it more than offsets the decline in treasury.i: if you think the stress starts to keep the system here, how much money are you willing to put towards today thinking that it could get worse tomorrow? ty: that's a good question and there are spots that you can pick. we are excited about the floating-rate opportunities in the clo market. we are buying a lot of leverage loans, below investment grade that are secured and you can earn yields of 10% plus, as opposed to the high-yield market which is an unsecured bond. we have a number of situations where we have long short positions that are long on the secured loan, shortly unsecured bond in the same company, making more money on the long than the short. it's not supposed to work that way, right? you are supposed to get more when you have more risk. sonali: thank you for keeping an eye on everything that is a little bit riskier. still ahead, the final spread, key u.s. data points. this is "real yield," on bloomberg. ♪ sonali: i'm sonali blatt -- i'm sonali basak and this is "bloomberg

treasury market. we will talk earnings next get a lot of big banks benefiting from the higher interest rate environment, all that volatility. allman sachs gaining confidence after beating estimates -- goldman sachs gaining confidence after beating estimates. it is our stock of the hour, next. this is bloomberg. ♪ to me, harlem is home. but home is also your body. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick and mortar in new york is not easy. chase ink has supported us from studio one to studio three. when you start small, you need some big help. and chase ink was that for me. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business. make more of what's yours. you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. b

it is going to test the appetite for treasuries. that is going to kick off when we get a preview of that. u.s. two-year just above the five point level. yields have been around their highest level year today. in japan, we had the finance minister coming out saying that conditions were potentially there for intervention. a pop in the yen now for -- after those comments. let's cross over to asia now for a deep dive on those asian markets. avril. >> we are seeing a bit today makes recovery in the asia-pacific. the hang seng is leading the way , gamed to the highest level in about two weeks, underpinned by the surge in these chinese tech names. but apart from that, it is really a mixed picture where you have the kospi that is quite flat. a lot will depend on those big tech earnings. a nikkei that has paired games firm early on in the session, following the comments from the countries finance minister and the possibility of yen intervention. it does seem like sentiment towards china is improving. we have a rare upgrade coming from ubs on

treasury yields on its own. but if the market is still expecting two or three woodcuts this year, there is a certain level of stability with regards to asian credit or investment-grade credit issuance. annabelle: i am curious. because in this sort of market environment may be some short-term volatility short-term market risks, but still we have got really elevated levels in commodities oil, bitcoin, some equity benchmarks, as well that are at multiyear highs or around that point. how do you treat in this sort of environment? kelvin: it is a very tough environment to trade in because of the fact that, you have your bond use increasingly moving. the trajectory of bond use and equity markets have been different this year compared to the last two years. whenever treasury yields go up, the bonds fall. this year the trajectory has been different. if the earnings results in the next couple of weeks, and weaker than expected, that will put a lot more pressure on the equities market at this point in time. it's interestin

treasuries so we started with the u.s. treasury.he cme when we announced we were going to be in the u.s. treasury market like an exchange, they had 85% market share. i call them the heavyweight champ. it was 15% by other players. we now have 28% and they are in the mid 60's so someone things we can't get a glove on the champ, they are wrong. the treasury business was one and now we will do treasury futures. you might say why shouldn't you win and that is well and the answer is i think we will. and we will do for futures which are like interest rate swaps and that will be amazingly close behind. sonali: you talked about this business but are there other markets you would look to break into you are not currently in? >> we will start with the interest rate world. when you've got the world's greatest trading firms as your partner, they're going to say what's next. i would think other futures exchanges will be a classic move sonali: and bonds? >> it's a futures exchange, you can do anything. it's fun and we have the technology in place.

the two year treasury yield is up about nine basis points and you look at the 10-year treasury yield,igher by about 13 basis points or so. we have been taking stock of woods going on in gold. it hit another all-time high, currently have about half a percentage point. looking at the dollar, it's continuing to rally, up about 0.3%. bit coin is actually on a little bit of the downdraft right now off by about 3% or so. let's look at some midday movers on the equity side. let's start with at&t. the shares are dropping after the wireless carrier said data from 73 million current and former customers was leaked onto the dark web. that apparently happened two weeks ago and it still under investigation. at&t is also under federal investigation for the widespread cell service outage in february. want to take a look at nickel which is flat but that's after it surged earlier because the ev maker is suing its former ceo in an effort to thwart his alleged board takeover. the stock has tumbled almost 99% from its high. let's go back to those broader market moves. a fifth straight months of gains in

