[applause] >> >> from the financial centers of the world, this is bloomberg markets with alix steel and guy johnson. alix: 30 minutes into the u.s. trading day, wednesday, may 17. the top market stories this hour. target misses the bullseye. they miss second quarter estimates, softening sales trends. tjx also misses on comp sales. you buy the food and forget discretionary with walmart. jp morgan says we need a recession to tame inflation. we will take you live to the conference with mark, avenue

capital chairman and franklin templeton investments ceo jenny johnson. if we get the recession, the fed will have to cut by the third quarter. we will speak to former fed vice chair richard clarida duck. i'm with guy in london. welcome to bloomberg markets. a lot of interesting reads from big-box retailers. guy: -- let's pay attention. we will continue to flag what is happening and get more detailed. the retail story is front and center. yesterday was the retail sales data that was better than anticipated but we are getting a more nuanced picture. tjx, we are getting it from

target, we will hear from walmart tomorrow. it is common in the united states to talk about leave the gun, take the cannoli. take the desert. it feels like it is happening. alix: like you are ditching all of the stuff, buying all of the things you have to eat. food and drink. it led us to the question, it took a while for him to get but he got there. guy: it is a process. the question of the day, it refers to people dropping discretionary and going to the staples. leave the tv, take the tv dinner. you can change it for a cannoli if you are a godfather fan. the ceo and -- price target of 95. this has been the story for a while. people have been swapping one for the other.

discretionary for travel. a lot of mix. but how should we think about this trend and is it the trend of the is that the right way to think about it and invest? >> bet is what we are seeing, discretionary facing headwind. but with tjx, you saw apparel and accessories very strong with a better device margin. that shows a value inconvenience. you are thinking about the trade down that is happening, it is in the midst of happening, you're seeing them shift to the off-price for some of those goods. you heard about it from tiger -- target, discretionary has been the weak link. we are in the early season -- more to come, let's hear from walmart tomorrow. and supermarket essentials has to be where the action is.

alix: is tjx eventually going to follow the rest of retail where we are all buying groceries instead taco -- instead? dana: i think it will be a gain of market share because of the brand of goods they can get at great prices. that is driving the strength. guy: this is a good point about what is happening with branded goods. you are seeing it in groceries as well. you have not seen the shift the way you normally would have anticipated. the consumers behaving in interesting ways right now, we are swapping discretionary for nondiscretionary, spending more on food. but when we are buying food we are sticking with the higher price brands rather than going with the white goods. message is not convincing that the consumer is trading down. the consumer is still holding onto the luxuries they want to hold onto and that implies they are not that stressed yet. alix: how long does that last?

dana: there is an expectation it will be improving on the back half. the rising interest rates feel like it is beginning to have stress on the consumers. we have even heard that at the high end, the luxury goods space, there's been a moderation. look what you heard from tapestry results last week. from steve madden. the orders from some of the wholesale accounts are slower. on the discretionary side, there is more mindful purchases going on. both from the department stores and consumers. guy: if the potential to get inventory wrong -- is a greater given the shifting trends? how big a risk are these retailers running? dana: inventory is coming down. probably faster than expected. it is a more promotional time period than last year. you may not be back at 2019

levels but it is there. in one of the accounts want to chase into goods to minimize the risk of markdown merchandise. alix: the way we are talking makes it feel like this will be the holy grail for walmart. they have discretionary, pricing, they have stable staff. am i right? dana: they are more essentials, they certainly have a big purview and share opportunities to gain. i am anxious to see their numbers tomorrow. they're obviously less discretionary than target. guy: can i ask about electronics? it may not be an area of specialty but i'm curious. it is an area of weakness. we ask about training the tv for the tv dinner and maybe that is spot on. what is happening in electronics? if the consumer starts to push

back, could we see significant discounting? 's dana: it seems like the two ways or areas of concern is home and electronics. during the pandemic, people bought electronics and outfitted their home and now they are looking to go out, travel. with the dollars they have. some of the price increases on the food side is not coming cheap but that is where the traffic is going. alix: what is the probability we may be underestimating the consumer? how much money to people have to manage a downturn echo -- downturn? dana: the back half of the year is when everyone is hopeful there will be a pickup in the easing comparisons. that could be the surprise. it is all about the back half and the chasing into inventory, should help allow for better margins. it remains to be seen. we have seen all income levels

