another way showing that treasury issuing, visit from treasury advisory committee across the u-curverange bar shows you what is total sizf issuance or five your notes in 2024, 20 tranthree. you can see this year auction sites will be on average, 41% bigger than what they were in 2023. 2023. again this may a minute matter. things should be fine if the son of commence demand thea problem. bio i only to sleep at another dimension, one very important issue is also have biggish of this is t-bills. as you've seen this chart t-bills as then as a share of -- also been rising. more and more of this is short. bottom line is to say yes, we do all worry about the debt levels rising in the shared gdp but one very important way of looking at this look at what's going on in the structure of debt coming to the market and most important how auctions absorbing this. in other words, what are the metrics come out of the auctions suggesting whether there's any more strengthened by debt or whether there's any weakness and by that. >> this something could be scary and it fits in with the thing. yet a lot o

they pay the treasury directly from that account. the accounts he has with the central bank pay all of these in one moment, that is, direct money it goes to the accounts and the credit of the information files that the devices provide , the treasury also controls the giving of these files so that we know whether these salary calculations are done correctly or not. it takes when these controls are done, actually. in one moment, in one hour, all the payments of government employees are made. this year , the same thing happened with government purchases or construction projects, which means that they are being paid to the last breath. the pensioners of the welfare organization are done , it is the same, that is, the welfare organization gives the list of pensioners to the treasury or to the target organization or

i think that's it appropriate for a treasury secretary.what do you say john. >> this reminds us it's an election year and quite frankly, the economy is not doing so well that janet yellen wants to bring attention to the economy she would rather go ahead and speak about january 6 in whatever threat to democracy that presented. maria: is also the way she setting up the auctions it's also being criticized by a lot of people on wall street. >> absolutely, why would she borrow on the short end of the curve when rates are lower out the curve. it is taken away from small business, it's basically competing with small business borrowing and that is clearly political it's an election year as john pointed out so she's lost credibility and continues to lose credibility in his started with a transitory common/year. maria: that's exactly right, real quick before you go, what do you want to do in terms of stocks you mentioned it election year, does that shift the way you want allocate capital? >> it does it's hard to ignore the short end of the curve, wh

meghan: focusing on the treasury market rates a key risk is going to be higher treasury supply movingorward given a living deficits. we will stability -- see stability in the long end of the spectrum. yes, there is upward pressure with the treasury supply and potential policy risks coming in and fiscal deficits. but you also have growth flowing . there will be an offset there and you will see more stability in the long end of the curve. vonnie: more stability, let me return to that question. john: supply and demand is an issue here and we will see more supply down the road and i'm not sure about the actual demand. what we are seeing allocators shifting away from the core, the rate market into the lower quality of credit markets. the supply and demand technical around treasuries is not very good what we are seeing incorporate in high-yield, a lot of demanded not enough supply. we feel spreads are going to remain relatively tight over the next 3-6 months. vonnie: we are seeing a bigger proportion of potential fallen angels. we have seen that increase. any concerns about particular areas

it's the level of treasury yields that seems to be dominating.s and until we see some reversal there, or that we see the bank of japan stepping up whether it is the pace of quantitative tightening, or whether we see rises in the overnight rate that go beyond current market expectations, it's difficult to see a near term reversal of that trend. i think the warranty for broader asia is that the rate continues to rise, we have seen it in the pboc's fixing for the yuan which was yesterday. it is feeding back and has undermined the aussie dollar strength we saw yesterday on the back of cpi numbers. so the ripple effects from the continuing to weekend are pretty broad-based. haidi: that e.m. continues to weaken and the dollar continues to strengthen with the fed not in a hurry. i guess it goes to the question of how worried should broader asia agree with the global impact of a fed that is not going to move anywhere towards easing anytime soon. ray: the implications of the fed not easing are profound. but we should remember that up until last week's tha

treasury debt market. over the buyers are coming from. it's not the same kind of buyers in the same way. is that a real concern that can lead to emptiness? >> look at this chart here is it neutral issued scenario. this is the forecast of one of the think on a neutral issue scenario? is the issuance across the yield curve in the first thing that stands out is the treasury seemingly think it should be higher. then the long curve. look at 30 common bonds. the prediction is 300 billion. let's issue a trillion. the pension funds will get $100 and every month. $200 in supply we can't bile that supply. that's what the purpose of the g pack is to sitit down on the tae and saye maybe we issue is much the long interview curb. the reaction from the pension cansi meet that's why another wy to answer your question is a surprise to sit and think hard about if there is some limits on demand maybe that's the reason why it's high. and of course that warrior into this risk which says at the moment thinking so much i'm thinking how much are coupons cosmic h