i think that's the potential of the treasury market. the refunding shows that.ling back t-bill issuance. the market is going to have to price that in. the fed put out a model on this, it's negative, currently. that is not a good signal, i think, for bonds. >> you talk about in your note also the end carry trade, and for people that don't follow this trade, to help people understand the implications of this, but that you feel this is also another to tepotential on i have treasury. and the move in the yen, which has been -- contrary to what people would have expected, with the end of negative interest rates in japan. >> yeah, you know, the yen going so quickly through 152, no liquidity there, so, they're hesinhes i testing higher. last night, there were comments about officials that is actually in charge to say, boj, go ahead and execute, there's one of those officials that actually said, we're pretty close to doing something, right, we're ready to act, and the markets just ignored it and go higher, so -- as the yen weakens, there will at some point be this interv

this is the yields in terms of treasury yields. in great detail, markets today is next. stay with us, this is bloomberg. ♪ life's daily battles are not meant to be fought alone. - we're not powerless. so long as we don't lose sight of what's important. don't be afraid to seize that moment to talk to your friends. - cloud, you okay? because checking in on a friend can create a safe space. - the first step on our new journey. you coming? reach out to a friend about their mental health. seize the awkward. it's totally worth it. food isn't just fuel to live. it's fuel to grow. my family relied on public assistance to help provide meals for us. these meals fueled my involvement in theater and the arts as a child, which fostered my love for acting. the feeding america network of food banks helps millions of people put food on the table. when people are fed, futures are nourished. join the movement to end hunger and together we can open endless possibilities for people to thrive. visit feedingamerica.org/actnow >> good morning, i'm anna e

treasury secretary, janet yellen, speaking right now.see widespread spillovers from the iran attacked. she also expects additional sanctions against iran in the coming days. you can follow her remarks right now on livego on your terminal. that is secretary janet yellen speaking right now. still ahead, we will look at the companies making it the most -- making the most social buzz today. this is bloomberg. ♪ katie: time for social climbers, a look at the stocks making waves on social media this morning. the doj repairing to file an antitrust complaint against live nation that would force it to spin off the ticketmaster business. live nation and ticketmaster have been under fire for ticket fees and faulty customer service. , u.k. boot maker doc martens lowering its outlook for 2020 five and naming a new ceo. this comes as doc martens contends with sliding cells and the u.s. and shares that have fallen over 80% since its ipo three years ago. finally, we have united health beating profit estimates and deferring its outlook for the year. they

futures are steady despite some rising treasury yields. busy week in focus with cpi. yellen in china. a total eclipse of the sun. america's chip plays, taiwan semigetting a billion-dollar investment from uncle sam. >> treasury secretary yellen is not ruling out the possibility of new tariffs on china. >> janet yellen wraps up her visit. >> it's beneficial and desirable and it needs to be on the level playing field. and in the number of ways we feel it's not. >> jamie dimon's warnings for investors. higher rates, and the profound implications of a.i. >>> we begin with news vonding a major supplier to nvidia. the white house announcing $6.6 billion for the company's arizona plants. under the commitment, tsmc is committed to adding a third complex. jim, we're talking some 20,000 construction jobs, there's money in here for workforce training. >> this is a big one, it's the ones that we really need. i don't know, we'll have to talk about how much they really feed. we don't have enough engineers to build these. david, you know that this is the most tenuous, we'll talk with

sonali: how do you see the treasury market is a safety trade? do you think people are moving into the marketed any degree with uncertainty? >> it is to save trade. if you're talking about a few basis point moves. we suspect we are near the end of the peak of rates. you would have to see a significant raise upwards and inflation. you have these strong economic numbers play out into influencing inflation. you are pretty much at the top of the cycle in terms of real yields. this is a time to go ahead and invest. we also like the idea of high quality banks. things to this opportunity if we have a near-term opportunity and raises reasonable to laboring integration traits. -- traits. sonali: what about cold, bitcoin? ed: to what extent do you think the valuation of the salicylates as opposed to what you have? of the treasury side, one powerful argument is that inflation has come down from seven changed to 3%. the notion of the fed put his back on the table. now the heat is out of the system in the fed put becomes much more palatable. i think credit is

the main topic of the negotiations us treasury secretary in beijing became aware of the consequencess, which, according to washington, could negatively affect american companies. the world market is filled with chinese. products at artificially low prices, threatening the viability of american and other foreign companies. we have seen this story before, and i have made it clear that president biden and i will not accept this reality again. the results of the negotiations, judging by the statement of janette elin , the states were satisfied with, however, for now there are agreements are of a framework nature. the chinese side expressed, as it is formulated, a fundamental agreement regarding the reduction. volumes of industrial output, however, it is important to emphasize here that specific volumes were not agreed upon, and, among other things, were not discussed in the context of certain specific forms of products. during her visit to china, yelin emphasized that china is a key market for american goods and services. the united states does not seek to break scan relations. moreover,

