t. rowe price, we're asking smart questions about opportunities like clean water. w clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price sonali: i'm sonali basak and this is "bloomberg real yield." higher u.s. yields are being taken into account with a 23 billion dollar u.s. tips auction that had the second highest yield since 2008. the primary deal was among the lowest on record with results showing a desire for inflation protection in the market. moving to ig, u.s. banks shined this week with goldman sachs, citizen financial, all with sales pushing the final to $31 billion. six flags helped to drive sales with $850 million. issuing new debt despite those following treasury yields with $105 billion for the year. a warning for investors. >> i wouldn't be surprised to see the market calmed down as it pertains to credit. what we have seen this year is yields stay pretty flat, even though rates continue to come up and as a function, things are compressed. i think we will see a bit of a catch up that will lead to a corr

t. rowe price, we're asking smart questions about opportunities like clean water. w clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price sonali: this is bloomberg markets. it is time for the stock of the hour. movie producer david ellison gaming out a potential deal to take charge of paramount global. in $2 billion deal with sherry redstone's national amusements which has 77% ownership of paramount voting rights. michelle davis who has been all over this joins me now. she is going to bring us into the particulars of the deal as it stands to their been a lot of moving parts and what do we know lately? michelle: everything is in flux but we know david ellison's sky dance act by kkr and redbird are in exclusive negotiations with paramount. paramount special committee agreed to that last week. they have 30 days to hang out a deal. the contours of the deal involve david ellison sky dance cashing out sherry redstone who is the chairman of paramount. it is her company. a true billion-dollar deal in merging sky dance with p

t. rowe price, we're asking smart questions about opportunities like clean water. an help transform our tomorrows. better questions. better outcomes. t. rowe price neil: look at oil right now. if you think we were flirting in and out of $90 a barrel, brent was racing overnight, look at this now, $83 and that is back to back weekends or days of attacks we see going on in the middle east following and uranian strike last weekend. look at that. here is the problem. that could be changed by policies when it comes to fossil fuels and oil especially if we start limiting areas we can look for production. edward lawrence following that from the white house. >> reporter: the interior department finalized a rule that set aside 13.3 million acres in the last, blocking any oil drilling get, the same land in alaska that congress opened up to search for natural resources, the biden administration ignoring that. president biden says as the climate crisis imperils communities across the country, more must be done. my administered and will continue to take ambitious action to meet t

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t. rowe price c.e.o. earlier as well, talking about, the fed doesn't want to repeat the misthiesks 1970's where the easing happened too soon. is there another parallel with the 1970's here as well in terms of strong oil price. will that throw a spanner in the works for central banks when it comes to inflation? belita: that's another thing in the background, this high level of geopolitical tensions, and two hot wars. with those things, you know, very much in play you could have an accident of some sort. iran could get more involved, and as we know that would affect oil markets significantly. we saw what happened in the red sea already. and who knows what might happen with russia. so with all these geopolitical uncertainties, and ongoing trade tensions even though both xi and biden seem committed to trying to keep thins peaceful for the time being, there's so much uncertainty that wait and see is probably the best considers of action for the fed. haidi: the fed is in no hurry to ease, the b.o.j. is in no hu

tomasz wieladek is chief european economist at asset management firm, t rowe price.d to have you with us. let me ask you that question, will the ecb go first. i you that question, will the ecb go first. ~ . . , first. i think it certainly will go first. i think it certainly will go first. probably _ first. i think it certainly will go first. probably not _ first. i think it certainly will go first. probably not today - first. i think it certainly will go first. probably not today but i first. i think it certainly will go - first. probably not today but most likely injune, and that will be the start of a sequence of rate cuts. the big question of course is how many and how deep those cuts will be. talk me through what the ecb will be weighing up right now. the ecb will be will be weighing up right now. tue: ecb will be very will be weighing up right now. tte: ecb will be very much focused on domestic generated inflation but also wage numbers. on the wage numbers, it came in at 3.3% for march. so, the wage numbers are really looking as if they will support a number of

