♪ jonathan: from new york city, i'm jonathan ferro. oomberg "real yield" starts right now. ♪ jonathan: coming up, payrolls growth bouncing back. the jobs report easing some concerns. shaking up fed expectations, investors beginning to pair back rate cut bets, sending treasury yields higher after a record breaking week in the bond market. we begin with the big issue, a solid job report clouding the fed's next move. >> looks like rate cuts are off the table. >> it is hard for them to say, we are still going to cut. >> when i look at these numbers i keep going, why why can't we , wait? >> maybe the trade war is not weighing on the outlook as much as we feared. >> i think you will have to reprice to a certain degree less than three cuts. >> the good jobs data report pulls people back wondering what the fed will do. >> the fed is in preemptive mode. >> does the fed to get in front of the eightball or behind the eight ball? >> it comes down to the discussion, do they want to make insurance cuts? what are we ensuring ourselves against? jonatha

jonathan: from new york city for our audience worldwide, i am jonathan ferro. bloomberg "real yield" starts right now. ♪ coming up, u.s. growth delivering an upside surprise ahead of a much anticipated fed decision. president draghi making the investors wait until september. the ecb teeing of extra stimulus, fueling inflows into every major bond sector. from high yield to emerging-market. we begin with the big issue. something in the data for both the hawks and the doves. >> the u.s. economy is doing very well. >> the u.s. consumer dominates in terms of the overall gdp number. >> headline gdp growth is in line with what everyone expected. >> government spending data, quite strong. >> there is some upside risks to the economy. >> the consumer and the labor market side of things is looking good but manufacturing is under pressure. >> there is clearly a pretty significant dislocation between the industrial economy and consumer economy. >> it is the composition of the data that is worrying the fed. >> there are pockets of weakness. >> we do see a further decelerati

jonathan: from new york city for our audience worldwide, i'm jonathan ferro. bloomberg "real yield" starts right now. coming up, chairman powell heading toward july 31, teeing up rate cuts. the data from the u.s. looks resilient in europe showing signs of life, fueling a bit of a backup in government bond markets. let's begin with the big issue. are there cracks appearing in the everything rally? >> we have seen a strong rally. >> the entire market rally so far has been discounting with -- what the central banks are doing. >> the one thing that has not rallied in this everything rally are long dated bond prices. >> investors have been positioning for continued divergence in that correlation. >> we have had some better data recently. >> inflation data did see a reversal of some of the weakness. >> a pretty positive environment for yields. >> we have seen an astronomical amount of money pouring in, and it is not in short dated treasuries, it is an longer dated. one of the most crowded markets is duration. you may be better off at the short end of the curve. >> i

jonathan: from new york city for our viewers worldwide, i'm jonathan ferro. bloomberg real yield starts right now. ♪ jonathan: coming up, confusion reigns following the final fed tweak before this month's rate decision. central bank officials emphasizing the need to get ahead of economic weakness with president draghi stepping up. looking ahead to the ecb next week. let's begin with the big issue. a polarizing treasury market call. >> all the way down to zero. >> we are actually at 2%. >> 2.5 and maybe more. >> 1.50 for the 10 year. >> we are tennessee tremendous reflation -- we are going to see tremendous reflation by gold. on the other side we have some saying 10-year yield are going to zero. >> i don't want to think of a world of zero interest rates. >> 0% for the u.s. treasury seems like an excessively pessimistic forecast. >> we have had the recovery, it's coming to an end. >> if you believe the business cycle is coming to an end, that call makes sense. >> now the central banks are falling into line and cutting rates. >> when we get this polarization of u

jonathan: from new york city for our viewers worldwide, i'm jonathan ferro. bloomberg "real yield" starts right now. ♪ jonathan: coming up, confusion reigns following the final fed tweak before this month's rate decision. central bank officials emphasizing the need to get ahead of economic weakness with president draghi stepping up. looking ahead to the ecb next week. let's begin with the big issue. as of july 1, the longest economic cycle in modern history. you have to pick up the camp, either we are headed toward near-term recession, or we are in a super cycle." gershon, which one? gershon: always hard to say in the short-term. some of those people calling for lower rates are those that called for a 3% 10 year a year ago. this is the only industry where you can be wrong again and again and people still want to know your view. it is really fascinating. the reality is, what europe has taught us is there is no lower bound. in other words, if equities are weak, if the economy is weak, we can go a lot lower, even negative. on the other hand, i'm not sure we shoul

