tom: very good, mohamed el-erian with us. continue on a number of themes, including the federal open market committee. dr. el-erian was not invited. maybe he will be invited next time. we will observe at 1:00 p.m. this afternoon after a generous lunch. mr. miggckee in washington. this is a nuanced fed decision today. the fed decides, one :00 p.m. we will be there without mohamed el-erian. ♪ reporter: this is "bloomberg surveillance." it was a rocky day for uber. the company was in the spotlight for its workplace culture. david bonde has resigned from the board, apologizing for his remark during the meeting intended to address gender bias. later, travis kalanick said he would take a leave of absence. and one of china's fastest-growing insurance companies says the chairman is unable to perform his personal duties. a local magazine have reported that wu was taken away for questioning by chinese authorities. that article has been a movement from the magazine's website. francine: thank you, taylor. the federal reserve is widely exp

david: thank you so much, a home el-erian -- mohamed el-erian. an exclusive interview with david einhorn. next, we will be joined by the center, and outspoken skeptic of global warming. live from new york, this is bloomberg. ♪\ ♪ jonathan: from new york city, you are watching bloomberg. we are about 10 minutes away from the opening bell. futures still positive. all-time highs at the close on the s&p 500 yesterday. the action in the treasury market following the downside surprise on the payrolls report, we breached briefly a 2017 low on 10-year yields. just offset now down three. does mean a softer dollar story in the fx market, specifically against the euro. david: thank you. we will turn back to climate now. during his 23 years representing oklahoma in the senate, jim inhofe has taken a leadership role on the environment including chairman of the committee on environment. about not been shy challenging global warming calling it a hoax. senator inhofe joins us from tulsa. welcome to the program. thank you for being here. it is the day after. do y

. >> al economic adviser mohamed el-erian says why you need to pay attention to the fed's moves right♪ minutes old. ♪ a baby's skin is never more delicate. ♪ what do hospitals use to wash and protect it? ♪ johnson's® the number 1 choices in hospitals. we, the tv loving people, roooooaaar!!! want our whole house to be filled with entertainment. maas we just want to stream live tv. and we want it for 10 dollars a month. (batman:raspy) wow. i'd like that in my house. it's a very big house. yeah, mine too. look at us. just two bros with sick houses. high five. directv now. a big streaming deal for $10 a month. it's entertainment your way. (baby crying) ♪ fly ♪ me to the moon (elegant music) ♪ and let me play (bell rings) >>> welcome back tech stocks are getting hit hard in the final minutes of trading. as mentioned, the nasdaq is down nearly 100 points. susan lee is back at headquarters with the details. >> i want to show you what's happening other at the nasdaq because we're looking at a second straight day of losses and all comes down to technology, namely google and alphabet trading at

let's bring in our friend, mohamed el-erian. we have so much ground to cover with you both here domestically and internationally. let's start with uk elections. your thoughts? the equity markets there today rallied and we know about the plunge in the british pound. what's your assessment of that all? >> so i think that what you ended up, as wilfred said, on the outside it looks the same. think of a bottle with the same label, but the content is completely different. after the election, britain faces a lot more political uncertainty. it faces economic weakness, and where you're going to see the major movements are mainly in the currency. the equity market will be torn between the outwardly oriented companies that will do well and the inwardly oriented companies that will suffer. >> what's the time frame over which that actually takes place because even the hard brexit that prime minister may had been talking about before, i mean that was described as a thousand paper cuts. how long does a softer brexit now take? >> so i'm not sur

mohamed el-erian was saying this is no longer the trump trade or the reflation trade.avid einhorn was talking about his bubble basket. the market is at a record. what is it saying. >> the market is saying the themes that have worked this year are likely to continue working. technology is based on earnings, based on momentum. there is always an element of that particularly when the other sectors such as financials and energy, sectors we would be more comfortable seeing as a catch up trade as a ratification of the economy doing better, not working. it is steady as she goes based on the subdued 10-year yields. mark: what is the sum of no fears? can be economy earnings and markets remain not too hot or cold? fears ism of no manifested in the vix being at 10. it is truly extraordinary. the last time we saw that was late 2006. what we need to see to keep goldilocks going is this pick up in the economy that is we heard from gary cohn earlier the administration is doing what it can but investors have grown at the margin a little weary of what is palpably lack of progress. i th

mohamed el-erian will be here. don't miss those interviews.loomberg. ♪ . ♪ trump economy, we have the first word news. >> president trump has decided to keep the u.s. embassy in israel where it is in tel aviv. during e campgn, he promised to move the embassy to jerusalem but more thaa we aftere visited the city, the president signed a waiver that will hold off on that move for another six months. presidents have signed the waiver since congress passed a law ordering the move in 1995. on capitol hill, some lawmakers signaling they intend to push back on the trump administration's moved to .mprove relations with russia the senate banking committee wants to toughen sanctions against russia over its action in syria and ukraine. the proposal targets sectors of the russian economy including mining, metals, and railways. cleanup continues in afghanistan after a massive truck bombing yesterday. the city's acting mayor says the blast caused property damage as far as 2.5 miles away from the blast site and says the attack caused more than one million dol

