so when lonnie learned that mckee's niece, julie, was trying to get him arrested for mckee's murder.tions. lonnie said that he was really hurt. >> then for her to accuse me. of something that i did not do. after, i thought we were trying to help each other upset me greatly. >> lonnie said julie that wasn't the only one who took advantage of his kindness. there was also bill price. the friend who turned on him. and of course, amy nguyen. lonnie called her a gold digger. said she was lying. and said that bill price put her up to it. >> i don't trust any of them. didn't trust any of them, and don't trust any of them when it comes to a relationship. i did not expect her to make her lies about me again. >> lonnie said that amy wasn't the only person telling lies about him. there was also someone he met behind bars. someone who was prepared to tell the jury quite a story. back in april of 2014, a year after lonnie was arrested for mckee's murder. the orange county, da's office got a call. an inmate named tony. a frequent flyer in the criminal justice system, was requesting an emergency lan

tom: a question from michael mckee as he looks at the data.. >> how much expectation for the fed pushing around the curve on the short end are we seeing people react to the jobs report? where are they reacting to the idea of what the fed may do with it? >> whenever we ship these data releases, it's obviously the payrolls or is the granddaddy in the market reaction tends to be twice as large to any miss or be than the next most important data release. cpi next week will be an important factor as well so is the incident -- the instantaneous adjustment of the market expectations of what the data will do and what the economy will do. initially, we saw the massive rally in the front end on the two year yield. we then came off of that after we looked beyond that headline number. it's actually more of a mixture. it's nuts as stay week jobs are work when you look at things like the wage data and some of the hours worked data. tom: really emphasizing the wage data with the inflationary push. thank you for the brief ira jersey. he and his team will be p

matt: thank you mike mckee very much. it liz mccormick watches the bond market and the entire macro picture for bloomberg news. thank you very much. the liens your -- the leisure and hospitality showed a huge serve -- surge. 21,000 jobs created, something like we have seen over the past 14 months. let's get a look with carolyn. your industry was it the hardest during the pandemic shut down your you have come roaring back in some ways. what is the situation like? carolyn: it is a mixed bag. we suffered great losses and we are happy that small businesses are benefiting and restaurants. we are in a balancing act trying to deal with the rate hikes and how it affects our business and how it affects how we handle wage increases i think some places are busy right now. some resorts are higher seasonally but overall it has been a soft summer for restaurants. jon: i think back to the pandemic and so many restaurant owners if they could stay afloat they tried to stay afloat, even taking on debt and how they are navigating getting ba

but because of this crash, this rollover crash on north 101 at mckee, i'm worried we're going to see0 coming off of that. we'll talk about why. i'll show you the ripple coming up. >>> rock 'n' roll mourns the passing of a '70s super group founding member. ♪♪ ♪ take it to the limit ♪ >> randy meikner was one of the lead vocalist and songwriters during the early years, "take it to the limit" may be the song he's best known for. he late wednesday due to complications from heart disease. he was 77 years old. >>> president biden has decided to bar the head of hong kong from attending a conference here in san francisco. >> scott mcgrew, it was not that long ago that the head of hong kong actually represented a thriving democracy. >> for sure, for decades. but now represents more of china's interests. a lot has changed in hong kong since the british handed it back to the chinese. one of the biggest changes has been the head of hong kong, that would be the chief executive, in this case john li. the "washington post" was the first to report the white house will bar him from attending the asia

michael mckee with a look at our economic data. discussed to my book of the summer is this raging debate of r-star. we are not doing one key difference equations are that but i want you to frame the two camps. john williams just reaffirmed we go back to where we were some form of lower run rate for the economy codified by the babel of r-star. others disagree and they are out in a new which is elevated. who are those two camps? >> first let's define it. it's that neutral level of interest rates which means they don't stimulate or holdback inflation. what you're looking for except in hindsight. john williams that the fed along with the late tom lombok came up with a formula to try to estimate where it is. during the pandemic they suspended that because they couldn't get enough accurate numbers. now they brought it back and what they say is under the new formula the way they accounted for the pandemic it means that this number the neutral rate goes back in a relatively short period of time. tom: ok. >> it means less inflation. tom: we

