so those are 2 giant corporate scandals and mackenzie was involved in both. let's say, let's do another yell out, one more scandal. yes, stop yelling skittles so that's not that the scandal. it's the candy. what's that? alright. the 2080 can on crisis caused by the sub prime mortgage collapse that knocked millions out of their homes. i'm sure mackenzie didn't know what that tech mckenzie is said to play a significant role in the 2008 financial crisis by promoting the secure does ation of mortgage assets and encouraging the banks to fund their balance sheets with debt driving up risk, which poisoned to the global financial system and precipitated the 2008 credit meltdown o. and in their free time, they also may mean dabbled and helping saudi arabia suppressed diffidence and helping our very own ice agency and prison. refugee mckenzie is kinda like, not the consultation group. are you looking to bake your bread? a tad more not? yes, it's a bad thing up here. but you're not sure how we have genius is just a callaway who can set you up with a nasty beginner of co

good morning, tom mackenzie. tom: this is now the key risk within the chinese market and the chinese economy. what we're seeing today is a bleed across to the rest of the proxy sector. you can see it with the hang seng property index, it is now to five year low. the read across to the rest of the sector, what is the mean for regulators and the broader economy? manus: let's step back for a moment on risk. so far we've seen that ever grand for the moment seems to be a country level risk, not a global risk. we've got to resist the temptation to game the market, despite record highs and instead diversify the exposure and seek ways to protect yourself. will the earnings story take us through the tapered risk, a great note from the ebf. tom: it's an uncomfortable rally, that's the point of these calls we are getting. jp morgan saying cut. ubs allying somewhat with that view. asia is in the red this morning. let's check in with what's happening on the msci asia pacific. casino stock still under pressure, reflected in wh

general mackenzie illuminated on his own views on the same topic. he gave his assessments at the same time. and although general miller did in many, many assessments say rapid fast, hard for collapse. he also centered into the october november timeframe as opposed to august. so how do we avoid that happening again? i think the key senator that we missed. frankly, we had some indicators, but we didn't have the full wholesome assessment of leadership morale and will, there were some units and i don't want to say negative things about these guys are 6070000 of the african service that were killed in action over the last 20 years in many units did fight at the very end, but the vast majority put their weapons down and melted away in a very, very short period of time. i think that has to do with will leadership. and i think we still need to try to figure out exactly why that was and i, i have some suggestions, but i'm not settled on them yet. but we clearly missed that. i think one of the key factors we missed it for was we pulled our advisors off 3 year

so we've been listening to us and con commander general and mackenzie speaking about. he was trying to strike me off, can capital cobble describing it as a tragic mistake? can, civilians were killed in that strike, including 7 children. the youngest child was just 2 years old. general mackenzie said that the intelligence was regarding the isis k group was quote, wrong regarding the vehicle that was targeted and destroyed. and this strike reparations have been considered to those effected but obviously here in admission by the united states, that innocent civilians were killed and try and strike and the investigation has concluded. it was a tragic mistake. well shabby time. c has been following this and joins us live now from washington. and this really does raise some very serious questions and concerns about the rules of engagement, particularly now us is withdrawn from the country and how this risk is going to be managed going forward. the risk of further civilian casualties, not just the rules of engagement with the but how you estimate jo, patients are reported upo

here's general kennedy mackenzie today, the head of us central command watch. again, i won't share my personal recommendation to the present, but i will give you my honest opinion and my honest opinion, interview shaped my recommendation. i recommended that we maintain 2500 troops in afghanistan and general mili then was asked next. and he also agreed with that assessment. so de either joe biden is a liar, or he is losing his mind, or maybe both, i don't know, but he was not being honest and forthcoming with george stephanopoulos and the american people during that interview where he denied that his, his people told them to keep a force there. the big question for me is one of the 1st mess this acknowledge just all of these politicians double talk in see one thing to you and say something go to a different person. i'm not going to dispute that at off. the big problem is, what are we going to do moving forward, whereas the plan to fix the things that we attempted to do. and basically that's a conversation i'm trying to have when i talk about joe biden saying one

for years as mackenzie indicated i've had the privilege of working with and learning from mackenzie, one of our nation's top and most influential national security experts. i've also been privileged to know and learn from senator jim talent his leadership and contributions to a strong national defense continue to be so compelling. i want to underscore that my book is dedicated to those like mackenzie eaglen and senator talent, the active-duty military, the guard and reserve, defense siblings, contractors and experts who come to work every single day in the department of defense, and the congress, to do the best job they can for our war fighters and for our taxpayers. but as former secretary of defense bill perry once told me, bad processes beat good people everyday, and we have a proliferation of bad processes that are broken, totally broken, in both the pentagon and the congress. so as the focus shifts from afghanistan and iraq towards what comes next, leaders in the dod, congress, and think tank community have tremendous opportunity. we're at an inflection point in national securit

