the eu's drug regulator says the vaccine is safe to use and the benefits outweigh the risks. several of the europe's largest countries have suspended the shots over reports of blood clotting. a lifted state of emergency in the tokyo region on sunday. now that some of the street on the health care system has been eased. but cases of coronavirus are rising slightly. the prime minister says the government will be watching the situation carefully to prevent a new surgeon infections. -- surge in infections. some refuse to follow the guidelines. severe storms have splintered homes and broken trees across alabama and mississippi. they are moving into georgia and florida today. pieces of homes and twisted metal, and laid down trees in areas.

one tornado struck southwest alabama, destroying the house. they are assessing damage in at least 12 counties were a tornado may touchdown -- a tornado touched down. rick senider is charged with failing to timely declare an emergency in flint that used the flint river for drinking water without properly treating the water to reduce corrosion. lead and old pipes contaminated the system and at least 12 people died. snyder's attorneys say they will appeal. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. ♪ >> it is 1:00 p.m. in new york.

6:00 p.m. and berlin. 1:00 a.m. in hong kong. welcome to bloomberg markets. these are the stories from the bloomberg terminal and around the world we are following for you. we are going to go live to the bloomberg equality summit and hear from the u.s. chair of the council of economic advisors, cecilia rouse. we will have more follow-up on the federal reserve and the 10 year yield touching 1.75%. financials rally. investors, concerned about the fed's approach to inflation or at least cashing in on short treasury trade. we are also going to speak to eric r., award-winning chef, about the state of new york's restaurants. first of all, let's take a look at what is going on in the market. there's a little bit of an

equity selloff pair would on the tech end of the spectrum. -- equity selloff. certainly on the tech end of the spectrum. the 10 year yield is currently at 173.5. it has been over 175 in today's session. a big selloff in treasuries. more shorts coming in pushing yields higher. crude, slumping. down 6%. $60.83 a barrel. we also have a ton of stock movers today that you are going to want to keep your ion. with the rise in rates, bank stocks have been big gainers. jp morgan and bank of america for example have been big on the upside. apple has been a big loser. a very heavily weighted stock. it is weighing on the s&p 500. let's get more on the markets and bring in katie greifeld. joining us out of new york.

what you see going on? it's all related to jay powell yesterday and the rise in rates today. >> everything that's happening today comes down to the fed yesterday. which is interesting. because one markets were closing yesterday, it seemed like he was able to thread the needle well. net risk assets were pretty calm. completely different picture one traders in new york came in this morning. -- when traders in new york came in this morning. two more officials, canceling a 2023 rate hike versus december. there is a concern that the view could start to catch on. you can start to see even more. the fed is going to watch prints versus forecast. they are going to wait for the data to had a certain point before they take action versus moving on their own expectations of where the data is going to go. clearly the market is reacting

to that today. that is where you're seeing yields rise and take a bite out of tech stocks. with this stimulus package where getting, checks are hitting bank accounts, the market is concerned that this could leave the fed behind the curve. >> what are the biggest moves you have seen unrelated to this? volkswagen has been all over the map. at least here in germany, up 10%, then down five or 6%. >> it is hard for me as a macro reported to think of anything that's not related. i'm going to point out the bank stocks you mentioned. you can see goldman sachs, j.p. morgan actually hit all-time highs this week. that really catches me by surprise. because bank stocks have been tied at the hip for better or worse to the yield curve. even though we've been getting very strong trading numbers out of the banks for the past year.