we will break this down with a mohamed el-erian. don't miss all of the great things.loomberg. ♪ ♪ vonnie: this is bloomberg markets. blackberry is on the move today after citroen said shares could next two years. citroen says the software maker could be a takeover target as it plays a key role in the autonomous driving and ai. joining us is the founder of citroen research. ay did it take you to shine light on blackberry for the stock to move 10%? >> i don't think it was just me. other people discussed it as well. some really good analysts noted its. what is interesting is over the past few years was mobile line. the stock with taken over. the install based at mobileye had, they were 15 million cars, their ability to upgrade their software as time went on. mobile i acquired -- mobileye i acquired for $50 million. it showed you the value of being in cars and the movement behind the autonomous movement. now we see blackberry is at 60 million, four60 times as many of mobileye. while they are not a trip driving autonomous, the 7.0 could be the operating platform that the c

julia: bloomberg television will break down the numbers with bill gross of janus capital and mohammed el-eriand programming note from new york. this is bloomberg. ♪ joe: what did you miss? stocks trade near record highs, how should investors hedge themselves? i want to bring in meb faber, co-founder and chief investment officer of cambria investment management and joins us from los angeles. thanks for coming back. so people have been buying protection on anticipation that eventually volatility is going to come. but it's been costly. volatility has been very muted. correct strategy at this point in the cycle? meb: you know, we've been talking about the same sort of thing, you and i last three years on this show. which is we've been in one regime which is u.s. stocks going up, outperforming the rest of the world. in foreign stocks underperforming. so u.s. stocks have continued to get more expensive. while foreign stocks have really languished. so the good news is that message was really hard to give on this show for a number of years. until about a year ago. really 2015, 2016, when foreign stock

mohamed el-erian likes to talk about unknown unknowns. haman's unknown unknown?isks from north korea. that is one that we have little clarity on and could affect global markets. francine: pimco head of sovereign credits and elsa lignos stays with us. theresa may has a speech at 7:00 a.m. in new york, 12:00 p.m. in london on brexit. are we expecting more clues on eu nationals in the u.k., probably not. that is monday. but, she will talk about other negotiations. this is bloomberg. ♪ francine: "bloomberg surveillance." francine and tom from london and new york. oil heading for the second week of decline after sinking as bear market pressure increased. added to this is the impact of increased production from bolivia, which is now pumping the most oil in four years. the bloomberg manager for em energy. with us, we still have lupin elsa lignos.upin l hashere's nothing that changed to give people much optimism on the market. it looks like we are for the fifth week, which is terrible. people are looking for some kind of change from opec. a signal that they are willing t

tomorrow, payrolls friday with a great lineup of guests including bill gross, and of course, mohamed el-erianrg tv. ♪ jonathan: the adp report shows to watch and 53,000 workers out of payrolls. jpmorgan bank of america and morgan stanley guide all the estimates, a little bit lower. the president may say we are pulling out of the paris climate accord. the u.s. conjoint syria and nicaragua as countries not part of the deal. from new york city, good morning. alongsidehan ferro david westin and alix steel. the opening bell is 30 minutes away. up .2%.firmer treasuries softer after the upside surprise on the payrolls report. two basis points higher. the main course comes tomorrow. comingout the morning, up 3%, .6 percent. autos the auto -- other less. number is key. held buying privately german construction equipment maker. , it is road construction. overall construction industry. reportedly it approached the pinnacle to discuss a deal. it says it may be ready to pay a hefty premium for the deal potentially as high as $75 name that number. really big synergies for the company. rounded out with tech

mohamed el-erian was saying he is really concerned about stagflation.se, you have a sterling that has gotten significantly weaker. in theory, that should give you inflation pressures down the road and that should prop them up 9-14 months out. are we in that position right now where inflation may be at a low for now and then starting to move a lot going forward? that could explain some of the vote. i think if sterling is going to give us the biggest message right now, in how they are thinking about the lag effects, that might be something to consider. jonathan: we are looking forward to chancellor hammond and governor carney speaking. maybe we should take the speeches with a big pinch of salt. this was governor carney back in the summer of 2014 at the very same event. take a listen. governor carney: there was already great speculation about the exact timing of the rate hike and this decision is becoming more balanced. it could happen sooner then financial markets currently expect. jonathan: jamie murray, the summer of 2014 was a different world. we used

mohamed el-erian wrote in and asked me to ask you how you back inact if you were your old job with theve me that softball. i started forecasting a year and a half ago, that the bank of byland would be hamstrung brexit. you have a rise in inflation, decline in purchasing power. it has been several months' lag, but now it has kicked in. i do not envy my former colleagues. i think the call governor carney made to keep rates from going up right now is correct. there is no major inflation. the pound has not fallen out of bed. you do not want to manipulate interest rates just for the sake of the pound, unless things get out of hand. it is a difficult choice, but or now, there is no reason to raise rates. jonathan: how do you explain it? majority of people anticipated that you would see sterling rollover, inflation would go higher. not many people anticipated output would remain as stable as it has done relative to expectations. thought the bank of england would look through the short-term spike in inflation and focus on supporting output, so what is happening now that was not happening in 20

mohamed good to see you, sir. >> thank you. >> thank you so much el-erian back with gdp number. . gabbiback, thursday, june 29 top stories 8:30 a.m. on the east coast. both big on america samsung says it will create nearly 1,000 jobs, at a new south carolina plant as president trump prepares to meet new president of south korea this afternoon, president trump, promising a surprise on health care, despite the senate vote being delayed commander in chief optimistic a deal will get done secretary of health and human seniors services weighed in on where things stand this hour. >> before this administration came into office, a third of the counties across this country, had one insurance provider to offer any coverage on the exchange, the premiums were going up deductibles going up continuing to skyrocket, it is because of the structure of the program. so what we're trying to do again is to fashion a program, that allows every single american to have access to the coverage they want. >> very latest on battle coming up major banks clearing second round of federal reserve stress test all