what is a fed pivot? >> is a soft pivot, a may be pivot. i think that you need -- okay, so, let's put aside the fed. i will talk about that in a second, one of the reasons that i did not take that momentum move off of the low at the august peak, even with such great momentum, was the fact that i could not find a major market low that did not have a two year note yield already trending lower from peak, and the fed clearly stating that they were pivoting. i think that is really what it looks like. maybe if you do 50 versus 75 you can get a countertrend rally, like we did with the august rally, the summer rally, but ultimately, you really have to have the -- here is the reason. there is a fundamental reason that is really important but the reason that when the fed pivots, it allows investors to look through the coming academic weakness, because it has a stimulative effect when you look at 6 to 12 months down the road. >> tony, the fed pivoting is certainly going to be on most people's checklists for one of the things that made you turn bullish

everybody is expecting a pivot the rate market is expecting a pivot. every strategist is expecting a pivot. wilson, who has been spot-on in the market, he is saying hey, maybe rates have moderated here. so that means that the risk that is not priced in is that powell comes out and says listen, this is going to be a long fight. this is going to be a multi-year battle against interest rates. if he comes out and says that, and i don't think he will, but if he does come out and say that, then, yeah, i think you've got a problem. i think that's what the market hasn't priced in everything else, short of only a 50 basis point rise is also. you have to look at the risks are, a formal risk and probably the likely path that we are in a high inflation, high rate environment for multiple years >> and to equities, it's an interesting time, because in terms of allocation, you've got less than 20% of the s&p with the dividend yield that's below the 2% even at the long end and what you're starting, though, to hear is some sense of where the long end of the curve can b

this will not pivot. those expecting a pivot, it is off the table. we are looking for the consolation prize. we are looking at the pace of rates. the reversal shows you how delicate that thread is holding on. at first, it was the pivot. now it is the pace. it's the goldilocks. we had to put this entire narrative together. we have yet to do that. today's reversal is not great. you don't want chips on the table going into a geopolitical risk. it shows you how quickly things can reverse. today is a testament to that. that will be my focus more than the labor participation rate. i do believe it was a positive readthrough. i would caution against trying to extrapolate this one data point to form an entire thesis around it. >> you always seem to have the air of caution. we will shift gears quickly from the basis points to brake pads. we have a double dose of auto news. let's go over to phil for the moves. >>> let's start off with ford. he reported the august numbers today. it did not have a big reaction in the market. it is hard to read into this market, e

why they think the fed pivot is dead. less president biden accuses vladimir putin of making threats as the russian leader orders an escalation in ukraine. analysis coming up. this is bloomberg. ♪ >> iranian state media says six people have been killed in protests across the country over the death of a woman in police custody. she had been detained for breaking the dress code for women. the state of new york is suing donald trump and three of his children for allegedly inflating the value of his real estate company's assets as well as a multiple year investigation. the president caused a lawsuit another witchhunt and says the attorney general should be focused on tackling violent crime. the government of western australia has outlined new rules to target sexual abuse and harassment in the mining industry. the investigation revealed multiple abuses of women in several companies. recommendations include funding for legal advice and increased site security. global news 24 hours a day on air and on bloomberg quicktake. powered

so i'm not sure about a pivot at this point. they are definitely talking more about, there's no need for fx controls. they are not worried about capital outflows. david: they told us what those measures will be. what they will need to see to start the rate hikes. that is fundamental for markets right now. we will get there. rishaad: they would not adopt foreign-exchange controls during the term of mr. yang. why would you rule it out? i don't know. yvonne: you are going to want taiwan to be labeled a currency manipulator. maybe that is something they are factoring in as well. let's talk more about the energy story. gas supply to europe hasn't changed much despite the nord stream lake. while the continent storage is full for the coming winter, the problem lies in the longer term. >> we are already not delivering any gas to europe for some months. there was a lot of debate about the dependency of europe to russia before. that doesn't change a lot for the supply to the european market today. we know that europe was over dependent. w

they are doing a pivot. do you think that might encourage our fed to do a pivot a bit earlier? so, stuart. what i believe happened in the uk is rather frightening for the rest of the world and again, for u.s. equities. i think what happened there is they are worried about some of their pension funds. the volatility in the uk guilt market in the bond market has been extra ordinary. we're seeing unprecedented moves institutions that are buying or shorting are getting absolutely destroyed. we'll see in the u.s. when u.s. bank earnings come out how they are trading departments have done, but in terms of the uk, what the bank of england had to do i think was send a message to markets that we're here, if there are liquidity issues, and there are. stuart: does that negatively affect american stock prices? >> no. it's not going to have any impact on american stock prices other than recognizing, actually it'll be some kind of a positive i think investors look at what the boe just did and say well if the u.s. market comes to some situation where we're down existentially 50% in a matter o

