plan since investments in the space program and interstate highway system. president biden will unveil the two point $2 trillion package today in pittsburgh. it includes spending on transportation, r&d, clean water in the improved care for the elderly and disabled. the president wants to pay for it with higher corporate taxes. wto director general sees a rebound in 2021 for the global economy, but ties it to how well governments respond to the covid-19 threat. she also criticized vaccine distribution protectionism. >> no longer can we expect poor countries to stand in a line waiting to get vaccines. 70% of vaccine doses today have been administered by 10 countries. the inequity of access is glaring. mark: and that virtual press

conference, she also highlighted uneven regional trade growth and highlighted that slow vaccine access poses a threat to the trade outlook. in italy, the cabinet will meet to discuss restrictions on movement and business openings as virus lockdowns persist over easter. cases across italy continue to spike as the government struggles to contain the spread. sources say french president emmanuel macron is planning to announce tougher covert measures in his address to the nation today in an attempt to contain a surge infections tied to new variants. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg.

>> it is 1:00 p.m. in new york, 7:00 p.m. in berlin, 1:00 a.m. in hong kong. i am matt miller. welcome to bloomberg markets. here are the stolle -- stories we're following. billionaire bill foley will join us in a moment on his latest spac takeover and whether he is worried about a space bubble. we will have a conversation with robert kaplan, the federal reserve bank of dallas president, on why he thinks a rate hike could be in the cards in 2022. and musk the younger. we will talk to kimball musk, brother of elon musk, about how he is innovating the gardening movement to tackle food insecurity. that conversation this hour. i want to break down the headlines we have crossing the terminal. deutsche bank seeing it dodged a

bullet with a quick $4 billion sale to get out of it's our ghost -- out of its archegos holding exposure. one large private deal on friday helping it emerge unscathed from something that has cost many billions of dollars. the german bank executed the sale after archegos defaulted on margin loans used to make highly leveraged bets on stocks. this story broken by erik schatzker and griffin. the s&p 500 gaining .3%. green on the screen all day. it has risen until now. we see the nasdaq of 1.8%. it is the comeback of big tech that is boosting the broader markets. the 10 year yield holding steady

at a relatively high level of 1.71%. gold is starting to rise after we get the 2.2 $5 trillion announcement about joe biden's infrastructure plan, trading at $1712 -- $1712, although gold has been under pressure of late. another stock moving on my dashboard today is shares of online payments company paysafe after merging with a company founded by veteran investor bill foley. you can see paysafe trading at $101. he joins us to discuss what is going on in the space. bill, let me ask you about the spac explosion we have seen and the big drops over the past few weeks. it was an incredibly popular issue and now seems to have lost institutional and retail

support. bill: the typical story on wall street or in business that when something is too good to be true, it usually is, and we just had a lot of input, an influx of inexperienced players performing spac's -- players forming spac's, and it is a glut that has dried up somewhat. those looking for transactions are having trouble selling and closing the transaction. they are facing redemptions. in our case, we just de-spac'd our pft spac. the thing that was different about our transaction is we brought capital to the table. my own in the companies i am affiliated with -- the companies

i am affiliated with invested in purchase agreements. it was a protected asset. besides that, it is a great asset and has traded up from our initial announcement from our proposed transaction. matt: to put it lightly, it was initially valued at $9 billion. it is trading 50% higher than it s ipo. it is one of the few that has held its value after the reckoning we have seen over the past couple weeks. bill, do -- bill, to what do you attribute that? you have solid earnings growth and a big, fat profit manage -- merging as well. are you confident investors will stay that way? bill: yeah -- matt: sorry, bill, i was saying

phil. phil: paysafe is a company that has been around for 20 years. we have a deep and wide group of clients we have been serving for 20 years. we have digital wallets and e cash. we have deep verticals like gaming and digital goods and fintech services, so the secular trends are real, the margins are real. bill's track record. it stands out as a specialized payment company, our ownership in their profile, so i think it's very good quality, we have good plans and clear plans where we see more opportunity, so i think those aspects of helped lead to a good initial story and we are excited about the next chapter. matt: bill foley, you mentioned

