andrew balls of pimco talking about buying duration.en with gilles moec because he woeful in some of the -- on the gloom basis, where is germany six months from now? but it is much more the holistic view of europe. lisa: and why have stocks been so resilient to where we are in terms of real yields, in terms of yields, in terms of yields come in terms of oil prices? we are looking at a market that is not what anyone expected it will be six months ago, three months ago, three weeks ago. tom: do we have to go to break here? jonathan: in about 30 seconds. you have a bit of time if you want. tom: i just think larry mcdonald was great about it. there is a wall of money that has to go somewhere. jonathan: into the equity market so far this year. coming up next, katherine neiss of pgim fixed income. a triple header -- the fed wednesday, central bank thursday, boj friday. ♪ ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, style

pimco said it is it then about looking at the first cut, and that leads to steeper curves. everyone is talking about curve steepening trade being put on right now. jeff rosenberg of black rock saying this adds up to restrictive policy for longer, not hire for longer. if we look at the federal reserve, there are still those extremely worried about inflation and whether that will start to heat up including the cleveland fed president. she spoke after the jobs numbers came out at a conference hosted by the cleveland fed in frankfurt, germany where the ecb is located, and she basically said the future policy decisions are going to be more about managing the risks and intertemporal costs of tightening versus under tightening monetary policy. have a listen to some of what she said. >> although there has been some progress, inflation remains high , and the fomc is committed to moving inflation down to 2%. the monetary policy questions are whether the current level of the fed funds rate is sufficiently restrictive and how long policy will need to remain restrictive to keep inflatio

pimco had 2 trillion, okay? doubleline has 55 billion. that's no kingdom. that's like latvia or estonia." i should prefs iface it saying t 50 billion, not 100 million. here's his response. >> i don't care. i just don't care. >> it doesn't bother you one bit? >> it's sad for somebody who's been out of the business ten years and is still trying to, i don't know, i guess exorcise is demons, i guess. it's sad. but i hope he's doing fine. >> does the world really need two battling billionaire bond kings? >> i never wanted that title. i never embraced it. i really don't know what it means. we're doing great. our numbers are great. things are good. we manage a lot more than $55 billion, so i don't know. >> the last i checked -- >> four pinocchios. >> the last i checked, at the end of 2021, it was three times that. i don't know what it is today. >> about $100 billion. i don't know. it's a strange thing. i actually don't want to manage more money than i do. i stopped marketing my largest fund 12 years ago. >> all right. so that's jeffrey gunglach on the record. you

erin brown of pimco. not that complicated to mr. tepper and not to you either. we're doing qt, can't have the same multiple. it is not bad, it is just different. >> i think that's right. i think that you really have to consider the fact that over the next couple of months, really into next year, you're going to be in a very different environment that we have all gotten used to over the last 15 years. and it is going to be much more volatile, both in terms of the trajectory of the market, but also the trajectory of earnings. and so that, i think, leads you to be much more defensive in your positioning, really hold cash, hoard cash for better opportunities than dislocations in the market. and it is going to be a little bit more of a dynamic trading environment rather than staying invested in holding on, you know, in -- for the -- for keeping your money in. you're going to want to be more dynamic in terms of how you're trading it, selling when it is high and buying when it is low and keeping cash on the sidelines and able to take advantage of the dislocates in the

. >> bond investors as mentioned from rock rock to pimco, betting that the fed hiking cycle is over andalling a buy on the two-year. we heard that from a number of strategists. what do you think? is that a good cause? is that too early to tell? >> it is a bit of a premature call. they are trying to engineer a soft landing but the fed has said they need to see the labor market numbers -- jobless numbers rise up to 4.5%. we are a long way off from there. we have the fed approaching them. we are not there. they have started trading at a premium. >> let's move from the u.s. to china. we see chinese stocks jumped in hong kong after some of those poverty using signals. we heard some of these promises have been done before. >> i think all the steps are in the right direction. they are part of the economy that is really troubling the chinese policymakers. -- that is on the way to address problems with the real economy. i think they -- the yuan actually fixed it stronger. -- >> let's move to oil then. we are seeing it at the highest is november. >> i don't have a strong view on oil prices. but i

