david westin. welcome to "balance of power," where the world of politics meets the world of business. on the brief today, carl riccadonna on the surprising u.s. job numbers. kevin cirilli on president trump's fourth of july celebration, and so lonnie bostic on the restructuring of deutsche bank. i was there, it was surprising. 224,000. what does it tell us about the state of the u.s. economy? tells us things have not been derailed over anxiety saw slowing growth that we in the earlier parts of the quarter. just as has occurred in previous episodes of payroll stumbles, the economy came roaring back. we are right back to an economy that is humming along at something north of 2% job creation. engines firing fast enough to -- drive the

economy through the next leg of expansion. we will come back to -- david: we come back to you in just a moment. we what to go to kevin cirilli at the white house. tell us about what happened at the mall. are you down there? then: i was not there for actual speech but i was hanging around the area. president trump striking in a political tone in his address featuring the first lady. there were a from all of the different military branches. he praised prominent african-american leaders like frederick douglass and harriet tubman and he said the u.s. economy has never been stronger than it is today. it was largely president trump trying to deliver a unifying speech. he faced criticism from democrats who argued it was a waste of money. it went off without a hitch. even the rain cannot stop the fireworks. guy: in the meantime -- david: in the meantime, we heard from the president about the census.

we thought that was resolved, now it appears not so fast. kevin: precisely. president trump saying he is instructing his administration to find a way to look into whether that question could be added. the business, community, all different types of businesses actively lobbying against this. they say adding this question would impact the data collected in order for businesses to use to calculate and forecast how they make business decisions. the second point is this is a political fight. the president says, and republicans argue, they need to have a full count of how many immigrants are here illegally. deterats say this will anyone from actively reporting. they have to figure this out because they have to print the census in order to get it out to folks to fill out. david: business relies on this data. it is not just about districts.

businesses depend on this data to be accurate. thanks a much to kevin cirilli from the white house. ali int's turn to son new york talking about deutsche bank. will we get the plans? sonali: this weekend and we would get news about potential job cuts in new york and london and asia. evil will start getting notices. david: deutsche bank said they would be losing a senior official. carl: it has been talked about for a long time. garth ritchie is the head of the investment bank. the ceo will be taking over the investment bank i himself, which is a big indication. he will be a busy man. david: we are looking for cuts and how they will save money. what about revenue? sonali: revenue and profitability in general is going to be a costly restructuring. how are you going to grow revenue and cut costs when costs

will already be growing because of this $5 billion restructuring plan? david: thank you so much. we will talk you monday about what actually happened. let's go back to carl riccadonna. the question of what the fed will do. we heard larry kudlow say what he thinks the fed should have done. inflation, which is way below the fed target. that is the reason i think they should take back the interest rate hike. i'm not encroaching on fed independence, i am reading the market tea leaves. the fed will act in its own time. i think that is the case. secondly, with a weak global economy, taking out an insurance policy is not a bad thing. carl: -- david: explain how this works. we just got a strong jobs number. how could the fed justifier cut with those kind of strong numbers? carl: when a white house

official as saying the fed should cut rates, it is hard to say they are not trying to manipulate fed policy. we can see the economy is on good footing. the backup of the unemployment rate was unfavorable development that showed more people entering the workforce. there is not that strong of a case for insurance moves. nonetheless the inversion of the yield curve is a pesky problem that the markets are signaling policy tightening has been overdone. the fed should recalibrate accordingly. the fed has to walk a fine line of not entering a sustained easing cycle, which will squander their ammunition. if they just of the market what it once when it once, the market will call for more than what the fed is willing to offer up. based on the strong data, jay powell in his testimony can say the easing is coming, but not at the end of the month. septemberld out until

when the balance sheet unwind has run its course. david: how much more difficult is jay powell's job now than it was? carl: i think it is easier because there is less of a feeding frenzy in the market to move as much as 50 basis points. now jay powell can walk a cool or line and be stingier in terms of offering up accommodation. david: fascinating. carl riccadonna, thank you so much for joining us. now let's get a check on the markets with taylor riggs. taylor: you're looking at losses on the screen, read on the screen as we've been talking about all day. the good payrolls number means the fed may not cut as much as we want and the equity markets are not happy about that. in the s&p the big decliners. for me, it is all about the 10 year yield. we are up about 10 basis points. you are seeing the three-month tenure go from -25 basis points to only -18 basis points on the

inversion. if you come into my terminal at , one thing we have talking about our expectations for the fed and the rate cut. you just heard from carl riccadonna about how it makes jay powell's job easier now that the market has gotten back as it was getting ahead of itself. this morning, the market was pricing in three cuts for 2019. we have walked that back and are now only looking at 2.4 cuts. certainly making taylor -- jay powell's job easier. we will take a look at the individual sector and where we are within the s&p 500. we've been talking a lot about bond rates. financials are the best performer of them all. they are benefiting. you get a lift up of the rates. these are more profitable and we will be heading into earnings season. take a look at that equity trading.

