Abigail doolittle with us with the latest moves. Abigail mixed trading for the major averages. Down slightly. S p 500 and nasdaq up slightly. On the week, the dow is flat to up slightly on the week here the s p 500 is down. 1 . Is down 1 . The nasdaq down within 1 . It will be interesting to see if that can be reversed on todays trading action. The index is now, probably not. The currency markets we have a little bit of weakness in the bloomberg dollar index, down. 2 . That is after the jobs report that was mixed. We do have the pound trading higher, and the dollaryen strength,ng yen pressuring the dollar. A little bit of a safe haven play among the currency market. We look at the commodity complex. You have a little bit of a mixed picture of oil trading higher, recovering from the lows. 5 . Getting a nice bid up copper futures off of their lows,. Com or is down on the week. All of the Industrial Metals are down this week. The first down week since the election. Looking at the bond market, the big story was the massive selloff in november in bonds. 4917,e look at g btv this is the bloomberg Multiverse Global bond index, a very broad index. We see a huge selloff last month, 4 . Butthe worst on record, almost from the percentage standpoint. It will be interesting to see if this could be reversed this month. Nejra absolutely. We are seeing yields come down today, not only in europe, but the u. S. As well. The bond space, italys 10 year yield down more than 11 basis points ahead of the crucial referendum on the weekend. And while, downward pressure on 40 down. Rances cap italy down as well. Snapping a threeday advance on the ftse. It is on track with the best Weekly Performance among developed markets. The stoxx 600 overall on track for the first weekly decline in a month. As we look at what is happening in the currency space, sterling, 126. 59. The euro up five. 1 up by. 1 . You can see on this gmm function, brent crude up. 2 . Brent is on track for its best 2009. Ince as we look at volatility in europe, european stock volatility actually set for its highest level since Donald Trumps win in the u. S. Election. Not only that, but here the highest since august versus the u. S. We are seeing some concerns over the italian referendum, not least because of that feeding into volatility as stocks come too herecks come down, it bond markets, the italian bond market, calm. 10 year yield set for the biggest weekly drop since september. I told you they were coming down today here it also, looking at the euro heading for its first weekly gain in a month versus the dollar. Vonnie thanks. Very comprehensive look at asset markets this friday. Lets get to bloombergs first word news. Here u. S. President elected donald trump selected a retired marine general whose nickname is mad dog to be the next enron defense. James mattis retired in 2013 retiring asr career a fourstar general. He argues the u. S. Should play more assertive role at sea. Yesterday trump spoke to thousands in cincinnati, the worst stopped on his thank you tour. He walked critics and he mocked critics and said he would level the playing gold on global trade. President elect trump we want to compete in the world. We will compete in the world where it is a to railroad, not a oneway road. The advantages are going to come back to our country. Said that he plans to massively lower taxes and make america the best place in hire. Ld to European Unions believes agencies warning the United States is likely to carry out attacks in the eu in the future. Nearly a dozen people from the Islamic State may be in europe and are capable of committing terrorist attacks. U. S. Secretary of state john kerry paid a visit to pope francis at the vatican. Popes study. E john kerry is in rome to participate in a dialogue on security. He is also meeting with Sergey Lavrov and other leaders. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. This is bloomberg. Vonnie sebastian, thank you for that. Back to the u. S. Jobs report. Bloomberg. R look, my hiring picks up with employers adding 178,000 jobs. The Unemployment Rate hit a nine year low with four point x percent. 4. 6 percent. Does this give fans the green light to raise rates this month . Elerian weighed in earlier. Courage is the fed to hike in december if it needed more encouragement. The only thing that would hold it back would be a disastrous european followup to the election. Otherwise, domestically, this encourages the fed to hike. Importantly, it does not make the fed change its mind about the path of future rates. That is why the market response is so subdued. Vonnie joining us is another bloomberg columnist, betsey stevenson. And also the former chief economist at the labor department. Explain the 4. 6 Unemployment Rate to us, even as the Participation Rate went down. 1 . Why did we get such a drop in unemployment . Betsey we did see a great drop in unemployment. Is you dig into the numbers, you can see that participation went up, so did employment. The thing is these changes are small enough that i do not meet the standards of statistical significance. That is why it looks puzzling when youre looking at the topline numbers. They all add up to more people enter the labor force. Vonnie the Labor Participation force is down from 62. 8 . Dire numbers on Wage Inflation as well. 2. 