joe: that was bloomberg's jonathan ferro speaking with larry kudlow earlier today.oining us for more on today's jobs report, martha gimble, research director at the indeed hiring lab, and international team of economists. martha, thank you for joining us. your take.rious larry kudlow doesn't believe the phillips curve relationship exists between unemployment and wages. it feels like a lot of economists are coming around to that view. when you look at the data out there including today's wage numbers, is there a case that it is just not that simple? martha: i think there's been a lot of discussion about the phillips curve over the last two years and in some ways it is a similar story. we've had so much room to grow. we are still waiting for wage growth to pick up again. we saw a lot of fiscal stimulus last year and that helped accelerate wages. we are seeing that starting to be withdrawn and that wages are starting to hold steady. romaine: do we need to see that wage growth completely across the spectrum? if you go into some of the ,ndustries that have lagged those i

jonathan: from new york city for our audience worldwide, i am jonathan ferro.al yield " start right now. coming up, u.s. growth delivering an upside surprise ahead of a much anticipated fed decision. present draghi making the investors wait until september. the ecb teaching of extra stimulus, fueling inflows into every major bond sector. from high yield to emerging-market. we begin with the big issue. the u.s. economy is doing very well. >> the u.s.

yield" withreal jonathan ferro.ington and new york, this is bloomberg. ♪ i don't know why i didn't get screened a long time ago. i kept putting it off... what was i thinking? ok, mr. jones... we're all done. i told you it was easy. with life line screening, getting screened for unknown health conditions is so quick, painless and affordable, you'll wonder why you hadn't done it before. so if you're over age 50, call now and schedule an appointment near you. for just $149- a savings of over 50%- you'll receive a package of five screenings that go beyond your doctor's annual check-up. ultrasound technology looks inside your arteries for plaque that builds up as you age and increases your risk of stroke and heart disease. after all, 4 out of 5 people who have a stroke, their first symptom is a stroke. so call today and start with a free health assessment to understand your best plan of action. so why didn't we do this earlier? life line screening. the power of prevention. call now to learn more. jonathan: from new york

i'm jonathan ferro. " starts right now. ♪ jonathan: under pressure from the white house. chairman powell gearing up to go in front of congress. deutsche bank shares still falling. expressing concern about the latest turnaround plan and economists predicting the ecb will restart qe. with 30 minutes until the opening bell, good morning. here is your tuesday morning price action. two days of losses on the s&p 500. we might make it a third. futures soccer 10 points on the s&p. the bond market unchanged. your yield 2.05%. dollar strength again. here in the united states, let's begin with the big issue. waiting enthusiasm in the equity market. >> we are concerned the cycle is slowing. >> we are due risking. >> defensive positioning. >>

i'm jonathan ferro. en" starts right now. ♪ jonathan: coming up, global equity markets rally as the u.s. and china agreed to revive trade talks. economists not buying the optimism as manufacturing from china to europe sticks in retraction territory. a key week for economic data in the united states. 30 minutes until the opening bell. here is your monday morning price action. 500,es up 33 on the s&p positive more than 1%. bonds not doing a lot. tolds up to basis points 2.03 basis points. and foreign-exchange, dollar weakness, the euro slightly negative, 1.1346. let's begin with the big issue. a trade truce sparking a risk rally. the market in joining relief rally this morning. >>

