Some areas than others. Caroline perhaps more idiosyncratic. Lets dive deeper. Abigail, what are you watching . The contrast between the close on the day and the close on the week. On the week, all major averages higher. Lets dig into the technicals. There is reason to believe that could continue. This goes back to 2011. When the s p 500 consolidates down and then pops, the bulls are resting. The sellers trying to push through. The average continues to climb. There are several moments even last year at the beginning of last year, we had that volatility. 500 to newd the s p alltime highs. Appears to be a similar situation with the s p bouncing off that 40 week moving average. The s p 500 might rise above that alltime high. Maybe towards 3100. Perhaps the fed meeting could be a catalyst. Upive been watching oil, around 0. 5 on the day, close to 3 over the past two days. The rally not enough to keep oil in the green on the week. We are headed to a decline of more than 2 on the week. That is the third decline for oil. It seems that the tension building in the middle east not stoking enough fear of a supply shortage and the u. S. Has a great deal to do with that. The u. S. China trade war ways on the demand side of the story. U. S. Inventories rose again this week. The data we saw on wednesday took us to a fivemonth low for oil. We have come back by more than a dollar a barrel, but traders will still be focusing on the permian and the white house as well as the middle east. Joe thank you. Still with us, alec young of ftse russell and bloombergs cameron crise. Cameron, i want to start with you. Trade and the upcoming g20. How much is this important and how much of the recent volatility can be traced to the ongoing uncertainty here . Clearly very important and a lot of it. Given the highs in the s p. Caroline you like that phrase. Full london phrase. We were at the highs when the president tweeted his fateful reescalation tweet after the third of may and we went straight down. I think there is still quite a bit of uncertainty as to what the g20 is going to hold. It is generally accepted that trump and xi are going to meet. What comes out of that is the big debate. Do we have a truce . Do we have a rapprochement where trump deescalate some of the tariffs and we have an agreement . I dont think theres a consensus. Whatever the outcome is, we should get a move. Scarlet in the meantime, we are going to muddle through, wait for more discussions or more threats, whatever the case. Alec young, what do you do in the meantime . You said you want to look into more defensive sectors. Does that mean large caps over small caps . The russell 2000 cant seem to catch up. We are seeing more momentum in large caps. Large caps have about a quarter of their market value in technology. Small caps flip that around. Curve flat and Interest Rates low, financials are outoffavor on the market. On days when financials are underperforming and tech is leading, it is very difficult mathematically for the russell 2000 to outperform the russell 1000. Caroline what about the havens . Even when weve had money moving into stocks, weve still seen that. In therly the situation middle east has added fuel to the gold rally, but the gold rally started long before things heated up in the gulf. The key has been markets shifting to expectations for the feds next move to be a cut. Gold pays no interest. The opportunity cost of owning gold goes down when the fed is cutting rates. The interest you earn on cash is a big driver of how appealing gold looks. Quickly went from an wereonment where investors expecting the fed to tighten to the exact opposite. That also helps slow the dollar rally a little bit and all those things are good for gold. Cameron, we have a fed meeting coming up. Most people dont expect there to be any rate move or rate cut. Powell toyou expect navigate the current landscape . One of the key issues will be whether they retain the patient. Probably they ditch it. As he said in his speech in chicago, they stand ready to do what is necessary, which is kind of, we can go at any time type of framework. To me, the real issue they always say, kind of ignore them, but they are there for the reason, the dots. You need nine dots to shift down to have a rate cut as the median. Will we get that . Anything is possible. It hasnt sounded like theres nine members of the committee in the speeches weve had that would be prepared to put the dot lower. Then that becomes may be a challenge for the markets. July is odds on for a cut. How does the short end react . Fed by try to push the rallying more and taking stocks lower or do we have a frenzy and yields finally ratchet up after this remarkable rally . One of the reasons we havent seen any followthrough with the selling, the market has been very well bid. I think it is because of that easy fed expectation. I think you will see more momentum on the downside. That powell popped really underpins the case here, whether it is geopolitical trade if ive got the fed, it sort of inoculates me from those things. Maybe not the end of the world for risk, but i think you could see maybe a deeper retrenchment. Scarlet how do you think about the vix . Closed below 15. 5 today. Peter says at this level it is reason for caution. Was att time the s p 500 these levels, the vix was around 12. 