kailey: i do not ordinate. jonathan: let's get to the price action, the left on the s&p 500, the first back to back gains on the s&p 500. it has been bad in august, could be the worst month of the year depending on how we close up later this week. features -- futures up of the bond market. new yield on the 10 year, 4.1942. kailey: yesterday we saw the highest level in yields we've seen since before the financial crisis, 2006, 2008. expects of the pressure in the bond market. what clues will they take later from the economic data we're going to get? you talked about the jolts at 10:00 a.m.. 9.5 nine job openings, the third month of it staying stagnant. looking at supply and demand the labor market especially after chairman howell in jackson hole was talking about how the phillips curve may have steepened. maybe you will not see the labor market deterioration as inflation comes down. at 10:00 and -- we are expecting a tick lower. prices at the pump climbing, inflationary pressures sticking around even if the pace

kailey: kailey: -- guy: we are seeing a big move in bond markets. part of that is the u.s.owngrade, part of that is the bank of japan at the tiptoe towards the end of yield curve. there is concern the bank of england would throw additional fuel on that fire by increasing its exit from the large balance sheet it has built up. do you think that is necessary. they pushed that decision into the next meeting. do you think it is necessary they do that? deanne: i do not think it is necessary. the link between qe and qt is inflation is even wobbler that it is between interest rates and inflation. they have a good excuse if they decide to do it because there are more bonds maturing next year than this year. if they do not replace maturing bonds it will provide a way to gradually tighten. i do not think it is necessary. kailey: as we talk about what bond markets are pricing in, it would indicate no one is trying to buy a safe haven asked acting a recession, nobody is fleeing to the safety of treasuries at this point. the soft landing narrative is building. you think we could see a so

kailey: 82 on wti.arlier this week he could see 90 on brent, upward pressures on price of energy. how that transmits. tom: it is in place as well. about some dollar strength. mike mckee digging into the data, we will get to that in the coming hours. the reports, 500, we are up .2%. we say good morning to andrew of citigroup. i want to talk about the cardinal believe, a lot of people are member this yield structure pre-post seven and it is new to people, 15 or 16 years. respond to a client saying to you we are all going to die because of high-yield. yet we have lived with high-yield before. andrew: if you look at the period, 2005 to 2007, it was a strong economy. it was producing 4%, 5% gdp growth, around 2% inflation. that was an economy that performed that way with 10 year yields around the level where they are no. you have to take a long enough historical lens when you look at this. if you just compare to the post 2008 period, 10 year yields look higher and 10 year real yields look quite high. we're l

kailey: it's a culture moment. tom: have you been? kailey: i have not.: i can see you going three times. kailey: i feel like i'm missing out. tom: i have my favorite songs. did anybody expect this to or three years ago? i don't think so. jonathan: can she dance? i was watching some clips the other day and i don't get it. it was a little messy over the weekend. i saw how much people paid for those tickets. kailey: it was like 10 grand. jonathan: can you see kaylee paying the kind of money? tom: everton is the team. mark carney said you will be relegated so watch it. jonathan: that sounds like a threat. from new york city this morning, good morning, this is bloomberg. ♪ to this day i only paid what i had to pay for the device... when i go back everything is covered. there's so much you're missing by not having hearing aids. we'll find you a hearing aid that fits your lifestyle and budget at one of our over fifteen hundred locations. call miracle ear at 1-800-miracle and schedule your free, no obligation hearing evaluation today. so, you've got the power of

kailey: yeah.percent, down another four basis points after a monster move lower yesterday on the jolts data. no longer are we north of 5%. tom: vix comes in at 14.40%. could we get a 13 handle? that would be shocking. stay with us. this is bloomberg surveillance. ♪ with your hearing, if you start having a little trouble, you're concerned that it's going to cost you money. to this day i only paid what i had to pay for the device... when i go back everything is covered. there's so much you're missing by not having hearing aids. we'll find you a hearing aid that fits your lifestyle and budget at one of our over fifteen hundred locations. call miracle ear at 1-800-miracle and schedule your free, no obligation hearing evaluation today. >>>> at the end of the day, we have had this bearish onslaught of russian news and of china news and what has not gone down is crude. it is positive in our trend work. i think brent is on its way to $90. look at the stocks after a pretty meaningful pause have regained the

