i am jonathan ferro. going into saturday, sunday, monday, tuesday, wednesday, said decision day. tom: stop at sunday. tottenham-chelsea is what i'm looking at. i will say tuesday, maybe the markets liven up. jon: and then straight onto november 3. 2/3 of economists surveyed expect that to be the time when the federal reserve makes that call. tom: before i get to andrew at a smart conversation, jon, is this about the lack of shift of service sector growth? is it about another thing? a third thing? a fourth thing? jon: all of the above. tom: imf the halfway line drowning. -- i am at the halfway line drowning. jon: people are pushing that to the back end of the year. that might give people a little more comfort to wait, just a bit more time. that is the view from a lot of people on the street. tom: what about commodities? jon: crude, energy prices. what is happening in the u.k. right now? the winds stopped blowing. tom: that is idiosyncratic. what i am paying for fancy pickles. jon: i am with you. we turned

announcer: this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city, good morning. this is "bloomberg surveillance" alongside lisa abramowicz, i'm jonathan ferro joined by kailey leinz. tom keene needed extra were asked -- extra rest. he will be off today and tomorrow. on the s&p, we are unchanged. the big question as we kick off this morning, have we already had an early downgrade to september? lisa: because we are going to get the delta variant slowing the return to work, how much does that prolong the shift of people back into jobs and the jobs data tomorrow will be interesting to that point. jonathan: goldman sachs out yesterday with a downgrade for this year. your read on that this morning? lisa: it follows what morgan stanley did. the slowdown has been more significant than people have thought in the month of august, and yet they are not seeing sufficient rebound in the fourth quarter to make up for that. i think it is serious. academy securities came out with a note showing that if people remain out of these jobs lon

mostly on edge for is this rising inflation. >> this is "bloomberg surveillance" with tom keene, jonathan ferroonathan: this week is getting interesting. from new york city, for our audience worldwide, good morning. "bloomberg surveillance this is, -- this is "bloomberg surveillance." this is your bounce

. >> 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 ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market bouncing back again. we've seen this movie before. up to 12 on the s&p, advancing 0.3%. we've got to get things off this morning with another downside surprise out of china. tom: the news flow is extraordinary this morning. we are going to cram it into three hours of radio and television. i believe ferro will move it forward in clock hour. china is truly front and center. this is about tough economic data, and my litmus papers, the 30 year u.s. bond coming in nicely under 1.3%. jonathan: 2.5% against an estimate of 7%. tom: leland miller will say, can we trust the data? i think it is the trend of the data, and the trend is below 6% gdp, and that is a new china, never mind the overlay of everg rand and all of it. jonathan: we certainly taken some heat of this federal reserve going

tom: i set i love your shoes, they are like what jonathan ferro wears. than: both talk about fairness. everyone agrees we want to make it fair, so let's talk about what is fair. i know it is politically incorrect to have a conversation about this but we mentioned a statistic, the top 1% pay 40% of federal income taxes. the tax systems is one of the most progressive tax systems on the planet. when more progressive than what you see from elsewhere. if you asked a lot of people in america, particular people who vote for democrats with the bottom 50% pay in federal income taxes, i don't think many would say below single digits. that is the data. tom: the headlines yesterday of 60.21% on margin, some taxes would be below that. it is the summation of taxes and the summation of proposed taxes that will affect a broad swath of republicans and democrats. jonathan: we need to have a broader, more nuanced conversation. i am not going to deny there is a wealth inequality problem. of course there is. we have concentrated wealth. this is about assets. this is about ass

i'm jonathan ferro. your equity market up .75% on the s&p adding to yesterday's gains come up 32 on the s&p 500. is it a baby step or major step toward the next move? tom: it was a major press conference. i was surprised it was not a snooze fest. he moved forward and you see it in the market reaction. the first thing i went to as you i know you did is the spread market. it describes the fed division between clarity short-term and a complete mystery out to 2004. jon: that's the big question. this morning a steeper but the big question is what happens after they have taper this. tom: exactly. jon: mid to next year, let's get it done. then what? tom: i don't know, we will talk to experts on this. miley question to michael mckee is simple, how far is the mark -- how far is the market call. jon: are you surprised on how much german powell advance the story? lisa: diane swonk nailed it, she said he is is among hawks and is a dove. i think that is a dissonance you see with the dot on the flex. his rhetoric, as

