what you presented about the state of the treasury, some analysis was that the treasury is empty or we are not in a very good situation. can you explain this clearly ? the very clear answer is that the institutional and structural reforms that were completed in the last 3 years, these reforms started from the previous years. had been the treasury unit account is the duty of the 1989 law and it started in the previous governments, each of them had moved forward a part of the path, but it had reached a hard core where the organizations resisted , the state companies resisted, the field companies resisted. some parts of universities are resisting energy the board of trustees resisted this. the resistance that was broken, the account of the treasury unit 100 was launched, the payment of the final benefit in the history of the country's finances, which was actually a wish of the past years, came true , and the head treasury, which is the place of collection of all the resources available to the government and government agencies, became a reality. the need for the establishment of its own w

i for the treasury to do that successfully.— for the treasury to do that successfully.and looked at _ successfully. i went away and looked at federal _ successfully. i went away and looked at federal spending i successfully. i went away and looked at federal spending in | looked at federal spending in the united states and they have been spending on average of 0.5% more than they raise in taxes since 1966. $35 trillion of debt. forbes recently said that if it continues to overspend at this rate, at some point america will face bankruptcy. it isn't unique to the united kingdom. ida. bankruptcy. it isn't unique to the united kingdom. no, not at all. i the united kingdom. no, not at all- i mean. _ the united kingdom. no, not at all. i mean, this _ the united kingdom. no, not at all. i mean, this is _ the united kingdom. no, not at all. i mean, this is exactly, - all. i mean, this is exactly, again, talking about something people don't mention in the united states, it is one of those secrets right there in front of you. the borrowing and the debt in america, and what they d

not only was the treasury account negative, none of the salary of the central bank the country's treasury had not used it, so it is minus 5. 3 thousand billion tumans became zero, but there was a balance in the treasury itself and a balance had also contributed to the mismatches in the targeting of subsidies, which are basically done outside of the public budget sources , outside of the treasury. change the position of the central bank to the lender, this is generally a positive thing, of course. experts are well informed and it is clear to them that when we say that today there is this number in the country's treasury, then tomorrow we will collect more taxes again. can customs be collected, mining rights, and other incomes among this number, so it is not a bad situation. i said that the situation is very good and positive compared to the past, and in a situation that we have never had a positive situation in the first months of the year . thank you for all the hard work you have done for these years and to your colleagues who accompanied you in the 13th government and we also cherish th

concern about activist treasury issuance. do you think there could be issues down the road when it comes to treasury issuance? where could they come from? ira: i am not one that says the treasury is active issuance and all that. because the treasury department's job is to minimize debt payments for the taxpayer in which congress passes massive budget deficits all the time. i think the risk is as interest rates come down, there will be more term issuance. the treasury department, as interest rates fall more, they will increased the amount of 30 year, 10 year, 20 year debt being issued. they will issue less t-bills. keep in mind, there is massive amounts of money at the front end of the curve right now. there's no reason for the treasury department to move away from issuing bills. lastly, we saw more record in flows into money market mutual funds. all they can buy today because of regulations is t-bills. there is tons of demand for t-bills right now. eventually, that will change. as interest rates go down people will shift out

ira: we got overbought conditions in treasuries particularly short-term treasuries. the rally we have seen has slowed down. we are probably going to find a new range especially since we have broken through a lot of key technical levels in the 2-year note and 10-year note. once we settle into that range, i suspect we will be there in 20 to 25 basis point trading range until the september meeting or jackson hole. jay powell can certainly throw a wrench into whatever we are in at that time. scarlet: we talk about treasuries, we quote the two-year, the tenure. we never mentioned the 20 year. the most read story is former treasury secretary steve mnuchin talking about the 20 year note. saying it is time to kill it. he said i would not keep issuing them. it is costly to the taxpayer referring to the interest the government needs to pay on holders of the debt. it has always been an outlier. when you look at the yield curve, the 20 year sticks out from the rest. why is that? ira: it is a sector not natural for people to buy. the profile of the maturity and the duration. the

