tom: bramo, ferro and tom do not know what they are talking about.'s go to matthew bloxham, bloomberg intelligence analyst. very good at linking in the social part into the finance part. i've got to go to the finance, that seems to be the mystery. how financially stressed is mr. musk right now? >> i have more financially stressed then a few months ago. inevitably, he is going to be under pressure from all sorts of peaceful -- all sorts of people. co-investors in twitter, personally, i do not think elon musk care so much about the financial stress. i do not think money is his primary motivation. if he lost it all, i do not think he would be stressed. he is a complex person to be dealing with as a co-investor or financer. you would be pulling your hair out if you would be lending money or co-investing with him in twitter right now. tom: to jon's allusion for bankers behind twitter at $44 billion and i would guess eight times sales, do we have knowledge of the debt construction or equity preferred construction where they hold sway, they hold power even

meeting you change tom: tom: my life. oh, shut up. lisa: i'm crying.nathon: big back-to-back monthly gains on the s&p 500. is this going to be our domestic? the s&p 500 up more than 5% in october. in october, 8%. chairman powell triggering this one and a big way. tom: i don't know what to make of it. the smartest note was out last night. you mentioned this earlier. what changed? the answer is, it was hawkish in a 50 in december. what did the market here that i did not hear from powell? jonathon: there was a shift in emphasis. it was also what he did not say. he did not mention easing financial conditions for it he also emphasized he did not want to over-tighten. they were thinking the biggest risk was doing too little, not too much. for me, there was a shift there. it was a subtle one and somewhat bizarre, compared to the performance we saw in the news conference a month or so ago. tom: my shift is, where his economic growth? i would to just that everybody, whatever their opinion is, is surprised in the last six months, more buoyant on a real basis and

tom: is mr.-- i am not saying he has slowness in advanced finances but is he doing the same thing in applying an aggregate performance or slow down to high-performing bonuses? sonali: you have cft reporting that bonuses could fall by 40% at goldman sachs. tom: did their business fall by 40%? sonali: goldman sachs today is leading in mergers and acquisitions by almost 10 percentage points. 10. for them to cut bonuses by 40%, it is leverage. where are these bankers going to go? tom: i have never heard this. i have never heard that you can take derivatives traders in the sweat and humble -- sonali: this is pencil sharpening. the numbers are not set in stone. if you say 40, everybody else's 40. lisa a: i also view this as the big next waves of layoffs will be in the middle sectors with the cartel met. if you look at how much the staff has been asked ended, there are many areas where you could cut while keeping the staff you want to. tom: aren't they laying off old-style people and hiring digital anim

tom: r -i -c -c -a.athan: carl coming right up. ♪ if your business kept on employees through the pandemic, innovation refunds could qualify it for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. innovation refunds has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to innovationrefunds.com to learn more. ♪♪ jonathan: 60 minutes away from the opening bell. that morning to you. -- good morning to you. yields are higher by three basis points. 3.5188. tom: 9:45, 10:00, this is your area. ism services -- do we care? jonathan: ism services, i care. we are looking for 53.4. tom: i'm very diffuse. he gets to sleep in, is that what this means? jonathan: he wakes up later. he will break down that number with me. tom: it is old news. we all know that. we are always looking forward on su

tom: yes.r 2023 and we had the peak around the fed finishing raising rates and then after that we actually start to what we call bull steepen. two year yields go down because we price in cuts at some point in the future. it is the strength of the rally in the front end of the curve that i think is very suspect. our view is that we will wind up with policy rates in the overnight rates staying at 5% for a long time. tom: right. ira: they probably will rally a bit. tom: forget about spreads in the belly of the curve, what does it mean for mere mortals to have a curve in version like late 70's or early 80's, a double recession but it is not the early 1980's, is it? what is it going to mean? ira: it means is hard to make money and carry and rolldown. when the curve is steep remake money in fixed income is by a 10 year bond that becomes a seven year bond eventually and the price will wind up staying constant or even rise because interest rates fall over time. that is not going to be the case now, it

tom: usually you turn to me and say, tom, i'm not entertained. jonathan: you must have seen a trailer in the movies? tom: the family in the movie business reminds me daily that i have never seen some of his movies. annamarie: i have never seen star wars. jonathan: that is ridiculous too. you are about to tell me you have not seen star wars? tom: no, i am not. in the 40's, everybody stood up and applauded. i have never seen that. jonathan: you go to the cinema? why did you stop? tom: the tv at home is gorgeous. i see great resolution. jonathan: not as many people has gone to see avatar as many people at disney would like. tom: what is this, the hollywood hour? jonathan: this is the holiday edition of bloomberg. creating a world where healthcare has no limits. this is ge vernova, helping generate and move the energy that our world needs. this is ge aerospace, advancing flight for future generations. this is the next generation of ge. hi, i'm jason and i've lost 202 pounds on golo. being a veteran, the transition from the military into civilian life

