will be in no rush to cut rates. when it comes at treasuries, the s&p 500 is down on

table more or less. at this point, we've pushed that back to june. and, you know, i guess what i would say is, i think the risk to our forecast would be skewed towards later. that is, i would say the probability of july is higher than than, you know, may. for more on the fed and the economy is bloomberg's reade pickert, who has had some time to digest the data all morning. and if you had to read through all the conflicting signs we're seeing, which is the biggest conundrum to you. so, you know, really what we saw in the ppi report was price pressures that were driven from the goods side. so a lot of that was gasoline. but there was a big pop in food

as well. and so when we think about where inflation goes from here, we're not getting a lot of help from the good side of the economy anymore. so in cpi we also saw that core goods inflation rose after a series of outright declines in deflation. so in terms of thinking about where we're going from here, you know, we're trying to kind of fed officials have said, you know, we've got to watch and see this broadening and inflation. and it will be interesting to see if we start to see that popping up in core services and things like that. but for now, you know, if you're not getting as much help from the good side and services has slowed down, then you know you really do need, um, you do need to see some broadening before the fed can, um, can cut. speaking of cutting, what do you expect out of the dot plot next week? if we watch the expectations on worp go, a latest favorite function on the bloomberg terminal, those expectations for the number of rate cuts this year. uh, we are still looking and

we've lost read for a second here. so let's talk about that rate cut expectation here. we're looking at less than three for the year already on. and trader expectations. whereas we had been more than three. so not too long ago. so you already have people cutting back their forecasts here for just how many rate cuts. we will see though that first rate cut still expected by the middle of this year. read. we were just talking here about those rate cut expectations, the dot plot, what do you think is going to going to be factored in here? yeah. so absolutely. so you know we've gotten a lot of you know the inflation picture has changed a bit since the last time that we got the dots from fed officials in terms of, you know, when we left in december in the last time that these forecasts were were shown, we had really seen this clear, faster than expected deceleration in inflation and in core inflation. and now we've come at the start of the year in january and february with these pops. but in terms of thinking about where the dots are, are generally so far economists have

really stuck to their expectations for, you know, around three cuts this year, though, as you know, jay bryson mentioned earlier today, you've really seen the timing start to fluctuate in terms of where folks think when folks think that's going to happen. so, for instance, you know, we've moved from march to may and now to june. um, and you really heard from fed officials that, um, >> we are going to talk to brian higgins. he has a strong view about the direction of interest rates and how it is going to impact the portfolio, commercial estate, and more. that is a big conversation of next. ♪

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(group cheers) ♪ ♪ - [narrator] next term starts soon. visit snhu.edu. visit snhu.edu.

>> portfolio, strong. the economy ran through our portfolio looks quite positive. we are not in a recession or on the edge of it. we don't see the normal indicators, yet, suggesting a weakening economy. sonali: that was from earlier today and today we get a look at the economy and financial markets from another big player. brian higgins joins us, his firm has about 25 billion dollars in assets and is in and out of markets every day. thank you for joining me. looking at the data that came in this morning, does it support

the theory that perhaps inflation is a little hotter and may remain, more importantly, more hot than many expected? brian: i would say yes, its remaining higher. the earlier cuts, you know, now it is perhaps 0-2. the fed is not going to want to be seen as too political. anything they do, we believe they will be doing it in may or june and then perhaps after the election in december. the key issue is monitoring fiscal policy. that's quite easy. the balance sheet has shrunk regarding qt but there is a fair amount of stimulus left over from pandemic as well as cancellation of student loans, etc., etc.. sonali: that stimulus, who is being seen by it?

a lot of people are still discounting what could happen when the stimulus starts to dry up in a meaningful way. brian: capital markets are quite robust. credit markets have a tight. lots of dispersion going on. middle income consumers are getting hurt, like a mcdonald's or a yum! brands, starting to see that they can push the pricing like they would like, compression starts to occur and the consumer facing companies are starting to see loans, auto loans, approaching 2008 levels. there are some signs of some slowing, however look at bitcoin, look at gold. the equity index of 2007, perhaps. there's a lot of signs of excess, perhaps. it's a tale of two cities. sonali: spreads are supertight.