i'm tom mackenzie. this is "bloomberg daybreak: europe." decision day, investors await any changes to the ecb bond buying program as rising bureaus energizes the hawks. mobile stocks fall amid fears of a recovery slowdown. the fed says the delta variant hit u.s. growth in july and august. china's regulatory crackdown continues. tech shares take a beating as gaming companies face oversight. inflation searches to a 13 year high. it is the ecb we want to focus on. i want to bring your attention in terms of real yields on high-yield bonds in europe. as a result of that enormous balance sheet held by the ecb, those real yields of high-yield bonds are in negative territory. that 3% inflation picture, you get negative yield in the high-yield space. that talks about the reach, the lack of yield as a result of the oversight ecb balance sheet. will that change to any degree? will the middle move at today's meeting? is this a bet by investors that the inflationary picture is more transitory than hawks are suggesti

tom mackenzie alongside me at london hq.vey for german economic sentiment is due out later today. it will shed light. german manufacturing data surprised to the upside in july. companies expressed their concerns about the impact of higher prices and shortages of materials. maria tadeo is in berlin with all things german. inflation up at levels we have not seen 2008 so it is a worry for the bundesbank. this is like shockwaves. maria: yes. we will see how much of a worry it is for the german central bank on thursday when the east be meets but you know, overall, when you look at the german economy, it is hard to tell what is the state of this recovery because we do have data points that contradict each other and the narrative that we heard from the german industries and also the companies that say they worry a lot about prices but also about big supply issues coming across everything. it's not just chips but things like metal and even paper. yesterday, as you said, we did get the pickup in factory orders. it was a much better t

i am francine alongside tom mackenzie. embarrassing revelations of their stock trading during the pandemic. treasuries spike. two year yields hit an 18 month high as the five-year tops 1% and fed officials signaled the taper is coming soon. powell and yellen testify later today. brent crude costs $80 a barrel while the global energy crunch continues, sparking further gains in natural gas. we are just under an hour away. futures are holding onto gains. 0.2 -- between 0.2 and 0.3 percent. a similar picture across the board for the s&p futures. the focus is on china. we await more news from evergrande. this is also an energy prices -- crisis. what it means for the recovery. the s&p 500 futures gaining a touch. the futures of the nasdaq unchanged and you are looking at the global macro groups. tom: as you say, it is a question of energy, the yield story, and china as well, the three big elements laying into the market sentiment. a mixed picture across asia. the pboc coming in with another net injection of 15.5 billion u.s. dol

i'm tom mackenzie donlon -- in london. happy friday.ning us now is edward park, cio at brooks mcdonald asset management. good morning. thank you for joining us this friday. more hawkish tone from central banks. the pboc injecting liquidity, but the norwegian bank and the bank of england as well, the rate cycle needs to be firmly in focus. the yield moves we saw overnight, that spike in the u.s. 10 year, do ucs getting back to a level around 1.7%, where we were in march? >> i think we are still a ways away from that. we saw a flattening of the yield curve. the federal reserve might do more now sooner than initially expected, but that will dampen inflation down the line. especially one of the things we are watching very closely is where that 10-year is, in the middle of that. . we have seen disappointing growth since the middle of this year. our expectation is inflation is going to be a controlled transitory narrative that will ultimately win out. as a result, we will not be testing that 1.7 percent, 1.8% we saw at the beginning of the ye

i am tom mackenzie in london with manus cranny in dubai. focus is shifting to uscp i later today. risks from delta and supply chain shocks have pushed price higher. if consumer prices are hotter than expected, the fed could alter their timeline. that's what investors are watching. still with us is martin malone. where is your view now? what are you saying in terms of the data at hand, and your team and your view on whether or not this is transitory or embedded or the timeline for the fed. martin: we do view there is a transitory issue, and structural issues that could come about, but simply in q3, we see a peak out of inflation just over 5%, and that could taper down to probably 4% in the first half of next year, and the second half of next year, down to the 2% figures. the fed is right about transitory, but it could upset -- could be upset by events or if we see restrictions on color wages. manus: what is the bigger risk, $100 oil, goldman says $80 employee -- oil impacts inflation. what is the bigger risk for you and how should you positi

