who will replace governor phil lowe? bloomberg news reporting he will not be getting that three year extension that he said he is open to. rumors and speculation have been swirling for weeks and months now. perhaps we will finally get the confirmation today. we know the cabinet meeting is taking place, and following that meeting, treasurer jim chalmers will be delivering that announcement presumably with the choice of his successor. we know among the top candidates from treasury, steven kennedy, the deputy governor michelle bullock seen as a continuity candidate. but it is interesting because so much criticism when it comes to mistakes being made in the rate hike cycle, the guidance that had turned out to be quite erroneous in ways when it comes to growth expectations. but it does look like after so many months of discussion, we may have an answer. we know the markets will want the certainty. kathleen: they certainly will. i am surprised that phil lowe did not get another term. there was a lot of pushback against being a

meeting, he sounded so positive on phil lowe.lly going to be the case that they figure that >lowe has done his job and it is time to move on? do they have to make it clear that they are looking at a field of possible next governors so they can reappoint lowe and have everybody say, "you did it the right way?" swati: that is a possibility. every single time they have spoken to journalists in the past couple weeks, both the prime minister and jim chalmers have reiterated that governor phil lowe is very much a contender. they have said good things about him and how he is a seasoned central bank, and very experienced and has done his job very well during one of the toughest times in history. so he is definitely a contender. there are other people of that shortlist as well, which the treasurer and the prime minister has not openly spoken about. but we know that there is treasurer secretary stephen kennedy, dignitary of the department of finance, and the current deputy governor michelle bullock is also being spoken about. there is also

shery: we have seen a lot of challenges for phil lowe in the last few years. the pandemic and perhaps even some criticism about how he dealt with it when it comes to communication. what are the chances that his term is extended? paul: there is every chance and phil said he wants to continue in the job. if he got an extension it would be three years taken after 10 years, with the last two governors got as well. the opposition has weighed in as well. the finance spokesperson jane says she would like to see phil lowe reinstated for another three years because she says replacing him during tightening would sort of raise political questions. the rba is meant to be apolitical, but a lot of voters do not separate the two when they are staring down the barrel of big increases to cost-of-living and mortgages and rents. to your point about communication, there was a terrible misstep when phil said rates would not rise until 2024. here we are halfway through 2023 and we have had 400 basis points of increases with more to come. so that is probably going to be a factor tha

that is what we will see from phil lowe and his team today. >> you can get more on the bloomberg when it comes to the rba decision later, to get that commentary and analysis from our team of expert editors. still ahead, we take a look into indonesia's fast-growing ev sector. coming up next, equities can still rally in the face of holding liquidity and rising bond yields. this is bloomberg. ♪ >> my view is you end up with inflation disappointing on the high side a bit. ending up probably bad for bonds and a little bit bad for equities and generally week -- weak growth. >> greg jensen, on market sentiment, as we continue to see signals of recession risk. we are talking about the yield curve inversion. at this point this is the to year yield topping the 10 year yield by 109 basis points. today it went up to 110 basis points. there's been a lot of volatility in the to atencio curve, the inversion going as much as 111 basis points since march, two is little less 27 basis points. the fact remains that traders are trying to gauge where the fed is taking its tightening path and what that mean

he is taking questions, the rba governor phil lowe lived for us. plenty more ahead. but just becup interest-rate risk. haslinda: the sensex trading in positive territory along with the rest of asia as we come down to that cpi print out of the u.s. india a red-hot market. equity funds have seen 28 months of purchases led by small caps. nifty up 0.1%. for now here's the top global stories we're following. taiwan detected 29 chinese warplanes tuesday in its self-declared air defense zone. fighter jets, bombers and other aircraft were taking part in training exercises with warships off its southern coast. taiwan deployed aircraft and ships in response. president xi told china's military to strengthen drills in taiwan's strait. state media quoted xi telling a meeting that official focus should be on international investment, trade and financial innovation. china's attempts to encourage foreign investment have ramped up in recent weeks as its post-covid recovery struggles. thailand's prime minister is retiring from politics. the current front runner to be prime minister se