treasuries the next day?omy that is the democrats are serious with this law fare. if they succeed imagine we become a banana republic the moment we take had him to rikers. i can't imagine what happens to trashily markets that day. maria: we're losing the country. it's not enough to set up a committee called the weaponization of federal government. that's not doing it for anybody. we want to hear more from you, we want to hear action, we want to know what the heck is going on in this new york trial where nobody can seem to come up with a crime. >> well, i'll tell you what i'm specifically doing. i serve on these committees, i don't chair th necessarily but i serve on them. we introduced and we passed out of the judiciary committee the no political prosecutions act which would actually inhibit state prosecutors from being able to go after presidents, former presidents like they are. it would remove these vein cruise in the state of new york, atlanta, elsewhere to a federal court should the president decide to t

a surprise, since treasury bills are above the 20% total treasury issuance level the treasury likes toment bills a benchmark will -- benchmark bill. the buybacks, the treasury is going to begin the long-teased buyback program on may 29. weekly liquidity support buybacks will be held up to $2 billion in coupons, and buybacks will begin under a cap of 20 separate bond issues. that cap will eventually be issued. buybacks are going to begin with off the run treasuries starting may 29. in terms of the refunding numbers, unchanged. $58 billion in three years. and $25 billion for the 30 year. treasuries keeping auction sizes unchanged, but doing work around the edges in terms of issuance. lisa: just to be clear about the buyback program, this is mostly for liquidity. to put some more traded ones on the market. i am curious about what the signal is here about the fact that it is more heavily weighted to t-bills. is this the idea that eventually they will come down? mike: they are staying with basically the skewed toward t-bills. it does have the effect of longer-term reducing liquidity. the tr

through 91-day treasury bills which are currently over 5.25%. they are significantly higher than 10-year bonds that are yielding about 4 1/2% in the inverted yield curve. treasury should be selling much longer duration bonds to avoid high interest expense and frankly to properly fund out the debt burden over a long period of time. maybe 50 to 100 year bonds, would make a lot more sense for future generations than three month treasury bills. the problem with curbing inflation is while the fed has pushed down on the brake biden's spending policies keep the accelerator on the floor and that's and inflation problem for the longer term that is unless someone else comes along to completely change the policy. and that is my riff. all right. joining us now, florida congressman byron donalds, florida congresswoman anna paulina luna. thanks to both of you for coming on. byron donalds, i will start with you, i don't know, we just spending away. the fed is pushing the brake down. the biden spending is pushing the accelerator down. inflation remain as very s

action.>> the treasury shouldne politicized this way. that's not the way to handle an election or give confidence in the uh uhs economy. there should be lots more comments coming out of the administration that they're going to defend the dollar, create more productive capacity in the economy and they're not saying enough on that. sometimes you think they want to really go after business profits and take them away. they're talking about raising taxes, a lot of taxes. maria: 5 and-a-half trillion in taxes in president biden's new budget. >> her speech should have been about that, how they're going to a avoid having all the taxes come in. we're on the wrong track that way. there needs to be more on energy on all the small business lending that could be done through good regulatory policy, through good constraint on the spending side of the economy, of the government. they're running -- the yield curve is inverted so treasury should be borrowing at the longer part of the curve. the until number you gave for te auction they announced yesterda

he gives the recipients to the treasury or to the targeted organization of the subsidies . the targeted organization of the subsidies also pays this directly to them. now our next step is to do the same thing in the construction projects. providing a platform for payments to the beneficiaries of construction projects. and we hope that we will be able to start implementing the final zainbat payment, that is , your plan has not yet been implemented, the infrastructure has been provided, the software and these have been done , and preliminary tests have been carried out before this , there is an obstacle in the other cases that you explained, not now. there is no longer any obstacle for us to do this. in fact, i think that our colleagues in the program organization and in the treasury have to advance these things step by step with devices that are more ready and willing. for example, by the end of the first six months, you can say that this issue has been finalized and the construction plans are on the same track. now, i may not be able to tell you the exact time, but why is t