bank stocks have not been able to catch a break. to bring it back to the macro picture, with the yield curve steepening, that's giving them some relief in the stock market. >> that clearly touched apple. microsoft, down. amazon, google, all these big tech stocks are getting sold off in the wake of rising rates. >> absolutely. if you think about it, tech is part of a long-duration asset class with cash flows that are coming in the future as a discount rate goes up -- the discount rate goes up. that argument makes more sense when we are talking about names like tesla, other growth names that are not necessarily possible. it's more bringing the expense evaluations into a harsh spotlight. that's what you are seeing play out. the nasdaq 100 is down about 2%. it is in a very -- it's been a

very volatile week for that sector. a volatile month. >> katie, thanks very much for checking in. katie greifeld, talking about the move in markets. time now for stock of the hour. one that katie mentioned, bankamerica. at a 13 year high as rates come off of historic lows. with one of its largest one-day gains in a long time. we are looking at the rise. >> the board of market seems to be selling off, but banks seem to be one of the few bright buttons. it is the top-performing sector today. compare that to last year. it was actually another sector. these major players have incredible gains. 60% for the key players. part of that are those rising yields. that's been the key story all of this year. the current expectations of growth and inflation. the 10 year actually hit 1.75%

today. that is helping the banks out in a big way. you can see how closely correlated the 10 year yield is to the bank sector. 80 basis points year-to-date. the banking sector, also up some 18%. the s&p 500 barely budged. it is helping net interest margins with the steep yield curve. you can see how depressed they were in 2020 when you compare the previous years. a steepening yield curve is really helping them out. >> your stock of the hour, i look at the banks are doing so well in this rising rate environment. this is something that caught my eye. something i already touched on. but it's really fascinating. volkswagen, shares have been on a tear this week. it's now germany's most valuable public company, overtaking sap,

driven by growing investor confidence. it can surpass tesla as the global ev leader. interesting thing here is not the preferred shares that we follow normally very closely. the common shares, vow, here in white, this line represents 53% of volkswagen's common shares. the porsche family has a holding company with exactly that amount and it. that is the blue line here, porsche. it always trades at a slight discount to volkswagen's common shares. but now you can see volkswagen common shares have taken off. that really raises the value of what the porsche family holds to more than $50 billion. meanwhile, the porsche holding company, which is at the maker of this beautiful car that you see right here, but rather just

a shell to hold this asset, is only trading at a market cap of 26 billion dollars. it's a fascinating story. as these shares rise, two the -- does volkswagen fall to the level of the porsche? coming up, we will talk about the unique challenges ahead for the federal reserve and what we can expect in the race market. this is bloomberg. ♪

>> this is bloomberg markets.

i'm matt miller. the fed continues to hold its dovish line. maybe stronger than ever before as it projected near zero interest rates through at least 2023. the meeting roughly one year since the pandemic at the u.s. it was a pretty impressive press conference by all accounts. joining us now to talk about it is danielle booth. the quill intelligence ceo and chief strategist. she is also a former advisor to the president of the dow is fed. what did you think of powell's performance yesterday? >> if there was one word that came to mind that he didn't news it was patient. the consistency of his messaging is that come what may, we are going to keep interest rates at the zero bound, the discussion, because he has the bulk of the committee still with him, has not shifted to reducing those large-scale asset purchases. i'm going to be curious to see

there's an industry and chimed -- in terms of determining who remained more hawkish, more dovish? it would be interesting to track that in the coming days, given his massive and rapid move that we've seen in interest rates. >> yeah, what is interesting is the dots move forward. does it seem like the some of the dots moved forward? does it seem like a significant move to you? >> any. that moves is significant. the more dots that move, the more spirited the debate is around the table. again, jay powell has done an extra ordinary job since he started more than three years ago. he's done next from narrow job of holding his coalition together. if maintaining a cohesive narrative. this is the most disjointed we have seen thus far.

and it is because there are apparent evidences. we know for a fact that services inflation is at a major laggard that she has been a major laggard in a post-pandemic world -- had been a major laggard in the post-pandemic world. there's a preponderance of evidence that suggests that inflation itself could rise out of its own volition and stay in a very high rate for longer than what many beneficial's are going to become to will with. >> that's the key. will it stay there? because jay powell has been compared to the commander who said don't fire until you see the whites of their eyes. but he thinks even then don't fire, because it's going to run right past us.

