Katie welcome to Bloomberg Markets. You take a look at these markets and you can see there is green on the screen. The s p 500 is up by about 0. 5 . Compared to what we been seeing, its exciting. The nasdaq 100 is seeing a bigger game, up about 0. 8 . Weve been talking that inflation data coming in as expected with a bit of a relief there and you can see that in the bond market as well. Not huge moves that its the direction of travel. You have yields moving lower right now to the tune of four basis points on your 10 year treasury yield after the feds preferred gauge of underlying inflation, the pce rose in january as expected, supporting the feds patient approach. For more, were joined by mike mckee. After what we saw in cpi, this is probably good news for the fed . Mike its good news for wall street. You probably heard that big whoosh at 8 30 a. M. In the pc was a little higher than its been in recent months but it is not too high and a yearoveryear basis, inflation is still going down. Pce rose by 0. 3 on a headline basis during the month of january and 2. 4 down a to confirm the yearoveryear perspective. Both of those are lower than they had been in the disinflation story continues in personal income was up 1 due to the Dividend Payments that went out at the end of the year. Wages and salaries were also up a decent amount. The dividend thing is interesting because what we saw was a big increase in portfolio management. L street has been doing so well that it is contributing to inflation. We were up 5 for that category of inflation, helping drive it but the percentage changes different. Housing and health care did not get a big pop in the cpi. Weve got more data coming up but jay powell is going to be the issue going forward. He testifies on wednesday and thursday of next week and we will carry that live. That will be the risk moment for markets in terms of the fed trying to reset perceptions. Katie he will be testifying during this show so a lot to look forward to. What can we expect him to say . What will the tone of that testimony be . Mike after the pce report comes out relatively decent and we sought december revised lower, he can make the argument again that progress is being made on inflation but there is still more work to do. We have a little bit higher monthly inflation in january so we want to wait and see. I that continues into february. I dont expect a whole lot different but markets have been very interested in whether the fed will give them guidance about may, june or even in july as the first rate cut. We will see what he has to say. Katie its fun to hear what lawmakers ask of jay powell. Michael mckee, thank you so much. Lets dive into the markets more. Were joined by the head of Derivatives Market intelligence at sebo. Its great to see you. Great to be here. Katie its a big macro day and if you look over the course of 2023, it feels like the fomc and the cpi have turned into nonevents. That has changed a little bit year to date if you look at some of the numbers. What does that tell you . Is that a sign the broader volatility is coming back . What stood out to me was in the lead up to todays pce is how much there was a lack of fear across all asset classes. If you look at equity, vixen the low teens, its not just equities but if you look at credit volatility near historic lows. What that shows is that investors think inflation is still an ongoing risk but against that, people are weighing betterthanexpected Economic Data and thats why markets are so resilient. Even though inflation is coming down and making progress, its still sticky but Overall Economic growth is picking up. Within equities, earnings have been great so against his backdrop, people have gotten more constructed. Katie when you think about the vix and some of these skews, do you view that as complacency or exuberance . How would you characterize not a lot of demand for downside hedges . To give you some perspective, measures of skew in the s p versus upside calls, that hit a 10 year low recently. Low demand for the protection and a lot of demand was upside calls. It might be a sign of exuberance but one thing i would point out is what is underpinning this flat skew environment is over the past two years, markets have been more vile dez volatile on updates and down days. When we think about stocks crashing lower and grinding higher, over the past two years, its been the opposite. Weve seen grind lower moves and then rip higher. Against this backdrop, its not surprising that people are turning more to call options to manage the upside volatility in the market. Katie should that make me worry . It sounds like maybe we are entering this crash up environment and you are not seeing the demand for downside protection. How do you feel . It comes down a little bit to positioning and how overweight people are in equities. A lot of it comes down to people using options to help express tactical views. Because there is so much uncertainty in the macro environment, instead of galling dez going all