jonathan s.: it is a complicated question. if the allegions are true, this is illegal and should be prosecuted. on the other hand, when you compare it to the expectations that have been set for this investigation, trump's political opponents view this as quite -- cy vance has been working on this for more than two years, has had eight years of trump's tax returns, and we should note it is still an ongoing investigation. we don't know if this is necessarily the final word, but if this rlly is the final word and it is an indictment based on fringe benefits and tax fraud for his cfo and donald trump himself does not get indicted and if his children get indicted -- when you compare that to the expectations, it is quite underwhelming. that being said, these criminal indictments really affect businesses. it affects your ability to get loans, to partner with people. donald trump has a lot of debt, so it could have real impact on his business, but as for his political fortunes, i don't wait has a huge impact -- i don't know that it ha

jonathan: we are slab bank on the median forecast. we have had some huge gains today, plus 14% on the s&p. for some people, this is where it ends. not for everyone, though. credit suisse is out there at -- tom: they're going to recalibrate after earnings up or down. jonathan: we are all bond market strategists. can you tell me where the 10 year yield is and i will tell you what sector to sit in. tom: lisa, that is what it is about. even equity -- the equities team follow bonds and bond vigilantes. lisa: but they follow data that is inconclusive at this point. we are going to learn about inflation in the next cupping months -- next couple months. -- that is some of the turbulence there forecasting. tom: liz ann sonders was with us and edward yardeni in a moment. we hook up with edward yardeni by wires and the screen turns green. it is amazing. we have the nasdaq finally green on the screen. he moves the markets just by showing up and doing a sound check. jonathan: of 2/10 on the s&p. the nasdaq unchanged. yields up a single basis point. we have to keep going back to it. and i slipped in

jonathan: 4368 on the s&p.rom new york, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. united arab emirates has resolved its standoff with the open bus coalition. a delegate tells -- the opec+ coalition. a delegate tells us the deal will get a new reorder. if the compromise is ratified, that the -- that opens the way for more oriole being pumped -- more oil being pumped. it will have impact on every corner of the economy, from how people heat their homes to the cars they drive. every industry would be forced to cut pollution by at least 55% from 1990 levels. you can -- new combustion engine cars would be illuminated. democrats on the senate budget committee have agreed to a 3.5 trillion dollars spending plan that would expand medicare and provide more generous childcare benefits. the legislation would carry most of president biden's agenda into law. the agreement is a win for budget chairman bernie sanders. he has pushed for that expansion. an increase in iphone shipments this year. th

jonathan: coming off all-time highs from the s&p 500. this -- counting you down to when the week begins in new york. tuesday with j.p. morgan bank earnings. this is bloomberg. ♪ (woman) i don't want to look like this anymore. (man) what is happening to my body? (woman) why can't i lose weight? (announcer) you may be suffering from insulin resistance. measure your waist. females measuring more than 35 inches and males measuring more than 40 inches may have insulin resistance. to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com. once again, that's golo.com. >> here is the price action this monday morning. coming off all-time highs into monday. just a notch lower. we head north on the nasdaq 100 by little more than a 10th of 1%. i will get to that in just a moment. for the week ahead it's about the bank earnings. they start tomorrow with j.p. morgan. this is your cue, the catalyst for everything that happens every single day. we come in about two or three basis points. today i think we get $58 milli

he's enthusiastic about q4, which is how he gets to s&p 4800. jonathan: we will have that debate with sam stovall of cfra, the chief investment strategist. from new york city this morning, good morning. alongside tom keene, i'm jonathan ferro, together with taylor riggs. your s&p 500 up 20. we advance 0.5%. in the bond market, just south of 1.30% at on .2837% -- at 1.28 37%. this is bloomberg. ♪ laura: a bipartisan group of u.s. senators is closing in on a 570 $9 billion infrastructure deal. they agreed to pay for it in part by delaying a costly trump era medicare regulation. details won't be announced until at least monday, and any deal could face opposition from democrats in both houses of congress. the head of the cdc says the u.s. is at another pivotal moment in the pandemic. rochelle walensky says covid cases are once again climbing, and some hospitals are filling up. the government says that by the second week of august, the number of cases may be up 39% from last week. a new survey says the fed will start scaling back asset purchases next year, an

jonathan: equity futures, 4345 on the s&p, up 0.5%. she's not in crete. yields higher. can say she is. jonathan: where is she? tom: maybe the upper west side. i don't know. jonathan: from new york city, on radio come on tv, this is bloomberg. rg. look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. >> we are going to have another year or two of above trend growth, and i think that is going to be something we should be pretty encouraged about. >> some type of a pullback just seems natural and normal, and this is not a reason to exit the market. >> the market likes higher rates and people don't want to buy into that idea. >> y