, treasury.asury. i'm glad my right honourable friend - treasury. i'm glad my right honourable friend has - treasury. i'm glad my rightj honourable friend has done treasury. i'm glad my right l honourable friend has done a diligentjob reflective of his attitude to the overall need and greatness of the situation. however, it all ought to have been doing earlier and i hold it all ought to have been doing earlierand i hold in mind my it all ought to have been doing earlier and i hold in mind my former constituent and you walk who died in 2016, and i wish she had been able to see this —— annie walker. she said she was tired of campaigning. i have in mind a current constituent who i will not name but i have worked with and he has asked me particularly to make the point today about the care schemes, the support schemes that are as per the statement due to change. he and i will be gratefulfor as statement due to change. he and i will be grateful for as much clarity as possible on that, that is needed by

treasury, 42 billion not well received by u.s.kets. 30 year today, and mark cranfield saying it could be a challenging day again in terms of issuance, and it is having an impact on yields of asian bonds. across the equity space, flat is the benchmark, a little more optimism when it comes to the trade picture of china. a data suggesting there is more sentiment. in nikkei in japan currently fled. csi 300, 3660, adding .8 of 1%, and there have been developments in the real estate market in a city of 800 million. we will be speaking to the cofounder and ceo of wayve, really interesting company. recently raising one billion pounds in funding from the likes of nvidia, microsoft, and southbank. massive backers for this u.k. start up in the autonomous driving space. we bring you that exclusive interview with the google deep mind ceo on the future of ai and ai developed pharmaceuticals. that conversation next. this i tom: good morning. this is bloomberg daybreak: europe. these are the stories that set your agenda. extending selling pressur

we have the treasury coming in and that will dictate the bond market.urn to geopolitics because u.s. treasury secretary is in ukraine right now meeting with local officials and standing by we have joe mathieu and the deputy treasury secretary joining us now. >> welcome to our global tv and radio audiences as we bring you the special conversation with the debbie treasury secretary. mr. deputy secretary thank you for joining us live from kyiv. this is your first trip to ukraine and of looking forward to asking you about sanctions and the administration's efforts to shore up ukraine's economy but i want to ask you first about what you're seeing on the ground. there were air raid sirens going off just before you joined us on camera seeing russia's attacks on ukraine increase as ukraine awaits weapon shipments preyed what's the mood today at the capitol? >> the mood in the capital is one of urgency in terms of doing everything they can to defend their country and were impressed by the brave men and women here in ukraine and the fact that they are committed t

he knows about yield curves and treasury bonds. but generically this country spends too much money, there are too many deficits, it now shopping up the poll, bankers like jamie dimon who say democrat saying, hang on deficits and debt will key inflation as far as eye can see, how do you break this cycle anna. >> it is up to the voters this november. byron stated, a lot of people realize under president trump's economy that is was more affordable. when see this administration pushing something like student loan forgiveness, i look at it like they are trying to buy votes, and for people like myself who joined military and pay our way through college, this is a slap in the face for those of us who did it responsibly, a lot of people now realize regardless of what administration says they can't trust them that is why you see a massive influx of voters and hispanic and black demographic. >> interesting. you can't trust the issue of trust, there is a new harris poll, big majority of people say we are in a recession, saying we're in a rece

treasury section janet yellen on her concerns about this.with us, this is bloomberg. ♪ >> i do have concern about where we are going unless we undertake some significant steps to reduce budget deficit. >> that was the u.s. treasury secretary janet yellen testified at a house committee. what a move that has been. this shows you exactly where we are in terms of the debt pile of the united states. 34.6 trillion. almost 35 trillion u.s. dollars. you are well below 10 trillion. 10 trillion in 20 years to almost 35 trillion u.s. dollars. let's flip the chart and see where this leads us in the here and now. they came out with their needs. their most up-to-date estimates in terms of all this. that was above the estimates of some. they got their quarterly refunding. they plan to issue and the -- trajectory has been line in terms of the sizes of these auctions. the questions bent to what extent the market can absorb the appetite for that. to what extent does that continue? as you can see, the trajectory has been higher. we are from the treasury later.