and on a relative basis, but, again, i don't think that's the answer. >> maybe the new pivot is the fed sticking to the new course, and it certainly feels like the market is accepting the fact we're going to go 75 or 50 medium, and maybe 50 or 25 after that, in some sort of variation. people are okay with that. should they be >> the fed, if we were talking last we're, everyone knew inflation was coming, and everyone word about it where it's going to take more data than is out there right now to change their tune they may be behind the eight ball again i think that's what ultimately people are seeing right now. even things thik consumer expectations in inflation is coming down, which i think is interesting, because that's one of the points that the fed noted several months ago that they need to see that come down will that make them pivot in the next two weeks likely not but there are signs. >> price stability, that's what the fed wants to achieve it looks like it's actually happening, so is apple really -- when you're looking at the market and thinking which direction will the market go

essentially chair powell said you guys got too quick to the dance floor for the soft landing, the pivotand time to get back in the risk pool and essentially ever since the marketplace has been repining and taking down valuations on the equity side, taking up the terminal rate for the policy rate, keeping it there longer, dollar -- all of -- everything that's been going on for the last month was triggered by essentially the whole notion that chair powell put into the arena a month ago today which was higher for longer and that we will pivot in the fullness of time but it ain't anywhere close to being full yet and we want to hear the economy cry uncle, particularly the job market, and i think the markets have been rational for the last month. we got a telegram from the fed chair and be ready. >> speaking of crying uncle, i'm sure you've heard about some of the people on our air who are now chastising the fed for doing damage to stocks, doing damage to housing, doing damage to commodities. does that phase them at all or is this a classic hiking cycle, what we're in now, that kind of rhetor

that led to a lot of this pivot. absolutely fair.went from eight place where we couldn't raise it, let alone in difficult times in a global energy geopolitical crisis in a labor market that was nowhere near a strong four years ago. i go back to safety labor markets are the biggest problem for the fed. it is a really big deal. it is important for the country that the minimum wage has changed. that has only gone higher. unionization. pressure is only getting higher. you have a housing market that still -- i don't think 25 on the margin, whether it is 50, 75 or hundred next week will change the trajectory of and to economy that still has not adjusted this. i don't think they have digested this. >> yeah. we are only adjusting them come in right now. peter, how do you think about equity valuations with this backdrop? >> obviously, we have rated -- that is typically the first. will we realize that earning? i think tim brought up a good point. over the last 50 years, you can have a pretty tight relationship with labor cost and the direction

longer term, steve, as markets, you know, were higher on the number, what would it take for an actual pivot, whether that's a pause or even a cut somewhere down the road, do you think the fed needs to see months of good numbers, or are they actually looking for actual pain as well >> i don't think they want pain. i think they expect some pain. i think how much pain is a matter of considerable debate. in terms of lessening inflationary pressures, but this is a weird moment. people try to compare it to the '70s i guess that helps a bit, but we're still recovering job loss from the pandemic. the number of jobs should still be higher. i also think adding more people will help with the supply problem. for my take, i don't see jobs necessarily as being inflationary by themselves i think it may help solve the inflation problem. to your point a lot were focused on the labor participation rate. what did you take away from it >> yeah, i mean, that was a good sign, but you want to be really careful. the reason why economists rely more on the other record, the establishment survey, even though it's rev

oil price/stock relation has completedly pivoted.y correlated and now i think it's negative so all prices have to continue to be flat or have downside. >> weaker oil prices are the function of slowdown in china, europe and potentially the u.s. as well. >> when oil prices go down, they tell you something about the fed reaction function. last cycle oil prices go up or down, you're not thinking about the fed. but i'm looking at headline inflation. that means oil prices matter yesterday was a good example oil prices collapsed 6%. what happened to the stocks? it was a good day for the stock market. >> you think that's why? >> i think that's going to be increasingly high. >> bond yields came down. >> that's all part of the same story. >> so you think the fed will stop hiking and actually cutting next year? >> so that's a very important point. what does a fed put look like in a world of 4% cpi? because hiking or cutting is actually not relevant. what's actually relevant for us as investors are, are real yields going up, down or sideways the

do you expect a pivot. >> i do.d then we begin to see some easing but remember too, we've got the quantitative tightening. they've gone qt on qt. we're not hearing anything about it but it doubles in september so that's going to tighten financials conditions further and i think give them a lot of flexibility to not go beyond the end of the year in terms of hikes. maria: all right. we will leave it there. great to see you both. nancy tengler, mike murphy, thank you so much. have a great weekend. we will see you soon. quick break. then treasury secretary janet yellen tries to defend biden's bad economic policies, 0:the left is fueling high prices on the american people. we'll get into the treasury secretary's fantasy economy. indiana attorney general is here, he's got a thing or two to say about esg, next. ♪ ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplac

. >> i believe they call this a pivot, to the general.at happens after the hard-fought primaries. you have a candidate and they have to face all of the voters instead of just the republican base, which is what he has been concerned with. it's not clear if he will make that pivot, with tape like you just played, out there. this is the republican in a race, who has said that joe biden is not the legitimate president and the election was stolen. he has been the one much more willing to tie himself closely to former president trump. and that's going to be a factor in this already very competitive rice. and maggie hassan, the democrat, was vulnerable going into this. and some of the issues that voters are concerned about are problems for democrats. there's high inflation. president biden's approval rating has ticked up but not where democrats want it to be. this is a contest that democrats would rather have with a candidate like that than a candidate like morris who had not made statements like that. >> i try to stay on top of this. mr. bolduc

but let's continue the conversation in the meantime is a pivot by the fed the only catalyst out there is it the only thing you have to hang your hat on eventually that they're going to crack and that maybe the time line of that has moved up because of some of these liquidity issues, the stress issues over in europe, but boe did certainly sets the table for central banks around the world to be keeping an eye on situations in ways they weren't necessarily thinking about a week ago >> without question for long-term investing, yes, you need the pause and you need global central banks coordinated in the pause keep in mind, in november you're not going to have a very critical g20 meeting where central bankers will get together right now i think it's 29 out of 34 global central banks are administering a very hawkish monetary policy. there has to be a clear pause in that for long-term investors within the overall trend i do think there are trades you can identify and it is -- >> i like specifics. you know that. >> let's just go macro for one second in the last quarter there's been two times i

this could be a higher hawkish pivot. but we have heard that the pivot is dead. >> this could all play out in a very interesting way when it comes to the treasury market as well. we had that big move when it comes to the two-year. all of that is just ahead of the fed. we had a number of guest say with the rising yields and the potential payoff, we are starting to see treasuries becoming more relevant to the portfolio there. we are seeing bond traders guarding for the risk that we are going to see, just that willingness for the fed to plunge the u.s. economy into recession with the downside just across every part of the curve. coming up next, we will get a preview of the other imminent central-bank decisions coming up next. this is bloomberg. ♪ >> this is daybreak asia. a check on markets, 30 minutes into the trading here for japan. a lot of the action at the start of trade and what we are seeing in the fx markets here. the korean won pushing above that peak 1400 level for the first time since 2009. a lot of concern going into the market about fx reserves and whet

swiftly closing because one of the underlying principles of having a soft landing is that the fed can pivot and in the recent weeks in the short-term step downs and the pace of rate hikes. what we heard yesterday with cpi was strong across many categories, including that goods category that would start showing signs of disinflation. or if that means that 75 basis points next week may be cemented in the potential for upside. also that the window for when you could see the pace of rate hikes down is pushed out with the terminal rate up. that would lead to monetary policy, greater recession risks, and a dollar downside to the assets. francine: with the market reaction justify these ugly, violent, and quick movements? grace: four days into the sprint, the markets were telling you that it wanted to believe that peak inflation was here, so we saw that steep 5% rally in the s&p in the four trading days. a little bit is justified, certainly when it comes to equity markets. they were starting to look reasonably full. we know that pmi tells us that earnings need to come down, and you are looking for

the pivot to video scum the apple changes, the largest exploitative direct response.he reality labs losses, they are really hurting. meta free cash rent to less than $10 billion this year. that is huge. if you are an investor, you are thinking, when will that return? i do not think we have that visibility. ed: i pulled up meta reality labs. last quarter, sales grew to 450 million. but the loss was almost 3 billion. this is part of their pivot to the metaverse. is it just that it is becoming too painful they cost? >> you have to ask, what are they spending $3 billion a quarter on? is it going on product? adding employees? they clearly over hired over the last two years, but the recurring losses are mind-boggling. the scale of the losses. when you compare it to alphabet or snapchat which are investing in the metaverse, [indiscernible]-- that is where meta has to show investors what it is they are spending all this money on. ed: what do we know about what zuckerberg had to say as the reason behind this? why now? why are they doing this? or good you pointed to the macroec