valuation south of $10 million jo goldman sachs is in talks to sell greensky to kkr, sixth street, and pimcoong kong shares are sinking following a u.s. drop yesterday, the fall coming after the ev maker said it will get a yield neo says it will use the proceeds to strengthen its balance sheet. the shares down 12% right now. >>> turning to earnings after the bell, we're talking fedex. it continues to outperform rival u.p.s. year to date. fedex announced rate increases starting next year this quarter revenues are forecast to fall by 6% while e southeast is expected to grow. margin yield is 6% compared to 5.3% from last year. the major metric to watch is express revenue and margins, which is forecast to be 2.5% express is about 50% of revenue as well. >>> we're also looking out for any commentary from customer wins on u.p.s. and teamster negotiations and also yellow >>> time now for a check on more of this morning's headlines outside the world of the markets and your money nbc's jessica layton is in new york with the very latest. good morning. >> hey, frank, good morning to you. in a new filin

thank you, tiffany wilding of pimco.le gets ready for a fee war with blackrock and other firms known to undercut on fees. we will take a closer look on etf friday. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh >> you are looking at live pictures of the principal room. dave joins at 1:30 new york time. this is bloomberg. >> we are committed to lowering fees when it converts to an etf. we will have to come back and talk about the fees when the conversion happens. alix: that was the grayscale ceo speaking to us earlier this week on the news of the federal court that has cleared a path for a spot bitcoin etf. they saw a big jump after the landmark ruling. we are off the highs. one issue that will impact profitability of the company is fees. joining us with more i

visit indeed.com/hire >>> the bond report is brought to you by pimco. >> welcome back, the ten-year treasuryom the 15-year highs today after the core pce showing some signs of easing. how significant is it? let's ask rick santelli. >> hi, kelly. i've been reading all the articles and listening to all the fed speak and granted if you look at month over month pce core deflator, it was up 110. you can draw some optimistic lower inflation conclusions. but i'm looking at this chart. this is a ten-year chart of the year over year number which for the first time since september of 2021 is below 3%. i still look at this chart and see we're nowhere near 2% and i still don't think there's any guarantees we're going to get anywhere near 2%. so i look at that chart and say we've made progress and now many are going to look at that and the lightbulb is going to go on. hold higher for longer to see if we can bring that chart to where it was pre-covid. but i still have questions whether we can and when i know that it's a core number, i think as we discussed this morning, that many things flow in from other

. >> global economic advisor pimco and former federal reserve vice chair. set up to the question of the day. our powell and lagarde still on the same page? joining us now is lori, cio and head of global security over at invesco. are they on the same page? >> they are definitely fighting the same battle so to a certain extent, they are on the same page. we see improvement in the inflation number. we are starting to see growth slowing. at the end of the day, it is not happening as quick as they want it to. they can't afford to change the rhetoric from the hawkish stance that they find themselves in. we actually think that is the appropriate policy. they are at a hawkish pause, effectively. guy: how long is the pause going to last? we talk about higher for longer. talk to me about the longer. >> i think we were probably a little bit outside consensus for a while, and maybe it is because i've been in the markets for a very, very long time. i remember 7% mortgages and you are happy when you got a 7% mortgage. but having said that, we think that the fed is pretty

there are big firms like pimco that are starting to put their toe in the water buying mortgage securities. it's for exactly the dynamic you depicted. i agree with you. i asked for a reason why long rates would be going up. one of those channels definitely is supply. >> we should have an option where we move on but you guys keep going online or something. >> you guys go away. rick, i'm going to give you a call, okay, rick? we'll finish this out. >> sounds good. >> we'll put it online afterwards. >> thanks for the time. we'll get a closer look at the august numbers for the next fed's meeting. >>> our next guest predicts a recession on the horizon with rates staying high for the foreseeable future. it's great to have you, peter. do you think this is about supply in the short term? >> i'm going to add to that because i think a lot of it is. if the economy starts to slow, tax receipts start to slow. we're entering -- we have an 8.5% budget deficit with regard to gdp. at the depths of the '08 recession it got to 10%. you have this -- so, if you go into recession you'll see a double digit budget