5. The fact that it is around 15 suggests there could be another leg lower. The vix is most useful when it gets really high. 15, i havent found it to be that useful. At best it is a coincident indicator, not a leader. Im going to be watching the action into the fed meeting and parsing that statement. Scarlet the fed begins meeting on tuesday and comes out with its decision on wednesday. Alec young and cameron crise, we thank you both. That does it for the closing bell and for me. Taylor riggs is in for romaine bostick. We will talk about the Global Economy with Deutsche Banks chief economist. This is bloomberg. Caroline live from bloombergs World Headquarters in new york im caroline hyde. Taylor im taylor riggs. Joe and im joe weisenthal. Caroline we had a risk off stop trading today. Seemingly good retail numbers are bad news for stocks. A fed rate cut is looking less urgent following solid data from u. S. Stores and factories. Trouble with tehran. Standoff with iran hardened as conflicting narratives. Oil was up again today, but down for the week. Facebook gains. Investors giving the company a thumbs up as details emerge. Joe now, good news from u. S. Stores and factories. Both reported an upturn in activity last month, fueling notions that the economy is fine without urgent need for the fed to cut rates. The outgoing Economic Advisor weighed in on the data earlier this afternoon. What i see in the Economic Growth is very strong growth and what i see in the inflation is that it is decelerating. One reason inflation is decelerating is that the u. S. Is the growth story of the world now. Doing soonomy is not great compared to expectations. Weve got highgrowth. That takes a lot of pressure off. Welcome more, i want to Deutsche Banks securities chief economist. Great to have you back on the show. When the stock market was selling off in may, recession worries were picking up. Now the market is picking back up. People talking less about recession. In your view, are things roughly the same . Slowing a little down on the to some degree the trade war has been weaker, but what surprised us was the strength of the revisions and consumption seems to be hanging nicely. We will not have a recession, but there is maybe a mild slow down, but it looks like things are ok. Taylor one of your notes was talking about how maybe the markets have been mispricing the fed rate cut and we wont be getting a cut. What changed, and are the markets wrong . If you look over time, you can look at what is the expectation in terms of what the fed will do in the future. As the chart shows, it is a little bit of a spaghetti bowl, but the market is almost always wrong about what the fed will do. That doesnt mean the market doesnt understand. It just means the fed has the luxury that they can wait another six weeks and have a meeting. Weve had a systematic pattern of the market predicting that rate hikes were coming, and once rate hikes came, it is a very interesting picture. Joe i like the term medusa chart for these kinds of things. I dont know. Caroline it sounds more like impactful. What has been impactful as well perhaps hopingis the fed will come to the rescue. What is business doing at the moment, and how confident is the ceo out there . Expectheory, you would that if tariffs put prices higher, that should adjust and you should have new equilibrium. Look at ceo confidence. You have actually begun to see in the second half of 2018 and into this year, we did see a decline in the white line, which is ceo confidence, and that is dragging down the orange line. We are getting a little worried that maybe there is a negative impact on business decisions. Joe you know what im reminded of, right after the 2016 election, the soft data versus hard data fight. Of chugged sort along as normal. It was not that drastic of a pickup. Could we see the same thing where maybe the trade war hits business sentiment, but the hard data is much less volatile . The exception this time around is that they have been trending lower. Generally speaking, companies have been investing a bit less. Both confidence and hard data. We are worried that the business sector is a little more strained , whereas Consumer Spending is Still Holding up nicely. It is a mixed picture about where the economy is, but the Global Growth picture and the u. S. Picture, still not a recession. Taylor is inflation transitory . Theory, you should temporarily have a higher price level in the inflation rate should not be accelerating further, but that is true in the sense that it is just transitory, but the question becomes, if the economy slows down, the tariffs lift inflation a little bit, but the economy is slowing down. So far, the fed has been pointing out that the tariff increase was temporary. Caroline the fed. Lets talk about it. Do you think theres any indication that they cut . It will be very important in terms of what signals we are getting. The retail sales must have given a huge sigh of relief. They didnt have to do anything next week. As for the july numbers, we expect that they will cut rates, but what becomes critical is nonfarm payrolls. We have about a month. If that is still good, it is going to be difficult for them. If that continues to slow down, then you could begin to see rate cuts. Joe how will they justify it if they do cut rates . Not much has changed. Maybe the jobs data comes in kind of normal. Do they have a way of communicating this concept of an insurance cut . That is a really good question. Preemptive strike, what does that mean . Normally you talk about the dual mandate. They got to hit on employment. The answer