let's start with pimco.ver 13 billion euro outflows in the first quarter, then you have a second quarter here outflows yet again, a difficult market environment, 29 billion euros. when do you foresee pimco starting to draw inflows? what have you seen so far in this month? giulio: good morning. clearly, the first part of 2022, we saw outflows. it is not idiosyncratic to pimco . in the month of july, we see still slightly negative outflows. but the beginning of modernization, we believe it's all about how the market is going to develop moving forward. we think we are going to be very well positioned. for pimco, definitely very positive. we could see outflows in a situation like this. we need to put things also in relation to the [indiscernible] of pimco. you are speaking about an asset manager. -- considering the environment we are going through. and once the situation is going to stabilize, all of these outflows are going to become inflows. it will be even more compelling in a higher interest rate environment

before joining the fed in 2008, he worked at pimco for a decade. clarida resigned earlier this year after a trading scandal he was cleared of wrongdoing brian. >> if only he was a member of congress, it would not be an issue. bertha coombs, thank you >>> speaking of the federal reserve. the markets continue to be laser focused on the flurry of central bank speakers and question when they will stop raising rates and maybe start cut borrowing costs. minneapolis fed president neel kashkari said it is not impossible it will cut rates next year, but unlikely right now given inflation is nowhere near the fed's 2% target let's talk about this and more with dana d'auria at invest net. dana, welcome back it feels like we throw a dart with the fed presidents speaking the bond and yields are telling different stories. which are you in line with >> i would pay attention to what kashkari is saying the comments when they raised rates was over done. i thought the assumption we were going to, you know, back off on rate hikes and perhaps it is not 75, but it become

but it's bond unit pimco saw outside clients pull money for a second straight quarter. >> i would not we are in a situation where we have a capitulation. but i think we are entering anyways a situation of more stability after what has been a shock on interest rates. laura: facebook parent meta has sold $10 billion of debt. bloomberg has learned the social media giant sold its bonds across four parts, with the longest part of the offering a 40-year security. meta was one of the few s&p 500 companies without debt until now. and it is facing slow cash flows. francine: laura wright in london. the world's biggest banks dished out bonuses but a tougher economic climate means that banks should now brace for much smaller bonuses. for more, let's talk to our expert in all things bonuses, banking and private wealth. if you are a bank that is doing badly you have to pay staff to retain them, so what kind of bonuses should we expect or not expect? >> if you are underwriting debt or equity it is not looking good. those sorts of teams should look for bonuses of about 45%. not right for m&a which is

>> "bloomberg real yield" is brought to you by pimco. jonathan: live from new york city for audience worldwide, "bloomberg real yield" starts right now. coming up, equities down, treasury yields climb. investors brace for chairman powell. the big issue, counting down to jackson hole. >> jackson hole. >> jackson hole. >> jackson hole next week. >> that is the next event to watch. >> all bets are off. >> it is a tricky situation. >> the fed's job is not done. >> there is a lot of work for jay powell to do. >> fed chair powell saying we are close to neutral. >> every governor comes out and says something that is a contradiction. >> there is a tug-of-war from a macro standpoint. >> why quit now? >> 8.5% inflation, it looks different. jonathan: joining us now is a fantastic lineup, meghan swiber, luke hickmore and troy gayeski powell. what are you looking for? meghan: i wish we could say we were going to get a clear message from pal next week but with another cpi print to go and another payroll print to go before september, we think he will b

she's head of public policy at pimco.it's good to have you what are the big picture takeaways here >> yeah, well, kelly, there's the sxhikeconomic takeaway and n the political takeaway from the economic perspective you're seeing various snats about this bill's impact on the economy. from the inflation perspective does it do much on inflation maybe it moves the needle very marginally in terms of reducing inflation both in terms of decreasing the prices of pharmaceutical drugs, increasing the supply of clean energy but not -- those things are not necessarily going to take place in the short term before the midterms but then politically, and this i think is where democrats are seeing them trying to take a victory lap. politically this likely does help not only have these pharmaceutical drug -- being able to negotiate drug prices has been a huge priority for democrats for honestly more than 20 years but i think really importantly for president biden and the administration he's been able to get through these big, you know, cli

