lisa abramowicz actually going to 731 lexington avenue and just making it in time. good thing brian moynihan does not join for another 60 minutes. lisa: really, that is how we are going to start? i was prepared to be here early. jonathan: you want to trade? this will fill out for the next two or three hours. brian moynihan will join us in 60 minutes. we want to start with the price action. we begin with dollar yen. something truly historic just happened, something since -- not since 2007. the japanese yen is weaker even though we've just seen the first interest rate hike in 17 years. lisa: on one hand people were expecting this. some of the rhetoric out of the central bank was not hawkish. they were indicating they were not prepared to hike again. that is why this currency pair is dead in the water. i do not understand this. this is what everyone was waiting for. michael: -- jonathan: there is a big difference between the end of negative interest rates and the end of easy money. this is not the end of easy money. the governor going out of the way to say they need to

. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and in reordering. jonathan: your equity market is lower. kicking off the month with -- that stock is down. we are plunging 29%. these are the issues, discovery material weakness, writing down the value of companies required and replacing leadership over it and why bc. lisa: the kitchen sink was about loan mark reserves and everyone says this is because they crossed the threshold. this raises questions of if it goes deeper than that which to be is more concerning an speak something about the risks of rates remaining higher for longer. jonathan: all things you don't want to hear from, related to internal review and resulting from ineffective oversight and monitoring activities. annmarie: everyone has come out talking about this was it to this bank and not to other banks in the abc. you have to think jay powell is going to be on the hill talking to senators. he is going to get asked about what is going on under the banking industry and if there are larger concerns -- wider concerns. jonathan: the largest

lisa: gucci is definitely the realm of tom keene rather than lisa abramowicz.l share more later. the faa wrapping up pressure on boeing in an interview with nbc news. the faa administrator said the jet maker has no other option, they need to make safe airplanes where they will be capped at a production level that's not sustainable. last month, boeing was given 19 days to develop a plan to improve its culture and practices after a series of mishaps including a panel flying off a 737 max jet midflight. boeing is focused on taking action with transparency at every turn. the more transparence we get, the worse it looks. lisa: there are no proposed solutions. it seems they prioritized production after safety and you don't want to hear that. that's not helpful to the cause. when do we find out what that actually means in terms of the steps they can take to change something? jonathan: going down again in the premarket this morning. u.s. dollar is gaining ahead of today's fed decision and a hike from the bank of japan yesterday. in the fx market with the japanese yen,

> if you think we are in a sweet spot. >> this is bloomberg surveillance with jonathan ferro, lisa abramowiczannmarie hordern. jonathan: the adp report a little later this morning. pimples right around the corner. lisa: i was wondering how long it would take you to mention that. all the tea leaves are important. i feel like it would be really important to either confirm or dispute what we saw yesterday. jonathan: reasons to be constructive, one of them jobless claims. 215,000, which is incredibly low, given how long they have had a handle in america. lisa: if you are looking for a weakness, it is hard. you have to look around the edges and commentary. the overlying headline number is our strong. jonathan: forgive me but -- for what i am about to say because it is harsh. haley really showing on super tuesday. most report proposing dropping out. annmarie: matthew bartlett said it is not a presidential campaign but a messaging campaign. quite critical in the past few months. does she continue the campaign or does she endorse? it means bringing voters along. lisa: i will offer a little bit of hel

this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. berg surveillance, the third hour and in many ways the week begins in a couple of hours when we get the ism services data. payrolls on friday. lisa: i would argue that could be the biggest market mover of today. we did see a higher-than-expected increase in prices where everyone is banking on disinflation. jonathan: my favorite line that said the u.s. dollar is feasting on american exceptionalism. china puts out a 5% gdp growth and everyone is like can you hit it? there are big doubts. lisa: they don't want to borrow money and they want to continue deleveraging. where are they going to pay for this? that's an issue in the fact or not getting any conclusive ideas for that is leaving people lacking. jonathan: apple is down by 2%. lisa: premier lease is not easy for us to meet these targets. annmarie: keep coming to this idea, is a growth versus the idea of patriotic buying. why would she by a tesla versus a byd. same with apple, they are cutting prices but while the is doing well. lisa:

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. jonathan: it's like the weekend never happened. monday morning this is what everyone is feeling. horrendous. lisa: there's no reason to do daylight savings prayed its improvement to be incorrect and does not have any energy savings prayed people want the romance of a long winter, summer vacations, long summer evenings and barbecues. jonathan: you knew out of everything this a be the one thing the wind you up. not markets, not cpi. lisa: don't you feel the same? jonathan: let's get your week started. good morning, good morning. you futures negative by .1 on the s&p 500 braided good news is good news. how about no news is good news. last week was a no news week. the absence of blowout numbers last week i think that is where it's at. lisa: it should be good news and it was good news for the bond market prayed is a good news for the duration of a stock market rally that's showing some signs of maybe the leadership getting tired and that's what people are focused on. or is some of the volat

ferro, this abramowitz, and anne-marie turned -- is of rum with scum and annmarie hordern -- lisa abramowiczd reorder. -- and annmarie hordern. jonathan: we're looking at a third month of gains on the s&p 500. lisa: people have been asking for a broadening out, you got it. you are still seeing the magnificent seven crushing it up. you are seeing other areas, particularly in industrials and energy pick up some of this lack. jonathan: governor walz or -- governor walter at a speech in new york got -- owner waller at a speech in new york saying no rush that sums up everything about his position. lisa: and it tells you about how people read things they want to read. no rush means they cut in june and we will see if they cut again. other people are saying maybe he is saying they don't cut at all this year. we hear a fed speech, we get economic data, and people take it and fitted to it is as they had earlier in the year. jonathan: core inflation data tomorrow morning. reflecting on inflation data we have already had. recent inflation updates, disappointing. the conclusion, delay or reduce the numb

. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and annmarie hordern. jonathan: live from new york city this morning. for our audience worldwide, this is bloomberg surveillance. equity futures on the s&p 500 up .2%. date two for chairman powell and in washington, d.c. it is the state of the union address. we will catch up with amh in washington. it was a win for wall street but not the kind of win we were thinking about. this was not monetary policy, this was about financial regulations. lisa: there are lobbyists in washington, d.c. getting massive bonuses. we saw that 19% capital requirement that the largest banks in the u.s. were going to have to hold under new proposals basically being rolled back. jay powell saying we will make a lot of changes to this after a lot of lobbying. jonathan: day one was in front of the house financial services committee. date two was in front of the senate committee. the senator from massachusetts, elizabeth warren, i imagine elizabeth warren has follow-up questions about yesterday. lisa: i imagine she will not be partic

with jonathan ferro, lisa abramowicz and annmarie hordern.the second hour of bloomberg surveillance begins right now. good morning. for audience worldwide this is bloomberg surveillance. equity marked just about positive after closing yesterday at another all-time high in the s&p 500. david rosenberg talking about the difference between cpi world and what he caused -- because the real world. >> people pushing back on some of the price increases feeling more constricted and companies being more cautious with respect to business investment grade so many people taking only the good and rejecting the bad from the cpi report. you stocks screaming by. jonathan: did you see ken griffin's quote. pausing and changing direction. that would be the most devastating course of action to pursue. he went on to say i think they will be slower than people are expecting. >> what if the fed were to cut and then realize they did not handle inflation properly and then have to go back at the end of this year or next year and start hiking again. then they say we mad

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. >> good morning for our audience worldwide this is bloomberg surveillance alongside lisa abramowicz with annmarie hordern. the s&p 500 negative by 0.1%. 16 positive weeks out of 18 for the first time since 1971. a long run to friday. we have a double dose of chairman powell, state of the union from the president and a payroll support. lisa: which is the most important aspect for these because it's a blockbuster week across the monetary policy and economic activity. ultimately it has to come down to the jobs report, ultimately it's can it come down to whether the economy continues to grow at the case people expect. >> weather february confirms january. if it does we had a big repricing, what is that mean for the fed and this market? >> the market pricing out only a 25 basis point rate cut or less than that by june for the first time since october. we have not seen this type of lack of rate cuts being priced in since going back to late last year. markets aren't really alarmed about that. maybe

. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and annmarie hordern. jonathan: how is it friday already? let's get you to the weekend. good morning, good morning. this is "bloomberg surveillance." your equity market of the s&p positive .5%. upside surprise on cpi, upside surprise on ppi arguably pushing back rate calls even more. bank of america talking about goldy shops saying we have gone from goldilocks to stagflation. lisa: right now it is hard to see stagflation priced in. we have gotten two straight hot inflation reads at the same time retail sales are causing concern it may be the consumer getting too stretched. jonathan: it has been weird when you think about the equity market reaction. we were down about one third of 1% on the s&p 500 yesterday on hot ppi. even that we have had the reaction in bond yields up equities have been pretty steady. lisa: ultimately if the fed cuts rates more because of this idea of stagflation, the idea of weaker growth, that will be positive for equities. a resilient economy will be positive for equities. if it is s

. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and annmarie hordern. jonathan: this is torture for equity market bears. every single our bob michele of jp morgan, i feel great. he was bearish a year ago. this is a big change. lisa: now the bearishness is not being bullish enough. we see upgrade after upgrade on wall street as everyone reassesses what the pivot from the fed means. jonathan: oppenheimer raising the s&p 500 year end target to 5500. i think that might be john stall office. you talk to him about upgrading the target and here we are. lisa: he said i'm going to revise things. there's not much upside from here to get there. as we heard, it did not take long before we could get to 5400 by the end of this week. jonathan: they get lined coming from boeing. let's get going up on the screen. boeings dave calhoun announces his intent to step down as the ceo. the stocks is higher in the premarket 2.5%. the boeing ceo announcing his attention to step down as ceo. lisa: everyone is wondering what took so long. everyone was wondering why he was still the

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. >> good morning. this is bloomberg surveillance. the third hour. wrapping up a week of central bank decisions. the snb with a surprising cut, dropping 25 basis points. at the bank of england, that decision crossing. we were looking for two dissenters who previously had their hand up and asked for hikes. no more. >> what we saw is both dropping their votes for higher rates. we were talking about how great it is for the bank of england that they get dissent. no more. eight voted. nobody voted to increase the rate. this is a bank of england that's facing off with cutting rates. >> all about how this sets up the next meeting. when you get a projections, that might be the time they reduce interest rates. in the same way, it feels like the june meeting might be the next time. that might be the meeting they reduce rates. either way, they are taking the time. >> everything seems to be coalescing. when you take a look at some of their projections, they expect inflation to fall below 2%. wage growth ha

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz, and annmarie hordern. jonathan: one last one for bramo . live from new york city, good morning, good morning. this is bloomberg surveillance. this is exhausting and a major way. the s&p 500 negative by 0.1 percent. a four-day winning streak on the s&p 500. here is the flavor of the last two hours. bullish. seriously. really bullish. really constructive. bob michele from jp morgan comes on the program. we estimate very straightforward question. -- we asked him a very straightforward question. he said when was the last time that you were this bullish? mid to thousands. mohamed el-erian said the same thing. lisa: the question that you asked is the theme of the morning. how far do we have to go back before we see this all-encompassing bullishness? there might have been consequences down the line, but it took long enough for people to make a lot of money in the meantime, and that seems to be where we are at. jonathan: you hear things like that and it makes you feel uncomfortable, but it has been upgrade after u

. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and annmarie hordern. jonathan: the most important hour of this morning begins right now. good morning, good morning. your equity market on the s&p 500 positive one third of 1%. 30 minutes away from ppi, jobless claims, and retail sales. lisa: will it change anything? ultimately i want to see if the market cares. how much people start to realize there's something greater under the hood then we are pricing in. jonathan: they can have a conversation about a balance sheet doing something about qt. the risk event for a lot of economists is whether those three cuts implied by the median dot drops down to two. which would track the market in the direction the market did not want to go. lisa: and if jay powell does not sound as rosy about everything, it may be is concerned financial conditions have eased, people say the root -- the reason equity markets do not care is the fed does not want to cut and the fed will cut and it will keep this party going. annmarie: what happens if jay powell goes not just 322 but he

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. jonathan: the third era bloomberg surveillance begins right now. because up -- before i'm cut off, let's get you to the weekend. we're almost there. futures are positive bite .1%. if the happiest i've seen lisa all week. let's go to the calendar, tuesday bank of japan decision, wednesday the federal reserve. how does what we've learned this year inform what will happen next week? should we start for japan looking at wage negotiations that are looking good? lisa: it might be a huge market catalyst because wage negotiations came in hotter than expected. you are seeing an open door for the bank of japan. it sets up the fed well because we are talking at high rates in japan, the potential for more inflation, do yields keep creeping higher on the heels of the whinny from both central banks? jonathan: they are calling it a momentous event. we've seen it in the equity market with people finally retracing their steps into that market. when you talk about currency pressure, we've come so far f