why did they say that then if they weren't sure, or if general mackenzie was just about to launch an investigation. even the next day when you sent. com said it was aware that civilians may have died. they still insisted that the strike was legitimate and they were certain they had disrupted an imminent isaac k threat because of a 2nd re explosion. this is what the united states has always been doing for the last 20 years. this is there war on terror? the u. s. life so much about who it kills? apparently it's killed the same people multiple times. now clearly someone is being droned, but it obviously isn't the targets it's innocent civilians. let's consider it as a dean, how connie, the deputy leader of the gang taliban, and head of the hall county network. america reportedly targeted him at least 4 times once in 2008, 2009 and twice in february 2010. you want to guess where mister serrato connie is now. he is alive and well serving as the interior minister and again ascends new taliban government to the united states. killed around 82 people trying to get him all for him to wind up

i'm tom mackenzie. u.k.'ata for august have come out today, and it's expected that the reopening of the economy is helping bolster sales for clothing retailers. that's as they are looking to update wardrobes and they get ready for the return of school and colleges. let's get to our reporter for what to watch out for. i imagine that you've been out there updating your very suave and sophisticated wardrobe. >> i'm not going to lie, i have been doing shopping whilst i've been here, but we are expecting retail sales are going to be rising, the expectation is north of 3.7%. a lot of that is clothing as people repaired to get back to school. less casual wear and more dresses for social occasions. but while we're seeing retail sales for clothing driven higher, we are seeing digital sales, online sales, actually falling a big drop from a year ago as we get the vaccination rollout. it's not just the u.k. you can see on the chart here, france and germany. pretty big drop. it's also a tough story from a year ago. everyb

manus: i like that, tom mackenzie. might take some of the emotions out of it.n pen -- oppenheimer and rates will remain low. tom: where are we in this cycle, the economic cycle, the other side, the mirror side, the flip side of this debate saying, the monday selloff in the u.s. was a clear crack in these markets of the you could see the s&p fall as much as 20%. he is flagging the risk around the economic data. let's check in on how the markets are playing out. the asian session, china is back after the three-day holiday. csi 300 lower, not as much as the future suggested in terms of the futures u.s. side after a mix close on wall street yesterday, bitcoin is a story today, falling below 40,000, it is back above 41,000, the pressure from the regulatory front in focus again for the crypto currency space, manus. manus: you're on fire today, you really are. let's talk about the pressure ever so slightly, the developer says it will repay nearly $36 million in interest due tomorrow on the domestic bond, let's bring in the greater china editor. john, so let's see what

just think of one guy. clearly these are the standards, the general mackenzie was talking about. so tell me who is the bigger terrorist now? these are just some of the drug stripes we know about. just imagine what the realists looks like. you know, obama called them precision stripes or anything but precise what we used to publish figures, what, how the drone program works with suspiciously low numbers of civilian deaths. and when the real numbers were leaked by whistleblower, daniel hale, who now in jail, it turns out for example, during a 5 month period, 90 percent of the people killed by drones or civilian. also consider this, even if there were no civilian casualties, right. who gave united states the right to assassinate people on another country? soil would america tolerate someone else dropping bombs on american soil? what happened to due process? you just kill people without trial. this is nothing short of mass murder. just imagine the reaction. if a foreign government murdered an american family. busy on american soil, you would never hear the end of it. and it's nice th

tom mackenzie alongside me in london. to know about a market that is squeaking higher come of this on a commodity complex. trading above $3000. for the first time in 13 years. a huge report out this morning about the overall supply situation. we are ranking on this market. tom: there are questions about the supply of boxlike to china. the goldman picture outlined getting more sustained price hikes. $80 a barrel is the number they looked at. manus: what are the emergency stockpiles in china? we have seen them do this cautiously in a number of commodity markets. we need to understand the ballots. -- we need to understand the balance. the race in vaccines and new variants. that will not end until covid-19 has touched everyone. according to the experts, eliminating the virus will not happen in the next 3-6 months. closed schools, canceled classes, working from home will become the norm again. any indication on the numbers. hit me with the data. are they coming down in countries that have been hit hard. and are we looking at a