moderate their spending, specifically to down in march and april. alix: because they are all going into money market funds. appreciate it, dana kelsey -- telsey. we will go to the annual conference in new york city. mark will share where he sees opportunities. this is bloomberg. ♪

alix: taking you to the conference in new york city where sonali basak is standing by. sonali: thank you. i am standing by with marc lasr

y, founder of avenue capital which he founded in the 90's. i'm excited to talk to you. we are approaching a choppy environment and a lot of fear about what a recession could look like. the reality is you do very well when values start to drop, playing in distress. do you see that opportunity here? marc: it is happening right now. i think it is going to get worse. the similar reason is people need money and banks have pulled back. at least for us, this is a phenomenal time. we are just lending money and we are able to lend at higher rates than we used to. this has been a great time. sonali: is this all of the activity you saw happening out of the regional banking system? how much are you able to step into that? marc: it started as rates moving up. banks have been pulling back.

then what ended up happening with silicon valley national has made banks, especially regional, pullback more. you are finding on the money central bank, jd, city, -- citi, b of a, they can't do that. so we are able to lend money, you got the terms and collateral you want. it is as good as it gets and it is going to keep getting better. sonali: how much capacity is there right now echo there is talk about a credit crunch and the idea that there is going to be a widescale contraction in credit. private credit can take some of that but what is left? marc: hundreds of billions of dollars. i don't know the real number. it is an issue. you are going to see it is going

to have an impact. that is one reason the fed is going to have to lower rates. right now, the fed is worried about inflation. sooner or later it will worry about a recession. when you worry about a recession, you lower rates. is it three months, six months or nine? it is going to happen before next year. sonali: what is your base case about what a recession looks like? marc: mild. at the end of the day, the biggest problem is the lack of capital. businesses need capital to expand. it is either going to be us that provides at or private equity. orders going to be banks. we going to charge more. we're going to charge less than private equity. sonali: if you think about the risks in the market and financial tightening, one worry

is the debt ceiling and what this dispute means for financial conditions. how concerned are you? marc: it is an issue. i believe that people ultimately will do the right thing. i think if we default, that is bad for president biden and republicans. it is bad for democrats, not for republicans. people should act in their best interest. but they should focus on acting in the best interest of americans. why do we want a default? it makes no sense. we should not default because it is going to create issues and repercussions that we don't understand or know about. there is no reason to go down that road. the markets are worried about it but ultimately the market believes there is going to be a solution. sonali: talk us through the ramifications if the u.s. were to face a downgrade. what is the ripple effect in the

market? marc: the markets could go down quite a bit. i don't know the number. it is how bad is it? does it get resolved within a day, is it a week, a month? the longer it would take, you are talking about equity markets getting hit hard. so ultimately, both sides would quickly compromise. but why do you want to go down that road? it does not make any sense. people will lose? -- people will lose -- you're talking about hundreds of billions of dollars of value lost. who is losing that? the average american. it does not make sense. sonali: despite the debt limit issue and a lot of what you are seeing in the regional banking system, we are seeing the fastest pace of bankruptcies since 2009. what does that mean for what is still to come this year?

marc: more issues. there are a lot of issues out there. you're going to have more bankruptcies, more problems. that is why the fed is going to lower rates. they will have to. then the question is is it mild or hard? i think it ends up being a mild recession because the economy is doing well. you will need more money into the system. that is why the fed will lower rates. sonali: i think it is telling, we are in a tough fundraising cycle. investors are nervous about a recession and the debt ceiling. there are areas people are excited about investing. one being sports. you started at salt today speaking with alex rodriguez, former yankee star, about recessions, housing, investing in sports. you sold your stake in the bus. what does that mean -- bucs. what does that mean in terms of

where you are putting our money? marc: i was looking at the value of professional sports team's -- for me it was the right time to sell. we will find out in five years. everybody will say you should not have sold or they will say that is a great sale. but i want to raise a forts -- sports fund. i think there are massive opportunities but they are in smaller teams. i want to invest in africa, europe, asia. i want to invest in women's sports. if you think about what is happening, it is all about the media. more people are watching sports and as more people watch sports and there is more straining, you will find the values of those teams are going to go up. but i want to invest in a team that is 50 million or $100 million, that can be worth 500 or $1 billion in five or 10 years.