and what do you make of any hopes for a pivot from the l any hopes for a pivot from the federal reserve set on? right now the fed is fighting _ that they are set on? right now the fed is fighting the - the fed is fighting the perception that it is going to blink once the economy slows enough to start generating higher unemployment and i think what we are seeing in the stock markets right now is a sign that the markets are actually taking jerome powell seriously and they believe, the market participants believe that he will not back off even when unemployment starts rising in an effort to squash the inflation that is at a0 year highs. inflation that is at 40 year hi . hs. ., , highs. the new dallas fed chief has ut highs. the new dallas fed chief has put the _ highs. the new dallas fed chief has put the inflation _ highs. the new dallas fed chief has put the inflation fight i highs. the new dallas fed chief has put the inflation fight on i has put the inflation fight on the front burner, laurie logan, in herfirst comments. how real is the fight with inflation and what is being done to ta

but what you're looking at in terms of pivoting from pipeline supplies to global and g suppliers, more generally from market perspective is that you're decreasing your overall dependence on any one country. simply because pipeline supplies are relatively in elastic. as i said. if there's going to be a decrease in russian pipeline supplies in europe at the moment, it results in a dead weight loss that doesn't result in a reconfiguration of gospels. nicole, a balance on a global scale when it comes to challenge it is a much more globalizing to monetize market, in the sense that you are creating less dependence on any one single country. in particular, if you are signing several new and, and g long term supplied us with different suppliers. thank you, leon is vicki from energy aspects there for us. thanks very much. and a reminder of the top business, thor 8. we're following for you this our george maloney says she'll govern for all italians after her right when brothers of italy, party and its concert of conservative allies, one a clear victory in sunday's elections. maloney is now set t

and that is going to be hard if unemployment rising inflation coming down there is pressure to pivot, to have a -- any kind of reasonable legacy following this very difficult period ahead. maria: thomas -- >> can i follow up on that one second thomas the larry summers talked about stagflation where occupation you have inflation you also have fallen growth is that what you are looking at as well. that is a danger, but what i am really concerned about is that in terms of trying to avoid that, they bring interest rates down quickly again, especially if financial disruption and then have a zero interest rate environment zombie companies continuing to operate when they need to actually have some washed out i don't mean tear down entire system, but you can't you cannot you cannot run this economy forever at zero interest rate, so getting the equilibrium rate right after you raise it start to bring it down, that is looking pretty far ahead but very important to be thinking about it while you have time to think about it that is much worse. maria: who wanted to jump in go ahead. >> i wanted to

pivot! pivot! pivot! pivot! >> shut up, shut up, shut up!ey

pivot! pivot! pivot! pivot! >> shut up, shut up, shut up!> i feel like we get to know these sitcom characters. they're your friends. >> i don't think it's going to pivot anymore. >> you think?! >> they were purely selfish and purely immature. >> are you still master of your domain? >> i'm queen of the castle. >> you hope that you'll have those kinds of relationships in your real life. >> tonight is about celebrating our enduring bonds as friends, nay, family. >> good to see you, too, girl. where you going? carnival? ha! >> your friends. sometimes that's more family than the people that you're related to. >> something's bothering you! >> i've never been happier. >> trying to make your way in the world and having a safe harbor. you know, where everybody knows your name. >> afternoon, everybody. >> norm! ♪ >> i'm out! >> what? >> yeah, i'm out. i'm out of the contest. >> ugly naked guy is having thanksgiving dinner with ugly naked gal! >> "friends" or "seinfeld"? you want me to choose? >> i can't answer that. it's so subjective. >> challenge ac

>> you know, and that's where we just don't see that as a pivot. we see that as the stall and we see that as where some of the bleeding starts and i think to kind of some of the levels cameron was bringing up, some of these indications from fedex, this is going to be some of this change in data point as we stall out here. it's going to take a bit of time and i think the other thing we have to watch for too and i think the fed is going to watch closely, as we see disinflation hitting the pump as an example, what are consumers going to do with that excess cash that they didn't have a couple months ago, and so while sentiment comes backup how does that affect the fed's agenda, and that starts to worrisome also. charles: the fed said they don't want to pause and at the same time they are data dependent. the data may suggest they should pause and they get a rebound because of course even paul volcker had to deal with that and he messed up a little bit there. you see the labor market as strong. most folks on the street see it as strong. the last jobs rep