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t. rowe price by cornelius bond. t. we price, one of the greatest growth stock investors of all time, in 1968 not only pivoted to oil and gas in his growth fund that started a new fund, which i think still exists, which was absolutely loaded with oil and gas and gold, and ironically, we have about a 25% position in oil and gas in our main strategy, and our international value strategy is higher than that because stocks outside the u.s. are very cheap since they don't have the more popular big tech names. sonali: how do you feel about some of those high flyers we were talking about? some of the big tech firms hitting that 2 trillion dollars mark. a lot of optimism in some names still. do you share that optimism? bill: you know, it is ironic that we are probably more optimistic about what might be accomplished through technology from an on the ground business standpoint the most people and are way more pessimistic because the success of the technologies being used does not historically go hand-in-hand with stock price perf

t. rowe price, we're asking smart questions about opportunities like clean water. w clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price >>> join me on "closing bell" today as we take you through this final stretch. it could be an interesting one. josh brown will be with me onset. getting the first take on the cpi and what he thinks it now means for the future of rate cuts and christina hooper, too. let's do some "final trades." steve weiss, i'm going to go to you first. get you out of the way early. >> thank you. the two-year staying out here at almost a 5% yield. it's a good place to be, whether you want to hide from the market or just book, you know, a nice return. that's not far off by the way from the historical s&p return. so i like putting money in there. we'll see if the ppi comes out even hotter. >> okay. farmer jim? >> all right. so i already said i think this market is going a little bit lower. but if you need to step in, and you heard me on gm, cliffs and dealta, applied materials. >> you think that area

t. rowe price, we're asking smart questions about opportunities like clean water. advances can help transform our tomorrows. better questions. better outcomes. t. rowe price (grandpa vo) i'm the richest guy in the world. betthi baby!mes. (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is. (vo) the key to being rich is knowing what counts. s. >>> welcome back to "the exchange." the boom in ai, clean technology and crypto all fueling an unprecedented demand for power and utility companies are frankly having a hard time keeping up with it according to the international energy agency global demand from ai is expected to jump 10 fold and this number is expected to grow in the coming year. our next guest says his company can help meet demand its first next generation nuclear plant is about to break ground in wyoming in june. chris levesque is the ceo o

t. rowe price, we're asking smart questions about opportunities like clean water. w clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price sonali: this is bloomberg markets. we're back now with the head of economic research for fixed income and macro at citadel and we are going to talk about the u.s. fiscal situation. in a recent article for the financial times, you wrote about fiscal responsibility and you wrote about when faced with a plethora of policies, that framework is now under pressure and it is on a collision course with the forces of rising nationalism and regionalized interests. how does fiscal complicate monetary? angel: when you about the contributions of fiscal policy, it has been way higher than what you would have expected with rates going up so fast. fiscal policy has become essentially unrelated to the state of the business side. this is related to these and -- this new economic policy where we have all these instruments trying to address objectives that are not necessarily related to the economic o

t. rowe price, we're asking smart questions about opportunities like clean water. clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price >>> welcome back. gold hitting another fresh all-time high today, and let's get to bob pisani with today's eft edge. >> gold is one of the star performers this year, up 13% to a historic high, and outperforming stocks and bonds. let's talk to one of the world's great gold experts, and he's at state street global advisers, and he helped to launch the spider 20 years ago. i covered that one. we go back a long way. good to see you. why is gold hitting a new high? >> a bunch of reasons. never just one thing. we have decent jewelry demand, and china's market is recovering and we are looking for a rebound there, and investment demand is coming back and it's in bars and coins and efts. >> two biggest consumers, and central banks are buying it? >> yep. >> are young people buying gold? i keep getting asked all the time, here in the united states, do they have interest or it's an old ifkind of