i'm tom mackenzie. this is "bloomberg: daybreak europe." japan is set for a new leader. the prime minister plans to resign after just one year in the job. the nikkei jumped. opportunities in china are too big to miss despite the crackdown, we will bring you our exclusive conversation. it is jobs day, another banner report could push the fed closer to tapering. the dollar is mixed after another record on wall street. the fed and jobs are in focus, but the political story of the hour is this news that the prime minister of japan will be resigning. he will not be running come september and not in the general elections later this year. the reaction on japanese equities, a leg higher, the belief that the unpopularity of mr. suga and any placement could prove positive. fiscal support is something we will dig into shortly. let's check in on the markets broadly. mse i asia-pacific is up after a positive close. -- msci asia-pacific is up after a positive close. the nikkei up 2%. the yen is at 1.10. a broadly negative weaker data playing out, president xi jinping outline plans for

mackenzie, start us off. all about that base for $200. - mackenzie. - what is base 10?$200. - kevin. - what is elizabeth? - correct. - alliterative jobs for $600.

i want to play revealing exchange between congressman mike gallagher and general mackenzie today. >> you know which taliban forces were providing security? >> yes we do. >> was at 313? >> there were other elements among others. >> suicide bombing attacks. laura: do you believe that the taliban could have been behind this attack that killed servicemembers and they don't want to admit it? now we know they gave the telegram free reign over kabul airport and the security perimeter. >> i can believe it because it is the pattern of lives by the biden administration as medium -- military leaders who lied about it every step of the way, the fact that they would have relied on a stupid specialize in suicide bombing attacks to protect the perimeter of the airport we lying on to keep americans and our allies to get on airplanes is another concession at the incompetence of this administration, they should be held accountable for and we ask tough questions, mike gallagher asked those questions. a lot of questions about the idiocy of military leaders that allow these activities to happen. we now k

manus: good morning from our middle east headquarters in dubai, i am manus cranny, tom mackenzie alongside me in london. we are "bloomberg daybreak: europe." there are ongoing ever grant debt concerns. -- ever granted debt concerns. and bill dudley says the fallout from china real estate will not stop the fed from signaling its own track to taper. shell sells its permian basin for $9.5 billion as it plans to distribute $7 billion to shareholders. good morning. my favorite line from reading, was yesterday a rational de-risking, were we already traveling at extreme altitude? that is a very lofty call. good morning. tom: and we talked in the past how this is been an unloved rally, and that was permeating what we saw in the price action yesterday, but it is also reflected in the positioning by stocks traders around some of these defensive derivatives. we can show you a chart that shows demands, the skew chart, it is the steepest since 2018. these stock investors have been hedging this rally. manus: hedge meet up before you go-go. channel my inner wham! here is the debate. ivanka of edge versus

tom mackenzie in london hq.e that they use is for many months so these are the latest headlines coming from the ceo, oliver. matt miller is on the ground, isn't he? this is a global issue. renault le maire saying europe has to fix -- bruno le maire saying europe has to fix that. the dax undergoing a big revamp, the biggest since the 1980's. the industrial heavy dax getting a little bit more blood. the online fashion retailers, hello fresh, and 10 companies all joining the index. what does it mean for traders? he is in frankfurt. how significant are the changes? >> pretty significant. the biggest since the dax was introduced in the late 1980's. this all started a year ago when the company collapsed while being in the index. he decided to make a couple of changes, with new measures for companies to post a profit before they can join. the final step was they added two new members and among them are a couple of both stocks. the index gets a little bit new dna and a fresh taste. tom: what is the impact likely to be o

that has china and hong kong based holders racing to try to protect their assets mackenzie is joining us now, she spoke to an attorney flooded with encrypted messages on the matter mackenzie, i know you're on the west coast, i don't know if you stayed up or got up, but either way we appreciate it it's a big story, so thank you what are you hearing from what is happening in china right now? >> right so on friday, brian, beijing really raised the stakes in its virtual currency crackdown, attempting to freeze crypto assets so holders can't legally do anything with them. i spoke to an attorney flooded with calls, emails, encrypted messages from holders of virtual coins in china and hong kong who are looking for a way to safeguard their crypto what they want to know is how to access and protect their tokens held in foreign exchanges and cold wallets another concern is that china says it's improved the technology that it uses to monitor crypto transactions. so many of the work arounds people in the mainland have used to skirt bans won't really work anymore. >> well, it seems like the take o

