. >> todd, good morning, it's jon, wanted to ask you about the macro, but also what seems to me mighte a macro impact on operations, specifically your sales force, the attrition that you're experiencing in the salesforce how much of that has to do with the fact that, hey, it's competitive out there still, in enterprise software, for good salespeople, and so they have options. but at the same time you've got these macrohead winds that are also causing you trouble. >> we have had higher than average attrition in the sales team that's driving some of the near term mixed results i think when you look at the quarter, though, i think there are salespeople being successful at okta. we had a record number of million dollar plus deals in the quarter. so we had great customer retention, our net retention for customers, which is really emblematic of customer success is 120 #% plus there's a lot of success going on, but when you think about trying to reach this new -- and bringing two sales forces together in service on that appeal in the sea suite of every organization in the world that's challe

this is more about execution than it is about macro they can blame macro all they want european businessnot good. the margin profile of the ground business in the u.s. is a disaster the express miss was a profit miss, almost equal to the entire profit miss, and are we really going to see this from u.p.s.? or is this more reflective of what, frankly, the activists had been talking about, that is, a lack of execution on the part of fedex? >> you know, obviously, macro plays a role here but the question is, how much? a lot of this market is depending on the idea this is not a fedex problem. >> do you know how much time i spent on that 70/30, betting it may be 60/40 i never felt 50/50, but the reason why i think i may be too low is that the actual revenues weren't that bad $500 million miss. bottom line, not top so, i think, david, if russia hadn't said, worldwide recession, i think what you conclude is, cost structure out of control, given the facts. >> you wonder, do they have a complete sense of their business it wasn't that long ago where they came out with their fiscal year '23 guidance

course, i'm disappointed in the results that we announced here you know, the headline really is the macro situation we are facing in u.s., consumer is spending less you know, the u.s. has been insulated because the dollar is the currency of choice for the world. there is some insulation there you know, i see the u.s. loslown down >> fedex will close 90 office locations and corporate facilities and defer hiring efforts and reduce flights and cancel projects, dom >> silvana henao, thank you very much. >>> back on wall street. all three indexes set to notch another losing week in what would be the fourth negative week of the five the catalyst for another choppy session today. we have the quadruple witching day with the options and single stock futures all expire today and it could lead the volatile final hour of trading. let's talk more about this with robert teeter, head of asset crest management robert, the quadruple witches aside, this is an environment right now and fedex showed it last night where people have to worry a little bit more about the bigger economic narrative. is this the ti

when calls aren't coming in the macro team goes where they know they will be needed.us shelter on 104th and international checking on you. if you feel like you need to go to the hospital because of the baby, you let us know goal is to eventually get her into a shelter. but until she's prepared for that we can't really force her being that she is pregnant. we do like to come and check up on her often. the street on 57th in holloway, there's a man living in a large pile of trash. are you feeling ok today? until people like this man and others are ready to help themselves. the macro team says they'll keep coming back, just shoving away little by little, and hopefully those interactions lead to that to him saying, you know, waking up one day saying, hey, i'm ready to make this change. macro began as an 18 month pilot program, but given the state funding they've been awarded and overwhelming support from the community. they hope it's here to stay. evan sernoffsky ktvu, fox two news. one of the bay area's top infectious disease experts is joining other health leaders who ar

prior to the linking of 9-1-1, calls with macro team members in august. crews have been doing on hugh responses were by macro crews, pro actively identify individuals. they observed to be displaying signs. it may prompt a 9-1-1 com. well, a truck catches fire near 5.18, spreads to a nearby hillside. it was first reported around 6.20, yesterday evening near the edwards exit on 5.80, on the westbound side of the freeway. it's since been contained. crews state to put out any hot spots. there are no reports of injuries or structural damage. this is the 3rd time this month that firefighters that to put out fires along 5.80, in oakland. officials have launched a criminal investigation into how the mosquito fire started. and as part of their investigation, the u.s. forest service has taken control of pg e equipment. this comes after victims of the mosquito fire filed a lawsuit against pg and e claiming the utility's equipment sparked the flames pg e also previously filed a report about electrical activity from one of its transmission poles around the time that f

that's been a macro pressure point as well as a volatility index.ing bell." now it's scott wapner in "overtime. >>> thank you very much. welcome to "overtime." you just heard the bells just getting started at the new york stock exchange and a biddy hour ahead stock move and everything else as always that you need to know right now. we begin, though, with our talk of the take. a risk-off atmosphere what former dallas fed richard fischer told me we are in now, and likely to stay that way. our first guest, he ay glees doubled down on his crash call for stocks britain in canter's around johnson