a lot of industries pivot. you couldn't pivot at the station. >> reporter: he took his money he had and put his belongings in in storage. with nowhere else to to go, he ended up at wood street. >> on and off two years. yep. it years. yep. it is definitely ben traumatic over there. >> reporter: now he is one of those who has been moved into housing as wood street gets cleaned out. >> they found me a spot in the holland. >> reporter: the holland is a rapid rehousing facility opened by oakland. in 2019, ron says he he is grateful for the shelter but it does come with some cost. cost. >> i am kind of concerned. they want 30% of my gross.ha arwith even my own own bathroom. and that's a lot for that. i don't know. it doesn't feel like it is a great fit. but, what i can do? i'm stuck there for the time being. >> reporter: so, he is sticking with it. thinking about his next next housing option, and continuing to work. >> but what there is, all we can can do is just keep on moving forward. >> reporter: back here at wood

for equity markets to do better, we do need to see a pivot in fed policy and that will be -- becausef what we mentioned earlier on with credibility. it will take more than a few cracks. real weakness in the economy which is tough for companies and then it becomes about ultradeep security selection. dani: only less than a minute so, quickly, what are you expecting from today's job figures? how are you positioning around it? anneka: the jobs market is surprising us month after month after month. we are expecting cracks to come through but only the first. dani: great to have you on the program this morning. anneka treon, managing director. coming up, president biden ramps up his attacks on donald trump ahead of midterm elections. his primetime speech, next. this is bloomberg. ♪ dani: welcome back to "bloomberg markets: europe." i'm dani burger in london. president biden has accused donald trump and so-called maga republicans of assaulting u.s. democracy. biden urged americans to reject any candidate backed by his predecessor in the november midterm. pres. biden: maga republicans have ma

that was pivotal. said the opposite. that was pivotal to the _ said the opposite.joy, but the dissolution of the soviet union in those countries to go away more or less peacefully. i know the whole projects he wanted, including the lack of borders from the west, but the fact is he allowed something enormous to happen, and that had enormous to happen, and that had enormous effect on modern europe. and could have had that effect on russia, but i think the west intern not understand just how big a moment and how big of a change it would be for russia itself. so, we had the kleptocracy, and so on, but gorbachev presided over, enormous. one interesting thing is that i don't — one interesting thing is that i don't think anyone was prepared. certainty. — don't think anyone was prepared. certainly, gorbachev wasn't. he was prepared _ certainly, gorbachev wasn't. he was prepared to — certainly, gorbachev wasn't. he was prepared to let the warsaw pact toose~ _ prepared to let the warsaw pact loose i— prepared to let the warsaw pact loose. i don't think it was important to hi

. >> it will not be a pivot anytime soon.he fed does a pivot and starts to cut in the second half of next year, that needs to come off. >> they would hurry it up. >> the fed is in overdrive. they will make a policy mistake. haidi: investors weighing in on the implications of fed policy. our next guest does not expect any return to moderation in the rest of 2022 or sometime after that. saxo bank's steen jakobsen joins us. how do you change your view on how markets will parade and how to investors trade in the situation? >> the critical data point was the trade inflation that continues to rise. that is a cpi demand. we are into what economists call wages drifting. that increases the run rate and it will be at least twice the average we have seen, two percent being the benchmark and we are at a minimal of 3% if not 5%. the equity market continues to think that you get a pivot on the fed which as i have told you, if we are going to be wrong, it is because we are too hawkish. not because we are staying within transitory. the marke

>> well, markets are hoping that the fed will pivot they can my pivot if they want to fight inflationhave been behind the curve and why we are going through the temper tantrum right now. we have a listening way to go to get inflation under control. what do central banks want to do. they want to protect the currency and rates and protect the economy. inflation is way out of control. if they don't stop it now, then things are going to get worse. maria: i agree. john, let's talk about what we saw yesterday and the impact on the fed and the macro story. i mean, layoffs are continuing. bp is laying off workers at the ohio refinery of prolonged shutdown, docu sign cutting workforce. there's lyft freezing hiring in the u.s. for the rest of the year and, of course, on top of all the other financial services and tech companies that have either frozen hiring or cut jobs. >> that's right, maria, what we have to be aware of is slightest increase of interest rates, not the consequence of stronger economy boosting demand for credit or inflation risk because of faster economy growth. it's the opposi