tom: this is the nitty-gritty. bottom line is that they have to restructure their debt. >> at current operating profiles, yes. tom: what are the constraints that they face? >> the reality that both of these companies have been long-term challenges in the credit market. they are very familiar with the management teams and all of these things. the beauty of it all is that at higher levels, private equity and private credit tom: your reading my mind. they want an equity kicker make that get said 20 -- 2027. did i do ok there? i was trying to channel my inner lisa. plus she has better hair. jonathan: you think? i'm not participating in this. thank you. heard this a lot when it came to credit. the index has improved a lot and because of that, if we get an economic downturn. tom: a grizzled pro of what actually happens. there will be workouts. you had some make it work. maybe that is what it looks like in the lease the world. jonathan: let's talk about austerity. gripping companies like meta. i'm just saying that finally

tom: we want to signal 2023. if you want to sound hawkish, don't even flirt with the idea of reassessing your inflation target. you can't say on the one hand we are not looking at that right now but may be a longer-term project and our future, why say it? lisa: and you could say this is theoretical mumbo-jumbo, bill ackman talking about this at how the likely re-examination is significant in there could be a 3% target for inflation rates that would allow businesses to operate. tom: my driver today, the bentley was down so i took lived -- lyft or uber, and he said it has never been like this. the christmas market is nuts. he has been doing this for years. delta air and united, there is a fervor that pushes against .5% gdp. jonathan: is that your gauge of the economy? uber? tom: it is cold out there. jonathan: he just acknowledged it was cold. lisa: now he is going to mention the dow every five minutes. jonathan: no doubt. equity futures down on the s&p 500. a bigger move this morning than yesterday, down by a full

tom: yes.ant to talk about -- talk to solomon about markets. ♪ ♪ don't get an ev for the “e”... ♪ get it because it pins you to your seat... and takes your breath away... nissan evs aren't just electric, they electrify you. ♪ tom: equities rolling over just a little bit. good morning to you. equities down across the board here on the s&p 500. negative on the nasdaq. starting negative as well. your s&p shaping up as follows if we can get it on the screen for you. are we going to do that? are we not? what took so long? tom: they are looking at the dow. jonathan: is that what they are doing? tom: there are looking at the dow. a great note from axios. showing how foolish the dow is now, how antiquated it is. tom: felix actually has got some major credit here. i wonder if they are going to make changes in the index to equilibrium. jonathan: let's say they stop price waiting in the index. let's say they start market cap waiting. i wonder how much more money that would attract. my problem with the dow

tom: jonathan ferro, lisa abramowicz and tom keene. it is not a sleepy friday before a wonderful holiday and final week of the year. this is an important day of important economic data. futures up the six, down features of 74. there was heavy raise in southwestern england. but lisa, there is dated today and you focus on what your own powell -- on what jerome powell focuses on which is pce inflation. lisa a: how much to people end up continuing to fuel inflation? if you get a bigger than expected pots where you do not have as big of a decline in the expected figure, these the stocks run out? or do you see immediate responses everyone waits for the holiday? tom: looked at gleaming david two days ago but corporate data shows nike and fedex data went up. then, yesterday we had good economic data and be cratered because chairman powell is going to raise rates to 9% or something. lisa a: this is the year that will not die. [laughter] everybody just wants it to end. there is a feeling of going on and on with respect to the data and twists and

tom: yeah.nks a lot, bill. great analysis there. who likes these, who generally likes these runoffs more, republicans or democrats? they've got to get their people out there just a month after the big race. who do you think likes it better? >> you know. >>, interesting about georgia they've had outside of primaries, tom, they've had four statewide races in 23 months. [laughter] i mean, you know, you might have some fatigue out there. we can suggest, however, from the early voting the numbers were lower than what they had seen in the three previous statewide races. the but the turnout today, according to the secretary of state, he thinks it could top about 1 is.4 million. -- 1.4 million. if it gets to that number or even higher, republicans vote on election day, and that would increase the chances for walker to come out with the victory tonight. tom: yep. thanks, bill. same old story, turn out on election day. >> right on. tom: all right. early voting turnout in georgia broke records as you heard

