i'm going to interview now our chief premier league strategist jonathan ferro. do you decide to do negative rates, or does the market tell you to do a negative rates? what do you think? jonathan: i think what the bank of england has done has been really curious. i think they are flirting with negative interest rates, which brings down yields even further, but i don't think they want to do it. the former governor used to call this the merit dollar strategy, were you think left -- where you feint right, but ultimately just go forward. tom: who's merit donna? on, you can't know the man city score and not know who diego merit donna is. you're just exposing yourself. tom: was he there last night? i don't know. i know kenny g played. jonathan: can i turn to lisa abramowicz to get the latest on what we expect over the next four hours? [laughter] through the day ahead, please. lisa: it is interesting, especially as the data gets worse in terms of the labor market in the united kingdom. 8:30 am theting at initial jobless claims, as well as the continuing claims, which i a

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: for our audience worldwide, good morning. this is "bloomberg surveillance ." we are live on bloomberg tv and radio. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. monday, pouring freezing cold water on a v-shaped recovery hope. friday,lly started on and that is exactly where my reading was this weekend is the direction of the v-shaped i think was 30 days down, 30 days up. weekend werer the absolutely fascinating about the complete over that mystery starts with the job report on thursday. did you know it is a holiday shortened work, having -- shortened work week, having to do with the freedom of the colonies? jonathan: you will have to explain that one to me. it must have been a class i may have missed. we are looking at the direction of the coverage, arguably still positive. the pace of the recovery is what is being questioned at the moment. lisa: tom was right to bring up the jobs report. report a daybs early for the mother to -- for the month of jun

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city, good morning. this is "bloomberg surveillance ." we are live on bloomberg tv and bloomberg radio. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. tom keene, on this friday morning, it feels like in this market, any other friday. in this economy, it is anything but. tom: not only in the economy, but within our society and culture as well. you're absolutely right. it really feels like an august friday here. we had the range bound markets all week, maybe with the exception of gold. all of that pushed aside by the ramifications of the pandemic. we don't need to go into it now, but i really wonder over the andend, as the economists equity strategists write how they adapt and adjust their q3 view out of the news we are seeing from the sunbelt. jonathan: it is going to be a tug-of-war for the next few weeks and months. beneath the surface, the fragility is really going to start to show in places like texas and florida. lisa: this is the te

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city for our audience worldwide, this is "bloomberg surveillance." we are live on bloomberg tv and radio. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. tom: it will be fascinating to see how the white house and the president respond to it today. i am not going to go into it at length, but let me cut to the chase. and arizona are where new york and new jersey were 85 days ago. that is what you need to know. it is extremely important to understand that something has changed in the last 24 hours. this is the story front and center today. jonathan: the numbers are worrying. they are concerning. i am not going to get excited about $3 billion of trade between the eu and the united states. this has got to be about the reopening process. does it constrain policymakers' ability to push forward in states like texas? it.: you just nailed consumer confidence, i think, is probably going to be one of the biggest drivers. we are already seeing this an

from new york, alongside tom, i'm jonathan ferro, together with lisa abramowicz. is is "bloomberg surveillance ," with equity futures down 2%. this is bloomberg. ♪ jonathan: from new york city, this is "bloomberg surveillance ." we are live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. two hours away from the opening bell in new york. equity futures near session lows , the is be 500 off by around -- the s&p 500 off by around 2%. in the bond market, flipped on its head as well. now lower yields through this weekend a flatter curve. your 10 year yield 20 basis points. on the week so far, down three basis points on the session, south of 70 basis points. in foreign exchange, the dollar weaker for a fourth straight week. at 0.7%. coming in the euro by about 0.1%. still reflecting almost a week after the payrolls report on a blowout upside positive surprise which fueled a lot of optimism about the future. it was always going to be about the subsequent data. abouthe dow this morning jobless claims and continuo

. >> this is "bloomberg ,urveillance" with tom keene jonathan ferro, and lisa abramowicz. jonathan: good morning. with equity futures negative, we are live on bloomberg tv and radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. little reminder, this morning the stocks can go down as well. , we see rightge on the screen? i know it is a theme. markets and across asset analysis, i think a little history is in order. you need to go back to 1933, just before i entered wall street. you need to go back to 1933 to see the 53 day lift that we just saw. jonathan: tom keene in cash since the 1930's, an unbelievable position he's held throughout the last century or so. [laughter] you have not participated in this rally for a long time, tom keene. jonathan: this is -- tom: this is really important. a great strategist at ubs was , and thato hours ago was the distinction he made. this has been a surge without a lot of volatility and without a lot of volume. volume is missing, and that is something to talk to our esteemed guest about in a moment. jonathan: just a

