patrick harker kicks off a busy week of fed speak. some critical economic data ahead.king to retail sales for the health of the consumer by tuesday. wednesday markets are closed for juneteenth. thursday more central bank decisions from the fnb, boe and norges bank. friday, global manufacturing pmi's. the final thought on all that fed speak for next week, patrick harker, susan collins and many others throughout the week. we have been talking about it with our guests. it is divergence many looking for on how they feel about the future of this economy over the next year as they look to make the first rate cut if not a second is a market would like. from new york that does it for us this week. same time, same place next week. this is "bloomberg real yield" and this is bloomberg. ♪ want to save on some of the biggest names in streaming on the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™ that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a month. all your favorites. all in one place. only from

parker emphasized -- patrick harker emphasized this. the fact that they will be more focused on data dependency. he is a non-voter by also leans towards the dovish side. the dovish members of the fomc say he is leaning towards one cut. you have the momentum building and it looks like the treasuries have been overbought. it looks like anything could trigger a selloff in treasuries. it is likely that could be one of the key things -- where the momentum was too strong and too much in favor of treasuries and that is likely to reverse. tom: when it comes to the data question, it was interesting to hear from goldman sachs. in terms of the health of the consumer, we will get a gauge later today with retail sales coming through. what will you be passing when it comes to that data set? >> it is about the consumer. how the consumer is holding up. we are seeing cracks in the labor market. do they start resonating within the consumer? but if we see it is holding up relatively well. it will be hard for the fed to decide on moving away from a more ha

kelly, patrick harker has the 2026 right now and he's a member of the committee, but a non-voting member. >> in other words, where would you put him on the hawk line right now? >> i would kind of put him in the middle. i don't think he has -- he has not led either way on all of this. he's very much a centrist. very focused on labor markets in a lot of his talks and a lot of his research. it's interesting when you're trying to figure out where is the center of the committee. one cut is his base case and it tells you more than what you would otherwise think. >> our steve liesman. >> european stocks continue to fall one week after the parliamentary elections shifted the eu further to the right. today citi downgraded to neutral while upgrading. joining us is beta diamante head, kwty research. welcome. >> thank you for having me. >> it might be reassuring to some of us that europe's political risk is bigger than ours right now. explain. >> exactly. this is the pushback i'm getting. we are talking about geopolitical risks in europe and the risk is actual he coming out of the u.s. we have this

patrick harker is confused.dering how much this clouds how much the market will respond to retail sales that are expected to soften. it is unclear how to interpret it when some people are telling us to ignore it. dani: it is a moment in time when it seemed like the fed's uncertainty, their default is to have just one cup this year. the market have been pricing in two or three. that is what the fund managers survey showed us. it is almost as if the fed is over correcting what they did in december, unleashing this verbal cut in december. perhaps they are concerned about getting excited about the data. if they had all the data in hand today, cpi, ppi, sop their retail sales, maybe they would have put in one cup. lisa: that is why we'll be listening to the six event speakers that come up today. right now, market's not doing a lot, session is young. we saw this a lot yesterday, waffling around and in interesting into the close. the s&p's overall gain, almost 15%, equal weighted 4%, russell 2000, down on the year. dol

patrick harker says he thinks one cut before the end of the year would be appropriate if his economicorecast plays out. two cuts or none are both possible depending on the data. speaking at the event in philadelphia, harker said last week's cpi data was welcome, but overall progress on inflation in recent months has been modest and short of the confidence needed to begin loose ening policy. >>> the u.s. retail sales figure is set to move 0.2% month over month. the u.s. futures is going higher following the positive session on wall street yesterday. it saw the 30th record close, should i say, for the tech influence nasdaq. finishing with the gain of 1%. significant uptick there. both indices, the s&p 500 and nasdaq, reaching all-time highs during that sessions and closing then at records. tech stocks again performing well. >>> let's head to the airlines where boeing's ceo dave calhoun will tell the u.s. senate panel today that the firm is concerned over the safety culture and expected to tell lawmakers it is quote far from perfect. it does come after a mid air blowout of a door plug on

philadelphia federal reserve president patrick harker says he views one interest rate as appropriateving inflation. we'll hear from the bank of england on thursday, they're expected to hold interest rates steady, 5 and a quarter percent. that's the macro story. but volatility, the vix is at 13, very low volatility. what do you make of that. >> at this point we're starting to ask ourselves as investors is this time different, can we actually take a deep breath or is this the calm before the storm and so in that situation if we want to see several months in between rate cuts, we have six months left in the year. if we want to say we're going to see one rate cut as a team of active managers, we're not expecting that to make a huge difference in terms of our strategy. the market will react. we'll get a buying opportunity or a chance to offload something. i would agree this sort of everything seems to be working out just right is exactly the reason to sit tight. [laughter] cheryl: september could be a whole different story. >> settlement could be -- cheryl: it's an election year and that

monday patrick harker speaking. cap for that. tuesday, another round of jobless claims. we will find out if this week was a head fake or not. that is going to be a big data point for us next thursday morning. joining us to wrap up the g7 is annemarie in the south of italy. we have been talking about the domestic difficulties the sitting president is having in the united states. but emmanuel macron -- that emmanuel macron is having. summarize what you have been taking away from the meetings this week. annmarie: they were able to get over the finish line some of these deliverables when it comes to supporting ukraine. today there is going to be a focus on going after china, its economic clout, anti-dumping issues. but all of this has been overshadowed and has really played out into the forefront of these discussions. the domestic issues these leaders are facing at home. most notably when it comes to emmanuel macron you have meloni saying he is using this form for electioneering purposes. rishi sunak has found it very h