this bill also requires treasury to instruct the u.s. director at the world bank to formally oppose the provision of financial assistance to the government of iran. i would note that the u.s. already opposes any financial assistance to the government of iran. notably, republicans are moving this bill at the same time that they are trying to jam through the house a much more toxic version of this bill tomorrow which is h.r. 6323. which would undermine the president's ability to provide waivers to spharntion humanitarian assistance. while mr. luetkemeyer's bill largely is redundant of existing u.s. policy, mrs. kim's bill tomorrow will harm our national interest and america's standing in the world. i urge my colleagues to support this bill and i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from north carolina is recognized. mr. mchenry: i reserve, i'm prepared to close. the speaker pro tempore: the gentleman reserves. the gentleman from missouri is recognized. mr. cleaver: mr. speaker, i yi

treasury secretary elastic. let's bring in our greater -- treasury secretary last week.'s bring in our greater china senior executive editor. how much do you think beijing is going to take this on board? >> i think it is going to have to take this very seriously. the economy here is not in a good state. as we have talked about, exports is something beijing is hoping will be a pillar that it can depend on to get the economy going again. that is not going to work if tariffs are being put in place in europe. we already have investigations by the europeans into subsidies offered by china for electric cars. there is another, as we understand it, investigation coming into how china procures medical equipment, whether european companies have fair access to the market here. there is a lot brewing in terms of trade and that is not going to be helpful for the economy. we are expecting the chancellor to meet with xi jinping today. we believe that will be the message that he delivers when that meeting occurs. we have to think that president xi will take time to hear what the europea

single account project the treasury is literally finished. and now, according to the minister of economy, except for a few accounts of universities of medical sciences and subsidiaries of the ministry of oil, all government agencies have made their accounts transparent. a handful of cases with the final zinaf stage in which the government entered into direct payments in construction projects, and this means that the workers' money is paid to them before their sweat dries up. narges mezhodi khabar. the deputy minister of mines and materials processing of the ministry of mining industry and trade said that offshore mining is a priority and the ministry of home affairs is seeking to create its platforms. according to mr. mohtashmipour currently , imported minerals are used in some industries, and if they turn to extraterritorial mining, part of the domestic needs can be met from this place. an opportunity and a good platform for the development of economic exchanges is said to be a win-win game, that is: both the use of minerals and access to ne

we have increased our exposure to treasuries and we have cash we're at 2.8 percent in treasuries. so even though we have not even moved to our new strategic allocation, we've been taken the opportunity to incrass our exposures and get it closer to what our targets were. and then, i will provide an update on closed investments. first chorus capitol at the meeting on march 13, 2024. the retirement board approved in close session, an investment of 75 million to chorus capitol fund 5. the investment of 75 million was closed on march 2024. this is classified as a specialty finance within portfolio and it's the person. late break news, there was another deal that was closed it will be reflected in the minutes, it's not in your materials but i will read it into the record and that's sgp red wood fund. retirement approved in closed session an investment of up $100 million in the red wood fund. by san francisco absolute return investors safari fund. we've invested 25 million in this closed april 1, 2024. the investment is classified as a market neutral investment within our portfolios. tha

bank or treasury documents. by the specified due date, the specified due date or the end of the financial year it will be received. this resolution will be valid until the end of mehr 1403. the managing director of the new cities construction company announced the delivery of the first units of the national housing movement in these cities next week. according to mr. ghafouri, the operation process of these units is due to the delay in the arrival of service devices. it has been delayed to provide branches and sewer network . a problem that we have in the discussion of the opening of the national movement. god willing, next week we are ready to open the first stage of the national movement of new cities in the new city of sahand with the presence of the highest official of the ministry , but maybe the number we considered is about it is 50-75 units, if the service provider has access on time, we have a number now. we could build more than a few thousand units in the new city of sehn, as well as in our other citi

in 1402, the treasury unit account plan was completed. the treasury unit account project has been terminated in the true sense of the word. and now, according to the minister of economy, except for a few accounts of universities of medical sciences and subsidiaries of the ministry of oil, all government agencies have made their accounts transparent. a handful of remaining cases have not been added to 100 due to the problems between the banking network and that company. without the devices, now the government is entering a new stage, the final stage of zainaf, in which the government has entered direct payments in construction projects, and this means that workers' money will be paid to them before their sweat dries up. according to the decision of the supreme council of energy, 22, because of khan's fuel, the country should form a cng sector , a capacity of which 16 have been completed so far, according to the ceo of the national oil products refining and distribution company, due to the increase in the consumption of gasoline. dual-fuel

