it was led by michael bloomberg, henry paulson, and tom steyer. among the findings, if we continue on the same path, by the year 2100, the country could see $701 billion of coastal property underwater. $108 billion in average annual losses from hurricanes and coastal storms on the eastern seaboard and gulf of mexico. and in some states, a loss of up to 70% in average annual crop yields. extreme heat and humidity would also threaten human health, reduce labor productivity, and strain electricity grids. >> global climate change over time poses severe threatto li on eartas we kn it day. ands time gs on, thossevere teats bece greer and gater, an uimately think ha the tentialf becomi castroph. >> en if yo're sptical aboutlimate cnge, the's denng that t presen major rks that companycity, or untry c afford ignore. >> i belve the arican buness comnity cannd must ad the w in helpg to ruce thesrisks. to rise the chaenges climatchange, ey must so w. this not a pblem for anotr day. t investmts we're maki today wl detmine ourconomic ture. >> according to the u

for 1% to support 99%, you remember michael bloomberg, he blew up his campaign. he said you drop a seed in the ground and it sprouts. it is a sim police -- simplistic ideal and the tragedy and the difficulty farmers have to produce food for the rest of us. all of these utopian projects whether it is international paris accord or the commission on human rights, they are dreamed up by western elites from constitutional society, but the logic is we are going to get everybody involved and that means equal representation for china or russia or socialist government that don't have any of the same values. and so they never work. the league of nation never worked and the u.n didn't work and climate accord paris didn't work. none of them worked. this is going to be a western dominated phenomenon and china and russia will say keep going this. is great. you -- this is great. you will just destroy your society. >> victor, you and i know because we have been doing politics for so long. rules, the no beef and this, it will never apply to the elites. they will have their pick o

michael bloomberg planned to do this in 2020 where they tried to come at this moderate position but completelypeople are at. maria: they also see what's happened with donald trump and you've got ceos saying, well, if trump did it, then ky do it. >> you have to get in right in now. maria: you've got to have the donor and the backing and the support. >> you have to go all-in. you can't just put a toe in the water in june. maria: one of jamie's underlings said to me when i was there ready to interview him, said to me i think jamie wants to be president but he doesn't want to campaign. the campaigning is the ugly part. >> it gets pretty ugly. this is high stakes, running for president of the united states. robert kennedy junior polling in the 20s now. if biden's going to lay off of him and bobby kennedy junior is going to be out there, he's going to go up in the polls. >> if you're jamie dimon or any executive in a position of power, is it better to be a power broker or to be the face of the campaign? i mean, this is -- anybody will pick up the phone if jamie dimon calls, any president, any treasu

sam bankman-fried in big trouble and michael bloomberg way behind him.of cash at the disposal. so you have got to wonder if they are going to continue on the track they have been or if they are going to do something new. one thing he said, actually two things he said that i think are really interesting to "wall street journal." he said he believes free speech on campus has become too restricted. i think we would agree with that and he also said our side has to be better about being more patriotic and inclusive just because someone votes trump doesn't mean they're lost or racist. that sounds good. >> yeah. you know, i remember seeing that, too. you have to keep in mind like the guy is smart enough to understand optics and this was the "wall street journal" where, you know, the average reader is center right. i think he may sort of been playing that audience a little bit. i will say, listen, if he legitimately does believe that i think those are two redeeming qualities. until he starts spending hundreds of millions of dollars or billions as his father has

. >> and it's not an easy thing to farm and for 1% to support. 99% remember michael bloomberg.s campaign in 2000 ,said you just drops a si a little seed in the ground and it sprout's. >> it's a very simplistic,idealn unrealistic idea of the ordealdh prodthe tragedey and the difficulty farmers have to produce food for the rest oef us . r theme is all of these ecumenical utopian project , whether it's the international criminal court or the paris climate accord o r the un commission on human rights, they're all dreamed up by western elites, from w consitutional societies. bue e going t a very logic is wg to get everybody involved and that means equalor representation for china or a russia or socialist government thatny sam don't have any of tha values. and so they never work n the league of nations never work. the un didn't work. the climate accord dt .. g to paris didn't work.a none of them work. and this is going to beoing a western dominated phenomenon in china. and russia will just say keethio going. >> this is great. you're just going to destroyso o your society. victor, vic

