--ngside tom keene con alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. this is "bloomberg surveillance ." ritika: with the first word news, i'm ritika gupta. u.s. attorney general william barr has publicly contradicted president trump. he told foxnews the secret service told the president to go to a bunker in the white house during a large protest. president trump has denied similar reports, saying he merely went to inspect the bunker. house and senate democrats have proposed a sweeping police reform bill. before presenting the legislation, party leaders knelt for almost nine minutes to honor george floyd. his death at the hands of minneapolis police has sparked several weeks of protests. the democratic bill would change the definition of criminal misconduct for police. senate majority leader mitch mcconnell has not ruled out republican support for some sort of police reform. as minty as 25,000 stores in the u.s. could close permanent this year, almost three times as many as last year. of thea firm says most closures are expected to occur in malls. the c

jon ferro, lisa abramowicz, and tom keene. know is ed bastion of delta will always listen to robert candle -- to robert crandall, in his 84th year. he is without a doubt the spirit of the aviation industry. he's also someone who has been brutally frank. he is iconic for telling american airlines employees they need to understand that you don't invest in airlines. you just have fun working for them. and we are thrilled that mr. crandall could join us this morning. this has been an egg jenna's exhaustion usan shock that your industry has never experienced before. how does the industry extract themselves from this pandemic? robert: i think all of the airlines have done pretty well. there is a nice recap in this morning's "journal" about what each is doing. they are all working on trying to persuade the public that it , to take ago back trip to go see grandma or the grandkids or if they go to a business meeting. the airlines obviously want the public to feel safe flying, and they are doing their best to make that. they are cleanin

did tom keene arrange that? dollar weakness in g10. four-daya long week ahead. ead on bloomberg radio and bloomberg tv -- tom, you're in trouble in the commercial break -- this is "bloomberg surveillance." [chanting] ♪ you doing okay? yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. ♪ jonathan: from new york city, this is "bloomberg surveillance ." we are live on bloomberg radio and tv. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. your openingy from bell this monday morning, on a holiday shortened trading week stateside. in your equity market, up 10 points on the s&p. we advance 0.3%, taking the smallest bite o

alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. a massive outbreak is sweeping the state. tom: no question about it. the "newez leading york times" article today on the gravity across the entire sunbelt. it is going to be fascinating to see how the mayors and the with ars buttress up washington that seems to feel like the pandemic has moved on. that is decidedly not the case this morning. jonathan: the pandemic has not moved on. we turn to the economic data a little later this morning. we constrain the reopening process for the economy. neither is positive for the economic outlook. we are already seeing that was companies hesitant to rehire people as a result of a lack of confidence. read ofget the latest initial jobless claims in the united states. the pace of filing is still very high, 1.3 million filings expected. hear from, we will the sec chair in front of the house financial services committee. interesting to hear what he says. later today, we get the fed stress test results, possibly indicating whether banks may have to cut d

alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. keene, what a confusing week for u.s.-china relations, ending on a positive note for this equity market. this market is still a glass half-full equity market. tom: i will let you decide if it is glass hat -- if it is glass half-full, half-empty, but it is decidedly range bound. i guess phase one is back on, but i have zero confidence in that. it is just interesting to see the back and forth, and it is not just the bolton papers. it is the whole back-and-forth between beijing and washington. it is a friday of confusion. jonathan: it is a friday of confusion. a friday of hope over in europe, as well, as leaders discuss stimulus plans. i think the formal negotiations begin right now. they certainly don't in later today. lisa: no they don't, although we might getting some kind as far as who is pushing back and how close they are to agreeing on this 750 million euro fiscal stimulus plan. that is ongoing right now. the other thing i am watching today, i am looking at the baker hughes u.s. ri

tom keene, on this friday morning, it feels like in this market, any other friday. in this economy, it is anything but. tom: not only in the economy, but within our society and culture as well. you're absolutely right. it really feels like an august friday here. we had the range bound markets all week, maybe with the exception of gold. all of that pushed aside by the ramifications of the pandemic. we don't need to go into it now, but i really wonder over the andend, as the economists equity strategists write how they adapt and adjust their q3 view out of the news we are seeing from the sunbelt. jonathan: it is going to be a tug-of-war for the next few weeks and months. beneath the surface, the fragility is really going to start to show in places like texas and florida. lisa: this is the tension. the traditional data we rely upon, getting some of it today at 8:30 a.m. with u.s. personal income and spending, this data is outdated well before we even get it. there is a question of what do you look at. do you look at restaurant rivers rations -- restaurant reservations?