jonathan: thank you, lisa. the s&p just off all-time highs.monday morning for you, as we set things up for tuesday, jp morgan numbers really kicking off. then we going to chairman powell's testimony. guilds come into 1.342 7%. big conversation about what is next at the ecb. that meeting takes place in 10 days. i had of that, the euro weaker by 0.25%. crude is $73.50, down by 1.42%. alongside tom keene and lisa abramowicz, i'm jonathan ferro. coming up next, padhraic garvey, the ing head of global debt and rates strategy. this is bloomberg. ♪ ♪ ♪ jonathan: live from new york city come on tv and radio, here's the price action this monday morning. equity futures, 4352. down -0.2%. the story at the end of last week was a really nice lift on the banks to close out the week. this morning, could reverse some of that. the nasdaq up 0.2% because of what is happening in the bond market. switch up the board and get to twos tens, 30's. nominal yields coming in on the 10 year to 1.3443%. the banks still 7.5%, 8% off the highs of the previous month. a lot o

jonathan: alphabet up 0.6%. we are down six on the s&p 500, negative a little more than 0.1%. t's my entry point. jonathan: the nasdaq 100 just turned positive. there you go, tom. up six, we are positive 0.04%. the mood music improves as the session grows older. from new york, this is bloomberg. and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks. i get that too and mine has 5g included. impressive. impressive is saving four hundred bucks a year. four bucks? that's tough to beat. relax people, my wireless is crushing it. okay, that's because you all have xfinity mobile. it's wireless so good, it keeps one upping itself. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out

jonathan ferro. equity futures up .2% on the s&p, closing debt on, 4400 on the s&p yesterday. it is as if the federal meeting never happened. tom: mission success for chairman powell. i think he got what he wanted was huge stability. mike mckee pushed back on some of the themes that were controversial in that. i will say they are on their way to the next meeting and they have to get more data and we will get data and gdp today and also wonderful conversations we -- conversations. we have a strong lineup. jon: looking forward to that. up on the s&p 500, not much price action to look at. in the premarket, didi global absolutely flying. up my more than 30 percentage points. this is from dow jones, " ride-hailing giant didi global is considering going private in order to placate authorities in china and compensate investors for losses incurred since the company listed in the u.s. in late june." tom: manipulated -- it is a dow component. manipulated going down. i just don't think it's that big of a story. i think this is the manipulation of capitalism by the chinese government. it

jonathan: 43 point while on the s&p -- 4312 on the s&p.ime highs going into payrolls friday ahead of a long weekend. the coverage right here on bloomberg tv and radio. this is bloomberg. ♪ >> there is growing doubt there will be an agreement between opec and its allies. bitter infighting after a key member, the united arab emirates, scrapped the deal. that forced opec to postpone the meeting until today and could mean there will not be any increase in production. the imf predicts the federal reserve will begin raising interest rates as soon as late 2022. a washington-based fund said the fed will scale back purchases in the first half of next year. at last month's meeting, policymakers indicated they want to raise interest rates in 2022. richard branson plans to follow jeff bezos into space. he will follow on the virgin galactic test flight on july 11 along with five others. that is just nine days before bezos plans to go on his. he will be joined with one of the first women to train for spaceflights. she actually never made it on a mission

jonathan: from new york city for our audience worldwide, good morning, good morning. 1.22 on 10's. to the open starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: we begin with the big issue. a relentless equity rally getting some resistance. >> we will see the market have trouble. >> we think there will be higher volatility. >> people are starting to worry about is growth going to come back. >> price volatility will go on for a while. >> probably some other numbers are not coming in is expected. >> there is more worry about medium-term growth prospects. >> for stocks to stay or rise come inflation fears have to go away. i cannot see that happening near-term. >>

[laughter] jonathan: down 0.6% on the s&p.radio, on tv, this is bloomberg. ♪ and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks. i get that too and mine has 5g included. impressive. impressive is saving four hundred bucks a year. four bucks? that's tough to beat. relax people, my wireless is crushing it. okay, that's because you all have xfinity mobile. it's wireless so good, it keeps one upping itself. ♪ jonathan: buy from new york city, for our audience worldwide on tv and radio, here's the friday morning price action. we decline on the s&p by 0.6%, on the nasdaq 100 by 1%. 4% of the s&p, amazon is negative by 6.5%. if we get to the bond market, just a little bit defensive. treasuries firmer, yields lower, the curve a little bit flattered. down to basis points on tends -- down two basis points on tens. a lot of people say we shouldn't be down here, but when you asked them why we are down here, they don't know. but they are very confident we are going hig

jonathan ferro. lisa will be back with us on monday. equity futures of 8 points on the s&p, advancing .2%. one hour and 45 minutes away from them ecb decision today. tom: a big yield reversal. the carnage in equities and this correction we have had. i just did a careful cancellation on surveillance on thursday on ecb day. we go out to a certain number of digits. how about a -0.6% market drawdown? it is a crisis in equities. jonathan: you will love this quote. "the ecb has set aside a new inflation target to miss an markets want to know how they go about missing it." that is the story going into this new conference later this morning. tom: i just did a survey of nominal gdp for francine lacqua. in finland, i was surprised. germany, not all that good. the bottom line is they are managing a traditionally lethargic growth, trying to give it some form of umph. francine: -- jonathan: did you watch the town hall with the president last night? i will sleep. i think that is when kailey leinz wakes up. kailey, the president making the point that higher wages are the future for the policy of this adm