i don't look at the treasuries as much. so i don't think we are going to get -- if i look at equities, we are now getting to your 100 day moving averages. you are starting to get to important levels. because if that happens, we are breaking through, you are going to see another step down or so. if we go to five than the equities will have another good step lower across the world. annabelle: what do you make of what we are seeing in earnings so far? is that going to be another catalyst to drive markets higher, even against the backdrop of higher yields from commodity prices? herald: we are talking about the global macro and that is not helping asian equities we want. with the earnings numbers that come through out of the region are not so bad. chinese earnings have gone through reporting season, we have tallied them up. they look like last year, so we are still rearview mirror. last year people thought there was no growth at all. but it was close to 15%. not too bad across the region. china, this year the expectations are fo

after the two-year treasuries were well received.on well received yesterday. is the market feeling indigestion? the u.k. minister visits in germany, continues his european tour. antony blinken is arriving in china later today. expected to touch down in shanghai. he's got a message for his chinese counterparts. later, u.s. earnings report, boeing, ford motor, and meta-with the focus on the aia. coming up, lecturing spending going out of style in china as the economy continues to struggle. we are going to check in on how that is affecting the biggest fashion brands. after gucci sales tumbled on weak demand. that is next. this is bloomberg. ♪ tom: welcome back to bloomberg daybreak: europe. we bring you their earning with that gas major, three with first quarter adjusted net income. comes in marginally above the estimates, just by hair, 1.58 billion euros. the estimates had been for 1.5 7 billion. the gas unit of this business would be before relatively badly within this quarter and it would be the downstream part to do the heavy liftin

you have treasuries ending broadly higher yesterday.o-year yield currently at 4.68%, higher a basis this morning. the dollar has been a little weaker this morning. really it's not as coupled as closely with expectations for fed moves. that relationship seems to have evaporated somewhat. gold though very much listening to this fed chair jay powell. it has hit another record high. every day this week it has done that. 2300 dollars an ounce it smashed through. and brent 89 barrels or barrel. we have been discussing opec-plus sticking to supply cuts but also factoring in the geopolitical risk. could it hit $100 a barrel by late summer? jp morgan reckons so. let's get to vonnie quinn. she has an update on how asian markets are faring. vonnie: we are off the boil now on some of these markets, but still a nice rally today. bigger picture, china, hong kong and taiwan are all closed. hong kong will be trading in the friday session. we are counting on some markets to keep us higher in this rally today. the msci asia pacific index up 0.6% now, off

doesn't need two trips in nine months by the treasury secretary. why do you take that view? >> i mean, what has happened in the last nine months that the u.s. and china need to have face to face talks with the same person over? nothing is the quick answer to that question. secretary yellen says we need to talk about overcapacity and overcapacity is a 20-year issue in china and there's nothing the u.s. will say to them that they don't already know. >> adding to that, the overcapacity is an issue for the secretary of commerce and the united states trade representative and all trade remedies are on the table and she's not in charge of trade remedies. that is not the real reason for her visit. >> so who should be there then or anyone at all? >> secretary -- oh, i mean, if we really are -- are concerned about a flood of chinese goods in certain sectors and we feel obliged to take actions that we would prefer to avoid a flood ofof goods, the secretary is in charge of that issue and they're not there because of the reason you mentioned in your report. secretary yellen is very popul

>> you're absolutely right, it is a very localized experience. -- the treasury of ministers. so while it is very localized, we still play a significant role in helping agencies. guest: do you see the housing affordability problem as image match between the great demand for housing and available supply? adrianne: absolutely. it is not lost on anybody who pays attention to how far behind we are as a country and the number of units we need upwards of 3 million. it began just after the great recession where it was hard to get credit, just hard to build. and there was a number of particularly single-family homes on the market to absorb some of the demand. but here we are several years later, and we do see that we have fallen behind. so one of the reasons we have been very intentional with our supply action plan, even in the face of not having all the resources that we need, making sure we are doing everything we can to help the governors. one of the things that i'm particularly proud of is our housing program. we talk a lot about resources, but we also need to be sure that we are

all after comments from treasury secretary janet yellen.the potential for the cars being on american roads. >> they are allowed to sell evs in the united states. we don't have rules against it. again, in that area as well, we are trying to foster a domestic industry. we are certainly open to imports, including those from china. there is no rule against china selling evs in the united states. >> again, chinese ev makers trading higher in hong kong. >>> let's get to the corporate stories with silvana henao. silvana, good morning. >> good morning. the biden administration is reportedly set to hand out its latest round of funds from the chips act. according to reuters, the white house will announce $6 billion going to samsung next week. reuters adds the money will go to construction of four facilities in the united states and that samsung will more than double the investment in the country to over $44 billion as part of the deal. >>> general motors cruise unit is resuming the testing of the robotaxis. the self-driving car division will do so wi