ferro, with tom keene and lisa abramowicz. has been a belief that china's present would be our future. there was a constructive meaning a month -- meeting a month ago. it, majorestion about changes in their relationship. we talked to bob hormats in the last hour, and it is flat out a different tone. the tone to me this morning, jon, is fascinating. the crosscurrents in the market, i can honestly say, in a zillion years, i have never seen how odd it is right now with the pandemic news, and of course some of that, china and beijing, wrapped around the reaffirmation of wall street, for some form of v-shaped recovery. i was thunderstruck over the weekend, some of the optimism coming out of wall street houses. jon: we will talk about that later in the program. a fresh outbreak in beijing very much the focus this morning, the disappointing data as well. the data does not validate the exuberance we saw in the market as we saw in the month of june. lisa: that is the problem, that demand is not picking up. even though we are seeing man

abramowicz,sa together with tom keene, i'm jonathan ferro.quity futures down 22 on the s&p 500, -0.7%. coming up, michelle meyer of bank of america merrill lynch, head of u.s. economics. that is on this program, live on bloomberg tv and bloomberg radio. this is "bloomberg surveillance ." ♪ w?w?uhió'ñó jonathan: from new york city, this is "bloomberg surveillance ." we are live on bloomberg tv and bloomberg radio. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. two hours away from the opening bell, price action is follows. s&p -0.7%.wer, an eight day winning streak on the nasdaq coming into wednesday, and all-time highs on several of the big tech names. a defensive posture, if you want to call it that, as the mega caps start to outperform again andy cyclical rotation -- again and the cyclical rotation against to stall. yields higher on the 10 year by almost a basis point now, 0.72%. in foreign-exchange exchange, the swissie and the yen just about outperforming where we see elsewhere. muted price action across g10 this m

isn't that right, tom keene? tom: well, it will be good.y all know, don't take it for granted. i was really touched this weekend by the english football, premier league, in the remembrances they had before seasonme for the team's ticket holders and such that worked -- that were touched by this virus and died, but that was a shadow of the sacrifice we saw a new york of the people that move us around. it is really quite extraordinary to see all of that happening. joining us now as he did a bit is the head of the mta, there chairman, patrick foye. hugeeople within your organization succumbed to the virus. the courage in the heat of this was noted. what will they do, what will the mta do to celebrate on this reopening? big stepphase two is a for new york city, and frankly for the country. i am glad that you're going to be eating in new york city restaurants. the city needs the business, and the tax revenue. throughout the entire pandemic, of subways, buses, railroad, bridges and tunnels have been heroes. they have done external rework in the mo

alongside tom keene, we're together with lisa. n this monday morning, tom: we will talk about that, but sure, john, the symbolism of new york city, so hard hit, five, circumstances seven weeks ago, and yes, really back to open the last couple of weeks. you say to yourself, come on, come on, come on. this monday is the "come on" where new york city reopens. with that, a better jobs report, and accident of course, the president talking it up. i thought the research over the weekend from goldman sachs, j.p. morgan and the others was just outstanding, putting shade and putting nuance on that jobs report of friday. jonathan: let's be clear. for this market, for the global financial community, friday never really ended. it went through the weekend into monday. the equity market continues to rally. we continue to look ahead this week to a federal reserve -- i just wanted to have the payrolls report change the fed's approach to the news conference this week, tom. tom: maybe a little bit of nuance to it, but i really don't think it plays i

levels where you don't really know where things are going. >> this is "bloomberg surveillance" with tom keenean ferro, and lisa abramowicz. tom: good morning, everyone. thrilled you are with us this final day of the first half of 2020.