we are going to have one at some point. >> this is "bloomberg surveillance" with tom keene, jonathan ferroamowicz. jonathan: retail sales 90 minutes away. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures down six after yesterday's rally. we are down a little more than 0.1% on the s&p 500. it is about claims. it is about retail sales. tom: of course, all of this to the fed meeting and what it means for the stock market. if you are getting out of your

alongside tom keene and lisa abramowicz, i am jonathan ferro. prepare for wednesday. tom: i am going to listen to the weekend. it is my book of the year. we spoke to a professor. all of the debt that is out there, i am starting the book. jon: you are fired up. tom: jon they are doing an exclusive deal. i am fired up. jon: it really is operation get to the weekend. lisa: literally, we were just making our weekend plans. what is going to change right now? jon: you are taking the day off, clearly you do not think it is. the projections from the federal reserve. tom: what do you think? jon: we caught up with, he said all it would take would be a change in the probabilities. pretty much everyone is forecasting no change with the ecb. tom: i look at three moving average studies and when the three averages come to a point, that describes stasis. we are not there yet, jon, but give it a week or two. jon: it is the story of the bond market. good morning to you all. we will try to make it a little more exciting as the show progresses. yields pretty much w

the lower and middle income distribution. >> this is "bloomberg surveillance" with tom keene, jonathan ferroowicz. jonathan: waving goodbye to q3. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance, " live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up 17 on the s&p, up 0.4%. we are on course for six straight quarters of gains. tom:

. >> this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. jonathan: hello, september. good morning, good morning, this is "bloomberg surveillance," live on tv and radio, alongside lisa abramowicz and tom keene. i am jonathan ferro. another month of gains. tom: ben laver top text, the good folks over at credit suisse, expands the deal, a very careful short note but the idea of getting to 5000 15, standard and poor, a solid 10% move over what, john, the next 14 months or so? he says it is earnings, earnings, earnings. jonathan: seven months of gains, tom, and the fed has capitulated. wells fargo looking this year but next year looking for a move down toward that kind of level, and that would be an annual decline for wells fargo and chris harvey. that raises the question, tom, if the fed starts paring back accommodation, what does it mean for that market, despite these market gains? tom: while you were gone on your three week trip working on the galley for drawdown meditation, what we heard from people was a raging debate, all of this economic b

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: the ecb decides this hour. from york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. we are -0.3% on the s&p. four days of losses on the cards. tom: i love that we had ben laidler optimistic. douglas cast watching. he's very cautious on the market. he looks for a market hurricane. jonathan: i don't know if the sarcasm translates or not over bloomberg radio. they have been really marginal moves into thursday. in about 45 minutes, the ecb joins in. tom: everybody is going to hang on every word of the press conference. you are expert on it. but the press conference may have some real value. she's got to change the dialogue in what way? jonathan: we should get some understanding about the pace of purchases. 30 minutes past the next hour, it is the news conference. at the start of the news conference, you will get some forecasts just in terms of what they do with t

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: what a morning. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance, " live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. you equity market lower, down by 0.9%. yields breaking out in the last week. tom: it's deteriorating in the last hour as well. the dynamic of the last 60 minutes is tangible, with the vix 19, 20, i moments go out to 21.06. we tried to find a bid, and you see it in the yield space. i'm going to go to the 30 year, 2.05%. jonathan: this repricing we have seen has been remarkable, from the low 60's of early august, through one point for 3% -- through 1.53%. if this simply a story of price reshaping narrative, or something bigger than that? tom: i am going to say price through to inflation. you've got some serious inflation issues, and i know the bulls will say it is transitory. francis mcdonald of manulife was brilliant on the bullish tone. jonathan: yields higher, crude positive. brent,

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: retail sales 90 minutes away. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures down six after yesterday's rally. we are down a little more than 0.1% on the s&p 500. it is about claims. it is about retail sales. tom: of course, all of this to the fed meeting and what it means for the stock market. if you are getting out of your car on bloomberg radio, stay in your car. if you are in the living room and going into the kitchen to get a glass of tang, don't, because anna han is coming up with the sharpest note wrapped around that economic data. it is the way they get there. they have the acuity that is really unique. jonathan: lisa, one of the big bulls on the street right now going into year end. lisa: everybody is sort of expecting maybe a little softness, and even the people who had previously been a little more bearish are getting more bulli

the cycle lasts just a little bit longer. >> this is "bloomberg surveillance" with tom keene, jonathan ferroicz. jonathan: the ecb decides this hour. from york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. we are -0.3% on the s&p. four days of losses on the cards. tom: i love that we had ben laidler optimistic. douglas cast