5 yearoveryear. Is that enough to give the fed the green light . Betsey well, we did see wages tick down this month, but they were up last month. Over the year, wages are going or than inflation. I do not think the wage story is giving the fed the green light. What is giving the fed the green light is that we see people getting jobs. Unemployment down to a nineyear low. The economy is continuing to add jobs and grow. Hey need to raise rates they need to be ahead of the curve in terms of raising rates. They need to raise rates before inflation kicks in. I think everything has been pointing in the right direction for them to think now is the time. That point of raising rates before inflation kicks in, a link to the Wage Inflation. Wrote a great call about boosting wages for u. S. Workers is hard to do. How important is it . Know, what we see in the labor market is a labor market where some workers are doing really well, and others are not. Report shows the Unemployment Rate for collegeeducated workers dropped to 2. 3 . It is also the case that College Educated a gap from what collegeeducated earners earn and high school educated workers earn has never been bigger. Some are doing well, some are being left behind. That is the challenge of this economy. That is the frustration you saw voters take to the polls in november. That is the major issue that needs to be tackled. Fora what does this mean fed policy beyond december . The reason this labor report was so much in focus was not so much about december with the markets fully pricing in the rate hike, but what the fed would do next year. Betsey exactly. , as you already aired, the fed has to look at not only what is happening with the u. S. Economy, but the world economy. You know, that impacts the u. S. Economy in terms of exports. They are looking around to see how stable is u. S. Growth, but how stable is the rest of the world . I dont think this report, today, changes their view on the u. S. Economy. That we have seen is a strong, robust economy. There are not signs there are problems in the u. S. Economy. They will need to take a more holistic look around the world. Vonnie there is a decrease in manufacturing payrolls of 4000. Manufacturing is 10 of the workforce, but that is getting the attention of the politicians. To the politicians need to focus on the Service Economy in the United States . Betsey i think they absolutely do. Youre right to say, manufacturing is 8 of overall jobs and 10 of private sector jobs. If you look at the number of jobs that are destroyed every. Onth, it is around 5 million focusing on a few hundred or thousand jobs here or there is like focusing on trying to empty a bathtub one teaspoon at a time. We need to be looking overall at the types of jobs being created, the types of jobs being destroyed, and making sure we have the right Business Climate to encourage innovation and job creation in new areas. Down 30 ur index today. Thank you to betsey stevenson, the Bloomberg View columnist and professor at the university of michigan. Later today, a big interview you dont want to miss on bloomberg. Our editor and chief sits down with imf managing director christine lagarde. At 1 00anging interview p. M. Eastern, 6 00 p. M. London time, today on bloomberg andvision, radio, bloomberg. Com. Still ahead, italys turn to keep investors on edge. In rome for more on Matteo Renzis referendum. This is bloomberg. Vonnie this is bloomberg markets. I am vonnie quinn in new york. Nejra from london, i am nejra cehic. Vonnie a look at some of the biggest business stories in the news. Recalling 680 thousand cars most in north america. There are potential seatbelt problems in some versions of the ford fusion and the lincoln mpz. Ande have been 2 accidents 2 injuries linked to the problems. Mercedesbenz on the verge of becoming the best selling luxury car brand in the u. S. Sales of these sportutility vehicle more than tripled. Luxury car in the u. S. For the last years. Goldman sachs for lending guidelines according to those familiar with the matter. The review could tie to a deal that has been arrange for the 4 billion buyout of ufc ultimate fighting championships. It came after the bank appealed an earlier risk warning from regulators. The fed had concerns over accounting adjustments that inflated adjustment for the next martial arts promoter. That is your latest bloomberg business. Ahead, innovation, application, and execution. Some of the top players share insight on the future of Exchange Rates of funds. It is etf friday, and we will talk italy. This is bloomberg. Nejra live from london and new york, i am nejra cehic. Vonnie quinn. It is time for the etf friday segment. Lets go to julie hyman. Is bloomberge intelligences eric velti address. There was an etf conference at bloomberg yesterday. I was there, you were there. There were interesting things to come out of the conference called etf in depth. Lets go through some of the highlights, what you thought were the highlights. Some of them i was therefore, some im just. Blackrock said etfs are replacing futures and swaps because investment ranks are shrinking. What an interesting comment. A earthshaking. Etfs are thought of as replacing mutual funds. They will take into a 50 billion dollars this year. Active mutual funds will only lose 200 billion dollars, maybe 250 billion. They will trade 20 trillion this