i'm jonathan ferro. en" starts right now. ♪ jonathan: coming up, cutting 18,000 jobs. deutsche bank delivering his biggest turnaround effort yet. says -- turkeyan central banks independence under fire. investors paring back rate cut bets. with 30 minutes until the opening bell, here is your monday morning price action. futures down eight points for the s&p. treasury yields coming in by just a single basis point. the stock to watch through the session today, there is only 1 -- deutsche bank. down almost 6% in frankfurt, germany. -5.7%. let's begin with the big issue. looking ahead to jay powell's semiannual testimony. >> testimony this week will be crucial. >> it either confirms eyil

i'm jonathan ferro. starts right now. ♪ jonathan: coming up, it is fed decision time. investors looking for the first rate cut in a decade. trade talks wrapping up in shanghai. neither side signaling any material progress and apple rallying. with 30 minutes until the opening bell, good morning. here is your wednesday morning action. futures up six points on the s&p 500. in the fx market, euro-dollar doing nothing. 1.1151. the treasury market pre-much where we have been of last couple of weeks. 2.05% is your yield on a tenure maturity. let's bring in chairman powell's biggest challenge. >> is about communication. >> the communication challenge. >> are we doing this as an insurance cap? >> are we doing this because we believe the economy is slowing

openg up, bloomberg -- the with jonathan ferro. u.s. gdp comes in 2.1%. r. this is bloomberg. ♪ jonathan: from new york city for our audience worldwide. i'm jonathan ferro. "the countdown to the open" starts right now. ♪ jonathan: u.s. growth coming in better-than-expected ahead of a much-anticipated fed decision. mario draghi making investors wait until september. the ecb putting together a stimulus package. amazon does not deliver for investors with burgeoning costs for its one-day shipping push. good morning. here is your friday morning price action. update points on the s&p 500. in the fx market, the dollar stronger for a six straight session. euro-dollar 1.1134 and treasury yields unchanged. 2.08%. let's begin with a big issue. investors clicked over the outlook for the u.s. economy. >> we know there is a slowdown. >> growth slowdown. >> slowdown in the u.s.. >> fundamentally the u.s. economy, i do not think, is threatened by the recession.

i'm jonathan ferro. starts right now. ♪ comingg up -- jonathan: up, the fed meeting begins. investors are expecting the first rate cut in a decade. the u.s. trade team lending and shanghai to talk. andctations remain low easing together another day full of earnings with apple headlining today's result. good morning. here's your tuesday morning price action. futures negative 16 on the s&p. in the fx market, firm or. 1.1153. your yield, 2.05%. .et's begin with a big issue low expectations for the latest round of trade talks. >> the expectations are fairly low. >> i do not expect to see any near-term settling of these trade talks. >> there does not seem to be any incentive for the trump administration to finish the

i'm jonathan ferro. arts right now. ♪ jonathan: coming up, it is payrolls friday. jobs growth faxing out strongly in june following a weaker may. after another record week in the bond market, will the hunt for yield get easier? 30 minutes until the opening bell. good morning. here's your friday morning price action. futures -13 on the s&p. down .4% as we start to wind back some of the rate cut euphoria. euro-dollar 1.1244. .reasuries higher let's begin with our top story. the payrolls report with michael mckee breaking it down for us. michael: it is fair to say nobody saw this coming. mays 72,000 after revised down.

i'm jonathan ferro. starts right now. ♪ jonathan: coming up, wall street reporting results. net interest income dominating the outlook with many investors convinced the fed is on a one-way road toward rate cuts even as u.s. retail sales come in hotter than expected. brought gains across most categories. with 30 minutes until the opening bell, good morning. here's your tuesday morning price action. futures unchanged on the s&p 500 , but the move is in the bond market. yields bleeding higher, up four basis points on the 10 year to 2.13 and the dollar showing strength. a weaker euro. down .33%. let's begin with the big story. many people convinced better numbers will not change the fed's next move. >> the u.s. economy seems to be doing fine. >> he with the economy see downside risk. >>