in, they are using options. You can use call options if you think the market is going to rally. How does that defined risk reward with options . Thats what striving some of the dynamics we see in the Derivatives Market. Katie the increased use of options and you are seeing shorter and shorter term options, zero day options, what does that mean for the Market Structure of this market . Do you view that as distorting some of the traditional measures of risk we look at . Thats a great point. People talk about zero day options and weve seen tremendous growth in that segment is comprising about 45 of s p volume up from 5 eight years ago. People look at that growth and it must be taking chairs from the traditional shares but thats not the case. The overall derivative volume is growing. Its growing faster but the rest of the high is growing. If you look at regular expert rees, thats also growing in terms of volume. People are stilling this are still using one and sixmonth options. It opens up new risk premium for investors to get what they want. Katie who is actually using zero day options . They say its mostly retail players going into these beds. Is that true or are we seeing some of these professional Money Managers using this . Absolutely the second case. The narrative that this meme with zero day options, its balance between retail and institutional at the balance between trading of puts versus calls. The put call ratio for zero day options has hovered around one. It tells you that in terms of the activity we are seeing with zero options is not oneway speculative flow. People are using it for hedging purposes and using it for yield harvesting and selling these options to generate income. That will be a growing use case. People are trading futures of given the diversity of use cases, thats why we continue to see a balanced flow in zero day options and the net Market Impact is fairly minimize. I would say what you see out there is fairly exaggerated. Katie when we talk about his lack of demand for downside protection, should there be people picking up protection on the cheap . If you are concerned about downside risk, now is when the now this is what the volatility market is giving you. It is a Good Opportunity if you are looking to hedge. One area i want to call out if you talk about no demand for hedges, we see demand in vix options. The volume hit a record high last year. It continues to be very elevated. People look to fix options to hedge tail risks. Its the black swan of hitting the market and driving volatility higher. Thats different from your traditional portfolio hedge. We are seeing increased demand for those hedges and decreased demand of traditional hedging strategies. Katie the vix has been going nowhere fast. A little bit counterintuitive. Stick with us a lets look at whats moving underneath the markets. We will do that with emily griffeo . The biggest drop on record for the Cloud Software company, down over 20 after the Sales Forecast missed after the bell yesterday. They say their product revenues coming in at 745 million and estimates were 769. Snowflake said there ceo is stepping down. Now the Senior Vice President of ai will be stepping in as ceo. Maybe there will be more ai headlines out of snowflake. Katie they can use an ai headlines right now. Sales this years down quite significantly at this point. Not exactly the same story for salesforce. Its been a choppy trading session and it was down in the premarket. Now its just a little bit in the green. Its slipping into the red as well. There next year forecast missed estimates and investors were hanging onto that in the premarket. They see revenue at 37 point 7 billion up to 38 billion which is worse than expected. Salesforce were up over 30 in the last 12 months and now many investors seem to be focused on what is the growth rate going forward. One analyst said is this a Sustainable Growth rate in the Single Digits or double digits. A similar story for snowflake. Companies have been pulling back their spending on software so all of the Software Companies are now trying to pivot their strategy and look for what they can actually do to get the market share back. For salesforce, they announced a new ai tool that involves generative ai. The buzz word seems to be their strategy to get those enterprise customers back into their market share. Katie we will see if that leads to more engagement. Salesforce is not doing too much right now but when it comes to bath and body works, the direction of travel is pretty clear . The biggest intraday drop since november of 2022. They paired losses a little bit but their earnings missed expectations in the First Quarter forecast. Their net Sales Forecast, they see down 4. 