jonathan: five-day winning streak on the s&p. get happy. the question is why is 10 year treasury yields at one point 2%. jonathan: here we go -- tom: here we go. lisa: if this is an indication of the economic outlook, it is bearish. if not, what said an indication of? jonathan: perhaps that's why the nasdaq is at record highs. jonathan: this is going to go well today. i heard a rumor that maybe i will be joining you for the fed show tomorrow afternoon. even how this is going, i'm having a rethink -- given how this is going, i'm having a rethink. chairman powell news conference. tom: nice segue. jonathan: many people believe it has the space, the reason of piling up to take a punt and wake -- weight. tom: you will probably not get the last question in a press conference. jonathan: your equity market five-day winning streak. it's a tuesday on the s&p 500. all-time highs. i've got to stretch it another 30. 12494 on tends. yields come in four basis points. the story is about stress and china. the question people have stateside as we wake up this

jonathan: all-time highs in the equity market. five-day winning streak on the s&p 500 or get record high on the s&p, record high on the nasdaq. about 1/4 of the nasdaq reporting after the close in a grand total of three names, alphabet, apple, microsoft. tom: you and i don't harken back to what people said a long time ago. we don't play the he was right, he was wrong game. can we go back to the brave long ago that said 3700? jonathan: let's go to the first week of november. that's when the headlines around the efficacy of these vaccines first came out. the s&p 500 that morning at 3300. that was around the time you get the banks on wall street getting together, getting around the table and thinking about the year ahead, the outlook, your year-end forecast. i remember when deutsche bank came out at 3950. we thought david kostin was a crazy man at 4400 on the s&p 500 . we are at 4400 now going into tuesday. tom: it does go back to the reaffirmation of earnings. when you suggested apple, microsoft, alphabet, google, the rest of them really matter to the empire s&p 50

s. jonathan beale reports. what�*s it like being a female soldier i�*m often asked.imed at women. i'm the one stitching them up! i'm not a miss or a mrs, i'm a sergeant. it suggests gender is not an issue in today�*s armed forces. but this report by mps paints a very different picture. with women suffering disproportionately from bullying, harassment, discrimination and even sexual assault and rape. six out of ten women in our evidence said that they don�*t make complaints because of fear of reprisals and repercussions. and what we are finding is that women are subsequently leaving the military before their time. put some pressure on this for me. women make up around i2% of the regular armed forces. the report highlights practical issues for them, such as not being given uniforms and body armour that fit. but mps say they�*re gravely concerned that women are ten times more likely than men to experience sexual harassment. you're asking for it, that's the impression you get, you're not completely blameless in all of this. sophia, not her real name, was an officer in th

s&p 500 yesterday. tom: mass corrections this morning. jonathan about this move, where are we now? -61 point, down about 1.4%. we are coming across from all-time highs on the s&p and we are coming off the year end median price target on wall street. when we were in october, november, when those headlines crossed about vaccine efficacy in early november, those forecasts of anywhere near 4300, that felt like a pipe dream, six, seven, eight months ago. romaine: we pushed back on that. we ended up being the ones who looked like we were wrong. i think that when you look at the current levels and the crabwalk that we have had to these record highs over the past six, seven weeks, you have to wonder whether some of this team is running out of the engine. jonathan: futures down by 1.4%. yields come in by for basis points. heard on radio, seen on tv. alongside tom mckeen, i am jonathan ferro -- tom keene, i am jonathan ferro, with romaine bostick. lisa has told us she went to greece. tom: not sure. jonathan: on monday, lisa is back. equity market coming off

jonathan: that next meeting is coming up next week. coming up, drew mathis. futures up 16 on the s&p. tom: this market is on liquid oxygen. jonathan: this is bloomberg. >> chuck schumer is on track to fail in his attempt to start debate on an unfinished, bipartisan infrastructure bill today. republicans say there isn't no way a deal will be reached in time. they will not open debate. he toddled trump l.a. tom barrack remains in jail in los angeles after being arrested on illegal lobbying charges. the founder of coney capital and two others are accused of advancing the interests of the united arab emirates in the u.s.. also accused of obstruction of justice and making false statements to federal agents. barrack's lawyer says he is not guilty. widespread flooding in central china has caused 100,000 people to evacuate the city known as the world's biggest producer of iphones. the city has received 18 inches of rain, equivalent to the city's average annual rainfall. the milwaukee bucks have won their first nba title in 50 years. giannis antetokounmpo scored 50 points to lead the box to