is interesting and my macro partner and i wrote a piece last week about a tale of two tales. can see that the yoasymetri risk we can make arguments it can go far south. we can see 40 to 50 by the end of the year. what we said is we think you have to manage the near-term volatility in the context of a long-term structure under investment in hydro carbons and metal complex. we are bearing the fruits of the last decade. >> kate, this issing interesting bec because you can argue the last 6 to 12 months, the world realized the reliance on gas that is not taken off line by flipping a switch if you try to do that, people feel the pinch with the rise of price. what about the glide path or path with which you have to transition to clean energy from oil and gas? it is not just going take two or five years >> i don't know if the governments learned it yet what we are seeing is we are going to live in a dual world with renewables and hydro carbon if you look at renewable investment, it is up 50 times. it is still 6% of supply at the same time, hydro carbon is flat. from 2009 today, suppl

that's where the macro team comes. in it's the city fire department unit that dispatches crews to some of the area's most vulnerable populations, bringing potentially life-saving resources. >> we're with the macro program, just giving out some water. it's hot today. would you buys like some water? >> and close to triple-digit temperatures. >> stay in the shade, man. >> reporter: this simple interaction can make all the difference for people battling the heat on the streets of oakland. >> it's great to have water and because i'm worth it. >> reporter: this is the macro team, or mobile assistance community responders that sends an emt and resource specialist to respond to non-emergency calls. lately, they've been spending their days helping homeless during this heatwave. >> just some signs of heatstroke, some dizziness and things like that. we're seeing an increase already. >> reporter: the team is increasing their crews in an effort to give out more water, food and services to find people shelter. the goal, to prevent a

it's called the macro team macro stands for mobile assistance. community responders of oakland. 16 members are an alternative to sending police to situations where people are in violent but definitely need help . i'm so proud to welcome elliot jones, director of oakland's macro program to the nine thanks so much for being here. thank you. for having me today your team is relatively new started in april. tell me about the progress your team has been able to make in that short time. well it's really been remarkable. we started april 9th, but we've been running seven days a week since april 16th, which is a huge accomplishment. during that time being a new program. we focused on building trust within the community, and we decided to do something different than other alternative response programs. we decided to focus on on view instances that's identifying call before it becomes a call, but this is a proactive approach to service. why should we wait for a call to help somebody we see lying on the ground that may need help. so since that time we have

when calls aren't coming in the macro team goes where they know they will be needed.e this woman who's pregnant and living in a bus shelter on 104th and international checking on you. if you feel like you need to go to the hospital because of the baby, you let us know goal is to eventually get her into a shelter. but until she's prepared for that we can't really force her being that she is pregnant. we do like to come and check up on her often. the street on 57th in holloway, there's a man living in a large pile of trash. are you feeling ok today? until people like this man and others are ready to help themselves. the macro team says they'll keep coming back, just shoving away little by little, and hopefully those interactions lead to that to him saying, you know, waking up one day saying, hey, i'm ready to make this change began as an 18 month pilot program, but given the state funding, they've been awarded overwhelming support from the community. they hope it's here to stay. evan sernoffsky ktvu, fox two news. no it's in police in vallejo, are investigating the city

>> i think it depends on the macro environment., the volatility coming down, you can have -- you can kind of see -- comfortable around this level, which could be both good and bad. leverage has been wiped out of the system, so there's not as much of that riskiness and a lot of the positions out there. everybody is waiting to see what happens in the macro market. one thing shown in the nasdaq in the s&p is that will -- crypto markets as well. emily: thanks for that. head of otc trading, appreciate you stopping by. what would you buy with $7 million that accidentally showed up in your bank account? coming up, how elizabeth holmes tried to get her fraud convictions thrown out. and why it didn't work. that is next. -- was in the courtroom. this is bloomberg. ♪ emily: let's get back to the -- trial. a lot has happened since elizabeth holmes' guilty verdict. she just tried to get her own conviction thrown out. but, the judge upheld the verdict. let's break it all down jewel rosenblatt who was in the courtroom every day and was there for

so of the 60,000 calls for service use a macro 19 bain added they responded to 19 calls for service. >> there's more than 20. you know what, when you're taking 2000 calls for service a day and these are residents who need help. they need a police officer and we're just wrong. was struggling to make it to them. and we appreciate the help for not seeing it across and for these programs that the city's invested in and we're just we're it. and and for those who don't think we're doing anything. >> i want them to come spend a day in the life in between the gun. that's where we live. the department violence prevention is oakland's other non police response service. >> and like mac will be vp deploys violence interrupters like control killings directly to crime scenes with the focus on preventing retaliation killings. he says the vp has been very busy responding to each of the 8 homicides over the past week. every last one and i want to say that there would be a lot more shootings and a lot more homicides. >> if there was not folks on the ground working. and so, for last monday, there was t

listen. >> we are seeing a little bit of macro change, a little lengthening of sales cycles. picture-wise that's a very small part of our mixed results. we have a lot of corrective actions we're taking that will yield to positive momentum in the future. >> jon fortt joins us. after that nterview, jon, what is your big takeaway on okta and the cascade it's having across software >> well, sara, on okta they are arguing that the macro is just a little piece of it it's really their sales execution and how they weren't able to integrated this other company well enough and partly because of the macro environment, because the labor market is so tight, their sales people aren't sticking around for it to figure it out. they're losing sales people and that slows momentum a bit. it's down by a third it lost all of the market value that it accumulated since the beginning of 2019. you would think the business is falling apart but that's not really what these results show their competitive position seems to be relatively strong. their momentum being hampered a bit. in this environment ther