instead, we've known this now for weeks now, general mackenzie, who leaves us central command or us send. com issued what is probably the most scripted apology ever recorded. he says that he initiated an investigation within 24 hours of the strike. even though the pentagon had immediately said after the strike that it knows of 0 civilian casualties. why did they say that then? if they were ensure or if general mckenzie was just about to launch an investigation. even the next day when you sent. com said it was aware that civilians may have died. they still insisted that the strike was legitimate and they were certain they had disrupted an imminent isaac k threat because of a 2nd re explosion. this is what the united states has always been doing for the last 20 years. this is there war on terror? the u. s life so much about who it kills. apparently it's killed the same people multiple times. now clearly someone is being droned, but it obviously isn't the targets it's innocent civilians. let's consider it as a dean, how connie, the deputy leader of the gang taliban, and head of the hall cou

the claim is the by would mackenzie opening a mine in cumbria? some mine somewhere else in the world, probably in the united states would shut down, and therefore it would be no increase in global carbon emissions because it would, that would mind the west come rail. coal would substitute for the american co. i mean, that's absolute economic nonsense. the american co would simply seat seat markets elsewhere. and the extra supply coming from west come rail low, relatively small, would have a significant effect on prices in the u. k. and europe. and that would make it more difficult to move away from coal and still making, despite the fact that there are a number of very promising projects to do just that. yeah, they, they deny it. west country, of course, i don't know associated with the lake dest. and pastoral paradise, who knows, i'm going to just finish by saying the green party looks at to hold while we don't quite know yet a degree of degree more power in the most powerful economy in europe, in germany, there used to be a member of the green

i am submitting charges a guest general mackenzie for his bad assumptions. not because i've been dated, but because the senior leaders need to be help counsel the same standard as us. the thing with the united states military is it is forbidden for servicemen to come out and publicly criticize their superior offices. if they have a grievance, they have to follow the proper channels. so they have to approach a superior office and tell them what their problem is. he violated that law of that rule in the united states military by going by going public and criticizing. not only is beaten for us servicemen to speak of civilian leaders with contempt, which is what he did. essentially his point was after the fiasco we saw at the airport had cable airport just had kilometers away from, from here. nobody in the bud administration or any of the senior leadership at the pentagon came out and said, look, least was our fault. where reside? so no one was held accountable, no one was fired and they basically said, we couldn't have seen this coming despite apple evidence th

central command general mackenzie, and the last commander of u.s. forces in afghanistan general miller. these are our top military leaders who need to be asked the hard questions. and that's what i and my colleagues intend to do, starting with why did we give up the most strategic air base in the middle of asia, bagram airfield. why did we do that? it makes no sense. we owe it to our nation, those who served, their families, and our allies to preserve the records of how our time in afghanistan ended. for every people we and members of the armed services committee represent here in congress, this is the biggest issue facing our military since vietnam. those who have given so much to this cause are demoralized and disheartened. i talked to hundreds of them the last couple of weeks. al qaeda didn't defeat our military. the taliban didn't defeat our military. the complexities of rebuilding a country did not beat our military. this administration in washington, d.c. defeated our troops. never in american history have we seen a commander in chief leave am

alexandra mackenzie, bbc news, glasgow.sked for up to 100 medics from the armed forces to step in and help at hospitals. they'd be deployed between belfast city hospital and the ulster hospital during october. health minister robin swann said the health service was under greater pressure than ever before. well, let's look at the latest coronavirus figures. in england, wales and northern ireland there were 26,911 new infections recorded in the latest 24—hour period. we don't have the latest figures for scotland because of technical issues. which means an average of 30,186 new cases per day in the last week. there were 8339 people in hospital yesterday across all uk nations. 158 deaths were reported in the latest 2a hour period, that's people who died within 28 days of a positive covid—19 test, and those figures do include scotland. so the average number of deaths per day in the last week is now 138. more than 89% of people aged 16 or over have had their firstjab. and more than 81% are now double vaccinated. the government is

reasons for after, after i put them on the table, i would like each of you beginning with general mackenzie to address the question and we can, we can do it when we come back after lunch. first, the lightning collapse may show that our training was insufficient and that it did not permit prepare the afghan military to defend the country on their own. that should have been our goal, but we failed to accomplish. and if so, how much we change our thinking about training for an military's 2nd. the lightning collapse may not prove that the n s f were poor fighters, but that they were demoralized. did they lack confidence in their own political and military leaders? where they demoralized by a 2020 piece agreement between the u. s. and the taliban that didn't even include the african government. mr. chad like to introduce the peace agreement for the record. well, jackie, us and allied funding deep in a culture of corruption that long predated our involvement. even the best fighting force may give in if they have no confidence in their leadership. sir, the lightning collapse may show that we want

