jon: to watch the full interview with jeremy grantham, watch bloomberg wealth september 5 at 9 p.m. major ip is expected later this year, the story of arm and instacart next. this is bloomberg. ♪ jon: this is bloomberg markets. we have seen a drought of ipo's for a time but we are starting to see some indications that things could pick up. sources tell us that chipmaker arm has tapped 28 banks to underwrite its highly anticipated public debut. we look at this story now. there is a couple of stories we want to get through a let's start with what we know at this point. >> as we reported, they are working with 28 banks which is a lot of banks but it will be a big ipo, possibly the biggest of the year. they could raise $8 billion so they need a lot of bankers helping them round up that amount of capital. we also have instacart coming up as reported yesterday. they've been talking about it for years. we might finally see the filing next week. they are also aiming to go in september. matt: we have seen a drought. hardly anybody has been coming to market and it's a real concern for private

paul: you can see that full interview with jeremy grantham on bloomberg wealth with david rubensteinoming up on september 5 on bloomberg television. plenty more to come on "bloomberg daybreak: australia." this is bloomberg. ♪ let innovation refunds help with your erc tax refund so you can improve your business however you see fit. rosie used part of her refund to build an outdoor patio. clink! dr. marshall used part of his refund to give his practice a facelift. emily used part of her refund to buy... i run a wax museum. let innovation refunds help you get started on your erc tax refund. stop waiting. go to innovationrefunds.com you really got the brows. vonnie: we are monitoring a few severe weather stories making headlines. resident biden plans to visit hawaii on monday to see the destruction caused by recent wildfires. authorities say the tradenames to provide a sense of assurance that the state has the federal government support. the hawaii governor says authorities are still investigating what started the deadly fires. fema says growing extreme weather risks mean president joe b

jeremy grantham telling us what he thinks the slow-moving influence of raise interest rates will leadately to a recession. >> it is the deflationary forces from the tech stocks breaking in 2021 probably too big. the power of interest rates rising and depressing the real estate market is very negative slow-moving influence. i suspect that they will once again dominate, and we will have a recession running perhaps deep into next year. and an accompanying decline in stock prices. >> the recession you are predicting is probably not going to happen in 2023. jeremy: it may start in 2023. david: the federal reserve said that we cleared the recession hurdle and they don't projected any long-haired do you disagree with them? jeremy: yes i think there record on these things is wonderful, almost guaranteed to be wrong. they have never called a recession and likely not the ones following the great bubble. they prided themselves in stimulating the bubbles. they took credit for the beneficial effect of higher asset prices on the economy. they have never claim credit for the deflationary effect of a

jeremy grantham told us why he things the slow-moving influence of rising interest rates is going to ession. jeremy: deflationary forces from the tech stocks breaking in 2021, probably too big. the power of interest rates rising and depressing the real estate market, very negative, slow-moving influence. i expect they will once again dominate and we will have a recession running perhaps deep into next year. and a company with the decline in stock prices. >> the recession is probably not going to happen in 2023. germany: it may start in 2023. >> the federal -- jeremy: it may start in 2023. >> that are really project a recession any longer. do you disagree with the fed on that? jeremy: the fed's record on these things is wonderful, almost guaranteed to be wrong. they have never called the recession, particularly not the ones following the great bubbles. they prided themselves in stimulating the bubbles. they took credit for the beneficial effect of higher asset prices on the economy. they have never claimed credit for the deflationary effect of asset prices breaking. and they always do.

lizzy: you can watch that phone interview with david -- with jeremy grantham on bloomberg wealth with rubenstein, coming up on september 5. coming up, a defeat for the lionesses. spain goes home with a victory in the women's world cup. or on that nailbiting match yesterday -- more on that nailbiting match yesterday, next. this is bloomberg. ♪ >> a crowd of almost 76,000 turned out at stadium australia to watch spain defeat england in the final of the women's football world cup. -- enough to secure the trophy and that is a great result for spain considering the internal team divisions they were struggling within the lead up to this tournament. for cobos australia -- it was a party nobody wanted to end. stadiums, hubs, bars, they were all packed throughout. almost 3 million viewers in australia watched the final on tv despite not having a stake in the outcome. the global tv audience is expected to surpass 2 billion, up from the 1.1 billion that watched the 29 addition in france. -- edition in france. the players shared in the bounty. the prize pool was lifted to 110 million this year. t

. -- i want to give a speech, jeremy grantham offered me his airplane to go give the speech. it is truly in the middle of nowhere. kailey: central virginia. jonathan: a nice enclave. jonathan:did you accept it? tom: i did not. i decided to knock it on that private airplane. jonathan: futures on the s&p 500 negative, 0.6%. in the bond market, yields higher by two or three basis points. in the fx market, the euro a little stronger. 1.0 886. kailey: 8:15 a.m. eastern time, we get data for the month of august. looking at 190 5000 as the estimate, much should we be paying attention? the question in july, adp came in at threat to 24000 and payrolls came in later, one hundred 87,000. this is not a direct predictor of what the payrolls report will look like come friday. more economic data coming down, gdp, personal consumption. are expecting the second print of second quarter gdp, unchanged at two point four percent, stronger than anticipated. is going all the way back to 2006. tom: amy came up with this chart, for those of you on radio, it shows consumption barely nudged off of 07,