i am sonali basak. that does it for "bloomberg markets" today.still waiting for remarks from president biden from an event in north carolina. bloomberg will bring you those comments as they happen. stick with us through the close. this is bloomberg. ♪ starti is never easy, but starting it eight months pregnant, that's a different story. with the chase ink card, we got up and running in no time. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card from chase for business. want to save on some of the biggest names in streaming on chase ink business unlimited card the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™ that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a month. all your favorites. all in one place. only from xfinity. for more watching and less spending... x marks the spot. do it all on the network made for streaming, and bring on the good stuff. ♪ >> from the world of politics to the world of business. this is "balance o

i am sonali basak "bloomberg markets here that does it for "bloomberg markets" this friday. -- i am sonaliak. that does it for "bloomberg markets" this friday. this is bloomberg. ♪ craig here pays too much for verizon wireless. so he sublet half his real estate office... [ bird squawks loudly ] to a pet shop. meg's moving company uses t-mobile. so she scaled down her fleet to save money. and don's paying so much for at&t, he's been waiting to update his equipment! there's a smarter way to save. comcast business mobile. you could save up to 70% on your wireless bill. so you don't have to compromise. powering smarter savings. powering possibilities. >> from the world of politics of the world of business, this is "balance of power." ♪ live from washington, d.c. joe: the job market stays hot. where is it going? welcome to the fastest show in politics. with payrolls out today doing debate over interest rates. i'm joe mathieu in washington. thank you for joining some bloomberg. our conversation with the active labor secretary julie su and labor economist kathryn edwards at rand. we start in the

i'm sonali basak.oomberg real yield" starts right now. coming up, the debate on the timing of a fed rate cut rages on, while the data shows strains in the economy. we will discuss how this may play out in the credit world. we begin with the data driving the fed's decision. >> the market this week once better data. it wants to be assured the economy really is strong. >> the economy is moderating, but very slowly. >> we are getting the modest slowing in the economy. >> they'll be music to the fed's ears. >> looking at this holistically, it is really going the way the fed would like it. >> what fed speakers need to do is double down on their commitment to inflation stability and targeting inflation. >> i think it is less what the fed speakers themselves say. i think it will come down to the data. >> the market recognizes what the fed is trying to do. the fed recognizes the fed will be data-dependent. >> retail sales supports the consumption side being weaker than we have seen. >> and with later, it shows

sonali: i am sonali basak and this is bloomberg real yield. time for the auction block where there was a rush of sales before the ecb decision. we started asia where dollar bond sales climbed for a third consecutive month in may with new offerings in march of 50%. with the strong demand spreads tighten to an unprecedented low of 141 basis points. japanese dollar debt sales have not been a part of this rush this year but sam tory was part of u.s. high-grade sales this week. the deal helped push weekly issuance to around $33 billion. u.s. high-yield issuers bought more than $8 billion worth of deals. notable names include restaurant brands. when it comes to credit invesco's matt brill says returns will, eventually. >> we came into this year they didn't he it would be the year of the bond and five months in returns are basically flat. they were down so flat is starting to look like a win. going forward we believe there are significant money to be made with fixed income. with signs that cuts are on the way i think it is a wake-up call that this is

i'm sonali basak. there are more than 5 billion's of option set to expire today threatening to trigger sudden price swings in the market. let's check the markets and how they are reacting. if we had the s&p 500 earlier this week touching $5,500. now we are well below that. at the market is looking to hang onto gains. really flat on the day. the nasdaq 100 seeing a similar story. flat on the day. the s&p 500 struggling in some red territory as well. the philadelphia semiconductor index down more than .4%. the dow jones industrial average also roughly flat on the day. mid-day movers on the equity side, autonation, some 15,000 auto dealers reeling from a cyberattack of cdk that is used to complete transactions. at some dealers are handling tasks on paper until the service is restored. cdk has warned a second attack thursday is likely to keep systems down for several days. it down more than four point 4%. amex today announced it will buy a restaurant reservation company known for catering to high-end and e

i am sonali basak. the s&p 500 looking to end the week in the green. it is up .1%.bout .2%. philadelphia semiconductor index is where the most love is. the vix relatively flat on the day. hanging out on a 12

sonali: i am sonali basak and this is "bloomberg real yield."dose of inflation data in the fed put a sudden stop to the credit issuance surge we have seen all year, at least for a week. it was the slowest week of the year for high-grade u.s. sales with just under $6 billion of new supply. one sale that stood out in the u.k. was burberry. it sold bonds for the first time since 2020 as it works to raise cash for a turnaround. it had a $300 million -- 300 million pound offering and received more than 990 pounds of orders. in sovereigns, the 10-year and 30-year treasury had strong demand. the bid to cover ratio was the highest since 2018. credit suisse still sees opportunity brewing and credit. >> there is a push and pull between spread buyers and yield buyers. yield buyers are winning. anytime you see a backup in yields, a widening in spreads, people get in. investment grade at 5.5%, 6%? historically that's a home run. hi yield a percent? historically that's a great -- high yield 8%? historically that's a great bet. expecting rates to be higher for