alongside tom keene, i'm jonathan ferro, together with lisa abramowicz.bloomberg surveillance this is"bloomberg surveillance," live on bloomberg -- this is "bloomberg surveillance," live on bloomberg tv and bloomberg radio. just ahead of economic data in the united states, still negative on the s&p 500. a bid came into the bond market in the last hour as well, down to 0.7%. your 30 year right now sub five basis points on the session. 1.48% is your yield. tom: 12 minutes away from the claims number, and we will give you that discuss further in our next half-hour. right now, you just heard from george magnus and his wonderful book on president xi. who does george magnus listen to? he listens to leland miller. miller has come out of washington and lee university and carved out a career as the absolute definitive micro analyst of china. no one, and i mean no one, does it better than leland miller at trying to figure out what real traffic or what electric utility rates are doing to china, and what it signals. let me get right to it in your china beige book. wh

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: for our audience, good morning. -- this isomber "bloomberg surveillance." alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. economy,erds of this secretary mnuchin, chairman powell on capitol hill. tom: it has been a six months that has been totally unpredictable and has led to this word going on forward, which is uncertainty. uncertainty and economics, uncertainty across investment. says it isnuchin across finance as well. to me, the hard question here, forget about hong kong, about boris johnson talking about the fdr new deal for your united kingdom. windows thehing is next round of fiscal stimulus appear. jonathan: there will be huge pressure to deploy yet. the message from chairman powell is we will not fully recover until we control this virus in this country. and the radical uncertainty being expressed by policymakers -- by fed chair jay powell as well as steven mnuchin gives people certainty that we are going to get more stimulus both on the fiscal

alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. a massive outbreak is sweeping the state. tom: no question about it. the "newez leading york times" article today on the gravity across the entire sunbelt. it is going to be fascinating to see how the mayors and the with ars buttress up washington that seems to feel like the pandemic has moved on. that is decidedly not the case this morning. jonathan: the pandemic has not moved on. we turn to the economic data a little later this morning. we constrain the reopening process for the economy. neither is positive for the economic outlook. we are already seeing that was companies hesitant to rehire people as a result of a lack of confidence. read ofget the latest initial jobless claims in the united states. the pace of filing is still very high, 1.3 million filings expected. hear from, we will the sec chair in front of the house financial services committee. interesting to hear what he says. later today, we get the fed stress test results, possibly indicating whether banks may have to cut

alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. minutes away from initial jobless claims in america. we are down 22 on the s&p 500, down 0.7%. in the words of texas governor greg abbott, we face a massive outbreak across the state of texas. that could constrain the reopening plans for several states across america, weighing on sentiment over the last couple of days. in the bond market, it means lower yields, flatter yield curve. i said this a little bit earlier. as the session grows older, the euro coming in 0.4%. that is a weaker euro, a stronger dollar. tom: i am glad you mention that. texas beleaguered. disneyland will not open in anaheim. the good news is something that may open is the nba, and that would include the los angeles lakers. the is lebron james of lakers on the season to come and the meaning of sports. i believe that sports in general has done so many great things for communities, for households, bringing people together, and more importantly, like you said earlier, our commissioner and our league has allowed us to

why don't we bring in kevin cirilli with your observations, jonathan ferro come on last evening in new york? jonathan: i hope things are getting better. i wonder if they share that hope in washington because the peaceful protests in the daytime have been drowned out by the noise of the riots overnight. did we finally break that pattern overnight tuesday into wednesday morning? .evin: yes we did the curfew here in the nation's ,apital was 7:00 p.m. eastern and the protests continued well into the night. hundreds, if not more than 1000 protesters, gathering in lafayette square, right outside of the white house, as well as on the national mall. there were national guard members and military personnel who were on the steps of the historic lincoln memorial monument. all of this as helicopters patrolled the city. it is tough to find the words in terms of the historic moment we find ourselves in. this hasn't been seen since the 1960's. but i think we have to take a step back as we look at the political ramifications of this because this remains an incredibly polarized political time. i spoke

keene, i'mom jonathan ferro together with lisa abramowicz.ity futures elevated, just off session highs. in your bond market, a quick process at check. 10-year treasury yield's higher, her steeper, up two basis points. in foreign-exchange, keep an eye on the euro. europe advancing .2% even as the eu leader summit ends without consensus on the recovery plan. the message clear -- we will see you in person in july. i want to look at crude because i know you are looking at this. barrel, through $40 a up 3.3% on the session. tom: i will defer to the experts , mr. curry at goldman sachs, mr. morse at citigroup. that is extremely constructive to correlate that. here is the dirty secret. we do this as we migrate through our friday morning. lisa abramowicz had it temper tantrum and said we need to do more on credit. jonathan ferro climbed on board the bandwagon and said we have to do more on credit because i miss the real yield so much. we have done a lot on credit. we finished strong with gershon distenfeld. we are thrilled he can join us on the credi