the pipes, and this is one of the biggest. it is a $2 billion pipette launch. -- pipette launch. -- pipe at launch. do you think investors understand the importance of the vote of confidence that a big pipe really is? bill: you are exactly right, matt. having a large pipe basically validates the transaction as it was created and priced with the seller. in this case, blackstone was the seller. they did something that was a confidence builder. they did not take all their money off the table. also, in the way we sold the pipe between philip and myself and several other people, we really established the paysafe story out there. again, it was priced attractively. it was not priced with the

extremely high multiples at the low-end of its troughs, and all those things put together really created confidence among the investor base to invest in it. matt: phil, let me ask you about what is ahead for paysafe. i know you have done another -- done a number of important partnerships, new deals with microsoft, snowflake for web services and data analytics. how do you see the company changing in this varmint? phil: we are in a good position. mission one is we are a global leader in igaming and we are well-positioned to win in the vr gaming space. we are winning in streaming and online gaming and fintech services. we bring wallets, global

processing, and that combination we will continue with those verticals. we are also going to draw some operating leverage and scale. and being public really positions ourselves. we are deleveraged. we have clear views on m&a opportunities. that is kind of the fourth pillar of growth we think we will attack. i think we can find some great opportunities to expand paysafe's offering even more. matt: philip mchugh, thank you for joining us, of paysafe. in bill foley, a pleasure talking to you. -- and bill foley, a pleasure to talk to you. hope to get you on soon again to talk about your spac investments. coming up, could inflation risks force the fed to raise rates as early as next year? we will put that question to dallas fed president robert kaplan in an exclusive interview. this is bloomberg. ♪

matt: this is bloomberg markets. i am matt miller. i want to get something -- i want to get to something that caught my eye. it is the first -- it is the last day of the quarter and it has been quite a few months for u.s. treasuries. they reported their worst quarter since 1980. a lot of you were not even born yet. comparison, the retreat seen in europe was in line with 2019. if you take a look at the chart, you can charter it yourself. trust me. it is striking. ecb president christine lagarde sat down earlier with francine lacqua for an exclusive interview on bloomberg television.

eying the risks of inflation around the world, but maybe not so much in europe. lagarde says her focus is on ensuring economic growth. >> exiting at the moment from this exceptional instrument. the budget has been extended back in september -- december. we continue to rollout until march 20 or later if determined by the governing council because we would still be dealing with the pandemic crisis and its economic fallout. it is not as if it was set in stone. this is our estimate of when, hopefully, the pandemic will be finished and its economic consequences will be over, but again, we are guided by facts, by our assessment of the situation. francine: in terms of timeline, how much of a heads up will markets need to make sure you can exit some of the stimulus

program safely? ms. lagarde: we will give sufficient early notice in order to avoid the anxiety, the team from, or -- the anxiety, the tantrum, or any of the movements observed in the past. we are convinced it is a combination of economic, fiscal and monetary policy that is needed. i put an emphasis on physical because it is clear under the circumstances that the physical arm has to continue to be potent and efficient, which is why we look forward to the rolling out of next june short orders, so we can see that fiscal arm fully deployed throughout europe. francine: what is the cost of delays from brussels? the progress on recovery seems to be slow. ms. lagarde: we very much hope that it will be deployed in the

second half of 21. when exactly it will begin is, you know, for member states to determine, because it is for them now to ratify the instrument and make sure that their recovery and resilience plans are filed and fully documented and approved. the latter part is under good progress, but the ratification process, as you know, there has been a challenge, an injunction by the german supreme court, which i hope will be dealt with in short order so that we have certainty as to what the outcome is. i do not know the outcome, but i hope there is a way to do what was agreed on in july and has been voted on already by many parliaments. matt: that of course was ecb president christine lagarde speaking with my surveillance

early edition coanchor francine lacqua. you can hear more on wall street week. it starts on 10:00 p.m. eastern friday and heirs all weekend, but if you just want to chill because it is easter, check it out on bloomberg.com right now. to how the u.s. central bank may address president biden's $2.2 trillion infrastructure plan, bloomberg's international economics and internal economics policy correspondent michael mckee with those. michael: it does not mean i will balance your checkbook. we are joined by dallas fed president robert kaplan. we would like to welcome you. i know you do not want to comment on the politics for pieces of this biden infrastructure plan, but let me ask you about the economics. $2.25 trillion over eight years

