the meeting the president said he would try to reach a compromise with republicans on new infrastructure spending. the president is hoping congress will approve more than $4 trillion in spending, including a $2.3 trillion infrastructure plan that focuses on transportation, water infrastructure, and increased access to broadband internet services. the biden administration is open to waiving domestic shipping restrictions to allow foreign tankers to transport fuels to areas with shortages due to the colonial pipeline outage. waiving those requirements would allow foreign flagged tankers to fill a supply gap left by the closed pipeline it would take six to seven days for a tanker to travel from the gulf cap -- gulf coast to new york harbor. major overhaul of the who needed, according to a panel of the world health organization should be overhauled and given more authority to investigate global disease threats according

to review of the international covid-19 response that found marriott failures, gaps, and delays allowed the coronavirus to mushroom into a pandemic. while stopping short of a -- of assigning blame to any factor, the report released today by an independent panel cochaired by former new zealand prime minister helen clark linked the severity of the global outbreak to deficiencies across governments, the who, and other multilateral organizations and regulations that guide official actions. in the u.k., a public inquiry will begin next year into how the government handled the coronavirus pandemic. officials have been criticized for a number of things, including waiting too long to impose lockdowns. england has had the highest covid death toll in europe. prime minister boris johnson told the house of commons today the inquiry must wait until after a likely resurgence of the virus over the winter. some lawmakers are questioning

the delay. 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'm mark crumpton. this is bloomberg. >> it is 1:00 p.m. in new york, 1:00 a.m. in hong kong. i'm matt miller. welcome to "bloomberg markets." dear the top stories we are following for you from around

the world. a surge in u.s. inflation. a real surge, weight will discuss the cpi data and the selloff in stocks that followed. we are going to break down the result of today's 10 year auction and it is exciting. we will speak to martin green, ceo of cambrian, quandt firm focused on crypto investing about demand for digital currencies. kam brian, asset management. you can see how i made the mistake. would have been an alstom -- an alternative name. we are going to speak to rock and roll hall of fame legend from p fung, bootsy collin later this hour on his latest nft just released on the ethereum blockchain. let's take a quick check of what is going on in the markets post inflation. i'm going to borrow that hat if he brings it to the program. we do have the s&p down now. 1.5%. 4090. holding above the 4000 level. another 1% drop. the bloomberg dollar index jumped. if you look at the chart on this, it is up into the right, gaining .2 -- gaining two thirds of 1%. the new york crude oil,

nonetheless, gaining ground. 60 60 six. as many gas stations in the u.s. shut down completely. it is becoming incredibly difficult to get gas, especially in the southeast. gold right now down $16 to 182850. if you thought that was a good inflation hedge after today's numbers, you might want to ask yourself that question again. we had a 10 year auction, we have been following these closely since a seven year auction went awry a few months ago. we continue to do that right now at 168 is the 10 year yield. joining us for reaction is bloomberg intelligence chief and if straight strategist ira jersey and reporter katie gray felt. let's start with you, ira. how much longer do we have to follow these options incredibly closely? is it going to be ok from now, and if we let them go with a

headline flashing? ira: i think you will periodically have these strong demand or weak demand at some of these options. basically, on investor sentiment at that moment. we had very weak investor sentiment for treasuries earlier today. that increased yields to such a level that today's auction went pretty well. i scored on my personal grading scale an a minus. it stopped below where the market was thinking. the did to cover was higher. demand from indirect bidders, those are basically end-users, was up. the highest of the year. this was pretty good demand at these yield levels. maybe we will be reaching a near-term top and yields based on some of the results of this auction. matt: katie, do you have personal grading score for actions? katie: personally, i don't. but if you look across markets, it looks like it agrees with ira.