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: for our audience worldwide, good morning. this is "bloomberg surveillance ." we are live on bloomberg tv and radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. extraordinary throughout cities overnight, and that is still the top story this morning. tom: no question about it. last night was like nothing i've ever seen before. there were knows, people moving down to macy's come alluding as well -- to macy's, looting as well. tension across the city, no question about it. you opened correctly, which is this is not just about new york. it is not just about washington. it is about cities across the nation, the horrific events in buffalo and those tragic deaths in chicago as well. jonathan: for programs like this where we have to cover the markets, you have to stress to the size that this equity market just feels totally removed from the mood of this country right now. we talked about yesterday, and no doubt through this morning as well. tom: i am not go

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from our bloomberg studios for our audience worldwide, good morning. we are live on bloomberg tv and radio. tom keene, just several hours away, trying to get our hands around the next phase of monetary policy at the federal reserve. tom: no question about that. what is so fascinating here, with scarlet fu leading our coverage this afternoon, is getting out to 2021 and even trying to have our central bank -- central-bank measure 2022. jonathan: looking forward to that conversation in a couple of hours right here on "bloomberg surveillance." we've also got to talk about the projections. we have not had projections from the federal reserve since the summer of last year, and they were looking for 3.5% unemployment in 2020, and gdp growth in and around 2%. nobody saw the revisions that would have to be made just half a year later. absolutely extraordinary. you see it within the economic at a have been talking about. as olivier blanchard mentioned in our show open, the challenge fo

joining us now, jonathan ferro. thrilled that jon ferro could join us after a spirited weekend of english football. i thought the bill dudley essay was quite good. i am still in shock over the single statistic which he leads with, which is the presumed $10 trillion federal reserve balance sheet. jonathan: unbelievable, isn't it? just to be clear, i wasn't late to the program because i was watching english football over the weekend. i had some technical problems as we started out. clearly a hiccup as we try to get back to normal on tv and radio, and new york city looking to try to get back to normal as well. bumps in the road, the hurdles we keep bumping up against, going into the weekend. apple was front and center. coming into this new week, germany, states across america. are these just natural, inevitable bumps in the road on the path towards recovery? or is this something that could knock us off course? i think that is something we've got to wrestle with for the week ahead. tom: it is a major discussion of what

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city from our audience worldwide, good morning, good morning. this is "bloomberg surveillance ." we are live on bloomberg tv and radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. keene, what a confusing week for u.s.-china relations, ending on a positive note for this equity market. this market is still a glass half-full equity market. tom: i will let you decide if it is glass hat -- if it is glass half-full, half-empty, but it is decidedly range bound. i guess phase one is back on, but i have zero confidence in that. it is just interesting to see the back and forth, and it is not just the bolton papers. it is the whole back-and-forth between beijing and washington. it is a friday of confusion. jonathan: it is a friday of confusion. a friday of hope over in europe, as well, as leaders discuss stimulus plans. i think the formal negotiations begin right now. they certainly don't in later today. lisa: no they don't, although we might ge

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: for our audience worldwide, good morning. this is "bloomberg surveillance ." we are live on bloomberg tv and radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. you've talked about the crosscurrents through this week. on one side, the better-than-expected economic data. on the others, signs of an outbreak in beijing, china. tom: there's no question on international relations. it is tangible. we just spoke with stephen roach, an expert on the fabric of china, from shanghai all the way to the indian border. there's tangible issues. no question they are flexing their muscle right now. what i would notice in this market on a quiet wednesday, i know you will do the data check here. publishing moments ago this bullish consumer view, and that was a game changer yesterday with the retail sales report. jonathan: we will catch up on the geopolitics a little later in the hour. equity futures up 19 on the s&p 500, focusing a move higher over the last several we

i'm jonathan ferro.rom new york city this morning, good morning. equity futures down five on the s&p. we roll over just a little bit as we close out the quarter and head towards the best quarter since 1998, taking a serious bite out of the q1 losses. await bond market, as we secretary mnuchin and chair powell on capitol hill, yields were a little bit higher, coming in a little bit now. 0.3%.ollar down strength the story through g10. tom: what we have really learned in the past six months is the importance of technology and what it means for our society. davidson,te is at da and he spent a career being more insightful than most on how all of this technology matters to us. he turns that into buy, hold and settle on different equityzen such. he is -- different equities and such. it is the perfect night to comment on some of these things. what is so interesting to me is that the trees are growing to the sky at amazon. do they just continue to grow? great introduction. always a pleasure being on your show. co

alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. morning, good morning to you all. heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ritika: with the first word news, i'm ritika gupta. north and south america accounted for almost 2/3 of new coronavirus cases. the death toll in brazil has passed 50,000, and cases across the u.s. sunbelt surge. there were a record 4500 new cases in california. florida reported more than 4000 cases saturday. bank of england governor andrew bailey has secured a major shift in strategy for removing emergency stimulus. -- hestretching the need is stressing the need for fiscal stimulus. the disappointing turnout at president's rally in tulsa was the latest warning for his campaign. the rally attracted far fewers than the president and his advisers -- attracted far fewer than the president and his .dvisers attracted so far an -- russia is president vladimir putin says he will consider running in 2024. he says the hunt for any -- one provision would allow putin to stay in offi

i amside tom keene, jonathan ferro together with lisa abramowicz.away from the opening bell. equity futures snapback. up 49 points on the s&p 500. that is the story and equities. no place to hide in the equity market yesterday. every sector down and down hard, including the more defensive sectors. outside of equities, risk appetite improves. the aussie and the canadian dollar on top. commodity prices doing ok. and the bond market, the story of the week, the 10 year treasury yields are higher, the purpose steeper, but on the week it has been interesting to see the 10 year yield come down yabout eight basis points and te curve flattened because the two's are anchored on what the fed is doing, which is nothing. it is all about where the tens go. tom: and the phrase you use is you put a foot on your heel and the other stuff gyrate around. it'll be an interesting june and july for fixed income. all sorts of themes. now frombach joins us morgan stanley on fixed income. i love the idea of your heritage of working off the desk for morgan stanley in tokyo. b

jonathan ferro looking at the markets on bloomberg television.ney and i will drive forward the conversation on bloomberg radio. daniel yergin in a bit. this is bloomberg. ♪ ♪ from new york city for our audience worldwide, good morning, good morning. the countdown to the open starts right now. 30 minutes away from the opening bell after erasing all of the losses on the s&p 500 for 2020. this tuesday morning we take a bite out of them. equity futures down 30 points. we are -1% going into the cash open. in the bond market, treasury yields are lower. the curve is flatter. on the 10 year .81%. in foreign exchange, the swissie is stronger, the japanese yen is as well. here is the big issue. we begin the program with a single question. have we seen signs of a durable over the last several weeks or real signs of unsustainable speculation? >> we are seeing continued momentum in the equity seen. equities were right to rally on the fiscal stimulus.

i will have jonathan ferro bring in our next guest. ken leon. k this headline is incredibly important. upated you see a stock go is up 15% on a westership with kanye brand ss. jonathan: can you repeat the name of the brand? stick with gap. kanye west. tom:, it is kanye. jonathan: always great to educate you. wants to talkleon about the banks. ken leon joining us. don't worry. i will start the interview, not tom. what did we learn from the federal reserve yesterday evening? ken: unprecedented. what was released yesterday was in a norma's insight about the federal reserve use -- was enormous insight about the federal reserve use and the sensitivity to the coronavirus. it also gives us insight into the expectations under loan losses for the banks, and then return of capital, it is fascinating to see the narrative the fed has looking out from today, not only to the issues but 2021. there was much more language and scenarios not only to a u-shaped, not a v-shaped, but a we doed scenario where not have a second rise of covid-19, but the fed has been th

this is not your father's or imf imf.er's >> this is "bloomberg surveillance" with tom keene jonathan ferro, and lisa abramowicz. jonathan: for our audience worldwide, good morning. equity futures on another planet. we are live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramovitz. this is "bloomberg surveillance ." i struggle to think of a time when this equity market was more detached from the mood of this country. question about that, and i guess it is no surprise. we have seen it many times before. a little bit of dollar churn today, but you are absolutely correct. we have ebbed away in the last few hours or so. the events over the weekend are absolutely extraordinary, and they are original and unique versus other times of unrest in this nation. gatesan: and the of the -- and the events of the weeks to come will be remarkable as well. the equity market is totally unchanged at 7:00 a.m. eastern. as we count people down to that payrolls report this coming friday, we are approaching 20% unemployment. tom: my calculation over the weekend