readers at pivotal moments in american history that always seem to be worth another look. his three-day series gave us a very important glimpse into the lives of three u.s. presidents, dwight eisenhower, ronald reagan and fdr all of whom changed the course of history and the fate of the nation. his newest book, on our 18th president ulysses s. grant entitled "to rescue the republic" is as educational as it is timely and i say educational and that grant was far more important in u.s. history and some historians had given him credit for. and timely and that when it comes to the fragility of our national unity and the times we live in today their read of his book shows you that we have been here before. it is always a pleasure and an honor to have him with us us so ladies and gentlemen if you would, please join me in welcoming to the reagan library mr. bret baier. [applause] >> thank you very much. i started with reagan sound bites. the issues that reagan deal with that were big issues when we are dealing with the debt so it kind of all works out pretty well to say hi to my f

that's where this entire election pivots.ending the next six weeks talking about election denier january 6. whatever else is coming out of mar-a-lago and abortion politics or spending the next six weeks talking about immigration and the economy. if you're the republicans you hope it's the latter. watching the ads since labor day started the word inflation and biden are in almost every single one of them. and joe biden's approval rating in every one of those states is significantly under water. is it going to work in an era where people are saturated for six weeks with the money that hans was pointing out? the senate races now, the amount of money is mind blowing. this is stuff a presidential campaign wouldn't have spent four years ago. hundreds of millions of dollars. i'm sorry for the people in those states. you will never turn on a device. >> you're doing a great job of teasing what we will be talking about more in this show. the one thing that is looming over this and making it a lot more difficult for republicans to keep

do you think that this pivot matters to base voters? i think we all accept to some degree that once the primary is over, politicians pivot to a more palatable message for the middle. but the trump base is so incensed and so enraged, dos it matter to them that their candidates are trying to be less trump-y in a general? >> you would think. it is one thing to sort of try to finesse an issue and so sort of go around the margins of the nuances of your belief on something, but when you have a cult of personalities, it is pretty hard to move away from the personalities while still maintaining the support of the cult, right? you can't just say now i think the election might have been not stolen, i mean i don't think that really fools anyone, and frankly, it is just one thing to pivot, and sort of elegantly and another thing to scrub your website of your previous, you know, position on abortion rights, and expect no one is going to notice. so i think you know, to most people, it would be viewed as an insult to their intelligence, and to the vot

investors saw the bank of england's intervention as potential pivot.o go down next year. the nasdaq up two days in a row. we are looking ahead to the final read on second quarter gdp and jobless claims out in two hours. the gdp is expected to be down six tenths of a percent for the second quarter. americans are head back to the voter to watch the -- to the supreme court to watch the judicial system in action. cheryl with the details. cheryl: the high court confirming for the first time ooh since the covid lockdowns that members of the public will be a allowed to attend oral argument hearings in person, this will begin in the october term where the court will hear three cases. masking in the courtroom will be optional. the european union is proposing new sanctions be entered against russia. the new sanctions would ban european citizens from joining the boards of russian state owned companies. officials in europe also want to change the laws to institute a price cap on russian oil. the body moving to stop european companies from exporting goods and servi

kriti: four tcw in particular, why is it pivotal time? we mentioned david lipman said he would be stepping down but you have one of his top bond managers saying he would step down, so you have a change in talent, a lot of new executives at the firm and assets, while it is $220 billion, it's one of the largest mutual funds, certainly in the fixed income world. but assets are down just a bit from their peak. she will be looking to grow assets once again. she ran a $300 billion equity portfolio and then some at goldman sachs, so her growing tcw will be an interesting time ahead. john: speaking of goldman, this is not the only big news we are hearing. there top recruiter is also on the move. sonali: there were two announced archers. one only joined about three years ago and was part of the firm's management team. goldman is not alone in the musical chairs we are seeing. there still a lot of movement on wall street when it comes to jobs and it's interesting to see it happen at the highest level of the firm still. so it will be interesting. thi

the trip in late february and early march into the experience helping the migrants proved another pivotal moment in his awakening leading him to declare i want to put a tag m of shame on those responsible for this. this anger and frustration concluded with a question if you only feed him when you work him the horse will die. that it cannot feed and clothe the men and women that helped make it the richest area in the world? the end of may 1938, steinbeck began the 100 days of writing over five months that produced. he kept a journal that filled with an obsessive urgency, uncertainty and occasional hope that he was creating a literary work to match the significance of the contemporary crisis he was chronicling. the challenge was to convey the asmigrants applied while plight whileemphasizing the str, dignity and humanity in the face of desperate poverty and misery. he needed to achieve this while eliminating the experience through this lens telling what is coming nonjudgmentally. this is reflected again and again in the novel. the former preacher who no longer preaches but right up to the mo