it is all about the industrials. earlier it was real estate and utilities and the bond sensitive sectors. it is now about the industrials. they continue to lead the decline. if we've look up the board, we can take a look at individual movers. it is ge, honeywell, 3m, john deere. we were talking about siemens in germany because of the poor german factory orders. some concern about the economy, which does not square up given the good jobs number. i guess that is what makes markets. all over the place today. david: thanks so much to taylor riggs. coming up, is good jobs news bad news for democrats trying to unseat president trump? we talk with a senior economic adviser to president clinton and president obama. that is next and this is bloomberg. ♪

david: this is "balance of power" on bloomberg television. i'm david westin. we turn to riddick a group to for first word news. >> payrolls rebounded in june and be all estimates from economist. employers added 224,000 jobs in june after downwardly resolved 72,000 the month before. .1% tomployment rose 3.7%. nato says russia is showing no sign of respecting a major cold

war era missile treaty. in february, washington began the six-month process of withdrawing from the 1987 intermediate range nuclear forces pact, blaming roster for developing -- blaming russia for developing a missile that did not comply with it. the treaty will end unless russia destroys the missile by august 2. in greece, the populist movement is expected to come to any entity. opinion polls show that on sunday voters are likely to give the government back to a new democracy, one of graces traditional party. he lost -- he restored faith with greece internationally lost it with the average voter. india plans to narrow its deficit and sell global bond. the money will be used to spur economic growth. prime minister modi's government wants the deficit not to exceed 3.3% of gdp.

global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. david: thanks very much. the united states added 224,000 jobs in june, far more than the 160,000 that had been expected. the president touted the numbers and took a swipe at the fed at the same time, saying this a short time ago. >> if we had a fed that would lower interest rates, we would be like a rocket ship. we are paying a lot of interest and it is unnecessary. it is one of those little things. for read on what this means for the economy, we welcome gene sperling, who headed the national economic council for president clinton and president obama. respond to what the president is saying. there is no denying 224,000 jobs added is a good signal.

at the same time, inflation is low. is he right that we could do even better if we cut rates? gene: there are a lot of us who have that more dovish view, that the fed should keep interest rates lower and we should wait to see the whites of their eyes or the actual inflation rise instead of taking the more traditional view that the economy was like a steamship and you had to turn it well in advance. what is ironic is that you have all of the people who work for tight money now sounding like dovish democrats. of course, this seems more politically opportunistic than a principled view. if you had looked at the people who the conservatives were pushing to be head of the fed, even before jay powell, almost all of them would of been tighter money type of people. in some ways i have some

agreement with the president in waiting to see the inflation actually happen. however, it is hard not to see his motivations as somewhat cynical and political. the bashing of the fed and the politicization we are seeing of the fed is one more sad example of the president undercutting a lot of the norms by which we have governed and operated by as a country. i do not think that is good of anyone. david: whatever is said and whatever the style of what is that, results are what matters. look at 2020, if you're a democrat, is good news for the economy bad news for your campaign? gene: i believe as an american you never root for bad news. i do not think one needs to. first of all, it is not hard to point out the obvious, which is

that the president trump is very good at inheriting things. inheriting wealth from his father. an economy that was strengthening under president obama. it is not going to be difficult to point out the obvious, which is that while the trends in the economy inherited from president obama have continued, they certainly do not represent a break because president trump was there. if you take the 29-month period we have had. if you take a look at the previous 29-month, 221,000 jobs created on average. been trump, it has 194,000. even after the tax cut, the $2 trillion sugar high, even then the average is 208,000. of course president trump will try to maximize whatever political gain he can get from talking about the economy, that it will not be hard for

democrats to show that this trend started under president obama and he has inherited that. perhaps we have not seen it fall off but it has simply continued. i think the most important thing, and i say this to democrats, but i would say this to any political person, you have to talk to people how they live and where they live. people do not sit around and say their life is great because they saw an economic metric. the main issues that people deal with in terms of their middle-class life -- health care, the cost of college, the cost of prescription drugs, the cost of childcare, all of these things have been rising higher than wages for a long time. you have many families feeling that they are running harder to stay in place or falling behind. i do think the general democratic agenda of talking about helping these families with these every day issues of