treasury sec.anet yellen and chinese premier li qiang during their bilateral meeting in beijing on sunday. sec. yellen is meeting today with pboc governor before wrapping up her china visit. for more, let's bring in bruce einhorn. what have we heard from yellen? we know this is a charm offensive. she wants to boost relations and also curb exports from china. >> haslinda, this is her second visit in the last nine months to china. janet yellen has a reputational being not so hawkish on china in the biden administration compared to other members of the u.s. administration. if there is anybody who can deliver a message to the chinese and get some sort of good response, it should be janet yellen. she has been there since friday. we just saw a meeting with premier li qiang. that was at the great hall of the people yesterday. that was actually not on the original schedule. still today, she's meeting with the pboc governor. she's also going to be meeting with the former vice premier, who was also the forme

. >> shares in hong kong valley while treasury yields cut off that 2024 hi. as traders count down to the latest reading on u.s. inflation. rafael bostic says he sees just one u.s.-made that this year. apple says it made $14 billion worth of iphones in india, double and production as the tech giant accelerates its private away from china. good morning and it is cautioned in the markets this morning as we await that inflation print. traders impatient for rate cuts and have already had to contend with two cpr reports this year. we have another thorn in their side. the stock were waiting for this report. you had the s&p 500 dipping. nvidia leading the losses. closing just above it. if we flip the board over to the cross as a picture, we are not expecting too much movement on treasuries as we wait for the cpi report triggering fireworks in the markets. but you did have treasuries climbing. while below that 4.5% level. 4.35% is where we are currently. the dollar pretty steady. brent back below $90 a barrel. holding the two day decline because on the one hand you ha

senior treasury officials speaking with reporters.t is clearly the number one issue that the treasury wishes to address with senior chinese officials when she is here in guangzhou and beijing. it is absolutely her top priority. paul: what is a successful visit going to look like? christopher: that will be very difficult to judge, to be honest. they have made it clear they don't expect any deliverables. you will not see any memorandum of understanding. i think the goal is for incremental progress in convincing the chinese government from the treasury side that the overcapacity that they view as fueled by excessive state subsidies is not good for global markets. they are going to get blowback not only from the u.s. but several other countries. and they are getting blowback from other countries already. but it also won't be positive for the chinese economy that is by its own standards struggling at the moment. i don't think we are going to see any grand agreement or statements that we all agree on how it is that we are going to address t

according to the minister of economic affairs and finance, the implementation of the treasury accountvented the growth of 62 thousand billion tomans in the monetary base until 1402. mr. khanrozi also added that the government did not borrow from the central bank last year. this structural reform prevents inflation from the government budget be it this is the result of a win-win policy. when the law is enforced. the government, as someone who wants to know its assets, wants to know its debts, once it finds circulation in the path of principle 53, the balance of the country's resources will be determined. single account. the legal treasury , whose purpose was to prevent the wastage of the budget of government organizations and public institutions , the money that was wasted in the literal sense, we now have a case with someone named as the person who opened the account and received the payment to a personal account. this person has passed away. coming to the point of claiming that this money is ours, the money that was there, but because it is true it could not be spent as if it was not

treasury market is.o, as countries like china are developing reserves and need to park the reserves, there will still be demand for treasuries. gold will take a piece of that. but i don't think that is really a threat to the u.s. treasury market or the dollar in general longer term. but yes, near term particularly given with what's going on here in the u.s., rates will come down. the fiscal situation doesn't look particularly attractive, i can see central banks around the world looking at gold as an alternative at least in the short term to the u.s. dollar and treasuries. >> i was thinking about consumers. but a good point. maybe both of those together. david, thanks very much for being with us today. >>> coming up, a show of force against apple. comedian jon stewart saying the tech company asked him not to interview the ftc chair on his apple tv plus show. we'll discuss the problems with the company up next. power e*trade's award-winning trading app makes trading easier. with its customizable options ch

treasurys will do well.harles: late last year, jim grant i had him on the show we could be in secular bear market, 40 year bear market on bonds. first i thought he is curmudgeon, he is a nice guy, it is hard to argue so far. every expert said you buy bonds they're oversold still they're not really doing what we thought they would be doing at this point. >> so i say, again, my mindset is we're going to eastern the coupon. going back to that secular bear market in bonds but remember voice taking a huge amount of death to get to growth profile at this point. you look at federal debt as rates move higher, we know more money has to shift towards the interest debt or servicing that interest component of the budget. i don't, you know, talking about a.i., i think ultimately that is going to enhance productivity it will put downward pressure on inflation, so no, i'm not in that start of new start of secular bear market in bondses. charles: before you go, speaking of a.i., i read you're looking for tech to correct, is