when i sold might stake in the books, i don't think that team is going to be worth five or 10 times that amount in five or 10 years. i think it will go up. but where the opportunities now are. it is the smaller teams. i bought a pickle ball franchise and paid $100,000. sonali: are you calling the top of nba valuation? marc: no. those will keep going up but they will go up five or 10% a year. pickle ball three years ago was 100,000. today it is 10 million. that is 100 times. sonali: how much do you plan to raise in this strategy and are you pivoting as an investor? is it that drastic? marc: not at all. we do private credit. that is a massive opportunity. you have a huge opportunity in sports. that is something we are going to focus on. what i'm saying is more

straining, more interest. people now have more interest in their local teams. you are going to see that women soccer and women's nba, w nba, they will go up in value. i want to invest in that. when you look at real money is going to be made, it is also in the private credit side. there is huge opportunities. sonali: are you able to buy bonds given that spreads have not meaningfully whited out? marc: you want to buy bonds and companies that had problems. silicon valley national, those bonds were at 30 and they are now at 60. there were trading around 1, 1 or two. now at seven. you got opportunities but you have to wait. sonali: so you buy more regional bank bonds? marc: once they end up having issues. i need to wait for a company to

file, where things are at their worst, that is when we want to invest. sonali: what is the best opportunity to invest in right now? marc: i would say private credit because you are getting massively overpaid without risk, and i think investing in sports for a simple reason. if you are right, you can make five, 10, 20 times your money. sonali: thank you, the founder of avenue capital. guy: great stuff. fantastic conversation. more from the conference coming up in the next hour. jennifer johnson, franklin templeton investments president and ceo, looking forward to that. elon musk switches gears, tesla considering adding advertising efforts to reach more buyers. details on the startup. we will take you to san

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alix: 22 past seven on the west coast. we are catching up with stories from silicon valley. running us is ed ludlow. good to see you. elon musk is thinking about advertising for tesla. ed: i don't know if that means if you are driving down the 101 in california, you are heading to montauk on the weekend, long island, you're going to see billboards everywhere --

traditionally they have not advertised on normal channels. they have not had the need. it has been by word-of-mouth. tesla owners taking their experience to others. but there was an admission from elon musk that if they spend on advertising they could reach an audience they have not tapped. guy: is this admission that the competition is serious? ed: that is the question. tesla maintains the demand outpaces their ability to supply. the example we discussed on bloomberg radio is afforded and the f-150 lightning. there is evidence that people who buy those cubs have always done so. there is brand loyalty. now ford has an electric version. if tesla were to advertise, would they reach a customer base in the u.s. in particular that is brand loyalty to names that are not tesla?

remember the super bowl example. tesla never ever ties is at the super bowl. yet after every super bowl, they post a chart of google search. when gm does and add, tesla benefits. we don't know how the size or scope of the spend, but it is a change of tack. alix: is it going to work? part of me is skeptical people don't know what it tesla is, but is this going to make a material difference in terms of the demand side of the equation? prices are already coming down. what else do we need a? ed: good point. the average selling price is often higher than a tesla vehicle, a change from the history of electric vehicles. the point is that ev's were expensive. if they were able took me to get that, that is what people like ross gerber -- when he said he

wanted to run for a board seat, one proposal was to get tesla to do advertising. two better comedic eight when he saw as a good offering from tesla. interesting as well. since elon musk bought twitter, the tesla account has ramped up its activity and that is a form of advertising. guy: did you forget something? ed: i saw jonathan ferro rocking some shade and i take after my peers and mentors. guy: excellent. ed: this is guy johnson hair. i walk into a harbor and say give me the guy johnson. guy: it looks good. fantastic. i will try to reciprocate with a mustache. no i won't. it looks great on you.

i'm not sure what caroline will think. we will find out, carolyn hyde and ed ludlow, technology at noon. rich clarida coming up as well. this is bloomberg. ♪ s change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh unique style, ( ♪♪ ) cutting edge innovation... ( ♪♪ ) ...and thoughtful details... ...inspired by you. ( ♪♪ ) from the brand that delivers amazing ownership experiences, this is the first ever, all electric, rz. this is lexus, electrified. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile.

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alix: about an hour into the u.s. trading session, volume not great, not seeing a lot of movement. the earnings story is interesting. abigail tracking the moves. abigail: the s&p up about .3%, bloomberg -- if dollar about the same. the dollar is higher, it is as it should be. stocks higher and bonds lower. one area doing well, regional banks. western alliance up 31% over the last four days, talking about their second quarter deposits. $2 billion, moving in the right direction. the last time they gave a read it was 1.8 billion and the

geordie are insured, up from 68%. and lift for that sector. target of 1.8%, kept the year by taking down the second quarter. some weakness, they think they will move through it. home depot after the earnings disaster, bouncing back. tesla higher after the investor day. tech is digesting it, a sign of help. this is interesting, the 10 year yield. for many years this was the great bond bull market, yields going lower over 40 years. well below during the pandemic and now well above. it is very interesting. we do have the 10 year yield down about 30 basis points. even though the trend is broken, will we see a return to the main? basically the bond bull market.

we don't know but we can't rule it out. guy: yep. a lot of moving parts now. let's carry on. abigail doolittle, thank you. the u.s. recession is a certainty according to jp morgan. the firm says the fed may lower interest rates. the heads of global rates at jp mam said the market's right to be penciling in cuts. inflation is too high and it will take a recession to bring it back down. bloomberg tv sat down with a number of fed presidents at the annual atlanta fed conference this week. here what they had to say about the subject. >> when i think about the trajectory of inflation, we made >> a good progress on it. >>inflation continues -- >> inflation is down and continues to make progress. it is not as fast as we wanted

or expected. >> i want to reduce inflation and if increases are what is necessary, uncomfortable doing that. >> think about where inflation was last summer compared to today. we seen positive things happen. >> we should not be fooled by a few months of positive data. we are in well in excess of our inflation target and we need to finish the job. guy: not everybody is convinced cuts are on the way. let's find out what rich clarida thinks, pimco global economic advisor and former federal reserve vice chair joining us. our rate cuts erasing certainty this year? rich: they are not a certainty. they are less than 50-50. we could get rate cuts if inflation falls rapidly or we get a big increase in unemployment, which would lower inflation. but baseline, no. we are not going to get rate cuts this year. amanda: the theme --

alix: the theme from the atlanta fed conference is no one has a clue. everyone seems to agree cuts are not a thing. but whether we are holding or are going to hike again seems to be the question. how would you think of it? how do keep optionality to a market that is doing something different from what you are saying? rich: that is a challenge anyone my colleagues and i have been pointing out for several months. when the fed projects a note rate cuts, that is what they think is most likely. if we get eight rate change, it probably would be cut versus a hike. there is a back-and-forth on that. where the committee is over one mind or almost, i think they have bought into the idea that they want to pause for at least a couple of meetings. john williams made that point. there are lags in monetary

policy and a time to reconvening would be in the fall. they will have a pause, they won't declare victory, mission not accomplished. i think they will want to see how the data flow and inflation plays out. guy: when i hear some members talking about the possibility of hikes, should i assume what they're doing is a bit of expectation management? the best form of defense is offense. if i talk about hikes, the markets won't price in cuts. rich: there is an element of that and that is not unimportant. but it is a big committee, 19. i think powell deserves credit for holding them together. they have had to 100 basis points rapidly. i think he has held the committee together and i think they will hold together on the pause and perhaps revisit later this year. alix: if the fed was successful

in having the market price out the rate cuts, could not correspond to a rate hike? rich: yes, in the sense that one factor that holds down bond yields right now is some probability of those cuts and as you know and have reported, we have an inverted yield curve now. a record inversion, a lease going back 40 years. to some extent that is the markets pricing in cuts, if not next year, starting in 2024. guy: it is possible we will hear from the president, joining us from the white house. we'll talk about progress on resolving the raising of the debt ceiling. do you get a sense things are moving in the right direction and it is just details that need to be sorted out? is it -- are we at the point where we can sound the all clear? rich: having been through some of these, as a treasury official