childcare, of health care, is what people want to hear. thatwant to hear something will champion their kitchen table economic issues and make sure the economy is working for average families, not just the top 1%. that message will be powerful regardless of what the month by month job numbers are. david: you correctly point out areas of the economy where the prices are going up faster than inflation. higher education, and health care. if you look at overall, there is real wage growth. 3.2% annual wage growth, which is better than the overall cost of inflation. in so far as there are places where it is too much, there are it must be underperforming. can't president trump say i am making your life better, you lower middle class people, because there is more money in your pocket? gene: we have had a long improvement in the tightness of the labor market. you have seen wages and family

income start to improve. that happened in the last few years of the obama administration. it has continued. anyone would have to be very careful to overdo it. number was the 3.1% considered the weaker part of the job report. perhaps a sign we are not seeing the big wage increases that were promised and his tax cut and strategy are under delivering, not over delivering for working families. things as great in the economy as a tighter labor market, and that is the reason why it is good to see that happening. it is good to see more people coming in. i would suggest the overall tightness, the wage increases, they are still partly making up for a few decades of stagnation.

again, to the degree that does not buy you what you need and the things that define whether you are feeling a life of economic security and dignity in health care or childcare. it is not getting better and your political leader is not fighting for you in that area, you will start looking for someone who is fighting for your specific issues that impact your sense of well-being. david: we are hearing from democratic candidates about some proposals about how to address that. for example, medicare for all, free college tuition. will someone asked how we pay for it? is it possible to pay for it without running up more deficits? gene: i will tell you who cannot ask that question is president trump or any of the republicans who voted for a $2 trillion increase in the deficit for their tax cut. now we are seeing the deficit may be even higher than projected and the amount of corporate revenue could be at a 50 year low.

one can raise that issue but i think nobody who voted for this tax cut has standing to raise -- to be fair, a lot of people may object to some of the proposals being put forward. what i have seen is democrats like elizabeth warren with her wealth tax, biden, harris, most of them are talking about raising taxes on more well-off people to pay for their initiatives. --hink you are seeing people democrats talking about paying for initiatives by increasing the fairness of the tax code. david: do you have a candidate you are favorable to at this point? i know you served under president obama when vice president biden was there. gene: i am working on a book, writing. i'm not endorsing a particular candidate. i am fortunate enough to know several of them. i worked with joe biden for many years and think very well of

him. i also have relationships with other candidates. i have supported elizabeth warren on her wealth tax. i will do my best to be able to come on your show and be independent as opposed to somebody endorsing a particular candidate. we have seen impressive performances by harris, by warren. we have seen biden be able to maintain his lead. i would say is it is very early. i think they are all very substantive. they are addressing important issues and in that sense they are pushing each other in a positive way. david: we value you coming on the program and speaking on the merits. thanks so much to gene sperling. still ahead, qualcomm is our stock of the hour. the chipmaker is dealt another blow in the federal antitrust case. that is next and this is bloomberg. ♪

david: you are watching "balance of power." time for our stock of the hour. qualcomm shares are under pressure after samsung's quarterly results underscore demand concern. kailey leinz is here to tell us about it. kailey: you have to hop on over to korea and samsung. profit topped expectations. it was the fact that their operating income dropped by so much. i have a chart on gtv . it fell 50% in the quarter. that is emphasizing the headwinds these companies are facing in chips and mobile between the u.s. and china. ongoing trade in terms concerns and the global economic slowdown weighing on demand. you are seeing chipmakers fall. qualcomm dealing with other issues as well. david: you have to give them credit. they missed by 56% and beat expectations. there was a role for the

antitrust judge that said we will not say this after all. stay.: they'd asked for a she had ruled against qualcomm. qualcomm now has no choice but to start renegotiating those licensing contracts with those customers. that is a blow to qualcomm. not much down since the original rolling. david: qualcomm saying they are going on top. thanks a much to kailey leinz. it was a fourth of july celebration on the mall that included traditional music and fireworks but this time with the presidential speech and a substantial military component. we will talk about whether it was a net positive or negative for the president during live from new york, this is bloomberg. ♪ hey! i'm bill slowsky jr.,

i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in?

ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. david: this is "balance of power" on bloomberg television. i'm david westin. bloomberg first word news, we go to weyco group.. president trump is

reaffirming his view that an interest rate cut would help the economy grow more quickly and says u.s. central bankers don't know what they're doing. the president spoke to reporters at the white house today. that thehad a fed lower interest rates, we would be like a rocket ship but we are paying a lot of interest and it's unnecessary. knows't have a fed that what it is doing, so it is one of those little things. on a reportnts come of two 120 4000 above expectations and the most since january. the result released pressure on the fed to slash interest rates when it meets this month. of ongoingream aftershocks has shaken southern california following the strongest earthquake in 20 years. strucknitude quake thursday about 150 miles northeast of los angeles near the town of ridgecrest, california.

multiple injuries and fires have been reported. emergency crews are also dealing with gas weeks and reports of cracked roads. in greece, hundreds of firefighters are battling four wildfires on one of the islands. a man has been arrested on suspicion of starting one of the blazes by burning dry weeds near his house. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. wasd: thank you for july 4 a bit different this year in washington with the presidential address from the lincoln and flyovers from all the military services. democrats and republicans squared off on whether it was a good or bad thing. to answer that question, we have our political panel, a democratic strategist and

distinguished professor at the city university of new york, and jen kearns, former spokesperson for the california republican party. jen, you were there, what did you see? take the old hewlett-packard approach by management of walking around. i wanted to see it with my own , especially in light of other networks marketing this as if it were tiananmen square happening in washington, d.c. what i saw was a very tastefully done display of patriotism. i saw young families out there, people in their 20's, 30's, and 40's, young people. young military guys and their girlfriends. it was the best display of america that i have seen. took a lot ofp critique over this and on much or why. if you look at the flyovers.

this is something done at the super bowl every year, done at college football championship games. it was a lot to do about nothing. democrats look a little silly today. david: there is not a lot of controversy about this, is there? >> i will be balanced here and say, i understand, seeing tanks rolling down the streets of washington, d.c. can be jarring for some because we are not used to that. went to europe, saw some of the parades and festivities, and was impressed by that. strongmen do it in their nations. i think there was a lot of question about was this really for the people or really for him? his language at the event was not as partisan as some thought it would be. i am not going to sit here and spend a lot of time -- david: i daresay this morning, more important is jobs.

number, prizedig everyone, but at the same time, the president came out and criticized the fed for not cutting rates. isdonald trump and the fed like one of those dating shows with the tension and drama. loves treating people as if they're in the boardroom of "the apprentice." this is a president who campaigned on the issue of jobs, jobs, jobs, and he is delivering. in the month of june in the middle of summer, that is an impressive figure. there was something for everyone in this counterpart. i always look at the swing voter, females, minorities, and what is in it for them. people talking about hourly wage workers, their wages were up 3% over the last year.

the last time that happened was in april of 2009, when barack obama took over. so president trump is doing better with hourly wage workers than barack obama was. that is significant. david: those are good numbers. if this keeps up, can any democrat really get purchase against donald trump? mayors back to when report good crime numbers. it is one thing to report great stats, but do people feel it? the numbers may tell one story but if you have 41% of all americans feeling they are still % livingng, and over 70 paycheck to paycheck, are they taking part in it? i'm not saying the economy has not improved. it improved under barack obama and donald trump inherited that. it will be incumbent upon democrats to create this strong

narrative about affordability, not just about jobs. a reason james carville said it is the economy, stupid. that is because when you have strong economic numbers, people feel it. in the case of the hourly workers, over the past year, they have had 900 x dollars in their pockets. that is significant. that is the ability to put braces on your kids teeth, pay for hockey equipment, maybe pay off credit card debt. it cuts against the claim of nancy pelosi where she said this american tax cuts and jobs act is only getting crumbs to the people. we see now that that is not true. it has had a trickle-down effect here. i think people will feel that in 2020. >> as a kid that had braces, i would appreciate that, too.