tom of the treasury. yeah.ar, it's the sort of as i said at the beginning, it's like it when i was. it's never her fault. when i was at school, i went to a scottish secondary school, and nobody would ever take responsibility for any bad acts. we thought acts. they did. and we thought in end decided that the in the end we decided that the school should be it wisnae school motto should be it wisnae me. and that like that's me. and that sounds like that's the for button. the title for john button. >> these >> and some of these constitutional will constitutional debates will go on many, years . in on for many, many years. in a moment, we'll go to the house of commons find out what is commons and find out what is happening in the game of parliamentary pong. on the parliamentary ping pong. on the rwanda also ask, rwanda bill. i'll also ask, in the end, really going to the end, is it really going to make any difference? let's go to the palace of westminster and speak to gb news political editor christopher hope. were

the ten year treasury is 4.62%. as we said no rush to safety.ple are piling money into treasuries in the yield would go down. instead for 62. gold you would expect in these you have a were on the weekend would expect gold to go but it is not it's down $4.2369 per ounce. bitcoin maybe that should be the hedge against the war situation, not so it's a $66000 per coin now. oil was not supposed to go up. it is down $84 a barrel. nat gas don't really care read is it still under $2, yes it is. no change for gasoline, regular 363 in diesel at 403. donald trump went after bidens inflation train wreck. those are his words. roll tape. >> everything he touches, when i'm back in the white house we will end joe biden's inflation train wreck and we will tell pennsylvania drill baby drill, get back to drilling. >> biden will spend three days campaigning in pennsylvania this week. on the global front biden told benjamin netanyahu they will not support a counter attack on iran. that is not sitting well with retired general jack keane he is no fan of appeasement a

treasuries starting off on the back foot. we are seeing yields hitting 2024 highs.he 5% level. we are hearing from the ministry of finance again about possible intervention. it is really a retread of those old lines. if the yen keeps on weakening, maybe today is the day. haidi: we spoke earlier about when the intervention could come and the sensibility of the fact they may want to wait until after the u.s. inflation print. wait for that to washout if you will, before if they need to do significant intervention. let's take you to the market open. we are expecting a solid set up. japanese equities just extending those gains about .4% higher for the nikkei 225 and the topix. watching a lot of the commodities and energy names. this is oil, iron ore and a number of other commodities continue to clock in those gains. dollar-yen hovering just under that 152 level.

treasuries are not a good investment? we've already seen the consequences over the last couple of years. interest rates go up. inflation goes up. home mortgages become more expensive. are we at least a little bit worried that the bond markets could react negatively to us seizing tens of billions or hundreds of billions of dollars of assets? we certainly should be worried about it because we already can't afford the deficit spending in this country to begin with. treasury yield rates are already extraordinarily high. and thanks to the biden spending programs, they've actually shown a remarkable stubbornness over the last few months. here's another unintended consequence. germany has, it's an important american ally and it has by some standard the fourth or fifth largest economy in the entire world. a very, very important country. a very important ally. and, by the way, a beautiful country with beautiful people. but germany, under the influence of a series of so-called green energy policies, is rapidly deindustrializing. ge

you can see the difference when it comes to treasuries from that u.s. jobs report in terms of fan cuts. back to about 65 basis points this year now. the two year yield is currently lower attached. the dollar is a touch lower. oil has been lower off the back of israel, saying they will pull some troops out of gaza and bitcoin is back below that 70 k mark having broken through it over the weekend. let's zoom in on asian markets. what is happening where you are? west good morning. as you were dissing, asian stocks are starting the week a little bit on a bright spot after that better than inspected u.s. jobs report we saw. he does not release much the main sentiment in the hong kong shares. just a little bit more poor. basic 80 meant to liquidate in these wanting a petitions. i also wanted to take you to the commodities space a little bit with iron or rebounding other bit after this rock -- after this long weekend we had in china. gold is also extending gains there. big buyers of gold. that has been feeling this scorching hot all-time record rally. china ha

with the start of this treasury in the commodity exchange, the amount of gold stock in the treasury of the iran commodity exchange exceeded six tons. with the activity of gold investment funds, contracts. options and certificates of deposit are a chain of gold-based financial instruments available to investors in the commodity exchange, and half a million people directly or indirectly participate in the gold bullion certificate of deposit market through gold funds. from since the beginning of this market, about 4,500 tons of gold worth 6 thousand billion tomans have been traded in the official gold bullion market. the total index of the stock market closed in the positive range at the end of sunday trading and increased by more than 4 thousand units. however, unlike the main index, the overall index had a negative return of 311. the total index and the equal weight index moved in opposite directions on sunday. on this day, the total index of tehran stock exchange is 3967 points higher than the previous working day. receipt unit the price trend of small market shares decreased on this d