. ♪ ♪ jonathan: from new york city, i'm jonathan ferro. yield" starts right now. ♪ jonathan: coming up, payrolls growth bouncing back. the jobs report easing some concerns. shaking up fed expectations, investors beginning to pair back rate cut bets, sending treasury yields higher after a record breaking week in the bond market. we begin with the big issue, a solid job report clouding the fed's next move. >> looks like rate cuts are off the table. >> it is hard for them to say, we are still going to cut. >> when l

advisor of elian's, who spoke with jonathan ferro about u.s.wth and the fed. >> the one thing that economies are going back and trying to figure out is do we have such deep structural changes in the economy that we can run this economy at high growth and low inflation? that is critical for the fed as well. there's a lot of work to be done in terms of understanding the new structure of the economy. >> chairman powell exclusively communicating this idea that an ounce of protection is worth a pound of cure. that doesn't sound like a man who's about to cut rates. where do you see this playing out? >> i'm baffled by this notion that an insurance cut is 100 basis points. it's not 100 basis points for two reasons. one is you don't want to usable your ammunition now. secondly if you really need to cut by 100 basis points, it is well beyond insurance, there is something wrong with the economy. the marketplace i think has gone too far, but that is the history of the market. the fed gives a little in the market pushes it even more, and i think the market

jonathan ferro will be in new york, i will be in london.ind is on dab digital radio and all of your bloomberg devices. this is bloomberg. ♪ guy: from london, i'm guy johnson. this is the european close on bloomberg markets. let's get a first word news update with courtney donohoe. courtney: china made by u.s. farm products as a gesture of goodwill. bloomberg has learned the volume is likely to be smaller than before. purchases can include soybeans, corn, and pork. how much depends on the progress of the trade talks. american companies hired fewer workers than expected in june according to adp. private payrolls increased after an upward revision in may. the government is out with its job report on friday. full coverage for you. will offer 100 million dollars to support the families of the victims of the 737 max crashes. the money will go towards living expenses for the families as well as community programs in impacted areas. boeing is describing the pledge as an initial outlook -- outreach the victims. boeing is facing lawsuits. in kentucky

. ♪ jonathan: from new york city for our audience worldwide, i'm jonathan ferro.real yield" starts right now. ♪ coming up, chairman powell heading toward july 31, teeing up rate cuts. the data from the u.s. looks resilient and europe showing signs of life, fueling a bit of a backup in government bond markets. let's begin with the big issue. are there cracks appearing in the everything rally? >> we have seen a strong rally. >> the entire market rally so far has been discounting with --

jonathan ferro is in new york, i will be joining him in london.able on dab digital radio and all of your bloomberg devices. this is bloomberg. ♪ guy: live from london, i'm guy johnson. taylor: from new york, i'm taylor riggs. time for bloomberg exclusive. sales growth at huawei is slowing as u.s. sanctions start to hurt. the chairman spoke with us. they talked about tensions with the u.s. and the trade fight. we do not know when the u.s. will make the decision on android and when that decision will come. we have to make preparations for our products. we will evaluate our strategy for the overseas market. if we are not able to use android for a new smartphones, we have the ability to develop our own operating system and ecosystem which would become the basis for our services to the customers. >> give us a sense of how fundamentally you have change your supply chain to mitigate some of these pressures? have you completed those changes or is there more to be done? >> the entity list put into place by the u.s. was disrupted to our supply chain, as we

jonathan ferro and i will be joining you for the cable show.ital radio is where he will find is an on all of your bloomberg devices worldwide. this is bloomberg. ♪ guy: live from london, i'm guy johnson. this is the european close on bloomberg markets. let's get a first word news update with courtney donohoe. courtney: it looks like nasa successfully tested the emergency alert system of the orion spacecraft. you ride is supposed to take spacecraft back to the moon. less than a minute after loss, the oneida -- lesson a minute after launch, the orion jennison the escape system. christine lagarde may be the next president of the european central bank. her name is one of the key pieces in the latest late candidates for the eu top job. various officials have been wrangling of the job since sunday. president trump once tanks on the wall -- on the mall in washington for the fourth of july and it looks like he has them. spottedotographer several armored vehicles in a d.c. railyard. officials said tanks were being transported from fort stewart, georgia.