kailey: in the long and in general. the 10 year is up by 10 basis points, 4.17%, the highest since november. other data to parse through. factory orders, x transportation coming in line with estimates. factory orders up to .3% in june. durable goods a touch light. the estimate was for 4.7%. instead the read we got was 4.6%. exactly right, it is the ism services that the market will most likely read the most into. guy: and also post from bill ackman. is that the catalyst for the 30-year move we are seeing today? it hasn't gotten a big move here. the post is may be pushing against a door that was already moving in that direction, but it seems to have had an effect. kailey: certainly, if you think about the moves that were already compounding in this bond market. bill ackman posted yesterday that he is short in size on the 30-year treasury as a hedge on longer-term rates on stocks. secondly, he believes there is a high probability standalone bet that there only a few standalone macro investments that offer reasonably proba

kailey: amazon up 10% apple down 3% in this session.nk you ed ludlow you can catch him on bloomberg technology in around 90 minutes time. but first were coming up on bloomberg markets. stick with us. this is bloomberg. ♪ 76% of 23andme health customers surveyed reported taking healthier actions. because they know health isn't just a future state. health happens now. start your dna-powered health journey today with personalized insights from 23andme. you don't have to worry about things like changing tax rates or filing returns. avalarahhh (jennifer) the reason why golo customers have such long term success ahhh is because we focus on real foods in the right balance avalarahhh so you get the results you want. when i tell people how easy it was for me to lose weight on golo, they don't believe me. they don't believe i can eat real food and lose this much weight. the release supplement makes losing weight easy. release sets you up for successful weight loss because it supports your blood sugar levels between meals so you aren't hungry or f

kailey: it is now on pause.this court and the appeal alleging insulation given to the family as part of the bankruptcy plan shouldn't be allowed. the supreme court has said they are indeed going to hear those arguments and that happened for some time. they will hear it in the december term. hearing the arguments then means the case won't likely have a decision until early next year. for now the bankruptcy plan is threatened but on pause. guy: thank you very much indeed for updating us on those things. let's talk about the markets. end of the week in europe, negative into the week. stoxx 600 trading 459.39. some of the biggest looses we are seeing, the data is worth watching. the front of the u.k. curve, better than expected gdp data out of the u.k. today. u.k. economy continues to surprise on the upside. does that mean the bank of england has more work to do, echoing the noise we are getting out of the st. louis fed? the bank of england has been repriced to the upside. ubs saying it does not need the government

kailey: interesting question.e and was even met with the likes of rupert murdoch who have been encouraging him to take a look at running. we have not heard anything definitive from him, but we are working against the clock here. it is still early. we have until november of 2024, but by this fall, he would need to be registered to appear in these early primary states. it will be decision time soon, but if nobody looks like they are really gaining traction at the debate tonight, no one looks able to counter trump, then maybe it would make the case more for another late entry or perhaps a third-party party to come into the picture. alix: in talking to previous trump supporters willing to put money into the race, they support various candidates say at the end of the day, i will still back trump if it comes to that. are you hearing a lot of that, too? i and wondering how much can be raised after these debates when it feels like a lot of people will just support trump anyway. kailey: this is a real question for ron desa

kailey: note to self, asked more questions about qt. liz mccormick and simon white, thank you for joining me. we will talk more about the question of the day. if wages keep growing, will yields keep going? ubs chief strategist joins us next. this is bloomberg. ♪ >> is the job report that has something for everybody. if you have a softer landing camp, you would take comfort from payroll gain of 187,000 low the 200,000 forecast, and lower hourly work. if you are in the harder landing, you would work -- worry about the 4.4% increase driven by month-to-month, and you would worry about the low unemployment rate. the marketplace favors a softer landing at the margin as of now. guy: talking to john at the queens college president. bloomberg television. wages keep growing, will yields keep going? bhanu baweja, ubs chief strategist joins us now. i want to look at this through the prism of the u.s. economy. let's fold it out with the u.k. and europe into the story as well. iag today, british airways, paying union workers 13.1%. there is more and