this is something, for instance, mayor michael bloomberg used when he ran for republican mayor in newn't want to pull the lever for a republican to vote for him. and it could be a very important tool for biden to be able to capture republican and independent votes with voters who just do not want to pull the lever for the democratic party because they don't necessarily feel they want to support the entirety of the democratic party program. the issue is that other than new york and connecticut and in presidential races for -- in california, it's illegal to have fusion parties in the other states. they're banned. the supreme court ruled about 20 years ago that it was up to the states, whether or not they could have fusion parties. finally there's some steam going to try to create the opportunity for these additional ballot lines for a major party candidate. for instance, in michigan, the head of republicans and independents for biden is trying to get a michigan common sense party registered, has to challenge this in the courts, but there are about 12 states that have broad enough freedo

reporter: michael from bloomberg radio and television. you said in the past that you don't like to surprise markets, it's kind of been the fed's view markets should have an idea of what you're going to do before you go in. you also said a number of times that it would take a while to bring inflation down. you reiterated that again today and that we get to a point where inflation could be sticky. so i'm wondering, as we go into the next meetings, how wall street or others should look at your reaction function. what will you be reacting to, time or data? in other words, if nothing much changes, if we're looking at the same sort of labor market, the same sort of inflation levels in july or in september or november, will you move? because you've said you feel you need to, is it time that's going to require additional movement or would it be reversal in inflation? mr. powell: so i don't want to deal with hypotheticals about different ways data might move. of course we don't go out of our way to surprise markets or the public. at the same time

start today at empower.com alix: this is "bloomberg markets ." coming up, michaelp.m. new york time. this is bloomberg. ♪ quick breaking news for you -- disney apparently is delaying "avengers," "star wars," and " avatar" films. we are anticipating it is because of the writers strike. some tv shows as well as movies will have to be delayed. this is a knife in my heart, avengers and star wars both delayed by disney. let's get to the main headline, inflation. cpi numbers easing to the lowest level since march 2021. core stays a little sticky. we want to get the view from the white house. joining us is bharat ramamurti, national economic council deputy director. bharat, great to see you. thank you for joining us. what can the white house do to continue to push prices lower, particularly on a core level? what can the white house do to roll over inflation quickly? bharat: i think the strategy over the past year has been working come if you look at the fact that inflation has come down for 11 straight months. as you noted, inflation overall is at the lowest point it has

michael keaton -- michael mckee with inflation data. from new york, this is bloombergied lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. tom: and inflation report for america in 20

. >> [inaudible] >> reporter: michael michael mckee, bloomberg radio and television. you said in the past that you don't like to surprise markets, it's kind of been the fed's view markets should have an idea what you're going to do before you go in. you've also said a number of times that it would take a while to bring inflation down. you reiterated that again today and we'd get to the point where inflation could be sticky. is i'm wondering as we go into the next meetings how wall street or others should look at your reaction function. what will you be reacting to, time or data? in other words, if nothing much changes, if we're looking at the same sort of labor market, the same sort of inflation levels many july or in septembe

dani: thanks so much for going is, that is bloomberg's michael moore from our finance team. some of our other top stories with the first word news. saudi arabia will make an extra one million barrel a day oil supply cut in july, that takes production to the lowest in years. the move gives up ground to allies in the opec+ coalition. russia made no commitment to cut output deeper and the uae secured a higher production quota for next year. the coalition pledged to maintain existing cuts until the end of 2024. nds has a faulty electronic signaling system was the cause of wonder of its worst rail disasters in 30 years. the search from fridays evenings three-train collision has ended with more than 75 people dead. more than 1000 staff are working to restore services, while a high level inquiry gets underway. hundreds of thousands of people have marched through the streets of warsaw to show their support for the opposition, head of october's parliamentary elections. poland's law and justice party has been criticized for eroding democratic standards. the demonstration falls on the

