this tony dwyer see a single digit or will digit world? tony: you mean and returns, tom? tom: in terms of red sox batting average. [laughter] yes, of course in terms of returns. tony: it is so disingenuous for people like me to come on your show and have any idea what is going to happen three years from now. as long as credit is ok, i think we are going to have equities outperforming. it really depends on what credit does. there's a big misperception in the market that the long end of the yield curve is flattening, and that shows some kind of economic problem down the road. but i think the shorter duration yield curve, what really drives credit, has actually been getting better for banks and better for liquidity looking forward. so i think we are going to stay in a positive environment for equities. we will have pullbacks. got a 6.5% run in a month. the idea that we are going to have another 6.5% move very near term i think wouldn't be right. as long as the credit is ok, the economy is moving forward, and earnings are growing up, the market goes up. tom: tony dwyer, thank

. >>> tony dwyer is all orr this trend. phil >> united airlines a loss. $1.02 a share.ng bookings in september. revenue down 32% better than expectation. the cost per available seat mile up 15% below the guidance of chasm up 17%. but the guidance what everybody is focused on. start with the fourth quarter. no q4 eps guidance revenue down 25% to 30%. on capacity being down 23% united is not giving a protection of when it plans to return to profitability and corporate and international bookings are strengthening we asked people at the airline how much are they strengthening? they decline to give us a percentage that's a question we'll have with scott kirby for perspective on what the company is seeing as they head into the holiday season as they are seeing an increase in corporate and international bookings see if we get more clarity with regard to that back to you. >> thank you so much for that. >>> netflix well off its after hours highs despite the strong growth we'll get reaction from an analyst that hiked the price target by $75 ahead of the results. still high in aft

i would point out that tony dwyer has a cardinal rule, if you do not see a recession, it is able marketthan: and the discussion of rate hikes, money market see the bank of england rate of 1% in december next year. that is not one hike, that is a few. interesting conversation starting to build in money markets. futures unchanged on the s&p. yields higher by couple of basis points. that is a turnaround. 1.5962. with tom keene in washington, lisa and i holding the fort in new york city. earnings season underway. big banks tomorrow. on radio and tv, this is bloomberg. leigh-ann: congressional democrats are still divided over how to -- president biden's economic agenda. there coming together over a taxing and planting -- taxing and spending plan of about $2 trillion but they cannot agree on which parts of the president's agenda to keep and how long to pay for them. next month the u.s. will relax coronavirus restrictions on its land borders with canada and mexico. that will allow the resumption of non-essential travel like tourism. the move comes up to the white house said it would start allo

then there is dwyer, we will not talk about tony dwyer. to lori calvasina, i know you have her coming up, all of the nuances lead from the massive ambiguities of what will happen. jonathan: lori likes the banks and will be talking about it all week. what i asked mike was do you like the banks on higher rates regardless of if it drives high rates. the move we saw at the start of this year through the first quarter, that was on accelerating growth expectations. every single week it was upgrade after upgrade to the outlook to gdp in america. it is different this time around. we are seeing higher yields without a corresponding pickup in growth expectations. i'm joined understand if the bank trade still works in that environment? michael: i think it does. i think that rate move is important. it is an impressive year considering rates came back down. my move of the move back down in interest rates is chariman powell deciding despite the strong economic data, we had not made substantial firmer progress. that is what prompted the bond market to ra