_ into invest in your country, so the pivot is _ into invest in your country, so the pivot is going is in grave _ can get. that of course means putin is in grave danger of becoming a vassal— is in grave danger of becoming a vassal state of china, where china can dictate — vassal state of china, where china can dictate the pace, and china is quite _ can dictate the pace, and china is quite satisfied that that will happen and at the same time, if that does happen with putin, putin actually— does happen with putin, putin actually stands there, get the ukraine — actually stands there, get the ukraine actual fight on the ground which _ ukraine actual fight on the ground which is _ ukraine actual fight on the ground which is going so badly for him — forget _ which is going so badly for him — forget that— which is going so badly for him — forget that for a limit. one of the issues _ forget that for a limit. one of the issues he — forget that for a limit. one of the issues he started with, he got finland — issues he started with, he got finland and swedenjoining nato, and he got _ finland a

[zoom call] ...pivot... work bye. vacation hi! book with priceline.ringing] hm. no way! no way! priceline. every trip is a big deal. my time electrolyte is over six weeks away, a few states are any more pivotal than pennsylvania by 2020 election deniers or republican nominee for governor doug mastriano, key role on for -- overturn the election of the, on january six -- >> but seven is outgoing path to me is yet to even weigh in on mastriano. i'm anna raju caught up with senator toomey on capitol hill today. >> why haven't you taken position on the governor mastriano? why wouldn't you weigh into that race >> i'm focused on the senate race. >> you want to weigh in any further about him or make your position known before november on him? >> we'll see. >> the outgoing republican senator will come in a little -- republican running for governor making that much as you well for the senate race, toomey says he is focused on cnn's jessica dean caught up with voters in pennsylvania diner to get their take on the two candidates. republican -- mehmet oz and john

what do you make of this pivot for biden? do you see it as a pivot? think that speech was something the democratic base was looking for as a way to sort of clear the decks and clear the air and have the president state in uncertain terms he sees there are threats to democracy on the horizon. i do think it will wake up the democratic base as we head into the general election. on the other hand, i do think because some people have seen some of that rhetoric, including his use of the word semifashcis before the speech, not during the speech, it's going to make some work for him to do as he tries to persuade the voters between the 45-yard-line, suburban voters, voters in philadelphia, et cetera, that helped him in 2020 and now he'll have to convince to stay with democrats, not switch horses and go back to republicans where more of them were in 2016. democrats have the wind at their back here. but it's still a tough midterm year for the party that has the white house and both houses of congress. >> david, you mentioned the word semi-fascism and conservativ

one does have to ask new hampshire voters will appreciate the cynicism pivoting from trump but it looksme that race will be competitive the governor could be right. donnie could well end up in the u.s. senate. paul: hard to get more cynical, democrats trying to get support to win the republican nomination. let's turn to pennsylvania where john federman is running lieutenant governor against doctor oz, the television position. he's catching up, he was down for quite a while and making an issue of federman's health and fitness for office after he suffered a stroke a few months back. is that fair? >> it is a smart strategy and fair. voters deserve to see people debate and the reality is federman has been hiding from the people and by doctor oz focusing on this, raising questions about his health, it's obviously a working strategy because not only are using polls change tighten up but federman has now decided to debate, there's complex questions about the format of the debate, it might be unprecedented it will only happen after i would note absentee ballots are going out and people are alre

you can only pivot so far... ii you can only pivot so far... when the government talks about more help for businesses that are vulnerable, who do expect to be in that group? what kind of businesses?— businesses? this is a challenge. _ businesses? this is a challenge. they - businesses? this is a challenge. they tend j businesses? this is a i challenge. they tend to businesses? this is a - challenge. they tend to talk about businesses that are heavily reliant on energy and actually what we need to think about is what other businesses that are core to communities and employment and we would like to see the high street supported more and retail hospitality and some of the businesses that make up a huge amount of employment and the backbone of the economy and suggesting vulnerable businesses is a worry. we would like to see all businesses supported after that six months. supported after that six months-— supported after that six months. ., ., months. one of the other challenges _ months. one of the other challenges that _ months. one of the other c