do you think that people are, perhaps, flying away with themselves a little bit? brian: it's all about dispersion. we are a single name credit investor. if you look at credit as a question of yield, 80% of that came from spread during the pandemic at the peaks. it's a rate versus spread and you are right, it's tight post-covid. yes, some would say it's priced to perfection. we look at those opportunities for credit, long and short. the structure of credit has changed. a lot has happened in etf and portfolio systematic trading. single name markets are actually quite interesting. because the indexes are quite tight, there are a number of single names on the short side as well.

we are agnostic, we make money long or short. sonali: i'm interested in that, how do you make money in a market that's rising across all tides? is there a moment of reckoning to come that gives you more conviction to go short? brian: we would short a name, not a market. on the credit side, shorting would be on your own -- at your own peril. going through the year i believe it will be slowing. you are seeing staffing companies experiencing difficulties, but the composition of the labor market is robust. but there are early signs. overall, the economy is fine, particularly because of the fiscal stimulus going on. sort of like the foot on the gas, foot on the brake. the breaking is not having much of fact because of all the stimulus that was done during the pandemic. sonali: thanks the question, do we see an economy that breaks? do we fly out of this moment

without a significant downturn? brian: i would say would happen over quite some time. like we said before, i would say that we look at it as -- going into year end, you will start to see slowing and ultimately it will be looked at as no landing, soft landing, progressing overtime because of the amount of debt issued out there is too high. it's a competition between the money that's raised for the governments and at the corporate level. it's going to be higher for longer in terms of rates. there is a lot of refinancing that needs to go on on the real estate side, on the corporate credit side, and generally the easier credits are done then. as you are going to, with new issues cranking up as they have been in the first couple of months of the year, investors will have a choice. why don't i own this, this is more attractive? less cyclicality.

that will mean that they will toss out some of the more marginal credits. sonali: that begs the question for marginal credits, we could potentially see no rate cuts this year, you said. in that kind of environment, higher for longer, what do you think that means? how high, for how long? brian: hard to say. 400 and 30 on the 10-year, at the moment. we could have 100 basis points, etc.. we plan that per year. over time it's hard to see a dramatic amount of cuts. more important from our perspective is not the level of rates, but what it does to activity. as you go into a supply demand dynamic, what is the underlying liquidity to be able to do these transactions question mark real estate again went to tight capital. a lot of the issuance was done in 2000 when he won. rates have gone up, interest burning two or three times. those levels, continuing. we have seen a lot of those

transfer with new regulations and new opportunities on these, let's call them transitional balance sheets. sonali: how do you think about the real estate opportunity here? you have made your name in distress. our prices bottoming for you to get in a bigger way? brian: location, location. everything is about dispersion and bifurcation. we all know about commercial real estate. if you go to the cities like san francisco, los angeles, a few weeks ago there was a 30% interest in an office building that went for a dollar. yeah, if it's a dollar, it's an play, but there are always dynamics in these. in new york city a number of buildings have been leased in high numbers with marquis assets. they will be fine. the problem with the moment is transaction volume has gone down

50%. in some cases, more. you don't really have the understanding of what the clearing price is for the asset. while i think there are a lot of opportunities, we look at three ways, right? acquiring and trading the asset. it comes from securities, those opportunities. we also see opportunities in financing. teams, 20% in some cases. you are saying trophy assets, cash flow issues, i can come in and have a nice solution for this and make a nice return for ourselves. acquiring, you have to be quite selective. sonali: looks like there will be a lot of deal flow, but maybe not for some time. managing partner brian higgins, at king street, thank you for your time. still had, more commercial real estate and potential bright spots. so much doom and gloom around the sector, our guess will

discuss that next. stick around, this is bloomberg. ♪ j.p. morgan wealth management knows it's easy to get lost in investment research. get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you, and help you find the right investments. so great getting to know you, let's take a look at your new investment plan. ok, great! this should have you moving in the right direction. thanks jen. get ongoing advice;