a| treasury official might say we will means _ treasury official might say we will means test — treasuryease the pension credit. it seems that _ but we will increase the pension credit. it seems that the - but we will increase the pension. credit. it seems that the treasury may have — credit. it seems that the treasury may have to — credit. it seems that the treasury may have to do _ credit. it seems that the treasury may have to do some _ credit. it seems that the treasury. may have to do some backtracking, not on _ may have to do some backtracking, not on cancelling _ may have to do some backtracking, not on cancelling the _ may have to do some backtracking, not on cancelling the means - may have to do some backtracking, not on cancelling the means test i may have to do some backtracking, i not on cancelling the means test but on backfitting — not on cancelling the means test but on backfilling the _ not on cancelling the means test but on backfilling the pension— not on cancelling the means test but on backfilling the pension credit - on backfilling the pension credit generosity. _ on

sharp decline in interest rates, treasury yields.shows eli lilly's weight loss drug cut the risk of heart failure in obese adults by 38%. stock is down with her markable trial results. doctor marty makary joined me now. are these weight loss drugs the new wonder drug? >> the big question is whether there is a return on investment. the utilization we see on these drugs outweighs the price tag of $1200 a month. that's the decision point that held up a lot of plants from covering the drug. it's consistent with other news for these medications. the question is the long-term outcome. stuart: another study found people who suffer severe covid at the start of the pandemic are showing signs of cognitive decline. why is this happening so many years later? >> i wasn't convinced this was happening. there was no control group and they didn't control what we called confounding variables, might report a slightly lower iq, depression and anxiety. these people were all in the hospital and hospitals are places that can drive anyone crazy. stuart: you

look what happened in 2022 and treasury did worse on the s&p and yields went to 5% last summer and treasuryds will be at like 7% over the medium term and today they are less than four. another 40% loss in what is supposed to be the defensive assets, the $23 trillion standing on long-term treasury. you need something that does well in bad times and also helps you to rebuild america. we need to have climate resistant real estate, new communities, infrastructure, feuds -- food security and rare earths and so on. what is going on in the new fund is several things hedging against those risks. climate resistant rates and we have looked at them all in north america that will be blessed -- less subject climate change. 15% of liquid assets, new communities and even trump is talking about creating new infrastructure. we want to have food security and ensure critical things. we need gold in this etf to hedge against geopolitical and financial risk. with higher, staying away from long-term treasury. to optimize the combination of all these assets and provide a new much more resilient defensive asset an

treasuries yesterday. the week auction and the ripple effect across the markets on the back of that. really important for these markets. on the earnings front, we've had earnings from some of these competitors including the likes of disney. mixed picture when it comes to disney earnings. we will see what the reader crosses for paramount later today. terminal subscribers can go to the terminal. a couple of stories and focus today in terms of daybreak. jp morgan raising its recession risk to 35% by the end of the year. three quarters of the trade. that's a call from j.p. morgan. the boj with the details coming through after them a recent hike. didn't see july hike as policy tightening in terms of what we got from some of the members. that was before these markets and the view from one member that may be 1% is the neutral rate for the boj. european gas features jump on reports that ukraine has ceased a gas transit point just inside russia. we will look at how prepared the region is for potential supply shocks

in terms of treasury markets we are seeing selling after a huge rally, selling across treasuries. all but locked in. further couple of cuts expected post-september. what do you make of the moves as they reprice? is sub 4% suitable? guest: yields are higher, two-year has equilibrium but markets are thinking the fed will cut rates and that is exaggerated because i don't think they will show a hurry in cutting rates. they will cut in september if the data shows softness and slowing inflation. rates need to be restrictive so the fed will cut, but they will cut by 25 rather than 50 to be sure inflation is on the edge. they don't want to overdo it so there is risk to calibrate toward fewer cuts. tom: ok. fanciful the idea of an emergency rate cut. not a jumbo 50 cut. thank you indeed. coming up, our interview with one of the biggest lenders in south africa wishing beyond the borders. the earnings story up next, this is bloomberg. ♪ tom: let's check in on markets with a sense of relief after global route yesterday, jurors higher. losses yesterday, ftse futures adding 103 points. statesid

we had a 30 year treasury auction yesterday not well received by the markets.vely balanced today after jobless claims came in better than expected, fewer. summer lee for equities. the japanese yen, strength coming through, but broadly weaker. 146 on the currency. $79 a barrel on bent. bitcoin about $60,000 again. the middle east and the details they are as the u.s., qatar and egypt are calling for a new round of cease-fire talks next week between israel and hamas as american fighter jets arrive in the middle east as they brace for a possible retaliatory attack by iran. joining me is joumanna bercetche. what are the expectations there of reaching a cease-fire deal? >> good morning. it was a strong statement put out by u.s. president, the emir of qatar, and the president of egypt yesterday, pushing is really and hamas officials to attend the cease-fire discussions to finalize the discussions that had been underway. strongly worded statements saying it is time immediately to put an end to the suffering of the people of the gaza strip and hostages and families. it