5 . Thats versus estimates of loss of 1 . The fourthquarter revenue results beat their unadjusted eps but its been a tough go for a lot of these retail companies. We know bath and body works have candles and hand sanitizers and lotion. I just read they are trying to pivot more toward laundry products in a way to maybe boost their sales. Maybe thats a cyclical product. Everybody needs laundry. Maybe you will pull back on buying a candle. Katie i thought you said they were going to pivot into ai. Maybe next quarter. Katie thank you so much. Coming up, bitcoin soars over 60 thousand dollars, pushing toward a new record high. We will look at whats driving that rally and if it can keep up the momentum. This is bloomberg. Something amazing is happening here. Retailers are moving inventory quickly and securely. Thats because cdw designed and built a solution with cisco security. End to end protection, defends against attacks and makes better decisions in real time. So warehouse and Customer Data stay protected every step of the way. Make amazing happen. Cisco and cdw. Katie bitcoin is on its way back to the moon with prices of the cryptocurrency climbing back toward record highs as billions of dollars flood into the newly launched spot etfs. For more on this, you take a look at the numbers and the fact that we are well above 60,000 once again on bitcoin, do you think we would have this conversation had you not finally seen the launch of those spot bitcoin etf . Being virtually at alltime highs, six or 7,000 off of that, but the catalyst has been the etf approval. If you look at when it started looking positive, this thing was still under 30,000 so a lot of the runup to the launch was due to people expecting an etf launch. The flows have just been living up to the hype. Katie and the flow is fascinating because as you know, when it comes to a lot of the lack forms and the big wire houses, is not necessarily that these products are approved with the full stamp of approval and yet we are still seeing billions of dollars of net inflows. We are at 7. 4 and basis. We have ishares its over nine billion in assets. If you look at the year to date numbers, ibid is number three. Its taken more money and you dont have to go very find very far. Some of things are the most traded etfs in the world. I dont know how much longer this can go on but if these things said they were going to be a flop, they been proven wrong. Katie plenty of people also taking a victory lap right now. Thank you so much. Tune in today at 12 30 p. M. For interview with mike nova gratz, Galaxy Digital ceo, perhaps also taking a victory lap now. We are back now with mandy zute. I wont ask you about crypto but lets talk about china. I comes to china related etfs, you see a lot of excited action particularly in the options space. We know the chinese stock market has been a big question all year. How are you viewing the activity you see there . We noticed very bullish sentiment in the chinese etfs and a lot of outsized call buying. Its more bottom picking rather than High Conviction view that china is headed for adorable rebound. There is still clearly a lot of policy risks and a big question in terms of their Economic Growth outlook. What stands out to me in the Derivatives Market is that people are using options to play this potential running out of the equity rally. Its been dominated by the mega cap tech names. We are seeing core allocations with tech but using options to look for potential laggards and where we could see a rally. In the u. S. Its been smallcap equities and internationally, a lot of x u. S. Indices. Europe, japan etc. Have been a noble a notable theme. We are excited to be launching options on three new ms ci acquisitions. That will help investors navigate and play that. Katie lets talk about emerging market specifically. Weve been talking about low volatility in the u. S. But when it comes to emerging markets, the ball has the bar has been low which is not what you would associate with em. If you look at the vix, the spread versus the vix really blew out early january with what china was going through. Since then, it has come in quite a bit. Is the outlook for china improves as we see more policy support for the region, if em can decouple from china and im not sure if it can, when there is heightened china risk, em volatility picks up. It has not decouple. Katie i feel when it comes to em especially in the last couple of months, i have this unbundling conversation and i talked to people bullish on em but its em exchina. For sure and one thing to keep in mind is if we take a step back, i think whats going on with china could have a dampening effect. Weaker Growth Prospects coming out of china is why Commodity Prices have been retained despite the geopolitical risks. China has industrial policy subsidizing exports means we will probably see greater than expected goods deflation. When we talk about fed policy and the path forward, china will play a big role in that. Katie we talked about china and the u. S. And em more broadly but we havent talked about europe. You hear the random call for europe outperforming the u. S. This year. Are we seeing any positioning along those lines . Not so much in europe because the european backdrop and growth story is not there yet. Recent data has come in better than