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>> i don't think that this is like 2008, 2009, in terms of scale of what we are facing. but i do think there will be situations. that is what yates the opportunity, the perception that is so negative, the headlines that are negative, get the value decline has occurred. i'm not saying it's a v-shaped recovery, but bottoming, that's when you want to try to do it. sonali: that was the president of blackstone earlier today. more on his interview earlier -- later in the hour. but a new report shows that commercial charge-offs are now on the eyes of manifestation in the banks. there could be paying ahead for major lenders. but there are still a lot of bright spots, like data centers

driven by ai. we will discuss this with our center square senior investment strategist, as well as abigail doolittle, always all over the real estate sector, uma moriarity. how do you think about that in the context of your job? uma" it's a great question. there has been such a focus on what the fed is going to do, what is going to happen with the fed funds rate. from a real estate perspective, what's important is the long-term rate. we are focused on what's happening across the 10-year yield and that is going to be somewhere staying close to where it is today, plus or -4%. that is what you need to think about when we think about pricing real estate. abigail: there has been so much doom around cm bs, coming up over the next year to $1

trillion, maybe 1.5 trillion dollars, and there is a real distinction between that potential pain and that that financing for the publicly traded rates. can you talk to us about what we are seeing and might get help the private cm bs as well? uma: great question and yes, to your point, a lot of what we are talking about in terms of maturities and even the pain in the commercial real estate pays -- space is focused in the office -- office asset class. office is less than 5% of all exposure and rates are largely financed through the unsecured bond market, which is pretty wide open this year. even this year we have seen great issuances there. meaning that over time, right, like gse, you have had a lot of pain in the rate sector. it's worked over the last cycle to pull down leverage and make

sure that they are appropriately positioned for this specific point in time, right? they have the balance sheets to play take advantage of the resetting in the marketplace and externally grow. abigail: you guys also participate in private that. offering mezzanine and high-yield debt financing. what sectors do you favor and what kind of premium are you getting for your risk taking? uma: we are looking at leveraging across a bunch of different types to family, currently. there is strong cash flow with operating access that has strong cash flow. we have this housing shortage across the united states and we are looking at strong fundamentals long-term across multifamily property types, where we feel comfortable in terms of providing some of that type of debt, to be able to get

multifamily access on the other side. sonali: when you look at the way that the economy is going, there are concerns that a stronger economy could start to get weaker, some faster than others. you were talking about strong cash flow for some of these properties. what could start to throw them off course and are there any places experiencing strength right now that might not feel so strong one year from now? uma: great question. in terms of where we are currently bullish, these are areas that we think of is not so much cyclical but secular in nature. think about senior housing, where you have a massive wave of population aging into something like that. that's happening regardless of what happens. the other thing that's really helping with the senior housing equation is the strength of that underlying wealth of that population that is aging into senior housing. baby boomers have in norma's

amount of wealth and that is going to help them really pay to have that space as well. those are the areas we are bullish about, where you have strong fundamentals that are more secular in nature than secular. -- cyclical. abigail: i no one of your bright spots, those strip malls that we have all seen with your coffee shop, dentists, nails -- you are one of the largest investors in the non-essential retail and it has been very successful for you. talk to us about what is happening there, what was attractive, and do you see those fundamentals continuing in a strong way as well? uma: absolutely. think about that shopping center that is not anchored but has a lot of those services where you have to physically go to the store to consume it. the thesis was -- these are not really online services. you have to physically go there

and visit. we are really focused on the submarkets that have really strong population growth, especially in the suburban submarkets. there has been no retail construction over the last ahead plus across the u.s. and at the same time you have seen a lot of population growth in these suburban submarkets across the southeast and southwest united states. so, we are seeing in norma's amounts of demand coming through for these types of centers with no supply. putting us in a position where we have strong pricing power as landlords across the space. the area has to this point survived the e-commerce wave, covid, and we are really strong on the others that it had done really well over the last two years running that strategy. that is an area seeing strength across the united states, has been a quiet megatrend we have been watching in the retail sector across the u.s. sonali: uma moriarity, abigail

dolittle, on a market that is being very closely watched in light of these higher interest rates. before we go, let's check on the markets, here. there's a lot of red on the screen, s&p 500 is down .2%. nasdaq, about in line. two-year yield, fluctuating a little bit all day. the 10-year yield, still up nine basis points. we saw the 10 move earlier today. traders really baking in the economic data. coming up, more on the bloomberg interview with john gray. a lot of talk about in that market, a lot of diverging views on where prices really are. stick with us, this is bloomberg. ♪

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sonali: this is "bloomberg markets." traders are paring back that's -- paring back bets on fed rate cuts. treasury yields, surging on the day. let's check click on what that means. s&p 500 being driven lower by the move. the nasdaq 100 feeling the red, down 2/10 of 1%. the two-year yield was getting closer and closer to the 470 level but we are seeing it hang out around 468. the 10-year yield, four point -- 428, nine basis points higher.