treasury yields at their highest levels of the year. deciding that two rate cuts from the fed are likelier than three this year. earlier we heard from neel kashkari commenting around the path of inflation trending lower, that the labor market is not red hot although still tight. that is from the minneapolis fed president, who is not a voting member, but had been recently commenting on the possibility that no easing at all would be required. but this loss of faith is what we are seeing here that the fed will deliver on three rate cuts which was expect it last month. it has been gathering pace the last few trading sessions. next up of course, we will be fixated on the cpi print. paul: yes indeed. that is coming up very soon in the u.s. a new imf report is warning of emerging risks in private credit markets including liquidity and the strength of underlying borrowers. we spoke exclusively with the deputy director about the fund's concerns. >> the concern is one of rapid growth. this is part of a trend that has been going on for decades fro

but she was fighting treasury orthodoxy.get responsibility and clearly the biggest fight of all was with the bank of england. and when you think you add to that the international monetary fund were weighing in, saying it was wrong to cut taxes for high earners. joe biden piled in before she resigned. i have some sympathy for her. i feel, had they actually cut spending in that budget, they might have got away with it. but probably the conclusion is they tried to do too much too soon. either way, we're now back to jeremy hunt and it almost makes no difference now economically , no difference now economically, i think, whether labour or the conservatives win the next election. i have some sympathy with truss. i believe the bank of england behaved appallingly. in a moment i'll discuss that with city grandee daniel hodson and see whether he agrees with my analysis i asked you earlier. how did the west get it so wrong over iran? what are your reactions coming in that are interesting ? alan in that are interesting? alan says we mus

you've got sharply higher treasury yields. look at that. yield on 10-year treasury, 4.5%. 4.5%. that means mortgages in the future are going up. probably well above 7%. the centerpiece of biden's campaign is trump hatred and the president himself oozes content for predecessor, hatred permeates the democrat party and the media, their hatred knows no bonds and it's distorted their news coverage. listen to this from all places, an editor at endlessly liberal npr. >> trump's election and every news room and media news room and shocked, disturbed, distraught really troubled and after awhile we started covering trump in a way that like a lot of legacy news organizations that we were trying to damage his presidency and trying anything we could to harm him stuart: did you hear that? they tried to damage his presidency. that's copping from a taxpayer supporter news outlet. the media is still at it and biden and geriatric desperation picked up the theme. he calls trump a tyrant who'd be a dictator. thanksgiving not what people talk about around the kitchen table and it's not rebuilding br

treasuries.tory, good news is fairly bad news, better-than-expected economic data is pushing out rate bids. comments from jay powell will happen later today in the u.s. jobs report friday. we had the cio and head of global investment at t. rowe price. good morning to you. >> good morning. jonathan: have your expectations for the federal reserve shifted in the same way market expectations have? >> we were never as excited about this -- as many rate cuts as the market priced in. one of the things that stands out to me is if you go back to what powell said early on, he is a student up what happened in the 70's. if you look at the mistake made then by cutting too early and if you map the cpi to the very beginning of this cycle versus the last, it follows a similar curve. if they start cutting now, i think they are in. danger of making the same mistake jonathan: is that the biggest risk cutting too soon? >> i do. jonathan: what would that mean for bond markets? >> you would see the spike up and then y

we called this initiative the social treasury initiative, which introduces simple and understandablefor our citizens to receive certain measures support. first of all, we need to say what they are. support, and a striking example of such a mechanism or the application of the social principle is a single benefit for children under 17 years of age and pregnant women. today, such benefits are assigned on the basis of a citizen’s application submitted on the unified portal of public services. the social fund receives this application, collects all the necessary information through interdepartmental requests from interested departments, and i note that this is in order. we strive to provide support measures to our citizens even without a statement about the onset of this or that life situation, here a striking example is maternity capital, starting from 2020, we provide maternity capital only upon the birth of a child in the family, that is , young parents only need to register the child with the tax registry, expiration within 7 days , the maternity certificate for maternity capital will