full disclosure, michael bloomberg published on this opinion yesterday, very much in support of the tone from president biden. mr. bloomberg is a majority owner of bloomberg lp which not only keeps us moving forward but bloomberg television and bloomberg radio. katie greifeld is in for lisa abramowicz and jonathan ferro will be with us on monday. to dive in to this debate, we go to annmarie hordern, our bloomberg affirmative action correspondent. you brilliantly lay out as reported across the news organizations of a footnote that justice roberts wrote that -- at west point annapolis and colorado springs are different. they are going to have affirmative action, but any given school is not? annmarie: there is this carveout for military academies to continue using affirmative action, race-based, conscious program provisions in these military academies. the president made a nod to that and did not quite connect the dots. our military is the in ve of the world, the justices are allowing the military universities to do this. this is because the military wants to make sure they have diverse off

. >> [inaudible] >> reporter: michael michael mckee, bloomberg radio and television. you said in the past that you don't like to surprise markets, it's kind of been the fed's view markets should have an idea what you're going to do before you go in. you've also said a number of times that it would take a while to bring inflation down. you reiterated that again today and we'd get to the point where inflation could be sticky. is i'm wondering as we go into the next meetings how wall street or others should look at your reaction function. what will you be reacting to, time or data? in other words, if nothing much changes, if we're looking at the same sort of labor market, the same sort of inflation levels many july or in september or november, will you move? because you've said you feel you need to? if is it time that's going to require additional movement, or would it be reversal with inflation? >> so i don't want to deal with hypotheticals about different ways day data -- data might move. of course, we don't go out of our way to surprise markets or the public. at the s

i appreciate it, bloomberg michael mckee and brian sullivan.mong up, what needs to change as new york chokes. we will talk about it with the cio of guggenheim partners investment management. she is responsys for meeting investor needs from fixed income clients and some are insurance companies. this is bloomberg. ♪ alix: you are at life pictures in new york city over bad air from wildfires. it looks like a vintage filter if you took a picture with your phone. our question of the day, what needs to change as new york chokes? will ask the chief investment officer at guggenheim partners investment manager -- management. sonali basak also joins us for the conversation. i appreciate the specific question may not be in your paygrade. you put a lot of work in for clients that are insurance companies. as we see these clients changing and have more of the events we are not prepared for, how do you think about some thing like that? anne: historically as a fixed income asset manager, we take a long view on risk. we incorporate this into our analysis and it

guy: this is bloomberg markets this a slide from the principal room. coming up michaeling us at 1:00 p.m.. this is bloomberg. alix: where having a crazy week, oil prices up 3%. opec+ says the oil costs will tighten oil markets next month. joining us now is rebecca babin, and the forecasts they look at a tight market but the saudis will cut by one million barrels a day. how do you make sense of this? rebecca: saudi arabia, opec, goldman sachs thinks the market will tighten over the next month. we have been thinking the market will tighten for the past two months and that's why we haven't seen the tightening. the first is we had an uptick in supply. everyone thought russian supply would drop, it hasn't happened. that was estimated to be 800,000 barrels off the market but they are all here, a 500,000 barrel from russia. iranian supply outperforming expectations to the tune of 300,000 a day. that has been a supply-side factor that has offset the demand increases. the other huge tractor has been there has been a lot of de-stalking of inventory into demand as interest rates h

haidi: bloomberg's fx and rates reporter michael wilson. still ahead we take a look at the push to acclimate ready financial system. we have details from the paris summit. first, milford asset management tell this why they expect the climate to weaken except for in the u.s.. this is bloomberg. ♪ shery: u.s. futures are gaining ground at the moment. up to 10th of 1%. we have seen the fade in the ai frenzy we have seen in the past few weeks. tech stocks taking a little bit of a breather and perhaps profit-taking peered our next guest says it is time to be selling defenses and buying into the cyclical's welcome the portfolio manager at milford asset manager joining us from auckland. given of course the economic weakness many are expecting right now in the u.s., at the same time pricing out rate cuts given the hawkishness coming from the federal reserve, what is the best place to remain defensive? >> we think a combination of cash and assets in favors are looking to pick up some of the cyclicals that have already been beaten up. whether that is