it is treasury today.lso a lot of shenanigans going on. it is important for investors realize, all investing involves risk, treasury bonds have rate risk and default risk. the rest of the world has been financing our debt. we've been really fortunate, you can see that with the inverted yield curve but that's not normal. at some point long-dated debt on the u.s. should be higher interest rate than short-dated debt. when that happens, i think equity markets could be in a rude surprise. charles: so the, when the inversion goes away? >> when, typically when the recession starts is when the curve starts to the normalize. it is inverted now but as we come out of inversion it is typically kind of a precursor to recession. charles: yesterday we got consumer confidence came in a little better than expected after three consecutive months going down. a lot of folks pulled out the pom-poms but within there there was certain issues. you even took issue with the report, right? >> i did. appliances, consumption, it is fu

that's what you see in the markets where treasury yields are grinding higher in the demands for the treasuryite tepid. that combination, especially with pce can tell us does it -- and does a really price out to fed rate cuts this year that the market is currently looking for. all of this is keeping investors on the sidelines and pushing bond yields higher as well. it's really the clarity from pce that we are going to get. but once we get that clarity from pce, then the next focal point will be on the jobs market and aware -- how jobs is heading. and of course, are the data showing that activity is softening while prices remain resilient and that will weigh on equities even more. lizzy: we have the main jobs report on june the 12th. do we see dollar strength all the way until then? >> it's very much data-dependent until then. any downside surprises is likely going to pressure the dollar a lot lower while any upside surprises will keep the resilience of the dollar. unfortunately, it's hard to tell the exact trajectory because everything is so data-dependent. of course, the markets are going to

i'm sitting down with treasury secretary janet yellen.nk you so much, madam secretary, for joining bloomberg. secretary yellen: thank you for the invitation. annmarie: we are in stafford county, which bind and one in 2020. you are here to talk about the fiscal agenda that we see from this administration, highlighting these millions of dollars coming to broadband in rural areas like virginia, but when you look at consumer sentiment, the michigan survey, recent polls, inflation remains top of mind for american voters. how do you get them to potentially look at the way that you look at how the economy is working? secretary yellen: the cost of living in many areas is very high. it is a concern to americans and it is president biden's top priority to do all that he can to bring down the cost of living. why i am here in stamford county, though, -- stafford county, though, it illustrates in one which way that will occur. i am looking at any area that has been deprived, has had really no access to the internet and all -- at all, sufficiently remo

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 cases that remain due to the problems that our profile is still there between the banking network and that company. 100 has not been added, by consolidating the accounts of the free devices, now the government is entering a new stage , the final phase, in which the government has entered direct payments in construction projects, and this means that the money of the workers will be paid to them before their sweat dries up. the honor of the sed and sima news agency. the issue of the treasury unit account, which we saw together in this report , was one of the important actions of the government to regulate the very short budget department. first , tell me how much has been done and how much is left. in this report, khanuzi mentioned that most of the accounts of the g

it's not just our treasury yields and treasury auctions a lot of these folks are not just buying treasuriese auctions are a big deal. we have the world's biggest most diversified regulated credit markets which out a lot of yield and spread on top of that where you see the demand. that is why credit spreads continue to be pretty tight you have a lot of supply and treasuries not a lot of supply of private sector debt. that could keep those spreads relatively tight. on the action side, they have gigantic auctions and at some point there's going to be a failed auction we always worry about that but we haven't seen it yet and there is no evidence that the supply of treasury drives the level of interest rates. that is driven by growth. jonathan: if it changes your on the list of names we will call first. michael collins from pgim. lisa: he was bearish on credit and lower risk credit but pointed out that fundamentals are good and technicals fantastic. we are not seeing the rising defaults, we are not seeing wholesale international buyers on the treasury market which is why these concerns are on th

the ability to form a union because worker power according to recent treasury report, unions raise the wages of their members by 10 -- 15% bring nonwage benefits such as a more predictable scheduling. as treasury secretary i benefit from engaging with the public, private, nonprofit stakeholders who are not afraid to speak openly and that free press amplifies diverse perspectives. democratic governments rely on freedom of speech and freedom of the press to make wise decisions that benefit every member of our democracy. which leads me to the third pillar along set accountability and economic freedom and democracy is associated with strong, independent institutions that uphold the rule of law. in a democracy, individuals and firms can trust arrangement such as property rights will not change overnight will be enforced fairly no matter who is in power. winners are not predetermined or subject to arbitrate unpredictable whims of leaders. democracy always widely obeys the law they do so because other citizens also supported. it is their duty to cooperate with law enforcement. if they disobey