t. rowe price. aggressively neutral was the term?ely neutral and people are trying to make cases for a bull market. jonathan: i love the idea of mike going around and buying drinks. let's get to an update on stories elsewhere this morning. it is your bloomberg brief. >> taiwan has been hit by the strongest earthquake in 25 years and nine people have been killed in more than 900 injured during the 7.4 magnitude quake on the east of the island. rescue workers are scrambling to find 56 people after the earthquake leveled thousands of buildings. the controlling investor in wwe in the ultimate fighting championship as agreed to be acquired by private equity firm silver lake. the $13 billion buyer follows through on plans announced back in october. endeavor set at the time it was evaluating strategic options out of frustration with the company's declining stock price. women's college basketball has a new ratings record on tv. the highly anticipated rematch between lsu tigers and the iowa hawkeyes drew over 12 million viewers according to e

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tomasz wieladek is chief european economist at asset management firm t rowe price.e before this announcement and no great surprise, what we are looking at closely as the detail, the comments, the forecast about what may happen next. what do you read into this?— read into this? well, i think today the ave read into this? well, i think today they gave a _ read into this? well, i think today they gave a little _ read into this? well, i think today they gave a little bit _ read into this? well, i think today they gave a little bit of _ read into this? well, i think today they gave a little bit of what - read into this? well, i think today they gave a little bit of what we . they gave a little bit of what we call forward guidance on interest rates. they said that if things turn out as they think they will be a probably going to cut interest rates and myself i think that they will be cut in june and myself i think that they will be cut injune regardless of what and myself i think that they will be cut in june regardless of what the federal reserve does, for instance. rega

t. rowe pricenities like clean water. and how clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price

t. rowe price, we're asking smart questions about opportunities like clean water. elp transform our tomorrows. better questions. better outcomes. t. rowe price it's time to feed the dogs real food in the right amount. a healthy weight can help dogs live a longer and happier life. the farmer's dog makes weight management easy with fresh food pre-portioned for your dog's needs. it's an idea whose time has come. >>> welcome to power lunch, everyone. along with deirdre bosa, i'm tyler mathisen. welcome to power lunch. stocks are down a little bit dow down 480 points after cpi came in hotter than expected. the dow is down as i mentioned nearly 5 # 00 points right now. we will go to steve leaseman now with the feds minutes. >> minutes to the federal reserve march meeting show there was general agreement that the fed policy was at the peak and almost all judged it would be appropriate to reduce rates if the economy evolved as expected. hold that thought. they later go on to say that participants did not see it appropriate to reduce the rates if they were not confident that

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t. rowe price, we're asking smart questions about opportunities like clean water. nces can help transform our tomorrows. better questions. better outcomes. t. rowe price when it comes to investing, we live in uncertain times. some assets can evaporate at the click of a button. others can deflate with a single policy change. savvy investors know that gold has stood the test of time as a reliable real asset. so how do you invest in gold? sandstorm gold royalties is a publicly traded company offering a diversified portfolio of mining royalties in one simple investment. learn more about a brighter way to invest in gold at sandstormgold.com. it's odd how in an instant things can transform. slipping out of balance into freefall. (the stock market is now down 23%). this is happening people. where there are so few certainties... (laughing) look around you. you deserve to know. as we navigate a future unknown. i'm glad i found stability amidst it all. gold. standing the test of time. stuart: on the markets this morning 12 minutes into the trading session, i'm afraid it's a c

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t. rowe price, we're asking smart questions about opportunities like clean water. vances can help transform our tomorrows. better questions. better outcomes. t. rowe price stuart: inflation up, yields up, stocks way down. the dow is off 390, nasdaq's down 231. shah that ghailani with us this morning -- shah ghailani. stocks plunging, inflation up, interest rates up. is this the -- is the bull market over? >> the bull market certainly isn't over, stuart, but this is something to be concerned about. i mean, you look at the 10-year breaking out higher many themes of yield, the 2-year's setting a new record for the year and a new high. that's extremely worrisome. what it portends z is higher for longer if inflation's going to be persistent, and that is the probable only thing that can upset this market. now, we'll see how long rates remain elevated. if we see something come down, we can start to rally again, this might be a dip opportunity. but right now rates look like they're going to go higher, and that's worrisome for us. stuart: do you think that apple and nvidia a