pimco's broader strategy to capitalize on prices.ours a day on-air and on quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ >> the market has been getting inflation has been better since it was very bearish. we've had better economic data. i don't think that these issues have been resolved, and we still think that the fed has more to go, and that will also ease policy less year if they want to say serious about inflation. jonathan: we need to catch up with this market now with tom keene and kailey leinz. i'm jonathan ferro. the equity down .9% on the s&p, the nasdaq down .4%. the price action is elsewhere. gilt yields are higher, bund yields are higher, italian bond yields are much higher i 18 or 19 basis points. let's call it 350. on the back of some of this the dollar is ripping through. sterling is down .9%. the euro-dollar is holding onto parity. tom: it is to use language carefully i will not say that sterling plunged or sterling in freefall, but it has elements of th

joining us to talk about inflation, let's do that with the portfolio manager at pimco. nice to have you with us. i want to focus on the european inflation story. 9.1% reading on eurozone inflation. if we look at a chart of where inflation is we see a couple of countries where inflation might've peaked, or there is an expectation some of those go back up again. the euro zone aggregate number doesn't tell that story. when do you expect to see a peak in euro inflation? >> i would say we need to be humble here because we been forecasting a peak for some time and that's been elusive. i was at the peak is still ahead of us, my expectation it's going to be sometime in the fourth quarter of this year probably in the double-digit territory. i think there's more gas present electricity price gains to come given the recent increase. i think inflation has been stronger-than-expected. it should be peaking soon but we have to account for the possibility we have stronger inflation for a longer time. also the rising energy prices appears to be filtering into core inflation and there ar

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eastern time today, three hours from now, ot with joe t is going to be with me today, joe terranova the pimco aaron brown, casey newton, we have the twitter saga, this new development today with that whistleblower. we're going to kick that around. much more coming up in a few hours. i'll see all of you then let's do final trades. stephanie. >> corteva i like the added cycle they have pricing power and a cost-cutting program margins have a lot of upside from here and i like the ceo, former honeywell cfo. >> thank you liz young, what's your final trade today? >> i think you can hide out in health care during this even after the summer rally, still trading below the index and a good place to be for growth and defense. >> mr. farr. >> i like raytheon here at these levels for the long term i'm not sure about trading it. 10% grow, 17 times earnings, 2.4% dividend. i own it and continue to own it. >> josh brown? >> unfortunately i think we're at 50/50 odds of a recession in the next 12 months, what the market expectation is as well. encore works with underwater borrowers of credit card debt to get o

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put in the pipeline so far, steve appreciate that, steve for more on what comes next, let's bring in pimcoger. happy friday page one of the journal says the market thinking the fed is bluffing how do you characterize the disconnect. >> i certainly don't think the fed is bluffing. we certainly know the federal reserve is committed for bringing inflationary you know, that tends to has been during tightening environment certainly we're not all clear. i think a year from now markets will be positive, but there's going to be a challenging path to get there. >> tony, i took note of something you wrote the last couple days, that is in the year ahead. i'm expecting voelker-esque style, especially that part of the minutes, where they said there's always a chance that gas prices pop back up and create new problems do you think they'll have their eye on that? >> yes, carl what you mentioned is a non-monetary influence paul volcker knew in 1979, when he joined the at the in august, that they were affectening inflation expectations that matters a lot as he said at that time, in a there's an entire gene

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the pimco view, steve major says we are going right back to where we were.n: when does the sun come up? let's get to the markets. equity futures down .4%. tom: we have proven today that tang does not freeze in six degrees centigrade weather. jonathan: euro-dollar, north of parity. lisa: not on the heels of expectation for ecb policy. today we are watching the fed speak we hear out of jackson hole leading up to the 10:00 a.m. eastern speech. for that, we will speak to patrick harker, jim bullard and raphael bostic. at 8:30 a.m., u.s. personal spending and income indicator for the month of july. the art look into the core pce and how much -- we are looking into the core pce and how much are people spending. we look at the university of michigan sentiment for august. remember when we used to care about this? jonathan: two weeks ago. lisa: two weeks ago it was a very important indicator. tom: can you bring back the picture of the three fed presidents we are going to speak to? this is the heart of 19 oh 7, 1912. they didn't trust washington, new york, these three