and treasuries, this is the picture for u.s. treasuries after the three-year auction. we heard more commentary from the fed as well, neel kashkari of minneapolis saying, policy tightness in being questioned as inflation continues to stall. the take away from the conversation is really he thinks it is likely the fed will keep rates where they are for an extended periods of time. annabelle: let's get more on the market open. japan is just coming online. set for a bit of lackluster trading. but our next guest says valuation still looks attractive versus other developed markets. ken wong is asian equity portfolio specialist at eastspring investments. let's kick off with japan. it's a broader question facing investors, the rally we are seeing so far, are there enough catalysts for it to extend? are we looking stretched, or do you think there is further from here for the upside? ken: you have to look at the specific segments. large caps have run up quite a bit. you look at the middle and small caps and the japanese market, they are attractive. 40% in the middle and small cap

in admit it does not seem like typical terrain for treasury secretary. but democracy is not just important in and of itself. i believe the democracy is critical building and sustaining rithe story economy and indeed e argument made by afford syrians, chipping away democracy is not fair treatment necessary trade and economic gains deeply flawed undercutting democracy under because the nations sustainable and conclusive wrote undergrowth and recent democracies come under threat and that especially territory terrifying under twist dated january 6th, when writer spurred on by life storm the capitol. and attempted to block the peaceful transition of leadership is a part of our democracy. but the democracy is not just here at home and in europe, putin's authoritarian regime continues to wage a brutal and unjust war prudent that more is - two distinct ukraine's future and also undermining the roles based international order. and around the world, we see examples to increasing repression and freedom has an annual report political rights and civil liberties decre

it's a really big job at the treasury department. she oversees the relations and has served at the treasury department before. she is really smart and really effective. you can read her bio. but i like her personally and everybody in town thinks she is smart, effective and don't want to mess with her. so i'm really happy to be having this conversation. i'm interested and i hope if i call you lexi. >> wonderful. >> she has an important role at treasury, but i'm obsessed with leadership. did you follow my work and i have written after poem after poem and paper after paper. the united states has to ride on the multi lateral system. that is not the term but for my people, we need to mind the story. need to mind the store. part of the way we do that is through effective leadership like alexia. they are a force multiplier in my view if we are writing heard of a western form of globalization and if we are not writing heard it is another form of globalization and you leave a vacuum someone else is going to fill that vacuum. and but i would j

from world war ii, we had a series of higher highs and lower lows in treasuries.ough the same dynamic now. the only thing that can prevent that is the economy crashing, and it's hard to envision chen we're running 7% budget deficits at full employment and government can spending at 24 percent of gdp. for me, inflation is going to be persistently higher. the bond market is in a structural bear market, and if you want to be long treasuries, for me it's don't touch. next week is belly week, right? 2s, 5s and 7s, i don't expect it to go well. chars charles i teased this segment by talking about the battle. the federal reserve has its mission, the biden administration has its mission. their mission is to win an election, and also pushing through, i think, a different economic ideology which is essentially big with government can print bigtime money. and it's not making the fed's job any easier. and then, of course, to your point, these auctions are just enormous. now, i know they've kind of gotten away from fewer 10-year auctions, bond auctions and more notes, but does

it made last year less than 1% of all of the money raised by the treasury , it's raised by the treasuryterribly unfair. it basically hits london in the south east more than any other part of the country, in fact, twice as many people in london paid inheritance tax than all of the people who paid it in scotland, wales and northern ireland added together it's very much a tax on london. it's very much a tax on property because anne was in a very nice position to have liquid assets that she could give away to her relatives, but most of the people who were hit by this have, wealth of between sort of one and £2 million, and it's generally tied up with the family house. so in order to give that away, they'd have to kind of find another place to live . so it's really not live. so it's really not possible for most people to give away the money. and the uber wealthy people like sort of the dukes of westminster or northumberland or wherever they will. put, set up a family trust which they did started doing tens of years ago, you know, in the 50s and the 60s, to get around inheritance tax. so right