. >> this is "bloomberg surveillance" with tom keene, jonathan farro, and lisa abramowicz. tom: good morning, everyone. jonathan farro, lisa abramowicz, and tom keene, our simulcast of "bloomberg surveillance." welcome on bloomberg radio across this nation, all of you digitally at home, still at home, even though new york city opens up today. a little bit of good news there. of course, on bloomberg television worldwide. we say good morning. john, i love that opening where we had christine lagarde ooking at g.d.p., and your conversation with laurence cud low looking at a better than good jobs report. they couldn't be farther away, could they? jonathan: hope bfl this ecovery in the administration. a lack of urgency around the next move on fiscal policy. i think that's critical, catching up with the administration, they were telling me they're going wait until july to see what the data looks like. when they talk about pro-growth policies, i think we're thinking about tax cuts and not emand side push. that will be the debate over the next 30 days. tom: a big debate about that to

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. we celebrate the opening of new york city, bound and determined to happen on this perfect middle june day. we celebrate the opening of the united kingdom to sport. they can do it. we can't. there's no question about that. apple will come out today and do the virtual dog and pony, or whatever they do in the talk about new stuff at apple. and also, we look at the markets, which are up nicely. jon ferro, there is sort of an effervescence to this monday, even off of the odd political news over the weekend. jonathan: i would say take a look at the german debt market. the 30 year yield has just turned negative once again on the session. subzero german 30 year yields. i have no idea what the bond market is meant to tell you anymore, given the president of the ecb on the fed. what is the story you take away from a bond market that is in a central bank induced coma, and has been for several months? tom: i look at the swiss 20 year , but the german 30 year can tell y

the health and the economy go hand-in-hand. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from our bloomberg studios for our audience worldwide, good morning. we are live on bloomberg tv and radio. tom keene, just several hours away, trying to get our hands around the next phase of monetary policy at the federal reserve. tom: no question about that. what is so fascinating here, with scarlet fu leading our coverage this afternoon, is getting out to 2021 and even trying to have our central bank -- central-bank measure 2022. jonathan: looking forward to that conversation in a couple of hours right here on "bloomberg surveillance." we've also got to talk about the projections. we have not had projections from the federal reserve since the summer of last year, and they were looking for 3.5% unemployment in 2020, and gdp growth in and around 2%. nobody saw the revisions that would have to be made just half a year later. absolutely extraordinary. you see it within the economic at a have been talking about. as olivier blanchard mentioned in ou

alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. extraordinary throughout cities overnight, and that is still the top story this morning. tom: no question about it. last night was like nothing i've ever seen before. there were knows, people moving down to macy's come alluding as well -- to macy's, looting as well. tension across the city, no question about it. you opened correctly, which is this is not just about new york. it is not just about washington. it is about cities across the nation, the horrific events in buffalo and those tragic deaths in chicago as well. jonathan: for programs like this where we have to cover the markets, you have to stress to the size that this equity market just feels totally removed from the mood of this country right now. we talked about yesterday, and no doubt through this morning as well. tom: i am not going to mince words. i've witnessed this before i was born with my grandparents. one set of grandparents completely removed from the depression, worried about the stock market. the other set of gran

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. our simulcast on bloomberg radio and bloomberg television. thank you for joining us, particularly those of you still sequestered at your homes. we greatly appreciate the attendance today, and the attention, i should say, is focused on the nation's capital. maybe it is an uproar to you. maybe it is not. it is certainly an uproar inside the beltway. if you have been sleeping overnight, the trump administration takes fertile judicial action -- takes further judicial action against the former national security advisor john bolton. his book is out, and trust me, it has been. . in the news ritika gupta -- it has been in the news. ritika gupta will give you the latest on that. jonathan ferro, i am thrilled to talk to you about this. it must seem so foreign to see this. how do you, being from the motherland, how do you see all of these first amendment debates within america? jonathan: i am not sure the united states would like to refer to the u.k. as the motherland

alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. you've talked about the crosscurrents through this week. on one side, the better-than-expected economic data. on the others, signs of an outbreak in beijing, china. tom: there's no question on international relations. it is tangible. we just spoke with stephen roach, an expert on the fabric of china, from shanghai all the way to the indian border. there's tangible issues. no question they are flexing their muscle right now. what i would notice in this market on a quiet wednesday, i know you will do the data check here. publishing moments ago this bullish consumer view, and that was a game changer yesterday with the retail sales report. jonathan: we will catch up on the geopolitics a little later in the hour. equity futures up 19 on the s&p 500, focusing a move higher over the last several weeks, up by 0.6%. just surprise after positive surprise. the economic surprise index in the united states is absolutely flying. and: it is at a record high searching higher after yesterday's retail