tom: tom: good morning. preparing for the next hour.llenges of europe, the many challenges. we heard from deutsche bank many months ago on a difficult february morning europe at some point we need to rebuild. the appropriate moment to speak with the finance minister of germany, christian lindner. here are now in berlin, maria tadeo. maria: we are joined with the germany finance minister, christian lindner. inflation, i don't want to get you to comment on the ecb, but when you hear inflation is now the number one priority, we have to bring it down, there are no questions, is that a good thing for you? christian: yes. it is a part of the language of the ecb and its measures. it is our top priority as well to bring down the inflation rates. they are a serious risk for economic development for people and business investment conditions. it is our fiscal priority to reduce inflation rates. it is the responsibility of the ecb while we play our role as government. maria: you say this is top of my agenda? christian: top of my agenda. not only no

tom: lisa: bitcoin has been holding. tom: $29,000-$17,000?t know how thin the line is. we will find out over the next couple of months who else will be indicted. how broadly within the crypto sphere are the bad actors? you speak -- to speak with people in the industry and they say we welcome this and they want to weed out the bad actors so they can get back to what they do. we will see if that story sticks. tom: what do they do? lisa: who is they? tom: the industry, what they do besides promised people? there is a banner in the world cup. they promise you a percent. jonathan: it's about the capital they been attracting over the last several years. he talked about being clumsy and naive and the sec saying it the systematic and suggesting it was deliberate and accusing ackman freed of defrauding investors -- sam of defrauding investors. live from new york, this is bloomberg. ♪ it's official, america. xfinity mobile is the fastest mobile service. and gives you unmatched savings with the best price for two lines of unlimited. only $30 a line per

tom: did you see dr.aying we do make up a chart here about when the real yield, the real wage slips? part of the service sector idea here is the massive real wages. what is the dynamic as we go through this process chairman powell wants us to go through? you mentioned ig as a risk spreading over from housing. can they successfully manage a lousy, inflation-adjusted wage back to some kind of positive wage? >> about 4 million workers are missing from the labor force, 4 million below trend. that mean for the pressure on wages continues out there and the wage inflation at 5%, the labor market does need to deteriorate, meaning to soften a bit more. but to your point, there is a very important question about can we have inflation coming back to 2% without the labor market? lisa: you are talking about the people who are pitted on either side of that exact debate, where the natural rate of inflation will end up. where do you stand? >> from all the fed papers we have looked at, what drove inflation higher, two thi

tom:. and contrast, ihme made headlines and got a lot of grief from the white house except from dr. fauci and they said 80,000 u.s. covid deaths in 90 or 100 days back in 2020. take a number like 80 or 100,000 and then compare it to the mathematics of one million infected and what that is in china. we are literally into this holiday weekend beginning to gauge the scope and scale of what we see. lisa: and the psychology of it. we have gone from lockdowns, state testing, not being able to go into a public place without an official document saying you have been cleared. quarantine to nothing to not being able to get tests and stores to having to have state run manufacturing of tylenol to combat the mass infection ripping through the population. how does that affect the psyche? we have not heard from president xi. what is the response going to be? tom: may i state that the place that tested me early and often through covid and literally 12 months ago i think i had covid is now a wedding dress s

i'm francine lacqua in london tom mackenzie. tom: mixed signals, the yuan fluctuates as china accelerates the easing of covid restrictions but trade slumps. u.s. stocks slide as banks warn about the gloomy outlook. the goldman sachs ceo david solomon says job cuts may be on the table. plus, georgia on my mind. senator rafael warnick defeats republican herschel walker in their hotly contested runoff, giving democrats an outline majority in the upper chamber. francine: if you look at the futures, they are trading sideways. certainly, ftse 100 futures are pretty much unchanged and dax futures down .5%. yet many question marks about china and worries by the global economy. tom: we will see if that changes today. u.s. stocks off four state -- four straight days. after all the speculation and incremental changes, today we have finally got confirmation from the top but there is a pivot on covid zero. that is consequential. the trade data was very weak, particularly exports, such an important pillar of growth for china the last few year

tom: i think we begin a 10 day week. it begins today to get out to the fed meeting today, next week and beyond. what i see on the screen summing it up as one large recession call. equities, bonds, currencies and commodities, it is about the modeling of recession. jonathan: to be morgan's jamie thomas speaking yesterday and said a mild to hard recession is something we could face in 2023. brammo, crude negative. can we sit on that for a moment? oil is negative in 2022. continue make sense of that? lisa: you are just trying to wind me up. i know this. you know how i feel about this. it does not make any sense to me because we are seeing china potentially reopen. we are seeing data coming in and accelerating more quickly than people expected. even if we get that recession, it is not there yet so wise oil the lowest in about -- so why is oil the lowest in about a year. tom: mr. varona here in moment anticipated to say. i do not know what to make of it. other than oil reverts back up to where many people feel comfortable at a