the treasurer and fellow were due to had -- phil lowe were due to head to india. we spoke to the governor on wednesday and he said he would like a three year extension. he says if he does not get extended, he will do what he can to support whoever does get the job. he did announce changes to the rba, a way that it is run, the number of meetings. that may well have been his last speech, and somebody new might be ushering in those changes next year. haidi: we will be keeping on top of all of those developments. let's get you to belle. what a set up. annabelle: there was a lot for investors to be considering this morning. we will be watching for any sort of reaction to the rba possible decision on the way around governor philip lowe. aussie dollar holding fairly flat, but this morning in markets it really is that this inflation trade that investors are clinging to. we have got ppi numbers coming through from the u.s. following cpi ones earlier this week as well, so we are continuing to see that retreat in bonds and led by the front end of the curve. there was also pb

a couple more meetings with phil lowe at the helm. a close call.aidi: lots of takes when it comes to the bank of japan. does it seem like they are settling in, we will not see any more surprises? kathleen: that was a big enough one for six months when they decide to tweak the yield curve control band. it has been 0.5 on the side of zero. now it is still the target but the boj will be buying bonds daily at 1%, opening the door to the moves we saw yesterday when you can see the far right-hand side of the terminal screen, the 10 year jgb hit .6 momentarily. boj came in with unexpected -- what do i want to say? telegraphed bond purchases. the last couple of days our team in tokyo, our boj team has done a survey and here's what they found. right now the majority, more than 90% say this is it, the boj are not doing anything else. 26% see the next policy shift in april and 78% see them getting rid of yield curve control. former boj officials, current officials insist that moving the band is not a policy change. the policy change will be not when we do tha

phil lowe talked about a balanced decision. where will it be?ednesday, minutes from the june meeting, we will get what their argument was for causing and are they ready to hike -- what their argument was for pausing, and are they ready to hike in july? 225,000 right now is our payroll survey from bloomberg. down from 330 9000. unemployment, by the way, might actually go down from 3% to 3.6. still indicating a very tight u.s. labor market. haidi: our global economics and policy editor kathleen hays in new york. let's look at what to expect. as we get into the second half, bloomberg's cross asset editor reporter richard henderson joins us now. there are lots of concerns about valuations and the narrow breadth of what we saw outperformer for the u.s. market. what are the expectations for the second half? richard: that is a great question. we have had such a powerful first half, the nasdaq 100 i think is at a record high in terms of first-half performance. the s&p 500, best first-half since 2019. if you remember that year, it was a wild one because

then downgraded to hold by jeff frees today, lags behind rivals in the ev space let's turn to phil lebeau. how lows the bar here, phil? >> you mean how low can the stock go is that what you're asking >> maybe has expectations for earnings come down somewhat? >> they have oh, absolutely and we will show you in a little bit how much the analysts estimates -- they brought in their estimates for the second half of the year when you talk about the downgrade it's a couple things, they've cut it to hold and lower the price target from $17 to $15. you are not seeing a huge difference in the target but they're going to be spending more and a slower ramp when it comes to the ev business their guidance for how much they're going to spend on evs this year has gone up $1.5 billion in just three months not expected to be over, what, $4.5 billion for the entire year and that's much greater than they were spending last year bottom line is this, their ev development is coming along at a slower pace. now, look, they're knocking it out of the park when it comes to internal combustion vehicles and commercial vehicle

phil. this is low need miller, of from the fort lines the investigation code, the road investigating the us railroad industry. jessica and jamie is living it, but you can find out their experiences right here now to 0 fort lines. thanks for watching my plan for us. i seen in the future for us to leave this home to our son. so he could have a good start in life. we don't know what the future holds. it's just, i'm sorry, it's going to be safe and office, stay here. get out of dodge. the next episode of the size mixed up to a piece on a voyage to the window seat to highlight the importance of protecting this front giles on the top to cover system against an expanding list of man made threats beneath the surface of this desolation is just tv with life. so the remote unsolved take century on how to 0. how do states control information, the controlling the narrative to dominate thing, the media? how does the narrative improve public opinion and enormous fight? it might not be the most important story about china of the day, but that's what the big piece of attention to. how is citizen? jim listen