kailey: in theory, it could.hear a lot in the crypto universe that litigation would ultimately decide what policy is like for the sec going forward and that congress has been reluctant to set rules. but there are a lot of existing filings outstanding, some of facing deadlines as friday or saturday. we could even see decisions before the labor day weekend. that said, the sec has been vocal about fraud and manipulation being rights in crypto markets. hence, why they have rejected the conversion from grayscale in the first place. just because the court made a ruling, that does not mean it will change but it may make it harder to argue against it. alix: does the sec then appeal this ruling? kailey: they have 45 days to ask for review but it is likely according to an analyst that that would turn out any differently. they have some recourse, but that does not necessarily mean things will fundamentally change. dani: we will have more on this story later today at 1:00 p.m. new york time. just a few minutes until we get t

writing as is kailey leinz. kailey: u.s. attorney in delaware david weiss since 2019 has been conducting a criminal investigation into beau biden's son -- joe biden's son. he reached an initial plea agreement earlier this summer but fell apart in court and no new agreement has been. he is now being given special counsel designation and will now not be overseen on a day-to-day basis by the justice department. basically a difference in the chain of command. a sign they are trying to show independence to push back against criticism there has been political influence by ministration officials into this matter because that has been the messaging to this point from republicans. that there is a two tier system in the justice department. that it is being weaponized against former president donald trump while protecting the biden family. donald trump said in a statement that the entire cricket biden family had been protected for decades. we also saw a republican representative james comer said the move by garland as part of their eff

in washington, kailey leinz, bloomberg news.: let's look at things markets are watching out for, at 7:00 a.m. german factory orders for june, u.k. construction pmi for july will be released at 9:30, and in the early afternoon, -- then over to the u.s. later we will get the latest nonfarm payrolls at 1:30 u.k. time. coming up, we will look closer at the with the bank of england's quarter-point rate rise means in the fight against inflation. that is next. this is bloomberg. ♪ it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. the idea that we have saved five million people's lives, it's overwhelming. it's everything. >> policy is really doing the work, and we will have to see policy stay restrictive. it will have to remain restrictive to have this effect of bringing inflation down. lizzy: bank of england governor, andrew bailey, speaking after the quarter-point rate rise from the central bank. let's get more. thank you for being with

kailey: and from washington, d.c., i'm kailey leinz. welcome to "bloomberg crypto."er pressure because treasury yields are sitting on multiyear highs, posing a challenge to many risk assets. kailey: we will have more on the price action. plus, we speak to paul brody about the potential approval for either futures etf's. matt: and

former president trump is on his way, kailey leinz is outside at the courthouse with details.the former will have been arraigned and he is going to travel from new jersey to the washington reagan national airport, then travel to the federal courthouse at 4:00 p.m. eastern. he will be fingerprinted. although the former president said earlier this afternoon he will be arrested today, u.s. marshals say that is not the case. he will not be placed under arrest, as we have seen with previous arraignments. nonetheless, it is significant. this is the third indictment of the former president, the charges he is facing are quite serious. conspiracy against rights, the right to vote and have votes counted. if convicted, they could carry a penalty of up to 20 years in prison. this is an example of the legal woes stacking up for the former president and another step in that as he gets ready to appear here in washington, d.c. jon: in terms of messaging from the former president in anticipation of this, what has been some of the communication from him and how does it compare to other recent e

we are live from matt: kailey:, a look at the technology shaping the world of centralized finance.launches a stablecoin and the first issued by a large company we will talk to the head of the companies blockchain and digital currencies team. kailey: plus, the ongoing legal battle over crypto with the split over when a digital asset is a security. matt: and cathie wood says the

