michael: the reddit mester, press -- loretta mester, president of the federal reserve bank in clevelandyou for joining us on bloomberg television cured jonathan: michael mckee with president mester. looking at the market, up about .5%. down a little bit off of the back of the retail sales but steady following the report you made the right point. the previous month was a monster. tom: the previous month was a monster. a short note where he writes the control group statistic dampens the calculation for gdp. jonathan: that was your call. ian says here is the math and the math starts out a little bit shaky, but he does emphasize the boom economy on that revision is extraordinary. jonathan: this was fun. coming up on "the open," greg peters. tom: he is not good enough for the real yield? jonathan: he is busy. greg peters coming up on the open in about 20 minutes. tom: very good. jonathan: you enjoy your long weekend. enjoy your monday off. tom: do not give me the happy talk. jonathan: i will see you later. tom: i hope lisa comes back. jonathan: otherwise i will be on my own. tom: have fun. m

loretta mester, the cleveland fed president, said earlier today that it is going to be rocky coming outf the shutdowns. we are going to have a lot of volatility in the data. that's what we got in the retail sales numbers. the appear disappointing on the face of it because they didn't change at all. they were flat on the month. but the march number was revised up from 9.8% to 10.7%, so that takes out almost all of what was missing in april. take a look at what happened in terms of dollars spent, which is the way retail sales are reported. we had a big month in april and a big month in march, both about the same. no change in spending level. but look at what happened in february, and both march and april were up big from those months. so people are still getting stimulus checks. they are just spending them for had -- spending them perhaps at the same rate instead of spending more. take a look at what happened with eating and drinking places, up 3%. people are going out. when we get the pce numbers for april at the end of the month, we will probably see a big gain in services spending, so

jonathan: always great to hear from loretta mester, the federal reserve bank of cleveland president.d morning. alongside lisa abramowicz, i'm jonathan ferro. tom keene back with us tomorrow. here's the equity market. 4156 on the s&p 500, down 0.3%. your bond market unchanged at 1.63%. here's the story this morning. at&t, discovery confirming the merger of media assets. at&t up 4.5%, discovery up 17%, and just getting detail on the numbers in the last 10 minutes as well. at&t would get $43 billion in the deal with discovery. understand we have a news conference coming up in about 12 minutes. lisa: what i find interesting is they find the deal creating cost synergies. does that mean cuts in jobs? does that mean they are going to be able to reduce overhead that somehow doesn't lead to job cuts? and is that enough to justify the deal? these are the questions people will be having. if tom jonathan: jonathan: was here this morning -- will be having. jonathan: if tom was here this morning, he would be pushing back against the word synergies because it often means job cuts. lisa: where would