a little bit better than before it. however, remember, it's interesting, the inverted yield curve is still inverted but four points less than it was yesterday. on the equity side, let's talk about adobe for a second. earnings are after the bell. sales projected to climb for the third consecutive quarter of double-digit gains. demand remains steady for creative document cloud products. let's discuss this with ed ludlow in san francisco. talk to us about these adobe details after be have gotten so much of the earnings season already out of the way. ed: it's an interesting one, people still use photoshop, open pdfs. those sweets of software are doing well. third consecutive quarter double-digit sales growth is forecast. but it all comes back to ai. of course it does. what has changed of late, adobe,

all these well-funded private startups eminence rating that they are pretty far ahead in the text image generator and indeed, now, text generator platform, right? the most recent iteration of that being sora. there's a real concern that adobe won't be able to demonstrate in the near term that has a generative ai platform that can catch up and its current firefly ai is the focus of that. sonali: how much is the company in a valuation trap, feeling pain in the market this year? is this just a matter of where it stands today? ed: yeah, relatively strong performer in 2023. look at the adobe market cap. it's one of the biggest technology companies in the world. they are in an interesting situation where the deal was abandoned, right? $20 billion it is now not going to spend.

one question is -- what are you going to do with $20 billion? we know that buybacks have been the sweetener theme of this technology earnings season. or the other way of looking at it is -- why did they need to purchase thigma $20 billion? are they going to have to boost spending in the areas we just discussed, text and image, creative tools? sonali: thank you for your time, you are all over today and you know a lot. let's bring in the ceo and founding partner of threat needle. you have said that tech has been all over and a boy, you have been right. there is a large bit in the market with some areas really feeling the gain. thinking about tesla, for example. if you are choosing or bets today, in technology, how are you thinking it through? >> last time we were together, we had companies scratching --

grabbing execution by the horns. they had been resetting their share price, looking at their strengths. some of that were making bold bets around pricing. last here, when i was last year, it was for salesforce announced. since that time has passed since then, the other company demonstrating that was palo alto . not straight forward together, a bit of a roller coaster. sonali: why would be bet on it, anyway? explain a little bit. 4 when i -- ann: when i invest privately, which i do do, one name comes up over and over again, whether it is deepfake detection or data cleanup. founders i'm talking to, they love palo alto networks. they say that they get it, get innovation, go to market in a smart way. i look at this business, which under several reasonable

assumptions is likely to generate $3 billion in free cash flow over the next couple of years. either they will be hoover ring acquisitions or they will be sending them out to shareholders willing to take a ride for what is at the end of the day consolidation that's not going anywhere. what they are willing to do, basically not take revenue for months on end to get new customers to come over, bold but i think it might work. sonali: salesforce, up. palo alto networks, up 3% on the year. even if palo alto becomes down on the year, you have some names that have been beaten down of late. how do you look for value in the highflying world of technology? ann: looking for companies who say that our value is down because of reason x. with palo alto networks its uncertainty on delayed billings with federal contracts coming in that have been pushed out. but here's the reason for it.

here's what we are doing to go forward and win. if you go to this point on adobe, covered the earnings coming up, what are companies saying tangibly that will move the needle? adobe went to -- i went to adobe after the thigma deal fell apart. everyone has a question. everyone is excited about generative ai. people get it wrong. you have devised the room for error. sonali: the investors in the broader industries, but is the pain they are feeling as we hit this uncertain macro economic data? how do you think about the semiconductor indexes in particular, the names within that particularly in nvidia and beyond. ann: i have been worried about nvidia for a while. i'm not afraid of admitting that i missed the run up.

but my fears are twofold, there has been a lot of stocking on the customer end and number two, there are powell -- parallels to what happened to cisco in the 90's. now you have this excess demand. market forces respond to that. players come in and say they will meet that supply. i worry about that in the long term. when it comes to something like arm, that's the contagion of exuberance and enthusiasm. when you unpack it, see exposure to china, look at the super high-performance chips, i don't understand why it is valued the way it is right now. sonali: what about the places where you have seen pullbacks, like apple? where does it go from here? ann: i kind of like apple and i like the idea of going back into apple. here's why, it's not going anywhere. relatively, it's expensive, the whole sector is expensive. looking at price to earnings,

it's relatively attractive. the other reason i like it, it has been owning its mistakes. right? punished for spending $1 billion per year, per decade, on electric vehicles. meta-hasn't been published for anything like that amount when it dropped money into a metaverse that has yet to field anything like the apple has on a regular basis. sonali: we talked about the impact of china a few times. in the broader conversation, if you invest in a u.s. tech company, how do you think about the relative importance with the macro dynamics? ann: tricky coming into the election season, especially on the issue of tiktok. if we think that there will be no repercussions, we are absolutely wrong and need to look carefully at retail touched by temu and shein.