to your question is, so far, think about the fed toolbox. They are trying to quantify the impact of the trade war. Confidence is down. You really dont have any good ways of quantifying this. Maybe they will be cutting rates here and at the end of that process they will hopefully generate some softer landing for the economy and hopefully we can be seeing higher growth and stabilization. Caroline i am very pleased to be saying he will be sticking with us. A reminder now that you can catch our interviews on the bloomberg with the function tv. You can also become part of the conversation. Send us messages, i dare you. Emmahile, weve got, tren chandra. This is bloomberg. Caroline back now with Deutsche Bank chief economist torsten slok. I want to go global with you. Before we saw a slight reprieve in the buying of u. S. Treasuries, we saw new record lows in certain bond markets. Australia, germany. What do these negative yields abroad mean to you . It is a huge distortion in Global Financial markets. Are investors traditionally real money managers. Pension funds and insurance companies. When they see negative Interest Rates, they say, why should we invest when Interest Rates are negative . Day, they lookhe at different asset classes. The more Interest Rates go negative, the more the distortion begins to show up globally. Interest rates are mainly negative in europe and in japan where there is a lot of money saved for the long run. Those investors hunt for yield in the u. S. And around the world to try to get higher returns. Things inflation the one that could blow the whole thing up . As long as there is benign inflation and no pressure on Central Banks, you could just have this environment in which low rates or negative rates get more duration. But were there to ever be inflation, would it get really ugly . Torsten the good news is that theres very little sign of inflation in the u. S. The actual inflation has been lower. From a centralbank perspective, Inflation Expectations for europe and the u. S. Have been trending down. That is beginning to push us into a corner where, if Interest Rates are going to stay low, this will create a lot of complications. Taylor i keep hearing that investors think rates will be lower than they are today, which is why they are buying yields and bonds now. Do you buy that . It becomes a matter of how much risk you want to take. If you look at how many Times Central banks have change Interest Rates, that tells you that theres a lot fewer moves from Central Banks in terms of cuts and hikes. We have much fewer trends in rates. That complicates the environment significantly. Historically, the normal number of cuts and hikes per year has been 22. Has only crisis, it been around five on average. Tells you that when Central Banks are on hold, it is very difficult for investors to follow any longerlasting trades. Joe i dont think ive ever seen it quantified that way. The idea is that when major Central Banks are all cutting or hiking regularly, theres meaty trends for investors. When they are doing nothing, they are just sort of floundering. Torsten one Central Bank Raises rates, another lowers rates. Moving in the same direction, you would think Interest Rates would also have a trend. If everything is basically on hold, it becomes a matter of looking at qe, forward guidance. It really doesnt move much in Financial Markets. It doesnt move much in the economy either. Runre you end up having a where Interest Rates are negative, volatility is very low , people begin to hunt yields in much different ways than they have done historically. Caroline to joes point of inflation causing an issue, one area we could import some inflation is these tariffs. What is the real extent of the trade war . To see it coming home to roost . Torsten if we do get the remaining 300 billion in tariffs on imports from china, we calculate that that will lift inflation, but also lower gdp. Is higher and gdp growth is lower. Termsl see an impact in of a lift on inflation. The fed will probably say this is all temporary. But at the end of the day, inflation will be going up and it begins to open up questions about how Bond Investors see inflation move higher. Taylor low yields mean people are going to equities. Torsten the final chart we have is Interest Rates have been so negative around the world, changing that yield very significantly. Absolutely. Joe great stuff. Thank you, torsten slok. Coming up, while tension in the middle east continues, investors eyes remain on the trade war. We will discuss all that next. This is bloomberg. When you rest on a leesa hybrid mattress, bedtime is no longer simply the time you go to sleep. Its time to switch off and catch up. Enjoy me time, and we time. 40 winks or 8 hours solid. The leesa hybrid mattress combines two technologies to give you deeper rest and rejuvenation. 1,000 pocket springs provide edge to edge support, responsiveness and comfort, while premium foams relieve pressure. 