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: inflation in america 90 minutes away. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up four on the s&p, advancing 0.1%. the data 90 minutes away. tom: we are going to talk gold in this first block of the show. please stay with us on radio and tv. i've got to admit, this inflation is a different look on the screen. 5%-ish, that is a new level for america. jonathan: mohamed el-erian this morning, "deficient aggregate demand has given way to frustrating supply rigidities. they are not going away anytime soon." that is the conversation in the world of economics right now. tom: it is really important. he goes back to macroeconomics and the dynamics of demand and supply. everybody has an opinion on this. i'm technology to the rescue. we need to buy a new iphone. jonathan: or maybe two or three or four, or maybe five for christmas. i'm looking forward to how much you've got to spen

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: some calm after a bond market storm. good morning. this is "bloomberg surveillance, " live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market bouncing back 29 on the s&p, up 0.7%. it is a bounce back. the nasdaq up 0.9%. tom: all we are talking about our winter they asked about is when are they going to raise just rates. there's a fair number of people saying you got it wrong. they are not going to raise rates in 2022. everybody calm down. jonathan: sabre malik of nuveen nailing -- saira malik of nuveen really nailing it. at the long end, i'm not sure. i think we are getting too far ahead of ourselves. we need to discuss that a little bit more. tom: the dynamics of the long end into the short end are important. the first thing i'll that when i walked in today was a yield -- first thing i looked at when i walked in today was the yield. i know michael dard is a big believera in it, the scope of the curve. it is not inflammatory yet.

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issuertable consensus. >> i would not be shocked if we have a correction. >> near-term, big wall of worry. >> we will see a midcycle correction. >> markets are bad it midcycle slowdowns. >> the 2% or 3% correction should pop up. >> there are a lot of risks. >> a lot of strategists have come out articulating pullback concerns. >> the catalyst will be rate negative earnings revision. >>

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: we begin with the big issue. setting up the next move. >> november feels like the kickoff. >> they will taper. >> they have telegraphed the tapering. >> november. >> i do not think there is a huge amount of surprise in the taper discussion. >> the november tapering announcement is low. >> we seem to have a bit of clarity. >> a little bit more hawkish. >> this is actually

trading, this is bloomberg: the open with jonathan ferro. york, we begin with the big issue. a big week starting with big losses. >> a series of catalysts right now. >> the question is catalysts. >> the perfect storm. >> debt ceiling, this massive stimulus. >> what happens at the fed meeting? >> the fed is in a difficult position now. >> a lot of risks overhanging. >> it could be messy. >> we are going to see a midcycle correction. >> markets are really

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: this week is just getting started. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. in greenwich, connecticut, tom keene standing by with a fantastic lineup of guests through the next hour. tom: we knew the greenwich economic forum would be important. ray dalio later to speak to governor lamont of connecticut. jonathan: let's not waste any time. shaping up as follows on the s&p, advancing 0.75%. yesterday, the biggest one-day all the way back to may. crude positive by 1% to $71. bank of america, those forecasts for chinese growth, that caught my eye. i know it cut yours. kailey: there's a multitude of factors here, not just the potential default of evergrande. the fact that commodity production is going to be lower, as well as the delta variant. how strict china has been with some of its restrictions when you see resurgence in cases, that sits china apart from what we are seeing in other developed countries.

i am jonathan ferro. tom keene taking a long weekend. futures down 17.ff the back of the biggest one-day pop in the s&p 500 going back to july. lisa: you know he is screaming at his tv now. trying to interject as much as he can. is there an entry point? yesterday's move was notable -- notable because it was a move. is this a sustainable reassertion of the reflation trade? that is yet to be determined. jonathan: let's get to bitcoin, down 5.5% off the back of headlines suggesting china will call every crypto transaction illegal. kailey: this is your entry point, tom. down 5.5%. there is a question of china's continued crackdown on cryptocurrencies, not anything new, but this more firm hardline on transactions comes at an interesting time for xi jinping. jonathan: concerns about capital flight, on top of the news we had earlier this morning. a suggestion that regulators and officials in china are trying to take control over the funds of evergrande to make sure the houses that did not get built will get built. lisa: the wall street journal report that china