being spent. what impact does that have on the economy and the possibilities for stimulus -- for monetary policy?going forward ? mr. kaplan: on infrastructure, we have had a lot of fiscal spending that's been necessary to emerge from the pandemic, but a lot of that spending will fund current consumption, and so the impact that has creates a bump in gdp, but over time, that bump wears off. the nice thing and the desirable thing for me about infrastructure spending, it is a long-term investment. what do i mean by that? it is investment you make today or over the years and it should help in the future create higher potential gdp growth, higher sustainable growth, better productivity, so i would really differentiate infrastructure spending from other fiscal spending, and i think it is clear we need more wi-fi, widespread wi-fi in this country

and other infrastructure spending to make us more productive and raise sustainable gdp growth in the future. so i think that's a positive thing. >> the government has already spent over $5 trillion fighting the pandemic. you expect that to lead to some transitory -- the fed expects we will get to a certain rate of unemployment anyway. biden is saying the should be good union jobs, which would pay more. does that maybe make the danger of lasting inflation greater? mr. kaplan: well, it is clearly going to demand more workers. it creates more demand for workers. and so we already knew the cyclical forces of inflation from low unemployment in the months and years ahead. that will spur the cyclical parts of inflation. and this will do that even more. i think it is an investment worth making, but it will have that effect.

and so we will just have to see how those cyclical forces are outweighed by technology. technology enabled disruption. and those forces, which are also strengthening. we will see how that shakes out. i have said several times about this inflation debate, my base case is i think you will see inflation moderate through 2021 and into 2022 and 2023, but it is wise for a central banker to have a good dose of humility and being open to learning as this unfolds. a lot of what is going on now is unprecedented and smartest thing i can do is keep an open mind, be humble and open to learning, and adjust my views as this unfolds. michael: what do your experts and analysts say might be the impact of a green energy program on your district, at the heart of the oil and gas industry? mr. kaplan: i think a lot of

what is going on with renewables and the green energy program has already been internalized pretty significantly in my district and in the energy business. and what i mean by that -- we are seeing energy companies across the board, fossil fuels companies, planning and spending billions of dollars on how to reduce their greenhouse gas emissions, carbon capture, sequestration, how they deal with --, other things, and a substantial amount of capital going into battery storage and other renewable r&d. the issue will be, as capital flows heavily into renewables, it is very difficult to attract capital to fossil fuels, yet, even with aggressive transition, our own analysis at the dallas fed is we will be dependent on a healthy fossil fuel industry not

for the next few years but likely for the next two or three decades, and so the challenge will be, as we transition away, we still need a healthy fossil fuel industry. you will see demand for fossil fuels that will be a smaller percentage of total energy consumption, but still significant. we have to manage that transition so we do not create undue or unexpected price spikes that affect consumers broadly. >> i will ask you to help me interpret the fed's new framework policy. we talk about it from one side of it, that you will keep rates low until you get inflation the averages above 2% for some time. what happens if you are wrong and inflation does fall back, does arise, you get 1.9 -- fallback, doesn't rise, you get 1.9. is a 0% world compatible with

1.9%, or would you raise rates/ -- raise rates? mr. kaplan: yeah. our desire and objective is to anchor inflation expectations at 2%. as you know, and you have just referred to this, we have been overshooting -- we have gone years where we have been undershooting our 2% target. we are trying to be much less preemptive about future inflation and we will allow inflation to run moderately above 2%. even with that, there are other forces, like globalization, technology, technology enabled disruption, that limit pricing powers, so we do not want inflation to run persistently through -- persistently below 2%. i do not want it to run persistently more than moderately above 2%. that's the challenge. so we are going to have to work our way through this, but right

now, we are more willing to be aggressive than we have in the past. we are going to be less preemptive. and that's our stance at the moment. we will have to adapt it as events unfold. matt: as a former wall street executive, i am sure you have talked with your friends and experts about archegos. do you think this is a one-off kind of event or could it be something of a canary given what we do not know about the nonbank sector? mr. kaplan: the truth is i am not sure. and that's the issue. we had the fed have very good visibility, not perfect, but good visibility on bank capital. we do bank stress test thing. but commercial banks are only part of the financial system. the much bigger and growing part of the financial system is nonbank financials. in that sector, we do not have great visibility. this is obviously a leveraged situation. my guess is -- i know and i am