mike mckee and ed harrison, thank you so much. we will get more perspective on the question of the day -- what did the labor market teach us this week? bruce richards, marathon asset management chairman and ceo coming up next. this is bloomberg. ♪ good night! hey corporate types. would you stop calling each other rock stars? you're a rock star. you are a rock star. no more calling co-workers rock stars. look, it's great that you use workday to transform your business. but it still doesn't make you a rock star. so unless you work with an actual rock star. hi, i'm ozwald. hello ozwald. pam, you are a rock- i wasn't going to say it. ♪♪ oh booking.com, ♪ i'm going to somewhere, anywhere. ♪ ♪ a beach house, a treehouse, ♪ ♪ honestly i don't care ♪ find the perfect vacation rental for you booking.com, booking. yeah. ♪ >> this is a good jobs report, representing steady and stable growth, which is what we want. it shows the president's policies, bidenomics, is working. combined with a 3.6% unemployment rate, many predictions said it would

michael mckee is with us. i want to go to 101.lean forward and pay attention to jewels. why is that important. michael: because the fed hung the idea of a tight labor markets on the idea there are so many job openings that people will have to pay up and that will be inflationary to try to get workers. they have been watching these numbers and economists have a lot of questions about jolts. the survey data is very low and this may be repeats job announcements that have already been filled. the folks will run their own job surveys. their numbers are much much lower in terms of overall jobs. they are about where we are. does this give jerome powell a reason to continue his claims that the labor market is really tight or what do we get out of it? since they are watching, everyone else is. tom: to the phd's at the fed pay attention to the adp report? michael: my guess is they pay attention and look at the data. but they have an index they say is based on adp data. i would be very interested. if you are listening, send me that number. i

[laughter] tom: that was of michael mckee production.nathan ferro will get ready for 9:00. mastec -- mastec up a full 1% -- nasdaq of a full 1%. we will continue the thrust of the news of into your guild, hi never miss -- a large -- the news of the two-year yield, a ginormous 17 -- how do we have transitory disinflation? >> prices went up dramatically. we are on the flipside of that and they are running less goods and more services and good prices are weaker as people have manage their inventory. when that comes to an end, goods prices will level off so the benefits from falling goods prices will be over and we will be stuck what is -- with what is happening on the services side. the fed should be cheered by this but i do not think it changes what they will do at the july meeting because they are looking at the totality of the data over the last three months going from the july reading and the economy is doing well. we had 2% growth from the second quarter. if you look at the fed gdp tracker -- it is 2.3% to the economy has not slowed do

[laughter] you know, it reminded me of mckees rocks, and mckees rocks, you know, has suffered much inng with a local urban farm that employs high school students to grow produce in the shadows of the old steel mill. and though we are talking a swank, high-end restaurant designed to attract the monied classes from out of town, locals will be offered steeply discounted meals. - so this is beautiful, grass-fed beef short ribs sitting on a bed of lightly blanched milkweed buds. on top, a bunch of over-wintered sun choke chips. - nice. [...] awesome. - that's the compliment i was looking for. i was trying to work that one out. - so what happens if everything works out the way you want it to, meaning people are driving from all over the state, they're flying in to pittsburgh from all over the country, the parking lot is full, the place is packed and fully booked every night? then what happens? - you're moving towards the "g" word, and-- - no, not yet. - braddock is gentrification proof, essentially. our biggest challenge has been abandonment, not people being displaced. to directly answer y

there are two crashes, one lane blocked at mckee and now we're seeing the sensors light up differently, yellow, slowing on 280. i think some folks are shifting over to 87 to get past into and to the airport. here is the bay bridge. the metering lights are active. it's friday light, though. >>> developing this morning, firefighters still aren't saying if they know what sparked a big fire last night in san jose's sunset district. two people, one of them a firefighter, suffered minor injuries. the fire started about 8:30 near 19th and irving near golden gate park. it took more than two hours before firefighters had it under control. >>> later today leaders in east oakland will hold what they call a day of action meant to address gun violence. it is focused on the corridor of international boulevard between 82nd and 90th avenue, an area with major crime and safety concerns. those same concerns were the primary focus of what at times was a chaotic town hall meeting in oakland last night, hosted by alameda county d.a. pamela price and the oakland police department. >> i think that she stands

detective mckee wanted all the pills rosie was taken, gathered up for testing.at said he bought for his wife. the interview over, the detective followed yaz home. >> we entered the home. there was a female seated at the kitchen counter and hostile. she was marguerita montanez. >> margearita was the daytime 90. he had hired her to care for the kids after rosie died. he also hired another woman to be the nighttime nanny. at the time the -- margarita the nanny although that would eventually change. for now, he was only there to get the pills from yaz. >> before he retrieve the pills he asked me have you found the cause of death for my wife? and i said, no, we haven't. -- before he handed them to me, he said, why do you want these? and my response, was you know, i just want to cover all the bases. >> the next day, yes asked rosy sister to watch his kids overnight. then, in the middle of that night, she got an urgent call from him. >> a four in the morning, he left me a voice mail saying, that his friend's brother was in a bad car accident. and, they didn't think he