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york we begin with the big issuets in early downgraded. >> payback came early. >> q3 was weaker. >> september is a critical month. >> post labor day was the game plan. >> the payrolls report. >> new school year is a wildcard. >> a lot of companies are starting to push back the back to office. >> major corporations have pushed off the full return to office. >> you have given the fed some ammunition to not taper. >> there was clearly slow down.

and default crisis, the fed has options. >> this is "bloomberg surveillance" with tom keene, jonathan ferrobramowicz. jonathan: what a morning. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance, " live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. you equity market lower, down by 0.9%. yields breaking out in the last week. tom: it's deteriorating in the last hour as well. the dynamic of the last 60

. >> this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city to our audience worldwide, this is "bloomberg surveillance," live on tv and radio alongside lisa abramowicz and kailey leinz. i am jonathan ferro. equity futures unchanged on the s&p 500. we've downgraded september. lisa: the importance and expectation for growth, as well as how clear a read we will get on the labor market, returning in a way that remedies the frictions we are seeing. if you talk about record highs and the incredible momentum behind the s&p, when didst the market reflect the economy? -- does the market reflect the economy? jonathan: jonathan -- said the economy is still broken and he is bullish. lisa: is the reason people are so bullish is because the fed will -- pad companies in the s&p 500. jonathan: what we don't even talk about anymore, d.c. and the fiscal effort in washington. it barely comes up and it is not on the radar. kailey: we also have congresspeople still on their extended researchers -- recess. the tax ways and means committe

. >> this is bloomberg surveillance tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. it is jobs day in america. across the nation and around the world, it's just another jobs report. i am sorry, there is something different. jonathan: let's go through the number. 400 k is the low. one million is the high. there is a belief that whatever this is, it sets the tone for the federal reserve decision on september 22. tom: it's much more about the gaming of gdp of america. ellen stopped the world with a 2.9% statistic. if you have a 3% american economy, how do you add jobs? jonathan: demand has been great. supply-side is been the issue. that's where the story is. that's why september is so crucial. would we start to see labor supply match the demand we've got in this country? you might have to wait for it. tom: helen made it clear it was about the auto industry and another of -- a number of other sectors. when it comes down to the six americans out there, which are you focused on. lisa: the one third of jobs she says are not coming back. i was thi

. >> this is "bloomberg surveillance" with john -- jonathan -- tom keene, jonathan ferro and lisa abramowicz. jonathan: good morning, this is bloomberg surveillance live on tv and radio alongside with tom keene and lisa abramowicz. your equity market into friday, all-time highs. up 0.15%. the payroll report around the corner. tom: the turning off of the anticipation of the jobs report, like you said there is a bed every morning like clockwork, and a pretty strong close yesterday. jonathan: 725 the estimate. we will take it -- they will catch up with td. we will talk to priya, and the gloom of morgan stanley for the third quarter will catch up with them. tom: it speaks to what you talked about was the 10-year yield. we are not down to 1:12, but i one: -- 1.30 is not where the optimist should be. they say 1.50 or maybe the jobs report will move it. jonathan: 1.30 right now. it is good news bad news, bad news good news. lisa: a lot of people think that good news will be bad news because the fed will want to taper if there are signs the labor market is recovering, but it is not just the headline

[laughter] jonathan: tom keene, lisa abramowicz, jonathan ferro. from new york city on radio tv, equities are up. we cover the markets, sometimes. yields are higher by a basis point. tom: what's a small caps? lisa: jonathan: -- jonathan: from new york city, this is bloomberg. ♪ >> a term when many women don't even know they are pregnant, the supreme court could acted today, though there is no firm deadline. opec and allies meet today to provide halted oil production with another increase in output in october with prices that have mover -- mostly overcome mid-august but the lookout for the rest of the year is relatively complacent. mailchimp has been approaching an email marketing firm for millions, their biggest acquisition ever. global news 24 hours per day -- global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. ♪ >> we will follow and monitor the new rulers in kabul and also make it clear that the nato allies have the capability to strike from

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa abramowicz. jonathan: good morning. this is "bloomberg surveillance" live on tv and radio. equity futures this monday morning down 62. tom keene, evergrande front and center. >> this is a comprehensive price adjustment on a monday morning. you can go any number of ways here. i am simply going to go 20 miles or so as you move down to hong kong and when you see henderson development and the other traditional hong kong developers begin to see their share price erode. jonathan: starting to bleed into global markets. we are down four basis 30. from all your reading are we facing financial risk or are we facing real economic risk? tom: what we do have is an agenda and it stretches into the fed meeting after this new debt ceiling debate heats up. edie's a set of things and you get that out of september into q4. ed rushed to the end of the year and the mystery of 2022. jonathan: the mystery for me, this has been on the radar for a long time. it here we are waking up to this with futures down one lisa: --

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issueentral-bank retreat just beginning? >> we are in a unique period. >> central banks shifting to a more hawkish tone. >> central -- talking about moving towards being less accommodative. >> the ecb is curbing their pepp purchases. >> the bank of england hikes early next year. >>

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa abramowicz. jonathan: for our audience worldwide, good morning. this is "bloomberg surveillance" live on tv and radio. lisa back tomorrow. futures up 22 on the s&p. it's a little bit of a bounce back, but as we have seen a lot over the last week, the best of the day comes early in the day and then it gets faded. tom: on the worry and thanks about china. this 47 flavors of what to worry about with china. to me this morning it is simply the chinese growth engine, will it continue. jonathan: i'm watching and we will keep watching. tom: he is going to avoid being sent away. i think you will see a real domestic tinge as governor brainard listens to the press conference this morning. everything said, it's not just about evergrande. china is more than just one real estate transaction blown up. jonathan: we talked about the interest payments for june. we've heard about one and we said you gave me the kind of earlier. kailey: that offshore dollar bond is in question after they said they reached some kind o

i think the fed has to respond. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: some calm after a bond market storm. good morning. this is "bloomberg surveillance, " live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market bouncing back 29 on the s&p, up 0.7%. it is a bounce back. the nasdaq up 0.9%. tom: all we are talking about our r

jonathan ferro will have that on television.uld point out, balance of power has the right guest today. he had a most tragic september 11. howard was fortunate with his son to make it through it. it's an important time to speak with him and the charity that came to pass. this is bloomberg. good morning two. futures are up 19. stay with us this next hour. ♪ and there you have it— -woah. wireless on the most reliable network nationwide. wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today. jonathan: good morning, 30 minutes to go into the opening bell. a bounce back after four days of gains on the s&p 500, 20 on the s&p, advancing .4%. a simila

the fed decides with tom keene, jonathan ferro and kailey leinz.loomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.

. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: what a chappie week. this is bloomberg surveillance: live. alongside lisa abramowicz, i have tom ferro. we had kailey leinz. lisa, let's start with the price action, a new cap is set up for -- north of 140. the market is breaking down a little bit this friday morning. lisa: this is taking hold with the idea of higher stocks, we do see the territories and this is notable after so many boring sessions. . jonathan: a sign of resiliency or complacency? lisa: that the key question. it's not been disruptive to the idea of a stronger equity lift. but it's coming from all parts of the global bond market. there is a shift to a more hawkish tone, globally. this will have ramifications, and that's when i'm watching. jonathan: we have a ton to get through. kailey leinz, bitcoin is down by 5%, china saying no. kailey: the pboc saying that all crypto transactions are illegal. this seems to be an extension of the pre-existing crackdown on crypto that china has been undergoing for years. the

this is bloomberg -- the open with jonathan ferro. ♪ jonathan: we begin with the big issue. the road to september 22. >> the u.s. cpi print. you may start to see the taper. >> the fed will make up stories to fit their story. >> there is a lot of uncertainty about inflation. >> any upside surprises. >> particulate upside surprises. >> could certainly hurt growth. >>

from new york city, on radio, tom keene, lisa abramowicz, jonathan ferro. sche bank center it is. no one will know where you made. tom: it looks good on radio. jonathan: this is bloomberg. ritika: with the first word news, i'm ritika gupta. congressional democrats are at an impasse. they have hit a wall in an attempt to do with three crucial issues at once. avert a government shutdown, prevent a debt default come and move forward on president biden's for trillion dollar agenda. republicans are blocking an attempt to raise the debt ceiling -- north korea said its latest rocket launch was a successful test of a hypersonic missile. that suggests kim jong-un's regime has come closer at putting nuclear warheads and high-speed gliders that can evade u.s. missile defenses. it was difficult for experts to verify the claim. france has warned the u.k. is in violation of the brexit deal. france says britain denied several small european sheen boat access to its territorial what it's -- small european fishing boats. france attempted to prevent u.k. financial doing busin

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issuee page on a choppy q3. >> we entered a high volatility regime. >> the fed has said they are changing policy. >> volatility. >> nervousness and volatility. >> people are just closing their eyes and waiting for this to be worked out. >> all of that is temporary, it is not permanent. >> we are setting up which should be a better q4. >>