jonathan: from new york city, i'm jonathan ferro. startserg "real yield" right now.rolls growth bouncing back. the jobs report using some concerns. shaking up fed expectations, investors paring back rate cut that's. sending treasury yields higher after a record week. we begin with a big issue, a solid job report clouding the fed's next move. >> looks like rate cuts her off the table. >> hard for

. ♪ jonathan: from new york city for our audience worldwide, i am jonathan ferro.al yield" starts right now. coming up, u.s. growth delivering an upside surprise ahead of a much anticipated fed decision. present draghi making the investors wait until september. the ecb teeing of extra stimulus, fueling inflows into every major bond sector. from high yield to emerging-market. we begin with the big issue. something in the data for both the hawks and the doves. >> the u.s. economy is doing very well.

jonathan ferro is back in new york. he will be joining me on the other side of the pond.igital radio in the london area and around the world on all of your bloomberg devices. ♪ taylor: live from new york, i'm taylor riggs. guy: from london, i'm guy johnson. close" --he are being this is "the european close" on bloomberg markets. courtney: a dramatic escalation of the protests in hong kong. protesters smashing their way into the city's legislative building. thousands more flooding the streets and riot police retreating, avoiding a violent confrontation. the protesters trying to get hong kong's government to withdraw a controversial extradition bill. nationsdefying european who urge you to stick to the terms of the nuclear deal. iran says it has exceeded the cap on the stockpiles of uranium set by the agreement. that europeplained has not lived up to his pledge of an economic lifeline. the deal was designed to prevent iran from building atomic weapons. a mixed message from the new economic report in the u.s.. factory activity fell by less than forecast, but new orders fell

the cable show with jonathan ferro in new york. i will be joining him in london.taking to the air at the top of the hour. you can find us on dab digital radio in the london area and all of your bloomberg devices. ♪ vonnie: live from new york, i am vonnie quinn. guy: from london, i'm guy johnson. this is "the european close" on bloomberg markets. let's get a news update. here's courtney donohoe. courtney: the ecb is sending it strongest signal it is ready to step up monetary support for the economy. investors say they expect -- current costs or lower for the first half of 2020 and that leaves room for a rate cut in the first half of september. the ecb says it would resume its bond buying program would continue -- orders placed with american factories posted the biggest gain in more than a year. plus shipments unexpectedly increased and that indicate second-quarter gdp due tomorrow may be better than expected. nearly three years after hurricane matthew cause massive damage across the southeastern u.s., some victims are still waiting on the promise of government assi

jonathan ferro is in new york waiting for the cable show to kickoff.ill be joining him in london. we continue to dissect and understand what that payroll number means for fed pricing. that is coming up. this is bloomberg. ♪ guy: from london, i'm guy johnson. this is european close on bloomberg markets. courtney: the latest u.s. jobs report may ease calls for the fed to cut interest rates. payrolls rebounded in june and beat all estimates. inloyers added 224,000 jobs june after downwardly revised 72,000 of the month before. the unemployment wrote -- rate rose to 3.7%. a raid on a supertanker by british forces has led to a diplomatic crisis. marines cheesed a ship off of gibraltar carrying oil for syria in violation of sanctions. iran declared the action illegal and summoned the british ambassador to explain what happened. spain says the seizure took place in waters it considers its own. nato says russia is selling no -- showing no signs of replacing a cold war treaty. -- washington began withdrawing from the 1987 missile defense pact. the treaty will an

jonathan ferro in new york and i will be joining him in london.ab digital radio in the london area. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is european close on bloomberg markets. time for an exclusive interview on bloomberg television. mervyn king, former bank of england governor and bloomberg opinion columnist joining us on set. "money,so author of banking, and the future of the global economy." we would all like to know about the future of the global economy. good afternoon. thank you for spending time with us. let's start off with the obligatory brexit questions and find out where we are. boris johnson is likely to become prime minister on wednesday. what is your assessment? is reading tea leaves. what is your assessment of what a boris johnson government will mean for the british economy? mervyn: i think boris johnson can answer for himself if he becomes prime minister. he will make up his mind. the biggest challenge is the short window between now and october 31. he said we w