tom: i will come right back to mike mckee.ket move with the 2 -- with the yields lower. big move, 4.67%. lisa, critically, i have a 1.49 on the 10 year real yield, this is a disinflation half of a report. we are making for -- we are waiting for the meat of it. michael: the meat is better. the control group, which takes out gasoline and building materials and autos is up 6/10. there is a weakness in one of those three areas we haven't seen and i will look for that. lisa: we are seeing the move lower in yields but i want to pick this out. u.s. retail sales may have revised upward from your .3% to 0.5% so even though the headline number came in slightly -- slightly softer than expected, revisions of birds in the prior months, this is not a clear-cut report especially with broad-based gains outside of the gas in the auto sector. tom: here are the revisions. i feel like i am doing miss universe. michael: the numbers for may, the headline number revised up to 5/10, have a percent from 3/10 and the control group revised up to 3/10 fr

sonali basak and michael mckee. capital higher requirements for the eight largest banks, 16% for large banks that aren't quite of gigantic size. this is in some ways in line with what we were expecting, but what do hikes of this magnitude mean for these banks? sonali: there are higher capital requirements, but there is this tiered system. lenders between $100 billion in 250 billion dollars in assets, that jump could be as little as 5% or more. these were banks that were not previously added to the fed's stress test. banks under 250 million dollars in assets. you're seeing one ramification. the inclination of banks to either have a lot less then 100 billion dollars in assets or banks meaningfully above to comply with the rules to grab some scale so that they can weather this idea of holding more capital for certain businesses that they are engaged in. the important thing is that you've had a host of banks react to the idea that trading desks could face more rules. you already have bankers starting to roadmap the type

and mike mckee somewhere in there will be direction. on the forecast of the jackson hole meeting. you lead on the forecast and economic projections which indicate one comment to hikes. tom: boj and ecb with the french slow down as well. they are massively data dependent. maybe we are getting back to traditional economics? i don't see it. if we went to sintra and took the entire team we would go to symposia? jonathan: a little bit of a lift in this equity market. 10-year at 3.8944. euro-dollar is 1.10. six consecutive days of euro data. things are looking great on the continent. tom: the down is up 11 however many days in a road. i am fascinated by the double barrel of tech out to august third. double-barreled with the luxury which i believe starts today. it will be interesting to see the high multiple of tech and luxury. should i go over to 57th and asked their? jonathan: do you want to go there? tom: they do have a tiffany thing going and that's been a big thing here. i think we will find out and earnings call. were going to get into i

the first one was mckee and another near tully.raffic is slow away from the 280, 680 connector and north of there as you pass the 880 connector. >>> chp is searching for suspect in a pair of unrelated freeway shootings. you might remember a week ago a rolling gun bats al in oakland gravely injured an 8-year-old boy and a freeway shooting in san francisco injured a woman. that woman shared her story with kpix in hopes it will generate leads. she spoke with da lin. >> reporter: the shooting happened on south bound 280 near alameda boulevard. a simple lane change almost ended her life. the woman shared this video of the gun shot wound. the bullet remains in her thigh since it's in a muscle. >> the trauma doctor told me how lucky i was that the trajectory of the bullet was on would have hit my major blood vessel and i could have very easily bled out. >> reporter: we are protecting her identity because the gunman is still on the loose. >> i am alive. i got to hug my family that night. >> reporter: the shooting happened in san francisco

we are joined by liz mccormick and mike mckee. are we on board with the idea that we will see a soft landing. meaning we get higher nominal growth and inflation remains elevated the fed can kind of deliver a slowdown without a significant pickup in unemployment? liz: i would say everyone is on board with it now. maybe, there is a possibility. it was like recession was always imminent. i would not say everyone is on board with having a soft landing. the door is cracked open. i never like to fade one and along says. she said in the last 50 years, the fed has pulled it off once. they still think a recession is coming. that is where the market is. now, maybe this is possible. what do we do? a recession is coming next year or later, that is where the market is trading. alix: mike, what do you think? i was reading at the end of last week and i was like ok, we are at a soft landing. what do you think? michael: we are storing to get there. when you look at what futures markets have priced in for the fed, it is a slight rise in interest ra

bloomberg's michael mckee. guy, i feel like today is a placeholder.s the ism i'm interested in. today is good, a soft landing. there is a lot. is it going to be enough to move the needle to rough in this soft landing scenario we've been talking about over the last couple of hours? guy: you have so much labor market data, i think it will be fascinating to see. that's the one area holding up the consumer, it seems, at the moment. plenty more great coverage coming up. anthony noto joining ed and caroline next. this is bloomberg. ♪ ahhh (announcer) enough with the calorie counting, carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. release works with your body, not against it, so you can put dieting behind you and go live your life. head to golo.com now to join the over 2 million people who have found the right way to lose weight and get healthier with golo. announcer: from