tom: he's like solid. jonathan: absolutely clinical. tom: you like that?athan: joining us in minutes, rebecca patterson of bridgewater. ♪ this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) jonathan: equity futures slightly negative across the

tom: dr. prof.dall s kroszner university of chicago booth from theuniversity of chicago booth school of business on this job stay. two year yield exploding. we have gone from 14 basis points up to 17 basis points in the two-year yields. jonathan: back to 440. equities down, futures up by 1.5% in the dollars stronger. tom: none of us is wired and like michael mckee. what is the data that you see in the pages that you go through? mike: i'm trying to do the math here. the interesting thing about hiring, there were 20,000 construction jobs added because they have a lot of rebuilding to do down in florida. but what month is it? it's november and we lost jobs in retailing? that just seems very odd to me. we don't have as many people doing retail work at holiday time? tom: is that amazon? mike: one of the things you want to look at under transportation, warehousing and careers -- courriers and warehousing were down 12.4 thousand. they don't seem to have added a lot of people. that is a little strange. jona

tom: he deserves the time it takes to talk about finance. tom metcalf, thank you.benchmark, losses of 0.2%. a bit of a lack of direction. we will get some data out, producer prices on friday in terms of steel and the fed following the cpi. that 100 basis move lower in yields on the 10 year around recession risks. future risks in the u.s., nasdaq pointing up 0.2%. a positive story in the hstech index, ending on the back of 6% around expectations of further easing of covid restrictions. francine: "surveillance: early edition" is up next. we will definitely have tom metcalf again and get his title right in the next hour. we discussed the strike action set to hit the u.k. we are joined by our guests on everything to do with green energy and the opening of a coal plant in the u.k. this is bloomberg. ♪ it's official, america. xfinity mobile is the fastest mobile service. and gives you unmatched savings with the best price for two lines of unlimited. only $30 a line per month. that means you could save hundreds a year over t-mobile, at&t and verizon. the fastest mobile se

tom: welcome back. get the first word news from home:. >> china's economic activity worsen in november amid widespread virus outbreaks and restrictions. retail sales contracted from a year ago. the jobless rate climbed to the highest level since may while industry output grew re-at more disruption is likely in december as the government continues the exit from covid zero. and the first step toward the most widespread rebound of stock trading in more than a decade. it's aimed at securing better prices for investors and directing or business to traditional exchanges. the sec laid out four proposals to boost transparency and competition. employment in australia surged i more than three times economist estimates last month as unemployment held at a 48 year low. the economy added 64,000 jobs in november, suggesting the economy is so far weathering the sharpest monetary tightening in more than 30 years. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists an

tom: i can't get that. lisa: is it from a goods perspective now? tom: absolutely. lisa: not necessarily on the services sector and you still see wages go up. tom: economic read in five minutes. lisa: it's going to be important because of what jim was saying. i think it's the last really important data point. tom: is mckeen life from an airport? lisa: are you trolling me? i have anxiety heading to the air. there should be a syndrome that should be named. tom: one of the triumphs this year, the opening of the new laguardia airport. lisa: i agree. tom: they still haven't fixed a pothole, you know, like one block away. it's 59th street? lisa: they should have a big sign saying pothole ahead. tom: coming up, michael mckee. futures advanced up 12, stay with us. ♪ not those new age shamans again. i'm talking world-class business experts. data geeks, strategists, tax advisors, the works. i do like data geeks. what about technologists? 40,000 strong, baby. who are these people? it's ey, believe it or not. can they help us build remote ghost-to-cloud tech? oh yeah. they've i

tom: this is the conundrum. we always know the abramowitz world's out front of the equity world, there is no question about that. how dislocated the you see in your reading that bonds are from the equity market? lisa: not so dislocated. you seem resilient right now over the past couple of weeks and certain credit markets. from a broader level, how much momentum is there that this federal reserve has to stymie? how long can it continue? one of the big questions is whether we get a recession in the first half, second-half, or first half of 2024. how far are we pushing it out based on some of the strong inflation we've been getting? tom: mr. diamond over on the desk start. given the economic line of recession, there are economists like neil. a, like solomon who say no, it is a lesser likelihood than the balloon that is on my screen this morning. jonathan: that is the interpretation of the data on wednesday and how it projects forward from there. it is also about the federal reserve and chairman powell specifically,

