diane jaffe from tcw, thanks.oming up next, it sure looked like gm and the united auto making progress with ending a spec this week, but that momentum may now be stalled. we will tell you what is behind the holdup, next. this is bloomberg. ♪ shery: this is "bloomberg markets." amanda: i'm amanda lange in toronto. profit losses are piling up at general motors. inotential turning point contract negotiations with the uaw after missing out on $500 million in profit. david, i want to start with this about-face by gm little while ago on health benefits for the striking workers. is that a sign of a coming together? a little give on the gm side that might mean progress? david: i'm not sure about progress because the union's response was pretty terse. lambasted president gm. routine that this was a matter. the union told workers before the strike they would be covered by a union funded cobra plan before. and then once gm did it, workers were confused about this. it did not get funded rather. some did. some didn't permit gm

larry donald and the managing director at tcw.at to have you both with us larry, going back to the dot yesterday. they suggested seven members wanted to see the cut. what i thought was interesting is that five members pushed back on cutting at all. isn't that a bit of a hawkish surprise >> it is really back to, i'll say smoking in the dynamite shed this is the 11th anniversary of the leiman's collapse. >> how can we recall >> as we recall, ahead of that, the fed was quite hawkish. we were heading toward that iceberg. right at us, a number of dissents very hawkish dissents out of the fed. same thing today, they are muss judging those ahead. behind the scenes, they are trading more regularly >> are you implying you do see an iceberg ahead and we are blind to that? >> in the u.s. for example, triple cs are outperforming double bs. you do have classic indicators of recession at the end of the day, you don't need credit tightness at this level that can spread quickly. >> i want to bring you in to the decision just there taking a look a

. >> so -- by the way, doesn't actively manage money, but did at tcw he called this just saying p you want to know the bond market is going, go west, young weiss. let's take a, back to trump. i like that conversation better. no offense >> worked up when i slammed the west coast >> no, my daughter's on the west coast. i go out there quite a bit it's fine. if you take a look at trump's business, who stands to benefit the most from negative rates his real estate. right? that's what it is. no surprise there it's a conflict and by the way, look what negative rates have done for all the countries that have it look at where they are which economy do you want to be in ours or that what do you want to do with the retirees that have seen their incomes go down every single year with rates going down so i'd say there's only one bonehead in that conversation and it's not powell. >> who is is it? >> leave it to -- let's move on. >> got a lot more to do. good discussion to far, guys here's what's coming up on the rest of the halftime report. >> costco shares rallying more than 40% this year but is m