but if you also include things like health care, college -- inability, housing harlem, a studio at 620 square feet just sold for a million dollars. that is unrealistic for so many americans. this issue is not just economic numbers but overall affordability. can americans afford the things they want? that is the wedge for democrats and where we enter the conversation. david: for both of you, this is where i get confused. we talk about the economy and jobs and wages because we believe that is what people care about, but sometimes it feels like neither party wants to focus on that. donald trump did not run on the economy, he ran on immigration, the chinese. i'm notebates, basil, hearing about that. jen, why don't we focus on what we think people care about? >> look, people care about the

economy. we have seen that in the polling. they also care about health care . i have to critique my own party and the we are not doing a good job, not just not working on it, but we don't communicate it will. personally, over the next 15 i'll be looking to get deep into these conversations that americans, women, swing voters care about. , if youeel comfortable feel you can have a roof over your head and provide food for your kids, then your life gets exponentially better. president trump is doing that. but we have to look at these other issues that could improve their lives. >> there was a report of 20 million-plus jobs that may be lost to automation by 2030. it's very important that we have this conversation. we don't really have a jobs cap so much as we have a skills gap. we need to be talking about

jobs, how you increase skill sets, bring organized labor to the table, to get people back to that economic independence. powerfulsil making a point, that report about robotics, jobs around the world. why aren't we hearing from president trump about not just jobs them about the jobs for the next generation? >> two interesting points. the jobs report for june showed manufacturing jobs were up. ran, said he he would bring manufacturing jobs back, people laughed at him, like everything else. the truth is, president trump has focused on getting people into more vocational education. a number of plans toward that, funding toward that. he is out on the campaign trail all the time saying, if you are complaining about college debt,

there is a percentage of the population that doesn't need to go to college. they have put some of those in place with this administration. david: basil, is either side talking about education? you wrote your dissertation on the subject. i'm not hearing anybody, with an education plan. >> we did for the 30 seconds when, harris challenged joe biden on busing. typically, in presidential campaigns, education ranks third, fourth, maybe even fifth. the truth is, it should be higher, particularly for african-american communities. unfortunately, it does not register that high. david: many thanks to our political panel. up, he was governor of iowa and then secretary of agriculture under president obama. we talk agriculture and trade with tom vilsack.

this is bloomberg. ♪

david: you are watching "balance of power." i'm david westin. as eightck served years i'm governor of iowa and then went on to serve under president obama as the secretary of aquaculture.

he comes to us today from des moines, iowa for our conversation in chief. thank you for joining us. you served as secretary of agriculture. let's talk about that and the plight of farmers. we can show a graph that shows what has happened to farm income in recent years. as you know, not a pretty picture. how bad is it in iowa for the farmers? tom: extremely tough for two reasons. low prices and mother nature has b not been particularly cooperative. farm debt is going up, foreclosures have increased. a lot of folks are leaving farming. it is a stressful time out there on the farm, no question about it. david: as you say, problems with the weather, no doubt. we also have trade conflicts that you are well aware of. what affects the farmers in iowa the most, is it usmca, shipping to mexico and canada, or china?

how do you read those? tom: both are important. mexico is our number one market for many of the products produced in iowa. passage of usmca would be beneficial in preserving that market and providing potentially increased access to the canadian market in derry. hopefully that gets done in 2019. the china situation for soybean producers is very devastating, and for dairy producers. a significant reduction in export activity to china as a result of the reptile tory -- retaliatory tariffs. significant drop-off. the challenge with this is these are market that will not be thisy regained if discussion with china continues for a lengthy period of time. the hope was and continues to be that at some point in time a deal is struck. we are asking the chinese to fundamentally change the way

they do business. that is a tough negotiation. david: the federal government has appropriated several billion dollars to help the farmers out because of the impact from trade. it is not helping, particularly the soybean farmers? would tell you they prefer trade, not aid. they certainly are appreciative of the payment, no question, but the reality is, it is a one-year or one-shot situation. it doesn't compensate the farmer for the loss of markets that will extend beyond this year. when you look at 30% of soybean purchases were made to china in the previous several years and now those purchases are being , youin argentina or brazil can see these our markets that we potentially have lost 40.2 of time. despite the fact that they are appreciative of the check, they would like to see a resolution of the issues between the two countries and a restoration of that market opportunity. hoped atu say you

least to get the usmca through congress in 2019. isn't that up to the democrats in the house of representatives? are your fellow democrats going to go along with this? tom: i think it's a combination. the administration has to work with democrats to allay some of the concerns and fears they have about labor and environmental provisions. i know ambassador lighthizer has been working hard with speaker pelosi to figure out exactly how those enforcement mechanisms can be put in place. obviously, those issues have to be addressed. hopefully at some point in time they find a solution to the concerns democrats have raised. the house that is free to vote on the trade bill. obviously, it will be a close vote, they always are. i'm confident once these issues can result, this will pass the house and then senate. david: is there a danger of having the best in the enemy of the good?