he spoke with sonali basak. >> i do not think it suggests that they are a bad asset class. we are seeing d banking going on . they are transitioning. if you look at them, they are a lot less levered than banks, so it is a preferred systems that are moving credit into lower lever institutions. but we think there is a big opportunity in credit. with partnership with our company. >> recently in the market, it was reported that you are looking at buying a fairly sizable credit firm out of europe and that firm has gone off to seek management buyout instead. what does this say about your ambition to consolidate the asset management industry? are you looking at more private credit firms? >> if you look out there again, a lot of these businesses are semi between 30 to 50 billion. there -- they are trying to figure out what is their growth strategy? in partnership with an insurance company that is growing, scaling and reinvesting its capital into that growth, there is a lot of opportunity. the insurance company, as it grows, the asset manager grows. you get the benefit of the scale,

sonali basak, what is the story with citi moving all of its eggs to the money moving basket? li: we are talking about citi's services investors day. it is something that has been traditionally very hard to explain to investors. it is the plumbing of the financial universe here. they move money around for corporations around the world. ultimately, about $5 trillion a day. large clients, amazon, uber, the u.s. government are among clients for this business at citigroup. that amounts to roughly half of its profit. it is hard to describe to investors, which is why they are having this investor day today. the key question here is what about the other businesses? the wealth management business, the investment banking business where there is a new leader, do they also have the promise of having their own investor days in the future? by and large, jane fraser stood up to investors and said we are no longer the financial supermarket of the past. we are honing in on these five businesses. matt, this will be jane fraser's legacy as the ceo of citigroup, simplifying the bank. investors in

sonali: live from bloomberg's world headquarters in new york, i'm sonali basak. tim: and i'm tim stenovec and welcome to "bloomberg crypto." sonali: bitcoin taking a summer slump, outflows from digital assets are hitting the crypto market. tim: we talk about volatility and the road ahead with meltem at coin shares. sonali: startups are seeing a slowdown. edith from raise capital joins us to talk about the opportunities inside of and outside of the united states. tim: first, a snapshot of the market, read all around. bitcoin with a one-month low. prospect of higher rates for longer leading to pain in the wider crypto market over the last seven days. all coming at a time when we are seeing new record highs when it comes to equity markets. the s&p 500 hit its 30th record just yesterday area in stocks and bonds have delivered better returns than bitcoins in the second order of the year. quite a turnaround from the first quarter, when digital assets outperformed traditional markets by a significant degree. it's not just bitcoin going lower. we had solana, tether, all m

rowe price sonali: this is bloomberg markets and i'm sonali basak.e going to get to the commercial real estate market. taking a look at property values changing over the past 12 months. office bearing the brunt of the declines. maryanne gilmartin is the founder and ceo of mag partners and has worked on projects from the new york times building to barclays center. abigail doolittle joins us as well. the first question is about interest rates and how this might start to impact the sectors that have been the hardest hit here. i'm much relief are you seeing under the surface as we see at least traders bidding the bond market into lower interest rate territory? maryanne: rather than focus on where interest rates are going, whether we are entering a recession or stagflation, i prefer to were focused what we know. what we know is in a crisis there is a great opportunity. we are seeing movements in interest rates but in my business, it is about long-term value creation and you really focus on the future and interest rates are going to move. we are confident

sonali basak and -- joins us now with more. it is a big event and it is not surprising about whether you are in the private equity or private growth equity area of the market or hedge fund or whatever it is you are, everyone seems to be talking about artificial intelligence. sonali: it certainly does pervade a lot of the conversations we are having and -- and philippe laffont is one of those people perfect to talk about it. as he was talking to david rubenstein he asked if there was a lot of of hype around ai and he really in -- leaned into the opportunities happening to ai and downplayed a lot of opportunities say quantum computing. what is he seeing in ai? this up -- this idea of artificial brains being implanted in a robot that lives alongside humans, all that is probably 15 years away according to laphonza. he is seeing a lot of opportunity and power which is a lot of wall street is also watching, the banks and hedge funds. certainly in the morning return opportunity, a little opportunity on the ai front. we talked to todd

sonali: this is bloomberg markets and i'm sonali basak. it is time for the stock of the hour.ublic at year ago and shares have more than tripled since the company's ipo. evaluation equates now $33 billion -- $33 million per restaurant. that's an eye-popping number the mix a few million per year. bailey lipschultz joins us now. the valuation feels a little bit of a way to navigate a risk factor for valuations. what are people across the street saying about what that means? bailey: the downgraded jp morgan was predicated on that. is higher than the value that chipotle gets and is the gold standard. whether double what -- when you look at each restaurant on average over the last year is closer to 2.75, less than $3 million in revenue per storefront, that's kind of a job dropping multiple. for the $10 billion valuation. the stock is up 4x, 300% from going public year ago. that is join questions. when you look on the comp races, portillos. wing stop only at $5 million per store. this is a company predicated on the fact they want to get to 1000 restaurants in the next decade. when y