this went pretty well. if you look at the nasdaq 100, for instance, your big tech names, that index had been down as much as 2.7%. just in the after this auction, its paired loss is 1.9%. still deeply negative on the day. paring back some of those losses. it looks like the cross asset rating may be in with ira's grade. matt: what i want is your take on the cpi number. not only was it twice as much highest estimate in our survey, but if you look at the core number, it goes back before katie, since before 1982 pier 1 does this mean? ira: i think firstly, it shows you how difficult it is with these base effects from covid. we had an unprecedented reduction in cpi last year. i think a lot of people,

including myself, were thinking we would come out of it more slowly, where we would get decent numbers this month, next month, and the following. basically, you would have a three month increase in the year on year trend. instead we got it all at once. one number like this does not make a trend. it certainly is a blowout. i think people who own tips, treasury inflation protected security, this has to give them a little bit of comfort. they were expecting inflation

decade. in order to get that, you have to have a few prints that are going to be well above 3% on a year on year basis. that is where we are now. can it be sustained? i doubt it. at the same time, these are unprecedented times. with things like oil prices and gas prices going up because of structural problems, will that alleviate some? will that mean that our june number winds up being lower? there is going to be a lot of in these numbers. i think you can't take one number and try to extrapolate that out for the next three to six months until you see the new data. matt: i didn't mean to be a just. -- ageist. even i was only eight in 1982. the kind of inflation we saw back then is not something we are headed back to now. we are not at -- the markets are not expecting a paul volcker to come out of a jay powell. nonetheless, they look very surprised by this number for which i thought they were preparing over the last few days. what kind of reaction are you seeing? katie: it is interesting. i will say my birthday is next tuesday and i was not alive in the 1980's. if you look at how markets are pricing inflation --

ira: now i really feel old. katie: it hit another high today. the highest since 2005. if you look at the 10 year breakeven rate, it is still lower than the five-year rate. if you look at the markets, the jury is out on whether this is the transitory birth that will fade in 10 years later from now, we will not be in the same inflation environment that we will be in the coming years. that is what the market is trying to grapple with. that is tug-of-war that tech stocks are caught in right now. when you talk about the more growth names in the market, those names that have cash flows expected in the future, those are the fears that really matter and really dictate how people trade those now. ira: i remember waiting in the gas lines in the 1970's. i get to trump both of you. talk about breakevens, it is important to remember that tips breakevens might be distorted. because the fed is buying almost every single temp that is available. the federal reserve asset program has helped reduce the effective supply of tips. i suspect that there is 25, 30 basis points higher of inflation breakevens then there would be once the federal reserve is out

of that market. once we start to taper, you can wind up seeing inflation breakevens come down quite a lot. it is probably a second-half thing. not something that will happen in the next two or three months. tips could wind up doing very poorly as an inflation hedge if things go as we see them in bloomberg intelligence. matt: i want to just ask you, katie, about the big tech stocks. we saw for most of the day markets down, but tech was not performing so poorly. i'm just pulling stxl1 index grr. in fact, what i meant to say is tech is performing the worst. energy is still up. we see oil rising, despite the huge jump in the dollar. what do you make of the energy sector holding its head above my -- above water? katie: we know that is a good sign for energy, for financials,

breakevens higher, inflation anxieties picking up. that is good news for the energy sector. if you boil down to just the united states, we are doing with some really unique supply chain issues with the colonial hacking. all of that might be contributing to maybe what looks like an idiosyncratic rise in the energy sector in particular. matt: wouldn't it be great if the s&p index broke down the eco-sectors by typing sgx? katie: that would be really helpful. matt: it would be super helpful. a tidy nitpicking thing that has been bothering me for at least 20 years. katie gry feld, bloomberg cross asset reporter, and ira jersey , thank you for breaking this all down with us. we are going to make room for crypto. we are went to speak to can brian, asset management ceo martin green on how investors are getting into the crypto craze. how it can change the future of wall street. and with the internet computer,

could destroy the cloud. that is next. this is bloomberg. ♪ s bloomberg. ♪

>> the american -- it is able to create a blockchain by combining the computer capacity of these machines around the world in a way that allows it to run at web speed and to increase its capacity with the demand and run efficiently. this means that you can build things on a blockchain that you never would have imagined. would have been possible. matt: i'm matt miller. that was the -- that was dominic

williams speaking on bloomberg about the internet computer, which is something that has been catching my eye for a few days now. the and annette computer has a token -- the internet computer has a token that is only days old. it is one of the largest cryptocurrencies in the world, with a market value of around $40 billion. there related digital leisure, the blockchain, the software, deplatform is supposed to help anyone publish anything they want on the internet without having to deal with digital giants like amazon web services, or microsoft without having to use those commercial cloud services which could so easily censor your activities and your outcomes. which is why i think it is so incredibly fascinating. i want to stick with crypto. a lot of firm seeing huge investor demand for allocation to cryptocurrencies and quant