that is bloomberg's michael mckee. let's get instant analysis and bring in chris williamson come s&p global market intelligence chief business economist. when we look at a stronger manufacturing pmi than expected, is this a stronger american economy than we had expected? chris: i would argue no, it's not. we saw very week in june number and we stabilized somewhat -- very weak june number and we stabilized somewhat. globally it is quite dire. the u.s. seems to be performing better in the global context, much better than europe. but it is still very weak. the weakest part of the global economy, and that includes the u.s. as well. there is a lot of cutting rather than business expansion. it is a bleak picture for manufacturing at the moment. services has been the driving force. the big take away from these pmi numbers today is the extent to which that growth fiber that we had earlier -- growth driver we had earlier in the year, the post-pandemic tailwind of spend on travel and tourism is fading. it appears to be fading qu

michael mckee is with us now. we are thrilled that edward harrison is with us and he looks at the markets. i love one of your recent notes where you talk about expectations, the standard view is the market is always out in front. how far out is the market guessing now? >> i think bond markets at a minimum are looking through 2024 and they are seeing the fed is very close to bending there rate hikes and they will have some cuts. that will be through the end of next year. on the other hand, i think equity markets are not looking that far ahead. they are looking at the soft landing and they are bullish as a result of that. tom: what i noticed over the weekend is the polarity between retail in love with apple, and institutional wall street that is cautious. is institutional wall street behind in terms of performance? >> that's right, basically the institutional investors were too pessimistic relative to what actually occurred. they had a leg into this and as a result -- tom: we are catching up. >> the returns have lag

we're still looking at a slow drive north 101 past mckee. there's a build as the volume builds.m hearing about a crash involving a motorcycle and i think the rider might be injured. westbound 237, that will cause more backup because the build comes off the nimitz and heads west on 237. you're clear if you join after lafayette. >> thank you. >>> honoring a legendary singer. coming up on "today in the bay," the new tribute on works on capitol hill to celebrate the life of tony bennett everywhere. >>> plus -- >> we've been having customers come in, have you seen the otter, do you know the name of the otter? >> this otter is so popular. efforts under way to catch the surfboard stealing otter. see how enterprising >>> good monday morning. it is 6:46 now, as we head out in east bay. martinez right now at 59 degrees. it's pretty windy, those winds coming through at 17 miles per hour. it's going to be breezy and a little bit cooler today here, as well as many of our microclimates around the bay area. we'll talk about that range in temperatures and what's ahead coming up in a few minutes

let's get to michael mckee who is standing by at the federal reserve.es may raise more questions about where the fed was three weeks ago than they answer. while the decision to leave rates unchanged was unanimous, during the discussion the committee was divided. quote some participants indicated they favored raising the target range for the federal funds rate 25 basis points at this meeting, the minutes say, or that

michael mckee is at the federal reserve with more. michael: it was 2001 when the fed funds rate is as high as it is likely to be at the end of today's meeting, 5.5%. the fed is 97% sure to do that, at least according to ois markets. you look at future fed meetings this year, and you see that there is generally -- markets are generally pricing in a skip in september and a slight chance of an increase in november. they start to price in a cut in december. what you are likely to see today is the fed raising rates, dropping one sentence about holding to assess economic conditions from the statement, then it is up to jay powell pushing back on the idea the cpi -- one data point does not make a trend. he will say we are not going to cut rates this year, we are going to hold until we are certain the cpi is on its way down. there are headwinds and risks ahead and as he has said many times, another hike will depend on the incoming data. sonali: one data point does not make a trend and one voting member does not make a full committee. how divid

reporter: the current lineup of imagine dragons consisting of drummer daniel plats man, bassist ben mckeeintain relationships as a band, also stick it out this long? >> having the foundation of respect is the thing that has kept us together. >> we've been through loss, we've been through death in families together, we've been through illness and babies and relationships and end of relationships. and you can either see all that and then hate each other through it or you can see it and say, damn, we really love each other. >> reporter: being mainstays in the ever-changing landscape of pop music, the band has built a brand on consistency and turning a blind eye to the trends. is it harder to make successful pop music in today's era where there are 15-minute career that is are born off apps like tiktok? >> music's a language, it's constantly evolving. that world has absolutely changed from ten years ago to now. i think it's a really dangerous strategy if you try to change your process and your target to whatever's trending right now, because whatever's trending right now isn't going to be tre