treasury sales? was that realistically priced considering what we expect from the fed in the next few months? mark: trying to sell a 10-year treasury yield below 4% would always be challenging when it is more than 150 basis points below the fed funds rate. the fed hasn't started to lower interest rates yet. when they do, it is possible they will aim the neutral rate close to 4% anyway. that makes the 10-year treasury yield with a 3% handle tough for people to digest. unless the fed sees something worse. if they see a hard landing coming, if they talk about a recession themselves, which they are not doing yet, then a 3% treasury makes more sense. at the moment, they are pushing back on people saying, they don't want to do 50 basis points in september, they just like to go over 25 if they can. there is uncertainty to come. the u.s. economy is doing pretty well. the presidential election is upcoming. they don't want the idea that people start pricing in a recession when it is not there. if you take that

it was the biggest line million in the treasury's monthly statement -- in the treasury's monthly statementumed the equivalent of 76% of all personal income taxes paid that month. now, we're talking about the treasury's largest source of revenue here, and three-quarters of it are going just to to finance our debt. it's over a trillion dollars a year right now, and by the end of the decade we're going to hit $2 trillion. this is insane. stuart: is there going to be a debt bomb explosion at some point? and if so, when's it going to happen? that's what everybody wants to know. >> well, stuart, the problem with predicting it -- first, you're absolutely right, there will be some explosion at a some point if we don't fix the problem. the difficulty in predicting when it's going to happen is that it has less to do with math and more to do with psychology. when coinvestors finally pick pup on the fact that the treasury's not going to the pay hem back? or if they do, they will be receiving dollars that are so devalued it's equivalent to the a back door default? and once people wake up and realize th

that is the view from the treasury.action to today's gdp figures. these are really positive gdp figures this morning but the only person who is not celebrating them is the chancellor. you know, rachel reeves is sitting in the treasury fuming because this is yet more data to undermine her narrative that the economic inheritance was bad. she can no longer use that as a pretext for tax rises that she was planning all along. are you claiming credit for economic growth, then? well, i mean, look, this is part of the work that we put into the economy to make sure it was turning a corner, to bring inflation down, to make sure that economic growth was rising, and this is something that is turning a corner and is very, very delicate. so it cannot be put at risk now. so if you are, i'm not sure if you are, but if you saying that economic growth was down to work that was done under the previous government, why did the public not have faith in you at the election? there were many reasons. i think we're going to go into that. we've g

check the 10-year treasury and yields are coming down and people pouring to the 10-year treasury and price goes up and yield goes down. and 3.73%. that's the harris plan. she would repeal trump's tax cuts. raise taxes on corporations and raise taxes on accumulated wealth and raise taxes on your estate. we don't know who controls the house and senate but investors are right to worry about the possibility of a democrat win. this was the american rescue plan passed in the first year of the harris administration and 1.9 trillion thrown into the economy and massive vote buying plan that kicked off inflation. now we need a rescue from the rescue plan. we're not going to get it. a tax hike and harris administration would make things worse. donald trump's economic plan rests on drill, baby drill. tariffs on chinese imports and possibly making social security benefits tax free and keeping his first term tax cuts in place. that's some reassurance for investors and not as threatening as harris and he'll get a more comprehensive plan if we do go into a recession. i want to bring in steve forbes

the yield on the 10-year treasury at 3.83%. the two-year treasury yield just a fraction above 4% at 4.0 p. no big move in oil. still in the low $70 per barrel range, $74 right now. gas regular at 3.40, diesel 3.73. all right on the show today, you will see aoc trash donald trump. she says he ran away to florida. and our cameras went among the delegates to the convention. they too are in the dark about kamala harris' policies. you will see the media fawning over kamala harris. they love her and they really hate trump. it is tuesday, august 20, 2024. "varney" & company is about to begin. ♪ stuart: what's this? "hope you're happy now." i'm not sure that, well okay. biden's gone so maybe they are really happy. all right, day one of the democrat convention is complete. there were protests and emotional joe biden and a brief surprise speech from kamala harris. lauren, good morning to you. biden didn't take the stage until 11:30 at night. what did he have to say? lauren: it was hard to stay up. it was the late-late show, as biden was