michael jordan sale of the charlotte hornets is paying off in a big way. more on how much jordan makes from selling his majority stake, next. this is bloomberg♪ jon: this is bloomberg markets. time for today's for what it's worth. our data point today, $3 billion, the reported value of the nba charlotte hornets according to the espn reporting today about michael jordan's agreement to sell his majority stake in the team to a group led by hedge fund manager gabe plotkin and private equity player richardson all. jordan is excited to keep a stake in the team, which based on this valuation would be worth more than 10 times what jordan hate himself to become a majority owner back in 2010. matt: we see a couple of real movement in the big pro sports leagues, the hawks sale we were talking about last week. this stakes sale in the hornets, may the nationals are up for sale. it is interesting, a lot of these investors like jordan bought in or a couple hundred million and are selling for $3 billion valuations. you see a new slew of sports leagues like pickle ball that are going for a few hundred thousand or a few million and maybe someday we'll go for

michael mckee. this is bloomberg. good morning. ♪ >> we are expecting a hike in july.ting a hike in september. after july we should see some strong inflation data. that gets us to the hike in september. tom: a minor conversation today but a major impact from veronica clark of citigroup. stay where people are heading. they have said we will have higher interest rates and resiliency of the economy as lael brainard said from the white house seems to be the tone here into the end of the second quarter. bloomberg surveillance, ferro on assignment, abramowitz getting ready for the non-:00 a.m. -- 9:00 a.m. sentra hour. remember that article on ingres loan -- on equilibrium? how is sentra different from jackson hole? michael: jackson hole is an academic conference that focuses on topics in economics. in sintra they're talking about what is going on right now in markets. sintra is more open to the press in terms of having things broadcast to the prest. at jackson hole you only the chairman speech, which is only been aired for 2 years. tom: powell's speech at jackson hole was a

bloomberg. ♪ alix: breaking news in the sports world. michaeln is finalizing a sale of the national basketball association's charlotte hornets to a group led by rick show -- plotkin and rick schall. lots of money going back into sports. we are looking at the finalized sale of the charlotte hornets. an hour into the trading session. yields higher on the two-year, up 12 aces points. abigail: the s&p 500 up .3% for the seventh update in the row -- up day in a row. where we do have big moves, volume, 100% about the 20 day moving average having to do with the call options. the options index hitting a record high. whether or not this has to do with triple wedging or the whole year and we will be talking about this later. metrics wanting to have a bullish expression and it is working for those investors buying these calls and also those investing straight up into the s&p 500. the two year yield of 12 basis points. we had the yield curve inversion going on which is significant. it suggests there will be a recession at some point ahead. it could be due t

we will talk about selective is with michael and what is to come for the industry. this is bloombergdani: good morning, this is "bloomberg daybreak: europe." these are the stories that set your agenda. the reserve bank of australia confounds expectations i hiking rates a quarter-point and says further tightening may be needed. the aussie dollar pops. the iphone maker launches its long-awaited vision pro headset after more than seven years of development but will the eye watering price tag compute with consumers and investors? plus, the sec sues binance and its ceo for allegedly breaking securities rules. the company called it supporting and misguided. another surprise from the rba, they hiked, wrote is slowing down the governor at the rba saying it is a cost-of-living crisis, that means they need to combat inflation. let me show you the front end of the aussie curve and u.s. curve. the aussie dollar strengthening, up 8/10 of 1%. let's get a check on equities. s&p 500 at one point trading at 4300 during the cash equity second -- session. now it is little changed, as is the euro stoxx

anticipated michael horn back of morgan stanley. this is bloomberglance. ♪ the first time you made a sale online with godaddy 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 it can happen to the people who teach us and rescue us, the people on our team and in our family. it can happen to the people who serve us and the people who served. the people we work late with and stay out late with. it can even happen to the person in the mirror. opioid use disorder is a disease that can happen to any of us. it's possible recovery can happen to any of us, too. >> it did not matter, as long as you help the bottom line. jobs supply chains and key products moved overseas, like china and much of asia. tom: i saw lawrence going after biden, i'm sure there are others supporting him, but we are trying out phrases see if they will stick and stay on the wall. one america, a proper

