that's a seachange. they literally know nothing.hat's the senior advisor at the white house talking about the press corps that covers the white house. >> and you know, i think there's some really important warning in this. ben rhodes talks about how he helps sell the air and deal, the nuclear deal to people who were very skeptical. he talked about the use of the digital media, the way they mobilize support groups and the fact that very few news organizations even had the wherewithal to check what they were saying. but he's proud of what he did because he says that was a good deal. it's in the interest of the country. his warning is, what happens when the next person tries to do this and try to use the bully pulpit of the presidency to sell something that is not in the nation's interest? where are the media? where are the reporters? they are not there and i can't say i disagree with him. i don't. the press is in a terrible state and that warning of his piece in that important interview still is a friend of mine. jon: obviously ben rh

the austrian situation and look at the flipside of all this, we have had a seachange here with the latesty the rba. ratew our 10 year bond down to record lows, under 2%. recentmoved up again in days, but if we see further rate ofs, then we have new levels valuations for our equity markets, and indeed we have seen that play out over the last couple of weeks while the overall level of the index has returned to previous highs. these are important , both in the case of lower rates and higher rates. rishaad: talking about australia, we see the jobs data come out, and i'm going to say your guess is as good as mine given the volatility and the way it's been calculated. there's been a lot of outsizersy, some numbers, particularly associated with the rebasing of the sample that the pure of statistics uses. i think of sensible way of losing with statistics is to look at the trend view. at a 12 month view of our labor market, unemployment has declined from , but broadly speaking, unemployment has been falling, job growth has been good enough to do that, pretty steady participation rate, but as in ot

now that we have closed off those lows it was an impressive seachange. to point out some changes. the s&p is a straight line kind of down. ,hat orange line moving average you don't want to see it break a long turn moving average. definitely a technical level to watch. what helped the markets has to be retail. in particular, walmart sing the best rally in seven years. .dding 40 points you can see how ups -- extreme it was. macy's, target. everything going lower. joe: target earnings, that was a surprise. the government bond market. we saw a big jump in yields. today very tiny reversal of that. >> interns of currency it is trading on economic fundamentals. result it is no longer the worst performing g 10 currency. a self recovery in the dollar is turning into a significant rally. if you look at the dollar yen it has climbed 3.6% versus the yen since the start of may. it is picking up momentum. we've seen better than expected economic data. that is giving the room more room to raise rates. highlight a to couple ones here. copper struck my eye. point it was hitting its lowest level si

hedge funds happen to be caught up in a gigantic seachange. they are not excluded, but not alone. see money move from high-cost products to low-cost. it's not always active to passive or mutual fund to etf or hedge fund to etf. funds,ney coming out of hedge funds charge the most. they are risk. even institutions are getting in the game of. consultant institutions, they are tired of paying money and not getting performance. that's why they are scared, they should be. these are pretty mind blowing numbers. active mutual funds have seen $30 billion in outflows. etf's are taking in $39 million. vanguard alone has taken in hundred $15 billion this year. in a year like this, that tells you that money is coming in for some of these places, rain or shine, regardless of performance. until we see in the etf's. the two lowest cost providers have 10 basis points, they seem to percent of all the flows and etf this year. betty: are we seeing outflows from higher cost etf's at the same time? you generally see money coming out of the high-cost stuff. the vanguard s&p 500, this product is slowly b

be a big seachange. erik: from your perspective, you are all about uncorrelated returns. more if valuable for the investors, fewer alpha or uncorrelated alpha? neil: that is really a question for the investors portfolio. they can find monetary strategy that would guarantee they are up every year 30 percent, 40%, but usually they want diversification. a blend of many different types of returns. we provide something uncorrelated with usual markets. for oneing back to low moment, you lousy performance the industry has put in to the theeasing -- future muted lousy performance the industry has put in -- neil: we are in an unprecedented period of monetary policy. what happens is investors become incredibly reliant on capital appreciation. you seed of environment swift reactions, good news, you see a lot more volatility. erik: the ultimate uncorrelated returns among hedge funds. why are they so many crowded trades, wire hedge funds in the same division? neil: there is a lot of smart people they are our good ideas. evidence is the hedge fund the ip index that goldman sachs puts o

seachange were passed secretaries -- >> excellent question -- 30,000. >> doing apples to apples here?that is the case they would be in trouble as well. if madeleine albright was sending information, classified information that would be highly problematic. it wouldn't be an excuse to justify behavior. >> you asked me at the top of the show the kind of people hillary clinton surrounds herself with and what they come out with 30 months later is consistent, let's pivot here and react but we are not going to. the culture of what it is. i would not be surprised if later tonight secretaries in california, this won't even be brought up because that is the strategy. >> not in california because she has a fundraiser to quiet bernie sanders. >> congressman chaffetz didn't want to get into the political food fight. when you get into the political environment surrounding the scandal it hasn't necessarily weighed much on those the currently support hillary clinton but look at donald trump, he is already attacking her on this. bernie sanders didn't want to touch it. does that start to change? >> whe