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. >> the first message i received in the commercial break, i'm going back to bed. which i had a feeling some people would have that feeling. and massive week ahead. a recipe for a big week. nvidia, the investors conference later this morning and a sprinkle of central bank decisions. >> i can't get past this, capitalism will eat itself and all these interesting things. >> becoming more dependent on the state for handouts. lisa: this is the reason why some of these big structural changes matter. the fed and the boj, the central bank decisions are they losing the plot, are they losing the narrative, are they losing the economic trajectory being transformed by other factors including some technological shifts that will lead to perhaps capitalism eating itself. jonathan: the federal reserve losing the plot? not yet. has the market, possibly? the fed was looking for three interest rate cuts this year. we've had to take the bulk of that out and do it really quickly in the space of a couple of months.

. >> this is bloomberg surveillance jonathan ferro, lisa abramowicz and annmarie hordern. jonathan: live from new york city this morning, good morning, good morning, the third hour bloomberg surveillance begins right now. bank of america's home here in midtown manhattan. your equity market is a little bit softer. if i could capture the last two hours on this program in a word, is bullish the word? lisa: i don't know if it's enough, it's quite bullish. it's really quite optimistic. the ultimate question is -- does this challenge the idea of restrictive and can it continue? what will drive the next leg it will not be nvidia which we saw yesterday and that was the. jonathan: let's go through this piece by piece and what it could mean for the bond market. what the bond market is telling you and what the equity market is screaming is the equity market so far is screaming a strong gdp. if you look at the bond market, we are replacing the front end just like that in a couple of months and the equity market is done nothing in the face of that. it feels the stock market so far seem

. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and annmarie hordern. jonathan: bloomberg surveillance begins now. live from new york city, good morning,. equities tried to bounce back at .40% on the s&p 500. nothing stable the last 24 hours after a tragic bridge collapse in baltimore. it shows how fragile global supply chains are and inflation is going into pca friday morning. lisa: we thought supply chain shocks were behind us or at least subsided, and this raises questions of how vulnerable the global economy is to one artery that is not that significant on a global scale been disrupted. a lot of people gaming out that it would not necessarily be massive. a disproportionate effect on specific industries, pointing to coal. jonathan: this is going to take time to figure out the disruptions and time to clean up. and it will take time to rebuild and a heck of money, as well. annmarie: bloomberg economics was talking about if this is not quick, potentially it will have an inflationary impact on the end of the year inflation numbers. time to rebuild means

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern.onathan: the third hour of bloomberg surveillance begins right now. live from new york city this morning, good morning, good morning. it is fed decision today and going into that decision this afternoon, equities, all-time highs adding some weight to it this morning. credit spreads very tight and trying to work out what chairman powell is going to say in his news conference. lisa: honestly what people are looking for is some perspective market activity as well as maybe some walking back of this desire to cut rates because right now in the market there is this belief that the federal reserve wants to cut rates regardless of data. jonathan: he spoke a couple of weeks ago down on capitol hill in front of the house and then the senate, basically said we only need a little bit more confidence, so what has changed to mark lisa: there hasn't even been a little bit more confident that some people are now saying if you look at the euro per your comps, is going to get complicated to get down to

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. jonathan: lisa told me off last time we did this, let's get to the weekend. i will start every hour with that. live from new york city, good morning for audience worldwide. it is payrolls friday, equity futures on the s&p 500 positive by .1%. the most important payrolls print since the last one, until the next one. will a double down on the booming 353,000 of last month. lisa: we are positioned for heads i win, tails i win, ultimately no one is betting on a re-accelerating inflation growth and that's what we are expecting from the payrolls report. >> 200 k is the estimate this morning. we've had the adp, the services component, the employment component. none of it was this big blowout upside surprise that we all feared a few weeks ago. >> i was going through this and every time i kept kicking myself everything about the data has been goldilocks. it's the reason why people are pricing out the idea of re-inflating the economy or true real weakness either. it's basically what everyone wan

. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and annmarie hordern. jonathan: let's get you into the weekend. good morning, good morning. for our audience worldwide this is bloomberg surveillance. amh back in the hot seat. it has been a while. equity futures positive .1%. four day winning streak on the s&p 500. the data is decent. central banks leaning into rate cuts. lisa: which is the reason everyone seems to be risk on which maybe should make people worried but there's no reason not to. you have the fiscal impulse and the monetary impulse. jonathan: a bit of fed speak later. we will hear from romaine bostick. what are you looking for? lisa: he will say i am ready to hear and listen. he will not try to say anything. no one will talk about cleanup on aisle two, because after december people were saying who would say this is premature. it is clear now it is a dovish pivot. jonathan: shares of apple down yesterday 4%, today higher .2%. the doj suing apple for violating antitrust rules. in re, what stood up -- what stood out to you in that report? annma