both sides will admit that usmca is currently better than nafta was. is there a danger we may give up or lose the advantages of usmca in a quest for what many people think are justifiably increased enforcement provisions? tom: not necessarily. this is a negotiation between democrats in the house and the administration. i think both parties are trying to work toward a solution. as the speaker said on a number of occasions, she is interested in trying to get to yes. i think there is good faith effort here. i think there is an opportunity in the late summer and early fall to get this thing resolved. easy,s obviously not trade negotiations are never easy. they never pass easily. they always require this kind of negotiation and back in or between the administration and congress. is it gets done in 2019

and does not extend into 2020. if it does, the chances of it getting resolved before the election are pretty slim. it you will has have a caucus next february that may have an important role in the presidential election. talk about how those issues may play into that? farmers may say, you are hurting is with the china trade issue, second, democrats are not getting usmca through. how does it cut with the voters in iowa? tom: the issue that farmers in the state of iowa are talking more specifically with the administration resolves -- revolves around ethanol and the waivers granted by the epa to smaller refineries that are supposed to be independent refineries having a hard time dealing with the renewable fuel standards. these waivers have been granted in great numbers to companies like exxon and chevron.

don't think that program was designed for those large oil companies to benefit. that is an issue that is of great concern here in iowa. hopefully, there's an effort by the epa to rein in those waivers. if not, that's an issue that farmers who are caucusing will take into consideration, in addition to the trade issue, if not resolved by february 2020. specifically, the issues of iowans are talking about are more than just agriculture. it is about the fate and future of baroque places and people. it's important for democrats and president trump to purchase -- to continue to articulate division not just for america but for rural america, where poverty rates are higher, an aging population, job growth is not as robust as an urban centers. hopefully, this campaign centers on this very important place to america. david: let's talk about rural america and the democratic candidates for president.

we put up a poll for iowa voters that showed former vice president biden is out front. kamala harris second, elizabeth warren third. who is addressing those issues that are important for iowa, the role of rural america? tom: i would say all of the candidates to an extent have begun the conversation. first and foremost, it's about traveling to the small towns and visiting with the voters, which all of the candidates are doing. is an, the ethanol issue issue that has been discussed here in iowa, the trade issue will continue to be discussed, access to health care, the concern about maintaining high-quality education when it is tough to attract teachers, expansion of broadband, infrastructure spending. all of that has been discussed generally by the candidates. for the democrats, that is an important conversation to have, one that we have not done a

particularly good job in the past, and what we have to improve on if we want to have success in 2020. david: i read that you and your wife volunteered for joe biden when he was running back in 1987. have you made a selection so far this year? tom: we have not. if christie were here, she would say that we are the walmart graders of presidential candidates. we want all of the candidates to come to our state, talk to our friends, figure out what they need to say to all of america and rural america about the future of our country. we will probably endorse later in the process but it is fairly early. i would not put a lot of stock in the polls. a lot of it is the kind of personal relationships that the candidates can develop over the next several months. i'm looking forward to listening and helping all the candidates, particularly as they deal with these issues of rural america and how to basically improve the economy. frankly, there is a tremendous

opportunity for rural america in terms of climate change, the green deal, an opportunity to create a number of new revenue streams for farmers as they help the country basically reduce emissions and do with a more resilient america to the changes that will occur as a result of the changing climate. david: thank you for being with us, tom vilsack. now the president of the u.s. dairy export council. coming up, it is midsummer's payment of american holiday, july 4. we bring the highlights of the traditional celebration with the boston pops. that is coming up next. this is bloomberg. ♪

david: this is "balance of power" on bloomberg television. i'm david westin. night, fireworks lit up the sky all over the country, marking the 243rd anniversary of

the day the declaration of independence was signed. here in bloomberg, we were able to bring you the celebration from boston. fireworks blasted off to the traditional -- and the not so traditional. ♪ all culminating in the grand finale, a two written by a russian composer, tchaikovsky's -- eymphony in the minor minor. that is our finale for the week. get the latest on global politics in your inbox every day. this is bloomberg. ♪ xfinity mobile is a wireless network

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jonathan: from new york city, i'm jonathan ferro. startserg "real yield" right now. coming up payrolls growth bouncing back. the jobs report using some concerns. shaking up fed expectations, investors paring back rate cut that's. sending treasury yields higher after a record week. we begin with a big issue, a solid job report clouding the fed's next move. >> looks like rate cuts her off the table. >> hard for