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t. rowe price, we're asking smart questions about opportunities like clean water. advances can help transform our tomorrows. better questions. better outcomes. t. rowe price liz: breaking news moments ago pentagon press secretary general pat writer told reporters at a briefing that the u.s. does not seek conflict with iran and it does not want to see more escalation to the middle east, the pentagon is focused on the defense of israel. the situation in the middle east has created a risk off investment environment with many flooding to the safety of the u.s. dollar sending currencies like the euro, the yen all over. it takes a dollar and 6 cents to buy a single euro. israel's currency the shekel jumped earlier amid hopes with the compact with iran can be avoided while they plunged in the aftermath of the october 7 hamas attacks it is sense reason 3.6% from the early october levels. as as tel aviv stock exchange, which you can see plummeted october in the wake of those attacks with such uncertainty swirling in the world around us and then you can see the big recovery l

t. rowe price, we're asking smart questions about opportunities like clean water. r questions. better outcomes. t. rowe price las vegas grand prix choose t-mobile for business for 5g solutions. because t-mobile is helping power operations and experiences for hundreds of thousands of fans with reliable 5g connectivity. now's the time to accelerate your business. stuart: show me tesla this morning, please. it's down 37% this year and right now trending at 155 per share. garrett nelson is with me, this is he is a tesla analyst. is he's a buying opportunity at $155 right now? >> yeah, tanks for having me. we think so concern thanks for having me. we really think the stock the's risk-reward profile is much for favorable at these levels. remember, tesla shares more than doubled last year. we argue the sock was overdue for a correction -- the stock was overdue for a correction. now you've got this pretty steep correction so far in 2024, and we argue that the various challenges that tesla faces are now very well understood by investors. they're had gross margin contraction,

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t. rowe price, we're asking smart questions about opportunities like clean water. m our tomorrows. better questions. better outcomes. t. rowe price charles: all right. i'm here live at the money show in miami. it is a packed house. we're having a great time. even though the markets aren't doing so hot. what is going hot though, commodities. so we're lucky to have really probably the best when it comes to this, chief market strategist tracy shuchart. tracy, first time we've ever met in person. >> i know. charles: oh, you're so great. [laughter] there's so many questions because the commodities thing has gone through the roof. let's start with gold because that's the one thing -- i've had more guests in the last week who have never mentioned gold saying they're loading up now. i don't know if that's good or bad, but you've been an advocate of gold. this breakout is amazing, but it feels like it's more than just an investing opportunity because we don't normally see 4% moves in gold. >> right, absolutely. i think what gold is telling us is they're unsure about what the

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t. rowe price, we're asking smart questions about opportunities like clean water. clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price jonathan: equities right now, the s&p 500, just negative. negative zero point 04%, recovering just a touch in the last 10 minutes. >> there are still big macro risks in the marketplace. when i talk to bank management teams, it is almost like i feel like i am having a credit analyst discussion more than an equity analyst discussion. they are focused on their own balance sheet. i think that strength and stability seems to be a bigger presence in the strategic boardroom of these banks. jonathan: bank of america and morgan stanley reporting as wall street's biggest banks wrap up earnings. a surprise 28% jump in profits. bank of america drop in now. sonali basak joins us around the table. it was a strong quarter. how strong? sonali: strong enough. this is good news after we haven't seen the same at jp morgan and citigroup. bank of america with its lending presence relative to investment b