what you see mike mckee?t the eci for wages going down from a 1% gain from a 1.2% gain in the previous quarter. that would be considered a reasonably -- reasonably good news, but when you look at the income figures, wages went up .6% in the month of june. that is up from .5%. that is the highest increase since january. we have sort of contrasting views of what wage pressures are doing at the moment. as john mentioned, as we do every time we get an inflation gear, the super court which is jay powell's favorite thing. core services ask housing comes in at .2% gain. if you want to rounded up it can be .3% and that puts it in a 4.1% increase for the year. that will be your lowest since basically last august. things moving in the super court direction take housing out of the equation and services for the pce like the cpi are down. the wage numbers are still healthy and i guess consumers can still keep spending, but the question is will the fed see that as inflationary? lisa: as we talk about the numbers 4.1 percen

solution is tanisha something different like feature scheme for what's on that back in the some of a mckee was spelled out because it was way in the function of the sub gimme out of the floor base that you, that you only a couple of single muta, privately squared. large enough dynamical cranes k are made up with a 0, the 0 lift. the issue get through, i know the distance and you have new products of interest, but definitely give them that by nat geo and not to chance at that point. it's daughter's, i bought the blonde that you'll be doing the retard us marine connell and former virginia state senator richard black. as 1st time, the experience of all 19 henry listed in the marine corps. when the vietnam war broke couch chief volunteer to go to the front as a helicopter pilots in vietnam, i flew 269 combat missions. the fighting was very, very active at the time. and my helicopter was hit my ground fire and 4 times and was machine gun fire cuts the the flight controls and we crash landed when an air traffic controller was needed to go ahead close and support at the front. richard black volun

dani: that is bloomberg's michael mckee. let's get instant analysis and being in dana peterson. thank you for joining us after these numbers. what do you think accounts for this resilient consumer? dana: i think they are happier when thinking about the future. most people are working, people of experienced increases in wages. we have seen people being supported by savings. consumers are saying they are happier and have less reservation in terms of a recession going forward. kailey: if this is more about the resilience of the labor market and the trajectory of inflation, if we start to see inflation getting closer to 2% is that the worst-case scenario for the consumer? dana: we think the labor market will remain pretty tight due to the labor shortages. we are finding and ceo confidence, many businesses are hoarding labor. that also supports the optimism among consumers with respect to labor markets where they are not fearing they will be let go. we see inflation coming off food and energy and improvement in core measures other than housing. we should see red come down soon. dani:

that is a curious question and so, just in terms of the hunter now that is going to mckee describe wherest being carried out in a broad of an area? quite a big area or ducky talking — broad of an area? quite a big area or ducky talking about _ broad of an area? quite a big area or ducky talking about a _ broad of an area? quite a big area| or ducky talking about a residential suburbin or ducky talking about a residential suburb in the south of berlin in the big leafy area and where the lioness was spotted and it makes it challenging for the search efforts because it is such an easy effort for an animal target because it is such an easy effort foran animaltarget in because it is such an easy effort for an animal target in these places and given the recent news that we are that there may be traces that leave this animal to another part of berlin, where considering the entire southern part of the city with millions of people living here. it is quite a challenge for authorities to try and stay on track of this animal. , ., animal. here is the weather with sarah. hello. whilst much of souther

some of the mckee will spell out cuz it was way in the formation of the subcommittee out the door basically. and they only a couple of single muta, privately squared lights, most dynamically cranes, great army is up with a 000. that's the issue right now. the best place to get hold of something else, but definitely give any to that by nat geo and not fit yet. so definitely. it's daughter that i bought the with blonde, that you'll be doing the retard us marine connell and former virginia state center to richard black. as the 1st hand experience of all of 19 henry listed in the marine corps. when the vietnam war broke couch chief volunteer to go to the front as a helicopter pilots in vietnam, i flew 269 combat nations. the fighting was very, very active a time. and my helicopter was hit my ground fire and 4 times and was to machine gun fire caught the the flight controls and we crash landed when an air traffic controller was needed to guide close and support at the front, richard black volunteered again for 3 months. i dropped the highest tonnage of bombs, dropped by end of year controller an

and from idaho, mike mckee. ira, the bond market is looking at what we have got right now, figure out where the data goes next, wondering whether the cycle high for the 10-year is in. do you think now is the moment to step in and buy that duration? ira: the 10-year and the long end of the curve, looking out to the 30-year we think will continue to be range bound. we tested the top of the range when 10 yields got about 4%, but there's not a lot a reason for the long and to move right now even with these little gyrations, will the fed another 25, 50, or pause? that doesn't matter much to the long end of the curve. pricing in for the federal reserve to steady rates plus or -3%. if you think the fed will have to cut interest rates during the next recession, sometime in the next three or four years, 3.9% looks relatively attractive given the potential for 3% short-term rates. alix: mike, is it time to buy duration? have we seen peak rates? mike: i don't think we can necessarily say that we have seen the worst of

