we still have long term structural forces that weigh against significant acceleration in growth. >> all eyes are really on what constitutes substantial progress right now. >> we are approaching that stall speed for a little while. >> is that reopening related pickup and growth, does that translate into a sustained increased in demand and inflation? that is what the fed is watching for as well. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: chairman powell, president biden, and a ton of earnings in between. from new york city, for our audience worldwide, good morning. what a week ahead on "bloomberg surveillance." live on tv and radio, alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity viewers lower by five points on the s&p 500.

the chairman this wednesday, the president in front of congress. tom: to me, what is so important here is what has not moved. you see that peter tchir is to come with us. we will talk about the real yield which really hasn't moved as much. this off the aberdeen uproar, where they change their name. the real yield at a -0.76, a key story is it hasn't moved. jonathan: yields are higher. i am with you on the real yield side of things. peter tchir expecting persistent higher inflation read over the next year. look out for that conversation in a couple of minutes. standard life aberdeen with this press release. standard life aberdeen today announced its intention to change its name to aberdeen prc. it will be a digitally enabled brand that will also be used for all of the company's client

facing businesses globally. we touched on the sim the previous hour -- we touched on this in the previous hour. the former chairman of this company, this was his baby, imagine what he thinks of abrdn plc. tom: what would martin gilbert say? that's all there is to it. jonathan: let's get him on the show and find out. tom: there's been other train wrecks of the years, but when i first saw it, i thought it was a joke. to me, it is frankly trophy taking. jonathan: i thought it was april fools. lisa: the press release doesn't help the matter. how they explain why they did this, it is part of a modern, agile, digitally enabled brand. basically, you talked about this, but that phrase they are trying to base themselves towards the digital future, how do these companies make themselves into tech companies? they just take away the vowels. jonathan: there's no vowels in a

digital future, apparently. this feels very 2002 or something, doesn't it? tom: for those who you on radio right now, we are putting on tv banners of all of this, like "what would martin gilbert say," without the vowels. come on, jon. i just inc. it works. jonathan: do you like it -- i just think it works. jonathan: do you like it? ok. i can't get it done. let's do the markets. [laughter] equity futures down five on the s&p 500 this morning. talk about yields being higher. they are by three basis points. we had a look at euro-dollar again this morning. we've backed off a little bit at one dollar 90 -- at $1.29.

lisa: there was a really interesting story on the bloomberg terminal by our columnist, looking at how india's horrible crisis with was back to covid is lowering global oil demand expectations. another thing i'm watching, durable goods orders coming at 8:30 a.m., kicking off a big easy -- a busy week of economic data. we are getting pmi's friday. it will be interesting to see whether people's income is coming up with tandem and the increase in prices we see across the board. we've got a slate of auctions. 61 billion dollars of 5-year note's. i am more interested in that. how well is that bid given the fact that people inspect -- people expect inflation to pick up later this year? and of course, tesla reports first-quarter earnings. bitcoin rebounding a little bit

after last week. how much do they have to discount each car in order to get those deliveries, in order to get those orders in china? jonathan: then it's apple, then it's amazon. earnings announced throughout the week. touched on this earlier, seven your debt deal from the treasury tomorrow. $62 billion coming up at 1:00 p.m. eastern tomorrow. anyone who closely follows the treasury market knows there was a bit of a hiccup around that seven-year issue. let's turn to peter tchir, academy securities head of macro strategy. you met with the team in san diego in person. he saw the team over at academy. how do they feel? how do you feel, sir? peter: it was great. that was my second business trip. i think people will get back on the road. zoom is great, but it is nice to meet people face-to-face. i think we will see that

normalization and have a great summer. jonathan: what will be news is if people get back on the plane and do what you did on the business side. do you think we can get back to normal quicker than people expect? peter: i do. i think there will be a slowdown of internal travel, but i do think people will get back on the road to see their clients. all of people are going to realize, we've got to retain those relationships. so i think there's going to be a surprise for business travel. tom: we are starting to see mergers. we are seeing big managers, and maybe the strategic battle of canadian pacific. is that the surprise out of the pandemic, the national roll up to a new efficiency? peter: i hadn't thought of it