jonathan: we've got some problems, haven't we? welcome back, lisa. on the equity market, down 11 on the s&p. gside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market just a little bit softer. treasuries firmer. yields lowered to 1.2329%. heard on radio, seen on tv, this is "bloomberg surveillance." ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. (announcer) if you've struggled to lose weight, you might think you were born with a slow metabolism, but what you may have is insulin resistance. fat becomes trapped inside your body and it becomes very difficult to lose weight. now there's golo. golo works to reverse the effects of insulin resistance, increase metabolic effici

jonathan: thank you, tom. down 35 on the s&p. tom: kailey, do you want to weigh in? iley: i'm having fun watching you guys. jonathan: you enjoy yourself. basically at the lows of the session for the u.s. 10 year. tom: i am watching real yield. let's define this right now. you've got a nominal yield which is what jon is quoting, at 1.24%. you've got the inflation expectation. you take that away. then you've got the residual, which is the so-called real yield. so they don't move directly link. i've got -1.09%, awfully close to -1.12%. jonathan: the -1.12% you point out, the lows of the year. what we are unwinding here was this immensely large, positive growth shock we experienced through to the end of march. this is when people were aggressively upgrading their outlook for the economy. we have really unwound that. in fact, we have totally unwound that. my issue with the bond market at the moment, pick an expert right now, pick someone on wall street . his immense confusion about what is going on in the bond market at the moment. tom: we protect the copyright of all of o

good morning. ♪ jonathan: the s&p 500 up nine points.ience worldwide, good morning, good morning. 30 minutes until the opening. "the countdown to the open" starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: live from new york, we begin with the big issue. confusion in the bond market. >> this window in this anomaly -- >> the confusion and the discussion from a bond market strategy and structure of the portfolio standpoint. >> general lack of visibility by the bond market. >> a lot up in the air. >> these yields will probably not stay where they are. >> it is difficult to be positive about what stops that slide. >> we've already seen the peak in yields. >>

jonathan: equity market, 4270 on the s&p, advancing about 20 points. yields come back in again by two basis point. tom keene, jonathan ferro, kailey leinz, this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating and losing weight. go to golo.com and see how g

jonathan of credit suisse. from new york city, breaking down 59 on the s&p. a bit into the bond market, yields lower. a risk off thursday morning. get your summer trading. tom: how come he gets to score on the rebound? jonathan: inappropriate tone this morning. focus. the big bowl on wall street. this is bloomberg. ♪ >> police reportedly of shot and killed four suspects in the assassination of the haitian president. according to the associated press, to others were arrested and three officers who were being held were freed. no word on who the assassins were prayed japan may be moving closer to a no -- olympics. they are proving a state of emergency in tokyo for the entire summer olympic games. fans would be banned from attending events. bloomberg has learned european central bank policymakers have agreed to raise their inflation goals to 2%. they will allow them to overshoot when needed. in soccer, england will play in a title match for the first time in 50 years. they converted the rebound in extra time to get the win over denmark. the english return to wembley sunday to play italy for the championsh

heard on radio, seen on tv, this is bloomberg. ♪ jonathan: the four day winning streak into monday on the s00. alongside tom keene and lisa abramowicz, i'm jonathan ferro. 60 minutes away from the opening. negative a little more than .1%. yields in a couple of basis point to 1.2529. euro stronger against the u.s. dollar. that currency pair positive. crude unchanged. $72.05 on wti. tom: looking for market news. maybe we will get some of that news in the fed meeting on wednesday. we start strong and this week of technology earnings. we do that with a laureate from new york university and i think from chicago as well. paula roemer joins us. we are thrilled to have him with us on technology. i want to go back to 1989 when you stopped the economic profession and then he went on to the technology inside our system, the technological change. how you look at these six enormous companies and what they have done to us? paul: it is a very interesting story. the technological progress has been enormous. better chips, better software, better devices. the effect on society has been ambiguous. we have man

jonathan ferro. here's the price action on this fed decision day. equity futures up two points, up by 0.05% on the selds up to basis points. tom: up. jonathan: are you playing this game or not? boeing stock? tom: up. jonathan: thank you. up by 3.2%. good news for boeing stock and the people who work there. upside surprise, $16 billion. the stock up by 3.5% in pre-trading, citing and encouraging recovery to keep the workforce plans unchanged. they were cutting the workforce to about 130,000. now we are going to keep it unchanged, roughly consistent at 140,000. good news for the people who work at the company and for this economy, too. tom: they are afraid of losing them over the long-term. david wilson with us in the heat of his earnings season. what do you have? dave: we are talking about companies that do the most business in china. you figure that with the chinese government cracking down on u.s. listed shares, that you would see declines in the u.s. companies that are dependent on the chinese market, but it is just not happening. it is something that liz ann sonders at charles schwab went to doub