year, one third of all doesy trading or where this money and volume come from . Big institutions used use features and swaps to do things to manage their portfolio, to adjust or equity ties cash. Now they are using etfs. The regulations have eight banks less interested in holding risk on their balance sheets. Etfs have told him a lot of when investment banks used to do. This is an open session of how pervasive etfs can go in this area. This is different from their penetration into the Retail Mutual Fund market. Julie is this because etfs are more liquid . Take the futures contract for s p, there will be times when rolling your futures contract will be more expensive than the four or five basis points in the etf. The liquidity of etfs attracts institutions. The ability to get in and out quickly. A are fully funded, the stoxx, ofis a extra degree security. It is the liquidity. They trade more in the trips stocks at this point. Blue chips stocks at this point. Julie scarlet fu spoke to the wellknown reality tv night and etf guy. He said it was like i took the brains out of my best manager, and fired him. I have seenoleary, people try to sell smart data for years. Ive never seen someone so good at explaining smart beta in terms of how it takes the secret sauce of actives, the brains, putting it into making an index, based on rules. That is it. He talks about it being his best friend, but it is not a person, it is an index. Etf tracks the index here he loves there is no style drift. And is a compelling case why smart beta is probably a bigger threat to active assets than passive. Julie you get rid of human error, but also human intuition. I dont know how much a computer can duplicate that. Speaking of active, we talked about active versus passive. What they mean, what role does each play. Jim raleigh of vanguard set high Cost Management is dead, of course the vanguard guy would say that, but active management isnt. Eric they have one third of their assets active and are taking in money. Active in dsa and vanguard, they are taking in money. High cost active are in trouble. They are hurting. It is interesting. We had out the architect on the panel, he owns a small boutique active and thinks there is a password for people like that that make pure, concentrated active thats because when they work they work big. There could be a home or some high cost active in boutique specialized area because it is not scalable. Julie you can look at erics twitter stream for some highlights. I do not know if you are writing it up, but you can look on bloomberg to see what some of the highlights of that conference were. Back to you guys. It is crunch time for italian voters. Italian Prime Minister matteo renzi with the constitutional referendum vote here he is trying to change the constitution to streamline government. Francine lacqua has this report from rome. Francine as they vote on a constitutional reform, deciding if the senate needs to be curved back in terms of the parrot it has, taking back local authority strongholds. What the people and the markets are nervous about is that matteo renzi has staked his own political future on the outcome of a referendum. He wants a yes. You said repeatedly, if there is a no vote he will step down. Italy has had to exceed three governments in 70 years. If matteo renzi steps down, we may see more political risk, or at least instability, which investors dont want. The other problem is how do you deal with the banks. There are big ranks trying to raise capital. Does that mea investors internationally shy away from subscribing to the capital increase, and what is it mean for Smaller Banks . Some kind of rest to plan if the government is distracted, or if we have a technocratic government for a couple of months these are questions cometors will weigh monday. Francine lacqua, italy. Nejra francine also spoke with former italian rime minister mario monti who said stakes are high for matteo renzi if he loses the vote. Been abe where he has bit reckless is in putting his own political future on the line. Now he has put alot of water in but thereuscan wine, has been a perception that it might leave. It should be clear to everybody that in case no wins, and if mr. Leaves, which i believe he wont do, but in case you did, it will be his own responsibility and personal choice. Nejra that was former italian Prime Minister mario monti on bloomberg surveillance in rome. Vonnie still ahead, focus on Energy Continues with this weeks opec deal to cut reduction and the globalization of the natural gas industry. We are seeing oil scale back a little from highs on the week. Nevertheless,wti and brent are above 50 a barrel. Up. 5 . Ing at 51. 34, brent of 54. 