we need to look at where these tiny companies could move aggressively and on a regulatory basis i'm not sure that we will figure it out. sonali: what do you think about this tiktok bill headed to the senate and the near impact for social media companies? ann: none, i just don't think that anything around the actual execution around doing something about tiktok will hit anytime soon. the obvious winner would be meta, where you might see a redeployment of creators of tiktok is shut down. i think it shouldst shine the light on social media in a much more aggressive fashion. again, if steven mnuchin purchases tiktok and there is a change in the administration, all bets are off. sonali: are you betting on meta-now? ann: i would not. they have had the benefit of being rewarded for their cost-cutting. tiktok, if anything happens it will take a long time and we

need to see what will happen in the world of vr when it comes to their future performance. ann: thank you for going all around the technology universe with us. coming up, we will talk with sean gray, who says real estate vices have bottomed and it is time to act. stick with us. that's next. this is bloomberg. ♪

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sonali: this is "bloomberg markets." time for the stock of the hour. we are looking at shares of blackstone. of late, financing

multibillion-dollar real estate deals. yesterday, president john gray told bloomberg that there was a great opportunity to move fast. here is some of his conversation with francine lacqua. jonathan: one concern would be central banks being too dovish, early on, in terms of not raising rates and shrinking balance sheets fast enough. as inflation is coming down, and i think they have air cover, they will be patient. they don't want to be too quick this time to simulate things -- stimulate things, bring rates down. we could see more of a slowdown, that's a possible risk. as investors, it's interesting, one of the things that i worry about is we wait too long, particularly in some of the sectors with a bigger decline in value and people are more cautious. we had a meeting this week with the growth equity team where we

talked about the activity in that space where the investors are cautious. commercial real estate. i'm sure we'll talk about that. the sentiment has gotten quite negative and the fundamentals feel like they are bottoming. as investors, sometimes one of the risks is that you miss it by being overly cautious. now is probably a good time, before rates come down, to move. francine: move on what? do you have allocated capital you want to get into? jon: there is no specific -- like, we have a budget to spend this much. it's more directional. in fixed income the spreads in the asset classes are wide, based rates are high. that's a good area. being a capital solution provider today, helping people get liquidity, it makes sense. people who need to deleverage, working with the banks, getting capital relief.

particularly the sectors with digital infrastructure conviction, life sciences leaning in. i would say it is pretty broad-based. specifically on real estate, definitely here in europe, the sentiment is so negative, try to move fast. francine: are the opportunities there in commercial real estate and you have to fight off your competitors, because now is the time to get back in? jon: there are definitely opportunities. i would say the sentiment is negative, competition is not as great as normal. real estate has been hit by two big forces here. work from home has really hit the office sector. the second is the rise in interest rates, costing capital to go up, multiples to go down. cap rates, go up. what you want to do in this kind of environment is look through that because that has occurred. there will be tons of headlines of market transactions priced in a different world that were run

around now. you might read around the banks -- read about the banks in the insurance companies. on the ground, costs of capital comes down with spreads tightening and new construction coming down dramatically. in the sectors that we really like, like logistics benefiting from e-commerce, digital infrastructure, student housing, hotels, we think there are opportunities and we have done them a number of multibillion-dollar transactions. francine: is there a danger that something in the commercial real estate space could affect others and snowball into a systemic issue? jon: i do not think it is systemic. i think there are financial institutions that have investments, loans at a different time, where we have seen that most recently is new york community bank. those institutions are going to have to mark those assets to market. the loans will come due. there will be needs for new

capital and institutions who get into more trouble. i don't think that this is like 2008, 2009 in terms of scale, but i do think that there will be some situations. that is what creates the opportunity. the perception is so negative, the headlines are negative, but the value decline has occurred. i'm not saying that it is v-shaped recovery, but the bottoming is when you want to try to move. sonali: when you say this -- francine: what you say that, you mean companies going bust? jon: with a particular focus on commercial real estate, as there has been a more profound impact in the office sector. i think that will create opportunities. we purchased a $17 billion mortgage loan portfolio from fbi c with signature bank. those are the opportunities. more might emerge. saying that it will lead to a broader systemic issue could be too much.