it's fleeting, transitory. do you not by that - buy that -- but that -- do you not buy tha t? >> it's pretty apparent that employment has become the main objective. at least in powell's mind. as long as he sees that continuing to accumulate despite the fiscal spending, he's going to remain concerned that he's not achieving the full employment objective, and that's going to make him even more akin to look through this inflation. that is going to make increasing numbers on that committee uncomfortable, because the fed does have a dual mandate. >> camera -- cameron c. referred to jay powell as a bizarro folker.

my favorite and the tallest fed chair ever. he held on to higher rates until he broke the back of inflation. crees friday created a role for himself as a bizarro folker armed with a commitment to maintain as long as possible, to stamp out undesirable labor markets. what you think about that? >> i think paul wolker is now spinning in his grave at the thought. he was not beholden to wall street. we know the main beneficiary of sticking to the zero bound is going to be the liquidity's transition of quantitative easing, liquidity floating into -- flowing into risky assets. the nasdaq tech stocks that appear to be a duration play are literally moving in lockstep with bond yields. so the commitment might be the wrong commitment. i understand --

i am a huge fan. i understand where cameron is coming from, but i don't know of this is something that could potentially backfire. we are hearing from washington that another package could be passed with reconciliation instead of having the 60 votes in the senate. and to those types of forecasts -- and those types of forecasts are going to continue to build, not abate. >> great to get some time with you. think is so much for joining us today, danielle booth. from quill intelligence. we are going to speak to james beard award-winning chef as he reopens his new york city restaurant. he will be adding to the labor role soon. he's been doing a lot of work during the pandemic as well, especially for charities. we will talk to him and brush up a little bit on my french.

as we head to the break, you can see the bloomberg qualities summit is underway right now. we will been your an interview with our own jackie simmons. this is bloomberg.. -- this is bloomberg. bernardin. -- this is bloomberg. ♪

>> this is bloomberg markets. i'm matt miller. new york city recently boosted indoor dining to 35% capacity. just last night, the three-star michelin restaurant le bernardin reopens for the first time since indoor dining came to a halt last year. joining us now is le bernardin's executive jeff and co-owner, eric ripert. thank you for joining us. i wish i where there so we could dine together. what strikes you as the biggest change now, that you are

reopening, compared to last year during the quasi-lockdown that we had in new york? >> last year, we were in lockdown, as we speak now. today, the cities reopened. like you mentioned, at 75% capacity. this, we are moving to 50% capacity. -- this weekend, we are moving to 50% capacity. the clients that come to restaurants are very eager to have an experience, to come back to the restaurant that was closed for basically a year, and it is a lot of people celebrating, a lot of people spending some good amounts of money and restaurants right now. >> certainly have a lot of fans. i'm getting a lot of you were -- viewer mail saying that i'm not pronouncing the name of

the restaurant correctly. the thing i was wrong to get at is, what about prices? we've had so much feedback about food inflation. there's also been a lot of talk about bringing employees back and paying them more. what are you experiencing at your restaurant as you reopen? >> absolutely. as part of the phenomena that we are observing right now. the food is much more expensive than a year ago. it is very difficult to find employee's right now to work in the restaurants. and therefore, the prices of the salaries are raising. we of course have to make our menus more expensive to the clients. it is definitely an inflation in the industry right now. >> so, that's maybe to be expected, as supply chains broke down during the lockdown, you've got less supply from which to

choose, but do you expect the inflation to be transitory? do you expect prices to come back down to normal in the second half of 2021? >> i do not expect the prices to come down. because a lot of the purveyors and big companies that were depending on hotels and restaurants for their business to be healthy or suffering tremendously. some of them actually disappeared. some restaurants will never open again. i believe that the prices will not come down. absolutely not. the inflation is very important compared to last year. >> so, inflation is one of the problems we are seeing from the pandemic. the bigger tragedy probably is all of the people who lost their job. many people lost homes. new york has more and more people going hungry, and you are taking part in city harvest to

try and feed this burgeoning population of those who cannot afford it. how are you doing that? >> well, what we are doing with the biggest and oldest food rescue organization in the world, city harvest, they basically delivered last year more than 40 million pounds of food to new yorkers in need. in new york, we have 1.5 million people living under the poverty level. one person out of every four doesn't know when they are going to have their next meal. we do is we are giving to city harvest for every client dining with us five dollars. and five dollars and shores -- five dollars and shores 13 meals. which means we are feeding 13 people.