t. rowe price we let curiosity light the way. water. and what pngtreatmt advas can make a new tomorrow possible. better questions. better outcomes. neil: this was not my plan. i want to pick charlie gasparino's plan. charles: he's a smart guy, not taking issue with the. neil: saw the 80s boom. and he's calling for a crash. neil: talk to blackstone guys and others. charles: larry mcdonald used to be a traitor, he's in their harry dent atmosphere. he sees massive amounts of debt, the fact the treasury is sold mostly on the short end and not taken advantage of long-term rates, to issue more at higher rates and feeds on itself. he sees that as being a catalyst for the market crash. it is not absurd what harry dent is saying. we been waiting for this crash for how long. the us economy is a resilient economy, capitalism does work and some supplies. neil: was kind of intimate on it but we won't get to the subject at hand. the meltdown would be a picnic compared to this. charles: the financial meltdown. that's what larry mcdonald is sayi

t. rowe price says it risked losing credibility if it cuts rates too soon.told us it could trigger a repeat of the 1970's when central bank took its foot off the base. >> what stands out to me, if you go back to what powell said early on. if you go back and look at the mistake made then, it was cutting too early. if you map the cpi to the beginning of this cycle, it is following a similar curve. >> so you perceive that as the biggest risk, cutting too soon? what would it mean for bond markets if they did? >> you would have the spike up and then have to react in a way that would put them on their back foot. >> i want to challenge one thing you said, which is that powell is a student of the 70's. it sounds like he really wants to cut rates. a lot of people are looking at that as a reason to buy stocks. are you saying they have it wrong? >> i do think he is a student of history. to find the middle ground of that group and presented in a way that does indicate consensus broadly, and balance out the other speakers. he is very much trying to do that right now. as

t. rowe price says the fed risks losing credibility if it cuts rates too soon.ld us that early easing could mean a repeat of the early 1970's when the central bank took it foot off the brake before inflation was fully tanked. >> if you go back to what powell said early on -- he was a student of what happened in the 1970's. the mistake made then was cutting too early. if you map the c.p.i. it's following a similar curve and if they go ahead and start cutting now, i think they're in danger of making the same mistake. >> what would that mean for bull markets if they cut too soon? >> you would see what would happen with the spike up and react in a way that would put them on their back foot and they would lose credibility and you would have a big issue for them. and is, is powell really a student of the 1970's? right now he sounds like he really wants to cut rates and a lot of people are looking at that as the reason to buy stocks. are you saying they have it wrong? >> no, i do think he is a student of history and what he has to do is keep that group -- find the midd

t. rowe price.ls site the coup as a victory for bob iger who stopped the attempt to get two border seats on disney. shares of disney in the free market down 3. 4%. there is new concerns about a deadly bacteria that is spreading quickly, the cdc issuing an alert to watch for serious bacterial meningococcal infections with unusual symptoms, refers to any sickness that can lead to sepsis. when one in 6 people with bacteria have died so far this year and striking middle-aged adults, usually these forms of meningitis -- cases right now, 80% higher versus where they were this time a year ago. to women's march madness. i westar player caitlin clark leading her team to victory over lsu. the hawkeyes sealed it. >> the ball is up another deep one. he scored. the hawkeyes are headed back to the final four. maria: taking iowa to next week's title 4. lsu head coach tim wilkie having to expend what her team was absent for the national anthem. watch. >> i don't even know when the anthem was played. we kind of have

t. rowe price with the united states weighing fresh sanctions on iran and why still for him it's a chillg with the top story, jay powell on the top burner with t. rowe price writing -- enthusiastically with lots of conviction, aggressively neutral between stocks and bonds. what would take to get us to overweight stocks? said is with us here in new york. i want to know what you are not tuesday asked the lish onset given the repricing we have had in fixed income. why not? seb: first of all, as an asset allocator, we spent a lot of time and asia -- on strategic allocation with strategic allocation mix for the advisors in the work they are doing with you. why are we not more bullish on bonds? i think we will continue to see upward inflation pressure with potentially upward pressure on rate, specifically on the long and. long on the short end, but still worried. jonathan: did we not have strategic conversations on this program? lisa: that's not true, we talk about the 60/40 every month. we do. global shipping. carry on. jonathan: are we sitting here and waiting for 30 basis points to make it