of justice and here now to discuss what the polls mean 2024 washington examiner and opinion editor kaileycgee and lisa booth, great to get your take on the polls and heart breaking to me. when i grew up i had a lot of family in law enforcement, nypd and mom the prison guard and dad worked in family court probation. my grandfather's brother had two sons in the fbi and i believe that about the rank and file but not about the leadership of the fbi anymore. >> the head of the departments and people in charge are evil and corrupt but more than that, it's so brazen now. i mean going after political opponents like donald trump also a social media americans are more aware but what's scary is we know this doesn't stop with donald trump. they've already gone after parenparents >> we need americao waken up and there need an awakening and we've lost control of the government. >> what do you think, kailey? >> what's striking about the poll you mentioned, sean, is 58% of democrat voters view the doj favorably and you have to have your head so far down until the sand to not recognize what's happened ove

kailey: text -- guy: takes us to our question of the day. our banks a good investment? it is the kind of volatility around the sector that has always been a problem for banks and therefore discounts have been applied. is it trading revenue, is it regulatory risks? is it the fact that the governments look at this and say we will bail you out. let's kick this around. our team is here. i will start with you. did anybody see this coming? >> no, no one at all. it was a real late evening surprised by the government, especially by the deputy prime minister who announced the tax during a press conference where he was supposed to talk about new tax and licenses and how to protect italian tech companies after the last cabinet meeting before the summer. it came out of the blue. alix: it could caused banks about 2 billion euros. where does this leave the banks? if they need to lend? >> it leaves the banks of the same place they have been before. the gist of that story is you have this attitude towards the bank that is very negative and for 15 years there is this sense there is a bu

kailey leinz.nching a sport based bitcoin a.t.f in the u.s. which is potentially a watershed moment for the crypto industry. a d.c. circuit court hurting them a victory when a three-judge appellate panel overturned the decision by the sec to block the etf. they said in the ruling, quote, "the denial of their proposal was arbitrary, because the commission failed to explain its different treatment of similar products. in the absence of a coherent explanation, this unlikely regulatory treatment of products is unhelpful." basically they are poking a hole in the sec's argument that the futures bitcoin a.t.f., already approved in the u.s. should be treated differently than a sport-based product. it doesn't seem that the court is buying that argument. this is not to say that the grayscale bitcoin trust will convert into a spot etf tomorrow, but it is still a big moment in that direction. this goes back to the sec. they have some recourse. the sec through a spokesperson said in a statement to bloomberg, "w

kailey: plus the fed new real-time payment system would live in july and we talk about the banking andll out with aaron klein from the brookings institution. sonali: and

kailey leinz has more from the federal courthouse in washington. -- kailey leinz has more from the federalacy to obstruct an official proceeding, obstruction of a official proceeding and attack on the right to vote. these could carry 20 years in prison time. as to what happens next, the president has been ordered to appear in washington at this federal courthouse before the magistrate judge on thursday, august 3 at 4:00 eastern time to be arraigned. it is worth noting that this is not the only legal challenge facing the former president. this is the second indictment federally that he is facing. he was also indicted in relation to the classified documents case down in florida, a trial date from may 20 of 2024 has been set . he was indicted separately on state charges in new york in relation to hush-money payments made to stormy daniels. we could see another indictment coming in august, fulton county georgia -- the fulton county georgia d.a. says she plans to bring a potential indictment before september. the legal challenges for the former president are mounting and we will wait his appear

yvonne: deputy secretary speaking with bloomberg's kailey leinz there.et's bring in the director at rhodium group to talk us through. you've been looking at this and parsing through the language of this executive order, what stood out to you? >> well, several things. one, the proposed rulemaking document is full of questions. some 80 questions on scope, on definition, on unintended consequences and i think that the reflex -- a reflection of how hard it is to strike a balance and a new regulatory regime like this. the open ended questions also act as a deterrent to companies, investors that may have thought that they had more of a window to circumvent the coming rules, even though this reglet tory regime is in a mason stage. there's a lot of anticircumvention language that circumvents the document. there's also questions about how these definitions will apply, especially when we are looking out longer applications when you combine u.s. persons definitions, foreign covered persons definitions, and covered transactions, which can include transactions outsid