14. The markets so far, liking the deal. This is bloomberg. Ive spent my life planting a sizesix, nonslip shoe into that door. On this side, i want my customers to relax and enjoy themselves. But these days its phones before forks. They want wifi out here. But behind that door, i need a private connection for my business. Wifi pro from comcast business. Public wifi for your customers. Private wifi for your business. Strong and secure. Good for a door. And a network. Comcast business. Built for security. Built for business. Hey, drop a beat. Flix . Show me orange is the new black wait, no, bloodline how about bojack, luke cage oh, dj tanner maybe show me lilyhammer stranger things, marseille, the fall in the same place as my basketball . Narcos, fearless, cooked the crown, marco polo, lost and found grace and frankie, hemlock grove, season one of. show me house of cards. Finally, you can now find all of netflix in the same place as all your other entertainment. On xfinity x1. Vonnie live from bloomberg World Headquarters in new york, im vonnie quinn. Nejra lets get to our newsroom here in london. Thank you. Accusing hackers of trying to use services in the netherlands that are tied to ukrainian company. The company says it has not been contacted by long for law enforcement. Austrias Constitutional Court overturned results. Party isreedom hoping to become the first rightwing head of state since world war ii in europe. At trump tower as the incoming commanderinchief those out his cabinet and senior staff. Among those on the agenda, john north and heidi dykema of dakota. Is a possibility of several jobs including budget chief. Michigan argues that Green Party Jill stein cannot seek a recount. Block trump is looking to the hand recount of all 4. 8 million ballots cast in michigan. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. This is bloomberg. Vonnie. Slightlyil, just higher today. Brent on track for weekly gains after opec announced it is cutting production for the first time in eight years. As part of our energy week focus, we are joined by the president of one of the world for Largest Energy investment firms. You have 130 employees, 61 Investment Advisors around the world . Thats right. Vonnie tell us what this deal . Eans for you and investing there is news with the cut of 1. 2 Million Barrels announced by opec, tough fought negotiation. The question we look at is not what happens to the short end of the commodities curve, which is what bloomberg reports, and i think a earlier you said this is the highest rise in a week for oil since 2009. We look at three or five years out, what happens in the context of the price of oil. You may have a 14 rise in oil for january delivery, but it had a very small impact and very longterm small impact on the very longterm investment we like to make. Vonnie and we are not back at the levels we saw a couple years ago. Hadhe bigger picture, we the opec deal, the Trump Administration beginning to form now. Where looks attractive to you in just the last few weeks given the changing landscape . What is really interesting, because of this opec deal, you have seen a rapid increase in gases in u. S. Oil and companies. They are up 14 so far this year. That creates an interesting private public arbitrage. You own oil and gas interests, i imagine you would see a a lot of filing for take as private managers advantage of very euphoric russian equity prices really, just to push you on that, can you give us some detail . You have seen filings with natural Gas Producers in wyoming. There are a number of operators preparing for filing. I would expect you to see those at the market vonnie and you would be getting in on the ipos . We like to make private investments and seldom to the public markets. I want to ask you about the longerterm because you are looking three to five years out. If i can bring your attention to this chart on the bloomberg. It is showing backwardation for the First Time Since 2014. Prematurelyeacting in saying that there are constraints . You would expect to the u. S. Shale producers to move in there . Good question. That backwardation is going to harm commodity producers. So, a number of financial players have been doing that arbitrage and will be getting out. The near term impact could be more oil coming into the system that could put shortterm pressure on prices. At the same time, i think the long end of the curve is really an indication of two things. One, people do not think the opec deal will stick longterm and people are worrying about risks with respect to oil and gasoline which is driven by fuel standards globally. Yeah. It is interesting because some are saying opec may have a up now,otive, pushing but looking to drive down the future price of oil. I am wondering what your longerterm perspective is for natural gas and Energy Despite mighthe nearterm boom a . We see natural gas as bridge with the paris accords. Fired powerts deep in places like the caribbean and africa and natural gas is quickly becoming a globallytraded commodity, no different than oil. We look at investments we made over the past year that are indicative of that. We made investments in the marcellus shale in the u. S. , drilling for natural gas. We made a private preferred transaction with a u. S. Publicly works Energy Company that with marsalis, really financing their pipelines. We made an investment in a pipeline that is going to same natural Gas Gathering system to the gulf coast in the u. S. , and we made a billiondollar investment in a subsidiary or Corpus Christi lng export facility to take that natural gas and move them to london. And places like latin america, where we have now made an a facility and are building a gas fired powerplant near santiago. So, its really thinking about the value chain about where energy, where it exists in abundance, needs to go where there is less of it. Think ofe typically commodities on an upward or downward trend, right . Right now it looks like a lot of them are on the