the stocks of walmart and t.j. maxx which cater to lower income households are not doing well and that is suggestive -- half of the lower income half of the country is increasingly feeling strain of higher inflation and softer income growth. it confirms our call. they downturn is either here or we are marching into one. matt: repayment of student loans is brought up again and again. has anybody run a study to show how much this will slow down the economy? anna: wall street banks, are self including, have looked to the impact on fourth-quarter gdp. not needing to pay, suddenly needing to pay will dampen gdp growth. the numbers are small. reestimate it will only knock .2 percentage point from gdp growth in the fourth quarter. the bigger issue, which no one has written about his, how will the student loan borrowers and behavior going forward affect credit tightening? a lot of student loan borrowers who took advantage of the forbearance policy saw a bump up in their credit scores. they used that advantage to buy cars. perha

some more discerning and valuing promotions and i am thinking, looking at target and walmart in t.j. maxxis was a source suite you ever anything i think when you're thinking about value, look at what you had today, from t.j. maxx, better-than-expected sales and you get the greater cells from existing customers or new customers. but also, you see some of the other companies there's a slow report for slow that will have reported over the next few weeks but will we see out there is more greater expectation on the margin side, given the lower supply chain cost is more uncertainty in the sales. jack: for student supply chains are getting freed up a bit. dana: yes good their supply chains forgetting predict good news that inventory levels are cleaner, the companies need to promote more in order to get the consumer to open up the wallet. generally more cautious than they work year ago. jack: let's talk about your stock picks, you mention ralph lauren like the company overall. dana: i do, i think there's a lot of opportunity overseas particular in asia and gives opportunity is of the categories t

we do get t.j. maxx. i think t.j. o be really interesting because usually it does better when people are looking for discounts. do you look at strength in this name as a positive or as something of a cautionary signal for the economy? tom: what is luxury here? you've been on top of this. what does louis vuitton do and all of that into the holiday season? jonathan: a lot of those places have worked up stock prices. lisa: and a lot of it has to do with china which brings us to the next thing we are watching. headlined by china's xi jinping and joe biden, they are going to meet later this afternoon in new york time, 11:00 a.m. i believe. you can expect all of the photography. jonathan: more handshakes like this one? lisa: exactly, you can expect that. jonathan: i hate those soft ones. tom: the fist bump. lisa: but what if people have a problem with their hands? jonathan: you know what i see him do that i hate? ck does the left-hand thing that sticks out sort of like a wet left-hand. tom: that's because i'm over here and i

. >> t.j. maxx. >> exactly. and target doing fairly well and of course walmart. on the high end, gap, they have some work to do on banana republic. sales were down significantly there. >> higher end. >> they are actually trying to move that even higher than it is and bring in high end furniture there. we will see how that goes but that's a little bit of a turnaround story. but yeah, it's that bifurcated market. >> i imagine ralph laurent will do well with the purple label, maybe not as well in the mainstream. >> that could absolutely be the case. >> from lounges to loungewear, that continues to be a disaster. sales continue to decline. is this a gap problem or if you are a lululemon shareholder should you be worried? >> it does look like it's more of a gap problem and nixon has been forthright about it. he says it needs a pretty much -- he says it pretty much needs a full reset. they will have to figure out some different direction to go with that because they are getting pretty much destroyed by lululemon at this point and it's going to need a revamp. matt: one

stuart: profit margin went up big deal for that, tjx, what stores are in t.j. maxx, t.j. marshals you have so much microsoft you would be sto shopping the. i have to shop there, there saying this off-price demand that's what they call it is very steady right now with consumers there also bargain hunting in tjx, they lifted the annual forecast to. stuart: how much did big tech companies add to the value in yesterday's rally. >> $200 billion, microsoft included in their alphabet, amazon apple, meta, microsoft, nvidia and tesla now you add those together a little points trillion in market cap. they got a whole lot bigger. >> we were watching the markets together total tech rally. >> there with $11 trillion. stuart: excellent talk about youtube i understand are cracking down on a.i. generated videos i think that's a wonderful thing. >> what they basically say there has to be rules you can manipulate and make people say things that they did not say or look away that they did not look, there is a danger in that. there saying if you want to post you have to disclose that you used