20 years ago, it is not all clear until it is done. it looks like good progress. my pimco colleague has done a job covering this in writing about it. it looks like the parameters of a deal are coming together. into 2020 time -- it is like the spending increases. the parameters are in place, you can see it is done until it is done but it is moving in that direction. alix: we are going to see some discretionary spending cuts down the road. what is your growth outlook deco -- outlook? everybody is looking for a recession in the back half. what are you modeling? rich: there are more moving parts than usual. there will be cuts to growth

rates, not absolute spending. one thing to bear in mind. also, state and local governments have unspent money and we have a lot in the infrastructure package, the inflation reduction. there will be some fiscal impulse in the economy, even if there is a deal on the debt ceiling. guy: the consumer seems to have unspent money and continues to spend as a result of that. some of it on credit. but it looks like there is so money in the bank accounts as well. how long does that last? or week -- are you surprised where we are? the consumer seems to be supporting the u.s. economy in a big way. i think that is catching a lot of people. rich: a lot of checks were sent out in 2020 and 2021. 2.5 trillion of those were saved and not spent. we have had a drawdown of the

excesses saving. last year, gdp growth in the economy was around 1%, downshifting from six the prior. had we not had that drawn down in saving, last year would have been a recession. fiscal policy is very unusual and that it is having a delayed effect. it will continue at the margin to support consumption even this year. alix: we have been underestimating the consumer for six to eight months. if you were sold the fed and you were trying to price out the cuts, we are not going to cut until inflation hits this level at on a plane that one is the closest you could come to that that would justify a cut? rich: they have the unemployment rate rising by the end of the year. it is currently 3.5%. if they hold to that projection,

they see a slowing economy in the second half of the year. have inflation falling to about 3.5% on the preferred measure and no cuts. on their own projections, you think it would take more than rising unemployment or success on inflation. they do have in their projections for 2024 rate cuts. they do think policy isn't restricted territory and that they can be using year before inflation returns back to 2%. alix: great to see you, it has been a long time. global economic advisor and former federal serve -- reserve vice chair, thank you. we will explore how the inflation reduction act is adding to the woes of the car industry. adrian hallmark is joining us next. this is bloomberg. ♪

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simone: you are looking live at the printable room. coming up, the franklin templeton investment president and ceo points us, this is bloo. ♪ guy: a live shot from the white house, president biden will be speaking momentarily from that podium. he is going to be updating the american people on what is happening with the debt ceiling negotiation as he departs for the g7 in asia. the trip looks like it is going to be shorter but we will bring you that update as soon as we get it from president biden. we welcome our bloomberg television and radio audiences worldwide. a rare success story among u.k. carmakers since brexit. it is part of a bigger group

now. joining us now, chairman and ceo, bloomberg's resident petrol head matt miller. we are moving into an ev world so maybe we had to change that. there is a lot of sound and fury in the u.k. right now about the warning that is been issued by -- issued. goes to the idea that the u.k. has failed to develop an electric battery market, an ecosystem, and industry that is going to support the car industry at the mass-market level. unless that happens, it may have to walk away from the u.k.. does mass-market car production in the u.k. have a future unless the government figures out very fast how to solve this problem? >> i can't talk for still in test. -- cilento's -- i can't talk for

them. but it is a thing we recognize. we have eighth -- a free-trade agreement with europe that involves the automotive industry. we get mostly the same ability to trade with europe as we did before but it is more complicated and costs more money. millions per year, not tens of millions per year. there is devil in the detail. one detail is that starting from next year and in 2027, there is a rules of origin clause which says a certain percentage of components going into the vehicle has to be sourced in europe to avoid future tariffs. at the moment, the amount of supply base in the u.k. and batteries means it is unlikely to hit that threshold. volume car is going to europe and they would have to pay the duty and taxes. which makes them uncompetitive. that is what they have said publicly. i don't know behind the scenes. but it is fair to say the u.k. is behind the u.s. and the

european markets, but specifically china, in incentivizing it and creating investment conditions for abbott adoption of green mobility. matt: if everybody has these rules of origin clauses, does that make it difficult for you to do business globally, or does being part of volkswagen solve that problem? we have got them in the u.s., they've got them in europe. if you have them in the u.k. in china, you have to make your batteries in different regions. >> it is very complicated. the battery is such a big component. five to six times the cost of an engine and the engines were not cheap. matt: especially yours. adrian: i would not comment and they are good. but it is hard to -- given the value, taking the battery out of

the equation, all of these mechanisms are being discussed. because they are not agreed, we invest billions over a seven-year cycle, we will spend $3.5 billion over the next five years. the small company selling 16 -- 60,000 cars a year. it is difficult if you don't know the future value of that investment. that is the call to action that they and others are making. guy: it is about making sure the ecosystem is there, not just battery production. let's talk about some decisions you have got to make when it comes to your vehicles and the transition you are going to go through. what kind of technology are you going to be using? is it the technology volkswagen uses, the more specialized technology that porsche uses echo --uses? adrian: you're right.

