that is katherine doherty. let's get a check on the markets.hing a cooling of yesterday's exuberance. some markets still in the green on the day. some feeling pain. we are watching a flat nasdaq 100 less then .1%. the s&p still up a less than .2% on the day. we were watching the two-year yield getting relief. a bit of a bid in the bond market. it is interesting flying past 471 yesterday. now back down about three or so basis points the day. but again, we have some critical economic data coming up next week. the 10 year yield hanging around 420 five. six basis points of a change. a little bit of relief for the bond market after a bullish day in equities. i am sonali basak. that does it for "bloomberg markets." a lot more coverage coming up on a historic week in markets. this is bloomberg. when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh >> from the world of politics to the world of business. this is "balance of power." ♪

katherine doherty joins us now from new york. morgan stanley a -- signaled -- does this mean perhaps we can expect to see a few more job losses going forward? katherine: i think this is them setting out just a start. but they need to show to their investors they are serious about keeping the expenses down as they are also focused on really the most profitable engines at the company. ted pick has identified the wealth unit as one of their profitable, and one of the achievements that they have set forth is growing that business but also focused on margins. so these cuts are only 1% and this is in a unit of 40,000 employees so it is only going to be hundreds if not thousands. that being said, it is a demonstration of what they are setting forth as the new agenda. keeping expenses down, keeping head count in check, while focusing on the most profitable part of the business. haidi: it obviously sets the tone for ted pick's leadership. how does this fit into what we are seeing more broadly across the developers with other banks, the res