tom: let's go to michael mckee mckee in idaho with an unnamed economist catching trout.ing for jobless claims but with ppi we see a better-than-expected number like with cpi yesterday. final demand month over month only up went 1%. it was forecasted to be up .2%. the food and energy up .1%. x food and energy, which is what we look at at the core number for ppi, up only .1% as well. year-over-year basis, headline ppi is up 2.4 percent. getting close to the fed level. the core 2.6%. more good news. there was some thought we might see a negative print with ppi this time but not yet. jobless claims come in lower than they have been, which is another surprise. 237,000 after 249,000 the week before. so only raised by 1000. jobless claims continued to show the labor market strength. the number of people continuing claims, 1,729,000, that is only slightly up from 1,000,718 the week before. we are not seeing layoffs to any great extent or prices arising through any great extent. that raises the question of soft landing and how many more times the fed does feel it needs to raise i

your mckee is a character. what you might like is that i'm feeling a bit of drizzle. . go- you — feeling a bit of drizzle. . there you go. you talked _ feeling a bit of drizzle. . there you go. you talked me - feeling a bit of drizzle. . there you go. you talked me into . feeling a bit of drizzle. . there you go. you talked me into it. | feeling a bit of drizzle. . there i you go. you talked me into it. -- feeling a bit of drizzle. . there - you go. you talked me into it. -- he you go. you talked me into it. —— he is a character. you go. you talked me into it. -- he is a character-— you go. you talked me into it. -- he is a character. thank you very much. i'm sure is a character. thank you very much. i'm sure i — is a character. thank you very much. i'm sure i will— is a character. thank you very much. i'm sure i will talk _ is a character. thank you very much. i'm sure i will talk to _ is a character. thank you very much. i'm sure i will talk to you _ is a character. thank you very much. i'm sure i will talk to you in - is a character. thank you very much. i'm sure i w

kailey: michael mckee is joining us now.seems like it is going to be difficult for him to navigate. even if the were done, he cannot say that. and he is trying to speak for a committee that seems divided. mike: if you not have a lot to say, do not say it. probably his statement will be straightforward. they will change the language about pausing but still look at what they might need to do and how they are going to look at the economy going forward in terms of possible additional tightening. they will raise rates 25 basis. you've got a 97% chance but look what happens. the kind of feeling in the markets as they make skip september, but november gets more attention but look at december. it is not enough for a rate cut, but it does suggest that rates might be headed down. the market is thinking they will do that. jay powell is going to want to push back on that. dani: if otherwise they tread lightly, what is the chance that friday is more exciting than today with cpi data? mike: it could be. you saw the chart abigail was showi

michael mckee is looking through that. mike: job openings did fall, as guy pointed out, 9.8 million, which is down from just over 10 million. i suppose that is good news, but there is strength underneath the numbers. the quit rate, which the fed watches to see how confident people are in the labor market, goes up to 2.6% from 2.4%. there is some strict in the underlying numbers. over all the number of job openings that dropped the most were in health care and social assistance, which anthony was saying, the area where people are still trying to find workers. this is may data, not june data. it is delayed, so we may have had a change in the way people are looking at things. the jolts data is what the fed was looking at in terms of tight labor markets. seems to be loosening up a little bit on the headline area. we will see if that continues. the quits rate suggests there is some strength in the overall economy. but that together with what we got from adp today, employment numbers from the ism services index, jobless claims.

we are joined by sonali basak and mike mckee. what is that retail sales number? what is the consumer telling wall street? michael: the consumer is saying things are ok. the may numbers were revised significantly and the june numbers were not as strong but they may be revised. people are spending money according to most of the economists who have analyzed the numbers, it means that second quarter growth comes in stronger than they have penciled in. the fed can raise rates and it may not have too much of an effect on the consumer. that is the interim message right now. kailey: what are the banks on wall street saying that they received in not just be an economic -- not just in the economic data -- sonali: the banks would agree. if you think bank of america, you have payment trends that are upward. that payment volume number is fascinating because you do have that steep drop-off in gas payment. are strong enough increase in travel, and get -- entertainment spending and food spending that is keeping payment volumes up as well as one million new credit cards open up i