with those five dollars. >> eric, we appreciate that. just quickly, how long am i going to have to wait if i want to make a reservation now? >> right now, it is a bit difficult, because again, we are at 35% capacity and then 50%. but if you are looking for early evenings or late nights, also we have a curfew at 11:00, but you go after 9:00 and you get up by 11, there are some tables available. >> i'm going to make a reservation to come by at 11:00 p.m.. eric ripert. le bernardin's executive jeff and co-owner. -- executive chef and co-owner. this is bloomberg. ♪

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coronavirus vaccine shots in his first 100 days. he could happen today, more than a month ahead of time. united states has reached a pace of 2.5 million vaccinations today. the president plans to give an update at 3:45 p.m. wall street time today. italy says it will be getting astrazeneca's covid-19 vaccine on friday. it is the first nation to back off its suspension of the shot since the vaccine got the green light from european union regulators today. the european medicine agency says astrazeneca's shot is safe to use and the benefits outweigh the risks. several countries had suspended its use over concerns of blood clots. the u.s. senate has confirmed hobby of his sarah as president biden's health secretary. the 50-49 vote makes the 63-year-old the first latino to have the department of health and human services. he has been california's

attorney general since 2017. he sued the trump administration 124 times on a range of policy issues, angering many conservatives. congressional auditors say an unrealistic schedule is adding billions of dollars in continued delays to the pentagon's planned upgrade the f 35 fighter jet. the government accountability office says software defects were not being caught before installed on aircraft and it was taking longer than planned to develop new capabilities. the agency recommended the pentagon revise the schedule to reflect lockheed martin's actual progress. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. ♪

amanda: welcome to "bloomberg markets." matt: i am matt miller in berlin. amanda in toronto. we are worldwide, welcoming our audience. here are the top stories we are following. the biden administration is set for his first face-to-face meeting with chinese officials. secretary of state antony blinken arriving for talks. he will speak to -- we will speak to wendy cutler, who spent three decades as a diplomat and negotiator. little go live to the bloomberg equality summit to hear from the u.s. chair of the council of economic advisers. in conversation with our own jackie simmons. we will hear from the duck horn on the $300 million

deal coming to market. amanda: in the markets, what you might expect by the reaction to jay powell yesterday. we saw yields on 10 and 30's moving at levels they have not seen in quite some time. that's had an impressive effect on stocks today and exec the place you would think, the tech stocks leading the declines. financials are the strength of the market but it's not enough to upset the weight of tech. throw in energy today. it is moving sharply lower. a 5% move. taking that market down by months, levels it has not seen in terms of a multiyear average. it is the specter of runaway inflation, not just the goldilocks inflation the fed is hoping to see that people are watching, but he returned to normal growth and business as usual with the new biden

administration and some changing policies. matt: even better than normal. the fed said 6.5%. for what it's worth, when you look at the u.s.-china trade balance, despite all the tariffs former president trump put on the asian country, you don't really see much improvement from our point of view. for member when the president came into office he was unhappy about the u.s. trade deficit with china? china's trade surplus with the u.s.? this shows that grow over the years that donald trump was in office. to record high after record high, amanda. china's trade surplus soaring. amanda: amazing. things like the pandemic come along and upset anybody's plans as many of those in the western part of the world, including canada and the u.s. have been