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. m: good morning, everyone. we are thrilled you are with us on this friday, a simulcast on bloomberg television and bloomberg radio. morning across this nation. all of you working at home, and good morning around the world, particularly in liver, great written -- great britain -- in liverpool, great britain. i want to get to the pandemic in a moment, but in francine lacqua conversation, i don't know if they brought of negative rates. do you see negative rates in the united kingdom? jonathan: if they couldn't negative interest rates, it will be up to the bank, not rishi sunak. and i hope it does not happen. some policymakers have flirted with the idea over the last liverpool,ks area on saymichele texted me to he's very happy that his dear livable that his dear liverpool are now the champions in the merely. cash in the premier league. tom: that gets us to the story of the moment, which is the pandemic area i was fascinated by the images in "the telegraph in "the times." explain to us the

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. "bloomberg surveillance." thrilled you are with us on this simulcast. good morning on television worldwide and across this nation. good morning to the thousands of you listening at your homes, still socially distanced. so much going on here. market pullback today. i will give you some detail on that. seems correlated. a little bit lower futures, higher yields as well. looking forward to a fed meeting which may be will be interesting, maybe not. we will have to see how that works out, but within the mystery, huge success for those long in stocks. low.s been 53 days off the it is only comparative back to 1933. yet you and i are hearing from guest after guest after guest that there isn't an effervescence. there isn't a hysteria to this. it is measured. jonathan: i don't know about that because for every jp morgan, there is a car rental bankrupt company absolutely surging. is it a speculative phenomena over the last couple of days? i described last week as an u

tom keene, this is the issue off the back of the payrolls report.u see early surprises there is a risk you extrapolate that improvement too quickly. for the next several weeks, what we were looking for was to see whether the payrolls report of friday was validated with significant improvement elsewhere. we were looking to see that potentially continuing claims -- i think it is a stretch to say we see that this morning. tom: i agree. it was a stretch and it is not there. we will go to next week claims as well. i would suggest more than anything we are hung up on the minutia of the data versus the blunt instrument, which is fed policy, the blunt instrument which is fiscal policy. i think we will hear more about that in the coming 48 hours. also the blunt instrument which is the calculation of our economic growth. joining us from an exceptionally ,trong dartmouth economics douglas are weighing in trade and a guest we have often, david blanchflower, is andrew levin, who has a truly distinguished career advising monetary authorities and professor of econ

alongside tom keene tom keene, i'm jonathan ferro. this is "bloomberg surveillance. point of" massive discussion this week, the most effective way to protect cities across america. question about it. politicians front and center. the lieutenant governor of the chul,e state, kathy ho joins us this morning. what will yield you that's what will you do to move the trend forward -- what will you do to move the trend forward? what is next for you and the governor? hochul: then ask thing is to address the concerns of the community that have come to the forefront. it is a tragedy that it took the murder of an unarmed african-american in the streets of minneapolis to get the national attention, but it is where we are today. we are talking about how we can that wethe injustice now have, that african-americans are subjected to in white americans are not. so we have an agenda of national reforms we believe should occur. i believe when we start taking concrete action, that will address many of the concerns of the protesters. they will feel that they have been heard, and this conv

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. jonathan ferro, lisa abramowicz, and tom keene. it is "bloomberg surveillance." we welcome all of you across this nation and worldwide, and on bloomberg television as well. thrilled you are wishes for a good conversation forward to this important statement by jay powell, an update on how the fed can help america. the backdrop this morning is wonderful. markets up. what is so important is you need to be advised. robert miller will join us of blackrock any moment, and we are thrilled to bring you raghuram rajan at the bottom of the hour for a must listen interview. jon ferro, against everything i is yesterdayters reaffirmed just in the last 60 minutes this up, up, up for the stock market. jonathan: with a defensive tilt to it. aroundfutures up by 0.8%. i didn't think we would see a day like we saw in the last 24 hours, where you could have a down market and still see the likes of apple, amazon and facebook up about 3%. that is the regime we are in. they are t

output will be in the next several years is even harder. >> this is "bloomberg surveillance," with tom keeneerro, and lisa abramowicz. tom: good morning, everyone. our simulcast to you across this nation and around the world. we say good morning on bloomberg radio and bloomberg television as

