a climate summit organized by his u.s. counterpart this month. officials say the kremlin is working on an address for the virtual event. the kremlin recalled its u.s. ambassador after biden last month agreed in a tv interview that boudin is an "killer." -- putin is an "killer." warning about widening and the quality -- warning about widening inequality. the global economy will expend 6% this year, up from 5.5% this year estimated in january accorded to -- according to the world economic outlook. india's economy is projected to grow, as the starkly high-level of 12.5% this fiscal year. but the monetary from chief economist warns the wave of the pandemic there is economy. more than 100,000 daily cases were reported in the weekend.

mumbai entered another lockdown this month. benjamin netanyahu has been chosen to form the next government. he has 28 days to build a coalition, with the possibility of a two-week extension. last month's election was israel's fourth into years, the outcome was inconclusive. 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'm karina mitchell. this is bloomberg. >> it is 1:00 p.m. in new york. 1:00 a.m. in hong kong. 7:00 p.m. in berlin. i'm matt miller. welcome to bloomberg markets.

here are the stories we are following for you from around the world. looks like the biggest loser in the capital -- the ceo keep his job on a $4.7 billion right down. genetic sequencing giant illumina is surging after announcing sales will be higher than previously forecast this year. we will talk to the ceo. an president biden is geared up for a fight over his 2.2 $5 trillion infrastructure plan. -- $2.25 trillion infrastructure plan. we will ask if it's even enough. let's take a look at what is going on in the markets today. we don't have a lot of movement on the s&p 500. the index, with a gain. if it closes, it will be another record high of 4079. the ftse in london, playing catch-up, 3.3%. the european stocks in general

are rallying into the close today. bold as rallying as well -- gold is rallying as well. the nymex crude, more than a dollar 5970 -- more than one dollar $59 -- more than $1.59. it's taken $7 billion to expose the fun. it is only a matter of time before another firm implodes in a matter similar to bill wang's fund. >> it is highly likely we are going to have another situation like that. these things, when they come, like we are experiencing, where out of the blue you hear of some major loss somewhere, they tend to continue to cascade until the market cracks, and

flushes the risk out of the system. >> joining us with the latest is the bloomberg reporter who got that exclusive interview. he is concerned, but you have been talking to bankers, prime brokerages over the last week, with a huge team of bloomberg reporters. is anyone finding similarly overleveraged whales? >> you know what is amazing? it is across so many different asset classes, it's hard to keep track of. this is not the first time we have seen hiccups among leveraged funds in the last 20 months. the basis traits debacle started the beginning of last year in late 2019, that required repo market intervention, then we saw gamestop, now we see this. massive issues we have seen a couple of times in a row. something that really struck me is that we spoke excessively to ken lieutenant mid-february -- -- ken l. in mid-february.

he was saying then, while another one that was really facing some issues, gsf. how do you keep a handle across so many part of the financial system? the thing that gets me the most about the situation that i don't know how the banking system rectifies is the banking executives have so many of these firms didn't know how highly leveraged he was and how concentrated a position he was taking across all these firms. some of them even thought it was day traders that was driving up others, like viacom. even the bankers don't know how to fix it. >> you have to wonder how thomas g. didn't realize that someone was trading with so much leverage on credit suisse's book. g. said in a quote, i recognize

the cases have caused significant concern among all our stakeholders. serious lessons will be learned. he was brought in to deal with an issue by his predecessor. now he is facing not just this, but the other issue as well. he kept his job. >> it is interesting, people are giving him a great period here. we are seeing laura warner, being replaced in the interim by somebody who held a senior position in the same division just before her. a lot of the changes you're seeing, on the base of it, it is changes, but the reality is, some of it is also a lot of the same, right? the issue here of leverage and risk management, then there's also the issue here of leverage to liquid funds in the first place. then also they lost so much money tied to york capital. what is it about credit suisse's

culture that is exposing them to firms that are prone to also facing a lot of trouble as well? >> yeah, and allowing them to use their balance sheet for leverage. the grace period i guess a lot of investors say is important, but brian didn't get the similar, same kind of grace period there. thank you. breaking news and taking names as usual, with a great interview. coming up, illumina surges, as revenue beefs estimates and the company raises its forecast for sales this year. we discussed the outlook for the genetic sequencing giant with francis desousa, next. this is bloomberg. ♪

>> this is bloomberg. markets. time now for the stock of the hour. gene sequencer illumina, seeing a big jump in 2021 revenue with first quarter results in three weeks. we are here to examine the company's come back from covid. >> we will talk about -- we don't talk about this stock a whole lot. this biotech company as a leader in making gene sequencing technology. it is used to screen unborn babies for genetic disorders. it helps screen cancer and most recently has been used to help stop the spreading of the covid-19 virus. we see it for the first quarter and full fiscal year, getting a nice pop on the back of that

today. it expects first quarter revenue to top $1 billion for the first time. it is all about the record revenue growth and sequencing and relating businesses. this is all welcome news for the shareholders. they are having their best day since the fourth quarter results back in february. the shares have been a little bit depressed since then in part because of the ftc coming in and challenging its $7 billion bid. it is a cancer testing company. there's a lot of focusing on this revenue growth here. it demonstrates really that it's got a big comeback from the covid-19 pandemic. this will help it, because its margins are severely -- were severely depressed during the pandemic. >> the shares haven't had a lot of cheer lately. so today is a big boost for investor momentum. >> yes. one analyst highlights this massive revenue beat here.

he says yes, it is down to the covid-19 surveillance, but it is also core business, he says. so you can't disregard that. the key take away here is that demand of sequencing is robust, and you can expect that to continue in the foreseeable future. >> let's find out more about that right now. we will take a deeper dive into illumina's business. joining us as a company's ceo, -- is the company's ceo, francis desouza. talk to me first about the demand for gene sequencing. i assume it is through the roof with the current covid crisis. you make gene sequencing to fight a lot of diseases -- a lot of other diseases, as well. >> thanks for having me. we saw a really strong demand in q1 for our core business. the business where we sell sequencers into the research

market and the clinical market to help expectant mothers with noninvasive prenatal testing, to gauge the health of the baby, but also to help cancer patients choose the right therapy for them, as well as help genetic disease patients in a fight and diagnose the diseases they have. we knew we were walking into q1 with momentum. i talked about that at the beginning of the year. but what we saw in the quarter surpassed even our last year estimates. there are three things driving the growth this quarter. people are going back into the research labs. we are seeing people getting more comfortable going back into the clinic to get the tests, toward the fire cancer therapies, to gauge the health of the babies, etc. the activity levels we saw were back to pre-covid levels. that was one factor. the second factor was we did a lot of work last year to expense reimbursement for some of these genetic tests. we saw significant expansion in the reimbursement for noninvasive prenatal tests,

whole genome sequencing, genetic disease patients, and that is really stunning to pay off your, with expanded reimbursements. you're seeing patients order more tests. third, we launched a new product at the end of the summer that lowered the cost of sequencing significantly. so now anybody can have access to the $600 genome. we have been consistently wearing the cost of sequencing. when we first launched the product into thousand seven, the cost for genome was $150,000 per genome. today it is $600. he 99% reduction in that timeframe. when we do that, we found it expense market. -- expands the market. >> the complaints from the ftc with regards to your proposed $7 billion takeover of grail is that it would drive costs up. given your position as the only provider of dna sequencing for the liquid biopsy tests, it would defeat the competitive

impulse in the market. how do you answer to that? >> we disagree. we have consistently been lowering the cost of sequencing. i talked about and 89% reduction in the cost of sequencing we offered to the market since 2007 to now. we publicly talked about the fact that we are going to take the cost of sequencing genomes down to $100 from $600 in the coming years. we put out an open contract to anybody who uses our products for oncology testing, committing to lower the cost of sequencing by over 40% by 2025. this is an important test. this acquisition will accelerate patients' access to this early detection cancer test. grail was developed and developed initially at illumina, a blood test that canada 550 types of cancer through a single blood tests. across all stages. 45 of those cancers have no other screens. we know that a patient's chances

to rise and cancer increases dramatically if you catch the cancer early. we believe this acquisition has a chance to get this test in the hands of more people, more quickly, especially the underserved part of our communities, where reimbursement is important, and they can't afford the test themselves. we believe we can accelerate it. >> will you be able to fight the ftc's complaint? you incubated grail. you have a 12% stake in the company already. do you plan to fight this? do you think you can go through with this? >> we do plan to challenge this. we will take our case to court. this is a vertical transaction. grail is not in our space. we don't compete in any way. believe we have a strong case about an accelerating access to this potentially life-saving technology to many more people around the world. we believe also this can take billions of dollars out of health care costs from our

health care system. and we believe this is procompetitive. by getting reimbursement, helping drive more quick acceleration of the reimbursement, that helps everybody in the space. it is procompetitive, it gets the tests to patients. >> are there any other acquisitions you have in your sights? this is one way in which you want to grow your business. is there anything else you need to do to complete your strategy? >> you know, we are always looking, and from time to time, we do do technology acquisitions, much, much smaller. this acquisition is by far the biggest acquisition we have ever done. >> what do you think we are going to see in terms of mutations, and sequencing those? are your tools going to be able to help the global fight against covid in terms of sequencing mutations, faster and more efficiently? >> yes. we have been very involved in

fighting the pandemic from the beginning. our teams were in one, china -- -- in wuhan, china working with the sources there to identify the sources of this pneumonia at the time. our sources were used in shanghai to publish a first viral genome of sars-cov-2 in general area -- in january 10th of 2020. we have been working with vexing many factors like biontech and moderna to help the bell of the mrna vaccines that are being rolled out around the world -- help develop the mrna vaccines that are being rolled out around the world. also australia, the cdc here in the u.s., to develop a national surveillance infrastructure, to watch how the virus is spreading, but also how it is mutating. we now have sequencing set up around the world to identify these new variants. that is very important. because it tells us if the tools we are using to fight the pandemic, the testing we are doing, the vaccines, the

therapies, whether they are going to continue to be effective or not or they need to be modified. it also helps us with policy decisions. should we you travel restrictions? -- should we enact travel restrictions? this is also useful looking forward to the next pandemic, emerging issues. this is a good infrastructure we are rolling out. >> a lot of important work you are doing at illumina. francis desouza. the ceo. thanks for stopping by. still ahead, march madness may have ended in a way that you didn't appreciate. but the supreme court fight over player conversation continues. you may have your own view on that as well. we will talk to the former labor lawyer and organizer, representative and 11 of michigan, about the ncaa -- were

presented if andy 11 -- representative andy l. of michigan, about the ncaa. this is bloomberg. ♪

>> this is bloomberg markets. march madness, coming to a close after baylor put an end to gonzaga's bid for an undefeated season in a dominating 16 point win. capturing the program's first natural championship -- first national championship. it comes against the antitrust clash in the supreme court, where the ncaa is pushing the justices to overturn a ruling that would let member schools offer student-athletes more in the way of education related often station -- education related compensation. here with us is representative andy levin. of michigan. think you for joining us. how do you think this needs to turn out? these student athletes are generating a ton of revenue for the schools for which they play.

but often times, they end up with no career in the nba, and really no education from the university's where they are working that universities where they are working -- no education from the universit where they are working -- no education from the universities where they are working, essentially. >> it is incredible. the ncaa will be paid a billion dollars a year just for march madness, just for the tv rights. these young people, these workers are generating a huge amount of revenue. if you go back to econ 101, there is no justification for denying them any reasonable share of the fruits of their labor. they deserve to be compensated, and the supreme court should be able to form unions -- should define that, they should be able

to form unions. >> it does make me think a little bit of title ix. part of the concern is, if you start paying these student-athletes, who are definitely generating massive revenue, you're going to have to start paying other athletes who do not generate massive revenue just out of quality concerns. what do you think about that conundrum? >> well, that is a legitimate issue for sure. i think the first thing is to respect the dignity of the work these athletes do and the incredible revenue they are generating. and a lot of the states, the highest paid public employee in the state is not the governor or the president of the university. it is the coach, the football coach, or the basketball coach. these people are multimillionaires. the people who are really generating the revenue, the kids qamar getting nothing. -- the kids, are getting nothing. and a ton of them are not getting education.

there's a ton of evidence in a case that was documented in great detail that a student may be denied taking a chemistry class they want because it interferes with morning football practice. i mean, come on. the graduation rates are not the same for black players and white players, they are not the same for the big money generating sports as they are for the sports that don't generate so much money, so we will need to tackle the question of, hey, what about those track and field athletes, what about the sports that do not really generate much revenue? but i'm sure we can come up with a fair system to that. the first thing is, let's be honest about what is happening here. this is big, big business. and these young athletes -- >> congressman, let's be honest about the ncaa. we only have 30 seconds here. is the ncaa on the level? are you concerned about more scandal there? do we need the ncaa? >> i don't know.

it is good for the universities to have an association, but this idea of amateurism as this beloved thing, it must be protected. the ncaa is a big business bracket that is protecting their honey pot of immense revenue, and we need to hold a different approach to this, there's not question about it -- no question about it. >> this is an issue especially around march madness, but during football season as well. it is so important to so many. the money obvious they could do a lot for these student-athletes. -- the money obviously could do a lot for these student athletes. next, the next leg higher in long-term treasury yields may come from real rates. we have the story. this is bloomberg. ♪

karina: let's get first word news. in china, the central bank has asked major lenders to curtail

loan growth for the rest of the year. there is concern of a bubble risk. banks were told to keep new loans at the same level as last year. i tough day at credit suisse, taking a $4.7 billion right down tied to the implosion of capital management, and two top executives will be replaced after scandals raising questions about risk management. the bank had and the chief bank officer are exiting. the u.k. has told britons to hold off on planning foreign holidays this summer, deflating the hopes of an airline industry desperate. restaurants will reopen next week. the prime minister says it is not yet clear that non-essential international travel can resume safely. lawmakers from u.s. whiskey-reducing states want the administration to negotiate an end on tariffs on american spirits before the rates are set

to double on june 1. they were hit with 25% duties on ships to the eu in june 2018 in retaliation over steel and aluminum sanctions imposed by president trump. 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 karina mitchell. this is bloomberg. amanda: welcome to bloomberg markets. matt: we welcome our bloomberg and our bnn bloomberg audiences. here are the top stories. real yields on the rise, a burst of strong economic readings

feels that for growth, not inflation, and that could dominate the narrative in treasuries. we will discuss nominal yield, as well, and we will discuss biden's $2.25 trillion infrastructure plan and the impact on the corporations needed to finance it. sadek wahba, former ceo and morgan stanley, will discuss that. and hundreds of bankers returned to london offices for goldman sachs paired we will talk about commercial real estate with angelique gruner, founder and ceo of eb5 capital, commercial real estate investment firm. amanda? amanda: we are seeing our gets mildly positive but pausing at the top, you might say. it was at record territory. not massive momentum. i take it back, we are actually falling at the top, had been positive. now modest declines. hardly moving on the internals. a bit of strength in the

consumer staples and discretionary's, but weakness across financials and real estate. tech is also moving a little lower. you can see that in the nasdaq. in toronto, materials groups, led by gold stocks, rocketing higher. that yield remains in focus on that 10-year, 1.65%. we have seen it higher than that, a place where we had seen equity investors paying attention. we are now starting to talk about what is driving that yield, how much is inflationary pressure and how much is the growth outlook. one would be bad, one would be good. vivian lujan is with us now. one place we want to start is with the real yield and where it stands and what it suggests that it is not moving more. vivian: thanks for having me. i would argue that the real yield is a far more interesting story that is being told than the nominal yield.

everyone focuses on the treasury rate, right? very few people talk about the real yield. the real yield is considered to be one of the bond market's. read's the growth outlook. it fell below zero during the pandemic, back in february of last year, and it stayed below zero. we are at negative 0.68 percent as of today. so what is going on is this market has not yet fully priced in a fully recovered u.s. economy, and that is very interesting to mev. matt: why isn't it priced in, vivian? seems to me that the market tells transitory inflation case, we see the growth coming, right? 916,000 jobs, and ism number that is off the chart emma pmi's

that are off the chart. i guess with real yields, you do not see a movement higher if the inflation case is a sort of holding them down. vivian: i will talk about real yields in the context of the entire rates context, because the entire rates complex is easier to wrap your head around. you could argue that the entire rates complex, including 10-year , breakevens, everything, the whole rates market has taken a very, very long, thoughtful, considerable, drawn out process toward thinking about what the economy was even going to look like when we came out of the pandemic. if you can recall last year, there was this whole period of time after the election were basically nothing was happening in rates. that was the market trying to figure out what the stimulus impact was going to look like, because nobody had any idea. once in january and february

hit, it became much clearer, much faster. so that is why you saw the rapid run-up in the treasury yields take place. as for the real rate, what is interesting is you did get the spike. there was a large spike in february, sort of the market telling you, ok, we are now factoring in the first stimulus, and we are off of where we were, say, december, january, but i think there is still a lot of questions around a secular -- second stimulus package, when tax hikes will, and what will be in there, and how are the tax hikes going to hurt growth. that is a key question for everybody right now. we do not know. amanda: it sure is. and one thing investors are trying to make sense of, do you think that the combo of fiscal and monetary policies are properly priced in? vivian: no. that is what is so interesting

about this whole thing in the rates market right now. nobody can remember the last period of time when we had this massive fiscal-monetary policy injection into the united states. last time was, let's say, world war ii, right, so most of us were not even around. i think this is part of the reason why the market has had a long time to think about it. that is what is so interesting, to me. like when we see this repricing in the market happening, and it seems to happen so quickly, no, it has taken a very long time for the market to get to that point. i do not think what has been priced in yet is the full impact of the second stimulus package. frankly, we do not know what it will be yet. we know that if the economy is doing as well as, let's say, the jobs market reflected on friday, we know that if we get more of those kind of reports, the fed is going to have to really shift its policy around, from dovish

to a rate hike to cycle. this is where the market head is going to start to go, multiple rate hikes. that has not been priced in, either. matt: vivian, as that happens, we're going to get you in the studio on camera to talk more. vivian: i would love it. matt: we are going to make you famous as real rates rise. bloomberg rates reporter vivian lou chen talking about issues markets are very much focused on. another issue, not unrelated, is president biden's infrastructure package. we are going to discuss the impact of his corporate tax plan and come of the spending, with saudi guava of i squared capital. this is bloomberg. ♪

matt: our kids. i am matt miller with amanda ling -- this is bloomberg markets. i am matt miller with amanda lang. countries are basically looking to lure big companies to their shores in order to support their economies. this chart shows you the corporate tax rate by a handful of countries that we have selected, and the lowest level that we see here is ireland. of course, they have been very successful at attracting huge companies like apple to do business there, but it has been at the expense of starting a fight with the european union and, at some extent, with the u.s. even. should these rates all be more similar in order to get the most out of companies the government

wants? amanda: yeah, and you are raising an important point, which are that some countries that have an advantage will resist the idea. but it is an important step for the u.s. back into global cooperation, thinking about how to act cooperatively. b, if everybody met in the middle somewhere, you would collect more corporate taxes and stop converting corporate behavior and decision-making. it is something a lot of economists would say is not a bad idea. matt: there are people out there, including megan mcardle, who used to read for bloomberg, who think the corporate taxes unfair anyway, really double taxation and's you already tax the owners of the corporation when they get dividends. and higher corporate taxes due actually pervert corporate behavior, forcing them into debt financing, which is more dangerous but the interest they can write-off. let's bring in said equine the

-- sadek wahba of i capital -- i squared capital. first of all, i want to ask about the biden infrastructure plan. does the $2.25 trillion proposal even do enough, go far enough? >> great to be with you, amanda and matt. i appreciate it. no, the short answer is it does not do enough. it should be a much larger plan if we want to revitalize our infrastructure. but the fact is the american jobs plan that was announced by president biden last week is a necessary plan to revitalize american productivity, no doubt about it. it will allow us to launch, if you want to into the 21st century, a once-in-a-lifetime opportunity to revamp our infrastructure. from that perspective, we have the infrastructure that we

deserve and the infrastructure that $100 billion invested in infrastructure could generate up to one million new jobs. 10 million new jobs could be generated over the coming years. amanda: do you believe that this kind of big, bold infrastructure investment should happen in tandem with private capital? government's role might be to make sure the regulatory burden is removed and potentially lower the cost of capital if necessary, but the private capital should be invited in? >> absolutely. right now, the plan proposes, and you were just talking about it, funding the infrastructure through a corporate tax. there is nothing wrong in funding infrastructure through taxes, the basic role of government. but there are other ways to fund the massive need in infrastructure over the coming years. private sector can play a huge

role. three examples. number one, why not start infrastructure ira's? household saving rates today is close to 13%. it is true because of the pan 10 -- pandemic, but we can galvanize and take those savings and offer to households to invest in our own infrastructure. you have over 50 million accounts, $10,000, that is $500 billion that you can generate over the coming years to invest in infrastructure, and easy way to structure it. second, u.s. pension funds allocate 1% to infrastructure investments out of their assets. u.k., 4%. australian, 70%. canadians, 8%. the canadian pension funds invest eight times more in infrastructure than u.s. pension funds. we need to offers a -- offered the mechanisms to invest long duration and generate good

returns for our pensioners. schoolteachers, public employees , firefighters, policemen of the u.s. can't and should invest in long-term infrastructure -- can and should invest. third, and infrastructure bank to galvanize all of that. matt: i am doing an interview tomorrow with the cio of the california state teachers are term at system. i will bring it up with him -- the california state teachers retirement system. i will bring it up with him. you have incredible connections in these areas. do you think there is appetite for this kind of investment? do you think we can now actually -- are you optimistic we can make a change so we can generate the kind of infrastructure investment that is necessary for american progress? >> absolutely. look at the crumbling infrastructure. when you read the biden plan, tells you a couple of things. number one, let's fix our

infrastructure, our bridges, highways, and broadly, the crumbling infrastructure. opportunities for the private sector to participate in upgrading our infrastructure. second, it tells you provide basic needs to households. clean water. there is the opportunity to invest massively in clean water systems. by the way, clean water systems much more than in the past, much more green. and distribution systems, every time there is bad weather -- it is not acceptable in the united states and the 21st century. third is broadband. we need access to broadband so people can watch bloomberg. from that perspective, you have hundreds of billions of dollars that will be invested in broadband and earn good returns for pension funds, domestic or foreign, into these. amanda: one of the problems, canada has an infrastructure

bank that is woefully under deployed. the projects tend to be very long-term, and political terms are short. how do you square the idea -- and some of these are not sexy, do not create tons of jobs overnight and do not show up in the next quarter's gdp, they are long and slow. how do you get politicians focused on what matters and what -- not what will be a payoff? >> that is the point. you need to be able to set up institutions and infrastructure, pun not intended, that will allow you to invest over the long run, as opposed to being hostage to the appropriation cycle. i believe the biden tries to do that, really wants to fundamentally alter the way we think about infrastructure and invest in the long run. it is not the question of shovel ready projects to invest in today and when the economy picks up again, we forget about infrastructure. then we see bridges or see our water poisoning our children,