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

is some interesting news this week on the issuance front when you look at the auctions from the treasury and the 10 year will be tested. data movers on the equity side, shares of micron higher after it was upgraded by baird to outperform. spirit airlines, let's talk about that, hitting a record intraday low after issuing a revenue outlook low analyst estimates. the company noting overcapacity in several key markets like latin america and florida. down 10% on the day. we want to note a huge move for the bitcoin world, marathon digital chairs climbing now on news that the company is pursuing a strategic organization, overt 70%. the company reports after the bell on thursday. ellen hayes enjoins us to talk about all that is going on in the market. it's rolling higher on the heels of this idea of fed rate cuts potentially moving higher into the year. are you convinced the exuberance can last? >> thanks. no, i don't think it can last. if you look at long-term investment returns for the s&p 500 you are looking at high single digits, maybe low double digits. we are already up 10% this year and

having negative term premium on 10 year treasuries is really abnormal.hen you look at that and lined it up with the whole qe era, it is clear that unless somehow we are going back to the zero lower bound because the economy becomes unglued, which seems highly unlikely with such expansive of fiscal policy, i think we are headed for higher rates and higher term premiums over time. sure we could have a hiccup in the economy and have a move lower in rates, but i don't see the policy rate settling in where the fed thinks it is going. 2.6%. i think 4% is more likely as a neutral policy rate. i think rates, the longer end, needs to have a term premium. that is where we are headed. sonali: we have to leave it there. barry knapp and skyler montgomery koning, think you for your time. critical economic data ahead. i also want to bring you some news. a chinese ev maker began trading moments ago. zeekr opening at $26. that would be almost 20% above its ipo price of $21. zeekr sold 21 adrs. more than planned last night at the top of its marketed range. plenty of deman

based on the latest statistics, the number of sub-accounts outside the treasury has increased from 250 thousand to about 55 thousand . fatemeh khan ahmadi, sada news agency. sima in the name of god, good morning, gorgan municipality benefited from the final match of the premier basketball league. in the framework of the semi-final stage of these competitions in the evening yesterday, the municipal teams of gorgan and mehram of tehran faced each other for the third time in the city of quds, and in the end, mustafa hashemi's students in the municipal team won with a score of 89-84 and went to the meeting with a total advantage of 3 zero. ending in the same framework , this evening, the two teams of tehran's bayateh and isfahan's zabanah are competing at the azadi basketball hall . club football in europe. in the continuation of the thirty-sixth week of the english premier league last night, arsenal, the leader of the table, won with three goals against bernmos. manchester city second place 5. he defeated wolverhampton. newcastle beat burnley 4-1. m. fare defeated 31 and the match between

stuart: is that the prerogative for the stock market, the 2-year treasury and 10 year treasury. >> that's of the barometers of the stock market people have to pay attention to. at 5% some people in this country if they get 5%, no risk, happy to do it. they take money out of the market to do that. someone who is younger. stuart: my age, 5%, looks pretty attractive. >> very attractive. stuart: we will discuss it later. today, the house is expected to vote on legislation that will crackdown on anti-semitism on college campuses. aishah hasnie on capitol hill. what is in the bill? >> reporter: congressman mike lawler's anti-semitism bill expands the definition of anti-semitism making it much easier to prosecute cases of discrimination even though anti-semitism is already against federal law. this vote is going to divide democrats. some feeling like this infringes on free speech. >> the anti-semitism bill has a definition that is so broad that many jewish groups like j st. and nexus and others cannot support. why would you do that except if you want to weapon eyes anti-semitism and use it as a

in the ability to form unions according to a recent treasury report. as treasury secretary, i benefit from public private and nonprofit stakeholders unafraid to speak openly and amplifies perspectives. democratic governments rely on this freedom of the press and wise decisions to benefit every member of democracy. this leads me to the third, one side accountability and economic freedom democracy is associated strong independent institutions that uphold the rule of law. in a democracy individuals and firms can trust the rights will not change overnight they are not predetermined are subject to arbitrary vertical political leaders. and widely obey the law and they do so because others important in view it as their duty to operate with law enforcement. in such cooperating and democracy and a need for democracy called legitimacy. democracy lapses but with it, democracy drives. in the federal reserve, stock markets grounded in law silicon valley. every day they put thousands of economic decisions through purchasing a home because of the court to expand your