jonathan ferro. don -- down five on the s&p.ouple of basis points to 1.3427 after a brief break of 1.25 early thursday morning. j.p. morgan asset management and others seeing a rally in the bond market that has gone too far and does not reflect the strength of the economic outlook. growth will stay strong and we do not think the market has priced enough rate hikes. a lot of people share that line coming from j.p. morgan. tom: the research out over the weekend with and i towards earnings -- with an eye towards earnings. right now on the lagarde testimony over the weekend in venice, vincent reinhart joins us. he is mellowed investment management cheap economist. far more, he is encyclopedic on the research path we have taken over the many decades reading to research effort at the fit the fit a number of years ago. professor reinhardt, thank you so much for joining us. when you look at the lagarde-powell nexus, how are they attached right now? vincent: they share a love of ambiguity and of talking a lot. they will take every platfo

alongside kailey leinz and lisa abramowicz, i'm jonathan ferro. your s&p 500 down 30, -0.7%. yields are lower by three basis points. defensive not because of amazon. chunky waiting in the s&p -- chunky weighting in the s&p, even more in the nasdaq 100, but the small caps softer too, so risk sentiment softening into the weekend. lisa: there's a sense of a slowdown in the growth rate going for that has been pretty much persistent. it follows after yesterday was disappointing economic data. point also to the real yield. you host a show today. jonathan: thank you for the promo. usually my cheerleader does that for me, but he's taking a long weekend. lisa: it is interesting because real yields are down near all-time lows. just speaking to this uncertainty, but also a negative feel out there about how quickly this economy could grow. jonathan: rising yields was a sign of confidence in the economy, but declining yields is a shrug of the shoulder, i have no idea why we are down here. it's a bit different, isn't it? when yields were higher, this fed had confidence that was a better ou

alongside tom keene, i am jonathan ferro alongside taylor riggs. the s adjusting with more points. up another .1%. the year was all over the place, 120 930, yields advancing. the euro-dollar slightly yeah -- slightly negative. 1.1764. the dollar index looking at 93. outside of the commodity market 71.95, -- 71.93. we are unchanged on wti. let us look at tkdd getting absolutely hammered in the premarket. 9.32 down why 8.63%. if you are a chinese company listed in america and your name is didi global, -- tom: can you imagine the roadshow for the golden dragon chinese index. down 35%. the chart looks like bitcoin from 60,000. when does the litigation start? jonathan: i do not know it will build up quickly. we do not know a fair deal about what is going on. we want taylor riggs' take on this. we've been talking about this for a month, and day by day it gets worse. taylor: a stock that ipoed at 614 and you are trying to figure out the risks of china. how much of our analysts that we are speaking at our looking at em ex-china. how do you take this into account

jonathan: i am not either. futures unchanged, flat now on the s&p 500, 1.23% on tens. t now. getting interesting is this session grows older. the morning. with tom keene, i'm jonathan ferro, together with taylor riggs. is lisa coming back monday or not? i keep saying it. tom: she's got to climb up the gantry. she is coming back. jonathan: ok, good. from new york, this is bloomberg. on radio, on tv, this is "bloomberg surveillance." ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks. i get that too and mine has 5g included. impressive. impressive is

chairman, i'm delighted to be on the panel today, we have one of the two south dakota witnesses, jonathan s. adelstein still held without dakota. and of course we denny law who runs golden west telecommunications out of [inaudible] south dakota, brings knowledge and expertise to the ship. i look forward to hearing from him, and he has with him today his son, andrew, who is a state champion hurdler. both the 100th and the 300 hurdlers, hurdles, i should say. so he's won the state championship in the state of south dakota, which is a pretty big deal. so anyway, delighted to have them here. and look forward to hearing from all our panelists and to engage in any discussion about what we can do better, where we can make improvements, and continue to build out networks that serve people everywhere across this country. thank you, mister chairman. >> i appreciate that, miss do thune and i join you in welcoming our panelists that future generations of leaders who have joined them as one. it's good to see them joining family today. and in addition? to, to both mr. law and former can mission her adels

jonathan: positive two points on the s&p, posited by 0.05% into the premarket. in the fx market, euro slightly negative. it is one of those snoozy mornings i had of a fed conference -- mornings i had a fed conference later. tom: of course, what to do with the money? let's start with the bond market. how can i own bonds with yields this low? >> that is the question many investors have been asking, and we have been working with our clients to ensure that the old 60/40 is not the new 60/40. i think you have to include some alternatives if you are a qualified purchaser or credit investor on the yield options that are available in some of the illiquid markets. you are going to have more opportunity then you had any traditional market. that doesn't mean bonds as part of an asset allocation are going away. high quality, intermediate duration municipals are still positive this year. the default rates in that asset class remain very low. balance sheet's and rainy day funds have held up. we would say bonds still play a role in being a defensive asset class for investors.