michael mckee has turned the market slower. s&p down .7 5%. this is bloomberg. ♪ ive our money. chia seeds! i could totally live to be 100! why do i keep taking such good care of my- since we started working with empower, we're able to get all our financial questions answered, so we don't have to worry. so you never- no. never. join 17 million people and take control of your financial future to empower what's next. start today at empower.com >> as we continued to see borrowing costs rise, interest rates rise this will undermine affordability and valuations. this is a head to the residential and commercial market. the bigger risk is the fed loses its resolve in the face of this weakness and allows inflation become entrenched. tom: she was absolutely brilliant today framing out higher interest rates. adam posen gives it a theory, they say get used to it. we will dive into the zeitgeist this weekend we have a team of bloomberg news experts really look at real estate. we will do that right now. the world's empty office building. it is a time bomb. a time bomb developing across the w

michael page on what they are seeing on the ground in hong kong. this is bloomberg. ♪ the first time you made a sale online with godaddy 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 sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) -awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. ♪ ♪ 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? ♪ ♪ yvonne: taking a look at when it comes to fx this mo

i want to talk about the challenge of jerome powell in a way i do it is michael rosenberg invented with this team at bloomberg conditions index. it is 11 ratios it is wonderfully complex. i'm not going to go to the method but all you have to know is a positive numbers accommodated and negative is tilted towards restriction. is the stock market hindering jerome powell's choice set? is degrees of freedom? have we become accommodative as it seemed by the bfc i i think it's .079 he has fewer choices he makes fewer choices he can make today. >> sure. it's a tightening cycle. these conditions are supposed to tighten. you look at the stock market up 13%. i know regional banks, etc.. equities are ripped. corporate credit is doing really well. this flies in the face of thinking -- thinking tightening. jerome powell has less tightening. tom: the only way he can do it based on my history is to delay. pretend and delay sober going to go through today. he's going to read all sorts of statements the answers are going to be written out in advance. is this a meeting in preparation for july hoping the facts change for jerome

bloomberg, gold as a hedge against inflation and the highest rates. madani to reduce the pressure on the vertical price index affects the attractiveness of non-yielding assets, michael langford, director of the consulting firm , has to say about this. boghor is waiting for information on the consumer price index and the federal open market committee to provide a clearer path on the price of gold. the 100-day moving average will rocket to $1,411 per ounce. if it breaks the next support package and goes down, the 200-day moving average will be $1,841 per ounce . federal reserve bonds performed better but on the third day of the week, in the market of other valuable metals and silver, with an increase of two tenths of a percent, more than 24 dollars per ounce, platinum reached 994 palladium with an eight tenths of a percent increase to 1362. in the chapter of assemblies, we went to the shareholders with a question. the stock assembly that you have a history of participating in does not participate according to the statistics of the central depository company, while there are about 40 million active shareholder codes in the country, but the participation of small shareh

the ceo of michael dell's family office says she is looking to diversify her portfolio. i sat down at the bloombergew voices event where she shared her thought process behind her investment. >> what i have been grappling with is we have this impending liquidity event. how should we be committing capital today? how do we size our investments today? caroline: dell has a 36% shake in vmware. european chipmaker st micro are planning a $3.2 billion joint venture to build ships and southwest china's populous city. as part of an effort to tap into china's market for vehicles. it counters the eu push to localize chip production. production is expected to begin in 2025. reddit planning to cut approximately 90 positions. the online discussion platform is also scaling back its hiring plans. reddit joins a slew of technology companies that have turned to layoffs to cut costs and boost profitability. this is important to think about because this was expected to go public. maybe it will reopen what has been a frozen market. they have to show profitability overgrowth at all costs. ed: we reported the story 24 hou

to bloomberg, gold as a hedge against inflation, the banners of the highest civil official to reduce the pressure on the price index, generally affect the attractiveness of non-yielding assets, michael langford, the director of the consulting company, has to say about this, he is waiting to provide information about the federal reserve's consumer price index and open market committee are expected to provide a clearer path on prices and should rocket toward the 100-day moving average of $1,441 per ounce if it breaks the next page down to $200,841 per ounce. there will be no ounces which can perform better than other assets regardless of the federal decisions , but on the third day of the week in the market of other precious metals and silver, with an increase of two tenths of a percent, it reached more than 24 dollars per ounce, this is on 994 palladium remains stable with an increase of eight tenths of percent to 1,360 complete larvae. tawheed amin of samane auto news agency announced that due to the work pressure of the united states securities and exchange organization, some digital currencies will be removed from their trading opportunities, according to the coin market website.