when you consider there is so much going on in the treasury curve. it is not just that traders expect interest rates soon and multiple once they start going but you have all these maneuvers going on. at one stage, we had a very inverted treasury curve up to 100 basis points, and that coincided with a lot of positions put on between two years and five years pass the curve. it has cooled down a bit but we still have inversion. we have this shape where two is higher than five and 10 years, yet 30 years is higher than all of them, so these strange kinks in the curve mean more traders can play of the curve and the other without taking. directional positions on the market. that is where you get inflatedly large positions as people not only expect lower interest rates but also big movements within different sectors of the curve, and the treasury market is so big, it can absorb huge swings between traders' positioning. there is room for a lot of volatility after own powell doesn't satisfy the big expectations. when you look at what is priced in the next year

treasuries had auctions of threes, tens, 30's.f note was the 10 year sale, the lowest yields since july of 20 23. the 30-year auction tailed and spooked a few people. the primary dealer was awarded at the highest level since last november. gold turbulence from earlier in the week, halted high-grade u.s. issuance. by the middle of the week it was the comeback kid with a vengeance. meta led the way helping to push 2024 total over the trillion dollar mark. that hit that level at the fastest pace since 2020. u.s. high-yield sales came in to almost a complete halt this week until we saw a late-week flurry as risk premium on junk-rated bonds and spike to the highest level since november. seeing opportunities in credit. >> this has created opportunities in high-quality double b's, longer duration bbb. if credit spreads are still pretty low in the grand scheme of things, but there is definitely more opportunity. we think that if one of the big things that comes out of this is the fed wants to get to the neutral rate faster, and this will

look, the irs is inside of the treasury and the treasury is inside of the biden-harris executive branchresidency. so if she wanted to exempt tips, or even pull back on chasing waitresses or other self-employed workers, she could have put pulled back, gotten rid of this noxious regulation. a little more than a year earlier, miss harris cast the tie-breaking vote on the misnamed inflation reduction act. that authored $80 billion so the irs could add 87,000 new agents. this was billed as soak the rich. in fact, however, down through the years these programs always really soak the waitress at your favorite diner or soak your doordash delivery person who gets your food. this story is why kamala's so-called move to the center is nothing but bait and switch. it is really phony baloney. i don't mean it to be personal but i'm basing it on, shall we say, policy contradictions. it is really a lot like a ban on fracking. wait a second, she is not in favor of a ban on fracking. but if she weren't for the ban on fracking, why joe biden's copilot for 3 1/2 years, why not improve the xl pipeline? frack

and look, the irs was inside of the treasury, the treasury is inside of the biden harris excitedly at an presidency and so if she wanted to exempt the tips, or even fall back on chasing the waitresses or the self-employed workers, she could fall back. i'm gotten rid of this obnoxious regulation little bit more than a year earlier, she had a tiebreak vote on the misnamed inflation reduction act. that authored $80 billion and so the irs could add 87000 new agents and this was billed as so the rich in effect however, down through the years, these programs always really soaked the waitresses that your favorite diner or soak your door - delivery person you get your food the stories like kamala harris's so-called into the center, is nothing but meeting switches phony baloney i don't mean to be personal, but i'm basing it on shall we say, policy contradictions. it's really a lot like a band on fracking and went second, she's not in favor of that literacy mark then then wine is joe biden's copilot for three and half years, when and she approve the xl pipeline and fracking and really in alaska

future treasury secretary.ct our longest-serving treasury secretary and he will take it to philadelphia to present it to the assembly. in those chambers make the case why it has to go. hamilton knows he will tell the federalists gordon lowered the tax lowers it by exactly 1 cent. these are people's livelihoods at stake in a very real sense in theth west. and they view this like a great offensive. as a result of the lowering of the tax we see the moderate factions to lose ground. we will see the greater factions, radical factions emerge. in washington county remember the map page and create a tax collector name robert johnson this is just one day, one day beforeta very moderate response tax collector road will be blocked is night falls and dressed as native american warriors some wearing women's dresses. with the makeup and their hair spiked and bandannas covering their faces further trying to look maniacal. they take a robert johnson off of his horse he was a neighbor he wasn't from somewhere else. they would s