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. >> announcer: the bond report is brought to you by pimco, the global leader in active income. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire since the citi custom cash® card automatically adjusts to earn me more cash back in my top eligible category... suddenly, life's feeling a little more automatic... oooooohhh... automatic sashimi! earn cash back that automatically adjusts to how you spend with the citi custom cash® card. >>> almost 15 to go before the "closing bell," and we're back with kristina partsinevelos for a look at the stocks she's watching. >>> zoom is the latest company to offer an ai assistant that can summarize your video meetings, even if you're late to the meeting and compose chat messages for you as well. the perress release says the ai companion will be at no additional cost but you have to be a paying zoom user to get it. shares are up almost 2.5% right now, but it's up about 9% year-to-date. >>> shares of airbnb a

aaron brown of pimco, a frequent guest, she says could drive down roughly 15% while bank of america says don't worry, be happy, raising the year-end target to 4600 from 4300. at least a view we can continue to go higher from here. i mentioned some moves at the very outset here. stephanie link, let's get to yours. it's a big one. you sold home depot. why? >> it's flat on the year. it's up 18% from the past year. i still like the story long term. low single digit comps, upside to margins. you're not going to get paid for it if rates stay higher for long er i prefer tjx and that's where i have been putting more money to work. i think that off price is in the sweet spot. you have trade down, excess inventory that benefits the off pricers, the treasure hunt people like. they like that experience. they have a long-term algo of 2% to 3% in same store sales and margin expansion. last quarter they grew 6% and margins expanded over 254 basis points. i think they have just, in addition to easy comps, they have the wind at their backs at this point in time. short term i'm not going to get paid to ow

don't go" by harry casey, richard raymond finch)♪ >> announcer: the bond report is brought to you by pimcoal leader in active fixed income. ♪ please don't go ♪ (♪♪) ♪ please don't go ♪ (♪♪) ♪ please don't go ♪ (♪♪) ♪ please don't go ♪ (♪♪) ♪ don't goooooo ♪ (♪♪) ♪ please don't go ♪ (♪♪) ♪ don't go away ♪ (♪♪) here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. >>> less than 15 from the "closing bell," let's get back to kristina partsinevelos for a look at the key stocks she's watching. >> t-mobile is in focus as it announces a $19 billion shareholder return program through the end of 2024. that will include stock buybacks along with its first dividend payout. the yiel

. >> announcer: the bond report is brought to you by pimco, a global leader in active fixed income. howevert. rosie used part of her refund to build an outdoor patio. clink! dr. marshall used part of his refund to give his practice a facelift. emily used part of her refund to buy... i run a wax museum. let innovation refunds help you get started on your erc tax refund. stop waiting. go to innovationrefunds.com you really got the brows. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. >>> shares of walgreen's down nearly 7% on the back of news ros brewer has stepped down after more than two years in th

. >> pimco says surging oil could hit the stock market 15%. >> yeah, yeah. would think that is necessarily true unless we get oil above 110, 120 and it also depends what people are making. the benefit of massive strikes and negotiating power is consumers actually have real wage growth right now. they're making more money than they're spending at the grocery store or the gas station. i think that is what keeps people going. there is lot of positives right now nobody is talking about. why we called our report, don't worry be happy. charles: i'm a little happer that you were here. thank you so much. you're fantastic. >> great to be here. thanks. charles: earlier today, house majority leader mccarthy said there is progress made. they want to divert a government shutdown. my next guest says though a shutdown is done deal. i want to bring in budge committee member, south carolina representative ralph norman, representative norm nan, why is your leadership so eager to cut a deal? >> i guess to avoid a shutdown. the fact i'm trying to avoid the permanent shutdown, c