. >> this is "bloomberg tom keenece" with jonathan ferro, and lisa abramowicz. jonathan: for our audience worldwide, good morning. we are live on bloomberg tv and radio. with tom keene, i'm jonathan ferro, alongside lisa abramowicz. vix 10 big figures in the led by thatak, shock fed announcement. down we go to 34 and even a 33 handle on the vix. towas really extraordinary just sit there and observe the turn in the markets yesterday. it continues this morning. surprise, in an election year, we are thinking about infrastructure. a $1 trillion infrastructure on deck, according to reporting in washington, d.c. this shouldn't shock anyone. tom: not at all. as i said earlier, everybody tunes into you. they don't tune into me earlier. i get that. but to the people out there, it is a bridge to nowhere in kentucky, a bridge to nowhere in san francisco for speaker pelosi. i guess the president can put a bridge to nowhere in florida. it is all about politics. you just say to yourself, why can't this happen? why can't this get done? i don't have a straight answer. jonathan:

tom: let me bring in my colleague jonathan ferro. jonathan: thanks for that, i appreciate that. and i have spoken many times. whether we are at an inflection point. do you think we are? will we look at this that this was just another moment in time? ian: i do not think we are on the brink of civil war the way some in the mainstream media were saying yesterday. we are about to become an authoritarian state. the united states is not hungry. -- is not hungary. the level of political dysfunction in the united states is far deeper than any point in my lifetime. i was born in 1969. 1968 in terms of social dissent was nearly as bad. now you also have the united states entering into an economic depression, and you have a pandemic we are still fighting through. all of these people out on the streets, many of whom were wearing masks, many of whom are not, not engaging in social distancing in new york. other places where we are seeing -- theemonstrations pandemic is still expanding, not under control. thissaid, i do not think is the beginning of the end of the united states domestically. i

alongside tom keene, i'm jonathan ferro together with lisa abramowicz. catching up later with lori calvasina of rbc on the equity market as the value reopened rotation breaks down in the last couple of days. jonathan: certainly a big pullback. , and this is in celebration of constructive infrastructure in america, is amy liu. she is at the brookings institution, but far more importantly does urban policy and is known for success. her public service to the nation under henry scenarios -- under henry cisneros is noted, but her policy at brookings is truly world-class. thank you so much for joining us. we are celebrating in new york the miracle that is a new terminal at laguardia. 100% of our viewers and listeners want to know why we cannot do more laguardias coast-to-coast. succeed ino hard to infrastructure in this country? amy: good morning, thank you for having me. the good news is there is bipartisan support for andastructure reform investments in infrastructure. the challenge right now is there is not agreement on how to orance that infrastructure what

. >> this is "bloomberg surveillance" with tom keene jonathan ferro, and lisa abramowicz. jonathan: for our audience worldwide, good morning. we are live on bloomberg tv and radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. an uncomfortable calm, maybe even a exuberance, we unwind that a little bit ahead of the ecb decision. tom: no question about it. --d under $1700 announce ounce.1700 an everything going on in washington, it was a historic evening last night with the -- the of the matus mattis essay in "the atlantic." jonathan: it was quite the contrast for the president of the united states. no question about it. i know we are going to go to kevin in a moment, but it is an .xtraordinary moment the number one thing is the president's response has pretty much been on radio silence. looking to hear from him a little bit later this morning. ecb and christine lagarde. lisa: the interesting thing to me as we are not necessarily seeing the emergency in markets. as tom was sand, we are going to get the release. we got thoseget, u.s. initial jobless c

jonathan ferro will give you that data in a moment. coming up, terrific sets of conversation on economics. you've got the retail sales data coming out that will be most interesting and important as a sign of the american economy. jay powell at 10:00. in moments, we are honored to bring you the secretary of labor of the united states after the history made yesterday at the supreme court. jonathan, that was remarkable to see what the supreme court announced yesterday, the immediate impact of those for and those against. jonathan: making some serious progress on a whole range of issues in this labor market, particularly on discrimination. we've heard about the social injustice of the last couple of weeks. but we are making progress, and i think that is key. equity futures are positive 43 points on the s&p 500. treasury yields, the curve is steeper. chairfederal reserve navigates that with the senate banking committee and how things progress on infrastructure, as we report this administration is looking at a $1 trillion plan. tom: lisa, i

maybe does jonathan ferro's foot. we have much more.thrilled i will speak with professor aiken green on radio with paul sweeney. we are produced, occasionally, by riley dent. this is bloomberg. stay with us through the day. good morning. ♪ ♪ jonathan: good morning. the countdown to the open starts right now. equity futures positive. 30 minutes away from the opening bell. we begin with the big issue. the federal reserve emphasizing the long road ahead. >> we appear to be entering the second phase of the economy reopening. >> indicators suggest a stabilization or a modest rebound. >> we probably bottomed out in early may. >> in way -- in may there was a notable rebound of employment. >> the surprise and the jobs number and strong retail sales part of the narrative. or the it the bounceback beginning of the recovery. >> the economy will resume growth in the third quarter. >> there are parts of the economy that will struggle to return to their old ways of activity. andess to do with monetary fiscal policy.

alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. this is "bloomberg surveillance ." equities elevated on the session, yields higher, and the dollar week there as -- the dollar weaker as optimism filled about a recovery. this is bloomberg. with the first word news, i'm ready could. in buffalo, new york, two police officers have been suspended video of them pushing an elderly protester to the ground went viral. originally said the protester tripped and fell. he has been hospitalized in serious condition. the federal plan to contain protests in washington dc employees civilian law enforcement, national guard, and active duty army personnel. so far, the active-duty troops have been kept outside the city. national guard forces include 1700 troops from nine states. the latest round of talks between the u.k. and the european union finished today without a trade agreement. the eu chief negotiator michel barnier accused the u.k. of backtracking on commitments it made when it left the bloc. he warned that talks make no progress. that will add

jonathan: alongside dean, i'm jonathan ferro -- alongside tom ferro,i'm jonathan together with lisa abramowicz. an equity market on the nasdaq 100 just short of all-time highs. quite a contrast. tom: absolutely historic moment. we were speaking with the former governor the fed moments ago. he made very clear there are tangible parallels back to the great depression. let me give you the one thing i will be looking for besides your interview with lawrence kudlow, and that will be the all in unemployment rate. it is at 22% now. are we going to exceed the 1933hat foggy statistic of ? jonathan: i think we all hope that is the worst of it area there is a single-minded focus of this market i'm recovering, -- focusnths to come of this market on reopening come on the months to come. tom: absolutely. just to distill that, we've got wonderful guests to talk to on our simulcast this morning. the single chart for me that matters is the vanilla twos-tens spread. the difference is now out three standard deviations. to trains like that, that is a giant norm us -- a ginormous move. jonathan: the data is 90 min

jonathan ferro, lisa abramowicz, and tom keene. it is "bloomberg surveillance." we welcome all of you across this nation and worldwide, and on bloomberg television as well. thrilled you are wishes for a good conversation forward to this important statement by jay powell, an update on how the fed can help america. the backdrop this morning is wonderful. markets up. what is so important is you need to be advised. robert miller will join us of blackrock any moment, and we are thrilled to bring you raghuram rajan at the bottom of the hour for a must listen interview. jon ferro, against everything i is yesterdayters reaffirmed just in the last 60 minutes this up, up, up for the stock market. jonathan: with a defensive tilt to it. aroundfutures up by 0.8%. i didn't think we would see a day like we saw in the last 24 hours, where you could have a down market and still see the likes of apple, amazon and facebook up about 3%. that is the regime we are in. they are the defensive names in 2020. apple with- tom: rumors, speculation of product announcements through this year,

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ." we are live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. this is bloomberg. confusion over the relationship between china and the united states, and it got a whole lot more confusing overnight. you listen to the interview on fox with navarro, and it is urtness ofthe c his response and what that did for markets. you are going to do a data check in the appropriate crowd noise behind the data, but what is important to me is you've still got a bid to the market even within the quiet. jonathan: spare us the crowd noise when i do the market check. peter navarro saying that the trade agreement was over. the president, his boss, correcting him pretty quickly. ae so-called fiscal cliff, different kind of fiscal cliff going into july. what will happen with the fiscal stimulus we got months ago, and what will this administration

alongside tom keene, together with lisa abramowicz, i'm jonathan ferro.our opening bell one hour and 12 minutes away, with equity features around 3100 on the s&p 500, down 18 off the day, off 0.6%. foreign exchange, as the session grows older, the dollar exchange --ing in a little bit odd or exchange coming in a little bit hotter. in the bond market, treasury yields as follows. yields up two basis points on , 0.73%.ear have got one for you. just a ploy a little cash out of that fund you've got. how is that? tom: i saw that. too short of a journey. [laughter] jonathan: we will try to sort that out. i will get something a little bit longer for you. tom: they are going to call it a bonaparte. it's not there yet. with theirthe french 50 year paper. for those of you not up to speed with that, the united states says we are not going to do that. very quickly, how did the 20 year piece go? lisa: it did well. there is a question, what is going to happen with the u.s.? will they follow through with a 50 year bond? we are expecting others to follow europe. not?% yie

i am jonathan ferro with tom keene lisa abramovitz. hours away from the opening 61 onequity futures down the s&p 500. we are up by 2%. we take more weight off the s&p 500 after a loss. the s&p getting battered. small caps underperforming by even more than that. we touch on that later in the program. foreign-exchange, risk appetite, roads away dementias once again this morning. the swissie on top. a stronger swiss franc on the bottom, underperforming. the aussie dollar reflecting that diminished risk appetite this morning. on the bond market, the curve flatter, yield lower on a 10-year down by four basis points lower. the yield this morning on the 10 year, 6.7%. retail sales tomorrow very much and focus. chairman powell in front of the senate tomorrow, and the house on wednesday. i suggest we are at important technical levels for yields. going 0.67 to 0.6 cents -- 0.66 is a big deal. ,ight now jon opened the show the question is what kind of recovery will it be? for all of us in the west to understand china, interpreted through reading.