expected but the outlook for the year is weaker growth out of europe. Its also more persistent and sticky inflation there. We will see what happens in that region but europe is a region that is most exposed to is more exposed to china than the u. S. If europe is exposed to china weakness, thats probably not where you want to be. Katie i really enjoyed this conversation. Still ahead, we will look at the Companies Making the most social was today. Thats up next. This is bloomberg. Super excited to open up my diploma from Southern New Hampshire university. Im nervous, im excited. [man] okay, lets see it. Lets see it. Oh my gosh. Jesus suarez, i did it and its here. group cheers [narrator] next term starts soon. Visit snhu. Edu. Visit snhu. Edu. Katie time for social climbers, look at the stocks making waves on social media. First up we have c3 ai effort reporting cells that suggested customers a responding positively to the companys new aibased apps. We will speak to the companys founder and ceo today at 4 00 p. M. New york time. Next up, best buy reporting sales that beat expectations. They are in the midst of reversing a twoyear slump due to softening demand for electronics and appliances. Finally, we have Weight Watchers international shedding more than its share price, Oprah Winfrey is leaving the companys board. That is a fresh blood to accompany struggling to compete against obesity drugs. It was recently reviewed revealed that oprah use these drugs as a maintenance tool. Weight watchers is currently off by about 24 . You can follow all the latest company buzz on tre go on your terminal. Its an update, small one nonetheless. The s p 500 is up by about 0. 3 . More if you look at big tech where the nasdaq 100 higher by about 0. 6 . Volatility continues to fall and so do yields. Coming up, hyatt on a sixday winning streak since beating a summons last week. An occlusive entity with the company ceo next. This is bloomberg. You got this. Lets go. Gobble gobble. Ive seen bigger legs on a turkey rude. Who are you . Im an investor in a fund that helps advance innovative sports tech like this Smart Fitness mirror. Im also mr. Leg day. 1989 anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. I go through a lot of pants. Before investing carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com. When i was your age, we never had anything like this. Investment objectives, risks, charges, expenses what . Wifi . Wifi that works all over the house, even the basement. The basement. So i can finally throw that party. And invite shannon barnes. Dream do come true. Xfinity gives you reliable wifi with walltowall coverage on all your devices, even when everyone is online. Maybe well even get married one day. I wonder what i will be doing . Probably still living here with mom and dad. Fast reliable speeds right where you need them. Thats walltowall wifi on the xfinity 10g network. Katie we are keeping an eye on travel stocks as they approach multiyear highs. This chart shows stock prices for hyatt, hilton and marriott. We see how quickly this shares recovered after the pandemic. The big trend is very positive. Lets dive deeper and look at weekly sales. We have an amazing tool called bloomberg second measure, weakly observe sales and we see a slowdown. This is out of the week ending february 18. The biggest decliner is hyatt, 22 . The smallest decline was for hilton, 3. 5 . For the industry overall, the median was an 11 decline. There are some concerns for customers, maybe it is affordability question or inflation. Its good to look over all globally and compare demand across different regions. We track jet fuel demand for Passenger Airlines across the world. Three regions will account for the biggest gain this year. Those regions are asia on top, north america, followed by western europe. This postpandemic rebound is kind of slowing down and probably growth will be muted. Its interesting to see if it will be translated in stock prices. Katie thank you so much. For more on travel and leisure, we are joined by the hyatt ceo. Hyatt reported earnings last week and i want to bring you something you said on the Earnings Call and that is we dont need to be the biggest in the industry to be the best because we have and will continue to play the game differently. How is hyatt playing the game differently . First of all, nice to be with you and thank you for having me. We have focused intensively on the high end traveler. We significantly expanded our luxury and lifestyle and leisure portfolios over the last five years. Part of that has to do with the fact that weve been selling Hotel Real Estate often redeploying the capital into acquiring platforms and businesses that have yielded tremendous results. If you look at 2023, the businesses we acquired earned roughly twice the amount of money the hotels we sold in order to buy those businesses had made. We significantly expanded shareholder value but most in courtly, we are applying our core business is a company which is caring for people so