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President trump says it doesnt matter if chinese counterpart xi jinping agrees to meet with him at the g20 summit. The president told fox news the u. S. Can bide its time in trade negotiations because it is collecting billions of dollars in tariffs on chinese goods. He said he has repeatedly threatened to raise those tariffs if xi does not meet with him. Law enforcement agencies in florida will have to cooperate with federal immigration authorities after the governor today signed a bill that prohibits local governments from enacting socalled sanctuary policies that protect undocumented immigrants. Try to d5ry cities federal law and knowingly engage in policies that make our communities less safe. This bill is very important to say florida is going to cooperate to ensure the safety of our cities and communities. The new law does not contain exemptions for crime victims and witnesses. Mexicos immigration chief has offered his resignation as the country tries to crackdown on immigration through its territories. He did not give a reason for why he is stepping down. Mexico has acknowledged it has lax controls at dozens of crossings at the southern border. It is vowing to stem the flow of migrants from south america in response to u. S. Pressure. Global news, 24 hours a day, onair and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am renita young. This is bloomberg. Trump says iran is responsible for the recent oil tanker attacks. U. S. Officials released a video which they say shows the Islamic Republic was involved in an attack on an oil tanker. Joining us now is the Vice President for energy and Financial Markets at ihs markets in washington. Thank you very much for joining us. What is your initial read on the evidence that has been presented and the circumstances surrounding this attack . It is difficult from here to tell what happened and who is really responsible. We are going to have claims, but iran clearly has an issue with the embargo that we have on oil and they have been trying to increase the price of their policy, so they are the first suspect. Caroline they of course continue to deny, but u. K. Foreign ministers also responding to the United States claim that iran is to blame. What are the geopolitics involved . Do tensions get worse . Where does this go from your perspective . I think we are in an escalation process where iran wants to remove the strangle of this maximum pressure the United States is putting on them in terms of the oil sales. Oil sales have been close to a minimum in may for iran. The u. S. Has been trying to find a coalition to accompany them in this policy. I think all of that is going to play quite a lot at the g20. Taylor as we fold in price dynamics, even this disruption of the supply and the attacks this week werent enough to offset oil prices. They still continue to pose losses for the week. Seems to me that oil is much more of a demand story. Where do you see oil going from here . Side is also determined by what is happening in the United States. The story here of the fact that the u. S. Is still growing fairly rapidly in terms of supply and we are in this supply abundance rather than scarcity plays a big role. The has kind of defined environment we are in. The trade story is also having a big impact on demand. That is also playing out. There is a little bit of complacency in terms of supply disruption. Are staying in the 60 to 70 range. This puts some sort of floor on the price, but i think a lot will depend on what happens in osaka and vienna. Taylor thank you. The Vice President for energy and Financial Markets at ihs markets. Rising geopolitical tensions in the persian gulf and increased doubts about china helped fuel bond gains earlier in the day. We had a 10 year yield as low as 2. 06 . Strong signals from u. S. Retail sales and factory data. Joining us now is brian chappatta. Talk to me caroline was asking this question earlier of torsten slok. Negative 26 basis points in germany. What does that say about where we are . Not great. Theres really a big question out there. Data backed that up. We had retail sales in the u. S. Which showed the consumer is still strong, but it does feel like some sort of panic that yields might be as high as they are going to be for a while. Lower, i dont know what that means. Joe how many people have been wrecked thinking they cant go any lower . That is sort of the running joke. Caroline the bond can, of all people. Ofit raises the question what Central Banks can do right now. It is hard in europe. So many reasonable regional governments acting as this one actor for a wide, disparate economy. The fed is able to be the independent branch, but also observe and react as the data comes in. Caroline what sort of tight rope is jay powell walking on wednesday to be able to satisfy all corners of the market . It is going to be interesting to see what hes going to do. He basically has to appease the market in some respect. He cant just say we are going to hike. The question is going to be, when do we cut, and do you start to give an indication that that is going to be soon, or ready to act is appropriate, so the hawks and that of both hear what they want to hear. Taylor we are looking at negative yielding debt. Torsten slok was talking about this. It is not really the 12 trillion globally, but in six months it was half that. Are you hearing any concerns about the rate at which we are adding negative yielding debt . Debte negative yielding pile is a reflection on japan and europe. In the u. S. , you can buy negative yielding debt and hedge it back to dollars and get a positive return. It is really a question about where people that are not u. S. Based go for yield. It is a tough question and the answer appears to be riskier assets, which may not end well. Thatthere is this dynamic feeds on itself, where as the opportunities essentially shrink , that just creates more duration buying or more risky