i amside tom keene, jonathan ferro together with lisa abramowicz.away from the opening bell. equity futures snapback. up 49 points on the s&p 500. that is the story and equities. no place to hide in the equity market yesterday. every sector down and down hard, including the more defensive sectors. outside of equities, risk appetite improves. the aussie and the canadian dollar on top. commodity prices doing ok. and the bond market, the story of the week, the 10 year treasury yields are higher, the purpose steeper, but on the week it has been interesting to see the 10 year yield come down yabout eight basis points and te curve flattened because the two's are anchored on what the fed is doing, which is nothing. it is all about where the tens go. tom: and the phrase you use is you put a foot on your heel and the other stuff gyrate around. it'll be an interesting june and july for fixed income. all sorts of themes. now frombach joins us morgan stanley on fixed income. i love the idea of your heritage of working off the desk for morgan stanley in tokyo. b

. >> this is "bloomberg surveillance" with tom keene, and lisa abramowicz. tom: good morning, everyone. this is "bloomberg surveillance ." across this nation, america looking up to the challenges of a number of days of peaceful protests, and indeed, looting and riots as well. what we know for certain is last night was absolutely extraordinary in new york. , governor cuomo and mayor de blasio agreed to make the curfew sooner this evening. jonathan: which i think makes sense. i think is really sad is what is getting lost in all of the noise , the reason for the protests to begin with. the mission that has been a mission for a long time in this country for more social justice. sharperhat becomes of vocus in the days to come and we get away from the noise surrounding the riots. tom: ian bremmer is scheduled to be with us. what i find extraordinary is what is the next step here. there's all this reporting and the cable news frenzy and all of that, but we got to get to 11:00 a.m. this morning, where i believe the president will speak. lisa: people are wondering wha

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. ♪ tom: goodorning, everyone. "bloomberg surveillance." jonathan ferro, lisa abramowicz, and tom keene. we welcome all of you this morning. most interesting across this nation, the uncertainty of the pandemic. indeed, around the world as well. i was under struck the and delics of mexico, in india is in a crisis. jon ferro, the sensor folds right into a four-day work week jon ferro, this intro folds right into a four-day work and a jobs report. jonathan: the low as -500,000. when you see a range that wide, it is safe to say that no one really has a clue. in deutsche bank, they missed the retail v-shaped bounce we got as well. you get the feeling that economists are pretty much flying blind right now on each and every data point. jonathan: i would agree with that, but he talked about consumers and businesses self-regulating. even if the governors, the local officials, state-level officials don't hold that themselves, companies and consumers will, and we are already seeing signs of that in various st

. >> this is "bloomberg tom keene,e," with jonathan ferro, and lisa abramowicz. edward: -- tom: good morning. wfh, as the jargon now, you work from home. when do we all get back to the office? we thank you for watching. a really interesting wednesday. there are a lot of political moments, there's international relations. in the market, i'm sorry. i started out this morning with on, and all much going now a bid to equities once more. jonathan: you the word crosscurrents. i think that is the right word this week. we have better-than-expected data in the united states. i think the data right now is absolutely critical. the federal reserve has played a huge role in this market, and clearly that is exacerbating this, but the veracity comes from the better-than-expected data. you have to say that this rally tracks that pretty well so far. tom: lisa abramowicz, what have you learned about the efficacious nature of fed policy? is it helping right now? lisa: it is helping to push down yields and push up prices of assets across the board, and certainly hoping to encourage c

tom: this is -- >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowiczrning. thank you for being with us, the simulcast on bloomberg radio and bloomberg television, and particularly, we welcome all of you across the

we can't choose one or the other. >> this is "bloomberg surveillance" with tom keene, jonathan ferro,abramowicz. tom: good morning, everyone. "bloomberg surveillance." we welcome all of you. this is a simulcast. we welcome you on radio worldw