jonathan ferro. we can introduce a little bit of two-way risk that makes a comeback to the market. to see it. what is really amazing is how far ahead the market was. it was remarkably tame. the first thing i did was look at the bloomberg terminal to see if we could find some of the technical work. this morningned me is the reaffirmation of the in some form of recovery and enthusiasm for stocks. later by ben laidlaw who is optimistic. jonathan: the s&p 500 futures looking optimistic this morning, up 1.5%. -- 1.9%. look at we have a look at what the markets will look like. will it be sequential we can we can provement or will recovery? we have been trading on the former. we got the gut punch reminder not to forget about the latter. i think it was a letter that made a comeback. last 24back in the hours in a more pronounced way. tom: no question about it, the pandemic updated it and there are new geographies of concern. it is important. s$ed hyman is adamant that a vaccine is critical in the next year.

alongside tom keene with lisa abramowicz i'm jonathan ferro.ies higher, up 11 points on the s&p 500. we paid a little bit. still up 14%. -- still up .4%. on a 10 year, up a single basis point 0.65. talk about that euro strength in the fx market through most of this morning. .5% or where we stay, up .6%. payrolls thursday. your median estimate, 3 million. rbc is looking for 8 million this coming thursday. tom? tom: huge disparity, but i would not underplay all of the other economic data we will get, including the ism manufacturing, which i believe is a 43 to a 49.50. they are looking for a v-shaped ism of some nature as well. it is the conundrum of the morning for us. tiffany wilding of pimco does careful economic work that their portfolio managers jump out of. -- i want an update on how the ve is? how is the v-shaped recovery going? tiffany: i think it will look like a v for the first several months of this recover me. it is important to note we think we came out of recession in may, and as we came out of that recession, not only the deepest re

across from louis vuitton where jonathan ferro will buy sneakers as a small shop called tiffany's.e us an update on tiffany's lvmh. what would you do if you were lvmh on this busted transaction? stephen: i think lvmh wanted to buy tiffany. 100 $35 a price, share before the pandemic. share before the pandemic. share before the pandemic. do not have the tourism from china. you have a reset. it is a great brand, it has great expansion opportunities overseas. my guess is there time to play game relative to getting a better valuation. .his is no different than simon the price is probably too high. . the price is probably too high. i do not know whether these things will happen or not happen. i cannot imagine they do not want the brand. it is a great brand. parent.ld be a terrific it all comes down to price. brands cannot pay the rent, lenders,ords to the and lenders need to be bailed out by the government. tom: steve sadove with mastercard. he has worked with saks. when you hear the word exclusive , steve sadove is the one who invented that. jonathan, i thought you were dead on when wen

has gone up by 65% in the past week. >> this is "bloomberg surveillance" with tom keene, jonathan ferroz. jonathan: from new york city for our audience worldwide, this is "bloomberg surveillance." we are live on bloomberg tv and radio. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. tom: it will be fascinating to see

alongside tom keene, i'm jonathan ferro together with lisa abramowicz. "bloomberg surveillance" on bloomberg radio and tv. opening bell 42 minutes away. equities down six points on the s&p 500, -.2%. in the bond market, yields higher, the curve steeper. .68% -- 10 year yield up .68%. the dollar weaker against the bulk of g10, although we raised some of that in the last 20 minutes. a little bit later as i step away to get ready for "accountemps the open -- for the "countdown to the open" we have to focus on this labor market. the labor market is ugly and more ugly for others. we will talk about the payrolls report still to come on this friday. tom: special coverage into the 80 point -- the adp report on wednesday. the may jobs report on friday. we will go beneath the headline data on television and radio at 8:30. right now, an important conversation, and i would suggest my most important conversation of the day on this horrific crisis in america. the news media has been on fire through the weekend speaking about this uproar, the different views, but maybe

alongside tom keene, i'm jonathan ferro, together with lisa abramowicz.lked about the crosscurrents through this week. on one side, the better-than-expected economic data. on the others, signs of an outbreak in beijing, china. tom: there's no question on international relations. it is tangible. we just spoke with stephen roach, an

ferro,i'm jonathan together with lisa abramowicz.on the nasdaq 100 just short of all-time highs. quite a contrast. tom: absolutely historic moment. we were speaking with the former governor the fed moments ago.