concerned that there might be excess risk taking and other leveraged risk-taking more broadly and so i am cognizant of that. i would love to see better disclosure of it, a little bit better transparency of it, because i do worry, harkening back to march of 2020, when you have got access risk-taking and with leverage for some period of time, if there is some kind of shock event or adjustment, you can have eight -- a dash for cash and it can cause markets, to tighten which, slows the economy. i would like to see more transparency. this is a situation i am watching carefully. my guess is it is indicative of excess risk taking in some quarters and the use of leverage. >> robert kaplan, thank you for

joining us. he is the president of the dallas federal reserve. back to you, matt. matt: great interview. thank you for bringing that to us, mike mckee with robert kaplan. now, coming up, we are going to launch into our next half hour with a roar in inflation trade seeming like it has provided a wild wide -- right for markets over the past few months. we will discuss that and more. this is bloomberg. ♪

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sandbank in the suez canal, but may take longer to figure out how to keep it from happening again. those are questions in an ongoing probe on what ship should have used tugboats or attempted the journey in the first place. coronavirus deaths are expected to bottom out in two weeks, then they inch higher. officials are hoping the vaccination campaign could slow down what could be a new wave of cases. a plateau or small increase could mean thousands of additional fatalities. a year after new york city locked down, tourists and foot traffic have yet to fully return. that is hurting business, even on fifth avenue. the shopping mecca has transformed into a battleground between landlords and tenants. along the roughly 20 block

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>> welcome to bloomberg markets. matt: we welcome our audiences at this hour every day. here are the stories we are following. the reflation trade boiled global markets. we look back at the quarter that was as asset classes adjust to the u.s. economic recovery. in a few hours, president biden set to unveil his $2.25 trillion infrastructure package. we discuss what is in the plan with nigel wilson. and, we talked to kimbal musk, brother of elon about how e -- he is tackling food insecurity. a big issue for urban areas. kimball is trying to do something about it. amanda: we are watching a little

bit of a reversal back into growth. have leaders of the market in favor today. the groups that make up the tech discrimination -- you can see the nasdaq a 2% move. apple up 1.75%. that will give strength to markets. we are seeing weakness in an are space on both sides of the border, having a more depressive effect in toronto where the group carries more weight. one potential culprit, the 10 year yield. we are talking a lot, for what it is worth, about the reflation trade. i wanted to pop up a great comparison that shows the relative duration in how they have performed. in this case, you've got your 20 year treasuries, corporate greed

and high yield. white being treasuries, blue being corporate's. on the right, you see it has been outperforming on the high-yield side. for a short duration, you win. on the highest end of the stack, the lowest end loses credit. it is an interesting snapshot of where the market has been. matt: that's a pretty good charge. i like it. i think i have one that is better. a look back on asset classes in the quarter and how they outperformed or underperformed. this is more colorful, which i think makes it better. [laughter] it also shows commodities have trounced everything else this quarter. they did well in the third quarter of last year as well. equities not far behind. we have been following closely the run-up in equities since

what i have dubbed the covid quarter. the march quarter of last year is where you see that huge drop in commodities. and equities, the blue asset class. i am sure we all recall -- probably some of us in tears as those markets came down. the question is, does the run up in commodities get pushed even higher with this infrastructure investment plan? does that bring around inflation that is more than just transitory? we are going to drive -- dive into president biden's plan with nigel wilson, member of the u.k. prime minister's bill back better business council. this is bloomberg. ♪

matt: this is "bloomberg markets. president biden preparing to go through his massive infrastructure plan later today. $2.25 trillion. areas he is expected to cover include semiconductors, workforce training, clean energy , tax credits. this bill covers a lot of blocking and tackling infrastructure. and then, it looks like there is a more progressive grab bag of measures coming in a part two later down the road. amanda: a big piece of that is driven by the reality of covid. take a look at this chart, tax receipts affected by covid. this is u.s. revenue taking a

nosedive in 2020. no surprise, but what it does is give you a sense of what the challenge is for president biden to raise revenue. corporate taxes are front and center as one way to do that. what will that do to the markets is one big question. matt: absolutely. with fewer tax receipts coming in, the fed has had to step up and buy pretty much everything the treasury has to sell. central banks around the world have pretty much been doing that. more on the infrastructure push in various forms across the west, nigel wilson joins us. he is also an advisor to the u.k. prime minister boris johnson on financing infrastructure there. let's start where amanda left. in terms of paying for this, it is helpful to have a central bank that is willing to print money, but it is that sustainable in the long run?

