oksana: late 2019, early 2020.is really hard to assume the yield curve is signaling anything given the amount of central-bank meddling. given the extraordinary amount of liability management, long-term liability management coming into place, with a population getting older. there is probably demand that will continue to anchor the long end of the curve, but 10 years and in is susceptible to the supply demand dynamics and what the fed will do. nothing i'm hearing from the fed is particularly dovish. lisa: when do we see a yield curve inversion? matt: we think we will not see it. we think it will bottom near the end of this year. the ecb will be in play late this year, early 2019. that will allow the yield curve to invert. we would put that well into the future and call that a late 2019, early 2020, if it happens at all. joe: 2019 event, hard to say when, given the technicals. oksana spoke about a lot of moving flows, u.s. inflation, wages, what the ecb chooses to do. the recession will follow the inversion possibly

oksana: sell. >> sell. >> sell. thanks to oksana aronov, joe higgins, matt toms.rom new york, that does it for us. see you next friday. this is bloomberg real yield. ♪ 2, down. back up. our phones are more than just phones. they're pocket-sized personal trainers. [ upbeat music playing ] last-minute gift finders. [ phone chimes ] [ car horn honks ] [ navigation voice ] destination ahead. and discoverers of new places. it's the internet in your hand. that's why xfinity mobile can be included with xfinity internet. which could save you hundreds of dollars a year. it's a new kind of network designed to save you money. click, call or visit a store today. streaming "must see tv" lhas never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile saving money is effortless too. it's the only network that combines america's largest most reliable 4g lte with the most wifi hotspots and it can be included with xfinity internet. which could save you hundreds of dollars a year. it's a new kind of network designed to save you

think that issue with macedonia and keep pushing for the expansion of nato is so present earlier on oksana you spoke about where countries should do what they want and you know in terms of institution think about it as supply and demand nato supplies itself and whatever service it gives and countries demand ask for membership or not and would you agree that in all of these stories we need to start from the countries themselves even if we're talking about ukraine or whatever countries but in the balkans and specific in macedonia today we have countries who maybe they're wrong you know i don't know but they themselves their government and majorities of their population would like to be part of these institutions there is this kind of attraction whether it's the e.u. in the money in the markets that it represents and perhaps the values whether it's nato with the sense that it will bring some kind of security and like mindedness they demanded they asked for it you know macedonian friends are north madisonian friends the reason that they change their own name to north methadone and this is not

think that issue with macedonia and keep pushing for the expansion of nato is so present earlier on oksana you spoke about where countries should do what they want and you know in terms of institution think about it as supply and demand nato supplies itself and whatever service it gives and countries demand ask for membership or not and when you agree that in all of these stories we need to start from the countries themselves even if we're talking about ukraine or whatever countries but in the balkans and specific in macedonia today we have countries who maybe they're wrong you know i don't know but they themselves their government and majorities of their population would like to be part of these institutions there is this kind of attraction whether it's the e.u. in the money in the markets that it represents and perhaps the values whether it's nato with the sense that it will bring some kind of security and like mindedness they demanded they asked for it you know macedonian friends are north madisonian friends the reason that they change their own name to north methadone and this is not a

think that issue with macedonia and keep pushing for the expansion of nato is so present earlier on oksana you spoke about where countries should do what they want and you know in terms of institution think about it as supply and demand nato supplies itself and whatever service it gives and countries demand ask for membership or not and would you agree that in all of these stories we need to start from the countries themselves even if we're talking about ukraine or whatever countries but in the balkans and specific in macedonia today we have countries who maybe they're wrong you know i don't know but they themselves their government and majorities of their population would like to be part of these institutions there is this kind of attraction whether it's the e.u. in the money in the markets that it represents and perhaps the values whether it's nato with the sense that it will bring some kind of security and like mindedness they demanded they asked for it you know macedonian friends are north madisonian friends the reason that they change their own name to north macedonia and this is not

alan: te quedas con oksana e irina? te vas a quedar en rusia?va a hacer el balÓn de oro. va a ser el mejor jugador del mundial. francisca: pensaban que era imposible que ganarÁ ayer y miren cÓmo ganaron. [risas] karla: vamos a la pausa pero regresar tenemos muchÍsimo mÁs. el verano no lo puede dejar sin un centavo. le damos los mejores trucos para ahorrar dinero en esta temporada. francisca: a tres aÑos de la partida de joan sebastian somos parte de los homenajes al rey del jaripeo. sus hijos josÉ manuel figueroa y julian figueroa nos hablan de cÓmo recordarÁn a su padre además alexis ayala habla de su recuperaciÓn despuÉs de sufrir un infarto. karla: desde la gran manzana hablamos con el hombre que es furor de las redes con su antidieta. francisca: no se vayan, seguimos mÁs con el show nÚmero uno de las maÑanas gracias a ti. ♪ ♪ ♪ francisca: gracias por seguir con nosotros en su casa "despierta amÉrica". como ya saben ana patricia dio a luz a su pequeÑo gael leonardo. se ve el momento donde giuletta ve por primera vez a su hermanito. miren el v

coming up, i will be joined by oksana aronov, and as we had to we sawthe rally underway in stocks yesterdayg onto that. the s&p futures up about four points. in other asset classes, this is all you have to know -- strong dollar story. dollar-yen 111.18. this is bloomberg. ♪ alix: from new york city for our viewers worldwide, i am alix steel. this is the countdown to the open. ♪ alix: coming up, bulls on the earnings parade. the bulls regaining control of the market. playing offense for defense. president trump reiterating concerns over nato, calling on allies to boost their defense ending. tesla planning a factory in china to produce 500,000 vehicles a year, setting up production in saying -- in shanghai just after the tariffs kick in. the best moves for the dow and the s&p and months. four points up in equities. euro-dollar down 3/10 of 1%. it is a stronger dollar story. yieldsn the 10 year with moving higher about one basis point and curves staying flat.

ukraine is trying to unfreeze year.s after more than a we will speak to the finance minister, oksanawe will bring you our exclusive --erview with our exclusive with bernard hold letter -- hodler. you're watching bloomberg surveillance. i am francine lacqua in london. let us get straight to earnings. hostedbaer has the -- net new money. shares are trading lower today. we meet with bernard hodler. he has stepped up hiring. he spoke with bloomberg daybreak anchor, manus cranny exclusively in zurich. bernard: we will be between 4% and 6%. that is my guidance. in january i said that 2017 was an extraordinary year. markets went one way. i can confirm that i feel comfortable to land within the 4%-6%. manus: you have a different presence as you come into this room. what has been the biggest challenge in the last six months? have notthe markets been easy and volatility has come back. it is good for julius baer because we have more interaction with our clients and i feel very comfortable in my seat. this time last year asia yielded the best inflows ever. how is asia holding up given the china