enda: two messages, tom. he was cementing the idea that it is going to be a 50 basis point move in december. they are slowing down jumbo rate hikes to something more manageable for the economy. on the other hand, she was doubling down on this idea that the ultimate destination for the fed's key rate is going to be higher than they themselves expected as recently as december. he said there isn't yet enough evidence that inflation is going where he wanted to be, and the road ahead remains uncertain. you can stand back and say, wow, that that are going to slowdown rate hikes, that means they must be getting things on a even keel. but it is more nuanced than that, he made it clear there is a lot of work to do and rates are going higher. if you and i spoke a year ago, and said the fed would be raising 50 basis points, we would've said that is still a big move, still hawkish and aggressive. dani: if we were talking yesterday, i would still sell you -- tell you it sounds hawkish. is there some degree then, markets a

tom: good morning, everyone. on radio come on television, worldwide, and far more at this moment for global wall street. we welcome you, with sonali basak in a conversation with goldman sachs chief executive. we are going to get right to this. we note that the gentleman from hamilton college applied to goldman sachs a few years ago and was rejected. was swept -- that rejection was swept aside, and the investment anchor replacing lloyd blankfein leads goldman sachs forward into 2023. sonali basak. tom, thank you so much for your time. david, think you for joining us. you are entering your fifth year as ceo. you are in such a different place than you were six months ago. your stock is holding up better than your rivals. the reality is everyone is preparing for what could be a mild or deeper recession. as the ceo of goldman sachs, how do you prepare your bank for that? david: thank you for having me. i appreciate you being at our financial services conference. this is our 33rd year. it is a great time to reflect on

tom: good morning and

tom? tom: in us, what about messy -- messi?ll more damage can he do in that stadium against the french? tom, it's a big one. tom: we will be back with manus on monday. european markets you are seeing losses of 9/10 of a percent. futures in the u.s. pointing down by more than 1%. surveillance early edition is up next year this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. it's official, america. xfinity mobile is the fastest mobile service. and gives you unmatched savings with the best price for two lines of unlimited. only $30 a line per month. that means you coul

i'm francine lacqua with tom mackenzie. tom: u.s. futures -- asia futures move longer. another look at the u.s. economy, nonfarm payrolls. south african president cyril ramaphosa ways resignation amid corruption allegations. their currency takes the worst tumble is in six years. plus, bank cuts. lenders start slashing bonuses at jobs. francine: let's take a look at the futures. we will have plenty more from current entries and we will also speak to the south african finance minister later on. the dax is pretty much unchanged, similar for the ftse 100 futures. it is all about data from the u.s. today and what the fed does or does not do. tom: given the buildup to nonfarm payrolls on the estimates, slightly softer than the month of october where the number came in around 260,000. the participation rate will be in focus. wage growth continues to be above the levels pre-pandemic, all of that feeding into expectations as we build up to that. the ftse 100 is currently down 0.2%. in germany, a loss of 10%. let's switch it over and have a look at the cross assets some losses on

tom: man.recast there ian, i love your maps, you did it with great style. >> thank you. tom: for more, so much more, download the fox weather app. or stream fox weather on your favorite connected tv device. >> hey. thank you for watching the show, you can follow kennedy -- twitter, and instagram. on facebook. and e-mail us. subscribe to per hot cast, kennedy saves the world, she does. i'm tom shillue, good night from new york, happy hanukkah and merry christmas, i am hosting gutfeld at 11 on friday night! if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel. waiting. sometimes it's just inevitable. but if you're over 50 or live with a chronic condition, untreated covid could be deadly. got covid symptoms?

alan: good point, tom. previously he did push back against loosening financial conditions, he pushed back against the equity and credit market rally. he didn't this time, which is interesting. the soft landing is a narrow path. i saw it when i was a. young bondman -- young bond manager in 1994, pmi's went to 45, 1995 no recession. what happened? that year, 1995, the s&p was up 37%. yesterday explains a bit. it's very dangerous. notwithstanding your one have a probability of recession, it's dangerous on that small probability of a soft landing. francine: what's the upside for equities? let's talk concrete portfolio building, where do you find value right now? alan: it's a decent rallied, an incredible month, taking a little out of the market but not materially short risk assets. the value is in fixed income. slightly worrying as a consensus call. you need the yield though, because look at the 10-year in the u.s., it is at 3.60, pretty soon you're going to be in 4.5% cash, so it is a big negative carry trade