asset buying, which furthers the volume of debt that doesnt pay you anything. It is a really interesting cycle right now. Now the fed basically are done. They are done tightening. It raises this question of, can you even exit stocks anymore, because theres nowhere else to go. You have to hope for price appreciation. Caroline the fed has mentioned before that they worry about the bubbles. Up, forlways bring this germany to spend more money, isnt that the missing piece of everything, that the germans need to spend some actual money . I think theres definitely a question that is more this existential question of what can Monetary Policy do now and i dont think anyone has a clear answer to that and that is a problem. It is going to be interesting to see how that gets resolved. Caroline i feel that mario draghi will take that to his grave. Brian, we thank you. Coming up, with the first democratic debate approaching, tom perez talks about what is at play and how the field is shaping up. This is bloomberg. Caroline time for a look at what stories are trending. President trump has said that it doesnt matter if chinese president xi jinping agrees to meet with him to restart negotiations over trade because the u. S. Is collecting billions of dollars in tariffs. President trump has repeatedly threatened to raise tariffs if he doesnt meet with him in june. Trump, 436 president acres in upstate new york he bought two decades ago, envisioning two new championship golf courses, that didnt happen. He donated the land to the state of new york, which hasnt been maintained. The park has no trails, picnic tables, or other amenities. Tictoc on twitter reporting that new york will vote to end religious exemptions for vaccines as the Measles Outbreak pushes states to reconsider ways to opt out. Undesignated unvaccinated kids have 30 days to show they have the doses required. You can follow all the stories on bloomberg. Com and at tictoc on twitter. Debatee first democratic will take place in less than two weeks in miami and it will span two days as two groups of 10 candidates take the stage. To talk about the debate, dnc chairman tom perez in mexico had this to say. Weve set forth those criteria early this year because we wanted to give them ample time to meet the threshold. Weve done things weve never done before. We had a grassroots fundraising threshold and a polling threshold. We wanted to create alternative pathways and encourage engagement with our grassroots. 14 out of the tournament both thresholds and im excited about all of this because ive had the privilege of working with just about all these candidates and they are wonderful people and i think the American People are going to see a lot of different folks that they are going to really like because we are going to be talking about issues, preserving health care, the issues that matter most to people. Im looking forward to covering it. A wild ride i think from a political standpoint in miami. Governor steve bullock, he is the twoterm democratic governor of a red state, montana. Hes criticized the dnc. He said there were rule changes at the last minute. He feels he should be on that debate stage. Theres other folks think routing other folks. What do you say to governor bullock . We outlined the rules for governor bullock a long time ago about polling and what you have to do. I have Great Respect for governor bullock. On march 12, there was a poll that governor bullock said he thought counted. It was a survey that said, who do you think should be the democratic nominee . It didnt have names. The person who came in fourth was donald trump. We concluded and i think others that isked us up that not a poll that meets the scrutiny that we have been requiring. Marchormed him of that in and i spoke personally with him a month or so later. I have great regard for governor bullock and it wont surprise me at all if hes on the debate stage next month. ,e and congressman moulton these are wonderful people. We have an embarrassment of riches and that is what the American People are going to see. We have a deep bench. We are fighting for the issues that matter most, Affordable Health care, prescription drugs, making sure our economy works for everyone. So theres no way that governor bullock gets on stage in miami in just over a week . We created the rules months ago. We informed all the candidates about the rules of engagement. 20set the field limit at because 10 people per night is a lot of people. We set the polling bar at 1 . It is hard to get lower than setting the bar at 1 . We thought it was a reasonable polling threshold. We added the new fundraising threshold so that it engages the grassroots and gives candidates an alternative pathway. The fact that some people didnt make it and i have Great Respect for them and i know they are going to campaign hard and it wont surprise me to see governor bullock and or congressman moulton on the debate stage next month. Taylor that was the dncs tom perez. Caroline lets get a check of the business flash headlines. Investors are betting that pet owners will do more shopping online. The online pet seller surged. Raised more than 8 million in their ipo. The company is controlled by petsmart. The Toronto Raptors nba victory appears to be a popular one. Win with hisames hometown Cleveland Cavaliers was bigger. Turns out theres a shortage of fake hamburgers. Restaurant chains are reporting that they cant get enough of the impossible foods popular meet free