lisa and mike mckee will run that down. opening bell after that news conference wraps up, it will start with president lagarde in 20 minutes time. we will come out the other side and break it down with winnie caesar -- peter to cheer and dance salmon. a press conference with christine lagarde in 20 minutes time. we are positive by .7%. from new york, this is bloomberg. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com lisa: welcome back. this is "bloomberg surveillance." 15 minutes away from christine lagarde's press conference, following raising rates by 25 basis of points -- basis point. economic data, including the gdp reading, as well as initial jobless claims, at

it's at the speed limit still clearing a crash northbound 101 near mckee. there's some slow traffic there from near story road 601. let's go back to the headlines. all right. thank you, sal. some people in alameda county say they are outraged over the number of killings and carjackings in oakland and they are sharing those concerns with the county's district attorney. james torres joins us to talk about how the district attorney is now responding. james good morning to you. with this all happened during a meeting yesterday that was led by district attorney pamela price, as well as two oakland police captains, people there saying that they are, one, overwhelmed and scared over the rise of some recent crimes where we heard from not only the district attorney, but as well as those police captains saying they are doing everything they can to make sure the city is safer while i'm driving and pull me out of the car at gunpoint. what are we doing to address this and how do we solve this? nobody feels safe. see so the more than 200 people in attendance, police are

no question mckee hit his mom today.it women in his family. >> this led to a reaction one person said this is abuse for another said you are the problem, dad put other people said this is amazing way to go dad. the little boy ended up carrying all of the water jugs pretty got a lot of encouragement over the course of this punishment. so we got some exercise and he learned a lesson two. brian: i did not see this video. >> i think it's kind of cute. brian: event my kids did nothing wrong and neither does your child. what about sharks it is shark week question rick what about when sharks have cocaine. with all the smugglers off the coast of florida there is surmising they are a lot of times during their cocaine overboard. the sharks are eating it and is why they're acting so strangely. do you believe this? >> cocaine has been in the news a lot. in the white house and the ocean i do not know was going on there but i did not know smugglers through cocaine overboard into the ocean. i think that's bad business strategy. i'm not

michael mckee will go through it with a fine tooth comb. what are you going to be looking for?last meeting. they decided not to raise interest rates but did move the dot plot to suggest two where rate increases this year. why? that will be question one. and how serious are they about raising two times versus one. how did independent are they. it will be interesting to see if we get enough information out of them to really -- despite there is a rate increase coming at one point or the other or if they have as much optionality as they usually do. so far this year, having both on inflation and unemployment stalled out. what does the fence he happening? another like it down or do they have to do more to start bringing the down? alix: i was asking this question earlier. are we going to learn anything about how the fed looks at market pricing? i knew jerome powell would say no anti-has, i have to wonder if part of the skiff and the 50 basis wanes after has to do with pricing out cuts. mike: it will probably get mentored with the staff briefing on the markets and the idea that mark is

the question is the historians praise mckee costello fluency in english.hey say that it helped to enhance the communicate, but that bilateral communication between the french and the american. his knowledge of english, which guess was not that common we're where did the learn english? what were the and also i have a question about a gentleman by the name of louis. alexander. yeah, we said that we served as captain of infantry in expeditionary french forces and after the revolution the french revolution, he became the most ably as napoleon's chief of staff and he was the only one who was able to read napoleon's deplorable notes. and translated them into, but at least a magnificent companion order, all this and that. so did again, multicultural all by any chance mentioned these in his memoirs. captain bertie arie. good time. thank you. so about the first question, the side. so you said that you indeed spoke english, which is one of the reasons he became quite influential in this alliance, because he speak to the americans. most of his rank could not. of cour

congressman from california had this to say it from the garden eat was asked whether or not -- mckeecall for term limits for the justices for the guardian asked in addition to term limits would you support expanding the court? what you think of that proposal? he ended up saying this is a court that is out of touch with the tax of modern life at the core that is aggressive, that is rolling back women's rights. rolling back writes about racial equality breed rolling back environmental protections. rolling back no assistance for young people is exactly why we need term limits on these supreme court justices. he is also saying not only term limits the expansion of the court is also open to consideration. >> those are terrible ideas. who needs to term limits members of congress like him. our founding fathers never intended to permit political class and career politicians to run a country they expected ordinary citizens to sacrifice and to serve in those roles and in then returned to their communities to live under the laws that were intended. this is the interesting thing for me as a lawy