they can be their best into how we differentially care for our corporate customers, our guest, her colleagues and that translates into Great Results for the hotels. Its a supportive value chain we created. Over the course of time, weve added a lot of great brands. Katie lets talk a little about the high end traveler. You did grow your net rooms but you also grew fees per room. We talk about Pricing Power but when it comes to the high end, the luxury traveler, do you still have that Pricing Power . Yes, when you look into the future, the data we got is somewhat shortterm but our pay switches forward sales in the First Quarter for our resorts throughout the caribbean and mexico are up 11 . Our forward sales which is larger convenings is up 8 for the whole year. Business transient which is already above prepandemic levels in china and europe is increasing in the United States. There is tremendous ability to maintain and grow pricing. In every one of those cases, the increases include some increase in occupancy but also increases in average family rates. We see continued growth in rate across all of the demand groups we serve. Katie if i take a look at your average occupancy, is still lower than 2019 levels but it sounds like you made up for that on the pricing side. Thats precisely correct. Some of the areas that have been lagging the most is in our large Convention Hotels where we are four or five points of occupancy lower than prepandemic. Youre actually right, total revenues are up and is largely driven by rate. I think we will see a more balanced increase in 2020 for them we had before. Our own situation is that we grew our revenue per available room in 2023 by 17 . Our outlook that we mentioned on our attorneys call last week was up 35 for 2024 which sounds dramatically lower than the 17 but thats off of a base this much higher going into the year. It is continued momentum, positive momentum across the board and across the globe. Katie do you see returning back to the 2019 levels has the nature of travel when it comes to conferences changed . We are already above 2019 levels in revenues for group travel. I think our occupancy opportunity and further rate opportunities will keep us ahead of 2019 levels in terms of group. We are operating somewhere between 20 and 30 higher than where we were prepandemic. Business transients will recover in the United States. Its already above prepandemic levels in europe but ive seen that in individual Business Travel in the United States this year in the First Quarter. It gives me encouragement to know we are on our way that its not just getting back to 2019 levels but going beyond those. Katie at least in miami, it feels there is a conference every single week but thats a different conversation. It seems like wall street was particularly jazzed about the 80 sale of the Unlimited Vacation Club business. I want to talk about why. Does this alter your strategy or was this more about simplifying your disclosures . You are paying a lot of attention. It was about simplifying disclosures. Its a great business integrated into our allinclusive business. The club itself provides tremendous benefits to its members. Its been growing at a very healthy rate over the last five or six years. It really is a great additive value for the members of the club. Its also great for hotel owners who invite those members into their hotels and they are high spending and frequent travelers. The issue with this business is that its a subscription model which has accounting associated with that has a lot of deferrals in it. To recognize 100 of expenses upfront and revenues amortized let you know how you collect cash and weve explained it many times but there is no substitute for simplifying it and thats what we did. Katie i appreciate you explaining it again. I am curious to get your thoughts on this narrative of Revenge Travel, revenge spending which explains what we are seeing in the entire travel industry. Is that what you see as well . Would you expect it to peter out from here . Yeah, i would say we can retire the word Revenge Travel and talk about the fact that people are so connected with the feeling of being able to be mobile and going out and experiencing different things. Ill give you one example which is amazing. When taylor swift did her three night concert stay in chicago, the city exceeded its peak Hotel Revenues by a wide margin in the entire history of the city. The taylor swift effect is real. Its not Revenge Travel, thats like a great experience that people can say on going and i understand it will cost me a lot of money but what an experience i will get and i think thats true in leisure and on extending business trips and in convenings. Our corporations, or corporate customers are really leaning into the experiences. Its really going towards more experiential and prioritizing events. Katie thats a good place to leave it. Taylor swift and economic mark. I enjoyed this conversation. High it is trading close to an alltime high right now as are many of its peers. The travel industry is on fire right now. Lets see if the Broader Market is on fire as well. Abigail i dont know if i would call is a fire that its a bullish bump. If we look at the s p 500, overnight a little bit of weakness but not a major decline. The pce number came in line offered some relief and you can see the rally higher, up about 0. 