i'm sonali basak. that does it for bloomberg markets. an interesting weekend markets. bloomberg. ♪ want to save on some of the biggest names in streaming on the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™ that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a month. all your favorites. all in one place. only from xfinity. for more watching and less spending... x marks the spot. do it all on the network made for streaming, people couldn't and see my potential. stuff. so i had to show them. i've run this place for 20 years, but i still need to prove that i'm more than what you see on paper. today i'm the ceo of my own company. it's the way my mind works. i have a very mechanical brain. why are we not rethinking this? i am more... i'm more than who i am on paper. >> from the world of politics to the world of business, this is "balance of power." live from washington, d.c. joe: their first showdown in four years. welcome to the faster show in politics on this debate day in america. president

sonali: this is bloomberg markets and i'm sonali basak. it is time for the stock of the hour.atching shares of target and shopify after the companies announced a partnership to further expand target online marketplace. spencer reported on the news. he joins me from seattle. one of the bigger questions is what does this do for target in terms of competing at a greater scale the likes of walmart and amazon online? spencer: target needs to catch up. they have been flat-footed when it comes to selling things online. initially they said have an online marketplace but it is going to be more curated. they did not have much inventory. when you think about sites like walmart and amazon that have hundreds of millions of products, they cannot compete with that. by linking up with shopify, they can latch onto millions of merchants and offer more diversity in their online marketplace. sonali: what does this mean for the people that have options to shop online and they are curious about how to pay for the goods they are getting? when you think about shopify, you think about their relationsh

i am sonali basak. wall street strategists warning for volatility and the week is a big week. u.s. cpi data and the fed rate decision later in the week. before that we have to get to markets to start off. the s&p 500 up about .1%. a little more than that on the day. the nasdaq 100 also in green. starting with optimism. if you look at the two year yield, fascinating. you're getting a one basis point move lower on the day we look at the short end of the curve. we are higher than the lows of last week. the 10 year yield, which hit below the 4:30 mark -- the 4.30 mark. we will zero thrust of the week brings. midday movers on -- we will see what the rest of the week rings. airlines mover on a report that activist investor elliott has put a $2 billion stake in southwest. that would make elliott one of its largest shareholders. the airline has struggled to capitalize on travel demand out of the pandemic and you are seeing southwest up more than 8.4% after the news. looking at shares of crowd strike as well. we are seeing them all rising on news they will join the s&p 500 and the latest qu

avalarahhh ahhh sonali: from new york city, i'm sonali basak and "bloomberg real yield" starts right

. ♪ ♪ sonali: live from bloomberg's world headquarters in new york, i'm sonali basak. bloomberg crypto. sonali: we are going to have a live exclusive interview in studio with the galaxy digital's mike nova gretz. we will discuss everything from bitcoin to ethereum to lending. tim:tim: we will be joined by coinbase's head of particle and the creator of base jesse pollock as investors await potential ether

. (♪♪) sonali: from new york city for our viewers worldwide, i'm sonali basak.ts right now.

sonali: from new york city our viewers worldwide, i am sonali basak and bloomberg real yield starts right

let's take you live to the bloomberg invest conference where todd foley is speaking with our own sonali basakthe state of the equities market. todd: the ability to be on the front foot is very different than when management and ownership are completely disconnected. take the median, for example. a24 is a company we founded in 2012. two years ago, they were the first studio to ever clean sweep all big six of the academy awards. best picture, best actor, best director, best supporting actress, best supporting actress. they clean sweep all six. they are significant on by their founders. -- owned by their founders. they are in a position to figure out how to use ai in order to make our content faster, better, quicker, cheaper. at the same time they have the credibility to bring the actors and actresses with them on the journey. let's face it. it's coming. you have to be able to figure out how do we win collectively in this journey. if you look at what's going on in large publicly traded media companies, and i think they are on the back foot playing defense because management and ownership really

that was citigroup cfo mark mason with bloomberg's sonali basak.ithin the crypto space climbing amid speculation that the sec probe on the digital asset may may be easing. in a posting on x consensus, a developer of ethereum said, quote, the enforcement division of the sec has notified us that it is closing its investigation into ethereum 2.0. this comes amid a possible approval of an ether etf in the us. joining us now is bloomberg's emily nicole emily. walk us through what's been happening because ether is up in the session a little over 2%. the rest of the crypto space getting a bit of a lift as well. how consequential do you think this is? well, if it is the case that the sec is dropping that probe, then it would be pretty big news for ether. and so you'd expect the token to have a little bit of a boost. it did go up as much as 3.6% in the asia session overnight for us. you know, in the early mornings it's come a little bit off that. now. and we're not seeing everything else kind of bump up to the same extent. but, you know, good news for one i