public policy at pimco.it comes right down to it, the guys have been holding out probably will come around. is that whistling past the graveyard or wishful thinking? >> i think that seems like wishful thinking. speaker mccarthy has a sophie's choice in front of him. either he can pass a bill that can pass a senate and be signed into law and avoid a shutdown. he probably will lose his speakership. that means by definition he's working with democrats. or he can pass a bill that won't pass the senate, won't be signed into law, shut down the government, maybe retain his speakership. i think our view is he probably has to pick the latter. so as a result we're most likely looking at a government shutdown. i think for the markets and for the economy the real question is for how long. because if this is just -- >> if the odds -- if the deal is you go ahead and you pass something that you know is not going to get there, you go into a government shutdown, what does he get -- >> goodwill with the house freedom caucus.

week, and the expectation is that the rba will be holding here with an interesting interview from pimco australian household is now most impacted by rates than it has ever been. i'm taking a look at the world volume monitor and in this session we are off financials -- on a 30 day basis. >> and we are now expecting a high level departure out of hsbc. we have learned that the head of public affairs is set to step down shortly after making controversial comments about the british government's handling of its relationship with china. they are expected to leave the u.k. lender next month, according to persons in the with the matter. the exact reason is not yet clear, but it comes just over a month after she issues an apology from remarks that he made at a private event in london where he criticized the unity government for quote being weak and allowing itself to be strong-armed by the u.s. into cutting back business dealings with china. we have been at -- at -- this person has been at hsbc for a decade. it is the last quarter -- day of the trading quarter, and we have seen weakness across th

. >> announcer: the bond report is brought to you by pimco.active leader in fixed income. >>> endeavor announcing the close of ufc and wwe tr transactions creating the tko group and as you can see right there it's starting trading on the new york stock exchange this morning. joining me now is ariel emanuel and mark shapiro discussing in part the new company. it was important to have mark with you. you you're the ceo. why is it important to have you both? >> everybody says how do you run both companies. as i like to say people, i walk, he chews gum so, you know, we do this together. this is a very kind of big cast with two companies as people say but we've now done this for a lot of years. >> how do you split responsibilitys? do you know this is what i handle and this is what i do? >> no, we have kind of -- we know each other very well. i do certain things really well. he does things really well and we trust each other so there's no kind of nervousness if something happens and you didn't know, like, oh -- >> right. >> no job is too small. we're

coming up into the next hour, jim beyonca oh, tiffany wiley with pimco, led by the fed vice chair talking. that becomes an issue to a lot of people at year end. tom: i'll go to the 10 year yield at 1.95%. ian lincoln has set up to .0 something percent. there is a raging debate about what the real yell does in q4. jonathan: the question is is the fed willing to destroy the labor market to get inflation down 100 points? tom: is still the question. i'm looking forward to talking to stuart. jonathan: but you taking off tomorrow? i will miss you. from new york, this is bloomberg. ♪ get help reaching your goals with j.p. morgan wealth plan, a digital money coach in the chase mobile® app. use it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside - and the other goals along the way. wealth plan can help get you there. ♪ j.p. morgan wealth management. explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. wit

it adds to the discussion and the calls we have seen from bigwigs, blackrock, pimco.roach and data-dependent. they will need to see more consistency in the data, especially after the seasonal data goes away. we won't get that before september and we don't think the fed is going to its blackout period next weekend. it gives the markets room to run with that momentum we are seeing. although it is a u.s. market today, i'm looking at treasury futures and those are trading today. you're seeing the prices following in line with the footsteps with the european sovereign debt market. i expect it to at least catch up with those european bonds in the run-up to the blackout period. tom: do you expect that to be a short-term move? mark from our team on his call last week said you want to be buying the two u.s. treasury pack. things yields of peaked and blackrock is coming out with their call, a screaming by at the front of the buy at the front of the yield curve. what are you looking at in terms of the yield curve? >> is an excellent question. we've had these discussions. venmo i