>> they are starting roll off fewer treasuries. charles: role off fewer treasurys. >> and allow mortgaged backed securities to continue roll off at its pace. that is really critical. they're maintaining tightening in the certain sector of the economy. people should pay heed for that. charles: danielle, stick around. i will need you a little later, to decipher what the heck jay powell is saying. >> i will be here. charles: the stock market finally hit a speed bump last month. we know there will be periods when the market goes up and down. admit it we -- this tweet from bespoke says it all. only time the s&p 500 was 10% year to date in the first quarter, fell 3% in april. how spoiled are we? last time it happened was 1936! they say look at the bright side, since then the market is up average 11%, may, 5%, for the rest of the year 25%. let's hope they're right. mellon head of investment advisory solutions. lisa, if we get one more title we can't even do the show. i know, let's start with this whole thing. i know you were pretty optimi

treasury? >> i think there is just general concern in terms of how the fed is speaking and the rhetoric coming out from the fed. just adds more invest orangest as to whether treasuries are in fact a good buy at this opponent. but one of the things we do snow that neil kashkari pointed out that rate hikes are not off the table but it was very low. it implies that rates are peaking at these points. there is still invest orangest. tom: on the data question, we had a consumer confidence survey come in higher than estimates. that is surprising. how much clarity do we have around the resilience of the u.s. and whether or not we are starting to see cracks? >> a lot of data has come out mechanicsed in terms to have activity holding up. there are some cracks in the system. overall, the message is still that the u.s. economy is holding up. of course we're going to get affirmation from the q1 gdp that is going to show that consumption which is the key thing now and the key driver of the u.s. economy is st

why don't we sell 100 year bonds instead of selling 91 day treasury bills which is what the treasuryfor people to buy it? why don't we send, gen-zers which pay down this debt for the next 100 years. why don't we issue a long bond so they don't have to pay down every 91 days, why not? what is wrong with that? >> to jason's point you can't underestimate how match niplation is going on in the treasury markets. both the fed and treasury are essentially conspiring to bend the yield curve. they are doing everything they can -- larry: the yield curve is incredibly inverted, inverted. sell 100 year bonds. >> makes even less sense. larry: makes it dumber. they're selling into the most expensive costliest part of the yield curve, point number one. the yield curve is inverted. japan, didn't they sell 100 years or 50 years? >> mexico issued one her year paper in euro. china is talking about issuing 50 year paper. china. larry: why are they smarter than we are? >> we have the ex-absorbtant privilege -- larry: you're a bond investor, should remain in mexico. >> that is pretty good. larry: 100 year

treasury ultimately has the final discretion on what noticed our final rule will indicate.t based on the fact we get a lot of public comment and a lot of differing opinions how we construct eight rig what kind of outcomes it will have the healthy dialogue to have. ultimately what our response responsibility is that the irs's mixer caring out the laws on evidence-based thus we try to do. >> if i understand what you are saying is you feel that is treasury's responsibility to determine whether hard-working taxpayer dollars should be given to foreign entities of concern for their u.s. subsidiaries at the irs precook sort know with respect to a clean vehicle credit and other provisions in the inflation reduction act related to energy, eight rig writing process has generated a multitude of different perspectives and opinions vary healthy dialogue on policy and operational tensions involved in the final rig ultimately it is up to treasury to calibrate all of those tensions and come up with an outcome that best serves the intent of the law. >> you do not want to share an opinion on

that falls more with the treasury department. in terms of whether the expiration of the tcga leads to implications for small businesses, i'll have to assess that and get back to you. >> so you're saying you don't know if it's going to raise small businesses, taxes are not? is that what you're saying? >> well, i'm not prepared to provide analysis of that. that's something that if i was to provide an analysis of it, i would have to do it in consultation with the treasury secretary and i've not run that analysis. >> keep in mind this administration is quote, unquote not focused on rises taxes on anyone under $400,000. >> and out of that%, probably 90% of that is under 400,000 range and it's going to raise taxes and i think we both review that as a tax increase. does the irs have any plans on providing this 2025 data expires and we've done nothing? does the irs have a plan to educate, give guidance to these small businesses across the country? has that already got put into place? >> as i said, based on this question, i will go back a

why doesn't treasury sell 100 year bonds, they have a huge amount of debt.nterest expense blown by the budget. why not sell hundred year bonds instead of monday treasury bills and pumping in liquidity for people to buy it why not just send -- you know gen-zers are paying down this debt for next 100 years, just issue a long bond. >> because to jason a point you know underestimate how much manipulation is going on in treasury markets right now, fed and treasury are conspiring to bend of yel yield curve. >> it since verted. -- it is inverted. >> that makes less sense. >> it makes it dumber, they sell to most expensive costliest part of yield curve, the curve since verted. japan -- they sold 100 years or 50. larry: mexico. >> mexico. >> china talking about issuing 50 year paper. larry: are they smarter than we are. >> pretty good. >> you should be short. >> 100 years, look at it do your homework, jason and ej antoni, thank you. >> coming up bidens are telling israel to leave gaza, most remarkable secretary of state blinken yesterday on sunday talk show we have s