the bigger picture and i'm wondering whether or not there is data that we will see central banks pivotinge bank of england indicated it's more worried about financial stability than it is about inflation. it could've raised rates today. but it wanted to sort out the financial stability risk. if central banks because they are raising so aggressively meet the point at which financial security risk become intolerable it's knocking to be their primary focus and is there a danger that that's closer than we think? >> in terms of what the market reaction, we seen a steepening of yield curve and that tells us market have moved that downside risk and risk that hard landing because central banks are going to high to fast and are seeing financial market conditions heighten. central banks are remaining resolute on rate hikes given what core inflation is doing and not seen as forward-looking. they sidelined forward guidance in that environment when the data is still indicating we should hike but the forward signal suggests you should begin to pivot. there is an increased risk of a hard landing. so tha

it was a pivotal day-to-day -- day to day.orter: it was interesting that this happened as the world leaders were gathering and diplomats were gathered in new york. they were all denouncing something about the war in ukraine with russia, saying it would have so-called votes, sham votes to shore up and annexed territory it occupies in ukraine. they are saying this is our territory. the president of france said it was imperialism. that happened at this gathering and there have been plans to's test to discuss what has happened. haidi: beyond discussing about what is happening, what has been happening, is there any meaningful action given that there were already concerns sanctions are at the risk of weakening? reporter: that is what we will be hearing a lot from including president biden will be speaking at the un tomorrow. if the u.n. body they came about to try and make peace around the world, if they can do this in ukraine, why do we have been u.n.? this is a pivotal moment for the organization and the u.s. president will be ask

and frankly, it's one thing to sort of pivot sort of elegantly.t's another thing to scrub your website of your previous position on abortion rights. and expect no one is going to notice. i think, to most people, it would be viewed as an insult to their intelligence and to the voters in general. >> there is not a lot of gray area as to whether you think the 2020 election was stolen. but good luck to those republicans were trying to find. it mark leibovich, staff writer at the, atlantic my friend, thank you for being with me tonight. >> thanks for having me, alex. >> up next, congressman benny thompson joins us live to talk about the crisis in jackson mississippi, where his constituents still have no drinking water this evening. and that is all because of a water system in disrepair, in large part because of decades of racism and racist policy. we will talk to him about that and the january 6th committee. we will be right back. ever notice how stiff clothes can feel rough on your skin? for softer clothes that are gentle on your skin, try downy free

i don't think the fed will pivot this year. we need to take them at their word.cker has done, and they do not want to do a start and stop process with rates. i think we have to believe they're going to continue to hike rates, keep them at a higher level until they see inflation come down to a level that is acceptable for them. i'm not sure what that level is going to be. it is definitely not going to be 2% that they say is their target. charles: right. >> that i would look at next year, maybe around middle of the year, third, fourth quarter to start lowering rates. charles: still within that you see the possibility of a soft landing. that is the case by the way, what would that look for with the market if the fed pulled this off? >> i think it would be great for the market. i think the market would be really pleased with a soft landing. i think the fear of recession has come back a little bit from where we were earlier this year. it is obviously still a concern. my opinion it is going to be in europe. that is where we're going to see it first, depending what happ

he is a pivotal president to. he begins deregulation, and we often credit that to carter, and to reagan, rightfully, even george bush. can but it begins in the ford white house. he makes this break due with this sort of the as the -- fdr legacy, can the deregulation of telecommunications, of transportation, of the airlines. this begins in the ford administration. and it's being carried forward through the remainder of the 1970s, the 19 80s, and into the 1990s. so in a number of ways, when we need are more biographies of ford, and i will just throw a plug out there. i think we can anticipate next year, richard norton smith publishing a key lengthy biography of gerald ford. it should come out hopefully in the summer. >> terrific! we've got a few questions in. i want to make sure we get a chance to answer some of them. the ford family -- this is the kind of question we get at the presidential library. are the family members involved with the library, the museum? and if so, how? >> they are! and even more involved aft

so that was pivotal to the opposite. so that was pivotal to the whole _ the opposite.gnificance, that he allowed, maybe not withjoy, but allowed, maybe not withjoy, but allowed the dissolution of the soviet union and those countries to go away, more or less peacefully. i know the whole project and the reforms he wanted did not happen, and it ended with much disillusionment on his part, and a lack of support, as he saw it, from the west but he allowed something enormous to happen and it had an enormous to happen and it had an enormous effect on modern europe, as we can call it now, and a critical effect on russia. at the west did not understand how big a moment and how big the change would be for russia itself. so we had the mess and the autocracy of the boris yeltsin years.— yeltsin years. one of the interesting _ yeltsin years. one of the interesting things, - yeltsin years. one of the interesting things, i - yeltsin years. one of the| interesting things, i don't yeltsin years. one of the - interesting things, i don't think anyone — interesting things, i don't think a