phil, this is low need miller? i'm from the fort lines investigation code the road, investigating the us railroad industry. jessica and jamie is living it, but you can find out their experiences right here now to 0 fort lines. thanks so much my plan for us i seen in the future for us to leave this home to our son. so he could have a good start in life. we don't know what the future holds. it's just, i'm sorry, it's going to be safe and office, stay here. get out of dodge the african narratives from africans perspective. nature has always been there some way . my child to short documentary spine african film make is looking at the archives that we have sometimes quite heartbreaking to look for what is key a is that it's part of our history that couple from nigeria and we writing libraries from canyon new series of africa, direct on out is 0. the powell just the, [000:00:00;00] the, the international criminal court launches an investigation into alleged new war crimes incident install for region during the on going c

phil. this is low need miller? i'm from the fort lines investigation code the road, investigating the us railroad industry. jessica and jamie is living it, but you can find out their experiences right here now to 0 fort lines. thanks so much my plan for us i seen in the future for us to leave this home to our son. so he could have a good start in life. we don't know what the future holds. it's just, i'm sorry, it's going to be safe and office, stay here. get out of dodge the, [000:00:00;00] the challenges here when when the war dream is committed is a kind of an older 0 follows that goes in the human rights investigator. on his unprecedented journey to the french high court. i visit every place to make sure that the firm i should go up to practice taking on the arms, trained in his mind for justice, for innocent palestinians, and their families made in front. oh, no jersey. if the latest news as it breaks the lives here over the years, i've had to go used to repeats itself through a tax to they say they've never be

phil. this is low need miller, of from the fort lines investigation code the road, investigating the us railroad industry. jessica and jamie is living it, but you can find out their experiences right here now to 0 fort lines. thanks so much my plan for us i seen in the future for us to leave this home to our son. so he could have a good start in life. we don't know what the future holds. it's just, i'm sorry, it's going to be safe and office, stay here. get out of dodge the strong ones at a vast empire, spending several continents. but by the 1940s, the french were forced to confront realities and demands for independence. and the 1st part of the documentary series out as they are and looks at how the colonial unrest proved sunset to know. jerry, a full scale war and indo china blood. and his french dakota nice ation on al jazeera, victorious terraces of the football extras. white club loyalty, company, violence, confrontation when i was young, when there was a football match, we were frightened because the friends couldn't go crazy. what's in indonesia? one group of revolutionary supports is us

phil. this is low named mila from the fort lazy investigation code the road, investigating the us railroad industry. jessica and jamie is living it, but you can find out their experiences right here now to 0 fort lines. thanks so much my plan for us i seen in the future for us to leave this home to our son. so he could have a good start in life. we don't know what the future holds. it's just, i'm sorry, it's going to be safe and office, stay here. get out of dodge the respect to the street and central concave shows you've help. devastating the effects of russian for me has to be. i can see where 2 of the bullets hit their about. my head highs, name with the dimensions military wanted him dead. the stealing manual beneath we were in a property on the road, costing out his ear proud recipient to new york festivals brood coaster of the year award. the 7th year running a football or from spain traded, battling opponents on the big fire fighting factories. i'm at home and abroad. quite bullying legend edit cancer now introduces stuff in the known about. awarding . used his beloved game to help

phil. this is low need miller, of from the fort lines the investigation code, the road investigating the us railroad industry. jessica and jamie is living it, but you can find out their experiences right here now to 0 fort lines. thanks so much my plan for us i seen in the future for us to leave this home to our son. so he could have a good start in life. we don't know what the future holds. it's just, i'm sorry. it's going to be safe and office, stay here. get out of dodge the village estates, control information that's controlling the narrative to dominate thing, the media. how does the narrative can pull public opinion and norma spite, it might not be the most important story about china of today. but that's what the big piece attention to. how is citizen jim listened? we played in the story, the listening post, i fixed the media. we don't cover the news, we cover the way the news is covered. the colleges when the doesn't those mohammad speaking to her twin sister who's been in prison since september 29th and i had was arrested shortly after attending the funeral of mass. i'm meeting the