i thought friday was a real seachange. brick-and-mortar retail is gloomy. buoyant?week run. bruce: i think that was indicative where the consumer stance. i think we got a real message on friday that the consumer is ok. it was broad-based as you say. it wasn't just the internet retailers. it was looking reasonably good across the board. tom: do you have a good accountability of digital retail? bruce: you probably don't. we are getting better on that. the accounting does start to look more normal as you go over time. i think the problem with the consumer is not the measurement overtime. it's been the measurement around the turn of the year. we've had these patterns were we've turned into the year and it's looked very weak. it's a bit frustrating as you are going through that. think we got that sense of release on friday when we start to see that pattern emerge again. vonnie: let's bring out the chart again. at the end of the day, e-commerce will win the day. we are looking at amazon and others going back to bricks and mortars. it's not one or the other. bruce: i agree

>> i don't think there is an incentive for them to really -- you can see how big seachange is such falseen the move into the imf basket. it precludes a certain amount of stability within that currency and i think the chinese officials take that seriously. we're still in a path where they want the yuan to be weaker against the u.s. dollar. but take moves. you'd have to see something huge for that to happen. >> jerry what i have for you here is a little bit of an indication. this is a capital flow coming out of china at the bottom. you have capital flow ticking higher along with dollar-yuan rate. my question to you is a great deal of debt was built-up in this growth period. is this a flight of capital or is this debt repayment or perhaps we are being overly aggressive? >> i think it is a mixture of both. you have to look at the graphs and see exactly how much money is coming out of china moving into hong kong and from there moving throughout the rest of the world. there's huge amounts of money. it's having more and more of an effect. the debt repayment structure is an interesting thing to

see inow, as we seachange over the weekend, i'm sure many of you have heard the aged oil minister ofaudi arabia is out of the door. shahine is with us. the new minister is lined up with a new regime of royalty. tell us about the new minister and how he will deal day today with the king and deputy crown prince. alaa: as you said, the new minister is part of the inner circle of the deputy crown prince. we don't expect any fundamental change. he's going to defend the saudi market share. the change will be more on the domestic side. this is part of the vision to turn around, from an oil and gas company into an energy and industrial conglomerate. tom: behind you in dubai is the fcclaimed and beautiful di building. i'm told that riyadh wants to redux this. they want to open their society, c equivalent and become more a part of global capitalism. is there any met that the traditional royal family can do that? alaa: they are trying to. they are setting up a financial district in riyadh. this project in particular is dotted with a lot of problems. dubai is, as you said, well-established as a

eric: seachange. anand mahindra: that is not being credited globally. problem is, if somebody asked me, has everything become transparent right down to the bottom? no, that is what he is working on. he has a wonderful acronym called jim, which is mobile. he is try to get subsidies and benefits directly to the moon people -- modern people. eric: what about central-bank policy? are you among those people that say they should be ready -- cutting rates faster? anand mahindra: no, but the man has been one of the biggest treasures of the u.s. economy -- indian economy. when i come to wall street and you talk about who is the best finance person in the world, they always throw around his name. he is very respected. he has been his own man. he has reigned in animal spirits at the right time. and he is beginning to ease up on rates at the right time. eric: what is your read on the chinese economy? it ismahindra: interesting. for many years, the entire world , economic and business community have been telling china, you have to change your model, cool off your gr

more inflation, and maybe the forecast of a little more growth rate but there hasn't been a huge seachange a decent april jobs number, but in may, not so great. it's kind of a wash. mike: we are going to have a bad number next week. people aren't focused on this quite yet. the verizon workers are on strike, and those are going to come out of the payrolls report. you will see a lower payrolls number and perhaps wall street is expected, but the fed will look past that. scarlet: there was a headline about 30 minutes ago that the u.s. is announced an agreement on over -- a new verizon contract. the labor secretary expect workers will be back on the job next week. alreadye survey week is over, the payrolls will not be on the payrolls, but there will be a big jump in june. scarlet: a lot of data coming up next week. what do you think is the key point that the fed will need to see to corroborate what janet yellen was saying -- of the data stays good, we're doing it. they were at the workers back in and figure out what it looks like. as the unemployment rate is stable or the arises for the good re

morgan was they have seen a seachange and not that they are looking for a boom american economy but theyooking for a better american economy which would keep the yield curve steeper. jon: thank you so much on the flatter yield curve. david: we have breaking news on apple -- we've just learned that berkshire hathaway has acquired an interest in apple. i'm not aware how big it is but from previous experience, any interest berkshire hathaway has in a company means a lot on the stock is already up 2.5% after prominent news has come out of apple. considering that berkshire is potentially interested in backing yahoo!. are they getting into technology? we want to follow china where there is a run at disappointing data and it suggests the company's debt addiction may be tough to shake. missedetail sales estimates as growth in car sales grew and industrial production went up 6% from year ago but the forecast were for 6.5%. the senior fellow joins us now from washington. thank you. this missed estimates but what does it tell the president of china? does he have to increase stimulus? >> a pleasure