treasury. think taking that into account, the trade, if you are afraid or concerned about the oil price drop, then maybe you should actually buy more to diversify. looking at the 10 year, 30 year versus conventional's. just buy a bit of both. i think that's more of a balance of the portfolio is to hedge that risk. paul: jason of jp morgan asset management. thank you for joining us. we do have plenty more to come. this is bloomberg. ♪ this is clem. clem's not a morning person. or a night person. or a...people person. but he is an "i can solve this in 4 different ways" person. and that person... is impossible to replace. you need clem. clem needs benefits. work with principal so we can help you help clem with a retirement and benefits plan that's right for him. let our expertise round out yours. paul: here's something we were waiting for that's interesting, we have changes to the msci emerging markets index and we saw 60's china deletions from the index. seven additions from china. we will have t

_ the conversations i had with treasury people, _ the conversations i had with treasury people, theys about the _ is absolutely firm. they might tweaks about the definition i is absolutely firm. they might tweaks about the definition ofj tweaks about the definition of borrowing. _ tweaks about the definition of borrowing, but _ tweaks about the definition of borrowing, but i— tweaks about the definition of borrowing, but i don't- tweaks about the definition of borrowing, but i don't see - tweaks about the definition of| borrowing, but i don't see how tweaks about the definition of- borrowing, but i don't see how she can abandon — borrowing, but i don't see how she can abandon that. _ can abandon that. i can abandon that. i would _ can abandon that. i would agree. - can abandon that. i would agree. it i can abandon that. i i would agree. it is can abandon that. - i would agree. it is very can abandon that. _ i would agree. it is very difficult. she has— i would agree. it is very difficult. she has staked a lot of her reputation on that. however, it also the fact— reputation on that. h

losses in the treasury -- we are not seeing losses in the treasury market but significant gains. names in terms of the earnings story all reporting this week. will the earnings story give some respite to these markets? we are expecting results from iht, airbnb and nordisk. thank you for joining us on set. another big week in terms of the earnings story for europe. where will you focus --can we expect some reprieve? >> unfortunately earnings have not been that supportive as we have seen so far through the earnings reporting period. on the one hand, results so far are showing 50% beat versus 30% miss. you might think it is all right. earnings growth for the quarter is 3% versus 1% going into the quarter. but, the second half estimates for growth have actually come down a little bit from 7% growth now the market expecting 4%-5% growth. the second quarter beat is not following through from the standpoint of expected earnings growth going forward. so i would say it is not such a great signal so far along with whatever else is going on in the market. tom: i'm surprised that you are sti

quote, treasury should support legislation, instituting a 3/5 vote threshold in the u.s.nate to raise income or corporate tax rates to create a wall of protection for the new rate structure. that is on page 698. hell is part has been touting another brilliant tax scheme. as with him thursday at a press conference in mar-a-lago. >> we are not going to charge tax to social security, the seniors. we are not going to do it. and also charge, i say the two things, no tax on seniors, social security, and no tax on tips. very simple. >> putting aside, he really does seem to have trouble stringing two sentences that make sense together, what he said sounds like a good deal, like how a kid running for class president promises pizza for lunch everyday. when you read between the lines, does not actually add up. the center for american progress is, it would deliver the little for restaurant services, but do before money managers who could under this law transfer commissioners they earn into a fee-based model and pay no tax on their earnings. as far as taxes on social security, the maj

i used to work at the treasury and there is a - at the treasury and there is a negotiation process to spending review coming up. we will wait to see the decisions from rachel. her head is about ensuring this country grows again and that is where her heart is, so every single person who can try. i have confidence in rachel to make the right decisions for this country, i await those decisions by the budget and the spending review.— and the spending review. jackie, rachel reeves _ and the spending review. jackie, rachel reeves says _ and the spending review. jackie, rachel reeves says she - and the spending review. jackie, rachel reeves says she has - and the spending review. jackie, rachel reeves says she has to i and the spending review. jackie, | rachel reeves says she has to do this because of the dire economic inheritance she has had from the conservatives. three guesses what i am going to say next! the chancellor is blaming it partly on the mini—budget driven by your very good friend liz truss. is it time for her to say sorry?— friend liz truss. is it time for her to say sorry? com