that is not acceptable you need to invest in the long run and need to have mechanisms that allow you to do that. if we have ira accounts that allow people to have a choice to invest into infrastructure, that is a long-term social income. if you create a permanent infrastructure bank like the gse's, government state entities, that can be created, independently run, and invested in over the coming decades into infrastructure, identifying good return projects across the board, work with states and meanest policies, that is important. amanda: a few people have the perspective you do. we appreciate your time today. thank you so much for that. one of the big questions during the pandemic, the fate of commercial real estate on the other of it. we will get a view after this. stay with us. ♪

amanda: this is bloomberg markets. one of the big questions post pandemic is, will people go back to work, what happens to commercial real estate, and where do we want to live? our next guest is angelique brunner, ceo of eb5 capital. you think the workplace system will get bigger, so it could be a bold period for some forms of commercial real estate. give us your thinking. >> i definitely think there will be challenges only solved by more space. for example, we have to provide some form of social distancing. i think that as american employers, we will have to think about that seriously. we will have to create safe spaces for people together in with their coworkers for meetings and for the water cooler, the new version of the water cooler. that is also going to require more space. and i think our greatest

challenge as employers is the fact that the myth is over, you do not have to be in the office to do your job. so we have to attract people back to the office. and we have to attract people away from the spaces they want to live in, people choosing to live and work in different places, and that has been consistent whether you are a family, whether you are single, whether you are otherwise engaged. people are choosing to live where they want to live and work where they have to work. but they have been completely untethered. and if we wanted to try and put them back together, we will have to do that with more space. matt: of course, when we go back to work, angel, we're not going to want to sit right next to our coworkers. i will not go as far as to say people will want to have offices that, but it was pretty sweet

when my dad's generation had their own room in a company to focus, concentrate, and produce. what is the new works placed going to look like post pandemic? >> sure. the hybrid, i think, is going to be not five days a week. the hybrid is going to be some mix of away from the office and in the office. and it may not be home, right, may be someplace else that you are in, but you will have the days you have committed to, that you have negotiated to be back in the office. and on those days, you will have some form of workspace that you feel safe in. that may be a space you completely vacate when you're not in the office, so it is a shared private workspace. it could be a shared common workspace where teams come together for a certain number of days a week. i think you will see both iterations of those. i think everyone having a private office is not what i am

talking about when i say we will need more space, but i do think we will need more space as companies and as groups and as working teams. amanda: just about a minute here, but what about residential real estate -- you are looking outside the major centers, but you are looking at multifamily. >> we are. we are seeing strong demand for multifamily outside center cities. we are seeing it in places where people want to live. for example, miami, florida, the sunbelt's expanse and quite a bit of growth, and we are seeing that from the investor side -- the sunbelt is seeing quite a bit of growth. matt: great to get a little bit of time with you. hopefully we can get you back on because we value your insight on this. angelique brunner from eb5. i want to quickly give you some breaking news that is crossing the bloomberg terminal. qatari royal members, in some

form or shape, were among investors in credit suisse's greensill funds. when we look at the $4.7 billion write down credit suisse had to take, it was not just the bill wang capital implosion that hid them, it was really a 1-2 punch. the greensill collapsed, and then this issue that has been painful for the bank, and that is why we have seen an unprecedented move in the c-suite over at credit suisse. i am matt miller, for amanda lang, we thank you for joining us, and we will see you back here same time, same place, tomorrow. 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... for fifteen hundred dollars off your kohler walk-in bath. visit kohlerwalkinbath.com for more info. >> i'm karina mitchell with the first word news.

about widening inequality and a diversions, left with a developed economy. the global economy will spend six -- is up 6% this year. that is according to the world economic outlook. that would be the most in four decades of data. meanwhile, right house press secretary jen psaki says the u.s. will not issue vaccine passports. but they will issue guidance for companies developing the credential. the administration does not want vaccine passports use against people unfairly. vaccine passwords are usually perceived as smartphone apps. several republican states have opposed the passports. the ruling opened the door to passing multiple additional bills this year, without any republican support. it has to do with a process called bucket -- budget reconciliation,