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. we are thrilled you are with us for our simulcast on bloomberg radio and bloomberg television worldwide. we will talk the markets, fx, and the dollar, but overwhelming all today is the news on the virus. our team in brazil out with a terrific article on the pandemic in brazil. jon, i know it is not equivalent , but it is the same energy about the sunbelt in america. at a pandemic, but it is worsening condition of the virus in the sunbelt. jonathan: you're right to say it is not equivalent because it is not, but it certainly is concerning regardless. for many market participants, they've had confidence there is a higher bar to shutting down these economies once again. that teller into policy makers is beginning to be tested over the next several days. will it constrain the reopening process? will it hit his mrs. and consumers -- hit businesses and consumers? that concern is top of the mind. tom: i know we are within a range, but i'm sorry, i observed gold re

alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. is is "bloomberg surveillance ," live on bloomberg tv and radio. the open, two hours and about 12 minutes away, with equity futures at session lows, down 2% and change on the s&p 500. -67 points. the outperformance over the last three days comes from tech, the nasdaq against the small caps. in the bond market, treasuries bid, yields lower. we are down about 20 basis points on the 10 year. treasuries have been really firm this week. the curve is tighter. in foreign exchange, the story of dollar weakness through much of the last several weeks, and for a fourth straight week, we get a little more dollar weakness yet again. for today's session, the euro just slightly negative. the euro coming back with a little bit of strength on the session. tom: dollar came back. it dropped like a rock off of the grimness from chairman powell yesterday. i would watch em currency as well the pandemic statistics. i don't know if they are correlated, but i am really watching mexican peso to see if that unra

time for fiscal policy to get a case of fiscal rectitude. >> this is "bloomberg surveillance" with tom keene ferro, and lisa abramowicz. tom: good morning, everyone. on this historic friday, without question, the most challenging jobs report in my years of doing

"bloomberg surveillance "bloomberg surveillance this is -- this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. it is a friday in june. for many in this nation, it is juneteenth, as we look to galveston in 1865, or maybe tulsa this weekend the president. the bolton papers a distraction in washington. around that, we continue to look at economics, finance, and investment. we have a terrific guest in a moment. to frame all of this is the interest rate market. i loved what you said in our previous hour about the continued confusion. i am also trading this june 19 -- like it is the end of the have, june 30. jonathan: it has been really confusing over what is happening with the united states and china, especially when you throw what is happened with trade. we need to see it in the data. that is my point of view at the moment. let's see if it comes through in the data. phase i actually looks like we achieve something. of: delete august mood, course, just the amount of business being done in equities. lisa abramowicz, you see that in t

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. our simulcast to you across this nation and worldwide as well. lots of interesting things going on today, but the number one thing without question is a deteriorating take in the last hour, and what is front and center in the united states is a reaffirmation of the first wave of the pandemic. other issues on the virus worldwide, including in india, for example. bombay shifting to really grim news out of delhi, a flareup in tokyo as well. isthe united states, there no other topic than this pandemic. jonathan: totally agree. claims 30 minutes away as well. we face elevated long unemployment. what we need is a clean reopening so we can bounce back quickly, and hopefully the temporary job losses don't become permanent. from an economics perspective, that is why the pandemic and the fragile data in states like texas is so worrying. reopeningins the process. if it reverses it, worst case an area, we face a lot of pain for a lot of people. tom: i am going to sugge

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. "bloomberg surveillance." we welcome all of you. this is a simulcast. we welcome you on radio worldwide, and on bloomberg television. without question, the data, another remarkable day after the remark about turnaround we saw yesterday. jonathan ferro will give you that data in a moment. coming up, terrific sets of conversation on economics. you've got the retail sales data coming out that will be most interesting and important as a sign of the american economy. jay powell at 10:00. in moments, we are honored to bring you the secretary of labor of the united states after the history made yesterday at the supreme court. jonathan, that was remarkable to see what the supreme court announced yesterday, the immediate impact of those for and those against. jonathan: making some serious progress on a whole range of issues in this labor market, particularly on discrimination. we've heard about the social injustice of the last couple of weeks. but we are making prog

tom keene in york. francine lacqua in london. the news today extraordinary. jes staley coming up from barclays, he has got the mess in hong kong. kevin cirilli will be with us from washington on the trump response to the news out of hong kong. right now, in your united kingdom, it is a new deal in dudley. francine: it is a new deal. we are expecting the prime minister to deliver on his speech that was quite popular in his pre-election campaign, bringing britain back. we are expecting him to do a lot for infrastructure, give money to schools that under previous tory government slots -- lost a lot of funding. deathsy are there more because of covid-19 compared to other european countries, the debt load this country has is different than anywhere else in europe. i imagine boris johnson will have to do this speech while at the same time keeping international investors on board. tom: it will be interesting to see. we are monitoring the presence of the prime minister in dudley. in new york city, ritika gupta. ritika: the stage has been set for another confrontation