low. so thank you very much and -- >> phil, are you still with us? there he is. good luck. [applause] thankk you everyone. if the governors and sponsors would proceed to hollywood west to meet the guests for lunch and then the other participants in the conference here in the harvest fest area. [inaudible conversations] now first lady jill biden speaks at the national governors association about workforce

travel boom is cooling off >> you know, quite the opposite, phil demand domestically is still strong so that's one thing we just have to remember. so low factors are high, demand is strong. the international surge is impa impacting domestic fares, but that is still higher than they were prepandemic 2019. we feel good about where the industry is and where alaska's position now to the end of the year so we're not hitting the panic button if we have to make adjustments, we will. we think we're in a solid position >> indulge me a second why are we seeing the loss of pricing power if demand is still strong >> you know, phil, that's a great question in terms of context, you know, there's a few points of load factor moving through international and just for context, we put our loyalty members are filling up the equivalent of 18 787s every day. so these were customers -- and that's 50% higher than last year so these are customers last year flying domestically that are now flying internationally that's why you are seeing a little bit of that drop in domestic fares but demand is till strong, fares are still strong i think what we see is, you kno

phil, thanks. we'll see you later. >> 48 on the low >> yeah. >> 48. 's done it my god, he's done it, maybe, culp. >> what a difference a year makes. >> culp was the guy, maybe, phil, after trying about six or seven other guys. >> a lot of heavy lifting they did and still more to do >> all right, when we come back, the irs is halting unannounced home visits for most taxpayers we've got the details right after this break >>> plus, earnings season rolls on and bring you reports from gm and 3m in the next few minutes we hope. "squawk box" will be right back. at morgan stanley, old school hard work meets bold, new thinking, ♪ to help you see untapped possibilities and relentlessly work with you to make them real. ♪ i remember being on aau trips, high school games. my mom would always say, "you need to fuel the body and you need salt." i'm like, "why do i need salt? like, who is going to do that?" she literally would make me rip open a pack of salt, pour it in my hand, and i would, like, lick my hand. sure enough, i would always be the kid not cramping, i wo

low taxation. a very big yes to the smallest state. and phil says liz truss is right.ing interest rates will just kill the economy for years to come . the economy for years to come. yesterday, a report warned that third party organisations are being brought in by schools to teach young pupils anti—racism theories as the organisation don't divide us investigated 49 third party organisations that provide courses to children as young as eight that aim to decolonise their minds. one of the organisations even advocates teaching early years children which is the period of birth to the age of five years old. about racism most insidious part of it all is that children are being tasked to take part in tests that check their knowledge of terms like white privilege. one of the organisations flower , of the organisations flower, asked children to list how well they understood the term in an attempt to apprehend how unconsciously biased the students were . pupils were also students were. pupils were also asked to answer how they would approach a situation where a teacher mispronoun

phil ting. one provides relief and reform for how toll penalty fees are assessed. it creates a plan for low income people to have their late fees waived caps, fines for late payments and sets a minimum time period before someone's car registration is suspended. i heard about a poor driver from alameda who had racked up $30,000 in unpaid fines and toll bills. what we really did is make sure that you do as a driver, have have more rights. governor newsom also signed a bill from ting which would allow california's to sue gunmakers and distribute in civil court. it requires the gun industry to abide by new state standards for sales marketing and safety. if you are a victim of gun violence and the gun manufacturers or the gun dealers or the gun sellers have it completely followed state law, they could be legally liable. at the start of the month. california became the first state in the nation to allow almost all old convictions on a person's criminal record to be permanently sealed. people who are not convicted of another felony four years after completing their sentences are eligible, with exc

phil ting. one provides relief and reform for how toll penalty fees are assessed. it creates a plan for lowfines for late payments and sets a minimum time period before someone's car registration is suspended. i heard about a poor driver from alameda who had racked up $30,000 in unpaid fines and toll bills. what we really did is make sure that you as a driver have have more rights. governor newsom also signed a bill from ting which would allow californians to sue gunmakers and distributors in civil court. it requires the gun industry to abide by new state standards for sales marketing and safety. if you are a victim of gun violence and the gun manufacturers or the gun dealers or the gun sellers have it complete followed state law, they could be legally liable at the start of the month, california became the first state in the nation to allow almost all old convictions on a person's criminal record to be permanently sealed. people who are not convicted of another felony four years after completing their sentences, are eligible with exceptions for serious and violent felonies, as well as thos

