i'm sonali basak time for the stock of the hour. sl x, the largest producer of medicine for pets and livestock in the u.s.. it stock has been lower going up to 2025. the company has a number of treatments waiting approval. -- awaiting approvals. my cali katie greifeld and kristin pe at the j.p. morganck health care conference in san francisco. katie: let's start with the broad breakdown. are you addressed companion animals. i am thinking cats, dogs, livestock like cattle. what is the current breakdown when it comes to your revenue and how do you see it evolving over the next couple years? kristin: it's great to be on. what is important to know about animal health is it has been growing for percent-6% over time with a compound annual growth rate of 5%. companion animal generally grows about 6%-8% and livestock slower to percent-4%. about 6% of our portfolio is in companion animal, the faster growing. what really differentiates zoetis's we are driving market growth with innovation and commercial excellence. a compound annual growth ra

sonali: from new york city, i'm sonali basak and bloomberg real yield starts now. coming up, the first real yield show of 2025. we are going to take you through the year in fixed income. we are going to be watching geopolitics, along with everything that plays into the bond market. we will focus on credit as issuance surges and private credit is poised for some more gains. we are going to begin with the big issue. big questions looming on policy and the macro backdrop. >> volatilities going to be a little bit higher in the rights market this year simply because the fed is so data dependent. >> on the fixed income side we still see a lot of challenges. >> we have come into this year with no bond boost. >> markets think the fed has already done too much, and the fed is coming around to that view as well. >> what do yields reflect? they reflect fear over inflation. >> the key driver of corrections has been higher yields in the backend of the curve. that is clearly a risk. >> there is a lot that can cause volatility and that is what we think we are going to see for the

. ♪ ♪ sonali: live from bloomberg headquarters in new york i'm sonali basak. tim: i'm tim stenovec. ali: bitcoin stumbling to start that year. kriti gupta joins us. tim: the crypto industry is eager to have donald trump's administration in charge. sonali: we hear from blackrock. tim: a look at bitcoin this year. a little stumble out the gate. so far in 2025 it is up about 2%.

. ♪ sonali: from new york city, i'm sonali basak and bloomberg real yield starts now.

morgan wealth management sonali: live from bloomberg's headquarters, i'm sonali basak. look at the transactions and technologies shaping the world of decentralized finance. sonali: potentially a historic time for the industry as donald trump and his pro-crip no stance take office. tim: we are going to speak to our first guest of the year. it is ripple

citi up, sonali basak with us around the table. is that a clean sweep across the board? t. really strong results here in terms of net interest income as well, above expectations. what investors will also be looking at, remember this bank is in the middle of a turnaround story. they did lower their return on a common equity targets. the new target for 2026 is expected to be between 10% and 11%. that used to be higher between 10% and 12%. 11% and 12%, so they are lowering that for next year. by comparison, goldman is expected to be bringing up above 14%. jp morgan puts up 17% like it is no problem every quarter. that is going to be the number for citigroup that investors are going to be looking to because really, with regulatory that citi still faces, how can they bring expenses in line to the probability up? annmarie: at least for the moment we are able to get some decent level of a rally despite the fact that they lower their return on tangible equity. mike mayo had said that he didn't think they would get to the 12% target until 2027. it's this something that investors w

sonali: i'm sonali basak. katie: and katie greifeld. bloomberg open interest starts right now. the first kate -- take from julie su and