of 9-1-1, calls with macro team members in august. crews have been doing on view responses whereby macro crews proactively identify individuals who they observed to be displaying signs that may prompt a 9-1-1. call. sfo told flyers to bring their own food today as hundreds of restaurant workers at the airport continue to strike. >> they're demanding higher pay. they say what they are now is simply not enough to live off of if you have just the one job. but the airport workers have been picketing for several months now. and kron four's ella sogomonian here in the studio. now to explain what's going on and it's been several months out, at least 10 students since they've been out there chanting one job should be enough. many of them have 2 jobs. >> so for union workers and we've been talking to say that their work life balance is just not enough. and they just can't make ends meet. well, they haven't quit their monthslong fight. and many of them are still out there tonight. thousands of food and beverage workers with the san francisco in

let's go through overall, bring up the macro equity markets.eeing one of the biggest drops not of the year, but certainly of the recent weeks and months we're seeing the dow industrial average it is down 2.14% 600 points it is on its low of the session. the naz sdaq down 400, its low the session. ten year yield, moving up a little bit at 3.76%, just throw the vix up, i'd appreciate it, the vix up 8%. when the market washes out, when the market washes out, you want to see a few things. 10 to 1 down side volume, vix at new highs for the session over 33, okay, and pretty of the breadth of the market like we talked about being ms.er er bl. we're closing in there you go, the vix at 33, markets on lows of the session could be a wild last couple hours of the market. we'll see you tomorrow on "the exchange." "power lunch" begins right now >>> and selloff on wall street, stocks are tumbling, nasdaq getting the worst of it. finding places to hide is becoming more challenging. and our market experts will tell you where they are finding safety such as it i

the macro problem is creating the company specific problems because demand is falling. we account have rallies. we have had them this year, bear market rallies are the norm, not the exception. watch a couple of things tim mentioned t you have to watch credit that's the tell all year you have had rallies but by and large credit has continued to deteriorate and broad leadership what is leading during those rallies? we talked about banks performing okay but looking at them relative to a sector like utilities they continued to make new lows watch the leadership complexion of market rallies. that's really important. pay attention to credit. that will be a very good tell in terms of the staying power. >> why we have had those rallies, those rallies have all been fed-based this is not something that we even have control over or the fed has no control over this so everything is it going to be negative or positive going forward with the fed >> i'll answer it. it's rhetorical. negative so that means that the market is going to trade lower if the market is led around because the p

to explain all, who else better to ask than the bloomberg macro strategist.ou wrote a pretty interesting column today at how the market was anticipating the jobs numbers. we get to that in a second, my throw some news number -- news that you. gazprom says that nord stream will be shut because of technical issues. off the back of the headline we saw the euro fade, how much of a story in central banking is really more about the ecb than the federal reserve? >> i guess it depends on your geographic orientation. clearly the fed is still the world's central bank as it were. it sets the tone for global assets. in europe clearly the ecb is extremely relevant. they are facing and unsolvable -- an unsolvable monetary problem as is the vanke of -- bank of england. a lot of the inflation they are encountering is because of inflation -- energy prices, has nothing to do with the price of money. obviously supply shock from the russian faction. as we see today, that supply shock can be exacerbated with the flip of a switch or the lack of a flip of a switch. as the pipelines

the metaverse investment combined with the headwind of the macro.or many in tech, it is a tough road ahead. obviously, a lot of stocks are embedded in bad news. where we are finding in this market is the more bad news that keeps coming, the stocks are not embedding it of time. they drift lower. that is across tech. this is not just a meta-issue. that continues to be a big drag for tech the short-term. emily: you think meta should consider spinning off businesses like instagram for example where there is seemingly a more reliable future profit engine? >> i don't think spinning is going to change anything. ultimately, you don't -- the analogy, we do want to lose your star student in your household because it helps the other kids in the house. you think about amazon and for facebook with instagram, star star. i don't think they want to lose the star at this point. i don't think that is a primary driver at this it is a point. possibility. certainly you can make a case for many tech companies they could consider that but i think what we are dealing with

so of the 60,000 calls for service use a macro interest. 19 bain added they responded to 19 calls for service. >> there's more than 20. you know what, when you're taking 2000 calls for service a day and these are residents who need help. they need a police officer and we're just wrong. that was struggling to make it to them. and we appreciate the help for not seeing it across and for these programs that the city's invested in. adam, we're just we're it. and and for those who don't think we're doing anything. >> i want them to come spend a day in the life in between the gun. that's where we live. the department violence prevention is oakland's other non police response service. >> and like mac will be bp deploys violence interrupters like control killings directly to crime scenes with the focus on preventing retaliation killings. he says the vp has been very busy responding to each of the 8 homicides over the past week. every last one and i want to say that there would be a lot more shootings and a lot more homicides. >> if there was not folks on the ground working. and so, for that's