treasuries are a place to go for security. and it is a safe investment.bout protecting what we have. an. the 10 year is one of those mechanisms that are attached to mortgage rates, 30 year fixed. it is going down. mortgage rates going down. it's little solace to investors watching their investments go. they are not happy. that's the essence of the market. much more after this. the power of the swing. the speed of the flight. tthe power of the swing.t. the speed of the flight. the precision of the putt. to advance the future of golf, pga of america chose t-mobile for business. with a 5g powered innovation hub to analyze player performance and expand coaching tools. and data driven broadcast technology, giving fans unmatched views. t-mobile is helping pga of america enhance how the game is played. experience game-changing innovation with t-mobile for business. everybody wants super straight, super white teeth. they want that hollywood white smile. new sensodyne clinical white provides 2 shades whiter teeth and 24/7 sensitivity protection. i think it's a gre

we had a strong fight to treasuries -- flight to treasuries at the end of last week and started thisonviction and duration on some of the war positive data we are seeing. a bit of a whiplash here for the rates markets. dani: when did we start worrying and when we get more auctions like we did this week? meghan: this is the tricky dynamic. when we have rated conviction in the heart of outcome there is no absence of demand for treasury securities. treasuries play this incredibly important risk off role in portfolio allocation. when we think traditionally about what insulates us from large equity drawdowns, it is nominal treasury rates. if we settle into more of this soft landing probability, that the man becomes a lot more conditional on the yield levels we are thinking about. the very important question is what rate level is the fed going to cut at the end of the day? we had the market pricing fed getting to below 3% this week. that is well below what we are expecting from our house call. jonathan: can we stay on supply. we have noticed shifts since november 2 a lot of t-bills. -- to

treasuries gained ahead of the jobs report. intel plummets after releasing a barrage of bad news while amazon tumbles on its plan for increased ai spending. we will bring you the details. the bank of england cuts rates for the first time in over four years in narrow 5-4 decision. joumanna: good morning, everybody, and welcome to "bloomberg daybreak: europe." we are seeing a major pullback for risk assets in the past 24 hours, were session or asian stocks in over two years. as you can see as we get into the european session euro stocks futures pointing to another negative open, down .9 of 1%. s&p futures leaning negative down about .8 of 1%. nasdaq building on from losses yesterday with the nasdaq closing 2.3% lower. a lot of moves to digest after hours, intel done double digits, arm as well. many tech stocks have been disappointing their earnings. it is not just equities that have seen major moves. let's which of the board and take a look at other assets we have been monitoring closely. take a look at the 10-year yield. we have

darren jones, he's number two in the treasury.figures underlined the tough decisions that are needed tough decisions that are needed to fix the foundations of our economy. and separately, treasury sources told the guardian to expect tax rises at the october 30th budget later this year. now, former chancellor kwasi kwarteng is with me. kwasi, are you surprised that spending more on pubuc surprised that spending more on public sector pay might lead to tax rises? >> well, i'm not at all surprised. and actually the july figures i don't think will necessarily capture the latest settlements that this new labour government are talking about then. so i think that there were previous settlements which are now percolating, which by, by our government, which are now percolating through. and i think these new settlements, because some of them were announced even in august. so they can't be reflected in the july numbers. and i think there'll be more of that to come. i think there'll be more higher wage settlements , be more higher wage settlem

the treasury is going to borrow more money from this he says. and harris but it should matter to us as taxpayers. another group of l lawmakers was the government accountability office to take a look at this project which they say shifts costs from plan sponsors to taxpayers. liz? liz: great reporting, grady trimble, thank you so much. >> i co-sponsored legislation led by senator frank church. let medicare negotiate the cost of drugs and the law i signed can negotiate prices for another 15 drugs next year, 15 the following and 20 after that until every drug is covered. >> [applause] >> that's the law. now, now. liz: all right, president biden, kamala harris, in maryland today their first joint appearance taking a victory lap on medicare drug prices, saving medicare $6 billion in the first year. let's bring in former treasury secretary for public affairs under former president trump monica crowley. monica, it's great to see you again, but didn't insurers just hike the premiums by double-digits to pay for over the difference after biden's inflation

