jonathan: kathy jones speaking about that jackson hole speech.ll be a big month, debate start. people think about the outlook of november. lisa: the metaphor in jackson hole driving a car in the fog on an icy road with no salt. jonathan: that's going to be a great speech. coming up in the next hour we will speak with bankim chadha from deutsche bank and michael cloherty from ubs. this is bloomberg. ♪ should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management. her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a loc

kathy jones sees opportunities. >> if you cannot get incorporate bonds or the agency paper of these fieldsven highly rated municipal bonds on a tax-equivalent basis are very high. where referring to not just the treasury market but other places in the fixed income market where you can hold onto these seals for 5-7 years. vonnie: joining me now is john maclean and meghan robson. vonnie: we are getting 85 basis points is a spread is that enough? meghan: spreads out multiyear types but yields are so compelling. the motivation to buy credit is about carrying yields. from a macro perspective look at today's pc report coming in at expectation the second report that's in line with consensus and we think macro risks are more moderate and specific to credit you look at the elevators supply we saw this month. we expected to slow over the summer. seasonally supportive supply for the summer and credit means we can stay at the spread levels even though they are type. vonnie: how confident are you that is true? it seems strange that we have had this tightness on this amount of supply and nothing is crac

kathy jones joins us now. icials over the next few days? kathy: the same old thing. patience. we are on hold. things may or may not be moving in the right direction. we think they are moving in the right direction and we will stay on hold until we get more data. jonathan: you have a different view on the data. was the hot economy a bit of a head fake? kathy: the domestic demand numbers in q1 were good like 3.1%. that is where we have been for the last couple of quarters. the employment data with the revisions and with the latest numbers were a little bit softer than people might realize. not only was the payroll number last month below trend, we had some downward revisions. the workweek was down. we are seeing wages and wage growth edge down a little bit. you put all that together and aggregate income might not be as strong going into the next several months as it has been over the past six months. jonathan: i know we are waiting to get to the weekend but the isom service members looked terrible. go through the

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big of a deal in terms of shifting the direction or any kind of viewpoint, and it goes to what kathy jonesaying, which is people have to trade on the slow day, so the auctions are going to matter. jonathan: global pmi mattered more this week than nvidia earnings dead. lisa: this is a market looking for the new narrative in what james athey called the narrative ping-pong. jonathan: we are back and forth over the last 12 months. 219,000 on-the-job claims. mike, i'm going to come back to. second read on gdp, what did you see? mike: i'm just getting these numbers into my head. the change in inventories is smaller than it was in the initial report. 27.8 billion, so that subtracts from growth, and net exports, little change, -$975 million, so both of those things contributing to part of the reason the numbers are so low. but here's the thing everybody is watching. the final sales to private, domestic purchasers, 2.8%. that is down. that tells you there is momentum in the economy. it is higher than what people think the normal, sustainable rate of growth is, so at this point these are minor chang

kathy jones, charles schwab. the brilliant mohamed el-erian of queens college cambridge.ck. it does not get any better than this. the program starts at 1:30 eastern time, the decision at 2:00 p.m.. this was "bloomberg surveillance." ♪ and they're all coming? those who are still with us, yes. grandpa! what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly. manus: good morning k had the issue for star that is a bit of that a drag. that stock is getting dry -- getting trounced. countdown to the open kicks in right now. coming up, markets are on the edge after suffering the worst month

tomorrow, marvin low of state street, we will catch up with mandy xu and we will speak to kathy jonesuse people believe in the disinflation. mark zandi saying this finally gives us the excuse we are all seeing which is that inflation is coming down and the fed will be able to come with it. jonathan: he is not screaming oy the deficit. lisa: he is saying we should say oy the deficit a little bit. the oy is what makes it not a problem. jonathan: three hours of sophisticated, high-end conversations at this table and this is the takeaway. from new york city, this was "bloomberg surveillance." (jennifer) the reason why golo customers have such long term success is because we focus on real foods in the right balance 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 fatigued. after

jones beach. she has some details. hey, steph. >> reporter: hey, guys. good morning. the new york governor kathyis state to help get life guards back on the beach. the life guard association says towns and cities need to increase incentives, things like pay, to get those life guards back on the beach. as the summer season starts heating up with americans headed to beaches and pools to cool off. >> cannon ball! >> reporter: this morning, rising concerns over life guard shortages across the nation. >> with the shortage, i'm definitely going to come to where i know that we feel safe >> reporter: with some states including new york and michigan already shutting down some beaches over the lack of life guards. ♪ >> reporter: a job once glamorized on tv screens. >> where are you taking me? >> i'm taking you to the beach. >> reporter: the run to the water has slowed down in recent years. according to the american life guard association, about a third of public swimming pools across the country were affected by this shortage last year, prompting closures and reduced hours. though the number of recreation