jonathan ferro. equity futures, 4364 on the s&p, just off all-time highs.om: the news is different than it was at 9:00 p.m. last night. this is a radically different wednesday than i expected even 12 or 18 hours ago. there's a nasdaq lift off apple news. but the focus has to be in this changed wednesday on chairman powell in washington. jonathan: i'm with you. just how compromised is the federal reserve chairman, who's clearly looking for a second term at the cap of the central bank in america? tom: steve stanley absolutely nailed it, that what he cannot do today is go down there and say remain calm. that is not going to happen. jonathan: that is the monetary policy side of things. we got to talk about the physical side as well. lisa: a 3.5 trillion dollar proposal from to kratz they have agreed upon. will it matter enough to -- from democrats they have agreed upon. will it matter enough to markets? people bringing back their expectations for fiscal, as well as potential momentum in this economy. tom: here's your pricing -- jonathan: here's your price actio

jonathan ferro. equity futures up seven on the s&p, almost 0.2%. a snoozer of a fed meeting, for some people at least. tom: i know michael mckee, that was his analysis as we ended the show yesterday. what i see within the week of back and forth, the 10-year gilts, 1.27% -- the 10 year yield, 1.27%. there's just some angst out there, the vix 25 -- out there of vix 25, right now 17.5. jonathan: didi global, let's frame this. didi global now posited by 16.9% after surging 30% of the back of a dow jones story that indicated the company was considering going private. then the company itself coming out and saying no, that's not true. this stock has been all over the place, and it has been the poster child for what is developing in beijing. tom: i don't have a lot of wisdom to put in here other than clearly, as lisa mentioned in the last hour, chinese authorities have stepped in the last two days and begin to -- and began to ruffle, as government officials do. lisa: perhaps chinese officials won't go too far with their regulatory measures to pair back som

jonathan: we come in three phases airport -- three basis point or so. on the s&p 500, some new york city this morning, good morning. tom keene, lisa abramowicz, jonathan ferro, looking forward to this morning. chairman powell testimony a little bit later. this is bloomberg. ritika: i am ritika gupta. democrats on the budget committee have agreed on a $3.5 trillion spending plan that would expand medicare and provide more childcare benefits. it would carry most of president biden's economic agenda into law without republican support. it is a win for bernie sanders. he has pushed for the medicare expansion. in china, media outlets are blocking a u.s. plan for a digital trade agreement amongst in of pacific economies. they call it a bid to protect american hegemony and the profits of tech companies. china daily call u.s. dominated agreements jackals were stripping trade. the biden administration is discussing proposal for a trade deal as it tries to restrict china's influence. in australia, sydney has extended its locked for another two weeks. the country's largest

s. jonathan. alright, erica, thank you. >> meanwhile, crews in contra, costa county have their hands full today battling the diablo fire. cal fire says the fire fully contained tonight but not before scorching nearly 130 acres crews did stay on scene for a number of hours to monitor any hot spots that could flare up san jose fire crews are also busy this afternoon with this fire near rock springs and needles drive. so far no word on how it sparked or the impact it may have had staying in contact with san jose fire to get more details and the beckworth complex fire north of lake tahoe know has burned nearly 84,000 acres and is said to be only 8% contained tonight. officials say the blaze shows no signs of slowing down and has actually doubled in size between friday and saturday. tonight. there are also reports that the fire has burned number of structures in the town of doyle. the fire is the largest so far in california this year. right now kron 4 dot com. you can find tips and information to prep

s clock? no, that is not accurate. but this is true excellent. jonathanxt act is an expensive one. a lot of investment in a lot of acquisitions that they need to work out. do you think they will? tom: let's be clear, e*trade and eaton vance are two totally different cultures, and that is going to be an acquisition project of culture as well as finance. someone who knows that is amy wu silverman with rbc capital markets, joining us for too short a visit this morning. you look at derivative dynamics right now. what do the moments say about this odd equity market? amy: it is certainly an odd equity market. to be quite honest, it is giving me a little deja vu because it feels a little bit like august of last year, especially with the leadership going back to that make a cap tech trend. i will tell you that in the options market, we are starting to see a lot of options volume trading again in these faang type names. if you look at the playbook to last year, that positive memento him just begets momentum -- positive momentum just begets more momentum. jonathan:

jonathan: new revenue rectors in each segment and apple. equity futures in america on the s&p 500, down .2%. the bond market, a federal reserve decision, a chairman powell news conference, a basis point or two. the euro-dollar, 118.18. lisa: i'm interested to see if it will provide us any new information. 8:30 a.m., we will get an update. not only are we talking about inflation with the federal reserve, but the implications exactly what you are talking about, the big getting bigger, the behemoths of big tech. 2:00 p.m., the fed rate decision we are talking about. 2:30, the press conference with fed chair jay powell, i want to hear what he has to say about inflation. is there any change around -- are they starting to soften security with the idea this will pass? how much are they setting up a discussion on bond purchases at the august meeting in jackson hole? the turn of tech earnings continues. facebook coming up with second-quarter results. interested to see if they mirror we saw with alphabet and google. that was the standout figure. jonathan: this started last week with t