could you tell me what to do at treasuries?ell us which direction the fed will go in the next few months and tell us where it is not real growth going to be? that's the real benchmark. that's the first point. what do you do with treasuries? they are the gold that backs of the financial system. you cannot liquidate them completely. so you cannot migrate away from them entirely. you have to be tactical. we are in an environment where, depending on your mandate, depending on what you do, you have to hold treasuries but you don't have to hold duration. so you can move in and out of duration. we start to see five and 10 year treasuries approach where nominal growth is, that's a good buying opportunity. >> controversial at times. thank you. some big calls. >> talking about why the fed wants to cut so badly and how this has raised questions of what could be behind that. in terms of the conclusion for the investment thesis, i wonder how much he is on the same page as bob prints, basically saying not cash but short-term treasuries. what

you can buy and sell treasuries easily.but look at foreign demand for treasuries.ew years. some because the effects hedging costs were high. some because people are looking to diversify.who will be the marginal buyer of treasuries? we have to get used to the u.s. market being the marginal buyer of treasuries. that is mutual funds. these are price-sensitive buyers which is why it is important that if rates go higher and you realize where is the cap and the distribution starts to widen, the price-sensitive buyers step away.we have tax cuts expiring next year. this is something the congress has to grapple with next year. the entire treasury market demand is all u.s., then they have to have a sense of the fiscal trajectory. we don't have a great fiscal trajectory right now. that is a long-term issue. the fed can drive where those rates go. if they aren't talking about hiking treasuries are capped. annmarie: the fed would have to step in if households can't do it? priya: the fed will step in if the dual mandate makes them. now, growth is strong and inflation is above ta

treasuries steady, a whisker away from 4.5%. former st.ouis fed president james tells us markets should expect three cups this year. but he says the fed does not need to rush. more of our exclusive interview this hour. israeli officials signal optimism on talks with hamas. prime minister netanyahu warns that a day has been set for the invasion of the southern gaza city of roff up. good morning, welcome to tuesday. the prospect of three fed cuts this year, whatever james bullard says, is not looking likely in the eyes of markets. ahead of tomorrow traders are pricing only to cuts. first in september. with fewer cuts it puts pressure on the earnings season to drive the stock market rally. not a lot of fireworks on equities and you have futures pointing to a slightly higher opening this morning on wall street, but not so in europe and if we flipped the board, let me show you treasuries because this is where the action was. 10 year yields highest since november. we will bring you more in a moment, but they are at 4.4 percent. euro-dollar is on

yields in australia are a little, let's look at how treasuries are trading. not a huge amount of change, but upward yields continuing in the question of the day's regarding the two year. closing in on 175. let's get to our next guest to seize opportunities for japanese markets. they are the asian equities and portfolio manager at evan jean investments in singapore. like japan across the board. do you see this rally moderating? when it comes to japan? >> good morning. fair question given the move we've seen. our view is long-term and we see opportunities across sectors and liquidity profiles. earnings growth will be higher than anticipated. more buybacks, shareholders holdings being bought back. this should last for a while. paul: yet intervention is a rising conversation. presenting risks for japan going forward. >> in the short-term yes, earnings season kicked off with automation names and i'd like to get back to that. in general, it is business as usual navigating oil costs. that is all part of their daily business and not an acute risk to the markets. haid

speaking much more moderately, for example, the person whom trump wants to make secretary of the treasuryosition that janet yellen now occupies, this is john paulson, the billionaire, he has already announced that if he becomes... the head of the treasury, he will die there , just to prevent trump from introducing tariffs of 60% on all imports from china, yes, which trump also talked about, so i think that here, of course, there will be very serious negative consequences for the american economy, and we have something to answer the americans, how many american ones we have here, well, if we are talking about the assets of private american companies, i think there are of course many, many billions here, that is, if desired slam everything freeze this is theoretically possible. you just need to slam everything, harshly and unambiguously, the european ones, by the way, also preventively, just slam everyone, yes, i will probably seem like the devil’s advocate in the eyes of many present, but it seems to me that this current cold war number two, sooner or later should still end in detente, ver

treasury yields standing at the 10 year rate the highest since november. the yen a whisker away from the 152 level with a warning that a hard cpi number from the u.s. could send it tumbling into intervention territory. we have jp morgan asset management solutions and joining us to discuss solutions is the commissioner from the cftc, caroline pham. gains ahead of cpi prints. annabelle: there has been a lot of tension coming down to what we get from those u.s. inflation numbers on wednesday. there are a couple of themes developing. you have equity gains extending for another session. traders feeling optimistic though we do continue to see the repricing around the outlook for fed rate cuts. we were at seven at the beginning of the year and went down to three. traders favoring two reductions for 2024 bond yields moving higher. we have gains coming through. the materials sector is the index standing out. yesterday there was the story of the jump in iron ore prices. generally we sell gains for copper, aluminum, zinc. that trend continuing for another session tod