michael dart's says. i would point out the bloomberg total return index is aggregating in a u.s. total return. an indeterminate pennant formation now. i do not have a break of price appeal down or price down, yield up. within the noise of your world, i do not have a break yet. lisa: it sounds like something you would find at tiffany's. tom: used with a book on your lap, yeah, it is actually. it is a pendant. let's not go there. it is like you said, look at chart formations. it is like white smoke coming out. lisa: it is like astrology? tom: it is like astrology. better said. marc anderson coming up. bloomberg surveillance. good morning. ♪ we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a b

michael mckee, think you very much. coming up, the question of the day, do you play the china stimulus? this is bloomberg. ♪ >> china passed a law and 21 he won to protect national data -- 2021 and they have been doing this quietly but they have restricted foreign access to parts of this database, which are really need to understand china. this month, they are putting personal data restrictions into place. you need new alternative sources of data to understand china and also is the risk premium to invest in china getting so high because you don't have the tools to do the analysis anymore that it will make china harder to invest? guy: rebecca patterson, a strategist at bridgewater associates speaking yesterday. the texas -- they are going to deliver stimulus for the housing sector. mining stocks got excited, luxury bounce back a little bit. to rebecca's point, do we understand what is happening here? is this an investable story? james athey joining us now. what do you make of the china stimulus story? feels like muscle memory in a past china stimulated, it did it in size and had a meaningful impact. is th

michael capon. it is -- gapen. it is economist versus economist here. this's bloomberg. with the first word, i'm lisa mateo. russia and ukraine are reporting widespread fighting as anticipation amounts for a long planned ukrainian counteroffensive. moscow says its forces fought off an attack on sunday. but ukraine says it repelled all russian attacks. it is trying to reclaim russian occupied areas in the country with weapons provided by allies. and rishi sunak is defending his efforts to curb migration. he said today, "our plan is working, starting with a 20% decline in crossings between january and may of this year compared to 2022." but critics say adverse weather is the main reason behind the decline. at the government has been trying to make the u.k. a less attractive destination for people arriving illegally. morgan stanley strategists anticipate a pullback in corporate earnings and will be slamming the brakes on a u.s. equity rally. the strategists predict earnings per share for the s&p 500 will drop 60% this year. that is one of the most -- 60% this year. that is

michael kushma and sarah hunt also coming up on bloomberg tv. ♪ lisa m.: keeping you up-to-date withi'm lisa mateo. relief is in sight. the national weather service says heavy rainfall in the eastern u.s. on sunday should help dissipate much of the smoke choking the region as a result of the canadian wildfires. air quality is already showing signs of improvement with the level in new york city returning to moderate. conditions remain unhealthy for many cities spanning from north carolina to rhode island. donald trump has become the first former u.s. president to be charged with coming federal crimes. a grand jury indicted trump in connection with his refusal to return classified document found in his florida home. if convicted, he could face prison or be disqualified from holding public office, including seeking to recapture the house in 2024. most economists expect the federal reserve to pause rate increases for the first time in 15 months through december. the federal open market committee will keep rates steady at the 5% to 5.25% rate. they face a closer call on what to do in july

michael hearst, dani burger -- with my cohost, dani burger. she is recovering somewhere in london after a tough week on the road. a super return on bloomberg. ♪ manus: the cofounder of thoma bravo is very bullish about private equity. orlando bravo expects to see a shakeup in venture capital. he spoke exclusively to my cohost, dani burger, in berlin. >> i am a little bit frustrated that the entire industry seems paralyzed right now. private equity is not about predicting the macro, about making a short-term trade, about what values are going to be tomorrow, private equity is about owning a business and building and operating a really good business over a long time. i feel that our industry and our peers are really stuck on the problems of today, which by the way, many of those problems can be solved by a good business owner. dani: svb was a good example of that frothing up. do you think the damage there is done? or are you worried about the vc segment? orlando: i am very bullish about private equity. the top private equity managers, this is a time when they shine. because all those economic problems that you have been reporting on, inflati