reporter: good morning, tom. i will go out on a limb and say this is the biggest macro story heading into next year. it is all about china reopening. that is playing out in the currency. some headwinds around that. consumption remains weaker. there is a lot we can say about the dollar. but really playing out in the hong kong equities space. you mentioned the hang seng tech index. what does it have to do with reopening? it doesn't. this was an index down more than 17% from its peak. i want to point out that morgan stanley's equity strategies team were right. and vibrate 2021, when everyone was still -- in february 2021, when everyone was still bullish on chinese stocks, they turned bullish. today, they turned bullish on the hang seng tech -- sorry, on hong kong stocks. hong kong stocks, for the first time since february 2021. that is a very big call. they were the last remaining bears. really showing the optimism that is building in the market. to answer your question, there is a since it will continue. maybe not

i'm francine lacqua in london with tom mackenzie. i'm francine lacqua in london with tom mackenzie. tom: next up, bailey and lagarde , policy decisions are front and center in europe with the boe and ecb scene following the fed with 50 basis point rate hikes. plus, documents show ftx executives have used computer's 's code to mask alameda research's ballooning debt pile. francine: we are seeing pressure with index futures down .8%. tom: will the markets wake up to the message from the fed. fighting the fed is what markets have continued to do. we have seen the selloff but in terms of the terminal rate, the dot plot is forecasting 5.1% for the fed final rate in 2023, still at odds with what markets are pricing. to what degree will that adjust in the days ahead? today boe and ecb. again, expectations of 50 basis points, but there is decision within the mpc at the boe. the cac 40 in france despite the victories of the french team currently down .8% in france. the spanish ibex down 33 points, the ecb again expecting a move in terms of 50 basis points higher. the boe 50 basis points, but

tom: i have to rip up the script., the micro economist austan goolsbee is going to prosecute monetary policy out of chicago. how will he do? a modest uproar and economics. anna: from the things that i have heard goolsby talk about he does perceive that supply factors played a key role in monetary policy. i think he is going to bring the debate onto the table and challenge powell on the view that the fed needs to do a lot on the demand side to bring inflation down. there will be a debate next year and growing divisions in the fomc. tom: it's going to be like the british. jonathan: anna wong, thank you. ellen do you think that break down on the committee is breaking down? is it getting harder for the chairman to go out there and communicated consensus that might not exist? ellen: i think there is a strong consensus on the fed. i think we tend to hear from the lattice people who are not in the center and we have to be vigilant in paying attention to what powell and the center is saying and they have been clear that it ha

i am francine lacqua with tom mackenzie. tom: sam bankman-fried is arrested in the bahamas after the u.s. government files a criminal indictment. the cofounder of ftx now faces possible extradition. inflation focus as the fed begins its two day meeting. investors await u.s. cpi data that may shape the outlook for rate hikes into next year. asia stocks are mixed. plus goldman sachs is said to be planning hundreds of additional job losses as it restructures its struggling consumer business. francine: let's look at the futures for a moment. a couple of gains across the board, the ftse 100 gaining 0.8%, all about the cpi out of the u.s. later. tom: seven .3% is the estimate and interesting to hear from j.p. morgan suggesting if you get 6.9% or below, you could be seeing a 10% rally for the s&p. you saw a rally of more than 5% the previous month when the cpi data came in softer than expected. crucial as we said in the headlines in terms of the steer for rates into 2023. the markets betting you will get a cut, economists not show

tom and francine? tom: beckoning -- checking in on corporate stories.s is the news from porsche. the company is already the most valuable european automaker and they will be joining the dax avenue -- as of december 19 replacing puma. fares down 54% for puma. porsche taking over that spot on the dax. the company gaining on the back of that. the building construction company reporting -- reportedly could be looking to sell in the u.k. for possibly about one billion pounds to cdc capital. the talks continue and deal could wrap up this week. fresenius medical care has had a change at the top ceo over strategic differences. he was only in place for a little over two months. the cfo stepping in to that ceo role. you're watching that as well. currently down 8/10 of a percent. before we get to that, checking on european markets, benchmark down to tenths of a percent. chores in the u.s. range bound after 20 days of losses. coming up european banking authority chairman will discuss brexit and the city of london, regulations around the banking sector risks in bank

i'm francine lacqua in london with tom mackenzie. tom: stocks gain as jay powell could signal a higher peak. flight risk. sam bankman-fried is denied bail in the bahamas as he fights extradition to the u.s.. meanwhile, binance downplays concerns after record bitcoin outflows. plus, loosening its grip. apple will allow rival app stores on its iphones to comply with new eu rules. sources say, getting shares rise. tom: futures are range bound. the backs down .2%. the focus will be on the fed and inflation seems to be coming down not a huge amount, but maybe we saw peak inflation. tom: recalibration by markets after big moves across fx, bonds and the equity space yesterday on the back of that 7.1 percent from 7.7% cpi the focus shifts to the commentary from jay powell. the market pricing a terminal rate of 5%. watching the commentary on the steer of rate hikes, the future essentially priced and by markets. the ftse currently down .3%. inflation moderating. the cac 40 in france down 17 points. in spain, the ibex down under a tentacle perc