firm cam bryant asset management is offering returns by a digital assets. joining us now is the ceo, martin green. first off, let me ask you about the internet computer. not sure how deep into it you have gotten. of course, 90% of these attempts fail. but if this is one of the 10% that gets it right, it is a real game changer. martin: yeah. we are so early in the innovation and adoption cycle. a lot of these networks. it is pretty exciting time. as you are alluding to, many will fail. but some will certainly succeed. that is why we named our firm cambrian after the explosion of the evolutionary explosion a few hundred million years ago. some will persist but many will fail.

that is evolution. matt: i am such a luddite, of course it is cambrian. i can't believe i made that mistake four times in the last 60 minutes. talk to me about bitcoin. after we got this huge cpi number, massive inflation, certainly relative to expectations, the biggest core cpi jump we have seen since 1982, and a lot of people have been messaging me, why isn't bitcoin rising? gold is not rising as well and it is thought as an inflation hedge. . how do investors see the digital currency right now? martin: i think there is a variety of investors with different goals, different time horizons, as with many different markets. a lot of institutional investors will be looking at a 10 year horizon with bitcoin as a percentage of their portfolio. looking for a hedge against the

devaluation in the dollar. this would not change that thesis of course. there will be other investors who have a much shorter term horizon. they view this as a risk asset, and they may be selling or forced to sell. matt: i have spent years and years interviewing very famous investors. john berry abbvie already is one of the most famous value investors who always had a place for gold. i think he was always vote -- always devoting 5% or 10% of his portfolio to the shiny metal. are you seeing investors adopting bitcoin in a similar fashion? martin: yes. we -- starting about a year ago, institutional investors, family offices, starting to allocate a percentage of the liquid portfolios into bitcoin. they are looking for uncorrelated returns and something that has scarcity value over the long-term.

there is a couple of things that have changed in the last six months. that are probably worth talking about. matt: please do. please expand. martin: yeah. so first, it is not just bitcoin anymore. over the last six to 12 months, you have seen a lot of fundamental macro investors talk about bitcoin. but over the last couple of months, you have seen trading volumes and liquidity in a theory start to approach that. as bitcoin is on the exchanges used by institutional investors. if area and recently broke all-time highs. the data would suggest institutions are starting to allocate small percentages to a theory in. i'm not aware of any announcements or papers like that has been written about bitcoin. i would expect that to come out

and the next few months. matt: all right. fascinating. we could spend so much more time. i hope we can spend more time. would love to have you back on again. i will never mispronounce cambrian again, now that i know it was at the end of the center is a wiki on. martin green as the ceo of cambrian asset management, talking to us about crypto. we dig deeper into china's census data. and talk about what that means for its economy. this is a massive driver. i'm not sure how much inflation they have been exporting, but a place with a limit on the amount of children you can have is now looking at problems, possibly spurred in part by that. andy brown will be here to explain. this is bloomberg. ♪

matt: this is "bloomberg

markets." i am matt miller. let's turn to our weekly segment on the new economy where we examine how global leaders are trying to solve the world's biggest challenges. china is defending its latest census which shows population growth is at the slowest pace in decades. the data has huge implications for the economy of the chinese and the global economy. we are joined for more from andy brown. he is a bloomberg new economy editorial director. how is this happening, as you and i were talking about during the commercial break, they expanded their one child policy to a two child policy five or six years ago. they stuck to that. are they going to let it go? andy: likely not. letting it go, letting people have three babies or more, is basically to admit that the policy was wrong. and as you know, the communist party of china is infallible. they don't want to admit it but

in hat -- in fact, the whole population policy was a huge mistake from the get go. it did not need to happen. the population would have come down anyway because of economic growth and prosperity as it did everywhere also the world. it has been a mistake all along, they don't want to admit it. matt: one of the interesting things, data points we have gotten out of china was that ppi yesterday. i was talking with wrist in a lindblad from businessweek who was saying inflation at the factory date is much higher. they are not exporting inflation yet. yet is the keyword. if i said i have not seen evil dead two yet, you would assume i'm going to see people dead two. are we going to see inflation exported out of china to other economies around the world? andy: i don't know, matt. if the prices of goods are going up out of the factories in china, you would think in time it is going to feed into inflation elsewhere. but perhaps importers will