francine lacqua in london, i am tom keene in new york.he adp report yesterday, what some people really lean on and others don't, went from grim grim grim to just grim and everybody cheered. stephen stanley is working from home. a mantle in his living room holds up all of the trophies he has won for forecasting the economy. good morning. andms today will be grim, that leads to the unemployment report. with the better adp report yesterday, did you tweet -- tweak and adjust to a better jobs report tomorrow? stephen: i did not. those who is not a big believer in adp. i would be happy if the number comes in in line with adp but i am still looking for a 7 million drop in payrolls in may. tom: one of the things floating that is different now, we got rid of a lot of low-wage people in restaurants and bars and now we are starting to get rid of a different kind of american employee, salaried fully benefited employee. is that true? there iscertainly going to be some of that along the way. there are so many businesses that are going to have to alter

. >> this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. our simulcast to you across this nation and around the world. we say good morning on bloomberg radio and bloomberg television as well. exceptionally good guests this hour, and we will begin with a moment. haass in an extraordinary place we are in right now, waking up to the imagery of a darkened white house. the president choosing not to speak to the nation as wasn't dissipated last night. to the north across lafayette , a boarded hay adams. a fire in the historic st. john's episcopal church, the church of the presidents. pew 54 is where they sit, although lincoln sat quietly in the back. the protestsct to in continental europe. your thoughts on this file and we can. jonathan: i don't think anyone needs my personal thought, not from a journalist who's barely left his apartment in the last three months. i don't think there's much value protests in the europe in the united states. there's a deep history in the united states. the plea unsettling to see the equ

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. thrilled you are with us this final day of the first half of 2020. without question, the most odd, the most historic first half in the history of american finance. there's no question about that, and it still continues. we will talk to you on economics, finance and investment. jon will have a usable jon ferro data check for you. i really want to go to the farnt at hand, which is how people are behind after the down that we saw, and then the whipsaw up, up. jonathan: first quarter since 2008 replaced by the best quarter since 1998. on the policy response, the next 30 days he is critical. at the start of march, end of february, we talked about building a policy bridge to the end of the year. i think what is clear going into july is that bridge needs a serious extension for a lot of people still in a lot of pain. tom: there's not a moment to patrick borrow from o'brien. much more than two weeks ago, it is let go. lisa: the more uncertainty there makers,e part

. >> this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. our simulcast on bloomberg television across this nation and worldwide, and on bloomberg radio. we particularly say good morning to the hundreds of thousands of home, stillg at sequestered within this pandemic. the new slow extraordinary. as you just heard from the president and from vice president biden, clearly political. we will touch on that in a moment. will joins levkovich us of citigroup on these extraordinary markets. we can talk about the politics of the moment, the relative calm of last night, but i think i've got to go to the clarion call in 15 minutes of the first of the may labor reports, the adp report. how do you link this wednesday report into what we are going to observe friday of an american jobs depression? jonathan: to keep it simple, the numbers will be ugly. they will be ugly this morning, ugly again friday morning. quite clearly, this market is focusing on the aggregate numbers in the future, and hoping that the outlook it's better as

tom: this is -- >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicztom: good morning. thank you for being with us, the simulcast on bloomberg radio and bloomberg television, and particularly, we welcome all of you across the nation. the regime changes that are out there in our medicine, the pandemic, as with about the american economy. james bullard of st. louis will join us here in a moment. what we would really like to do is talk about the regime changes that we see right now in the market. to me, it is a very correlated list up off of the navarro uproar of 14 hours ago. jonathan: what a move overnight, whipsawed by peter navarro, who set the u.s.-china trade agreement is over. the president of the united states, his boss, coming out and correcting him. the confusion on that issue is massive over the last couple of weeks. i think john bolton's book over the last week or so has made things a little more interesting as well. it. no question about i know lisa is almost 2/3 of the way through the book. one question which you are an expert on commode is