echoing selling pressure we saw across treasuries, supporting the dollar. you are still seeing that picture across trading and treasuries at the moment. annabelle: perhaps difficult to get a sense of where we get from here until we get the u.s. inflation print numbers next week and that will certainly play into the dynamics for the japanese yen. strengthening following that summary of opinions and also something that has ramifications for japanese stocks that have been sliding could let's bring in our next guest suggests buying japanese equities on the debt. julia wang, strategist at j.p. morgan private bank. we had the impressive run-up in japanese equities. it pulled back slightly. is this an opportunity to get in? julia: thank you for having me on the show. if you take a step back we had a really good q1. since mid-march we have seen japanese equities start to correct due to two factors. one is the global pullback in ai and semi related names, and secondly, some volatility causing investor concern around the yen. we think if you take a step back and thin

they still need our treasuries.e saying we have to worry for decades how some people would rather invest in india then china based on the rule of law that we understand a lot more if the rule of law from this country as a 80% there just with the progression of legal battles that trumpets had to deal with. at this point in time it might sound really weird and i want to see him in handcuffs just so people could see how ridiculous this looks in real time this is a level of fascism and banana republic stuff and i don't understand how anybody can see that it's not political. maria: were watching markets anticipate inflation because we had three straight months of elevated levels and i recognize it's come down from the 9.1% to 40 year highs. in an interview this week joe biden claimed he's done so much to take inflation down and you said inflation was at 9% when he walked into the office, which is not true. >> no president has had the run in terms of creating jobs in inflation, it was 9% when it came to office, look at th

look at treasuries, it is wait and see when it comes to the april consumer price index. could you be the biggest test yet in terms of where this really goes, fed expectations and where the fed cut expectations will fall as well. annabelle: ramifications across a lot of different asset classes, but let's bring our nine next guest who says the market has a benign backdrop. george, what do you make of that dynamic we are seeing in the market at the moment, because the emphasis and enthusiasm around big tech, ai continued in 2024. do you want to be looking outside of those names at this time? >> i do. it is not as if big tech is compelling and intriguing. everyone is herding. it is leaving opportunities available elsewhere especially in a global economy that is relatively stable. annabelle: when you look at the opportunities that are outside tech or ai, is it about finding new opportunities in those sectors or downstream different applications or about looking at something completely different instead? >> it is about. there are derivative plays when it comes to ai. nvidia ha

and i'm happy to work with treasury and get an answer to your question there.ut in terms of day-to-day interactions a small business might have with the i.r.s. in filing their taxes, paying an estimated payment, getting a refound. to the extent the expiration of tcja has an inspiration on that, i'm asking for your indulgence to go back and review that and report back. if there's an impact on small businesses from an administrative standpoint, i want to be on top o. that mr. carl: i've sat through many of these meetings and told i well get a response back, and never get a response. mr. werfel: i'll get you a response. i'll be different. mr. carl: excuse me? ok. i do like being a little different. it's ok. i.r.s. hired up for tax services to help americans with smoother filing, even walk-in centers. i know you spoke on that briefly. how do you plan to sustain your level of service with the i.r.s. funding expiring for tax services at the end of the year? mr. werfel: we are confronting what we're calling a funding cliff. we can make it right now with the 2025 budge

it happened that a deadline was given to these devices to close all sub-accounts outside the treasury . a one-month opportunity for the topic of the subject floor the ministry of economy gave the commission of article 90 a chance to deal with the offending device according to the announced schedule after this one month. finally, in february last year, the minister of economy announced the closure of most of the sub-accounts. this project, which has been a task for years, but the last year , several thousand more accounts were added to the remaining number of the previous year. we are faced with 55,000 accounts that either have no balance or are blocked, but at the same time have balance. it seems that the arguments of these devices are the same as 8 months ago. there are banks that giving facilities to the healthcare sector or to the oil company. they say that these are actually guarantees. this time, however , the commission of principle 90 of the parliament has promised to introduce the violators of the implementation of the accounts of the treasury unit to the judiciary . in the ne