absorb some of the gains in prices. definitely, china is on a slight inflationary curve right now. matt: i also want to take a moment, because we will be with you weekly. i feel like we are going to become friends. to say happy birthday. i believe it is your birthday today. if i'm not mistaken. andy brown, we will be talking much more about china, the impulses, such an important global engine throughout the future each week. but i hope you have a fantastic day. thankfully the economy in new york is reopening, so you can celebrate properly. andy brown is bloomberg's new economy editorial director. check out the new economy daily from bloomberg economics. it is focused on what is driving the global economy, what it means for policymakers, businesses, and very importantly, investors. sign up for the new economy daily newsletter at bloomberg.com. this is bloomberg.

we are looking right now and markets. i don't

marco -- >> house republicans today removed liz cheney from her

leadership post over her vocal and persistent criticism of former president trump. congresswoman cheney spoke to reporters after the vote. >> i will do everything i can to ensure that the former president never again gets anywhere near the oval office. we have seen the danger that he continues to provoke with his language. we have seen his lack of commitment and dedication to the constitution. i think it is important we make sure whomever we elected somebody who will be faithful to the constitution. mark: a vote to replace ms. cheney is set for friday. the decision to replace sir as confidence replace her underscores the grip trump continues to have over republican lawmakers. 28 people got blood clots after receiving the johnson & johnson vaccine according to the centers for disease control and prevention. which says more than 8 million

joseph -- doses of j&j vaccine have been administered. health agencies paused use for 10 days last month while they investigated the rare and potentially fatal side effect. the cdc says the known benefits outweigh any risks. the justice department is taking steps to come back violent extremism in the united states. -- combat violent extremes and. the fbi says it now passes for an linked terrorism as the mostly full threat to the country. merrick garland told a senate panel the u.s. is working with foreign allies to pinpoint extremists as well as sharing information with technology and social media companies. a minnesota judge has ruled there were aggravating factors in the death of george floyd, paving the way for a longer sentence for derek chauvin. the court found the cop abused

his authority and treated floyd with particular cruelty. chauvin was convicted in april of second-degree unintentional murder, third-degree murder and second-degree manslaughter and mr. floyd's death. he will be sentenced in june. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton, this is bloomberg. ♪ >> welcome to bloomberg markets. matt: we welcome both bloomberg and cnn bloomberg audiences each day this hour. here are the top stories we are following for you from around the world. signs of an inflation surge

sends stocks lower. indexes near session lows right now. we have seen incredible moves in the dollar as the 10 year yield rises. we will discuss cpi data and how it is infecting events or sentiment. we also look at how the selloff is impacting short-sellers and what parts of the market they plan to target next. bob sloan of s3 partners joins us to share his firm's important data. and we speak to rock and roll hall of fame legend bootsy collins, just released his latest nft. he has three under his belt already. we will talk to him about music, blockchain and bora. first off, let's get our focus on the moving markets. amanda: it is hard to look away when the context is the inflation data. markets are lower, close or at session lows. the broad s&p 500, every

subgroup negative except energy. energy getting a boost along with oil and what considering go inflationary move. some commodity prices hitting new high. cpi data is playing in. u.s. treasury at 167, not its peak for the year, not too far off, certainly assign investors continue to watch. inflation, by some measures the biggest since 2008, has many wondering how transitory is transitory. for what it's worth, when we look at the data, we know there are these year over year effects. we are going to be mindful of that fact. we are going to see abnormalities in the data as we come through pandemic. when we look at the different inflationary pressures by sector , it is hard not to see that showing up in the wallets of americans. prices being passed on to individuals on things like cars,

airline fare, some of these things are less discretionary and that is bound to show up in the broader economy. matt: we did see prices move up in nearly every category. we saw the number that came out, more than twice the highest estimate in a bloomberg survey. if you look at the core number, strip out only the things we need to live, food and energy, it is the highest level we have seen since 1982. i was eight for most of that here, and i am pretty old right now. it is a very strong print on inflation. as you mentioned, sharp rises in costs for motor vehicles, transportation services, hotel stays. definitely one to watch. amanda: it comes amid the continued effect of historic levels of stimulus, which itself is arguably inflationary.