ordering goods made in china during the pandemic. we have seen the intention, the policy intention upset but the politics might work. it is all back in focus as we have the first meeting of senior level officials from both administrations meeting in alaska. all eyes there. it feels like expectations are being lowered. wendy cutler is with us now. it is fair to say the lowered expectations are what to expect here. what are you hoping to hear? wendy: i could not agree with you more. expectations are being lowered hour-by-hour. the lead up to this meeting the u.s. has proposed two sets of sanctions against chinese officials. one with respect to hong kong. another with respect to telecommunications and national security risks. this suggests it will be a tense

meeting. both sides will go through their priorities, what is on their mind, their concerns, their intentions and the red lines. i'm not expecting any agreements or future agenda for meetings to be issued after this meeting. matt: before trump took office he said he wanted to bring down the u.s. trade deficit with china. economists said that was not necessarily the main goal he should be aiming for. nonetheless, he put that as his headline on his agenda. that clearly did not happen from the chart we showed before you came in. what could president biden do in order to achieve that? is it even a goalie we want to achieve? wendy: -- goal we want to achieve? wendy: two want to measure success on trade by movement in the trade deficit. you don't control it.

the movement on the trade deficit is largely due to macroeconomic conditions. frankly, given the new, huge $1.9 trillion stimulus bill, you can see the demented united states for chinese products skyrocketing. we should expect the deficit to increase with china. it is not a good measure. what we should be doing is trying to come up with rules, working with allies and partners to discipline the processes china follows to that create unlevel playing field, disadvantaging u.s. companies and workers as they try to compete not only in china and the united states but also in third country markets. matt: is it -- i just want to quickly ask because i was reading this morning that joe biden and xi jinping make it a meeting on april 22.

is it possible biden can convince xi jinping to get the north koreans rid of their nukes and maybe use the trump tariffs as a trading token? we will cut down these tariffs if you can help us with north korea. wendy: i think it is really dangerous to mix up the two. china should help on north korea regardless of what is going on in the trade front. it's important those issues stay in their own lanes and we don't try to use trade coverage -- leverage to get china to move on matters regardless of what we do on trade. it sends a bad signal. amanda: i welcomed what you said on the trade deficit in front. it was used by the trump administration in an overly simplistic weight and it's a super complex macro driven element. it seems as though if we are

honest about china and its relationship with the u.s. and canada, it is getting less tractable, less open to being a good neighbor and a good player on trade, intellectual property and other issues. what are milestones we need to achieve your? -- here? wendy: i think we can only do this through working with allies and partners, which is a distinguishing feature of the biden administration versus the trump go alone approach is getting china, along with this group of countries in the world trade organizations and elsewhere to agree on rules that would discipline the behavior of their state owned no prizes -- state owned enterprises in the subsidies they provide to these companies and create an unlevel playing field. these are structural reform changes that need to be made. they are going to be tough.

china is not going to be doing it easily. if we work with allies and partners at the same time we are building strength at home, i think we can move forward in creating a level playing field to allow the u.s. to compete. when our companies can compete in the field is even, our companies excel and workers benefit. matt: the u.s. and europe seem to be at cross purposes over the past four years. a lot of strategists said maybe europe could use the u.s. position to its advantage and build a better bridge with china. do you think it is possible they can now be closer and use more of a collective bargaining approach? wendy: exactly. as we look for allies and partners to work on these china challenges, europe is a natural partner. that said, it will be

complicated as well. europe just announced his policy of open strategic autonomy where they made it clear they will do what is in their own interests going forward. while i think there are areas of cooperation with europe, we need to keep our expectations and check and be clear eyed. we need to work with all of our allies and partners. not look at an anti-china agenda necessarily, but an affirmative agenda for setting standards, getting the state out of our economy, and promoting innovative industry. amanda: what hope do you think canadians should have if the meeting goes on that the canadians detained in china might be released or there might be some process put in motion? there have been hope the u.s. will intervene on canada's behalf which appears not to be required because we are not getting far on our own. wendy: this has been a tragic