phil ting. one provides relief and reform for how toll penalty fees are assessed. it creates a plan for lowpeople to have their late fees waived caps, fines for late payments and sets a minimum time period before someone's car registered is suspended. i heard about a poor driver from alameda who had racked up $30,000 in unpaid fines and toll bills. what we really did is make sure that you as a driver have have more rights. governor newsom also signed a bill from ting which would allow californians to sue gunmakers and distributors in civil court. it requires the gun industry to abide by new state standards for sales marketing and safety. if you are a victim of gun violence and the gun manufacturers or the gun dealers or the gun sellers have it completely followed state law, they could be legally liable. at the start of the month, california became the first state in the nation to allow almost all old convictions on a person's criminal record to be permanently sealed. and people who are not convicted of another felony four years after completing their sentences are eligible, with exceptions

phil ting. one provides relief and reform for how toll penalty fees are assessed. it creates a plan for lowo have their late fees waived caps, fines for late payments and sets a minimum time period before someone's car registration is suspended. i heard about a poor driver from alameda who had racked up $30,000 in unpaid fines and toll bills. what we really did is make sure that you do as a driver have have more rights. governor newsom also signed a bill from ting which would allow california's to sue gunmakers and distribute in civil court. it requires the gun industry to abide by new state standards for sales marketing and safety. if you are a victim of gun violence and the gun manufacturers or the gun dealers or the gun sellers have it completely followed state law, they could be legally liable. at the start of the month, california became the first state in the nation to allow almost all old convictions on a person's criminal record to be permanently sealed. people who are not convicted of another felony four years after completing their sentences, are eligible with exceptions for serio

phil. you are right. we are breaking records in phoenix in all the wrong ways. not only that height and 19th day over one ten degrees, it's the low0 in the morning local time, above 90 degrees and that is part of the dawning here. hospitals seeing people come in with burns because surfaces, the ground is so hot. if people get to the point that -- at 107 degrees they are falling, making contact and dealing with the burns. dealing with a lot of the dangers here from heat. for more, let's go to anna coren in hong kong. >> reporter: china is suffering an extreme heatwave with temperatures reaching above 50 degrees celtics, 126 degrees fahrenheit. in in setting a new record for the country, it comes as u.s. climate enjoy john kerry is in beijing, hoping the two largest emitters of greenhouse gas can work together to reduce global warming. also the effect of climate change felt in south korea where torrential rain has caused flooding and landslides killing more than 40 people. even though this is monsoon season, the volume of rain falling has experts sounding the e away larm. >> reporter: you know, it's another grueling day in rome. th

. >> i just looked at that, phil, 2019 right before the market of 2020 where everything hit the fan low they will get back there >> you blink and it was 25 62 to 25. >> buffett buying the airline. they abandoned it and they came back. >> after he came back from swearing off because of u.s. scare -- u.s. air back in the old day. where is it? south america now? >> yeah. >> good to get rid of that name. want wait for that, phil you know, set yourself up at the door as he is walking in snap a shot to see if he came in with that smile. the joker type smile all right. thank you. >> other airlines see it that way. >>> coming up, another hollywood strike is looming as talks collapse with the actors and studios. the latest on that next. >>> and ftc chair lena khan is set to testify today we talk to jim jordan about that next to the "squawk box on your favorite podcast app and listen any time we're back in a second >> announcer: currency check is sponsored by interactive brokers. the best informed brokers choose interactive brokers. i'm sholeh, and i lost 75 pounds with golo. i went from a size 2