-- over new monarch macro. ~ ~ ~. ., macro.ame to the throne in 1952 _ macro. when the keen don mclean came to the throne in 1952 the _ macro. when the keen don mclean came to the throne in 1952 the prime _ to the throne in 1952 the prime minister was sir winston churchill who had known her as a little girl and in the 1920s had actually sat her on his knee and she had been the prime ministerfor her her on his knee and she had been the prime minister for her father, her on his knee and she had been the prime ministerfor herfather, king george vi for the second world war, the grand old man of british politics. nonetheless they had their weekly meeting, their audience, when he was asked what they talked about, he was asked what they talked about, he said racing, mostly. but in fact every prime minister has spoken of the value of their weekly audience with the sovereign, an opportunity to talk somebody when you know it is not going to be leaked, you can unburden yourself to them and the queen, by all accounts, unburden yourself to

than you would expect if it was a different market from a macro perspective.at is the crypto community buzzing about now the merge has happened and what are you excited to invest in? >> the merge was only last week so it has been a little bit of time but since we launched this most recent fun at the end of march, one of the vcs we had was gaming. it seemed the real narrative we thought would take over leading to hundreds of millions of consumers in the space with wallets and transacting these games. we think that narrative is now in the crosshairs of what is to come. over the next three to six months we think there will be 20 to 25 games that have a more sustainable model than what we have seen so far. these games are being built by people who build games before it for the first time building in the blockchain space. we are excited to see these come in. it is only going to be a couple more months until we see these games launch. emily: at ftes have been in a bust cycle but since the merge, we have seen and fts gaining momentum through prices. is this the rebou

the end of june gives you good guidance and now comes back a global player like fedex and says the macro is deteriorating much faster than we thought is a problem. >> it wasn't going to go out on a down note. fred smith was going out on an up note. so i increase the dividend and i'm going to say things are great and here are our targets, and by the way, raj, you take care of it >> that's the cynical side that's part of the cynical story around it. i hear you onthat. >> but let's look at from the perspective of the federal reserve. the intention of the federal reserve is to effect exactly what we heard from fedex yesterday. the federal reserve wants to slow the economy >> they're doing it but now they're like piling on >> it's like, okay, but this is what we expected it's like saying a hurricane is coming, you're waiting for the hurricane, the hurricane comes and then you're surprised by had hurricane. here it is, this is what has to happen the economy has to contract if you want to combat inflation i don't know any other way to remove the inflation and the real risk is that they try and

do you take the same message on a macro sphere about a slowing u.s. economy from the fedex numbers? we need to be careful whenever we look at these reports. how much of that is a trend. what i mean about the micro trends is that there is truly a scenario that we are looking at in the u.s. for the rest of the a. activity is such -- said to slow, and with retail sales, we also have a painful adjustment coming as consumers spend less on goods, and more on services. that's going to affect companies that focus more on the good side of the economy. also, we have a labor market that has been surprising to the outside, but it is a matter of time before employment. we are looking at surveys, they are not hiring at as fast the pace as they did earlier in the year. >> obviously, for these companies as well, watching what is happening with the currency is a key consideration. obviously, we are monitoring what is happening with the u.s. dollar, but you said it before. i want to give an opportunity to say it again. a rally you have seen certainly has to be a consideration for the federal reserve.

at the same time, though, you mentioned those macro headwinds.th you. what -- exactly, specifically, are the headwinds that have been the most challenging for you? >> well, i is to say, i mean, we've just come through a pandemic, and so while the macro environment is uncertain and we saw some of our large deal cycles slow down a little bit and we have seen more diligence in europe, our primary growth driver is our high velocity land and expand motion. and that business continues to perform very well. we continue to see strong demand for our products and services, and that's because our customers see automating incident response as a very high priority much like they think about security. you can't afford to lose revenue or lose customers because your technology environment isn't working, your digital products and services aren't delivering great experiences. and so being a high priority from a buying perspective, being essentially used by developers who tend to be more resilient even when macro is uncertain, i think, is a tailwind for us. and, yo

and microeconomic situations, what is happening in our country, the government predicted in its macrot that the dollar will be worth 50 hryvnias, when and what will happen to the currency , come on, colleagues, when you look at all these figures at the beginning of next year, the dollar 42 and at the end of the year, the dollar is 50 a, but only one thing pleases me, conditionally, with the advice that, as a rule, all these macro forecasts of our government do not come true, that is, they never happened, but as they say again, that is, in fact, they do not come true. the question is that, in fact, if we really yes planning our economy for the next year, then in fact well, let's be honest, we fully subscribe to our inactivity and the impossibility of influencing the development of the economy, again, if we see what next year we will have, the ministry of economy predicts that we will grow by 4.6%. and this year, according to their forecasts, we will fall by 33.2%, and according to mine, somewhere by 37-38%, e, e, growth will be absolutely minimal, again, we are talking about the inflat