all right, tom? and willfully juggling his phone in the air. check this out with the tennis ball. i thought this was fake. it's not fake. it's real. it's a real video. >> katie: must have a lot of money. >> there was a parade for master sergeant. >> joey: all right. that's all for us. "special report" is up next. ♪ >> bret: good evening. i'm bret baier, new immigration numbers tonight breaking numbers yet again and showing that keeping title 42 in place is no long-term solution for the border crisis. plus, a new covid outbreak in china reignites pandemic protocol debates here in the u.s. we will get excellent insight from dr. marc siegel. georgia judge grants bond with a dozen people charged with domestic terrorism over violent protest of a new police training facility. that's all coming up. ♪ >> bret: but, first, breaking tonight, southwest airlines is promising stabilit

tom: is early voting the story here?it's a massive factor, a most 2 million people voted early. we know they are from democratic strongholds. a lot of black voters voted early this time. senator warnock has taken his tour around independent voters he could pick off. lisa: what is the importance of 51 votes for the democrats in the senate versus just 50-50? what policies could they go after with just an even split? joe: it gives them more control over the committees. we are talking about the senate. this is where judges are confirmed. this is where nominations are set. when joe biden fills out his cabinet, it's the senate that will deal with that. likely as we see kevin mccarthy take the gavel. tom: annmarie hordern torrance joins us, what is the best outcome? >> this is in the need to have but it's a nice to have when it comes to the advanced ability on committees and make sure they are getting their individuals and candidates through. you have to look at 2024, he expects the president make an announcement to run. 2024,

tom, francine? tom: thank you very much indeed.will zero in on individual corporate stories to highlight this morning. lsc group and alice touch on the details around this. that stock rallying on the back of the steel, investment by microsoft in lsc group buying of the shares of thomson reuters about 4% stake in that company that microsoft is taking. this will improve lsc's data in hryvnia -- and revenue growth. hope the partnership will generate $5 billion of revenue over the next 10 years. lsc g up over four point 46%. was imes is having -- novozymes merger. you have maersk of course change at the top with a new ceo. this is part of the transition. we are going to be speaking to the new heads of maersk who will be taking over on january 1. that is a vincent clark. stay with us for that important interview. this should be -- the shipping a giant unchanged at the executive level. massive week for data and central banks, currently european stocks benchmark down 7/10 of a percent. futures lower in the u.s.. this is bloomberg. ♪ well,

>> judge jeanine: no. >> tom: they are yelling. >> jessica: right or left. >> tom: they are yelling right crowd sourcing the date? >> jessica: why not? weirder things have worked out. thanks everyone. that's it for us. "special report" is up next. hey, bret. >> bret: swipe left. thanks, jessica. good evening. i'm bret baier. we have news breaking right now. the biden justice department is asking the u.s. supreme court to further extend pandemic related asylum rules at the southern border. this comes in the department's response to yesterday's move by u.s. supreme court chief justice john roberts to delay the expiration of title 42 restrictions which was scheduled for tomorrow. but, we are still waiting to hear what president biden plans to do about the ongoing crisis, regardless of the title 42 outcome. white house correspondent jacqui heinrich has our top story tonight live fro

tom is the youngest one.there are three very accomplished sisters, too. >> i remember going to that neighborhood, years ago. like, 19 years ago. folding chairs, everyone would come around and they are just the most down-to-earth family. did you wear red on purpose? >> i wore red for the red and gold report show . yeah. >> rubbed it in a little. >> fridays and saturdays at 7:30. >> thanks so much, appreciate it. >>> let's take a live look outside. a dry break today but by this time tomorrow, there is a good chance of widespread showers, just in time for rush hour. i will keep you posted on that. the hope is that it will boost our water supply, still rebounding from our dry years. john ramos went to the north bay and gives us this reservoir reality check. >> reporter: so far in marin county this year, rainfall has been disappointing, but the reservoirs are standing at about exactly average for this time of year. average has never felt so good. >> reporter: currently standing at about two thirds capacity, it wou

