vonnie: rafael bostic speaking to bloomberg's michael mckee.e stories, berkshire hathaway's cath file set a record of $157.2 billion stood by elevated interest rates and lack of deals. it surpasses the previous high set two years ago. they have parked their short-term treasuries. the company is trying to find big-ticket deals despite wrapping up its acquisition strategy. west bank is lifting its dividend and will buy back $980 million of shares net income rose 26% from one year ago but missed estimates. the ceo sees customer sentiment remaining week going ahead but said there were glimmers of hope with cost pressures starting to use for businesses. heidi? haidi: getting back to the earnings that we broke earlier in the day, dbs group ring profit that beat analyst estimates propelled by margin growth across commercial lending. let's bring in senior reporter -- great to have you with us and see you in person. what we are looking at was commentary around the penalties we have seen, right? take us to the numbers first read they were solid. >> yes i

coming up, and exclusive interview with rafael bostic at 3:30 p.m. this is bloomberg.ami dolphins are kicking off on sunday. as an early start and they are playing the kansas city chiefs. they are and frankfurt germany. an early start but we have an opportunity to watch it over here. you have a matchup between the buffalo bills and the bengals. the real winner judging by today's number is draftkings, the online betting platform has been cashing in big-time during the football season. they reported q3 numbers and they were well above expectations. we are up around 12% on the day. joining us now is draftkings ceo and cofounder, jason robins. you had a great quarter. there are a number of reasons behind that, parlays were good but competition is picking up there. there are a number of other reasons to come into the mix. but my question is is this a sustainable story? can you repeat this quarter after quarter? jason: if you look throughout each quarter this year we have been doing this consistently. i feel confident that we can continue on the path we are on. the team is e

. >> rafael bostic there. speaking with michael mckee over in the united states.s is a global issue. this idea of simply how europe would eventually fund these really massive costs they have undertaken. that is part of the conversation in the united states and over in italy. i think that has led to the following deal. they have approved the sale of domestic landline. about 22 billion euros approved. the deal expected to close by next summer. good morning to you. how big of a boost is this to telecom's domestic turnaround? >> this is an historical moment. we have been reading about these for years. telecom italia will ease their dead. finally, they will manage to get the -- get them in the hands of a new entity. it will also be supported. the italian treasury will own a stake in the company. they strongly oppose the deal. they will take -- they are very sad that it will take legal action to stop the deal. >> it is interesting how this is pushed through without shareholder approval. we will have to see what the government says in response. this does the trick and te

let's change on because what is interesting is even though we have fed officials like rafael bostic,arianne daly as well saying the 2% target is coming into sight. it is longer-term inflation expectations that are becoming an area of concern and the latest university of michigan survey showing five to 10 year inflation outlook is that a 2011 hi, a concern because it tells us some who took the survey are concerned the fed will never fulfill its inflation target. vonnie: so much his the geopolitical interplay. the white house says resuming u.s. china communications is a priority as the leaders prepare to meet. let's bring in politics reporter gregory. there's been managing of expectations because there are divergent interests and areas where it seems impossible to find consensus. what are the sort of guidelines we are getting before the meeting? gregory: jake sullivan was out today talking about the meeting that president biden and she doing will have on the sidelines -- xi jinping will have in san francisco. talking about efforts to restore military to military communication, 2d confl

jonathan: rafael bostic, absolutely. i think he would have a few months ago.t mike mckee thinks. he does not get a vote. the portfolio manager of jp morgan asset management. two mondays ago, 5%. here we are, 4.65. >> the last month or so, it has been a technically driven move. once we broke at 4.40 level, it was short positions being put on, this narrative built there is no demand out there for treasuries. what we saw this week was softer data. we saw the treasuries essentially responding to the treasury that cut back that login supply. we heard from the fed the bar to hike further is high. there is cautions from the fed. they are bringing up this lag story again. they are waiting for the long and variable lags to play. we need that narrative to come back there is no demand. i would argue the highs are set. how low the 10 year is going to go will depend on how the economy will fare with those lads coming back. tom: the difference between the two year and 10 year, you called the magnitude of inversion. where are we now? have we this inverted to, this is wonderf

lisa: that was rafael bostic, president of the atlanta federal reserve speaking with michael mckee lastst week was the biggest rally we have seen in so far this year. one of the biggest rallies we've seen in bonds, very much a cheer based on the fact that maybe the fed would not raise rates more from here. looking at specific stocks, bumble is moving lower, 6% after the ceo said she would step down from this company. she founded it and there is a question around dating absent how much more popularity they can gain given the boom they saw over the past five years. there are questions around consolidation. hilton shares are fluctuating back and forth, up 0.4% after announcing an agreement to buy blue-green vacations. there is all sorts of other potential premiums. 111% premium over friday's stock closing price and birkenstock shares are lower by a touch after hsbc analysts said the valuation feels tight unlike their shoes. moving on, is ashley allen joining us. she is from franklin templeton. thank you so much for being here because the big question is how healthy is the consumer after pe