tom keene, advantage to you from dean.e have said all the way down , it is a moment of humility. a lack of visibility that we have over the next several months. it is quite something. tom: it is absolutely remarkable. people have a construct. they have a belief set that they work with. and what's interesting is not that it is being tested, but everybody's beliefs that is being tested on a weekly basis. can they reaffirmed their belief in whatever that belief is? jonathan: we will catch up with jeremy stein, harvard professor of economics. we will do that next with equity futures positive. up nicely to close out a choppy week. we are up by 1.8%. are live on bloomberg tv and bloomberg radio. this is bloomberg surveillance. ♪ jonathan: from new york city, this is bloomberg surveillance. we are live on bloomberg tv and radio. we are two hours away from the opening bell. this is bloomberg surveillance. we are positive around about 1.9% coming into friday at the close on the session down about 6% on the week. 6% asp 500 down aro

i am tom keene in new york. we welcome all of you today. a most interesting day. chairman powell to speak later on. he managed the message yesterday to say the least. i am thrilled to tell you, particularly those hammered by whiplash, a quiet data check this morning. , nottle lift in the market question. the vix with a 33 level, much better than the agony of thursday and friday out at a 44 level. coming in sprightly and maybe take a pause. let's view the economic data within the data check, which was a shock of the unemployment report, and then the huge shock yesterday of the nice rebound in retail sales. we had good conversations on that as well. within that is what yield does. all in all i would say yesterday was remarkably quiet versus the gyration of the equity market. there is substantial news this morning. let's go to our first word news. here is ritika gupta. jerome powell is sticking to his message that there will be an uncertain path to u.s. recovery. he has the second day of video conference testimony before congress today. he told the senate banking com

francine: tom keene in new york -- tom: tom keene in new york. thank you for joining us today. want you to address the morning zeitgeist, which is that we are so extended in the equity markets by conventional measures like rsi, or frankly by any interpretation of the greek letters. retail, fear of immersing out -- of missing out, and that we will crash when it breaks. is that what happens? risk of that is increasing. let's focus on the s&p. the s&p is not the u.s. economy labor market. it is tech, communication services, telecom. home, all ofrom the health tech. that makes the s&p better than most of the market. listingr markets are along the same degree. i think that is where the market is getting a little overextended. you are absolutely right about the fear of missing out, but the volume has not been very high. the volume has not been very high. term,k for the very near it is up rather than down. but fundamentally, these levels of valuations, which are close to any realistic estimate of earnings, i think they are pretty stretched territory. to romannt to go fridman of new yo

tom keene in new york. the main narrative will be the markets, what we have seen on the market, and this links it back to the discovery of a possible vaccine, that is months if not years away and the resurgence of infections not only in the u.s. and also china. tom: huge cross current this morning. i can say i have never seen such a distant market right now. it wasket is better than two or three hours ago. the vix comes in from 44 to 41. there is a whole idea of an expanding pandemic all the -- throughout multiple geographies. there is optimism with research houses reaffirming some form of v-shaped recovery. it is the oddest monday i can remember. francine: it is a pretty odd monday, although i have to say i have had other odd mondays. that's get to first word news with ritika gupta. economyin china the keeps inching its way out of the coronavirus, less industrial output rose 4.4 percent in may from a year earlier. at missed estimates, and consumer demand is sluggish. retail sales declined more than expecte

tom keene is in new york. we have some inflation data. this is important for the euro expected,ty much as from 0.3%. and weto the first half, go into the data that we see on wednesday. a shortened week in the united states come and the jobs report two days away on thursday. to me, all of it is superseded by a global virus update. there is a little bit of good news, but it is overwhelmed by the bad news, and this news out of hong kong, i thought steve engle and anna edwards' conversation with lord paren that lord patton was extorted very. response that we could see from washington will do well worth watching. lam just carrie finished a speech where she said freedom of the hong kong population -- it is unclear how china will interpret the new law that has been passed. coming up in the next hour, our exclusive conversation with barclays executive jes staley. we will talk with him about loans and markets. let's get to first word news with three. ritika: good morning, tom. the stage has been set for another confrontation between the u.s. and c

tom keene, just several hours away, trying to get our hands around the next phase of monetary policy erve. tom: no question about that. what is so fascinating here, with scarlet fu leading our coverage this afternoon,

alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. this is bloomberg.e relationship between china and the united states, and it got a whole lot more confusing overnight. you listen to the interview on fox with navarro, and it is stunning, the

alongside tom keene, i'm jonathan ferro, together with lisa abramowicz.er, this morning the stocks can go down as well. , we see rightge

alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. inating to see