. >> i'm kailey leinz p welcome to bloomberg crypto, the people, transactions, and -- shaping the worldwe dive into a potential watershed moment for crypto, grayscale moves closer to launching a spot case bitcoin etf after a panel overturns the decision by the sec to block it. >> plus across the crypto space a 2 billion-dollar rally in the fund at the center of a controversy.

i mean, kailey, 84% of california parents agreed with her and yet states going after everyone. >> yeahhink about this -- it this way. if their child was suffering from severe depression, would you as a parent want the right to be notified of your children's well-being? or if your child was experiencing a severe eating disorder, the school would have to tell the parents what was going on in the classroom. these are just basic common sense, you know. and so the fact that democrats in california wanted to try and turn this around and paint pictures as the enemy here and paint parents out to be, you know, the people who don't understand what is best for their children is completely backwards. and we know where this leads. california them, are also considering a bill that would punish parents including the potential to lose custody of their children if they refuse to gender their child according to what the child wants. it is completely backwards and does not make any sense. >> trace: and it is against public perception and opinion. r&b artist neo said, when it become a good idea to let a f

and from our studios in washington, dc, i'm kailey leinz. welcome to bloomberg crypto. a look at the people transactions and technology shaping the world of decentralized finance. coming up, the sec delays on its decision to approve ark's bitcoin etf application. more on the regulatory hurdles with bit digital ceo sam tabar. and circle builds a $1 billion cash cushion to

kailey leinz has the details from washington. >> former president donald trump was arraigned for a thirde on a rainy thursday afternoon here in washington, d.c. where he pleaded not guilty to four criminal counts related to efforts to overturn the results of the 2020 election. those counts including conspiracy to defraud the u.s. and conspiracy against rights. at the hearing the magistrate judge set the date for the next hearing, the first before the judge will oversee the case. that day is set for august 28 at 10:00 a.m. eastern time. the former president will not be required to appear, that's when the judge will set the date for trump's trial in this case. as for what this means for the former president, his ongoing campaign to seek the white house in 2024, after he left this -- he did say this is persecution of a political opponent. in has we have stash as we have seen in his prior to indictments, the charges brought against them hat gives him the opportunity to boost in the polls. the hush money a to the pornography star stormy daniels, is pulling has gone up since he was indicted th

haidi: that was the deputy treasury secretary speaking with bloomberg's kailey leinz.er geopolitical stories we are following. the biden administration preparing for visits from top presidential candidates in the top -- preparing for visits from taiwan's top president of candidates. he will pass through this weekend. he will make a stop in san francisco next week on his way back to taipei. sources tell us his trip will be low-key with meeting set with the taiwanese community in the u.s. you can catch our exclusive with him on tuesday, august 15. he will be discussing how taipei is managing relations with china and the u.s. and the future of the island democracy. this is bloomberg. ♪ wow, you get to watch all your favorite stuff. it's to die for. and it's all right here. streaming was never this easy, you know. this is the way. you really went all out didn't you? um, it's called commitment. could you turn down the volume? here, you can try. get way more into what your into when you stream on the xfinity 10g network. so... i know you and george were struggling with the p

kailey anderson remembers when she first noticed the early warning signs in her baby boy parker. >> heial to me >> reporter: many people are tall and thin with usually long arms, legs and fingers like parker's father, evan and while searching for answers about their son's condition, parker's parents made a startling discovery. despite living 30 years of his life with no noticeable symptoms of the disorder, both parker and his father were positive for marfan syndrome. >> how do you explain the feeling of that lightbulb moment >> it's surreal. growing up, i was healthy and i realized that, oh, i -- i have major issues >> evan's long limbs were an advantage on the basketball court allowing him to play division i basketball at the university of wisconsin. now he knew the dangerous condition impacting his son's body is also ravaging his and his life was at risk the ct scan showed that the syndrome was weakening his aorta causing it to expand like a balloon. he needed surgery fast lucky for evan, at the mayo clinic just two hours from the family's home was one of only a hand of the of surgeo