francine: there is growing competition for retail pe. how does that affect your business? jon: at the end of the day, you have to deliver good returns. it's like our restaurant serving good food. if you don't do that, the customer is going to go elsewhere. now, the distribution format is different because you are not talking to a couple of hundred customers, you're talking to a couple of hundred thousand customers. the structure can be different in terms of the liquidity, yield, and cap structure, but to me the end product is the same and we are trying to leverage the enormous scale and insights that blackstone has in terms of what we see in the world, the people on the ground, generating more favorable returns. delivering that to underlying customers. at the end of the day, it's really the same product.

francine: in part, isn't that fundamentally changing the industry and the business model? jon: i do think that the business is evolving. if you went back and asked what was 20 years ago, it was private equity and opportunistic credit. you were seeking 20% gross returns, 15 net. now you are seeing moving into the lower returning longer duration vehicles. core plus real estate. infrastructure. performing credit. universal potential investors get much larger. the universe of potential assets to invest in gets much larger. a firm like ours, our competitive firms, have benefited and grown a lot in scale. good news is we are early days in the process. sonali: that was president jon

gr, of blackstone. coming upa,y hedge funds and private equity firms discussing ways to blunt the sec decisions stemming from the use of using apps like whatsapp. more about that, next. this is bloomberg. ♪

- super excited to open up my diploma from southern new hampshire university. ♪ ♪ - i'm nervous, i'm excited. ♪ ♪ - [man] okay, let's see it. let's see it. - oh my gosh. - jesus suarez, i did it and it's here.

(group cheers) ♪ ♪ - [narrator] next term starts soon. visit snhu.edu. visit snhu.edu. sonali: this is "bloomberg markets." hedge funds and private equity firms are teaming up to temper the penalties they will face from the sec. remember, they have faced a lot of fines already across the banking industry, issues stemming from the disappearance of use of messaging apps like whatsapp. joining us now, austin, part of the team breaking the killer story. banks have already faced $2.8 billion in fees. where does the sec stand with probes into other asset managers, hedge funds, private

equity firms? austin: you are right, financial institutions have already prayed -- paid a pretty penny for the use of disappearing messaging apps. they have been for the last year or so transitioning into regulated entities like investment advisors, which cover institutions like hedge funds and private equity, which face a different recordkeeping burden, but the sec appears to indicate by their investigations that they also used these messaging apps in some way. sonali: heavyweights in the story -- kkr, citadel, blackstone -- how are they banding together to face this? austin: sources tell us that a number of hedge funds and private equity firms have had discussions and talks about how to handle these probes. the best approach. some in that group are content to settle on what they think is

fair to get the matter hind them. there are others, like citadel, who reported in the past that they were gearing up for a fight with the sec on this matter, frankly now ready to go to the mat for this, see if they can push this issue to the sec and litigate it, potentially. sonali: it's interesting, trade group lawyers have said there is no basis to find the firms for the apps. what is the case and how is it different for citadel l than, say, jp morgan? austin: jp morgan is listed as a broker-dealer with a higher recordkeeping burden then firms like citadel, which has a lower burden because of the different registration status. jp morgan needed to keep a good deal, if not all, of the communications with their bankers, the burden for firms like citadel is lower.

usually it's things like investment recommendations. sonali: thank you for your time and reporting. that story is one of the most read of the day. checking on the markets, the s&p 500 not quite at session lows, but certainly speeding up the decline. down .3%. the same goes for the nasdaq 100. yields are hanging out at 468 -- 4.68 on the day. we saw a stunning 10 basis point in the 10-year yield in the day to day. you are seeing pricing expectations in the swap markets as well as the stop arc it's. expectations are changing around the number of rate cuts this year. i'm sonali basak, happy pi day. we hope you get to enjoy that in your own way, today.

keep an eye on us, it's a busy trading day through the close. this is bloomberg. ♪

her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we got him under a new plan. but then they unexpectedly unraveled their "price lock" guarantee. which has made him, a bit... unruly. you called yourself the "un-carrier". you sing about "price lock" on those commercials. "the price lock, the price lock..." so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.

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