. >> this is "bloomberg surveillance" with tom keene, jonathan farrow, and lisa abramowitz. tom: jonathan ferro, lisa abramowitz and tom keene, thrilled to be with you, looking into a critical week next week and for jerome powell and certainly for germany its fragmentation friday. jonathan: i would go further, it is the brink of recession thursday. in looking to the front end of the german bund curve, down 25 basis points is a big move. tom: copper does not come in, i am looking at chicago and copper tells me something different. oil giving the economic slowdown indicator. jonathan: the next talk, pmi's, and the date has not been terrific. down eight basis points on the 10 year periods to 79 on a 10-year yield. tom: again, we saw massive curve in version two -225 basis points. i believe we have a fed meeting coming up on thursday, but the yield dynamics seem so separate after what we missed -- witnessed yesterday, but -- all of us picking up the debris. jonathan: i think we are all confused about that news conference. just getting some numbers from twitter coming in at $1 bi

tom: kailey leinz is with us today as lisa abramowitz is on the edge of everest. i look at where we are, the ecb is the focus, but it is also earnings season. the first calculation of actual earnings growth. maybe it won't be that bad. kailey: that is the question, will we see a continuation of young able to pass on higher input costs, retaining margin? is that going to start changing if the demand picture starts to change? it is something we are going to continue to look for color on as well as the idea of fx headwinds. we had multiple companies citing the dollar as a reason they won't be as stellar. apple selling higher, what message does that send? tom: i've only flung to this equation three times. 40 times nine over five, combine that. plus 32 equals 104. did i do ok? jonathan: are you doing degrees centigrade into fahrenheit? tom: a public service. jonathan: why do i have to translate everything you do? tom: this is what we never memorize because we are americans. jonathan: saying the temperatures are still climbing, maybe not the record. are we done that the

morning, this is bloomberg: surveillance wide -- live, once i tom keene --alongside tom keene and lisa abramowitz, i'm jonathan ferro. tom: mobile customers of 11%, the financials are buried in the supplemental report beginning on the attention you're going to hear that the press conference earnings calls or whatever you want to call them, return on assets year-over-year from a 1.29% down to 0.89%. tangible book value, this really says it all about fortress and jp morgan, tangible book value is up 1%. this is basically a big bank flatlining, that is a little harsh but flatlining given the tumultuous times. jonathan: the headline in the last 10 minutes, suspending share buybacks. tom: absolutely. jonathan: the stress test kicking into the big way, we have seen massive directions. tom: i will let ousting williams tell me that it does matter. it is cautious, responsible, and it heats up over what we are going to see from the other banks. jonathan: the other disappointing factor is where you expect the strength to be trading, it did not show up. lisa: that is where people were expecting an offset on

lisa abramowicz. jonathan: live in new york city to our audience worldwide, good morning. this is "bloomberg surveillance" on bloomberg tv and radio. i'm jonathan ferro with his abramowitz. tom keene is back on monday. lisa: i know you don't like a bad news is good news but i will throw in another one. how about goldilocks? we are sharing about a new goldilocks where you see slowing in growth but it is not that severe, not allowing the fed to hike too much and we go into a zone where people can be optimistic? you are hearing this with a rally that has been dramatic this month. jonathan: did goldilocks like her breakfast at 200 degrees? 9% inflation, can you call the goldilocks? lisa: i am just wrapping my head around the metaphor. that is the issue, can you even get there if you don't get inflation back to a 3% figure? how can we do that with where it is with the cost of goods going up and projections for oil given that we are at 9.1% for cpi? jonathan: is that what this fed wants to see, the loosening of financial conditions? the fed speaks for me more important than today to. i am not sure what to take from the gdp print and i think they will tell us. lisa: phila. they

i can't say enough about this, asa abramowitz, larry mcdonald is focused on emerging markets. it is got the characteristics you see in egypt. lisa: i wonder if that will be the story or if it will be a continuation of europe driving down the rest of the world to acting em like in terms of how volatile the inflation backdrop is. i want to build on the gas issue, in addition to what we heard from emmanuel macron, dass storage levels are falling for we get into peak usage months at a time people are worried about the gas supply being cut off raises the specter of germany coming out with something similar and saying stop using so much, put on a sweater, keep temperatures at this level. tom: -27 basis points. in honor of alan greenspan, jon has a headline. jonathan: andrea hall and horse from citibank -- we see a 100 basis point rate hike this month . the committee showed it will react to each monthly meeting, each inflation reading. we expect policy rates to reach 4% by the end of 2022. here's the call from citibank, 100 basis points this month from the fomc and policy rates to reach 4% by the end of 2022. let me remind you, a few m