caroline: from bloomberg world headquarters in new york and from right here in london, i'm caroline hyde. romaine: we get you caught up with solid economic data and solid earnings, not enough to keep this rally going. stocks and -- stocks end the day flat. caroline: president biden

seeking to fund his sweeping infrastructure and tax plan and keep the recovery on track, a recovery economists worry may be overheating. and it is not just for the mainstream markets. we have seen treasury secretary ellen speak about easing but walked back her comments when it comes back to rates -- we have seen treasury secretary yellen speak about easing. job: -- joe: janet yellen speaking about perhaps a rise in interest rates, not that dramatic, kind of walk back, but unusual to hear. saying later on she was not predicting anything, but it was speaking to things at the moment, which was -- could we have some overheating?

romaine: a lot of it goes back to the idea of could we see something transitory, but we are hearing a lot of companies say they are seeing resistance, and that is starting to worry folks. joe: our guest is the former commissioner on the oversight commission, now deputy director on the national economic council. let's talk about inflation. the fed are going to look through base effect, reopening, logjam, bottlenecks -- well understood. a lot of economists say this will be painful for a little while but expect it to normalize. is there a little concern on the part of you and the administration that gas prices will go up, and we always talk about lumber these days, that that makes it harder politically to pass another major spending plan if already this is a thing

that is out there people are complaining about? >> from our perspective, the key is that the president's plan is about addressing long-standing concerns with our economy. there are 400,000 schools and childcare systems across the country that still get water through lead pipes. the president's plan is to replace every single one of those lead pipes. every year, failures in our power grid cost us $70 billion in lost productivity, and we saw down in texas how it cost lives, two. these are long-standing problems that democrats and republicans have talked about for a long time, and the president has committed to finally stepping up to the plate. romaine: it seems logical on a certain level, but you know the political climate. when you start with these types of big numbers on the board,

everyone immediately starts talking about the deficit and inflation and all the things that tie into that. you have a salesmanship job right now. you have to not only convince the opponents of the biden administration and essentially the public as to how this is a long-term investment. how do you make that case in this environment? >> i think we are already successfully making this case. the president's plans are polling at 65%, 70%. including in may cases, republicans supporting some of the plans he is talking about. i think the problems he is talking about are problems people experience in their lives every day -- crumbling roads and bridges, lack of access to high-quality internet, lack of childcare options in their area, lack of postsecondary options for folks. these are things that the public with us and trying to solve and we are trying to convert that

support into support on capitol hill, and the president's meeting consistently with democrats and republicans in the oval office to find areas of compromise. caroline: biden is set to talk about restaurant aid funding, for example. when we talk about lumber and certain commodities, we also talk about people coming back to work, people moving away perhaps from the cities in which they previously lived but also not wanting to come back without the right wage point. do you think there is the case for some sort of minimum-wage coming in to perhaps lure people back when perhaps they could be making more on unemployment? >> i think there will be some bumps as we move forward to reopening certain parts of the economy. we expect many of the stings to be transitory. on the question of wages, the point of what we are doing is to

have a tight labor market, to bring the unemployment rate down, and what we will see then is a rise in wages, i think especially for lower income folks. that is part of the design. when we hear stories of businesses having to raise wages in order to attract workers back, that's a good thing. that is a positive development, especially for lower income folks in this country. we have seen are too many years of stagnant real wages in this country, part of what the president campaigned on. part of what the president's goal is to raise wages over time and create high-quality jobs for americans across the board. joe: i want to talk about the debt ceiling trigger and talk about how it may come into focus sooner than expected. the obama administration had to fight that. does the administration support getting rid of it, using this

moment when there is democratic support in both houses, to get rid of something that most people think is ridiculous? >> during the previous republican administration, congress acted multiple times on a bipartisan basis to either raise or extend the debt ceiling. our expectation and hope is that congress will do the same here, and i think that is the fiscally responsible thing to do. romaine: let's talk about the runway that you have here. the biden administration has already been spending a lot of political capital to get some of these initiatives out there. economics look relatively strong. you have a jobs report coming up in a couple of days. most expected to be above one million -- most expect it to be above one million. they are saying at some point,

you have to stop throwing logs onto the economic fire. do you accept that argument? >> number one, as you said, we are in a very large hole, and even a few good jobs numbers in a row will not dig us out of that hole. number two, the president campaigned on build back better. getting back to things the way they work before the pandemic is necessary but not sufficient. there were a lot of people left behind in the economy pre-pandemic. there were a lot of infrastructure problems. what his plans are about are finally addressing these problems and doing so in a way that will position the united states to outcompete china in the decades to come, if it's free community college, if it is raising r&d budgets, investing in manufacturing jobs so we

bring back good, high-paying manufacturing jobs to the united states -- these are long-standing, important priorities that can help accelerate the economic growth we are already starting to see. caroline: conclusion, such a focus for us across our program, but also a key focus of financial markets is too much speculative activity -- inclusion, such a focus for us across our program. is that something becoming a worry of the administration, that with all this fuel on the fire, there will be some collateral damage in terms of risk-taking? >> i think it is normal to see some amount of ups and downs in the market, and we loosely monitor those and make sure there is nothing there that will potentially trickle over into other parts of the economy.