way down. Chart ofok at this copper. It goes back as far as we can to 1985. It is obviously nowhere near its ties, 2011, 2010. We are on an up talk uptick. We see a boom as donald trump comes in . It cant be china, canada . Bill uc u. S. Inflationary expectations are starting to rise. You see it in the bond market. You see it in the commodity markets. A concentration is longterm commodities. Whether that is copper, iron ore, gas. There is a correlation with the valuation and inflation. We have been in a deflationary environment which has been very depressing on commodity prices. If there was a trillion dollar spent on infrastructure in the u. S. And a lot of potential borrowing for the u. S. Government to fund that, that would certainly increase expectations for a rise in prices. Vonnie very quickly runaway inflation . Not an economist, but i would assume those would be low until europe gets back. Vonnie all right, thank you. Bill thank you for having me. Nejra fascinating conversation. Coming up, what could a referendum vote in italy mean for Global Markets . We will ask our guests next. This is bloomberg. Vonnie you are watching bloomberg. Im vonnie quinn. Cehic. And im nejra fallout from the brexit vote continues. A look at how vonnie thought from the brexit vote continues. Nejra and regulators may be getting ready to put it to a stop. So, the november u. S. Jobs report was a mixed bag. Hiring picked up, with the economy adding 178,000 jobs as the Unemployment Rate dropped to 4. 6 . But some are urging caution even in the face of a surging stockmarket market. Here is bill gross. Is headline grabbing number. That would be a headline, but we are certainly not in the clear. The wagee look at number and theyoi coming down 3. 32 4. 5, it indicated to me that it is not as hunkydory as the market thinks. Nejra according to a survey, about a quarter of uk citizens say that there spending will be impacted by the decision to leave the european union. Less. Half expect to spend vonnie corporate china has been on an unprecedented shopping spree, snapping up Companies Across the u. S. And europe. Not everyone is happy about that. Regulators are looking at the deals. Here is what is behind all of the unease. Of these all businesses have something in common. Now owned, part owned, or about to be owned by Chinese Companies. Chinas dealmakers have been buying up american and European Companies at a record rate, and for the first time, china is running neck and neck with the u. S. As the biggest buyer of overseas companies, and that is making some lawmakers very nervous. So, here is the situation. In 2016, Chinese Companies more than doubled the record 106 billion in deals they amassed an 2015, put them in close to the u. S. For the number of overseas deals. Among the main concerns of lawmakers whether chinese firms, with their close ties to the chinese government, pose a security threat. Are payingtors particular attention to technology deals. Its involvement led to the collapse of deals europe was in 2016. Pular target china has been snapping up German Companies at a rate of two every two weeks. Germanys economy minister is demanding beer. Strengthen powers to next deals or impose conditions on outside countries. They say that it is unfair that it is hard to buy chinese firms, but Chinese Companies are much were free to shop around. They argue that china also gains an unfair advantage from easy financing provided by governmentbacked thanks. But chinese investors have served Many American firms from most typically they do expansions. A study in germany reached similar conditions. They warned that chinese turneas investment could into a trojan horse. Critics respond that that is a cold war mentality. In the meantime, chinas Companies Face a new uncertainty donald trump. Mr. Trump think of this. They take our money. They take our jobs. And we of them 1. 6 trillion. Company with u. S. The power to kill chinese trade deals will be headed by trumps treasury secretary. Vonnie that is your Global Business report. Had to bloomberg. Com for more stories. Traders areg up, pairing positions ahead of the italian referendum vote. We will get these respective of a fixed income manager. This is bloomberg. Nejra live from london and new york, im there a change. Vonnie and on vonnie quinn. This is bloomberg markets. Traders are pairing extreme positions ahead of the referendum vote. Joining us with his outlook, the head of fixed income for columbia threadneedle investments, which have 180 billion under management. So, jim, we have been talking all week about how markets have been pricing in a no vote in the referendum, but if you look right now, assets are really showing little panic. You see the 10year yield come down in italy on the bloomberg. You have the german and italy bond spread, you see that spread coming down, and 10year bonds have had the best weeks in september. What is happening . Jim i think a few things are happy. Number one, the selloff was big. Number two, there is a recognition that the ecb will continue to be a protective backstop against either banking in italy or the periphery itself, and finally, there is a recognition that perhaps the referendum itself is not the key issue. That is the starting point for a number of issues that then come lindsay does it mean designs, gridlock, a caretaker government