the treasury of the whole country announced that the government from the beginning of the year to the end of the week ending august 31 , 1169 billion tomans with the issuance and sale of guaranteed bonds. also, during this period, the government has paid 9127 billion tomans for the settlement of principal and subsidiary bonds. based on this, during this period, the total amount of cash attracted to the market by issuing bonds has reached a positive of 2539 billion tomans . tuesday deals glass hall with the price increase of about 60% of the market shares. came along stock funds also recorded the most inflows of money. the stock market saw the growth of stock indices in tuesday's transactions. on this day , the main index increased by 481 units to reach 2 million and 6823 units, registering a positive return of 23 hundred percent. homus index, which is a symbol of the trading price of small, medium-sized stocks in the market. the unit was placed. on this day, 7,800,000,000 stocks and bonds were traded in 250,000 transactions with a value of 4,990 billion tomans. the value of hord's tra

another way to do that -- those curves have different shapes of the treasury curve. the fed funds rate swap curve. maximize yields and lock in the income stream for the long-term but avoid the negative carry aspects of the version that george mentioned at the front end of the curve. vonnie: thanks to you both for such wonderful advice. that is robert tipp of pgim and george bory from all spring. jetblue raises money after being downgraded. this is "real yield" on bloomberg. ♪ it will take billions of solar panels to power the world today. aes is making scale like that closer to a reality. introducing maximo, our new ai-enabled solar robot, designed and built in america. with max on the team, aes is transforming how solar farms are constructed. what was once strenuous is now faster. safer. smarter. at aes, we designed max with powerful features that accelerate solar construction. high-speed robotic arms do the heavy lifting and precise installation. while safety sensors keep workers protected. advanced computer vision powered by generative ai delivers exact panel plac

senator future treasury secretary. fact, our longest serving treasury secretary. he'll take it the to present it to the pennsylvania assembly. and they will in those chambers make the case for why this law has to go. alexander hamilton knows these these problems are kind of built into the law. he was in its passage. and he'll tell the federalists, his friends, control congress, go ahead and lower the tax. he lowers it by exactly $0.01. so these are people's livelihoods at stake here. a very real sense in the west. and they view this like a great offense as, a result of that lowering of the tax. we see the moderate faction who believe that law and order is the way to deal with this lose ground and we will see the great factions radical factions emerge in washington county. remember the map. but the red county, there's a creek called pigeon creek. a tax collector named robert johnson. and this is just one day. one day before the very moderate response we talked about a tax collector named robert johnson will be traveling by horseback. the road will be blocked as nig

the us treasury department imposed sanctions against almost 400 individuals and legal entities. first of all, these are russian coal and metallurgical companies. the list includes the bystrinsky mining and processing plant. the zabaikalsky division of nurilnikel, which produces copper and iron ore. concentrate. the products are supplied to china for the domestic market. the narilsky mining and metallurgical plant named after zavenyagin was subject to restrictions. it owns a number of service enterprises of the holding. first of all, i would like to emphasize that the metallurgical sector and the mining sector of the russian federation have long been declared targets of sanctions back in 2023. and with each expansion of sanctions, we see that new metallurgical companies are added to the sdn. therefore, friday's expansion, it was not... a surprise, it was quite expected, it will affect the activities of the direct subsidiaries of these companies, that is , the plants that were specifically included in the sdn. the updated list included the coal company raspadskaya, part of eurras,

it involves such mechanisms to support entities, such as infrastructure, budget and special treasuryntial loans from the national welfare fund, as well as infrastructure bonds. we have launched a number of large infrastructure projects that will bring results every year, and people will increasingly feel the quality of roads, the creation of social infrastructure, and housing, everything that is needed for the development of our country. since 2022 , about 1. jobs have already been introduced in russia, also at the expense of funds infrastructure budget loans and special treasury loans, 13 facilities were opened in nine regions. infrastructure budget loans and special treasury loans have deservedly become effective development tools. infrastructure in various sectors, due to them social, and road facilities, and housing and communal services infrastructure facilities are built, public transport is updated, naturally, all this affects the improvement of the quality of life of our citizens, over the past 2.5 years 267 have been built and commissioned objects, more than 7,600 units of p

two, she manipulated the treasury, which i think have hurt the democrats because it's -- in the bidener have assets or you have debt and as president trump was telling his audience yesterday, for historical reasons, black americans have fewer assets and they're getting crushed. and then three, back to the three is, inflation, immigration, and interest rates, and it makes me sad. it makes me sad to see that the biden administration, while yelling that donald trump is going to break all the norms, it is not normal for treasury secretary to be out on the campaign trail. it is not normal for a treasury secretary to give a speech like she did in arizona, talking about the threat to democracy. it is not normal for the president of the united states and now the vice president and the leading -- the democratic nominee or soon to be democratic nominee to talk about rejiggering the supreme court. i can tell you, the rule of law is what attracts people into the u.s. you want to talk about a dollar collapse or problem at our markets, start messing around with the rule of law like they're doing in