the fed may stay transitory. we know some of this is an anomaly, but how much of it takes hold, and to businesses pass this on? matt: coming up, we discussed market selloff and where short-sellers are targeting good bob sloan joins us of s3 partners with his all-important data and we will see if he has got any new tips. this is bloomberg. ♪

♪ >> under my baseline, i expect inflation to return to, or run above our 2% long-run goal in 2022 and 2023. >> when i would expect there to

be a fair amount of volatility. >> we need to expect surprises because the economy closed down in a synchronized manner but is opening in stages. >> there will be bumps in the road. >> the market is challenging the fed's assumption that inflation is transient. >> we are at a bigger turning point that the fed is going to be scribing. >> the fed and others have rested a lot on inflation expectations being anchored. this is the type of thing that is going to start to move inflation expectations. matt: this is "bloomberg markets ." that was some of our guests reacting to inflation. here to discuss how inflation is impacting the market and short-sellers, s3 partners founder bob sloan. let me first get your take on the print. twice as much as the highest forecast, the market seems to

have been preparing for inflation for days if not months. every time we see a selloff, we see people saying tech is down on inflation concerns. yet today seemed to be a surprise. why? bob: what we have seen is something interesting, people are starting to edge out of their business models. we have seen a big pickup in shortselling in the nano micro small cap area. we have seen 68% of all the shorted names out there are in that area. whereas 93% of the total amount shorted is still in large cap names. you're seeing a lot of hedging going on in large cap space and you are seeing people change their business models as market conditions change to try to find alpha in places they have not finished before.

-- fished before. amanda: interesting trend, what about the performance? the relative performance? in small cap you're talking less liquidity, less risk. bob: what we have found is that small cap short bet has returned 3.5%, whereas being short in large cap space, you are actually down about 50 basis points. what we are seeing -- a lot of things at work. gamestop and the affect of the social influence on shorting and what that means for capital markets. now you have certainly huge change in the way washington wants to spend money. those two things are now fitting

into each other for a capital market participant. what we are seeing is that people are edging into areas of the marketplace they have not necessarily play before, which is small cap, nano cap, microcap. matt: you are saying we -- short-sellers have more opportunity in smaller cap stocks. are they better off shorting a basket? using an etf? or actually going after the visual names. bob: we have seen performance and individual names and the flipside of inflation is esg. with all of the talking climate, plant-based foods and everything else that goes into esg, i -- the best short are in that sector. blink, the battery maker. people made a lot of money on that. large town, one of the ev makers. plant-based foods like beyond

meat. amanda: i want to focus on beyond meat, which you are seeing is an opportunity. what makes this the moment in your view that gets the shorts interested? bob: pre-pepsico, this is one of the shorter names in the marketplace. post, huge squeeze. the stock has run down and what we are seeing is that short-sellers have really got into this name in a deep way. they are saying hey, there is a lot more competition in the marketplace. there is tyson coming into the marketplace. they have really stepped up their short bets against beyond meat. matt: i want to talk for a moment about crypto's -- cryptos . i have been fascinated by the promise of the internet computer, it is a silly name and unfortunate amid a sea of mean

-- meme stocks, but if they are successful, and who knows if they will be, but if they are successful they could dethrone amazon web services, microsoft, the whole commercial cloud, big tech in the cloud, in pursuit of a decentralized internet. i think it is amazing. what do you think about this sector and the promise for shorts? bob: if you have been vaccinated, what do you get? you get a card written in ink that is easily replicable and easily steel level. -- steal-able. in a world where everything has a unique identifier, which way do you think we are going to go? cardboard or unique identifier?

i think unique identifier. all of these things take time to play out just like the internet. in terms of a short bet, obviously coinbase would be the one a look at because that has done the highest prose -- the highest profile. at the end of the day, it is still early. two short a decentralized business concept because someone wants to centralize activity, and i am not sure people have gotten their heads around that yet. amanda: you mentioned gamestop and a lot of focus by lawmakers, renewed focus on shorts, do you have renewed worry about regulations? bob: this is a very tricky area. it is not just if then, no, if we disclose shortselling then whatever we think is bad about it goes away. the fact is that shortselling is

a proxy for regulation. the government has done many studies about the accuracy of shortselling research and they have found an overwhelming majority, like 90 plus percent, short cell thesis is are correct. you have this regulate -- self-regulating activity that happens because of this investment style, it is not that easy just to say if we force disclosure all of this activity goes away. there's a lot of benefit that goes to capital markets. and for the individuals buying shares at a stock -- in a stock because this information is in the marketplace. you need price discovery on the way down, but you need information discovery on the way in. amanda: bob, great to have you with us. i appreciate it.

bob: always appreciated. amanda: up next, bootsy collins is the latest to get into the nfc space. we talk about his latest release. ♪

amanda: welcome back. matt, i know that you are very much current when it comes to the crypto world. too bad you can't find your bitcoin while it. anyway, you are a believer. are you a believer in the monetization of assets into digitize asian -- digitization?

matt: non-fundable tokens. i think they are fascinating. i do think this is a technology that is going to persist. the question is, are these specific products worth $17 million? i am not sure. i certainly would rather have of her ra 250 gto. how it is interesting nonetheless and of course the crypto connection makes me excited. amanda: even more excited, i think, when we get a rock 'n' roll hall of fame legend, bootsy collins has just released his own nft on the ethereum blockchain. this is the kind of thing that gets people thinking there's credibility. what drew you to this? why did you want to release on the theory of blockchain?

boootsy: a friend of mine has been doing it for quite some time. i had been texting back and forth telling him about the work that he is doing and how great it was. i am always in search of something new to do on the horizon. music and art just blends so well, and i was just trying to reach out and find something new other than doing our same old thing every year. not that i hate it, i love it, it's just finding new ways to use it. new ways to expand on being creative. matt: it is a great time -- first of all, i am pumped to

have you on. thank god my parents had great taste in music and i heard everything from the grateful dead to a lot of funk -- p-funk as well. it is truly an honor to have you on. during this last year the pandemic, the lockdown was so difficult for your -- for musicians and it is interesting to see how you all have adapted and innovated in ways -- musicians tend to be better than that than others in other fields. why do you think musicians are good innovators? bootsy: musicians and artists. you know the saying, starting artists, they always talk about how musicians can't get in or get a real job, this, that and the other. we have learned how to adapt

instead of being like the dinosaurs who couldn't adapt to the change in certain situations. musicians and artists have learned how to do that and we don't even think about it. it is a feeling. when that time comes when you have got to adapt and change up, you just feel it out. what i do is i go to the universe and ask for that guidance. it is the same thing with music. i am always asking for the guidance to the next riff, the next melody. that's not something complex, it's something we just naturally do. amanda: one thing that has been true over time is we haven't always viewed artists -- fall rights to your work. you have had to give them to various people. is this new technology changing

the power structures? bootsy: yeah. i think it is good. it is really good. you've always got something bad happening with it, but i think this is more on the up and up for individual musicians and artists alike. owning your own music and your own lyrics, that's like a whole new ballgame. we are still a work in progress but at the same time i can see a light at the end of the tunnel. matt: we have seen a lot of musicians come out and sell their rights. bob dylan, fleetwood mac, have you considered that? bootsy: no. i'm not even thinking about

that. to have ownership of anything, to me, is a miracle. [laughter] i love to have the ownership of my music and anything else. it is a beautiful thing. matt: i completely understand and i understand -- i appreciate the time. funk legend bootsy collins, that has got to be a bloomberg first. for a man delaying, i am matt miller, this is bloomberg. ♪

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mark: i am mark crumpton. don't panic and don't hoard

gasoline, that plea from officials as the oil pipeline shutdown already begins to hit gas stations hard. according to retail tracker gas buddy, more than three quarters of stations in some cities are out of gas. colonial pipeline has told federal officials it will know by late today whether it is able to restart gasoline and diesel flows that have been on hold since criminal hackers targeted the company last week. the european union's executive arm once to block 27 member states to ban all non-essential travel to and from india. the so-called emergency brake is an attempt to limit the spread of the covid-19 variant the tech did in india. india has reported more than 200,000 daily infections for 21 consecutive days. 254,000 have died. experts say that could quadruple to more than one million before the pandemic comes to an end. there