joining us now is freya beamish, head of macro-research, ts lombard. the concern is even if inflation has peaked, the fed can be aggressive to get to 2%. mark: this story for the moment is a hawkish bid, that is the narrative the market is buying into. there is a case to be made for the slightly more goldilocks growth will be see disaffected workers coming back, wage inflation coming down. not quite as aggressive as the market is pricing. that is where the real risk is for investors who have gone to the sideline and not taken enough exposure as asset prices recovered. tom: jp morgan says their base case is a soft landing being more likely. they maintain a pro risk stance. do you buy into that given the expectations around inflation and the trajectory of higher prices going forward? freya: there is a lot in the definition of what is a soft landing. we think if we see significant increases in unemployment, the fed's rule of thumb if you get back into three months of declines in employment, we will see a turnaround in the fed. that will probably come in t

, quote, prior to the linking of 9-1-1, calls with macro team members in august. crews have been doing on view responses whereby macro crews proactively identify individuals who they observed to be displaying signs that may prompt a 9-1-1. call. in san francisco district attorney brooke jenkins has appointed julia serve on tests to the innocence commission. it's a six-member volunteer team created during chase of 2 teens tenure as d a the commission reviews cases where people may have been wrongfully convicted. they take a vote and make a recommendation to the district attorney's office. cervantes was a deputy district attorney in san mateo county and an assistant district attorney in san francisco before this current role. happening now, san leandro police are now searching for a man they say attempted to rob 2 people at a 7.11, officers responded to the store on 14th street early yesterday morning. they say 2 victims told them a man pointed a gun at them and then demanded their belongings. but the man left the store without actually taking anything. while office

so of the 60,000 calls for service use a macro interest. 19 bain added they've responded to 19 calls for service. >> there's more than 20. you know what, when you're taking 2000 calls for service a day and these are residents who need help in new york police officer and we're just wrong. that was struggling to make it to them. and we appreciate the help for not seeing it across and for these programs that the city's invested in and we're just we're it. and and for those who don't think we're doing anything. >> i want them to come spend a day in the life in between the gun. that's where we leave. the department of ida's prevention is oakland's other non police response service. >> and like mac will be bp deploys violence interrupters like an trail killings directly to crime scenes with the focus on preventing retaliation killings. he says the vp has been very busy responding to each of the 8 homicides over the past week. every last one and i want to say that there would be a lot more students and a lot more homicides. >> if there was not folks on the ground working. and so, for last m

are you doing at lazard in terms of business with all of these forces hitting at once >> well, the macro situation, again, particularly in germany where the hard stop on russian natural gas is a significant shock. combined with the fact you've got a climate-driven crisis on water and very low levels on the rhine and others is that it's very hard to ship coal to help substitute away from russian natural gas. so for now in terms of deal making, i think europe, the microstory is actually still quite active and optimistic, but the macro story i think is pretty dire. that brings us back to both monetary and fiscal policy. >> do you think that the u.s. is also facing recession? >> this is a path here look, let's just be clear, if the fed wants to or needs to create a recession in order to disinflate sufficiently, that's what will happen it is within the fed's power to throw the u.s. economy into recession. whether that is necessary or not depends on the course of the next several inflation reads and there are some very positive signs. in particular, the supply chain problems that caused not al

prior to the linking of 9-1-1, calls with macro team members in august.ad been doing on view respocses whereby macro crews proactively identify individuals who they observed to be displaying signs that may prompt and 9-1-1, call. san francisco district attorney. but jenkins appointed julia sarah vontaze to the innocence commission that somebody found it under her predecessor. >> chase of the dean cervantes is a lead attorney in the post conviction review unit. the commission is a six-member volunteer team. that reviews cases where people may have been wrongfully convicted. they take a vote and make a recommendation to the da's office. cervantes was a deputy da in san mateo county and the assistant da in san francisco before her current role. >> for your health this morning, experts say that they're looking at the flu season in australia right now as an indicator of what might be coming our way. currently, the number of cases in australia is a lot higher than it's been in years passed. and a lot of that has to do with relaxed covid guidelines like less mas

the linking of 9-1-1, calls with macro team members in august.y macro crews proactively identify individuals who they observed to be displaying signs that may prompt a 9-1-1. call san francisco district attorney brooke jenkins appointed julia serve on today's to the innocence commission. a body found under her predecessor, jason burdine. so monday's his lead attorney in the post conviction review unit. the commission is a six-member volunteer team. that reviews cases where people may have been wrongfully convicted. they take a vote and make a recommendation to the district attorney's office. cervantes was deputy da in san mateo county and an assistant d a in san francisco before her current role. >> for your health this morning, experts say that they are looking at the flu season in australia right now is an indicator of what might be coming our way. currently the number of cases in australia is a lot higher than it was in years past. and that has a lot to do with the more relaxed covid guidelines that they're enjoying now like last mask-wearing

as you already said, extraordinary macro-financial assistance for ukraine and regular transport willmount to 5 billion euros, which is a very large amount and unprecedented this year, and this amount should not reach to the state budget of ukraine very soon already this fall and by the end of the year, the european union will transfer another 3 billion euros of the same extraordinary macro-financial assistance to ukraine, let's let's hear details about it from the high representative of the eu on foreign policy issues, giuseppe , the president of the european commission took the initiative to offer micro-financial assistance to ukraine, which will reach nine billion euros. some of these funds are already available to the state - the members agreed that soon ukraine will receive 5 billion euros, another 3 billion will come later this year. depending on the agreements on this matter, for europeans in general, the central event of this session was the announcement of a programmatic report on the state of the countries of affairs in the eu, the president of the european commission , ursu

it is all about the macro. that is there concern for asia and europe. that was not enough to tip stock markets over and we have already seen the bond market stall off. the fed is slowing consumer demand down and there is also signs of that in the data we see. the port of los angeles has seen its shipment volume dropped the most since the start of the pandemic. is this finally a consumer slow down with a recession? is that what we are seeing in the futures market? all of these indexes from the futures market down at least 0.6%. manus: this is the reality of what we have been talking about. let me show you across the assets. you have this debate in the market that the bank of japan might beat because it is a back holiday. one of the excuses is having short yen into the risk of intervention. you are just seeing a bit of a rally in the yen dropping on the dollar. i like what valerie put in the chart this morning, which is nothing short of an immeasurable rise of the rates market. even the fedex narrative has not shifted the bond market. nymex crude is up 0.

is there a macro signal to take from fedex? if so, what is it?> back to this the actions we been taken to date have impacted certain pockets and there is a lot of uncertainty and we have seen this from other retailers that start to impact inventory levels and different profit so i think it teases us to have a pretty high profile focus on their core -- third-quarter earnings and we are about four weeks away from getting into that. we will see more pre-announcements as we get closer. the majority of this equity market decline has been rebating and now we have a real weston about whether companies can deliver to meet the expectations? guy: in credit, what do you want to own? >> we have focused in on the higher quality, higher bbb's, a broad range of sectors in the economy and there were issues that came out in the second half of 2020 and 2021. these are bonds that have now moved lower in price. that really stands out to us. it was roughly a year ago today that we were at 1.9% yields. we had dollar prices well into the 1 teens. yields are moving thro

so of the 60,000 calls for service use a macro 19 bain added they responded to 19 calls for service. >> there's more than 20. you know what, when you're taking 2000 calls for service a day and these are residents who need help. they need a police officer and we're just wrong. was struggling to make it to them. and we appreciate the help for not seeing it across and for these programs that the city's invested in and we're just we're it. and and for those who don't think we're doing anything. >> i want them to come spend a day in the life in between the gun. that's where we live. the department violence prevention is oakland's other non police response service. >> and like mac will be vp deploys violence interrupters like control killings directly to crime scenes with the focus on preventing retaliation killings. he says the vp has been very busy responding to each of the 8 homicides over the past week. every last one and i want to say that there would be a lot more shootings and a lot more homicides. >> if there was not folks on the ground working. and so, for last monday, there was t

and yourjob is to try to connect these macro | to try to connect these macro issues, the price of theund, the cost of borrowing from the government with the experience of individuals and the lives they leading. individuals and the lives they leadinu. �* , , , ., leading. and yes, they tend to worry about — leading. and yes, they tend to worry about mortgages - leading. and yes, they tend to worry about mortgages but. leading. and yes, they tend to i worry about mortgages but most journalists have them if to remember in less than one and three _ remember in less than one and three people actually have a mortgage and so, mortgage rates rise, _ mortgage and so, mortgage rates rise, ill— mortgage and so, mortgage rates rise, ill effects on people now. _ rise, ill effects on people now. it _ rise, ill effects on people now, it will affect another million _ now, it will affect another million in a year put it won't affect— million in a year put it won't affect most people even with mortgages. so, you'd be careful in saying — mortgages. so, you'd be careful in saying that this is a disaster

so of the 60,000 calls for service use a macro interest. 19 bain added they responded to 19 calls for service. >> there's more than 20. you know what, when you're taking 2000 calls for service a day and these are residents who need help in new york police officer and we're just wrong. that was struggling to make it to them. and we appreciate the help for not seeing it across and for these programs that the city's invested in. adam, we're just we're it. and and for those who don't think we're doing anything. >> i want them to come spend a day in the life in between the gun. that's where we live. the by those prevention is oakland's other non police response service. >> and like mac will be bp deploys violence interrupters like an trail killings directly to crime scenes with the focus on preventing retaliation killings. he says the vp has been very busy responding to each of the 8 homicides over the past week. every last one and i want to say that there would be a lot more shootings and a lot more homicides. >> if there was not folks on the ground working. and so, for last monday, there