nigel: we think longer rates are here to stay. we have had 10%, 15% rates in the past. it makes a huge amount to catch up and infrastructure. with america and the u.k. lagging far behind, particularly what has gone on in china. you've got the correct problem identification. we are raising taxes here by 5% in the u.k.. something similar is planned for america. that certainly is the right thing to do. amanda: one of the bigger concerns you might raise about these massive infrastructure plans is less what they promise than what they deliver. recent history has shown governments are good at announcing plans and allocating funds, whether the funds get deployed in a way that is useful or timely is a question. do you believe that will happen?

nigel: i am hoping. you are right, the history of the u.k. government has been awful and poor on these large infrastructure projects. we have invested 30 billion -- [no audio] matt: oh no. amanda: i believe we may have lost nigel. matt: i feel like there are infrastructure problems -- we basically lost you for a second. we've got you back. you are advising boris johnson on these issues. do you have advice for president biden in terms of selling this kind of spending in a bipartisan way? you've got the same kind of partisan issues in britain as in the u.s., how do you sell a big infrastructure plan and footing

the bill to both republicans and democrats? nigel: there is widespread recognition in the u.k. that we need leveling up. leveling up across individuals and opportunities for individuals but also between towns and cities. some of them have tremendous investment programs, and a few in the u.k. but we have to level up more. that -- both parties well. everyone agrees we need to spend more on climate change. education needs much better efficiency. the best universities in the world are in the u.k. and the u.s. our schooling is ranked in the mid-20's by comparison. the best science and technology is in the u.k. and the u.s., we are not using that efficiently. one of the reasons is we just don't have good enough infrastructure. that is the feeling for

everyone. health is the new wealth. both sides, early in the pandemic, showed salience in their health system. things like remote learning and telemedicine are taking off and are going to be important. we want to invest, and america has to do the same. you've got to search for common ground. in a positive construction -- constructive way among all parties. we are certainly achieving that. in the u.k., lots of folks are stepping up and saying yes, we want to make this happen. we want to execute really well because in the past, we have let people down. in terms of infrastructure. amanda: on that point, i guess both canada and the u.s. and the u.k., one of the issues you have is that political terms are

shorter than the length of these projects, let alone the vision. big complex infrastructure projects do not win elections. digging holes and filling them in create jobs. how do you make sure the vision stays in tact and overcomes the election? nigel: that is an excellent question. often governments try to do amazingly large projects that can take 30 years. we've got to compress them down. we have seen that in vaccination. if you apply yourself and use tools, you can do that quickly. that has been the chinese solution. they are building railways at an incredible speed. we got to do that. we do typically one billion pound projects, we execute pretty much on time on budget, and people get great confidence in that.

if you get confidence, people get into a virtuous circle of capital confidence and capability all work together. that is the solution. matt: i have read that legal and general itself has invested some amazing amount of money in public-private projects. like, $26 billion. is that an answer for financing future infrastructure programs? here -- i am in berlin, but i mean america. nigel: i think working in collaboration -- partnerships -- we want people to work together and collaborate going forward. that is the model we have had. we have spent over $40 billion so far but we will be sending

another $40 billion. 20 billion pounds is 1% of gdp, to put it into context. lots of companies around the world have excellent execution skills and it is a matter of applying those skills to make a difference for the public good as well as private wealth. [no audio] amanda: unfortunately i think -- nigel: -- and health care. amanda: we are going to have to leave it there. i apologize. we appreciate your time, it has been a great conversation. on a day when a lot of attention is being paid to the subject, nigel wilson, thanks for that. one place that inequality has shown up across the world and

across america has been an access to fresh food. up next, kimbal musk and his green initiative. ♪

amanda: i am amanda laying with matt miller. -- amanda laying -- amanda: hitting an important point that was laid bare by the covid-19 pandemic is this concept of the food deserts. there are places with very little access to healthy affordable food. these folks have to rely on fast food for their food, obviously

an issue of inequity and health that will go right to the heart of some issues facing north america. matt: absolutely. you are in a place where there is not fresh food on offer and you are hungry, you are not likely to travel far and wide to try and get something. i have a friend in ho -- friend in ohio who has been trying to work on this urban farming initiative, but the funding is just difficult to get. i am excited to talk to our next guest, kimbal musk. you may recognize the name, he is elon musk's brother. he is taking the mosque initiative and creativity to find a solution to this problem. not only a problem in america, but around the world. he is the cofounder and executive chairman of big green. thanks for joining us.