northbound 101 past mckee road, speeds around seven miles an hour in this spot. bridge toll plaza, metering lights tipped on at 5:44 but we do not see it here or in san jose as we end with a live look at 101. reggie: everybody's at home. thanks. how long he will have to wait to see if your favorite shows will win an emmy. kumasi: the teenage missing for four years has been found near the canadian border. officials say she is healthy and safe reggie: a judge will decide if a school schuyler -- school shooter in michigan will spend the rest of his life in prison. he killed people at his high school in 2021. during a hearing prosecutors showed a journal recover from his backpack in which he wrote he was fully committed to going to prison for life. he has pled guilty to more than two dozen charges including murder and terrorism. prosecutors insist he should never leave prison. >> not just a number of children who died in the way the defendant killed them, the amount of research and planning and preparation that went into it and the way he carried it out. reggie: the

he learned a lot from russell and also had become -- mckee had filled in russell's shoes in terms ofe mob's negotiator whenever there is a turbulence with organized crime they would go to russell. it was also outside of organized crime, entertainment, politics, whatever. folks are gone to russell and billy assumed that role and intervened and became a very, very powerful figure himself. eric: that's what's interesting about the book and the trento crime family you think of the mafia what you see in the mo movies. but some of these members were businessmen upstanding seemingly members of the community when he dealt with business and negotiations on a very high level. >> it was not all violence. in fact we did not spend a lot of time talking about violence i spent over a year with billy. the thing that was really unique about billy as he had never ever spoken to anyone. not when he was arrested in 2006 for conspiring, drug money, drug laundering, investigation. law enforcement one to talk to him, everyone did. new york city tour in the task force homeland security secret service and th

well down in the south bay, if you're traveling along 101 northbound, they are just at mckee wrote, we do have an accident you can still get through. but it certainly is seen a delay there. that's why drive times went up 10 more minutes. 85 to them apalt because of that. so remember, you can always hop on to 80 or even 82 to navigate around those delays down there over in the east bay, silly in shutdown in milpitas about 30 minutes crockett out towards the maze. 42 minute ride. so ossible avenue is another good alternate for you to take darya. james, back to you. thank you. and it's 9.49. and if you're looking to beat the heat this weekend, you could go to the movie. that's right. couple of blockbuster movies in theaters. and we've got dean richards with a preview. >> hike i'll start off by admitting that i am not the target audience for the mega high barbie movie. that's out. i 0 background with the dali except for watching his cousins and friends. obsess over them. i also have never been to a galaxy far, far away. but i've managed to review star wars movies for decades. so i'll take

we were monitoring this crash in south and northbound 101 at mckee. pretty significant delays now. lot of that likely due to more cars being on the roadway as we get into the 6:00 hour. that's when we start seeing the commute getting a little bit busier, north 101 alum rock avenue. you have the left lane down for the count. and speeds dipping down to about 6 miles per hour. but you have options for alternates like guadalupe parkway. 287 may work as well. also think about this weekend going to the taylor swift concert. friday and saturday. even if you are going to be commuting in and around there maybe you have got trip to great america, be prepared for a lot of people. expect delays and of course on surface streets near levi's stadium. vta is going to be a great option to get around in the south bay this weekend. more on that coming up in just a few minutes. >>> well, it was supposed to be a small community meeting last night in oakland's montclair neighborhood to talk about crime. but it turned into something much bigger. crowds of concerned residents showed up to share their frus

now we did have reports of trouble spot in the south bay 101 at mckee. no backup or delays.ions coming out of tracy into the altamont pass. but if you are a supercommuter you know what to expect. no delays through san mateo though. hayward looks good along 880 and eastshore freeway checking in problem free as well. and once you get to the dublin interchange, on westbound 580, actually looks pretty quiet. all right, there's lot going on this weekend. >>> there's a race event happening at sonoma raceway 37 will be busy in both directions in and around the racetrack there. also taylor swift, yes. it is happening. finally friday and saturday. expect delays in and around levi's stadium. vta will have more trains, more options. public transit, that's my recommendation and you definitely want to give yourself some extra time. and at least you don't have to worry about parking because apparently that's a thing and it's very expensive. at last check it was sold it. vta will actually get more into this coming up in the next hour. >>> well, george kittle said the niners have a quote, p

i interviewed angel raiche and another woman kathy mckee, two women that left an imprint on me in a way that i couldn't imagined. angel, in talking to her about the struggles with her health care and just getting to understand how much she had gone through. and then cathy, coming from herself to become a star and both of their are recounted in the book. but think just talking to them in a press meeting, the struggles really gave me a sense of how to write that chapter in a way that could convey what they were feeling, as well as what was on in the court system. so before we dig into a few of the cases, let's talk a little bit about originalism. i think most know justice thomas and i suspect that most americans don't really know what originalism is, how how about we start out with a broad question. can you just define it for us. yeah. the way i defined it in the book and i think it's easiest to define and then we can get into the details is if you like is originalists that the american people not nine unelected judges are the source of the law that governs through the constitution and st