mark mccormick of td securities. the euro-dollar with a 1.22 handle.y of reaction on retail sales. walmart, home depot, macy's, all raising their outlook. guggenheim saint not only was rose margin relatively stable -- guggenheim saying not only was growth margin relatively stable, but -- so casing -- showcasing solid expense control. one of the takes on a better home depot. tom: citigroup with the 317 price target come up 17%. he reaffirms the very optimistic view. the dynamics now are absolutely fascinating, project lay in the real yield. -0.94%. i do not think a lot of people expecting that. jonathan: what did you make of pushing back against the move and the euro-dollar from mark mccormick? tom: everyone has an opinion. i am looking at stronger euro-dollar over the last three hours. this has to do with relative rate versus flows. mark mccormick always goes back to equity flows. jonathan: the politics on top of that. germany may be turning green. that could be a huge political shift. lisa: we were talking about whether fiscal stimulus was good or bad

thank you so much for joining us this morning, mark mccormick, td securities head of global fx strategy. just ahead, we will discuss with steve soft neck -- with steve soft neck -- with steve sophnik. this is bloomberg. ♪ laura: i'm laura wright in london. president biden honored america's dead today in a memorial day event at arlington national cemetery. a wreath-laying ceremony was held at the tomb of the unknown soldier, which is dedicated to u.s. servicemembers whose remains have not been recovered. china will now allow couples to have a third child, an attempt to arrest the shrinking birth rate and aging population that threatens the country's long-term economic prospects. for many years, china limited most families to have only a single child. that policy was relaxed in 2016. the oecd has raved its global gdp forecast -- has raised its global gdp forecast for the year , but warns that the recovery will be uneven and that living standards of some people won't return to pre-pandemic levels for an extended period. the new forecast calls for 5.8% growth in 2021, up 0.2% from the last

jonathan: 8:30 a.m., mark mccormick of td securities.ome skin in the game here, so forgive me. i want to go home. from new york city this morning, good morning. this is bloomberg. ♪ tom: -- ritika: with the first word news, i'm ritika gupta. the u.s. is adding pressure to both sides to end the conflict in gaza. president biden told prasm in netanyahu -- told prime minister netanyahu he would back a cease-fire. at least 222 people have been killed, most of them in gaza. hamas militants have fired more than 120 rockets at israel. israel has responded with air raids and utility -- air raids and artillery. there is legislation backed by democrats and republicans that would jumpstart research and development with a cash infusion of more than 100 billion dollars. the bill could be passed by the end of the month. the son of rudy giuliani is running for governor of new york. andrew giuliani tells "the new york post" he's confident he can win next year's republican primary and defeat andrew cuomo. he served as former president -- rudy giuliani wa