overall, we are not going be surprised to see some levels of froth, but there is a need for significant new investment both on our new infrastructure and to help address household problems like lack of universal childcare, providing universal pre-k. it is so powerfully important to make these investments and in many cases just bring the united states up to where the rest of the world is on these issues. joe: real quickly, filling open fed positions, this was a promise to not only have a more diverse fed. how actively are you working on filling open fed positions or thinking about replacements for possible retirements and making the fomc more diverse? >> the president has committed

to having the fed more closely resemble the population of the united states. he has the most diverse cabinet in history. there's a focus on filling the current vacancy on the fed, and we will have a personal announcement on that when the time is appropriate. nothing to announce right now, but there is a process in place, and we recognize how important those seats and the governors are. caroline: thank you so much for your time. do stay with bloomberg when we talk more about the economy with the boston fed president coming up 6:30 new york time. you don't want to miss it. this is bloomberg. ♪

mark: i'm mark crumpton with bloomberg's first word news. government experts are projecting covid-19's toll on the united states will fall sharply by july, but the centers for disease control are also projecting a "substantial increase in hospitalizations and deaths" as possible if unvaccinated people do not follow basic precautions. the cdc reporting an average of about 350,000 new cases each week, 35,000 hospitalizations, and more than 2000 deaths. gary gensler sending his strongest signal yet that the wild trading in gamestop could lead to new rules for online brokerages and firms that dominate the business of executing stock trades. he said popular trading apps

encourage retail investors to buy and sell more frequently, something that can trigger lower returns. foreign ministers from the group of seven nations are singling out china's treatment of its uighur minority and has spread some concern over russia's buildup on ukraine's border. following two days of talks in london, the ministers have said they are deeply concerned about human rights violations and abuses. the g7 is also pointing the finger at russia for undermining other countries' democratic systems, malicious cyber activity, and use of disinformation. jeff bezos' blue origin is setting the date of june 20 four its first mission, carrying humans into space. -- for its first mission.

it is competing with elon musk's spacex and richard branson's virgin galactic. i'm mark crumpton. this is bloomberg. romaine: all come back to "what'd you miss?" -- welcome back to "what'd you miss?" we have seen a four-day drop now in the nasdaq composite. whatever happened to art? why don't we talk about that anymore? joe: i think the speculative juices have flown out of art into doge.

this was so hot, still a little bit above those market lows, but i don't know. it is not the prettiest chart. romaine: still a good-looking chart if you got in in march. joe: it is just lines to me. for more, let's bring in kriti gupta. regardless of the technical parts, hot momentum trades that had, like, six months from october to september, really, they just continue to be the story. kriti: absolutely. it is such a boring answer, but the answer is that his is a rotation trade.

people are pulling their funds out of some of these big tech names, but there are several other etf's that track tech indexes, and they are pulling money out. some of it will be repositioning. some of it will be a little bit of repositioning ahead of payroll. there's a lot going on here. it seems there was so much of that built into earnings, and some of it is just reversing now. caroline: just reversing. what do you make of some of the blows on intraday? we had some technology names but also names like madrona getting hit by the ip -- names like moderna getting hit by the ip. kriti: i think it is more question of what is working, what trades people are looking for. a shadow to my colleague, bill maloney, who brought this up today -- a shout out to my colleague.

people are looking for real estates that will do well in line with bonds perform, and you'll even see consumer staples, so a lot of it just has to do with finding value, even if it is on just a one-day basis. romaine: we will catch up with you shortly. more ahead. this is bloomberg. ♪

joe: welcome back. earlier, we were talking about arc, the hot etf. one of their holdings had been absolutely soaring, people talking about it nonstop, but like many of these

momentum-growing stocks, it has been sliding a little bit of late. let's bring in the chief executive officer at invitae, a company bringing genetic information to the mainstream public. there's a lot of things out there that were superhot, everyone was hyped on them, but they have individual stories. what should people know about your actual business and not just a line on a chart? >> we are focused on bringing genetics into mainstream medical care. we have done it for, what

is ultimately the most personal, the most fundamental of health care information. genomics is not only central in transforming health care, it is happening. the question is how do you get there? we are playing to win in this transformation game, and it does take an investment scale. it is an immense scale that would have to access, and we also have a physical plan for

logistics around the globe, investing heavily in that to better serve customers around the globe. we also announced a plan that will help us serve customers better with scale, so it is a mix of technology infrastructure investment as well as good, old-fashioned, solid logistics. romaine: how is the business doing in light of the covid crisis? we did see a slowdown at least in the industry that you are in. i'm curious with the pickup has been so far and when you start to look out a couple years down the road, do you think the uptick we will see is going to be above pre-pandemic levels? >> the short answer is yes. there was a week in march of last year when our revenue

overnight got cut in half. we spent a year focusing on patients coming in the door, making sure we could serve them. we do see now -- i would not say for recovery, but we are exiting the pandemic impact as far as we can tell at this point, and we were on a trajectory pre-kober that was accelerated over years prior, and i think we will return to that very shortly. caroline: we want to thank you for commenting on the quarter by quarter stock price moves can certainly quarter by quarter earnings. what retail-focused trade are you going to relook at, joe? joe coley you are probably expecting me to say doge coin or something like that -- joe: you are probably expecting me to say something like doge coin or something like that.

but i'm looking ahead to the weekend. caroline: it's all about the longer-term sectors. not that we are wishing our weekend away -- our week away. romaine: that does it for bloomberg's "what'd you miss?" ♪ so you're a small business,

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