quite that way, but that makes sense. there's concern about overpaying. i think some of that gets alleviated. while yields have risen, they are still very low, and real yields are still negative, so you are heavily incentivized to lever up if using there's a good strategic bid. tom: what do you feel on use of cash? what i see so far is just a reemphasized share buyback model. is that what we are going to hear this week from big technology? peter: i think we are going to see continued and ongoing share buybacks. a lot of companies raised more debt than they necessarily needed last year. then you've had a really good profit growth, so i think you are sitting on a lot of cash, and proceeds used to buyback certainly makes sense. you may as well take that cash, buyback your shares, and that will give you more flexibility to deal with what comes in a

year or two years. lisa: what are people misunderstanding about inflation right now? peter: i think we are starting to see wage inflation. this inability to hire low-wage workers is starting. as we start building out a light manufacturing base, it will be harder and harder to hire low middle managers. that is coming. in my view, yesterday itself and the sustainability is inflationary. designing and manufacturing in a sustainable way will be inflationary, and i think a lot of that will get pushed on to the consumer. what does this economy look like six months, a year down the road? i think that is where you see real inflation, and it is going to be more persistent than people are currently pricing in. lisa: where in the market is it most mispriced? peter: i think we are going to see it in the yields.

i think we will see a relatively fast move to do percent on the 10 year. i think that will impact some of the growth stories, that have right -- that have relied on cheap financing and a low cash rate. those are often the companies that i think are at most risk from changes in the tax code. high flyer tech might be in a significant hole. jonathan: what i want to know is not the: tens. it is the call on -- nothing call on tens, it's the call on twos. peter: the fed once 3% unemployment, and they have a belief that job and equality, things like that are very important to focus on, and the one way to drive minority unemployment down is to drive overall unemployment down, especially when your monetary policy tools are quite blunt.

jonathan: pete, good to catch up, as always. peter tchir meeting the team over in san diego. you've got to say business travel. i agree with pete. if you can get a deal done, you will get on the plane and close, and in a nod to "glengarry glen ross," travel is for closers. you like that? i won't do the in that speech because the next line gets a little messy. tom: for radio, it's not appropriate. [laughter] what i would say is it has been predicted for years that face-to-face would end, and it just doesn't. it just doesn't end. lisa: although, did you see the story about how european banks think european banks are ending about half of their business travel? they expect the actual business travel will not come back more than 50% of 2019 levels. jonathan: there's a difference between internal business travel and client business travel, the.

lisa: ok. jonathan: if you are meeting clients on the other side of the world, that might be pulled back. but meeting clients is going to be as important as ever. lisa: what was the after that? best what was the next line after that -- what was the next line after that? jonathan: i don't think you want to hear that. coming up, draghi ascii -- coming up, troy gayeski, skybridge capital co-cio. he talked about bitcoin having 13% of his portfolio last time we spoke. it is going to be interesting to see if that position has gotten bigger, how he's responded to the action as well. tom: talk about the value add of hedge funds. they have been doing better

recently because they are loaded in big technology. euro-dollar jonathan: -- jonathan: euro-dollar, $1.2091. can we call tesla big tech? they report after the bell today. after that, it is amazon. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. in india, coronavirus infections had a record high for the fifth day in a row. the government reported more than 362,000 new cases. overcrowded hospitals are turning away patients because they are running out of oxygen and beds. the u.s. and europe have pledged to send aid. the new european union is set to allow american tourists to visit this summer if they have been vaccinated. president of the european commission ursula von der leyen says americans would travel to

the eu. details still have to be rushed out. in russia, a preliminary order has suspended the operations of opposition leader alexi navalny's campaign offices. he is in prison and last week ended a 24 day hundred strike -- 24 day hunger strike. hong kong says people must have had two vaccine doses at least 14 days before flying. singapore has no such requirement. investors took advantage of bitcoins lowest level in seven weeks to pile back in. the world's largest digital currency is on track for its biggest gain since february 8 . it dropped before rising almost 10%. 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'm ritika gupta. this is bloomberg. ♪