. >> it's difficult to think of not -- >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. >> when you get to the office on monday and it feels like you never left on friday. that time in between like a total blur. feel that this monday morning. good morning for our audience worldwide. this is bloomberg surveillance. holiday shorts trading week which is good news for many of you. all-time high after all time high. in europe, stoxx 600 last week record high in japan, to 25. on the s&p 500 our 20th all-time high at one point last week. again and again the bullishness overwhelming on this program. the start of this one this hour. saying i feel good read i think that basically sums it up. >> deutsche bank did their latest fund manager survey and they found everyone's in the no landing. and it's not a problem. they are not that concerned about the fed keeping inflation hotter as they really reduce rates going forward. >> today we will hear from the likes of bostick, goolsby even later on friday when the markets closed a few hours after you get pce we are fr

. >> this is bloomberg surveillance with jonathan ferro , lisa abramowicz and annmarie hordern. >> thehour of bloomberg surveillance begins right now. good morning. for our worldwide this is bloomberg surveillance. your equity markets positive on the s&p 500. you had very little data in the past when he four hours. driven by the price action. in about 90 minutes time. >> does it matter, is a good and narrative at all. it was supposed to be the most important risk on a risk off event of the week and did have some interesting nuggets. it was treated as a done in the market. when will this market take a signal from the data being dismissed. jonathan: would you prefer to talk but a single name instead. u.s. steel is down by more than 5% in the premarket. this stock got hammered in the session. this from the president of the united states, u.s. steel should remain domestically owned and operated. annmarie: we thought it was good, according to the first reporting that. the white house must've felt the tremendous amount of pressure after this leak. this has been under review for national secu

. >> this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern. york city this morning, good morning, good morning, the second hour bloomberg surveillance begins right now with the equity market on the s&p positive by 0.4%, continuing to track the fallout from the collapsed bridge in baltimore. we've said over the last 60 minutes just how much worse this could have been. the time between the made a call and stopping traffic on the bridge, this could have been so much worse yesterday. lisa: you are right, the idea that they were able to halt traffic kept other cars from getting caught up in this. it raises the question of how much time there was and what exactly was the cause and how long will this disrupt some of the traffic and the shipping. there are so many questions that remain in the focus now is still on the here and after, the immediate aftermath of this. this is an artery that has been severed. jonathan: it could be weeks or months before this port reopens and then you've got to get into rebuilding the bridge. it's going to take a long tim

announcer: this is bloomberg surveillance with jonathan ferro, lisa abramowicz and annmarie hordern.data 90 minutes away. live from new york city, good morning. this is bloomberg surveillance. equity futures posited by one quarter of 1%. it is the last read on inflation until next week's fed meeting and the recent data, some of the happy talk around disinflation. lisa: given the fact that we saw hotter than expected cpi and ppi, how vulnerable is this marketer really a gut check about just how quickly this inflation actually is happening and how hard the last mile really is? jonathan: the market has been more vulnerable than the federal reserve has been. the fed has been unchanged, unmoved by any of this and they are coming into their meeting next week making a new set of projections. lisa: i feel like the market is kind of a histrionic person who keeps switching because there is nothing else to do and they are basically board. at a certain point everyone is trying to figure out how to get the edge and a time when the data is messy and nobody can really predict the future, so you get

. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and annmarie hordern.from new york city this morning, good morning. the second hour of bloomberg surveillance begins right now with your equity market pushing higher, bouncing back .4%. s&p 500 yesterday briefly snapping some of the momentum on the nasdaq. a five-day winning streak on the nasdaq 100 but muted stuff into the big print on friday. the print we have been waiting for an chairman powell told us what the number is. annmarie: which is the reason -- lisa: which is the reason we can take the day off. jonathan: we get back into the equity market. julian emanuel on the show in about two minutes. we are in the exuberance zone. first question, rational or not? lisa: and how long can exuberance last? the issue is people can identify something that feels like it is getting frothy but it continue for a long time. the key question remains with the bond market. how long will the bond market go along with the message the fed intends? inflation will come down. when do people start to challenge that? jonathan: