On the bloomberg. The reason you do not see a dot beyond on the righthand side, he is saying that is outside of a poor castable four castable forecastable period. This is fascinating. When the summary of Economic Projections came out and we look at that straight up right at the bottom, the answer is there now. Jim bullard. David when you read the statement hes just issued, hes saying a lot of things people the fed is about projecting out into the future well beyond what it can no. Know. S what it can some people think their models are run. Alix how do you forecast a fed that is data dependent . After the dots were released, there was chatter in the market with alie evans statement of a shift in how you view the economy and where you actually think rates should be. Of the f1 all members see are in agreement about the approach to this question. Agreement. In the question is whether other people come to jim bullards side. David we will have a bloomberg exclusive with microsoft cofounder bill gates, telling us what he think about microsoft buying linkedin. Jon we will be airing your interview with the ceo of monumental sports and entertainment. First of all, lets go around the world and check in with our Bloomberg Team for indepth coverage of the top story. Simon kennedy and lyndon on the Brexit Campaign in london on the Brexit Campaign on hold for a second day. Withchilcote in Russia Vladimir Putin speaking at an Economic Forum in st. Petersburg. Simon kennedy joins us from london. Great to have you with us. Silence on both sides of the campaign. Campaigning suspended by both sides for seven days for a second day today. Very little brexit chatter. Otherwise, Christine Lagarde making a speech in vienna in which she touched on the issue. That is the only commentary weve seen. Tonight, the imf releases a delayed report on the Economic Outlook on the brexit and a couple of polls that may well be redundant now because they were carried out before yesterday. Of pause in the campaign. Jon the questions are being asked about whether this changes the debate fundamentally or whether it drains the drama from both sides as we reflect on the severity of yesterdays incident. The debates have evolved away from here . Simon we will only know in a weeks time how much it will change. We know for sure that the campaign will be very different in the last few days. ,t reached a boiling part turned nasty between both sides. Rhetoric. A level of with little sign that was going to change into the last week. Now, you feel there will be a change in tone. Both sides will have to be careful in what they talk about. We appreciate your time. Japans finance minister says he is worried about abrupt currency moves d. Lets get more from richard jones. The end hitting a twoyear high against the dollar this week. It is the latest in a long line of comments. Theyre obviously worried about the strength of the yen and the impact on the japanese economy. What is interesting about these latest comments, calling for courtney did intervention is that coordinated intervention is admission that japan acting on cannot do anything about yen strength. They are asking for help with this. The strength we have seen of late goes to show how much anxiety there is among investors, not only with the brexit wrote next week, but also a lot of other economic tailwinds and volatility we have seen. It is actually something that may change the way policymakers actually approach the strength of the end. Alix what happens over the next six days . I look at the way weve seen a lot of intraday for tuition here could fluctuation here. Between now and the vote, we dont get any strong moves. I suspect we will see a downside bias and dollar yen and euro swiss. Joining usrd jones in london. David record low yield on sovereign debt around the world. For more, we are joined by Susanne Walker barton. We had record low yields, but they have bounced back a bit. Suzanne that is because of what we saw in britain with the murder of the lawmaker there. , well, people saying there is a stronger possibility the leave camp may not win. You get some semblance of stability and you see stocks going up around the world. Yields and global bonds yields coming off of their lows. David if that is the reason for the slight bounce back, what does that tell us about what would happen if leave wins next thursday . There would be a significant reduction in trade s in the u. K. And that would slow Economic Growth around the rest of the world. If we are not going to see that, there is more optimism and people start saying maybe it will not be that bad after all. David Susanne Walker barton in new york. Thank you for joining us. Nowme putin is begin right at an international Economic Forum in st. Petersburg. Ryan chilcote joins us there. What do we expect to hear from mr. Putin today . About charmingll investors, trying to get them to put money into russia. That will not be an easy job. its longest recession in two decades. The sanctions are not helping. He will say russia and the European Union should return to business as usual. He is not going to say that russia is ready to yields to western demands on sanctions. Vladimir putin can always decide this. How much of the sanctions are hurting investment in russia right now . I think they hurt. No one wants to get on the wrong side of sanctions. We have seen the u. S. Punish companies when they have in the past and send in that message, they worried about the uncertainty. It is not just the sanctions, it is the trajectory. The oil price really doesnt help. If the oil price got russia into this recession, it is the sanctions need to get rid of to get out of recession. lets get a rep campaigning suspended for the second straight day in the u. K. After yesterdays tragic events. The campaign was hitting sentiment in many ways. Equities drifting higher once again today. Up four percentage points. Without the campaign drama weve seen over the last couple of weeks, things have stabilized across as a class Asset Classes. Commodity currencies are performing well with the ruble higher and Canadian Dollar stronger as well. Twoyear yields in japan drifting higher. Fiveyear yields higher as well. The big bond market rally weve seen reaching a bit of exhaustion. Sixdaytreak losing streak for oil. Lets get some headlines outside the business world. President obama is pleading for congress to consider new gun control laws in the wake of the orlando massacre. The president spoke at a makeshift memorial to the victims of the nightclub attack. He wants congress to limit access to military wstyle weapons. Russian cyber gangs have been linked to Bank Robberies worth millions. Authorities have linked malware used by russian and Eastern European gangs to a number of bank heists. One of them, the recordbreaking that of 81 million from bangladeshs central bank. Global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. David one week from today, we will know the results of the brexit boat. If the u. K. Decides to leave, u. S. U. K. It mean for y relations . David this is bloomberg. Tragedy in Great Britain after a british member of parliament was shot and killed yesterday. Both sides of the Brexit Debate remain suspended. We are joined by Peter Westmacott. Of course, we have to start with this tragedy. It dwarfs all else. Tell us about this young woman. Tell us about what that means for the issue of brexit and the campaigning. Macott joewest cox was someone who joined Parliament Last year. It is clear from the reactions of people from both sides of the political aisle that she made a real impact while she was there. She had worked for the gates foundation. She had paraded the russian berated the russian ambassador. It is a sign of the impact she made. She was feisty, courageous. The political atmosphere, the political world in britain is just devastated by this. She had a great future. She lost her life in what appears to be part of this increasingly unpleasant debate about brexit. It may make for a better, more rational discussion in the last few days of the campaign. You would need to have a law passed by parliament that is out of my hands. Party aacross cross party issue. Do you think the campaigning itself was getting too ugly on both sides . Ambassador westmacott it could get ugly, and got personal. Part of the strategy was to hold a referendum in order to calm people down. It was not designed to get us out of the European Union. The risk is that people say, now we have a chance to get out. Unpleasant. Y quite a lot of namecalling, a lot of personal stuff come unpleasant language. Accusations the Government Statistics Agency was putting up false forecasts. If theres any good that comes of this, it is conceivable this will calm things down and allow for more rational debate, perhaps. Alix it seems like what we heard is the remain cap was focused on economic figures and leave camp was not addressing those figures and the criticism was the numbers dont make sense. Can we take it down to a level where we can have that kind of economic debate from both sides . Ambassador westmacott that would be helpful. The two biggest issues are immigration and the whole eurozone thing. To some extent with the argument has been a bit bogus. The british economy has been the best performing since the 2008 beltran. This 2008 meltdown. People are saying we cannot control our frontiers if we stay European Union. We would have an influx of turks. If turkey meets the criteria, they should be looked at on the merits and we should be welcoming, but that is a long way away. To put aside the rhetoric, the nonsense would be helpful. You dont need a visa to go to u. K. That is fairly straightforward, but you dont have control that is the problem. That is why the remain campaign has been losing the immigration debate. The you see that changing over the next week . Ambassador westmacott the numbers show that immigration from within the eu has been great for the british economy. They have been filling jobs and paying taxes. Weve had the lowest unemployment figures in britain since 2005. We are way below half the european average on implement rate paid unemployment rate. The rate ofped keep inflation down and the British Services industry up. The debate got bottled up with the fact that there are people coming from outside the European Union. We have border controls. Immigration from within the eu is something that has been a net beneficiary. State campaigne has been losing that. Stay campaign has been losing that. Alix what is the risk of the credibility of those leaders if the brexit camp either wins or we see a high number come next thursday . Ambassador westmacott there is a real risk for the rest of britainnd globally won the second world war, we can manage on our own we won because we had hundreds of polish pilots. We won the battle of britain and then we succeeded in innovating because we had 2 million american serviceman. Britain is part of an international community, even though we dont always like to remember that. If wel be an impact vote, its someone pulling at a thread of european construction. Me if you guys go, we will come under huge pressure because europe at the moment is not popular with all Member States and then where are we . The glue would come undone. , it is ae and the u. S. Investment issue, there is a great deal at stake and im hoping that will not go the wrong way. Ambassador Peter Westmacott is sticking with us. Up next, Christine Lagarde. David this is bloomberg. We are back with sir Peter Westmacott. Christine lagarde came out today with a statement saying the imfs view, the risks are to the downside if there were to be an eu. Of the u. K. From the i want to go back and talk about the larger issue you raised earlier. The possible effect on global trade and globalization a overall. Is this a wedge issue . Ambassador westmacott in the sense of the rest of the Global Economy . David other countries are interested in having their own Little Britain and putting up barriers and discouraging international trade. Ambassador westmacott there is that risk. I have a huge regard for Christine Lagarde. There is an important letter in one of the sheets this morning about bill gates come a big investor in the u. S. For whom jo cox used to work. Direct Foreign Investment in the , fit into they wedge is a risk. Recent Pew Research Shows in many other countries, europe is not popular. The french are even more antieuropean at the moment. Risk, if we go down that path, number of others might follow. Is parliament able to follow through if the leave camp wins . Ambassador westmacott one vote, referendum, thats it. Arliament would need to enact piece of legislation to give effect to the views of the british people. David Peter Westmacott, thank you for being here. Banks,ming up, european stocks down. Hammered by the feds outlook on brexit concerns. Jon this is bloomberg. Equity markets stabilizing, still heading for weaker losses the fx market, it is risk on a little bit with currency bouncing back. The russian ruble stronger on the session. The Canadian Dollar stronger on the session as well. Up. 6 . Is the first half of the session yesterday, treasury yields granted grinding down. Even in japan, the fiveyear up for basis points. Thats four basis points. Firmer crude. The bti snapping a sixday losing streak. Wti snapping a sixday losing streak. That wraps up the market action. Searches have recovered the second of the black boxes from the egyptair plane crashed into the mediterranean. Each of to flight data recorder was found with its memory unit one day after the voice recorder was recovered. Of u. S. State Department Officials have criticized the obama administrations policy in syria and have called for military action. An internal document says u. S. Policy has been overwhelmed by the civil war in syria. More companies are deciding to sit out the Republican Convention in cleveland. Donald trumps nomination has promised a level of controversy ford, ups,em, jpmorgan and wells fargo. Global news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. David monday marked one of the biggest tech deals on record. Forosoft buying linkedin 26 billion. Eric should Erik Schatzker sat down with bill gates. I think it is a at transaction not linked great transaction, linkedinh brings a lot. Combined with what microsoft and, working with people i productivity, there will be a lot of synergies there. It was very encouraging as that deal came together. Glad to see that it really happened. So far, investors have not been supportive of the transaction. Should they be . Bill gates the stock price will jump up and down. Im no expert on what the stock price should be day today. Day. Y to the two companies combined are greater than the two by themselves. The market wants us to show that. Is an expert in software and managing those audiences and its great that they now have an opportunity to supply the world and say this feed, this professional feed in linkedin, thats how i want to learn about my career, my company, my industry. If we can make that as valuable as the facebook feed is in the social world, that is huge Value Creation and that will happen over a number of years. you were ceo and chairman ng time. Oard a lo execution is always tricky with a deal of this size. What are the keys to not screwing it up . Bill gates youve got great people involved in this thing. Does willhat linkedin stay exactly the same. The idea of how you get the contact lists and user profiles from that synergy is pretty easy without changing a lot of the engineering. Like likest most Tech Companies, have had deals that of gone better than others. The nature of the synergies look pretty clear. David that was Erik Schatzker with microsoft cofounder bill gates. Coming up, we will have my ted leonsis. H european banks nearing their february lows. How much more downside is there . Joining us now is barnaby martin. Here is my question. European banks suffering day by day. Waycredit default swaps below february highs, way below how does this make sense . Barnaby youre telling banks get less risky, but that is not a great equity story. One thing we are seeing some of Mario DraghisMonetary Policy is not healthy for the bank equity stocks. Those things are difficult in a world where we have negative Interest Rates. Lessbondholder, you feel risky. T divergence between swap the equity market is telling you it is a troubling phenomenon. David is it just that simple . Risk for profit risk or profit . You cant have both . Barnaby the ecb is trying its best to help the banks recap. We know the peripheral banks if youave a legacy are challenging the income story , it will take a while for the banks to grasp this nonperforming loan story in europe. How do you move the bank narrative forward . Out. They bailed the banks 7 for italy and spain. Nprs are theer governments problem. Barnaby that is the problem. They. S. Got it right when recapped the banks they injected a huge amount of capital into banks and there was no moral problem there. We cannot do the same. We cannot take a latti