>> our success is not in the hands of the administration. it is in the hands of congress,

and this is really tricky for the administration right now. so a lot of people, for example, don't expect the capital gains tax to double. they think by the time we finished the congressional process, it will be less than that. so the administration will not get all it wants, but there's a clear change in emphasis coming on. jonathan: from new york city this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. here's the monday morning price action. equities coming in three points on the s&p, down almost 0.1%. $1.2090 on the euro-dollar. in the bond market, yields are higher by four basis points. we we approach 1.60 percent. crude down to $61.22. we look to washington, d.c. a little later this week, with chairman powell on deck in a news conference following a decision in washington, and then is the president in front of

congress. you always start quickly, and then things start to slow. tom: we will have to see what it means in terms of the number of days. 100 days for any presidency out of one have thousand -- out of 1400 60 days is 7%. the focus is always on the first one hundred days. emily wilkins joins. she is expert on the second 100 days. axios leads with that today. what do you expect? emily: it is going to be much tougher than the first 100. president biden came in, knocked out a bunch of executive orders that people in his party were rightly supportive on, use executive authority to do what he could. now he's looking at this bill, everyone says this one is going to be much harder. we have already seen that with senator joe manchin, more moderate democrats in the house,

are already starting to come and against different parts of this infrastructure proposal, and now biden is going to try to sell the next bit of it this week tom: how much is president biden in the first 100 days de-trumped the last four years? emily: he's done the basic stuff that he can just swipe with his pen, and he's got an executive order that overturns this oregon does -- or un-does that. but it is the legislative stuff that is really the long-lasting stuff here in d.c., and that is just harder to do. need larger numbers of people to be on board with what you're doing. so there are still plenty of parts of washington, d.c. right now that are being shaped by the policies of the trump administration, and you're going to see, particularly with taxes,

bigger push from the administration to undo some of those items. jonathan: the president said he would unite washington, then when he got to washington, he said it was about uniting the country. the country is telling this administration that they want to compromise on infrastructure, according to one poll. abc out with this poll, saying four out of 10 democrats, two out of three independents favor a compromise on this. so where are the goalposts for this administration? emily: you are seeing republicans say maybe we can do a 600 billion dollar infrastructure package. lindsey graham this week and said he thinks they can do a $900 billion package. joe manchin is saying let's see if we can get some thing like that done. the big question now is how does this all work together? to democrats wind up going with republicans to get something bipartisan on roads and bridges and then start doing the social,

childcare, health care component on their own? does this all get put into one big bill? just how interested is the white house in working with republicans? and how likely is something like this to pass in congress? if you go too far towards what moderate democrats want, you risk alienating those progressive democrats who might one point say if you can't give us xyz priorities, we can't support this anymore. at this point, with what biden has put forward, we have already seen joe manchin come out against that 20% corporate tax rate. we have seen democrats in the house say that they need to remove the cap on state and local taxes. biden's proposal is the first that comes that is going to go to congress, and things are going to be added.

obviously what the president puts forward is really important, but we are going to be have to keep our eye on it over the next several months. tom: what is the power of senator schumer on the salt debate? does he just have a tantrum and say we are not doing this unless we get rid of? emily: he can have the tantrum all he wants, but he has to make sure that all of his democrats in the senate come along with him on that. you are absolutely right here. senator schumer is from new york. where's the big push coming to get rid of this? it is in new york. so senator schumer absolutely wants this. i am positive he's communicating that to a number of people. the white house has said we are not opposed to removing these, but you need to find a way to pay for it because right now it is a source of revenue for the federal government that is going to be needed to get some of these other policies passed.

jonathan: emily, it is good to catch up. tom: we've got to go buy some bitcoin. jonathan: it is up by more than 11% this morning. a number of years ago, the ceo and chairman of j.p. morgan chase jamie dimon referred to bitcoin is fraud. he later called it not my cup of tea. now, according to coindesk, jp morgan to offer an actively managed bitcoin fund. that headline just crossing the bloomberg. tom: i am fascinated by the word actively. i get owning bitcoin, and there's easy ways to do it through coinbase and the rest of it, but how? do you actively manage jonathan: i'm -- but how do you actively manage? jonathan: i'm not sure. tom: it is up a lot today. i considered stepping in sunday morning.

jonathan: lisa, a serious response, maybe? michael: all the banks -- lisa: all the banks are getting into it. obviously when you have the likes of coin listed on the nasdaq doing so well, you look at their margins when it comes to what they earn, they cannot get into this -- they can't not get into this. it is too juicy. accepting bitcoin or trying to harbor it, how do these banks justify to their shareholders that they are not in it? jonathan: bottom line, the clients want it, the clients get it, and the clients want exposure to it. when we catch up with troy gayeski skybridge, there's a man who wanted exposure to bitcoin, and he got it. tom: i'm speechless. jonathan: evidently. tom: i'm crying here. gayeski on bitcoin. jonathan: can you take a second,

tom? you kickback. look relaxed. coming up, david page, accent and this managers head of macroeconomics. tom: i've got an order at $65,000. jonathan: nice.

(text chime) (text chime) (text chime) (sighs) (text chime) (chuckles) (text chime) it's the biggest week in television.

watchathon week is your chance to finally watch shows you missed for free. now you get to talk about them with your friends, no matter what time it is. say "watchathon" into your voice remote and watch for free

jonathan: from new york, live on tv and radio, for our audience worldwide, here's the price this monday morning. futures negative on the s&p 500. on the nasdaq, we come in about 0.3%. tesla after the close wednesday, apple thursday. speaking of wednesday, chairman paolo the federal reserve at a news conference. then on wednesday, the president addressing congress. in the bond market, everybody in fixed income all believe that the fed, the ecb make a move when they put out the forecast, but this is a central bank deemphasizing forecasts. so why wait for the forecast if you are no longer dependent on the forecast? just something to think about. tom: i got confused. jonathan: yields higher by three

basis points on the 10 year to 1.59%. euro-dollar, $1.29 handle on euro-dollar. in friday's session, again this morning briefly. tom: you've got to stop it there, jon. jonathan: i'm going to give you some space. take a breather. have a sit. go on. tom: i went back and looked, and i think these bounce ups on euro a really important. it clearly what -- what clearly causes angst. jonathan: they confronted high-yield by saying this is consistent with a better outlook. i think they will be reluctant

to embrace the same thing in the bond market and the equity market. euro-dollar just short of $1.21. let's get you some movers with romaine bostick. romaine: it's going to be a busy week for earnings. about 1/3 of the s&p 500 reporting this week. we already know what q1 delivery numbers were, 185. that's based off of those monthly updates. what the street really want to see is where the company's going to go for the full year. the company has already hinted at about 750,000 deliveries for the full year it however, analysts are tracking more above 800,000, so it will be interesting to see how that gets reconciled when we get those results in the conference call a little bit later. they are expecting gap earnings positive. it will be cash flow negative, at least based on what the street is expecting, but the balance sheet is expected to be relatively healthier. tom: this is unfair to you, but

we've got a wall of apple. you are perfect to talk to on this. apple is going to add 20,000 jobs over the u.s. over the next five years. they have a commitment to fund a new north carolina campus. they are going to put a g ajillion dollars into the united states. the pr front for microsoft, google, and as we see at this moment in the headlines, apple with the pr front out in front of earnings. romaine: this is on the growth of a lot of pushback these companies have been getting for the last several years. the idea of creating jobs in the u.s. or trying to bring them back, depending on how you want to look at it, you're going to see more of these announcements. yorty have tesla building that plant down in texas. also expanding in some of those southern states. i don't know all the details on apple, but it certainly fits the

trajectory. tom: are we going to see a stock split from amazon? it is the one thing keeping them away from dow jones and all that. is that what we are going to see this week? romaine: it is interesting because jeff bezos is going to be there through the year, i would say no. but he's gone. jonathan: romaine, that passive index money that goes into the dow is so important, isn't it? you talk about how important does and flowers are. tom, come on asked those -- important those inflows are. tom, come on. tom: romaine, we are sorry to blow up your equity report today, but we had to go with those apple headlines. jonathan: apple committing $430 billion in u.s. investments over the next five years, planning to invest over one billion dollars in north carolina. north carolina investments create at least 3000 jobs, on

track for the goal of thousand new u.s. jobs by 2023. raising the level of commitment by 20% over the next 10 years. i have to say, tim cook of apple played the politics of the previous administration brilliantly. out of all of the leaders out there in silicon valley on the west coast, i thought he played it absolutely brilliantly, and he seems to be doing a little bit of that again this morning. lisa: that's exactly how i would read this. the idea of creating jobs, supporting the 5g build out, how much is this getting a head of antitrust discussions in washington, d.c. right before they report earnings that will probably be a blowout? tom: i agree, but i would also point out use of cash. it is widely suggested that this happens to be in the calendar year where you get to a use of cash statement by apple. jonathan: i don't want to be too cynical about this. tom: never. jonathan: i think apple is one

of those big tech companies that needs to de-risk the supply chain a little bit because china is at the epicenter of it. i don't think that is part of the story this morning, but i think you will see more of this in the years to come. do you have to sacrifice some margin to de-risk the supply away from china little bit? that is something they've got to think about in the next couple of years, given the direction of travel at the moment. tom: much more on this through the week. we will give you. all of the perspective romaine bostock -- all of that perspective coming up. axa is the big insurance combine out of paris, and david page holds court there. they have written a brilliant, nuanced note on your biggest word, which is inflation. david page joins us this morning. why do you not fear a greater inflation? david: i think if you look at

the pc, very little of it -- at the pce, very little of it is actually cyclical. as we look a little further along, you've got health care a bit which is in there, and we know we are going to see changes come through in health care, so there's a degree of uncertainty over that. the other element of price pressure that comes through follow growth, but they don't ratchet higher. it takes quite a lot to see this push through come through. we are expecting to see the output gap purge very quickly. we do expect inflation to get back to 2% by the end of next year, and then to rise a little bit more over that. jonathan: this is an important conversation for what happens next with rates at the federal reserve. what happens with the balance are different. the big question i think that many boy vast over the last

couple of months, what does that look like, and how quickly do we get there? is that a june story for you? david: given that the fed is going to tell us to keep a running check on when some time is, when they think there's going to be substantial progress , we've got to get further substantial progress before they start tapering, but they are going to think that is going to take some time. so it some stage, they are going to start that, but we don't think it is going to take some time. i don't think the meeting this week is soon enough for that, but depending on how long some time means, is it six months? by the time we get to june, they may start dropping that. come december, they will start to announce the unwind of tapering or the unwind of the asset purchases, and that will start, we think, early next year. but given the lead time and the forward guidance the fed wants to give on that, we may start to get some signals on that quite a long way in advance of when we actually see the tapering start.

lisa: inflation is one aspect. employment is another. it remains somewhat of a mystery in terms of how much slack there is currently in the labor market. we have seen that the number is still pretty high in the united states, and yet we hear about restaurant chains having to offer signing bonuses, even free college tuition to get enough employees. are we overestimating or underestimating the employment rate? david: at the moment, what we are seeing in terms of those companies is friction in the market. i think job claims are relatively supportive at the moment. households have had large checks come through. we know there's excess savings pretty much across the income distribution, even if it is skewed a little more high. so people can be a little choosier about jobs than they have been able to be in the past. but that isn't going to be the case. the fed needs to look through that for the short term friction.