it is a lot of commodity or macro driven on commodities. oil is different oil is not unlike any other commodity. there is still shortage in oil. >> wti at 78 and 85 for brent crude. viktor, thank you. >>> still ahead, gm revamping the return to office strategy. how often the automaker wants workers back at their desks. we'll tell you when we return. >> announcer: today's big number 75%. that's the share of first mortgages with an interest rate below 4% according to mortgage data firm black knight the rate on the 30-year fixed is highest since 2008 roughly twice where it was last year >>> welcome back a landmark election in italy as they are set to usher in the first female prime minister. our steve sedgwick is live in rome with more on the fallout over the election results. good morning, steve. >> reporter: good morning, frank. we just don't know what will happen next. what you just said in the i introduction is spot on. this is the most right wing party in power since 1945. incidentally, the roots of the f fratelli party draw measures from

is that something you have considered or would consider in the current macro environment? >> we're always looking at different pricing models what we've seen with our per seat pricing model is that developers who are among our primary buyers are very resilient to fluctuations in the macro environment. there's a pretty significant talent shortage where tech talent exists. there are more jobs open than there are capable developers, and again with most of business moving online, this is -- it's important for you are customers to try and improve the productivity and the efficiency of their technology teams, and at the same time return those teams to doing the innovation work that delivers the great customer experiences like we heard about on lulu lemon which is a pagerduty customer. we're always contemplating different pricing models i don't think it's a one size fits all thing and it kind of depends on the product and the buyer. in our case the per seat model has worked very well for us. >> jen, it's great to have you back some are trying to retrace the moment at which softwa

kron. 4 news. >> we reached out to macro and the group released. reads in part prior to the linking of 9-1-1, calls with macro team members in august. crews had been doing on view responses where by makar crews proactively identify individuals who they observed to be displaying signs that may prompt a 9-1-1. call. san francisco's district attorney brooke jenkins appointed julia 7 days to the innocence commission. a body found it under her predecessor, chase of dean. so days is a lead attorney in the post conviction review unit. the commission is a six-member volunteer team. that reviews cases where people may have been wrongfully convicted. they take a vote and they make a recommendation to the da's office. was a deputy da in san mateo county and an assistant d a in san francisco before her current law. >> well, for your health this morning, experts say that they're looking at the flu season in australia right now is an indicator of what could be coming to the u.s. currently, the number of cases in australia is a lot higher. then it has been in yea

support for 2023 management with the leadership of germany political consultations on the new macro-financial assistance program for 2023 we will need support from the eu in the amount of €12 billion for 2023, together with other help from allies and international financial organizations, this will allow us to cover the planned budget deficit and ensure the stability of our economy. in the first half of this year, in ukraine, antidepressants were sold for uah 496 million, which is an increase of 41%, compared to the same period last year. 32% increase. the process shows the data of the business credit consulting company and it is clear that the largest increase in sales of drugs used for the treatment of mental health was recorded in february by 50%. it is stated in the article of forbes ukraine according to according to the results of a study by grados company, since the beginning of a large-scale war, 57% of ukrainians have experienced mental disorders, of which only 13% have consulted professional doctors. well, let's talk about gas wars with our traditional thursday guest igor burakovsky,

and the macro -finance for loans want to give loans at a very preferential rate.enient for those who are going to continue to exist, who are going to pay them off, and our successes on the boyd field have shown that ukraine will live ukraine will live and ukraine will win in this already in europe there is no doubt and of course that they are more inclined to give us this money faster i hope already in october - it will be 5 billion we will be transferred to us mr. mykhailo eh regarding this money can we to hope to receive even more money next year, i know that we have a draft budget for the 23rd year, well, actually half of the budget is a deficit, that is, half of the money in the budget is not enough. i understand that we will have to attract everything more and more so definitely, roughly, the figure of attraction that should er should be found by the ministry of finance is 38 billion dollars in equivalent, this is a colossal amount of money for past budgets for 2022, it is not like that and it is not like that space money as of mid-september er, well, first,

period is worth 50, i will honestly tell you this is for sure it's already eight o'clock the ninth macroell, no one in this world can say what will happen to the economy during the war and what will be the real course well, there is no such person, and even more so well, this macro forecast is made by good officials but nevertheless, officials, well, what if they invented then somewhere on wall street they were a billionaire each, so treat these figures very, very skeptically, and as you know the next forecasts and you can look at bmw investment companies, they will be completely different, now the second part regarding the average salary is also the same that's right, you said that if there is inflation of 30%. then the average salary, if frankly in real numbers, not in nominal numbers, but, well, conventionally converting it to what can be bought. it almost does not increase there by a couple of percent. but again, no one knows how it will end. well, it will be ready , we know that it will end our victory but we do not know when our war will end, what other losses our economy will suff

