i would love your perspective, because rick rieder essentially agreed with the idea that any tighteningn spreads, any loosening in financial conditions from here, could be perceived by this federal reserve as an unwarranted easing and one they might have to lean against. what would you say to that? bob: i'm not so sure they are there this month. i think, yes, at the start of the year when they looked at where inflation was, the 0% fed funds rate, and they had not begun a quantitative tightening, there was a lot of damage control. they needed tighter financial conditions to do the work. now they have tighter conditions, but the raising rates, quantitative tightening has begun. if financial conditions moderate a bit, which they have, i think there will be ok with that. you don't want to choke off access to credit for corporate america. jonathan: jim, do you think the fed would be ok with where financial conditions are right now? jim: actually i don't think they would be ok. if financial conditions were to get better it would undermine their whole modus operandi. remember, it was this week

that was the take from rick rieder. tom: i have tremendous respect for people in bonds and equity.as way more discussion of the bond/bear market at the end of vulgar than there is now. there is like this -- this is going to go away now. sharpe ratios that are not measurable. i'm sorry, double-digit losses in bonds with coupons at 4%, and we are not talking about. that sentiment that it will just go away, that extend to a lot of things. most of the guests still thinks the fed backs away by the end of the year. is she still hoping? make this one work. futures down .2%. this is bloomberg. leigh-ann: keeping you up-to-date with news from around the world, let's get to first word news. credit suisse is considering a round of job cuts. the cuts would be spread across divisions including investment banking and wealth management. it was credit suisse's six profit morning in the last couple of quarters. a billionaire developer will take on a politician in the race for mayor david rick caruso will face karen bass in november. caruso won 47% of the votes yesterday while bass 138%. caruso is a

lisa: it takes me back to what rick rieder said on the show, this may be the last saw the job apart we have seen, the one on friday. how much our company going to start paring work forces that they built up for a different economy during the pandemic. are we starting to see that or is this just a normalizing market going back to something that we saw pre-pandemic? tom: claims are getting back to a january level, coming down from the pandemic. jonathan: movement in amsterdam, photos being taken. we can cross over and catch up with christine lagarde as she gives her view or the path ahead on the ecb look to hike interest rates. ♪ photos still being taken. typically i'm usually on time. a bit of elevator music. >> today and also yesterday, we had the honor of hosting the ecb governing council here in amsterdam. it was the first time in 20 years that a governing council came to the netherlands again. today is also the first time that the ecb hosts this press conference again in physical form. i hope it will add to the joy. thank you. over to you. >> thank you. we are also joined on stage b

rick rieder speaking to you last week said the report we saw on friday could be the last solid one in a wild, we could see a negative print to the next couple of months. to be see evidence of layoffs picking up? at 8:00 p.m. we have the primetime hearings in congress, the expectation they will be a bombshell guests, otherwise why do prime time? jonathan: very true. a whole host of things to look forward to, let's get to our guest, we spoke to sebastian page and he said after a selloff of this magnitude we would only buy stocks but the sum we are not. what are you doing? >> where mutual and i think you could see a bear market rally. we have to look when i things going to change, but once you see some of the economic data, earning status start to roll over, we think you will see a challenging period for equity markets, where it retests the lows we have seen the past month or so and goes beyond. jonathan:, people have been conditioned by the last couple of years, the last reference point for this spring of 2020. we started to rally and we had this conversation, how do you differentiate o

we will get a ton of input on the fixed income with rick rieder. and subadra rajappa.real yield, a 0.28% elevated. joining us is jeffrey rosenberg, and the perfect time to talk to you. i want to know how the bond market responds to one of the themes we see in this job report that we are going to move from 8% to 5% inflation or 4% inflation and then there is a massive then what? how do you position in bonds given a move in inflation and presumably in yield? jeffrey: a week from now we will have that conversation with more information. the inflationary data we got today was a little bit of avoiding the worst case scenario. to get a little improvement on the labor participation rate. for the inflation story, the biggest important number we get out of the payroll report. there is the average hourly earnings as well and that avoided a negative disappointment in terms of best rent. i think the market this morning is maybe reacting on the headline. there is a big drag on that headline from retail. if you discount that, this is a little stronger report and that is what we are