5 then down with the potential negative. It will be interesting to see if you take a look at bonds, not a lot of movement there. As the day goes on, we will see what investors do. As for individual movers, snowflake is soaring and they upgraded in Advanced Micro Devices up. Citigroup put out a note that said they are wildly bullish on chips and ai. To the downside is marathon, down 14 but they put up a good quarter but is the big rally into the report even including this decline, the stock is nearly is up nearly 50 of the nonmonth. Snowflake is down and change in the csuite investors is what they dont like. Our do believe we are at the end of february. Given the work you did this morning on the open, it is bitcoin up in a massive way, up about 50 on the month of february alone. We have the russell 2000 and the s p 500 up five and 6 so risk on month relative to stocks. The outlier happens to be banks. The bank index is down. If we put it all together with the s p 500, the index is up four months in a row. Thats a positive and you can see out of the october close, higher highs but whats interesting and we continue to point this out is that the best rsi for the index was back in december where the s p 500 is. Its significantly higher, well above 51 almost 5100. The momentum is not as good in this tells us there is some buying. Right now, were looking at a bullish picture for the month of february. Katie for better or worse, i would recognize a bitcoin chart almost anywhere. Thank you so much. Coming up, repricing with the fed will do and where to invest. We will hear from the Goldman Sachs asset manager next. This is bloomberg. Investment opportunities are everywhere you turn. Do you charge forward . Freeze in your tracks . Or, let curiosity light the way. At t. Rowe price, we ask Smart Questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. Better questions. Better outcomes. How am i going to find a doctor when im hallucinating . What about zocdoc . So many options. Yeah, and dr. Xichun even takes your sketchy insurance. Xichun, xichun, xichun youve got more options than you know. Book now. J. P. Morgan Wealth Management knows its 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, lets take a look at your new investment plan. Ok, great this should have you moving in the right direction. Thanks jen. Get ongoing advice; and manage your investments in the chase mobile app. Abigail this is Bloomberg Markets. Coming up mike nova gratz, the digital ceo and founder. This is bloomberg. Katie its time for wall street week. We look at the best places to be in fixed income. Lindsay rosner spoke with wall street week host david westin on where they are finding investors. Its an interesting environment right now. Yields are abundant. However, spreads her tight. You really need to be thoughtful about where you are taking that risk. Where are there opportunities . U. S. Investment greatest tight spreads. High yield is pretty tight, tighter than average as well. What we find interesting is in structured products. Mortgage backed securities, even some assetbacked securities. David what does the market have wrong about that . Its not necessarily of the market got wrong but whats happening in the market has changed dramatically. Think about fed funds and the expectations there. We started january two months ago with 150 basis points of cuts priced in. This morning, it was 80 basis points. Theres been this week pricing of what the fed will do. Where we lived in 2023 and even started in january was a world in which the fed may continue to hike or at least hike in the hold. At those high Interest Rate levels, its very difficult for some of the collateral in some of these different structures in structured products get to give value. Commercial mortgagebacked, underlying is commercial real estate and we know whats happened to that. There is real concerns if there is a wall of maturity, had as they get refinanced and at what rates. The market was pricing and with those rates would be which is higher and decrease the value. We had a consequential cpi print in october which told us a soft landing is on the table. And disinflation is taking hold. That has change the narrative you see in the rates market. For us, we believe that changes the expected return or the outcome for various parts of structured products. David . There has been a real shift in the expectations about rate cuts this year. Some people think thats a bad thing. I wonder if the reason the markets were pricing in that many rate cuts was the anticipation of a chance of recession and as that goes away, it reduces the need to cut rates. There is definitely less a view of