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Single best Idea, What a show today with all the economic data CPI, retail sales in that and our guests rally great to have Dana Telsey with us a Telsey Advisor, way too short a visit with her, but important and retail sales are a little soggy, particularly the Control group. She made very clear that there's a partition in America. Luxury's really doing quite well. She's optimistic about a redo in China of demand, but away from that, there was
some sogginess to retail sales. What ad joy to have Gena Martin Adams with her courage to be in the market, Bloomberg Intelligence and just before her Edyard Denny truly iconic Edyard Denny reaffirming SPX fifty four hundred and the idea that corporations are moving forward. We certainly saw that within the equity markets as well. There was a little bit
of fed analysis. Paul Donovan outstanding. If you're on LinkedIn, We send this out Single best Idea out to Twitter and LinkedIn every day, and if you're on LinkedIn, look up Paul Donovan of UBS. He does a great, great job bringing the UBS knowledge to LinkedIn. Mister Donovan was fired up today about a FED that is not so much wrong wrong, wrong, but much more behind behind behind here is Donovan of UBS.
I would be looking to cut rates already because if you look at the market based prices, the prices that FED policy actually influences. That's in this inflation territory. You look at durable goods prices, that's in outright deflation territory. Here it does how therapy think that keeping interest rates higher for longer is going to bring down owners equivalent rent because newslash it isn't it doesn't have any impact on owners equivalent rent. It certainly off for the downside
might actually raise it. And that's where we're finding this stickiness in inflation. It's in the made up prices, the fantasy prices. Now we saw obviously a big bond market reaction. So the last CPI print, the March number, which came in stronger than expected. Why did it come in stronger than expected because of rents in Detroit. We can't base an entire country's monetary policy on whether or not the cost of a condominium Michigan is going up or not.
Paul Dnovan just brilliant there and really you know, always always intense, but fired up there on what we need to see. June twelfth, at the next FED meeting, we looked at equities today and of course we did look at Barnes, Matt Michigan of Johnny Hancock. Thank you for attendance. Right around the eight thirty report. Ira Jersey of Bloomberg Intelligence is just brilliant about the focus on short paper
he will publish for Bloomberg Intelligence. I think you'll see that as we tape this within an hour, that'll be very, very important to look at this readjustment equities higher, the real yield coming in that's been bracketed. I'm going to say two ten to two twenty two, ten to two eighteen, and the ten year really breaking down beneath two point one zero percent off the set of economic data today. Before that, we talked to Megan Graper, she's outstanding at Berkeley's.
We talked to her about corporate issuance. We talked to her about debt markets.
I think you've got to think about taking chips off the table because we don't know what we don't know. So the second half of the year, I think presents the potential for any number of land mines to start rearing their head. And so while you have these optimal demand technicals in place, you know, even thinking about your twenty twenty five funding needs and pulling those forward. I mean, acceleration is now the defining force behind the new issue
markets and investment grade. And so we're we're seeing volumes at forty percent, but it's not precluding borrowers from achieving negative new issue concessions versus their existing secondaries. And you're seeing over subscriptions that are pretty eye popping, particularly in
the long end of the curve. So the combination of those factors means, you know, double down, continue to pull funding forward, and I think you know, avoid the noise that might start to creep in and the rate volatility we're likely to experience as we move into the second half of the year.
Some people say, what do we follow here? Paul's very good about following the CD race. Somebody tweeted in live chat on YouTube. They tweeted and they had a five point three five percent six months CD, which sounds like from another era. Another age is a police to scene of the mesa scene I can't remember which era. But the answer is in one of the great themes today on the show across equities, bonds, currencies, commodities is we're back to normal in the bond market, at least in pricing.
I don't know if our brains are back to normal, and that'll certainly be one of our themes into the caution that Megan Raper talks about. Into the end of two thousand and twenty four, just an except day for us on linking in this economics into the markets. As we take this record high in the standard and pores five hundred, we do a major shout out to the bulls, the people that said be in this market. There are too many to name. There's been a good set of
people that have said just participate. I think Brian Belski at BMO Capital Markets is one. Ben Ladler way out front with e Toro and before that with HSBC. We're on Apple car play, We're on Android play. Here'gely popular in free the Bloomberg business. Apple will get you over to Apple a car play that builds out. They continue to enhance Apple car Play when they're not trying to figure out what to do with the goggles. YouTube is just building. We are thrilled with the reach, the global
reach every day of YouTube. We really just can't believe the ease of use there in the building that we're seeing YouTube. What do you do? You search Bloomberg Podcasts and critically subscribe to Bloomberg podcast That's the easy path. Subscribe to Bloomberg Podcasts and you'll find us. You'll find the replay two hours, fifty six minutes, and also this podcast. Look for us on Apple we say good morning. This is single best idea