patty. The company says the shortage has nothing to do with the burger king deal. And this is interesting because weve seen the same problem with beyond meet as well, but it continues to soar. Taylor you wonder if it is a supplychain problem or demand. I have not had a meatless burger. I know they are all the rage. Im good with regular beef. There is so much demand that they are running out of this stuff. Joe do you think the stock is becoming advertising . It is like, the stock is up, i have to try the burger. Caroline i did try it last week. We went to a brooklyn shop and not only did it cost 12, but apparently the store only get half of its deliveries, they sell out like that. Incredible. I think it shows a lot about brooklyn. Taylor the question is, why are you going to white castle for a not meet burger . Joe coming up, facebook gaining on reports surrounding its new crypto plan. Will the launch help ease regulatory concerns or make them worse . This is bloomberg. Joe facebook gaining today. Some optimism on regulatory concerns. Shares are up more than 10 from a low earlier this month as the Company Plans to launch a digital currency. For more, i want to bring in bloombergs kurt wagoner. Thank you for joining us. A lot of enthusiasm about something in the crypto space. What do we know about how a theoretical facebook coin would actually work with their Business Model . Bloomberg back in december reported that facebook is working on a kind of cryptocurrency that would be tied to more stable realworld currencies. The idea that unlike bitcoin this would be something that people could use on a daytoday basis for buying goods or services. The idea is that this would be built into some of facebooks messaging Services Like whatsapp or messenger and let people send money to our from friends or family and also interact with a business or merchant. Taylor there are banks or Financial Institutions that are interested in partnering with facebook. What does that tell us about where facebook wants to take this . In the past, facebook has tried to do internal currencies like you maybe buy something or send a gift to a facebook user. I think the idea of bringing in outside partners, big Financial Institutions, shows that facebooks ambitions are well beyond the social network. They see this as being a cryptocurrency that people are using out in the real world. Caroline reports that you burn are involved and going to be supporting this as well. The businessd in model angle of this. Is this about helping the young banks get online or is it more soe trying to copy wechat you are more integrated into the platform . I think facebook would certainly love to be the company that finally brings billions of people who dont have a bank onto the financial system. To kind of serve a public good in that way. From a business standpoint, facebook does not make money through payments right now. Theres some belief that if people are spending or exchanging money through facebook services, it makes facebook a more valuable place for advertisers to go. If im constantly sending money through messenger or whatsapp, i become a very easy target for advertisers. Of the things that recently has been taking some of the wind out of the sails of facebook has been regulatory concerns about and try trust antitrust. This isnt going to make it easier, i imagine. It is hard to convince people that we havent done a good job with privacy in the past and perhaps we have too much data and now we want to be involved in all of their money transfers and banking issues. I cant imagine this helps them in their regulatory conversations. I could see this opening up a new potential investigation or line of questioning from u. S. Regulators, not to mention global regulators. I dont imagine they see this currency as being just something here in the u. S. They are already trying to dodge some antitrust probes. Arent they just basically calling to get regulated now . They are definitely entering into very competitive industries. It is not as if they are going to be the only people operating there. But if facebook is already too big, too dominant, why do we want them handling another portion of our personal lives . Caroline always great to get your expertise. Thank you. Stay tuned for bloomberg technology. That is up next. Any will take this up with early facebook investor and a strong critic of facebook. Ecb officials meet in portugal on monday. Speakers include mario draghi and mark carney. Joe and ill also be watching Central Banks. The fed announcing its Rate Decision on wednesday. Taylor and, pmi data from the euro zone and the u. S. Come out next friday. Bloomberg technology up next in the u. S. Joe have a great evening. This is bloomberg. Were the slowskys. We like drip coffee, layovers and waiting on hold. What we dont like is relying on fancy technology for help. Snail mail we were invited to a y2k party. Uh, didnt that happen, like, 20 years ago . Oh, look, karolyn, weve got a mathematician on our hands check it out now you can schedule a callback or reschedule an appointment, even on nights and weekends. Todays xfinity service. Simple. Easy. Awesome. Id rather not. Emily im emily chang in san francisco, this is bloomberg technology. Under report, the u. S. Justice department is close to approving the sprinttmobile merger despite early hurdles in the way of a deal. What are the chances the 26 million transaction billion dollar transaction goes through . Agencies prepare