lows" of the week. our first high goes to a bright spot in an absolutely brutal week of summer travel with thousands of flight cancellations across the country. in oklahoma city, phil midnight, phil discovered he was the only passenger who hung in through the delay, and his american airlines flight had become a private jet. >> i'm the only person on the plane, and they have an entire flight crew. they do not want to do this flight. they unloaded all the bags on the plane. how many bags did you load today? >> passengers, we will be leaving in ten minutes. >> as the only passenger on the plane, phil was upgraded to first class. pick your seat, phil. and, yes, the flight crew performed all of its duties just for him. >>> meanwhile in london, will and veronica novak of arizona walked off a british airlines flight to discover later veronica left her purse and passport on the plane. they flagged down a couple of pilots from a different flight asking for help. after a couple of pilot-to-pilot text messages, this happened. >> literally backing away -- and that's veronica's purse coming out the window of the plane getting dropped down. amazing! >> great play-by-play. just r

has been pretty low and the index suggests that traders are betting on that to continue in coming months. >> all right stay with us we will talk to you before the end of the program philves in ford and lucid. phil, on the phone, they are going in opposite directions today? >> all about electric vehicles, scott. and getting hit with a double-whammy when it comes to evs. they disclosed they are going to be spending at least 1.5 billion more this year with their evs while at the same time slowing down production. and that's too much for the investors the a this point that's why the stock is getting hit by 4% today. is that making people think twice about specific ev names? those companies that are just building evs no all of them, tesla, rivian, fisker, lucid, they are all higher >> what does to tell you, phil, when ford raises guidance, the outlook was good for traditional vehicles and the stock goes down 3.5%, as to where investor expectations and hopes have gone as it relates to ev, and somebody, to pose a credible challenge to tesla >> they are not seeing it right now. and the question becomes who will pose that credible challenge. is it possible that ford at some po

low. the reason is not earnings the reason is a disclosure of an issue with powder metal for the pratt & whitney engines. let's bring phileau back, and he is joined by raytheon ceo greg hayes. >> thank you let's bring in greg. let's not waste more time. greg, david set this up. what is the issue in layman's terms with the gear turbo fan engines in question and the powder contam najtss you're doing the inspections for. >> phil, i really need to maybe put this in perspective. back in 2020, three years ago, we had an incident on the v-2500 engine, the engine that powers the a-320 before the gtf as a result there was a turbin disk failure we did an investigation and determined based on that investigation that the powdered metal that was used to form the disks had a contaminant in it. as a result of that, we began a process of inspecting the v-2500 fleet as well as the gtf fleet across all of our programs we've inspected about 3,000 disks, turbin disks and based upon what we have seen recently there's been a concern we need to inspect the fleet more rapidly. so again, we've inspected all the v-2500s. we're going to have to pu

of the remaining adult in this incident equal low innocent if in the more then and there many what i seen on tv. in the case of my son he is starting phil school and a phil students in the area observing as a photographer grew up skate boarding. he was not part of the crowd i want to make the point there is a similarity a lot of the cases i imagine mag he was making his way to another part of town for a show he heard to photograph turned down 17th street and walked met a 70 year old man down the street wondering when was going on and the camotion and my son said this is there is something going on the police are trying to disburse best we get out and during the conversation, they were encircled and here we are. i'm not doing going to take time there is i big are anywheretive that is i'm for law and order. i respect the police. you do god's work i imagine how difficult your jobs are. however what you did was a dragnet and not everybody caught in this is guilty. and also a big are narrative at play nile son suspect raiseed respect police and here to protect and serve and friends he now feels fearful and you are out to get this and it bric

import as artificially low and import as many people as we many foreign people as we possibly i am paraphrasing possibly can. i am paraphrasing there don't sue me spreadsheet, philthe thing that for lot people quite for a lot of people won't quite get heads around, which get their heads around, which is how can have many how on earth can we have so many people britain people arriving into britain every 1.2 million every single year? 1.2 million people how can we people arrived. yes. how can we still have what what jobs are they what jobs are they still have what what jobs are they well,nhat jobs are they still have what what jobs are they well, here's)bs are they still have what what jobs are they well, here's the are they doing? well, here's the interesting thing. >> them aren't doing >> a lot of them aren't doing jobs. example, while jobs. so, for example, while this first year that this was the first year that asylum seekers included asylum seekers were included in that there's a statutory that figure, there's a statutory ban on asylum seekers from working. in fact, they have to live at taxpayers expense. live at the taxpayers expense. so that's a significant