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t. rowe price we let curiosity light the way.questions about opportunities like clean water. and what promising new treatment advances can make a new tomorrow possible. better questions. better outcomes. ed: coinbase and circle penned letters to senator schumer and mcconnell urging congress to enact a comprehensive regulatory framework for stablecoins and digital asset market structure one week after the u.s. appeals court revived a lawsuit against coinbase accusing the cryptocurrency exchange of facilitating the sale of unregistered securities. joining us is the chief policy officer at coinbase. let's start with the suit or the revival of the suit last week and get your immediate response to it. >> the suit you are talking about is a private action that has gone into appeals. we did quite well at the trial level. so we look forward to going to district court and sorting those out. the big issue is litigation regarding the sec and we feel good about where we are on the major pillars of the sec's case against us getting knocked ou

t. rowe price, we're asking smart questions about opportunities like clean water. clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price my name is oluseyi and some of my favorite moments throughout my life are watching sports with my dad. now, i work at comcast as part of the team that created our ai highlights technology, which uses ai to detect the major plays in a sports game. giving millions of fans, like my dad and me, new ways of catching up on their favorite sport. >>> welcome back. i'm pippa stevens with your cnbc news update. jury selection continues this morning in donald trump's hush money trial in new york. no jurors were selected monday. the former president is required to attend the trial, which could last up to eight weeks. he has entered a not guilty plea on 34 counts tied to a payment he made to adult film actress stormy daniels at the end of the 2016 election cycle to cover up an alleged affair. >>> the house will send its articles of impeachment against homeland security secretary al han be dro may

t. rowe price, we're asking smart questions about opportunities like clean water. n water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai. >>> good friday morning. welcome to "money movers." i'm carl quintanilla with sara eisen live at post 9 of the new york stock exchange. have yields tired? tcw's chief investment officer breaks down the move in the treasury market and how he's positioning his $170 billion bond fund. >>> how rates are impacting the regional banking sector. the ceo of synovus joining us. tumbling yesterday on falling earnings and weak interest income. >>> new data on the commercial real estate sector and what new york city's largest landlord said happened for the first time in about four years. >>> meantime, markets mixed today. we're ju

t. rowe price, we're asking smart questions about opportunities like clean water. ean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price >>> for more on iran's weekend attack on israel, let's go to nbc news chief foreign correspondent, richard engel, in jerusalem for an update on what we might see next. >> reporter: so, the israeli government officially is being very vague on what its responses might be. there was a security cabinet meeting last night, another one today, but no conclusive statements. israeli officials from the president on down are just saying that israel will act at a time and place of its choosing. it will act in the interests of the israeli people. so, there are no indications at this moment that a military strike seems imminent. in fact, sources that i'm speaking to do not expect that you're going to see an israeli strike coming in the next hours or even days, and that's also been reinforced by the fact that late last night, israel relaxed some of its restrictions that had been put in place. they we

t. rowe price we let curiosity light the way.questions about opportunities like clean water. and what promising new treatment advances can make a new tomorrow possible. better questions. better outcomes. ed: let's get back to the jeffries private internet conference. one major theme is ai. perplexity ceo aravind srinivas is joining us now from that conference. the developer of an ai based search engine platform. i hear the name perplexity a lot. i know a lot of people use perplexity and talk about perplexity. why are you at jefferies? what do you want to get out of it this week? aravind: i'm excited to meet people here. perplexity is still not a household name yet. i wanted to be used by every person and organization. it always helps to spread awareness and get more people excited about perplexity. ed: there have been reports that you are now a $1 billion valued startup. there is a lot of interest in your capability. talk to us about the financial health of perplexity right now. aravind: i think what we announced was -- when i wa