jonathan ferro. equity futures advancing about zero point 2% on the s&p 500 this morning.: if you want to clear it up, you can go to wikipedia and see the theory the pros use off of what chairman powell wrought yesterday. one of those experts on the theory is william dudley, the former president of the new york fed, obviously for years at goldman sachs. you separate the men from the boys, the women from the girls with the logic theory of necessary efficiency in an undergraduate class. you speak of the necessity and efficiency of chairman powell yesterday. what would you say he said yesterday that was not sufficient? william: i would say he did a good job edging closer to the notion of we are going to start to taper, but not so much that it put the markets on edge. the general expectation at this point is that that probably won't start, they probably won't make the announcement of tapering until september. where i would say the fed hasn't gone far enough is the change in terms of their standing repo facility. they could start to have a standing repo facility, but they cappe

jonathan: in the mid-1980's, fantastic program. do you know kylie minogue? that is how she made her start. do you know marga robbie? that's how she made her start -- know margot robbie? that's how she made her start. i can name another. do you want to keep going? i'm told hemsworth, that's how he made his start. tom: who would have guessed this bull market is where it is? jonathan: what did you start calling it a long time ago, the most hated bull market ever? tom: it is. mark my words, friday, but haven't hooked p.m. this afternoon, there will be seven doom and gloom -- by 5:00 p.m. this afternoon, there will be seven doom and gloom articles out there. jonathan: you sound really happy this morning. alongside tom keene, i'm jonathan ferro. futures positive in a beautiful new york city, just ahead of a long weekend if you can get out of work early this morning. hopefully you can. i am going to try to do that. tom, you're going to anchor "real yield" this afternoon. did they tell you that? you've just found out. this is bloomberg. ♪ laura: with the first word

jonathan: that is a developing story. equity market lower on the s&p.of losses turns into a morning of losses. -32 on the s&p. yields are lower, too. the dollar is stronger. from new york, this is bloomberg. ♪ that money will enable many people to go out. >> we have a framework. we have a new framework that is unanimously approved by the governing council and we are going to look at, as we always do, every six weeks, we will look at the circumstances. what foreign guidance to revisit. we will look at the calibrations of all of the tools we are using to make sure it is aligned with the new strategy. given that the persistence we need to demonstrate to deliver on our commitment, for guidance -- forward guidance -- >> do they give you extra tools? >> it is going to be an important meeting because we are going to ♪ >> we may once again be surprised in the second quarter to see earnings much stronger than maybe we thought. >> we are going to see the economy move to excess demand. >> i think we have seen the peak in rates for the cycle. there could be another

jonathan: like this team, too. with the exception of you and i. on the s&p, up about 0.5%. tom: lisa, come home. jonathan: guy johnson writes in, "it's debt on monday anyway -- it's dead on monday anyway." thank you, guy. guy johnson coming to'you in about two hours time. -- to you in about two hours' time. ritika: president biden is signing a wide-ranging executive order today, aimed at promoting competition in the economy. amongst other things, it calls for supporting programs that would import cheaper prescription drugs from canada, save on internet bills, and make it easier for people to get refunds from airlines. the president also seeks greater scrutiny within the tech industry. the largest business and labor organizations in the u.s. are joining forces to push for the infrastructure bill. the chamber of commerce and afl-cio are on board, along with groups representing manufacturers, retailers, and builders. president biden and i bipartisan group of senators brokered that agreement last month. billionaire richard branson made his reputation with a series of daredevil exploits. he returns to

jonathan: 43 16 on the s&p -- 4316 on the s&p. we advanced by 0.13%. we talked about the bond market through the morning. 1.44 is your yield on a 10 year. crude got to attention yesterday. it does not this morning. down by .6% there. you mentioned in the couple hours ago, dollar stronger, euro weaker, that is -.25%. tom: 117 prince would confirm japanese weakness that we see as well. -- print we would see would confirm japanese weakness that we will see as well. cary hall with bank of america looking at the equity market, a senior u.s. equity strategist. what did you tweak a midyear waiting for this jobs report to adjust to the earnings season that comes? >> i think one of the important numbers of the jobs report will be the wage data. we have questioned how transitory the inflation backdrop will be. we have seen companies this past earnings season have their margins hold up well. i think that will be one of the key factors to watch for in the cummings -- in the coming earnings season. given the stronger data we have seen, lower industrials from an ove

jonathan ferro. good morning. 43:13 on the s&p, all-time highs into the jobs report. tom: a boom economy, and i think it's important to focus on the labor economy and how it goes into two things, the guesstimate on the economy, the guesstimates have gotten more positive, and constructive, and the other is the inflation dialogue over laying it. maybe that's a mystery but most people see higher inflation, big nominal gdp, that means job formation. ellen: guesstimate -- jonathan: guesstimate, and i think that is what it is going to payrolls. we have 1050 at the high-end. tom: the numbers are there, and if we will look at the headline number, i will go to wages, less what i was talking about, rising inflation. there is a negative real wage in america, that is never good. jonathan: do higher prices fix the problem in the labor market? lisa: not less the higher wages turn into equally a higher -- equally higher wages than higher prices. if you have wages that are lagging behind these other input prices and terms of inflation, you do not get persistent inflation at the feder