saga. i don't know is that the what will be discussed at the meeting. he would not surprise me if this issue was raised along with actions that china is taking against coercive practices vis-a-vis australia. you want to work with allies and partners but you have to show them you have their backs. i think the biden administration will do that. experienced diplomats understand this. matt: windy, your wisdom -- wendy, your experience is so important to our listeners and viewers. wendy cutler, asia society policy institute vice president. this is bloomberg. ♪

matt: this is bloomberg. i am matt miller with amanda lange. the bloomberg equality summit is underway right now. bloomberg news senior executive editor for the americas jackie simmons is sitting down with cecilia rouse, head of the council of economic advisers. >> it has since reversed. in the spirit of this equality summit, how do we chart a course back to those times of 2019 levels for specific demographics like the one i mentioned? jackie: that's an excellent question. the first thing i would say is that is the entire focus and purpose of the american rescue plan. during the pandemic that involves a very contagious virus. by reducing our contact, reducing physical and economic activity.

although statistics you cited are the byproduct of the slowdown in activity. the american rescue plan is designed to help us all get to the other side. this comes on the heels of the cares act and the bill passed in december. the whole purpose is we are not out of the hole yet. we need to be helping our workers, continue to pay their rent, continue to help their children and how the businesses to get through as well. your point is about on average it was doing fine. unemployment was at historically low rates. as it was for black workers, hispanic workers. really they were still gaps between the success and economic activity of white workers and black workers and hispanic workers. we want to get back to where we

were in 2019 and go beyond that. that is the foundation for build back better. the american rescue plan is designed to put his back on footing so we are poised to build back better once we get to the other side of the pandemic. i want to highlight one aspect that is really important for women. women have dropped out of the labor force in disproportionate numbers over the course of the pandemic. the reason is obvious. family care still falls disproportionately on women. when they have to choose between taking care of their children, helping their children with schoolwork, taking care of their parents, it is too hard juggle that and work when schools are closed and when childcare centers are closed. an important part of the american rescue plan is the investments in school so they can reopen. our investments in state and local governments so they can be providing the resources so

schools can reopen and compensate for some of the deficits children have encumbered. we are accelerating the speed of vaccinations, because it is maintaining our physical distancing that will get to the other side. the weight will get back to make it better is by first getting to the other side of the pandemic. cecilia: i will follow up on that. vice president harris, who i watched swear you in, she said in an op-ed the exodus of women from the workforce is a national emergency. even in one of the hottest labor markets on record for women, pre-pandemic, we still lagged developed countries that have subsidized childcare, paid family leave. i benefited from another system. my kids were babies in france. what will it take to bring the u.s. in line with countries like france or looking north to canada? jackie: what we have to

recognize is if we are going to support women in the workforce we have to ensure they have the support they need at home. we need to be looking at different policies and ensuring they are gender-neutral, not disproportionately this affecting women. there are -- disaffecting women. we recognize that on average in 2020 women earn $.82 on the dollar compared to men. we need to do better than that. women should be paid the same for equal work. i think fundamentally what we can be doing at the federal level is ensuring women and other caretakers -- have support they need to balance family responsibilities and work. i would also add ensuring jobs pay well.

with policies such as the minimum wage, the federal minimum wage has not been raised in 10 years. ensuring home health workers have good jobs. they don't have to be working two or three jobs and stitching them together in order to make a decent living. i think those are some of the ways in which we ensure women, especially people of color, are making a fair wage for a fair work. cecilia: i want to talk about that because cases -- people of color point, cases have been made by the department of labor's chief economist that the fed should target the black unemployment rate. jerome powell recently said the fed is looking at this closely, but he said it is not practical to forecast it specifically. should the fed be targeting and on up limit rate for blacks, hispanics and women before raising interest rates? cecilia: in the new framework