generals milley and mackenzie, who goes by frank, were asked about the former administration's deal with the taliban in qatar, known as the doha agreement. >> did the doha agreement affect the morale of the afghan forces, i.e., was there a sense now that even though it was months away, that the united states was leaving since we had agreed to leave? >> i'll let frank talk the details but my assessment is, yes, senator, it did affect the morale of the afghan security forces. >> general mackenzie? >> sir, it's my judgment that the doha agreement did negatively affect the performance of the afghan forces, particularly actions that the government of afghanistan was required to take as part of that agreement. >> general milley today confirmed the former president had ordered all troops out of afghanistan by january 15th, but later backed away from that notion. the current president, though, followed through. much of the questioning today, focused on the military advice he got in making the decision. >> general milley, it's -- it's your testimony that you recommended 2,500 troops, approximatel

i'm tom mackenzie. this is "daybreak: europe." ecb policy makers sparring over ending stimulus amid a rise in inflation. stocks are mixed as we position for the u.s. jobs report. chinese taxpayers some gains as ride-hailing companies come under criticism. we will hear from president xi jinping. opec plus sticks with plans to supply hikes. perspective from -- of energy aspects. i want to bring your attention to the positioning of two of the biggest, most important central banks. a terminal chart showing what is happening, in terms of a yield differential narrowing between the pboc and the fed. when it comes to the benchmark, the u.s. 10 year and chinese 10 year. chinese 10 year 280. the u.s. 10 year at 130. not near the 70 highs we got earlier for the u.s. 10 year. but those of you coagulating coming to the idea that 150 is what you get come the end of the year. china is different. pboc pumping about $40 billion to $50 billion into its banking system to support sme's. that is playing into the bond space. 280 on the u.s. benchmark.

, how they were advised without testimony from secretary austin and generalal milley and general mackenzie. we will never be able to untangle a chaotic forces that led to the deaths of 13 service members in kabul and abandonment of an unknown member of american citizens and our afghan partners. i ask unanimous consent at the letter be entered into the record. thank you. beyond the fact-finding mission and on the hearings impressed upon my democratic hearings the importance of the words he used to describe our enemies, how we talk about them, how we frame their actions. day one of this administration. the biden administration has used their words to rehabilitate the hotel event taliban. there diplomatic holes or inclusivity and equality, this supports ally about who the taliban is. the taliban like isis and al qaeda is a terrorist organization. they rule by fear and rule through public beheading, forced marriage, brutality against anyone who questions their regime. against anyone who disagrees with them for women and children are treated. in my opinion, and from a lot of tennesseans i have

what secretary austin and general millie and general mackenzie did was we can us.our geopolitical position has been weakened. this is not just about afghanistan. this is about a region that has nuclear concerns with pakistan and india, stability concerns in and, west, iran, this is a very dangerous neighborhood. it's not just about afghanistan. you extend it to the rest of the world and you see that we are weak. i'm told by members of the military that i served with the they are on the ground in other places, africa and other places, their partners are telling the we can't trust america. our guys in many cases put their lives on the line and requires the support of our partners and when they don't trust us and don't think we are going to be there for them it makes it dangerous and austin and millie have been architects of a failed war policy since they were one star generals. austin was in charge of it is%, commander. if they failed predominantly in the last 20 years as general officers then how in god's name can we think they will get the withdrawal right? laura:

tom mackenzie alongside me in london hq. let's set your agenda. china's a covering weekends.etail sales crumble as consumers pull back from the face of new covid outbreaks. treasuries hold yesterday's game after lower-than-expected u.s. inflation gives the fed wiggle room. paring back bond purchases. apple debuts the new iphone. a lack of major upgrades push the stock lower. plus. >> this year, we will have recovered to pre-covid-19 levels before the end of the year. we had anticipated it would be 2022 at best. manus: europe's recovery is going better than expected. but risks remain. more on our exclusive conversation with the ecb president this hour. madame lagarde says it's going faster. 5.3%. the bond market took it well. the crack went mad for team transitory. good morning. tom: good morning. where does this year lead? you are sitting in the middle east. will will you put your assets? look to the u.s.. junk bonds in the u.s. yielding less than inflation now, sub 5%. inflation at 5.3%. that's above what you're getting on u.s.. that issuance, the demand we have been talking

i am francine alongside tom mackenzie.ing revelations of their stock trading during the pandemic. treasuries spike. two year yields hit an 18 month high as the five-year tops 1% and fed officials signaled the taper is coming soon.