in fact, our inland valleys going to struggle to warm up into the low 80's jonathan and justine, back to you. thank you so much of dozens of people rallied near los angeles this afternoon. and supported the recent anti government protests in cuba. thousands of cubans have been taking the stand. >> against food, vaccine and medicine shortages making one of the country's largest demonstrations in decades. cuban activists say residents have had to go days without electricity while others wait in long lines for basic goods. local supporters are calling for change. >> so to come tonight here on kron. 4 news at new numbers from the cdc show just how far america it is away from ending the opioid pandemic. we'll let you know what the agency is now saying about america's overdose rate. plus says. >>ncases of the delta variant of covid-19 continues to grow lawmakers are saying more people need to get vaccinated and they're starting a new push to make that happen. >> also in sports. we'll tell you about a former cal student winning the golf major across the pond. jason is up next with the detail

jonathan ferro. futures and shares all-time high at the s&p -- for the s&p. what a morning we have lined up for this audience. tom: i would say as the quarter begins and some would say the rest of the year begins. jp morgan we will go into some size comparisons, but these earnings with jp morgan in this hour it's not normal, it's a huge deal. >> coming in about 45 minutes. then we will hear from goldman, cpi in america at 8:30. >> my focus is on the vix, showing me a bull market. right now at 15 point 99 with real constructive movement in the vix and the right guest on volatility. jon: dean kern just minutes away. we have to talk about the bank of amana -- bank of america fund survey. lisa: there is a question about the yield curve and people decreasing expectations for steepening yield curves that a time where we see a flattening with expectation of slower growth long-term. what does this mean for banks now that people have rotated into them? jon: show me some loan growth. that's all we want from the guidance. >> or the potential for it. people saying there

jonathan: we should frame the last five minutes. 4289 on the s&p.ghter] yields one study -- 130 747. this bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it. give the aerotrainer a shot. pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aer

but their war is now over — it�*s not for afghanistan. jonathan beale, bbc news. the end of august. he said he was ending america�*s longest war. 0ur north america editorjon sopel is at the white house for us. is he declaring mission accomplished? if having a stable government is missing accomplished, afghanistan is 1 million miles from that, and so joe biden in his news conference said, well, is not inevitable that the taliban will take back over but it sounded as though they expect them to make sweeping gains across them to make sweeping gains across the country, but that said, it was an impassioned defence of his policy. he said, it may not be popular, but we cannot go on for ever with this. it is already america�*s longest war it if you make the argument one more year, what are you going to do at the end of that, another year, another year? and that is the paradigms shift that needs to happen now, to pull the forces out, even though he accepts there is going to be uncertainty. we heard in that report, the mother saying, what was it all for? joe biden gave an i

s. tom: the astronauts -- jonathan: the astronauts will ascend that power at about 8:30 eastern. got the play-by-play, just for you, tom. then it is take off at 9:00 eastern. tom: they woke up the gantry, which is interesting because, i can't emphasize this enough, we have all these images from our youth, and this is a lovely small project to go 63 miles into space. we will see that. emily chang down there with our team. i don't know where ed ludlow is. is he in new mexico? jonathan: i think he is in that little town in west texas. tom: you've been reading marty robbins lyrics here about west texas. jonathan: i think he had a night out last night and didn't make it to the training facility. tom: jack fitzpatrick joins us now, our bloomberg government reporter. there's so many serious things to talk about. where does space fit in on capitol hill? does anybody care about it, or is it some presidential moment every four years where they decide we are going to mars? jack: it may be something to care about once every four years or so. the blue origin stuff, for one reason or another,

jonathan: that was dr. anthony fauci speeding -- speaking on cnbc's state of the union. we are down 2/10 of 1% on the s&p. south, lower. the yields down. we are positive there, 2/10 of 1%. tom: four decimal points. the abend flow here is important -- ebb and flow here is important. jonathan: some good news out of the u.k. -- cases are starting to trend lower over the last week. that is really important. deaths tickedd higher., these high-profile athletes keep getting caught. we talked about the olympics earlier this morning in our first word news take. a spanish golfer tested positive for covid in a tournament in early june. now he has tested positive again and he has to withdraw from his second tournament in as many months. we have these high-profile breakthroughs of individuals who have been vaccinated. tom: we are honored to bring you, joshua sharfstein. gives a johns hopkins michael bloomberg school of public health. thank you so much for joining us. john and lisa have a wide -- jon and lisa have a wide set of questions. in august 2021, what are we going to in this next round of wearing or not wearing