. ♪ jonathan: i'm jonathan ferro, this is real yield.s is the auction block, their strong investor demand across the treasury auctions this week, leaving primary dealers with some of the lowest percentages on record. the junk bond market is bouncing back from a slow start post labor day, costing more than $3 billion in new deals. and what week, corporate america dividing the high-grade market in a $76 billion issuance spree. this is pushing volume over the one trillion mark for the year. we spoke to our guest earlier. >> this is a bit of a surprise for us. if you look at the credit market, you do see a couple of weeks of decompression but largely, the lowest quality parts have held them well. this is a combination of supply and the more progressive positioning aware evaluations are yet that's why this is more than just a supply per sale. jonathan: zach, i want to come to you. the amount of supply we have taken down this week in u.s. investment grade. what the message you take away from that? zachary: on one hand is a story but it's also

this is bloomberg the open with jonathan ferro. ♪ jonathan: from new york, we begin with the big issue delayed, not to railed. >> things are almost back to normal. >> a lot of are starting to push back that back to office. >> corporations have pushed off their full return to office. >> sort of a recovery delayed but not derailed. >> the delta variant when to be a risk. i do not think it is going to complete we derail it. >> we still have -- complete lead derail it. >>

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: we begin with the big issue.elds breaking out. >> we have a 10 year yield at 1.5%. >> i question what took so long. >> a little overdue. >> a bit of clarity on tapering. >> a market edging towards reflation. >> that is busily true in the bond market. >> the steepening in the yield curve. >> makes a lot of sense. >> we look for the 10

i am jonathan ferro. your equity market record highs, futures up 8. payrolls report is 90 minutes away. tom: we are going to focus on the many dynamics. lisa mentioned labor process patient. that is the number i'm going to watch. do we get an improvement in labor participation. we've got somebody coming up who is more than cautious. jonathan: looking for 400 k. that is the low end. one million although it down to 400. 725 is the median. tom: is there a dartboard the does a three-month moving average? i am going to go to a three much moving average. there is job formation. for jerome powell, it's simple. they've got to see more to get that 10 million jobs employed. jonathan: we will have him on wall street. you take the jobs print and you have a conversation about what it means. let's talk about it what it means for fiscal support. in the wall street journal. lisa: they want to take a strategic pause to assess the inflation data. that's going to be the new transitory as we partially what they are looking for. to that point, underneath the headline numb

this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york we begin with the big issuensitory gets a win. >> the keyword, transitory. >> the debate around transitory. >> every time we talk about inflation and transitory we will take an afternoon drink. >> we had a period when the market was buying into the transitory narrative. >> the risk is it is not as transitory as they think it is. >> inflation is rising and proving sticky. >>

i am jonathan ferro. your equity markets down a 10th on the s&p. your bond market yields approaching 150. tom: we have an important guest coming up. i am going to go away from red and green on the screen and say all sorts of levels moving rapidly up to technical breaches on this monday. it is very exciting. jonathan: how loose will any tightening be? tom: i am going to go the central bank analysis. i think it is a little bit washington, a little germany. maybe it is just global economics. i go to oil at near $80 a barrel. it is a game change monday. jonathan: down in d.c., the policy effort, speaker pelosi for later this week. lisa: it is amash -- a mush here in central banks are not necessarily tightening policy any. -- any time soon. some of these moves are incoherent. if the fed were going to let the economy run hot with a policy response, why is it the yield curve steepening more -- white is -- why isn't the yield curve steepening more? it could be five tens. there is not necessarily significant steepening akin to the fed is going to be loose w

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: what a week. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance, " live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your market advancing 0.5%. we are taking a couple of things very well, the federal reserve and the story out of china. tom: you've got the moonshot of the norwegian thing, the bank of england moments ago. turkey with a bombshell, and the lira weakening dramatically. all of these distractions around the central banker to the world, and what he said yesterday is we've got to plan, and markets said no. jonathan: and we just got a surprise rate cut, 100 basis points over in turkey. this chairman has no interest whatsoever in taking anyone by surprise. tom: exactly. jonathan: that was handholding through to tapering in november. tom: you should tune in on our breaks. it is really interesting. on radio and tv, jon mentioned brazil which is really important. there's only one book that matters,