we don't make small cars traditionally. going toward battery and electric vehicles, we don't plan to change the formula. we will make them as aspirational to look at, drive, experience and own as they are today. even higher. but we are looking for the equivalent of the 12 cylinder engine of batteries. means higher power density to generate enough energy to carry a big car, long distances. the equivalent of eight or 12 of the bentley in if you need to refill, and with more power. and that requires more energy and technology than the sale in the volkswagen group. we will be at the top end. only in 2026 we will launch our first. by then, the level of energy density and performance will be accessible, including faster

charging times then you can see today. matt: will you try and engineer some kind of vibration into the car? will you try and engineer -- i assume you've got a sound in mind. in terms of a luxury vehicle, no sound would be great i would think. maybe people are used to to some level of basic sound and certainly the vibration free -- it makes it feel like golf carts and not something you would pay half a million for. adrian: at least the high-performance lecture karzai driven, they may be quiet but they are very exciting. the key, authenticity is a key part of our proposition. so we won't put fake noises in. but there is a difference. if you took all of the sound away, there's is a difference in the frequency of an engine based car and electric bass.

there is vibration but high frequency. our trick is to minimize that and focus on the refinement of the experience. less than 5% of our customers by sports exhaust. if you drive 12 cylinder, you can barely hear the engine from the inside. our customers don't buy noisy cars. it is not their motivation. with got to make sure the emotional connection with an electric vehicle is equal or stronger than the connection with a combustion vehicle. we are committed. but no fake noises. guy: they're going to sneak up on you. are you seeing evidence that the upper end consumer is in anyway's lowered -- anyway slowing down? adrian: yes and no. the only indicator is the monday -- monthly order intake. the year so far, we have had two months among the best ever and two that were on plan.

but the fact that he is alternating and it is not as consistent as two years ago is an indicator that things are changing. even in the u.s., we have heard we are waiting for big announcements. everybody's waiting for a recession or something to change. so far it has not. if we look at the used car market, if you go back two years, you know what it was like when you could not buy cars. used cars were more expensive the new cars in the luxury sector. most brands, that is now normalized and residuals are better than we have seen in the past 20 years. they are not like we were the two-year period. matt: how quickly are you prepared to turn back production if we do see a slowdown in the economy? how fast can bentley act echo -- act? adrian: a couple of weeks. we've done a lot of work, our profitability is not just because we have sold more. we have taken about $250 million

a year through our -- out through brexit and our cost structure. we have looked at every step in our pipeline, optimized flows so we can achieve similar sales with about 15% less production and stock in the system. really running the whole operation lien. we have done the turn around and now we work on fine tuning. we are ready and we always will look at the early indicators and we will always adapt rapidly. guy: great to catch up. great to see you, always appreciate you joining us, adrian hallmark, bentley motors chairman and ceo and thanks to miller. we are waiting for president biden to speak. we have a shot of the podium at the white house. we understand he is going to be briefing us on the latest project -- progress being made in the debt ceiling talks as he prepares to the part for the g7.

as soon as the president speaks he will bring you his comments -- we will bring you his comments. this is bloomberg. ♪

guy: the train continues. index level action, there is none. the stoxx 600 dripping -- -- drifting lower. up equity markets lower by days. what gets them out of the doldrums? we will see. we will find out what progress we are getting from the president on the debt ceiling momentarily. euro-dollar softer. potentially 8107 handle starting to hope interview. down by .4%. comments down by nearly 35% in germany. the net interest income guidance was raised not enough to satisfy markets. coming up, we are going to talk

about what the president is telling us from the white house. also talking to the british chamber of commerce director in the next hour. does the u.k. it need to take more risk? this is bloomberg. ♪ hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever.

there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release of may. and follow the plan, it works.

i hate to sound like a broken record. look at this, nothing, and no action whatsoever. when do we break out of this? what is the catalyst? we will find out. this can carry on. the countdown to the close starts right now. >> the countdown is on in europe. this is "bloomberg markets: european close" with guy johnson and alix steel.