then the eu council approved this macro-financial assistance. the money goes to the urgent needs of the budget, but it is not today, the european commission also confirmed a 500 million euro tranche from the european investment bank, let's listen to the video investment , the european investment bank allocated 500 million euros in ukraine, this is part of the bank 's package of emergency measures of solidarity with ukraine in the amount of 1 billion 590 million euros, that is, additional tranches will follow, this will have a real impact, the money is provided to ukraine to finance immediate needs and repair key road and railway infrastructure that was damaged by russian attacks. so 5 billion of macrofin should arrive sometime in october, at least that is what they hope in kyiv and in brussels itself, they say that the tranche from the bank will also be available in the near future olya thank you bbc correspondent hryhoriy zhigalov, the russian military shelled kryvyi rih for the second time during the day, the head of the military administratio

ever core hits with credit, macro trends, reporting to weakness in seller and buy now pay later. we have talked to a lot of the executives at goldman this week in san francisco where i just was a few hours ago. and it's hard to find direction in this market >> it is and when it comes to the fin tech names, these are some of the most beaten down what was interesting about this call they like square cash but the buy now, pay later, crypto, the hottest areas of fin tech that square now block got into at the peaks. the note called out pfizer too, which is maybe a little bit more boring name but interesting to look at the different performances, it's held up in the current environment up more than 2.5%, year to date, carl. that speaks to the value tech names doing better this year yesterday we saw the huge, the ones that got hit the hardest, it was profitable tech it was a blood bath. >> the ever core note, a lot of it fed by concerns about balance sheets and potential for dl delinquencies. i would add with the twitter whistle-blower testimony yesterday there was some discussion about

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still my next guest says he's confident cloud stocks will prove resilient despite macro headwinds. into joining us is jolt fish booin, managing director of software and cloud technology. as we did with our previous two guests i'd love to get your big picture theory on why you think cloud stocks can hold up in this environment after a day like we saw yesterday which really probably sparked fear in a lot of folks holding on to tech names specifically cloud >> great question. number one, we think they're recession resistant. not that they're immune. but they don't have any consumer exposure as your last guest talked about also the secular tradewinds in digital transformation all companies are leveraging technology to eliminate -- increase productivity and eliminate mundane areas of their businesses we think people are doubling down in some instances on cloud technology to improve their businesses in a recessionary environment. >> okay. so that sort of goes to my question sort of with our initial guest about sort of wondering why these high interest rate environments are frightening to

we are in a rising rate environment despite the macro.or us, it is a double-edged soared. -- sword. our best returns go up when the base rates increase. the question you are getting at, at what point do companies have trouble absorbing base rate increases? we have done map on this as it relates to our portfolio. base rates need to rise 6% for it to start pinching companies. the other factor, starting in january this year, most of our company started to hedge their interest rate exposure. manus: floating 6% rates, do you think there is a risk as ray dalio says? blair: the forward curves would not indicate it is expected. when i moved to the u.k. in 2005, the rates were 5% going to 6% so it could happen. dani: are you hiring more restructuring experts in your business? blair: we have always had that as part of our team in europe. we have 15 dedicated to monitoring the portfolio. we have three senior-level restructuring experts. we have always had at the cornerstone of our strategy capital preservation. when you are lending to middle sized c

assistance for 2023 we have started political consultations on the new macro-financial assistance program for 2023 we will need support from the eu of €12 billion for 2023, together with other help from allies and international financial organizations, this will cover the planned budget deficit and ensure the stability of our economy. more than fifty belarusian railway tank cars were arrested and handed over to the arma pechersk district court of kyiv. echelon with fuel entered the territory of ukraine on february 23, and within a few days at the nizhkivka railway station it was destroyed by ukrainian artillery in in april, investigators conducted an inspection of the scene of the incident and seized usable tank cars . people's deputy oleksandr trukhin, who was involved in a scandalous road accident a year ago, says that the law enforcement officers handed him suspicions about the accident and that during the investigation he is leaving the servant of the people faction in the verkhovna rada at the same time on the sites of sap ammunition there was a message that a people's deputy was acc

tell me the difference between what is macro, meaning the broader economy and what is micro, meaning what is company specific and that's how i felt after last night's jaw dropping interview with raj the brand-new ceo of fedex where he dropped the bomb right here about one of the worst misses i've seen in ages. he thinks we're headed toward, toward a worldwide recess. his k0comments were an important wakeup call that sent the market dow. dow slipping and nasdaq down this is important. you're catching me at the end of the day. the market is much lower today and managed to rally in the close to find the pattern of the other day where it was much higher than went lower these days are tra eumatic macro versus micro things are going awry, china and february heights, maybe there is more to it than that you have to figure out how much of the miss comes from the macro all those things i mentioned and how much might be from what i would regard as perhaps suboptimal execution or perhaps a calculate decision to get cost under control now before we get too deep into recession and we're off the ra