we should start thinking about where the unemployment rate is and what short-term frictions are. we are expecting to see unemployment fallback. the fed is expecting it to be below 4% over the next year or so. only when it gets below that level will we expect to see genuine slack be my roof -- slack to be removed. so i think by the time we get to the end of 2022, the fed will basically be broadly comfortable that it's employment criteria is fulfilled. i think that is the bigger question from here. jonathan: david page, it is good to hear from you, the head of the federal reserve this decision -- great to hear from you ahead of the federal reserve decision. we will have special programming . tom is promoting that hard.

then we will hear the president addressing congress. apple earnings coming this wednesday. amazon on thursday. knowing my luck now, there will be a stock split later this week just for tom keene. apple committing $430 billion in u.s. investment over the next five years, adding 20,000 new jobs. tom: what is so important here, it is very lengthy, basically they speak like a government. what do you do when you're building a submarine or an aircraft carrier? you put the suppliers in 38 of the 50 states. that is pretty much what apple is doing. they are spreading out $500 billion over the 50 states, and the get state after state. i happen to be looking at texas, and the ability to grow out there. but there's many other cities and states as well. jonathan: tim cook will saying at this moment of recovery and rebuilding, apple is redoubling

on the commitment to u.s. innovation and manufacturing across all 50 states. much more still to come on the story and the latest in bitcoin, with a big rally this monday. troy gayeski of skybridge joining us in about 20 minutes. equity futures down 0.1%. from new york, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. more on but the breaking news from apple. the company is promising to invest more than $450 billion in the u.s. over the next five years. apple said it is on track to meet a goal it says three years ago of creating 20,000 u.s. jobs by 2023. it has gone from bad to worse in india, where there have been one million cases of the coronavirus

in the last three days alone. prime minister rutte arranger modi implored indians -- prime minister narendra modi implored indians to get the vaccine. santa fe has agreed to make up to 200 million doses of modernity coronavirus vaccine. it is the french drugmaker's third agreement to throw its weight behind another company's shot. they will take already prepared vaccine solution, put it into vials, and then package it. prime minister boris johnson is dealing with claims about his conduct during the pandemic. his battles over lobbying and cronyism. according to "the daily mail," johnson said he would rather see bodies piled high in their thousands then order a third lockdown. johnson's office denies he made that comment. at the academy awards, chloe zhao has become the first woman of color to bu -- to win

the award for best director. she won for the film "nomadland," which one best -- which won best picture, and frances mcdormand was named best actress. this is bloomberg. ♪

>> we are a bit worried about the tightness of semiconductors.

it is already affecting some of the critical care equipment that the world needs, and i can only wish that semiconductor makers will prioritize health care as we are in these difficult times. jonathan: the phillips ceo. good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. here's the price action this monday morning. equities on the s&p 500, 4169, down two points, not even 0.1%. just short of $1.21 on euro-dollar. also pretty stable. here's some news from apple. apple planning to accelerate its u.s. investment, contributing $430 billion to the u.s. economy over the next five years and adding 20,000 new jobs. let me just do a couple of things, tom, in this press release from apple. this is what tim cook has to say. "we are creating jobs in cutting

edge fields from 5g to silicon engineering to artificial intelligence, investing in the next generation of innovative new businesses, and in all of our work, building towards a greener and more equitable future." it is in the next paragraph of the press release, "apple is the largest taxpayer in the united states and has paid almost $45 billion in domestic corporate income taxes over the past five years alone." we started this conversation talking about the pr of this going into the news on wednesday when we get the earnings. there it is in the press release. we are a big taxpayer. tom: you are going to see this from microsoft, amazon, and the rest. the answer is yes, big technology is going to fight back and do it like any american aircraft carrier supplier. they are going to put suppliers in all 50 states. jonathan: apple doing that this

morning. tom: mike mcglone is in the door. his entourage whispered in my ear, "don't talk bitcoin this time around," because mike mcglone has another life besides following crypto this and that, and what james dimon will do with crypto or bitcoin. he astutely follows the hards and the softs of commodities. mike mcglone, copper to the moon, but other things as well. there's a selected lift of four and five standard deviations in many commodities. mike: copper is the exception. i fully expect copper to continue to rally because of this decarbonization trend. the most significant commodity is crude oil, running into the same problem it has before. massive elasticity of supply, and demand is just not there. then we have this major shift towards electrification.