let me first ask, how do you recognize this problem and what kind of ideas do you have to change it? kimbal: thank you for having me on. we recognize this problem many years ago. obesity and diabetes has been a disaster for america, especially in lower income communities. those food deserts for you do not have access to healthy affordable food. in covid, those were the people most susceptible. anyone who had a comorbidity with diabetes had a much higher rate of fatality than others. it was a cruel part of the covid epidemic that we faced in america this past year. the rest of the world is facing it because we are hopefully getting out of the woods, but the rest of the world is going to face this. anyone who has unfortunately got only access to fast food that

causes obesity and diabetes is really gonna suffer the hardest through this pandemic. we have created this in partnership with some nonprofits, we started giving away gardens to families in low income communities. 12 inches wide, 12 inches deep, this spring we did tomatoes that are seated, and you will be digging for potatoes like gold. it is a beautiful way to connect kids to food, eat your own food. you can grow a lot of food. in partnership with modern farmer, a nonprofit magazine, harrison ford, salma hayek, major celebrities, a wonderful group of people has come together to promote this idea of

getting gardens into homes in low income communities. people can donate $10 and help support this. we really want corporations to participate. we want companies who feel like this is part of their mission to go to millions of gardens and help support the movement. amanda: one thing that comes to mind is, it is such a great idea and you have been passionate about this for some time, does it get at the inequity we are talking about? i think guarding is something that takes time, which is not something that poor households have much of. how do we square those two factors? it is a commitment of time and energy for people who may not have it. kimbal: we have found lower income families are excited to garden. we have been working in south chicago, memphis, denver, los

angeles, detroit, pittsburgh, we have been deep in these communities for years. when we announce -- we call them a little green gardens and were trying to get millions out there. we announced them ended tests in chicago and memphis, we did about 5000 in chicago. we had them, in a socially distant way, line-up around blocks to get them. they found the time. gardening at home is not just about food, it is about mental health. it is a beautiful way to spend your time, and it is not that much time. once you get over the intimidation factor, and there are times when things do not go well, but it is not a time thing, it is more about mental and therapeutic commitments to looking after your garden. matt: we will direct people to

your website, biggreen.org. it is a fascinating initiative and could be helpful to the progress of the country. if you feed people well, they grow into better people. i want to ask you about tesla. you have been on the board of tesla from the get-go and we have been talking a lot about the valuation. it is a car company -- i realize you are doing a lot of other things as well including home batteries, solar roof panels, charging, what do you think makes tesla worth $600 billion? kimbal: i can't really speak to the value of the company. i am on the board. i can say that i am really excited about the future of tesla and it does include energy. it includes -- i actually don't

know the exact numbers, so do not quote me, but it probably is one of the biggest industries in the world. tesla is about alternative energy, it is an energy company. we've got a good product, we've got good technology and we are good at making cars, but the future of tesla is very bright. i do not want to speak to the valuation. amanda: fair enough. matt: i appreciate your time. kimbal musk, cofounder of big green, an initiative trying to feed people in food deserts. breaking news, the sec is going to open a probe into our to go --

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for the 2.2 trillion that he is unveiling later in pittsburgh. the president wants to raise the corporate income tax to 28%. plus, there would be a 21% minimum tax on global corporate earnings. the biden plan calls for spending on transportation, high-speed broadband research and development, and care for the elderly. >> these public investments are among the highest returning in terms of -- so we know investments in airports return several dollars in private investments. rnd provides the backbone off which private investment flows. these are the kinds of high-value investments that can spur private investment that we need. mark: president biden will announce his second round of initiatives next month. in china, the rebound from the pandemic bringing it closer to surpassing the u.s. as the world's largest economy.