that was put out one of the things they said is it is not just enough for there to be low unemployment and general. -- in general. we need low unemployment rates that are broadly shared. it may not be specifically targeting it, but he and his colleagues have stated they will view the economy has returned to health when it is not just one group that is doing well but when the economy is working for everyone. cecilia: right. in terms of the policies around that, how do we get to a point where policymakers are especially taking into account these kinds of disparities when measuring economic health? jackie: this administration, president biden and vice president harris, are committed to ensuring racial equity, gender equity are imbued

throughout policymaking. here at the council of economic advisers we are looking at federal statistics to ensure there are adequate samples of people for different groups so we can measure and be keeping track of the unemployment rate. one group we really know little about his native americans. their numbers are small and in many federal databases their sample sizes are not large enough to know what is happening. that is one small way in which we are all trying to ensure the policies we are trying to put forward -- that we can see and measure what the impact is. more generally, this administration is looking at how our policies are affecting different groups of people. we know with the itc, over 20%

of recipients eligible to receive a payment do not take it up because of the complications of tax filing, etc. those are disproportionately workers of color. the administration wants to do an aggressive campaign and make sure people understand what they are entitled to. that is a lot of what the president has been talking about this week, as has the vice president and members of the cabinet. we are hoping people know what is in the american rescue plan so they can take advantage of it and benefit from it. it was designed for them. amanda: we have been listening into the bloomberg equality summit, a conversation between bloomberg's executive editor for the americas jackie simmons with cecilia rouse. you can follow that online. we will bring you the highlights on the terminal throughout the summit. we have been watching duckhorn

portfolio. alex ryan is with us. the largest portfolio luxury brands, wines, it was a bit of an arc over time. what did the ipo do for you? alex: thank you for having me. we are really excited. you are right. for 45 years, we have been creating a luxury wine asset in creating these brands. during a traditional ipo, we are accountable controlling that. i think we will take fine wine and luxury wind wall street and beyond. we have grown considerably. 11 years of consecutive, profitable growth. now we are at a scale to introduce wines to the 60 countries we distribute to, all 50 states and beyond.

it's a wonderful opportunity to help get us there. matt: what are you going to be able to do with the ipo money? what can you do with shares and the increased recognition? alex: we will offer wine to shareholders passionate about our brands. i think we have a new currency. after this we will be on the future landscape after we make valuations. we will stay with luxury. you can expect us to remain squarely in the luxury. it's an exciting part of the wine business. $20 and above. the new ipo and currency will provide us a lot of flexibly going forward. amanda: only about a minute here. will you stay with those acquisitions in napa? can you diversify beyond that hard-hit region? alex: we have had challenges and come that pretty well. we have a diversified production model. napa is where it all began for us.

it is our home culture. we will expand beyond that to other world-class wine growing regions over time. continued innovation in the wine world. matt: alex, thank you very much and congratulations on the ipo. alex ryan, ceo of duckhorn portfolio coming to us from the floor of the new york stock exchange. for amanda lang, i matt miller. this is bloomberg. ♪

[ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ]

hmm. ♪ ♪ the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. kohler is an expert in bathing, so you can count on a deep soaking experience. are you seeing this? the kohler walk-in bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. everything is installed in as little as a day by a kohler-certified installer. and it's made by kohler- america's leading plumbing brand. we need this bath. yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call... to receive one-thousand dollars off your kohler walk-in bath. and right now we're offering no payments for eighteen months. mark: i am mark crumpton. a white gunman charged with killing eight people in three

atlanta massage parlors did not appear in court as expected today after he waved his arraignment. tuesday's attack sent terror through the asian community which has been targeted during the pandemic. california democrat judy chu reminded people of the effects of anti-asian rhetoric. >> his targets were no accident. what we know is that this day was coming. because of crimes like this, i as chair of the congressional asian pacific american caucus kerch this committee -- the asian-american community has reached a crisis point that cannot be ignored. mark: the mayor of atlanta said regardless of the shooter's motivation, "it is unacceptable, hateful and it has to stop." astrazeneca's