curve, with 2's and 10's particularly in focus here, the la

it ig is going to be the clouds that will not stand.ls a cloud report to at the airport. you can see where it is. it is a a beautiful depiction on the high-resolution forecast. at 10:00, it is all gone. in sunnyvale it is 83 and in union city 78. redwood city will hit 83. we will be in the low 90s from most of the east bay valle. bay valleys. it is right in line line with what you have been dog been doing for the last five or six days. berkeley goes towards 70 and petaluma will hit 86 tod. 86 today. this festival is happg is happening over the course of the weekend today and tomorrow. it is quite a tradition. it is going to be beautiful for the pistahan festival. it is not the the thunderstorms that will be the direct. it is the warm-up because the ridge of high pressure also is really just the the spinning pinwheel. that is going to reposition. watch it redevelop by the time we get toy to wednesday. it is close enough enough that we start to feel the the heat go up. in the seven-day seven-day forecast, the temperatures are going to ris

we are a leader in private credit, we borrow from those markets, but the reality is, the ig market is open. lower quality, few transactions are still being done. fewer commitments are being made on buyouts. please don't differentiate a rally in credit versus an open, thriving, financing market. jonathan: what do you think of that rally in credit? 140 basis points. we have guests calling that wishful thinking. what are you calling it? jim: when spreads go to 600, we have to buy historically. they rally to dramatically. -- rallied dramatically. i would say they are the richer side of fair value. but interesting to contrast that to the private market. a year ago, high yield indexes or maybe touching 5. you can be a part of a senior club in private credit right now with spreads at +650, which is touching 10%, high quality first lien position, 30, 40 ltv. that is an interesting marketplace. we have been open and active. the generic on the run market, not particularly interesting. lisa mentioned, i was of the view that recession was in the cards in 23. we still think it will be. i don't thi

oliver: we look at it in the sense that we prefer ig. over hy.hat means risk off, you want to go away from equities and high-yield and be in investment grade bonds. we still have some high-yield and equities but not much. manus: which high-yield is most under risk, just before we close? oliver: i would say the high-yield corporate's because they are likely to move in line with equities. the spread is too much, 450 basis points, i think they will blowback above the 600 basis points we saw a couple weeks ago, more pain for high-yield. dani: oliver kettlewell, head of fixed income and global portfolios at mashreq capital. coming up, it is all about inflation as the cost of living continues to dominate the debate. the latest on the u.k.'s leadership contest. this is bloomberg. ♪ dani: welcome back to bloomberg daybreak: europe. i'm dani burger in london alongside manus cranny in dubai. let's focus on the u.k. and the two candidates in the race to become the next prime minister have repeatedly sparred over the best way to protect consumers from inflat

. >> yes, exactly, once kal ig la was in charge it was over for that empire, we have had many cali ghrkshe highway right now, a couple of little wheels are on fire, you know, maybe there is smoke coming out of the dab board but it is sill moving forward and that's what is beautiful. >> stephen: did is a message of hope, message of hope. >> it really is. >> you have a new movie out this friday. it is called i love my dad, which is a lovely title for a movie. based on a true story. tell the good folks what the story is. >> baiferl the it is a father catfishes his son, catfishes his own son. what actually happened was the writer, director and costar, the filmmaker, is brilliant n real life, he was in his 20s, he cut his father off, blocked his phone number, blocked him on social media. his father who still wanted to stay in contact with him because the father was messed up but the son was also going through bad stuff. so in real life he was catfished by his dad. his dad created a facebook profile of a cute young girl, so they could have conversations but james actually kind of fell in love

lisa, what has high-yield and ig done in this great equity bull market? lisa: high-yield bonds have posted their biggest rally in decades. it has been an incredible rally. you had both components working for the market. at what point has it gone too far? if we are headed into a downturn what you expect the default risk to increase? or is there still a belief the fed will cut rates quickly enough to allow this market to continue humming along and that is the conundrum? tom: some of the tensions over the weekend. i am looking at cnn and they are talking up there news of a nancy pelosi trip to taiwan. we have done a lot on that this morning. what are your thoughts on this? jonathan: that is the foreign policy story on the moment but we cannot just focus on the national aspect of china's relationship with the rest of the world, we have to talk about china's relationship with china. the domestic data is not great. sub 50 on the pmi. we have heard about the mortgage boycott. we heard about covid zero. what does gdp look like in that country? how concerned are t