bloomberg asset management reporter. speaking of private capital, we will be in berlin this week. we will be heading along. the world's biggest private capital conference. that will include carlisle, scott, orlando and michaelget to the first word news. that is adrian wong in hong kong. >> nds as a faulty electronic scheduling system was the cause of its worst rail disaster in nearly 40 years. the search for survivors has ended with 288 people dead. indian railways says or -- more than a thousand staff our work to clear the wreckage while a high-level inquiry gets underway. saudi arabia will make an extra one billion barrels per day in july, taking his production to its lowest in years. russia made no commitment and the uae secured a higher production quota for next year. the coalition pledged to maintain existing cuts until the end of 2024. hundreds of thousands of people have marched through the streets to show their support ahead of october's policy elections. poland's ruling law and justice party has been criticized by the eu. global news, 24 hours a day on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. that is it for bloomberg markets. ♪

michael capon will be with us in a bit. this is bloomberge far from our inflation target of 2%. we are strongly committed towards keeping inflation at 2% over time. nearly all participants expect that this will be appropriate to raise interest rates somewhat further by the end of the year. earlier in the process, we were seeing it was important. it is not important now. given how far we have come, it makes sense to move rates higher, but at a moderate pace. jerome powell unscripted. he stayed close to the script. mike mckee is scheduled to join surveillance. what an aude. thank you for joining in. we will see a data check some of the storylines behind the data check. it will encapsulate a thursday claim. this is the first time we've mentioned claims in 12 minutes. that shows who the topsy-turvy day it's been. i want to go through equities, and pick it up with your story. futures at -11. dow is -88. the vix is 13.81 print i will call this a fractional weight to the tape after two days of struggle. what do you see? wax a crying higher. you can

vonnie: microstrategy chairman and cofounder michael seiler. 20 more to come on "daybreak asia". this is bloombergautomatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh haidi: -- vonnie: with the vo j and focus i thought it was fascinating to see that even after having seeing a rally, investors are piling into any bts they can find for japanese stocks. the ishares msci japan etf, which is blackrock's etf, japan's focused etf, the green and right hand side. there is a few days of red but it attracted something like $1 billion in the last week alone. the biggest weekly inflow since 2018. haidi: it's interesting because we have talked to strategists who said there is still value to be found in parts of the rally yet to be run. but a lot of the background elements contribute into the optimism aren't exactly new. yes, inflation is starting to pick up. you have the policy divergent story. warren buffett probably has

michael mckee, thank you so much. looking forward to inflation analysis next week. joining us now is one of the key calls within the bloomberg directional call and also throw a date on it. matthew luzzetti at deutsche bank had the courage to do that a long, long time ago. they said there is going to be a slow down, some form of recession, but it is going to be out there. he nailed that call. get an update this morning. let's go to the timed element now. which week, which day, which i would do we get a recession? matthew: that timing is always very difficult. tom: i will let you name a month. matthew: we are still q4. we kept the recession timing in q4. i think it is based on we have seen the fed tightening very aggressively, you have seen conditions tightening. have seen some breadcrumbs within the labor market data of some softening. i would be cautious about this morning's data, just because there are seasonal adjustment issues. if you look at last friday's jobs report showed the permanent job risers -- job losers rising. i think that is an important indicator. as you look for the consumer, you have student debt payments c

michael is saying? i don't think the current system can responsive and even if you got to the person at the there would be i remember steve goldsmith who was deputy mayor to bloomberg wanted to go for administration why don't you go around and talk to people in different agencies talk about how they could do their jobs better and he was told that he couldn't that would be unlawful it because it violates the direct dealing probe in the collective bargaining agreement that you can only deal with the union so so literally if you talk to somebody on top i guarantee you there's a thousand regs. there's some lawyers look at before he can respond to you. so i think the only solution to this is getting response from. the top, at least for you, individual here, for me individually, but to do something like jennifer murtazashvili suing university of pittsburgh to design systems that are that are designed that are aimed at being responsive at the local level and where people are accountable, a local level. i actually had question do you remember a time where there was something you needed? and then you either asked a police officer, a teacher and and responded, yes, sorry. ye