it is off-price, it is the t.j. maxxes of the world. why?wn. look at what you just saw in the result last week. they each delivered same-store sales of 5%. typically these are 3% sales increases. they are getting the benefit of the doubt. >> there has been a heritage of t.j. maxx executing. what is the secret sauce that makes them do that? >> the experience of their buyers. they have their relationships with brands. brands like being in their stores, and they sell through. and don't forget the locations. lisa: the description your painting of the american consumer is not that positive, it is one that is trading down, one that has caution, that might not show up in forced before that monday christmas. so where are we in the cycle? is this a matter of people running out of money or is it just them saying we've been spending a lot recently, we probably should be a little more prudent? >> they had more money to years ago with the stimulus package during the pandemic. the low to middle income consumer is battered right now i higher interest rate

more big retailers reporting earnings target in t.j. maxx out before the opening bell.heck features they are in the green, expecting a higher opening to stock prices on wall street, european markets also higher, the eurozone higher across-the-board s&p 100 up 66, the tax of 76 in asia overnight green across-the-board the tone was set hangs and gapped nearly 4% in hong kong. a victory for the gop lighthouse as congress overwhelm of the votes for a two-step laddered continuing resolution keeping the government funded through january a new speaker mike johnson's when on the job, only two democrats voted against the deal, now the priority returns to the wide-open border as new data shows a record number of illegal crossings and one month and more on capitol hill pushing for a vote on impeachment, joy to the conversation all morning long bullseye adam johnson fox news contributor and columnist for the joe concha and president deal makers cofounder strategy stacey widlitz is here. "mornings with maria" is live right now. ♪. maria: it is time for the hot topic of hour, 300,000

target, for example,, t.j. maxx even home depot are reporting before the u.s. opening bell.litics and focus, chinese president xi jinping meeting with president biden at the apec summit in san francisco. a lot can move these markets. we are going to have you covered right here on bloomberg television. . you don't want to miss our excuse of interview as well with portugal central bank governor, ecb governing council member mario centeno. that coming up on markets today, 8:30 a.m. u.k. time, an interview you do not want to miss. coming up, this is the one i am excited about. we will be speaking exclusively to the ceo of alstom, the company cutting jobs, selling assets to boost its balance sheet, of that on the table in just a few minutes. stick with us. this is bloomberg. ♪ welcome to ameriprise. i'm sam morrison. my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcias, love working with you. because the advice we give is personali

romaine: we have had some reports from burlington, t.j. maxx saying that may be true. higher income consumers also trading down as well. i'm wondering if you see that in your stores as well. >> if we step back a minute and talk about our consumer, the consumer in our store -- we say our customer is america's diverse working families. it is a $70,000 median household income. our customers the teacher teaching our children, medical workers taking care of us and our families. for them, consumer inflation has definitely been a challenge. we are seeing that the consumer is looking more for value, more focused on price. we are seeing more responsiveness to and we are offering promotions and things like that, and we have been really successful by doing what we are saying we are going to do which is taking inflation out of the holiday for our customers. we are taking hundreds of items we had last year and offering the same price as last year or lower. we have thousands of gift items that are under $15 for our customer. romaine: i'm curious how you are pricing this. is that the

she -- i saw dana once in il-4 of t.j. maxx. people clear out she is so intimidating.is is from reade pickert at bloomberg. it now requires $119 and $.27 to buy the same goods and services a family can afford with $100 before the pandemic. if i can pick any one number that matters right now to how the consumer feels in america that number right there. tom: economist of the year lael brainard silent to the white house. she gives credit to the idea of cumulative. it's not year-over-year. it's not month over month it's a cumulative study. the latest number i saw from the beginning of the pandemic up 17 or 18%. jonathan: that's the number that matters. no two ways about it. do you think we need to talk how we talk about inflation in this country on programs like this when you sit here saying month over month it is this, inflation is slowing. . what on earth are you talking about. >> we have always talked to both audiences. our answer is we have to have a responsibility to do both. as you say claims coming out extremely important. the adjustment second-quarter gdp. 5%, an u