. ♪ jonathan: i'm jonathan ferro. this is bloomberg real yield. time for the auction block.e kick things off in europe with a sizable offering from the eu. market wide sales surging beyond 60 billion euros. in the u.s., high-grade offerings. jp morgan's and the big banks leading the sales. the junk bond market remaining. sales at 400 billion. the main story for me this week has got to be out of china. take a listen to what the chief economist from milken have to say. >> but we are seeing with the potential collapse is the question facing policymakers in beijing is, is ever grand systemic, too big to fail? but we will see is the potential for beijing to step in if not indirectly but directly to take on some of that debt and reassure the people in china that their property is safe. jonathan: we are approaching some kind of endgame, i have no idea what it is. victoria, george, and krishna are still with us. a lot of people outside of china don't know what to do with this story. how do you interpret things as they play out? krishna: in china credit, there is no endgame, let's be

. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: what a week we have had of you. good morning. this is bloomberg surveillance, live. we are down 1.4%. the bond market -- it is all about ever grand. tom: it is all about ever grand. everybody is in the pool today. instantly halfway from 20 or so. jonathan: the chairman picked up the mic and said i will be gone until november, jumped the mic and then walked away. tom: you nailed this last week. two meetings beyond this. jonathan: why would you make a decision this wednesday? lisa: there is a question of inflation weighing on sentiment. consumers are pushing up the expectations and how that affects reality. these are some of the concerns that they have to address. evolution because there is not necessarily any need. he said evolution. what was i supposed to say? jonathan: 1.4%. let's whip through this section. the hang seng getting absolutely battered. the markets are hurting. down by 2.3% there. on the cusp of breaking. lisa: we could trying to get excited about that. the narr

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: waving goodbye to q3. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance, " live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up 17 on the s&p, up 0.4%. we are on course for six straight quarters of gains. tom: it's been choppy. what i would note, even with the equity recovery of the last number of days, the vix still near a 22 level. there is still that choppy tension as we go towards the new quarter. jonathan: euro-dollar, a break of $1.16. the weakest euro we have seen going back to july 2020. strongest dollar we have seen all year. what underpins that move? tom: i'm going to suggest i don't know. finally, what is underlining this quarter is how quiet this has been. jonathan: how well anchored is this move? how durable will it be? lisa: i'm going to provide a potential narrative at my absolute peril. i think it is fascinating to see you move up the stronger dollar, higher yields

jonathan ferro mispronounced on the edge of tom keene, he's not focused. cused on three this afternoon, would you explain how liverpool plays? how does that happen? jonathan: the best of europe is getting it together. we haven't been in the championship for seven or eight years. my last call is scheduled for 2 p.m. eastern and then i'm clear from then on. 3:00 p.m., liverpool and milan. they did it a couple of decades ago. i think liverpool is too much for malan. we have good statistics and malan's back line has been pretty tight over the last 12 months and likewise liverpool. i would be comfortable if we had played this before? tom: will they get a big turnout? jonathan: anfield is a special place. that atmosphere is pretty awesome. some of the big ones in england are like live. that's a special atmosphere. jonathan: i prefer upton back in the day. lisa: i was looking at yields. jonathan: i don't think we have touched it. tom: i know you are focused on 3:00 p.m. lisa: did that satisfied the itch? tom: this guy is in london and they are saying what's the pr

where it has been and where it is going. >> this is "bloomberg surveillance" with tom keene, jonathan ferroramowicz. jonathan: for our audience worldwide, good morning. this is "bloomberg surveillance" live on tv and radio. lisa back tomorrow. futures up 22 on the s&p. it's a little bit of a bounce back, but as we have seen a lot over the last week, the best of the day cos

alongside tom keene and lisa abramowicz, i'm jonathan ferro. bless claims and retail sales 12 minutes away. yields higher. with quality basis point. euro is weaker. euro-dollar, 1.1760. tom: in 12 minutes, this is important for all on global wall street. jonathan: then we will hear from the president at 1:45 eastern time. delivering remarks on leveling the playing field in our economy. tom: i have learned that submarines matter for a lot of reasons. one of them as they are really expensive to build. terry joins us. we are thrilled for you to join us after this agreement. we have the idea of the u.s. washington, london and -- joining together for subs. this is about general dynamics. my re--- my reading is they will be built in australia. how do you perceive u.s. sub burning technology will be built in queensland where the navy sits? >> that's a good question. i will not pretend to be totally familiar with australia's boatbuilding capabilities. they've got some. that was one of the first things i thought of which was they are talking about buildi