that is effective or ineffective a lot of these things will take time. Its ok, so, lets say monday and we get the no vote, which is what you expect as well. Are we going to see a sharp selloff in italian and other peripheral assets . What happens longerterm . See someuld expect to weakness. I would not expect a sharp selloff until more clarity comes to light. You might see weakness spread to the italian banking sector. I think the against shortterm issue continues to be the under capitalization of the inking sector. The longerterm issue that is not addressed at all by the referendum is the structural flaws we see in italy. It is a weak point in a very weak geographic region. I would expect a little week is, probably focused on a little weakness, probably focused on financials. But not severely until we get more clarity. Vonnie more broadly, jim, this repricing happened, and it was not wholly related to the treasuries repricing either, right . That definitely had an impact. Was it a one time thing . Was it a onetime adjustment of inflation expectations, or do we continue to see more adjustments . Respect to theth treasury markets, you see a big change in expectations. I think we stop here for a while, but the mayor market in alive andhink, is well. You cannot explain the level of bond yields we were seeing just through growth and inflation. Expectation, it is low growth and low inflation will lead to a policy response that would continue to result in bonds,chases, government more negative rates, and the like. I think that expectation and policy response is now behind us and that is a game changer in my mind. You are seeing another selloff in treasury yields this week. Maybe you get another breather. The selloff has been quite dramatic. To see the inflation and citation elevated and you will see yields move still higher. Andie what does this move yields mean for the ecb next week . Obviously there are certain bonds in its university can buy more of now. Does that take the pressure off a little bit . Or does it expend extend the capital . An i think you will see extension. It is too soon to taper. Europe is far too soft to see any tapering. I will expect a sixmonth extension. I would expect will changes to go along with that. Perhaps not the p, but there could be modest adjustments to allow them to exceed not the could beey, but there modest adjustments to allow them to exceed the capital key. I think they could change the deposit rate and the issue limit, i think you could see an increase there, maybe 50 . That has been a key headwind in their ability to buy enough bonds. You say thatra the bear market is alive and well. Where then are you looking for tuesday . M i think there is opportunity in inflation links bonds still pure you see in the chart we presented the amount of volatility, and i think the geopolitical risk brings a new environment. Just because the bond market itself is not always going up, there is a lot of opportunity in volatility. You will see significant rallies on policy shifts, and there are still a lot of good opportunities in credit. Credit looks fairly healthy. A lot of each of atomics t rumponomics you see in the u. S. Will extend the credit cycle. Theres a lot you can look at in those policies. We do not know what is adopted and what is not adopted yet, but we think that Corporate Tax cuts are the most likely of his many platforms to be implemented. That is a net increase in Corporate Cash flow, and i think there is still value, despite valuations that are not extraordinarily achieved. There is still value in corporate credit. Want to ask just you about the austrian election as well. There are a number of events we are looking ahead to in europe this weekend. You think it will have little direct impact on market, but what are the wide implications and how will it affect your investing . We have felt the disenfranchised middle class would be revolting against the status quo for most of this year. For us, if we get an outcome where the Freedom Party wins in austria, thats one more thatost we are seeing is probably unique in the sense that, number one, for the first time, that really puts an antiimmigration, rightwing person within the core of the eurozone, and that probably does create a lot of questions. Perhaps it is not all bad either. Some of these it might lead to soulsearching about immigration policies. I think that raises questions about the netherlands, france, and the other elections next year, so my create more volatility. The markets as a whole, i do not expect that election to have a big impact on monday. You, jim, fornk joining us on the program. Coming up, more reaction on the jobs report. Plus, we look ahead at key events europe this week we just discussed italys referendum. 30 minutes until the close. We are seeing downward pressure on european equities. This is bloomberg. York. Is 11 00 a. M. In new in there hours left trading day. This is the european close on bloomberg markets. We are going to take you from washington to rome. Here is what we are watching. A mixed picture for the u. S. Jobs report with 170,000 jobs added in november. The blackrock cio of fixed income tells us what it means for the market in the fed this hour. Italys referendum approaches. On the topic of the global economy, a wideranging conversation with imf chief christine lagarde