electrification means copper. tom: what is the zeitgeist on what has been wrong for years? people protecting a new commodity super cycle. mike: advancing technology and innovation, pressure pushing on supply. just look since the financial crisis. the price of crude oil is down 80%. that is deflation. lisa: let's rip up the script. i'm going to take a line from tom. because of this apple news, there's a question about what this means in terms of supply chain resilience, how many companies are really going to be investing in diversifying their supply chain of not bringing it home. i am wondering how much you are seeing those supply chain disruptions at the heart of these increases in commodity prices. mike: very little. virtually every producer before the covid crisis in terms of crude oil cannot wait to bring on more supply. opec capacity is the highest

ever. spare capacity average is around five. in brazil, they cannot wait to bring higher prices out. the key we have been talking about lately is corn and soybeans. what has been pressuring corn and soybeans is the ability to bring on supply when prices come. so the highest prices in seven or eight years, expect unless there is a drought, prices will do what they have been doing. tom: lisa, imagine central park, pheasants post -- central park, fencepost to fencepost. lisa: that is relatable. there's a question about why gold is not participating in this, given the fact that that is not only a precious metal that is inflationary protected traditionally, but also because it is a metal used of some of these industrial practices that would be supported by the infrastructure bill. tom: i was hoping i could get to -- mike: i was hoping i can get to bitcoin.

the main reason gold is not going up is because bitcoin is taking over. in investment portfolios, it is clearly the pattern. gold etf's are going down. bitcoin is going back in. then there's the simple risk of what if 10, 20, when hindered years from now -- 20, 100 years from now, what if gold is replaced by this digital gold now? tom: in honor of abrdn, we are going to rip up the script and get bitcoin. james dimon and his bank, i feel like they've got to do a bitcoin etf and it is going to be actively managed. how do you get actively managed? mike: that i am kind of curious about because the worst thing to do with bitcoin is to try to trade it. the best thing is to hold it and put it away. at least, history has proved that. to me the key thing is this major shift forward.

remember, who invented the digital camera? kodak. then what happened to kodak? what happened to blockbuster? netflix? tom: i lived and breathed open be first for years. are you telling me american industry is going to kodak-z -- is going to kodak-ize over the next 20 years? mike: they have to adapt, or they risk falling behind. tom: the super league would have made it if they had just done a digitally. jonathan: maybe they should have done. troy gayeski will come on to talk about the investment story of this as well. the apple news in a headline, "we are not amazon. we are the largest taxpayer in the united states." this as the news crosses the bloomberg terminal in the press

release from the committee that apple plans to accelerate u.s. investment, contributing $430 billion to the u.s. economy over the next five years and adding 20,000 new jobs in the process. lisa: immediately it looked like a pr job ahead of their earnings . we are expecting them to announce blockbuster earnings. we also -- they also have been subject to antitrust concerns. china tried to get ahead of this, make sure they are not lumped in and avoid some of the most of penalizing taxes, but this reads like of the local advertisement. jonathan: state-by-state as well, what they are going to do in each one. massachusetts, it would add hundreds of new jobs in the boston metro area. already working the region. apple plans to add several hundred new jobs by 2026. much more on this story still to come. troy gayeski of skybridge

capital joining us later on. in the equity market, what do you think, tom? we are stable. tom: i think the whole thing is transitory. jonathan: helpful as ever. this is bloomberg. bloomberg.

>> we still have the long-term structural forces that weigh against significant acceleration in growth. >> all eyes really are on what constitutes substantial progress right now. >> the markets are so overbought, enthusiasm is so high that i think we are approaching that stall speed for a little while. >> that reopening related pickup in growth, does that translate into a sustained increase in demand and increase in inflation? that is what the fed is watching for as well. >> what does this economy look like six months down the road? that is why you are