michael mccaul, wrote biden was right to call xi a dictator and the u.s. should treat him as such. joining us now white house reporter for bloomberg news. great to see you. let's start with fall out there from president biden's comments about xi jinping. now damage control being put into place. it seems blinken's trip to beijing was a step in the right direction, but since then we've had more revelations about the chinese pace building in cuba and now this from president biden. take us behind the scenes. what are administration officials trying to calm this down? >> i think this was a moment of really one step forward and two steps back for the biden administration. i think what was so surprising about the comments was just how close they came to secretary blinken's trip where this trip was really seen as a success. both president biden and president xi said that there was progress here. that was something biden said in california. and at the same time biden goes the next day saying something exactly the chinese did not want, where he seemed to refer to xi as the world's dictators in this long rift in the campaign's fund-raiser and i think context import

shery: michael shoemaker, head of global macro strategy out of wells fargo. more to come on daybreak asia. this is bloomberg♪ shery: pete buttigieg says he wants to de-risk global supply chains. he spoke with bloomberg on the sidelines of agc -- g7 meeting in japan. he was asked about the challenges posed by china's ownership of international container ports. >> as we seek to diversify our supply chain and economic relationships we want to make sure the capabilities are not concentrated with any one country. certainly with a country that might demonstrate a willingness to use them in ways not connected to what is best going forward commercially or in terms of international order. we want to make sure that at least when we can agree on matters that we are operating on a basis that can be understood to be for the benefit of all. >> are there any other sectors that need de-risking? even the drug sector. the world is reliant on basic drugs when it comes to china. >> i do not want to wander far outside my own portfolio. these subjects are active conversations. regarding supply chains i can say we have seen if th

michael hart later this hour. but first, why big u.s. is showing stronger science of disinflation than europe or australia. this is bloomberg. ♪ did you know you can get someone to shop for you? with stitch fix, it couldn't be easier. i share my style, size and budget. and they shop just for me. my shopper sends me stuff i feel good in. i keep what works, and send back the rest. stitch fix. a third kid. what if she likes playing golf? it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next. haidi: this is the pitcher as we set up for the start of major markets, and online in asia. we are set to open a little bit lower than the wake of losses in the u.s. sessions. those declines coming from investors feeling more cautious i had of jay powell's testimony in front of congress. we are seeing the demand for havens. the question still out as to whether we see that playing out for the japanese yen. futures looking soft across the board here. we ar

michael mckee with us this afternoon look for the president and chief executive officer. this is bloombergho teach us and rescue us, the people on our team and in our family. us and the people who served. the people we work late with and stay out late with. it can even happen to the person in the mirror. opioid use disorder is a disease that can happen to any of us. it's possible recovery can happen to any of us, too. back in the day, sneaker drops meant getting online to wait in line. now with xfinity mobile... ...we get the fastest mobile service and can get the freshest kicks asap. i got this. save hundreds a year over t-mobile, at&t and verizon with the best price for two lines of unlimited. nice job, little sis! they grow up so fast... i'm a fan. from xfinity. bridgett is here. she has no clue that i'm here. she has no clue who's in the helmet. are you ready? -i'm ready! alright. xfinity rewards creates experiences big and small, and once-in-a-lifetime. it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then

in the next hour michael contopoulos and kathy jones with charles schwab will be joining us coming up in about 30 minutes from now. this is bloomberg ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. bridgett is here. a bank that knows your business grows your business. she has no clue that i'm here. she has no clue who's in the helmet. are you ready? -i'm ready! alright. xfinity rewards creates experiences big and small, and once-in-a-lifetime. tom: bloomberg surveillance into claims and lisa abramowicz tells the advisory group limited visibility at macy's. not a scathing note but it's a market perform tough year ahead note. lisa: that's what people are readjusting to with those shares lower at this point by 4%. tom: you wonder if there will be claims from maces as they right size. we turn to michael mckee on the anticipated weekly dated and other stuff as well. mike: including unit labor costs and foreign productivity. we see nonfarm productivity down 2.1% but had initially been reported as 2.7% negative. a sl