-- snb? let's get into the chamber into the snb? —— snb? let's try to give you an indication.over there, beyond some of the officers you can see the lights of a few vehicles. so it was not particularly fire but that tactic that they picked up from about midday was to try and broach a lots of different engines is, try and get to a number of different places. eventually they did not, but the rated. they bided their time and you saw a huge number of people to know themselves through this particular entrance. so the crowds build up and they had a real body of members who were then able en masse to push through this particular spot. even though this is the main entrance to the assembly which he thought would be really well protected they were able to smash there and they made their way up the stairs, at the estimators which have been turned off and went into that chamber that we saw earlier where it's now like a bomb site. you've got food all over the place, water, umbrellas, all the detritus and all the debris that the protesters brought with them. so, this is the legacy of an ext

was an expectation that next time we will see some structure.ring -- that is really worrying for the snb in switzerland. vonnie: let's get to some analysis of that. ecb president mario draghi sending a strong signal that stimulus will be set up after the summer break, with lower interest rates and renewed asset purchases on the table. have a listen. >> inflation expectations have been at historical lows for some time, so we have to consider admission, and i stress this, that we don't like this. vonnie: we are joined now by strategasnert, research partners chairman. did the ecb send a confusing message today? messaget is clearly a that is not resonating with investors. in the 1930's, there was the term that came about called pushing on the string. the idea that you're going to provide more stimulus to the european economy that is somehow going to work you have already $13 trillion worth of negative yielding sovereign debt seems very uninspiring to me. confusing,omewhat but i think what investors are really coming to grips with is you've reached the limits probably a long time ago of what

the snb is at -75. can you be the -- can you see the ecb there as well? adam: i don't think quite that far. i think it will probably bottom -50.omewhere around -40, tiering is an interesting thing. it.an and french banks like i think it is smart for the ecb to do it, but i don't think it matters very much. what matters is the overall rate level. 2%,ie: below but close to and still symmetric. how does that work, adam? adam: fair question. i think they would like to be truly symmetric, but they are not able to yet make that statement as opposed to the below but close. the issue is, just as the fed is talking about if you want to average something like your real , you want to convince people you're going to overshoot for a few years. the other point is they are trying to take away the risk, the tail risk in people's minds that maybe the ecb would reverse course or raise rates prematurely. not sure how effective that is going to be, but it is worth a try. vonnie: deutsche bank with a note saying the fed is a more important driver for the euro and volatility t

would be for the likes of ubs and credit suisse if we were to see the s&p going even further -- the snbn further? lisa: they of spoke into this being a further headache for them. you saw today at the top of passing on the cost to the customer. ubs are he does that. -- it is acharging sign of the difficulties that all banks face. the europeans with the ecb rates coming down, but of course the ringin the eurozone is tie which is easing the effect of the decline in interest rates. guy: we will leave it there. thank you very much indeed. alisa martinuzzi joining us from milan. vonnie: we are counting down to the fed latest rate decision followed by chair powell's latest news conference. we have a preview with carl riccadonna. we are expecting 25 basis points. it would be unusual if we got 50. how likely is that? unlikely that would we would see a 50 basis point move, that that took great measures to telegraph this do markets, even going as far as to backtrack on misunderstanding from the fed -- the new york fed president williams. they made a strong effort to shape expectations. the consens

we cracked 3000 on the snb -- s&p. would say about earnings revisions, 80% of companies that have revised this year, they have revised down. this upcoming earnings season which is about to kick off next week, companies do have lower rates and that could be a bullish thing and the markets should go higher. shery: about breaking that 3000 level, we were not able to close above it but what does that tell us about future resistance levels. are we through that? can we get past that at closing levels in the future anytime soon? big, round number so people focus on that. but what we found is as you breakthrough new highs it is a bullish signal, not a reason to think we would drop down because we have never been this high. a positive breakout and closing above that 3000 level on the s&p would be constructive. that is why we think investors should stay invested. paul: i want to get your thoughts on corporate debt. you say there is a lot of it, but the cost of servicing it is very low. now with this 25 basis point likely coming,

look at what the market is pricing in, if the market is pricing in 10 or 15 basis point cuts for the snb are going to have some unintended side effects, and definitely felt in the banking sector. that is why i said before, there is a limit to how dovish central , barring actually be perhaps the fed, because we are in an environment where we are close to the bottom and we cannot move far from here. tom: the race to the bottom will be kind of the discussion today. vasileios gkionakis, thank you so much. i know the world is distracted right now. a major decision is should i get one or two scoops of mango sorbet? july 23 is rapidly coming. this meeting of mr. johnson is really important, isn't it? nejra: it is. we are hearing more about his views on brexit. i cannot believe you were talking about sorbet. did you overdose? ice cream basis, it is a five day holiday. there will be visits today and into the weekend as well. before that -- -- sorbet is at palate cleanser. tom: it is not a palate cleanser. this is bloomberg. ♪ ♪ tom: this morning, it is all that matters in america, it is jobs day.