recession. Goldman had a fantastic call last year, calling for a soft is landing. Many were calling for a recession and we really are getting a soft landingish situation. As that has come off the table and solid gdp revision came out today as well showing strong gdp numbers, as that recession is coming off the table, the fed doesnt have to do those insurance cuts to protect and not worry so much about the downside and protect the economy. Instead, they can be more meager and take some time to make sure that inflation is coming down in that growth is not reaccelerating too much. There is kind of a happy medium they are looking for. David it sounds like a good idea that as we sit here, it looks like things are pretty good in the United States with the economy doing well and the labor market is in good shape. What is the risk we should be looking out for . Early in your career, you had experience with risk at lehman brothers. I was two years out of college so i am not responsible. I learned a lot. What i learned and its never left me is that you dont necessarily know what the risk will be but risk will come. This is the idea of the blocks one as well. It happens with frequency. This is the idea of the black swan as well. A few things that come to mind his geopolitical. You can literally spin the globe and put a finger down on your likely to point out a geopolitical tension issue or something more pronounced right now. Of those issues that are out there, especially ones that started in 2023 or earlier, they are unresolved. Its not like we crossed an issue off the list and said this when we can put aside. It still exists. Thats something thats important to remember that can be out there. Whats been interesting in the market is typically when there are geopolitical flares, you see a flight to quality rally. People going to treasuries and thats not been the case. There is an exuberance and its been that are we thinking about things properly, are they properly value . Geopolitical is one thing but the other one is an interesting technical thats developed in the market which is the private credit world has grown. Im sure you spoken with people who are a part of private credit or speak about it. It is a 1. 7 trillion market right now. Thats really big and weve never seen it this big. The interesting dynamic is that money has been committed to it not all the capital has been pulled. As you are a private credit investor, youre waiting for your capital to be called to go, where do you put it . I think thats a big question. Its probably not sitting under a mattress somewhere. Its maybe in money markets or u. S. Investment grade funds or maybe its in public high yield because that is more analogous to what investors think they will get in private credit. Katie that was david westin and Lindsay Rosner of golden sex asset management. We will hear from the San Francisco fed president tomorrow. This is bloomberg. upbeat music awww. Awww. Awww. Nope. Constant Contact delivers the Marketing Tools your Small Business needs to keep up, excel, anow. Constant contact. Helping the small stand tall. Katie a new poll from Bloomberg News shows former President Donald Trump is maintaining his lead in the seven key swing states as voters remain concerned with President Bidens age. Joining us for more is balance of power coanchor kailey leinz. Read through the details of this poll. It sounds like voters are not just about either candidate. Kailey and they havent been for pretty much the duration of this race. This poll is not good news for the incumbent president. Trump is leading him on average across all seven swing states by about five points. Even if you add thirdparty candidates, trump maintains that lead. Is the age questions and eight and 10 voters answered that biden is too old and that includes young voters, black voters, female voters. Less than half think that trump was just four years younger than biden is too old though they are more likely to view trump as dangerous. Six in ton six in 10 said that. Economy is still the number one issue. Immigration is growing as an issue in the states thats worth keeping in mind that President Biden is making a trip to the border in brownsville texas and he will speak from their donald trump is making a trip of his own a couple of hundred miles away and it speaks to the immigration issue being front and center in this election cycle. Katie thank you so much. Its a long road to november but this poll doesnt suggest too much good news for president joe biden. Tune into balance of power tonight for an interview with Senate Majority whip dick durbin. Up next, framework ventures joins bloomberg technology. Thats coming up next but that does it for Bloomberg Markets on this thursday. This is bloomberg. This is bloomberg technology, with Caroline Hyde and ed ludlow. Caroline i met bloomberg World Headquarters in new york. Ed im in San Francisco. Caroline coming up, full earnings coverage ahead. Salesforce, paramount, to name a few. Ed bitcoin pushes toward a