alongside tom keene, i'm jonathan ferro, together with lisa abramowicz.nting you down to the opening bell, with equity futures up 33 points on the s&p 500, a little more than 1%. the story overnight, trade confusing. peter navarro making it sound like the phase i trade agreement was finished. the president of the united states back against that, saying it was fully intact. layer on top, the president reportedly in the last 24 hours moving towards getting more checks into the hands of american, possibly in the 30 days. we still have no consensus on that from this white house yet in the bond market, treasury yields are higher. the curve is steeper by one on -- on tens.tn euro-dollar steeper by 0.1%. schwartzman's comments were more of the square root shape we have heard about. right now, someone washington loves to hate. what is known in washington is you get a quick read, a little paragraph, a quick snippet of the gas about their, and the acclaimed christopher krueger of cowen goes the other way. he writes super detailed research notes on a friday that you

alongside tom keene, i'm jonathan ferro together with lisa abramowicz.labor department data with bloombergs michael mckee. if you can hear me, we 1,877,000 initial jobless claims for last week. that is a decrease of 249,000. we continue the trend lower to make things better, that it is still an extraordinary number. a couple of months ago we were looking at 200,000 a month. continuing claims is what everybody is focused on. they come in at 21,487,000. that is an increase from last 20 10 52.h was it does suggest we are seeing more people getting continuing claims. -- it wastwo states not as big a job as people anticipated it might be. maybe it means we are leveling out. in one thing you have to add is pandemic unemployment insurance for people who do not get regular unemployment insurance. self-employed, 623,000 last week which is a major decline from the week before, which was almost 1.3 million. it looks like those who are filing have filed and we are working our way through the backlogs and we will get a fairly clean picture of how many people run cont

i'mgside tom keene, jonathan ferro, together with lisa abramovitz. we focus on the following, the peaceful protests gratefully demanding change, replaced by riots overnight. there's a real hope this wednesday morning that we have finally broken that patterns and we can focus on the former and not the latter. tom: i love the way you put that. no question about it. i was on the police scanner last night, and just absolutely extraordinary to see the police of new york monitor the peaceful to wheres people moved they were going not at the exact moment of curfew, but an hour or two later. absolutely, the media has it right this morning, it was a relative calm. compared relative calm to the chaos of the last several nights before. and i think to sharpen the focus, the labor market data that comes today and continues into friday. have adp today, then claims tomorrow. people modeling under 2 million claims, which would be constructive to that really ugly may report. it is a lagging indicator. there's nothing lacking about the hardship that all americans are

alongside tom keene, i'm jonathan ferro together with lisa abramowicz. "bloomberg surveillance" live on bloomberg tv and radio. equity futures just off session highs. fed andced .6% on the on the question as to whether the data this week will validate the improvement we got in the payrolls report. later i will be catching up with mike schumacher from wells fargo later this morning. tom: it will be interesting to see. some of the mysteries about the jobs report to be addressed by mr. schumacher and others. everybody recalibrate on the jobs and a major message through this morning. not so muchstery, to the end of this week but the mystery to get out to late august and early september. i saw a lot of tentative this weekend. one of the great things is we take it for granted. is the take for granted getting around of new york. canan be 70,000 people, a be by any means of conveyance, but it looks a lot easier than it actually is. is with us on this day of reopening for new york city. we welcome him across the nation. -- chiefsmall job executive officer of the

. >> this is "bloomberg tom keenece" with jonathan ferro, and lisa abramowicz. r audience worldwide, good morning. we are live on bloomberg tv and radio. with tom keene, i'm jonathan ferro, alongside lisa abramowicz. vix 10 big figures in the led by thatak, shock fed announcement.

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. york city for our audience worldwide, good morning. this is "bloomberg surveillance ." we are live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. this is bloomberg. confusion over the relationship between china and the united states, and it got a whole lot more confusing overnight. you listen to the interview on fox with navarro, and it is stunning, the

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. r our audience, good morning. -- this isomber "bloomberg surveillance." alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. economy,erds of this secretary mnuchin, chairman powell on capitol hill. tom: it has been a six

. >> this is "bloomberg ,urveillance" with tom keene jonathan ferro, and lisa abramowicz. morning. with equity futures negative, we are live on bloomberg tv and radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. little reminder, this morning the stocks can go down as well. , we see rightge