tom's absolutely. right. i mean, they need reliable partners. europe has shown itself to be unreliable, particularly in energy. we had former chance to merkel come out and basically say, yeah, the min scope processes were just deploy, they're showing their hand, they're showing their, i'm sorry, they're really gross this on it's dishonesty. the russians are done with them. ok, now the euro pass to pay the price. go ahead in london. yes, thank. i don't disagree with what i heard, especially if you're into pieces of those who are what tom says, what i would like just give. thank you for talking. all that in the discussion with that in the triangle between us, europe and russia, it has really ever been viewed open, independent political actor in global affairs. i doubt it was always dependent on the united states title in even the production of the year was pretty much a project encouraged by the united states. so this, of course, because relationship between 0 and the united states, very strong ally in the sens

we have tom one go. he's publisher of gold, goats and guns, blog, and newsletter, and in prague we have brad blankenship. he's a com this it c g p n, a freelance reporter she was as well as an r t contributor or a gentleman cross i girls in effect. that means you can jump anytime you want. and i always appreciated, tom, let me go to you 1st in north florida. did i overstate my introduction that europe is consigning itself to be a regional minor regional power in a multi polar world. it's getting pretty bleak for the european future. i would say your thoughts, tom? yeah, i would agree with you on that peter. the, the issue for europe is that it's very clear that the, that russia is done with them and that's a bigger issue. and then knowing that this, this oil price has gone into place. the, the funny part now is that, you know, the headlines are all being written that russia is going to have to cut production . and this is going to hurt their money. they're, they're the bottom line, the bubble bar, and it

tom? >> a dangerous situation there. all right. emilie ikeda leading us off tonight emilie, thank you. >>> the bitter cold also damaging infrastructure, bursting pipes both big and small, and in some cases entire cities are now without safe water that includes jackson, mississippi where there once again is a boil water advisory tonight. here's blayne alexander. >> reporter: down south where temperatures rarely dip this low the bitter cold is taking a toll on the water system in city after city pipes snapping, leaking anand leaving g thousandnds without t rurunning wateter. at south carolina's largest food bank a burst pipe threatened the food supply for thousands. water forced atlanta's busy airport to temporarily close a gate the issues spanned from memphis to selma to jackson, mississippi, a city long plagued by water problems there officials issued a boil water alert on christmas day. were you able to cook christmas dinner >> no. it was very disappointing. >> reporter: katisha bragg has

tom's absolutely. right. i mean, they need reliable partner in europe has shown itself to be unreliable, particularly in energy. we had former chance. merkel come out and basically say, yeah, the min scope processes were just deploy, they're showing their hand, they're showing their, i'm sorry, they're really gross this on it's dishonesty. the russians are done with them. ok, now the euro pass to pay the price. go ahead in london. yes, thank you. i don't disagree with what i heard, especially if you're into pieces of those who are what tom says. what i would like just give, take a deeper packing that in the discussion with that in the triangle between us, europe and russia. it has really ever been viewed open, independent political actor in global affairs. i doubt it was always dependent on the united states title in even the production of the hero was pretty much a project encouraged by the united states. so this a core core relationship between 0 and the united states. very strong alliance of the world and

tom? >> all right. tom costello for us. tom, we thank you for that. >>> we want to turn now to the growing humanitarian crisis on the southern border where thousands of migrants are seeking shelter from dangerously cold temperatures while facing a very uncertain future. our sam brock is there. >> reporter: tonight el paso overwhelmed with migrants battling bureaucracy and bone-chilling cold. venezuelan luis soler says he's not accustomed to temperatures in the 20s. many staying warm in churches over christmas, connected through song but also pain. others were left outside like this little boy with just a few blankets. "we've come for a better life," he said. at this el paso convention center there's 1,000 beds inside. refuge for some but only for those migrants who have the proper paperwork. the chaos against the backdrop of an unprecedented number of undocumented immigrant crossings at the southwest border in fiscal year 2022. 2.76 million. putting a massive burden on states like texas. buses leaving there and dropping fam

joe or gas. >> i have no idea. >> inez, joe, joe, tom joe, larry gas, tom shillue wins, he beat you byt were five i would have won. >> that is a communist thing asking for more. >> i just want my points back from joe biden. >> too bad. all right, thank you larry and inej and tom. >> that joe biden sure is old. how old is he? he is so old adam and eve are in his yearbook, he has hieroglyphics on his driver license and his first pet was a fro dinosaur. >> who is right, we hear both sides of argument. with a twist, jimmy fail kennedy: welcome back to special game night on kennedalia, we're having more fun than third graders in a skittle's factory, sugar high not close to peaking, we have done word on the street and biden time, but now time to get littlpolitical. i give you, party swap. >> time to cross the aisle from reds to blues and walk a mile in someon someone else's shoes, party swap our panel will be asked to argue view points they don't normally believe, whoever makes the best wins and they get a job at ca kamala harris speech writer, that is a big deal. >> love it. kennedy: jessic