treasury yields, they are screaming a message here.basis points at the moment to 3.8%. 10-year losing 18 basis points to 3.79%. these are anywhere from the lows of december or even worse. let's bring in our fixed income expert portfolio manager jack mcintyre. jack let's talk about the message these bond yields are blasting to the hills right now. how do you see it? >> so i think it's actually a pretty clear message that you better own some high-quality duration because i'm not saying we're plummet into a recession but the odds are increasing it's that soft landing and it could be a soft landing that transitions into a hard landing, a recession. these things can happen fairly quickly. absent that we know it's the time of year where you want to be long volatility. the seasonal influences in august, and you know, when the market tops in sort of july/august it doesn't bode well for september and october. when i say the market being equity, so i think risk is a little challenged here, and you'll want to own treasuries and i've talked about

treasury, let me lend you money for 10 years and get 3.89. are equal and so the u.s. yield curve is incredibly inverted still and i think it's important that people know, if they're buying longer dated bonds they're taking much more of a duration bet. charles: having said that where are with you respect to recession? will we revert to one or inevitable at this point? >> hard to say. obviously really depends a lot on so many risks out there especially the geopolitical situation and the fed about what they're going to do. you know there is sort of expectations for inflation are really low. the five-year break even which looks at tips, inflation protected treasury market, it hit under 2%. so think about that, even though the policy rate is still 5.25, inflation five years out is priced under two. so the fed has already calmed the markets. i think the question to me, it is a really good buying opportunity for investors to add inflation protection in their portfolio just in case there is a policy mistake. charles: i was reading your note. you're c

the court of accounts announced the number of accounts outside the treasury until the end of june 4856. based on these statistics , 1858 bank accounts related to universities under the ministry of research and science. the bank account belongs to the university affiliated to the ministry of health and medical education. there are also 399 bank accounts related to the health insurance organization outside the central bank has according to the budget law, all executive bodies are obliged to block their sub-accounts and open their riyal accounts only with the treasury of the country at the central bank. the first flight of the islander multi-purpose plane after 12 years of grounding, the head of the airports company's flight inspection and air services center said that with the efforts of the center's specialists, the eight-seater islander plane returned to the flight cycle after 12 years of grounding due to sanctions, according to captain masoudian. the main use of this plane is to carry out the martyrdom operation of two other journalists in gaza during the attack by the zionist occupie

the ten-year treasury skpek oeg stock market are saying the same thing. jay powell, you got this one wrong. you should have moved yesterday. september's too late. the evidence is too stark. how did you miss it? what were you listening to? didn't they see the 10-year treasury signaling economic danger? all right. take a step back. the fed's always fair game for criticism. but i feel they never get enough credit for doing anything right. i mean, the second guessers will be shamed if we get a strong employment number tomorrow morning. wasn't it enough that jay powell said they'll cut rates in september if the economy weakens. if inflation seemed so intractable for so long and now they've got it on the ropes pluts soft economy's brand new for heaven's sakes. last year at this time there was almost universal criticism that the fed was poushless to tame inflation, it was too embedded. so i have better things to do with i m time than to lambaste the fed chief for letting the economy wither for seven more weeks. powell wants to give it more time. he lived through

and that apparently us treasury market much. yeah. so it's, you know, if you're in indonesia or in egypt or something man, i think it does make sense to diversify out of the dollar. really no other country on earth imposes sanctions. the way that, that the us does, and you know, it's one thing to go after rush or for invading its neighbors. mo, most countries don't do that, but they've actually been expanding that. so just last year they were threatening the binder ministration was threatening uganda because they had a law outlying homosexual activity. so that is the kind of law that i can imagine many countries of world, most countries, the world are not at all work. as you know, they're not interested in, in the, you know, the sort of active this agenda is that are popular in the us and europe. so that's the kind of law that i can very much see african countries implementing. if the bar has been lowered to that point for us sanctions, then i think it becomes imperative for countries to diversify, whether it's in the goal, whether it