jonathon: payrolls on friday. wages up, pay low growth in a week -- payroll group -- growth weakening. lisa: what's going to cool it off, given it is a big component of the cpi index? i have been so interested in the retailer index. these companies have had different faces. lululemon is down 4% or 5%. do you where their suits? jonathon: not a chance. how dare you. lisa: they have men wear. jonathon: i understand this has become part of the midtown uniform. you where those pants with a long shirt. i hate that. but what has costco got to do with that? lisa: they are reporting earnings after the bill, too. jonathon: a lulu suit? lisa: why are you just shutting it down? jonathon: are they making suits? what are you talking about? i want to get straight to the fx market. you think the dollar weakness we have seen in the easing of financial conditions is likely unsustainable. can you walk me through why? >> i think it goes back to some of the same discussion you have been having. we think financial conditions are easing

jonathon: another runoff in georgia.i would go back 40 or 50 years to the giant john mcphee who change nonfiction writing. it had a lot to do when he wrote an essay on georgia from south to north. particularly, a foreigner up in the north, do we really know georgia? i think it is hugely misunderstood. jonathon: i want to get you up to speed on the price action. equity futures are slightly lower, down .05%. the 10 year yield around 3.56. you have the deeper curve inversion. tom: ian lingen post a near vulgar - volker level. i'm in ago was some great graphics on how volatile georgia has been in the heart and soul of it is the northern suburbs of atlanta and the vacillation this way and that. one day before the election, how are they vacillating? it does appear they are vacillating towards the incumbent who won the election just a month ago. they did not get to 50% which is why we are doing this runoff. as he is said, he has run for this job five times. we are drilling down here to 200,000 voters. they are focused on the vo

jonathon: good morning, good morning. for our audience worldwide, equity futures this morning just about unchanged on the s&p. chairman powell triggering a massive rally in yesterday session. tom: lisa, we were talking earlier about the oddities of yesterday. it was down, down, down, whatever the reasons. then, boom, up we went. were people betting on gloom in the market and saying they had to get out or was it more than that? green on the screen. the dow jones industrial average, a positive 0.31%. jonathon: a big, big move. powell made two points. what he did not say is he did not lean against the easing of financial conditions we have seen. number two, what he chose to improve size. if you go back to the november news conference, he talked about risk. he thought the risk of doing too little outweighed the risk of doing too much. then yesterday, for some reason, he started emphasizing the risk of over tightening, and that decelerating increases would decrease that risk. lisa: the market did not find that odd, they said g

jonathon: is that too cute or what? it gets bad in the first half, the fed has to back away and they cut this massive recovery trade. you don't want to miss it. lisa: we have asked people if this is too cute. they say there are a lot of variances. there are a lot of bumps and they are important. what really stuck out to me and not to mock the thesis because it makes sense, it is not about what is going to happen, it's what you want to own on the others. to sort of pick up now versus waiting for that perfect moment where you can understand we are -- jonathon: i think it makes sense and everyone came up with her. because everyone has come up with the same thing, i am how we trade it. that's my question going into 2023. lisa: that's the reason you asked and why we have asked why not just by equities now. the question is, what will be the leadership? that's why your interview with the bank of america was very interesting. it will come with the big names, they won't dry the same kind of shifts and gains that you see under th

jonathon: if you look at u.s.panies or north american energy you have each of the pieces separately. we have companies that do refining or distribution. if you look at those in europe, they are just big oil companies and you have less of that granularity that you see in the u.s.. you can see those refining businesses are just levitating on lack of refining capacity and nobody is putting an end. if you do have oil lift off and then you get some upside in the commodity sensitive stuff like that emp name, the sector will be a big surprise. the second area that we are talking about is the consumer, think about what is going on, their wages are staying higher in the inflation on the things they are buying is falling and there's an abundance of jobs. consumer confidence since june and july, the data is ripping and people are not appreciating that the consumer is going to spend a lot more money. it will kick us out of a recession and that's another area. tom: as you mentioned it only gets to 40/50. lisa: the cases conver

. ♪ jonathon: new york city this morning. four-day losing streak. can we snap that.down to the open starts right now. announcer: everything you need to get set for the start of u.s. trading. this is bloomberg "the open," with jonathan ferro. ♪ jonathon: live from new york, we begin with the big issue. another central-bank surprise. governor is rona shifting -- governor kuroda shifting

. ♪ jonathon: a downtown surprise of inflation on america. equity futures right now up to .8%.t now. announcer: everything you need to get set for the start of u.s. training. this is bloomberg, "the open" with jonathan ferro. ♪ jonathon: live from new york city, we begin with the big issue. inflation cooling down. the fed, coming up next.